* * * * * * TUESDAY, JUNE 11, 2024 ~ VOL. CCLXXXIII NO. 136
00
DJIA 38868.04 À 69.05 0.18%
What’s
News
Business & Finance
 Apple joined the AI arms
race, saying it plans to bring
a more personalized version
of artificial intelligence to its
2.2 billion device users, in-
cluding striking a deal with
ChatGPT maker OpenAI. A1
 OpenAI named well-known
tech executive Sarah Friar
as its next finance chief, say-
ing she would help the com-
pany grow in a complex op-
erating environment. B4
 Former media executive
Edgar Bronfman Jr., backed
by Bain Capital, expressed
an interest in buying the
company that controls Par-
amount Global. B1
 The S&P 500 and Nasdaq
both rose 0.3% to records
and the Dow gained 0.2%
ahead of a much-anticipated
Fed meeting on Wednesday.
Bond yields ticked higher. B11
 Dockworkers at U.S. East
Coast and Gulf Coast sea-
ports canceled labor talks that
were due to start this week
and raised the possibility of
a strike later this year. B1
 Volvo recalled all of its new
fully electric EX30 sport-util-
ity vehicles after discovering a
bug in its display software. B3
 Norway’s $1.6 trillion
sovereign-wealth fund said
it would vote against Elon
Musk’s $46 billion pay pack-
age at Tesla. B3
 A former Allianz fund
manager who ran a group
responsible for steep inves-
tor losses during the 2020
market meltdown pleaded
guilty to fraud charges. B3
 Media network Newsmax
plans to publicly list its shares
later this year and is looking
to raise capital beforehand
via a private placement. B3
World-Wide
 A jury began deliberating in
Hunter Biden’s gun trial after
days of testimony that prose-
cutors hope will prove their al-
legations that he lied when he
claimed to be drug-free on an
application to buy a revolver. A3
 The White House is close
to naming derivatives regula-
tor Christy Goldsmith Romero
to head the FDIC, replacing
the agency’s longtime chair-
man Martin Gruenberg. A3
 The Biden administration
will close an Immigration and
Customs Enforcement deten-
tion center in Dilley, Texas,
which had long been used to jail
migrant families who crossed
the southern border illegally. A3
 Blinken began a three-day
tour of the Middle East, meet-
ing leaders in Egypt and Israel
to push a Biden-backed cease-
fire plan that Hamas and Israel
have viewed skeptically. A6
 The FDA and Justice De-
partment said they are step-
ping up enforcement by form-
ing a multiagency task force to
go after the illegal distribution
and sale of e-cigarettes. A3
 Trump’s proposal to make
workers’ tips nontaxable intro-
duces an untested idea to raise
take-home pay that would en-
courage businesses and em-
ployees to recharacterize taxed
wages as untaxed tips. A3
 The main channel to the
Port of Baltimore fully re-
opened, nearly 11 weeks af-
ter a cargo ship lost power
and slammed into the Fran-
cis Scott Key Bridge. A4
 The success of Marine Le
Pen’s far-right National Rally in
European elections brought 28-
year-old French politician Jordan
Bardella into the spotlight. A7
CONTENTS
Arts in Review..... A11
Business News.. B3,6
Crossword................. A11
Equities......................... B7
From Page One.... A8
Heard on Street.. B12
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
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MARKO DJURICA/REUTERS
A screen in Tel Aviv on Monday showed the reunion of Noa Argamani, an Israeli hostage rescued from Gaza, with her father.
Gunbattle Nearly Sabotaged
Gaza Hostage Rescue Mission
The two Israeli commando
teams had just pulled off a
historic rescue mission, free-
ing four hostages from homes
By Carrie Keller-Lynn,
Abeer Ayyoub and
Michael Amon
where they were held captive
in central Gaza. Now came the
hardest part: getting out of
Gaza alive.
A shootout that started Sat-
urday in one of the homes ex-
JOE GOUGH
Cicada Swarm
Has Illinois
Bugged Out
i i i for digital marketing are using
Rare convergence
of two broods;
‘It’s really loud’
BY JOE BARRETT
Dale Nickos is a total lawn
guy, but he let his grass grow
nearly a foot tall recently out
of concern for the big, noisy
bugs that have overrun his
backyard for a few weeks.
“I didn’t want to go out
there and slaughter them,”
said Nickos, a 53-year-old en-
gineer in the Chicago suburb
of Downers Grove, Ill. “They
Markets...................... B11 waited 17 years to come up
Opinion................ A13-15
Personal Journal A9-10
and do this, so what difference
Sports.......................... A12 does it make if I wait a little
Technology & Media B4 longer?”
U.S. News.............. A2-4 Finally, last week, he
World News... A6-7,16
climbed on his riding mower
in a winter hat, safety glasses,
> a long-sleeve shirt and tight-
cuffed sweatpants—and imme-
diately got divebombed by
hordes of cicadas. They clung
to his clothes and smacked
Please turn to page A2
HHHH $5.
10-YR. TREAS. g 10/32 , yield 4.468%
panded into a gunbattle on the
packed streets of Nuseirat be-
tween the commandos and re-
sponding Israeli forces and mil-
itants, the Israeli military said.
With the teams’ cover blown,
the Israeli Air Force began
striking dozens of militant tar-
gets in a bid to divert Hamas’s
attention and give the hostages
a fighting chance to get out.
In the crossfire, a vehicle
packed with special forces and
hostages was hit and disabled,
said David Tsur, the former
Risky Startups Cash In With Crowdfunding
BY DAVE MICHAELS
Risky startups with a flair
a regulatory exemption that al-
lows them to hype their moon-
shot products and raise huge
sums of money from individual
investors.
Two companies with com-
pletely different products—one
is designing three-wheel solar
Scammers Go Beyond Fake Products,
Impersonate Small-Business Owners
BY RUTH SIMON
Copycats are stepping up
their attacks on small busi-
nesses.
Sellers of products includ-
ing merino socks and garden
accessories said they have lost
customers to online scammers
who use the legitimate busi-
ness owners’ videos, logos and
social-media posts to assume
their identities and steer cus-
tomers to cheap knockoffs or
simply take their money.
“We used to think you’d be
OIL $77.74 À $2.21 GOLD $2,307.70 À $2.50 EURO $1.0767 YEN 157.04
Apple
Unveils
Plans to
Bring AI
To iPhone
Personalized system
to offer features
using ChatGPT and
stress privacy
BY AARON TILLEY
Apple joined the artificial
intelligence arms race, saying
Monday it plans to bring a
more personalized version of
artificial intelligence to its 2.2
billion device users—including
striking a deal with ChatGPT
maker OpenAI.
The new AI system, which
it called “Apple Intelligence,”
offered a preview to what
many consider to be the holy
grail of AI, a voice assistant
empowered with enough per-
sonal user information to
meaningfully help complete an
array of tasks. Apple teamed
up with OpenAI, and its Chat-
GPT, for some new AI func-
tions, such as answering more
commander of Yamam, the Is- military official said. complex queries or composing
raeli police team that carried The firefight almost pre- messages, capabilities that
out the extraction. An Israeli vented the hostages and the Apple’s AI cannot handle.
armored vehicle swooped in to commando team from making The announcement comes
rescue the rescuers, but it too it out alive. It prompted a fe- after the iPhone maker saw its
was disabled by fire, so an- rocious response from the Is- market value stagnate com-
other force arrived to deliver raeli military that helps ex- pared with rivals that were
the hostages to helicopters plain the high casualty count quicker to incorporate genera-
waiting to take them to Israel, among Palestinians, Israeli of- tive artificial intelligence into
reported Army Radio, an inde- ficials said. The officials said their core products.
pendent news organization they estimated Hamas fire “We think Apple Intelligence
run by the Israeli military. Please turn to page A6 is going to be indispensable to
“There was a thin line be- the products that already play
tween being a huge success  Blinken returns to region such an integral role in our
and a huge failure,” an Israeli to push peace plan........... A6 Please turn to page A6
PART 3| GOOGLE’S SECRET WEAPON
A Breakup Brings Down
Big Tech’s Proudest Ally
Joshua Wright enjoyed a career as the cleverest mind in
antitrust law—until his past caught up with him
BY BRODY MULLINS and corporate clients. By last summer, ev-
erybody knew.
For a time, Joshua Wright juggled a wife, Since at least 2006, Wright had extramar-
three children, three mistresses and a career ital affairs with students who took his
as a law professor and antitrust consultant classes at George Mason University’s law
for Google, Qualcomm and Facebook. school in Arlington, Va. Some of the women
He might have been able to keep it going. said they met his sexual demands out of fear
But in October 2021, Wright ended a years- he might sink their careers if they refused,
long affair with Elyse Dorsey, and every- according to court records.
thing started to tumble. He dumped Dorsey During much of that time, Wright was the
in a text, saying he was back with a former leading defender of Google, Qualcomm and
lover. “I’m so embarrassed for thinking you other corporate giants against antitrust
ever respected me,” she told him. probes by federal regulators. While Wright
Dorsey, a former antitrust lawyer for the was little-known outside of Washington, he
Justice Department, knew secrets that built a multimillion-dollar career persuading
Wright had kept from his wife, employers Please turn to page A8
cars, the other builds tiny burn through tens of millions lar-powered car but still hasn’t
houses that unfold like tents—
exemplify this growing seg-
of dollars, struggle to generate
sales and continue to seek
shipped any. Tiny-house maker
Boxabl says its wait list ex-
ment of the market, known as more money, according to peo- ceeds 175,000 customers, but it
crowdfunding. ple close to the companies, in- has sold only six units this
Tens of thousands of small ternal documents and whistle- year, according to its most re-
investors have poured $170 blower complaints filed with cent disclosures.
million into Aptera Motors and the Securities and Exchange The SEC approved the ex-
Boxabl but have little to show Commission. emption nearly a decade ago,
for it. Aptera has been telling in- as part of an effort to make it
The companies have some- vestors for three years that it easier for smaller companies to
times misled investors as they would soon deliver its first so- Please turn to page A4
INSIDE
KELLY BURGESS FOR THE WALL STREET JOURNAL
targeted because you have a has also boosted opportunities
brand everywhere,” said for copycats; ChatGPT and
Alastair Gray, director of an- other advances in artificial in-
ticounterfeiting for the Inter- telligence make it easier to
national Trademark Associa- avoid language or spelling er-
tion, a nonprofit that rors, often a signal of fraud.
represents brand owners. “It Imitators also have fine-
now seems with the ease at tuned their tactics, including
which these criminals can by outbidding legitimate
replicate websites, they can brands for top position in PERSONAL JOURNAL
cut and paste everything.” search results. “These coun- How an anonymous-
Technology has expanded terfeiters will market them-
the reach of even the smallest selves just like brands market
messaging app
businesses, making it easy to themselves,” said Rachel upended a high
court customers across the Aronson, co-founder of Coun- school. A9
globe. But evolving technology Please turn to page A2
A2 | Tuesday, June 11, 2024
Brood Awakening
Two broods of cicadas have emerged simultaneously. One is Brood XIII, which comes out every
17 years, and the other is Brood XIX, which appears every 13. They last emerged together in 1803
and won’t coincide again until 2245. A guide to this year’s noisy spectacle:
Approximate range of Broods XIII and XIX
based on historical records.
Brood XIII
Brood XIX
Scan to listen
to the distinct
calls of the
three varieties
surfacing now.
Cicada brood emergences
1960 ’70
The lifecycle of periodical cicadas is one of the longest known in the insect world.
Adult male cicadas gather in the treetops
and begin their chorus to attract a female
mate. Once a female chooses a partner,
the male courts her with a series of
specific songs intended
to seal the deal.
M RL
EA
YS
4–6 DA
E MI D –L A
M
E R TE
GE M
N CAY
E
In their 13 or 17th year, when 17
YE
the soil around the nymphs
reaches about 64°F and the leaves
of the tree have come out fully, the
nymphs dig to the surface. They typically
emerge at sunset, climb nearby vegetation
and anchor themselves to shed their skin.
Sources: John Cooley and Chris Simon, University of Connecticut, Ecology & Evolutionary Biology Department
CORRECTIONS 
AMPLIFICATIONS
The Federal Bureau of In-
vestigation’s Internet Crime
Complaint Center, or IC3, con-
tributes to the FBI’s ability to
investigate complaints. A June
3 Page One article about an
online scam incorrectly said
the FBI doesn’t investigate
complaints submitted to IC3.
New episodes of “Wheel of
Fortune” are scheduled to be-
gin airing in September. A
Business & Finance article on
Saturday about Pat Sajak’s re-
tirement as host incorrectly
said new episodes would be-
gin filming in September.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
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Male cicadas have a series of species-specific
mating songs that are performed to entice a
female. Organs called ‘tymbals’ produce sound
by buckling a ribbed membrane, similar to the
way the lid of a can makes sound when pressed.
An air sac in the
abdomen acts as a
resonating chamber.
’80 ’90 2000 ’10
Once fertilized, a female lays hundreds of
eggs through her needle-like ‘ovipositor,’
which slices the bark in newly grown
parts of deciduous trees and creates a
series of pockets for her eggs. By the
end of June the adults’ jobs are
ING 3 –4 WE
ATY JUNE EK
S project manager for a com-
/ LO
13
AR S
N Y MB EG
burrow into the ground. They find a
rootlet upon which to feed during their
multi-year subterranean development.
Erik Brynildsen and Camille Bressange /THE WALL STREET JOURNAL
Scammers
Pose as
Businesses
Continued from Page One
terFind, a Dallas-based brand-
protection company.
Policing copycats is partic-
ularly challenging for small
businesses with limited finan-
cial resources and not many
employees. Online giants such
as Amazon.com and Meta
Platforms said they use tech-
nology to identify and remove
misleading ads, fake accounts
or counterfeit products.
“Large corporations have
the in-house ability or can
connect with outside counsel
to monitor and take down con-
tent. They are multilingual,”
said Thomas Moga, a patent
attorney with Dykema. “Indi-
viduals and small businesses
don’t have that at the ready.
They are really at a significant
disadvantage.”
Here are two small busi-
nesses battling these chal-
lenges:
Bee drinking cups
Jen Rose, a ceramist in Dal-
las, used Instagram, TikTok
and Facebook to build a follow-
ing for Bee Cups, tiny porcelain
vessels that hold water for bees
and other pollinators. Rose has
about 50 retail partners, but
most of her handmade cups are
sold through her website,
priced at $20 to $200.
This April, hundreds of fake
listings began popping up on
Amazon.com and other shop-
ping platforms using Rose’s
face and her images and vid-
eos to steal customers. Bee
Cups now receives about 25
U.S. NEWS
Tymbal Cicadas hear with
organs on the
abdomen called
‘tympana.’
Brood XIII
Brood XIX
2024
’20 ’30
complete; they die before
their eggs hatch.
EA EG
R
G
LY
LA ID J
–M
Y I UNE
NG
8 –1
0
W
EEK
T
T N
US E
UG P M
V E IN A
E grounds of the Lincoln Memo-
D G
PHINNIN
The eggs hatch
and the nymphs
drop from the trees and
emails a day from people com-
plaining that the watering
cups they received are made of
plastic or requesting a refund.
“They are taking my images
that show my face and my em-
ployees,” said Rose, who was a
professor of ceramics when
she started Bee Cups in 2020.
“These videos are being trans-
lated into Dutch and Swedish
and being put out overseas.”
Amazon has a zero-toler-
ance policy for knockoff prod-
ucts and acts quickly to re-
move copycat listings and
block accounts, a spokesman
said. Artificial intelligence and
other technologies have im-
proved the company’s ability
to detect infringements. He
said Amazon will also refund
or replace items if shoppers
are dissatisfied.
Andrea Porter, a beekeeper
who lives near Spokane,
Wash., received a set of fake
Bee Cups in May from Ama-
zon. “They feel very cheaply
made and smell awful,” said
Porter. “I don’t see them being
safe for any pollinators.”
Rose offers disgruntled
buyers like Porter a $15 gift
card if they send in the imita-
tion cups, which are typically
shipped from China. This
spring, she took to Instagram
to warn her 115,000 followers
about the fakes.
The copycat explosion has
had one unexpected benefit:
Sales are up 30% this year.
“The fact that all of my videos
were mass-produced by fake
companies made me so much
more visible,” Rose said.
Bee Cups recently hired a
law firm that works with Ama-
zon and other platforms to re-
move the fake listings, but
finds it difficult to stay ahead.
“I can’t pay my lawyers to go
after every single site,” said
Rose, who received a $27,000
legal bill for the month of April.
“It feels like I’ve hit the viral
Cicadas
Inundate
Illinois
Continued from Page One
into his glasses. One landed
near his ear with a prickly grip
and a loud buzzing sound.
“I had a little freakout ses-
sion” before brushing it away,
he said.
The Cicadapocolypse is well
under way.
Cicadas are emerging this
year in more than a dozen
states mostly east of the Mis-
sissippi River, but Illinois is
facing an unusual crop. A 17-
year brood of cicadas has
climbed out of the ground in
the northern half of the state,
while a 13-year brood has sur-
faced in the south—a rare con-
vergence of the two broods
that hasn’t happened since
1803.
’40 The alien-looking creatures
with big eyes and a deafening
mating call spend most of
their lives underground, then
emerge for a few weeks to feel
the air under their wings and
make baby cicadas.
For humans, the bugs gen-
erate disgust, fascination, art
projects, business opportuni-
ties and questions such as:
How loud is that? And what do
they taste like?
Bille Marcum, a 36-year-old
mercial roofer in Des Plaines,
Ill., said he lives about an hour
away in Plainfield, where there
are no cicadas. “When I come
up here to work, it’s like a dif-
ferent world,” he said of the
din and swarms of slow-mov-
ing bugs.
Last week, he walked to a
nearby park with a sound
meter. The top reading, near a
large willow tree, was 110
decibels, about as loud as a car
horn or a power saw from a
few feet away, he said, adding
that his guys would be re-
quired to wear ear protection
to work there. “It’s really
loud.”
Jean Kosits, a 70-year-old
S
retired gym teacher, drove
more than 2,000 miles round
trip from her home in Ewing,
N.J., to revel in the racket,
which she called a sound
bath.
“It’s just magical to me,”
Kosits said while strolling the
rial Garden and Nature Center
in Springfield, the state capi-
tal. Cicadas buzzed at multiple
pitches, flew between trees
like lumbering cargo planes
and littered the mulch-covered
paths.
The Springfield area is the
dividing line between the two
mode for the scam products.”
Merino socks
Darn Tough Vermont, a
maker of merino socks,
doesn’t advertise discounts,
and its markdowns are mod-
est. That made it all the more
surprising when ads started
popping up on Facebook and
Instagram promising large
discounts on the 20-year-old
company’s products.
JEN ROSE(20
At top, authentic Bee Cups made from porcelain, left, and fake
cups made from plastic. Bottom, a fake ad on Instagram and a
fake website that used Darn Tough Vermont’s logo and images.
* * THE WALL STREET JOURNAL.
broods, and Kosits was deter-
mined to see and hear both.
“You’re surrounded by these
otherworldly sounds at an
amazing frequency and an as-
tonishing volume that indicate
that there is this mass of life
surrounding you,” she said.
“There’s something so positive
and energetic and life affirming
about it.”
Chicago-based composer
Bryan Rheude dug deep into ci-
cadas to write a seven-act mu-
sical piece representing their
life cycle. He performed it out-
doors over the weekend at the
Lincoln garden in Springfield
as a member of a 10-piece en-
semble dubbed the Cicada
Symphony Orkinstra—spon-
sored by Orkin, the pest-control
firm.
At an indoor rehearsal in Ev-
anston last week, Rheude cued
up one of about 20 cicada
sound clips on his laptop and
the ensemble came to life. Dur-
ing the outdoor performance,
the insects themselves pro-
vided sonic backing. “I didn’t
want it to be goofy or too child-
like,” he said. “I want it to be a
little more meditative, like for-
est bathing.”
In suburban Lombard, Mis-
ael and Gail Barrientos clinked
together their glasses at Noon
Whistle Brewing before tossing
back cicada-infused shots of
Jeppson’s Malört. The worm-
wood-flavored digestif is fa-
mous in the Windy City for its
bracingly bitter aftertaste.
“It is a little mellower,” said
Misael of the effect of the ugly
bug on the loathsome libation.
The couple, who live in Naper-
ville and both work in health-
care, had planned a fancy din-
ner but decided instead to try
the Malört shots because they
didn’t think they’d get another
chance for 17 years.
The shot included an intact
but quite dead cicada. Gail, who
doesn’t even like Malört, drew
the line at swallowing the bug.
Misael rose to the chal-
A cicada sundae concocted for a tasting event held at the
University of Illinois Extension Office in Springfield.
The ads carried Darn
Tough’s logo, images, photos
and wording, all scraped from
the company’s website. “The
more you buy, the more you
save,” a banner across one ad
promised. At the top was the
address darntoughonline.shop.
There were few clues that
the ads were fake, said Ryan
Dahlstrom, global director of
digital commerce for the
Northfield, Vt., company.
“They’d find an old ad we had
lenge. “I felt it all the way
down,” he said.
“Why not take something
that people already hate and
make it even worse,” said
Brady Potts, a manager at the
brewpub, explaining the ratio-
nale for the pairing. In the
first four or five days after the
shots hit the menu, the pub
went through 22 bottles of
Malört, up from about a bottle
every two weeks.
Potts said the cicada shots
weren’t even close to the
worst-tasting of the pub’s ex-
periments, which have in-
cluded a Candy Cane Malört at
Christmas and a Shamrock
Shake Malört at St. Patrick’s
Day. “I would drink a Cicada
Malört 50 times over before I
had a Ranch Malört,” he said.
When 15-year-old Anna
Liberman’s mother, Melissa
Skinner-Liberman, invited her
to try some cicada-based
dishes at a tasting at the Uni-
versity of Illinois Extension Of-
fice in Springfield, she wasn’t
sure whether it would be great
or gross.
“The thing that was off-put-
ting to me was that I could
just see the bug there,” she
said. “But, you know, once I
got past that, everything was
fine.”
Anna and her mom, who
live in Springfield, had pledged
to try all three dishes—a ci-
cada pesto pizza, tempura ci-
cada bites with lime aioli and
cicada ice cream sundaes. The
tempura was Anna’s favorite.
“I think just because it was
disguised the most,” she said.
Ken Johnson, a horticulture
educator with the extension
service who came up with the
idea, said he picked the cica-
das from trees in his backyard
and put them in a one-gallon
butter drum to humanely kill
them in his fridge.
“To me they kind of have an
asparagus taste, but then the
roasted ones had a little more
of a nutty flavor,” he said.
ILLINOIS EXTENSION
run,” he said, “flip a 75% or
80% badge over that image
and throw it up as a spon-
sored ad or a sponsored post.”
Shoppers who took advan-
tage of the special offers
didn’t receive Darn Tough
socks—or anything at all.
Many called Darn Tough’s cus-
tomer service line to check
when their merchandise
would ship or to inquire if the
discounts were legit.
“Half of my day, five days a
week was spent tracking down
these websites, taking down
these websites,” Dahlstrom
said. Platforms would some-
times take down bogus post-
ings in days; other times, the
process stretched for weeks.
Mark Lee, chief executive of
MarqVision, a brand-protec-
tion company now working
with Darn Tough, said some
ads retargeted consumers who
went to the original Darn
Tough website, while others
were aimed at shoppers who
searched for socks or used
other specific search terms.
The fake websites could
only be reached by those re-
ceiving the bogus ads, making
it tougher for Darn Tough to
find them and take them
down, he said.
Meta said it uses technol-
ogy to prevent fake ads from
being posted and to detect and
remove them from Facebook
and Instagram. “It’s against
our policies to run ads that de-
ceptively try to scam people,”
a Meta spokeswoman said.
Darn Tough and some of
its customers have taken to
social media to warn would-
be buyers about the fake list-
ings. Some fans have even in-
correctly posted warnings on
some of Darn Tough’s official
postings.
“It became very clear,” Dahl-
strom said, “that the consumer
has a hard time differentiating
between real and fake.”
 THE WALL STREET JOURNAL.
Derivatives First Responders Fight Miami Fire, Make Balcony Rescues
Regulator
Eyed to
Lead FDIC
BY ANDREW ACKERMAN
AND ANDREW RESTUCCIA
The White House is close to
naming derivatives regulator
Christy Goldsmith Romero to
head the Federal Deposit In-
surance Corp., replacing the
beleaguered banking agency’s
longtime chairman Martin
Gruenberg.
Gruenberg bowed to pres-
sure to resign from the FDIC in
May after an external investiga-
tion found widespread sexual
harassment and other miscon-
duct at the agency and lawmak-
ers in both parties berated his
leadership. He said he would
step down after a successor is
confirmed by the Senate.
White House officials have
also discussed two other
women for the job but Gold-
smith Romero has emerged as
the front-runner, according to
people familiar with the matter.
Goldsmith Romero is a
Democratic member of the
Commodity Futures Trading
Commission, where she has
served since March 2022. She
previously served as a special
inspector general for the fi-
nancial-crisis-era Troubled
Asset Relief Program at the
Treasury Department.
If confirmed, Goldsmith Ro-
mero would be tasked with
overseeing an overhaul of the
FDIC’s culture, a tall order at
the roughly 6,000-employee
agency. A 234-page report was
prepared by a law firm hired
after The Wall Street Journal
published a series of stories
about misconduct at the FDIC.
White House officials have
also discussed Federal Housing
Finance Agency Director San-
dra Thompson and fellow CFTC
Commissioner Kristin Johnson
for the job.
VALERIE PLESCH/BLOOMBERG NEWS
Christy Goldsmith Romero
Migrant
Families
Detention
Site to Shut
BY MICHELLE HACKMAN
WASHINGTON—The Biden
administration is closing an
Immigration and Customs En-
forcement detention center in
Dilley, Texas, which had long
been used to jail migrant fam-
ilies who crossed the border
illegally, ICE officials said.
The administration plans to
close the detention center,
known as Dilley, this summer
because it is far more expen-
sive to operate than other ICE
facilities. The administration
wants to free up funds to pay
for more detention space fol-
lowing President Biden’s exec-
utive action on the border last
week, the officials said.
The officials said that, with-
out an infusion of new money
from Congress, Biden can only
deport more migrants under
the new policy if it ramps up
the space to detain them as
they await removal from the
country. The administration
estimates that, by closing Dil-
ley, it will be able to pay for
up to 1,600 additional deten-
tion beds elsewhere.
Dilley hasn’t been used to
detain migrant families since
2021, when Biden ended the
practice of jailing families, and
has held exclusively single
adults since. The move to
close it entirely would also
make it tougher for former
President Donald Trump, if he
wins a second term, to convert
the facility back to a family
detention center.
Among immigration advo-
cates, Dilley became an early
symbol of what they viewed as
cruel immigration policies.
* * * * *
HIGH DRAMA: A four-story apartment complex went up in flames Monday. Miami Mayor Francis Suarez said a man with gunshot wounds was found at the scene.
He was taken to a hospital, where he was in critical condition. Officials said the shooting was part of an active investigation and called it an ‘isolated incident.’
Hunter Biden Case Goes to the Jury
BY C. RYAN BARBER
AND SADIE GURMAN
WILMINGTON, Del.—A fed-
eral jury began deliberating in
Hunter Biden’s gun trial late
Monday afternoon, after days
of deeply personal testimony
that prosecutors hope will
prove their allegations that he
lied six years ago when he
claimed to be drug-free on an
application to buy a revolver.
Hunter Biden’s lawyers
wrapped up Monday morning
after President Biden’s son
opted not to testify in his own
defense, which would have ex-
posed him to hostile question-
ing under cross-examination
from prosecutors.
“Mr. Biden rests his case,”
Trump Wants to Make Workers’ Tips Tax-Free
BY RICHARD RUBIN
AND VIVIAN SALAMA
WASHINGTON—Former
President Donald Trump’s pro-
posal to make workers’ tips
nontaxable introduces an un-
tested idea to raise take-home
pay that would encourage busi-
nesses and employees to re-
characterize taxed wages as un-
taxed tips.
Such a move could further
complicate Americans’ messy
relationships with tips, which
have spread to new corners of
the economy in recent years
even as consumers express
growing exasperation with re-
quests for voluntary payments
on top of prices.
Trump, the presumptive Re-
publican presidential nominee,
announced the proposal Sunday
at a rally in Nevada, trying to
appeal to that swing state’s ser-
vice-industry workers. Trump
narrowly lost Nevada in 2020
and 2016, and the state is seen
as closely competitive again
this year.
”For those hotel workers and
people that get tips, you’re go-
ing to be very happy, because
when I get to office, we are go-
ing to not charge taxes on tips,”
U.S. Plans Task Force to Take On Illegal E-Cigarettes
Disposable e-cigarette
market share, by brand
Breeze Pro
Elfbar 2.9
Mr Fog 1.7
Fume 1.4
HQD 1.4
Kangvape 1.3
Lost Mary 1.3
Loon 1.1
Note: Retail sales in the last 52 weeks
ended May 18.
Source: Goldman Sachs Global Investment
Research analysis of NielsenIQ data
U.S. NEWS
his lawyer Abbe Lowell said,
with members of the Biden
family looking on from the first
row. Among them were first
lady Jill Biden and the presi-
dent’s brother, James Biden.
In closing arguments Mon-
day, prosecutor Leo Wise told
jurors that Hunter “didn’t use
drugs by accident” and knew
he was addicted. Wise also
urged the jury not to be swayed
by the Biden family members in
attendance. “People sitting in
the gallery are not evidence,”
Wise said. “You may recognize
them from the news…but none
of that matters.”
In his own closing state-
ment, Lowell dismissed the
case against Hunter as one
based on suspicion and con-
ALLISON DINNER/EPA/SHUTTERSTOCK
Former President Donald Trump announced his tax proposal
Sunday at a campaign rally in Las Vegas.
he said. “We’re going to do that
right away.”
Such an idea, which would
require approval from Con-
gress, would change the way
many workers are taxed and
could be challenging for law-
makers to write and for tax au-
thorities to enforce. The idea
isn’t fleshed out and would
likely reduce federal revenue by
billions of dollars annually.
Employers reported that
workers received more than
BY JENNIFER MALONEY
Big tobacco companies and
7.3% their critics agree on at least
one thing: The illegal, fruit-fla-
vored, disposable vapes that
are popular among teenagers
have flooded the U.S. market
and federal regulators haven’t
done enough to stop it.
The Food and Drug Adminis-
tration and Justice Department
said Monday they are stepping
up enforcement by forming a
multiagency task force to go af-
ter the illegal distribution and
sale of e-cigarettes.
Disposable vaping devices, al-
most none of which are autho-
rized for sale by the FDA, repre-
jecture. Prosecutors, he said,
had failed to meet their bur-
den of proving beyond a rea-
sonable doubt that his client
knowingly lied on a federal
form he completed as part of
his handgun purchase.
Lowell suggested that
Hunter Biden believed at the
time he purchased the gun
that he was in recovery and
not addicted to or actively us-
ing drugs. “With this very
high burden,” Lowell argued
to the jury, “it’s time to end
this case.”
The trial has laid bare a
painful period for the Bidens,
with testimony from Hunter’s
ex-girlfriend, his ex-wife and
Hallie Biden, the widow of his
brother Beau, airing details
$38 billion in tips in tax year
2018, according to IRS data.
The Trump campaign hasn’t
provided additional details. The
idea wasn’t something that the
Trump administration consid-
ered or studied during his first
term as president, said Dave
Kautter, who was the Treasury
Department’s top tax-policy of-
ficial.
The proposal would create a
two-tiered labor market where
tipped workers would gain a
sent more than 30% of U.S. e-
cigarette sales in stores tracked
by Nielsen, according to an anal-
ysis by Goldman Sachs. Many of
them are imported from China.
Breeze Pro and Elfbar, both of
which were ordered off the mar-
ket last year by the FDA, remain
the top two disposable e-ciga-
rette brands in the U.S.
Njoy is the only disposable
vaping brand authorized for
sale by the FDA.
Teen e-cigarette use has
fallen from its peak in 2018,
following a federal law that
raised the minimum tobacco
purchase age to 21 and other
measures to curb teen vaping.
In a federal survey last year,
Tuesday, June 11, 2024 | A3
about his drug abuse and the
turmoil it caused within the
family. It also has presented
headaches for President Bi-
den’s re-election campaign.
The younger Biden is facing
three charges related to the
Oct. 12, 2018, purchase of a
.38-caliber Colt Cobra revolver.
Lowell attacked earlier tes-
timony from Hunter Biden’s
ex-girlfriend Zoe Kestan, who
received prosecutorial immu-
nity and told jurors she saw
him use drugs just weeks be-
fore he purchased the hand-
gun.
The defense lawyer sug-
gested Kestan’s testimony had
been rehearsed, prompting an
objection from prosecutors.
Lowell said Kestan docu-
Tips reported to IRS*
$40 billion
30
20
10
0 come—a box on the W-2 says
2008 ’10 ’15
*As taxable income for Social Security purposes
Source: Internal Revenue Service
significant advantage over
other low-wage employees be-
cause they could potentially
avoid Social Security taxes,
Medicare taxes and federal in-
come taxes.
Employers, who owe payroll
taxes on both tips and wages,
would have an incentive to keep
wages low and encourage tips
instead. Trump himself owns
service-industry businesses.
“We have to think about the
unforeseen consequences of
about 10% of U.S. high-school
students said they had used e-
cigarettes at least once in the
past 30 days. The most com-
monly reported brands in-
cluded disposables such as Elf-
bar, Esco Bars and Mr Fog.
Mitch Zeller, who led the
FDA’s Center for Tobacco Prod-
ucts until 2022, said more stra-
tegic coordination among en-
forcement agencies could help
address the problem but cau-
tioned that it may not solve is-
sues that arise when the DOJ
and FDA don’t agree on enforce-
ment priorities.
Deputy Assistant Attorney
General Arun G. Rao said curb-
ing the widespread availability
CARL JUSTE/MIAMI HERALD/ASSOCIATED PRESS
mented her relationship with
Hunter in photographs, but
prosecutors presented none
from the relevant time period
showing Hunter using drugs.
“The lack of photos can
speak more loudly than what
was spoken by her under a
grant of immunity,” Lowell
said.
In his rebuttal, prosecutor
Derek Hines defended Kestan’s
testimony, saying she was re-
quired to answer questions
truthfully as part of her im-
munity deal. Hines said prose-
cutors had presented over-
whelming evidence showing a
pattern of drug use and addic-
tion in the months leading up
to Hunter’s gun purchase and
following it.
this,” said Ernie Tedeschi, a for-
mer Biden administration econ-
omist who is now at Yale Uni-
versity’s Budget Lab. “Money
finds a way to game the sys-
tem.”
Depending on how it is writ-
ten and implemented, the tax
advantage could push tipping
culture into new spaces. An
auto-body shop could restrain
its prices and wages and
strongly encourage tipping as a
way to get untaxed income to
workers.
Tips are now taxable in-
“wages, tips and other compen-
sation”—but the Internal Reve-
nue Service has long struggled
to get employers and workers
to report that income accu-
rately.
Trump’s idea would make
tipping a more valuable form of
compensation—and thus in-
crease tipping, said Kyle Po-
merleau, a tax expert at the
conservative-leaning American
Enterprise Institute.
“This is similar to the ex-
emption for employer-spon-
sored health insurance, which
is an exempt form of income—
except in this case there is no
policy rationale,” he said.
of illegal products is a priority
of the Justice Department’s
consumer protection efforts.
To date, the FDA has issued
more than 1,100 warning let-
ters to manufacturers, import-
ers, distributors and retailers
for illegally selling or distribut-
ing unauthorized tobacco prod-
ucts such as e-cigarettes. The
FDA and Justice Department
have obtained injunctions
against six manufacturers to
stop them from selling unau-
thorized e-cigarettes.
Elfbar maker IMiracle
Shenzhen Technology has said
the FDA’s actions were de-
signed to sow fear around
vaping in the U.S.
 A4 | Tuesday, June 11, 2024
Risky
Startups
Crowdfund
Continued from Page One
raise capital. Known as Regula-
tion A, the technique allows
businesses to annually raise as
much as $75 million while
complying with lighter-touch
rules than a traditional initial
public offering. These compa-
nies have raised billions of dol-
lars from hundreds of thou-
sands of Americans with little
oversight.
Aptera and Boxabl have
both relied on catchy social-
media campaigns that hype
their progress creating game-
changing technologies. Crowd-
funding platforms—such as
StartEngine and Republic—
match the fledgling firms with
novice investors who can be-
have more like fans than
shrewd financiers looking for
a solid return.
Shares bought through
crowdfunding platforms aren’t
listed on an exchange and
don’t freely trade. Investors are
locked into their stake unless
the company arranges a sale or
conducts an IPO.
No cars in sight
Aptera has raised more than
$120 million from 17,000 inves-
tors since 2021, building a ded-
icated fan base through videos
posted on YouTube and Insta-
gram that tout a three-wheel
electric vehicle that it said will
eventually have a 1,000-mile
range. Tesla’s electric vehicles,
by contrast, have a range of
between 300 and 350 miles be-
fore they need to be re-
charged.
Aptera, based near San Di-
ego, went bust in 2011 after it
ran out of money and failed to
qualify for federal loan financ-
ing, but crowdfunding gave the
company a second life. Its
funding haul includes $100
million through Regulation A.
Company officials internally
have referred to their social-
media campaign as “clickbait”
because each new video typi-
cally brings a flood of new in-
vestments.
Though Aptera has pushed
back its production date sev-
eral times, many of its small
investors express devotion to
the concept.
“Every time I see another
video about Aptera the farther
I fall in love with this car,” one
person wrote on a recent You-
Tube video. “Aptera really em-
bodies the statement, ‘Do it
right, or don’t do it at all.’”
Crowdfunding investors of-
ten accept less transparency
and fewer rights than profes-
sional investors who negotiate
stakes in private companies.
And they are wagering on com-
panies with little to no record
of success.
About 85% of companies
that sought capital under the
SEC’s Regulation A exemption
had either zero profits or nega-
tive net income, according to a
Wall Street Journal analysis of
commission data since 2016,
when the financing model was
first made available.
“I advise approaching these
unproven investments with the
same caution as responding to
a flashing check-engine light—
if you choose to proceed, do so
with extreme caution,” said
David Krause, a finance profes-
sor at Marquette University
who has closely studied this
market.
Aptera told investors in a
July 2023 video that it had val-
EVELYN HOCKSTEIN/REUTERS
A U.S. Coast Guard boat approached cleanup operations on Monday at the Francis Scott Key
Bridge in Baltimore as the main shipping channel fully reopened.
Above, a screenshot from a video posted to Aptera’s YouTube of its three-wheeled car at a wind tunnel in Italy. Below, an Aptera prototype.
idated the aerodynamic design
of its three-wheel car at a wind
tunnel in Italy. It presented the
results as proof of its prog-
ress.
But the trip to the wind tun-
nel was mostly a chance to
crank out another advertising
video, according to people fa-
miliar with the trip.
Aptera spent only a few
hours at the tunnel, which
wasn’t designed to test three-
wheel vehicles such as the
Aptera, which is classified as a
motorcycle, the people said.
In an interview, Co-Chief Ex-
ecutive Chris Anthony said the
company got an invitation on
short notice to use the wind
tunnel and decided to use the
opportunity as best it could.
“We didn’t have time to co-
ordinate with them or talk
about, you know, the special
needs of a three-wheel vehi-
cle,” Anthony said. “And cer-
tainly we didn’t write them a
big check, so they didn’t have a
lot of incentive to say, ‘Hey,
let’s customize the wind tunnel
for these guys.’”
“But we got pretty pic-
tures,” he said.
Anthony said in an October
video that “the vehicle is os-
tensibly done,” even though
several systems had yet to be
built at the time, and the frame
was undergoing a major rede-
sign while some parts didn’t
have suppliers, according to re-
cords viewed by the Journal.
Anthony told the Journal
that his description of Aptera’s
progress was accurate. Aptera
was still sourcing and improv-
ing some components and fea-
tures but “in October we could
have built that vehicle,” he
said.
Its annual regulatory filings
show Aptera burned through
about $25 million last year and
had $17 million in cash on
hand at the end of 2023. The
company disclosed a “going
concern” warning, which alerts
investors that it probably can’t
remain in business without
raising additional capital.
In a new bid to attract more
capital, Aptera said in April
that investors who gave at
least $2,000 would receive
$1,000 off the price of a vehicle
when they are delivered. Inves-
tors who contribute at least
$27,000 would get the first ve-
hicles that are delivered in the
United Arab Emirates, where
Aptera is trying to raise money
and find customers. In a recent
video, the company showed an
Aptera doing “tons of laps” on
a racetrack in Abu Dhabi.
Aptera has lost both of its
outside board members in the
past year, with the most recent
director resigning May 3.
U.S.WATCH
P W L C 10 11
Regulation A crowdfunding deals*
DATE THE SEC APPROVED EACH OFFERING
2015 ’16 ’17
Proceeds
$75M
$10M
*Data are through Sept. 30, 2023. For spacing, the position of some circles on the time scale is approximated. †For the 12-month periods ended
June 30 of each year.
Sources: WSJ analysis of Securities and Exchange Commission data (deals); Securities and Exchange Commission (proceeds)
Three weeks ago, after being
contacted by the Journal for
this article, Aptera announced
it would stop using Regulation
A by the end of June. It said it
hired a San Francisco-based in-
vestment bank, US Capital
Global, to help it raise money
from wealthy investors.
On May 30, it notified the
SEC about its plans to raise $5
million in a smaller crowd-
funded round.
Homes few want
Las Vegas-based Boxabl has
raised $150 million by telling
investors that it will automate
home building by cranking out
factory-built tiny houses in 15
minutes. The company’s father-
and-son management team,
Chief Executive Paolo Tiramani
and Chief Marketing Officer
Galiano Tiramani, said their
mission is to churn out 360-
square-foot homes that could
one day be sold on Amazon.
Four years in, Boxabl has
delivered only 223 of the dwell-
ings known as Casitas—most of
them through one order to the
U.S. government’s naval station
in Guantanamo Bay.
The SEC is investigating the
company over its disclosures to
investors. Its auditor resigned
last month after identifying a
material weakness in Boxabl’s
12 H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
’18 ’19 ’20 ’21
systems for valuing stock-
based compensation and accu-
rately disclosing financial in-
formation to investors. Boxabl
said it believes the auditor’s
concerns were resolved.
Boxabl initially agreed to
answer questions for this arti-
cle but never provided re-
sponses.
The company has sought to
tie itself to the master of self-
promotion on social media:
Elon Musk, who
confirmed on a
2022 podcast
that he has a
Boxabl unit in
South Texas.
Boxabl has
opened its
doors to You-
Tube personali-
ties and influ-
encers who visit
its Las Vegas
factory to make videos with ti-
tles like “Inside Elon Musk’s
Famous $50,000 Tiny Home.”
The company is storing 325
Casitas valued at about $15.4
million, according to SEC fil-
ings. In some states, it still
needs permits from regulators
to sell the units. It recently
started offering them to resi-
dents of recreational-vehicle
parks.
Wearing a snapback hat and
a rolled-up mechanic’s shirt
BALTIMORE
Channel Reopens
After Collapse
The main channel to the
Port of Baltimore fully re-
opened, nearly 11 weeks after
a cargo ship lost power and
slammed into the Francis
Scott Key Bridge, shutting
down one of the nation’s bus-
iest waterways.
Six construction workers
were killed in the March 26
disaster, when a Singaporean
containership leaving the port
lost power and struck a
bridge support column.
The U.S. Army Corps of
Engineers said Monday that
the channel has been re-
stored to its original dimen-
sions and the riverbed was
certified as safe for transit.
Crews pulled the final steel
truss—a slab of concrete, ca-
bles and steel rebar—from Fort
McHenry Federal Channel last
week, clearing the way for the
port’s reopening, officials said.
—Ginger Adams Otis
7 8 9 O I X X ***** THE WALL STREET JOURNAL.
Though Boxabl has touted a
lengthy wait list of customers,
most haven’t put down a de-
posit. Fewer than 10,300 paid a
deposit of between $100 and
$49,500, according to records
viewed by the Journal.
JOHN FRANCIS PETERS FOR THE WALL STREET JOURNAL
Despite Boxabl bleeding
cash, Paolo and Galiano Tira-
mani were both awarded bo-
nuses of $297,500 last year, ac-
cording to SEC filings, or 50%
of their annual salaries of
$595,000. Their salaries, high
for a startup where founders
are typically compensated
mostly in stock or options,
have stirred concerns inside
their company.
“This does look like a money
grab,” Jennifer Katz, the com-
Regulation A pany’s former vice president of
crowdfunding proceeds† strategic investments, wrote in
a text message to another ex-
’22 ’23 $2.0 billion
employee that was viewed by
the Journal. Katz declined to
1.5 comment.
Boxabl’s Regulation A share
sale generated about $75 mil-
1.0 lion. But Boxabl got only about
$65 million of that because
0.5 Galiano and Paolo Tiramani
sold $10 million of their own
shares late in the offering pro-
0
cess. The company disclosed a
2020 ’21 ’22 ’23 valuation of $3.4 billion that
year.
Most investors paid 80
cents a share in the offering.
But Boxabl offered a limited
that shows off muscular arms, number at just one penny. The
Paolo Tiramani said on a re- biggest buyer at that discount
cent YouTube video that his was Galiano Tiramani’s wife,
company’s struggles are due to Shawna Maslak, who acquired
regulation that is “next level 1.9 million shares for $27,000,
nuts…and it’s mostly the result according to records viewed by
of unintended do-gooding.” the Journal. Boxabl didn’t dis-
Eliana Sheriff, a YouTube close in its SEC filings that
content creator who made that Maslak was eligible to buy at
video and several others fo- the lowest price.
cused on Boxabl, said she The company is seeking SEC
won’t do more “until they can approval to raise an additional
prove there is something worth $75 million through Regulation
covering other A. It is offering large discounts
than buying a on the 80-cent share price,
factory a block which small investors pay, to
Crowdfunding down the road entice wealthier investors to
investors often with nothing in contribute $1 billion to build an
it.” even larger “Boxzilla” factory.
accept less The potential Boxabl suffered another set-
for quickly pro- back when a Canadian vendor,
transparency ducing profit- Brave Control Solutions, that
than others. able units was a was supposed to deliver $15
big selling point million in automation equip-
to early inves- ment went out of business.
tors. When Box- Boxabl sued Brave in April,
abl raised money through claiming it paid $8 million but
crowdfunding for the first time never received any equipment.
in 2020, it told investors it “It’s sent me down a rabbit
would sell units at $50,000 and hole to find a better way. I
earn a net profit margin of think I have,” Galiano Tiramani
$20,000, or 40%, on each Ca- told investors in a post on
sita. Facebook after Brave folded.
Boxabl lost $40 million last “As soon as I’m allowed to I
year, according to SEC filings. will share some info on the
People close to the company new path I have planned,” he
said it expanded too fast, leas- said.
ing three large factories in Las —Kirsten Grind
Vegas before it knew if it could and Dan Gallagher
sell units across the country. contributed to this article.
HEALTH
FDA Advisers Back Civil Rights Leader
OBITUARY
Alzheimer’s Drug James Lawson Jr.
An Alzheimer’s drug from The Rev. James Lawson Jr.,
Eli Lilly won the backing of an apostle of nonviolent pro-
federal health advisers Mon- test who schooled activists
day, setting the stage for the to withstand brutal reactions
treatment’s expected approval from white authorities as the
for people with mild dementia Civil Rights Movement gained
caused by the disease. traction, has died, his family
Food and Drug Administra- said Monday. He was 95.
tion advisers voted unani- His family said Lawson
mously that the drug’s ability died Sunday after a short ill-
to slow the disease out- ness in Los Angeles, where he
weighs its risks, including spent decades working as a
side effects like brain swell- pastor, labor movement orga-
ing and bleeding that will nizer and university professor.
have to be monitored. Lawson was a close adviser
The FDA will make the fi- to the Rev. Martin Luther King
nal decision on approval later Jr., who called him “the lead-
this year. If the agency agrees ing theorist and strategist of
with the panel’s recommenda- nonviolence in the world.”
tion, the drug, donanemab, Lawson introduced Gan-
would only be the second Alz- dhian principles to people
heimer’s drug cleared in the more familiar with biblical
U.S. that has been shown to teachings, showing how di-
convincingly slow cognitive rect action could expose the
decline and memory problems immorality and fragility of
due to Alzheimer’s. racist white power structures.
—Associated Press —Associated Press
A6 | Tuesday, June 11, 2024 * **** THE WALL STREET JOURNAL.

WORLD NEWS
In Mideast, Blinken Presses Peace Plan
Secretary of state leave the government if Israel
accepts a deal that halts the
returns to region as war—more sway in the shrink-
Israel and Hamas ing majority Netanyahu holds
in government.
harden positions “Gantz leaving and the in-
creased influence from the
Secretary of State Antony far-right makes striking a
Blinken began a three-day tour cease-fire deal a lot less
of the Middle East on Monday, likely,” said Yossi Mekelberg, a
meeting with leaders in Egypt Middle East analyst at Lon-
and Israel to push a cease-fire don-based think tank Chatham
of Israeli forces from popu-
lated areas of Gaza and the re-
lease of some hostages held by
Hamas. The second phase
would see a permanent end to
the hostilities, a full Israeli
withdrawal from Gaza and the
release of remaining hostages.
Phase three would involve a
plan for Gaza reconstruction.
Israel and Hamas said that
the terms set out by Biden

CHUCK KENNEDY/US STATE DEPARTMENT/AGENCE FRANCE-PRESSE/GETTY IMAGES

plan promoted by President Bi- House. “Now things are really don’t accurately reflect what
den that has been met with hanging by a thread.” has been offered to the mili-
skepticism by Hamas and Israel. The U.S. has argued that Is- tant group.
raeli military operations The Biden administration
By Alan Cullison, against Hamas have already has enlisted Qatar and Egypt
Omar Abdel-Baqui and crippled the group’s ability to for help pressuring Hamas into
Carrie Keller-Lynn mount another attack similar accepting the U.S.-backed deal
to Oct. 7, and that a peace deal on the table, as Biden faces do-
Blinken spoke with Israeli would be a mestic pressure
Prime Minister Benjamin Ne- quick means of to end the war.
tanyahu in Jerusalem after a freeing any liv- At the behest of
meeting with Egyptian Presi- ing hostages. ‘Now things are the U.S., Qatar
dent Abdel Fattah Al Sisi in Hamas’s really hanging and Egypt told
Cairo. Between those meet- leader in Gaza, Hamas leaders
ings, Blinken signaled that his Yahya Sinwar, by a thread,’ that they face
main task would be to prod told Arab nego- potential arrest,
Hamas toward a deal. tiators that he
says a Middle sanctions and
Biden’s plan for a cease-fire would accept a East analyst. expulsions from
had received widespread sup- deal only if Is- Doha if they
port in the Arab world, with Antony Blinken, left, met Monday with Israeli Prime Minister Benjamin Netanyahu in Jerusalem. rael commits to don’t agree to a
Hamas being the outlier, a permanent deal, said offi-
Blinken told reporters after withdrawal of Israeli forces the hostages with their families killed, while Israel’s military cease-fire, affirming Hamas’s cials familiar with the talks.
his meeting in Cairo. “My from populated areas in Gaza. after eight months in captivity.” said about 100 were killed or position in his first response to Hamas leaders doubled down,
message to governments The U.N. resolution passed Blinken’s peacemaking ef- wounded, mostly militants. a proposal introduced by Biden. saying a deal must meet the
around the region and people 14-0, with Russia abstaining. forts come at a sensitive time. Over the weekend, Israeli A senior Hamas official, group’s conditions, including
around the region is if you After the vote, Linda Tensions are heightened after opposition leader Benny Sami Abu Zuhri, urged the an end to the war.
want a cease-fire, press Thomas-Greenfield, the U.S. an Israeli operation on Satur- Gantz, a centrist rival to Ne- U.S. to press Israel to end the Blinken is expected to at-
Hamas to say yes,” he said. ambassador to the U.N., said: day in central Gaza that res- tanyahu, quit the country’s war. “The Hamas movement is tend a conference in Jordan on
The United Nations Security “Hamas can now see that the cued four hostages kidnapped war cabinet over what he said ready to deal positively with Tuesday on the humanitarian
Council on Monday also ad- international community is in the Hamas-led attack on was a lack of long-term strat- any initiative that secures an response in Gaza. The U.S.
opted a U.S. resolution calling united, united behind a deal Oct. 7 and led to heavy fight- egy in the war. The move end to the war,” he said. again began delivering aid to
on Hamas to accept a cease-fire that will save lives and help ing and civilian casualties in a could force early elections, but The three-phase plan out- Gaza’s shore last week after re-
deal that would include an im- Palestinian civilians in Gaza crowded neighborhood. Health it also gives far-right mem- lined by Biden would begin pairs were completed on a
mediate cease-fire, the release start to rebuild and heal, united authorities in Gaza said hun- bers of Netanyahu’s coali- with a complete cease-fire temporary pier built by the U.S.
of hostages and, initially, the behind a deal that will reunite dreds of Palestinians were tion—who have threatened to over six weeks, a withdrawal that had broken days earlier.

Gunbattle Raiding only one building

would alert captors at the other
location, so the Israelis entered
three male hostages got
pinned down under fire. An
Israeli plan to extract them

Threatened both buildings simultaneously,

said Rear Adm. Daniel Hagari,
the military’s chief spokesman.
kicked into gear, officials said.
The air force preplanned a
bank of militant targets, doz-

Rescue
MARKO DJURICA/REUTERS
MARKO DJURICA/REUTERS

The environment was one ens of which the military said

ISRAELI ARMY/REUTERS

of the most dangerous imagin- they hit to provide cover.

NIR GIVON/REUTERS

able for Israeli forces. Nuseirat An Israeli helicopter came

was among the largest refugee rushing toward Sarah Tah-
Continued from Page One camps built in Gaza after the rawi’s shelter in Nuseirat be-
killed Palestinians in the cha- 1948 war displaced hundreds of fore noon. Suddenly there was
otic shootout. An Israeli com- From left, Almog Meir Jan, Noa Argamani, Andrei Kozlov and Shlomi Ziv were rescued. thousands of Palestinians. It is shooting from all sides. Her
mando was killed. one of the few places in which children screamed, smoke filled
Palestinian health authori- To Floating pier the Israeli military hasn’t oper- her house and she saw people
ties said 274 Gazans were ated extensively. running for their lives. “I was
killed and nearly 700 injured Al Awda
A Aw a hospital
hospit
h itatal The military acted when sure I would not survive,” she
from airstrikes, shelling and the captors least expected it— said. “The sound of bombing
Mediterranean
M
Mediterrane
dit eaan Sea
S
gunfire in one of Gaza’s most in broad daylight about 11:30 was all around us.”
Makeshift World
crowded places. The Israeli izz
iiz
zz el-Deen
Dee Central Kitchen pier a.m.—in hopes of gaining an Wael said his aunt was up-
military said most of the dead NUSEIRAT CAMP al-Qa
aal-
-Qas
Qassam
Qa
ass
al-Qassam advantage, Hagari said. stairs baking bread and came
were militants. In either case, Mosque
M uee Hamas said the Israeli yelling down the stairs, saying
FLOATING
FLOATIIN
NG PIER
it was one of the deadliest forces wore civilian disguises. she saw a body flying through
moments in a war. Al Saa.a
Saa.
Sa .a Tower
Center
CCente
nter
nte
ter
te
er of Hagari declined to comment. the air. His family lives near
On Monday, U.S. Secretary Nuseirat
Nu
N
Nus
usse raat Market
Mar
Market
ket One Yamam team stormed the Nuseirat market, where
of State Antony Blinken began the first-floor apartment witnesses said there were
a three-day tour of the Middle where Argamani was held and many civilian casualties.
East, meeting with leaders in On Saturday, shortly after 11.30 a.m., To Nuseirat Camp Helicopters prepare to took the captors by surprise, Israeli armored vehicles
Egypt and Israel to push a U.S. Israeli commandos simultaneously burst rendezvous with the the military said. On the third raced for the Mediterranean
cease-fire plan. Also Monday, into two apartments ( ) holding hostages on the beach ( ), floor of the other building, a coast, carrying the three hos-
the U.N. Security Council ad- GAZA STRIPRIP
IP gunfight with the guards tages, commandos and para-
hostages in the heart of Nuseirat. in an Israeli-controlled
Floating pier
opted an U.S. resolution call- One raid goes smoothly, but about 200 section south of a U.S.-built broke out. The Yamam squad troopers. Former hostage Ar-
ing on Hamas to accept the yards away, the second team engages in Nuseirat
rat floating pier. Two helicopters leader, Arnon Zamora, was hit gamani was already in flight.
truce, which would include an a gunfight with militants. Extensive cam
camp fly the four hostages to and later died of his wounds. The military released a video
n

immediate cease-fire, the re- firefighting ensues and one of the Israeli Israel, eight months after The hostages were taken to of the freed men walking to-
Di
al-

ISRAELL
lease of hostages and, initially, commando teams runs into trouble, they were kidnapped and waiting vehicles and handed ward helicopters waiting to
lah

the withdrawal of Israeli requiring an extraction. taken to Gaza. bulletproof vests. “We have take them to Israel.
Sa

forces from populated areas in
Gaza. The resolution passed
14-0, with Russia abstaining.
Tsur compared Saturday’s
events to the street battle be-
tween U.S. forces and Somali
militants portrayed in the
book and movie, “Black Hawk
Down.” The airstrikes and
shelling were intended to “lay
down fire so that people don’t
Sources: United Nations Office for the Coordination of Humanitarian Affairs (camp location); PlanetLabs (satellite image) the diamonds in our hands,” —Dov Lieber and
the commandos radioed to the Marcus Walker
come near the vehicles.” sought shelter in Nuseirat. Nova music festival, was in a command center. contributed to this article.
Some Palestinians said the “I am also angry because low-rise apartment block near The outbreak of gunfire
operation drove home again the Hamas chose to hide these peo- the Nuseirat market. About alerted Hamas. Militants
perception that their lives mean ple among us,” he said. “Why?” 200 yards away, Israeli officials blasted Israeli troops with Watch a Video
nothing, including to Hamas. Israeli officials said the op- said a Hamas militant, Abdul- gunfire and rocket-propelled Scan this code
“More than 200 were killed, eration had been planned for lah Al-Jamal, kept three male grenades. “It became a real, for a video on
hundreds injured, for the sake weeks after Israel discovered hostages—Almog Meir Jan, An- intensive combat zone,” said Israeli bodycam
of four Israelis,” said 26-year- in May that Noa Argamani, drei Kozlov and Shlomi Ziv—in an Israeli military official. footage of the
old Ahmed Wael, who has who was taken hostage at the his home alongside his family. The team carrying the hostage rescue.

Apple GPT to get a better answer.

Apple is also allowing Chat-
GPT to connect with other ar-
Share-price performance over
the past year
investor.
Some AI features Apple
showcased have been available

Unveils AI
40%
eas of the operating system, in other software for some
such as using the AI to help time, including auto-reply for
with composing text. Apple 30 Microsoft emails and photo editing that

Offering said it gives users the ability

to control when and if they
want to use ChatGPT. Apple
20
can remove distracting back-
ground images.
Apple’s shares have risen al-
also unveiled the ability to most 7% in the past year. Mi-
Continued from Page One connect to external AIs and 10
Apple crosoft surged about 30%, and
lives,” Chief Executive Tim said it planned to add support it supplanted Apple as the
Cook said in the presentation. for additional artificial-intelli- 0
world’s most valuable company
At its Worldwide Develop- gence systems in the future. by market capitalization in
JEFF CHIU/ASSOCIATED PRESS

ers Conference, Apple said its
new software will retrieve in-
formation from across apps
and scan personal information
to help users proofread text,
call up photos of specific fam-
ily members or gauge traffic
patterns ahead of an atypical
commute. Users can create
images and emojis and con-
vert rough sketches into pol-
ished diagrams.
An updated Siri will be able
to better understand natural
language, process contextual
information and take action in
apps. Developers can use new
tools to take advantage of the
AI systems. Most of these new
Apple capabilities will be
available later this year.
For certain complex Siri re-
quests, Apple will surface a
prompt to ask if the user
wants to connect with Chat-
The company has held talks January. Google parent Alpha-
with Google and AI startup –10 bet is up more than 40% over
Cohere, The Wall Street Jour- the past year. Microsoft and
nal reported. –20 Google have rapidly incorpo-
OpenAI CEO Sam Altman, rated generative AI across their
July 2023 ’24
who was on hand at the Apple products. Nvidia, the main chip
event but didn’t speak during OpenAI’s Sam Altman was at the event but didn’t speak. Source: FactSet provider in the AI boom,
the livestreamed broadcast, reached a $3 trillion valuation
said he was grateful for the device instead of shipping to companies. “That is an unac- has been characterized by on Wednesday and briefly ex-
opportunity to integrate Chat- the servers in the cloud. But ceptable security violation,” challenges including falling ceeded Apple’s market cap.
GPT into Apple’s devices. He the company said for running he said on X. sales in China and regulatory “AI is the thing that can get
wrote on X: “think you will re- larger AI models Apple will ChatGPT queries from Ap- scrutiny from a U.S. antitrust Apple out of the ditch,” said
ally like it.” keep it private by running its ple devices will be routed to lawsuit and a new European Trip Miller, managing partner
Apple said the ChatGPT- own servers with what it calls OpenAI servers, but user in- law, both of which take aim at at Apple investor Gullane Cap-
based functions will be avail- Private Cloud Compute. It will formation won’t be shared how it manages third-party ital Partners.
able later this year. An OpenAI only send data relevant to the with OpenAI, and the startup software. —Deepa Seetharaman
spokesman declined to com- task to these servers. The data won’t be able to identify the Investors hoped Monday’s contributed to this article.
ment about the terms of the isn’t stored or accessible by queries from specific Apple announcements would propel
partnership, as did Apple rep- Apple for further training, the users. Apple will use a version a new rally. Apple shares fell
resentatives. company said. of ChatGPT that is available by almost 2% on Monday. Watch a Video
Privacy is at the heart of Elon Musk, who is develop- elsewhere online for free, but “It’s important for them to Scan this code
Apple’s new AI capabilities, a ing an AI system dubbed xAI, those with premium ChatGPT start showing progress,” said for Joanna
feature that could further lock said if Apple integrates Ope- subscriptions will be able to Charles Rinehart, chief invest- Stern’s new
users into its ecosystem. Most nAI “at the OS level,” he plans link their accounts. ment officer at Johnson In- video on Apple’s
processing will be done on a to ban Apple devices at his For Apple, the past year vestment Counsel, an Apple big AI push.
THE WALL STREET JOURNAL.
Far Right in
France Turns
To a New Face
A 28-year-old helps
attract younger
voters to party
fighting immigration
BY STACY MEICHTRY
AND NOEMIE BISSERBE
PARIS—For a glimpse into
what the future holds for na-
tionalist parties that are as-
cendant across Europe, look no
further than Jordan Bardella.
At 28 years old, the French
politician is soft-spoken, so-
cial-media savvy and appar-
ently unbothered by the his-
torical baggage that has long
weighed down his political
mentor, Marine Le Pen.
On Sunday, Bardella led Le
Pen’s far-right opposition
party, National Rally, to its big-
gest victory ever in European
elections, prompting President
Emmanuel Macron to dissolve
France’s National Assembly
and call snap elections. If Na-
tional Rally prevails at the bal-
lot box, Bardella is positioned
to become prime minister.
Bardella’s victory drew upon
a wellspring of support he has
cultivated among younger gen-
erations of French voters who—
removed from the horrors of
World War II—largely are tun-
ing out Macron and his at-
tempts to link Europe’s newest
nationalists to the authoritarian
movements of the 20th century.
A survey of 3,001 people by
pollster Elabe found that 32% of
those ages 19 to 34 voted for
Bardella, compared with 5% for
Macron’s candidate.
In calling early elections,
Macron is betting that a coali-
tion of voters from mainstream
conservative and leftist parties
will once again back him in a
“republican front” to keep Na-
tional Rally out of power.
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The stigma around National
Rally, however, has begun to
fade with every passing elec-
tion. And Bardella is a nimble
politician who thrives at thread-
ing the needle between National
Rally’s dark past and his own
ambitions to push the party into
the mainstream. He made a
point of attending a march
against antisemitism that was
held after the Oct. 7 Hamas at-
tacks on Israel. Days before, a
TV interviewer asked him
whether Jean-Marie Le Pen—
the nonagenarian co-founder of
the party and father of Marine
Le Pen—is an antisemite. In the
1980s, the elder Le Pen had de-
scribed Nazi death camps as a
mere “detail” of history—a
claim he repeated in 2015.
“I was born in 1995. You’re
talking to me about an era I
didn’t experience,” Bardella
said. “I don’t believe Jean-Ma-
rie Le Pen is an antisemite.
Now I obviously wouldn’t make
the comments he made about
the ‘detail’ because, for me, the
horrors of the Holocaust aren’t
a detail of history.”
While Bardella is a political
protégé of Marine Le Pen, he
doesn’t bear the political
weight of her family’s name.
He has made a name for him-
self on social-media platforms,
where clips of his repartee
with political opponents tend
to go viral.
When Macron outraged
French farmers with a plan to
reduce diesel-fuel subsidies as
part of his effort to encourage
France’s economy to go green,
Bardella turned up at Paris’s
annual agricultural fair and
was greeted like a rock star.
“He’s very, very good,” said
Lucas Fluckiger, a 24-year-old
engineer in the construction
industry in eastern France—
where National Rally won big.
Fluckiger said he plans to vote
WORLD NEWS
If his National Rally party prevails in the coming elections, Jordan Bardella is positioned to become prime minister.
Macron Suggests Bardella Debate His Protégé
Ahead of Sunday’s Euro-
pean elections, French Pres-
ident Emmanuel Macron
mobilized his own protégé,
35-year-old Prime Minister
Gabriel Attal, to hold a one-
on-one debate with Jordan
Bardella in a sign of
Bardella’s growing stature.
Attal tried to embarrass
Bardella over National Rally’s
decision in 2016 to take a
for Bardella in the snap elec-
tions because he is the only
candidate who can tackle immi-
gration and crime. “He knows
how to talk to young people
about important issues.”
Bardella has another advan-
tage over his mentor. Le Pen
often was at pains discussing
her upbringing, having grown
up in the shadow of her father
and the controversies he en-
gendered. Bardella, however,
is leaning into his life story.
He grew up in a low-income
housing project in Saint-Denis,
€9.4 million, about $10 mil-
lion, loan from a Russian
bank—a move that Attal said
made the party beholden to
Russian President Vladimir
Putin. The comment was a
replay of an attack Macron
used to stymie Marine Le
Pen during their debate in
the 2022 presidential race.
This time Bardella re-
sponded with a glancing
one of the blighted banlieues
near Paris. Such suburbs have
been the home of France’s Mus-
lim minorities for decades,
making them a fulcrum for
France’s socioeconomic ten-
sions. Crime and drug-traffick-
ing are common features of life
in the banlieues, as are inci-
dents of police brutality.
“That’s where I forged my
first political convictions, be-
cause like many families and
people who live in these neigh-
borhoods, I’ve been confronted
with violence and the difficulty
Tuesday, June 11, 2024 | A7
reference to Macron’s own
struggles to maintain dia-
logue with Putin at the start
of the Ukraine war.
“Was there naiveté with
respect to Vladimir Putin,
with respect to the inten-
tions of Vladimir Putin? The
answer is ‘yes,’ ” Bardella
said, adding that the naiveté
came “from everyone. From
my side but also from yours.”
of making ends meet,” he said.
Bardella wasn’t simply a
product of the banlieues. In
Saint-Denis, Bardella lived
with his mother, a nursery-
school worker of Italian de-
scent. After his parents di-
vorced, however, he would
spend weekends and holidays
with his father, who ran a
small business and lived in a
more affluent Paris suburb. He
attended private school in
Saint-Denis, and studied geog-
raphy at the Sorbonne Univer-
sity before dropping out.
© 2023 Communities In Schools, Inc.
ANDRE PAIN/EPA/SHUTTERSTOCK
In 2014, Bardella began to
rise through the ranks of Le
Pen’s party, becoming general
secretary of its branch in the
Saint-Denis area. Five years
later he became spokesman of
the entire party, leading it to
victory in European elections,
albeit by a much smaller mar-
gin. When Marine Le Pen
stepped down as party presi-
dent in 2021 to focus on un-
seating Macron, Bardella suc-
ceeded her on an interim basis.
He cemented that role by
trouncing party veteran Louis
Aliot, Le Pen’s former partner,
in an internal party vote.
Today Bardella has become
the party’s heir apparent to
Marine Le Pen, a position that
was solidified when Le Pen
had a falling-out with her
niece Marion Maréchal.
On Monday, a top National
Rally official said Bardella
would be the party’s choice
for prime minister if National
Rally manages to win the
coming national elections.
Such an outcome, though un-
likely, would cripple Macron’s
presidency, forcing him into a
power-sharing scenario known
as cohabitation.
A8 | Tuesday, June 11, 2024
Downfall of
Big Tech’s
Potent Ally
Continued from Page One
antitrust regulators to leave
his clients alone. While serv-
ing as a regulator himself on
the Federal Trade Commis-
sion, Wright won a vote to
limit the agency’s antitrust
powers.
The sexual-misconduct alle-
gations later cost Wright a
consulting business that
brought in more than $2 mil-
lion a year and a university
job that paid more than
$440,000 a year. Google, Ama-
zon and Facebook lost an in-
valuable asset. It all started to
unravel with Wright’s breakup
text message.
Wright, who has denied any
wrongdoing, declined to com-
ment for this article. His law-
yer said there were inaccura-
cies but declined to specify
what they were. A spokes-
woman for Binnall Law Group,
which is representing Wright,
said, “We remain confident
that the truth will prevail,
leading to Mr. Wright’s com-
plete vindication in court.”
Wright, 47 years old, cast
Dorsey as a scorned woman
who “embarked on a pre-med-
itated plan to ruin” his life in
allegations he made in a defa-
mation lawsuit.
“Having been one of Mr.
Wright’s closest confidants for
over a decade, and therefore
having insider knowledge of
his employment and his major
clients, she knew exactly
where and how to hurt him
professionally and reputation-
ally,” the lawsuit said.
A spokeswoman for George
Mason University declined to
comment because of continu-
ing litigation. Wright filed a
federal discrimination lawsuit
against the school after he re-
signed.
In 2021, Wright had re-
sumed an on-again, off-again
affair with Dorsey that had
started when she was a law
student a decade earlier. In
October that year, Wright tex-
ted her to say he was back
with Lindsey Edwards, a
younger woman who had
taken Dorsey’s place before.
“IDK what I’ve done so
wrong in my life to end up in
this total dumpster fire right
now,” Dorsey texted in the Oc-
tober 2021 breakup. “Or why
I’m so expendable to you.”
“I’m worried about me
too,” Wright told Dorsey. “My
own spiral. But not trying to
make it about me.”
This account is based on in-
terviews with dozens of
Wright’s former law-school
students, lawyers and people
who know him, as well as
court filings, divorce records,
emails obtained from the FTC
and George Mason University
through public-records re-
quests, documents submitted
by Wright for his Senate con-
firmation hearing, lobbying-
disclosure reports and other
public records.
One room
In 2010, Wright courted
two women he taught in his
law class. One was 24-year-old
Angela Landry. He told her he
had separated from his wife
and that they lived in the
same house only for the sake
of their children.
They started a sexual rela-
tionship during Landry’s sec-
ond semester.
Dorsey, a 23-year-old stu-
dent that year, asked career
counselors to help her find a
summer internship in anti-
trust law. They directed her to
Wright. She told Wright she
was going through a divorce,
and Wright said he was, too.
That summer, Wright in-
vited Dorsey on a trip to
Northern California where he
said he was meeting with ex-
ecutives. At the hotel, Dorsey
learned Wright had booked
one room with one bed.
“In that moment, Ms.
Dorsey felt powerless to say
no to her law professor and
now her direct manager—es-
pecially since he had made it
clear that he was the gateway
to obtaining a job in antitrust
law,” according to Dorsey’s re-
sponse to Wright’s lawsuit.
Wright remained in sexual
relationships with Dorsey and
Landry during their years in
law school and after they
graduated. He “found ways to
remind Ms. Landry that he
had influence over her success
as a student and the promise
of her career,” Landry alleged
in her response to Wright’s
defamation claim.
Landry said Wright opened
doors for her at Freshfields
Bruckhaus Deringer, a Lon-
don-based law firm that rep-
resented Google and other
companies in their dealings
with antitrust regulators over-
seas and in the U.S.
After Wright was appointed
to the FTC in 2013, he hired
several George Mason Univer-
sity law students. That year,
Wright also helped Dorsey get
a job as an associate at Wilson
Sonsini Goodrich & Rosati,
which represented Google on
antitrust matters, according to
court papers. In 2015, he hired
Landry to be his attorney ad-
viser at the FTC, and they re-
sumed their relationship.
Within a year, Wright was
having affairs with Dorsey,
Landry and Edwards, who was
still a law student. He lived in
McLean, Va., with his wife and
three children. For a while,
none of the women knew
about the others.
Unpaid bills
Dorsey’s job at the Justice
Department expired at the end
of the Trump administration
in January 2021. She asked
Wright for help, and they re-
sumed their affair.
He gave her work at his
consulting firm. Wright’s cli-
ents included Google, Amazon,
Facebook, Qualcomm and Wal-
mart. Wright listed his income
at $170,082 a month when his
wife filed for divorce that
year. She received their $3
million house, a $714,326.56
payment and $35,214 a month
in spousal and child support.
Wright arranged a fellow-
ship for Dorsey at the Univer-
sity of Virginia during the
2021-22 school year, and she
moved to Charlottesville, Va.
Wright told Dorsey that
Google, Facebook and Amazon
would pay for her studies.
Two months after their
breakup, Dorsey hadn’t re-
ceived any of the money. She
feared it was all a ruse. In De-
cember 2021, Dorsey filed the
Title IX complaint with
George Mason University. She
alleged she had been in a sex-
ual relationship with Wright
while a student and that he
later used his professional in-
fluence to retaliate against
her. The university hired a law
firm to investigate.
“I still have received zero
dollars in funding,” Dorsey
wrote in a January 2022 email
to Wright and the Federalist
Society, which coordinated the
fellowship funding.
The investigator
hired by the university
told Wright about
Dorsey’s sexual-harass-
ment claim, as re-
quired by law. Dorsey
alleged in her com-
plaint that Wright had
blocked payment of
her fellowship money,
and she reacted
swiftly.
Dorsey contacted
Nikhil Shanbhag, vice
president and associ-
ate general counsel of
Facebook parent Meta,
on Jan. 31, 2022. Shan-
bhag oversaw Meta’s
antitrust arm and
helped hire Wright as
a company consultant.
“I was relying upon
this funding,” Dorsey
wrote. At the time,
Wright was helping
Shanbhag and Face-
book tame FTC opposi-
tion to the company’s
takeover of Within Un-
THE WALL STREET JOURNAL.
FROM PAGE ONE
Christa Laser was infuriated
by the posts. During a 2021 in-
terview, Wright had dangled
the possibility of a teaching
job at George Mason Univer-
sity’s law school, Laser said,
and he emailed that night to
ask if she was interested in
going on a date. After she de-
clined, the job disappeared.
Laser replied to Wright’s
tweet with a screenshot of
that email. The next day, she
tweeted again: “I encourage
those who faced sexual ad-
vances from Josh Wright to
step forward. If you don’t,
schools might send new stu-
dents to him at his firm.”
The posts prompted some
of Wright’s former students,
including Dorsey and Landry,
to air their experiences.
Google, Facebook, Qual-
comm, Walmart and other cli-
ents dumped Wright shortly
after. “Upon learning the de-
tails of the allegations, we im-
mediately cut ties,” a Google
ILLUSTRATIONS BY: JOE GOUGH
spokesman said.
In mid-August, Khan sent
an email to FTC staff that
called the allegations against
Wright “deeply disturbing,”
and she encouraged agency
employees to report sexual
misconduct.
limited, a fitness app. the investigator. low commissioners to shrink George Mason University
A few days after Dorsey In July, Dorsey received a the agency’s power to police President Gregory Washington
contacted Shanbhag, Wright payment of $42,500 from unfair or deceptive business sent a letter to students say-
emailed Shanbhag to ask if the Facebook for her fellowship. practices, easing the threat of ing the school was “devoted to
money was en route. Wright Dorsey told her employer, antitrust action against maintaining a community that
also contacted Google, and Kirkland & Ellis, about the al- Google and others. Khan is safe, dignifying and wel-
Dorsey received $85,000 from legations and the possibility called the decision an “abdica- coming.” The university has
the company. they might become public. The tion of the commission’s stat- since strengthened its prohibi-
On May 6, 2022, Dorsey’s law firm ended Wright’s utory mandate, undermining tion of sexual relationships
inquiry cost Wright one of his $1,400-an-hour consulting our legitimacy.” between faculty and students.
biggest clients. She spoke with contract. When that FTC power was Wright filed his $108 mil-
Daniel O’Connor, the director That summer, Wright restored in July 2021, the lion defamation lawsuit
of public policy in combined market against Dorsey and Landry in
Amazon’s Wash- capitalization of late August. “Mr. Wright lost
ington office. The Google, Amazon renewing contracts with mul-
company paid and Facebook had tiple major consulting clients
Wright $600,000 a grown to $4.5 tril- and employers, worth a total
year for consult- lion from $976 bil- value of approximately $1.55
ing. O’Connor lion in 2015. million/year,” the lawsuit said.
asked Wright, who During the year A week later, Dorsey and
acknowledged a after the university other women spoke about
sexual relationship investigator told their allegations during an on-
with Dorsey. Google and Face- campus event called “MeToo
O’Connor told book about at GMU.”
Wright that Ama- Dorsey’s Title IX Wright filed a lawsuit
zon would no lon- allegations, Wright against the university after-
ger work with him. remained a consul- ward, alleging the school vio-
Amazon offi- tant for the com- lated his due process and civil
cials believed it panies. rights by siding with Dorsey
was inappropriate In June 2023, and other accusers before con-
for Wright to ask Google gave cluding its investigation.
for funds without Wright a new as- “If there was any doubt re-
disclosing his rela- signment. The maining that the university
tionship with company was would do anything to comply
Dorsey, according fighting to keep li- with the #metoo movement
to people familiar ability protections and its inherent bias against
with the matter. for the information men, this event dispels that
MORIAH RATNER FOR THE WALL STREET JOURNAL
At a meeting of users share on doubt,” said Wright’s lawsuit,
antitrust lawyers YouTube and other which is pending in federal
that spring, Dorsey internet platforms. court.
told a friend about President Biden Wright sought court per-
her affair with and a bipartisan mission to end his $35,000-a-
Wright. The friend group of lawmak- month spousal and child sup-
said she heard a ers supported end- port. His income has
similar story from ing the legal pro- “effectively dried up,” Wright
another George tections, a change said in his petition last Octo-
Mason University that would, in ef- ber. His wife filed a legal re-
law-school gradu- fect, make Google sponse, saying Wright’s loss of
ate. It was Landry. Elyse Dorsey in Falls Church, Va. and others liable clients and income was effec-
Dorsey and Lan- for more online tively his own fault.
dry met to commiserate and bought a six-bedroom, 6,683- content. “He voluntarily resigned
discuss a legal recourse. square-foot house for $3.1 mil- Wright signed a six-month, from his position at the An-
In June 2022, the univer- lion in McLean, Va. $430,000 contract with Google tonin Scalia Law School rather
sity’s investigator interviewed Edwards, who worked at for academic and opinion arti- than face termination pro-
Robert Mahini, a senior anti- Wilson Sonsini, moved in with cles saying the change would ceedings as a result of multi-
trust lawyer for Google, and him. hurt the tech industry. He and ple allegations of his sexual
she told Mahini about the Ti- his firm had contracts with misconduct with multiple
tle IX complaint. the American Enterprise Insti- women, including his former
A Google spokesman said Tying the knot tute, $250,000 a year; Wal- students,” Anhvinh Wright
Mahini was asked about the During the Biden adminis- mart, $1,250 an hour; and the said in her court filing. The
funding and wasn’t told about tration, Wright was a vocal law firm Jones Day, $1,500 an court agreed this year to re-
Wright’s sexual history with critic of Lina Khan, the FTC hour. duce Wright’s payments to
students. Mahini told the in- chair and a thorn in the side That spring, Wright’s law- $24,000 a month.
vestigator that the money of tech executives. Khan rose yer engaged in settlement In November, Dorsey and
owed to Dorsey was delayed to prominence as a Yale law talks with Dorsey and Landry. Landry were honored by the
because of an administrative student when she published a Wright wanted their silence. American Bar Association for
mistake. The company decided 2017 paper called “Amazon’s They asked for money. No deal bringing attention to sexual
to delay any action regarding Antitrust Paradox.” The paper was reached. harassment in the antitrust le-
Wright until the university in- argued that Amazon, the 21st Wright announced in an gal community. “Their stories
vestigation was concluded, the century’s commerce titan, Aug. 7 tweet that he had re- struck a chord with me,” said
spokesman said. posed anticompetitive con- signed from George Mason Christine Wilson, a former
The investigator also sent cerns yet escaped antitrust University to work at his own FTC commissioner who knew
an email to Shanbhag, telling scrutiny. law firm. Campus colleagues Wright. “Elyse and Angela
him the nature of Dorsey’s Shortly after joining the replied with praise for his have thriving careers at well-
complaint and requesting an FTC in 2021, Khan reversed a work. respected law firms and gain
interview. Shanbhag, after policy Wright had won while Scrolling through her nothing by rocking the boat.”
consulting with Facebook law- he served at the agency. phone that night, Cleveland To defend against Wright’s
yers, declined to speak with Wright in 2015 persuaded fel- State University law professor defamation lawsuit, Landry
requested that Ed-
wards turn over all
communications with
Wright related to his
sexual relationships.
Wright and Edwards
each responded with
motions seeking to
limit the information
that Edwards would
have to disclose.
On March 15, a Vir-
ginia court rejected the
arguments and re-
quired Edwards to turn
over additional docu-
ments.
Two days later, Ed-
wards, 32 years old,
posted a photo of her-
self on Instagram
wearing a diamond
ring.
“I can’t wait to
marry you,” her post
said.
This is the third arti-
cle in a three-part
WSJ profile.

© 2024 Dow Jones & Company. All Rights Reserved.
An Anonymous-Messaging App
Upends a High School
Fizz, advertised as an online forum for ‘confessions and crushes,’ quickly turned toxic
FAMILY
& TECH
JULIE
JARGON
A
n app lets high-school-
ers post anonymously
about their classmates,
and police the rules
themselves. I know
what you’re thinking:
What could possibly go wrong?
Fizz, a private message board
for colleges and high schools,
opened to students at Vermont’s
largest high school in May. Within
hours, posts went from jokes and
memes to public shaming of stu-
dents and speculation about
teachers’ sex lives.
The two Stanford University
students who started the app call
it “an uplifting digital space for
Gen Z.” Instagram posts that ad-
vertised it to the 1,300 students at
KELLY BURGESS FOR THE WALL STREET JOURNAL
Champlain Valley Union High
School described it as a place to
share “anonymous CVU confes-
sions and crushes.” The posts
were harmless at first. Then
things turned vicious.
Teens, posting anonymously,
made comments speculating about
classmates’ sexual orientation. They
uploaded photos of students, mock-
ing their appearance and disabili-
PERSONAL TECHNOLOGY
Safeguarding Data
In Your Finance Apps
BY TOMIO GERON
C
onsumers increasingly are us-
ing personal-finance apps to
manage their money, relying
on them to pay, borrow, save, invest
and shop. While these tools can
make life easier, is it risky to give
multiple apps access to your finan-
cial information?
Security experts say it depends.
The more apps you
use, the higher the
risk of hacks and
data leaks. But there Apps may sell or
are things consumers share some of
can do to protect
themselves. your information
New online-only
banks, as well as digi-
with third-party
tal tools such as peer- partners.
to-peer payment
apps, personal-loan
apps and savings-and-
budgeting apps, are becoming more
popular because they are convenient
and in some cases fun to use. Tradi-
tional banks and brokerages, mean-
while, are adding options to their
apps to help customers better man-
age their checking, savings, credit
cards, mortgages and investing.
While finance apps aren’t particu-
JON KRAUSE
larly vulnerable to hacking, any app
could get hacked or breached, ex-
posing users’ financial data or their
PERSONAL JOURNAL.
* * * *
ties. Some posters insinuated that
teachers and administrators were
involved with each other or with
students. Students could “upvote”
posts to surface them higher on the
feed, with the worst ones often ris-
ing to the top.
Fizz was all anyone talked about.
Students say they felt they had to
keep checking the app in case
something was posted about them.
“You started to feel like you
couldn’t trust anyone,” says 15-
year-old Lio Miller. Miller was in a
Dungeons & Dragons club, and a
Fizz user posted a yearbook photo
of the group, calling it “nasty.”
‘Shocked and dismayed’
Fizz is emerging as social media is
under scrutiny for contributing to,
if not causing, teen anxiety. Bully-
ing and harassment on the app
have occurred at various colleges,
according to campus newspapers.
It has drawn comparisons to Yik
Yak, an app that shut in 2017 be-
cause of bullying and threats at
colleges. (Yik Yak, now under new
ownership, has guardrails to pre-
vent harassment.) Some schools,
such as the University of North
Carolina, plan to block Yik Yak,
Fizz and similar apps.
CVU students began reporting
Fizz to administrators within
hours of its debut. Students went
to guidance counselors in tears.
funds. And if you are tricked into re-
vealing your login credentials, bad
actors could have the same easy ac-
cess to your funds that you do.
There also are concerns about
personal data. Apps may sell or
share some of your information
with third-party partners, creating
another point of vulnerability.
“Even if the original app has
strong security measures in place,
they cannot fully
control the data-se-
curity practices of
their partners,” says
Delicia Hand, senior
director, digital mar-
ketplace at Con-
sumer Reports. “If a
third party experi-
ences a data breach,
users’ sensitive infor-
mation could be ex-
posed, putting them
at risk for identity theft, financial
fraud or targeted scams.”
Here is a closer look at some pre-
cautions you can take to use finance
apps more safely.
Review and verify
First, verify that the app you want
to use is from a reputable company
with security and privacy policies in
place—and check to see if there are
complaints about it on online fo-
THE WALL STREET JOURNAL.
Principal Adam Bunting says he
had to persuade one distraught se-
nior to finish the school year.
He asked CVU parents to con-
tact Fizz Social, the app’s maker,
and request that the school be re-
moved from the app. “I was
shocked and dismayed by how
quickly the app created harm,”
says Bunting, who was himself the
target of some posts.
Policing itself
Fizz was created in 2020 by Stan-
ford students Teddy Solomon and
Ashton Cofer, who wanted to con-
nect students when Covid can-
celed in-person classes.
Solomon, now 22, says anonym-
ity was key to offering a more au-
thentic experience in which people
could feel comfortable being vul-
nerable. Each Fizz community is
limited to students with email ad-
dresses associated with the school.
Fizz took off at Stanford. Solo-
mon and Cofer dropped out to
work full time on the app, which
is at more than 240 colleges. They
started rolling out Fizz to high
schools in April; it’s now at 60 of
them. Solomon declined to share
user numbers, but market intelli-
gence firm Sensor Tower says Fizz
has 113,000 monthly active users,
more than double from a year ago.
Fizz’s CEO is Rakesh Mathur, an
entrepreneur who helped it raise
rums, says Meredith Fuchs, chief le-
gal officer at financial-technology
firm Plaid and a former deputy di-
rector at the Consumer Financial
Protection Bureau.
Then, download the app you
want directly from the App Store or
Play Store to be sure you are get-
ting the one you want and not a
copycat. Don’t download an app
from a link or a website, unless it is
the website of the company behind
it, says Stuart Schechter, a security
and human-behavior researcher at
Harvard University.
Review the app’s privacy policy
to see how it collects and manages
customer data. Selling data has
generally fallen out of favor, ac-
cording to Hand, but some apps
share user data—including names,
emails and phone numbers, or fi-
 Fizz’s arrival at Champlain Valley
was teased by an Instagram account
that followed students there.
more than $40 million. The app is
free to download and doesn’t make
any money. Mathur says Fizz plans
to run ads at some point.
Community guidelines forbid
posting private information about
users, as well as bullying, hate
nancial data such as transaction
history or account balances—with
partners such as service providers,
business affiliates and marketing
partners.
Look for policies in which the
company only accesses data that it
actually needs to provide a service,
rather than collecting everything it
can. “The less data a company has
actually collected on you, the less
ultimate damage can be done if
that data is stolen,” says Brian Cal-
lahan, director of the Rensselaer Cy-
bersecurity Collaboratory at Rensse-
laer Polytechnic Institute.
Review how the app handles un-
authorized charges or transactions,
if applicable. Hand says some apps
may have more robust protections
than others or more streamlined
dispute-and-resolution processes.
Tuesday, June 11, 2024 | A9
 Hours after the Fizz app opened
to Champlain Valley Union High
School, complaints began.
speech and obscene text or images.
Rule-breakers can be banned. At
the same time, “jokes, memes, com-
plaints and commentary around
teachers and parents are allowed
and expected,” Fizz’s website says.
The app counts on users to po-
lice posts. Student volunteers who
wish to become moderators have to
undergo online training and ace
quizzes. Fizz Social also employs 12
trust-and-safety employees at its
Palo Alto, Calif., headquarters, to
make the final call on flagged posts.
It says AI removes about 75% of pro-
hibited content before it’s posted.
CVU student moderators
couldn’t keep up with how many
posts they had to review, and all
three—unknown to each other—
had to agree that something broke
the rules before taking action,
Bunting says.
‘Learning opportunity’
Solomon says a survey of Fizz us-
ers shows that 90% of high-school
and college users report feeling
more included and connected be-
cause of the app. He says the com-
pany works to improve content
moderation and that some of the
bullying that was reported on col-
lege campuses occurred before
Fizz had better AI filters.
“What happened at Vermont
was an outlier,” Solomon says. “I
view it as a learning opportunity.”
After Fizz heard from upset
parents and faculty at CVU, includ-
ing a school-board member who is
a state representative, the com-
pany on May 7 agreed to temporar-
ily remove the school from the app.
Fizz has shut down only one
other community, a
California high
school, Solomon says.
Solomon says
many Vermont stu-
dents were unhappy
with the app shut-
down, and his publi-
cist shared screen-
shots from students
who posted com-
plaints about its re-
moval. Mathur says
he hopes Fizz can re-
turn to CVU.
Other CVU stu-
dents say they were
relieved to see it go.
Nikhil Blasius, stu-
dent body co-presi-
dent, says Fizz was
never a way to build
connections. “It was
advertised as a gossip
app,” he says.
Gabriella Serafini
was a target of gos-
sip. Someone took a
photo of her and her boyfriend
from his Instagram account and
posted it to Fizz, along with spec-
ulation about what the couple did
alone together.
Serafini, 16, says she laughed
when she first saw jokes and
memes on Fizz. It stopped being
funny when it was about her. “No
one can know how hurtful some-
thing is until they’re the one being
hurt,” she said.
Passwords and keys
When setting up an app, use a
strong password or a password
manager, and turn on two-factor au-
thentication, which verifies identity
when logging into an app.
For even stronger security, some
apps allow users to upload a current
photo or video to verify identity. Some
also enable using a passkey, special
software that is tied to your phone or
other device, or a physical security key
that connects to your phone or other
device to verify your identity. The lat-
ter provides very strong security—as
long as you don’t lose it—but it may
not be necessary for all users.
Outside of the apps, keep your
devices and email accounts secure.
For example, consumers might want
to turn on facial recognition—such
as Face ID on Apple devices—so
that when a bank or app sends a
login code, it is secure. It is also crit-
ical to use strong passwords and
enable two-factor authentication on
email accounts that are used to ac-
cess financial accounts, experts say.
Gavin Reid, chief information se-
curity officer at cybersecurity com-
pany Human Security, uses two
email accounts—one for everyday
use and another that is only for
things like financial accounts—in ad-
dition to a physical security key. He
also advises deleting any apps you
aren’t using to reduce risk.
“The biggest thing a consumer can
do is make sure that they are keeping
the things that are private to them—
private to them,” says Jess Turner,
executive vice president, global head
of open banking and API at Master-
card. “So: not sharing credential infor-
mation, passwords or usernames,
leaning in on things like biometrics.”
A10 | Tuesday, June 11, 2024
BY STEPHEN KREIDER YODER
AND KAREN KREIDER YODER
The first couple of years
in retirement are often the most
difficult. But they also can set the
stage for how you’ll fill the years
ahead—both financially and
psychologically. Stephen Kreider
Yoder, 66, a longtime Wall Street
Journal editor, joined his wife,
Karen Kreider Yoder, 67, in
retirement in late 2022. In this
essay, they chronicle one
of the issues they are
dealing with early in
retirement.
Steve
“Have you guys ever
considered getting a
dog?” Bekah, a friend
who lives with us, asked
recently, as the three of
us sat in the breakfast
nook.
Karen met my glance,
and we both chuckled.
“Yes,” I responded. “Yes,
we have.”
We laughed because
the two of us have been
going back and forth on
the canine question
since we retired. We
convince ourselves one
moment that a dog
would be a welcome ad-
dition, then quickly
deem it a bad idea. And
then we reconsider all
over again.
“Dogs are great com-
panions!” replied Bekah
when I asked why she
favored having one in
the house, preferably a
golden retriever. “They
make everyone happy!”
We’ve had promising
trial runs in our home,
like with the Yorkie we
dog-sat days at a time
several years ago. When
I got home every day, he
was yippily happy to see
me and to roughhouse—
much as our young boys
were, so many years
ago, when they met me at the
front door and melted away my
day’s troubles.
A dog’s emotional support
might be just the ticket to salve
some of retirement’s anxieties
while providing unconditional love.
A retired relative says her home’s
young dachshund “has added im-
measurable joy and laughter to our
lives.” Despite the many tribula-
tions in training the puppy, she
says, “We are totally in love.”
That brings back memories of
family dogs. My mutt Frisky and I
were inseparable until we left him
behind on my grandparents’ Iowa
farm when we moved to Japan
when I was 3. When I was in
grade school, Dad brought home a
miniature dachshund, which my
little brother named Brown Boots
Yoder. Boots remained a beloved
Yoder until I was in college.
More recently, our middle son’s
mixed-breed, Tex, added fun and
energy to our household for years
until his untimely death after an
abscess.
From a dog’s perspective, we
Be Wary
Of Cheaper
Alternatives
To Ozempic
YOUR
HEALTH
SUMATHI
REDDY
M
illions of people are taking
Ozempic, Wegovy or Moun-
jaro for weight loss. More
want to take the drugs, known as
GLP-1s, but the cost is too high.
The price has people looking at
less expensive compounded ver-
sions. Compounded drugs are cus-
tom versions of medications that
are made by special pharmacies.
They’re gaining more attention, and
not just for weight loss.
Typically, people use compounded
drugs because the regular version is
in short supply or a patient needs a
special formulation. Some com-
pounded drugs also cost less. With
weight-loss drugs, they cost a frac-
tion of the more-than-$1,000-a-
month price tag for regular GLP-1s.
There are lots of legitimate, safe
compounding pharmacies. However,
with weight-loss drugs especially,
doctors, medical organizations and
even the Food and Drug Adminis-
tration have warned that people
need to be wary of bad actors sup-
plying fake or even dangerous prod-
ucts that could harm their health.
“We don’t know exactly what the
compounded products contain, what
PERSONAL JOURNAL.
A Retired Couple Asks,
Should We Get a Dog?
There is nothing like the emotional support a dog provides.
But will it pin us down too much?
think we have a lot
to offer. Retirement
gives us time to The nearby
dote. Our San Fran- groomer charges
cisco house is big
enough to handle a more for a trim
well-mannered pup,
and the back entry
than I pay
includes a pet door my hairdresser.
opening onto a
walled-in patio that
visiting dogs have
found quite acceptable.
Then there’s our dog-friendly
neighborhood. A pet hospital is 87
paces from our front steps, a dog
groomer is 36 seconds’ walk far-
ther down, and an off-leash dog
run is two blocks beyond in a park
with panoramic city views.
A 20-minute bike ride west-
ward puts us at Ocean Beach,
where, the visiting Yorkie re-
minded us, there’s nothing quite
so joyous as a dog running along
the Pacific surf.
There are some sweet dogs
waiting for homes, we found when
we visited our local senior-dog
rescue one Saturday morning—
the actual dose of the active ingre-
dient is or whether the product has
contaminants,” says Dr. Katherine H.
Saunders, a clinical assistant profes-
sor of medicine at Weill Cornell
Medicine and co-founder of Intelli-
health, a medical obesity-treatment
company.
If you opt for a compounded drug,
make sure the pharmacy is accred-
ited by your state. And if a company
claims to be able to sell you a ver-
sion of a GLP-1 without a prescrip-
tion, don’t buy it.
The use of compound pharmacies
for weight-loss drugs is growing. In
some cases, it’s an attractive option
for people whose employer health
plans are curbing coverage of weight-
loss drugs. Shortages have some-
times made it hard to find the regu-
lar versions.
“There has been an explosion” in
patients asking for compounded
GLP-1 drugs, says Dr. Jaime Alman-
doz, medical director of the Weight
Wellness Program and associate
professor of internal medicine at UT
Southwestern in Dallas.
Compounding ins and outs
Many people think drugs coming
from compounding pharmacies are
generic versions and are surprised
to learn they aren’t. They also
might not contain the same active
ingredient as the FDA-approved
medications, Almandoz adds.
Compounded drugs exist in a
weird corner of the pharmaceutical
world. The FDA allows pharmacies to
make their own versions of medica-
tions when there are shortages, as
there currently are with semaglutide,
the active ingredient in Ozempic and
Wegovy, and tirzepatide, the main in-
gredient in Mounjaro and Zepbound.
However, the FDA doesn’t approve
the compounded medications, so the
agency doesn’t verify their safety
“just to meet some,”
I proposed. “Not to
adopt. Yet.”
At the shelter,
Karen and I sat
down and cuddled
with a blue Skye
terrier named Yer-
tle, a Chihuahua
named Cindy Lou
and Hey Jude, a
dachshund mix. It
was hard to leave.
Retirees are common among
adopters of these wizened ones, a
staffer assured us. It felt almost
wrong not to take in a needy dog
that could enjoy our blessed posi-
tion in this famously dog-friendly
city.
Our housemate Bekah, who has
raised the idea of joint custody, re-
cently texted us a barrage of pro-
pooch arguments.
They are “great adventure bud-
dies” and “a way to be more con-
nected with another part of na-
ture.” Dog ownership “is like
having a child who will never talk
back and that you don’t have to
 Demand for the drugs Mounjaro
and Wegovy is high among people
who want to lose weight.
and effectiveness. Instead, most of
the pharmacies that are making
compounded GLP-1 drugs are regu-
lated by state licensing boards.
The FDA has said it has received
reports of adverse events after peo-
ple took compounded semaglutide.
The agency also received reports of
some compounders using salt
forms of semaglutide, which have
different active ingredients than the
approved drugs.
“Poor compounding practices can
result in serious drug-quality prob-
lems, such as contamination or a
drug that contains too much active
ingredient,” the FDA says on its
website. “This can lead to serious
patient injury and death.”
Novo Nordisk, which makes We-
govy and Ozempic, has sued busi-
nesses, including some compound-
ing pharmacies, selling products
claiming to contain semaglutide. Eli
Lilly, which makes Zepbound and
send to college.”
Her text concluded—perhaps
alluding to someone in the
house—that a dog is “an intro-
vert’s ideal friend: no talking re-
quired (more or less).”
That there is a pretty persua-
sive argument. So which will it be,
a golden retriever, a wiener dog, a
senior?
Karen
Down, boy!
What are we going to do with a
dog? We are gone at least six
months out of each year. We can’t
bike long distances with one
tucked in the back pannier or take
it to Algeria.
I love dogs, don’t get me
wrong. I fawn over strangers’
pups as if they were cute babies. I
grew up with dogs in the Ohio
countryside—Inkie the mutt,
Shawn the collie, Grindel the Saint
Bernard. We played in the woods
with them.
But when we went inside, they
stayed out. I’m not quite ready for
a dog in the house.
Mounjaro, has filed suits against
businesses to halt the sale of prod-
ucts claiming to contain tirzepatide,
including some against compound-
ing pharmacies.
What to look for
Scott Brunner, chief executive of
the Alliance for Pharmacy Com-
pounding, which represents about
500 to 600 pharmacies, says it’s
important to distinguish between
bad actors on the internet selling il-
licit substances and legitimate com-
pounding pharmacies.
To buy a drug directly from a com-
pounding pharmacy, you need a pre-
scription. This type of compounding
pharmacy is regulated by state licens-
ing boards. (There’s another category
of compound-making pharmacies
that distribute drugs to hospitals.)
If you buy something marketed
as, say, “research-grade sema-
glutide” online without a prescrip-
tion, that’s potentially dangerous.
“That’s not a compounded drug
and it’s not even a pharmacy,” says
Brunner.
THE WALL STREET JOURNAL.
“Do not get a dog!” a retired
friend nearly shouted, using a
rude word just before “dog,” the
moment we asked her opinion. She
has two mature dogs and tends
frequently to another. “They tie
you down, they dictate your
schedule. They keep us from doing
what we want. Don’t get a dog.”
I hear you! Dogs are wonderful
companions, but let’s wait until
we’re in our recliners and need
more companionship—in the slow-
go years, as we say in
retirement parlance.
We’re still in the go-go
years.
If we got a dog, we’d
need to add a budget
line for dog food, medi-
cal insurance, checkups,
treats, outfits. The
nearby groomer Steve
mentions charges $125
for a simple trim, more
than I pay my hair-
dresser including a
hearty tip.
I decline to go back
to dialing for dog sit-
ting. When our Tex was
with us, to find board-
ing before vacations I
first called places
within a 20-mile radius
but soon extended to
kennels 60 miles away
for a remotely afford-
able spot—or, some-
times, any spot at all.
We often drove several
hours in traffic to drop
him off, and that was
two decades ago.
On our annual drives
to Kansas to spend the
summer with family, we
resorted to taking Tex
on the trip as far as
Utah and dropping him
at a dog ranch outside
Zion National Park,
where he spent the sea-
son in what he surely
considered to be sum-
mer camp.
One risk: getting the
wrong dog for the ag-
ing. A young dog could
exhaust us and outlive us. A senior
friend recently got a German shep-
herd puppy. On a walk, it jumped
in front of him, causing my friend
to fall and break his arm.
A retired couple we know, long-
time dog owners, had an epiphany
this year when their pet died.
They realized how much time and
attention the dog demands and
are discovering the joys of dog-
gone life.
“We are much more likely to go
on a moment’s notice,” one of them
emailed us. “We have also gotten
back to cuddling without a dog
sleeping between us after all these
years! Right now cuddling and go-
ing places are taking priority!”
A solution might be a dog-
share relationship with another
family. Whenever one is gone for
an extended time, the other would
care for the dog. Maybe there’s an
app for that.
Or perhaps we should take
training to become foster parents
to dogs when we’re home. Until
PAUL BLOW
then, we can get our fido fix by
doting on other people’s dogs.
Injectable compounded versions
of GLP-1 drugs can be made only by
sterile compounding pharmacies
that must adhere to numerous sani-
tary and compliance standards, says
Brunner. And a compounding phar-
macy must buy its substances from
FDA-registered facilities.
If a doctor prescribes a com-
pounded version of a GLP-1 drug,
ask if they are familiar with the
pharmacy. If it’s a legitimate phar-
macy it should be licensed in your
state. The National Association of
Boards of Pharmacy has a list of
state boards on its website.
Another thing to look for is ac-
creditation from the Pharmacy
Compounding Accreditation Board.
The board is part of the Accredita-
tion Commission for Health Care, a
nonprofit organization that has ac-
credited more than 3,000 pharma-
cies, about a third of which cur-
rently perform compounding.
Jaime McMinn, a 48-year-old hu-
man-resources executive who lives
in Houston, has been taking a com-
pounded weight-loss drug for about
six months. She says her insurance
wouldn’t cover the regular drugs.
She pays about $295 a month to
buy the compounded form from a
pharmacy recommended by her doc-
tor. She has lost about 45 pounds.
THE WALL STREET JOURNAL, SHUTTERSTOCK, ASSOCIATED PRESS
McMinn says she feels comfort-
able with sourcing the medication
from an accredited compounding
pharmacy. “I also had more confi-
dence knowing that my primary-
care physician—part of a large med-
ical hospital system here—endorsed
this particular pharmacy,” she says.
Her husband, Chris White, has
coverage to take a GLP-1 drug but is
unable to find it because of short-
ages. He says he isn’t comfortable
buying a compounded version and is
waiting until he can find the brand-
name drug.
 THE WALL STREET JOURNAL. Tuesday, June 11, 2024 | A11

ARTS IN REVIEW
ART REVIEW Japan. A large-format hanging supplement the artworks without

Japanese Treasures
scroll, “Blossoming Plum Tree,” by
Yamamoto Baiitsu (1783-1856)
threatens to overwhelm audiences
in inky sprays of firm branches
and tiny blossoms. Nearby, fans
Reopened galleries offer a grand view of the island nation’s art and history painted with landscapes in the
bunjinga scholarly
manner hang at mid-
BY MICHAEL J. HATCH chest level over a par-
tially unfurled hand-
diverting attention from them. In
the most elaborate of these, a
touchscreen station outside of the
Buddhist Temple Room, viewers
descend into a rendering of a clas-
sical temple as if in a videogame.
As they select and rotate images
of seven carved Buddhist sculp-
tures, touch points reveal icono-
graphic meanings such as the

T
Boston
he five Japa-
nese galleries
of the Mu-
seum of Fine
Arts, Boston,
reopened to
the public on May 11 af-
ter a nearly six-year hi-
atus. Many experts con-
sider Boston’s 100,000
Japanese artworks the
most comprehensive
collection outside of
Japan, and historically
significant as well. The
late 19th-century Amer-
ican fascination with
Japanese culture had
its roots here, where
Ernest Fenollosa
(1853-1908) and
Okakura Kakuzō
(1863-1913), the two
most important early
promoters of Japanese
culture abroad, once
served as curators. The cultural
and political network they built
between Japan and Boston en-
abled acquisitions of the highest
quality and importance, artworks
that went on to inspire American
Arts and Crafts artists in Boston
such as Arthur Wesley Dow and
modernist writers like Ezra Pound.
The newly refurbished galleries
rise to the challenge this legacy
poses, favoring intimate viewer ex-
periences over gimmicks.
The central and largest gallery
reveals the most profound
changes. Since 1909, when the mu-
seum’s Huntington Avenue build-
ing opened, tapered timber col-
umns topped with wooden
brackets have framed this room,
MUSEUM OF FINE ARTS, BOSTON
artworks shaped the social and
cultural lives of their owners.
At one end, three Nō theater
robes reveal cascades of embroi-
dered or stenciled wisteria and pe-
ony blossoms. To the left, the eyes
of a carved and lacquered 18th-
century theater mask stare out
from below feathery inked eye-
brows that define its wearer as a
young aristocratic woman. A video
on the right demonstrates how the
gestures of the performers put
such textiles and carvings to full
effect. Around the corner, labels
accompanying an array of 18th-
and 19th-century netsuke—cleverly
worked miniature ivory, wood and
lacquer objects used by men as or-
namental fashion accessories—ex-
 Installation view of the renovated
Buddhist Temple Room at the
Museum of Fine Arts, Boston.
among the arranged ceramics, lac-
querware, and metal objects, as if
tea might be prepared for them
while they appreciate the 14th-
century Zen calligraphy and con-
temporary bamboo flower basket
selected for the display alcove.
At the gallery’s center, a large
open space devoted to paintings
highlights differences in format
rather than typical visual themes
or stylistic progressions. Benches
placed before the six-panel folding
screen “Waves at Matsushima,” by
Ogata Kōrin (1658-1716), situate
scroll depicting a
bustling market in the
early 19th-century sub-
urbs of Kyoto.
As curator Anne
Nishimura Morse, who
has stewarded this col-
lection for nearly 40
years, explained her
approach to me,
“These [artworks] are
meant to be seen in
certain ways.” Artists
and artisans designed
these objects to be en-
joyed by actual bodies
and to encourage in-
teractions between
people on stage, in
temples, or over tea,
experiences evoked
here through careful
spatial organization
and grouping.
The other signifi-
cant addition is the
dedication of one gal-
lery to the museum’s 50,000 Japa-
nese prints, to be shown in semi-
annual rotations. The current
exhibit displays nearly 30, com-
paring the work of contemporary
Japanese printmakers alongside
that of their 19th-century prede-
cessors. Here viewers can under-
stand how the mixture of poetic
inscription and waterfowl in Mu-
nakata Shikō’s (1903-1975) “Hiro-
shige’s Blue: The Color of Melan-
choly” draws on the composition
of Utagawa Hiroshige’s (1797-1858)
“Flying Geese and Full Moon,” in
which three long-necked birds de-
scend in parallel formation past an
inscribed Tang-dynasty Chinese
poem about longing for home.
The remaining three galleries
“wisdom-fist gesture” of a 12th-
century sculpture of Dainichi, Bud-
dha of Infinite Illumination. Fur-
ther touchpoints show recent
conservation discoveries like the
ink inscription of the Dainichi
sculpture’s interior, now fully legi-
ble through infrared reflectogra-
phy. Primed with this knowledge,
viewers then enter the actual
Temple Room to experience the
sculptures in a direct way, without
screens or labels.
To most, the Temple Room will
appear largely unchanged. Essen-
tial updates to climate control,
lighting, and object conservation
may have taken place here, yet the
sculptures are the same ones ex-
hibited before renovations. As Ms.
Nishimura Morse explained, “I did
not want major changes because it
has such strong memories for peo-
ple.” Having grown up with Bos-
ton’s collection in the late 1990s, I
can attest to this. I remember this
room as a refuge in which traces
of gilding on larger-than-life Bud-
dhist figures glittered in the low
light, creating a nearly palpable
sense of wonder.
Maintaining wonder is no easy
feat, and Boston’s reinvestment in
the strengths of its renowned Jap-
anese collections shows its care
for long-term audience relation-
ships while speaking to the mu-
seum’s most fundamental work,
the stewardship of culture. This
care may be most evident in the
ritual prayers conducted in the
Temple Room by monks from Mi-
idera Temple, Ōtsu, Japan, during
the reopening events. A consecra-
tion occurs once, and though its
sounds may no longer be audible
to audiences, it remains present

simulating classical Japanese ar-
chitecture. Now a series of parti-
tion walls within these columns
creates two nested alcoves at ei-
ther end of the gallery. Careful cu-
ration in these intimate spaces en-
courages viewers to imagine how
plain how they would have pub-
licly signified style and taste for
their original owners.
At the opposite end of this gal-
lery, partitions cordon off a tea
room with tatami mats. The scene
practically invites audiences to sit
museumgoers at appropriate
height to immerse them among
the white-fingered waves that
thrash the feet of steep blue and
green isles in one of the most
powerful examples of Rinpa school
landscape painting outside of
have been updated rather than re-
configured. New labels throughout
now engage audiences in a lighter
question-and-answer style that
helps to break up extended histori-
cal background into digestible
bites. Digital screens selectively
nonetheless, underscoring the sa-
cred meaning of these sculptures
within the otherwise secular mu-
seum space.
Mr. Hatch teaches art history at
Trinity College.

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 13 30 Tan on
bestseller lists
HAPPENINGS FOR THE WEEK OF JUNE 11 14 15 16
31 Chow
17 18 19 32 Response to
BY WSJ ARTS IN REVIEW STAFF darkly comedic superhero with his 18th studio album: “You awake?”
series! an angry missive about the 20 21
Film forces he sees threatening 33 Like some
“Inside Out 2” (June 14) “Brats” (Hulu, June 13) humanity. 22 23 24 25 26 well-pitched
In the sequel to Pixar’s hit The 1980s stars who games
2015 film about emotions, came to be known as the The Decemberists, 27 28 29 30 31
Riley becomes a teenager “Brat Pack” are the focus of “As It Ever Was, So It Will 34 Family name
and the steady existence of member Andrew McCar- Be Again” (June 14) 32 33 34 35 36 at Indy
Joy, Sadness, Anger, Fear thy’s documentary, which The folky indie group 38 “The loneliest
and Disgust is upended includes interviews with from Portland, Ore., releases 37 38 39 40 41 number”
when adolescent feelings Demi Moore, Rob Lowe and its first album in six years,
join the mix, including Anxi- Emilio Estevez. which explores interpersonal 42 43 44 39 Soft shoe,
ety. The voice cast again connections in fraught for short
features Amy Poehler, Phyl- Theater times. 45 46 47 48 49
lis Smith and Lewis Black, “The Welkin” 40 Green
and also includes Maya (Linda Gross Theater, Art 50 51 52 53 54 hedgehogs,
Hawke and Ayo Edebiri. New York, June 12- 30) Art Basel e.g.
(Messe Basel, Switzerland, 55 56 57 58 59
41 ___-Manuel
through June 16)
60 61 62 63 Miranda
The exhibition that
launched a thousand fairs 46 Connect after
returns with its usual stag- 64 65 66 disconnecting
gering scope: 285 galleries,
4,000 artists, five conti- 67 68 69 47 Extend a tour
nents. Additionally, the ever- of duty
popular Unlimited section
features monumental-size DOMAIN NAMES | By Geoff Brown 48 Zigzag ribbon
trimming
works; Parcours installs site- Across 32 Accustom 10 Use a keyhole,
64 River from
specific pieces throughout Pittsburghsay 49 Double-helix
the city’s Old Town; and a 1 Orlando team 35 Brief belief molecule
laundry list of screenings, 65 With 9-Down, 11 Taking after
talks and other public pro- 6 Hardly 36 Aunt, in “Way to go!” 52 Puzzled
grams rounds out the week. humble Argentina 12 Partner of
66 Pollster’s neither 53 Dishearten
10 Glazier’s piece 37 “A Place in the finding
“The Wider World & Sun” star 13 USN rank 54 Winter
 Joy and Anxiety in ‘Inside Out 2,’ Pixar’s new feature. Scrimshaw” 14 Mennonite 67 Four-ball gliders
(New Bedford Whaling offshoot 42 Sounds of 19 Game callers
result 56 Oldest
Museum, Massachusetts, hesitation 21 Thumbs
“Firebrand” (June 14) In Lucy Kirkwood’s play, a June 14-Nov. 11) 15 Foreign 68 Poker chip, known
Legion cap 43 “___so fast!” down alcoholic
The relationship between woman sentenced to die in Gathering more than 300 e.g.
Henry VIII and his final wife, rural 18th-century England objects, this show explores 16 Musk of X 44 Suggestions 69 Theater 25 Received an beverage
Katherine Parr, is the center claims she is pregnant, and the beautiful, often narrative acceptance
fixtures 57 No pro
of Karim Aïnouz’s historical a jury of other women must carving traditions that 17 Fashion’s 45 Fashion letter
drama, which stars Jude decide if she is lying or if emerged around the Pacific Karan designer who Down 58 Clears
Law as the monarch and Ali- she will be spared. The world in the 1800s and the introduced 26 Gulliver’s
cia Vikander as his ambi- Atlantic Theater Company other decorative arts of in- 18 Past due on the bubble 1 Peeved by creator 59 Concerning
tious partner who managed production is directed by digenous communities that repaying dress
debts 2 Love, in 27 Food scrap 60 Pasture
to outlive him. Sarah Benson and the cast developed alongside it.
50 Genealogy Lourdes grazer
includes Sandra Oh. 28 Only work
20 Best Actor
TV Last Call nominee as
chart
3 Infomercial ever signed by 61 Cry of insight
“How Music Got Free” 77th Annual Tony Awards “Mother Play” knife Michelangelo
Elvis in “Elvis” 51 Words with 62 Zero, in soccer
(Paramount+, June 11) (CBS, June 16) (Hayes Theater, New York,
The heyday of Napster Curtains up on the crown through June 16) stew or pickle 4 Ain’t proper? 29 Syr. neighbor scores
22 Capote
and other file-sharing pro- jewel of theater awards: Jessica Lange stars as a nickname 52 Paid spots Previous Puzzle’s Solution
grams headlines Alexandria Among the contenders are miserable mother to two 5 Furniture
Stapleton’s documentary se- “Mother Play,” “Prayer for children, portrayed by Jim 23 Indian author 55 Employee prop A C M E C R E D O T S A
T R O N H A V E N T H U D
ries about the pivotal shift the French Republic,” Parsons and Celia Keenan- Santha knowledge 6 Slopes L A N D L A D I E S H E R D
from physical media to “Stereophonic,” “Hell’s Bolger, in what our critic de- Rama ___ and skills, and fanatic
A M T A R I A N E R V E
streaming in the music in- Kitchen,” “Illinoise,” and “The scribed as a “funny and af- a clue to 20-, N S A M O U N
T A I N M E N
dustry and includes inter- Outsiders.” fecting but slight and 24 Turkish 27-, 37- and 7 It drops from
T I N C A N S R UM A I D
harvest A N D A P I T B U L L S
views with artists such as fragmentary drama,” which 45-Across a bar B E A C H B O Y S
50 Cent and Timbaland. Music has been nominated for four 27 Former D O D O B I R D S I M S
John Cale, “POPtical Tonys. 60 Swiss Army 8 ___the crack E N O B R A G O U R M E T
three-term knife tool of dawn V A L L E Y G I R L S M I R
“The Boys” Illusion” (June 14) senator from I D L E D F O I E O N E
(Prime Video, June 13) The Welsh musician, com- For more Arts Calendar 9 See 65-Across
Maine 63 Result S I S I G R O U N D C R EW
It’s a bird! It’s a plane! It’s poser and Velvet Under- listings, visit wsj.com. Write E M U S P U L S E B A K E
PIXAR

the fourth season of the ground co-founder returns to brian.kelly@wsj.com. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S E P A N D E S S L E D
A12 | Tuesday, June 11, 2024
JASON GAY
The Quiet Genius Taking the Boston Celtics
To the Edge of an NBA Championship
Jrue Holiday does all the little things—then added a whole lot of points to seal a close Game 2
Boston
This summer, Jrue
Holiday will be a cru-
cial member of the
U.S. Olympic men’s
basketball team in
Paris. Holiday was
selected for Team USA for the sec-
ond time despite not finishing the
season among the NBA’s top 40
players in points per game, re-
bounds, assists, steals or blocks.
He wasn’t named to the midseason
All-Star team, he got passed over
in the voting for the three end-of-
season All-NBA teams, and Holi-
day’s name doesn’t come up with
great regularity on any one of the
seven billion basketball podcasts
and chat shows on Planet Earth.
Still, nobody who knows any-
thing about the NBA has a prob-
lem with Holiday making the
Olympic team. That’s because the
33-year-old veteran guard is a
quiet genius of winning basketball:
The hyper competitive, finely-de-
tailed moments of execution that
don’t always show up on a stat
page, but are frequently the differ-
ence between a team’s success and
failure.
Superstars do superstar stuff.
If you need to win a basketball
game, however, Jrue Holiday is
precisely the kind of teammate
you want.
The Richest League on Earth Is Tearing Itself Apart
BY JOSHUA ROBINSON
AND JONATHAN CLEGG
THE DOCUMENT THAT CHANGED
the course of English soccer—and
by extension global sports—was
initially written by hand on a sin-
gle sheet of paper back in 1990.
Known as the Founders’ Agree-
ment, it became the charter of a
brand new venture called the Pre-
mier League. And over the next
three decades, it would help turn
the top tier of English soccer into
a media and entertainment behe-
moth. At its heart was a simple
premise: the member clubs could
be mortal enemies on the pitch,
but the rest of the time they
would all be inseparable business
partners.
Now, for the first time, that
bedrock is threatening to crumble.
Everywhere the Premier League
looks, clubs are in open revolt.
Manchester City, which has won
six of the past seven champion-
ships, is appearing before an arbi-
tration tribunal this week to chal-
lenge league rules on sponsorship
agreements. This comes on top of
a pending case against City alleg-
ing 115 breaches of the Premier
League’s rules on spending and fi-
nancial disclosure, which could re-
sult in vacated titles and points
deductions.
Everton, meanwhile, has al-
ready suffered the first points de-
ductions in Premier League his-
tory for overspending—twice this
season, in fact—and has accused
the league of unfair treatment.
Nottingham Forest has also chal-
lenged the league’s authority by
claiming that referees were biased
against them, prompting an inves-
tigation from the English Football
Association. And Wolverhampton
Jrue Holiday led the
Celtics with 26 points in
Game 2 and played tough
defense on Kyrie Irving.
It’s why the Boston Celtics
made an offseason deal for Holi-
day after he was unloaded to Port-
land in Milwaukee’s blockbuster
acquisition of Damian Lillard. It’s
proving to be the trade of the
year—and a Bucks fan’s night-
mare—as the Celtics are up 2-0 on
Dallas in the NBA Finals, closing
in on an 18th championship, with
Holiday’s steady contributions
among the chief reasons why.
“He’s a great teammate,” Celt-
ics star Jaylen Brown said of Holi-
day after Sunday night’s 105-98
Game 2 victory. “It’s an honor to
play next to him.”
For all his defensive prowess,
adaptability may be Holiday’s sig-
nature skill. In Boston’s stacked
lineup, he’s taken on a smaller of-
fensive responsibility compared
with the load he handled in Mil-
waukee, where the Bucks won a ti-
tle in 2021. Nearly every Celtics
player has had to sacrifice touches
and opportunities in Boston’s deep
attack. Holiday has sacrificed the
most.
He seems OK with it. While an-
other new Celtic, Kristaps Porzin-
Manchester City has won four straight Premier League titles and six of the past seven championships.
Wanderers were so incensed by
on-pitch decisions going against
them that the club introduced a
motion to scrap Video Assistant
Referees.
But in this storm, the City case
represents the single largest chal-
lenge to the Premier League’s au-
thority. Never before has a single
club risen up against the other 19
and attempted to fundamentally
alter the Founders’ Agreement. Yet
here is City, the former sad-sack
team that turned into a juggernaut
after being acquired by a member
of Abu Dhabi’s royal family in
2008, hoping to do away with the
requirement that 14 of the 20
clubs agree on any prospective
SPORTS
gis, has been a fun offensive
weapon (when he’s healthy), Holi-
day views himself as a “utility
player.” (“I’ll do whatever,” he
said Sunday.) His tasks have
ranged from defending the oppo-
nent’s best scorer, ball-handling in
critical moments, and taking occa-
sional corner 3s. Holiday shot 43%
from 3-point range this season,
and this was a category where he
ranked among the league leaders,
finishing eighth in the NBA.
changes to Premier League rules.
In its filing, City decried the
league’s one-club, one-vote struc-
ture as a “tyranny of the major-
ity,” according to the Times of
London, which revealed the suit
last week.
Until now, no club had dared to
question the Founders’ Agreement,
which is arguably the most conse-
quential text in global soccer since
the Laws of the Game were drawn
up in the back of a London pub in
1863. The charter, which formal-
ized the breakaway of England’s
top clubs from the structure which
had existed for more than a cen-
tury, transformed a dusty concern
made up of local business owners
He also finished in the NBA’s
top 15 in plus-minus and net rat-
ing, metrics which measure the
team’s overall success (or lack of
success) when a player is on the
court, and are the sort of data
tools that can show what Holiday
delivers in a winning effort.
Versus Dallas, Holiday has
stepped up in a more traditional
way: scoring. On Sunday he led
Boston with 26 points on 11-for-14
shooting, adding 11 rebounds to
and self-made men into a play-
ground for global billionaires.
American investors, Russian oli-
garchs, and Gulf sheikhs were all
drawn by its worldwide reach and
its willingness to roll out the red
carpet to the highest bidder.
That is what drew Sheikh Man-
sour bin Zayed Al Nahyan to in-
vest in City in 2008. Over the
years that followed, the club spent
billions assembling one of the
deepest squads in soccer history.
They didn’t do it to finish in sec-
ond place.
Tensions had been simmering
between City and its rivals ever
since the Premier League began
trying to impose measures that
THE WALL STREET JOURNAL.
his usual exquisite D. It’s a stark
reminder of the offensive talent
he’s had to tamp down at times.
Also this: through two Finals
games, Holiday hasn’t forked over
a single turnover.
One Game 2 sequence showed
Holiday’s talent in miniature. Holi-
day nearly stole the ball at mid
court, then leapt at Mavericks star
Doncic in the backcourt, altering
Doncic’s pass, and allowing Celtic
Derrick White to intercept the
ball. White then zipped it to Holi-
day at the top of the 3-point arc—
and Holiday quickly passed it back
and forth with teammate Al Hor-
ford before swishing a soul-crush-
ing 3.
White—who made the NBA’s
All-Defensive second team along-
side Holiday—raved about his new
teammate’s unselfishness and
leadership.
“He could have easily come in
and said ‘I’m Jrue Holiday,’”
White said. He smiled. “I would
have been like ‘You are Jrue Holi-
day, 100%.’’’
Instead, Holiday has overcome
offseason shock—he was stunned
when Milwaukee dealt him away—
to seamlessly fit into Boston’s title
run.
He is soaring at a moment
when Boston star Jayson Tatum
has been struggling offensively, to
the point Dallas coach Jason Kidd
tried to tweak Boston’s pre-Game
2 vibe by declaring that Brown,
not Tatum, was the team’s best
overall player. Holiday briefly got
sucked into the drama—Tatum vs.
Brown is a sports debate show pe-
rennial—before clarifying his posi-
tion after Sunday’s game.
“To compare them is some-
thing I would never do, because
they’re two completely different
players,” Holiday said. “I do not
prefer one or the
other. I prefer both.”
Holiday’s been
around too long to
take the bait. He sees
what some commen-
tators haven’t—that
Dallas has been
swarming Tatum,
forcing the All-NBA
first-teamer to unload
the ball, which Tatum
has done with a flour-
ish, finishing Game 2
with 12 assists. More
than a few of Holi-
day’s points arrived
via Tatum passes.
Now Boston is two
wins away, with
Game 3 arriving
Wednesday in Dallas.
Should the Celtics
prevail, it would set
up Holiday to repeat
a staggering feat: winning a cham-
pionship and an Olympic gold
medal in the same summer. It’s
something Holiday and Bucks
teammate Khris Middleton accom-
plished in 2021 at the year-delayed
Tokyo Summer Games.
That historic double feels a
long way off. But it can’t be ruled
GETTY IMAGES (2)
out. Boston and Team USA have
exactly what it takes to make it
happen.
They have Jrue Holiday.
are more familiar to American
sports than the free-for-all that
exists in English soccer. Those in-
clude various proposals for spend-
ing caps, greater oversight, and
hard limits on debt. (It’s no coinci-
dence that around half the clubs in
the Premier League now have U.S.
owners, who are used to operating
in the more rigid structures of
American sports and support more
financial controls.)
But the rule City is arguing
against this week is one that the
founders of the Premier League
might never have imagined was
necessary thirty years ago. Offi-
cially, it is called a ban on “associ-
ated party transactions.” What
that does in practice is limit the
ability of sponsors who are also
connected to or controlled by a
club’s owners from pouring in
money as a way of skirting spend-
ing regulations.
In Man City’s case, the club has
faced allegations that it deliber-
ately overvalued sponsorship
agreements with companies such
as Etihad, Abu Dhabi’s flagship
airline whose name is plastered
across the team’s jerseys and its
home stadium. City has always de-
nied wrongdoing. This is expected
to be resolved long before any ver-
dict on the other 115 charges.
In the meantime, these legal
fights haven’t slowed the City ma-
chine on the field. Last month, it
clinched an unprecedented fourth
straight Premier League title. And
manager Pep Guardiola doesn’t
DAVID BLUNSDEN/ZUMA PRESS
feel that his records in England
are in any danger of being
scrubbed out.
“What’s going to happen is go-
ing to happen,” he said this sea-
son. “In this moment, we are inno-
cent until it’s proven.”
THE WALL STREET JOURNAL. Tuesday, June 11, 2024 | A13

OPINION
The Sliming of Byron Donalds BOOKSHELF | By Andrew Stuttaford

Be thankful
you didn’t
Society destroyed the black
family.
gether.’ ” The New Republic:
“Byron Donalds Cannot Stop
tive effects of the Great Soci-
ety weren’t limited to the
Those Crazy
Cosmonauts
have the week The Philadelphia Inquirer Praising the Jim Crow Era.” black community. Charles
Byron Don- first reported Mr. Donalds’s The outrage was fueled on Murray wrote a whole book
alds just had. remarks. But the reaction Twitter by the director of about how the War on Pov-
Mr. Don- reached a fever pitch when rapid response for the Biden erty’s expansion of the wel-
alds is an Af- the Biden campaign got into campaign, quickly followed fare state had devastating re-
MAIN
rican-Ameri- the act, tweeting this to Mr. by the Biden campaign itself. sults for America’s white
STREET
can Repub- Donalds: “A lot of people are By 10:22 a.m. the day after working class as well. These
The Wrong Stuff
By William
lican who offended that you would re- Mr. Donalds spoke, the Dem- include dysfunctions some- By John Strausbaugh
McGurn
represents peat Jim Crow three times, as ocratic National Committee times erroneously considered PublicAffairs, 272 pages, $30
Florida’s 19th if to suggest that was a time unique to poor African-Ameri-

Congressional District and is
now on the short list to be
Donald Trump’s running mate.
Which explains why over the
past week he has found him-
self unfairly maligned as han-
kering for the old days of Jim
Crow—the sordid racial caste
system that reduced African-
Americans to second-class cit-
izens and undergirded segre-
gation from a few years after
the Civil War to the
mid-1960s.
It all started Tuesday, June
4. Mr. Donalds was in Phila-
delphia as part of Republican
outreach to black men. He was
visiting the city with his
friend Wesley Hunt—also an
African-American Republican
congressman—for an event
called “Congress, Cognac, and
Cigars.” In the course of his
discussion, Mr. Donalds said
this:
“During Jim Crow, the
black family was together.
During Jim Crow, more black
people were not just conser-
vative—because black people
have always been conserva-
tive-minded—but more black
people voted conservatively.
And then . . . Lyndon John-
son—you go down that road,
and now we are where we
are.”
Meaning that LBJ’s Great
period to be nostalgic for.”
The Biden team tweet in-
cluded the congressman’s de-
nial. But it went on to say,
“He did, in fact, say that.”
In fact, he didn’t say or
suggest anything of the kind.
Plainly what Mr. Donalds was
arguing is that as monstrous
and destructive as Jim Crow
was, it didn’t do the damage
to the African-American fam-
ily that the good intentions of
the Great Society did. Mr.
Donalds was saying the black
family was more intact during
Jim Crow, while his critics
pretend he was saying these
families were more intact be-
cause of Jim Crow.
Nor is Mr. Donalds’s argu-
ment new. Over the years
variants have been expressed
by other black conservatives,
from economist and Hoover
Institution senior fellow
Thomas Sowell to the Jour-
nal’s Jason Riley in his book
“Please Stop Helping Us.”
Over the next few days,
outrageous headlines contin-
ued to twist Mr. Donalds’s
words. The New York Times:
“No, Byron Donalds, Jim Crow
Didn’t Create Stronger Black
Families.” Politico: “Byron
Donalds expresses nostalgia
for the Jim Crow era, when
‘the Black family was to-
Twisting a black
Republican’s words
about the black family
during Jim Crow.
chairman had issued a state-
ment, followed an hour later
by remarks on the floor by
House Minority Leader
Hakeem Jeffries. The NAACP
president and the Congres-
sional Black Caucus also
piled on.
On Thursday Mr. Donalds
went on MSNBC, where he
rightly objected to Joy Reid’s
characterization of his words.
She claimed he called Jim
Crow a “golden era” for the
black family. Mr. Donalds re-
plied that he was being gaslit,
and had merely stated that
“during that time period the
marriage rates of black Amer-
icans was significantly
higher.”
As Brad Wilcox of the Insti-
tute for Family Studies says,
“There is no question that
marriage was stronger in
black America prior to the
1960s than it was after the
1960s.”
Mr. Donalds might have
pointed out that the destruc-
cans: the collapse of family
and marriage, dependency on
government, and young male
alienation from work.
The tragedy is that an hon-
est national debate might help
clarify what went wrong and
what we ought to change to-
day. But the last thing Mr.
Donalds’s Democratic critics
want is an honest debate
about the Great Society—es-
pecially within the black com-
munity. Mr. Donalds is an
added threat because he is a
potential vice presidential
candidate at a time when Joe
Biden’s black support is slip-
ping. In 2020, Mr. Biden won
black voters 87% to 12%. But
CNN’s polling average recently
put his lead at 69% to 22%.
Meanwhile, the congress-
man isn’t backing down.
“Strong black two-parent
households are a great thing
for the black community and
our nation,” Mr. Donalds says.
“It is an empirical fact that
President Johnson’s Great So-
ciety was debilitating to the
institution of the black family.
Democrats who maliciously
twisted my words last week
are gaslighting you because
they know their policies have
been destructive of black
families.”
Write to mcgurn@wsj.com.
O
n Oct. 12, 1964, three smallish men, shrunk still more
by a strict diet, squeezed into an aluminum sphere 8
feet in diameter. Earlier in the year, Nikita Khrushchev
learned that the Americans were planning to send the first
two-man capsule into orbit, and he wanted a Soviet trio in
space ahead of them. The red team had neither a three-man
craft nor a rocket powerful enough to shoot such a craft into
space. The idea that they could quickly build both was ridicu-
lous, but not so ridiculous as thinking that the Soviet leader’s
demand could be ignored. So this particular sphere, a Vostok
tailored for one (smallish) man, had been all but emptied out,
given the minimum necessary refitting and relabeled Voskhod
1. The crew, according to author John Strausbaugh, had to do
without bulky space suits and helmets and wore woolen lei-
sure suits instead.
Sent on their way by an R-7, the Soviet space program’s
treacherously temperamental workhorse, Voskhod circled
the Earth 16 times and returned home safely, much to the
relief of Sergei Korolev, the
legendary “Chief Designer”
(his name was kept secret)
who, more than anyone else,
was responsible for triumphs
from Sputnik to Yuri Gagarin’s
flight into history as the first
man in space. “Not for the
first or last time,” writes Mr.
Strausbaugh in “The Wrong
Stuff,” his brisk, rip-roaring
account of the Soviet side of
the space race, Korolev “had
pried open the jaws of Defeat,
stuck his head in, reached all
the way down Defeat’s throat,
and yanked out Victory.”
Despite the occasional misfire—not the worst word to
use in this context—Mr. Strausbaugh’s style is appealingly
sardonic, amusing and a touch gonzo. The author has a
sharp eye for the bizarre, which lends itself nicely to a
story of remarkable dysfunction and remarkable achieve-
ment, told against a background where the darkness is not

Ukraine’s Plan to Make Itself Indispensable only that of space.

On a long
road trip
from the Mol-
dovan fron-
tier through
Odesa to
Kyiv, Kharkiv
GLOBAL
and back, I
VIEW
heard over-
By Walter
whelmingly
Russell Mead
that Ukraini-
ans are deter-
mined to fight on. That isn’t
always because they love
President Volodymyr Zel-
ensky, trust their generals, or
see a path to victory. The
bottom line in Ukraine is that
they must keep fighting be-
cause Vladimir Putin gives
them no choice.
Mr. Putin isn’t looking for
compromise, they say. It isn’t
about moving the border
posts a few miles to the
west. He believes he needs all
or almost all of Ukraine, and
he won’t stop until he gets it.
Worse, they say, Mr. Putin
doesn’t only want to raise
the Russian flag over the
country and redistribute its
wealth to his favored oli-
garchs. He wants to crush
Ukrainian nationality, mar-
ginalize the language and
culture, impose totalitarian
rule over the country, and
enlist Ukraine in his project
of rebuilding the Russian
Empire.
“When he’s conquered us,”
says a young Ukrainian em-
ployee of a nongovernmental
organization, “he’ll draft us
into his slave army to keep
driving west.”
My young friend is basically
right. Mr. Putin doesn’t want
Ukraine as a trophy. He wants
it as a base—demographic,
economic, geographic—for fur-
ther expansion.
But if Ukraine can’t afford
to stop fighting the war,
what’s the plan to win? Last
year Ukrainians and their
supporters believed that su-
perior Western weapons
were going to give Ukraine
dominance on the battle-
field, while Western eco-
nomic sanctions would drive
Russia’s economy toward
collapse.
The plan failed. The
counteroffensive led to heavy
casualties on the Ukrainian
side without compensating
setbacks for Moscow, and
Russia’s economy so far has
survived Western sanctions.
Ukraine is trapped in a war
of attrition with a larger,
richer country, and Mr. Putin
thinks he can grind out a
win.
So, what is Ukraine’s Plan
B? You won’t hear a lot of
speeches about it in Ukraine,
but if you look at the coun-
try’s actions, a new war-
fighting plan appears to be
taking shape. It isn’t unlike
Winston Churchill’s Plan B
after Germany’s smashing
blitzkrieg victories in 1940.
Britain, Churchill told the
world, would fight on with
everything it had, until “in
God’s good time, the New
World, with all its power
and might, steps forth to the
rescue and the liberation of
the Old.”
Churchill didn’t expect an
American rescue out of pity
or principle. He had things to
offer, and he had threats to
make. Churchill wasn’t above
gently reminding Franklin D.
Roosevelt that some future
British prime minister—
Churchill himself would
never consider it—might
turn the British navy over to
Hitler to gain better terms
for a defeated and starving
island. Churchill knew that
Roosevelt couldn’t let that
happen, and he believed,
As Putin tries to grind
out a win, Kyiv is
taking a page from
Churchill’s playbook.
with reason, that the in-
creased arrogance and ag-
gression of the Axis powers
would ultimately force Amer-
ica into full participation in
the war.
Mr. Zelensky seems to be
developing a similar plan.
Ukraine seeks to make itself
indispensable to the West
and the U.S., not merely as a
geographical barrier to Rus-
sian expansion but with capa-
bilities that make the country
valuable for its own sake. I
visited the workshops where
Ukraine is developing cut-
ting-edge battle technologies.
Ukrainian special forces are
engaged in missions against
Russian and Russian-backed
forces in Syria and Africa.
Ukraine’s cyber capabilities
are significant and growing.
Few countries match
Ukraine’s ability to under-
stand Russia and to cultivate
an intelligence network in-
side it.
Ukraine’s bet is that as
these capabilities grow, and
as the confrontation between
the China-Russia-Iran-North
Korea axis of revisionists and
the West deepens, two things
will happen: Ukraine’s ability
to resist Russia will grow,
and Ukraine’s allies will do
what they must to keep this
valuable asset from falling
into Mr. Putin’s hands.
Churchill and Roosevelt
also used smart financing to
get aid flowing to Britain fast
enough to make a difference.
Ukraine can do something
similar. It could, for example,
issue bonds backed by the
value of future oil and gas re-
sources from the Black Sea.
Countries (including perhaps
the U.S. under a President
Trump) would be more forth-
coming with funding if they
saw some value attached. In
addition, since those bonds
would be worthless unless
Ukraine wins the war and can
exploit the Black Sea re-
sources, there would be a
stronger political constitu-
ency in some countries for a
Ukrainian victory.
I once asked one of my in-
terns if he’d figured out what
his job was. “Yes,” he said,
“it’s to become indispensable.
If you have to have me, you’ll
find the money to keep me
around.”
That was a smart kid, and
he’s gone on to great things.
Mr. Zelensky seems to be
learning the same lesson.
Let’s all hope he succeeds.
Korolev had been arrested during the Stalinist purges of
the 1930s, tortured, found “guilty” of some absurdity and
consigned to the Gulag’s harshest zone. He was later
“released” into a prison laboratory, where for a while he was
forced to report to the colleague who had denounced him to
the secret police. This was the beginning of a career ascent
during which Korolev gave the state that had nearly
destroyed him (his health never fully recovered from his
ordeal) its greatest Cold War propaganda coups, along with
some helpful weaponry and spy satellites too.
Korolev had dreamt of space travel for years, and he knew
how to play the Soviet game. He got the nod for a space pro-
gram, Mr. Strausbaugh observes, by explaining that his newly
devised R-7 rocket could be used to beat the Americans into
space as well as on the ground (an exaggeration, since the
original R-7 was not well-suited for deployment as an ICBM).
Mr. Strausbaugh’s vivid description of what followed works
well, even if it is a little light on the science of rocketry.
Then again, this leaves plenty of room for livelier details,
such as Voskhod 2 (and its crew, one of whom had just com-
pleted the first, very tricky, space walk) surviving a terrifying
re-entry only to touch down in deepest Siberia, over 1,000
miles from the designated landing site, much to the interest
of a pack of hungry (if ultimately disappointed) wolves. Other
animals feature, too, in “The Wrong Stuff,” mainly those
press-ganged into test flights, many never to return.
The Soviet side of the space race
featured remarkable dysfunction
but also improbable achievement.
But Homo sapiens did its bit too. To Mr. Strausbaugh, the
space race reversed the stereotypes of free-wheeling Ameri-
cans and robotic Soviets. For all the fiascoes and setbacks
(and worse) along its way, the U.S. advanced “one-small-step-
for-man-at-a-time,” methodically and somewhat cautiously.
America’s pioneering astronauts knew their work could be
extremely dangerous, but they also knew they were backed
by the very best technology.
The cosmonauts had no such reassurance. As Mr. Straus-
baugh ably demonstrates, Soviet space technology could be
unnervingly primitive, and this, at times, had lethal conse-
quences. Soviet shortcomings necessitated highly creative, if
often low-tech, improvisation, such as using frozen urine (and
a beret) to seal a leaking fuel pipe. This “rash, slapdash, yet
undeniably successful” approach, and, I suspect, the knowl-
edge that the Kremlin would not hesitate to sacrifice their
lives for the regime’s greater good, contributed to an attitude
among the cosmonauts that was more “reckless and fatalis-
tic” than that among the astronauts.

Alito Stands Falsely Accused of Candor But the differences between American astronauts and
Russian cosmonauts should not be overstated. To be sure, the
public image in America of the early astronauts was, as Mr.
By James Taranto justice as though she were a comes the key exchange: no mention of it. “Alito’s com- Strausbaugh writes, “bland.” They were depicted as clean-cut
religious conservative.” She Ms. Windsor: “I think it’s ments add to the controversy examples of how high (literally) an everyman could rise in

J
ustice Samuel Alito began
the week facing an accusa-
tion of excessive candor.
Although the charge was lev-
eled by Rolling Stone magazine,
it seemed plausible because he
is unusually outspoken for a
sitting jurist. But it’s a bum
rap. In this instance, what Jus-
tice Alito had to say was about
as interesting as a seminar on
real-estate law.
The magazine claims that
Justice Alito “spoke candidly
about the ideological battle
between the left and the
right—discussing the diffi-
culty of living ‘peacefully’
with ideological opponents in
the face of ‘fundamental’ dif-
ferences that ‘can’t be com-
promised.’ ”
The “interlocutor,” Lauren
Windsor, turned out to be ly-
ing to Justice Alito. Rolling
Stone describes her as “a lib-
eral documentary filmmaker”
who “asked questions of the
met him by joining the Su-
preme Court Historical Soci-
ety and buying a ticket to its
annual dinner last week (and
also in 2023), where she sur-
reptitiously recorded the con-
versations. She posted the au-
dio recordings to Twitter.
Rolling Stone tries to
make a scandal out of
surreptitiously taped
anodyne remarks.
She asks Justice Alito a
series of leading questions,
to which he responds po-
litely, expressing anodyne
views such as this: “American
citizens in general need to
work on this, to try to heal
this polarization, because it’s
very dangerous. I do believe
it’s very dangerous." Then
taking us to the brink of, you
know, very serious and per-
haps, like, non-repairable rifts
in the country. And I for one
am someone, like—I support
your ruling on Dobbs. I sup-
port, like—I am very pro-life,
but, like, you know, I don’t
know how we bridge that gap.
You know, like, how do we get
people—”
Justice Alito: “I wish I
knew. I wish I knew. I don’t
know. It’s not—I don’t think
it’s something we can do.”
Ms. Windsor: “But the
court can’t do anything to—”
Justice Alito: “We have a
very defined role. We need to
do what we’re supposed to do,
but this is a bigger problem.
This is way above us. So I
wish I knew the answer. I do.”
That’s the only discussion
of jurisprudence in the 6½-
minute recording. The Rolling
Stone article, which runs
more than 1,800 words, makes
surrounding the conservative
justice,” the magazine asserts,
before rehearsing other recent
attacks on him. But there’s no
actual controversy, only a par-
tisan pile-on.
Ms. Windsor, now presum-
ably expressing her honest
view, tells the magazine: “One
of the main drivers for me in
this work is showing Ameri-
cans that we are at a cross-
roads: Do we embrace the idea
of secular democracy and up-
hold that tradition, or do we
start to transition into a
Christian theocracy?”
Apparently she agrees that,
as Rolling Stone put it, it’s
difficult to live “ ‘peacefully’
with ideological opponents in
the face of ‘fundamental’
differences that ‘can’t be
compromised.’ ” At least she
didn’t lie about that.
Mr. Taranto is the Jour-
nal’s editorial features editor.
their society. But much the same could be said of Soviet
imagery of wholesome cosmonauts in their happy Soviet
homes. In reality, while Cape Canaveral was never Cape
Fidelity, some cosmonauts, especially Gagarin and his succes-
sor in space, Gherman Titov, took misbehavior much further,
taking advantage of their celebrity and relative untouchability
to make up for their austere Soviet past, womanizing and
drinking on a scale so epic that it had room for farce
(Gagarin leaping or falling off a pretty nurse’s balcony to
escape his irate wife) and tragedy. Titov was involved in an
incident somewhat reminiscent of the events at Chappa-
quiddick a few years later. It was, of course, covered up.
In January 1966, Korolev died at the age of 59, shortly
after a surgeon, bloodily botching a routine procedure in his
intestine, discovered a large malignant tumor and started
hacking away. Korolev’s name was revealed to the wider
world in his obituaries, although not even an oblique
reference to his suffering under Stalin was permitted.
The death of the Chief Designer may have been the
moment at which the Soviets, already struggling—thanks, in
no small part, to bureaucratic in-fighting—finally lost the
race to be first to put a man on the moon and, if only sym-
bolically, much more than that. In the end, Sputnik and
Gagarin turned out to be harbingers of a false new dawn,
leaving only the Wrong Stuff behind.
Mr. Stuttaford is the editor of National Review’s Capital
Matters.
A14 | Tuesday, June 11, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Reckoning for Biden’s Labor Chief Does the GOP Want to Win With Larry Hogan?
Rather than demonize former agree, and it shouldn’t be respected.

P
resident Biden is using executive power along with the two other Democratic members
to change labor law to favor unions, and in the board’s 3-1 majority. Maryland Gov. Larry Hogan (“Lara Mr. Hogan’s attempt to placate his
Trump Denounces Larry Hogan,” state’s liberal population is nothing
his National Labor Relations Board Appellate courts have withering words for
Review & Outlook, June 5), the more than camouflage for his left-
(NLRB) has been the tip of his the NLRB’s recent turn. Over- Trump campaign should give him leaning tendencies.
spear. That’s why he wants the Reconfirming the NLRB turning the Stern Produce de- some leeway. He has a chance to turn No funds from the Republican
Senate to rush through the re- chair would extend a cision in March, Judge Ray- a Senate seat red in a deep-blue state. Party should be directed to the Hogan
nomination of a regulator who mond Randolph called the Suppose a Sen. Hogan would campaign. His presence in the Senate
might as well work for the lawless record. board’s reasoning “nonsense” support the policies of a President would be another sign of Republican
AFL-CIO. and scored the majority for Trump 75% of the time. This is better disunity and confusion of purpose.
The White House plans to twisting the law. than the 99% of the time his Demo- TIMOTHY MICHAEL
renominate Lauren McFerran to chair the NLRB, “Years ago the Board took an expansive view cratic opponent would support the Columbus, Ohio
hoping to keep her in the seat for another five of the scope of the Act,” he wrote, referring to Biden administration.
years. Her current term expires in December, the National Labor Relations Act that anchors To be effective as president, There is no such thing as a princi-
Mr. Trump would need Mr. Hogan in pled disagreement with Mr. Trump. If
but Mr. Biden wants the Senate to move fast. federal labor law. “Over time, it ‘presse[d] the
the Senate as part of a majority more one takes a position contrary to his,
She’ll need the support of at least 50 Democrats, rationale of that expansion to the limits of its than Mr. Hogan needs Mr. Trump as one is vilified, ridiculed and shunned,
and this might be a tough vote for some incum- logic.’” In other words, the NLRB has unbound president. In politics, sometimes regardless of the political conse-
bents running for re-election this year. itself to aid the interests of unions. expediency trumps loyalty. quences. While Mr. Trump presents
That’s because the agency has shed any ve- In that case as well as recent complaints PETER DODGE himself as the ultimate pragmatist, in
neer of fairness during her tenure, trampling against Home Depot and others, the NLRB board St. Augustine, Fla. truth he is the ultimate egoist.
the rights of small and large businesses. A series reversed a previous ruling by one of its own ad- TIM KELLY
of rulings since 2021 have stretched the protec- ministrative law judges who had ruled for the Your editorial is off-base. Mr. Hogan Naples, Fla.
tions in labor law wide enough to make workers company. Progressives used to blast GOP-ma- is a RINO of the first magnitude. If
virtually unfireable, as long as they belong to jority boards for overruling the agency’s sup- elected, he would join the other Maybe Ms. Trump is using a varia-
Senate RINOs who regularly are tion on the trick that Democrats use:
a union or wish to join one. posedly neutral jurists. Now the board’s Demo-
a herd of cats. Attack the Republican and watch him
One target of the NLRB’s abuse is Stern Pro- crats have gone so far that even career Ms. Trump’s comment was right collect more votes from Democrats
duce, a grocery distributor in Arizona. In 2021 employees want to rein them in. on target. The Trump verdict in and independents.
the company issued a warning to two of its driv- Congress has noted the shift, and even some New York is ludicrous, as most legal JOSEPH A. CAPONE
ers for serious workplace violations: covering Democrats believe the agency has swung too far. scholars and respected trial attorneys Oakton, Va.
up a surveillance camera, and a threatening joke Sens. Joe Manchin, Kyrsten Sinema and Angus
about a colleague’s sexual orientation. Both em- King joined Republicans in voting to rescind the
ployees admitted to their actions, but Ms. Mc- NLRB’s recent joint-employer rule, which breaks
Ferran ruled that the company’s warnings were precedent to help unions organize franchise They Don’t Ask for Your ID Outside the Mall
illegal intimidation because the two workers businesses. President Biden vetoed the biparti-
had tried to unionize years earlier. san Congressional Review Act resolution and let In “Enlist the App Stores to Pro- verification at entry to app stores is
tect Kids Online” (op-ed, June 1), Joel the equivalent of ID’ing a customer
Dozens of rulings fit the same pattern, with the harmful rule take effect.
Thayer argues that lawmakers should attempting to enter a shopping mall
the NLRB tearing up the rights of businesses or i i i
force app stores to verify users’ ages because one store inside is selling
non-union workers. Its 2023 Cemex ruling is Mr. Biden has timed his appointments to the to stop children from accessing cigarettes, but it doesn’t want to ID
among the most destructive, making it easier labor board to minimize resistance. He broke social-media platforms. It is correct customers itself for fear of the
for unions to gain recognition without winning with tradition by not choosing a Republican to that social-media companies have related liability.
workers’ support on a secret ballot. Ms. McFer- fill an open seat when the previous chairman, designed harmful platforms and As the op-ed points out, age-verifi-
ran called the new standard “free and fair, and picked by President Trump, retired in 2022. In- algorithms that are dangerous to cation technology is available. Social-
efficient,” but not so much for employers, nor stead Mr. Biden waited until now to select a Re- children. But age-gating app stores media platforms could enable parents
the workers who will be pressured to join publican at the same time he has renominated is a barely concealed effort by social- to block access to their apps by de-
unions against their will. Ms. McFerran. He hopes presenting the two as media companies to point the finger fault. Additionally, lawmakers in
These decisions send a clear message to em- a package will make it easier for vulnerable at anyone but themselves. some states, frustrated that social-
This solution wouldn’t stop chil- media giants have failed to make
ployers: Roll over for union activists, or the Democrats to approve Ms. McFerran.
dren from reaching harmful social- their apps safer for children, have
NLRB will turn any management decision into It’s an offer the Senate should refuse. Reap- media platforms. For example, in- passed legislation mandating that
a labor violation. That strategy was made ex- proving the sitting chairman would be business stead of downloading Facebook from social-media platforms use age-verifi-
plicit by Jennifer Abruzzo, whom President Bi- as usual in a Senate that has whooped through an app store, an underage user could cation technology. It’s important that
den appointed as general counsel in 2021 and too many of Mr. Biden’s progressive nominees. simply open up a web browser on any lawmakers take steps to protect our
who took office with a list of employer protec- The economy and the rights of workers will suf- phone, tablet or computer and type in kids on social-media platforms. Let’s
tions she vowed to overturn. Ms. McFerran has fer if Ms. McFerran is confirmed again after her www.facebook.com. make sure we get it right.
rubber stamped this agenda in her rulings, demonstrably lawless record. Mr. Thayer uses the example of a DOUG COLLINS
bricks-and-mortar shop asking for ID Gainesville, Ga.
from a customer attempting to buy Mr. Collins, a Republican, was a
United Nations, Climate Censor cigarettes. It’s an apt metaphor but
incorrectly applied. Requiring age
U.S. representative for Georgia’s ninth
district, 2013-21.

T
he United Nations has lousy ideas about might worry about the forced labor of Uyghurs
nearly everything these days, but some- in Xinjiang.
times even Turtle Bay outdoes itself. In the U.S. the First Amendment protects Next-Gen Weapons Won’t Win Today’s Wars
Secretary-General Antonio Gu- freedom of speech, and the David Gompert rightly points out conflict with a peer adversary.
terres did that last week when The Secretary-General Supreme Court has said that that “Keeping Ahead of China Requires In the 1980s, when the U.S. defense
he said countries should ban wants to ban advertising includes commercial speech. Investment in Military R&D” (op-ed, industry made major technological
advertising for fossil fuels. Mr. Guterres tried to analo- May 30). But the most important breakthroughs in areas such as
“Many in the fossil fuel in- by fossil-fuel companies. gize a fossil-fuel advertising imbalance in China’s favor isn’t in stealth technology, we spent twice as
dustry have shamelessly ban to restrictions on market- technology, but capacity. much on procurement as we did on
For example, China’s fleet is now R&D. Now we spend almost as much
greenwashed—even as they ing tobacco and other “prod-
bigger than ours. The Chinese have on R&D as we do on procurement.
have sought to delay climate action,” Mr. Gu- ucts that harm human health.” But tobacco and been engaged in a massive buildup R&D spending has also been in-
terres said. “I urge every country to ban adver- alcohol are illegal for minors in the U.S. and of munitions while the U.S. military creasing at a much faster rate than
tising from fossil-fuel companies. And I urge other countries. Fossil fuels remain a legal and is dangerously low on the precision- procurement spending. Consider that
news media and tech companies to stop taking regulated resource that supplies 60% of U.S. guided munitions it would need in a over fiscal years 2021-23, R&D
fossil-fuel advertising.” electric power. spending increased by $34 billion
“Greenwashing” is the word climate alarmists In 2024, Mr. Guterres has visited Oman, Ku- while procurement of ships, planes
use to attack anyone who disagrees with them. wait, New York, Nairobi, Bahrain, Santiago, Trump Supporters Work and munitions increased by only
Mr. Guterres lacks the power to enforce an adver- Brussels, Egypt, Jordan, Switzerland, and St. $18 billion.
And Give to Charity Too R&D is important, and we’ll still do
tising restriction, and thank goodness. But he is Vincent and Grenadines, and more. Does his
using his bully pulpit to call for what amounts to plane fly on solar power? By taking sides, Peggy Noonan plenty of it, but new spending in the
undercuts her argument that near term needs to be focused on
global censorship of anyone speaking on behalf The U.N.’s climate advocates are losing the
Republicans and Democrats shouldn’t buying larger quantities of weapons
of the industry that supplies most of the world’s argument because their alarmism isn’t matched demonize each other (“We Are Start- systems that already exist. The next
energy. He wants to censor anyone who doesn’t by solutions that democratic voters are willing ing to Enjoy Hatred,” Declarations, war might not wait until the next-
sign up to the U.N. climate agenda. to accept, or that would do much about global June 1). “The elites who oppose generation weapons are ready in the
Has he heard of freedom of speech and temperatures, no matter what you think of the Trump,” she writes, “attend fundraisers 2030s.
press? Then again, this is the fellow who in- science. Take a look at the wipeout of the for hospitals and libraries. . . . They WILSON BEAVER
dulges China and Vietnam on the Human Rights greens in Europe’s weekend elections. Censor- are among the hardest working people Heritage Foundation
Council, so maybe he doesn’t care. If he did he ship is so much easier than persuasion. in America. . . . They run the institu- Washington
tions you’ll rely on if you have a heart
attack on the sidewalk or a story that
The Fall of Germany’s Greens needs exposing or a court case that
needs taking.”
Who’s Locking Up Whom?
In his letter “The Shoe on the
Whether or not this is a convincing

I
f the big story of this weekend’s European The larger explanation for the Green Party corrective to the charge of elitism is
Other Foot” (June 4), Ken Valero
Parliament elections is that voters are flop is flagging voter interest in climate suggests that President Trump would
open to question. But, in attempting
drifting right, one question is why they’re change—and exasperation with the costs of have acted with less decorum than
to be evenhanded, Ms. Noonan omits
drifting from parties of the Green policies. Five years ago, President Biden did were their posi-
a comparable corrective to the Demo-
left. In Germany it’s more like Voters are souring on climate ranked among the top cratic view of Trump supporters as
tions reversed, with the former in
power and the latter on trial. But this
a stampede as that country’s the costs of net-zero voter concerns. A pandemic, “toothless, smelly Walmart shoppers.”
isn’t a hypothetical.
Green Party emerged as the European war, energy-price I give to charities, read books, write
When incontrovertible evidence
biggest loser. climate policies. crisis and inflation wave reviews, study ancient Greek and, like
arose that Secretary of State Hillary
The Greens, one of three later, not so much. Security so many other Republicans who sup-
Clinton had mishandled classified
port Donald Trump, have all my teeth.
parties in Berlin’s governing policy and immigration now documents, Mr. Trump in his usual
HELAINE L. SMITH
coalition, won 11.9% of the vote for Germany’s top the list of voter priorities. New York
style led chants of “lock her up.”
96 seats in the EU Parliament, compared to Voters have noticed that the Green promise When elected president, however,
a combined 30% for the center-right Christian of affordable renewable energy is as distant as Mr. Trump didn’t prosecute her. That
showed the kind of judgment and
Democratic Union and Christian Social Union ever. Crucial German industries such as autos NYC Gets What It Wanted decorum to which President Biden
(CDU/CSU) which are in opposition in Berlin. and chemicals are struggling under sky-high en-
While your editorial’s criticism of and his allies can only aspire.
This is down from the Greens’ 20.5% share in ergy prices and anti-carbon regulations. This Alvin Bragg’s priorities is on target STEPHEN W. HOUGHTON II
the 2019 European Parliament elections and election also is a sign that many voters may (“While Bragg Was Having a Trump New York
the 15% the party took in national elections share the frustrations of farmers who took to Trial . . . ,” June 3), he didn’t run for
in 2021. the streets last winter to protest climate-based Manhattan district attorney on a
Turnout was higher this year than in 2019, tax increases on cars and fuel. tough-on-crime theme. He ran on the
so that steep drop in vote share means the This marks a stunning reversal for Robert theme of prosecuting Donald Trump.
Pepper ...
Greens lost an enormous number of voters. Habeck and Annalena Baerbock, the most senior There was no bait and switch. Joe And Salt
Their tally this weekend was nearly three mil- Green politicians in Mr. Scholz’s administration. Biden campaigned for president to
THE WALL STREET JOURNAL
lion shy of their count in 2019. Their support Mr. Habeck is minister for the economy and cli- unite our divided country—now that
among voters under age 30 has all but col- mate protection and Ms. Baerbock is foreign was bait and switch.
You ask, “Is this what the people
lapsed, to a 12% share, down 19 percentage minister, and for a time they were the most
want from their government?”
points from 2019, according to exit polls. popular politicians in Germany. Apparently, for the good people
Part of this is German fatigue with the na- The consequences of this election shock of Manhattan, it is.
tional coalition government led by Olaf Scholz may extend beyond Germany. Voters across HENRY BARRON
of the Social Democratic Party (SPD). The SPD’s Europe this weekend turned to parties that are Denver, N.C.
vote share fell nearly two percentage points to disinclined to sacrifice economic security to-
13.9%, and the party tallied some 370,000 fewer day for the speculative future benefit from
Letters intended for publication should
votes than in 2019. Of the three governing par- costly net-zero climate policies. That this hap- be emailed to wsj.ltrs@wsj.com. Please
ties only the Free Democrats (FDP) improved pened in the European Union’s largest country include your city, state and telephone
their absolute vote count, although not enough is a warning to Brussels to back off its own number. All letters are subject to
to stave off a small decline in their vote share green agenda. America’s Democrats may also editing, and unpublished letters cannot “And then one day you learn
be acknowledged.
given higher turnout. want to pay attention. that all that glitters is not glitter.”
THE WALL STREET JOURNAL.
The ‘Climate Crisis’ Fades Out
By Steven E. Koonin
T
he 2015 Paris Agreement
aspired to “reduce the
risks and impacts of cli-
mate change” by elimi-
nating greenhouse-gas
emissions in the latter half of this
century. The centerpiece of the
strategy was a global transition to
low-emission energy systems.
After nearly a decade, it’s timely
to ask how that energy transition is
progressing and how it might fare
in the future. A useful framework
for that assessment is the “issue at-
tention cycle” described in 1972 by
Brookings Institution economist An-
thony Downs. The five phases of
that cycle mark the rise, peak, and
decline in public salience of major
environmental (and other) prob-
lems. It’s spooky to see how closely
the energy transition has so far fol-
lowed Downs’s description.
During Phase I, the issue of
“global warming” bubbled among
climate scientists through the 1980s
with little public attention. Phase II
began about 35 years ago when the
issue—eventually rebranded “cli-
mate change”—burst into public
As the energy transition
inches through the ‘issue
attention’ cycle, a wiser
approach should emerge.
consciousness, with global media
coverage growing tenfold over the
past two decades. Those years were
marked by a fervor for doing some-
thing to “solve” the problem.
But the significant global emis-
sions reductions envisioned in Paris
are now a fantasy. Emissions grew
to an all-time high in 2023, with
consumption of coal, oil and natural
gas each near record levels, driven
in large part by the energy needs of
the developing world. Despite global
renewable-energy investment of al-
most $12 trillion in the nine years
Before Trump, le Déluge in Europe
FREE
EXPRESSION
By Gerard Baker
E
urope’s elites have been hud-
dling in a defensive crouch to
shield themselves pre-emp-
tively from what they regard as the
catastrophe of a looming second
Donald Trump presidency. From
their chancelleries, newsrooms, aca-
demic common rooms and plush
corporate and bureaucratic corner
offices, they have watched with hor-
ror political trends on this side of
the Atlantic. They can’t believe that
instead of gratefully returning Joe
Biden and his enlightened Demo-
crats for four more years of the
green revolution, vast increases in
state spending and further devotion
to the modern religion of diversity,
equity and inclusion, American vot-
ers from no-name places between
New York and California may suc-
ceed again in placing in the White
House the man these Continental
elites regard as the greatest threat
to democracy ever.
But it turns out that it isn’t the
American electorate our cultured Eu-
ropean friends most have to fear. It’s
their own people. It isn’t the loud-
mouthed New Yorker with his de-
plorable views on fossil fuels, immi-
gration and national security, but
the rising tide of populist leaders in
their own countries that pose the
largest threat to Europe’s comfort-
able establishment.
The past weekend’s elections for
the European Parliament provided
the clearest evidence yet that large
numbers of voters have had enough
of the bipartisan progressive-green-
secularist-globalist consensus under
which they have been governed for
years. France, Germany, Spain, Italy
and smaller countries saw huge ad-
vances by parties of the right that
oppose mass immigration, reject ex-
treme climate measures and resist
the continuing dissolution of their
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The Eiffel Tower during the 2015 U.N. Climate Change Conference.
ending in 2023, fossil fuels continue
to provide about 80% of the world’s
energy. The latest United Nations
emissions report projects that emis-
sions in 2030 will be almost twice
as high as a level compatible with
the Paris aspiration.
The challenges in reducing emis-
sions have long been evident to the
few who cared to understand demo-
graphics, economics and energy
technologies. As more people have
come to appreciate those factors,
there are signs that the “climate
crisis” has entered Downs’s Phase
III, when ambitious goals collide
with techno-economic realities.
In Europe, consumers are rebel-
ling against measures to reduce
emissions (fiascoes of home heating
requirements had electoral conse-
quences in the U.K., Germany, and
the Netherlands), and industry is
decamping in search of cheaper en-
ergy. Despite generous subsidies,
U.S. deployment of low-emission
technologies can’t meet near-term
goals, let alone the projected surge
in electricity demand owing to data
centers, artificial intelligence and
civilization into a relativist, multi-
cultural mush.
In France, Marine Le Pen’s Na-
tional Rally, which has campaigned
for years against the erosion of the
country’s national identity and se-
curity through mass immigration,
especially by Muslims, led the poll
with almost 32%. President Emman-
uel Macron’s Renaissance party
scored less than half that. The polit-
ical shock was so great, with Ms. Le
Pen now firmly established as favor-
ite in the 2027 presidential election,
Elites worry about the rise
of right-wing populism in
America. Now the problem
has hit closer to home.
that Mr. Macron stunned the coun-
try by announcing immediate par-
liamentary elections ahead of the
Paris Olympics next month. His
thinking seemed to be that by
translating the right’s victory in
elections to a largely impotent Eu-
ropean Union Parliament into con-
trol of a legislatively meaningful na-
tional Parliament, he might manage
to expose their lack of governing ca-
pability in the run-up to 2027. It’s a
high-risk bet.
In Germany the Social Democratic
Party of Chancellor Olaf Scholz was
roundly rejected, as were his green
and liberal coalition allies. The right
wing Alternative for Germany made
big gains, as did the center-right
Christian Democrats. In Spain Prime
Minister Pedro Sánchez’s Socialist
Party was beaten into second place
by the mainstream conservatives,
but again populist right-wing parties
made the biggest advances. The only
incumbent major European leader
not to see her party trounced was
Giorgia Meloni, whose populist
Brothers of Italy is already the main
governing party.
Much of the media—on both sides
of the Atlantic—has reacted with
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OPINION
vague and uncertain while the costs
and disruption of rapid decarbon-
ization are immediate and substan-
tial. The world has many more ur-
gent needs, including the provision
of reliable and affordable energy to
all. It’s therefore likely that Downs’s
Phase IV will begin as “climate fa-
tigue” sets in, “climate action”
fades into the background, and pub-
lic attention shifts to a different
perceived threat (such as artificial
intelligence). This would be fol-
lowed by the long twilight of Phase
V, when the issue of decarboniza-
tion flares sporadically, but the as-
sociated regulations and institu-
FRANCOIS MORI/ASSOCIATED PRESS
tions endure, such as carbon
pricing, border adjustments, and
clean power standards.
U.S. and European governments
are trying to induce an energy tran-
sition by building or expanding or-
ganizations and programs favoring
particular “clean” technologies, in-
cluding wind and solar generation,
carbon capture, hydrogen produc-
electric vehicles. “Green” invest- tion and vehicle electrification. Pro-
ments aren’t yielding competitive moting technological innovation is a
financial returns, and the annual worthy endeavor, but such efforts
cost of a 30-year decarbonization face serious challenges as costs and
effort, estimated to be upward of disruptions grow without tangible
5% of the global economy, weighs progress in reducing local, let alone
on national budgets. Simultane- global, emissions. Retreats from ag-
ously, the scientific rationale for gressive goals are already under
the transition is weakening as ex- way in Europe, with clear signs of
pectations of future warming are mandate fatigue. The climbdown
moderating. will be slower in the U.S., where
What could revive this flagging subsidies create constituencies that
transition? Perhaps connections be- make it more difficult to reverse
tween human influences on climate course.
and the disastrous effects of more We should welcome, not bemoan,
frequent severe weather. But de- the energy transition’s passage
spite claims to the contrary, the through the issue-attention cycle. It
U.N. finds such connections haven’t means that today’s ineffective, inef-
emerged for most types of weather ficient, and ill-considered climate-
extremes. The complexity of climate mitigation strategies will be aban-
science makes it unlikely that will doned, making room for a more
happen anytime soon. The transi- thoughtful and informed approach
tion could also be reinvigorated by to responsibly providing for the
the development and deployment of world’s energy needs.
reliable, cost-competitive low-emis-
sion energy systems. But there are Mr. Koonin is a senior fellow at
fundamental reasons why energy Stanford’s Hoover Institution and
systems change slowly. author of “Unsettled: What Climate
The energy transition’s pur- Science Tells Us, What It Doesn’t,
ported climate benefits are distant, and Why It Matters.”
predictable alarm, describing these taking place underneath the British
as votes as victories for the “far surface.
right.” An instant implicit associa- The Conservatives are set for a
tion with Nazis and fascists. But drubbing as much because of their
while some in these parties surely loss of votes to the Reform UK party,
espouse an ugly extremism, the ma- led by perennial right-wing gadfly
jority simply want to cut migration, Nigel Farage, whose campaign for
put a brake on the self-destructive Britain to leave the EU was a key
race to net-zero carbon emissions reason for Brexit. He has been flay-
and address Europe’s chronic struc- ing the Tories under Rishi Sunak for
tural economic problems. failing to deal with immigration, for
The big losers everywhere were its green obsessions and for produc-
the Green parties, which lost 21 of ing socialist-level taxation and
their 73 European seats, providing spending.
colorful confirmation of the progres- He may not win a seat because of
sives’ retreat everywhere. an electoral system that punishes
What about the U.K., that former small parties, but his influence over
European Union member that has its an annihilated postelection Conser-
own national election on July 4? vative Party may grow dramatically
Isn’t the Conservative Party about to It was said of the 1848 revolu-
be crushed by Labour—which is tions in Europe—when sundry liber-
thoroughly green, woke and global- als, socialists and nationalists tried
ist—in what polls suggest may be but failed to overthrow the anciens
the biggest defeat for the Tories régimes of the Continent—that Eu-
since their founding nearly 200 rope, unlike America 70 years ear-
years ago? lier, had reached a turning point and
True, but look beyond who will failed to turn. Perhaps Europe, emu-
step through the door of 10 Downing lating America this time, is now
Street on July 5. A tectonic shift is turning after all.
Congestion Pricing and
Kathy Hochul’s Whims
By Joe Colangelo new routes. Ms. Hochul’s reversal
means my company has wasted time
Cranford, N.J. and resources.
N
ow that Gov. Kathy Hochul has The change is mystifying. Why
announced an indefinite pause would New York do all that work only
to New York City’s congestion to scrap the program at the last min-
pricing, many drivers doubtless are ute? Will the governor change her
rejoicing and public-transit advocates mind again in a few months? The deci-
are licking their wounds. I’d like to sion undermines years of planning and
share another perspective as a busi- research and leaves state leaders
ness owner affected by the change. scrambling to fill a new budget hole.
Some of the plan’s critics had a How many other businesses were plan-
point about its flaws. But the policy ning for traffic-pattern changes? How
was poised to provide a crucial cash many people sold their cars or moved?
infusion for the Metropolitan Trans-
portation Authority and reduce city
traffic by an estimated 17%. The gov- The plan had flaws, but
ernor’s sudden cancellation of the
policy has left many questioning its the biggest problem for
broader implications. New York businesses is the
I operate Boxcar, a business-class
commuter bus line that serves New sudden changes in rules.
Jersey residents who travel into
Manhattan. Our business had to
adapt to many arbitrary rules during Companies can succeed in good
Covid, but in recent years, things and bad economies, in onerous and
have been steady. As the pandemic laissez-faire regulatory environ-
subsided, commuters showed greater ments. The death knell for invest-
willingness to pay for comfortable ment is an unpredictable, whims-
and safe rides into the city. based rule-making process, which
We didn’t lobby for congestion makes it almost impossible to plan
pricing, but once the rules were set, for the future.
I followed the rollout closely. I ex- Boxcar will be OK in the long run,
pected to see higher demand for our but such market unpredictability is
services as new riders sought to unhelpful. I’ve never asked for any
avoid the $15-a-day charge. I also ex- special rules, but I’d like at the very
pected to be able to offer faster com- least if our elected officials could be
mutes. straight with us about what the rules
We worked hard to prepare for the are.
rollout by investing in new capacity,
additional marketing and research on Mr. Colangelo is CEO of Boxcar.
Tuesday, June 11, 2024 | A15
Tolstoy and
Dostoevsky
Debate
Hamas
By Gary Saul Morson
And Morton Schapiro
‘H
ave you ever met anyone
who lives in Gaza?” A
friend posed the question
when one of us argued that the
death of Palestinian civilians is the
price that must be paid in a war that
Hamas started and pursues with
ruthless aggression.
His point is that when you actu-
ally know the victims of war, it be-
comes difficult to write them off as
regrettable losses. Joseph Stalin
supposedly said that a single death
is a tragedy but a million is a statis-
tic. Yet for each of Stalin’s victims, a
universe was shattered. Only people
you don’t know can be regarded sta-
tistically.
The great Russian novelists ar-
gued about such questions. Unlike
his peers, Levin, hero of Leo Tol-
stoy’s “Anna Karenina,” opposes
Russian intervention to prevent
Turkish rulers from massacring their
rebellious Bulgarian subjects. War
involves killing, he reasons, and that
The question in Gaza, as
elsewhere, is: Who bears
moral responsibility for
collateral damage?
must not be done lightly. His brother
Sergei Ivanovich asks what Levin
would do if a Turk were about to
murder a Bulgarian baby in front of
his eyes—wouldn’t he kill the Turk
to stop him? Levin replies that he
doesn’t know; he would have to de-
cide in the moment. The conse-
quences of a wrong decision are too
large, Levin concludes, and the con-
tingencies of the situation too un-
predictable, for any simple answer.
Fyodor Dostoevsky was incensed
by this. Why does Levin admit the
need for violence only when the
atrocity is immediately present?
“Does distance have an influence on
love for humanity,” Dostoevsky
asked. If so, “at what distance does
love of humanity end?” According to
most ethical doctrines, we owe the
same moral obligation to everyone,
not only to those nearby.
Tolstoy believed the opposite: We
owe the greatest responsibility to
our family and friends, somewhat
less to our neighbors and fellow citi-
zens, and much less to abstract peo-
ple we know little about. Responsi-
bility works by concentric circles. It
never disappears, but it diminishes
with distance.
There is no easy way to resolve
this or similar disputes. Does it mat-
ter that Hamas uses Gazans as hu-
man shields? How much collateral
damage is acceptable in a hostage
rescue, like the one just completed?
Is it worth considering that on Oct.
7 Hamas not only murdered civilians
but also raped and mutilated them?
Or that it has announced an inten-
tion to do the same whenever cir-
cumstances allow? If one refrains
from the collateral damage needed
to eliminate Hamas, is one responsi-
ble for the deaths likely to happen
as a result?
On the other hand, doesn’t the
killing of innocent civilians, even
when necessary, brutalize a people?
In Jewish tradition, one shouldn’t
celebrate the drowning of Pharoah’s
armies in the Red Sea because they,
too, were God’s children.
But remembering that one’s ene-
mies are human doesn’t have to
make one soft. The proverb “to un-
derstand is to forgive” gets it wrong.
Sometimes getting to know people
makes it less easy to sympathize
with them.
The truth is that not everyone is
redeemable. Think of the Nazi lead-
ers and the Khmer Rouge. Yet even
their followers surely included some
misguided people who imagined
they were acting for the greater
good.
Such moral questions aren’t sim-
ple. War almost always involves
tragedy for the innocent, but it is of-
ten necessary. France now regards it
as a mistake that it didn’t use vio-
lence to prevent the Rwandan geno-
cide. Still, it is all too easy to excuse
military intervention as inevitable.
One needs to think seriously and ju-
diciously when the lives of many
hang in the balance.
Regardless of what policy one fa-
vors on a given occasion, it should
be clear that the shouting of slo-
gans, some of which call for indis-
criminate killing, is itself an immoral
approach to complex moral dilem-
mas.
Mr. Morson is a professor of
Slavic literature at Northwestern
University. Mr. Schapiro is a profes-
sor of economics and president
emeritus at Northwestern.
 A16 | Tuesday, June 11, 2024
Child-Sex Trade
Rises, Alarming
Medellín Leaders
Once world’s cocaine
capital, Colombian
city is battling the
exploitation of minors
BY KEJAL VYAS
MEDELLÍN, Colombia—On
45 trips here over two years, a
Florida pharmacist named Ste-
fan Correa sought out underage
girls, whom he would sexually
abuse in the boutique hotels of
the elegant Poblado district
popular with American travel-
ers, Colombian police said.
A child-sex-trafficking group
in Medellín experienced at or-
ganizing young girls for U.S.
sex tourists made sure that
Correa was paired with the
skinny virgins he said he pre-
ferred, according to Medellín
police and a federal indictment
in Miami against Correa.
“Is she going to allow me to
go all the way, or is she going
to cry and ask me to stop,”
Correa texted the trafficker in
April, the indictment said.
Days later, special agents
from Homeland Security Inves-
tigations arrested Correa as he
was boarding a flight in Miami
for Colombia and charged him
with attempted sex trafficking
of a minor. Correa told officers
he had made numerous trips to
Colombia to have sex with
young girls, according to the in-
dictment. Correa, who pleaded
not guilty, goes to trial this
month. If convicted, he faces 15
years to life in prison. His public
defender didn’t respond to calls
and emails seeking comment.
In the past three decades,
Medellín has shed its image as
capital of the world’s cocaine
trade, with homicides falling
97% since the days when cartel
kingpin Pablo Escobar ruled.
Cheap living and an eternal
ANIL SHAKYA/AGENCE FRANCE-PRESSE/GETTY IMAGES
WATER POWER: Women sought relief Monday at a tap in Prayagraj, India, where daily highs have been exceeding 110 degrees.
SUDAN
Displaced People
Exceed 12 Million
The number of internally
displaced people in Sudan
has reached more than 10
million, the U.N.’s Interna-
tional Organization for Migra-
tion told the Associated
Press on Monday, while more
than two million other people
have been driven abroad,
mostly to neighboring Chad,
South Sudan and Egypt. The
IOM said the internally dis-
placed include 2.8 million who
fled their homes before the
current war began. Sudan has
a population of 47 million.
Sudan’s latest conflict be-
gan last year when tensions
between the leaders of the
military and the paramilitary
Rapid Support Forces ex-
ploded into open fighting in
the capital, Khartoum, and
elsewhere in the country. The
war has wrecked Sudan, killing
more than 14,000 people and
wounding thousands of others,
while pushing its population to
the brink of famine. The IOM
said less than one-fifth of the
funds it has sought for the re-
sponse have been delivered.
—Associated Press
springlike climate has, since
the pandemic, lured an influx
of foreigners, among them
tech entrepreneurs, digital no-
mads and foreign retirees.
The appeal of a safer city
also attracts sex tourists, who
come here searching for un-
derage girls often managed by
organized-crime groups.
Child predators take advan-
tage of the city’s booming
nightlife, in which legal adult
prostitution flourishes, to help
cover their tracks, Medellín of-
ficials say. While the age of con-
sent in Colombia is 14, the min-
imum age for sex work is 18.
“It would be easier for us
to just look away and pretend
it’s not happening,” Mayor
Federico Gutiérrez said. “But
I’m not going to ignore it. We
want to confront this.”
While a fraction of the 1.5
million visitors that Medellín
saw last year were engaged in
child sexual abuse, Col. Juan
Pablo Cubides, who leads the
Colombian police’s child-pro-
tection unit, said the number
of victims that authorities are
uncovering is alarming. Police
identified 72 underage victims
and are working to locate at
least 250 others whom au-
thorities learned about as they
investigated cases or saw in
pornographic videos and im-
ages seized from suspects. Au-
thorities have arrested 12 for-
eigners on child-exploitation
charges in the past year, a re-
cord, Cubides said.
Driving some of the activ-
ity, police say, are dozens of
crime syndicates in Medellín—
including one offshoot of Es-
cobar’s cartel—that have
added catering to sex tourists
to their drug-trafficking and
extortion activities.
Identifying and locating vic-
tims and victimizers is chal-
lenging in a city where traffick-
WORLD WATCH
INDIA
Leading Ministers
Retain Their Posts
India’s Narendra Modi,
newly sworn in for a third
term, named a cabinet Mon-
day that left the top four
ministries in the same hands
despite his Hindu nationalist
party’s having unexpectedly
lost its majority. Subrahman-
yam Jaishankar remains ex-
ternal affairs minister, Amit
Shah home minister, Nirmala
Sitharaman finance minister
and Rajnath Singh defense
minister.
After landslide wins in 2014
and 2019, Modi’s Bharatiya Ja-
nata Party this time won just
240 seats in the lower house
of Parliament, well short of
the 272 needed for a majority.
But the combined total for
the BJP and other members
of the National Democratic Al-
liance coalition is 293 seats,
enough to form a government
with Modi at the helm.
This is the first time the
BJP under Modi has needed
support from its regional allies
to form a government after a
decade of commanding the
majority in India’s Parliament.
—Associated Press
WORLD NEWS
Lleras Park, in the popular Poblado district of Medellín, is often patrolled by police and child-protection groups.
ing rings use encrypted chat
apps and cryptocurrency pay-
ment channels to escape detec-
tion. Underage girls in Me-
dellín’s slums also are steered
into prostitution by their fami-
lies, said Cubides and activists,
dimming the chances of a for-
mal abuse complaint being filed.
“It is a huge challenge
when you’re trying to change
a culture here,” Cubides said.
In Medellín each night, hun-
dreds of sex workers stand
around Lleras Park in the Po-
blado district, where they court
male tourists. The government
here has responded with an
anti-child trafficking campaign,
putting up billboards in the
Lleras Park neighborhood.
“Don’t even try it, it’s a
crime,” read billboards in Eng-
lish. They warn that those
convicted of child sexual ex-
ploitation can be sentenced to
25 years in prison.
Colombia’s migration
agency recently has posted vid-
eos on social media of foreign-
ers, their faces blurred, being
denied entry at Medellín’s air-
port on suspicion that they had
come for sex with minors. Au-
MALAWI
Vice President’s
Plane Is Missing
A military plane carrying
Malawi‘s vice president and
nine others went missing
Monday, the president’s of-
fice said. The plane carrying
51-year-old Vice President
Saulos Chilima left the south-
ern African nation’s capital,
Lilongwe, at 9:17 a.m. but
failed to land as scheduled
around 45 minutes later at
Mzuzu International Airport,
about 230 miles to the north.
Aviation authorities lost
contact when the plane went
off radar, according to Mala-
wian President Lazarus Chak-
wera’s office. The president
canceled a trip to the Baha-
mas and ordered a search-
and-rescue operation, his of-
fice said.
Chilima had been arrested
in late 2022 on corruption
charges over allegations of
influence peddling, but the
prosecutors surprisingly
dropped them last month.
That led to criticism that
Chakwera’s administration
wasn’t taking a hard enough
stance against graft.
—Associated Press
Groups Fight Trafficking
Brad Hinkelman, chief
executive of Casacol, the
largest Airbnb operator in
Medellín, said fighting the
sex tourism-business is as
much in his interest as the
city’s because guests com-
plain about prostitution
outside establishments.
“I have been a front-row
witness to a precipitous
decline in tourism quality
in Medellín,” said Hinkel-
man, who owns four hotels
and rental buildings near
the popular Lleras Park.
Among those battling
child predators in Medellín
thorities said the tourists were
flagged by Angel Watch, a U.S.
Department of Homeland Secu-
rity system that alerts partner
nations when American sex of-
fenders travel there. The
mayor lauded the expulsions as
evidence of increased coopera-
tion with U.S. law enforcement.
SWITZERLAND
Peace Conference
Set for Weekend
Nearly 90 countries and
organizations, half from Eu-
rope, have confirmed attend-
ing the Swiss-hosted Ukraine
peace summit over the week-
end, Switzerland’s president
said Monday. However, Rus-
sia won’t be there.
Moscow hasn’t been in-
vited but says it wouldn’t
have attended anyway as the
conference is based on the
peace proposals of Ukrainian
President Volodymyr Zel-
ensky that Russia rejects.
President Viola Amherd
told reporters that the sum-
mit, on Saturday and Sunday,
will seek to chart a path to-
ward possible peace nearly 28
months after Russian forces
invaded Ukraine. Most partici-
pants will be top country
leaders, she said, with about
half represented at the head-
of-state or head-of-govern-
ment level, and “a handful”
from organizations like the
United Nations. French Presi-
dent Emmanuel Macron and
German Chancellor Olaf
Scholz are expected to attend.
—Associated Press
* *** THE WALL STREET JOURNAL.
is Tyler Schwab, a Wyo-
ming native who heads
Libertas International, an
organization that works
with Colombian and U.S.
law enforcement on child-
predator investigations.
“A lot of these guys
come down thinking they’re
immune and some justify it
to themselves like, ‘Well,
these girls need the money
anyway,’ ” Schwab said. “I
love my country, but seeing
the worst of the worst
come down to commit
these crimes is an injustice
that I couldn’t sit with.”
Police along with child-pro-
tection groups and community
organizers for the city patrol
Lleras Park and have set up
checkpoints to prevent minors
from getting in. Still, some
city social workers acknowl-
edged that the measures
might not be enough because
South Korea Blasts
North With BTS Songs
BY DASL YOON
SEOUL—After enduring
days of balloon bombardment
from the Kim Jong Un regime,
South Korea countered with
an airwaves assault of its own:
blaring the chart-topping hits
of boy band BTS.
For two hours on Sunday, a
South Korean loudspeaker near
the two nations’ border played a
local radio program called
“Voice of Freedom,” run by the
Seoul military’s psychological
warfare unit. North Korean sol-
diers and border residents
would have been within earshot.
The broadcast began with
the South Korean national an-
them. A news anchor deliv-
ered reports that the U.S.,
South Korea and Japan had
condemned the Kim regime’s
missile tests and military co-
operation with Russia. And
then there was K-pop.
One of the BTS hits chosen
was 2020’s “Dynamite,” which
has racked up nearly two bil-
lion views on YouTube and
topped the Billboard Hot 100
list. BTS, short for Bangtan So-
nyeondan, or “Bulletproof Boy
Scouts,” is a seven-member
band whose fans worldwide
officially dub themselves the
“ARMY.” Sung in English, the
“Dynamite” tune includes ref-
erences to the basketball star
LeBron James, King Kong and
the Rolling Stones. “So watch
me bring the fire,” the lyrics
go, “and set the night alight.”
The two Koreas—which tech-
nically remain at war with one
A balloon, presumably sent by North Korea and carrying
trash, landed Monday in a field in Incheon, South Korea.
SANTIAGO MESA FOR THE WALL STREET JOURNAL
fake IDs are easy to get.
“As a mother of two, I have
to step away and cry some-
times,” said Paula Garcia, a
lawyer and community orga-
nizer in a rough Medellín bar-
rio, where traffickers have re-
cruited underage girls. On a
recent night, she was with the
mayor’s security council look-
ing out for minors. As police
escorted two suspected mi-
nors out of Lleras Park, doz-
ens of sex workers carried on.
Some investors in short-term
rentals have been unnerved by
city officials and police calling
for greater regulation of digital-
booking platforms, and threat-
ening to seize properties used
for child exploitation. The
apartments often lack security
guards or receptionists. Colom-
bian police say they have im-
pounded 10 apartments in the
past year and expect more
cases as investigations with U.S.
Homeland Security advance.
“The war against exploita-
tion of children in Medellín is
just beginning,” Mayor Gutiér-
rez said, “and we’re going to
hit them with everything we
have.”
another—have embarked in a
bizarre tit-for-tat. Neither
Pyongyang nor Seoul has ex-
pressed a clear-cut desire for
actual fighting. But with ten-
sions simmering, the countries
are left with limited ways to ex-
press their mutual discontent.
Starting in May, the Kim re-
gime flew more than 1,000
balloons carrying bags of
trash and excrement into
South Korea. The air deliver-
ies stopped for days. Then, on
Thursday, a South Korean ac-
tivist group floated balloons
containing antiregime leaflets
and foreign media into the
North. Pyongyang reupped its
aerial campaign.
That prompted Sunday’s
loudspeaker broadcast, which
also featured a reference to
South Korea’s Samsung Elec-
tronics being a popular smart-
phone brand around the world.
Within hours, Kim’s youn-
ger sister, Kim Yo Jong, North
Korea’s go-to critic of the U.S.
and South Korea, warned of a
“new counteraction” should
the transmissions continue.
K-pop, in particular, has
served as a barometer for re-
lations between the North and
South—and is a sore spot for
Kim Jong Un, who wants to
limit exposure to the outside
world inside his impoverished
country. In 2015, after loud-
speakers boomed out several
songs by the girl group Girls’
Generation, Kim declared a
“semi-war state” and ordered
North Korea to fire artillery
shells near the border.
IM SUN-SUK/YONHAP/ASSOCIATED PRESS
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5360.79 À 0.26%
Fund Investors Ditch Meme Stocks Bronfman
Considers
The trading frenzy in
shares like AMC and
GameStop hasn’t
lifted themed ETFs
BY JACK PITCHER
Wild trading in meme
stocks such as GameStop and
AMC Entertainment has once
again captured the imagina-
tions of individual investors,
but the frenzy of YOLO trad-
ing hasn’t lifted the fortunes
of the fund industry.
Assets in U.S. thematic
funds peaked at nearly $200
billion in 2021 and have since
dropped to $120 billion, ac-
cording to Morningstar Direct,
even though major stock in-
dexes are trading near re-
cords.
Thematic funds were the
talk of the industry in 2021,
when interest rates were ul-
tralow and smaller growth
stocks were soaring. Cathie
Wood’s ARK Investment Man-
agement attracted billions of
dollars to the space, prompt-
ing copycats across the indus-
try.
Asset managers launched
hundreds of exchange-traded
funds with such diverse
themes as cannabis investing,
clean energy and the meta-
verse, partly because it is
cheap and easy to launch a
new ETF.
Many of those funds have
since closed. Investors want-
ing to track the recent meme-
stock resurgence lost their
chance when Roundhill’s
MEME ETF closed late last
year because of lack of inter-
est.
“The shine on thematic
ETFs has certainly worn off,”
said Matthew Bartolini, head
of Americas research for State
Street’s ETF business.
Thematic funds are strug-
gling to bring in investors
Restaurants Become New Real-Estate Darling Seaport
Average U.S. household
food expenditures
$10,000
Food away
8,000 from home
6,000
Food at home
4,000
2,000
0 data firm CoStar Group began
2000 ’05 ’10
Note: Includes Supplemental Nutrition
Assistance Program and Special Supplemental
Nutrition Program for Women, Infants and
Children purchases, as well as food purchased by
government through social-assistance programs
Source: USDA-Economic Research Service
Science Used to Police
Banned Russia Timber
BY DYLAN TOKAR
Scientists are embarking on
an effort to keep sanctioned
Russian timber out of Europe
by mapping the unique chemi-
cal fingerprints of trees, a pro-
cess that could be used to vet
corporate supply chains for
other banned commodities.
The project aims to bring
science to bear in a fight by
companies and governments to
stop illegal wood from seeping
into timber supply chains—
complex, difficult-to-police
networks of logging compa-
nies, sawmills, wood manufac-
turers and traders.
To start, a team led by the
Washington-based nonprofit
World Forest ID set its sights
on sanctions the European
Union placed on Russian and
Belarusian timber following
the invasion of Ukraine. The
team analyzed thousands of
wood samples of trees, then
layered in advanced statistical
models and artificial intelli-
gence.
The result was a database
allowing customs officials and
corporate auditors to verify
S&P FIN g 0.39%
* ** * **
S&P IT À 0.29%
BING GUAN/BLOOMBERG NEWS
An ETF tracking meme stocks such as theater operator AMC Entertainment closed last year.
Assets in U.S.-based thematic
mutual funds and ETFs, quarterly
$200 billion
150
100
50
0 –10
2019 ’20 ’21 ’22
Note: Second quarter 2024 is through May.
even as total fund flows have
been strong in 2024. Investors
have pulled money from U.S.-
based thematic funds for nine
consecutive quarters, accord-
ing to Morningstar Direct,
with outflows over that period
totaling almost $20 billion.
Quarterly inflows to the cate-
gory peaked at $35.8 billion in
BY KATE KING
Property owners have long
seen restaurants as risky ten-
ants with a high rate of fail-
ure. Now, with Americans din-
ing out more than ever, the
restaurant business is emerg-
ing as the hottest corner of
retail real estate.
Food services accounted for
more than 19% of all retail
leases last year, rising in re-
cent years to the highest pro-
portion for any category since
’15 ’20 tracking the statistic in 2007.
The uptick reflects how
Americans are spending more
time and money at restaurants,
from fine-dining hot spots to
fast-casual chains. Low unem-
the origin of timber with a
simple, lab-based test.
Although work on the data-
base is ongoing, furniture gi-
ant IKEA has already used it
to vet suppliers for sanctioned
timber after the war forced it
to revamp its supply chain.
Belgian authorities also have
employed it to seize more than
260 tons of illegally shipped
Russian timber.
If scaled up, the project
could have broad implications
for how companies source a
range of other agricultural
commodities, such as cotton
and cacao, which have been
linked to environmental and
human rights abuses.
For IKEA, it took only a
year of testing to realize the
value of World Forest ID’s
work, said Mikhail Tarasov,
the company’s head of for-
estry. “We are today at a stage
of fully integrating this as part
of our due diligence system,”
he added.
World Forest ID launched in
2021 to stop deforestation by
creating a more reliable, scien-
tific approach to tracing tim-
Please turn to page B4
DJ TRANS À 0.91%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.10%
Net flow to thematic mutual
funds and ETFs, quarterly
$40 billion
30
20
10
0 had poor returns.
’23 ’24 2019 ’20
the first quarter of 2021, when
the meme-stock frenzy kicked
off in earnest.
“A lot of these investors re-
ally got burned,” said Kenneth
Lamont, senior manager re-
search analyst at Morningstar.
“They piled in at the top. And
maybe they haven’t sold ev-
erything, but they’re certainly
ployment, rising wages, the as-
cent of “foodie culture” and
millennials’ tendency to marry
and have children later than
previous generations have
likely contributed to increased
restaurant spending, analysts
say. Single households are less
likely to grocery shop than
families.
It is a far cry from the
depths of the pandemic, when
tens of thousands of restau-
rants permanently closed. Four
years later, robust restaurant
leasing has helped power the
retail-real-estate sector to its
strongest position in years.
“It has definitely come as a
surprise,” said Brandon Svec,
national director of U.S. retail
analytics for CoStar. “We
INSIDE
AUTOS
Volvo recalls its new
electric SUVs over a
bug in the display
software. B3
HEARD ON THE
STREET
For airlines, middlemen
seem useless until you
try to remove them. B12
2–YR. TREAS. yield 4.883% NIKKEI (Midday) 39155.16 À 0.30% See more at WSJ.com/Markets
’21 ’22 ’23 ’24
Source: Morningstar Direct
not doubling down.”
Pete Pettingill, a 66-year-
old retiree in Barrington, N.H.,
experimented with themed
funds such as the ARK Innova-
tion ETF in the past. Pettingill
says he is financially secure,
has a heavy allocation to U.S.
stocks and enjoys “pushing
the envelope a bit” with some
wouldn’t have seen as strong of
a retail recovery without it.”
The average household spent
nearly 53% of its food budget
on food away from home last
year, a record-high proportion
and up 10 percentage points
from 2003, according to the
U.S. Agriculture Department’s
Economic Research Service.
Total restaurant sales have
never been higher. They are
on track to top $1.1 trillion
this year, a 5.4% increase from
2023’s record high, according
to the National Restaurant
Association.
Money spent on dining out
has been rising for years. In
2018, the average household
spent slightly more money
dining out for the first time
Costco to Accelerate
E-Commerce Push
BY JENNIFER WILLIAMS
Costco Wholesale has a new
voice offering insight on the re-
tailer’s finances and strategic
direction for the first time in
decades, and he is signaling
some shifts ahead.
Three months in as Costco’s
chief financial officer, Gary Mill-
erchip’s first earnings call of-
fered hints about what will
change, and what is staying the
same, after longtime finance
chief Richard Galanti stepped
Costco’s annual net sales
$250 billion
200
150
100
50
0 –10
FY2014 ’15 ’20 ’23
Note: Fiscal year 2023 ended Sept. 3
Sources: the company (sales); FactSet (performance)
Tuesday, June 11, 2024 | B1
of his money.
“I bought two of the ARK
funds, but I should say I
bought the hype,” he said. “I
can’t recall anything but dis-
appointment.”
After a brief foray into
themed funds in 2020 and
2021, he sold. Today, he
mostly holds blue-chip U.S.
stocks and broader mutual
funds and ETFs.
Research shows that
themed funds, which tend to
skew toward the technology
sector, are high risk, with 9 in
10 exhibiting higher volatility
than the broad global equity
market, according to Morn-
ingstar.
Investors who took that
risk were rewarded with eye-
catching gains during “the
post-Covid everything bub-
ble,” Lamont said. But the
funds struggled mightily after
the Federal Reserve began lift-
ing interest rates and compa-
nies that might not turn prof-
its for years went out of vogue
on Wall Street.
Niche thematic funds can
be dangerous for investors be-
cause they often launch fol-
lowing strong gains in a cer-
tain group of stocks, making
them more likely to be
launched near or after a mar-
ket peak. Many of the growth-
oriented thematic funds that
launched three years ago have
Among the themed funds
that have taken in money on a
net basis this year are those
tied to artificial intelligence
and the new GLP-1 class of
weight-loss drugs. For inves-
tors who might otherwise be
buying one or two stocks to
bet on a trend, themed funds
can offer important diversifi-
cation.
“Many folks appreciate get-
ting precision with diversifica-
tion,” said Dave Mazza, chief
executive of Roundhill Invest-
Please turn to page B2
since the USDA started track-
ing the statistics in 1997. Res-
taurant spending tanked in
2020 but quickly rebounded as
establishments reopened and
infection fears faded.
Bailey Mack, a 32-year-old
resident of Louisville, Ky., who
works in business development,
almost always ate home-cooked
dinners growing up. Restau-
rants were for special occa-
sions like birthdays or when
family from out of town visited.
As an adult, she still con-
sidered dining out an expen-
sive treat. Then the pandemic
hit. When restaurants re-
opened, Mack met with
friends at her neighborhood
burger-and-fries joint and
Please turn to page B11
down. The famed $1.50 hot dog
and soda combo is safe.
Monthly sales reports, which
have ceased to exist for most
large retailers, will continue.
And membership prices that are
overdue for an increase will re-
main where they are for now,
Millerchip said.
There are some shifts,
though. Chief Executive Ron
Vachris joined the call with ana-
lysts last month, a departure
from Galanti’s solo earnings
Please turn to page B2
Share performance, past year
60%
Costco
50
40
30
20
10
S&P 500
0 ministration to shepherd the
July 2023 ’24
Offer for
Parent of
Paramount
Former media executive Ed-
gar Bronfman Jr., backed by
private-equity firm Bain Capi-
tal, has expressed interest in
buying the company that con-
trols Paramount Global, mark-
ing yet another twist in one of
the messiest deal dramas in re-
cent memory.
By Lauren Thomas,
Jessica Toonkel and
Jeffrey A.
Trachtenberg
Bronfman, who formerly ran
Warner Music and liquor giant
Seagram, is looking to offer be-
tween $2 billion and $2.5 bil-
lion for National Amusements,
the privately held movie-the-
ater company through which
Shari Redstone controls Para-
mount Global, according to
people familiar with the situa-
tion.
Bronfman’s interest comes
as Redstone is in advanced ne-
gotiations to sell a majority
stake of National Amusements
to Skydance Media. Para-
mount, which owns the iconic
movie studio, broadcaster CBS
and cable networks including
Nickelodeon, Comedy Central
and MTV, would then merge
with Skydance, a production
company run by David Ellison.
Meanwhile, Hollywood pro-
ducer Steven Paul has been lin-
ing up financing to make an of-
fer for National Amusements of
around $3 billion, The Wall
Street Journal reported.
It is unclear how seriously
the Redstone family will enter-
tain other offers for National
Amusements while negotia-
tions with Skydance continue,
Please turn to page B4
Workers
Threaten
U.S. Strike
BY PAUL BERGER
Dockworkers at America’s
East Coast and Gulf Coast sea-
ports canceled labor talks that
were due to start this week
and raised the possibility of a
strike later this year at some
of the country’s biggest trade
gateways.
The International Long-
shoremen’s Association can-
celed talks set for Tuesday in
Newark, N.J., to protest the
use of automated machinery
at some ports, which the
union says violates prior labor
agreements.
The withdrawal from the
bargaining table marks a
harsh start to negotiations
aimed at securing a contract
covering more than 45,000
dockworkers at ports from
Maine to Texas ahead of the
current agreement’s expira-
tion Sept. 30. A walkout at
that time would come as
goods are flowing into the
country ahead of the end-of-
year holidays and threaten the
American economy just ahead
of the presidential election.
The union’s combative
leader Harold Daggett has pre-
viously vowed his members
will strike if they don’t secure
a new contract before the cur-
rent agreement expires on
Sept. 30.
“Harold Daggett is again
alerting all locals to be pre-
pared for a strike on October
1st,” an ILA spokesman said.
The National Retail Federa-
tion, a trade group whose
members include some of the
country’s biggest importers,
urged the sides to negotiate
and called on the Biden ad-
talks. “It is critical that signif-
icant disruptions, including la-
bor strikes, are avoided in or-
der to minimize any negative
Please turn to page B2
 B2 | Tuesday, June 11, 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 Evolution.....................................B10
AE Industrial Partners......B4
Allianz...............................................B3
AMC Entertainment.............B1
American Airlines................B12
Anglo American....................B12
A.P. Moller-Maersk...............B2
Apple..................................................A1
Aptera Motors...........................A1
ARK Investment
Management...........................B1
B LVMH Moët Hennessy
BHP..................................................B12
Boxabl...............................................A1
O
Fund
G
GameStop......................................B1
General Mills...........................B10
OpenAI............................................B4
P
Paramount Global..................B1
Investors
Exit Memes
GoodLeap......................................B6
R
I
Red Lobster...............................B11
Ikea......................................................B1
Regis Resources...................B10
K Richemont..................................B12
Kraft Heinz................................B10 Continued from page B1
S
L ments, which has recently
Skydance Media.......................B1 launched funds with AI and
Southwest Airlines.............B11
Louis Vuitton.......................B12 GLP-1 themes.
StepStone.....................................B6
Mazza closed Roundhill’s
M T meme-stock ETF last year, in

FLORIAN GAERTNER/DPA/ZUMA PRESS

C McDonald’s.................................B11
Chipotle Mexican Grill......B11
Target............................................B10 part because the action was so
Microsoft.......................................A6 Tesla..................................................B3
Coca-Cola....................................B10 concentrated in a few stocks
N Travelport...................................B12
Cognizant Technology that a broader fund didn’t
Solutions....................................B4
Nestlé.............................................B10 V make sense.
Newmont....................................B10
Costco Wholesale...................B1 Volvo Car.......................................B3 “Recently, investors have
News Corp...................................B4
D-E Norges Bank Investment W favored themes that are more
De Beers......................................B12 Management..........................B3 Walmart.......................................B10 tangible,” Mazza said. “The
Digital Offering........................B3 Novo Nordisk..........................A10 Warner Music............................B1 low-interest-rate environment
Eli Lilly..........................................A10 Nvidia......................................A6,B11 Wells Fargo.................................B6 encouraged speculation, and Funds themed on makers of GLP-1 obesity drugs like Ozempic have taken in money in 2024.
that’s ended.”
The S&P 500’s strong re- vestors feel the need to put little as 0.02%. ularity this year. And new
INDEX TO PEOPLE cent performance isn’t helping
thematic funds either. The
their money in something
riskier to beat the index.
To be sure, investors aren’t
eschewing risky funds en-
funds tracking bitcoin have
been a smash success.
large-cap index is up 25% over Actively managed themed tirely. Single-stock ETFs, But for now, diversified in-
A Hoag, Jay....................................B10 Raja, Vasu..................................B12 the past 12 months, driven by ETFs typically charge annual which allow investors to make dex funds are king. Equity
Altman, Sam..............................A6 I Redstone, Shari........................B1 huge gains in Nvidia and other fees around 0.75%, while in- leveraged bets on a stock to ETFs as a whole are on track
Reid, Gavin...................................A9
Annwall, Björn..........................B3 Iger, Bob......................................B10 technology stocks. The strong vestors can buy funds tracking double or triple their gains or for their second-best year of
Rinehart, Charles....................A6
Anthony, Chris..........................A4 Isom, Robert............................B12 returns likely mean fewer in- broad U.S. stock indexes for as losses, have increased in pop- inflows ever.
B S
K
Bartolini, Matthew................B1 Scott-Dawkins, Kate............B3
Katz, Jennifer............................A4
Blavatnik, Len...........................B4 Senatore, Sara.........................B11
Kerby, Zane...............................B12 Sherwood, Ben......................B10
Boivin, Jean...............................B11
L Shrewsberry, John................B6
Borton, Brian..............................B6
Brandt, Chris.............................B11 Lamont, Kenneth.....................B1 Smith, Shane...........................B10
Bronfman, Edgar Jr...............B1 Lee, Mark......................................A2 Sorensen, Jay..........................B12
Lougee, Matt............................B11 Spry, Levi....................................B10
D Stanford, Kyle............................B6
Dahlstrom, Ryan.....................A2
M
Svec, Brandon............................B1
Draho, Jason.............................B11 Mathur, Rakesh.......................A9
Mayer, Kevin............................B10
T
E Tarasov, Mikhail.......................B1
Mazza, Dave................................B1
Ellison, David..............................B1 Melich, Greg................................B2 Tiramani, Galiano..................A4
Ellison, Larry..............................B4 Miller, Trip....................................A6 Tiramani, Paolo........................A4
F Millerchip, Gary.........................B1 Tournant, Gregoire................B3
Freston, Tom...........................B10 Murdoch, James......................B3 Turner, Jess.................................A9
Friar, Sarah..................................B4 Musk, Elon...................A4,A6,B3 V
Fuchs, Meredith......................A9 O Vachris, Ron.................................B1
G Orlich, Anton..............................B3 W
Galanti, Richard........................B1 P-R Weil, Kevin...................................B4
Gold, Jonathan.........................B2 Wood, Cathie..............................B1
Palmer, Tom.............................B10
H Paul, Steven.................................B1 Z
Hand, Delicia..............................A9 Pride, Jason...............................B11 Zimnisky, Paul.........................B12

Costco Aims est quarter hit more than $57

billion, Millerchip said. The CFO
doesn’t have targets in mind for

MICHAEL NAGLE/BLOOMBERG NEWS

For Growth what that number should be,
but there is room to expand, he
said. That might mean increas-

In Digital ing the products that can be

purchased online and picked up
in store, or adding vendors to
Costco’s marketplace where
Continued from page B1 shoppers can buy a rotating se-
calls. Costco’s digital business, lection of items like dinnerware, The union said a terminal operator owned by Danish carrier A.P. Moller-Maersk was using autonomous equipment at ports.
an area the wholesale giant has bicycles and inflatable water
been slow to move into, might
also see a boost thanks to Mill-
erchip’s roughly 15 years at
sports products directly from
the brands but at Costco prices.
Any shifts will be measured,
Dockworkers
Kroger, which for years has fo-
cused on increasing profit
through e-commerce.
said Millerchip. With the mar-
ketplace, for instance, it would
be easy to bring on a lot of
Threaten
“We believe there’s a lot
more opportunity to grow digi-
tal,” Millerchip said of Costco. “I
brands, he said, but there is a
risk then of overwhelming
shoppers with too many
U.S. Strike
have experience in those areas choices. “If we’re offering the
and would hope that I can bring service, it’s going to be curated” Continued from page B1
some of that to help us continue and in keeping with the quality economic impact,” said Jona-
to evolve, but very much in the
Costco way.”
Costco customers flock to the
and value that Costco shoppers
look for, he said.
Millerchip also is looking at
than Gold, the NRF’s vice
president for supply chain.
The union says it canceled
Real-Time News
no-frills warehouses, but they
also want digital options, said
Millerchip, noting that Costco
logged growth of more than
alternative revenue sources.
One possibility is through the
marketplace, where investment
in technology could yield better
the talks after it found that a
terminal operator owned by
Danish carrier A.P. Moller-
Maersk was using autono-
At Your Fingertips
20% in digital sales in the quar- data to help tailor vendors’ and mous equipment to process
ter ended May 12 compared brands’ advertising to shoppers, trucks at ports including Ala-
with a year earlier. Online sales according to Millerchip. That bama’s Port of Mobile. Union
of items like gold bars, silver “becomes a flywheel,” he said, leaders say they won’t pro-
Download the WSJ app for breaking
and major appliances are grow- because the media and advertis- ceed with the negotiations un- news and full coverage on !inance,
ing at a faster pace than total ing revenue can ultimately go til the issue is resolved. politics, business and more.
sales, he said, so the company is back to shoppers through low Representatives for the U.S.
aiming to accelerate overall dig- prices, which drives traffic. Labor Department didn’t re-
ital growth. Kroger has thousands of spond to a request for com-
Already, Costco is piloting a stores and tens of thousands of ment.
program that allows shoppers unique products compared with A spokesman for Maersk’s
to buy online and then pick Costco’s nearly 880 warehouses terminal operator, APM Ter-
some items up in warehouses. and less than 4,000 unique minals, said the company “is
And with the acquisition of lo- items, said Greg Melich, a se- in full compliance” with the
gistics firm Innovel Solutions nior managing director at Ever- union contract. “We are disap-
four years ago, Costco has since core ISI. As Costco looks to pointed that the ILA has cho-
been expanding capabilities to evolve, for instance by adjusting sen to make selected details of
deliver and install large items product counts or selling in new ongoing negotiations public in SCAN HERE
purchased online such as televi- categories, Millerchip’s experi- an effort to create additional
sions, appliances, furniture, ence managing the finances be- leverage for their other de-
mattresses and washing ma- hind Kroger’s vast stores and mands,” he said.
chines. Additionally, Costco last inventory will be an asset, he The United States Maritime D O W N L OA D T H E A P P
month broadened the reach of a said. Alliance, which represents
partnership with Uber Technol- Still, Costco is doing well, an- ocean carriers and port termi- WSJ.com/WSJapp
ogies. The program, originally alysts said, so they aren’t ex- nal operators across the East
only in Texas, means shoppers pecting big strategy changes as and Gulf coasts, declined to
in 17 U.S. states and Canada can Millerchip settles into the role. comment.
have Costco goods delivered, Total revenue, including mem- The rancorous beginning
which Costco plans to expand bership fees, rose 9% to $58.5 to the contract negotiations
into other international mar- billion for the three-month pe- at East Coast and Gulf Coast
kets. riod ended May 12 compared ports follows a six-year
For now, though, digital rep- with a year earlier. Net income agreement last year between
resents less than 10% of for the quarter increased to employers at West Coast
Costco’s sales, which in the lat- $1.68 billion from $1.3 billion. ports and the International
Longshore and Warehouse
Union after more than a year
of contentious talks that
prompted the Biden adminis-
tration to step in to broker a
deal.
Daggett has vowed to stem
the tide of automated machin-
ery being used to lift, carry
and stack containers on docks
around the world.
People familiar with the ne-
STEPHANIE KEITH/BLOOMBERG NEWS

gotiations say most issues

specific to local ports have
been resolved, but some is-
sues, such as automation, are
unresolved. The talks due to
take place Tuesday would © 2024 Dow Jones & Co.,
have been the beginning of Inc. All rights reserved. 5DJ0026
coastwide discussions over is-
Digital sales in the quarter ended May 12 rose more than 20%. sues such as wages.
 THE WALL STREET JOURNAL.
Volvo Recalls EV for Software Fix
Bug can cause a test
screen to appear on
central display; no
reports of accidents
BY DOMINIC CHOPPING
STOCKHOLM—Volvo Car
has recalled all of its new fully
electric EX30 sport-utility ve-
hicles after discovering a bug
in its display software.
The Swedish automaker be-
gan delivering the new model
in late 2023 but is now recall-
ing the nearly 72,000 cars it
Former Allianz Fund Manager Pleads Guilty
BY MENGQI SUN
A former Allianz fund man-
ager who ran the investment
group responsible for steep
losses the firm suffered dur-
ing the 2020 market melt-
down sparked by the Covid-19
pandemic pleaded guilty to
fraud charges.
Gregoire Tournant, the for-
mer chief investment officer
at Allianz Global Investors
U.S., pleaded guilty Friday be-
fore Judge Laura Taylor Swain
in the U.S. District Court for
the Southern District of New
York to two counts of invest-
ment adviser fraud. He also
agreed to forfeit about $17
million as part of his plea. He
faces up to 10 years in prison
and will be sentenced on Oct.
16.
Tournant, 57, of Basalt,
Colo., has faced conspiracy,
securities fraud, investment
adviser fraud and obstruction
of justice charges since 2022.
Prosecutors in Manhattan
alleged that the set of Allianz
Global Investors’ private funds
co-managed by Tournant suf-
fered losses of more than $7
billion during the March 2020
market selloff. The funds were
eventually shut down.
Tournant and his co-con-
spirators allegedly also misled
investors, largely institutional
investors such as large pen-
sion funds, by marketing the
funds as protected from a sud-
den market crash with partic-
ular hedges. He also touted
Sweet Piece of Film Lore Costs a Lot of Dahl-ers
THOMAS KRYCH/ZUMA PRESS
CINEMATIC GOLD: A prop ‘golden ticket’ from the 1971 movie ‘Willy Wonka & the Chocolate Factory,’ based on a Roald Dahl
book, at London’s Bonhams auction house Monday. The item is expected to fetch $19,000 to $25,000 in a sale Wednesday.
GroupM Increases Ad-Revenue Forecast
BY MEGAN GRAHAM
Global advertising revenue
will grow 7.8% in 2024 to
nearly $990 billion, excluding
U.S. political advertising, me-
dia-investment group GroupM
said in a new forecast, signifi-
cantly raising expectations
from a previous estimate of
5.3%.
The revision puts the global
ad industry on track to surpass
$1 trillion in revenue in 2025,
one year earlier than expected,
by increasing 6.8% next year to
$1.1 trillion, the forecast said.
GroupM, a unit of advertis-
ing giant WPP, in December
had said growth this year
might be adversely affected by
has produced.
Volvo shares fell as much as
3.4% in early trading in Stock-
holm on Monday, but finished
with a gain of 2.2% at 36.50
kronor, equivalent to $3.46.
The company last year de-
layed the launch of its flagship
electric SUV, the EX90, to
mid-2024, due to software
bugs as it implements new
and increasingly advanced
technology into its cars.
“Internal investigations
have identified a potential is-
sue on EX30 cars, which can
result in a test screen being
displayed on the center dis-
Gregoire Tournant agreed to forfeit about $17 million as part of his guilty plea to fraud charges.
the protections the funds re-
ceived within Allianz, one of
the world’s largest financial
and insurance companies.
Attorneys for Tournant and
a spokeswoman for the federal
prosecutors’ office in the
Southern District of New York
declined to comment.
potential factors such as the
effect of high interest rates on
consumer and business spend-
ing as well as lower growth
from China-based companies.
But GroupM said its outlook
has changed because of better
economic conditions and a dif-
ference in how it models cer-
tain sectors.
GroupM now predicts ad
revenue in the U.S. will reach
$365.9 billion this year, exclud-
ing effects of political advertis-
ing, up from a December esti-
mate of $360.4 billion.
Restrictive interest rates in the
U.S. haven’t cooled consumer
and business investment as
much as previously predicted,
GroupM said.
BUSINESS NEWS
play screen instead of the in-
tended driver information and
infotainment,” the company
said Monday.
No other Volvo models are
affected, and the issue will be
fixed through an over-the-air
software update. There have
been no reports of related ac-
cidents or personal injuries, it
added.
Björn Annwall, the com-
IMAGO/ZUMA PRESS
pany’s chief commercial offi-
cer and deputy chief execu-
tive, said earlier this month
that the EX30 has quickly be-
come one of the bestselling
fully-electric cars in Europe.
Based on the findings the
firm shared with U.S. authori-
ties, the case against Tournant
appeared strong, said a person
with knowledge of Allianz’s
thinking, adding that the firm
is pleased that Tournant is
“finally taking ownership for
the deception he led.”
In China, ad revenue will to-
tal $199.4 billion this year, ac-
cording to GroupM, compared
with an earlier forecast of
$148.2 billion. Much of the in-
crease reflects a revision in
how GroupM models out-of-
home and digital advertising,
according to Kate Scott-Dawk-
ins, president of business in-
telligence at GroupM and au-
thor of the forecast report.
GroupM has changed some
of how it calculates digital ad-
vertising, for example, to bet-
ter capture commerce now
done digitally.
“It’s shifting from an area
where we don’t count it as me-
dia into a world where now we
count it as media, so it looks
Tuesday, June 11, 2024 | B3
Volvo, which began delivering the fully electric EX30 in late
2023, is now recalling all of the nearly 72,000 it has produced.
Arkansas teachers, Milwaukee
city employees and New York
City subway workers, lost bil-
lions on the funds.
Tournant last year accused
federal prosecutors in the case
of committing ethical
breaches by turning his own
lawyers against him. He said
prosecutors encouraged law-
yers that were acting both for
the firm and for him person-
ally to later switch sides and
use his privileged communica-
tions to help build a false nar-
rative against him.
Judge Swain in August de-
clined his request to throw
out fraud charges against him,
citing the terms of a joint de-
fense agreement the executive
entered into with the firm’s
counsel.
Allianz Global Investors
U.S. in May 2022 pleaded
guilty to securities fraud and
agreed to pay about $6 billion
in penalties and restitution to
investors of the funds, known
MIKE SEGAR/REUTERS
as Structured Alpha funds.
The firm also admitted it
lacked internal controls and
oversight for a series of pri-
vate-investment funds and
made false and misleading
statements to investors, ac-
Friday’s guilty plea capped cording to a plea agreement
a contentious proceeding with reached with the U.S. attor-
Tournant as part of the inves- ney’s office in Manhattan.
tigation into one of the big- Two former Allianz Global
gest early casualties of the Investors U.S. employees also
stock market crash caused by pleaded guilty in March 2022
the coronavirus. Investors, in- in connection with the
cluding pensions that man- scheme, according to the Jus-
aged the retirement plans of tice Department.
Newsmax Plans
To List Its Shares
BY BEN GLICKMAN
Media network Newsmax
plans to publicly list its shares
later this year and is looking
to raise capital beforehand via
a private placement.
Boca Raton, Fla.-based
Newsmax said Monday in an
investor pre-
sentation
posted to its
website that it The media
was planning network
an initial public
offering of up is targeting
to $75 million.
The com-
an IPO of up to
pany expects to $75 million.
list shares on
the Nasdaq or
the New York
Stock Exchange in the fourth
quarter or early 2025.
The organization said it
was launching a private place-
ment of shares for up to $225
million in anticipation of the
initial public offering.
The company’s private of-
fering will consist of shares of
a series of convertible pre-
ferred stock, which would be
converted to common shares
at the close of the IPO.
like huge growth,” Scott-Dawk-
ins said. “It’s coming into our
sphere, and so we’re now mea-
Calpers Pares Some Holdings
suring it.”
GroupM also said it now ex- BY HEATHER GILLERS
pects 69.5% of advertising rev-
enue will be informed by arti- The nation’s largest pension
ficial intelligence this year, fund has scaled back some in-
with the proportion growing to vestments over concerns about
94.1% by 2029. That reflects over how a portfolio company
how much ad revenue goes to treated its workforce or others,
companies such as Google, a Calpers official said at a pub-
Meta Platforms and Bytedance, lic board meeting Monday.
which are heavy users of AI The California Public Em-
tools. ployees’ Retirement System
“There’s probably no other hears on a regular basis from
industry where AI is as inte- pension beneficiaries, workers
grated and as directly impact- and advocacy groups worried
ful on revenue as it is in the about how companies in the
advertising industry,” Scott- pension fund’s private-equity
Dawkins said. portfolio treat employees and
Musk’s
Tesla Pay
Opposed
By Norway
Fund
BY ELIOT BROWN
Norway’s $1.6 trillion sov-
ereign-wealth fund said it is
voting against Elon Musk’s
$46 billion pay package at
Tesla.
Norges Bank Investment
Management, the central
bank’s wealth-fund arm, re-
leased its decision Saturday,
expressing concerns about the
size of the compensation deal,
among other factors.
“While we appreciate the
significant value generated
under Mr. Musk’s leadership
since the grant date in 2018,
we remain concerned about
the total size of the award, the
structure given performance
triggers, dilution, and lack of
mitigation of key person risk,”
Norges said.
The fund, which invests
Norway’s oil wealth on behalf
of the public, has in recent
years been trying to use its
heft to push companies on is-
sues like sustainability and
CEO pay.
The fund owned nearly 1%
of Tesla shares as of Decem-
ber, according to FactSet. It
said it would vote for Tesla’s
plan to move its incorporation
from Delaware to Texas, and it
would vote in favor of re-
electing James Murdoch and
Kimbal Musk, Elon Musk’s
brother, to the board.
Voting closes Thursday for
the pay package, which follows
a Delaware court decision in
January that struck down a
prior version of the grant.
Professional fund investors
make up about 45% of Tesla’s
shareholders, according to
FactSet, giving them a big
hand in any decision. Two
prominent investor proxy ad-
visory firms, ISS and Glass
Lewis, have recommended
against the pay deal. Many top
investors haven’t said how
they plan to vote.
Tesla’s shares fell 2.1% on
Monday.
Newsmax didn’t file with
the Securities and Exchange
Commission to sell shares, but
said it intends to do so in the
future.
The company is offering a
maximum of 30,000 convert-
ible shares in the private
placement, which will be
priced at
$5,000 each.
Newsmax
can increase
the number of
shares sold by
up to 50% if the
offering is
o v e r s u b -
scribed.
The shares
will come with
an annual divi-
dend payment of 7% of their
price, or $350 a share.
The company said that
those considered accredited
investors as defined by the
SEC can invest in just one
share, and “join Newsmax as a
shareholder and owner.”
Digital Offering, an invest-
ment bank focused on bring-
ing offerings to individual in-
vestors, is acting as the
placement agent.
others. Calpers doesn’t often
publicly discuss how it handles
those complaints.
But on Monday, an official
said in response to a board
member’s question that follow-
up investigations have led
Calpers in some cases to take
action. Anton Orlich, managing
investment director for private
equity, said those actions have
included reducing the amount
Calpers invests with a manager
by up to 70% or deciding
against re-upping with a man-
ager. Orlich didn’t specify the
companies in question.
 B4 | Tuesday, June 11, 2024
OpenAI Names Friar as Finance Chief
Maker of ChatGPT
hires executive who
oversaw IPOs at
Nextdoor, Square
BY KRISTIN BROUGHTON
AND SABELA OJEA
OpenAI named Sarah Friar
as its next finance chief,
choosing a well-known tech-
nology executive to lead the
ChatGPT maker’s finances
during a period of rapid
growth and intensifying scru-
MICHAEL KOVAC/GETTY IMAGES
Edgar Bronfman Jr. is looking to offer between $2 billion
and $2.5 billion for Paramount parent National Amusements.
Bronfman
Considers
Offer
Continued from page B1
and whether other potential
bidders can arrange the neces-
sary financing.
A sale of National Amuse-
ments would mean that Para-
mount would have a new con-
trolling shareholder, while the
Skydance deal, as it is being
discussed now, would give non-
Redstone Paramount share-
holders the opportunity to cash
out at a premium to where the
stock is trading.
Under the terms of the deal
with Skydance being discussed,
Skydance and its backers,
which include RedBird Capital
Partners and Ellison’s father,
Oracle co-founder Larry Elli-
son, will put $1.5 billion on Par-
amount’s balance sheet, which
it can use to pay down debt.
The deal provides for an-
other $4.5 billion to buy out
about 50% of nonvoting shares
at $15 each and offer non-Red-
stone voting shares $23 a
piece, or roll into the new
company.
Advisers for National
Amusements, Paramount and
Skydance were negotiating
throughout the weekend on the
final hurdles to a deal, includ-
ing how to handle potential
shareholder lawsuits, some of
the people close to the situa-
tion said.
Some investors have been
critical of how the Redstones
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TECHNOLOGY & MEDIA
tiny of the artificial intelli- environment, OpenAI said in a
gence industry. blog post Monday.
Friar was most recently OpenAI, headed by Sam
chief executive at social-net- Altman, over the past year has
working platform Nextdoor, a entered into partnerships with
position she held for more big companies including Ap-
than five years until stepping ple, which said Monday it
down this year. Before that, would offer ChatGPT for some
she served as CFO of Square new functions such as answer-
and previously worked at ing complex queries or com-
Goldman Sachs and McKinsey. posing messages. Microsoft,
She is OpenAI’s first CFO meanwhile, has invested bil-
since Brad Lightcap, now the lions in the company as it
company’s chief operating of- aims to expand AI use in its
ficer, left the role in 2022. products.
Friar will help the company OpenAI also has been at the
grow in a complex operating forefront of industry concerns
Cognizant to Buy Belcan for $1.3 Billion
and Paramount have navigated
the sales process. National
Amusements has a 77% voting
stake in Paramount.
Bronfman and Bain would
want to do due diligence on
National Amusements and Par-
amount, which would take sev-
eral weeks, before moving for-
ward with a bid, said some of
the people. Bain’s investment
committee would also have to
approve a formal bid.
Bronfman has held high-pro-
file roles in the music industry
since 1995, when he sought to
diversify his family’s Seagram Cognizant Technology So-
business into the world of me- lutions has struck a deal to
dia and entertainment. That buy Belcan, a supplier of en-
year, he led Seagram in its ac- gineering research-and-devel-
quisition of MCA, whose record opment services, from pri-
division it renamed as Univer- vate-equity firm AE Industrial
sal Music Group. Bronfman Partners for about $1.3 billion
subsequently oversaw Univer- in cash and stock.
sal’s acquisition of PolyGram to Cognizant on Monday said
create the world’s largest re- it would pay $1.19 billion in
corded-music company. cash and issue 1.47 million
The Bronfman family sold
Seagram to French conglomer-
ate Vivendi in 2000. Bronfman
later resigned as executive vice
chairman of Vivendi Universal
Science
in 2001. He returned to the mu-
sic industry three years later,
when he led an investor group
Helps Track
that bought Warner Music
from Time Warner.
In 2011, Bronfman stepped
Timber
down as CEO of Warner Music
after the business was bought Continued from page B1
by Access Industries, the firm ber origin. After Russia in-
controlled by billionaire Len vaded Ukraine, the nonprofit
Blavatnik. In 2016, he made saw an opportunity to test its
multiple attempts to acquire methods as part of efforts to
Time Inc. that were subse- prevent sanctioned timber
quently rejected. Bronfman has from entering the EU.
served as the executive chair- Enforcing sanctions on Rus-
man of Fubo since April of sian and Belarusian timber has
2020. posed a challenge for EU mem-
—Laura Cooper ber states because imported
contributed to this article. timber may travel through
several countries and be mixed
with wood from other sources
before arriving in the bloc.
Tracking wood
To stop illegal timber, cus-
toms agents and corporate au-
ditors primarily look for incon-
sistencies or other red flags in
paper trails that are created as
timber travels from forest to
factory floor. Some companies
and independent certification
PRESTON JESSEE
bodies also conduct on-site
visits of suppliers. But such
visits are costly and can only
be done on a small percentage
of the supply chain.
“It’s really hard to check af-
ter the wood has left the forest
where it actually came from,”
said Laura Boeschoten, a re-
searcher at Columbia Univer-
sity who has studied timber-
origin verification methods.
Trade data and media re-
ports since Russia’s invasion of
Ukraine suggest timber suppli-
ers and traders in intermedi-
ary countries have evaded
sanctions by re-exporting Rus-
sian wood to the EU. The Euro-
pean Commission last year
TRAVEL launched an investigation fol-
lowing concerns around a pre-
cipitous rise in plywood im-
ports from Turkey and
Kazakhstan, which don’t pro-
hibit trade of Russian timber.
Companies in the EU are
supposed to take steps to en-
— South Pole Vehicle Expedition —
SUPERB LIFETIME OPPORTUNITY, up to 4
sure supply chains remain free
adventurers. Fully participatory, professionally of sanctioned timber. For
guided, driving expedition from Antarctic inner
coastline to South Pole and return. Fly in/out IKEA, that was an enormous
from Chile. November/December 2024. task, said Tarasov. Before the
Interested? expeditions@arctictrucks.com war, the company sourced
over safety in the develop-
ment of generative AI and
compensation to creative in-
dustries for use of their work.
The company last month said
it formed a safety and security
committee as it faces a legal
battle over a new voice assis-
tant in its latest AI model,
which actress Scarlett Johans-
son said sounds similar to her
own voice.
OpenAI has a peculiar cor-
porate structure that gives
oversight of its for-profit busi-
ness to a nonprofit board of
directors. The board’s sole re-
shares for Belcan, which pro-
vides digital engineering ser-
vices for customers in the
commercial aerospace, de-
fense, space, marine and in-
dustrial verticals, and is ex-
pected to generate
annualized revenue topping
$800 million.
The Teaneck, N.J., profes-
sional-services company,
around 16% of the timber it
used for its products from
Russia and Belarus.
Although commercial labs
have offered forensic testing
for timber and other products
for years, sampling and testing
protocols are often inconsis-
tent and treatment of the data
is rudimentary, said Victor
Deklerck, World Forest ID’s
head of science. Since its in-
ception, the nonprofit has
sought to develop a more so-
phisticated approach to testing
timber origin.
The group started with rig-
orous sampling. It hired spe-
cialists at a Danish nonprofit
to collect samples across Eu-
rope by extracting 10-millime-
ter diameter cores of wood tis-
sue. Following the invasion of
Ukraine, World Forest ID fo-
cused in particular on species
commonly exported from Rus-
sia, including birch, pine and
oak.
World Forest ID currently
uses two tests to identify the
chemical composition of wood
samples. One measures the ra-
tios of stable isotopes, which
vary based on factors such as
rainfall or temperature. The
other test measures trace ele-
ments such as magnesium and
copper, which vary based on
the soils in which trees grow.
The group interpolates re-
sults spatially using advanced
statistical methods and ma-
chine learning. Those innova-
World Forest ID uses two tests to identify the chemical composition of wood samples.
* * THE WALL STREET JOURNAL.
sponsibility is to ensure that
the company develops AI sys-
tems beneficial to humanity—
even if it means wiping out in-
vestors’ profit.
In choosing Friar, OpenAI
has tapped an executive who
has overseen initial public of-
ferings at two companies.
Nextdoor went public in 2021
through a merger with a spe-
cial-purpose acquisition com-
pany. She also led Square’s fi-
nances during the payments
company’s 2015 IPO. Square in
2021 changed its name to
Block.
which has forecast 2024 rev-
enue of $18.9 billion to $19.7
billion, said it expects to
achieve more than $100 mil-
lion in annual revenue syner-
gies within three years of the
deal, slated to close by the
end of September.
Cognizant said it plans to
fund the cash portion of the
deal with cash on hand and
tions on traditional forensic
testing methods allow World
Forest ID to predict the chemi-
cal signatures of trees har-
vested in areas where the
group didn’t take samples.
The results so far are im-
pressive, said Boeschoten, who
peer reviewed a paper
Deklerck and his team pub-
lished in March in the journal
Nature Plants. “It was really
cool to see what they are al-
ready able to do on a small
scale,” she said.
Expanding the work
World Forest ID’s model
identified false origin claims in
40% to 60% of cases, according
to the paper. Deklerck said the
test was designed to be con-
servative to minimize the
chance of incorrectly identify-
ing shipments as illegal.
Belgium’s federal health-
and-food safety agency, which
oversees timber-related regu-
lations, has several ongoing
cases using World Forest ID’s
reference data to back up fo-
rensic tests of timber shipped
into the country, according to
spokeswoman Annelies Wyn-
ant.
A growing regulatory re-
gime is putting pressure on
companies to crack down on
commodities tied to environ-
mental degradation or human
-rights violations.
Starting next year, compa-
OpenAI also hired Kevin
Weil as chief product officer
to lead a team focused on ap-
plying its research to products
and services. He was the pres-
ident of product and business
at Planet Labs, the Google-
backed satellite-imaging com-
pany, and has served as vice
president of product at Face-
book’s failed digital wallet
Novi and senior vice president
of product Twitter.
Wall Street Journal owner
News Corp has a content-li-
censing partnership with Ope-
nAI.
CLEMENS BILAN/EPA/SHUTTERSTOCK
debt, adding that it will boost
its share-repurchase plan in
an effort to maintain its full-
year 2024 share-count guid-
ance of 497 million.
Aerospace and power-gen-
eration investor AE Industrial
Partners, based in Boca Ra-
ton, Fla., acquired Belcan in
2015.
—Colin Kellaher
nies in Europe must perform
additional due diligence on
timber and other commodities
found to contribute to defores-
tation. World Forest ID has al-
ready started collecting sam-
ples of two other commodities:
soy and cacao.
Forensic testing could
transform how companies
comply with the new regula-
tions—as well as how govern-
ments enforce the measures.
Unlocking those capabilities
won’t be easy, however. Ex-
panding World Forest ID’s ap-
proach, for example, could re-
quire analyzing potentially
tens of thousands of samples
of organic commodities from
across the world.
“It’s still nascent,” said
Marc Jessel, chief system in-
tegrity officer for the Forest
Stewardship Council, a certi-
fier of sustainably harvested
wood. Jessel said his organiza-
tion has joined with World
Forest ID to test wood species
from Gabon, but has yet to
make such testing a regular
part of its supply-chain audits.
“We still don’t have a glob-
ally valid database of all of the
sorts of isotope profiles of all
the different species across the
world and it’s going to take a
while to get there,” he said.
But World Forest ID could
be the first to produce such a
database, Jessel said, adding,
“We believe the approach they
stand for is the way to go.”
UNITED NATIONS OFFICE ON DRUGS AND CRIME
B6 | Tuesday, June 11, 2024
Wells Fargo Ex-CFO Starts New Chapter
Executive plots path
at venture-backed
solar-financing
company GoodLeap
BY KRISTIN BROUGHTON
John Shrewsberry, former
finance chief of Wells Fargo,
is aiming to accelerate growth
at GoodLeap, the solar and
home-energy financing com-
pany.
Shrewsberry is embarking
on a new chapter at
GoodLeap, which announced
his appointment as chief fi-
nancial officer in December.
He had stepped down as Wells
Fargo’s CFO in 2020 after six
years in the role, and stayed
on at the bank through the
following spring. Most of his
tenure overlapped the bank’s
fake-accounts scandal, and he
was among the few top execu-
GOODLEAP (2)
tives to stay in his position
through that period. He con-
tinued to oversee the bank’s
finances into the early days of
the pandemic.
Fintech GoodLeap is a new
arena for the longtime bank
executive. The company,
through software used by con-
tractors, originates consumer
loans for solar and other
home-energy efficiency proj-
ects—roofing, windows and
heat pumps.
GoodLeap, which makes
most of its money selling and
servicing loans, is profitable
and cash-flow positive, meaning
it doesn’t rely on its investors
for incremental funding.
The company has raised a
total of $1.6 billion from in-
vestors including New Enter-
prise Associates, WestCap and
BDT & MSD Partners.
CFO Journal spoke with
Shrewsberry about his career
move, his priorities for the
CFO role and what venture-
backed companies look for in
a finance chief. Below are con-
densed and edited excerpts.
WSJ: How did you get to
GoodLeap?
Shrewsberry: I retired from
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GoodLeap, which originates consumer loans for solar projects, is a new arena for John Shrewsberry.
Wells in 2021. I had been the
CFO for 6½ years and had
been there for over 20 years.
I went into invest-and-advise
mode for a couple of years
and lived my best life. We all
worked remotely. After 10
years probably being on the
East Coast at least twice a
month, I went through a year
of Covid lockdown.
WSJ: What were you invest-
ing in and advising?
Shrewsberry: It was a little
bit of fintech, but a lot of
early-stage things. I created a
nice little portfolio and I
thought, frankly, I would
probably do that until end of
days. After a couple of years,
I decided I should do one
more operating role. I’m in
my 50s. My wife encouraged
me to think about working—
really dedicating myself to a
company.
I met Hayes [Hayes Bar-
nard, GoodLeap’s chief execu-
tive] through a CFO friend of
mine, Mark Hawkins, who was
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the CFO at Salesforce. When
Hayes needed a new CFO, he
said to Mark: “Who do you
know who can do X, Y and Z?”
WSJ: What’s the through
line in your career from
Wells to GoodLeap?
Shrewsberry: This is a
scaled, full unicorn scale in
terms of the capital it has
raised, the valuations it has
achieved. It’s a company that
over some number of years—
three, four, five, six, who
knows how long—will proba-
bly put itself in a position
to—I don’t know whether an
IPO is the path that it will go
down, but there’s some sort of
event in its future.
WSJ: If not an IPO, a sale?
Shrewsberry: Who knows,
but a value-creation destina-
tion. What this company does
and what aligns with my life’s
work is there’s a big lending
component to this company.
There’s a lot of investor rela-
tions and capital raising at
the asset level, where we’re
originating many billions of
dollars worth of loans. They
need to find homes with
banks, with credit unions,
with asset managers, with life
insurance companies, with
others.
There’s a lot of capital-rais-
ing to do. There’s a lot of
structured finance. There’s a
lot of interest-rate risk man-
agement. There’s a big trea-
sury component. Then there’s
the, “How do we create a
valuable company?”
The through line is it’s a
big enough company where it
needs hard-core accounting
and finance that supports
what it will be in its next
chapter.
WSJ: Could the company just
operate as a large, private
business? Is that an end
goal?
Shrewsberry: It could. Es-
pecially with strong enough
cash flow, these investors
would at some level just as
StepStone Sees a Chance
In VC’s Liquidity Crunch
BY MARC VARTABEDIAN
Scarce liquidity options for
investors in the venture eco-
system propelled StepStone
Group’s $3.3 billion capital
raise for a new secondary ven-
ture fund unveiled last week,
blowing past the amount
raised last year for all such
funds.
The New York-based private
markets investment firm is
seeing increased demand for
its venture-capital secondary
services as more institutions
and wealthy individuals back-
ing venture funds seek payouts
amid a paltry exit environ-
ment. Venture investors and
limited partners eager to cash
out of venture positions are
turning to secondary funds,
which acquire startup stakes
from venture funds and LP
stakes in funds.
“LPs are saying, ‘You ha-
ven’t sent us any money back
in a few years,’ ” StepStone
Partner Brian Borton said.
“We’re set up to be that liquid-
ity provider.”
Limited partners don’t al-
ways have a detailed view of
all the startups their fund in-
vestments back, creating an
opportunity for StepStone to
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THE WALL STREET JOURNAL.
soon receive
distributions year
after year, whenever it
makes sense for that to be the
case.
Like all venture investors,
they have to figure out how to
repatriate capital back to
their LPs [limited partners].
That usually causes at some
point the need to have a
transaction that liquefies
them. But that’s not in sight
right now.
WSJ: What are your top prior-
ities for the role?
Shrewsberry: The top pri-
ority is to prepare the com-
pany for growth. Whenever
the future happens, the more
we’ve executed on the growth
plan, the more valuable the
company will be. So it’s help-
ing to expand product, help-
ing to expand markets, help-
ing to expand the categories
that we’re involved in.
Making sure you’ve got the
capital, we’ve got the right
business model, the right
spot deals where fund stakes
might be worth more than
what LPs think, Borton said.
“This creates a tremendous
arbitrage opportunity for us to
capitalize on,” Borton said.
The firm has bought stakes
over the past year at discounts
of 50% to 100%, he added, not-
ing 90% of gains within its sec-
ondary venture fund portfolio
come from valuation growth as
opposed to discounted entry.
Purchasing startup stakes of
funds accounts for roughly
two-thirds of StepStone’s sec-
ondary venture business, while
buying LP stakes makes up
one-third, Borton said.
StepStone’s previous sec-
ondary venture fund was a
$2.6 billion vehicle raised in
2022. The firm launched its
first such fund in 2014 and
said strong performance in the
venture industry over the past
decade combined with limited
liquidity opportunities in re-
cent years has boosted its
business and helped it raise
larger funds.
Venture investors commit-
ted large amounts of capital to
startups during 2021, but ini-
tial public offerings and merg-
ers and acquisitions, the pri-
mary ways venture firms cash
unit-level economics. We pri-
oritize properly. We measure
results properly, and we make
the company as big, diverse
and resilient as possible.
WSJ: What do you think ven-
ture-backed companies are
looking for in a finance chief?
Shrewsberry: It depends. In
our case, it’s somebody who is
comfortable at this scale. I
think for later-stage, venture-
backed companies, a CFO that
has operated at a higher scale,
is in a position, whenever it
happens, to go from where we
are to what’s next. Market-
facing. And maybe, maybe
not, somebody who’s been
around the block a few times.
The more cycles we go
through, the more beneficial
it is to have people who
have taken their
lumps in a prior cy-
cle.
WSJ: GoodLeap
and other compa-
nies in the sector
are facing legal
pressure from state
attorneys general over
issues including fee dis-
closures. Do you see it as part
of your role to prepare the
company for this type of
pressure?
Shrewsberry: The company
has done a nice and sophisti-
cated job of preparing itself. It
has a real compliance func-
tion. At some level, we would
welcome some national regu-
lation in the space to create a
level playing field, so that the
weakest hands don’t have an
opportunity to sully the ex-
pectation of the experience
from the consumers’ perspec-
tive.
WSJ: Do regulatory issues
cross your desk?
Shrewsberry: I work closely
with the legal team, and the
compliance team just to really
understand exactly where we
stand and the elements of fi-
nancial risk. You don’t want
disenchanted customers out
there who don’t get what they
bargained for.
out investments and return
capital to LPs, slowed starting
in 2022. That left venture
firms and LPs hungry for alter-
native liquidity options.
“Liquidity issues for the
early-stage investors is really
driving the secondaries right
now,” said Kyle Stanford, the
lead U.S. venture capital re-
search analyst at research firm
PitchBook.
Secondary venture funds
collectively raised roughly
$100 million in the first quar-
ter of this year, after raising
$3 billion in 2022 and $1.6 bil-
lion last year, according to
PitchBook.
“LPs need to get some
money back to rebalance their
portfolios,” Stanford said.
“Now there’s a reason for
someone like StepStone to
raise $3.3 billion to invest
solely in secondaries.”
Borton said he is aware of
other funds trying to enter the
sector, but noted that operat-
ing in the secondary market
niche comes with challenges.
Firms typically aim to unload
their losers, Borton said, leav-
ing StepStone with the tricky
and risky job of identifying
bets the firms are wrong about
in their assumptions.
ALEXANDRA LARKIN
THE WALL STREET JOURNAL. * * * Tuesday, June 11, 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
38868.04 s 69.05, or 0.18% Trailing P/E ratio 26.98 22.68 5360.79 s 13.80, or 0.26% Trailing P/E ratio * 23.37 19.14 17192.53 s 59.40, or 0.35% Trailing P/E ratio *† 30.89 30.25
High, low, open and close for each P/E estimate * 18.85 17.97 High, low, open and close for each P/E estimate * 21.72 19.52 High, low, open and close for each P/E estimate *† 28.05 28.37
trading day of the past three months. Dividend yield 2.17 2.09 trading day of the past three months. Dividend yield * 1.36 1.62 trading day of the past three months. Dividend yield *† 0.79 0.76
All-time high 40003.59, 05/17/24 All-time high 5360.79, 06/10/24 All-time high: 17192.53, 06/10/24

Current divisor 0.15221633137872

40100 5400 17200
Session high
DOWN UP
Session open Close 39600 5300 16800
t

Close Open
t

39100 5200 16400

Session low

38600 5100 16000

65-day moving average

65-day moving average
38100 5000 15600

65-day moving average 37600 4900 15200

Bars measure the point change from session's open

37100 4800 14800
Mar. Apr. May June Mar. Apr. May June Mar. Apr. May June
*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* 886,863,326 17,919,923
Industrial Average 38877.86 38665.45 38868.04 69.05 0.18 40003.59 32417.59 14.1 3.1 4.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 462,920,386 12,367,039
Transportation Avg 15166.37 14926.89 15159.06 136.21 0.91 16695.32 13556.07 6.0 -4.7 -0.04 Most-active issues in late trading Decl. volume* 412,557,129 5,185,049
Utility Average 926.45 915.55 924.99 4.87 0.53 955.01 783.08 1.3 4.9 0.6 Volume After Hours Issues traded 2,890 307
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 53062.20 52696.44 53007.79 153.88 0.29 53007.79 40847.04 22.3 10.9 6.2 Advances 1,402 153
NVIDIA NVDA 7,781.7 121.72 -0.07 -0.06 1209.21 120.45
Barron's 400 1129.55 1118.93 1129.32 3.84 0.34 1166.53 907.97 18.0 5.3 3.9 Declines 1,403 136
Brookfield BN 7,511.2 41.11 -0.53 -1.27 41.90 41.11
Unchanged 85 18
Nasdaq Stock Market iShares MSCI ACWI ETF ACWI 6,218.8 112.31 … unch. 112.31 112.31 New highs 67 6
Nasdaq Composite 17213.45 17057.34 17192.53 59.40 0.35 17192.53 12595.61 27.7 14.5 7.0 iSh MSCI Emerging Mkts EEM 5,953.8 42.32 0.03 0.07 42.33 42.07 New lows 59 10
Nasdaq-100 19089.83 18940.71 19074.67 73.72 0.39 19074.67 14109.57 29.0 13.4 11.0 Incyte INCY 4,828.4 59.40 … unch. 59.57 59.40 Closing Arms† 1.00 0.29
Vale ADR VALE 4,697.4 11.43 0.03 0.26 11.45 11.38 Block trades* 4,183 194
S&P
0.26
Apple AAPL 4,593.5 192.38 -0.74 -0.38 196.61 187.79
500 Index 5365.79 5331.52 5360.79 13.80 5360.79 4117.37 23.6 12.4 8.1 Nasdaq NYSE Arca
DXC Technology DXC 4,243.0 19.28 0.83 4.50 19.40 18.45
MidCap 400 2929.87 2896.85 2926.28 5.58 0.19 3046.36 2326.82 14.5 5.2 2.3 Total volume*5,207,113,685 214,417,362
SmallCap 600 1290.60 1278.00 1290.42 -6.01 -0.46 1345.71 1068.80 7.2 -2.1 -2.3 Percentage gainers… Adv. volume*3,257,596,889 132,574,440
Blue World Acqn Cl A BWAQ 131.2 10.94 4.12 60.41 20.54 7.48 Decl. volume*1,852,555,788 80,245,034
Other Indexes
Redwoods Acquisition RWOD 76.4 6.70 1.19 21.60 8.29 5.50 Issues traded 4,416 1,924
Russell 2000 2033.65 2008.30 2031.61 5.06 0.25 2124.55 1636.94 8.5 0.2 -4.2
Advances 2,135 1,291
NYSE Composite 18055.06 17919.93 18037.53 51.90 0.29 18388.26 14675.78 16.0 7.0 2.7 Zedge Cl B ZDGE 89.0 3.43 0.42 13.95 3.80 2.96
Declines 2,112 586
Value Line 588.51 583.36 588.08 0.42 0.07 615.81 498.09 5.00 -1.0 -4.73 DXC Technology DXC 4,243.0 19.28 0.83 4.50 19.40 18.45
Unchanged 169 47
NYSE Arca Biotech 5247.95 5164.99 5243.63 -2.75 -0.05 5511.46 4544.40 -3.3 -3.2 -4.5
Sutro Biopharma STRO 65.3 4.00 0.15 3.90 4.00 3.85
New highs 107 78
NYSE Arca Pharma 1065.61 1051.53 1063.61 6.73 0.64 1063.61 837.32 23.4 16.9 12.3 ...And losers New lows 175 14
KBW Bank 102.47 101.03 102.09 -0.88 -0.85 107.64 71.71 25.6 6.3 -7.4 Yext YEXT 853.5 4.40 -0.64 -12.70 5.36 3.98 Closing Arms† 0.57 1.40
PHLX§ Gold/Silver 138.19 135.57 138.18 1.98 1.45 151.36 102.94 11.5 9.9 -5.3 ACELYRIN SLRN 67.5 4.46 -0.25 -5.31 4.71 4.46 Block trades* 36,607 936
PHLX§ Oil Service 83.61 80.73 83.03 2.36 2.93 98.76 74.52 10.0 -1.0 7.6 Centrais Elet Brasil ADR EBR 157.6 6.40 -0.35 -5.19 6.82 6.40 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5379.49 5238.84 5362.40 75.16 1.42 5362.40 3185.18 47.3 28.4 18.8 Playtika Holding PLTK 334.0 8.28 -0.43 -4.94 8.71 8.28 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 13.28 12.62 12.74 0.52 4.26 21.71 11.86 -15.1 2.3 -7.5 Ironwood Pharm Cl A IRWD 184.9 6.22 -0.32 -4.89 6.58 6.21 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 794.75 0.51 0.06 9.3 ICC Holdings ICCH 22.14 6.14 38.38 22.25 14.78 36.3 Tonix Pharmaceuticals TNXP 2.21 -1.12 -33.66 63.68 2.18 -96.0
MSCI ACWI ex-USA 332.05 –1.17 –0.35 4.9 Urban One Cl A UONE 2.90 0.78 36.79 6.70 1.89 -52.9 Tharimmune THAR 3.47 -1.73 -33.27 163.09 3.35 -97.6
MSCI World 3482.22 3.52 0.10 9.9 AXIL Brands AXIL 11.00 2.59 30.80 15.00 5.00 -12.7 Baijiayun Group RTC 3.66 -1.79 -32.84 44.13 2.93 -91.6
MSCI Emerging Markets 1070.33 –2.81 –0.26 4.6 U-BX Technology UBXG 9.48 2.10 28.46 10.03 3.92 ... Perion Network PERI 8.61 -3.71 -30.11 36.86 8.14 -74.5
Americas MSCI AC Americas 2014.34 5.44 0.27 11.1 Rapport Therapeutics RAPP 26.19 5.39 25.91 26.44 18.00 ... CNS Pharmaceuticals CNSP 3.65 -1.40 -27.72 137.50 3.37 -96.4
Canada S&P/TSX Comp 22069.76 62.76 0.29 5.3 Texas Pacific Land TPL 723.28 141.21 24.26 732.26 422.07 60.8 Logistic Prop Americas LPA 17.75 -6.75 -27.55 525.00 5.59 74.5
Latin Amer. MSCI EM Latin America 2207.68 –25.21 –1.13 –17.1 Akanda AKAN 2.71 0.49 22.07 42.00 2.12 -90.3 SeaStar Medical Holding ICU 4.21 -1.28 -23.25 42.92 3.83 -68.8
Brazil Bovespa 120759.51 –7.68 –0.01 –10.0 Silynxcom SYNX 2.73 0.49 21.87 4.10 2.10 ... Volcon VLCN 8.10 -2.22 -21.51 16425.00 8.07 -99.9
Chile S&P IPSA 3590.06 –8.47 –0.24 3.5 One Stop Systems OSS 2.53 0.45 21.63 4.58 1.56 -13.7 Telesis Bio TBIO 3.03 -0.77 -20.26 39.24 3.03 -88.9
Mexico S&P/BMV IPC 53122.58 145.26 0.27 –7.4 iLearningEngines AILE 5.74 0.99 20.84 20.00 4.50 -44.9 Semilux International SELX 2.04 -0.48 -19.05 12.15 0.77 -80.8
EMEA STOXX Europe 600 522.16 –1.39 –0.27 9.0 Redwire RDW 6.30 1.05 20.00 6.30 2.35 152.0 Gorilla Technology Group GRRR 4.01 -0.67 -14.32 69.80 3.89 -78.1
Eurozone Euro STOXX 517.50 –3.51 –0.67 9.1 Shineco SISI 3.33 0.55 19.60 6.93 0.61 -28.4 Inspire Veterinary Ptrs IVP 1.92 -0.32 -14.29 410.00 1.80 ...
Belgium Bel-20 3890.79 –9.60 –0.25 4.9 Journey Medical DERM 5.61 0.91 19.36 8.11 1.49 235.9 Big Lots BIG 2.30 -0.36 -13.53 11.06 2.29 -66.0
Denmark OMX Copenhagen 20 2892.90 3.97 0.14 26.7 Virco Manufacturing VIRC 15.68 2.49 18.88 15.99 3.82 289.1 CareCloud CCLD 3.21 -0.44 -12.05 3.80 0.68 1.6
France CAC 40 7893.98 –1.35 4.7 Ivanhoe Electric IE 10.81 1.71 18.79 16.75 7.29 -20.7 GameStop Cl A GME 24.83 -3.39 -12.01 64.83 9.95 2.2
–107.82
Germany DAX 18494.89 –0.34 10.4
Israel Tel Aviv 1978.63
–62.38
5.28 0.27 6.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34542.01 –118.37 –0.34 13.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 924.70 0.99 0.11 17.5
Norway Oslo Bors All-Share 1643.72 –3.24 –0.20 8.2 KWESST Micro Systems KWE 325,784 166252.9 0.87 117.15 3.85 0.30 Invsc S&P SC Momentum XSMO 3,360 2520 59.87 -0.43 62.31 45.10
NVIDIA NVDA 309,744 -37.3 121.79 0.75 195.95 38.62 Skye Bioscience SKYE 1,271 2504 9.98 -8.78 19.41 1.44
South Africa FTSE/JSE All-Share 76188.16 –663.62 –0.86 –0.9
Spain IBEX 35 11357.20 –47.70 –0.42 12.4 Nauticus Robotics KITT 211,573 1943.9 0.23 48.97 2.49 0.11 Amer Cent Qual Divrs Intl QINT 361 2012 50.52 0.08 51.12 40.83
Sweden OMX Stockholm 986.12 –0.74 9.2 Presto Automation PRST 161,833 1316.1 0.11 23.46 5.74 0.07 Farmers & Merchants Bncp FMAO 301 1654 22.70 13.16 27.78 16.90
–7.32
AgriFORCE Growing Sys AGRI 160,757 1318.5 0.10 6.68 15.50 0.08 Insight Acquisition Cl A INAQ 93 1636 11.70 1.30 11.99 10.30
Switzerland Swiss Market 12137.74 –117.02 –0.95 9.0
Turkey BIST 100 9997.91 –141.06 –1.39 33.8 GameStop Cl A GME 129,914 272.4 24.83 -12.01 64.83 9.95 Mountain & Co. I Cl A MCAA 426 1634 11.60 -0.09 11.63 10.83
U.K. FTSE 100 8228.48 –16.89 –0.20 6.4 Apple AAPL 95,574 57.5 193.12 -1.91 199.62 164.08 TenX Keane Acquisition TENK 100 1530 11.35 -0.09 12.03 10.47
U.K. FTSE 250 20446.04 –0.53 3.8 ProSh UltraPro Shrt QQQ SQQQ 93,387 -30.2 9.22 -1.07 23.34 9.16 Hudson Acquisition I HUDA 384 1504 18.66 11.74 23.30 10.30
–109.33
Faraday Future FFIE 82,424 -53.4 0.56 -8.29 117.36 0.04 Diamond Offshore Drill DO 22,489 1487 15.45 10.91 17.32 11.02
Asia-Pacific MSCI AC Asia Pacific 180.22 0.23 0.13 6.4
Barnes & Noble Education BNED 78,649 379.9 0.13 -22.68 2.26 0.12 Invsc Intl BuyBack Ach IPKW 333 1415 40.98 0.37 41.70 33.19
Australia S&P/ASX 200 7860.00 … Closed 3.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3051.28 … Closed 2.6 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 18366.95 … Closed 7.7
India BSE Sensex 76490.08 –0.27 5.9
Scan this code
–203.28
Japan NIKKEI 225 39038.16 354.23 0.92 16.7 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3322.08 –8.69 –0.26 2.5 track most-active stocks,
South Korea KOSPI 2701.17 –21.50 –0.79 1.7 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 21858.38 … Closed 21.9 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1318.57 –14.17 –1.06 –6.9
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003934 25423 4.7
CREDIT MARKETS Argentina peso .0011901.5741 11.5 Europe
Brazil real .1867 5.3548 10.4 Czech Rep. koruna .04371 22.879 2.2
3.9 .1443 6.9288 2.3
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso
.7267 1.3761
.001086 920.79 5.2
Denmark krone
Euro area euro 1.0767 .9288 2.5
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000252 3967.25 2.37 Hungary forint .002740 364.95 5.1
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007191 139.07 2.3
A consumer rate against its 5-year CDs Mexico peso .0548 18.2404 7.5 Norway krone .0940 10.6424 4.6
benchmark over the past year 6.00% Uruguay peso .02576 38.8197 –0.6 Poland zloty .2489 4.0179 2.1
Bankrate.com avg†: 2.84% 16% Sweden krona .0954 10.4779 3.7
Tradeweb ICE Asia-Pacific
Federal-funds Merrick Bank 4.25% Monday Close 5.00 Switzerland franc 1.1152 .8967 6.5
Australiadollar .6611 1.5126 3.1
target rate t 6.00% South Jordan, UT 866-638-6851 t 8 WSJ Dollar Index Turkey lira .0309 32.3756 9.8
China yuan .1380 7.2478 1.9
4.00 .0247 40.4500 6.0
t
Ukraine hryvnia
s
Popular Direct 4.30% Hong Kong dollar .1280 7.8130 0.04
4.00 One year ago 0 UK pound 1.2732 .7854 0.01
3.00 India rupee .01197 83.520 0.4
Miami Lakes, FL 800-274-5696 Middle East/Africa
s Indonesia rupiah .0000613 16309 6.0
t
2.00 Quontic Bank 4.30% 2.00 –8 s Euro Japan yen .006368 157.04 11.4 Bahrain dinar 2.6532 .3769 –0.01
Five-year CD yields New York, NY 800-908-6600 Yen Kazakhstan tenge .002228 448.81 –1.4 Egypt pound .0210 47.6986 54.2
0.00 First Internet Bank of Indiana 4.50% 1.00 –16 Macau pataca .1242 8.0530 –0.01 Israel shekel .2670 3.7455 3.9
Malaysia ringgit .2118 4.7210 2.7 Kuwait dinar 3.2606 .3067 –0.2
Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 2023 2024
–2.00 New Zealand dollar .6128 1.6319 3.1 Oman sul rial 2.5976 .3850 –0.01
First National Bank of America 4.50% month(s) years
J A S OND J FMAM J Pakistan rupee .00359 278.675 –0.9 Qatar rial .2743 3.646 0.1
East Lansing, MI 800-968-3626 maturity Philippines peso .0170 58.705 6.0 Saudi Arabia riyal .2666 3.7504 0.01
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7393 1.3526 2.5 South Africa rand .0534 18.7216 2.3
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007274 1374.71 6.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033014 302.90 –6.5
WSJ Dollar Index 99.83
Close Net Chg % Chg YTD%Chg
0.10 0.10 4.17
Federal-funds rate target 5.25-5.50 5.25-5.50 5.00 l 5.50 5.25 Taiwan dollar .03090 32.363 5.4
Yield (%) 52-Week Total Return (%) Thailand baht .02723 36.730 6.8 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 5.33 5.34 5.05 5.40 5.32
Money market, annual yield 0.51 0.51 0.46 l
l
0.64 0.43
U.S. Treasury, Bloomberg 2140.780 4.670 4.620 5.120 4.040 0.585 –3.519 Commodities
Monday 52-Week YTD
Five-year CD, annual yield 2.84 2.87 2.77 l 2.87 2.39 U.S. Treasury Long, Bloomberg 3054.650 4.660 4.610 5.280 3.920 –5.920–10.436 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.47 7.45 7.01 l 8.28 4.38 Aggregate, Bloomberg 2032.640 5.080 5.020 5.740 4.490 2.044 –3.219
15-year mortgage, fixed† 6.88 7.02 6.34 l 7.42 4.50
DJ Commodity 1035.35 8.08 0.79 1079.94 932.16 11.07 8.10
Fixed-Rate MBS, Bloomberg 2001.240 5.300 5.230 6.050 4.620 1.271 –3.221
Jumbo mortgages, $766,550-plus† 7.58 7.52 7.07 l 8.33 4.48 Refinitiv/CC CRB Index 291.39 1.53 0.53 300.23 256.94 13.40 10.45
High Yield 100, ICE BofA 3603.333 7.068 7.094 9.101 7.030 9.864 1.854
Five-year adj mortgage (ARM)† 6.65 6.70 6.04 l 7.16 3.43 Crude oil, $ per barrel 77.74 2.21 2.93 93.68 67.12 15.82 8.50
Muni Master, ICE BofA 581.960 3.594 3.708 4.311 3.038 2.624 –1.125
New-car loan, 48-month 7.90 7.90 7.26 l 7.90 3.89 Natural gas, $/MMBtu 2.906 -0.012 -0.41 3.575 1.575 28.24 15.59
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 858.717 7.811 7.732 8.842 7.205 8.709 –2.479
banks.† Excludes closing costs. Gold, $ per troy oz. 2307.70 2.50 0.11 2433.90 1816.60 18.02 11.89
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B8 | Tuesday, June 11, 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 Sept 679.00 679.00 655.25 656.40 –22.50 72,314 Sept 1.2725 1.2745 1.2696 1.2741 .0009 29,942 Mini S&P 500 (CME)-$50 x index
Contract Open
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF June 5351.50 5375.75 5338.25 5371.25 15.50 2,095,039
Aug 255.550 259.400 255.500 258.650 3.725 23,830 June 1.1161 1.1178 1.1142 1.1164 –.0004 88,134 Sept 5412.50 5439.50 5402.25 5435.25 15.75 106,548
Open High hi lo Low Settle Chg interest
Oct 257.000 260.975 257.000 260.200 3.750 7,885 Sept 1.1274 1.1293 1.1257 1.1280 –.0004 6,945
Mini S&P Midcap 400 (CME)-$100 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. June 2920.20 2934.30 2889.80 2930.40 5.70 38,250
June 4.4750 4.5690 4.4750 4.5565 0.0620 2,187
Australian Dollar (CME)-AUD 100,000; $ per AUD
June 182.425 184.175 182.175 183.925 1.750 15,023 Sept 2944.10 2965.00 2924.10 2962.60 5.90 18
June .6581 .6613 .6578 .6608 .0020 186,086
July 4.4475 4.5570 4.4310 4.5435 0.0600 107,941 Aug 177.575 180.150 177.575 179.975 2.800 126,188 Mini Nasdaq 100 (CME)-$20 x index
Gold (CMX)-100 troy oz.; $ per troy oz. Sept .6599 .6629 .6594 .6625 .0020 22,967
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
June 19025.00 19129.75 18974.25 19109.75 72.00 241,476
June 2290.60 2309.30 2290.50 2307.70 2.50 555 June 92.200 92.575 92.125 92.250 –.275 13,542 Sept 19278.50 19381.00 19227.75 19362.50 73.50 10,053
July 2299.50 2319.30 t 2292.90 2315.10 1.90 2,166 June .05426 .05484 t .05352 .05447 .00021 249,482 Mini Russell 2000 (CME)-$50 x index
July 93.500 94.050 92.475 92.900 –.600 72,129
Aug 2311.00 2331.30 2304.50 2327.00 2.00 365,042 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept .05350 .05405 t .05276 .05369 .00019 17,111 June 2027.70 2038.00 2005.80 2035.90 6.70 464,364
Oct 2330.00 2353.70 2327.20 2349.60 2.00 19,266 July 511.50 516.00 508.50 510.50 –1.50 8,331 Euro (CME)-€125,000; $ per € Sept 2050.00 2060.70 2028.70 2058.60 6.60 4,388
Dec 2356.80 2376.40 2349.80 2372.30 2.00 40,650 Sept 525.50 527.00 521.00 524.00 –3.00 3,026 June 1.0775 1.0786 1.0737 1.0766 –.0044 614,022 Mini Russell 1000 (CME)-$50 x index
Feb'25 2379.00 2398.40 2374.20 2394.70 1.70 6,781 Milk (CME)-200,000 lbs., cents per lb. Sept 1.0831 1.0831 1.0782 1.0812 –.0044 66,576 June 2912.40 2930.60 2911.50 2927.30 7.40 6,111
Palladium (NYM) - 50 troy oz.; $ per troy oz. June 19.53 19.73 19.51 19.70 .20 4,036 Sept 2932.00 2958.20 2946.60 2955.20 8.70 2
June 909.50 909.50 909.50 896.40 –13.10 4 July 20.13 20.63 19.84 20.61 .65 4,953 Index Futures U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 912.50 932.50 892.50 910.50 –13.10 24,987 Cocoa (ICE-US)-10 metric tons; $ per ton. June 105.02 105.36 105.01 105.11 .26 30,670
Platinum (NYM)-50 troy oz.; $ per troy oz. July 9,933 10,038 9,411 9,687 –246 23,141 Mini DJ Industrial Average (CBT)-$5 x index Sept 104.63 104.99 104.63 104.75 .25 8,440
June 1028.00 1030.50 1028.00 972.50 4.70 25 Sept 9,126 9,194 8,633 8,916 –247 43,531 June 38852 38945 38719 38929 72 102,121
July 970.90 981.70 968.70 976.70 5.60 67,477 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 39246 39353 39125 39339 73 3,148 Source: FactSet
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 225.00 226.45 219.05 221.40 –3.40 67,764
June 29.590 29.690 29.285 29.769 0.434 125 Sept 224.70 226.55 219.05 222.00 –2.90 96,179
July 29.250 29.935 29.230 29.874 0.434 119,571 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 18.95 19.30 18.60 18.63 –.37 255,186 Bonds | wsj.com/market-data/bonds/benchmarks
July 75.35 78.29 75.23 77.74 2.21 269,326 Oct 18.82 19.15 18.56 18.59 –.29 262,459
Aug
Sept
74.97
74.63
77.85
77.33
74.94
74.55
77.33
76.82
2.11
2.02
288,974
220,177
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
July 37.83 37.83 37.83 37.83 … 89
Tracking Bond Benchmarks
Oct 74.18 76.74 74.08 76.25 1.93 129,808 Sept 37.15 37.30 36.85 37.16 .32 2,081 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec 73.34 75.64 73.20 75.17 1.76 189,321 Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds
Dec'25 69.78 71.39 69.69 71.01 1.22 108,808 July 73.84 t 74.28
71.28 71.81 –2.03 63,952 Total Total
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 72.89 t 73.30
71.27 71.59 –1.30 122,794 return YTD total Yield (%) return YTD total Yield (%)
July 2.3550 2.4247 2.3540 2.4147 .0630 91,424 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
Sept 2.3900 2.4552 2.3873 2.4445 .0591 58,642 July 421.00 436.05 416.95 429.35 5.60 7,054
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 417.70 431.40 415.00 425.90 4.25 3,202 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
July 2.3767 2.4275 2.3722 2.4109 .0283 110,048
2032.64 -1.4 U.S. Aggregate 5.080 4.490 5.740 2001.24 -1.7 Mortgage-Backed 5.300 4.620 6.050
Aug 2.3632 2.4137 2.3580 2.3983 .0322 81,849
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Interest Rate Futures -1.6 Ginnie Mae (GNMA) 5.310 4.640 6.020
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1977.75
July 2.980 3.096 2.862 2.906 –.012 237,068 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Aug 3.055 3.163 2.945 2.977 –.019 113,377 June 123-230 124-110 123-060 123-130 –31.0 32,970 3091.68 -0.9 U.S. Corporate 5.520 5.020 6.430 1176.65 -1.7 Fannie mae (FNMA) 5.290 4.620 6.050
Sept 3.031 3.128 2.929 2.958 –.013 183,143 Sept 124-110 124-120 123-110 123-180 –31.0 1,682,064 1821.87 -1.2 Freddie Mac (FHLMC) 5.230 4.540 6.190
3006.71 0.4 Intermediate 5.430 4.950 6.350
Oct 3.100 3.189 3.005 3.034 –.010 142,654 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Nov 3.398 3.480 s 3.318 3.347 –.004 109,010 June 116-290 117-120 116-210 116-250 –20.0 4,040 4063.90 -3.6 Long term 5.690 5.160 6.600 581.96 -1.1 Muni Master 3.594 3.038 4.311
Jan'25 4.026 4.124 3.995 4.020 .019 92,846 Sept 117-140 117-150 116-230 116-290 –20.0 1,647,606
586.60 -2.0 Double-A-rated 5.130 4.540 5.760 410.30 -2.0 7-12 year 3.366 2.721 4.097
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Agriculture Futures June 108-295 109-005 108-250 108-265 –7.0 3,701 835.63 -0.5 Triple-B-rated 5.710 5.250 6.700 471.54 -0.9 12-22 year 3.826 3.388 4.742
Sept 109-080 109-085 109-005 109-030 –7.0 4,354,237
Corn (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% High Yield Bonds ICE BofA 447.34 -0.4 22-plus year 4.333 4.070 5.274
July 448.75 452.75 447.75 451.60 3.00 596,354 Global Government J.P. Morgan†
June 105-202 105-232 105-192 105-205 –3.2 3,916 536.55 2.0 High Yield Constrained 7.958 7.620 9.560
Dec 467.00 470.50 466.75 468.25 1.00 457,586 Sept 106-017 106-022 105-302 105-315 –3.7 6,291,117
Oats (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 522.46 3.1 Triple-C-rated 13.275 12.616 15.455 532.47 -2.1 Global Government 3.590 2.950 3.810
July 349.50 349.50 333.00 333.40 –14.50 1,880 June 101-210 101-217 101-201 101-208 –.2 602
3603.33 1.7 High Yield 100 7.068 7.030 9.101 797.00 -0.7 Canada 3.530 3.090 4.260
Dec 368.00 369.25 356.75 358.40 –8.25 1,404 Sept 101-282 101-292 101-271 101-283 –.7 3,906,741
Soybeans (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 469.35 2.9 Global High Yield Constrained 7.731 7.552 9.440 347.47 -2.5 EMU§ 3.365 2.669 3.790
July 1179.25 1190.75 1175.50 1188.25 9.00 294,656 June 94.6725 94.6725 94.6700 94.6700 –.0025 172,689
Nov 1159.00 1163.25 1152.50 1158.60 1.00 261,653 356.50 3.0 Europe High Yield Constrained 6.309 6.207 8.022 637.81 -3.4 France 3.330 2.540 3.630
July 94.6750 94.6750 t 94.6700 94.6750 349,559
Soybean Meal (CBT)-100 tons; $ per ton. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. U.S Agency Bloomberg Fixed Income Indices 452.03 -3.3 Germany 2.760 2.020 3.030
July 360.50 369.20 360.10 368.00 7.30 159,535 March 94.6475 94.6475 t 94.6450 94.6450 903,546
Dec 355.40 359.80 354.60 358.60 3.10 130,015 June 94.6550 94.6575 t 94.6525 94.6525 –.0025 1,358,948
1785.20 0.2 U.S Agency 5.050 4.380 5.390 270.24 -3.1 Japan 1.430 0.710 1.460
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 0.5 10-20 years 5.060 4.360 5.370
1581.36 490.34 -3.7 Netherlands 2.980 2.260 3.320
July 43.60 43.91 43.11 43.66 .03 200,781
Dec 44.17 44.54 43.72 44.09 –.14 154,967
Currency Futures 3359.25 -2.6 20-plus years 5.010 4.500 5.740 780.33 -3.9 U.K. 4.540 3.790 4.880
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Japanese Yen (CME)-¥12,500,000; $ per 100¥
July 18.28 18.28 17.63 17.72 –.45 2,950 2715.34 -0.4 Yankee 5.360 4.860 6.110 858.72 1.2 Emerging Markets ** 7.811 7.205 8.842
June .6384 .6389 .6369 .6374 –.0019 278,651
Sept 15.49 15.60 15.33 15.51 –.04 5,093 Sept .6471 .6478 .6457 .6461 –.0019 34,427 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Wheat (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
July 626.00 627.00 606.25 607.50 –20.00 164,308 June .7267 .7272 .7257 .7268 –.0009 262,769
Sept 648.25 648.25 629.50 630.60 –18.50 101,279 Sept .7281 .7288 .7273 .7283 –.0009 33,058
Wheat (KC)-5,000 bu.; cents per bu.
July 665.25 665.25 642.25 643.75 –22.00 92,323
British Pound (CME)-£62,500; $ per £ Global Government Bonds: Mapping Yields
June 1.2714 1.2738 1.2689 1.2734 .0009 230,615
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Cash Prices | wsj.com/market-data/commodities Monday, June 10, 2024 Country/
Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4
Yield (%)
5 6 Previous Month ago Year ago
Spread Under/Over U.S. Treasurys, in basis points
Latest Prev Year ago
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate 4.875 U.S. 2 4.883 s l 4.870 4.866 4.604
from the futures price on an exchange, which reflects what the commodity might be worth in future months. 4.375 10 4.468 s l 4.428 4.503 3.744
Monday Monday Monday 4.250 Australia 2 3.997 3.997 4.031 4.009 -90.0 -59.8
l -89.4
Copper,Comex spot 4.5565 Wheat,No.2 soft red,St.Louis-u 6.0500
Energy Iron Ore, 62% Fe CFR China-s *109.3 Wheat - Hard - KC (USDA) $ per bu-u 6.7775
3.750 10 4.232 l 4.232 4.333 3.959 -24.0 -20.7 21.6
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 79.400 Steel, HRC USA, FOB Midwest Mill-s *740.0 Wheat,No.1soft white,Portld,OR-u 6.5500 2.500 France 2 3.225 s l 3.171 3.062 3.100 -166.6 -172.6 -150.7
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.600 Battery/EV metals Food
BMI Lithium Carbonate, EXW China, =99.2%-v,w 14275
3.500 10 3.229 s l 3.103 3.004 2.924 -124.3 -133.6 -81.8
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 12825 Beef,carcass equiv. index 2.900 Germany 2 3.128 s l 3.092 2.986 2.913 -176.4 -180.5 -169.4
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4416 choice 1-3,600-900 lbs.-u 294.75
BMI Nickel Sulphate, EXW China, >22%-v,m 4416 select 1-3,600-900 lbs.-u 279.43 2.200 10 2.684 s l 2.618 2.524 2.378 -178.8 -182.2 -136.4
Engelhard industrial 2309.00
2304.40 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3211 3.600 Italy 2 3.656 s 3.604 3.554 3.501 -129.3 -110.6
Handy & Harman base l -123.5
Butter,AA Chicago-d 3.0800
Handy & Harman fabricated 2557.88 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 196.75 3.850 10 4.092 s l 3.959 3.820 4.104 -38.0 -48.1 36.1
LBMA Gold Price AM *2338.00
Burlap,10-oz,40-inch NY yd-n,w 0.8125 Cheddar cheese,blk,Chicago-d 189.75
LBMA Gold Price PM *2310.80 0.400 Japan 2 0.385 s l 0.349 0.318 -0.064 -450.6 -454.9 -467.1
Krugerrand,wholesale-e 2400.22 Cotton,1 1/16 std lw-mdMphs-u 0.6806 Milk,Nonfat dry,Chicago lb.-d 119.50
Maple Leaf-e 2423.30 Cotlook 'A' Index-t *84.65 Coffee,Brazilian,Comp-y 2.2704 0.800 10 1.039 s l 0.973 0.909 0.435 -343.3 -346.6 -330.7
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.4824
American Eagle-e 2423.30 2.800 Spain 2 3.312 s l 3.265 3.205 3.168 -157.9 -163.2 -143.9
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.4750
Mexican peso-e 2790.64
Flour,hard winter KC-p 17.90 3.250 10 3.455 s l 3.359 3.315 3.360 -101.8 -108.0 -38.2
Austria crown-e 2265.20 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
Austria phil-e 2423.30 0.125 U.K. 2 4.417 s l 4.379 4.310 4.561 -47.5 -51.8 -4.5
Bran,wheat middlings, KC-u,w 88 Hogs,Iowa-So. Minnesota-u 89.13
Silver, troy oz. Pork bellies,12-14 lb MidUS-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 4.2500 4.250 10 4.334 s l 4.264 4.173 4.239 -13.9 -17.5 49.6
Engelhard industrial 29.9500 Pork loins,13-19 lb MidUS-u 1.3290
Corn gluten feed,Midwest-u,w 103.2
Handy & Harman base 29.6900 Corn gluten meal,Midwest-u,w 420.8 Steers,Tex.-Okla. Choice-u 185.00 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Handy & Harman fabricated 37.1130 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 298.75
*£23.6600
LBMA spot price
(U.S.$ equivalent) *30.2650
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
115
313
Fats and Oils Corporate Debt
Coins,wholesale $1,000 face-a 23099 Oats,No.2 milling,Mnpls-u 4.0350 Degummed corn oil, crude wtd. avg.-u,w n.a. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.4350 expectations
LBMA Platinum Price PM *981.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 975.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 382.20 Soybean oil,crude;Centl IL-u,w 0.4213 Investment-grade spreads that tightened the most…
Palladium,Engelhard industrial 925.0 Soybeans,No.1 yllw IL-bp,u 11.6500 Tallow,bleach;Chicago-h 0.4600 Spread*, in basis points
Aluminum, LME, $ per metric ton *2578.5 Wheat,Spring14%-pro Mnpls-u 8.3525 Tallow,edible,Chicago-u 0.5050 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Western Union WU 6.200 6.01 Nov. 17, ’36 154 –258 n.a.
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Toronto–Dominion Bank TD 4.456 5.39 June 8, ’32 91 –228 93
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 6/7
Source: Dow Jones Market Data Netflix NFLX 5.375 5.22 Nov. 15, ’29 74 –191 71
Citigroup C 4.125 5.34 July 25, ’28 86 –161 n.a.
Philip Morris International PM 4.250 5.82 Nov. 10, ’44 114 –148 109
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks PulteGroup PHM 6.000 5.67 Feb. 15, ’35 121 –125 122
–120
Money Rates June 10, 2024 Goldman Sachs
NatWest Markets
GS
…
6.250
5.416
5.63
5.45
Feb. 1, ’41
May 17, ’27
95
77 –118
89
77
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. …And spreads that widened the most
Banco Santander … 6.350 6.35 March 14, ’34 188 30 176
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Credit Agricole … 3.250 5.86 Jan. 14, ’30 139 17 n.a.
April index Chg From (%) Bristol–Myers Squibb BMY 3.250 5.14 Feb. 27, ’27 46 5 n.a.
level March '24 April '23 Policy Rates Federal funds 4 130
Oracle ORCL 6.500 5.77 April 15, ’38 132
Euro zone 4.50 4.50 4.50 3.75 Effective rate 5.3300 5.3300 5.3500 5.0800
U.S. consumer price index Intesa Sanpaolo* … 7.200 6.12 Nov. 28, ’33 166 3 164
Switzerland 2.00 2.00 2.25 2.00 High 5.6500 5.6500 5.6500 5.4000
All items 313.348 0.33 3.3 Low 5.3100 5.3100 5.3300 5.0500 Commonwealth Bank of Australia … 5.837 5.85 March 13, ’34 138 2 133
Core 317.978 0.28 3.6 Britain 5.25 5.25 5.25 4.50
Bid 5.3300 5.3300 5.3300 5.0700 General Motors GM 5.200 6.26 April 1, ’45 158 2 150
Australia 4.35 4.35 4.35 4.10 5.3500
International rates Offer 5.3500 5.3700 5.0800 Toronto–Dominion Bank TD 4.693 5.28 Sept. 15, ’27 61 2 58
Overnight repurchase
Week 52-Week
Treasury bill auction High-yield issues with the biggest price increases…
Latest ago High Low U.S. 5.40 5.40 5.48 5.04 4 weeks 5.270 5.270 5.325 5.010 Bond Price as % of face value
13 weeks 5.250 5.250 5.345 5.130 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Prime rates U.S. government rates 26 weeks 5.165 5.155 5.350 4.975 0.67
Xerox … 6.750 8.64 Dec. 15, ’39 84.000 82.800
U.S. 8.50 8.50 8.50 8.25 0.34
Discount Other short-term rates Telecom Italia Capital … 7.200 7.85 July 18, ’36 95.000 91.500
Canada 7.20 7.20 7.20 6.70
Japan 1.475 1.475 1.475 1.475 5.50 5.50 5.50 5.25 Teva Pharmaceutical Finance Netherlands III … 3.150 6.09 Oct. 1, ’26 93.750 0.13 93.954
Week 52-Week 0.12
ZF North America Capital … 4.750 6.22 April 29, ’25 98.750 98.750
Latest ago high low
Prime Security Services Borrower … 5.750 6.15 April 15, ’26 99.305 0.11 99.250
Key Interest Rates Call money John Deere Capital … 4.900 5.08 June 11, ’27 99.516 0.04 n.a.
7.25 7.25 7.25 7.00
Data are annualized on a 360-day basis. Treasury yields are per annum, …And with the biggest price decreases
on actively traded noninflation and inflation-indexed issues that are Commercial paper (AA financial)
Paramount Global PARA 6.875 7.25 April 30, ’36 97.012 –0.65 97.233
adjusted to constant maturities. Data are from weekly Federal Reserve 90 days 5.28 5.33 5.54 5.14
Rakuten … 11.250 8.66 Feb. 15, ’27 106.050 –0.41 106.000
release H.15.
Week Ended 52-Week Week Ended 52-Week
Secured Overnight Financing Rate John Deere Capital … 5.050 5.22 June 12, ’34 98.661 –0.20 n.a.
Jun 7 May 31 High Low Jun 7 May 31 High Low 5.33 5.34 5.40 5.05 Mauser Packaging Solutions Holding … 7.875 7.09 April 15, ’27 102.000 –0.13 102.250
Federal funds (effective) 6-month 5.38 5.43 5.58 5.19
–0.12
1-year 5.12 5.20 5.46 4.76
Value 52-Week Regal Rexnord RRX 6.050 5.95 Feb. 15, ’26 100.154 100.353
5.33 5.33 5.33 5.07 Latest Traded High Low
–0.10
2-year 4.78 4.93 5.14 4.24 HAT Holdings I … 3.750 6.09 Sept. 15, ’30 87.956 87.000
Commercial paper 3-year 4.56 4.74 4.97 4.01 DTCC GCF Repo Index Transocean RIG 7.500 8.95 April 15, ’31 92.688 –0.06 93.373
Nonfinancial
5-year 4.37 4.57 4.86 3.84
7-year 4.35 4.57 4.90 3.81 Treasury 5.359 26.102 5.504 5.079 *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.
1-month n.a. 5.31 5.34 5.09 MBS 5.400 47.200 5.689 5.102
2-month n.a. 5.31 5.37 5.14 10-year 4.35 4.55 4.87 3.73 Note: Data are for the most active issue of bonds with maturities of two years or more
3-month 5.32 n.a. 5.40 5.20 20-year 4.57 4.76 5.20 4.02 Source: MarketAxess
Weekly survey
Financial Treasury yields (secondary market)
1-month 5.35 5.32 5.43 5.09 Latest Week ago Year ago
1-month 5.28 5.27 5.33 5.01
2-month
3-month
n.a.
5.31
5.33
5.34
5.51
5.53
5.19
5.20
3-month
6-month
5.25
5.15
5.26
5.17
5.35
5.34
5.10
5.00
Freddie Mac Dividend Changes
Discount window primary credit 30-year fixed 6.99 7.03 6.71 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
TIPS
5.50 5.50 5.50 5.25 15-year fixed 6.29 6.36 6.07
5-year 2.09 2.23 2.55 1.71 Amount Payable / Amount Payable /
Treasury yields at constant 7-year 2.06 2.21 2.47 1.62 Notes on data: Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
maturities 10-year 2.04 2.20 2.45 1.53 U.S. prime rate is the base rate on corporate Kiora Pharmaceuticals KPRX 1:9 /Jun11
20-year 2.11 2.27 2.49 1.53 Increased
1-month 5.48 5.49 5.60 5.17 loans posted by at least 70% of the 10 largest
3-month 5.52 5.46 5.62 5.36 Long-term avg 2.18 2.34 2.59 1.64 U.S. banks, and is effective July 27, 2023. Other Espey Mfg & Elec ESP 3.1 .20 /.175 Q Jun24 /Jun17 Foreign
prime rates aren’t directly comparable; lending Great Elm 6.75% Nts 2025 GECCM 2.2 .4266 /.42188 Q Dec31 /Dec15 Banco Bradesco Ord ADR BBDO 9.4 .06805 Feb10 /Jun20
Notes on data: practices vary widely by location; Discount rate Banco Bradesco Pref ADR BBD 6.9 .07485 Feb10 /Jun20
is effective July 27, 2023. Secured Overnight Reduced
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates BanColombia ADR CIB 3.2 .89825 Q Jul12 /Jun27
Financing Rate is as of June 7, 2024. DTCC GCF Sabine Royalty Tr UBI SBR 8.5 .5376 /.59773 M Jun28 /Jun17
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Repo Index is Depository Trust & Clearing
Global Indemnity GBLI 4.5 .35 Q Jun28 /Jun21
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Corp.'s weighted average for overnight trades in Initial Himalaya Shipping HSHP ... .04 M Jul05 /Jun17
primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of Great Elm 8.5% Nts 2029 GECCI 8.5 .4309 Jun30 /Jun15 Trane Technologies TT 1.0 .84 Q Sep30 /Sep06
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET. Stocks Special
yields for all TIPS with remaining terms to maturity of 10 years or more; Barrett Business Svcs BBSI 4:1 /Jun24 Utz Brands UTZ 1.3 .021 Jul03 /Jun17
Sources: Federal Reserve; Bureau of Labor
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Desktop Metal DM 1:10 /Jun11 Note: Dividend yields as of 3:30 p.m. ET
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Sources: FactSet; Dow Jones Market Data
THE WALL STREET JOURNAL. * * * Tuesday, June 11, 2024 | B9

BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Coupang CPNG 22.18 0.34 FedEx FDX 253.72 5.99 IDEX IEX 202.91 1.12 Maplebear CART 34.51 1.53 PG&E PCG 18.44 0.39 Sanofi SNY 48.86 -0.12 TransDigm TDG 1305.99 -4.01
Nasdaq Stock Market listed securities. Prices are consolidated from trades Crane CR 142.47 0.49 Ferguson FERG 200.07 1.39 IllinoisToolWks ITW 239.37 -1.05 MarathonOil MRO 28.28 0.41 PNC Finl PNC 152.69 -3.19 SareptaTherap SRPT 122.59 -0.73 TransUnion TRU 72.29 0.98
reported by various market centers, including securities exchanges, Finra, Credicorp BAP 160.26 0.01 Ferrari RACE 413.48 0.55 Illumina ILMN109.82 -3.88 MarathonPetrol MPC 174.34 -0.76 POSCO PKX 68.23 -0.36 Schlumberger SLB 44.98 0.43 Travelers TRV 213.00 1.10
electronic communications networks and other broker-dealers. The list Crocs CROX 154.08 7.08 Ferrovial FER 39.40 -0.29 ImperialOil IMO 65.82 1.13 Markel MKL 1579.70-21.73 PPG Ind PPG 128.46 0.05 SchwabC SCHW 74.11 0.18 Trex TREX 81.50 1.37
comprises the 1,000 largest companies based on market capitalization. s CrowdStrike CRWD 374.57 25.45 FidNatlFinl FNF 48.96 -0.27 Incyte INCY 59.40 0.24 MarketAxess MKTX 197.08 -1.68 PPL PPL 28.16 0.01 Sea SE 72.97 0.50 Trimble TRMB 55.36 0.37
CrownCastle CCI 99.85 -0.77 FidNatlInfo FIS 77.29 0.14 Informatica INFA 28.60 -0.01 Marriott MAR 232.76 1.66 PTC PTC 175.54 1.06 Seagate STX 99.52 3.41 Trip.com TCOM 51.64 0.24
Underlined quotations are those stocks with large changes in volume
Crown Holdings CCK 82.67 0.46 FifthThirdBncp FITB 35.62 -0.51 Infosys INFY 17.84 -0.17 Marsh&McLen MMC 209.61 -0.38 Paccar PCAR 107.43 -0.24 Sempra SRE 75.08 -0.25 TruistFinl TFC 36.02 -0.15
compared with the issue’s average trading volume.
CubeSmart CUBE 42.54 0.04 FirstCitizBcshA FCNCA 1670.84-17.96 IngersollRand IR 91.19 2.06 MartinMarietta MLM 552.34 1.47 PackagingCpAm PKG 184.41 0.83 ServiceIntl SCI 71.31 0.05 TrumpMedia&Tech DJT 42.09 -2.50
Boldfaced quotations highlight those issues whose price changed by 5% or Cummins CMI 273.17 1.30 FirstHorizon FHN 14.97 -0.27 Ingredion INGR 115.33 -0.61 MarvellTech MRVL 69.47 1.48 PalantirTech PLTR 23.13 -0.18 ServiceNow NOW 709.15 10.34 Twilio TWLO 57.80 0.77
more if their previous closing price was $2 or higher. Curtiss-Wright CW 272.61 1.06 FirstSolar FSLR 279.80 12.46 s Insmed INSM 59.90 3.05 Masco MAS 67.14 1.11 PaloAltoNtwks PANW 309.05 7.15 SharkNinja SN 75.25 -0.55 TylerTech TYL 477.02 -4.82
Footnotes: CyberArkSoftware CYBR 252.46 12.49 FirstEnergy FE 38.93 0.11 Insulet PODD 192.04 0.62 MasTec MTZ 108.95 1.88 PanAmerSilver PAAS 20.06 0.18 Shell SHEL 70.64 1.19 TysonFoods TSN 55.95 0.09
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most Fiserv FI 149.60 -1.82 Intel INTC 30.91 0.17 Mastercard MA 449.25 -0.54 ParamountA PARAA 20.95 -0.55 SherwinWilliams SHW 293.11 1.16 UBS Group UBS 31.26 -0.36
recent four quarters. D E F Flex FLEX 32.74 0.77 InteractiveBrkrs IBKR 125.46 1.72 MatadorRscs MTDR 59.93 1.88 ParamountB PARA 11.98 -0.03 ShinhanFin SHG 33.95 -0.09 UDR UDR 39.83 0.16
Floor&Decor FND 115.94 -1.01 ICE ICE 133.88 0.09 MatchGroup MTCH 31.85 -0.17 ParkerHannifin PH 526.00 9.86 Shopify SHOP 63.01 1.42 U-Haul UHAL 63.29 0.56
Stock tables reflect composite regular trading as of 4 p.m. ET and DTE Energy DTE 112.64 0.31 Fluor FLR 44.45 0.22 InterContinentl IHG 101.76 0.36 McCormickVtg MKC.V 67.70 -1.80 Parsons PSN 75.30 0.78 SimonProperty SPG 152.04 0.25 U-Haul N UHAL/B 60.73 0.34
changes in the official closing prices from 4 p.m. ET the previous day. Danaher DHR 264.67 1.59 FlutterEnt FLUT 186.83 -4.72 IBM McCormick MKC 68.11 -0.47 Paychex PAYX 121.94 -0.64 SiriusXM SIRI 2.53 -0.03 UL Solutions ULS 39.23 0.36
IBM 170.38 0.37
Darden DRI 147.68 -0.86 FomentoEconMex FMX 109.19 0.84 IntlFlavors IFF 96.77 -1.71 McDonald's MCD 253.81 -2.40 t PaycomSoftware PAYC 146.30 0.97 s SkechersUSA SKX 73.92 1.05 US Foods USFD 53.12 -0.31
Datadog DDOG 112.99 3.52 FordMotor F 12.38 0.23 IntlPaper s McKesson MCK 591.28 4.38 Paylocity PCTY 139.54 0.03 Skyworks SWKS 93.52 2.71 UWM UWMC 7.26 -0.09
IP 44.79 -0.42
Net Net DaVita DVA 141.58 -1.60 Fortinet FTNT 60.09 0.37 Interpublic IPG 30.45 -0.27 Medpace MEDP 405.68 4.49 PayPal PYPL 67.09 -0.21 SmithAO AOS 81.48 0.40 Uber UBER 68.60 -0.71
Monday, June 10, 2024 Dayforce DAY 50.68 -0.85
Stock Sym Close Chg Stock Sym Close Chg Fortis FTS 39.89 -0.12 Intuit INTU 567.24 -6.66 Medtronic MDT 83.14 -0.93 Pearson PSO 12.12 -0.01 Smith&Nephew SNN 26.16 -0.18 Ubiquiti UI 144.53 -0.35
Net DeckersOutdoor DECK 1054.95 10.64
Stock Sym Close Chg Fortive FTV 73.15 0.40 IntuitiveSurgical ISRG 418.38 0.77 MercadoLibre MELI 1601.88 1.72 PembinaPipeline PBA 37.28 0.24 Smucker SJM 113.60 -1.38 UltaBeauty ULTA 382.50 -0.11
AscendisPharma ASND 131.48 -5.69 CNA Fin CNA 44.41 -0.23 Deere DE 368.30 -0.28 FortuneBrands FBIN 66.22 0.23 InvitatHomes INVH 35.31 0.30 Merck MRK 131.49 0.82 PenskeAuto PAG 147.42 -1.50 Snap SNAP 15.19 -0.40 Unilever UL 55.59 -0.02
AspenTech AZPN 201.99 -0.57 CNH Indl CNH 10.11 -0.20 DellTechC DELL 132.45 2.48 SNA 267.90 -0.29 UnionPacific UNP 228.95 0.98
A B C Assurant AIZ 172.58 -0.04 CRH CRH 79.42 1.60 DeltaAir DAL 50.50 0.06
FoxA
FoxB
FOXA 33.69 -0.42 s IronMountain IRM 87.10 1.63
FOX 31.40 -0.37 ItauUnibanco ITUB 5.82 -0.12
MetaPlatforms META 502.60 9.64 Pentair
MetLife MET 70.27 0.22 Penumbra PEN 188.06
PNR 78.60 1.05 Snap-On
-0.89 t Snowflake SNOW 126.76 -4.45 UnitedAirlines UAL 53.03 0.03
AsteraLabs ALAB 66.70 4.76 CSX CSX 32.93 0.18 DescartesSystems DSGX 92.18 0.99 Franco-Nevada FNV 120.03 2.47 Mettler-Toledo MTD 1443.83 5.25 PepsiCo PEP 165.90 -5.14 SOQUIMICH SQM 45.86 0.43 UnitedMicro UMC 8.62 0.23
AECOM ACM 85.76 -0.04
AES AES 20.38 0.51
AstraZeneca AZN 80.21 0.19 CVS Health CVS 60.28 -1.50
Atlassian TEAM 162.17 -1.19 CadenceDesign CDNS 296.18 1.76
DeutscheBank DB 16.43 -0.12
DevonEnergy DVN 47.12 0.33
FranklinRscs BEN 22.85 -0.04 J K L MicrochipTech MCHP 94.30 1.45 PerformanceFood PFGC 68.66 -0.84 SoFiTech SOFI 7.03 0.04 UPS B UPS 137.68 0.04
Aflac AFL 88.40 -0.39 FreeportMcM FCX 50.00 0.73 s MicronTech MU 134.82 3.88 PermianRscs PR 15.74 0.40 Solventum SOLV 56.71 0.30 UnitedRentals URI 645.10 1.70
AtmosEnergy ATO 115.48 0.70 CaesarsEnt CZR 36.38 0.32 DexCom DXCM 116.57 0.78 FreseniusMedCare FMS 21.09 -0.24 JD.com JD 29.59 0.26 Microsoft MSFT 427.87 4.02 PetroleoBrasil PBR 14.59 0.05 Sony SONY 85.64 0.19 US Bancorp USB 38.75 -0.27
t AGCO AGCO 101.62 -1.48 Autodesk ADSK 218.20 2.15 CamdenProperty CPT 107.53 0.84 Diageo DEO 132.96 -3.10
Ansys ANSS 323.31 -0.99 FullTruck YMM 8.77 0.02 JPMorganChase JPM 199.61 -0.34 MicroStrategy MSTR 1599.92 3.72 PetroleoBrasilA PBR.A 13.99 0.14 Southern SO 78.97 1.03 US Steel X 38.05 -0.22
Autoliv ALV 119.18 -0.33 Cameco CCJ 53.60 0.20 DiamondbkEner FANG 193.97 3.67 Jabil JBL 117.10 3.22 MidAmApt MAA 138.50 1.84 Pfizer PFE 28.07 -0.51 SoCopper SCCO 110.32 1.42 UnitedTherap UTHR 275.25 0.25
APA APA 29.47 0.62
ASE Tech ASX 11.13 0.39
ADP ADP 246.87 -5.45 CampbellSoup CPB 42.46 -0.40
AutoZone AZO 2780.95-19.75 CIBC CM 48.77 -0.22
Dick's DKS 216.22 -2.83
DigitalRealty DLR 149.09 2.74
G H I JackHenry JKHY 164.05 -0.73 MitsubishiUFJ MUFG 10.51 0.11 PhilipMorris PM 103.68 0.07 SouthwestAir LUV 29.70 1.95 UnitedHealth UNH 495.00 4.31
ASML ASML 1041.71 13.29
JacobsSolns J 140.02 0.96 MizuhoFin MFG 4.04 0.05 Phillips66 PSX 138.12 0.05 SouthwesternEner SWN 7.35 0.12 UnivDisplay OLED 186.04 3.01
Avalonbay AVB 199.34 2.13 CanNtlRlwy CNI 124.31 0.19 DiscoverFinSvcs DFS 125.81 0.91 GE Aerospace GE 162.84 0.92 JamesHardie JHX 30.67 0.07 Mobileye MBLY 32.47 0.79 Pilgrim'sPride PPC 34.19 0.09 Spotify SPOT 309.00 0.79 UniversalHealthB UHS 188.93 1.40
AT&T T 17.86 -0.24 Avangrid AGR 35.48 -0.12 CanadianNatRscs CNQ 70.91 0.56 Disney DIS 102.74 1.20 GE HealthCare GEHC 75.78 -0.56 JefferiesFinl JEF 44.27 -0.26
ATI ATI 57.96 -0.38 Moderna MRNA 148.59 -2.42 PinnacleWest PNW 75.82 0.13 SproutsFarmers SFM 76.13 -0.90 UnumGroup UNM 51.33 -0.43
Avantor AVTR 23.47 -0.54 CdnPacKC CP 76.73 -0.50 DocuSign DOCU 50.99 -1.06 GE Vernova GEV 166.64 4.56 J&J JNJ 147.13 0.05 MohawkInds MHK 118.08 4.65 Pinterest PINS 44.04 -0.07 StanleyBlackDck SWK 82.02 -0.44 VICI Prop VICI 28.11 -0.26
AbbottLabs ABT 107.49 -0.09 AveryDennison AVY 224.74 -1.55 CapitalOne COF 140.90 1.10 DolbyLab DLB 79.11 -0.24 GFLEnvironmental GFL 37.08 0.66 JohnsonControls JCI 70.79 0.84 VALE 11.40 0.05
AbbVie ABBV 170.46 1.04 MolinaHealthcare MOH 307.98 -1.58 PlainsAllAmPipe PAA 17.19 0.29 Stantec STN 80.93 -1.18 t Vale
AxaltaCoating AXTA 36.15 0.12 CardinalHealth CAH 98.84 0.33 DollarGeneral DG 127.69 1.08 GSK GSK 41.29 0.08 JonesLang JLL 198.68 -0.26 MolsonCoorsA TAP.A 59.18 -0.17 PlainsGP PAGP 18.15 0.30 Starbucks SBUX 81.60 0.17 ValeroEnergy VLO 154.59 0.16
Abercrombie&Fitch ANF 185.13 9.94 AxonEnterprise AXON 285.40 4.90 Carlisle CSL 408.98 0.13 DollarTree DLTR 110.19 -1.10 Gallagher AJG 255.17 1.64 JuniperNetworks JNPR 35.43 -0.12 PCVX 71.88 0.91
Accenture ACN 290.43 2.03 t MolsonCoorsB TAP 51.90 -0.04 Pool POOL 342.40 1.54 StateStreet STT 74.35 -0.41 Vaxcyte
BCE BCE 33.89 -0.34 Carlyle CG 40.70 0.02 DominionEner D 51.46 0.02 GameStop GME 24.83 -3.39 KB Financial KB 56.70 -0.11 monday.com MNDY 225.21 1.97 Primerica PRI 225.40 -0.99 SteelDynamics STLD 123.67 -1.85 VeevaSystems VEEV 184.99 1.85
AcuityBrands AYI 254.35 3.34 BHP Group BHP 58.41 0.22 CarMax KMX 68.47 -0.70 Domino's DPZ 526.55 13.00 Gaming&Leisure GLPI 43.46 -0.23 KBR Ventas VTR 49.90 0.19
KBR 63.96 0.88 Mondelez MDLZ 67.30 -0.51 PrincipalFinl PFG 79.22 -0.05 Stellantis STLA 21.82 -0.03
Adobe ADBE 459.94 -5.49 s BJ'sWholesale BJ 89.21 0.77 Carnival CCL 16.53 -0.17 Donaldson DCI 73.70 0.50 Gap GPS 26.08 0.61 KE Holdings BEKE 15.92 VLTO 99.85 0.63
AdvDrainageSys WMS 162.52 0.71
... MongoDB MDB 224.62 -2.40 ProcoreTech PCOR 67.18 1.23 Steris STE 224.79 -2.06 Veralto
BP BP 35.92 0.66 Carnival CUK 14.91 -0.16 DoorDash DASH 112.25 -1.02 Garmin GRMN 162.62 -0.64 s KKR KKR 108.95 10.96 s MonolithicPower MPWR 779.58 27.94 Procter&Gamble PG 167.35 0.29 StifelFinancial SF 78.56 0.35 VeriSign VRSN 180.13 -0.33
AdvMicroDevices AMD 160.34 -7.53 Dover DOV 177.95 0.73 Gartner IT 436.30 1.86 s KLA
Aegon AEG 6.31 -0.06
BWX Tech BWXT 89.07 -0.38 CarrierGlobal CARR 62.54 -0.17 KLAC 794.38 25.41 MonsterBev MNST 51.00 -1.69 Progressive PGR 210.28 -2.25 STMicroelec STM 44.34 -0.15 s VeriskAnalytics VRSK 263.48 -0.52
Baidu BIDU 95.48 -0.41 Carvana CVNA 108.05 1.49 Dow DOW 56.05 0.32 GenDigital GEN 24.48 -0.24 Kanzhun BZ 21.35 -0.07 Moody's MCO 401.86 -1.84 Prologis PLD 111.17 0.97 Stryker SYK 348.17 -1.16 Verizon VZ 40.41 -0.53
AerCap AER 92.10 1.71 DrReddy'sLab RDY 72.58 1.22
AffirmA AFRM 30.44 0.39
BakerHughes BKR 32.44 0.80 CaseysGenStores CASY 328.33 -0.30 Generac GNRC 140.66 2.41 Kaspi.kz KSPI 125.93 -0.63 MorganStanley MS 96.39 -0.75 PrudentialFinl PRU 117.37 -0.47 SumitomoMits SMFG 13.16 0.10 VertexPharm VRTX 483.28 0.24
Ball BALL 68.40 -0.07 Catalent CTLT 56.19 -0.20 DraftKings DKNG 38.05 1.16 GeneralDynamics GD 294.68 -4.46 Kellanova K 59.09 -0.54 Morningstar MORN 289.16 1.27 Prudential PUK 18.55 -0.03 SunComms SUI 114.23 -1.28 Vertiv VRT 91.30 3.62
AgilentTechs A 133.03 0.05 VTRS 10.51 0.04
AgnicoEagleMines AEM 65.24 1.44
BBVA BBVA 10.50 -0.13 Caterpillar CAT 329.61 0.67 DukeEnergy DUK 102.52 -0.10 GeneralMills GIS 66.90 -0.56 Kenvue KVUE 18.29 -0.10 Mosaic MOS 28.76 0.48 PublicServiceEnt PEG 73.44 0.56 SunLifeFinancial SLF 49.45 0.37 Viatris
BancoBradesco BBDO 2.20 0.01 Celanese CE 144.94 -1.53 Duolingo DUOL 197.86 8.88 s GeneralMotors GM 47.57 1.85 KeurigDrPepper KDP 34.16 -0.47 s MotorolaSol MSI 373.80 2.74 PublicStorage PSA 274.02 0.20 SuncorEnergy SU 38.14 0.15 Viking VIK 31.50 0.03
AirProducts APD 282.31 2.78 DD 79.88 -0.13 GMAB 27.92 0.15 KeyCorp
Airbnb ABNB 148.07 1.41
BancodeChile BCH 23.41 -0.11 CelsiusHldg CELH 66.17 -7.03 DuPont Genmab KEY 13.67 -0.26 MurphyUSA MUSA 445.42 -0.17 PulteGroup PHM 113.40 1.86 Sunoco SUN 53.64 0.10 VinFastAuto VFS 3.97 -0.39
BancSanBrasil BSBR 5.08 -0.05 Cemex CX 6.68 0.07 Dynatrace DT 46.53 0.35 Gentex GNTX 34.09 ... KeysightTech KEYS 136.74 0.93 NICE NICE175.08 6.33 PureStorage PSTG 66.10 1.16 SuperMicroComp SMCI 786.86 17.75 Vipshop VIPS 16.18 0.07
AkamaiTech AKAM 90.34 1.16 elfBeauty ELF 182.48 4.85 GenuineParts GPC 142.47 -2.72 KimberlyClark KMB 135.47 0.99 V
Albemarle ALB 114.06 -0.88
BcoSantChile BSAC 18.62 -0.27 Cencora COR 234.57 -0.90 NIO NIO 4.72 -0.11 Qiagen QGEN 44.88 0.03 Suzano SUZ 9.33 0.16 Visa 275.04 -3.63
BancoSantander SAN 5.03 -0.04 CenovusEnergy CVE 19.36 0.45 EMCOR EME 379.03 3.03 GileadSciences GILD 65.25 0.55 KimcoRealty KIM 18.54 -0.25 QRVO 102.36 2.87 SynchronyFinl SYF 44.34 0.64 Vistra VST 88.22 3.15
Albertsons ACI 20.04 -0.03 NNN REIT NNN 41.73 -0.30 Qorvo
BanColombia CIB 34.78 -1.07 Centene CNC 69.84 0.03 ENI E 30.46 0.22 GlobalPayments GPN 97.33 -0.38 KinderMorgan KMI 19.80 0.18 Vodafone VOD 9.02 0.02
Alcoa AA 41.16 0.25 NRG Energy NRG 79.97 2.08 Qualcomm QCOM 209.35 2.73 Synopsys SNPS 576.18 4.73
Alcon ALC 91.44 0.06
BankofAmerica BAC 39.67 -0.11 CenterPointEner CNP 30.43 0.26 EOG Rscs EOG 121.59 1.40 GlobalFoundries GFS 47.67 -0.26 KinrossGold KGC 7.53 0.13 NVR NVR 7544.20 46.53 QuantaServices PWR 271.57 2.25 Sysco SYY 72.25 -0.41 VoyaFinancial VOYA 73.64 -0.62
BankMontreal BMO 84.45 -0.51 CentraisElBras EBR 6.75 ... EPAM Systems EPAM 176.98 ... GlobeLife GL 81.62 0.29 KinsaleCapital KNSL 382.55 -4.81 VulcanMatls VMC 247.81 0.22
AlexandriaRlEst ARE 113.92 -0.57 NXP Semicon NXPI 276.85 4.96 QuestDiag DGX 141.47 -0.87
s BankNY Mellon BK 60.74 0.43 CerevelTherap CERE 40.27 0.25 EQT EQT 41.13 0.59 GlobusMedical GMED 66.19 1.07 Knight-Swift KNX 49.69 1.81 Nasdaq NDAQ 59.30 0.52 T U V W X Y Z
Alibaba BABA 79.30 0.89
AlignTech ALGN 255.70 0.16
BankNovaScotia BNS 46.40 -0.56 CharlesRiverLabs CRL 214.51 -0.28
Barclays BCS 11.05 -0.02 CharterComms CHTR 276.07 -0.76
EagleMaterials EXP 225.59 0.90
EastWestBncp EWBC 70.64 -1.36
s GoDaddy GDDY 142.04 2.68 Philips PHG 26.28 -0.02
GoldFields GFI 15.81 0.28 KoreaElecPwr KEP 7.29 -0.01
s Natera NTRA 111.66 0.47 R S TC Energy TRP 39.05 -0.32
Allegion ALLE 117.49 0.56 NationalGrid NGG 56.53 0.53 WEC Energy WEC 79.44 -0.41
BarrickGold GOLD 16.45 0.30 CheckPoint CHKP 156.11 -0.30 EastGroup EGP 165.99 -0.09 GoldmanSachs GS 453.55 -1.36 KraftHeinz KHC 33.55 -0.84 RBC Bearings RBC 276.10 -3.82 TD Synnex SNX 130.61 1.77
AlliantEnergy LNT 50.15 0.02 NatWest NWG 8.08 -0.08 WEX WEX 181.20 0.03
Bath&BodyWks BBWI 45.63 -0.21 Chemed CHE 544.83 1.17 EastmanChem EMN 103.20 -0.10 Grab GRAB 3.64 -0.03 Kroger KR 51.64 -0.34 RB Global RBA 79.12 6.43 TE Connectivity TEL 149.67 0.50
Allstate ALL 163.81 -1.25 s NetApp NTAP 122.91 1.93 W.P.Carey WPC 56.03 -0.18
BaxterIntl BAX 32.89 -0.27 CheniereEnergy LNG 157.97 -1.62 Eaton ETN 322.98 8.15 Graco GGG 79.42 1.07 LKQ LKQ 42.02 -0.19 RELX RELX 44.78 -0.08 Telus TU 16.09 -0.19
AllyFinancial ALLY 38.56 -0.08 NetEase NTES 94.16 0.26 WPP WPP 48.98 0.04
BectonDicknsn BDX 239.51 -0.17 CheniereEnerPtrs CQP 49.06 1.00 eBay EBAY 53.15 0.07 Grainger GWW 897.36 5.11 LPL Financial LPLA 280.86 0.80 RPM RPM 109.64 1.50 Ternium TX 38.72 -0.50
AlnylamPharm ALNY 153.47 0.69 Netflix NFLX 644.50 3.03 Wabtec WAB 163.74 0.57
BeiGene BGNE 156.07 -0.29 ChesapeakeEner CHK 88.94 0.65 Ecolab ECL 238.77 -0.42 GraphicPkg GPK 27.07 -0.24 L3HarrisTech LHX 221.42 -0.48 RTX RTX 107.09 -1.02 TFI Intl TFII 143.41 2.41
Alphabet A GOOGL 175.01 0.75 Neurocrine NBIX 134.70 -0.27 WalgreensBoots WBA 15.94 0.10
BellRing BRBR 57.35 -1.38 Chevron CVX 156.74 0.66 Ecopetrol EC 12.12 0.13 GpoAeroportuar PAC 165.02 3.41 Labcorp LH 195.92 -0.68 RalphLauren RL 188.32 6.55 TIM TIMB 14.89 -0.32
Alphabet C GOOG 176.63 0.88 NewOrientalEduc EDU 78.50 0.97 Walmart WMT 66.96 1.08
BentleySystems BSY 48.95 -1.87 Chewy CHWY 22.68 -0.07 EdisonIntl EIX 73.85 -0.13 GpoAeroportSur ASR 311.25 3.62 s LamResearch LRCX 1003.07 40.35 RangeResources RRC 37.45 1.15 TJX TJX 107.32 -0.12 WarnerBrosA WBD 8.12 -0.15
Altria MO 46.49 -0.21 NYTimes A NYT 50.73 0.45
Berkley WRB 79.77 -0.43 Chipotle CMG 3129.88-39.14 EdwardsLife EW 86.10 -2.04 s Guidewire GWRE 132.21 2.23 LamarAdv LAMR 117.49 0.64 RaymondJames RJF 119.55 -0.48 TKO TKO 107.92 0.15 WarnerMusic WMG 30.69 1.18
Amazon.com AMZN 187.06 2.76 Newmont NEM 41.30 0.94
BerkHathwy B BRK.B 410.81 -2.91 ChordEnergy CHRD 173.29 4.33 ElancoAnimal ELAN 18.24 0.03 s HCA Healthcare HCA 341.26 3.82 LambWeston LW 85.49 -0.35 RealtyIncome O 52.71 -0.61 T-MobileUS TMUS 180.69 0.87 WasteConnections WCN 167.79 2.25
t Ambev ABEV 2.15 -0.02 NewsCorp B NWS 27.83 0.04
BerkHathwy A BRK.A 617700-4590.99 Chubb CB 267.69 0.47 Elastic ESTC 112.77 0.82 HDFC Bank HDB 59.09 ... LasVegasSands LVS 44.73 -0.29
NewsCorp A NWSA 27.21 0.02 Reddit RDDT 59.63 -0.17 TPG TPG 40.07 0.56 WasteMgt WM 201.71 1.16
Amcor AMCR 9.91 -0.10 BestBuy BBY 87.15 -0.77 ChunghwaTel CHT 39.25 0.33 t ElbitSystems ESLT 184.03 -0.22 HF Sinclair DINO 53.43 0.18 LatticeSemi LSCC 61.45 0.68 RegalRexnord RRX 142.55 1.23 T.RowePrice TROW 115.07 -0.48 Waters
Amdocs DOX 77.41 0.92 NextEraEnergy NEE 76.97 1.58 WAT 301.47 -0.62
ElectronicArts EA 136.21 -0.61 Nextracker NXT 58.06 2.41 RegencyCtrs REG 60.76
Bio-Techne TECH 77.10 -0.53 Church&Dwight CHD 107.72 0.34 HP HPQ 36.18 -0.27 LegendBiotech LEGN 45.54 -0.03 -0.48 s TaiwanSemi TSM 168.16 3.77
AmerSports AS 14.69 ... Watsco WSO 463.16 0.53
Ameren AEE 71.50 0.43
Bio-RadLab A BIO 284.45 -2.57 ChurchillDowns CHDN 134.51 0.02 ElevanceHealth ELV 536.25 -1.06 HSBC HSBC 44.51 0.08 Leidos LDOS 144.72 -0.13 Nike NKE 96.00 -0.55 RegenPharm REGN 1001.73 -1.22 TakeTwoSoftware TTWO 160.54 -4.23 WeatherfordIntl WFRD 116.30 3.83
Biogen BIIB 225.98 0.55 Cigna CI 338.65 0.55 EmersonElec EMR 108.73 0.75 H World HTHT 34.80 -0.05 Lennar A LEN 155.42 1.40 NiSource NI RegionsFinl RF 18.19 -0.41 TakedaPharm TAK 13.51 0.04 WellsFargo WFC 57.93 -0.43
AmericaMovil AMX 16.94 -0.34 28.43 0.15
BioMarinPharm BMRN 82.94 2.25 CincinnatiFinl CINF 115.26 -0.71 Enbridge ENB 35.67 -0.09 Haleon HLN 8.38 -0.14 Lennar B LEN.B 142.00 1.29 Nokia NOK 3.84 -0.07 ReinsGrp RGA 204.51 0.38 Tapestry TPR 44.19 0.81 Welltower WELL 103.53 -0.28
AmerAirlines AAL 11.49 -0.01 EncompassHealth EHC 85.96 1.11 RS 284.57
NMR 6.17 -0.03 Reliance
BioNTech BNTX 97.98 -2.36 Cintas CTAS 684.17 2.00 Halliburton HAL 34.51 0.43 LennoxIntl LII 506.96 9.93 -2.39 s TargaResources TRGP 119.91 1.90 WescoIntl WCC 179.74 3.36
AEP AEP 88.55 0.25 Nomura
Birkenstock BIRK 58.77 0.89 t CiscoSystems CSCO 45.85 0.01 Endeavor EDR 26.85 -0.02 HartfordFinl HIG 100.87 0.02 LeviStrauss LEVI 23.58 0.05 Nordson NDSN 225.28 -0.87 RenaissanceRe RNR 227.96 0.02 Target TGT 148.52 2.52 WestPharmSvcs WST 319.86 5.18
AmerExpress AXP 232.44 -0.23
AmericanFin AFG 127.30 -0.85
BlackRock BLK 766.17 -2.52 Citigroup C 61.43 -0.35 EnergyTransfer ET 15.70 0.22 Hasbro HAS 58.48 0.03 LiAuto LI 19.46 -0.62 NorfolkSouthern NSC 225.11 1.04 RentokilInit RTO 26.60 -0.48 TechnipFMC FTI 24.91 0.64 WesternDigital WDC 77.10 2.12
Blackstone BX 119.70 2.08 CitizensFin CFG 34.38 0.23 EnphaseEnergy ENPH 130.67 7.92 s HealthEquity HQY 86.94 1.69 LibertyBroadbandC LBRDK 51.24 -0.40
NorthernTrust NTRS 82.78 0.49 Repligen RGEN 141.23 -4.55 TeckResourcesB TECK 49.47 0.30 s WesternMidstrm WES 39.31 1.07
AmHomes4Rent AMH 35.71 0.06
AIG AIG 76.02 ...
Block SQ 64.34 -0.76 CleanHarbors CLH 215.67 1.77 Entegris ENTG 132.43 2.35 HealthpeakProp DOC 19.23 -0.06 LibertyBroadbandA LBRDA 51.25 -0.95 NorthropGrum NOC 435.77 -4.27 RepublicSvcs RSG 187.72 0.77 TeledyneTech TDY 389.08 0.02 Westlake WLK 150.29 -2.72
BlueOwlCapital OWL 17.38 0.69 Cleveland-Cliffs CLF 15.65 -0.15 Entergy ETR 108.06 -0.41 Heico HEI 224.71 2.19 LibertyLiveC LLYVK 36.26 -0.55 NorwegCruise NCLH 17.58 -0.21 ResMed RMD 211.66 0.75 Teleflex TFX 207.09 -5.48 WestRock WRK 50.50 -1.36
AmerTowerREIT AMT 194.72 0.46
AmerWaterWorks AWK 128.56 0.31
Boeing BA 190.12 -0.12 Clorox CLX 131.72 -1.25 EnterpriseProd EPD 28.54 0.19 Heico A HEI.A 177.72 0.94 LibertyLiveA LLYVA 34.89 -0.60 Novartis NVS 105.40 0.07 RestaurantBrands QSR 67.63 -1.15 Ericsson ERIC 6.14 -0.08 Weyerhaeuser WY 29.37 0.01
Booking BKNG 3788.72-24.37 Cloudflare NET 71.72 0.99 Equifax EFX 232.75 -0.53 HenrySchein HSIC 67.42 -1.09 LibertyFormOne A FWONA 65.40 -0.10 s NovoNordisk NVO 143.63 0.75 Revvity RVTY 109.30 -1.62 TelefonicaBras VIV 8.27 -0.21 WheatonPrecMtls WPM 53.81 1.22
AmericoldRealty COLD 26.80 0.20
Ameriprise AMP 428.47 1.84
BoozAllen BAH 151.84 0.10 Coca-Cola KO 63.59 -0.32 Equinix EQIX 762.53 9.14 Hershey HSY 191.12 -4.94 LibertyFormOne C FWONK 72.21 0.32 NuHoldings NU 11.82 -0.07 RexfordIndlRealty REXR 44.08 -0.04 Telefonica TEF 4.60 -0.06 Williams WMB 41.46 0.76
BorgWarner BWA 34.32 -0.29 CocaColaCon COKE 1014.04 -6.99 Equinor EQNR 28.14 0.54 Hess HES 147.81 0.27 LibertySirius C LSXMK 20.80 -0.11 Nucor NUE 157.31 -3.69 RioTinto RIO 68.25 0.25 TelekmIndonesia TLK 18.38 -0.19 Williams-Sonoma WSM 296.94 4.42
Ametek AME 173.00 3.00 RIVN 11.87
Amgen AMGN 304.72 -0.30
BostonProps BXP 59.08 -0.18 Coca-ColaEuro CCEP 74.31 -0.12 Equitable EQH 40.64 0.48 HessMidstream HESM 35.00 0.30 LibertySirius A LSXMA 20.91 -0.11 Nutanix NTNX 53.92 1.55 Rivian 0.35 TempurSealy TPX 48.85 -0.19 WillisTowers WTW 255.62 0.13
BostonSci BSX 77.42 0.31 Cognex CGNX 43.80 0.45 EquityLife ELS 61.70 -0.57 s HewlettPackard HPE 20.59 0.56 Light&Wonder LNW 96.88 -0.78
Nutrien NTR 55.12 -0.29 Robinhood HOOD 23.42 1.24 Tenaris TS 32.36 0.36 WillScotMobile WSC 38.10 -0.20
AmkorTech AMKR 34.16 1.20 BristolMyers BMY 42.57 1.09 CognizantTech CTSH 67.25 1.31 EquityResdntl EQR 66.05 0.98 Hilton HLT 204.82 2.64 s EliLilly RBLX 34.99 TencentMusic TME 14.24 0.17 Wingstop WING 395.63 11.84
LLY 865.00 15.01 nVentElectric NVT 78.23 1.29 Roblox -0.64
Amphenol APH 133.84 3.20 BritishAmTob BTI 30.71 -0.28 Coherent COHR 66.62 0.74 ErieIndemnity ERIE 358.54 1.06 Hologic HOLX 73.97 -0.54 LincolnElectric LECO 188.89 1.50 RocketCos. RKT 14.35 0.11 s TenetHealthcare THC 137.76 4.03 Wipro WIT 5.56 -0.06
s NVIDIA NVDA 121.79 0.90
AnalogDevices ADI 235.37 0.60 s Broadcom AVGO 1440.47 33.83 CoinbaseGlbl COIN 249.81 5.65 EssentialUtil WTRG 36.95 -0.02 HomeDepot HD 332.56 5.53 Linde Rockwell ROK 255.23 -0.68 Teradyne TER 143.08 2.18 Wix.com WIX 168.83 -0.77
LIN 432.00 -1.70
AngloGoldAsh AU 22.59 -0.28
AB InBev BUD 61.60 -0.62
BroadridgeFinl BR 196.85 -1.19 ColgatePalm CL 93.90 0.01
BrookfieldAsset BAM 37.97 0.02 Comcast A CMCSA 38.79 -0.17
s EssexProp ESS 269.37 1.30
EsteeLauder EL 118.81 -1.66
HondaMotor HMC 32.75 0.55 LiveNationEnt LYV 89.75 -0.78
s Honeywell HON 210.74 1.96 LloydsBanking LYG 2.74 -0.01
O P Q RogersComm B RCI 38.18
RoivantSciences ROIV 10.58
-0.59
0.11
Tesla TSLA 173.79 -3.69 WoodsideEnergy WDS 18.25 0.34
TetraTech TTEK 205.01 1.43 Woodward WWD 183.03 0.82
AnnalyCap NLY 19.65 -0.09 Brookfield BN 41.64 0.12 ComfortSystems FIX 307.35 2.62 Etsy ETSY 66.07 0.79 HormelFoods HRL 30.58 -0.06 LockheedMartin LMT 467.46 -2.67 ONEOK OKE 80.02 1.37 Roku ROKU 57.88 0.53 TevaPharm TEVA 16.85 0.03 WooriFinl WF 30.93 -0.25
AnteroResources AR 35.22 1.20 BrookfieldInfr BIP 28.59 0.04 SABESP SBS 14.01 0.13 EvercoreA EVR 194.12 1.52 DR Horton DHI 142.22 2.00 Loews ON Semi ON 73.50 1.19 Rollins ROL 46.79 0.22 TexasInstruments TXN 197.62 2.01 Workday WDAY 212.73 -2.83
L 75.34 0.09
Aon AON 286.86 3.74 BrookfieldRenew BEPC 31.58 1.24 ConagraBrands CAG 29.29 -0.43 Everest EG 381.61 -1.20 HostHotels HST 18.11 0.30 LogitechIntl LOGI 101.43 0.29 OReillyAuto ORLY 975.14 -3.56 RoperTech ROP 556.50 2.47 s TexasPacLand TPL 723.28141.21 WynnResorts WYNN 92.87 -0.27
APi Group APG 37.69 0.34 Brown&Brown BRO 89.64 -0.64 Confluent CFLT 26.07 0.29 Evergy EVRG 53.05 0.09 HoulihanLokey HLI 130.27 -0.30 Lowe's OccidentalPetrol OXY 60.48 1.22 RossStores ROST 144.76 0.48 TexasRoadhouse TXRH 169.75 1.82 XP XP 18.64 -0.19
LOW 218.10 1.43
ApolloGlblMgmt APO 118.77 6.41 t Brown-Forman A BF.A 42.81 -0.84 ConocoPhillips COP 113.30 1.30 EversourceEner ES 59.04 0.46 HowmetAerospace HWM 83.65 -0.13 lululemon LULU 318.26 0.40 Okta OKTA 89.11 1.69 RoyalBkCanada RY 106.23 -0.16 Textron TXT 86.34 0.74 XPO XPO 107.12 -2.38
AppFolio APPF 231.30 1.85 t Brown-Forman B BF.B 42.91 -0.98 ConEd ED 92.32 0.71 t ExactSciences EXAS 42.89 -0.04 Hubbell HUBB 369.01 2.33 LyondellBasell LYB 95.56 -0.50 OldDomFreight ODFL 171.12 2.59 RoyalCaribbean RCL 155.40 0.83 ThermoFisher TMO 581.48 0.39 XcelEnergy XEL 55.24 0.50
Apple AAPL 193.12 -3.77 Bruker BRKR 64.94 0.24 ConstBrands A STZ 251.68 0.75 Exelon EXC 36.21 0.04 HubSpot HUBS 595.92 -0.73 OldRepublic ORI 30.54 -0.18 RoyalGold RGLD 123.64 -0.06 ThomsonReuters TRI 170.74 -0.01 XPeng XPEV 7.93 -0.22
s ApplMaterials AMAT 228.16 6.43
AppLovin APP 80.38 -1.53
BuildersFirst BLDR 146.95 0.67 ConstellationEner CEG 214.63 16.63
BungeGlobal BG 105.75 1.62 Cooper COO 95.08 0.70
Expedia EXPE 123.38 0.32
ExpeditorsIntl EXPD 126.81 1.34
Humana
JBHunt
HUM 349.34 -2.46
JBHT 162.01 2.05
M N OmegaHealthcare OHI 31.85 -0.29 RoyaltyPharma RPRX 27.39
Omnicom OMC 89.96 -0.43 RyanSpecialty RYAN 53.68
-0.07
-0.17
3M
Toast
MMM 100.66 -0.20 Xylem
TOST 22.56 0.54 YPF
XYL 139.25 1.93
YPF 20.83 0.81
Aptargroup ATR 145.59 0.04 BurlingtonStrs BURL 230.95 1.74 Copart CPRT 53.59 -0.17 ExtraSpaceSt EXR 149.79 1.69 HuntingtonBcshs HBAN 12.58 -0.82 Macom Tech MTSI 102.21 0.81 OnHolding ONON 42.73 0.38 Ryanair RYAAY 119.60 -1.97 TollBros TOL 119.33 2.24 Yum!Brands YUM 137.81 -2.16
Aptiv APTV 79.66 -1.76 CACI Intl CACI 419.96 2.44 Core&Main CNM 47.86 0.35 ExxonMobil XOM 113.08 0.33 HuntingIngalls HII 247.94 -1.27 M&T Bank MTB 143.85 -2.97 OntoInnovation ONTO 218.28 1.08 SAP SAP 190.24 -0.86 TopBuild BLD 403.04 0.95 YumChina YUMC 34.70 -0.48
Aramark ARMK 33.77 0.52 CAVA CAVA 88.77 3.73 CorebridgeFin CRBG 29.29 0.39 F5 FFIV 167.31 1.74 HyattHotels H 146.06 0.91 MGM Resorts MGM 40.77 0.08 t OpenText OTEX 28.27 0.57 S&P Global SPGI 430.00 1.26 Toro TTC 96.51 0.53 ZTO Express ZTO 23.77 0.11
ArcelorMittal MT 25.13 0.01 CBRE Group CBRE 87.62 1.99 Corning GLW 36.86 -0.07 FTAI Aviation FTAI 84.94 2.99 ICICI Bank IBN 26.68 ... MKS Instrum MKSI 131.02 2.82 Oracle ORCL 124.50 -1.42 SBA Comm SBAC 193.16 -0.23 TorontoDomBk TD 55.21 -0.38 ZebraTech ZBRA 302.60 1.77
ArchCapital ACGL 100.58 0.01 CDW CDW 223.90 -0.34 Corpay CPAY 259.19 0.18 FTI Consulting FCN 212.42 -4.72 IdexxLab IDXX 508.26 10.75 MPLX MPLX 41.23 0.18 t Orange ORAN 10.71 -0.17 SEI Investments SEIC 64.94 0.14 TotalEnergies TTE 70.40 0.67 Zillow C Z 43.50 0.87
ADM ADM 61.95 0.68 CF Industries CF 78.67 0.81 Corteva CTVA 51.71 -1.19 Fabrinet FN 237.43 6.74 ING Groep ING 17.43 -0.24 MSCI MSCI 484.01 -7.68 Orix IX 110.65 1.05 SK Telecom SKM 20.85 -0.11 ToyotaMotor TM 208.02 1.66 Zillow A ZG 42.55 0.98
AresMgmt ARES 136.84 3.91 CGI A GIB 101.60 0.28 CoStar CSGP 76.43 0.22 FactSet FDS 406.24 -3.69 IQVIA IQV 215.83 -3.40 t MagnaIntl MGA 43.68 -0.08 OtisWorldwide OTIS 97.75 -0.91 SS&C Tech SSNC 61.72 0.08 TractorSupply TSCO 273.62 2.69 ZimmerBiomet ZBH 112.88 -0.46
argenx ARGX 379.30 3.49 CH Robinson CHRW 85.59 -1.39 Costco COST 848.34 2.76 FairIsaac FICO 1310.15 -0.17 ITT ITT 127.49 -0.76 MakeMyTrip MMYT 79.87 -0.58 Ovintiv OVV 48.52 0.89 Saia SAIA 449.01 3.31 TradeDesk TTD 92.65 -1.52 Zoetis ZTS 178.83 1.91
AristaNetworks ANET 297.58 0.79 CME Group CME 198.50 -0.86 CoterraEnergy CTRA 28.12 0.54 Fastenal FAST 63.38 -0.51 IcahnEnterprises IEP 16.41 -0.30 ManhattanAssoc MANH 221.23 0.68 OwensCorning OC 176.40 -0.49 Salesforce CRM 241.84 -0.01 Tradeweb TW 104.75 -0.56 ZoomVideo ZM 62.96 0.12
Arm ARM 139.91 3.34 CMS Energy CMS 60.50 -0.13 Coty COTY 9.84 -0.18 FederalRealty FRT 100.56 -0.45 Icon ICLR 319.84 0.56 ManulifeFinl MFC 26.24 0.39 PDD PDD 148.48 4.58 Samsara IOT 30.95 0.39 TraneTech TT 325.08 6.05 Zscaler ZS 183.91 2.92

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
NVIDIA NVDA 195.95 0.7 AdamasOne JEWL 0.26 1.4 CSG Systems CSGS 39.63 -1.8 Fanhua FANH 2.86 -3.3 JohnsonOutdoors JOUT 34.28 -1.6 OceanPwrTech OPTT 0.14 -3.9 SeelosTherap SEEL 1.00 -2.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE OdysseyMarine OMEX 5.34 1.2 Akanda AKAN 2.12 22.1 CalAmp CAMP 0.65 -9.6 Fastly FSLY 7.30 ... KensingtonV Wt KCGI.WS 0.03 ... OpenText OTEX 27.54 2.1 ServiceProperties SVC 4.89 0.2
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Oppenheimer A OPY 47.30 0.8 AligosTherap ALGS 0.51 ... Cerence CRNC 2.74 8.6 FeutuneLightA FLFV 9.70 -4.4 KindlyMDWt KDLYW 0.38 -7.8 Orange ORAN 10.62 -1.6 SharpLink SBET 0.83 -6.3
in the latest session. % CHG-Daily percentage change from the previous trading session. OxfordLane OXLC 5.78 -1.6 AllurionTech ALUR 1.14 -5.6 ChathamLodging CLDT 7.60 -3.5 FirstNWBncp FNWB 9.80 0.6 LeddarTech LDTC 1.29 -15.1 OraSureTechs OSUR 4.12 -1.7 ShiftPixy PIXY 1.38 -2.0
PlumAcqnI PLMIU 12.30 14.5 AllurionTechWt ALUR.WS 0.14 11.7 Cheche CCG 0.83 -7.7 ForresterRes FORR 16.50 -4.5 LightwaveLogic LWLG 2.44 7.1 PROS PRO 27.49 -1.5 SifyTech SIFY 0.57 -29.3
Monday, June 10, 2024 ProficientAuto PAL 15.42 1.5 AltisourceAsset AAMC 2.14 -12.0 CheetahNetSupply CTNT 0.56 -5.0 ForzaX1 FRZA 0.34 -3.5 LionGroup LGHL 0.42 3.4 Paragon28 FNA 6.32 1.0 SifyTechRt SIFYR 0.23 -42.0
PropertyGuru PGRU 5.12 2.4 AltoIngred ALTO 1.40 -1.4 ChimeraInvt CIM 11.42 -1.3 FreightTech FRGT 0.57 -2.5 LipellaPharm LIPO 0.60 -0.7 ParkAerospace PKE 13.05 0.3 SiyataMobile SYTA 1.31 ...
52-Wk % 52-Wk % 52-Wk % LogicMark LGMK 0.66 -1.5 Snowflake SNOW 125.89 -3.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg QXO QXO 290.00 7.1 Amarin AMRN 0.63 -6.7 ChinaNaturalRscs CHNR 0.83 -3.1 fuboTV FUBO 1.14 -4.2 Patterson PDCO 22.77 -2.4
RapportTherap RAPP 26.44 25.9 Ambev ABEV 2.12 -0.9 CiscoSystems CSCO 45.27 ... FulgentGenetics FLGT 19.80 0.3 LuxUrban LUXH 0.22 -1.4 PaycomSoftware PAYC 142.41 0.7 SolarEdgeTech SEDG 44.07 1.3
DecipheraPharm DCPH 25.61 0.1 InsightAcqnA INAQ 11.99 1.3 Redwire RDW AmericanRscs AREC 1.10 -4.3 Citizens&Northern CZNC 16.50 -0.8 GRI Bio GRI 0.25 -4.8 LuxUrbanHtlsPfdA LUXHP 15.00 8.8 PeakstoneRealty PKST 11.40 -1.3 Soligenix SNGX 3.41 -9.3
Highs
6.30 20.0
DutchBros BROS 40.35 5.0 Insmed INSM 60.74 5.4 RedwireWt RDW.WS 0.90 40.6 AmericanWell AMWL 0.36 7.9 ClearSignTech CLIR 0.72 -7.8 GT Biopharma GTBP 2.61 -9.7 MGP Ingredients MGPI 70.82 ... PediatrixMedical MD 6.78 -2.9 StandardMotor SMP 29.06 -0.3
EllingtonFinlPfdB EFCpB 21.88 0.6 IntlMediaAcqn IMAQU 14.29 4.9 SilverSpikeInvt SSIC 11.86 3.1 Ampco-Pitt AP 1.14 -7.3 CogentComm CCOI 51.69 -6.0 Galapagos GLPG 26.23 -1.3 MVB Financial MVBF 17.51 -0.8 PerionNetwork PERI 8.14 -30.1 SunshineBio SBFM 0.35 -32.3
AGBA Wt AGBAW 0.45 -1.9 MagnaIntl MGA 43.05 -0.2 TH Intl THCH 0.80 1.1
EnerTransferPfdI ETpI 11.39 2.6 InvestcorpIndiaA IVCA 11.33 0.1 SkechersUSA SKX 73.98 1.4 Amplitude AMPL 8.20 1.2 CompassDigitalWt CDAQW 0.03 -14.2 Gauzy GAUZ 14.50 -3.7 PineappleFinl PAPL 1.03 -1.9
AG Mortgage Nts MITP 25.20 0.1 Marcus MCS 9.56 -3.7 TraconPharm TCON 1.06 -5.3
EssexProp ESS 272.48 0.5 IronMountain IRM 87.33 1.9 SkywardSpecIns SKWD 39.16 -1.1 AnywhereRealEst HOUS 3.35 -8.6 Cosan CSAN 9.38 -1.0 Genelux GNLX 2.22 4.8 PliantTherap PLRX 10.60 3.2
AddusHomeCare ADUS 117.77 2.0 MarketWise MKTW 1.15 -0.8 TTEC TTEC 5.54 1.7
FrankBSP PfdE FBRTpE 21.68 0.1 JumiaTech JMIA 8.93 17.1 SoundFinBancorp SFBC 44.95 1.8 Appian APPN 26.71 1.6 Coursera COUR 7.07 1.0 Gerdau GGB 3.11 -0.9 Polaris PII 76.21 -1.4
AffiliatedNts64 MGRE 25.91 ... MastechDigital MHH 7.36 -1.7 TaboolaWt TBLAW 0.16 2.3
GDL Fd PfdC GDLpC 49.71 0.1 KKR KKR 110.72 11.2 SowGood SOWG 24.10 4.0 AppleHospREIT APLE 13.96 0.5 CreativeMedia CMCT 2.82 -3.4 GoldenHeaven GDHG 0.18 -3.5 Premier PINC 18.29 -0.8
AltairEngg ALTR 96.84 8.7 MesaRoyalty MTR 7.84 4.8 TeladocHealth TDOC 10.42 0.2
Gannett GCI 4.35 6.7 KLA KLAC 795.98 3.3 StepStone STEP 46.40 6.6 AptoseBiosci APTO 0.87 -1.1 CumberlandPharm CPIX 1.38 2.2 GoPro GPRO 1.42 4.1 PrestigeWealth PWM 0.90 -1.1
ApplMaterials AMAT 228.83 2.9 MetaData AIU 0.33 -7.2 TelesisBio TBIO 3.03 -20.3
GeneralMotors GM 47.76 4.0 KairousAcqnUn KACLU 15.51 12.3 TMT Acqn TMTC 10.98 -0.5 ArtWayMfg ARTW 1.65 -1.8 DarlingIngred DAR 36.35 2.3 GorillaTech GRRR 3.89 -14.3 Pulmonx LUNG 6.70 -2.0
Argan AGX 78.95 1.5 MethodeElec MEI 8.54 -8.2 TenaxTherap TENX 3.41 -0.6
GenesisEnergy GEL 13.50 6.5 LakelandInds LAKE 24.65 2.1 TaiwanSemi TSM 169.84 2.3 AshfordHosp AHT 1.05 1.8 Denny's DENN 6.67 -2.7 GrayTelevision GTN 5.32 -0.2 QuantumComp QUBT 0.61 -1.6
BJ'sWholesale BJ 89.40 0.9 MoleculinBiotech MBRX 4.26 -0.2 Tharimmune THAR 3.35 -33.3
Gildan GIL 39.07 -0.5 LamResearch LRCX 1008.50 4.2 TargaResources TRGP 120.48 1.6 Atomera ATOM 3.60 2.9 DermataTherap DRMA 3.07 -6.7 GreenPlains GPRE 16.13 0.1 Qudian QD 1.54 -3.7
BankNY Mellon BK 60.87 0.7 MolsonCoorsB TAP 51.60 -0.1 Tilly's TLYS 5.10 -7.5
BigTreeCloudWt DSYWW 0.19 69.7 GlobalPtrs GLP 50.85 3.6 EliLilly LLY 871.63 1.8 TenetHealthcare THC 138.12 3.0 AutonomixMed AMIX 1.13 -9.5 DesignerBrands DBI 7.08 -7.3 GreenwaveTech GWAV 2.82 -7.6 RaptTherap RAPT 3.75 -0.5
MoolecScience MLEC 1.06 -2.7 TItanIntl TWI 7.49 -4.2
Broadcom AVGO 1449.05 2.4 GoDaddy GDDY 142.95 1.9 Lipocine LPCN 8.25 6.1 TexasPacLand TPL 732.26 24.3 AvenueTherap ATXI 3.27 0.3 DigitalTurbine APPS 1.50 -5.6 GromSocialEnts GROM 0.45 -0.1 RadiusRecycling RDUS 15.58 2.1
MultiPlan MPLN 0.37 8.9 TonixPharm TNXP 2.18 -33.7
CHS PfdB CHSCO 27.69 -0.1 GolarLNG GLNG 27.85 5.5 Loar LOAR 63.89 2.4 TransMedics TMDX 145.92 5.5 Azitra AZTR 0.14 1.5 DineBrands DIN 36.31 -3.6 HarvardBioSci HBIO 2.79 -4.8 RedRiverBcshs RRBI 44.00 -1.8
MustangBio MBIO 0.13 -8.7 22ndCentury XXII 0.68 -6.8
Camtek CAMT 113.34 1.9 GranTierraEner GTE 9.92 5.9 MindTechPfdA MINDP 16.60 13.7 U-BX Tech UBXG 10.03 28.5 Barnes&NobleEduc BNED 0.12 -22.7 dLocal DLO 7.68 -1.9 HealthcrTriangle HCTI 0.60 -3.6 RelianceGlobal RELI 0.23 -6.9
MySize MYSZ 2.86 2.4 Unifirst UNF 150.40 -1.6
CardiolTherap CRDL 2.90 18.7 Guidewire GWRE 132.97 1.7 Mytheresa MYTE 6.27 -1.5 ValensSemicon VLN 3.39 -3.6 BigLots BIG 2.29 -13.5 Dropbox DBX 21.07 -0.4 Hempacco HPCO 0.81 -6.5 ResourcesConnect RGP 9.74 -4.0
NLS Pharm NLSP 0.11 -3.4 VCIGlobal VCIG 0.55 -1.8
ChickenSoupWt CSSEL 0.08 88.0 HCA Healthcare HCA 342.28 1.1 MartinMidstream MMLP 3.35 1.2 VeriskAnalytics VRSK 264.94 -0.2 BinahCapital BCG 8.07 5.4 DuckhornPtf NAPA 7.28 -2.4 HepionPharm HEPA 1.05 ... RevanceTherap RVNC 2.57 1.5
N2OFF NITO 0.63 0.7 Vale VALE 11.23 0.4
ClimateRock CLRCU 12.39 9.3 HHG Capital HHGCU 15.66 4.3 MayvilleEngg MEC 16.87 2.8 ViaRenewablesPfdA VIASP 23.90 -2.6 BioCardia BCDA 3.20 -7.8 Dynatronics DYNT 0.35 ... HookerFurnishings HOFT 14.51 -0.3 NatlResearch NRC 24.25 -0.1 Roadzen RDZN 2.47 -9.9 Verastem VSTM 3.28 -2.4
Cohen COHN 12.82 1.3 Hagerty HGTY 10.23 -0.4 McKesson MCK 592.12 0.7 VircoMfg VIRC 15.99 18.9 BioRestorative BRTX 1.03 0.9 ECARX ECX 0.98 -9.2 HothTherap HOTH 0.90 -8.3 NatureWood NWGL 1.95 2.5 RobertHalf RHI 61.07 1.5 VintageWineEstates VWE 0.17 7.8
Comcast DECS CCZ 62.80 4.3 HashiCorp HCP 33.86 -0.2 MicronTech MU 135.67 3.0 VirtuFinancial VIRT 25.68 10.3 BioVie BIVI 0.41 10.7 EVI Industries EVI 18.46 -0.1 Immuneering IMRX 1.30 8.8 Navient NAVI 14.04 0.3 RomaGreenFin ROMA 0.40 -3.0 Visteon VC 103.84 -0.6
ContineumTherap CTNM 18.50 9.9 HealthEquity HQY 87.61 2.0 MonolithicPower MPWR 783.65 3.7 Waystar WAY 22.34 6.8 BioXcelTherap BTAI 1.32 1.8 EagleBancorp EGBN 16.50 -4.0 Immunocore IMCR 39.61 -3.0 NetScout NTCT 18.39 0.6 RushEnt B RUSHB 39.35 -2.3 Volato SOAR 0.69 -5.0
CoreScientific CORZ 8.59 5.5 HewlettPackard HPE 20.64 2.8 MontereyCap MCACU 11.60 4.8 WesternMidstrm WES 39.37 2.8 BlackLine BL 44.92 -0.3 EffectorTherap EFTR 1.19 -0.8 Infobird IFBD 3.40 -1.4 Network1Techs NTIP 1.62 -2.1 S&W Seed SANW 0.26 0.6 Volcon VLCN 8.07 -21.5
CoreScientificWt CORZW 3.40 13.3 Hibbett HIBB 87.36 1.3 MoringaAcqn MACAU 12.70 13.9 Bloomin'Brands BLMN 19.29 -2.0 1847Holdings EFSH 0.40 -36.3 InglesMarkets IMKTA 69.56 0.1 NewFortressEner NFE 22.83 -1.3 SI-BONE SIBN 12.80 -1.0 Wendy's WEN 16.26 -1.6
CornerGrowthAcqn COOLU 13.20
CornerGrowth2 TRONU 14.48
5.2
11.8
Hims&HersHealth HIMS
Honeywell HON
22.10
211.06
4.0
0.9
MotorolaSol
MountainI A
MSI 373.97
MCAA 11.63
0.7
-0.1
Lows BlueWorldAcqn BWAQU
BlueWorldA BWAQ
8.32 -17.8
6.00 -3.9
ElbitSystems ESLT
Enservco ENSV
182.90 -0.1
0.15 -23.4
InspireVeterinary IVP
IntelligentBio INBS
1.80 -14.3
1.81 -4.6
Nikola
NineEnergy
NKLA
NINE
0.49 -0.2
1.50 1.3
SagaComm
SageTherap
SGA
SAGE
16.81 -1.5
10.19 3.0
WheelerREIT WHLR
Workiva WK
1.55 -2.5
74.64 -2.3
CreativeRealities CREX 4.47 9.3 HorizonTechNts26 HTFB 24.70 2.9 NanoViricides NNVC 3.59 13.5 AcadiaPharm ACAD 14.55 -0.1 BonNaturalLife BON 1.75 -4.1 EnteroTherapeutics ENTO 2.20 -3.2 InterParfums IPAR 113.72 -1.5 NioCorpDevts NB 1.93 -1.5 SalariusPharm SLRX 0.40 1.5 XTI Aerospace XTIA 0.60 -12.9
CredoTech CRDO 29.89 5.2 HudsonAcqnIUn HUDAU 20.95 32.8 Natera NTRA 112.72 0.4 AGCO AGCO 101.58 -1.4 Brown-Forman B BF.B 42.51 -2.2 EveHolding EVEX 4.38 -4.6 InteractStrength TRNR 0.11 6.4 NorthfieldBanc NFBK 6.98 -8.7 Schrodinger SDGR 20.67 -1.8 Xperi XPER 7.43 -2.4
CrescentCapBDC CCAP 19.05 1.2 HudsonAcqnI HUDA 23.30 11.7 NetApp NTAP 122.91 1.6 Amerisafe AMSF 42.33 -0.6 Brown-Forman A BF.A 42.55 -1.9 Evertec EVTC 31.42 1.8 InterlinkElec LINK 4.00 -8.8 NvniWt NVNIW 0.02 -19.7 ScinaiImmun SCNI 2.23 -3.6 YY Group YYGH 0.76 -16.6
CrowdStrike CRWD 384.98 7.3 ICC ICCH 22.25 38.4 Nova NVMI 226.38 2.6 ARBIOT ARBB 0.68 0.9 CN Energy CNEY 0.41 -3.5 ExactSciences EXAS 42.26 -0.1 Intrusion INTZ 1.26 -4.4 O-I Glass OI 11.61 0.8 ScrippsEW SSP 2.31 -0.8 ZappEV ZAPP 0.74 -7.5
DT Midstream DTM 69.21 0.9 Innodata INOD 16.23 8.4 NovoNordisk NVO 143.94 0.5 AbCelleraBio ABCL 3.51 -3.0 CNS Pharm CNSP 3.37 -27.7 FGI Industries FGI 0.80 ... Joyy YY 28.70 0.2 ON24 ONTF 5.58 -1.2 SeaStarMedical ICU 3.83 -23.2 ZeppHealth ZEPP 0.69 -0.6

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

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

Closing Chg YTD iShMSCI EAFE EFA 81.21 –0.07 7.8 iSh0-3MTreaBd SGOV 100.43 0.02 0.2 SPDR S&PMdCpTr MDY 535.62 0.18 5.6 VangdLC VV 245.64 0.36 12.6
Monday, June 10, 2024 iSh MSCI EM EEM 42.29 0.59 5.2 JPM EqPrem JEPI 56.63 0.19 3.0 VangdMegaGrwth MGK 303.21 0.29 16.8
ETF Symbol Price (%) (%) SPDR S&P Div SDY 129.04 –0.02 3.3
Closing Chg YTD iShNatlMuniBd MUB 106.06 –0.09 –2.2 JPM UltShIncm JPST 50.32 0.02 0.2 TechSelectSector XLK 216.15 0.26 12.3 VangdMC VO 243.17 0.45 4.5
ETF Symbol Price (%) (%) iShCoreMSCIEM IEMG 53.22 0.51 5.2 iSh1-5YIGCpBd IGSB 51.01 –0.02 –0.5 PacerUSCashCows COWZ 54.89 0.38 5.6 SMH VangdRealEst VNQ 83.24 0.34 –5.8
VanEckSemicon 255.86 1.45 46.3
CommSvsSPDR XLC 84.61 0.25 16.4 iShCoreMSCITotInt IXUS 69.06 0.22 6.4 iSh1-3YTreaBd SHY 81.27 0.01 –0.9 ProShUltPrQQQ TQQQ 67.83 1.06 33.8 VangdSC Val VBR 183.50 –0.04 2.0 VangdRuss1000Grw VONG 90.76 0.42 16.3
CnsmrDiscSel XLY 178.23 0.32 –0.3 iShCoreS&P500 IVV 538.33 0.30 12.7 iShRussMC IWR 81.32 0.53 4.6 SPDRBbg1-3MTB BIL 91.53 0.02 0.2 VangdS&P500ETF VOO 492.41 0.33 12.7
VangdExtMkt VXF 168.11 0.59 2.2
DimenUSCoreEq2 DFAC 31.96 0.25 9.3 iShCoreS&P MC IJH 58.53 0.14 5.6 iShRuss1000 IWB 293.06 0.32 11.7 SPDR DJIA Tr DIA 389.29 0.21 3.3 VangdST Bond BSV 76.29 ... –0.9
VangdDivApp VIG 181.74 0.24 6.7
EnSelSectorSPDR XLE 90.67 0.76 8.1 iShCoreS&P SC IJR 106.45 –0.45 –1.7 iShRuss1000Grw IWF 352.63 0.39 16.3 SPDR Gold GLD 213.54 0.92 11.7 VangdSTCpBd VCSH 76.92 –0.03 –0.6
VangdFTSEAWxUS VEU 59.60 0.20 6.2
FinSelSectorSPDR XLF 41.32 –0.39 9.9 iShCoreS&PTotUS ITOT 117.08 0.37 11.3 iShRuss1000Val IWD 175.92 0.26 6.5 SPDRPtfDevxUS SPDW 36.26 0.14 6.6 VangdShortTrea VGSH 57.71 ... –1.1
IUSG VangdFTSEDevMk VEA 50.62 0.14 5.7
GrayscaleBitcoin GBTC 61.73 0.41 78.3 iShCoreS&PUSGrw 123.33 0.42 18.5 iShRuss2000 IWM 201.89 0.34 0.6 SPDRS&P500Value SPYV 49.24 0.14 5.6 VangdSC VB 218.58 0.30 2.5
iShCoreTotUSDBd IUSB 44.95 –0.13 –2.4 VangdFTSE EM VWO 43.45 0.53 5.7
HealthCrSelSect XLV 146.97 0.37 7.8 iShS&P500Grw IVW 89.32 0.39 18.9 SPDRPtfS&P500 SPLG 63.00 0.32 12.7 VangdTaxExemptBd VTEB 49.87 –0.12 –2.3
iShCoreUSAggBd AGG 96.54 –0.08 –2.7 iShS&P500Value IVE 183.60 0.16 5.6 SPDRS&P500Growth SPYG 77.38 0.39 18.9 VangdFTSE Europe VGK 69.54 –0.30 7.8 VangdTotalBd BND 71.61 –0.15 –2.6
IndSelSectorSPDR XLI 122.71 0.31 7.6
InvscNasd100 QQQM 191.28 0.39 13.5 iShEdgeMSCIMinUSA USMV 83.28 0.23 6.7 iShSelectDiv DVY 121.68 –0.23 3.8 SPDR S&P 500 SPY 535.66 0.31 12.7 VangdGrowth VUG 362.23 0.30 16.5 VangdTotIntlBd BNDX 48.38 –0.31 –2.0
InvscQQQI QQQ 464.83 0.40 13.5 iShEdgeMSCIUSAQual QUAL 168.83 0.40 14.7 iSh7-10YTreaBd IEF 92.75 –0.22 –3.8 SchwabIntEquity SCHF 39.38 0.05 6.5 VangdHiDiv VYM 119.22 0.25 6.8 VangdTotIntlStk VXUS 61.34 0.26 5.8
InvscS&P500EW RSP 165.00 0.27 4.6 iShGoldTr IAU 43.63 0.90 11.8 iShShortTreaBd SHV 110.17 0.02 0.0 SchwabUS BrdMkt SCHB 61.99 0.36 11.4 VangdInfoTech VGT 551.75 0.35 14.0 VangdTotalStk VTI 263.83 0.33 11.2
iShBitcoin IBIT 39.59 0.43 ... iShiBoxx$IGCpBd LQD 106.74 –0.21 –3.5 iShTIPSBond TIP 105.90 –0.14 –1.5 SchwabUS Div SCHD 77.77 –0.15 2.2 VangdIntermBd BIV 74.30 –0.17 –2.7 VangdTotWrldStk VT 112.27 0.23 9.1
iShCoreDivGrowth DGRO 57.54 0.21 6.9 iShMBS MBB 91.07 –0.16 –3.2 iSh20+YTreaBd TLT 90.89 –0.67 –8.1 SchwabUS LC SCHX 63.33 0.36 12.3 VangdIntrCorpBd VCIT 79.46 –0.13 –2.2 VangdValue VTV 160.97 0.36 7.7
iShCoreMSCIEAFE IEFA 75.33 ... 7.1 iShMSCIACWI ACWI 112.31 0.29 10.4 iShUSTreasuryBd GOVT 22.41 –0.13 –2.7 SchwabUS LC Grw SCHG 97.45 0.35 17.5 VangdIntermTrea VGIT 57.77 –0.09 –2.6 WT FRTrea USFR 50.41 0.02 0.3

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Fidelity Balanc 29.19 +0.06 8.8 IncomeAdv 2.31 ... 3.0 LSGrowthY 26.65 +0.05 14.7 EqIdxInst 37.55 +0.11 11.5 STIGradeAdml 10.17 ... 1.2 ExtndIstPl 314.45 +1.65 2.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. 500IdxInstPrem186.59 +0.49 BluCh13.1 215.06 +1.16 24.1 FrankTemp/Franklin A Northern Funds IntlEqIdxInst 23.57 +0.03 7.8 STIPSIxAdm 24.20 +0.01 1.7 IdxIntl 19.71 +0.05 6.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Contrafund K6 28.45 +0.19 BluChpGr K6 32.98 +0.17
23.6 22.9 DynaTech A 159.38 +1.27 19.2 StkIdx 55.22 +0.15 13.1 LrgCpGrIdxInst 60.41 +0.22 16.5 TotBdAdml 9.44 -0.01 -1.2 MdCpGrAdml 98.80 +0.65 4.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, ExtMktIdxInstPre 80.00 +0.42 Contra2.5 19.87 +0.13 23.6 Growth A 138.04 +0.64 12.6 Old Westbury Fds VANGUARD ADMIRAL TotIntBdIdxAdm 19.35 -0.08 -1.0 MdCpVlAdml 78.54 +0.16 5.1
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r FidSerInt 8.49 -0.04 ContraK
-1.7 19.94 +0.13 23.6 RisDv A 93.40 +0.23 5.9 LrgCpStr 19.56 +0.08 12.7 500Adml 495.98 +1.32 13.1 TotIntlAdmIdx r 32.98 +0.09 6.3 SmValAdml 78.86 -0.05 2.5
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not FidSerToMarket 17.48 +0.06 CpInc11.6 9.93 +0.03 5.2 Guggenheim Funds Tru Parnassus Fds BalAdml 47.00 +0.06 6.4 TotStAdml 128.38 +0.39 11.6 TotBd2 9.32 -0.01 -1.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; TotRtnBdFdClInst 23.21 -0.05 -0.6 ParnEqFd 60.14 +0.03 9.2 CAITAdml 11.27 ... -0.5 TxMCapAdml276.18 +0.86 TotIntlInstIdx r131.88 +0.33 6.3
GrowthCompanyK6 27.69 +0.17 GroCo23.3 39.20 +0.20 22.8 12.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Harbor Funds CapOpAdml r199.75 +1.64 11.5 TxMIn r TotItlInstPlId r131.92 +0.34 6.3
IntlIdxInstPrem 50.83 ... InvGrBd
7.7 9.83 -0.02 -0.8 PGIM Funds Cl Z 16.27 +0.03 6.3
CapApInst 113.56 +0.46 17.7 TotalReturnBond NA ... NA DivAppIdxAdm 49.29 +0.08 7.1 USGroAdml 169.72 +0.75 TotSt 128.34 +0.39 11.5
LgCpGwId InstPre 34.38 +0.13 LowP 16.5 47.16 +0.10 7.0 15.7
Monday, June 10, 2024 Harding Loevner PIMCO Fds Instl EMAdmr 36.37 +0.19 6.5 ValAdml VANGUARD INSTL FDS
MidCpInxInstPrem 31.44 +0.17 Magin 5.0 14.32 +0.11 19.9 62.75 +0.19 8.3
Net YTD Net YTD Net YTD IntlEq 26.79 ... 3.2 AllAsset NA ... NA EqIncAdml 89.54 +0.18 6.9 WdsrllAdml 82.96 +0.22 BalInst 47.01 +0.06 6.4
SAIUSLgCpIndxFd 22.31 +0.06 NASDAQ 218.47 +0.77
13.1 14.9 9.1
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Invesco Funds Y
SeriesBondFd 8.82 -0.01 OTC -1.2 22.16 +0.16 21.2 TotRt NA ... NA ExplrAdml 107.19 +0.52 3.8
WellsIAdml 60.95 -0.03 1.7 DevMktsIndInst 16.29 +0.02 6.2
AB Funds SmCpA 0.9 EmMktCorEq 23.96 +0.11 7.1
66.87 +0.25
DevMktY 39.46 +0.06 2.2
PIMCO Funds A ExtndAdml 127.42 +0.66 2.5 DevMktsInxInst 25.47 +0.04 6.3
SeriesOverseas 14.26 +0.01 Puritn9.9 25.83 +0.15 11.3 JHF III DispVal WelltnAdml 76.13 +0.22 7.2
MuniIncmShares 11.06 -0.01 1.3 TxExA -0.1 IntlCoreEq 16.26 +0.04 6.3
12.30 -0.01 SerLTTreBdIdx 5.45 -0.03 SAIUSMinVolIndFd 20.33 +0.02
-5.5 8.9 IncomeFd 10.48 ... 1.2 GroIncAdml 103.52 +0.36 14.7
WndsrAdml 75.64 +0.18 4.4
ExtndInst 127.42 +0.67 2.5
DispValMCI 28.69 +0.12 4.8 GrwthAdml 186.47 +0.54 16.7 GrwthInst 186.49 +0.55 16.7
AB Funds - ADV WshA 9.5 IntSmCo
62.45 +0.35 20.31 +0.07 5.3 SmCpIdxInstPrem 25.25 +0.06 SAIUSQtyIdx 22.42 +0.09
0.8 15.8 PIMCO Funds I2 VANGUARD FDS
John Hancock
LgCpGrAdv 109.30 +0.60 17.8 Artisan Funds IntSmVa 23.04 +0.11 8.6
TMktIdxInstPrem146.78 +0.44 SrsBlChGroRetail 19.29 +0.10
11.6 23.5 Income 10.48 ... 1.4 HlthCareAdml r 92.27 +0.30 7.7
DivdGro 38.66 -0.11 5.0
InPrSeIn 9.37 -0.01 ...
BondR6 13.29 -0.03 -0.5 HYCorAdml r 5.35 -0.01 1.4 InstIdx 442.31 +1.17 13.1
American Century Inv IntlVal Inst 49.47 -0.397.6 LgCo 35.64 +0.09 13.0
TotalMarketIndex 18.57 +0.06 SrsEmrgMkt 18.51 +0.10
11.7 6.8 PIMCO Funds Instl IntlVal 42.40 +0.02 5.1
JPMorgan I Class
Ultra 87.12 +0.26 16.9 Baird Funds US CoreEq1 39.96 +0.11 11.2
TtlIntIdxInstPr 13.99 +0.02 SrsGlobal
6.4 14.79 +0.02 6.8 CoreBond 10.06 -0.01 -0.7 IncomeFd 10.48 ... 1.4 InfProAd 23.00 -0.02 ...
LifeGro 44.45 +0.08 7.3
InstPlus 442.31 +1.17 13.1
AggBdInst 9.63 -0.01
-0.8 US CoreEq2 35.72 +0.09 10.3 InfTechIdx 282.61 +1.17 14.3 InstTStPlus 91.42 +0.28 11.6
American Funds Cl A USBdIdxInstPrem 10.15 -0.01 SrsGroCoRetail 23.99 +0.13
-1.3 23.2 EqInc 24.10 +0.06 5.7 Price Funds LifeMod 32.00 +0.03 5.1
AmcpA 42.35 +0.22 11.1 CorBdInst -0.5 US Small
9.96 -0.02 44.88 +0.03 1.4
Fidelity Advisor I SrsIntlGrw 18.62 +0.04 8.7 LgCpGwth 72.22 +0.43 20.1 BlChip 181.13 +0.95 21.3 IntlGrAdml 112.38 +0.32 10.4
PrmcpCor 35.65 +0.26 12.3
MidCpInst 66.51 +0.28 4.9
AMutlA 54.29 +0.13 6.9 BlackRock Funds US SmCpVal 45.28 -0.01 1.1
Total Bd 9.35 -0.01 -0.5 SrsIntlVal JPMorgan R Class DivGro 77.14 +0.25 9.2 ITBondAdml 10.06 -0.02 -1.3 MidCpIstPl 328.02 +1.36 4.9
2.8 US TgdVal 31.92 -0.01 0.4
12.85 +0.04 10.1
101.29 +0.35 17.0 ITIGradeAdml 8.47 -0.02 -0.4 STAR 28.27 +0.04 5.3 SmCapInst 104.71 +0.33 2.8
BalA 34.04 +0.06 7.1 HiYldBd Inst 7.01 -0.01 TotalBond CoreBond 10.07 -0.02 -0.7 Growth
USLgVa 47.84 +0.04 7.9 Fidelity Freedom 9.36 -0.02 -0.5 LarCapAd 124.02 +0.37 12.9 TgtRe2020 27.75 +0.01 3.3 SmCapIstPl 302.23 +0.94 2.8
BondA 11.11 -0.02 -1.5 BlackRock Funds III FF2030 CorePlusBd 7.10 -0.01 -0.2 LgCapGow I 77.39 +0.27 17.6
17.45 +0.02 5.8 Fidelity SAI -3.7 TgtRe2025 19.20 +0.01 4.5
103.21 +0.51 3.2 LTGradeAdml STIGradeInst 10.17
Dodge & Cox 7.66 -0.04 ... 1.2
CapIBA 67.98 -0.43 4.0 iShS&P500IdxK629.72 +1.67
13.1 FF2035 15.52 +0.03 7.3 TotalBd Lord Abbett I MidCap
Balanced 103.97 -0.04 4.5 8.86 -0.02 -0.4 MidCpAdml 301.08 +1.26 4.9 TgtRe2030 37.37 +0.04 5.3 STIPSIxins 24.22 +0.01 1.7
CapWGrA 65.53 -0.14 9.9 BlackRock Funds Inst FF2040 11.39 +0.03 9.0 U.S.TreBdIdx 8.59 -0.02 ShtDurInc p 3.84 ... 2.0 R2030 25.47 +0.05 6.4
GblStock 15.89 -0.03 6.5 -1.5 MuHYAdml 10.62 ... 0.8 TgtRe2035 23.49 +0.03 6.2 TotBdInst 9.44 -0.01 -1.2
EupacA 58.08 -1.32 8.6 EqtyDivd 20.48 -0.01
7.3 Metropolitan West Putnam Funds Class A
Income 12.42 -0.02 -0.6 Freedom2030 K 17.44 +0.02 5.9 Fidelity Selects MuIntAdml 13.50 -0.01 -0.5 TgtRe2040 42.04 +0.07 7.0 TotBdInst2 9.32 -0.01 -1.2
FdInvA 80.68 +0.57 13.1 StratIncOpptyIns 9.33 ...
1.0 TotRetBdI 8.87 -0.02 -1.7 PutLargCap p 34.96 +0.23 13.9
Intl Stk 52.16 -0.18 6.1 Freedom2035 K 15.50 +0.03 7.3 Semiconductors r 34.99 +0.54 44.3 MuLTAdml 10.79 -0.01 -0.4 TgtRe2045 28.73 +0.06 7.8 TotBdInstPl 9.44 -0.01 -1.2
GwthA 72.28 +0.46 14.4 TotRet 9.74 -0.01
NA TRBdPlan 8.32 -0.02 -1.6 Putnam Funds Class Y
Stock 256.59 +0.30 7.9 Freedom2040 K 11.40 +0.03 9.1 Softwr 25.87 +0.10 -4.7 MuLtdAdml 10.76 ... 0.3 TgtRe2050 48.15 +0.12 8.3 TotIntBdIdxInst 29.04 -0.12 -1.0
HI TrA 9.56 -0.01 3.4 Calamos Funds MFS Funds PutLargCap 34.96 +0.23 14.0
DoubleLine Funds Idx2030InsPre 19.81 +0.02 4.9 Tech 34.29 +0.18 20.3 MuShtAdml 15.70 ... 0.9 TgtRe2060 49.50 +0.11 8.3 TotStInst 128.40 +0.38 11.6
ICAA 56.64 +0.28 12.7 MktNeutI 14.60 -0.01
3.2 TotRetBdI IIE 35.27 -0.17 7.1 Schwab Funds
8.60 -0.02 -0.7 Idx2035InsPre 22.77 +0.03 6.2 First Eagle Funds PrmcpAdml r176.41 +1.29 12.8 TgtRet2055 53.73 +0.13 8.3 ValueInst 62.75 +0.19 8.3
MFS Funds Class I 1000 Inv r 114.96 +0.36 NA
IncoA 24.03 -0.13 4.0 Columbia Class I Edgewood Growth Instituti Idx2040InsPre 23.88 +0.05 7.7 GlbA 68.05 +0.21 7.9 RealEstatAdml117.88 +0.28 -5.0 TgtRetInc 13.27 ... 2.4 WCM Focus Funds
GrowthI 210.12 +1.63 22.1 S&P Sel 82.67 +0.22 NA
N PerA 62.04 +0.16 11.0 DivIncom I 32.46 +0.10 7.2 EdgewoodGrInst 49.22 +0.10 12.5
Idx2045InsPre 25.07 +0.05 8.3 Franklin A1 SmCapAdml 104.71 +0.33 2.8 Welltn 44.09 +0.13 7.1 WCMFocIntlGrwIns 25.18 ... 10.6
ValueI 50.83 +0.10 7.3 TSM Sel r 90.37 +0.27 NA
NEcoA 61.18 +0.43 13.4 Dimensional Fds Federated Hermes Int Idx2050InsPre 25.11 +0.05 8.3 IncomeA1 2.33 ... 2.9 SmGthAdml 87.49 +0.70 3.1 WndsrII 46.76 +0.13 9.0 Western Asset
Natixis Funds TIAA/CREF Funds
NwWrldA 80.38 +0.06 7.1 EmgMktVa 31.54 +0.11 7.4 TtlRtnBdI 9.29 -0.02 -1.2 Fidelity Invest FrankTemp/Frank Adv STBondAdml 10.00 ... 0.4 VANGUARD INDEX FDS CorePlusBdI NA ... NA
B10 | Tuesday, June 11, 2024
Companies Push Back Plastic-Waste Goals
Members of an
environmental pact
delay many targets
to 2030 from 2025
BY H. CLAIRE BROWN
It will take longer than
planned for the companies re-
sponsible for one-third of U.S.
plastics packaging to hit their
environmental goals, a report
released Monday acknowl-
edged.
In 2020, dozens of major
companies joined the U.S. Plas-
tics Pact, signaling a commit-
ment to minimizing plastic
waste. Their goals included
phasing out plastic straws,
cutlery and intentionally
added PFAS, also known as
“forever chemicals”; recycling
or composting half their plas-
tic packaging; and making sure
100% of plastic packaging
would be reusable, recyclable
or compostable—all by 2025.
Signatories include major
brands like General Mills,
Nestlé, Kraft Heinz and Coca-
Cola Co., the largest known
contributor to global branded
plastic waste, according to re-
search published in the journal
Science Advances. Retailers
such as Walmart and Target
and packaging and materials
suppliers also signed.
Spokespeople for Coca-Cola
and Nestlé reiterated the com-
panies’ commitment to recy-
cling. General Mills, Target and
Vice Media Co-Founder Returns
To Take on New Role in News Unit Are Lagging Behind
BY ALEXANDRA BRUELL
AND JESSICA TOONKEL
Shane Smith is sorry, but
not sorry.
The 54-year-old co-founder
of Vice Media said he has few
regrets as he embarks on a
new role at the company, a
one-time new media jugger-
naut that once commanded
billions of dollars in valuation
but is now a shell of its former
self.
Smith, who stepped out of
the spotlight when Vice fell
into financial distress and ca-
reened toward bankruptcy, has
been appointed editor in chief
of Vice News.
“It’s your baby that you
built, that you birthed,” Smith
said of his decision to stick
with Vice, which he helped
create 30 years ago.
Smith will host a series of
shows, starting with “Vice
News: The Truth?”—a new
video podcast that will feature
talk-show host Bill Maher as a
recurring guest. Smith said
the show’s aim is to report
facts free of political bias and
expose misinformation. The
show will be on Maher’s pod-
cast network and Vice TV.
Smith will also create content
on the company’s news-related
social-media channels.
Despite his title of editor in
chief, Smith will have no man-
agement responsibility, Vice
said. And his unit, which now
focuses on long-form docu-
mentaries, bears little resem-
blance to what was once
known as Vice News: Vice ex-
ited the day-to-day news busi-
ness earlier this year, laying
off hundreds of staffers in the
process. It also recently sold
Refinery29, its women’s life-
style-focused site, for a frac-
tion of what it paid.
In an interview, Smith re-
flected on Vice’s collapse, for
which he said he bore some
responsibility—describing re-
cent layoffs as “cuts into your
flesh” and criticizing his own
abilities as an operator. But he
put most of the blame on tech
platforms such as Meta Plat-
forms’ Facebook, Amazon and
Alphabet’s Google, which si-
phoned off a large portion of
the advertising revenue that
once went to Vice and other
news outlets.
“They killed independent
publishing,” he said.
Started in the mid-90s as
an edgy punk magazine, Vice
became famous for making
videos on the cheap as well as
for its profane, gonzo journal-
ism. Over the years, Vice, and
often Smith himself, took re-
porting risks, including sneak-
ing into North Korean labor
camps in Siberia, smoking
weed with the president of
Uruguay and embedding with
Walmart didn’t respond to re-
quests to comment.
Now, with the 2025 dead-
line close at hand, the U.S.
Plastics Pact has published an
updated set of objectives. They
look a lot like the 2020 goals,
with a key difference: Many of
the target dates have been
pushed back to 2030.
It isn’t the first time com-
panies have pushed back time-
lines for aggressive recycling
targets. Coca-Cola and Nestlé
both made public promises as
far back as 2007 and 2008 that
didn’t come to fruition, ac-
cording to the Conservation
Law Foundation, an environ-
mental advocacy group.
“When we launched in
2020, especially for the U.S.
market, we didn’t know what
we didn’t know. And because
of that, the targets that were
set on the 2025 timeline were
extremely ambitious,” said
Emily Tipaldo, executive direc-
tor of the U.S. Plastics Pact. “I
don’t know that there was
frankly anyone out there who
thought we were going to
meet all of the things. It’s
more about lighting a fire un-
der people.”
Today, less than 10% of
plastic waste in the U.S. is re-
cycled annually, according to a
2023 report from the National
Academy of Sciences. While
companies frequently tout pi-
lot projects for plant-based
plastics or paper bottles, the
problem is expected to get
worse in the future. Recent
Gold Miners’ Stocks
Shane Smith will host ‘Vice News: The Truth?’
slamic State.
The company attracted a
flurry of investments from leg-
acy media companies that
were seduced by Vice’s appeal
to younger audiences, as well
as private-equity firms. It
eventually went bankrupt as it
failed to reach its lofty tar-
gets.
Last year, a group of lend-
ers led by Fortress took over
Vice for $350 million, a frac-
tion of the peak valuation of
$5.7 billion after the company
failed to find a buyer.
Beyond wiping out inves-
tors and causing hundreds of
job losses, Vice’s downfall also
hit Smith’s net worth—though
he still has done well for him-
self. Over the years, Smith
took more than $100 million in
equity out of Vice as new in-
vestors came in, according to
people familiar with the situa-
tion. Until this spring, Vice
continued to pay him between
$1 million and $2 million in
annual salary. And for years,
Vice paid him $1,400 in
monthly perks, according to
his 2022 divorce agreement.
Smith declined to discuss
his compensation beyond say-
ing that he got paid based on
what he was bringing in.
Speaking near a wood-
burning fireplace in the draw-
ing room of New York’s Green-
wich Hotel last week, Smith
pondered what he could have
done differently.
“Did we go too fast and get
addicted to the money? Proba-
bly,” he said of Vice’s early
expansion.
He spends his time taking
walks near his home in Mal-
ibu, Calif., which he purchased
after selling his Santa Monica
home for $48 million in 2021.
While he still has a drinking
BUSINESS & FINANCE
Companies that signed the U.S. Plastics Pact account for one-third of U.S. plastics packaging.
projections have found that est year for which data is
plastic waste could triple by available, it was clear that par-
2060, according to the Organi- ticipants had a long way to go.
zation for Economic Coopera- They had hoped to collectively
tion and Development. hit 100% reusable, recycled
The U.S. Plastics Pact, one and compostable packaging by
of many national and regional 2025, but the numbers re-
pacts coordinated by the circu- mained below 50%, having
lar economy-focused Ellen started at a baseline of 37%.
MacArthur Foundation, started Less progress had been made
as an effort to organize stake- on the use of recycled materi-
holders around plastic reuse als. As for the target aimed at
and recycling. Participating eliminating “problematic and
companies, or “activators,” unnecessary materials” includ-
committed to aiming for spe- ing cutlery and plastic straws,
cific 2025 targets and submit- many companies reported
ting annual progress metrics. progress, but not a single one
By the end of 2022, the lat- of 11 materials singled out for
that it might not be scalable
and that its news reporters in
conflict zones might face secu-
rity risks.
Disney ultimately walked
away.
Smith had said at the time
that he thought Vice was
worth more, according to peo-
ple close to the situation. He
told the Journal that same
year that he was going to eat
big media’s lunch and could
grow Vice’s valuation to $50
billion.
Smith said he would have
taken the Disney money had
an offer materialized. “I’ve
PAT MARTIN FOR THE WALL STREET JOURNAL
only said yes to money,” he
said.
Smith said he sees Vice’s
production arm—one of the
company’s remaining assets,
along with the Virtue creative
agency—as the company’s
growth engine. But the studio
group faces competition from
deep-pocketed rivals.
Vice recently sold “Holly-
wood Ending,” a documentary
room in his current home, he it developed about Zach Hor-
mostly uses it to read books witz, an actor who scammed
about philosophy. investors, to Amazon MGM
“I collected wine, but I can’t Studios.
drink it anymore because I get Smith, known for being the
hangovers,” he said. ultimate salesman, once said
Many entrepreneurs move he wanted Vice to be 10 times
on to the next venture after a the size of CNN, ESPN or MTV.
failure and view it almost as a Advertisers and investors ate
badge of honor. Smith said the it up. By the end of 2015, the
average entrepreneur has gone company’s list of investors had
bankrupt three times. Once a grown to include Disney ($400
high-roller blackjack player million) and A&E ($250 mil-
who has been known to lose lion).
and win $1 million in a night, Vice was put in a precari-
Smith is betting that for him, ous position in 2017 when it
bankruptcy will happen just accepted $450 million from
once. buyout firm TPG, which valued
“He had a tendency to get Vice at $5.7 billion. The deal
ahead of himself,” said former had Vice pay TPG quarterly
MTV Networks Chief Executive dividends at a time when it
Tom Freston. “At his heart, de- was already struggling, people
spite all the business failings familiar with the matter said.
that they’ve been through, Several directors, including
Shane was a daring journalist former Disney executive Kevin
and that was his main pas- Mayer and Jay Hoag, co-
sion.” founder of private-equity firm
Smith, who described Fres- TCV, raised concerns about the
ton as a mentor, said Freston deal. But Smith, who had vot-
once told him not to be so ar- ing control, told people he was
rogant. But Smith said his ar- excited about the valuation.
rogance is what put Vice on “The TPG funding was
the map. unanimously approved by the
Disney, one of Vice’s inves- Vice board,” Smith said in a
tors, in 2016 considered buy- statement.
ing the company outright, at In recent years, as the com-
one point proposing around pany continued to struggle,
$3.5 billion. Vice turned to Saudi Arabia.
Ben Sherwood, then a se- Smith had spent time with
nior Disney executive whom Crown Prince Mohammed bin
CEO Bob Iger had tasked with Salman during his time re-
evaluating Vice’s content oper- porting in the region.
ations, visited the company’s More recently, the company
Brooklyn production offices in reached a deal to create cul-
September 2016 and attended ture-related content for a
a boozy dinner with Smith, Saudi media conglomerate, ex-
film director Spike Jonze and pected to generate tens of mil-
others. lions, according to people fa-
After the meetings, Sher- miliar with the matter. But the
wood told Iger that he had project was canceled, and the
concerns with the business money never came.
model underpinning Vice’s —Robbie Whelan contributed
content operation, including to this article.
THE WALL STREET JOURNAL.
the use of “virgin” plastic
made from fossil fuels. A
newly added goal focuses on
the development of reusable
packaging, but there are no
numbers attached.
Carrie Jenks, executive di-
rector of the Environmental
and Energy Law Program at
Harvard Law School, said her
team has seen increased inves-
tor interest in tracking compa-
nies’ progress on near-term
sustainability commitments.
“In the past year, we’ve seen
that investors in companies
with sustainability targets are
asking how companies are en-
gaging, and whether they’re
MARIO TAMA/GETTY IMAGES
actually meeting these interim
targets,” she said.
She added that stakeholders
are more interested in making
sure there are systems in place
to measure change and make
necessary adjustments than
they are in exact time frames.
elimination was confirmed for With its focus on data collec-
across-the-board removal in tion from member companies,
time for the deadline. the U.S. Plastics Pact provides
Three of the five targets some high-level insight into
outlined in the new road map progress among participants.
are very similar to the 2020 Since the Plastics Pact
version. Commitments to recy- launched, several states have
cle 50% of plastic packaging, passed legislation regulating
produce 100% recyclable pack- plastic waste. Tipaldo said one
aging and use 30% recycled of the organization’s intended
content in packaging have outcomes is to make sure
been pushed to 2030. members’ lobbying activities
The 11 “problematic and un- align with their environmental
necessary items” are slated for commitments. “Sometimes it’s
elimination in 2026, according still a shock to the sustainabil-
to the new report. This target ity folks what’s happening on
has been modified to addition- the government affairs side,”
ally include a 30% reduction in she said.
Soaring Metal Prices
BY RHIANNON HOYLE lifted targets on several gold
producers’ shares after raising
Gold miners aren’t shining its own price forecasts for the
in the same way as the pre- precious metal. Sydney-based
cious metal they dig up. Could analysts for the bank said Aus-
predictions of an eye-watering tralian gold equities “have un-
rally in prices ahead change derperformed their leverage to
that? the commodity” and that there
While gold prices are al- could be an opportunity for in-
ready 20% higher than a year vestors to profit.
ago, after a record-breaking Margins are already near
rally, a benchmark gold-mining record highs at today’s prices.
index is up by just half that. Industry costs, while at a re-
It isn’t unusual for gold cord, averaged $1,342 an ounce
stocks to lag behind gains in in the final quarter of 2023,
bullion prices—the costs and according to the World Gold
other variables involved in Council, a trade association.
mining the metal make equi- Yet there are still plenty of
ties a riskier bet than the reasons to think sluggish gold
metal itself. stocks won’t keep pace even if
Still, some analysts are be- metal prices shoot to new
coming more optimistic about highs.
the outlook for gold stocks as For one, the growth in gold
they forecast even higher exchange-traded funds has
metal prices that could gift made it easier for investors to
miners a huge bump in mar- get direct gold-market expo-
gins at a time when most have sure, potentially lessening the
been struggling to contain cost
inflation. Gold futures price
UBS envisages gold reaching
$2,500 a troy ounce
$2,800 a troy ounce before the
end of 2025. Citi projects gold
2,400
at $3,000 an ounce within that
time.
Gold now sells for roughly 2,300
$2,380 an ounce, up from
about $1,800 an ounce 18 2,200
months ago.
In recent times, investors 2,100
have been wary about whether
some miners will be able to dig 2,000
up as much gold as they plan
at the cost they say they can, 1,900
which has weighed on stock
prices. 1,800
In Australia, the world’s top July 2023 ’24
source of gold after China and
Russia, miners have faced op- Source: FactSet
erational challenges, including
heavy rainfall. One analyst said need to bet via stocks, said
it would take a “heroic” effort London-based analysts at Libe-
from most operations run by rum. Gold mines are also now
Evolution Mining, for example, significantly less productive
to achieve guidance that com- than they were roughly two
pany provided to the market decades ago, undermining eq-
for the year through June. uity returns, they said.
However, risks to miners’ Cost inflation following the
production and costs pale in Covid pandemic and Russia’s
comparison to the prospect of invasion of Ukraine has had a
a gold price like $2,800 an big role in decoupling gold
ounce, UBS analyst Levi Spry stocks from the gold price, ac-
said in a recent note. cording to Tom Palmer, chief
Spry raised price targets executive of Denver-based
across the clutch of Australian Newmont, the world’s biggest
gold stocks he watches, all of gold miner.
which he recommends inves- “You’ve seen the gold-in-
tors buy, including Evolution. dustry cost curve climb $200
He upgraded his recommenda- to $300 an ounce, and I think
tion on Regis Resources to gold equities are in the dol-
buy from sell. drums because investors are
A structural shift in gold saying: ‘Can gold companies
prices is under way, Spry said, generate the free cash flow
rooted in strong demand from necessary to run their busi-
central banks as well as small ness, to reinvest back in the
investors, who have been buy- business and to deliver re-
ing bars and coins because of turns?’ ” Palmer said at an in-
concerns about war and the dustry event on Thursday.
economy. And so, for many, ETFs and
He isn’t alone in taking a the precious metal itself have
shine to gold-mining stocks. become fundamentally more
RBC Capital Markets recently appealing, he said.
THE WALL STREET JOURNAL.
S&P, Nasdaq Set Records Ahead of Fed
Investors look to
new consumer-price
data, June decision
on interest rates
BY JACK PITCHER
The S&P 500 and Nasdaq
Composite closed at records in a
quiet day of trading ahead of
the much-anticipated Federal
Reserve meeting later this week.
The broad-based index closed
0.3% higher at 5360.79, while
the Nasdaq added 0.3% to
17192.53. The Dow Jones Indus-
trial Average edged up 0.2%.
Bond yields ticked higher, with
the benchmark 10-year Treasury
yield closing at 4.468%.
Major indexes
MONDAY’S are holding at or
MARKETS near highs ahead
of key inflation
data due Wednesday morning
and the Fed’s next rate decision
set for that afternoon. The cen-
tral bank is expected to hold in-
terest rates steady, but traders
will parse its economic projec-
tions and Chair Jerome Powell’s
commentary for clues on how
interest rates might move this
year.
Stocks have advanced in re-
cent weeks on optimism that in-
flation is falling toward the
Fed’s 2% target and that the
Restaurants
Stand Out
In Realty
Continued from page B1
went on dates with her now-
husband to Indian and Asian
restaurants.
“The stimulus checks came
through, and there were all
these restaurants around me
that I’d always wanted to try,”
she said. “It’s about connect-
ing with people through food.”
Restaurant rents and occu-
pancy levels have been rising
Exploring the forces
shaping the future of food.
How is the business of food changing—and what’s next?
Join WSJ editors and connect with an influential community of leaders
from every corner of the food industry and agricultural economy to explore
the trends, technologies, opportunities and risks shaping the future.
We’ll cover the issues and topics making headlines:
■ Where investors are placing bets in food and agriculture tech
■ Washington policy, from farm policy to shifts in dietary guidelines
■ Threats to the global food supply, from the effects of climate change
to armed conflict
■ Transformative consumer trends
The Wall Street Journal’s Global Food Forum will take place on June 25-26
at the Four Seasons Hotel Chicago.
Founding Sponsor
* * * * * *
Index performance on Monday
0.5% Nasdaq Composite
S&P 500
0.4 Dow Jones Industrial Average
0.3
0.2
0.1
0 dex was down 1.8% and the
–0.1
–0.2
–0.3
–0.4
10 a.m. 11 noon
Source: FactSet
central bank will be able to cut
rates while the economy re-
mains strong. For the year, the
S&P 500 is up 12%
Barring stronger-than-ex-
pected inflation data, “the U.S.
economy should continue on its
soft-landing trajectory that in-
vestors are increasingly confi-
dent about,” said Jason Draho,
head of asset allocation Ameri-
cas at UBS Global Wealth Man-
agement. “If it does, be prepared
for more all-time market highs.”
Recent economic reports
have delivered surprises, how-
across the U.S. in recent years.
Retail-real-estate firm Pine
Tree, for one, said it is signing
new restaurant tenants at
rents as much as 10% higher
than prepandemic levels.
Chipotle Mexican Grill,
one of the fastest-growing
restaurant chains, has been
able to capitalize on the din-
ing-out trend. The company
opened 271 new restaurants
last year—the highest annual
total in company history—and
plans to add about 300 more
this year.
Most of Chipotle’s new loca-
tions include drive-through
lanes where customers who
have ordered ahead on the
company’s app can pick up
their food without leaving their
Contributing Sponsors
MARKETS
Five–minute intervals
1 p.m. 2 3 4
ever. The latest came Friday,
when the May jobs report
showed a surge of hiring despite
elevated interest rates.
“The red-hot U.S. payroll data
reinforces what an unusual envi-
ronment this is for the start of a
global easing cycle,” Jean
Boivin, head of the BlackRock
Investment Institute, wrote in a
report.
Stocks shrugged after the
payrolls report, but derivatives
traders priced in lower odds of
rate cuts in the coming months.
Traders are currently pricing in
cars. After skyrocketing during
the pandemic, digital orders
have moderated and now ac-
count for about 37% of total
sales, said Chris Brandt, chief
brand officer for Chipotle.
“Recently, the in-store vis-
its have come roaring back,”
Brandt said. “People like the
customization, they like to go
down the line,” he added, re-
ferring to the burrito-assem-
bly process.
For years, property owners
were wary of food tenants.
Building out restaurant spaces
is an expensive cost often
borne by landlords. Many es-
tablishments fail early on.
But an increase in credit-
worthy chains coupled with
data showing that food estab-
Supporting Sponsor
Tuesday, June 11, 2024 | B11
after President Emmanuel Ma-
cron called a snap parliamen-
tary election in response to an
unexpectedly strong showing for
a far-right party in voting for
the European Parliament.
The Stoxx Europe 600 fell
0.3% and France’s CAC 40 lost
1.3%. At midday Tuesday,
Japan’s Nikkei 225 was up 0.3%,
but Hong Kong’s Hang Seng In-
Shanghai Composite was down
1.1%. S&P 500 futures were
ANNABELLE CHIH/BLOOMBERG NEWS
down 0.1%.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-Week 26-Week
Nvidia split its stock 10-for-1. A company platform on display. Applications $193,833,111,900 $218,127,665,600
Accepted bids
" noncomp
$71,498,191,900 $71,497,365,600
$2,489,600,500 $2,127,769,200
a roughly 50% chance the Fed split. " foreign noncomp $0 $3,300,000
will cut rates by its September Meanwhile, Southwest Air- Auction price (rate) 98.672917 97.388806
(5.250%) (5.165%)
meeting, according to CME lines shares surged 7% after The 5.395% 5.377%
Group. Wall Street Journal reported Bids at clearing yield accepted 84.48% 23.31%
912797KK2 912797LP0
As for what’s moving stocks that activist Elliott Investment Both issues are dated June 13, 2024. The 13-week bills
now, “It’s all about the Fed,” Management has built a nearly mature on Sept. 12, 2024; the 26-week bills mature on
said Jason Pride, chief of invest- $2 billion stake in the budget Dec. 12, 2024.
ment strategy and research at carrier. THREE-YEAR NOTES
Glenmede. Monday’s quiet trading ex- Applications $142,991,557,100
Among individual stocks, tended a weekslong trend of low Accepted bids
" noncompetitively
$59,876,059,100
$203,488,400
Nvidia, the S&P 500’s best per- market volatility. The S&P 500 " foreign noncompetitively $150,000,000
former in 2024, was again driv- hasn’t dropped more than 1% in Auction price (rate) 99.905415
(4.659%)
ing the index higher on Monday. a day since April. Interest rate 4.625%
The chip maker’s shares closed Trading overseas has been Bids at clearing yield accepted
Cusip number
53.41%
91282CKV2
up 0.75% on the first day of choppier. French bank stocks The notes, dated June 17, 2024, mature on June 15,
trading after a 10-for-1 stock and government bonds sold off 2027.
lishments boost foot traffic to
nearby businesses have made
landlords eager to sign restau-
juiced restaurant sales in re-
cent years. But Lougee said
customer demand is also up as
McDonald’s sales growth has
slowed as lower-income con-
sumers pull back on spending.
rant leases.
“It’s definitely one of the
darlings of our
hybrid work gives suburban
residents more flexibility to
run errands
Still, these recent chal-
lenges aren’t an indication
that the broader restaurant
industry right
now,” said Matt
Lougee, presi- Landlords like
and grab lunch
during
workday.
the
industry is headed for a sig-
nificant slowdown, said Sara
Senatore, senior analyst with
dent, capital restaurants for It isn’t all Bank of America. McDonald’s
markets, for good news in sales volumes are still more
Pine Tree, boosting foot the restaurant than 30% higher than they
which has seen industry. Rising were pre-Covid, and Ameri-
average sales
traffic to nearby payroll and in- cans continue to spend more
volumes among businesses. gredient costs money at restaurants.
its fast-casual are squeezing “You have this long-term
restaurant ten- profit margins, trend, which is ongoing, even
ants increase especially for now despite the fact that con-
6% annually since 2019, about independent operators. Seafood sumer tailwinds are a little
double the historic rate. chain Red Lobster plans to less robust,” Senatore said.
Inflation and higher menu close hundreds of stores after “The industry as a whole
prices have undoubtedly declaring bankruptcy, and seems to be growing.”
June 25-26 | Chicago
Request an Invitation
WSJ.com/foodforum
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Use code: WSJ
© 2024 Dow Jones and Company, Inc. All rights reserved. 6DJ0427
B12 | Tuesday, June 11, 2024
The Search for De Beers Buyer Is Crucial
As more couples opt for lab-grown stones, whoever acquires the diamond producer needs to be as sharp at marketing as mining
Is it more romantic to buy a di-
amond that formed in the bowels
of the earth than one grown in a
lab? Young American couples
don’t think so.
That is awkward for diamond
miner De Beers, especially now
that it is looking for a new owner.
Mining conglomerate Anglo
American, which has been a top
shareholder in the world’s best-
known diamond producer for al-
most a century, wants to sell or
separately list it as part of a radi-
cal breakup plan.
The diamond industry is going
through a rough patch, so the tim-
ing isn’t great. Jewelry sales
boomed in 2022 as consumers
splurged on luxury goods, but last
year they pulled back. Weak de-
mand has sent diamond prices to
2003 levels, says Liberum analyst
Ben Davis.
Moreover, traditional diamonds
are being challenged by lab-grown
ones, which cost one-fifth of the
price. In April, 45% of all engage-
ment rings sold in the U.S. had a
synthetic stone, according to data
provider Edahn Golan Diamond
Research & Data. It is impossible
to tell whether a diamond is natu-
ral or lab grown with the naked
eye, and the two types have the
same chemical makeup.
Some thrifty grooms may be
buying lab-grown stones and pass-
ing them off as the real deal. Yet
the trend also reflects the differ-
ent spending priorities of a new
generation of couples.
The average federal student-
loan debt is more than $37,000,
according to the Education Data
Initiative. After a run-up in house
values, a 10% down payment on a
median-priced home has risen 45%
to $43,000 compared with the end
of 2019. Some couples are choos-
ing to scrimp on the ring to
splurge on a memorable honey-
moon instead.
Even without this upheaval, De
Beers would be a difficult business
to sell because of its mix of assets.
It has huge mining operations, pro-
ducing one-quarter of global dia-
mond supply by volume. But it also
runs 40 high-end jewelry stores
and is one of the most famous lux-
ury brands in the world. De Beers
has been associated with romance
since its 1947 “A diamond is for-
Airlines Keep Trying
To Cut Out the Middleman
Ask which occupations have
been killed by the internet, and
someone will soon say travel
agents. Except that it isn’t quite
true—to airlines’ chagrin.
When American Airlines Chief
Executive Robert Isom recently
backtracked on his plans to steer
customers away from agents, the
American Society of Travel Advi-
sors cheered.
“I’m really grateful he under-
stood that working with channel
partners to bring about change in
the industry is the way to go,”
ASTA head Zane Kerby said in an
interview.
ASTA’s spat with American
started last year, when the carrier
pulled 40% of its
fares, mostly related
to business travel,
from many online Last year,
booking platforms. It American
then said it would
restrict frequent- gutted its
flier-mile awards to
bookings made on its
corporate
own website and sales team.
“preferred” agencies.
Spearheaded by
Chief Commercial
Officer Vasu Raja, the strategy
was about getting more customers
to book through American’s web-
site and mobile app, cutting out
all but the largest agencies.
A couple of weeks ago, however,
the airline downgraded the earn-
ings and revenue guidance it had
given investors in March. Its
shares are since down 14%.
United Airlines, Air Canada,
Lufthansa and British Airways are
among the other full-service air-
lines to have either removed fares
from legacy channels or applied
surcharges on reservations made
through them. Many are investing
heavily in so-called direct distribu-
tion, which was originally the turf
of low-cost airlines.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
De Beers is planning a major expansion of its stores, lending more prominence to its jewelry business. Diamond jewelry at an expo in China.
Share of lab-grown diamonds in U.S.
engagement-ring sales, monthly
100%
Lab-grown diamonds
80
60
40
Natural diamonds
20
0 0
2020 ’21 ’22 ’23
Source: Edahn Golan Diamond Research & Data
ever” marketing campaign.
No buyer is an obvious fit for
all these different skills. Edahn
Golan, founder of the namesake
data service, says De Beers could
attract a trophy-hunting private
buyer from the Middle East or a
sovereign-wealth fund, but they
wouldn’t necessarily have mining
The trend toward unseating
middlemen was launched by the
online revolution in travel book-
ings three decades ago.
In the year 2000, 274,000 peo-
ple in the U.S. worked as travel
and ticket agents and travel
clerks, official data show, which
amounted to about 0.2% of the
country’s workforce. By 2010, with
fliers flocking to airline sites and
online agencies such as Expedia,
both of these numbers had been
cut in half. The reservation and
sales expenses of big U.S. airlines
fell to 4% of operating costs, from
above 15% in the 1990s and
roughly 10% in 2000, according to
the Bureau of Transportation Sta-
tistics.
Since 2010,
though, all of these
figures have re-
mained broadly un-
changed, even as
many carriers con-
tinue to think there
are customers out
there who should re-
alize they can dis-
pense with travel
agents.
Last year, American gutted its
corporate sales team, believing
that direct channels and well-
crafted loyalty programs could cut
the need to pay travel-agency fees
and woo companies with perks
and discounts. Raja emphasized
the postpandemic trend toward
“hybrid” flying, which involves
employees combining business and
leisure trips. These are more likely
to be booked directly.
The Fort Worth, Texas-based
carrier said 80% of its 2023 book-
ings happened through nonlegacy
channels, compared with 55% at
the end of 2019, and that staff
cuts have saved costs.
However, American has admit-
ted that the end result, at least in
ON
THE
Price of a 1-carat round diamond
$7,000
6,000
Natural diamond
5,000
4,000
3,000
Lab-grown diamond
2,000
1,000
’24 2020 ’21 ’22 ’23 ’24
expertise. The government of Bot-
swana, which jointly owns some
diamond mines with De Beers, is
another possibility, as is a consor-
tium of Indian diamond buyers.
Ideally for the diamond indus-
try, a luxury-goods company
would buy it and use its marketing
flair to make the mined stones
the short term, has been to drive
customers away. It will scrap the
plan to restrict loyalty miles and
oust Raja.
There may simply be little left
to gain at the expense of middle-
men. Some research suggests that
payment and customer-acquisition
costs would offset the small bene-
fits from more direct distribution.
“I don’t believe there are travel
agencies out there that are unnec-
essary anymore,” said Jay So-
rensen, president of airline con-
sulting firm IdeaWorksCompany.
What Raja wanted to achieve—
employees choosing flights to give
priority to their preferred carrier
and loyalty program—was pre-
cisely what corporations’ travel
arrangements aim to avoid. Com-
panies use an external travel man-
ager to retain control over compli-
ance, which has slipped in recent
times, and to help with financial
reporting.
Likewise, many wealthy individ-
ual travelers who accrue loyalty
points and have complex itinerar-
ies are still attached to using
bricks-and-mortar agents or spe-
cialist sites.
To be sure, American wasn’t
just trying to cut costs. A core is-
sue is that legacy sales channels,
which use the so-called Global Dis-
tribution System, don’t allow
much customization. Specialist in-
termediaries Sabre, Amadeus and
Travelport operate their own GDS
networks that assemble data on
price, scheduling and availability
on behalf of agencies.
Airlines are now pushing a new
standard, the New Distribution Ca-
pability, which can funnel elec-
tronic queries directly to them.
Fliers avoid the patchwork of in-
termediaries that make it a pain
to buy extras or change a flight,
and airlines can more easily tailor
fares and offers to customers. But
THE WALL STREET JOURNAL.
YANG GUANYU/XINHUA/ZUMA PRESS
shine to young consumers again. plans to more than double its num-
Cartier’s owner, Richemont, has ber of stores worldwide to shine a
ruled out a bid. The world’s big- brighter spotlight on its jewelry
gest luxury company, LVMH, business. The two industries fetch
wants to push into fine jewelry dramatically different valuations:
and splashed out $16 billion on Miners BHP and Anglo American
Tiffany & Co. in 2021. But luxury trade at enterprise values equiva-
companies will be reluctant to get lent to roughly six times earnings
their hands and reputations dirty before interest, taxes, depreciation
in mining pits. and amortization, compared with 13
The worst outcome for the in- times for Richemont.
dustry would be for De Beers to be But De Beers doesn’t have the
sold to a buyer that wants to ex- high margins or earnings consis-
tract profit rather than invest in tency of the best European luxury
the long-term appeal of diamonds. companies. Its Ebitda rose 29% in
“It would be a fundamental 2022 before plunging 95% to $72
change for the industry if De million last year. No one is quite
Beers was no longer the steward sure where its finances will settle,
of natural diamonds,” says market with the diamond industry in a
analyst Paul Zimnisky. funk and U.S. consumers abandon-
If De Beers opts for an initial ing natural stones.
public offering, coming up with a Assets like De Beers don’t come
realistic valuation will be a chal- up for sale often. Minus the mines,
lenge. The diamond miner is val- cash-rich luxury tycoons might
ued at $7.6 billion on Anglo Ameri- snap it up for the power of the
can’s books, but outside estimates brand alone. Perhaps the company
range anywhere from $600 million should be broken apart, just like
to $4 billion. its owner Anglo American.
De Beers might try to pitch itself Natural diamonds won’t neces-
as a luxury brand rather than as an sarily be forever unless De Beers
old-school miner. The company makes a good match. —Carol Ryan
SHAWN THEW/EPA/SHUTTERSTOCK
The trend of unseating middlemen was launched by online travel bookings.
Annual U.S. full-time wage and Major U.S. airlines, reservation and
salary workers, by occupation sales expenses as a percentage of
total operating costs
300 thousand people Reservation and 20.0%
transportation
ticket agents and 17.5
250 travel clerks
Travel agents
15.0
200
12.5
150 10.0
7.5
100
5.0
50
2.5
0 0
2000 ’05 ’10 ’15 ’20 1990 ’95 2000 ’05 ’10 ’15 ’20
Sources: Federal Reserve (jobs); Bureau of Transportation Statistics (airline costs)
adoption has been sluggish, as it savvy at using the customer infor-
is often uneconomical for agents. mation they do have. The broader
So it makes sense that Ameri- lesson from American’s about-face
can wanted to preserve those few may be that an adversarial ap-
“preferred” agencies with NDC ex- proach won’t work. It is the adop-
pertise while cutting the rest tion of NDC by aggregators and
loose. GDS providers that will eventually
But airlines need to watch out further airlines’ cause.
that the costs don’t end up out- Middlemen can seem useless
weighing the benefits, particularly until you actually remove them.
since they haven’t proven very —Jon Sindreu