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What’s
South Africans Go to the Polls in Pivotal Election Trump
News And Musk
Business & Finance Develop
 ConocoPhillips agreed to
acquire Marathon Oil in an all-
Growing
stock deal valued at $17.1 bil-
lion in a bid to catch up with
rivals as drillers race to se-
cure new oil and gas wells. A1
Alliance
 U.S. stocks fell after the Pair who once traded
benchmark 10-year Treasury insults now weigh
yield rose to 4.623%, its highest
level since April 30. The S&P possible advisory role
500, Dow and Nasdaq slid 0.7%, for the Tesla leader
1.1% and 0.6%, respectively. B1
 Beth Hammack, a former Donald Trump and Elon
executive at Goldman Sachs, Musk have discussed a possible
will become the next president advisory role for the Tesla
of the Federal Reserve Bank leader should the presumptive
of Cleveland, the bank said. A2 Republican nominee reclaim
the White House, the latest
 BHP abandoned its
sign that the once-frosty rela-
roughly $50 billion bid for
tionship between the two men
ALET PRETORIUS/REUTERS

Anglo American after failing

has thawed.
to convince its rival to further
engage in talks on a deal. B1
By Emily Glazer,
 American Airlines backed Robbie Whelan,
away from a strategy that CEO Alex Leary,
Robert Isom said drove away Cara Lombardo
lucrative corporate customers BALLOT CAST: A woman votes in Seshego on Wednesday in elections that many South Africans see as their country’s most and Dana Mattioli
and depressed revenue. B1 important in 30 years, as discontent has grown with the ruling party that led the nation out of apartheid. A16
The role hasn’t been fully
 Jeep plans to roll out a
hammered out and might not
$25,000 electric model in

ConocoPhillips to Buy Marathon Oil

the U.S. “very soon,” the
chief executive of parent
company Stellantis said. B3
 Netflix is developing new
music-competition shows in The $17.1 billion deal
the image of long-running
broadcast hits like “Ameri- marks the latest
can Idol” and “The Voice.” B4 major consolidation
in the energy sector
BY DEAN SEAL
AND BENOÎT MORENNE
ConocoPhillips has agreed to
acquire Marathon Oil in an all-
stock deal valued at $17.1 billion
in a bid to catch up with rivals
as drillers race to secure new oil
and gas wells.
Under the terms of the
agreement, Marathon Oil stock-
holders will exchange each
share for 0.255 shares of Cono-
coPhillips, representing a pre-
mium of nearly 15% to Mara-
thon’s Tuesday closing share
price. The deal allows Conoco-
Phillips to expand its presence
in several key U.S. shale basins
including in Texas and North
Dakota.
Marathon Oil shares jumped
8.5% in Wednesday’s trading.
Shares of ConocoPhillips, mean-
while, slid 3.1%.
Houston-based ConocoPhil-
lips in recent months saw
competitors Exxon Mobil,
Chevron, Occidental Petro-
leum and Diamondback En-
ergy beef up their oil-and-gas
properties with deals totaling
about $150 billion. Most of
these deals were focused on
the prolific Permian Basin of
West Texas and New Mexico.
With Marathon Oil, Conoco-
Phillips is picking a company
with assets adjacent to its prop-
erties in Texas’ Eagle Ford,
North Dakota’s Bakken and the
Permian. The deal also
strengthens ConocoPhillips’ in-
ternational presence with Mara-
thon Oil’s offshore assets in
Equatorial Guinea.
ConocoPhillips CEO Ryan
Lance told analysts that the op-
Please turn to page A2
happen, people familiar with
the talks said, but the two men
discussed ways to give Musk
formal input and influence
over policies related to border
security and the economy, both
issues on which Musk has
grown more vocal.
Musk, along with the billion-
aire investor Nelson Peltz, has
also briefed Trump on a plan
they have developed to invest
in a data-driven project to pre-
Please turn to page A4
Trump Case
Goes to Jury

World-Wide Chinese Mexico Is Poised to Elect

 Trump and Musk have dis-
Companies Its First Female President
cussed a possible advisory role
for the Tesla leader should the
presumptive Republican nom-
Rebrand
inee reclaim the White House, Her biggest job will be tackling a deadly national crime wave
the latest sign that the once-
To Dodge
DOUG MILLS/PRESS POOL

frosty relationship between
the two men has thawed. A1
 Justice Alito rejected calls
to sit out pending cases in-
volving Trump, saying he had
nothing to do with his wife
raising MAGA-associated flags
at the couple’s homes. A5
 A Hong Kong court con-
victed more than a dozen
members of the city’s once-for-
midable pro-democracy political
opposition in the most sweep-
ing case under a national secu-
rity law imposed by Beijing. A16
 Yale University named
Maurie McInnis, currently
president of Stony Brook
University and a Yale trustee,
as its next president. A3
 Israel said it secured control
of Gaza’s border with Egypt,
achieving a key goal of the
Rafah offensive as it seeks to
eliminate Hamas without cross-
ing red lines set by Biden. A6
 Russia prepared to sharply
raise taxes on high earners
and companies to fill state
coffers and fund what it sees
as a long war in Ukraine. A7
CONTENTS
Arts in Review........ A11
Business News......... B3
Crossword................... A12
Equities........................... B7
From Page One....... A8
Heard on Street.... B10
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
Crackdown
BY HEATHER SOMERVILLE
A new company registered
in December in Michigan:
American Lidar. Its planned
home would be an easy drive
from the big three U.S. auto-
makers.
The company behind Amer-
ican Lidar, and not mentioned
in its registration, is China-
based lidar maker Hesai
Group, which the U.S. has la-
beled a security concern. It is
a familiar playbook: A com-
pany facing regulatory or rep-
utational problems sets up a
subsidiary or affiliate with a
different name.
Chinese firms trying to buf-
fer themselves from Washing-
ton’s anti-China policies are
rebranding and creating U.S.-
domiciled businesses to sell
their wares as the Biden ad-
ministration expands the gov-
ernment entity lists that re-
strict Chinese companies’
business dealings in the U.S.,
policymakers and national-se-
Markets..................... B9 curity experts said. The black-
Opinion............. A13-15
Personal Journal A9-10
listing has also created oppor-
Sports....................... A12 tunities for U.S. entrepreneurs
Technology.............. B4 who want to work with Chi-
U.S. News............ A2-5 nese companies that are popu-
World News A6-7,16
lar with U.S. consumers.
“Chinese firms take a blow
> but then adjust business strat-
egy and are able to move in
another direction,” said Derek
Scissors, a former commis-
sioner on the U.S.-China Eco-
Please turn to page A6
MEXICO CITY—Claudia Sheinbaum, a ahead of Sunday’s election is rooted in her
Jewish woman with a Ph.D. in energy engi-
neering, is expected to become the first fe-
endorsement by Mexico’s popular nationalist
leader, President Andrés Manuel López Ob-
rador, who shepherded Sheinbaum’s career
By José de Córdoba, over the past two decades. She has given
Santiago Pérez and Steve L. Fisher him years of unflinching loyalty in return.
At a symbolic and widely heralded event IN COURT: Jurors wrapped up
male president of Mexico, a historic ascent at a Mexico City restaurant last year, Shein- the first day of deliberations in
in a largely Catholic country. baum accepted an eagle-headed ceremonial the hush-money trial of former
Sheinbaum’s commanding lead in polls Please turn to page A8 President Donald Trump. A4
A Connecticut Town
Confronts the ‘Aporkalypse’
i i i
Battle over roaming pigs roils neighbors
in area long proud of its rural character
BY JIMMY VIELKIND Neighbors say the pig
pickle was brewing for three
STERLING, Conn.—At first years before court papers
it was errant cows. Now, resi- were served this February, al-
dents of this rural town say leging cows devoured a hay
they have a big beef with field and pigs ravaged lawns.
stray pigs that are tear- State and federal regulators
ing up fields and launched investigations. A
lawns because a new- man named Kermit founded
comer hasn’t prop- the “Sterling CT Pig Pa-
erly fenced them in. trol” Facebook group.
The animals of “There is frustration
Radical Roots Farm all around,” said First Se-
have wreaked havoc, lectman Lincoln Coo-
causing tens of thou- per, Sterling’s top
sands of dollars in elected official.
damages, emotional Beyond a neigh-
distress and lost borly spat, the ker-
sleep, according to Hog heaven? fuffle reflects an
dozens of citations unraveling of rural
and a lawsuit filed by neigh- order. For centuries, Sterling’s
bors. Owners Ryan and Alycia farmers worked out problems
Salvas have said they practice without much fuss.
regenerative farming and are The town didn’t have a zon-
being unfairly dragged ing code until 2009, and big
through the mud. Please turn to page A8
 A2 | Thursday, May 30, 2024 * * THE WALL STREET JOURNAL.

U.S. NEWS
U.S.WATCH Cleveland
Fed Names
Goldman
Veteran Its
New Chief
BY NICK TIMIRAOS

Beth Hammack, a former

executive at Goldman Sachs,
will become the next presi-
dent of the Federal Reserve
Bank of Cleveland, the bank
said Wednesday.
Hammack, 52 years old,
AMBER ARNOLD/WISCONSIN STATE JOURNAL/ASSOCIATED PRESS

spent three decades at Gold-

HOME DESTROYED: Two people died when a house exploded and caught fire near the city of Middleton in Wisconsin. The cause is under investigation.
ELECTION 2024 cepted these prohibited cor-
porate contributions,” a law-
RFK Jr. Sues Over yer for Kennedy, Lorenzo
Debate Exclusion Holloway, wrote in a letter to
Independent presidential the Federal Election Commis-
candidate Robert F. Kennedy sion. CNN said the complaint
Jr. filed an election complaint was without merit.
Wednesday alleging CNN is Biden and Trump agreed
colluding with Democratic this month to the CNN de-
President Biden and pre- bate and a second on Sept.
sumptive Republican nominee 10 hosted by ABC, bypassing
Donald Trump to exclude him the nonpartisan commission
from a debate the network is that has organized debates
KANSAS
Tax Cuts on Table
At Special Session
Kansas Gov. Laura Kelly said
Wednesday she would call a
special legislative session on
tax cuts beginning June 18.
The move comes after the
Democratic governor vetoed
three Republican plans to cut
taxes this year, setting up a
high-stakes election-year tus-
She vetoed the measure after
the Legislature adjourned,
blocking lawmakers from at-
tempting to override her.
Kelly and Republican lead-
ers have agreed on eliminat-
ing state income taxes on re-
tirees’ Social Security
benefits, which kick in when
they earn $75,000 a year.
They also agree on reducing a
state property tax for schools
and eliminating the state’s al-
WISCONSIN
Public-Private Fund
To Help Startups
Gov. Tony Evers and Wis-
consin’s economic develop-
ment agency on Wednesday
announced the launch of a
new public-private $100 mil-
lion fund to help startup com-
panies and entrepreneurs get
going, the largest of its kind
in state history.
man, where she served as
global treasurer during the
Covid-19 pandemic. Most re-
cently, she was co-head of the
bank’s global financing group.
She also served as the chair
of the Treasury Borrowing Ad-
visory Committee, a group of
Wall Street executives who ad-
vise the U.S. Treasury on debt
issuance, from 2018 to 2023.
The Cleveland Fed presi-
dent has a turn voting on the
Fed’s rate-setting committee
this year. Hammack will start
on Aug. 21, meaning she will
participate in monetary policy
meetings beginning in Sep-
tember.
Hammack’s appointment
could beef up the committee’s

BEN BAKER/GOLDMAN SACHS

hosting next month. for nearly four decades. sle with the GOP-controlled ready set-to-expire 2% sales The Wisconsin Investment
Kennedy alleges the re- CNN has said candidates Kansas Legislature. “I am tax on groceries six months Fund is initially being funded
quirements to participate in will be invited if they have committed to working with early, on July 1. with $50 million the state re-
the June 27 debate were de- secured a place on the ballot the Legislature to deliver re- All 40 Senate seats and 125 ceived in federal funds and $50
signed to ensure only Biden in states totaling at least 270 sponsible, sustainable tax cuts House seats are on the ballot million from private investors.
and Trump would qualify. votes in the Electoral College, for all Kansans,” Kelly said. in this year’s elections. Both Venture-capital firms se-
“CNN is making prohibited the minimum needed to win Lawmakers this month parties believe voters will be lected to administer the fund
corporate contributions to the presidency, and have sent Kelly a proposal to cut upset if there is no broad tax must match each dollar of Beth Hammack
both campaigns and the Bi- reached 15% in four reliable income, sales and property relief after surplus funds piled public money with at least one
den committee and the polls by June 20. taxes by a total of $1.45 bil- up in the state’s coffers. dollar of private investment. expertise on financial markets,
Trump committee have ac- —Associated Press lion or more over three years. —Associated Press —Associated Press where it has been light in recent
years. Other Goldman alums at
the Fed include Minneapolis

U.S. Issues Guidelines for Buying Carbon Offsets

Fed President Neel Kashkari.
Robert Kaplan, who an-
nounced his resignation as Dal-
las Fed president in September
2021, was hired as vice chair-
BY H. CLAIRE BROWN companies that use carbon off- man at Goldman Sachs earlier
sets are asked to disclose de- this month. He previously spent
The Biden administration tails about their purchases so two decades at Goldman.
released a set of policies and outside observers can judge The Cleveland bank’s cur-
principles to bolster trust in for themselves whether the rent leader, Loretta Mester,
voluntary carbon markets. credits are trustworthy. These will leave at the end of June,
The nonbinding guidelines, disclosures should happen in a when she reaches a manda-
JOSHUA BESSEX/THE DAILY ASTORIAN/ASSOCIATED PRESS

released Tuesday, signal the “standardized manner that en- tory retirement age. She is set
government’s position that ables comparability” and occur to participate at the Fed’s next
“high-integrity” voluntary car- at least once a year. meeting, June 11-12.
bon markets can play a role in U.S. officials didn’t endorse Among central bank watch-
reaching net-zero emissions a particular set of standards, ers, Mester has generally been
globally. though executive directors regarded as a voter who leans
“These markets have the from the Voluntary Carbon to the hawkish side.
potential to support significant Markets Integrity Initiative The presidents of the Fed’s
decarbonization—if we address and the Integrity Council for 12 quasi-private reserve banks
some key challenges,” Trea- the Voluntary Carbon Market, are chosen by the individual
sury Secretary Janet Yellen which have established rules banks’ boards of directors,
said. She added that corporate for buyers and sellers of car- whose members are typically
buyers should give priority to bon offsets, participated in the business or nonprofit execu-
reducing their own emissions, Companies can purchase carbon offsets that help fund projects like reforestation initiatives. unveiling of the guidelines. tives. The selections are subject
and carbon-credit purchase The U.S. is “sending a to approval by the Fed’s board
can complement these efforts. years after a series of high- own staff criticized the deci- scent industry will re-establish strong message to corporate of governors in Washington.
Companies purchase carbon profile scandals and studies sion. trust among corporate offset buyers that they can partici-
offsets to reduce the overall that found they have had lim- The $2 billion voluntary buyers, driving an influx of pate with integrity in the mar-
climate impact of their activi-
ties. The offsets fund projects
ited impact and may be vul-
nerable to fraud. When the in-
carbon market saw growth
slow last year, according to
private capital that in turn can
finance carbon-mitigation
ket following these guidelines,”
said Lucy Hargreaves, vice
CORRECTIONS 
ranging from reforestation ini-
tiatives to high-tech carbon-re-
fluential Science Based Targets
initiative said it would allow
BloombergNEF, as big compa-
nies like Nestlé shied away
projects all over the world.
“Credibility is literally the
president of corporate affairs
and climate policy at Patch, a
AMPLIFICATIONS
moval devices. companies to use carbon off- from purchasing offsets. commodity,” Energy Secretary software platform that facili-
Yet carbon offsets have sets as part of their net-zero Officials hope that estab- Jennifer Granholm said. tates carbon-market transac- The name of PDD Holdings,
fallen out of favor in recent strategies earlier this year, its lishing guardrails in the na- Under the new guidelines, tions. parent company of bargain re-
tailer Temu, was given incor-
rectly as PPD Holdings in a

Conoco Net profit, quarterly

$6 billion
ConocoPhillips Marathon Oil
Share performance this year
25%
Marathon Oil
ministration’s greenlight to
build the $7 billion Willow proj-
ect in the state’s North Slope, a
Page One article on Wednes-
day about fast-fashion com-
pany Shein.

To Acquire 5 20

15
controversial enterprise that is
expected to yield about 180,000
barrels of oil a day at its peak—
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or

Marathon
4 equivalent to about 40% of by calling 888-410-2667.
10 Alaska’s current crude produc-
3 tion.
5 Marathon Oil’s sale marks THE WALL STREET JOURNAL
Continued from Page One 2
the end of a company whose (USPS 664-880) (Eastern Edition ISSN 0099-
9660) (Central Edition ISSN 1092-0935)
portunity to acquire Marathon 0 roots trace back to 1887 when (Western Edition ISSN 0193-2241)
Oil came on ConocoPhillips’ ra- the Ohio Oil Company was Editorial and publication headquarters: 1211

dar a few weeks ago. He said 1 –5 formed in that state. It ex-

Avenue of the Americas, New York, N.Y. 10036
ConocoPhillips Published daily except Sundays and general legal
the company saw a significant panded into refining, becoming holidays. Periodicals postage paid at New York, N.Y.,
overlap with Marathon and that 0 –10 Marathon Oil in 1962, with op- and other mailing offices.
Postmaster: Send address changes to
it was hoping to use technology 2021 ’22 ’23 ’24 Jan. 2024 May erations in Libya, Nigeria and The Wall Street Journal, 200 Burnett Rd.,
and efficiencies to extend Mara- Sources: S&P Capital IQ (profit); FastSet (performance) Europe. Chicopee, MA 01020.

thon’s shale inventory in the Ea- It had talks with rival Devon All Advertising published in The Wall Street
Journal is subject to the applicable rate card,
gle Ford and the Bakken. Endeavor ended up selling to phase of consolidation in which Permian producer Concho Re- Energy in recent months about copies of which are available from the Advertising
Services Department, Dow Jones & Co. Inc., 1211
“We think we’re heading into Diamondback Energy for $26 large companies buy less desir- sources for $9.7 billion as the a potential tie-up, according to Avenue of the Americas, New York, N.Y. 10036.
a period of what I’d call kind of billion in February. ConocoPhil- able shale producers now that Covid-19 pandemic lockdown people familiar with the matter. The Journal reserves the right not to accept an
advertiser’s order. Only publication of an
shale 2.0” he said. lips also considered buying the crown jewels have been caused oil prices to crash. Marathon Oil entered the advertisement shall constitute final acceptance of
The transaction is expected CrownRock, which sold itself to snagged. “You’re gonna see In recent years, ConocoPhil- Bakken in 2006, its first signifi- the advertiser’s order.
Letters to the Editor:
to close in the fourth quarter, Occidental for nearly $11 billion these large companies move lips also bolstered its gas assets cant foray into shale drilling. In Fax: 212-416-2891; email: wsj.ltrs@wsj.com
subject to approval from regula- in December, the people said. down a rung,” he said. by taking stakes in Sempra’s 2011, the company spun off its Need assistance with your subscription?
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prise value of $22.5 billion that fers from a meager catalog of synergies of $500 million within QatarEnergy’s sprawling North that year, it bought Hilcorp’s Reprints & licensing:
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its presence in the Permian. It some of its rivals. lips’s largest U.S. acquisition ing its stake in Port Arthur LNG. Marathon Oil’s production
considered acquiring private Gabriele Sorbara, an analyst since its purchase of Shell’s The company recently dou- averaged 326,000 net barrels of
producer Endeavor Energy Re- at financial-services firm Sie- Permian assets for $9.5 billion bled down on long-term oil as- oil equivalent a day during the GOT A TIP FOR US?
sources, according to people fa- bert Williams Shank & Co, said in 2021. The deal came a year sets in Alaska. ConocoPhillips first quarter of the year, accord- SUBMIT IT AT WSJ.COM/TIPS
miliar with the matter. the deal likely augurs a new after ConocoPhillips bought received last year the Biden ad- ing to the company.
 THE WALL STREET JOURNAL. Thursday, May 30, 2024 | A3

U.S. NEWS

Yale Selects Stony Brook President as Its New Leader

BY MELISSA KORN
Yale University named
Maurie McInnis, currently
president of Stony Brook
University and a Yale trustee,
as its next president.
McInnis, 58 years old, will
take the helm of the New Ha-
ven, Conn., school in July.
She will be the first woman
to hold the role on a perma-
nent basis.
YALE UNIVERSITY
can higher education. Schools “True freedom of expres- tem, since 2020. She earlier nia are currently being led by
are facing growing doubts sion demands that we ac- served as provost at the Uni- interim presidents; their
about the value of a degree, knowledge the rights of oth- versity of Texas at Austin, leaders were brought down
questions over their roles as ers to hold and express and before that was an ad- in part by their testimony at
moral arbiters on hot-button beliefs that are different ministrator at the University a congressional hearing
issues, concerns about the from our own, but we also of Virginia for a decade. about antisemitism on cam-
leftward tilt of their faculties have to ensure the safety and She received her doctorate pus. Cornell University will
and increasingly difficult re- well-being of our campus in art history from Yale, and get an interim president be-
lationships with major do- community,” McInnis said in has been on the board of ginning in July, and Stanford
nors who want more say in an interview about her Yale trustees there since 2022. University recently named
university operations. appointment. “That’s been McInnis will take over at economist Jonathan Levin as
Like many other colleges tested this year. It will likely Yale from Peter Salovey, who its new president, also begin-
around the country, Yale has be tested as we return in the said in August that he would ning in July.

McInnis, a historian whose
academic research focuses on
slavery, ascends to the top
spot at Yale at a time of tre-
Maurie McInnis mendous upheaval for Ameri-
been roiled by student pro- fall.” step down and return to the The leaders of Dartmouth
tests calling for a cease-fire McInnis has been presi- faculty this June after 11 College and Columbia Univer-
in Gaza and divestment from dent at Stony Brook, a Long years as president. sity, meanwhile, have both
companies that do business Island campus of the State Harvard University and been in their spots for just a
with Israel. University of New York sys- the University of Pennsylva- year.

Panda
Diplomacy
Is Back
WASHINGTON—Half a
year after the nation’s capital
bid farewell to its giant pan-
das, the National Zoo is ex-
pecting a renewed surge in

ROSHAN PATEL, SMITHSONIAN’S NATIONAL ZOO AND CONSERVATION BIOLOGY INSTITUTE (2)
panda-mania with an an-
nouncement that two more
pandas will be coming to
Washington.
The zoo said Wednesday a
fresh agreement had been
struck with the Chinese gov-
ernment, and a pair of adult
pandas would be arriving
from China by year’s end. The
Smithsonian’s National Zoo
and Conservation Biology In-
stitute said the pair are
named Bao Li (top photo)
and Qing Bao (bottom).
The number of giant pan-
das in American zoos has
dwindled as loan agreements
lapsed during tense diplo-
matic relations between the
U.S. and China. Washington’s
three pandas returned to
China last November.
For more than five de-
cades, the institute has cre-
ated and maintained a leading
giant panda conservation pro-
gram, helping move the panda
from “endangered” to “vulner-
able” on the global list of spe-
cies at risk of extinction.
Chinese President Xi Jin-
ping had signaled during a
trip in late 2023 that China
would be sending new pan-
das to the U.S. He called
them “envoys of friendship
between the Chinese and
American peoples.”
The zoo accompanied the
news with a lighthearted
video featuring zoo director
Brandie Smith, Smithsonian
Institution secretary Lonnie
G. Bunch III and first lady Jill
Biden. In the video, the trio
are discussing protocol for a
reception to welcome the
honored guests. When Biden
asks about attire and menu,
Smith dryly replies that the
impending guests are “strict
vegetarians” who are “partial
to black and white.”
—Associated Press

The ’54 Spelling Champ Has Some Advice

BY ALYSSA LUKPAT
One of the oldest living
winners of the Scripps Na-
tional Spelling Bee, 84-year-
old William Cashore, has ad-
vice for the champion being
crowned Thursday.
“First of all, be modest
about it. This isn’t the end of
your life, it’s just the begin-
ning,” he said in an interview
with The Wall Street Journal.
“Second, I would say keep your
focus on proper words, proper
usage, proper grammar.”
Cashore, a retired neonatol-
ogist in Rhode Island, won in
1954 at 14 years old. He was
the star of a hometown pa-
rade, met then-Vice President
Richard Nixon and went on
the “Ed Sullivan Show.” But he
doesn’t talk about it much.
“Once in a blue moon I will
tell somebody I was a spelling
champion,” he said. “I was al-
ways very proud of it, but
there’s no need to brag about it.”
Today, the annual spelling
bee is different than when
Cashore won 70 years ago. It
is now a multiday televised
event in Maryland featuring
hundreds of children from
“If they’re reading some-
thing incorrectly spelled,
worded or formulated, it
might be their obligation to
let people know it’s wrong,”
he said. “If your spelling is
sloppy, people will wonder if
your thinking is sloppy.”
He said growing up that his
mother drilled him on spelling
and his father coached him on
roots, prefixes and suffixes. He
was eliminated from a local
qualifying competition in
Pennsylvania in 1953 because
he misspelled the word “gher-
kin.” The next year, he won the
local competition and went to
Washington, D.C. to compete in
the national spelling bee.
Cashore’s winning word
was “transept.” The word de-
scribes the arms that form a
cross in a cross-shaped
church. “It was a word I knew Dwight D. Eisenhower, was
but had never been asked to out of town. Cashore then
spell,” he said. went on the “Ed Sullivan
He said the words used in Show.” He said he competed
recent competitions are more in a spelling bee on the show
technical than “transept.” Last against the actress Laraine
year’s champion, then 14-year- Day and baseball player Leo
old Dev Shah, won after cor- Durocher, who said he
rectly spelling “psammophile,” couldn’t really spell. Cashore
meaning an organism that won easily. “It wasn’t compet-
thrives in sandy soils or areas. itive,” he said.
“If you put me in the spell- Cashore went on to attend
ing bee right now with the the University of Notre Dame
words they used I would be and medical school at the Uni-
lost,” Cashore said. versity of Pennsylvania. Many
As the 1954 champion, people didn’t know about his
Cashore won an Encyclopaedia spelling talents because they
Britannica and $500 that he weren’t relevant to his studies.
used in part to pay for trolley He didn’t tell his wife Pau-
and bus rides to school. The line, whom he married in Edition 50
winner on Thursday is set to 1969, about his spelling-bee U.S. Exclusive
receive a $50,000 prize. history until about six months Based on the award
A day after his victory, he after they met, because he winning Perigraph
model. The Edition 50
met Nixon—the president, doesn’t like to brag. Scan for
more info is limited to 50 pieces.
Cashore joined Brown Uni-
versity’s medical school as a
professor. He said it was helpful
to have a background in spelling
and language.
He retired more than a de-
cade ago and now spends his
free time babysitting his
grandsons, listening to classical - Available at: -
music, exercising and reading.
He keeps his spelling-bee tro- Joseph Edwards-NYC-NY-212-730-7300
BETTMANN ARCHIVE/GETTY IMAGES

around the country who won
their regional spelling bees.
Past winners have received
national attention, met gov-
ernment leaders and received
cash prizes.
Cashore said competitors
should keep using their spell-
ing skills once the bee is over.
phy at his home in East Green-
wich, R.I. He said the trophy
broke off at the base once after
one of his daughters knocked it
over. They had to get it re-
Old Northeast Jewelers - St. Pete/Tampa FL 727-898-4377
paired at a trophy store.
“That was the only bad
thing that ever happened to
Ed Sullivan, left, congratulates William Cashore on his win. it,” he said.
Right Time-Highlands Ranch, CO-303-862-3900
Little Treasury Jewelers-Gambrills, MD-410-721-7100
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www.meistersinger.us
A4 | Thursday, May 30, 2024
Jury Begins Deliberations in Trump Trial
Jurors, set to return
Thursday, seek more
information; verdict
could take days
NEW YORK—The jurors
who will decide whether to
convict former President Don-
ald Trump of 34 felonies
wrapped up their first day of
deliberations on Wednesday
after asking to hear some tes-
timony again.
By Corinne Ramey,
James Fanelli and
Erin Mulvaney
The jury got the case just
before 11:30 a.m. Eastern time,
then deliberated for about 4½
hours. They are working be-
hind a closed door guarded by
a court officer.
It could take them days to
reach their verdict. If the 12-
person jury can’t reach a
unanimous conclusion, even
after further prompting from
the judge, the case could end
in a mistrial.
Several hours into their de-
liberations, the panel sent two
notes seeking additional infor-
mation. Just before 3 p.m., ju-
rors asked to hear certain sec-
tions of trial testimony from
tabloid publisher David Pecker
and former Trump lawyer Mi-
chael Cohen.
The requested testimony,
which included that of a key
August 2015 Trump Tower
meeting, all related to what
prosecutors say was a conspir-
acy among Trump, Cohen and
Pecker to boost the then-can-
didate’s chances of winning
the 2016 election, including
buying up negative stories to
remove them from the mar-
ket.
Just before 4 p.m., jurors
asked to again hear legal in-
structions that the judge had
read earlier in the day. Justice
Juan Merchan then dismissed
Trump and
Musk Forge
Alliance
Continued from Page One
vent voter fraud, according to
some of the people. Peltz and
Musk also told Trump of an in-
fluence campaign in elite cir-
cles that is already under way,
in which Musk and his political
allies host gatherings of power-
ful business leaders across the
country to try to persuade
them not to support President
Biden’s re-election campaign.
As recently as two years
ago, Trump and Musk were
publicly trading insults. But in
recent months, the two men
have been developing a friendly
JOURNALISTS DON’T
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THEY RECORD HISTORY.
Learn more about the impact your
journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth
and others share career advice at
dowjonesnewsfund.org/careers.
Prosecutors have accused Trump of falsifying New York business records to cover up a conspiracy to corrupt the 2016 election. He has pleaded not guilty.
the panel and instructed them
to return Thursday morning.
The jury of five women and
seven men, in addition to six
alternates, has heard from
nearly two dozen witnesses
over the past five weeks. Pros-
ecutors have accused Trump of
falsifying New York business
records to cover up a conspir-
acy to corrupt the 2016 elec-
tion. Trump did so, prosecu-
tors say, by paying off porn
star Stormy Daniels to silence
her claims of an affair.
Trump has pleaded not
guilty and denied the affair.
His lawyer, Todd Blanche, told
jurors that prosecutors hadn’t
proved their case because they
relied on Cohen’s testimony.
Cohen, Blanche said, was the
rapport and talk on the phone
several times a month as the
election nears, the people fa-
miliar with their talks said.
The pair have held discus-
sions on immigration, technol-
ogy and science, including the
U.S. Space Force. Their views
and interests have grown more
aligned, the people said, with
Musk calling Trump directly on
his cellphone.
Trump has told Musk, one
of the world’s wealthiest peo-
ple, he wants to find a way to
get him more involved if he
wins in November.
Musk—who has a long his-
tory of flouting convention in
the business world—has sig-
naled he isn’t interested in
simply writing a check to a su-
per PAC, which can accept un-
limited amounts of money
from donors and is a popular
way for the billionaire class to
support candidates. Instead, he
P W L C 10 11 12
U.S. NEWS
“human embodiment of rea-
sonable doubt.”
Earlier Wednesday morning,
before sending the jurors off to
begin their deliberations, Mer-
chan instructed them to hand
their cellphones and electron-
ics to a court officer and to
discuss the case only when all
jurors were present in the jury
room.
“You are the judges of the
facts,” Merchan told the jury
Wednesday. “And you are re-
sponsible for deciding whether
the defendant is guilty or not
guilty.”
Trump, the presumptive Re-
publican presidential nominee,
shifted in his seat and occa-
sionally looked toward the
jury, while Merchan read the
has elected to use his clout in
elite business and technology
circles to help defeat Biden, a
Democrat, by galvanizing the
support of influential allies.
Musk has told associates
that he is motivated by anxiet-
ies over the direction of the
country. Among other things,
Musk has railed against what
he calls the “woke mind virus,”
a catchall for liberal policies in-
cluding diversity, equity and in-
clusion programs that conser-
vatives say create divisions.
Musk didn’t respond to re-
quests for comment.
The former president, for
his part, is impressed with
Musk’s wealth and has em-
braced the rightward turn of
the Tesla CEO’s politics. Musk
has said his politics are “fairly
moderate” and donated
smaller amounts to Democrats
and Republicans in past years,
according to Federal Election
Commission filings. His poli-
tics publicly shifted in May
2022, when he tweeted he
would vote Republican be-
cause Democrats had “become
the party of division & hate, so
I can no longer support them.”
Brian Hughes, a spokesman
for the Trump campaign, said:
“President Trump will be the
only voice of what role an indi-
vidual plays in his presidency.”
The discussion around the
advisory role and voting project
took place at a March gathering
at Montsorrel, Peltz’s sprawling
oceanfront estate in Palm
Beach, Fla., with a group of
wealthy and powerful friends,
some of the people familiar
with the discussions said. The
New York Times earlier re-
ported the meeting had oc-
curred, but details of the dis-
cussions haven’t been
previously disclosed.
As guests nibbled on a Sun-
day morning breakfast of eggs,
bacon and fresh fruit served by
Peltz’s household staff, Peltz,
Trump and Musk held forth on
the November elections, criti-
cizing Biden’s stewardship of
the country, the people said.
It was a family affair. Musk
and his young son X, who often
joins him at events, were part of
a group that also included
Trump’s 18-year-old son, Barron.
Musk and Peltz know each other
in part through Peltz’s son Die-
sel, a tech entrepreneur who is
friendly with Musk. Diesel Peltz
was at the breakfast as well.
The potential administra-
tion advisory gig for Musk
would likely be in the mold of
the role previously held by
Isaac Perlmutter, the former
Marvel chairman and confi-
dant to both Peltz and Trump,
H T G K R F A M 1 2 3 4 5 6
instructions. Some jurors took
notes.
Merchan explained to jurors
how to weigh the falsifying re-
cords charges in question. How
the judge explains specific key
phrases—including intent to
defraud, unlawful means and
campaign expenses—has been
the subject of debate between
the prosecution and defense in
recent weeks.
The panel doesn’t have a
copy of the written instruc-
tions to reference during their
discussions, as is the norm in
New York state courts.
In his instructions, Merchan
told jurors that in order to
convict Trump of felony falsi-
fying record charges, they
must find he did so to conceal
Nelson Peltz and Elon Musk have briefed Donald Trump on a
project to prevent voter fraud, people familiar with the talks say.
one of the people said.
During the Trump presi-
dency, Perlmutter was posi-
tioned at the Department of
Veterans Affairs in an advisory
capacity, along with two other
members of Trump’s Mar-a-
Lago compound in Florida: a
Palm Beach doctor and an at-
torney. The three spoke to the
agency’s staff and weighed in
on a range of matters, including
budgets, mental-health initia-
tives, software procurement
and overhauling the VA’s re-
cord-keeping systems.
Musk served on White
House business advisory groups
during Trump’s
term as presi-
dent but re-
signed from
them in 2017 af-
ter disagreeing
with Trump’s
decision to pull
the U.S. out of
the Paris cli-
mate accord.
Trump made
billionaire in-
vestor Carl Icahn, an old busi-
ness acquaintance, a special
adviser to the president on
overhauling federal regulations
in 2016. When he was named
to the post, Icahn had already
been helping Trump vet candi-
dates for top posts at the Secu-
rities and Exchange Commis-
sion and Environmental
Protection Agency.
The position wasn’t an offi-
cial government job, meaning
Icahn didn’t get paid but also
didn’t have to give up his busi-
ness dealings.
Icahn resigned from the post
less than a year later after
drawing criticism for potential
7 8 9 O I X X ***** THE WALL STREET JOURNAL.
DOUG MILLS/PRESS POOL
another crime. That alleged “These charges are rigged.”
second crime, he told the As jurors deliberated inside
panel, is a state election-law the courthouse, a small, pro-
offense that makes it illegal to Trump crowd assembled in the
conspire to promote the elec- park across the street, singing
tion of a candidate by unlawful along to “God Bless the
means. U.S.A.,” the song played at the
Jurors may disagree on start of every Trump rally. One
what those unlawful means man opened a Pabst Blue Rib-
are, the judge said, but still bon beer, held it aloft and said,
find Trump guilty. He offered “Here’s to better days.”
them several options: a tax- Christina Lo, 70, held a sign
law violation, a federal cam- reading “Trump victim of po-
paign-finance law offense and litical persecution.”
a state falsifying records mis- She predicted the jury
demeanor. would convict the former pres-
After the jury headed off to ident. “That was the whole
deliberate, Trump called the purpose,” she said. “Otherwise
trial a “disgrace.” Biden won’t win.”
“Mother Teresa could not —Jacob Gershman
beat these charges,” Trump and Alex Leary
said in the courthouse hallway. contributed to this article.
cized how the vehicles need re-
charging for longer trips and
has called for tariffs on those
made in Mexico, saying it hurts
the U.S. auto industry.
Musk has publicly criticized
EV subsidies, which Tesla has
benefited from, and recently
spoke out against tariffs on
Chinese electric vehicles and
other parts.
Musk has asked Trump to
return to posting more actively
on X, especially using the
“Spaces” live audio feature,
BAUER-GRIFFIN/FILMMAGIC/GETTY IMAGES
people close to Trump said.
Trump dominated the platform
when it was known as Twitter,
boasting more than 88 million
followers at one point.
But Trump, who is eager to
protect his Truth Social plat-
form that launched in 2022, has
only posted on X once since be-
ing reinstated to the platform
after Musk bought it. Truth So-
cial is owned by the publicly
traded Trump Media & Tech-
conflicts of interest with his in- nology Group, which has a mar-
vestments. He has kept a dis- ket value close to $9 billion.
tance from Trump and Wash- In conversations with people
ington since. close to Trump, Musk has been
Musk and Peltz have told ac- noncommittal on an endorse-
quaintances they are working ment, people familiar with the
on a data-driven project to en- discussions said.
sure votes are fairly counted, Musk plans to continue orga-
echoing Trump’s accusations of nizing for his anti-Biden cause
widespread fraud in the 2020 among an elite group of busi-
election. Trump’s own attorney ness leaders whom he counts as
general, Bill Barr, has rejected friends, people familiar with the
those claims about the 2020 plans said.
election. Trump’s campaign and In April, Musk co-hosted a
its allies lost dozens of lawsuits secret dinner of around a
challenging the results. dozen business leaders in Los
Musk and Peltz described Angeles. The guests included
the initiative to Trump in the Peltz; venture capitalist Peter
March meeting, Thiel; former Treasury Secre-
according to a tary Steven Mnuchin; and me-
person familiar dia mogul Rupert Murdoch,
The Tesla CEO, with that dis- chairman emeritus of News
who has veered cussion. More Corp, which owns The Wall
details about Street Journal, according to
right, wants the antifraud ef- people familiar with the mat-
fort couldn’t be ter. The gathering was earlier
Trump to again learned. reported by the news outlet
be active on X. Recent talks Puck. The group convened at
between the two entrepreneur and investor Da-
men have cov- vid Sacks’s modern farmhouse
ered some of atop the Hollywood Hills.
Musk’s companies, including the The discussion at times cen-
X social-media platform; Tesla, tered on how attendees could
the electric-vehicle maker; and give money to Trump outside
rocket and satellite launcher of public view. In February,
SpaceX, people familiar with the Trump’s supporters launched a
discussions have said. super PAC called Right For
Tesla, the world’s most- America to help re-elect the
valuable automaker and former president. Sacks is co-
Musk’s only public company, hosting a coming fundraiser for
has seen its share price fall Trump in San Francisco.
and recently recorded its low- Musk, Peltz and other
est profit in years. Musk and Trump backers are planning to
Trump have discussed the continue hosting more salon-
electric-vehicle industry and style gatherings targeting
EV tax credits, according to wealthy, powerful people in
people close to Trump. business, a person familiar with
Trump has maintained a the matter said.
tough posture against EVs on —Alexa Corse
the campaign trail. He has criti- contributed to this article.
THE WALL STREET JOURNAL. NY Thursday, May 30, 2024 | A5

U.S. NEWS

Alito Rejects
Recusal Call
In Trump Cases

FROM TOP: MICHAEL PEREZ/ASSOCIATED PRESS; PABLO MARTINEZ MONSIVAIS/ASSOCIATED PRESS

‘My wife is fond of
flying flags. I am
not,’ justice says
after criticism
BY JESS BRAVIN
WASHINGTON—Justice
Samuel Alito on Wednesday
rejected calls to sit out pend-
ing cases involving former
President Donald Trump, say-
ing he had nothing to do with
his wife raising MAGA-associ-
ated flags at the couple’s
homes in Virginia and New
Jersey.
“My wife is fond of flying
flags. I am not,” Alito wrote in
separate letters to Senate and
House Democrats who had
called on him to recuse him-
self from cases involving crim-
inal charges Trump faces over
his alleged scheme to retain
power. Martha-Ann Alito “was
solely responsible for having
flagpoles put up at our resi-
dence and our vacation home
and has flown a wide variety
of flags over the years,” he
added. Those included ban-
ners representing sports
teams, veterans, ancestral na-
tions and religious themes.
He said that his wife re-
fused his requests for days to
lower an upside down Ameri-
can flag she flew following
Trump’s failed efforts to over-
turn the 2020 election he lost
to President Biden.
Alito said that because he
wasn’t involved in raising the
particular flags at issue and
didn’t know of their associa-
tion with pro-Trump and
right-wing movements, he had
no duty to sit out the cases.
The Supreme Court’s code
of conduct, published last year
after bipartisan pressure from
Congress, requires justices to
recuse themselves from cases
where their “impartiality
might reasonably be ques-
tioned.”
Justices decide for them-
selves whether such condi-
tions exist, and can’t be re-
moved from a case by the
chief justice, the full court or
anyone else.
Trump, awaiting a jury ver-
dict in a separate hush-money
trial in New York, applauded
Alito’s decision.
“Congratulations to United
States Supreme Court Justice
Samuel Alito for showing the
INTELLIGENCE, COURAGE,
and ‘GUTS’ to refuse stepping
aside from making a decision
on anything January 6th re-
lated. All U.S. Judges, Justices,
and Leaders should have such
GRIT,” Trump said on his so-
cial-media platform.
Rep. Hank Johnson (D.,
Ga.), a House Judiciary Com-
mittee member who had called
for Alito to sit out the Trump
cases, was less satisfied.
“Any unbiased and reason-
able person would find laugh-
able Justice Alito’s ‘the dog
ate my homework, and I didn’t
even know I had homework’
defense,” Johnson said.
Alito’s dismissal of the re-
cusal shows the “urgent need
for Congress to pass legisla-
tion that imposes on Supreme
Court justices a code of con-
duct with an enforcement
mechanism,” Johnson said.
The display of an inverted
Old Glory at the Alitos’ Alex-
andria, Va., home in 2021, and
the Pine Tree Flag at the cou-
ple’s vacation home on Long
Beach Island, N.J., in 2023,
were earlier reported by the
New York Times. The Wash-
ington Post subsequently dis-
closed that in January 2021 its
reporter had visited the Alito
home to ask about the flag,
Justice Samuel Alito, below with his wife, Martha-Ann Alito, said he wasn’t involved in raising MAGA-associated flags at
their homes. He said he was unaware the ‘Appeal to Heaven’ flag, above, was adopted by the ‘Stop the Steal Movement.’
and was ordered by Mar-
tha-Ann Alito to leave
the property. “It’s an in-
ternational signal of dis-
tress,” she told the re-
porter. The Post decided
at the time not to pub-
lish a report on the flag.
Alito’s letter Wednes-
day expanded on his ini-
tial responses to the flag
reports, where he said
his wife had raised the
standard in January 2021
during an extended tiff
with neighbors who had
displayed anti-Trump
signs on their property.
“I had nothing what-
soever to do with the fly-
ing of the flag.” Alito
wrote. ”I was not even
aware of the upside-down flag
until it was called to my at-
tention. As soon as I saw it, I
asked my wife to take it down,
but for several days, she re-
fused.”
Because he and his wife
own the home jointly, she “has
the legal right to use the prop-
erty as she sees fit, and there
were no additional steps that
I could have taken to have the
flag taken down more
promptly,” he wrote.
Martha-Ann Alito’s reasons
for flying the flag “are not rel-
evant for present purposes,”
he wrote, but he recalled the
squabble with neighbors had
grown quite tense, including
the utterance of a vulgar word
in reference to his wife.
Alito said he was unfamil-
iar with the Pine Tree Flag his
wife raised in summer 2023.
“She may have mentioned
that it dates back to the
American Revolution, and I
assumed she was flying it to
express a patriotic and reli-
gious message. I was not
aware of any connection
between that historic
flag and the ‘Stop the
Steal Movement,’ and
neither was my wife,” he
continued.
“She didn’t fly it to
associate herself with
that or any other group,
and the use of an old his-
toric flag by a new group
does not necessarily
drain that flag of all
other meanings,” he
wrote.
“My wife is a private
citizen, and she possesses
the same First Amend-
ment rights as every other
American,” he wrote. “She
makes her own decisions,
and I have always respected her
right to do so.”
The justice added that the
summer home was bought
with money his wife “inher-
ited from her parents and is
titled in her name. It is a
place, away from Washington,
where she should be able to
relax.”

Democrats Bet on Abortion

Issue to Win Back House NOW TOGETHER, INVITING CONSIGNMENTS

BY NATALIE ANDREWS
WASHINGTON—The super
PAC supporting Democrats’ ef-
fort to win back the House ma-
jority is launching a $100 mil-
lion fund focused on abortion
rights, the latest sign that the
party is leaning heavily on the
issue this fall to help counter
concerns about the economy
and immigration policy.
In a memo to donors, the
House Majority PAC outlined
the Reproductive Freedom Ac-
countability Fund, which it said
will be spent in swing districts
across the country for advertis-
ing and voter mobilization. The
fund will also focus on voter
outreach in House districts
where there aren’t competitive
presidential or Senate races,
such as in New York, California,
Oregon, Washington and Vir-
ginia.
The battle for the House ma-
jority is expected to be a dog-
fight, with the current balance
of the House at 217 Republi-
cans and 213 Democrats, with
five vacancies. The nonpartisan
Cook Political Report rates 11
seats held by each party, or 22
total, as tossups, meaning they
could go for either party. Sev-
eral dozen more are also seen
as competitive, though leaning
toward one party or the other.
With the focus on abortion
rights, Democrats are seeking
to overcome President Biden’s
weak poll numbers and Repub-
licans’ advantages in surveys
on combating inflation and bet-
ter controlling the border.
Many Republicans back limits
on abortions, while former
President Donald Trump, the
presumptive Republican nomi-
nee for president, has said
abortion laws should be left up
to the states.
Mobilizing issue
House Majority PAC Presi-
dent Mike Smith said the focus
on abortion rights has mobi-
lized voters “to focus on repro-
ductive freedoms as one of the
defining campaign messages of
the 2024 cycle.”
The memo, viewed by The
Wall Street Journal, was sent
this month, signaling to donors
and supporters the PAC’s plans
for the fall. The abortion-re-
lated fund will be comprised of
new money and cash already
raised.
Super PACs can take in un-
limited donations from individ-
uals and corporations. Major
donors so far this cycle for the
House Majority PAC include
Reed Hastings, the co-founder
and executive chairman of Net-
flix, and entrepreneur Fred
Eychaner, according to
OpenSecrets.
Democrats see abortion de-
bate as helping their side: Two
years ago, the party cam-
paigned on defending abortion
rights, winning the Senate ma-
jority and losing the House,
but avoiding a feared “red
wave” wipeout.
A re-
cent Wall Street
Journal poll of
seven battle- The battle for
ground states the House
found that 39%
of suburban majority is
women cite
abortion as a
expected to be
make-or-break a dogfight.
issue for their
vote—making it
by far the most
motivating issue for the group.
Of those women, nearly three-
quarters of them say the pro-
cedure should be legal all or
most of the time.
Suburban women named
abortion as a leading reason to
back Biden, and 57% of the
same group said Trump’s poli-
cies on abortion were too re-
strictive.
“Democrats can’t ignore
voters’ concerns about the
economy and safety and immi-
gration, but I don’t think
there’s been a race in the last
three years where Democrats
regretted highlighting the
abortion issue,” said Nathan
Gonzales, editor of Inside Elec-
tions, which provides nonparti-
san analysis of campaigns.
Republicans have countered
that Democrats don’t embody
the mainstream stance on
abortion. Democrats don’t gen-
erally put a limit on abortion,
such as the number of weeks
of pregnancy, saying any deci-
sion should be between a
woman and her doctor. Repub-
licans have encouraged their
candidates to talk more about
abortion this cycle, arguing
that some voters support lim-
its and that not all in their
party back a total ban.
‘Their sole strategy’
“With voters rejecting
Democrats on just about every
issue under the sun, this is
their sole strategy,” said Dan
Conston, the president of the
Congressional Leadership
Fund, which boosts House Re-
publicans. He said the impact
of the issue varies by state.
“In blue states where abortion
is legal, Republican candidates
can clearly and
empathetically
communicate
this is a state
issue and set-
tled law,” he
said.
Abortion
moved to the
top of many
voters’ con-
cerns after the
S u p r e m e
Court overturned the Roe vs.
Wade decision, which en-
shrined access to abortion, in
2022. While a major win for
social conservatives, the rul- WELCOMING FINE ART AND DESIGN CONSIGNMENTS
ing also threw the matter back
to Congress and the states,
FOR OUR F
FALL AUCTION SEASON
motivating voters who favor
abortion access and now saw
it being curtailed in many Caroline Baker Smith | 212.243.3000
states. newyork@hindmanauctions.com
Overall, House Majority HINDMANAUCTIONS.COM
PAC has reserved over $186
million in initial television and
digital reservations for the
2024 election cycle across 58
markets, the largest in the his- AUCTIONS & APPRAISALS SINCE 1805
tory of the group.
Comparatively, the Con- CHICAGO PHILADELPHIA
gressional Leadership Fund Cincinnati Denver New York Palm Beach
has reserved $141 million for Atlanta Boston Cleveland Detroit Miami Milwaukee Naples
television, streaming, and dig- Richmond St. Louis San Diego Scottsdale Washington, D.C.
ital platforms in 37 media
markets. It is also more than
it has spent in previous elec-
tion cycles.
A6 | Thursday, May 30, 2024 * **** THE WALL STREET JOURNAL.

WORLD NEWS
Israel Says It Controls Border Area Meta Takes
Down Fake
Gaining authority
over the Gaza-Egypt Accounts
crossing is a key goal
Meta Platforms said its se-
of Rafah operation curity team took down a net-
work of hundreds of fake ac-
BY DOV LIEBER counts on Facebook and
Instagram linked to an Israeli
Israel said it has secured
control of Gaza’s southern By Salvador Rodriguez,
border with Egypt, achieving a Sam Schechner
major goal of the Rafah offen- and Dustin Volz
sive as it seeks to eliminate
Hamas without crossing red technology firm that appar-
lines set by President Biden. ently used AI-generated com-
Israeli officials say taking ments to praise Israel and crit-
control of the roughly 9-mile icize campus antisemitism.
border, known as the Philadel- A network of more than 500
phi Corridor, will allow Israel Facebook and 32 Instagram ac-
to stop Hamas from rearming counts tied to an Israeli digital-
by smuggling weapons marketing and business-intelli-
through tunnels that reach gence firm left comments on the
into Egypt. Israel last con- pages of media organizations, as
HAITHAM IMAD/EPA/SHUTTERSTOCK

trolled the corridor in 2005, well as political and public fig-

before relinquishing control of ures, including U.S. lawmakers,
the enclave to the Palestinians. Meta said. The accounts posed
The latest advance also risks as U.S. and Canadian locals, in-
sparking new tensions between cluding Jewish students and Af-
Israel and Egypt. An Israeli rican-Americans, but were fake
military official said Israel has or compromised.
found 20 cross-border tunnels Meta didn’t link the fake ac-
in the area, some already Palestinians transport bodies after an Israeli-military raid on a camp in an area designated for displaced persons in Rafah. counts to the Israeli govern-
known to Israel and Egypt. ment. Campaigns to spread false
The official said Israel in- city could pose for civilians. The tactics have inoculated and appeasing the Biden ad- Rafah, an operation the Israe- information on social media also
formed Egypt about cross-bor- “I can’t confirm whether Israel from deeper criticism ministration. lis said was nonnegotiable be- can emanate from commercial
der tunnels it found. Israel has they seized the corridor or not, from the Biden administration Some Democrats have criti- cause they believe that actors or political campaigns,
said it hopes to work with but I can tell you that their so far, as it faces growing in- cized Israel’s conduct in Rafah, Hamas’s last military units say disinformation research-
Cairo to prevent future smug- movements along the corridor ternational condemnation, es- and pro-Palestinian protests on must be destroyed there and ers. The comments, which
gling. A senior Egyptian offi- did not come as a surprise to pecially after an Israeli air- U.S. college campuses have piled that tunnels from Egypt’s Si- wouldn’t have been banned if
cial said Israel hadn’t told us and was in keeping with strike resulted in dozens of pressure on the White House to nai Peninsula to the city rep- they were from authentic users,
Cairo about the tunnels, add- what we understood their plan civilian deaths in a Rafah tent restrain Israel. Such tensions resent the militant group’s mostly were in English and in-
ing that Israel is “using these to be, to go after Hamas in a encampment Sunday. may persist for some time. most crucial supply lines. cluded calls for the release of Is-
allegations to justify continu- targeted, limited way,” said Even that strike drew a Fighting in Gaza is likely to con- Israeli officials insist their raeli hostages, praise for Israel’s
ing the Rafah operation.” John Kirby, a spokesman for muted response from U.S. offi- tinue through this year, Tzachi operations in Rafah aren’t tai- military actions and criticisms
Israeli forces in Rafah the National Security Council. cials. Israel said it killed two Hanegbi, the head of Israel’s Na- lored to suit Washington’s of “radical Islam” and campus
largely have focused on taking Israel has avoided crossing important Hamas leaders and tional Security Council, told Is- needs, but are carried out ac- antisemitism.
control of the border area, an Washington’s red lines in Ra- used smaller munitions with rael’s public broadcaster Kan. cording to their own opera- Meta said the firm it linked
area that isn’t densely popu- fah by gradually deploying lim- precision-guidance systems. Hamas on Wednesday said tional and ethical guidelines. to the network was a Tel Aviv-
lated like other parts of Rafah. ited numbers of troops, forcing U.S. diplomatic support and the U.S. was demonstrating Three Israeli soldiers were based company called STOIC.
The Biden administration has a rapid evacuation of the Gaza weapons supply depend on Is- double standards. killed in Rafah, Israel’s mili- Meta said it has banned the
for months been warning city and refraining from a full- rael’s ability to manage a bal- Behind the scenes, the ad- tary said Wednesday, as it firm from its platform. STOIC
about the dangers that operat- scale ground assault, said Is- ance between accomplishing ministration worked hard to pressed on with its pursuit of didn’t respond to messages
ing in the populated core of the raeli officials and analysts. its military objectives in Rafah influence how Israel went into Hamas. seeking comment.

China Bankrolls ‘Axis of Evasion’ of Sanctions

BY IAN TALLEY Total imports and exports to China by Western-sanctioned countries in U.S. dollars, billions keep its economy running. biggest weapons wholesalers.
AND ROSIE ETTENHEIM Those countries, in turn, have Customs records also show
RUSSIA 22.0 3.8 IRAN
3.5 revenue they can use to buy Chinese firms were responsible
Western sanctions and ex- U.S. President Donald sanctioned goods from China. for all 60 shipments last year
port controls were meant to Trump announces plan “Oil revenue from China is to a Russian company that U.S.
19.6 to withdraw from the
subdue America’s enemies, le- Led by the U.S., Western allies in propping up the Iranian and officials say is part of the pro-
Iran nuclear deal
veraging the power of the dol- early 2022 levy an unprecedented
in 2018.
Russian economies and is un- curement channel for Iran’s
lar to strong-arm governments sanctions regime against Russia dermining Western sanctions,” production of military drones
into submission without mili- in response to Moscow’s full-scale said Kimberly Donovan of the in Russia for Moscow’s forces.
tary force. They inadvertently
invasion of Ukraine. 1.1 Atlantic Council, a Washing- The companies didn’t respond
have birthed a global shadow ton-based think tank. Dono- to requests for comment.
economy tying together de- van, who calls this group the Russia’s war against
mocracy’s chief foes, with “axis of evasion,” said the Ukraine has provided Tehran
Washington’s primary adver- Jan. ’15 March ’24 countries’ use of Chinese cur- with an economic and strate-
sary, China, at the center. VENEZUELA rency and payment systems gic opportunity. Selling Mos-
Unprecedented finance and for that trade restricts West- cow fleets of military drones
U.S. declares Venezuela a
trade restrictions on Russia, national-security threat in
ern authorities’ access to fi- and establishing a production
Iran, Venezuela, North Korea, 1.4 2015 and launches a new nancial data and weakens their facility in Russia provides Iran
China and other authoritarian sanctions program in 2017. ability to enforce sanctions. with income, bolsters interna-
regimes have squeezed those Chinese and Russian customs tional perceptions of Tehran’s
0.6
economies by curbing access data show China has supplanted military power, and provides
to Western goods and mar- Russia’s loss of Western access valuable wartime data, say
kets. But Beijing increasingly $5.5 Jan. ’15 March ’24 to the highest priority dual-use former U.S. security officials.
has foiled those U.S.-led ef- goods, products that have both Iran also is supplying Vene-
forts by bolstering trade ties, NORTH KOREA civilian and military uses. zuela with weapons, technical
according to Western officials United Nations Security Council A Chinese state-owned de- assistance for its energy infra-
and customs data. The bloc of imposes major new sanctions on fense company, Poly Technolo- structure and other sanctioned
sanctioned nations collectively 0.6
North Korea after Pyongyang gies, for example, sent nearly goods, according to U.S. offi-
have the economy of scale to 0.4 continues nuclear testing. two dozen shipments between cials and customs data. In ex-
shield them from Washing- 0.2 September and December 2023 change, Caracas has provided
ton’s financial warfare, trad- Jan. 2015 March ’24 Jan. ’15 March ’24
to a U.S.-sanctioned, state- Iran with gold from its vast
ing everything from drones owned Russian firm that manu- Orinoco deposits, say Western
and missiles to gold and oil. Source: China’s General Administration of Customs factures military and civilian officials, a commodity difficult
“China is the strategic com- helicopters—Ulan-Ude Aviation to track around the world and
petitor willing and able to re- Washington, defended Bei- he said. “The relevant trades aligned. On one side of the Plant, according to a Journal whose fungibility allows for
shape the current global or- jing’s policies, saying that the under international law are le- equation, China gets oil from review of Russian customs data. sanctioned nations to sidestep
der,” said Dana Stroul, a country isn’t providing lethal gal and legitimate.” three OPEC powerhouses— Poly Technologies, which also the Western banking system.
former senior U.S. defense of- weapons to anyone involved in Russia, Iran, Venezuela and Russia, Iran, and Venezuela—at is sanctioned by the U.S., was China’s ability to keep Rus-
ficial and now a senior fellow the Ukraine conflict. “China North Korea, contacted heavily discounted prices. That responsible for a 1,200 kilo ship- sia’s war machine running and
at The Washington Institute carries out normal economic through their diplomatic of- is a windfall for the world’s ment of rifles on Feb. 16, 2023, help Moscow rebuild its mili-
for Near East Policy. and trade exchanges with rel- fices in the U.S., didn’t respond biggest oil importer, which to Izhevsky Arsenal, which de- tary industrial capacity fos-
Liu Pengyu, a spokesman evant countries on the basis of to requests for comment. bought more than 11 million scribes itself as a government tered unprecedented trade
for the Chinese Embassy in equality and mutual benefit,” The bloc’s trade needs are barrels of oil a day last year to contractor and one of Russia’s and finance, say U.S. officials.

Companies who is behind a company.

“As the U.S. government
turns to blacklists as a means
industry and military, could be
used to collect sensitive U.S.
data. Lidar allows cars to rec-
the products would be made
and sold in the U.S. Hesai has
since paused plans for the
attempt “to avoid regulatory
scrutiny” and asked the Penta-
gon to add Innomics to its Chi-
drone maker DJI. The legisla-
tion is, in effect, a broad prohi-
bition on the use of DJI drones

Rebrand as of identifying problematic Chi-

nese companies and as a
means for imposing restric-
ognize their surrounding envi-
ronment, enabling features
such as automatic braking.
American Lidar facility, blam-
ing the fallout from being la-
beled a Chinese military entity.
nese military-entity list.
BGI Group said it doesn’t do
work for the military and its
by consumers as well as gov-
ernments. The U.S. has warned
that DJI might be sending data

American tions, the shell game is going to

intensify,” said a House of Rep-
resentatives aide researching
Chinese companies in the U.S.
Continued from Page One A Massachusetts affiliate of
nomic and Security Review Chinese biotech company BGI
Commission. Group recently rebranded,
TikTok spent years trying to striking “BGI” from its name.
distance itself from its China- SZ DJI Technology, the world’s
based parent, ByteDance, by largest drone maker, struck a
establishing a U.S. headquar- deal with a U.S. startup to sell
ters and exploring ways to re- drones in the U.S. ahead of a
brand in the U.S. Despite the possible ban. Years ago, Chi-
moves, the video app faces a nese telecom company Huawei
possible ban under a new law. Technologies set up a U.S. sub-
TikTok has sued the U.S. gov- sidiary, Futurewei, ahead of
ernment, accusing it of violat- U.S. sanctions on the company.
ing First Amendment rights.
Chinese companies’ efforts
to shift production, rebrand as Lidar debate
American or set up subsidiar- Lidar maker Hesai became a
ies with new names are legal, target in the U.S.-China tech-
lawyers said. Still, such moves trade war after allegations
irritate regulators who can’t that its laser sensors, which
enforce laws when it isn’t clear are important to the U.S. auto
A month after it set up
American Lidar to be its man-
ufacturing facility in the U.S.
heartland, Hesai was added to
the Defense Department list
that designates companies as
Chinese military entities op-
erating in the U.S. Its stock
fell 30% in a day after the list
was published and hasn’t re-
covered. Almost one-fifth of
Hesai’s revenue comes from
the U.S.
The Pentagon’s designation
prohibits the U.S. military from
buying Hesai products. Auto-
makers and other private com-
panies can remain buyers. He-
sai said its lidars don’t pose a
threat because they can’t store
or transmit images wirelessly.
A Hesai spokeswoman said
the name American Lidar was
a placeholder, but the company
wanted to communicate that
Hesai filed a lawsuit this
month against the Defense De-
partment, asserting it should
subsidiaries in the U.S. don’t
have access to U.S. citizens’
personal data. Innomics said it
from its drones to Beijing and
that its drones aid in human-
rights abuses in China. DJI
be removed doesn’t belong said these allegations are false.
from the list on the Penta- For Randall Warnas, the
because it has gon’s list be- proposed bill presented an op-
no affiliation Chinese firms cause it has no portunity. Early last year, he
with any mili- look to shield connection with struck a deal with DJI to li-
tary and isn’t the Chinese cense its technology for at
controlled by themselves from military and no least two drone models and
the Chinese operations in sell them in the U.S. through a
government.
Washington China. new startup, Anzu Robotics.
BGI Genom- policies. National-se- Warnas is a U.S. citizen and
ics, part of curity experts Utah resident who previously
China’s BGI and lawyers worked for DJI.
Group, was said singling Warnas said he got the
added to the Pentagon’s list of out individual Chinese compa- blueprints from DJI for a li-
Chinese military companies in nies invites rebranding and ob- censing fee. He hired a manu-
2022. A year ago, one of its fuscation. “You should not be facturer in Malaysia to assem-
subsidiaries in Massachusetts sanctioning individual firms, ble the drones.
changed its name to Innomics you should be sanctioning “The whole intention was to
from BGI Americas. technology sectors,” said Scis- comply with the United States’
In an April statement, a sors, the former commissioner. request to not have Chinese
congressional select committee A new proposed ban from drones operating in the U.S.,”
said the name change was an Congress targets Chinese he said.
 THE WALL STREET JOURNAL.
YONHAP NEWS AGENCY/REUTERS
A balloon believed to have been sent by North Korea floats over Cheorwon, South Korea.
Kim to South: You’re No. 2
Pyongyang regime
floats waste-filled
balloons in response
to leaflet campaign
BY DASL YOON
SEOUL—An unusual sight
drifted into South Korean
skies on Wednesday: Large
white balloons carrying plastic
bags of North Korean trash.
Some contained something
even more vile.
The air deliveries from North
Korea were detected the prior
evening, Seoul’s military said,
triggering emergency warnings
at about 11:30 p.m. to border-
town residents to avoid going
outdoors because of “suspicious
objects” floating in the sky.
A total of about 260 bal-
loons were found scattered
across a country roughly the
geographic size of Indiana.
Some journeyed more than
180 miles. One landed gently
on a street—the pair of bal-
loons and a clear plastic bag
left intact. Another crashed
through the greenhouse roof
of a local grape farmer. Many
others broke apart and spilled
their contents onto sidewalks
and streets: Shreds of pink,
blue and white paper, an
empty laundry-detergent bag
and dark clumps that looked
like excrement.
Asked what the bags con-
tained, South Korea’s defense
ministry offered up only “o-
mul”—which can mean “trash”
or “excrement” in Korean.
There was no doubt the
sender was Kim Jong Un’s re-
gime, which days earlier had
vowed in state media to heap
“mounds of waste paper and
filth” onto its southern neigh-
bors. On Wednesday evening,
North Korea took full credit
for inducing the messy mad-
ness in a statement issued by
Kim Yo Jong, the dictator’s
younger sister and regime
mouthpiece.
She expressed bafflement
over South Korea’s assertions
the balloons had violated in-
ternational law, suggesting
they be received as sincere
presents. “I cannot under-
stand why they are making a
fuss as if they were hit by [a]
shower of bullets,” she said.
Pyongyang had been clam-
oring for retribution following
its own unwelcome arrival of a
WORLD NEWS
swarm of balloons cast off by a
South Korean activist group,
which sent 300,000 antiregime
leaflets and thousands of USB
drives containing K-pop music
from the likes of boy band BTS.
Kim, the 40-year-old dicta-
tor, has sought to crack down
on foreign-media consumption
since glimpses of the outside
world threaten to show his
people how poor life is in
North Korea—a threat to his
leadership’s legitimacy.
Park Sang Hak, a North Ko-
rean defector who heads the
activist group that sent the
antiregime balloons, said his
launches can reach cities more
than 250 miles over the inter-
Korean border. The leaflets,
among other messages, call
for the North Korean people to
rise up against Kim Jong Un.
“We send medicine and
leaflets carrying the truth,”
said Park, of the Seoul-based
Fighters for Free North Korea.
“How inhumane is it that they
send filth in return?”
Pyongyang and Seoul have
been at loggerheads for years,
though ties have worsened re-
cently with Kim declaring
South Korea his country’s No.
1 enemy in January.
Russia to Raise Taxes
On Rich to Pay for War
BY GEORGI KANTCHEV
AND CHELSEY DULANEY
Russia launched plans to
sharply raise taxes on high
earners and companies to fill
state coffers and fund what it
sees as a long war in Ukraine.
A government commission
Wednesday approved a Fi-
nance Ministry plan to intro-
duce a new progressive income
tax and raise corporate tax
rates. The proposed amend-
ments, which would take effect
next year, are expected to
bring an additional 2.6 trillion
rubles, or about $29 billion.
The amendments, which
represent the biggest overhaul
of the Russian tax system in
years, are a sign of President
Vladimir Putin’s bet on a pro-
tracted and costly war, and his
continuing efforts to align
both society and the economy
with the military effort.
The increases are meant to
fund soaring government ex-
penditures on a conflict that
has transformed the Russian
U.S. Weighs Wider Strikes by Kyiv
BY ALAN CULLISON
AND MICHAEL R. GORDON
CHISINAU, Moldova—U.S.
Secretary of State Antony
Blinken signaled Wednesday
that the U.S. is weighing the
idea of allowing Kyiv to strike
Russian territory with Ameri-
can-provided weapons in light
of the evolving battlefield sit-
uation in Ukraine.
It was the first time a top
Biden administration official
has publicly indicated that the
U.S. is considering the policy
shift.
Previously, the U.S. has said
it wouldn’t allow Ukraine to
attack targets on Russian ter-
ritory with ATACMS missiles
or other U.S. weapons.
Blinken’s remarks follow
Thursday, May 30, 2024 | A7
economy over the past two
years. War spending has pro-
vided a fillip to economic
growth, with factories working
around the clock to produce
artillery shells and tanks, and
raising wages to attract staff.
“Given the runaway spend-
ing on the military-industrial
complex, the government can-
not solely rely on resource ex-
ports,” said Erik Meyersson,
chief emerging-markets strat-
egist at the Swedish bank SEB.
Russia has a flat tax of 13%
for most people, with some
higher earners paying a 15%
rate, a significantly lower tax
burden than in the U.S. or Eu-
rope. According to the pro-
posed changes, new rates
would range from the current
13% for those earning up to
the equivalent of $27,000 a
year to as high as 22% for
those exceeding $560,000. Per
capita household income is
around $7,100, according to
data provider CEIC.
Economists say Russia can
continue to fund the war for
statements from a string of
European officials who said
they favor allowing Ukraine to
use Western-supplied weap-
ons against targets on Russian
territory that Moscow has
been using as a staging
ground for its invasion.
Jens Stoltenberg, secretary-
general of the North Atlantic
Treaty Organization, said this
week that the “time has come
to consider whether it will be
right to lift some of the re-
strictions” on Ukraine.
Blinken parsed his words at
a press conference here after a
meeting with Moldova’s presi-
dent. He repeated earlier as-
sertions that the U.S. has nei-
ther encouraged nor enabled
strikes on Russian territory.
But then he said Ukraine
Russia’s consumer price index,
change from a year earlier
18%
16
14
12
10
8
6
4
2
0 Monthly data
2020 ’21 ’22 ’23 ’24
Sources: CEIC, Russian Federal State
Statistics Service
now as oil prices remain high,
and Moscow has found ways
to skirt Western sanctions.
But the tax amendments are
an acknowledgment that the
war effort could become un-
sustainable the longer the
conflict lasts.
“has to make its own deci-
sions about the best way to
effectively defend itself. We’re
going to make sure that it has
the equipment it needs to do
that.”
Biden administration offi-
cials acknowledged that a pol-
icy switch is under consider-
ation but said a White House
decision hasn’t been made.
“We do not encourage nor
do we enable attacks using U.S.
weapons on Russian soil,” Na-
tional Security Council spokes-
man John Kirby said following
Blinken’s comments. “Our sup-
port to Ukraine has evolved
appropriately as the battlefield
conditions have evolved, and
that’s not going to change, but
right now, there’s also no
change to our policy.”
A8 | Thursday, May 30, 2024
Battle Over
Pigs Roils
Neighbors
Continued from Page One
decisions still happen at an
old-school-style annual meet-
ing, where residents vote di-
rectly. The damage and official
impotence especially sting, lo-
cals said, as more farms van-
ish and Sterling slides closer
to becoming just another ex-
urb of Providence, about a 45-
minute drive east.
“If you’re a good neighbor
and a bad farmer, people will
help you. If you’re a bad
neighbor and a good farmer,
you don’t need people’s help,”
Michael Grenier, 62, said. “If
you’re a bad neighbor and a
Former Mexico City Mayor Claudia Sheinbaum celebrating her selection as a presidential candidate, left;
a section of the U.S.-Mexico border crossing at Tijuana, Mexico, above right. President Biden meeting
with Mexican President Andrés Manuel López Obrador in Mexico City last year.
Sheinbaum
Leads in
Voter Polls
Continued from Page One
baton of command from López
Obrador at a gathering of his
ruling party, Movement of Na-
tional Regeneration. It was a
gesture to Mexico’s indigenous
culture—and to voters—by a
president whose approval rat-
ings have never fallen below
60%.
“He gave me the baton, and
the authority as well,” the 61-
year-old Sheinbaum said dur-
ing a recent TV appearance.
Sheinbaum, who as former
mayor of Mexico City was
known for her reserved and
disciplined manner, proclaims
at every campaign stop that
her administration will be a
continuation of López Obra-
dor’s. She echoes her mentor’s
message that the government
should keep a tight grip on
the energy industry and guide
the economy for the benefit of
the poor.
Former and current Mexi-
can officials and diplomats ex-
pect that a Sheinbaum admin-
istration would differ in style
from López Obrador’s but not
in substance. “There is no
daylight between them,” said
Jorge Castañeda, a former
Mexican foreign minister.
Sheinbaum occasionally
signals she will be indepen-
dent of her popular mentor.
She has a data-driven view of
governance, relying on analyt-
ics rather than charisma to
continue the vision and poli-
cies of López Obrador, who
operates more on gut instinct.
“We share a lot of princi-
ples, but it will be Claudia
who will govern,” Sheinbaum
told Mexican TV, speaking of
herself in third person.
The silver-haired leader,
who like all Mexican presi-
dents is limited to a single 6-
year term, has said he will re-
tire to his country home in the
jungles of southern Mexico.
Many voters say they don’t
believe he is willing to give up
his influence when his term
ends on Sept. 30.
“She has been López Obra-
dor’s obedient daughter,” said
Denise Dresser, a political sci-
entist and one of Sheinbaum’s
critics.
bad farmer, this is what you
get.”
Grenier’s Pine Hill Road
property is about 100 feet
from the 80 acres Radical
Roots bought in 2021. Salvas
has said he started farming to
recover from injuries sus-
tained while serving in the
U.S. Army in Afghanistan. A
woman answering the farm
phone, and the attorney repre-
senting the Salvases, declined
to comment.
Grenier spent much of the
last year dealing with Salvas’s
pigs. On a recent visit, he
pointed out where porcine
prowlers rutted and dug up
his once-pristine yard. As the
lawsuit’s lead plaintiff, he al-
leges Salvas’s animals caused
more than $23,165.31 damage
to his lawn.
In a radio interview, Gre-
nier said things peaked on
Oct. 13—he calls it “the apork-
alypse”—when he counted 22
For the past six years, Ló-
pez Obrador has polarized
Mexico, hammering opponents
as rich traitors and oppres-
sors, sometimes disclosing
their confidential income and
tax records. Sheinbaum has
defended López Obrador
against human-rights groups
critical of his verbal attacks
on independent media and po-
litical activists. López Obrador
is thin-skinned and angered
by dissent, his opponents say.
Sheinbaum is bilingual,
lived in the Bay Area in her
30s and is comfortable inter-
acting with U.S. officials and
investors, according to diplo-
mats and former and current
Mexican officials. López Obra-
dor doesn’t speak English and
has little interest in affairs
outside of Mexico.
If elected, Sheinbaum will
have to navigate often prickly
bilateral relations with the
U.S., including management of
Mexico’s side of the nearly
2,000-mile border separating
the two countries. It is the
world’s busiest in the move-
ment of trucks and people.
She also will face the threat
of powerful organized-crime
groups that control the flow of
U.S.-bound drugs and illegal
migration, a top issue for U.S.
voters. Criminal gangs are ter-
rorizing towns and villages,
the No. 1 concern of Mexican
voters. Organized crime has
benefited from López Obra-
dor´s more lenient “hugs, not
bullets” law enforcement poli-
cies, his critics say. The presi-
dent’s administration dis-
agrees, despite statistics to
the contrary.
Mexico’s next president will
have to decide in 2026
whether to continue or revise
the U.S. Mexico Canada Agree-
ment, the trade pact that pro-
pelled Mexico to become the
U.S.’s biggest trading partner.
“We need to keep it, protect it
and ensure that it becomes
one of the main pillars of
Mexico’s development,” Shein-
baum told Mexican bankers
during a speech in April.
López Obrador forged a
working relationship with the
Trump and Biden administra-
tions with efforts to slow U.S.-
bound migration, which Shei-
nbaum is expected to
continue, according to secu-
rity analysts and former offi-
cials.
Yet for U.S. officials, Shein-
baum remains an enigma, said
Shannon O’Neil, a senior fel-
low for Latin America at the
FROM PAGE ONE
stray swine in his yard, and
decided to take action.
Grenier teamed up with
Victoria Robinson-Lewis, Ster-
ling’s zoning-enforcement offi-
cer, to trap pigs. Over a week,
they placed bait in Grenier’s
yard, and eventually his barn,
before shutting the doors and
nabbing five pigs. (One crafty
porker escaped.)
“People are pissed,” Robin-
son-Lewis said. “They were
donating like cupcakes and
apples and greens to try and
catch these little suckers.”
Robinson-Lewis, 58, studied
to be a veterinarian and
worked on dairy farms as a
teenager. She raised three kids
and started as the zoning-en-
forcement officer last August.
It’s a 20-hour-a-week position,
but she said she often logs 30.
Animal control isn’t part of
her job, but her phone teems
with videos of wayward live-
stock, including one of her
Council on Foreign Relations
in New York. “Is she a true be-
liever in López Obrador’s poli-
cies or does she have differ-
ences,” O’Neil said. “I don’t
think anyone knows.”
Life abroad
Sheinbaum grew up in a
leftist, upper-middle class
home in Mexico City, studying
ballet and French. Her mother
was a biology professor. Her
father worked as a chemical
engineer.
Sheinbaum’s grandparents
were Lithuanian and Bulgarian
Jewish immigrants who fled
persecution in Europe in the
early 1900s. Sheinbaum said
she celebrated Jewish holidays
at her grandparents’ houses
as a girl, but
her upbringing
at home was
secular. Her Mexican voters
Jewish back- want relief from
ground hasn’t
emerged as a criminal gangs
campaign issue.
Sheinbaum
terrorizing cities
a cc o m p a n i e d nationwide.
her first hus-
band, leftist
student leader
Carlos Imaz, to live in San
Francisco from 1991 through
1995. She joined a group of
about a dozen young graduate
students who campaigned for
the right for Mexicans living
abroad to vote in Mexico’s
elections, said Gaspar Rivera,
another activist. Mexico
granted that right in 2005,
and more than a quarter mil-
lion Mexicans living outside
their country, mostly in the
U.S., will be able to cast bal-
lots in the June election.
Rivera recalls meetings
with Sheinbaum and other ac-
tivists at the janitors’ union
Presidential candidate Xóchitl Gálvez at a campaign event.
THE WALL STREET JOURNAL.
driving some 40 cows toward takes care of itself with as lit-
Salvas’s farm.
She often cruises around
tle intervention as possible,”
the site says.
Sterling in her blue Chevy Robinson-Lewis said inade-
Suburban. Many properties,
working farms or not, are di-
quate fencing spurs animals to
wander. Town officials de-
vided by lines of stone. You
can spot old foundations in
overgrown woods, and every-
bated fining owners of roam-
ing livestock, but locals twice
voted it down. After two years
body in this town of less than of human squealing, Connecti-
4,000 residents raves about cut changed state law to add
the stuffed-chicken supper at livestock to its roaming ani-
the local Grange. mals ban—which had been fo-
From the road, muddy cused on stray dogs and cats,
patches, pigs, and sheep are according to state Sen.
visible on Salvas’s farm, along Heather Somers.
with a “Call my lawyer” sign Since last summer, authori-
and a mock “RINO Lincoln ties have ticketed Salvas two
Cooper for Prison” placard—a dozen times with more than
reference to the first select- 140 roaming charges. He told
man. On Radical Roots’ web- officers neighbors were bait-
site, Salvas says he practices ing his animals and a boulder
regenerative farming—without from next door made a hole in
“harmful pesticides, GMOs, his fence, according to a police
and unnecessary hormones.” report. A hearing on Salvas’s
Animals are allowed to roam tickets is scheduled for June
freely. “It is our priority to 28. He has pleaded not guilty
create our own ecosystem that to many of the citations, ac-
offices in San Francisco. “She
would bring her two kids to
the gatherings, which were
PowerPoint presentations. On
the campaign trail, Sheinbaum
has been mocked by oppo-
more like graduate seminars
than political meetings,” he
recalled. Sheinbaum also
nents for seeming to imitate
the president’s Tabasco drawl.
López Obrador, the son of a
helped organize Mexican mi-
grant cherry pickers in Cali-
fornia.
provincial shopkeeper, is com-
fortable giving rambling, im-
provised news conferences.
During Sheinbaum’s years Polls show Sheinbaum with
in the Bay Area, she took a double-digit lead over
graduate-level courses on en- Xóchitl Gálvez, a senator and
ergy efficiency at Stanford rags-to-riches businesswoman
University and the University of indigenous background.
of California at Berkeley. She Gálvez, who is running as the
also conducted postdoctoral candidate of a three-party op-
research at the Lawrence position coalition, refers to
Berkeley National Laboratory. Sheinbaum as the “Ice Lady.”
Imaz’s political career A spokesman for Sheinbaum
ended after the release of a said she has a great sense of
video in 2004 showing him ac- humor.
cepting bundles of cash from a
businessman with Mexico City
government Deadliest cities
contracts. At Organized-crime groups
the time, López control about a third of Mex-
Obrador was ico, according to U.S. Northern
the Mexico City Command. More than 200
mayor, Shein- gangs extort businesses and
baum was the run drug-trafficking and hu-
city’s environ- man-smuggling routes, terror-
mental chief izing residents and killing
and Imaz was thousands caught in the cross-
an elected offi- fire of internecine warfare.
cial who repre- The six deadliest cities in the
sented a Mex- world are in Mexico, said Ed-
ico City borough. He was later uardo Guerrero, a security
exonerated. consultant who served in Mex-
The couple divorced in ico’s federal security ministry.
2016, and Sheinbaum married Sheinbaum has defended
a college friend, Jesús María López Obrador’s security
Tarriba, who works at Mex- strategy, calling the war on
ico’s central bank. Her daugh- drugs launched by Mexico’s
ter, Mariana Imaz, studied previous presidents a disaster.
philosophy and comparative López Obrador has curbed the
literature in Spain and Califor- operation of U.S. law enforce-
nia. Her stepson, Rodrigo ment officers in Mexico and
Imaz, is a filmmaker. accused the U.S. Drug Enforce-
Sheinbaum, who received ment Administration for fabri-
her Ph.D. at Mexico’s national cating drug charges against
university, likes to be ad- Mexico’s former defense min-
dressed with the honorific ister.
“Dr.” She is reserved, writes Diplomats say that as
her own speeches and favors mayor of Mexico City, Shein-
baum showed her indepen-
dence from the president. Her
senior security officials devel-
oped a close working relation-
ship with U.S. law enforce-
ment agencies. Mexico City
police used intelligence from
the U.S. Homeland Security In-
MARIAM GUERRERO/OBTURADORMX/GETTY IMAGES
vestigations agency to seize
1.6 tons of cocaine two years
ago, U.S. officials said. It was
a record seizure in Mexico’s
capital, which is a transship-
ment hub for U.S.-bound
drugs.
Security analysts credit
Sheinbaum with slashing the
number of homicides and
other crimes in Mexico City by
boosting public-security
spending. She improved police
cording to records.
“I’ve heard both sides of
the story,” said Steve Weidele,
co-owner of a local pizzeria
and tavern. “I like the guy. But
you’ve got to fix your prob-
lem.”
Cooper worries the loose
pigs could go feral—making
the woods near Salvas’s farm
their home. A Connecticut De-
partment of Agriculture
spokeswoman noted a con-
tinuing investigation and de-
clined to comment further.
The U.S. Department of Agri-
culture set up cameras in De-
cember to look for wild ani-
mals, but a spokeswoman
reported no sightings.
Robinson-Lewis has a pig-
let pencil sharpener on her
desk, and she bought a pig fig-
urine for outside town hall.
“Sooner or later, something is
going to give,” she said. “And
I won’t have to think about a
cow or a pig again.”
CLOCKWISE FROM LEFT: CLAUDIO CRUZ/AFP/GETTY IMAGES; JOEBETN TERRIQUEZ/SHUTTERSTOCK; HECTOR VIVAS/GETTY IMAGES
training programs, increased
the number of police officers
and raised salaries.
Mexico City’s murder rate
stood at 8.45 per 100,000 in-
habitants last year, similar to
the rate in Los Angeles, said
Guerrero, the security consul-
tant. Sheinbaum said her se-
curity achievements can be
replicated across the country
if she becomes president.
Party control
Lopez Obrador cobbled to-
gether his party, Morena, a
decade ago from leftist groups
and went on to win the 2018
presidential election. Morena
is an acronym that refers to
Mexico’s dark-skinned reli-
gious patron, the Virgin of
Guadalupe. It now governs 23
of Mexico’s 32 states, an echo
of Mexico’s single-party rule
that ended in 2000.
The president’s opponents
call him an authoritarian and
question whether Sheinbaum
will be able to control the
party after his departure.
Sheinbaum has backed pro-
posed constitutional overhauls
that many Mexicans said
would hobble the country’s
democracy. One proposed
change would dismantle Mex-
ico’s electoral institute, which
has played a large role in
transforming Mexico from a
one-party state.
Another constitutional
change would have voters
elect federal judges including
to the Supreme Court, putting
their independence at risk.
“Mexico’s political plural-
ism is at stake,” said Ricardo
Becerra, the president of the
Institute of Studies for a Dem-
ocratic Transition, a Mexico
City think tank.
Sheinbaum has the oppo-
site view. A campaign spokes-
man said the proposed over-
hauls aim to strengthen
Mexico’s democracy and the
judiciary.
Polls show that Morena is
unlikely to win a two-thirds
majority in both houses of
Congress required to change
the constitution. That might
give Sheinbaum a better
chance to set her own path.
“An overwhelming victory
in the congress would be Lo-
pez Obrador’s victory,” said
Alejandro Schtulmann, a Mex-
ican political analyst. “The
legislators would be beholden
to him. Her agenda would be
limited to Lopez Obrador’s
agenda.”

© 2024 Dow Jones & Company. All Rights Reserved.
Their Love for Hampton Inn’s
Breakfast Waffles Is Ironclad
Travelers and fervent fans consume 30 million of the sweet treat at the hotel chain each year
CARRY ON
DAWN
GILBERTSON
F
ew things say more
about a hotel than the
stuff you can buy to
show your love for the
chain.
Some travelers buy
$3,000 Westin mattresses. Others
buy $950 Four Seasons cashmere
throws. Hampton Inn fans are dif-
ferent. They pay for waffle merch:
a $19.99 waffle-shaped fanny pack
with a pocket for syrup and $10.99
fuzzy waffle socks.
Free breakfast is a Hampton
hallmark, one of the top three rea-
sons travelers book the budget-
friendly chain. Its waffles are the
main attraction. Adults and kids
make an estimated 30 million waf-
fles a year at the chain’s more
than 3,000 hotels, carb counting
and sugar highs be damned.
MICHAEL BUCHER/THE WALL STREET JOURNAL (2)
Waffles earned their own sec-
tion in Hilton’s 100-year retro-
spective in 2019. And a Hampton
employee known as the Waffle
Lady flew from North Carolina to
California last summer to make
strawberry cheesecake waffles
with Paris Hilton.
“It’s just gold,” says Bill Dun-
can, global category head for sev-
eral Hilton brands, including
Hampton Inn.
Hammocks Let Fliers
Put Their Feet Up
BY JACOB PASSY
M
ore fliers are using elevated
footrests in their eternal
struggle to get comfortable
in coach. Airlines are looking to put
the kibosh on them.
The product that fliers are using
is called a foot hammock or a foot
sling. It hangs from the seat-back
tray table to allow travelers to prop
their feet up for a more relaxed sit-
ting position. For shorter travelers
whose feet might not reach the
ground, resting them
in the hammock can
reduce strain on their
thighs and buttocks. Some airlines
The hammock is have moved to
one of the many tools
in frequent fliers’ arse- stop some of the
nal to make a flight in
economy easier to en-
foot hammocks
dure, especially for from use.
long-haul trips. The
items come in all
shapes and sizes: cup
holders that hang from plane win-
dows, inflatable mattresses for kids to
nap upon, eye masks that attach to
the seat’s headrest to improve the
user’s posture.
Airlines, however, have moved to
stop some of them from use. Carri-
ers have said child beds, knee de-
fenders and now the hammock can
become an obstacle or cause dam-
age to the seat.
ISTOCK
“Items like foot hammocks and
PERSONAL JOURNAL.
Batter up
Duncan and I met for waffles last
week at the Hampton Inn Manhat-
tan Times Square Central, one of
its largest hotels, with 300 rooms.
He poured a paper cup full of
lemon waffle batter onto the waf-
fle iron, topping it with chocolate
chips and Reddi-wip when it was
ready a couple minutes later.
I clumsily made my first Hamp-
ton waffle, with malted vanilla
batter and blueberries and Reddi-
wip. The British tourists sitting
next to us asked him if it was
inflatable footrests aren’t permitted
onboard Air New Zealand flights for
operational and safety reasons,”
said Kylie McGillivray-Brown, gen-
eral manager of customer experi-
ence at the airline.
Alexa Caradimitropoulo, a 27-year-
old who lives in Hoboken, N.J., goes
on multiple trips a year with her
family, often to overseas destina-
tions. Despite being a frequent flier,
she usually sits in the cheap seats.
On a March family trip to Japan,
her mother bought a bunch of prod-
ucts for the family to
test out during the
long flight in the
hopes they would all
be more comfortable.
One of the products
she used during the
flight and showcased
in a TikTok video was
a foot hammock.
She now says it is
something every
traveler should own.
“There is something about having
your feet up during the flight where
it is just so much more comfort-
able,” said Caradimitropoulo, who
works in affiliate marketing for a
skin-care company.
She said she has sciatica that
can be exacerbated by sitting for
long periods.
The foot hammock prevented her
from feeling any pain during the flight.
She said the flight crews never both-
THE WALL STREET JOURNAL.
back ready,” she says. “It’s like cof-
fee. You can’t be down a second.”
The waffle station was buzzing
a bit past closing time during my
visit on Thursday ahead of Memo-
rial Day Weekend. Breakfast atten-
dants wearing those waffle fanny
packs circle the place, on guard
for those incorrectly putting top-
pings in the waffle iron. That
messy mistake can take a machine
down temporarily.
Ashlie Monahan and her
daughters were visiting New York
from suburban Atlanta to cele-
brate one of her daughters’ high-
school graduation. Monahan, a
supply-chain data specialist, says
she always chooses a Hilton with a
free breakfast. Her daughters are
picky eaters, and the buffet at
Hampton Inn has something for
everyone including eggs, yogurt
and the waffles.
The avid tennis player usually
grabs a protein bar or banana in
fresh cream. Duncan laughed. the morning, so the waffles are a
The Times Square hotel serves treat. One day she had butter and
1,000 to 1,200 guests a day from 6 sugar-free maple syrup. On the last
a.m. to 10 a.m. and has three waf- day she added chocolate chips.
fle irons and four batter dispens- “I’m on vacation and these are
ers to meet demand. The batter delicious,” she said.
and equipment at all Hampton
Inns come from Golden Malted Do-it-yourself buffet
and Heartland Waffles. Hampton introduced free break-
Hotel general manager Jen Foti fast in the 1980s. Through most of
says she runs through a case of the 1990s, that only included cof-
batter every day. During Duncan’s fee and a muffin or another carb,
visit, he spotted two men with Duncan says. Eggs and other pro-
whipped cream on their faces. tein options entered the mix
“We always have a batch in the chainwide in 2004 for the carb-
The hammock, which would attach to the tray table, is one of the many tools
in frequent fliers’ arsenal to make a flight in economy easier to endure.
ered her about the hammock. to a question about its policies.
Caradimitropoulo’s video has A spokeswoman for Virgin Atlan-
since garnered more than four mil- tic said foot hammocks and similar
lion views. devices “are not permitted onboard
due to the stresses they put on the
Product prohibitions seat structure and may impact on
Alaska Airlines and Sun Country the customer comfort in front or
Airlines stipulate that carry-on behind.”
items can’t hang from, be attached The policies do vary from carrier
to or alter the design or function of to carrier. Southwest Airlines, for in-
aircraft seats in any way. A spokes- stance, doesn’t have its own ban on
woman for Sun Country said such any items apart from following the
products are “not certified for flying federal guidelines and regulations, a
and can’t be used.” spokesman said.
In these cases, the determination A spokesman for the Federal Avi-
of whether an item is in violation of ation Administration confirmed that
the carrier’s rules is made by crew the agency’s regulations require
members. that all carry-on items “be stored in
“It’s ultimately up to the discre- a suitable closet, overhead bin or
tion of the crew to look at the item under the seat during taxi, takeoff
and make sure it won’t hinder the and landing.”
safety of the crew or customers,” The agency doesn’t have any
an American Airlines spokeswoman specific prohibition on items like
said. Delta Air Lines didn’t respond foot hammocks, and said airlines
Thursday, May 30, 2024 | A9
Waffles have become central to the
strategy of attracting travelers to
the Hampton Inn and other chains.
Below, the waffle fanny pack.
conscious. Duncan recalls his wife
summoning him to the gym at
one hotel with free breakfast to
listen to two business travelers
saying they could no longer stay
there because they were on low-
carb diets.
The next big breakfast change
came in 2010, when the do-it-
yourself waffle stations became
required at every Hampton Inn.
There were about 1,800 Hampton
Inns at the time, and Duncan says
they were the first chain to add
them on that scale.
Choice Hotels has also made a
big bet on waffles with its budget
brands Comfort Inn and Comfort
Suites, with more than 2,000 loca-
tions offering them. Marriott fea-
tures pearl sugar Belgian waffles
on weekends at chains including
SpringHill Suites, Fairfield Inn and
Residence Inn.
Hampton’s dessert-as-breakfast
idea grew out of successful waffle
experiments by some franchisees,
which it encourages on a regional
basis. Premade waffles were ruled
out as too bland, so attention
turned to waffle irons. There were
initial concerns about travelers
burning themselves, but the chain
says it hasn’t been an issue. There
are safety guards and signs and
employees keeping an eye on
things.
Hampton reinstated its hot
breakfast in November 2021, after
a pandemic pause. In recent years
it has added the merchandise and
new waffle flavors. Duncan admits
he wasn’t an early fan of experi-
menting with variations like
pumpkin spice and red velvet. “I
thought it was too much,” he says.
He worried about getting buy-
in from Hampton Inn owners,
whether the supply chain could
handle a bigger batter lineup and
how travelers would react.
He was wrong on all counts.
Guests have eaten them up, lead-
ing to the new lemon flavor. Later
this year: a birthday cake batter to
celebrate Hampton Inn turning 40.
The Hampton Waffle Lady, Re-
gina Triche, even experimented
with a caviar waffle on her trip to
film with Paris Hilton in Los Ange-
les last year, the company says.
“It did not make it much fur-
ther than that,” says Rebecca
Mervis, senior director and brand
manager for Hampton.
Chris Hunter made a waffle a
few weeks ago at a Hampton Inn &
Suites in Jacksonville, Fla. He usu-
ally just puts syrup on it, occa-
sionally adding other toppings if
he works out that morning.
The Phoenix-based chief execu-
tive of CRS Temporary Housing
isn’t just a regular. He also sends
clients to Hampton Inn and other
hotels on behalf of insurance com-
panies when fire, floods and other
incidents damage their homes.
“Their waffles smell great and
the kids love them,” he says. “Lit-
tle things make a big difference,
particularly when you’re in a
stressful situation.”
determine whether to allow or pro-
hibit those products.
Carry-on concerns
Jess Bohorquez, a 33-year-old Chi-
cago resident who works in market
research, said she has a hard time
sleeping with her feet flat on the
ground. The hammock has helped.
Like Caradimitropoulo, she also
posted a TikTok featuring a foot ham-
mock among other travel gadgets.
“I thought it was just the most
genius way to give you a little bit
more comfort with your feet,” said
Bohorquez.
On Reddit, users have posted
hacks to fashion fanny packs and
scarves into makeshift foot ham-
mocks.
Safety is a major consideration
for carriers when they set their own
policies for what they allow. Any
object that isn’t properly stowed
can become an obstacle in the case
of an emergency evacuation, said
David S. Ryan, an assistant profes-
sor and the executive director of
the Robertson Safety Institute at
Embry-Riddle Aeronautical Univer-
sity in Arizona. “If the airplane is on
fire, you don’t want anything get-
ting in your way,” Ryan said.
Something like a foot hammock or
a cup holder that hangs from the
seat back or another part of the
plane risks causing damage if not
used with care, Ryan warned. A dam-
aged tray table could become its
own impediment in an emergency.
Bohorquez stressed she makes
sure any device she uses is kosher
with those around her. “If you’re un-
certain if something is inconve-
niencing someone else or if it is OK,
I think it is always better to lead
with a question and just ask.”
A10 | Thursday, May 30, 2024
Research Throws New Light
On Screen Time Before Sleep
BY ALEX JANIN
S
creens are inherently
harmful to our sleep,
right?
It isn’t that black and
white, some sleep ex-
perts now say.
Spurred by recent research,
sleep scientists and
doctors are rethink-
ing the conventional
wisdom. In some Sleep scientists
cases, they are back- are rethinking
ing away from dog-
matic approaches conventional
such as cutting out
screens two hours
thinkingon
before bedtime. And screen use.
they’re questioning
how much the
dreaded “blue light”
actually delays sleep.
“It is becoming more evident
that the tech in and of itself isn’t
always the problem,” says Shelby
Harris, a clinical psychologist
specializing in behavioral sleep
medicine in New York. “We need
to figure out how to tailor the
recommendations to the person.”
For some of us, certain kinds of
screen use—like watching a com-
forting episode of a TV show on
our phone—might actually help us
fall asleep.
Not everyone has a free pass to
spend hours glued to their phone
BY JOE PINSKER
O
nce your income hits $75,000,
have you hit the peak salary
for happiness?
Not quite.
The oft-cited $75,000 figure—
now about $110,000 in today’s dol-
lars—comes from a 2010 study by
two Nobel laureates that made the
crossover from academia to per-
sonal-finance meme. More recent
research suggests that there may
be no household income at which
happiness peaks, and that our
money might influence our emo-
tions well beyond that threshold.
There may be something like
happiness tax brackets: Just as your
take-home pay becomes a smaller
and smaller share of your earnings
as you move up the income ladder,
so does your take-home joy.
“It would be absolutely wrong to
reduce the pursuit of happiness to
the pursuit of money,” said Matt
Killingsworth, a senior fellow at the
University of Pennsylvania’s Whar-
ton School.
“At the same time, it would also
be wrong to totally discard money
as a meaningful factor.”
Like the 10,000-hour rule popu-
larized by Malcolm Gladwell, the
science behind $75,000 was more
nuanced than the version that got
lodged in people’s heads. The figure
stuck because it was easy to grasp
and tapped into anxieties about the
pursuit of money.
It was also wrong, some re-
searchers say.
Much of the current thinking on
this debate can’t be summed up in a
single number, but rather 10 words:
Money buys happiness. With dimin-
ishing returns. And no magic number.
PERSONAL JOURNAL.
before bed. Some people may be
more sensitive to blue light than
others. And certain people won’t
be bothered by engaging content,
like videogames, while others will
find that even reading a printed
book keeps them up.
Sleep experts recommend a few
strategies. Set a bedtime alarm to
make sure your
phone use doesn’t
lure you to stay up
too late. Opt for so-
called passive con-
tent, like reading or
watching a show,
that doesn’t require
you to interact with
it. And keep a sleep
journal to identify
what works for you.
The blue-light blues
A recent review study examining
a decade of research on technol-
ogy and sleep found the link is
more nuanced than previously
thought.
“It’s an interaction between a
person’s vulnerabilities—and not
everyone has these vulnerabili-
ties—and the type of activity that
they’re performing on these de-
vices,” says Michael Gradisar, an
Australian clinical psychologist
who co-wrote the review pub-
lished in the journal Sleep Medi-
cine Reviews.
The Pursuit
Of Happiness
May Rest on
Your Salary
Money buys happiness
People with higher incomes tend to
be happier day-to-day and overall,
numerous studies of Americans
have found.
The $75,000 number, based on
more than 450,000 Americans’ re-
sponses to a Gallup survey, applied
solely to day-to-day mood. People’s
overall life evaluation was higher at
household incomes above $120,000
than just below it, the original study
found.
Later studies have called the
$75,000 figure into question. In 2021,
Killingsworth used data measuring
more gradations of happiness than
the original paper and found that
day-to-day moods continued to im-
prove past $75,000 in 2010 dollars.
In the early
2010s, Gradisar
himself was
among a group
of researchers
who proposed
that bright light
from screens at
night could de-
lay the circadian
rhythm, in a re-
view published
in the journal
Sleep Medicine.
Over the
years as the
idea gained
traction,
Gradisar, who
now works for
sleep-tracking
app company
Sleep Cycle, decided to put it to
the test. In one study, he and oth-
ers examined teens who played
games and watched videos before
bed on iPads with three different
levels of brightness: a bright white
screen, a dim white screen and a
bright white screen with an app to
reduce its blue light emissions.
Researchers found there wasn’t
a significant difference: It took
teens who used the bright screen
an average of 3.3 minutes longer to
fall asleep than those using the
dim screen.
Another study looking at iPhone
He then collaborated with the
late Daniel Kahneman, one of the
2010 paper’s co-authors. They
ended up agreeing that Killings-
worth’s 2021 finding was right.
Getting more money causes peo-
ple to be happier with their lives,
other studies show. A 2020 paper in
the Review of Economic Studies
looked at lottery winners in Sweden
and found that the boost was still
observable more than a decade later.
The relationship between money
and happiness is clear, but not
simple.
One nuance is that money matters
for happiness, but not enormously.
Since most people live in a fairly nar-
row band of the happiness spectrum,
big increases in income are generally
use in young adults found no sig-
nificant differences in sleep out-
comes, such as how long it took
people to fall asleep and how long
they slept for, regardless of
whether they used a phone with a
less-blue display, a normal display
or no phone at all.
“The evidence [against blue
light] is not as strong as we once
thought,” says Royette T. Dubar, a
developmental psychologist and
director of Wesleyan University’s
Sleep and Psychosocial Adjust-
ment lab, who wasn’t involved in
the research.
needed to produce the most substan-
tial increases in happiness.
Second, researchers haven’t
nailed down precisely why more
money is associated with more hap-
piness. Killingsworth’s leading expla-
nation: It isn’t what the money
buys, but the choices it affords.
Those who reported higher happi-
ness as adolescents went on to
make more money around age 30,
even after accounting for their socio-
economic background, according to a
2012 study in PNAS.
With diminishing returns
As your income increases, each dol-
lar makes less of a difference to
your happiness.
The effect of a raise on one’s
happiness is more about the per-
centage change than the dollar
amount. If your pay doubled from
$50,000 to $100,000, it typically
would need to double again to
$200,000 to generate an equivalent
happiness boost, according to the
work of Killingsworth and others.
Amy Grable used to stress about
having enough in her bank account
to cover everyday transactions. But
her financial worries subsided as her
income rose from roughly $65,000 to
$100,000 over the past six years.
She paid down some of her student
debt and bought a house.
The 42-year-old product manager
in Oregon City, Ore., said she
doesn’t fantasize about leaping to
the next pay tier, in part because
the shift she has already experi-
enced, from instability to stability,
feels more consequential.
“Where I’m at right now feels
perfect,” she said.
And then there are those for
whom a raise won’t do much. In
THE WALL STREET JOURNAL.
Blue-light emissions have been
shown in various studies to sup-
press melatonin, a sleep-promot-
ing hormone.
But that might not have as
great an effect on how long it
takes the average person to fall
asleep as once thought, research-
ers say.
A nearly 10-minute delay re-
lated to screen use—found in one
study about 10 years ago—was the
longest reported in the recent re-
view of sleep studies.
Sleep research organizations
still largely recommend people
limit screen time before bed.
The National Sleep Foundation
suggests people turn off screens at
least one hour before bedtime. The
American Academy of Sleep Medi-
cine, which says it “recognizes the
harmful impact of screens and
technology use on sleep quality,”
recommends at least 30 minutes
to one hour.
The do’s and don’ts
 Do track your sleep habits. To
figure out aspects of your sleep
“personality,” try keeping a log of
your sleep for a week, including
what technology you used for
how long and how you felt the
following day, advises Dr. Shalini
Paruthi, a sleep medicine doctor
and member of the American
Academy of Sleep Medicine’s
Emerging Technology Committee.
Experiment based on what
you find.
 Do set a bedtime alarm remind-
ing you when it is time to go to
sleep. Sleep can suffer when we’re
having too much fun (or too much
stress) with technology and lose
track of time, delaying when we
fall asleep.
 Do turn off your phone notifi-
cations, so you don’t get woken
or anticipate being
woken.
 Do get plenty of
natural light during
the day. Sunlight
has a more power-
ful effect on our
sleep cycle than
small amounts of
blue light from
screens in the eve-
ning, says Dr. Mi-
chelle Jonelis, a
sleep medicine phy-
sician in the San
Francisco Bay
Area.
 Don’t choose
overly stimulating
content. People
with sleep prob-
lems may benefit
from turning on a sitcom they’ve
seen many times, rather than
more stimulating content, like a
new show that will leave you
wondering what is likely to hap-
pen next, says Aric Prather, direc-
tor of the University of California,
San Francisco’s Behavioral Sleep
FROM TOP: SHUTTERSTOCK; ISTOCK
Medicine Research Program.
 Don’t assume one approach
works for everyone. Harris, the
clinical psychologist, advises some
of her patients to keep all their tech
outside the bedroom, while others
get the all-clear to watch sitcoms.
Killingsworth and Kahneman’s 2023
paper, happiness stopped rising at
incomes above $100,000 for some
groups, while it actually started ris-
ing faster for other ones.
“For some people, money just
matters more than others,” Killings-
worth said.
Numbers, but no magic
There is no magic number—espe-
cially not $75,000—that researchers
agree on as a point where happi-
ness stops rising with income.
Some studies, such as those by
Killingsworth, find that there is no
such point, or at least they haven’t
found it in the available data. Per-
haps it exists at an income level that
there aren’t enough data points for,
such as $1 million or more.
“It’s very hard to do work on the
very rich,” said Justin Wolfers, an
economist at the University of Michi-
gan. “There’s not many of them and
they don’t like to answer surveys.”
Other researchers say that be-
yond a certain level of pay, happi-
ness effectively plateaus.
Even if there continued to be a
subtle boost in happiness, “it’d be
so tiny it’d be meaningless,” said
Jan-Emmanuel De Neve, an eco-
nomics professor at Saïd Business
ELENA SCOTTI/THE WALL STREET JOURNAL|, ISTOCK (2)
School at the University of Oxford
who studies well-being.
Still, the idea of a salary for max-
imum happiness is appealing.
Angus Deaton, the other author
of the 2010 study and a Nobel lau-
reate, said he thinks that part of
the popularity of the $75,000 figure
was that it seemed within reach for
many people.
“Perhaps people like to think that
the very rich don’t get that much
out of it,” he said.
THE WALL STREET JOURNAL. NY Thursday, May 30, 2024 | A10A
A10B | Thursday, May 30, 2024 NY / NE THE WALL STREET JOURNAL.

Alex Hussey

“My victory is removing ‘can’t’ from my vocabulary.” Alex was hit by an IED in
Afghanistan. He lost both legs, his left hand and has a traumatic brain injury.
With support from DAV, Alex is taking on mountains. DAV helps veterans of all
generations get the benefits they’ve earned—helping more than a million veterans
each year. Support more victories for veterans®. Go to DAV.org.
 THE WALL STREET JOURNAL.
ART REVIEW
Photography’s Past and Present
Exhibitions examine one of the medium’s founders and the continuing influence of old techniques
BY WILLIAM MEYERS
H
Los Angeles
ow many people un-
derstand the technol-
ogy their cellphones
use to produce a pho-
tographic image? Al-
most none. “Hippolyte
Bayard: A Persistent Pioneer” and
“Nineteenth-Century Photography
Now,” two exhibitions at the Getty
Center through July 7, take us
back to the beginnings of photog-
raphy when those who made pic-
tures experimented constantly
with the materials and chemicals
they used. In 1839, Louis-Jacques-
Mandé Daguerre announced his
process for fixing a positive image
on a metal plate, the daguerreo-
type: He was awarded a pension
by the French government. In Eng-
land, that same year, William
Henry Fox Talbot announced to
great acclaim his process for fix-
ing a negative image on paper; the
negative could then be used to
make many positives. The two are
frequently cited as the founders of
photography, but Hippolyte Bayard
(1801-1887), who also in 1839 dem-
onstrated his process for fixing a
positive image on paper, is mostly
forgotten. The Getty Center has
the largest collection of Bayard’s
prints outside of France, and Caro-
lyn Peter, assistant curator of pho-
tographs, has organized an exhibi-
tion to raise awareness of his
achievements.
Bayard was a bureaucrat, with
a day job at the Ministry of Fi-
nance, and lacked the political
connections that boosted Da-
GETTY MUSEUM (4)
ARTS IN REVIEW
guerre’s reputation and the wealth
that aided Talbot. But over the
years he made constant improve-
ments in several processes, took
admirable photographs, and was
appreciated by his contempo-
raries. The gallery the exhibition
is housed in is painted a dark Tus-
can green because the prints must
be protected from excessive light,
and because many of the pictures
were taken in Bayard’s green-
leafed suburban garden. In the
center of the room is a vitrine in
which sits “Dessins photo-
graphiques sur Papier: Recueil No.
2” (“Photographic Drawings on
Paper: Collection No. 2”), the al-
bum from which the Getty ob-
tained 145 of Bayard’s experiments
with different processes on paper.
Microfade testing that measures
sensitivity to light determined
which prints were stable enough
to be exhibited; others are shown
in facsimile, and the entire album
can be viewed digitally.
Because of the very long expo-
sure time a direct positive print
required, the subjects of two ex-
amples (shown in facsimiles) are
statues, “Still Life with Statuettes”
and “Bather by É.-M. Falconet,
Bust and Medallion” (both 1839).
The spectral “Lace Glove”
(1843-46) is a Cyanotype, a pro-
cess invented by John Herschel
Clockwise from right: ‘Talking With
Me’ (2005), by Lieko Shiga; ‘Three
Feathers’ (c. 1842-43), by Bayard;
and ‘Stem of Delicate Leaves of an
Umbellifer’ (c. 1843-46), by William
Henry Fox Talbot.
‘Portrait in the Garden’ (c. 1847),
by French innovator and
photographer Hippolyte Bayard.
that Bayard sometimes used. He
took cityscapes in parts of Paris
near his office, such as “View of
Rooftops and the Vendôme Col-
umn” (about 1846) and “Place de
la Concorde” (c. July 6, 1848),
both salted paper prints, and also
of sites close to his home in Bre-
teuil; “Windmills of Montmartre”
(1842), another salted paper print,
is an example.
Bayard participated in success-
ful commercial portrait studios,
and he was the first photographer
to create an extensive series of
self-portraits. A handsome, intelli-
gent-looking, and appealing man,
he sat still for the long exposure
time needed for “Self-Portrait”
(1845-49) and stood, but leaned on
a barrel, for “Self-Portrait” (1847);
both are salted paper prints (al-
though the first is a facsimile),
and both were taken in the bright
sunlight of his garden. In “Hip-
polyte Bayard and the Invention of
Photography,” the catalog edited
by Karen Hellman and Ms. Peter,
there are more self-portraits, in-
cluding “Self-Portrait With the Le-
gion of Honor” (c. 1863-69); he
Thursday, May 30, 2024 | A11
stands proudly wearing the ro-
sette awarded him after the
French government in 1863 finally
recognized his scientific and artis-
tic contributions.
Ms. Hellman, a former associ-
ate curator, inspired by her work
with the Bayard materials, con-
ceived “Nineteenth-Century Pho-
tography Now” as a way to access
the influence that early photogra-
phers still have. The exhibition
includes work from the past by 23
named and three anonymous pho-
tographers plus an additional 16
included in an album; there are 21
present-day artists. It is orga-
nized around five themes: Iden-
tity, Time, Spirit, Landscape and
Circulation. The picture that
serves as an introduction to the
show is “Untitled ‘point de vue’”
(1827) by Joseph Nicéphore
Niépce, a faded heliograph on
A bureaucrat by day,
Hippolyte Bayard
had both artistic and
technological talent
with a camera.
pewter, that Daido Moriyama
keeps a reproduction of in his
studio; the wall text quotes him
saying, “it serves as a gentle daily
reminder to be mindful of the ori-
gins and essence of photography.”
There are two photographs by Mr.
Moriyama prompted by Niépce’s
bit of primitive technology.
The Identity section has a
lovely portrait by Julia Margaret
Cameron of her grand-niece, “Flor-
ence After the Manner of the Old
Masters” (1872), and a circular
print 33 3/16 inches in diameter
by Carrie Mae Weems of four re-
clining children, “After Manet,”
from the series “May Days Long
Forgotten” (2003); both are mod-
eled on classical paintings. It also
has “Affaire Alaux, Faubourg St.
Honoré – L’Assassin” (Nov. 2,
1902), a print by Alphonse Ber-
tillon, the inventor of the mug
shot, showing the mustached vil-
lain full-face and in profile; it is
accompanied by over 20 pictures
of sites that played a significant
role in Bertillon’s life taken in
2012 by Stéphanie Solinas employ-
ing a “crime scene” approach.
The ghosts, demons and trans-
mogrifying creatures that are fea-
tures of Japanese Noh plays and
movies seem to animate the 13
pictures Lieko Shiga took in Lon-
don in 2005. She said, “When I
saw a series of spirit photographs
from the nineteenth century, I felt
a strange sense of familiarity and
sympathy.” Ms. Shiga’s images are
in the Spirit section, as is “Seated
Woman With ‘Spirit’ of a Young
Man” taken by an unknown Amer-
ican tintypist about 1865-75. Spirit
photographs include faint images
of departed loved ones and are, of
course, fakes.
Mark Ruwedel’s statement in a
wall text notes that “The legacy
of nineteenth-century expedition-
ary photography was most impor-
tant to me when working on my
Westward series.” He cites Timo-
thy O’Sullivan, Alexander Gardner
and A.J. Russell. The Landscape
section has a print by A.J. Rus-
sell, “Embankment No. 3 West of
Granite Cannon. [Wyoming]”
(April 1868), and seven pictures
by Mr. Ruwedel: “Union Pacific
#39 (After A.J. Russell)” and
“Union Pacific #67 (After A.J.
Russell)” (1994 and 1996, respec-
tively) and five others with no
specific acknowledgments but
clearly influenced by his 19th-cen-
tury mentors.
Some contemporary photogra-
phers adopt not only their prede-
cessors’ subject matter, but their
outdated technologies as well, ex-
ploiting the unique qualities these
technologies possess. Andrea
Chung is represented in the Circu-
lation section by four cyanotypes
she took in 2016. Khadija Saye has
nine hand-printed silkscreen
prints from original tintypes dated
2019 to 2020 in the Spirit section.
There are three ambrotypes from
2017 by Laura Larson and seven
decidedly archaic looking ones by
Myra Greene from 2017-2018, all in
the Identity section.
It is going on two centuries
since successful methods of fixing
an image were first discovered,
and photographic technology has
now been brought by continuous
development to your cellphone,
but serious artists still look to
those who went before for inspira-
tion and for ideas on how to co-
opt the past.
Hippolyte Bayard:
A Persistent Pioneer
Nineteenth-Century
Photography Now
Getty Center, through July 7
Mr. Meyers writes on photography
for the Journal. See his photo-
graphs at www.williammeyers
photography.com.
A12 | Thursday, May 30, 2024 THE WALL STREET JOURNAL.

SPORTS
He’s Baseball’s Most Exciting Pitcher— diagnosed as a Type 1 diabetic.
Suddenly, it became clear why
he was unable to put on weight,
no matter how much food he con-

And He Plays In an Empty Ballpark sumed. “It was a little scary, look-
ing back at the pictures from that
time,” Miller said.
The diagnosis changed his life,
Mason Miller of the Oakland A’s has emerged this season as perhaps the game’s best closer transformed his baseball career
and turbocharged his fastball. In
BY LINDSEY ADLER the six years since, Miller has
packed on 80 pounds, and credits

M
ason Miller may be the
most electrifying player in
baseball right now. The 25-
year-old relief pitcher throws 102
miles an hour, strikes out two bat-
ters per inning, and produces the
sort of devastating movement that
gets fans out of their seats.
That is, when there are any
fans in the seats to begin with.
Which is rarely the case for
Miller, who has been lighting up
hitters for the Oakland Athletics at
the same time that his team plays
out its final season in the city that
has been its home since 1968. That
means his emergence as perhaps
the game’s best closer has un-
folded against a backdrop of fan
protests, apathy and a mostly
empty ballpark.
The A’s have drawn an average
of just 6,297 fans at home this
season, despite having played
above expectations. The team
holds a 23-33 record entering
Wednesday’s play, thanks in large
part to Miller’s knack for lighting
up opposing hitters.
During a recent home game
against the Colorado Rockies, the
announced attendance at the Coli-
seum was just 3,617—barely 300
more than the Stockton Ports, the
team’s single-A affiliate, drew the
very same night.
It’s no exaggeration to say that
Miller, who turns 26 in August, is
having the least-watched, must-
see season in years.
“We don’t have a large crowd,”
Miller said. “But in the big mo-
ments, they do get into the game.”
More often than not this sea-
son, those moments have belonged
to Miller. He’s appeared in 19
games so far and has converted 11
Oakland A’s closer Mason Miller has struck out 47 of the 89 batters he’s faced, entering Wednesday’s play.
2021, he was a largely unheralded
prospect who had spent four years
the spotlight has quickly come to
dominate MLB hitters in his
version of him didn’t exist.
As a 20-year-old, Miller was a
the power generated by his sturdy
230-pound frame with his im-
proved velocity.
“In baseball, we say ‘more
mass equals more gas,’” he says.
Managing his weight has now
become mostly routine for Miller,
who says the A’s athletic trainer
has access to his blood-sugar data
This season,
Mason Miller has
turned himself into
the A’s greatest asset.
through a glucose monitor and can
assess it from the dugout while
Miller sits in the bullpen waiting
to pitch.
“The struggles I’ve been
through to get to this point, to
stick in the big leagues, it’s been
great to solidify myself in a bull-
pen role and get accustomed to
everything that comes with it,” he
said.
Two months into the season,
Miller hasn’t merely solidified
himself, he’s turned himself into
the A’s greatest asset.
Yet his time at the team’s cen-
terpiece might be as transient as
the organization itself: Two
months before the MLB trade
deadline, Miller is already being
talked about as a potential acqui-
sition for a playoff-bound team.
For the A’s, Miller’s rapid as-
cent presents a dilemma. Do they
trade him this season to try to re-
plenish their weak talent pool for
the future? Or take him to Sacra-

THEARON W. HENDERSON/GETTY IMAGES

saves. He’s allowed just five
earned runs all season and has
struck out 47 of the 89 batters
he’s faced.
What makes this under-the-ra-
dar breakout all the more surpris-
ing is that it’s possible even fewer
people saw it coming.
When the A’s drafted Miller in
pitching at Waynesburg Univer-
sity, a Division III private school in
Pennsylvania. He then used an ad-
ditional year of NCAA eligibility to
pitch one season in Division I at
Gardner-Webb University in North
Carolina.
How someone who spent four
years at a small school far from
mid-20s is mostly explained by his
extraordinary fastball velocity,
which regularly passes triple dig-
its on the radar gun.
The reason no one spotted this
when Miller was pitching for
Waynesburg isn’t simply that al-
most nobody was watching him
back then, either. It’s because this
string bean, measuring in at 6-
foot-5 and around 150 pounds. A
career in professional baseball
seemed so unlikely that he applied
for an internship at a local hospi-
tal. That’s where he took a urine
test that revealed his blood sugar
level was roughly seven times
higher than expected. Miller was
mento, where they will play for
the next three years before an
eventual move to Las Vegas?
So far, the team has given no
indication that they plan to trade
Miller. But for the next two
months, it might be the one A’s re-
sult that everyone in baseball is
watching.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 23 Cosmo, for
example
Scheffler Charges Are Dismissed
14 15 16 25 Produit de
Perrier
After Arrest at PGA Championship
17 18 19
28 Circumference BY ANDREW BEATON
20 21 22 segment AND LOUISE RADNOFSKY
30 “Wipeout”
23 24 25 26 airer CRIMINAL CHARGES against
world No. 1 Scottie Scheffler
27 28 29 30 31 33 Flip out have been dismissed by a
35 Harmful Kentucky court, ending a
32 33 34 35 36 helper brief and stunning fracas
that upended the second
37 38 39 40 38 Recede
major of the golf season.
40 Sticky stuff In Louisville on Wednes-
41 42 43 44 45 46 47 48 49 day, Jefferson County Attor-
41 Chose a
course ney Mike O’Connell said he
50 51 52 53 54 agreed with Scheffler’s char-
42 Sweetie pie, acterization that the inci-
55 56 57 58 59 for one dent, which resulted in four
43 Forward or charges including assault of
60 61 62 63 a police officer, was a mis-
back, say
understanding in the wake
64 65 66 67 45 Sambuca of a separate fatality. The Scottie Scheffler is the world’s No. 1-ranked golfer.
sample seven-minute hearing ended
68 69 70 47 Exactly 72, a 12-day saga that saw the and arrested Scheffler—and the distance, the video
perhaps best golfer around wear an both sides quickly offered di- showed an officer stop a car
71 72 73 orange jumpsuit and com- verging accounts of what attempting to drive into the
48 Dairy case
pete in a major champion- happened. course and after about a
array
ship on the same day. Police said that detective minute, the driver getting
WHO’S TO KNOW? | By Christopher Youngs 49 Gremlin O’Connell said that he Bryan Gillis stopped Schef- handcuffed. It did not show
Across 31 Saint Basil’s 62 Fresh 7 Anthem maker had concluded, after a week- fler and attempted to give an officer getting knocked
Cathedral has contraction 51 Like long investigation, that while instructions, and when he down and dragged.
1 Stand for a 64 Singer Carly
nine carpaccio the detective who stopped refused to comply, Gillis suf- The videos also showed
choir ___Jepsen 8 “Money”
Scheffler had been con- fered injuries as he was the chaos surrounding the
6 Tusked beasts 32 Second in 65 “Look who I author Martin 53 Kidman’s cerned for public safety, “Mr. dragged to the ground. course that day. It was rainy
the line of rub elbows 9 Happen “Being the Scheffler’s actions and the Romines disputed that, and dark out, with the traffic
11 Golden ratio succession to
symbol with” sort, another time Ricardos” evidence surrounding their saying the superstar was that usually surrounds a big-
the British and a hint to co-star exchange during this misun- proceeding as directed and time sporting event wors-
14 Play broadly throne 10 Kit
three Across component 56 Rub out derstanding do not satisfy never assaulted any officer ened by the fatal crash. Traf-
15 Country with 34 App with a answers the elements of any criminal with his vehicle. Romines fic was at such a standstill
a red, white Saved Places 68 Defib user, 11 Lewis Carroll 58 “Waverley” offenses.” Soon after, Jeffer- added on Wednesday that that some players simply got
and black feature or Dr. Seuss, novelist son County District Court eyewitness accounts and the out of their cars and walked
perhaps e.g.
tricolor 61 Title judge Anne Delahanty agreed available evidence showed over a mile to get on the
36 Poetic 69 Fourth wall to dismiss the matter, adding the officer was never as- grounds.
16 Hundreds of preposition 12 Buckeye’s from the
breaker neighbor Arabic for that in 60 days it would be saulted. For Scheffler, though, the
millions of 37 Tag along eligible to be expunged. Scheffler was charged question was whether he
years 70 With running 13 Passionate “commander”
39 Like bike mascara Steve Romines, Scheffler’s with second-degree assault would make it back to Val-
17 Hero created 18 Copacabana 63 Weapon attorney, said after the hear- of a police officer, third-de- halla at all and be able to tee
shorts 71 Snider of for an
with a dose of neighbor ing that he believed Schef- gree criminal mischief, reck- off as he sought to win his
Super-Soldier 41 Place to Twisted
22 Online
Olympian fler could have sued the po- less driving and disregarding second consecutive major.
72-Across unwind Sister lice, but he wouldn’t do so signals from officers direct- Fans who were expecting to
qualifier that 66 Adelphi
44 Streisand, 72 See 17-Across address because it would be a dis- ing traffic. wake up and see the world’s
19 Undoing can add an H
familiarly ender traction to his historic sea- Six days later, further best golfer readying on the
adverb 73 Sparing in without really son and any costs would fall doubt was cast on the Louis- driving range instead turned
20 Italian brandy 46 Organism on speech changing its 67 It might be to Louisville taxpayers. ville police account of what on their television to clips of
a slide Down meaning marbled “Scottie was a victim took place. First, the city’s him walking in handcuffs.
21 From
Paramaribo, 50 Tropical fish 1 Abbr. next to Previous Puzzle’s Solution here,” Romines said. mayor and police chief said Romines, speaking out-
say 52 Romaine a red dot B I B B P I N E A G I L E When Scheffler attempted Gillis violated department side the courthouse on
alternative U C L A O P E N R U N O N to enter Valhalla Golf Club in policy by not turning on his Wednesday, assailed Louis-
23 “Paper 2 Dream S A A B S T O R Y M E T R O Louisville, Ky., on May 17 be- body camera. ville police and praised
Planes” singer 54 Single sex cell 3 One regularly E R R A T A F AM I S H E S fore the second round of the Then the city released Scheffler’s poise throughout
S E E R E S S A N T E
24 Uniform 55 Odorless gas hitting high WH A L I N GWA L L
PGA Championship, he ar- footage from a dash cam and the situation, noting how he
rived to a chaotic scene after a pole camera across the was polite to officers even
MICHAEL REAVES/GETTY IMAGES

26 Hang back 57 Buds notes H U N S Y U A N I R MA

R O S E F I R MA F E A T a person had been struck street, which did little to after being arrested. He also
27 The “I” of “The 59 Series finale? 4 Singer P H EW U N I T C I A O and killed by a shuttle bus clarify why Scheffler had said that Scheffler had no
King and I” James MO R N I N G D O V E just outside the course that been arrested. objection to returning to
60 Kitchen G O N G O I L B A S E
29 Whiskey utensils with a 5 Gathers S T U R D I E R P I A N O S morning. Amid the predawn The pole camera in par- Louisville if the PGA Cham-
order glossy finish 6 Sobriquet P R I M E W I N E A B O U T mayhem, with traffic at a ticular produced grainy foot- pionship comes back.
A I D A N O D O R E D N A standstill and police lights age that called into question “Who knows when that
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S P E L T K E G S L E D S flashing, an officer stopped Gillis’s version of events. In will be,” he added.
THE WALL STREET JOURNAL.
The College-Parent Trap
America’s fa-
vorite sport
has become
identifying
who’s the low
man on the
totem pole, or
WONDER
LAND whoever
seems to be
By Daniel
at the bottom
Henninger
of national
esteem. The
uncoveted spot keeps chang-
ing, but there’s little question
who’s on the lowest rung
now—college parents.
College parents today have
to be wondering how they
ended up holding the short
end of the stick. For the par-
ents of college-bound kids,
May 1 was decision day, which
could mean writing a check
for all or part of $60,000 to
$90,000 for just one year of
tuition, room and board.
For many, that sticker-
shock moment followed weeks
of struggling to complete the
federal government’s incom-
prehensible Fafsa student-
loan form, which came amid
the proliferation of anti-Israel
“encampments” on many cam-
puses to which full-fare par-
ents would be sending their
kids.
It could have been worse.
They could be the parents this
year who had already plunked
down $300,000 or so to have
their kids’ graduation ceremo-
nies wrecked by the oh-so-
self-important protesters.
If college-paying parents
weren’t already feeling like
the nation’s biggest suckers,
they soon will. Last week, the
National Collegiate Athletic
Association announced a mul-
tibillion-dollar legal settle-
Robert De Niro Tries to Out-Crazy MTG
By Karl Rove
I
loved Robert De Niro in
“The Untouchables,” “Taxi
Driver,” “Casino” and
“Goodfellas.” Heck, I even liked
him in “The Intern.” He’s a
skilled actor, but it was appar-
ent from his unhinged perfor-
mance Tuesday that he’s lost
when it comes to politics.
Outside the New York
courthouse where Donald
Trump is on trial for allegedly
falsifying business records,
the Oscar-winning actor deliv-
ered a full-throated assault on
the former president, saying
he “wants to destroy not only
the city but the country, and
eventually he can destroy the
world.” It might’ve been con-
vincing if Mr. De Niro argued
that Mr. Trump’s policies
would hurt the city, the coun-
try or even the planet. But
what voter not already in the
Biden camp would believe that
Mr. Trump is a cartoonish su-
pervillain bent on obliterating
the globe?
Mr. De Niro wasn’t fin-
ished: “If Trump returns to
the White House, you can kiss
these freedoms goodbye that
we all take for granted. And
elections—forget about it.
That’s over; that’s done. If he
gets in, I can tell you right
now, he will never leave.”
This amateurish overacting
didn’t help the candidate Mr.
De Niro supports, President
Biden. The voters who will de-
cide this election dislike both
candidates. They’re likely to
be unimpressed—even turned
off—by what Mr. De Niro
Exxon Mobil Takes On Climate Extremists
By Adam Crum
I
manage more than $138
billion in fiduciary assets
as Alaska’s commissioner
of revenue and as a trustee of
the state’s retirement manage-
ment system and the Alaska
Permanent Fund Corp. My fi-
duciary responsibility is to act
in the best financial interest
of each fund’s beneficiaries. In
Alaska, that means working
with the oil and gas industry
to create environmental regu-
lations and ensure responsible
resource development, which
is the foundation of the state’s
economy and improves the
lives of all Alaskans.
Oil and gas companies in-
cluding Exxon Mobil have
played an integral role in
Alaska’s economic growth and
development for decades
while establishing an environ-
mental regulatory framework
that ensures Alaska’s subsis-
tence values are protected.
But when Exxon Mobil re-
cently tried to fulfill those ob-
OPINION
ment with former college ath-
letes who filed suits claiming
they were denied direct pay-
ments for their services or
lost endorsement income.
Payments to thousands of for-
mer and current athletes will
approach $2.8 billion, minus
the trial lawyers’ cut of the
class-action suits. This follows
the NCAA’s decision to let col-
lege athletes benefit finan-
cially from their names, im-
ages and likenesses.
Universities won’t pay
kids to be engineers,
but a lawsuit means
they will pay athletes.
The loose ends and unan-
swered questions of the set-
tlement are endless, and a
federal judge has to affirm it.
Appeals could send it to the
Supreme Court. Most legal
analysis of the settlement
concludes that the days of the
“amateur” college athlete are
over. In the future, the men
and women on Division I
teams and others likely will
be regarded as professionals
who will be paid to play by
universities through revenue-
sharing agreements up to $20
million a year per school.
For decades, the big foot-
ball and basketball schools
have made money from stu-
dent athletes. But that doesn’t
gainsay the social reality of
where this is headed. If your
kid wants to go to college to
become a civil engineer, the
school will take your money.
But if she’s there to shoot
spewed at reporters Tuesday.
Mr. De Niro could have
helped Mr. Biden if he stuck to
the facts and kept it simple.
The actor could have focused
on the two Capitol Police offi-
cers, Michael Fanone and
Harry Dunn, who stood behind
him at his raucous press con-
ference. He could have di-
rectly criticized Mr. Trump for
doing nothing for 187 minutes
on Jan. 6, 2021, while Messrs.
Fanone and Dunn and others
fought to stop a mob from
overrunning the Capitol. That
would have been straightfor-
ward, uncomplicated and con-
vincing to swing voters.
Team Biden doesn’t seem
to grasp the type of cam-
paigning 2024 calls for. In a
new fundraising email, the
president claims Mr. Trump
“aims to destroy the America
we know.” No undecided voter
buys that the former presi-
dent deliberately, consciously,
purposefully wants to destroy
the country—someone who
did wouldn’t be undecided.
But undecided voters could be
persuaded that Mr. Trump
would do a great deal of
harm, if only his opponents
could stick to reality.
Luckily for Mr. Biden, Re-
publicans have quite a prob-
lem with out-of-control rheto-
ric, too. Rep. Marjorie Taylor
Greene tweeted last week that
“the Biden DOJ and FBI were
planning to assassinate Pres
Trump and gave the green
light. Does everyone get it
yet???!!!” Ms. Greene got this
insane claim from boilerplate
language in the federal war-
ligations—and to safeguard
shareholders’ interests—cli-
mate extremists balked.
To protect its broader net-
work of shareholders, Exxon
Mobil in January took the un-
usual step of suing Arjuna
Capital and Follow This, two
In Alaska, unlike
California, officials
look out for retirees’
financial interests.
shareholders that had submit-
ted a proposal that would
have undermined the com-
pany’s core business opera-
tions by pushing for ambitious
emissions-reduction targets.
Shareholders had already re-
jected previous similar climate
proposals.
A U.S. district judge re-
cently ruled that Exxon Mobil
had to drop its suit against
Follow This because the latter
hoops, the school—with help
from tuition-paying parents—
will pay her.
One wonders how schools
will continue the practice of
making normal students com-
pete for admission with the
pros on the sports teams—un-
less, as some expect, the ath-
letes simply become univer-
sity employees.
Meanwhile, Joe Biden’s
seemingly endless forgiveness
of college debt now totals
$167 billion for 4.75 million
borrowers.
Parents who pay all or
most of the freight for their
kids to attend college simply
as preparation for the work-
aday world must be feeling
like saps. They play by the
rules, pay crushing costs,
derive no income from their
kids’ names, images or like-
nesses, and don’t have plain-
tiffs lawyers ringing them up
to file class-action suits
against deep-pocketed
sports conferences. Want to
guess who they’re voting for
in November?
This is happening of course
because major college sports,
like pro sports, continue to
attract big money from large
live and TV audiences. That
said, and this is demonstrably
a minority view, much of the
modern sports world has lost
its luster for me.
The era is long gone when
the lineups of professional
teams had enough year-to-
year continuity that one knew
all the players’ names and
stats. But the rotation in and
out of teams, including now in
college sports, has become
such a blur that only TV com-
mentators afflicted with hy-
rant to search Mr. Trump’s
home for classified docu-
ments that limits the use of
deadly force to situations in-
volving “an imminent danger
of death or serious physical
injury to the officer or to an-
other person.”
The warrant the Federal
Bureau of Investigation
served Mr. Biden to search his
home for documents had the
same language. Moreover, the
bureau searched Mar-a-Lago
Biden and Trump
surrogates are trying
their best to alienate
crucial swing voters.
during the summer, when Mr.
Trump was very likely to be
at his golf course in Bedmin-
ster, N.J. The idea the FBI
planned to gun down Mr.
Trump is sick and dangerous,
which is why Russian media
was happy to repeat Mrs.
Greene’s over-the-top charge
ad nauseam.
Mr. Trump topped Ms.
Greene last week, saying in a
fundraising email that FBI
agents “were authorized to
shoot me!” He went on, “I
nearly escaped death. . . . You
know they’re just itching to
do the unthinkable” as “Joe
Biden was locked & loaded
ready to take me out & put my
family in danger.” What a stu-
pid way to slander 35,000
members of the FBI and dis-
courage their families and
firm is based in the Nether-
lands, but the judge allowed
the case against Arjuna Capi-
tal to proceed. Arjuna has
withdrawn its climate pro-
posal; whether Exxon Mobil
will drop the suit remains to
be seen.
The nation’s largest public
pension fund, the California
Public Employees’ Retirement
System, or Calpers, has un-
fairly accused Exxon Mobil of
“silencing voices” and “upend-
ing the rules of shareholder
democracy.” Calpers, which in-
vests in the company, has said
that on May 29 it will cast its
shareholder votes against
Exxon Mobil’s 12-member
board of directors and chief
executive officer. The fund has
urged other shareholders to do
the same.
Exxon Mobil isn’t the prob-
lem; Calpers and other share-
holder activists are. These
groups are driven by ideology
rather than prudent invest-
ment, seeking to influence cor-
porate policies in ways that
perfocus can keep track.
Sure, money-ball’s metrics
rule, but the reality remains
that now you’re mostly root-
ing for mercenaries. And as
cable TV fades, pro and col-
lege sports teams are disap-
pearing into the permanent
fog called streaming. Looking
for the airtime of your favor-
ite team can turn into a con-
stant and costly snipe hunt. Is
it worth it?
Sports hold our interest
because the athletes are so
good and keep improving. But
the popularity of sports has
as much to do with the genius
of the people who long ago
invented football, basketball,
baseball, hockey, soccer and
the rest of it. Kids wouldn’t
play all day amid dirt and
cracked blacktop unless the
sport itself made you forget
everything else.
Years ago when pro and
college sports were becoming
more about product than per-
formance, I decided that
smaller Division III schools
were the only place to see
genuine amateurs. The perfor-
mance level was always high.
I sat in the stands watching
men and women’s tennis
played just below the level of
touring pros.
Big-time universities of the
sort affected by the NCAA
settlement have become a
mess of politics, money and
status. Perhaps trapped par-
ents will start opting for a
less expensive, less ostenta-
tious “Division III” alterna-
tive—colleges that modestly
believe they exist to teach.
Even club football has unfor-
gettable moments.
Write henninger@wsj.com.
others in law enforcement
from supporting him.
Neither candidate’s cam-
paign seems to understand
the voters who will decide
this election. Getting their
bases up in arms isn’t going
to cut it. Apocalyptic warn-
ings of doom have marred
other presidential elections.
But America has never viewed
the two parties’ nominees as
unfavorably as it does Messrs.
Trump and Biden.
Both men are below 50% in
the RealClearPolitics poll aver-
age in 2024’s six battleground
states—Arizona, Georgia,
Michigan, Nevada, Pennsylva-
nia and Wisconsin. The por-
tion of the vote still undecided
ranges from 5.3% in Wisconsin
to 9.4% in Nevada and aver-
ages 7.4% in the battleground
states, more than enough to
swing the election either way.
And there are still more voters
only weakly linked to their
current choice. The reckless
charges both campaigns keep
launching are more likely to
drive away these voters than
attract them.
The campaign that figures
out how to attack based on
appeals to substance and rea-
son rather than bluster and
bombast will likely be Novem-
ber’s winner. It’s anyone’s
guess if either side will wise
up.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
may not align with sharehold-
ers’ financial interests. Cal-
pers’s push to fire Exxon Mo-
bil’s board members is a clear
indication that it has compro-
mised its fiduciary duties and
is willing to put California re-
tirees’ life savings at risk to
further its activist agenda.
By contrast, here in Alaska,
we apply prudent investment
rules and practices as pre-
scribed by state statutes to
maximize investment perfor-
mance. We don’t use residents’
dollars to advance a fiscally ir-
responsible activist agenda.
Why? Because we recognize
that we have a duty to our
beneficiaries and that oil and
gas development is the bed-
rock of Alaska’s economy.
We’ll continue to work with
responsible resource-develop-
ment companies including
Exxon Mobil to ensure a pros-
perous future for Alaska for
generations to come.
Mr. Crum is Alaska’s com-
missioner of revenue.
Thursday, May 30, 2024 | A13
BOOKSHELF | By Philip Delves Broughton
Organic
Growth
The Whole Story
By John Mackey
Matt Holt, 368 pages, $35
I
t used to be that corporate executives in their twilight
looked back on their careers from the porch of a large
shingled home, Scotch in one hand, grandchild in the
other, golf clubs resting beside the screen door. Today you
are more likely to find them on the triathlon circuit, hiking
to remote salmon streams, or in thrall to hallucinogens and
the revelations that ensue.
John Mackey’s “The Whole Story” is a lively account of
the author’s experiences co-founding and building Whole
Foods Market. It is also a boomer’s tale of stunning self-
regard. Mr. Mackey has much to disgorge, from the infor-
mative to the ludicrous, en route to an ecstatic scene
toward the end of the book in which he takes MDMA and
psilocybin and concludes: “I
am perfect—always.”
The book begins with
another trip, in Austin, Texas,
in the summer of 1975. Mr.
Mackey, then 22, is racked by
doubt and self-loathing,
unsure whether to continue
with college and absolutely
sure that no girl would want to
date him. He drops a tab of
LSD and experiences “some-
thing like a cosmic orgasm,” a
feeling of “oneness exploding
and expanding out, becoming
everything.” As he returns to
reality, he feels a sense of per-
sonal liberation and freedom to do whatever he wanted
with his life. He joins a community of vegetarians and falls
in love with Renee Lawson, with whom he opens his first
natural-foods store, Safer Way, a pun on Safeway.
One of his first backers was his father, Bill, a phlegmatic
survivor of the Great Depression and World War II, who had
taught accounting and been the chief executive of a healthcare
company. For much of the book, until he succumbs to Alzhei-
mer’s, Bill plays the rational foil to his son’s dreamy-eyed en-
trepreneur. He introduces him to the works of Peter Drucker,
the management guru, and Alfred Sloan, the man who built
General Motors. Every time John envisions another store,
bigger and better, or another acquisition, Bill provides the
reality check—before ultimately writing the actual check.
“John,” he tells his son, “if you want to grow the
business, the best way to grow it is to keep costs down, be
as profitable as possible, and plow the profits back into the
business.” They have a sweet, respectful and complicated
relationship. When Bill eventually vanishes into his demen-
tia, John starts to flail.
Two years after opening, Safer Way merged with another
local natural-foods store, creating the first Whole Foods
Market. During the 1980s, the company added stores in
Texas, Louisiana and California before supercharging its
growth during the 1990s by acquiring natural-foods chains
across the country and eventually expanding overseas.
Despite the occasional rifts and personality clashes, Mr.
Mackey insists that running a business can be sheer fun.
His father talked about it almost solely in terms of money,
and his hippie friends said it was greed. “It had always
seemed so serious, so hard, so unemotional,” Mr. Mackey
writes, but as he grew his business he found it was the
opposite: “This wasn’t work; it was more like playing a
game. And I loved to play! Give me clear rules, fair and
intense competition, and problems to solve, and I thrive.”
Mr. Mackey is constantly shifting between the hard-
nosed entrepreneur who comes to dominate the most prof-
itable sector of the grocery business and “Wacky Mackey,”
who is obsessed with self-discovery and self-revelation. As
a chief executive, he does something difficult and revolu-
tionary, seizing the minds and wallets of affluent customers
with vaguely defined terms like “natural,” “organic” and
“local” and creating grocery stores like no other. He builds
a company worth billions. But he also drives his colleagues
mad with his New Age flummery.
The former chief executive of Whole Foods
Market learned to reconcile his starry-eyed
ideals with the demands of running a business.
At one point he reads the quasi-Christian book “A Course
in Miracles” and excitedly tells his executive team: “Let’s
build the happiest workplace in America—a workplace
based on love.” His flintier colleagues are having none of it.
“John,” says one of them, “you need to get your priorities
straight. We’ve barely made it through these difficult new
store openings. Let’s get the numbers adding up before we
start spouting happy talk about love and forgiveness.”
At first, Mr. Mackey has to bounce between the “burgeon-
ing world of spiritual and esoteric exploration that captivated
me, and . . . my ongoing readings about business, economics,
and capitalism.” But he concludes that both are part of the
“oneness of all reality,” both “essential elements of life.”
Competition could simultaneously be generative and dark.
There are terrific characters throughout the book, from
natural-food store rivals to the Bay Area real-estate developer
Chop Keenan, who dictates leasing terms to Mr. Mackey from
a big leather chair on a raised platform with the sun behind
him, beaming its rays straight into his victim’s eyes.
Mr. Mackey has little time for venture capitalists,
“hitchhikers with credit cards,” and the private-equity
sharks that circle his company. The final part of the book
descends into score settling and record straightening. Mr.
Mackey’s leadership is questioned, and Whole Foods is
targeted by regulators and stand-up comedians. The com-
pany becomes a byword for bourgeois muddle-headedness
and is eventually acquired by Amazon in 2017.
Initially Mr. Mackey is impressed by the intelligence and
decisiveness of Amazon’s executives, including its founder,
Jeff Bezos. Two days after meeting Whole Foods’ executive
team, they decide to buy the company, keeping Mr. Mackey
on to run it. But soon enough, Mr. Mackey is at odds with
them. When he challenges his new boss for the nth time, he
is told: “If you didn’t want to give up control of Whole
Foods, then you shouldn’t have sold the company to Ama-
zon.” His time was up.
In a subsequent breath work session, Mr. Mackey is
struck by a realization: “I am a god of play.” Business has
been his primary playing field, a place for him to create
and improvise, to embody the competitive and cooperative
requirements for commercial success. Peculiar as he is, the
world could use more of his kind.
Mr. Delves Broughton is the author of “The Art of the
Sale: Learning From the Masters About the Business of Life.”
A14 | Thursday, May 30, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden and the Trump Verdict When a School Fails to Protect Your Child

T
he press is reporting that President Biden Robert De Niro to denounce Mr. Trump. Reading of the heartbreaking sui- students were assigned the role of
plans to opine on the verdict in the Man- Mr. De Niro is a longtime fierce critic of the cides of 10-year-old Sammy Teusch in school safety patrol. Each fourth-
Greenfield, Ind., and 12-year-old Flora grader was assigned a week of duty
hattan case against Donald Trump once 45th President. Readers may remember his witty
Martinez in Las Vegas due to relent- and proudly wore a banner across the
the jury decides. If that’s true, and endearing admonition, de- less, unpunished public-school bully- chest, which indicated that he or she
it would be another lousy White Will the President be livered at the 2018 Tony ing makes me heartsick (“Amid Bully- was in charge on the bus.
House political decision that foolish enough to exult Awards: “I’m gonna say one ing, ‘Where Were You Kids?’” by Bob After school one day, the mother
plays into Mr. Trump’s hands thing. F— Trump. It’s no lon- Greene, op-ed, May 22). Obviously, of one of the younger kids on the bus
and underscores the partisan at a conviction? ger ‘Down with Trump,’ it’s many public schools aren’t up to the came to my house. She wanted to
nature of the prosecution. ‘F— Trump.’” task of protecting our children. thank my daughter, Virginia, the
Mr. Biden is better advised to At Tuesday’s press confer- I implore parents in these troubled safety patrol that week, for stopping
say nothing. Even a platitude—a statement in the ence, Mr. De Niro’s fulminations were only schools to do whatever it takes to the bullying of her young son on the
event of a conviction that the will of the jury should slightly more nuanced. “Donald Trump wants to pull their kids out: home schooling, bus. She said her son was no longer
be respected—will sound like an expression of sat- destroy, not only the city, but the country,” he charter schools, Catholic schools, pri- afraid because the safety patrol
vate schools, banding with neigh- would protect him. Fourth-grader Vir-
isfaction by a President whose allies convicted a said. “And eventually he could destroy the world
bors, staying home yourself or get- ginia said that no one should be
political opponent. Mr. Biden’s son Hunter is slated . . . The fact is, whether he’s acquitted, whether ting a second job to pay for an afraid on a school bus and that it was
to go on trial on felony charges in early June. Will it’s a hung jury, he is guilty—and we all know it.” alternative. A “free” (taxpayer- her duty to help.
he comment on that proceeding, too? This presumption of guilt comes from a cam- funded) education isn’t worth sacri- Do schools today have safety pa-
The issue here is presidential decorum and paign that vilifies Mr. Trump as a “threat to de- ficing the life of a child. trols? Students need to understand
political judgment. The President has already mocracy.” This may thrill MSNBC, but it won’t Many public schools are out-of- that it is their duty to protect the
come close to taunting Mr. Trump for his legal persuade anyone else. control places where accountability, young and weak, not merely video-
predicament. Mr. Biden was elected in 2020 in large part quality learning and character-build- tape an assault and think they are
At the White House Correspondents’ Dinner, as the anti-Trump who would restore calm and ing morals are no longer taught. I re- absolved from doing anything. Bring
in late April, Mr. Biden boasted of having “a dignity to the Oval Office. But one irony of the turned to work, after a hiatus at back the school safety patrol in the
great stretch” lately, as opposed to Mr. Trump, Biden Presidency has been its habit of imitating home, to finance Catholic and private person of fourth-graders. They know
education for my own sons, a sacri- what to do, even if the adults don’t.
who’s “had a few tough days lately. You might Mr. Trump’s political style of over-the-top rheto- fice that was well worth it. It was ANNE BAKER
call it stormy weather”—a reference to the ric and disdain for political norms. prompted by the low expectations Basalt, Colo.
adult-film actress Stormy Daniels, one of the That’s never been clearer than in the decision and negative messaging they were
star witnesses in New York District Attorney Al- by multiple Democratic prosecutors to indict a getting in public school—and that When my fourth-grader came
vin Bragg’s case that Mr. Trump committed felo- presidential opponent for the first time in his- was 25 years ago. home and described the aggressive
nies by falsifying business records. tory. Democrats thought the Manhattan trial KATHERINE CAVALIERE harassment that he endured, I didn’t
On May 15, when Mr. Biden agreed to debate would hurt Mr. Trump, but so far he’s gained in Westborough, Mass. appeal to the school. I called the po-
Mr. Trump in a video posted on social media, the the polls. Now they think a guilty verdict will lice, had the officers visit us and then
President quipped, “I heard you’re free on take him down, and they want to gloat about it. Mr. Greene’s op-ed struck a chord directed them to the perpetrator’s
Wednesdays.” The court in which Mr. Trump is But voters may conclude that stretching the law with me. I bullied another boy at home and parents. If I had been ha-
camp one summer. I never did any- rassed and assaulted as my son had
under indictment wasn’t meeting on Wednes- to turn a misdemeanor offense into a felony is
thing physical, but I called him been, I would have gone straight to
days. Good one. more politically significant as an abuse of the “spaz” until he went frantic. The the police. For my son, I’d only get
On Tuesday the President’s re-election cam- justice system. counselors tried to get me to stop, there quicker.
paign staged a press conference around the cor- If Mr. Biden tries to exploit a conviction as a but all I did was change the word. By the way, the harassment
ner from the Manhattan courtroom where his campaign theme, voters will have even more rea- When the counselors used physical stopped immediately after the police
2024 rival is being tried. Mr. Biden wasn’t son to believe Mr. Trump when he says the pros- force to punish me, I laughed. I re- visited the bully’s home and parents.
there, but the campaign recruited the actor ecution was political from the start. member that I thought it was funny PAUL JARVIS
that I could cause someone else to Kenmore, Wash.
lose his marbles by taunting him.
Justice Alito’s ‘Obligation to Sit’ I think kids are somewhat socio-
pathic. It bothers me today what I
One big difference between bully-
ing now and bullying P.I. (pre-inter-

C
did more than 60 years ago. net) and P.C.P. (pre-cellphone) was at
ongratulations to Chief Justice John Alito’s homes suggest partiality. But the Justice
THOMAS WULIGER least the bullying stopped when you
Roberts, who responded to importuning explains in some detail that the decision to fly Kensington, Calif. got home. Now, with the internet and
Senators by letting Justice Samuel Alito the two flags were made by his wife, who has cellphones, these kids get no reprieve.
respond for himself. Justice her own mind and right to When my children were young and DAVID J. GROSS
Alito’s reply on Wednesday: The Justice rightly free speech, and that the Jus- riding the school bus, fourth-grade St. Augustine, Fla.
He has “an obligation to sit” tice had nothing to do with
on cases under the Supreme
rejects a partisan her decisions.
Court’s code of conduct. demand for recusal on Martha-Ann Alito “makes
Sens. Dick Durbin and her own decisions, and I have
Trump-related cases. always respected her right to Turn to American Allies for Shipbuilding Help
Sheldon Whitehouse, the
The starting point for the kind of shipyards should be exempted
bully boys of the Judiciary do so,” Justice Alito writes.
U.S. maritime renewal called for by from the Jones Act’s U.S.-built
Committee, wrote the Chief “She has made many sacri- Rep. Mike Waltz and Sen. Mark Kelly requirement. Access to less costly
Justice last week demanding a meeting and fices to accommodate my service on the Su- (“China’s Sea Power Leaves U.S. vessels would promote the U.S.
that Justice Alito recuse himself from hearing preme Court, including the insult of having Adrift,” op-ed, May 23) must be merchant fleet’s expansion and mod-
cases related to the 2020 election or Donald to endure numerous, loud, obscene, and per- addressing the Jones Act. This ernization and generate more repair
Trump. sonally insulting protests in front of our home protectionist law restricts domestic and maintenance opportunities for
As the Senators know, the Court’s code stip- that continue to this day and now threaten to waterborne transportation to vessels U.S. shipyards.
ulates that individual Justices make their own escalate.” built and registered in the U.S. Vague calls for action and tepid
recusal decisions. Thus the Chief was right to Who can doubt this given the tenor of the Theoretically meant to assure a proposals that leave sacred cows such
let Justice Alito respond for himself, if he times and the threats against the Justices from capable fleet and robust maritime as the Jones Act untouched will not
chose. His letter gives the Senators more cour- the likes of Sen. Whitehouse and Majority industrial base, the Jones Act has in- suffice. An urgent course correction
stead helped produce a shipbuilding is needed.
tesy than they deserve given their clear parti- Leader Chuck Schumer? One maniac stalked
industry whose output trails the likes COLIN GRABOW
san motivation and their attempt to violate the the home of Justice Brett Kavanaugh. of Singapore and Croatia, and a fleet Cato Institute
separation of powers. “A reasonable person who is not motivated of aging ships reliant on Chinese Washington
Justice Alito cites the Court’s code of con- by political or ideological considerations or a state-owned shipyards for their
duct provision that “A Justice is presumed im- desire to affect the outcome of Supreme Court considerable maintenance needs. The recreation of a competitive
partial and has an obligation to sit unless dis- cases would conclude that this event does not Shielding shipyards from foreign commercial shipbuilding sector
qualified.” And a Justice should disqualify meet the applicable standard for recusal,” competition and forcing Americans to within the U.S., as the authors sug-
himself only when “the Justice’s impartiality writes Justice Alito. “I am therefore duty- pay vastly inflated prices for vessels gest, would be a decadeslong under-
might reasonably be questioned, that is, where bound to reject your recusal request.” hasn’t proved conducive to either a taking in the face of a far more im-
an unbiased and reasonable person who is Congratulations to Justice Alito for re- large, modern fleet or competitive mediate threat from China. A more
aware of all relevant circumstances would sponding with cool reason to an unreasonable shipbuilding. practical and expedited remedy might
To bring a measure of sanity to already be at hand if the U.S. were to
doubt that the Justice could fairly discharge his demand. And to the Chief Justice for respecting
this law, vessels constructed in allied contract significant shipbuilding,
or her duties.” the Court’s code of conduct in not responding maintenance and repair needs with
The two Senators are the most biased peo- for his colleague. Maybe the Senators will read its regional allies who already main-
ple on the planet regarding the Court. Their the code—not they care about anything except Texas Needs Better Public tain a robust commercial industry.
complaint is that a pair of flags flown at Justice smearing the Justices. Korea and Japan have the industrial
Schools, Not School Choice maritime base and the capacity to
I agree with 95% of your editorial participate in an expedited effort to
A Victory for Children in Texas content but not “The School Choice
Runoffs in Texas” (Review & Outlook,
maximize, strengthen and maintain
America’s most urgent shipbuilding

G
reg Abbott could finally say it: “The for spending to support choice candidates. May 22). Texas doesn’t have strong and maintenance requirements.
Texas Legislature now has enough teachers unions; we are a strong LT. CMDR. TOM C. JAMES, USN (RET.)
Republicans have a chance to pick up a cou-
right-to-work state. Public schools Greensboro, N.C.
votes to pass School Choice,” he ple more seats for pro-ESA candidates in No- are at the center of our communities
tweeted Tuesday night. In the vember, though they’ll also here, and they are run by locally
state’s primary runoff races, Greg Abbott wins his have to defend a few against elected boards most sensitive to Following the ICC’s Orders
the Republican Governor
clinched the seats he needs
political bet to build a Democrats. But Gov. Abbott is
promising full speed ahead:
local needs.
School choice in Texas will benefit
Regarding your editorial “The ICC
Disgraces Itself Over Israel” (May 21):
for a pro-school-choice legis- school-choice majority “As we look ahead to the No- no one except those who already pay
A German official, asked whether his
lative majority that can go on vember general election, we for private school. Moving to public
to triumph in November. He
in the Legislature. will continue to work tire- funding of private schools will also
country would arrest Israeli Prime
Minister Benjamin Netanyahu on an
aimed for at least 76 seats in lessly to elect strong, conser- tend to resegregate society. Our
International Criminal Court warrant,
the 150-seat House and is vative candidates who will en- state-level elected officials are doing
answered, “Of course. Yes, we abide
the bidding of billionaires in- and
poised to take 77. sure every child in Texas has access to the best by the law.” Ja. The world needs to
out-of-state who have other agendas
It took months of spending political capital education possible,” he said. than excellence in our public schools.
remember how meticulously Germans
to get here. After 21 Republican House lawmak- Worth watching is House Speaker Dade obeyed the law and followed orders
Let’s put public funding of private
ers voted against his education savings account Phelan, who won his primary runoff by less from 1933 to 1945.
schools to a statewide vote.
(ESA) plan last fall, the Governor endorsed pri- than two points. The Speaker didn’t oppose the ROBERT KANTOWITZ
HENRY LESSNER
Lawrence, N.Y.
mary challengers against several who ran for ESA deal, but he never rallied members to pass Fairview, Texas
re-election. He also threw his weight behind it. If he wins the speakership again, let’s hope
pro-choice candidates in open seat races. he listen to the voters, not Democrats and
School choice proponents needed to pick up unions, and takes the lead on creating the first It’s Not All in Your Head Pepper ...
about a dozen seats, and in the March prima- private-school choice program in Texas. Five From Nancy Kiner’s letter “Keep a And Salt
ries they came a couple seats short. million students could benefit. Close Eye on the Food We Eat, Please”
THE WALL STREET JOURNAL
The runoffs put the Governor over the top Other governors can learn from Mr. Abbott, (May 23), we learn that Consumer
with three more victories against anti-choice who attended campaign rallies, spent money Reports claims metals in chocolate
incumbents. Katrina Pierson beat Rep. Justin on ads, and knocked on doors for his candi- “can cause developmental problems,
Holland in district 33; Alan Schoolcraft ousted dates. One is Tennessee Gov. Bill Lee, whose affect brain development, and lead
Rep. John Kuempel in district 44; and Helen ESA bill died in the state Legislature amid to lower IQ.” These metals, Consumer
Reports says, threaten “pregnant
Kerwin took out Rep. DeWayne Burns in district pushback from some Republicans.
people.” Could that mean women,
58. All three challengers won by more than 10 “I’ve met with several candidates, some or have I eaten too many Hershey
points, according to initial results. In an open- who are in open seats, some who are incum- bars?
seat race in district 12, school-choice proponent bents,” Mr. Lee said at a recent press confer- JOHN JURICH
Trey Wharton won to replace anti-choice Rep. ence. He didn’t promise to jump into the Aug. Little Falls, N.J.
Kyle Kacal. 1 primaries against school-choice opponents.
The victories put the lie to the narrative that But he said: “This year what I’m talking to can-
Letters intended for publication should
rural voters don’t want school choice. They also didates about is education freedom and choice be emailed to wsj.ltrs@wsj.com. Please
show that determined leadership can defeat the for parents.” include your city, state and telephone
teachers unions that spent heavily against the That’s great, but as Greg Abbott proved, number. All letters are subject to
pro-choice candidates. Credit to investor Jeff sometimes you also have to stand up against editing, and unpublished letters cannot “I used to buy him all these toys.
be acknowledged.
Yass, the Club for Growth and AFC Victory Fund members of your own party to win. Now I just give him cash to rip up.”
THE WALL STREET JOURNAL.
Israel, Hamas and the Law of War
By David B. Rivkin Jr.
And Lee A. Casey
A
s it defends itself against
Hamas in Gaza, Israel has
come under sustained po-
litical, media and legal at-
tack for supposedly vio-
lating international law—and not
only from hostile countries and
bodies like the International Crimi-
nal Court and the International
Court of Justice. On May 10 the U.S.
State Department sent a report to
Congress that concluded U.S.-pro-
vided arms have been used by Israel
“in instances inconsistent with its
IHL”—international humanitarian
law—“obligations or with estab-
lished best practices for mitigating
civilian harm.”
These criticisms are based on a
distorted view of the law of war and
its crucial legal principles—distinc-
tion, proportionality, and the obliga-
tions owed to enemy civilians. They
threaten Israel’s strategic interests
and the ability of all law-abiding na-
tions to defend themselves.
If the State Department’s
criticisms are serious, they
imperil the defense of all
civilized countries.
The law of armed conflict is a
practical set of rules directed at
ameliorating the harms of war—
originally with respect to those en-
gaged in combat, and over the years
expanding to noncombatants associ-
ated with the military and ulti-
mately to civilians. Protecting civil-
ians and civilian property is an
important goal of the laws of war,
but not their paramount goal.
Other equally important goals are
regulating the means and methods
of warfare, ensuring appropriate
treatment for wounded combatants
and prisoners of war, and ensuring
A Three-Day Detox Nearly Cured My Cable News Addiction
By Joseph Epstein
M
y 10-year-old television re-
cently went on the fritz. I
had to go three days before
a replacement could be installed.
This isn’t a tragedy I should like to
share with someone living in Ukraine
or fighting against Hamas, but three
days without TV threw me off my
game.
This hiatus made me realize how
much news I watch, and what a news
junkie I have apparently become. In
this I am perhaps not so different
from those older players, my con-
temporaries. As a May 22 report in
the Journal had it, the TV audience
has grown older and the cable news
audience even older than that, “with
MSNBC’s median age at 70, Fox News
at 69 and CNN’s, 67.” (Fox and The
Wall Street Journal share common
ownership.)
I go back and forth between these
three channels, tuning into the false
earnestness of Wolf Blitzer, the dec-
lamations of Sean Hannity, the
Keeping Ahead of China Requires Investment in Military R&D
By David C. Gompert
L
ike most large enterprises,
the Defense Department
needs to strike a balance be-
tween meeting immediate demands
and anticipating future ones—in
business parlance, operations vs.
investment. These days the Penta-
gon is getting the balance wrong,
reflecting the current administra-
tion’s priorities.
Jumping from one crisis to an-
other, the U.S. is failing to invest
enough to meet its most important
defense challenge: China’s growing
technological and military power. As
a result, there is a risk that China
will acquire advanced capabilities to
target U.S. forces, bases and satel-
lites, endangering American inter-
ests and allies in the Pacific.
Numbers tell the story. U.S. de-
fense spending rose following Rus-
sia’s 2022 invasion of Ukraine, and
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that the war aims of belligerents—
generally understood as “military
necessity”—can be pursued within
these rules and requirements. But
the law of war is in no way intended
to level the playing field in favor of
the weaker party.
The law of war has many
sources, but the Biden administra-
tion should have followed the stan-
dard U.S. position, as laid out in the
Law of War Manual. One of its most
important teachings is that “al-
though military necessity cannot
justify actions that have been pro-
hibited by the law of war, some law
of war rules expressly incorporate
military necessity.” That’s espe-
cially true of rules meant to protect
civilian populations affected by
armed conflict, largely embodied in
the principles of “distinction” and
“proportionality.”
The principle of distinction pro-
vides that civilians can’t be deliber-
ately targeted for attack, as Hamas
did on Oct. 7 and routinely does. In
choosing how and what to attack,
military commanders must make
good-faith efforts to distinguish be-
tween civilian and military targets.
“The law of war does not require
that commanders and other deci-
sion-makers apply a fixed standard
of evidence or proof,” the manual
says. Rather, they “exercise profes-
sional judgment in making any as-
sessment that a person or object is
a military objective.”
Equally important is the principle
of proportionality, whose meaning is
widely misunderstood. Proportional-
ity requires that the expected harms
to civilians and civilian property
from an attack can’t be “excessive”
when compared with “the concrete
and direct military advantage ex-
pected to be gained.” The compari-
son isn’t to the number of soldiers
killed or to the number of casualties
on each side of the conflict. Nor is
there any upper limit on the number
of civilian deaths that will trigger
“war crimes” if exceeded.
The manual clearly states that “in
sanctimoniousness of Rachel Mad-
dow, the shtick of Greg Gutfeld.
While the commercials for Otezla
and Ozempic blather on, I flick
through the channels.
What do I get out of it? Some
rough notion, I suppose, of what left
and right in America are thinking.
Here, though, I feel I must correct
those who say one can’t get too much
of a good thing. In the realm of TV
news, I believe one can. Watching the
three channels on Donald Trump’s
hush-money trial, I began to think I
was hearing the names Stormy Cohen
and Michael Daniels.
I’ve never timed how much I
watch each day. Along with cable
news, I also watch local news at 5
p.m. and 9 p.m. In Chicago, this
turns out to be an exercise in darkest
depression. On these local shows
more and more time seems to be
given to reporting on young men and
women who have been shot, killed in
hit-and-runs, or otherwise violently
dispatched.
The old and useful distinction be-
the Pentagon has requested $850
billion in its 2025 budget. Much of
this money will go toward opera-
tions in Europe, the Western Pa-
cific and the Middle East. That
isn’t surprising given events in
Ukraine, Taiwan and Gaza. But it
also means that the U.S. isn’t in-
vesting enough in military research
and development. Operational
needs are taking precedence over
strategic ones.
That isn’t to say that today’s
hot spots don’t merit support. But
the need to outperform China is
being overlooked. Timing is criti-
cal. We are experiencing a wave of
new technologies of enormous mil-
itary potency: artificial intelli-
gence, quantum computing, chip
and battery design, and new space
systems. The U.S. has to win this
competition.
And the U.S. can win. While the
Chinese government is mainly re-
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OPINION
A scene in Rafah, Gaza, on May 6.
assessing the military advantage of
attacking an object, one may con-
sider the entire war strategy rather
than only the potential tactical
gains from attacking that object.”
There is a significant subjective
component in making proportional-
ity determinations. “It could often
be the case that reasonable persons
might disagree as to whether the
expected civilian casualties from an
attack would be excessive,” the
manual states. “Similarly, reason-
able commanders might make dif-
ferent decisions in applying the
principle of proportionality.”
Commanders are also enjoined
to take “feasible” precautions to
protect civilians during an attack.
Such measures might include at-
tacking at times when civilians are
less likely to be present and giving
advance warnings. But the “stan-
dard for what precautions must be
taken is one of due regard or dili-
gence, not an absolute requirement
to do everything possible.” More-
over, “a commander may deter-
mine that a precaution would not
be feasible because it would result
in increased operational risk (i.e.,
a risk of failing to accomplish the
mission) or an increased risk of
tween grief and mourning—that is,
between private and public sad-
ness—is now blurred, if not entirely
eliminated. A good part of most local
broadcasts in Chicago is thus given
over to weeping mothers, grand-
mothers, sisters and daughters. A
friend has given up on late-night lo-
When my television broke,
I found unexpected peace
in not having to hear the
name Trump or Biden.
cal news, finding it too dreary to
watch before going off to bed. He
now watches an episode of “Cheers”
before turning in. Sensible fellow.
During my days without a TV, I
listened to a fair amount to WFMT,
Chicago’s superior classical-music
station. How much sweeter the mu-
sic of Borodin, Brahms and Rachma-
ninoff than the complaints of Laura
sponsible for developing the coun-
try’s technology, the locomotive of
American invention is the private
sector. America’s free-enterprise
system is larger and more innova-
tive than China’s state capitalism.
Yet while Beijing can shovel
money and talent directly into the
People’s Liberation Army for quick
results, it takes years for U.S. na-
tional defense to benefit from pri-
vate innovation. To compete with
China in military technology, the
U.S. government could turn to di-
rect government spending, increas-
ing defense spending by, say, $50
billion to $100 billion each year.
This would mean a Pentagon budget
of roughly $1 trillion, dwarfing mili-
tary spending by China, Russia and
all other U.S. adversaries. It also
would increase the federal budget
deficit and interest obligations.
From the Cold War, we know that
profligate American military spend-
Notable & Quotable: Nostalgia
Michael Tomasky writing for the
New Republic, May 24:
Lee Drutman wrote a really inter-
esting piece about how our brains
process thoughts about the past and
the present. When we think about
the past, he writes, we always re-
member it as better than it was. It’s
called nostalgia bias.
But when we think about the
present? We tend to think of it as
worse than it actually is. This is
called negativity bias. As Drutman
put it: “Our brains are deeply at-
tuned to possible threats, and so we
have a strong negativity bias in how
HATEM KHALED/REUTERS
harm to his or her forces.”
A critical and too often ignored
aspect of the laws of war is that
each party to a conflict is primarily
responsible for protecting its own
civilian population by moving them
away from military targets and tak-
ing other measures to shield them.
Hamas not only fails to meet these
obligations; it uses civilians as hu-
man shields and invites casualties
for propaganda purposes. That
doesn’t relieve Israel from its pro-
portionality obligations, but the
manual makes clear that additional
civilian injuries resulting from this
illegal tactic are “a factor that may
be considered in determining
whether such harm is excessive.”
Hamas is also looting aid shipments,
making it more difficult for assis-
tance to reach Gaza civilians.
Based on these rules and cur-
rently available credible evidence,
there is no reasonable case that Is-
rael has violated the laws of war.
Such claims are grounded at best in
speculation, which is unlikely to be
entirely accurate. To the extent that
Israel hasn’t followed U.S. “best
practices,” as the State Department
complains, it doesn’t mean there
have been violations. Such measures
Ingraham and Tomi Lahren on Fox or
the gushing confidence of Gloria
Borger and Dana Bash on CNN. One
afternoon I listened to an entire Chi-
cago Cubs game on the radio—the
Cubs lost to the Atlanta Braves,
3-0—and felt I was living back in
1948. For three whole days I didn’t
have to hear the name Biden or
Trump.
Being away from TV news for
three days makes me wonder if tele-
vision itself is a useful vehicle for
conveying opinions on current
events. The great columnists—H. L.
Mencken, Walter Lippmann, James
Reston—all preceded television
news. One read them without know-
ing what they looked like. With the
advent of TV, immensely less impres-
sive figures followed. I think of the
avuncular Walter Cronkite, about
whom I once wrote an essay with the
title “A Face Only a Nation Could
Love.” I think of Lester Holt, the
main man, or host, at NBC News,
who once interviewed me about a
book I had written on friendship.
ing can aggravate inflation.
There is a way, however, that the
U.S. can invest sufficiently to out-
perform China in military technol-
ogy without neglecting current de-
fense requirements: alliances.
Europe is a case in point. America’s
The Pentagon has been
focused too much on
operational needs, not
enough on strategic ones.
allies in the North Atlantic Treaty
Organization have said they will
spend $380 billion on defense this
year. Russian ground, air and naval
forces have performed poorly in
Ukraine and would be overmatched
in a war with NATO. Fossil-fuel ex-
ports have stabilized the Russian
we process the present. In an envi-
ronment of nonstop national media
and hyper-partisan confrontational
politics, we are constantly getting
triggered. This makes us especially
likely to see the present moment as
a crisis.” . . .
And what Trump is doing, by the
way, isn’t simple nostalgia. Nostalgia
is an innocent pining for our youn-
ger days, when we looked better and
our backs didn’t hurt and we had
more sex. What Trump is doing is
much darker. What Trump is doing
is fascism, which throughout its his-
tory, as Drutman notes, is obsessed
with tropes of social decline.
Thursday, May 30, 2024 | A15
are prudential and not required by
law. Hamas, by contrast, indisput-
ably commits war crimes by deliber-
ately attacking civilians, brutalizing
Israeli women and children, taking
hostages, systematically locating
military facilities in or near civilian
installations, and using Palestinian
civilians as human shields.
Other antagonists of Israel, in-
cluding at the ICC and the ICJ, have
argued in addition that the Jewish
state, as an “occupying” power, is
obligated to feed, clothe and protect
Gaza’s civilian population. But Israel
left the strip in 2005. Hamas initi-
ated the current armed conflict, and
Israel won’t have the obligations of
an occupying power unless it takes
control of the territory after hostili-
ties are ended.
If the U.S. and other civilized
countries follow the logic of these
criticisms of Israel, the conse-
quences will be dire. Most immedi-
ately, U.S. condemnations will em-
bolden the Jewish state’s enemies—
most of which are also hostile to the
U.S.—and could impede Israel’s abil-
ity to defeat Hamas. In the future,
the administration’s standards of
conduct could impair the ability of
all law-abiding nations to defend
themselves.
Nuclear deterrence, the mainstay
of U.S. defense strategy, would be
delegitimized if obligations to the
civilian population are expanded so
that injury to civilians is elevated
over all other considerations in de-
termining whether a particular com-
bat operation is lawful. Even in
peacetime, this approach would be
terrible statecraft. At a time when
rogue states and terrorist organiza-
tions are waging numerous wars,
it’s a formula for global anarchy.
Messrs. Rivkin and Casey practice
appellate and constitutional law in
Washington. They served at the Jus-
tice Department and the White
House Counsel’s Office in the Rea-
gan and George H.W. Bush adminis-
trations.
Surely, he asked me afterward, you
don’t really believe that a genuine
friendship is possible between a man
and woman who aren’t attracted to
each other sexually?
As for the cable news channels,
they offer what I think of as dueling
virtues. MSNBC and CNN implicitly
claim to stand for the people, the
marginalized, the victims, whom the
personnel at these channels, out of
their self-acclaimed superior empa-
thy, always seek to protect. Fox sees
itself as devoted to reality, to expos-
ing the nightmare of inflation, the
broken southern border, the senility
of Joe Biden. It sees its virtue as that
of delivering the real low-down, the
truth. Both are unconvincing.
Perhaps this is because the only
virtue the news need be concerned
about is getting the story right. The
self-proclaimed virtue of its purvey-
ors hasn’t a damn thing to do with it.
Mr. Epstein is author, most re-
cently, of “Never Say You’ve Had a
Lucky Life.”
economy at around $2 trillion, equal
to about 7% of America’s. But be-
cause of the demands of the war in
Ukraine for soldiers and rubles,
Russia now faces rising inflation
and sagging productivity.
European allies also have top-
notch naval and commando capabil-
ities to augment American efforts to
counter Iran and its proxies. As for
the Western Pacific, the U.S. can
look increasingly to Japan, which is
mounting a major military upgrade
and now is willing to help contain
China in the region. It is time to
capitalize on this so that the U.S.
can commit more to its strategic
competition with China.
What, then, would the Pentagon
do with additional billions ear-
marked for military technology?
While America’s private high-tech
companies are poised to ride the
wave of science and innovation, the
Defense Department and other gov-
ernment agencies must make their
markets more inviting. Pentagon
business reform has become more
focused lately, but it still takes five
years or so for promising private in-
novations to produce actual military
capabilities. Entrepreneurs require
confidence that successful R&D will
be rewarded with major contracts,
sooner rather than later.
America’s need to shift resources
to strategic investment is urgent. It
is time to recognize that increased
reliance on allies and the use of the
private sector can enable the U.S. to
deny China a military-technological
edge—without neglecting today’s
needs.
Mr. Gompert served as acting di-
rector of national intelligence,
2009-10.
 A16 | Thursday, May 30, 2024
Hong Kong Convicts 14 Political Activists
Pro-democracy
figures guilty of
subversion under
Beijing-imposed law
BY AUSTIN RAMZY
HONG KONG—A Hong Kong
court convicted more than a
dozen members of the city’s
once-formidable pro-democracy
political opposition on Thursday
in the most sweeping case un-
der a four-year old national-se-
curity law imposed on the city
by Beijing.
The case began when police
arrested more than 50 people in
early-morning raids in January
2021, with prosecutors eventu-
ally charging 47 with conspiracy
to commit subversion over their
effort to win control of the local
legislature.
The authorities alleged that
their plan, which included a pri-
mary among candidates who
MARCO DI MARCO/ASSOCIATED PRESS
FIREWORKS: A volcano spews lava in Grindavík, Iceland, the fifth time since December the area about 30 miles from Reykjavik has seen eruptions.
MOLDOVA
U.S. Pledges Aid
To Counter Russia
Secretary of State Antony
Blinken on Wednesday
pledged $135 million in aid to
Moldova for energy security
and to counter Russian disin-
formation as the Western-
leaning nation struggles to
blunt Moscow’s push for influ-
ence that has been buoyed by
recent successes in its war in
neighboring Ukraine.
Blinken announced the as-
sistance at a news confer-
ence with President Maia
Sandu in Chisinau, Moldova’s
capital.
Moldova used to be en-
tirely dependent on Russia
for its natural-gas supplies. It
faced an acute energy crisis
after Moscow dramatically
reduced supplies in the win-
ter of 2022. Moldova’s energy
woes worsened that year af-
ter it suffered temporary
blackouts because its Soviet-
era energy systems remained
connected with Ukraine’s,
which were being hit hard by
Russia’s military.
—Associated Press
South Africans Vote in Most Important Election Since Apartheid
ROGAN WARD/REUTERS
pledged to block government
legislation and force the city’s
Beijing-backed chief executive to
step down, amounted to an ille-
gal subversion of state power.
Defense attorneys and hu-
man-rights advocates said the
pro-democracy activists were
engaged in standard electoral
politics using powers enshrined
in Hong Kong law.
Of the 47 charged, 31 pleaded
guilty, including four who testi-
fied for the government. An ad-
ditional 16 proceeded to trial. Of
those, 14 were found guilty.
An additional two, Lawrence
Lau, a lawyer, and Lee Yue-shun,
a social worker, were found not
guilty but remained on bail
pending a possible appeal of the
ruling by the prosecution. They
are the first defendants to be
found not guilty under the na-
tional-security law, since China’s
legislature imposed it on the
former British colony in 2020.
The crime carries possible
life imprisonment, with sen-
SWEDEN
Ukraine to Receive
$1.23 Billion Boost
The government said on
Wednesday that it would do-
nate 13 billion kronor, or $1.23
billion, in military aid to
Ukraine, in the largest pack-
age of assistance Sweden
has provided.
“It consists of equipment
that is at the top of Ukraine’s
priority list,” Deputy Prime
Minister Ebba Busch said. It in-
cludes air defense, artillery am-
munition and armored vehicles.
Swedish Defense Minister
Pål Jonsson reiterated that
the country has ruled out for
now sending any Swedish-
built JAS 39 Gripen jets to
Ukraine, saying the focus on
the Ukrainian side is on im-
plementing a F-16 jet-fighter
program. Several countries
have said they want to do-
nate F-16s. On Tuesday, Bel-
gium pledged 30 F-16 jets to
Ukraine.
Jonsson said Sweden “is
still working on possibly be-
ing able to contribute with
the Gripen system later.”
—Associated Press
WORLD NEWS
tences expected to be handed
down at a later date.
The authorities’ case against
the 47 amounted to a swift de-
capitation of the city’s pro-de-
mocracy opposition.
“There’s no doubt that the
January 6 arrests—and the sub-
sequent prosecution, which is
only now coming to an end—
were absolutely transforma-
tional,” said Thomas Kellogg,
the executive director of the
Georgetown Center for Asian
Law.
Before then, the possibility
remained that the Hong Kong
government would use its new
legal powers narrowly, targeting
just the most extreme activists,
such as those who called for
Hong Kong’s independence from
China.
Last month the Hong Kong
police said 291 people had been
arrested under the National Se-
curity Law since it went into ef-
fect.
Pro-Beijing figures have said
WORLD WATCH
THAILAND
Ex-Leader to Face
Defamation Case
Thai prosecutors on
Wednesday said former Prime
Minister Thaksin Shinawatra
will be indicted on a charge of
defaming the monarchy, three
months after he was freed on
parole on other charges.
Thaksin won’t yet be in-
dicted because he had filed a
request to postpone his origi-
nal appointment on Wednes-
day with proof that he has
Covid-19, said Prayuth Bejra-
guna, a spokesperson for the
Office of the Attorney General.
The attorney general
scheduled a new appoint-
ment for his indictment on
June 18, Prayuth said, adding
that Thaksin will also be in-
dicted on a charge of violat-
ing the Computer Crime Act.
The law on defaming the
monarchy is punishable by
three to 15 years in prison. It
is controversial not only be-
cause critics consider it
harsh, but also because they
charge it is used to punish
government critics.
—Associated Press
they expect this week’s verdicts
and the coming conclusion of
the national-security trial of
prominent pro-democracy pub-
lisher Jimmy Lai to mark an end
to a period of political crack-
downs, allowing the city to refo-
cus on improving its weakened
economy.
Still, Hong Kong authorities
have shown no indication of let-
ting up in policing political ac-
tivity.
On Tuesday and Wednesday
the police arrested seven people,
the first to be detained under
new, homegrown security legis-
lation enacted this year known
as Article 23. They were accused
of using the June 4 anniversary
of the 1989 Tiananmen crack-
down to incite hatred of the Chi-
nese government.
Among those arrested this
week, according to a person fa-
miliar with the matter, was
Chow Hang-tung, a lawyer who
had been a leader of efforts in
Hong Kong to remember the
PAKISTAN
Armed Men Burn
School for Girls
A group of armed men
used kerosene to set fire to a
girls’ school in a former Paki-
stani Taliban stronghold, de-
stroying furniture, computers
and books, police said on
Wednesday, in the latest in a
series of such attacks.
No one was hurt in the
overnight attack in North
Waziristan in Khyber Pakh-
tunkhwa province, local police
official Rehmat Ullah said.
Two other girls’ schools in
the region were bombed this
month.
No one has claimed re-
sponsibility for the attacks.
Police said they suspect the
involvement of a man who
recently had a dispute with
the owner of the school and
are seeking to arrest him.
Authorities had earlier sus-
pected militants, who tar-
geted girls’ schools years ago,
saying women shouldn’t be
educated. North Waziristan is
a former stronghold of the
Pakistani Taliban.
—Associated Press
* ****** THE WALL STREET JOURNAL.
killing of hundreds, possibly
thousands of people in Beijing
by Chinese soldiers 35 years ago.
Chow is already in government
custody, facing national-security
charges for her role in a group
that organized an annual Ti-
ananmen vigil in Hong Kong.
The 47 defendants accused of
subversion included scholars,
activists, journalists, lawyers
and students. They were
brought together by their hopes
to turn the energy of wide-
spread antigovernment protests
that swept the city in 2019 into
political power.
They had a taste of what they
could achieve when they won a
stunning victory at local-level
District Council elections in No-
vember 2019.
Benny Tai, a law professor
and author of the 2019 electoral
strategy, outlined plans for the
Legislative Council campaign
that would lead to the arrests. If
successful it would have given
the opposition, which for the
SOUTH KOREA
Pyongyang Fired
Missile, Seoul Says
South Korea’s military said
North Korea fired at least one
ballistic missile toward its
eastern waters, adding to a
streak of weapons demonstra-
tions that has raised tensions.
South Korea’s Joint Chiefs
of Staff on Thursday didn’t
provide more details.
Japan’s coast guard issued
a maritime safety advisory
saying North Korea launched
a possible ballistic missile. The
coast guard minutes later said
the suspected missile was be-
lieved to have already landed
but urged ships to exercise
caution if they find any fallen
objects.
There were no immediate
reports of damage.
Tensions on the Korean
Peninsula have increased in
recent months as the pace of
both North Korea’s weapons
testing and South Korea’s
combined military exercises
with the U.S. and Japan have
intensified in a cycle of tit-
for-tat.
—Associated Press
South Africans voted on
Wednesday in an election
seen as their country’s most
important since apartheid
ended 30 years ago.
At stake is the three-de-
cade dominance of the Afri-
can National Congress party,
which led South Africa out of
apartheid’s white-minority
rule and to democracy in
1994. It is now the target of a
new generation of discontent
in a country of 62 million peo-
ple—half of whom are esti-
mated to be living in poverty.
The independent electoral
commission said results would
be announced by Sunday.
After winning six succes-
sive national elections, sev-
eral opinion polls have put
the ANC’s support at less
than 50% before this vote, an
unprecedented drop.
—Associated Press
previous two decades held about
40% of the legislative seats,
broad new powers.
Hong Kong and Chinese offi-
cials warned against the cam-
paign, with Beijing’s representa-
tive office in Hong Kong singling
out Tai and accusing him of at-
tempting to stage a “color revo-
lution.”
The plan never came to frui-
tion. The group carried out their
primary, and the government
postponed the 2020 election,
citing the pandemic. By the time
the election was held a year
later, Beijing had redrawn the
rules to bar all but the most
loyal candidates.
At that point, the opposi-
tions’ would-be candidates were
largely in jail. They included
prominent and experienced ac-
tivists like Tai, the student pro-
test leader Joshua Wong and
former journalists and longtime
lawmaker Claudia Mo. Tai,
Wong and Mo were among
those who pleaded guilty.
Ancient
Egyptians
Were First
To Treat
Cancer
BY AYLIN WOODWARD
Ancient Egyptian doctors
were the first to explore and
treat cancer, according to sci-
entists who examined two
skulls with tumors and found
evidence they had been oper-
ated on.
The older of the two, both
discovered in Giza, Egypt, be-
longed to a man between the
ages of 30 and 35 who died
more than 4,000 years ago.
While the cause of death re-
mains uncertain, the man’s
skull and jaw had more than
30 cancerous bone lesions.
Microscopic analysis of the
bone and micro-CT scans re-
vealed cut marks made by a
sharp, metal instrument,
likely a knife, in the areas
around the tumors.
“If that person was alive
when they performed that
surgical intervention, it
means that we might be talk-
ing about a cancer treatment,
and that is absolutely the
first treatment in history, not
just in ancient Egypt,” said
Edgard Camarós, a paleo-
pathologist at the University
of Santiago de Compostela
and co-author of a study pub-
lished on Wednesday in the
journal Frontiers in Medicine
detailing the findings.
If the man was dead when
the cuts happened, it is still
groundbreaking, Camarós said,
because the doctors would
have been gathering informa-
tion to treat future cases.
The second skull, which
belonged to a woman older
than 50 who died more than
2,000 years ago, had a large,
malignant bone tumor, as
well as two lesions that had
healed.
The researchers said those
healed lesions indicate she
might have received some
kind of lifesaving treatment
or therapy.
It might never be possible
to know whether these two
ancient Egyptians were
treated for cancer while they
were alive, Camarós said. But
given the civilization’s ad-
vanced medical knowledge—
historical and archaeological
records show they built pros-
theses, put in dental fillings
and treated traumatic inju-
ries—he is convinced their
physicians were attempting
surgical interventions.
“They even had a word for
tumor,” he said. “And they
knew it was something people
were dying from.”
TATIANA TONDINI, ALBERT ISIDRO, EDGARD CAMAROS
The skulls had lesions.
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5266.95 g 0.74% S&P FIN g 0.85%
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
Other airlines, including Delta and United, benefited from the business-travel rebound after the Pandemic.
American Airlines’ Strategic Bet
Against Business Travel Misfires
BY ALISON SIDER
American Airlines is back-
ing away from a strategy that
Chief Executive Robert Isom
said drove away lucrative cor-
porate customers and dragged
down the airline’s revenue.
American had bet that a
slowdown in business travel
following the Covid-19 pan-
demic would help it push dra-
matic changes in its relation-
ships with corporate
customers. The airline last
year slashed its sales staff and
removed some fares from the
Store Brands Are Staging Resurgence Questionable
As Shoppers Balk at High Food Prices AI Assumptions
BY JESSE NEWMAN
AND STEPHANIE STAMM
Underpin Rally
Goodbye, Chips Ahoy cook-
ies and French’s mustard.
Hello…Great Value, Private Se-
lection and Signature Select.
U.S. consumers are trying
many tactics to cut their food
spending: eating out less, buy-
ing less groceries and ditching
name brands. That is boosting
lower-cost store brands, which
last year claimed 22 cents out
of every dollar spent in gro-
cery stores—the largest share
ever for so-called private-label
products.
National brands are still
king in the U.S., making up 78%
of overall food-and-beverage
dollar sales, according to data
from the market-research firm
Circana. But store brands,
manufactured by companies
including TreeHouse Foods
for such retailers as Walmart
and Kroger, are gaining
ground, raising pressure on big
food companies that have
pushed their prices higher.
The Covid-19 pandemic de-
railed years of steady growth
in private-label products. Stuck
at home with federal stimulus
money augmenting their bud-
gets, consumers flocked back
to national brands—familiar
Please turn to page B2
INSIDE
AUTOS
The maker of Jeep
plans to introduce a
$25,000 all-electric
model soon. B3
* ** * **
S&P IT g 0.36%
channels that big companies
tend to use, aiming to coax
more travelers to book directly
on American’s website or app.
It didn’t work. While rivals
at Delta Air Lines and United
Airlines said they have been
buoyed as companies sent em-
ployees back out on the road
this year, with roughly 14% in-
creases in corporate travel
revenue in the first quarter,
American said it hadn’t seen
the same boost and had lost
business to rivals.
“We can never be difficult
to do business with,” Isom
Unit sales, change from a year earlier (2023-24)*
NATIONAL BRAND
–5.0%
U.S. private-brands dollar
share, consumer packaged
goods
21.8%
18.4%
2006 ’23
*For the 52 weeks ended May 4
HEARD ON
THE STREET
Dell is going along
for the ride as
Nvidia booms. B10
DJ TRANS g 1.42%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.40%
said Wednesday in an investor
presentation. “Others are ben-
efiting from what we’ve done
over the last six months or so.
We’ll get that back.”
American’s shares tumbled
14% Wednesday, the stock’s
largest single-day drop since
June 2020, when the pan-
demic had ravaged travel de-
mand.
Isom’s mea culpa came a
day after the carrier cut its
second-quarter profit forecast,
flagging weaker than expected
revenue. American also said
that it would part ways with
STORE BRAND
Dairy
Grocery
Household care
Meat
Baby care
Frozen
Health and beauty care
–2.5 0 2.5
April retailer foot traffic, change from
a year earlier (2023-24)
Dollar General
Trader Joe’s
Lidl
0% Kroger
Dollar Tree
Albertsons
Walmart
–5% 0 5
BHP Abandons $50 Billion Anglo American Deal
BY JULIE STEINBERG
AND RHIANNON HOYLE
BHP Group is walking away
from its roughly $50 billion
takeover bid for Anglo Ameri-
can after failing to convince its
rival to further engage in talks
on what would have been the
largest-ever mining deal.
The Australian mining giant
said Wednesday that it didn’t
intend to make a firm offer for
its London-listed rival because
the companies were unable to
come to an agreement on how
to handle regulatory risks and
2–YR. TREAS. yield 4.983% NIKKEI (Midday) 37974.47 g 1.51% See more at WSJ.com/Markets
Vasu Raja, the executive be-
hind the airline’s effort to re-
vamp the way many custom-
ers did business with the
airline.
Raja, who became Ameri-
can’s chief commercial officer
in 2022 and who has been
with the airline for two de-
cades, has been “an innova-
tor,” Isom said. “But some-
times we need a reset.”
At the time American began
considering a new approach to
corporate bookings, big com-
panies weren’t sending em-
Please turn to page B2
General merchandise
Deli
Pet care
Produce
Bakery
5.0
Aldi
10 15 20
Sources: NIQ (unit sales); Placer.ai (foot traffic)
costs generated by the deal. An-
glo had hours earlier rejected a
request from BHP to extend a
deadline under U.K. takeover
rules for making a firm offer,
saying it still had concerns
about the structure of the all-
share proposal.
The move brings an end to a
weekslong saga during which
Anglo rejected a trio of takeover
proposals from BHP. At the
heart of BHP’s interest was a
desire to bolster its exposure to
copper at a time when demand
for the metal is expected to rise
as the world decarbonizes and
Thursday, May 30, 2024 | B1
Rising Bond
Yields Weigh
On Stocks
All 11 sectors of S&P
500 close lower;
Treasury auction
sees weak demand
BY CAITLIN OSTROFF
Stock indexes dropped
Wednesday after bond yields
climbed to their highest level
in a month.
The S&P 500 declined 0.7%,
with all 11 of its sectors post-
ing declines. The tech-heavy
Nasdaq fell 0.6% from its re-
cord high reached a day ear-
lier. The Dow Jones Industrial
Average dropped 1.1%, or
411.32 points.
After rallying through most
of May, stock indexes have fal-
tered more recently as inves-
tors continue recalibrating
how the Federal Reserve might
move on interest rates this
year.
Federal Reserve Bank of
Minneapolis President Neel
Kashkari said this week that
the Fed could hold rates
higher for longer to gain clar-
ity on inflation and warned
that an increase isn’t off the
table. Investors see a 54%
chance that the Fed will keep
rates unchanged through its
next three meetings, according
to the CME FedWatch tool, up
from 42% a week ago.
Investors on Wednesday
also showed relatively lacklus-
ter appetite for seven-year
Treasurys in a $44 billion auc-
STREETWISE | By James Mackintosh
Remem-
ber all the
bulls earlier
this year
getting ex-
cited that
the rally
was broadening out beyond
the Magnificent Seven
stocks, and how wider gains
were a sign that the mar-
ket’s rise was sustainable?
Not so much.
This month, as indexes
hit records, just four giant
technology stocks added
more market value than the
rest of the S&P 500 put to-
gether. A brief burst of out-
performance by smaller
stocks seems to have pe-
tered out again.
Nvidia, Microsoft, Apple
and Alphabet between them
have added over $1.4 trillion
this month, more than the
other 296 stocks that rose
put together. Half of the
gain was just one company,
chip maker Nvidia.
Behind the rises in the
biggest stocks this month
and this year are two
trends, which have already
25
run a long way: artificial in-
telligence and higher-for-
supply tightens. Copper repre-
sents about 30% of Anglo’s out-
put.
Despite the deal’s failure, the
tilt shows that mining compa-
nies are ready to embark on
large-scale dealmaking after sit-
ting on the sidelines for years.
Producers are scrambling to se-
cure supply of commodities
needed for the energy transi-
tion, and many figure that it is
easier and cheaper to buy
rather than build mines.
Under BHP’s most recent
proposal made public last week,
Anglo shareholders would have
Index performance, Wednesday
Nasdaq Composite
S&P 500
Dow Jones Industrial Average
0%
–0.25
–0.50
–0.75
–1.00
Five-minute intervals
–1.25
10 a.m. noon 2 p.m. 4
Source: FactSet
tion, following similarly soft
demand for auctions of two-
year and five-year notes on
Tuesday.
The benchmark 10-year
Treasury yield rose to 4.623%
from 4.542% Tuesday. That
marked its highest level since
April 30.
“We’re definitely seeing a
risk-off day in the stock mar-
ket and that’s being led by
what’s happening in the bond
market,” said Chris Zaccarelli,
chief investment officer for In-
dependent Advisor Alliance.
“The market is having a hard
time digesting these Treasury
auctions.”
Higher yields on Treasurys
Please turn to page B9
longer interest rates. Any
trend can always go further,
but there are challenges to
both. Today I’ll look at AI,
with a return to the higher-
for-longer narrative to fol-
low in a subsequent column.
AI has had an astounding
run since OpenAI unveiled
ChatGPT to the world in
late 2022, and Nvidia has
been the biggest winner as
everyone races to buy its
microchips.
To see what could go
wrong, note that this isn’t
the usual speculative mania
(though there was a mini-AI
bubble last year). Nvidia’s
profit is rising about as fast
as its share price, so if
there is a bubble, it is a
bubble in demand for chips,
not a pure stock bubble. To
the extent there is a mis-
pricing, it is more like the
banks in 2007—when prof-
its were unsustainably
high—than it is to the prof-
itless dot-coms of the 2000
bubble.
The threat to Nvidia’s
share price is therefore
about threats to its earn-
ings. There are four risks:
Please turn to page B9
gotten 0.8860 BHP shares for
each ordinary share they own in
Anglo. Anglo said the proposal
valued it at £29.34 a share—or
about £39.24 billion, equivalent
to $49.87 billion—based on
share prices before BHP’s initial
proposal became public last
month.
However, the proposal was
contingent on Anglo spinning
off shareholdings in two South
African-listed units—a require-
ment that Anglo said would
take time and hurt the value of
those businesses.
Please turn to page B2
B2 | Thursday, May 30, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A
Accenture......................................B4
American Airlines...........B1,B9
Analog Devices......................B10
Anglo American.......................B1
B
Bain....................................................B2
BHP.....................................................B1
BYD.....................................................B3
C Services.......................................B3
Campbell Soup.........................B2
Carvana........................................B10
Centene........................................B10
Chewy............................................B10
Cisco Systems........................B10
Hewlett Packard Enterprise
H O
OpenAI..............................................B1
FTX’s Bankman-Fried Heads East
.............................................................B10 P
Homecoming Capital..........B9
Huawei Technologies..........B3
Humana.......................................B10
I
PDD....................................................A2
Petco Health & Wellness
.............................................................B10
PricewaterhouseCoopers.B4
To Pennsylvania in Prison U-Turn
Intel....................................................B9
International Distribution
S BY ALEXANDER OSIPOVICH disclose his planned destina-
Salesforce.....................................B4 tion, but The Wall Street Jour-
K Samsung Electronics..........B4
Seres..................................................B3
Federal prison officials nal reported that the FTX
KPMG...............................................B4 Singapore Airlines...............A16 have moved Sam Bankman- founder’s expected destination
Kroger................................................B1 Stellantis........................................B3 Fried to a facility in Pennsyl- was a prison in Mendota, Calif.
L StepStone.....................................B4 vania, a sign that the FTX Hours after Bankman-Fried

ED JONES/AGENCE FRANCE-PRESSE/GETTY IMAGES

Li Auto.............................................B3 Super Micro Computer...B10 founder could be on his way was put into transit, though,
Clean Energy Terminals...B9
ConocoPhillips....................A1,B9 M T back to the jail in New York Kaplan released an order act-
Costco Wholesale..................B2 Marathon Oil.......................A1,B9 Taiwan Semiconductor that he left last week. ing on the defense lawyers’
D McCormick....................................B2 Manufacturing......................B9 The Federal Bureau of Pris- request and recommending
Meta Platforms...............A6,B9 Tesla............................................A1,B3
Dell...................................................B10
Microchip Technology......B10 Texas Instruments.............B10
ons website showed Wednes- that Bankman-Fried be al-
Delta Air Lines..........................B1 day that Bankman-Fried was lowed to stay in New York “to
Microsoft.......................................B4 Toyota Motor.............................B3
Diamondback Energy..A1,A2
Molina Healthcare..............B10 TreeHouse Foods....................B1 at the federal correctional in- facilitate access to appellate
E Mondelez International....B2
U stitution in Lewisburg, Pa. counsel.”
Elliott Investment N Earlier this week, the website The order put the onus on
Management.......................B10 United Airlines..........................B1
Netflix..............................................B4 UnitedHealth...........................B10 showed him at a transit facil- the Federal Bureau of Prisons
Ernst & Young..........................B4
News Corp...................................A4
F-G Nissan Motor.............................B3 W ity in Oklahoma that often to continue sending Bankman-
Ford Motor..................................B3 Norwegian Cruise Line......B3 Walmart..........................................B1 houses federal inmates being Fried to his final destination—
Goldman Sachs................A2,B9 Nvidia......................................B1,B10 Wayfair.........................................B10 moved across the country. The move could be a sign Sam Bankman-Fried is being in defiance of the judge’s rec-
Bankman-Fried’s move back returned to a New York facility on a judge’s recommendation. ommendation—or to reverse
east could be a sign that course and send him back to
INDEX TO PEOPLE prison officials are returning
him to New York after a fed-
reau of Prisons confirmed that
the FTX founder was in Penn-
April, his lawyers submitted
an unusual request to U.S. Dis-
the Brooklyn jail.
The process of transferring
eral judge recommended that sylvania but declined to com- trict Judge Lewis Kaplan ask- federal inmates cross-country
A Huang, Jensen.......................B10 O he be allowed to stay at the ment on his final destination. ing that Bankman-Fried be al- can take weeks and often in-
Atkinson, Joe.............................B4 I Oakland, Steve..........................B2 Metropolitan Detention Facil- Bankman-Fried was first lowed to remain in Brooklyn volves stops at multiple way
B Icahn, Carl.....................................A4 P ity in Brooklyn to be closer to jailed at the MDC in Brooklyn until the submission of briefs stations. The Patriot-News in
Bankman-Fried, Sam..........B2 Isom, Robert................................B1 Peltz, Nelson...............................A1 the lawyers preparing his ap- last summer. He remained for his appeal, a process that Harrisburg, Pa., reported in
Baxter, Dave...............................B4 J Perlmutter, Isaac....................A4 peal. there throughout his trial last could take several months. 2021 that the Lewisburg facil-
Benioff, Marc.............................B4 Johnson, Stephen..................B2 R A spokesman for Bankman- fall and his sentencing to 25 Last week, officials began ity had become a transit hub
Buffet, Warren..........................B3 Fried declined to comment. A years in prison on multiple the process of transferring for federal inmates in the
K Raja, Vasu......................................B1
C Rasgon, Stacy.........................B10 spokesman for the Federal Bu- criminal counts of fraud. In Bankman-Fried. They didn’t northeastern U.S.
Kempa, Mark..............................B3
Caso, Chris.................................B10 Reynolds, James.....................B9
Kennedy, Jonathan...............B9
D Kretinsky, Daniel.....................B3
Riegg, Brandon........................B4
Dell, Michael............................B10
E
Evans, Cody.................................B9
L
Lance, Ryan..................................A1
Lightcap, Brad...........................B4
S
Sabina, Brian..............................B9
Sacconaghi, Toni..................B10
Store Unit sales, change from a year earlier*
NATIONAL BRAND STORE BRAND

F
Foley, Brendan..........................B2
Lynch, John.................................B9
Lynch, Mary Ellen..................B2
M
Sacks, David...............................A4
Seymore, Ross.......................B10
Sorbara, Gabriele....................A2
Brands Are Dish care
+15.9%
Home air
freshener
+12.9%
Wraps and
tortilla shells
+12.3%
Pasta, rice, dry
beans and grains Pet food
Ford, Kelly.....................................B4 T
G
Gaspin, Jeff.................................B4
Millham, Brian..........................B4
Mnuchin, Steven.....................A4
Murdoch, Rupert....................A4
Tavares, Carlos.........................B3
Thiel, Peter..................................A4
Rebounding 0%
+1.8% +7.9%

–0.6%
+7.5%

H W-Z –1.8% –1.5%

Musk, Elon....................................A1 Continued from page B1
Hammack, Beth.......................A2 Witty, Andrew........................B10
Hargreaves, Lucy....................A2 N Wolfers, Justin.......................A10 and, at the time, more avail- 2021 ’22 ’23 ’24
–12.2%
Hartong, Henk...........................B2 Ng, Michael...............................B10 Zaccarelli, Chris.........................B1 able on shelves than many ge-
nerics.
Now, a confluence of factors Candy, gum
is fueling store brands again, and mints Condiments Marshmallows Bread Sweet snacks
Watch a Video: Crypto Mania Is Back, according to food-industry ex-
ecutives and analysts. Grocer- +7.2% +6.6%
But It Looks Different Than in 2021 +5.9% +5.1% +4.5%
ies are far more expensive than 0%
they used to be, with prices in
April 26% higher than 2019 –4.3% +0.4% –2.4% +2.7% –4.3%
levels, according to the Labor
Department. 2021 ’22 ’23 ’24
Sixty-five percent of shop-
pers say they choose private Oils, butter and Cereal and
STEPHANIE KEITH/GETTY IMAGES

label over national brands be- margarine spreads Salty snacks Eggs granola Baking supplies
cause of store brands’ lower
prices, according to a Food In-
dustry Association survey. +4.5% +4.4% +3.6% +2.7% +2.2%
0%
Some consumers are shifting
to private-label goods as they –2.2% –1.5%
give up or postpone other ex- –8.1% –6.4%
penses, from piano lessons to 2021 ’22 ’23 ’24 –15.2%
streaming services, according
Bitcoin’s value hit a new record this year, to Mary Ellen Lynch, lead ana-
exceeding its Covid-era high. Scan this code lyst for private-label research Sugar and Cookies and Nut butters,
sweeteners Household cleaner Ham crackers jam and jellies
for a video looking back at the 2021 rally, at Circana.
and what it can show us about this year’s “In Middle America, it’s a
surge in the $2.6 trillion crypto market. lot of pressure,” Lynch said. +2.1% +1.9% +0.7% +0.7% –1.8%
Retailers are boosting in- 0%
vestment in store brands. Wal- –0.4% –2.3%
–3.9% –5.0% –3.5%

American on its own website and other

“preferred” agencies. Instead
of removing fares from old
mart, which owns the Great
Value brand, is introducing a
line of premium food called
2021 ’22 ’23 ’24

Air Wager booking channels, American

will look to add more incen-
tives to promote adoption of
Bettergoods this year, with
many items priced below $5.
Aldi, where 90% of the prod-
*For the 52 weeks ended in May of each year

traffic in recent months. Campbell Soup has said

Source: NIQ

tions, said Henk Hartong, CEO

Misfires modern booking technology.

Stephen Johnson, another
longtime American executive
ucts on shelves are store
brands, is planning to add 800
stores nationwide by the end
Private label’s incursion is
cutting into national brands’
sales across a variety of super-
that competition from store
brands is pressuring the com-
pany’s pretzel business. Mon-
of Brynwood Partners, which
makes such products as pizza
and juice under private labels.
who serves as vice chair and of 2028. market categories. Pasta, pet delez said recently that the Consumers’ views on pri-
Continued from page B1 chief strategy officer, will take The quality of private-label food and condiments are same is true for Chips Ahoy vate labels are improving, with
ployees out on the road as over the commercial side of offerings has improved mark- among the food categories see- cookies. Food manufacturers millennials and Gen Z leading
much as they once had. Raja the business and lead a search edly, with more resources de- ing big moves from national are offering more deals and the pack, according to NIQ.
and other executives believed for Raja’s replacement, the voted to product development, brands to store versions, ac- smaller package sizes that cost High-income shoppers also are
it no longer made sense to company said Tuesday. Raja packaging, marketing and cording to NIQ data. less. turning to more store brands,
spend millions of dollars on didn’t respond to a request for more. In many cases, retailers’ One flashpoint: Supermar- Some analysts have ex- with 68% of those surveyed
travel-agency commissions comment. goal now isn’t just to emulate kets’ mustard section, where pected stronger momentum for viewing them favorably—above
and wooing corporations with Shares of other airlines also national brands, but to beat the spice-and-condiment com- private-label products given the level for middle- and
perks and discounts. sold off Wednesday as inves- them, analysts said. pany McCormick faces stiff the economic pressures facing lower-income consumers.
American saw direct book- tors worried that some of U.S. supermarkets are using competition from store brands. consumers. Food-industry ana- Wofford Wise said his fam-
ings as a win-win. Customers American’s problems point to private-label brands to try to CEO Brendan Foley said in lysts and bankers said that ily has abandoned many pack-
could avoid the patchwork of faltering demand heading into build loyalty with consumers March that the company is Americans tend to be loyal to aged foods or switched to store
intermediaries and pre-inter- what is traditionally airlines’ and boost foot traffic, said working to increase promotions name brands, and that it is dif- brands since their weekly gro-
net-era workarounds that can biggest season. Steve Oakland, chief executive and narrow price gaps with ficult to undo the influence of cery bills ballooned by more
be a frustrating hallmark of Isom said that there are too officer of TreeHouse Foods, competitors, as well as rolling billions of marketing dollars than one-third in recent years.
corporate bookings. Any busi- many seats flying in the U.S. one of the largest private- out new products such as a spent over many decades. Wise, a salesman in the Knox-
ness traveler who had been market, which has resulted in brand manufacturers in the creamy dill pickle mustard. Renewed promotions and ville, Tenn., area, said he rarely
stuck on hold waiting for an weaker prices. American plans country. “Private-label pricing “We continue to experience bringing new products to buys Raisin Bran or Frosted
agent to manually change a to slow its growth in the sec- is aggressive right now,” he extremely low price points for shelves following a pandemic- Mini-Wheats anymore, in part
flight would immediately see ond half of the year to bring said. private label, which is impact- driven lull could stem growth because the pace at which his
the benefit, the airline rea- capacity in line with demand. More than half of retailers ing our consumption,” Foley of private labels, analysts said, four children devour cereal
soned. After American’s announce- expect private-label goods to said about mustard. and retailers need to be careful makes them unaffordable.
The changes helped reduce ment Tuesday evening, United be their top driver of growth McCormick said that some not to lose consumers looking “A $5 box of cereal would
expenses for American, and swiftly followed with its own this year, according to a survey retailers use low prices for for name brands. last exactly one breakfast,”
the airline said customers us- release, saying that its fore- by NIQ, or NielsenIQ. Grocers store-brand mustard as a way In certain categories, retail- said Wise, 40, adding that he
ing its channels were much cast for adjusted profit of that primarily offer store to drive traffic, and that the ers will need to secure more now shops almost exclusively
more likely to buy up to a $3.75 to $4.25 a share in the brands, such as Trader Joe’s company’s distribution re- manufacturing capacity to sup- at Aldi and Costco. “Our food
more expensive offering. second quarter hadn’t and Aldi, are seeing more foot mains strong. port their private-label aspira- budget had exploded.”
In April, Isom said that the changed.
carrier would likely have to do
some fine-tuning as other air- Anglo said it now plans to Interested parties could in up its footprint in the metal,
lines benefited from the busi-
ness travel rebound. American
American Airlines share price
over the past year
$20
BHP Walks proceed with a breakup plan it
set out earlier this month
time include BHP, though under
U.K. takeover rules it has to stay
arguably the most critical to
the energy transition, so
in recent weeks hired consult- aimed at reviving its fortunes. away for six months unless an- quickly.
ing firm Bain & Co. to evalu-
ate the strategy, said people 18
Away From The radical overhaul of the
business includes jettisoning its
other bidder emerges.
For now, BHP’s top brass
The company has said it
isn’t reliant on deals and that
familiar with the matter.
Isom said Wednesday that
the moves ended up alienating
16 Anglo Deal platinum-metals and diamonds
units and sharpening its focus
on copper.
may have to rethink how they
continue to reshape a company
that today relies on iron ore, a
it already has plenty of copper
reserves in-house it can look
to develop. However, BHP’s
travel agencies and corporate “The ball is in Anglo’s court,” steel ingredient, for most of its management also has ac-
customers who are among the 14 Continued from page B1 analysts at Jefferies wrote on profit. knowledged that resources are
airline’s highest spending. BHP on Wednesday said it Wednesday. BHP has highlighted cop- getting harder to find and ex-
Isom said American will had proposed measures aimed Some of Anglo’s rivals are per, along with fertilizer in- tract. For example, the miner
12
swiftly modify its strategy, at addressing Anglo’s con- expected by industry partici- gredient potash, as its invest- is facing significant technical
making it less punishing for Wednesday cerns—including that the two pants to try to scoop up some ment priority, and a takeover and permitting challenges on
travel agencies that have 10 $11.62 units would retain listings in of the assets it has earmarked of Anglo would have trans- its major copper projects in
struggled to keep up with the t14% Johannesburg and be run by for divestment, while others formed it into the world’s No. Australia and the U.S. that
pace of change. local management teams—but might wait for the company to 1 copper miner with about 10% could slow its pivot toward
The company is calling off a 8 Anglo said it still favored its shrink itself and then launch a of global supply. There are few the industrial metal.
plan to restrict frequent flier June 2023 '24 prospects as a stand-alone bid for the entire slimmed- other merger-and-acquisition —Christian Moess Laursen
mile awards to bookings made Source: FactSet company. down company. opportunities that could build contributed to this article.
 THE WALL STREET JOURNAL.
Jeep Maker Plans $25,000 Electric Model
Stellantis CEO
expects rollout ‘very
soon’ as other cheap
EVs achieve profit
BY RYAN FELTON
Jeep, the rugged American
brand that helped popularize
the SUV, plans to roll out a
$25,000 all-electric model in
the U.S. “very soon,” the par-
ent company’s chief executive
said, the latest in the auto in-
dustry’s rush to put out more
affordable EVs.
The comment made by Car-
los Tavares, who leads global
automaker Stellantis, comes
as car companies confront
slower growth in electric-ve-
hicle sales. They also coincide
with complaints from U.S.
dealers who sell Jeep and
other Stellantis brands that
the company has too many ex-
pensive models and not
enough options for buyers on
a tighter budget.
Auto executives have zeroed
in on high prices as a major
impediment to broader accep-
BYD Launches Hybrids With 1,300-Mile Driving Range
BY JIAHUI HUANG
Chinese automaker BYD is
rolling out cars capable of
driving more than 1,300
miles without refueling or re-
charging, its latest effort to
set itself apart from rivals in
the world’s largest auto mar-
ket.
The world’s biggest maker
of electric vehicles late Tues-
day launched two plug-in hy-
brid sedans with upgraded
powertrains it said give both
a driving range of more than
2,100 kilometers, or more
than 1,306 miles, on a full
Czech Billionaire Plans
To Buy U.K.’s Royal Mail
For Nearly $5 Billion
BY IAN WALKER
The owner of the U.K.’s
Royal Mail—with roots dat-
ing back more than five cen-
turies—has agreed to be
bought by a Czech billionaire
for almost $5 billion, a move
that would end British owner-
ship of the postal service that
invented the adhesive stamp.
International Distribution
Services accepted an offer of
£3.57 billion, or about $4.56
billion, from Czech billionaire
Daniel Kretinsky’s EP Group.
The bid improved an earlier
offer made in April, which
IDS rejected.
The Royal Mail has a sto-
ried history but has suffered
in recent years like most one-
time postal monopolies
around the world. Letter vol-
umes have dropped since the
dawn and widespread adop-
tion of email. Competition
from new delivery services
also has heated up.
The British government
privatized the service about a
decade ago. It listed on the
London Stock Exchange and
later changed its name to IDS.
Last year, Royal Mail reported
an adjusted operating loss of
£348 million, following a £419
million loss the previous year.
The service traces its roots
back to 1516 when it was cre-
ated by Henry VII to deliver
mail between his royal court,
a service that carried on for
the next 119 years. Charles I
opened the service to the
general public in 1635. It took
on the name Royal Mail in
1784 and launched the world’s
first adhesive postage stamp,
called the Penny Black, in
1840.
ANDY RAIN/EPA/SHUTTERSTOCK
The U.K.’s Royal Mail has been delivering letters for 500 years.
tance of EVs. Several have said
they are working on cheaper
battery-powered models for
the U.S. market, where average
selling prices for EVs in recent
years have ranged from the
high $40,000s to more than
$60,000.
Tavares, speaking at a Bern-
stein conference in New York,
said that a $25,000 all-electric
Jeep is achievable in part be-
cause the company is already
selling cheaper EVs at a profit
in other parts of the world. In
particular, he mentioned the
Citroën e-C3, a hatchback be-
ing sold in Europe at €23,300.
This model will eventually be
offered at a lower price of
€20,000, or $21,500.
“The same way we brought
the €20,000 Citroën e-C3, you
will have a $25,000 Jeep very
soon, because we are using
the same expertise,” Tavares
said in response to a question
about EVs in the U.S.
An electric Jeep priced in
the mid-$20,000s would be a
major statement for the
brand. The cheapest EV the
parent company currently
sells in the U.S. is the subcom-
tank and full battery. That is
roughly the distance between
New York City and Miami—a
drive along I-95 that can take
19 hours.
Prices of the models,
called the Qin L DM-i and the
Seal 06 DM-i, start at 99,800
yuan, or $13,775, and run up
to 139,800 yuan, relatively
low prices for the sedan seg-
ment in China.
The new powertrains are
BYD’s fifth iteration since it
launched its first plug-in hy-
brid model in 2008. The new
versions cut fuel consump-
tion to 2.9 liters per 100 kilo-
The launch of the stamp
led to a surge in mail vol-
umes, which rose from 67
million in 1839 to 242 million
by 1844, and more than 1 bil-
lion a year by 1875.
Letter volumes peaked at
20 billion a year in the
2004-5 fiscal year, according
to Royal Mail’s website. Vol-
ume was 7 billion in the
2022-3 period. In five years’
time, Royal Mail expects vol-
umes to drop to 4 billion,
though it expects parcel vol-
umes to grow.
Under the deal, the IDS
board and EP have agreed to
a number of promises to the
U.K. government in recogni-
tion of Royal Mail’s status as
a key part of the national in-
frastructure. EP has agreed to
retain for five years Royal
Mail’s “universal service”—
one price goes anywhere in
the U.K.—and a six-day-maxi-
mum delivery commitment
for first-class letters.
The two sides also agreed
that there won’t be any
change in control of Royal
Mail or GLS, a Netherlands-
based delivery business also
owned by IDS, for three years
upon completion of the deal.
Royal Mail will remain head-
quartered in, and a tax resi-
dent of, the U.K. EP also has
agreed to protect employees’
rights and continue to recog-
nize the existing unions.
“The EP group has the ut-
most respect for Royal Mail’s
history and tradition, and I
know that owning this busi-
ness will come with enormous
responsibility—not just to the
employees but to the citizens
who rely on its services every
day,” Kretinsky said.
BUSINESS NEWS
Carmakers see high prices as a hurdle to EV acceptance. The 2024 Jeep Wrangler at a car show.
pact Fiat 500e, with a price
tag of about $32,500.
Tavares has previously de-
scribed the $25,000 price point
as a target for an entry-level
EV in the U.S., but his comment
at an event in New York pins it
to one of the carmaker’s most
meters, down from 3.8 liters
per 100 kilometers in the pre-
vious version three years ago.
BYD’s Hong Kong-listed
shares rose 5.3% on Wednes-
day, making them the top
gainer among Hang Seng In-
dex constituents. Shenzhen-
listed shares closed 8.35%
higher, their largest one-day
rise since September 2021.
Warren Buffett-backed
BYD has been on a tear in re-
cent months, passing Tesla
as the world’s largest seller
of electric vehicles, unveiling
a Ferrari-esque sports car
and its first pickups, and
The cruise operator’s debt ballooned by over $4 billion during the pandemic, of which more than $2 billion has been paid down.
Norwegian Line Looks to Cut Costs, Debt
BY JENNIFER WILLIAMS
Norwegian Cruise Line
Holdings’ finances took a hit
during the pandemic as ships
stopped sailing and it had to
raise billions of dollars in cap-
ital to stay afloat. Now, the
company is looking to clean
up its balance sheet.
This means generating more
cash to pay down debt, which
during the pandemic ballooned
by more than $4 billion. The
Miami-based company behind
the Norwegian, Regent Seven
Seas and Oceania cruise lines
also is planning to slash $300
million in costs by 2026, with
$100 million in reductions
coming this year. “We are ma-
niacally focused on that,” Chief
Financial Officer Mark Kempa
said of deleveraging the bal-
ance sheet.
“We’re trying to eliminate
waste from the business, and
that could be from anywhere,”
he said. “There are no sacred
cows.”
Cruises came to a halt in
2020 after Covid-19 cases
spread, and the industry was
initially slow to rebound. But
demand has returned, cruise
company executives have said,
which along with operational
efficiency efforts, gives Nor-
wegian confidence it can im-
prove its cash flows.
Norwegian reported re-
cord bookings, 8% capacity
important brands.
Tavares didn’t offer further
details. Stellantis executives
were in New York this week to
unveil a fully electric version
of its premium Wagoneer SUV,
a model that starts at about
$62,000.
continuing to grow its top
line and bottom line, despite
price wars and stiff competi-
tion in China, the world’s
most crowded EV market.
The driving ranges of the
new sedans beat BYD’s hy-
brid rivals by a wide margin.
Hybrid specialist Li Auto’s
latest L6 model has a driving
range of up to just over 860
miles, while models of Hua-
wei-backed Seres’s latest
Aito M9 model is advertised
at up to about 870 miles.
Ranges of major global hy-
brid carmakers typically top
out just above 680 miles.
Norwegian Cruise Line’s share
price, past five years
$60
50
40
30
Wednesday
$16.49
20
10
0 in each of the next couple of
2020 ’21 ’22 ’23 ’24
Source: FactSet
growth and $2.2 billion in
revenue for the quarter
ended March 31, up 20%
compared with the prior-year
period. The company last
week lifted its guidance for
the second time this month,
raising expected adjusted
earnings before interest,
taxes and depreciation and
amortization to $2.3 billion
from $2.25 billion.
Would-be cruise passengers
decide to take a trip nine to 10
months before they travel,
Kempa said. Once on board, if
travelers aren’t feeling as fi-
nancially sound as when they
booked, they tend to refrain
from spending, he said. Nor-
Thursday, May 30, 2024 | B3
cars is a top reason keeping
consumers away.
EV market leader Tesla has
said it aims to introduce more
affordable models in the U.S.,
although it has offered few
specifics on the plans.
Ford earlier this year said it
plans to focus on developing
smaller, less expensive EV
models, in part because con-
sumers have signaled that they
aren’t willing to pay a premium
over gas-powered vehicles.
Tavares’s remarks come as
the company’s U.S. dealers
have been complaining to Stel-
lantis executives about not
having more affordable vehi-
MILO HESS/ZUMA PRESS
cles—both electric and gas
powered—to sell. Jeep’s U.S.
sales have declined 14%
through April this year, while
unsold vehicles have stacked
up on dealers’ lots.
Stellantis, which formed in
Sales of electric cars in the January 2021 through the
U.S. have decelerated after a merger of Fiat Chrysler and
few years of strong growth, PSA Group, has seen its share
prompting several automakers in the profitable U.S. market
to delay factory investments slide from 12.5% in 2020 to less
and new-model introductions. than 8% through the end of
Surveys show that high prices April, the sharpest drop among
relative to combustion-engine major automakers.
Some analysts said the ex- added, with the new models
tended driving range, lower providing an alternative to
fuel consumption and modest brands like Nissan and Toy-
prices of the new BYD models ota that have long had a rep-
would add to the carmaker’s utation for low prices and
leading position in the indus- low operating costs.
try at a time when rivals are Nomura analyst Joel Ying
gearing up to roll out new said major competitors of the
models and trim prices further new models would be inter-
in a monthslong price war. nal-combustion-engine cars
They could also lead to targeting similar consumers
more pressure for foreign au- at a comparable price range,
tomakers who are already such as Nissan’s Sylphy and
losing market share in China, Toyota’s Levin and Corolla
BOCOM International auto models. ICE competitors, he
analyst Angus Chan said. added, aren’t able “to provide
“Japanese automakers would 2,000 kilometers driving
be at risk the most,” he range for sure.”
SCOTT MCINTYRE/BLOOMBERG NEWS
wegian looks at both met- sector to determine whether
rics—bookings and spending jobs can be done better or
on board—to assess its con- differently.
sumers’ strength, and “we are While there is an overall
not seeing any sort of cracks,” dollar figure to hit, Kempa
the CFO said. said he hasn’t set targets for
The demand helps with cuts from each part of the
paying down debt, Kempa business. “I can go in and
said. The company during the bang the door and say, ‘You’ve
pandemic raised around $8 got to find me 5% in cost sav-
billion in debt and equity. Of ings,’ but people are going to
the more than $4 billion in look at me and say, ‘You’re
debt, Norwegian has paid crazy,’” he said. The company
down around $2.3 billion has approached cuts that way
through the first quarter of before, but Kempa said it isn’t
the year, and the CFO expects a long-term fix.
to pay down around $1 billion The $100 million in cuts for
this year have already been
years. Norwegian’s total debt identified, Kempa said.
for the quarter ended March Roughly two-thirds will come
31 was $13.7 billion. from reducing the ship oper-
The remaining portion of ating cost base as well as
the roughly $8 billion came in marketing, selling and admin-
the form of equity, with Nor- istrative spending. The rest
wegian diluting shareholders come from all parts of the
by nearly 100% to raise capi- company, he said. The sources
tal, he said. The company may for the remaining $200 mil-
repurchase some of those lion haven’t been identified
shares in the future, but pay- yet, but they will likely be
ing down the debt is the first similar and may also involve
priority, the CFO said at an in- head-count cuts, according to
vestor day last week. the CFO.
Norwegian also is looking Even as Norwegian gives
for $300 million in costs to priority to cutting costs, the
cut, Kempa said. To do this, cruise company will spend to
an internal group that reports grow, according to Kempa. But
to the CFO is looking across the bar is high, he said.
the business for improve- “We’re not afraid to reinvest
ments, he said. They bench- where it makes sense, but
mark against the company, we’re very, very critical and
the cruise industry and the we’re very, very choosy on
broader travel-and-leisure what we want to reinvest in.”
B4 | Thursday, May 30, 2024 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Samsung Union Plans First-Ever Strike

Management and The National Samsung Elec-
tronics Union and Samsung
labor have failed to Electronics’ management have
narrow divide in held several rounds of talks
and negotiations since January
talks since January but failed to narrow their dif-
ferences.
BY KIMBERLEY KAO The union said it has about
AND FARAH ELIAS 28,000 members, or roughly
one-fifth of the company’s to-
A union representing Sam- tal workforce.
sung Electronics workers has Samsung’s shares fell after
called for the first-ever strike the strike plan was reported,
in the South Korean technology ending 3.1% lower at 75,200
titan’s history after talks over won, or $55.14, in Seoul.
wage increases broke down. If the strike goes ahead, it
The union said it plans to would be the first-ever walkout
start action by getting its by Samsung Electronics work-
members to collectively use ers.
one day of paid leave on June It would also come at a

YONHAP NEWS/ZUMA PRESS

7, as a first step toward a po- challenging time for the
tential full-scale strike. world’s largest memory-chip
“We can no longer tolerate maker, which is trying to ramp
labor oppression and union op- up its semiconductor business
pression. We are declaring a as demand for advanced chips
strike, given the management’s grows amid the artificial-intel-
attitude of ignoring workers,” ligence boom. Samsung Electronics union members called for a strike at the Korean company’s headquarters in Seoul on Wednesday.
read a banner held up by Na- Samsung last week replaced
tional Samsung Electronics the head of its semiconductor ship change a “pre-emptive first-quarter profit more than out of a prolonged slump. South Korea last week un-
Union members who gathered business after the company fell measure” aimed at strengthen- quadrupled as its flagship Still, Samsung has wit- veiled a $19 billion support
on Wednesday. behind in the race to develop ing the company’s competitive- semiconductor business re- nessed its share of the global package to help the country’s
A Samsung Electronics high-bandwidth memory chips, ness. turned to profit on a rebound foundry business—manufactur- chip makers close the gap with
spokeswoman said the com- a crucial component for AI and The company, South Korea’s in memory-chip prices, offer- ing chips designed by others— other leading players.
pany didn’t have a comment on high-performance computing largest by market capitaliza- ing a sign that the global tech- fall in recent years despite —Jiyoung Sohn
the union’s latest declaration. systems. It called the leader- tion, last month reported its nology industry is pulling itself boosting investment. contributed to this article.

PwC Is Set to Become the Largest Salesforce Reduces

Enterprise Customer of ChatGPT Outlook for Revenue BY BEN GLICKMAN
AND TOM DOTAN
BY BELLE LIN
Business-software provider
PricewaterhouseCoopers Salesforce reduced its outlook
will become the largest cus- for subscription and support
tomer and first reseller of Ope- revenue and issued a down-
nAI’s enterprise product, as beat forecast for the current
part of a new deal the two quarter.
companies announced Wednes- The company said there
day. was cooling demand from cus-
PwC said it would roll out tomers who were taking lon-
ChatGPT Enterprise, the ver- ger to place orders for its soft-
sion of ChatGPT aimed at large ware services, despite
companies, to its 75,000 U.S. excitement around Salesforce’s
employees and 26,000 U.K. em- artificial-intelligence products.
ployees, totaling over 100,000 “We saw elongated deal cy-
licenses for the artificial-intelli- cles, deal compression and
VINCENT ISORE/IP3/ZUMA PRESS
nioff expressed enthusiasm
that the company’s AI prod-
ucts would soon become a ma-
jor tailwind to sales as more
businesses signed up to use
their new tools, which use AI
to improve marketing emails
and business intelligence.
The business software pro-
vider said it now expects sub-
scription and support revenue,
the lion’s share of the com-
pany’s business, to grow just
below 10% in the current fiscal
year. The company had previ-
ously forecast growth of about
10% or above 10% in constant
currency.

gence product. high levels of budget scru- Salesforce also reduced its
Both companies declined to tiny,” said Brian Millham, full-year guidance for operat-
share financial terms of the president of Salesforce, on a ing margin.
deal. conference call. The company expects reve-
The accounting-and-con- The stock fell 16% in after- nue to be up 7% to 8% in the
sulting giant last year an- hours trading. Before the current quarter to $9.2 billion
nounced plans to invest $1 bil- earnings, Salesforce shares to $9.25 billion. Analysts
lion in generative AI, the The accounting-and-consulting giant last year revealed plans to invest $1 billion in generative AI. had risen 3.2% since the start polled by FactSet are expect-
technology behind ChatGPT, in of the year. ing revenue of $9.35 billion for
its U.S. operations over three customizing their own models. ployees, Atkinson said, though cluding sales and technical Chief Executive Marc Be- the period.
years. Wednesday’s deal is an Businesses worldwide are many will start using ChatGPT staff to help directly sell its AI
evolution of that, said Joe At- expected to spend $1.52 trillion Enterprise as it rolls out. technology to companies.
kinson, PwC U.S.’s vice chair
and chief products and tech-
nology officer. A PwC spokes-
on information technology ser-
vices this year, up 9.7% from
2023, driven by planning for
For OpenAI, working with
PwC represents one of its first
efforts in selling its technolo-
“PwC, obviously, has much
broader reach, been around
longer, so there’s real partner-
Text-Messaging Firm
person said the OpenAI agree-
ment is part of the initial $1
billion investment.
generative AI, according to
market research and consulting
firm Gartner. With enterprises
gies to enterprises with a part-
ner outside of Microsoft, its
largest backer.
ship just in their ability to help
us look at and go to market,”
Lightcap said.
Secures $110 Million
Over the past year, PwC has falling behind IT service firms Since the public release of In training GPT-4o, OpenAI’s
focused on teaching its staff in attracting talent in areas like ChatGPT in 2022, OpenAI has newest model that can interact BY MARIA ARMENTAL Under Edison’s ownership,
how to use AI, building its AI, they have spent more IT ramped up its enterprise sales, with people by voice and better the company switched from a
own AI tools and providing dollars on consulting than in- which Chief Operating Officer digest images and video, Light- Edison Partners and Step- pay-as-you-go business model
them to clients, and using AI ternal staff for the first time, Brad Lightcap described as “in- cap said the company re- Stone Group led a $110 million to a subscription-based one,
to update its consulting tech- Gartner said. creasing focus on enterprise for sponded to feedback from en- investment in consumer-finance giving it better visibility into
nology platform and opera- PwC sees using ChatGPT En- us, given the demand that we terprises looking for models technology company Solutions future revenue, said Kelly Ford,
tions, Atkinson said. terprise as a way to test and see.” that can process images and by Text to capitalize on the the Edison general partner who
Consulting firms are some of apply the technology internally ChatGPT Enterprise and video as well as text. OpenAI broader adoption of text mes- led the deal. Last fall, the com-
the early winners of the gener- before passing on firsthand ChatGPT Team make up what announced a safety and secu- saging to pay for such things as pany added embedded payment
ative AI boom as companies learnings to clients. OpenAI calls its “business rity committee Tuesday after car loans and mortgages. features that enable users to
seek help in using the new So far, 95% of PwC’s U.S. products.” ChatGPT Enterprise becoming embroiled in a legal Growth-equity investor Edi- make payments through con-
technology. Accenture, KPMG workforce has spent over is aimed at companies with battle over its new voice assis- son first backed Solutions by sumer text-based responses.
and Ernst & Young have also 360,000 hours on generative AI more than 100 employees and tant in GPT-4o. Text in 2021 and as control- Private-equity firms had ex-
invested billions in generative activities and learning, it said. priced based on the number of OpenAI also has worked ling shareholder led the com- pressed interest in buying the
AI to expand their work with “This is more of an assistant users. ChatGPT Team is geared with consulting firms including pany through a period of rapid company, Ford said, adding that
clients through the technology. that’s available to you than it is toward firms with fewer than Bain, though its partnership growth, during which the Edison considered selling. How-
“As this continues to evolve, a search bar,” Atkinson said. 100 employees and costs $30 a with PwC is the first of its company roughly tripled reve- ever, while the firm was pleased
I expect that billion dollars to PwC also developed a chat- month for each user, according kind, with a reseller component nue and bookings, according with the proposed valuations
grow across our network,” At- bot called ChatPwC, built on to OpenAI. and dedicated investment, the to Solutions by Text Chief Ex- those firms discussed, she said
kinson said. OpenAI’s GPT-4 model, which In April, OpenAI said company said. Lightcap said ecutive Dave Baxter. that they weren’t high enough
But generative AI isn’t ubiq- more than 100,000 employees 600,000 individuals pay for its OpenAI will likely work with Founded in 2008, Solutions to convince Edison to forgo the
uitous in business. Most enter- are using globally. Employees ChatGPT business products, other partners, but is currently by Text offers text-based mes- potential future return it could
prises are cautiously using it— using tools like ChatPwC have and 92% of Fortune 500 com- focused on tapping PwC’s expe- saging as well as consumer-fi- generate by holding its stake.
tackling uses like automating reported a 20%-to-40% increase panies are using ChatGPT in rience with enterprises and nance payment technologies Instead, Edison opted to
customer service and summa- in productivity, it said. Both some form. The San Francisco- working with it to develop AI to financial institutions and put more money in the com-
rizing emails with help from ChatGPT Enterprise and Chat- based company said it has a solutions for specific indus- other enterprises, particularly pany alongside StepStone, a
vendors or consultants before PwC will be available to em- team of about 200 people in- tries. in regulated industries. new investor.

Netflix Plans New Music Competition Shows

As It Beefs Up Its Unscripted Programming
BY JESSICA TOONKEL familiar with the situation. ming that could have aired on sal’s long-running reality
Think “Love Is Blind” meets broadcast channels like CBS singing show “The Voice,”
Netflix is ready to jam. “The Voice.” and NBC, general-entertain- which has been on the air for
The streaming giant is de- Another show would fea- ment cable networks and for- 13 years, and ABC’s “American
NETFLIX

veloping new music-competi- ture songwriters competing to
tion shows in the image of write music for professional
long-running broadcast hits artists, a la NBC’s short-lived
like “American Idol” and “The pandemic reality series
Voice” as it tries to expand “Songland.”
the breadth of its program- The two upcoming shows,
ming and appeal to the tastes which are likely to be released
of its nearly 270 million sub- next year, reflect Netflix’s am-
scribers. bition to offer a series in just
One show in the works, about every genre, as the
tentatively called “Building company tries to appeal to a
the Band,” will feature musi- huge customer base with di-
cians auditioning to be in verse tastes.
bands and rehearsing to- While Netflix was initially
gether without seeing each viewed in Hollywood as an
other until their final live per- HBO competitor, its vast cata-
formance, according to people log now includes program-
eign broadcasters. Expanding
further into reality-competi-
tion fare has been a priority.
Netflix has a few competi-
tion shows, including “Is It
Cake?” in which contestants
compete to make cakes that
look like everyday items;
“Squid Game: The Challenge,”
based on the hit Korean
drama; and popular dating
show “Love Is Blind.” Netflix
already has one music show,
“Rhythm + Flow,” in which fa-
mous artists judge up-and-
coming rappers.
Audiences love NBCUniver-
Idol,” which is in its 22nd
year, including its earlier stint
on Fox.
Such shows offer brand-
safe, family-friendly content
that could help Netflix appeal
to advertisers.
The company started roll-
ing out its $6.99-per-month
ad tier in November 2022, and
said earlier this month that it
has 40 million monthly active
users globally, almost double
the 23 million it had in Janu-
ary.
Brandon Riegg, Netflix’s
vice president of nonfiction
Netflix already offers ‘Squid Game: The Challenge.’
series and comedy specials,
earlier this year hired Jeff
Gaspin, his former colleague
at NBCUniversal, as vice pres-
ident of unscripted series.
Part of Gaspin’s mandate is to
find global competition shows
including music competitions,
according to the people famil-
iar with the situation.
As part of its effort to find
reality-competition shows
with global appeal, the
streaming giant has broad-
ened its search beyond stu-
dios that specialize in reality
TV, the people said.
Netflix has been eager to
make sure the shows it devel-
ops have story arcs that lend
themselves to binge-watching.
The streamer ideally wants
series that it can launch in
several different countries, as
it has done with its “Love Is
Blind” franchise.
THE WALL STREET JOURNAL. * * * Thursday, May 30, 2024 | B5

NEW HIGHS AND LOWS WSJ.com/newhighs

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

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session. BioVie BIVI 0.42 -3.1 EvolentHealth EVH 21.23 -7.0 LiveWireWt LVWR.WS 0.20 ... ReadyCapital RC 7.93 -3.5 TelusIntl TIXT 5.55 -2.8 Verastem VSTM 3.86 -0.5
BioXcelTherap BTAI 1.78 -3.8 Evotec EVO 4.54 -5.8 Longeveron LGVN 1.02 -2.8 Regis RGS 4.35 -2.0 TTEC TTEC 5.94 -3.3 VeronaPharma VRNA 11.79 -4.7
Wednesday, May 29, 2024 BlackstoneMtg BXMT 16.73 -1.8 ExactSciences EXAS 43.59 -4.7 MSC Industrial MSM 83.77 -1.4 RemitlyGlobal RELY 13.12 -1.6 TaboolaWt TBLAW 0.22 -0.1 VerveTherap VERV 4.90 -3.1
52-Wk % 52-Wk % 52-Wk % Bloomin'Brands BLMN 20.53 -0.4 Five9 FIVN 47.59 -2.1 MagnaIntl MGA 43.96 -2.6 Replimune REPL 4.92 -3.3 TeladocHealth TDOC 11.00 -1.8 VividSeats SEAT 4.71 -1.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BoydGaming BYD 49.34 0.4 Fortrea FTRE 24.63 -1.9 Marcus MCS 10.55 -3.6 RevelationBio REVB 1.65 -2.9 TelekmIndonesia TLK 17.43 -3.7 VivosTherap VVOS 1.96 -5.3
BristolMyers BMY 39.94 -0.6 FutureFuel FF 4.47 -2.0 MarkforgedWt ... RichtechRobotics RR 1.07 -1.8 VOR 1.37 -6.6
Fitell FTEL 19.49 1.8 ShoeCarnival SCVL 38.24 1.2 MKFG.WS 0.02 10xGenomics TXG 21.74 -2.6 VorBiopharma
Highs Genfit GNFT 5.24 11.9 StarBulkCarriers SBLK 27.47 ...
Brown-Forman B BF.B 44.20 -1.5 GRIID Infr Wt GRDIW 0.05 -7.0 mF Intl MFI 0.91 -5.7 RobertHalf RHI 64.29 -1.5
TenonMedical TNON 0.69 ... W&T Offshore WTI 2.11 -5.3
BurgerFiIntl BFI 0.35 -8.1 GXO Logistics GXO 48.09 -0.2 Microvast MVST 0.30 -2.9 Roku ROKU 55.01 0.1 WW Intl WW 1.42 -0.7
AITransportation AITRU 11.49 2.4 GlobalShipLease GSL 29.30 0.8 StealthGas GASS 8.58 -0.5 Teradata TDC 31.51 -0.3
CN Energy CNEY 0.47 -13.7 GabelliMultiPfdG GGTpG 21.87 ... MicrovastWt MVSTW 0.03 -1.8 Rubrik RBRK 31.84 1.7 Wag! PET 1.45 -6.9
AST Space ASTS 9.35 69.2 GlobalinkInvt GLLIU 15.49 31.4 StrawberryFldREIT STRW 10.98 4.3 TheravanceBio TBPH 8.13 -1.4
CVS Health CVS 52.77 0.1 Galapagos GLPG 26.89 -0.9 Mobilicom MOB 0.77 -2.8 SachemCapital SACH 2.85 -0.7 WalgreensBoots WBA 14.62 -3.2
AST Space Wt ASTSW 3.10 147.9 GoldenMatrix GMGI 5.97 6.1 Surmodics SRDX 42.36 19.9 TItanIntl TWI 8.01 -2.7
CaesarsEnt CZR 31.87 -3.3 GeneticTech GENE 1.67 -12.1 MolecularTemp MTEM 1.12 -7.9 SagaComm SGA 17.50 -1.9 Wendy's WEN 16.98 -1.5
AZZ AZZ 86.41 ... HeartbeamWt BEATW 0.75 -2.9 T-MobileUS TMUS 169.11 0.9 Toro TTC 77.48 -0.7
CaribouBio CRBU 2.78 -3.7 GileadSciences GILD 63.10 -0.7 MolsonCoorsB SageTherap SAGE 10.78 -9.0 Whirlpool WHR 84.18 -2.3
HEI.A 180.08 0.4 TandemDiabetes TNDM 53.15 -2.2 TAP 52.60 0.1
Abercrombie&Fitch ANF 196.99 24.3 Heico A SRG 5.16 -3.9
TruGolf TRUG 1.09 0.9
ChathamLodging CLDT 8.23 -2.0 GinkgoBioworks DNA 0.55 -10.3 Monro SeritageGrowth WindtreeTherap WINT 3.53 -3.9
HEI 225.61 0.5 TenetHealthcare THC 134.89 0.5 MNRO 22.35 -5.1
AimeiHlthTech AFJK 10.34 0.1 Heico ServiceProperties SVC 5.23 -3.5
TungrayTech TRSG 3.66 -11.9
Chegg CHGG 3.51 1.1 GlycoMimetics GLYC 0.26 -3.9 MyersIndustries XIAO-I AIXI 0.88 -4.1
HSPO 10.97 ... TutorPerini TPC 22.09 2.1 MYE 15.23 -0.4
AlarumTech ALAR 40.94 11.9 HorizonSpaceI SharpLink SBET 0.86 -4.4
22ndCentury XXII 1.21 -3.1
XcelBrands XELB 0.66 -8.1
ChimeraInvNts29 CIMN 24.45 -0.3 GranitePointMtg GPMT 2.86 1.0
HUMA 7.88 2.9 U-BX Tech UBXG 8.00 7.8 MyMD Pharm MYMD 1.90 -1.0
APxAcqnI A APXI 11.51 0.1 Humacyte Silvaco SVCO 17.94 -2.6
TwinVee VEEE 0.61 -2.9
YY Group YYGH 1.09 -6.3
Chuy's CHUY 25.44 -1.8 GreatAjax AJX 3.11 -3.7
INSM 53.98 11.4 VitalFarms VITL 41.97 2.5 N2OFF NITO 0.81 -1.1
Arhaus ARHS 17.68 0.5 Insmed SmartPowerr CREG 0.80 -18.0 Uniti UNIT 3.00 -0.3 Yext
YEXT 4.84 -3.5
CiscoSystems CSCO 45.85 -0.4 GreenPlains GPRE 16.86 -5.8
ITIC 171.89 4.8 WesternDigital WDC 77.66 1.7 NatlResearch NRC 28.48 -5.1
AudioEye AEYE 26.16 6.6 InvestorsTitle Smucker SJM 106.32 -0.9 UnitySoftware U 18.33 -1.7 YunhongGreenCTI YHGJ 1.13 0.9
ClarivatePfdA CLVTpA 21.88 -3.3 GreenlandTech GTEC 1.40 -2.7
10.12 ... WheelerReitNts WHLRL 63.50 11.4 NavitasSemi NVTS 3.48 -0.6
BRC BRCC 6.30 3.5 JVSPAC Acqn A JVSA SpruceBio SPRB 0.67 3.4 VCIGlobal VCIG 0.74 -4.9 ZKH ZKH 8.70 -1.5
Clarivate CLVT 5.59 -4.7 GreenPowerMotor GP 1.16 -1.6
LMND.WS 0.06 -5.1 ZimIntShipping ZIM 22.45 -3.7 NerdyA NRDY 1.70 -2.8
BW LPG BWLP 18.28 1.3 LemonadeWt 6.80 -0.4 GromSocialEnts 0.47 1.5 StandardMotor SMP 29.42 -3.6 VOC Energy VOC 5.02 -1.9 ZoozPowerWt ZOOZW 0.03 2.6
ClarosMtg CMTG GROM
LBRT 24.43 -1.7 NewFortressEner NFE 24.13 -3.0
BankofAmPfdE BACpE 24.40 0.2 LibertyEnergy SSYS 8.78 -3.5 VailResorts MTN 183.70 -2.9 ZeppHealth 0.72 -3.6
BelFuse A BELFA 82.48 5.1 LogisticProp LPA 36.68 17.9 Lows CoeptisTherap
ColumbiaFinl CLBK
COEP 0.25 -2.6 GryphonDig
14.30 -2.0 HallofFameResort HOFV
GRYP 1.21 -5.4
2.29 -9.0
NY Mortgage NYMT 5.65 -3.6
Stratasys
SunCountryAir SNCY 9.22 -0.3 ValleyNatlBncp VLY 6.75 -4.2 Zhihu
ZEPP
ZH 3.22 -1.8
BrinkerIntl EAT 68.56 1.0 LotusTechWt LOTWW 1.43 142.4 AcadiaPharm ACAD 14.60 -3.1 CommunityHlthcr CHCT Nikola NKLA 0.49 -3.7
22.03 0.5 HeliusMedical HSDT 1.14 4.0 SunshineBio SBFM 0.63 -8.8 Velo3D VLD 0.17 -4.5 ZyVersaTherap ZVSA 4.09 0.3
Build-A-Bear BBW 32.47 -0.7 MaiaBiotech MAIA 4.59 6.1 AGCO AGCO 102.76 -1.4 ConsumerPtf Nukkleus NUKK 0.70 -9.9
CPSS 7.03 -0.8 HoldcoNuvo NUVO 1.37 -6.1
CAVA CAVA 89.69 7.0 Mytheresa MYTE 5.54 -2.2 AIM Immuno AIM 0.31 -0.3 ContainerStore ODP ODP 37.61 -3.9
TCS 0.65 -1.4 JBHunt JBHT 154.10 -2.4
CBAK Energy CBAT 1.55 0.7 Mama'sCreations MAMA 7.15 -0.3 Amerisafe AMSF 43.13 -1.1 Cosan OmegaFlex OFLX 58.17 -0.7
CSAN 10.47 -1.0 Hywin HYW 0.36 -17.7
Cadeler CDLR 24.44 1.8 Marex MRX 23.45 -4.4 APA APA 28.73 -2.2 Coursera COUR 7.61 -2.2 HyzonMotors HYZN 0.50 3.0
OncologyInstWt TOIIW
180LifeSci ATNF
0.02 -6.2
1.31 -2.5
Cash Prices Wednesday, May 29, 2024
Camtek CAMT 109.49 0.6 MartinMidstream MMLP 3.33 3.2 AcadiaHlthcr ACHC 62.04 3.5 CrackerBarrel CBRL 45.32 -2.7 i-80Gold IAUX 1.03 -0.9
ChimeraInvPfdB CIMpB 25.01 ... MoneyLion ML 100.85 1.7 Adient ADNT 26.78 -1.4 CueHealth PSQ PSQH 3.29 -5.7 These prices reflect buying and selling of a variety of actual or “physical”
HLTH 0.05 -39.5 InhibrxWi INBXV 30.78 -1.3
ChimeraPfdC CIMpC 22.62 0.8 NanoNuclearEner NNE 7.24 25.9 Ambev ABEV 2.17 -1.3 CumulusMedia CMLS 2.34 -8.2 IntlGameTech IGT 18.90 -0.7
PagerDuty PD 19.15 -1.3 commodities in the marketplace—separate from the futures price on an
ChimeraInvPfdD CIMpD 24.85 -0.4 NanoViricides NNVC 2.48 10.5 Amdocs DOX 77.71 -1.0 CVRx PapaJohn's PZZA 46.50 1.1 exchange, which reflects what the commodity might be worth in future
CVRX 6.89 -6.6 IonisPharm IONS 36.26 -3.2
CleanEnerSpec SWSSU 11.89 11.1 Netflix NFLX 664.25 0.9 AmericanWell AMWL 0.40 -3.8 DXC Tech PAVmed PAVM 1.38 -8.9
DXC 14.85 -0.5 IrisAcqnUn IRAAU 9.26 -2.7
PeakstoneRealty PKST 11.81 -5.1
months.
CleanEnerSpec SWSS 12.80 10.2 NewProvidenceII NPABU 13.19 -2.2 Ampco-Pitt AP 1.34 -2.8 Dayforce DAY 53.05 -1.9 IronwoodPharm IRWD 5.76 2.6
ClearwaterPaper CLW 53.74 0.8 NewProvidenceII A NPAB 12.45 0.1 AmplitechWt AMPGW 0.04 -29.6 Denny's 6.77 -2.6 IssuerDirect 9.16 2.6
PeapackGladFin PGC 20.63 -4.4 Wednesday Wednesday
DENN ISDR
CoreScientificWt CORZZ 4.09 8.6 NewYorkMtgPfdG NYMTZ 19.56 2.3 Amplitech AMPG 1.00 -22.2 DermTech PharmaCyteBiotech PMCB 1.76 -2.5
DMTK 0.30 -6.5 JohnsonOutdoors JOUT 34.42 -1.5 Energy Grains and Feeds
Costamare CMRE 15.29 0.7 NexaResources NEXA 8.01 0.8 AmylyxPharm AMLX 1.65 -2.3 Diageo DEO 131.43 -1.9 KY FirstFedBncp KFFB 3.35 -1.1 PierisPharm PIRS 9.31 -1.5
Criteo CRTO 39.97 0.7 NVIDIA NVDA 1154.92 0.8 AnywhereRealEst HOUS 4.09 -3.0 DineBrands DIN 37.19 -1.7 Knightscope KSCP 0.30 -4.8 PlaystudiosWt MYPSW 0.05 -10.1 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 77.050 Bran,wheat middlings, KC-u,w 83
CustomersBncpPfdF CUBIpF 25.80 0.4 OCA Acqn A OCAX 12.10 0.5 AppleHospREIT APLE 14.08 -1.3 dLocal DLO 9.11 -2.2 KrispyKreme DNUT 10.12 -5.9 PlutonianAcqn PLTN 4.10 -30.1 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.650 Corn,No. 2 yellow,Cent IL-bp,u 4.2700
DAC 91.59 4.0 OnHolding ONON 42.96 2.0 ArcherAviationWt ACHR.WS 0.26 -12.2 DonegalGroup A DGICA 12.01 -3.0 PlutonianAcqn PLTNU 5.83 -34.6 Corn gluten feed,Midwest-u,w 104.5
Danaos 12.80 -1.5 KyvernaTherap KYTX Metals Corn gluten meal,Midwest-u,w 421.1
DataStorageWt DTSTW 1.69 -0.3 OrionGroup ORN 9.93 6.0 AutonomixMed AMIX 1.85 -8.7 DuluthHoldings DLTH 4.00 -2.2 LG Display LPL 3.45 -4.3 Polaris PII 79.61 -2.6
DataStorage DTST 7.87 8.6 Pennant PNTG 24.09 -3.2 Avinger AVGR 2.05 -9.3 EPAM Systems EPAM 174.22 0.7 LasVegasSands LVS 43.75 -1.9 PolestarAuto PSNY 0.72 -5.5 Gold, per troy oz Cottonseed meal-u,w n.a.
DaVita DVA 147.26 2.1 PriorityTech PRTH 5.05 1.6 BILL BILL 50.41 -1.7 EagleBancorp EGBN 16.76 -4.1 Leafly LFLY 1.50 -2.4 PrestigeWealth PWM 0.92 -3.9 Engelhard industrial 2348.00 Hominy feed,Cent IL-u,w 118
DeckersOutdoor DECK 1083.71 -1.3 PulseBiosciences PLSE 13.74 -5.3 BancoBradescoPf BBD 2.45 -1.6 EaglePharm EGRX 3.21 -14.8 Lear LEA 120.40 -2.4 PrestoAutomation PRST 0.12 -15.8 Handy & Harman base 2343.35 Meat-bonemeal,50% pro Mnpls-u,w 320
DellTechC DELL 179.70 7.9 PureStorage PSTG 63.06 0.8 BancoBradesco BBDO 2.20 -2.2 EdibleGarden EDBL 1.68 ... LegalZoom LZ 8.25 1.4 ProfDiversity IPDN 0.62 -2.4 Handy & Harman fabricated 2601.12 Oats,No.2 milling,Mnpls-u 4.2950
DenisonMines DNN 2.42 0.8 Rezolute RZLT 4.22 11.9 BauschHealth BHC 6.09 -1.1 Emcore EMKR 0.83 -6.0 Leggett&Platt LEG 10.11 1.6 ProgressSoftware PRGS 49.00 -0.7 LBMA Gold Price AM *2344.70 Rice, Long Grain Milled, No. 2 AR-u,w 36.25
Dick's DKS 229.56 15.9 SPAR Group SGRP 2.75 1.5 BectonDicknsn BDX 224.00 -0.8 Envista NVST 17.64 0.9 LibertyGlobalC LBTYK 16.03 -2.8 Prothena PRTA 19.52 -1.4 LBMA Gold Price PM *2350.65 Sorghum,(Milo) No.2 Gulf-u n.a.
ElancoAnimal ELAN 17.58 1.5 SeapeakPfdB SEALpB 25.90 -0.1 BinahCapital BCG 6.19 15.4 EveHolding EVEX 4.72 -10.8 LightwaveLogic LWLG 3.13 -5.1 RaptTherap RAPT 3.88 -3.1
Krugerrand,wholesale-e 2433.08 SoybeanMeal,Cent IL,rail,ton48%-u,w 408.00
EllingtonFinPfdE EFCpE 25.58 -0.1 Semtech SMTC 42.61 0.1 Bio-Path BPTH 1.85 -2.6 Eventbrite 4.83 -2.2 LionsgateStudios LION 7.95 -1.9 RCI Hospitality RICK 45.68 -4.2
Maple Leaf-e 2456.48 Soybeans,No.1 yllw IL-bp,u 11.8800
EB
American Eagle-e 2456.48 Wheat,Spring14%-pro Mnpls-u 9.0200
FirstSolar FSLR 286.60 -0.7 ShockwaveMed SWAV 334.90 0.1 BioMarinPharm BMRN 73.69 0.8 Everi EVRI 6.37 -4.5 LithiumAmericas LAC 3.30 -7.7 RadiusRecycling RDUS 16.57 -6.7
Mexican peso-e 2828.74 Wheat,No.2 soft red,St.Louis-u 6.8325
Austria crown-e 2296.18 Wheat - Hard - KC (USDA) $ per bu-u 7.5375
Austria phil-e 2456.48 Wheat,No.1soft white,Portld,OR-u 6.8000
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Silver, troy oz.
Food
Engelhard industrial 32.1000
Closing Chg YTD Closing Chg YTD Handy & Harman base 32.0820 Beef,carcass equiv. index
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) 40.1030
Handy & Harman fabricated choice 1-3,600-900 lbs.-u 295.17
Closing Chg YTD JPM UltShIncm JPST 50.44 –0.02 0.4 VangdFTSE Europe VGK 68.56 –1.48 6.3 LBMA spot price *£24.6900 select 1-3,600-900 lbs.-u 282.39
Wednesday, May 29, 2024
ETF Symbol Price (%) (%) PacerUSCashCows COWZ 54.44 –0.95 4.7 VangdGrowth VUG 356.12 –0.36 14.6
(U.S.$ equivalent) *31.5550 Broilers, National comp wtd. avg.-u,w 1.3215
Closing Chg YTD Coins,wholesale $1,000 face-a 24720
ETF Symbol Price (%) (%) VangdHlthCr VHT 258.51 –0.82 3.1
Butter,AA Chicago-d 2.9750
iShGoldTr IAU 44.16 –0.92 13.1 ProShUltPrQQQ TQQQ 64.68 –2.09 27.6
Other metals Cheddar cheese,bbl,Chicago-d 196.00
CommSvsSPDR XLC 82.65 –0.53 13.7 iShiBoxx$IGCpBd LQD 105.77 –0.54 –4.4 SPDRBbg1-3MTB BIL 91.78 0.02 0.4 VangdHiDiv VYM 117.41 –1.09 5.2
LBMA Platinum Price PM *1049.0 Cheddar cheese,blk,Chicago-d 181.00
173.96 –0.66 –2.7 SPDR DJIA Tr DIA 384.58 –1.03 2.0 VangdInfoTech VGT 548.00 –0.35 13.2
CnsmrDiscSel XLY iShMBS MBB 90.25 –0.39 –4.1 Platinum,Engelhard industrial 1042.0 Milk,Nonfat dry,Chicago lb.-d 116.50
DimenUSCoreEq2 31.61 –0.94 8.1 SPDR Gold GLD 216.16 –0.93 13.1 VangdIntermBd BIV 73.74 –0.39 –3.5 Palladium,Engelhard industrial 967.0 Coffee,Brazilian,Comp-y 2.3073
DFAC iShMSCIACWI ACWI 110.60 –1.01 8.7
EnSelSectorSPDR 90.68 –1.77 8.2 SPDRPtfDevxUS SPDW 35.66 –1.71 4.9 VangdIntrCorpBd VCIT 78.91 –0.40 –2.9 Aluminum, LME, $ per metric ton *2653.0 Coffee,Colombian, NY-y 2.5392
XLE iShMSCI EAFE EFA 79.74 –1.58 5.8
FinSelSectorSPDR XLF 40.82 –0.80 8.6 iSh MSCI EM EEM 42.32 –1.49 5.2 SPDRS&P500Value SPYV 48.30 –1.07 3.6 VangdIntermTrea VGIT 57.43 –0.28 –3.2 Copper,Comex spot 4.8055 Eggs,large white,Chicago-u 1.9050
61.88 –0.72 10.7
VangdLC VV 240.88 –0.98 10.4 Iron Ore, 62% Fe CFR China-s *117.9 Flour,hard winter KC-p 19.65
GrayscaleBitcoin GBTC 59.71 –1.76 72.5 iShNatlMuniBd MUB 105.37 –0.39 –2.8 SPDRPtfS&P500 SPLG
VangdMegaGrwth MGK 297.19 –0.24 14.5 Steel, HRC USA, FOB Midwest Mill-s *750.0 Hams,17-20 lbs,Mid-US fob-u n.a.
HealthCrSelSect XLV 141.56 –0.78 3.8 iSh1-5YIGCpBd IGSB 50.98 –0.06 –0.6 SPDRS&P500Growth SPYG 76.04 –0.41 16.9
VangdMC VO 241.35 –1.29 3.7 Battery/EV metals Hogs,Iowa-So. Minnesota-u 90.21
IndSelSectorSPDR XLI 121.20 –1.42 6.3 iSh1-3YTreaBd SHY 81.27 –0.04 –0.9 SPDR S&P 500 SPY 526.10 –0.70 10.7 Pork bellies,12-14 lb MidUS-u n.a.
VangdMBS VMBS 44.59 –0.27 –3.8 BMI Lithium Carbonate, EXW China, =99.2%-v,w 14600
InvscNasd100 QQQM 187.88 –0.69 11.5 iShRussMC IWR 80.79 –1.22 3.9 SchwabIntEquity SCHF 38.75 –1.65 4.8 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13175 Pork loins,13-19 lb MidUS-u 1.3173
VangdRealEst VNQ 80.53 –0.97 –8.9
InvscQQQI QQQ 456.44 –0.70 11.5 iShRuss1000 IWB 288.24 –0.71 9.9 SchwabUS BrdMkt SCHB 61.06 –0.68 9.7 BMI Cobalt sulphate, EXW China, >20.5% -v,m 4250 Steers,Tex.-Okla. Choice-u n.a.
VangdRuss1000Grw VONG 89.03 –0.50 14.1
InvscS&P500EW RSP 162.86 –1.17 3.2 iShRuss1000Grw IWF 345.96 –0.46 14.1 SchwabUS Div SCHD 76.42 –1.32 0.4 BMI Nickel Sulphate, EXW China, >22%-v,m 4168 Steers,feeder,Okla. City-u,w n.a.
VangdS&P500ETF VOO 483.69 –0.70 10.7 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485
iShCoreDivGrowth DGRO 56.62 –1.03 5.2 iShRuss1000Val IWD 173.45 –1.13 5.0 SchwabUS LC SCHX 62.29 –0.67 10.4
VangdST Bond BSV 76.15 –0.08 –1.1 Fats and Oils
iShCoreMSCIEAFE IEFA 74.05 –1.67 5.3 iShRuss2000 IWM 202.13 –1.48 0.7 SchwabUS LC Grw SCHG 96.04 –0.47 15.8
VangdSTCpBd VCSH 76.85 –0.09 –0.7
Fibers and Textiles Degummed corn oil, crude wtd. avg.-u,w n.a.
iShCoreMSCIEM IEMG 53.21 –1.39 5.2 iShS&P500Grw IVW 87.77 –0.42 16.9 SPDR S&PMdCpTr MDY 534.11 –1.32 5.3
VangdShortTrea VGSH 57.73 –0.02 –1.0 Burlap,10-oz,40-inch NY yd-n,w 0.8050 Grease,choice white,Chicago-h 0.4250
iShCoreMSCITotInt IXUS 68.24 –1.61 5.1 iShS&P500Value IVE 180.33 –0.98 3.7 SPDR S&P Div SDY 126.67 –1.22 1.4 Cotton,1 1/16 std lw-mdMphs-u 0.7735 Lard,Chicago-u n.a.
VangdSC VB 218.71 –1.17 2.5
iShCoreS&P500 IVV 528.75 –0.72 10.7 iShSelectDiv DVY 120.60 –1.28 2.9 TechSelectSector XLK 214.73 –0.63 11.6 VangdTaxExemptBd VTEB 49.55 –0.34 –2.9 Cotlook 'A' Index-t *89.60 Soybean oil,crude;Centl IL-u,w 0.4345
iShCoreS&P MC IJH 58.38 –1.30 5.3 iSh7-10YTreaBd IEF 91.91 –0.49 –4.6 VanEckSemicon SMH 245.65 –1.67 40.5 VangdTotalBd BND 71.07 –0.36 –3.4
Hides,hvy native steers piece fob-u n.a. Tallow,bleach;Chicago-h 0.4450
iShCoreS&P SC IJR 107.10 –1.22 –1.1 iShShortTreaBd SHV 110.44 0.01 0.3 VangdSC Val VBR 183.41 –1.22 1.9 Wool,64s,staple,Terr del-u,w 2.78 Tallow,edible,Chicago-u n.a.
VangdTotIntlBd BNDX 48.24 –0.43 –2.3
iShCoreS&PTotUS ITOT 115.30 –0.80 9.6 iShTIPSBond TIP 105.87 –0.24 –1.5 VangdExtMkt VXF 168.59 –1.16 2.5 VangdTotIntlStk VXUS 60.59 –1.67 4.5
iShCoreTotUSDBd IUSB 44.66 –0.36 –3.1 iSh20+YTreaBd TLT 88.98 –1.21 –10.0 VangdDivApp VIG 178.51 –0.98 4.8 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &
VangdTotalStk VTI 259.72 –0.82 9.5
Brookes; H=American Commodities Brokerage Co;
iShCoreUSAggBd AGG 95.76 –0.38 –3.5 iShUSTreasuryBd GOVT 22.25 –0.38 –3.5 VangdFTSEAWxUS VEU 58.88 –1.57 4.9 VangdTotWrldStk VT 110.68 –1.09 7.6 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy;
iShEdgeMSCIMinUSA USMV 81.53 –0.85 4.5 iSh0-3MTreaBd SGOV 100.69 ... 0.4 VangdFTSEDevMk VEA 49.83 –1.72 4.0 VangdValue VTV 158.04 –1.05 5.7 S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International
Coffee Organization; Z=not quoted. *Data as of 5/28
iShEdgeMSCIUSAQual QUAL 165.60 –0.80 12.5 JPM EqPrem JEPI 56.28 –0.55 2.4 VangdFTSE EM VWO 43.53 –1.25 5.9 WT FRTrea USFR 50.33 0.02 0.2 Source: Dow Jones Market Data
B6 | Thursday, May 30, 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 Aug 2.876 2.881 2.704 2.715 –.152 100,216 Sept 544.50 544.50 541.50 542.50 –1.00 1,575
Sept 2.846 2.848 2.682 2.693 –.143 195,399 Milk (CME)-200,000 lbs., cents per lb. Currency Futures
Contract Open May 18.54 18.56 18.54 18.54 –.01 4,290
Open High hi lo Low Settle Chg interest Oct 2.909 2.915 2.765 2.773 –.132 155,640 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov 3.226 3.233 3.102 3.116 –.115 92,051 June 19.47 19.63 19.29 19.32 –.15 4,973 June .6382 .6393 .6360 .6362 –.0021 317,876
Copper-High (CMX)-25,000 lbs.; $ per lb. Cocoa (ICE-US)-10 metric tons; $ per ton. Sept .6470 .6480 .6446 .6449 –.0022 5,303
May 4.8020 4.8050 4.7960 4.8055 –0.0700 425 July 8,730 9,460 8,690 9,309 529 43,933 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures
July 4.8750 4.8935 4.7500 4.7910 –0.0640 140,486 Dec 7,265 7,815 7,226 7,698 412 39,411 June .7331 .7332 .7292 .7296 –.0034 251,889
Gold (CMX)-100 troy oz.; $ per troy oz. Corn (CBT)-5,000 bu.; cents per bu. Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept .7340 .7345 .7306 .7309 –.0035 8,750
May 2359.30 2359.70 2359.30 2340.30 –14.90 379 July 462.50 463.00 454.25 455.25 –7.25 637,874 July 229.00 236.25 228.05 229.45 –1.50 88,678 British Pound (CME)-£62,500; $ per £
June 2362.50 2363.70 2334.20 2341.20 –15.30 73,829 Dec 485.00 485.75 477.75 478.75 –6.50 427,034 Sept 227.05 234.80 226.95 228.30 –1.50 72,996 June 1.2765 1.2774 1.2700 1.2705 –.0055 237,856
July 2372.90 2374.20 2346.00 2352.00 –15.30 1,162
Oats (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Sept 1.2770 1.2779 1.2708 1.2711 –.0055 19,067
July 378.00 385.00 375.50 384.40 7.50 2,647 July 18.70 18.73 18.22 18.35 –.38 353,375 Swiss Franc (CME)-CHF 125,000; $ per CHF
Aug 2384.70 2386.00 2356.60 2364.10 –15.20 342,398
Dec 376.50 380.00 374.00 379.25 12.00 1,086 Oct 18.68 18.70 18.22 18.32 –.38 212,690 June 1.0985 1.0999 1.0962 1.0969 –.0020 98,372
Oct 2409.00 2409.00 2379.70 2387.20 –15.30 18,336 Soybeans (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 1.1098 1.1112 1.1076 1.1083 –.0020 1,832
Dec 2430.60 2431.00 2403.00 2410.40 –15.80 36,316 July 1229.00 1231.25 1212.50 1214.00 –15.50 334,644 Australian Dollar (CME)-AUD 100,000; $ per AUD
July 37.10 37.10 t 37.10 37.10 … 1,558
Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 1209.00 1210.75 1195.75 1196.60 –13.75 222,513 June .6654 .6671 .6614 .6620 –.0032 188,968
March'25 37.01 37.01 37.01 37.01 –.24 2,107
May 973.50 973.50 972.50 963.10 –13.60 6 Soybean Meal (CBT)-100 tons; $ per ton. Sept .6671 .6686 .6631 .6637 –.0033 2,988
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Sept 996.00 997.50 960.50 976.40 –11.50 21,024 July 377.50 378.90 368.20 369.10 –7.50 207,527
July 82.33 82.50 80.25 81.10 –1.33 93,988 Mexican Peso (CME)-MXN 500,000; $ per MXN
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 372.40 373.10 363.80 364.60 –7.80 111,127
Dec 79.00 79.18 77.73 78.10 –1.02 100,055
June .05936 .05954 .05867 .05884 –.00048 266,167
May 1055.00 1055.00 1055.00 1042.70 –19.00 2 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Sept .05864 .05871 .05787 .05802 –.00047 1,849
July 1071.90 1071.90 1043.20 1047.90 –18.90 78,147 July 45.55 46.00 45.11 45.88 .36 223,566
July 483.10 493.65 477.20 477.20 –10.00 8,757
Euro (CME)-€125,000; $ per €
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 46.20 46.61 45.84 46.51 .29 141,867 June 1.0868 1.0872 1.0809 1.0816 –.0053 643,081
Sept 469.10 471.00 459.30 459.30 –10.00 2,025
May 31.505 32.115 31.465 32.203 0.232 26
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 1.0917 1.0917 1.0855 1.0861 –.0053 12,187
July 18.08 18.14 17.81 17.84 –.25 4,756
July 32.310 32.515 31.780 32.373 0.236 144,686 Interest Rate Futures
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Sept 15.51 15.52 15.39 15.50 –.06 4,536 Index Futures
Wheat (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
July 80.26 80.62 78.99 79.23 –0.60 399,183 July 701.50 706.25 688.50 692.70 –7.50 200,143
Mini DJ Industrial Average (CBT)-$5 x index
June 121-300 122-050 120-040 120-120 –1-24.0 305,627 June 38920 38935 38221 38524 –420 96,432
Aug 79.78 80.11 78.57 78.80 –0.55 236,329 Sept 723.00 726.25 709.00 713.60 –6.75 91,577
Sept 122-030 122-120 120-100 120-180 –1-24.0 1,543,235 Sept 39300 39348 38634 38929 –426 786
Sept 79.23 79.55 78.11 78.34 –0.49 199,840 Wheat (KC)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
Oct 78.62 78.94 77.58 77.81 –0.43 121,709 July 731.50 733.50 715.50 719.60 –11.50 118,974
June 115-200 115-250 114-110 114-180 –1-07.0 371,598 June 5323.75 5324.00 5268.25 5284.00 –40.75 2,115,324
Dec 77.49 77.79 76.55 76.77 –0.37 189,055 Sept 744.75 747.00 728.75 733.60 –11.00 64,259
Sept 115-240 115-280 114-130 114-200 –1-08.0 1,323,544 Sept 5382.50 5386.50 5330.00 5345.75 –41.00 57,646
Dec'25 72.60 72.82 71.90 72.09 –0.28 104,401 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
Aug 264.200 264.950 259.300 260.250 –4.350 23,994
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 108-070 108-085 107-215 107-245 –17.0 1,028,312 June 2965.10 2967.40 2923.40 2927.20 –40.20 39,512
2.4801 2.4948 2.4295 2.4370 –.0280 18,375 Oct 265.825 266.675 261.800 262.550 –3.700 7,656
June Sept 108-170 108-190 107-310 108-020 –17.5 3,873,510 Sept 2966.10 2997.30 2958.00 2958.90 –38.90 8
July 2.4975 2.5124 2.4486 2.4559 –.0274 97,125
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index
June 184.250 184.500 181.750 183.350 –1.200 35,039 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 18949.50 18949.75 18740.00 18802.75 –137.75 248,748
Aug 181.500 181.850 178.700 180.200 –1.625 128,123 June 105-067 105-080 104-295 104-315 –8.5 1,379,027
June 2.5205 2.5332 2.4571 2.4644 –.0446 16,778 Sept 19189.75 19192.00 18984.00 19046.50 –138.25 5,326
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 105-185 105-200 105-087 105-107 –9.5 5,265,787
July 2.5141 2.5251 2.4525 2.4599 –.0419 121,030
Mini Russell 2000 (CME)-$50 x index
June 94.825 94.925 93.525 93.775 –.025 25,882 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 2071.00 2071.10 2038.40 2041.60 –31.60 465,552
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July 97.725 97.800 95.975 96.325 –.200 77,310 June 101-135 101-140 101-106 101-117 –1.9 775,304 Sept 2091.40 2095.20 2061.10 2064.10 –32.10 1,741
June 2.594 2.669 2.417 2.493 –.097 1,828 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 101-239 101-246 101-210 101-221 –2.2 3,355,012 Mini Russell 1000 (CME)-$50 x index
July 2.836 2.848 2.655 2.666 –.159 307,381 July 527.50 531.50 527.00 528.00 –1.00 7,956 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 2883.30 2905.20 2883.10 2885.10 –21.20 6,234
May 94.6700 t 94.6700 94.6700
94.6725 425,056 U.S. Dollar Index (ICE-US)-$1,000 x index
July 94.6750 t 94.6700 94.6700
94.6750 351,101 June 104.59 105.09 104.52 105.03 .50 39,172
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 104.22 104.68 104.15 104.63 .48 925
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks March 94.6475 94.6500 t 94.6475 94.6500 .0025 919,846
Sept

June 94.6600 94.6625 94.6575 94.6575 .0025 1,239,034 Source: FactSet

Money Rates May 29, 2024
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Bonds | wsj.com/market-data/bonds/benchmarks
guide to general levels but don’t always represent actual transactions.
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Tracking Bond Benchmarks
April index Chg From (%)
level March '24 April '23 Federal funds Other short-term rates Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Effective rate 5.3300 5.3300 5.3500 5.0800 highs and lows for different types of bonds
U.S. consumer price index Week 52-Week Total Total
High 5.6500 5.6500 5.6500 5.4000 Latest high low
All items 313.348 0.33 3.3 ago return YTD total return YTD total
Low 5.3100 5.3100 5.3300 5.0500 Yield (%) Yield (%)
Core 317.978 0.28 3.6 close return (%) Index Latest Low High close return (%) Index Latest Low High
Bid 5.3300 5.3300 5.3300 5.0700 Call money
Offer 5.3500 5.3500 5.3700 5.0800 7.25 7.25 7.25 7.00 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
International rates
Treasury bill auction 2010.13 -2.4 U.S. Aggregate 5.220 4.490 5.740 1974.56 -2.9 Mortgage-Backed 5.470 4.590 6.050
Week 52-Week Commercial paper (AA financial)
Latest ago High Low 4 weeks 5.270 5.270 5.750 5.010 90 days 5.33 n.a. 5.54 5.14 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1954.12 -2.7 Ginnie Mae (GNMA) 5.460 4.640 6.020
13 weeks 5.255 5.245 5.345 5.130
Prime rates Secured Overnight Financing Rate 3057.78 -2.0 U.S. Corporate 5.650 5.020 6.430 1159.89 -3.0 Fannie mae (FNMA) 5.470 4.570 6.050
26 weeks 5.170 5.160 5.350 4.975
U.S. 8.50 8.50 8.50 8.25 5.32 5.31 5.40 5.05 2984.89 -0.3 Intermediate 5.560 4.950 6.350 1799.10 -2.3 Freddie Mac (FHLMC) 5.420 4.540 6.190
Canada 7.20 7.20 7.20 6.70 Secondary market
Japan 1.475 1.475 1.475 1.475
Value 52-Week 3989.21 -5.3 Long term 5.820 5.160 6.600 576.03 -2.1 Muni Master 3.760 3.038 4.311
Latest Traded High Low
Fannie Mae -2.9
Policy Rates 578.64 -3.2 Double-A-rated 5.250 4.540 5.760 406.31 7-12 year 3.557 2.721 4.097
30-year mortgage yields DTCC GCF Repo Index
Euro zone 4.50 4.50 4.50 3.75 30 days 6.639 6.460 7.495 5.788 Treasury 5.395 32.406 5.504 5.079 825.72 -1.5 Triple-B-rated 5.840 5.250 6.700 465.42 -2.2 12-22 year 3.982 3.388 4.742
Switzerland 2.00 2.00 2.25 2.00 60 days 6.659 6.481 7.554 5.791 MBS 5.402 66.510 5.689 5.102
5.25 5.25 4.50
High Yield Bonds ICE BofA 440.96 -1.8 22-plus year 4.453 4.070 5.274
Britain 5.25
Australia 4.35 4.35 4.35 3.85 532.86 1.3 High Yield Constrained 8.077 7.620 9.560 Global Government J.P. Morgan†
Notes on data:
Overnight repurchase U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 518.89 2.4 Triple-C-rated 13.439 12.616 15.455 529.30 -2.7 Global Government 3.640 2.950 3.810
and is effective July 27, 2023. Other prime rates aren’t directly comparable; lending practices vary
U.S. 5.42 5.35 5.48 5.04 0.9 784.46 -2.3 Canada 3.770 3.090 4.260
widely by location; Discount rate is effective July 27, 2023. Secured Overnight Financing Rate is as 3575.49 High Yield 100 7.510 7.030 9.101
of May 28, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for
U.S. government rates overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates 466.53 2.2 Global High Yield Constrained 7.820 7.552 9.440 348.02 -2.3 EMU§ 3.327 2.669 351.491
are Tullett Prebon rates as of 5:30 p.m. ET.
Discount 354.98 2.6 Europe High Yield Constrained 6.340 6.207 8.022 639.73 -3.1 France 3.280 2.540 3.630
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
5.50 5.50 5.50 5.25 Tullett Prebon Information, Ltd. U.S Agency Bloomberg Fixed Income Indices 451.46 -3.5 Germany 2.770 2.020 3.030
1774.74 -0.3 U.S Agency 5.160 4.380 5.390 269.43 -3.4 Japan 1.460 0.710 1.460
ADVERTISEMENT 1573.61 -0.01 10-20 years 5.160 4.360 5.370 490.35 -3.7 Netherlands 2.970 2.260 3.320
3296.62 -4.4 20-plus years 5.160 4.500 5.740 773.48 -4.7 U.K. 4.620 3.790 4.880

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
2693.24 -1.1 Yankee 5.480 4.860 6.110 854.33
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
0.7 Emerging Markets ** 7.681 7.205 8.842
† In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

CLASS ACTION Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
LEGAL NOTICE
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
IN THE UNITED STATES DISTRICT COURT from www.EnergyTransferSecuritiesLitigation.com or by Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
FOR THE EASTERN DISTRICT OF PENNSYLVANIA contacting the Notice Administrator at: 4.875 U.S. 2 4.983 s l 4.976 4.973 4.587
ALLEGHENY COUNTY EMPLOYEES’ RETIREMENT Energy Transfer Securities Litigation 4.375 10 4.623 s l 4.542 4.612 3.820
SYSTEM, EMPLOYEES’ RETIREMENT SYSTEM c/o JND Legal Administration
4.250 Australia 2 4.147 s l 4.033 4.169 3.608 -84.6 -95.6 -95.6
OF THE CITY OF BATON ROUGE AND PARISH P.O. Box 91415
OF EAST BATON ROUGE, DENVER EMPLOYEES Seattle, WA 98111 3.750 10 4.408 s l 4.273 4.499 3.712 -21.9 -28.4 -9.4
RETIREMENT PLAN, INTERNATIONAL ASSOCIATION 1-844-717-0724 2.500 France 2 3.172 s l 3.149 3.035 3.049 -182.1 -184.0 -151.5
OF MACHINISTS AND AEROSPACE WORKERS Inquiries, other than requests for the Notice, may be made to 3.500 10 3.165 s l 3.066 3.003 3.017 -146.2 -149.1 -78.9
NATIONAL PENSION FUND, and IOWA PUBLIC the following representatives of Class Counsel:
EMPLOYEES’ RETIREMENT SYSTEM, Individually and 2.900 Germany 2 3.119 s l 3.085 3.037 2.871 -187.4 -190.4 -169.3
On Behalf of All Others Similarly Situated, Plaintiffs, Jeffrey W. Golan John Rizio-Hamilton
2.200 10 2.694 s l 2.596 2.534 2.443 -193.3 -196.1 -136.3
Chad A. Carder Adam H. Wierzbowski
v. 3.600 Italy 2 3.634 s l 3.610 3.505 3.471 -138.0 -109.3
BARRACK, RODOS BERNSTEIN -135.9
ENERGY TRANSFER LP, KELCY L. WARREN, & BACINE LITOWITZ BERGER & 3.850 10 4.005 s l 3.898 3.822 4.292 -65.9 48.6
-62.2
THOMAS E. LONG, MARSHALL MCCREA, and 3300 Two Commerce Square GROSSMANN LLP
MATTHEW S. RAMSEY, Defendants. 2001 Market Street 1251 Avenue of the 0.300 Japan 2 0.379 s l 0.348 0.304 -0.066 -461.4 -464.1 -463.0
Case No. 2:20-cv-00200-GAM Philadelphia, PA 19103 Americas, 44th Floor 0.800 10 1.080 s l 1.040 0.928 0.436 -354.7 -351.7 -337.0
877-386-3304 New York, New York 10020
SUMMARY NOTICE OF PENDENCY OF 2.800 Spain 2 3.304 s l 3.273 3.183 3.195 -168.9 -171.6 -136.9
800-380-8496
CLASS ACTION 3.250 10 3.426 s l 3.343 3.292 3.506 -120.1 -121.4 -30.0
If you are a Class Member, you have the right to decide
To: All persons who purchased or otherwise acquired whether to remain a member of the Class. If you want 0.125 U.K. 2 4.571 s l 4.525 4.450 4.483 -42.2 -46.4 -8.1
common units of Energy Transfer LP between to remain a member of the Class, you do not need 4.250 10 4.411 s l 4.281 4.302 4.336 -21.6 -27.6 53.0
February 25, 2017, and November 11, 2019, inclusive.1 to do anything at this time other than to retain your Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
documentation reflecting your transactions and holdings in
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 Energy Transfer common units. If you are a Class Member
of the Federal Rules of Civil Procedure and an Order of
the United States District Court for the Eastern District
and do not exclude yourself from the Class, you will be bound Corporate Debt
by the proceedings in this Action, including all past, present, Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
of Pennsylvania, that the above-captioned action (the and future orders and judgments of the Court, whether
“Action”) has been certified to proceed as a class action on expectations
favorable or unfavorable. If you move, or if the Notice was
behalf of the Class as defined above. mailed to an old or incorrect address, please send the Notice Investment-grade spreads that tightened the most…
In the Action, Lead Plaintiffs allege that, during the Administrator written notification of your new address. Spread*, in basis points
period from February 25, 2017, through and including Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
If you ask to be excluded from the Class, you will not be
November 11, 2019, Defendants made materially bound by any order or judgment of this Court in this Action, Northwestern Mutual Life Insurance … 6.063 5.82 March 30, ’40 101 –61 n.a.
misleading or false representations regarding Energy however you will not be eligible to receive a share of any Weyerhaeuser WY 7.350 5.70 July 1, ’26 69 –47 n.a.
Transfer’s construction of a set of pipeline projects money which might be recovered for the benefit of the
across the Commonwealth of Pennsylvania, including Nomura Holdings … 1.653 5.75 July 14, ’26 76 –42 n.a.
Class. To exclude yourself from the Class, you must submit
the Mariner East 2 and Mariner East 2X pipelines. a written request for exclusion postmarked no later than HSBC USA … 5.294 5.29 March 4, ’27 50 –21 50
Defendants have denied and continue to deny that they
violated the federal securities laws as alleged by Lead
July 16, 2024, in accordance with the instructions set forth Cooperatieve Rabobank … 5.041 5.29 March 5, ’27 48 –21 47
in the full printed Notice.
Plaintiffs. Please note: at this time, there is no judgment, Bank of America BAC 4.250 5.52 Oct. 22, ’26 51 –20 56
settlement, or monetary recovery. A trial date has not yet Further information regarding this notice may be –15
PACCAR Financial … 5.000 5.03 May 13, ’27 23 25
been set by the Court. obtained by writing to the Notice Administrator at the
address provided above. Morgan Stanley MS 3.950 5.44 April 23, ’27 64 –14 n.a.
IF YOU ARE A MEMBER OF THE CLASS, YOUR
RIGHTS WILL BE AFFECTED BY THIS ACTION. PLEASE DO NOT CONTACT THE COURT
REGARDING THIS NOTICE.
…And spreads that widened the most
A full printed Notice of Pendency of Class Action (the
“Notice”) is currently being mailed to persons who have General Motors GM 5.200 6.38 April 1, ’45 156 176 n.a.
BY ORDER OF THE COURT:
been identified as potential Class Members. In addition, United States District Court for the RTX RTX 4.875 5.83 Oct. 15, ’40 101 164 n.a.
you may obtain a copy of the Notice by downloading it Eastern District of Pennsylvania UnitedHealth UNH 2.875 5.18 Aug. 15, ’29 53 37 n.a.
Royal Bank of Canada RY 4.875 5.28 Jan. 19, ’27 50 23 48
1
Before October 19, 2018, Energy Transfer LP was known as Energy Transfer Equity, L.P. and its common unit ticker 16
John Deere Capital … 4.950 5.11 July 14, ’28 46 45
symbol was ETE. On October 19, 2018, Energy Transfer Equity, L.P. changed its name to Energy Transfer LP and changed
its common unit ticker symbol to ET. Caterpillar Financial Services … 5.000 5.08 May 14, ’27 31 15 33
Netflix NFLX 6.375 5.33 May 15, ’29 72 15 71
www.EnergyTransferSecuritiesLitigation.com 1-844-717-0724
High-yield issues with the biggest price increases…
Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
BUSINESS OPPORTUNITIES NOTICE OF SALE
Telecom Italia Capital … 7.721 7.27 June 4, ’38 103.970 0.47 n.a.
Rakuten 9.750 9.64 April 15, ’29 100.400 0.15 101.250
THE
…

BUSINESS FOR SALE UCC Sale. All assets of Municipal ZF North America Capital … 4.750 6.42 April 29, ’25 98.536 0.04 98.750
Finance & Services Corp, 581 Main
St, Suite 660, Woodbridge, NJ 07095,
MARKETPLACE …And with the biggest price decreases
including all rights to Accelerated ADVERTISE TODAY Paramount Global PARA 4.375 7.81 March 15, ’43 66.424 –1.12 67.624
Iconic 75-year-old Municipal Payments (AMP) platform, Telecom Italia Capital … 7.721 8.59 June 4, ’38 93.000 –1.02 95.957
fishing sinker company. non-factoring accounts payable Hughes Satellite Systems … 5.250 22.28 Aug. 1, ’26 71.875 –0.98 76.750
Start operating immediately! program for local governments, to (800) 366-3975 –0.91
Teva Pharmaceutical Finance Netherlands III … 4.100 7.02 Oct. 1, ’46 67.343 n.a.
Available assets include IP,
be sold at public sale at 10:00 am
local time on Friday, 5/31/24 at For more information visit: United States Cellular USM 6.700 6.00 Dec. 15, ’33 105.000 –0.70 102.695
inventory, and equipment of
a renowned brand with an 5330 Yacht Haven Grande, Suite wsj.com/classifieds Bath & Body Works BBWI 6.875 6.79 Nov. 1, ’35 100.631 –0.70 101.805
established market presence. J-206, St Thomas, VI 00802. You Navient NAVI 5.625 8.72 Aug. 1, ’33 80.713 –0.49 82.000
may register to bid by phone, contact
Phil Sexauer *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.
info@dgfunds.com or (340)-774-8800 © 2024 Dow Jones & Company, Inc. Note: Data are for the most active issue of bonds with maturities of two years or more
847-707-1075 All Rights Reserved.
for more information Source: MarketAxess
THE WALL STREET JOURNAL. * * * Thursday, May 30, 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
38441.54 t 411.32, or 1.06% Trailing P/E ratio 26.85 21.93 5266.95 t 39.09, or 0.74% Trailing P/E ratio * 23.25 18.37 16920.58 t 99.30, or 0.58% Trailing P/E ratio *† 31.32 28.27
High, low, open and close for each P/E estimate * 18.97 17.35 High, low, open and close for each P/E estimate * 21.47 18.55 High, low, open and close for each P/E estimate *† 27.36 26.67
trading day of the past three months. Dividend yield 2.18 2.14 trading day of the past three months. Dividend yield * 1.35 1.67 trading day of the past three months. Dividend yield *† 0.83 0.80
All-time high 40003.59, 05/17/24 All-time high 5321.41, 05/21/24 All-time high: 17019.88, 05/28/24

Current divisor 0.15221633137872

Session high 40100 5300 17100

DOWN UP
t

Session open Close

39500 5200 16700
Close Open
t

Session low 38900 5100 16300

38300 5000 15900

65-day moving average

37700 4900 15500

65-day moving average

37100 4800 15100

65-day moving average

Bars measure the point change from session's open
36500 4700 14700
Feb. Mar. Apr. May 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* 867,200,693 17,898,606
Industrial Average 38716.28 38413.67 38441.54 -411.32 -1.06 40003.59 32417.59 16.8 2.0 3.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 140,832,009 6,654,238
Transportation Avg 14903.02 14761.18 14781.56 -213.56 -1.42 16695.32 13556.07 7.8 -7.0 -2.1 Most-active issues in late trading Decl. volume* 720,202,444 11,162,572
Utility Average 916.41 909.15 911.03 -10.43 -1.13 955.01 783.08 1.2 3.3 0.5 Volume After Hours Issues traded 2,895 314
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 52374.86 52180.24 52223.25 -415.02 -0.79 52892.35 40847.04 25.5 9.3 6.0 Advances 461 97
Comcast Cl A CMCSA 8,154.4 37.97 0.03 0.08 39.58 37.90
Barron's 400 1148.19 1134.95 1134.95 -13.24 -1.15 1166.53 895.36 26.8 5.8 3.9 Declines 2,380 210
UiPath PATH 8,075.9 12.74 -5.56 -30.38 18.61 12.33
Unchanged 54 7
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 6,842.5 524.38 -1.72 -0.33 526.31 524.23 New highs 38 6
Nasdaq Composite 16989.60 16873.97 16920.58 -99.30 -0.58 17019.88 12595.61 30.8 12.7 7.2 Snap SNAP 5,048.8 15.09 -0.07 -0.46 15.21 15.05 New lows 86 4
Nasdaq-100 18814.82 18706.62 18736.75 -132.69 -0.70 18869.44 14109.57 31.4 11.4 11.0 iShares China LC ETF FXI 4,859.1 27.07 -0.05 -0.18 27.15 27.07 Closing Arms† 0.82 0.35
Salesforce CRM 4,673.3 228.29 -43.33 -15.95 278.61 223.09 Block trades* 4,085 217
S&P
OneMedNet ONMD 4,638.1 2.80 0.85 43.59 3.20 1.90
500 Index 5282.27 5262.70 5266.95 -39.09 -0.74 5321.41 4117.37 26.0 10.4 7.8 Nasdaq NYSE Arca
Monster Beverage MNST 4,208.7 52.13 … unch. 54.25 51.85
MidCap 400 2935.32 2916.24 2919.56 -37.84 -1.28 3046.36 2326.82 21.3 5.0 2.3 Total volume*6,652,484,123 258,458,704
SmallCap 600 1305.36 1298.16 1299.77 -16.05 -1.22 1345.71 1068.80 15.4 -1.4 -1.8 Percentage gainers… Adv. volume*2,486,631,676 39,229,946
OneMedNet ONMD 4,638.1 2.80 0.85 43.59 3.20 1.90 Decl. volume*4,128,513,038 218,297,772
Other Indexes
AST SpaceMobile ASTS 3,100.6 10.03 1.01 11.20 10.10 8.84 Issues traded 4,357 1,922
Russell 2000 2050.46 2036.13 2036.19 -30.66 -1.48 2124.55 1636.94 16.4 0.4 -3.5
Advances 1,113 176
NYSE Composite 18007.01 17791.61 17794.89 -212.12 -1.18 18388.26 14675.78 19.5 5.6 2.4 American Superconductor AMSC 312.0 17.21 1.42 8.99 17.62 13.99
Declines 3,100 1,731
Value Line 594.33 586.49 586.62 -7.71 -1.30 615.81 498.09 10.8 -1.2 -4.5 Pure Storage Cl A PSTG 344.9 67.74 4.74 7.52 69.00 60.21
Unchanged 144 15
NYSE Arca Biotech 5180.36 5072.47 5108.53 -71.83 -1.39 5511.46 4544.40 -2.4 -5.7 -2.9
C3.ai AI 3,579.1 25.54 1.62 6.77 27.45 23.87
New highs 66 16
NYSE Arca Pharma 1013.24 1006.76 1009.96 -3.28 -0.32 1035.14 837.32 19.3 11.0 11.6 ...And losers New lows 161 23
KBW Bank 102.79 101.61 102.58 -1.21 -1.16 107.64 71.71 34.7 6.8 -8.4 UiPath PATH 8,075.9 12.74 -5.56 -30.38 18.61 12.33 Closing Arms† 0.60 0.43
PHLX§ Gold/Silver 146.59 144.16 144.29 -3.08 -2.09 151.36 102.94 17.9 14.8 -4.2 Salesforce CRM 4,673.3 228.29 -43.33 -15.95 278.61 223.09 Block trades* 66,172 1,143
PHLX§ Oil Service 85.58 84.17 84.21 -1.86 -2.16 98.76 69.29 21.5 0.4 11.1 Agilent Technologies A 152.4 126.29 -19.19 -13.19 145.48 121.76 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5249.69 5206.93 5219.32 -98.55 -1.85 5317.87 3185.18 51.1 25.0 17.9 Nutanix Cl A NTNX 663.5 66.45 -6.84 -9.33 73.80 54.77 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.32 13.69 14.28 1.36 10.53 21.71 11.86 -20.4 14.7 -5.2 American Eagle Outfitters AEO 469.3 22.05 -2.00 -8.32 24.97 20.87 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 784.16 –8.29 –1.05 7.9 AST SpaceMobile ASTS 9.02 3.69 69.23 9.35 1.97 66.4 AERWINS Technologies AWIN 5.60 -3.54 -38.73 74.40 2.12 -90.5
MSCI ACWI ex-USA 329.40 –5.29 –1.58 4.0 Chewy Cl A CHWY 21.50 4.59 27.14 40.78 14.69 -27.1 Plutonian Acquisition PLTN 5.45 -2.35 -30.13 13.47 4.10 -47.5
MSCI World 3430.00 –34.61 –1.00 8.2 Nano Nuclear Energy NNE 6.91 1.42 25.87 7.24 3.25 ... Visionary Holdings GV 4.14 -1.28 -23.55 10.50 1.52 -38.7
MSCI Emerging Markets 1072.11 –15.90 –1.46 4.7 Lotus Technology ADR LOT 13.68 2.78 25.50 17.99 5.50 32.3 Adlai Nortye ADR ANL 8.26 -1.83 -18.16 19.30 7.11 ...
Americas MSCI AC Americas 1984.45 –16.25 –0.81 9.4 Abercrombie & Fitch ANF 189.45 37.06 24.32 196.99 29.88 510.5 Maravai LifeSciences MRVI 8.93 -1.85 -17.16 14.88 4.52 -30.5
Canada S&P/TSX Comp 21897.98 –367.07 –1.65 4.5 AGBA Group Holding AGBA 3.02 0.59 24.28 4.29 0.32 86.4 Digital Turbine APPS 1.86 -0.38 -16.96 11.46 1.78 -79.6
Latin Amer. MSCI EM Latin America 2363.72 –37.77 –1.57 –11.2 Jin Medical International ZJYL 3.07 0.58 23.29 25.49 0.27 973.1 CareDx CDNA 13.46 -2.70 -16.69 17.03 4.80 68.6
Brazil Bovespa 122707.28 –1072.26 –0.87 –8.6 Summit Therapeutics SMMT 2.94 0.55 22.80 5.39 1.50 80.1 SiNtx Technologies SINT 7.82 -1.46 -15.73 364.00 4.12 -97.3
Chile S&P IPSA 3622.89 –41.94 –1.14 4.5 AEterna Zentaris AEZS 10.25 1.89 22.61 12.80 5.44 -7.7 CXApp CXAI 2.28 -0.42 -15.56 15.60 1.03 -81.5
Mexico S&P/BMV IPC 55212.64 27.69 0.05 –3.8 ZOOZ Power ZOOZ 2.85 0.51 21.79 4.60 2.02 ... Akanda AKAN 2.99 -0.53 -15.06 42.00 2.33 -89.8
EMEA STOXX Europe 600 513.45 –5.63 –1.08 7.2 Surmodics SRDX 42.10 7.00 19.94 42.36 17.80 129.7 Eagle Pharmaceuticals EGRX 3.34 -0.58 -14.80 23.52 3.21 -83.9
Eurozone Euro STOXX 514.46 –6.80 –1.30 8.5 flyExclusive FLYX 8.16 1.24 17.92 24.21 3.39 -20.8 Montana Technologies AIRJ 16.98 -2.91 -14.63 49.11 8.40 63.9
Belgium Bel-20 3922.53 –25.55 –0.65 5.8 Logistic Prop Americas LPA 33.01 5.01 17.89 36.68 5.59 225.5 Bank OZK OZK 39.60 -6.59 -14.27 52.36 34.24 14.5
Denmark OMX Copenhagen 20 2728.24 –23.73 –0.86 19.5 Smart for Life SMFL 3.91 0.56 16.72 86.31 2.28 -95.4 American Airlines Group AAL 11.62 -1.82 -13.54 19.08 10.86 -21.4
5.2 Biosig Technologies BSGM 2.40 0.34 16.50 16.10 0.26 -84.5 Blue Star Foods BSFC 2.40 -0.36 -13.04 110.00 2.05 -97.6
France CAC 40 7935.03 –122.77 –1.52
Germany DAX 18473.29 –204.58 –1.10 10.3
Israel Tel Aviv 2000.67 5.03 0.25 7.3
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34150.54 –509.01 –1.47 12.5 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 905.83 –6.40 –0.70 15.1
8.6 Greenwave Tech Solns GWAV 636,250 316.9 0.05 -37.15 1.12 0.04 Inhibrx Wi INBXV 298 4139 30.85 -1.28 31.35 30.78
Norway Oslo Bors All-Share 1650.52 –10.18 –0.61
Closed Innovative Eyewear LUCY 570,933 3420.3 0.95 131.46 2.77 0.17 Surmodics SRDX 2,897 3909 42.10 19.94 42.36 17.80
South Africa FTSE/JSE All-Share 78576.14 … 2.2
Spain IBEX 35 11145.10 –130.90 –1.16 10.3 Faraday Future FFIE 395,362 175.4 0.44 -62.03 117.36 0.04 SPDR S&P 400 MC Growth MDYG 10,224 3753 83.98 -1.33 87.69 64.67
8.6 ReShape Lifesciences RSLS 211,198 13243.8 0.28 34.74 2.59 0.14 Principal Hlthcr Innov BTEC 207 3360 35.27 -1.65 39.75 25.66
Sweden OMX Stockholm 980.59 –14.87 –1.49
5.9
American Airlines Group AAL 157,209 427.2 11.62 -13.54 19.08 10.86 Ascent Industries ACNT 182 2635 10.49 1.18 11.19 7.20
Switzerland Swiss Market 11793.73 –60.77 –0.51
Turkey BIST 100 10479.16 –198.33 –1.86 40.3 Onconetix ONCO 136,294 10106.4 0.29 79.93 1.58 0.10 AEterna Zentaris AEZS 164 2506 10.25 22.61 12.80 5.44
U.K. FTSE 100 8183.07 –71.11 –0.86 5.8 Crown Electrokinetics CRKN 120,182 -4.6 0.09 -18.52 11.70 0.04 DoubleLine Cmd Strategy DCMT 374 2306 26.37 -1.01 27.45 24.32
U.K. FTSE 250 20436.34 –268.93 –1.30 3.8 Scorpius Holdings SCPX 118,759 1273.7 0.12 7.60 0.89 0.07 iShares MSCI UAE ETF UAE 336 1779 13.76 1.33 15.69 13.31
Brand Engagement Network BNAI 107,973 99720.0 2.64 107.87 19.75 0.99 AST SpaceMobile ASTS 105,997 1760 9.02 69.23 9.35 1.97
Asia-Pacific MSCI AC Asia Pacific 178.23 –2.77 –1.53 5.2
AST SpaceMobile ASTS 105,997 1760.3 9.02 69.23 9.35 1.97 U.S. Divers Real Est PPTY 133 1665 28.64 -1.14 31.03 24.79
Australia S&P/ASX 200 7665.60 –101.11 –1.30 1.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3111.02 1.45 0.05 4.6 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 18477.01 –344.15 –1.83 8.4
3.1
Scan this code
India S&P BSE Sensex 74502.90 –667.55 –0.89
Japan NIKKEI 225 38556.87 –298.50 –0.77 15.2 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3323.20 –6.89 –0.21 2.6 track most-active stocks,
South Korea KOSPI 2677.30 –45.55 –1.67 0.8 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 21662.50 –195.91 –0.90 20.8 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1349.83 –12.87 –0.94 –4.7
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003928 25458 4.9
CREDIT MARKETS Argentina peso .0011893.6508 10.5 Europe
Brazil real .1922 5.2042 7.2 Czech Rep. koruna .04366 22.903 2.3
Canada dollar .7290 1.3718 3.6 Denmark krone .1448 6.9069 1.9
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001098 910.78 4.1 Euro area euro 1.0803 .9257 2.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000258 3869.25 –0.16 Hungary forint .002781 359.52 3.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007235 138.21 1.6
A consumer rate against its New car loan Mexico peso .0589 16.9819 0.1 Norway krone .0944 10.5921 4.1
benchmark over the past year Tradeweb ICE 6.00% Uruguay peso .02603 38.4200 –1.6 Poland zloty .2524 3.9621 0.7
Bankrate.com avg†: 7.90% 16% Asia-Pacific Sweden krona .0939 10.6517 5.4
Wednesday Close
First Command Bank 5.74% 5.00 Switzerland franc 1.0949 .9133 8.5
t Australiadollar .6610 1.5129 3.1
Prime rate 9.00% Fort Worth, TX 888-763-7600 8 WSJ Dollar Index Turkey lira .0310 32.2551 9.4
t China yuan .1379 7.2492 1.9
t 4.00 s Ukraine hryvnia .0247 40.5500 6.3
Firstrust Bank 5.99% Hong Kong dollar .1280 7.8139 0.1
8.00 One year ago 0 UK pound 1.2701 .7873 0.3
3.00 India rupee .01199 83.373 0.2
Philadelphia, PA 800-220-2265 Middle East/Africa
t s Indonesia rupiah .0000616 16238 5.5
New car loan 7.00 Eastern Bank 6.99% 2.00 –8 s Euro Japan yen .006343 157.66 11.8 Bahrain dinar 2.6529 .3770 unch
Boston, MA 781-599-2100 Yen Kazakhstan tenge .002254 443.68 –2.6 Egypt pound .0211 47.2971 52.9
6.00 Wilmington Savings Fund Society 6.99% 1.00 –16 Macau pataca .1242 8.0520 –0.02 Israel shekel .2700 3.7034 2.8
Malaysia ringgit .2125 4.7055 2.4 Kuwait dinar 3.2577 .3070 –0.1
Wilmington, DE 888-973-7226 1 3 6 1 2 3 5 7 10 20 30 2023 2024
5.00 New Zealand dollar .6116 1.6351 3.3 Oman sul rial 2.5977 .3850 –0.01
Cambridge Savings Bank 7.06% month(s) years
J J A S O N D J FMAM Pakistan rupee .00359 278.513 –0.9 Qatar rial .2745 3.643 –0.02
Cambridge, MA 888-418-5626 maturity Philippines peso .0171 58.470 5.5 Saudi Arabia riyal .2666 3.7508 0.02
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7395 1.3522 2.5 South Africa rand .0542 18.4540 0.8
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007291 1371.47 5.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033132 301.82 –6.8
WSJ Dollar Index 99.82
Close Net Chg % Chg YTD%Chg
0.40 0.40
Federal-funds rate target 5.25-5.50 5.25-5.50 5.00 l 5.50 5.25 Taiwan dollar .03088 32.386 5.5 4.16
Yield (%) 52-Week Total Return (%) Thailand baht .02716 36.820 7.1 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 5.32 5.31 5.05 l 5.40 5.31
Money market, annual yield 0.51 0.51 0.46 l 0.64 0.43
U.S. Treasury, Bloomberg 2118.970 4.810 4.650 5.120 4.010 0.148 –3.606 Commodities
Wednesday 52-Week YTD
Five-year CD, annual yield 2.87 2.87 2.77 l 2.87 2.42 U.S. Treasury Long, Bloomberg 2983.410 4.810 4.620 5.280 3.920 –6.487–10.418 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.52 7.45 7.01 l 8.28 4.41 Aggregate, Bloomberg 2010.130 5.220 5.060 5.740 4.490 1.778 –3.350
15-year mortgage, fixed† 6.93 6.84 6.34 l 7.42 4.52
DJ Commodity 1063.26 -10.97 -1.02 1079.94 930.59 14.26 11.01
Fixed-Rate MBS, Bloomberg 1974.560 5.470 5.290 6.050 4.590 1.322 –3.583
Jumbo mortgages, $766,550-plus† 7.62 7.54 7.07 l 8.33 4.49 Refinitiv/CC CRB Index 297.63 -2.60 -0.87 300.23 253.85 17.25 12.81
High Yield 100, ICE BofA 3575.487 7.510 7.327 9.101 7.030 10.521 1.848
Five-year adj mortgage (ARM)† 6.65 6.64 6.00 l 7.16 3.58 Crude oil, $ per barrel 79.23 -0.60 -0.75 93.68 67.12 16.36 10.58
Muni Master, ICE BofA 576.025 3.760 3.619 4.311 3.038 2.031 –1.284
New-car loan, 48-month 7.90 7.83 7.02 l 7.90 3.89 Natural gas, $/MMBtu 2.493 -0.097 -3.75 3.575 1.575 10.02 -0.84
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 854.332 7.681 7.513 8.842 7.205 9.183 –2.304
banks.† Excludes closing costs. Gold, $ per troy oz. 2340.30 -14.90 -0.63 2433.90 1816.60 19.17 13.47
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B8 | Thursday, May 30, 2024 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq ExtraSpaceSt EXR 138.40 -3.96 Interpublic IPG MotorolaSol MSI 357.11 -2.78 Repligen
30.49 -0.70 RGEN 152.06 -4.69 SynchronyFinl SYF 42.38 -0.84 UnitedRentals URI 644.89 -19.86
Stock Market listed securities. Prices are consolidated from trades reported by various
market centers, including securities exchanges, Finra, electronic communications ExxonMobil XOM 113.63 -1.23 Intuit INTU MurphyUSA MUSA 433.53 -12.39 RepublicSvcs RSG 181.59 -1.92 Synopsys
598.28 -1.74 SNPS 580.21 -7.73 US Bancorp USB 39.04 -0.73
networks and other broker-dealers. The list comprises the 1,000 largest companies F5 FFIV 168.23 -0.11 IntuitiveSurgical ISRG
398.40 -2.63 NICE NICE 190.31 -1.02 ResMed RMD 205.96 -1.21 Sysco SYY 71.47 -1.00 US Steel X 37.12 0.30
based on market capitalization. FMC FMC 60.50 -2.39 InvitatHomes INVH 33.78 -0.29 NIO NIO 4.93 0.03 RestaurantBrands QSR 66.29 -0.94 UnitedTherap UTHR 267.72 -1.43
Underlined quotations are those stocks with large changes in volume compared FTAI Aviation FTAI 79.13 -5.52 IronMountain IRM 78.38 -1.12 NNN REIT NNN 40.27 -0.50 Revvity RVTY 109.75 -2.11 T U V UnitedHealth UNH 484.72 -18.96
with the issue’s average trading volume.
FTI Consulting FCN 212.52 -3.68 ItauUnibanco ITUB 6.05 -0.10 NRG Energy NRG 83.53 -0.32 RexfordIndlRealty REXR 44.34 0.64 TAL Education TAL 12.03 0.31 t UnitySoftware U 18.75 -0.33
Boldfaced quotations highlight those issues whose price changed by 5% or more if NVR
Fabrinet FN 240.89 -4.16 NVR 7335.26 -20.87 RioTinto RIO 69.53 -1.33 TC Energy TRP 37.59 -0.72 UnivDisplay OLED 175.45 -5.82
their previous closing price was $2 or higher.
FactSet FDS 417.68 -9.37 J K L NXP Semicon NXPI 273.83 -5.80 Rivian RIVN 10.22 -0.20 TD Synnex SNX 128.88 -0.98 UniversalHealthB UHS 180.23 5.05
Footnotes:
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four FairIsaac FICO 1356.30 -28.83 JD.com JD 29.32 -0.57 Nasdaq NDAQ 59.85 -0.35 Robinhood HOOD 21.09 0.62 TE Connectivity TEL 147.99 -2.41 UnumGroup UNM 52.40 0.12
quarters. Fastenal FAST 64.45 -0.31 JPMorganChase JPM 198.11 -1.39 Natera NTRA 109.82 0.25 Roblox RBLX 33.11 0.15 Telus TU 16.00 -0.30 VICI Prop VICI 27.92 -0.34
Stock tables reflect composite regular trading as of 4 p.m. ET and FederalRealty FRT 97.70 -0.30 Jabil JBL 117.33 -1.44 NationalGrid NGG 58.58 -1.43 RocketCos. RKT 13.57 -0.35 Ternium TX 41.94 -0.80 Vale VALE 12.13 -0.23
changes in the official closing prices from 4 p.m. ET the previous day. FedEx FDX 245.11 -2.93 JackHenry JKHY 161.53 -1.04 NatWest NWG 8.03 -0.11 Rockwell ROK 255.28 -3.32 TFI Intl TFII 132.17 -1.04 ValeroEnergy VLO 155.69 -7.88
Ferguson FERG 203.53 -1.86 JacobsSolns J 134.12 -3.39 NetApp NTAP 117.50 -0.51 RogersComm B RCI 38.73 -0.67 TIM TIMB 15.71 -0.29 Vaxcyte PCVX 67.92 -0.78

Wednesday, May 29, 2024 Net Net

Ferrari RACE 406.19 -5.95 JamesHardie JHX 30.73 -0.75 NetEase NTES 89.56 -1.63 RoivantSciences ROIV 10.73 -0.10 TJX TJX 101.44 0.02 VeevaSystems VEEV 200.50 -2.59
Net Stock Sym Close Chg Stock Sym Close Chg Ferrovial FER 39.60 -0.50 JefferiesFinl JEF 45.49 -0.40 s Netflix NFLX 654.62 5.62 t Roku ROKU 56.48 0.03 TKO TKO 108.83 0.22 Ventas VTR 47.41 0.23
Stock Sym Close Chg FidNatlFinl FNF 49.89 -0.41 J&J JNJ 144.44 0.06 Neurocrine NBIX 134.62 -5.86 Rollins ROL 45.35 -0.81 s T-MobileUS TMUS 168.88 1.57 Veralto VLTO 98.54 -2.13
BankMontreal BMO 86.98 -9.13 ColgatePalm CL 91.29 -0.65 FidNatlInfo FIS 74.48 -0.65 JohnsonControls JCI 71.10 -1.58 NewOrientalEduc EDU 84.44 3.06 RoperTech ROP 530.94 -2.08 TPG TPG 41.72 -1.52 VeriSign VRSN 170.81 -0.24
A B C BankNY Mellon BK 57.76 -0.48 Comcast A CMCSA 37.94 -0.60 FifthThirdBncp FITB 36.26 -0.42
JonesLang JLL 196.03 -0.47 NYTimes A NYT 49.78 0.15 RossStores ROST 139.10 1.46 T.RowePrice TROW 115.26 -1.07 VeriskAnalytics VRSK 246.92 -1.95
BankNovaScotia BNS 46.31 -1.36 ComfortSystems FIX 337.90 -0.93 FirstCitizBcshA FCNCA 1743.77 -34.38 NEM 41.64 -0.76 RoyalBkCanada RY 102.85 -2.19 TaiwanSemi TSM 154.34 -5.07 Verizon
JuniperNetworks JNPR 34.62 0.20 Newmont VZ 39.10 -0.26
AECOM ACM 85.49 -0.98 Barclays BCS 10.98 -0.27 SABESP SBS 14.34 -0.12 FirstHorizon FHN 15.57 -0.11
KB Financial KB 56.36 0.22 NewsCorp B NWS 27.41 -0.08 RoyalCaribbean RCL 147.96 -2.17 TakeTwoSoftware TTWO 159.68 2.89 VertexPharm VRTX 441.13 -5.75
AES AES 21.07 -0.06 BarrickGold GOLD 16.92 -0.52 ConagraBrands CAG 29.22 -0.51 s FirstSolar FSLR 278.19 -1.97 KBR KBR 64.46 -1.31 NewsCorp A NWSA 26.63 ... RoyalGold RGLD 128.25 -2.45 TakedaPharm TAK 12.94 -0.17 Vertiv VRT 103.21 -1.95
Aflac AFL 87.18 -0.08 Bath&BodyWks BBWI 48.69 0.13 Confluent CFLT 30.25 0.42 FirstEnergy FE 38.53 -0.26 KE Holdings BEKE 16.88 -0.09 NextEraEnergy NEE 76.68 -0.85 RoyaltyPharma RPRX 26.39 -0.25 Tapestry TPR 41.52 0.11 Viatris VTRS 10.31 -0.08
t AGCO AGCO 104.65 -1.51 BaxterIntl BAX 33.19 -0.66 ConocoPhillips COP 115.25 -3.71 Fiserv FI 147.82 -0.60 KKR KKR 103.20 -2.24 Nextracker NXT 56.31 0.98 RyanSpecialty RYAN 54.13 -0.11 TargaResources TRGP 114.68 -0.83 Viking VIK 29.71 -0.89
Ansys ANSS 322.44 -5.64 t BectonDicknsn BDX 225.07 -1.73 ConEd ED 91.91 -1.30 Flex FLEX 33.28 -0.36 KLA KLAC 772.36 -13.78 Nike NKE 91.67 -0.33 Ryanair RYAAY 120.07 -2.37 Target TGT 147.74 0.64 VinFastAuto VFS 4.81 -0.11
t APA APA 29.17 -0.66 BeiGene BGNE 151.28 -1.83 ConstBrands A STZ 243.97 -1.52 Floor&Decor FND 111.59 -2.02 Kanzhun BZ 20.43 -0.77 NiSource NI 27.77 -0.13 SAP SAP 190.37 -2.15 TechnipFMC FTI 25.86 -0.42 Vipshop VIPS 15.95 -0.01
ASE Tech ASX 11.11 -0.26 BellRing BRBR 58.32 0.56 ConstellationEner CEG 220.74 -10.18 FlutterEnt FLUT 185.80 -2.53 Kaspi.kz KSPI 123.90 -0.46 Nokia NOK 3.76 -0.11 S&P Global SPGI 424.96 -5.13 TeckResourcesB TECK 51.64 -1.13 Visa V 268.86 -2.12
ASML ASML 957.88 -33.97 BentleySystems BSY 51.97 -0.75 Cooper COO 91.11 -0.57 FomentoEconMex FMX 116.17 -1.15 Kellanova K 59.60 0.10 Nomura NMR 5.86 -0.14 SBA Comm SBAC 186.38 -0.91 TeledyneTech TDY 385.94 -9.01 Vistra VST 103.62 -2.58
AT&T T 17.12 -0.15 Berkley WRB 77.95 -0.62 Copart CPRT 52.14 -0.59 FordMotor F 11.56 -0.12 Kenvue KVUE 18.87 -0.38 Nordson NDSN 230.00 -3.58 SEI Investments SEIC 66.60 -0.32 Teleflex TFX 202.51 -2.13 Vodafone VOD 9.33 -0.07
ATI ATI 60.43 -0.89 BerkHathwy B BRK.B 404.09 0.19 Core&Main CNM 57.13 -1.44 Fortinet FTNT 59.73 0.28 KeurigDrPepper KDP 33.66 -0.05 NorfolkSouthern NSC 219.01 -3.80 SK Telecom SKM 21.04 -0.11 Ericsson ERIC 5.86 -0.11 VoyaFinancial VOYA 73.72 -0.30
AbbottLabs ABT 100.73 -1.22 BerkHathwy A BRK.A 608816-184.00 CorebridgeFin CRBG 29.47 -0.39 Fortis FTS 38.42 -0.86 KeyCorp KEY 13.92 -0.27 NorthernTrust NTRS 81.73 -0.35 SS&C Tech SSNC 60.54 -0.34 TelefonicaBras VIV 8.58 -0.19 VulcanMatls VMC 251.91 -2.07
AbbVie ABBV 154.79 -0.55 BestBuy BBY 71.90 -0.65 Corning GLW 35.55 -0.30 Fortive FTV 73.05 -1.51 KeysightTech KEYS 139.30 -3.18 NorthropGrum NOC 446.39 -9.11 Saia SAIA 396.95 0.66 Telefonica TEF 4.47 -0.04
s Abercrombie&Fitch ANF 189.45 37.06 Bio-Techne TECH 78.60 -0.79 Corpay CPAY 264.01 0.85 FortuneBrands FBIN 67.75 -0.82 KimberlyClark KMB 128.16 -0.99 Novartis NVS 99.36 -0.32 Salesforce CRM 271.62 1.79 t TelekmIndonesia TLK 17.48 -0.67
W X Y Z
Accenture ACN 293.77 -3.96 Bio-RadLab A BIO 285.00 -1.09 Corteva CTVA 54.27 -1.39 FoxA FOXA 33.81 0.31 KimcoRealty KIM 18.28 0.05 NovoNordisk NVO 132.68 -1.40 Samsara IOT 37.63 -0.19 TempurSealy TPX 49.78 0.17 WEC Energy WEC 78.88 -0.84
AcuityBrands AYI 253.33 -0.05 Biogen BIIB 214.41 -4.32 CoStar CSGP 80.13 -3.13 FoxB FOX 31.27 0.18 KinderMorgan KMI 18.91 -0.16 NuHoldings NU 11.71 -0.47 Sanofi SNY 47.57 -0.37 Tenaris TS 32.91 -1.39 WEX WEX 182.26 -2.46
Adobe ADBE 477.60 -0.83 t BioMarinPharm BMRN 75.06 0.63 Costco COST 806.52 -6.65 Franco-Nevada FNV 122.06 -2.82 KinrossGold KGC 7.97 -0.21 Nucor NUE 166.60 -1.79 SareptaTherap SRPT 116.25 2.92 TencentMusic TME 14.80 -0.09 W.P.Carey WPC 55.60 -0.50
AdvDrainageSys WMS 171.76 -0.66 BioNTech BNTX 93.23 -0.87 CoterraEnergy CTRA 27.45 -0.11 FranklinRscs BEN 22.74 -0.33 KinsaleCapital KNSL 377.31 -1.64 Nutanix NTNX 73.29 1.51 Schlumberger SLB 45.64 -0.89 s TenetHealthcare THC 131.55 0.69 WPP WPP 51.20 -1.63
AdvMicroDevices AMD 165.14 -6.47 Birkenstock BIRK 49.99 0.81 Coty COTY 10.22 -0.49 FreeportMcM FCX 52.77 -0.86 Knight-Swift KNX 46.47 -1.17 Nutrien NTR 57.04 -2.26 SchwabC SCHW 70.53 -0.26 Teradyne TER 141.87 -3.36 Wabtec WAB 167.49 -1.23
Aegon AEG 6.48 0.02 BlackRock BLK 756.58 -14.83 Coupang CPNG 22.84 0.03 FreseniusMedCare FMS 20.73 -0.60 Philips PHG 27.24 -0.15 nVentElectric NVT 83.00 -0.28 Sea SE 68.07 -1.56 Tesla TSLA 176.19 -0.56 t WalgreensBoots WBA 14.89 -0.49
AerCap AER 90.35 -1.45 Blackstone BX 116.13 -5.08 Crane CR 143.61 -1.68 FullTruck YMM 8.93 -0.06 KoreaElecPwr KEP 7.21 -0.14 s NVIDIA NVDA 1148.25 9.24 Seagate STX 94.26 -2.58 TetraTech TTEK 207.72 -5.78 Walmart WMT 64.92 -0.12
AffirmA AFRM 28.72 -0.92 Block SQ 65.56 -0.52 Credicorp BAP 164.34 -1.92 Futu FUTU 76.36 -0.55 KraftHeinz KHC 34.66 -0.39 Sempra SRE 74.03 -1.33 TevaPharm TEVA 16.45 -0.31 WarnerBrosA WBD 7.66 -0.21
AgilentTechs A 145.48 -2.73 BlueOwlCapital OWL 19.23 -0.32
Crocs CROX 153.61 -1.30 Kroger KR 51.89 -0.42
O P Q ServiceIntl SCI 69.18 -0.61 TexasInstruments TXN 194.91 -4.69 WarnerMusic WMG 29.50 -0.17
AgnicoEagleMines AEM 67.39 -1.54 Boeing BA 171.65 -3.43 CrowdStrike CRWD 349.52 2.70 G H I LKQ LKQ 41.60 -1.38 ONEOK OKE 79.59 -1.37 ServiceNow NOW 731.12 2.26 TexasPacLand TPL 613.77 -3.36 WasteConnections WCN 160.43 -2.43
AirProducts APD 260.27 -4.36 Booking BKNG 3734.29 -55.83 CrownCastle CCI 97.87 0.17
GE Aerospace GE 163.60 -4.96 LPL Financial LPLA 279.90 -2.95 ON Semi ON 71.01 -2.64 SharkNinja SN 75.46 0.57 TexasRoadhouse TXRH 168.63 -3.48 WasteMgt WM 204.16 -2.30
Airbnb ABNB 146.61 -0.40 BoozAllen BAH 154.44 -0.16 Crown Holdings CCK 82.28 -0.27 GE HealthCare GEHC 78.45 -0.30 L3HarrisTech LHX 215.24 -3.63 OReillyAuto ORLY 957.90 0.39 Shell SHEL 71.45 -0.29 Textron TXT 86.04 -1.43 Waters WAT 327.65 -4.19
AkamaiTech AKAM 90.84 -1.75 BorgWarner BWA 34.79 -1.15
CubeSmart CUBE 40.10 -1.43 GE Vernova GEV 177.32 -0.77 Labcorp LH 192.50 -3.69 OccidentalPetrol OXY 61.12 -1.09 SherwinWilliams SHW 297.43 -4.30 ThermoFisher TMO 567.30 -5.27 Watsco WSO 470.70 -11.89
Albemarle ALB 123.44 -4.32 BostonProps BXP 57.17 -0.92
Cummins CMI 274.34 -3.92 GFLEnvironmental GFL 30.61 -0.62 LamResearch LRCX 953.24 -18.02 Okta OKTA 96.36 0.21 ShinhanFin SHG 33.77 -0.55 ThomsonReuters TRI 169.05 -3.44 WeatherfordIntl WFRD 118.82 -1.97
Albertsons ACI 20.36 ... BostonSci BSX 74.98 -0.19 Curtiss-Wright CW 276.24 -1.41 GSK GSK 44.28 0.04 LamarAdv LAMR 115.15 -3.28 OldDomFreight ODFL 171.30 -2.01 s ShockwaveMed SWAV 334.83 0.28 3M MMM 97.56 -1.12 WebsterFin WBS 42.89 -0.93
Alcoa AA 43.93 0.73 t BristolMyers BMY 40.25 -0.24
CyberArkSoftware CYBR 233.54 -4.09 Gallagher AJG 245.32 -3.01 LambWeston LW 85.36 -3.04 OldRepublic ORI 30.93 -0.28 Shopify SHOP 58.37 0.18 Toast TOST 23.63 -1.80 WellsFargo WFC 58.75 -0.73
Alcon ALC 87.37 -0.86 BritishAmTob BTI 30.02 -0.53
Gaming&Leisure GLPI 43.57 -0.54 t LasVegasSands LVS 43.90 -0.83 OmegaHealthcare OHI 30.78 -0.34 SimonProperty SPG 147.10 -0.08 TollBros TOL 118.50 -1.56 Welltower WELL 100.64 -0.19
AlexandriaRlEst ARE 115.25 -1.72 Broadcom AVGO 1390.67 -21.78 D E F
Gap GPS 21.65 1.30 LatticeSemi LSCC 76.24 -1.25 Omnicom OMC 91.12 -2.09 SiriusXM SIRI 2.74 -0.02 TopBuild BLD 399.40 -3.64 WescoIntl WCC 176.85 -8.67
Alibaba BABA 79.06 -1.52 BroadridgeFinl BR 194.12 -2.11
DTE Energy DTE 110.97 -2.03 Garmin GRMN 161.66 -0.74 LegendBiotech LEGN 42.08 0.40 s OnHolding ONON 42.65 0.83 SkechersUSA SKX 69.80 -0.66 t Toro TTC 78.80 -0.59 WestPharmSvcs WST 322.85 -4.62
AlignTech ALGN 252.76 -1.01 BrookfieldAsset BAM 38.33 -1.32
Danaher DHR 255.93 -2.78 Gartner IT 427.74 -6.96 Leidos LDOS 145.72 -1.86 OntoInnovation ONTO 226.68 -3.26 Skyworks SWKS 90.02 -1.33 TorontoDomBk TD 54.66 -0.87 s WesternDigital WDC 77.43 1.29
Allegion ALLE 119.39 -1.03 Brookfield BN 42.00 -1.55
Darden DRI 145.98 -2.34 GenDigital GEN 24.50 -0.31 Lennar B LEN.B 141.76 -1.19 OpenText OTEX 29.54 -0.31 SmithAO AOS 81.11 -1.43 TotalEnergies TTE 71.02 -1.12 WesternMidstrm WES 37.26 -0.51
AlliantEnergy LNT 49.36 -0.51 BrookfieldInfr BIP 28.09 -1.70
Datadog DDOG 121.68 -0.43 Generac GNRC 149.49 -1.77 Lennar A LEN 154.06 -0.89 Oracle ORCL 123.74 -0.75 Smith&Nephew SNN 24.88 -0.02 ToyotaMotor TM 213.95 -4.77 Westlake WLK 156.71 -2.25
Allstate ALL 163.50 -1.17 BrookfieldRenew BEPC 30.62 -1.26
AllyFinancial ALLY 37.89 -0.23 Brown&Brown BRO 86.32 -1.26
s DaVita DVA 146.69 3.02 GeneralDynamics GD 293.48 -3.86 LennoxIntl LII 486.81 -16.12 Orange ORAN 11.47 -0.01 t Smucker SJM 107.47 -1.01 TractorSupply TSCO 281.02 -0.84 WestRock WRK 53.43 0.11
t Dayforce DAY 53.14 -1.04 GeneralMills GIS 66.49 -0.19 LeviStrauss LEVI 22.78 0.16 Orix IX 105.33 -2.84 Snap SNAP 15.16 -0.16 TradeDesk TTD 95.45 0.36 Weyerhaeuser WY 29.36 -0.40
AlnylamPharm ALNY 146.93 -3.13 Brown-Forman A BF.A 44.66 -0.58
s DeckersOutdoor DECK 1064.92 -14.22 GeneralMotors GM 42.64 -0.45 LiAuto LI 20.16 -0.22 OtisWorldwide OTIS 94.79 -0.46 Snap-On SNA 265.39 -4.03 Tradeweb TW 108.48 -2.10 WheatonPrecMtls WPM 55.98 -1.33
Alphabet C GOOG 177.40 -0.62 t Brown-Forman B BF.B 44.22 -0.66
Alphabet A GOOGL 175.90 -0.50 Bruker
Deere DE 364.98 -4.29 Genmab GMAB 27.99 -0.02 LibertyLiveA LLYVA 36.55 -1.01 Ovintiv OVV 49.13 -0.07 Snowflake SNOW 148.19 -2.55 TraneTech TT 322.07 -6.24 Williams WMB 40.10 -0.57
BRKR 72.55 -3.31
s DellTechC DELL 179.21 13.13 Gentex GNTX 34.28 -0.15 LibertyLiveC LLYVK 38.15 -0.95 OwensCorning OC 174.13 -3.72 SOQUIMICH SQM 47.01 -2.60 TransDigm TDG 1312.29 -5.65 Williams-Sonoma WSM 282.56 -1.76
AltairEngg ALTR 89.68 -1.19 BuildersFirst BLDR 155.97 -6.72
Altria MO 45.15 -0.33 BungeGlobal BG 106.17 -0.25
DeltaAir DAL 49.90 -0.38 GenuineParts GPC 139.24 -2.53 LibertyFormOne A FWONA 66.95 0.48 PDD PDD 151.27 1.55 Solventum SOLV 59.72 -0.14 TransUnion TRU 73.51 -1.51 WillisTowers WTW 249.68 -0.95

Amazon.com AMZN 182.02 -0.13 BurlingtonStrs BURL 200.36 1.31

DescartesSystems DSGX 97.60 -1.54 t GileadSciences GILD 63.50 -0.44 LibertyFormOne C FWONK 73.13 0.82 PG&E PCG 18.10 -0.12 Sony SONY 78.45 -1.42 Travelers TRV 210.07 -0.30 WillScotMobile WSC 38.95 -0.01
t Ambev ABEV 2.20 -0.03 CACI Intl
DeutscheBank DB 16.56 -0.44 GitLab GTLB 53.11 -0.39 LibertySirius C LSXMK 22.31 -0.17 PNC Finl PNC 151.16 -1.18 Southern SO 77.20 -0.34 Trex TREX 85.38 -1.33 Wingstop WING 387.02 -2.58
CACI 418.87 -4.24
Amcor AMCR 9.73 -0.10 s CAVA
DevonEnergy DVN 47.19 -1.72 GlobalPayments GPN 100.49 -0.98 LibertySirius A LSXMA 22.39 -0.12 POSCO PKX 67.66 -2.62 SoCopper SCCO 119.49 -1.43 Trimble TRMB 55.70 -0.12 Wipro WIT 5.26 -0.11
CAVA 88.16 5.76
t Amdocs DOX 78.01 -0.78 CBRE Group CBRE 86.08 -0.68
DexCom DXCM 127.64 0.26 GlobalFoundries GFS 48.65 -1.37 Light&Wonder LNW 93.68 -1.69 PPG Ind PPG 127.15 -2.45 SouthwestAir LUV 25.51 -1.01 Trip.com TCOM 51.38 -0.88 Wix.com WIX 164.83 -0.23
t Diageo DEO 131.44 -2.59 GlobeLife GL 82.37 -1.59 EliLilly LLY 811.53 3.67 PPL PPL 28.19 -0.38 SouthwesternEner SWN 7.36 -0.08 TruistFinl TFC 37.46 -0.29 WoodsideEnergy WDS 18.05 -0.39
AmerSports AS 15.06 -0.16 CDW CDW 220.71 -4.49
Ameren AEE 70.10 -1.13 CF Industries CF DiamondbkEner FANG 195.02 -2.74 GlobusMedical GMED 65.27 -0.22 LincolnElectric LECO 196.49 -2.88 PTC PTC 177.31 -2.25 Spotify SPOT 307.52 -2.77 TrumpMedia&Tech DJT 51.12 1.19 Woodward WWD 182.77 -2.48
77.10 -1.61
s Dick's DKS 226.03 31.03 GoDaddy GDDY 139.36 0.87 Linde LIN 426.18 -3.74 Paccar PCAR 105.24 -2.71 SproutsFarmers SFM 79.16 0.22 Twilio TWLO 57.78 -1.19 WooriFinl WF 31.08 -0.53
AmericaMovil AMX 18.78 -0.40 CGI A GIB 99.89 -3.09
AmerAirlines AAL 11.62 -1.82 CH Robinson CHRW 83.99 -2.04 DigitalRealty DLR 141.43 -2.34 GoldFields GFI 15.84 -0.45 LiveNationEnt LYV 94.00 -0.89 PackagingCpAm PKG 179.16 -1.76 StanleyBlackDck SWK 82.94 -1.98 TylerTech TYL 475.40 -3.73 Workday WDAY 211.58 -3.86
AEP AEP 87.47 -1.15 CME Group CME 205.89 -2.61 DiscoverFinSvcs DFS 121.68 -0.14 GoldmanSachs GS 457.17 -2.64 LloydsBanking LYG 2.75 -0.05 PalantirTech PLTR 20.94 -0.11 Stantec STN 78.68 -2.13 TysonFoods TSN 57.37 -0.41 WynnResorts WYNN 92.53 -0.98
AmerExpress AXP 235.94 -1.31 CMS Energy CMS 60.46 -0.78 Disney DIS 100.88 -1.56 Grab GRAB 3.64 -0.01 LockheedMartin LMT 452.72 -5.76 PaloAltoNtwks PANW 306.90 -1.11 Starbucks SBUX 76.88 -0.60 UBS Group UBS 30.51 -0.36 XP XP 18.32 -0.51

AmericanFin AFG 125.35 -1.14 CNA Fin DocuSign DOCU 58.50 0.79 Graco GGG 78.63 -0.91 Loews L 74.11 0.15 PanAmerSilver PAAS 22.15 -0.49 StateStreet STT 73.83 -0.08 UDR UDR 37.57 -0.64 XPO XPO 107.41 -1.86
CNA 44.67 0.13
DolbyLab DLB 78.23 -1.06 Grainger GWW 910.57 -28.55 LogitechIntl LOGI 95.21 -0.22 ParamountA PARAA 19.74 -0.86 SteelDynamics STLD 131.73 -2.55 U-Haul UHAL 62.87 -1.17 XcelEnergy XEL 53.30 -0.44
AmHomes4Rent AMH 35.46 -0.25 CNH Indl CNH 10.51 -0.12
DollarGeneral DG 139.28 -2.99 GraphicPkg GPK 27.19 -0.44 LotusTech LOT 13.68 2.78 ParamountB PARA 11.70 -0.31 Stellantis STLA 21.82 -0.61 U-Haul N UHAL/B 60.16 -1.41 XPeng XPEV 8.21 -0.23
AIG AIG 77.57 0.21 CRH CRH 78.11 -1.14
AmerTowerREIT AMT 185.32 0.29 CSX DollarTree DLTR 113.83 0.81 GpoAeroportuar PAC 184.50 2.44 Lowe's LOW 214.27 -1.10 ParkerHannifin PH 523.19 -3.35 Steris STE 223.42 0.03 UL Solutions ULS 38.64 -1.29 Xylem XYL 137.95 -2.41
CSX 33.24 -0.24
AmerWaterWorks AWK 124.11 -2.13 t CVS Health CVS 53.67 0.04 DominionEner D 52.44 -0.45 GpoAeroportSur ASR 330.95 6.95 lululemon LULU 298.54 3.29 Parsons PSN 77.70 0.33 StifelFinancial SF 78.90 -1.49 US Foods USFD 52.71 -0.43 YPF YPF 22.46 0.21
Ameriprise AMP 427.98 -6.99 CadenceDesign CDNS 291.70 -4.51 Domino's DPZ 510.01 0.93 Guidewire GWRE 119.93 -0.59 LyondellBasell LYB 96.82 -1.89 Paychex PAYX 118.75 -1.52 STMicroelec STM 40.30 -1.58 UWM UWMC 7.15 -0.27 Yum!Brands YUM 134.67 -1.19
Ametek AME 166.71 -1.60 CamdenProperty CPT 99.40 -2.11 Donaldson DCI 72.40 -0.45 HCA Healthcare HCA 325.13 6.47 PaycomSoftware PAYC 163.59 -3.20 Stryker SYK 341.14 1.83 Uber UBER 64.93 1.41 YumChina YUMC 34.85 -0.93
DoorDash DASH 111.74 -0.70 HDFC Bank HDB 57.00 -0.77
M N Paylocity PCTY 148.49 -3.29 SumitomoMits SMFG 12.64 -0.17 Ubiquiti UI 141.56 -3.12 ZTO Express ZTO 24.05 -0.61
Amgen AMGN 296.37 -3.82 Cameco CCJ 54.34 0.21
AmkorTech AMKR 32.53 -0.93 CampbellSoup CPB 43.42 -0.80 Dover DOV 181.54 -1.94 HF Sinclair DINO 53.63 -2.27 Macom Tech MTSI 101.97 -2.56 PayPal PYPL 61.05 -1.12 SunComms SUI 115.39 -0.80 UiPath PATH 18.30 -0.45 ZebraTech ZBRA 316.93 -9.31
Amphenol APH 133.07 -0.91 CIBC Dow DOW 57.00 -1.04 HP HPQ 32.80 -0.34 M&T Bank MTB 145.66 -3.16 Pearson PSO 11.79 -0.16 SunLifeFinancial SLF 49.16 -0.81 UltaBeauty ULTA 378.28 -2.85 Zillow C Z 39.27 -0.49
CM 47.07 -1.46
AnalogDevices ADI 228.15 -5.29 CanNtlRlwy CNI 123.17 -0.91 DrReddy'sLab RDY 70.53 -0.41 HSBC HSBC 43.74 -0.42 MGM Resorts MGM 38.70 -0.28 PembinaPipeline PBA 36.38 -0.39 SuncorEnergy SU 39.71 -0.94 Unilever UL 53.53 -0.60 Zillow A ZG 38.73 -0.43

AngloGoldAsh AU 24.10 -0.72 CanadianNatRscs CNQ 75.13 -2.34 DraftKings DKNG 35.96 -0.65 H World HTHT 37.50 -0.65 MKS Instrum MKSI 126.72 -4.06 PenskeAuto PAG 146.86 -4.58 Sunoco SUN 50.34 -0.02 UnionPacific UNP 225.88 -3.13 ZimmerBiomet ZBH 115.14 -1.19
AB InBev BUD 62.28 -1.23 CdnPacKC Dropbox DBX 23.17 0.34 Haleon HLN 8.35 -0.04 MPLX MPLX 40.25 -0.19 Pentair PNR 78.43 -0.52 SuperMicroComp SMCI 839.72 -35.00 UnitedAirlines UAL 51.83 1.19 Zoetis ZTS 170.80 -0.50
CP 76.52 -1.23
AnnalyCap NLY 19.22 -0.12 CapitalOne COF 135.65 -0.97 DukeEnergy DUK 100.42 -0.76 Halliburton HAL 35.81 -0.71 MSCI MSCI 489.74 -5.96 Penumbra PEN 191.34 -1.47 Suzano SUZ 9.50 -0.07 UnitedMicro UMC 8.58 -0.29 ZoomVideo ZM 61.36 -0.70

AnteroResources AR 34.23 -0.45 CardinalHealth CAH 96.14 1.39 Duolingo DUOL 196.10 1.94 HartfordFinl HIG 99.75 -0.58 t MagnaIntl MGA 44.15 -1.17 PepsiCo PEP 171.15 -2.23 Symbotic SYM 40.93 -0.38 UPS B UPS 134.41 -3.17 Zscaler ZS 164.37 0.21
Aon AON 275.82 -3.44 Carlisle CSL 414.54 -6.88
DuPont DD 81.27 -0.82 Hasbro HAS 60.23 -1.52 MakeMyTrip MMYT 76.61 -1.28 PerformanceFood PFGC 67.85 -0.84
APi Group APG 35.35 -0.40 Carlyle CG 41.73 -1.36
Dynatrace DT 46.22 0.17 HealthpeakProp DOC 18.96 0.05 ManhattanAssoc MANH 221.46 -4.33 PermianRscs PR 16.08 ...
elfBeauty ELF 183.77 -9.47 s HEI 213.06 1.01 ManulifeFinl MFC 25.63 -0.57 PetroleoBrasil PBR 15.13 -0.12
ApolloGlblMgmt APO 113.17 -2.43 CarMax
AppFolio APPF 230.67 -2.49 Carnival
KMX 67.43 -1.72
CCL 15.22 -0.43 EMCOR EME 393.90 0.22 s
Heico
Heico A HEI.A 171.32 0.66 Maplebear CART 30.92 -1.30 PetroleoBrasilA PBR.A 14.45 -0.18
Dividend Changes
Apple AAPL 190.29 0.30 Carnival CUK 13.68 -0.44 ENI E 31.12 -0.52 HenrySchein HSIC 70.14 -1.01 MarathonOil MRO 28.68 2.23 Pfizer PFE 27.82 -0.48
EOG Rscs EOG 121.92 -3.93 Hershey HSY 193.55 -4.06 MarathonPetrol MPC 172.46 -6.70 PhilipMorris PM 99.60 -0.45 Amount Payable /
AppliedIndlTechs AIT 190.47 -5.39 CarrierGlobal CARR 63.07 -1.60
Company Symbol Yld % New/Old Frq Record
ApplMaterials AMAT 219.05 -2.27 Carvana CVNA 105.05 0.46 t EPAM Systems EPAM 178.43 1.16 Hess HES 148.88 -3.17 Markel MKL 1598.24 -5.41 Phillips66 PSX 138.19 -4.57
AppLovin APP 83.89 0.66 CaseysGenStores CASY 325.32 -12.00 EQT EQT 40.69 -0.55 HessMidstream HESM 35.81 -0.12 MarketAxess MKTX 200.41 -5.94 Pilgrim'sPride PPC 36.41 0.31 Increased
Aptargroup ATR 144.84 -1.87 Catalent CTLT 53.58 -0.42 EagleMaterials EXP 228.74 -3.49 HewlettPackard HPE 18.18 -0.23 Marriott MAR 228.46 -5.68 PinnacleWest PNW 75.73 -0.75 Alerus Financial ALRS 4.3 .20 /.19 Q Jul15 /Jun14
Aptiv APTV 81.52 -1.61 Caterpillar CAT 338.11 -8.36 EastWestBncp EWBC 72.09 -1.47 Hilton HLT 196.48 -3.52 Marsh&McLen MMC 201.96 -2.01 Pinterest PINS 42.12 0.62
Reduced
Aramark ARMK 31.15 -0.67 Celanese CE 148.36 -2.90 EastGroup EGP 158.87 -0.60 Hologic HOLX 72.39 -0.97 MartinMarietta MLM 563.82 -6.50 PlainsAllAmPipe PAA 16.75 -0.17
Telephone & Data Sys TDS 4.5 .04 /.19 Q Jun28 /Jun14
ArcelorMittal MT 25.03 -0.76 CelsiusHldg CELH 79.81 -3.11 EastmanChem EMN 98.45 -2.28 HomeDepot HD 325.91 -2.79 MarvellTech MRVL 75.78 -2.55 PlainsGP PAGP 17.70 -0.08
ArchCapital ACGL 101.55 -0.70 Cemex Eaton ETN 332.89 -4.47 HondaMotor HMC 32.79 -0.44 Masco MAS 67.33 -0.15 Pool POOL 351.14 -6.51 Stocks
CX 7.51 -0.07
ADM ADM 60.03 -0.86 Cencora COR 219.06 2.85 eBay EBAY 52.09 -0.81 Honeywell HON 197.07 -2.11 MasTec MTZ 109.98 -0.29 Primerica PRI 222.01 -0.85 Li-Cycle Holdings LICY 1:8 /Jun04
AresMgmt ARES 142.17 -2.17 CenovusEnergy CVE 20.64 -0.32 Ecolab ECL 226.13 -2.77 HormelFoods HRL 34.10 -0.60 Mastercard MA 442.47 -2.61 PrincipalFinl PFG 80.37 -0.75 Foreign
argenx ARGX 377.77 11.43 Centene CNC 70.50 -2.22 Ecopetrol EC 12.30 -0.13 DR Horton DHI 141.38 -1.47 MatadorRscs MTDR 61.72 -0.32 ProcoreTech PCOR 68.96 0.14 Bank of Nova Scotia BNS 6.8 .7774 Q Jul29 /Jul03
AristaNetworks ANET 308.31 0.82 CenterPointEner CNP 29.38 -0.16 EdisonIntl EIX 73.35 -0.79 HostHotels HST 17.79 -0.38 MatchGroup MTCH 29.54 0.19 Procter&Gamble PG 161.65 -1.46 Danaos DAC 3.5 .80 Q Jun20 /Jun11
Arm ARM 120.65 -4.29 CentraisElBras EBR 6.80 -0.20 EdwardsLife EW 87.03 -0.01 HoulihanLokey HLI 132.23 -2.07 McCormickVtg MKC.V 69.86 -0.93 Progressive PGR 203.15 -2.03 Diana Shipping DSX 10.2 .075 Q Jun18 /Jun12
AspenTech AZPN 212.76 -5.30 CerevelTherap CERE 40.82 -0.18 s ElancoAnimal ELAN 17.40 0.26 HowmetAerospace HWM 84.07 -1.21 McCormick MKC 70.18 -1.13 Prologis PLD 105.00 ... Elbit Systems ESLT 1.0 .50 Q Jul01 /Jun18
Assurant AIZ 169.05 0.48 CharlesRiverLabs CRL 211.48 -3.03 Elastic ESTC 102.30 2.17 Hubbell HUBB 389.28 -8.38 McDonald's MCD 249.37 -4.17 PrudentialFinl PRU 117.49 -0.24 Euro Tech Holdings CLWT ... .08 Jun27 /Jun13
AsteraLabs ALAB 67.45 -1.44 CharterComms CHTR 271.35 -0.07 ElbitSystems ESLT 192.43 -0.77 HubSpot HUBS 648.23 9.84 McKesson MCK 558.89 9.63 Prudential PUK 19.23 -0.35 Golar LNG GLNG 3.9 .25 Q Jun17 /Jun10
AstraZeneca AZN 76.08 -0.54 CheckPoint CHKP 149.05 -0.66 ElectronicArts EA 131.97 0.11 Humana HUM 345.31 -3.90 Medpace MEDP 387.99 -2.82 PublicServiceEnt PEG 73.20 -1.34 IRSA-Inversiones GDR IRS ... .63025 Jun03 /Jun03
Atlassian TEAM 165.76 0.94 Chemed CHE 540.59 -2.75 ElevanceHealth ELV 505.52 -13.67 t JBHunt JBHT 154.65 -3.74 Medtronic MDT 81.49 -0.51 PublicStorage PSA 263.80 -6.69 Ituran Location & Ctrl ITRN 5.7 .39 Q Jul02 /Jun18
AtmosEnergy ATO 111.34 -0.70 CheniereEnergy LNG 153.87 -2.31 EmersonElec EMR 110.92 -1.13 HuntingtonBcshs HBAN 13.47 -0.19 MercadoLibre MELI 1709.86 1.86 PulteGroup PHM 112.54 -0.72 Silvercorp Metals SVM 0.6 .0125 SA Jun27 /Jun07
Autodesk ADSK 208.51 -1.94 CheniereEnerPtrs CQP 48.72 -0.64 Enbridge ENB 35.68 -0.43 HuntingIngalls HII 248.30 -4.45 Merck MRK 125.90 -0.19 s PureStorage PSTG 63.00 0.48
Special
Autoliv ALV 126.00 -3.11 ChesapeakeEner CHK 89.33 -1.16 EncompassHealth EHC 84.23 0.76 HyattHotels H 144.67 -3.11 MetaPlatforms META 474.36 -5.56 Qiagen QGEN 42.58 -0.44
SilverSun Technologies SSNT ... 3.27 Jun12 /Jun05
ADP ADP 240.09 -3.21 Chevron CVX 156.90 -2.14 Endeavor EDR 26.76 0.01 ICICI Bank IBN 26.37 -0.43 MetLife MET 70.44 -0.54 Qorvo QRVO 96.28 -1.90
AutoZone AZO 2739.10 -60.90 Chipotle CMG 3072.85 -80.99 EnergyTransfer ET 15.43 -0.06 IdexxLab IDXX 498.35 -7.05 Mettler-Toledo MTD 1437.16 -17.39 Qualcomm QCOM 208.26 -4.82 Note: Dividend yields as of 3:30 p.m. ET
Sources: FactSet; Dow Jones Market Data
Avalonbay AVB 188.59 -3.66 ChordEnergy CHRD 179.40 -3.67 EnphaseEnergy ENPH 125.69 -3.69 ING Groep ING 17.45 -0.28 MicrochipTech MCHP 95.56 -3.26 QuantaServices PWR 277.97 -1.67
Avangrid AGR 35.80 -0.05 Chubb CB 261.53 -1.11 Entegris ENTG 128.92 -2.49 IQVIA IQV 225.00 -1.71 MicronTech MU 131.58 -1.09 QuestDiag DGX 138.19 -0.72 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Avantor AVTR 23.57 -0.14 ChunghwaTel CHT 38.57 -0.76 Entergy ETR 106.71 -0.82 ITT ITT 130.44 -2.85 Microsoft MSFT 429.17 -1.15 spin-off.
AveryDennison AVY 221.95 -2.95 Church&Dwight CHD 103.31 -0.85 EnterpriseProd EPD 28.05 -0.04 IcahnEnterprises IEP 16.36 -0.24 MicroStrategy MSTR 1618.70 -56.65
R S
AxaltaCoating AXTA 34.07 -0.77 ChurchillDowns CHDN 130.10 -0.88 Equifax EFX 230.86 -5.65 Icon ICLR 309.52 -11.54 MidAmApt MAA 128.78 -1.53 RBC Bearings RBC 287.37 -0.53
AxonEnterprise AXON 284.19 -4.01 Cigna CI 332.92 -0.29 Equinix EQIX 760.02 -8.69 IDEX IEX 207.31 -3.93 MitsubishiUFJ MUFG 10.30 -0.08 RB Global RBA 73.74 -1.54
IPO Scorecard
BCE BCE 33.19 -0.42 CincinnatiFinl CINF 114.66 -1.08 Equinor EQNR 28.23 -0.62 IllinoisToolWks ITW 235.01 -2.40 MizuhoFin MFG 3.97 -0.10 RELX RELX 43.40 -0.28 Performance of IPOs, most-recent listed first
BHP Group BHP 59.45 -0.15 Cintas CTAS 663.52 -6.81 Equitable EQH 40.73 0.31 Illumina ILMN 101.76 -3.27 Mobileye MBLY 26.02 -0.47 RPM RPM 109.10 -0.83 % Chg From % Chg From
BJ'sWholesale BJ 84.85 -2.28 t CiscoSystems CSCO 46.08 -0.20 EquityLife ELS 61.25 ... ImperialOil IMO 69.13 -1.61 Moderna MRNA 147.92 -5.28 RTX RTX 104.57 -0.95 Company SYMBOL Wed's Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
BP BP 37.12 -0.28 Citigroup C 62.01 -0.44 EquityResdntl EQR 63.38 -1.26 Incyte INCY 56.92 -0.33 MohawkInds MHK 116.02 0.26 RalphLauren RL 183.42 2.17 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
BWX Tech BWXT 88.00 0.07 CitizensFin CFG 34.20 -0.46 ErieIndemnity ERIE 368.03 -9.86 Informatica INFA 29.28 -0.42 MolinaHealthcare MOH 315.00 -9.09 RangeResources RRC 36.13 -0.74 Bowhead Specialty Holdings 26.29 54.6 10.5 GP-Act III Acquisition 10.08 0.8 –0.1
Baidu BIDU 98.47 -1.29 CleanHarbors CLH 211.59 -3.00 EssentialUtil WTRG 35.96 -0.57 Infosys INFY 17.03 -0.29 MolsonCoorsA TAP.A 60.38 1.38 RaymondJames RJF 121.71 -1.83 BOW May 23/$17.00 GPATU May 9/$10.00
BakerHughes BKR 31.93 -0.48 Cleveland-Cliffs CLF 16.77 -0.17 EssexProp ESS 252.91 -2.42 IngersollRand IR 91.09 -2.37 t MolsonCoorsB TAP 53.02 0.06 RealtyIncome O 51.17 -0.40 RF Acquisition II 10.06 0.6 0.1 Proficient Auto Logistics 15.00 ... 1.7
Ball BALL 66.54 -0.92 Clorox CLX 128.21 -0.66 EsteeLauder EL 121.55 -4.51 Ingredion INGR 115.43 -1.01 monday.com MNDY 240.26 -0.28 Reddit RDDT 57.64 -0.85 RFAIU May 17/$10.00 PAL May 9/$15.00
BBVA BBVA 10.60 -0.23 Cloudflare NET 75.20 1.33 EvercoreA EVR 199.01 -2.97 Insulet PODD 172.25 -5.57 Mondelez MDLZ 66.93 -0.64 RegalRexnord RRX 143.55 -2.51 JIADE 12.50 212.5 207.1 Silvaco Group 18.47 –2.8 –6.7
t BancoBradesco BBDO 2.21 -0.05 Coca-Cola KO 61.70 -0.12 Everest EG 382.69 -3.77 Intel INTC 30.13 -0.93 MongoDB MDB 333.99 -1.87 RegencyCtrs REG 58.69 -0.22 JDZG May 15/$4.00 SVCO May 9/$19.00
BancodeChile BCH 23.80 -0.45 CocaColaCon COKE 984.84 -3.56 Evergy EVRG 52.57 -0.69 InteractiveBrkrs IBKR 127.95 -0.65 MonolithicPower MPWR 746.40 -13.18 RegenPharm REGN 966.49 -6.67
Raytech Holding 3.70 –7.5 –12.5 Nano Nuclear Energy 6.91 72.8 33.1
BancSanBrasil BSBR 5.30 -0.13 Coca-ColaEuro CCEP 71.42 -0.89 EversourceEner ES 56.77 -0.03 ICE ICE 131.95 -1.73 MonsterBev MNST 52.13 0.48 RegionsFinl RF 18.64 -0.42 RAY May 15/$4.00 NNE May 8/$4.00
BcoSantChile BSAC 19.20 -0.60 Cognex CGNX 45.80 -1.40 t ExactSciences EXAS 44.82 -2.20 InterContinentl IHG 97.96 -2.52 Moody's MCO 399.88 -5.92 ReinsGrp RGA 208.01 0.31
Armlogi Holding 4.90 –2.0 6.1 Churchill Capital IX 10.12 1.2 0.5
BancoSantander SAN 5.02 -0.10 CognizantTech CTSH 66.12 -0.74 Exelon EXC 36.18 -0.60 IBM IBM 167.05 -2.61 MorganStanley MS 97.27 -1.40 Reliance RS 292.53 -9.60
BTOC May 14/$5.00 CCIXU May 2/$10.00
BanColombia CIB 35.03 -0.83 Coherent COHR 58.02 -1.01 Expedia EXPE 110.28 0.17 IntlFlavors IFF 94.71 -0.42 Morningstar MORN 287.69 -4.25 RenaissanceRe RNR 222.65 -6.32
BankofAmerica BAC 38.72 -0.60 CoinbaseGlbl COIN 236.65 -8.35 ExpeditorsIntl EXPD 117.82 -1.27 IntlPaper IP 44.40 -0.75 Mosaic MOS 29.78 -1.35 RentokilInit RTO 25.86 -0.53 Sources: Dow Jones Market Data; FactSet

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
LgCpGwId InstPre 33.74 -0.16 14.4 SAIUSMinVolIndFd 19.90 -0.16 6.6 CoreBond 9.96 -0.06 -1.7 LgCapGow I 76.15 -0.33 15.8 MuLTAdml 10.68 -0.04 -1.5 TgtRetInc 13.14 -0.08 1.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 31.23 -0.38 4.3 SAIUSQtyIdx 21.84 -0.12 12.8 EqInc 23.68 -0.36 3.9 MidCap 103.37 -1.29 3.3 MuLtdAdml 10.72 -0.01 -0.2 Welltn 43.43 -0.30 5.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 21.91 -0.16 11.0 SrsBlChGroRetail 19.00 -0.05 21.6 LgCpGwth 71.39 -0.36 18.7 R2030 25.22 -0.21 5.3 MuShtAdml 15.67 -0.01 0.6 WndsrII 46.04 -0.47 7.4
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.73 -0.04 -2.3 SrsEmrgMkt 18.53 -0.28 6.9 JPMorgan R Class Putnam Funds Class A PrmcpAdml r 172.03 -1.44 10.0 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 13.89 -0.24 7.1 SrsGlobal 14.60 -0.24 5.4 CoreBond 9.97 -0.07 -1.7 PutLargCap p 34.45 -0.35 11.9 RealEstatAdml 114.10 -1.10 -8.0 ExtndIstPl 315.43 -3.62 2.8
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.33 -0.06 -7.7 SrsGroCoRetail 23.61 -0.05 21.3 CorePlusBd 7.02 -0.06 -1.3 Putnam Funds Class Y SmCapAdml 104.72 -1.33 2.8 IdxIntl 19.46 -0.32 4.9
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 25.29 -0.39 1.0 SrsIntlGrw 18.24 -0.31 6.5 Lord Abbett I PutLargCap 34.47 -0.35 12.1 SmGthAdml 87.63 -1.09 3.3 MdCpGrAdml 98.54 -1.30 4.4
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 144.52 -1.14 9.9 SrsIntlVal 12.72 -0.20 9.0 ShtDurInc p 3.83 ... 1.6 Schwab Funds STBondAdml 9.96 -0.01 -0.1 MdCpVlAdml 77.68 -0.92 4.0
TotalMarketIndex 18.28 -0.14 10.0 TotalBond 9.28 -0.03 -1.5 Metropolitan West 1000 Inv r 113.11 -0.87 NA STIGradeAdml 10.13 -0.01 0.6 SmValAdml 78.78 -1.02 2.4
TtlIntIdxInstPr 13.82 -0.22 5.1 Fidelity SAI TotRetBdI 8.78 -0.04 NA S&P Sel 81.17 -0.60 NA STIPSIxAdm 24.13 -0.02 1.4 TotBd2 9.23 -0.04 -2.3
Wednesday, May 29, 2024 USBdIdxInstPrem 10.05 -0.04 -2.3 TotalBd 8.78 -0.04 -1.4 TRBdPlan 8.24 -0.03 NA TSM Sel r 88.98 -0.70 NA TotBdAdml 9.35 -0.04 -2.3 TotIntlInstIdx r 130.20 -2.10 5.0
Net YTD Net YTD Net YTD Fidelity Advisor I U.S.TreBdIdx 8.52 -0.03 -2.4 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.32 -0.07 -1.4 TotItlInstPlId r 130.24 -2.10 5.0
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.26 -0.04 -1.6 Fidelity Selects IIE 34.57 -0.55 4.9 EqIdxInst 36.96 -0.30 NA TotIntlAdmIdx r 32.56 -0.52 4.9 TotSt 126.34 -1.00 9.8
Fidelity Freedom Semiconductors r 34.10 -0.47 40.6 MFS Funds Class I IntlEqIdxInst 23.12 -0.38 NA TotStAdml 126.37 -1.01 9.8 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq2 35.32 -0.33 9.1 FF2030 17.25 -0.17 4.6 Softwr 26.60 -0.13 -2.0 GrowthI 206.27 -1.27 19.9 LrgCpGrIdxInst 59.29 -0.28 14.4 BalInst 46.37 -0.30 5.0
MuniIncmShares 10.92 -0.05 -0.1 IntlVal Inst 49.09 -0.65 6.8 US Small 45.02 -0.61 1.7 FF2035 TxMCapAdml 271.59 -2.06 10.2
15.34 -0.16 6.0 Tech 34.03 -0.15 19.4 ValueI 49.91 -0.57 5.3 VANGUARD ADMIRAL
TxMIn r 16.01 -0.28 4.6 DevMktsIndInst 16.03 -0.28 4.5
AB Funds - ADV Baird Funds US SmCpVal 45.48 -0.70 1.5 FF2040 11.26 -0.12 7.8 First Eagle Funds Natixis Funds 500Adml 486.98 -3.61 11.0 DevMktsInxInst 25.06 -0.44 4.5
LgCpGrAdv 107.18 -0.66 15.5 AggBdInst 9.52 -0.04 -2.0 US TgdVal 32.09 -0.48 0.9 Freedom2030 K 17.24 -0.17 4.7 GlbA USGroAdml 167.34 -0.83 14.1
67.39 -0.79 6.8 LSGrowthY 25.97 -0.14 11.8 BalAdml 46.36 -0.30 5.0 ExtndInst 127.82 -1.46 2.8
American Century Inv CorBdInst 9.86 -0.04 -1.5 USLgVa 47.33 -0.57 6.8 Freedom2035 K 15.32 -0.16 6.1 Franklin A1 ValAdml 61.63 -0.70 6.4
Northern Funds CAITAdml 11.18 -0.03 -1.4 GrwthInst 183.21 -0.74 14.7
Ultra 85.82 -0.38 15.2 BlackRock Funds Dodge & Cox StkIdx WdsrllAdml 81.68 -0.84 7.4
Freedom2040 K 11.26 -0.13 7.8 IncomeA1 2.32 -0.01 2.0 54.22 -0.40 11.0 CapOpAdml r 195.28 -1.81 9.0 InPrSeIn 9.30 -0.02 -0.7
American Funds Cl A HiYldBd Inst 6.98 -0.02 2.1 Balanced 102.74 -0.70 3.2 Idx2030InsPre 19.54 -0.17 3.5 FrankTemp/Frank Adv DivAppIdxAdm 48.42 -0.51 WellsIAdml 60.28 -0.46 0.6
Old Westbury Fds 5.2 InstIdx 434.28 -3.22 11.0
AmcpA 41.67 -0.36 9.3 BlackRock Funds III GblStock 15.74 -0.21 5.5 Idx2035InsPre 22.46 -0.21 4.7 IncomeAdv 2.29 -0.02 1.6 LrgCpStr 19.22 -0.18 10.7 EMAdmr 36.25 -0.43 6.1 WelltnAdml 74.99 -0.52 5.6
InstPlus 434.29 -3.21 11.0
AMutlA 53.28 -0.59 4.9 iShS&P500IdxK 618.30 -4.58 11.0 Income 12.28 -0.05 -1.7 Idx2040InsPre 23.53 -0.25 6.1 FrankTemp/Franklin A Parnassus Fds EqIncAdml 88.39 -1.14 5.5 WndsrAdml 74.91 -0.94 3.4 InstTStPlus 89.99 -0.71 9.8
BalA 33.57 -0.31 5.3 BlackRock Funds Inst Intl Stk 51.87 -0.89 5.5 Idx2045InsPre 24.71 -0.26 6.7 DynaTech A 157.12 -0.85 17.5 ParnEqFd 59.51 -0.43 8.1 ExplrAdml 106.88 -1.14 3.5 VANGUARD FDS MidCpInst 66.03 -0.83 4.2
BondA 11.02 -0.04 -2.4 EqtyDivd 20.21 -0.22 5.9 Stock 252.14 -2.19 6.0 Idx2050InsPre 24.75 -0.26 6.7 Growth A 135.94 -1.11 10.8 PGIM Funds Cl Z ExtndAdml 127.82 -1.47 2.8 DivdGro 37.82 -0.37 2.8 MidCpIstPl 325.67 -4.07 4.2
CapIBA 67.44 -0.73 2.5 StratIncOpptyIns 9.29 -0.02 0.4 DoubleLine Funds Fidelity Invest RisDv A 91.71 -0.96 3.9 TotalReturnBond 11.66 -0.05 NA GroIncAdml 101.94 -0.73 13.0 IntlVal 42.14 -0.65 4.4 SmCapInst 104.72 -1.33 2.8
CapWGrA 65.06 -0.88 8.6 TotRet 9.65 -0.05 NA TotRetBdI 8.55 -0.03 NA Balanc 28.79 -0.17 7.4 Guggenheim Funds Tru PIMCO Fds Instl GrwthAdml 183.20 -0.74 14.7 LifeGro 43.86 -0.43 5.8 SmCapIstPl 302.26 -3.83 2.8
EupacA 58.77 -0.91 7.5 Calamos Funds Edgewood Growth Instituti BluCh 211.69 -0.60 22.2 TotRtnBdFdClInst 23.00 -0.10 -1.6 AllAsset 11.03 -0.08 NA HlthCareAdml r 88.85 -0.90 3.7 LifeMod 31.61 -0.27 3.8 STIGradeInst 10.13 -0.01 0.6
FdInvA 79.63 -0.96 11.6 MktNeutI 14.56 ... 2.9 EdgewoodGrInst 48.31 -0.35 10.4 BluChpGr K6 32.44 -0.10 20.9 Harbor Funds TotRt 8.38 -0.04 -1.4 HYCorAdml r 5.32 -0.02 0.6 PrmcpCor 34.82 -0.33 9.7 STIPSIxins 24.15 -0.02 1.4
GwthA 71.18 -0.63 12.7 Columbia Class I Federated Hermes Int Contra 19.46 -0.11 21.0 CapApInst 111.70 -0.58 15.8 PIMCO Funds A InfProAd 22.83 -0.05 -0.7 STAR 27.92 -0.23 4.0 TotBdInst 9.35 -0.04 -2.3
HI TrA 9.53 -0.03 2.9 DivIncom I 31.82 -0.39 5.1 TtlRtnBdI 9.22 -0.03 -2.0 ContraK 19.52 -0.12 21.0 Harding Loevner IncomeFd 10.44 -0.03 0.7 InfTechIdx 280.30 -1.50 13.4 TgtRe2020 27.46 -0.18 2.2 TotBdInst2 9.23 -0.04 -2.3
ICAA 55.67 -0.55 10.8 Dimensional Fds Fidelity CpInc 9.91 -0.03 4.8 IntlEq 26.45 -0.45 1.9 PIMCO Funds I2 IntlGrAdml 110.46 -1.79 8.5 TgtRe2025 18.98 -0.15 3.3 TotBdInstPl 9.35 -0.04 -2.3
IncoA 23.87 -0.27 2.6 EmgMktVa 31.65 -0.38 7.7 500IdxInstPrem 183.21 -1.35 11.0 GroCo 38.58 -0.08 20.9 Invesco Funds Y Income 10.44 -0.03 0.8 ITBondAdml 9.97 -0.04 -2.3 TgtRe2030 36.91 -0.32 4.0 TotIntBdIdxInst 28.99 -0.11 -1.4
N PerA 60.95 -0.68 9.0 EmMktCorEq 23.88 -0.27 6.7 Contrafund K6 27.88 -0.17 21.1 InvGrBd 9.74 -0.04 -1.9 DevMktY 39.83 -0.68 3.1 PIMCO Funds Instl ITIGradeAdml 8.40 -0.03 -1.4 TgtRe2035 23.19 -0.21 4.8 TotStInst 126.40 -1.00 9.8
NEcoA 60.07 -0.67 11.3 IntlCoreEq 16.06 -0.27 5.0 ExtMktIdxInstPre 80.25 -0.92 2.8 LowP 47.04 -0.63 6.7 JHF III DispVal IncomeFd 10.44 -0.03 0.8 LarCapAd 121.82 -0.89 10.9 TgtRe2040 41.49 -0.40 5.6 ValueInst 61.63 -0.70 6.4
NwWrldA 79.77 -1.06 6.3 IntSmCo 20.11 -0.33 4.2 FidSerInt 8.46 -0.04 -2.1 Magin 14.01 -0.12 17.3 DispValMCI 28.60 -0.33 4.5 Price Funds LTGradeAdml 7.54 -0.06 -5.3 TgtRe2045 28.34 -0.29 6.3 WCM Focus Funds
SmCpA 66.29 -0.92 0.1 IntSmVa 22.94 -0.35 8.1 FidSerToMarket 17.21 -0.13 9.9 NASDAQ 214.92 -1.26 13.0 John Hancock BlChip 177.49 -0.82 18.8 MidCpAdml 298.92 -3.74 4.2 TgtRe2050 47.48 -0.50 6.8 WCMFocIntlGrwIns 24.77 -0.41 8.8
TxExA 12.19 -0.04 -1.1 LgCo 35.00 -0.26 11.0 GrowthCompanyK6 27.23 -0.07 21.3 OTC 21.80 -0.15 19.2 BondR6 13.16 -0.06 -1.6 DivGro 75.76 -0.73 7.2 MuHYAdml 10.51 -0.04 -0.3 TgtRe2060 48.81 -0.52 6.8 Western Asset
WshA 61.19 -0.75 7.3 US CoreEq1 39.47 -0.35 9.8 IntlIdxInstPrem 49.91 -0.82 5.8 Puritn 25.51 -0.19 9.9 JPMorgan I Class Growth 99.28 -0.34 14.7 MuIntAdml 13.40 -0.04 -1.3 TgtRet2055 52.98 -0.56 6.8 CorePlusBdI NA ... NA
THE WALL STREET JOURNAL. * * * * * * Thursday, May 30, 2024 | B9

MARKETS

Goldman Raises $20 Billion

Spot bitcoin ETF net flows

BlackRock $16.47 billion

Fidelity 8.76

For Private-Lending Fund

ARK 21Shares 2.58

Bitwise 1.93

VanEck 0.52

The firm has already is managed by Goldman Sachs
Alternatives’ private-credit
invested $4 billion business.
from vehicle since “We think the addressable
market is growing,” said
the fundraise began James Reynolds, the asset
manager’s global head of di-
BY ISAAC TAYLOR rect lending. “This is the larg-
est dry powder there has been
Goldman Sachs Asset Man- in private equity. So we think
Valkyrie 0.51
and its employees. The asset the last few quarters, a pickup
Franklin Templeton 0.36
manager also closed on more in M&A activity,” Reynolds
than $7 billion in large-cap se- said. “And that’s across all our Invesco Galaxy 0.32
nior direct lending managed regions. That’s across North
accounts and $550 million of America, Western Europe as WisdomTree 0.07
co-investment vehicles. Insti- well as Asia.”
–$17.72 billion Grayscale
tutional investors include U.S. This backdrop creates what
and international pension Goldman Sachs sees as an at- Note: Data as of May 28
plans, insurance companies tractive opportunity for alter- Source: J.P. Morgan estimates and Bloomberg Finance
and sovereign-wealth funds. native direct-lending sources

BlackRock’s ETF
agement’s alternative invest- this is an excellent backdrop The previous Loan Partners that can provide size, struc-
ment platform raised more to create attractive opportuni- fund raised roughly $7 billion. tural flexibility and certainty
than $20 billion for senior di- ties.” The fundraise comes amid of execution to borrowers, ac-
rect lending in its latest fund Goldman Sachs has already a significant opportunity in cording to a company news

For Bitcoin Grows

targeting private-equity- invested $4 billion across 37 senior direct lending, driven release.
backed global businesses. portfolio companies from the by an expected pickup in Goldman Sachs Alterna-
The fund, West Street Loan fund since the fundraise be- merger-and-acquisition activ- tives’ private-credit business
Partners V, is the latest in a gan. ity as private-equity dry pow- was launched in 1996 and has

To World’s Largest
series of flagship large-cap se- Loan Partners V closed der is at a record high and invested $185 billion since its
nior direct lending vehicles for with $13.1 billion in total capi- sponsors seek to return capi- inception across investment
Goldman Sachs Alternatives, tal raised from existing and tal to investors, Goldman strategies, including senior di-
the asset manager said new investors, as well as com- Sachs said. rect lending, mezzanine, hy-
Wednesday. Loan Partners V mitments from Goldman Sachs “We’re starting to see, over brid capital and asset finance.
BY VICKY GE HUANG managers including Black-
Rock and Fidelity Invest-

Homecoming Capital Pledges $50 Million BlackRock’s iShares Bit-

coin Trust has overtaken its
rival, the Grayscale Bitcoin
Trust, to become the largest
ments have raked in over
$30 billion since then.
The crypto market has at-
tracted more institutional in-

To Port Developer to Tap Offshore Wind bitcoin exchange-traded fund

in the world.
As of Tuesday, the iShares
vestors since the launch of
the so-called spot bitcoin
ETFs.
Bitcoin Trust, which trades The State of Wisconsin In-
BY LUIS GARCIA Each project may take four to under the ticker IBIT, had vestment Board, a pension
six years of preparation and $19.68 billion in assets under fund, held nearly $100 mil-
Homecoming Capital has three more years to build out management. lion worth of BlackRock’s
pledged $50 million to port-in- each of them, he added. The Grayscale Bitcoin iShares Bitcoin Trust and
frastructure developer Clean “That’s probably the most Trust, known by its ticker over $60 million of GBTC
Energy Terminals, which ex- difficult, riskiest time for a proj- symbol GBTC, had $19.65 bil- shares at the end of March.
pects to benefit from U.S. efforts ect, but it’s also probably the lion in assets under manage- Hedge fund Millennium
to catch up with Europe and time when you can have the ment. Management had $2 billion
China on offshore wind energy. most impact in terms of creat- For years, GBTC was the invested in several spot bit-
Clean Energy Terminals de- ing opportunities,” he said of world’s largest bitcoin fund, coin ETFs, the filings show.
velops onshore infrastructure early-stage preparation. with assets in the fund peak- Institutional investors
MICHAEL DWYER/ASSOCIATED PRESS

for manufacturing, assembling, Hurdles port developers ing at about $44 billion in that manage at least $100
dispatching and maintaining could face include construction November 2021. million in U.S. stocks and
equipment used in offshore delays such as those that entan- However, investors have certain other equities must
wind projects such as blades gled the New Jersey Wind Port pulled nearly $18 billion from disclose their holdings as of
and support towers. The com- after Orsted, the world’s largest the fund since it converted the end of each quarter in
pany, run from Valencia, Calif., wind-energy developer, with- into an ETF in mid-January. Form 13F filings with the Se-
has identified more than 40 drew from two projects off the Nine newly launched bitcoin curities and Exchange Com-
possible development sites in state’s coast last year. Orsted ETFs by Wall Street asset mission.
New Jersey, California, along the The Biden administration has made offshore wind a pillar of cited rising costs and supply-
Gulf of Maine and elsewhere, its drive to cut carbon emissions. chain delays.
and is in talks with relevant au-
thorities and landowners, Chief
Executive Brian Sabina said.
just 42 megawatts last year. Off-
shore wind power is one clean-
ans said. Such ports can greatly
reduce costs and improve effi- AUCTION RESULTS
Here are the results of Wednesday's Treasury
High Yields cut its outlook.
With earnings season wind-
ing down, investors are await-
“We hope to have a material
number of those projects in our
portfolio in the coming years,”
energy source in which the U.S.
has lagged behind other regions,
particularly China and Europe—
ciency for offshore-project de-
velopers, particularly when the
facilities are shared, he said.
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.
17-WEEK BILLS
Pressure ing new information to justify
pushing share prices higher.
On Friday, the Fed’s favored
he said.
Sabina and Jonathan Ken-
nedy, the company’s chief devel-
both already have surpassed
30,000 megawatts. “We are only
now starting to deploy offshore
Some equipment used in off-
shore-wind projects, including
support towers for turbines and
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
$168,234,520,100
$60,241,596,700
$724,113,700
$0
98.267889
Stocks inflation gauge will be re-
leased. Economists estimate
the personal-consumption ex-
opment officer, previously wind at scale in the U.S.,” said their roughly 300-foot blades, (5.240%)
penditures price index rose
worked for the New Jersey Eco- Cody Evans, a partner at San are too big to be transported by Coupon equivalent 5.406% Continued from page B1 2.7% in April from a year ear-
Bids at clearing yield accepted 60.61%
nomic Development Authority, Francisco-based Homecoming. truck or train, so must be made Cusip number 912797LK1
make it less attractive to hold lier. “We really have an ab-
where they helped develop a “Europe and China have been near seaports, Sabina said. The The bills, dated June 4, 2024, mature on Oct. 1, 2024. riskier stocks. They also in- sence of news,” said John
marshaling and manufacturing doing that for years.” structures, including the blades, ONE-YEAR, 11-MONTH FRNs
crease borrowing costs across Lynch, chief investment officer
port just north of the Delaware Homecoming invests in busi- can be two-thirds the height of Applications $96,802,809,600 the economy, including for for Comerica Wealth Manage-
Bay in Salem County to service nesses that aim to help reduce New York’s Empire State Build- Accepted bids $29,662,559,600 mortgages ment. “We’re trying to figure
offshore wind projects. The first carbon emissions across sectors ing. “Ports are existential to off-
" noncompetitively
Spread
$20,014,500
0.150% WEDNESDAY’S and corporate out what the next catalyst is.”
phase of the roughly $1 billion such as power, transportation shore-wind projects,” he said. Bids at clearing yield accepted
Cusip number
85.00%
91282CKM2
MARKETS debt. Brent crude, the global
port, which covers more than and agriculture. Previous com- He estimates that about $36 bil- For the benchmark, lost 62 cents, or
The floating-rate notes, dated May 31, 2024, mature
200 acres, is expected to be- mitments have included provid- lion needs to be invested in off- on April 30, 2026. year, the S&P 500 is still up 0.7%, to $83.60 a barrel. Gold
come operational in the coming ing more than $100 million to shore-wind ports of various SEVEN-YEAR NOTES 10%, including a 4.6% gain for fell $14.90, or 0.6%, to
months. Forum Mobility, an electric- sizes for the U.S. to achieve its Applications $109,416,353,400 May so far. $2,340.30 a troy ounce.
The Biden administration has truck operator in California, last energy goals. Accepted bids $46,612,240,400 Among individual stocks, Overseas, the Stoxx Europe
" noncompetitively $117,335,600
made offshore wind power one year. Homecoming has looked at Clean Energy Terminals " foreign noncompetitively $0 Marathon Oil shares jumped 600 fell 1.1%. At midday Thurs-
of the pillars of its drive to re- several ways to help the wind- plans to use Homecoming’s in- Auction price (rate) 99.852076 8.4% after ConocoPhillips day, Japan’s Nikkei 225 was
(4.650%)
duce carbon emissions, aiming power sector solve its supply- vestment to take a pipeline of Interest rate 4.625% agreed to acquire the company down 1.5% and Hong Kong’s
to reach 30,000 megawatts of chain bottlenecks and found projects to shovel-ready stage, Bids at clearing yield accepted 65.55% for $17.1 billion. Hang Seng Index and South
Cusip number 91282CKU4
capacity, or enough to power 10 that building wind ports looks at which point they will likely The notes, dated May 31, 2024, mature on May 31,
Shares of American Air- Korea’s Kospi were down 1%.
million homes, by 2030, up from among the most promising, Ev- need more capital, Sabina said. 2031. lines fell 14% after the carrier S&P 500 futures were off 0.5%.

But again, a better should get bigger.

The Market “Help” function wouldn’t
normally get investors’
pulses racing.
Rests on AI
Don’t get me wrong. I’m
deeply impressed by the
Conjecture progress of large language
models, the technology be-
hind ChatGPT. But all of my
attempts to use it for work
Continued from page B1 came with errors that took
1) Demand falls because more time to fix than if I
AI is overhyped. The Inter- had just done it myself. It’s
national Monetary Fund like having a 12-year-old
says AI will “transform the help out.
economy.” President Biden Many LLMs fail basic
says AI is “the most conse- tests, often in amusing
quential technology of our ways—Google advises add-
time.” ing glue to pizza, for exam-
And leading suppliers of ple. Copilot highlights the
AI—including the chief ex- risk of being eaten by a cab-
ecutive of OpenAI—said in a bage when asked how to
joint letter that “Mitigating cross a river with a goat.
the risk of extinction from Are they really ready for
AI should be a global pri- prime time? Perplexity is a
ority.” great AI-assisted search en-
Yet, large language mod- gine, but the promise of AI
els remain limited. I’ve yet goes a lot further than a
to meet someone who is better Google. The technol-
pleased to be faced with a ogy has yet to live up to the
customer-service chatbot— hype, and the risk is it takes
the main use case of which much longer than buyers of
seems to be to try to figure Nvidia chips believe.
out how to get past it to
speak to an actual human. 2) Competition reduces
It helps programmers, prices. Nvidia rules su-
but few outside the coding preme in the high-end
community got excited graphics processing units
when, for example, GitHub used for AI. But it faces
transformed software devel- competition from well-
opment, long before Chat- funded customers such as
GPT came along. Alphabet and Meta Plat-
Microsoft’s Copilot can forms, a slew of startups,
help beginners improve and traditional rivals such
PowerPoint presentations, as Intel trying to catch up.
which might make office life Even if they aren’t as good,
a little less dull. And help- they should limit Nvidia’s
ing users with Excel is im- ability to charge pretty
portant. much what it likes.
Nvidia change since ChatGPT launch
600% 12–month forward earnings forecast*
Share–price and index change this year
150% Nvidia
Such a frenzy fuels the
demand for AI chips.
If the argument is right,
Share price TSMC
500 125 S&P 500 a lot of people who invested
in the models that prove to
400 100
300
*Data as of May 28
75
be the losers will have
wasted their money. The
current boom in demand for
chips should also die down
200 50 once the also-rans give up.
That is a way off but is a
100 25 threat to future Nvidia
sales.
0 If the scale-matters argu-
0
ment is wrong, and what
businesses actually want
–100 –25
are smaller, dedicated AI
2023 ’24 Jan. 2024 May models trained in large part
on their own data, or that
Nvidia, Microsoft, Apple and Alphabet share of S&P 500 market value startups can do AI just as
35% well as the giants, a lot of
money will have been
wasted.
30
Investors assume contin-
ued rapid growth from
25
Nvidia, with the stock on a
multiple of 38 times for-
20 ward earnings.
Superfast commercializa-
15 tion of LLMs has become
the baseline for investors
10 who have pushed up other
stocks that should benefit,
5 such as suppliers of elec-
tricity, cables and data cen-
0 ters.
It is another sign of just
2010 ’15 ’20 ’24
how much investors have
Sources: LSEG (earnings, market value); FactSet (share price) swallowed the hype that
they are willing to bet on
3) Nvidia’s biggest sup- any reasonable time period. matter? The designers of such distant potential bene-
plier, Taiwan Semiconduc- It might not want to risk its AI models think there is an ficiaries of the AI boom.
tor Manufacturing, might long-term relationship. On advantage to getting big I fear the market is pay-
want a bigger slice. TSMC the other hand, it might quickly. More use gathers ing too little heed to the
actually makes the chips. If want some of the cash more data, which makes risks. AI may be a big deal,
it jacked up the price it pouring into Nvidia. the models better, which but it’s unlikely to pan out
charges Nvidia, no one else attracts more users, in a the way people seem to
could step in to replace it in 4) What if scale doesn’t virtuous circle. The big think.
B10 | Thursday, May 30, 2024 * *** THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Dell Can Keep Shining in Nvidia’s Halo

Booming demand for AI servers is boosting the storied tech giant as the PC industry recovers

All those Nvidia chips have to down 14% the following day.
plug into something. That is turn- Dell should be on more solid
ing into a very profitable reality footing. Its business is more diver-
for Dell. sified than Super Micro’s, which
The 40-year-old company that also has a higher-risk business
started life specializing in made- model that frequently results in
to-order personal computers has negative free cash flow. The PC
become one of the hottest names market that accounts for more
in the artificial-intelligence craze. than half of Dell’s revenue has
Dell’s market value has more than been showing signs of improve-
tripled over the past 12 months. ment lately with industry sales
That began when Nvidia gave a rising in the March quarter for the
blowout sales forecast indicating first time in two years, according
the level of demand for its chips to IDC.
by companies looking to build gen- Additionally, a new class of ma-
erative AI services such as Chat- chines with on-device AI is hitting
GPT. Dell’s stock price has also the market this year, creating the
more than doubled since the be- potential for further uplift. Bern-
ginning of the year. stein analyst Toni Sacconaghi
Dell is one of the world’s largest rates Dell’s shares as a buy, even
tech companies by annual revenue, while admitting to worries about

BRIDGET BENNETT/BLOOMBERG NEWS

selling everything from PCs to the sustainability of the AI server
data storage arrays to IT services business.
and software. The AI boom is spe- “That said, we see several other
cifically benefiting the company’s levers (storage, traditional servers,
server business as Nvidia’s GPU, or and AI PCs), which can be mean-
graphics-processing-unit, proces- ingfully accretive to EPS in FY25,”
sors require specialized ones with Sacconaghi wrote in a note last
high-performance memory and week.
other key components. Despite the runaway perfor-
Investors’ enthusiastic recep- mance of both stocks, Dell trades Nvidia CEO Jensen Huang, left, joined Dell CEO Michael Dell at Dell’s developer conference in Las Vegas last week.
tion sets a seemingly high bar for at a 22% discount to Super Micro
Dell ahead of its next earnings re- as a multiple of forward earnings. But Ng noted that Dell’s server Share-price performance Dell’s annual server and
port, set for Thursday afternoon. But like Super Micro, Dell’s AI customers “appear to have prior- over the past year networking revenue
Dell’s server revenue beat Wall numbers will play a major role in ity in GPU supply.” Dell also has a
500% $30 billion PROJECTIONS
Street’s projections by 16% for the how investors grade the latest re- tight relationship with Nvidia,
fiscal quarter that ended in July sults. with Chief Executive Officer Jen-
2023, giving the stock a 21% lift The most closely watched figure sen Huang joining Michael Dell on- Dell
the following day. In March, Dell will be its AI-server backlog, stage at Dell’s annual developer 400 Super Micro 25
reported that its AI-server backlog which nearly doubled this past conference last week and singling Nvidia
nearly doubled during its fiscal quarter to $2.9 billion. In a report him out from the audience during
fourth quarter. That sent the stock last month, Michael Ng of Gold- the keynote of his own big show in 300 20
up 32% the following day. man Sachs said a $2 billion gain in March.
Analysts expect the company’s backlog during the April quarter “Nobody is better at building
server revenue to have jumped would give Dell visibility into $5 end-to-end systems of a very large 200 15
31% year over year to a little over billion of AI-server revenue for the scale for the enterprise than Dell,”
$5 billion in the quarter ended in current fiscal year. He projects AI- Huang said at that event.
April. That would be the best server revenue hitting $6.8 billion None of Dell’s competitors in 100 10
growth seen for that segment in for the year. the IT-equipment space got such a
more than four years. Super Mi- That is doable, especially given shout-out. But turning those
cro Computer, a much smaller the strong demand Nvidia last words into actual sales will be vi- 0 5
company that focuses on special- week said that it expects to see tal considering the premium Dell
ized AI servers, saw its revenue for its new class of chips launch- is now fetching to more traditional
triple year over year during the ing later this year. Dell’s main con- rivals such as Cisco and Hewlett –100 0
March quarter. That actually fell a straint might be getting its hands Packard Enterprise. It has some June 2023 ’24 FY2016 ’20 ’25
bit short of Wall Street’s projec- on enough of those chips given the big numbers to serve up.
tions, sending that red-hot stock tight supply across the industry. —Dan Gallagher Note: Latest fiscal year ended Feb. 3. Sources: FactSet (performance, projections); the company (actual)

Chewy’s Customers Come Back for More Medicaid

There are very few bones to
pick with Chewy’s latest results.
86% from its peak in 2021. Its en-
terprise value was about 14 times
Is a Pain for
The online pet retailer said
Wednesday that net sales rose
3.1% from a year earlier in its
forward-12-month earnings before
interest, taxes, depreciation and
amortization, cheaper than Way-
Insurance
quarter ended April 28, better
than the 1.9% increase Wall Street
analysts were expecting. By con-
fair or Carvana.
Even after Wednesday’s re-
bound, Chewy’s shares are compa-
Companies
trast, bricks-and-mortar peer rable to Carvana’s on that metric.
Petco reported a 1.7% sales decline That seems to be an undemanding Health-insurer stocks have been
in its quarter ended May 4. Chewy price tag for an online retailer hammered this year by higher-
shares ended Wednesday’s trading with a relatively sticky customer than-expected costs of covering
up 27%. base, improving profitability and a seniors on Medicare Advantage
Chewy’s net income rose 193% net cash position. Chewy’s cash plans. Now the Medicaid business,
year over year, far exceeding Wall pile has grown to $1.1 billion and a separate health program for the
FERNANDO ACOSTA/THE WALL STREET JOURNAL

Street’s expectations of a slight the company on Wednesday said it low-income and disabled, also is
decline. While pet owners aren’t authorized its first buyback. looking a bit dicey.
splurging as much on high-margin The pet industry does look chal- The problem for insurers (as
toys and leashes, they are shifting lenged: Chewy said earlier this well as many Americans) is that
some of their pharmacy spending year that pet household formation millions of people are being kicked
to Chewy, which helped with prof- trends remain below historical lev- out of Medicaid as states begin
itability. Growth in its sponsored els. But its strong cash balance disenrolling them from the plans.
ads business also boosted the bot- and margins give Chewy enough Eligibility reviews for people
tom line. It was the eighth consec- firepower to spend on growth ini- who get Medicaid coverage were
utive quarter of year-over-year tiatives. paused during the Covid-19 pan-
improvement in gross margins. The company started its foray demic, causing those plans to
One could quibble that growth Chewy’s shares leapt 27% Wednesday after it reported its latest results. into Canada last year and opened swell in numbers—a boon for
at Chewy is coming from existing four physical vet clinics so far this some insurers. But once the
customers spending more, rather though, would be that Chewy’s earlier. There is more opportunity year. Earlier this month, Chewy Covid-19 emergency declaration
than from new customers. Last loyal customers are willing to here: Roughly 80% of Chewy’s cus- started testing out a paid mem- was lifted, many started to lose
quarter, its active customer count open their wallets to the online re- tomers have yet to buy from its bership program called Chewy their coverage.
declined 2.1% to 20 million, the tailer. As of last quarter, each ac- pharmacy, according to an April Plus. That poses a particular problem
fourth straight quarter of sequen- tive customer spent 9.6% more on report from William Blair. If Chewy’s new tricks lure new for insurers because as a general
tial declines. Chewy’s website on a trailing-12- Before its latest results, customers, its shares could take rule, the higher the number of
Another way to look at this, month basis than they did a year Chewy’s stock price had plunged another leap. —Jinjoo Lee people insured, the higher the rev-
enue for insurers and the better
their actuarial models tend to be.
Speaking at a Bernstein Strate-
gic conference on Wednesday,
Texas Instruments Won’t Be Messed With Easily UnitedHealth Group Chief Execu-
tive Andrew Witty noted that as
some people lose coverage during
this period of so-called redetermi-
A well-known activist investor cally been one of the best stew- that could cut that amount to signs that the harsh downturn for nation of Medicaid plans, the prof-
wants Texas Instruments to make ards of capital in the semiconduc- $2.75 billion in 2026 by not fully analog chip makers may be reach- itability of the program could be
a relatively mild course correction. tor sector,” wrote Ross Seymore of equipping new chip fabrication ing a bottom. taking a hit.
Wall Street doesn’t think the chip Deutsche Bank. facilities, unless demand war- But TI has significantly lagged “We’ve come through this very
maker will give an inch. Elliott’s ask is relatively mild, at rants it. behind peers such as Analog De- sort of prolonged redetermination
TI’s shares barely budged Tues- least relative to some of the activ- Free cash flow has long been vices and Microchip as well as the cycle in Medicaid,” Witty said.
day after Elliott Investment Man- ist’s past campaigns, such as last Texas Instruments’ true North broader market over the past two “Making sure that all of those—
agement announced a $2.5 billion year’s effort to get wireless tower Star. “We believe that the growth years, and the company’s spending the utilization and the rates and
investment in the company, along operator Crown Castle to replace of free cash flow per share is the plan means that could continue everything else—they’re in perfect
with a plan to improve projected its CEO. Elliott is calling for TI to primary driver of long-term over the next two. synchrony through a multiquarter
free cash flow. The stock then fell adopt a more flexible capital value,” is a line that has been re- “While we think TI’s strategy cycle, you know, it’s probably go-
2.4% Wednesday after analysts spending plan than the one it first peated almost verbatim at the be- will provide strong benefits in ing to be some disturbance around
cast doubt on whether the cam- outlined in 2022, and then raised ginning of the company’s annual 2027+ once capex finally declines, that.”
paign would be successful. the following year. The latter calls capital management call for the we continue to believe the setup Insurer stocks fell after those
“We remain unconvinced that for TI to spend $5 billion annually past four years. remains difficult into CY25,” Chris comments, with Molina, which
Elliott’s case will drive substantial through 2026—more than three Hence, the company’s ambitious Caso of Wolfe Research wrote to gets much of its business from
changes to TI’s strategy at this times its average over the past plan to expand its production ca- clients last month. Medicaid plans, dropping 2.8%.
point,” wrote Stacy Rasgon of five years. pacity has unnerved its sharehold- Elliott is betting investors won’t UnitedHealth retreated 3.8%, Hu-
Bernstein. Elliott suggests a “dynamic ca- ers. The stock has gotten a nice be that patient. mana slipped 1.1%, and Centene
“Fundamentally, TI has histori- pacity-management approach” bump over the past month on —Dan Gallagher declined 3.1%. —David Wainer