* * * * TUESDAY, FEBRUARY 27, 2024 ~ VOL. CCLXXXIII NO. 47
00
DJIA 39069.23 g 62.30 0.16%
What’s
News
Business & Finance
 The FTC sued to block
Kroger’s $25 billion bid for
rival Albertsons, throwing
into uncertainty the fate of
one of the largest supermar-
ket deals in history. A1
 U.S. stocks slipped ahead of
fresh readings on the economy
this week, with the S&P 500,
Dow and Nasdaq falling 0.4%,
0.2% and 0.1%, respectively. B11
 Chevron warned investors
that Exxon and Cnooc are
asserting they have a right to
pre-empt the company’s bid for
a stake in an oil project off Guy-
ana, something that could derail
Chevron’s megadeal for Hess. B1
 Citigroup named JPMor-
gan’s Viswas Raghavan as
head of banking, turning to
an old rival to fill a key se-
nior role at the bank. B10
 Boeing’s push to improve its
safety culture after two 737
MAX crashes is falling short, ac-
cording to a panel tasked with
reviewing the plane maker’s
practices after the accidents. B6
 Participation is dwindling
in the Fed’s reverse repo fa-
cility, a program that has
helped the U.S. government
limit its borrowing costs. B1
 KKR said it agreed to buy
Broadcom’s end-user comput-
ing division for about $4 billion
in a deal the investment firm
expects to close this year. B3
 Expedia is reducing its
global head count by 1,500
employees, or roughly 9%, as
part of the online travel com-
pany’s organizational and tech-
nological transformation. B2
 Paris-based startup Mistral
is challenging the conventional
wisdom that the winners of
the artificial-intelligence race
will emerge from among the
tech industry’s U.S. giants. B1
World-Wide
 The Supreme Court ap-
peared dubious of state laws
requiring online platforms to
publish nearly all user con-
tent, although several justices
suggested that the ability to
remove noxious social-media
posts should not mean tech
companies are free to block
personal communications. A1
 The Palestinian Authority’s
government resigned, an early
step toward the overhauls
the U.S. and Middle Eastern
powers see as a condition
for the body to take charge
of Gaza after the war. A1
 Biden called congressional
leaders to the White House
as the clock ticks toward a
partial government shutdown
Friday night and a Ukraine aid
package remains stuck. A5
 Lawyers for Trump ap-
pealed a New York judge’s or-
der requiring the former pres-
ident to pay $355 million plus
interest in a civil-fraud case. A3
 Alexei Navalny’s death in
prison followed a proposal to
trade the Russian opposition
leader and two unnamed
U.S. citizens held by Moscow
for a Russian hit man im-
prisoned in Germany, Na-
valny’s foundation said. A6
 Iran reduced its stockpile
of near-weapons-grade nu-
clear material even as it con-
tinued expanding its overall
nuclear program, the U.N.
atomic watchdog said. A16
 The Albert Einstein Col-
lege of Medicine will become
tuition-free for all students,
thanks to a $1 billion gift
from a former faculty mem-
ber and board chair. A3
 Died: Jacob Rothschild, 87,
financier and philanthropist. B2
CONTENTS
Arts in Review..... A11
Banking & Finance B10
Business News.. B3,6
Crossword................. A11
Heard on Street.. B12
Markets...................... B11
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Sweden Clears Last Hurdle to Joining NATO
SEAN GALLUP/GETTY IMAGES
FORGING AHEAD: A U.K. soldier storms an enemy position in a simulated attack during NATO exercises Monday in Drawsko
Pomorskie, Poland. Sweden is set to become the alliance’s 32nd member after Hungary’s parliament approved its accession. A7
Justices Question State Efforts
To Regulate Social Media Posts
BY JESS BRAVIN
WASHINGTON—The Su-
preme Court appeared dubious
Monday of state laws requiring
online platforms such as Face-
book and YouTube to publish
nearly all user content, al-
though several justices sug-
gested that the ability to re-
move noxious social-media
posts should not mean tech
companies are free to block
personal communications such
as Gmail or chat messages.
The court heard nearly four
hours of argument to deter-
mine the constitutionality of a
pair of state laws that seek to
Palestinian
Cabinet
Resigns,
But Abbas
Stays On
RAMALLAH, West Bank—
The Palestinian Authority’s
government resigned on Mon-
day, an early step toward the
overhauls the U.S. and Middle
Eastern powers see as a con-
dition for the body to take
charge of Gaza after the war.
By Summer Said,
Omar Abdel-Baqui and
Fatima AbdulKarim
The move falls short of
changes Western and Arab gov-
ernments have pressured the
Palestinian Authority to make,
including replacing longtime
career politicians with a tech-
nocratic team and for Mah-
moud Abbas, the authority’s
unpopular, 88-year-old presi-
dent, to step aside and invest a
new prime minister with some
of the president’s powers.
U.S. and Arab negotiators
are working to broker a cease-
fire to avoid more civilian ca-
sualties and prevent the con-
flict from further spreading
across the region.
In New York on Monday,
President Biden said he hopes
a cease-fire can take effect by
Markets Digest...... B7 early next week. “My national-
Opinion................ A13-15
Personal Journal A9-10
security adviser tells me that
Sports.......................... A12 we’re close, we’re close, we’re
Technology................ B4 not done yet. My hope is by
U.S. News.............. A2-5 next Monday we’ll have a
World News... A6-7,16
cease-fire.’’
In a sign of escalating ten-
> sions, Israel said it had struck
aerial defense systems operated
Please turn to page A7
 Lawlessness hampers
Gaza aid efforts................. A7
HHHH $5.
10-YR. TREAS. g 10/32 , yield 4.298% OIL $77.58 À $1.09 GOLD $2,028.50 g $10.10 EURO $1.0854 YEN 150.70
FTC Sues
To Block
Merger
Of Kroger,
Albertsons
Supermarket chains’
$25 billion tie-up
would lead to higher
prices, agency says
BY PATRICK THOMAS
AND DAVE MICHAELS
The Federal Trade Commis-
sion sued to block Kroger’s
$25 billion bid for rival Albert-
sons, throwing into uncer-
tainty the fate of the largest
supermarket deal in history.
In a lawsuit filed in federal
court in Oregon on Monday, the
FTC said the deal would lead to
higher food prices and harm
union workers’ bargaining
power, and asked a court to
block the companies from clos-
ing their deal on antitrust
grounds. The companies’ plan
to address the government’s
concerns by selling hundreds of
stores in Washington, Colorado
and other states won’t solve the
problem, the FTC said.
“Kroger’s acquisition of
Albertsons would lead to addi-
tional grocery price hikes for
everyday goods, further exac-
erbating the financial strain
consumers across the country
face today,” said Henry Liu,
director of the FTC’s bureau
prevent online platforms from ern Union. It’s like a telegraph with judges reaching conflict- of competition.
moderating users’ posts. By company” that just delivers ing conclusions on whether A Kroger spokeswoman said
the end, it seemed clear the messages, he said. the state regulations were law- the FTC’s decision makes it
court was unwilling to accept “I look at this and I say it’s ful. Together, the two cases more likely that U.S. consumers
either side’s conception of really not like either of those,” could set important ground will see higher food prices and
what social media is: an edited Alito said. rules for free-speech protec- fewer grocery stores, while
publication entitled to full In 2021, when Donald tions online. strengthening nonunionized re-
First Amendment freedoms, or Trump was banned from Twit- Trade groups representing tailers. An Albertsons spokes-
a common carrier like a phone ter after the Capitol riot and Meta Platforms, Google and X, man said the combined com-
company that must transmit conservative activists asserted the new name of Twitter, sued pany would be a stronger
information without discrimi- their views were being sup- the states, saying such require- competitor against Amazon,
nating among its users. pressed by social media sites, ments infringe on their First Walmart and Costco.
“So you say this is just like Florida and Texas passed laws Amendment rights to decide The FTC’s challenge comes
a newspaper, basically. It’s like requiring the platforms to what is said on their websites. as the portion of U.S. consum-
the Miami Herald,” Justice post nearly all user content To require viewpoint neutrality ers’ income spent on food has
Samuel Alito told Paul Clem- without regard to the view- meant that “if we have suicide reached a three-decade high,
ent, the lawyer representing points expressed. prevention [content], we have despite inflation easing for
the tech industry. “And the The moves set off hotly con- to have suicide promotion,” many other goods. President Bi-
states say no, this is like West- tested battles in lower courts, Please turn to page A2 Please turn to page A2
INSIDE Nvidia’s Ascent
Makes It a Target
The chip maker’s own customers look
to move in on its booming AI business
BY ASA FITCH has earned a fortune esti-
mated at more than $68 bil-
Jensen Huang likes to say lion.
he doesn’t have a long-term It has been a stunning as-
plan. He doesn’t wear a cent for the Taiwanese-born
watch, he says, because “now immigrant who famously
is the most important time.” mapped out plans for his
For the Nvidia CEO, now is company at a Denny’s restau-
PERSONAL JOURNAL JASON GAY a moment of enormous tri- rant more than 30 years ago.
Employers want to At spring training, all umph—and more than a little He now hobnobs with world
peril. leaders, holds court with fel-
start early, but workers the chatter is about After an AI-driven busi- low billionaires who are
are pushing back over MLB’s see-through ness bonanza that has sent hooked on his chips and
8 a.m. meetings. A9 pants problem. A12 Nvidia’s valuation to the $2 holds forth for hours on his
trillion stratosphere, Huang is AI views at Nvidia’s annual
the king of the tech universe. conference, wearing his sig-
He has managed to adapt his nature black jacket, black
Argentina’s New President Loves company’s semiconductor de-
signs from computer graphics
jeans and black sneakers.
Please turn to page A8
His Cloned Dogs. People, Less So. to training artificial-intelli-
gence systems, making his  Nvidia is Silicon Valley’s
i i i chips essential for tech com- hot employer........................ B1
panies from Microsoft to  Heard on the Street: China
Opposition focuses on Javier Milei’s mastiffs Tesla. In the process Huang readies for chip wars.... B12
as he tackles world’s highest inflation
BY RYAN DUBÉ pound dogs carved into his sil- Biotech Number of U.S. IPOs in biotechnology
90
BUENOS AIRES—A few years
ver-and-gold presidential baton.
While other politicians hold Heats Up 80
ago, Argentina’s up-and-coming babies and press the flesh with
political rabble-rouser, Javier human voters, Milei makes a
Again 70
Milei, didn’t hesitate when beeline for dogs, even stopping
asked on television whether he his inauguration-day parade to About a half-dozen 60
liked people or dogs more. pat a tail-wagging golden re- biotechnology
“Dogs,” Milei said. triever. companies have 50
Now president, the And when a bus gone public since
self-described anar- driver recently ran over the start of the 40
cho-capitalist waited a dog in the working year, with some
a month to move into class outskirts of Buenos raising hundreds 30
the Olivos presiden- Aires, Milei ordered his of millions of
tial residence as he justice minister to find dollars. It is a 20
built kennels for his Man’s the man. “An excellent welcome change
“four-legged children,” job,” he said on X after for the industry 10
best clone
as he calls his five the driver was detained after two tough
0
cloned English mastiffs—four the next day. years plagued by
named after free-market econo- Global leaders often show af- layoffs, scientific 2012 ’15 ’20 ’24
mists. For his December inaugu- fection for man’s best friend, hurdles and rising Note: For venture-capital-backed companies;
ration, he broke with tradition from French President Emman- interest rates, 2024 data as of Feb. 20
by having images of the 200- Please turn to page A8 investors say. B1 Source: PitchBook
 A2 | Tuesday, February 27, 2024 * * THE WALL STREET JOURNAL.

U.S. NEWS
U.S.WATCH MOON
Mission Is Expected Man Dies After
To Be Cut Short Self-Immolation
A private U.S. lunar lander
is expected to stop working
Tuesday, its mission cut short
after landing sideways near
the south pole of the moon.
Intuitive Machines, the
Houston company that built
and flew the spacecraft, said
Monday it would continue to
collect data until sunlight no
longer shines on the solar pan-
els. Based on the position of
Earth and the moon, officials
expect that to happen Tuesday
morning. That is two to three
days short of the week or so
that NASA and other custom-
ers had been counting on.
The lander, named Odys-
seus, is the first U.S. space-
craft to land on the moon in
over 50 years, carrying experi-
ments for NASA, the main
sponsor. But it came in too
fast last Thursday and the
foot of one of its six legs
caught on the surface, causing
it to tumble over, according to
company officials. Based on
photos from NASA’s Lunar Re-
connaissance Orbiter flying
overhead, Odysseus landed
within a mile or so of its in-
tended target near the Mala-
pert A crater, just 185 miles or
INTUITIVE MACHINES/ASSOCIATED PRESS
WASHINGTON, D.C.
An active-duty U.S. Air
Force member who set himself
on fire outside the Israeli em-
bassy in Washington, D.C., on
Sunday has died, officials said.
The man repeatedly said
“Free Palestine” and ap-
peared to livestream the pro-
test Sunday afternoon on the
platform Twitch, which has
since removed the video. The
Metropolitan Police Depart-
ment identified him as Aaron
Bushnell, a 25-year-old from
San Antonio.
Bushnell died in a hospital
on Sunday night, the police
and the Air Force said.
Bushnell appeared to say
during the episode that he
didn’t want to be complicit in
genocide and wanted to en-
gage in an extreme act of pro-
test. He was likely referring to
the Israel-Hamas War and the
humanitarian crisis in Gaza.
On Oct. 7, Hamas militants
stormed the Israeli border,
killing over 1,200 people and
abducting over 240 civilians
and soldiers, according to Is-
raeli authorities. Since the at-
tacks, Israel has responded
with a military campaign that
it has said is aimed at de-
PENTAGON
Handling of Austin
Illness Defended
The Pentagon found it did
nothing wrong in deciding to
not immediately inform Presi-
dent Biden or legislators of
Defense Secretary Lloyd Aus-
tin’s whereabouts when he
was hospitalized earlier this
year, finding in an internal re-
view that staff followed ex-
isting guidelines and sought
to protect the defense chief’s
privacy.
The handling of Austin’s
hospitalization and illness
caused a political headache
for the White House and
raised concerns on Capitol
Hill about the secretary’s de-
cision to wait several days
before sharing with Biden
that he had been hospitalized
following a prostate-cancer
diagnosis. Austin’s unwilling-
ness to tell the president or
top military commanders
raised questions about his
judgment amid heightened
tensions in the Middle East,
Europe and Asia.
At the time, there were
imprecise guidelines about
how to inform other defense
officials or the White House
when the secretary can’t per-
form the job, according to the

so from the moon’s south pole.
According to NASA, the
lander ended up in a small, de-
graded crater with a 12-degree
slope. That is the closest a
spacecraft has ever come to
the south pole, an area of in-
terest because of suspected
frozen water in the perma-
The Odysseus lunar lander captured this image about 35 seconds after pitching over during nently shadowed craters there.
its approach to its landing site near the south pole of the moon Thursday. —Associated Press
stroying Hamas and recover-
ing the hostages. More than
29,000 Palestinians have
been killed since Israel began
its offensive, according to
Palestinian health authorities,
most of them women and
children. The numbers don’t
distinguish between civilians
and combatants.
—Alyssa Lukpat
three-page summary of the
Pentagon’s 30-day review.
The Pentagon said it
shared a classified version of
the report with Congress.
Austin is scheduled to appear
Thursday on Capitol Hill to
answer questions about his
handling of his hospitaliza-
tion.
—Nancy A. Youssef

FTC Sues including the chain Safeway.

The two companies operate
in many of the same areas, in-
soft and Meta Platforms but
prevailed in a lawsuit that
blocked gene-sequencing com-
nearly $2 billion deal to sell 413
stores to C&S Wholesale Gro-
cers, one of the largest U.S. gro-
tions for consumers. The FTC
is likely to argue Kroger and
Albertsons compete in a nar-
A judge in Oregon will de-
cide whether to grant the FTC’s
request for a preliminary in-

To Block cluding Colorado, Southern Cal-

ifornia, Washington, Texas and
Chicago. The deal, which in-
pany Illumina from buying
cancer-blood-test maker Grail.
The deal would be the sec-
cery-supply companies, which
owns some stores under the
Grand Union and Piggly Wiggly
rower segment of traditional
supermarkets, while the com-
panies will say they fight for
junction that would suspend
the deal from closing. That pro-
cess normally takes several

Merger cludes the assumption of about

$4.7 billion of Albertsons’ net
debt, would be the grocery sec-
ond time Albertsons combined
with a big rival, after it joined
forces with Safeway in 2015.
brands. In January, the compa-
nies told regional union leaders
the divestiture plan was upped
customers with discounters
and warehouse clubs such as
Costco and Walmart, said Da-
months. Attorneys general in
Washington and Colorado sued
to stop the merger. Nine states
tor’s largest ever, Dealogic said. The FTC al- to 510 stores. vid Olson, a professor at Bos- including California joined the
Continued from Page One The suit sets up another bat- lowed that deal The FTC said ton College Law School. “There FTC’s case on Monday.
den, a Democrat who is running tle for U.S. antitrust enforcers. to close but re- Kroger and is good evidence that the de- The tie-up aims to bolster
for re-election, took aim at Under the Biden administra- quired Albert- The deal would Albertsons pro- fendants here can cite to say the grocers’ scale, technology,
large grocery chains in January tion, the FTC and the Justice sons to sell 168 be the second posed to sell off the market should be broader, and leverage in negotiations
over high food prices, saying Department have challenged stores to a lit- “a hodgepodge and there is also evidence that with suppliers, according to
stores are gouging shoppers megadeals ranging from Micro- tle-known gro- time Albertsons of unconnected online shopping for groceries industry executives. The com-
and bringing in excess profits. soft’s bid for Activision Bliz- cery chain that stores, banners, has expanded,” he said. panies have said that Wal-
It signals a high-water mark zard to JetBlue’s attempted later went
combined with a brands and Analysts at investment re- mart’s grocery market share is
for the role of labor in antitrust takeover of Spirit Airlines. bankrupt. The major rival. other assets that search firm Capstone said the twice the size of a combined
analysis, said William Kovacic, The FTC and the Justice De- outcome em- Kroger’s anti- companies face slim odds of Kroger and Albertsons.
a former FTC chairman now at partment have a mixed record barrassed the trust lawyers prevailing in court and would Regional leaders for The
George Washington University. fighting mergers. DOJ won a FTC and led have cobbled to- likely need to divest more than United Food and Commercial
The FTC and Justice Depart- string of recent cases, includ- consumer advocates and gether.” C&S currently operates 650 stores to secure approval. Workers International Union,
ment, which share antitrust en- ing getting a judge to block unions to repeatedly highlight 23 supermarkets and one retail If the deal is terminated, the biggest U.S. union repre-
forcement duties, now probe JetBlue’s purchase of Spirit, the risk posed by a suggested pharmacy, the FTC said. Kroger will have to pay Albert- senting grocery workers, op-
whether mergers will lead to and before that, JetBlue’s pro- fix by Kroger and Albertsons. A court will have to decide sons $600 million. Shares of posed Kroger’s deal for Albert-
bigger employers with exces- posed alliance with American To try to alleviate antitrust how much competition is lost Kroger finished nearly 2% lower sons, saying it would hurt
sive leverage over workers. Airlines. The FTC lost merger concerns, Kroger and Albert- to the merger—and that will on Monday, while Albertsons workers, shoppers and the
The FTC’s claim that Kroger- litigation contests with Micro- sons announced in September a turn on how it defines the op- gained about 0.6%. food-supply chain. Some union
Albertsons would have more leaders expressed concerns
power to neutralize the threat Share of U.S. grocery sales, 2023 about the viability of stores
of a union boycott or strike is the companies divest.
Walmart* 28.3%
uncommon, Kovacic said. The FTC said Kroger and
“Showcasing it directly [in an Kroger 10.1
Albertsons would have more
antitrust case] is new,” he said. Identical store sales, leverage to impose subpar
The White House, which Costco 9.2 change from a year earlier terms on union workers that
ASA FEATHERSTONE, IV FOR THE WALL STREET JOURNAL

didn’t comment on the lawsuit, slow wage increases, worsen

9%
said Biden is committed to low- Albertsons 6.4 Albertsons‡ benefits and potentially de-
ering grocery costs using every 6 grade working conditions. The
tool at his disposal. Publix 4.8 companies have said the only
3
Kroger and Albertsons are parties that would benefit if
Ahold Delhaize 4.6
the largest and second-largest 0 the deal is blocked would be
U.S. supermarket operators in Aldi 3.0 -3 Kroger** large, nonunion retailers.
terms of sales. Based in Cin- This month, a regional UFCW
cinnati, Kroger operates more Amazon† 3.0 -6 chapter for several West Coast
than 2,700 grocery stores, in- -9 states said it supported the
cluding its namesake loca- Target 2.7 deal. The union said it figures
tions and regional chains such –12 Albertsons eventually would be
as Fred Meyer and Ralph’s. HEB 2.0 FY2021 ’22 ’23 acquired by another company,
Albertsons runs nearly 2,300 Kroger, based in Cincinnati, operates more than 2,700 grocery *Includes Sam’s Club †Includes Whole Foods ‡Latest quarter ended Dec. 2 and the deal with Kroger would
supermarkets across the U.S., stores, including its namesake locations and regional chains. **Latest quarter ended Nov. 4 Sources: Numerator (share); the companies (sales) be the best outcome.

CORRECTIONS  AMPLIFICATIONS
High Court distinction between social-me-
dia sites focused on expression
and those that were more akin
The platforms could say any-
thing they want, even criticize
user posts, he said. Users were
they must or can’t say, Rob-
erts said.
Among other provisions, the

Considers to a service.
Different rules could apply
to different functions a com-
free to block unwanted con-
tent, he said.
“All that’s left is voluntary
Texas law prohibits platforms
from discriminating against us-
ers based on their viewpoints.
In some editions Monday,
a U.S. Watch article from the
Associated Press about a New
A Nov. 4 Off Duty article
about bird-watching in Colom-
bia incorrectly identified a

Free Speech pany performs, said Prelogar,

representing the Biden admin-
istration. A railroad such as
communications between peo-
ple who want to speak and peo-
ple who want to listen,” he said.
Justice Elena Kagan asked if
the platforms claim to have the
categorical right to ban users
York City fire was incorrectly
credited to “Associated Fire.”
flowerpiercer as a flower-
pecker.

Amtrak is a common carrier
Continued from Page One and can’t discriminate among
Clement said. “That should be passengers. But if Amtrak pub-
a nonstarter.” lishes a magazine that passen-
Several justices expressed gers can read during their
sympathy with that argument travel, it would be entitled to
but observed that ruling First Amendment protection
against the states might also for the editorial decisions the
entitle the internet giants to company makes over what to
police what messages are include, she said.
transmitted via other services Arguing in the Texas case,
they provide, such as individ- Prelogar agreed that social me-
ual email accounts or direct dia didn’t fit neatly into Su-
messaging. preme Court precedents.
Justice Amy Coney Barrett “It’s not necessary here to
asked Clement how the court try to figure out how the First
could write an opinion saying Amendment applies to new
state restrictions were uncon- technology in general or to ev-
stitutional regarding news ery possible website or the in-
feeds on Facebook and You- ternet in particular,” she said.
Tube, but not when it came to She recommended the court
services such as the shopping rule narrowly against what she
platform Facebook Market- said was a singular defect in
place “or Gmail or DMs.” the Texas law: the state’s aim
Clement didn’t want to give of amplifying some voices on
ground on that point, but U.S. the platforms “by suppressing
Solicitor General Elizabeth the platform’s own protected
Prelogar, who also argued speech.”
against the state laws, sug- Not so, said the Texas solic-
gested there was a legitimate itor general, Aaron Nielson.
Nielson said the Texas law
simply recognized the public
function social media plays.
“Today, millions of Ameri-
cans don’t visit friends or fam-
ily or even go to work in per-
son. Everybody is online. The
modern public square,” he
said. But if platforms that
“passively host the speech of
billions of people are them-
selves the speakers and can
discriminate, there will be no
public square to speak of.”
Chief Justice John Roberts,
disputing the idea that the
platforms hold a monopoly
over public discourse, said
Texas had gotten the First
Amendment backward.
“What the government’s
doing here is saying, You must
do this, you must carry these
people; you’ve got to explain if
you don’t. That’s not the First
Amendment,” he said. Rather
than impose requirements on
private parties, the First
Amendment bars the govern-
ment from telling them what
for what they believe—to de-
cide, for instance, that when it
comes to antisemites, “we’re
not even going to let them post
cat videos.”
Clement said yes. If “you
are a notorious antisemite, we
do not want you to participate
in this conversation,” he said.
The cases, Moody v. Net-
Choice and NetChoice v. Pax-
ton, are the latest in a series
that the court has used to
project the First Amendment
into the online world.
Recent years have seen the
court strike down a North Car-
olina law that barred sex of-
fenders from much of social
media, finding it unconstitu-
tional to banish them from
“the modern public square,”
and throw out a cyberstalking
conviction because prosecutors
hadn’t proved the defendant
intended his posts to be
threatening or knew the victim
would see them that way.
Decisions in Monday’s cases
are expected before July.
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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THE WALL STREET JOURNAL.
Trump
Appeals
New York
Fraud
Ruling
Lawyers for Donald Trump
on Monday appealed a New
York judge’s order requiring the
former president to pay $355
million plus interest in a civil-
fraud case that puts his real-es-
tate business at risk.
By Jacob Gershman,
Corinne Ramey and
James Fanelli
Justice Arthur Engoron im-
posed the financial penalties
this month after finding that
the Republican presidential
front-runner inflated the value
of his real-estate empire to se-
cure low-interest financing.
Trump already owes about
$100 million in interest on the
financial gains the judge found
to be improper, putting his total
bill as of last week at roughly
$454 million. Engoron also
banned Trump’s eldest sons,
Eric Trump and Donald Trump
Jr., from running the Trump
Organization for two years, re-
stricted the company’s ability
to obtain loans and subjected it
to extended financial oversight.
Trump’s lawyers said in a fil-
ing Monday that they would ask
a state appeals court to deter-
mine whether Engoron commit-
ted errors of law, abused his
discretion or acted in excess of
his jurisdiction.
“We trust that the Appellate
Division will overturn this egre-
gious fine and take the neces-
sary steps to restore the public
faith in New York’s legal sys-
tem,” said Trump lawyer Alina
Habba.
Trump’s notice of appeal
doesn’t stop New York Attorney
General Letitia James from
seeking to enforce the judgment
and its penalties. Trump is ex-
pected to ask a higher court to
suspend enforcement of En-
goron’s ruling while he pursues
his appeal. Without a stay, he
will have to post a bond worth
upward of around half a billion
dollars to prevent James from
moving to collect.
James, a Democrat, sued
Trump in 2022, alleging that he
and his finance team systemati-
cally exaggerated the value of
his marquee Manhattan sky-
scrapers, luxury estates and
other assets. Trump’s lawyers
have blasted the case as politi-
cally motivated.
It is unclear how Trump
would pay the judgment—and
the roughly $100,000 daily in-
terest being added to it. His net
worth has been estimated at
around $3 billion, but the
amount of liquid assets he has
isn’t clear. In a deposition last
year, he testified that he had
$400 million in cash.
The attorney general has
said that if necessary, she will
look to Trump’s properties to
satisfy the financial pen-
alty. Typically a party seeking
to enforce a judgment provides
a 30-day grace period before
seeking to collect, lawyers said.
Engoron’s ban on borrowing
by the Trumps could affect the
company’s development plans
globally, as most large U.S.
banks are registered or have
charters with New York. Trump
could get loans elsewhere, but
the process would be more bur-
densome and likely involve
smaller institutions.
Trump separately owes an
$83 million defamation judg-
ment to the advice columnist E.
Jean Carroll. His lawyers in that
case asked U.S. District Judge
Lewis Kaplan to put the judg-
ment on hold for now. Kaplan
has asked both sides to submit
briefs before he rules.
Without a stay, Trump likely
would need to pay the judg-
ment or secure a bond by early
March.
Separately on Monday, Man-
hattan District Attorney Alvin
Bragg asked the judge oversee-
ing Trump’s criminal hush-
money trial to limit what the
former president can say pub-
licly about the witnesses, jurors
and prosecutors. The filing
cited several social-media posts
Trump has made about Bragg,
including one with an image of
the former president wielding a
bat at the back of the district
attorney’s head.
A spokesman for the Trump
campaign called the proposed
gag order unconstitutional and
“election interference pure and
simple.”
Tuesday, February 27, 2024 | A3
U.S. NEWS
SPENCER PLATT/GETTY IMAGES (2); RICHARD DREW/ASSOCIATED PRESS (HISTORICAL PHOTO)
Bombing Victims Remembered
New York City on Monday
marked 31 years since the
World Trade Center bombing
in 1993, an act of terror that
killed six people and injured
more than 1,000. Above, Jill
Gilkeson remembers her
friend Stephen Knapp, one of
those killed when a truck
bomb exploded in a
basement parking garage
under the North Tower. The
crater resulting from the
explosion is shown in a
photo taken Feb. 27, 1993, a
day after the bombing.
Informant Charged With Lying Giuliani
Bankruptcy
About Bidens Will Stay in Jail Not Shield,
BY C. RYAN BARBER
AND SARA RANDAZZO
but in Los Angeles, where a
grand jury indicted Smirnov.
Defamation
LOS ANGELES—The case
against Alexander Smirnov, the
During the detention hear-
ing Monday, Smirnov’s lawyers
and prosecutors gave dueling
Victims Say
former FBI informant accused portrayals of the former FBI in-
of peddling false bribery allega- formant and his trustworthi- BY BECKY YERAK
tions against President Biden ness. A prosecutor, Leo Wise,
and his son Hunter, gets said Smirnov has access to Two Georgia election work-
stranger by the day. bank accounts storing millions ers who won a nearly $150
WILLIAM T. ROBLES/ASSOCIATED PRESS
On Monday, a federal judge of dollars, had firearms in his million defamation case
in Los Angeles ordered home and has continued mak- against Rudy Giuliani say the
Smirnov, 43, to remain behind ing misstatements. former lawyer for Donald
bars while he awaits trial on Smirnov’s lawyer David Trump shouldn’t be able to es-
charges he lied to the FBI. The Chesnoff described his client as cape the judgment because he
decision from Judge Otis D. a financial professional with no filed for personal bankruptcy.
Wright II overruled a magis- criminal record, loyal to the Ruby Freeman and her
trate judge in Nevada, who al- U.S. government through his daughter, Shaye Moss, said in
lowed Smirnov to be released work as a confidential infor- a complaint filed on Friday in
last week with conditions. Alexander Smirnov has pleaded not guilty to the charges. mant. He pointed to Smirnov’s the U.S. Bankruptcy Court in
With the ruling, Wright romantic partner of two de- the Southern District of New
sided with federal prosecutors risma. According to prosecu- rival aboard an international cades and a cousin in the York that a debt for “willful
who had argued that Smirnov’s tors, Smirnov falsely claimed to flight. Over the objections of courtroom and said they were and malicious injury” can’t be
claimed foreign-intelligence his FBI handler that years ear- federal prosecutors, he was willing to vouch for him. If a evaded under bankruptcy law.
contacts and access to millions lier, during the elder Biden’s freed by a federal magistrate government-issued ankle brace- Giuliani sought protection
of dollars made him a flight vice presidency, Burisma execu- judge in Nevada last week on let didn’t give the judge enough from creditors in December
risk. Smirnov has pleaded not tives had admitted to paying $5 the condition that he submit to comfort, Chesnoff said Smirnov after a court ordered him to
guilty to the charges. million to each of the Bidens to electronic monitoring and could pay for private security. immediately pay the pair,
“There is nothing garden-va- protect the company from an travel restrictions. But Wright was unper- whom the former New York
riety about this case,” Wright investigation by the country’s But his liberty was short- suaded by Chesnoff’s assur- mayor falsely accused of med-
said Monday, dismissing pleas then-prosecutor general. lived. Within days, Smirnov ances, saying there were too dling in the 2020 presidential
from Smirnov’s lawyer to keep The allegations were memo- was sitting in his lawyer’s of- many unresolved issues bother- election results.
him free until his trial. Federal rialized in an internal FBI re- fice in Las Vegas when U.S. ing him. Bankruptcy typically allows
marshals led away Smirnov, port that Republicans seized on Marshals entered to take him The Smirnov case has deliv- filers to pause many creditor
clad in a beige jumpsuit with last year as a central part of back into custody. ered Hunter Biden an unex- actions. Last month, Giuliani
hands and feet shackled. their push to impeach Presi- Smirnov’s lawyers re- pected public-relations coup, won the bankruptcy court’s
Smirnov’s case has provided dent Biden and accuse his fam- sponded to his second arrest undermining corruption allega- limited permission to chal-
a rare glimpse into the shad- ily of corruption. Since with a request for an emer- tions that Republicans have lenge the defamation verdict.
owy world of spycraft and un- Smirnov’s indictment, Republi- gency hearing in Nevada. In long leveled against him. That judgment is Giuliani’s
dercut a central part of the Re- cans have removed the FBI re- Los Angeles, Wright issued a That boost came from an largest liability in his chapter
publicans’ push to impeach port containing those allega- brief order saying that their bid unlikely source. The Smirnov 11 case. Court filings last
President Biden. tions from a “Key Evidence” for his release was “likely to fa- case was brought by David month showed that he has
Prosecutors allege that section of a House webpage de- cilitate his absconding from the Weiss, the special counsel who more than $10.6 million in as-
Smirnov lied to the FBI in 2020 voted to the investigation into United States.” is separately prosecuting sets. He ended the month of
when he claimed to have the Biden family. The judge also asserted do- Hunter Biden on gun and tax January with roughly $69,000
knowledge of corruption by Joe Smirnov was arrested twice minion over the case and said charges. The younger Biden has in cash, according to another
Biden and his son related to this month, the first time at a next steps in the proceedings pleaded not guilty to those court filing Friday.
Ukrainian energy company Bu- Las Vegas airport upon his ar- should unfold not in Nevada charges. Freeman and Moss sued
Giuliani in 2021. The pair said
in their complaint Friday that
Medical School Is Tuition-Free After Gift Giuliani and his team person-
ally spread, or encouraged
others to spread, a “false nar-
rative” that generated hun-
dreds of millions of impres-
BY MELISSA KORN whom the price tag of medical A wave of medical schools sions online, and plastered
school can be prohibitive. launched similar tuition- their identities and faces all
The Albert Einstein College The median debt load na- scholarship programs in re- over the internet. That falsely
of Medicine in New York City tionwide for medical students cent years, using the financial caused their names to become
will now be tuition-free for all who took out loans was aid as a recruiting tool for “synonymous with election
students, thanks to a historic $200,000 in 2023, according their classes and as part of an fraud and treason,” subjecting
$1 billion gift from a former to the Association of Ameri- effort to help fill shortages in them to an onslaught of
faculty member and board can Medical Colleges. Eighty- lower-paying fields like pedi- threats and harassment, they
chair. four percent of those students atrics and internal medicine. said in their complaint.
BRENT N. CLARKE/GETTY IMAGES
The donation comes from borrowed at least $100,000. The medical school at New “Mr. Giuliani cannot use
Ruth Gottesman, who after Einstein’s tuition this year is York University also covers bankruptcy to escape account-
joining the faculty at the nearly $60,000, and the school full tuition for all students, ability for his actions,” Free-
Bronx school in 1968 devel- recommends students budget while Columbia University man and Moss said.
oped widely used tools to at least another $35,000 a year covers the full cost of atten- Gary Fischoff, a lawyer rep-
screen children for learning for living expenses, books and dance for medical students resenting Giuliani, said Mon-
problems and launched an other incidentals. The program with financial need. day that “just because an alle-
adult literacy program. Got- Ruth Gottesman donated lasts four years. Einstein said fourth-year gation is stated in a complaint
tesman, 93 years old, and her $1 billion to the Albert “This donation radically students will be reimbursed does not make it true.”
husband, the late billionaire- Einstein College of Medicine. revolutionizes our ability to for their spring-semester tu- “That is why we have
investor David “Sandy” Got- continue attracting students ition, and beginning in Au- judges,” Fischoff said in a
tesman, were longtime donors Warren Buffett’s. Ruth Gottes- who are committed to our gust, all students will get free statement to The Wall Street
to the medical school, and man said the funds for the bil- mission, not just those who tuition. Journal.
Ruth Gottesman serves as lion-dollar donation came can afford it,” said Dr. Yaron Students assembled Mon- “Causing willful and mali-
chair of its board of trustees. from her husband. Tomer, the medical school’s day to hear Gottesman an- cious injury to others has con-
Sandy Gottesman, who died Einstein said the gift is in- dean. Einstein is connected to nounce the gift hugged, sequences,” Moss and Freeman
in 2022 at age 96, was an tended to bring healthcare ca- the 10-hospital Montefiore cheered and grew tearful said. “Mr. Giuliani cannot hide
early Berkshire Hathaway reers within reach for more Health System; Gottesman sits upon learning their new fi- behind bankruptcy to escape
shareholder and friend of prospective students, for on that board as well. nancial fate. those consequences.”
A4 | Tuesday, February 27, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

Haley Pushes On, Even Without a Path

Trump’s last GOP spent the campaign’s early
months mostly avoiding the
challenger is losing subject.
primaries but still When Trump’s first indict-
ment came down last March,
draws fans, money she said it seemed to be “more
about revenge than it is about
BY MOLLY BALL justice.” In the first GOP de-
bate, she criticized Trump for
What is Nikki Haley doing? increasing spending but raised
The answer is clear enough: her hand when the candidates
demonstrating the inconve- were asked if they would sup-
nient fact that a sizable portion port him after he was con-
of the Republican primary elec- victed of a crime. Later she
torate isn’t on board with an- said that as president, she
other Donald Trump nomina- would pardon him.
tion, no matter how inevitable But something changed af-
it seems. ter the Jan. 23 New Hampshire
She did it again in Satur- primary. Despite being beaten
day’s South Carolina primary, by 11 points, Haley emerged de-
which saw the former United fiant. In the weeks since, she
Nations ambassador trounced has been more aggressive in
by 20 points in her home her attacks on Trump’s facul-
state—yet still notching 40% of ties, positions, record and po-
the vote, a remarkable showing litical potential. On Saturday,
for a candidate with no plausi- she called his recent comments
ble path to victory. Forty per- to a group of Black voters “dis-
cent “is not some tiny group,” gusting” and “unhinged.”

KEVIN DIETSCH/GETTY IMAGES (2)

she told her supporters. “There Yet while both Haley and
are huge numbers of voters in Trump have said she isn’t in
our Republican primaries who contention to be his running
are saying they want an alter- mate, she hasn’t ruled out sup-
native.” porting him in the end, telling
Unfortunately for Haley, NPR last week that she consid-
many of the voters backing her ered Biden “more dangerous,”
haven’t been Republicans, and Nikki Haley held an event in Troy, Mich., on Sunday, above and below, ahead of the state’s primary contest on Tuesday. and saying in her South Caro-
her support among GOP voters lina concession speech, “We
is nowhere near enough to de- ers Alyssa Farah Griffin, Heath Mayo, said he appreci- need to beat President Biden in
rail Trump. There might not be Cassidy Hutchinson and Sarah ated Haley’s determination. November.”
an endgame for her, but there Matthews appeared on a panel “There are a lot of theories, but As much as the anti-
is a market. Donors have together, where they agreed I think she genuinely cares,” he Trumpers at the Principles
proved willing to continue that another Trump term said. “She sees the threat, and First gathering applauded Ha-
throwing money away: Her would be, in Hutchinson’s she sees there’s no benefit in ley for lending an assist to
campaign last month outraised words, “the greatest step to- bending the knee.” Haley, he their cause, some of them
Trump’s, powered by large do- ward fascism that we have argued, is making a “long-term worry that she could eventu-
nations from wealthy capital- taken in this country.” strategic calculation that this ally do more harm than good if
ists. (The conservative Ameri- Haley wasn’t on the pro- is the last hurrah” for Trump, she ends up supporting Trump
cans for Prosperity Action gram, but the confab, which and demonstrating Trump’s in November. Such an endorse-
network, however, told its staff drew more than 500 attendees, weakness as a general election ment, the thinking goes, could
Sunday it would stop funding might as well have been a candidate. be a powerful signal to reluc-
efforts on her behalf.) meeting of her fan club. Many attendees said they tant conservatives and inde-
And there is an audience: Maureen Hosey, a 59-year- would have liked to see this pendents trying to decide
Haley has a vocal cheering sec- old accountant from Brewster, feisty side of Haley sooner. “I which of two unpalatable can-
tion in the GOP’s Never Trump N.Y., wore a Haley campaign T- liked her a lot more before she didates represents the lesser
faction, which includes a swath shirt bearing the words kissed Trump’s feet,” said evil.
of former officeholders who “Barred. Permanently”—an al- third of Republicans cannot be tendees theorized she might be Stephanie Sharp, a former Re- For now, though, they are
say they no longer recognize lusion to Trump’s recent warn- with” Trump. positioning herself as a fallback publican state legislator from content to enjoy Haley’s quix-
their party. ing that he would blacklist Ha- The Trump campaign argues for the party this cycle if Kansas. “It is important for otic crusade. “I did have the
These were the people who ley’s donors. “I’m a lifelong that Haley is damaging her Trump—who faces 91 charges someone to be speaking up to concern that she could serve as
gathered in Washington over Republican. She is saying the party’s prospects by preventing across multiple cases—is con- him, but it’s really convenient an on-ramp” funneling reluc-
the weekend for the Principles things I remember Republican the GOP from unifying behind victed of a crime or in case of for her to be vocal and specific tant voters to the GOP, “but I
First summit, a conference of politicians saying,” Hosey ex- its all-but-certain nominee. what one called “an errant now when she has no chance don’t buy it now,” said the
anti-Trump conservatives. plained. “I still think she And Democrats seem to agree: cheeseburger.” Others hoped to win.” anti-Trump conservative writer
Sessions at Principles First doesn’t stand a chance.” President Biden’s campaign has she might join a third-party Indeed, at the outset of the Bill Kristol, who spoke on a
featured luminaries from yes- Farah Griffin, the former eagerly amplified Haley’s criti- ticket or lead the party forward campaign, Haley’s tortured panel. Kristol has been urging
terday’s GOP: former Attorney White House communications cisms of the front-runner. “I after a loss in this year’s elec- nonposition on the front-run- Haley to stay in the race and
General Alberto Gonzales, for- director who broke with Trump think she’s one of our better tion. “I think it’s important ner’s many outrages was her doesn’t think she will endorse
mer federal judge J. Michael after Jan. 6, 2021, and now surrogates,” California Gov. that there’s somebody there as calling card. Having worked for Trump in the end. “The criti-
Luttig, former Rep. Adam Kinz- serves as a co-host of “The Gavin Newsom said on CNN on an alternative for the future,” him, left his administration cism is strong enough and res-
inger, as well as former presi- View,” argued onstage that Ha- Friday. said Barbara Comstock, a for- without incident, denounced onant enough that even if she
dential candidate and ex-Ar- ley is “proving something re- Speculation abounds about mer Republican congress- him after Jan. 6, insisted she supports him, it’ll be grudg-
kansas Gov. Asa Hutchinson. ally important in this historic Haley’s real motives for staying woman from Virginia. wouldn’t run against him and ing,” he added. “I don’t think
The Trump White House staff- moment, which is that about a in. Some Principles First at- Principles First’s founder, then reversed herself, she it’s going to make a difference.”

Biden’s Worrisome Michigan Opponent: ‘Uncommitted’

BY KEN THOMAS
AND CATHERINE LUCEY
An Uncrowded Ballot
WA S H I N G T O N — D e m o -
crats are warning President President Biden didn’t community in the state.
Biden to take Tuesday’s Michi- campaign in Michigan in The Democratic primary
gan primary results seriously, the days leading up to the ballot also includes Rep.
as activists push him to primary, but on Saturday Dean Phillips (D., Minn.),
change course on the war be- he taped local radio inter- mounting a long-shot bid
tween Israel and Hamas. views and joined an orga- against Biden, and Marianne
The election is shaping up nizing call with Gov. Williamson, who recently
as Biden’s most significant vot- Gretchen Whitmer. suspended her campaign.
ing test yet, as Arab-American He has made regular The last time Demo-
and young voters attempt to visits to the state while in crats had a sitting presi-
use the primary as a vehicle to office, including visiting dent seeking re-election
MANDEL NGAN/AFP/GETTY IMAGES

protest the president’s policies. this month with the was in 2012, when Barack
While Biden is all but assured United Auto Workers Obama ran for a second
victory, the outcome could au- union, which has endorsed term. Out of fewer than
gur general-election troubles him. While aides have trav- 200,000 votes cast in that
in a state where polls show he eled to the state to meet year’s Michigan Demo-
is trailing former President with Arab-American lead- cratic primary, more than
Donald Trump, his expected ers, Biden himself hasn’t 20,000 were for the un-
Republican challenger. specifically met with the committed slate.
“I do believe that no matter Above, President Biden at a UAW phone bank in Michigan this month. Below, Abbas Alawieh
what the results of Michigan, of Listen to Michigan, a group urging a protest vote against Biden’s Middle East policies.
the takeaway should not be,
‘Oh, everything’s good,’” said votes, noting that Trump took have a challenge to be met in free hostages held by Hamas, party. We are going to con-
Maryland Gov. Wes Moore in Michigan in 2016 by about that community.” though Biden hasn’t called for tinue to campaign and work
an interview. Moore, who has that margin. (Four years later, The pressure on Biden in a permanent cease-fire. for every vote,” said Rep. Ha-
supported the Biden campaign Biden won the state by more Michigan comes as the 81- Listen to Michigan esti- ley Stevens (D., Mich.). “I have
as a top surrogate, predicted than 150,000 votes.) The orga- year-old president navigates a mates that it has reached tens seen enthusiasm and energy
the primary is “going to feel nizers argue that their votes rocky stretch. He has faced of thousands of Democratic around another four years for
BASTIEN INZAURRALDE/AFP/GETTY IMAGES

like a scrimmage where the could make the difference in a scrutiny since a special-coun- voters through phone-banking Joe Biden.”
win is going to be less impor- tight general-election race and sel report raised questions and mailers. The group The White House earlier this
tant than the lesson.” are pushing Biden to change about his memory. But leading doesn’t oppose Biden’s re-elec- month dispatched a delegation
A network of grassroots or- his policies on Gaza—namely Democrats and donors have tion in November but hopes led by deputy national-security
ganizations, led by Listen to to bring forth a permanent publicly remained supportive its actions in the primary will adviser Jon Finer to discuss
Michigan, has urged the public cease-fire—to earn their sup- of his bid, and Trump has had lead to a course correction. administration policies and
to vote “uncommitted” as a port in November. a string of controversies and Abbas Alawieh, a former push for a temporary cease-fire
way of registering opposition The pivotal question is legal troubles. congressional aide who serves in Gaza. That followed a visit
to the president’s Middle East whether voters who choose Since the Oct. 7 Hamas as- as the group’s spokesman, by Biden campaign manager
policies. The push has been en- “uncommitted” as a protest sault, Biden has staunchly said Biden needed to differen- Julie Chávez Rodriguez, who
dorsed by Rep. Rashida Tlaib Tuesday will decide in Novem- supported Israel’s right to de- tiate himself from Netanyahu’s was boycotted by Hammoud
(D., Mich.), Dearborn Mayor ber to stay home, back Trump a Biden supporter, met last fend itself. He has come under policies. “If he doesn’t do it, and other officials.
Abdullah Hammoud, as well as or—as some Democrats pri- week with Michigan Arab- criticism from progressive the political consequences are Michigan State Sen. Mal-
state and local leaders around vately believe—grudgingly American leaders and resi- Democrats who condemn Is- grave for the Democratic lory McMorrow, a Democrat,
Dearborn, which is home to come back to Biden. dents during a town hall. rael’s bombardment of Gaza Party and for him,” he said. said that sending campaign
the largest Muslim population “It’s going to be very hard Khanna said he was surprised and soaring civilian casualties. Biden’s campaign advisers staffers out first was a mis-
in the U.S. and is roughly 54% or even impossible to beat by the depth of loss and hurt The frustration goes far be- said they are working to step, but stressed that the ad-
Arab-American, according to Donald Trump in Michigan if that residents expressed about yond Michigan, with protest- strengthen relationships with ministration “is already taking
census figures. Voters in Dear- President Biden doesn’t the conflict. ers targeting him at his cam- the Arab-American community. this community seriously.”
born and Dearborn Heights change course,” said former “This is not something that paign events. They also argued that some of McMorrow, whose district
heavily backed Biden in 2020, Rep. Andy Levin (D., Mich.), can be fixed by messaging. The administration has in- the backers of the uncommit- overlaps with Tlaib’s, said
when the state helped him who has endorsed the uncom- What we need is a change in creasingly clashed with Israeli ted effort still oppose Trump “people are looking for ways
capture the White House. mitted effort. He added: “It policy,” he said. Asked about Prime Minister Benjamin Ne- and stressed a broad array of to signal to the Democratic
The groups, which have seems very hard or impossible the potential “uncommitted” tanyahu over the conduct of support from key groups such Party: We’re on your side and
been holding rallies and con- to win the electoral college if vote, he said: “I don’t think it the war. And the White House as union workers, Black voters because we’re on your side,
ducting phone-banking, have we don’t win Michigan.” really matters what that num- has been working to broker a and suburban women. we want to push you to be a
set a goal of capturing 10,000 Rep. Ro Khanna (D., Calif.), ber is. I can tell you that we deal to pause the fighting and “Certainly we’re a big-tent little bit better.”
THE WALL STREET JOURNAL. Tuesday, February 27, 2024 | A5

U.S. NEWS

Biden Calls in Leaders

In Bid to End Standoffs
Talks at White House
come as government
shutdown looms and
aid for Ukraine stalls
BY KATY STECH FEREK
WASHINGTON—President
Biden is calling congressional
leaders to the White House as
Along with keeping the
government open, Biden has
made it a priority to get bil-
lions of dollars in fresh aid to
Ukraine as its war against
Russia enters a third year.
Jake Sullivan, Biden’s national
security adviser, said on
“Meet the Press” Sunday that
if Congress doesn’t approve
the aid, it would yield “an out-
come that Vladimir Putin
surance that Johnson will be
able to secure such wins, given
that any negotiated bills will
need to be passed by the Dem-
ocratic-controlled Senate and
signed by Biden.
If the spending bills aren’t
conservative enough for some
Republican members, Johnson
will need votes from the
House’s 212 Democrats for
them to pass. Republicans

the clock ticks toward a par-
tial government shutdown Fri-
day night and a Ukraine aid
package remains stuck.
The president has called
the meeting for Tuesday, seek-
ing to break a logjam. House
and Senate leaders have been
working to negotiate the de-
tails of 12 funding bills total-
ing $1.6 trillion
for federal
agencies, which
have been oper- Funding for
ating on tempo- several U.S.
rary extensions
since Sept. 30. agencies is due
Funding for
the Transporta-
to expire after
tion Depart- Friday.
ment and sev-
eral other
agencies ex-
pires after Friday, which
would affect some housing,
food and veterans’ programs;
the rest expires after
March 8.
House Speaker Mike John-
son (R., La.) told Republican
colleagues Friday night that
lawmakers should expect to
vote to finalize spending lev-
els for federal agencies whose
funding expires this week. But
Republican infighting in the
House—which doesn’t return
to session until Wednesday—
raises the prospect that a
temporary shutdown may be
unavoidable. Like his prede-
cessor as speaker, Republican
Kevin McCarthy, Johnson has
to decide whether to cut a
government funding deal with
Democrats that risks costing
him his job.
would love to see, which is the
United States not stepping up
to its responsibility.”
But with many conserva-
tives backing him, Johnson
has so far refused to bring up
for a vote a Senate-passed
package including money for
Ukraine, Israel and Taiwan.
Democrats and some Republi-
cans are con-
sidering fall-
back options,
including a dis-
charge petition,
to pass the aid
without John-
son’s support.
Biden will
travel to the
southern bor-
der Thursday,
according to a
White House official, as his
administration continues to
face bipartisan pressure to
curb illegal crossings. Biden is
set to visit Brownsville, Texas,
and meet with border and
law-enforcement officials.
On the spending front, the
House Freedom Caucus, a
group of roughly three dozen
Republican members who
push for the most conserva-
tive policies, has been pres-
suring Johnson to fight to in-
clude some of its wish-list
policy items—such as blocking
funding for expanding elec-
tric-vehicle use and for back-
ground checks for gun sales—
in bills that he is negotiating
with Senate leaders and House
Minority Leader Hakeem Jef-
fries (D., N.Y.).
They have gotten little as-
control the House with 219
members, a thin margin that
allows Johnson to lose only
three votes before the mea-
sure fails. And if only a hand-
ful of Republicans decide he
hasn’t done enough to ad-
vance the conservative
agenda, he could lose his job—
as McCarthy did—via a motion
on the House floor.
Johnson has already faced
scrutiny from Republicans
who said they were disap-
pointed that he wasn’t able to
negotiate deep spending cuts
to the federal budget. He has
also faced criticism from more
centrist and pragmatic Repub-
licans, such as Rep. Patrick
McHenry of North Carolina,
who say he is indecisive and
hasn’t laid out a clear strategy
to lead the party.
When congressional leaders
struck a deal in January set-
ting the overall federal bud-
get, Johnson defended his
support for the agreement. He
said that while it doesn’t “cut
as much spending as many of
us would like,” he was able to
squeeze in some concessions
such as the cancellation of un-
spent pandemic aid.
Rep. Mario Díaz-Balart (R.,
Fla.), who leads a subcommit-
tee handling the appropria-
tions bill that funds the State
Department, said he expects
the compromise bills to ad-
vance the conservative agenda
in small but meaningful ways
compared with existing law.
“There are going to be
some Republican wins, but
like with any negotiation,
House Speaker Mike Johnson, right, could need votes from Democrats.
Some in GOP Open to Long-Term Temporary Spending Bill
Some House Republi-
cans have said they are
open to another option:
passing a long-term tempo-
rary spending measure that
would keep federal money
flowing until Sept. 30.
Automatic spending cuts
would then kick in on April
30 under the terms of a
debt deal reached last year,
there are going to be some
things we can’t get,” he said.
Senate Majority Leader
Chuck Schumer (D., N.Y.) on
Sunday criticized House Re-
publicans for not yet releasing
the text of the four appropria-
tions bills that lawmakers are
expected to vote on this week.
“Unless Republicans get seri-
ous, the extreme Republican
shutdown will endanger our
economy, raise costs, lower
safety, and exact untold pain
on the American people,” he
said in a letter to his Senate
colleagues.
Johnson fired back in a
statement, saying the House
was working nonstop and in
good faith to complete the ne-
gotiations, and that Republi-
which called for such cuts
if the government was op-
erating under a continuing
resolution on that date.
The Congressional Bud-
get Office has estimated
such a scenario would lead
to federal agency budget
cuts from 5% to 9% for
nondefense funding and
from zero to 1% for defense
cans were aiming “to rein in
Democrats’ overspending and
policies that are harming the
economy.”
White House press secre-
tary Karine Jean-Pierre said
Friday that the administration
has stressed to Congress “the
need to keep the government
open.”
“We’ve always been very
clear: House Republicans have
a job to do,” she told report-
ers. “Their basic duty is to
keep the government open.”
Rep. Nancy Mace (R., S.C.)
said on “Fox News Sunday”
that the Senate should take up
some of the spending bills
passed by the House. “They
want to blame everything—all
of our failures—on Republi-
LEAH MILLIS/REUTERS
funding.
Democrats said such cuts
are unacceptable, and they
have pledged to avoid that
scenario.
The idea would also likely
draw opposition from pro-
defense Republicans who
say spending cuts should
not cripple the U.S. military
in a time of foreign conflict.
cans, but that’s not the case.
We’re doing our job,” she said.
Congressional leaders could
decide to abandon their plan
to finalize the spending bills
and instead propose a fourth
temporary extension of a week
or longer.
Even if lawmakers pass the
first round of spending bills
this week, they will quickly
face another deadline to final-
ize the eight remaining bills.
Money is scheduled to run out
for the Environmental Protec-
tion Agency, Justice Depart-
ment, Defense Department
and remaining agencies after
March 8.
—Lindsay Wise
and Tarini Parti
contributed to this article.

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A6 | Tuesday, February 27, 2024 THE WALL STREET JOURNAL.

WORLD NEWS
Navalny’s Death Followed Proposed Swap
Opposition leader’s ple, then I just need to get rid
of the bargaining chip. Then
team says he and offer someone else when the
two Americans were time comes.”
Pevchikh said possible deals
set to be traded were being discussed since last
year, and referenced a report in
BY THOMAS GROVE the Journal that said Navalny
could be part of hostage-ex-
Russian opposition leader change talks with the Kremlin.
Alexei Navalny’s death in an Pevchikh said she had informa-
Arctic penal colony followed a tion that on Feb. 15, talks were
proposal to trade him and two in “their final stage.”
unnamed American citizens The next day, Russia’s prison
held by Moscow for a Russian service said Navalny lost con-
hit man imprisoned in Ger- sciousness and later died after
many, Navalny’s foundation he had been let out of his cell.
said Monday. On Monday, Navalny
In a video posted on the of- spokeswoman Kira Yarmysh
ficial YouTube channel of Na- said they were in the process
valny’s Anti-Corruption Foun- of arranging a public memo-
dation, Maria Pevchikh, the rial event for the politician.
group’s head of investigations, After Navalny’s body was re-
said Navalny was killed after turned to his mother over the
Russian President Vladimir weekend, the question re-
Putin became aware of the po- mains whether the Kremlin
tential swap and acted to pre- will allow a public outpouring
vent it. of sentiment over his death.
Pevchikh said the founda- Navalny’s foundation said
NACHO DOCE/REUTERS

tion had been involved in ef- the proposal to swap the oppo-
forts to win Navalny’s freedom sition leader for Krasikov was
but didn’t provide evidence to taken to Putin by Roman Abra-
back her assertions in her movich, a sanctioned Russian
seven-minute statement. oligarch who has acted as a
Among the U.S. citizens be- A woman places a portrait of late Russian opposition leader Alexei Navalny on his memorial in Barcelona. middleman in other prisoner
ing held in Russia are Wall exchanges between Russia and
Street Journal reporter Evan Peskov didn’t respond to a re- either internal deliberations ment on what Navalny’s foun- Gershkovich, who was ac- Ukraine. A representative for
Gershkovich and former U.S. quest for comment about the or our work to secure the re- dation had said. credited as a foreign corre- Abramovich didn’t respond to a
Marine Paul Whelan, both of Anti-Corruption Foundation lease of people held overseas... spondent by Russia’s Foreign request for comment.
whom have been designated statement. Peskov told the Fi- We have long called for Alexei Ministry at the time he was de- U.S. officials expressed op-
as wrongfully detained by the nancial Times that he wasn’t Navalny’s release.” Swap for ‘patriot’ tained, has been held for nearly timism about possible deals
U.S. government, which has aware of any swap agreement. “I’m just not going to speak In an interview with former a year on an FSB allegation after Putin spoke in detail for
said it is working to negotiate A White House spokesman to our conversations with any Fox News host Tucker Carlson that he was engaged in espio- a full minute about Krasikov
their release. didn’t respond to a request for of our diplomatic partners earlier this month, Putin indi- nage—an accusation the Jour- after Carlson asked him to
Pevchikh said Putin comment and a spokesman for about the work that we do to cated that he was seeking a nal, the U.S. government and free Gershkovich.
couldn’t “tolerate Navalny be- the German government de- try to secure the release of swap deal that would allow his family vehemently deny. Weeks earlier, when a New
ing free.” clined to comment. Privately, wrongfully detained Ameri- the repatriation of Vadim Whelan, a corporate secu- York Times reporter asked Pu-
Navalny, who died on Feb. U.S. and German officials said cans or others held around the Krasikov, an agent of Russia’s rity executive from Novi, tin about Gershkovich at a
16, was Putin’s most ardent they made no offer to Putin. world,” he said. Federal Security Service, or Mich., has been held in Russia news conference, the presi-
critic and spent years investi- Matthew Miller, a State De- “Our work to try to secure FSB, who was convicted in since late 2018 on espionage dent sighed audibly and said
gating and exposing alleged partment spokesperson, on the release of Evan Gersh- 2021 of killing a Chechen dis- charges that he, his family and he was eager to reach a deal
corruption by the Kremlin Monday declined to comment kovich and Paul Whelan con- sident in Berlin. the U.S. government also ve- for his release.
elite. He had a large following on the assessment that Na- tinues. It’s something we are After Carlson asked about hemently deny. He was con- —Louise Radnofsky
across Russia. valny was killed because he working on every day.” the possible return of the Jour- victed of the charges in 2020 contributed to this article.
was close to being freed in a The Journal said in a state- nal’s Gershkovich, who was de- and sentenced to serve 16
prisoner exchange. ment: “We know the U.S. Gov- tained by FSB officers last year, years in a penal colony.
Wrongfully detained “As we have said, we be- ernment is taking the efforts Putin said he would consider a “Putin was clearly told that Watch a Video
President Biden has said lieve that Vladimir Putin and to free Evan seriously, and swap for an unnamed “patriot” the only way to get Krasikov is Scan this code
Putin is responsible for Na- the Russian government are we cannot comment further.” who had killed “a bandit” in a to exchange him for Navalny,” for a video on
valny’s death, but the Kremlin responsible for his death,” A Whelan family spokes- European capital, a statement Pevchikh said. She said Putin the proposed
has denied state involvement. said Miller. man said he didn’t have widely seen as describing decided: “Since they are will- prisoner swap
Kremlin spokesman Dmitry “I’m not going to speak to enough information to com- Krasikov. ing to offer Krasikov in princi- for Navalny.

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 THE WALL STREET JOURNAL.
New NATO Member
Touts ‘Total Defense’
Hungary’s approval
clears the way for
Sweden to become
bloc’s 32nd country
BY DANIEL MICHAELS
When Sweden joins NATO
as its 32nd member, the alli-
ance will gain a solidly anti-
Russian member with a robust
military that provides critical
defense of Europe’s northern
flank.
It also brings a country
whose approach to national
security—engaging teenagers,
retirees, teachers and police
officers in the country’s de-
fense—offers a model for
other European countries
fearing Russian aggression.
“Everyone between the
ages of 16 and 70 living in
Sweden is part of Sweden’s to-
tal defense,” states the gov-
ernment emergency informa-
tion website.
By conveying to ordinary
people the need for security,
Sweden also wins broad sup-
port for its military industry,
which ranks among the
world’s top in technology and
exports.
“This is an area where I
think Sweden punches above
its weight,” said Defense Min-
ister Pal Jonson.
Sweden is set to join the
bloc after Hungary’s parlia-
ment on Monday approved its
IBRAHEEM ABU MUSTAFA/REUTERS
Packages are air-dropped over Gaza. Deliveries of humanitarian aid to Gaza have plunged this month.
Lawlessness Hampers Gaza Aid Efforts
BY DAVID S. CLOUD
AND CARRIE KELLER-LYNN
TEL AVIV—Israel’s drive to
eliminate Hamas from power
in Gaza is proving increasingly
at odds with another objective
it is under international pres-
sure to pursue: Ensuring de-
livery of humanitarian aid to
Gazans struggling to find food
and safety as the war in the
south intensifies around them.
Blue-uniformed Gazan po-
lice vanished from the streets
of southern Gaza this month
after as many as nine officers
were killed in Israeli air-
strikes, according to U.S. and
United Nations officials.
To Israel, the police are a
pillar of Hamas rule over
Gaza, and it has accused them
of stealing aid shipments in-
tended for ordinary Gazans.
“We are at war with
Hamas,” a spokesman for the
Israeli military said. “We are
killing all Hamas operatives
we can find that pose a threat
to our forces and civilians.”
But the police’s disappear-
ance has disrupted aid deliv-
eries, leaving convoys they
once guarded more vulnerable
to looters, U.N. officials say.
To get the aid flowing, U.S.
and Egyptian officials have
been discussing a possible so-
* * * *
membership by a 188-6 vote,
ending a protracted process
that had been delayed by ob-
jections from Turkish Presi-
dent Recep Tayyip Erdogan
and Hungarian Prime Minister
Viktor Orban.
Hungary’s approval must
still be signed into law and
then deposited in Washington,
where the State Department
administers NATO’s founding
treaty. Once that is done, Swe-
den will officially be a mem-
ber and its flag will be raised
at NATO’s headquarters in
Brussels, where a flagpole was
installed late last year.
The decision in May 2022
by Sweden and neighbor Fin-
land to abandon decades of
nonalignment and join the al-
liance was prompted by chill-
ing proposals from Russia in
December 2021—two months
before it attacked Kyiv—that
the North Atlantic Treaty Or-
ganization roll back its post-
Cold War expansion and
pledge to accept no more
members.
Both countries had long in-
vested heavily in defense and
devoted resources to prepar-
ing for a potential Russian at-
tack, offering them security
through the Cold War and af-
ter. But Finland, which fought
wars against the Soviet Union
and shares an 800-mile border
with Russia, had long main-
tained for itself the option of
joining NATO.
Russia’s threat to deny it
lution under which the police
would return to work but not
in uniform and carrying only
batons in return for a promise
from Israel that they wouldn’t
be attacked if they are guard-
ing aid convoys, a U.N. official
and a senior Egyptian official
familiar with the talks said.
But neither Israel nor the
police have agreed to the deal,
the officials said. Spokesmen
for the Israeli military and the
U.S. State De-
partment re-
fused to com-
ment on the The police’s
talks. disappearance
The chal-
lenges sur- has left convoys
rounding aid de-
livery come at a
vulnerable to
low point in the looters.
long tense his-
tory between Is-
rael and the U.N.
Israel has accused at least a
dozen employees at United Na-
tions Relief and Works Agency
of participating in the Oct. 7
Hamas-led attack on Israel.
Deliveries of humanitarian
aid to Gaza have plunged this
month after Palestinian police
the U.N. counted on to protect
convoys stopped showing up
for work, fearing attacks from
Israel and gangs of looters,
U.S. and U.N. officials say.
WORLD NEWS
that choice, followed by its in-
vasion of Ukraine, prompted
Helsinki’s quick shift to apply
for membership. Sweden fol-
lowed suit. Finland joined
NATO last April.
“It’s a step-change for
NATO deterrence and de-
fense,” said Oana Lungescu, a
distinguished fellow at British
think tank the Royal United
Services Institute and a for-
mer NATO spokeswoman, of
the Nordic duo joining. “It’s a
strategic surprise and totally
against what Russia had in
mind.”
Inside NATO, the new Nor-
dic members bring a whole
new mindset, European offi-
cials say. Sweden modeled
much of its approach on Fin-
land’s readiness plans, and af-
ter Russia seized Crimea from
Ukraine in 2014, Stockholm
dusted off its playbook,
dubbed “Total Defense.”
A 20-page government bro-
chure, titled “If Crisis Or War
Comes,” admonishes citizens
that, “If Sweden is attacked,
resistance is required.”
Sweden’s all-of-society ap-
proach is notable because, like
most of Europe, it shares no
land border with Russia and
long sought to engage with
Moscow through business
deals and diplomacy. Military
leaders and top officials in
Britain, Denmark and NATO’s
headquarters have recently
urged other members to act
more like Finland and Sweden
Philippe Lazzarini, head of
Unrwa, said on Monday that
aid entering Gaza had dropped
by half in February, compared
with the month before. That
brought a sharp response from
Cogat, the Israeli military
agency responsible for facili-
tating assistance to Gaza. “If
UNRWA wasn’t such a failure
logistically…more aid would
reach the people of Gaza,” it
said on X.
The decline
in aid comes as
Gazans are al-
ready facing
widespread
hunger.
No U.N.
trucks entered
Gaza from Feb.
19 to 21, and
though on Feb.
22, 170 went in,
according to the
U.N., it was still below the U.N.
goal of 200 a day. On at least
four days in the past two
weeks, fewer than 10 aid trucks
entered the enclave, U.N. offi-
cials said.
Col. Moshe Tetro, Cogat’s
coordinator for aid to Gaza,
said deliveries had increased
over the weekend. About 135
trucks crossed on Sunday, in-
cluding 17 vehicles that went
to north Gaza, he said, but he
Swedish Prime Minister Ulf Kristersson visited a naval base near Stockholm this month.
due to growing threats from
Russia, China and other adver-
saries.
“This whole-of-society ap-
proach is something we’re all
talking about,” said Dutch De-
fense Minister Kajsa Ollongren,
whose mother is Swedish. “In
the Netherlands, people think
security is something the mili-
tary can take care of,” and now
the government is trying to
spark a wider debate, she said.
Finland, which Swedes con-
sider the leader in total de-
fense, “is very creative and
does a good job educating the
public about disinformation”
and other threats, such as by
reaching older people through
public libraries, said Vera
declined to talk about whether
the absence of the Gaza police
was affecting aid shipments.
Ismail Haniyeh, head of
Hamas’s political bureau, said
on Monday after meeting the
Emir of Qatar that Israel was
conducting a “starvation cam-
paign…against the resilient and
patient Palestinian people, re-
sulting in an unprecedented
humanitarian disaster.”
Without police, truck driv-
ers have little protection from
criminal gangs and desperate
Gazans who halt and ransack
the convoys, sometimes only
minutes after they leave distri-
bution facilities at Kerem Sha-
lom in southern Israel and the
Egyptian side of the Rafah
gate, the two border crossings
where humanitarian aid enters
Gaza, U.N. and U.S. officials
said.
Before the convoys even en-
ter Gaza, they travel along a 2-
mile corridor that the police
had been guarding. Now that
they are gone, local Bedouins
have grown more aggressive
about stopping the trucks and
taking the contents, forcing the
U.N. to suspend most convoys,
said Scott Anderson, deputy di-
rector of Unrwa in Gaza.
—Summer Said
and Abeer Ayyoub
contributed to this article.
Tuesday, February 27, 2024 | A7
Jourova, the European Union’s
commissioner for values and
transparency.
She heads to Helsinki this
week to meet Finland’s defense
minister and visit the Euro-
pean Center of Excellence for
Countering Hybrid Threats, an
autonomous international or-
ganization linked to NATO and
the EU.
“It comes down to creating
awareness in your society that
the security environment has
deteriorated dramatically in
recent years,” said Jonson,
Sweden’s defense minister. The
country is beefing up civil de-
fenses and urges private citi-
zens to keep two weeks of sup-
plies at home, including food,
Palestinian
Government
Steps Down
Continued from Page One
by the Lebanese militia Hezbol-
lah 50 miles inside Lebanon af-
ter an Israeli drone was downed
by a surface-to-air missile
there. Two Hezbollah members
were killed in the Israeli strike
in Lebanon, the group said.
Beyond discussions about
an immediate cease-fire,
Gaza’s future status is among
the most contentious issues
facing the international com-
munity as Israel’s military of-
fensive in the enclave ap-
proaches its fifth month, and
is key to ending the conflict.
Israel’s government said on
Monday its military presented
a plan to increase aid flow and
evacuate civilians from the city
of Rafah in southern Gaza, as
pressure mounts on Israel to
share its strategy for protect-
ing the more than one million
Palestinians sheltering there as
Israel plans to begin an opera-
tion in the city. Meanwhile, Is-
rael said it had discovered a 6-
mile tunnel network used by
Hamas, which would make it
one of the longest tunnels Is-
rael has found in the enclave.
The U.S. has called for a re-
formed Palestinian Authority—
which currently governs Pales-
tinian population centers in
the Israel-occupied West Bank
semiautonomously—to admin-
ister Gaza postwar. Prime Min-
ister Benjamin Netanyahu of
Israel has resisted any role for
the authority in Gaza.
“The next phase and its
challenges require new political
and governmental arrange-
ments that take into consider-
ation the new reality in Gaza,
the national unity talks, and
the urgency of reaching inter-
nal Palestinian reconciliation
based on national interest,” the
Palestinian Authority’s prime
minister, Mohammad Shtayyeh,
said in a speech on Monday
morning as he tendered his and
his government’s resignation.
The proposed cabinet resig-
nation was approved by Ab-
bas, who requested that the
Palestinians carry a body after an Israeli airstrike in Rafah.
STEFAN JERREVANG/TT NEWS AGENCY/REUTERS
water and radios that don’t
need batteries.
Sweden’s Civil Contingen-
cies Agency, which promotes
preparation for natural disas-
ters, terrorist or cyberattacks,
and war, works closely with its
military, Jonson said.
“The Swedish armed forces
are very dependent on civil so-
ciety” in areas ranging from
transportation to healthcare,
he said.
Watch a Video
Scan this code
for a video on
how NATO will
benefit from
the expansion.
resigning ministers temporar-
ily continue working until a
new government is formed.
The authority’s president
hasn’t faced a presidential bal-
lot since he was elected in
2005. Perceived by Palestinians
as ineffective, corrupt and too
dependent on the goodwill of
the U.S. and Israel’s govern-
ment, Abbas and the authority
have seen their popular sup-
port plummet in the West Bank
and Gaza, according to polls,
with around 90% of Palestin-
ians now calling for his resig-
nation. “This is a half step to-
ward a government change,”
said an official from the Pales-
tine Liberation Organization.
The official said the proposed
changes didn’t involve Abbas.
Another PLO official ques-
tioned what a future techno-
cratic government for the Pal-
estinian Authority could
achieve in rebuilding and gov-
erning Gaza without fresh fund-
ing and a long-term political
perspective for the territory.
Abbas has told Arab and
U.S. officials that he is work-
ing on forming a new govern-
ment with Mohammad Mus-
tafa, a former Palestinian
economy minister and World
Bank executive, as the likely
candidate for prime minister,
senior Arab officials said.
Abbas has also tasked a
number of Palestinian officials
to prepare a plan for the recon-
struction of Gaza, which would
include establishing a recon-
struction authority, operating
under the supervision of the
World Bank and subject to an
international accounting firm.
One plan for postwar Gaza
being formulated by five Arab
states could see the Islamist
Hamas movement being folded
into the widely secular PLO,
ending the yearslong split be-
tween Palestinian factions.
A question mark hanging
over the future of Gaza is
what role, if any, Hamas would
be able to play in a future ad-
ministration, something Israel
categorically opposes.
Hamas said its political
leader, Ismail Haniyeh, met
with Qatari Emir Tamim bin
Hamad al-Thani in Doha on
Monday to discuss routes to
end the war in Gaza and the or-
ganization of Palestinian affairs.
—Carrie Keller-Lynn
contributed to this article.
HAITHAM IMAD/EPA/SHUTTERSTOCK
A8 | Tuesday, February 27, 2024
AI Rivals
Go After
Nvidia
Continued from Page One
It has also made Nvidia a gi-
ant target for a host of compa-
nies that want to diminish its
dominance—including both ri-
vals and some of the customers
that are forking over billions of
dollars a year for the must-
have chips.
Intel and Advanced Micro
Devices have accelerated their
AI chip offerings. Amazon.com,
Google and Microsoft—huge
buyers of Nvidia’s AI-training
chips—all have or are develop-
ing their own in-house designs.
On Wednesday, the same day
Nvidia unveiled its latest block-
buster quarterly results, Micro-
soft and Intel announced a deal
for the software giant to build
custom chips using Intel’s man-
ufacturing operation.
To secure his company’s fu-
ture, Huang is developing uses
for Nvidia chips in other indus-
tries, investing in startups
building their businesses
around his technology, and
pitching it to governments
worldwide to build their own
AI infrastructure.
Hard problems
A fan of “Only The Paranoid
Survive,” a book by legendary
Intel CEO Andy Grove about
converting near-failure into
lasting success, the 61-year-old
Huang encourages a startup-
like culture where his 30,000
employees act as though
they’re a month away from go-
ing out of business. He has said
he searches for hard problems,
solves them, then tries to for-
get how difficult it all was.
“It must be the feeling that
marathoners go through,” he
told an audience of Indian
technology graduates in Santa
Clara in September. “I used to
use this phrase—I use it less
now—but the entertainment
value of pain and suffering
can’t be understated.”
That Nvidia has stayed
ahead in the AI race has sur-
prised many of Huang’s com-
petitors and detractors.
Nvidia’s revenue in the latest
quarter was more than 3.5
times the level a year earlier.
Profit rose nearly ninefold. Its
stock is up sixfold in 16
months. Expectations are high.
Huang has been Nvidia’s
chief executive since starting it
more than three decades ago, a
tenure almost unheard of in
fast-moving Silicon Valley. He
and his co-founders, fellow en-
gineers Chris Malachowsky and
Curtis Priem, formulated their
plan at a Denny’s in San Jose.
The booth where they talked
got a plaque last September—
now outdated—after Nvidia hit
a $1 trillion valuation.
Nvidia’s foundational idea
was to target so-called acceler-
ated computing. The chips at
the heart of every computer—
central processing units, or
CPUs—are digital jacks-of-all-
trades, capable of doing a vari-
ety of calculations reasonably
well. Accelerated computing
was the notion that specialist
chips could do better at some
tasks. Nvidia focused on im-
proving computer graphics.
The company made billions
of dollars selling graphics pro-
cessing units, or GPUs, in its
Milei’s Dogs
Are Fodder
For Politics
Continued from Page One
uel Macron, who adopted a lab-
rador-griffon cross called Nemo,
to Russia’s Vladimir Putin, to
whom Japan once gave an Akita
puppy.
Some presidential pups
cause trouble. Theodore Roose-
velt’s dog, Pete, killed four
squirrels and chased down a
French ambassador. Dwight D.
Eisenhower sent his dog for
training after it urinated on a
rug worth $20,000. President
Biden’s nippy German shepherd,
Commander, got banished from
the White House.
But Milei’s canine infatuation
has raised eyebrows as people
try to figure out what makes
the fiery political outsider tick—
as he attempts to tackle the
world’s highest inflation.
“It’s weird,” said David
González, a 29-year-old in
Buenos Aires. “I treat my dogs
well, but they sleep outside.
Above, Jensen Huang, chief executive of Nvidia, spoke at a Taiwan expo last year while holding a superchip. Below, an
attendee held a processor signed by Huang at the expo. Nvidia’s stock is up sixfold in 16 months.
first couple of decades, cater-
ing to PC gamers who prized
sharper resolution and faster-
refreshing screens.
In 2006, after noticing that
medical researchers were start-
ing to use Nvidia graphics
cards, Huang opened up the
GPUs for anyone.
Several years later, research-
ers outside the company dis-
covered that Nvidia’s GPUs
were excellent for AI computa-
tion. The math needed to build
complex AI systems dovetails
with the way graphics chips
work—by doing a multitude of
calculations at once.
The AI systems behind the
current boom in generative
AI—language models like the
ones that power OpenAI’s
ChatGPT—are especially de-
pendent on Nvidia’s GPUs. Edu-
cating these systems involves
crunching data on a scale with
little precedent. ChatGPT was
built using tens of thousands of
Nvidia’s GPUs.
OpenAI’s release of ChatGPT
in late 2022 launched a tech-in-
dustry arms race. Production of
Nvidia GPUs couldn’t keep up
with demand. The company on
Wednesday said its supply re-
mained constrained, though
the situation is improving.
Shaping the world
Suddenly, Nvidia became the
gravitational center of the tech
universe. Tech industry leaders
bemoaned the difficulty finding
H100s—Nvidia’s advanced
GPUs.
“GPUs at this point are con-
siderably harder to get than
drugs,” Elon Musk quipped last
May, as he was developing AI
capabilities at Tesla and build-
ing a separate company called
xAI.
Larry Ellison, founder and
chairman of business-software
giant Oracle, at a company con-
ference in September re-
counted a dinner that he and
Musk had with Huang at the
luxe Japanese restaurant Nobu
in Palo Alto, Calif. “Elon and I
were begging, I guess is the
best way to describe it,” Ellison
recalled. “An hour of sushi and
begging.”
Meta Platforms CEO Mark
Zuckerberg last month talked
up plans to spend what will
amount to billions more dollars
They aren’t people.”
Jimena Villalobos, 30, said
Milei’s love for dogs makes him
more relatable to regular Argen-
tines. “I’m like him, my dogs
come first.”
Most presidents are happy to
be photographed with their
dogs—playing fetch or taking
walks—to show they’re not so
different from voters. Not
Milei.
Few people have glimpsed
his dogs since 2018, when he
appeared on a television pro-
gram with his clones when they
were still pups. “I have photos
of them,” Milei recently told
The Wall Street Journal. “But I
don’t usually share them.”
During the interview last
month, Milei said he doesn’t see
a contradiction of having a lion
as his political symbol when
he’s clearly a dog person. In cin-
ema’s early days, he said, movie
crews put wigs on English mas-
tiffs to make them resemble li-
ons instead of using wild fe-
lines.
“I have English mastiffs and
clearly if I put a wig on each of
them I would have five lions,”
said Milei, also known to Argen-
tines as “The Wig” because of
his exuberant hair. “Five lions
of pure love.”
FROM PAGE ONE
this year for his growing AI am-
bitions. “By the end of this year,
we’re going to have 350,000
Nvidia H100s,” he said.
The shortage of Nvidia’s
chips has given Huang im-
mense power. How Nvidia allo-
cates its limited supplies could
influence who wins or loses in
the AI race. Nvidia has said lit-
tle about how it decides. Asked
by an analyst on Wednesday
about how he does that, Huang
said the company tries to allo-
cate fairly but avoids selling
chips to people who won’t im-
mediately use them.
Huang added that Nvidia of-
ten brings customers to cloud-
computing companies and ties
in an allocation of chips to sup-
port them. Huang cast those
moves as beneficial for the
cloud companies.
More than a year into the AI
craze, Nvidia is estimated to
account for more than 80% of
the market for AI chips.
Customers’ efforts to de-
velop their own chips for AI
could endanger billions of dol-
lars of Nvidia’s revenue if
they’re successful. Google and
Amazon are improving in-
house AI chips that they
started making years ago. Mi-
crosoft and Meta have more re-
cently entered the fray.
Nvidia is hugely dependent
on the biggest buyers of its
chips. Just one of them, which
it didn’t name, accounted for
nearly a fifth of its sales in its
last fiscal year, or more than
$11 billion.
Argentine President Javier Milei with his cloned dogs in
2018. He calls them his ‘four-legged children.’
Milei’s dogs are a prickly
topic. He appeared irritated
when asked by the Journal how
he plans to tend to five dogs
that weigh as much as minia-
ture horses while trying to fix
Argentina’s worst economic cri-
sis in a generation. “What’s that
got to do with anything?” he re-
plied. “What’s the problem with
me taking care of my dogs?”
Milei’s first dog was an Eng-
lish mastiff named for “Conan
the Barbarian.” “The love of my
life,” he once said.
Milei, a 53-year-old who has
Nvidia had sales of more
than $9.2 billion from cloud-
computing companies like
Google, Microsoft and Amazon
in its latest quarter alone—
more than a quarter of those
three companies’ roughly $35
billion in capital spending in
the same period.
Microsoft said in a state-
ment that its custom chips
were complementary to
Nvidia’s, not replacements, and
allow customers to choose the
optimal price and performance.
Google offers its own chips
alongside Nvidia’s to give cus-
tomers a wide menu of chips
based on their budget and
technical needs, according to a
person familiar with the com-
pany’s chip strategy. Even as it
develops homegrown options,
Amazon pointed to its long-
term partnership with Nvidia,
expanded last year, and said it
offered the widest array of the
company’s chips in its cloud
service.
Nvidia’s gross profit mar-
gins, meanwhile, are expected
to be about 76% in its current
quarter, the company said
Wednesday—what amounts to
a juicy target for customers
and competitors. Analyst Srini
Pajjuri of Raymond James esti-
mated that it costs Nvidia just
over $3,000 to make one of its
advanced H100 chips, which
sells for about $25,000.
Advanced Micro Devices is
already selling chips that aim
to compete with Nvidia. British
chip designer Arm Holdings
CARAS
never married or had children
of his own, used to spend
Christmas and New Year’s alone
with Conan, both sipping Cham-
pagne, according to a popular
biography on the Argentine
leader called “El Loco.”
In the 2018 television inter-
view, Milei said Conan was the
only one not to betray him dur-
ing a difficult spell, along with
his younger sister Karina Milei,
now secretary-general of the
president’s office.
After being fired from a job,
Milei, an economist, said he
THE WALL STREET JOURNAL.
ary. In all, it invested in some
three dozen startups in 2023,
according to Dealogic figures,
more than tripling its activity
from the previous year.
Umesh Padval, a managing
director at venture-capital firm
Thomvest Ventures who has
known Huang for decades, said
the Nvidia investment strategy
fits with its co-founder’s ten-
dency to make bets based on a
vision 10 years into the future.
Thomvest participated with
Nvidia in a funding round last
year for Cohere, a Canadian AI
FROM TOP: WALID BERRAZEG/SOPA IMAGES/ZUMA PRESS; ANN WANG/REUTERS
company.
“He started aggressively
saying, look, what do I need to
do to get the ecosystem built
such that I can sell more of my
chips and systems?” he said.
Another Nvidia investment
was in a cloud-computing com-
pany called CoreWeave. It oper-
ates large data centers filled
with Nvidia’s AI chips and
rents out their computing
power, putting it in competi-
tion with giants like Amazon
and Microsoft.
CoreWeave, unlike its larger
rivals, isn’t working to develop
its own chips and has acquired
a large fleet of Nvidia’s most
advanced chips. Those chips
are such a valuable asset that
CoreWeave used them as col-
lateral in a $2.3 billion financ-
ing deal last year.
So valuable is access to
Nvidia’s chips that some cus-
tomers are fearful of being
punished for dealing with the
company’s competitors. Jona-
than Ross, CEO of chip-startup
Groq, said that fear was palpa-
ble among customers who
wanted alternatives but were
wary of poking the beast.
“A lot of people that we
meet with say that if Nvidia
were to hear that we were
meeting, they would disavow
it,” he said. “The problem is
you have to pay Nvidia a year
in advance, and you may get
your hardware in a year or it
may take longer, and it’s, ‘Aw
shucks, you’re buying from
someone else and I guess it’s
and Intel also are touting their going to take a little longer.’”
chips for AI, and shifts in the
market could play to their
strengths. While Nvidia’s chips The next frontier
are unmatched at training AI Huang’s life has changed
models, other chips from Intel, along with Nvidia’s growth. He
AMD and a raft of AI chip is driven around in a black
startups are in some cases Mercedes EQS electric car—he
equally adept for deploying AI doesn’t drive himself any more,
systems after they are trained. he says, for security reasons.
One of his long-term focuses
outside of AI is the notion that
Growth quest his chips could help in drug
To build future business, discovery and computational
Huang has recently been court- biology. He usually brings it up
ing potential government cus- when asked what he’s most ex-
tomers. He has urged officials cited about in the future.
around the world to keep their Nvidia has invested in it, too,
data and computing infrastruc- including a $50 million stake in
ture local, instead of farming drug-discovery startup Recur-
out AI development to outsid- sion last year.
ers—to build “sovereign AI,” as To many of the chip-indus-
he called it at a conference in try people he interacts with, it’s
Dubai this month. much like AI might have been a
With Nvidia’s dominant decade ago: a far-off possibility
market position, competition with a limited market for now,
regulators in China, the U.K., one of what Huang dubs his
France and the European Union “zero-billion dollar markets.”
have launched probes into In January, he had a discus-
Nvidia’s business practices, al- sion at a J.P. Morgan healthcare
though none of them have re- conference with the chairman
sulted in sanctions against the of Recursion in which he dis-
company. cussed cryo-electron micros-
Huang has feverishly in- copy, X-ray crystallography and
vested in startups as the com- structure prediction—all arcane
pany rises to prominence, fo- industry terms. “I don’t mean
cusing on generative AI, to show off, but what other
robotics, automation and chip CEO would talk like that?”
healthcare companies develop- he said. “Along the entire pipe-
ing technology around Nvidia’s line of the discovery of drugs
chips. The company grew the and medicine, we have algo-
value of its holdings in other rithms and we have mathemat-
companies more than fivefold ics and we have expertise that
in its last fiscal year, to about we can be a partner to you, so
$1.55 billion at the end of Janu- please do reach out to us.”
went months eating only pizza
so he could pay for Conan’s
food. “It’s difficult to under-
Last year, Milei publicly
thanked the dogs for his politi-
cal rise. “Even though the filthy
stand,” said Juan Luis González,
the author of the biography,
“but it’s a father-and-son type
journalists don’t like it, I want
to say thanks to my four-legged
children,” he said after winning
of relationship.”
The dog’s 2017 death trau-
matized Milei, said González. He
a primary vote in August.
The dogs are now political
fodder. In Congress, lawmakers
decided to clone Conan at a U.S. point to the peculiar relation-
laboratory. The procedure costs ship to explain why Milei
about $50,000. shouldn’t be trusted with spe-
Milei later claimed to spiritu- cial powers to enact legislation.
ally communicate with the ani- “Stop squeezing us, Conan,”
mal, telling friends they first read a sign at a recent protest
met in another life 2,000 years against Milei’s tough austerity
ago in a Roman coliseum when package. That poked fun at the
he was a gladiator and the dog widely reported claim Milei has
was a lion, according to “El sought political counsel from
Loco.” Instead of fighting, the his dogs, an assertion Milei
pair teamed up with the mis- hasn’t publicly denied.
sion to one day rule Argentina. A Clarin newspaper colum-
Four of his current, cloned nist teased that Argentines
dogs are named after econo- should try to communicate with
mists—Milton for Milton Fried- Milei’s dead dog, the first Co-
man, Robert and Lucas for Rob- nan, considered a top adviser.
ert Lucas and Murray for “If we really want to help
Murray Rothbard. The fifth is him so that his government suc-
named Conan. cessfully defeats inflation and
Fitting all five into his small, lowers poverty, we have no
Buenos Aires apartment wasn’t choice but to try to speak with
easy. To make room, Milei his dog,” wrote humorist Ale-
knocked down his kitchen wall. jandro Borensztein. “Obviously,
The pups tore up his furniture. speaking with Conan won’t be
One bit his arm while he was easy.”
trying to break up a fight with —Silvina Frydlewsky
another clone. contributed to this article.

© 2024 Dow Jones & Company. All Rights Reserved.
BY ANN-MARIE ALCÁNTARA
Y
our calendar is full of
meetings. There are
weekly check-ins, one-
on-ones, hybrid plan-
ning calls, the meeting
before the meeting and
the meeting after the meeting. One
gathering inflames passions like no
other: the 8 a.m. meeting.
Whether an early-morn-
ing meeting is a must-do
or sign of management
overreach depends on your
feelings about work-life
boundaries, and some-
times, your rung on the
corporate ladder.
Early-morning work
hours are a hallmark of the
finance and healthcare in-
dustries as well as educa-
tion, and a standby of
high-powered executives.
Proponents of 8 a.m. con-
fabs say they’re useful for
coordinating global teams
across time zones. Others
say they disrupt personal
time and school drop-offs,
and can throw off the rest
of the day by upsetting
their normal routines.
The reshaping of work
and life wrought by the
pandemic—plus a rising
generation of professionals
who are more comfortable
than previous generations
voicing their boundaries—
has intensified the debate.
Jake Rudy, a human-re-
sources specialist in Min-
neapolis, says 8 a.m. meet-
ings give him sleep stress.
Rudy, whose workdays nor-
mally begin at 9 a.m., finds
he doesn’t sleep as well
when he knows he has to
get up earlier than usual.
“If I have to push my-
self to an 8 o’clock meet-
ing, I really had better
have a good reason for be-
ing there,” says Rudy, 36
years old.
A clip from the busi-
ness comedy podcast “De-
moted” that recently made
the rounds on TikTok has
unleashed a wave of com-
mentary about meeting
times. One of the
hosts read a lis-
tener email about
FROM TOP: ELENA SCOTTI/THE WALL STREET JOURNAL, ISTOCK (2); CHRIS LENHART; CASSIDY HOLMES
a Gen Z em-
ployee missing
an 8 a.m. meet-
ing because of a
workout class.
The conversa-
tion went viral,
with various tweets
sharing the clip reach-
ing more than 29 million
views. On TikTok, those sharing
and debating the now-deleted
video led to more than 250,000
likes, and subsequent discussion
garnered millions of views.
“If the norm has been set that
the workday is 9 to 5, then I don’t
think you can all of a sudden say,
‘But on this day we’re going to do
an 8 o’clock meeting,’” says Lorna
Hagen, a managing partner of Cul-
ture Playbook Partners, a busi-
ness-process improvement firm. If
Why Cashiers, Economists Hate $100 Bills
BY OYIN ADEDOYIN
R
ayza Sison went to a flea mar-
ket in New York this month
with five $100 bills. One by
one, vendors refused to take her
money, saying they couldn’t make
change or accepted only digital pay-
ments through Venmo or Zelle.
Determined to break the bills, the
26-year-old senior program coordi-
nator tried using them at coffee
shops and then her local fruit stand.
She was refused again. The bills are
still in her wallet.
“I had hoped cash would be more
convenient, particularly at a flea
market,” Sison said.
The $100 bill is far and away the
most common U.S. paper currency,
dwarfing even the $1
bill. The number of
bills bearing Benjamin
Franklin’s mug more Not everyone
than doubled be- loves Benjamin.
tween 2012 and 2022,
faster growth than Fake bills and
any other denomina-
tion, according to the
ties to crime are
most recent Federal concerns.
Reserve data.
LANNA APISUKH FOR THE WALL STREET JOURNAL
For all its preva-
lence, the $100 bill is
more effective for storing money
than spending it. Even when cashiers
do accept the bills, they hold up
checkout lines to verify they aren’t
counterfeits. Economists have called
for slowing down the printing press,
due to their use in illicit activity.
“Everyone almost questions you
and your legitimacy for using a
PERSONAL JOURNAL.
Is It Ever OK to Have
An 8 a.m. Meeting?
Employees want flexibility; employers focus on the business needs
 Chris Lenhart
blocks time on his
calendar so
colleagues don’t
schedule meetings
outside his regular
working hours.
an early meeting has to hap-
pen, managers should notify peo-
ple well in advance, she says, and
acknowledge that it’s an unavoid-
able necessity.
“Companies have to be very in-
tentional about what conditions
they set,” Hagen adds.
‘Early-riser mentality’
Chris Lenhart, a senior user-expe-
rience designer in Chicago, blocks
time on his calendar to prevent
colleagues from adding him to
$100 bill,” said Sage Handley, 23.
Handley, who works as a market-
ing and research assistant in College
Station, Texas, found a $100 bill in
an old makeup bag earlier this
month. She posted on TikTok about
the embarrassment of spending it,
one of many social-media posts
mocking the awkwardness of paying
for a small item with a $100 bill.
No sale
In Midtown Manhattan, cashiers
were on alert when a Wall Street
Journal reporter tried to use $100
bills to pay for small items. Some
held the bill up to the light to spot
“USA 100” embedded in it to confirm
its authenticity. Others used a coun-
terfeit pen, which has ink that turns
black when in contact
with fake currency.
At a bookstore, a
cashier yelled “check,
please” and an em-
ployee appeared from
behind a tall stack of
books to run a $100
bill through a coun-
terfeit bill detector
before completing a
transaction for $3 of
children’s books. The
store had recently caught a cus-
tomer trying to use a fake $100.
At a nearby vegan restaurant, a
$100 bill was rejected as payment
for a $4.95 bottle of kombucha.
The store didn’t have enough cash
in the register. Another customer
had walked out that day because
the restaurant wouldn’t accept the
THE WALL STREET JOURNAL.
meetings outside his normal work-
ing hours. It usually works.
Lenhart, 38, says he doesn’t
mind the occasional off-hours
meeting, though he’ll sometimes
ask for a new time if the meeting
is too early or late.
“People have always been un-
derstanding about that because
they in turn have their own life,”
he says.
Last year, 43% of
meetings logged by
the scheduling au-
tomation com-
pany Calendly
occurred be-
tween 2 p.m.
and 6 p.m. Just
3% of meetings
occurred between
8 a.m. and 9 a.m.
Red Thread PR in
 The $100 bill is far and away
the most common U.S. paper
currency, dwarfing even the $1 bill.
bills, a staffer said.
Some 60% of all payments are
made with debit or credit cards, ac-
cording to Federal Reserve data.
Cash use dropped sharply during
the pandemic in 2020, and it hasn’t
fully recovered. Today, cash is the
third-most used payment method in
the U.S. by number of transactions.
While more than half of $100s are
held abroad, there were enough in
the U.S. for every living American to
have 55 in 2022, according to calcu-
lations by Kenneth Rogoff, a Harvard
Tuesday, February 27, 2024 | A9
Philadelphia designates the same
working hours for all employees—9
a.m. to 5:30 p.m.—and discourages
them from sending nonurgent
emails between 8 p.m. and 8 a.m.,
says Laura Emanuel, the firm’s
managing director. Most employees
are in the same time zone, but
their clients might not be.
If there’s ever a need to have
an early or late meeting,
Emanuel asks ahead of
 Natalie Marshall
believes the early-
meeting debate
boils down to
whether the
employee and
employer have the
same shared
expectations.
University economics professor.
The Fed’s most recent order for
note printing follows the same trend
as before the pandemic, the central
bank has said. The notes were or-
dered primarily to replace those de-
stroyed in normal processing.
One reason they have become so
prevalent is that they enter circula-
tion far quicker than they leave.
They can last over a decade longer
than $1s and $5s, partly because
people are more likely to hold than
spend them.
The $100 bill still holds a cultural
cachet. Kelvin Jenkins, 34, who lives
in Benicia, Calif., said big bills “feel
like status symbols.”
time. And if employees do end up
taking a meeting outside of work-
ing hours, she tells them to leave
early or arrive later the next day.
Joey Hodges, a chief executive
of a marketing and communica-
tions agency, normally takes 8
a.m. meetings at least three days a
week. Hodges, who is based in San
Francisco, sees it as a reality of
working with global cli-
ents while living on the
West Coast.
“I developed the early-
riser mentality, because
so much had already hap-
pened by the time I woke
up” out West, Hodges
says. While he makes him-
self available at 8 a.m., he
doesn’t expect everyone
on his team to log on
early.
Hodges’s company lets
staff work remotely, so an
8 a.m. meeting doesn’t al-
ways mean showing up at
the office.
“I think if we were still
living in a world where
you were required to get
on public transit and
travel an hour to get to
work and spend eight or
nine hours at work and
then an hour home,” he
says, “we’d probably have
a little bit less flexibility
from the team.”
‘It’s just
about respect’
Making an 8 a.m. meeting
can mean finding backup
options for school drop-
offs, or rescheduling a
workout.
Natalie Marshall—who
is known online as Corpo-
rate Natalie and is the co-
host of the podcast that
inadvertently started this
debate—says she some-
times had to take early
meetings when she
worked at the consulting
firm Deloitte and the cy-
bersecurity firm Palo Alto
Networks. Now 26, she
owns her own content and
business-strategy com-
pany. She and her employ-
ees take 8 a.m. meetings if
clients require them and
then end their days early
when they can.
“The corporate world is shift-
ing—employers have to offer more
flexibility,” she says, adding that
ultimately, the debate is about
whether employees and employers
have shared expectations.
Brie Burnham says companies
shouldn’t get unrestricted access
to workers’ days. For the 38-year-
old freelance graphic designer
based in Bend, Ore., those bound-
aries can be particularly vital:
Anything that spills over its allot-
ted time can encroach on another
client’s schedule, not just her per-
sonal life.
“It’s about communication and
it’s about it being a mutual agree-
ment and it’s just about respect,”
Burnham says. “That allows us to
have a better conversation about
‘Hey when are you available?’”
Earlier this month, he withdrew
100 $100s to purchase a car through
Facebook Marketplace.
The bank teller was
shocked at why he needed
the cash and asked what
he did for a living, said
Jenkins, who works in
leadership development.
Cash is typically re-
served for smaller pur-
chases. Customers spent
$39 on average when
paying with cash, com-
pared with $95 when
paying with credit cards,
according to payment
data from the Fed.
The ease of hoarding
and hiding larger bills
suits them to criminal ac-
tivity, such as tax evasion,
Rogoff said. He has advo-
cated that the govern-
ment stop printing the
high-denomination note.
Benjamins
with benefits
The annoyance of using the $100
bill can make people spend less,
said Helen Colby, an assistant pro-
fessor of marketing at Indiana Uni-
versity’s Kelley School of Business.
Research shows that college stu-
dents are less willing to purchase
items when they are given a $100
bill compared with five $20s.
This phenomenon has been
coined “the denomination effect,”
where the form that money comes
in has an impact on a person’s de-
sire to spend it.
If you spend money on a credit
card, you get that same card back af-
ter the transaction. Spending a $100
bill essentially destroys it, she said.
A10 | Tuesday, February 27, 2024
Imagine Yearly Reviews, but Constantly
Sticky notes in meetings, colleagues’ input, AI evaluations will keep workers constantly informed of their performance
BY ALYSSA LUKPAT
F
orget the annual perfor-
mance review. Get ready
for constant, never-end-
ing feedback.
For now, many em-
ployees have to wait a
year for feedback, often given in a
stiff and rushed meeting. Workers
aren’t always able to respond to
the evaluation or offer their own to
their boss. Even though many em-
ployers agree there are more effec-
tive ways to deliver feedback, the
system has largely stayed the same
while companies focus on bigger
priorities like growing revenue and
reducing costs, executives say.
But in the future, firms may
change their approach to get more
efficiency from their workers,
spearheaded by a new generation
of leaders who are already trying
to make their workplaces more
transparent. Companies are start-
ing to train employees on how to
give feedback to their peers and
managers. They are pausing meet-
ings to share real-time critiques.
Increasingly, artificial intelligence
could evaluate workers’ emails
and videoconference meetings to
give performance assessments.
These leaders predict candid,
real-time assessments could be-
come more relevant. This kind of
feedback could allow workers to
lose the fear of retribution for
speaking up about their peers’
work, and hear the good and the
bad more often, in turn giving ev-
erybody the opportunity to make
changes year-round and become
more productive.
Peer-to-peer
At the startup Fountain, the com-
pany often hands out sticky notes
in the middle of meetings involving
two teams. Each group evaluates
the other by scoring them from one
to 10, ranking how helpful the other
team has been during their collabo-
ration, says Sean Behr, chief execu-
tive of Fountain, which creates
software to hire and manage retail,
grocery and delivery workers.
A facilitator collects the scores
and shares them aloud before lead-
ing a discussion about each team’s
overall effectiveness,
Behr says. He added
that teams are some-
times surprised to Younger leaders
get a low average aim to make
score when they be-
lieved they were do- workplaces
ing a good job.
“It is a very eye-
more
opening process,” he transparent.
says. “When you
show them five ver-
sus eight, immediate
changes happen.” After the sticky-
note break, the meeting agenda of-
ten shifts based on what they just
discussed.
The past decade’s environment
of lavish corporate growth and
hiring sprees is gone, says Behr.
That means feedback will need to
help companies squeeze more effi-
ciency out of their existing work-
force, he says. Fountain worked
with an executive coach to retool
its feedback systems and improve
employee productivity.
Canadian
Chef Has
Some Stylish
Dressing
ON TREND
JACOB
GALLAGHER
M
atty Matheson will tell any-
one who asks that he’s far
more at home behind a sim-
mering range than on a red carpet.
But this chef turned self-de-
scribed “D-rate” star has become an
improbable suit-wearing standout
of this year’s awards circuit.
There he was at the Emmys look-
ing like a tuxedoed Colonel Sanders
with a string tie tucked under his
collar. To a Vanity Fair party in Janu-
ary, he threw on a pinstriped suit
with fat peak lapels that made him
look like a jaunty hitman. At this
weekend’s SAG Awards, televised on
Netflix, he plans to wear a crisp tux.
“It’s never not humbling being in
rooms like that,” said Matheson, 42,
a Canadian chef, actor and former
travel show host, who lately has
had an only-in-Hollywood pivot to
fame thanks to his status as execu-
tive producer of FX’s high-pressure
PERSONAL JOURNAL.
When Fountain’s engineering
and customer success team re-
cently scored each other, the suc-
cess team was rated an average of
six while the engineers received a
four, Behr says. The success team,
which works with the company’s
clients, said the engineers were ne-
glecting to fix some small bugs in
favor of more sweeping changes.
Now the engineers plan to dedicate
five days a month to nothing but
smaller bug fixes, Behr says.
Everyday feedback
Personalized feedback is a part of
the culture at e.l.f. Beauty. Employ-
ees on their first day take the My-
ers-Briggs Type Indicator, a person-
ality test, so their co-workers know
how they process information, says
Tarang Amin, chairman and chief
executive. The makeup company
expects workers to regularly give
each other feedback, but discovered
they initially didn’t always feel
comfortable doing so, he says.
“Often what we find is it is be-
cause the people didn’t know each
other well enough,”
Amin says. “Before
you do any work at
e.l.f., you have to get
to know your peers
extremely well. I
want you to know
their kids’ names. I
want you to know
what’s important to
them.”
Amin says he
wanted to create a
more transparent company culture
when he first began leading the
company in 2014 and prepared to
take it public. Oakland-based e.l.f.
trains its more than 300 employ-
ees on how to give feedback by
hosting workshops and offering
sessions with a performance coach
on retainer, he says.
The company doesn’t conduct
annual performance reviews but
instead wants people to receive
feedback every day, so it hires
workers that will be receptive to
cooking dramedy, “The Bear.” He
even had a scene-stealing turn as
Neil Fak, a hammy handyman on
the series. That show has become
one of the most-honored TV pro-
grams at this year’s award ceremo-
nies. In the past few months, it has
racked up Emmys and Golden
Globes. Now it’s up for even more
trophies at this weekend’s Screen
Actors Guild Awards.
“I’m sitting at a table and, like,
Meryl Streep is sitting in front of
me, Emma Stone is sitting next to
me and Quinta Brunson is coming
up and says hi,” Matheson, who
lives in Fort Erie, Ontario, said of his
experience at the Golden Globes.
“It’s crazy. I’m such a normal person.
I ain’t trying to live in LA, I ain’t try-
ing to live in New York. I like to go
criticism. Teams are expected to
train each new hire on the com-
pany’s constant-feedback model.
Amin says he’s noticed younger
employees are more comfortable
sharing feedback online through
direct messages, but the company
also encourages face-to-face
feedback.
Tech advances
As companies shift away from tra-
ditional performance assessments,
artificial intelligence could have a
big role in candid feedback.
Some tech companies are al-
ready experimenting with AI soft-
ware built into virtual meeting
systems and videoconferencing,
says Keith Ferrazzi, chairman and
chief executive of Ferrazzi Green-
light, which coaches teams and is
working with companies develop-
ing the software.
Such technology can offer pow-
erful insights to employees and
managers on what they could do
better during meetings and other
interactions, says Ferrazzi.
“I want my videoconferencing
system to tell me at the end of that
meeting, ‘Keith, you cut off Jane
twice,’ ” he says, “or, ‘You domi-
do the work and go back to my
farm and live with my family.”
He may get to the red carpet
early, before all the real stars arrive,
but Matheson has made the most
of his time in front of the cameras.
To some, it’s not Ryan Gosling or
even Matheson’s Calvin-Klein-ad-
starring co-star Jeremy Allen White
who deserves the title of best
dressed in Hollywood right now. It’s
this tattooed-to-the-fingernails,
would-rather-sear-a-steak-than-sit-
through-an-acting-class chef.
To put it in cooking terms,
Matheson’s fashion sense is a per-
fectly-seasoned pot roast—nothing
too crazy, never dry, with a smidge
of spice. “I’m just looking for, like,
what’s Jack Nicholson wearing in
’78,” said Matheson. “I always just
look at all those old photos of ’70s
De Niro and Pacino on red carpets, I
think they are just phenomenal.”
Shoes are where Matheson
nated that conversation 70%.’”
Ferrazzi said he is also working
with companies developing another
similar technology: AI that analyzes
workers’ emails and prompts work-
ers to pitch an idea they have re-
peatedly written down.
At executive education com-
pany Radical Candor, AI is being
used in the form of a chatbot that
helps workers rehearse giving dif-
ficult feedback to each other.
“There is less feeling of shame
of getting it wrong with a chatbot,”
says Kim Scott, executive coach
and co-founder of Radical Candor.
Workers might find out from the
chatbot if the feedback they gave
was constructive or biased, Scott
added. Radical Candor is also using
the chatbot to train workers at
other companies on feedback, and
help people at workshops role play
how to offer critiques to a defen-
sive employee, says Scott.
Managers on
the receiving end
Managers are already starting to
get feedback from their direct re-
ports, says Becky McCullough, vice
president of global recruiting and
Matty Matheson, executive
producer on ’The Bear,’ is a fashion
standout on the awards circuit.
swerves. “A funky little shoe is my
biggest move,” he said in his bubbly
Canadian lilt. That black tux at the
Globes was accompanied by a pair
of fisherman sandals, like some-
thing a wrinkly paisano would wear
on the Amalfi coast. At the VF
party, he skittered across the carpet
in snakeskin boots.
He has long had a potent taste for
fashion, even if most of the industry
isn’t catering to men of his size. “As
a 300-pound man, I only got a couple
options,” Matheson, who described
his build as “like a baked potato with
some toothpicks stuck in it.”
Off the crimson carpets,
Matheson is primarily a uniform
dresser. He favors Vans sneakers,
Carhartt pants and hole-sprung vin-
tage T-shirts. During our interview,
THE WALL STREET JOURNAL.
At a meeting in San Francisco,
teams at Fountain evaluate each
other, ranking for helpfulness.
talent development at HubSpot, a
marketing software company.
To encourage “upward feed-
back,” HubSpot offers an annual
survey for direct reports to evalu-
ate their managers, McCullough
says. Bosses are encouraged to dis-
cuss their results with the team
and share what they plan to work
on going forward. That has allowed
managers to grow as leaders.
McCullough herself also asks
for regular feedback from her
team, saying, “what is one thing I
could do better or differently to
support you?” She solicits this cri-
tique to model how she wants
them to ask for feedback, some-
thing she predicts more bosses
will do one day.
At San-Francisco based soft-
ware-maker Atlassian, an internal
tool built by the company helps
employees share feedback to their
peers, bosses and direct reports.
Each person’s name is attached to
the feedback so workers can fol-
low up with them, says Erika
Fisher, chief administrative and
legal officer at Atlassian.
The tool forces them to get to
the point within a 500-character
limit, because feedback is most ef-
fective when it is specific and ac-
tionable, Fisher says.
Navigating the flood
With the trend toward constant
feedback, employees will need to
learn to maintain professionalism
during honest conversations and
interpret feedback with a dose of
skepticism, say company leaders.
People will have to decide
which critiques they agree with,
says David Rogier, co-founder and
chief executive of MasterClass, an
online education platform. “Just
CAROLYN FONG FOR THE WALL STREET JOURNAL (3)
because somebody gives it to you
doesn’t mean that you have to
take that as the truth or being
right,” he says.
At e.l.f. Beauty, chief executive
Amin says continuous feedback
makes his workers more engaged.
No employee has ever cited e.l.f.’s
feedback culture as a reason for
leaving the company, he says.
“Over time,” he says, “it gets
more and more natural.”
Matheson said he was wearing the
same Carhartt jeans for the past
three weeks and a cheap thermal
“that I’ve been wearing for a week
and it smells like a hockey player.”
In addition to his restaurants and
YouTube cooking channel, Matheson
is the co-founder of Rosa Rugosa, a
brand of Canadian-made workwear
that includes $265 chore jackets
and $145 work pants. To accommo-
date men of his prodigious stature,
the brand’s sizes go up to 4XL for
jacket and 52-inch waists for pants.
When “The Bear” started pulling
in nominations, Matheson visited
Harry Rosen, a Toronto department
store where he had several suits
made. He didn’t work with a stylist.
He trusted his instincts and occa-
sionally turned to his wife, Trish
Spencer, for an outside opinion.
His zestiest purchase was an ox-
blood double-breasted Harry Rosen
suit that he wore to the Golden
Globes with patent leather Gucci
Chelsea boots. Matheson had never
before worn a double-breasted suit
FROM TOP: GOLDEN GLOBES 2024 VIA GETTY IMAGES; PAT OZOLS
and was concerned it might not
work on him. “I was, like, am I
gonna look like a flag wrapped
around a f–ing basketball?” The
look earned him mentions on best-
dressed lists days after.
Matheson claimed to be tech-in-
ept, but did say when he looks on
TikTok now, he finds that most vid-
eos about him now are about his
clothes, not cooking. “I’m so proud
to represent my little chubby chub-
bys out there,” said Matheson. “I am
straight up the best-dressed 300-
pound man on the planet.”
 THE WALL STREET JOURNAL. Tuesday, February 27, 2024 | A11

ARTS IN REVIEW
MUSIC REVIEW | MARK RICHARDSON

A Spellbinding,
Sly Sound
Faye Webster distills her music to its essence
on her clever, expertly played fifth album

F
or the past five years or
so, the most notable and
commercially successful
singer-songwriters in the
indie-rock realm have
generally been women.
These artists, from the trio Boyge-
nius to Mitski to Adrianne Lenker
of the band Big Thief, have the
sort of relatability that translates
well to social-media fandom and
the compositional rigor to impress
older listeners, including Grammy
voters. Atlanta-based Faye Web-
ster writes and sings rootsy rock
tunes and comes from the same
generation as these artists, but the
more one listens to her music, the
more distinctive it seems.
Ms. Webster self-released her
first album in 2013, when she was
just 16 years old. She grew up in a
musical family steeped in folk and
country, and her early work, based
in those idioms, was accomplished
but forgettable. With each new re-
lease, her songwriting became
sharper. She absorbed phrasing
and sly humor from hip-hop and
R&B—for a time, she was signed
to the label Awful, founded by the
rapper Father, who contributed a
guest verse to her third LP, 2019’s
“Atlanta Millionaires Club.” Her
songs covered familiar topics like
heartbreak and self-doubt, but Ms.
Webster delivered these senti-
ments with levity and never took
herself too seriously, unlike some
of her peers. Her fifth album, “Un-
derdressed at the Symphony” (Se-
cretly Canadian), out Friday, dis-
tills her music to its heady
MICHAEL TYRONE DELANEY
You” begins the set with a loping
groove built around piano and Ms.
Webster’s gently strummed guitar,
and immediately establishes a
feeling of sturdiness and ease as it
stretches on for over six minutes.
The track’s length almost dares
the audience to stick with it—the
repetition of the chord progres-
sion compounded by the brevity of
her words, just a few lines re-
peated over and over—but the
music is earthy, effortless and
easy to get lost in.
The following “But Not Kiss”
adds gorgeous clouds of pedal-
steel guitar to the mix—a recur-
ring element through all of Ms.
Webster’s music—as she sings
from the perspective of someone
timid, afraid of wanting too much:
The Atlanta-based
singer-songwriter’s new
album is ‘Underdressed
at the Symphony.’
ing a light and jazzy
feel rich with ambiance.
This quality is en-
hanced by a lyrical solo
from Wilco guitarist
Nels Cline, who plays
during a false ending
and then returns for a
proper coda. “I used to be self con-
scious / Well really I still am / I’m
just better at figuring out why,”
Ms. Webster sings, as if she’s dis-
covering what the song is about at
the instant we’re listening to it.
“Lego Ring,” a slower cut with
ery and processed to sound like it
comes from a cyborg. His tone is a
delightful contrast to Ms. Web-
ster’s voice, which throughout her
work comes across as a kind of
weary pout, half-whispered and
without vibrato. Here and there,
as on the brief “Feeling Good To-
day,” she processes it into a flut-
tering warble, but it still keeps its
essential conversational character.
Ms. Webster writes wry and
clever lines and her songs unfold in
unusual ways, but her lyrics aren’t
necessarily meant to be scrutinized
on the page. Their meaning comes
in how she sings them and how
they fit with the arrangements. On
the hypnotic cocktail-lounge ballad
“eBay Purchase History,” she sug-
gests a glance at her online shop-
“I get lost in a song / Take a walk,
call my mom,” she sings, conveying
just how much music-making dom-
inates her thoughts.
The sheer charm of that last
track gets to the heart of Ms.
Webster’s talent: She excels at
constructing compact hooks that
tickle the brain’s pleasure centers,
which she repeats until the frag-
ments lodge themselves in the lis-
tener’s consciousness. Her ear for
hypnotic miniatures has helped
her music to become a sensation
on TikTok, where a memorable 10-
second fragment can become a
driving force for mimetic expres-
sion. But with “Underdressed at
the Symphony,” an expertly played
and smartly arranged collection of
songs that seems to fly by, Ms.

essence.
A major part of the record’s ap-
peal is the locked-in sound of Ms.
Webster’s band, which slides eas-
ily among country rock, jazz, and
chamber pop. “Thinking About
“I hope you’re okay but I won’t
ask / If you’re in a good place I
won’t mess with that.”
On “Wanna Quit All the Time,”
the sigh of pedal steel frames a
dancing Fender Rhodes line, lend-
comparatively heavy guitar, fea-
tures guest vocals from superstar
rapper Lil Yachty. His most recent
work has veered in the direction
of bright, psychedelic rock, and his
singing here is in that vein, quiv-
ping would help us know her bet-
ter, while the closing “Tttttime”
adopts a novel spelling to convey
the percussive consonants she adds
to the word on the song’s relent-
lessly catchy earworm of a chorus.
Webster has also mastered the
larger canvas.
Mr. Richardson is the Journal’s
rock and pop music critic. Follow
him on X @MarkRichardson.

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 13 24 Mayo
seasoned
HAPPENINGS FOR THE WEEK OF FEBRUARY 27 14 15 16 with garlic
25 Drinks
17 18 19
BY WSJ ARTS IN REVIEW STAFF stuff of legend. Hugh Bonne- Art noisily
ville plays his nemesis, the “Carmen Herrera: I’m No- 20 21 22 29 Scent
Film lawman Jonathan Wilde, and body! Who Are You?” (Site
30 Writer
“Dune: Part Two” (March 1) the rest of the cast includes Santa Fe, March 1-Sept. 16) 23 24 25 26
Pasternak
Fear is the mind killer . . . Tamsin Greig, Mark Heap, The Cuban-born artist,
or at least fear of missing Asim Chaudhry and Dolly who created minimal geo- 27 28 29 30 31 33 Weapon
one of the spring’s most Wells. metric abstractions, was wielded by
anticipated films. Frank overshadowed for much of 32 33 34 35 36 37 38 Tolkien’s
Herbert’s space epic “Spaceman” her life by her male counter- dwarf Gimli
continues with a quest for (Netflix, March 1) parts, but recent history has 39 40 41
revenge and redemption that Adam Sandler plays an as- finally begun giving her
34 Had a bawl
sees Paul Atreides allied tronaut on a solitary mission rightful attention. This solo 42 43 44 36 Clothing
with Chani and the Fremen. who is frustrated with the show focuses on the works retailer
The cast, as might be state of his crumbling rela- made toward the end of her 45 46 47 48 Eddie ___
expected, is again tionship with his lightyears- lengthy career—from age 95
49 50 51 52 53 54 37 ___nous
otherworldly and includes away wife (Carey Mulligan) to 102.
Timothée Chalamet, Rebecca until discovering an extrater- 38 Did nothing
Ferguson, Josh Brolin, Dave restrial creature (voiced by Frieze Los Angeles 55 56 57
41 Table that
Bautista, Florence Pugh, Paul Dano) who helps him (Santa Monica Airport, Feb.
58 59 60 61 62 63 hangs in
Christopher Walken, Stephen work on his marital problems. 29-March 3)
many
Returning for its fifth
64 65 66 classrooms
outing, this fair has quickly
established itself as an im- 43 Sawbuck
portant stop on the interna- 67 68 69
44 Chin-ups
tional art-market circuit.
strengthen
More than 95 galleries de-
scend on California to offer HIT PARADE | By Eric Berman & Jeff Chen them
a snapshot of the global Across 35 Second son 60 Dame who’s 6 University 46 Shared by us
contemporary-art scene. played Queen of Georgia 49 Bundle of
1 Consecrate 39 Seaweed,
e.g. Victoria twice collegian papers
Videogames 6 Twofold and Queen
“Final Fantasy VII Rebirth” 40 Minecraft 7 River 50 Chicken, in
10 Skyline Elizabeth I through
(PlayStation 5, Feb. 29) material Chichén Itzá
obscurer once Russia and
One of the most eagerly 51 Glowing
awaited games of the year, 14 Famous 41 Starter 64 “A Clockwork Kazakhstan
course? coal
this is the second install- fabulist Orange” 8 Broadcast
ment of a planned three re- 42 Tilt protagonist 52 Plains tribe
15 “Nessun 9 Parody
makes of the hit 1997 “Final 54 Foe
dorma,” for 43 Donald 65 Tot’s boo-boo
Fantasy VII.” Fans of the 10 Unexpected
example Jackson 66 Permeate 56 Naturalist
Timothée Chalamet and Zendaya in ‘Dune: Part Two.’ original will be excited to deficit
take control of Cloud Strife 16 “Take this” was first to nicknamed
land it in 67 Ship’s front 11 Euripides “John of the
and his compatriots as they 17 Become
McKinley Henderson, Music do battle against a corpora- international 68 Cover for a tragedy Mountains”
chronic, say competition
Zendaya, Charlotte Rampling Schoolboy Q, “Blue Lips” tion bent on environmental rain delay 12 Circular 57 Get ready,
and Javier Bardem. (March 1) destruction—and to find out 18 Affectionate 45 Shoe front gasket
69 What hitting informally
Unlike many rappers to- what happens to the hero- 19 Valhalla figure 47 Arcturus, the starts of 13 Blokes 61 “Meet the
“Asleep in My Palm” day, Quincy Matthew Hanley, ine Aerith this time around. 20-, 32-, 43-
(March 1) aka Schoolboy Q, doesn’t 20 One leading a Altair or 21 Less than a Press”
household? Antares and 55-Across
Tim Blake Nelson stars in rush to put out new music. Last Call comprises, in
little network
this directorial debut from His latest release, the first in Frick Madison (New York, 23 Where Tara 48 Prior to, 62 ___-de-sac
baseball lingo 22 In the past
Henry Nelson (the actor’s five years, embraces this through March 3) Lipinski won poetically
son), which focuses on a measured pace with a record Temporarily relocated to Olympic gold Down 23 Tennis champ 63 Bray
49 Explore from Majorca beginning
more chaotic parent-child spanning love, loss, grati- Marcel Breuer’s iconic build- 1 Common joke
26 Military wear underground
relationship as it tells the tude, pride and more. ing while renovations to its setting Previous Puzzle’s Solution
story of a man and his gilded age mansion were frequently 53 Like stadiums
daughter living off the grid Opera completed, the New York in- paired 2 “To Kill a C L A P L E T B A D P R
55 Herb P E L E A P E A L L U R E
in rural Ohio. “La Forza del Destino” stitution is set to return to 27 Be troubled Mockingbird” L I O N S D E N T E S L A S
Powell’s
(The Metropolitan Opera, its home. The temporary author S E C E D E C I S L I E
28 Etch A Sketch half-brother,
TV New York, through March 29) venue has been, in the
part of animated 3 PC key
D U V E T R A T S N E S T
I R E I N S E T Y E S E S
“The Completely Made-Up Verdi’s story of love and words of our critic, “a de-
31 Punch line? TV 4 “The
P E R K A T E C R O W
Adventures of Dick Turpin” revenge gets a new staging light: intelligent, informative, A N I M A L H O U S E
58 Island off Gladiator
WARNER BROS. PICTURES

(Apple TV+, March 1) from Mariusz Treliński, the elegantly lean and visually 32 Commit O N E R O OM Y M C A
British comedian Noel company’s first in almost rich.” even more the Tuscan March” F E T C H L U N A R P S I
composer S N A K E P I T O D E L L
Fielding stars in this rollick- three decades. Yannick resolutely to coast T A R R U T MA T U R E
ing series about the English Nézet-Séguin conducts and For additional Arts Calendar a strategy 59 Rain heavily 5 Rain lightly O B T A I N F I S H B OWL
outlaw whose horse-thieving soprano Lise Davidsen head- listings visit wsj.com. Write P L A N T S E S P A R I A
and riding abilities were the lines as the heroine Leonora. to brian.kelly@wsj.com. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S E N D S D O S I S S O
 A12 | Tuesday, February 27, 2024
We need to talk about
the semi-naked base-
ball players.
Please know: These
are the arid doldrums
of the sports calendar,
after football ends and before
March Madness blooms and the
NBA and NHL playoffs crank up.
There’s not much critical news to
discuss—unless you want to talk
about college basketball court
storming (not great, please stop
that), or the Belgian cyclist dy-
namo Wout van Aert winning
Kuurne-Brussel-Kuurne on Sunday
from a three-man sprint.
I didn’t think so.
Semi-naked baseball players it
is.
To be clear: The semi-naked
baseball players are not literally
semi-naked. They just feel a little
anxious, a little awkward, a little
exposed, because of the uniforms
they have received at spring train-
ing. As the Journal’s Lindsey Adler
and Andrew Beaton chronicled the
other day, baseball players are
worried that these lightweight,
breathable uniforms are too sheer
and revealing on the body:
For many players, a critical is-
sue is that the tucked-in jersey
tails show through the pants, mak-
ing it look vaguely like they’re
wearing a diaper.
At last it appears, like a raven
from my childhood: a terrifying fu-
sion of all my dreams and night-
mares. I have finally ascended to
the major leagues—only to dis-
cover that, yes, everyone can see
me pitching in my un-
derwear.
Except this is real.
Baseball insists these
pants are unchanged
from last year’s
pants—only the jer-
seys have been up-
dated, MLB told Adler
and Beaton—but play-
ers sound rattled. Pro-
motional team photos
are getting taken in
Florida and Arizona, and
some of these poor fellows do look
like they’re wearing Huggies un-
der their trousers.
One imagines all the sports
psychologists currently working
overtime hours, beset by major
leaguers not undone by slumps or
yips, but a panic that they’re go-
ing to be shown batting au naturel
on “SportsCenter.”
Adler and Beaton’s story con-
tinued:
For one unfortunate big-
leaguer…things took a more em-
barrassing turn when an image
from team photo day showed his
nether regions visible through his
uniform pants.
BY ANDREW BEATON
AND LOUISE RADNOFSKY
IT’S MORE THAN A DECADE now
since Anthony Kim disappeared
from professional golf.
The former PGA Tour super-
nova, who exploded into stardom
with his booming drives and a
bunch of wins in his early 20s,
hasn’t competed in a pro tourna-
ment since 2012. And the longer
he has been absent from golf, the
more Kim has been mythologized.
His abrupt departure made him
the game’s enduring mystery, and
created a new pastime for golf in-
siders: whispering about the possi-
bility that he might one day return
to the game—or why he would
never step into a tee box as a pro
again.
Now Kim is poised to make his
long-anticipated comeback, and he
has picked somewhere far from
the PGA Tour spotlight to emerge
from the shadows: Saudi Arabia.
Kim, now 38 years old, is set to
compete this week in his first pro-
fessional event since 2012 at LIV
Golf Jeddah, according to people
familiar with the matter. That
makes him the latest splashy addi-
tion for the Saudi-backed circuit,
which wooed Masters champion
Jon Rahm away from the PGA
Tour to bolster its lineup before
the season.
While Rahm and other A-list
golfers poached by LIV brought a
rush of prestige to the upstart cir-
cuit, Kim brings something com-
pletely different, but perhaps
equally tantalizing: a guaranteed
sighting of golf’s equivalent of the
Yeti.
Fittingly, there’s a huge amount
of uncertainty about what exactly
that will look like. After spending
so long away from the game, Kim’s
return will finally settle one of the
sport’s most enduring questions:
Is he still any good at golf?
There was a time when abso-
lutely nobody would have doubted
the answer to that. Shortly after
the California-born golfer turned
pro in 2006, he emerged as one of
the brightest young talents in the
JOSEPH NAIR/ASSOCIATED PRESS
sport. As a rookie, he notched four
top-10s on the PGA Tour and fin-
ished tied for 20th at his first ma-
jor, the 2007 U.S. Open.
When he won his first profes-
sional event the next year, at
what’s now known as the Wells
JASON GAY
MLB’s See-Through Pants Scare
At spring training in Florida and Arizona, the chatter has been about the league’s new uniforms
Golf’s Hottest Young Star Vanished.
Now He’s Finally Coming Back.
Anthony Kim is set to compete this week in his first professional event since 2012 at LIV Golf Jeddah.
Fargo Championship, he was just
22 years old and the youngest
winner on the Tour in years. His
victory also set a new tournament
record by three shots—besting the
previous mark set by another
young hotshot named Tiger
Woods.
“I’m a little bit numb right
now, but that walk up 18 was the
best feeling in my entire life, and
I’ll never forget that feeling. I had
chills going up and down my
spine,” Kim said after the win. “I
want to re-create that as many
times as possible now.”
The world of golf expected that
Kim would have no trouble doing
that. The kid who sported an over-
sized belt buckle with his initials
“AK” notched his second career
victory just a couple months after
his first. When he finished the
SPORTS
Above, Philadelphia Phillies players wait to have their photo taken on
media day. Left, Dodgers star Shohei Ohtani poses for a portrait.
Enough was enough, I I’ll assume weighs 60 pounds less
thought upon reading that. MLB than the scratchy potato sacks
was pushing its modernization worn by Honus Wagner and Pie
campaign too far. Desperate to Traynor.
enliven a staid game and pull It all sounds good, but since
more youngs into its aging audi- their arrival, these outfits have
ence, they’d unveiled gimmicks been plagued by big league grous-
like a pitch clock, chonky bases, ing about materials, lettering, and
and the extra-innings ghost run- an overall feeling of shabbiness.
ner. One catty member of the Balti-
Now they were windmilling an more Orioles—in a dagger straight
arm at third base, sending the out of “Project Runway”—told the
once-puritanical national pastime Baltimore Banner that the shirt
straight into Cinemax After Dark. looked like “a knockoff jersey from
Alas, this appears to be a de- T.J. Maxx.”
sign issue, not an R-rated conspir- Meow!
acy. The current update, Adler and Fans quickly noted a similarity
Beaton reported, is the work of to a plotline from (of course)
Nike, which has already dese- “Seinfeld,” in which hapless
crated the timeless style of a base- George Costanza, under the em-
ball jersey by slapping its loud ploy of George Steinbrenner, gets
swoosh on the front. Now the the Yankees to start wearing cot-
company has delivered “Vapor ton uniforms instead of polyester
Premier,” a line with sweat-wick- blends. It goes well for a mo-
ing tech and recycled yarn which ment—but then turns full
2008 season by tying for third in this day. The next April, he won
the Tour Championship, he shot his third PGA Tour event before
up to No. 6 in the world rankings the age of 25.
and no longer looked like just an- But just as quickly as he as-
other gifted up and comer. He cended, Kim started to fade
looked like one of the best golfers away—almost before anyone real-
on the planet. ized it. An operation on his thumb
caused him to miss a big chunk of
the 2010 season. It was viewed at
the time as a temporary fix to get
Kim’s abrupt departure him back for the Ryder Cup at the
made him the game’s end of that year, but he didn’t end
up making the team.
enduring mystery. The next year, his form only
got worse. In 2011, he made just 14
cuts in 26 appearances and wound
up with only two top-10 finishes.
Even though he didn’t continue To start 2012, he made only two
winning at the same clip, Kim con- cuts in 10 starts. When he bowed
tinued to impress. In the second out early from the Wells Fargo, it
round of the 2009 Masters, he set was the third straight tournament
a single-round record for the most at which he had been forced to
birdies (11), which still stands to withdraw. He soon underwent an-
THE WALL STREET JOURNAL.
Costanza, the cotton
pinstripes shrinking
midgame and causing
Don Mattingly to split
his pants.
Somehow, what’s
happening in real life
is worse. Baseball
should be in pre-
season thrall—Shohei
Ohtani released from
Anaheim Witness Pro-
tection and taking BP
for the Los Angeles
Dodgers; phenom
Jackson Holliday
turning heads for the
Orioles; the New York
Mets still not mathe-
matically eliminated
from contention.
Instead, all the
Spring Training chat-
ter is about the
Naughty Pants.
I should say: form-
fitting, athletic-cut
clothing is a trend
across all sports. Ath-
letes everywhere are
turning to light-
weight, aerodynamic
materials and nar-
rowly-cut styles that
bear no resemblance
to flabby outfits of
the past. Watch a clip
of Andre Agassi vs. Pete Sam-
pras—they look like they’re wear-
ing Hefty bags compared with the
threads Carlos Alcaraz and Jannik
Sinner put on today.
Baseball’s dilemma is not form-
fitting attire, alas. This is about
embarrassment—to the point
baseball’s union is on the case,
hoping it’s resolved before Open-
ing Day.
FROM TOP: CHARLIE NEIBERGALL/ASSOCIATED PRESS; MARK J. REBILAS/REUTERS
I find the clothing crisis to be
heartening, honestly—baseball re-
turning to humbler form. This
grand but tormented sport, which
made a habit out of stepping on
rakes for a decade or two, enjoyed
a rousing and deserved comeback
in 2023. The pitch clock gimmick
and other ideas worked. The mod-
ernized game got quicker, sharper,
more enjoyable, to the point that
know-it-all whiners like myself
had no choice but to shout
“Bravo.”
Baseball has shown it can get
better.
Now it just has to figure out
pants.
other surgery, this time to repair a
ruptured Achilles tendon.
He hasn’t competed profession-
ally since.
Over the following 12 years,
Kim became golf’s great enigma.
He made only rare public appear-
ances, and whenever he was spot-
ted it invariably led to rampant
speculation about a possible re-
turn. In 2015, in his first interview
in years, he said he’d had a half
dozen surgeries over the previous
years and hadn’t played a full
round of golf in 18 months.
Fans didn’t give up hope. When
Kim appeared in an Instagram
post with his longtime coach cap-
tioned “2021 is going to be spe-
cial,” it was another sign he could
be on his way back.
The return didn’t materialize.
But in Kim’s time away from
the game, the sport and its eco-
nomics have changed radically.
Saudi Arabia’s Public Investment
Fund began pumping billions into
the game when it launched LIV in
2022. Facing a new competitor,
the Tour also had to up its prize
money and now has received an
investment from a high-profile col-
lective of investors that promises
to further line players’ pockets.
In addition to the lucrative
prize funds it offers to small, no-
cut fields, LIV has also offered
many of its top players huge ap-
pearance fees. That means it may
be possible for Kim to cash in big
even if he struggles.
Regardless of where Kim has
chosen to play, his presence will
be the biggest element of intrigue.
In a way, Kim may ultimately re-
semble other LIV additions whose
name recognition often outpaces
their actual competitive strength
at this point in their careers. Phil
Mickelson, for instance, is one of
the world’s most popular golfers,
though at 53 years old he’s clearly
past his prime.
It’s now been 16 years since
Mickelson and Kim were playing
alongside one another as partners
during the pairs events at the
2008 Ryder Cup.
“I love playing with this guy,”
Mickelson said then. “It was fun
for me to get that youthful exuber-
ance.”
Then, Mickelson was already
one of the older guys around at 38
years old. That happens to be the
same age Kim is right now.
THE WALL STREET JOURNAL.
Who’s the RINO Now?
At a campaign
rally this year,
Donald Trump
attacked Nikki
Haley with a
term that has
become a fea-
MAIN
ture of his
STREET
2024 cam-
By William
paign for
McGurn
president.
“Here in
New Hampshire,” he told the
crowd, “Nikki Haley has made
an unholy alliance with RI-
NOs, Never Trumpers, [and]
Americans for No Prosperity.”
Ms. Haley isn’t the only
one the former president has
called a “Republican in Name
Only.” “The real Ron is a
RINO Globalist,” he said
about Florida Gov. Ron De-
Santis. “I don’t need any ad-
vice from RINO Kayleigh
McEnany on Fox,” he said
about his own former press
secretary. Right before Vice
President Mike Pence certi-
fied the Electoral College
vote count in January 2021,
Mr. Trump warned him of
giving in to “the RINOs and
the stupid people.”
The insult dates from the
1990s, when it meant a Repub-
lican who was squishy on con-
servative issues. Now it is
shorthand for any Republican
the former president deems in-
sufficiently loyal personally.
The irony is that many Re-
publicans originally regarded
Mr. Trump as a RINO. He was
from deep-blue New York,
had donated to and supported
Democrats before settling on
the GOP, and on issues from
abortion to guns expressed
positions more typical of a
Germany Should Have Listened to Trump
The lower
house of Ger-
many’s Parlia-
ment voted to
legalize the
recreational
use of canna-
GLOBAL
bis last week.
VIEW
It was a timely
By Walter
move. Ger-
Russell Mead
many’s leader-
ship class is
going to need all the mellow it
can find in a world that isn’t
going Germany’s way.
Russian advances in
Ukraine and American paraly-
sis over the next aid package
are reinforcing the reality that
Germany needs to defend it-
self but lacks the power to do
so. So are developments in the
Red Sea, where German manu-
facturers must cope with ship-
ping delays as the Biden ad-
ministration fails to keep the
vital waterway clear.
Forget the 2% of gross do-
mestic product that Germany
has repeatedly promised and
failed to spend on defense.
Defense Minister Boris Pisto-
rius shocked many observers
this month when he said that
in the new world situation,
Germany may have to spend
as much as 3.5% of GDP for
defense.
The economic news is also
grim. Last year Germany’s
GDP shrank 0.3%, and last
week the government slashed
2024 growth estimates to a
pitiful 0.2%. Economists ex-
pect negative growth during
the first quarter of 2024,
placing the country in reces-
sion. The outlook for housing
is bleak, with business confi-
dence reaching all-time lows.
The Day Our Tesla Deflated
By Rikka Fountain
W
hen we planned our
winter-break road
trip, hoping to show
our son colleges in Northern
California, we painstakingly
penciled out the charging sta-
tions for our Tesla Model 3.
We left confident that we’d
averted the obvious pitfalls
awaiting an electric car on re-
mote highways.
It was a beautiful drive—
until the flat tire.
We’d considered using our
clunky, gasoline-powered SUV
for this rural trek. On a previ-
ous trip, elevation gain unex-
pectedly drained the Tesla’s
battery, leaving me stranded
for four hours at a remote
scout camp’s RV charger while
the car built enough power to
squeak to the nearest charging
station. Yet this time, facing
mostly winding and wintry
roads, we opted for the Tesla’s
superior maneuverability.
On my childhood road trips,
OPINION
wealthy resident of Manhat-
tan than an aspiring Republi-
can nominee for president.
In 2016, his challenge was
to persuade conservative vot-
ers he was a genuine Republi-
can, and he worked hard at it.
He became a pro-life cham-
pion. He successfully courted
evangelical Christians, by no
means a natural fit. He
changed his language on the
Second Amendment.
Most important was what
he did when rival Sen. Ted
Cruz suggested that he’d
nominate his sister, Judge
Maryanne Trump Barry, to
the Supreme Court. Barry
was a Clinton appointee to
the Third U.S. Circuit Court
of Appeals whom Mr. Cruz
described as a “radical pro-
abortion extremist.” Mr.
Trump responded by having
Leonard Leo of the Federalist
Society come up with what
conservatives regarded as a
dream-team list of jurists. Mr.
Trump said he would pick his
nominees from the list.
In short, in 2016 Mr. Trump
understood that if he wasn’t
to fizzle out like so many pop-
ulists before him, he would
have to tether his movement
to a recognizable Republican
Party agenda. That was also
behind his choice of Mr.
Pence, a GOP governor and
former congressman with a
sterling conservative reputa-
tion that reassured many
skeptics. They were further
reassured when Maureen Sca-
lia, widow of the late great
justice, placed a Trump sign
on her lawn.
Once in office, the Trump-
Pence administration deliv-
The news in manufacturing is
little better. This month the
widely followed HCOB Ger-
man Flash Composite Pur-
chasing Managers’ Index fell
to 46.1, the eighth month in a
row that the index has
pointed to decreasing eco-
nomic activity.
Energy prices are a partic-
ular sore spot. The chemical
giant BASF announced €1 bil-
lion in spending cuts in its
German operations, blaming a
mix of weak demand in the
German market and “structur-
ally higher energy prices.”
Enormous U.S. subsidies un-
der the so-called Inflation Re-
duction Act are leading Ger-
man companies to look across
the Atlantic.
Chinese competition is an-
other massive worry. China
long ago passed Germany as
the world’s largest car pro-
ducer. Increasingly, especially
in electric vehicles, it is chal-
lenging Germany as both a
low-cost and high-quality man-
ufacturer. Beijing aims to mar-
ginalize German capital goods
and automobile companies in
China while Chinese exporters
challenge German dominance
in world markets.
With the associations rep-
resenting the small and me-
dium-size Mittelstand firms
that make up the heart of the
German economy warning in
a rare joint open letter about
Germany’s loss of competi-
tiveness, Economy Minister
Robert Habeck isn’t mincing
words. The economy is in
“rough waters.” The “compet-
itiveness of Germany as an
industrial location” is in
doubt.
a blown tire meant a brief de-
lay: Using the jack all cars had,
my father would quickly swap
the bad tire for the spare all
cars had. Replacements were
never a problem for our 1967
Chevrolet Bel Air.
We mapped out all the
charging stations, but
the car didn’t come
with a spare tire.
But our high-performance
Tesla uses high-performance
tires. As we soon learned, those
tires can be days away outside
a major population center.
Our car had neither a jack
nor a spare. We could have
bought the car with a full-size
replacement, but that would
have left no room for luggage
in the trunk.
My husband texted franti-
cally with Tesla support. The
ered for the American people.
From tax cuts to deregulation
to solid conservative appoin-
tees to the federal bench, it
was an agenda rooted in clas-
sic Republicanism. The part
that was most unique to Mr.
Trump—hostility to trade
deals, to multilateral security
agreements, to entitlement re-
form—not so much.
Trump has redefined
the term to mean
someone who isn’t
loyal enough to him.
It’s plain to all that most of
President Trump’s greatest
successes came from working
with the party’s congressional
leaders to push Republican
priorities. Mr. Trump himself
has drawn the opposite con-
clusion. Not unlike Louis XIV,
who supposedly looked at
France and said, “L’État, c’est
moi,” when Mr. Trump looks
at the Republican Party he
sees himself.
Take Ukraine, perhaps the
sharpest area of dispute be-
tween Mr. Trump and tradi-
tional Republicanism. Before
Mr. Trump ran for office, Re-
publicans were pressuring
President Obama to deliver le-
thal aid to Kyiv. Now Mr.
Trump says he’ll solve the
Russian-Ukraine war in 24
hours. His voters trust him,
even if they regard the 24-
hour bit as typical Trump ex-
aggeration for effect, so they
demand neither details nor a
debate. Most mainstream
It isn’t all doom and gloom.
The outlook for the service
sector is brighter than for
manufacturing, and as the
Journal reported last week,
the Ifo Institute’s business-cli-
mate index improved slightly
this month. The best that can
be said for the outlook? “The
German economy is stabilizing
at a low level,” according to
Ifo’s president.
He was right about
Berlin’s self-defense
and risky energy
dependence on Russia.
Meanwhile, Germany’s dys-
functional three-party coali-
tion government is paralyzed
by internal struggles. The
largest party in the coalition,
Chancellor Olaf Scholz’s So-
cial Democratic Party (SPD),
is deeply divided over foreign
policy, with many nostalgic
for good relations with Russia
and allergic to military
spending. The SPD also wants
Biden-like government spend-
ing initiatives to revive the
German industrial machine
and expand social benefits.
The Greens, the next-largest
party, are by German stan-
dards foreign-policy hawks
but continue to press for a
rapid energy transition that
drives up costs for business
and consumers. The third
party in the coalition, the
Free Democrats, wants to
hold the line on government
spending. As if this weren’t
enough trouble, the conserva-
car was still under warranty,
but Tesla provided towing only,
for which we had better cover-
age through our auto service.
The tow truck’s arrival, three
hours later, presented another
problem: The cab couldn’t le-
gally hold all four of us.
Uber? I found no willing
drivers, and the spotty cell re-
ception further thwarted my
hope. It was 9 miles to the
nearest town, Weaverville, Calif.
“If we get pulled over, ask
the highway patrol for a ride,”
the tow-truck driver directed,
as my son eased his 170
pounds onto my lap.
The tire wasn’t patchable.
The only repair shop in town
had nothing that fit. After sev-
eral calls, the owner located
one for delivery the next
morning.
We checked into a motel,
then wandered down the
highway to a charming sa-
loon. Over pool, cocktails and
excellent burgers, I reassured
my family that this was a
commentators, who detest Mr.
Trump, miss this because they
can’t believe anyone who un-
derstands the issue could vote
for him. In today’s GOP, the
voters aren’t so much looking
at the policies they want and
then choosing their candidate.
Because they trust Mr. Trump,
they defer to him on what Re-
publican policy should be and
who is a RINO.
Nikki Haley is the RINO of
the moment, because of her
wealthy donors and the Dem-
ocrats and independent voters
who are crossing over in the
primaries to vote for her. Yet
it’s hard to identify a policy
she stands for that isn’t out of
the Republican playbook.
Still, a Monmouth Univer-
sity Poll before the primary
found South Carolinians
trusted Mr. Trump more than
Ms. Haley on immigration, the
economy, foreign policy and
abortion—and by wide mar-
gins. Talk to anti-Haley Re-
publicans and the most com-
mon reason they give is “I
don’t trust her.”
So who’s the RINO now? In
2016, Mr. Trump had to prove
he wasn’t a RINO by embrac-
ing the GOP agenda. In 2020,
thanks to Mr. Trump, Republi-
can priorities now include po-
sitions that once would have
been regarded as selling out.
These include protectionism
for preferred industries, a re-
treat from overseas alliances
and hands off entitlements.
In the process, the word
RINO has lost any link to Re-
publican policy. All it really
means today is someone Mr.
Trump doesn’t like.
Write to mcgurn@wsj.com.
tive opposition parties have a
blocking minority in Parlia-
ment’s upper house.
This is not where Germans
thought they would be. Six-
teen months ago, I visited
Berlin and heard from a
stream of government offi-
cials, think tankers and econo-
mists that everything was
working fine. Russia was fail-
ing in Ukraine. The energy
transition would boost Ger-
man competitiveness and em-
ployment. Germany’s Mittel-
stand would handle anything
China could throw at it.
Under the circumstances,
it’s no surprise that antiestab-
lishment parties are growing
in Germany. The far right Al-
ternative for Germany (AfD)
currently has more support
than any of the governing par-
ties, with one recent poll
showing the AfD at 19%, the
Social Democrats at 14%, the
Greens at 13%, and the Free
Democrats at 4%.
The most bitter pill of all
for Germany’s establishment
may be the realization that
on the most important issues
facing Germany, Donald
Trump was right where they
were wrong. Getting in bed
with Vladimir Putin for
cheap energy was both fool-
ish and deeply disloyal to the
West. German defense policy
was self-defeating and dan-
gerous. China wasn’t a reli-
able partner.
“Ich bin ein Berliner,” was
President John F. Kennedy’s
message to Germany. If Don-
ald Trump returns to the
White House, his message will
likely be “Das habe ich gleich
gesagt,” or “I told you so.”
brief side adventure.
The supply chain had other
ideas. The next morning, a
misinformed driver delivered
our tire to Medford, Ore., four
hours away.
The tire store owner called
every shop he knew, then ones
he didn’t. My husband found a
Tesla tire-swap program—un-
available until the following
week, after our kids’ classes
resumed.
Just as I was perusing the
want ads and pricing local
apartments, we scored. A spe-
cialty store 45 miles away in
Redding could get the tire by
the next morning.
This time, it happened. We
had to skip the visit to Chico
State, but we made it back to
Southern California in time for
school Monday morning.
We’ll try again over spring
break. This time, we’ll fly.
Ms. Fountain is an attorney
at Charlton Weeks LLP in
Palmdale, Calif.
Tuesday, February 27, 2024 | A13
BOOKSHELF | By Ian Brunskill
War Crimes and
Remembrance
Out of the Darkness
By Frank Trentmann
Knopf, 816 pages, $50
W
hen in 1957 the city of Nuremberg erected a
memorial to the victims of Allied bombing in
World War II, it was decided to incorporate some
stones from the rubble of the city’s main synagogue,
destroyed not by enemy bombs but by the Nazis in 1938. A
plaque explaining this historical detail might have given
the monument a double resonance. Instead, Frank
Trentmann recounts, “the information was put inside the
foundation stone. The fate of the Jews was literally buried
in a monument to German victims.”
“Out of the Darkness: The Germans, 1942–2022” teems
with telling vignettes. Its 800 scholarly pages are never
dull. It examines how, in coming to terms with their Nazi
past, modern Germans defined themselves. In the words of
the country’s former president Joachim Gauck: “There is
no German identity without Auschwitz.”
Mr. Trentmann, however,
has little time for the popu-
lar view that this reckoning
with history turned German
sinners steadily into saints, a
nation of moral crusaders
eager to make amends. As the
clumsy ambiguities of
Nuremberg’s memorial sug-
gest, the moral remaking of
Germany is a complicated tale.
It’s a tale that Mr.
Trentmann is well placed to
tell. Born in Hamburg, he has
taught and studied history in
Britain and the U.S. for almost
40 years. He brings to his
challenging subject both the sympathy of a native German
and the detachment of an outsider.
He takes as his starting point not the familiar zero hour
of 1945 but the dark days of 1942, when Germans, he says,
began the painful process of redefining themselves. With
military setbacks on the Eastern Front and relentless
Allied bombing raids at home, some Germans wondered
for the first time what it was all for and where it might
end. To ask those questions was to confront their own
complicity. The Nazis ruled by consent as well as coercion.
For millions of Germans, the Third Reich “was not an
external stranglehold on their otherwise good selves. . . .
They were part of it.”
Mr. Trentmann shows how so many men and women
became perpetrators or supporters of genocide by moral
sleight of hand, deluding themselves that they were acting
ethically no matter what they did. Evidence comes from
the diaries and letters of ordinary Germans. Among them
is Reinhold Reichardt, who volunteered as an officer cadet
just before his 18th birthday in 1943.
As he fought in Bosnia and Moravia, the young army
officer knew that (as he wrote in his diary) he was
“surrounded by repulsive cruelty, badness, betrayal and
cowardice.” He knew prisoners were shot and villages
burned down. Yet, Mr. Trentmann shows, he “managed to
separate his own heroic war from the atrocities around
him.” In his educated mind, fed on a toxic diet of high
German culture, romantic nationalism and heroic
militarism, he was fighting a personal war of destiny,
“leading men into the inferno but giving them a chance to
hold onto their moral justification.” He viewed himself,
Mr. Trentmann says, as “a pure, noble knight.” The Nazis
were “marginal figures” in Reichardt’s war. “His moral
vision was solipsistic.” He wasn’t alone in this.
Solipsism survived the devastation of defeat. Many
Germans saw themselves as victims; the other victims—
their victims—could be overlooked. Division of the
country into communist East and capitalist West com-
pounded the sense of victimhood.
The postwar reckoning in Germany focused on
its own suffering and its own guilt. Pride in not
being proud turned easily to self-satisfaction.
The communist German Democratic Republic defined
itself as a new land built on the triumph of antifascism
over the Third Reich. Its founding citizens were Nazism’s
enemies and victims, not responsible for crimes against
the Jews. The Federal Republic found its identity in
continuity, as the legitimate democratic successor to the
Reich. This status ultimately meant assuming the German
nation’s guilt and paying for it. “Morality,” Mr.
Trentmann argues, “took a major turn.” Private guilt gave
way to public liability. The reckoning with past sins
became “a source of civic pride.”
Mr. Trentmann hails the Germans’ “moral renewal” but
notes that it was essentially introspective, whether it
focused on their own suffering or their own guilt.
Germans’ “pride in not being proud” turned easily to self-
satisfaction. In this view, moral tensions and
contradictions—a complex interplay of idealism and self-
interest, guilt and liability, civic responsibility and
collective shame—have made Germany the nation it is
today. Moral thinking—a desire to be good—has shaped
and colored not just German attitudes but German policy,
from debt to immigration, from energy to defense.
As Germany thrived through five decades after the war,
the social, political and economic benefits of this focus on
moral reckoning seemed clear. Capture the moral high
ground, and the heights of prosperity were within reach.
It’s a tempting view. Four years ago, the veteran British
journalist John Kampfner published an unlikely bestseller
called “Why the Germans Do It Better.” He believed that
Germany “has established a new paradigm for stability
that equivalent countries, such as the US, France and the
UK, are for different reasons struggling to achieve. . . .
Germany is Europe’s best hope in this era of nationalism,
anti-enlightenment and fear.”
Today, with the German economy struggling, the far
right on the rise, and tough questions to answer on
foreign policy, asylum and energy supply, Mr. Trentmann
is more cautious, though not without hope. He concludes
his vast, engrossing history with a caveat. Germany in the
past 80 years has mastered many challenges. It has, he
thinks, “accumulated formidable moral capital.” Now is
not the time to squander it. “Remembrance of the past
cannot avoid responsibility in the present. After decades
of knowing what they are against—‘never again’ Hitler
and Auschwitz—Germans need to figure out what they
are for.”
Mr. Brunskill is a senior editor at the Times of London.
A14 | Tuesday, February 27, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK PUBLISHER’S ANNUAL LETTER

House Backbenchers to Ukraine’s Rescue A Report to Our Readers

If you’re wondering what our priori- sions, economic uncertainty and the

T
he war in Ukraine has entered its third from U.S. arsenals. That would hamstring the
year, and the most crucial front for Kyiv U.S. effort to arm Ukraine with the urgency re- ties are at The Wall Street Journal, a rapid proliferation of generative AI, the
visit to our headquarters will take away Journal will persevere to cover the big-
may be in the U.S. House of Representa- quired by Russia’s advances.
any doubt: Facing our reception area is gest issues of our time—including many
tives. A bipartisan group of The bill also excludes bil- a huge collage of Journal front pages— stories and surprises yet to come our
lawmakers has rolled out a A bipartisan group lions in loans and grants for one for each day that our colleague Evan way—with the trusted and unbiased re-
fresh attempt at a compro- offers an alternative bill Ukraine, Israel and Pacific Gershkovich has been imprisoned un- porting you all expect from us, both here
mise bill to send military aid partners to purchase U.S. mili- justly by the cruel regime in Moscow. and abroad. Indeed, the Journal’s sweep-
to Ukraine, and Speaker Mike to force a floor vote. tary equipment. This is a mis- Above the collage there is one simple ing coverage of the wars in Ukraine and
Johnson can’t duck this test of take. Another provision worth message: I stand with Evan. Israel and Gaza continues unabated, in-
his leadership and beliefs. restoring is the Senate’s re- Turn to the left and down the hall- cluding a gripping story examining how
Reps. Brian Fitzpatrick (R., Pa.), Jared quirement that the Biden Administration artic- way, you’ll see a massive picture of Evan Kyiv’s forces have thwarted Russian of-
Golden (D., Maine), Don Bacon (R., Neb.) and ulate a strategy in Ukraine. House Republicans on a screen that previously was used to fensives and a detailed look at Israel’s
others have introduced the Defending Borders, have complained for two years that the Biden display key digital reader data to the struggles to destroy Hamas’s complex
newsroom below it. On your way down network of tunnels. Most recently, the
Defending Democracies Act that combines bor- Team has no plan. Here’s an opportunity to
that hallway, you’ll Journal has produced thoughtful cover-
der security with weapons to allies. Among force a change. pass our legal team age about the death of Alexei Navalny
other border-control measures, the bill stipu- But the House bill is far preferable to con- that has been work- and what it means for those who oppose
lates that migrants coming over the southern signing Ukraine to defeat, and Mr. Fitzpatrick ing around the clock Russia’s authoritarian regime.
border stay in Mexico while their asylum claims and his colleagues deserve credit for attempt- on Evan’s release. The Journal’s Opinion pages, mean-
are assessed. This is a version of Donald ing to overcome the blockade by the GOP’s iso- Turn to the right and while, warned against the dangers of iso-
Trump’s “remain in Mexico” policy. lationist wing at the urging of Donald Trump. you’ll see a small lationism and advocated for free mar-
Those provisions will send some Democrats Most Members would support aid for Ukraine conference room kets, free speech and free press. “The
running from the bill, so lawmakers will need if it reaches the floor—our sources say perhaps that doubles as the world is more dangerous than it has been
substantial GOP support for its provisions pro- two-thirds. war room for pivotal in decades, since at least the 1970s and
team meetings fo- perhaps the 1930s, and the American po-
viding military aid for Ukraine. To that end the Speaker Johnson will have to reckon with
cused on Evan’s litical class isn’t meeting the challenge,”
drafters focused their bill on providing lethal this reality sooner or later, and bringing up this plight. said Opinion Editor Paul Gigot. “Our job
aid—weapons and ammo—to Ukraine, Israel bill or something else on his prerogative is bet- Almar Latour
Switch floors and is to inform readers about the risks, no
and the Pacific. ter than the alternatives. If he doesn’t, Republi- you’ll find signs for him everywhere— matter how unwelcome the message, and
The bill includes roughly $47 billion for cans may join Democrats in signing a discharge alongside countless colleagues up and offer solutions for restoring U.S. military
Ukraine priorities, down from about $60 billion petition, which allows 218 Members to go down the ranks at the Journal, Dow deterrence and broad-based economic
in the bill that passed the Senate this month. around a Speaker to bring a measure to the Jones, News Corp and beyond, each do- prosperity.”
The House lawmakers excluded the Senate’s floor. That would make Mr. Johnson look weak ing their part in fighting for his freedom We will also persevere as new technol-
$7.8 billion in government budget aid to Kyiv, and probably wouldn’t help him with his isola- until he returns home. ogy changes the world. Not only will we
which Ukraine’s critics portray as paying sala- tionist wing in any case. If there is one word that defines The cover how this profound moment affects
ries for bureaucrats. Europe has been picking Ukraine’s recent retreat from the city of Av- Wall Street Journal right now, it is your lives, but the Journal and Dow Jones
perseverance. Perseverance in our are also embracing generative AI—insist-
up more of this tab in any case. diivka shows that Kyiv is slowly losing territory,
fight for Evan, and perseverance to de- ing on our intellectual-property rights
The bill from the backbenchers includes such and don’t rule out a Russian military break- liver you, our readers, trusted news while simultaneously harnessing the
essential needs as refilling U.S. weapons arse- through as the House dawdles. Meanwhile, the and information. power of this new technology to help you
nals; expanding production of munitions; fund- murder of opposition politician Alexei Navalny In this annual report to readers, we access our news and information via new
ing U.S. military operations in the Red Sea; and in an arctic gulag is a reminder of the brutal na- want to express our gratitude to you for products in time to come. Just as we are
spending $3 billion to help America build more ture of Vladimir Putin’s regime. turning to the Journal during these in- committed to producing high-quality
submarines. The measure would spend $4 bil- The Ukraine vote is shaping up as the most creasingly complex times. You have shown journalism, we will also make certain the
lion refilling Israel’s stocks of air defense inter- consequential for U.S. interests and the defense that, despite the ever-evolving economics Journal is meeting you, our readers,
ceptors, a critical need if Iran orders Hezbollah of Europe since the decision to deploy interme- of our industry, the thirst for trusted, ac- wherever you are today—on the phone,
in Lebanon to launch its missiles. diate-range nuclear missiles in the 1980s. Mr. curate and nonpartisan journalism is tablet, desktop, in print—and wherever
One oddity is that the bill doesn’t appear to Johnson and House leaders owe the Members greater than ever. We are grateful to see you will be tomorrow. As ever, your feed-
this trend reflected in our own business as back is essential in this endeavor as we
increase what’s called Presidential Drawdown the chance to vote their conscience rather than
demand for the Journal, its sister publica- fashion the products of today and in the
Authority, which allows the Commander in using a procedural blockade. Credit to the back- tions and all of Dow Jones continues to go years ahead.
Chief to hand over weapons to Ukraine quickly benchers for keeping the pressure on. up. In addition, Dow Jones receives tre-
mendous ongoing support from News
As our reporter Evan
New York’s Gerrymander Hijacking Corp, including Executive Chairman
Lachlan Murdoch, Chairman Emeritus Ru-
pert Murdoch and Chief Executive Robert
Gershkovich perseveres
through his unjust
D
emocrats love to denounce gerryman- Unsatisfied with fairness, Democrats went to Thomson, which, among other factors, has
ders, but watch what they actually do. court again, saying the replacement map was allowed for further expansions through incarceration in Russia, we
The New York Legislature on Monday good for one election only. They won. acquisitions.
voted down a U.S. House map Back to the bipartisan com- Led by Editor in Chief Emma Tucker, will persevere to free him.
who celebrates her one-year anniversary
approved by the state’s inde- Albany kills a bipartisan mission. In a 9-1 vote recently, this month, the Journal’s reporting
pendent redistricting commis- map to try to wring out itratifiedapproved a map that largely stands in sharp contrast to what has be- Perseverance also marks the one story
sion. Be suspicious of what’s the status quo, with come a prevailing pattern in the face of everyone at the Journal and Dow Jones
coming next, since Democrats more political gains. some tweaks that made it shocking events: speculation, cynicism thinks about every single day: the fight to
hope another gerrymandering slightly more favorable to and half-facts, bolstered by incessant rep- bring Evan back to our newsroom and
cycle will help them seize the Democrats. “This vote is ulti- etition on dopamine-geared social media. back to his family, whose unimaginable
House Speaker’s gavel in November. mately a victory for the commission process Instead, the Journal is sharpening its fo- strength is an inspiration as we together
This is the second time in as many years that and for democratic—small ‘d’ democratic—par- cus and going deeper to serve the ulti- advocate for his release.
New York lawmakers have thumbed their noses ticipation in the state of New York,” said Ken mate business reader: you. It’s appalling to think that Evan has
at voters. In 2014 the electorate amended the Jenkins, the body’s Democratic chairman. “I am “In a year in which more than 4 bil- been imprisoned for nearly 11 months,
lion people will be heading to polls locked away for doing journalism that
state constitution to ban partisan gerrymander- very proud of my colleagues and their ability
across the globe—not least here in the sheds light on one of the world’s most-
ing and set up a bipartisan redistricting com- to come together in a spirit of compromise to U.S.—it’s more important than ever for isolated countries. As Evan perseveres
mission. In its debut two years ago, the commis- work to deliver this plan.” the Journal to deliver distinctive, through his unjust incarceration, we will
sion deadlocked and offered competing maps. But the Democratic leader in the House, New trusted, revelatory reporting that helps persevere to free him and we will con-
Instead the Legislature decided to draw its own York’s own Rep. Hakeem Jeffries, doesn’t want to make sense of the world,” said Ms. tinue onward in our mission, gathering,
plan, giving Democrats an advantage in 22 of compromise. He wants to evict GOP Speaker Tucker, whose superb newsroom leader- distilling and reporting the news fairly,
the state’s 26 seats, or 85%. Mike Johnson from that big Capitol office, so ship includes advocating night and day thoroughly and impartially.
This was a partisan gerrymander so obvious he can pass progressive legislation for all 50 for Evan’s release and galvanizing her After all, attaining a true understand-
that the state judiciary couldn’t ignore it, and states. Given the slender Republican House ma- team for the year ahead. “We will con- ing of facts takes perseverance. It also
the plan was struck down. The 2022 elections jority, flipping the House in November might tinue with our relentless coverage of the requires patience, resources, dedication
took place under a map drawn by a special mas- not take much. By our deadline we hadn’t seen corporate landscape and financial mar- and sufficient time to verify and trian-
kets with journalism that gives readers gulate disparate fragments of informa-
ter, and the result was competitive. Democrats Albany’s replacement map, but given how
the information and insights they need tion. This is essential work. And it can
won about 54% of the raw votes for House can- bloody-minded Democrats have been through- to cut through the clutter and make only happen with your support. For that,
didates, which translated into 15 seats, or 58%. out, expect the worst. sound decisions on business and in their we are filled with gratitude.
daily lives.” ALMAR LATOUR

The FTC’s Gift to Walmart As we face two wars, geopolitical ten- Publisher

U
.S. antitrust policy is a politicized mess, which represents workers at both companies.
and for the latest example look at the The union often plays the supermarkets against LETTERS TO THE EDITOR
Federal Trade Commission’s vote Mon- each other in collective-bargaining to obtain
day to challenge supermarket bigger wage and benefit in-
Kroger’s $24.6 billion acquisi- Lina Khan won’t let two creases, as the FTC notes.
tion of Albertsons. It’s a giant grocery chains merge to “Today, UFCW and other Political Scientists vs. the American People
gift to Amazon, Walmart and unions leverage the fact that In “Biden Rewrites ‘An American With Covid on the decline and four
other grocery retailers. get more competitive. Kroger and Albertsons are Tragedy’” (op-ed, Feb. 21), Arthur Her- years of Mr. Trump and press crazi-
It’s hard to think of a more separate and competing man describes Joe Biden as the most ness in the rear-view mirror, the table
competitive business than companies,” the agency discredited president since Richard was set for Mr. Biden. But instead of
groceries. Traditional supermarkets have been stresses. The deal “would immediately erase Nixon. So far, Americans agree. Only pulling the country together, he has
squeezed from all directions. Most Americans aggressive competition for workers, threat- 38% approve of Mr. Biden’s job perfor- pandered to the left, led with identity
shop and buy food and household products ening the ability of employees to secure mance, while 59% disapprove. politics and left the country even
from a variety of sources, including dollar higher wages, better benefits, and improved One group that disagrees with the more divided.
“tragedy” assessment is the Presiden- Next, he will leave us with no good
stores, farmers markets, big-box retailers and working conditions.”
tial Greatness Project, which surveys options. This is his biggest failure.
online delivery services. FTC Chair Lina Khan rewrote the FTC’s long- relevant members of the American Po- Election turnout will set a new low,
Competition has driven hundreds of super- standing merger guidelines to consider how litical Science Association and calls it- and history will judge Mr. Biden
market stores to close in recent years. The deals would affect workers and labor-market self “the foremost organization of so- harshly. He will have earned it.
Kroger-Albertsons merger is intended to make competition. This is a radical departure from cial science experts in presidential RICHARD J. BRENNEN
the two more competitive by increasing their modern antitrust law, which emphasizes con- politics.” According to this august Naples, Fla.
leverage with suppliers and making their supply sumer welfare. Monopolies that are shielded group, Mr. Biden is already the 14th
chains more efficient. from competition are usually good for workers, greatest U.S. president (out of 45),
Democrats on the FTC disagree. They voted even if they hurt consumers. ahead of Ronald Reagan but still trail- Pepper ...
ing Barack Obama, who placed 7th.
3-0 to challenge the deal on the simplistic In any case, Kroger and Albertsons also com-
Dead last was Donald Trump, below
And Salt
premise that it would eliminate head-to-head pete for workers with other grocery retailers
even William Henry Harrison, who THE WALL STREET JOURNAL
competition between the two retailers and lead and businesses, including restaurants and ware-
died a month after his inauguration.
to higher prices. They’re still living in the 1970s houses. Supermarket margins are thin, and The experts must be appalled that
when there were fewer grocery options and in- higher labor costs are one reason Kroger and average Americans are so clueless
dustry consolidation was viewed by antitrust Albertsons have become less competitive about the greatness of Mr. Biden. Their
regulators as inherently bad. against non-unionized grocers. criteria must be much too complex for
“The loss of competition will also lead to Supermarket workers also increasingly com- Americans like me to comprehend.
lower quality products and services, while also pete with self check-out, in case Ms. Khan hasn’t DANA DAVIS
narrowing consumers’ choices for where to visited a store lately. If Kroger and Albertsons St. Augustine, Fla.
shop for groceries,” the FTC says. This ignores are blocked from merging, they will look to
that the merger would increase competition shave costs by using more automation. Unprof- Reading Mr. Herman, I want to
stamp on the floor and shout “Hear,
with Aldi, Dollar General, Trader Joe’s, Costco, itable stores will be closed. How does this bene-
Hear!” But my enthusiasm ebbs when
Target, Walmart, Amazon, and numerous oth- fit workers? I remember who is waiting in the
ers that have been taking market share from su- None of this matters to the Khan FTC, which wings to take Mr. Biden’s place. That
permarket chains. wants to send a message to CEOs not even to is the real American tragedy: We can’t
The main reason the FTC moved to block the try mergers lest they risk a long legal battle. If do any better than Biden vs. Trump.
deal appears to be opposition from the United consumers pay higher prices or workers lose STAN CONNELL
Food and Commercial Workers (UFCW) union, their jobs, so be it. Charlotte, N.C. “I have very close family ties.”
THE WALL STREET JOURNAL.
Siri, Does Apple Violate Antitrust Law?
By William P. Barr
P
oliticians in both parties
broadly agree that a hand-
ful of tech companies hold
too much power. As attor-
ney general in 2019, I
launched an antitrust review of the
problem. The Justice Department
filed suit the following year against
Google for monopolizing internet
search and search advertising. Un-
der Attorney General Merrick Gar-
land the department has pressed
forward with the Google case and
the Big Tech review and is now re-
portedly preparing to file a major
antitrust suit against Apple. This is
a good development.
Big Tech firms like Apple require
rigorous antitrust scrutiny. Today,
virtually all aspects of life—finance,
commerce, entertainment, social re-
lations, news and public discourse—
are conducted over a handful of digi-
tal platforms. Giant tech companies
have the power to snuff out chal-
lenges to their dominance; collect
mountains of customers’ personal
data, which they can exploit to ma-
nipulate users’ decisions and beliefs;
and control what we hear and read.
This overwhelming economic and so-
cial power is antithetical to the
founding principles of our demo-
cratic republic.
While antitrust enforcement un-
der President Biden, particularly at
the Federal Trade Commission, has
gone too far, the Justice Depart-
ment’s concerns about Apple are jus-
By Rebecca Sugar
Nahal Oz, Israel
F
or a week following Hamas’s
Oct. 7 attack on Israel, the
stench of 300,000 rotting
chickens rose from Kibbutz Alumim,
2 miles from the Gaza border. Three
coops were burned to the ground, but
they weren’t the source of the smell.
Terrorists had destroyed the auto-
mated food and water dispensers for
the remaining five structures housing
the flock, and after the attack no one
was around to tend to the chickens.
The birds died of hunger and thirst,
and their bodies decomposed. Resi-
dents who returned to survey the
damage wore masks as they scooped
up and buried the corpses to prevent
the spread of disease.
The group also attacked
farms on Oct. 7, aiming to
harm Israel’s food supply
and ‘break the community.’
The human tragedy of Oct. 7 still
grips the country and is compounded
by another kind of devastation
Hamas inflicted on Israel. Danielle
Abraham, executive director of Vol-
cani International Partnerships, a
nongovernmental organization that
addresses global hunger using Israeli
technological innovation, calls it “ag-
ricultural terrorism.”
Terrorists targeted farmland, live-
stock, plants and infrastructure as
they made their way across the west-
ern Negev, which produces roughly
70% of the country’s vegetables, 20%
of its fruit and 6% of its milk. “The
Will Haley’s Voters Save the Day for Biden? Don’t Bet on It
FREE
EXPRESSION
By Gerard Baker
F
or hopeful Democrats, Nikki Ha-
ley could be the latest in a long
line of kamikaze candidates.
The record of parties that endure
a divisive primary fight after the
identity of their eventual presiden-
tial candidate has become obvious is
an unhappy one. Sen. Ted Kennedy
was repeatedly urged to drop his
challenge to President Jimmy Carter
in 1980, but took his fight to the
convention. After inflicting a couple
of early blows on President George
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Lachlan Murdoch
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& Writing; Michael W. Miller, Features &
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Bruce Orwall, Enterprise; Philana Patterson,
Audio; Amanda Wills, Video
Paul A. Gigot
Editor of the Editorial Page
Gerard Baker, Editor at Large
tified. Keeping markets free requires
confronting anticompetitive abuses.
For many years, competitors have
credibly complained that Apple has
used its dominant market position
and heavy-handed tactics to cripple
competition.
More than half of the mobile de-
vices in the U.S. are Apple devices
using its proprietary iOS operating
system. Apple has made its App
Store the only way for software de-
velopers to reach this vast market,
and it uses technical and contractual
restrictions to box out competitors.
Apple does this in two ways: by pro-
hibiting iOS users from downloading
software from any other source, and
by making developers agree not to
distribute their apps through any
other store as a condition of getting
access to the tools necessary to
make iOS-compatible apps.
A significant part of Apple’s busi-
ness now is distributing other com-
panies’ applications to iOS users.
The App Store’s dominance allows
Apple to take up to a 30% cut on
sales of paid apps, demand the same
fee for subsequent “in-app” pur-
chases, and insist that developers
not communicate with customers
about less expensive ways to down-
load their apps. This arrangement
limits competition and raises prices.
With surging sales of more than $89
billion in 2023, the App Store by it-
self would rank in the Fortune 100.
Apple allegedly uses its control
over iOS and the App Store to im-
pose technical limitations on com-
Hamas’s Agricultural Terrorism
attack was designed to intentionally
destroy agricultural production, but
more than that, it was meant to de-
stroy the identity of the region, to
break the community,” Ms. Abraham
says.
Hamas terrorists damaged green-
houses and barns, many beyond re-
pair. They slashed crop nets and
flooded orchards. They burned irriga-
tion pipes and shot at fertigation sys-
tems. They destroyed the filtration
system for the local reservoir. Soil
compaction and pollution from Israeli
tanks brought in to expel the terror-
ists has also damaged roughly 10% of
the area’s land.
Foreign nationals from countries
such as Thailand, Nepal and Tanzania
who worked the farms returned to
their native countries after the at-
tacks, leaving many crops unhar-
vested. Israel’s Ministry of Agricul-
ture and Rural Development
anticipates this year’s tomato harvest
will be about 30% of its normal yield
nationwide. Known for producing
some of the world’s sweetest toma-
toes, Israel is now importing them.
Lettuce and onion shortages are ex-
pected, and up to 20% of strawberry
fields were abandoned. Estimates of
income losses and infrastructure
damage total more than $500 million.
Moran Freibach, the agricultural
manager of Nahal Oz, a kibbutz in the
Negev, spoke to a group of American
philanthropists visiting Israel on Feb.
6. Tsahi Idan, his “coffee buddy,” was
kidnapped by Hamas and is still miss-
ing. Tired but determined, Mr.
Freibach stood by a field of overripe
peppers and the charred hulk of a
million-dollar tractor as he spoke.
He is trying to rebuild but doesn’t
have a lot to work with. Hamas broke
or stole much of his farm equipment.
H.W. Bush in 1992, Pat Buchanan
played the happy warrior long after
it was clear he couldn’t win. Sen.
Bernie Sanders kept a flickering
flame alive against Hillary Clinton
through the summer of 2016.
Each time, the contentious, ex-
tended struggle contributed to the
party’s eventual defeat in November.
Given this record, Ms Haley’s stated
intention to keep her campaign for
the GOP nomination going following
her heavy defeat in South Carolina
at the weekend looks like good news
for Democrats, even as it is probably
fatal for her long-term viability as a
leading Republican politician.
There are few more nauseatingly
familiar spectacles in politics than
that of Democrats solemnly lauding
Robert Thomson
Chief Executive Officer, News Corp
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OPINION
peting apps that impair their perfor-
mance. A 2020 House Judiciary
Committee investigation cited Ap-
ple’s treatment of Tile Inc., a com-
pany that makes hardware and soft-
ware enabling users to track lost
items. Tile told the committee that
in 2019 Apple made changes to iOS
13 that increased the difficulty of us-
ing the Tile app and devices, while
at the same time rolling out and pre-
installing its own competing Find
My app.
The Justice Department
reportedly plans a major
lawsuit against the firm—
with good reason.
Another example of Apple’s anti-
competitive behavior is how it gives
preference to Apple Pay over other
mobile payment services. Apple in-
stalls within its iPhones near field
communication chips, or NFCs, so
the devices themselves can com-
plete tap-to-pay transactions. The
European Union has challenged Ap-
ple for allegedly handicapping ri-
vals by denying the same NFC ac-
cess to competing mobile payment
services.
Apple has also long pursued a
strategy of weaving together an inte-
grated ecosystem of easily interoper-
able products and services. That is
unobjectionable, but when the com-
Hamas destroyed this tractor in the kibbutz of Nahal Oz.
Insurance companies don’t reimburse
for assets lost in an “act of war,” so
Mr. Freibach applied for government
assistance. He received 45,000 shek-
els (around $12,400) for two older
tractors. The new ones he bought on
credit cost 360,000 shekels (nearly
$100,000). He took the financial risk,
he said, because he wants to save the
farm.
Ms. Abraham is working to create
an inventory of equipment stolen
from the region but isn’t counting on
the government to replace all that
was lost. Through her initiative, Re-
Grow Israel, she hopes philanthropy
and civil society will help farmers fill
the gaps.
Attacks on Israel’s environment
and natural resources aren’t new. In
1965 the Palestine Liberation Organi-
zation’s Fatah division made its ter-
rorism debut with a failed attempt to
blow up the National Water Carrier
of Israel, which transfers water from
the Sea of Galilee to other parts of
the essential decency of Republi-
cans they recently denounced as
right-wing extremists. But we can
expect to hear a lot more from Pres-
ident Biden in coming months about
how the GOP is no longer the party
of good people like Ms. Haley. Still,
her Republican apostasy will end
soon enough—probably after next
week’s 15 Super Tuesday primary
contests.
So the more salient question for
Republicans than any damage Ms.
Haley herself may inflict on Donald
Trump is whether the one-third or
more of Republican primary voters
who have so far withheld their sup-
port from him augurs ill for the
party in November.
In Iowa, New Hampshire and now
South Carolina, Mr. Trump failed to
win a majority of the votes of inde-
pendent voters and moderate Repub-
licans. In a close contest, if Mr.
Trump can’t carry these voters in
November, his chances of success are
vanishingly small.
This is the one nagging point of
significance in what is otherwise Ms.
Haley’s continuing exercise in futil-
ity. On Saturday night, she again in-
sisted that her showing reflected
trouble for a candidate who can’t
win the general election.
“I’m an accountant,” she said. “I
know 40% is not 50%. But I also
know 40% is not some tiny group,”
she said. “I don’t believe Donald
Trump can beat Joe Biden.”
It takes some chutzpah to say
that the man who has just beaten
you by 20 points in the state where
Tuesday, February 27, 2024 | A15
pany moves into a new product mar-
ket—such as smartwatches or smart
homes—the regulators’ concern is
that Apple makes hardware and soft-
ware choices that optimize the in-
teroperability of its own new-market
devices with Apple’s ecosystem,
while degrading the interoperability
of incumbent devices. The Justice
Department has reportedly been
studying why iPhones work better
with Apple smartwatches than with
other smartwatches.
Smartwatches illustrate how im-
pairing interoperability can harm
competition. Apple smartwatches,
standing alone, would have no obvi-
ous competitive advantage over
those made by Garmin. But if Garmin
watches don’t work as smoothly with
the ever-present iPhone, Apple’s
product would gain an advantage. In
essence, Apple would be using its
power in the smartphone market as
leverage to capture a new market
with a less compelling product.
Nor is the interoperability issue
confined to rival devices. Two
months ago, Apple blocked an An-
droid message application, Beeper
Mini, which allowed Android phones
to exchange secure and encrypted
messages using Apple’s iPhone-only
iMessage service.
There is little question that Apple
incorporates some hardware and
software design choices that make it
difficult for customers to leave the
system and harder still for rivals to
compete with any part of it. Apple
typically claims that any anticompet-
REGROW ISRAEL
the country. In 2005 Palestinian loot-
ers damaged roughly 900 of the
3,000 greenhouses Israelis left be-
hind after they withdrew from Gaza.
In 2018 terrorists launched more
than 800 incendiary balloons from
Gaza, setting fire to 6,100 acres of ag-
ricultural land in the Negev. Raids on
the country’s northern farms and ar-
son in its forests have been regular
occurrences.
Agro-terrorism takes a heavy eco-
nomic toll and is designed for maxi-
mum psychological and emotional ef-
fect. Hamas didn’t just attack the
land. It attacked Israel’s blooming
desert, a national symbol of innova-
tion and resilience that lies at the
heart of the idea of Israeli statehood.
For now, residents of the western
Negev have relocated to Israel’s inte-
rior, but many plan to return. Some
kibbutzim have waiting lists of fami-
lies who want to join.
Michal Uziyahu is liaison to the
mayor of the Eshkol region, a cluster
you were governor less than a de-
cade ago is unelectable. And there
are grounds for skepticism that the
apparent continuing resistance to
Mr. Trump in the Republican pri-
mary renders him incapable of win-
ning in November.
Most of them will end up
backing Trump, especially
after almost four years
of the alternative.
For one thing, the former presi-
dent has been here before. He won
less than half the votes when he se-
cured the party’s nomination in 2016
but still went on to pull off a narrow
win over Mrs. Clinton. In an admit-
tedly much wider primary field, he
got only 45% of all votes cast in that
year, and then as now it’s a mistake
to think that those who didn’t vote
for him in the primary wouldn’t rally
to the GOP candidate in the general
election.
But more important, there is
abundant reason to think that Mr.
Trump’s weakness with independent
and moderate voters will be eclipsed
by his opponent’s weakness with the
same voters in November.
If the former president were run-
ning against a candidate with a
strong governing record in a climate
in which voters were even half-satis-
fied with the country’s condition, his
attenuated appeal to independents
itive effects are justified to protect
the security and privacy of its eco-
system. But there is reason to think
this security-privacy mantra is fre-
quently used as a pretext when the
real purpose is hobbling competitors.
In 2018, after launching its own
parental-control application, Screen
Time, Apple purged similar third-
party apps from its App Store. In-
ternal Apple communications pro-
posed advancing the “narrative”
that this was done for privacy rea-
sons. According to a House report,
when the Justice Department an-
nounced it was investigating the
matter, Apple started reinstating
the apps and found less-restrictive
ways of satisfying supposed privacy
concerns.
Apple uses an arsenal of tactics
whose anticompetitive effects, taken
individually, may operate subtly but,
taken cumulatively, work powerfully
to suppress competition. To make
headway, a Justice Department chal-
lenge must address these tactics
comprehensively and force Apple to
demonstrate that the handicaps it in-
flicts on rivals are essential to
achieving legitimate security and
privacy requirements. The burden
should be on Apple to prove that less
restrictive alternatives don’t exist.
Mr. Barr is a co-founder of Torri-
don Law PLLC, a distinguished fel-
low at the Hudson Institute and au-
thor of the memoir “One Damn Thing
After Another.” He served as U.S. at-
torney general, 1991-93 and 2019-20.
of 32 communities that includes kib-
butzim like Be’eri and the Nova Music
Festival grounds. She says that more
than 4,000 of Eshkol’s 17,000 residents
are already back. She is particularly
moved by the return of 50% of the re-
gion’s Thai workers. Some community
members visit on the weekends “just
to smell their homes,” she says.
Today there are 250 milking cows
at Nahal Oz, though not as many as
before. Hamas killed 30 of them.
Those that survived went unmilked
for nine days. Many developed masti-
tis, a painful condition that contami-
nated their milk and killed 70 of the
herd.
Some that have recovered still
aren’t producing milk. Trauma from
the sounds of explosions and gunfire,
which Ms. Abraham calls the “sound-
track to Oct. 7,” seems to have sus-
pended their production. Mr.
Freibach and his farmers will take
care of them. Keeping busy is helping
workers recover as well.
Israel’s first prime minister, David
Ben-Gurion, once said that “Israel’s
future lies in the Negev.” Arbel Levin,
chief business development officer of
Mishkey Hanegev Holdings, a consor-
tium of the region’s kibbutzim,
agrees. He is from Erez, a kibbutz
with avocado orchards that abut the
border fence with Gaza. The military
evacuated the residents of Erez, but
Mr. Levin insists they will return
when security returns to the area.
“Every meter that they give back to
us, we will farm,” he said. “The re-
gion is going to flourish again. This is
just the beginning.”
Ms. Sugar writes a column for the
New York Sun and is author of the
forthcoming novel, “Everything is a
Little Broken.”
could be terminal to his campaign.
But the choice in November isn’t be-
tween the flawed Mr. Trump and
some generic candidate. It’s between
Mr. Trump and four more years of
Joe Biden.
While Ms. Haley and the media
focus relentlessly—with reason—on
Mr. Trump’s many significant char-
acter failings, polls indicate that vot-
ers care more about the current ad-
ministration’s governing failings.
According to the latest poll from
Harvard-Harris, on 10 of the most
important issues facing the country,
Mr. Biden gets majority approval on
only one—his handling of the Covid
pandemic, hardly a topic of pressing
concern in 2024.
Of the other nine issues on which
Mr. Biden is under water, for the
first time respondents cite immigra-
tion as the biggest challenge facing
the country, and they give the presi-
dent the lowest approval rating of
all, 35%, on the issue.
“It’s been decades since any issue
but the economy has been the top is-
sue affecting voters,” says Mark
Penn, chief executive of Stagwell,
who runs the poll.
In World War II only a small num-
ber of kamikaze missions were suc-
cessful. Democrats may hope that
Ms. Haley’s campaign and the sup-
port it gets from voters who refuse
to endorse the party’s inevitable
nominee is a zero fighter aimed
right at the engine room of the USS
Donald Trump. Don’t be surprised if
this one falls harmlessly into the
ocean.
 A16 | Tuesday, February 27, 2024 * **** THE WALL STREET JOURNAL.

WORLD NEWS

Ukrainian
Soldier Marks
Decade at War
Alen Dudnik has worried that waning support
from the U.S. is handing Rus-
been fighting the sia an advantage in ammuni-
Russians since he tion that is hard to counter.
But Dudnik says he is deter-
was 18 years old mined to keep fighting—so his
6-year-old son won’t have to.
BY JAMES MARSON Dudnik was born in a vil-
lage in southeastern Ukraine.
EMANUELE SATOLLI FOR THE WALL STREET JOURNAL

PETROPAVLIVKA, Ukraine— His interest in the military

Ukrainian soldier Alen Dudnik
has spent almost his entire
adult life at war. Now 28, Dud-
nik started fighting Russia a
decade ago when the Kremlin
seized Crimea and started
stirring up trouble in eastern
Ukraine. He is still at it, on the
front line near the occupied
eastern city of Bakhmut.
When I first met Dudnik in
2014, he was sitting broodily
atop his armored vehicle as
curious civilians peppered him
with questions and Russian
troops hovered a few miles
away across the border. He
warned that if Russia picked a
fight, “we’ll respond, and it
won’t be pretty.”
The contours of Dudnik’s life
have been shaped by Ukraine’s
bloody decade under assault
from Russia. Now a sergeant,
he sports a beard, bears a few
lines on his face and winces at
loud music following several
concussions. He is a survivor of
the brutal fighting around
Bakhmut. He gained national
prominence last year when he
shot down a Russian warplane
with a shoulder-fired missile,
and I got back in touch.
Dudnik has seen Russian
soldiers kill comrades an
arm’s length away and devas-
tate parts of Ukraine but still
fail to subdue it. His father
and brother, who also fought
in 2014, have been injured and
can no longer fight. Now, he is
was spurred by Russian pro-
paganda films about the war
in Chechnya. “Back then, we
were zombified,” he said.
A few months after enlist-
ing in 2014, he was deployed
with the 25th Airborne Bri-
gade to the border in March
as Russia gathered troops
around Ukraine and threat-
ened to invade as it pursued
its annexation of Ukraine’s Ukrainian soldier Alen Dudnik, seen in January, is worried that waning support from the U.S. is handing Russia an advantage.
Crimea peninsula.
At first, it was difficult to second time,” he said. ing, his commander gave him a Then he heard the plane. small Russian aerial drones
process for Dudnik, who like He began to carry a U.S.- fresh batch of Soviet-era Igla-1 He yelled at the camera crew that either detonate them-
most had never expected to made Stinger, even though he rockets even though they were to get out of the way. He selves or drop explosives. One
fight against Russia. “It’s hard hadn’t trained on that air-de- marked as defective. Another couldn’t acquire the target in got through recently and
to imagine war against our fense system and learned how soldier gave him a launching manual mode, so he switched dropped a grenade on Dud-
brothers,” he said at the time. to use it by watching videos mechanism captured from the to automatic and the missile nik’s team as they were arriv-
That earlier affinity for on his cellphone. The first Russians. launched. The plane slowed ing at their position. The
Russia is long gone. time he fired it in October, he Dudnik stationed himself on down as it started to turn and shrapnel spattered his ruck-
“We are on our land and we missed. “I screwed up,” he the seventh floor. The windows tried to pick up speed to sack, sparing him injury but
have to defend it,” he said re- said. had been blown evade the missile. The pilot leaving him picking metal
cently. “We don’t need Rus- Russian out by a tank released chaff to try to con- chunks out of the salami he
sian boots on our land.” troops took the round that had fuse the missile, but it was too had been carrying.
In early 2022, Russia town in Decem- He shot down a hit days earlier, late. The missile slammed into Even getting to the front is
launched a full-scale invasion. ber, and Dudnik Russian exposing him to the plane. The pilot ejected. a challenge these days, requir-
Dudnik re-enlisted, this time was sent on a freezing draft. Dudnik was congratulated by ing a fight through mud often
with the 93rd Mechanized Bri- leave, followed warplane with a He drew the commanders and feted on tele- in civilian vehicles that sol-
gade. Now a sergeant, Dudnik by training and curtain to avoid vision. But there was no video diers purchased with help
saw his first major action in a return to ac-
shoulder-fired being seen and evidence of him firing the mis- from friends and relatives.
September in Soledar, a salt- tion in missile. looked through sile, so he missed out on the re- After his years of service,
mining town that abuts Bakhmut in a tiny peephole ward of just over $3,000. Dudnik suffers from heart
Bakhmut. January 2023. cut in the cloth. After leave, his unit re- trouble and a bad back as well
A missile hit the headquar- Last March, “Readiness turned to a front-line village as the effects of several con-
ters he was guarding, causing Dudnik and his unit were at an 1,” came a message over the near Bakhmut called Klishchi- cussions.
the roof to collapse and crush- apartment block targeting Rus- radio. That meant a Russian ivka. For now, they are hold- “There’s a bit of gunpowder
ing two soldiers nearby. He got sian warplanes that were warplane had been spotted on ing off Russian assaults de- left,” he said. “But it’s slowly
out largely unscathed save for launching bombing runs on radar, so Dudnik raised the spite being severely running out.”
cuts and concussion that left Ukrainian infantry in the city. A Igla onto his shoulder. After 15 outnumbered and low on am- —Ievgeniia Sivorka
him sensitive to loud noises. camera crew from national tele- minutes, his shoulder was go- munition. Dudnik now spends and Oksana Grytsenko
“It was like being born a vision tagged along. That morn- ing numb, so he put it down. much of his time targeting contributed to this article.

WORLD WATCH Iran Cuts Stockpile

Of Weapons Material,
Defying Expectations
BY LAURENCE NORMAN
VIENNA—Iran reduced its
stockpile of near-weapons-
grade nuclear material even as
it continued expanding its
overall nuclear program, the
United Nations’ atomic watch-
dog said on Monday, marking
a surprise step that could ease
tensions with Washington.
The move comes at a mo-
BENOIT DOPPAGNE/BELGA/AGENCE FRANCE-PRESSE/GETTY IMAGES
tions” in Tehran’s stockpile.
“We do not see or take this as
a fundamental indication of a
trend,” he said.
Iran still has enough near-
weapons-grade material to
fuel almost three nuclear
weapons, underlining its sta-
tus as a threshold nuclear-
weapon state.
There was no immediate
comment on the reports from

ment when Iran and the U.S. U.S. officials.

SOWING SEEDS OF CHANGE: Tractors were stationed near a building mural reading ‘The future is Europe’ during a farmers’
protest in Brussels on Monday over environmental rules, competition from cheap imports and low incomes.
JAPAN
Consumer Prices
Grow but Slowly
Japan’s consumer prices
rose at the slowest pace in
nearly two years in January
but came in above expecta-
tions, backing views that the
central bank will exit its neg-
ative interest-rate policy, al-
beit cautiously.
Overall consumer prices
rose 2.2% from a year earlier
in January, mainly due to
lower energy prices, govern-
ment data showed Tuesday.
That marked the slowest
pace of growth since March
2022 and was down from the
2.6% increase seen in Decem-
ber but still above the Bank
of Japan’s 2% inflation target.
Weakening inflation would
make it difficult for the Bank
of Japan to make a signifi-
cant policy shift, economists
say. Many expect the BOJ to
end negative interest rates
this spring.
The central bank’s policy
board is scheduled to hold its
next policy-setting meeting
on March 18-19.
—Megumi Fujikawa
have sought to avoid direct Last year, as part of an at-
confrontation in the regional tempted de-escalation of ten-
conflict that grew out of sions between Washington
Hamas’s terrorist attack on Is- and Tehran, Iran significantly
rael on Oct. 7 and Israel’s ag- slowed its buildup of 60%-en-
gressive response. riched uranium. However, at
However, Iran-backed mili- the time, Iran didn’t even go
tias have attacked U.S. forces as far as Washington had
in the region and the U.S. and hoped: that Iran would stop
U.K. are conducting strikes on adding to its 60% stockpile.
the Houthis in Yemen, a pro- The de-escalation efforts,
Iran group that has been at- which grew out of indirect
tacking international vessels talks between the U.S. and
in the Red Sea. Iran hosted by Oman, col-
Iran’s decision to reduce its lapsed after Hamas attacked
stockpile of 60%-enriched ura- Israel on Oct. 7, killing 1,200
nium over the past 3½ Israelis. The attack drew
AFGHANISTAN ETHIOPIA GRENADA months, by deliberately dilut- praise from Iran’s leaders.
ing the material by mixing it The IAEA said Iran had re-
Taliban Hold French Journalist U.S. Couple Likely with low-grade 2% material, is duced its stockpile of 60%-en-
Public Execution Has Been Detained Dead After Hijack the first time the International riched uranium by 6.8 kilo-
The Taliban held a public A French journalist has An older U.S. couple whose Atomic Energy Agency has re- grams, to 121.5 kilograms,
execution on Monday of a been detained in Ethiopia catamaran was hijacked last ported a quarterly drop in since late October.
man convicted of murder in while visiting the country for a week in the Caribbean by Tehran’s highly enriched stock- U.S. officials say it would
northern Afghanistan as thou- recent African Union summit, three escaped prisoners were pile since Iran started produc- take Iran less than two weeks
sands watched at a sports his employer said on Monday. likely thrown into the ocean ing 60% material in 2021. to convert that amount into
stadium, the third such death Antoine Galindo, a Paris- and died, police in Grenada Iran carried out the dilu- weapons-grade 90%-enriched
sentence to be carried out in based correspondent for the said on Monday. tions twice since the start of material. By the IAEA’s defini-
the past five days. Africa Intelligence website, The announcement is a the year. Last summer, it also tion, Iran needs a minimum of
The execution took place was detained in the capital blow to those who were inde- diluted a small amount of 60% 42 kilograms of uranium en-
in the city of Shibirghan, the Addis Ababa on Thursday by pendently helping search for material. riched to 60% to make a nu-
capital of northern Jawzjan plainclothes security officers, Ralph Hendry and Kathy Bran- Iran, which says its nuclear clear bomb.
province, where the brother the news outlet’s publisher, del and had hoped they were program is for purely peace- The reports showed that
of the murdered man shot Indigo Publications, said. still alive. ful, civilian purposes, is the Iran continued to build up its
the convict five times with a Galindo had arrived in Don McKenzie, police com- only country without nuclear overall stockpile of enriched
rifle, according to a witness, Ethiopia this month to report missioner of the Royal Gre- weapons that produces 60%- uranium. In particular, Tehran
who said that security was on an annual African Union nada Police Force, said the enriched uranium. grew its stockpile of 20%-en-
tight. summit and had a visa au- three prisoners escaped on The confidential IAEA re- riched uranium by over 25%,
It was also the fifth public thorizing him to work as a Feb. 18 from the South Saint ports on Iran, circulated to to 712 kilograms. Iran could
execution since the Taliban journalist, the publisher said. George Police Station. They hi- member states on Monday, de- turn that material into weap-
seized power in Afghanistan He has been accused of jacked the catamaran “Sim- scribed a clearly expanding ons-grade material in a couple
in August 2021 as U.S. and “conspiracy to create chaos in plicity” on Feb. 19 and headed nuclear program and detailed of months, experts say.
NATO troops were in the fi- Ethiopia,” the publisher said. to St. Vincent and the Grena- Tehran’s continued refusal to U.S. officials have said Iran
nal weeks of their withdrawal Galindo was detained at dines, where they were ar- cooperate with the agency on could field a nuclear weapon
from the country after two Addis Ababa’s Ethiopian Sky- rested last Wednesday, he basic issues, such as banning within several months. How-
decades of war. light Hotel, where he was in- said. some of the IAEA’s inspectors ever, they have said there is
The Taliban began carrying terviewing Bate Urgressa, the “Information suggests that from the country. currently no evidence that
out severe punishments in spokesperson of the Oromo while traveling between Gre- IAEA Director General Ra- Iran is working on weaponiz-
public—executions, floggings Liberation Front opposition nada and St Vincent, they dis- fael Grossi said in an inter- ing a bomb despite recent
and stonings—shortly after party, according to the Com- posed of the occupants,” view that Iran’s reduction of comments by Iranian officials
coming to power. mittee to Protect Journalists. McKenzie said. highly enriched uranium rep- hinting that they have mas-
—Associated Press —Associated Press —Associated Press resented “marginal oscilla- tered most of the process.
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5069.53 g 0.38% S&P FIN g 0.46%
Bond Market Losing Key Stabilizer Chevron
Falling balances in
reverse repo program
presage a trying
period for Treasurys
BY ERIC WALLERSTEIN
Participation is dwindling
in a Federal Reserve program
that has helped the U.S. gov-
ernment limit its borrowing
costs, a development that
many investors say presages
higher interest rates and
larger swings in the $26 tril-
lion Treasury market.
The overnight reverse re-
purchase facility, known on
Wall Street as reverse repo,
enables large financial firms
such as money-market funds
to briefly swap extra cash for
high-quality securities on the
central bank’s balance sheet
and pocket some interest.
The Fed program has been
used heavily in recent years,
at one point hitting $2.5 tril-
lion of daily balances, but
that number has shrunk
steadily and recently fell be-
low $500 billion.
Many analysts and portfolio
managers expect use of the
program to continue to de-
cline, which they say is likely
to constrain the functioning of
an important shock absorber
in the market for U.S. Trea-
sury securities. The govern-
ment is facing higher interest
costs as it attempts to fund a
growing deficit, and observers
say lower balances in the pro-
gram could mean higher vola-
Investors Flock
Back to Biotech
After Cold Spell
BY JENNIFER CALFAS
The deep freeze in biotech
is beginning to thaw.
About half a dozen biotech-
nology companies have gone
public since the start of 2024,
with some raising hundreds of
millions of dollars. The jump-
start to the new year is a wel-
come sign for the industry af-
ter a challenging two years
fueled by layoffs, scientific
hurdles and rising interest
rates, investors say. Fewer
than 20 companies went pub-
lic in both 2022 and 2023.
Biotechs have attracted
more than $6 billion in follow-
on financing from the start of
the year through mid-Febru-
ary, which Jefferies analysts
say is a record-setting pace—
one that has already exceeded
each quarterly amount re-
corded since the second quar-
ter of 2021.
Venture capitalists have in-
vested $3.2 billion in biotechs
this year through the middle
of February, compared with
about $3 billion during the
same period in 2023, accord-
ing to data from research firm
PitchBook.
“The healthy market is
back,” said Jordan Saxe, head
of healthcare listings at Nas-
daq, “and it’s not just a fad.”
Among the startups draw-
ing interest from investors are
those further along in devel-
oping their drug treatments—
INSIDE
BUSINESS NEWS
Railroad
Norfolk Southern
moves to counter
activists. B3
* ** *
S&P IT À 0.03%
Says Hess
Overnight reverse repurchase transactions at Federal Reserve
$2.5 trillion
2.0
1.5
1.0
0.5
0 China’s Cnooc are asserting
Feb. 2021
Bank reserves as a share of total bank assets*
20%
18 Fed
starts
runoff
16
14
12
10
8 0
2017 ’18
*Weekly data through Feb. 7 †Weekly data through Feb. 21
Sources: Federal Reserve (Overnight reverse repurchase transactions, bank reserves); Investment Company Institute (money-market funds)
tility and a fresh rise in inter-
est rates in the market that
underpins the global financial
system.
“It is undoubtedly easier
for the market to absorb bill
supply if you have a large
amount of cash in an over-
a change from prior years
when unproven drugs found
success entering the market.
Companies filling up with
cash also include firms chas-
ing some of the hottest areas
in biotech research, such as
cancer, weight loss and non-
opioid pain treatment.
Kyverna Therapeutics
raised more than $337 mil-
lion in net proceeds during
its recent market debut to
fund work developing the
company’s autoimmune-dis-
ease drugs, Chief Executive
Peter Maag said. Kyverna
uses the cellular-therapy
technology known as CAR-T,
which has shown success in
some cancers.
“It took us five years to be-
come an overnight success,”
Maag said. “The reception was
phenomenal.”
High interest rates, a spotty
deal market and Wall Street’s
lower appetite for risk had
pushed biotech into the dol-
drums during the past two
years. Startups pulled back on
seeking new funding or going
public. Just 17 venture-capi-
tal-backed biotechs went pub-
lic in 2022, and a further 18
made the move in 2023—a
significant drop compared
with the 88 companies that
took the plunge in 2021 and 66
in 2020, according to Pitch-
Book. Companies also cut back
spending, leading to layoffs.
Please turn to page B2
AEROSPACE
Independent panel
says Boeing’s
safety efforts
fall short. B6
DJ TRANS g 0.49%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.06%
’22 ’23
Markets Current
disrupted, runoff
Fed intervenes begins
’19 ’20 ’21 ’22 ’23
night facility waiting to be de-
ployed,” said Michael de Pass,
global head of rates trading at
Citadel Securities.
Though obscure, reverse
repo has long been at the cen-
ter of the operation of the fi-
nancial system and the U.S.
Arthur Mensch’s Mistral AI is valued at just above $2 billion nine months after it launched.
Microsoft-Backed AI Startup
Challenges Technology Giants
BY SAM SCHECHNER
PARIS—This time last year,
Arthur Mensch was 30, still
employed at a Google unit here,
and artificial intelligence had
just started to take off in the
public consciousness.
Since then, generative AI
that can converse—and possi-
bly reason—like humans has
become the most talked-about
technology breakthrough in de-
cades. And the startup Mensch
left Google to launch, now nine
months old, is valued at
slightly more than $2 billion.
The velocity of change re-
flects the frenzy—and fear—
that surrounds the efforts to
Market Darling Nvidia Is Also Hot Employer
Nvidia’s blockbuster growth
has created millionaires inside
and outside the company. The
chip company’s stock is also
rising among prospective em-
By Katherine Bindley,
Lindsay Ellis and
Isabelle Bousquette
ployees, for whom a job at the
Santa Clara, Calif.-based cam-
pus ranks among the most-
wanted berths in tech.
Nvidia’s stability and com-
manding position in supplying
the chips needed to power
vast artificial-intelligence sys-
tems are a draw for tech tal-
ent, and former employees
2–YR. TREAS. yield 4.738%
Money-market fund assets†
$6 trillion
RECESSION
5
4
’24
3
2 tory filing that Exxon and
1 and is one of the largest oil
’24 2008
economy. A committee that
advises the Treasury sug-
gested last fall that the heap
of money-market fund cash
sitting at the Fed could fi-
nance a flood of short-term
bill issuance—an unusual shift
that in recent months has en-
build and commercialize ad-
vanced AI systems.
Mensch’s startup, called Mis-
tral AI, is challenging the con-
ventional wisdom that the win-
ners of the AI race will emerge
from among the tech industry’s
U.S. giants. It has attracted in-
terest from clients and inves-
tors, including Microsoft, which
on Monday said it is adding
Mistral’s new model as an op-
tion for developers on its Azure
cloud service. As part of the
multiyear deal, Microsoft will
take a small stake in Mistral.
Mensch, who founded the
company with two engineering-
school friends, doesn’t think
scale is essential—or that the
note that even new hires are
quickly put on important proj-
ects. The hefty pay packages—
half of employees made more
than $228,000 in 2023—don’t
hurt either. Recruiters in the
semiconductor industry say
Nvidia has long been a desir-
able place to work, but now—
as the company’s stock nears
$800 a share—prying staff to
defect to competitors is near
impossible.
“They’re like Facebook in
2014,” says Tom Case, who
runs Atticus Growth Partners,
a recruiting firm that staffs
several of Nvidia’s competi-
tors.
Unlike tech companies
Tuesday, February 27, 2024 | B1
NIKKEI (Midday) 39173.92 g 0.15% See more at WSJ.com/Markets
’10 ’15 ’20
abled the government to keep
long-term interest rates rela-
tively low despite the quicken-
ing drumbeat of U.S. debt is-
suance.
Sales of Treasury bills,
which mature in a year or
Please turn to page B2
U.S. will necessarily dominate.
“I’ve always regretted that
there was no Big Tech in Eu-
rope,” Mensch said at Mistral
AI’s Paris office. “I think this is
our chance to become one.”
Mensch’s company, which
has raised just over $500 mil-
lion from investors including
Andreessen Horowitz, remains
tiny compared with the Goli-
aths of the industry. Microsoft-
backed OpenAI and Alphabet’s
Google are pouring billions of
dollars into training the latest
AI systems, leveraging their ac-
cess to the specialized chips
needed to build such systems
and the fat balance sheets
Please turn to page B4
whose products are used daily
by millions—Apple, Tesla,
Meta Platforms and Google—
Nvidia isn’t a household name.
The company’s 30,000 em-
ployees, who call themselves
“Nvidians,” tend to possess a
mix of hard-to-find engineer-
ing skills and a drive that one
former employee compares to
rats chasing cheese in a maze.
Former Nvidians who went
on to start their own compa-
nies say Nvidia has retained a
startup culture through years
of growth. Young hires are
thrown into big projects with
real responsibilities, they say,
and paranoia about losing sta-
tus as a leading AI company
Deal May
Be Undone
By Exxon
BY COLLIN EATON
Chevron warned investors
Monday that Exxon Mobil and
they have a right to pre-empt
the company’s bid for a stake
in a prolific oil project off
Guyana, an emerging dispute
that could derail Chevron’s
megadeal for Hess.
Chevron said in a regula-
Cnooc say they have the right
to counter Chevron’s offer for
Hess’s stake in the Guyana
project, which Exxon operates
finds in years. Chevron
warned investors it may not
complete its purchase of Hess
“within the time frame the
company anticipates or at all.”
Much of the value in Chev-
’24 ron’s $53 billion all-stock ac-
quisition of Hess proposed
last year was tied to the
smaller New York oil com-
pany’s 30% stake in an Exxon-
led drilling consortium in
Guyanese waters. The partner-
ship has expanded oil produc-
tion far faster than most off-
shore oil projects and expects
to pump over 1 million barrels
a day in coming years.
The development is a po-
tential blow to Chevron’s larg-
est acquisition in years,
though it isn’t clear if Exxon
and Cnooc will make a coun-
teroffer. At this point, they are
only asserting it is their right
to do so.
Chevron spokesman Braden
Reddall said Chevron and Hess
don’t believe a right of first
refusal applies to the Hess
deal. Chevron said the compa-
nies have engaged in “con-
structive discussions,” and
though Chevron said the deal
EDOUARD JACQUINET FOR THE WALL STREET JOURNAL
might fall apart, it believes
the talks will “result in an
outcome” that wouldn’t delay
or prevent the deal.
“We are fully committed to
the transaction,” Reddall said.
“There is no possible scenario
in which Exxon or Cnooc
could acquire Hess’s interest
in Guyana as a result of the
Chevron-Hess transaction.”
If the talks fall apart, Chev-
ron said in a regulatory filing,
it or Hess could choose to
have Hess’s Guyana subsidiary
pursue arbitration. A Hess
spokeswoman referred inqui-
ries to Chevron, and Cnooc
didn’t respond to a request for
comment.
The dispute boils down to
the terms of a joint operating
agreement, or JOA, signed
more than a decade ago,
which governs the consor-
tium. Hess had entered the
JOA in 2014 when it pur-
chased its stake from Shell.
Some JOAs allow existing
partners, like Exxon, to partic-
ipate in ownership changes
and pre-empt an offer for an
ownership stake with an offer
of their own.
Exxon spokeswoman Emily
Mir said the conversations
with Hess and Chevron are set
to continue, and that the com-
pany is working with the Guy-
anese government on the mat-
ter.
Please turn to page B11
fuels a constant pursuit of in-
novation. Users of Blind, an
anonymous chat forum popu-
lar with many tech workers,
ranked Nvidia founder Jensen
Huang first among chief exec-
utives, with a 96% approval
rating.
Searches for roles at the
company have risen quickly on
job-search platform Indeed
while they have flattened or
dropped among other major
tech companies. Colleges say
students now refer to Nvidia
as a dream job, and the com-
pany received seven times as
many internship applications
in January 2024 as in January
Please turn to page B6
B2 | Tuesday, February 27, 2024 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

Scion of Prominent Banking House

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

A Exxon Mobil.................................B1 OpenAI..............................................B1

Advanced Micro- F Philip Morris International

Left to Form His Own Potent Trust

Fabrication EquipmentB12 .............................................................B12
Fox.......................................................B6
Alaska Airlines.........................B6 Pinduoduo..................................B12
Albertsons.....................................A1
H Publicis Groupe.....................B10
Alphabet................................B1,B11 Hess....................................................B1 S
Altria...............................................B12 I Salesforce.....................................B4
Amazon.com......................A1,B12 Interpublic..................................B10 Samsung Electronics........B10
Ancora..............................................B3
Apple.........................................B1,B11
Intuitive Machines................A2 Semiconductor BY SIMON CLARK Rothschild, over the scope of
ASML.............................................B12 J Manufacturing the family’s interests. Jacob
International.........................B12
Avis Budget...............................B11 JPMorgan Chase..................B10
Shell....................................................B1
Jacob Rothschild, a promi- proposed a merger with an-
B K Snap.................................................B11 nent member of his family’s other London bank, S.G. War-
Berkshire Hathaway..........B11 KKR.....................................................B3 SRS Investment banking dynasty who wielded burg, which would have re-
BioAge Labs................................B2 Kroger................................................A1 Management........................B11 power in the spheres of fi- sulted in the family losing
Boeing..............................................B6 Kyverna Therapeutics.........B1 Starbucks.......................................B3 nance and philanthropy, has control.
Booking...........................................B2 L T
Brave Software........................B4 died at 87. “Two Rothschilds on the
Latigo Biotherapeutics......B2
British American Tobacco Li Auto............................................B4
Tesla...........................................B1,B4 The Rothschild Foundation, scene gives rise to utter con-
Texas Roadhouse...................B3
.............................................................B12
M Tokyo Electron.......................B12
a charitable group, announced fusion,” Evelyn de Rothschild
Broadcom......................................B3 his death on Monday. declared in 1980.
BYD....................................................B4 McDonald’s...................................B3 V
Meta Platforms.........A1,B1,B4 Jacob Rothschild, a fixture That year, Jacob Rothschild
C Vertex Pharmaceuticals...B2
Microsoft..............................B1,B10 of London’s financial firma- left N.M. Rothschild. He led
CG Oncology...............................B2 W
Chevron............................................B1
Mistral AI.......................................B1 ment, battled with family the development of the sepa-
MPM BioImpact......................B2 Walmart..........................................A1
Chipotle Mexican Grill.......B3 Walt Disney........................B4,B6
members over rate Rothschild Investment
Citigroup......................................B10 N the future of Trust, a fund that raised
Cnooc.................................................B1 Netflix.............................................B11
Warner Bros. Discovery...B6 OBITUARY
Wayfair.........................................B12 JACOB the Roth- money outside the family and
D-E News Corp...................................B6
NIO......................................................B4
WPP................................................B10
ROTHSCHILD schild’s bank- acquired a range of assets
Dell Technologies................B10 X ing businesses. spanning oil companies and
Domino's Pizza...............B3,B11
Norfolk Southern....................B3 1936-2024
Eli Lilly.............................................B2
Nvidia........................A1,B1,B4,B11 XPeng...............................................B4 He maintained hotels. The fund was later re-
Etsy..................................................B12 O-P Y a network of named RIT Capital Partners.
Expedia............................................B2 Omnicom.....................................B10 Yum Brands................................B3 influential friends and associ- Another arm of the business
ates through his long career became the British wealth-
and philanthropic activities management company St.
INDEX TO PEOPLE that spanned Jewish causes
and the arts.
James’s Place.
In 2012, RIT struck a deal
Rothschild served as a to buy a stake in Rockefeller

RONEN ZVULUN/REUTERS
A Greenbaum, David.................B4 Musk, Elon...................................A8 member of the council of then Financial Services, after talk-
Altman, Sam..............................B4 Greenfield, Matthew...........B4 Nollen, Tim................................B10 Prince Charles’s Duchy of ing for years with his old
Amin, Tarang...........................A10 Guo, Sarah...................................B4 Olczak, Jacek............................B12
Gwinn, Blake..............................B2 Pass, Michael de.....................B1 Cornwall estate and as deputy friend David Rockefeller, the
Anderson, Richard.................B3
Arthur, Doug..............................B6 H R chairman of Rupert Murdoch’s scion of another wealthy fam-
B Healy, John.................................B11 Raghavan, Viswas..............B10 U.K. satellite broadcaster ily, about working together. In
Babej, Peter..............................B10
Huang, Jensen....................A1,B1 Read, Mark................................B10 BSkyB. He was close to former 1989, he backed an abortive
Barber, Jim Jr............................B3 K S U.S. Secretary of State Henry Rothschild & Sons, the family decades the Rothschilds be- $21 billion hostile bid by the
Bardon, Christiana.................B2 Krakowsky, Philippe...........B10 Sadoun, Arthur......................B10 Kissinger. bank in London, in 1963. came one of the world’s corporate raider James Gold-
Bondy, Brian...............................B4 L Sarma, Karthik........................B11 Lord Rothschild was born The Rothschild family trace wealthiest and most powerful smith for the company now
Boychuk, Jamie........................B3 Lacroix, Timothée..................B4 Saxe, Jordan................................B1 on April 29, 1936, in Berkshire, the origins of their name to a banking families, financing in- known as British American
Boyd, Eric......................................B4 Shah, Niraj.................................B12
Buffet, Warren.........................B4
Lample, Guillaume................B4 England. He attended Eton house in Frankfurt’s Jewish dustrialists, monarchs and Tobacco.
Lewis, Caroline.......................B10 Shaw, Alan...................................B3
Burns, Michael.......................B10 Lockhart, Michael...................B3 Silverman, Josh.....................B12 College before studying his- ghetto occupied by their 16th- governments. Rothschild was chairman of
C-G M-P Stagliano, Nancy.....................B2 tory at the University of Ox- century ancestors. A sign During the Napoleonic the U.K.’s National Gallery
Case, Tom......................................B1 V-Z ford. In 1961 he married Ser- hung outside of a red shield— Wars, the London branch from 1985 to 1991. He served
Maag, Peter.................................B1
Choi, Brian..................................B11 Meneret, David.......................B11 Vachhani, Aakar....................B10 ena Mary Dunn. They had zum roten Schild. smuggled gold across the Eng- for almost 30 years as chair-
Daniels, Mitchell Jr...............B3 Mensch, Arthur.........................B1 Weiner, Russell.........................B3 three daughters—Hannah, Two centuries later, Mayer lish Channel to finance the man of Yad Hanadiv, the fam-
Devnani, Nikhil.......................B12 Miles, Amy...................................B3 Wirth, Mike................................B11 Beth and Emily—and a son, Amschel Rothschild—Jacob’s Duke of Wellington’s troops. ily foundation that funded the
Ellison, Larry..............................A8 Minnihan, Erica Duignan Wren, John................................B10
Ferrazzi, Keith.........................A10 .............................................................B10 Yee, Michael................................B2
Nathaniel. His wife died in great, great, great, great In the late 1970s, Roth- building of the Israeli parlia-
Fraser, Jane..............................B10 Moore, Stephanie.................B11 Yeo, Danny................................B10 2019. grandfather—founded a bank schild clashed with his father, ment and supreme court in
Granet, Jason............................B2 Murdoch, Lachlan..................B6 Zuckerberg, Mark...................A8 Rothschild joined N.M. in Frankfurt. In the following Victor, and a cousin, Evelyn de Jerusalem.

Bond Trade Expedia to Cut

penses in the federal budget. funds have pulled cash out of the type of environment peo-
For now, the U.S. has been reverse repo and back into ple usually want more Trea-
able to keep investors happy. the economy, counteracting surys.”

Losing Key In November, the Treasury De-

partment maneuvered around
buyers’ concerns over the lim-
that tightening. Officials are
eager to avoid reserves be-
coming substantially scarcer,
Much of the reverse-repo
flows are also a function of
the record cash investors have
Workforce by 9%
Stabilizer its of investor demand for which would increase the risk plowed into money-market

Amid Overhaul
long-dated Treasurys by sell- of snafus in the multitrillion- funds, which now hold more
ing an unusually large amount dollar cash markets that can than $6 trillion in assets. Lim-
of bills, allaying market fears cascade into the broader fi- ited to highly rated short-term
Continued from page B1 that demand for U.S. debt was nancial system. Lehman investments such as Treasury
less, surged during the pan- waning. Brothers’ collapse in 2008, bills and repurchase transac-
demic and then again in 2023. Fed officials have viewed the Fed’s attempt at quantita- tions, money funds parked a
There is now nearly $6 trillion lower use of the reverse repo tive tightening in 2019 and chunk of those inflows at the BY SABELA OJEA after the company’s forecast
of T-bills in the market, up facility as a the onset of Fed. They now earn a 5.3% an- for travel reservations disap-
from less than $2 trillion at positive sign Covid-19 are all nualized rate overnight with Expedia is reducing its pointed the market.
the end of 2017. that excess top of mind. the safest counterparty global head count by 1,500 Expedia’s restructuring
That might seem like a cash is making Decline of the The Fed is ex- around. employees, or roughly 9%, as move follows the news of the
technical development, but it its way to more facility is seen pected to slow Blake Gwinn, RBC Capital part of its organizational and coming departure of Peter
is anything but for players in attractive op- the pace of Markets’ head of U.S. rates technological transformation. Kern, who has served as chief
the global bond market. All portunities in as a sign excess quantitative strategy, said he expects The online travel company executive since 2020, after the
this short-term debt will need the market. tightening this roughly $100 billion to $200 on Monday said it expects to company reported lower-than-
to be refinanced at higher Once reverse
cash is moving year so it can billion to remain in the Fed’s book pretax charges and cash expected gross bookings in the
rates at the same time the Fed repo has mostly elsewhere. watch for po- reverse repo facility over expenditures of $80 million to December quarter.
has been lifting benchmark in- drained, the tential strains. time. Should the Fed cut $100 million as a result of the On Feb. 8, the company
terest rates. While selling bills Fed expects the Not everyone rates, it will immediately be- cuts. posted a net profit of $132
allows the government to banking system thinks a gin paying less to reverse The company has already million, or 92 cents a share,
raise cash quickly, the bills to begin losing reserves. A smaller reverse repo cash pile repo investors. Having a started to notify employees af- from $177 million, or $1.11 a
soon come due, forcing diffi- bank uses reserves, a form of is much of an issue. source of overnight cash is fected by the restructuring share, a year earlier. Analysts
cult decisions on how to raise electronic cash, to manage “Bills can be a plug for the another plus. program. As of Dec. 31, Expe- polled by FactSet expected
funds again. transactions between itself, its government, as financing “The Treasury takes a very dia had 17,100 employees per-share earnings of $1.12.
Many bond investors say customers, other banks and needs move around based on long time horizon—they’re across more than 50 coun- Expedia’s gross bookings
the Treasury Department will the central bank. tax collections and spending thinking about how much it’ll tries. rose 6% to $21.67 billion in the
eventually have to come to While the central bank has needs,” said Jason Granet, cost to fund the government Last week, shares of com- quarter, but came below ana-
grips with how it plans to pay been trying to tighten bank- chief investment officer at over a 10- to 30-year period,” petitor Booking Holdings fell lysts’ estimates of $22 billion.
its bondholders over the long ing conditions to help cool BNY Mellon. “Even if you get a said Gwinn. “I don’t think
haul, as interest payments be- the economy and therefore recession that demands more they’re very concerned about
come one of the largest ex- inflation, money-market government spending, that’s losing demand for bills.”

Investors For a Company

Flock Back This Old, We Move
To Biotech Pretty Fast.
Continued from page B1
Some closed.
Fortunes began changing at
the end of last year, when big
pharmaceutical companies
made a flurry of deals and in-
vestors anticipated cuts to in-
terest rates. Pent-up demand
also contributed.
“We’re on a reasonable pace
to definitely exceed last year,
which is a low, low bar,” said
Christiana Bardon, co-manag-
ing partner of biotechnology
BIOAGE LABS

investment firm MPM BioIm-

pact, about initial public offer-
ings of stock.
The kinds of companies BioAge Labs, which specializes in obesity drugs, announced $170 million in new funding.
drawing interest from inves-
tors have changed from earlier clinical trial phase, raised pany benefited from recent If the money that flowed
periods. Now, investors are about $180 million in net pro- positive late-stage study re- into biotech keeps up the
looking for companies further ceeds during its market debut sults for a separate nonopioid pace, follow-on financing dur-
along in developing their treat- shortly after. pain-drug candidate from Ver- ing the rest of the quarter
ments—ones with drug candi- Biotechs working in buzzy tex Pharmaceuticals that is could beat the $11 billion gar-
dates in later-stage human areas are also attracting inter- part of a new class of medi- nered in the first quarter of
testing and results from the est. BioAge Labs, a clinical- cines targeting molecular 2021, the highest quarter in
studies coming relatively soon. stage biotech specializing in mechanisms involved in feeling recent years, said Jefferies
CG Oncology, which has a drugs for obesity and metabolic pain. biotech analyst Michael Yee.
bladder-cancer treatment in diseases and working with Eli “When we started the com- Still, investors caution When you’ve been
late-stage trials, raised about Lilly, announced $170 million pany, there was still a good these early signs of im-
$400 million in net proceeds in new funding on Feb. 13. amount of risk around the tar- provement might not mean around this long,
during its IPO last month. The Latigo Biotherapeutics was get and around these pathways biotech is entirely out of you build a reputation.
first biotech to go public in launched in mid-February with in general,” Stagliano said. the woods. Optimistic sen-
2024, the company raised more $135 million in funding for its “Now, with time, and with the timents could shift because
Learn about ours.
than it had expected. ArriVent nonopioid painkillers in devel- advancement of the Vertex pro- of potentially slower-than-
BioPharma, a biotech with a opment. Nancy Stagliano, chair gram, that risk has been re- expected cuts to interest
lung-cancer drug in the final of Latigo’s board, said the com- duced.” rates this year.
THE WALL STREET JOURNAL.
Railroad Makes Move to Counter Activists
Norfolk Southern
taps two new board
hopefuls amid proxy
fight targeting CEO
BY LAUREN THOMAS
Norfolk Southern is plan-
ning to refresh its board as it
seeks to fend off a share-
holder-activist group waging a
proxy battle against the rail-
road operator.
The company on Monday
revealed a slate of 13 board
nominees, including two new
candidates—Richard Ander-
son, the former chief execu-
tive of Amtrak and Delta Air
Lines, and Heidi Heitkamp, a
former U.S. senator from
North Dakota.
The Wall Street Journal re-
ported this month that an in-
vestor group led by Ancora
Holdings built a roughly $1
billion stake in Norfolk South-
ern and planned to wage a
campaign to shake up the
company’s board and replace
CEO Alan Shaw.
Last week, Ancora revealed
its slate of eight director can-
didates that included former
Ohio Gov. John Kasich. It pro-
posed a new management
team, including former United
Parcel Service Chief Operating
Officer Jim Barber Jr. as CEO,
and former CSX executive Ja-
mie Boychuk as COO.
Norfolk Southern said in its
proxy materials that it has ex-
pressed concerns over
whether Boychuk could fill the
role, given that he still has a
noncompete agreement with
his prior employer. It has also
warned against his reputation
in the industry for extreme
cost-cutting. The company
said it is standing behind
Shaw, who became CEO in
2022, and his strategy.
“It is imperative the com-
pany continues to execute on
its strategy, without interrup-
tion or interference,” Norfolk’s
independent board chair, Amy
Miles, said.
Norfolk Southern believes
KKR to Pay $4 Billion to Acquire
Broadcom Computing Division
BY WILL FEUER
KKR said it agreed to buy
Broadcom’s end-user comput-
ing division for about $4 bil-
lion, a deal that will see
Broadcom divest itself of a
unit it inherited through its
$69 billion acquisition of VM-
ware.
Domino’s Stock Rises as Orders Grow
BY HEATHER HADDON
Domino’s Pizza has two
welcome words for investors:
orders up.
The world’s biggest pizza
company by stores and sales
said Monday that its U.S.
same-store sales grew 2.8% in
the three months ended Dec.
31 compared with the same
period the year before. Both
domestic delivery and carry-
out orders increased during
the period, the chain said.
Domino’s shares jumped
nearly 6% in Monday’s trading.
Domino’s Chief Executive
Officer Russell Weiner said
U.S. sales benefited from im-
proved service times, a new
loyalty program providing
deals sooner, and revamped
advertising.
“[Our] strategy is already
delivering results,” Weiner
said during an earnings call.
Domino’s struggled with a
decline in delivery orders as it
strained to fully staff its
stores, while Americans
cooked more at home.
Many restaurant chains this
earnings season said their or-
ders are declining as consum-
ers pull back on eating out,
particularly low-income con-
sumers struggling with a rise
in food prices.
A handful of chains, includ-
ing Chipotle Mexican Grill
and Texas Roadhouse, re-
ported an increase in cus-
tomer counts last quarter.
Domino’s on Monday re-
ported earnings per share of
$4.48 for the fourth quarter,
exceeding expectations of ana-
lysts polled by FactSet. Dom-
ino’s said a rise in orders
boosted earnings, while higher
insurance costs and labor ex-
The railroad, which is being challenged by Ancora Holdings, nominated (below) former Sen. Heidi Heitkamp and former Amtrak CEO Richard Anderson for its board.
Ancora’s strategy is short-
sighted and could threaten re-
cent progress following the
derailment of a train carrying
toxic cargo last year in Ohio.
A spokesperson for the An-
cora-led investor group said it
believes Shaw and the Norfolk
board “have no credible plan
and no viable record to run
on.” It also said Anderson pre-
sided over numerous safety
incidents at Amtrak and “has
no place on the board.”
The Atlanta company,
which has complained of a
“stubbornly weak freight mar-
ket,” said it focused on safety
and service for much of 2023
and is aiming to improve pro-
ductivity this year.
Norfolk Southern already
The end-user computing di-
vision allows organizations to
deliver and manage applica-
tions, desktops and data
across devices and platforms,
KKR said. The business will
become a stand-alone com-
pany once the deal closes and
will continue to be run by its
existing management team.
Domino’s same-store sales,
change from a year earlier
15%
10
4Q 2023
5
+2.8%
0
-5
2021 ’22 ’23
Sources: the company (sales); FactSet (performance)
penses as a result of growing
wage rates dragged on profit.
Revenue for the quarter
was $1.4 billion, up 1% year
over year, but below analysts’
expectations. Net income was
$157 million for the quarter,
down around 1% from a year
earlier.
Domino’s increased its
quarterly divi-
dend by 25% to
$1.51 a share.
The com- A number of
pany’s board of fast-food chains
directors this
month ap- have said
proved up to $1
billion in addi-
their orders
tional share re- are declining.
purchases.
Domino’s re-
affirmed its
long-term guidance given in
December of at least 7% an-
nual global retail sales growth
and a net increase in 1,100
stores globally per year.
The company expects U.S.
same-store sales to grow more
NY Tuesday, February 27, 2024 | B3
BUSINESS NEWS
CLOCKWISE FROM TOP: GENE J. PUSKAR/AP; STEPHEN VOSS FOR THE WALL STREET JOURNAL; DAN KOECK FOR THE WALL STREET JOURNAL
tors in North America by reve- road Administration, said in a
nue. It operates across the public letter addressed to
eastern U.S. in 22 states and Shaw last week.
in Washington, D.C. The com- Ancora has said it wants
pany’s market capitalization the company to be a “safer,
currently stands at roughly more sustainable railroad that
$58 billion. is growing profitably while
Several railroad regulators also yielding more stability for
and one union group have said customers and employees.”
a change in leadership at Nor- Ancora is expected to publish
folk Southern could hurt re- more details of its strategy in
cent efforts to make safety a the coming weeks.
priority. The battle at Norfolk South-
“Any backsliding, as a re- ern is one of a number of
sult of a change in leadership proxy fights headed for share-
or otherwise, on the safety- holder votes in the spring as
oriented path you have laid the season for activists to agi-
added two new members to its meeting. A date for the meet- out and communicated to us tate at companies kicks into
board last year. Two current ing hasn’t been set, but is typ- will likely attract renewed high gear. Proxy fights are also
members—Mitchell Daniels Jr. ically in the spring. oversight attention from my playing out at Walt Disney Co.,
and Michael Lockhart—are set Norfolk Southern is among office,” Amit Bose, an admin- Starbucks and Macy’s, to name
to retire at this year’s annual the five largest railroad opera- istrator at the Federal Rail- a few companies.
KKR said it plans to pursue
new strategic partnerships for
the business while expanding
research-and-development ef-
forts. KKR also said it plans to
invest in go-to-market func-
tions with a focus on cus-
tomer relationships.
KKR said it expects the deal
to close this year.
Share and index performance
over the past year
60%
Domino’s
50
40
30
20
10
S&P 500
0
–10
March 2023 ’24
than 3% this year, aided by its
loyalty program and a new
deal with Uber Eats. Domino’s
is now listed on Uber Eats
across its U.S. stores, the com-
pany said.
Domino’s said that the con-
flict in the Middle East and
declines in some European
countries, particularly France,
contributed to a
slowdown in in-
ternational
sales growth.
M c D o n a l d ’s ,
Yum Brands
and Starbucks
also reported a
decline in
same-store
sales last quar-
ter as a result
of Israel’s war
against Hamas.
The chain expects U.S.
prices to increase slightly this
year, and a bit more in Califor-
nia where the state is increas-
ing minimum wages for fast-
food workers in April.
 B4 | Tuesday, February 27, 2024
BYD Debuts
A $233,000
Sports Car
World’s largest EV
maker’s high-end
Yangwang brand
shows second model
BY SHERRY QIN
BYD’s launch of a $233,000
sports car underscores the Chi-
nese electric-vehicle maker’s
ambitions to boost its market
share across the buying spec-
trum, and its hopes that luxury
models can lift its bottom line.
On Sunday the world’s larg-
est EV maker by sales rolled
out the U9, its costliest model
yet and the second under its
premium Yangwang brand.
Warren Buffett-backed BYD
targets deliveries for mid-2024.
At a launch event, it demon-
strated a suspension system
that can lift each corner inde-
pendently and touted a top
speed of 309 kilometers an
hour, or about 192 mph, and a
0-100 kph time of 2.36 seconds.
Best known in China for
budget-friendly cars, BYD is
QILAI SHEN/BLOOMBERG NEWS
BYD foresees beginning deliveries of the Lamborghini-esque,
two-door U9, its costliest model so far, in the middle of 2024.
Millions to
get there
minutes faster?
Go inside the supercharged race between
Amazon, Target and Walmart to see how
each retail giant is competing to shave
hours — even minutes — off deliveries.
With these companies investing in fast and
free shipping, we’ll unpack the different
strategies — and the challenges they will
face along the way.
WAT C H
SHIPPING WARS NOW
©2024 Dow Jones & Co. Inc. All rights reserved. 3DJ8870
seeking to capture more of the
high-end market even as EV
sales slow globally and com-
petitors in China trim prices to
attract consumers concerned
about the state of the economy.
BYD this month said it
plans to unveil several luxury
vehicles in 2024 and beyond.
A recent Normura research
note said BYD guidance calls
for 20% of revenue this year
to come from luxury brands,
up from 12% in 2023.
BYD’s sales have been ris-
ing as it rolls out new models
and cuts prices, helping it de-
throne Tesla as the world’s
biggest EV maker in the final
quarter of 2023. It has plans
to launch new models with
potentially lower pricing un-
der the BYD brand this week.
BYD’s stock has yet to ben-
efit, with China’s markets
roiled by economic worries.
After BYD on Sunday proposed
doubling a share buyback, its
Shenzhen-listed shares gained
1.8% Monday, but they are
down 6.1% this year and 30%
over the past 12 months.
TECHNOLOGY
Li Auto’s improvement in the latest quarter came despite a continuing price war in China with competitors. The Beijing-
based automaker said it expects to deliver between 100,000 and 103,000 vehicles in the first quarter of 2024.
Li Auto Sees Softer Sequential Sales
After Profit Surges Year Over Year
BY JIAHUI HUANG
Chinese electric-vehicle
maker Li Auto expects a se-
quential drop in deliveries in
the first months of 2024, com-
ing after a blockbuster quarter
in which sales and profit more
than doubled during the tail
end of 2023.
The Beijing-based company
on Monday said its fourth-
quarter revenue more than
doubled from a year earlier to
41.73 billion yuan, or about
$5.8 billion, beating consensus
estimates for 40.20 billion
yuan in a poll of analysts by
data provider FactSet. Deliver-
ies of Li Auto’s popular sport-
utility vehicles and other cars
nearly tripled from a year ago
to 131,805 units.
Net profit was 5.66 billion
yuan, up from 256.9 million
yuan a year ago and 2.82 bil-
lion yuan in the third quarter.
The improvement came de-
spite a continuing price war in
China with competitors such
as Tesla, BYD, Nio and XPeng.
The company’s fourth-quarter
gross margin increased to
23.5% from 22% in the prior
quarter.
Li Auto said it expects to
deliver between 100,000 and
103,000 vehicles in the first
quarter of 2024, which would
be its lowest amount since the
Head of Live-Action Movies
At Disney Studio Steps Down
BY BEN GLICKMAN
Sean Bailey, who has over-
seen live-action movies for
Walt Disney’s namesake stu-
dio since 2010, will step down.
Disney said Monday that
Bailey would be succeeded by
David Greenbaum, former co-
president of Disney’s Search-
light Pictures. Greenbaum
would take on the new role of
president of Disney live action
AI Startup
Challenges
Tech Titans
Continued from page B1
needed to pay for the electric-
ity those chips consume.
Mistral, named for a strong
wind that blows from France, is
founded in part on the idea that
a lot of that money is wasted.
Mensch has spent much of
his life figuring out how to
make AI and machine-learning
systems more efficient. Early
last year, he joined forces with
co-founders Timothée Lacroix,
32, and Guillaume Lample, 33,
then at Meta Platforms’ artifi-
cial-intelligence lab in Paris.
Together, they are betting
that their small team can out-
maneuver Silicon Valley titans
by finding more-efficient ways
to build and deploy AI systems.
And they want to do it in part
by giving away many of their
AI systems as open-source soft-
ware. “We want to be the most
capital-efficient company in the
world of AI,” Mensch said.
On Monday, Mistral unveiled
an AI model called Mistral
Large that Mensch said can per-
form some reasoning tasks com-
parably with GPT-4, OpenAI’s
most-advanced language model,
and Google’s new Gemini Ultra.
Mensch said his new model
cost less than €20 million, the
equivalent of roughly $22 mil-
lion, to train. By contrast, Ope-
nAI Chief Executive Sam Alt-
man said last year after the
release of GPT-4 that training
* * THE WALL STREET JOURNAL.
second quarter of last year. It
guided for revenue of 31.25
billion yuan to 32.19 billion
yuan, down from the previous
quarter but up from a year
earlier.
Monday’s results also
showed Li Auto’s first annual
net profit, with a bottom line
of 11.70 billion yuan roundly
beating expectations of 8.91
yuan billion in a FactSet poll.
Total revenue in 2023 more
than doubled to 123.85 billion
yuan.
Li Auto’s 2023 vehicle mar-
gin came in at 21.5%, rising
from 19.1% a year earlier. Its
2023 capital expenditure was
6.51 billion yuan.
and 20th Century Studios.
The entertainment giant
said that Greenbaum, in the
newly created role, would lead
a “combined studio group”
which would allow for greater
collaboration on the com-
pany’s production slate.
The executive reshuffle
comes as Disney faces pres-
sure from activist investors.
Activist Nelson Peltz has
called on the company to im-
his company’s biggest models
cost “much more than” $50
million to $100 million.
In addition to Microsoft,
Mistral also has teamed with
and sold small stakes to other
companies, including enter-
prise-software company Sales-
force and Nvidia, maker of the
most powerful graphics pro-
cessing units used to build AI
systems like Mistral’s.
Brave Software made a
free, open-source model from
Mistral the default to power its
web-browser chatbot, said
Brian Bondy, Brave’s co-
founder and chief technology
officer. He said Brave finds the
quality comparable with pro-
prietary models, and Mistral’s
open-source approach lets
Brave control the model locally.
Eric Boyd, corporate vice
president of Microsoft’s AI
platform, said Mistral presents
a test of how far clever engi-
neering can push AI systems.
Mensch attended some of
France’s top schools for mathe-
matics and machine learning. A
through-line has been trying to
make things more efficient. For
his doctorate, he worked on
scaling up software for analyz-
ing 3-D brain images.
Mensch joined the Google AI
unit then called DeepMind,
where he worked on the team
building so-called large lan-
guage models, the type of AI
system that would later power
ChatGPT. By 2022, he was a lead
author of a paper about a new
AI model, Chinchilla, that
changed the field’s understand-
ing of the relationship among
the size of an AI model, how
much data is used to build it
and how well it performs,
known as AI scaling laws.
WSJ.com/Tech
LI BO/XINHUA/ZUMA PRESS
Li Auto quarterly revenue
40 billion yuan 4Q 2023
41.73B
30
20
10
0
2021 ’22 ’23
Note: 1 billion yuan = $139 million
Sources: S&P Capital IQ; the company
prove its streaming margins
and review creative processes
at its studios.
Searchlight Pictures would
still be led by president Mat-
thew Greenfield, who stepped
into the position with Green-
baum in 2021.
Disney said that Bailey
would continue as a producer
on the company’s “Tron:
Ares” movie and other proj-
ects.
“Who better to challenge the
world’s understanding of scal-
ing laws than one of the people
who helped define them?” said
Sarah Guo, an early investor in
Mistral through her venture-
capital firm, Conviction.
As the AI race heated up in
2022, Mensch said he was dis-
appointed that big, private AI
labs started sharing less with
the wider research community.
Once ChatGPT launched, there
was a race within Google to
match it. Mensch said the team
he worked on went from 10
people to 30 and then 70.
“I think I left just before it
got too bureaucratic for me,”
Mensch said. “I didn’t want to
build opaque technology from
within big tech.”
Mistral’s initial pitch docu-
ment to investors last spring
decried an “oligopoly shaping
up” led by U.S. companies that
sold proprietary models.
For Mensch and his co-
founders, releasing their initial
AI systems as open-source was
an important principle. It was
also a way to get noticed by de-
velopers and potential clients
eager for more control over the
AI they use. Mistral’s most-ad-
vanced models, including the
one unveiled Monday, aren’t
available open source.
“We want to invent new
things, new architectures,”
Mensch said, “and we still
want to have something to sell
extra to our customers.”
Watch a Video
Scan this code
to see how AI
is transforming
air-traffic control
towers.
B6 | Tuesday, February 27, 2024 THE WALL STREET JOURNAL.

BUSINESS NEWS

Panel Says Boeing Safety Efforts Fall Short

After their review, crashed in 2018 and 2019 and
took 346 lives. Accident inves-
industry, government tigators blamed the MAX
experts offer list of crashes largely on a faulty
flight-control system that pi-
53 recommendations lots initially didn’t know about
and weren’t specifically
BY ANDREW TANGEL trained to counteract during
in-flight emergencies.
Boeing’s push to improve The report faulted Boeing
its safety culture after two as falling short with its atten-
737 MAX crashes is falling tion to so-called human fac-
short, according to a panel tors in engineering, which fo-
tasked with reviewing the cus on how pilots work with
plane maker’s practices fol- the planes they are flying. The
lowing the accidents. report blamed various corpo-
The independent panel es- rate decisions for the waning
tablished by the Federal Avia- influence of the company’s hu-
tion Administration found a man-factors specialists. Boe-
disconnect between Boeing’s ing is also failing to include
senior management and oth- adequate pilot input in air-
ers at the company over craft design or other high-
safety matters. A panel report level decisions, according to
issued on Monday also cited the panel.
insufficient safeguards to pre- The FAA and Boeing each
vent retaliation against em- said they would review the re-
ployees who flag safety issues. port. The agency said it would
The January blowout of a hold Boeing to the highest

DAVID RYDER/BLOOMBERG NEWS

door plug on an Alaska Air- safety standard. Boeing said it
lines 737 MAX 9 occurred as has taken steps to foster a
the panel was finishing its re- safety culture “but there is
port. The report didn’t ad- more work to do.”
dress that or other specific is- Boeing created an aero-
sues that arose but said: space safety committee on its
“These quality issues ampli- board and reorganized how it
fied the expert panel’s con- The Boeing review was mandated after the two 737 MAXs crashed in 2018 and 2019; 737 fuselages in Renton, Wash. handles engineering and
cerns that the safety-related safety matters to reduce busi-
messages or behaviors are not recommendations. They in- dure to protect employees they feel undue pressure from particularly with regards to ness pressures. In 2021, the
being implemented across the clude expanding systems for against retaliation. company management. Boeing salary and furlough ranking,” company agreed, in response
entire Boeing population.” factory workers to voluntarily The Federal Aviation Admin- has said it has made changes to according to the report. to a shareholder lawsuit, to
The panel, composed of report safety problems. The istration regularly delegates prevent such interference. Even The Boeing safety review add a safety expert to its
government and industry ex- panel also recommended cre- some tasks to Boeing employ- so, there are still “opportuni- was mandated by a law en- board and launch an ombuds-
perts in aviation, issued 53 ating an investigation proce- ees, who have at times said ties for retaliation to occur, acted after the two 737 MAXs man program.

For Its Streaming Playbook, Fox News Nvidia Is Job applications between
September and February,
change from a year earlier

A Popular
Turns to Stars and Documentaries
175%

150

Employer 125
Semiconductor
Other
industries
BY ISABELLA SIMONETTI 100
Continued from page B1
On “The Five,” Fox News’s 2023, according to Handshake, 75
roundtable show, Jeanine Pirro an early-career jobs platform.
rips on President Biden and Being hired takes technical 50
urges Taylor Swift not to en- acumen. Among the roughly
25
dorse him. On Fox Nation, the 1,800 job openings listed by the
network’s streaming service, company are engineering roles 0
she raves about the views and in areas such as AI storage,
Internships Full-time
amenities of five-star hotels on deep learning and behavior jobs
“Life of Luxury With Judge planning for autonomous vehi- Source: Handshake
Jeanine.” cles with base pay that ranges
That contrast is all part of from $144,000 to $414,000. its dominance in AI.
the plan. Many jobs call for a Ph.D., and “I think the interest will
Fox is positioning the the company requires that grow even higher,” she said.
streaming service to comple- some applicants know multiple “It’s the uniqueness of the
DEEP IN THE HEART FILM/EVERETT COLLECTION

ment its flagship TV channel programming languages. work that they do.”
rather than be a replica of it. After four rounds of inter- People who have spent time
Fox Nation, which costs $5.99 a views in 2022, Himanshu with the company describe an
month, is veering away from Agrawal says he turned down intense but collaborative cul-
hard news and luring subscrib- an Nvidia offer that included ture with high expectations
ers with documentaries, series restricted stock units that av- even for early-career hires.
and comedy specials that ap- eraged about $150 a share. “It attracts the sort of peo-
peal to conservatives and fea- Though he has been happy as a ple who are humble, have hu-
ture Hollywood stars like Mat- software-development engi- mility, but also are almost like
thew McConaughey. neer at a competitor, the 23- rats in a maze,” said Debparna
Fox is taking a starkly dif- year-old said he can’t help but Pratiher, who worked in prod-
ferent approach from its rivals ‘Deep in the Heart,’ a series about Texas wildlife that is narrated by Matthew McConaughey. think about what he is missing. uct management at Nvidia for
as cable-news channels try to “I’m feeling a little bad that two years before co-founding
figure out the right business some news content, but of that.” about Yellowstone National I don’t have the stock in my software company Quest Labs
model to offset consumers in- doesn’t have feeds from major Fox said earlier this month Park featuring Kevin Costner, portfolio right now,” he said. AI. “Just like running around
creasingly cutting the cable TV cable-news channels. it is joining forces with Walt star of the show “Yellowstone”; looking for cheese, looking for
cord. CNN parent Warner Fox executives say the cable- Disney and Warner to launch a a series about the Boston Tea the next project, looking for the
Bros. Discovery launched a TV business is strong enough to new sports-centric streaming Party narrated by Rob Lowe; Small talent pool next way to jump on things.”
CNN-branded live news service continue powering revenue and bundle that will pool their live and a show about Revolutionary Some of the skills that Nvidia jobs come with
for its Max platform, while profit growth, but note the games. War battles hosted by “Frasier” Nvidia hires for are so niche perks, too. A new headquarters
MSNBC is making much of its company is set up to offer Fox Fox Corp. Chief Executive star Kelsey Grammer. that engineering veterans at includes a bar, and employees
TV lineup available on its par- News in a streaming form if Lachlan Murdoch told inves- Fox Nation bought “Deep in other semiconductor compa- have a take-what-you-like un-
ent’s Peacock service. that becomes necessary. “If tors the goal is to target “cord the Heart,” a series about nies can’t transfer in, said Da- limited vacation policy, plus
Fox doesn’t have a compara- there is a direct-to-consumer nevers,” people who have Texas wildlife that is narrated vid Stone, who runs MRL Con- two “free days” every quarter
ble all-encompassing subscrip- future for the linear channel, never had a traditional pay-TV by McConaughey and will de- sulting Group, which he said when the whole staff has the
tion-streaming service for its Fox Nation is a great place for it subscription. But the service but on the platform in April. has scouted new recruits for same time off to recharge.
news content. Tubi, its free to ultimately be,” said Jason could appeal to existing cable “It’s not just Hollywood,” Nvidia for the past six years.
streaming platform, offers ac- Klarman, Fox News’s chief digi- subscribers and hasten the de- Klarman said of Fox Nation’s Young professionals will be fo-
cess to entertainment and tal and marketing officer. “But cline of the traditional busi- programming choices. “It’s the cused on learning those spe- Boomerangs
sports programming, as well as again, there’s no plans for any ness, media executives said. Hollywood that Fox News cialized skills, “clamoring” to Working at Nvidia can be
The creation of this sports- viewers find aspirational and get in the door, he said. intense because of the pres-
streaming bundle raises the want to connect to.” So small is the available sure to make things work and
ADVERTISEMENT question of whether a similar There are some risks to the pool of talent for some roles deliver, said Aman Kishore, a
model could work for news— strategy of veering away from that the company will move a former senior software engi-
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
something observers say is un-
likely to happen.
news.
CNN, under its previous
job elsewhere to fill it, accord-
ing to Stone. “They will not
neer who left to co-found soft-
ware company Mirage in 2022.
“The audiences are so frag- ownership, tried a similar deviate from their require- “It was a lot of responsibil-
mented,” said Doug Arthur, an strategy in 2022 with CNN+. ments,” he added. ity and a sense of urgency to
BANKRUPTCIES BUSINESS OPPORTUNITIES analyst at Huber Research. “An That $5.99-a-month service Candidates must be excited make things work and figure
audience that wants to watch mostly offered content like to innovate, “contribute to an things out and see how you can
Fox News does not want to “Jake Tapper’s Book Club” and agile environment and create move the needle,” said Kishore,
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF TEXAS Physician Nashville Opportunity watch MSNBC and probably “Parental Guidance With An- a platform for others to do who was hired in 2020. He
HOUSTON DIVISION Physician to sell solely owned accredited the same for CNN.” derson Cooper” rather than a their life’s work,” a company added that the company has
In re CYPRESS CREEK § CASE NO.21-33733 Gyn Ambulatory Surgery Center, including Fox Nation parent Fox Corp. live feed to its highest-profile spokeswoman said, adding numerous boomerang employ-
EMERGENCY MEDICAL § very well established Gynecology practice
SERVICES ASSOCIATION § and Wall Street Journal parent programming. When new own- that Nvidia continues to grow ees, who leave and return be-
in Nashville Tennessee.
DEBTOR
§
§
CHAPTER 11
News Corp. ership came in, CNN+ was can- and hire as it expands in cause there are opportunities
§ The owner will stay to The platform is home to celed after it signed up 150,000 healthcare, automotive and to move around internally.
transition if desired.
LIQUIDATING TRUSTEE’S NOTICE OF BANKRUPTCY shows such as “Yellowstone subscribers in its first few other industries. Kishore was hired via a re-
CASE ANTICIPATED CLOSING Serious inquiries,
reply to. One-Fifty,” a documentary weeks. For college students, Nvidia ferral, which he said was typi-
This is notice of the following:
has now joined other big tech cal for the company, and in-
1. On November 18, 2021, Cypress Creek Emergency LWEB.4@me.com companies—many of which terview questions were highly
Medical Services Association (“CCEMS”) filed the
above-numbered chapter 11 bankruptcy case in Houston, have cut staff recently—as a specific. When he was in-
Texas.
2. On July 8, 2022, the Bankruptcy Court confirmed a Asset Business Sale most-wanted destination, pro- volved in hiring, Nvidia would
chapter 11 plan of liquidation.
3. Pursuant to the confirmed chapter 11 plan, J. Patrick Health Science & Medical fessors and career coaches usually wait no longer than
Magill became and remains the liquidating trustee of
Print & Digital Content say. It hired 40 Carnegie Mel- two weeks from first inter-
the CCEMS Trust ( “Trustee”).
4. Substantially all of the assets of CCEMS and the Distributor to Hospitals, Univ & Gov lon University graduates last viewing a candidate to making
CCEMS have been liquidated or abandoned.
5. Substantially all of the debts of CCEMS have been $25 mill plus revenues year, up from 12 in 2019. At a decision, he added.
paid. 34k sq ft warehouse NE location the University of Washington’s This week, Gary Fowler,
6. The Trustee estimates that the bankruptcy case of
CCEMS shall be closed within the next 30 days. kevin.ream@rittenhouse.com business school, students who has recruited in the semi-
DATED: February 23, 2024. quickly signed up for a two- conductor space for decades,
Respectfully submitted,
day tour of Bay Area compa- presented a job-seeking Nvidia
O’CONNORWECHSLER PLLC
By: ___/s/ Annie Catmull THEMARKETPLACE nies last year when the school candidate to one of his clients.
confirmed a Nvidia site visit. It couldn’t compete on pay,
Annie E. Catmull ADVERTISE TODAY Diana Marculescu, who and said the Nvidia employee
State Bar No. 00794932
aecatmull@o-w-law.com (800) 366-3975 leads the University of Texas would be crazy to leave, given
FOX NATION

4400 Post Oak Plaza, Suite 2360

Houston, Texas 77027 For more information visit: at Austin’s department of the stock performance.
Telephone: (281) 814-5977
wsj.com/classifieds electrical and computer engi- “He could just work a few
ATTORNEYS FOR J. PATRICK MAGILL, IN HIS CAPACITY
AS THE TRUSTEE FOR THE CCEMS LIQUIDATING TRUST © 2024 Dow Jones & Company, Inc. The ‘Yellowstone One-Fifty’ documentary about neering, said landing at Nvidia more years, then retire,”
All Rights Reserved. Yellowstone National Park features Kevin Costner. appeals to students because of Fowler said.
THE WALL STREET JOURNAL. * Tuesday, February 27, 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
39069.23 t 62.30, or 0.16% Trailing P/E ratio 27.38 21.82 5069.53 t 19.27, or 0.38% Trailing P/E ratio * 22.85 17.82 15976.25 t 20.57, or 0.13% Trailing P/E ratio *† 34.12 24.61
High, low, open and close for each P/E estimate * 18.62 17.60 High, low, open and close for each P/E estimate * 21.25 17.92 High, low, open and close for each P/E estimate *† 30.65 24.02
trading day of the past three months. Dividend yield 1.80 2.11 trading day of the past three months. Dividend yield * 1.49 1.71 trading day of the past three months. Dividend yield *† 0.81 0.90
All-time high 39131.53, 02/23/24 All-time high 5088.80, 02/23/24 All-time high: 16057.44, 11/19/21

Current divisor 0.15265312230608

39000 5200 15800

38000 5000 15400

37000 4800 15000

Session high 36000 4600 14600

DOWN UP
Session open Close 65-day moving average
t

35000 4400 14200

Close Open
t

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

Bars measure the point change from session's open

33000 4000 13400
Nov. Dec. Jan. Feb. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 880,399,691 10,695,686
Industrial Average 39245.89 39025.80 39069.23 -62.30 -0.16 39131.53 31819.14 18.8 3.7 8.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 343,877,334 3,624,458
Transportation Avg 15931.84 15834.17 15842.25 -78.77 -0.49 16695.32 13444.01 6.9 -0.4 5.9 Most-active issues in late trading Decl. volume* 522,953,791 6,966,806
Utility Average 847.33 830.99 832.73 -16.32 -1.92 975.39 783.08 -9.7 -5.6 1.5 Volume After Hours Issues traded 2,911 315
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 50744.31 50503.18 50517.03 -139.88 -0.28 50656.91 38697.55 25.5 5.7 7.9 Advances 1,136 137
SoundHound AI SOUN 7,767.6 5.37 -0.38 -6.61 5.86 4.94
Barron's 400 1111.44 1105.21 1108.95 3.15 0.29 1108.95 881.58 12.8 3.4 6.7 Declines 1,689 162
Unity Software U 7,296.6 27.22 -5.82 -17.62 35.00 26.50
Unchanged 86 16
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 5,339.2 505.65 -0.34 -0.07 506.02 505.61 New highs 195 6
Nasdaq Composite 16054.90 15973.90 15976.25 -20.57 -0.13 16041.62 11138.89 39.3 6.4 6.6 Amazon.com AMZN 5,310.6 174.05 -0.68 -0.39 174.73 169.64 New lows 38 11
Nasdaq-100 18014.11 17926.66 17933.33 -4.28 -0.02 18004.70 11830.28 48.7 6.6 11.6 Zoom Video Comms ZM 4,611.3 69.15 6.03 9.56 71.97 63.02 Closing Arms† 0.85 1.80
Verizon Communications VZ 4,500.1 39.65 -0.04 -0.10 42.13 39.61 Block trades* 4,029 113
S&P
-0.38
Grab Holdings GRAB 3,708.4 3.18 -0.01 -0.31 3.19 3.17
500 Index 5097.66 5068.91 5069.53 -19.27 5088.80 3855.76 27.3 6.3 10.0 Nasdaq NYSE Arca
RLX Technology ADR RLX 3,308.4 2.00 … unch. 2.00 1.98
MidCap 400 2868.77 2847.27 2854.48 -3.54 -0.12 2858.02 2326.82 9.6 2.6 4.6 Total volume*5,417,637,592 273,702,620
SmallCap 600 1302.57 1291.02 1295.74 0.26 0.02 1339.63 1068.80 3.6 -1.7 0.4 Percentage gainers… Adv. volume*3,339,073,478 87,032,007
Janux Therapeutics JANX 336.5 32.20 17.10 113.25 33.80 15.10 Decl. volume*1,957,200,539 182,634,298
Other Indexes
PubMatic PUBM 206.6 21.60 5.03 30.36 21.90 16.50 Issues traded 4,459 1,885
Russell 2000 2031.96 2011.86 2028.97 12.28 0.61 2066.21 1636.94 7.0 0.1 -2.7
Advances 2,336 600
NYSE Composite 17659.22 17547.75 17566.61 -49.42 -0.28 17616.02 14599.05 13.4 4.2 5.4 Hims & Hers Health HIMS 2,108.9 12.38 2.13 20.78 12.38 10.25
Declines 1,948 1,254
Value Line 590.22 590.22 590.22 0.0003 0.00005 598.74 498.09 2.8 -0.6 -1.5 Codexis CDXS 210.3 3.81 0.61 19.06 3.85 3.14
Unchanged 175 31
NYSE Arca Biotech 5230.59 5168.83 5225.39 41.45 0.80 5511.46 4544.40 -0.6 -3.6 -3.1
EverQuote EVER 118.7 20.05 2.91 16.98 20.83 17.14
New highs 230 243
NYSE Arca Pharma 1027.48 1020.15 1021.55 -2.39 -0.23 1023.94 791.91 25.5 12.2 14.5 ...And losers New lows 90 20
KBW Bank 96.54 94.77 95.03 -0.84 -0.88 109.65 71.71 -13.1 -1.0 -5.7 Unity Software U 7,296.6 27.22 -5.82 -17.62 35.00 26.50 Closing Arms† 0.70 0.95
PHLX§ Gold/Silver 105.27 104.24 105.19 -1.53 -1.43 144.37 103.31 -6.7 -16.3 -7.0 CarGurus Cl A CARG 190.7 20.86 -3.03 -12.68 24.50 20.00 Block trades* 32,759 1,345
PHLX§ Oil Service 81.01 79.87 80.40 -0.26 -0.32 98.76 69.29 -8.7 -4.1 13.0 SI-BONE SIBN 168.9 18.00 -2.54 -12.37 20.54 16.49 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4683.91 4634.82 4663.47 48.44 1.05 4667.37 2906.29 58.0 11.7 15.0 Workday WDAY 1,131.8 281.86 -25.35 -8.25 326.26 276.23 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.20 13.66 13.74 -0.01 -0.07 26.52 12.07 -34.4 10.4 -21.1 Archer Aviation ACHR 372.1 4.57 -0.35 -7.11 5.05 4.47 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 759.17 –2.01 –0.26 4.4 MicroCloud Hologram HOLO 12.00 5.39 81.54 113.00 1.50 -38.5 Intuitive Machines Cl A LUNR 6.27 -3.32 -34.62 28.87 2.09 -69.0
MSCI ACWI ex-USA 321.35 –0.45 –0.14 1.5 SoundHound AI SOUN 5.75 1.83 46.68 5.95 1.49 83.7 Infobird IFBD 2.76 -1.02 -26.98 87.10 0.43 -96.5
MSCI World 3325.79 –8.25 –0.25 4.9 Krystal Biotech KRYS 157.00 45.67 41.02 162.28 70.51 100.9 Bone Biologics BBLG 2.70 -0.90 -25.00 86.81 2.54 -96.4
MSCI Emerging Markets 1024.11 –4.20 –0.41 0.04 Vroom VRM 13.58 3.63 36.48 225.60 8.11 -83.5 WeTrade Group WETG 2.33 -0.56 -19.38 78.63 2.11 -96.7
Americas MSCI AC Americas 1917.73 –6.43 –0.33 5.7 Root Cl A ROOT 22.76 5.80 34.20 23.71 3.31 357.9 1847 Holdings EFSH 2.80 -0.58 -17.16 169.00 1.22 -98.2
Canada S&P/TSX Comp 21324.31 –88.84 –0.41 1.7 GrShr 2x Long COIN Daily CONL 44.10 10.99 33.19 45.28 5.37 402.4 Minim MINM 3.87 -0.68 -14.95 14.00 0.60 -18.6
Latin Amer. MSCI EM Latin America 2534.04 –0.86 –0.03 –4.8 Lendway LDWY 5.63 1.32 30.67 9.42 4.05 -38.9 Garden Stage GSIW 11.13 -1.87 -14.37 15.99 4.20 ...
Brazil Bovespa 129609.05 190.32 0.15 –3.4 Datasea DTSS 7.10 1.63 29.80 20.29 1.42 -62.1 AtlasClear Holdings ATCH 2.28 -0.36 -13.64 11.90 0.93 -77.6
Chile S&P IPSA 3464.83 10.45 0.30 –0.1 BranchOut Food BOF 2.63 0.60 29.56 6.20 1.10 ... Unusual Machines UMAC 2.90 -0.43 -12.80 4.40 2.32 ...
Mexico S&P/BMV IPC 56194.72 –465.08 –0.82 –2.1 Agiliti AGTI 9.86 2.22 29.06 19.60 5.07 -49.4 Ventyx Biosciences VTYX 5.86 -0.85 -12.67 47.25 1.87 -86.3
EMEA STOXX Europe 600 495.43 –1.82 –0.37 3.4 Carmell CTCX 2.63 0.59 28.92 13.31 1.70 -73.9 Regis RGS 8.30 -1.18 -12.40 29.00 5.70 -69.9
Eurozone Euro STOXX 497.71 –1.40 –0.28 5.0 Celldex Therapeutics CLDX 48.23 10.48 27.76 48.96 22.11 12.0 MoneyHero MNY 2.16 -0.30 -12.20 10.43 0.74 -78.5
Belgium Bel-20 3685.19 –22.29 –0.60 –0.6 Foghorn Therapeutics FHTX 7.54 1.56 26.09 9.97 2.70 28.2 Lucy Scientific Discovery LSDI 2.11 -0.29 -12.05 25.50 1.75 -90.4
Denmark OMX Copenhagen 20 2578.09 –10.69 –0.41 12.9 R1 RCM RCM 13.89 2.79 25.14 18.71 8.87 -2.2 Lytus Technologies LYT 2.95 -0.40 -11.94 57.60 2.73 -93.6
7929.82 CleanSpark CLSK 20.35 3.92 23.86 20.95 2.04 626.8 Monogram Orthopaedics MGRM 2.61 -0.33 -11.22 48.99 2.46 ...
France CAC 40 –36.86 –0.46 5.1
Germany DAX 17423.23 0.02 4.0
Israel Tel Aviv 1942.93
3.90
4.57 0.24 4.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 32557.81 –143.11 –0.44 7.3 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 852.87 –2.10 –0.25 8.4
Norway Oslo Bors All-Share 1460.46 0.43 0.03 –3.9 SoundHound AI SOUN 206,684 968.3 5.75 46.68 5.95 1.49 Agiliti AGTI 31,047 11183 9.86 29.06 19.60 5.07
South Africa FTSE/JSE All-Share 73621.24 –592.15 –0.80 –4.3 Akili AKLI 127,615 82872.7 0.45 104.11 2.08 0.19 Insight Select Incm Fd INSI 663 4568 15.67 -0.19 16.40 14.28
0.08 Charge Enterprises CRGE 118,810 555.3 0.06 8.72 1.32 0.04 VictoryShares THB Mid Cap MDCP 933 4505 27.47 -0.10 27.51 22.20
Spain IBEX 35 10138.40 7.80 0.4
0.03 Tesla TSLA 111,409 0.5 199.40 3.87 299.29 152.37 Aetherium Acqn Cl A GMFI 364 3108 10.95 0.37 11.14 10.32
Sweden OMX Stockholm 917.29 0.30 1.6
Canoo GOEV 105,787 91.0 0.11 -9.16 0.85 0.10 JPM BetaBld US SC Equity BBSC 2,526 2368 60.78 0.60 62.83 48.57
Switzerland Swiss Market 11452.88 –43.88 –0.38 2.8
Turkey BIST 100 9334.13 –40.07 –0.43 25.0 Marathon Digital MARA 104,817 33.6 29.19 21.68 31.30 5.13 A SPAC I Acquisition A ASCA 328 2320 11.00 -0.72 11.98 10.09
U.K. FTSE 100 7684.30 –21.98 –0.29 –0.6 Direxion Dly Semi 3 Bear SOXS 96,137 -4.1 3.98 -2.69 23.98 3.86 VicSh Nasdaq Next 50 QQQN 374 1401 28.39 ... 28.73 22.50
U.K. FTSE 250 19126.92 –52.64 –0.27 –2.9 Ocean Biomedical OCEA 91,483 4725.2 1.91 21.66 12.08 0.52 Natixis Loomis Sayles Foc LSGR 248 1395 31.32 -0.01 31.52 23.49
ProSh UltraPro Shrt QQQ SQQQ 91,422 -24.2 11.15 0.27 42.57 10.84 High Income Secs Fund PCF 826 1162 6.96 6.91 6.96 5.71
Asia-Pacific MSCI AC Asia Pacific 172.78 –0.23 –0.13 2.0
Nikola NKLA 89,125 -12.5 0.72 -5.43 3.71 0.52 JPMorgan US Momentum JMOM 1,044 1131 50.37 ... 50.65 37.19
Australia S&P/ASX 200 7652.80 9.21 0.12 0.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2977.02 –27.86 –0.93 0.1 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16634.74 –91.12 –0.54 –2.4
72790.13
Scan this code
India S&P BSE Sensex –352.67 –0.48 0.8
Japan NIKKEI 225 39233.71 135.03 0.35 17.2 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3171.12 –13.79 –0.43 –2.1 and track most-active stocks,
South Korea KOSPI 2647.08 –20.62 –0.77 –0.3 new highs/lows, mutual funds Currencies
Taiwan TAIEX 18948.05 58.86 0.31 5.7 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1398.14 … Closed –1.3
All are available free at WSJMarkets.com US$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 Thailand baht .02784 35.920 4.5
CREDIT MARKETS Argentina peso .0012840.6501 4.0
Vietnam dong .00004054 24670 1.6
Brazil real .2008 4.9807 2.6 Europe
4.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Canada dollar .7404 1.3507 2.0
.001013 987.17 12.8
Czech Rep. koruna
Denmark krone
.04276 23.387
.1456 6.8694 1.4
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs.
Chile peso
Colombiapeso .000252 3960.85 2.2 Euro area euro 1.0854 .9214 1.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Hungary forint .002787 358.81 3.4
A consumer rate against its New car loan Iceland krona .007251 137.91 1.4
Mexico peso .0585 17.0989 0.8
benchmark over the past year 6.00% Norway krone .0951 10.5111 3.3
Bankrate.com avg†: 7.86% Uruguay peso .02559 39.0750 0.04
Tradeweb ICE 16% Poland zloty .2518 3.9717 0.9
Asia-Pacific Sweden krona .0973 10.2742 1.7
First Command Bank 5.74% Monday Close 5.00
8.50% Fort Worth, TX 888-763-7600 t t 8 WSJ Dollar Index Australiadollar .6541 1.5288 4.2 Switzerland franc 1.1364 .8800 4.6
4.00 China yuan .1389 7.1976 1.2 Turkey lira .0321 31.1221 5.6
t s
Prime rate Firstrust Bank 5.99% One year ago Hong Kong dollar .1278 7.8243 0.2 Ukraine hryvnia .0260 38.4500 0.8
8.00 0
Philadelphia, PA 800-220-2265 3.00 India rupee .01207 82.862 –0.4 UK pound 1.2685 .7883 0.4
s
7.50 PNC Bank 6.94% s Euro Indonesia rupiah .0000640 15634 1.6 Middle East/Africa
t 2.00 –8
New car loan Washington, DC 888-PNC-BANK Yen Japan yen .006636 150.70 6.9 Bahrain dinar 2.6536 .3769 –0.03
7.00 1.00 Kazakhstan tenge .002228 448.88 –1.4 Egypt pound .0323 30.9368 0.02
Eastern Bank 6.99% –16 Macau pataca .1240 8.0630 0.1 Israel shekel .2747 3.6400 1.0
Boston, MA 781-599-2100 1 3 6 1 2 3 5 7 10 20 30 2023 2024
6.50 Malaysia ringgit .2093 4.7770 4.0 Kuwait dinar 3.2495 .3077 0.2
WilmingtonSavingsFundSociety,FSB 6.99% month(s) years New Zealand dollar .6173 1.6200 2.4
MAM J J A S O N D J F Oman sul rial 2.5975 .3850 unch
Wilmington, DE 888-973-7226 maturity Pakistan rupee .00358 279.525 –0.6 Qatar rial .2747 3.640 –0.1
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0179 55.990 1.1 Saudi Arabia riyal .2666 3.7506 0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7438 1.3444 1.9 South Africa rand .0518 19.2917 5.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0007505 1332.37 2.9
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 4.50 l 5.50 5.25 Sri Lanka rupee .0032170 310.85 –4.0
Yield (%) 52-Week Total Return (%) Taiwan dollar .03167 31.579 2.9 WSJ Dollar Index 98.41 –0.05–0.06 2.69
Prime rate* 8.50 8.50 7.75 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.31 5.30 4.55 l 5.40 5.30 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2134.690 4.510 4.480 5.120 3.610 2.292 –3.528
Money market, annual yield 0.51 0.50 0.46 l 0.64 0.42
Five-year CD, annual yield 2.86 2.83 2.75 l 2.87 2.41 U.S. Treasury Long, Bloomberg 3088.330 4.510 4.550 5.280 3.630 –2.717–10.124 Commodities Monday 52-Week YTD
30-year mortgage, fixed† 7.47 7.47 6.75 l 8.28 4.30 Aggregate, Bloomberg 2020.810 4.950 4.920 5.740 4.200 3.348 –3.233 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.76 6.63 6.00 l 7.42 4.24 Fixed-Rate MBS, Bloomberg 1986.540 5.160 5.120 6.050 4.290 2.215 –3.442
Jumbo mortgages, $766,550-plus† 7.53 7.56 6.79 l 8.33 4.32 DJ Commodity 941.24 4.72 0.50 1035.63 930.59 -6.18 -1.73
High Yield 100, ICE BofA 3544.522 7.309 7.363 9.101 7.030 11.098 2.127 Refinitiv/CC CRB Index 273.64 2.81 1.04 290.29 253.85 1.88 3.72
Five-year adj mortgage (ARM)† 6.48 6.44 5.64 l 7.16 3.33
Muni Master, ICE BofA 585.807 3.216 3.222 4.311 2.801 4.996 –0.182 Crude oil, $ per barrel 77.58 1.09 1.43 93.68 66.74 2.51 8.28
New-car loan, 48-month 7.86 7.86 6.69 l 7.87 3.83
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 843.237 7.472 7.599 8.842 7.206 8.705 –2.101 Natural gas, $/MMBtu 1.659 0.056 3.49 3.575 1.576 -39.25 -34.01
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 2028.50 -10.10 -0.50 2081.90 1812.70 11.64 -1.64
B8 | Tuesday, February 27, 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 Wheat (KC)-5,000 bu.; cents per bu. Australian Dollar (CME)-AUD 100,000; $ per AUD June 5157.75 5169.00 5137.50 5141.25 –21.25 71,167
March 569.50 585.50 t 561.50 583.75 15.00 14,034 March .6568 .6572 .6535 .6541 –.0029 201,555 Mini S&P Midcap 400 (CME)-$100 x index
Contract Open June .6589 .6589 .6554 .6559 –.0028 2,357 March 2865.90 2874.60 s 2850.90 2859.30 –3.80 38,689
Open High hi lo Low Settle Chg interest May 566.00 577.25 557.75 576.50 11.00 113,043
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN June 2882.00 –5.10 3
Copper-High (CMX)-25,000 lbs.; $ per lb. March .05820 .05834 .05813 .05832 .00013 250,094 Mini Nasdaq 100 (CME)-$20 x index
March 252.725 254.900 s 250.925 253.050 –1.525 8,268
Feb 3.8400 3.8400 3.8240 3.8240 –0.0580 1,023 June .05740 .05751 .05732 .05750 .00013 1,362 March 17961.50 18059.50 17922.00 17977.00 –14.00 283,248
April 258.125 260.800 s 256.650 258.900 –1.075 16,155
May 3.8880 3.8880 3.8340 3.8345 –0.0660 105,056 Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € June 18210.00 18298.25 18165.50 18215.75 –15.50 2,509
Gold (CMX)-100 troy oz.; $ per troy oz. March 1.0831 1.0869 1.0822 1.0856 .0023 696,780 Mini Russell 2000 (CME)-$50 x index
Feb 184.600 186.175 s 184.500 185.725 .125 1,688 March 2018.00 2036.70 2009.30 2032.20 11.70 509,216
Feb 2034.10 2035.40 2024.80 2028.50 –10.10 209 June 1.0870 1.0911 1.0864 1.0898 .0023 12,657
April 186.525 188.800 186.050 188.100 .200 127,269 June 2046.80 2059.20 2032.40 2055.10 12.00 2,283
March 2033.70 2036.30 2025.00 2029.10 –10.30 3,177 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 1000 (CME)-$50 x index
April 2044.20 2046.80 2034.10 2038.90 –10.50 321,380 April 86.825 87.050 85.525 86.275 –.925 99,190 Index Futures
March 2786.10 2799.10 2782.50 2785.30 –11.10 6,184
June 2064.00 2066.50 2054.10 2058.80 –10.50 42,374 June 99.250 100.250 s 98.650 99.850 .475 45,370 Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index
Aug 2082.40 2084.80 2073.00 2077.30 –10.40 23,550
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. March 39187 39290 39070 39116 –73 104,830 March 103.89 103.95 103.63 103.75 –.11 29,216
March 565.50 567.00 562.00 567.00 2.50 4,147 June 39581 39709 39501 39544 –65 1,014 June 103.50 103.56 103.28 103.37 –.12 956
Oct 2098.20 2101.40 2090.60 2095.10 –10.30 5,890 May 586.50 589.00 584.50 587.50 1.00 3,821
Palladium (NYM) - 50 troy oz.; $ per troy oz. Mini S&P 500 (CME)-$50 x index
Milk (CME)-200,000 lbs., cents per lb. March 5095.00 5108.00 5076.25 5080.25 –21.25 2,283,422 Source: FactSet
Feb 953.70 –31.50 3 Feb 16.14 16.14 16.12 16.12 –.02 4,754
June 987.00 987.50 952.50 966.70 –30.50 19,265 March 17.31 17.63 17.31 17.58 .27 4,776
Platinum (NYM)-50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton.
Feb 876.80 –29.20 11 March
May
6,765
6,340
6,929 s
6,648 s
6,650
6,260
6,884
6,557
322 775
301 100,916
Bonds | wsj.com/market-data/bonds/benchmarks
April 906.60 907.90 880.20 881.10 –28.50 74,473
Silver (CMX)-5,000 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb.
Feb 22.595 22.595 22.595 22.517 –0.452 20
March
May
190.80
180.50
191.85
182.45
190.00
179.25
190.10
179.60
–.90 818
–.70 112,370
Tracking Bond Benchmarks
May 23.180 23.180 22.675 22.735 –0.454 93,011 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 22.67 23.45 22.45 23.15 .53 68,015 highs and lows for different types of bonds
April 76.40 78.03 75.84 77.58 1.09 347,505 May 21.85 22.49 21.63 22.16 .34 289,948
Total Total
May 76.04 77.55 75.50 77.09 1.01 189,874 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. return YTD total return YTD total
May 41.80 … 2,190 Yield (%) Yield (%)
June 75.61 77.04 75.10 76.59 0.97 158,728 close return (%) Index Latest Low High close return (%) Index Latest Low High
July 75.27 76.51 74.66 76.05 0.92 99,853 Cotton (ICE-US)-50,000 lbs.; cents per lb.
March 94.78 96.13 s 94.78 96.58 1.65 46 Mortgage-Backed Bloomberg Fixed Income Indices
Sept 73.95 75.33 73.62 74.85 0.80 95,209
May 93.36 94.89 92.50 94.80 1.31 131,760
Broad Market Bloomberg Fixed Income Indices
Dec 72.53 73.68 72.14 73.24 0.69 178,380 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 1986.54 -2.4 Mortgage-Backed 5.160 4.290 6.050
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 2020.81 -1.9 U.S. Aggregate 4.950 4.200 5.740
March 378.30 385.90 371.50 378.95 3.05 1,828
March 2.6891 2.7740 2.6642 2.7627 .0730 26,677 May 381.15 389.20 s 374.05 381.25 2.05 5,993 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1961.86 -2.4 Ginnie Mae (GNMA) 5.180 4.350 6.020
April 2.6400 2.7177 2.6166 2.7073 .0662 99,998
3065.52 -1.7 U.S. Corporate 5.420 4.990 6.430 1168.00 -2.4 Fannie mae (FNMA) 5.160 4.280 6.050
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Interest Rate Futures
March 2.2752 2.3458 2.2574 2.3056 .0289 26,360 2969.03 -0.8 Intermediate 5.340 4.890 6.350 1807.12 -1.9 Freddie Mac (FHLMC) 5.090 4.240 6.190
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
April 2.5070 2.5808 2.4904 2.5572 .0479 98,681 March 125-310 126-240 124-280 125-010 –25.0 902,762
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 4063.64 -3.6 Long term 5.570 5.160 6.600 585.81 -0.4 Muni Master 3.216 2.801 4.311
June 127-280 128-210 126-250 126-300 –25.0 821,529
March 1.660 1.730 1.594 1.659 .056 36,033 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 584.67 -2.3 Double-A-rated 4.990 4.320 5.760 416.91 -0.4 7-12 year 2.873 2.404 4.097
April 1.750 1.834 1.716 1.744 .045 308,745 March 119-030 119-220 118-110 118-190 –15.0 828,577
May 1.903 1.962 1.862 1.891 .044 264,611 June 119-040 119-230 118-130 118-200 –15.0 655,181 825.55 -1.5 Triple-B-rated 5.630 5.250 6.700 473.84 -0.4 12-22 year 3.541 3.294 4.742
July 2.371 2.435 2.357 2.380 .046 99,727 Treasury Notes (CBT)-$100,000; pts 32nds of 100% High Yield Bonds ICE BofA -0.5 22-plus year
March 109-265 110-040 109-160 109-195 –8.5 2,308,860
446.62 4.198 4.020 5.274
Sept 2.444 2.502 2.437 2.460 .056 94,923
Oct 2.491 2.574 2.491 2.534 .057 103,770
June 110-120 110-215 110-020 110-045 –9.0 2,581,893 527.37 0.3 High Yield Constrained 7.859 7.620 9.560 Global Government J.P. Morgan†
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 106-142 106-197 106-080 106-095 –5.7 3,229,179 514.37 1.5 Triple-C-rated 13.190 12.776 15.457 535.12 -1.6 Global Government 3.320 2.740 3.810
Agriculture Futures June 106-270 107-010 106-210 106-225 –6.0 2,960,008
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 3544.52 0.1 High Yield 100 7.309 7.030 9.101 788.67 -1.7 Canada 3.530 2.880 4.260
Corn (CBT)-5,000 bu.; cents per bu.
March 101-278 101-298 101-251 101-255 –2.7 2,070,607 349.89 -1.8 EMU§ 3.134 2.669 3.790
March 399.75 407.75t 394.50 407.00 7.25 180,751
June 102-112 102-133 102-081 102-086 –2.8 1,812,797
460.47 0.9 Global High Yield Constrained 7.699 7.648 9.440
May 413.50 422.50t 408.75 421.50 8.00 603,165 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. -2.2 France
350.90 1.4 Europe High Yield Constrained 6.222 6.222 8.022 645.77 3.030 2.540 3.630
Oats (CBT)-5,000 bu.; cents per bu. Feb t 94.6700 94.6700 –.0025
94.6700 94.6725 564,877
March 365.00 378.75 365.00 375.00 10.50 957 April t 94.6750 94.6750 –.0050
94.6750 94.6800 461,783 U.S Agency Bloomberg Fixed Income Indices 456.37 -2.4 Germany 2.530 2.020 3.030
May 354.00 367.25 352.25 363.00 9.00 1,838 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Dec 94.6475 94.6475 94.6450 94.6450 1,125,753 1769.57 -0.6 U.S Agency 4.850 4.130 5.390 278.72 -0.1 Japan 1.070 0.710 1.300
Soybeans (CBT)-5,000 bu.; cents per bu.
March Dec'24 95.5000 95.5450 t 95.4550 95.4600 –.0500 1,131,801 1566.79 -0.4 10-20 years 4.840 4.120 5.370 495.59 -2.7 Netherlands 2.750 2.260 3.320
1137.00 1142.25 t 1124.75 1136.00 3.00 88,340
May 1145.00 1151.00 t 1133.50 1145.25 3.50 331,820
Soybean Meal (CBT)-100 tons; $ per ton.
Currency Futures 3348.38 -2.9 20-plus years 4.920 4.300 5.740 781.17 -3.8 U.K. 4.380 3.510 4.880
March 332.50 335.40 330.50 334.40 2.90 45,582 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 2689.95 -1.3 Yankee 5.250 4.720 6.110 843.24 -0.6 Emerging Markets ** 7.472 7.206 8.842
May 328.80 331.00 t 325.50 328.60 .60 225,758 March .6669 .6677 t .6652 .6655 –.0015 304,021
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .6762 .6770 t .6747 .6750 –.0014 8,771
March 44.02 44.65 43.66 44.40 .38 37,132
Canadian Dollar (CME)-CAD 100,000; $ per CAD ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March .7407 .7410 .7394 .7402 –.0008 152,255
May 44.62 45.24 44.26 45.02 .42 232,970
June .7417 .7419 .7404 .7412 –.0008 5,804
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
March 18.52 18.59 18.23 18.28 –.32 1,305
British Pound (CME)-£62,500; $ per £ Global Government Bonds: Mapping Yields
March 1.2674 1.2702 1.2658 1.2680 .0003 192,275
May 18.86 18.94 18.57 18.65 –.29 8,838 June 1.2680 1.2707 1.2666 1.2687 .0004 12,202 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Wheat (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
March 573.50 578.75 562.00 577.25 3.75 30,936 March 1.1377 1.1404 1.1360 1.1377 .0003 62,823
May 569.75 576.25 560.00 574.75 5.75 184,261 June 1.1482 1.1516 1.1474 1.1490 .0003 628 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
4.250 U.S. 2 4.738 s l 4.687 4.365 4.803

Cash Prices | wsj.com/market-data/commodities Monday, February 26, 2024

4.000 10 4.298 s l 4.258 4.159 3.948
0.250 Australia 2 3.824 t l 3.888 3.911 3.629 -90.9 -78.4 -117.4
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
3.000 10 4.113 t l 4.207 4.249 3.837 -18.6 -4.4 -11.6
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months. 2.500 France 2 2.929 s l 2.841 2.567 3.089 -180.4 -183.2 -171.4
3.500 10 2.903 s l 2.829 2.785 3.015 -139.6 -142.2 -93.8
Monday Monday Monday
Copper,Comex spot 3.8240 Wheat,No.2 soft red,St.Louis-u 6.0325 2.500 Germany 2 2.942 s l 2.849 2.640 3.024 -179.1 -182.3 -177.9
Energy Iron Ore, 62% Fe CFR China-s *121.1 Wheat - Hard - KC (USDA) $ per bu-u 6.2375 2.200 10 2.447 s l 2.370 2.305 2.544 -185.2 -188.1 -141.0
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 75.500 Steel, HRC USA, FOB Midwest Mill-s *880.0 Wheat,No.1soft white,Portld,OR-u 6.3750
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.900 Battery/EV metals 3.600 Italy 2 3.463 s l 3.366 3.102 3.576 -127.0 -130.7 -122.7
Food
BMI Lithium Carbonate, EXW China, =99.2%-v,w 13250 4.200 10 3.885 s 3.812 3.817 4.432 -41.5 -43.9 47.9
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11325 Beef,carcass equiv. index
l

Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4448 choice 1-3,600-900 lbs.-u 284.05 0.100 Japan 2 0.160 t l 0.160 0.048 -0.022 -457.3 -451.2 -482.5
Engelhard industrial 2032.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3628 select 1-3,600-900 lbs.-u 270.38 0.600 10 0.691 t l 0.721 0.720 0.506 -360.9 -353.0 -344.8
Handy & Harman base 2027.20 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 538 Broilers, National comp wtd. avg.-u,w 1.2625
Butter,AA Chicago-d 2.8500 2.800 Spain 2 3.094 s l 3.040 3.116 3.271 -164.0 -163.3 -153.2
Handy & Harman fabricated 2250.19 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 167.00
LBMA Gold Price AM *2019.30 3.250 10 3.313 s l 3.274 3.204 3.516 -98.6 -97.7 -43.7
LBMA Gold Price PM *2027.45 Burlap,10-oz,40-inch NY yd-n,w 0.7775 Cheddar cheese,blk,Chicago-d 159.00
Cotton,1 1/16 std lw-mdMphs-u 0.9205 Milk,Nonfat dry,Chicago lb.-d 119.75 3.500 U.K. 2 4.595 s l 4.520 4.358 4.012 -13.9 -15.2 -79.1
Krugerrand,wholesale-e 2110.89
Cotlook 'A' Index-t *101.50 Coffee,Brazilian,Comp-y 1.8075 4.250 10 4.094 s 4.040 3.972 3.656 -21.1 -29.7
Maple Leaf-e 2131.19 l -20.5
American Eagle-e 2131.19 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.0448
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 3.0550 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Mexican peso-e 2455.21
Flour,hard winter KC-p 18.75
Austria crown-e 1992.51 Grains and Feeds
Austria phil-e 2131.19
Bran,wheat middlings, KC-u,w 85
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
n.a.
83.18
Corporate Debt
Silver, troy oz. Pork bellies,12-14 lb MidUS-u n.a. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Corn,No. 2 yellow,Cent IL-bp,u 3.8500
Engelhard industrial 22.6500 Pork loins,13-19 lb MidUS-u 1.1608
Handy & Harman base 22.5300
Corn gluten feed,Midwest-u,w 146.0 expectations
Corn gluten meal,Midwest-u,w 435.4 Steers,Tex.-Okla. Choice-u 182.71
Handy & Harman fabricated 28.1630 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 298.75 Investment-grade spreads that tightened the most…
LBMA spot price *£17.9100 Hominy feed,Cent IL-u,w 145 Spread*, in basis points
(U.S.$ equivalent) *22.7150 Fats and Oils Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Meat-bonemeal,50% pro Mnpls-u,w 293
Coins,wholesale $1,000 face-a 18482 Oats,No.2 milling,Mnpls-u 4.2300 Degummed corn oil, crude wtd. avg.-u,w n.a. National Australia Bank NAB 4.787 4.94 Jan. 10, ’29 63 –11 73
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.3650
LBMA Platinum Price PM *904.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. Citigroup C 5.300 5.54 May 6, ’44 106 –9 122
Platinum,Engelhard industrial 890.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 353.00 Soybean oil,crude;Centl IL-u,w 0.4377 NYU Langone Hospitals NYUHOS 4.784 5.34 July 1, ’44 81 –7 n.a.
Palladium,Engelhard industrial 975.0 Soybeans,No.1 yllw IL-bp,u 11.0900 Tallow,bleach;Chicago-h 0.4213 John Deere Capital … 2.250 4.93 Sept. 14, ’26 22 –6 n.a.
Aluminum, LME, $ per metric ton *2157.0 Wheat,Spring14%-pro Mnpls-u 7.9575 Tallow,edible,Chicago-u n.a.
Hyundai Capital America HYNMTR 5.650 5.53 June 26, ’26 79 –4 76
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; Protective Life Global Funding PL 1.618 5.41 April 15, ’26 70 –4 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 –4 67
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 2/23 Unilever Capital UNANA 5.900 4.92 Nov. 15, ’32 68
Source: Dow Jones Market Data Goldman Sachs GS 5.150 5.44 May 22, ’45 94 –3 103

…And spreads that widened the most

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks HSBC Holdings HSBC 6.800 5.91 June 1, ’38 164 14 n.a.
Citigroup C 6.625 5.64 June 15, ’32 137 13 129
Money Rates February 26, 2024 Bank of Nova Scotia BNS 5.350 5.29 Dec. 7, ’26 56 11 50
Siemens Financieringsmaatschappij SIEGR 2.150 5.05 March 11, ’31 77 11 72
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. Williams WMB 5.400 5.34 March 2, ’26 61 11 51
Bank of Montreal BMO 5.300 5.24 June 5, ’26 50 10 53
Week —52-WEEK— Week —52-WEEK— 10
Inflation Latest ago High Low Latest ago High Low
John Deere Capital … 4.350 4.87 Sept. 15, ’32 58 n.a.
Jan. Index Chg From (%) International Business Machines IBM 3.300 5.12 May 15, ’26 40 7 27
level Dec. '23 Jan. '23 Japan 1.475 1.475 1.475 1.475 Federal funds
Policy Rates Effective rate 5.3300 5.3300 5.3500 4.5800 High-yield issues with the biggest price increases…
U.S. consumer price index Bond Price as % of face value
Euro zone 4.50 4.50 4.50 3.00 High 5.6500 5.6500 5.6500 4.9000
All items 308.417 0.54 3.1 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Switzerland 2.25 2.25 2.25 1.50 Low 5.3100 5.3100 5.3300 4.5500
Core 313.623 0.55 3.9 Bid 5.3100 5.3100 5.3300 4.5700 Transocean RIG 6.800 9.66 March 15, ’38 78.250 0.75 78.000
Britain 5.25 5.25 5.25 4.00
Australia 4.35 4.35 4.35 3.35 Offer 5.3300 5.3300 5.3700 4.5800 American Airlines AAL 3.750 6.11 March 1, ’25 97.727 0.37 n.a.
International rates
Teva Pharmaceutical Finance … 6.150 6.64 Feb. 1, ’36 95.970 0.35 95.500
Overnight repurchase Treasury bill auction
Week 52-Week Embarq EMBARQ 7.995 16.00 June 1, ’36 57.500 0.25 60.500
Latest ago High Low U.S. 5.36 5.33 5.48 4.55 4 weeks 5.285 5.280 5.840 3.190
13 weeks 5.255 5.230 5.345 4.675 Telecom Italia Capital TITIM 6.000 6.86 Sept. 30, ’34 93.580 0.13 93.728
Prime rates U.S. government rates 0.13 99.250
26 weeks 5.130 5.065 5.350 4.620 Bath & Body Works BBWI 6.750 6.84 July 1, ’36 99.254
U.S. 8.50 8.50 8.50 7.75 Discount OneMain Finance OMF 6.875 5.87 March 15, ’25 101.000 0.12 100.975
Canada 7.20 7.20 7.20 6.70 5.50 5.50 5.50 4.75
Secondary market
ZF North America Capital ZFFNGR 4.750 6.00 April 29, ’25 98.599 0.07 98.956
Fannie Mae
30-year mortgage yields …And with the biggest price decreases
Key Interest Rates 30 days 6.422 6.468 7.495 5.496 Telecom Italia Capital TITIM 7.200 7.23 July 18, ’36 99.750 –0.59 99.875
Data are annualized on a 360-day basis. Treasury yields are per annum, 60 days 6.444 6.487 7.554 5.500 Teva Pharmaceutical Finance Netherlands … 4.100 6.93 Oct. 1, ’46 67.922 –0.58 68.350
on actively traded noninflation and inflation-indexed issues that are Other short-term rates Hat Holdings I … 3.750 7.25 Sept. 15, ’30 82.020 –0.48 82.303
adjusted to constant maturities. Data are from weekly Federal Reserve Prime Security Services Borrower PRSESE 5.750 6.00 April 15, ’26 99.500 –0.13 99.500
Week 52-Week
release H.15. Latest ago high low Goldman Sachs Capital I … 6.345 5.93 Feb. 15, ’34 103.056 –0.11 103.051
Week Ended 52-Week Week Ended 52-Week –0.01 98.880
Intesa Sanpaolo ISPIM 5.710 6.24 Jan. 15, ’26 99.060
Feb 23 Feb 16 High Low Feb 23 Feb 16 High Low Call money
6-month 5.32 5.30 5.58 4.82 *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.
Federal funds (effective) 1-year 4.99 4.94 5.46 4.34
7.25 7.25 7.25 6.50
Note: Data are for the most active issue of bonds with maturities of two years or more
5.33 5.33 5.33 4.57 2-year 4.65 4.57 5.14 3.88 Source: MarketAxess
Commercial paper (AA financial)
Commercial paper 3-year 4.44 4.37 4.97 3.63
5-year 4.29 4.24 4.86 3.43 90 days n.a. n.a. 5.54 4.74
Nonfinancial 7-year 4.31 4.26 4.90 3.40
1-month
2-month
5.32
5.27
5.32
5.27
5.34
5.37
4.59
4.76
10-year 4.30 4.26 4.87 3.35
Secured Overnight Financing Rate Dividend Changes
20-year 4.56 4.55 5.20 3.71 5.31 5.30 5.40 4.55
3-month n.a. n.a. 5.40 4.78
Value 52-Week Amount Payable / Amount Payable /
Financial Treasury yields (secondary market) Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
1-month 5.29 5.35 5.43 4.64 Latest Traded High Low
1-month 5.29 5.28 5.62 3.59 Treasure Global TGL 1:70 /Feb27
2-month n.a. n.a. 5.51 4.95
DTCC GCF Repo Index Increased
3-month n.a. n.a. 5.53 4.74 3-month 5.25 5.24 5.35 4.59
6-month 5.13 5.11 5.34 4.61 Treasury 5.356 21.620 5.504 4.546
Allstate ALL 2.3 .92 /.89 Q Apr01 /Mar04 Foreign
Discount window primary credit Coterra Energy CTRA 3.1 .21 /.20 Q Mar28 /Mar14 AngloGold Ashanti AU 1.1 .19 SA Mar28 /Mar15
TIPS MBS 5.361 41.070 5.689 4.571 Crown Holdings CCK 1.3 .25 /.24 Q Mar28 /Mar14 Banco Latinamer BLX 7.3 .50 Q Mar19 /Mar04
5.50 5.50 5.50 4.75
5-year 1.92 1.91 2.55 1.10 Notes on data: Essex Property Trust ESS 4.3 2.45 /2.31 Q Apr12 /Mar29 Centerra Gold CGAU 4.0 .0518 Q Mar27 /Mar13
Treasury yields at constant 7-year 1.95 1.93 2.47 1.10 Fed Agric Mtg Cl A AGM.A 3.8 1.40 /1.10 Q Mar28 /Mar15 Diana Shipping DSX 10.0 .075 Q Mar12 /Mar05
maturities 10-year 1.98 1.97 2.45 1.10 U.S. prime rate is the base rate on corporate Fed Agric Mtg Cl C AGM 3.2 1.40 /1.10 Q Mar28 /Mar15
loans posted by at least 70% of the 10 largest ENI ADR E 4.4 .51864 Apr08 /Mar19
1-month 5.49 5.48 5.81 3.74 20-year 2.09 2.09 2.49 1.26 L3Harris Technologies LHX 2.2 1.16 /1.14 Q Mar22 /Mar08 FTAI Aviation Pfd. B FTAIO 7.8 .50 Q Mar15 /Mar05
2.19 U.S. banks, and is effective July 27, 2023. Other
3-month 5.45 5.44 5.62 4.75 Long-term avg 2.19 2.59 1.46 Lamar Advertising Cl A LAMR 4.7 1.30 /1.25 Q Mar28 /Mar15 Hudbay Minerals HBM 0.3 .0074 SA Mar22 /Mar05
prime rates aren’t directly comparable; lending
practices vary widely by location; Discount rate Meritage Homes MTH 1.9 .75 /.27 Q Mar29 /Mar15 LyondellBasell Inds LYB 5.1 1.25 Q Mar11 /Mar04
Notes on data: is effective July 27, 2023. Secured Overnight NewMarket NEU 1.6 2.50 /2.25 Q Apr01 /Mar15 NatWest Group ADR NWG 6.4 .28962 Apr29 /Mar15
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Financing Rate is as of February 23, 2024. Olympic Steel ZEUS 0.9 .15 /.125 Q Mar15 /Mar04 Noble NE 3.7 .40 Q Mar21 /Mar08
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by DTCC GCF Repo Index is Depository Trust & Red River Bancshares RRBI 0.7 .09 /.08 Q Mar21 /Mar11 Pembina Pipeline PBA 5.7 .4944 Q Mar28 /Mar15
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Clearing Corp.'s weighted average for overnight Unity Bancorp UNTY 1.9 .13 /.12 Q Mar29 /Mar15
primary credit rate is charged for discounts made and advances extended under the Federal trades in applicable CUSIPs. Value traded is in Universal Display OLED 0.9 .40 /.35 Q Mar29 /Mar15 Special
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; billions of U.S. dollars. Federal-funds rates are Chord Energy CHRD 3.1 2.00 Mar19 /Mar05
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Tullett Prebon rates as of 5:30 p.m. ET. Stocks
Sources: FactSet; Dow Jones Market Data
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Auddia AUUD 1:25 /Feb27
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; China Pharma Holdings CPHI 1:5 /Mar06 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Phunware PHUN 1:50 /Feb27 S2:1: stock split and ratio; SO: spin-off.
THE WALL STREET JOURNAL. * Tuesday, February 27, 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 CubeSmart CUBE 42.72 -0.69 FifthThirdBncp FITB 33.27 -0.25 Informatica INFA 32.27 -0.07 MarketAxess MKTX 213.92 -1.00 s PVH PVH 136.02 0.07 Seagate STX 88.66 0.68 TransUnion TRU 76.46 -0.98
Nasdaq Stock Market listed securities. Prices are consolidated from trades Cummins CMI 266.21 2.24 s FirstCitizBcshA FCNCA 1569.00 34.40 Infosys INFY 19.99 -0.12 Marriott MAR 249.22 -2.26 s Paccar PCAR 112.25 1.47 Sempra SRE 70.91 -1.06 Travelers TRV 220.08 -0.88
reported by various market centers, including securities exchanges, Finra, Curtiss-Wright CW 238.01 -0.98 FirstHorizon FHN 13.88 -0.18 IngersollRand IR 90.76 0.23 Marsh&McLen MMC 203.50 -0.15 PackagingCpAm PKG 174.08 -1.33 SentinelOne S 28.02 0.80 s Trex TREX 94.86 1.05
electronic communications networks and other broker-dealers. The list CyberArkSoftware CYBR 257.96 2.05 FirstIndRlty FR 53.42 -0.85 Ingredion INGR 114.62 -0.35 s MartinMarietta MLM 553.31 4.63 PalantirTech PLTR 23.56 0.59 ServiceIntl SCI 71.76 -0.89 s Trimble TRMB 61.81 0.35
comprises the 1,000 largest companies based on market capitalization. Cytokinetics CYTK 79.00 0.98 FirstSolar FSLR 144.58 1.69 Insulet PODD 168.83-15.38 MarvellTech MRVL 68.62 1.04 PaloAltoNtwks PANW 302.78 20.69 ServiceNow NOW 779.66 8.69 Trip.com TCOM 45.90 -1.44
Underlined quotations are those stocks with large changes in volume FirstEnergy FE 36.48 -0.92 Intel INTC 42.99 ... Masco MAS 75.31 0.37 ParamountB PARA 11.09 -0.12 s SharkNinja SN 54.60 0.84 TruistFinl TFC 34.53 -0.71
compared with the issue’s average trading volume. D E F FirstService FSV 164.42 -0.26 s InteractiveBrkrs IBKR 107.79 1.07 Mastercard MA 474.51 1.09 ParamountA PARAA 20.87 0.46 Shell SHEL 63.38 -0.55 Twilio TWLO 57.78 -0.23
s Fiserv FI 150.96 0.20 ICE ICE 137.91 -0.47 MatadorRscs MTDR 61.25 0.53 ParkerHannifin PH 530.81 -0.26 s SherwinWilliams SHW 322.51 0.48 TylerTech TYL 441.19 3.71
Boldfaced quotations highlight those issues whose price changed by 5% or DTE Energy DTE 106.19 -2.26
FiveBelow FIVE 196.00 2.53 InterContinentl IHG 110.63 -1.06 MatchGroup MTCH 36.62 -0.24 s Parsons PSN 80.54 1.27 ShinhanFin SHG 31.15 -1.53 TysonFoods TSN 54.12 0.31
more if their previous closing price was $2 or higher. Danaher DHR 251.65 -2.19
FleetCorTech FLT 278.31 -2.89 IBM IBM 184.13 -1.59 McCormickVtg MKC.V 67.60 -0.41 Paychex PAYX 123.37 -1.27 ShockwaveMed SWAV 259.89 -0.94 UBS Group UBS 28.35 0.30
Darden DRI 169.54 0.03
Footnotes: Datadog DDOG 129.35 -0.16 s
Flex FLEX 28.00 -0.15 IntlFlavors IFF 77.41 -3.07 McCormick MKC 67.88 -0.20 PaycomSoftware PAYC 180.08 -4.59 Shopify SHOP 77.56 1.32 UDR UDR 35.02 -0.83
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most Floor&Decor FND 115.97 -1.14 IntlPaper IP 33.80 -0.93 McDonald's MCD 297.12 -0.63 Paylocity PCTY 170.79 -2.63 SimonProperty SPG 149.53 -0.82 U-Haul UHAL 63.82 -1.06
DaVita DVA 124.96 -0.30
recent four quarters. FlutterEnt FLUT 210.90 -1.08 Interpublic IPG 32.28 -0.02 s McKesson MCK 519.20 2.96 PayPal PYPL 59.33 0.17 SimpsonMfg SSD 199.57 -0.39 U-Haul N UHAL/B 62.64 -0.91
Dayforce DAY 71.26 -0.16 s US Foods USFD 51.37 0.31
FomentoEconMex FMX118.41 -0.42 s Intuit INTU 663.84 4.03 s Medpace MEDP 403.26 1.59 Pearson PSO 12.18 0.07 SiriusXM SIRI 4.73 -0.03
Stock tables reflect preliminary closing values as of 4 p.m. ET and DeckersOutdoor DECK 869.47-11.01
changes in the official closing prices from 4 p.m. ET the previous day. FordMotor F 11.95 -0.19 IntuitiveSurgical ISRG 388.27 -1.50 Medtronic MDT 83.67 -2.00 PembinaPipeline PBA 34.63 -0.06 SiteOneLandscape SITE 165.56 -2.06 UWM UWMC 6.55 -0.14
Deere DE 363.21 -1.45
Fortinet FTNT 68.40 0.76 InvitatHomes INVH 33.31 0.03 MercadoLibre MELI 1610.13-19.19 PenskeAuto PAG 150.62 -0.37 SkechersUSA SKX 60.50 0.30 Uber UBER 78.36 0.16
s DellTechC DELL 92.77 2.42
Fortis FTS 38.59 -0.77 s IronMountain IRM 75.37 0.34 Merck MRK 128.84 -0.61 s Pentair PNR 75.95 -0.81 Skyworks SWKS 103.73 -0.12 Ubiquiti UI 119.77 -1.21
DeltaAir DAL 41.79 0.07
Fortive FTV 86.02 -0.09 ItauUnibanco ITUB 6.91 0.06 MetaPlatforms META 481.74 -2.29 Penumbra PEN 231.26 -7.11 SmithAO AOS 81.59 0.19 UiPath PATH 24.01 0.68
Monday, February 26, 2024 Net Net DentsplySirona XRAY 33.69 -0.22 s UltaBeauty ULTA 556.32 6.54
FortuneBrands FBIN 79.83 -0.93 MetLife MET 68.57 -0.76 PepsiCo PEP 168.26 -1.34 Smith&Nephew SNN 28.53 -0.35
Stock Sym Close Chg Stock Sym Close Chg
Net DescartesSystems DSGX 86.47 0.13
DeutscheBank DB 13.27 -0.11
FoxA FOXA 29.63 -0.60 J K L Mettler-Toledo MTD 1195.26-14.53 s PerformanceFood PFGC 75.94 0.33 Smucker SJM 125.25 -0.67 Unilever UL 50.47 -0.19
Stock Sym Close Chg AspenTech AZPN 186.62 2.86 CVS Health CVS 76.43 -0.77 FoxB FOX 27.22 -0.46 MicrochipTech MCHP 82.90 0.06 PermianRscs PR 15.20 0.15 Snap SNAP 10.72 -0.08 s UnionPacific UNP 252.64 -4.27
DevonEnergy DVN 43.83 -0.05 JD.com JD 23.70 -0.20 s MicronTech MU 89.46 3.46 PetroleoBrasil PBR 17.65 0.29
s Assurant AIZ 178.94 0.57 CadenceDesign CDNS 303.69 0.16 Franco-Nevada FNV 106.83 -0.89 Snap-On SNA 271.21 0.26 UnitedAirlines UAL 44.97 -0.54
A B C AstraZeneca AZN 65.93 0.10 CaesarsEnt CZR 40.83 -0.82
DexCom DXCM 116.17 -0.09
FranklinRscs BEN 26.73 -0.28 JPMorganChase JPM 183.36 -0.63 Microsoft MSFT 407.54 -2.80 PetroleoBrasilA PBR.A 17.09 0.30 Snowflake SNOW 230.93 1.59 UnitedMicro UMC 7.62 0.06
Diageo DEO 152.76 0.47 Jabil JBL 140.06 0.54 s MicroStrategy MSTR 796.48109.04 Pfizer
Atlassian TEAM 204.66 0.22 CamdenProperty CPT 92.58 -2.27 FreeportMcM FCX 38.03 -0.93 PFE 27.18 -0.58 SOQUIMICH SQM 44.12 0.45 UPS B UPS 147.50 -1.13
AECOM ACM 89.47 -0.06 DiamondbkEner FANG 177.11 0.75 JackHenry JKHY 174.42 -1.53 MidAmApt MAA 123.70 -2.62 PhilipMorris PM 90.42 -1.14 s UnitedRentals URI 670.79 12.56
AtmosEnergy ATO 111.62 -1.14 Cameco CCJ 40.87 0.68 FreseniusMedCare FMS 19.69 0.32 SoFiTech SOFI 8.54 0.37
AES AES 15.55 -0.45 s Dick's DKS 175.52 2.85 JacobsSolns J 146.48 -0.51 Middleby
Autodesk ADSK 257.35 0.15 CampbellSoup CPB 42.18 -0.27 MIDD 154.87 1.53 s Phillips66 PSX 148.31 1.20 Sony SONY 86.07 -1.84 US Bancorp USB 40.84 -0.52
Aflac
AGCO
AFL 79.70 -0.71
AGCO 107.56 -0.67
s Autoliv ALV 112.87 0.55 CIBC CM 46.51 -0.44
DigitalRealty DLR 137.96 0.12
DiscoverFinSvcs DFS 121.96 0.25
G H I JamesHardie JHX 38.49 -0.05 s MitsubishiUFJ MUFG 10.09 0.08 PinnacleWest PNW 69.27 -1.23 Southern SO 66.25 -1.44 US Steel X 47.65 0.39
ADP ADP 253.55 -2.32 CanNtlRlwy CNI 131.61 ...
JazzPharm JAZZ 132.77 0.49 MizuhoFin MFG 3.69 -0.01 Pinterest PINS 35.39 -0.47 SoCopper SCCO 79.94 -2.09 UnitedTherap UTHR 223.58 -3.45
Ansys ANSS 336.32 -4.57 Disney DIS 107.68 -0.06 s GE HealthCare GEHC 90.62 1.55 JefferiesFinl JEF 41.23 -0.85 Mobileye UnitedHealth UNH 525.32 -1.92
AutoZone AZO 2770.46 14.12 CanadianNatRscs CNQ 65.88 0.56 MBLY 24.38 0.64 PioneerNatRscs PXD 233.96 1.48 SouthwestAir LUV 34.15 0.37
APA APA 29.62 -0.41 DocuSign DOCU 51.80 0.07 GFLEnvironmental GFL 36.79 1.18 J&J JNJ 160.79 -1.05 Moderna UnitySoftware U
Avalonbay AVB 173.62 -1.78 s CdnPacKC CP 86.59 0.07 MRNA 94.02 -2.44 PlainsAllAmPipe PAA 16.19 -0.17 SouthwesternEner SWN 6.94 0.03 33.04 1.78
ASE Tech ASX 9.86 0.05 DolbyLab DLB 81.08 1.09 GSK GSK 42.34 0.12 JohnsonControls JCI 58.58 0.14 MohawkInds MHK 113.88 -1.06 PlainsGP
Avangrid AGR 30.93 -1.15 CapitalOne COF 134.49 -1.03 PAGP 16.90 -0.23 Splunk SPLK 155.55 ... UnivDisplay OLED 173.12 1.23
ASML ASML 947.59 14.34 DollarGeneral DG 138.79 -1.61 Gallagher AJG 244.04 -0.96 JonesLang JLL 184.84 1.91 s MolinaHealthcare MOH 401.70 -5.07 Pool
Avantor AVTR 24.46 0.11 CardinalHealth CAH 110.27 2.18 POOL 386.40 -1.21 s Spotify SPOT 254.99 -1.11 UniversalHealthB UHS 164.33 0.02
AT&T T 16.60 -0.20 DollarTree DLTR 145.77 -0.11 Gaming&Leisure GLPI 44.46 -0.98 JuniperNetworks JNPR 37.08 -0.10 MolsonCoorsB TAP 62.74 0.25 Primerica
AveryDennison AVY 214.31 -0.38 Carlisle CSL 350.29 -5.98 PRI 247.19 -2.74 StanleyBlackDck SWK 86.99 -2.15 UnumGroup UNM 49.20 -0.38
AbbottLabs ABT 118.69 -0.77 DominionEner D 46.56 -1.30 Gap GPS 19.36 -0.09 KB Financial KB 46.54 -2.76 monday.com MNDY 216.00 8.10 PrincipalFinl PFG 80.11 -0.13
AxonEnterprise AXON 271.59 0.96 Carlyle CG 43.91 -0.73 Stantec STN 83.77 0.73 VICI Prop VICI 29.55 -0.50
s AbbVie ABBV 178.81 0.72 s Domino's DPZ 459.00 25.35 Garmin GRMN 135.22 -0.29 KBR KBR 59.49 -0.04 Mondelez MDLZ 73.29 -0.69 ProcoreTech PCOR 74.38 0.58
BCE BCE 37.26 -0.34 CarMax KMX 73.96 0.63 Starbucks SBUX 94.28 -1.34 VailResorts MTN 227.49 -7.49
AcadiaHealthcare ACHC 85.49 1.20 Donaldson DCI 66.66 -0.10 Gartner IT 460.97 0.33 KE Holdings BEKE 13.96 -0.18 MongoDB MDB 450.80 -0.72 Procter&Gamble PG 160.22 -0.81 Vale VALE 13.17 -0.30
BHP Group BHP 57.20 -1.11 Carnival CCL 14.78 -0.45 StateStreet STT 72.87 -0.71
s Accenture ACN 377.48 0.16 DoorDash DASH 119.89 -1.87 GenDigital GEN 21.50 -0.64 KKR KKR 95.80 ... MonolithicPower MPWR 724.89 3.76 s Progressive PGR 193.58 2.28 ValeroEnergy VLO 145.09 3.51
BJ'sWholesale BJ 71.62 -0.01 Carnival CUK 13.54 -0.38 SteelDynamics STLD 131.07 4.06
s AcuityBrands AYI 244.38 -0.42 s DoubleVerify DV 42.50 0.14 GeneralDynamics GD 273.02 -0.73 KLA KLAC 683.82 15.00 MonsterBev MNST 55.72 0.43 Prologis s Vaxcyte PCVX 78.97 2.10
BP BP 35.32 -0.06 CarrierGlobal CARR 54.00 -0.20 PLD 132.56 -0.65 Stellantis STLA 26.17 -0.34
Adobe ADBE 560.48 7.04 s Dover DOV 164.78 0.68 s GeneralElec GE 154.77 1.44 KT KT 14.41 -0.14 Moody's VeevaSystems VEEV 224.00 2.36
s BWX Tech BWXT 89.89 0.06 Carvana CVNA 69.88 0.65 MCO 380.12 -5.39 PrudentialFinl PRU 107.05 -1.02 Steris STE 233.71 -2.14
AdvDrainageSys WMS 163.90 0.47 Dow DOW 56.07 -0.32 GeneralMills GIS 65.00 -0.32 KarunaTherap KRTX 315.99 -4.26 MorganStanley MS 85.67 -0.88 Prudential PUK 20.93 -0.23 Ventas VTR 42.97 -1.19
Baidu BIDU 110.59 -0.77 s CaseysGenStores CASY 299.04 -0.71 Stevanato STVN 32.67 0.50
AdvMicroDevices AMD 176.01 -0.51 DrReddy'sLab RDY 77.09 -0.50 GeneralMotors GM 39.79 0.16 Kaspi.kz KSPI 103.33 -0.14 Morningstar MORN 295.57 -3.14 PublicServiceEnt PEG 59.64 -1.11 Veralto VLTO 86.31 -0.40
BakerHughes BKR 29.84 -0.05 Catalent CTLT 58.29 -0.48 StifelFinancial SF 76.22 -0.33
Aegon AEG 5.79 -0.03 DraftKings DKNG 40.35 -0.93 Genmab GMAB 29.40 0.24 Kellanova K 56.44 0.01 Mosaic VeriSign VRSN 193.02 -3.54
s Ball BALL 62.38 -0.51 Caterpillar CAT 325.38 1.50 MOS 31.64 0.16 PublicStorage PSA 278.62 -6.16 STMicroelec STM 44.85 0.10
AerCap AER 75.97 -1.88 Dropbox DBX 23.50 -0.50 s Gentex GNTX 36.00 -0.08 Kenvue KVUE 18.94 -0.24 MotorolaSol MSI 328.55 -1.72 PulteGroup PHM 106.20 0.46 VeriskAnalytics VRSK 243.11 -1.72
BBVA BBVA 10.23 ... Celanese CE 150.13 0.75 Stryker SYK 352.46 -2.57
AffirmHldgs AFRM 37.35 0.37 DukeEnergy DUK 90.65 -2.08 GenuineParts GPC 148.42 0.54 KeurigDrPepper KDP 29.50 -0.69 s MurphyUSA MUSA 411.81 -1.65 PureStorage PSTG 41.50 0.93 s SumitomoMits SMFG 10.90 0.10 Verizon VZ 39.69 -0.97
AgilentTechs A 131.49 -0.54 BancoBradesco BBDO 2.53 ... CelsiusHldg CELH 65.56 1.51 Duolingo DUOL 183.74 6.61 Gerdau GGB 4.24 -0.04
BancodeChile BCH 21.93 -0.18 Cemex CX 8.08 -0.07
KeyCorp KEY 13.68 -0.38 NICE NICE 243.43 5.23 Qiagen QGEN 43.56 -0.26 SummitMaterials SUM 42.25 0.01 VertexPharm VRTX 433.48 3.37
AgnicoEagleMines AEM 48.88 -0.75 DuPont DD 69.91 -0.05 GileadSciences GILD 72.95 -0.60 KeysightTech KEYS 152.35 2.38 NIO
BancSanBrasil BSBR 5.68 0.02 s Cencora COR 238.34 1.07 NIO 5.65 0.25 Qorvo QRVO 113.52 0.72 SunComms SUI 131.35 -0.04 s Vertiv VRT 66.31 3.61
AirProducts APD 229.36 -3.43 Dynatrace DT 49.53 -0.48 GitLab GTLB 71.11 1.17 KimberlyClark KMB 121.23 -0.41 NNN REIT NNN 41.15 -0.33 Qualcomm QCOM 157.03 2.12
BcoSantChile BSAC 18.99 ... CenovusEnergy CVE 17.72 0.10 SunLifeFinancial SLF 54.77 -0.34 Viatris VTRS 13.43 -0.10
Airbnb ABNB 149.27 -3.39 s elfBeauty ELF 199.61 13.67 GlobalPayments GPN 133.33 0.23 KimcoRealty KIM 19.28 -0.26 NRG Energy NRG 52.77 1.22 s QuantaServices PWR 235.64 1.25
BancoSantander SAN 4.09 -0.01 s Centene CNC 80.23 0.01 SuncorEnergy SU 33.81 -0.10 VinFastAuto VFS 5.18 0.12
AkamaiTech AKAM 108.07 -0.10 s EMCOR EME274.88 5.16 GlobalFoundries GFS 54.52 1.37 KinderMorgan KMI 17.13 -0.12 s NVR
BanColombia CIB 33.14 -0.09 CenterPointEner CNP 27.30 -0.61 NVR 7569.56-15.19 QuestDiag DGX 126.20 -0.88 SuperMicroComp SMCI 876.34 16.33 Vipshop VIPS 17.17 0.18
Albemarle ALB 121.52 0.87 ENI E 30.82 0.02 Globant GLOB 225.90 -0.62 KinsaleCapital KNSL 511.62 3.67 s NXP Semicon NXPI 243.79 4.94
BankofAmerica BAC 33.61 -0.31 CentraisElBras EBR 8.68 0.06 Suzano SUZ 11.22 0.10 Visa V 284.15 0.55
Albertsons ACI 21.57 0.13
Alcon ALC 80.53 0.47 BankMontreal BMO 93.88 -1.04 CerevelTherap CERE 41.08 0.20
EOG Rscs EOG 112.05 0.19 GlobeLife GL 127.09 0.19
EPAM Systems EPAM 302.41 0.61 GlobusMedical GMED 55.91 -0.38
Klaviyo KVYO 28.59 ... Nasdaq NDAQ 56.19 -0.46 R S SynchronyFinl SYF 39.92 -0.20 s Vistra VST 48.75 0.13
BankNY Mellon BK 55.28 -0.36 CharlesRiverLabs CRL 249.56 1.85 Knight-Swift KNX 57.82 -0.40 s Natera NTRA 74.19 3.73 Synopsys SNPS 575.70 0.05 Vodafone VOD 8.47 ...
AlexandriaRlEst ARE 119.11 -2.82
BankNovaScotia BNS 47.29 -0.30 CharterComms CHTR292.64 -6.78
EQT EQT 36.74 -0.27 s GoDaddy GDDY 114.06 -0.85 Philips PHG 20.08 -0.04 NationalGrid NGG 65.66 -0.98 RBC Bearings RBC 270.20 -0.49 Sysco SYY 80.84 0.02 s VulcanMatls VMC 261.08 3.85
Alibaba BABA 76.51 0.55 EagleMaterials EXP 250.99 2.32 GoldFields GFI 12.55 -0.37 s KoreaElecPwr KEP 9.35 0.35 NatWest s RB Global RBA 77.13 0.40
Barclays BCS 8.52 0.02 CheckPoint CHKP 159.43 -0.85 NWG 5.96 -0.08 s
AlignTech ALGN 310.84 -6.04
Allegion ALLE 128.49 -0.60 BarrickGold GOLD 14.65 -0.09 Chemed CHE 598.47 0.64
EastWestBncp EWBC 71.18 -1.18 GoldmanSachs GS 390.22 -0.83
EastGroup EGP 179.17 -1.76 Grab GRAB 3.19 0.03
KraftHeinz KHC 35.96 -0.09 NetApp NTAP 87.43 0.03
RELX
RPM
RELX 44.64 0.20
RPM 112.09 -0.63
T U V W X Y Z
Bath&BodyWks BBWI 46.50 -0.75 CheniereEnergy LNG 154.99 -2.74 Kroger KR 47.26 -0.95 NetEase NTES 107.48 -1.17
AlliantEnergy LNT 47.43 -1.27 EastmanChem EMN 86.54 -0.07 Graco GGG 89.86 -0.50 LKQ LKQ 52.44 0.26 Netflix RTX RTX 90.02 0.01 TAL Education TAL 14.44 0.23 WEC Energy WEC 76.55 -2.31
BaxterIntl BAX 42.00 -0.55 CheniereEnerPtrs CQP 50.95 -1.03 NFLX 587.65 4.09
Allstate ALL 159.80 0.67 Eaton ETN 284.30 -0.63 Grainger GWW 963.63 4.70 s LPL Financial LPLA 267.93 4.57 Neurocrine NBIX 135.58 1.40 RalphLauren RL 186.99 -1.45 TC Energy TRP 39.29 -0.47 WEX WEX 221.43 -0.69
BectonDicknsn BDX 241.72 -4.48 ChesapeakeEner CHK 81.98 0.05
AllyFinancial ALLY 36.04 -0.17
BeiGene BGNE160.26 5.16
eBay EBAY 43.88 -0.13 GraphicPkg GPK 26.37 -0.03 L3HarrisTech LHX 211.74 -2.71 s NewOrientalEduc EDU 92.04 0.43 RangeResources RRC 31.41 0.25 TD Synnex SNX 102.32 -0.79 W.P.Carey WPC 54.84 -1.14
Chevron CVX 154.45 -0.21
AlnylamPharm ALNY 158.66 1.01
BRBR 55.84 0.78
Ecolab ECL 220.28 -2.06 Grifols GRFS 9.29 0.16 LabCorp.ofAmerica LH 215.47 -2.97 t Newmont NEM 30.01 -1.27 RaymondJames RJF 118.65 0.07 TE Connectivity TEL 142.79 -0.32 WPP WPP 46.11 -0.06
BellRing Chewy CHWY 16.60 0.51
Alphabet A GOOGL 137.57 -6.39
BentleySystems BSY 52.49 0.31
Ecopetrol EC 11.88 0.08 GpoAeroportuar PAC 151.45 -1.59 LamResearch LRCX 938.76 10.26 NewsCorp A NWSA 26.36 -0.07 RealtyIncome O 52.49 -0.45 Telus TU 17.65 -0.36 Wabtec WAB 137.68 -0.61
Chipotle CMG 2660.45 13.73
Alphabet C GOOG 138.75 -6.54
WRB 85.17 -0.14
EdisonIntl EIX 66.55 -1.71 GpoAeroportSur ASR 298.71 1.67 LamarAdv LAMR 109.53 -0.55 NewsCorp B NWS 27.52 -0.06 RegalRexnord RRX 167.73 -0.74 Ternium TX 39.82 -0.02 WalgreensBoots WBA 20.99 -0.74
Berkley s Chubb CB 254.84 -1.17
Altria MO 40.71 -0.42
s BerkHathwy B BRK.B409.14 -8.08
EdwardsLife EW 86.15 -1.59 s Guidewire GWRE 121.10 0.82 LambWeston LW 102.05 -0.62 NextEraEnergy NEE 55.15 -1.12 RegencyCtrs REG 60.23 -0.50 s TFI Intl TFII 150.28 1.58 Walmart WMT 59.60 1.08
ChunghwaTel CHT 38.24 -0.26
s Amazon.com AMZN 174.73 -0.26 s ElancoAnimal ELAN 16.26 -0.11 HCA Healthcare HCA 313.20 -2.16 LasVegasSands LVS 53.93 -0.82 s Nextracker NXT 59.62 1.68 s RegenPharm REGN 989.28 8.08 TIM TIMB 18.48 0.08 WarnerBrosA WBD 8.55 -0.06
Ambev ABEV 2.59 0.03 s BerkHathwy A BRK.A615356-13574 Church&Dwight CHD 100.42 0.02 Elastic ESTC 130.70 1.08 HDFC Bank HDB 53.83 -0.17 RegionsFinl RF 18.23 -0.05 s TJX TJX 99.23 -0.15 WarnerMusic WMG 34.30 -0.08
LatticeSemi LSCC 75.09 0.34 Nike NKE 104.54 -1.09
Amcor AMCR 9.14 -0.13 BestBuy BBY 76.45 0.17 ChurchillDowns CHDN 120.84 -2.04 ElbitSystems ESLT 220.05 8.66 HF Sinclair DINO 58.28 0.45 ReinsGrp RGA 172.15 -1.55 T-MobileUS TMUS 163.91 -0.43 s WasteConnections WCN 169.92 -0.23
Lear LEA 134.32 -0.88 NiSource NI 25.71 -0.41
Amdocs DOX 91.21 -0.57 Bio-Techne TECH 71.91 0.29 Ciena CIEN 56.16 0.83 ElectronicArts EA 142.58 -0.01 HP HPQ 28.80 -0.47 Reliance RS 325.59 1.47 TPG TPG 43.88 1.06 s WasteMgt WM 207.46 -0.59
LegendBiotech LEGN 67.00 0.90 Nokia NOK 3.53 -0.01
s AmerSports AS 16.10 0.56 Bio-RadLab B BIO.B337.15 -0.85 s Cigna CI 342.31 -1.93 s ElevanceHealth ELV 506.55 -7.54 HSBC HSBC 38.08 -0.12 RenaissanceRe RNR 225.25 -1.20 T.RowePrice TROW 110.46 -0.53 Waters WAT 327.03 -4.22
s Leidos LDOS 125.69 -0.37 Nomura NMR 5.66 -0.03
Ameren AEE 70.83 -0.77 Bio-RadLab A BIO 338.16 0.17 CincinnatiFinl CINF 112.24 -0.57 EmersonElec EMR 106.19 0.28 H World HTHT 37.61 -1.78 RentokilInit RTO 28.04 0.29 TaiwanSemi TSM 130.64 1.11 Watsco WSO 383.71 -1.27
Lennar B LEN.B 143.73 -0.39 Nordson NDSN 270.87 -2.84
Biogen BIIB 223.71 0.39 s Cintas CTAS 633.94 0.84 RGEN 191.79 -4.73 WeatherfordIntl WFRD 105.03 -0.70
AmericaMovil AMX 19.31 0.07 Enbridge ENB 34.39 -0.41 Haleon HLN 8.27 -0.14 Lennar A LEN 154.13 -0.95 NorfolkSouthern NSC 254.55 -3.46 Repligen TakeTwoSoftware TTWO 149.71 -1.30
AmerAirlines AAL 15.28 0.15 BioMarinPharm BMRN 90.10 -1.14 CiscoSystems CSCO 48.40 -0.46 EncompassHealth EHC 75.39 0.14 Halliburton HAL 34.91 -0.30 s RepublicSvcs RSG 184.87 -0.11 TakedaPharm TAK 14.81 0.19 WebsterFin WBS 46.69 -0.51
s LennoxIntl LII 463.30 4.01 NorthernTrust NTRS 81.20 -0.28
BioNTech BNTX 93.52 -0.45 Citigroup C 55.36 -0.57 RMD 183.29 -0.75 s WellsFargo WFC 54.13 0.27
AEP AEP 80.77 -1.68 Endeavor EDR 23.32 -0.85 s HartfordFinl HIG 95.38 -0.50 LeviStrauss LEVI 18.11 -0.07 NorthropGrum NOC 459.34 -1.76 ResMed Tapestry TPR 47.62 -0.93
s AmerExpress AXP 216.96 2.40 Birkenstock BIRK 51.00 -1.00 CitizensFin CFG 30.43 -0.72 EnergyTransfer ET 14.69 -0.20 HealthpeakProp PEAK 16.18 -0.45 RestaurantBrands QSR 76.38 0.25 TargaResources TRGP 97.56 0.53 Welltower WELL 91.86 -1.55
LiAuto LI 41.34 6.54 Novartis NVS 103.25 -0.65
AmericanFin AFG 126.72 0.62 BlackRock BLK 806.03 -7.56 CleanHarbors CLH 183.96 -0.36 EnphaseEnergy ENPH 119.84 1.65 s Heico HEI 198.98 -0.19 Revvity RVTY 103.96 -0.48 Target TGT 150.15 -1.33 WescoIntl WCC 144.60 -0.88
LibertyBroadbandC LBRDK 60.65 -1.35 NovoNordisk NVO 123.49 0.04
AmHomes4Rent AMH 35.58 0.34 Blackstone BX 125.28 0.17 Cleveland-Cliffs CLF 20.25 0.03 Entegris ENTG 132.51 -0.03 s Heico A HEI.A 160.50 -0.87 RexfordIndlRealty REXR 51.04 -0.80 TechnipFMC FTI 21.97 0.44 WestPharmSvcs WST 363.29 -4.15
LibertyBroadbandA LBRDA 60.64 -1.29 s NuHoldings NU 10.72 0.50
AIG AIG 71.32 ... Block SQ 74.66 -4.26 Clorox CLX 151.01 -1.83 Entergy ETR 99.95 -2.55 HenrySchein HSIC 80.57 0.71 RioTinto RIO 64.65 -1.33 TeckResourcesB TECK 38.80 -0.80 WesternDigital WDC 57.08 1.02
LibertyGlobalC LBTYK 18.95 -0.27 s Nucor NUE 191.59 1.60 t
AmerTowerREIT AMT 187.72 -2.21 BlueOwlCapital OWL 17.87 -0.13 Cloudflare NET 99.08 0.63 EnterpriseProd EPD 27.41 -0.27 Hershey HSY 188.61 -5.22 Rivian RIVN 10.70 0.63 TeledyneTech TDY 426.23 -6.64 WesternMidstrm WES 33.88 0.10
LibertyGlobalA LBTYA 17.95 -0.28 Nutanix NTNX 58.92 0.16
AmerWaterWorks AWK 117.43 -1.53 Boeing BA 200.54 -0.29 Coca-Cola KO 60.71 -0.49 s Equifax EFX 265.25 -0.73 Hess HES 149.96 0.85 RobertHalf RHI 80.52 0.41 Teleflex TFX 227.84 -9.91 Westlake WLK 137.42 0.63
LibertyFormOne C FWONK 68.22 -0.53 Nutrien NTR 53.57 0.33
AmericoldRealty COLD 25.25 -0.52 Booking BKNG 3499.75 -6.21 CocaColaCon COKE 847.96 18.73 EQIX 877.62 -4.67 HessMidstream HESM 34.21 -0.43 Ericsson ERIC 5.42 -0.04 WestRock WRK 43.72 -0.19
s Coca-ColaEuro CCEP 71.69 3.13
s Equinix LibertyFormOne A FWONA 61.35 -0.49 nVentElectric NVT 66.12 -0.05 s Robinhood HOOD 15.59 1.11
s Ameriprise AMP 407.93 0.81 s BoozAllen BAH 147.73 -1.18 Equinor EQNR 24.76 -0.45 HewlettPackard HPE 14.93 -0.18 Roblox RBLX 41.29 -0.17 TelefonicaBras VIV 10.95 -0.10 Weyerhaeuser WY 32.78 -0.60
LibertySirius A LSXMA 30.19 -0.16 NVIDIA NVDA 790.92 2.75
s Ametek AME 178.89 0.69 BostonProps BXP 64.08 -0.95 CognizantTech CTSH 79.51 -0.31 Equitable EQH 34.45 -0.23 s Hilton HLT 203.01 -1.53 RocketCos. RKT 11.47 -0.09 Telefonica TEF 4.09 0.01 WheatonPrecMet WPM 39.19 -0.67
LibertySirius C LSXMK 30.02 -0.14
Coherent COHR 58.57 -0.29
Amgen AMGN 286.37 -2.81
AmkorTech AMKR 30.72 0.13
BostonSci BSX 66.67 -0.33
BristolMyers BMY 50.52 -1.14 s CoinbaseGlbl COIN 193.94 27.96
EquityLife ELS 65.92 -0.90 Hologic HOLX 74.81 -1.34
EquityResdntl EQR 58.82 -1.38 s HomeDepot HD 371.60 -0.36
s Light&Wonder LNW 95.07 1.42 O P Q Rockwell ROK 277.81 -2.70
RogersComm B RCI 45.05 -0.75
TelekmIndonesia TLK 26.24 -0.17
TempurSealy TPX 51.99 0.07
Williams WMB 34.72 -0.22
s Williams-Sonoma WSM 229.73 3.12
EliLilly LLY 771.92 2.38
s Amphenol APH 108.10 0.63 BritishAmTob BTI 30.22 -0.28 ColgatePalm CL 86.15 -0.10 ErieIndemnity ERIE 354.38 4.87 HondaMotor HMC 35.66 -0.16 OKE 72.91 -0.06 RoivantSciences ROIV 11.70 0.10 Tenaris TS 36.12 0.46 WillisTowers WTW 275.02 -2.55
s LincolnElectric LECO 253.23 3.20 ONEOK
AnalogDevices ADI 189.01 -1.10 Broadcom AVGO 1309.13 12.76 Comcast A CMCSA 42.19 0.29 EssentialUtil WTRG 34.18 -0.95 Honeywell HON 199.19 -1.44 ON 77.57 1.38 Roku TencentMusic TME 10.42 0.19 WillScotMobile WSC 48.01 -0.27
Linde LIN 444.94 -2.62 ON Semi ROKU 64.35 -0.13
AngloGoldAsh AU 18.52 0.19 BroadridgeFinl BR 201.40 -0.09 ComfortSystems FIX 284.68 5.62 EssexProp ESS 225.79 -3.55 HormelFoods HRL 30.45 -0.06 TenetHealthcare THC 91.81 -0.99 s Wingstop WING 349.46 10.63
LithiaMotors LAD 287.44 -1.07 OReillyAuto ORLY 1062.07 4.05 Rollins ROL 42.93 0.35
AB InBev BUD 63.10 -0.27 BrookfieldAsset BAM 41.06 -0.11 SABESP SBS 16.10 0.09 EsteeLauder EL 145.02 -4.97 DR Horton DHI 145.86 -0.24 OccidentalPetrol OXY 60.47 0.45 RoperTech ROP 547.91 -8.96 Teradyne TER 102.15 2.01 Wipro WIT 6.32 -0.03
LiveNationEnt LYV 92.17 -3.15
AnnalyCap NLY 18.83 -0.05 s Brookfield BN 40.76 -0.49 ConagraBrands CAG 28.01 -0.29 ETSY 71.96 -2.02 HostHotels HST 20.05 -0.22 OKTA 86.32 3.08 RossStores ROST 147.84 -0.19 Tesla TSLA 199.40 7.43 Wix.com WIX 134.54 0.32
Etsy LloydsBanking LYG 2.25 -0.01 Okta
AnteroResources AR 25.42 0.21 BrookfieldInfr BIP 29.16 -1.46 Confluent CFLT 33.24 0.06 Everest EG 367.00 -3.88 HoulihanLokey HLI 130.95 -0.90 OldDomFreight ODFL 445.89 5.67 RoyalBkCanada RY 97.97 -0.69 TetraTech TTEK 177.81 0.66 WoodsideEnergy WDS 19.73 -0.03
LockheedMartin LMT 429.18 -1.94
Aon AON 314.43 -0.89 BrookfieldRenew BEPC 24.11 -0.42 ConocoPhillips COP 112.42 0.91 EVRG 49.47 -1.10 s HowmetAerospace HWM 65.86 -0.01 s TevaPharm TEVA 13.29 0.40 Woodward WWD 138.39 -0.87
Evergy Loews L 74.54 -0.65 OldRepublic ORI 28.93 0.19 RoyalCaribbean RCL 119.57 -2.34
ApellisPharm APLS 71.73 3.26 s Brown&Brown BRO 84.05 -0.19 ConEd ED 86.21 -1.72 EversourceEner ES 57.64 -1.23 s Hubbell HUBB 369.58 3.79 OmegaHealthcare OHI 31.23 0.11 RoyaltyPharma RPRX 31.33 0.30 TexasInstruments TXN 164.30 0.61 WooriFinl WF 33.09 -0.93
LogitechIntl LOGI 89.85 0.21
s APi Group APG 35.79 0.52 Brown-Forman A BF.A 58.23 -0.56 ConstBrands A STZ 246.82 -0.41 HUBS 606.96 1.55 TexasPacLand TPL 1560.23 -1.13 s Workday WDAY307.21 1.33
t ExactSciences EXAS 57.51 -0.02 HubSpot Lowe's LOW 231.32 -1.24 Omnicom OMC 89.09 0.49 RyanSpecialty RYAN 47.08 0.04
ApolloGlblMgmt APO 110.88 -0.73 Brown-Forman B BF.B 57.00 -0.49 s ConstellationEner CEG 133.22 -0.77 HUM 359.95 -2.96 TexasRoadhouse TXRH 150.29 1.39 WynnResorts WYNN 103.24 -0.92
Exelon EXC 35.63 -0.50 Humana lululemon LULU 468.25 10.36 OnHolding ONON 32.79 0.59 Ryanair RYAAY 139.68 -1.53
AppFolio APPF 239.19 2.88 s Bruker BRKR 83.60 -1.07 Cooper COO 94.50 -2.25 JBHT 207.99 -5.08 TXT 87.11 1.14 XP XP 24.11 0.08
Expedia EXPE 134.95 -1.35 JBHunt LyondellBasell LYB 98.82 -0.45 OntoInnovation ONTO 180.51 2.05 RymanHospitality RHP 117.67 -1.58 Textron
Apple AAPL 181.16 -1.36 BuildersFirst BLDR 190.44 1.77 s Copart CPRT 52.50 1.12 ExpeditorsIntl EXPD 119.30 -0.85 HuntingtonBcshs HBAN 12.78 -0.08 OpenText OTEX 38.46 -0.22 s SAP SAP 187.51 3.29 ThermoFisher TMO 563.48 -1.23 XPO XPO 120.48 -1.41
AppliedIndlTechs AIT 187.64 -0.95
ApplMaterials AMAT 203.55 6.39
BungeGlobal BG 93.20 -0.45
BurlingtonStrs BURL 206.16 6.76
s Core&Main CNM 47.53 0.96
CorebridgeFin CRBG 24.57 -0.54
ExtraSpaceSt EXR 139.20 -0.86 s HuntingIngalls HII 288.33 0.19
ExxonMobil XOM 104.25 0.41 s HyattHotels H 151.11 0.94
M N Oracle
Orange
ORCL 110.97 -0.98 S&P Global SPGI 433.41 -3.95
ORAN 11.63 -0.06 SBA Comm SBAC 207.78 -5.18
ThomsonReuters TRI 159.09 0.80
3M MMM 91.82 -0.76
XcelEnergy XEL 58.05 -1.28
XPeng XPEV 9.22 0.59
s AppLovin APP 58.99 1.60 s CACI Intl CACI 368.71 -0.65 Corning GLW 32.51 -0.18 F5 FFIV 186.88 1.05 ICICI Bank IBN 25.53 -0.10 M&T Bank MTB 135.68 -2.42 s Orix IX 104.53 0.56 SEI Investments SEIC 67.02 -0.27 Toast TOST 21.34 0.25 s Xylem XYL 125.71 0.08
Aptargroup ATR 141.92 0.56 CBRE Group CBRE 89.95 -0.16 Corteva CTVA 54.82 -0.08 FTI Consulting FCN 220.00 3.90 IdexxLab IDXX 569.87 -6.42 MGM Resorts MGM 41.75 -0.83 Oshkosh OSK 109.08 0.22 SK Telecom SKM 21.97 -0.09 s Toll Bros TOL 112.56 1.26 YPF YPF 17.91 -0.13
Aptiv APTV 77.52 0.29 s CDW CDW 246.23 -0.88 CoStar CSGP 83.98 -0.81 Fabrinet FN 199.73 0.61 ING Groep ING 13.58 -0.16 MKS Instrum MKSI 120.83 0.80 s OtisWorldwide OTIS 93.82 0.30 SS&C Tech SSNC 64.21 -0.69 TopBuild BLD 409.42 -1.92 Yum!Brands YUM 138.06 -0.26
Aramark ARMK 30.67 -0.68 CF Industries CF 80.44 0.03 s Costco COST 745.35 7.42 FactSet FDS 459.07 -4.40 IQVIA IQV 247.48 0.22 MPLX MPLX 39.34 -0.33 Ovintiv OVV 45.97 ... s Saia SAIA 574.36 10.77 Toro TTC 92.70 -0.51 YumChina YUMC 42.00 -0.16
ArcelorMittal MT 26.10 -0.32 s CGI A GIB 115.46 -0.74 CoterraEnergy CTRA 25.92 -0.06 FairIsaac FICO 1288.25 5.92 ITT ITT 125.77 0.10 MSCI MSCI 567.93 -1.04 OwensCorning OC 147.30 -0.07 s Salesforce CRM 300.39 7.59 TorontoDomBk TD 59.78 -0.66 ZTO Express ZTO 19.07 -0.42
ArchCapital ACGL 87.28 -0.01 CH Robinson CHRW 73.43 0.08 Coty COTY 13.16 0.06 s Fastenal FAST 73.00 0.82 IcahnEnterprises IEP 19.15 -0.69 MagnaIntl MGA 53.33 -1.01 PDD PDD 126.48 -1.21 Samsara IOT 33.49 0.18 TotalEnergies TTE 64.30 -0.21 ZebraTech ZBRA 278.06 3.07
ADM ADM 53.17 -0.28 CME Group CME 219.44 1.48 Coupang CPNG 16.39 -0.01 FederalRealty FRT 97.40 -0.88 Icon ICLR 318.73 4.54 ManhattanAssoc MANH 250.09 1.19 PG&E PCG 16.37 -0.66 Sanofi SNY 48.20 -0.57 s ToyotaMotor TM 238.13 3.13 Zillow C Z 53.67 0.14
AresMgmt ARES 131.30 -0.60 CMS Energy CMS 56.60 -1.10 Credicorp BAP 170.52 -0.01 FedEx FDX 241.12 -2.34 s IDEX IEX 236.06 -0.99 ManulifeFinl MFC 24.22 -0.08 PNC Finl PNC 144.85 -1.27 SareptaTherap SRPT 137.65 1.12 TractorSupply TSCO 242.71 -0.36 Zillow A ZG 51.66 0.21
argenx ARGX 410.35 0.83 CNA Fin CNA 44.11 -0.39 Crocs CROX 119.88 1.57 s Ferguson FERG 210.93 3.37 IllinoisToolWks ITW 259.75 -0.38 Maplebear CART 31.39 0.80 POSCO PKX 81.55 -1.11 Schlumberger SLB 48.56 -0.26 TradeDesk TTD 82.19 0.75 ZimmerBiomet ZBH 126.88 -2.30
AristaNetworks ANET 273.74 6.08 CNH Indl CNHI 12.01 -0.21 CrowdStrike CRWD 321.03 9.54 s Ferrari RACE 419.33 3.26 Illumina ILMN 136.97 3.97 MarathonOil MRO 24.15 0.37 PPG Ind PPG 142.34 -2.03 SchwabC SCHW 64.40 -0.04 s Tradeweb TW 105.21 0.12 Zoetis ZTS 197.04 -0.17
Arm ARM 146.20 12.86 s CRH CRH 79.42 0.30 CrownCastle CCI 105.93 -2.76 FidNatlFinl FNF 49.49 -0.57 ImperialOil IMO 62.56 0.95 s MarathonPetrol MPC 172.44 2.90 PPL PPL 26.21 -0.59 s ScienceApplicat SAIC 139.46 0.20 s TraneTech TT 284.83 3.01 ZoomVideo ZM 63.12 -0.28
s AscendisPharma ASND 157.54 -1.86 CSX CSX 38.18 -0.15 Crown Holdings CCK 75.84 -1.08 s FidNatlInfo FIS 67.33 3.05 Incyte INCY 60.53 -0.06 Markel MKL 1443.07-28.45 PTC PTC 181.67 0.73 Sea SE 45.36 0.34 TransDigm TDG 1187.40-12.49 Zscaler ZS 241.70 6.47

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
Hilton HLT 204.87 -0.7 NorthernTechsIntl NTIC 14.22 1.9 Sylvamo SLVM 58.56 4.3 Trimble TRMB 62.37 0.6 WellsFargoPfdAA WFCpA 21.22 Agriforce
... AGRI 0.19 3.2 BlueStarFoods BSFC 0.08 6.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, HireRight HRT 14.28 0.1 NuHoldings NU 10.85 4.9 TFI Intl TFII 151.30 1.1 TwoHarborsPfdC TWOpC 23.41 0.1 WellsFargoPfdACC WFCpC 19.91 0.7Ainos AIMD 0.79 -1.1 BluejayDiag BJDX 0.73 -2.0
NYSE American and Nasdaq Stock Market stocks that hit a new 52-week HomeDepot HD 374.88 -0.1 Nucor NUE 192.86 0.8 TJX TJX 99.69 -0.2 US Foods USFD 51.77 0.6 WellsFargoPfdADD WFCpD 19.24 0.3AirTransportSvcs ATSG 13.35 -4.1 BoneBiologics BBLG 2.54 -25.0
intraday high or low in the latest session. % Chg-Daily percentage change from Honest HNST 3.66 2.6 Nuvalent NUVL 88.94 -0.7 TLGY Acqn A TLGY 11.25 0.1 UltaBeauty ULTA 557.98 1.2 WellsFargo WFC 54.56 0.5AllarityTherap ALLR 0.38 -2.6 BridgeInvt BRDG 6.82 -5.9
the previous trading session. HowmetAerospace HWM 66.29 ... OcularTherapeutix OCUL 10.55 0.4 Talkspace TALK 2.93 3.6 UnionPacific UNP 258.66 -1.7 WerewolfTherap HOWL 8.19 -0.5AmerStWater AWR 71.29 -0.2 BrightSpringUn BTSGU 38.74 0.6
Hubbell HUBB 371.50 1.0 Ollie'sBargain OLLI 84.38 -1.8 TarsusPharm TARS 33.53 4.6 UnitedRentals URI 674.66 1.9 Williams-Sonoma WSM 232.00 1.4AnavexLifeSci AVXL 4.80 1.2 BruushOralCare BRSH 0.05 -10.2
Monday, February 26, 2024 HudsonTech HDSN 15.24 1.3 OrionGroup ORN 6.83 4.0 TatTechnologies TATT 13.25 2.1 UnivInsurance UVE 21.70 -3.5 Wingstop WING 350.88 3.1AquaMetals AQMS 0.47 -4.2 C3is CISS 0.10 -8.3
HuntingIngalls HII 289.88 0.1 Orix IX 105.30 0.5 Tennant TNC 110.42 3.7 UrbanOutfitters URBN 46.18 2.5 WisdomTree WT 7.97 3.7ArbeRobotics ARBE 1.70 3.5 Canoo GOEV 0.10 -9.2
52-Wk % 52-Wk % 52-Wk % HyattHotels H 152.06 0.6 OtisWorldwide OTIS 93.92 0.3 TevaPharm TEVA 13.53 3.1 VEON VEON 26.68 9.4 AriszAcqnA ARIZ 6.95 23.8 Cerence CRNC 14.03 3.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Workday WDAY 311.28 0.4
IDT IDT 36.79 2.1 Owens&Minor OMI 24.11 -0.8 TextainerPfdA TGHpA 25.34 0.1 Valvoline VVV 42.29 0.9 WorthingtonEnts WOR 67.23 -3.7ArtesianRscs A ARTNA 33.84 -1.2 CetusCapitalAcqnRt CETUR 0.12 -10.5
Ball BALL 63.29 -0.8 Dick's DKS 176.76 1.7 IES Holdings IESC 108.17 0.9 PG&E 6%Pfd PCGpA 24.75 -0.4 Textainer TGH 50.13 ... Vaxcyte PCVX 79.62 2.7 XOMA XOMA 25.13 6.2AscentSolar ASTI 0.55 -7.7 ChinaPharma CPHI 0.08 -8.1
Highs BkofAmericaPfdNN BACpO 20.25
BankofAmPfdPP BACpP 19.13
0.9
0.3
DieboldNixdorf DBD
Dillard's
35.18
DDS 437.01
-0.9
0.8
IdahoStratRscs IDR
IDEX IEX
8.01
237.27
5.4
-0.4
PVH
Paccar
PVH
PCAR
137.81
112.68
0.1
1.3
ThorIndustries THO
Toll Bros TOL
127.23
112.91
1.6
1.1
Vertiv VRT
VictoryCapital VCTR
66.90
38.19
5.8
...
Xylem XYL 127.03 0.1B2Gold
BanzaiIntl
BTG
BNZI
2.42 -2.4 ClarosMtg
0.73 -6.1 ConcordMed
CMTG
CCM
9.10 -2.1
0.40 -14.5
AAON
ADS-TEC
AAON
ADSE
85.44
10.23
1.4
4.1
BankofAmPfdE BACpE 23.28
BaringsBDC BBDC 9.80
-0.3
1.2
Domino's
DoubleVerify
DPZ 476.18
DV 43.00
5.8
0.3
InstalledBldg
Intellinetics
IBP
INLX
236.86
9.09
0.9
15.2
PacGE pfG
Palomar
PCGpG
PLMR
19.00
76.76
4.7
-1.1
ToyotaMotor TM
Tradeweb TW
238.78
105.87
1.3
0.1
Vistra
VulcanMatls
VST
VMC
49.55
261.45
0.3
1.5
Lows Beneficient
Bio-Path
BENF
BPTH
0.16 -18.2 Conmed
5.55 -0.9 Cricut
CNMD 79.15 -0.9
CRCT 4.65 -2.7
AG Mortgage Nts MITN 25.50 1.1 BerkHathwy A BRK.A 647038 -2.2 Dover DOV 165.10 0.4 InteractiveBrkrs IBKR 108.61 1.0 ParPacific PARR 40.69 3.3 TraneTech TT 286.59 1.1 WasteConnections WCN 171.49 -0.1 AMN Healthcare AMN 53.77 1.8 BiomX PHGE 0.20 -1.4 DDC Enterprise DDC 1.13 -4.8
AG Mortgage PfdB MITTpB 19.62 -0.1 BerkHathwy B BRK.B 430.00 -1.9 DreamFinders DFH 38.92 6.9 IntercorpFinSvcs IFS 30.59 1.6 Parsons PSN 81.27 1.6 Trex TREX 95.45 1.1 WasteMgt WM 209.22 -0.3 Aclarion ACON 0.27 -60.6 BlackBerry BB 2.55 1.6 Continued on Page B10
AGNC InvtPfdD AGNCM 24.80 0.2 BlueprintMed BPMC 95.57 6.2 DycomInds DY 122.79 1.7 Intuit INTU 668.29 0.6 PassageBio PASG 1.50 8.1
AGNC InvtPfdF AGNCP 23.73 -0.2 BoozAllen BAH 149.72 -0.8 elfBeauty ELF 200.49 7.4 IovanceBiotherap IOVA 17.28 5.3 PatrickIndustries PATK 116.08 0.9
AGNCInvPfdG AGNCL 23.50 0.9 BrinkerIntl EAT 46.99 -0.2 EMCOR EME 276.26 1.9 IronMountain IRM 75.72 0.5 PegasusDigA PGSS 11.25 0.3
AI Transportation AITR
ASP Isotopes ASPI
AZEK AZEK
10.25
4.19
47.72
...
7.4
1.1
Brookfield
Brown&Brown BRO
BN 41.62
84.73
-1.2
-0.2
ESAB ESAB 97.78
ElancoAnimal ELAN 16.88
2.8
-0.7
Itron ITRI
KKR Nts 2061 KKRS 20.17
93.97 22.1
-0.1
Pentair PNR
PerformanceFood PFGC
77.02
76.69
-1.1
0.4 Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs
Bruker BRKR 84.88 -1.3 ElevanceHealth ELV 516.61 -1.5 KaratPkg KRT 28.95 3.4 Phillips66 PSX 150.08 0.8
AZZ AZZ 74.17 1.5 BurTechAcqnA BRKH 11.03 2.2 EnergemA ENCP 12.52 6.6 KellyServices A KELYA 24.03 1.2 Pilgrim'sPride PPC 31.24 8.0 Closing Chg YTD
AbbVie ABBV 179.79 0.4 CACI Intl CACI 371.81 -0.2 EnsignGroup ENSG 125.12 ... KerosTherap KROS 66.98 3.9 PonoCapitalTwoUn PTWOU 14.14 1.8 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
AbeonaTherap ABEO 7.70 8.0 CBIZ CBZ 75.90 0.2 enVVenoMed NVNO 6.77 6.0 Kirby KEX 88.10 ... Potbelly PBPB 14.03 4.3
Abercrombie&Fitch ANF 127.69 2.8 CDW CDW 248.18 -0.4 Equifax EFX 267.84 -0.3 KodiakGasSvcs KGS 25.66 -2.0 PowellIndustries POWL 171.11 3.0 Closing Chg YTD SPDR S&PMdCpTr MDY 521.43 –0.03 2.8
Abivax ABVX 15.16 1.9
Monday, February 26, 2024 SPDR S&P Div SDY 124.85 –0.74 –0.1
C4 Therap CCCC 9.80 5.8 Equillium EQ 3.25 9.4 KoreaElecPwr KEP 9.40 3.9 PrestigeCnsHlth PBH 70.44 0.4 ETF Symbol Price (%) (%)
AcademySports ASO 71.54 0.5 CGI A GIB 116.73 -0.6 Equinix EQIX 891.88 -0.5 KrystalBiotech KRYS 162.28 41.0 PrimoWater PRMW 16.03 1.3 Closing Chg YTD TechSelectSector XLK 205.49 0.10 6.8
Accenture ACN 380.30 ... CRH CRH 79.51 0.4 Evolus EOLS 14.82 3.0 KukeMusic KUKE 2.10 -2.4 PrimorisSvcs PRIM 40.71 1.6 ETF Symbol Price (%) (%) iSh1-5YIGCpBd IGSB 51.02 –0.14 –0.5 VangdInfoTech VGT 514.52 0.26 6.3
AcuityBrands AYI 245.84 -0.2 CSP CSPI 59.85 16.2 F&GAnnuitiesNts FGN 26.64 ... KymeraTherap KYMR 44.55 3.8 Progressive PGR 193.67 1.2 iSh1-3YTreaBd SHY 81.61 –0.07 –0.5 VangdSC Val VBR 180.81 –0.29 0.5
Agric&NatSolnsA ANSC 10.15 0.1
CommSvsSPDR XLC 78.56 –1.46 8.1
Cadre CDRE 36.67 0.2 FTAIAviationPfdA FTAIP 25.51 ... LPL Financial LPLA 268.29 1.7 ProtaraTherap TARA 4.70 11.4 iShRussMC IWR 79.97 –0.12 2.9 VangdExtMkt VXF 168.27 0.31 2.3
AlarumTech ALAR 15.92 20.0 Leidos LDOS 126.88 -0.3 Q2 QTWO 47.90 -2.0
CnsmrDiscSel XLY 181.85 0.31 1.7
CdnPacKC CP 86.92 0.1 Fastenal FAST 73.19 1.1 iShRuss1000 IWB 278.49 –0.29 6.2 VangdDivApp VIG 178.23 –0.30 4.6
AllisonTransm ALSN 75.24 0.3 CardiolTherap CRDL 1.81 8.6 FederalSignal FSS 83.17 -0.9 LennoxIntl LII 464.26 0.9 QuantaServices PWR 239.00 0.5 DimenUSCoreEq2 DFAC 30.60 –0.20 4.7
EnSelSectorSPDR XLE 86.26 0.35 2.9 iShRuss1000Grw IWF 330.21 –0.22 8.9 VangdFTSEAWxUS VEU 57.17 –0.23 1.8
AlphaMetal AMR 446.03 13.4 CaseysGenStores CASY 301.22 -0.2 Ferguson FERG 211.06 1.6 LeonardoDRS DRS 21.35 -0.8 RB Global RBA 77.99 0.5
AlphaProTech APT 5.66 3.9 FinSelSectorSPDR XLF 40.10 –0.50 6.6
iShRuss1000Val IWD 170.19 –0.46 3.0 VangdFTSEDevMk VEA 48.74 –0.23 1.8
CECO Env CECO 21.71 4.0 Ferrari RACE 419.88 0.8 Light&Wonder LNW 95.23 1.5 RELX RELX 44.75 0.5
AlpineImmune ALPN 34.93 2.4 GBTC iShRuss2000 IWM 201.15 0.63 0.2 VangdFTSE EM VWO 41.44 –0.34 0.8
Celestica CLS 41.98 3.3 FidNatlInfo FIS 68.02 4.7 LincolnEduc LINC 10.68 5.3 RadNet RDNT 39.55 0.1 GrayscaleBitcoin 48.63 6.67 40.5
Alvotech ALVO 18.00 7.7 LincolnElectric LECO 253.48 RegenPharm REGN iShS&P500Grw IVW 82.36 –0.24 9.7 VangdFTSE Europe VGK 65.41 –0.11 1.4
CelldexTherap CLDX 48.96 27.8 FirstAdvantage FA 17.49 0.6 1.3 995.97 0.8 HealthCrSelSect XLV 147.10 –0.51 7.9
AlvotechWt ALVOW 6.31 31.8 CellebriteDIWt CLBTW 2.74 7.4 FirstCitizBcshA FCNCA1582.69 2.2 LyraTherap LYRA 5.79 1.9 ReposiTrak TRAK 15.52 1.5 iShS&P500Value IVE 178.68 –0.57 2.8 VangdGrowth VUG 337.92 –0.27 8.7
InvscNasd100 QQQM 179.74 –0.04 6.6
Amazon.com AMZN 176.37 -0.1 CellebriteDI CLBT 12.03 2.1 FirstWatchRest FWRG 24.78 2.6 MYR Group MYRG 164.54 0.1 RepublicSvcs RSG 186.20 -0.1 iShSelectDiv DVY 115.20 –1.09 –1.7 VangdHlthCr VHT 269.29 –0.42 7.4
InvscQQQI QQQ 436.55 –0.05 6.6
AmerSports AS 16.48 3.6 Cencora COR 239.86 0.5 Fiserv FI 151.72 0.1 MainStreetCap MAIN 46.40 1.3 Robinhood HOOD 15.61 7.7 iSh7-10YTreaBd IEF 93.90 –0.15 –2.6 VangdHiDiv VYM 115.11 –0.39 3.1
InvscS&P500EW RSP 161.35 –0.40 2.2
AmerCoastalIns ACIC 13.92 0.7 Centene CNC 81.42 ... Floor&Decor FND 117.89 -1.0 MarathonPetrol MPC 175.29 1.7 Root ROOT 23.71 34.2 iShShortTreaBd SHV 110.44 ... 0.3 VangdIntermBd BIV 74.80 –0.17 –2.1
AmerEagle AEO 23.89 2.1 iShCoreDivGrowth DGRO 56.07 –0.37 4.2
Ceragon CRNT 3.07 7.0 FordMotor6.5%Nts FpD 25.15 1.3 MartinMarietta MLM 557.20 0.8 SAP SAP 188.14 1.8 iShTIPSBond TIP 106.18 –0.04 –1.2 VangdIntrCorpBd VCIT 79.70 –0.25 –1.9
AmerExpress AXP 217.54 1.1 Chubb CB Freshpet FRPT 112.00 McKesson MCK 522.82 0.6 SCE IV Pfd SCEpJ 23.31 0.2 iShCoreMSCIEAFE IEFA 71.84 –0.13 2.1
257.84 -0.5 19.7 iSh20+YTreaBd TLT 93.59 –0.30 –5.3 VangdIntermTrea VGIT 58.23 –0.12 –1.8
AmericanWoodmark AMWD 97.32 1.0 ChurchillVII Wt CVIIW 0.41 -7.7 FriedmanInds FRD 19.33 5.6 MediaAlpha MAX 22.38 7.6 SCETrustVIIPfd SCEpM 27.09 -0.3 iShCoreMSCIEM IEMG 50.85 –0.39 0.5
iShUSTreasuryBd GOVT 22.58 –0.13 –2.0 VangdLC VV 232.53 –0.39 6.6
Ameriprise AMP 410.71 0.2 Cigna CI 347.14 -0.6 FulcrumTherap FULC 9.97 1.4 MediWound MDWD 14.49 4.5 SFL SFL 13.41 1.6 iShCoreMSCITotInt IXUS 65.91 –0.20 1.5 iSh0-3MTreaBd SGOV 100.64 0.01 0.4 VangdMegaGrwth MGK 282.73 –0.32 8.9
Ametek AME 180.12 0.4 Cintas CTAS 636.37 0.1 GE HealthCare GEHC 90.71 1.7 Medpace MEDP 406.22 0.4 SLM Pfd B SLMBP 74.64 ... iShCoreS&P500 IVV 508.42 –0.38 6.4 JPM EqPrem JEPI 56.92 0.07 3.5 VangdMC VO 237.72 –0.19 2.2
Amphenol APH 108.20 0.6 CleanSpark CLSK 20.95 23.9 GMS GMS 91.81 0.4 Merus MRUS 48.23 0.3 Saia SAIA 580.00 1.9 iShCoreS&P MC IJH 56.98 –0.11 2.8
AnaptysBio ANAB 27.50 2.3
JPM UltShIncm JPST 50.40 0.02 0.3 VangdMBS VMBS 45.18 –0.22 –2.5
ClearChannelOutdr CCO 2.06 5.3 GaotuTechedu GOTU 6.50 8.0 MicronTech MU 92.35 4.0 Salesforce CRM 303.83 2.6 iShCoreS&P SC IJR 106.61 0.03 –1.5
APi Group APG 35.94 1.5 CloverLeafCap CLOEU 12.92 9.0 GasLogPtrsPfdB GLOPpB 25.55 -0.1 MicroStrategy MSTR 809.95 15.9 Savara SVRA 5.44 2.0
PacerUSCashCows COWZ 53.66 0.11 3.2 VangdRealEst VNQ 83.88 –1.10 –5.1
iShCoreS&PTotUS ITOT 111.42 –0.28 5.9 ProShUltPrQQQ TQQQ 59.54 –0.13 17.4 VangdRuss1000Grw VONG 84.99 –0.23 8.9
ApogeeEnt APOG 56.77 1.0 Coca-ColaEuro CCEP 71.71 4.6 GeneralElec GE 155.18 0.9 MillerIndustries MLR 44.65 1.4 ScienceApplicat SAIC 140.11 0.1
iShCoreTotUSDBd IUSB 45.23 –0.18 –1.8 SPDRBbg1-3MTB BIL 91.71 ... 0.4 VangdS&P500ETF VOO 465.07 –0.37 6.5
AppliedTherap APLT 6.20 -7.7 CogentComm CCOI 80.06 1.5 Gentex GNTX 36.28 -0.2 MitsubishiUFJ MUFG 10.14 0.8 SelectiveInsPfdB SIGIP 18.93 -0.1
AppLovin APP 60.90 2.8 CoinbaseGlbl COIN 196.95 16.8 GigCapital5 GIA 14.40 13.5 ModineMfg MOD 87.47 5.3 ShakeShack SHAK 102.82 3.2
iShCoreUSAggBd AGG 97.13 –0.22 –2.1 SPDR DJIA Tr DIA 390.71 –0.15 3.7 VangdST Bond BSV 76.41 –0.08 –0.8
AriszAcqnUn ARIZU 12.47 19.5 CollegiumPharm COLL 37.75 0.6 GoDaddy GDDY 115.28 -0.7 MolinaHealthcare MOH 410.00 -1.2 SharkNinja SN 54.83 1.6 iShEdgeMSCIMinUSA USMV 81.41 –0.46 4.3 SPDR Gold GLD 188.20 –0.22 –1.6 VangdSTCpBd VCSH 76.95 –0.13 –0.5
ArmstrongWorld AWI 122.87 ... ColombierAcqnIIA CLBR 10.24 0.1 Griffon GFF 70.65 1.0 MountainI A MCAA 11.39 0.1 SherwinWilliams SHW 324.50 0.1 iShEdgeMSCIUSAQual QUAL 160.11 –0.09 8.8 SPDRPtfDevxUS SPDW 34.68 –0.17 2.0 VangdShortTrea VGSH 57.98 –0.05 –0.6
Artivion AORT 20.49 -0.7 CommvaultSystems CVLT 96.48 0.8 Groupon GRPN 18.80 3.9 MuellerIndustries MLI 50.77 3.1 ShoeCarnival SCVL 31.86 2.9 iShGoldTr IAU 38.44 –0.21 –1.5 SPDRS&P500Value SPYV 47.96 –0.54 2.9 VangdSC VB 216.95 0.11 1.7
AscendisPharma ASND 161.00 -1.2 ConstellationEner CEG 135.20 -0.6 GpoFinGalicia GGAL 22.97 3.3 MurphyUSA MUSA 416.85 -0.4 SkyWest SKYW 61.50 1.0 iShiBoxx$HYCpBd HYG 77.10 –0.32 –0.4 SPDRPtfS&P500 SPLG 59.53 –0.32 6.5 VangdTaxExemptBd VTEB 50.64 –0.24 –0.8
AssetMarkFin AMK 34.42 1.8 Copart CPRT 52.81 2.2 Guess GES 25.46 1.6 NVR NVR 7628.54 -0.2 SolenoTherap SLNO 51.76 5.1 iShiBoxx$IGCpBd LQD 107.72 –0.31 –2.7 SPDRS&P500Growth SPYG 71.32 –0.24 9.6 VangdTotalBd BND 72.05 –0.18 –2.0
Assurant AIZ 179.94 0.3 Core&Main CNM 47.85 2.1 Guidewire GWRE 121.68 0.7 NXP Semicon NXPI 245.00 2.1 SoundHoundAI SOUN 5.95 46.7 iShMBS MBB 91.60 –0.22 –2.6 SPDR S&P 500 SPY 505.99 –0.37 6.5 VangdTotIntlBd BNDX 48.69 –0.18 –1.4
AssuredGuaranty AGO 85.82 0.9 CornerGrowthWt COOLW 0.31 9.9 HamiltonLane HLNE 121.90 -2.0 Natera NTRA 74.79 5.3 Spotify SPOT 256.43 -0.4 iShMSCIACWI ACWI 106.48 –0.27 4.6 SchwabIntEquity SCHF 37.77 –0.16 2.2 VangdTotIntlStk VXUS 58.82 –0.22 1.5
AstranaHealth ASTH 43.87 4.8 Costco COST 746.78 1.0 HarpoonTherap HARP 22.97 ... NatlHealthInv NHI 59.68 0.7 SproutsFarmers SFM 60.93 1.2
iShMSCI EAFE EFA 77.29 –0.14 2.6 SchwabUS BrdMkt SCHB 58.95 –0.30 5.9 VangdTotalStk VTI 251.24 –0.30 5.9
AthenePfdB ATHpB 22.58 0.8 CustomersBncpPfdE CUBIpE 26.21 1.5 HartfordFinl HIG 96.64 -0.5 NatureWood NWGL 16.55 2.7 SpruceBio SPRB 5.78 -1.8
Autoliv ALV 113.55 0.5 CymaBayTherap CBAY 32.31 0.2 HealthEquity HQY 84.08 1.5 NewOrientalEduc EDU 95.00 0.5 Stericycle SRCL 51.25 1.1
iSh MSCI EM EEM 40.42 –0.44 0.5 SchwabUS Div SCHD 77.47 –0.54 1.8 VangdTotWrldStk VT 107.24 –0.26 4.2
BIMI Intl BIMI 4.10 ... DellTechC DELL 94.99 2.7 Heico A HEI.A 162.20 -0.5 NewMarket NEU 634.68 -0.1 SterlingInfr STRL 90.36 3.4 iShMSCIEAFEValue EFV 52.11 –0.38 0.0 SchwabUS LC SCHX 60.04 –0.30 6.5 VangdValue VTV 155.40 –0.40 3.9
BWX Tech BWXT 90.57 0.1 DianthusTherap DNTH 26.44 4.3 Heico HEI 200.64 -0.1 Nextracker NXT 61.77 2.9 SumitomoMits SMFG 10.93 0.9 iShNatlMuniBd MUB 107.76 –0.19 –0.6 SchwabUS LC Grw SCHG 90.57 –0.29 9.2 WT FRTrea USFR 50.28 0.04 0.1

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
LgCpGwId InstPre 32.14 -0.08 8.9 SrsEmrgMkt 17.49
-0.04 0.9 JPMorgan R Class NHoriz 58.86 +0.16 4.7 MuShtAdml 15.75 ... 0.3 Welltn NA ... NA
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 30.80 -0.05 2.8 SrsGlobal 14.10
-0.02 1.8 CoreBond 10.13 -0.02 -1.4 R2030 24.55 -0.04 2.5 PrmcpAdml r 164.05 -0.01 4.9 WndsrII 44.68 -0.20 4.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 21.01 -0.08 6.5 SrsGroCoRetail 21.69
+0.03 11.4 CorePlusBd 7.14 -0.01 -1.3 Putnam Funds Class A RealEstatAdml 118.82 -1.35 -5.1 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.86 -0.02 -1.8 SrsIntlGrw 18.14
+0.02 5.9 Lord Abbett I PutLargCap p 32.26 -0.03 4.5 SmCapAdml 103.94 +0.15 1.7 ExtndIstPl 314.99 +1.20 2.4
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 13.70 +0.01 5.6 SrsIntlVal 11.97
-0.02 2.6 ShtDurInc p 3.84 ... 0.5 Schwab Funds SmGthAdml 87.83 +0.61 3.4 IdxIntl 18.88 -0.04 1.4
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.56 -0.02 -4.6 TotalBond 9.40
-0.02 -1.4 Metropolitan West 1000 Inv r 108.83 -0.35 NA STBondAdml NA ... NA MdCpGrAdml 97.65 +0.12 3.3
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 25.11 +0.16 0.3 Fidelity SAI TotRetBdI 8.95 -0.01 -2.0 S&P Sel 77.85 -0.30 NA STIGradeAdml 10.16 -0.01 -0.1 MdCpVlAdml 76.03 -0.38 1.3
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 139.56 -0.39 5.9 TotalBd 8.90 -0.01 -1.2 TRBdPlan 8.39 -0.02 -2.0 TSM Sel r 85.77 -0.24 NA STIPSIxAdm 23.81 +0.01 ... SmValAdml 77.68 -0.23 0.4
TotalMarketIndex 17.61 -0.05 6.0 U.S.TreBdIdx 8.64 -0.01 -1.7 MFS Funds TIAA/CREF Funds TotBdAdml NA ... NA TotBd2 NA ... NA
TtlIntIdxInstPr 13.34 -0.02 1.4 Fidelity Selects IIE 33.91 -0.07 2.9 EqIdxInst 35.66 -0.10 5.9 TotIntBdIdxAdm 19.49 -0.06 -1.0 TotIntlInstIdx r 126.32 -0.24 1.5
Monday, February 26, 2024 USBdIdxInstPrem 10.19 -0.02 -1.8 Semiconductors r 29.01 +0.34 19.6 MFS Funds Class I IntlEqIdxInst 22.44 -0.02 2.7 TotIntlAdmIdx r 31.59 -0.06 1.4 TotItlInstPlId r 126.35 -0.24 1.5
Net YTD Net YTD Net YTD Fidelity Advisor I Softwr 28.96 +0.04 4.7 GrowthI 193.91 -0.63 12.7 LrgCpGrIdxInst 56.49 -0.13 9.0 TotStAdml 122.32 -0.34 5.9 TotSt 122.28 -0.34 5.9
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.39 -0.01 -1.4 Tech 31.32 +0.20 9.9 ValueI 49.44 -0.17 3.9 VANGUARD ADMIRAL TxMCapAdml NA ... NA VANGUARD INSTL FDS
Fidelity Freedom First Eagle Funds Natixis Funds 500Adml 468.61 -1.77 6.5 TxMIn r 15.66 -0.03 1.7 BalInst NA ... NA
AB Funds Artisan Funds US CoreEq2 34.11
-0.07 5.1 FF2030 GlbA
MuniIncmShares 11.07 -0.01 0.2 IntlVal Inst 47.06 -0.01 2.4 US Small 44.50
+0.12 0.3 FF2040
16.93 -0.02 2.2 64.14 -0.27 1.7 LSGrowthY 25.38 ... 9.3 BalAdml NA ... NA USGroAdml 161.03 -0.10 9.8 DevMktsIndInst 15.68 -0.03 1.6
10.90 -0.02 3.9 Franklin A1 Northern Funds CAITAdml 11.41 ... -0.1
ValAdml 60.61 -0.27 4.0 DevMktsInxInst 24.51 -0.04 1.7
AB Funds - ADV Baird Funds US SmCpVal 44.47
+0.01 -1.0 Freedom2030 K 16.91 IncomeA1
LgCpGrAdv 102.83 -0.01 10.8 AggBdInst 9.64 -0.05 -1.7 US TgdVal 31.45
+0.01 -1.4 Freedom2035 K 14.94
-0.03 2.2 2.29 -0.01 -0.8 StkIdx 52.17 -0.19 6.5 CapOpAdml r 188.86 +0.24 5.4
WdsrllAdml 79.25 -0.36 4.2
ExtndInst 127.64 +0.49 2.4
-0.02 3.0 FrankTemp/Frank Adv Old Westbury Fds DivAppIdxAdm 48.36 -0.15 4.6 GrwthInst 173.90 -0.49 8.7
American Century Inv CorBdInst 9.97 -0.04 -1.4 USLgVa 46.22
-0.14 3.8 Freedom2040 K 10.90 WellsIAdml 59.92 -0.21 -0.9
-0.02 3.9 IncomeAdv 2.27 -0.01 -0.8 LrgCpStr 18.39 -0.07 NA EMAdmr NA ... NA InPrSeIn 9.27 ... -1.2
Ultra 80.85 -0.08 8.5 BlackRock Funds Dodge & Cox WelltnAdml NA ... NA
Idx2030InsPre 19.23 -0.04 1.7 FrankTemp/Franklin A
Parnassus Fds EqIncAdml 85.71 -0.45 1.7 InstIdx 419.08 -1.58 6.5
American Funds Cl A HiYldBd Inst 7.02 ... 0.8 Balanced 101.84 -0.37 0.6 Idx2035InsPre 22.01 DynaTech A 150.29 +0.29 12.4 ExplrAdml 106.83 +0.36 3.5
WndsrAdml 72.44 -0.42 ...
-0.05 2.4 ParnEqFd 58.11 -0.19 5.4 InstPlus 419.08 -1.58 6.5
AmcpA 40.93 -0.03 7.4 BlackRock Funds III GblStock 15.00 -0.05 0.5 Idx2040InsPre 22.91 VANGUARD FDS
-0.06 3.2 Growth A 132.29 -0.24 7.9
PGIM Funds Cl Z
ExtndAdml 127.65 +0.49 2.4 InstTStPlus 87.22 -0.24 5.9
AMutlA 52.72 -0.20 3.4 iShS&P500IdxK 595.20 -2.24 6.5 Income 12.43 -0.02 -1.5 Idx2045InsPre 23.97 -0.06 3.5 RisDv A 92.07 -0.47 4.1 GNMAAdml 9.09 -0.02 -2.3 DivdGro 39.00 -0.16 4.8 MidCpInst 65.04 -0.14 2.2
TotalReturnBond NA ... NA
BalA 32.95 -0.09 3.0 BlackRock Funds Inst Intl Stk 48.61 -0.10 -1.1 Idx2050InsPre 24.02 -0.05 3.5 Guggenheim Funds Tru GroIncAdml 97.53 -0.20 8.1 IntlVal 40.93 -0.03 1.4 MidCpIstPl 320.79 -0.67 2.2
BondA 11.20 -0.03 NA EqtyDivd 19.73 -0.10 2.9 Stock 249.41 -1.29 2.4 Fidelity Invest PIMCO Fds Instl LifeCon 20.51 -0.04 NA
TotRtnBdFdClInst 23.36 -0.03 -1.3 GrwthAdml 173.89 -0.49 8.7 RealEstaInstl 18.39 -0.21 -5.1
CapIBA 66.68 -0.25 0.7 StratIncOpptyIns 9.34 -0.01 -0.3 DoubleLine Funds Harbor Funds AllAsset 10.99 -0.02 NA
HlthCareAdml r 92.88 +0.11 5.3 LifeGro 42.67 -0.11 NA
Balanc 28.06 -0.07 4.2 SmCapInst 103.94 +0.15 1.7
CapWGrA 62.79 -0.18 4.4 TotRet 9.81 -0.02 NA TotRetBdI 8.68 -0.01 NA BluCh 192.77 -0.25 11.3 CapApInst 108.52 +0.09 12.5 TotRt 8.48 -0.01 -1.4
HYCorAdml r 5.37 ... ... LifeMod 31.00 -0.07 NA SmCapIstPl 300.00 +0.43 1.7
EupacA 56.91 -0.03 4.1 Calamos Funds Edgewood Growth Instituti PIMCO Funds A PrmcpCor 33.50 -0.03 5.5
BluChpGr K6 29.72 -0.01 10.7 Harding Loevner InfProAd 22.75 ... -1.2 STIPSIxins 23.83 +0.01 ...
FdInvA 76.15 -0.08 6.5 MktNeutI 14.34 ... 1.1 EdgewoodGrInst 48.67 +0.07 11.3 Contra 18.33 -0.07 14.0 IntlEq 25.93 +0.02 -0.1 IncomeFd 10.49 -0.02 -0.3 InfTechIdx 263.47 +0.62 6.3 STAR 27.37 -0.04 NA TotBdInst NA ... NA
GwthA 68.42 -0.02 8.3 Columbia Class I Federated Hermes Int Invesco Funds Y PIMCO Funds I2 IntlGrAdml 105.35 +0.08 3.5 TgtRe2020 27.09 -0.06 NA
ContraK 18.39 -0.07 14.0 TotBdInst2 NA ... NA
HI TrA 9.49 -0.01 NA DivIncom I 31.80 -0.11 4.6 TtlRtnBdI 9.35 -0.02 -1.8 CpInc 9.77 -0.01 2.0 DevMktY 38.13 -0.18 -1.3 Income 10.49 -0.02 -0.3 ITBondAdml 10.12 -0.02 -1.8 TgtRe2025 18.65 -0.04 NA TotBdInstPl NA ... NA
ICAA 53.45 -0.14 6.1 Dimensional Fds Fidelity GroCo 35.47 +0.04 11.1 JHF III DispVal PIMCO Funds Instl ITIGradeAdml 8.49 -0.03 -1.5 TgtRe2030 36.17 -0.09 NA TotIntBdIdxInst 29.25 -0.09 -1.0
IncoA 23.53 -0.09 0.4 EmgMktVa 29.78 -0.18 1.2 500IdxInstPrem 176.26 -0.67 6.5 InvGrBd 9.88 -0.02 -1.6 DispValMCI 28.28 -0.07 3.3 IncomeFd 10.49 -0.02 -0.3 LarCapAd 117.46 -0.41 6.5 TgtRe2035 22.66 -0.05 NA TotStInst 122.34 -0.34 5.9
N PerA 59.07 -0.05 5.7 EmMktCorEq 22.64 -0.07 1.0 Contrafund K6 26.16 -0.07 13.6 LowP 45.24 -0.07 2.7 John Hancock Price Funds LTGradeAdml 7.79 -0.03 -3.5 TgtRe2040 40.42 -0.10 NA ValueInst 60.61 -0.26 4.0
NEcoA 58.04 +0.01 7.5 IntlCoreEq 15.44 -0.04 0.8 ExtMktIdxInstPre 79.92 +0.31 2.4 Magin 13.79 -0.03 12.0 BondR6 13.34 -0.02 -1.4 BlChip 166.08 -0.67 11.2 MidCpAdml 294.44 -0.62 2.2 TgtRe2045 27.53 -0.07 NA WCM Focus Funds
NwWrldA 77.14 -0.15 2.8 IntSmCo 19.14 -0.03 -0.9 FidSer5 7.50 -0.01 -2.1 NASDAQ 202.57 -0.26 6.5 JPMorgan I Class DivGro 74.32 -0.20 5.0 MuHYAdml 10.67 ... 0.2 TgtRe2050 46.01 -0.12 NA WCMFocIntlGrwIns 25.01 +0.11 9.9
SmCpA 66.97 +0.08 1.1 IntSmVa 21.13 -0.03 -0.5 FidSerToMarket 16.62 -0.05 5.9 OTC 19.95 -0.07 9.1 CoreBond 10.12 -0.01 -1.5 Growth 94.94 -0.34 9.6 MuIntAdml 13.67 ... -0.1 TgtRe2060 47.31 -0.11 NA Western Asset
TxExA 12.39 ... NA LgCo 33.67 -0.13 6.5 GrowthCompanyK6 25.16 +0.07 12.1 Puritn 24.64 -0.05 5.8 EqInc 23.54 -0.11 2.6 LgCapGow I 72.55 -0.28 10.3 MuLTAdml 10.91 -0.01 -0.3 TgtRet2055 51.34 -0.13 NA CoreBondI NA ... NA
WshA 60.16 -0.14 5.2 US CoreEq1 38.11 -0.08 5.7 IntlIdxInstPrem 48.58 -0.06 2.6 SAIUSQtyIdx 21.05 -0.04 8.7 LgCpGwth 67.71 -0.02 12.6 MidCap 105.15 +0.07 5.1 MuLtdAdml 10.83 ... 0.1 TgtRetInc 13.06 -0.03 NA CorePlusBdI NA ... NA
B10 | Tuesday, February 27, 2024 THE WALL STREET JOURNAL.

BANKING & FINANCE

Tech Lull Hits Ad Firms Unevenly Citi Hires

Raghavan
Agency pain varies
depending on their From Rival
exposure to clients
suffering the most JPMorgan
BY MEGAN GRAHAM BY JUSTIN BAER

A cutback in tech compa- Citigroup named JPMor-

nies’ marketing spending is gan Chase’s Viswas Raghavan
driving a slowdown at adver- as head of banking, turning to
tising agency holding compa- an old rival to fill a key senior
nies—but only for some. role at the bank.
Interpublic Group of Cos., Raghavan joined JPMorgan
which reported quarterly earn- in 2000 and most recently
ings earlier this month, and served as head of investment
WPP, which posted its results banking. At Citi, he will run
last week, said a slowdown in one of the bank’s five core
tech spending dragged on their businesses and report directly
performance last year. Publicis to Chief Executive Jane Fra-
Groupe and Omnicom, which ser.
both reported this month, de- Raghavan will arrive as
livered stronger growth in Fraser and her management
JIMIN KIM/SOPA IMAGES/ZUMA PRESS

2023 than their rivals, adding team press ahead with Citi’s
that tech clients’ moves were most ambitious restructuring
hurting rivals more than them. plan in years while also work-
It is difficult to make apples- ing to modernize its technol-
to-apples comparisons of the ogy and internal controls.
tech business each ad giant His appointment also ends
holds because the companies a guessing game on Wall
break out their clients differ- Street; in its search, Citi had
ently. IPG breaks out a single Ad firms including Interpublic Group of Cos. and WPP said a slowdown in tech spending weighed on last year’s performance. reached out to some of the in-
segment that spans “tech and dustry’s most prominent in-
telecom” clients, for example, WPP has a notable concen- ally created a two-tier world a significant upturn in tech and telecommunications seg- vestment bankers.
while WPP puts its “tech and tration of technology clients, among the ad agencies we spending and marketing activ- ment, CEO Arthur Sadoun said, Peter Babej, who served as
digital services” business in a including Google and Dell track,” MoffettNathanson ana- ity, we’ve noted a more recent but a “slight one.” interim banking head during
different bucket than work for Technologies. The firm, which lysts said in a research note stabilization in that spend.” That said, tech clients aren’t the search, will now follow
“telecom, media and entertain- owns the media-buying busi- earlier this month. The company hasn’t fac- the entire story. Publicis’ solid through on his plan to retire
ment” clients. ness GroupM and ad agencies Organic revenue at IPG, tored a return to growth for performance of late can be at- from Citi.
Different tech clients spend such as VML, said its like-for- which owns agency groups the tech and telecommunica- tributed to its mix of revenue Citi shares finished Mon-
differently, moreover, and some like revenue less pass-through such as McCann Worldgroup tions sector into its plan for lines, but also to strong cus- day’s trading 1% lower at
are pulling back more heavily costs grew 0.9% last year, and IPG Mediabrands and has 2024, Krakowsky said. tomer retention and momen- $55.36.
than others. “It certainly could within its guidance ranges. big tech clients including Mi- Omnicom and Publicis fared tum in new business wins, said
be that tech company A is “The biggest delta versus crosoft, Google and Samsung, better in 2023 than their com- Danny Yeo, an equity analyst at
spending money and tech com- our budget was in technology fell 0.1% last year. Austerity in petitors. Publicis, whose agen- CFRA Research.
pany B is pulling back—so companies, which you know is tech and telecom spending con- cies include Saatchi & Saatchi “Today, the advertising mar-
whoever you happen to have at 20% of our business,” Chief Ex- tinues to weigh significantly on and Leo Burnett, reported full- ket can be characterized as a
the time is good or bad,” said ecutive Mark Read said on an the company’s overall growth, year 2023 net revenue organic zero-sum market that requires
Tim Nollen, senior media tech earnings call last Thursday. according to executives. growth of 6.3%. Omnicom, par- technology capabilities includ-
analyst at Macquarie. “We have the biggest exposure “Previously discussed bud- ent of agencies including BBDO ing data and digital transfor-

HOLLIE ADAMS/BLOOMBERG NEWS

Any significant client losses in our industry out there.” get reductions at our major and TBWA, said its full-year or- mation on top of creative idea
could also be harming the hold- WPP expects improved sta- technology industry clients ganic growth was 4.1%. generation,” he said in an
ing companies’ performance bility from its tech clients in have been a consequence of Omnicom hasn’t taken as big email. Publicis’ “early invest-
with tech clients, Nollen said. 2024, but isn’t ready to predict broader enterprise cost-cutting a hit from depressed tech ment in data and tech is paying
But recently, the thinking a recovery in the sector, execu- programs within those compa- spending as its competitors off, as seen from [its] industry-
among some analysts and exec- tives said on their call to dis- nies,” CEO Philippe Krakowsky have, CEO John Wren said. leading new business wins,
utives is that the more tech cli- cuss the latest earnings. said on the company’s earnings Publicis leaders echoed that which must expand at the ex-
ents an ad company has, the Cutbacks in the tech sector’s call. “And while it’s still not theme. The company had seen pense of other industry play-
more trouble. sales and marketing have “re- possible to call the timing [of] a decrease in its tech, media ers.” Viswas Raghavan.

Minorities, Women Are Launching Companies Say

Private-Equity Funds at Record Pace Own Boards Push
BY YULIYA CHERNOVA Number of women- and minority-owned
U.S. private-equity firms raising capital
target for its second fund to
$20 million from $30 million,
For Decarbonization
A record number of pri- said managing partner Caro-
vate-equity firms owned by 400 line Lewis. “We had a few LPs BY YUSUF KHAN committed to a net-zero tar-
women and minorities were 350 in our pipeline that gave ver- get, while 26% of respondents
raising capital last year, but bal commitments and had to The pressure on compa- said their targets were under
they have scaled down their 300 either reduce their commit- nies to cut their carbon foot- development.
fundraising goals, new 250
ment or push their timing due print is coming more from Ashurst also found that so-
data show. to their own fundraising being within the organizations lar was the most popular
Some 417 women- and mi- 200 delayed,” she said. themselves than from custom- method to decarbonize, with
nority-owned private-equity At the same time, Lewis ers and regulators, according 72% of respondents investing
150 said, lower company valua- in or committed to investing
firms, including venture and to a report.
other strategies, were raising 100 tions in the slow venture mar- Three-quarters of business in the clean-energy technol-
capital in 2023 in the U.S., up ket will help Rogue Women’s leaders from across the Group ogy. The law firm also found
from 346 in the prior year, ac- 50 Fund perform even at a of 20 nations said the push to that companies tended to be
cording to a new report by in- 0 smaller size. invest in renewable energy is the most active when it comes
vestment firm Fairview Capi- The trends comport with being driven mainly by their to renewable investments,
tal Partners. Of the total, 2014 ’15 ’20 ’23 the broader downturn in ven- own corporate boards, with with 52% of the respondents
there were 301 women and Note: Includes venture-capital firms ture capital, while pointing to 77% of U.S. business leaders falling into this category. The
minority-owned venture firms Source: Fairview Capital Partners additional headwinds facing saying the pressure was ex- average turnover of those
fundraising last year, a 15% in- diverse managers. treme or significant, accord- companies was $15.1 billion.
crease over 2022. Overall venture fundraising ing to a survey conducted by Meanwhile, 81% of energy-
This crop of firms is now declined dramatically last law firm sector respon-
running into the toughest year. Just 474 venture funds Ashurst. dents to the

77%
market conditions in years. were closed in 2023 in the The corpo- survey said
“The diverse manager mar- U.S., the smallest number in rate call to de- they see invest-
ket, which has grown impres- almost a decade, according to carbonize is in- ment in renew-
sively over the years, has never a PitchBook-NVCA Venture tensifying, ables as essen-
been tested at this scale Monitor report. Ashurst said, Percentage of U.S. tial to the
against the type of market con- Many LPs, including with 30% of organization’s
ditions we’re facing today,” Fairview, continue to believe business lead-
business leaders who s t r a t e g i c
said Aakar Vachhani, managing that bringing new faces into ers saying the say board pressure growth.
partner at Fairview. “We could the venture industry will yield pressure from is significant Burns said
ERICA DUIGNAN MINNIHAN

see the bulk of firms weather strong results. their own the 2030 time-
the storm and emerge even At the same time, negative boards was ex- line to reach
stronger over time, or we could returns in the venture market treme, up from net zero was
see a significant setback that have made limited partners 25% in 2022. very important to the compa-
PHIL KIENE

takes longer to recover from.” stingier when it comes to “We’re seeing that the en- nies it surveyed. “We are in-
At some point this year, backing younger venture man- ergy transition is an area that creasingly seeing corporate
Fairview expects there will be Erica Duignan Minnihan and Caroline Lewis help lead funds. agers, where these firms are is firmly embedded in the and other stakeholders ac-
more than 1,000 private-equity more represented. thinking of investors, corpo- tively setting and embracing
firms owned by women and mi- institutional-quality manag- targets. In addition, some of the rates, governments and oth- trajectories to achieve net
norities in the U.S., an order of ers, those that institutional Venture funds at firms programs that were designed ers, so there is a real empha- zero. However, greater clarity
magnitude increase over the limited partners would con- owned by women and minori- specifically to help vary the sis on setting and acting on and transparency on the stan-
112 firms in 2014, when the sider backing. ties set a median target of $55 demographics of venture capi- these plans now,” said Michael dards for measuring and man-
firm began reporting its data. While there was an in- million in 2023, down from tal have run into legal and po- Burns, global co-head of en- aging these net-zero commit-
They represent roughly 10% of crease in women- and minor- $70 million in the prior year. litical challenges last year. ergy at Ashurst. “That said, ments is needed to ensure
all private-equity firms, accord- ity-owned funds overall, some Buyout funds in this category, “We didn’t think the invest- the pace of transition and the consistency in approach and,
ing to Fairview’s estimates. sub-segments saw a decline. meanwhile, were aiming for ment and interest would last stage of the journey very importantly, outcome,” he
There is also a maturation For example, the number of $325 million last year, down forever, but it’s pretty inter- much depends from business said.
of the set, with a record num- funds being raised by Black from $365 million in 2022. esting how it kind of vanished to business.” Legal battles over climate
ber of firms owned by minori- and Asian-American woman- The targets for funds at in just a couple of years,” said The shift in sentiment change and renewable invest-
ties and women raising their owned firms last year shrank women- and minority-owned Erica Duignan Minni- comes as companies ramp up ing are likely to rise, with 68%
second or later fund last year, for the first time since firms are significantly lower han, founding partner at New investment in renewable of respondents saying they ex-
Fairview found. Fairview, Fairview began keeping tabs. than the overall market. York-based Reign Ventures, spending to meet their net- pect to see an increase in legal
which has been investing in Women- and minority- The environment has led about the pullback of LPs zero goals. Ashurst found that disputes over the next five
venture funds for three de- owned funds overall have also San Antonio-based Rogue backing women- and minority- 71% of the more than 2,000 years, while 16% anticipate a
cades, tracks what it considers decreased their fundraising Women’s Fund to reduce the owned venture funds. respondents to its survey had decrease, the report said.

New Highs and Lows Stock

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Continued From Page B9 52-Wk % 52-Wk % HoustonAmEner HUSA 1.27 0.8 MP Materials MP 14.32 -1.9 NewHorizAircraft HOVR 1.25 -15.4 PlaystudiosWt MYPSW 0.05 -5.4 SJW Group SJW 56.23 ... SunnovaEnergy NOVA 6.76 -6.9 VOC Energy VOC 6.22 0.6
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg VATE
INNOVATE 0.71 -5.9 MaidenHoldings MHLD 1.28 -4.7 NewPacificMetals NEWP 0.97 -8.4 Playtika PLTK 6.43 -3.5 SKYX Platforms SKYX 1.19 1.6 SyprisSolutions SYPR 1.67 -6.1 Valneva VALN 7.00 -2.6
IndependenceContr ICD 1.80 -4.2 Mangoceuticals MGRX 0.19 -6.1 NY Mortgage NYMT 7.07 -3.3 QuiptHomeMed QIPT 4.23 -4.1 SRM Ent SRM 1.12 -4.9 TeladocHealth TDOC 14.36 2.0 VenusConcept VERO 0.83 -27.4
Stock Sym Hi/Lo Chg FocusUniversal FCUV 0.34 -6.2 GreenfireResources GFR 4.71 -2.8 IndonesiaEnergy INDO Medigus MDGS 2.71 -5.7 Newmont NEM SABR VICR
GeneticTech GENE 1.80 -2.7 GreenPowerMotor GP 1.94 ...
2.35 -0.8 29.74 -4.1 RE/MAX RMAX 8.09 -5.6 Sabre 2.63 -2.2 TizianaLife TLSA 0.48 1.2 Vicor 35.00 7.4
DIH US DHAI 0.76 -30.6 InspireVeterinary IVP 0.09 -5.0 MetallaRoyalty MTA 2.32 4.2 Northann NCL 0.66 -2.8 Sasol SSL 7.31 -4.0 ViomiTech VIOT 0.70 -6.7
GlobalNetLease GNL 7.29 -4.3 GuardantHealth GH 19.08 3.7 RegencellBio RGC 6.40 -5.5 TreasureGlobal TGL 0.06 1.8
DigitalTurbine APPS 3.04 0.6 IridiumComm IRDM 27.89 0.3 Microvast MVST 0.72 0.5 OfficePropIncm OPI 2.78 -6.3 ScrippsEW SSP 4.21 6.0 Volcon VLCN 0.81 -6.2
Gogo GOGO 8.41 -0.4 HWH Intl HWH 0.89 -9.6 RenttheRunway RENT 0.39 -0.6 Tredegar TG 4.28 -1.6
KLX Energy KLXE 7.68 -10.6 MiddlesexWater MSEX 49.68 -2.3 OilStatesIntl OIS 5.46 -1.3 SemiluxIntl SELX 0.77 -22.1 WearableDevWt WLDSW 0.03 -7.8
ExactSciences EXAS 56.85 ... GogoroWt RIVN TripleFlagPrecMtl TFPM
GGROW 0.05 0.2 HalladorEnergy HNRG 6.85 -2.4 KaivalBrands KAVL 1.82 -6.2 ModivCare MODV 24.00 -4.3 OrionOffice ONL 4.29 -2.3 Rivian 10.05 6.3 Shyft SHYF 10.20 -7.7 11.75 -1.5 WheelerREIT WHLR 0.15 2.5
Fanhua FANH 5.07 -2.6 Gogoro GGR 1.52 -7.2 Hanryu HRYU 0.38 -8.8 Kennedy-Wilson KW 8.40 -9.5 MoolecScience MLEC 1.62 ... PalisadeBio PALI 0.39 -1.5 RoyaltyMgmt RMCO 1.12 ... SolGelTech SLGL 0.90 -1.7 22ndCentury XXII 0.13 0.7 WiSA Tech WISA 0.04 -2.0
FirstWesternFin MYFW 12.84 -1.8 Graphex GRFX 0.45 -7.9 HealthcareRealty HR 13.06 -2.2 LSB Inds LXU 7.21 -3.7 Movella MVLA 0.24 -16.1 PermianvilleRT PVL 1.35 -5.6 RubiconTech RBT 0.75 -8.7 SoloBrands DTC 2.56 -1.5 TwinVee VEEE 1.10 -3.7 Wolfspeed WOLF 23.54 7.6
FlexLNG FLNG 24.64 -1.7 GrayTelevision GTN 5.89 -2.8 HeliusMedical HSDT 5.59 -1.9 LightInTheBox LITB 0.92 -7.0 NWTN NWTN 6.01 -4.8 PlanetGreen PLAG 0.30 -6.2 SIMPPLE SPPL 3.70 -5.9 SturmRuger RGR 42.26 -1.5 Usio USIO 1.30 1.9 YorkWater YORW 34.98 -0.2
 THE WALL STREET JOURNAL. * * * * Tuesday, February 27, 2024 | B11

MARKETS

Stocks Slip Ahead of Key Economic Data

Major indexes are
on track for their
fourth-straight
month of gains
BY SAM GOLDFARB
Stocks drifted lower ahead
of fresh readings on the econ-
omy this week, in a subdued
trading session after last
week’s Nvidia-fueled rally.
AUCTION RESULTS
gence technology. Index performance on Monday believe that the January read-
Here are the results of Monday's Treasury auctions.
There was no such catalyst ings will prove an anomaly.
All bids are awarded at a single price at the market-
0.3%
on Monday. Nvidia shares Other data have also been clearing yield. Rates are determined by the difference
between that price and the face value.
climbed an additional 0.3% af-
0.2
largely encouraging, with busi-
ter gaining 17% over the previ- nesses continuing to add jobs
ous two trading sessions. Sev- and economic growth showing Applications
13-Week 26-Week
$236,704,744,300 $209,592,704,700
eral other large technology 0.1 few signs of a significant slow- Accepted bids
" noncomp
$84,497,713,900 $74,873,397,600
$2,208,463,100 $2,234,848,900
stocks didn’t fare as well, with down. " foreign noncomp $100,000,000 $0
Apple dropping 0.7% and 0 Elsewhere in markets, fall- Auction price (rate) 98.671653 97.406500
(5.255%) (5.130%)
Google-parent Alphabet sliding ing bond prices drove the yield 5.400% 5.340%
4.4%. –0.1 on the benchmark 10-year U.S. Bids at clearing yield accepted 71.62% 85.31%
912797HS9 912797KD8
It was a mixed bag in other Treasury note to 4.298% from Both issues are dated Feb. 29, 2024. The 13-week bills
sectors as well. Berkshire 4.258% Friday. mature on May 30, 2024; the 26-week bills mature on
–0.2
Hathaway started the day The 10-year yield started Aug. 29, 2024.

The S&P 500 fell 0.4%, while strong but quickly faded, end- Nasdaq Composite February just under 4% but has TWO-YEAR NOTES
the Dow Jones Industrial Aver- ing the day down 1.9%. Warren –0.3 climbed following hotter-than- Applications $159,709,649,500
Dow Jones Industrial Average Accepted bids $65,725,715,600
age shed roughly 62 points, or Buffett’s annual letter over the S&P 500 expected jobs and inflation " noncompetitively $640,224,300
0.2%. Both weekend divulged $8 billion of –0.4 data. It remains well below the " foreign noncompetitively $0
Auction price (rate) 99.875391
MONDAY’S were coming gains from bets on Japanese
Five-minute intervals
5% level it reached last fall. (4.691%)
MARKETS off records Fri- stocks but noted a lack of pos- –0.5 In commodities, Brent crude Interest rate
Bids at clearing yield accepted
4.625%
72.98%
day. The tech- sible acquisition targets. 10 a.m. 11 noon 1 p.m. 2 3 4 for April delivery gained 1.1%, Cusip number 91282CKB6
heavy Nasdaq Composite Meanwhile, Domino’s Pizza to $82.53 a barrel. The notes, dated Feb. 29, 2024, mature on Feb. 28,
slipped 0.1%. rose 5.8% after the delivery Source: FactSet Overseas, Japanese stocks 2026.

All three indexes are on
track to finish February in the
green, which would mark their
fourth straight month of gains.
Last week, they each climbed
more than 1% after chip maker
Nvidia’s blockbuster earnings
reignited enthusiasm about the
potential of artificial-intelli-
chain reported a better-than-
expected profit and raised its
dividend.
Investors will gain greater
insight into the economy on
Thursday when the Commerce
Department releases data on
household spending and in-
come, as well as the Federal
Reserve’s preferred inflation
gauge.
The data are expected to
confirm that price pressures
increased in January after eas-
ing in previous months. Re-
ports on consumer and pro-
ducer prices earlier this month
notched another record Mon- FIVE-YEAR NOTES
have already shown inflation day, lifted by merger talks be- Applications $157,232,464,100
Accepted bids $66,768,916,600
running unexpectedly hot to tween two drugstore operators " noncompetitively $197,040,300
start the year. That has scram- and praise from Buffett in his " foreign noncompetitively $0
99.688225
bled investors’ bets on when letter. At midday Tuesday, the Auction price (rate)
(4.320%)
the Fed might start cutting in- Nikkei 225 was down 0.15% and Interest rate 4.250%
terest rates this year. Hong Kong’s Hang Seng Index Bids at clearing yield accepted
Cusip number
89.61%
91282CKD2
Still, investors haven’t was down 0.9%. S&P 500 fu- The notes, dated Feb. 29, 2024, mature on Feb. 28,
shown too much concern. Many tures were down 0.1%. 2029.

Chevron’s Cnooc owns the remaining

25%.
The clash with Exxon is a
pumping oil in Venezuela
again as the Biden adminis-
tration eased sanctions. It

Hess Deal setback for Chevron Chief Ex-

ecutive Mike Wirth, who late
last year disclosed delays and
helped to restore production
there to faster growth than
the market anticipated. It

Is in Peril cost overruns for a massive

Continued from page B1
“We owe it to our investors
and partners to consider our
pre-emption rights,” Mir said.
Exxon is trying “to ensure we
preserve our right to realize
the significant value we’ve
ANDREW KELLY/REUTERS
oil project in Kazakhstan, as
well as shareholder returns
that have recently underper-
formed rival Exxon.
The California oil giant’s
attempt to join the jungle-
covered South American
country’s oil boom has coin-
cided with a retreat by the
large American oil companies
also is investing in Argen-
tina’s shale and is exploring
for oil and gas off Suriname,
near Guyana.
In recent months, Venezu-
ela’s President Nicholas Ma-
duro has escalated its mili-
tary presence near its border
with Guyana, a country of
800,000 with little means of
defense.

created” in Guyana. Exxon
didn’t say whether it will
make its own offer for Hess’s
stake.
The exact terms of the JOA
Avis’s stock slid sharply after the company reported a 53% drop in fourth-quarter profit. weren’t immediately clear, in-
cluding whether pre-emption
to the Western Hemisphere as
global conflicts abound.
Exxon lost its stake in a ma-
jor Russian project following
the Ukraine war.
Exxon and Chevron have
sold off billions in assets in
Exxon has assumed the
lion’s share of the risk in the
Guyana project, drilling there
for years before large amounts
of oil were discovered. Exxon
and its partners continue to
drill for additional oil finds,

Hedge Fund Pays a Price

rights exist or whether Chev- Asia and Africa in recent and the project’s value could
ron or others would have the years, underscoring the grow- increase substantially. Exxon
right to make another offer. ing importance of the U.S. estimates the Guyana project
Exxon has a 45% share in shale plays and South Amer- to house nearly 11 billion bar-

After Its Heavy Bet on Avis

the Guyana oil project and ica. Chevron last year began rels of oil and gas.

BY MATT WIRZ
Shares of Avis Budget
Group have crashed in recent
weeks, saddling the hedge-fund
management firm that owns al-
most half the company with a
paper loss exceeding $1 billion.
The firm is SRS Investment
Management, and its founder,
Karthik Sarma, has tied his fate
to the rental-car company.
While most hedge-fund manag-
ers diversify their holdings to
reduce risk, he had concen-
trated about one-quarter of the
$11 billion his firm manages in
Avis stock before the selloff, ac-
cording to a Wall Street Journal
analysis of regulatory filings.
Avis has been one of SRS’s
biggest—and most successful—
investments since at least 2011,
but the trade didn’t take off un-
til 2021. Car prices and travel
boomed after the pandemic,
generating billions of dollars in
paper profit for the hedge fund.
Now car prices are falling and
so is the value of Avis’s fleet,
tanking its stock.
SRS’s flagship fund has lost
8% this year, according to a per-
son familiar with the matter.
The underperformance has con-
trasted with the wider stock
rally and a 7.3% gain for 2024
on the S&P 500. The SRS fund
has generally been a solid per-
former, returning 25% in 2023
and an average of 12.9% since
2007, the person familiar with
the matter said.
Sarma rides his performance
swings calmly, cultivating the
loyalty of a cadre of core ana-
lysts who have been at the firm
since it launched in 2006, a for-
mer employee said.
SRS is a holdover from the
days when small teams at
hedge funds managed large
pots of money and placed
“high-conviction” trades using
deep research. That model has
given way to a boom in multi-
manager hedge funds that em-
ploy dozens of separate invest-
ment pods with different
trading strategies.
In the second half of last
year, SRS started selling large
amounts of Avis shares but still
owned about $3 billion worth at
the end of December. The stock
price declined 39% this month
after the company reported a
53% drop in earnings for the
fourth quarter of 2023 and in-
creased vehicle write-downs.
“Vehicle depreciations are
going to be about $25 per
month [per vehicle] more than
[analysts] expected,” said John
Healy, a stock analyst at North-
coast Research. “When you
have 700,000 cars in your fleet,
that adds up to a couple hun-
dred million dollars a year.”
Used-car prices are drop-
ping, in part because higher in-
terest rates have made monthly
auto-loan payments too expen-
sive for some consumers. That
means Avis gets lower prices
for cars it retires from its fleets.
Higher rates also increase the
interest expenses it pays on
cars it keeps.
Travel in the U.S. continues
to grow and the selloff in Avis
shares makes them an attrac-
tive buy, said Stephanie Moore,
an equity analyst at Jefferies.
Even with the recent down-
turn, SRS appears to have prof-
ited significantly on Avis
shares, most of which it bought
when they traded in the teens
and $20s, according to data
from S&P Global Market Intelli-
gence. The stock traded at $107
on Friday.
Sarma launched SRS in 2006
after working at Tiger Global
Management, a once-highflying
hedge fund that mixed venture-
capital investing with public
stocks.
SRS employs a narrower
strategy, typically owning fewer
than 20 stocks at a time, ac-
cording to filings with the Secu-
rities and Exchange Commis-
sion. The firm’s total portfolio
is closer to 50 companies after
accounting for derivatives and
bets that stocks will fall, the
person familiar with the matter
said.
SRS had a total of about $5
billion in shares of Avis, Netflix
Share-price and index
performance, past six months
20%
S&P 500
0 David Meneret, a hedge-fund
–20
–40
Avis Budget Group
–60
Sept. 2023 Jan. ’24
Source: FactSet
and Snap at the end of Decem-
ber, according to data from S&P.
That accounts for about 45% of
the $11 billion in assets under
management the firm reported
to the SEC in February.
Sarma has used activism to
raise returns. He pushed onto
Avis’s board of directors after a
proxy campaign in 2018 and
urged management to boost
share prices by changing opera-
tions and financial strategy.
Sarma made one of his ana-
lysts, Brian Choi, Avis’s chief fi-
nancial officer and, in mid-2021,
the company launched an ag-
gressive stock buyback, retiring
20% of its shares.
A few months later, Avis re-
ported unexpectedly high profit
as postquarantine travel
surged, driving a boom in rent-
als and lifting share prices.
Meme-stock traders amplified
the rally, urging one another to
buy and punish short sellers
that wagered Avis stock would
fall.
With fewer shares outstand-
ing because of the buybacks,
this “short squeeze” caused the
stock to double in a single day.
SRS made about $3 billion in
paper gains in 2021. The trade
put Sarma on the map, out-
stripping performance by many
hedge-fund titans that year.
The following year, earnings
before interest, taxes, deprecia-
tion and amortization, or
Ebitda, hit a record $4.1 billion
at Avis as business travel
picked up. The company raced
to buy more cars even as prices
rose because of inflation, short-
ages and a shift by automakers
toward higher-end cars.
The purchases backfired
when interest rates jumped and
car prices fell. Late last year
Avis started cutting its losses,
reducing its fleet by 50,000
cars in a few months.
Car prices will continue to
weaken because of high interest
rates, hitting Avis’s profit, said
manager at Mill Hill Capital. His
fund is betting on that out-
come, but not in the stock mar-
ket. Instead, Mill Hill has been
buying credit-default swaps, de-
rivatives that rise in value
when investors expect Avis’s fi-
nancial risk to rise.
“I’m not short the stock, be-
cause I believe there could be a
short squeeze based on more
large buybacks,” Meneret said.
—Peter Rudegeair
contributed to this article.
B12 | Tuesday, February 27, 2024
China Stockpiles
For Next Phase
Of the Chip Wars
Bumper equipment sales
by Western companies
are a sign of coming
market disruptions
Ahead of real conflicts, coun-
tries stockpile ammunition and
fuel. Chinese companies are busy
stockpiling chip-making equip-
ment parts.
That has brought huge bounty
to Western and Japanese ven-
dors—but also portends worrying
developments ahead.
The latest to benefit from
China’s splurge is Japanese chip-
equipment maker Tokyo Electron.
Its shares gained 20% since it
raised its profit outlook around
two weeks ago. China comprised
nearly half of its total net sales
last quarter, after sales there dou-
bled from a year earlier.
Strong demand from China
helped offset weakness elsewhere
last year as capital spending from
global semiconductor companies,
especially memory-chip makers,
slowed. Imports of semiconductor
equipment to China rose 14% year
over year in 2023 to nearly $40
billion, according to the country’s
customs data. Industry association
SEMI reckons global semiconduc-
tor-equipment sales fell 6.1% year
over year in 2023 to $101 billion—
a significant improvement from its
Cigarettes Are Losing Their Hold on the Nicotine Fix
Pretty soon, Americans who
crave a nicotine hit will be more
likely to reach for a vape or an
oral nicotine pouch than a ciga-
rette. Few tobacco companies look
ready for this milestone.
According to data from Marl-
boro maker Altria, cigarettes’
share of the U.S. nicotine industry
fell to 60% last year from 80% in
2018. Smokers are switching to
smoke-free products such as vapes
in higher numbers than expected.
If the trend continues, it will take
only another three years for ciga-
rettes’ share to slip below 50%.
In another bearish sign for ciga-
rettes, British American Tobacco
recently announced a £27.3 billion
noncash impairment of some of its
U.S. tobacco brands, equivalent to
$34.6 billion at current exchange
rates. The move reduced the book
value of brands such as Camel and
Newport by one-third, in an ad-
mission that their long-term pros-
pects have deteriorated since BAT
took control of their maker Reyn-
olds American in 2017.
In 2023, the number of ciga-
rettes sold in the U.S. shrank by
around 8%, double the long-term
average. There is a debate within
Temu’s U.S. Entry Is an Orange Flag for Etsy
Temu may be going after Ama-
zon’s market share, but other online
marketplaces could end up sustain-
ing collateral damage.
The Pinduoduo-backed online
marketplace, which made its U.S.
debut in September 2022 and a
splash with its “billionaire” Super
Bowl commercials, raked in roughly
$9 billion in U.S. gross merchandise
value in 2023, according to an esti-
mate from KeyBanc Capital Mar-
kets.
Its next move: opening up its
marketplace to U.S. sellers. This will
intensify the already-high competi-
tion for third-party sellers. Notably,
short-form video platform TikTok
launched its shopping feature—Tik-
Tok Shop—last year and was selling
about $7 million worth of products
in the U.S. every day, the Journal
reported in October.
Given that Temu sells commod-
itized discretionary items—anything
ranging from electronic accessories
to kitchen gadgets—its most obvi-
ous customer overlap is with Ama-
zon and Walmart. About 92% of
Temu’s audience also visited Ama-
zon, while 53% of its audience also
visited Walmart from September
2022 to January 2024, according to
Similarweb.
Temu isn’t yet a substantial
threat to Amazon, which has the
advantage of loyal Prime members
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
original forecast in July of an
18.6% decline.
There are a couple of reasons
for China’s spending spree. First,
Chinese chip makers have been
rushing to stockpile equipment in
anticipation of tougher Western
export restrictions. That is partic-
ularly true for lithography ma-
chines, which use light to print
tiny circuits on silicon wafers.
Japan and the Netherlands, key
suppliers of such machines, have
rolled out their own restrictions
on exports to China, in concert
with the U.S.
China’s imports of lithography
machines from the Netherlands al-
most quadrupled year over year in
2023, according to China’s cus-
toms data. Net system sales to
China from Dutch company ASML,
the market leader in lithography
equipment, tripled in 2023. China
made up 29% of ASML’s total net
system sales last year—up from
14% in 2022.
ASML hasn’t been able to sell
its cutting-edge extreme ultravio-
let lithography, or EUV, machines
to China for quite a while. But
new restrictions mean it won’t be
able to export some less-advanced
machines there either. The com-
pany said last month that the
Dutch government revoked li-
censes for exporting certain li-
thography machines to China.
U.S. nicotine market
Smokeless products*
Cigarettes
17.5 billion packs
15.0
12.5
10.0
7.5
5.0
2.5
0
2018 ’19 ’20 ’21 ’22
*E-vapor and oral tobacco
Source: Altria
the tobacco industry about what is
causing volumes to contract so
fast and whether the trend is
short-term. Tobacco use has been
out of kilter for a few years: It was
unusually high during the pan-
demic when people were stuck at
home and smoked more, but has
been lower than normal recently.
Inflation and price increases
may have forced some smokers to
who value fast shipping. Meanwhile,
online marketplaces run by retailers
such as Walmart, Target and
Macy’s aren’t the main source of
revenue for those companies.
Stagnating online retailers such
as Etsy and Wayfair look a lot
more vulnerable.
Neither platform competes on
speed, as Amazon does. Although
Etsy is known for being a platform
that sells bespoke, handmade goods,
it essentially sells unbranded, low-
ticket items. That puts it in direct
competition with Temu, notes
Nikhil Devnani, equity analyst at
Bernstein. Etsy Chief Executive Offi-
cer Josh Silverman said during an
industry conference in December
that, while Temu’s entrance isn’t
“disproportionately impacting Etsy,”
it has ramped up competition for
online marketing. Temu spent $1.7
billion on marketing in 2023 and is
expected to spend $3 billion this
year, per JP Morgan estimates cited
by the Journal.
Wayfair CEO Niraj Shah said on
the company’s earnings call on
Thursday that low-cost sellers such
as Temu, Shein and TikTok Shop
haven’t overlapped much with the
company’s offerings, noting that
such online stores compete for low-
end quality and small ticket sizes.
As such, Wayfair isn’t seeing much
competition for the same kinds of
ON
THE
Net system sales to China from ASML, the market leader in lithography equipment, tripled in 2023.
ASML says about 10% to 15% of its
sales to China could be affected
this year.
For companies, the bad news is
that China’s stockpiling binge last
year could dent sales growth in
2024. Even so, China’s aggressive
investment in semiconductor-man-
ufacturing capacity is a long-term
trend.
China’s effort to make the most-
advanced chips is hampered by
sanctions, but its companies are
pushing hard in more-mature
technologies. China’s largest con-
tract chip maker Semiconductor
Manufacturing International
Corp., or SMIC, says its capital ex-
penditure this year will remain
cut back on cigarettes, or to quit
altogether. Both BAT and Altria
announced new price increases
that took effect in January, after
raising them three and four times
respectively in 2023. In the years
leading up to the pandemic, two
price increases a year were the
norm.
But costlier cigarettes don’t en-
tirely explain the collapse because
smokers have the option to trade
down to cheaper brands if they
are feeling pinched. According to a
Goldman Sachs survey represent-
ing 67,000 U.S. convenience stores
and gas stations that sell ciga-
rettes, retailers think the recent
’23 price increases are causing smok-
ers to look outside the cigarette
category altogether.
The challenge for tobacco com-
panies is that consumers have
more nicotine alternatives than
ever. Along with oral nicotine
pouches, illicit disposable vapes
imported from China were the
fastest-growing nicotine product
in the U.S. last year. As cigarette
sales slip, they are getting less re-
tail space, compounding the prob-
lem.
Cigarette companies’ defense
The Pinduoduo-backed marketplace spent $1.7 billion on marketing in 2023.
ad spaces, Shah said.
That could change once Temu
starts opening its doors to U.S.-
based sellers—a move that would
allow it to expand its market to
bulkier items such as furniture,
Devnani notes. Temu’s deep-pock-
eted parent has been willing to sub-
sidize its extravagant ad budget,
and it could well offer low seller
fees to gain market share. This
could, in turn, force U.S. market-
places to adjust their take rates. At
a recent panel discussion that Ever-
core conducted with three top Etsy
sellers, two said they would be in-
clined to sell on Temu if the plat-
THE WALL STREET JOURNAL.
CFOTO/DDP/ZUMA PRESS
roughly the same as last year at Equipment Inc. China, or AMEC,
around $7.5 billion. which makes etching tools to cre-
Another longer-term risk for ate circuit patterns on wafers. The
manufacturers of chip-making company hasn’t reported 2023 full
gear is China’s drive to wean itself year results yet, but its latest pub-
off Western supplies. While it will lic estimate puts revenue growth
take a long time for China to catch at 32%. The company reckons
up on some keystone technologies sales of its key dry etching equip-
such as lithography, there are al- ment rose 49%. New orders for the
ready niches in which Chinese machine rose 60% last year, point-
suppliers can replace Western ing to continued growth.
counterparts. Bernstein estimates For Western and Japanese chip
domestic suppliers made up about equipment makers, export restric-
14% of China’s wafer-fabrication- tions to China are both a blessing
equipment market last year, up and a curse. For now, they are rak-
from 3% in 2018. It expects that ing in huge sales. But long-term
share to rise to 29% in 2026. risks are multiplying, especially at
Such local champions include the lower end of the technological
Advanced Micro-Fabrication spectrum. —Jacky Wong
against falling volumes has long around 40% of the country’s total
been their amazing ability to raise tobacco market.
prices. Between 2018 and 2023, Al- If major tobacco companies
tria grew its operating profit by want to remain as profitable as
27%, even as cigarette industry they have been in the past, they
volumes in the U.S. shrank by need to grow their smoke-free
more than one-fifth. brands quickly. Progress looks
But the old trick may be stall- mixed. At BAT, sales of smokeless
ing. BAT’s U.S. cigarette revenue products grew 21% last year but
fell 6% in 2023 as price rises only they still generate less than one-
partially offset volume declines of fifth of the company’s total reve-
more than 11%. Altria’s operating nue. Altria’s on! nicotine pouches
profit from cigarettes has fallen are booming, but its smokeless
for two consecutive quarters. The portfolio is small.
Marlboro maker is spending more PMI, which owns the Marlboro
on promotions to keep smokers brand outside the U.S., started in-
loyal to its brands, but its ability vesting in smokeless products ear-
to raise prices may also be slip- lier than its rivals and they now
ping. account for 40% of its net revenue.
The plunge in cigarette volumes The company will take over the
might be inevitable even without U.S. rollout of its IQOS heated to-
inflation pressures. According to bacco sticks in May, when a distri-
Philip Morris International Chief bution agreement with Altria ex-
Executive Jacek Olczak, noncom- pires. If the product takes off, it
bustible brands start to push out could put even more pressure on
cigarettes at a faster rate once cigarette volumes. But heated to-
they reach around 7% of a coun- bacco sticks are unproven in the
try’s total nicotine market and be- U.S., where vaping is much more
come more visible in the street. In popular.
Japan, heated tobacco sticks—a With old-school cigarettes in
technology pioneered by PMI that fast decline, the battle for share of
gives users a nicotine hit without the smokeless market is really
the harmful smoke—now make up heating up. —Carol Ryan
keep its advertising budget at 11.5%
to 12.5% of revenue for the first
quarter of this year, within its typi-
cal range, while Etsy’s CEO in De-
cember signaled that the company
“will bid rationally” for advertising
where it sees strong returns on in-
vestment. But with their share
NIKOS PEKIARIDIS/NURPHOTO/ZUMA PRESS
prices already languishing, inves-
tors could lose patience if sales con-
tinue to stagnate. Etsy and Way-
fair’s shares have shed 67% and 82%
of their value over the past three
years, respectively.
Temu’s success isn’t inevitable. If
the platform’s main appeal is that
its goods are dirt cheap, then U.S.
sellers may find it difficult to com-
pete on the platform to begin with.
And while Temu has been effective
form allowed them to maintain at capturing U.S. customers, it
prices and implement technology to hasn’t been as successful at luring
help sellers migrate listings seam- them back for a second purchase.
lessly. While over 30% of customers who
The Temu threat comes at an in- shopped on Temu in September re-
opportune time for online market- turned a month later, only 14% of
places. Etsy’s gross merchandise them came back four months later,
sales—the total volume of transac- according to KeyBanc Capital Mar-
tions on its platform—shrank for kets, which also found that churn
the second consecutive year in rates have been increasing over
2023, while Wayfair’s declined for time. And then there are also regu-
three consecutive years. Both have latory risks that could get in the
been in cost-cutting mode recently way of its growth.
with large-scale layoffs. For Etsy and Wayfair’s investors,
So far, both platforms have re- though, Temu is yet another thing
sisted the temptation to splurge on to add to their basket of worries.
advertising. Wayfair said it would —Jinjoo Lee