* * * * * * WEDNESDAY, JULY 10, 2024 ~ VOL. CCLXXXIV NO. 8
00
DJIA 39291.97 g 52.82 0.13%
What’s
News
Business & Finance
 The Fed’s Powell made a
subtle but important shift that
moved the central bank closer
to lowering interest rates
when he suggested that a fur-
ther cooling in the labor mar-
ket could be undesirable. A2
 Financial firms nudged the
S&P 500 up less than 0.1%
to a record in a session that
also saw the Nasdaq reach
an all-time high on a 0.1%
gain. The Dow fell 0.1%. B11
 A watchdog appointed to
monitor UAW internal oper-
ations is probing new allega-
tions against President Shawn
Fain, including that he made
demands to benefit his do-
mestic partner and her sister,
according to a court filing. B1
 Jobless rates are set to
pick up only slightly in rich
countries in the short term,
while real wages will con-
tinue to rise as profit growth
cools, the OECD said. B1
 Athletic Brewing closed a
new financing round that
values the biggest nonalco-
holic beer brand in the U.S. at
around $800 million, people fa-
miliar with the matter said. B2
 Purdue Pharma backed an
effort by its top creditors to sue
members of the Sackler family
over allegations they illegally
transferred billions of dollars to
private trusts before Purdue’s
2019 bankruptcy filing. B3
 Lucid and Fisker recalled
thousands of recently man-
ufactured electric vehicles
over issues that could
cause a loss of power. B4
 French software maker
Dassault Systemes cut its
full-year revenue guidance
after saying that revenue
for the second quarter
missed its forecast. B3
World-Wide
 An effort by some Demo-
crats to seek an alternative to
Biden as the party’s nominee
faced new uncertainty, with
frustrated lawmakers strug-
gling for a path forward after
the president said he was dead
set against stepping aside. A1
 Moscow launched a “whole-
of-government” effort to in-
fluence the outcome of the
U.S. presidential election and
favors Republican candidate
Trump in the race, senior U.S.
intelligence officials said. A3
 Firms that manage drug
benefits, which promise to keep
a lid on high drug costs, instead
steer patients away from less
expensive medicines and over-
charge for cancer therapies,
FTC investigators found. A1
 Houston officials said it
could take days to restore
power to millions of custom-
ers after Beryl tore through
the region, raising fears that
heat could pose new risks. A3
 A Russian court issued an
arrest warrant for Yulia Na-
valnaya, the widow of Kremlin
critic and opposition politician
Alexei Navalny, as Moscow
moves to silence any whis-
per of political dissent. A16
 Seven U.S. allies warned
that a Chinese state-spon-
sored hacking group poses a
threat to their networks, in
an unusual coordinated move
by Western governments to
call out a global operation
they say is directed by Bei-
jing’s intelligence services. A6
 Hawaii banned deep-sea
mining within its territorial
waters to protect the region’s
marine life and tuna fisheries,
Gov. Josh Green said. A3
 Died: James Inhofe, 89,
former Oklahoma senator. A4
CONTENTS
Arts in Review..... A11
Business News....... B3
Crossword................ A12
Equities........................ B9
Heard on Street.. B12
Markets & Finance B11
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com HHHH $5.
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Argentina’s Leaders Give Tanks for Independence Bid to Get
President
To Quit
Campaign
Is in Flux
Huddling Democratic
lawmakers see no
clear path to seeking
alternative nominee
WASHINGTON—An effort
by some Democrats to seek an
alternative to President Biden
GUSTAVO GARELLO/ASSOCIATED PRESS
as the party’s nominee faced
new uncertainty Tuesday, with
frustrated lawmakers strug-
gling for a path forward after
the president said he was dead
set against stepping aside.
By Natalie Andrews,
Lindsay Wise
POLITICAL FIREPOWER: President Javier Milei celebrates Argentina’s 208th anniversary of winning its independence from and Katy Stech Ferek
Spain atop a tank in a military parade in Buenos Aires on Tuesday with Vice President Victoria Villarruel.
The situation remained in
flux after House and Senate
Pharmacy-Benefit Managers
Democrats held caucus meet-
ings for the first time since Bi-
den flopped at the June presi-
dential debate. His performance
heightened concerns that the
Increase Drug Costs, FTC Says 81-year-old incumbent couldn’t
beat former President Donald
Trump and might not be fit
enough for another four years
even if he did win.
BY LIZ ESSLEY WHYTE ers that hired them to control ing overcharging patients for Systems’ MedImpact and Lawmakers aired their frus-
costs. The actions can also cancer drugs,” she said. Prime Therapeutics, owned by trations with their predica-
Firms that manage drug lead to higher outlays for pa- For its investigation, the 19 Blue Cross Blue Shield ment, but a concerted push to
benefits, which promise to tients at the pharmacy coun- agency requested documents health plans. install a new nominee didn’t
keep a lid on high drug costs, ter, the agency said. from the six biggest PBMs. PBMs said the FTC report is emerge, even as a seventh
instead steer patients away The findings follow a two- The three largest—United- flawed and their practices House Democrat publicly called
from less-expensive medicines year investigation into the Health Group’s OptumRx, save their clients money. for Biden to make way for a
and overcharge for cancer firms, known as PBMs, and calls Cigna’s Express Scripts and “Any suggestions from the new candidate. Private meet-
therapies, Federal Trade Com- from some lawmakers to rein in CVS Health’s Caremark—man- FTC about policies that limit ings ended without consensus,
mission investigators found. the firms’ business practices. age about 80% of U.S. pre- the use of PBM negotiating leaving the stare-down without
The FTC, in a report re- FTC Chair Lina Khan said scriptions. Each of the three tools would instead reward the a clear resolution less than
leased Tuesday, detailed a the agency planned further shares a parent with a large pharmaceutical industry, leav- four months until Election Day.
number of actions that it said scrutiny of big PBMs with the health insurer. ing American businesses and “Like I said before, I’m
large pharmacy-benefit man- goal of making healthcare af- The agency also said it re- patients at the mercy of the with Joe,” Senate Majority
agers use to boost their profits fordable. “Dominant phar- quested documents from Hu- prices drugmakers set,” a CVS Leader Chuck Schumer (D.,
and increase the spending of macy-benefit managers can mana’s Humana Pharmacy So- spokesman said. N.Y.) repeated multiple times
the health plans and employ- hike the cost of drugs—includ- lutions, MedImpact Healthcare Please turn to page A4 Please turn to page A8
Goodbye to the Hotel BP Warns
Of Profit Hit Biden Team Tried
That Changed Vegas BP says second-quarter profit
to be hit by asset impairments
of as much as $2 billion. B3
To Veil His Aging
BY DAWN GILBERTSON and beach towels are selling
out as the hotel makes way for BP’s share price this year*
LAS VEGAS—John, Paul, a splashy new Hard Rock re-
George and Ringo stare down sort. One Canadian fan re-
£5.40 Aides kept a tight rein on the
from the gold-plated hotel turned home from a visit last president’s public appearances
towers. Guests enter on Sieg- week and painted the Mirage 5.20
fried and Roy Drive. And pool scene on canvas with the Senior White House advis- Biden’s daily itinerary and
Chevy Chase starred in the title “A Final Farewell.” ers for more than a year shielded him from im-
movie most associated with Annie McKiernan wasn’t 5.00 have aggressively stage- promptu exchanges. Advis-
the place. planning to visit Las Vegas this managed President Biden’s ers restricted news confer-
You don’t have to know the summer. But she booked a Mi- ences and tried to make sure
4.80
opening date of the Mirage rage trip with her husband and By Andrew Restuccia, meetings with donors stuck
hotel and casino to know that friends when they heard about Annie Linskey, to scripted pleasantries.
it is ancient in Vegas years. the July 17 closing date. McKi- 4.60 Emily Glazer, Senior aides dismissed
Closure looms for the 3,000- ernan, who lives in San Jose, Rebecca Ballhaus travel suggestions over wor-
room casino hotel that Calif., and works in accounting, Tuesday and Erich Schwartzel ries the president didn’t
changed Las Vegas when it celebrated her 10th wedding 4.40 £4.54 have the stamina for them,
opened in 1989. Though just anniversary at the resort in –4.3% schedule, movements and including an idea for Biden
shy of 35 years old, it’s being 2007, treated her dad to “The personal interactions, as to make weekly cross-coun-
mourned like a beloved Beatles Love by Cirque du So- 4.20 they sought to minimize try trips in 2022 to tout the
boomer. Travelers are making leil” show for his 75th birthday Jan. 2024 July signs of how age has taken a his new infrastructure law.
last-minute pilgrimages, online and celebrated a friend’s 50th *As traded in London Note: £1=$1.28 toll on the oldest president All of this unfolded as Bi-
remembrances are pouring in at the hotel in 2022. Source: FactSet in U.S. history. den’s slips became increas-
and souvenir Mirage volcanoes Please turn to page A2 The White House limited Please turn to page A8
INSIDE
Let’s ‘Double-Click’
On the Latest Corporate Buzzword
Salesforce.
i i i
SCOTT TAETSCH/GETTY IMAGES
Or instead, just delve into the subject
# CRM.
of how the phrase makes many cringe
BY TE-PING CHEN both polarizing and perva-
AND NICHOLAS G. MILLER sive. Particularly on Wall Ranked #1 for CRM
Applications based on
Street, the figure of speech is IDC 2023 Revenue
SPORTS Ruben Roy isn’t a guy who now being used as a short- Market Share Worldwide.
Washington Nationals tends to beat himself up, but hand for examining some-
he’s still chagrined about thing more fully, akin to dou-
closer Kyle Finnegan is what he said on an earnings ble-clicking to see a
the king of pitch-clock call last month. computer folder’s contents.
violations. A12 A managing director at Some, like Roy, find the idiom
2023
Stifel Financial, Roy dialed in obnoxious or twee. Dou- 21.7% 5.9% 4.4% 3.5% 3.4%
to hear the chief execu- ble-click defenders
tive of a healthcare say the phrase en-
company discuss its courages deeper
Opinion................ A13-15 latest results. Dur- thinking. Source: IDC, Worldwide Semiannual Software Tracker, April 2024.
Personal Journal A9-10
Property Report.... B6
ing the Q&A, Roy Either way, it’s be-
asked the speaker Tell me come a verbal tic du
Sports.......................... A12
Technology & Media B4 to elaborate on his re- more jour. Executives and an-
U.S. News.............. A2-4 marks about invest- alysts dropped double-
World News.. A5-6,16
ment opportunities. click 644 times in corporate
BUSINESS & FINANCE “I wanted to double-click a conference calls and events
> bit on some of the commen- during the first half of the
Podcaster Alex Cooper salesforce.com/number1CRM
tary you had,” Roy said, in- year, according to VIQ Solu-
is betting she can stantly cringing. tions, up from 139 times in
launch a fresh crop One of the fastest-spread- the same period of 2020. CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
of stars. B1 ing corporate buzzwords in “It’s almost like a joke. Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2024 Salesforce, Inc. All rights reserved. Various trademarks held by their respective owners.
recent years, “double-click” is Please turn to page A2
 A2 | Wednesday, July 10, 2024 THE WALL STREET JOURNAL.

U.S. NEWS
Powell Signals Interest-Rate Cut Is Closer
Central bank chair long cited an overheated labor fastest pace in 40 years in were more that we would fail
market as a primary risk to 2022 and 2023 to combat in- to hit our inflation target,”
tells lawmakers a bringing inflation back down. flation. Officials have held Powell said. Increasingly, the
cooling of the labor Powell conceded that he their benchmark rate between risks between allowing infla-
wouldn’t have arrived at such 5.25% and 5.5%, their highest tion to remain too high and al-
market carries risks a judgment as recently as two level in more than two de- lowing the labor market to
months ago—and indeed, the cades, since last July. slow down too much “are
BY NICK TIMIRAOS Fed leader was more mea- Through last year, Fed offi- coming much more into bal-
sured in comments made at a cials were laser focused on el- ance,” he said. “We’re very
Federal Reserve Chair Je- conference in Portugal last evated inflation. They haven’t much aware that we have two-
rome Powell made a subtle but week, before the release of the had to worry too much about sided risks now.”
important shift that moved the June employment report by trade-offs between fighting in- While almost all of Powell’s
central bank closer to lowering the Labor Department. flation with higher rates and commentary suggested it was
interest rates when he sug- Behind the shifting outlook an increase in joblessness be- a matter of when—not if—the
gested Tuesday that a further is labor-market data showing cause businesses were scram- Fed would cut rates, he re-
cooling in the labor market a slowdown in hiring and a bling to fill open jobs amid the peatedly spurned efforts by
could be undesirable. mild but steady increase in reopening from the pandemic. lawmakers to pin him down
“Elevated inflation is not the share of Americans look- Now, officials are trying to on the exact timing.

KEVIN MOHATT/REUTERS
the only risk we face,” Powell ing for work amid an increase balance the risk of moving too Economic projections last
told the Senate Banking Com- in the workforce, due partly to slowly to reduce rates with the month showed most Fed offi-
mittee during the first of two more immigration. risk of moving too soon. While cials expect to cut interest
days of testimony Tuesday. The economy has continued layoffs are low, they tend to rates once or twice this year if
“We’ve seen that the labor to add more than 200,000 jobs rise rapidly as the economy inflation slows and growth is
market has cooled really sig- a month, on average, this year. weakens, which argues against solid but unspectacular. Mar-
nificantly across so many But the unemployment rate Fed Chair Jerome Powell on Capitol Hill Tuesday. keeping rates too high. But kets are focused on whether
measures.…It’s not a source of has inched up—to 4.1% in June lowering rates too soon could officials at the next meeting—
broad inflationary pressures from 3.7% in December, ac- demic conditions, when it was Fed’s preferred gauge, down ignite economic activity and July 30-31—might provide
for the economy now.” cording to last week’s report. “strong, but not overheated.” from 4% a year earlier but still allow inflation to settle out stronger hints that they could
That assessment is notable Powell described the job mar- Meanwhile, inflation fell to above the Fed’s 2% target. above the Fed’s target. cut rates at their subsequent
because Fed officials have ket as roughly back to prepan- 2.6% in May, according to the The Fed raised rates at the “For a long time, the risks gathering in September.

Corporate usage himself, preferring

more straightforward lan-
guage.

Buzzword He adds that since invent-

ing the function in 1979, he’s
come to regret it. He now

Grates thinks an extra “Shift” button

Continued from Page One
People are like, oh here we go
with double-click,” says Roy,
who’d been trying to avoid
using the term when he acci-
dentally let it slip. Col-
leagues, he says, haven’t let
him forget it.
Annie Mosbacher, a Los
Angeles-based marketer, re-
calls snapping to attention
last year when she heard an
MIKAYLA WHITMORE FOR WSJ (2)
on the mouse would have
been more user-friendly.
“The double-click was a
mistake,” says Atkinson, who
left tech in 1995 to pursue
nature photography. Person-
ally, he double-clicks less fre-
quently these days, given the
rise of mouseless devices like
tablets and smartphones.
“I double-tap, or I tap,” he
says. “I long-press.”
Buzzwords tend to come
and go, says HR consultant
Nancy Settle-Murphy, noting

executive use the phrase dur- that other tech-inspired jar-

ing a strategy meeting. After-
ward, she and colleagues dis-
cussed it: “It was like, oh my
gosh, double-click? I guess
this is a thing now?”
The new jargon makes her
roll her eyes. “Can’t we just
The Mirage stood out with attractions including a man-made volcano that erupted nightly. The Atrium, below, was a popular spot. say ‘this is an area we need
to focus on?’” she says. “We
gon, such as “RTFM”—or
read the f—ing manual—are
less commonly used today
than they once were.
“There are fewer manuals
now,” says Settle-Murphy,
who recently installed a
video doorbell at her home
and notes it didn’t come with

Farewell to regurgitate this sort of lingo

as though it means some-
thing, and usually it’s about
any pictures or diagrams.
Corporate jargon can be
alienating. At a conference,

Hotel That trying to be impressive more

than anything else.”
Not so, says Ruben Linder,
Settle-Murphy was thrown
when an audience member
asked the speaker to double-

Made Vegas who’s owned a small audio

and video production busi-
ness in San Antonio for 25
click on a point they’d made.
“I thought, ‘these are
slides, there’s no link, how
years. These days, with the can they double-click?’” she
Continued from Page One rise of technology and a more says, admitting she later
On the last day of their last hectic corporate life, Linder searched online to find the
hurrah, drinking her last sip says people need reminders new meaning.
of coffee out of a Mirage mug to stop and examine what Double-click has a long
at breakfast, McKiernan grew matters—to double-click, if pedigree in the sales world.
sad. She dashed to the hotel you will. Matt Sunshine, head of the
gift shop for a $30 pink Mi- “The term is simple, but Center for Sales Strategy,
rage tank top and $50 gray it’s really profound,” he says. which trains salespeople,
hoodie. (Souvenirs were the He tries to carve out time to says when he sold ad spots
only things that weren’t half go to a cafe twice monthly for a local radio station in
off. Even wine was half-price.) with a notebook and engage Dallas in the 1990s, peers
“It just kind of hit me,” she in reflection. commonly used the term.
said. “I’ll double-click on my “Sales leaders would say,
Success was far from certain business, dou- ‘Hey, you need
when Steve Wynn opened the Visitation in Las Vegas went More than 3,000 Mirage em- “What are you having, ble-click on my to make sure
$630 million Polynesian- from 18 million in 1989 to ployees, including 137 who honey?” Brandy asked him. life,” he says. you double-
themed resort on the 50-yard nearly 41 million last year. have been there since it The other, ordering take- “I double-click Some find the click on that’
line of the Las Vegas Strip in The Mirage hasn’t kept up opened, are losing their jobs. out, said he’ll see her again on everything idiom obnoxious. with your pros-
November 1989. In a town then with glitzier Strip neighbors in Resort officials said 600 have when the Hard Rock opens in now.” pects,” Sun-
focused on casino gaming and recent years. Guest-room bath- already found new jobs, thanks three years. CPK isn’t in Hard Double- Defenders say it shine says,
all-you-can-eat buffets, the Mi- rooms still have the old tub- in part to job fairs held on site. Rock’s future, though. Early click lingo has meaning delve
rage stood out with pricier shower combo, the carpeting A steakhouse bartender with on, it was among the highest- leapfrogged be-
encourages more deeply
rooms, a 40-foot man-made is circa early 2000s and the 20 years’ service is going to be- grossing outlets in the chain. yond corporate deeper thinking. into any issues
volcano that erupted nightly, a restaurant lineup can’t com- come a barber, a front-desk Andrew Wong, an executive America. While customers
dolphin habitat, 20,000-gallon pete for foodies. Rather than agent is retiring and a con- from Vancouver, British Co- CEOs including might raise, as
aquarium behind the front desk sink hundreds of millions of cierge, at age 60, isn’t sure lumbia, and his wife brought Walmart’s in “Tell me
and Siegfried & Roy and their dollars into an overhaul, its what’s next. (One front-desk his mother to the resort in Douglas McMillon and more.”
white tigers. (The magicians parent, MGM Resorts Interna- agent lamented that people late June to celebrate her 79th Nvidia’s Jensen Huang have While he doesn’t know ex-
pulled Chase’s Clark Griswold tional, sold it to Hard Rock In- checking in were more curious birthday and toast all their deployed the term, so, too, actly when it first took off, he
on stage in the 1997 movie “Ve- ternational for nearly $1.1 bil- about what would happen to Mirage memories. They’ve have congressional represen- says the phrase neatly encap-
gas Vacation.”) lion in 2022. the fish in the aquarium than been visiting for more than 20 tatives, influencers and au- sulates a core principle in ef-
“It really changed every- Hard Rock plans to reno- the employees. The fish are re- years, his stays usually thors such as parenting guru fective sales strategy, in
thing,” said Las Vegas gaming vate the entire place and add locating to Mandalay Bay.) comped given his casino play. Dr. Becky Kennedy. which salespeople seek to
historian David Schwartz. “It a guitar-shaped tower where A Facebook group is calling Wong had to pay for some The phrase is “innovative,” identify and address custom-
worked so well, within about the volcano and lagoon now for Hard Rock to keep the Mi- nights on this trip given the says Beth DelGiacco, a vice ers’ needs and concerns, in-
20 years, most of the Strip sit, with 600 suites and an- rage name and features changeover to Hard Rock’s president of corporate com- stead of defaulting to one-
had been made in its image.” other pool. The casino will be Change.org petitions to save loyalty program, but says he munications at biotech com- size-fits-all pitches.
MGM Grand, Excalibur, on the Strip, rather than set the volcano. wouldn’t have missed it. pany Argenx, who praises its Double-clicking can help
Luxor, Treasure Island, Bella- back like it is today. Construc- In Vegas, change is as inevi- “We just wanted to be efficiency. identify new business pros-
gio and other massive resorts tion begins this fall, with table as casino ATM withdraw- here,” he said. “It’s only a few syllables. pects, says Scott Bond, vice
followed. They’re still coming. opening set for 2027. als and hangovers. Mirage Donna Colbourn checked Everyone knows what you president of consumer ser-
President Joe Lupo, a Las Ve- into the Mirage when she vis- mean when you say it,” says vices at Canadian real-estate
CORRECTIONS  AMPLIFICATIONS gas veteran who joined when
Hard Rock took over, said the
ited Las Vegas for the first
time in the 2000s and kept
DelGiacco, who regularly
trots it out with peers.
company Rennie, which re-
cently opened a U.S. location
Readers can alert The Wall Street Journal to any errors in news articles by farewell guests are bringing coming back. The London, On- Tech-inflected buzzwords in Seattle.
emailing wsjcontact@wsj.com or by calling 888-410-2667.
nostalgia and special requests. tario, resident, who works in are especially apt to gain Not long ago, Bond was on
One Olympic coach requested strategic consulting for corpo- traction—think “network,” a Zoom call with his boss and
the same room he had when rate real estate, visited the ho- “bandwidth” or “take off- some new business contacts
THE WALL STREET JOURNAL he got engaged at the Mirage. tel frequently when she lived line”—because they can based in southern California.
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) The hotel obliged, Lupo said. in Texas and California be- sound smart or cutting-edge, The group hit it off, and af-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 “I can’t tell you how many cause flights were cheap. says Doug Guilbeault, an as- terward, Bond found himself
Published daily except Sundays and general legal holidays. people have said to me, ‘This “It’s so funny how you get sistant professor at UC mulling possibilities.
Periodicals postage paid at New York, N.Y., and other mailing offices.
was the first place I stayed attached,” she said. Berkeley’s Haas School of “I looked at my boss and
Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
when I came to Vegas,’ ” he Her three-night stay was bit- Business who has studied said, hold on, I think we’re
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which
are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the said. tersweet. She relaxed at her fa- corporate jargon. being presented with an op-
Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only
publication of an advertisement shall constitute final acceptance of the advertiser’s order.
At California Pizza Kitchen, vorite pool—and turned it into The inventor of the literal portunity here,” he says.
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com an original Mirage tenant, two a painting—and enjoyed the double-click, former Apple “Why don’t we dive in and
Need assistance with your subscription? guys were at the counter to trip down memory lane. She designer Bill Atkinson, isn’t learn a little more?” His boss
By web: customercenter.wsj.com; By email: support@wsj.com| By phone: 1-800-JOURNAL (1-800-568-7625) say goodbye to their favorite was disappointed that some convinced. Reached while agreed, and the company is
Reprints & licensing: By email: customreprints@dowjones.com | By phone: 1-800-843-0008
server, Brandy. One, a sports slot machines were already shut boating on a recent weekday, now planning to open its sec-
WSJ back issues and framed pages: wsjshop.com
bettor from Ohio, visited the down and said the buzz from Atkinson, now retired, says ond American location in the
Our newspapers are 100% sourced from sustainably certified mills.
hotel for the first time for his previous visits was missing. he’s never heard anyone use Palm Springs area.
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS 21st birthday years ago and “It’s time,” she said. “It double-click as a metaphor “We double-clicked,” he
fell in love with the place. needs a refresh.” and would steer clear of such says.
THE WALL STREET JOURNAL.
Officials
Cite Russia
In Effort
To Bolster
Trump Vote
BY DUSTIN VOLZ
WASHINGTON—The Rus-
sian government has launched
a “whole-of-government” ef-
fort to influence the outcome
of the U.S. presidential election
and favors Republican candi-
date Donald Trump in the race,
senior U.S. intelligence officials
said Tuesday.
The officials didn’t mention
Trump by name but said that
Russia’s current activity—de-
scribed as covert social-media
use and other online propa-
ganda efforts—mirrored the
2020 and 2016 election cycles,
when Moscow also favored
Trump and sought to under-
mine Democratic candidates,
according to U.S. intelligence
agencies.
“We haven’t observed a
shift in Russia’s preferences
for the presidential race from
past elections,” a senior offi-
cial in the Office of the Direc-
tor of National Intelligence
said, during a media briefing
summarizing intelligence on
foreign threats to the election.
Along with Russia, Iran has
become “increasingly aggres-
sive” in its foreign influence
efforts, including in recent
weeks by covertly encouraging
protests against the war in
Gaza, Avril Haines, the director
of national intelligence, said in
a separate statement on Tues-
day.
The warnings underscore
how U.S. adversaries are con-
tinuing to exploit social-media
platforms and other avenues
to manipulate public opinion,
despite efforts by the intelli-
gence and law-enforcement
agencies to expose and crack
down on the influence opera-
tions.
The Russian embassy in
Washington didn’t respond to a
request for comment. A spokes-
man for the Iranian govern-
ment didn’t reply to a request
for comment.
Russia was seeking to influ-
ence specific voting groups, in-
cluding those in swing states,
promote divisive narratives
and denigrate specific politi-
cians, the officials who briefed
reporters said. They declined
to provide details about the
voters or politicians who have
been targeted.
The Kremlin is also working
to influence members of Con-
gress and is broadly seeking to
undermine U.S. support for
Ukraine in its war with Russia,
the officials said.
Moscow employs commer-
cial firms to obscure its in-
volvement and attempts to
spread propaganda by planting
it with influential Americans,
the senior ODNI official said.
Officials indicated that the
activity witnessed so far this
election cycle isn’t on the scale
or scope seen in 2016, when
Russia’s actions included a
hack-and-leak of Democratic
Party emails, rudimentary cy-
ber-probing of some state elec-
tion systems and other actions
intended to undermine Demo-
cratic nominee Hillary Clin-
ton’s campaign.
But they said Moscow and
other countries were likely to
increase their efforts to influ-
ence the race as the November
election date drew closer.
In contrast to Russia and
Iran, China doesn’t appear to
be seeking to interfere in the
U.S. election, the official who
briefed reporters said. U.S. in-
telligence agencies came to a
similar conclusion concerning
China’s involvement around
the 2020 presidential election.
The findings highlight the
rising concerns by U.S. officials
and security experts about for-
eign adversaries potentially
pouring resources into the
2024 presidential election con-
test eight years after Russia
engineered a multipronged in-
terference campaign seeking to
help Trump defeat Clinton.
The efforts observed so far
haven’t included attempts to
disrupt procedures of the elec-
tion itself, officials said.
Developments in artificial
intelligence pose additional
risks to the 2024 election, the
intelligence officials said, call-
ing it a “malign influence acce-
lerant” that allowed bad actors
to quickly create convincing
audio and video deepfakes.
—Joel Schectman
contributed to this article.
* * * * *
Beryl Leaves 1.9 Million Without Power
BY GARETH VIPERS
AND ALYSSA LUKPAT
It could take days to restore
power to the nearly two million
customers still without it after
Beryl tore through the Houston
region, city officials said, rais-
ing fears that high tempera-
tures could pose new risks.
The storm made landfall as
a Category 1 hurricane early
Monday before being down-
graded. It flattened homes and
caused widespread power out-
ages in Texas, mainly in the
Houston area. At least seven
people were killed, including
two who died after trees fell
on their homes and one who
was caught in floodwaters, of-
ficials said.
As cleanup efforts began
across the Houston metro area,
forecasters warned that humid
conditions could lead to dan-
gerously high temperatures.
Most of the region was placed
under a heat advisory on Tues-
day, with the heat index ex-
pected to reach around 106 de-
grees Fahrenheit, the National
Weather Service said.The heat
advisory is expected to be
lifted early Wednesday.
More than 1.9 million cus-
tomers in Texas were still
without power Tuesday eve-
ning, according to Power-
outage.us. With power out
across much of Southeast
Texas, a lack of air condition-
ing could put people at risk of
heat exhaustion and heat
stroke, the NWS said.
The storm barreled through
the Houston area Monday af-
ter making landfall roughly
100 miles southwest of the
city. It brought wind gusts ex-
ceeding 90 mph, blocking
roads and causing travel dis-
ruption. Parts of the Houston
metro area saw over a foot of
rain Monday, National
Weather Service meteorologist
Andrew Orrison said.
The risk of heavy rainfall,
flooding and tornadoes will
shift to parts of the Great
Lakes, interior Northeast, and
New England through Thurs-
day, according to Accu-
Weather Chief Meteorologist
Jon Porter.
“The threat of heavy rain
and flooding is serious,” Por-
ter said in a statement from
the forecaster. “We don’t want
people in the path of Beryl to
let their guard down.”
Beryl is expected to cause
as much as $32 billion in dam-
age and economic loss, includ-
ing long-term impacts on
tourism and transportation,
according to an estimate by
AccuWeather.
Port Houston, which closed
Monday and Tuesday, said it
Hawaii Enacts a New Law
To Ban Deep-Sea Mining
BY YUSUF KHAN
Hawaii is banning deep-sea
mining, as rifts along party
lines begin to show in the U.S.
over the practice following
calls to extract rare minerals
from the ocean floor for de-
fense applications.
Hawaii’s Democratic gover-
nor, Josh Green, signed a bill
into law Monday banning sea-
bed mining in the state’s Pa-
cific territorial waters, to pro-
tect the region’s marine life
and tuna fisheries, according to
a statement from Green.
The ban originally was pro-
posed by Democratic state Sen.
Chris Lee, who said “stopping
the irreversible unintended
consequences isn’t only about
protecting the endangered hab-
itats, it’s also about ensuring
the sustainability of fishing, re-
specting cultural rights, and
preventing harm to tourism
and our economy, which is in-
extricably linked to the health
of our environment.”
Hawaii’s ban comes after a
letter last month to President
The new Hawaii law is designed to protect marine life.
Above, a green sea turtle on the west coast of the Big Island.
Wednesday, July 10, 2024 | A3
U.S. NEWS
MELISSA PHILLIP/HOUSTON CHRONICLE/ASSOCIATED PRESS
At least seven people in the region died from the storm. One woman was killed when a tree destroyed her home in Houston.
Beryl has inundated the Houston area since the storm
made landfall Monday.
Rainfall since Sunday morning
2 4 6 8 10 in.
College Station Livingston
Livi ngstton
T E XA S
LOUISIANA
Houston
Galveston
Lake Jackson Gulf of Mexico
50 miles Beryl made landfall
Monday morning.
Note: As of 7 a.m. local time Tuesday
Source: National Oceanic and Atmospheric Administration CARL CHURCHILL/WSJ
would reopen Wednesday and Atmospheric Administration
extend gate hours at its con- has predicted an extremely ac-
tainer terminals to clear back- tive hurricane season, which
logs. The Port of Galveston, a begins June 1 and ends Nov.
hub for oil exports, reopened 30, with 17 to 25 named
Tuesday after shutting down storms, eight to 13 hurricanes,
for one day. and four to seven major hurri-
By Tuesday, Beryl had canes Category 3 and above.
moved northeast and bringing —Paul Page
heavy rains and wind to and Victoria Albert
southwest Arkansas, Orrison, contributed to this article.
the NWS meteorologist, said.
Beryl caused catastrophic
damage during its path across Watch a Video
the Caribbean last week. At Scan this code
least nine people were killed to see the
before the storm made land- damage that
fall in the U.S. Hurricane Beryl
The National Oceanic and brought Texas.
Biden signed by 12 Democratic needed and not wanted,” said
congressional figures including Jessica Battle, who leads the
Rep. Ed Case of Hawaii, Rep. World Wide Fund for Nature’s
Rashida Tlaib of Michigan and initiative against deep-sea min-
Rep. Raúl Grijalva of Arizona ing.
called for a precautionary Because the U.S. hasn’t
pause or moratorium on sea- signed the United Nations Con-
bed mining, saying that not vention on the Law of the Sea,
enough is known scientifically
about the industry.
Twenty-seven countries
it’s unable to vote at the Inter-
national Seabed Authority, the
U.N. body overseeing the issue
LUXURY
have called for a ban or pause
on the extraction of minerals
from the sea floor, saying that
on related matters. An influen-
tial group of mostly former
military and political leaders,
ON THE
doing so could cause irrepara-
ble harm to the marine envi-
ronment. Its proponents argue
including former Secretary of
State Hillary Clinton, have
called for the U.S. to ratify the
SOUTHERN
CALIFORNIA
that the practice diverts harm Law of the Sea.
away from terrestrial re- Many Republican leaders
sources, for example rainfor- have voiced support for deep-
COAST
ests in Indonesia that are being sea mining, saying that it
deforested for nickel needed in would give the U.S. a new
steel, batteries and, increas- source of critical minerals that
ingly, national security defense is outside of China’s control.
purposes. Mining of the seafloor could
“Instead of opening another begin as soon as next year. The
fragile frontier to linear extrac- Metals Co., a Canadian mining
tion, investments must, and are firm, said it would launch an
increasingly going to, alterna- exploitation contract with the
tive technologies, circularity ISA in the second half of this
and material substitutions. year, with the aim of starting
Deep seabed mining is not production in 2025. So far, the
ISA has given 31 exploration
contracts to prospective min-
ers, including five Chinese con-
tracts, but no exploitation con-
tracts.
“It’s pure showmanship; it’s
BRIAN SKOLOFF/ASSOCIATED PRESS
pure virtue signaling,” TMC
Chief Executive Gerard Barron
said of the Hawaiian ruling.
Ocean Views | Spa | Golf | Villas
“We don’t know if they have 4 Pools | 5 Restaurants
any minerals in their waters.
We just don’t know. There is no
proposed deep-sea mining in
their territorial waters. What  | TERRANEA COM
they’re banning is something
that is never going to happen.”
A4 | Wednesday, July 10, 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

Trump Says Harris, Biden Both Unfit to Be President

BY VIVIAN SALAMA icy blueprint, from which
Trump recently tried to dis-
DORAL, Fla.—Former Presi- tance himself, is directly linked
dent Donald Trump attacked to Trump’s vision for America.
Vice President Kamala Harris The conservative project was
at a rally at one of his Florida crafted by many Trump allies.
golf clubs Tuesday, as President The rally marked Trump’s
Biden battled Democratic calls return to the campaign trail af-
to withdraw from the race. ter taking more than a week
Speaking to a crowd of sup- away from rallies while Biden
porters near the 10th hole of tried to save his teetering can-
his golf club at the Trump Na- didacy. Since the debate,
tional Doral Miami hotel, Trump and the GOP have
Trump dedicated several min- sought to play down his liabili-
utes to attacking Harris’s abil- ties and let Biden take center
ity to lead the country and stage. In addition to rebuking
manage the challenges facing Project 2025 last week, Trump
the nation, such as the crisis on endorsed a party platform
the southern border. Monday that was much shorter
“The radical left Democrat and less detailed than those of
Party is divided in chaos and the past. Doing so allowed the
having a full-scale breakdown. party to sidestep many policy
REBECCA BLACKWELL/ASSOCIATED PRESS

All because they can’t decide specifics and the potential for
which of their candidates is internal fights that could have
more unfit to be president: been triggered by a more de-
sleepy, crooked, Joe Biden or tailed document.
laughing Kamala,” he said, to Following Biden’s shaky per-
an eruption of boos. formance at last month’s de-
Repeatedly mispronouncing bate, a number of Democrats
her first name, Trump said have spoken out against Bi-
Harris would make a weak op- den’s candidacy, saying that
ponent this fall and said that Former President Donald Trump speaks at a campaign rally at the Trump National Doral Miami golf club on Tuesday, the party has a better chance
she and the Democratic Party to defeat Trump with another
are complicit in what he de- The White House and top reduced his handicap to six as dent’s campaign, responding to summit in Washington, D.C., candidate leading the ticket. Bi-
scribed as a “cover up” about aides have said Biden remains vice president and that he was Trump’s rally, said in a state- Harris hit the campaign trail, den has remained defiant
Biden’s cognitive health. a sharp and vigorous leader. happy to play golf with Trump, ment: “Joe Biden doesn’t have dealing a fierce attack on the against those calls.
“They are all co-conspira- Trump also challenged Bi- “if you carry your own bag.” time for Donald Trump’s weird potential policies of a second All the while, Trump has
tors in the sinister plot to de- den to a round of golf, reupping Trump at the rally said he antics—he’s busy leading Trump term. In Las Vegas on opened a 6-point lead over Bi-
fraud the American public an exchange from their debate. would give $1 million to a char- America and defending the free Tuesday, Harris warned of the den among voters nationally,
about the cognitive abilities of The matchup at one point de- ity of Biden’s choice if he were world.” potential for a far-right take- with 80% saying the president
the man in the Oval Office,” he volved into boasting over the to win. As Biden presided over the over of the government. She is too old to run, a recent Wall
said. sport, when Biden said he had A spokesman for the presi- opening of this year’s NATO said that the Project 2025 pol- Street Journal poll found.

OBITUARY NEW MEXICO WASHINGTON, D.C. U.S.WATCH

James Inhofe, Jurors Selected Shooting Near
Former Senator, 89 In Baldwin’s Trial Sotomayor’s Home
Former Republican Sen. A jury was seated Tuesday A U.S. marshal shot a sus-
James Inhofe of Oklahoma for Alec Baldwin’s involuntary pected carjacker while protect-
has died, according to a manslaughter trial in New ing Supreme Court Justice So-
statement from his family. He Mexico, where opening state- nia Sotomayor’s home,
was 89 years old. ments are set to start according to officials and
Inhofe had a stroke over Wednesday. property records.
the holiday weekend and died Twelve jurors and four al- The marshal, Tyler Wells,
Tuesday, his family said. ternates were chosen by was working with another
Inhofe, a veteran and Santa Fe County special pros- marshal on July 5 when a man
staunch conservative, served in ecutors and the actor’s team in a van stopped outside their
the U.S. Senate for nearly 30 of defense attorneys. unmarked government vehicle
years before retiring in 2023. They will be tasked with and pointed a firearm at
He also served in the Okla- deciding whether Baldwin Wells, according to a criminal
homa Legislature and as committed the felony when, complaint. Wells shot at the
Tulsa’s mayor. He was a mem- during a rehearsal in October man four times through the
ber of the U.S. House of Repre- 2021, a revolver went off window. The man, who was
sentatives from 1987 to 1994. while he was pointing it at struck in the mouth and fled
Inhofe was the top Repub- cinematographer Halyna the scene, was arrested at a
lican of the Senate Armed Hutchins, killing her and hospital.
Services Committee when he wounding director Joel Souza. The U.S. Marshals Service
retired, and had been chair- They were on the set of the confirmed the deputy U.S.
man of the committee. Western film “Rust.” marshals who were involved in
Inhofe was a proponent of Baldwin, 66 years old, a shooting incident were re-
the U.S. energy industry and could get up to 18 months in sponsible for protecting the
had been a climate science de- prison if the jurors unani- residences of Supreme Court
nier. He made headlines when mously find him guilty. justices. The Marshals Service
SARA BURRAN/THE SAINT LOUIS ZOO/ASSOCIATED PRESS

as chairman of the Senate When Judge Mary Mar- didn’t name the justice whom
Committee on Environment lowe Sommer asked the pool the deputies were protecting
and Public Works he brought of 70 possible jurors if they on July 5.
a snowball onto the Senate were familiar with the case, The Metropolitan Police De-
floor in 2015 in an attempt to all but two raised their hands partment reported the at-
disprove global warming. to indicate they were. tempted carjacking in the 2100
He had long supported Baldwin’s lawyer Alex Spiro block of 11th Street, North-
making English the national in his questioning highlighted west. Sotomayor bought a
language of the U.S. the gravity of the situation— condo there in 2012, according
A pilot, Inhofe once helped “obviously someone lost their to Washington, D.C., property
fly a plane around the world life”—and asked jurors to records. Sotomayor wasn’t
and in Congress helped pass come forward with any reser- home at the time of the inci-
the pilot’s bill of rights. vations about their own abil- dent, according to a person fa-
—Joseph De Avila ity to be fair and impartial. miliar with the matter. SOMETHING TO HOWL ABOUT: An American red wolf pup got a checkup last month at the
and Natalie Andrews —Associated Press —Alyssa Lukpat St. Louis Zoo’s wildlife reserve, where four of the endangered species were born this spring.

PBMs Raise tients, doctors and policymak-

ers said PBM business prac-
competitive harm.”
In announcing the interim
out of pocket for medicines
than if their plan had pre-

Search by
tices are raising drug findings, the agency said that ferred a generic.

Drug Costs, spending. Ohio’s attorney gen-

eral has sued some PBMs on
several PBMs hadn’t been
forthcoming and timely with
Also, PBMs have made
money by nudging patients to

commute
allegations of price fixing. The documents and warned the use so-called specialty phar-

FTC Says White House hosted PBM crit-

ics at an event in March, advo-
agency could take the compa-
nies to court to force them to
macies—which fill prescrip-
tions for cancer drugs and

time Continued from Page One

Humana declined to com-
cating for increased transpar-
ency for the drug middlemen.
The FTC launched its inves-
tigation into PBMs in 2022.
comply.
One practice the FTC cited
involved how PBMs encourage
patients to take certain drugs
other drugs for complicated
diseases—that the firms are
connected with, the FTC said.
The PBMs paid affiliated phar-
ment, while Prime said it is The agency released the in- over others by ranking them macies more than they paid
different from other PBMs and terim results of its probe on a on lists, or formularies, of unaffiliated pharmacies, the
it fully complied with the 4-to-1 vote from commission- medicines covered by health FTC said.
FTC’s requests for informa- ers. Commissioner Melissa Ho- plans. Preferred medicines on For two cancer drugs, that
tion. lyoak, a Republican member, formularies often cost patients resulted in the parent compa-
“This report is based on an- voted against the release. less out of pocket. PBMs can nies’ pocketing an extra $1.6
ecdotes and comments from She said the report was exclude other medicines. billion over three years, ac-
anonymous sources and self- premature. “The Report fails The FTC said PBMs have cording to the agency’s re-
interested parties, and sup- to meet the standards of eco- excluded from formularies view of prescription and pay-
ported only by two cherry- nomic rigor expected of Com- drugs that would cost health ment data for both Medicare
picked case studies that are mission reports,” she wrote plans less, in exchange for and commercially insured
implied to be representative of in a dissenting statement. larger rebates from drugmak- patients.
the entire market,” said JC “Our job is not to score ers. The restrictions could For certain Medicare pa-
Scott, president of the Phar- cheap points for transient also force certain patients, tients and others who pay a
maceutical Care Management political favor—it is to iden- depending on the drug and percentage of their drug costs
Association, a trade associa- tify and protect against anti- their health plan, to pay more when they fill a prescription,
tion representing PBMs. “The the higher charges have
report completely overlooks Payments pharmacies affiliated with large PBMs collected meant higher out-of-pocket
the volumes of data that dem- for drugs payments.
onstrate the value that PBMs People with Medicare Part
Average payments Excess revenue
provide to America’s health- D prescription drug plans who
care system.” ABIRATERONE ACETATE (prostate cancer) are taking a generic version of
PBMs are a central part of Generic of Zytiga the prostate-cancer drug
the drug-supply and payment Total revenue Zytiga paid more than they
system. Among their roles is $137 million $685M $822M should have because of PBM
negotiating with pharmaceuti- practices, the FTC said.
cal companies how much The Wall Street Journal has
health plans and employers IMATINIB MESYLATE (leukemia) reported that mail-order phar-
will pay for a drug, and how Generic of Gleevec macies that share an owner
much they will reimburse a with a PBM have marked up
pharmacy to fill a prescription. $48.1 million $902.1M $950.2M the prices of drugs compared
The firms said they pass with other pharmacies. It has
along the discounts and other also reported that certain
savings they secure to health Note: Large PBMs (CVS Caremark, Express Scripts and OptumRx) paid affiliated pharmacies many drugs for cancer and other
times more than the National Average Drug Acquisition Cost, a measure of the average prices
plans and employers, thereby pharmacies pay for drugs, from 2020 to 2022 for two drugs. Includes prescriptions for both
complicated diseases cost
Based on 2023 proprietary survey holding down premiums. commercially insured and Medicare patients. more at pharmacies connected
A growing chorus of pa- Source: Federal Trade Commission to PBMs.
 THE WALL STREET JOURNAL. * * * * * * Wednesday, July 10, 2024 | A5

Nobody Is Popular in European Politics
Votes in France, U.K.
show splintering as
leaders struggle to
claim clear mandates
BY MARCUS WALKER
In the space of four days,
France and the U.K. defied the
theory that European politics
is shifting decisively toward
the anti-immigration right.
Instead, the results of re-
cent elections confirm that the
bigger trend is fragmentation.
Divisions are multiplying in
European societies, making it
harder for leaders to claim a
clear mandate—or, in many
countries, to cobble together a
coherent governing majority.
France’s fractured new Na-
tional Assembly will make
forming a government more
difficult than at any time since
the creation of the Fifth Re-
public in 1958.
Any multiparty government
is likely to have little holding it
together, apart from shared
opposition to the far-right Na-
tional Rally of Marine Le Pen,
which performed worse than
expected in Sunday’s vote.
French Assembly distribution after 2024 legislative elections
178
The New Popular
Front
Left wing
Absolute majority at 289
2 13
Socialist Other left-wing
party parties
Source: French Ministry of the Interior
A dysfunctional government
could yet benefit Le Pen in her
attempt to win the presidency
in three years, however.
The U.K.’s electoral system
is papering over the cracks.
Last Thursday, Labour won
nearly two-thirds of the seats
in the House of Commons with
about one-third of the vote.
Britain’s long-dominant par-
ties, Labour and the Conserva-
WORLD NEWS
for established parties of the
center right and center left is
Center 150 143 declining as voters turn to up-
Macron’s party Far Right
starts. New movements can
rise fast but also fade quickly,
Right wing as French President Emmanuel
Macron’s pro-business cen-
trists have discovered.
Patience with new govern-
ments is short. Being the in-
cumbent can be a liability at a
time of pervasive frustration
with politics.
“Democracy is in crisis,” said
577 Matteo Renzi, a former Italian
seats prime minister. “The first prob-
lem is that when you vote,
things don’t always change.”
American voters are no hap-
25 27 39 pier than Europeans about the
Other/ Other right- Republicans political choices on offer. For-
Centrist parties wing parties party
mer President Donald Trump
CAMILLE BRESSANGE/WSJ and President Biden are the
least-popular pair of candidates
tives, won just over 57% of the for the White House in at least
vote, their lowest combined three decades, according to a
share in over a century. survey by the Pew Research
Many voters preferred small Center published in June.
parties including centrists, en- Much of Europe is struggling
vironmentalists and the popu- with chronically low economic
list right. Turnout was also the growth and strained public fi-
second lowest in a century. nances, leaving governments
As voters’ loyalty to tradi- with little room to maneuver.
tional parties declines, results Many Europeans’ living stan-
are becoming more volatile dards have taken a blow from
from ballot to ballot. Support post-Covid inflation and the en-
ergy-price spike that followed
Russia’s invasion of Ukraine.
Immigration, environmental
policies, electricity bills, low
wages and overstretched
healthcare services are among
the sources of discontent with
the performance of the politi-
cal system.
Political fragmentation is
making countries such as
France, Germany, Spain and
the Netherlands less govern-
able just as geopolitical pres-
sures on Europe are growing.
Russian expansionism is
challenging the continent’s
post-Cold War international
order. Chinese industries are
threatening to swamp key Eu-
ropean manufacturing sectors.
The possible return of Trump
as American president could
upend Europe’s security ar-
rangements as well as trade
with the U.S.
In most of the big European
countries and in the U.S., far
more voters say they are dis-
satisfied with democracy than
satisfied, according to a survey
by opinion-polling group Ipsos
published in December. Among
the nations surveyed, only
Swedes said they were happy
with how their democracy is
performing.
“People have good reason to
believe their political systems
are not delivering. That
doesn’t mean they know what
they want,” said Ivan Krastev,
head of the Center for Liberal
Strategies in Sofia, Bulgaria.
“Voters feel lost in a laby-
rinth, so they run in different
directions, hoping the exit is
there,” Krastev said. Rapid dis-
appointment often follows, and
the next election can bring
large swings. “The political cy-
cle is shortening,” he said.
British voters turned over-
whelmingly against the incum-
bent Conservatives, but La-
bour’s win wasn’t accompanied
by any great outpouring of
hope or optimism. Many ob-
servers say the U.K.’s lack of
economic growth or fiscal el-
bow room could quickly lead to
disappointment with new
Prime Minister Keir Starmer.
“No one really believes any-
one can fix anything,” said
Anand Menon, director of Lon-
don-based think tank UK in a
Changing Europe. “It’s not un-
usual for Western countries in
recent times. What recent elec-
tions have in common is a
mood of antipolitics,” he said.

As U.S. Election Looms, Zelensky Plays Balancing Act

BY ALAN CULLISON
WASHINGTON—Facing an
uncertain outcome in U.S. elec-
tions in November and no clear
pathway to NATO membership,
Ukraine President Volodymyr
Zelensky appealed Tuesday in
a speech at the beginning of
the alliance summit to a tradi-
tional vision of U.S. leadership.
He acknowledged that
values will be defeated with it.
“I want to be candid and
frank: now everyone is waiting
for November, “ he said. “And
truly speaking, Putin awaits
November too.”
Zelensky’s speech was his
third major appearance in the
U.S. since Russian President
Vladimir Putin’s troops in-
vaded Ukraine in 2022. Shortly
after the invasion, he ad-
was hosted by the Ronald Rea-
gan Presidential Foundation, a
part of the traditional Repub-
lican establishment that has
backed aid to Ukraine. The
foundation’s director, Roger
Zakheim, said he invited Zel-
ensky to support its agenda
promoting Reagan’s belief in a
foreign policy based on peace
through strength.
In his speech, Zelensky said
based order that he said
would become widespread in
Europe if Putin is allowed to
win in Ukraine.
Asked what he believed Pu-
tin thought of President Biden
and of Trump, Zelensky replied
that while Americans might
see large differences, Putin
doesn’t. “Biden and Trump are
very different, but they are
supportive of democracy, and

BONNIE CASH/GETTY IMAGES

Ukraine’s future might be up
for grabs in upcoming presi-
dential elections in the U.S. in
November. He steered clear of
criticizing Donald Trump, but
did sound a note against U.S.
isolationism, saying that if
Ukraine is defeated, Western
KEVIN DIETSCH/GETTY IMAGES
dressed Congress in a speech
that was interrupted by stand-
ing ovations. But during a sub-
sequent visit he faced more of
an uphill fight, as skepticism
of aid to Ukraine has grown
among some Republicans.
His appearance Tuesday
he supported Reagan’s legacy.
He spoke further of Russian
abuses—the targeting of civil-
ian buildings in Ukraine and a
missile campaign that has
taken down swaths of the
country’s electricity grid—
and violation of the rules-
that’s why I think Putin will
hate both of them,” he said.
He renewed what has been
a familiar balancing act before
Western backers, expressing
gratitude for military assis-
tance from alliance members
while cajoling them for more. Ukraine’s President Volodymyr Zelensky speaking Tuesday night.

NATO’s Jens Stoltenberg is awarded the Presidential Medal of Freedom by President Biden.

NATO Vows to Boost Arms MAGNIFICENT MORNING

BY LARA SELIGMAN
AND DOUG CAMERON
Senior U.S. and European
leaders opened this week’s
NATO summit with a pledge
to increase the alliance’s in-
vestment in military industrial
production, while acknowledg-
ing that more than two years
after Russia invaded Ukraine,
the allies still struggle to pro-
duce enough weapons and
equipment to help Kyiv win.
As Russian President Vladi-
mir Putin put his country on a
war footing, cranking out
tanks and ammunition rounds,
NATO has had limited success
in accelerating the output of
its own defense industry.
“The reality is that the war
in Ukraine has demonstrated
not only that the scopes have
been too small, and that the
production capacity has been
delinquent, but it has also dem-
onstrated serious gaps in our
interoperability,” NATO Secre-
tary-General Jens Stoltenberg
said during a Tuesday event at
the U.S. Chamber of Commerce.
Stoltenberg said the allies
would pledge this week to in-
crease military spending, better
coordinate production and do
more to enforce those prom-
ises. But he acknowledged that
efforts haven’t been sufficient
to match demand in Ukraine.
It remains uncertain
whether the kinds of high-
level commitments expected
at the summit will finally
translate to signed contracts
and increased production.
The urgency was on display
Monday, when Russia attacked
Ukrainian cities, destroying a
children’s hospital in Kyiv and
killing and injuring dozens of
civilians. Russia is expected to
ramp up its air assault, target-
ing Ukraine’s energy grid and
crucial infrastructure heading
into the winter.
So far, the air-defense capa-
bilities the U.S. and NATO allies
have pulled together for Kyiv
have failed to stop such attacks.
While various countries have
provided interceptors, those ef-
forts haven’t kept up with the
near-daily Russian barrage. The
U.S. has given one Patriot air-
defense battery, the Nether-
lands one and Germany two.
President Biden said Tues-
day at the opening of the sum-
mit that the U.S., Germany, the
Netherlands, Romania and It-
aly will provide Ukraine with
the equipment for five addi-
tional air-defense systems, and
in the coming months the U.S.
and its partners will also send
“dozens” of other systems.
The U.S., Germany and Ro-
mania will each donate one Pa-
triot battery; Italy will provide
a European-made SAMP/T air-
defense system; and Patriot
components donated by the
Netherlands and other coun-
tries will enable the operation
OTTO PILNY
of an additional Patriot battery,
according to a U.S. official. Majestic setting. Dynamic colors. Impressive scale.
Biden also pledged to en- Renowned Swiss-Czech painter
sure that Ukraine goes to “the Otto Pilny masterfully captures
front of the line” for receiving the warmth of desert light in his
new air-defense interceptors.
In the U.S., defense compa- monumental canvas, Sunrise in the
nies and the Pentagon now say Desert. A stately sheik on a white
they were overly optimistic horse shields his eyes from the
about increasing production of rising sun, a testament to Pilny’s
critical weapons. Supply-chain unparalleled skill in rendering
kinks and labor shortages atmosphere. The beloved artist was honored with the Order of
meant it will take four years to
double output of the U.S.-made
the Medjidie, a knightly distinction, by Egyptian King Abbas II.
Javelin antitank missiles that Signed “Otto Pilny / Cairo” (lower right). Circa 1890. Oil on canvas.
Ukraine uses widely, twice as Canvas: 461/2”h x 701/4”w. Frame: 641/8”h x 873/4”w x 6”d. #31-8965
long as initially expected.
“We need to do more and
we need to do it faster,” said
Chris Calio, chief executive of Scan to learn more
RTX, which produces the Pa- about this painting
triot missile-defense system.
Production is starting to
accelerate. U.S. output of
155mm artillery shells has
more than doubled to 30,000 a
month since the start of the
conflict and is expected to al-
most double again by the end
of the summer. U.S. companies
have also ramped up produc-
tion of Patriot interceptors,
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“We are seeing the results as
we speak on the battlefield,” Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
said Jake Sullivan, U.S. national- Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
security adviser, during the
Chamber of Commerce event.
—Daniel Michaels
contributed to this article.
A6 | Wednesday, July 10, 2024
Israeli Scientists, Businesses Face Boycotts
Efforts gain traction
from academia to
defense, weighing on
the nation’s economy
BY ANAT PELED
AND CARRIE KELLER-LYNN
TEL AVIV—Years of pro-Pal-
estinian campaigning for a
global boycott against Israel
once found limited backing. But
in the months since the war in
Gaza began, support for the
isolation of Israel has grown
well beyond Israel’s war effort.
The shift has the potential
to alter Israeli careers, hurt
businesses and weigh on the
economy of a country of nine
million people that depends
on international cooperation
and support for defense, com-
merce and scientific research.
When an ethics committee
at Ghent University in Belgium
recommended terminating all
research collaborations with
Israeli institutions in May, Is-
raeli computational biologist
Eran Segal didn’t see it coming.
The sciences had seen little
impact from global-boycott
movements, and Segal’s work
had nothing to do with the Is-
raeli military effort. The univer-
sity’s research collaborations,
the Ghent committee noted, in-
clude research on autism, Alz-
Weeks of Battle
Leave Rafah
Empty, in Ruins
BY DOV LIEBER
RAFAH, Gaza Strip—This 9-
mile-long borderland separat-
ing the Gaza Strip from Egypt
was once a bustling commer-
cial crossing for goods and
people—and, Israel says, arms
and supplies for Hamas.
After weeks of fighting, it
is now a flattened wasteland.
A trip through Rafah with
the Israeli military in open-air
vehicles showed the adjacent
neighborhoods to be entirely
depopulated. Building after
building had been reduced to
piles of rubble. The military,
which controlled the itinerary,
said Hamas’s extensive use of
booby traps made it safer for
soldiers to bring the buildings
down than to clear them.
Any structures still stand-
ing were laced with bullet
holes or had chunks taken out
by tank rounds or airstrikes.
The administrative buildings
and roadways that made up
the Rafah crossing itself—a vi-
tal gateway for the Gaza Strip,
which before the war had been
blockaded by Israel—also lay in
ruins. A guard tower with its
windows blown out sat empty.
Above it, a large sign that sur-
vived the fighting says in Ara-
bic, “Welcome to Palestine.”
Two months after Israel’s
military defied international
concern over civilian casualties
U.S., Allies Issue Rare Warning on China Hacking Group
BY MIKE CHERNEY
SYDNEY—Seven U.S. allies
warned that a Chinese state-
sponsored hacking group poses
a threat to their networks, in
an unusual coordinated move
by Western governments to
call out a global operation they
say is directed by Beijing’s in-
telligence services.
Tuesday’s advisory was a
rare instance of Washington’s
major allies in the Pacific and
elsewhere joining to sound the
alarm on China’s cyber activ-
ity. Australia led and published
the advisory. It was joined by
the U.S., U.K., Canada and New
Zealand, which along with
Australia make up an intelli-
gence-sharing group of coun-
tries known as the Five Eyes.
Germany, Japan and South Ko-
rea also signed on.
The warning marked the
first time South Korea and
Japan joined with Australia in
attributing malicious cyber
activity to China. It was also
the first time Australia—
which has been reluctant to
point the finger at China, its
heimer’s disease, water purifica-
tion and sustainable agriculture.
“Academic institutions de-
velop technology for the security
services that is later misused for
human-rights violations,” the
committee wrote.
The statement was “very
disturbing,” said Segal, whose
lab at the Weizmann Institute
of Science, south of Tel Aviv,
has a research partnership
with Ghent University focus-
ing on factors driving obesity.
He said he doesn’t yet know if
the project will be terminated.
The committee also called
for a Europe-wide suspension of
Israel’s participation in research
and education programs, which
often depend on European
Union funding. If European
partners heed the call, “this
would be a tremendous blow to
our ability to do academic sci-
entific research,” Segal said.
The new political and legal
initiatives against Israel is un-
precedented, said Eran Shamir-
Borer, former head of the in-
ternational-law department in
the Israeli military. They in-
clude moves against Israel and
its leaders at the United Na-
tions’ top court and the Inter-
national Criminal Court.
“Becoming a pariah state
means that even if things don’t
happen formally, less compa-
nies feel that they want to in-
vest in Israel in the first place,
and heavy pressure from its
U.S. ally and sent tanks rolling
into Rafah and along the bor-
der area, it is now pointing to
the damage and signaling that
the heaviest fighting is almost
done—not only in Gaza’s
southernmost city, but also
across the enclave.
While Israel said it would
continue to fight in areas
where Hamas resurfaces, it
hasn’t identified another ma-
jor military objective in Gaza,
which could give it an opening
to let exhausted soldiers rest
and refocus on the simmering
conflict with the militant
group Hezbollah along the bor-
der with Lebanon to the north.
“We are getting close to de-
feating the Rafah brigade,”
said the Israeli military
spokesman, Daniel Hagari.
“The Rafah brigade is a meta-
phor for all Hamas military
frameworks around Gaza.”
Israel’s military has battled
with Prime Minister Benjamin
Netanyahu over the lack of a
political plan for securing the
Gaza Strip after the fighting
and the need for a cease-fire
deal that frees hostages taken
by Hamas. The dispute
erupted into the open in June
when the military said Hamas
can’t be destroyed by force of
arms, a sign it was ready to
shift to more-targeted tactics
in the war it launched after
largest trading partner—led
such an effort, a person famil-
iar with the matter said.
“In our current strategic
circumstances, these attribu-
tions are increasingly impor-
tant tools in deterring mali-
cious cyber activity,” said
Richard Marles, Australia’s
deputy prime minister and de-
fense minister.
On Tuesday, China accused
the U.S. and its allies of hyp-
ing China’s cyber activities to
smear Beijing and distract
from Washington’s efforts to
engage in surveillance and es-
pionage worldwide. “Who is
the biggest threat to global
cybersecurity? I believe the
international community sees
this clearly,” said Foreign Min-
istry spokesman Lin Jian.
The technical advisory de-
tailed a group known in cyber-
security circles as Advanced
Persistent Threat 40, or
APT40, which conducts cyber-
security operations for China’s
Ministry of State Security and
has been based in the south-
ern island province of Hainan.
The advisory detailed how the
WORLD NEWS
A banner calls for Ireland’s national broadcaster to boycott the Eurovision Song Contest.
less universities want to collab- ence, Eurosatory, would be a
orate with Israeli institutions. rare opportunity to expand his
Things just happen when you business, he said. Then he was
get this symbolic status,” said told that, because of a French
Shamir-Borer, a fellow at the court decision, his firm was
Israel Democracy Institute. prohibited from attending. Or-
Israelis are finding their par- ganizers cited court orders af-
ticipation in cultural institu- ter a French defense-ministry
tions and defense trade shows ban issued in response to Israeli
is increasingly becoming taboo. military operations in Gaza.
Lidor Madmoni, chief execu- The French decisions
tive of a small Israeli defense “shocked the entire commu-
startup, prepared for months nity” of Israeli defense technol-
for a June international-weap- ogy companies, said Noemie Al-
ons show in Paris. The confer- liel, managing director in Israel
An Israeli soldier patrols in the southern Gaza Strip, where the war with Hamas, now in its ninth month, has leveled Rafah.
the Hamas-led Oct. 7 attacks end, Israel’s military said it
that left 1,200 dead. continued to find tunnels and
The military says its prior- fight militants in Rafah.
ity now is to free the hostages Israel’s military says it has
still held in Gaza, something it killed more than 900 militants
has previously said is possible in Rafah and picked apart
only with a deal that trades a much of the group’s military
cease-fire for their release. infrastructure there. Gaza’s
“There is only one main health authorities don’t have
goal for us—to bring our hos- an estimate of civilian deaths
tages back home,” Hagari said. during the fighting there.
Gaza’s two million civilians A Wall Street Journal re-
desperately need an end to the porter and journalists from
fighting. Most have been dis- other news organizations re-
placed from their homes. Food cently got a firsthand look at
and crucial supplies remain the aftermath during a trip
scarce. Even the counterinsur- through the border area and a
gency phase of the fighting few small neighboring sec-
that the Israeli military consid- tions of Rafah organized by Is-
ers lower-intensity has been rael’s military.
highly destructive. This week- A close look showed the po-
group targeted two networks “They are highly skilled at
in 2022—though it didn’t iden- hiding within the network,”
tify the organizations—and she said. “They look like legit-
said the threat is continuing. imate traffic or normal users
“Having all eight nations and strike with precision
collectively call this out is sig- when the time is right, steal-
nificant,” said Rachael Falk, ing valuable data.”
chief executive of the Cyber In one of the incidents, the
Security Cooperative Research hackers accessed large amounts
Centre in Australia. “You don’t of sensitive data and got privi-
see collective attribution from leged authentication creden-
so many agen- tials that en-
cies about one abled the group
malicious cyber to log in, the ad-
threat actor APT40 conducts visory said. In
very often.” cybersecurity the other inci-
Falk said dent, the group
APT40 carefully operations for got several hun-
carries out re- dred unique
connaissance,
China’s Ministry username and
can look like a of State Security. password pairs,
legitimate user as well as multi-
and is very ef- factor authenti-
fective at steal- cation codes
ing valuable data. She said and technical artifacts related
APT40 rapidly exploits new, to remote access sessions.
and sometimes old, public vul- The advisory suggests the
nerabilities in widely used group is still active despite
software and uses compro- previous efforts to disrupt it.
mised small home-office de- In 2021, U.S. prosecutors
vices. That enables the group charged four Chinese nation-
to launch attacks and blend in als tied to APT40 with a cam-
with traffic. paign to hack into the com-
THE WALL STREET JOURNAL.
mote its goals, which include
the establishment of an inde-
pendent Palestinian state and
winning the right of Palestinian
refugees and their descendants
to live in Israel. But the move-
ment found limited traction.
The environment changed
after Israel responded to the
Hamas-led attack on Oct. 7
that killed more than 1,200
people, mostly civilians, with
around 250 hostages taken to
Gaza, according to Israel.
Some longtime goals of BDS
and other pro-Palestinian or-
ganizations are being realized
CLODAGH KILCOYNE/REUTERS
as a result of the war, in which
about 38,000 people have died
in Gaza, mostly civilians, ac-
cording to Palestinian officials.
The figure doesn’t specify how
many were combatants.
Months of fighting, the human
toll and images of devastation
in Gaza have fueled interna-
for Starburst Aerospace, an in- tional opposition to how Israel
ternational consulting firm that has carried out the war.
develops and invests in aero- “As Israeli companies and
space and defense startups. institutions become isolated, Is-
After the conference opened, rael will find it more difficult to
a French court overturned the oppress Palestinians,” BDS says
ban, but for Madmoni it was on its website. BDS co-founder
too late. Many Israeli compa- Omar Barghouti declined to
nies had withdrawn. comment for this article.
The Boycott, Divestment and Israeli leaders have long
Sanctions movement, formed criticized boycott efforts. Pres-
in 2005 by Palestinian civil-so- ident Isaac Herzog told an eco-
ciety organizations, has called nomic conference in May that
for years for the use of interna- Israel’s enemies “are trying to
tional pressure on Israel to pro- isolate us in order to harm us.”
OHAD ZWIGENBERG/PRESS POOL
tential for continued fierce length of the border fence with
fighting ahead. Egypt. Before the war, it had
Above ground, Israel’s mili- been controlled by Palestinians.
tary appears to have a tight Nearly every structure
grip of the city. But below along the road is now razed as
ground, troops are still in the Israeli troops say they con-
process of locating and under- tinue to locate tunnel en-
standing the extent of Hamas’s trances and rocket or mortar-
vast tunnel network. launching sites.
By the time Israeli tanks Israel hasn’t said how long it
rolled into the city, thousands plans to keep its troops in the
of Hamas’s militants had fled, Philadelphi Corridor, or whether
Israeli military officials said, they would leave at all.
leaving a fighting force for an Hagari, the military spokes-
insurgency that could plague man, said it would be up to Is-
the country for years. rael’s government to decide.
A goal of the operation in “We’ll do whatever we need
Rafah was to stop suspected to do to accomplish the goals
arms smuggling by seizing con- of the war,” he said.
trol of the Philadelphi Corridor, —Saleh al-Batati
a long sandy road that runs the contributed to this article.
puter systems of dozens of ing to “pre-position” in critical
companies, universities and infrastructure networks for fu-
government entities as part of ture attacks.
an effort to steal information Microsoft revealed last
that would benefit Chinese year that the state-sponsored
companies, the Justice De- Chinese campaign went after
partment said at the time. a range of networks on Guam
Three of the defendants in and in the U.S., including com-
that case were officers in the munication, transportation,
Hainan State Security Depart- maritime and other sectors.
ment, a provincial arm of the The company said the hackers
Ministry of State Security, who were likely developing capa-
coordinated computer hackers bilities that could disrupt crit-
at front companies for the ical communications infra-
ministry. The stolen informa- structure between the U.S.
tion included technologies for and Asia during future crises.
submersibles and autonomous The U.S. and its allies have
vehicles, specialty-chemical stepped up their public criti-
formulas, commercial-aircraft cism of Beijing in recent
servicing, and proprietary ge- months. In March, the U.S. hit
netic-sequencing technology, more alleged Chinese hackers
the Justice Department said. with sanctions and criminal
Infectious-disease research charges, and the U.K. govern-
was also targeted. ment accused Beijing of hack-
Concerns about China’s hack- ing into its electoral register
ing campaign have grown since to steal personal details of
the 2021 case. U.S. officials are voters. That same month, New
worried that China’s aims in- Zealand officials said that
volve not just stealing sensitive APT40 was behind an August
data and weapons information, 2021 cyberattack on networks
but also targeting infrastructure in Parliament.
that underpins civilian life. U.S. —Grace Zhu in Beijing
officials have said China is seek- contributed to this article.
THE WALL STREET JOURNAL. Wednesday, July 10, 2024 | A7

It has been 469 days since our friend and colleague Evan Gershkovich
was wrongfully detained by Russia during a reporting trip and accused of
espionage. The Wall Street Journal and the U.S. government vehemently
deny the allegation and continue to call for his immediate release.

No journalist should ever be detained for simply doing his job, and the charge
against Evan is an outrage. Journalism is not a crime, and any portrayal to
the contrary is iction.

The stakes are high: Without press freedom, there is no free society.

Every day Evan remains detained is a day too long. We will not rest until
he’s home.

Please continue to share Evan’s reporting and the latest updates on his
situation by visiting WSJ.com/Evan. Use the hashtag #IStandWithEvan
to help keep his story front and center.

©2024 Dow Jones & Co., Inc. All rights reserved. 6DJ0440
A8 | Wednesday, July 10, 2024
Democrats
Struggle on
Path Ahead
Continued from Page One
in response to questions at
his weekly Tuesday news con-
ference.
Schumer’s terse comments
followed a lengthy lunch
meeting with Senate Demo-
crats, most of whom refused
to talk to reporters afterward.
Some looked dejected. “The
president said it’s in his
hands,” said Sen. Debbie
Stabenow of Michigan. Asked
if Biden should remain on the
ticket, Sen. Dick Durbin of Illi-
nois said, “That still remains
Biden’s
Team Keeps
Tight Rein
Continued from Page One
ingly obvious, and his top ad-
visers were assuring everyone
the president was fine.
When the 81-year-old presi-
dent took the stage at last
month’s debate, his abysmal
performance stunned mem-
bers of his party.
Now, many donors and law-
makers say they feel misled by
what they say is an effort to
tamp down concerns, raised
well before the debate, about
whether Biden is fit for a sec-
ond term.
News reports about the
president’s mental acuity have
triggered White House re-
bukes and denials from Bi-
den’s allies. The offices of Sen.
Patty Murray (D., Wash.) and
Rep. Gregory Meeks (D., N.Y.)
alerted the White House ear-
lier this year when The Wall
Street Journal asked questions
about Biden’s performance at
a January meeting. The presi-
dent spoke softly, paused for
long periods, read from notes
to make obvious points, the
Journal reported.
Murray told the Journal in
April she hadn’t seen a change
in Biden’s acuity during her
years working with him.
On Monday, Murray said in
a statement that Biden should
consider his legacy in deciding
whether to remain in the race:
Biden’s team feels Washing-
ton is out to get him. This us-
versus-them view has led to
what some Democrats called a
bunker mentality, blinding the
president and his aides to Bi-
den’s political liabilities.
People close to Biden blame
a handful of advisers for put-
ting in place a strategy that
minimized the president’s age-
related struggles. Those advis-
ers include the president’s
big-picture thinkers: Anita
Dunn, who is responsible for
the White House’s communi-
cations strategy, along with
political counselors Steve Ric-
chetti and Mike Donilon.
Biden allies outside the
White House also pointed to
lesser-known aides who have
served as gatekeepers for the
president, including Annie
Tomasini and Anthony Bernal,
close confidants of Biden and
first lady Jill Biden, respec-
tively. The White House didn’t
make Tomasini, Bernal, Dunn,
Ricchetti or Donilon available
for comment.
This account is based on in-
terviews, before and after the
debate, with more than two
dozen current and former Bi-
den administration officials,
as well as Democratic lawmak-
ers, major campaign donors
and Democratic strategists,
along with a Journal analysis
of visitor logs.
“Joe Biden is proud of the
team he leads as he continues
to build on the most success-
ful record in modern Ameri-
can history,” White House
spokesman Andrew Bates said.
He disputed that Biden had
been shielded from the public
and that his staff acted as
gatekeepers. Many of the mea-
sures the president’s team has
put in place have been stan-
dard procedure in past admin-
istrations, Bates said. The
president has done media in-
terviews, answered questions
from reporters and traveled
around the U.S., he said.
A number of deep-pocketed
donors have directed their
frustration at Hollywood mo-
gul Jeffrey Katzenberg, a co-
chair of the Biden campaign.
At lunches around Los Angeles
before the debate, Katzenberg
made the case for Biden. He
to be seen.”
“I think it was a construc-
tive conversation,” said Sen.
Chris Coons (D., Del.), a close
Biden ally. Coons didn’t an-
swer when asked whether
anyone at the lunch called for
Biden to leave the race.
Sen. Michael Bennet (D.,
Colo.) told colleagues he didn’t
think Biden would prevail this
fall. Later, speaking to CNN, he
said he believes Trump is on
track to “maybe win it by a
landslide, and take with him
the Senate and the House.” He
said the White House “has
done nothing to really demon-
strate that they have a plan to
win.” But he declined to say
that Biden should step aside.
Inside House Democrats’
own closed-door meeting, the
mood was somber, with some
lawmakers shedding tears in
an emotionally wrenching
President Biden at the presidential debate with former President Donald Trump in Atlanta last month.
Biden speaking with reporters aboard Air Force One en route
from Israel on Oct. 18 last year.
told people that he saw the
president regularly, and that
Biden was sharp and in com-
mand, according to those who
spoke with Katzenberg.
Biden has had plenty of
moments in the public eye. He
was widely praised for his
State of the Union address in
March, where he made a
forceful case that the freedom
of Americans was at risk in
the November election. He has
made high-profile trips, in-
cluding a surprise visit to Kyiv
last year and a trip to Israel
days after the Hamas attack.
The president’s public ap-
pearances and his private in-
teractions, according to people
who described them, suggest
that Biden has moments
where he is sharp and detail-
oriented. At other times, he is
forgetful, stumbles over words
and struggles to convey his
thoughts. Those slip-ups have
become more frequent, ac-
cording to people who have
met with the president.
Last summer, a former top
Biden adviser who had met
with the president told an as-
sociate the meeting was “not
good” and that Biden had
noticeably aged since
they had last met.
The president’s abys-
mal debate performance
was a crystallizing mo-
ment for some Biden
backers, who said it
caused them to reassess
previous interactions
with the president. An-
other former Biden ad-
viser said the Atlanta de-
bate caused many people
to piece together gnaw-
ing concerns about Bi-
den’s mental acuity they
had long harbored.
Trading places
Lawmakers in both
parties say they don’t get
enough face time with
the president. Biden took
almost a week to call Biden speaking at a Fourth of July event this month in Washington.
FROM PAGE ONE
gathering. Phones and Apple
Watches were confiscated to
prevent instant leaks. Law-
makers who have called for Bi-
den to step aside stood before
the room and told colleagues
that the party needs a differ-
ent candidate. The majority of
lawmakers stood by Biden,
however, saying the June 27
debate was one bad night and
pointing to his successes, ac-
cording to two people familiar
with the meeting.
“Right now, President Biden
is the nominee, and we sup-
port the Democratic nominee
that will beat Donald Trump,”
said Rep. Pete Aguilar (D., Ca-
lif.), a member of party leader-
ship, speaking after the meet-
ing. “Let’s see. Let’s see the
press conference. Let’s see the
campaign stops. Let’s see all of
this, because all of it is going
to be necessary.”
Senate Majority Leader Chuck
Schumer (D., N.Y.) after the
debate. A White House official
said the president has spoken
to at least 20 lawmakers since
the debate. Biden’s team re-
fused requests by Republican
House leaders to meet with
the president, instead offering
conversations with senior
White House aides.
German officials, aware of
Biden’s fatigue at night,
sought to accommodate the
president by planning a June
2022 event with German
Chancellor Olaf Scholz in the
early evening.
The informal event, a soiree
at the Alpine resort Schloss
Elmau during the Group of
Seven summit, was arranged
as a confidential meeting on
Ukraine in a relaxed setting.
Biden didn’t show, officials
said. Instead, Secretary of
State Antony Blinken arrived
and announced that Biden had
to go to bed, according to twoBiden salesman
people who were there.
Matthew Miller, a State De-primaries,
partment spokesman, denied pressed
that Blinken said Biden had towhether Biden should be the and the president answered.
nominee, given his advanced
go to bed “or anything like it.”
* *****
“There is an anxiety that is gathering of the North Atlantic
felt across the country. It’s not
just in that room and it’s not
Treaty Organization in Wash-
ington, reading off a telepromp-
just with donors and it’s not ter. Standing in the auditorium
just with Democrats,” said Rep.
Greg Landsman (D., Ohio).
where NATO was signed into
existence in 1949, he drew ap-
Asked if Democrats were on
the same page, Rep. Steve Co-
hen (D., Tenn.) said, “We’re
plause for his robust defense of
the alliance and for his support
of Ukraine.
not even in the same book.” Some lawmakers who had
One person familiar with privately said they believed
the meeting said the party Biden needed to step aside
seemed evenly split on Biden. changed their tune Tuesday.
“One-third of the caucus “The president made very
wants him gone, one-third clear yesterday that he is run-
want him to stay, and one- ning. To me, that’s dispositive.
third are resigned he is the We have to support him,” said
nominee but think he is going Rep. Jerrold Nadler of New
to lose,” the person said. York, the top Democrat on the
Biden has said repeatedly he Judiciary Committee.
plans to stay in the race, issu- Seven House lawmakers
ing a letter Monday to law- have publicly called for Biden
makers calling for talk of a re- to quit the race, with Rep.
placement to cease. Mikie Sherrill (D., N.J.) saying
Biden on Tuesday evening Tuesday that Biden should
spoke at an opening event for a “declare that he won’t run for
German Chancellor Olaf Scholz talking to Biden before the
start of a Group of Seven summit in 2022.
age. Katzenberg told them
A U.S. official said the
that Biden was the best bet to
White House indicated early
beat Donald Trump.
on that Biden wouldn’t attend.
One entertainment execu-
The official disputed the char-
tive who had lunch with
acterization that Blinken was
Katzenberg around six weeks
standing in for the president.
ago said he asked Katzenberg
A White House official said
whether Biden was too inca-
that Biden during the summit
balanced engagements with pacitated to win the election.
world leaders and pressing“No. Absolutely not,” the exec-
needs at home, ending one utive recalled Katzenberg say-
ing. “I see him, I talk to him
evening at 10 p.m., after an
all the time. He’s solid.”
hourlong call with his team
about domestic matters. Katzenberg had dozens of
During working hours atmeetings at the White House
the summit, the people whofrom March 2023 through
were present said Biden March 2024, visitor logs
show.
showed no sign of cognitive
At some fundraising events,
decline. Yet, they said, he ap-
the campaign allows Biden
peared to be physically worn
few impromptu moments,
out as the days passed. U.S.
even with top donors.
aides told officials at the sum-
Aides sometimes stepped in
mit that it was due to the lack
to help. At a fundraiser in
of air conditioning, according
New York around the time of
to the people, a contention the
State Department disputed.the United Nations General
Assembly last fall, Biden
seemed at a loss trying to an-
swer questions about the Mid-
Even before the Democratic dle East, according to a per-
some donors son there. An aide whispered
Katzenberg on in Biden’s ear, the person said,
During a fundraiser at the
Four Seasons in New
York in June 2023, Biden
couldn’t recall the word
for “veteran,” according
to attendees who bought
a ticket. The president
asked the group to help
him find the word, saying
he wanted to refer to a
person who had served in
the Army or Navy.
Asked about these
events, Kevin Munoz, a
Biden campaign spokes-
man, criticized reporters
who used anonymous
sources to recount the
president’s behind-the-
SAMUEL CORUM/GETTY IMAGES
scenes interactions.
“None of them change
the facts at play this elec-
tion and what this cam-
paign will be focused on
every single day: that
President Biden is the
most accomplished presi-
THE WALL STREET JOURNAL.
re-election and will help lead
us through a process toward a
new nominee.”
Behind the scenes, many
members continue to harbor
doubts about the president’s
ability to make what they be-
lieve is a strong case on the
campaign trail. Polls show Bi-
den trailing Trump, with most
voters thinking the president
is too old to serve.
Biden has begun making the
rounds to lawmakers after the
debate last month. Subsequent
media appearances have done
little to quell concerns. He had
a virtual conversation with
Democratic mayors on Tues-
day night, touting the passage
of Covid-19 legislation that
funded cities.
—Siobhan Hughes,
Catherine Lucey
and Owen Tucker-Smith
contributed to this article.
dent in modern history,” he
said.
High-profile Democratic
lawmakers also defended the
president’s mental acuity.
Some donors said they kept
their concerns quiet because
they didn’t want to risk their
access or influence. No one
wanted to jeopardize a chance
to become an ambassador or
host a fundraiser, said a Los
Angeles-based longtime Dem-
ocratic donor.
Musical exit
When Biden was a senator,
he regularly spoke with re-
porters. As vice president, he
invited journalists to pool par-
ties. At the start of his presi-
dency, Biden spoke off-the-
cuff more frequently,
including at fundraisers.
These days, Biden’s public
appearances are brief. He oc-
casionally answers shouted
CLOCKWISE FROM TOP: MARCO BELLO/REUTERS; MICHAEL KAPPELER/ZUMA PRESS; EVELYN HOCKSTEIN/REUTERS questions from reporters, but
his responses are often
clipped—sometimes a “yes,”
“no” or just a thumbs-up.
Since the debate, his public
remarks have on average
lasted less than 10 minutes.
His campaign has planned
more unscripted interactions
with voters following criticism
from Democrats.
White House aides often
erect barriers to keep report-
ers from asking Biden ques-
tions. Journalists are some-
times kept dozens or even
hundreds of feet away from
the president at events. White
House staff often blast music
so questions can’t be heard
during the president’s exit.
Radio hosts who inter-
viewed the president last
week, part of an effort to reas-
sure the public of Biden’s
mental fitness, said they were
provided a list of approved
questions from the Biden cam-
paign. After that was re-
ported, the campaign decided
to curtail the practice, accord-
ing to a person familiar with
the Biden booking operation.
When Biden holds one of
his rare news conferences,
White House officials often
reach out to reporters whom
the president might call on, in
a bid to determine what ques-
tions they plan to ask. Many
reporters rebuff these re-
quests. White House aides of-
ten hold the microphone for
reporters so that aides can
pull it away, preventing fol-
low-up questions.
In June 2023, during an ap-
pearance at a graduation cere-
mony for the U.S. Air Force
Academy, Biden tripped over a
sandbag and fell as he walked
across the stage. He got up
quickly with the assistance of
Secret Service agents. Biden’s
fall, which was replayed on
cable news for hours, raised
alarms at the White House,
according to people familiar
with the matter.
Officials said it was a com-
monplace accident but none-
theless recognized the damag-
ing political optics of Biden
tumbling to the ground. In the
following months, they took
extra precautions to make
sure he didn’t trip again. He
started wearing sneakers
more often for better traction,
and he often used shorter
stairs when boarding Air
Force One.
The president, during a
meeting with Democratic gov-
ernors last week, spoke of the
need for more sleep and sug-
gested he avoid events that
begin after 8 p.m.
That comment was met
with incredulity by some gov-
ernors, a person briefed on
the talks said. Some, though,
were relieved that Biden at
least acknowledged there was
a problem, the person said.
—Siobhan Hughes, Bojan
Pancevski and Robbie
Whelan contributed to this
article.

© 2024 Dow Jones & Company. All Rights Reserved.
The Best Person for Advice Often
Isn’t Who You Think of First
Here’s how to find the right people to lean on when you’re going through a tough time
ELIZABETH
BERNSTEIN
W
e tend to believe
the best person
for support dur-
ing a tough time
will always be
someone who’s
been there before.
FROM TOP: CAROLE HÉNAFF; STEVEN ALAN MATSON; TARA GARCIA MATHEWSON
We’re wrong.
New research shows we may
get better help from people who
have been through a significant
challenge that is different from
our own. Social scientists say this
is because those who have been
through an unrelated challenge
can empathize with our emotional
pain. Yet they won’t assume they
know what our experience is like
or bring their own emotional bag-
gage to the conversation.
Meanwhile, those who have
“been there” before sometimes
talk more than they listen. They
may also give advice based solely
on their experience and forget
that ours may be different. And
Tweens Embrace
Wrinkle Creams
BY NATASHA KHAN
T
his spring, amid preparation
for cookie sales and planning a
white-water rafting trip, the
Girl Scouts of Larchmont-Mamaron-
eck welcomed a special guest
speaker: a dermatologist.
Preteens and teens across the
country have ditched their crafts,
videogames and toys, embracing
antiaging and other beauty prod-
ucts, and parents are concerned.
Some of the most popular products
contain active ingredients such as
retinol and glycolic acid, which can
thin the top layer of the skin and
cause peeling and irritation.
While long-term impacts are still
being studied, most children have a
healthy skin barrier that becomes
easily disrupted when using harsh
topicals, according to dermatolo-
gists. Some girls have reported get-
ting rashes after using such creams
and serums; others say they have
gotten sunburned more easily.
“No child was talking about alpha
hydroxy acid before the pandemic,”
said Leah Ansell, the dermatologist
invited to talk to the Girl Scouts.
“Now, everyone is talking about
specific skin-care ingredients. It’s a
worrying and surprising trend.”
Girls in their preteens and early
teens have helped fuel a renais-
sance in the $430 billion global
CAM POLLACK/WSJ
beauty market. Dubbed “Sephora
Kids,” they follow influencers on Tik-
Tok and YouTube who post “get
ready with me” videos touting anti-
PERSONAL JOURNAL.
because they already got over the
problem, they might think we
should, too.
“They’re no longer in distress
so they forget how painful the sit-
uation was,” says Hooria Jazaieri,
an assistant professor of manage-
ment at Santa Clara University’s
business school, who is one of the
researchers on the study.
About half the time when we
need guidance, we reach out to
friends, family members and oth-
ers close to us, research shows.
But when we don’t—maybe we
fear they’ll judge us—we turn to
acquaintances or even strangers
for support.
Someone you don’t know well
may have different life experiences
you can draw upon, says Nika
Kabiri, a sociologist who
studies how people
make decisions. “You
never know what
people know until
you ask,” she says.
When she had a
problem recently
with a new boy-
friend, she reached
out to a girlfriend
who’d had relationship
aging creams and serums.
Retailers and product makers
generally say they advise preteens
and early teens to stick to gentler
products. They have largely resisted
efforts to mandate product warn-
ings or age requirements.
The warning debate
Earlier this year, California assem-
blymember Alex Lee introduced a bill
that would require warnings or age
verification for antiaging products.
The legislation was quashed at the
appropriations-committee level.
During the hearing for the bill,
then-10-year-old Scarlett Goddard-
Strahan testified that she began us-
ing products that had antiwrinkling
and brightening properties—so that
“she wouldn’t look old, no offense”—
after listening to influencers on Tik-
Tok and YouTube.
She started getting burns and
bumps after using them.
“I wanted glowy skin, and instead
I have red, itchy skin,” Scarlett told
the committee.
Beauty retailers Sephora and
Ulta Beauty, along with owners of
popular brands such as the Ordi-
nary, Drunk Elephant and Glow Rec-
ipe, don’t market antiaging products
to younger customers in stores or
on their websites. They have said
preteens and younger teenagers
should stay away from products
with these ingredients.
Sephora referred questions to
the Personal Care Products Council,
a trade association that includes
THE WALL STREET JOURNAL.
issues of her own. But her pal in-
terrupted her after just a few min-
utes: “I knew this was going to
happen,” the woman announced.
So Kabiri changed tacks.
She called a male colleague she’d
only previously asked for work ad-
vice. Unlike her, he’s been married
for years. She believed he was a
good listener and problem solver, so
she decided to take a chance.
Kabiri explained her problem
and told her colleague that she
was really sad. He listened and
asked questions. Then he told her
that he and his wife had many
challenges over the years, but he
thought they were worth it, and
he’d do the whole relationship
over again if he could.
“I felt heard,” Kabiri says.
“It was exactly what I
needed.”
 Mario Small, a
sociologist at
Columbia
University, says
he got perspective
from a colleague
he ran into while
shopping.
hundreds of cosmetics and skin-
care brands as well as chains such
as Sephora and Ulta.
The group said that it supports
dermatologists’ views that antiag-
ing products are unnecessary for
preteens and teens and that they
should look for mild cleansers, hy-
drating moisturizers and protective
sunscreens.
Ulta said it recommends youn-
ger customers avoid retinols and
active ingredients and instead
reach for gentler alternatives. It
said it looks to brands to provide
age recommendations.
Some companies have high-
lighted potential risks for younger
customers. The Ordinary, owned by
 Sociologist
Nika Kabiri recently
asked a male
colleague for
relationship advice.
Those with
‘weak ties’
Conversations with these
so-called weak ties can be sur-
prisingly helpful. People who don’t
know us well don’t know our
faults, so they’re less likely to
judge us. Even if they do, we won’t
care as much as we would if it
were our sister or mother.
And often they take place
somewhere that feels safe and ap-
propriate, such as when we talk
to someone at yoga class about
our struggle with work-life bal-
ance, says Mario Small, a profes-
sor of social science at Columbia
University, who studies how we
decide to disclose information to
someone.
He recently experienced this
himself when he ran into a col-
league at a local hardware store.
The man’s teenage daughter had
experienced some trouble at
 Skin-care products from the
Ordinary, Glow Recipe and Drunk
Elephant.
Estée Lauder, in February put out
an Instagram post titled “Teens, you
don’t need ten steps,” recommend-
ing teens “avoid ingredients like
retinoids and alpha hydroxy acids at
the start of your skincare journey.”
The social-media effect
Bubble Skincare has a line on some
of its product pages for formulas
with higher levels of active ingredi-
ents, such as its Moon Walk Gentle
Exfoliating Serum, that says it is
recommended for those ages 14
and up. “If you are younger than 14,
Wednesday, July 10, 2024 | A9
school earlier this year, and Small
asked about the girl. Then Small
shared that he was worried about
a situation one of his young chil-
dren was having at school. The
colleague empathized. “And it was
helpful because he gave me per-
spective,” Small says.
You don’t need to discount peo-
ple who have been through what
you’ve been through, Small says.
But make sure they realize your
experience isn’t exactly the same
as theirs. If they seem dismissive,
you may need to remind them how
tough the situation is for you.
Here’s how to find the right
person.
Know what you need
Do you want to vent, get advice,
or be distracted for a bit? Identi-
fying what you need will help you
decide who to approach. Some-
times you need someone who is a
good listener or who is analytical
and can help you think through
the problem. Other times you
need the friend who makes you
laugh.
Then be clear with the other
person about what you need. Try:
“I’m sad about this problem and
just need you to listen.”
Follow the example of Colum-
bia’s Small: “When I give my wife
a paper I am working on to read, I
tell her I don’t need a hug,” he
says. “I need her advice and help
thinking it through.”
Ask multiple people
Often, we seek second opinions
from doctors or other profession-
als. We should do this in our per-
sonal life, as well.
“It seems unrealistic, espe-
cially in a complicated or ambigu-
ous problem, for anyone to have
the perfect answer or support,”
says Andrew High, an associate
professor at Pennsylvania
State University, who
studies supportive
communication.
“It’s better to shop
around.”
Asking multi-
ple people for
help also keeps
you from overbur-
dening any one per-
son. “If someone gets
burnt out helping you,
they won’t have anything
else to say,” High says.
’Emotion matching’
People who have dealt with issues
of their own should be empa-
thetic—and have problem-solving
skills. If their problem was differ-
ent than yours, they won’t assume
they know what you’re going
through without asking questions.
The key is to look for someone
whose experience was emotionally
similar to yours, says Stephanie
Preston, a professor of psychology
at the University of Michigan, who
studies empathy. For example, if
you’re devastated by the divorce
you’re going through, someone
who has experienced a devastating
job loss may be a good fit.
“Empathy is all about emotion
matching,” Preston says.
talk to a dermatologist before using
Moon Walk,” the product descrip-
tion page says.
Shai Eisenman, Bubble’s founder
and chief executive, said the brand
has a responsibility to educate its
customers about the risks of using
active ingredients before they are
necessary.
When the company launched its
Moon Walk serum six months ago, it
added the warning to the website
and to TikTok advertisements for the
products with an overview of age
recommendations for the full product
line. “I don’t want to see anyone do-
ing anything that could potentially
damage their skin,” Eisenman said.
Drunk Elephant, the colorfully
packaged line owned by Japanese
beauty giant Shiseido, has no such
warnings on its pages for specific
products. “Safety is always our top
priority,” a Drunk Elephant spokes-
person said.
Glow Recipe’s Watermelon Glow
PHA + BHA Pore-Tight Toner says
on its website page that the prod-
uct is suitable for all skin types and
ages. “You may wish to consult a
dermatologist before using actives
on young skin,” it says.
Glow Recipe didn’t reply to re-
quests for comment.
Kathryn Kirchoff-Torres, a neurol-
ogist who leads a seventh-grade
Girl Scout troop that attended An-
sell’s presentation, has been con-
cerned about how social-media
marketing to tweens and teens con-
tains little factual information on
skin care that is healthy and safe.
“It’s a field even we as adults
find challenging to navigate,” said
Kirchoff-Torres, who has a teenage
daughter. “We wanted a science-
based resource for our girls to have,
so they’re not just buying items in
order to fit in or to follow trends.”
A10 | Wednesday, July 10, 2024
Here Are the Financial Lessons
I Learned as a New Freelancer
Set aside time each day dedicated to business tasks, and periodically reassess your assignments
BY JULIA CARPENTER
A
t the beginning of
March, I hit an emo-
tional high: I started
work as a freelancer,
excited to embark on
this new career I’d
made for myself as a writer and
podcaster. I set about making
spreadsheets and lining up assign-
ments. Every social-media “heart”
and “like” seemed like an extra
vote of confidence in favor of me
betting on myself. My best friend
sent me flowers. I even threw a
party to celebrate.
Then, one month later, I hit a
low. I—the girl who is supposedly
“good with money” and was even
paid to write about such things—
overdrafted my checking account
for the first time in years. I felt
embarrassed, of course, but mostly,
I felt a little panicked. I thought I’d
researched all I needed to know
about freelancing. I thought I had
the spreadsheets!
Turns out, spreadsheets can
get you only so far as a freelancer,
contractor or gig worker. More
young people are taking this type
of work, as a full-time freelancer
(like myself) or as a way to aug-
ment their 9-to-5 so they can keep
making higher rents and their wal-
lets can keep up with stubborn in-
flation. And in a world where
you’re often doing the marketing,
the money managing and—oh
yeah—the actual work of your own
freelance business, there are al-
ways going to be some lessons you
learn the hard way.
“It’s all an experiment,” says
Paco de Leon, founder of the Hell
Yeah Group, a financial firm for
creatives and other freelance
workers. “You have a hypothesis:
‘Can I do this and make a living?’
Get some data and what you do
with that data, you make adjust-
ments to the hypothesis. If you
look at entrepreneurship from that
perspective, then you’ll realize it’s
all an experiment.”
Managing cash flow
When I took the leap in March, I
knew there would be a learning
curve, and I was prepared to ad-
just my personal-finance strate-
gies as a result. But three big is-
sues—my cash flow, the lack of
boundaries on my work time and
my fees—threatened to upend my
experiment altogether.
One month, I made $150, a lot
of it trickling into my account via
$5 and $70 subscriptions to my
email newsletter. The next, a
A Lifetime
Subscription
Isn’t as Long
As You Think
BY KATHERINE HAMILTON
A
lifetime subscription sounds
like a great deal. It isn’t al-
ways.
One-time payments with forever
benefits are attractive to consum-
ers looking to escape the sea of
endless subscriptions, from stream-
ing services to food delivery. ’Til-
death-do-us-part deals are catching
on in software and other digital ser-
vices, like language-learning pro-
gram Babbel and video-sharing plat-
form Nebula, where $599 and $300,
respectively, buy a lifetime.
Use the subscription long
enough, the thinking goes, and you
will eventually enjoy the product or
service for free.
But a lifetime isn’t always as
long as you think, and beyond the
simple math of how many years it
takes to come out ahead on the
deal, there is fine print. The terms
can translate to less value than
you might have expected. Compa-
nies can change benefits after you
sign up. And some memberships
get discontinued.
“You have to be a very savvy con-
sumer to sign up for something like
this, if you’re going to get your
money’s worth,” said Sally Greenberg,
executive director of the advocacy
group National Consumers League.
Jason Walker bought a lifetime
subscription to Rolling Stone maga-
zine in 2004 for $99, when he was
18. Most of the 400-plus print is-
sues he has received sit on his base-
ment shelves. Rolling Stone today
charges $59.88 for a year’s print
PERSONAL JOURNAL.
check for an especially lucrative
assignment—totaling more than I
usually made in two months at my
previous job—showed up earlier
than expected.
According to my freelance
friends, this inconsistency in pay
schedule wasn’t spe-
cial; “it’s just the
way it happens,”
says Jen A. Miller, a Rate-setting
longtime freelance is a skill that is
writer and author.
“It is both terrify- honed over
ing and exhilarating
to not know what’s
time, with trial
around the corner,” and error.
de Leon says. “In
terms of managing
cash flow, I would
say half the people I work with
don’t think about this and the
other half are losing sleep over it.”
I thought I was one of the chill
ones. For every freelance payment
I received, I keep three spread-
sheets: one helping me keep track
of deadlines, another sorting my
tax savings in advance, and the
third detailing the household ex-
penses that my girlfriend and I
keep for our monthly money-date
discussions. Every freelance as-
signment I complete, and pay-
ment I receive, I log accordingly.
subscription, meaning Walker has
long since earned his money’s worth.
In May, Rolling Stone said it was
switching lifetime subscriptions
from print to digital-only. Walker
was annoyed.
He said a lifetime subscription
might not be worth it to him again:
“I don’t know if there’s anything I
really want that bad.”
Rolling Stone and its owner, Pen-
ske Media, didn’t reply to requests
for comment. The magazine’s terms
say it can change the format and
number of issues distributed to
subscribers.
Deal of a lifetime
The one-time expense of a lifetime
subscription is equivalent to a cer-
tain number of monthly or yearly
payments. Once you surpass that
amount of time, the value kicks in.
Companies such as language-
learning platform Rosetta Stone
and streaming platform Plex offer
them for various reasons. Those
can include marketing, building cus-
tomer loyalty and seeking to imme-
diately boost revenue.
 Jason Walker bought a lifetime
subscription to Rolling Stone
magazine for $99 in 2004.
So I assumed adjusting to the
rhythms of this new cash flow
wouldn’t require anything more
than keeping a closer eye on Excel
and otherwise going about busi-
ness as usual.
But then I had that scary mo-
ment with the over-
draft. It seems the
close eye on those
spreadsheets still
wasn’t enough to
catch myself in a
humdrum account-
ing error.
Younger freelanc-
ers may feel intimi-
dated at the pros-
pect of building this
system and struc-
ture at the same time as they’re
juggling new assignments and
seeking clients, but the money-
management lessons learned now
will only continue to serve in vari-
ous jobs to come, whether free-
lance or not.
Miller’s advice: Set aside time
in your day to dedicate solely to
business tasks. That $150? Re-
search how you best want to allo-
cate it, given your work schedule
for the next quarter and any big
expenses on the horizon. The gi-
ant check from that one assign-
Share of online companies offering these subscription options
Monthly
Annual
12.7
Quarterly
Lifetime/one-off 8.9
Source: Membership Geeks’ survey of more than 2,300 online businesses offering subscriptions,
conducted April–July 2022
Language-software provider Bab-
bel costs $17.95 a month. For users
that upgrade to a more expensive
subscription, the most popular pick
is the lifetime membership, said Ju-
lie Hansen, Babbel’s chief revenue
officer. It sells for $599, which
equates to almost three years of
paying the monthly subscription.
Lifetime deals can sometimes
prove too costly for businesses.
American Airlines once sold life-
time access to its swanky Admirals
Club lounges. The program was dis-
continued, but American honors the
contract for people who bought it.
Another lifetime pass, launched
in 1981 at a price of $250,000,
ment? Don’t simply move some for
tax savings and the rest to other
goals. Instead, think critically
about how you’ll pay yourself back
for the time you spent earning
that money.
“It’s a business and you have
got to run it like a business,”
Miller says.
Taking on too much
At the start of my journey, a
friend cautioned me against sit-
ting on my hands and waiting for
assignments. “Your biggest enemy
is your own inertia,” she says.
So, I hit the ground running—
mostly, to be honest, because I
was worried about losing momen-
tum. I jumped on a podcast gig,
pitched dozens of stories and
spent Monday to Sunday on the
phone or at the laptop.
I knew I was doing a lot, but I
thought I had to be. I wanted edi-
tors and clients to keep me top-of-
mind, and, although I admit this
somewhat sheepishly, I didn’t want
my byline to fade from relevance.
Then, a mere four weeks into
this experiment, I fell asleep at
the apartment kitchen table, my
usual workspace. All that running
caught up with me.
“One mistake a lot of people
88.3%
78.4
promised unlimited first-class
flights and lounge access. The air-
line stopped selling the AAirpass as
travelers racked up the miles.
The fine print
In some deals, a lifelong benefit
might not actually mean a buyer’s
entire life.
Defining a lifetime was at the
heart of a class-action lawsuit
against SiriusXM. The satellite-radio
company argued its membership re-
 Craig Walsh bought lifetime
access to American Airlines’
Admirals Club lounges. The
program was discontinued, but
American still honors the contract.
THE WALL STREET JOURNAL.
make when they start is they feel
like they have to work all the
time,” Miller says. “That burns
you out very fast. You have to be
selective and you have to say no—
and it’s hard.”
Younger people thrust into free-
lance life somewhat suddenly—
perhaps postgrad or post-layoff—
can find this balance even more
difficult. But maxing out in the
short-term will only
hurt you in the long-
term, de Leon says, no
matter what your age
or stage of career.
Miller also recom-
mends doing a periodic
reassessment of your
past assignments, your
clients and your rela-
tionships to both. “As
your priorities change,
go through your client
list. ‘Do they fit this
bucket?’ ‘Do they fit
that bucket?’ ‘Do they
fit three buckets?’ ‘Do
they fit no buckets?’”
When I started, I
had two paltry buckets:
“Do I like doing it?”
and “Do they pay OK?”
No wonder I crashed
out at the desk.
The experiment
continues
But in a weird way, I’m
glad I had that day at
the kitchen table, even
if it hurt my head a lit-
tle sleeping on the
wood. Because under-
standing why I was too
busy led me to another
retaliation: I was sell-
ing myself too cheap.
“If everybody keeps saying yes
to you all the time and you don’t
get any noes, it might feel good in
the moment, but that’s a big sign
you’re undercharging,” de Leon
says.
Rate-setting isn’t a skill you
have or you don’t, de Leon says.
It’s instead honed over time, with
lots of trial and error. Younger or
newer workers are best served by
connecting with one another or to
the larger freelance community; in
sharing lessons and tips, the col-
lective can demand better pay as a
whole.
I’d had a vague idea of how
much I made per hour at previous
jobs, so my main goal had been
exceeding that. And though I al-
ways figured I’d take on some
lower-paying gigs alongside more
lucrative ones to create a diversity
of income streams, de Leon’s ad-
vice made me think twice about
just how much of the latter I was
taking on.
“Every client is a chance for
you to experiment and push and
see where is the floor and where
is the ceiling when it comes to a
rate,” de Leon says.
BETH GOODY
My hypothesis is still being
tested, but so far, it’s paying of—
in lessons and in dollars.
ferred to the lifespan of the radio
originally used for a subscription,
not the life of the listener. The deal
cost between $357 and $755, ac-
cording to court documents.
A 2020 settlement gave around
900,000 customers a lifetime sub-
scription regardless of device. The
subscribers have to pay $35 to
transfer their account to new de-
vices. SiriusXM no longer offers
new lifetime memberships. It didn’t
respond to requests for comment.
“The problem with these kinds of
offers is reading the fine print,” said
Greenberg, the consumer advocate.
“Most of us consumers hear or see
a lifetime subscription, and we take
it at face value.”
Lifetime also isn’t all-inclusive.
Companies might try to up-sell lif-
ers to other products. The video-
streaming service Nebula, which be-
gan offering lifetime subscriptions
in 2023, said new types of services
may be subject to new fees for life-
long members.
Endgame
Buying lifetime access represents
an investment in the future of a
business and its products.
It might not pay off because the
company could go out of business.
If it is acquired, or makes significant
changes in its features, that could
also threaten the value of your
membership.
Craig Walsh, a 75-year-old from
Honolulu, has bought two lifetime
passes that are now defunct. One
was for Ansett Australia, an airline
that ceased operations more than
two decades ago. Another was to
FROM LEFT: LEAH CRONAN; MARJORIE WALSH
the Royal Show, a British agricul-
tural event, which hosted its final
show in 2009.
His lifelong pass for American’s
Admirals Club, bought about three
decades ago, still works.
Walsh said he wouldn’t buy a
lifetime subscription now, given his
experiences. “I didn’t know that the
lifetime card meant their lifetime,”
he said. “I thought it meant mine.”
THE WALL STREET JOURNAL. NY Wednesday, July 10, 2024 | A10A
A10B | Wednesday, July 10, 2024 NY / NE THE WALL STREET JOURNAL.

MORAL INJURY IS A WAR INSIDE

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he believes he’s a bad person. He hates himself, hurts himself. He’s one of the many who
struggle with Moral Injury. At Volunteers of America, we can help him find peace.

Learn more at VOA.ORG

 THE WALL STREET JOURNAL.
MUSIC REVIEW | MARK RICHARDSON
Clairo’s New
Collaboration
The singer-songwriter partners with producer
Leon Michels on her ’70s-inspired third album
O
ver the past 10 years,
a particular kind of
musical partnership
has become common:
A singer-songwriter,
usually a young
woman, pairs with a songwriter-
producer, usually a man, and the
duo repairs to a studio and essen-
tially creates a large portion of an
LP—writing, playing, mixing—by
themselves. In these cases, as with
Olivia Rodrigo when working with
producer Dan Nigro or Lana Del
Rey when she records with Jack
Antonoff, the producer is also a
multi-instrumentalist who can
play whatever the song calls for,
and record-making becomes an in-
timate collaboration be-
tween two principals.
The career of singer-
songwriter Claire Cottrill,
who records as Clairo, il-
lustrates how this dy-
namic works. She recorded
her first album, 2019’s
“Immunity,” with Rostam
Batmanglij, formerly of
Vampire Weekend, and his
ear for dreamy electronic
textures gave the music an
amniotic warmth. On her
second LP, 2021’s “Sling,”
Ms. Cottrill teamed with
Mr. Antonoff, leading to a
collection of songs with
slightly knottier structures
and keyboard-driven bal-
ladry that hinted at ’70s
folk-pop. On both sets, the
singer’s style, anchored by
her soft, near-whispered
vocals, was consistent.
The records drew from different
genres but shared an emotional
outlook. Ms. Cottrill’s self-re-
leased third album, “Charm,” out
Friday, finds her collaborating
with yet another producer, and it
plays like the concluding chapter
of a trilogy, familiar but different
enough to keep us engaged.
This time out, Ms. Cottrill, now
25 years old, worked with Leon
Michels, best known for his soul-
revival creations within the ex-
tended universe of the Daptone la-
bel. Mr. Michels knows the sonic
details and production touches
that hint at identifiable feelings
from the music of the past—the
way reverb on a drum kit evokes
the dramatic rolls of Hal Blaine
with Simon & Garfunkel, say, or
how a warbly Mellotron chord can
do the same with the refracted or-
LUCAS CREIGHTON
chestrations of late-’60s chamber
pop. On “Charm,” he deploys these
techniques on an album that hews
closely to Ms. Cottrill’s indie-pop
B TELEVISION REVIEW | JOHN ANDERSON
orn in 1936, Ann Burgess grew
up at a time when the career
choice for women was teacher
or nurse. So she became both, a
kind of super-woman—a professor
of psychiatric nursing
who was also wife,
mother and, as it
turned out, a hunter
of serial murderers.
“Mastermind: To
Think Like a Killer,” a
three-part Hulu docu-
mentary directed by
Abigail Fuller, is based
on “A Killer by Design:
Murderers, Mindhunt-
ers, and My Quest to
Decipher the Criminal
Mind,” co-written by
Dr. Burgess, a principal
pioneer in the science
of criminal profiling. A
woman who in the
early ’70s began help-
ing the FBI’s infant
Behavioral Sciences
Unit attain the status
it has today, she and
her storied career
have crossed paths with those of
the Ski-Mask Rapist of the ’80s, the
Menendez brothers in the ’90s and
even Bill Cosby in 2005. Ms. Fuller’s
position is that Dr. Burgess never
quite got the credit she was due:
Nobody played her in “The Silence
of the Lambs,” as Scott Glenn es-
sentially did her longtime FBI col-
laborator John E. Douglas (though
she did, apparently, inspire the
Wendy Carr character on TV’s
“Mindhunter”). Her work was not
cloak-and-dagger or cops-and-rob-
bers: Dr. Burgess focused early in
her academic career on the experi-
ences and trauma of rape victims. It
was a subject the FBI hadn’t
thought a lot about. But through
victims, Dr. Burgess found, criminals
HULU (2)
could be identified and caught.
And the period during which Dr.
ARTS IN REVIEW
aesthetic while nudging it in in-
triguing new directions.
Ms. Cottrill once again looks to
the ’70s for inspiration, but here
she mines a lusher and rhythm-
forward version of the singer-
songwriter sound, when lines be-
tween pop, adult contemporary
and R&B were a little blurrier.
From the collection’s first track,
“Nomad,” the drums are higher in
the mix and the songwriting is
tighter and more focused than on
the last Clairo record. The subtle
but clear emphasis on groove
makes all the difference, anchor-
ing the songs and allowing Ms.
Cottrill to focus on melody. These
songs get to the point early and
Claire Cottrill, aka Clairo, right; the
artist’s lush new record, ‘Charm,’
is out Friday.
choruses on numbers like “Add Up
My Love” have a hook-laden effi-
ciency that recalls Fleetwood Mac.
On “Sling,” Mr. Antonoff’s
drums were an afterthought. Here
they’re where the ear goes first.
The rhythm section—drummer
Homer Steinweiss and bassist
Nick Movshon, both of whom are
in bands with Mr. Michels—crafts
arrangements that aren’t techni-
cally difficult but require a sense
of timing and swing that they nail
every time. While the production
often seems sparse, it’s actually
the product of careful editing and
layering, with more elements than
one might guess on first listen.
“Slow Dance” is built around a
pretty piano part and could be de-
scribed as minimal, yet the credits
list a dozen instruments, includ-
Ann Burgess: Nurse, Mother, Super-Sleuth
Burgess was making her mark was
a sort of golden age of serial mur-
der: The Green River Killer, the BTK
Killer, John Wayne Gacy, Son of
Sam. Making use of
taped interviews that
had been done with
the likes of Ted A documentary
Bundy, Charles Man- focuses on
son and Edmund
Kemper, Dr. Burgess a pioneer in the
listened for clues to
their modus ope-
field of criminal
randi, just as she lis- profiling.
tened to Opal Hor-
ton, an 8-year-old girl
who in 1985 had
managed to escape from killer
Brian Dugan and whose gently
teased-out recollections led to Du-
gan’s arrest. Dr. Burgess’s instincts,
unlike those of some investigators,
ing clarinet and both Ms. Cottrill
and Mr. Michaels on flute. Later
in the record, the slinky “Juna”
adds a spacey synth inspired by
Stevie Wonder ballads as well as
trumpet and saxophone.
Ms. Cottrill is not an especially
strong lyricist but she reliably
lands on a striking phrase or im-
age. Her lines are fragmented,
filled with hints and allusions, and
they avoid extremes. The sadness
is mostly the comforting kind; mo-
ments of joy are understood to be
fleeting. The second track, “Sexy
to Someone,” is one of her finest
songs, its words wistful and wry
were sound: Seeing the twin set of
footprints near where one of John
Joubert’s murdered victims had
been found in 1983, Dr. Burgess de-
duced that the killer
had refrained from
carrying his victim,
perhaps because he
was too small to
have done so—which
was true of Joubert,
executed in Nebraska
in 1996.
Among those in-
terviewed are the
subject’s adult chil-
dren, who recall
good-naturedly growing up in a
house with books on sexual assault,
criminal psychology and child mo-
lestation and having a mom who
cooked, cleaned and solved crime.
while tinged with yearning. “Sexy
is something I see in everything /
Honey sticking to your hands /
Sugar on the rim,” she sings, over
a beat with a highly appealing
bounce. The bright and hypnotic
“Thank You” sounds like ear candy
from the golden era of AM radio,
even if the words fall flat—her line
“I thank you for your time” is ad-
dressed to a lover, but it’s some-
thing you’re more likely to hear at
a job interview.
“Charm” is an album of modest
ambition that delivers beautifully.
And it has a leg up on the indie-
pop competition thanks to the or-
Dr. Burgess, above and above left,
paid close attention to the minds of
lawbreakers and victims alike.
Also appearing is “Killer by Design”
co-author Steven Matthew Con-
stantine, who is the kind of willing
accomplice and first-rate source of
fundamental information that Dr.
Burgess is not. She doesn’t seem
fired up about a movie being made
about her; she may even think it’s
silly. She is the kind of interview
subject who can give one-word an-
swers, which is a nightmare for
the interviewer, and only adds to
Ms. Fuller’s dilemma of making a
Wednesday, July 10, 2024 | A11
ganic production and prioritiza-
tion of instrumental interplay.
More hermetic singer-songwriter
LPs created by a duo—like Maggie
Rogers’s “Don’t Forget Me” from
earlier this year, say—are compar-
atively airless. Ms. Cottrill re-
mains an artist of limited range—
it’s impossible to imagine her
belting out a chorus—but she’s a
master of mood, and this record is
the best showcase so far for her
gifts.
Mr. Richardson is the Journal’s
rock and pop music critic. Follow
him on X @MarkRichardson.
movie that isn’t nat-
urally a movie: The
action, so to speak,
has taken place in
the mind of the sub-
ject and all the archi-
val material in the
world isn’t going to
make it cinematic.
Where “Master-
mind” really picks up
momentum, though,
is in episode 3, which
recalls more recent
chapters in the Bur-
gess history—her de-
cision to back up the
Menendez brothers’
abuse defense in
1993, and her mem-
ory work with Cosby
accuser Andrea Con-
stand, who settled
out of court for a re-
ported $3.38 million.
Unlike with her
earlier efforts, Dr.
Burgess came under fire for both
cases, but that may be why they
prove to be more interesting—the
conflict, the relatively recent history
and the consistency of Dr. Burgess:
For all their guilt, Lyle and Erik Me-
nendez weren’t serial killers; Cosby,
according to his many accusers,
was a serial rapist. “Mastermind”
isn’t just about the mentality of
criminals, but about that of their
pursuer.
Mastermind: To Think Like a Killer
Thursday, Hulu
Mr. Anderson is the Journal’s TV
critic.
A12 | Wednesday, July 10, 2024 THE WALL STREET JOURNAL.

SPORTS
Baseball’s King of Pitch-Clock Violations
BY JARED DIAMOND

W
hen baseball introduced
the pitch clock before the
2023 season, Washington
Nationals closer Kyle Finnegan re-
alized that the new rules posed a
bit of a challenge. He worked
slower than almost any of his
peers, and now suddenly he would
have to contend with a giant
countdown staring him in the face
every time he stood on the mound.
During his bullpen sessions that
winter, Finnegan timed himself in
an effort to establish a zippier rou-
tine, knowing his old ways might
cause problems. Suffice to say, the
new, speedier version of Finnegan
remains a work in progress.
In a sport desperate to pick up
the pace, Finnegan has emerged as
a perpetual slowpoke. He has been
cited 16 times since last opening
day for failing to begin his deliv-
ery before the clock struck zero, a
transgression that results in an
automatic ball for the batter. Only
Toronto Blue Jays starter Chris
Bassitt has more with 17.
But Finnegan stands alone in
another way. He has been dinged
every 104 pitches, more frequently
than anybody else in the league. It
has earned Finnegan the ignomini-
ous title of King of Pitch-Clock In-
fractions.
The past few months have been
particularly difficult. Finnegan has
committed nine violations in 2024
entering Tuesday’s action, despite
having thrown just 37⅓ innings.
No other hurler has more than
seven, and that pitcher, Jon Gray
of the Texas
Rangers, has
thrown over 700
more pitches than
Kyle Finnegan has more time infractions by himself than the staffs of nearly half of MLB teams
Kyle Finnegan was called for a pitch-clock violation that resulted in a walk-off win for the Rockies on June 22.
his wrist as if to say, “You’re late!”
and emphatically summoned Jake
Cave home from third with the
That means people can now make
it through nine whole innings
without suffering the effects of
But Finnegan likes to take his
time, sometimes to his own detri-
ment. Boasting a fastball that sits
at 97 miles an hour, Finnegan said
he needs those extra moments to
regain his strength between
pitches and as a result prefers to
let the clock tick down. Most of
the time, he’s able to mentally
gauge how much time he has left
without any hiccups.
What’s tripped him up are in-
stances when the clock resets
quicker than he expects. The timer
starts at 15 seconds with nobody
on base and 18 seconds with run-
ners on, reduced from 20 seconds
last season amid concern that
game times had crept up as the
summer went on. In certain in-
stances, like after a foul ball or a
pickoff throw, it’s less clear exactly
when the timer will start rolling.
“Where I’ve gotten into trouble
is not looking immediately at the
clock to see when it resets and
just thinking in my head that I
have a little more time,” Finnegan
said. “It’s all me thinking they
started the clock later than they
actually started it.”
Despite his propensity for
pitch-clock violations, Finnegan
says he doesn’t intend to make any
significant changes. In every other
respect, what he’s doing on the
mound has been working too well.
At age 32, Finnegan has
emerged this season as one of the
best closers in the sport, convert-
ing 23 saves and posting a 2.17

FROM TOP: RAFAEL SUANES/USA TODAY SPORTS; MATTHEW STOCKMAN/GETTY IMAGES

Finnegan. This winning run. The pitch Finnegan sleep deprivation afterward. Even ERA. At one point in April and May,
year, Finnegan has ultimately threw would’ve been World Series contests, which often Finnegan went 11 consecutive in-
been called for a ball four anyway, but in the record used to extend past midnight on nings without allowing a single hit.
pitch-clock viola- books, it was the first walk-off the East Coast, were last season Finnegan could be rewarded for
tion once every 64 pitch timer violation ever. completed in just three hours, the his performance. He is a top can-
pitches. “I know I’ve had my issues shortest since 1996. didate to be tapped as an injury
For fans who with it, but I do think it’s been All of this has happened with replacement on the National
don’t regularly good,” Finnegan said. “I would say only minimal disruption to the League All-Star roster if an oppor-
watch the Nation- that I don’t think it was ever in- flow of play. Despite plenty of tunity arises. It would be an im-
als, that number tended to decide a game like it did hand-wringing about whether pressive achievement for some-
might seem as- in Colorado, but a rule’s a rule.” forcing pitchers to move faster body who has spent more than a
tounding. That’s It’s a rule that, in spite of than the line at the DMV would decade in professional baseball
because Finnegan has more pitch- count full and the score tied in the Finnegan’s frequent tardiness, has destroy the fabric of America’s and didn’t reach the majors until
clock violations by himself than bottom of the ninth inning during a worked exactly as MLB had hoped. pastime, violations have hardly he was 28.
the full pitching staffs of nearly game against the Colorado Rockies, By just about any conceivable been a factor. Pitchers have been This past winter, the Nationals
half of MLB teams. Finnegan had 18 seconds to start measure, baseball’s pitch-clock era responsible for just 278 infractions signed Finnegan to a $5.1 million
The situation reached a nadir his motion. He took closer to 19. has been a resounding success. all year entering Tuesday, or one contract. If this season has shown
late last month when Finnegan Home-plate umpire Hunter The average game has gotten a every 1,426 pitches. That’s approx- anything, he might want to use
made an unfortunate sort of his- Wendelstedt immediately rose half-hour shorter since the intro- imately one every five games, ac- some of that money to invest in a
tory. With the bases loaded, the from his crouched position, tapped duction of the timer last season. cording to Stats Perform. good watch.

The WSJ Daily Crossword | Edited by Mike Shenk

1

14
2 3

15
4 5 6 7 8 9 10

16
11 12 13 12 Ancient city
in the West
Bank
He Was Snubbed by the U.S.
17 18 19
13 Restaurant
booth request
At Last Year’s Ryder Cup.
20

24
21

25
22 23

26
21 Kick
23 Gaggle
member
starter?
Now He’s the Captain.
25 Semi stuff
27 28 29 30 BY ANDREW BEATON tender to make the team as date until he received a call
28 Nation a player. a couple of weeks ago telling
31 32 33 formerly AT LAST YEAR’S Ryder Ryder Cup captains are him that the job was his.
known as Cup, there was one notable typically elder statesmen Bradley added that while he
34 35 French Sudan absence from the U.S. roster: like Europe’s Luke Donald, doesn’t envision selecting
29 Kitchen pest Keegan Bradley. who returns to the role after himself to be on the team,
36 37 38 39 40 41 42 The veteran, who had a victorious showing in Italy he would play if he automat-
30 Miffed
won twice on the PGA Tour last year. That’s partly why ically qualifies.
43 44 45 32 Like last season, was a surprise Woods seemed like a logical The captain’s main job at
mistletoe omission from the American choice. Woods, in a state- the Ryder Cup involves pick-
46 47 48 berries team, a snub viewed as cap- ment, said he would be open ing the players and strate-
33 Audacious tain Zach Johnson choosing to captaining a team in the gizing over matchups, and
49 50 51 52 players he was buddies with future but that his responsi- it’s a thorny job that Bradley
34 Trunks of
over the ones playing the bilities to the PGA Tour, is well familiar with. The
53 54 55 56 trees
best golf. which is negotiating a deal team gives six spots to auto-
35 Bawdy West matic qualifiers based on
57 58 59 36 Turns into points while the other six
37 “How do you are captain’s selections.
60 61 62 Even though Bradley ranked
do it all?”
in the top-12 by points last
response
year, he was left off the
PIER-TO-PIER | By George Jasper 38 Survived the squad when Johnson instead
Across 25 Hardly any 44 Lose Down semifinals picked Justin Thomas and
40 Pate toppers Jordan Spieth—close friends
1 H.S. student’s 26 Fairy tale 45 Big name in 1 Mishmash
who had more of a history in
concern starter pineapples 2 Sierra 41 Subject full of
the event.
4 •City located 27 Healing helper 46 Hibernation Nevada, e.g. unknowns “It’s nothing you did or
at the east 28 Where the hangout 3 Witherspoon’s 42 Place for the didn’t do,” Johnson told
end of Lake Ingenuity 47 Simple shelter co-star on cultivated Bradley over the phone. “I
Erie helicopter “The Morning 44 Excellent just feel like it’s best, this
48 See 24-Across
11 Nightclub flew Show” year, to go in a different di-
49 Convenient, 45 Film noir
VIPs rection.”
30 2014 like 4 Yacht spot classic What made the situation
14 Appeared in Olympics host convenience 5 River of 47 Navajo particularly excruciating is
the paper 31 Preceder of X, store Russia neighbors that the news was broken to
15 Handout from Y or Z shopping 6 Took a trip? 48 Butler in a Bradley while he was being
a concierge 32 Diminish 51 Like an angle movie trailed by cameras for the
7 JFK
16 Slippery gradually bracket overseer Netflix docuseries “Full
50 Meat Swing.” After receiving the
swimmer 33 •City on the 53 Miffed 8 Moseys along substitute
Keegan Bradley was named U.S. captain for the Ryder Cup.
call, footage showed Brad-
17 Quarry was banks of the 54 Make the cut? 9 Dey job? 51 “Symphonie ley’s wife telling their son to
his quarry, Charles
56 Diminish 10 Perform Espagnole” One year on, he doesn’t with LIV Golf’s Saudi back- give him a hug, saying he
twice 34 •City whose gradually composer have to worry about being ers, were his priority. “needs it.”
before the
18 Not past its harbor Édouard passed over by the guy pick- The U.S. wound up going “I was crushed,” Bradley
57 Personal headliner
“use by” date empties ing the team. In an unex- in an entirely different di- reflected. “It took us a while
driver? 11 Status of 52 Kerfuffle
19 Sixth col. into the pected move, Bradley on rection. The 38-year-old to get over that.”
Chesapeake 58 Like some TWA and 55 D.C. colleague Monday was named the Bradley is now the youngest Bradley handled the situ-
heading
Bay nighttime Pan Am of 60-Across Americans’ captain for next captain since Arnold Palmer ation with grace. He was
20 Kelly Clarkson
song inspired 36 •Magnolia
campsites Previous Puzzle’s Solution year’s clash back on home served as player-captain in seen later in the series
State city on 59 Before, of J A V A S T Y L E A P A T
soil. 1963, which is also the last cheering on the same U.S.
by Psalm 46 In a role that many be- time that captains also com- team that had opted to leave
the Gulf of yore A V O N C H U A DM I R E
22 Pleasantly W I N D F A R M U N S T O P lieved would go to Tiger peted in the event. Bradley him at home. And, this time
Mexico 60 D.C. colleague
lazy, like S A N T A N A R N A C S I Woods, Bradley was instead currently ranks 19th in the around, Johnson was the
summer 39 Beaufort of 55-Down H A S S L E D S H E D placed in charge of the U.S. Official World Golf Ranking, one who told Bradley that he
scale category 61 PC connection E L S E H E B R A I C
afternoons roster for the biennial clash while he’s No. 35 according would be the next captain.
SETH WENIG/ASSOCIATED PRESS

C A T N I P T A I L C O A T
24 •With 40 Aides site, and a O D E N O S I R E E U S E against Europe at the Beth- to the analytics website Data Now Bradley, the winner
48-Across, with .edu hint to each L E A D F O O T S C E N I C page Black Course on Long Golf. of the 2011 PGA Champion-
addresses starred MO O R A G E U T A H Island. It’s a shocking twist Bradley’s appointment ship, is tasked with turning
capital city B A R T T R O T T E R
on the 43 Blunt on answer I D O P A S H A L O G E N not just because Woods was was so surprising that not around a U.S. team that was
Mississippi screen 62 Woeful C E L L O S H A L F P I P E the most high-profile candi- even he expected it. He said just beaten handily by Eu-
E L L I O T U N O O B I T date, but also because Brad- on Tuesday that he didn’t rope and has lost 10 of the
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. P E S T L E M E N P E C S ley is still a legitimate con- even know he was a candi- last 14 Ryder Cups.
THE WALL STREET JOURNAL.
OPINION
Team Biden’s Cynical Gamble
Another
fine mess,
said Ollie to
Stan. In a
game
chicken be-
tween the
of
BUSINESS
president
WORLD
and his
By Holman W.
party, the
Jenkins, Jr.
leverage fa-
vors Joe Bi-
den. He can’t be forced to
cough up his nearly 3,900 con-
vention delegates. Mr. Biden
alone will decide whether he
remains his party’s nominee.
It won’t be pundits. It won’t
be mostly white Democrats in
the House and Senate worried
about losing their unsafe seats
in a Trump landslide.
Remember the multiple
constitutional crises that
were supposed to follow if
Republicans nominated con-
victed felon Donald Trump?
Instead we’ve got a Demo-
cratic crisis without any pros-
pect of an orderly outcome
except by bowing to King Joe.
The Democrats are putting on
a show of chaos, Mr. Trump a
show of mastery right down
to junking his party’s pro-life
plank as no longer convenient
to his political aims.
Tellingly, this was the mo-
ment when New York Times
executive editor Joe Kahn
found it necessary to justify
himself to Washington Post
media reporter Erik Wemple,
disowning any blame for the
Democrats’ debacle. His re-
porters covered Mr. Biden’s
deterioration aggressively
for years, he said. It isn’t the
paper’s fault if primary vot-
Democrats’ Chance to Reshuffle the Deck
These are the
times that try
Democrats’
souls. The
presidential
debate and its
POLITICS a f t e r m a t h
have thrown
& IDEAS
the party into
By William
crisis.
A. Galston
Democrats
say that Don-
ald Trump and the Republican
Party will inflict grave, per-
haps irreparable, damage on
the constitutional institutions
that make the U.S. great.
If Democrats truly believe
this, then they have a duty to
nominate the candidate with
the best chance of defeating
Mr. Trump in November.
President Biden told ABC
News’s George Stephanopou-
los on Friday that the stan-
dard by which he will judge
himself is whether he gave it
his all. But that’s not good
enough if another candidate
could do better.
As if the stakes weren’t al-
ready monumental, the Su-
preme Court just raised them.
The winner of this year’s pres-
idential contest will claim an
office newly unshackled from
most legal restraints.
In these circumstances,
Democrats must conduct an
open search for the best can-
didate for the country, and the
convention delegates must
make the final choice.
It’s not hard to understand
why Mr. Biden is resisting this
course. He sought the presi-
dency for more than three de-
cades before finally attaining
it. Giving it up would be hard
America’s Invisible Hostage Crisis
By John Ondrasik
I
’m old enough to remem-
ber the yellow ribbons. In
1979, Islamic radicals in
Iran took 52 Americans hos-
tage, holding them for 444
days. The hostages’ plight
captured the nation’s atten-
tion. Some of them became
household names. Across the
country people prayed for
their release.
The crisis was the lead
story on the news every night.
Tying a yellow ribbon on a
tree or lamppost became a
public expression of sorrow
and concern. Even the White
House Christmas tree had
one.
What a contrast to our cur-
rent hostage crisis. On Oct. 7,
2023, Hamas killed more than
30 American citizens and took
as many as a dozen Ameri-
cans hostage. Of those who
were taken, at least two have
been murdered. Five, we pray,
are still alive. Do you know
any of their names? Have you
seen one yellow ribbon?
ers weren’t listening.
This isn’t half the story,
which the paper might have
mutely admitted when it
went out of its way this week
gratuitously to quote and
then refute an unremarkable
claim by Sen. J.D. Vance that
Mr. Biden had influenced the
Democratic prosecutions of
Mr. Trump.
“Misleading,” insisted a
Times news story. “There is
no evidence that Mr. Biden
has been involved in the
prosecutorial decisions of his
Justice Department.”
The Times must not read
the Times, because two Aprils
ago it reported what ap-
peared to be an orchestrated
White House leak, saying “Mr.
Biden confided to his inner
circle that he believed former
President Donald J. Trump . .
. should be prosecuted.”
The import of this leak
wasn’t lost on CNN guest
Rep. Ro Khanna, who immedi-
ately fretted: “We were going
to be the party that upholds
the rule of law.”
It wasn’t lost on CNN po-
litical commentator Amanda
Carpenter: “I do think it’s ex-
tremely dangerous for Joe Bi-
den to put his hand on the
scale.” Or commentator David
Urban: “If it’s true and the
president is pressuring Mer-
rick Garland, even obliquely,
it’s shameful.”
At MSNBC, unsuprisingly,
any impropriety was over-
looked in favor of cheerlead-
ing for Trump prosecutions.
Even so the Times’s own Mi-
chael Schmidt intruded on
the celebration to note that it
for any president, let alone
one with his history. It would
also mean accepting a reality
that no one his age wants to
face—that he’s no longer ca-
pable of doing the job he
loves. He’s proud of his re-
cord, but what matters most
is the next four years, not the
past four.
For the good of the coun-
try, those Joe Biden trusts
most must persuade him to
look squarely at the evi-
dence—the medical indica-
tions and the political facts.
The point of the debate with
Donald Trump was to dispel
doubts about the president’s
fitness to serve and turn pub-
lic opinion against his oppo-
nent. The reverse happened;
Mr. Trump gets to stand on
the sidelines while the public
watches the president and his
party flail. Mr. Biden was al-
ready trailing before the de-
bate, and now he’s further be-
hind, with 7 in 10 Americans
concluding he couldn’t do the
job in a second term.
All this points to Mr. Bi-
den’s near-certain defeat this
fall. It’s hard to believe that
no other candidate would
have better odds of winning.
The most plausible path to
a Democratic Electoral College
victory in November runs
through the once-impregnable
Blue Wall states. Although the
president still has a fighting
chance in two of these
states—Wisconsin and Michi-
gan—he faces daunting odds
in Pennsylvania, where polls
conducted since the debate
have shown Mr. Trump lead-
ing by nearly 6 points, more
You may have heard of
Hersh Goldberg-Polin, 23, who
was born in Berkeley, Calif.,
and lived in Richmond, Va.,
before emigrating to Israel
with his parents at age 7.
Hersh attended the Nova mu-
sic festival on Oct. 7. During
the massacre, a Hamas gre-
nade blew off his left arm be-
low his elbow. In April, his
Five U.S. citizens are
still being held in
Gaza. Where are the
yellow ribbons?
captors released a propaganda
video of a weary and tor-
mented Hersh speaking to the
camera. Did you see it? Do
you think you could pick him
out of a lineup?
Every American should
know about Hersh and the
other hostages who are still
being held: Edan Alexander of
Tenafly, N.J.; Sagui Dekel-
wasn’t “a great look for the
independence of the Justice
Department.”
What’s the point at this
late date of continuing to re-
fuse to draw a link between a
clear thought (one of the
few) expressed by Mr. Biden
in the Times’s own pages and
acts by fellow Democrats up
and down the line in accor-
dance with that thought?
His mental aging and
poor polls were the
problem. Trump was
the solution.
Especially when motive is
so unambiguously clear: Mr.
Biden needed a Trump resur-
rection. He needed Republi-
can primary voters to rally
back to Mr. Trump despite
the Jan. 6 disgrace. Mr.
Trump was the only oppo-
nent Mr. Biden might beat.
He’s the only opponent
against whom a Biden re-
election bid is even tenable.
And do you doubt now that
Mr. Biden places his desire
for a second term above
other considerations?
Mr. Biden’s physical decay
makes him a weak candidate,
but his physical decay isn’t
why Mr. Trump, rather than
some other Republican, is in-
heriting the benefit, seeing a
smooth path back to the
White House, at least until
our national-security myrmi-
dons have their say.
This was the week when
than double the margin before
the debate. It’s hard to imag-
ine Mr. Biden—or any Demo-
crat—winning the presidential
election without prevailing in
the Keystone State.
This suggests a straightfor-
ward test for Democrats pon-
dering their options: Which
candidate seems most likely
to carry Pennsylvania? Is it
President Biden, who has
trailed in nearly every poll
conducted in the state since
If Biden steps aside,
the party could still
beat Trump with the
right strategy.
mid-April? Is it Vice President
Harris, who in a hypothetical
matchup posed in a February
poll trailed Mr. Trump by 9
points? (In that same poll, Mr.
Biden trailed by only 2
points.) Or would other candi-
dates do better?
There’s no way to get an-
swers without an open pro-
cess that gives Democrats a
chance to acquire more infor-
mation and test the alterna-
tives. Inviting Mr. Biden’s ad-
versaries to challenge him at
the convention is an empty
gesture unless he frees his
delegates to exercise their
best judgment. If Mr. Biden
stands down, as he should, his
successor should be selected,
not anointed.
An endorsement from Rep.
James Clyburn (D., S.C.) in the
2020 South Carolina primary
Chen of Bloomfield, N.J.;
Omer Neutra of Melville, N.Y.;
and Keith Siegel of Chapel
Hill, N.C. The nightly news
should be sharing their sto-
ries, profiling their families
and pressing the U.S. govern-
ment to secure their release.
Why isn’t America’s heartland
painted yellow with ribbons
tied around trees, mailboxes
and light posts like in 1979.
That would let the hostages
and their families know they
haven’t been forgotten.
Or have they been forgot-
ten? Have we lost our heart
as a nation?
On June 9, the Israel De-
fense Forces executed a stun-
ning daylight raid in two Gaza
locations and freed four hos-
tages held by Hamas. Perhaps
the U.S. is deploying its con-
siderable intelligence and spe-
cial forces capabilities to res-
cue the five Americans held in
captivity for nine months.
Even if the Defense De-
partment were to propose
such an operation, it strains
the imagination to think Pres-
24 months of Biden bushwa
finally dissipated. In Mr. Bi-
den’s ABC interview, he didn’t
say a Trump victory would be
the end of the world, as long
as Mr. Biden can get his shot
at a second term and give it
the old college try.
This sounds like the truth
leaking out of Mr. Biden for
a change. The problem now
is that Mr. Biden and his
Democrats have convinced
quite a few excited voters
and political hobbyists and
weekend militants that Mr.
Trump is indeed the end of
the world. Mr. Biden will
own their behavior after
Nov. 5 as much as he’ll own
a Trump victory.
That said, Team Biden’s
bet hasn’t been a bad one
and may still pan out. If they
can wangle their low-func-
tioning or non-functioning
incumbent past voters a sec-
ond time, they will retain
power. His staff and family
members can fill in around
Mr. Biden’s incapacities. Any
opportunities the country
might miss from not having
an energetic chief executive—
say, a Ukraine resolution—
are, at worst, counterfactuals
to entertain pundits.
This gamble may yet pay
off, but get ready for the big
question if it doesn’t. Will the
now-opposition meet the new
president its cynicism en-
abled halfway? Or will Demo-
crats, the media, the FBI and
CIA double down on cynicism
and try to thwart him and his
voters with every legitimate
and illegitimate means as
they did after 2016?
helped Mr. Biden win the
Democratic nomination. Mr.
Clyburn last week told CNN
that if Mr. Biden stepped
down, he would support a
“mini-primary” as a way for-
ward for his party. He said
Ms. Harris likely would do
well in such a process, but he
insisted that “it would be fair
to everybody.”
While Mr. Clyburn supports
Ms. Harris, he clearly doesn’t
think that by virtue of being
vice president, she’s somehow
entitled to the nomination.
History is on Mr. Clyburn’s
side. Since the end of World
War II, every vice president
who has run for president—
including those who had al-
ready become president
through the death or resigna-
tion of their predecessors—
has been seriously challenged
for his party’s presidential
nomination.
It wouldn’t be hard for the
party to design a mini-pri-
mary along the lines that Mr.
Clyburn suggests, and it
would offer many advantages.
It would provide delegates
with valuable information
about the candidates. It would
capture the attention of the
press and the country. It
would inject excitement into a
listless race and offer hope to
a dispirited party. It would be
participatory and democratic.
And the competition would
strengthen the nominee,
whomever it may be, includ-
ing Ms. Harris.
The Democrats can play out
a losing hand, or they can
shuffle the deck and hope to
deal themselves better cards.
ident Biden would authorize
it. Secretary of State Antony
Blinken has suggested that Is-
rael could soon become “in-
distinguishable” from Hamas.
Imagine being a hostage fam-
ily and knowing your loved
one’s life depends on the
moral clarity, conviction and
negotiating savvy of someone
capable of such a despicable
statement.
Jimmy Carter had his flaws
as president but at least, with
Operation Eagle Claw, he at-
tempted to rescue our hos-
tages from Iran. President Bi-
den rarely mentions our
fellow citizens who are being
held by barbaric terrorists.
Their freedom doesn’t seem
to be a high priority for his
administration. Frankly, the
plight of our hostages doesn’t
seem to mean much to most
Americans.
It makes me wonder: Who
are we anymore?
Mr. Ondrasik is a musician
who performs as Five for
Fighting.
Wednesday, July 10, 2024 | A13
BOOKSHELF | By Charles Gasparino
Ponzi’s
Heir
Madoff: The Final Word
By Richard Behar
Avid Reader, 384 pages, $35
B
y my count, there are about a dozen books written about
the life and crimes of Bernie Madoff, the ultimate fraud-
ster that every other fraudster is now compared to. Jour-
nalists, private investigators, a prison cellmate—even the sati-
rist Andy Borowitz—have weighed in on the infamous Ponzi
schemer since his arrest in 2008.
Which means if there is going to be another Madoff tome,
there must be something new to offer. Did Madoff have accom-
plices that we don’t know of? Was his entire family in on his
scheme? Is there a buried treasure chest somewhere in the
Cayman Islands filled with billions in Madoff’s stolen loot?
Richard Behar’s account in “Madoff: The Final Word”
doesn’t fulfill this mandate. I don’t say this lightly. Mr. Behar is
a well-regarded veteran investi-
gative reporter. He tells us “The
Final Word” was 10 years in the
making. He draws on more than
300 interviews. He spoke and
corresponded with Madoff at
length, visiting him at the But-
ner, N.C., federal penitentiary
where he was housed until his
death, in 2021, at the age of 82.
Unfortunately there is little in
this telling that hasn’t already
been covered or raised before in
books, documentaries and even a
movie in which the disgraced
financier was portrayed, some-
what awkwardly, by Robert De Niro.
Ponzi schemes are among the most simple of crimes, in
theory: The trick is to keep attracting new investors, stealing
their money to pay those cashing out their phony returns. That
Madoff kept it going for years without conducting a single
trade, creating fake account statements while maintaining a
small support staff, is a testament to his evil genius. His clients
included people like the “real estate baron Mort Zuckerman;
Baseball Hall of Fame hurler Sandy Koufax; actor John Malk-
ovich; film director and producer Steven Spielberg; New York
Mets co-owner Fred Wilpon; entertainment mogul David Gef-
fen; Larry Silverstein, developer of the rebuilt World Trade
Center.” Even the Holocaust survivor Elie Wiesel fell for the
con, as did charities and scores of average Joes saving for
retirement.
As Mr. Behar recounts, in 1960 Madoff created Bernard L.
Madoff Investment Securities, which grew to include a market-
making and proprietary-trading operation that once accounted
for 8% to 10% “of the total volume of equities bought and sold
on the New York Stock Exchange.” Madoff helped pave the way
for the true competitor of the NYSE, the Nasdaq Stock Market,
and later served as one of its chairmen.
His side-hustle investment firm operated largely in the
shadows, tucked away on the 17th floor of the Lipstick Building
in Midtown Manhattan. Following tips and newspaper
accounts of the investment fund’s growth and Madoff’s fantas-
tical record of steady returns, regulators investigated but
always walked away from charging him. Without guidance,
most of his investors regarded Madoff as a savant. That is,
until the fraud came crashing down during the 2008 financial
crisis, when Madoff couldn’t keep pace with the level of
redemptions to meet his phony gains.
Mr. Behar, like many people who have looked into the
Madoff saga, is skeptical that the crime wasn’t a bigger con-
spiracy. As the story goes, Madoff confessed to his sons,
Andrew and Mark, who turned their father in to the authori-
ties in December 2008. The two siblings ran Madoff’s market-
making and proprietary-trading operation with their uncle
Peter. The children weren’t charged, even though Irving Picard,
the court-appointed trustee subsequently tasked with recoup-
ing some of the stolen funds, believed that they knew, or at
least should have known, of the fraud. Mr. Picard continued
seeking to recover money from Andrew and Mark even after
they died.
The scheme was a $68 billion grift that
Madoff kept going for years without
conducting a single trade.
Mr. Behar points out that while market-making is regarded
as the legitimate side of the family business, it hemorrhaged
money and was being subsidized by funds siphoned from the
investment arm. He quotes John Zach, one of the federal pros-
ecutors in the case: “The accounting fraud that allowed them
to move money up into the market-making business [run by
Peter, Andrew, and Mark] and prop it up, that was in service of
obscuring the Ponzi scheme.” (Peter received a 10-year sen-
tence for his involvement.)
Other questions raised by Mr. Behar involve Madoff’s wife.
“Ruth ‘Ruthie Books’ Madoff. That’s the nickname FBI agents
privately gave her,” Mr. Behar writes. The author says financial
records he uncovered show that Ruth “did plenty of work to
maintain some of the critical Ponzi bank accounts for decades
after the 1960s—and right up until early 2008.”
All interesting stuff, but, like the other books on Madoff, Mr.
Behar leads us to no real conclusion. On Ruth, for instance, he
concedes that “this does not mean, of course, that Ruth knew
it was a Ponzi scheme, specifically, as opposed to just some
very shady activity. There is no evidence she did.”
It’s been 16 years since Madoff’s $68 billion Ponzi scheme
collapsed. Over the years, victims have been getting a percent-
age of their money back thanks to Mr. Picard, who continues to
recover “a few tens of millions of dollars at a time” from those
investors who withdrew a profit from the fund. Madoff’s estate
was seized and sold off.
The fallout has gone beyond financial misery. Some inves-
tors who lost money killed themselves, as did Madoff’s son
Mark on the two-year anniversary of his father’s arrest.
Andrew’s death from cancer came six years after the scam.
Ruth is still alive and resides in an assisted-living facility.
Mr. Behar’s storytelling and reporting is weakest when he
suggests that the Securities and Exchange Commission had
good reason to ignore a number of red flags, including those
raised by Harry Markopolos, the quantitative analyst who
pushed the SEC to investigate Madoff’s investment record
before its collapse.
Mr. Markopolos, the author writes, “provided no hard evi-
dence” in his initial correspondences with the agency and had
“paranoid” tendencies. Being a longtime newshound, Mr. Behar
should know that most whistleblowers are quirky and para-
noid. All the SEC had to do was check if Madoff had done any
trading. He hadn’t, of course. But the SEC didn’t check, which
should be the final word on the sordid tale of Bernie Madoff.
Mr. Gasparino is a Fox Business senior correspondent and a
columnist for the New York Post.
A14 | Wednesday, July 10, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Great Democratic Lawfare Bust Where Does Shapiro Stand on Civil Rights?

W
hen Donald Trump was hit with lis about her romantic relationship with one of Pennsylvania Gov. Josh Shapiro point. Many of their kids are trapped
four indictments last year, the pre- her underlings. doesn’t merely need to prove his in underperforming public schools.
moderate credentials by passing the Their future could be transformed by
vailing Democratic belief was that In the federal Jan. 6 case, special counsel
education freedom policy of Lifeline Lifeline Scholarships, which would
Mr. Trump would be a con- Jack Smith underrated the le- Scholarships (“Is Josh Shapiro Capa- grant them access to other learning
victed felon by Election Day. The Trump indictments gal challenges of bringing ble of Leadership?” by William opportunities.
How could President Biden have backfired in American history’s first pros- McGurn, Main Street, July 2). He Education freedom is a matter of
then possibly lose? Yet trying ecution of a former Presi- needs to prove that he stands with civil rights. Without it, huge numbers
to defeat Mr. Trump through historic fashion. dent. This included possible black and brown Pennsylvanians on of black and brown children will con-
the courts instead of at the claims of constitutional im- the civil-rights issue of our time. tinue to fall behind. With it, they’ll
polls has turned out to be munity. Mr. Trump was sure As the pastor of a black church have a better chance of getting
one of the great political miscalculations in to exploit every possible challenge, and the and founder of Black Pastors United ahead. If Mr. Shapiro keeps his prom-
presidential history. lower courts erred by refusing to look seri- for Education, I can attest that black ise, he’ll help these kids share in
The Supreme Court’s decision last week that ously at the Supreme Court’s Nixon v. Fitzger- families overwhelmingly support edu- America’s promise. But if he plays
cation freedom. In Philadelphia, over politics, he’ll block them from the
the Presidency enjoys constitutional immunity ald precedent. The High Court was all but
90% of black residents want the Life- equality that is their birthright.
for official acts has more or less sealed the fail- obliged to take the case. line Scholarships that Mr. Shapiro has REV. JOSHUA C. ROBERTSON
ure of the lawfare election strategy. Mr. Trump Mr. Smith might have written a narrow in- promised but not yet delivered. The The Rock Church
can be charged for unofficial conduct, but what dictment focused tightly on the law, but instead families at my church are a case in Harrisburg, Penn.
parts of the Jan. 6 indictment, if any, are in that he filed a document that reads like a report by
category? Lower courts will chew this over, but the House Jan. 6 committee. Then he demanded
it’s hard to see a trial before Election Day, or that the case proceed on an election timetable,
maybe ever if Mr. Trump wins. though courts did not agree, and now he is left
Is there a hall of fame for political backfires? with a shell of a case.
They Thought They Could Cover for Biden
Democrats cheered on the prosecutions of Mr. Mr. Smith’s other prosecution of Mr. Trump, President Biden’s debate perfor- we will likely see a mainstream me-
mance was painful (“Democrats Can’t dia blitz to make Vice President Ka-
Trump, hoping they’d guarantee his defeat. In- accusing him of keeping classified files after he
Avoid the Biden Problem,” Review & mala Harris out as the second coming
stead they energized his re-election effort. The left office and then covering it up, has been tied Outlook, June 29). But in all honesty, of Harry Truman: undervalued and
first indictment, brought by Manhattan District up in motions, with new briefings this month he performed better than I had ex- underutilized but ready for greatness
Attorney Alvin Bragg, stretched the law to turn on whether or how presidential immunity ap- pected. I have seen with my own when the opportunity arises. So, not
misdemeanor bookkeeping offenses into felo- plies. Meantime, Mr. Biden was let off the hook eyes, and heard with my own ears, to worry if Mr. Biden can’t finish a
nies. Almost immediately, Mr. Trump’s support for his own classified stash, since special coun- the president’s scripted speeches and second term as president.
in the GOP primary jumped several points, and sel Robert Hur thought a jury would see him as a handful of “softball” interviews The reality is that American voters
in the Real Clear Politics polling average it too old and forgetful to convict. over the last 3½ years. I truly know Ms. Harris’s limitations and
never again fell below 50%. None of this is a vindication of Mr. Trump’s thought that if you put that man on a that a vote for Mr. Biden is really a
Mr. Bragg’s indictment, which back then was conduct or an endorsement of paying off a porn stage without a teleprompter for 90 vote for foreign affairs to be directed
criticized as weak by legal analysts of all per- star, trying to overturn the 2020 election, or re- minutes, he just might have to tap by co-president Jake Sullivan and do-
out before it’s over. mestic affairs handled by co-presi-
suasions, gave Mr. Trump the argument that he fusing to help a besieged Congress on Jan. 6.
You ask a rhetorical question: “But dent Jeff Zients. Well, at least that
was being singled out unfairly. Republicans ral- But as the past nine years have shown over and did they really think they could hide would offer continuity.
lied to him. Maybe Mr. Bragg and other prose- over, Mr. Trump’s biggest opponents are often his decline from the public for an en- TIM LEE
cutors suspected this would happen. But all the his best asset. They convinced themselves he tire election campaign?” The answer Houston
better, from their perspective, if that would lead won in 2016 by colluding with Russia, and spe- is yes. The Democrats and a complicit
Republicans to pass over younger candidates, cial counsel Robert Mueller would get to the media did what they could to hide The new White House protocol for
including Ron DeSantis and Nikki Haley, to re- bottom of it. They impeached him twice. Mr. Mr. Biden’s decline for more than the president, more sleep and no
nominate Mr. Trump, who supposedly couldn’t Trump plowed through it all. three years. Was it entirely unreason- late-night meetings, is an important
win a general election. i i i able to assume they couldn’t do it for development. It puts China, Russia,
So much for that. The concocted nature of Democrats should have trusted the voters. a few more months? Iran, North Korea, Cuba and, say,
Mr. Bragg’s indictment, the first one to be un- They beat Mr. Trump once, if barely, in 2020, MICHAEL J. GALASSI Venezuela on notice that if you initi-
Hurst, Texas ate any more of your shenanigans af-
veiled, may have tainted the others in the public and won midterm elections in 2018 and 2022,
ter 8 p.m. EST, it will be considered
mind. Mr. Bragg secured a jury conviction this as Democratic turnout soared. Yet this time, Mr. Biden’s latest campaign catch- unsportsmanlike conduct. You will be
May, but it didn’t move the polling, since voters they thought, the legal cases against Mr. Trump phrase is: “When you get knocked issued a severe reprimand, possibly
can see that this business records prosecution would let them win almost by political disquali- down, you get back up.” But no one even a time-out.
would not have been brought against any busi- fication. And since Mr. Trump was sure to lose, knocked down Mr. Biden on that de- WALTER CAMPBELL
nessman not named Donald Trump. why bother having awkward conversations bate stage. He stumbled over his own Redondo Beach, Calif.
Meantime, the other legal efforts against about 81-year-old Mr. Biden? two feet. A more appropriate phase
him blew up one by one. The attempt by Colo- The silver lining is that perhaps this Demo- is: “I’ve fallen and I can’t get up!” The most troubling question raised
rado and other states to kick Mr. Trump off the cratic lawfare failure and the Supreme Court’s GARY JOHNSON by the debate was one that was nei-
ballot as an “insurrectionist” failed 9-0 at the immunity decision will cause future prosecu- Dana Point, Calif. ther asked nor answered: Who’s run-
ning the country for the next seven
Supreme Court. The Georgia prosecution of Mr. tors to think twice about indictment as a politi-
Unless some Democratic Party el- months?
Trump for trying to reverse the 2020 election cal strategy. The painful result for Democrats ders (more elderly than Mr. Biden) MARK STAPPENBECK
imploded amid embarrassing public testimony is that Mr. Trump’s prosecutors might end up convince the president to step aside, Ridgewood, N.J.
from Fulton County District Attorney Fani Wil- indicting him into the Oval Office.

Mike Johnson, Leader of the Free World What Kind of Immigration Helps the Economy?

T
he North Atlantic Treaty Organization
summit this week will spawn many dis-
cussions about America’s role in the
world, but the most important speech of the
week may be Republican Mike Johnson’s on
Monday at the Hudson Institute. The House
Speaker laid down a marker for a GOP that re-
jects U.S. decline and retreat abroad.
“While democracy is not perfect, the bur-
den of self-government is certainly far lighter
than the yoke of tyranny,” Mr. Johnson said.
“But right now, absent American leadership,
we’re looking at a future that could be” de-
fined by “communism and tyranny, rather than
liberty and opportunity and security.”
Mr. Johnson said Chinese President Xi Jin-
ping wants to expand “his communist foot-
holds.” Vladimir Putin imagines a Russian em-
pire that includes the Baltics, and Iran aspires
to wipe Israel off the map. The Biden Adminis-
tration is “appeasing and apologizing and ac-
commodating. Joe Biden doesn’t treat China
like an enemy. He’s stopped supporting Israel,
and has cozied up to Iran to revive the failed
nuclear deal,” he said.
The Doctors and Mr. Biden’s Decline
The Speaker defended Donald Trump’s re-
cord and called on European allies to live up to
their defense spending commitments. He noted
the security risks of an uncontrolled southern
border and the rising national debt, which will
require hard spending adjustments.
But most notable was the larger picture
Mr. Johnson painted. He didn’t indulge a
false choice between meeting problems at
home and threats abroad. He is pushing his
party in the direction of Ronald Reagan,
which is correct for the world moment and
politically popular.
America is threatened “by Chinese Commu-
nists, by Russian oligarchs, and Islamic terror-
ists. We can choose to ignore them, we can try
to appease them,” the Speaker said. “Or we
can choose another course. . . . We can rearm,
rebuild, reinvigorate, restore, and reinstate
fear in our enemies.” Decline “is always a
choice. That is not a choice that Republicans
will be making anytime soon.”
Mr. Trump could hardly do better than re-
peat Mr. Johnson’s message word for word at
next week’s GOP convention.
In “Immigration Is Behind the
Strong U.S. Economy” (op-ed, July 1),
Jason Furman seems to be claiming
that most Americans outside the
Democratic Party are against immi-
gration and think it hurts the econ-
omy. That is far from true. It is our
contention that immigrants should
enter legally, after careful background
checks, and then meet basic require-
ments with respect to employment
and residence.
Mr. Furman writes that a high per-
centage of immigrants who are com-
ing across the border illegally get
jobs, pay taxes and contribute to the
overall economy. But that is occur-
ring at the risk of admitting criminals
and even terrorists, and at the ex-
pense of the thousands of vetted,
well-qualified people from all coun-
tries who are left to wait and wait
and wait.
NANCY LUNDELL
Rockledge, Fla.
It’s true that immigration has
brought energy, excitement, diver-
sity and new ideas to America. But
since the mid-1800s, immigration
has been controlled, regulated and
vetted.
the new immigrant for the first five
years. People shouldn’t be released
into our midst without checks, with-
out knowing their whereabouts, with-
out accountability.
SAMUEL J. MARK
West Hempstead, N.Y.
Prof. Furman rightly recognizes
that immigrants who pay Social Se-
curity taxes on their earnings can be
a lifeline for our pay-as-you-go So-
cial Security system, which is strug-
gling to remain solvent for a few
more years. But like the operator of
a mature Ponzi scheme who is des-
perate for new cash flows in the
face of rising withdrawals, he ig-
nores that more low-skilled immi-
gration now will dig an even deeper
hole for Social Security once the
newcomers begin to qualify for ben-
efits. My family members will be
condemned to “share” with them ac-
cording to a highly redistributive
formula.
DON HECKERMAN
Tucson, Ariz.
A True Threat to Democracy
In “Democracy’s Death Has Been

T
Immigrants couldn’t be sick and
he White House press corps is finally fo- similar episodes behind closed doors. Could it Greatly Exaggerated” (op-ed, July 2),
had to be checked for infectious dis-
Matthew Hennessey goes to great
cusing on President Biden’s health and be that an 81-year-old President showing these ease. They needed sponsors to be ac-
lengths and covers much recent his-
asking what did everyone know and symptoms was allowed to work, and to cam- countable for any costs to support
tory to show that “American democ-
when did they know it? These paign for a second term, with- racy is a survivor.” But he ignores the
are good questions, and all the It’s dereliction of duty out a battery of neurological elephant in the room when he writes,
more so now that we are Trump Faced Challengers,
if he hasn’t been given and baseline tests of his men- “Please, tell me more about these
learning that a Parkinson’s tal competence? Biden Avoided Competition threats to democracy.” How about a
disease expert repeatedly vis- multiple cognitive tests. Millions of American fami- Ted Van Dyk makes a poor argu-
president who refuses to concede a
ited the White House but that lies have had difficult conver- fair election?
ment in “Biden Should Withdraw, and
Mr. Biden hasn’t seen a neu- sations with relatives showing If that isn’t a threat to democracy,
So Should Trump” (op-ed, July 1).
rologist outside of his routine physical. signs of mental deterioration. They urge them I don’t know what is.
Unlike President Biden, former Presi-
DAVID LINDSTEDT
The White House confirmed Monday that Dr. to be tested in their best interests. Why wasn’t dent Donald Trump faced a host of
Palos Verdes Estates, Calif.
Kevin Cannard visited the White House eight the Commander in Chief pushed to do the challengers who actively campaigned
times from last July to March. He is the longest- same? to be the 2024 presidential candidate
serving neurologist and a specialist in move- Many White Houses have covered up a Presi- and who were options for voters to
ment disorders at Walter Reed National Mili- dent’s ailments—from FDR’s congestive heart consider in state primaries. Pepper ...
Mr. Trump may not be popular,
tary Medical Center, which serves the failure as he ran for a fourth term, to JFK’s Ad-
but the primary elections showed
And Salt
President. The White House didn’t disclose de- dison’s disease, to the severity of Donald
that he is more popular than the THE WALL STREET JOURNAL
tails until the press inquired about his name Trump’s bout with Covid in 2020. But Mr. Bi- other Republican candidates. Mr. Bi-
showing up on visitor logs. den’s infirmity has now been exposed. It won’t den maneuvered to avoid that level
White House physician Kevin O’Connor issued suffice for his physician to repeat, as he said in of competition within his party.
a statement on Monday evening implying that February, that the President “fully executes all While it is true that many Republi-
Dr. Cannard had seen Mr. Biden three times as of his responsibilities without any exemptions cans feel Mr. Trump isn’t the ideal
part of the President’s annual physical, and that or accommodations.” candidate, ultimately they respect
other visits were related to “regular Neurology The White House physician can’t disclose the democratic process that played
Clinics” for White House military personnel. Dr. medical information without a patient’s permis- out in the primaries.
O’Connor said Mr. Biden’s physicals produced sion, and perhaps Mr. Biden simply refused to BILL AMEND
Yorba Linda, Calif.
“no findings” of a neurological disorder and take tests for cognition or Parkinson’s or other
added: “President Biden has not seen a neurolo- maladies that might be the cause of his symp-
Letters intended for publication should
gist outside of his annual physical.” toms. But the President is asking Americans to be emailed to wsj.ltrs@wsj.com. Please
That last point is a scandal if true. Mr. Bi- elect him to serve until he’s 86, despite manifest include your city, state and telephone
den’s cognitive ability has clearly declined, as evidence of physical and mental decline. The number. All letters are subject to
he showed in the June 27 debate. The press is cognition coverup can’t continue, and it should editing, and unpublished letters cannot “We don’t require you to suffer fools
be acknowledged.
also now reporting that there have been many be disqualifying if it does. gladly, but it’s strongly encouraged.”
THE WALL STREET JOURNAL.
The Pentagon Can’t Wait to Innovate
By Leon E. Panetta
And Mike Gallagher
T
he U.S. faces grave na-
tional-security threats
around the globe. Con-
flicts in the Middle East
and Europe, combined
with a shifting balance of power in
the Indo-Pacific, embolden Amer-
ica’s adversaries and threaten the
free world. If the U.S. doesn’t act
swiftly to ensure our technological
edge, we’ll risk further deterrence
failures and the erosion of inter-
national freedom.
The American military
must make rapid adoption
of new commercial
technologies a priority.
China and Russia are expanding
their global influence through con-
ventional military power and ad-
vances in manufacturing and criti-
cal technology. The U.S. is unlikely
to adopt industrial policy or match
our enemies in sheer production
volume. That’s OK; our path for-
ward instead lies in America’s ca-
pacity to innovate.
Our enemies prioritize personal
power and ambition over their citi-
zens’ interests. Such authoritarians
Kamala Harris Would Be the Best Democratic Choice
Four years ago, Joe
Biden was the Dem-
ocratic Party’s solu-
tion to Donald
Trump. Today, Mr.
Biden is the prob-
lem that needs to be
UPWARD
MOBILITY solved. But how?
Democrats can’t
By Jason L.
correct course so
Riley
long as Mr. Biden
continues to insist
that nothing’s wrong, or at least
nothing that can’t be addressed by
getting more sleep and not schedul-
ing events after 8 p.m. Last month’s
disturbing debate performance was
a one-off, he says, and his strug-
gling poll numbers are simply inac-
curate. “I am firmly committed to
staying in this race, to running this
race to the end, and to beating Don-
ald Trump,” he said this week in a
letter to Democratic lawmakers. But
Democrats are questioning his
health and competence, not his
commitment.
Since the debate, it’s been re-
ported that the president uses a
teleprompter even in private homes
when asking wealthy donors for
This Is How President Biden ‘Beat Medicare’
By Tomas J. Philipson
‘W
e finally beat Medicare.”
President Biden’s defend-
ers dismissed those
words in the first debate as a gaffe.
But it was one of his most accurate
statements that night. That’s be-
cause Mr. Biden’s administration has
overseen major cuts to Medicare—
and promises to cut the program
even more in a second term.
The president’s Inflation Reduc-
tion Act is projected to reduce
Medicare spending by $237 billion
through 2031, according to the Con-
gressional Budget Office. Most of
that reduction comes from the pro-
gram spending less on prescription
drugs.
The president and his advisers
don’t dispute those numbers, por-
traying them as savings that will
help seniors rather than cuts that
are already hurting them. In fact,
the Inflation Reduction Act’s poorly
conceived government price-setting
will disrupt access to medicines for
millions of Medicare patients with
diabetes, cancer, atrial fibrillation,
rheumatoid arthritis and other dis-
eases. The law’s price controls are
likely to raise annual out-of-pocket
costs for 3.5 million Medicare bene-
ficiaries who take price-controlled
medicines, according to an analysis
commissioned by the Pharmaceuti-
cal Research and Manufacturers of
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are also willing to steal to overcome
a dearth of homegrown innovation.
The well-documented theft of intel-
lectual property and cyberattacks
conducted by state-sponsored actors
in China, Russia, Iran and North Ko-
rea reveals that our enemies have
contempt for the rules-based inter-
national order. Yet we needn’t stoop
to their level to compete. By em-
bracing American innovation and in-
genuity as cornerstones of our na-
tional-defense strategy, we can
uphold and strengthen our funda-
mental values.
The Defense Department must
make the rapid adoption of new
technologies a priority, particularly
in the commercial sector. This will
require Pentagon bureaucrats to
overcome the aversion to risk that
permeates their agency and to lever-
age the expertise of academia and
the private sector. The goal will be
to build a defense innovation ecosys-
tem in which the brightest minds in
technology, strategy and defense can
collaborate without constraint.
That will be a tall order. As the
Atlantic Council’s Commission on
Defense Innovation Adoption and
the Defense Innovation Board have
reported, the status quo is woefully
insufficient. Washington has yet to
shift significant resources—or to
adapt business processes—to har-
ness commercial solutions at scale
or speed. The Atlantic Council’s Jan-
uary 2024 report highlighted a host
money, and that he does radio inter-
views only after knowing the ques-
tions in advance. According to the
New York Times, a Parkinson’s spe-
cialist visited the White House eight
times in eight months. The com-
mander in chief won’t take a cogni-
tive test and hasn’t held a solo
press conference since November.
During his post-debate sit-down
with Mr. Biden, ABC News’s George
Stephanopoulos said that the num-
ber of Americans who think he’s too
old to serve has doubled since 2020
and that he had never seen a presi-
dent with a job-approval rating of
only 36% get re-elected. “Well, I
don’t believe that’s my approval rat-
ing,” Mr. Biden responded. “That’s
not what our polls show.”
According to RealClearPolitics,
the president is trailing Mr. Trump
in seven battleground states, and in
five of them—Arizona, Georgia,
Pennsylvania, Nevada and North
Carolina—Mr. Trump’s lead is out-
side the margin of error. Democrats
running in states and districts that
Mr. Trump has carried are getting
anxious. The concern isn’t only that
Mr. Biden could lose the presidency
America. These cost increases stem
from the interaction of price con-
trols with mandated changes to how
Medicare drug plans design their
benefits.
The Inflation Reduction Act’s
harmful effects extend beyond
higher out-of-pocket costs to
higher premiums. Its mandated
changes to benefit designs clash
with how the plans would other-
wise work to serve customers,
something a colleague and I warned
about in these pages.
His Inflation Reduction
Act leaves patients with
less access to medicines
and higher premiums.
As we predicted, this has already
reduced the number of Medicare
drug plans from which seniors can
choose and increased the average
premiums they pay. This year, the
number of stand-alone Part D plans
available to seniors dropped by 11%.
Medicare Part D is the government-
funded insurance program that cov-
ers most prescription drugs ob-
tained at pharmacies. That drop is
25% since Donald Trump’s final year
in office. In addition, premiums for
Part D plans are up 21%—and 5 mil-
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OPINION
of persistent problems, such as the
Pentagon’s “outdated” research and
development “model that struggles
to adopt and apply leading commer-
cial innovations to weapon systems,”
a shrinking industrial base, long ac-
quisition timelines, “an insufficient
understanding of emerging technol-
ogy” and “a bureaucracy seemingly
designed to stifle speed and innova-
tion.” This means that while Ameri-
can companies “demonstrate techno-
logical prowess,” such innovation
“serves little use in deterring con-
flict” unless the Pentagon can put
“new technology into the hands of
warfighters at a faster pace.”
The Defense Innovation Board
added separately that despite nu-
merous initiatives to turbocharge in-
in November, but also that Republi-
cans could flip the Senate and bol-
ster their House majority.
The presidential race is no longer
about inflation, the border, abortion
or threats to democracy. It’s now
entirely about Mr. Biden’s age and
health. It’s about an enfeebled in-
cumbent president cocooned by
She’d rally black voters
who are souring on
Democrats and she’s close
to Trump in the polls.
people who can’t or won’t tell him
what he needs to hear. Mr. Biden’s
campaign theme has been that he’s
for you and Mr. Trump is for him-
self, but the president’s continued
presence in the race has turned that
message on its head.
Time that Democrats spend de-
fending Mr. Biden on this front is
time not spent attacking Mr. Trump.
Replacing the president at the top
of the ticket with Vice President Ka-
lion beneficiaries are enrolled in
plans that raised their premiums by
50% or more this year. Medicare’s
open enrollment period begins Oct.
15, reminding seniors of these harm-
ful changes shortly before Election
Day.
The law’s price controls will also
deter companies from developing
new medicines. A study I co-au-
thored estimated that 135 fewer
drugs will come to market through
2039 because of the Inflation Re-
duction Act. Research firm Vital
Transformation’s forecast is even
bleaker, predicting that the U.S.
could lose 139 drugs within the next
decade.
Dozens of life-sciences companies
have announced cuts to their re-
search and development pipelines
because of the 2022 law. These an-
nouncements have come in earnings
calls and filings with the Securities
and Exchange Commission—where
deliberate misstatements would ex-
pose executives to civil and criminal
penalties—so they can’t be chalked
up to political posturing.
The law’s flawed design also may
Hillsdale Bids Farewell to a Hero
By John J. Miller
I
Hillsdale, Mich.
went to the funeral of a
stranger last week. At least I
don’t think I’d ever met William
Butler Jr., a Hillsdale County sher-
iff’s deputy who was laid to rest at
Lakeview Cemetery on July 3. Butler
was killed in the line of duty on
June 27 at the age of 51 during
what should have been a routine
traffic stop—until a passenger with
warrants out for his arrest pulled
out a handgun, fired and fled the
scene.
In a small town like ours, we
probably did connect at some point.
Butler and I may have stood in line
together at a sandwich shop or sat
in the same bleachers at a high-
school football game. Perhaps we
once exchanged pleasantries at the
farmers market or the county fair.
When a police officer falls, word
DAVID GOTHARD
novation in the Defense Department,
the complexity of the defense struc-
ture “hinders rapid adoption and ul-
timately, implementation of new sys-
tems.” This will persist, the authors
intone, unless the defense secretary
drives a shift toward “a culture of
innovation and risk-taking.”
Senior defense leaders and policy-
makers can hasten that shift by in-
vesting in collaborative projects,
such as the Naval Innovation Center
planned to open at the Naval Post-
graduate School. The program would
offer a unique national resource: a
center for the military’s brightest
minds, tasked with removing barri-
ers to innovation and accelerating
the Pentagon’s adoption of commer-
cial technology.
mala Harris is one way to shift the
campaign discussion away from Mr.
Biden’s infirmities and back to the
issues Democrats want front and
center for the duration of the race.
True, it would be messy and risky,
and Ms. Harris has baggage galore.
She was tasked with addressing an
illegal immigration crisis that rages
on. When special counsel Robert
Hur’s report in February described
Mr. Biden as “an elderly man with a
poor memory,” she denounced that
description as “gratuitous, inaccu-
rate, inappropriate.” But to para-
phrase Mr. Biden: Don’t compare
her to the Almighty, compare her to
the Democratic alternatives with an
election less than four months away.
Mr. Trump currently beats Ms.
Harris head-to-head but by less
than he beats Mr. Biden, and
there’s no reason to believe her
popularity has reached a ceiling. A
CNN poll taken after the debate
had Mr. Trump ahead of Mr. Biden
by 6 points while leading Ms. Har-
ris by only 2 points, which was
within the margin of error. More-
over, Ms. Harris led the former
president among independents and
threaten seniors’ access to doctors.
Because of price controls, the clinics
that administer intravenous or in-
jectable medicines under Medicare
Part B will lose out on crucial reim-
bursement revenue used to employ
doctors, nurses and administrative
staff. Clinics can expect a 47% de-
cline in these payments, according
to an analysis by Avalere, a health-
care consultancy. As a result, many
facilities might have to close or join
with large hospital chains—scenar-
ios that could hasten concentration
and push up prices.
Mr. Biden’s Medicare cuts aren’t
limited to the Inflation Reduction
Act. In April the White House cut
Medicare Advantage payments for
the second year in a row. These cuts
will reduce seniors’ benefits by
nearly $400 per year.
The damaging effects of govern-
mental intrusion into the healthcare
system haven’t gone unnoticed.
More than 40 conservative organi-
zations recently sent a letter to con-
gressional leaders warning that the
price controls threaten patients and
the economy and set a dangerous
spreads fast. I learned of the trag-
edy hours later from a text message
from my son asking for prayers.
Spontaneous displays of compas-
sion, respect and service from the
community soon followed. My wife
heard about a meal train for the
widow and her family. At the sher-
iff’s office, bouquets of flowers
piled up around Butler’s vehicle.
Here’s to You Pub & Grub, a local
bar, announced that it would donate
all proceeds from food orders on
June 29 to the Butlers. Its propri-
etors called it the busiest day in
their history, raising more than
$17,000—most of it not from pur-
chases, but from people who just
wanted to give. Meanwhile, the
Hillsdale County Community Foun-
dation set up a fund for additional
donations to the Butler family.
Friends told stories about Butler
at his funeral and around town. He
loved to fish. He was a patriot who
Wednesday, July 10, 2024 | A15
Many policymakers seem to be-
lieve that we don’t need to mobilize
the Defense Department until the
shooting starts. That’s a dangerous
delusion. Our enemies are intent on
aggression and will succeed in their
aims if we’re stuck catching up. We
must innovate in peacetime with the
same speed and creativity with
which we have traditionally inno-
vated in war. The Naval Innovation
Center can be a hub for such think-
ing, with a focus on the rapid adop-
tion of commercial technology and
the integration of cutting-edge prac-
tices from the private sector into
Defense Department operations.
America faces an axis of authori-
tarianism whose combined economic
and military power dwarfs any na-
tional-security challenge since World
War II. To prevent cold-war compe-
tition from devolving into a hot war,
it’s time to innovate as if the free
world depended on it. The path for-
ward must be paved with invest-
ments in technology and under-
girded by infrastructure built for
innovative national-security research
and education. Failure risks not only
our current strategic position; it
threatens our future stability and in-
fluence on the world stage.
Mr. Panetta served as defense
secretary, 2011-13. Mr. Gallagher
served as chairman of the House Se-
lect Committee on the Chinese Com-
munist Party, 2023-24.
moderate voters in both parties.
The bigger risk for the party
might be sticking with Mr. Biden de-
spite the polls, or trying to replace
him with someone other than Ms.
Harris. The delegates at the conven-
tion who will formally nominate the
president are Biden/Harris loyalists.
According to Donna Brazile, a vet-
eran political strategist and former
head of the Democratic National
Committee, half the delegates are
women and around a quarter are
black, a group that has lost some
enthusiasm for Democrats.
“If this is an open convention,
which we’re all trying not to put in
motion, then you’re asking black
delegates and female delegates to
turn their heads” and make some-
one other than Ms. Harris the nomi-
nee, Ms. Brazile told me. “You’re
disenfranchising them.” Ms. Brazile
doesn’t believe Mr. Biden is irre-
trievably damaged, but she did al-
low that swapping in Ms. Harris
could have an upside. “I think it
would help bring home some black
voters who are looking for a reason
to stand in long lines for the Demo-
crats” on Election Day.
precedent for “nationalizing entire
industries.”
Medicare is one of the nation’s
dearest but also costliest entitle-
ments. In an era of soaring deficits,
conversations about belt-tightening
are reasonable and necessary. It’s
one thing for policymakers to pur-
sue cuts while being honest about
the trade-offs—in this case, less ac-
cess to medicines, fewer plan op-
tions, higher premiums and fewer
new drugs being developed. Basic
economics dictates that slashing a
program will lead to a decline in the
quality and availability of its goods
or services.
It’s another thing entirely for Mr.
Biden to make some of the largest
cuts to Medicare in history, to deny
his poorly designed law’s negative
effects on patients, and then to por-
tray himself as a defender of the
program.
Mr. Philipson, an economist at
the University of Chicago, was a
member of the White House Council
of Economic Advisers, 2017-20, and
its acting chairman, 2019-20.
served in the U.S. Army National
Guard in Iraq. He once bought
Thanksgiving dinners for inmates
because the county jail couldn’t af-
ford special meals.
When Butler’s body moved from
a morgue to a funeral home, hun-
dreds of people heard about it on
social media and lined the route to
pay respect. Many later turned out
again, along the roads between the
chapel and the cemetery on the day
of his burial.
For that occasion, the governor
ordered flags at half-staff on public
buildings and grounds throughout
the state. It was a fitting gesture,
but nobody in our town needed the
command. I witnessed Hillsdale
businesses and the local hospital
and college lower them days earlier.
Mr. Miller is director of the Dow
Journalism Program at Hillsdale
College.
 A16 | Wednesday, July 10, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

In Moscow, Modi Balances Interests Russia Acts

To Arrest
BY TRIPTI LAHIRI
AND KRISHNA POKHAREL Navalny’s
Hours after Russia launched
a missile attack that struck
sites across Ukraine, including
Widow
a children’s hospital in Kyiv, In-
dian Prime Minister Narendra BY GEORGI KANTCHEV
Modi posted pictures of him-
self hugging Russian president A Russian court issued an
Vladimir Putin in Moscow. arrest warrant Tuesday for
The following day, Modi Yulia Navalnaya, the widow of
publicly chastised Putin over fierce Kremlin critic and oppo-
the attack in televised re- sition politician Alexei Navalny,
marks ahead of their private who died earlier this year.
talks, saying that “when inno- A court in Moscow accused
cent children are killed, when Navalnaya, who lives outside
we see innocent children dy- Russia but has vowed to con-
ing, it is heart-wrenching. tinue her late husband’s work,
“Solutions will not be found of participating in an “extrem-
on the battlefield,” Modi said, ist” group. The warrant means
ALEXANDER ZEMLIANICHENKO/ASSOCIATED PRESS

calling for dialogue to end the that she would likely face im-
war in Ukraine. mediate arrest were she to re-
Modi’s visit—his first to turn to the country.
Russia in five years—is the lat- Navalny died in February in
est example of India’s delicate an Arctic prison colony where
and not-quite-neutral approach he was being held on charges
on the war. Modi met Ukrai- widely seen as politically mo-
nian President Volodymyr Zel- tivated. Navalnaya has blamed
ensky on the sidelines of the Russian President Vladimir
Group of Seven summit in Italy Putin for her husband’s death.
last month, but arrived in Mos- Russian authorities have de-
cow as Washington hosts a Indian Prime Minister Narendra Modi met with Russian President Vladimir Putin at the Kremlin in Moscow on Tuesday. nied involvement. After the
North Atlantic Treaty Organi- court issued the warrant, Na-
zation meeting that will focus also makes it hard to argue a multipolar world but one West, said Bates Gill, a senior India is in their long-term in- valnaya called Putin a “mur-
on supporting Kyiv’s war effort. that Russia has been effectively that is free of American domi- fellow at the National Bureau terest,” said Swasti Rao, a derer and a war criminal.”
“It is a huge disappointment isolated—a key Western goal. nance,” said Brahma Chellaney, of Asian Research. Eurasian affairs expert at the For years, Navalnaya stood
and a devastating blow to peace Keeping Russia near even a strategic-affairs expert at the India also sees shoring up Manohar Parrikar Institute for beside her husband as he gal-
efforts to see the leader of the while drawing closer to the Center for Policy Research, a its ties with Russia, still its Defence Studies and Analyses vanized mass protests in Rus-
world’s largest democracy hug West, and the U.S. in particu- New Delhi think tank. “Ending major military supplier, as cru- in New Delhi, a government- sia. She accompanied him at
the world’s most bloody crimi- lar, is part of India’s sometimes America’s global pre-eminence cial to a goal it shares with the affiliated think tank. demonstrations and stood on
nal in Moscow on such a day,” enigmatic diplomatic doctrine is not an Indian objective.” U.S.—countering China. That Modi’s Moscow visit is the dais during the fiery
Zelensky wrote on the social- of “strategic au- For example, has become a greater concern largely intended to resolve is- speeches that eventually
media platform X on Tuesday. tonomy.” India’s while India has for India in the wake of a sues between the two countries earned him a central place
Russia has denied carrying foreign policy joined the deadly clash on its Himalayan that have cropped up since the among opposition figures. All
out the attack on the hospital. outlook, pre- Indian leader Shanghai Coop- border with China in 2020. war, including a trade imbal- the while she shunned a per-
India’s leader has publicly mised on pursu- hopes to resolve eration Organi- Against that complex back- ance because of India’s large sonal role in politics.
said the war is destabilizing and ing its national zation, a re- drop, the U.S. and other West- energy purchases and Russia’s In 2020, she flew her hus-
called for a diplomatic solution interest in a issues including gional security ern countries largely have re- recruitment of Indian nationals band out of Russia after he was
to bring it to an end, but has “multipolar” group founded frained from criticizing India to fight in its army. India’s for- poisoned with a nerve agent
never openly criticized Russia world, can
a trade in 2001 by Rus- over Russia, even as China’s eign secretary said in Moscow that he said was the work of
for the invasion. India also has sometimes look imbalance. sia and China as support for Russia is likely to be that Russia has promised to the Kremlin, which has denied
bought tens of billions of dollars similar to lan- a counter to ex- a prominent topic of discussion discharge those fighters. involvement. The couple defi-
of Russian oil, becoming the guage fre- isting multilat- at the NATO summit. The scale In Moscow, Modi thanked antly returned to Moscow in
second-largest importer of Rus- quently invoked eral groupings, of China’s oil purchases from Putin for the stabilizing effect 2021, well aware that he would
sian crude after China, a move by Putin and Chinese leader Xi it is frequently at odds with Russia dwarfs those of India’s, of its fuel sales to India, say- be jailed. When he was sen-
that some in the West say is Jinping as a criticism of what China. Modi was a notable ab- while U.S. administration offi- ing they had helped insulate tenced to prison later that year,
helping fund Russia’s war effort. they regard as a world cen- sence at this year’s gathering. cials have said dual-use tech- Indian citizens from the worst Navalny waved to his wife sit-
And Modi’s presence in tered around U.S. power. India’s diminished interest nology from Beijing is helping effects of inflation. ting in the courtroom and drew
Moscow, on the heels of a visit But India’s multipolarity is reflects its unease with the di- Moscow’s military production. Putin thanked Modi for a heart on the glass of the de-
by Hungarian leader Viktor Or- not China’s multipolarity, said rection of the organization as “There is a general consen- seeking a resolution to the fendant’s cage. The couple have
ban, whose country is holding Indian political experts. New Delhi tries to balance its sus in the West, which is very conflict, according to a Krem- a son and a daughter who both
the European Union presidency, “Russia and China also seek relations with Russia and the obvious, that an empowered lin statement. live outside of Russia.

Little-Known Retiree Challenges Venezuelan Strongman

BY KEJAL VYAS voting-age Venezuelans exiled The elections come after ef- alists, some driven by govern-
abroad, who make up nearly a forts by the U.S. and its Euro- ment handouts and others by
A few months ago, Edmundo quarter of the national elector- pean allies to coax Maduro a conviction that their leftist
González’s life in retirement ate, will be able to vote, the into holding a fair vote in ex- movement can only reach its
consisted of academic confer- civil-society group AlertaVene- change for relieving some of goals if they remain in power
FEDERICO PARRA/AGENCE FRANCE-PRESSE/GETTY IMAGES

ences, visiting old friends and zuela said in a report. The Eu- Washington’s economic sanc- at any cost, the International
playing with grandchildren at ropean Union, which was sup- tions against Caracas. Ma- Crisis Group said in a report.
his Caracas high-rise. posed to lead the largest duro’s government signed a “Are we going to let that
Few in Venezuela knew electoral-observation team, was deal in Barbados in October decrepit old man, who repre-
him. disinvited by Caracas until the with the U.S.-backed opposi- sents savage capitalism, into
Now, the soft-spoken 74- bloc lifts all sanctions against tion, committing to holding a power?” Maduro asked sup-
year-old is the opposition’s the Maduro government. democratic vote. But he later porters at a rally over the
presidential candidate in the Smaller monitoring teams from broke the agreement, com- weekend.
July 28 election and what the United Nations and the plaining that the U.S. hadn’t Rafael Guzman, a former
some analysts say could be a U.S.-based Carter Center will be helped Venezuela regain ac- lawmaker and adviser to a
last hope for democracy in a permitted. Maduro controls the cess to offshore accounts fro- major opposition party, said
country ruled for 11 years by National Electoral Council, the zen by financial sanctions. Maduro’s rivals need to offer
the strongman he is challeng- courts and the armed forces. As part of a campaign blitz, credible guarantees of secu-
ing, President Nicolás Maduro. Edmundo González holds a 20-point polling advantage. Still, about two-thirds of regime officials appear daily rity and possible amnesty to
González has never run for voters plan to participate in on state television and radio some regime officials to get
office, but polls give the for- Venezuela’s normally frac- appears three times, alongside the election, according to a re- to assure the public that Ma- them to give up power. “If
mer career diplomat a 20- tious opposition came to- a handful of other candidates cent poll conducted by Clear- duro will win. Meanwhile, on there’s no negotiations, there’s
point advantage over Maduro, gether to rally around with little support in polls. Path Strategies and Consul- social media, Maduro appears no transition,” Guzman said.
who is seeking a third six-year González as a third-string But González’s commanding tores 21, which gives González calm and in charge in care- In the interview, González
term. The same polls show Ma- choice after María Corina lead might not be enough to and Maduro support of 56% fully edited videos. said his campaign promotes na-
duro is widely reviled for driv- Machado, a charismatic pro- bank on when the vote in Ven- and 35%, respectively. In speeches, Maduro says tional reconciliation. “We could
ing the oil-rich nation to ruin business politician who gar- ezuela is neither free nor “We’re heading toward an only he can maintain order. He have a situation here where the
and leading a quarter of the nered 90% of the votes in a democratic, say Western dip- unprecedented situation where largely blames U.S. sanctions magnitude of our victory will
population—some eight million primary last year, was banned lomats and human-rights we’re looking at high partici- for Venezuela’s troubles and be so wide that the government
people—to flee the country. by the regime from running, groups. The Maduro adminis- pation, despite a government slams the opposition for sup- understands that we have a
“I’d never done party poli- as was her handpicked re- tration has been accused of that has set one of the worst porting them. The economic new reality in the country.”
tics, nor been in a popular placement. arbitrarily jailing dissidents, conditions for elections,” said downfall has stripped Ma- The next presidential term
election before,” González said The government never ex- rigging elections and coercing Guillermo Bolinaga, a Venezu- duro’s socialist party of the doesn’t begin until January.
in an interview with The Wall plained why it let González run. desperate voters with food elan with the political-risk majority it once held in rural “We’re going to have to sit
Street Journal. “This is all On the ballot, Maduro’s face ap- handouts. consulting firm Opportunitas areas and urban slums. But it down with them and see how
completely new to me.” pears 13 times while González Merely 1% of the 4.5 million Advisors in Florida. still counts on votes from loy- the government responds.”

WORLD WATCH EUROPEAN UNION GREECE

Georgia’s Accession Children’s Hospital
Halted Over Law Evacuated for Fire
Georgia’s accession to the
European Union has been
halted and some of the bloc’s
financial support frozen after
the country adopted a law on
“foreign influence” that critics
fear would curb democratic
freedoms, EU Ambassador in
Georgia Pawel Herczynski
said Tuesday.
“We will seek to redirect
support from the government
of Georgia to civil society and
the media,” he said.
The law, which took effect
last month despite mass pro-
tests and a presidential veto,
requires media and nonprofit
groups to register as “pursu-
ing the interests of a foreign
JOY SAHA/ZUMA PRESS
Authorities evacuated a
children’s hospital and a retire-
ment home on the outskirts of
the southern city of Patras af-
ter a wildfire flared in the
area. The evacuations were a
precaution, and a large fire-
fighting effort—involving about
80 firefighters and 10 water-
dropping aircraft—was paying
off, a fire-service spokesman
said Tuesday, with the front
contained. The fire raged
through a pine forest on the
fringes of Patras, some 125
miles west of Athens.
At least three other wild-
fires struck Greece on Tues-
day. The country suffers every
summer from fires, which last
FRANCE
Le Pen’s Financing
Under Investigation
The Paris prosecutor’s of-
fice said it opened a prelimi-
nary investigation last week
into suspicions of illicit fi-
nancing of far-right French
leader Marine Le Pen’s 2022
presidential campaign.
The judicial probe opened
on July 2 into allegations of
accepting a loan, misappropri-
ating property, fraud and
forgery, the office said Tues-
day. It didn’t give details. Le
Pen hasn’t commented.
The investigation was
opened after a report from
the body responsible for
monitoring candidates’ ex-
penses, dating from 2023.
Candidates in France are

power” if more than 20% of
their funding is from abroad.
The opposition calls it “the
Russian law” because Moscow
uses similar legislation to stig-
PINEAPPLE EXPRESS: Bangladeshi farmers cut their transportation costs by using bicycles matize critics of the Kremlin.
to haul their wares through the woods to the market in the town of Tangail on Tuesday. —Associated Press
year killed more than 20 peo-
ple. After a dry winter and hot
spring, nearly 1,300 broke out
across Greece in June, author-
ities said—more than twice as
many as a year earlier.
—Associated Press
barred from exceeding a cer-
tain spending limit.
French media reports said
Le Pen isn’t the only 2022
presidential candidate being
investigated.
—Associated Press
 BUSINESS & FINANCE
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Wednesday, July 10, 2024 | B1

UAW Chief Faces New U.S. Probe OECD

At issue is whether
Fain punished aide
latest escalation in a dispute
with the union over access to
the UAW’s internal documents,
for defying demands
on behalf of partner
which the court-appointed
watchdog argues he needs to
ensure that officials are com-
BY CHRISTOPHER OTTS
plying with a 2020 settlement.
The civil settlement was
reached to end a multiyear
A federal watchdog ap- criminal investigation into cor-
pointed to monitor the United ruption in the union’s top
Auto Workers’ internal opera- ranks that sent more than a
tions is probing new allega- dozen top union officials to
tions against President Shawn prison, including two former
Fain, including that he made presidents.
demands to benefit his domes- The filing states that Barof-
tic partner and her sister, ac- sky is investigating whether
cording to a court filing Mon- Fain’s decision in May to re-
day. move UAW Vice President Rich
The filing by a lawyer for Boyer from his role as the
monitor Neil Barofsky is the union’s top negotiator with
Chrysler parent Stellantis was
in retaliation for Boyer’s al-
leged “refusal to accede to de-
mands” to take actions that
“would have benefited [the
president’s] domestic partner
and her sister.”
Those actions would have
amounted to “financial mis-
conduct” Boyer later claimed,
according to a separate docu-
ment Barofsky’s office filed
Monday.
The 55-year-old Fain is cur-
rently engaged, according to
the UAW website.
The allegation is among a
handful of “serious” but unver-
ified claims the monitor is in-
vestigating related to the
union’s management, accord-
Expects
ing to the filing.
Fain justified his decision
regarding Boyer, alleging the
candidate pledging to root out
residual corruption at the
union, was elected in 2023 in a
Jobs
UAW vice president had been
derelict in his duties related to
enforcing the contract negoti-
surprise victory that installed
new leadership at the 89-year-
old labor group. Later that
Markets
ated with Stellantis last fall,
according to the monitor’s fil-
ing.
year, he led the UAW to big
contract wins in Detroit, after
staging a six-week strike at
To Cool
The UAW leader alleged General Motors, Ford Motor
that Boyer’s failure to stand up and Stellantis. BY PAUL HANNON
to the automaker “turned a In his dealings with the car
major victory into a perceived companies, Fain has taken an Unemployment rates are
loss among the membership,” unusually confrontational ap- set to pick up only slightly
according to a May 29 memo proach, bashing executives across the world’s rich coun-
that was included as an exhibit publicly and using social media tries in the short term, while
in the new court filing. to lob pointed criticism at the real wages will continue to
The UAW didn’t respond to automakers and rally support rise as profit growth cools, the
a request for comment on from the rank and file. Organization for Economic Co-
Tuesday. The union has endured operation and Development
Fain, who ran as a reform Please turn to page B2 said Tuesday.
In its annual report on the
jobs market, the Paris-based

Ivy League Alumni Clubs Hustle for Members

policy advisory body said
wages have been rising faster
than prices during the past
year, but real wages remain
below their levels from late
BY NEIL MEHTA 2019 in a number of countries,
including the U.S.
The Princeton Club in New The OECD said there are
York City was losing members signs that the jobs market is
and bleeding cash before clos- cooling, with the number of
ing its doors in October 2021. vacancies falling relative to
Some remaining members ex- the number of people looking
plored a last-ditch overhaul to for work. But it doesn’t expect
the six-decade-old property to see the sharp rise in jobless
that served the Ivy League rates that have accompanied
school’s alumni. past periods in which central
They explored ways to banks have raised their key in-
FROM TOP: CHIP SOMODEVILLA/GETTY IMAGES; LINDSEY NICHOLSON/UCG/UNIVERSAL IMAGES GROUP/GETTY IMAGES

bring the club into the 21st terest rates to cool inflation.
century, make it less stuffy “The labor market remains
and more appealing to youn- pretty strong,” said Stefano
ger alumni who weren’t tied to Scarpetta, the OECD’s director
the club’s nearly 160-year his- for employment. “The labor
tory. One proposed moderniza- market is easing, but slowly.”
tion called for a new co-work- In the U.S., the OECD ex-
ing area, a cafe that spilled pects employment to increase
onto the sidewalk, and a by less than 1% in both 2024
fourth-floor lounge with a bar, and 2025, with the unemploy-
according to a presentation to ment rate remaining around
board members viewed by The 4%.
Wall Street Journal. That is broadly in line with
But those plans stalled be- the outlook across the OECD’s
fore they even got going. A 38 members, which are mostly
creditor foreclosed on the rich countries. The OECD fore-
property late last year, and the cast that employment will
club remains closed. Any fu- grow by 0.7% this year and
ture renovation at the 10-story next, having increased by 1.7%
clubhouse with a gray lime- in 2023.
stone facade is uncertain. Workers suffered a decline
New York’s storied Ivy in their real wages during the
League club circuit dates back surge in consumer prices that
to the 19th century. For years, began in early 2021. The OECD
these membership organiza- said that during the year
tions were considered among through the first quarter of
the U.S.’s most prestigious. 2024, real wages were rising
These days, say alumni and New York Ivy League clubs such as the Harvard Club, above, and Yale Club, below, have struggled to lure younger alumni. again as inflation cooled. Out
former members, the clubs of the 35 countries for which
have fallen out of fashion. The Princeton Club of New York data was available, 29 re-
venues are victims of dated net assets corded a rise in real wage.
decor, mediocre food and in Among those that didn’t were
some cases lingering dress $10 million France and Japan.
codes—for most of their histo- On average, real wages
ries, these clubs have required 5 were 3.5% higher than a year
men to wear coats and ties— earlier, a development that
out of step with young alums. 0 should support consumer
The clubs still have their spending and economic
loyalists, especially midcareer –5 growth. However, real wages
professionals and long-timers were still below their 2019
–10
who find them convenient for levels in 16 countries, includ-
business meetings and hotel ing the U.S., where the short-
–15
stays. The Harvard Club, the fall stood at 0.8%.
oldest and wealthiest of the –20
The OECD expects the re-
bunch, has a membership that covery in real wages to con-
is robust and growing, a –25 tinue this year. Offsetting that
spokeswoman said. upward pressure on prices,
2011 ’15 ’20
Yet more Ivy League gradu- profit growth has slowed in
Please turn to page B6 Source: Tax filings compiled by ProPublica Please turn to page B2

INSIDE Podcaster Alex Cooper Has the Attention of Gen Z

BY SARA ASHLEY O’BRIEN dio world. The podcast market 150th Kentucky Derby. At the
has chilled since Cooper’s chat horse race, Cooper and Alix
Alex Cooper made waves in show made her Spotify roy- Earle, one of her new podcast
2021 when she signed a three- alty, second only to Joe Rogan. hosts at Unwell, sat for a Q&A
year, $60 million deal with Streamers and radio compa- and did a meet-and-greet with
Spotify for “Call Her Daddy,” nies have gone through budget fans. And later this month, she
her raunchy podcast about sex cuts and layoffs. “Call Her will be hosting live Olympic
and dating that became a slick Daddy” has established an av- watch parties in Paris for NBC-
ANTONY JONES/GETTY IMAGES FOR SPOTIFY

sit-down interview show. Now
BUSINESS NEWS that the agreement is ap-
BP says it will book proaching its end, she has her
sights set on a much bigger
an impairment of entertainment empire.
up to $2 billion. Last year, she and her film-
B3 producer husband, Matt Kap-
lan, founded Trending, a media
company aimed at Gen Z audi-
ences. Through a subsidiary
called Unwell, she is recruiting
online personalities to host
new podcasts, looking for
buzzy books to option and de-
veloping reality shows. Cooper
is on the hunt for a new distri-
bution partner for her podcast
and she is hoping to pocket
$100 million in her next deal,
according to people familiar
TECHNOLOGY with the matter, a hefty sum in
Electric-vehicle makers an industry that has retrenched
since its frothiest days.
Lucid and Fisker On a recent Tuesday morn-
issue safety recalls. ing at the Trending offices in
B4 West Hollywood, there are few
signs of the spicy show that
Alex Cooper along with her husband founded Trending, a
media company aimed at Gen Z audiences.
made Cooper a star. The com-
pany took over the space Kap-
lan had rented for ACE Enter-
tainment, his production firm,
now part of Trending. On the
walls are posters from his
films like the Netflix hit “To
All the Boys I’ve Loved Be-
fore.” Aside from that, it looks
like any old startup.
“She’s an icon and she’s
crushing it,” Cooper says as
she passes by Mina Lefevre, a
former Meta Platforms and
erage audience of around 10
million per episode, according
to the people familiar with the
matter, and remains one of
the most popular shows
across all platforms. The show
has become an A-list press
stop for the likes of Megan
Fox, Priyanka Chopra-Jonas
and John Mayer. Cooper is
betting she can launch a new
generation of edgy stars, all
while trying to grow her show
MTV executive who is devel- and brand. “We know how to
oping scripted and un- produce a podcast,” Cooper
scripted TV for Trending. says. “I could do it in my sleep
“Wait, have you been doing at this point.”
your meetings here?” she asks At 29 years old, Cooper is a
another staffer, incredulously, young millennial with a
after spotting a walking pad Zoomer’s sense for content.
under her desk. “Shut up.” This has made her a decisive
She introduces the em- talent scout and a coveted
ployee as Sienna, Kaplan’s for- conduit for brands looking to
mer assistant who now devel- reach young women.
ops concepts for reality shows. In April, Churchill Downs
Cooper’s ambitions come Racetrack teamed with her to
amid a sea change in the au- drum up excitement at the
Universal’s streaming service
Peacock. The Summer Games
were once appointment TV for
people of all ages, but viewer-
ship has declined in recent
years. “How can we get these
people to care?” Cooper says.
Jeremy Zimmer, the CEO of
United Talent Agency, which
represents Cooper, floated her
name to Molly Solomon, the
executive producer and presi-
dent of NBC Olympics produc-
tion, last spring, for potential
Summer Games programming.
Solomon met Cooper and Kap-
lan over breakfast in Los An-
geles in June 2023, where
Cooper pitched herself as a
natural partner—a former Di-
vision 1 college soccer player
with millions of female fans.
“I was just so impressed,”
says Solomon, whose 20-year-
old daughters are Cooper fans.
“She’s this generation’s Oprah
Please turn to page B4
B2 | Wednesday, July 10, 2024 * ***** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A
Apple...............................................B12
Fisker................................................B4
Ford Motor...................................B1
Systems.......................................A1
MGM Resorts International
America’s Biggest Nonalcoholic
Argenx.............................................A2
Athletic Brewing.....................B2
B
G
General Atlantic......................B2
General Motors........................B1
...............................................................A2
Microsoft.....................................B12
N
Nvidia.....................................B4,B12
Beer Brand Doubles Its Valuation
Bank of America...................B11 Goldman Sachs..............B2,B11
BP...............................................B3,B11 H O BY LAUREN THOMAS 2023 nonalcoholic beer sales, by brand family* Annual U.S. sales, change from
a year earlier†
C Humana...........................................A1 OptumRx........................................A1
Athletic Brewing contin-
Oracle...............................................B4
ues to ride the wave of Amer- 0% 5 10 15 20 Nonalcoholic beer 40%
Capital Constellation.........B11 I
Christian Dior..........................B12 P icans drinking less alcohol. Athletic Brewing Beer
Intercontinental Exchange
Cigna..................................................A1 Prime Therapeutics...............A1 The biggest nonalcoholic 30
..............................................................B11 beer brand in the U.S. has
Citation Capital.......................B11 Purdue Pharma........................B3 Heineken
iShares Russell 2000 ETF closed a new financing round 20
Citigroup.......................................B11
.............................................................B12 S that values it at around $800
CSX....................................................B11 Samsung Electronics..........B4 million, people familiar with Budweiser
J 10
CVS Health...................................A1 Shell...................................................B3 the matter said. That is
JPMorgan Chase...................B11 roughly double its valuation
D Shiseido..........................................A9 O’Doul’s
K SPDR S&P 500 ETF.........B12 from just two years ago. 0
Dassault Systemes...............B3
Growth-investment firm
E Keurig Dr Pepper...................B2 Stellantis.........................................B1 Busch
General Atlantic is leading –10
Elliott Investment L Stifel Financial...........................A1
the $50 million equity-financ- 2020 ’21 ’22 ’23
Management..........................B3 Lucid..................................................B4 U ing round. Stella Artois
Estée Lauder..............................A9 LVMH Louis Vuitton Moët Ulta Beauty.................................A9 Athletic, founded in 2017,
Share of U.S. adults who drink alcohol,
Express Scripts.........................A1 Hennessy.................................B12 UnitedHealth...............................A1 has quickly ascended the
Corona by age group
ranks to become the king of
Exxon Mobil................................B3 M V nonalcoholic beers. It sur- 70%
F MedImpact Healthcare Volkswagen.................................B2 passed competing products 35–54
Lagunitas
from Heineken and Budweiser 65
as the No. 1 nonalcoholic beer 18–34

INDEX TO PEOPLE brand by sales in U.S. grocery

stores, according to an analy-
Samuel Adams
60

sis of NielsenIQ data. Coors 55+ 55

B Fain, Shawn.................................B1 Musk, Elon...................................B4 It sold more than 258,000
Bates, Zack..................................B6 G P barrels of beer last year, mak- 50
Boyer, Rich....................................B1 ing it a top-20 U.S. brewery, *Based on U.S. grocery store sales
Gutstadt, David.......................B6 Pollio, Travis...............................B4
†Sales in grocery, liquor and convenience stores; based on 52-week periods.
Brooks, Kathleen.....................B3 Portnoy, Dave............................B4 executives told The Wall 45
H Sources: Bump Williams Consulting analysis of NielsenIQ data (2023 sales);
C R Street Journal. NielsenIQ (annual sales); Gallup (drinking alcohol) 2001-03 2011-13 2021-23
Hagge, Tiffany.........................B11 Athletic plans to use the
Cardenas, Gustavo...............B11 Hansen, Julie...........................A10 Rosner, Lindsay......................B11
new capital to continue ex- ment of the beer market. But mofuku culinary brand, David and live a healthier lifestyle.
Chang, David..............................B2 Huang, Jensen..........................A2 S
panding, including through overall beer sales are down as Chang; and cyclist Lance Last year, Athletic ex-
Cinnamond, Eric....................B12 Hudson, Lydie..........................B11 Scarpetta, Stefano.................B1 the recently announced ac- consumer tastes shift. Over Armstrong. ceeded $90 million in sales,
Cooper, Alex.................................B1 K Shufelt, Bill..................................B2
quisition of a third U.S. brew- the past decade, the craft- Summer is one of the busi- according to the company.
Crawford, Andrew..................B2 Singer, Paul..................................B3
Kaplan, Matt...............................B1 ing facility that the company beer boom peaked, then the est times for Athletic, Shufelt The growth has come in part
Solca, Luca.................................B12
D expects will double its brew- hard-seltzer craze peaked. said in an interview. More thanks to its cans getting
L Solomon, Molly.........................B1
Daloz, Pascal..............................B3 ing capacity. The company Now, in addition to alcohol- consumers also are opting for more-valuable real estate in
Leon, Paco de.........................A10 W
E this summer introduced its free beer, people are reaching nonalcoholic options when stores.
Lupo, Joe.......................................A2 Walker, John...............................B2 biggest marketing campaign for canned cocktails. gathering with friends and As part of its investment,
Eisenman, Shai........................A9 M Z to date, dubbed “Ask For Athletic was co-founded by family throughout the year, General Atlantic will secure a
F McMillon, Douglas................A2 Zimmer, Jeremy.......................B1 Athletic.” Chief Executive Bill Shufelt, a and not just for sober mo- seat on Athletic’s board. The
Its products include the former trader at hedge-fund ments such as Dry January, firm also will be participating
Free Wave Hazy IPA and Up- firm Point72 Asset Manage- he said. in a secondary offering—
Cumulative change in real wages 4Q 2019–1Q 2024* side Dawn Golden. Athletic ment. “Ten years ago, there were when existing shareholders
for select countries says its brewing process is Beverage company Keurig no options,” Shufelt said can sell shares to another
0 2 4 6 8% similar to that of normal beer Dr Pepper invested more about the nonalcoholic mar- party—bringing the firm’s to-
Poland but that the company moni- than $50 million in the busi- ket. “We had to totally tal funding in Athletic to well
South Korea
tors the temperature and ness to take a minority stake change the product and the over $50 million.
Portugal other factors to keep alcohol in 2022. At the time, Athletic marketing.” “The penetration [of the
Mexico levels extremely low. was valued at roughly $400 Shufelt left Point72 in 2017 nonalcoholic market] is still
Greece Nonalcoholic options have million, a securities filing to help start Athletic along- really low in North America,”
U.K. surged as Americans continue shows. side his co-founder, John said Andrew Crawford, global
OECD† cutting back on alcohol, with Athletic’s other high-pro- Walker. Shufelt has said he head of General Atlantic’s
France younger Americans drinking file backers include former became interested in nonalco- consumer sector. “The best
U.S. the least. Nonalcoholic beer is professional football star J.J. holic beer when he stopped part about Athletic is they
Japan now the fastest-growing seg- Watt; the founder of the Mo- drinking to focus on his work are defining the category.”
Germany
Canada
Spain
Finland
Italy
UAW’s the president’s office and cer-
tain union board members in
attempts to further her own
Sweden
-8% -6 -4
*Except for Canada, Japan, Mexico and South Korea, which are through 4Q 2023
-2 0 Fain Faces priorities.
Mock, in response, alleged
that she was targeted for “her
†An unweighted average of 35 OECD countries
Source: OECD New Probe refusal to authorize certain im-
proper expenditures” for Fain’s
office, the court document

Job Markets of purchasing power and lim-

iting further inflationary pres- Continued from page B1
states.
Mock, represented by the
NIC ANTAYA FOR WSJ

sures,” the OECD said. years of upheaval as the Jus- same attorney who represents

Expected The recovery of the job

market from the initial blow
delivered by the spread of the
tice Department finished its
sprawling corruption investi-
gation into top UAW leaders,
Boyer, declined to comment
Tuesday.
Additionally, Barofsky in

To Cool Covid-19 virus has been par-

ticularly strong for workers in
lower-wage parts of the econ-
ultimately exposing a series of
kickback schemes, embezzle-
ment and other illicit activi-
April began looking into a
third allegation that a UAW re-
gional director “embezzled”
Shawn Fain has taken an unusually confrontational approach.

omy, and for women, the ties. The civil funds by using
Continued from page B1 OECD said. In 17 of the 33 settlement in- a union credit
most countries. While profits countries with available data, cluded a six- card for per-
grew much more rapidly than traditionally lower-pay indus- year period of The union has sonal expenses
wages in 2021, the OECD esti- tries recorded a faster rise in independent endured years and by “misap-
mates that since the start of real wages between 2019 and oversight by a propriating
2022, labor costs grew more 2023, while employment court-ap- of upheaval union prop-
rapidly than profits in about growth for women has out- pointed monitor erty,” according
two-thirds of the countries paced that of men over the and required
during a to the court fil-        
with data available. same period. the UAW to pay sprawling probe. ing. The re-             
In the OECD’s view, a “Wages are performing bet- $1.5 million to gional director    
squeeze on profits can allow ter in the lower end than in resolve out- isn’t named in      
for further wage rises without the middle or high end,” Scar- standing tax is- the court docu-  !" # $% &'( &'&)
triggering a fresh pickup in in- petta said. sues. ment. " " # $% &'( &'&)
flation. That is an outcome Looking forward, the OECD Barofsky, who has a man- The friction with Barofsky’s * "  "     $%  +,( &'&)-
that central banks have feared said the transition to jobs that date to rid the UAW of fraud, office comes as Fain seeks to       
since the start of the inflation produce lower greenhouse gas corruption and illegal behavior, repair the UAW’s reputation
-.       ""
surge. emissions could have big re- began investigating allegations and capitalize on last year’s
“There are no signs of a gional impacts, with many of of “financial misconduct and contract gains by organizing
price-wage spiral,” the OECD the new jobs that are created retaliation” among the union’s other nonunion auto factories.            
    
said. being in different locations to top officials in February. The union had a break-
However, it warned that those that are lost. The OECD That same month, the through in April when workers
wage rises could yet have an estimates that just 7% of em- union’s board removed some at Volkswagen’s factory in
impact on inflation. ployment is in what it de- authority from the UAW’s sec- Chattanooga, Tenn., voted
“Looking ahead, it will con- scribes as high-emission in- retary-treasurer, Margaret overwhelmingly to join the
tinue to be important to strike dustries, but those who lose Mock, after the union’s compli- UAW. The win was followed by Call Toll-Free: +1  
a balance between allowing their jobs might face a lengthy ance director alleged she a setback the next month
wages to make up some of the period of lower earnings with- abused her power. The director when workers at Mercedes- Dealer Manager
ground they have lost in terms out retraining. claimed Mock improperly de- Benz’s plant in Vance, Ala., re-
nied legitimate requests from jected UAW representation.

How Jeans for Millennials Helped Revive

Abercrombie & Fitch Stock
Goldman Buys TAIT Stake
BY COLIN KELLAHER
Goldman Sachs has struck
a deal to acquire a majority
stake in TAIT, the entertain-
SHELBY KNOWLES/BLOOMBERG NEWS
  
             
       !  "# 
  $   "        
%         & % ' 
ing a potential sale that could    $       %
value the company at about              
$1.3 billion.  & " " "!     ! "!     
TAIT, which designs and    &      % '  
"   "       ()*  
builds concert-touring infra-    + &   "     $  

ment company that engi- structure, said its manage-  & %

neered the staging for Taylor
Swift’s blockbuster “Eras
Tour.”
TAIT on Tuesday said that
the private-equity arm of
Goldman Sachs Asset Manage-
ment’s alternative-invest-
ments platform is buying a
majority stake in the Lititz,
Scan this code for a video on fashion Pa., company from affiliates of
retailer Abercrombie & Fitch’s turnaround Providence Equity Partners
playbook. After years of declining sales, the and other investors for an un-
company now has become one of the disclosed amount.
fastest-growing stocks. Bloomberg last week re-
ported that TAIT was explor-
ment team would continue to   !   ,   "# 
lead the company and would $     " % ' ,  
      &       "
remain significant sharehold-        " " "!     "
ers.  "%    !   ,  
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tives’ private-equity business, )  4 0 %
launched in 1986, has invested
5 -.) 6768%   %
more than $75 billion since its
inception.
THE WALL STREET JOURNAL. Wednesday, July 10, 2024 | B3

BUSINESS NEWS

BP to Book Up to $2 Billion Impairment

Company also warns down around 20%, mainly due
to the lower trading contribu-
earnings will be hit tion in both gas and oil and
by weak oil trading, negative revisions in refining,
Jefferies analysts said in a re-
low refining margins search note.
Analysts currently expect
BY CHRISTIAN MOESS LAURSEN the company to book $3.01 bil-
lion in underlying RC profit—a
BP expects to book an im- metric similar to net income,
pairment of up to $2 billion used by U.S. oil companies—
for the second quarter, and according to a consensus
warned that weak oil trading polled by FactSet.
and lower refining margins However, BP’s upstream
would hurt earnings. volumes look stronger than
The British energy com- anticipated, offsetting some of
pany said Tuesday that it ex- the weakness seen elsewhere,
pects second-quarter results RBC Capital Markets analysts
to be hit by after-tax asset im- wrote in a note.
pairments and one-off con- BP’s quarterly upstream
tract provisions of $1 billion to production—the extraction of
$2 billion, including charges crude oil and natural gas—is
relating to a review of its expected to broadly match
Gelsenkirchen refinery in Ger- that of the first quarter, when
many. it produced 2.38 million bar-
BP said in March that it rels of oil-equivalent a day. Oil
planned to close a third of the production will be stable com-
crude-processing refinery’s pared with the previous quar-
JAMES MACDONALD/BLOOMBERG NEWS

daily capacity of 265,000 bar- ter, while gas and low-carbon

rels due to a weakened de- energy production is set to fall
mand outlook. The London- slightly, BP said.
based company also took a The announced impair-
$1.34 billion impairment re- ments come after its London
lated to the refinery last year rival Shell last week warned
due to a change in the eco- of noncash charges, also up
nomic outlook, it said in its to $2 billion, after pausing
annual report. construction of a major bio-
The company expects its Refining results could grow more volatile for oil companies and refiners as they grapple with falling demand for traditional fuels. fuels plant in the Nether-
customers and products seg- lands and relating to the sale
ment result to weaken from interest and tax in the first profits. could occur more frequently in Meanwhile, BP’s gas mar- of its chemicals plant in
the previous quarter as it quarter. BP’s refining margins were the future for oil companies keting and trading is expected Singapore.
takes a $500 million to $700 The warning echoes a simi- mainly harmed by weaker and refiners as they grapple to be average, it said. In the BP’s shares fell 4.3% Tues-
million hit from significantly lar message from BP’s U.S. middle distillates margins and with falling demand for tradi- first quarter, BP reported day in London, bringing the
lower realized refining mar- peer Exxon Mobil on Monday, narrower North American tional fuels as renewables grow $1.66 billion in the gas and decline for the year so far to
gins. The division booked when it said lower refining heavy crude-oil differentials, it in popularity, XTB research di- low-carbon energy division. 2.5%. BP’s second-quarter re-
$1.29 billion in underlying re- margins across the industry said. rector Kathleen Brooks said in Tuesday’s update should sults are scheduled to be re-
placement-cost profit before would hurt its second-quarter Volatile refining results a market comment. bring earnings estimates leased on July 30.

Purdue Pharma Backs Creditor Suit Against Sacklers

BY ALEXANDER GLADSTONE ing to Monday’s filing. The Representatives for the ruptcy and settled civil opioid bankruptcy court can’t sign between the company, its
AND ANDREW SCURRIA company also is seeking to re- families of the late Mortimer lawsuits against the Sacklers away creditors’ claims against creditors and the Sacklers.
start negotiations with the Sackler and the late Raymond as well. third parties like the Sacklers The company has asked the
Bankrupt opioid maker Pur- Sacklers, whose wealth has Sackler said the creditors’ fil- The family members agreed without unanimous consent. bankruptcy court overseeing
due Pharma is backing an ef- been estimated near $11 bil- ing “is riddled with factual er- to pay $6 billion over time to Some opioid plaintiffs voted its case to extend a freeze on
fort by its top creditors to sue lion. rors, ignores that about half fund opioid abatement and down the family’s offer in fa- pending lawsuits against the
members of the Sackler family The proposed litigation the money was paid in taxes addiction programs in return vor of continued litigation. Sacklers for another 60 days
who own the company over al- names a host of family mem- and is contrary to the goal of for a full release of civil opioid Following the Supreme to prevent a costly resumption
legations that bers and Sack- working together towards a liability. Court ruling, Purdue has of litigation and allow for
they illegally ler-related enti- resolution that provides bil- The justices said that a sought to restart negotiations closed-door negotiations.
transferred bil- ties as lions of dollars for communi-
lions of dollars Purdue defendants, ac- ties and people in need.”
to private supports giving cusing them of Family members previously
trusts before
Purdue’s 2019 the creditors
enriching
themselves by
have denied wrongdoing in
court filings and said that all
Who’s Who of Distinguished Leaders: 2024 Honorees
bankruptcy fil- fraudulently profit distributions they re- Since 1898, Marquis Who’s Who has remained the
ing.
committee legal transferring ceived from Purdue were le- standard for reliable and comprehensive biographical
The official standing to sue. Purdue’s assets gal. reference material. We are proud to highlight hand-selected 20 24
committee of to themselves The committee’s filing said listees who have been recognized as Distinguished Leaders
Purdue’s credi- or for their Purdue has confirmed it isn’t in their fields of endeavor.
tors filed a pro- benefit while the optimal party to pursue Of 1.5 million listees, only a small percentage is recognized
posed complaint against the the company was facing large such claims against the Sack- www.marquiswhoswho.com
with the Distinguished Leaders honor. We laud these
Sacklers on Monday after the legal liabilities. lers. The company supports individuals for their ambition, professional fortitude, industry
Supreme Court last month re- The creditors committee, the committee’s motion for contributions, and career accomplishments.
jected a $6 billion settlement composed of individuals and sole standing to pursue and
agreement to resolve the mass entities with opioid-related settle those causes of action,
opioid-related lawsuits against claims against Purdue, is seek- according to the filing.
the company’s family owners. ing to recover more than $11.5 The Supreme Court’s ruling
Purdue supports granting billion that the Sacklers al- sank a proposed reorganiza-
the creditors committee the legedly moved out of the com- tion plan for Purdue that
legal standing to sue, accord- pany. would have ended its bank-

Dassault Systemes Decreases

Its Full-Year Revenue Guidance
BY IAN WALKER Dassault Systemes quarterly revenue for the year to grow
Jason Thomas Adams, MS Albert “Al” E. Depew Kenneth L. Funderburk, Esq.
in the range of 6% to 8%, VP, HSE, Risk, Quality & Lean Mfg President Attorney
revenue, change from Norsk Hydro Depew Tax/Estate Planning Funderburk Law
Dassault Systemes cut its a year earlier down from previous guidance
full-year revenue guidance of 8% to 10%, and for diluted
after saying that revenue for 20% EPS to rise 8% to 11%, com-
the second quarter missed its pared with 10% to 12%.
forecast because of customer Chief Executive Pascal
caution given the geopolitical 15 Daloz said that despite the
environment. delays in orders, all deals are
The French software still expected to be booked in
maker said second-quarter 2Q 2024 future quarters.
10
revenue is expected to be company “However, we anticipate
€1.495 billion, equivalent to estimate that a certain volatility in
$1.62 billion, compared with +4% customers’ decision-making
company guidance of €1.525 5 will continue and conse-
billion to €1.555 billion. quently believe it is prudent
It said revenue is €30 mil- to reflect this in our full-year
lion lower than expectations outlook,” he said.
0
because of transaction de- The company expects to
lays. 2022 ’23 ’24 report earnings for the sec- Barry Jackson, PhD,LPC-PA,NCC Dr. Clifford King Ella McElwee, PhD, HmD, ND
However, diluted earnings Sources: S&P Capital IQ; the company ond quarter ended June 30 Professor Emeritus, Director Elementary School Principal (Ret.) Founder, Director
per share was in line with on July 25. Commonwealth University of Penn. SCCPSS Health By Choice Inc.
guidance, at 30 European EPS of 30 to 31 European Dassault Systemes shares
cents. The company had cents. fell 5.2% Tuesday in Paris,
guided for second-quarter Dassault Systemes expects ending at €33.69.

Swissair Swiss Air Transport Company Ltd. in debt

restructuring liquidation / publication of provisional

Elliott Contests Court Ruling
BY JOE WALLACE the LME last fall.
The dispute revolves
True to form, Elliott In- around the LME’s decision to
vestment Management isn’t cancel $12 billion in nickel
backing down in a fight over a trades after prices spiked in
blowup in trading on the Lon- early 2022.
don Metal Exchange. Elliott says the decision de-
Lawyers for Paul Singer’s prived it of over $728 million
hedge-fund firm, a veteran of in profit. The LME, owned by
legal brawls against oppo- Hong Kong Exchanges and
nents such as the Argentine Clearing, argues it averted a
government, appeared in Lon- potential “death spiral” of de-
don’s Court of Appeal Tuesday faults by brokers unable to
to contest a ruling in favor of pay margin calls.
distribution list for the 5th interim payment
The provisional distribution list for the 5th interim
payment in the debt restructuring proceedings with
assignment of assets concerning Swissair Swiss Air
Transport Company Ltd. in debt restructuring liquidation,
Balz Zimmermann-Strasse, 8302 Kloten, will be open to
inspection by the creditors concerned between 10 July
2024 and 22 July 2024 at the offices of the liquidator,
Karl Wüthrich, attorney-at-law, Wenger Plattner,
Goldbach-Center, Seestrasse 39, 8700 Küsnacht. For
inspection, please call the hotline on +41 43 222 38 50
to arrange an appointment.
Appeals against the provisional distribution list must
be lodged with the Bezirksgericht Bülach als untere
Aufsichtsbehörde für Schuldbetreibung und Konkurs,
Spitalstrasse 13, Postfach, 8180 Bülach, within ten
days of the list’s publication, i.e. by 22 July 2024 (date
of postmark of a Swiss post office). If no appeals are
lodged, the 5th interim payment will be made as
provided for in the provisional distribution list. Heather Sawyer Kenneth Allen Taylor, PhD Amber Windsor, PhD
Küsnacht, 10 July 2024 Realtor Donald L. D. Caspar Prof. Child Life Counselor
Swissair Swiss Air Transport Company Ltd.
in debt restructuring liquidation William Pitt Sotheby’s Intl Realty Biological Science, Florida State U. Child & Adolescent Mental Health
The Liquidator:
Karl Wüthrich
www.liquidator-swissair.ch
B4 | Wednesday, July 10, 2024
Lucid, Fisker Issue
EV Safety Recalls
Issues with some
recent electric-
vehicle models could
cause loss of power
BY DEAN SEAL
Lucid Group and Fisker
have each deployed recalls on
thousands of recently manu-
factured electric vehicles over
issues that could cause a loss
of power.
Lucid is recalling 2022 and
2023 model Lucid Air vehicles
over a safety mechanism that
is susceptible to intermittent
hardware connection faults,
which has caused vehicles to
lose power while driving in at
Podcaster
Has Gen Z
Attention
Continued from page B1
Winfrey.”
NBC has made no topics
off-limits for the broadcasts,
Cooper says, so she plans to
pull from the “Call Her
Daddy” playbook: What’s the
deal with beds at the Olympic
Village? And are athletes hav-
ing a lot of sex there? “That,”
she says, “will be my No. 1
question.”
Podcast’s start
Cooper grew up in New-
town, Pa., the youngest of
three children. She enjoyed
making movies in her child-
hood basement, and when she
matriculated at Boston Uni-
versity, she decided to study
film and television.
In 2018, after graduation
and moving to New York City,
Cooper and Sofia Franklyn
launched “Call Her Daddy.”
They were two roommates in
their early 20s, talking frankly
about getting blackout drunk,
masturbation and one-night
stands. The show was quickly
acquired by Barstool Sports,
the male-oriented media out-
let founded by Dave Portnoy,
and soon ranked among the
top 30 U.S. podcasts.
After a falling-out with
Franklyn in 2020 amid con-
tract negotiations with Bar-
stool, Cooper hosted solo for
another year in an agreement
that would give her ownership
of the show. Then she took it
to Spotify, where the
show assumed a more tradi-
tional interview format.
Cooper still turns the con-
versation to sex and relation-
Quitting smoking
was hard.
Screening for lung
cancer is easy.
If you smoked, you may still be at risk,
but early detection could save your life.
Get SavedByTheScan.org
least 10 instances, according to
a report from regulators dated
July 1. The company transmit-
ted an over-the-air update to
vehicles on June 24 to correct
the issue.
Fisker’s recall involves an
issue with the battery man-
agement systems of 2023 and
2024 Ocean vehicles that
could cause cabin electric wa-
ter pumps to fail, according to
a July 2 report from the Na-
tional Highway Traffic Safety
Administration.
Lucid said more than 5,200
vehicles could potentially be
wrapped up in its recall, while
Fisker is pegging that number
at more than 7,500 vehicles.
Owners of the affected Lu-
cid vehicles who haven’t up-
ships, eliciting dishy details
about her guests’ lives. She
also has given them space to
talk about more sensitive is-
sues, including eating disor-
ders, addiction and transgen-
der rights. The fame of her
guests has reached new
heights. “When Jane Fonda
came on, I remember so many
Gen Z people were like, ‘This
woman’s iconic,’” Cooper says.
“I’m like, of course.”
Heidi Klum says that her
20-year-old daughter, Leni,
encouraged her to go on the
podcast this year. She an-
swered questions like, “On a
scale of prude to total freak,
where do you fall, Heidi?”
(Her response: “Nine.”) “I let
my guard down,” says Klum.
Cooper records “Call Her
Daddy” in a West Hollywood
home near the Trending of-
fice—an atmosphere that
guests say is more inviting
than other press stops.
“There were no frills or
anything, she was in sweats,”
says actor Chace Crawford.
“We rolled right into conver-
sation laughing.”
A listener of the show since
its earliest days, which he
called “peak comedy and also
very real and raw,” Crawford
jumped at the opportunity to
go on the show while promot-
ing the new season of Ama-
zon’s “The Boys.” “Alex is gen-
uinely interested and fully
engaged,” he says of her inter-
view style. “There’s no BS.
And it’s why she’s on top.”
Last fall, Cooper sold out
her seven-show, six-city “Un-
well Tour,” filling large venues
including the Theater at Madi-
son Square Garden, and two
nights at The Met in Philadel-
phia. Each show had surprise
celebrity guests, including
Bravo’s Andy Cohen, comedian
Chelsea Handler and country
artist Kelsea Ballerini.
“Being not a part of the de-
mographic and not part of the
‘Daddy Gang,’ when I went on
TECHNOLOGY & MEDIA
dated their software to fix the
issue will be notified to do so
in August and can follow up
with customer service if assis-
tance is needed.
The owners of impacted
Fisker vehicles will have to get
their cabin electric water
pumps replaced with an im-
proved coating at no cost.
Fisker isn’t aware of any acci-
dents or injuries reported in
connection with the recall, ac-
cording to the report.
Representatives for Lucid
and Fisker didn’t immediately
respond to requests to com-
ment on Tuesday.
Fisker’s recall comes within
weeks of the EV company fil-
ing for bankruptcy and issuing
a voluntary recall of more
Cooper will be hosting live Olympic watch parties in Paris for NBCUniversal’s streaming
service Peacock. NBC has made no topics off-limits for the broadcasts, Cooper says.
tour and really saw the audi-
ence and the relationship she
had with them—I have never
seen anything like it,” says T.J.
Marchetti, 55, who joined Coo-
per’s company last fall as the
chief brand officer for Unwell.
In April, she released a
“Call Her Daddy” episode with
Olympic gold medalist Simone
Biles—the first step in her
partnership with NBCU for the
Summer Games. The episode
was one of the top five epi-
sodes of “Call Her Daddy” this
year by listenership, according
to Cooper’s team. At an NBCU
Olympics media preview in
late June, the network aired a
clip of the Biles interview; a
longer version will air on
prime time during the Games.
Seeking a new deal
This comes as Cooper has
been shopping around for a
new “Call Her Daddy” distri-
bution partner for months, as
her current deal with Spotify
nears its end. Sirius is among
the front-runners, people fa-
miliar with the matter said,
and Cooper is looking for a
minimum $100 million guar-
antee and revenue sharing on
the upside.
In January, the audio ver-
sion of the podcast became
available on competitor ser-
vices like Apple, Amazon and
iHeartPodcasts while Cooper
works toward inking a new
distribution deal.
Samsung Union Launches Indefinite Strike
BY KWANWOO JUN
Samsung Electronics
unionized workers have de-
cided to launch an indefinite
strike in South Korea, press-
ing harder for their demands
on wages and work condi-
tions.
The National Samsung
Electronics Union’s decision
came on Wednesday, the final
day of a three-day walkout
that it said failed to bring
Fisker Ocean SUVs at a company sales and service center in Vista, Calif., in May.
than 12,500 vehicles in North
America and Europe over is-
sues with their outer door
handles.
Lucid, meanwhile, has seen
“Everyone has put their of-
fers in, and now we’re all go-
ing back and forth, trying to
decide which is going to be
the best place,” she says.
Last August, Cooper
launched Unwell with two
signed TikTok stars, Alix Earle
and Madeline Argy. Both are
hosting podcasts, and Earle has
already seen success with a line
of T-shirts, sweats and baseball
hats; Cooper says two recent
merchandise drops sold over
“seven figures” apiece.
In February, Unwell an-
nounced its first male star:
Harry Jowsey, an Australian
reality-television personality
from the Netflix shows “Too
Hot to Handle” and “Perfect
Match.” More recently, Tik-
Toker Hallie Batchelder,
known for sharing her unapol-
ogetic NYC dating and party-
ing escapades, and the actor
and comedian Owen Thiele
joined the Unwell roster.
“We’re never trying to just
not include the men. We want
men to be a part of the con-
versation,” says Cooper. “I
think the more men can be a
part of the conversation, the
more things can change. Ele-
vating female voices is impor-
tant to me, but I’m absolutely
not opposed to bringing the
men in.”
Cooper says she looks for
talent that is “very concrete in
who they are, who they’re try-
ing to reach and what their
voice is.”
management back to the ne-
gotiating table.
The 30,000-member union,
which accounts for nearly a
quarter of the company’s
workforce, said that about
6,500 workers have been on
strike across the country
since Monday.
Samsung, the world’s larg-
est maker of memory chips
and smartphones, has re-
ported no immediate disrup-
tions to production.
* *****
its fortunes shift in the past
month after a bumpy couple
of years, as demand for EVs
starts to show signs of revival.
The California-based startup
Contracts with talent vary
person by person and are con-
fidential, the company said.
And while Unwell stars have all
first created podcasts, that
might not be the starting point
for all future talent it brings
into its fold. Its focus is to help
personalities build community,
and then expand into areas in-
cluding merchandise, events,
consumer products, film and
television, the company said.
Thanks to Cooper’s experi-
ence navigating ownership of
her podcast’s intellectual
property, Unwell stars are able
to own the rights to the
brands they’ve built if they
leave its network.
Cooper says she takes meet-
ings with authors she finds on
TikTok to see about optioning
their work for film. Kaplan,
meanwhile, is in charge of
Trending partnerships and
oversees the scripted film and
television ventures. The two
are co-CEOs and make big de-
cisions together.
Travis Pollio, director of
ticket strategy and promotion
for the Boston Red Sox, says
he experienced the power of
Cooper’s fandom last Novem-
ber when he stumbled upon a
line of over a thousand people
chanting “Daddy” on Boston’s
Lansdowne Street. They were
queuing up for an Unwell Tour
event at MGM Music Hall.
Pollio says he reached out
to Cooper’s team this spring
to see about collaborating on
The union said in a state-
ment Wednesday that man-
agement’s unwillingness to
talk to union leaders has led
to an “indefinite general
strike” and that prolonged in-
dustrial action would make
“management eventually
come to the negotiating ta-
ble.”
The union urged union
members to not return to
work until it reverses its deci-
sion.
THE WALL STREET JOURNAL.
WSJ.com/Tech
MIKE BLAKE/REUTERS
reported on Monday that de-
liveries were up 70% in the
quarter ended June 30, which
followed price cuts earlier this
year on its Air sedan.
an event. “We’ve been very in-
tentional about our program-
ming on game days, towards
women and the female audi-
ence,” he says.
He noted that the Red Sox’s
successful 2023 Barbie Night
and Taylor Swift’s NFL effect
are proof that young women
can be better galvanized
around men’s professional
sporting events.
In June, when Cooper threw
the first pitch at Fenway Park,
the baseball stadium was deco-
rated with posters of Cooper
and there was a mechanical
bull in the concourse. Ticket
holders received Red Sox jer-
seys with “Unwell” on the
back. Pollio says over 5,500
tickets were purchased for the
themed event, a large portion
of all individual tickets avail-
able—and that nearly three-
quarters of buyers were
women. “It shows the power of
her brand,” he says.
Coveted fan base
In an election year, Coo-
per’s fan base also comprises
DARIO CATELLANI FOR WSJ. MAGAZINE
two coveted demographics in
the eyes of political candi-
dates: young people and
women. Cooper hasn’t shied
away from talking about polit-
icized issues like abortion.
“Anyone that has a uterus and
even if you have a penis, you
should care about women’s
rights,” she says.
Still, politicians don’t make
good guests for her show, she
says. “I think my fans have no
interest,” she says. “When it
comes to political figures, I
kind of just feel like they can
be on CNN and Fox.”
Cooper is turning 30 in Au-
gust. She just got married this
spring and hopes to have chil-
dren someday. “When a child
is involved, who knows, maybe
I will have a moment and re-
set my boundaries within the
show and myself,” she says.
But for the moment, she is
absorbed in building her busi-
ness, working 12-hour days,
six days a week. She feels that
the work she is doing is in a
league of its own.
“I just compete with myself
in a healthy way,” Cooper
says. “I don’t think there is
anyone that I would want to
be compared to or that I see
doing exactly what I want to
be doing.”
—Anne Steele
contributed to this article.
Styling: James Valeri;
hair: Hikaru; makeup: John
McKay; manicure: Riley
Miranda; set design: Jeremy
Reimnitz; production: Day
International; director of
photography: Sean O’Neill
Watch a Video
Scan this code
for a video with
Alex Cooper
about her
podcast’s rise.
Samsung’s management
and union leaders have been
in on-again, off-again wage
negotiations since January
but have failed to work out an
agreement.
Among union demands
were an extra one day of leave
to mark the union’s founda-
tion day, an average 3.5%
wage increase for all union
members and a change to
what the union says is an un-
fair bonus pay system.
THE WALL STREET JOURNAL. Wednesday, July 10, 2024 | B5
B6 | Wednesday, July 10, 2024 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Ivy League U.S. to Scrutinize
Clubs Seek More Property Deals
Members Near Military Bases
Continued from page B1
ates are turning to a new gen- BY RICHARD VANDERFORD move, but Washington has re-
eration of private clubs such peatedly sought to broaden its
as Casa Cipriani, Zero Bond More foreign real-estate powers to review investment
ANDREW LICHTENSTEIN/CORBIS/GETTY IMAGES

and Soho House, amid a new transactions near U.S. bases flows amid growing worries
Golden Age for membership stateside would face scrutiny about China.
clubs with features such as a under a new Biden adminis- Cfius generally has focused
rooftop pool or an omakase tration proposal, a move that on corporate deals. In 2018,
restaurant. comes amid concerns about though, Congress expanded
“When you hear people China. the committee’s authority to
talking about clubs they’re ex- The U.S. Treasury Depart- encompass real-estate trans-
cited about, they don’t men- ment on Monday proposed a actions near military bases
tion university clubs,” said Da- vast expansion of the number and other sensitive sites.
vid Gutstadt, a real-estate of domestic installations it Under Monday’s proposal,
developer and Princeton alum- watches under a law that al- for example, the administra-
nus whose Philadelphia-based The Harvard Club is among those that have eased their dress code to appeal to newer alumni. lows the government to block tion would be able to review
firm was consulted to renovate foreigners from buying land. transactions within 100 miles
that club before it closed. decade of annual net losses in At the Yale Club, women were alumni of more than two The proposal would allow of Joint Base Cape Cod, lo-
membership since its incep- first permitted as members in dozen colleges. the Committee on Foreign In- cated in Sandwich, Mass.,
tion in the mid-1990s, accord- 1969, though parts of the club Regina Jaslow, a 1997 vestment in the U.S., which re- meaning real-estate deals near
Pandemic setback ing to a member of the club’s remained men-only until the Wharton School graduate, views deals for national secu- Boston and Providence, R.I.,
The pandemic was another leadership. The Cornell Club ’70s. joined the Penn Club’s leader- rity issues, to look into real- could in theory also come un-
blow to the clubs, which has lost $280,000 to $2.1 mil- While a spiffier bar area ship in 2005. As the director estate purchases near more der the Cfius magnifying
missed out on revenue from lion every fiscal year since and more casual dress code of member marketing, she than 50 military sites that glass. Cfius’s rules, though,
their restaurants and other 2016, tax filings show. might help attract a younger helped attract young members hadn’t previously been cov- exempt most transactions in
services when the clubs closed The Princeton Club likely set of alumni to the Princeton by introducing late-evening ered. Some of the added in- built-up urban areas from re-
because of Covid-19 restric- suffered the most. It lost Club, a number of older club networking events and speed stallations are deemed sensi- view.
tions. Some fed-up members roughly one-third of its mem- board members have been dating. The club soon reversed tive enough that even deals up The proposal also would al-
dropped out for good. bership during the pandemic, generally resistant to major a 10-year downturn in mem- to 100 miles away could be low officials to review trans-
More recently, the rise in according to a person familiar change, according to Steven bership and even recovered its blocked. actions within 100 miles of
campus activism over the war with the situation. In 2021, the Morales, a former staffer at losses, she said. But it still “Cfius plays an integral role Wright-Patterson Air Force
in Gaza has complicated some club defaulted on a $40 mil- the Princeton Club. struggled to retain profession- in U.S. national security by Base near Dayton, Ohio, up
younger members’ relation- lion loan tied to its building on als in their 30s. thoroughly reviewing real-es- from one mile, which would
ship with the clubs. Two re- West 43rd Street. An unknown Some of the Penn Club’s tate transactions near sensi- put some real-estate deals in
cent Ivy League graduates now buyer using a shell company Casual dress strategies to attract young tive military installations, and the booming Columbus area
living in New York City said acquired the property for $8 Still, the clubs have loos- members are used across the this proposed rule will signifi- under Cfius’s purview.
their colleges’ crackdowns on million in December. ened their rules to some de- Ivy League circuit. While older cantly expand its jurisdiction In May, President Biden or-
pro-Palestinian protests per- The Ivy clubs are still rela- gree over the past several alumni can pay annual dues and ability to accomplish this dered MineOne Partners, a
suaded them not to join one of tively homogenous, Gutstadt years. For decades, dress close to $2,000, the clubs offer vital mission,” Treasury Secre- crypto company ultimately
their alma mater clubs. said, which reflects the codes have been a fault line discounted memberships for tary Janet Yellen said. owned by Chinese nationals,
The Ivy League schools with schools’ alumni bases. But between older and younger recent alumni. Treasury didn’t single out to sell real estate located
clubs in New York tend to keep young people are seeking out alumni. In 1999, the Yale Club At the Harvard Club, gradu- any one national security con- within a mile of a Wyoming
most membership and other environments that reflect the became the first of Manhat- ates of the Class of 2024 just cern as a driver behind the nuclear missile base.
information private, but some diversity of the city, he said. tan’s Ivy clubs to allow casual pay $100 for their first year,
recent events suggest dis- The Harvard Club, founded dress on Fridays in an attempt which is returned to them as a
tress. in 1865, was the first estab- to attract younger members $100 club gift card. For Har-
The Yale Club changed its lished and Princeton was close and creatives. vard alumni living in New York
admission process to accept behind. Early on, the Ivy The Yale Club today allows City, dues otherwise range
members without an affilia- League clubs were populated jeans throughout the club- from $520 to $2,598 annually.
tion to the university. Most by businessmen who wanted house, and the Harvard Club The Cornell Club has launched
anyone can now apply to the to conduct meetings out of the now permits “casual attire”— young-alumni-exclusive events
club if they have the endorse- public’s eye, according to Zack except in two of its main halls and given recent graduates
ment of at least two members, Bates, chief executive of con- after 5 p.m. free fitness memberships to
according to a club document. sulting company Private Club All but the Harvard Club al- reel them in.

AARON DOSTER/AP
A Yale Club representative Marketing. low alumni of several other If these efforts don’t suc-
declined to comment about Like their respective col- colleges to apply for member- ceed, the clubs face a potential
changes to the admission sys- leges, the clubs didn’t wel- ship as “affiliate” members. crisis. “Their existing mem-
tem. come women as members for Collectively, the four remain- bers all die out,” said Bates,
The Penn Club chalked up a decades after their founding. ing clubhouses represent the private club consultant. Wright-Patterson Air Force Base near Dayton, Ohio.

The world’s most extraordinary

wildlife are relying on us to survive.
Thank you for becoming a friend.
THE WALL STREET JOURNAL. * * Wednesday, July 10, 2024 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq CarrierGlobal CARR 62.29 -0.84 Datadog DDOG 126.63 -5.77 FTI Consulting FCN 213.73 0.02 Heico HEI 224.89 -3.30 HuntingIngalls HII 241.93 -1.07 s ICE ICE 142.46 1.29
Stock Market listed securities. Prices are consolidated from trades reported by various Carvana CVNA 125.70 3.38 DaVita DVA 137.92 0.54 Fabrinet FN 239.90 -1.76 Heico A HEI.A 177.64 -2.11 HyattHotels H 148.63 -0.04 InterContinentl IHG 104.25 -0.15
market centers, including securities exchanges, Finra, electronic communications t IBN 29.38 0.24 IBM
CaseysGenStores CASY 360.62 -6.95 Dayforce DAY 48.32 -0.14 FactSet FDS 411.74 -6.13 HenrySchein HSIC 64.44 -0.31 ICICI Bank IBM 176.48 -1.16
networks and other broker-dealers. The list comprises the 1,000 largest companies
based on market capitalization. Catalent CTLT 57.30 0.19 DeckersOutdoor DECK 939.05 -13.65 s FairIsaac FICO 1568.06 38.00 Hershey HSY 182.75 -2.01 IdexxLab IDXX 477.89 -5.84 IntlFlavors IFF 96.81 -0.48
Caterpillar CAT 326.06 -3.00 t Deere DE 348.84 -6.16 Fastenal FAST 62.56 -0.27 Hess HES 145.78 -0.85 ING Groep ING 17.89 -0.03 IntlPaper IP 42.55 -0.62
Underlined quotations are those stocks with large changes in volume compared Celanese CE 131.40 -2.59 DellTechC DELL 145.74 -0.23 FederalRealty FRT 100.59 ... s HessMidstream HESM 37.17 0.05 IQVIA IQV 213.05 4.11 Interpublic IPG 28.51 0.13
with the issue’s average trading volume. DAL 46.89 0.54 FedEx HewlettPackard 21.25 0.36 ITT ITT 125.97 -0.92 Intra-Cellular ITCI 74.07 2.51
CelsiusHldg CELH 55.55 -0.51 DeltaAir FDX 292.73 -2.80 HPE
Boldfaced quotations highlight those issues whose price changed by 5% or more if Cemex CX 6.27 -0.02 s DescartesSystems DSGX 100.27 0.35 Ferguson FERG 188.00 -2.66 Hilton HLT 215.25 0.68 IcahnEnterprises IEP 16.83 -0.28 Intuit INTU 650.42 -9.16
their previous closing price was $2 or higher. Cencora COR 222.37 -1.32 DeutscheBank DB 16.66 -0.07 Ferrari RACE 426.29 -1.09 Hologic HOLX 74.75 0.22 Icon ICLR 324.00 3.08 IntuitiveSurgical ISRG 442.30 -2.23
Footnotes: CenovusEnergy CVE 19.26 -0.32 DevonEnergy DVN 46.06 -0.46 Ferrovial FER 39.71 -0.94 HomeDepot HD 337.09 -2.51 IDEX IEX 195.24 -0.40 InvitatHomes INVH 36.10 -0.03
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four Centene CNC 65.74 -0.45 DexCom DXCM 110.84 -0.13 FidNatlFinl FNF 48.08 -0.21 HondaMotor HMC 31.64 -0.18 IllinoisToolWks ITW 234.06 0.15 s
IronMountain IRM 93.13 0.26
quarters. CenterPointEner CNP 29.63 -0.69 Diageo DEO 126.67 -1.43 FidNatlInfo FIS 73.72 -1.13 Honeywell HON 210.60 -1.03 Illumina ILMN 106.68 -1.16
ItauUnibanco ITUB 6.11 0.13
Stock tables reflect composite regular trading as of 4 p.m. ET and CentraisElBras EBR 7.10 0.16 DiamondbkEner FANG 202.60 -0.75 FifthThirdBncp FITB 36.21 -0.02 HormelFoods HRL 30.04 -0.11 ImperialOil IMO 67.68 -0.54
changes in the official closing prices from 4 p.m. ET the previous day. CerevelTherap CERE 40.53 -0.06 Dick's DKS 200.96 -0.12 FirstCitizBcshA FCNCA 1720.09 34.17 DR Horton DHI 136.00 -0.18 Incyte INCY 60.70 2.53 J K L
CharlesRiverLabs CRL 201.85 -0.61 DigitalRealty DLR 153.30 -0.36 FirstHorizon FHN 15.51 0.40 HostHotels HST 17.54 -0.15 Informatica INFA 28.96 -1.64
CharterComms CHTR 293.91 3.35 DiscoverFinSvcs DFS 130.00 1.14 FirstSolar FSLR 225.23 -1.89 HoulihanLokey HLI 135.02 0.80 Infosys INFY 19.30 -0.20 JD.com JD 26.82 0.35
Tuesday, July 9, 2024 Net Net s CheckPoint CHKP 169.89 0.49 Disney DIS 97.05 -0.32 FirstEnergy FE 38.65 0.06 HowmetAerospace HWM 80.24 -0.23 IngersollRand IR 91.73 -0.38 JPMorganChase JPM 207.63 2.46
Stock Sym Close Chg Stock Sym Close Chg Chemed CHE 527.82 -6.45 DocuSign DOCU 51.91 -1.92 Fiserv FI 151.09 0.11 Hubbell HUBB 371.15 -5.86 Ingredion INGR 111.98 -0.91 Jabil JBL 110.01 -0.01
Net DolbyLab DLB 78.88 -0.66 Flex HubSpot HUBS 560.21 -25.95 s Insmed INSM 70.27 0.22 JackHenry JKHY 162.88 -1.46
Stock Sym Close Chg CheniereEnergy LNG 175.98 0.58 FLEX 29.30 -0.34
AB InBev BUD 59.01 -0.33 Berkley WRB 78.75 -0.87 CheniereEnerPtrs CQP 50.03 0.63 DollarGeneral DG 128.54 -0.99 Floor&Decor FND 89.87 -2.34 Humana HUM 373.36 2.93 Insulet PODD 195.17 -3.50 JacobsSolns J 136.44 -1.22
AnnalyCap NLY 19.02 0.03 BerkHathwy B BRK.B 410.52 1.44 DollarTree DLTR 104.03 -2.69 Fluor -0.53 JBHunt JBHT 155.54 -2.50 Intel INTC 34.59 0.60 JamesHardie JHX 31.27 -0.52
A B C ChesapeakeEner CHK 82.54 -0.06 FLR 43.68
AnteroResources AR 32.48 -0.32 BerkHathwy A BRK.A 6189994574.90 Chevron CVX 152.98 -1.35 DominionEner D 49.48 0.15 FlutterEnt FLUT 198.93 1.48 HuntingtonBcshs HBAN 12.97 -0.02 InteractiveBrkrs IBKR 125.25 1.78 Continued on Page B8
AECOM ACM 82.37 -1.05 Aon AON 293.16 -4.95 BestBuy BBY 86.42 0.91 Chewy CHWY 24.81 0.01 Domino's DPZ 477.83 -22.50 FomentoEconMex FMX 112.33 2.44
AES AES 17.68 -0.17 APi Group APG 36.48 -0.25 Bio-Techne TECH 71.29 -0.27 Chipotle CMG 57.48 -2.03 Donaldson DCI 69.34 -1.08 FordMotor F 12.90 -0.08
Aflac
Ansys
AFL 88.93 0.41
ANSS 327.35 -0.29
ApolloGlblMgmt APO 116.68 0.76 Bio-RadLab A BIO 274.88 -0.06
AppFolio APPF 248.87 -3.68 Biogen BIIB 229.06 0.99
ChordEnergy CHRD 167.99 -1.75
Chubb CB 253.34 0.35
DoorDash
Dover
DASH 108.95 -0.09 Fortinet
DOV 175.13 -1.36 Fortis
FTNT 60.28
FTS 39.25
0.17
0.02
Borrowing Benchmarks
APA APA 28.79 -0.05 s Apple AAPL 228.68 0.86 BioMarinPharm BMRN 82.98 0.30 ChunghwaTel CHT 36.12 -0.19 Dow DOW 51.58 -1.22 Fortive FTV 72.64 -0.90 wsj.com/market-data/bonds/benchmarks
ASE Tech ASX 11.96 0.18 AppliedIndlTechs AIT 183.80 -4.88 BioNTech BNTX 80.51 0.02 Church&Dwight CHD 104.61 -0.97 DrReddy'sLab RDY 77.68 0.16 FortuneBrands FBIN 64.30 -0.13
ASML ASML 1059.97 -17.42 s ApplMaterials AMAT 251.47 5.18 Birkenstock BIRK 56.29 -0.47 ChurchillDowns CHDN 138.80 0.13 DraftKings DKNG 36.74 -0.85 FoxA FOXA 35.19 0.67
AT&T
ATI
T
ATI
18.80 -0.01
57.53 -0.67
AppLovin APP 84.71 -0.47 BlackRock
Aptargroup ATR 140.04 -1.47 Blackstone
BLK 802.28 12.09
BX 121.28 0.51
Cigna CI 328.37 4.59
CincinnatiFinl CINF 116.93 0.25
Dropbox DBX 22.02 -0.22 FoxB
DukeEnergy DUK 100.94 0.30 Franco-Nevada FNV 122.62
FOX 32.76 0.62
-0.08
Money Rates July 9, 2024
AbbottLabs ABT 101.64 -0.48 Aptiv APTV 69.08 -0.60 BlockHR HRB 52.99 -0.59 Cintas CTAS 711.30 0.26 Duolingo DUOL 186.77 -9.94 FranklinRscs BEN 22.06 -0.08
AbbVie ABBV 168.05 1.53 Aramark ARMK 32.43 -0.65 Block SQ 64.51 0.28 CiscoSystems CSCO 45.80 -0.26 DuPont DD 78.53 -0.94 FreeportMcM FCX 50.80 -0.33
Key annual interest rates paid to borrow or lend money in U.S. and
Abercrombie&Fitch ANF 179.24 0.71 ArcelorMittal MT 22.35 -0.65 BlueOwlCapital OWL 16.92 0.02 s Citigroup C 66.55 1.81 Dynatrace DT 43.18 -2.11 FreseniusMedCare FMS 19.37 -0.03 international markets. Rates below are a guide to general levels but
Accenture ACN 298.06 -1.41 ArchCapital ACGL 98.00 -0.26 BlueprintMed BPMC 115.25 -1.07 CitizensFin CFG 36.30 0.75 elfBeauty ELF 206.42 3.34 FullTruck YMM 8.21 0.17
AcuityBrands AYI 236.34 -2.23 ADM ADM 63.13 -0.25 Boeing BA 183.24 -2.60 CleanHarbors CLH 220.24 -2.95 EMCOR EME 363.56 -0.28 don’t always represent actual transactions.
Adobe ADBE 566.02 -9.38 AresMgmt ARES 134.78 -0.99 Booking BKNG 3977.48 -7.15 Cleveland-Cliffs CLF 15.18 -0.29 ENI E 30.57 -0.31 G H I Week —52-WEEK—
AdvDrainageSys WMS 152.99 -0.91 argenx ARGX 457.68 21.26 BoozAllen BAH 154.39 0.69 Clorox CLX 131.85 -1.00 EOG Rscs EOG 125.67 0.04 Inflation Latest ago High Low
AdvMicroDevices AMD 177.10 -1.59 s AristaNetworks ANET 365.75 -5.32 BorgWarner BWA 31.66 0.23 Cloudflare NET 82.58 -2.30 EPAM Systems EPAM 182.59 -3.54 GE Aerospace GE 163.13 -0.40
May index Chg From (%)
Aegon AEG 6.25 0.07 s Arm ARM 182.28 -2.42 BostonSci BSX 76.51 0.40 Coca-Cola KO 62.69 -0.27 EQT EQT 36.54 0.16 GE HealthCare GEHC 76.87 0.52
AerCap AER 94.02 0.83 AscendisPharma ASND 136.45 -0.01 BristolMyers BMY 40.86 0.87 EagleMaterials EXP 212.39 -1.03 GE Vernova GEV 172.98 -1.39 level April '24 May '23 Other short-term rates
CocaColaCon COKE 1076.86 -12.39
AffirmA AFRM 28.36 0.21 AspenTech AZPN 188.95 -9.94 BritishAmTob BTI 31.77 0.20 Coca-ColaEuro CCEP 72.22 -1.21 EastWestBncp EWBC 71.76 1.02 GFLEnvironmental GFL 38.71 -0.64
AgilentTechs A 125.42 -0.65 Assurant AIZ 161.61 0.21 Broadcom AVGO 1733.31 -12.55 EastGroup EGP 173.36 -1.09 GSK GSK 38.60 -0.11 U.S. consumer price index Week 52-Week
Cognex CGNX 48.46 1.16 Latest high low
AgnicoEagleMines AEM 70.20 0.27 AsteraLabs ALAB 56.20 -2.71 BroadridgeFinl BR 199.99 -1.78 EastmanChem EMN 94.66 -1.09 Gallagher AJG 263.93 -0.61 All items 314.069 0.23 3.3 ago
CognizantTech CTSH 66.89 -0.66
AstraZeneca AZN 76.67 -0.46 BrookfieldAsset BAM 37.88 -0.26 ETN 318.71 -0.25 GameStop GME 24.60 0.15
AirProducts APD 254.70 -0.20 s Coherent COHR 75.11 -1.44 Eaton Core 318.629 0.20 3.4 Call money
Airbnb ABNB 152.45 0.49 Atlassian TEAM 177.98 -3.82 Brookfield BN 42.99 0.27 eBay EBAY 52.65 -0.14 Gaming&Leisure GLPI 44.80 -0.23
CoinbaseGlbl COIN 219.97 -0.59
AtmosEnergy ATO 114.77 0.69 BrookfieldInfr BIP ECL 242.25 -0.63 Gap GPS 23.27 -0.17 7.25 7.25 7.25 7.00
AkamaiTech AKAM 92.48 -0.46 27.87 -0.42 ColgatePalm CL 97.04 -0.54 Ecolab
GRMN 161.49 -0.04
International rates
t Albemarle ALB 90.47 -8.68 Autodesk ADSK 243.96 -4.00 BrookfieldRenew BEPC 29.60 0.51 Comcast A CMCSA 37.51 0.18 Ecopetrol EC 11.13 -0.10 Garmin
t Albertsons ACI 19.45 -0.16 Autoliv ALV 106.40 -1.58 Brown&Brown BRO 90.08 -0.49 EdisonIntl EIX 71.53 -0.04 Gartner IT 448.09 -1.05 Commercial paper (AA financial)
ComfortSystems FIX 301.13 -0.99 Week 52-Week
40.33 -1.33 ADP ADP 234.71 1.27 Brown-Forman A BF.A 42.55 -0.57 EdwardsLife EW 93.48 1.64 GenDigital GEN 24.13 -0.42
Alcoa AA CommerceBcshrs CBSH 56.30 0.91
GNRC 142.85 0.66
Latest ago High Low 90 days 5.29 5.35 5.54 5.14
Alcon ALC 88.99 -0.56 AutoZone AZO 2817.06 -19.34 t Brown-Forman B BF.B 41.50 -0.56 SABESP SBS 15.48 0.35 Elastic ESTC 112.38 -3.34 Generac
AlexandriaRlEst ARE 116.04 -0.61 Avalonbay AVB 203.82 0.70 Bruker BRKR 61.21 -0.99 ElbitSystems ESLT 187.49 -1.07 GeneralDynamics GD 279.51 -0.96
Secured Overnight Financing Rate
Avangrid AGR 35.33 0.04 BuildersFirst BLDR 134.30 -0.19
ConagraBrands CAG 28.74 0.34
ElectronicArts EA 140.58 0.93 GeneralMills GIS 62.69 0.19 Prime rates
Alibaba BABA 75.70 2.20 Confluent CFLT 27.87 -1.33
Avantor AVTR 20.88 -0.06 BungeGlobal BG 109.95 -0.44 ElevanceHealth ELV 529.24 2.69 GeneralMotors GM 46.26 -0.29 U.S. 8.50 8.50 8.50 8.25 5.32 5.40 5.40 5.05
AlignTech ALGN 247.48 -1.46 ConocoPhillips COP 111.19 -1.04
Allegion ALLE 114.67 -0.37 AveryDennison AVY 213.00 -2.10 BurlingtonStrs BURL 240.21 1.67 EmersonElec EMR 109.59 -0.38 Genmab GMAB 25.64 0.16 Canada 6.95 6.95 7.20 6.95
ConEd ED 88.85 0.43
Gentex GNTX 33.26 -0.18
Value 52-Week
AlliantEnergy LNT 51.67 0.28 AxaltaCoating AXTA 33.94 -0.42 CACI Intl CACI 425.08 -2.23 ConstBrands A STZ 252.09 -1.75 Enbridge ENB 35.38 ... Japan 1.475 1.475 1.475 1.475 Latest Traded High Low
Allstate ALL 158.72 -0.82 AxonEnterprise AXON 298.51 -3.97 CAVA CAVA 90.24 -4.50 ConstellationEner CEG 215.96 0.23 EncompassHealth EHC 83.97 ... GenuineParts GPC 131.04 -1.84
BCE BCE 31.54 -0.19 CBRE Group CBRE 88.77 0.41 s EDR 27.45 0.05 GileadSciences GILD 67.76 0.21 Policy Rates
AllyFinancial ALLY 41.03 0.53 Cooper COO 85.68 0.03 Endeavor DTCC GCF Repo Index
s AlnylamPharm ALNY 254.74 -0.37 BHP Group BHP 58.36 0.01 CDW CDW 214.80 -2.07 EnergyTransfer ET 16.12 0.03 GitLab GTLB 50.21 -2.79
Copart CPRT 54.44 -0.35 Euro zone 4.25 4.25 4.50 4.00 Treasury 5.410 29.270 5.504 5.089
s Alphabet C GOOG 190.44 -0.04 BJ'sWholesale BJ 88.08 0.29 t CF Industries CF 69.87 0.49 EnphaseEnergy ENPH 103.59 0.78 GlobalPayments GPN 95.79 0.27
s BP BP 34.80 -1.75 CGI A GIB 101.51 0.06
Core&Main CNM 49.06 -0.67
ENTG 140.23 -1.29 GlobalFoundries GFS 53.60 0.11 Switzerland 1.75 1.75 2.25 1.75 MBS 5.423 56.570 5.689 5.121
Alphabet A GOOGL 188.98 -0.05 CorebridgeFin CRBG 29.49 0.46 Entegris
AltairEngg ALTR 96.49 -1.28 BWX Tech BWXT 94.30 -1.23 CH Robinson CHRW 86.55 -0.07 Entergy ETR 104.95 0.20 Globant GLOB 177.75 -2.24 Britain 5.25 5.25 5.25 5.00
s Corning GLW 44.67 1.62 Weekly survey
Altria MO 46.70 0.68 BXP BXP 61.26 0.51 CME Group CME 194.62 -0.35 EnterpriseProd EPD 29.19 0.06 GlobeLife GL 81.91 0.99 Australia 4.35 4.35 4.35 4.10
Corpay CPAY 269.47 -2.09
Amazon.com AMZN 199.34 0.05 Baidu BIDU 95.40 7.45 CMS Energy CMS 58.86 0.16 Equifax EFX 240.26 -1.04 GlobusMedical GMED 68.33 -0.27
Latest Week ago Year ago
Corteva CTVA 50.72 -1.00 Overnight repurchase
Ambev ABEV 2.08 0.02 BakerHughes BKR 33.43 -0.74 CNA Fin CNA 45.48 0.51 Equinix EQIX 766.83 9.91 GoDaddy GDDY 144.38 0.73
CoStar CSGP 71.59 -1.04
Amcor AMCR 9.56 -0.07 Ball BALL 58.86 -1.06 CNH Indl CNH 9.47 -0.20 Equinor EQNR 27.39 -0.38 GoldFields GFI 15.50 -0.03 U.S. 5.43 5.41 5.48 5.04 Freddie Mac
s Costco COST 886.85 6.01
Amdocs DOX 78.41 0.07 BBVA BBVA 10.26 -0.07 CRH CRH 75.89 1.66 Equitable EQH 40.80 0.42 s GoldmanSachs GS 472.83 8.01
CoterraEnergy CTRA 26.48 -0.09
3.58 0.03
30-year fixed 6.95 6.86 6.81
Ameren AEE 71.36 0.65 BancoBradesco BBDO 2.10 0.01 CSX CSX 32.48 -0.91
Coty COTY 9.90 -0.06
EquityLife ELS 64.17 0.44 Grab GRAB U.S. government rates 15-year fixed 6.25 6.16 6.24
AmericaMovil AMX 18.01 0.39 BancodeChile BCH 23.50 0.37 CVS Health CVS 57.62 0.73 EquityResdntl EQR 67.95 -0.04 Graco GGG 78.05 -0.45
Coupang CPNG 21.34 -0.07
AmerAirlines AAL 10.98 0.05 BancSanBrasil BSBR 4.95 0.07 CadenceDesign CDNS 315.26 -2.10
Crane CR 140.60 -1.84
ErieIndemnity ERIE 356.56 -11.26 Grainger GWW 908.57 -8.78 Discount Notes on data:
AEP AEP 87.69 0.58 BcoSantChile BSAC 19.38 0.47 CaesarsEnt CZR 36.81 -0.85 EssentialUtil WTRG 37.20 0.02 GraphicPkg GPK 25.34 -0.14
Credicorp BAP 168.66 6.66 5.50 5.50 5.50 5.25 U.S. prime rate is the base rate on corporate
AmerExpress AXP 237.75 3.24 BancoSantander SAN 4.71 -0.04 CamdenProperty CPT 108.01 -0.02 EssexProp ESS 275.97 2.87 GpoAeroportuar PAC 160.07 5.00
loans posted by at least 70% of the 10 largest
Crocs CROX 143.25 -1.27
AmericanFin AFG 121.13 0.23 BanColombia CIB 33.59 0.18 Cameco CCJ 48.99 0.26 EsteeLauder EL 104.21 -2.29 GpoAeroportSur ASR 303.51 2.81
Federal funds U.S. banks, and is effective July 27, 2023. Other
s CrowdStrike CRWD 385.88 -4.83
AmHomes4Rent AMH 37.23 -0.17 s BankofAmerica BAC 41.42 0.80 CampbellSoup CPB 45.38 0.36 s EvercoreA EVR 214.61 1.97 Guidewire GWRE 138.86 -1.05 prime rates aren’t directly comparable; lending
CrownCastle CCI 97.06 0.44 Effective rate 5.3300 5.3300 5.3500 5.0800
AIG AIG 75.75 0.94 BankMontreal BMO 84.60 0.35 CIBC CM 48.52 0.26 Everest EG 372.80 -0.24 HCA Healthcare HCA 316.91 0.70 practices vary widely by location; Discount rate
Crown Holdings CCK 71.90 -1.05 High 5.6500 5.6500 5.6500 5.4000
AmerTowerREIT AMT 195.96 -0.21 BankNY Mellon BK 60.21 0.67 CanNtlRlwy CNI 115.57 -1.13 Evergy EVRG 53.24 0.34 HDFC Bank HDB 61.29 -0.63 is effective July 27, 2023. Secured Overnight
CubeSmart CUBE 44.19 -0.48
AmerWaterWorks AWK 130.72 0.80 BankNovaScotia BNS 45.71 0.49 CanadianNatRscs CNQ 35.43 -0.56 EversourceEner ES 57.84 0.53 HF Sinclair DINO 48.98 -1.01 Low 5.3100 5.3100 5.3300 5.0500 Financing Rate is as of July 8, 2024. DTCC GCF
Cummins CMI 268.68 -0.94
AmericoldRealty COLD 26.18 0.19 Barclays BCS 11.17 -0.31 CdnPacKC CP 78.46 -1.47 ExactSciences EXAS 44.09 -1.10 HP HPQ 35.42 0.10 Bid 5.3300 5.3300 5.3300 5.0700 Repo Index is Depository Trust & Clearing
Curtiss-Wright CW 274.15 1.54
Ameriprise AMP 433.29 6.23 BarrickGold GOLD 17.44 0.06 CapitalOne COF 136.99 1.18 Exelon EXC 34.43 0.19 HSBC HSBC 42.98 -0.35 Offer 5.3500 5.3500 5.3700 5.0800 Corp.'s weighted average for overnight trades in
CyberArkSoftware CYBR 269.79 -3.60 applicable CUSIPs. Value traded is in billions of
Ametek AME 164.13 -0.37 Bath&BodyWks BBWI 37.18 -0.29 CardinalHealth CAH 96.01 -0.87 Expedia EXPE 128.56 3.06 H World HTHT 31.06 0.21
AMGN 315.91 4.45 BaxterIntl BAX 34.01 0.40 Carlisle CSL 407.60 -2.53 ExpeditorsIntl EXPD 118.65 -1.26 Haleon HLN 8.61 0.12 U.S. dollars. Federal-funds rates are Tullett
s
Amgen
AmkorTech AMKR 41.94 1.19 t BectonDicknsn BDX 221.47 -4.07 Carlyle CG 40.30 -0.19
D E F ExtraSpaceSt EXR 153.53 -1.04 Halliburton HAL 32.83 -0.38
Treasury bill auction Prebon rates as of 5:30 p.m. ET.
Amphenol APH 68.62 0.63 BeiGene BGNE 144.53 0.18 CarMax KMX 72.26 -0.74 DTE Energy DTE 108.67 -0.34 ExxonMobil XOM 110.94 -1.24 HartfordFinl HIG 99.75 0.60
4 weeks 5.280 5.270 5.325 5.150 Sources: Federal Reserve; Bureau of Labor
AnalogDevices ADI 232.01 -1.33 BellRing BRBR 55.19 -3.91 Carnival CCL 17.90 0.34 Danaher DHR 239.79 -0.86 F5 FFIV 171.58 -1.56 Hasbro HAS 56.54 -0.29 13 weeks 5.230 5.240 5.345 5.210 Statistics; DTCC; FactSet;
AngloGoldAsh AU 28.36 0.09 BentleySystems BSY 47.80 -1.55 Carnival CUK 16.49 0.37 Darden DRI 140.29 -4.50 FTAI Aviation FTAI 104.25 -2.22 HealthpeakProp DOC 19.64 0.01 26 weeks 5.080 5.115 5.350 4.975 Tullett Prebon Information, Ltd.

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
AmerSports AS 11.16 0.7 1847Holdings EFSH 2.20 12.8 lululemon LULU 288.11 -1.4 NewFortressEner NFE 19.23 -2.2 PaycomSoftware PAYC 139.50 -0.1 SciSparc SPRC 0.64 -8.4 TivicHealth TIVC 0.32 -0.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Ampco-PittsWt AP.WS 0.05 ... ElevaiLabs ELAB 0.56 -0.2 LumosPharma LUMO 1.75 -18.3 NewHorizAircraft HOVR 0.46 -6.8 PediatrixMedical MD 6.62 -2.3 SeelosTherap SEEL 0.47 36.0 TonixPharm TNXP 0.58 -15.5
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low AmphastarPharm AMPH 36.56 -1.0 EnvericBiosci ENVB 0.41 -11.1 MGP Ingredients MGPI 68.86 -1.0 NewellBrands NWL 5.73 -6.8 PetMedExpress PETS 3.66 -4.7 SerinaTherap SER 5.93 -0.3 TrawsPharma TRAW 0.33 -3.3
in the latest session. % CHG-Daily percentage change from the previous trading session. AppleHospREIT APLE 13.95 -1.1 Envista NVST 15.70 -2.6 MagicEmpire MEGL 0.52 0.4 NexPtDivRlEstPfdA NXDTpA 13.51 -1.6 PierisPharm PIRS 7.27 -0.5 SigningDaySports SGN 0.23 0.4 TrueBlue TBI 9.39 -4.1
AptoseBiosci APTO 0.70 -2.8 Eshallgo EHGO 1.66 1.1 MalibuBoats MBUU 30.33 -2.3 Nike NKE 72.38 -0.8 PineappleFinl PAPL 0.61 -2.9 SiloPharma SILO 0.84 -5.5 UnitySoftware U 15.16 -3.9
Tuesday, July 9, 2024 AssocCapital AC 28.58 -0.5 Eventbrite EB 4.49 -4.3 MammothEnergy TUSK 2.50 -4.1 908Devices MASS 4.60 -5.5 PodcastOne PODC 1.24 -8.6 SiteOneLandscape SITE 114.60 -0.6 UrbanOneA UONE 1.67 1.2
52-Wk % 52-Wk % 52-Wk % AstecIndustries ASTE 28.46 -1.1 Evertec EVTC 28.76 -9.5 Manitowoc MTW 10.01 -3.6 NotableLabs NTBL 0.52 -4.7 Polaris PII 73.29 -1.7 SleepNumber SNBR 8.13 -3.5 UrbanOne D UONEK 1.32 -7.6
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ByndCannasoft BCAN 0.58 -4.1 Expion360 XPON 0.90 -2.3 Manpower MAN 66.03 -6.1 NouveauMonde NMG 1.70 -3.9 Pool POOL 293.51 -2.7 SoFiTech SOFI 6.15 0.5 Urgent.ly ULY 1.45 -5.2
BectonDicknsn BDX 220.65 -1.8 Fanhua FANH 1.46 -2.6 MarineProducts MPX 8.99 -4.3 NuSkinEnts NUS 9.76 -9.5 Portillo's PTLO 9.06 -4.4 VCIGlobal VCIG 0.50 -2.9
Hagerty HGTY 11.22 -0.4 RoyalCaribbean RCL 163.67 1.4 Solventum SOLV 47.98 -3.3
Highs HalozymeTherap HALO 54.35 0.6 S&P Global SPGI 461.38 1.0
BeyondAir
BigLots
XAIR
BIG
0.53 -0.4
1.19 -13.7
Farmmi
FiveBelow
FAMI
FIVE
0.56 -1.8
101.50 -1.6
Mattel
MatthewsIntl MATW
MAT 15.87 -1.3
23.39 -2.1
NutexHealth
ODP
NUTX
ODP
4.34
36.63
-6.7
-2.3
ProAssurance PRA
QuidelOrtho QDEL
10.88 -3.8
29.83 -1.2
SpiritAirlines SAVE 3.13 -4.3
VicinityMotor VEV
VirginGalactic SPCE
0.35 -2.6
7.00 -10.0
Harrow HROW 23.46 1.5 SDCLEDGEAcqn SEDA 12.00 0.3 SportsmansWrhs SPWH 2.00 -0.5
ADMA Biologics ADMA 12.15 2.7 Bio-Path BPTH 1.61 -8.4 5EAdvMatls FEAM 0.99 -13.1 McDonald's MCD 243.53 -0.8 O-I Glass OI 10.08 -2.4 QuiptHomeMed QIPT 2.85 -1.7 WalgreensBoots WBA 10.69 -0.3
HessMidstream HESM 37.38 0.1 Shineco SISI 4.90 43.2 StandardMotor SMP 26.09 -2.5
AlnylamPharm ALNY 256.24 -0.1 BioAtla BCAB 1.14 -7.9 FreightTech FRGT 0.31 -4.6 Medifast MED 17.89 -0.5 OlympicSteel ZEUS 40.42 -3.7 RFAcqnIIRt RFAIR 0.07 -12.5 Wendy's WEN 15.62 0.1
IdahoStratRscs IDR 11.50 2.1 SiTime SITM 147.70 3.6 StardustPower SDST 8.84 4.4
Alphabet A GOOGL 191.36 ... Bloomin'Brands BLMN 16.44 -7.4 FreshDelMonte FDP 21.23 -0.3 MoleculinBiotech MBRX 3.22 -2.8 OmegaFlex OFLX 48.80 -4.3 RPC RES 5.69 -2.2 WillametteValley WVVI 3.57 -4.0
Innodata INOD 17.75 3.6 SkeenaRscs SKE 6.43 ... Stoneridge SRI 14.08 -3.8
Alphabet C GOOG 192.86 ... BluejayDiag BJDX 0.53 13.3 Gauzy GAUZ 9.91 -6.7 MolinaHealthcare MOH 286.96 -1.9 Omnicell OMCL 25.12 -1.4 ResourcesConnect RGP 9.70 -3.4 Winnebago WGO 49.68 -2.9
Insmed INSM 71.32 0.3 SkyWest SKYW 84.68 0.4 SurgePays SURG 2.75 -2.4
Amedisys AMED 97.66 ... BoneBiologics BBLG 1.00 -9.8 Genprex GNPX 1.80 -1.1 Monro MNRO 21.00 -6.0 180DegreeCap TURN 3.60 -0.8 RevivaPharmWt RVPHW 0.20 -15.6 XortxTherap XRTX 1.64 -2.6
ICE ICE 142.49 0.9 Sohu.com SOHU 16.06 2.9 TelaBio TELA 4.03 -4.6
AmerSupercond AMSC 29.14 -2.8 BridgerAerospace BAER 3.00 3.3 0.11 -4.5 MontereyCapA MCAC 8.38 -4.4 Owens&Minor OMI 12.36 1.9 RobertHalf RHI 60.83 -5.3 XTI Aerospace XTIA 0.35 -6.6
IntlMediaAcqn IMAQU 16.34 -3.7 SolunaPfdA SLNHP 7.43 10.6 Getaround GETR
Brown-Forman B BF.B 41.42 -1.3 MoolecScience MLEC 1.01 -2.4 PROS PRO 24.39 -7.3 RockyMtnChoc RMCF 1.75 -4.9 T Stamp IDAI 0.42 -0.7 Xerox XRX 10.70 -3.2
AmkorTech AMKR 42.13 2.9 GinkgoBioworksWt DNA.WS 0.02 -4.0
IronMountain IRM 93.82 0.3 SteelConnect STCN 13.00 ... TaboolaWt TBLAW 0.13 -0.4
Anterix ATEX 41.17 1.1 BurningRockBio BNR 5.37 -8.3 MullenAuto MULN 2.15 -3.1 PaciraBioSci PCRX 20.25 1.7 RoyaltyPharma RPRX 25.20 -0.3 YumChina YUMC 30.27 -0.1
JefferiesFinl JEF 51.82 1.0 Surmodics SRDX 42.44 0.5 Globavend GVH 0.50 -10.3
CF Industries CF 69.13 0.7 NWTN NWTN 1.22 -6.8 PapaJohn's PZZA 42.41 -3.5 RumbleON RMBL 3.32 -9.0 10xGenomics TXG 17.73 -1.1 ZapataComputingWt ZPTAW 0.03 31.6
Apple AAPL 229.40 0.4 Goodyear GT 10.60 -2.4
JumiaTech JMIA 11.21 29.9 SuRoCapNts2026 SSSSL 24.40 0.8 Natuzzi NTZ 4.60 -2.5 ParPacific PARR 23.60 -3.2 RyersonHolding RYI 18.21 -2.8 ThunderPower AIEV 1.02 -7.0 Zentek ZTEK 0.96 -3.0
ApplMaterials AMAT 252.13 2.1 CLPS CLPS 0.79 0.3
Junee JUNE 5.19 2.4 SynchronossNts26 SNCRL 22.65 -0.2 GranitePointMtg GPMT 2.70 -1.8
AristaNetworks ANET 376.50 -1.4 CNS Pharm CNSP 1.00 -11.2 Nevro NVRO 7.46 -9.1 PattersonUTIEn PTEN 9.51 0.4 SPI Energy SPI 0.40 -8.4 TitanPharm TTNP 4.82 -5.2 ZoomInfoTech ZI 11.52 4.8
KLA KLAC 879.89 1.0 SynchronyFinl SYF 48.97 1.6 GrayTelevision GTN 4.39 -0.9
ArloTech ARLO 16.94 19.7 CVR Energy CVI 24.48 -2.7
KensingtonCapV A KCGI 11.11 ... SynovusFinPfdE SNVpE 25.50 0.3 Greenlane GNLN 0.24 -11.8
Arm ARM 188.75 -1.3 CableOne CABO 320.94 -3.2
KinrossGold KGC 8.65 0.1 112.61 -0.1 Greif A GEF 55.95 -2.5
TJX TJX CalavoGrowers CVGW 21.34 -2.9
Balchem BCPC 163.10 -0.2 KrystalBiotech KRYS 195.60 1.2 HavertyFurn HVT 23.09 -3.1
BankofAmerica BAC 41.83 2.0
Teradyne TER 156.11 -0.4 CalidiBiotherap CLDI 0.14 -7.2
HawaiianElec HE 7.61 10.7
ADVERTISEMENT
LamResearch LRCX 1118.68 1.0 TeraWulf WULF 6.05 -8.0 CambiumNtwks CMBM 1.76 -13.9
BkofHawaiiPfdB BOHpB 25.89 0.1 EliLilly LLY 935.00 1.6 HelenofTroy HELE 60.00 -27.7
TTD 101.62 2.5

Business Real Estate & Auctions

TradeDesk CarbonRevolution CREV 6.19 -1.6
BarfreshFood BRFH 4.29 14.9 Macom Tech MTSI 118.77 -1.9 HookerFurnishings HOFT 13.09 -3.3
TurningPoint TPB 34.85 1.7 Cemtrex CETX 0.20 -4.0
BoneBiologWt BBLGW 70.44 61.9 MakeMyTrip MMYT 92.13 4.7 Huntsman HUN 21.41 -1.2
UFP Tech UFPT 304.95 0.3 CERoTherap CERO 0.17 -6.3
BowenAcqn BOWN 10.62 -0.1 ManhattanBridge LOAN 5.59 1.8 iHuman IH 1.67 -2.3
UltraClean UCTT 55.15 0.8 CetusCapitalAcqn CETU 6.53 -18.1
BreadFinancial BFH 46.46 2.5 ManulifeFinl MFC 27.27 -0.2 UnitedTherap UTHR 326.46 1.8 ChecheWt CCGWW 0.02 -22.0
IndContractDrill ICD 1.06 -4.3 To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
Camtek CAMT 140.50 -0.3 MirumPharm MIRM 36.92 1.9 Indivior INDV 9.14 -33.6
UnivDisplay OLED 225.26 -0.5 ChinaLiberalEduc CLEU 0.31 -30.1
CetusCapitalAcqn CETU 16.00 -18.1 MonolithicPower MPWR 868.97 -0.7 Insperity NSP 86.82 -2.3
UniversePharm UPC 4.32 3.5 Chuy's CHUY 23.74 -2.1
CetusCapitalAcqn CETUU 13.13 2.0 Moody's MCO 437.30 0.8 InteractStrength TRNR 0.91 -24.4
VeriskAnalytics VRSK 275.94 0.8 Cibus CBUS 7.41 -9.4
CheckPoint CHKP 170.92 0.3 MotorolaSol MSI 392.34 ... VertexPharm VRTX 487.95 0.9 CleanCore ZONE 1.98 -8.1
Invivyd IVVD 1.05 -2.8 ILLINOIS INVESTMENT PROPERTIES
CirrusLogic CRUS 138.65 3.9 Napco Security NSSC 54.96 -1.7 JackintheBox JACK 46.75 -4.5
Viking VIK 35.30 0.6 Comstock LODE 0.14 -3.2
Citigroup C 66.76 2.8 NMI Holdings NMIH 34.59 1.4 JazzPharm JAZZ 99.74 -0.1
Walmart WMT 70.25 0.3 ConduitPharm CDT 0.40 -16.4
Coherent COHR 77.49 -1.9 NetApp NTAP 132.94 1.5 Jet.AI JTAI 0.25 -6.5
CoreMoldingTech CMT 14.64 -2.7
Corning
Costco
GLW 45.05 3.8
COST 896.67 0.7
Nova
Novartis
NVMI 246.34
NVS 108.88
1.9
0.2
Lows CorsairGaming CRSR
CrackerBarrel CBRL
9.93 -2.4
38.51 -2.9
JohnsonOutdoors JOUT
KoreGroup KORE
32.90 -2.4
1.30 -2.2 REAL ESTATE AUCTION U.S. Department of Housing
Ho and
CrowdStrike CRWD 398.33 -1.2 ACCO Brands ACCO 4.46 -1.3 KairousAcqnWt KACLW 0.01 -14.4
DescartesSystems DSGX 100.89 0.4
NuHoldings
OlinkHolding
NU
OLK
13.24
26.09
2.4
0.3 AGCO AGCO 92.75 -1.1
CrossCtyHlthcr CCRN 12.92 -2.9
KY FirstFedBncp KFFB 3.04 -0.5 AUGUST 14, 2024 Urban Development
p
Cryoport CYRX 5.32 -5.5
DrillingToolsIntl DTI 6.36 -14.7 1895Bancorp BCOW 8.46 1.5 AMN Healthcare AMN 47.18 -2.5 KindlyMDWt KDLYW 0.19 -21.1
CumulusMedia CMLS 1.78 -1.1 Office of Housing
DutchBros
DyneTherap
BROS 43.49 -3.6
DYN 37.22 10.7
OntoInnovation ONTO 238.15
PalantirTech PLTR 28.38
0.9
-1.1
AbCelleraBio
AboveFood
ABCL
ABVE
2.65
2.18
2.5
-7.5
Cyngn CYN
DanimerScientific DNMR
3.52 0.5
0.53 -2.0
Koppers
KrispyKreme
KOP
DNUT
34.31 -2.4
9.73 -3.0
19.5+/-ACRES Seller
EdgewiseTherap EWTX 23.10 9.2 ParkNational PRK 144.76 1.7 Accolade ACCD 3.35 -4.0 Dayforce DAY 47.08 -0.3 LCI Inds LCII 96.19 -1.5 EAST SIDE OF MIDLOTHIAN RD. NORTH OF
EmergentBiosol EBS 8.86 7.3 PennantPark PNNT 7.95 -1.3 Adient ADNT 23.28 -2.3 Deere DE 345.94 -1.7 Lakeside LSH 3.32 1.9 OLD MCHENRY RD. • HAWTHORN WOODS, IL
Endeavor EDR 27.55 0.2 PiperSandler PIPR 236.44 0.4 AdlaiNortye ANL 3.01 -1.8 DelekUS DK 22.16 -2.5 LambWeston LW 76.85 -4.5
EvercoreA EVR 217.11 0.9 PitneyBowes PBI 6.54 -1.1 AdvanSix ASIX 20.86 -2.8 DentsplySirona XRAY 23.95 -1.9 LasVegasSands LVS 41.20 0.4
Currently Zoned Agriculture • Strong Residential Healthcare Loan Sale 202- (“HLS 202-”)
Development Potential with Newer Construction Nearby
FairIsaac FICO 1575.01 2.5 ProficientAuto PAL 17.75 0.2 AgEagleAerial UAVS 0.41 -3.7 DigiAsia FAAS 3.65 -34.2 Lear LEA 112.26 0.2 Bid Submission Date August , 202
Gildan GIL 39.12 -0.7 PropertyGuru PGRU 5.60 4.9 AlaunosTherap TCRT 0.60 ... DineBrands DIN 31.25 -2.3 LegalZoom LZ 7.78 -1.5 Previously Valued Over $1,500,000
GladstoneCap GLAD 24.12 -0.8 PublicServiceEnt PEG 75.93 1.3 Albemarle ALB 90.32 -8.8 DouglasDynamics PLOW 21.32 -1.6 LionElectricWt LEV.WS.A 0.10 -45.3
Glaukos GKOS 123.54 -0.7 Reddit RDDT 76.74 -3.0 AlbemarlePfdA ALBpA 44.00 -6.8 Dril-Quip DRQ 15.98 -9.9 LithiumAmArg LAAC 2.91 -4.9 Suggested Opening Bid $475,000  Section 232 healthcare loans       
GolarLNG GLNG 34.19 0.8 RevolutionMed RVMD 44.80 11.0 Albertsons ACI 19.41 -0.8 DuckhornPtf NAPA 6.61 -2.4 LithiumAmericas LAC 2.49 -3.8               total
GoldmanSachs GS 479.30 1.7 RiverNorthCapPfd RMPLp 25.19 0.1 Allient ALNT 23.61 -0.2 DuluthHoldings DLTH 3.48 -1.1 LiveWireWt LVWR.WS 0.10 ... FOR INFORMATION CONTACT
Grindr GRND 12.50 1.6 RoyalBkCanada RY 110.27 0.4 AltisourcePortf ASPS 1.09 -4.3 eHealth EHTH 4.19 0.5 Lottery.com LTRY 0.82 3.3
unpaid principal loan balance of approximately $ million
Rick Levin & Associates, Inc. Secretary-Held commercial loans secured by first    liens
ricklevin.com • 312.440.2000
Falcon Capital Advisors, Transaction Specialist supported by Mission
ADVERTISEMENT
Capital Advisors
REAL ESTATE AUCTION For further information: www.falconassetsales.com; 1-844-709-0763;
Business Real Estate & Services
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
JULY 31, 2024
HUDsales@falconassetsales.com Interested participants must execute a
Qualification Statement and Confidentiality Agreement.
This is a sale of due and payable notes.
3.19 ACRE VACANT
TH
PARCEL
N.W. CORNER OF 84 AVE. S. & WEST This announcement is not an offer to sell or a solicitation of an offer to buy mortgage loans.

www.rmnw-auctions.com LINCOLN HIGHWAY • FRANKFORT, IL

Information concerning the mortgage loans will be furnished only to, and bids will be accepted
only from, bidders who certify that they have such knowledge and experience in financial and
Possible plan for up to 16 residential business matters as to be capable of evaluating the merits and risks and who certify that they

RM/ REAL ESTATE AUCTION units or re-zoning for commercial use. have the resources to bear the risk of a purchase of the mortgage loans.

Previously Priced Over $350,000

NW Suggested Opening Bid $185,000 MAINE
MARKET MAKERS
I N R E A L E S TAT E
Oregon FOR INFORMATION CONTACT
Rick Levin & Associates, Inc.
ricklevin.com • 312.440.2000 Real Estate Foreclosure Auction 24-64
GreenGold Timberland MULTI STATE OFFERINGS
(7) Commercial/Industrial Lots - 42.12+/- Acres Total
Selling as an Entirety
Central Maine Commerce Center - Business Park
Commerce Dr., Augusta, ME
Near-term cash flow Tue, July 30th at 11AM On Premises

Proximity to log markets

26 to 356 acre tracts
Prices start at $3,800 per acre!
SEALED BIDS DUE AUGUST 21, 2024 Keenan Keenan Auction Co., Inc.
2063 Congress Street
For terms of sale visit KeenanAuction.com
or call (207) 885-5100 and request by auction
Auction Portland, ME 04102
Broker Cooperation Invited Company ® 207-885-5100
info@keenanauction.com
#24-64. Richard J. Keenan #236. Our 52nd
Year and 8,657th Auction.
CALL NOW FOR FREE COLOR CATALOG #2403
Preferred Lender

1-800-845-3524 NOTABLECOMMERCIALPROPERTIES
EVERY WEDNESDAY
Realty Marketing/Northwest, Broker (800) 366-3975 | sales.realestate@wsj.com
2310 NW Everett Street, Suite 250 – Portland, Oregon 97210
© 2024 Dow Jones & Company, Inc. All Rights Reserved.
B8 | Wednesday, July 10, 2024 NY * * THE WALL STREET JOURNAL.

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Stock Sym Close Chg s NUE 150.25 -2.22 PetroleoBrasilA PBR.A 14.18 0.11 RIVN 15.71 0.22 Sony SONY 90.44 3.84 TexasInstruments TXN 200.16 -1.31 s VertexPharm VRTX 485.99 4.10
EliLilly LLY 932.50 14.50 Microsoft MSFT 459.54 -6.70 Nucor Rivian
s JefferiesFinl JEF 51.50 0.50 LincolnElectric LECO 186.13 -0.12 MicroStrategy MSTR 1301.77 11.19 Nutanix NTNX 59.41 -0.19 Pfizer PFE 27.72 -0.21 Robinhood HOOD 22.60 0.51 Southern SO 78.12 0.32 TexasPacLand TPL 750.00 -1.49 Vertiv VRT 92.76 0.43
J&J JNJ 147.05 1.57 Linde LIN 431.20 -4.54 MidAmApt MAA 139.11 -0.03 Nutrien NTR 48.56 -0.52 PhilipMorris PM 101.67 -0.92 Roblox RBLX 39.39 -0.43 SoCopper SCCO 114.99 -1.46 TexasRoadhouse TXRH 166.52 -5.04 Viatris VTRS 10.80 0.19
nVentElectric NVT 76.16 -0.56 Phillips66 PSX 132.81 -3.14 RocketCos. RKT 13.25 -0.02 SouthwestAir LUV 27.47 0.12 Textron TXT 85.13 -0.72 s Viking VIK 34.34 0.22
JohnsonControls JCI 67.14 -0.09 LiveNationEnt LYV 95.12 0.65 MitsubishiUFJ MUFG 11.06 -0.14
JLL 206.04 2.31 MFG 4.29 -0.04 NVIDIA NVDA 131.38 3.18 Pilgrim'sPride PPC 37.93 -0.32 Rockwell ROK 261.24 -3.87 SouthwesternEner SWN 6.82 0.05 ThermoFisher TMO 531.86 -4.43 VinFastAuto VFS 4.18 -0.10
JonesLang LloydsBanking LYG 2.94 -0.05 MizuhoFin
JuniperNetworks JNPR 36.92 -0.01 MBLY 26.68 -1.14 PinnacleWest PNW 77.45 1.04 RogersComm B RCI 36.49 -0.30 Spotify SPOT 311.55 -2.16 ThomsonReuters TRI 167.02 -0.85 Vipshop VIPS 13.42 0.27
LockheedMartin LMT 460.30 -1.46 Mobileye
KB Financial KB 61.28 -0.83 Loews L 74.66 0.25 Moderna MRNA 116.07 -0.38
O P Q Pinterest PINS 43.34 -0.10 RoivantSciences ROIV 10.83 0.11 SproutsFarmers SFM 80.58 -1.96 3M MMM 99.69 -1.41 Visa V 265.44 -0.96
PlainsAllAmPipe PAA 18.65 0.12 Roku ROKU 63.11 2.09 StanleyBlackDck SWK 80.85 -0.44 Toast TOST 24.93 -0.48 Vistra VST 91.40 -1.48
KBR KBR 62.54 -0.94 LogitechIntl LOGI 94.60 -0.34 MohawkInds MHK 109.98 -1.87 ONEOK OKE 82.42 0.42
KE Holdings BEKE 15.16 0.43 t MolinaHealthcare MOH 287.30 -5.48 ON Semi PlainsGP PAGP 19.65 0.10 Rollins ROL 49.74 -0.18 Stantec STN 83.93 -0.79 TollBros TOL 110.49 -0.26 Vodafone VOD 9.11 0.05
Lowe's LOW 216.33 -0.82 ON 73.48 -1.53
t Pool POOL 296.17 -8.31 RoperTech ROP 550.47 -6.33 Starbucks SBUX 72.75 -1.82 TopBuild BLD 380.30 -5.23 VulcanMatls VMC 242.25 0.28
KKR KKR 105.58 0.51 Lucid LCID 3.09 -0.07 MolsonCoorsB TAP 49.94 -0.22 O'ReillyAuto ORLY 1015.62 -7.17
s KLA Primerica PRI 233.35 -0.16 RossStores ROST 146.83 0.14 StateStreet STT 74.42 1.05 Toro TTC 87.81 -2.01
KLAC 874.90 8.35 t lululemon LULU 289.87 -4.16 monday.com MNDY 237.74 -6.50 OccidentalPetrol OXY 61.02 0.07
W X Y Z
18.47 0.42 MDLZ 65.24 -0.92 Okta PrincipalFinl PFG 80.87 2.41 s RoyalBkCanada RY 109.59 0.40 SteelDynamics STLD 124.25 -0.02 TorontoDomBk TD 55.90 0.26
Kanzhun BZ LyondellBasell LYB 93.20 -1.25 Mondelez OKTA 94.64 -3.41
Kaspi.kz KSPI 127.96 -3.87 MongoDB MDB 250.51 -9.59 OldDomFreight ODFL 178.41 -2.65
ProcoreTech PCOR 64.41 -0.64 s RoyalCaribbean RCL 163.13 2.30 Stellantis STLA 19.45 -0.03 TotalEnergies TTE 68.09 -1.56 WEC Energy WEC 78.01 -0.04
56.37 0.18 M N s MonolithicPower MPWR 846.20 -5.62 OldRepublic ORI Procter&Gamble PG 165.66 -0.86 RoyalGold RGLD 131.36 0.22 Steris STE 213.51 -6.32 ToyotaMotor TM 201.67 -3.27
Kellanova K 30.01 -0.09 WEX WEX 178.04 -0.83
Kenvue KVUE 18.22 -0.03 MonsterBev MNST 49.80 -0.38 OmegaHealthcare OHI 33.55 -0.22
Progressive PGR 209.49 -0.22 t RoyaltyPharma RPRX 25.63 -0.08 StifelFinancial SF 81.84 0.62 TractorSupply TSCO 257.26 -3.66 W.P.Carey WPC 54.85 -0.37
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KeurigDrPepper KDP 31.95 -0.34 Moody's MCO 435.95 3.45 Omnicom OMC 90.51 0.90 WPP WPP 47.37 -0.77
M&T Bank MTB 149.80 1.60 MorganStanley MS 102.61 2.02 OnHolding
PrudentialFinl PRU 118.63 1.59 Ryanair RYAAY 119.07 0.02 Stryker SYK 335.57 1.46 Tradeweb TW 104.25 -0.85
KeyCorp KEY 14.29 0.26 ONON 37.20 -0.73 Wabtec WAB 157.24 0.52
KeysightTech KEYS 136.06 -2.04
MGM Resorts MGM 43.74 0.05 Morningstar MORN 295.85 -3.28 s OntoInnovation ONTO 234.44
Prudential PUK 18.49 -0.05 SAP SAP 200.28 -2.51 SumitomoMits SMFG 13.73 -0.06 TraneTech TT 333.74 0.22 t WalgreensBoots WBA 10.79 -0.03
2.02
MKS Instrum MKSI 135.06 -1.00 Mosaic s PublicServiceEnt PEG 75.58 0.99 s S&P Global SPGI 460.30 4.41 SunComms SUI 118.12 0.66 TransDigm TDG 1270.46 -1.72
KimberlyClark KMB 139.43 0.15 MOS 26.91 -0.15 OpenText OTEX 30.88 -0.12 s Walmart WMT 69.90 0.22
KimcoRealty KIM 19.24 -0.02
MPLX MPLX 42.11 -0.22 s MotorolaSol MSI 390.72 0.15 Oracle
PublicStorage PSA 288.99 -1.45 SBA Comm SBAC 195.53 1.57 SunLifeFinancial SLF 49.13 -0.03 TransUnion TRU 76.33 -0.29
ORCL 140.68 -4.35 WarnerBrosA WBD 7.34 0.23
KinderMorgan KMI 19.99 0.08 MSA Safety MSA 185.87 0.37 MurphyUSA MUSA 455.10 -4.30 Orange
PulteGroup PHM 104.70 -0.56 SEI Investments SEIC 64.26 -0.60 SuncorEnergy SU 37.46 -0.49 Travelers TRV 203.14 -1.09
ORAN 10.60 0.03 WarnerMusic WMG 30.34 -0.18
s KinrossGold KGC 8.59 0.01 MSCI MSCI 489.07 -3.19 NICE NICE 172.72 -1.00 Orix
PureStorage PSTG 65.88 0.71 SK Telecom SKM 20.68 -0.03 Sunoco SUN 56.74 0.54 Trex TREX 72.92 1.96
IX 112.72 -1.28 WasteConnections WCN 178.13 0.61
KinsaleCapital KNSL 376.04 -3.58 MagnaIntl MGA 42.75 0.19 NIO 4.50 0.04 OtisWorldwide OTIS 96.31
Qiagen QGEN 40.06 -0.18 SS&C Tech SSNC 61.42 -0.58 SuperMicroComp SMCI 895.61 -3.73 Trimble TRMB 55.23 -1.06
NIO -1.09 WasteMgt WM 210.02 -0.60
Knight-Swift KNX 47.99 -1.34
s MakeMyTrip MMYT 90.72 4.06 NNN REIT NNN 42.12 -0.31 Ovintiv
Qorvo QRVO 119.69 -1.13 Saia SAIA 438.51 -21.09 Suzano 9.71 -0.07 Trip.com TCOM 50.91 1.35
OVV 46.47 -0.25 SUZ Waters WAT 282.97 -2.60
PHG 26.26 0.02 ManhattanAssoc MANH 242.17 -4.05 NRG Energy NRG 79.26 0.69 OwensCorning OC 165.34
Qualcomm QCOM 207.12 -0.77 Salesforce CRM 252.43 -4.54 s SynchronyFinl SYF 48.45 0.78 TruistFinl TFC 38.91 0.66
Philips -2.00 Watsco WSO 476.90 -4.92
KoreaElecPwr KEP 7.28 0.02 s ManulifeFinl MFC 26.94 -0.05 NVR NVR 7484.08 30.02 PDD PDD 137.72 3.04
QuantaServices PWR 254.79 0.13 Samsara IOT 35.13 -1.00 Synopsys SNPS 607.94 -7.55 TurkcellIletism TKC 8.08 -0.03 WeatherfordIntl WFRD 120.01 -1.97
Maplebear CART 33.19 -0.92 NXP Semicon NXPI 274.91 QuestDiag DGX 138.36 -0.56 Sanofi SNY 50.07 -0.17 Sysco TWLO 56.39 -1.01
KraftHeinz KHC 31.93 -0.17 -2.31 PG&E PCG 17.34 0.16 SYY 69.16 -0.50 Twilio WebsterFin WBS 43.59 0.75
Kroger KR 51.86 -0.08 MarathonOil MRO 27.89 -0.30 Nasdaq NDAQ 60.81 0.37 PNC Finl PNC 161.51 2.74 SareptaTherap SRPT 150.25 -1.22 TylerTech TYL 508.86 -2.62 WellsFargo WFC 59.88 0.87
LKQ LKQ 41.25 -0.51 MarathonPetrol MPC 162.92 -4.55 Natera NTRA 109.43 -0.09 POSCO PKX 67.26 -1.03
R S Schlumberger SLB 45.20 -1.04 T U V TysonFoods TSN 55.91 -0.78 Welltower WELL 104.83 0.41
LPL Financial LPLA 273.22 0.70 Markel MKL 1552.84 2.03 NationalGrid NGG 60.35 -0.36 PPG Ind PPG 125.26 -1.74 RBC Bearings RBC 278.12 0.10 SchwabC SCHW 74.53 1.29 UBS Group UBS 30.27 -0.12 WescoIntl WCC 154.12 -2.54
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L3HarrisTech LHX 225.96 -0.04 NWG 8.37 -0.24 PPL PPL 27.41 0.01 RB Global RBA 76.67 -0.08 WestPharmSvcs WST 318.63 -1.35
Labcorp LH 199.35 -3.61 Marriott MAR 237.52 -2.34 s NetApp NTAP 132.09 1.97 PTC PTC 177.48 -9.84 RELX RELX 46.10 0.02 Seagate STX 104.35 0.92 TD Synnex SNX 110.79 -1.21 U-Haul UHAL 59.88 -2.01 WesternDigital WDC 78.43 -0.07
s LamResearch LRCX 1112.55 10.94 Marsh&McLen MMC 211.80 -2.46 NetEase NTES 93.54 1.81 Paccar PCAR 101.34 0.06 RPM RPM 103.91 -2.52 Sempra SRE 75.58 0.40 TE Connectivity TEL 149.76 -0.90 U-Haul N UHAL/B 57.18 -1.94 WesternMidstrm WES 41.18 -0.26
MartinMarietta MLM 530.67 0.69 Netflix ServiceIntl SCI 69.55 -0.33 Telus TU 15.44 0.03 UL Solutions ULS 43.49 0.42
LamarAdv LAMR 118.53 -0.29 NFLX 685.74 ... PackagingCpAm PKG 176.32 -3.23 RTX RTX 101.11 1.01 Westlake WLK 140.20 -2.44
MarvellTech MRVL 73.84 -1.07 Neurocrine ServiceNow NOW 744.01 -22.19 Ternium TX 36.50 -0.89 US Foods USFD 50.06 -1.56
t LambWeston LW 76.86 -3.62 NBIX 143.30 1.06 s PalantirTech PLTR 27.39 -0.31 RalphLauren RL 179.49 2.42 Weyerhaeuser WY 27.57 -0.02
t LasVegasSands LVS 41.62 Masco MAS 65.62 -0.17 NewOrientalEduc EDU 80.36 SharkNinja SN 70.85 -3.08 TFI Intl TFII 145.01 -1.25 UWM UWMC 6.86 0.24
0.17 1.26 PaloAltoNtwks PANW 336.18 -1.46 RangeResources RRC 33.41 -0.55 WheatonPrecMtls WPM 56.07 -0.08
LatticeSemi LSCC 59.75 -1.92 MasTec MTZ 102.04 -0.20 NYTimes A NYT 51.91 0.02 PanAmerSilver PAAS 21.49 -0.05 RaymondJames RJF 118.67 1.20 Shell SHEL 72.58 -0.14 s TJX TJX 112.15 -0.06 Uber UBER 71.32 0.07 Williams WMB 42.39 0.04
Mastercard MA 444.70 -0.88 Newmont NEM 43.89 -0.24 ParamountA PARAA 21.14 SherwinWilliams SHW 298.91 -1.34 TKO TKO 110.75 -1.43 Ubiquiti UI 151.77 0.32
LegendBiotech LEGN 46.71 -0.70 0.12 RealtyIncome O 52.76 -0.40 Williams-Sonoma WSM 142.22 -0.37
MatadorRscs MTDR 58.54 -0.50 NewsCorp B NWS 28.56 ShinhanFin SHG 37.20 -0.42 T-MobileUS TMUS 179.05 -0.12 UiPath PATH 11.93 -0.89
Leidos LDOS 145.05 -0.51 0.46 ParamountB PARA 11.53 0.35 s Reddit RDDT 70.59 -2.22 WillisTowers WTW 257.34 -2.40
LEN 142.50 -0.13 MatchGroup MTCH 30.94 0.74 NewsCorp A NWSA 27.72 0.47 ParkerHannifin PH 508.68 -0.09 RegalRexnord RRX 133.53 -2.44 Shopify SHOP 66.13 -1.21 TPG TPG 40.49 -0.08 UltaBeauty ULTA 396.01 0.19
Lennar A Wingstop WING 395.05 -11.46
Lennar B LEN.B 134.57 0.59 McCormickVtg MKC.V 70.74 1.39 NextEraEnergy NEE 72.12 0.01 Parsons PSN 78.13 -0.56 RegencyCtrs REG 62.08 0.34 SimonProperty SPG 147.57 0.70 T.RowePrice TROW 114.47 -0.20 Unilever UL 55.55 -0.28 Wipro WIT 6.38 -0.03
LennoxIntl LII 535.61 -7.57 McCormick MKC 70.07 0.63 t Nike NKE 72.46 -0.59 Paychex PAYX 117.02 0.85 RegenPharm REGN 1054.03 1.78 SiriusXM SIRI 3.43 0.18 TaiwanSemi TSM 184.52 -2.11 UnionPacific UNP 221.78 -1.61 Wix.com WIX 156.79 1.26
LeviStrauss LEVI 18.38 -0.58 t McDonald's MCD 245.82 -2.03 NiSource NI 28.91 0.34 t PaycomSoftware PAYC 140.16 -0.19 RegionsFinl RF 20.11 0.32 SkechersUSA SKX 67.33 -0.41 TakeTwoSoftware TTWO 149.36 -2.64 UnitedAirlines UAL 47.20 0.38 WoodsideEnergy WDS 19.17 -0.36
LiAuto LI 20.12 -0.07 McKesson MCK 586.81 -2.72 Nokia NOK 3.86 -0.03 Paylocity PCTY 134.01 0.71 ReinsGrp RGA 207.34 1.62 Skyworks SWKS 106.41 0.03 TakedaPharm TAK 13.15 -0.03 UnitedMicro UMC 8.59 -0.07 Woodward WWD 173.11 0.27
LibertyBroadbandA LBRDA 52.22 -0.18 Medpace MEDP 410.95 5.31 Nomura NMR 5.97 0.03 PayPal PYPL 59.00 -0.09 Reliance RS 277.90 -2.80 SmithAO AOS 80.73 -0.33 Tapestry TPR 41.56 -0.35 UPS B UPS 134.28 -1.25 WooriFinl WF 32.32 -0.10
LibertyBroadbandC LBRDK 52.66 ... Medtronic MDT 76.88 0.04 Nordson NDSN 225.00 -1.51 Pearson PSO 12.86 -0.01 RenaissanceRe RNR 217.28 -0.43 Smith&Nephew SNN 27.51 0.35 TargaResources TRGP 132.41 -0.14 UnitedRentals URI 627.41 -10.01 Workday WDAY 223.09 -3.45
LibertyFormOne A FWONA 65.47 -0.45 MercadoLibre MELI 1722.05 38.30 NorfolkSouthern NSC 213.75 -0.50 PembinaPipeline PBA 37.18 -0.05 RentokilInit RTO 30.35 -0.05 Smucker SJM 109.37 -0.48 Target TGT 147.60 -1.12 US Bancorp USB 39.87 0.41 WynnResorts WYNN 84.76 -0.49
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TelekmIndonesia TLK 18.97 0.28 Vale VALE 11.56 0.08 t YumChina YUMC 30.43 -0.02
TempurSealy TPX 45.89 -1.56 ValeroEnergy VLO 146.30 -1.66 ZTO Express ZTO 20.36 0.21
Tenaris TS 30.46 -0.16 Vaxcyte PCVX 80.93 1.58 ZebraTech ZBRA 315.24 0.76
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TenetHealthcare THC 130.97 1.70 Ventas VTR 52.24 0.36 Zillow A ZG 46.35 1.04

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CLASS ACTION CAREERS Dividend Changes

Amount Payable /
Senior Associate Company Symbol Yld % New/Old Frq Record
(New York, NY): Assist in all aspects of infra-
If You Purchased Certain Named Generic Pharmaceutical Drugs structure credit investments. Make non-equity Increased
Directly from Certain Pharmaceutical Manufacturers investments with the ability to transact across MV Oil Trust MVO 17.0 .41 /.33 Q Jul25 /Jul15
multiple entry points in the capital structure.
from May 1, 2009 through December 31, 2019, Provide custom-tailored financing solutions Stocks
Your Rights May Be Affected by a Proposed Class Action Settlement. across a breadth of capital needs, including HOOKIPA Pharma HOOK 1:10 /Jul10
greenfield and brownfield projects, acquisition
A federal court authorized this notice. This is not a solicitation from a lawyer. finance, liquidity and growth, and restructuring Foreign
and secondary purchases. Work with invest- Banco BBVA Argentina ADR BBAR ... .47134 Jul22 /Jul15
ment banking; buyside equity and credit; finan-
What is the lawsuit about? A proposed Settlement has been reached in a class action lawsuit (“the Lawsuit”), which alleges that cial modeling; accounting; and infrastructure in- DouYu Intl ADR DOYU ... 9.71 Aug30 /Aug21
Sandoz Inc. and Fougera Pharmaceuticals Inc. (collectively “Settling Defendants”) and other generic drug manufacturers violated vesting. Req’s bachelor’s degree plus 2 yrs exp. Luxfer Holdings LXFR 4.5 .13 Q Aug07 /Jul19
the federal antitrust laws by conspiring to fix, maintain, and stabilize prices, rig bids, and engage in market and customer allocations Salary Range: $200,000.00-$200,000.00 per Note: Dividend yields as of 3:30 p.m. ET
of certain generic drugs (the “Named Generic Drugs”), causing direct purchasers of the Named Generic Drugs to pay more than they year. Mail resume to Lori Gish, Global Infra-
should have. The Settling Defendants deny liability as alleged in the Lawsuit. The Court has not decided who is right. The proposed Sources: FactSet; Dow Jones Market Data
structure Management LLC, 1345 Avenue of
Settlement does not resolve any of the claims of the Settlement Class against the remaining Defendants. The Lawsuit against the the Americas, 30th Floor, New York, NY 10105. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
remaining Defendants is ongoing. Ref: AL7GIMNY
spin-off.
Who is included? The Court has certified a Settlement Class that includes all persons or entities, and their successors and
assigns, that directly purchased one or more of the Named Generic Drugs from one or more Current or Former Defendants in the DEA
United States and its territories and possessions, at any time during the period from May 1, 2009 through December 31, 2019.
Excluded from the Settlement Class are Current and Former Defendants and their present and former officers, directors, BANKRATE.COM® MMA, Savings and CDs
management, employees, subsidiaries, or affiliates, judicial officers and their personnel, and all governmental entities. The
LEGAL NOTICE
Settlement Agreement listing the Named Generic Drugs and Current and Former Defendants is available on the Settlement
website: GenericDrugsDirectPurchaserSettlement.com. The Settlement Agreement also is on public file with the United States DEA NOTICE OF FORFEITURE Average Yields of Major Banks Tuesday, July 9, 2024
District Court for the Eastern District of Pennsylvania, 601 Market Street, Philadelphia, PA 19106 in the case In re: Generic SOUTHERN DISTRICT OF TEXAS MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Type
Pharmaceuticals Pricing Antitrust Litigation, Case No. 2:16-MD-02724. 2016 Cadillac XTS Sedan
VIN 2G61N5S3XG9103634 National average
What does the Settlement provide? The proposed Settlement provides for a $265,000,000.00 payment by Settling Seized from Leandro Antonio Tabora- Savings 0.53 0.45 0.50 1.67 1.58 1.63 1.40 1.17 1.20
Defendants (“Settlement Fund”). The Settlement Fund may be reduced to $233,200,000.00 or increased to a maximum of Mendez on 03/24/2021 at 7218 Fox-
$327,351,850.00 under certain circumstances as explained in the Settlement Agreement. In addition, the Direct Purchaser Plaintiff crest Lane, Humble, TX. Any person as- Jumbos 0.85 0.47 0.51 1.72 1.63 1.75 1.52 1.27 1.33
(“DPP”) attorneys who have worked on the Lawsuit for the Settlement Classes will seek Court approval to pay expenses, and serting an ownership or possessory inter- Weekly change
service awards for the class representatives (or named plaintiffs) out of the Settlement Fund. DPP attorneys will also request est and desiring to claim the above vehi-
attorneys’ fees of up to one-third of the net Settlement Fund, including interest, after expenses (and service awards) are cle has 30 days from the date of the first
Savings 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01
deducted, and any portions of the Settlement Funds created from DPPs’ prior Settlements that have been set aside pursuant to publication to file a claim with DEA at Jumbos -0.01 0.00 0.00 0.02 0.01 0.01 0.01 0.01 0.01
Court Order. Any motion for fees, expenses and service awards will be posted on the Settlement website 1433 West Loop South, Suite 600, Hou-
GenericDrugsDirectPurchaserSettlement.com no later than November 22, 2024. The calculations of the dollar amount that each ston, TX 77027. Attn: DEA/ARG.
Settlement Class Member will be paid from the Settlement Fund are set forth in the Plan of Allocation, which also is available on
GenericDrugsDirectPurchaserSettlement.com.
Consumer Savings Rates
Below are the top federally insured offers available nationwide according to Bankrate.com's
What are your options? If you are a Settlement Class Member and you do nothing, you will remain in the Settlement Class
and are eligible to participate in the Settlement as described in this notice, if the Settlement is approved. However, you will need NOTICE OF SALE weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
to complete, sign, and return the claim form (once it is sent to you) in order to obtain a payment. We do not know when the visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
claim forms will be mailed. You should check GenericDrugsDirectPurchaserSettlement.com for information regarding timing.
If you did not receive a Notice in the mail, and you think you are a potential Settlement Class Member, please identify yourself High yield savings
NOTICE OF PUBLIC SALE OF COLLATERAL
or your company by letter to the following address: In re: Generic Pharmaceuticals Pricing Antitrust Litigation – Direct NOTICE IS HEREBY GIVEN that, pursuant to: (a) Section Bank Yield Bank Yield
Purchasers, c/o A.B. Data, Ltd., P.O. Box 173095, Milwaukee, WI 53217. Or send an email to 9-610 of the Uniform Commercial Code (“UCC”) as in effect Phone number Minimum (%) Phone number Minimum
info@GenericDrugsDirectPurchaserSettlement.com, or call 877-315-0583. You may be required to submit proof of a qualifying (%)
in the State of New York and (b) the Security Agreement,
direct purchase to establish that you are a Settlement Class Member. Such claimants may also be required to submit purchase dated as of June 2, 2022 (as amended, supplemented or Money market account Six-month CD
data as part of the claims process. As a Settlement Class Member, unless you opt out of the Settlement, you will be bound by all otherwise modified, the “Security Agreement”), by and
orders and judgments of the Court. among, Moshe Silber, an individual (the “Borrower”), MyBankingDirect $500 5.55 Bask Bank $1,000 5.35
Westwood Jackson Apts MM LLC, a Delaware limited
liability company (“Westwood MM”), and CBRM Realty (516) 683-4100 (877) 839-2265
In addition, if you are a Settlement Class Member, you may request exclusion from (or opt out of) the Settlement, and if you do
not opt out, you may also object to the Settlement. Instructions for opting-out or objecting can be found in the publicly available Inc, a New York corporation (“CBRM”, and together Forbright Bank $1 5.30 Popular Direct $10,000 5.35
with the Borrower and Westwood MM, the “Debtors”),
case file and website, as described above. You must mail your request to opt out or your objection by October 8, 2024. The Court the other debtors party thereto, and Acquiom Agency (888) 855-7788 (800) 274-5696
will hold a Fairness Hearing on March 17, 2025, to decide whether to approve the Settlement and any requests for fees, expenses, Services LLC, as secured party (the “Secured Party”),
and service awards for the Class Representatives. The Court will also consider a Plan of Allocation for distributing the Settlement the Secured Party will offer for sale at public sales (such
Vio Bank $100 5.30 Merrick Bank $25,000 5.35
Fund to Settlement Class Members. If there are objections, the Court will consider them at the hearing. You do not need to attend sales, collectively, the “Auction”) all right, title and (888) 999-9170 (866) 638-6851
the hearing. If you wish to appear at the hearing, you must file a “Notice of Intention to Appear” with the Court and you may hire interest of the Debtors in and to the following collateral
your own attorney to appear in Court for you at your own expense. (the “Subject Collateral”): (i) Lot 1 consisting of 100%
of the limited liability company membership interests in
One-month CD One-year CD
RH Dearborn Redevelopment JV LLC, a Delaware limited Lone Star Bank $1,000 0.20 CFG Community Bank $500 5.36
For more information: Go to the website: GenericDrugsDirectPurchaserSettlement.com or call 877-315-0583 for more liability company, and all proceeds (as defined in the UCC)
information on the Settlement, the lawsuit, and your potential rights and options related to the Settlement, and the Plan of thereof; (ii) Lot 2 consisting of 100% of the limited liability (713) 358-9400 (888) 205-8388
Allocation. The website includes, for example, a list of the generic drugs that you would have had to purchase and a list of the company membership interests in Fox Capital LLC, a New Presidential Bank, FSB $1,000 0.10 Bask Bank $1,000 5.30
generic manufacturers that you would have had to purchase directly from in order to be eligible for a payment. York limited liability company, and all proceeds thereof;
(iii) Lot 3 consisting of (x) 100% of the limited liability (800) 799-1424 (877) 839-2265
company membership interests in Westwood Jackson Apts BrioDirect $500 0.05 First Internet Bank of Indiana $1,000 5.26
MM LLC, a Delaware limited liability company and (y) 100%
of the limited liability company membership interests in (877) 369-2746 (888) 873-3424
CAREERS Westwood Jackson Apts LLC, a Delaware limited liability
ANNOUNCEMENTS CAREERS company, and all proceeds of the foregoing; and (iv) Two-month CD Two-year CD
Lot 4 consisting of 49% of the limited liability company
membership interests in 100 Phillips Parkway LLC, a Lone Star Bank $1,000 0.20 First Internet Bank of Indiana $1,000 4.76

We Write Your Book Finance Delaware limited liability company, and all proceeds of (713) 358-9400 (888) 873-3424
the foregoing. The Subject Collateral is security for the
Morgan Stanley Services Group Inc. is hiring for Presidential Bank, FSB $1,000 0.10 First National Bank of America $1,000 4.75
    Borrower’s obligations under the Credit Agreement,
Life Story or the Story of Your the following roles throughout facilities in New
York, NY: Vice President to build and maintain
dated as of June 2, 2022 (as amended, supplemented or (800) 799-1424 (800) 968-3626
Success in Business + Lessons     otherwise modified, the “Credit Agreement”), among the
Java Spring Boot services, ETL flows, and Py-      Borrower, the lenders party thereto, and Acquiom Agency State Bank of India California $1,000 0.05 Bask Bank $1,000 4.75
Learned & Advice for Others. thon data quality rules (3246740, salary range
   ! " # 
Services LLC, as administrative agent.
(877) 707-1995 (877) 839-2265
TERMS AND CONDITIONS OF THE AUCTION
LegaciesandMemories.com $185000 to $200000); Vice President, Institu-
tional Securities Technology to conduct data $ %&'() !
BizSuccessBooks.com modeling, design, and configuration of data-  " " *  
The Subject Collateral is being sold in four separate
lots as described above on an “AS IS, WHERE IS, WITH
Three-month CD Five-year CD
(904) 293-9893 * Since 1999 bases (3246826, salary range $185650 to !$  $+  ALL FAULTS” basis pursuant to the following terms and
conditions.
Bask Bank $1,000 5.35 First National Bank of America $1,000 4.50
$200000); Director to assist the team in provid-   (! ( $ (877) 839-2265 (800) 968-3626
ing critical operational, analytical, and strategic 1. Parties interested in bidding at the Auction may,
insights to help accelerate the growth of com-  ) )  %& subject to executing confidentiality agreements and America First FCU $500 5.25 First Internet Bank of Indiana $1,000 4.50
BUSINESS OPPORTUNITIES panies (3246674, salary range $178000 to , !!)  ( meeting the bidder qualifications set forth in the
(801) 627-0900 (888) 873-3424
bidding procedures (the “Bidding Procedures”), which
$178000); Associate to perform analysis of the  ! " #   can be obtained by contacting CBRE Capital Markets, Inc. Banesco USA $1,500 5.25 Quontic Bank $500 4.30
potential risks and rewards for large corporate    -!&./  (“CBRE”) as provided below, obtain additional information
derivative and exotic derivative transactions 0$ )$  123  concerning the Subject Collateral by contacting CBRE. (888) 228-1597 (800) 908-6600
2nd Trust Deed (3245110, salary range $130000 to $140000);
Vice President to develop appropriate risk mod-
4)    ,  " 
( 4)" * 5 6. 0$
The Bidding Procedures provide additional information
about the bidding process, including bidder qualifications,
Auction participation and determination of the winning High yield jumbos - Minimum is $100,000
eling techniques for securitized products for in-
12% Return ternal and regulatory frameworks (3244499,
salary range $150000 to $190000); Vice Presi-
dent to cover the risk management of macro
776" !$ % $ 
 * 8 6. 0$77  ()
$   4)!"
bid.
2. The Auction will be held on July 25, 2024 at 10:00
A.M. (New York City time) via a web-based video
Money market account
Vio Bank 5.30
Six-month CD
Merrick Bank 5.35
42% L.T.V. • 2 YEARS
conferencing and/or telephonic conferencing program
markets products including derivatives, exotics   $$6 " $  selected by the Secured Party access to which will be made
and cross-asset trading strategies with empha- available to qualified bidders.
(888) 999-9170 (866) 638-6851
%%%! 9 9:
IRVINE, CA 5.25 5.25
sis on quantitative analysis (3244518, salary 3. The Subject Collateral will be sold on an “AS-IS, UFB Direct America First FCU
range $150000 to $190000). All positions re- 9  ;  ( 6) ! WHERE-IS, WITH ALL FAULTS” basis, without recourse,
+,<:  ,6  ,6 (877) 472-9200 (801) 627-0900
quire related degree and/or experience and/or and without any express or implied representations or

CUSTOM HOME skills. Multiple open positions at various profes-

sional levels. For more information and to apply
=6%: >?1@ A 
$:&&%%%!&&
warranties whatsoever, including, without limitation, as
to the condition of title, value, or quality of the Subject
Collateral, or without regard to assets, liabilities,
Western State Bank
(701) 277-5003
5.15 Vio Bank
(888) 999-9170
5.25

866-700-0600
ALLIANCE PORTFOLIO
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
www.AlliancePortfolio.com
RE Broker • CA DRE • 02066955 Broker License ID
CAREERS
Finance-Internal Auditor
(New York, NY): Work on audits & assurance
review & provide practical, innovative, & value-
added solutions in response to identified is-
sues. Analyze & assess risks arising from both
the business & support functions (Non-Core
Legacy, Credit, Cash Equity, Capital Market, &
Compliance). Identify & evaluate the effective-
ness of internal controls designed to address
risks. Document & communicate audit review
issues, root causes & risks, & prepare reports
of audit review findings for senior management.
Apply knowledge of auditing financial state-
ments; banking & wealth management opera-
tions & regulations (Credit, Cash Equity, Capital
Market, & Compliance); &, compliance & risk
management support. Req’s Master’s degr plus
2 yrs exp. The salary range is $90,979 -
$117,000 annually, based on various factors
such as experience, education, skills, internal &
external market data, etc. Please forward your
resume to Credit Suisse, P.O. Box
AL196CSNY, 909 Third Avenue, 15th floor,
New York, NY 10022. No phone calls.
online, visit us at https://ms.taleo.net/career-
section/2/jobsearch.ftl?lang=en Scroll down to
the “Join our team” heading and search for
these opportunities. No calls please. EOE
Vice President
Morgan Stanley & Co. LLC hiring for the follow-
ing role in NY, NY: Vice President to research
& implement trading strategies, focusing on Re-
tail suite of indices, incl robust research tech-
niques, writing index descriptions, assessing
trading impact & costs, & coding the algorithm
into Morgan Stanley’s systematic strat. infra-
structure (salary range $250,000 to $250,000).
Positn req’s rel degree &/or exp &/or skills. For
more info & to apply, visit
https://ms.taleo.net/careersec-
tion/2/jobsearch.ftl?lang=en Scroll down & en-
ter 3246665 as “Job Number” & click “Search
jobs.” No calls pls. EOE
Vice President, Acquisition
Morgan Stanley Investment Mgmt., Inc. hiring
for the following role in NY, NY: Vice President,
Acquisition to spprt Firm in several areas of in-
frastructure pvt equity investing (salary range
$250,000 to $250,000). Positn req’s rel degree
&/or exp &/or skills. For more info & to apply,
visit https://ms.taleo.net/careersec-
tion/2/jobsearch.ftl?lang=en Scroll down & en-
ter 3250506 as “Job Number” & click “Search
jobs.” No calls pls. EOE
&+,'&>?1@ financial condition, or earnings of any Debtor or any of
their affiliates. WITHOUT LIMITING THE GENERALITY One-month CD One-year CD
OF THE FOREGOING, ALL WARRANTIES, WHETHER Lone Star Bank 0.20 Credit One Bank, NA 5.40
2 Market Research & Analysts and Marketing
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, OR OTHERWISE, ARE EXPRESSLY DISCLAIMED. (713) 358-9400 (877) 825-3242
Specialists wanted at NY Fantuan Inc. The sale of the Subject Collateral is specifically subject to
Presidential Bank, FSB 0.10 CFG Community Bank 5.36
Work with Fantuan food delivery app data and all taxes, liens (other than those of the Secured Party),
claims, assessments, liabilities and encumbrances, if any,
conduct market research to optimize customer (800) 799-1424 (888) 205-8388
that may exist against the Subject Collateral under the
experience and expand market outreach to UCC or other applicable law. The Secured Party makes no State Bank of India California 0.05 Popular Direct 5.30
Mandarin speaking Chinese communities in NY representations or warranties and provides no assurances (877) 707-1995 (800) 274-5696
and beyond. as to any Subject Collateral. Prospective bidders should
perform their own diligence as to the Subject Collateral.
Req: Bachelors in relevant fields, Masters highly
4. The Secured Party reserves the right to determine
Two-month CD Two-year CD
preferred. which bidders qualify for participation in the Auction, Lone Star Bank 0.20 Luana Savings Bank 4.86
At least two years of working experience with reject any bid or all bids at the Auction, to announce
(713) 358-9400 (800) 666-2012
marketing, market research and market data such other terms at the Auction as may be commercially
analysis. Combined experience with marketing and reasonable in the Secured Party’s discretion or to accept Presidential Bank, FSB 0.10 First Internet Bank of Indiana 4.76
data science highly preferred. non-conforming bids. Further, the Secured Party reserves
the right to cancel, postpone or adjourn the Auction by (800) 799-1424 (888) 873-3424
Bilingual in English and Mandarin Chinese highly announcement made at the Auction, either before or after
State Bank of India California 0.05 TAB Bank 4.70
preferred. the commencement of bidding, without written notice or
further publication. The Secured Party reserves the right (877) 707-1995 (800) 355-3063
Starting $9800/month, 45-22 162nd ST, APT2C, to credit bid any portion of its secured indebtedness then
Flushing, NY 11358 outstanding under the Credit Agreements at the Auction. Three-month CD Five-year CD
Please mail resume to NY Fantuan Inc. Attn: HR at The Secured Party reserves the right to implement such
address above other terms or conditions at the Auction or regarding America First FCU 5.25 First Internet Bank of Indiana 4.50
the Auction procedures as the Secured Party, in its sole (801) 627-0900 (888) 873-3424
discretion, determine to be commercially reasonable under
Merrick Bank 5.25 Popular Direct 4.30
Associate: the circumstances.
Morgan Stanley Smith Barney LLC hiring for the All inquiries concerning this Notice of Public Sale (866) 638-6851 (800) 274-5696
and the terms and conditions of the sale (including
following role in NY, NY: Associate to determine
requirements to be a “qualified bidder”) should be made Popular Direct 5.25 Quontic Bank 4.30
req’d data & campaign solutions & assist in im- to: CBRE Capital Markets at CBREuccsales@cbre.com. Any
plementation (salary range $106000 to person making any inquiry or request must: (i) disclose
(800) 274-5696 (800) 908-6600
$110000). Position req’s rel degree &/or exp the person or entity on whose behalf such information is
&/or skills. For more info & to apply, visit being sought, (ii) execute the confidentiality agreement, Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
https://ms.taleo.net/careersec- which can be reviewed at the website https://tinyurl. compounding and rate stated for the lowest required opening deposit to earn interest. CD
tion/2/jobsearch.ftl?lang=en Scroll down & en- com/SilberUCC (case sensitive), and (iii) maintain the figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
confidentiality of the information provided in accordance
ter 3244491 as “Job Number” & click “Search with the confidentiality agreement.
which may be checks. Rates are subject to change.
jobs.” No calls pls. EOE Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
Internet: www.bankrate.com
THE WALL STREET JOURNAL. * * * Wednesday, July 10, 2024 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
39291.97 t 52.82, or 0.13% Trailing P/E ratio 27.23 22.86 5576.98 s 4.13, or 0.07% Trailing P/E ratio * 24.15 19.69 18429.29 s 25.55, or 0.14% Trailing P/E ratio *† 32.36 31.25
High, low, open and close for each P/E estimate * 19.15 18.22 High, low, open and close for each P/E estimate * 22.65 20.10 High, low, open and close for each P/E estimate *† 29.51 28.92
trading day of the past three months. Dividend yield 2.15 2.08 trading day of the past three months. Dividend yield * 1.30 1.58 trading day of the past three months. Dividend yield *† 0.76 0.72
All-time high 40003.59, 05/17/24 All-time high 5576.98, 07/09/24 All-time high: 18429.29, 07/09/24

Current divisor 0.15221633137872

40100 5650 18400

39600 5525 17800

65-day 39100 5400 17200

moving average

38600 5275 16600

Session high
DOWN UP 38100 5150 16000
t

Session open Close

Close Open 65-day moving average 65-day moving average 15400

t

37600 5025

Bars measure the point change from session's open Session low
37100 4900 14800
Apr. May June July Apr. May June July Apr. May June July
*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* 791,184,658 10,157,776
Industrial Average 39492.28 39146.60 39291.97 -52.82 -0.13 40003.59 32417.59 14.7 4.3 4.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 329,218,108 5,189,315
Transportation Avg 15128.47 14992.62 14993.76 -164.85 -1.09 16695.32 13556.07 -5.9 -5.7 0.3 Most-active issues in late trading Decl. volume* 450,657,210 4,706,072
Utility Average 913.09 902.43 908.84 4.23 0.47 955.01 783.08 -0.6 3.1 0.5 Volume After Hours Issues traded 2,891 299
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 55027.42 54858.17 54874.77 -2.14 -0.004 54876.91 40847.04 23.5 14.8 6.5 Advances 1,033 133
NVIDIA NVDA 8,652.4 131.49 0.11 0.08 131.60 128.01
Barron's 400 1135.10 1128.45 1128.65 -3.65 -0.32 1166.53 907.97 14.0 5.2 3.6 Declines 1,754 152
Full Truck Alliance ADR YMM 7,605.6 8.38 0.17 2.07 8.38 8.03
Unchanged 104 14
Nasdaq Stock Market Comcast Cl A CMCSA 7,093.8 37.51 -0.0002 -0.001 37.58 37.45 New highs 91 7
Nasdaq Composite 18511.89 18381.60 18429.29 25.55 0.14 18429.29 12595.61 33.9 22.8 7.8 Vale ADR VALE 6,677.4 11.62 0.06 0.48 11.65 11.56 New lows 83 10
Nasdaq-100 20543.90 20395.57 20453.02 13.48 0.07 20453.02 14109.57 35.3 21.6 11.3 KE Holdings ADR BEKE 5,740.0 15.16 unch. unch. 15.20 15.16 Closing Arms† 0.78 0.57
Monterey Cap Acqn Cl A MCAC 5,574.8 8.52 -0.55 -6.06 11.33 8.00 Block trades* 3,738 132
S&P
0.07
Pfizer PFE 5,544.7 27.72 -0.001 -0.003 27.75 27.65
500 Index 5590.75 5574.57 5576.98 4.13 5576.98 4117.37 25.6 16.9 8.5 Nasdaq NYSE Arca
Ambev ADR ABEV 4,111.5 2.08 unch. unch. 2.09 2.08
MidCap 400 2908.89 2887.03 2887.47 -18.18 -0.63 3046.36 2326.82 8.3 3.8 2.2 Total volume*4,839,149,842 190,107,318
SmallCap 600 1290.23 1280.11 1281.24 -8.61 -0.67 1345.71 1068.80 4.4 -2.8 -2.0 Percentage gainers… Adv. volume*2,612,659,352 101,260,696
SMART Global Holdings SGH 475.0 24.82 1.60 6.89 26.89 23.00 Decl. volume*2,179,887,770 86,003,063
Other Indexes
iShares MSCI ACWI ETF ACWI 287.3 120.36 5.73 5.00 120.36 114.37 Issues traded 4,345 1,957
Russell 2000 2039.97 2023.92 2029.47 -9.20 -0.45 2124.55 1636.94 6.1 0.1 -3.8
Advances 1,856 794
NYSE Composite 18127.43 18022.68 18048.58 -39.28 -0.22 18388.26 14675.78 13.5 7.1 2.8 Vanguard Small-Cap Grwth VBK 221.8 260.00 11.90 4.80 260.00 247.84
Declines 2,326 1,102
Value Line 582.32 578.24 578.43 -3.89 -0.67 615.81 498.09 -0.27 -2.6 -4.9 Primo Water PRMW 78.6 21.74 0.95 4.57 21.74 20.78
Unchanged 163 61
NYSE Arca Biotech 5326.08 5274.25 5322.63 38.67 0.73 5511.46 4544.40 2.1 -1.8 -3.4
TTEC Holdings TTEC 180.2 6.15 0.22 3.71 6.15 5.83
New highs 160 302
NYSE Arca Pharma 1069.09 1059.55 1068.42 2.95 0.28 1078.36 837.32 27.6 17.4 12.2 ...And losers New lows 159 30
KBW Bank 106.85 104.42 106.23 1.59 1.52 107.64 71.71 29.2 10.6 -5.1 10x Genomics TXG 63.0 16.10 -2.15 -11.78 18.25 15.78 Closing Arms† 0.67 0.72
PHLX§ Gold/Silver 146.37 144.58 145.32 -0.27 -0.19 151.36 102.94 20.5 15.6 0.9 LegalZoom.com LZ 121.2 7.05 -0.80 -10.19 8.03 6.96 Block trades* 28,534 979
PHLX§ Oil Service 84.42 83.06 83.37 -1.00 -1.18 98.76 76.90 -4.4 -0.6 10.2 Zapp EV ZAPP 1,884.8 16.86 -1.09 -6.07 19.14 16.17 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5826.16 5713.94 5765.20 -0.01 -0.0002 5765.21 3185.18 57.8 38.1 20.7 Monterey Cap Acqn Cl A MCAC 5,574.8 8.52 -0.55 -6.06 11.33 8.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 12.61 12.35 12.51 0.14 1.13 21.71 11.86 -15.7 0.5 -8.2 NXP Semiconductors NXPI 76.7 260.58 -14.33 -5.21 275.40 260.58 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 817.78 –0.36 –0.04 12.5 Soligenix SNGX 7.42 5.42 271.00 32.00 1.83 -32.7 DigiAsia FAAS 3.65 -1.90 -34.17 13.99 3.65 -66.5
MSCI ACWI ex-USA 335.04 –0.76 –0.22 5.8 Zapp EV ZAPP 17.95 8.71 94.26 46.20 0.70 -58.4 Indivior INDV 10.19 -5.15 -33.57 24.90 9.14 -54.9
MSCI World 3579.33 –3.37 –0.09 12.9 uniQure QURE 6.67 2.89 76.46 11.59 3.73 -41.3 Helen of Troy HELE 64.33 -24.68 -27.73 143.68 60.00 -50.3
MSCI Emerging Markets 1111.70 4.40 0.40 8.6 Shineco SISI 4.51 1.36 43.17 4.90 0.61 43.3 Applied Digital APLD 5.47 -1.67 -23.39 11.07 2.36 -35.2
Americas MSCI AC Americas 2092.41 0.97 0.05 15.4 Longeveron LGVN 2.87 0.80 38.65 37.50 0.77 -91.3 Lumos Pharma LUMO 1.78 -0.40 -18.35 4.55 1.75 -44.4
Canada S&P/TSX Comp 22042.50 –83.63 –0.38 5.2 AEterna Zentaris AEZS 6.88 1.63 31.05 12.80 3.96 -39.2 Cetus Capital Acquisition CETU 7.70 -1.70 -18.09 16.00 6.53 -25.0
Latin Amer. MSCI EM Latin America 2270.52 20.64 0.92 –14.7 Jumia Technologies ADR JMIA 10.99 2.53 29.91 11.21 2.23 159.2 Ryvyl RVYL 1.83 -0.40 -17.94 17.50 1.12 -84.2
Brazil Bovespa 127108.22 559.88 0.44 –5.3 Athira Pharma ATHA 3.39 0.77 29.39 4.30 1.33 14.5 Wetouch Technology WETH 2.07 -0.38 -15.51 18.78 1.13 -72.0
Chile S&P IPSA 3507.71 –27.53 –0.78 1.2 Relmada Therapeutics RLMD 4.10 0.91 28.53 7.22 2.42 51.9 Drilling Tools Intl DTI 5.40 -0.93 -14.69 6.36 2.43 21.1
Mexico S&P/BMV IPC 53331.81 424.12 0.80 –7.1 ZyVersa Therapeutics ZVSA 4.75 1.04 28.03 91.00 3.41 -94.6 Cambium Networks CMBM 1.79 -0.29 -13.94 16.56 1.76 -88.2
EMEA STOXX Europe 600 511.76 –4.67 –0.91 6.8 Haoxi Health Technology HAO 6.60 1.36 25.95 10.60 4.03 ... MicroAlgo MLGO 5.51 -0.89 -13.91 156.00 1.56 -76.3
Eurozone Euro STOXX 504.30 –5.84 –1.14 6.4 Kymera Therapeutics KYMR 39.44 7.48 23.40 45.31 9.60 75.1 Roadzen RDZN 2.18 -0.35 -13.83 17.00 1.55 -79.5
Belgium Bel-20 3950.57 5.53 0.14 6.5 Zevra Therapeutics ZVRA 5.48 0.98 21.94 7.28 3.89 13.4 TROOPS TROO 2.55 -0.37 -12.67 4.79 0.73 -44.9
Denmark OMX Copenhagen 20 2819.81 –42.85 –1.50 23.5 Qilian Intl Hldg QLI 4.76 0.79 19.90 5.97 1.78 10.7 Iris Energy IREN 12.82 -1.81 -12.37 15.75 2.79 89.9
7508.66 –1.56 –0.5 Arlo Technologies ARLO 16.52 2.72 19.71 16.94 7.77 50.3 GeoVax Labs GOVX 2.52 -0.35 -12.20 10.24 1.09 -71.8
France CAC 40 –118.79
Germany DAX 18236.19 –235.86 –1.28 8.9
Israel Tel Aviv 2053.96 7.45 0.36 10.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33864.47 –182.07 –0.53 11.6 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 930.70 –2.15 –0.23 18.3
Oslo Bors All-Share 1626.39 7.0 NVIDIA NVDA 280,294 -32.7 131.38 2.48 140.76 39.23 Monterey Cap Acqn Cl A MCAC 3,301 9592 9.07 -4.43 12.47 8.38
Norway –7.99 –0.49
Maxeon Solar Technologies MAXN 223,939 764.1 0.25 -8.15 28.48 0.17 Tristar Acquisition I TRIS 1,640 8531 11.17 ... 11.19 10.46
South Africa FTSE/JSE All-Share 80620.02 –163.49 –0.20 4.8
Spain IBEX 35 10898.82 –123.28 –1.12 7.9 Tesla TSLA 159,518 70.1 262.33 3.71 299.29 138.80 Target Global I Cl A TGAA 779 5008 11.45 1.33 12.19 10.62
974.84 –0.68 8.0 Soligenix SNGX 133,540 63328.9 7.42 271.00 32.00 1.83 SPDR SSgA Glb Allocation GAL 340 3300 43.75 -0.05 43.95 37.04
Sweden OMX Stockholm –6.65
8.1
Intel INTC 96,680 101.9 34.59 1.77 51.28 29.73 Broadway Financial BYFC 219 3197 5.40 -8.01 8.47 4.41
Switzerland Swiss Market 12037.36 –14.30 –0.12
Turkey BIST 100 10796.57 –67.51 –0.62 44.5 ProSh UltraPro Shrt QQQ SQQQ 96,446 -25.9 7.39 -0.14 23.34 7.29 Indivior INDV 2,941 2875 10.19 -33.57 24.90 9.14
U.K. FTSE 100 8139.81 –53.68 –0.66 5.3 Pineapple Energy PEGY 76,044 1406.4 2.30 91.67 21.45 0.62 Simplify MBS ETF MTBA 3,229 1828 50.67 0.14 51.89 49.51
U.K. FTSE 250 20645.02 –153.30 –0.74 4.9 Ocean Power Technologies OPTT 73,944 185.3 0.42 5.50 0.77 0.12 Helen of Troy HELE 5,463 1601 64.33 -27.73 143.68 60.00
Direxion TSLA Bull 2X TSLL 68,295 90.6 15.83 7.39 21.10 4.94 NeueHealth NEUE 116 1513 5.15 2.79 22.00 4.94
Asia-Pacific MSCI AC Asia Pacific 185.01 0.94 0.51 9.2
Palantir Technologies PLTR 52,986 25.7 27.39 -1.12 28.38 13.68 IQ Candriam Intl Eq IQSI 125 1439 29.73 -0.20 30.53 24.54
Australia S&P/ASX 200 7829.70 66.54 0.86 3.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2959.37 36.92 1.26
–0.5 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17523.23 –0.83 –0.005 2.8
80351.64 0.49 11.2
Scan this code
India BSE Sensex 391.26
Japan NIKKEI 225 41580.17 799.47 1.96 24.3 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3426.09 21.62 0.64 5.7 track most-active stocks,
South Korea KOSPI 2867.38 9.62 0.34 8.0 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 23900.08 21.93 0.09 33.3 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1319.92 –2.58 –0.20 –6.8
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003934 25418 4.7
CREDIT MARKETS Argentina peso .0011917.0720 13.4 Europe
Brazil real .1844 5.4220 11.7 Czech Rep. koruna .04277 23.379 4.5
Canada dollar .7333 1.3637 2.9 Denmark krone .1450 6.8985 1.8
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001069 935.13 6.9 Euro area euro 1.0813 .9249 2.1
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000247 4048.45 4.47 Hungary forint .002746 364.23 4.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007253 137.88 1.4
A consumer rate against its Five-year ARM, Rate Mexico peso .0558 17.9137 5.6 Norway krone .0944 10.5943 4.1
benchmark over the past year 6.00% Uruguay peso .02495 40.0750 2.6 Poland zloty .2541 3.9360 –0.01
Bankrate.com avg†: 6.60% 14% Sweden krona .0947 10.5629 4.6
Tradeweb FTSE Asia-Pacific
5-year 6.25% Switzerland franc 1.1137 .8979 6.7
Star One Credit Union Tuesday Close 5.00 Australiadollar .6741 1.4835 1.1
adjustable-rate 8.00% t 7 WSJ Dollar Index Turkey lira .0304 32.8731 11.5
Sunnyvale, CA 408-742-2801 China yuan .1375 7.2727 2.2
mortgage (ARM) 4.00
s
Ukraine hryvnia .0245 40.7500 6.8
t STAR Financial Bank 6.38% t Hong Kong dollar .1280 7.8114 0.02
6.00 0 UK pound 1.2787 .7820 –0.4
One year ago 3.00 India rupee .01198 83.495 0.4
Fort Wayne, IN 765-622-4185 Middle East/Africa
Indonesia rupiah .0000615 16271 5.7
4.00 Apple Federal Credit Union 6.63% s
2.00 –7 s Japan yen .006199 161.31 14.4 Bahrain dinar 2.6529 .3770 unch
t Euro
Fairfax, VA 800-666-7996 Yen Kazakhstan tenge .002082 480.40 5.5 Egypt pound .0208 48.0670 55.4
5-year Treasury 2.00 1.00 Macau pataca .1242 8.0510 –0.04 Israel shekel .2721 3.6755 2.0
note yield Chemung Canal Trust Company 6.63% –14
Malaysia ringgit .2124 4.7075 2.4 Kuwait dinar 3.2676 .3060 –0.4
Elmira, NY 607-737-3711 1 3 6 1 2 3 5 7 10 20 30 2023 2024
0.00 New Zealand dollar .6125 1.6327 3.2 Oman sul rial 2.5975 .3850 unch
Citizens Equity First Credit Union 6.63% month(s) years
A S ON D J FMA M J Pakistan rupee .00359 278.513 –0.9 Qatar rial .2741 3.648 0.1
Peoria, IL 309-633-3603 maturity Philippines peso .0171 58.503 5.6 Saudi Arabia riyal .2666 3.7509 0.02
2023 2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7404 1.3507 2.4 South Africa rand .0551 18.1562 –0.8
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007226 1383.88 6.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0032881 304.13 –6.1
WSJ Dollar Index 100.03
Close Net Chg % Chg YTD%Chg
0.10 0.10 4.38
Federal-funds rate target 5.25-5.50 5.25-5.50 5.00 l 5.50 5.25 Taiwan dollar .03071 32.560 6.1
Yield (%) 52-Week Total Return (%) Thailand baht .02746 36.410 5.9 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.25 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.32 5.40 5.05 l 5.40 5.27
Money market, annual yield 0.49 0.48 0.46 l 0.64 0.41
U.S. Treasury, Bloomberg 2169.800 4.470 4.600 5.120 4.040 3.340 –3.279 Commodities
Tuesday 52-Week YTD
Five-year CD, annual yield 2.84 2.84 2.77 l 2.88 2.39 U.S. Treasury Long, Bloomberg 3113.130 4.560 4.680 5.280 3.950 –1.587–10.719 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.42 7.47 7.01 l 8.28 4.32 Aggregate, Bloomberg 2061.940 4.890 5.040 5.740 4.490 4.719 –2.933
15-year mortgage, fixed† 6.87 6.88 6.34 l 7.42 4.47
DJ Commodity 1018.56 -7.93 -0.77 1079.94 934.97 4.87 6.34
Fixed-Rate MBS, Bloomberg 2035.000 5.110 5.290 6.050 4.620 4.507 –2.703
Jumbo mortgages, $766,550-plus† 7.50 7.57 7.07 l 8.33 4.37 FTSE/CC CRB Index 289.98 -0.93 -0.32 300.23 258.09 8.37 9.91
High Yield 100, ICE BofA 3642.767 6.973 7.106 9.101 6.847 10.853 1.901
Five-year adj mortgage (ARM)† 6.60 6.59 6.20 l 7.16 3.70 Crude oil, $ per barrel 81.41 -0.92 -1.12 93.68 68.61 8.79 13.62
Muni Master, ICE BofA 586.888 3.462 3.548 4.311 3.038 3.397 –0.914
New-car loan, 48-month 7.86 7.94 7.26 l 7.94 3.74 Natural gas, $/MMBtu 2.344 -0.022 -0.93 3.575 1.575 -14.17 -6.76
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 869.936 7.866 8.057 8.842 7.205 9.718 –2.085
banks.† Excludes closing costs. Gold, $ per troy oz. 2360.10 4.90 0.21 2433.90 1816.60 22.20 14.43
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B10 | Wednesday, July 10, 2024 * ** THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Tracking Bond Benchmarks
Metal & Petroleum Futures Aug 20.42 20.68 20.04 20.13 –.30 4,590
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Cocoa (ICE-US)-10 metric tons; $ per ton. highs and lows for different types of bonds
Contract Open
Open High hi lo Low Settle Chg interest Total Total
July 8,430 8,430 8,430 8,023 330 416
return YTD total Yield (%) return YTD total Yield (%)
Copper-High (CMX)-25,000 lbs.; $ per lb. Sept 7,873 8,344 7,521 8,150 445 49,479 close return (%) Index Latest Low High close return (%) Index Latest Low High
July 4.6165 4.6470 4.5590 4.5780 –0.0440 2,977 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Sept 4.6065 4.6515 4.5510 4.5775 –0.0405 159,851 July 252.00 252.00 s 252.00 252.00 15.80 183
Gold (CMX)-100 troy oz.; $ per troy oz. Sept 233.65 252.35 s 233.15 249.95 15.55 103,811 2061.94 -0.01 U.S. Aggregate 4.890 4.490 5.740 2035.00 -0.1 Mortgage-Backed 5.110 4.620 6.050
July 2363.10 2363.70 2360.30 2360.10 4.90 60 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. U.S. Corporate Indexes Bloomberg Fixed Income Indices 2006.93 -0.2 Ginnie Mae (GNMA) 5.150 4.640 6.020
Aug 2366.50 2378.30 2356.00 2367.90 4.40 327,285 Oct 20.31 20.31 19.61 19.62 –.51 350,629
Sept 2379.10 2389.00 t 2369.90 2380.50 4.30 201 3133.95 0.4 U.S. Corporate 5.360 5.020 6.430 1198.04 -0.1 Fannie mae (FNMA) 5.100 4.620 6.050
March'25 20.58 20.61 20.02 20.03 –.44 187,426
Oct 2390.30 2401.40 2380.00 2391.20 4.20 26,826 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. 3045.04 1.7 Intermediate 5.230 4.950 6.350 1848.63 0.2 Freddie Mac (FHLMC) 5.040 4.540 6.190
Dec 2413.90 2425.60 2403.60 2415.20 4.20 133,043 Sept 38.11 38.11 38.11 38.11 … 1,994
4126.63 -2.1 Long term 5.610 5.160 6.600 586.89 -0.2 Muni Master 3.462 3.038 4.311
Feb'25 2444.00 2447.20 2428.40 2438.30 4.20 11,611 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 66.96 66.96 t 66.96 66.96 –.36 12 595.82 -0.7 Double-A-rated 4.980 4.540 5.760 413.65 -1.2 7-12 year 3.219 2.721 4.097
July 1019.00 1040.50 s 1011.00 982.50 –29.00 3 Dec 71.40 71.40 70.48 70.55 –.50 155,947 848.03 0.8 Triple-B-rated 5.550 5.250 6.700 476.48 0.1 12-22 year 3.694 3.388 4.742
Sept 1017.50 1027.00 978.00 986.20 –28.50 21,390 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz. July 478.00 478.00 473.00 474.75 14.70 15
High Yield Bonds ICE BofA 452.69 0.8 22-plus year 4.238 4.070 5.274
July 996.30 996.30 992.10 989.70 –14.00 17 Sept 430.90 448.95 429.00 447.70 18.75 7,525 542.13 3.1 High Yield Constrained 7.853 7.620 9.560 Global Government J.P. Morgan†
Oct 1016.00 1024.20 992.10 999.00 –14.50 75,340
525.99 3.8 Triple-C-rated 13.419 12.616 15.455 537.02 -1.2 Global Government 3.520 2.950 3.810
Silver (CMX)-5,000 troy oz.; $ per troy oz. Interest Rate Futures
July 31.200 31.200 30.720 30.772 0.154 508 3642.77 2.8 High Yield 100 6.973 6.847 9.101 800.49 -0.3 Canada 3.500 3.090 4.260
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Sept 31.020 31.435 30.785 31.056 0.143 131,250 350.39 -1.7 EMU§ 3.281 2.669 3.790
Sept 126-010 126-050 124-270 125-120 –27.0 1,663,107 473.88 3.9 Global High Yield Constrained 7.627 7.552 9.440
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 358.70 3.7 Europe High Yield Constrained 6.333 6.207 8.022 640.20 -3.0 France 3.320 2.540 3.630
Aug 82.22 82.48 81.25 81.41 –0.92 259,927
Sept 118-260 118-300 118-010 118-140 –18.0 1,678,320
Sept 81.45 81.65 80.42 80.56 –0.96 283,971
Dec 118-230 118-310 118-040 118-160 –19.0 1,883
U.S Agency Bloomberg Fixed Income Indices 456.39 -2.4 Germany 2.650 2.020 3.030
Oct 80.64 80.80 79.59 79.71 –0.98 150,439
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 1804.04 1.2 U.S Agency 4.850 4.380 5.390 269.22 -3.5 Japan 1.480 0.790 1.480
Dec 79.21 79.38 78.15 78.25 –1.03 208,183
Sept 110-160 110-180 110-070 110-130 –6.0 4,486,285 1.4
June'25 76.17 76.34 75.23 75.32 –0.92 102,689 1597.12 10-20 years 4.850 4.360 5.370 495.08 -2.8 Netherlands 2.890 2.260 3.320
Dec 110-300 110-300 110-195 110-250 –6.5 1,738
Dec 73.86 74.02 73.01 73.10 –0.84 122,300 3422.54 -0.8 20-plus years 4.880 4.500 5.740 791.35 -2.5 U.K. 4.410 3.790 4.880
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Aug 2.5727 2.5878 2.5201 2.5236 –.0555 80,715
Sept 106-295 106-317 106-250 106-295 –2.7 6,367,065 2751.09 0.9 Yankee 5.180 4.860 6.110 869.94 2.5 Emerging Markets ** 7.866 7.205 8.842
Sept 2.5873 2.6009 2.5384 2.5418 –.0510 69,203
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 102-086 102-096 102-071 102-087 –.9 4,291,317 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Aug 2.5342 2.5604 2.5188 2.5274 –.0105 123,899 Dec 102-212 102-212 102-199 102-197 –.9 24

Sept 2.5007 2.5211 2.4827 2.4904 –.0158 104,003 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
July t 94.6700 94.6700 .0000 394,738
94.6725 94.6725
Global Government Bonds: Mapping Yields
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Aug 2.373 2.448 2.331 2.344 –.022 193,989 Aug 94.6850 94.6850 t 94.6800 94.6800 –.0050 515,067 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Sept 2.384 2.454 2.351 2.360 –.022 287,794 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Oct 2.492 2.550 2.461 2.468 –.024 150,033 April 94.6425 94.6425 94.6425 94.6425 .0000 5,887
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Nov 2.918 2.957 2.884 2.889 –.030 133,654 June 94.6500 94.6500 94.6450 94.6475 –.0025 1,194,405 Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
Jan'25 3.692 3.719 3.660 3.669 –.019 111,482 4.625 U.S. 2 4.624 s l 4.616 4.870 4.931
Currency Futures
March 3.161 3.187 3.132 3.142 –.017 108,559 4.375 10 4.297 s l 4.267 4.428 4.047
Japanese Yen (CME)-¥12,500,000; $ per 100¥
4.250 Australia 2 4.212 t l 4.218 3.997 4.413 -42.3 -42.3 -54.4
Agriculture Futures July .6224 .6227 .6197 .6205 –.0021 3,545
Sept .6283 .6287 .6256 .6264 –.0021 338,993
3.750 10 4.354 t l 4.372 4.232 4.256 5.0 8.8 18.9
Corn (CBT)-5,000 bu.; cents per bu.
July 400.25 406.75 397.00 400.25 4.50 732 Canadian Dollar (CME)-CAD 100,000; $ per CAD 2.500 France 2 3.117 s l 3.067 3.171 3.463 -151.8 -157.4 -149.4
Dec 408.25 412.75 406.25 408.40 .75 647,037 July .7333 .7339 .7329 .7338 .0005 984 3.500 10 3.208 s l 3.120 3.103 3.186 -109.6 -116.4 -88.2
Oats (CBT)-5,000 bu.; cents per bu. Sept .7347 .7351 .7340 .7350 .0005 250,710
2.900 Germany 2 2.933 s l 2.915 3.092 3.266 -170.2 -172.7 -169.0
July 308.00 340.00 308.00 308.25 –4.25 11 British Pound (CME)-£62,500; $ per £
July 1.2809 1.2825 1.2779 1.2788 –.0026 1,490
2.200 10 2.586 s l 2.542 2.618 2.636 -171.8 -174.2 -143.1
Dec 316.75 317.50 307.50 309.60 –8.00 3,430
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 1.2814 1.2832 1.2785 1.2794 –.0026 208,520 3.600 Italy 2 3.494 s l 3.444 3.604 3.918 -114.1 -119.7 -103.8
July 1177.00 1185.00 1160.00 1161.40 –12.75 903 Swiss Franc (CME)-CHF 125,000; $ per CHF 3.850 10 3.962 s l 3.886 3.959 4.354 -34.2 -39.8 28.6
1098.00 1101.00t 1077.50 1080.00 –19.50 413,369 Sept 1.1232 1.1241 1.1215 1.1229 –.0012 93,195
Nov 0.400 Japan 2 0.352 t l 0.361 0.349 -0.042 -428.3 -428.0 -499.9
Soybean Meal (CBT)-100 tons; $ per ton. Dec 1.1388 1.1359 1.1337 1.1350 –.0012 584
Australian Dollar (CME)-AUD 100,000; $ per AUD 1.100 10 1.076 t l 1.091 0.973 0.436 -322.8 -319.3 -363.1
July 378.50 381.80 375.90 376.20 –3.30 1,180
Dec 321.40 322.70 t 317.80 318.70 –2.70 240,023
July .6738 .6749 .6726 .6742 .0002 673 2.800 Spain 2 3.133 s l 3.096 3.265 3.561 -150.2 -154.5 -139.5
Sept .6751 .6761 .6736 .6753 .0002 222,798 3.250 10 3.320 s l 3.262 3.359 3.631 -102.2 -43.7
Soybean Oil (CBT)-60,000 lbs.; cents per lb. -98.4
48.51 48.60 46.91 46.86 –2.14 1,176
Mexican Peso (CME)-MXN 500,000; $ per MXN
July 0.125 U.K. 2 4.136 s l 4.127 4.379 5.380 -49.9 -51.4 42.3
July .05557 .05576 .05541 .05580 .00020 28
Dec 48.20 48.23 46.20 46.31 –1.95 228,540
Sept .05496 .05528 .05479 .05526 .00020 185,820 4.250 10 4.163 s l 4.118 4.264 4.651 -14.1 -16.6 58.4
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
July 17.01 17.20 17.10 17.11 .04 190
Euro (CME)-€125,000; $ per € Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
July 1.0829 1.0836 1.0809 1.0816 –.0013 2,442
Sept 14.79 14.92
Wheat (CBT)-5,000 bu.; cents per bu.
14.60 14.60 –.19 7,492
Sept 1.0859 1.0868 1.0841 1.0848 –.0013 621,798 Corporate Debt
July 552.25 555.25 553.50 554.25 1.25 151
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Sept 569.50 578.75 569.25 572.00 1.50 214,734
Index Futures expectations
Wheat (KC)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index
Sept 39670 39818 39450 39596 –54 88,479
Investment-grade spreads that tightened the most…
July 584.75 586.00 574.25 581.00 7.50 55 Spread*, in basis points
Dec 40095 40199 39841 39983 –54 289
Sept 577.50 586.75 576.75 577.60 .50 132,723 Mini S&P 500 (CME)-$50 x index Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 5627.75 5645.75 s 5626.25 5631.25 6.00 2,033,591
Dec 5697.00 5708.75 s 5690.00 5694.50 5.75 12,510 Memorial Sloan–Kettering Cancer Center MSKCC 5.000 5.27 July 1, ’42 65 –7 n.a.
Aug 260.100 260.825 254.775 255.725 –3.450 18,474
Mini S&P Midcap 400 (CME)-$100 x index –5
Sept 261.125 261.825 255.775 256.825 –3.800 10,149 Sept 2936.70 2939.90 2911.70 2913.60 –18.60 36,732
Erac USA Finance ENTERP 7.000 5.43 Oct. 15, ’37 112 118
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec … 2952.60 2947.50 2929.60 –19.70 n.a. KeyCorp KEY 2.250 5.69 April 6, ’27 127 –5 131
Aug 184.800 185.750 180.350 182.350 –2.000 115,317 Mini Nasdaq 100 (CME)-$20 x index
Sept 20681.00 20771.75 s 20615.75 20678.50 18.75 259,894 Puget Sound Energy PSD 5.764 5.83 July 15, ’40 123 –5 n.a.
Oct 185.600 186.450 181.725 183.300 –2.000 95,267
Dec 20942.00 21028.75 s 20874.00 20935.75 20.25 1,045
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index 5.132 5.07 Feb. 26, ’27 65 –5
Westpac New Zealand WSTPNZ n.a.
July 89.750 89.975 89.225 89.325 –.350 13,021 Sept 2058.10 2064.90 2039.30 2047.80 –8.90 444,147
Aug 89.650 90.250 88.300 88.400 –1.125 91,366
Dec 2086.10 2086.10 2061.30 2069.30 –8.70 241 Virginia Electric and Power … 6.350 5.59 Nov. 30, ’37 127 –4 n.a.
Mini Russell 1000 (CME)-$50 x index
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 3059.90 3069.30 s 3059.80 3060.60 .70 5,974 Elevance Health ELV 5.850 5.38 Jan. 15, ’36 108 –4 n.a.
July 439.50 444.50 t 437.00 438.50 –5.00 741 U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 104.67 104.89 104.63 104.81 .14 43,084 Kaiser Foundation Hospitals KPERM 4.875 5.28 April 1, ’42 68 –4 n.a.
Sept 476.00 477.00 467.50 468.00 –10.00 9,066
Dec 104.37 104.37 104.37 104.43 .14 361
Milk (CME)-200,000 lbs., cents per lb.
July 19.82 19.87 19.72 19.77 –.03 3,455 Source: FactSet
…And spreads that widened the most
Banco Santander SANTAN 6.921 6.04 Aug. 8, ’33 173 17 180
Vodafone 4.875 5.80 June 19, ’49 131 13 134
Cash Prices | wsj.com/market-data/commodities Tuesday, July 9, 2024
VOD

Verizon Communications VZ 4.125 4.98 March 16, ’27 56 9 60

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
from the futures price on an exchange, which reflects what the commodity might be worth in future months. Goldman Sachs GS 6.250 5.49 Feb. 1, ’41 90 8 96
Tuesday Tuesday Tuesday
Royal Bank of Canada RY 1.150 5.11 July 14, ’26 48 7 n.a.
Copper,Comex spot 4.5780 Wheat - Hard - KC (USDA) $ per bu-u 6.0775
Energy 5
Iron Ore, 62% Fe CFR China-s *108.7 Wheat,No.1soft white,Portld,OR-u 6.0250 Morgan Stanley MS 6.375 5.35 July 24, ’42 76 80
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.000 Steel, HRC USA, FOB Midwest Mill-s *665.0
Food Koninklijke Philips PHIANA 6.875 5.77 March 11, ’38 146 5 149
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.900 Battery/EV metals
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 12550 Beef,carcass equiv. index Protective Life Global Funding PL 5.215 5.15 June 12, ’29 88 5 90
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11525 choice 1-3,600-900 lbs.-u 305.75
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 3899
Engelhard industrial 2366.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3933
select 1-3,600-900 lbs.-u 284.13 High-yield issues with the biggest price increases…
Broilers, National comp wtd. avg.-u,w 1.3197
Handy & Harman base 2367.90 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Bond Price as % of face value
Butter,AA Chicago-d 3.1400
Handy & Harman fabricated 2628.37 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Fibers and Textiles Cheddar cheese,bbl,Chicago-d 194.00
LBMA Gold Price AM *2371.65
Cheddar cheese,blk,Chicago-d 196.75 7.450 6.23 May 1, ’34 108.837 0.59
LBMA Gold Price PM *2376.65 Burlap,10-oz,40-inch NY yd-n,w 0.8150
Bombardier BBDBCN n.a.
Milk,Nonfat dry,Chicago lb.-d 118.00
Krugerrand,wholesale-e 2451.02 Cotton,1 1/16 std lw-mdMphs-u 0.6313 7.721 7.90 June 4, ’38 98.500 0.50
Coffee,Brazilian,Comp-y 2.4038 Telecom Italia Capital TITIM 96.110
Maple Leaf-e 2474.59 Cotlook 'A' Index-t *81.50 Coffee,Colombian, NY-y 2.5691 0.27
American Eagle-e 2474.59 Hides,hvy native steers piece fob-u n.a. Teva Pharmaceutical Finance Netherlands … 4.100 6.72 Oct. 1, ’46 70.000 69.438
Eggs,large white,Chicago-u 2.2850
Mexican peso-e 2849.53 Wool,64s,staple,Terr del-u,w n.a. 0.21
Flour,hard winter KC-p 17.50 Rockies Express Pipeline ROCKIE 6.875 7.22 April 15, ’40 96.777 95.750
Austria crown-e 2313.09
Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.93
Austria phil-e 2474.59 5.250 18.22 Aug. 1, ’26 78.500 0.13
Hogs,Iowa-So. Minnesota-u 87.60 Hughes Satellite Systems … 78.135
Silver, troy oz. Bran,wheat middlings, KC-u,w n.a. Pork bellies,12-14 lb MidUS-u n.a. Seagate HDD Cayman … 4.750 6.00 Jan. 1, ’25 99.420 0.05 99.016
Engelhard industrial 31.2000 Corn,No. 2 yellow,Cent IL-bp,u 3.7300 Pork loins,13-19 lb MidUS-u 1.3038
Handy & Harman base 30.7800 Corn gluten feed,Midwest-u,w n.a. Steers,Tex.-Okla. Choice-u n.a.
Handy & Harman fabricated 38.4750 Corn gluten meal,Midwest-u,w n.a. Steers,feeder,Okla. City-u,w 301.75
…And with the biggest price decreases
LBMA spot price *£24.1800 Cottonseed meal-u,w n.a.
(U.S.$ equivalent) *30.9900 Hominy feed,Cent IL-u,w n.a. Hughes Satellite Systems … 6.625 53.23 Aug. 1, ’26 45.500 –3.84 48.750
Fats and Oils
Coins,wholesale $1,000 face-a 23815 Meat-bonemeal,50% pro Mnpls-u,w n.a.
Paramount Global PARA 6.875 7.10 April 30, ’36 98.185 –1.27 93.426
Other metals Oats,No.2 milling,Mnpls-u 3.8650 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *1008.0 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Grease,choice white,Chicago-h 0.4850 Occidental Petroleum OXY 6.450 5.85 Sept. 15, ’36 105.174 –0.32 103.615
LBMA Palladium Price PM *1013.0 SoybeanMeal,Cent IL,rail,ton48%-u,w n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 1000.0 Soybean oil,crude;Centl IL-u,w n.a. Telecom Italia Capital TITIM 7.200 7.60 July 18, ’36 96.875 –0.30 n.a.
Soybeans,No.1 yllw IL-bp,u 11.3800
Palladium,Engelhard industrial 1015.0 Wheat,Spring14%-pro Mnpls-u 9.1750 Tallow,bleach;Chicago-h 0.5200
OneMain Finance … 7.125 5.97 March 15, ’26 101.812 –0.28 101.750
Aluminum, LME, $ per metric ton *2475.5 Wheat,No.2 soft red,St.Louis-u 5.5350 Tallow,edible,Chicago-u n.a.
Teva Pharmaceutical Finance Netherlands … 3.150 6.01 Oct. 1, ’26 94.125 –0.17 94.125
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;
*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.
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 7/8 Note: Data are for the most active issue of bonds with maturities of two years or more
Source: Dow Jones Market Data Source: MarketAxess

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 36.98 +0.03 25.4 SAIUSMinVolIndFd 20.75 -0.04 11.1 CoreBond 10.17 ... 0.7 LgCapGow I 81.95 -0.02 24.6 MuLTAdml 10.88 +0.01 0.7 TgtRetInc 13.36 -0.01 3.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 31.22 -0.11 4.3 SAIUSQtyIdx 23.70 +0.05 22.4 EqInc 23.97 +0.03 5.3 MidCap 103.04 -0.56 3.0 MuLtdAdml 10.80 ... 0.9 Welltn 45.00 -0.01 10.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 23.24 +0.02 17.8 SrsBlChGroRetail 20.39 +0.02 30.5 LgCpGwth 77.18 +0.02 28.3 R2030 25.90 -0.02 8.2 MuShtAdml 15.73 ... 1.4 WndsrII 47.14 -0.03 10.8
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.91 -0.01 0.1 SrsEmrgMkt 19.32 +0.11 11.5 JPMorgan R Class Putnam Funds Class A PrmcpAdml r 183.43 +0.68 17.3 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 14.29 -0.07 10.2 SrsGlobal 14.93 -0.01 7.8 CoreBond 10.18 -0.01 0.8 PutLargCap p 34.99 -0.02 14.0 RealEstatAdml 118.69 +0.04 -3.2 ExtndIstPl 313.84 -1.77 2.6
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.53 -0.02 -3.9 SrsGroCoRetail 25.46 +0.09 30.8 CorePlusBd 7.17 -0.01 1.2 Putnam Funds Class Y SmCapAdml 103.45 -0.60 1.9 IdxIntl 19.71 -0.01 7.1
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 25.23 -0.11 0.9 SrsIntlGrw 18.55 -0.08 8.3 Lord Abbett I PutLargCap 35.00 -0.02 14.2 SmGthAdml 87.20 -0.73 2.9 MdCpGrAdml 99.06 -0.46 5.2
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 152.11 ... 15.7 SrsIntlVal 12.94 -0.03 10.9 ShtDurInc p 3.85 ... 2.7 Schwab Funds STBondAdml 10.07 ... 1.4 MdCpVlAdml 77.41 -0.08 4.2
TotalMarketIndex 19.25 ... 15.8 TotalBond 9.45 -0.01 0.8 Metropolitan West 1000 Inv r 119.36 +0.02 NA STIGradeAdml 10.23 -0.01 2.1 SmValAdml 77.40 -0.28 1.1
TtlIntIdxInstPr 14.12 -0.01 7.4 Fidelity SAI TotRetBdI 8.98 -0.01 NA S&P Sel 86.08 +0.06 NA STIPSIxAdm 24.19 ... 2.6 TotBd2 9.41 -0.01 ...
Tuesday, July 9, 2024 USBdIdxInstPrem 10.26 ... 0.1 TotalBd 8.95 -0.01 1.0 TRBdPlan 8.42 -0.01 NA TSM Sel r 93.65 ... NA TotBdAdml 9.53 -0.01 ... TotIntlInstIdx r 131.81 -0.13 7.1
Net YTD Net YTD Net YTD Fidelity Advisor I U.S.TreBdIdx 8.69 ... -0.2 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.49 -0.03 -0.1 TotItlInstPlId r 131.85 -0.12 7.1
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.44 -0.01 0.8 Fidelity Selects IIE 34.95 -0.14 6.1 EqIdxInst 38.91 ... 15.6 TotIntlAdmIdx r 32.96 -0.03 7.1 TotSt 132.58 -0.01 15.6
Fidelity Freedom Semiconductors r 36.91 +0.03 52.2 MFS Funds Class I IntlEqIdxInst 23.44 -0.08 7.2 TotStAdml 132.60 -0.01 15.6 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq2 36.34 -0.04 12.6 FF2030 17.77 -0.02 7.7 Softwr 27.38 -0.47 0.8 GrowthI 219.72 -0.06 27.7 LrgCpGrIdxInst 64.99 +0.06 25.4 BalInst 48.04 -0.02 9.4
MuniIncmShares NA ... 2.8 IntlVal Inst 49.58 -0.16 7.9 US Small 44.38 -0.28 0.6 FF2035 TxMCapAdml 285.57 +0.04 16.2
15.81 -0.01 9.3 Tech 36.94 -0.09 29.6 ValueI 50.34 -0.01 6.7 VANGUARD ADMIRAL
TxMIn r 16.10 -0.05 6.1 DevMktsIndInst 16.12 -0.05 6.1
AB Funds - ADV Baird Funds US SmCpVal 44.52 -0.18 -0.2 FF2040 11.62 ... 11.2 First Eagle Funds Natixis Funds 500Adml 514.64 +0.39 17.8 DevMktsInxInst 25.20 -0.08 6.1
LgCpGrAdv 113.45 -0.15 22.3 AggBdInst 9.73 ... 0.5 US TgdVal 31.25 -0.15 -1.3 Freedom2030 K 17.75 USGroAdml 180.70 +0.16 23.2
-0.02 7.8 GlbA 68.24 -0.13 8.2 LSGrowthY 28.11 -0.01 21.0 BalAdml 48.03 -0.02 9.4 ExtndInst 127.17 -0.72 2.6
American Century Inv CorBdInst 10.06 -0.01 0.8 USLgVa 47.34 -0.03 7.3 Freedom2035 K 15.79 ValAdml 62.63 -0.02 8.8
-0.01 9.3 Franklin A1 Northern Funds CAITAdml 11.33 ... 0.2 GrwthInst 199.68 +0.22 25.1
Ultra 93.19 +0.11 25.1 BlackRock Funds Dodge & Cox StkIdx WdsrllAdml 83.61 -0.06 10.9
Freedom2040 K 11.62 -0.01 11.2 IncomeA1 2.33 -0.01 3.4 57.30 +0.04 NA CapOpAdml r 204.54 +0.64 14.1 InPrSeIn 9.37 -0.01 1.3
American Funds Cl A HiYldBd Inst 7.05 ... 3.9 Balanced 103.52 +0.14 4.9 DivAppIdxAdm 49.85 -0.10 WellsIAdml 60.86 -0.05 2.6
Idx2030InsPre 20.21 -0.02 7.1 FrankTemp/Frank Adv Old Westbury Fds 8.8 InstIdx 458.94 +0.35 17.8
AmcpA 42.89 -0.16 14.7 BlackRock Funds III GblStock 15.87 ... 6.4 Idx2035InsPre 23.26 -0.02 8.5 IncomeAdv 2.31 ... 3.5 LrgCpStr 20.09 ... 15.7 EMAdmr 37.39 +0.18 9.9 WelltnAdml 77.69 -0.02 10.0
InstPlus 458.93 +0.35 17.8
AMutlA 54.74 -0.07 8.2 iShS&P500IdxK 653.38 +0.50 17.7 Income 12.48 ... 1.0 Idx2040InsPre 24.44 -0.01 10.3 FrankTemp/Franklin A Parnassus Fds EqIncAdml 89.08 +0.04 7.2 WndsrAdml 74.33 -0.05 3.8 InstTStPlus 94.42 -0.01 15.6
BalA 34.96 -0.07 10.0 BlackRock Funds Inst Intl Stk 51.63 -0.17 5.0 DynaTech A 168.82 -0.11 26.2 ParnEqFd 62.50 -0.12 13.6 ExplrAdml 105.86 -0.64 2.5 VANGUARD FDS MidCpInst
Idx2045InsPre 25.68 -0.01 10.9 66.08 -0.18 4.6
BondA NA ... NA EqtyDivd 20.46 +0.01 7.2 Stock 257.50 +0.58 8.8 Idx2050InsPre 25.73 -0.01 11.0 Growth A 141.99 -0.43 15.8 PGIM Funds Cl Z ExtndAdml 127.18 -0.72 2.6 DivdGro 38.00 -0.13 4.0 MidCpIstPl 325.89 -0.88 4.7
CapIBA 68.84 -0.13 5.3 StratIncOpptyIns 9.40 ... 2.2 DoubleLine Funds Fidelity Invest RisDv A 92.96 -0.45 5.4 TotalReturnBond NA ... NA GroIncAdml 107.02 +0.02 19.2 IntlVal 42.09 -0.04 4.3 SmCapInst 103.45 -0.60 1.9
CapWGrA 66.75 -0.26 12.0 TotRet NA ... NA TotRetBdI 8.71 -0.01 1.0 Balanc 29.85 -0.02 11.8 Guggenheim Funds Tru PIMCO Fds Instl GrwthAdml 199.67 +0.22 25.1 LifeGro 45.01 -0.01 9.7 SmCapIstPl 298.60 -1.71 1.9
EupacA 58.47 -0.21 9.4 Calamos Funds Edgewood Growth Instituti BluCh 227.03 +0.28 31.0 TotRtnBdFdClInst 23.48 -0.03 1.0 AllAsset 11.07 -0.01 NA HlthCareAdml r 93.32 +0.34 8.9 LifeMod 32.27 -0.01 7.2 STIGradeInst 10.23 -0.01 2.1
FdInvA 82.37 -0.28 16.4 MktNeutI 14.63 ... 3.7 EdgewoodGrInst 51.03 -0.26 16.7 BluChpGr K6 34.71 +0.05 29.3 Harbor Funds TotRt 8.55 ... NA HYCorAdml r 5.38 -0.01 2.5 PrmcpCor 36.33 +0.05 14.5 STIPSIxins 24.20 -0.01 2.5
GwthA 75.37 -0.10 19.3 Columbia Class I Federated Hermes Int Contra 20.75 +0.04 29.1 CapApInst 121.07 +0.03 25.5 PIMCO Funds A InfProAd 23.01 -0.03 1.3 STAR 28.45 -0.01 7.0 TotBdInst 9.53 -0.01 ...
HI TrA 9.60 ... 4.4 DivIncom I 32.48 -0.03 7.8 TtlRtnBdI 9.40 ... 0.4 ContraK 20.83 +0.05 29.1 Harding Loevner IncomeFd 10.54 ... NA InfTechIdx 306.44 -0.78 24.1 TgtRe2020 28.21 -0.01 5.0 TotBdInst2 9.41 -0.01 ...
ICAA 58.07 -0.11 16.3 Dimensional Fds Fidelity CpInc 9.98 -0.01 6.1 IntlEq 26.76 ... 3.1 PIMCO Funds I2 IntlGrAdml 112.39 +0.22 10.4 TgtRe2025 19.56 -0.01 6.4 TotBdInstPl 9.53 -0.01 ...
IncoA 24.26 -0.06 5.0 EmgMktVa 32.27 +0.02 10.7 500IdxInstPrem 193.68 +0.15 17.8 GroCo 41.59 +0.14 30.3 Invesco Funds Y Income 10.54 ... NA ITBondAdml 10.19 -0.01 0.3 TgtRe2030 38.12 -0.02 7.4 TotIntBdIdxInst 29.25 -0.04 -0.1
N PerA 63.75 -0.20 14.0 EmMktCorEq 24.54 +0.06 10.4 Contrafund K6 29.70 +0.06 29.0 InvGrBd 9.94 -0.01 0.6 DevMktY 40.81 +0.23 5.7 PIMCO Funds Instl ITIGradeAdml 8.58 -0.01 1.2 TgtRe2035 23.99 -0.01 8.5 TotStInst 132.62 -0.01 15.6
NEcoA 63.94 -0.12 18.5 IntlCoreEq 15.95 -0.07 5.7 ExtMktIdxInstPre 80.11 -0.45 2.6 LowP 46.52 -0.29 5.6 JHF III DispVal IncomeFd 10.54 ... NA LarCapAd 128.83 +0.08 17.6 TgtRe2040 42.97 -0.02 9.3 ValueInst 62.63 -0.01 8.8
NwWrldA 81.60 +0.07 8.8 IntSmCo 20.00 -0.10 4.7 FidSerToMarket 18.11 ... 15.7 Magin 14.95 -0.01 25.2 DispValMCI 28.24 -0.14 3.2 Price Funds LTGradeAdml 7.75 -0.02 -2.2 TgtRe2045 29.39 -0.02 10.2 WCM Focus Funds
SmCpA 66.80 -0.28 0.8 IntSmVa 22.67 -0.12 8.1 GlexUSIdxInstPre 15.18 -0.01 7.8 NASDAQ 234.30 +0.32 23.2 John Hancock BlChip 192.57 +0.15 28.9 MidCpAdml 299.13 -0.81 4.6 TgtRe2050 49.29 -0.02 10.9 WCMFocIntlGrwIns 25.26 -0.19 11.0
TxExA 12.40 +0.01 0.9 LgCo 37.00 +0.03 17.7 GrowthCompanyK6 29.27 +0.09 30.4 OTC 23.71 -0.02 29.6 BondR6 13.43 -0.01 0.9 DivGro 77.83 -0.14 10.5 MuHYAdml 10.70 ... 1.9 TgtRe2060 50.68 -0.02 10.9 Western Asset
WshA 60.93 -0.13 12.2 US CoreEq1 40.82 -0.04 13.9 IntlIdxInstPrem 50.59 -0.14 7.2 Puritn 26.39 -0.01 14.2 JPMorgan I Class Growth 108.02 +0.06 24.7 MuIntAdml 13.58 ... 0.3 TgtRet2055 55.00 -0.02 10.9 CorePlusBdI NA ... NA
THE WALL STREET JOURNAL. * * * * * * Wednesday, July 10, 2024 | B11

MARKETS & FINANCE

Goldman Sachs, ICE, Other Citation Capital

Financials Spark S&P 500
BY RYAN DEZEMBER
Financial firms nudged the
S&P 500 to a record, a rare day
lately when a sector other than
technology led the broad stock
index higher.
Shares of Goldman Sachs
Group and Intercontinental
Exchange ended the session at
records, while an additional six
banks and fi-
TUESDAY’S nance compa-
MARKETS nies in the
S&P 500
closed at their highest prices in
at least a year. JPMorgan, Citi-
group, and Bank of America
are among the big firms sched-
uled to disclose spring-quarter
earnings on Friday.
The S&P 500 gained less
than 0.1% to set its 36th record
this year. The tech-heavy Nas-
daq Composite added a little
more than 0.1% to also notch a
record. The Dow Jones Indus-
trial Average declined 0.1%, or
about 53 points.
Tuesday started out as an-
other day with chip makers
and other firms with an angle
on the artificial-intelligence
boom leading the way. Technol-
ogy stocks turned lower, while
Treasury yields and shares of
banks rose following Federal
Reserve Chairman Jerome
Powell’s midmorning remarks
to Congress.
Powell told the Senate Bank-
ing Committee that recent em-
Index performance on Tuesday
0.6%
0.4
0.2
0 trimmed earnings estimates.
–0.2
–0.4
–0.6
10 a.m. 11
Source: FactSet
ployment data suggest the la-
bor market has “cooled
considerably.” He said the cen-
tral bank is weighing the po-
tential that high rates wreck
the economy and cause exces-
sive unemployment against the
risk of reigniting inflation with
rates cut too soon.
Lindsay Rosner, head of
multisector investing at Gold-
man Sachs Asset Management,
said the Fed has successfully
brought inflation down toward
its targeted levels without too
much damage to the economy.
She said the central bank will
likely cut rates in September,
Nasdaq Composite
S&P 500
Dow Jones Industrial Average
Five-minute intervals
noon 1 p.m. 2 3
as the market has priced in.
“It is absolutely a soft land-
ing,” she said. “That may not
have been something thought
possible by many market par-
ticipants in the beginning of
the year, but as the data has
come through that is absolutely
what we’re seeing.”
Treasury yields rose follow-
ing Powell’s remarks but eased
in afternoon trading. The yield
on benchmark 10-year notes
ended at 4.297%, up from
4.267% on Monday. Yields rise
as prices fall.
Investors and central bank-
ers will get the next read on in-
Wins the Backing
flation Thursday when the La-
bor Department is scheduled to
Of Wafra Venture
publish consumer prices for
June. BY LAURA KREUTZER for Social Security of Kuwait,
U.S.-listed shares of BP shed the Alaska Permanent Fund
4.8% after the U.K. energy giant Citation Capital, one of a and Britain’s Railways Pension
warned that weak oil trading handful of private-equity Trustee Co., a manager known
and lower refining margins firms started by women in re- as RailPen. Since then, the ven-
would hurt earnings. CSX lost cent years, landed backing ture has added more institu-
2.7% after Wall Street analysts from Capital Constellation, a tional investors to its ranks and
venture formed by alternative- has backed 30 fund manag-
Overseas, Japan’s Nikkei 225 asset manager Wafra and sev- ers, including some newly
closed 2% higher at a record eral institutional investors. formed and others whose
Tuesday and added an addi- New York-based Capital firms had reached inflection
tional 0.1% at midday Wednes- Constellation made a strategic points, such as healthcare-fo-
day. France’s CAC and Ger- investment in midmarket-fo- cused Avista Capital Partners.
many’s Dax shed 1.6% and 1.3%, cused Citation, which former “We’re building the next
respectively, on Tuesday. S&P BDT Capital Partners senior generation of GPs that have a
500 futures were up 0.1% early dealmaker Tiffany Hagge and reason to exist, not just in
Wednesday. ex-Credit Suisse executive Ly- 2024, but in 2034 and 2044,”
4 die Hudson co-founded last said Gustavo Cardenas, man-
year. The new commitment will aging director at Wafra who
AUCTION RESULTS help fuel Dallas-based Citation’s helps lead its strategic part-
Here are the results of Tuesday's Treasury auctions.
All bids are awarded at a single price at the market- growth and support its deal ac- nerships.
clearing yield. Rates are determined by the difference
between that price and the face value. tivity, according to Hudson. Citation targets invest-
52-WEEK BILLS Terms of the deal weren’t ments in founder- and family-
Applications $133,659,888,900 disclosed. Wafra typically com- owned North American com-
Accepted bids $48,591,812,900
" noncompetitively $1,585,156,600
mits $100 million to $200 mil- panies typically generating an
" foreign noncompetitively $12,000,000 lion to managers backed average of $75 million in ad-
Auction price (rate) 95.171944
(4.775%)
through Capital Constellation, justed pretax earnings, ac-
Coupon equivalent 5.024% which is guided by Wafra, peo- cording to Hudson. The firm
Bids at clearing yield accepted 47.07%
Cusip number 912797LW5
ple familiar with the firm said. focuses on three sectors, in-
The bills, dated July 11, 2024, mature on July 10, 2025. The capital generally goes to- cluding consumer products,
THREE-YEAR NOTES ward a range of objectives, in- industrials and business and
Applications $164,119,003,800 cluding deal financing and add- financial services.
Accepted bids $67,423,503,800
" noncompetitively $260,128,600
ing staff, and often provides Citation made its first in-
" foreign noncompetitively $250,000,000 Capital Constellation with mi- vestment last year, acquiring a
Auction price (rate) 99.933233
(4.399%)
nority stakes in the managers. majority stake in Cibo Vita, a
Interest rate 4.375% Wafra formed Capital Con- family-owned maker of natu-
Bids at clearing yield accepted 78.35% stellation in 2018 with backing ral snacks sold under its Na-
Cusip number 91282CKZ3
The notes, dated July 15, 2024, mature on July 15,
from a handful of investors that ture’s Garden brand and pri-
2027. included the Public Institution vate labels.

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

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

Closing Chg YTD iSh MSCI EM EEM 43.82 0.41 9.0 iSh0-3MTreaBd SGOV 100.41 ... 0.1 SPDR S&PMdCpTr MDY 527.53 –0.64 4.0 VangdLC VV 255.11 0.18 16.9
Tuesday, July 9, 2024
ETF Symbol Price (%) (%) iShNatlMuniBd MUB 106.97 –0.06 –1.3 JPM EqPrem JEPI 56.13 –0.20 2.1 SPDR S&P Div SDY 126.23 –0.30 1.0 VangdMegaGrwth MGK 327.08 0.18 26.0
Closing Chg YTD iSh1-5YIGCpBd IGSB 51.33 ... 0.1 JPM UltShIncm JPST 50.35 ... 0.2 VangdMC VO 241.54 –0.25 3.8
TechSelectSector XLK 234.28 –0.08 21.7
ETF Symbol Price (%) (%) iShCoreMSCITotInt IXUS 68.71 –0.16 5.8 iSh1-3YTreaBd SHY 81.62 –0.02 –0.5 PacerUSCashCows COWZ 53.42 –0.55 2.8 VangdRealEst VNQ 83.76 –0.02 –5.2
VanEckSemicon SMH 274.81 0.22 57.2
CommSvsSPDR XLC 87.24 0.31 20.1 iShCoreS&P500 IVV 558.93 0.09 17.0 iShRussMC IWR 80.61 –0.33 3.7 ProShUltPrQQQ TQQQ 82.35 0.22 62.4 VangdRuss1000Grw VONG 97.47 0.11 24.9
VangdSC Val VBR 180.23 –0.30 0.1
CnsmrDiscSel XLY 190.02 0.33 6.3 iShCoreS&P MC IJH 57.73 –0.60 4.1 iShRuss1000 IWB 303.37 0.02 15.7 SPDRBbg1-3MTB BIL 91.51 ... 0.1 VangdS&P500ETF VOO 510.89 0.11 17.0
VangdExtMkt VXF 167.66 –0.53 2.0
DimenUSCoreEq2 DFAC 32.53 –0.09 11.3 iShCoreS&P SC IJR 105.54 –0.64 –2.5 iShRuss1000Grw IWF 378.95 0.13 25.0 SPDR DJIA Tr DIA 392.94 –0.13 4.3 VangdST Bond BSV 76.81 –0.01 –0.3
VangdDivApp VIG 183.67 –0.24 7.8
EnSelSectorSPDR XLE 88.76 –0.88 5.9 iShCoreS&PTotUS ITOT 120.95 0.01 14.9 iShRuss1000Val IWD 173.96 –0.02 5.3 SPDR Gold GLD 218.56 0.17 14.3 VangdSTCpBd VCSH 77.43 –0.03 0.1
VangdFTSEAWxUS VEU 59.69 –0.08 6.3
FinSelSectorSPDR XLF 41.75 0.77 11.0 iShCoreS&PUSGrw IUSG 132.11 0.08 26.9 iShRuss2000 IWM 201.40 –0.44 0.3 SPDRPtfDevxUS SPDW 35.59 –0.36 4.6 VangdShortTrea VGSH 57.96 ... –0.6
iShCoreTotUSDBd IUSB 45.40 –0.07 –1.5 VangdFTSEDevMk VEA 50.09 –0.34 4.6
HealthCrSelSect XLV 144.95 0.49 6.3 iShS&P500Grw IVW 96.07 0.10 27.9 SPDRS&P500Value SPYV 48.70 0.04 4.4 VangdSC VB 216.09 –0.48 1.3
iShCoreUSAggBd AGG 97.52 –0.09 –1.7 VangdFTSE EM VWO 44.85 0.43 9.1
IndSelSectorSPDR XLI 120.84 –0.44 6.0 iShS&P500Value IVE 181.73 0.05 4.5 SPDRPtfS&P500 SPLG 65.37 0.08 16.9 VangdTaxExemptBd VTEB 50.27 0.06 –1.5
204.85 0.07 21.5 iShEdgeMSCIMinUSA USMV 84.01 –0.20 7.7 VangdFTSE Europe VGK 67.51 –0.79 4.7
InvscNasd100 QQQM iShSelectDiv DVY 120.45 0.18 2.8 SPDRS&P500Growth SPYG 83.21 0.11 27.9 VangdTotalBd BND 72.37 –0.04 –1.6
InvscQQQI QQQ 497.77 0.09 21.5 iShEdgeMSCIUSAQual QUAL 173.29 0.03 17.8 iSh7-10YTreaBd IEF 94.06 –0.14 –2.4 SPDR S&P 500 SPY 555.82 0.10 16.9 VangdGrowth VUG 388.33 0.24 24.9 VangdTotIntlBd BNDX 48.74 –0.08 –1.3
InvscS&P500EW RSP 163.72 –0.17 3.8 iShGoldTr IAU 44.66 0.13 14.4 iShShortTreaBd SHV 110.17 ... 0.0 SchwabIntEquity SCHF 38.95 –0.36 5.4 VangdHiDiv VYM 118.83 0.03 6.4 VangdTotIntlStk VXUS 61.34 –0.18 5.8
iShBitcoin IBIT 32.96 2.49 ... iShiBoxx$IGCpBd LQD 107.93 –0.18 –2.5 iShTIPSBond TIP 106.82 –0.15 –0.6 SchwabUS BrdMkt SCHB 64.03 0.02 15.0 VangdInfoTech VGT 598.63 –0.21 23.7 VangdTotalStk VTI 272.42 –0.03 14.8
iShCoreDivGrowth DGRO 57.76 –0.03 7.3 iShMBS MBB 92.23 0.03 –2.0 iSh20+YTreaBd TLT 92.35 –0.44 –6.6 SchwabUS Div SCHD 77.11 0.03 1.3 VangdIntermBd BIV 75.25 –0.09 –1.5 VangdTotWrldStk VT 114.66 –0.02 11.5
iShCoreMSCIEAFE IEFA 73.63 –0.37 4.7 iShMSCIACWI ACWI 114.63 –0.03 12.6 iShUSTech IYW 156.65 –0.20 27.6 SchwabUS LC SCHX 65.56 –0.02 16.2 VangdIntrCorpBd VCIT 80.39 –0.12 –1.1 VangdValue VTV 160.58 0.01 7.4
iShCoreMSCIEM IEMG 54.99 0.35 8.7 iShMSCI EAFE EFA 79.37 –0.40 5.3 iShUSTreasuryBd GOVT 22.64 –0.04 –1.7 SchwabUS LC Grw SCHG 104.62 0.12 26.1 VangdIntermTrea VGIT 58.39 –0.07 –1.6 WT FRTrea USFR 50.39 0.04 0.3

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B12 | Wednesday, July 10, 2024
Where Have All the Good Stocks Gone?
With prices at records, there are fewer stocks to buy and the quality of remaining ones is surprisingly bad—blame interest rates
Low interest rates are good for
stocks. Are they good for the stock
market?
That seems like an odd distinc-
tion, but it is one that could weigh
on American investors’ future re-
turns. There aren’t nearly as many
companies to buy and the ones
that remain just aren’t what they
used to be.
Most investors are pleased with
their portfolios these days,
whether they own some of the
popular names like Nvidia, Micro-
soft and Apple that have been
powering the market or mutual
funds lifted heavenward by the
same group of companies. It is at
times of top-heaviness like these
that contrarians who want to stay
invested have pivoted to the mar-
ket’s forgotten corner: small
stocks.
For example, the leading large-
company index, the S&P 500, beat
the most popular small-company
equivalent, the Russell 2000, by 93
percentage points during the
1994-99 tech boom. Like today, a
handful of large companies made
up a disconcerting share of those
gains. Then through 2014 the
small-cap index beat the S&P by
114 percentage points.
But the latest bull market has
damaged that escape ramp. Look
no further than one of the broad-
est measures of U.S. equities: The
FT Wilshire 5000 Index had far
more stocks to choose from than it
could fit a quarter-century ago.
Recently it was down to 3,381
members, which doesn’t make for
quite as catchy a name.
It seems like that shouldn’t be
happening. Americans have rarely
been as excited about stocks as
they are today and have never had
as many ways to slice and dice the
market cheaply, but they are or-
dering from a shrinking menu.
There are now close to three times
as many stock funds available to
them as listed American compa-
nies. Even though an unprece-
dented 70% of the world’s stock-
market value is American,
including all 10 of the most valu-
able companies, fewer than 10% of
listed companies in the world
were in 2022, according to the
World Bank—less than half the
proportion of the late 1990s.
How can both be true? The ex-
planation is that a long period of
low interest rates and the rise of
Dior’s $57 Handbags
Have a Hidden Cost:
Reputational Risk
Christian Dior struck gold
when it found a supplier willing to
assemble a €2,600 handbag, equiv-
alent to around $2,816, for just
€53 a piece—or did it? Cleaning
up the reputational damage may
not come cheap.
A Milan court named LVMH-
owned Dior and Giorgio Armani as
two brands whose products were
made in sweatshop-like conditions
in Italy. Images of an unkempt fa-
cility where designer handbags
were produced, which was raided
as part of an investigation into It-
aly’s fashion supply chain, are
worlds apart from those the lux-
ury industry likes to show its cus-
tomers.
To keep up with the strong de-
mand for their goods, some high-
end brands rely on independent
workshops to supplement their in-
house factories.
Sales at LVMH’s leather-goods
division have almost doubled since
2019.
While more outsourced manu-
facturing is understandable in a
boom, brands may also have taken
cost-saving measures too far in a
push to juice profits. Some of
Dior’s production was contracted
out directly to a Chinese-run fac-
tory in Italy, where workers as-
sembled the bags in unsafe condi-
tions, according to a translated
court order. In other instances,
Dior’s suppliers subcontracted
work out to low-cost factories that
also used irregular labor.
Nipping the problem in the bud
would require hundreds of mil-
lions of dollars of investment in
new facilities to bring more manu-
facturing in-house. The alternative
HEARD STREET
Americans have never had as many ways to slice up the market cheaply, but they are ordering from a shrinking menu.
Number of mutual funds and ETFs
versus number of U.S. stocks
12,000
Funds
10,000
8,000
6,000
4,000
Yearly
2,000
1996 2000 ’05
Sources: Investment Company Institute, World Bank (funds vs. stocks); FactSet (index performance, total return)
index funds made smaller U.S.
companies attractive acquisition
opportunities.
“A lot of these profitable com-
panies that were more like a bond
that we love were bought,” says
Eric Cinnamond, co-founder of
Palm Valley Capital Management.
The small-cap and value-investing
veteran says it was a combination
of other companies and private-
LVMH fashion and leather goods
division operating margins
50%
40
30
20
10
0
2017 ’18 ’19 ’20
Source: the company
Some of Dior’s production was
contracted out directly to a
Chinese-run factory in Italy.
is for Dior to pay its suppliers
more and keep them on a tighter
leash. Either way, the result seems
likely to be lower profits than
shareholders have grown accus-
tomed to.
Top luxury brands such as
Christian Dior can have very high
margins because consumers are
willing to pay steep prices for
goods they see as status symbols.
They also can spread high fixed
costs, such as expensive advertis-
ing campaigns, over a large vol-
ume of sales.
For the LVMH group overall, the
cost of making the products it
sells—everything from Champagne
to watches to cosmetics—
amounted to 31% of sales in 2023.
But the margins on big-brand
handbags are probably at the high
FINANCIAL ANALYSIS & COMMENTARY
ON
THE
Index performance, past three years
30%
S&P 500
20
10
0 400
–10
Stocks
–20
Weekly
–30
’10 ’15 ’20 2022 ’23
equity investors using cheap debt
that snapped up hundreds of at-
tractive corporations. That pres-
ents a problem for Cinnamond and
anyone else focused on earning a
high return on smaller companies:
extremely slim pickings.
“The ones that remain have
profit margins way below the his-
torical norm,” he said.
If you simply sort the market
’21 ’22 ’23
end of the spectrum.
Bernstein analyst Luca Solca es-
timates that a €10 billion luxury
fashion label, roughly Dior’s size,
may spend just 23% of its sales on
the raw materials and labor that
go into its products. This implies a
€2,600 Dior purse would cost
€598 to make, equivalent to $647
for a roughly $2,800 product at
current exchange rates.
In reality, the cost may be even
lower, based on the results of the
Italian investigation. The €53-a-
piece assembly price it cited,
equivalent to around $57, didn’t
include the cost of the leather and
hardware, but that would add only
another €150 or so, according to
one Italian supplier.
Advertising fees are a further
€156 per handbag, according to
Total return
1,000%
iShares Core S&P Small Cap
800
600
200
iShares
Russell 0 Russell 2000
2000
–200
’24 2001 ’05 ’10 ’15 ’20
into large versus small and look at
published valuation measures,
then that problem isn’t obvious.
For example, FTSE Russell divides
the U.S. market into the largest
1,000 and the next 2,000 stocks. A
leading exchange-traded fund
tracking the latter group, the
iShares Russell 2000 ETF, sup-
posedly has a trailing price-to-
earnings ratio below 13 times,
Bernstein’s analysis, and deprecia-
tion of the company’s assets is
€156. Running the brand’s stores—
including paying the rent on some
of the most exclusive shopping
streets in the world—and head-of-
fice costs come to an additional
€390. This leaves €1,300 of pure
operating profit for Dior, or a 50%
margin.
“This is the reality of the busi-
ness,” says Solca. “The retail price
for the goods of major luxury
brands is typically between eight
and 12 times the cost of making
the product.”
LVMH hasn’t commented on the
investigation, which first made
headlines nearly a month ago.
Meanwhile, a public-relations
storm is brewing. Luxury influenc-
ers on social media are asking
THE WALL STREET JOURNAL.
whereas the most popular one
tracking large stocks, the SPDR
S&P 500 ETF, appears far more
expensive at about 27 times.
They are both pricey: Barely
half of the companies in the small-
company ETF are profitable, and
negative numbers aren’t counted
in the denominator of that ratio.
Even during past deep recessions
a higher share of small companies
in that index made some profits.
At a time when risk-free Trea-
sury bills yield over 5%, one re-
sponse could be waiting for stocks
to get cheaper. But attempting to
time the market usually ends
badly for nonprofessionals. A bet-
ter option for those who prefer
cheap index funds might be to
MICHAEL NAGLE/BLOOMBERG NEWS
choose a healthier benchmark.
For example, a popular index
ETF tracking an S&P Dow Jones
Indices small-cap index sounds
similar to its FTSE Russell coun-
terpart but has beaten it by 300
percentage points over the 24
years both have existed. The dif-
ference seems to be that the index
provider screens for profitability
before adding a stock, so it in-
cludes fewer of them. Similarly, a
small-cap index maintained by
Wilshire Indexes recently had a
vastly superior average return on
equity of 8.63% versus 4.65% for
its Russell counterpart. Wilshire
published a report in April urging
investors to pay attention and
“avoid the size trap.”
An even better strategy to bet
on a small-cap renaissance might
be to choose value stocks or to
venture beyond U.S. borders for
small-cap opportunities. Similar to
the way the stock-perfor-
mance pendulum has swung too
far in the direction of large com-
panies, value investing has been in
the doghouse. Foreign, and partic-
ularly European small-caps, also
appear poised for outperformance,
’24 according to a report last week
from DataTrek Research. Cinna-
mond’s small-cap value fund holds
few stocks today, but foreign ones
are well-represented.
Don’t expect even a well-con-
structed index to deliver absolute
returns similar to past glory days,
though. Until the U.S. market is
repopulated with good, small com-
panies or more of the current ones
turn cheap, stock investors face
another hangover from years of
low rates. —Spencer Jakab
SARAH MEYSSONNIER/REUTERS
what exactly people are paying for
when they shell out for a fancy
purse. Recent price increases also
make the cheap manufacturing
costs hard to stomach. A mini
Lady Dior bag that cost $3,500 in
2019 will set shoppers back $5,500
today, a 57% increase.
A dozen other luxury labels that
remain unnamed are under inves-
tigation for similar issues in their
Italian supply chains, so this may
be a much wider problem.
Profits will take a hit if the in-
dustry decides to clean up its act.
But the cost of doing nothing
might be higher. Luxury brands
that charge customers thousands
of dollars and rely on a reputation
for quality can’t afford to be
cheap.
—Carol Ryan