* * * * * * TUESDAY, JULY 9, 2024 ~ VOL. CCLXXXIV NO. 7
00
DJIA 39344.79 g 31.08 0.08%
What’s
News
Business & Finance
 David Ellison said he en-
visions turning Paramount
Global into a media and tech
hybrid to transform the belea-
guered entertainment com-
pany into a viable competitor
against Disney, Netflix and
Warner Bros. Discovery. A1
 The S&P 500 and Nasdaq
extended their run of re-
cords, rising 0.1% and 0.3%,
respectively, while the Dow
industrials slipped 0.1%. B9
 The FBI is probing allega-
tions of rape and sexual as-
sault by three brothers in one
of the most famous families
in luxury real estate, accord-
ing to people familiar with
the matter and a document
viewed by the Journal. B1
 Boeing’s agreement to
plead guilty to misleading
air-safety regulators in the
run-up to two deadly 737
MAX crashes fell short of
what families of the crash
victims wanted. B3
 Carlsberg agreed to buy
soft-drinks maker Britvic for
the equivalent of about $4.23
billion as part of a plan to
expand in the nonalcoholic-
beverage market and reduce
reliance on beer sales. B3
 Devon Energy agreed to
acquire Grayson Mill Energy
in a cash-and-stock transac-
tion valued at $5 billion. B3
 Canada averted a labor
disruption at its Pacific Coast
ports after Ottawa’s labor-
relations board deemed as
illegal a strike notice issued
by a union representing
ship and dock foremen. B2
 China added Shanghai to
a list of top-tier cities allow-
ing the use of driverless ro-
botaxis in which no safety
supervisors are present. B4
World-Wide
 Biden dug in, telling a broad
array of fellow Democrats that
he was committed to “running
this race to the end” and that
it was time for conversations
about changing nominees to
stop, as concerns about his
candidacy grew louder. A1
 Republicans released a
party platform that was much
shorter and less detailed than
those of the past, sidestepping
many policy specifics and the
potential internal fights that
could have been triggered by
a more-detailed document. A4
 Private insurers involved
in the government’s Medi-
care Advantage program
made hundreds of thou-
sands of questionable diag-
noses that triggered extra
taxpayer-funded payments,
including wrong ones, from
2018 to 2021, a Wall Street
Journal analysis found. A1
 A global coalition of nations
that advocates for a free press
condemned the Russian pros-
ecution of Wall Street Journal
reporter Evan Gershkovich
and called for his release. A9
 Israel launched airstrikes
and sent ground troops back
into Gaza City, where it said
militants continued to oper-
ate months after heavy fight-
ing concluded there. A9
 Most medical students at
Johns Hopkins University are
set to receive free tuition af-
ter the school received a $1
billion gift from Bloomberg
Philanthropies. A3
 Three Columbia deans
were removed from their po-
sitions and placed on indefi-
nite leave over text messages
they sent during a panel
about Jewish life on cam-
pus, the university said. A3
CONTENTS
Arts in Review..... A15
Business News B3,B10
Crossword................ A15
Equities........................ B6
From Page One.. A12
Heard on Street.. B10
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 18403.74 À 0.3% STOXX 600 516.43 g 0.03%
Russian Missile Strikes Children’s Hospital in Kyiv
GLEB GARANICH/REUTERS
IN PERIL: Women hold patients at Okhmatdyt Children’s Hospital, which was damaged in a Russian missile strike Monday. A
barrage of more than 40 missiles that struck several cities in Ukraine killed at least 33 people and injured more than 100. A8
Medicare Paid $50 Billion
To Insurers for Untreated Ills
Gloria Lee was perplexed
when the phone calls started
coming in from a representa-
tive of her Medicare insurer.
Could a nurse stop by her Bos-
ton home to give her a quick
By Christopher Weaver,
Tom McGinty,
Anna Wilde Mathews
and Mark Maremont
checkup? It was a helpful perk.
No cost. In fact, she’d get a $50
gift card.
After several such calls in
2022, Lee agreed. A nurse
showed up, checked her over,
asked her questions, then diag-
nosed her with diabetic cata-
Vanguard
Fans Hope
New CEO
Improves
The Service
BY JACK PITCHER
Vanguard won an army of
loyal customers by cutting
fees to the bone and promot-
ing simple index-tracking in-
vesting. Now many of those
fans are fed up.
New Chief Executive Officer
Salim Ramji took the helm of
the beloved fund manager on
Monday, the first outsider in
that role, and many clients are
hoping he will finally fix a
longstanding source of frus-
tration: the customer service.
Social media, review web-
sites and online forum Reddit
are frequently flooded with
Vanguard brokerage custom-
ers complaining about issues
spanning glitchy trades, incor-
rect balance information and
hard-to-reach customer rep-
resentatives.
Theodore Wagenaar, a 75-
year-old retired college pro-
fessor in Sarasota, Fla., suf-
fered through years of such
problems before deciding to
move all of his accounts to Fi-
delity this year. The final
straw was being locked out of
Markets & Finance B9 his account for days.
Opinion................ A17-19
Personal Journal A13-14
“It was difficult for me to
Sports.......................... A16 leave them. My heart is with
Technology................ B4 Vanguard and their mission,”
U.S. News.......... A2-4,6 said Wagenaar, who had been
World News........ A8-9
a customer for 40 years. “But
it just continually got worse.
> The service is abysmal.”
Vanguard ranked last out of
eight major brokerages for
customer satisfaction with
website performance and mo-
Please turn to page A2
WSJ.com HHHH $5.
10-YR. TREAS. À 1/32 , yield 4.267% OIL $82.33 g $0.83 GOLD $2,355.20 g $33.30 EURO $1.0826 YEN 160.83
President
Digs In,
Reiterates
He Won’t
Quit Race
Biden tells party
lawmakers that
voters selected him
as their nominee
BY CATHERINE LUCEY
WASHINGTON—President
Biden dug in Monday, telling a
broad array of fellow Demo-
crats that he was committed to
“running this race to the end”
and that it was time for conver-
sations about changing nomi-
nees to stop, as concerns about
his candidacy grew louder.
In a letter to congressional
Democrats, Biden said he had
had “extensive conversations”
with party leadership, members
and voters during the past 10
days and said he wasn’t blind
to the concerns about his age
and his candidacy that have
emerged since his disastrous
June 27 debate performance.
But he said he was heartened
by “rock-solid, steadfast sup-
port” from many and wouldn’t
continue if he wasn’t confident
he could again defeat former
President Donald Trump.
The missive to Capitol Hill,
followed by a morning televi-
sion appearance and a call with
racts. ments from 2018 to 2021, in- economically. It has swelled donors, was intended to head
The finding was good news cluding outright wrong ones over the last two decades to off defections in Democratic
for Lee’s insurer, a unit of Unit- like Lee’s, a Wall Street Journal cover more than half of the 67 ranks, after several top House
edHealth Group. Medicare pays analysis of billions of Medicare million seniors and disabled Democrats said that they
insurers more for sicker pa- records found. people on Medicare. wanted Biden to step aside and
tients. In the case of someone The questionable diagnoses Instead of saving taxpayers a round of public appearances
like Lee with diabetic cataracts, included some for potentially money, Medicare Advantage by the 81-year-old president
up to about $2,700 more a year deadly illnesses, such as AIDS, has added tens of billions of did little to assuage doubts.
at that time. for which patients received no dollars in costs, researchers Rep. Adam Smith of Wash-
But the retired accountant subsequent care, and for condi- and some government officials ington, the top Democrat on
doesn’t have diabetes, her own tions people couldn’t possibly have said. One reason is that the Armed Services Committee,
doctor later said, let alone the have, the analysis showed. Of- insurers can add diagnoses to said Biden’s debate perfor-
cloudy vision sometimes ten, neither the patients nor ones that patients’ own doctors mance was alarming and that
caused by the disease. their doctors had any idea. submit. Medicare gave insurers he should end his run as soon
Private insurers involved in Medicare Advantage, the that option so they could catch as possible to give the party
the government’s Medicare Ad- $450-billion-a-year system in conditions that doctors ne- time to nominate a new candi-
vantage program made hun- which private insurers oversee glected to record. The Journal’s date. He was one of a series of
dreds of thousands of question- Medicare benefits, grew out of analysis, however, found many committee chairs who had pri-
able diagnoses that triggered the idea that the private sector diagnoses were added for vately expressed that stance in
extra taxpayer-funded pay- could provide healthcare more Please turn to page A12 Please turn to page A4
Airport Screening Hits Record
The Transportation Security Administration said more than
New Paramount Boss
three million people passed through U.S. airport security Sunday,
setting a daily record amid a surge in summer travel. A3
Has Long To-Do List
Passengers passing through security in U.S. airports Sunday
Among 10 highest days on record 3.01M
(all-time record) BY JESSICA TOONKEL to be the first stop for cre-
3.0 million AND JOE FLINT atives,” Ellison said, adding he
envisions turning the company
David Ellison mastered fly- into what he calls “a media-
2.5
ing planes in his teens. Now, and-tech hybrid” to transform
2.0 Hollywood’s newest mogul has the beleaguered entertainment
to avoid a hard landing in company into a viable compet-
merging his Skydance Media itor against Disney, Netflix and
1.5
and Paramount Global. Warner Bros. Discovery.
Hours after the merger was But before any of that is
1.0
announced, Ellison on Monday likely to happen, Ellison and
made the kind of cautious re- his team are continuing plans
0.5 marks one would expect from put in place by Paramount’s
someone seeking to win over current management amid a
0 skeptics from the entertainment Please turn to page A6
June July industry, on Wall Street and
Note: Through July 7 Source: Transportation Security Administration among Paramount executives.  Heard on the Street: Give
“We really want Paramount Ellison a chance............... B10
Cities’ New Fix for Downtowns Property-Fraud Cases
That Are Dying? Bring In Jugglers
i i i Snowball as Values Fall
Local leaders hire street performers to try
BY KONRAD PUTZIER is exposing more of these
to make office districts less depressing schemes, dealing another
U.S. prosecutors are crack- blow to a commercial real-es-
BY KONRAD PUTZIER profit in Birmingham, Ala. The ing down on commercial tate market suffering through
organization said it would pay mortgage fraud, a growing its worst stretch since the
The musician who goes by him $200 to play on the street push that is sending shudders 2008-09 financial crisis.
the stage name Martini Shak- for two hours at lunchtime. through the $4.7 trillion in- “It’s a general trend
ers travels across the South Any tips he could keep. dustry by raising questions throughout history that fraud
playing Rockabilly songs on “I was like well, yeah, abso- about the numbers underpin- occurs during boom times and
his guitar, accordion, lutely,” said the musician, ning major property loans. is revealed during bust times,”
saxophone and har- whose real name is Jory Regulators and federal said John Griffin, a professor
monica. He has per- Lee Heindel. Within a prosecutors say that property of finance at the University of
formed at barn rais- few weeks, he was ser- loans based on doctored Texas’ McCombs School of
ings, hog killings and enading office workers building financials and valua- Business.
classic-car shows. He out for lunch with tions have been rising. This In most cases, real-estate
has entertained at songs by Elvis Pres- type of fraud became more fraud is made possible be-
fine-dining restau- ley and Johnny Cash. widespread between the cause lenders take a hands-off
rants and played Mime over Heindel is one of mid-2010s and 2021, federal approach to assessing a build-
before TV celebri- thousands across the investigators and real-estate ing’s value. As long as the
matter
ties. U.S. who have stum- brokers say, when commer- numbers look in line with
One thing he wouldn’t do bled into the country’s hottest cial-property prices surged to those of similar properties,
was play for tips on the new job market: Street per- new highs and landlords had lenders usually trust that they
streets. There was no real former. Once tolerated at best much to gain from such ma- are accurate, brokers say. Au-
money in that. That all and seen as a nuisance at neuvers. diting books is expensive and
changed two years ago, after worst, these entertainers are Now, the drop in property time consuming, and lenders
he received an email from a now in high demand. Down- values caused by higher inter- competing for deals may be
downtown development non- Please turn to page A14 est rates and a rise in defaults Please turn to page A2
 A2 | Tuesday, July 9, 2024 THE WALL STREET JOURNAL.

U.S. NEWS
Property guilty to federal fraud
charges. Some allegedly doc-
tored building income state-
In a May earnings call, Ivan
Kaufman, chief executive of
commercial-mortgage lender
Michigan-based landlord
ROCO Real Estate’s internal
numbers, federal prosecutors
managing the loan.
ROCO’s Tyler Ross last year
pleaded guilty to falsifying fi-
as footnotes. These changes
are often legitimate, and lend-
ers tend to accept them, bro-

Fraud Cases ments, others allegedly faked

property sales at inflated
prices, all to get bigger loans.
Arbor Realty Trust, listed
fraud as one of the unantici-
pated issues that have “cre-
said.
But those weren’t the num-
bers lenders saw. ROCO told
nancial statements at a num-
ber of properties. His lawyer
told The Wall Street Journal
kers say.
But Griffin, the finance pro-
fessor, worries that these al-

Snowball Meanwhile, government-

Continued from Page One
reluctant to antagonize land-
lords with onerous due dili-
gence.
Federal prosecutors are
ramping up their efforts to
root out fraud, often working
together with investigators at
the Federal Housing Finance
Agency’s Office of Inspector
General, according to court
records and people familiar
with the matter.
While data on the number
of open investigations on real-
estate fraud aren’t publicly
available, a number of plea
deals have been reached in re-
cent months.
Since last fall, at least five
different landlords of proper-
ties, mostly apartment build-
ings, in cities including Cin-
cinnati, Hartford, Conn., and
Little Rock, Ark., have pleaded
backed mortgage enterprises
Fannie Mae and Freddie Mac
are cracking down on ques-
tionable practices in their
rental-apartment lending
business.
Fannie Mae and Freddie
Mac effectively blacklisted
mortgage brokerage Meridian
Capital Group amid allega-
tions that one of its brokers
doctored financial statements
to land bigger loans, and have
since effectively blacklisted
brokers at other firms.
Freddie Mac this year
changed its underwriting poli-
cies to combat fraud. The
agency now requires borrow-
ers to submit rent receipts. It
also told lenders to inspect
more apartments to ensure
they are actually occupied.
Fannie Mae has been going
through loans to weed out
those based on sketchy num-
bers, according to people fa-
miliar with the matter.
ated additional stress” in the
market.
“I think there was a lot of
Chetrit Group, the New York
firm that was in talks to buy
the property, that profit was
that while the T-12 statements
Ross shared with Chetrit were
inaccurate, he supplied the
terations have gotten out of
hand and that many loans are
based on inflated numbers.
elevated fraud in the industry much higher—$644,000. buyer with additional data In a 2023 paper published
through the brokerage indus- ROCO arrived at the higher that showed the building’s in the Journal of Finance,
try,” he said. numbers in part by including true financial state. Griffin and co-author Alex
At the heart of the problem rent that wasn’t actually col- In a similar case, a judge in Priest studied more than
is the way lenders underwrite lected and by leaving out con- January sentenced New York 39,000 commercial mortgages
commercial mortgages. Bor- cessions such as free-rent pe- property manager Jacob repackaged into bonds. They
rowers typically submit finan- riods, an FHFA special agent Deutsch to more than five found that in nearly one-third
cial statements called T-12 testified in court. years in prison for defrauding of these loans, underwritten
that show building income Chetrit bought the building lenders in connection with 24 building profits exceeded ac-
and expenses for the past along with dozens of other multifamily mortgages in tual building profits by at
year. Lenders use these docu- properties across the U.S. Hartford, Conn. Deutsch and least 5%.
ments to estimate the build- from ROCO in 2019. JP Mor- his co-conspirator, Aron Landlords have an incen-
ing’s value and calculate how gan Chase funded the deal Deutsch (who was sentenced tive to come up with inflated
much they are willing to lend. with a $481 million loan, to probation), overstated the building profits so that they
But in most cases they don’t which it repackaged into number of renters in their can land bigger loans. But
audit these statements to ver- bonds and sold to investors. buildings and inflated rental lenders also often have an in-
ify that the sums listed in the An appraiser hired by the income, the Justice Depart- centive to accept these in-
spreadsheets actually flowed bank used ROCO’s inflated ment said. flated numbers, especially if
in and out of the landlord’s numbers to value the Talla- Cases of landlords or bro- they plan to repackage the
accounts. hassee property at $5.78 mil- kers outright lying to lenders loan and sell it off to inves-
A rental apartment com- lion. JP Morgan Chase de- are still rare, brokers say. It is tors, Griffin said. That is be-
plex in Tallahassee, Fla., fi- clined to comment. more common for landlords to cause bigger loans mean big-
nanced by JP Morgan Chase, The mortgage on the Talla- make changes to T-12 state- ger fees.
made around $296,000 in hassee property went into de- ments, for example, by leaving “This space is littered with
profit before mortgage pay- fault in late 2022, according out one-time expenses such as conflicts of interest,” Griffin
ments in 2018, according to to data from the company renovations and disclose them said.

U.S.WATCH WASHINGTON, D.C. MONTANA

Actor Pleads Guilty Two Men Drown
In Capitol Riot Case In Glacier Park
An actor who played a
street-brawling newsman in
the movie “Anchorman: The
Legend of Ron Burgundy” and
a pizzeria owner in the televi-
sion series “Bob’s Burgers”
pleaded guilty Monday to in-
terfering with police officers
trying to protect the U.S. Capi-
tol from a mob’s attack.
Jay Johnston, 55 years old,
of Los Angeles, faces a maxi-
mum sentence of five years in
prison after pleading guilty to
civil disorder, a felony. U.S. Dis-
trict Judge Carl Nichols is
scheduled to sentence John-
ston on Oct. 7.
The estimated sentencing
guidelines for Johnston recom-
mend a prison term ranging
from eight to 14 months, but
the judge isn’t bound by that
term of his plea agreement.
Johnston’s attorney, Stanley
Woodward, told his client not
to comment to reporters as
they left the courtroom.
Johnston is one of more
than 1,400 people charged
with federal crimes stemming
from the Jan. 6, 2021, attack
on the U.S. Capitol.
Video footage captured
Johnston pushing against po-
lice and helping rioters who
attacked officers guarding an
YUKI IWAMURA/BLOOMBERG NEWS
Two men drowned in Gla-
cier National Park over the
July 4 holiday weekend, park
officials said.
A 26-year-old man from In-
dia was hiking on Avalanche
Lake Trail on Saturday morn-
ing when he walked near Ava-
lanche Creek, slipped on rocks
and was caught in the cold,
fast-moving water. Witnesses
saw him go underwater and
resurface briefly before being
swept through a narrow gorge
at about 8:30 a.m.
A helicopter crew and park
rangers searched for the man,
but they believe his body was
caught underwater in the
gorge. The creek is running
high due to snowmelt runoff.
The man was living and work-
ing in California and was in the
park on vacation with friends.
On Saturday evening, a 28-
year-old man from Nepal was
swimming with friends in
Lake McDonald near Sprague
Creek Campground. According
to friends, he was an inexpe-
rienced swimmer. He was
about 30 yards from shore
when he started to struggle
and went underwater at
about 6:25 p.m.
The lake is shallower near
the edge, but there is a large

entrance to the Capitol in a drop-off in the area where the

tunnel on the Lower West
Terrace, according to an FBI
agent’s affidavit. Johnston
held a stolen police shield
over his head and passed it
to other rioters during the at-
tack on Jan. 6, 2021, the affi-
DEEP COMMITMENT: Work was under way Monday on the Gateway Program Hudson Tunnel Project in New York. The long- davit says.
delayed $16 billion rail tunnel project connecting New York and New Jersey officially secured billions of dollars in federal funds. —Associated Press
man went under, said a park
spokeswoman. The Flathead
County Sheriff’s Office dive
team recovered his body in 35
to 40 feet of water.
The man was living and
working in Portland, Ore., and
was on vacation with friends.
—Associated Press

CORRECTIONS 
AMPLIFICATIONS Vanguard’s tracking methods he champi-
oned have become the domi-
nant investing strategy, along
closures or transfers to other
brokerages may now cost a
$100 processing fee. For cli-

In some editions Monday,

the last name of Rep. Joe Mo-
relle (D., N.Y.) was misspelled
as Morrelle in a U.S. News arti-
cle about calls from Democrats
for President Biden to leave his
race for re-election.
Readers can alert The Wall Street
Journal to any errors in news articles
Service Is
A Problem
Continued from Page One
bile apps in a recent survey of
2,700 investors conducted by
Investor’s Business Daily,
the way winning legions of
fans who call themselves
Bogleheads.
ents with less than $1 million
in qualifying assets, mutual
fund or ETF trades placed
While Vanguard’s core of-
fering of low-cost funds is no
longer unique, it is still col-
over the phone cost $25.
Brokerage-account custom-
ers were also recently warned
lecting assets at a red-hot that “excessive reliance on
pace. Investors added a net phone associates” could lead
$202 billion to Vanguard to additional fees or account
funds in 2023, and inflows are termination.
on track to beat that number A spokesman said the ac-
RACHEL WISNIEWSKI FOR WSJ

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which is published by The
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The asset manager has ac-
knowledged the problems,
which some analysts chalk up
to an underinvestment in
technology.
Former CEO Tim Buckley,
who announced his retire-
ment in February, said in
2019 that the firm would
spend $1 billion a year to im-
prove its technology. Van-
guard rolled out a modern-
ized app in 2021, but
customers weren’t impressed
and complained of bugs and
dumbed-down functionality.
“The complaints go back
years and years,” said Daniel
Sotiroff, a research analyst
who covers Vanguard at
Morningstar. “Part of the is-
sue is their size and how fast
they’ve grown. It’s hard to
turn the Titanic.”
Vanguard said it has been
on a “modernization journey”
for several years that has in-
cluded a new app, updated
website and overhauled call-
center technology. A spokes-
man said internal surveys
show record highs in client
satisfaction.
Under late founder John C.
Bogle, Vanguard forced the
entire industry to compete
with low fees, and the index-
this year. count-transfer fee helps offset
Managing ultracheap index processing costs, and Van-
funds is a low-margin busi- guard funds can be traded
ness, however, and running a commission-free online.
brokerage is costly. The chal- Vanguard is far from the
lenge for Ramji is to continue only brokerage with customer-
Vanguard’s push into other service complaints, but its is-
revenue streams such as fi- Salim Ramji, the first outsider to be tapped as chief sues are notably widespread
nancial advice while repairing executive officer at Vanguard, stepped into the job Monday. and long-running.
the firm’s relationship with The company was fined and
brokerage customers. Vanguard assets under Investor inflows to censured last year by the Fi-
Many clients have the bulk management Vanguard funds nancial Industry Regulatory
of their life savings in Van- Authority, which said Van-
guard accounts, adding to the $10 trillion $300 billion guard overstated the projected
stress when issues can’t be re- yield for some money-market
solved quickly. 8
250 funds on millions of account
Madeline Moonan, a 77- statements for nearly a year.
year-old resident of Stafford, 200 Finra said a technical glitch
Va., said Vanguard accepted 6 caused the error.
her request to transfer some 150 Clients are hoping Van-
fund shares from a traditional 4 guard’s leadership shake-up
IRA to a Roth IRA in 2022 but 100 means change is coming.
never completed the transfer. But skeptics have warned
Moonan said it took Vanguard 2
50 that its funds are cheap be-
six months to correct the is- cause it keeps costs low, and
sue. She paid $350 to consult Vanguard might not have
0 0
with an accountant about tax strong incentives to spend big
2019 ’20 ’21 ’22 ’23 ’24* 2019 ’20 ’21 ’22 ’23
consequences. on improving its brokerage
“I’ve had several substan- *Data is as of March 31. experience.
tive issues with my retirement Source: the company “There’s a theory, and I’m
accounts, which have cost me not the only one to come up
time, money and considerable particular point of frustra- keep costs low, and service with it, that they’d rather
stress,” Moonan said, adding tion. Vanguard’s customer- has suffered as a result,” said move people onto the per-
that a similar conversion at- service line is open Monday Jeff DeMaso, editor of the In- sonal-advisory service where
tempt this year wouldn’t go through Friday from 8 a.m. to dependent Vanguard Adviser, they make more money or
through and took five phone 8 p.m. Eastern time. Rivals Fi- a newsletter. “Long wait times they’re just as happy if they
calls to resolve. delity and Charles Schwab are an issue.” go to another brokerage,”
For investors having web both offer 24/7 customer ser- New fees and rules have said Allan Roth, founder of
or tech issues, the lack of vice by phone. also left customers feeling Wealth Logic, a financial-
night or weekend service is a “They’ve always tried to nickel-and-dimed. Account planning firm.
THE WALL STREET JOURNAL.
TSA Sets
Record
Screening
3 Million
Travelers
BY NICHOLAS HATCHER
More than three million
people passed through U.S.
airport security checkpoints
on Sunday for the first time
ever, setting another daily
record amid a surge in sum-
mer travel.
The Transportation Secu-
rity Administration said
3,013,413 people were
screened on Sunday, surpass-
ing the previous mark of 2.99
million set on June 23. Some
of the busiest air-travel days
on record have happened in
recent weeks in part because
of cheaper flights, a stronger
dollar and younger people
eager to vacation.
But Sunday’s record
stands out because it marked
the first time the number of
daily travelers topped three
million. Sunday marked the
end of the July 4 holiday
weekend, which began on
Thursday.
Screened travelers on Sun-
day were up 14% from the
same day a year earlier, ac-
cording to TSA data.
This summer’s travel
boom has prompted 29.7 mil-
lion travelers to pass through
airport checkpoints from
June 27 through July 7. That
marks a 7.1% increase from a
year earlier, according to
TSA data, and was more than
the agency had previously
predicted.
So far, this summer has
been busier at airport check-
points than last year, with
about 6% more travelers than
a year ago, a TSA spokesper-
son said. Nine of the 10 busi-
est air-travel days in the his-
tory of the TSA have
occurred since May 23.
Americans are eager to
travel this summer, some an-
alysts say, with lower air-
fares and a stronger dollar
contributing to the uptick.
Airfares have dropped 5.9%
since May 2023, according to
the latest consumer-price in-
dex, after fluctuating the
past few years because of the
Covid-19 pandemic and surg-
ing inflation.
Airfares fell in 2020 when
air travel ground to a halt
during the height of the
Covid-19 pandemic. Prices
started edging back up when
travel began to normalize.
Inflation then drove price
spikes in 2021 and 2022.
Domestic airfare was 2%
cheaper this Independence
Day week compared with last
year, according to AAA, with
the average price for a
round-trip ticket at $800.
Orlando, Fla.; Honolulu;
Miami; and Anchorage,
Alaska, were among the top
domestic travel spots for In-
dependence Day week, AAA
said in June. Rome, Athens
and Punta Cana, Dominican
Republic, are some of the in-
ternational cities drawing
American travelers. A stron-
ger dollar is also driving
travelers to some of the
world’s top destinations, in-
cluding Japan, Hungary and
Argentina.
Younger adults are also
fueling travel demand.
Nearly a fifth of Gen Z re-
spondents to a recent Bank
of America survey said they
planned on taking more va-
cations this year, followed by
millennials, Gen Xers and
baby boomers.
Passengers passing through
security in U.S. airports
500 million
400
300
200
100
0 Minouche Shafik said.
Jan.
Note: Through July 7 of each year
Source: Transportation Security Administration
* * * * * *
Debris and floodwaters from Beryl cover a roadway in Surfside Beach, Texas. The storm knocked out power for about 2.7 million homes and businesses.
Tropical Storm Beryl Tears Into Texas
BY GARETH VIPERS
AND JOSEPH DE AVILA
Tropical Storm Beryl bar-
reled through Texas, bringing
life-threatening winds and
power outages and snarling
air travel, officials said.
The storm, which hit Texas
as a Category 1 hurricane be-
fore it was downgraded on
Monday, knocked out power
for about 2.7 million homes
and businesses in Texas, ac-
cording to Poweroutage.us,
which tracks outages.
An official from Texas’ Pub-
lic Utility Commission said it
would take days to fully re-
store power.
Lt. Gov. Dan Patrick, who is
serving as Texas’ acting gov-
ernor while Gov. Greg Abbott
is away, said at least three
people had died.
Patrick urged residents of
cities such as Houston, where
the storm struck earlier Mon-
day, to remain vigilant for
hazards such as downed
power lines and flooded roads.
“Do not take your safety for
Student protesters camped on the campus of Columbia University in April.
Columbia Puts Deans on Leave for
Texts Evoking ‘Antisemitic Tropes’
BY ALYSSA LUKPAT
Three Columbia University
deans were removed from their
positions and placed on indefi-
nite leave over text messages
they sent during a panel about
Jewish life on campus that
“disturbingly touched on an-
cient antisemitic tropes,” the
school said on Monday.
The university said the ad-
ministrators from Columbia
College, the undergraduate lib-
eral-arts college, sent troubling
2024 text messages in May during a
2023 reunion weekend event forum
called “Jewish Life on Campus:
2022 Past, Present, and Future.” Co-
lumbia didn’t detail what the
messages said.
“Whether intended as such
2021
or not, these sentiments are
2020 unacceptable and deeply upset-
ting, conveying a lack of seri-
ousness about the concerns
and the experiences of mem-
bers of our Jewish community,”
Columbia University President
July
Panelists discussed the cam-
pus climate since the Israel-
Hamas war began and the re-
sponsibility of universities to
U.S. NEWS
granted,” he said.
Flash floods in and around
Houston and up through
Northern Texas and into Okla-
homa will be a big risk, said
Alex DaSilva, AccuWeather’s
lead hurricane expert. Flash
floods can be
even more haz-
ardous if water
becomes elec- The NOAA has
trified because predicted an
of downed
power lines, he extremely
said.
“It’s an ex-
active hurricane
tremely danger- season.
ous situation
right now,”
DaSilva said.
The National Hurricane
Center said Beryl, which
weakened into a tropical de-
pression Monday night, was
expected to move through the
Lower Mississippi Valley into
the Ohio Valley over the next
few days.
More than 1,700 U.S. flights
were canceled Monday as the
state braced for the storm,
which caused catastrophic
ensure the safety of all stu-
dents. The text messages,
which were earlier reported on
by the conservative website
the Washington Free Beacon,
referenced antisemitic tropes
about Jewish wealth and said
Jewish students came from a
place of privilege.
The Republican-led House
Committee on Education and
the Workforce obtained and re-
leased the texts last week as
part of an investigation. “Hard
to hear the woe is me,” one
message said.
“Jewish students deserve
better than to have harassment
and threats against them dis-
missed as ‘privilege,’ ” said
committee Chair Rep. Virginia
Foxx (R., N.C.).
The Columbia College ad-
ministrators placed on leave
were Susan Chang-Kim, the
vice dean and chief adminis-
trative officer; Cristen Kromm,
the dean of undergraduate
student life; and Matthew Pa-
tashnick, the associate dean
for student and family sup-
port. Chang-Kim couldn’t be
reached for comment. Kromm
and Patashnick didn’t return
damage across the Caribbean churned across the Caribbean
last week. At least nine people with sustained winds of 165
were killed before the storm mph and gusts reaching 200
made landfall in the U.S. mph, forecasters said, making
Beryl made landfall near it the strongest Atlantic hurri-
Matagorda, roughly 100 miles cane ever to form this early in
southwest of Houston, at the season.
around 4 a.m. The storm reached Cate-
local time Mon- gory 5 strength as it barreled
day, according through the region, flattening
to the National buildings, uprooting trees and
Weather Ser- knocking out power on many
vice. Wind islands.
gusts up to 92 “Hurricane Beryl—this dan-
mph were re- gerous and devastating hurri-
corded near the cane—has come and gone and
city of Free- it’s left in its wake immense
port, the NWS destruction,” the Prime Minis-
said. ter of St. Vincent and the
Patrick had Grenadines Ralph Gonsalves
earlier warned residents and said in a video statement last
tourists visiting the Texas week. “Pain and suffering
coast for the Fourth of July across our nation.”
weekend to prepare for the The National Oceanic and
storm or leave the area. Atmospheric Administration
In May, four people were has predicted an extremely ac-
killed and hundreds of thou- tive hurricane season, which
sands left without power begins June 1 and ends Nov.
when hurricane-strength 30, with 17 to 25 named
winds unexpectedly hit Hous- storms, eight to 13 hurricanes,
ton. and four to seven major hurri-
Beryl set records as it canes Category 3 and above.
Hopkins to Offer Free
Tuition at Medical School
BY ALYSSA LUKPAT
A majority of medical stu-
dents at Johns Hopkins Univer-
sity are set to get free tuition
after the school received a $1
MARY ALTAFFER/ASSOCIATED PRESS
billion gift from Bloomberg
Philanthropies, making Hopkins
the latest medical school to go
tuition free because of a large
donation.
Hopkins said Monday that
students from families earning
under $300,000 would receive
free tuition starting in the fall.
Students whose families earn
as much as $175,000 will have
their living expenses covered.
The school estimates nearly
two-thirds of its students
would qualify for either of the
benefits.
More philanthropists and
medical schools are pushing to
requests for comment. make education free for aspir-
The university, located in ing doctors and reduce the fi-
New York City, has been en- nancial barriers that can deter
gulfed in controversy since them. Buoyed by donations,
protests began in the spring the Albert Einstein College of
over the Israel-Hamas war. Medicine and the medical
Pro-Palestinian protesters have schools at New York Univer-
called on the school to cut ties sity and Columbia University
with corporations connected to have given their students free
Israel. Jewish students have re- tuition or scholarships if they
ported an uptick in antisemitic have financial need.
episodes at school. Columbia, The tuition for the medical
along with other schools, is un- school at Hopkins is nearly
der federal investigation about $65,000 a year. Students re-
antisemitism on campus. ceived updated financial-aid
Columbia administrators packages Monday showing, for
have faced pressure over their most of them, a lower cost of
response to the protests and attendance, said Dr. Theodore
antisemitism on campus. More DeWeese, the dean of the
than 1,200 people signed an medical school.
open letter this month to The cost of medical school
Shafik and Columbia’s board of has kept aspiring doctors out
trustees calling on the three of the field, where they can
deans who sent the texts to be graduate with hundreds of
removed from their posts. The thousands of dollars in debt. By
letter said Columbia College’s offering financial freedom to
dean, Josef Sorett, was also in- more students, schools can give
volved in the exchange and medical students the flexibility
should be terminated. Colum- to choose jobs in important but
bia said Sorett apologized. lower-paying fields like inter-
Shafik said Columbia was nal medical and pediatrics.
launching a training program Billionaire Michael
in the fall to address antisemi- Bloomberg’s philanthropic or-
tism and discrimination. ganization said Monday that
Tuesday, July 9, 2024 | A3
ADREES LATIF/REUTERS
More than 140 million peo-
ple in the U.S. were under
some kind of heat warning or
advisory Monday, according to
the National Weather Service,
covering a huge swath of the
West Coast including Arizona,
California, Nevada and the Pa-
cific Northwest.
The slow-moving weather
pattern that brought a heat
wave to most of the country
over the weekend will con-
tinue to scorch the West Coast
this week, according to fore-
casters. Oppressive heat and
humidity will continue along
the Eastern Seaboard, as well
as into parts of the Southeast
and Deep South.
—Victoria Albert,
Jennifer Hiller
and Ginger Adams Otis
contributed to this article.
Watch a Video
Scan this code
for a video on
the damage
caused by Beryl
in Texas.
the U.S. has a shortage of
medical professionals yet the
cost of attending school for
these jobs is often too high.
“By reducing the financial
barriers to these essential
fields, we can free more stu-
dents to pursue careers they’re
passionate about,” he said.
His organization in 2018
donated $1.8 billion to Hop-
kins to offer more financial
aid for undergraduate stu-
dents. Bloomberg earned his
bachelor’s degree in engineer-
ing from Hopkins.
Including the $1 billion gift,
Bloomberg has given $4.55
billion in total to Hopkins, the
university said. Hopkins’s pub-
lic health school is named af-
ter him. He used to be on the
university’s board of trustees.
Hopkins President Ronald
Daniels said the school had
been in talks with Bloomberg
Philanthropies about the do-
nation for more than a year. In
return for the donation, Dan-
iels said Bloomberg asked that
Hopkins use the money to re-
cruit the best and brightest
students.
“The magic of this gift is it
reduces any disproportionate
impact that high levels of edu-
cation-related debt will have
on students upon graduation
in terms of what specialties
they decide to pursue or even
regions of the country they’ll
decide to pursue,” Daniels said
in an interview with The Wall
Street Journal.
Hopkins said Bloomberg’s
donation would also be used to
expand financial aid for nurs-
ing and public-health graduate
students, in addition to gradu-
ate students in other fields.
“This new scholarship for-
mula will ensure the most tal-
ented aspiring doctors repre-
senting the broadest and
deepest range of socioeconomic
and geographic backgrounds
have the opportunity to gradu-
ate debt-free,” Hopkins said.
 A4 | Tuesday, July 9, 2024
Avoiding ‘Kids in Cages’ Spurred Dilemma
Early in Biden term,
officials overlooked
suspicious guardians
for migrant children
BY JACK GILLUM
AND MICHELLE HACKMAN
In 2021, when the new Biden
administration was struggling
to cope with a sudden influx of
unaccompanied migrant chil-
dren at the U.S.-Mexico border,
the government repeatedly
overrode the concerns of
lower-level workers who
warned about placing them in
certain households, documents
and interviews show.
“It does not appear safe for
the minor to be released to a
home environment that was
not fully assessed,” a case-
worker wrote about a child
slated to live in a hostel-like
home in Florida with at least
three adults. Days later, an offi-
cial dismissed the recommen-
dation to reject the proposed
guardian, according to internal
government memos.
At another facility in Po-
mona, Calif., more than 100
children that summer were
sent to temporary guardians
who were issued denials early
in the process by case coordi-
nators, according to a review of
internal government data that
tracks unaccompanied kids,
emails and other communica-
tions, and interviews with
caseworkers.
About two dozen more deni-
als were overturned because of
clerical errors or issues such as
missing fingerprints that were
resolved, records show. But
many others were approved
with scant details explaining
why. Some of those home ad-
dresses were tied to histories
of criminal activity or other be-
havior that indicated the possi-
bility the children would be put
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
President Biden spoke to supporters in Harrisburg during a campaign stop in the battleground state of Pennsylvania on Sunday.
Biden Tells
Democrats
He’s Staying
Continued from Page One
a meeting hosted by Rep.
Hakeem Jeffries of New York,
the House Democratic leader,
over the weekend.
“The American people have
made it clear they no longer see
[Biden] as a credible candidate
to serve four more years as
president,” Smith said Monday.
Other party lawmakers said
they continue to back the presi-
dent, while some issued cau-
tious statements about whether
Biden should continue to be the
nominee. House and Senate
Democrats were set to hold in-
tense caucus meetings Tuesday
to try to find a way out of their
political morass just four
months before Election Day.
“As I’ve said before, I’m for
Joe,” said Senate Majority
Leader Chuck Schumer (D., N.Y.).
Rep. Steven Horsford (D., Nev.),
chair of the Congressional Black
Caucus, said Monday: “Biden is
the nominee…we’re not going
back, we’re moving forward.”
Biden held a call with Con-
gressional Black Caucus mem-
bers on Monday night. Accord-
ing to a person familiar with
the call, Biden spoke about is-
sues including reducing Black
poverty and investing in child
care and preschool. “You’ve had
my back, and I’ll continue to
to work, interviews and re-
cords show. The Wall Street
Journal couldn’t determine
what happened to the children
after they left the facility.
Political crisis
The findings show that Bi-
den administration officials
sometimes overlooked concerns
about potential guardians as
they faced a political crisis over
an unprecedented surge of un-
accompanied minors soon after
taking office. Officials said at
the time they wanted to avoid
the images that had plagued
the Trump administration of
children in severely congested
facilities—widely derided as
“kids in cages.” At worst, chil-
dren held in overcrowded de-
tention centers have grown se-
verely ill or even died.
President Biden has tacked
to the right on many issues re-
lating to the border, including
ordering last month that most
migrants who cross the border
illegally will be barred from
asylum. Illegal border crossings
are down by more than half
this year and dropped further
this month after Biden’s new
asylum ban took effect.
In response to the Journal’s
findings, the Department of
Health and Human Services ac-
knowledged that the govern-
ment wasn’t equipped early in
the administration’s tenure to
properly handle nearly the
number of children coming to
the U.S. and said it was unable
to discuss individual cases. In a
statement, the department said
it continued to improve pro-
gram operations. Officials
stressed that proposed guard-
ians go through several layers
of review and added: “Child
welfare best-practices are clear
that children belong with fam-
ily and not in shelters.”
In 2021, with as many as
18,700 unaccompanied minors
have yours,” he told lawmakers.
Sen. Jon Tester (D., Mont.),
who is locked in a tough re-elec-
tion fight, said Biden “has got to
prove to the American people—
including me—that he’s up to
the job for another four years.”
The head of the party’s progres-
sive caucus, Rep. Pramila Jaya-
pal (D., Wash.), said she is listen-
ing to colleagues and voters “as
we consider the best path for-
ward to protect our democracy.”
Sen. Patty Murray (D.,
Wash.), a member of party
leadership, said the president
“must seriously consider the
best way to pre-
serve his incred-
ible legacy.”
Sen. Mark Biden said he
Warner (D., Va.), was frustrated
who had been
reaching out to by elites in the
other Demo-
cratic senators
Democratic
to discuss Bi- Party.
den’s future,
said “now is the
time for conver-
sations about the strongest path
forward.” Warner, the chairman
of the Intelligence Committee,
said that the president needs to
“hear directly from a broader
group of voices.”
Biden argued in his letter
that he had earned the nomi-
nation in the Democratic pri-
mary process and that to step
aside would disenfranchise
those voters.
While Vice President Kamala
Harris has the clearest path to
step up if Biden withdraws,
dissenting Democrats haven’t
coalesced around a plan to pick
a replacement nominee.
P W L C 10 11 12 H T
U.S. NEWS
Number of days migrant children stayed
at a Pomona, Calif., facility in late 2021
500 children
Average: 16 days
10-14 days
Timeframe that
workers said they had
400
to discharge children
300
200
100
0 Straight
0 10 20
*Data from Oct. 2021 about placements for 4,900 kids.
Some cases were later approved because of missing information.
†Can include background checks, home visits and in-person interviews
‡Includes virtual check-ins, case management services or
in-home services
Source: Government data obtained by WSJ
STEPHANIE STAMM/WSJ
crossing the border each
month, the agency set up 14
makeshift shelters to deal with
the influx and recruited em-
ployees from across federal
agencies to staff them. Biden
administration officials said
those employees weren’t neces-
sarily trained in child welfare,
and stressed that many factors
go into decisions about where
to send the minors.
Internal probe
Following an internal inves-
tigation, the DHS inspector
general, which oversaw a net-
work of shelters caring for un-
accompanied minors, found
gaps in the process to screen
temporary guardians. It said in
February that 16% of records
for children who were released
In comments to MSNBC’s
“Morning Joe” on Monday, Bi-
den said he has been talking to
voters across the country. “I
wanted to make sure I was
right, that the average voter
out there wanted Joe Biden,
and I’m confident that they
do,” he said over the phone.
Biden told the hosts that he
had a “neurological physical”
in February and continued to
argue that he had a bad night
during the debate. Asked about
the editorial boards and elected
officials who have said he
should step aside, he said: “I
don’t care about
what those big
names think”
and added that
he was frus-
trated by the
elites in the
party.
“If any of
these guys don’t
think I should
run, run against
me. Announce
for president, challenge me at
the convention,” he said, refer-
ring to the party’s gathering
next month in Chicago.
White House press secretary
Karine Jean-Pierre was pressed
repeatedly Monday on why an
expert on Parkinson’s disease
visited the White House eight
times from July 2023 to March
of this year, according to visitor
logs. She said Biden has seen a
neurologist three times as part
of three annual physicals—most
recently in February—and that
there has been no finding of Par-
kinson’s. But she wouldn’t ad-
dress or explain the Parkinson’s
G K R F A M 1 2 3 4 5 6 7 8 9 O
Decisions made about prospective guardians
at a Pomona, Calif., facility*
t Early
recommendation
DENY CONDUCT HOME STUDY†
APPROVEE
With additional
requirements
APPROVE
Post-release
services‡
APPROVE
30 40 50 DAYS release
Case sent back for further evaluation
to sponsors in March and April
2021 lacked evidence that a re-
quired safety check was con-
ducted.
“Although well-intentioned,
these sites were unregulated
and unsafe,” said Neha Desai,
senior director of immigration
at the National Center for
Youth Law, a group that moni-
tors the care of immigrant chil-
dren. “There was enormous
pressure placed on the sites to
rapidly release children from
custody.”
At these emergency shel-
ters, caseworkers were told to
discharge kids within 10 to 14
days, according to two people
who worked with the children
face-to-face.
With the government strug-
gling at the time to place chil-
dren in safe homes, one case-
expert’s visits, repeatedly citing
privacy concerns, in a combative
exchange with reporters.
Hours later, Dr. Kevin O’Con-
nor, the president’s physician,
issued a letter saying that Dr.
Kevin Cannard has been the
neurology consultant to the
White House Medical Unit since
2012. He said that prior to the
pandemic and since it has
ended, Cannard has held regu-
lar clinics at the White House
Medical Clinic in support of the
“thousands of active-duty
members assigned in support
of White House operations.”
He said Cannard was the neu-
rological specialist who has ex-
amined Biden for each of his
physicals and that Biden hasn’t
seen a neurologist outside of
that. O’Connor repeated part of
his Feb. 28 letter following Bi-
den’s last physical, which said
there were no findings consis-
tent with a neurological disorder.
The president joined a mid-
day call with top fundraisers,
alongside Maryland Gov. Wes
Moore and campaign chair Jen
O’Malley Dillon. On the call, Bi-
den emphasized that he is the
nominee and said the party
“can’t waste any more time be-
ing distracted,” saying it is
“time to put Trump in the bull’s-
eye,” according to the campaign
and people familiar with the call.
Biden also took questions
from donors, including how he
would handle a second debate.
The president responded: “At-
tack, attack, attack, attack.”
—Emily Glazer,
Rebecca Ballhaus
and Natalie Andrews
contributed to this article.
I X X ***** THE WALL STREET JOURNAL.
Final t
decision
DENY
CONDUCT
HOME STUDY†
APPROVE
With additional
requirements
53% of
denied cases
approved with APPROVE
services Post-release
services‡
47% of
denied cases
approved
APPROVE
Straight
release
worker said supervisors were
warned that adoption attempts
by some sponsors may indicate
children were at risk because
the sponsor was trying to take
on at least a half-dozen chil-
dren, a common indicator of
labor trafficking.
For instance, workers dis-
covered that purportedly dif-
ferent guardians living at sev-
eral addresses in one U.S. city
had ties back to the same per-
son, documents show. That
suggested one sponsor was re-
cruiting kids for work, they
said.
In another instance, a case-
worker called a Michigan home
after searching for the address
of a sponsor on Google Maps
and discovered it was, in fact,
a field. When the worker called
the sponsor’s number, someone
GOP Platform
Echoes Trump
On Abortion
BY ANDREW RESTUCCIA
AND JOHN MCCORMICK
Republicans released a
party platform on Monday
that was much shorter and
less detailed than those of the
past, sidestepping many pol-
icy specifics and the potential
internal fights that could
have been triggered by a
more detailed document.
The 16-page platform
makes only brief mention of
abortion, long a top issue for
the GOP. It softens language
included in a 2016 version of
the document that called for
a constitutional amendment
making clear that fetuses
have due-process rights.
Instead of calling for a
“human life amendment,” the
new platform states that the
14th Amendment “guarantees
that no person can be denied
life or liberty without due
process, and that the states
are, therefore, free to pass
laws protecting those rights.”
The language formally re-
aligns the party with former
President Donald Trump’s
view that the issue should
largely be left up to the
states, overriding objections
from antiabortion groups that
advocated for stronger lan-
guage opposing the proce-
dure.
The platform, which men-
tions the word “abortion”
only once, also states that the
party opposes late-term abor-
tion, while supporting prena-
tal care as well as access to
birth control and in vitro fer-
tilization treatments. That
language appears intended to
undercut warnings from Dem-
ocrats that Republican victo-
ries in November would lead
to a GOP-led crackdown on
contraception and fertility
treatments.
The document was ap-
proved ahead of next week’s
Republican National Conven-
tion in Milwaukee, where
Trump will be formally nom-
inated.
This platform, approved by
the Republican National Com-
mittee’s platform committee,
is roughly a quarter of the
length of the party’s 2016
platform, which included de-
briefly picked up and the
worker heard a cry for help in
the background before the line
disconnected. The worker then
called the police.
A police report indicates
that local sheriff’s deputies re-
sponded to the actual home—
about 50 yards down the road,
due to an apparent clerical er-
ror in the government’s data—
and left 20 minutes later with-
out incident. Records said the
sponsor was his father and
was responsible for the boy af-
ter his release.
‘Different place’
“We’re in a completely dif-
ferent place than we were
when we started,” one senior
HHS official said. “We were
stuck with what we had when
we started on day one, which
unfortunately did not set us up
to be able to meet the chal-
lenges that we faced in 2021.”
Republicans have argued
the unaccompanied children
should be deported rather than
sent to guardians within the
U.S., but would need to change
the law to do so.
Separately, about 40 sena-
tors, led by Sen. Chuck Grass-
ley (R., Iowa) and including
Sen. Joe Manchin (I., W.Va.),
plan a vote that could force the
administration to revise its ap-
proach to handling unaccom-
panied kids, saying it leaves
too much room for kids to be
sent to unsafe homes in the ef-
fort to get them out of govern-
ment custody.
From when Biden took of-
fice through Sept. 30, 2023,
HHS said it placed around
340,000 children with vetted
guardians, known as sponsors.
In the year that ended in Sep-
tember 2022, it said more than
85% of children released to vet-
ted sponsors were placed with
a parent, legal guardian or
other close family member.
tailed sections on everything
from healthcare to agricul-
ture. Republicans didn’t up-
date their platform in 2020,
citing the Covid pandemic,
which limited the scope of
that year’s convention.
This year’s document
echoes much of the language
that Trump uses on the cam-
paign trail. It lists 20 top-line
party goals, all in capital let-
ters, echoing the former pres-
ident’s preferred way of com-
municating. Among them:
stopping the flow of migrants
across the U.S.-Mexico border,
boosting energy production
and cutting taxes.
The platform also em-
braces Trump’s America-first
stance on international trade.
“Republicans will support
baseline tariffs on foreign
made goods, pass the Trump
Reciprocal Trade Act, and re-
spond to unfair trading prac-
tices,” it states. “As tariffs on
foreign producers go up,
taxes on American workers,
families, and businesses can
come down.”
The platform largely
echoes the proposals Trump
has laid out on his campaign
website and in speeches in
recent months. It avoids of-
fering detailed policy pre-
scriptions, unlike outside
groups such as the Heritage
Foundation’s Project 2025,
which has published action
plans for nearly every federal
agency. Trump distanced
himself from Project 2025
last week amid a push by
Democrats to raise alarm
bells about some of the
group’s proposals.
The document does affirm
commitments on several top-
ics popular with the Republi-
can base.
“Republicans will revoke
China’s Most Favored Nation
status, phase out imports of
essential goods, and stop
China from buying American
real estate and industries,” it
states. “Republicans will re-
vive the U.S. auto industry by
reversing harmful regula-
tions, canceling Biden’s elec-
tric vehicle and other man-
dates, and preventing the
importation of Chinese vehi-
cles.”
A6 | Tuesday, July 9, 2024 * ***** THE WALL STREET JOURNAL.

U.S. NEWS

How Vance Made Trump’s V.P. Shortlist

Once a critic of the reached the floor of the Sen-
ate, in part because of opposi-
former president, he’s tion from many Republicans.
now a voice for a new But Vance has most made
his mark in the Senate leading
type of conservatism opposition to further U.S.
funding for Ukraine. Vance’s
BY MOLLY BALL dogged and relentless agita-
tion against the funding came
The billionaires settled into as an unpleasant surprise to
their seats in the San Fran- GOP Leader Mitch McConnell
cisco mansion, munching on (R., Ky.).
caviar-topped potato chips and “J.D. Vance and I obviously
tiny sliders impaled with are on opposite sides on
American flags. When it was Ukraine. We spent $35 mil-
time to begin, a bearded young lion” to get him elected,
senator quieted the crowd to McConnell noted dryly in a
introduce his friend, former November interview with The
President Donald Trump. Wall Street Journal, referring
Many of the Silicon Valley to spending by his super PAC
grandees in the audience were in the Ohio race. Vance, he
current or former Democrats. said, “wouldn’t be here but for
The host, venture capitalist my efforts.”
and podcaster David Sacks,
had supported Hillary Clinton
in 2016 and didn’t back a can- Disentanglement

DREW ANGERER/GETTY IMAGES

didate in 2020. But they came Vance, who was deployed to
together one evening last Iraq as a young member of the
month, as Trump noted in his Marine Corps, has said the ex-
opening remarks, thanks to perience soured him on what
Ohio Sen. J.D. Vance, who in he regards as unnecessary for-
less than two years in elected eign entanglements. “Have we
office has emerged as a leading learned nothing?” he asked in
light of the MAGA movement— one Senate floor speech. In
and now a top contender to be interviewed for Seeing how February, he joined the U.S. del-
Trump’s running mate. this article, came Vance was being egation to the annual Munich
Some of MAGA-world’s big- to fame in 2016 as attacked by the Security Conference, a hotbed
gest influencers are lobbying the author of party’s “neocon” of pro-Ukraine sentiment—a
Trump to pick Vance, includ- “Hillbilly Elegy,” a wing, Trump Jr. testament to his zeal for taking
ing podcaster and federal in- memoir of his began defending the argument to hostile venues.
mate Steve Bannon, Turning hardscrabble up- him in public and An aide to a pro-Ukraine
Point USA’s Charlie Kirk and bringing that be- advocating for GOP senator said Vance’s ad-
former Fox News host Tucker came a hit for the him behind the vocacy was frustrating be-
Carlson. Carlson said that way it seemed to scenes, including cause his arguments shifted
picking Vance would be “a explain the Rust with his father. and didn’t always line up with
sign of Trump’s commitment Belt’s unexpected Within a few the facts. In Munich, he
to his own voters,” whose swing to Trump. weeks, Trump Sr. skipped some meetings and re-
views he said Vance uniquely In that first foray had endorsed fused to meet with Ukrainian
understands. as a public intel- Vance, ensuring President Volodymyr Zelensky.
lectual, Vance his victory in the The Ukraine aid passed the
was staunchly May 2022 pri- Senate twice, with an increas-
‘The new right’ anti-Trump, at mary. Trump Jr. ing number of Republican
GAELEN MORSE/REUTERS

The 39-year-old Vance owes
his rapid rise to his ability to
articulate the tenets of a new
conservative movement—of-
ten termed “national conser-
vatives” or “the new right.”
Believers call on the GOP to
abandon free trade, fiscal re-
straint and internationalism in
favor of tight borders, tariffs,
muscular state intervention in
the economy and a retreat
from the world stage.
Others said to be under
consideration as running
mate—including North Dakota
Gov. Doug Burgum and Florida
Sen. Marco Rubio—are from
the traditional GOP mold,
though both have pledged fe-
alty to Trumpism as it has re-
shaped their party. Their se-
lection would show that
Trump is committed to con-
tinuing to share the party
with its old guard. A Vance
pick would be a forceful state-
ment that Trump plans to go
all in on populist nationalism.
“What’s at stake here is not
the election—none of these
people are going to affect the
election,” said Robert Lighthi-
zer, U.S. trade representative
in the Trump administration.
“What’s at stake here is where
the party and the country are
going to go.” Vance, he said,
“would take us 20 years into
the future.”
Vance, who declined to be
one point calling and Vance have votes. Vance’s hard-line posi-
him “America’s become close tion against it seemed to ex-
Hitler.” friends, both men ceed that of Trump, who
Much has been have said. never explicitly came out
made of Vance’s Vance went on against U.S. funding despite
reversal to fervent Top, J.D. Vance running for Senate in 2022; above, Trump at a Vance rally that year. to win the No- repeatedly expressing skepti-
c h e e r l e a d e r. vember election cism of it. Some Vance critics
Vance has described his con- “Where there is a seeming de- ideology, he was talking about by a healthy margin—a bright say a Vice President Vance’s
version as being “red-pilled,” parture from conservatism is a lot of this stuff well before it spot in a midterm cycle that devotion to intellectualizing
indicating a sudden revelation his very stark recognition that was in the mainstream,” said was otherwise disappointing Trumpism could put him at
of a different reality. But long- in 2024 we’re a lot weaker as an Ohio Republican who for Republicans, as numerous odds with the actual Trump’s
time acquaintances say Vance’s a country than we were in knows Vance. other unconventional Trump- famous inconsistency.
political preoccupations were 1984. I think he sees that more His taste for provocation backed Senate candidates lost. At the end of the Vance-or-
largely consistent throughout. clearly than other conserva- was evident in his first cam- As a senator, Vance quickly chestrated Silicon Valley fund-
“What interested him was tives because he is a child of paign ad, which advisers said carved out a distinctive pro- raiser the former president
how to get the right more fo- the Rust Belt that has been Vance wrote himself. “Are you file, beginning with the East joined Sacks on his popular “All
cused on working families,” ravaged by well intentioned, a racist? Do you hate Mexi- Palestine, Ohio, train derail- In” podcast. Asked about immi-
said Yuval Levin, a scholar at or not so well intentioned, cans?” Vance asked in the ad. ment just a month after he gration, Trump took a stance
the American Enterprise Insti- policy choices.” “The media was sworn in. He worked with seemingly at odds with the re-
tute, saying Vance originally By 2022, the calls us racists Democratic Sen. Sherrod strictionist agenda he and
feared Trump would discredit same political for wanting to Brown to craft rail-safety leg- Vance have espoused, saying,
the ideas he was interested in. r e a l i g n m e n t Vance’s taste build Trump’s islation and helped orches- “If you graduate from a college,
“I think that was right,” Vance’s book for provocation wall.” The text trate Trump’s visit to the site. I think you should get automat-
Levin said. “But he came to helped to ex- on-screen iden- It wasn’t the only unlikely ically, as part of your diploma,
the view that Trump would plain had cre- was evident in tified him as an bipartisan pairing for Vance, a green card to be able to stay
actually advance them, and ated the condi- “America First whose critique of the effects of in this country.” (A few hours
formulated a set of arguments tions for his
his first Conservative.” modern capitalism resembles later, a spokeswoman walked
trying to give some intellec- own political campaign ad. Vance also that of some liberals. He has back the comments.)
tual coherence to populist career. Ohio, a began courting praised Federal Trade Commis- Yet the event also typified
conservatism.” Vance has en- state President Trump. The sion Chair Lina Khan, whose Vance’s chameleonic talent.
dorsed Trump’s false claim Barack Obama breakthrough crusades against corporate “There isn’t a candidate that I
that the 2020 election was won twice, went for Trump by came during a primary debate consolidation have made her a think straddles both the tech
“rigged” and has said that as wide margins in 2016 and when Vance’s opponents came Wall Street bête noire. And fol- and venture capital commu-
vice president he wouldn’t 2020. Vance went on Carlson’s out in favor of a no-fly zone in lowing the March 2023 col- nity and plays as well as Vance
have certified it. Levin worries show from his Senate cam- Ukraine enforced by the North lapse of Silicon Valley Bank, he does to working-class Ameri-
that Vance’s arguments have paign launch at an Ohio fac- Atlantic Treaty Organization. teamed up with Sen. Elizabeth cans,” said Omeed Malik,
served to legitimize and jus- tory. He leaned into the types Vance alone opposed it, and Warren (D., Mass.) on legisla- founder and president of ven-
tify some of Trump’s more of controversies that tended his comments caught the eye tion to claw back the salaries ture-capital firm 1789 Capital.
radical impulses. to galvanize the right online. of Trump’s eldest son, Donald of executives of failed banks. —Siobhan Hughes
Heritage Foundation Presi- “The decline of universities, Trump Jr., according to a Neither that measure nor the and Dana Mattioli
dent Kevin Roberts said, attacks on the court, gender friend of both men. rail-safety legislation has contributed to this article.

Paramount for the company: Less original

programming means more
cord-cutting, which leads to
Paramount segment revenue
$8 billion
thing of a boutique of big-bud-
get fare for streamers such as
Netflix and Amazon’s Prime
dismay about an earlier offer
from Skydance, which they
said was only good for Para-

Has Tough less investment.

Ellison can help Paramount
navigate the challenging land-
6
Filmed Entertainment
(Paramount Pictures,
Nickelodeon Studios)
Video. As other major studios
were shying away from selling
to competitors to focus on
mount controlling shareholder
Shari Redstone.
Under the transaction that

To-Do List scape in that he understands

Continued from Page One
difficult media environment:
cost-cutting, asset sales and
layoffs. Ellison’s team has
identified $2 billion in cost
savings and said it would
make the company cash-flow
positive by the end of 2026.
When he takes over Para-
mount, Ellison will be rubbing
shoulders with the likes of
Disney Chief Executive Bob
Iger and Warner Bros Discov-
ery CEO David Zaslav. The son
of Oracle co-founder Larry El-
lison, he relied on his billion-
aire father’s largess to create
a production company and
managed to turn it into a reli-
able maker of box-office hits.
Like many of its peers, Para-
mount has been struggling
with the decline in traditional
TV networks while investing in
Paramount+. Cord-cutting
greatly reduced the reach of its
cable networks such as MTV
and Comedy Central, which
means less revenue from sub-
scriber fees and ad dollars.
As a result, spending on
programming for the net-
works was reduced, creating
something of a vicious cycle
and appreciates the movie
business but also has a techni-
cal background to help expand
its streaming service, said Ari
Emanuel, CEO of sports and
entertainment companies En-
deavor and TKO Group Hold-
ings. Endeavor’s WME talent
agency has previously repre-
sented Skydance in content
deals.
“A lot of people with the
success he has had would
never risk that to do what he is
doing,” Emanuel said.
Paramount’s efforts to sell
its BET cable network will
continue as the deal pro-
gresses, people close to the
situation said. Other channels
could potentially go on the
market, said Jeff Shell, the
former NBCUniversal chief
who will be president of Para-
mount after the deal closes.
Potential assets for sale could
include TV stations owned by
CBS that aren’t affiliated with
the broadcast network and not
core to its business.
One challenge facing Ellison
and his team is how to make
sure its Paramount+ streaming
service can compete with big-
ger rivals. The service has seen
decent subscriber growth over
the past few years and was
4 the generosity of his father,
2 BET, Showtime and
0 inflexible in a business often
2022 ’23
Source: S&P Capital IQ
profitable domestically in the
quarter that just ended, accord-
ing to people familiar with the
situation. But the hypercompet-
itive nature of streaming re-
quires constant investment.
Skydance said it will con-
tinue to pursue the strategy
set out by Paramount’s cur-
rent leadership for the stream-
ing service including exploring
an international joint venture,
which is where much of the fi-
nancial strain lies. Shell said
Paramount+ can benefit by do-
ing more deals to bundle itself
with other services.
“There is going to have to
be some form of bundled solu-
tion” to streaming, Shell told
investors, adding that right
now “they are sorting their
way through the muck” of
Direct-to-Consumer
(Paramount+, Pluto
TV, BET+)
TV Media
(CBS, MTV, Nickelodeon,
others)
’24
how streaming services are
currently distributed.
Ellison said the Paramount+
platform needs to be over-
hauled and become more user-
friendly, which can be done by
improving the algorithms that
make sure consumers get
served the shows and movies
they are most likely to watch.
Ellison built Skydance, a
production company that was
launched in 2010, into a power-
ful and profitable maker of big-
budget movies and TV shows.
Although Hollywood is littered
with scions who saw their
dreams of being a player fail,
Ellison and Skydance have
thrived at a time when much of
the industry is in contraction.
Part of Skydance’s success
was to position itself as some-
building streaming platforms,
Skydance saw an opening.
Ellison has benefited from
was unveiled Sunday night,
Skydance will acquire National
Amusements, Redstone’s pri-
vately held movie-theater com-
who helped fund the launch of pany through which she con-
Skydance. He gets in the trols Paramount, in a deal with
weeds of producing and while an equity value of $1.75 billion.
his attention to detail is Then in a second step, Par-
praised by those who worked amount would acquire Sky-
with him, some say he can be dance at a valuation of about
$4.7 billion. Skydance and its
based on compromises. backers, including Larry Elli-
Ellison is entrusting much of son and RedBird, will inject
the day-to–day operations of $1.5 billion into Paramount’s
the combined companies to balance sheet.
Shell, an industry veteran who Skydance co-produced some
had long stints at Comcast’s of Paramount’s highest-profile
NBCUniversal and Fox. Shell movies, including “Top Gun:
left NBCUniversal last year af- Maverick” and the most recent
ter admitting to an inappropri- installments of the “Mission:
ate relationship with a woman Impossible” franchise as well
at the company. Shell joined as TV series such as “Reacher”
RedBird Capital Partners ear- and “Jack Ryan” for Prime
lier this year to lead its sports Video, which are co-produced
and entertainment busi- by Paramount’s TV studio.
nesses. Now, he will essentially Skydance and Paramount’s
hold the same position he held overlapping businesses will be
at NBCUniversal with a very combined. Skydance has an
similar portfolio of broadcast, animation unit that supplies
cable, movie and television pro- content to Netflix among
duction and streaming assets. other platforms, while Para-
For Skydance, convincing mount is a big player in chil-
investors of the rationale be- dren’s programming with its
hind the deal is key to poten- Nickelodeon cable channel.
tially fending off shareholder Skydance has a videogame di-
lawsuits. vision. Both entities have rela-
Many of Paramount’s non- tionships with the National
voting shareholders expressed Football League.
A8 | Tuesday, July 9, 2024
Missile Strikes Kyiv Children’s Hospital
Deadly attack was
part of Russia’s
largest assault on
Ukraine in months
BY IAN LOVETT
AND BENOIT FAUCON
KYIV, Ukraine—Russia
launched its largest missile at-
tack on Ukraine in months on
Monday, striking a children’s
hospital in Kyiv, as well as other
sites across the country, in an
assault that left at least 33
people dead and more than 100
injured, Ukrainian officials said.
The early-morning barrage
involved more than 40 missiles
targeted toward at least five
cities across the country, Ukrai-
nian President Volodymyr Zel-
ensky said. Much of the worst
damage was at the Okhmatdyt
Children’s Hospital in Kyiv,
where at least two people were
killed when a missile ripped
through the dialysis ward. Offi-
cials feared more people could
be trapped under the rubble,
and rescue workers frantically
searched for survivors.
The strikes took place on the
eve of the North Atlantic Treaty
Organization summit in Wash-
ington, where support for
Ukraine will be a top-line issue.
The alliance is poised to an-
nounce measures—including a
pledge to provide $40 billion
annually in military aid for
Biden Has ‘No Room’ for Mistakes at NATO Summit
BY LARA SELIGMAN
AND CATHERINE LUCEY
WASHINGTON—The White
House once hoped the NATO
summit that opens Tuesday
would showcase President Bi-
den’s leadership of the trans-
Atlantic alliance and his dif-
ferences with Donald Trump.
Instead it has become a piv-
otal test of his fitness for a
second term.
A solid performance during
the three-day gathering of
NATO leaders could help shore
up his candidacy, reminding
voters of his support for the
75-year-old military partner-
ship that his predecessor regu-
larly attacked. Another stumble
like his debate against Trump
could intensify calls for the 81-
year-old commander in chief to
exit from the presidential race.
“He has absolutely no room
for any sort of mistakes,” said
Rachel Rizzo, a senior fellow at
the Atlantic Council. “The sort
of gaffes that have become
pretty common for Biden are
now going to be seen by Euro-
pean leaders as a broader
question of suitability.”
Biden will open the summit
with remarks Tuesday, fol-
lowed by a day of meetings
Live close to
work, but not
too close
Search homes by commute time.
Ukraine—that are designed to
signal its long-term commit-
ment to Kyiv but stop short of
offering NATO membership.
Becoming part of the mili-
tary alliance, which is based on
collective defense, remains a
distant goal for Ukraine, whose
officials have been complaining
for months about the slow drip
of Western aid, including a
shortage of air defenses.
A right-wing political surge
across Europe, and the possi-
ble return of Donald Trump to
the White House, are adding
to Kyiv’s fears that Western
support for Ukraine could be
diminishing. Patients from
Okhmatdyt were evacuated to
other hospitals, local officials
said, and posts on social me-
dia showed children who are
undergoing treatment for can-
cer being led out of the facil-
ity, wearing face masks and
hooked up to IV drips.
Andriy Yermak, Zelensky’s
chief of staff, said the missile
that hit the hospital was a
Kh-101 cruise missile, which
Ukraine has been able to shoot
down in the past. He offered
no explanation for why air de-
fenses didn’t down the missile
this time. “It contains dozens
of microelectronics produced
in NATO countries,” Yermak
wrote of the missile on X. “We
must stop this and bring it up
at the NATO summit. The at-
tack on children must be one
of the key topics.”
Secretary of State Antony Blinken, left, and NATO Secretary-General Jens Stoltenberg speak after
Stoltenberg threw out the ceremonial first pitch at a Nationals baseball game in Washington, D.C.
and a dinner at the White
House for NATO leaders on
Wednesday and a news con-
ference Thursday. He also will
hold bilateral meetings with
Ukrainian President Volod-
ymyr Zelensky and new British
Prime Minister Keir Starmer.
U.S. Ambassador to NATO
Julianne Smith said Monday
WORLD NEWS
Attacks on Kyiv and other cities left at least 33 people dead and more than 100 others wounded, according to Ukrainian officials.
Zelensky posted images from
the wreckage on social media,
which showed children covered
in blood and broken glass
strewn across hospital rooms
with cribs.
“Everyone is helping to clear
that she is confident of the
president’s abilities, having
briefed him three weeks ago
about the summit. “He ended
up peppering me with loads of
questions that were tough to
answer,” she said.
National Security Council
spokesman John Kirby said Bi-
den didn’t need to reassure al-
World Leaders Are Bracing for Trump
BY MICHAEL R. GORDON
AND ALAN CULLISON
WASHINGTON—Donald
Trump has provoked U.S. allies
for years, questioning NATO’s
relevance, demanding greater
financial contributions and
musing about possibly not pro-
tecting members who aren’t
paying enough for defense.
Now, with NATO members
and other U.S. partners converg-
ing on Washington this week to
celebrate the 75th anniversary
of the North Atlantic Treaty Or-
ganization, heads of state are
scrambling to find a common
language with the Republican
presidential candidate whose
chances of winning in Novem-
ber have grown, polls show.
Their most urgent concerns
are over Ukraine. Trump has
declared he would single-hand-
edly end the war by forcing
Kyiv and Moscow into a peace
deal before he is even sworn
Your Date Converted
to Roman Numerals
888.646.6466
JOHN - CHRISTIAN.COM
* * THE WALL STREET JOURNAL.
the rubble—doctors and ordi- against humanity in general.”
nary people,” Zelensky wrote on The Russian Defense Minis-
X. “Russia cannot claim igno- try said on Telegram that it hit
rance of where its missiles are Ukrainian military-industry fa-
flying and must be held fully ac- cilities and air bases, blaming
countable for all its crimes. damage to civilian infrastruc-
Against people, against children, ture on Ukrainian air defenses.
alliance. He also said there
would be announcements on
the defense industrial base and
on Ukraine’s path to NATO.
Despite a massive damage-
control effort by the White
House, Biden is facing mount-
ANDREW CABALLERO-REYNOLDS/AGENCE FRANCE-PRESSE/GETTY IMAGES
ing pressure to end his re-
election bid. At least 10 House
Democrats have issued public
and private calls for him to
drop out, joining a chorus of
donors and party officials ex-
pressing concerns. Those cries
could get louder this week
with lawmakers back in Wash-
ington for the first time since
the June 27 debate.
So far, the president has been
defiant, issuing a letter Monday
and calling in to MSNBC’s
“Morning Joe” to argue that he
has the support of voters, and
that he is committed to staying
in the race. A recent Wall Street
Journal survey found 80 per-
cent of voters believe Biden is
lies. “We’re not picking up any too old to run for a second term.
signs of that from our allies at Biden cited his foreign-policy
all,” he said Monday. “The con- record as a reason he should re-
versations that we’re having main his party’s nominee.
with them in advance, they are “I expanded NATO. I solidi-
excited about this summit.” fied it,” Biden said on MSNBC.
He said there would be an- “I made sure that we’re in a po-
nouncements this week on de- sition where we have a coali-
terrence capabilities as it re- tion of people of nations around
lates to Ukraine and the entire the world to deal with China,
into office. With Moscow de- said. “Simply put, politically
manding that Ukraine forgo
eventual NATO membership
they are hedging their bets.”
Trump’s penchant for un-
and cede swaths of its terri- predictability has made the job
tory, some alliance members of outreach by governments
fear that Trump could try to more challenging, particularly
bully Kyiv into a capitulation because the campaign hasn’t
or might not continue sending officially designated specific
the weapons necessary for its people to represent Trump on
military to keep fighting. foreign policy. With limited in-
Polish President Andrzej sight into who will influence
Duda, who traveled to Trump him in a new cabinet, some
Tower in New York in April countries are leveraging what-
for a meeting with the former ever contacts they have, or are
president, told The Wall Street reaching out to Trump himself.
Journal that he spoke about German Chancellor Olaf
the strategic importance of Scholz invited key pro-Trump
Ukraine. Duda declined to go legislators to dine with him
into details about the dinner. during his visit to Washington
Such outreach by foreign in January and the following
officials has become common, month at the Munich Security
said Keith Kellogg, a retired Conference, a global geopolitics
three-star Army general who forum. His most senior aide,
served as the national-security Wolfgang Schmidt, minister of
adviser to then-Vice President the chancellery, has been trav-
Mike Pence and earlier held eling to Washington several
senior positions in Trump’s times a year since Russia in-
National Security Council. Kel- vaded Ukraine. Apart from his
logg doesn’t speak for Trump official dealings with the Biden
or the president’s campaign, administration, he has been
but as a former and potentially building a network among
future member of Trump’s in- Trump backers that includes
ner circle, he has been a much donors, legislators and former
sought-after interlocutor. Trump administration officials.
“Since last November we But personal rapport be-
have had over 160 contacts with tween leaders might not be
foreign officials,” said Kellogg, enough to overcome flare-ups
who is part of the America First with Trump over NATO,
Policy Institute, which promotes whose members are moving
Trump’s foreign policy. Those this week to reaffirm its long-
reaching out include ambassa- term goal to bring Ukraine
dors, foreign ministers and de- into the alliance. Trump has
fense ministers, he added. blamed Western promises to
“We talk to all of them,” he bring Ukraine into NATO for
ALEX BABENKO/ASSOCIATED PRESS
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Russia’s strike
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with Russia. With everything
that is going on in the world.
We’re making real progress.”
Some NATO leaders aren’t
convinced. Polish Foreign Min-
ister Radoslaw Sikorski issued
a warning for Biden on the so-
cial-media platform X: “Mar-
cus Aurelius was a great em-
peror but he screwed up his
succession by passing the ba-
ton to his feckless son Commo-
dus (He, from the Gladiator).
Whose disastrous rule started
Rome’s decline,” Sikorski
wrote. “It is important to man-
age one’s ride into the sunset.”
NATO Secretary-General
Jens Stoltenberg dodged re-
peated questions about Bi-
den’s health and abilities dur-
ing a July 5 news conference.
“I have had and continue to
have a very good working re-
lationship with President Bi-
den, and I welcome his very
strong personal commitment
to the alliance and the leader-
ship on Ukraine,” he said.
“Everything the president
does right now, every moment
is make or break,” said Heather
Conley, president of the Ger-
man Marshall Fund. “For the
country and for U.S. national
security, the president needs to
have a strong performance.”
provoking Russia’s invasion.
Trump supporters say the
former president’s broader goal
is to strengthen alliances by
encouraging laggards to boost
their contributions. But John
Bolton, who served as Trump’s
national-security adviser from
2018 to 2019, said Trump
thought about withdrawing
from NATO as president and
might do so if re-elected.
“I think it laughable to say
he is trying to reform NATO,”
he said. “He doesn’t understand
what collective defense alli-
ances are. He believes essen-
tially that we are providing de-
fense services for these allies,
and they’re not paying enough.”
Foreign officials outside of
NATO are also building ties
with Trump and his inner circle
in the hope of influencing or at
least blunting his future deci-
sions on fractious issues over
trade and national security.
Japan wants to ensure
Trump doesn’t put tariffs on its
goods and maintains the alli-
ance. It has centered its out-
reach around ex-Prime Minister
Taro Aso, who was Japan’s fi-
nance minister during the
Trump administration. Aso,
who holds the No. 2 post in the
ruling Liberal Democratic Party,
spent time with Trump in April.
Former Australian Prime
Minister Scott Morrison met
with Trump in May, sparking
speculation he could be the
next U.S. ambassador if his
party returns to power.
 THE WALL STREET JOURNAL.
Israel Sends Troops
Back Into Gaza City
New strikes after
withdrawal reflect
how nine-month war
is bogging down
BY STEPHEN KALIN
Israel launched airstrikes
and sent ground troops back
into Gaza City, where it said
militants continued to operate
months after heavy fighting
concluded there, underlining
how the war in Gaza is dragging
on nine months after it started.
The operation that began
early Monday was accompa-
nied by successive evacuation
orders that complicated ef-
forts to find new shelter for
tens of thousands of people
amid mass displacement in
the Gaza Strip.
Palestinians under evacua-
tion orders in Gaza City dis-
ALEXIS SCIARD/IP3/ZUMA PRESS
Crowds gathered in Paris after election results were released.
Deeply Divided France
Risks Political Deadlock
BY MATTHEW DALTON
PARIS—France’s elections
have produced a fractious Par-
liament that threatens an un-
precedented period of political
paralysis, revealing a country
that is deeply split along lines
of class, geography and religion.
No party came close to a
majority, and the lawmakers
elected on Sunday are now
grouped into blocs with pro-
found differences. The New
Popular Front, an alliance of
leftist parties that won the
most seats in Parliament, is a
diverse coalition whose most
powerful faction is a polarizing
far-left party, France Unbowed.
Leaders of the pro-business
bloc allied with President Em-
manuel Macron, which came
in second, have said they can’t
form a government with
France Unbowed. Marine Le
Pen and other leaders of the
far-right National Rally party,
which came in third, have sig-
naled they won’t form a gov-
ernment with either Macron’s
party or the left, who say the
feeling is mutual.
Sunday’s result showed op-
position to the far right still
commands a strong majority.
But beyond that, political frag-
mentation is growing. Paris
and other metropolitan centers
are home to globally connected,
well-off French who voted en
masse for Macron’s bloc.
The National Rally channels
the growing anger of voters in
the French hinterlands who
are demanding France close its
borders to immigrants. France
Unbowed draws much of its
political support from stu-
dents and the Muslim commu-
nity, one of Europe’s largest.
Since the creation of the
modern French state in 1958,
elections have produced large
political blocs on the left or the
right that were able to form
governments quickly. Sunday’s
election spread votes across
the spectrum, with some of the
most powerful factions concen-
trated at the extremes.
The first step for the newly
tricts first fled west in line
with an Israeli directive on
Sunday evening. But some of
them soon found themselves
heading into the line of fire, so
they turned back or headed
south in line with a second di-
rective issued on Monday, res-
idents and aid workers said.
Israeli leaders say they are
shifting toward lower-inten-
sity operations and preparing
for an extended counterinsur-
gency campaign in the en-
clave. That could free up some
troops to reinforce Israel’s
northern border, where ten-
sions with Lebanon’s Hezbol-
lah militant group are escalat-
ing. But the strategy looks
likely to leave Gaza mired in
violence and instability.
In recent weeks, Israeli
forces repeatedly have re-
turned to areas across Gaza
that they had invaded and
withdrawn from, showing how
elected blocs will be to come
to terms on a new prime min-
ister, whom Macron must then
agree to appoint. No consen-
sus candidate is in sight.
Prime Minister Gabriel At-
tal offered his resignation on
Monday, but Macron asked
him to remain temporarily to
ensure the country’s stability,
a French official said.
France Unbowed officials
on Monday made the case that
the job should go to someone
from their ranks, and that Jean-
Luc Mélenchon, the party’s
founder and one of the most di-
visive figures in French politics,
should be a possibility.
France is coming under
growing pressure to cut its
deficit, forecast this year at
5.1% of gross domestic product,
above the 3% threshold set in
European Union rules. Yields
on French government debt
have jumped since Macron
called snap elections in June.
The New Popular Front has
proposed spending increases of
around €350 billion over the
next three years—nearly $380
billion—to boost public-sector
wages and increase housing
benefits, among other big-
ticket items. It has also pro-
posed reinstating France’s
wealth tax and rolling back the
pension overhaul. Macron ex-
pended much of his political
capital to raise the country’s le-
gal age of retirement, pushing
the measure into law over the
objections of Parliament and a
majority of the French public.
Those divergences appear
to offer few areas for compro-
mise between the New Popu-
lar Front and Macron’s party.
In addition, France Unbowed
has outraged much of France’s
political establishment with
its strident criticism of Israel.
But other factions in the New
Popular Front said the group
must be allowed to govern and
that the idea of choosing a
prime minister from Macron’s
ranks was out of the question.
 Heard on the Street: Limbo
is best-case scenario..... B10
WORLD NEWS
the conflict could become a
protracted war of attrition.
The military says it has re-
turned to places based on in-
telligence that Hamas and
other militants are trying to
regroup there. On Monday, it
said it raided and destroyed a
Hamas command-and-control
center located in civilian build-
ings in Gaza City’s Shuja’iyya
neighborhood.
Repeated skirmishes in Gaza
suggest that Hamas, which led
the Oct. 7 attack against south-
ern Israel and ruled the strip
for years before that, has sur-
vived Israel’s bombardment
and invasion as an insurgent
group. Some analysts say the
group has been substantially
weakened. Militants still hold
more than 100 hostages ab-
ducted in the cross-border
raid, many of them dead, the
Israeli government said.
The Israeli military said it
Press Group Condemns Russia Trial
BY JOSEPH DE AVILA
A global coalition of nations
that advocates for a free press
has condemned the Russian
prosecution of Wall Street
Journal reporter Evan Gershk-
ovich and called for his release.
Gershkovich’s case illustrates
how the Kremlin has launched
a systematic assault on press
freedom, the Media Freedom
Coalition said on Monday in a
statement signed by 25 nations,
including the U.S., U.K., France,
Germany, Spain and Italy. The
Media Freedom Coalition has 51
members from six continents.
“After more than a year of
arbitrary detention, his trial—
on baseless charges of espio-
nage—is a deliberate attack on
media freedom, and one that
can only add to his family’s
pain,” the Media Freedom Co-
MASKING UP: Participants celebrate the Phi Ta Khon Festival, or ghost festival, in northeastern Thailand. The annual
Buddhist tradition takes place during the rainy season. The masks represent the spirits of the dead.
PHILIPPINES
Japan Pact to Allow Lauded Play Lands Deforestation Down Landslide Leaves
Joint Military Drills Principals in Prison By 36% Last Year At Least 12 Dead
Japan and the Philippines
signed a pact Monday allow-
ing Japanese forces to deploy
for joint drills in the Southeast
Asian nation—a victim of a
brutal Japanese occupation in
World War II that is now ally-
ing with Tokyo to face an in-
creasingly assertive China. The
agreement similarly allows
Philippine forces to enter
Japan for joint training.
A joint statement under-
scored “the importance of
maintaining and strengthen-
ing the free and open inter-
national order based on the
rule of law” in the South
China Sea—a key global trade
route claimed virtually in its
entirety by China and in part
by the Philippines, Vietnam,
Malaysia, Brunei and Taiwan.
In Beijing, Foreign Ministry
spokesperson Lin Jian said:
“Japan should seriously re-
flect on its history of aggres-
sion and act cautiously in the
field of military security.”
—Associated Press
An Israeli strike in Gaza City on Sunday damaged the Latin Patriarchate Holy Family School.
launched airstrikes and a coun-
terterrorism operation in Gaza
City, where Israeli forces said
they previously killed militants
and destroyed a tunnel.
Hamas condemned what it
termed an escalation by the
Israeli military in Gaza City.
Ismail Haniyeh, Hamas’s polit-
ical chief, said the operations
there and elsewhere in the
alition said. “When journalists
are targeted because of their
work, the world loses out on
its most valuable sources of
information.”
Gershkovich, a 32-year-old
American journalist, was de-
tained in March 2023 by Rus-
sia’s Federal Security Service
while he was on a reporting
trip in the city of Yekaterin-
burg. He has been held on an
allegation of espionage that
he, The Wall Street Journal
and Washington vehemently
deny. The U.S. has classified
Gershkovich as wrongfully de-
tained. The Russian authori-
ties haven’t publicly provided
any evidence of his guilt.
Gershkovich was accredited
to work as a journalist in Russia
by the country’s foreign minis-
try at the time of his detention.
The U.S. has said he isn’t a spy.
WORLD WATCH
RUSSIA
A Russian court on Mon-
day convicted prominent the-
ater director Zhenya Berk-
ovich and playwright
Svetlana Petriychuk of terror-
ism and sentenced each to
six years in prison. They have
been in jail for more than a
year awaiting trial.
Authorities claimed their
play “Finist, the Brave Falcon”
justifies terrorism, which is
punishable by up to seven
years in prison. Berkovich and
Petriychuk repeatedly have
rejected the accusations.
During one hearing, Berk-
ovich told the court that she
staged the play to prevent
terrorism, and Petriychuk
echoed her sentiment.
The women’s lawyers
pointed out at hearings be-
fore the trial that the play
was supported by the Rus-
sian Culture Ministry and
won the Golden Mask award,
Russia’s most prestigious na-
tional theater award.
—Associated Press
strip risked recent progress
made in indirect negotiations
with Israel over ending the
war and freeing the hostages.
The Al-Ahli Arab Hospital
in Gaza City was forced by the
Israeli military’s evacuation
orders to evict patients and
stop operating, said the Epis-
copal Church that runs it.
“To our great dismay, our
The secret trial of Gershk-
ovich began in June. His next
hearing is scheduled for Aug.
13. The press, Gershkovich’s
friends and family and U.S.
Embassy personnel are barred
from attending. Conviction
could carry a prison sentence
of 10 to 20 years.
Russian officials have raised
the prospect of a prisoner ex-
change with the U.S. Sergei
Ryabkov, Russia’s deputy for-
eign minister, in June said the
U.S. should “seriously consider
the signals” Moscow has sent
to Washington about possible
deals, state news agency RIA
Novosti reported.
Biden administration offi-
cials have said they are working
to secure the release of Gershk-
ovich and another American,
Paul Whelan, a former Marine
whom the U.S. government has
COLOMBIA
Deforestation in Colombia
last year was down 36% from
the previous year, the govern-
ment of leftist President Gus-
tavo Petro said Monday, to
the lowest level since records
began. It said the decline was
driven by a drop in environ-
mental destruction in the Am-
azon rainforest.
Deforestation nationwide
totaled about 305 square
miles in 2023, down from
about 477 square miles a
year earlier. A little more
than half was in the Amazon.
“It is very good news, but
we definitely cannot say that
the battle is won,” Environ-
ment Minister Susana Mu-
hamad said.
When elected in 2022,
Petro vowed to limit agribusi-
ness expansion in the Ama-
zon and create reserves
where indigenous communi-
ties and others are allowed to
harvest rubber, açaí and other
non-timber forest products.
—Associated Press
Tuesday, July 9, 2024 | A9
OMAR AL-QATTAA/AGENCE FRANCE-PRESSE/GETTY IMAGES
hospital is now out of opera-
tion at a time when its ser-
vices are in very significant
demand and where injured
and sick people have few
other options for places to re-
ceive urgent medical care,”
the church said.
The Israeli military didn’t re-
spond to requests for comment
on the status of the hospital.
also deemed unlawfully jailed.
Western governments,
global news organizations,
press-freedom advocates and
human-rights groups around
the world have joined the
Journal and the Biden admin-
istration in demanding Gersh-
kovich’s immediate release.
A United Nations panel said
last week that Russia has arbi-
trarily detained Gershkovich
under unsubstantiated claims
of espionage. The U.N. group
also said the conditions of
Gershkovich’s detention vio-
lated international standards.
“We urge the immediate re-
lease of all journalists who
have been unjustly detained,”
said the Media Freedom Coali-
tion. “And we call on all coun-
tries to uphold their obligations
and commitments to human
rights and the rule of law.”
PEERAPON BOONYAKIAT/SOPA IMAGES/ZUMA PRESS
INDONESIA
A landslide triggered by
torrential rains crashed onto
an unauthorized gold mining
operation on Sulawesi island,
killing at least 12 people, offi-
cials said Monday. Dozens
others were reported missing.
More than 100 villagers
were digging for grains of
gold on Sunday in the remote
Bone Bolango district of
Gorontalo province when
tons of mud plunged down
the surrounding hills and bur-
ied their makeshift camps,
said the head of the Search
and Rescue Office. He said
44 people escaped, some
pulled out by rescuers. Crews
recovered 12 bodies, including
three women and a 4-year-
old boy. Some 48 others are
missing, he said.
“Relief efforts for the dead
and missing were hampered
by heavy rain and blocked
roads covered with thick mud
and debris,” said another res-
cue official, Afifuddin Ilahude.
—Associated Press
A10 | Tuesday, July 9, 2024 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Tuesday, July 9, 2024 | A11
A12 | Tuesday, July 9, 2024
Medicare
Paid Extra
To Insurers
Continued from Page One
which patients received no
treatment, or that contradicted
their doctors’ views.
The insurers make new di-
agnoses after reviewing medi-
cal charts, sometimes using ar-
tificial intelligence, and
sending nurses to visit patients
in their homes. They pay doc-
tors for access to patient re-
cords, and reward patients who
agree to home visits with gift
cards and other financial bene-
fits.
Insurers added diabetic cat-
aract diagnoses to 148 patients
treated by Dr. Howard Chen, an
ophthalmologist in Goodyear,
Ariz. He said he saw at most
one or two such cases a year.
He said he charges insurers
$40 per patient to cover his
costs for providing them with
medical charts.
“If they are just making
stuff up, then why do they even
need or want my charts?” said
Chen.
In all, Medicare paid insur-
ers about $50 billion for diag-
noses added just by insurers in
the three years ending in 2021,
the Journal’s analysis showed.
Diabetic cataracts are a
complication of diabetes that
occur when uncontrolled blood
sugar damages the lens of the
eye, clouding a person’s vision.
UnitedHealth members were
about 15 times as likely to have
that diagnosis as the average
patient in traditional Medicare,
the Journal analysis found.
The government paid all
Medicare Advantage insurers
more than $700 million from
2019 to 2021 for diabetic cata-
racts. Most of the diagnoses
were added by insurers.
UnitedHealth and other in-
surers say they use the home
visits and chart reviews to help
coordinate patients’ care and
ensure accurate diagnoses.
UnitedHealth spokesman
Matthew Wiggin said the Jour-
nal’s analysis is “inaccurate
and biased,” and that Medicare
Advantage “provides better
health outcomes and more af-
fordable healthcare for millions
of seniors” than traditional
Medicare.
He said Medicare Advantage
plans record diagnoses more
completely than doctors treat-
ing traditional Medicare pa-
tients, and that insurers “iden-
tify disease states earlier.” He
declined to comment about Lee,
citing a healthcare privacy law.
The Journal consulted more
than a dozen experts, including
academics, actuaries and policy
analysts, about its analysis of
the Medicare data, who said
the methodology was sound.
A spokeswoman for the Cen-
ters for Medicare and Medicaid
Services, which oversees Medi-
care, said the agency was mak-
ing changes that would con-
tinue to ensure “taxpayer
dollars are appropriately
spent.” Medicare Advantage
“offers robust and stable op-
tions” for beneficiaries, the
spokeswoman said.
The Journal reviewed the
Medicare data under a research
agreement with the federal
government. The data doesn’t
include patients’ names, but
covers details of doctor visits,
hospital stays, prescriptions
and other care. The Journal
identified the patients named
in this article through their
doctors.
Demonstrably false
Some diagnoses claimed by
insurers were demonstrably
false, the Journal found, be-
cause the conditions already
had been cured. More than
66,000 Medicare Advantage pa-
tients were diagnosed with dia-
betic cataracts even though
they already had gotten cata-
ract surgery, which replaces
the damaged lens of an eye
with a plastic insert.
“It’s anatomically impossi-
ble,” said Dr. Hogan Knox, an
eye specialist at University of
Alabama at Birmingham. “Once
a lens is removed, the cataract
never comes back.”
Another 36,000 diabetic cat-
aract patients didn’t receive
any medical services or pre-
scription drugs related to dia-
betes.
About 18,000 Medicare Ad-
vantage recipients had insurer-
driven diagnoses of HIV, the vi-
rus that causes AIDS, but
weren’t receiving treatment for
the virus from doctors, be-
tween 2018 and 2021, the data
showed. Each HIV diagnosis
generates about $3,000 a year
THE WALL STREET JOURNAL.
FROM PAGE ONE
Sick Pay Private Medicare Advantage insurers can get extra payments when they add diagnoses to patients
records, including ones for which patients receive no treatment. Some insurers collected higher
John Gorman, a former
Medicare official and founder
payments per member from such practices than others. of two companies that review
Average Payment per Medicare Advantage member
Each dot is an insurer
Number of members
(millions)
2.5
records and conduct home vis-
its on behalf of Medicare insur-
ers, doesn’t think the changes
0
Note: Limited to insurers with
10,000 or more members.
$500 $1,000
1.0
$1,500
will solve the problem. “Any
time you base a system like
this on diagnosis codes, there’s
going to be rampant abuse of
0.1 the system,” he said. Insurers
Elevance Health “will find something else to
$527 make up the revenue.”
Vision problems
Cataracts are extremely
common in the elderly—pretty
much everyone gets them. Dia-
betes also is common, so it
isn’t unusual for old people to
have both.
UnitedHealth added For Medicare Advantage in-
diagnoses at a far higher rate surers, a big difference be-
Kaiser Permanente Humana CVS/Aetna than other major insurers. tween the two forms of cata-
$131 $573 $941 $1,424 per member. racts is that the government
only pays extra for the diabetic
ones.
Patients diagnosed per Medicare Advantage members were more likely to have certain diagnoses than patients Some insurers interpreted
10,000 beneficiaries in traditional Medicare. The insurers added many of the extra diagnoses. U.S. guidelines for recording di-
1,155 agnoses in the broadest possi-
UnitedHealth Group
995 ble way, labeling patients with
Other Medicare 925 diabetes and any kind of cata-
Advantage insurers
ract with the more lucrative di-
713
Traditional Medicare
631 agnosis. They did it even when
552 578 doctors said the patients only
Insurer diagnosed
418 404 had the old-age form of the dis-
335 299 321 ease or had no diabetic compli-
254
155 cations at all, the data show.
43 “If you suspected that it
could be connected, they felt
Emphysema Depression Diabetic cataracts Heart failure Morbid obesity they would be justified in con-
necting it,” said Shannon
Decker, a former UnitedHealth
Treatment rate for those Patients diagnosed by Medicare Advantage insurers received typical treatment
employee. “It’s an easy cap-
diagnosed by insurers for some conditions at lower rates than those diagnosed by doctors.
ture.”
compared to doctors
Diagnosed Treatment gap Diagnosed UnitedHealth didn’t respond
by insurer (percentage points) by doctor to written questions about its
17% 92%
practices for recording diabetic
HIV –76
cataract cases.
Antiretroviral Over four years, insurers
Parkinson’s 29 –45 73 added diabetic-cataract diagno-
Antiparkinsonian ses to 112 patients of Dr. Ste-
phen McConnell, an ophthal-
Atrial fibrillation 26 –40 67 mologist in Brunswick, Ga., the
Anticoagulant data show. “That’s unbeliev-
able,” said McConnell, who said
Schizophrenia 62 –25 87
he had no idea what was hap-
Antipsychotic pening until informed by the
61 –19 80 Journal.
Diabetes with complications
Dr. Javier Pérez, an Orlando,
Hypoglycemics and insulin
Fla.-based eye surgeon, treated
Note: Includes diagnoses from 2018-21. Patients diagnosed by doctors include both Medicare Advantage and traditional Medicare enrollees. Numbers are subject to rounding. hundreds of patients who in-
Source: WSJ analysis of Medicare Advantage and traditional Medicare claims data ERIK BRYNILDSEN AND ANDREW MOLLICA/WSJ surers claimed have diabetic
cataracts, the Medicare data
in added payments to insurers. full work-up. “He did scare lower premiums and provide lion over the past 18 years, show. On average, they were
Everyone with HIV should me.” other benefits for Medicare Ad- compared with what Medicare the same age as his old-age
be on antiretroviral drugs, the Humana’s written statement vantage members. would have cost without the cataract patients, about 72.
only effective treatment, and said Siskin’s primary-care doc- Humana disputed the Jour- help of the private plans, ac- “Just because you’re dia-
nearly all Medicare patients tor also submitted the diagno- nal’s calculation that the com- cording to a March report by betic doesn’t mean you have a
whose doctors diagnosed the sis when he treated her follow- pany had received $2.2 billion the Medicare Payment Advi- diabetic cataract,” he said, add-
virus took the drugs. Less than ing the home visit. It said in 2021 payments from insurer- sory Commission, or MedPAC, ing that most almost certainly
17% of patients with insurer- Humana learned from the Jour- driven diagnoses, saying that a nonpartisan agency that ad- have old-age cataracts, not
driven HIV diagnoses were on nal that Siskin had later tested total didn’t reflect chart re- vises Congress. Adjusted for in- ones caused by diabetes. “You
them, the Journal found. negative for the disease, and views that lowered payments flation, that amounts to $4,300 can be diabetic and be old,” he
“It seems like almost all of was working to correct the di- by removing diagnoses. per U.S. tax filer. said.
those people don’t have HIV,” agnosis. Academic researchers and Lee, the 70-year-old retired
said Jennifer Kates, HIV policy “[W]e strive for complete government investigators have accountant from Boston, re-
director at KFF, a health-re- and accurate clinical informa- Cost concerns raised questions about high called that her visit with the
search nonprofit. “If they did, tion about our members, and to When Congress conceived of rates of insurer-driven diagno- nurse practitioner sent by Unit-
that would be substandard care help them get the care they the Medicare Advantage pro- ses in Medicare Advantage. In a edHealth lasted about 20 min-
at a pretty severe level,” she need,” Humana said. gram decades ago, the hope 2021 report, the inspector gen- utes. The nurse worked for
said. Many patients may never was that insurers would make eral that oversees Medicare HouseCalls, a unit of United-
A spokesman for Humana, know they have been misdiag- Medicare more efficient. In tra- found the agency spent billions Health.
the second biggest Medicare nosed by their insurers, and ditional Medicare, doctors and of dollars based on insurer- UnitedHealth said that in
Advantage insurer, provided a doctors often don’t know when hospitals get paid for each ser- driven diagnoses for which pa- 2023 three million “gaps in
written statement that said the insurers have added diagnoses vice they provide, an incentive tients received no care from care” were identified during
Journal’s analysis of treatment of their patients. to provide more. The idea be- doctors. such home visits, which typi-
rates for people with insurer- Insurer-driven diagnoses by hind Medicare Advantage was Government contractors au- cally last 45 to 60 minutes. It
driven diagnoses “is flawed UnitedHealth for diseases that to pay private insurers a lump dit Medicare Advantage plans said HouseCalls workers called
and misleading.” no doctor treated generated sum to cover all services, giv- and eventually can recoup pay- ambulances 624 times that
The company said that in- $8.7 billion in 2021 payments ing them an incentive to keep outs for inaccurate diagnoses. year after identifying emergen-
ternal data showed its HIV pa- to the company, the Journal’s patients healthier. An insurance industry trade cies, and that the visits had a
tients who got diagnosed in analysis showed. United- To protect insurers from the group, AHIP, said in a written 99% customer-satisfaction
one way, through home visits, Health’s net income that year risk of winding up with sicker- statement that such audits rate.
were on antiretroviral treat- was about $17 billion. than-average patients, the gov- have found Medicare Advan- Former employees said Unit-
ment at a far higher rate than UnitedHealth’s Wiggin said ernment allowed bigger pay- tage insurers to be highly accu- edHealth also uses the visits to
the Journal found. The Medi- the Journal’s calculations ap- ments for certain serious rate. add diagnoses. A HouseCalls
care data show about one-third pear accurate. He said the health conditions. Medicare administrators are home-visit training manual,
of those Humana patients were added payments are “not sim- Partly because of that, Medi- overhauling the list of diseases which was reviewed by the
on the drugs. ply earnings for the company,” care Advantage has cost the for which insurers earn higher Journal, describes software
Wiggin, the UnitedHealth but help pay for medical care, government an extra $591 bil- payments. Some of the most used on the laptops that work-
spokesman, called the Journal’s heavily used diagnoses, includ- ers carry on home visits. Ac-
analysis flawed because it cor- ing diabetic cataracts, will pay cording to the manual, the
relates insurer-driven diagno- less or nothing extra after the software offers suggestions
ses with subsequent medical changes take full effect in 2026. about what illness a patient
care. But new diagnoses, including might have—and even adds
He said internal company asthma, were added to the list some automatically to a “diag-
data for 2022 showed a treat- of conditions warranting extra nosis cart.”
ment rate for patients United- payments. The nurse visiting Lee con-
Health diagnosed with HIV of CMS said its changes cluded that her minor cataracts
more than triple what the showed it is a “good steward of were caused by diabetes that
Journal found. He said the pan- taxpayer dollars.” was severe enough to have
demic disrupted care, lowering triggered nerve damage, ac-
treatment rates during the pe- Harriet Siskin, left, was cording to a letter from House-
riod analyzed by the Journal, diagnosed with obstructed Calls to her primary care doc-
and that the analysis failed to arteries. Insurers added tor that was reviewed by the
account for patients who diagnoses to patients of Dr. Journal. A diabetes test done
started treatments in future Howard Chen, below. during the visit was negative,
years. according to the letter.
The Medicare data, however, Lee’s doctor, Nancy Keating,
show UnitedHealth’s patients also a professor at Harvard
with insurer-driven HIV diag- Medical School, said her pa-
noses were on the antiretrovi- tient has never had diabetes,
rals at low rates even before let alone complications like dia-
the pandemic, and hardly any betic cataracts or nerve dam-
started the drugs in the years age—a conclusion confirmed by
after UnitedHealth diagnosed subsequent blood tests.
them. “It’s all just so wrong,” Keat-
Some of the insurer-driven ing said.
diagnoses startled patients. Lee agrees. “If they’re going
Harriet Siskin, a retired cus- to come out and diagnose peo-
tomer-service worker, was di- ple with things they don’t have,
agnosed last year with ob- they shouldn’t get any more
structed arteries in her legs by money,” she said.
a doctor who visited her house Lee switched to another
on behalf of her insurer, Hu- health plan this year.
mana, which stood to make an
extra roughly $2,300 a year
REBECCA NOBLE FOR WSJ (2)
from the diagnosis. Methodology
“He told me that I may have Scan this code
some sort of artery blockage,” to read about
said Siskin, who tested nega- how WSJ
tive a few months later after analyzed
her regular doctor ordered a Medicare data.

© 2024 Dow Jones & Company. All Rights Reserved.
BY ALLISON POHLE
W
ould you let a
stranger vacation
in your home if
you got free lodg-
ing in return?
A free stay in
someone else’s home, long a bud-
get-friendly way to travel, has be-
come more appealing as costs rise
and travelers seek out local vibes.
Home-swapping platform Peo-
ple Like Us has more than 10,300
homes listed on its site. Chief Ex-
ecutive Drew Seitam says, by the
end of June, members had com-
pleted or arranged for 30% more
swaps than in all of 2023. Another
platform, HomeExchange, has more
than 175,000 members, a number it
says has grown 17% this year.
Home-swap platforms like
these charge annual membership
fees north of $100. Swaps also
happen more informally in Face-
book groups and between friends.
Travelers can do a simultaneous
swap, where they travel during the
same dates, but can also plan to
host each other at different times.
While home exchanges can save
travelers thousands on lodging,
they aren’t for everyone.
Get to know each other
The person you are swapping with
shouldn’t feel like a stranger by
the time you arrive, home ex-
changers say.
Barbara Osterwisch, 66 years
old, and her husband, Glenn, both
retirees, have swapped their home
in Houston and their cabin in
Texas’ Hill Country for stays in
the Netherlands, France, Canada,
Austria and California. They video
chat with potential matches to es-
tablish rapport, and give tours of
their homes. Many exchangers be-
gin planning their swaps months,
if not years, in advance.
This gives time for get-
ting to know one an-
other, Osterwisch says.
Apprehensive travel-
ers should consider a
swap within a few
hours’ drive as a trial
run, rather than jumping
into an exchange in an-
other country, she says.
Home swaps aren’t
for tourists who like ev-
erything just so, travel-
ers say. Unlike a short-
term rental, home swaps
are more likely to be
people’s primary resi-
dences. People leave clothes in the
closets, tools in the garage and
photos on the walls. Living in
CLOCKWISE FROM TOP: RACHEL MENDELSON, ISTOCK (3); BARBARA OSTERWISCH; SHAWN PERSONKE (2); OLEG PYNDA; MASHA BADAIEVA
someone’s home is part of the
charm, but it isn’t the same as
staying in a hotel with a front desk
and staff to fix issues that arise.
Using a platform can ensure
some safety and quality guaran-
tees, swappers say. Some compa-
nies, such as Kindred, a members-
only platform, offer 24/7 text
support for problems.
Osterwisch says she and her
husband have stayed in touch with
the families they swapped with
and now have connections all over
the world.
Check insurance policy
Some travelers use membership-
based services to provide supple-
mental insurance or support if
things go wrong.
Oleg Pynda is a 31-year-old New
York City tech worker who has
swapped with travelers from
France. He says, based on his expe-
rience, U.S. travelers tend to worry
more about strangers staying in
their homes and damaging their
belongings. Most of the initial mes-
sages he gets from U.S.-based trav-
elers emphasize their trustworthi-
Card Perk Backfires
In Cases of Fraud
BY IMANI MOISE
A
n under-the-radar feature that
aims to save customers time
when their credit card is lost
or stolen is backfiring.
When you request
a new card or your
card expires, the is-
suer sends you a card Card networks
with a new number. In enroll cardholders
the past, this meant
that come payment in updater
time, you would have
to add the new num-
programs by
ber to any utility or default.
retailer website that
kept your card infor-
mation on file.
But today, largely invisible to
cardholders, credit-card companies
often automatically update your
card information—no need to enter
in new information. It is a conve-
nience that has become a headache
PERSONAL JOURNAL.
Swap Homes With a Stranger
To Save Money on Vacation
Residence exchangers give the following tips to consider before listing your home
ness, while European travelers
focus on the quality of the home
they are offering to exchange.
Pynda says he is comfortable
with people staying in his apartment
for a short time, so he doesn’t feel
compelled to sign up for services
that provide extra insurance for
members. The people he swaps with
end up becoming familiar to him.
Homeowners and renters-insur-
ance policies might limit the num-
ber of days a guest can stay in your
 Shawn Personke, below, and her
husband, Bill, say they found
community with other exchangers.
for some customers when fraud
occurs.
Thomas Evans has asked Bank
of America to send him a new
credit card every few months since
May 2022, when he first noticed an
unauthorized Uber
charge on his ac-
count.
The fraudulent
charges continued
anyway. With each
new card, a Visa, his
credentials were auto-
matically updated for
merchants that were
previously authorized
to charge his account.
Uber is on that list of
merchants, even though Evans
doesn’t have an Uber account.
He said Bank of America told
him his credit-card account couldn’t
be removed from the card updater
program.
THE WALL STREET JOURNAL.
 Tech worker Oleg Pynda worked
remotely during part of his home
exchange in Paris.
home during a swap, says Janet
Ruiz of the Insurance Information
Institute. They might also limit
compensation for damage done to
hosts’ and visitors’ possessions
while people are in your home.
“People don’t want to tell their
insurance agents what they are
doing,” she says. Having a conver-
sation with the agent before any-
thing happens can help you make
informed choices about coverage,
she adds, including whether to
“It seems like they’re perpetuat-
ing the very fraud that they’re try-
ing to prevent,” Evans said.
A Visa spokeswoman said it is
up to card issuers—the banks—to
keep updated card information from
flowing to merchants involved in a
fraudulent-transaction dispute.
Bank of America said automati-
cally updating card information is a
customer convenience, and it works
with customers to resolve issues. A
spokesman told The Wall Street
Journal it has now removed Evans’s
credit-card account from the up-
dater program. Evans said he hasn’t
heard that from Bank of America.
Uber said it blacklists stolen card
credentials if made aware of them.
Rising use and abuse
Card networks such as Mastercard
and Visa enroll cardholders in up-
dater programs by default, which
they say customers prefer.
Banks and card companies say
fraud involving automatic updates
of stored card information, a feature
that has been around for more than
a decade, is rare compared with
other kinds of credit-card fraud.
The problem has grown, however,
as people store their card informa-
buy a supplemental policy for va-
cation-rental coverage. Travelers
should also ensure the home they
are staying in has coverage. And
renters ought to check their leases
before entering into a swap.
Some swappers let travelers
borrow their cars. Ruiz recom-
mends first asking the person
you’re exchanging with about
their driver’s licenses and insur-
ance coverage.
Shawn and Bill Personke, from
Michigan, had a potential swap
fall through because the other
family wanted to use their car.
Some travelers say they lock
valuables in one room of the house
or put them in the trunks of their
cars and take the keys with them.
Problems can arise, but none of
the travelers interviewed had any
horror stories to share.
“My only regret regarding
home exchanging is not figuring it
out sooner,” Osterwisch says.
Flexible dates, locations
Marina Wanders, a photographer,
lives in a suburb of Austin, Texas.
She floated the idea of a summer
house swap in a Facebook group. A
Dallas woman, whose home has a
backyard swimming pool and a
shower with a chande-
lier in it, responded and
said she was game. Wan-
ders says Dallas isn’t her
ideal vacation destina-
tion, but as a 29-year-
old single mom of two,
she looks for affordable
travel alternatives.
“I’m like a middle-
class American single
mom and make enough
to pay my bills and buy
$40 shampoo, but I do
not have a chandelier in
my shower,” Wanders
tion on more sites and apps—from
one-click checkouts to restaurant
reservations and doctors’ appoint-
ments. The four biggest U.S. banks
said credit-card spending rose in
2023 from the year before.
While card networks say it is on
the banks or merchants to help cus-
tomers when their accounts are
compromised, banks often tell cus-
tomers the problem is out of their
control.
When Jon Miller, an IT specialist
in Lincoln, Neb., called JPMorgan
Chase to dispute a fraudulent $9.99
Xbox subscription charge in Sep-
tember, he tried to head off the au-
tomatic card-information updates.
He had heard on Reddit about the
potential for problems.
At the time, Miller requested
that his new account information
not be shared with Xbox, which is
owned by Microsoft.
He said the customer-service
representative didn’t know what he
was talking about. A few minutes
after he activated the new card, he
got a new Xbox charge.
Another Chase customer-service
representative then cut Xbox off
from Miller’s account information.
Miller said he wanted to block all
Tuesday, July 9, 2024 | A13
 Glenn and Barbara Osterwisch
have traveled across Europe,
including to France, during their
home exchanges.
says. She decided to go for the
swap because she can give her
sons a memorable vacation in a
beautiful home while saving thou-
sands on lodging.
Travelers with flexible dates
and locations will have more op-
tions. The Personkes once scored a
swap in Angers, France, on their
preferred dates.
People who live in major cities
have more luck requesting specific
dates because their locations are
in demand, but travelers like the
Personkes, who live in a small city
outside of Detroit, often need to
work harder marketing their
homes. The Personkes’ swappers
have experienced their town’s local
parade and nearby nature trails.
They say they love living like
locals, getting baguettes in remote
French towns and joining neigh-
bors for dinner.
“Sometimes we are the first
Americans people are ever going
to meet, and I want to make a
good impression,” Shawn says.
merchants. “The risk isn’t worth the
benefit,” he said. He was told that
wasn’t an option.
A Chase spokeswoman said cus-
tomers are never on the hook for
unauthorized charges. The bank de-
clined to comment on Miller’s case.
Microsoft didn’t respond to a re-
quest for comment.
Tough fix
In March, Zane Herrington noticed
an unauthorized $70 Hulu charge
on top of his regular $19 payment.
He disputed the charge and re-
quested a new card number for his
Apple Card.
Then he got hit with another un-
authorized Hulu charge.
Reversing the charges was easy.
Preventing them from happening
wasn’t. “It’s like they just went into
my wallet and gave everybody my
card number,” he said.
He said Apple Card representa-
tives told him the only way to pre-
vent unauthorized Hulu charges was
to block the streaming-video service
from charging his account. That
meant he could no longer use the
card to pay for his own account.
Apple and Hulu didn’t respond to
requests for comment.
A14 | Tuesday, July 9, 2024
BY CORDILIA JAMES
Y Is Your New Online Friend Real?
ou’re on Facebook,
LinkedIn or X and get a
message. Maybe it’s
from a stranger in your
industry, maybe some-
one from your home-
town claiming to know you from
way back when. The person wants
to reconnect or get your advice.
This could all be wonderful. Or
it could be the start of a scam.
Unfortunately, security experts
say, the latter is more likely, be-
cause personalized schemes to
dupe internet users are on the
rise. Trouble is, it is harder than
ever to know whether that person
showing up in your messages is
real or not.
A check mark next to some-
one’s name on social media used
to mean their identity had been
verified. That’s now not the case
on all sites. Artificial intelligence
can help bad actors replicate the
voices and appearances of strang-
ers. Online transactions—such as
selling furniture on Facebook Mar-
ketplace—are magnets for fraud,
banks and security experts warn.
And schemers are cozying up to
people online and pretending to
kindle romance to gain access to
their money, a form of fraud called
“pig butchering.”
The single best step to deter-
mine someone’s identity online is
to slow down. Don’t rush to re-
spond to an intriguing message.
Instead do some vetting before
taking things further. Tech compa-
nies are beginning to help, too,
with Google, LinkedIn and Bumble
introducing features to detect sus-
picious messages and users.
U.S. consumers lost $1.1 billion
in romance scams last year, ac-
cording to the Federal Trade Com-
mission, while business scams cost
people $752 million.
Changing rules
The growing sophistication of
scams means guidelines
for operating online are
changing. Some old
rules still apply: Cross-
check people and their
credentials on legiti-
mate sites such as their
employer’s home page.
Don’t click on suspi-
cious links or continue
the conversation on a
different platform.
Earlier this year, af-
ter 27-year-old Callie
Smith failed to get pre-
sale tickets to an Olivia
Rodrigo concert, she
started looking for re-
sale tickets. Most cost
about $700 apiece for a show in
Washington, D.C.—too expensive
for Smith, who works at a consult-
ing firm and lives in Arlington, Va.
She came across an Instagram
account offering 2-for-1 tickets.
Smith and the seller exchanged
phone numbers and video-chatted,
and Smith sent $700 via Apple
Cash. The woman immediately
blocked her and never transferred
the tickets. Smith couldn’t get her
money back because instant peer-
payment services have few fraud
protections.
She googled the person’s name
and phone number but found noth-
ing beyond the Instagram profile.
Had Smith searched before sending
the money, the thin search results
would have been a red flag, secu-
rity analysts say. Using a different
payment method with more fraud
Cities Are
Hiring Street
Performers
Continued from Page One
town development districts and
other nonprofit groups are paying
up to $100 an hour for buskers, jug-
glers, mimes and musicians, betting
their acts can make empty office
districts feel safer and less depress-
ing.
“I didn’t even think it was a pos-
sibility to get paid at all for some-
thing like this,” said Noelle Jackson,
a flow artist who makes $40 an
hour, plus tips, waving around
weighted balls tied to strings in
downtown Grand Rapids, Mich.,
courtesy of the local downtown de-
velopment organization.
“That’s money going to gas, that’s
money going to food,” she said.
“That’s huge for me.”
Cities hope it can be huge for
them, too. Remote work and closed
department stores have left many
downtowns trapped in a downward
spiral known as a Doom Loop. As
fewer people commute to work,
shops and restaurants are forced to
close, making business districts
more desolate and keeping more
people in the suburbs.
To escape this cycle, cities are
trying to be a little more like Las
PERSONAL JOURNAL.
PERSONAL TECHNOLOGY
It’s getting harder to trust who you are talking to. There are some new tools that can help.
 LinkedIn automatically filters
out suspicious messages for U.S.
accounts. You can turn it off in
data privacy settings.
protections—such as designating
the transaction as payment for a
good or service in PayPal—also
could have protected her.
“You just can’t trust everyone,”
says Smith, who still hasn’t gotten
tickets for the late-July show.
The hot seat
You used to be able to trust the
sound of a voice you recognized
on the phone, even if the person
called from an unfamiliar number,
says Roger Grimes, a senior com-
puter-security consultant at
KnowBe4, which trains company
employees how to recognize and
Vegas. If offices can’t
carry a downtown econ-
omy anymore, the
thinking goes, perhaps
entertainment can.
A number of cities
are still focusing on
more ambitious plans,
such as building stadi-
ums, casinos or parks to
lure people from the
suburbs and reinvigo-
rate local shops and
businesses. But these
projects take years and
are expensive, espe-
cially when falling
downtown office values
threaten property tax
revenues.
Paying buskers offers
a cheaper, more imme-
diate fix for cities.
These programs are typically fi-
nanced by hotel or property taxes.
Downtown Grand Rapids Inc., the
city’s downtown development or-
ganization, pays buskers $40 per
hour. In Chattanooga, a nonprofit
called SoundCorps, working to-
gether with the city’s Tourism Com-
pany, pays $25 per hour. The going
hourly rate for a busker in Minneap-
olis ranges from $60 for single mu-
sicians to $100 for a trio.
“It’s a pretty low lift for us to do
and to change things,” said Jona-
than Crain, REV Birmingham’s proj-
ect manager.
His nonprofit REV Birmingham
started paying buskers in 2022. At
first, staffers called a local college to
respond to bad actors online.
AI can mimic people’s voices
already, and is likely to keep get-
ting more realistic. AI-generated
deepfakes impersonating col-
leagues have tricked employees
into handing over millions of dol-
lars. In Hong Kong earlier this
year, an employee gave $25.5 mil-
lion to an attacker who used AI to
pose as the company’s chief finan-
cial officer.
“With generative AI, you may
absolutely recognize the voice, or
you could recognize the face,”
Grimes says. “It’s not science fic-
tion, it’s actually happening.”
If you’re messaging with some-
one online, pepper them with
questions to discern whether
they’re human or a bot, says Pat-
rick Long, a security analyst at re-
search firm Gartner. Think about
how the sender would have gotten
specific information about you.
For someone claiming to be family
or a friend, ask questions the real
person would know or things that
can’t be easily found on social
media.
Or, have a code word ready. Be-
cause AI can replicate voices,
someone could call claiming to be
your son—and even sound like
him—asking for money. Before
transferring funds, ask for your
prearranged secret word.
If you’re messaging with job re-
cruiters or potential love interests,
ask about previous employers and
Noelle Jackson, a flow artist; Jory
Lee Heindel, with guitar, goes by
the stage name Martini Shakers.
ask if they knew any performers and
reached out to local media. Those
interested were asked to fill out an
online form and include links to
their YouTube or SoundCloud ac-
counts. “I go through all of those
and try to listen to the submis-
sions,” Crain said. “And basically, as
long as you’re a good, competent
performer, you kind of go in the yes
pile.”
The nonprofit now has a spread-
sheet with more than 200 perform-
ers, most of them musicians. Busk-
 Designating a transaction as a
good or service on PayPal and
some other payment apps can help
you get your money back from a
scammer.
schools they attended, and get
names and descriptions of other
people they know. Cross-check with
other sources online—for recruit-
ers, see whether they are listed on
their firm’s website, for example.
If the answers don’t match up,
end the conversation and block
the sender.
You can cross-check a number
by searching for it on Google, but
pay close attention to search re-
ers can put down their availability,
then get assigned a date and place.
The program is seasonal, running
for a few weeks at a time, and costs
REV Birmingham a few thousand
dollars a year, Crain said.
Not all musicians are a hit. When
Cincinnati’s nonprofit downtown de-
velopment corporation 3CDC started
paying street musicians during the
pandemic, nearby office workers
complained about loud percussion-
ists, said Christy Samad, the group’s
executive vice president of civic and
commercial space activation. So the
organization ditched the drummers
but stuck with singers and guitar
players. The group has since
stopped its official busking program
THE WALL STREET JOURNAL.
sults. Just because a link appears
as the top result doesn’t mean it’s
a trusted source.
Red flags
Tech companies are taking steps
to protect their users and, in some
cases, stop suspicious communica-
tion before it can reach you.
Google is building a tool for An-
droid phone users that alerts them
when a potential scam is happen-
ing during a call. It detects con-
versation patterns commonly asso-
ciated with fraud, such as a “bank
representative” asking you to
share your password.
Users will have to opt into the
feature, and Google will share
more information about it later
this year, a spokesman says.
LinkedIn has a similar feature
for messaging that detects poten-
tially harmful content, such as
when someone asks to leave
LinkedIn to communicate on an-
other platform.
Social-media services can po-
lice some activities of bad actors
on their apps. But if, say, you end
up texting with someone who ini-
tially messaged you on LinkedIn,
you lose that backstop, security
analysts say.
If there are red flags from
someone you haven’t communi-
cated with before, LinkedIn auto-
matically sends the message to
spam. If a message from someone
known to you seems suspicious, it
still shows up in your inbox with a
warning. The feature is on by de-
fault for U.S. users.
Dating app Bumble’s Deception
Detector tool uses AI to assess the
authenticity of profiles on its dat-
ing app. Two months
after launch, member
reports of scam ac-
counts fell by 45%, a
Bumble spokeswoman
says.
Always handle digi-
tal interactions with
skepticism, especially
when asked to do
something out of the
ordinary, such as send-
ing a large sum of
money, security ana-
lysts say.
Weigh the risks of
the conversation, says
Eva Galperin, director
of cybersecurity at the
Electronic Frontier
Foundation, a non-
profit digital rights
group. A conversation
with a stranger who is asking for
your thoughts about Friday’s foot-
ball game is different from some-
one asking you to send money to
fund a business.
“Pay very close attention to
what the ask is, what this person
RACHEL MENDELSON, ISTOCK (2), GETTY IMAGES (2)
is trying to get you to do,” Galp-
erin says.
Never share personal informa-
tion like your Social Security num-
ber, and if money is changing
hands, pay in a way that is pro-
tected. Apps such as PayPal and
Venmo include purchase protec-
tions if you designate a transac-
tion as payment for goods or ser-
vices. Apple Cash doesn’t have
such an option.
but still pays artists to
perform in public.
Being a salaried bus-
ker is hardly a full-time
job. REV Birmingham
only pays for two-hour
slots, and Heindel said
he does a couple a year.
But some performers
make it a weekly habit.
Mira Kehoe spends
about three hours a
week on average play-
ing jazz and Brazilian
music on various in-
struments in down-
town Minneapolis. She
is part of three busking
programs and makes
around $100 a week on
average in stipends,
not counting tips, she
said. On rare occasions,
passersby steal money from Kehoe’s
tip jar or try to touch her instru-
ments. Her husband, also a busker,
recently saw a fight break out 3 feet
from his elbow while he was playing
the piano. “You have to be skillful at
how to be in that environment on
the street where anything can hap-
FROM LEFT: CLAIRE DOUGHERTY; JESSICA DETRICK
pen,” she said.
But for the most part, buskers
say they feel safe. And they hope
their music will help others feel the
same way. “A lot of people, particu-
larly in the South, look at downtown
as more of a dangerous place to be,”
Heindel said. “So when you see
some random guy on the street
singing an Elvis song, I think it kind
of dispels that fear.”
 THE WALL STREET JOURNAL. Tuesday, July 9, 2024 | A15

ARTS IN REVIEW
CULTURAL COMMENTARY ting revelers who fall

A Milestone
in behind first-line
brass players. The
song’s title is a Creole
Mardi Gras parade
chant that, roughly

Of Funk Music
translated, means
“Get out of our way.”
The music is remark-
able for its undulating
twists and turns and
Released 50 years ago this month, the Meters’ the funky drum pat-
terns: “Feel good mu-
‘Rejuvenation’ has a spunky New Orleans sound sic / In your soul /
Makes your body / Do
the slow boogie roll.”
BY MARC MYERS on their 1975 American tour and Mr. Nocentelli’s

F
their European tour the following
unk predates rock ’n’ year.
roll. The highly synco- What sets the Meters apart on
pated form can be traced “Rejuvenation” is a peppery stew
back to 1953, when jazz of Bourbon Street drama and gritty
pianist Horace Silver be- rural grooves. Rhythms twitch with
gan recording original layered patterns and pauses in odd
songs such as “Opus de Funk” for places, while the bass and guitar
Blue Note Records. With the popu- jerk one way and the other, making
larity of the electric bass in the the music festive and unpredict-
early 1960s, artists such as James able. Once assembled, songs are
Brown and Sly and the Family loaded with snap and surprises.
Stone added grooves and hooks The band—keyboardist Art
that transformed funk into dance Neville, guitarist Leo Nocentelli,
music. In New Orleans, the Meters bassist George Porter Jr. and
played an influential role in funk’s drummer Ziggy Modeliste—was
evolution. formed in 1965 in New Orleans
Fifty years ago this month, the and became part of electric funk’s
group released “Rejuvenation,” its first wave. As the house band in
fifth studio album, widely consid- 1968 at Allen Toussaint’s record-
ered a funk milestone by critics. ing studio, they named themselves
The music had all of the Meters to em-
the genre’s core phasize their precise
characteristics—rub- approach to rhythm.
bery bass lines, wah- The band They signed with
wah guitar and impressed both Josie Records in
tightly arranged 1969 and released
horns. But the Mick Jagger and three albums of
Meters’ complex mostly instrumental
polyrhythms and
Paul McCartney funk. Switching to
New Orleans flavor in the 1970s. Reprise in 1972,
elevated funk to a their music began to
new level as the include vocals and
group added hard elements of rock. On
rock, Mardi Gras’s second-line “Rejuvenation,” they co-produced
rhythms, gospel, soul and pop. with Toussaint for the first time.
Though “Rejuvenation” failed No two songs on the record
to land on the Billboard charts, it sound alike. The writing of the
deeply inspired funk, rock, soul nine tracks is credited to all four
and hip-hop artists, including the Meters musicians, who sought to
Red Hot Chili Peppers, the Grate- showcase their eclectic style. The
ful Dead and Public Enemy. In album kicks off with a bump-and-
GILLES PETARD/REDFERNS
rock guitar threads
through “It Ain’t No
Use,” the album’s lon-
gest song at nearly 12
minutes. The lyrics
look at love’s powerful
hold, even over those
considering a
breakup: “I could
think of a thousand
reasons for me to
leave you / But I know
if I ever walked out
that door / I wouldn’t
know what to do.”
“Loving You Is on
My Mind” is a breezy
pop instrumental led
by Neville’s keyboard
combined with Mr.
Nocentelli’s rock gui-
tar and Mr. Porter’s
bass on top. Back-
ground vocals chime
in, chanting the song’s
title.
The album’s closer,
“Africa,” is a bass-
which neatly blends funk and a  The Meters, whose 1974 studio
driven yearning for
one’s “motherland.” Mr. Modeliste
gospel choir: “I believe everything album is rich with intricate on drums not only keeps the 4/4
about you baby / Love is for me / rhythms and strutting bass lines. tempo but adds a knotty pattern.
You oughta be / Right here in my The original Meters broke up in
lovin’ arms.” 1977, when two members de-
“Just Kissed My Baby” is a con- civilization: “Got my home / Don’t parted. Three of them reunited in
vulsive, acid-funk song that cele- need to roam / The jungle is 1989 and remained together for
brates the feeling of a kiss. Mr. where I live / Peace and love and five years. Though “Rejuvenation”
Modeliste’s intricate drum rhythms harmony is what I have to give.” didn’t become a mainstream hit,
zig-zag with Mr. Porter’s bass, The song’s repeated phrase, “I’m the album’s funk did seep into the
while Little Feat’s Lowell George the jungle man, that’s what I am,” consciousness of many artists,
adds a slide guitar. “What’cha Say” seems to have influenced KC and producers and songwriters in a va-
is also a love song but picks up the the Sunshine Band’s “I’m Your riety of genres. All were looking

early 1975, the Meters were in-
vited by Paul and Linda McCart-
ney to perform at a Wings album
party on the Queen Mary in Cali-
fornia. Then the Rolling Stones
asked the Meters to open for them
grind groove on “People Say” that
highlights the inner city’s growing
impatience with high prices, pov-
erty and crime.
The group’s soulful roots sur-
face in the ballad “Love Is for Me,”
pace with a pop melody wrapped
in funk lines and rhythms.
A series of intricate rhythms
are showcased on “Jungle Man,”
who, according to the song’s lyr-
ics, is joyfully free of uncivilized
Boogie Man” (1976).
“Hey Pocky A-Way” is the re-
cord’s high point and features the
intoxicating second-line shuffle of
New Orleans street parades. The
second line is made up of strut-
for a new sound.
Mr. Myers is the author of “Rock
Concert: An Oral History” and
“Anatomy of 55 More Songs”
(Grove Press).

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 13 21 Concrete-
strengthening
HAPPENINGS FOR THE WEEK OF JULY 9 14 15 16 steel rod
24 Oscar-
17 18 19
BY WSJ ARTS IN REVIEW STAFF how creatures have been desert landscapes: The al- winning
adapting to a changing bum was inspired by the 20 21 22
Disney song
Film climate and manmade soundtracks and the aes- 25 Command to
“Fly Me to the Moon” intrusions on nature. The thetic of spaghetti westerns 23 24 25 an attack dog
(July 12) six-part series captures from the ’60s and ’70s.
Scarlett Johansson and never-before-observed 26 27 28 29 30
26 Green sci.
Channing Tatum star in this behaviors, including some Opera 27 Do a
romantic comedy-drama set desperate measures for “The Righteous” 31 32 33 34 35 36 stevedore’s
during the space race. Kelly survival: Otters weave (Santa Fe Opera, July 13- job
Jones (Ms. Johansson), a through traffic in Singapore, Aug. 13) 37 38 39 40
marketing expert hired to polar bears hunt reindeer A preacher in the 1980s
28 •Plows over
burnish NASA’s image ahead inland, and arctic foxes Southwest struggles with 41 42 43 44 30 Actor
of the Apollo 11 moon land- resort to cannibalism. faith, love and power— Guinness
ing, soon butts heads with marrying into a wealthy 45 46 47
32 Lowdown
launch director Cole Davis Theater family but drawn to a
(Mr. Tatum)—but the pair “Oh, Mary!” mystical woman who 48 49 50 51 52 33 Tackiness
must learn to work together (Lyceum Theater, New York, upends his personal, 35 Tigers’ home
for the sake of the mission. July 11-Sep. 15) religious and political fates. 53 54 55 56 57 58
This world premiere from 36 STEM part
Gregory Spears (“Fellow 59 60 61
39 Heads toward
Travelers”) and Tracy K. the heavens
Smith (the former U.S. Poet 62 63 64
Laureate) is directed by 42 Period
Kevin Newbury. 65 66 67
44 ABBA’s genre
Art 46 Gaseous fuel
“Where I Learned to Look: U TUBE | By Joanne Sullivan 48 Muscle flexed
Art From the Yard” Across 31 Felines flip 61 Ramp for a 5 Converts a in a WWII
(Institute of Contemporary for it skate- or document to “We Can Do
Art, Philadelphia, July 13- 1 Joltin’ joe?
34 •“Bridgerton” snowboarder, digital form It!” poster
Dec. 1) 5 Messy digs and a
While the warm weather attire 6 Aggressive 49 “Hello” singer
8 Pursue with description of heavy metal
has us spending more time 37 Poem the answers 51 Owl’s claw
outdoors, this aptly timed enthusiasm subgenre
accompanied to the starred 52 Middle-earth
show examines that mashup 14 Stratford’s by a lyre 7 Apt fast-food
clues or North Pole
of private-yet-outside space: river corporation
the yard. With objects from 38 “Never in 62 Page of denizen
15 “In the a million ticker symbol
 Scarlett Johansson and Channing Tatum in ‘Fly Me to more than two dozen art- “The Umbrella 54 Where to do
the Moon,’ a new rom-com set during the space race. ists, this exhibition looks at
Heights” years!” 8 Sites of
Academy” laps
that transitional space be- director load-bearing
Jon M. ___ 40 Purpose 63 Card game 56 Jeer
tween home and the wider machines?
TV Written by and starring world through works by van- 16 Think highly 41 •Driver with with colorful
9 Novelist 57 Beyond
“Exploding Kittens” Cole Escola, this Broadway essa german, Donald Judd, of a need for suits
Ferber awesome
(July 12, Netflix) production follows a boozy, Jeff Koons, Wendy Red Star speed 64 R.I.P. lines
From showrunners Shane brittle Mary Todd Lincoln in and others.
17 •Fuelless 10 Hrs. before 58 Brooklyn
power plant 43 Worth taking 65 Tool in basketball
Kosakowski (“Teenage the run-up to the noon
a long route pharmacy team
Bounty Hunters”) and Mat- assassination of Abraham Last Call 19 Open, as a to see 11 •Hurler’s
thew Inman, this adult ani- Lincoln (Conrad Ricamora), “Chaïm Soutine. Against drain logos
tally 60 Ignited
mated comedy is a loose ad- credited only as “Mary’s the Current” 45 Docking fee 66 Queens on a
20 “Smooth” 12 Got up 61 What to do
aptation of the card game of Husband.” Mrs. Lincoln is a (Louisiana Museum of 47 Four Corners chessboard,
the same name. When God ferocious alcoholic Modern Art, Humlebaek,
band when you
state paradoxically 13 Lukewarm don’t know
and the Devil are both sent determined to reinvent Denmark, through July 14) 21 Protein
to Earth in feline form, a fi- herself as a cabaret singer. A retrospective celebrates synthesis 48 Train to SFO 67 Muscles that 18 Air safety org. the words
ery struggle ensues between As the press release informs the painter’s distinctive molecule bodybuilders
50 Harness Previous Puzzle’s Solution
the two housecats. The us, here is a chance to style, characterized by bounce
22 CBS franchise racer P A S T A R E F I B O B
voice cast includes Tom Ellis experience Mrs. Lincoln’s life frenetic brushstrokes, bold Down MA Y O R B I S O N U N O
(“Lucifer”), Mark Proksch “through the lens of an colors and distorted
initials 53 Words said S A C R E A S S E T M T N
(“What We Do in the Shad- idiot.” figuration that borders on 23 Got on one’s with a hand 1 Early A T S T A K E E E R I E
ows”), Sasheer Zamata abstraction. Our critic called last nerve in the air Spielberg film R E MO T E A N A G R AM S
I WO N A S S T R O P E
(“Saturday Night Live”) and Music it “an illuminating exhibition”
25 Garden 54 ___de deux 2 Sports shoe D O R I C A S A N A S
Ally Maki (“Wrecked”). Future Utopia, “Django’s that “emphasizes the radical brand E K E H A V E N O T S P A
structure 55 Lightbulb
High” (July 12) individualism of its subject.” P A L E S T E A T A T
“Mammals” (July 13, BBC Fronted by Grammy win- 26 Instead type 3 Alpine skier T E R M S S I P V O L T
Lindsey T O N E P O E M U S A R M Y
America, AMC+) ner Fraser T. Smith, the For additional Arts Calendar
SONY PICTURES

29 Like “Hava 59 Yo-Yo Ma’s I B I Z A R E S P I T E

Narrated by David grime group’s summertime listings visit wsj.com. Write Nagila” collection 4 “Next...” L O G G R A N T M A S O N
Attenborough, this record is calibrated to to brian.kelly@wsj.com and D OM N A S T Y B R U N O
documentary investigates scorching temperatures and irma.kiss@wsj.com. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. E T A E Y E S A S P E N
A16 | Tuesday, July 9, 2024
Ohio State and head coach Ryan Day have lost three straight games to Michigan. The pressure will be on the Buckeyes this season.
JASON GAY
A Way Too Early Football Preview
The college game is in turbulent state with conference realignment and an expanded playoff
It’s far too early to dis-
cuss college football.
There’s still an entire
Summer Olympics to
be contested. We don’t
know who won Wim-
bledon and the Tour de France.
The Mets haven’t sunk to the bot-
tom of the National League East.
It isn’t even close to sweater
weather.
Still: Let’s talk about college
football, because this could be the
craziest, most confusing season
yet, and I want everyone to feel
prepared—or at least angry.
Here Comes the Great Reshuffle!
This is the year when our dollar-
craving institutions of higher
learning say farewell to tradition,
100-plus years of Pac-12 history
and a basic sense of U.S. geogra-
phy, and bafflingly rearrange foot-
ball’s most powerful conferences.
A refresher:
Former Pac 12 heavyweights
USC, UCLA, Washington and Ore-
gon are buying scarves and parkas
and heading off to the hinterlands
of the already overextended Big
Ten. If you’re fussy about math,
please note: the Big Ten now has
18 teams.
Stanford and California are
stumbling across the country with
SMU to join the ACC. Let me re-
peat that for you: Stanford, Cali-
fornia and SMU—famous East
Coast hives—are joining the At-
lantic Coast Conference.
Texas and Oklahoma are arriv-
ing to conquer the SEC. Good luck
with that.
Coach Prime and Colorado join
The Fading Superpowers of France’s Man in the Mask
BY JOSHUA ROBINSON
KYLIAN MBAPPÉ WAS the French
national soccer team’s resident su-
perhero long before he slipped on
a mask.
Just 25 years old, the striker
who’s faster than a speeding bullet
came into the European Champi-
onship with 47 France goals to his
name, fresh off a sparkling trans-
fer to Real Madrid, and firmly in-
stalled as the captain of Les Bleus.
He was ready to terrorize Euro-
pean defenses and make miracles
in front of goal again.
Instead, Mbappé broke his nose
in a bloody collision during
France’s opening game. Les Bleus
soon realized that the only way he
could keep playing in this tourna-
ment was to wear an uncomfort-
able face protector to shield him
from any further blows.
The only problem was that the
moment Mbappé put on the mask,
his superpowers seemed to evapo-
rate—and France’s entire offense
seemed to go with them.
Five games into their Euro
2024 campaign, Les Bleus are still
waiting for a single Frenchman to
score from open play. Their three
goals at this tournament have
come from two own goals and an
Mbappé penalty kick. Yet France is
somehow in the semifinals, where
it will face Spain on Tuesday. It
took one of those own goals for
the French to edge past Belgium
in the round of 16, before they
Colorado and head coach Deion Sanders, above, will be joining the Big 12,
while Kalen DeBoer, right, is the new head coach at Alabama.
the Big 12, along with Utah, Ari-
zona, and Arizona State. That
means the Big 12 now has 16
members, but don’t worry about
the name, because the conference
has shown an openness to selling
naming rights to a corporate spon-
sor. For example: Instead of calling
it the Big 12, you would call it the
Jason’s Famous Crispy Sweet Po-
tato Fries Big 12, or the Albert’s
Fabulous Concrete Driveways Big
12, or the I Can’t Believe These are
Real Jeans Big 12.
I don’t want them to stop
there. Why do we call first downs
merely “first downs”? Why can’t
they be Glo-o-Matic Shiny Bath-
room Scrubber first downs? How
about Happy Kitty Kitty Litter
field goal attempts and Sammy’s
Kylian Mbappé broke his nose in France’s opening game of Euro 2024.
He hasn’t scored a goal in open play during the tournament.
took down Portugal in a quarterfi-
nal penalty shootout following 120
minutes of scoreless soccer.
“What’s positive is that we’re
creating chances,” forward Ous-
mane Dembélé said ahead of Tues-
day’s semifinal. “We’re lacking a bit
of efficiency, but we have situations
where we can score. We just ha-
ven’t been able to put them away.”
Using the expected goals metric,
SPORTS
Fix-It Tire Goo extra points? I fear
the Big 12 is leaving money on the
table, and they should explore all
options, including replacing the
football with a soda can.
And yes, conference realign-
ment is all about the money—a
high-stakes game of musical chairs
in which colleges became terrified
about losing out on big television
paychecks and decided it would be
better to fly their softball teams
cross-country for midseason con-
ference games than risk losing a
TV penny.
If you think the game has gone
totally amok, and feels unrecog-
nizable, I won’t argue. If you’re a
Pac-12 fan now looking at an
empty apartment and wondering
where all the furniture went, I em-
which gives an indication of the
quality of the chances a team cre-
ates, Les Bleus should have scored
eight times by now if their finish-
ing were up to its normal standard.
And no one has struggled more
than France’s man in the mask.
Mbappé has taken 20 shots at the
tournament, second only to Cris-
tiano Ronaldo, but has only man-
aged to score from the penalty
pathize. And your couch is in Tal-
lahassee.
Coach Saban and Coach Harbaugh
are gone. It’s the end of an era—
college football has lost its Su-
preme Silky-Haired Leader and its
Eccentric-in-Chief. Saban retired
from Alabama, deciding that play-
ing 18 lazy holes of golf was some-
how more fun than navigating the
chaotic transfer portal and the
wilderness of name, image and
likeness reform. Harbaugh exited
defending champ Michigan to try
to build a championship winner
out of the Los Angeles Chargers,
which may be harder than teach-
ing a cat how to juggle.
Filling Saban’s impossible shoes
is Kalen DeBoer, fresh from Wash-
spot. For a player who scored 44
times in 48 appearances for Paris
Saint-Germain last season, that
sort of paltry return is incroyable.
What’s become clear is that
France’s solution for managing the
broken nose is almost as bad as
the broken nose itself. Mbappé
isn’t only bothered
by the unfamiliarity
of sprinting with a
hunk of polycarbon- The French
ate strapped to his malaise in front
face, he has also told
his coaches that the of goal has yet
mask also restricts
his peripheral vision
to cost Les
and makes him feel Bleus.
disoriented.
Despite all of
that, there has been
no question of leaving Mbappé out
of the starting lineup.
“Even if he’s not 100%, I know
very well that for the opponent,
knowing he’s playing makes them
think and forces them to adapt,”
France manager Didier Deschamps
said.
This isn’t the first time that
France has brought heavy artillery
to a tournament only to misfire
catastrophically. In 2002, Les Bleus
went to the World Cup armed with
the top scorers of the English,
French, and Italian leagues, only to
be eliminated in the group stage
without a single goal. Eight years
later, with a squad that boasted
Thierry Henry, Nicolas Anelka, and
Franck Ribéry, France was again
THE WALL STREET JOURNAL.
ington, now walking into a placid
football community in Tuscaloosa
which surely will give him all the
time and space he needs to build a
winner. Harbaugh’s replacement is
Sherrone Moore, an assistant who
already guided the Wolverines to
an epic victory over Ohio State
while Harbaugh was in a confer-
ence-mandated time out. (The
Buckeyes, meanwhile, have now
lost three straight games to That
Team Up North, and all eyes are
on Bunyan-bearded head coach
Ryan Day to deliver in The Game
That Matters Most.)
Playoff Expansion. Here we go.
College football denied the possi-
bility for years, but it was inevita-
ble: blowing out its postseason
playoff format from four teams to
12. This is the season it finally
happens. It means you’re going to
have a college football playoff con-
suming the back half of December
(the opening round is Dec. 20-21)
and pushing well into January
(the title game is Jan. 20 in At-
lanta). It means your entire holi-
day season will be consumed by
arguments about playoff seedings,
which I guess is better than inane
arguments about politics.
This is another No Going Back
point for college football—like
conference realignment, the ex-
panded playoff is entirely driven
by money, and it is only a matter
of time before it swells further,
with more teams, for more dollars.
There’s worry about the impact
upon regular season dramas. A
highly-ranked team that drops a
stunner—or two—won’t be
abruptly removed from playoff
consideration. Does that remove
juice from September, October and
November? We’ll see.
My other fear is that, in its
rush to maximize the money, col-
lege football is losing its weird-
ness, and is starting to look like
everything else. Quarterfinals?
We’ve seen that before, in many
other sports. Same goes for re-
alignment, and the depletion of
longtime regional rivalries. What
made college football sui generis
was its outrageous geographic in-
tensity—as many have said before,
its tribalism—and it’s possible the
conference-widening and blinding
pursuit of revenue will suck a crit-
ical ingredient from the recipe.
Then again, what do I know?
I’m just a sports columnist, trying
to figure out who’s going to win FROM TOP: SCOTT STUART/ZUMA PRESS; DAVID ZALUBOWSKI/ASSOCIATED PRESS; VASHA HUNT/ASSOCIATED PRESS
the I Can’t Believe These are Real
Jeans Big 12.
knocked out in the group stage.
The difference is that in 2024,
the French malaise in front of goal
has yet to cost Les Bleus. While
their attack has stalled, they have
been rescued by the tightest de-
fense at the tournament, whose
8.8 shots allowed per game is the
lowest average of
any of the 16 teams
to reach the knock-
out rounds.
Deschamps would
say that this is pre-
cisely how he hopes
his side would play—
stay rock solid at the
back and trust that
your collection of
talented forwards
will snatch a goal at
the other end. But France’s fans—
and occasionally its own players—
have recognized that this ap-
proach rarely makes for pretty
viewing. “It’s boring as hell to
watch,” Antoine Griezmann said
before the tournament. “But that’s
how it is. It helps us win.”
Even if the games might look
staler than a week-old baguette,
GRZEGORZ WAJDA/SOPA IMAGES/ZUMA PRESS
it’s hard to argue with France’s re-
sults since Deschamps took over in
2012. Les Bleus are now hoping to
reach the fourth final in six major
tournaments, following their runs
at Euro 2016 and the 2018 and
2022 World Cups.
“It’s a source of pride for my
players, even if we don’t do every-
thing perfectly,” Deschamps said.
THE WALL STREET JOURNAL. Tuesday, July 9, 2024 | A17

OPINION
BOOKSHELF | By John Tierney

Why Joe Probably Won’t Go Be Afraid,

This weekend dicated. And the 51 million has the team he trusts tion with fewer than three

Stay Afraid
was bad for Americans who tuned into most—his wife, Jill, and his months to spare. This is a
President Bi- the debate know that they son Hunter—encouraging him choice that ought to have
den. But this were gaslit by all those who to stay. been made months ago.
week prom- assured them that doubts In Mr. Biden’s mind, mean- Democrats have only
ises to be the about the president’s mental while, the polls showing re- themselves to blame. They all
most trying abilities were merely right- cord low approval numbers let the White House denials
MAIN
of his 51-year wing talking points. aren’t real, and the only ones slide, even though some
On Call
STREET
political ca- Still, it’s one thing for the who want him not to run are knew better. It took years for By Anthony Fauci
By William
reer. Which White House to lie to pro- “elites.” As he memorably Mr. Biden’s condition to get Viking, 480 pages, $36
McGurn
explains tect the president. No one told Mr. Stephanopoulos Fri- to where he was on the eve-

Monday ’s
pre-emptive strike, a letter
from the president to House
Democrats declaring he is
“firmly committing to staying
in the race.”
The weekend kicked off
with an ABC interview with
George Stephanopoulos that
was supposed to quell the
cries for Mr. Biden to stand
down after his awful debate
performance eight days ear-
lier. But troubles continued
Sunday as more members of
his own party called on Mr.
Biden to step down from the
Democratic ticket. This week
may be the president’s last
chance to prove he’s still up
to the job to an America that
thought he was too old even
before his botched debate.
The fundamental prob-
lem—the president’s frail and
diminished self—is unfixable.
But the debate has added
new negatives. At least since
2020, observers have noticed
there was something wrong
with Mr. Biden. Yet anyone
who dared speak the obvious
was savaged. Look how Dem-
ocrats assailed special coun-
sel Robert Hur for describing
Mr. Biden as an “elderly man
with a poor memory.”
Mr. Hur has now been vin-
expects members of the Bi-
den administration to admit
publicly that their boss no
longer has all his marbles.
But the reason Mr. Biden got
away with it so long is that
the president’s people knew
the Beltway press corps
would give them cover, and
that Fox News would be the
only outlet at the White
House that would ever raise
a question in the daily press
briefing.
Biden’s allies are now pay-
ing for the delay in acknowl-
edging the reality they de-
nied to the American people.
But voters can’t unsee what
they have seen, and Mr. Bi-
den can’t make his mental is-
sues go away. There are
many suggestions from Dem-
ocratic strategists about
what Mr. Biden “needs” to do
to prove he still has it: stage
no-holds-barred press confer-
ences, do a town hall, take an
independent cognitive exam
with all the results made
public, etc.
But none will work. They
would only confirm the
doubts everyone has.
The Democrats know they
can’t make Joe go. He’s the
president, and he has the
delegates. Apparently he also
day night, he’d only step
aside “if the Lord Almighty
came down and said, ‘Joe,
get outta the race.’ ”
What the election
looks like now that
the press is not
covering for Biden.
Democrats face yet another
problem. The most obvious
choice to replace him is Vice
President Kamala Harris, who
in the RealClearPolitics poll-
ing average has an even lower
favorability rating than her
boss. Even so, could a Demo-
cratic Party that worships at
the altar of identity politics
pass over a black woman
without creating divisions in
its own coalition?
The critics may hope for a
gracious exit speech in which
the president frees his dele-
gates to vote for whichever
candidate they deem best.
But even if Democrats nomi-
nated someone like California
Gov. Gavin Newsom or Michi-
gan Gov. Gretchen Whitmer,
the nominee would be head-
ing into a presidential elec-
ning of the June 27 debate.
Given the calls from Dem-
ocrats in Congress, many
see a hopeful parallel in the
delegation of House and
Senate Republicans that Sen.
Barry Goldwater brought to
the White House on Aug. 7,
1974. The next evening
Nixon resigned.
But Democrats who see in
this an escape from their Bi-
den dilemma overlook a cru-
cial difference. The Republi-
cans who trudged to the
Nixon White House in 1974
were telling Nixon his presi-
dency was over, because the
House had the votes to im-
peach him and the Senate
had the votes to convict.
As President Biden weighs
his options, at the top of his
mind must be which choice is
more humiliating: stepping
down—and probably still be-
ing blamed if Mr. Trump
wins—or remaining on the
ticket and becoming a Demo-
cratic villain for handing
Donald Trump the election.
The possibility that he stays
on the ticket, wins a second
term, and becomes a hero is
a possibility that doesn’t
seem to occur to anyone but
Joe, Jill and Hunter.
Write to mcgurn@wsj.com
A
t the end of his memoir, “On Call: A Doctor’s Journey
in Public Service,” Anthony Fauci laments: “We are
living in an era in which information that is patently
untrue gets repeated enough times that it becomes part of
our everyday dialogue and starts to sound true.” He’s right
about that, and he has inadvertently produced a 480-page
master class in how to get away with it.
The memoir chronicles Dr. Fauci’s rise in Washington
from an obscure researcher to his fame during the Covid-19
pandemic, when he became, as he writes, a “hero to the
millions of Americans who saw me as a physician bravely
standing up for science, truth, and rational decision-
making.” This image bore no relation to reality, given the
evidence that the lockdowns
and school closures
accomplished little or nothing
while causing unprecedented
social and economic damage.
So how did Dr. Fauci spin it
into a personal triumph? The
memoir chronicles the
development of his techniques.
He tells how, after becoming
director of the National
Institute of Allergy and
Infectious Diseases in 1984, one
of his first “crucial lessons”
was “how important it was to
cultivate relationships with
people who are in a position to
make things happen.” These people included politicians in
the White House and the Capitol, activists demanding
bigger budgets, and, especially, journalists eager for stories
that would terrify their audiences.
Dr. Fauci’s rise to media stardom began early in the AIDS
epidemic, when he published an editorial in the Journal of
the American Medical Association warning that this new
disease could possibly be spread by “routine close contact”
between children and adults. The resulting headlines
inspired a wave of homophobia that infuriated gay activists,

Asia’s New ‘Game of Thrones’
North Atlan- much power is concentrated
tic Treaty Or- in them, their summits are
ganization often more consequential
leaders are than Western diplomacy’s
flocking to photo-op gabfests. The recent
Washington, spate of Indo-Pacific sum-
but their mits has been no exception.
GLOBAL
summit isn’t Mr. Putin visited North Korea
VIEW
the most im- and Vietnam in June. Mr. Xi
By Walter
portant thing was in Central Asia last week,
Russell Mead
going on this and, as NATO leaders gath-
summer. Nei- ered in Washington to cele-
ther is the Democratic Party brate the alliance’s 75th
crisis over President Biden’s birthday, Mr. Modi was in
debate performance. Events Moscow for consultations
in Asia, where Russian Presi- with Mr. Putin.
dent Vladimir Putin, Chinese Mr. Putin’s visit to East
leader Xi Jinping and Indian Asia and Mr. Xi’s travel to
Prime Minister Narendra Central Asia point to emerg-
Modi have all made high-pro- ing tensions in the China-Rus-
file trips, are driving world sia partnership that is re-
developments. The center of shaping the world. For Mr.
global politics has shifted to Putin, his journey to the East
the Indo-Pacific. What hap- was an international and a
pens in the Eurasian heart- domestic success. Interna-
land matters more to world tionally, the agreement with
politics and American inter- North Korea assures a con-
ests than anything in the At- tinuing flow of weapons and
lantic world. reportedly personnel for the
That makes world politics war in Ukraine. Domestically,
harder for most Americans to the sharpest criticism Mr. Pu-
read. Authoritarian states like tin faces from Russian nation-
China, Russia, Vietnam and alists is that his confrontation
North Korea conceal their do- with the West transforms
mestic political struggles be- Russia into a client of China.
hind veils of secrecy and cen- By deliberately stepping on
sorship. Democratic countries China’s toes in the Far East,
like India, Indonesia and Mr. Putin sent a message both
Japan are so complex and so to Beijing and to critics at
culturally different from the home: Russia remains an in-
U.S., that even well-traveled dependent great power and
and well-read Americans can has no intention of becoming
struggle to follow develop- a Chinese vassal.
ments there. China wasn’t thrilled with
As we reprogram ourselves Mr. Putin’s visits to its two
from Euro-obsessives to Indo- neighbors. Beijing sees North
Pacific mavens, there’s a lot Korea as a nuisance and
to be learned by studying wants to control it; Russia
Eurasian leaders. Because so values North Korea’s potential
as a regional disrupter and
wants to enhance its indepen-
dence from China. Beijing has
territorial disputes with Viet-
nam in the South China Sea
and wants Hanoi to accept
Chinese hegemony. Russia
sees a strong and indepen-
dent Vietnam as a healthy
check on Chinese power.
China doesn’t take slights
lightly. Mr. Xi’s visit to Cen-
tral Asia was, in part, tit for
tat. Mr. Putin’s goal of recre-
ating the Russian Empire
As U.S. power
recedes, Russia and
China compete for
regional advantage.
means reabsorbing the Cen-
tral Asian republics into a
Moscow-led federation. That
isn’t China’s plan. Chinese in-
vestments in infrastructure
are reorienting the region to-
ward trade with Beijing, and
a statement by Mr. Xi and Ka-
zakh President Kassym-Jo-
mart Tokayev last week sig-
naled another stage in the
process. They will work
jointly to increase the capac-
ity of the Trans-Caspian In-
ternational Transport Route,
allowing goods from China to
move westward on a route
that sidelines Russia.
The Russo-Chinese alliance
is a strategic nightmare for
India, and Prime Minister
Modi follows every twist and
turn in the relationship with
keen interest. He has no
doubt had some interesting
conversations during his time
in Moscow.
Armchair American strate-
gists shouldn’t get too excited
here. These emerging ten-
sions don’t mean that the
Sino-Russian partnership is
breaking up. But the glue that
holds Russia, China and their
fellow revisionists together is
their common fear of Ameri-
can power and liberal ideol-
ogy. As America turns inward
and democracy retreats, that
glue weakens, and we are get-
ting a preview of the rivalries
that would erupt among these
allies and partners if Ameri-
can power were to disappear.
It has happened before.
Early in the 1950s China and
the Soviet Union were close
partners. But in the 1960s
when America was bogged
down in Vietnam and torn by
civil and political dissent at
home, the two countries
parted ways. By 1969 China
and the Soviet Union were
fighting tank battles along
their disputed boundary, and
Mao Zedong would ultimately
embrace a partnership with
Richard Nixon to balance
Moscow.
Today’s Sino-Russian spats
aren’t as serious as the 1960s
Sino-Soviet rift. But nothing
is eternal in world politics,
and there are unexpected op-
portunities as well as grave
dangers in the new world dis-
order taking shape. In our age
of geopolitical competition,
Americans need to study the
“Game of Thrones” afoot
across Asia. Like it or not, we
are part of the game.
but Dr. Fauci quickly placated them by reversing himself,
denouncing the idea of infection by routine social contact
as “absolutely preposterous.” The memoir doesn’t explain
his flip-flop—or even mention the controversy.
Meanwhile, Dr. Fauci found another way to frighten the
American public, by joining with other federal officials in
warning that AIDS would start spreading among
heterosexuals. The much-hyped “heterosexual breakout”
never occurred, but widespread fears led to spectacular
increases in AIDS spending—and complaints from other sci-
entists that the funding shifts were curtailing research into
diseases that claimed far more lives. Although he had been
cautioned by Albert Sabin, the developer of the oral polio
vaccine, that an HIV vaccine was unattainable, Dr. Fauci
helped persuade President Bill Clinton to declare a “new
national goal for science” of developing one within a decade.
“Unfortunately,” he writes, three decades and many dollars
later, “an effective vaccine for HIV is still nowhere in sight.”
Dr. Fauci’s funding, media visibility and access to the
White House continued during later administrations,
particularly during the scare over a bioterrorism attack on
America (supposedly imminent after 9/11) and during media
frenzies over predicted pandemics from bird flu and swine
flu. “On Call” details his campaigns to stockpile vaccines
against the coming plagues, although again the sagas are
anticlimactic: The doomsday pandemics failed to arrive.
“One might imagine that it would be terribly frustrating
to put in enormous efforts of preparation for events that
never happen,” Dr. Fauci writes. “However, that is not how I
feel.” He went on seeking more funding to prepare for a
future catastrophic flu pandemic, a threat he considered so
dire that it justified “generating a potentially dangerous
virus in the laboratory,” as he argued in a 2011 article in the
Washington Post.
The nation’s top medical adviser during the
pandemic has no regrets despite the collateral
damage of lockdowns and school closures.
In retrospect, given the mounting evidence that Covid-19
was created by just that sort of gain-of-function research in
China, does Dr. Fauci have any second thoughts about
advocating such a risky endeavor? None worth mentioning in
this memoir. In dismissing the “smear campaign” to link him
to a lab-created virus, he ignores the obvious possibility that
the Wuhan virologists exploited knowledge acquired in the
lab’s previous bat-virus research funded by his agency.
Nor does he regret his pandemic guidance, despite the
vast collateral damage of lockdowns and the evidence that
nations and U.S. states that shunned Dr. Fauci’s advice
fared as well or better than the ones that locked down.

No Justice for Murder in the West Bank Sweden experienced one of the lowest rates of excess
mortality in Europe while keeping businesses and schools
open and urging its citizens not to wear masks. Nowhere in
By Naomi Linder Kahn should have handed over Mr. went on, even this farce was program for terrorists, and Dr. Fauci’s memoir is there a mention of Sweden or other
Shtayyeh to Israel to stand abandoned. Mr. Shtayyeh re- families of terrorists, who at- such counter-evidence.

I
t’s a murder mystery, Is-
raeli style: The facts are
known but the terrorist
can’t be brought to justice.
The story of how Abeed
Shtayyeh, who killed two Is-
raeli soldiers, has escaped ju-
dicial penalty is the story of
the Palestinian Authority in
miniature. It has profound
implications for the Middle
East.
On May 29, Mr. Shtayyeh
approached the Israeli check-
point outside Nablus, ran over
two soldiers and fled to Nab-
lus. Israel Defense Forces
Staff Sgts. Eliya Hilel and Di-
ego Shvisha Harsaj sustained
critical injuries and were soon
pronounced dead. After the
IDF launched a manhunt, Mr.
Shtayyeh turned himself in to
the Palestinian police.
The Oslo Accords spell out
what should have happened
next: The PA Security Forces,
which receive training and
funding from the U.S. and
other foreign governments,
trial. This process was cre-
ated to forestall Israeli in-
cursions into Palestinian Au-
thority-controlled areas and
de-escalate tensions follow-
ing acts of terror, while let-
ting the PA build credibility
as a partner for peace.
Palestinian police
let off terrorists
who kill Israelis.
Had Mr. Shtayyeh believed
that any of this would actu-
ally happen, he is unlikely to
have turned himself in. But he
had every reason to believe
that he, like hundreds of ter-
rorists before him over the
past 30 years, would be pro-
tected by the PA. In the early
years of the Oslo framework
the PA made perfunctory ges-
tures, detaining terrorists for
weeks or even months before
setting them free. As time
mained in PA Security Forces
custody for only a few hours.
More than a month after the
double murder, he remains at
large.
Mr. Shtayyeh’s case isn’t
unusual. The PA no longer
bothers to peddle the myth of
partnership against terrorism.
In March the Israeli think
tank Regavim identified
nearly 80 officers of the PA
Security Forces who have
been killed or arrested while
carrying out terrorist attacks
against Israelis in the past
three years alone. The PA it-
self boasts of more than
2,000 such “martyrs.”
Many PA Security Forces
officers are also members of
internationally designated
terrorist organizations and
are actively engaged in ter-
rorism. While this has always
been the case, today the Pal-
estinian Authority proudly
encourages, funds and extols
this terrorism. That includes
its infamous “pay to slay”
tack Israelis—including
Hamas perpetrators of the
Oct. 7 massacre.
It is time to stop burying
our heads in the sand. The PA
and its security forces aren’t
partners in the fight against
terrorism. The PA has never
been a moderating force. In
the decades since Oslo, it has
honed its skills as a killing
force.
Israel can’t afford to play
along with this charade, and
the Israeli public isn’t buying
it any more. The Left’s great
new idea for the future, em-
powering the PA and handing
it a sovereign state in the
heart of Israel and the Gaza
Strip, is the same one that
has been killing Israelis for
decades. Fool me once, shame
on you; fool me twice, shame
on me. We won’t be fooled
again.
Ms. Kahn is director of the
international division of Re-
gavim, an Israeli think tank.
Instead he alternates between denying responsibility for
the pandemic restrictions—because he had no legal
authority to impose them—and taking credit for promoting
them endlessly in media appearances, meetings at the
White House and phone calls with governors. He derides a
lockdown opponent, Dr. Scott Atlas of the Hoover
Institution, for supposedly telling President Trump “exactly
what the president wanted to hear,” but he offers no cogent
rebuttal to Dr. Atlas’s arguments.
In fact, the glaring omissions in the memoir confirm the
criticisms in Dr. Atlas’s own memoir, “A Plague Upon Our
House” (2021). At the White House Coronavirus Task Force
meetings, Dr. Atlas recounts, Dr. Fauci never presented
scientific evidence in favor of his policies, refused to
respond to the contrary evidence that Dr. Atlas presented,
and never considered the collateral damage from the
policies.
In fall 2020 there was ample evidence that schools could
reopen safely, but Dr. Fauci kept offering reasons to keep
them closed. When Dr. Atlas argued that Americans were
irrationally frightened, he writes, Dr. Fauci replied: “They
need to be more afraid.” Dr. Fauci’s determination to panic
the public astounded Dr. Atlas, but it’s understandable after
reading “On Call.” For Anthony Fauci, fearmongering was
always an excellent career move.
Mr. Tierney is a contributing editor to City Journal and
co-author, with Roy Baumeister, of “The Power of Bad: How
the Negativity Effect Rules Us and How We Can Rule It.”
A18 | Tuesday, July 9, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The 25th Amendment Isn’t for Joe Biden This Is Why Early Voting Is So Dangerous
The debate debacle (“Sorry, Demo- and the generals should come back

T
he omerta has broken, and worrying words, Mr. Biden would need to muster only
anecdotes about President Biden’s age 34 votes in a Senate that includes people who crats, Biden Is Your Man” by Taylor tomorrow?
Budowich, op-ed, July 1) is the best KEN COPMAN
are now common. He used a tele- are older than him and served with him for
argument against early voting. Imag- Bedford, N.H.
prompter while speaking to decades. ine if this debate—and President Bi-
about 30 donors in a living It’s political catnip All of this is by design. The den’s obvious decrepitude—unfolded Mr. Biden’s performance was so
room. Prep materials for an but could lead to a 25th Amendment was ratified in late October, after millions of votes appalling that it overshadowed a dis-
event include photos of the in 1967, and its framers were had already been cast. A single uni- mal showing by his opponent. Mr. Bu-
hallway to the stage, with an chaotic power struggle. not trying to create a mecha- form Election Day ensures that all dowich may indeed be correct that
instruction in large font: nism for contesting Presiden- voters cast their ballots based on the “President Trump delivered his most
“Walk to podium.” Voters al- tial power. They were seeking, same available information. Absentee disciplined, clever and devastatingly
ready think Mr. Biden is too old to be Presi- amid the aftermath of the JFK assassination, (“mail-in”) ballots, which should be precise debate performance yet,” but
dent for another four years. to clarify a constitutional bypass for a Presi- primarily, if not exclusively, for mili- that’s a low bar. Mr. Trump attempted
But is he too old to make it for another six dent who might become comatose or otherwise tary personnel deployed overseas, to dodge many questions, and almost
should be postmarked on Election every statement he made was either
months, until the end of this term? That’s what incapacitated.
Day, even if not tallied until later. grossly inaccurate or hyperbolic.
Republicans will be asking as they try to press With that context, what’s more of a danger STANLEY SPATZ I don’t think he was lying. I believe
their advantage. Talk is circulating again about to the republic: Mr. Biden carrying on with his Hollywood, Fla. he simply doesn’t know the facts and
using the 25th Amendment to remove the Pres- advisers as usual, shaky as he looks some days, is too lazy to learn them.
ident posthaste, on the theory that his incapac- until the next Presidential inauguration on Jan. Shortly after the debate, Demo- STEPHEN R.S. MARTIN
ity is a danger to the country. The argument 20, 2025? Or an unprecedented constitutional crats were trying to explain away Mr. Pinetop, Ariz.
is that Mr. Biden blamed his bad debate perfor- power struggle among President Biden, Acting Biden’s abysmal performance by say-
mance on “a bad night,” but next time it could President Harris, a divided cabinet, and a ing he had a bad day. Special counsel If the Democratic Party drops Mr.
be during some geopolitical crisis. brawling Congress? Through the eyes of Amer- Robert Hur’s report stated that Mr. Biden and selects someone other than
The risk isn’t zero if Mr. Biden stays in ica’s adversaries, the power vacuum might look Biden’s memory was significantly lim- Kamala Harris as its presidential can-
ited during his recorded interviews. didate, it is admitting that she should
power, but the alternatives are hardly compel- like the more inviting opportunity.
Another bad day for the president? never have been vice president. Why?
ling. Read the 25th Amendment. It isn’t de- Mr. Biden reportedly told a group of Demo- What if ballistic missiles were fly- Because, by definition, the vice presi-
signed for removing a leader who doesn’t think cratic Governors that he needs to sleep more and ing over the Pacific toward the U.S. dent must be ready, willing and able
himself incapacitated. Deeming a President un- work less. He can do both by ending his 2024 and the Joint Chiefs of Staff were to step in if the president can’t fulfill
able to perform his duties requires a declaration re-election campaign, with its travel and fund- knocking on the White House door? the duties of the office.
to that effect from the Vice President and a ma- raising. The President so far is defiant in refus- Would it be acceptable for Mr. Biden DONALD DONNELLY
jority of the cabinet, all of whom have some loy- ing to consider this, but more Democrats by the to say that he was having a bad day Naples, Fla.
alty to the man in the Oval Office. Is Transporta- day are making the case that Mr. Biden should
tion Secretary Pete Buttigieg ready to throw Mr. bow out in their party’s, and the country’s, best
Biden under the electric bus? interests. Trying to invoke the 25th Amendment
If a removal effort succeeds, the Vice Presi- could reinforce Mr. Biden’s stubborn streak and The Palestinian Goal and the U.S. Way of War
dent then becomes Acting President. Kamala cause him to dig in further.
In addition to forgetting Hamas’s statement: “If the United States expe-
Harris would get temporary power to give or- The 25th Amendment is political catnip, atrocities of Oct. 7 (“Israel Struggles rienced what Israel is experiencing,
ders as Commander in Chief, without the title and chatter about using it on President Trump Against Global Amnesia” by Elliot our response would be swift, decisive
or mandate. Republicans should close their arose in 2017 and again in 2021 after the Jan. Kaufman, op-ed, June 28), much of the and overwhelming.” This is regretta-
eyes and imagine how Acting President Harris 6 Capitol riot. Republicans talking about it world has ignored or minimized the ble but not surprising. Why expect the
might handle, say, a Chinese invasion of Tai- now are probably enjoying the payback. But thousands of rockets launched by U.S. to assist an ally in prosecuting a
wan. Does that raise their confidence? it was a daydream and a distraction then for Hamas and Hezbollah in this war. war in a manner different from how it
The 25th Amendment also permits a side- the same reasons it’s impractical today. There is also a refusal to acknowl- prosecutes wars itself?
lined President to challenge his removal. Sus- Voters are correct that Mr. Biden is too old edge the consistent goal of all Pales- The U.S. arguably hasn’t won a war
taining disqualification ultimately takes a to serve until Jan. 20, 2029, when he’d be age tinian factions. It was enunciated re- since World War II, and it has rarely
two-thirds vote by both the House and Senate. 86. The best path is for Democrats to persuade cently in a small but noisy protest responded to any conflict “swiftly, de-
outside the Israeli consulate in At- cisively and overwhelmingly,” regard-
That’s a higher bar than what’s required for Mr. Biden to forgo re-election, which would let
lanta: “We don’t want two states, we less of how compelling the case to do
impeachment and conviction, since the House him focus on governing through the end of his want ’48.” Along with “globalize the so may be. To the extent it responds
can pass impeachment articles with a mere term. If Mr. Biden won’t listen, voters will intifada” and “from the river to the at all, the U.S. acts in a “measured,
majority. To regain the Presidency, in other have their say in November. sea,” the Palestinians and their back- proportionate manner” after “deep
ers make it clear that their primary consultation with allies, world bod-

Defiant Joe Says He Won’t Go goal is the destruction of Israel. How

can there be a workable two-state so-
lution when Israel’s foes show that
ies,” etc., and prides itself on doing
so. Its primary concern is not in win-
ning, but in appearances. No matter

P
resident Biden came out swinging on and retain any credibility. That’s why he now every inch of land they gain will be how heinous Hamas’s acts of Oct. 7
Monday to save his presidential candi- almost sounds like Mr. Trump. used to attack a small Jewish state? were, and how close an ally Israel is,
dacy—not at Republicans but at the DORON LUBINSKYMr. Biden’s withholding of arms or
Mr. Biden is also trying to stop Democratic
Atlanta
providing them with strings attached
Democratic “elites” who are defections from becoming a is simply another example of this
urging him to withdraw lest The President sounds stampede with Congress re- Mr. Kaufman laments that President overriding concern.
he lose to Donald Trump and like Trump denouncing turning to Washington this Biden’s behavior has failed to match JAMES SPIRO
take other Democrats down week after the Fourth of July his early rhetoric, such as his Oct. 10 New Orleans
with him in November. his party’s ‘elites.’ recess. He sent a letter to
Mr. Biden called into Democrats on Monday rein-
MSNBC’s “Morning Joe” pro- forcing that he’s staying in the
gram—the psychiatric couch for Democrats in race and no one can drive him out.
The Key Driver of the Trump Prosecutions
the Trump era—to say he’s not leaving the race, “I received over 14 million votes, 87% of the In “Why Republicans Don’t Aban- struct the government’s investigation,
no way, no how. votes cast across the entire nominating process. don ‘Felon’ Trump” (op-ed, June while there is no evidence that the
20), Michael McConnell observes, other acted similarly.
“I’m getting so frustrated by the elites—now I have nearly 3,900 delegates, making me the
“Most Democrats I know have per- Mr. McConnell undoubtedly sub-
I’m not talking about you guys—but by the elites presumptive nominee of our party by a wide suaded themselves of the righteous- scribes to the legal truism that “like
in the party, who, ‘They know so much more.’ margin,” Mr. Biden wrote. “Do we now just say ness of criminally prosecuting Don- cases should be treated alike.” But the
But if any of these guys don’t think I should run, this process didn’t matter? That the voters ald Trump to keep him from corollary also holds. The two classi-
run against me. Announce for President, chal- don’t have a say?” becoming president again.” Demo- fied document cases aren’t alike, and
lenge me at the convention,” Mr. Biden said. Mr. Biden apparently believes that if he crats as well as Republicans can Mr. McConnell cites no evidence that
Hosts Joe Scarborough and Mika Brzezinski shows enough determination to stay in the race, point to a much stronger justifica- their disparate treatment was politi-
must have smiled at being spared the elite label, his Democratic doubters will fade away as the tion for prosecuting former Presi- cally motivated rather than a proper
but it’s a fascinating strategic turn for the Presi- Chicago convention gets closer. That assumes dent Trump—namely, the substantial exercise of prosecutorial discretion.
dent after his week of despond. the polls don’t continue to show him trailing evidence that he committed crimes. STUART ALTSCHULER
Mr. Biden has suddenly turned into a critic Mr. Trump in the popular vote as well as the If such evidence exists, does Mr. New York
McConnell believe that he should be
of the media establishment that has been cover- swing states. Let’s see in the coming weeks how
given a pass merely because he is Prof. McConnell gets it right as to
ing for him for three-and-a-half years. After his many Democrats want to trust their political fu- running for president? why many Republicans who have
debate face plant, the press couldn’t keep it up tures to Mr. Biden’s defiance. Mr. McConnell acknowledges that never been Trump supporters now
such evidence exists. In his view, at find themselves planning to vote for

NATO’s Biggest Threat Isn’t Trump least one Trump prosecution—the

classified documents case—has “a
solid factual foundation.” Neverthe-
him. I had standards, so I couldn’t
bring myself to vote for Mr. Trump for
two election cycles. I still have stan-

P
resident Biden seems to be looking at A more ambitious 3% target would better re- less, he dismisses that case as an in- dards, so now I have to vote for him.
this week’s North Atlantic Treaty Organ- flect the world’s dangers after years of defense stance of “selective prosecution” be- JEFF GOLDEN
ization summit in Washington as a neglect across Europe. That ought to be a prior- cause President Biden also retained Greenbrae, Calif.
chance to persuade his own classified documents improperly but
ity of Mark Rutte, the Dutch
It’s the Russia-China- politician set to become hasn’t been charged. Mr. McConnell
party and the U.S. public that
he’s capable of running the
doesn’t note that one man allegedly Who Needs a U.S. President?
country. But the biggest threat
Iran axis, and lagging NATO’s new secretary-general
later this year.
sought to hide the documents and ob-
Regarding your editorial “The
to the alliance on its 75th an- defense spending. That would help improve Mess Democrats Have Made” (July 1):
The real party line isn’t to defend de-
niversary isn’t the return of Mr. Rutte’s credibility on de- Closing Off All the Escape mocracy but to defend bureaucracy. If
Donald Trump. fense spending, which wasn’t
Among other agenda items, NATO Secre- illustrious in more than a decade as prime min-
Routes From Public Schools President Biden holds on, Democrats
will have to admit (if only implicitly)
tary-General Jens Stoltenberg says alliance ister of the Netherlands. The Dutch spent a piti- Regarding Jason Riley’s “Who’s
that they believe we don’t need an ef-
members will roll out a “substantial” package ful 1.36% of its economy on defense in 2021 be- Afraid of a Catholic Charter School?”
fective president, only an entrenched
for Ukraine. “NATO will take over the coordina- fore the Ukraine war, and they’re set to eke out (Upward Mobility, July 3): Having
army of bureaucrats working (if you
taught in public schools for 28 years,
tion and provision of most international secu- 2.05% in 2024. believe it) on our behalf.
I think I have heard every self-serving
rity assistance,” with 700 personnel based in Meanwhile, Russia may devote 6% of its argument against school choice. The
Some would say that such thinking
Germany. The alliance has put up about 40 bil- economy to defense this year, a surge typical is the real threat to America.
most revealing one came from a local
lion euros a year for Ukraine, and “allies agree of the Cold War. NATO militaries are better OLGA LUKASHEVSKY
school principal.
that this is a minimum baseline,” Mr. Stolten- equipped, but the threat is more acute than Naples, Fla.
This career educrat argued that
berg said on Friday. most Americans understand. vouchers were a bad idea because
This is a welcome show of will from Europe. Russia “may currently hold the upper hand families would grab the vouchers,
Mr. Putin is willing to tolerate setbacks, enor- in a blitz-style limited conflict against NATO,” scurry off to private schools, inundate Pepper ...
mous casualties and years of running his econ- say, in the Baltics, as the Hudson Institute noted those private schools and overwhelm
them. I was an unindoctrinated late-
And Salt
omy on a war footing in his bid to dominate in a recent report, even if Western forces have
Ukraine. Mr. Putin’s missile strike on a children’s the overall edge. The alliance needs more forces comer to the education profession, THE WALL STREET JOURNAL
and this sounded like a backhanded
hospital in Kyiv Monday should end any remain- on the Eastern front and is struggling to keep
endorsement of vouchers.
ing delusions that the Russian dictator cares up with Russian artillery production. Denying choice is denying that
about lectures on international norms. Mr. Putin is not a lone wolf. Credit to Mr. parents, largely educated at public
Yet some Western officials and analysts are Stoltenberg for stating plainly on Sunday that schools, are qualified to make intelli-
styling this long-term support in leaks to the “China is the main enabler of Russia’s war ag- gent choices. In general, systems that
press as “insurance” against Mr. Trump retak- gression against Ukraine,” and inviting Pacific don’t work have to close off the es-
ing the White House. This is an unforced error allies to be part of this week’s summit. cape routes and rely on captive audi-
that needlessly inflames Mr. Trump’s support- But too many European leaders seem to ences. The teachers unions pay good
ers. For all Mr. Trump’s bluster and regrettable think Mr. Trump is more dangerous than Mr. money to stymie school choice.
remarks, he has said his goal is better socializ- Putin. U.S. voters now have to weigh Mr. JEFFREY R. SMITH
Alameda, Calif.
ing the burdens of defending Europe. Trump’s reckless remarks against Mr. Biden’s
NATO allies can make a good case that they infirmities, and the latter may be more danger-
Letters intended for publication should
are taking Mr. Trump’s charges seriously. Some ous if adversaries try to exploit a weak U.S. be emailed to wsj.ltrs@wsj.com. Please
23 of 32 NATO allies are on track to meet the President in the coming months. include your city, state and telephone
alliance target by spending 2% of their econo- The urgent threat to NATO is the Russia- number. All letters are subject to
mies on defense this year, up from three in China-Iran hydra, not American voters choosing editing, and unpublished letters cannot “Legal says we have to change ‘core
be acknowledged.
2014. Mr. Trump. competencies’ to ‘core stuff we do.’”
THE WALL STREET JOURNAL.
Biden Has 100 Million Reasons to Stay In
By Charlie Spies
D
emocrats are in a panic.
President Biden’s disas-
trous debate perfor-
mance has members of
his own party debating
whether and how to move him off
the ticket. The more important ques-
tion might be when.
Campaign finance rules create
an incentive for Mr. Biden to stay
in the race through the Democratic
National Convention in August. At
that point, but not before, Mr. Bi-
den would be able to transfer his
campaign’s anticipated $100 mil-
lion war chest to Vice President
Kamala Harris, assuming that she,
too, is still on the ticket.
He can’t legally shift his
campaign war chest to
Harris until he’s the official
Democratic nominee.
If Mr. Biden drops out before the
Democratic Party formally makes
him its nominee, then Federal Elec-
tion Commission rules dictate that
no more than $2,000 of any cam-
paign funds that he raised may be
transferred to any other candidate,
including Ms. Harris. The Federal
Election Campaign Act governs what
What Republicans Can Learn From the British Election
FREE
EXPRESSION
By Gerard Baker
T
he news that Britain has a new
prime minister will have
landed on anyone still paying
vague attention to politics in that
country with all the impact of the
publication of the latest changes to
the commuter railroad schedules.
Sir Keir Starmer—the son of a
toolmaker was dubbed a Knight
Commander of the Order of the Bath
in 2014 by the late Queen Elizabeth II
in recognition of his pre-political ca-
reer as the country’s chief prosecu-
tor—on Friday became the U.K.’s
sixth prime minister in fewer than
eight years. That’s almost as many
leaders as the New York Jets have
had starting quarterbacks in that
time.
But stay with me, because this is
different and has potential meaning
beyond the tea rooms of Westminster.
Unlike the rapid succession of
Conservatives who played pass-the-
parcel with the nation’s highest of-
fice for the past decade, Mr. Starmer
is the leader of the Labour Party,
which last week won a landslide gen-
eral election victory.
Proliferating Recusal Demands Threaten the Judiciary
By Theodore B. Olson
T
he Consumer Financial Protec-
tion Bureau, supported by left-
wing interest groups, de-
manded that Judge Don Willett of
the Fifth Circuit U.S. Court of Ap-
peals recuse himself from a case
challenging the CFPB’s rule on
credit-card late fees. One of Judge
Willett’s child college savings ac-
counts held around $2,000 of stock
in Citigroup, which wasn’t a party to
the case.
Judge Willett erred on the side of
caution and sought the advice of the
U.S. Judicial Conference’s Committee
on Codes of Conduct. The committee
concluded unanimously that the in-
vestment was too “indirect and con-
tingent” to require recusal. It was an
easy call under federal judicial ethics
rules and common sense.
As the committee explained, judi-
cial codes of conduct require recusal
if the judge has “a financial interest
in the subject matter in contro-
versy.” That financial interest must
be direct and substantial, such as
when a judge owns stock in a com-
pany that is a party to the case. Re-
cusal is unwarranted when a case
might have only an indirect, specula-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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a presidential campaign may do with
“excess campaign funds,” which is
what the money left in the Biden for
President campaign will legally be
considered if he is no longer a can-
didate. Those excess funds may be
contributed in an unlimited amount
to the Democratic National Commit-
tee or an independent expenditure
committee. Presidential campaigns
may also contribute such funds to
other federal campaigns, subject to
contribution limits, which are
$2,000 per election.
In short: Before the nomination
officially goes to Mr. Biden, his cam-
paign is limited to donating $2,000
to the Democratic nominee, whether
that new standard bearer is Gavin
Newsom, Gretchen Whitmer or Ms.
Harris.
Some Democratic election law-
yers have asserted that if Mr. Biden
drops out now, all his funds could
go to a new Harris campaign. That’s
incorrect. In September 2012, the
Romney for President campaign
added running mate Paul Ryan to its
FEC Form 1, indicating on Line 5
that it was the principal campaign
committee for the Republican
Party’s nominees for president and
vice president. If Mr. Romney had
dropped out of the race after that
point, then 11 CFR Sec. 103.4 would
have controlled, providing that the
“campaign depository designated by
the principal campaign committee
of a political party’s candidate for
Big Labour majorities come along
about once every quarter-century in
Britain. The party’s victory made Mr.
Starmer the fourth leader in La-
bour’s 124-year history to achieve
such a feat—after Clement Attlee in
1945, Harold Wilson in 1966 and
Tony Blair in 1997. Mr. Starmer won
a 174-seat majority in the 650-mem-
ber Parliament, on par with Mr.
Blair’s.
So after 14 years of Conservative
rule, have those eccentric Brits
moved decisively leftward when
much of the Western world seems to
be moving sharply to the right?
In most of Europe, right wing na-
tionalist parties are on the rise. In It-
aly and the Netherlands they are key
parts of the government. In Germany
and Scandinavia they have recently
scored their highest vote shares. In
France Marine Le Pen’s National
Rally party may have failed to make
the big breakthrough that was ex-
pected in Sunday’s elections, but it is
now the single largest party in the
Parliament with 142 seats, up from
only two a decade ago. In Canada
and the U.S. polling suggests further
advances for the right.
But the reality is more compli-
cated than it looks.
The primary feature of the Brit-
ish election was a punishment beat-
ing for the Conservative Party for
tive or contingent effect on a judge’s
financial interests.
Normally, parties to a lawsuit
have a strong incentive not to pro-
voke judges with baseless recusal
demands. That makes it surprising
the CFPB would join in such an un-
warranted demand. But the bureau
seems to be more an extension of
certain Democratic politicians these
days than a federal agency respect-
ful of the rule of law. Several mem-
bers of Congress, led by Sen. Eliza-
beth Warren, responded to the
committee’s opinion with a hyper-
bolic letter declaring that the opin-
ion and Judge Willett’s decision not
to recuse himself “represent ongo-
ing threats to the integrity of the ju-
dicial system.”
In recent months, we have seen an
alarming increase in baseless judi-
cial-ethics attacks. Interest groups
have demanded that judges and jus-
tices recuse themselves based on
similarly attenuated investment con-
nections. The latest came when out-
side groups wrote to a federal dis-
trict judge demanding that he recuse
himself from considering the lawful-
ness of the Federal Trade Commis-
sion’s new regulation banning non-
compete clauses in employment
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OPINION
The July 4 celebration at the White House in Washington.
president shall be the campaign de-
pository for that political party’s
candidate for the office of Vice
President.”
Importantly, and unlike the Rom-
ney-Ryan example, Mr. Biden isn’t
currently the Democratic Party’s
candidate for president, and Ms.
Harris isn’t currently her party’s
candidate for vice president. They
can fairly be called their party’s pre-
sumptive nominees, but that is a ti-
tle with no legal status in federal
election law. Standard contribution
limits apply.
its past five years of misrule. After
the party had achieved a fairy-tale
landslide of its own in 2019, as
those three unwelcome guests did
to the birthday celebrations of the
Sleeping Beauty, it was promptly
bewitched by three prime ministers
bringing indiscipline, ineptitude
and incompetence in the respective
human forms of Boris Johnson, Liz
Truss and Rishi Sunak.
The Conservative coalition
split because populists and
traditional Tories couldn’t
find common ground.
Last week, the party ended up
with both its lowest share of the
vote—24%—and the smallest num-
ber of seats—121—in its nearly 200-
year history. It lost voters in every
direction. It lost seats to Labour, es-
pecially in the north. It lost seats to
Liberal Democrats, a leftist alterna-
tive to Labour in the south. It lost
seats to Reform UK, a nationalist
populist party, everywhere. And it
lost seats to the lure of the sofa;
turnout dropped sharply to 60%,
the second lowest since universal
suffrage.
contracts. The judge holds stock in
several publicly traded companies
that aren’t parties to the litigation
but have used noncompete clauses in
their employment contracts.
Recusal tactics have become more
outrageous. Normally, only parties
directly involved in the litigation can
file a motion to recuse a judge for an
alleged conflict of interest. But we
now see coordinated campaigns to
Activist groups are trying
to force judges off cases by
claiming dubious conflicts
of interest.
pressure recusals. Left-wing interest
groups are submitting demands for
recusal, coupled with press releases
and press conferences. This practice
should stop. There is no formal
mechanism for outsiders to file such
recusal demands, and for good rea-
son. They clog courts with additional
briefings and hearings, causing de-
lays and distorting outcomes. Courts
should refuse to entertain these ill-
intended requests, and the lawyers
and litigants responsible should be
subjected to sanctions.
Recusal attacks haven’t been lim-
Notable & Quotable: Kamala Harris on Gaza
From “Is Kamala the One?” by
Joan Walsh in the Nation, July 8:
She has gotten credit for being a
step ahead of the president in her
public statements, criticizing Israel’s
relentless bombardment and the re-
sulting humanitarian crisis in Gaza
with an eloquent anguish Biden has
not matched. . . .
“Listen, I strongly believe that our
ability to evaluate a situation is con-
nected to understanding the details
of that situation. Not speaking of
Tuesday, July 9, 2024 | A19
possibly illegal unlimited transfer of
funds to Ms. Harris, the courts
would likely interpret the plain lan-
guage of the statute to prohibit such
a contribution. Such legal review
will start at the FEC, but the Su-
preme Court’s recent decisions in
Loper Bright Enterprises v. Rai-
mondo and Relentless Inc. v. Depart-
ment of Commerce to dispense with
agency deference could mean a
TIERNEY L. CROSS - POOL VIA CNP/ZUMA PRESS
quick test of judicial willingness to
enforce a federal statute.
If President Biden is committed to
passing the torch to his vice presi-
dent, and wants to be able to seed
her campaign with the current Biden
for President campaign war chest,
he’ll first have to become his party’s
legal nominee. After shuffling
through the Democratic National
Committee’s planned roll call vote
he’d be free to drop out. Ms. Harris
could seamlessly slip into the
In August 2023 the Biden for driver’s seat. That’s a risky strategy,
President campaign amended its as it requires maintaining an obvi-
FEC Form 1 to assert on Line 5 that ous fiction under intense public
the committee was the principal scrutiny for another six weeks.
campaign committee for both Mr. Mr. Biden insists he will stay in
Biden and Ms. Harris. At the time the race. Does he really mean it?
nobody had reason to question that Even if he doesn’t, the Democratic
maneuver, and if at the Democratic Party has a strong financial incen-
convention Mr. Biden and Ms. Har- tive to play along.
ris emerge as their party’s nomi-
nees, then there won’t be a need to Mr. Spies is a former counsel for
challenge the premature designa- the Republican National Committee
tion. If, however, Mr. Biden were to as well as former counsel to the
drop out before being nominated chairman of the Federal Election
and attempt an unprecedented and Commission.
The Tories proved not only mana- ain leftward on climate change and
gerially inept; they failed to resolve other issues. The woke march will
a fundamental ambivalence in their surely continue. But fiscal reality
own political message. Their big vic- (and the already big spending and
tory in 2019 was achieved thanks to tax increases under the Tories) will
a coalition of working-class former limit what he can do with state lar-
Labour voters who backed Brexit, but gess. On foreign policy, he is solidly
who still wanted more social protec- pro-NATO, anti-Putin and alert to the
tion and less elitist wokery, and strategic challenge of China. He will,
more traditional and highly educated without countenancing any return to
conservative voters who favored the EU, seek closer relations with the
smaller government and more eco- continent. But he will have a solid
nomic liberalism. It failed both, by bloc in his own party that is force-
allowing illegal immigration to ex- fully anti-Israel and pro-Palestinian
plode, presiding over the continued and that will create tensions.
cultural progressive march through There are two lessons from Mr.
British institutions and by raising Starmer’s win for the rest of the
taxes and spending to the highest world—especially for the U.S. as we
levels in more than 50 years. prepare to vote in November.
Labour’s mandate is a curious one. First, incumbents are almost uni-
Thanks to the vagaries of the elec- versally unpopular. Inflation, rising
toral system, the party won just 34% global instability and lingering social
of the vote but almost two thirds of dislocations caused by Covid have
parliamentary seats. Part of the rea- upended politics across the West and
son for that was very efficient “tacti- given voters an urge for change—an
cal voting” by anti-Tories who picked additional message to ponder for
whichever candidate—Liberal Demo- those desperately striving to save
crats and Greens as well as Labour— President Biden right now.
seemed best placed to defeat the lo- Second, we are all still in the
cal Conservative. That undoubtedly midst of a deep political realign-
depressed Labour’s vote. ment. The Conservatives fractured
But still, this was no vote for a because they were unable to marry
1945-style socialist transformation, the modern appeal of populism to
or even for Mr. Blair’s “Cool Britan- the conventional, economically lib-
nia” progressive aesthetic of 1997. eral conservatism of the past 50
Mr. Starmer will doubtless push Brit- years. Can Republicans do it better?
ited to financial claims. More than a nated recusal attacks, however, I see
decade ago, when I was representing a much more malicious and danger-
gay couples seeking marriage equal- ous long-term objective. These un-
ity, we defeated an effort to disqual- founded attacks are ultimately
ify a judge based on his sexual orien- aimed at undermining the indepen-
tation. More recently, interest dence of the federal judiciary as a
groups have demanded recusal based whole. As the lawmakers put it in
on the political, personal and profes- their letter regarding Judge Willett’s
sional activities of judges’ spouses decision not to recuse himself, poli-
and family members. And they have ticians raise these recusal demands
enlisted the media to help magnify to feed into their narrative about
their efforts. “ongoing threats to the integrity of
As a result, we have seen media the judicial system.” This is a well-
stories raising “ethical” questions financed and coordinated effort to
about a Supreme Court justice’s for- lay the foundation for calls for court
mer law clerks pitching in for a pizza packing and other reform measures
party and a justice cohosting a baby that would destroy the judiciary’s
shower for a former colleague whose independence.
spouse had filed a law professor am- Lawyers and all citizens must see
icus brief in a case—to note only two through this scheme and call out
of the many silly examples. Some meritless judicial ethics complaints.
lawmakers have fueled these fires We must defend judges against un-
with irresponsible rhetoric and con- warranted recusal demands. We must
spiracy theories. celebrate judges who take their oath
These tactics are harmful. Unwar- to the U.S. Constitution seriously and
ranted accusations of judicial bias stand firm against these attacks on
or conflicts aim to intimidate judges their independence and impartiality.
to recuse themselves unnecessarily If we don’t, we may find ourselves
or, worse, to overcompensate in with court “reforms” that transform
their judicial decisions. These accu- the federal judiciary from an inde-
sations seek to undermine the pendent bulwark for liberty and the
courts’ legitimacy and the public’s rule of law into political tribunals
confidence in the impartial adminis- that rule based on partisanship.
tration of justice.
Those are the immediate objec- Mr. Olson served as U.S. solicitor
tives. In this latest trend of coordi- general, 2001-04.
myself versus the president, not at what are women in Gaza doing about
all. From the beginning, I asked sanitary hygiene. . . .”
questions. OK, the trucks are taking The young people who have mobi-
flour into Gaza. But here’s the thing, lized against the destruction of Gaza
Joan: I like to cook. So I said to my are unlikely to be mollified by these
team: You can’t make s— with flour answers. What does she say to them?
if you don’t have clean water. So “They are showing exactly what
what’s going on with that? I ask the human emotion should be, as a re-
questions like, What are people actu- sponse to Gaza. There are things some
ally eating right now? I’m hearing of the protesters are saying that I ab-
stories about their eating animal solutely reject, so I don’t mean to
feed, grass . . . so that’s how I think wholesale endorse their points. But
about it. we have to navigate it. I understand
“Similarly, I was asking early on, the emotion behind it.”
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5572.85 À 0.10% S&P FIN g 0.15%
Beijing Leads U.S. in Fusion Race
Clean energy’s Holy
Grail is attracting
new investment
from heavyweights
BY JENNIFER HILLER
AND SHA HUA
A high-tech race is under
way between the U.S. and
China as both countries chase
an elusive energy source: fu-
sion.
China is outspending the
U.S., completing a massive fu-
sion-technology campus and
launching a national fusion
consortium that includes some
of its largest industrial compa-
nies.
Crews in China work in
three shifts, essentially around
the clock, to complete fusion
projects. And the Asian super-
power has 10 times as many
Ph.D.s in fusion science and
engineering as the U.S.
The result is an increasing
worry among American offi-
cials and scientists that an
early U.S. lead is slipping
away.
JP Allain, who heads the
Energy Department’s Office of
Fusion Energy Sciences, said
China is spending around $1.5
billion a year on fusion, nearly
twice the U.S. government’s
‘Nuclear’
Verdicts
By Juries
Increase
BY RICHARD VANDERFORD
Juries are going “nuclear”
with greater frequency, impos-
ing outsize verdicts on U.S.
companies as they seek to
stand up for the little guy, ac-
cording to some studies, a
trend that is making some in-
surance policies more costly
and harder to come by.
The number of cases with a
corporate defendant that had
a jury award of more than $10
million—what businesses and
insurers call a nuclear ver-
dict—grew more than 27% in
2023, continuing a general up-
ward trend, according to re-
search by Marathon Strate-
gies, a communications and
research firm.
Chubb, one of the world’s
largest insurers, intends to ap-
point a full-time executive to
handle what it sees as a
mounting problem of inflated
verdicts, Chief Executive Evan
Greenberg told an audience of
industry insiders at a recent
trade event. Chubb in a recent
report also said the number of
nuclear verdicts is going up.
Please turn to page B2
Foreign Carmakers
Face Struggle in China
BY YOKO KUBOTA
AND CLARENCE LEONG
New data show foreign car-
makers’ share of the Chinese
market is shrinking more
quickly, and foreign execu-
tives say any turnaround is
years away.
In the first six months of
the year, foreign brands such
as Tesla and Volkswagen took
43% of the passenger-car mar-
ket in China, down from 50.5%
in the same period a year ear-
lier, the China Passenger Car
Association said Monday.
China’s auto market, the
world’s largest by unit sales,
is rapidly electrifying with
help from state subsidies, and
local electric-vehicle makers
have grabbed significant mar-
ket share.
“What’s tough is, the mod-
els that have been our
strengths, the Accord, the
Civic or the CR-V, are now
seen as old fashioned at
times,” said Masayuki Iga-
rashi, Honda’s managing exec-
utive officer overseeing its
* ** * **
S&P IT À 0.72% DJ TRANS g 0.79%
fusion budget. Additionally,
China appears to be following
a program similar to the road
map that hundreds of U.S. fu-
sion scientists and engineers
first published in 2020 in
hopes of making commercial
fusion energy.
“They’re building our long-
range plan,” Allain said.
“That’s very frustrating, as
you can imagine.”
Scientists familiar with
China’s fusion facilities said
that if the country continues
its current pace of spending
and development, it will sur-
pass the U.S.’s and Europe’s
magnetic fusion capabilities in
three or four years.
Fusion has long been a
clean-energy dream. The pro-
cess of combining atoms is the
same process that powers the
sun, and scientists hope to
harness it to deliver almost-
limitless energy. The technol-
ogy faces daunting scientific
and engineering hurdles, and
some experts consider it a mi-
rage that will remain out of
reach.
Though a scientific break-
through on fusion could bene-
fit all of humanity, some in the
U.S. fear it would give China a
leg up in a growing competi-
tion over energy resources as
the U.S. and others try to shift
Please turn to page B4
Thousands of Samsung Workers Walk Out
OFF THE JOB: Members of the National Samsung Electronics Union, which represents 30,000 workers in South Korea, have been
urged to put down their tools until Wednesday to persuade management in now-stalled bargaining talks to accept their
demands for higher wages, bigger bonuses and better working conditions. B4
China business, in April. “Still,
we have to protect our brand.”
The foreigners’ setbacks in
China have added to the
global backlash against Chi-
nese car exports, with the U.S.
and some other governments
figuring they have little to
lose by hitting Beijing with
tariffs. The U.S. in May set a
100% tariff on Chinese EVs,
and the European Union fol-
lowed suit the next month by
releasing tariff rates of about
17% to 38%.
More than 70 EVs are ex-
pected to be introduced this
year in China, according to
Volkswagen, leading to a price
war that hits domestic and
foreign brands alike. Some
carmakers are grappling with
excess production capacity
and are trying to export their
way out of trouble, exacerbat-
ing tensions with Western
governments.
In the first six months of
this year, car sales rose 3.3%
from a year earlier to 9.84 mil-
lion vehicles, according to the
Please turn to page B2
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.10% 2–YR. TREAS. yield 4.616% NIKKEI (Midday) 41386.80 1.49%
Tuesday, July 9, 2024 | B1
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FBI Probes
Allegations
How magnetic-confinement fusion works
Fusion is the process by which two atomic particles combine to form a single, heavier one, releasing
a huge amount of energy. In stars, gravity and heat do the job of getting atomic particles to collide.
Of Rape
On Earth, a common experimental fusion design uses a magnetic field to trap and squeeze atoms.
Magnetic-field direction
Against
Brokers
Vacuum chamber
Neutral particle beams
Toroidal magnets
BY EMILY GLAZER
AND KATHERINE CLARKE
Plasma
The Federal Bureau of Inves-
tigation is probing allegations
of rape and sexual assault by
three siblings in one of the
Low-pressure gas most famous families in luxury
Solenoid real estate, according to people
familiar with the matter and a
document reviewed by The
Wall Street Journal.
Agents from an FBI task
force on child exploitation and
Poloidal magnets sex trafficking have talked in
recent weeks to women who
1 2 3 4 say they experienced or wit-
Magnetic-confinement Toroidal magnets and The solenoid is an Neutral particle beams nessed sexual assault by the
fusion starts with poloidal magnetic fields electric-current-carrying heat the plasma. three brothers, Oren Alexander,
a vacuum chamber. that will help trap and magnet at the center of Fusion requires Alon Alexander and Tal Alexan-
Air and impurities control the plasma are the chamber. As a powerful temperatures over 100 der, the people said.
are evacuated. charged up. Gaseous fuel is current is run through million degrees Celsius. The FBI agents and govern-
introduced in the chamber. the vessel, the gas breaks As high-intensity
ment lawyers are asking about
down electrically. current circulates
alleged sexual assaults by the
It becomes ionized, with within the chamber,
electrons stripped from plasma particles can
three brothers as far back as
the nuclei. Plasma forms. become excited enough their high-school years and in
Note: Design is a general representation The magnets keep to collide and fuse. the two decades since, as they
of a magnetic-confinement device.
the plasma away from lived and worked in different
Sources: PHD Comics and Princeton Plasma Physics Laboratory
(chamber and magnet design); ITER and EUROfusion the chamber walls. parts of the U.S., the people
(magnetic-confinement process and fusion energy) JEMAL R. BRINSON/WSJ said.
The investigators have also
sought to identify other poten-
tial witnesses or alleged vic-
tims, the people said.
The Alexander brothers have
been accused of sexual assaults
in civil lawsuits filed this year
by different women, allegations
that the brothers have denied.
Oren and Tal have stepped
down from their roles at Offi-
cial, a real-estate company
they co-founded, in the wake of
the allegations.
Isabelle A. Kirshner, a law-
yer for Oren and Alon Alexan-
der, said she and her clients
were unaware of any federal
probe. “We are unaware of any
basis for an FBI inquiry into
our clients’ conduct,” she said.
Tal Alexander’s attorneys
said in a statement that they
were unaware of any federal
investigation. “We have looked
into Tal’s previous conduct and
expect that anyone who inves-
tigates these matters will de-
termine what we have—that
Tal has done nothing wrong,”
said Deanna Paul and Milton
Williams of Walden Macht Ha-
ran & Williams LLP.
An FBI inquiry may not lead
to criminal charges. A spokes-
man for the FBI declined to
comment.
Sons of a prominent home
developer in Miami, real-estate
SOO-HYEON KIM/REUTERS
agents Tal and Oren have bro-
kered the sale of some of the
country’s priciest real estate,
including the 2019 sale of a
roughly $240 million New York
apartment to hedge fund mag-
nate Ken Griffin. That deal cur-
rently holds the record as the
most expensive home ever sold
Please turn to page B10
INSIDE Japan’s $1.5 Trillion Pension
To Make Waves in Stocks, Yen
BY PETER LANDERS Government Pension Investment Fund’s portfolio, once
AND MEGUMI FUJIKAWA mostly domestic bonds, now is about half foreign assets.
TOKYO—Japan would love
to strengthen the yen, with March 2024
Foreign stocks
the currency’s value at a March 2014
BUSINESS NEWS nearly 38-year low. And it
Boeing plea deal owns one of the world’s big-
gest dollar stashes. Foreign bonds
falls short Many analysts say Tokyo is
for families. getting ready to redirect
B3 some of those government- Japanese stocks
controlled dollars back into
yen assets, a decision that
could ripple through global fi-
nancial markets, given the Japanese bonds
sums involved.
The Government Pension 0 10 20 30 40 50 60 ¥70 trillion
Investment Fund is an invest- Note: ¥100 trillion=$620 billion
ing whale, with ¥246 trillion, Source: GPIF
equivalent to $1.53 trillion, in
assets as of March 31. Half of route: It takes a chunk of further to 50% four years ago.
the total is held in foreign money from working people’s The investments, which in-
stocks and bonds, mostly in paychecks beyond the amount vited similar shifts by other
dollars, and the fund is about spent on current pension large Japanese institutions,
HEARD ON to start a once-every-five- costs, then converts some of helped push up U.S. and Japa-
THE STREET years review of its strategy. those yen into dollars to buy nese stock prices.
In an aging world where assets such as American Though the pension fund
In France, limbo is pension programs such as So- stocks and bonds. has enjoyed big paper gains
the best-case cial Security in the U.S. often The fund in 2014 raised the and was up nearly 23% in its
scenario. B10 face long-term challenges, ratio of foreign assets to 40% most recent fiscal year, it is a
Japan has adopted an unusual from 23%, and bumped it up Please turn to page B9
B2 | Tuesday, July 9, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

Canada Averts Port Strike Threat

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

A Fannie Mae.................................A2 P
Advanced Micro Devices.B9 Freddie Mac................................A2 Paramount Global........A1,B10
Alphabet........................................B4 G S
Arbor Realty Trust...............A2 BY PAUL VIEIRA able for comment about the la-
Geely Automobile..................B2 SAIC Motor.................................B4 bor-board ruling, and the
B H OTTAWA—Canada averted a union’s next steps.
Samsung Electronics..........B4
Baidu.................................................B4 Honda Motor..............................B1 Skydance Media............A1,B10 new labor disruption affecting Last year, a roughly two-
BNP Paribas.............................B10 Horizon Robotics....................B2 Société Générale..................B10 its Pacific Coast ports after the week strike involving more
Boeing..............................................B3 country’s labor-relations board than 7,000 workers at British
Hyundai Motor.........................B2 Stellantis........................................B2
Britvic...............................................B3 deemed as illegal a strike no- Columbia ports disrupted ship-
I Super Micro Computer.....B9
tice issued by a union repre- ping operations across the Pa-
BYD.....................................................B2
T senting ship and dock fore- cific Northwest.

PAIGE TAYLOR WHITE/BLOOMBERG NEWS

Intel....................................................B9
C
J Tesla...................................................B1 men. Authorities estimate the
Carlsberg........................................B3 Another strike would have strike affected shipments total-
Toyota Motor.............................B2
Chetrit..............................................A2 JPMorgan Chase....................A2 represented the second consec- ing C$10 billion, and reduced
Chubb................................................B1 M U utive summer of labor disrup- Canada’s economic output by
Corning............................................B9 Matador Resources..............B3 UnitedHealth...............................A1 tion at Canada’s West Coast C$1 billion.
D
gateways, which handle about The Canadian Chamber of
Meridian Capital.....................A2 V
a quarter of the country’s an- Commerce, the country’s larg-
Devon Energy............................B3 Mitsubishi Motors.................B2 Vanguard........................................A1 nual trade and deal with cargo est business group, said last
E N Vinci................................................B10 totaling roughly 800 million year had the most work days
Engie...............................................B10 Nike....................................................B9 Visa..................................................A13 Canadian dollars, or $586 mil- Another strike would have represented a second consecutive lost to labor disputes since
ENN....................................................B4 Nissan Motor.............................B2 Volkswagen..................................B1 lion, daily. summer of labor disruption at its West Coast ports. 1986. A recent chamber survey
The threat of a walkout of members indicated they ex-
Exxon Mobil................................B2 O X added to business concerns out ship and dock foremen. said the union and the employ- pected supply-chain obstacles
F Official...............................................B1 XPeng...............................................B2 about supply chains, with the On Sunday, Canada’s Indus- ers group had rescinded strike to deteriorate in the near term
possibility of a simultaneous trial Relations Board ruled the and lockout notices, and federal because of the threat of strikes.
strike this summer at the coun- union’s strike notice violates mediators were working with “Government simply can’t
INDEX TO PEOPLE try’s two biggest railroads.
Local 514 of the Interna-
parts of the country’s labor
code. “The union failed to bar-
the two parties to reach an
agreement.
allow our British Columbia
ports to shut down for a sec-
tional Longshore and Ware- gain in good faith when it con- The British Columbia mari- ond year in a row—they need
A Gates, Bill......................................B4 Ma, Tammy.................................B4 house Union, which represents ducted a strike vote amongst time employers group said it to act as swiftly as possible to
Alexander, Alon.........................B1 Gillston, Seth.............................B2 Malik, Omeed............................A6 730 foremen, had issued a 72- the employees of only one was “disappointed that these prevent a repeat of the impacts
Alexander, Oren........................B1 Greenberg, Evan.......................B1 Miyazono, Masataka...........B9 hour strike notice Friday. In re- member employer of the BC- steps needed to be taken to en- on Canadian families, Canadian
Griffin, Ken....................................B1 Mumgaard, Bob......................B4 sponse, the group representing MEA and issued a strike notice sure the stability of Canada’s businesses, and the Canadian
Alexander, Tal.............................B1
Musk, Elon...................................B2
Angrick, Stefan.........................B9 Grimes, Roger.........................A14 terminal operators and ship- based on that strike vote,” the west coast ports but is pleased economy,” said Pascal Chan,
H N owners, the British Columbia board said. with the outcomes.” the chamber’s senior director
B
Brandstätter, Ralf..................B2 Hackett, Mark...........................B9 Neumann, Adam..................B10 Maritime Employers Associa- Canadian Labor Minister A representative for Local of transportation and infra-
Buckley, Tim...............................A2 Heller, Martha...........................B4 P tion, said it was ready to lock Seamus O’Regan on Monday 514 wasn’t immediately avail- structure.
Hornbarger, Bill........................B9 Pickett, Larry.............................B4
C
Hunt, Shaun...............................B4 Prentiss, Ric.............................B10

‘Nuclear’
Chan, Angus...............................B4 Total amount won in nuclear Top 10 states by total number of nuclear verdicts, 2013-2022
I R
Chan, Pascal................................B2 verdicts against corporations
Igarashi, Masayuki.................B1 Ramji, Salim................................A1
Chodorow, Jeffrey...............B10 California
Redstone, Shari.....................B10

Verdicts
Iger, Bob.........................................A6 $20 billion
D Roth, Allan...................................A2
J Florida
David, Alki.....................................B1 S
Joost, Eric.....................................B2
Diller, Barry...............................B10 New York

Increase
Shell, Bob......................................A6
E K 15
Sotiroff, Daniel.........................A2
Kaufman, Ivan..........................A2 Texas
Ellison, David....................A1,B10 T
Kiuchi, Takahide.......................B9 Georgia
Ellison, Larry............................B10 Takahashi, Toshiyuki...........B9
Emanuel, Ari..............................A6 L Taneja, Rajat..............................B4 10
Continued from page B1 Illinois
G Long, Patrick............................A14 Z The U.S. Chamber of Com-
Galperin, Eva............................A14 M Zaslav, David..............................A6 merce said in a recent report Pennsylvania
that the number of verdicts 5
Washington
above $100 million reached a
Share of foreign brands in Sales of EVs as a share of the record in 2023, up nearly Missouri
China’s auto sales auto market in China* 400% from 2013.
0 Ohio
The nuclear verdict phe-
60% 60% nomenon isn’t new, but Amer- 2015 ’20 ’23 0 50 100 150 200
ican corporations worry that Note: The Covid-19 pandemic affected access to courts.
it is growing. Sources: Marathon Strategies (amounts); U.S. Chamber of Commerce Institute for Legal Reform (states)
50 50 “Folks vote two ways: in
the ballot box and in the jury yer who secured the $900 mil- cases, which together make up uses focus groups to try to un-
43% box,” said Seth Gillston, the lion verdict in the Alki David nearly three-quarters of these derstand how a real jury might
42%
40 40 head of North America indus- case. “Lawsuits and the right awards. Businesses can buy decide on a case.
try practices for Chubb. “Peo- to hold corporations account- lines of insurance to cover Plaintiffs’ lawyers try to ac-
ple are just desensitized to the able are what make them do those kinds of claims. tivate jurors’ fear, a technique
30 30 numerical value, [and] that’s the right thing. Left to their Observers point to several known as reptile theory, and
coupled with the fact that own devices, they would not.” factors driving the trend. then say the risk can be ad-
people are angry.” The verdicts often come Many Americans are angry at dressed by sending a message
20 20
The U.S. has long been an from tragic circumstances, but big companies and the jury to a defendant, Bloom said.
outlier for its litigiousness, and large awards can drive up the box is perhaps the only place The increasing availability of
damage awards into the hun- cost of goods and services and they can punish them for bad outside funding to sustain cases
10 10
dreds of millions or even north affect the cost and availability behavior. has also played a role in driving
of $1 billion represent a partic- of insurance, the U.S. Chamber “It’s becoming more and nuclear verdicts, said James
ularly American response to of Commerce has said. more like class warfare, where Whittle, chief claims counsel to
0 0
losses or tragedies. Most of the Advocates for victims say the 99% is against the 1% and the American Property Casualty
2019 ’20 ’21 ’22 ’23 ’24 2019 ’20 ’21 ’22 ’23 ’24 damages stem from difficult- corporations are whining the corporate defendant is Insurance Association, an in-
*Includes battery electric vehicles and plug-in hybrids Note: 2024 data for the first half of the year. to-quantify factors, such as the about a relatively small num- seen as the 1% and the juries surance trade group.
Source: China Passenger Car Association value of a life, rather than out- ber of cases involving horrific are using their jury service as Victims’ advocates counter
of-pocket expenses. events. an opportunity to affect that the funding helps level

Foreign Nissan recently halted vehicle

production at its Changzhou
plant in eastern China, while
A Philadelphia jury, for ex-
ample, in May ordered Exxon
Mobil to pay $725 million to a
“The insurance industry’s
use of the phrase ‘nuclear ver-
dicts’ is them throwing a tem-
change in society and to bal-
ance power,” said Jason
Bloom, a Dallas-based jury
the playing field against deep-
pocketed corporations.
Whittle also pointed to the

Carmakers Honda has sought to cut work-

ers at a China joint venture
through voluntary buyouts.
service-station mechanic who
developed acute myeloid leu-
kemia after being exposed to
per tantrum when they don’t
like the results of a case,” said
Linda Lipsen, chief executive
consultant who has worked for
both plaintiffs and defendants.
Bloom, who worked for the
U.S. system of each side pay-
ing its own costs as a possible
driver of litigation. Other ju-

Struggle Companies that retain hope

for China are trying to cater
better to local tastes, espe-
benzene in gasoline. Last
month, a California jury said
entertainment billionaire Alki
of the American Association
for Justice, an association of
trial lawyers.
defense team of former profes-
sional baseball player Roger
Clemens in a 2012 perjury case
risdictions, such as the U.K.
and Canada, force the losers
of a lawsuit to pay the legal
cially in EVs, and speed up de- David should pay $900 million Victims often are forced to and has also worked on a num- expenses of the winner in
Continued from page B1 velopment. to a former employee who pursue cases because corpora- ber of corporate cases, said he most cases.
Chinese car association. Gas- Volkswagen, the bestselling brought sexual-battery claims. tions are reluctant to pay for
car sales continued to tumble, foreign brand in China, has In 2022, a Texas jury hit legitimate claims, Lipsen said.
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slowed. Overall, new-energy ment decision-making author- billion verdict after one of its courts are contract cases, of-
vehicles, a category that in- ity to executives in the coun- cable repairmen murdered an ten companies suing other
cludes full EVs and plug-in hy- try. To absorb local elderly woman, though the companies, according to data To advertise: 800-366-3975 or WSJ.com/classifieds
brid vehicles, accounted for technology, it invested in Chi- amount was later reduced by provided by her association.
about 42% of the market in nese EV-startup Xpeng and a judge. But some insurance indus-
the first half. Tesla fell to auto-industry chip maker Ho- Andrew DuPont and Patrick try players say the growth in BANKRUPTCIES
third place in the new-energy- rizon Robotics among others. Wigle, lawyers for the man large verdicts is limiting busi-
vehicle category in the Janu- VW says it has cut develop- who won the lawsuit against nesses’ ability to buy insur-
ary-May period, according to ment time in China by about Exxon, said his pain and suffer- ance at reasonable rates. UNITED STATES BANKRUPTCY COURT Debtors, or their respective property or interests
the latest available data from 30%. ing was immeasurable and the “The raw price of $1 of in- DISTRICT OF DELAWARE
) Chapter 11
unless a Proof of Claim is timely filed by the Rejection
Damages Bar Date, unless otherwise expressly allowed
In re
the association, behind China’s Still, the first of its locally jury verdict was based on com- surance has gone up and less CANO HEALTH, ) Case No. 24-10164 (KBO) by the Court.
BYD and Geely Auto. developed cars won’t reach mon sense. Exxon said it would of it is available,” said Eric INC., et al., ) (Jointly Administered)
Debtors. 1 ) Re: Docket Nos. 1125 & 1148
PLEASE TAKE FURTHER NOTICE that all documents filed
with the Bankruptcy Court in connection with the above-
Cars are one of many con- the market until 2026. Ralf ask the court to reduce that Joost, the chief operating offi- NOTICE OF OCCURRENCE OF EFFECTIVE captioned chapter 11 cases, including the Plan, the Plan
sumer products where Chinese Brandstätter, who heads verdict, calling it “irrational.” cer of CAC Specialty, an insur- DATE AND ENTRY OF ORDER CONFIRMING Supplement,and the Confirmation Order,may be viewed free of
charge by visiting the website maintained by Verita at https://
MODIFIED FOURTH AMENDED JOINT
buyers are Volkswagen’s Chris Hamilton, the lead trial ance broker. CHAPTER 11 PLAN OF REORGANIZATION veritaglobal.net/CanoHealth. You may also obtain copies of any
pleadings filed in these chapter 11 cases for a fee by accessing
switching to lo- business in lawyer for the plaintiff in the CAC data show that dam- OF CANO HEALTH, INC. AND ITS AFFILIATED
DEBTORS the Bankruptcy Court’s website at http://www.deb.uscourts.
cal brands as China, charac- Charter case, said big verdicts age awards topping $10 mil-
Companies that PLEASE TAKE NOTICE that on June 27, 2024, Cano Health, gov. Note that a PACER password and login are required to
access documents on the Bankruptcy Court’s website. A PACER
homegrown terized the two always happen for a reason. lion mostly come from prod- Inc. and certain of its subsidiaries, as debtors and debtors in
password can be obtained by visiting http://www.pacer.psc.
retain hope for
possession (collectively, the “Debtors”), filed the Modified
companies im- years until then “Lawsuits are good for soci- uct liability claims, auto Fourth Amended Joint Chapter 11 Plan of Reorganization of uscourts.gov.
PLEASE TAKE FURTHER NOTICE that the Plan and the
prove in quality as a “stabiliza- ety,” said Gary Dordick, a law- crashes and medical liability Cano Health, Inc. and Its Affiliated Debtors [Docket No. 1125]
China are trying (together with all exhibits and schedules thereto and as may provisions thereof (including the exhibits and schedules
and some peo- tion phase.” be amended, modified, or supplemented from time to time, thereto and all documents and agreements executed pursuant
thereto or in connection therewith), the Plan Supplement,
ple express “We expect
to cater better
the “Plan”)2 with the United States Bankruptcy Court for the
District of Delaware (the“Bankruptcy Court”). and the Confirmation Order are effective and enforceable
their patriotism in these two PLEASE TAKE FURTHER NOTICE that on June 28, 2024, and shall bind the Reorganized Debtors, the Released Parties,

to local tastes. the Bankruptcy Court entered the Order (I) Confirming Modified the Exculpated Parties, all holders of Claims and Interests
through their years very Fourth Amended Joint Chapter 11 Plan of Reorganization of Cano (irrespective of whether such Claims or Interests are impaired
under the Plan or whether the holders of such Claims or
purchases. challenging Health, Inc. and Its Affiliated Debtors and (II) Granting Related
Relief [Docket No.1148] (the“Confirmation Order”). Interests accepted or are deemed to have accepted the Plan),
Last year, moments,” he PLEASE TAKE FURTHER NOTICE that on June 28, 2024, any other person giving, acquiring, or receiving property under
the Plan, any and all non-Debtor Parties to executory contracts
Japan’s Mit- said in April. all conditions precedent to consummation of the Plan were
satisfied or waived in accordance with Article IX of the and unexpired leases with any of the Debtors, any other party
subishi Motors said it was “We don’t worry about that. Plan. Further, no stay of the Confirmation Order is in effect. in interest in these chapter 11 cases, and the respective heirs,
executors, administrators, successors, or assigns, if any, of
ending production in China, For us it’s important to pre- Accordingly, the Plan was substantially consummated and
became effective on June 28, 2024. As of the Effective Date, all any of the foregoing. All settlements, compromises, releases
while two years ago Stellantis pare [for] ’26.” releases, exculpations, discharges, and injunctions set forth in (including the releases set forth in Article X of the Plan),
waivers, discharges, exculpations, and injunctions set forth in
Toyota and Nissan also
the Plan are now effective.
did the same for its Jeep ve- PLEASE TAKE FURTHER NOTICE that, in accordance with the Plan are effective and binding on any Entity that may have
had standing to assert any settled, compromised, released,
hicles. have said they plan to further Section 8.1 of the Plan, all executory contracts and unexpired
waived,discharged,exculpated,or enjoined Causes of Action.
leases to which any of the Debtors are parties shall be deemed
Other foreign makers of localize development of cars assumed, or assumed and assigned, as applicable, unless such Date: June 28, 2024, Wilmington, Delaware, /s/ Michael J.
gasoline-powered cars are re- sold in China. contract or lease (i) was previously assumed or rejected by
the Debtors pursuant to an order of the Bankruptcy Court; (ii)
Merchant, RICHARDS, LAYTON & FINGER, P.A., Mark D. Collins
(No. 2981), Michael J. Merchant (No. 3854), Amanda R. Steele
trenching to adapt to declin- Tesla is an exception previously expired or was terminated pursuant to its own terms (No.5530),920 North King Street,Wilmington,Delaware 19801,
ing sales. Gasoline-car facto- among U.S. carmakers in that or by agreement of the parties thereto; (iii) is the subject of a
motion to assume or reject filed by the Debtors on or before
Telephone:(302) 651-7700,E-mail:collins@rlf.com,merchant@
rlf.com, steele@rlf.com -and- WEIL, GOTSHAL & MANGES LLP,
ries tend to have more it still relies heavily on China. the Effective Date; (iv) is a Senior Executive Employment Gary T. Holtzer (admitted pro hac vice), Jessica Liou (admitted
OWEN PHILLIPS/FILMON NETWORKS/AP

pro hac vice), Matthew P. Goren (admitted pro hac vice), Kevin
workers than EV factories be- Its locally produced Model 3 Agreement (which shall be treated as set forth in Section 5.12
of the Plan), (v) is specifically designated as a contract or lease Bostel (admitted pro hac vice),767 Fifth Avenue,New York,New
cause EVs require fewer pro- and Model Y helped spark in- to be included on the Rejection Schedule included in the Plan York 10153, Telephone: (212) 310-8000, E-mail: gary.holtzer@
weil.com, jessica.liou@weil.com, matthew.goren@weil.com,
Supplement, or (vi) is the subject of a pending Cure Dispute.
duction steps and typically are terest in EVs and remain In accordance with Section 8.3 of the Plan, in the event the kevin.bostel@weil.com, rachael.foust@weil.com, Attorneys for
made with more advanced strong sellers. Still, sales have rejection of an executory contract or unexpired lease, solely Debtors and Debtors in Possession
pursuant to the Plan, results in damages to the other party or
manufacturing automation dropped as those models age. The last four digits of Cano Health,Inc.’s tax identification
1
parties to such contract or lease, a Proof of Claim on account number are 4224. A complete list of the Debtors in the chapter
technology. To reignite consumer inter- of such rejection damages Claim must be filed no later
than thirty (30) days following service of the notice
11 cases may be obtained on the website of the Debtors’claims
Hyundai, whose China sales est, Chief Executive Elon Musk of occurrence of the Effective Date (the “Rejection
and noticing agent at https://veritaglobal.net/CanoHealth. The
Debtors’ mailing address is 9725 NW 117th Avenue, Miami,
have been dropping, has sold wants to introduce driving as- Damages Bar Date”).
PLEASE TAKE FURTHER NOTICE that any such rejection
Florida 33178.
2
Capitalized terms used but not otherwise defined have
its plant in Chongqing, west- sistance software that he calls damages Claim will be forever barred and will not be the meanings ascribed to such terms in the Plan.
ern China, to a local company. full self-driving. Billionaire Alki David was hit with a $900 million verdict. enforceable against the Debtors, the Reorganized
 THE WALL STREET JOURNAL.
Boeing Plea Deal Falls Short for Families
Plane maker faces
conviction and a
$244 million fine for
misleading regulators
Boeing’s agreement to plead
guilty to misleading air-safety
regulators in the run-up to two
deadly 737 MAX crashes falls
short of what families of the
crash victims wanted.
By Dave Michaels,
Sharon Terlep
and Andrew Tangel
Boeing will formally ac-
knowledge guilt and accept
fresh punishment over its
dealings with the Federal Avi-
ation Administration before
two 737 MAX crashes that
killed 346 people, according to
a late Sunday court filing. The
stunning concession would
brand the world’s biggest
aerospace company a felon.
As part of a plea to one
count of conspiracy to defraud
the U.S., prosecutors have asked
the company to pay a second
$244 million criminal fine and
spend $455 million over the
next three years to improve its
compliance and safety pro-
grams. Boeing also must hire an
independent monitor for three
years to oversee those improve-
Carlsberg Pays $4.23 Billion for Soft-Drink Maker
BY IAN WALKER
Danish brewer Carlsberg
agreed to buy London-listed
soft drinks maker Britvic for
3.3 billion pounds, or about
$4.23 billion, as part of a plan
to expand in the nonalcoholic
beverage market and reduce
reliance on beer sales.
Carlsberg, which brews its
namesake lager as well as
making non-beer alcoholic
drinks like Somersby cider
and Garage alcopop brands,
said Monday that it is offering
1,315 pence for each Britvic
TANNEN MAURY/EPA/SHUTTERSTOCK
The acquisition of oil-and-gas producer Grayson Mill Energy by Devon is the latest in a wave of
private-equity exits from the U.S. oil patch that is extending beyond the Permian Basin.
Devon Energy Sets $5 Billion
Deal for Driller Grayson Mill
BY DEAN SEAL
Devon Energy has agreed
to acquire Grayson Mill En-
ergy, an oil-and-gas producer
in the Williston Basin, in a
cash-and-stock deal valued at
$5 billion.
The Oklahoma City-based
Devon said Monday that it
would pay $3.25 billion in
cash and $1.75 billion in stock
to acquire Grayson Mill, which
operates drilling rigs in the
Bakken oil region in North Da-
kota and Montana.
The deal is expected to
close in the third quarter, with
an effective date of June 1, De-
von said.
The company is planning
for the acquisition to immedi-
ately boost earnings and cash
flow as it expands its position
in the Williston Basin in west-
ern North Dakota and eastern
Montana by more than
300,000 acres.
Production from the ac-
quired acreage is expected to
hit about 100,000 barrels of
oil a day in 2025, Devon En-
ergy said.
The acquisition is the latest
in a wave of private-equity ex-
its from the U.S. oil patch that
is extending beyond the more
popular Permian Basin. That
region has been the locale for
multibillion-dollar acquisitions
ments. A court still needs to
sign off on the plea agreement.
The families of the crash
victims had asked federal pros-
ecutors to seek a fine as high
as about $25 billion, prosecute
Boeing at trial without conces-
sions and pursue other charges
against the company and exec-
utives they believe are respon-
sible for the crashes.
Justice Department officials
have told the families they
faced various legal hurdles, in-
cluding a statute of limitations
and a lack of evidence to prove
alternative charges such as
manslaughter beyond a reason-
able doubt. An earlier attempt
to prosecute a Boeing employee
over the allegations failed at
trial.
A Justice Department offi-
cial said the deal holds the
company accountable and pro-
tects the public.
Boeing confirmed that it
reached the agreement and
declined to comment further.
“This sweetheart deal fails
to recognize that because of
Boeing’s conspiracy, 346 peo-
ple died,” said Paul Cassell, an
attorney for the families.
“Through crafty lawyering be-
tween Boeing and DOJ, the
deadly consequences of Boe-
ing’s crime are being hidden.”
The plea would wipe out a
more lenient punishment Boe-
share, a 29.6% premium to its
closing price of 1,015 pence on
June 20, the day before a pre-
vious proposal by Carlsberg
was made public.
The offer includes cash of
1,290 pence a share and a 25
pence a share special divi-
dend.
Britvic houses 39 brands
sold in more than 100 coun-
tries, including Fruit Shoot,
Robinsons, Tango and J2O.
Britvic also has a deal with
PepsiCo in the U.K. for the
production, distribution and
sales of carbonated drink
Devon Energy quarterly financials
$6 billion
5 US PATENTS
4 10,422,488
3 • A quantity and
2 geared to
1 and clarity for
0
2021 ’22
Source: S&P Capital IQ
by big publicly traded buyers
from private-equity-backed
sellers over the past year.
Devon is buying Grayson
Mill from Houston-based En-
Cap Investments, an energy-
focused private-equity firm
that added Grayson to its
portfolio in 2016.
EnCap has been on a tear,
shedding oil-and-gas assets in
Utah’s Uinta Basin last month
with the $2.55 billion sale of
XCL Resources to strategic
buyer SM Energy and North-
ern Oil and Gas. The private-
equity firm first backed XCL
Resources in 2018.
Earlier in June, EnCap
landed a nearly $2 billion sale
BUSINESS NEWS
The aerospace company faces three years of court-supervised
probation during which it could face additional penalties.
ing received in January 2021,
when prosecutors agreed to de-
fer the criminal charge as long
as the company stayed out of
trouble. The government and
Boeing were negotiating terms
of the agreement through Sun-
day, the deadline for prosecu-
tors to impose or dismiss the
charge. Boeing’s board hasn’t
yet approved a written plea
agreement, which is expected
to be made public by July 19,
the court filing said.
Boeing admitted three years
ago that two former employees
misled the FAA about a new
flight-control feature on the
737 MAX that wasn’t supposed
brands such as
Pepsi, 7UP and
Mountain Dew. Britvic houses
It extended the 39 brands and
long-running
partnership by sells in more
20 years in late
2020.
than 100
The Britvic countries.
deal would
boost Carls-
berg’s already
significant soft drink volumes
at a time when the prospect
for long-term beer sales
growth across the industry re-
mains uncertain.
Revenue Net profit
’23 ’24
of Permian Basin assets to
Matador Resources.
Devon plans to fund the
transaction with cash on hand
and debt. The company said it
would update guidance once
the deal closes.
Given the deal’s expected
boost for Devon’s financials,
the company’s board of direc-
tors has expanded its share
repurchase authorization by
67% to $5 billion through mid-
year 2026.
The company also said it
plans to improve its financial
strength by allocating up to
30% of its annual free cash flow
toward reducing $2.5 billion of
debt over the next two years.
Tuesday, July 9, 2024 | B3
the new-model jet. millions of dollars by persuad-
The department announced ing regulators to approve
a settlement with Boeing in lighter pilot-training require-
January 2021. The company ments for the MAX. Forkner’s
agreed to a deferred-prosecu- lawyers said he wasn’t aware
tion agreement, a form of cor- of the change and didn’t lie to
JENNIFER BUCHANAN/THE SEATTLE TIMES/PRESS POOL
porate probation. Boeing air-safety regulators.
needed to successfully serve a Finally, the company’s set-
three-year probationary period tlement was upended in May
to have the charge dismissed. 2024 when prosecutors said
As part of the 2021 deal, Boeing failed to comply with a
Boeing paid a $243.6 million core requirement of its proba-
criminal fine and $500 million tionary agreement: maintain-
to compensate the families of ing an effective compliance
deceased passengers. Boeing program. That allowed prose-
avoided a corporate monitor at cutors to void the settlement.
the time, even though some The government last week
Justice Department attorneys told the company to plead
argued internally at the time guilty or face a criminal trial.
that it should be assigned one. Boeing, which had admitted
But the case took several to wrongdoing in its 2021 set-
to activate in normal flying volatile turns since then. First, tlement, chose the plea. The
conditions. In the fatal crashes prosecutors failed to notify the families said in their own fil-
in 2018 and 2019, pilots were families of the crash victims ing late Sunday that they
unable to regain control after about the terms of the original want the judge overseeing the
the planes’ noses were forced settlement, violating a law that case, Reed O’Connor, to reject
downward by repeated, errone- protects the rights of crime the plea. Under federal rules,
ous activations of the flight- victims. The families chal- O’Connor can only approve or
control system. lenged Boeing’s settlement, reject the plea.
Prosecutors launched a saying it was too lenient. Pleading guilty creates busi-
criminal investigation shortly Then, a federal jury acquit- ness challenges for Boeing.
after the first accident, a Lion ted the only individual charged Companies with felony convic-
Air flight that crashed into the with the crime, a former Boe- tions can be suspended or
Java Sea in October 2018, caus- ing pilot who was accused of barred as defense contractors.
ing 189 deaths. Authorities fo- misleading the FAA about the Boeing is expected to seek a
cused on how two Boeing em- new flight-control feature’s waiver from that consequence.
ployees communicated with the ability to activate in more rou- The company was awarded De-
FAA about the cockpit feature tine flying conditions. Prosecu- fense Department contracts
before the regulator decided on tors said Mark Forkner was last year valued at $22.8 bil-
pilot-training requirements for trying to save Boeing tens of lion, according to federal data.
Share-price performance,
year to date
50%
Britvic
Carlsberg’s tified accelerating growth be- 40
current soft- yond its key beer market as a
drink portfolio priority.
accounts for Carlsberg had previously 30
16% of group made two offers for Britvic.
volume and Both had been rejected.
20
27% of volume Carlsberg said on Monday
in Western Eu- that the proposed acquisition
rope. Carls- supports its overall growth 10
berg’s “Beyond ambitions and builds on its
Beer” category, bottling business in the Nordic
which includes region, while deepening and 0
Somersby and Garage, repre- strengthening its footprint in
sents just 2% of total volume. Western Europe. The company Carlsberg
The deal comes about four said it plans to accelerate –10
months after a strategy up- commercial and supply-chain Jan. 2024 July
date in which Carlsberg iden- investments in Britvic. Source: FactSet
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 B4 | Tuesday, July 9, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

China Approves Shanghai

For Driverless Robotaxis
Move follows similar

JEAN CHUNG/BLOOMBERG NEWS

initiatives in three
other major Chinese
cities since late 2022
BY JIAHUI HUANG
The union said about 6,500 workers went on strike Monday.
China has added Shanghai
to a list of top-tier cities al-
lowing the use of driverless
robotaxis in which no safety
supervisors are present, part
Samsung Workers
of the country’s efforts to take
a global lead in autonomous In South Korea
JADE GAO/AFP/GETTY IMAGES

driving and commercialize the

technology.
Shanghai officials said over
the weekend that in parts of
the city, residents can now
Stage 3-Day Strike
book free rides in robotaxis of
four companies—internet The test area for the robotaxis covers about 127 miles of roads in Shanghai’s Pudong district. BY KWANWOO JUN disrupt production,” a union
search giant Baidu, SAIC Mo- leader said during a televised
tor-owned Saike Technology since late 2022 to allow trial and Chongqing in August players in the U.S. Tesla is Thousands of Samsung Elec- rally of striking workers near
and self-driving startups runs of robotaxis without 2022. planning to launch robotaxi tronics unionized workers in a Samsung plant in Hwaseong,
Pony.ai and Auto X. safety operators. Beijing, “It may still take longer to services in August, while Al- South Korea walked off job sites south of Seoul. He warned
The taxis are driverless and Shenzhen and Guangzhou see large-scale commercializa- phabet-backed Waymo re- on Monday as part of a three- that a bigger-scale general
don’t have supervisors physi- have all started charging fees tion of robotaxis in China, but cently expanded services in day strike, pressing for higher strike could come this month
cally present in the car, with for the use of robotaxis in approval [from major cities] is San Francisco. wages and better working con- if management fails to meet
the companies approved to of- some cases, a step further to- an important step in granting “Tesla and Waymo have ditions, union leaders said. their demands.
fer services through Jan. 4. ward commercializing auto- these companies access to test conducted massive trials on Samsung, the world’s larg- The union in June launched
The testing area covers 205 driving in a country where their technology and access the [U.S.] West coast,” Qu est maker of memory chips what it called a first-ever
kilometers, or about 127 miles, dozens of companies are road data,” said Angus Chan, said, adding that “China can’t and smartphones, said there walkout at Samsung, telling
of roads in Shanghai’s Pudong working on refining the tech- an auto analyst at Bocom In- be inactive and wait when U.S. were no immediate disrup- its members to take a day of
district, Pony.ai said in a nology and applying it on Chi- ternational. companies have already made tions to production. paid leave en masse. The pre-
WeChat post. nese roads. CCB International analyst their move.” The National Samsung vious union action, however,
Shanghai’s move follows China’s first tests of robot- Qu Ke said China’s autono- “That’s why we’re seeing Electronics Union, which didn’t affect operations at the
similar initiatives in three axis without safety operators mous-driving industry is rac- more cities [in China] opening claims it has about 30,000 company’s heavily automated
other major Chinese cities started in the cities of Wuhan ing to compete against top up their roads,” he said. members, or nearly a quarter chip-making facilities.
of the company’s workforce, The industrial unrest at
said that about 6,500 workers Samsung followed Friday’s
went on strike across the na- rosy second-quarter earnings
tion on Monday. forecast, boosted by a contin-
Union members have been ued recovery in its chip-mak-
urged to down their tools for ing business. The company ex-
three days until Wednesday, pects operating profit for the
ratcheting up pressure on April-June period to see a
management in now-stalled nearly 16-fold increase com-
bargaining talks to accept pared with the same period a
their demands for higher year earlier.
wages, bigger bonuses and Shares rose less than 1% as
better working conditions. traders largely shrugged off
“Our strike today aims to the union action.

AI Boom Lifts Paychecks

For Technology Leaders
BY BELLE LIN
The artificial intelligence
boom is helping boost the sal-
aries and pay packages of chief
CFOTO/DDP/ZUMA PRESS
“With technology initiatives
more critical to the business
and their boards than ever,
companies are also offering
rich retention packages to tech

information officers to new leaders, which adds to the

heights.
CIO compensation increased
7.48% on average among large
enterprises and 9% among
Tokamaks enable fusion to happen using powerful magnets to hold plasma. A tokamak in Hefei, China. midsize enterprises over the
past year—the biggest gains
overall increase in pay,” said
Martha Heller, chief executive
of Heller Search Associates.
Boosts in CIO compensation
have followed changes in re-
porting structures: Roughly

China, U.S. “They’re going to put a lot

of human capital and a lot of
money and a lot of organiza-
key milestone four times since.
The Biden administration in
2022 set a goal of achieving
Fusion scientists have
swapped and shared informa-
tion since the late 1950s, when
among information-technology
job categories, according to
salary data from consulting
63% of U.S.-based CIOs now re-
port to chief executives rather
than chief financial officers or

Locked In tion around it. And the ques-

tion will be, can they figure
out the technology?” said Bob
commercial fusion energy
within a decade and requested
$1 billion for fusion in its re-
countries began declassifying
fusion energy research. China,
Russia and the U.S. are among
firm Janco Associates.
Overall, CIO and chief tech-
nology officer compensation is
chief operating officers, accord-
ing to Deloitte survey data.
In some instances, CIO eq-

Fusion Race Mumgaard, chief executive of

Commonwealth Fusion Sys-
tems, the largest private fu-
sion company in the U.S., with
Continued from page B1 investors that include Bill
more production and supply Gates.
chains within domestic bor- The Chinese Academy of
ders. Sciences’ Institute of Plasma
China already has a rapidly Physics in the eastern Chinese
growing nuclear-technology city of Hefei in 2018 broke
industry and is building more ground on a nearly 100-acre
conventional nuclear-power magnetic-fusion research and
plants than any other country. technology campus. The facil-
The country’s nuclear-plant ity is expected to be com-
development will give it an ad- pleted next year but is already
vantage when commercial fu- largely operational and fo-
sion is reached, according to a cused on industrializing the
report released last month by technology.
the Information Technology Late last year, China said it
and Innovation Foundation, a would form a new national fu-
Washington, D.C.-based think sion company, and said the
tank with backers that include state-owned Chinese National
big tech companies. Nuclear Corp. would lead a
cent budget proposal. Organiz-
ing a U.S. public-private fusion
consortium, similar to a 1980s
and ’90s semiconductor pro-
gram, was a suggestion dis-
cussed at a recent White
House event. Some recent DOE
awards were structured simi-
larly to the way NASA has
boosted the commercial space
industry.
Tammy Ma, lead for the In-
ertial Fusion Energy Initiative
at Lawrence Livermore’s Na-
tional Ignition Facility, said
the U.S. fusion budget of $790
million for the 2024 fiscal
year, a 4% increase from the
year prior, hasn’t been enough
to keep pace with inflation.
The sluggish growth has
meant fewer research grants
and grant-funded positions
the 35 countries involved in
the International Thermonu-
clear Experimental Reactor, or
ITER, in France.
Chinese scientists partici-
pate in international fusion
conferences and seem most
comfortable sharing informa-
tion through direct conversa-
tions, other scientists say,
though language is an obsta-
cle.
U.S. Rep. Don Beyer, a Vir-
ginia Democrat and co-chair of
Congress’s Fusion Energy Cau-
cus, said that much U.S. fusion
spending goes to legacy pro-
grams, “not the cutting-edge
stuff.”
“In China, from what we
can tell, most of their billion
and a half is actually going to
build stuff that would compete
up more than 20% since 2019,
with boosts to base pay and,
more often, equity packages,
uity packages have increased
by as much as 40%, Heller
said, especially among private-
according to IT executive re- equity firms seeking to buoy
cruiting firm Heller Search As- technology assets. “CIOs are a
sociates. The gains indicate big part of the value and the
growing investment by enter- private-equity firm’s ability to
prises in AI strategies and cor-
porate tech leaders becoming
more visible as they are in-
creasingly tasked with new AI-
related responsibilities.
“ChatGPT caught a lot of in-
cumbent technology companies
by surprise, and no organiza-
tion wants to be left behind,”
said Shaun Hunt, CIO of At-
lanta-based construction ser-
vices firm McKenney’s. With
only a few tech leaders fluent
in the emerging field of genera-
tive AI, “this increased demand
and limited supply of technol-
SYNEOS HEALTH

Nuclear fusion occurs when consortium of state-owned in-
two light atomic nuclei merge dustrial firms and universities
to form a single heavier one. pursuing fusion energy.
That process releases huge Among the largest efforts by a
amounts of energy, no carbon private Chinese company are
emissions and limited radioac- those of ENN, an energy con-
tivity—if someone can get it to glomerate, which created a fu-
work. sion division from scratch in
Scientists around the world 2018.
are trying to figure out how to Since then, ENN has built
sustain fusion reactions and two tokamaks, the machines
engineer a way to turn that where fusion can happen, us-
energy into net power. The ing powerful magnets to hold
U.S. leads on a technology that plasma. ENN’s fusion work
uses lasers to create fusion re- isn’t well understood outside
actions, though magnetic fu- of China and its pace of devel-
sion—using magnetic fields to opment would be difficult to
confine plasma—is where replicate in the U.S. or Europe.
many experts expect commer- Fusion has seen a burst of
cialization first. interest from governments
and private investors since
August 2021. Investments in
China’s fusion push fusion technology surged in
China is putting vast re- 2022 after scientists at Law-
sources into chasing the abun- rence Livermore National Lab-
dant-energy dream. Crews in oratory in California achieved
China break only around Lu- “ignition”—a fusion reaction
nar New Year, according to that produced more energy
scientists familiar with the ef- than it consumed. The federal
forts. research lab has achieved the
available in U.S. graduate
schools, Ma said.
Winner is unclear
The fusion world is full of
frenemies who believe their
technology and approach is
the best to meet the world’s
energy needs. Most are colle-
gial competitors with partner-
ships that spiderweb the
globe. But cooperation has
been complicated by the in-
creasingly adversarial rela-
tionship between China and
the West, especially the U.S.
China for decades has in-
vested in raw materials and
technologies that are key to
the low-carbon transition.
Many of those are also used by
fusion firms and researchers,
including powerful magnets to
hold plasmas in place and lith-
ium, which can be used as a
blanket layer around a fusion
reactor to absorb neutrons
produced in plasmas, among
other technologies.
with Helion or Commonwealth
Fusion,” Beyer said, referring
to two of the largest private
fusion firms in the U.S.
For decades, China had “al-
most nothing” of a fusion pro-
gram, said Dennis Whyte, a
professor of engineering at
MIT, who for several years sat
on Chinese fusion advisory
committees. It took China
about 10 years to build a
world-class fusion science pro-
gram and national labs.
“It was almost like a flash
that they were able to get
there,” Whyte said. “Don’t un-
derestimate their capabilities
about coming up to speed.”
The U.S. has advantages
with an entrepreneurial ap-
proach but needs better coor-
dination between private com-
panies, universities and the
government, similar to what
was used in the 1950s to de-
velop the nuclear submarine
program, Whyte said.
“It’s not clear to me who
will win,” he said.
ogy leaders is driving up com-
pensation for these critical
roles,” Hunt added.
Median base pay for CIOs
this year climbed above
$220,000 for large enterprises,
and reached around $210,000
for midsize enterprises, ac-
cording to Janco.
Compensation packages,
with equity included, being of-
fered to new CIO hires are put-
ting total compensation above
$1.5 million for midsize com-
panies and over $1.8 million
for large companies, some tech
chiefs said.
Among the largest enter-
prises, Visa President of Tech-
nology Rajat Taneja’s total
compensation in 2023 exceeded
$20 million, according to com-
pany proxy filings. That was up
from about $16.4 million in
2022, and includes a $2.8 mil-
lion stock award increase and a
$95,775 salary bump.
Compensation was growing
well before AI’s big moment in
late 2022.
Syneos’s Larry Pickett
have a good sale,” she said.
While his cash compensa-
tion at Syneos Health has re-
mained flat, Larry Pickett,
chief information and digital
officer for the biopharmaceuti-
cal services company, said
his equity awards have in-
creased.
That is a good incentive, he
said, and is based on “helping
drive the company forward
and the company’s financial
success, as opposed to, ‘Do you
have the system up and run-
ning?’ ”
Pay increases also reflect
increased duties for CIOs in
setting and executing AI ini-
tiatives. That includes ready-
ing enterprise data for use
with AI, managing the technol-
ogy’s cybersecurity and finan-
cial risks, and preparing em-
ployees to use AI tools.
B6 | Tuesday, July 9, 2024 * ** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
39344.79 t 31.08, or 0.08% Trailing P/E ratio 27.27 22.65 5572.85 s 5.66, or 0.10% Trailing P/E ratio * 24.15 19.69 18403.74 s 50.98, or 0.28% 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 2.16 2.10 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 5572.85, 07/08/24 All-time high: 18403.74, 07/08/24

Current divisor 0.15221633137872

40100 5500 18000

39600 5400 17500

65-day
moving average 39100 5300 17000

38600 5200 16500

Session high 65-day moving average

38100 5100 16000
DOWN UP
Session open Close
t

65-day moving average

Close Open 37600 5000 15500
t

Bars measure the point change from session's open Session low
37100 4900 15000
Apr. May June July Apr. May June 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* 841,050,368 13,535,677
Industrial Average 39654.96 39278.43 39344.79 -31.08 -0.08 40003.59 32417.59 15.9 4.4 4.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 483,447,843 5,686,351
Transportation Avg 15314.47 15093.35 15158.61 -120.55 -0.79 16695.32 13556.07 -3.6 -4.7 1.5 Most-active issues in late trading Decl. volume* 347,456,414 6,301,723
Utility Average 908.80 902.73 904.61 -3.26 -0.36 955.01 783.08 0.2 2.6 0.5 Volume After Hours Issues traded 2,896 301
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 54969.48 54777.42 54876.91 71.48 0.13 54876.91 40847.04 24.4 14.8 6.9 Advances 1,502 136
Smurfit WestRock SW 22,795.3 46.22 … unch. 46.30 45.70
Barron's 400 1136.77 1129.24 1132.30 3.07 0.27 1166.53 907.97 15.4 5.6 4.3 Declines 1,300 144
SPDR S&P 500 ETF Trust SPY 8,404.7 555.38 0.10 0.02 555.58 555.14
Unchanged 94 21
Nasdaq Stock Market Zapp EV ZAPP 7,562.7 11.51 2.27 24.57 13.46 9.12 New highs 108 8
Nasdaq Composite 18416.94 18342.60 18403.74 50.98 0.28 18403.74 12595.61 34.5 22.6 8.1 NVIDIA NVDA 5,969.7 128.11 -0.09 -0.07 128.58 127.73 New lows 38 10
Nasdaq-100 20455.38 20363.37 20439.54 47.57 0.23 20439.54 14109.57 35.9 21.5 11.6 Intel INTC 5,383.5 34.40 0.41 1.21 34.59 33.94 Closing Arms† 0.86 0.67
Evolent Health Cl A EVH 5,037.1 19.58 … unch. 19.58 19.58 Block trades* 3,769 127
S&P
0.10
Comcast Cl A CMCSA 3,983.5 37.51 0.18 0.48 37.53 37.31
500 Index 5583.11 5562.51 5572.85 5.66 5572.85 4117.37 26.4 16.8 8.9 Nasdaq NYSE Arca
iShares MSCI Australia EWA 3,314.3 24.73 … unch. 24.73 24.73
MidCap 400 2921.85 2901.85 2905.65 9.85 0.34 3046.36 2326.82 10.2 4.5 3.1 Total volume*5,286,266,214 206,605,445
SmallCap 600 1297.54 1288.30 1289.85 7.06 0.55 1345.71 1068.80 6.1 -2.2 -0.9 Percentage gainers… Adv. volume*3,597,916,800 89,945,170
Zapp EV ZAPP 7,562.7 11.51 2.27 24.57 13.46 9.12 Decl. volume*1,628,077,487 105,624,274
Other Indexes
Revolution Medicines RVMD 242.1 42.40 2.82 7.12 42.50 39.58 Issues traded 4,379 1,964
Russell 2000 2050.16 2036.55 2038.67 11.94 0.59 2124.55 1636.94 7.6 0.6 -3.0
Advances 2,346 1,023
NYSE Composite 18173.47 18061.21 18087.87 -11.03 -0.06 18388.26 14675.78 14.9 7.3 3.4 FIGS FIGS 53.2 5.68 0.29 5.44 5.68 5.20
Declines 1,842 895
Value Line 584.40 580.72 582.32 1.60 0.28 615.81 498.09 1.55 -1.9 -4.0 UL Solutions ULS 110.4 45.00 1.93 4.48 45.00 43.07
Unchanged 191 46
NYSE Arca Biotech 5300.37 5254.72 5283.96 29.23 0.56 5511.46 4544.40 1.7 -2.5 -3.5
Impinj PI 68.4 170.76 6.55 3.99 170.76 161.00
New highs 194 357
NYSE Arca Pharma 1071.88 1063.46 1065.47 0.29 0.03 1078.36 837.32 26.3 17.1 12.2 ...And losers New lows 124 29
KBW Bank 105.57 104.17 104.63 0.33 0.32 107.64 71.71 29.4 9.0 -4.4 Pliant Therapeutics PLRX 109.6 10.35 -0.51 -4.70 10.86 10.35 Closing Arms† 0.58 1.23
PHLX§ Gold/Silver 145.66 143.22 145.59 -0.12 -0.08 151.36 102.94 21.7 15.8 1.8 Dynatrace DT 59.9 43.50 -1.79 -3.95 45.52 43.50 Block trades* 36,147 1,000
PHLX§ Oil Service 84.42 83.81 84.37 0.29 0.35 98.76 76.90 -0.2 0.6 11.7 Constellium Cl A CSTM 97.2 18.41 -0.59 -3.11 19.00 18.41 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5772.50 5700.91 5765.21 108.90 1.93 5765.21 3185.18 57.9 38.1 21.4 US Steel X 92.7 38.00 -1.20 -3.06 39.25 38.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 12.91 12.31 12.37 -0.11 -0.88 21.71 11.86 -17.9 -0.6 -13.3 Telekomun Indonesia ADR TLK 110.5 18.12 -0.57 -3.05 18.69 18.12 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 818.14 0.55 0.07 12.5 Zapp EV ZAPP 9.24 5.17 127.03 49.60 0.70 -80.1 HilleVax HLVX 1.64 -12.42 -88.34 20.22 1.55 -89.6
MSCI ACWI ex-USA 335.80 –0.01 –0.004 6.1 Morphic Holding MORF 55.74 23.90 75.06 62.08 19.35 -6.2 China Liberal Educ Hldgs CLEU 0.57 -1.61 -73.82 40.80 0.56 -97.3
MSCI World 3582.70 1.80 0.05 13.0 Myomo MYO 4.07 1.20 41.81 5.58 0.50 401.0 SYLA Technologies ADR SYT 1.98 -1.06 -34.87 8.74 1.46 -70.4
MSCI Emerging Markets 1107.30 2.42 0.22 8.2 Annovis Bio ANVS 15.46 4.36 39.28 22.49 4.53 13.8 Chijet Motor CJET 6.00 -2.10 -25.93 155.40 5.29 -91.9
Americas MSCI AC Americas 2091.44 2.56 0.12 15.3 Pulse Biosciences PLSE 15.51 3.46 28.71 17.05 3.78 111.0 MicroAlgo MLGO 6.40 -2.03 -24.08 156.00 1.56 -72.4
Canada S&P/TSX Comp 22126.13 67.10 0.30 5.6 Vicarious Surgical RBOT 9.40 2.07 28.24 62.10 5.19 -82.4 Wheels Up Experience UP 3.06 -0.94 -23.50 6.08 1.03 128.4
Latin Amer. MSCI EM Latin America 2249.88 22.40 1.01 –15.5 Solarmax Technology SMXT 3.58 0.68 23.45 15.88 2.40 ... Wetouch Technology WETH 2.45 -0.71 -22.47 18.78 1.13 -66.9
Brazil Bovespa 126548.34 281.29 0.22 –5.7 MDxHealth MDXH 2.84 0.50 21.37 4.64 2.21 -16.5 Above Food Ingredients ABVE 2.52 -0.70 -21.74 13.50 2.34 -75.8
Chile S&P IPSA 3535.24 20.19 0.57 2.0 Jiuzi Holdings JZXN 3.15 0.55 21.15 73.84 2.33 -91.6 Ryde Group Cl A RYDE 6.42 -1.78 -21.71 11.00 2.02 ...
Mexico S&P/BMV IPC 52907.69 574.53 1.10 –7.8 SeaStar Medical Holding ICU 11.54 2.00 20.96 42.92 3.25 -17.5 Koss KOSS 10.49 -2.86 -21.42 18.73 2.27 193.0
EMEA STOXX Europe 600 516.43 –0.17 –0.03 7.8 Antelope Enterprise AEHL 3.76 0.64 20.51 8.70 1.22 -52.7 QXO QXO 49.09 -11.91 -19.52 290.00 23.92 82.1
Eurozone Euro STOXX 510.14 –1.13 –0.22 7.6 Drilling Tools Intl DTI 6.33 1.04 19.66 6.34 2.43 43.5 1847 Holdings EFSH 2.30 -0.55 -19.36 421.07 2.21 -99.2
Belgium Bel-20 3945.04 –14.80 –0.37 6.4 NiSun Intl Ent Devt NISN 5.08 0.83 19.53 8.85 2.16 31.3 Beneficient BENF 3.93 -0.91 -18.80 287.20 1.86 -98.2
Denmark OMX Copenhagen 20 2862.66 18.00 0.63 25.4 Grifols ADR GRFS 8.41 1.37 19.46 12.15 5.30 -8.3 VSee Health VSEE 7.19 -1.67 -18.80 33.08 6.17 -38.2
France CAC 40 7627.45 –0.63 1.1 Beam Global BEEM 6.49 0.99 18.00 12.57 4.30 -36.1 EzFill Holdings EZFL 1.92 -0.43 -18.30 5.04 1.13 -12.7
–48.17
Germany DAX 18472.05 –0.02 10.3
Israel Tel Aviv 2046.51
–3.40
–16.78 –0.81 9.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34046.54 58.87 0.17 12.2 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 932.85 –0.91 –0.10 18.6
Oslo Bors All-Share 1634.38 Maxeon Solar Technologies MAXN 482,576 2530.4 0.27 12.50 28.48 0.17 HilleVax HLVX 25,202 12743 1.64 -88.34 20.22 1.55
Norway –14.69 –0.89 7.6
NVIDIA NVDA 233,027 -44.3 128.20 1.88 140.76 39.23 Morphic Holding MORF 53,239 10280 55.74 75.06 62.08 19.35
South Africa FTSE/JSE All-Share 80783.51 –13.87 –0.02 5.1
Virpax Pharmaceuticals VRPX 159,904 102386.2 1.11 92.04 10.70 0.46 Bayview Acquisition Cl A BAYA 539 4314 10.25 -0.19 10.33 10.01
Spain IBEX 35 11022.10 –1.40 –0.01 9.1
0.23 Tesla TSLA 156,608 69.1 252.94 0.56 299.29 138.80 Invsc EW 0-30 Year Trea GOVI 3,004 3446 27.85 0.18 29.35 25.71
Sweden OMX Stockholm 981.49 2.24 8.7
SRIVARU Holding SVMH 114,213 1710.9 0.19 19.57 2.55 0.11 Invsc Fund HY Cp Bd PHB 4,658 2464 18.09 -0.06 18.24 16.75
Switzerland Swiss Market 12051.66 45.52 0.38 8.2
Turkey BIST 100 10864.08 12.30 0.11 45.4 Zapp EV ZAPP 101,475 2222.9 9.24 127.03 49.60 0.70 Global Lights Acquisition GLAC 446 1875 10.31 ... 10.42 10.04
U.K. FTSE 100 8193.49 –10.44 –0.13 6.0 Ocean Power Technologies OPTT 94,533 286.7 0.40 10.80 0.77 0.12 Target Global I Cl A TGAA 205 1594 11.30 -1.65 12.19 10.62
U.K. FTSE 250 20798.32 0.06 5.6 Shapeways SHPW 91,340 97554.3 0.49 132.19 5.53 0.20 Mountain & Co. I Cl A MCAA 514 1584 11.65 ... 11.66 10.94
11.67
Intel INTC 79,633 66.2 33.99 6.15 51.28 29.73 Bowen Acquisition BOWN 250 1547 10.58 ... 10.61 10.10
Asia-Pacific MSCI AC Asia Pacific 184.07 –0.37 –0.20 8.7
Direxion TSLA Bull 2X TSLL 79,514 128.6 14.74 1.31 21.10 4.94 COPEL ADR ELPC 469 1526 6.34 0.72 8.25 5.74
Australia S&P/ASX 200 7763.20 –59.06 –0.76 2.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2922.45 –27.48 –0.93 –1.8 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17524.06 –275.55 –1.55 2.8
India BSE Sensex 79960.38 –0.05 10.7
Scan this code
–36.22
Japan NIKKEI 225 40780.70 –131.67 –0.32 21.9 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3404.47 –6.34 –0.19 5.1 track most-active stocks,
South Korea KOSPI 2857.76 –4.47 –0.16 7.6 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 23878.15 321.56 1.37 33.2 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1322.50 10.51 0.80 –6.6
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003934 25420 4.7
CREDIT MARKETS Argentina peso .0011917.2755 13.5 Europe
Brazil real .1828 5.4705 12.7 Czech Rep. koruna .04298 23.266 4.0
2.9 .1451 6.8910 1.7
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso
.7333 1.3637
.001064 940.13 7.4
Denmark krone
Euro area euro 1.0826 .9237 2.0
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000246 4066.50 4.93 Hungary forint .002743 364.56 5.0
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007260 137.74 1.3
A consumer rate against its 30-year mortgage, Rate Mexico peso .0555 18.0101 6.1 Norway krone .0942 10.6112 4.3
benchmark over the past year 6.00% Uruguay peso .02502 39.9631 2.3 Poland zloty .2537 3.9423 0.1
Bankrate.com avg†: 7.47% 14% Asia-Pacific Sweden krona .0945 10.5846 4.8
Tradeweb FTSE
Fidelity Bank Trust 6.25% Monday Close 5.00 Switzerland franc 1.1140 .8977 6.7
Australiadollar .6738 1.4841 1.1
8.00% Dubuque, IA 563-557-2300 7 WSJ Dollar Index Turkey lira .0306 32.6937 10.9
t China yuan .1376 7.2685 2.2
4.00
s
Ukraine hryvnia .0245 40.7500 6.8
Hong Kong dollar .1280 7.8099 unch
t
Community First Bank 6.38% t
UK pound 1.2806 .7809 –0.6
30-year fixed-rate 6.00 0 India rupee .01198 83.453 0.3
Boscobel, WI 608-647-4029 One year ago 3.00 Middle East/Africa
mortgage Indonesia rupiah .0000614 16282 5.8
4.00 Farmers Bank 6.38% 2.00 –7 s
s Japan yen .006218 160.83 14.0 Bahrain dinar 2.6529 .3770 unch
t
Yen Euro
Buhl, ID 208-734-1500 Kazakhstan tenge .002083 480.03 5.4 Egypt pound .0209 47.9259 55.0
10-year Treasury 2.00 Macau pataca .1242 8.0500 –0.05 Israel shekel .2720 3.6771 2.0
Farmers State Bank 6.38% 1.00 –14
note yield Malaysia ringgit .2123 4.7105 2.5 Kuwait dinar 3.2676 .3060 –0.4
Marion, IA 319-390-2534 1 3 6 1 2 3 5 7 10 20 30 2023 2024
0.00 New Zealand dollar .6126 1.6324 3.2 Oman sul rial 2.5975 .3850 unch
Hills Bank and Trust Company 6.38% month(s) years
A S O N D J F M A M JJ Pakistan rupee .00359 278.550 –0.9 Qatar rial .2747 3.641 –0.1
Hills, IA 800-445-5725 maturity Philippines peso .0171 58.547 5.7 Saudi Arabia riyal .2666 3.7512 0.03
2023 2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7408 1.3499 2.3 South Africa rand .0552 18.1174 –1.0
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007224 1384.21 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 .0032842 304.49 –6.0
WSJ Dollar Index 99.93
Close Net Chg % Chg YTD%Chg
0.10 0.10 4.27
Federal-funds rate target 5.25-5.50 5.25-5.50 5.00 l 5.50 5.25 Taiwan dollar .03079 32.483 5.8
Yield (%) 52-Week Total Return (%) Thailand baht .02745 36.430 6.0 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.25 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.32 5.33 5.05 5.40 5.27
Money market, annual yield 0.49 0.51 0.46 l
l
0.64 0.41
U.S. Treasury, Bloomberg 2171.830 4.460 4.640 5.120 4.040 3.433 –3.386 Commodities
Monday 52-Week YTD
Five-year CD, annual yield 2.84 2.87 2.77 l 2.88 2.39 U.S. Treasury Long, Bloomberg 3124.550 4.540 4.730 5.280 3.950 –1.237–11.004 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.47 7.42 7.01 l 8.28 4.36 Aggregate, Bloomberg 2063.700 4.880 5.080 5.740 4.490 4.804 –3.021
15-year mortgage, fixed† 6.86 6.81 6.34 l 7.42 4.44
DJ Commodity 1026.49 -12.95 -1.25 1079.94 934.97 6.75 7.17
Fixed-Rate MBS, Bloomberg 2035.170 5.110 5.330 6.050 4.620 4.515 –2.750
Jumbo mortgages, $766,550-plus† 7.56 7.51 7.07 l 8.33 4.43 FTSE/CC CRB Index 290.91 -2.52 -0.86 300.23 258.09 10.03 10.26
High Yield 100, ICE BofA 3642.447 6.973 7.126 9.101 6.847 11.204 1.926
Five-year adj mortgage (ARM)† 6.62 6.59 6.20 l 7.16 3.57 Crude oil, $ per barrel 82.33 -0.83 -1.00 93.68 68.61 12.80 14.91
Muni Master, ICE BofA 586.520 3.479 3.555 4.311 3.038 3.375 –0.931
New-car loan, 48-month 7.94 7.94 7.26 l 7.94 3.83 Natural gas, $/MMBtu 2.366 0.047 2.03 3.575 1.575 -11.35 -5.89
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 871.275 7.840 8.073 8.842 7.205 10.458 –2.070
banks.† Excludes closing costs. Gold, $ per troy oz. 2355.20 -33.30 -1.39 2433.90 1816.60 22.35 14.20
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
THE WALL STREET JOURNAL. * * * Tuesday, July 9, 2024 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Soybean Meal (CBT)-100 tons; $ per ton. Dec 118-190 119-030 118-090 119-030 6.0 733 Sept .6759 .6774 .6745 .6750 –.0014 214,913
July 386.50 386.50 377.20 379.50 –7.50 2,067 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Contract Open Sept 110-180 110-205 110-100 110-190 –.5 4,467,091 July .05545 .05553 .05527 .05560 .00032 31
Open High hi lo Low Settle Chg interest Dec 331.50 332.20 t 320.60 321.40 –11.10 241,065
Dec 110-240 111-000 110-230 110-315 … 1,622 Sept .05462 .05507 .05461 .05506 .00032 183,583
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb.
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
July 48.76 48.96 48.68 49.00 –.62 1,257
July 4.6090 4.6675 4.6075 4.6220 –0.0365 3,147 Sept 107-002 107-015 106-272 107-002 –1.0 6,321,609 July 1.0831 1.0849 1.0819 1.0829 –.0012 2,602
Dec 48.61 48.61 47.81 48.26 –.44 231,975 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 1.0852 1.0881 1.0851 1.0861 –.0012 620,652
Sept 4.6710 4.6710 4.5885 4.6180 –0.0340 161,204
Gold (CMX)-100 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 102-102 102-105 102-080 102-096 –1.0 4,287,479
July 2381.70 2383.80 2352.80 2355.20 –33.30 495 July 17.01 17.38 16.95 17.07 .13 298 Dec 102-211 102-216 102-210 102-206 –1.0 18 Index Futures
Aug 2396.20 2399.30 2358.30 2363.50 –34.20 354,869 Sept 14.57 14.98 14.56 14.79 .23 7,334 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Wheat (CBT)-5,000 bu.; cents per bu. July 94.6725 t 94.6700 94.6700 –.0025 378,770
94.6725 Mini DJ Industrial Average (CBT)-$5 x index
Sept 2411.20 2411.20 s 2372.30 2376.20 –34.00 183 Sept 39670 40006 39595 39650 –45 85,589
July 552.25 553.00 550.00 553.00 –19.25 167 Aug 94.6900 t 94.6800 94.6850 –.0050 519,183
94.6900
Oct 2419.00 2422.10 2382.00 2387.00 –34.10 24,289
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Dec 40003 40382 39986 40037 –40 288
Dec 2443.80 2445.70 2405.70 2411.00 –34.00 106,503 Sept 589.25 590.75 566.00 570.40 –20.00 212,795 Mini S&P 500 (CME)-$50 x index
April 94.6425 94.6450 94.6425 94.6425 –.0025 5,918
Feb'25 2464.80 2467.80 2430.10 2434.10 –34.10 10,789 Wheat (KC)-5,000 bu.; cents per bu. Sept 5612.00 5637.50 s 5610.75 5625.25 3.75 2,041,590
June 94.6500 94.6525 94.6475 94.6500 –.0025 1,190,998
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 590.75 591.00 572.00 573.40 –21.75 96 Dec 5674.75 5700.75 s 5674.00 5688.75 4.00 11,832
July 1019.00 1040.50 s 1011.00 1011.50 –24.30 3 Sept 597.50 597.75 573.00 577.25 –21.75 135,891
Currency Futures Mini S&P Midcap 400 (CME)-$100 x index
Sept 1034.00 1038.00 1000.50 1014.70 –24.90 21,932 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 2919.60 2955.60 2916.60 2932.20 10.40 37,372
Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 262.000 263.275 258.525 259.175 –2.300 20,219 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec … 2969.70 2939.20 2949.30 10.40 n.a.
Sept 262.675 263.775 259.425 260.625 –1.600 9,157 July .6230 .6246 .6214 .6226 –.0004 3,620 Mini Nasdaq 100 (CME)-$20 x index
July 1039.10 1039.20 1032.30 1003.70 –31.60 17
Sept .6284 .6306 .6273 .6285 –.0004 337,821 Sept 20591.50 20688.00 s 20579.25 20659.75 39.00 265,260
Oct 1044.70 1044.70 1011.10 1013.50 –32.50 76,698 Cattle-Live (CME)-40,000 lbs.; cents per lb.
Canadian Dollar (CME)-CAD 100,000; $ per CAD Dec 20857.75 20942.25 s 20836.00 20915.50 39.75 995
Silver (CMX)-5,000 troy oz.; $ per troy oz. Aug 186.500 187.275 183.800 184.350 –2.075 125,632
July .7330 .7341 .7329 .7333 –.0007 986 Mini Russell 2000 (CME)-$50 x index
July 31.200 31.200 30.720 30.618 –0.770 536 Oct 187.250 187.600 184.550 185.300 –1.875 89,823 Sept .7344 .7353 .7340 .7345 –.0006 250,647 Sept 2040.80 2072.30 2036.70 2056.70 14.00 460,731
Sept 31.475 31.670 30.710 30.913 –0.776 131,549 Hogs-Lean (CME)-40,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Dec 2058.70 2092.60 2058.70 2078.00 14.20 220
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 89.600 89.900 89.425 89.675 –.200 13,253 July 1.2812 1.2845 1.2801 1.2814 –.0004 1,506 Mini Russell 1000 (CME)-$50 x index
Aug 83.15 83.32 82.08 82.33 –0.83 266,354 Aug 89.500 90.550 89.250 89.525 .350 96,021 Sept 1.2820 1.2853 1.2808 1.2820 –.0004 191,960 Sept 3060.80 3065.30 s 3055.10 3059.90 2.30 5,939
Sept 82.36 82.50 81.29 81.52 –0.74 265,842 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Swiss Franc (CME)-CHF 125,000; $ per CHF U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 81.48 81.61 80.46 80.69 –0.68 149,265 July 448.00 451.50 t 439.50 443.50 –5.50 905 Sept 1.1259 1.1275 1.1233 1.1241 –.0015 94,228 Sept 104.66 104.71 104.48 104.67 .12 43,862
Sept 482.50 483.00 470.00 478.00 –4.00 9,092 Dec 1.1388 1.1393 1.1356 1.1363 –.0016 585 Dec 104.25 104.25 104.23 104.29 .12 362
Dec 80.07 80.07 78.99 79.28 –0.54 207,494
Milk (CME)-200,000 lbs., cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
June'25 76.68 76.73 75.91 76.24 –0.33 101,171
July .6746 .6762 s .6734 .6739 –.0014 647
July 19.72 19.82 19.59 19.80 .08 3,454 Source: FactSet
Dec 74.26 74.26 73.60 73.94 –0.20 121,555
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Aug 20.14 20.47 19.76 20.43 .30 4,678
Aug 2.6090 2.6175 2.5650 2.5791 –.0233 87,910 Cocoa (ICE-US)-10 metric tons; $ per ton.
Sept 2.6248 2.6260 2.5805 2.5928 –.0238 65,734 July 7,721 7,721 7,720 7,693 –28 1,053 Bonds | wsj.com/market-data/bonds/benchmarks
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 7,776 8,143 7,577 7,705 –145 48,892
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Aug
Sept
2.5640
2.5270
2.5740
2.5373
2.5255
2.4922
2.5379 –.0212
2.5062 –.0168
136,030
101,513 July 236.70 236.70 236.70 236.20 5.90 208 Tracking Bond Benchmarks
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 230.55 235.45 229.80 234.40 5.45 102,935 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Aug 2.270 2.390 2.268 2.366 .047 204,339 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Sept 2.300 2.417 2.300 2.382 .032 272,539 Oct 20.13 20.37 19.83 20.13 –.01 356,034
highs and lows for different types of bonds
Oct 2.425 2.530 2.420 2.492 .025 149,758 March'25 20.63 20.68 20.20 20.47 –.05 186,924
Total Total
return YTD total Yield (%) return YTD total Yield (%)
Nov 2.855 2.958 2.855 2.919 .017 130,392 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
Jan'25 3.635 3.706 3.629 3.688 .024 108,984 Sept 38.11 38.11 38.11 38.11 … 1,994
March 3.111 3.175 3.109 3.159 .024 108,454 Cotton (ICE-US)-50,000 lbs.; cents per lb. Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
July 67.32 67.32 67.32 67.32 .01 12
Agriculture Futures 2063.70 0.1 U.S. Aggregate 4.880 4.490 5.740 2035.17 -0.1 Mortgage-Backed 5.110 4.620 6.050
Dec 71.00 71.96 70.76 71.05 .07 156,641
Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. U.S. Corporate Indexes Bloomberg Fixed Income Indices 2007.25 -0.2 Ginnie Mae (GNMA) 5.150 4.640 6.020
July 411.75 411.75 394.50 395.60 –15.50 1,235 July 461.00 461.00 461.00 460.05 15.55 15
Sept 431.50 433.45 426.50 428.95 –4.40 7,537 3138.88 0.6 U.S. Corporate 5.340 5.020 6.430 1198.10 -0.1 Fannie mae (FNMA) 5.100 4.620 6.050
Dec 423.00 423.75t 405.75 407.60 –16.25 643,770
Oats (CBT)-5,000 bu.; cents per bu. 3046.66 1.7 Intermediate 5.220 4.950 6.350 1849.10 0.2 Freddie Mac (FHLMC) 5.030 4.540 6.190
July 313.00 313.00 313.00 312.40 –4.75 11 Interest Rate Futures
Dec 317.60 4141.65 -1.8 Long term 5.580 5.160 6.600 586.52 -0.3 Muni Master 3.479 3.038 4.311
321.25 323.75 313.50 –4.75 3,401 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 125-250 126-090 125-020 126-070 8.0 1,661,515 596.94 -0.6 Double-A-rated 4.970 4.540 5.760 413.45 -1.2 7-12 year 3.227 2.721 4.097
July 1181.75 1181.75 1167.25 1174.25 –14.25 1,596 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Nov 1124.50 1125.25 t 1094.25 1099.40 –30.25 413,535 Sept 118-230 119-010 118-050 119-000 6.0 1,678,822 849.47 1.0 Triple-B-rated 5.530 5.250 6.700 476.22 0.1 12-22 year 3.702 3.388 4.742
High Yield Bonds ICE BofA 452.47 0.8 22-plus year 4.244 4.070 5.274
542.07 3.1 High Yield Constrained 7.842 7.620 9.560 Global Government J.P. Morgan†
Dividend Changes 526.07 3.8 Triple-C-rated 13.410 12.616 15.455 537.93 -1.1 Global Government 3.500 2.950 3.810
Amount Payable / Amount Payable / 3642.45 2.8 High Yield 100 6.973 6.847 9.101 801.31 -0.2 Canada 3.480 3.090 4.260
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
473.85 3.8 Global High Yield Constrained 7.620 7.552 9.440 351.85 -1.3 EMU§ 3.221 2.669 3.790
Reduced Foreign
Sabine Royalty Tr UBI SBR 8.9 .379 /.53764 M Jul29 /Jul15 Banco Bradesco Ord ADR BBDO 8.4 .00315 M Sep12 /Aug05 358.66 3.6 Europe High Yield Constrained 6.330 6.207 8.022 643.88 -2.5 France 3.240 2.540 3.630

Stocks Banco Bradesco Pref ADR BBD 7.3 .00347 M Sep12 /Aug05 U.S Agency Bloomberg Fixed Income Indices 457.55 -2.2 Germany 2.620 2.020 3.030
Calidi Biotherapeutics CLDI 1:10 /Jul15 Euronav EURN 6.3 1.15 Jul18 /Jul10 1804.28 1.2 U.S Agency 4.850 4.380 5.390 269.12 -3.5 Japan 1.480 0.790 1.480
IM Cannabis IMCC 1:6 /Jul12 GFL Environmental GFL 0.1 .014 Q Jul31 /Jul15
1597.06 1.4 10-20 years 4.850 4.360 5.370 496.53 -2.5 Netherlands 2.850 2.260 3.320
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Dividend yields as of 3:30 p.m. ET
3430.12 -0.6 20-plus years 4.860 4.500 5.740 795.03 -2.1 U.K. 4.360 3.790 4.880
S2:1: stock split and ratio; SO: spin-off. Sources: FactSet; Dow Jones Market Data
2753.59 1.0 Yankee 5.160 4.860 6.110 871.27 2.7 Emerging Markets ** 7.840 7.205 8.842
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds

Cash Prices | wsj.com/market-data/commodities Monday, July 8, 2024 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

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. Global Government Bonds: Mapping Yields
Monday Monday Monday Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Aluminum, LME, $ per metric ton *2495.5 Wheat,No.2 soft red,St.Louis-u 5.5200
Energy Copper,Comex spot 4.6220 Wheat - Hard - KC (USDA) $ per bu-u 6.0725 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.000 Iron Ore, 62% Fe CFR China-s *110.5 Wheat,No.1soft white,Portld,OR-u 6.1500 Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.900 Steel, HRC USA, FOB Midwest Mill-s *n.a.
Battery/EV metals
Food Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 12550 Beef,carcass equiv. index 4.625 U.S. 2 4.616 s l 4.599 4.870 4.931
Gold, per troy oz BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11525 choice 1-3,600-900 lbs.-u 308.08 4.375 10 4.267t l 4.272 4.428 4.047
Engelhard industrial 2377.00 BMI Cobalt sulphate, EXW China, >20.5% -v,w 3899 select 1-3,600-900 lbs.-u 284.27 4.250 Australia 2 4.218 t 4.248 3.997 4.413 -36.4 -54.4
BMI Nickel Sulphate, EXW China, >22%-v,m 3933 Broilers, National comp wtd. avg.-u,w 1.3197
l -40.6
Handy & Harman base 2376.65
Handy & Harman fabricated 2638.08 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Butter,AA Chicago-d 3.1300 3.750 10 4.372 t l 4.413 4.232 4.256 10.1 12.7 18.9
Cheddar cheese,bbl,Chicago-d 194.00
LBMA Gold Price AM *2365.35 Fibers and Textiles Cheddar cheese,blk,Chicago-d 196.00 2.500 France 2 3.067 t l 3.090 3.171 3.463 -155.7 -152.2 -149.4
LBMA Gold Price PM *2379.05
Krugerrand,wholesale-e 2451.07 Burlap,10-oz,40-inch NY yd-n,w 0.8100 Milk,Nonfat dry,Chicago lb.-d 118.25 3.500 10 3.120 t l 3.167 3.103 3.186 -115.1 -112.0 -88.2
Cotton,1 1/16 std lw-mdMphs-u 0.6349 Coffee,Brazilian,Comp-y 2.3453
Maple Leaf-e 2474.64 2.900 Germany 2 2.915 s l 2.896 3.092 3.266 -171.0 -171.7 -169.0
Cotlook 'A' Index-t *82.75 Coffee,Colombian, NY-y 2.5120
American Eagle-e 2474.64
Hides,hvy native steers piece fob-u n.a. Eggs,large white,Chicago-u 2.2850 2.200 10 2.542 s l 2.536 2.618 2.636 -172.9 -175.0 -143.1
Mexican peso-e 2849.59
Wool,64s,staple,Terr del-u,w n.a. Flour,hard winter KC-p 16.95
Austria crown-e 2313.14 3.600 Italy 2 3.444 t 3.458 3.604 3.918 -115.5 -103.8
Hams,17-20 lbs,Mid-US fob-u n.a. l -118.0
Austria phil-e 2474.64 Grains and Feeds Hogs,Iowa-So. Minnesota-u 86.63
Silver, troy oz. 3.850 10 3.886 t l 3.944 3.959 4.354 -38.5 -34.2 28.6
Bran,wheat middlings, KC-u,w n.a. Pork bellies,12-14 lb MidUS-u 1.3732
Engelhard industrial 31.2500 Pork loins,13-19 lb MidUS-u 1.2989 0.400 Japan 2 0.361 s l 0.343 0.349 -0.042 -426.3 -426.9 -499.9
Corn,No. 2 yellow,Cent IL-bp,u 3.7100
Handy & Harman base 30.6600 Corn gluten feed,Midwest-u,w n.a. Steers,Tex.-Okla. Choice-u 190.00
Handy & Harman fabricated 38.3250 1.100 10 1.091 s l 1.070 0.973 0.436 -318.0 -321.6 -363.1
Corn gluten meal,Midwest-u,w n.a. Steers,feeder,Okla. City-u,w 304.25
LBMA spot price *£23.9100 n.a. 2.800 Spain 2 3.096 t 3.102 3.265 3.561 -151.0 -139.5
Cottonseed meal-u,w Fats and Oils l -152.8
(U.S.$ equivalent) *30.5800 Hominy feed,Cent IL-u,w n.a.
Coins,wholesale $1,000 face-a 23757 Degummed corn oil, crude wtd. avg.-u,w n.a.
3.250 10 3.262 t l 3.290 3.359 3.631 -100.9 -99.6 -43.7
Meat-bonemeal,50% pro Mnpls-u,w n.a.
Other metals Oats,No.2 milling,Mnpls-u 3.9350 Grease,choice white,Chicago-h 0.4850 0.125 U.K. 2 4.127 t l 4.132 4.379 5.380 -49.7 -48.0 42.3
LBMA Platinum Price PM *1023.0 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Lard,Chicago-u n.a.
LBMA Palladium Price PM *1026.0 SoybeanMeal,Cent IL,rail,ton48%-u,w n.a. Soybean oil,crude;Centl IL-u,w n.a. 4.250 10 4.118 t l 4.128 4.264 4.651 -15.3 -15.8 58.4
Platinum,Engelhard industrial 1012.0 Soybeans,No.1 yllw IL-bp,u 11.5500 Tallow,bleach;Chicago-h 0.5200 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
Palladium,Engelhard industrial 1025.0 Wheat,Spring14%-pro Mnpls-u 8.2250 Tallow,edible,Chicago-u n.a.

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; Corporate Debt
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 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 7/5
Source: Dow Jones Market Data expectations
Investment-grade spreads that tightened the most…
Spread*, in basis points
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Money Rates July 8, 2024 Vodafone VOD 4.875 5.65 June 19, ’49 118 –14 n.a.
Goldman Sachs GS 6.250 5.40 Feb. 1, ’41 83 –8 103
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. Verizon Communications VZ 4.125 4.89 March 16, ’27 48 –8 60
Morgan Stanley MS 6.375 5.28 July 24, ’42 71 –5 84
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
May index Chg From (%) Sumitomo Mitsui Financial … 5.836 5.53 July 9, ’44 96 –5 n.a.
level April '24 May '23 Japan 1.475 1.475 1.475 1.475 Federal funds
Citigroup C 8.125 5.42 July 15, ’39 114 –3 125
Policy Rates Effective rate 5.3300 5.3300 5.3500 5.0800
U.S. consumer price index –3
Euro zone 4.25 4.25 4.50 4.00 High 5.6500 5.6500 5.6500 5.4000 Royal Bank of Canada RY 4.240 5.01 Aug. 3, ’27 60 59
All items 314.069 0.23 3.3 Low 5.3100 5.3100 5.3300 5.0500
Switzerland 1.75 1.75 2.25 1.75 –2
Core 318.629 0.20 3.4 Britain 5.25 5.25 5.25 5.00
Bank of America BAC 6.110 5.41 Jan. 29, ’37 114 128
Bid 5.3300 5.3300 5.3300 5.0700
Australia 4.35 4.35 4.35 4.10 Offer 5.3500 5.3500 5.3700 5.0800
International rates …And spreads that widened the most
Overnight repurchase Treasury bill auction
Week 52-Week U.S. 5.39 5.45 5.48 5.04
Latest High Low 4 weeks 5.280 5.270 5.325 5.150 Mattel MAT 6.200 6.32 Oct. 1, ’40 176 9 n.a.
ago
13 weeks 5.230 5.240 5.345 5.210
U.S. government rates 8
Prime rates 26 weeks 5.080 5.115 5.350 4.975 American Honda Finance … 4.900 4.86 March 13, ’29 63 63
U.S. 8.50 8.50 8.50 8.25 Discount
Marathon Oil 6.800 5.29 March 15, ’32 102 8
Canada 6.95 6.95 7.20 6.95 5.50 5.50 5.50 5.25 Other short-term rates MRO n.a.

Week 52-Week KeyCorp KEY 2.550 5.69 Oct. 1, ’29 146 7 n.a.
Latest ago high low
Key Interest Rates Call money
Anglo American Capital … 4.750 5.37 April 10, ’27 94 6 n.a.
Data are annualized on a 360-day basis. Treasury yields are per annum, 7.25 7.25 7.25 7.00 5
John Deere Capital … 4.900 4.85 June 11, ’27 45 49
on actively traded noninflation and inflation-indexed issues that are
adjusted to constant maturities. Data are from weekly Federal Reserve Commercial paper (AA financial) Royal Bank of Canada 5.200 5.11 July 20, ’26 49 5
RY 51
release H.15. 90 days n.a. n.a. 5.54 5.14
Week Ended Toyota Motor Credit … 5.250 4.81 Sept. 11, ’28 57 4 n.a.
52-Week Week Ended 52-Week Secured Overnight Financing Rate
Jul 5 Jun 28 High Low Jul 5 Jun 28 High Low
5.32 5.33 5.40 5.05
6-month 5.36 5.36 5.58 5.19
Federal funds (effective) 1-year 5.05 5.10 5.46 4.76 Value 52-Week
High-yield issues with the biggest price increases…
5.33 5.33 5.33 5.08 2-year 4.71 4.70 5.14 4.24 Latest Traded High Low Bond Price as % of face value
Commercial paper 3-year 4.50 4.49 4.97 4.01 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
5-year 4.35 4.29 4.86 3.84 DTCC GCF Repo Index
Nonfinancial 7-year 4.35 4.28 4.90 3.86 5.386 28.370 5.504 5.089
Treasury Paramount Global PARA 4.375 7.05 March 15, ’43 72.479 1.45 66.190
1-month 5.31 5.31 5.34 5.11 10-year 4.39 4.29 4.87 3.81
2-month 5.34 5.33 5.37 5.17 MBS 5.401 53.150 5.689 5.121
20-year 4.67 4.53 5.20 4.08 0.86
3-month 5.33 5.34 5.40 5.30 Occidental Petroleum OXY 6.450 5.81 Sept. 15, ’36 105.496 104.014
Financial Treasury yields (secondary market)
Weekly survey
ADT Security … 4.875 6.11 July 15, ’32 92.250 0.63 92.155
1-month 5.32 5.30 5.43 5.12 Latest Week ago Year ago
2-month 5.34 n.a. 5.51 5.22 1-month 5.28 5.25 5.33 5.13
3-month 5.32 5.26 5.53 5.22 3-month 5.24 5.23 5.35 5.21 Genworth Financial GNW 6.500 7.19 June 15, ’34 95.125 0.38 93.953
6-month 5.11 5.13 5.34 5.00 Freddie Mac
Discount window primary credit 30-year fixed 6.95 6.86 6.81
TIPS Rakuten … 9.750 8.38 April 15, ’29 105.250 0.38 103.674
5.50 5.50 5.50 5.25 15-year fixed 6.25 6.16 6.24
5-year 2.10 2.09 2.55 1.71
Treasury yields at constant 7-year 2.09 2.06 2.47 1.66 Notes on data: Macy's Retail Holdings … 6.375 7.32 March 15, ’37 92.250 0.25 n.a.
maturities 10-year 2.10 2.04 2.45 1.53 U.S. prime rate is the base rate on corporate
1-month 5.48 5.45 5.60 5.30 20-year 2.18 2.10 2.49 1.54 loans posted by at least 70% of the 10 largest
3-month 5.47 5.49 5.62 5.42 Long-term avg 2.26 2.17 2.59 1.69 U.S. banks, and is effective July 27, 2023. Other
prime rates aren’t directly comparable; lending
…And with the biggest price decreases
Notes on data: practices vary widely by location; Discount rate
is effective July 27, 2023. Secured Overnight Telecom Italia Capital … 7.721 7.96 June 4, ’38 98.000 –0.30 97.676
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Financing Rate is as of July 5, 2024. DTCC GCF
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Repo Index is Depository Trust & Clearing –0.23
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
Mauser Packaging Solutions Holding … 7.875 6.91 April 15, ’27 102.393 102.290
Corp.'s weighted average for overnight trades in
primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of –0.08
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett Rakuten … 9.750 8.45 April 15, ’29 105.003 103.500
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET.
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Source: MarketAxess
B8 | Tuesday, July 9, 2024 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
Sym Close Chg Sym Close Chg Sym Close Chg Sym Close Chg Sym Close Chg Sym Close Chg Sym Close Chg
How to Read the Stock Tables Stock Stock Stock Stock Stock Stock Stock

The following explanations apply to NYSE, NYSE Arca, NYSE American and Ecopetrol EC 11.23 ... HewlettPackard HPE 20.89 0.34 MSA Safety MSA 185.50 1.27 Nutanix NTNX 59.60 -0.50 RalphLauren RL 177.07 8.40 STMicroelec STM 42.41 -0.01 Unilever UL 55.83 0.34
Nasdaq Stock Market listed securities. Prices are consolidated from trades EdisonIntl EIX 71.57 -0.05 Hilton HLT 214.57 0.16 MSCI MSCI 492.26 -2.98 Nutrien NTR 49.08 -0.85 RangeResources RRC 33.96 0.31 Stryker SYK 334.11 -3.14 UnionPacific UNP 223.39 -1.78
reported by various market centers, including securities exchanges, Finra, EdwardsLife EW 91.84 -0.48 Hologic HOLX 74.53 0.43 MagnaIntl MGA 42.56 0.29 nVentElectric NVT 76.72 0.84 RaymondJames RJF 117.47 -2.04 SumitomoMits SMFG 13.79 -0.07 UnitedAirlines UAL 46.82 -0.18
electronic communications networks and other broker-dealers. The list Elastic ESTC 115.72 0.85 HomeDepot HD 339.60 5.02 MakeMyTrip MMYT 86.66 0.71 NVIDIA NVDA 128.20 2.37 RealtyIncome O 53.16 0.07 SunComms SUI 117.46 -1.49 UnitedMicro UMC 8.66 0.28
comprises the 1,000 largest companies based on market capitalization. ElbitSystems ESLT 188.56 1.16 HondaMotor HMC 31.82 -0.63 ManhattanAssoc MANH 246.22 -1.61 Reddit RDDT 72.81 -0.16 SunLifeFinancial SLF 49.16 0.18 UPS B UPS 135.53 -0.82
ElectronicArts EA 139.65 1.39 Honeywell HON 211.63 -0.61 s ManulifeFinl MFC 26.99 0.35 O P Q RegalRexnord RRX 135.97 3.21 SuncorEnergy SU 37.95 0.17 UnitedRentals URI 637.42 3.47
Underlined quotations are those stocks with large changes in volume ElevanceHealth ELV 526.55 -3.76 HormelFoods HRL 30.15 -0.14 Maplebear CART 34.11 -0.37 RegencyCtrs REG 61.74 -0.21 Sunoco SUN 56.20 0.67 US Bancorp USB 39.46 0.42
compared with the issue’s average trading volume. ONEOK OKE 82.00 -0.25
EmersonElec EMR 109.97 0.51 DR Horton DHI 136.18 0.62 MarathonOil MRO 28.19 0.01 RegenPharm REGN 1052.25 18.02 SuperMicroComp SMCI 899.34 52.76 US Steel X 39.20 0.50
ON Semi ON 75.01 1.63
Boldfaced quotations highlight those issues whose price changed by 5% or Enbridge ENB 35.38 -0.23 HostHotels HST 17.69 0.21 MarathonPetrol MPC 167.47 -3.27
O'ReillyAuto ORLY 1022.79 -4.03
RegionsFinl RF 19.79 0.28 Suzano SUZ 9.78 -0.24 UnitedTherap UTHR 316.89 2.33
more if their previous closing price was $2 or higher. EncompassHealth EHC 83.97 -1.28 HoulihanLokey HLI 134.22 -2.02 Markel MKL 1550.81 15.12 ReinsGrp RGA 205.72 1.98 SynchronyFinl SYF 47.67 0.75 UnitedHealth UNH 489.34 1.33
Endeavor EDR 27.40 -0.02 OccidentalPetrol OXY 60.95 -0.84
HowmetAerospace HWM 80.47 1.67 MarketAxess MKTX 204.40 -0.25 Reliance RS 280.70 0.19 Synopsys SNPS 615.49 -5.81 s UnivDisplay OLED 222.45 4.13
Footnotes: EnergyTransfer ET 16.09 -0.09 Hubbell HUBB 377.01 4.26 Marriott MAR 239.86 -1.12
Okta OKTA 98.05 1.70
RenaissanceRe RNR 217.71 6.24
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most OldDomFreight ODFL 181.06 -1.71 Sysco SYY 69.66 -0.09 UniversalHealthB UHS 180.63 -0.30
EnphaseEnergy ENPH 102.81 5.67 HubSpot HUBS 586.16 -1.09 Marsh&McLen MMC 214.26 0.34 RentokilInit RTO 30.40 -0.31 UnumGroup UNM 50.18 0.37
recent four quarters.
EnsignGroup ENSG 125.02 -1.58 Humana HUM 370.43 1.61 MartinMarietta MLM 529.98 -6.76
OldRepublic ORI 30.10 0.21
OmegaHealthcare OHI 33.77 -0.10
RepublicSvcs RSG 195.29 0.40 T U V VICI Prop VICI 27.83 0.08
Stock tables reflect composite regular trading as of 4 p.m. ET and Entegris ENTG 141.52 2.41 JBHunt JBHT 158.04 -0.25 MarvellTech MRVL 74.91 2.83 ResMed RMD 192.92 -1.82 Vale VALE 11.48 -0.18
changes in the official closing prices from 4 p.m. ET the previous day. Omnicom OMC 89.61 0.71 TC Energy TRP 37.48 -0.39 ValeroEnergy VLO 147.96 -4.82
Entergy ETR 104.75 -0.62 HuntingtonBcshs HBAN 12.99 0.15 Masco MAS 65.79 1.09 RestaurantBrands QSR 70.03 0.42
OnHolding ONON 37.93 0.74 TD Synnex SNX 112.00 2.31 Vaxcyte
EnterpriseProd EPD 29.13 0.12 HuntingIngalls HII 243.00 -0.07 MasTec MTZ 102.24 1.66 Revvity RVTY 104.64 1.08 PCVX 79.35 1.56
OntoInnovation ONTO 232.42 4.03 TE Connectivity TEL 150.66 1.23 VeevaSystems VEEV 182.89 -0.57
Equifax EFX 241.30 -0.94 HyattHotels H 148.67 -0.20 Mastercard MA 446.24 -3.25 RexfordIndlRealty REXR 45.67 0.15
Monday, July 8, 2024 Net Net OpenText OTEX 31.00 0.04 Telus TU 15.41 0.14 s Ventas
Equinix EQIX 756.92 2.43 ICICI Bank IBN 29.14 -0.09 MatadorRscs MTDR 59.04 0.84 RioTinto RIO 67.17 -0.47 VTR 51.88 -0.57
Net Stock Sym Close Chg Stock Sym Close Chg Oracle ORCL 145.03 0.20 Ternium TX 37.39 -0.05 Veralto
Equinor EQNR 27.77 -0.78 IdexxLab IDXX 483.73 -2.27 MatchGroup MTCH 30.20 0.78 Rivian RIVN 15.49 0.70 VLTO 95.90 0.30
Stock Sym Close Chg Orange ORAN 10.57 0.02 TFI Intl TFII 146.26 -0.71 VeriSign
BXP BXP 60.75 0.45 Chewy CHWY 24.80 -0.18 Equitable EQH 40.38 -0.04 s ING Groep ING 17.92 0.04 McCormickVtg MKC.V 69.35 0.35 Robinhood HOOD 22.09 -0.59 VRSN 175.84 -0.96
Orix IX 114.00 -1.04 s TJX TJX 112.21 0.57 s VeriskAnalytics VRSK 273.20 -1.25
Baidu BIDU 87.95 -1.02 Chipotle CMG 59.51 -3.24 EquityLife ELS 63.73 -0.27 IQVIA IQV 208.94 0.84 McCormick MKC 69.44 -1.02 Roblox RBLX 39.82 1.14
A B C BakerHughes BKR 34.17 -0.05 ChordEnergy CHRD 169.74 0.24 EquityResdntl EQR 67.99 0.12 ITT ITT 126.89 -0.05 McDonald's MCD 247.85 -3.24
OtisWorldwide OTIS 97.40 0.52
RocketCos. RKT 13.27 -0.66 TKO TKO 112.18 1.40 Verizon VZ 41.53 0.26
Ovintiv OVV 46.72 0.20 T-MobileUS TMUS 179.17 -0.07 VertexPharm VRTX 481.89 7.32
Ball BALL 59.92 0.28 Chubb CB 252.99 0.48 ErieIndemnity ERIE 369.09 2.91 IcahnEnterprises IEP 17.11 0.57 McKesson MCK 589.53 1.77 Rockwell ROK 265.11 1.04
AECOM ACM 83.42 -1.02 OwensCorning OC 167.34 1.70 TPG TPG 40.57 -0.07 Vertiv
BBVA BBVA 10.33 -0.09 ChunghwaTel CHT 36.31 -0.25 EssentialUtil WTRG 37.18 -0.31 Icon ICLR 320.92 0.15 Medpace MEDP 405.64 3.24 RogersComm B RCI 36.79 -0.16 VRT 92.33 0.55
AES AES 17.85 0.14 PDD PDD 134.68 -1.51 T.RowePrice TROW 114.67 -0.12 Viatris
BancoBradesco BBDO 2.09 -0.03 Church&Dwight CHD 105.58 -1.01 EssexProp ESS 273.10 0.86 IDEX IEX 195.64 0.95 Medtronic MDT 76.84 -0.77 RoivantSciences ROIV 10.72 0.07 VTRS 10.61 0.29
Aflac AFL 88.52 -0.53 PG&E PCG 17.18 -0.05 s TaiwanSemi TSM 186.63 2.64
BancodeChile BCH 23.13 0.04 ChurchillDowns CHDN 138.67 -0.90 EsteeLauder EL 106.50 0.15 IllinoisToolWks ITW 233.91 0.77 MercadoLibre MELI 1683.75 24.79 Roku ROKU 61.02 -1.06 Viking VIK 34.12 0.27
AGNC Invt AGNC 9.68 -0.07 s EvercoreA EVR 212.64 -0.13 PNC Finl PNC 158.77 2.26 s TakeTwoSoftware TTWO 152.00 0.26 VinFastAuto VFS 4.28 -0.04
BancSanBrasil BSBR 4.88 -0.09 Cigna CI 323.78 4.66 Illumina ILMN 107.84 -0.68 Merck MRK 125.78 -0.67 Rollins ROL 49.92 -0.48
Ansys ANSS 327.64 -3.61 POSCO PKX 68.29 -0.11 TakedaPharm TAK 13.18 -0.03 Vipshop
BcoSantChile BSAC 18.91 -0.06 CincinnatiFinl CINF 116.68 0.98 Everest EG 373.04 10.19 ImperialOil IMO 68.22 -0.55 s MetaPlatforms META 529.32-10.59 RoperTech ROP 556.80 -5.01 VIPS 13.15 -0.09
APA APA 28.84 0.24 PPG Ind PPG 127.00 1.77 Tapestry TPR 41.91 1.77 Visa
BancoSantander SAN 4.75 -0.03 Cintas CTAS 711.04 -0.69 Evergy EVRG 52.90 0.08 Incyte INCY 58.17 0.84 MetLife MET 69.41 -0.09 RossStores ROST 146.69 1.14 V 266.40 -3.96
ASE Tech ASX 11.78 0.28 PPL PPL 27.40 -0.01 TargaResources TRGP 132.55 0.06 Vistra
BanColombia CIB 33.41 0.32 CiscoSystems CSCO 46.06 -0.59 EversourceEner ES 57.31 0.04 Informatica INFA 30.60 -0.60 Mettler-Toledo MTD 1330.00-16.08 RoyalBkCanada RY 109.19 0.39 VST 92.88 3.52
s ASML ASML 1077.39 2.91 PTC PTC 187.32 0.86 Target TGT 148.72 3.07 Vodafone VOD 9.06 0.08
BankofAmerica BAC 40.62 0.21 Citigroup C 64.74 0.71 ExactSciences EXAS 45.19 0.62 Infosys INFY 19.50 0.07 MicrochipTech MCHP 93.26 1.12 s RoyalCaribbean RCL 160.83 4.05
AT&T T 18.81 0.04 Paccar PCAR 101.28 1.06 TechnipFMC FTI 26.17 0.18 VulcanMatls VMC 241.97 -2.24
BankMontreal BMO 84.25 0.53 CitizensFin CFG 35.55 0.31 Exelon EXC 34.24 -0.07 IngersollRand IR 92.11 0.73 MicronTech MU 130.69 -0.79 RoyalGold RGLD131.14 0.14
AbbottLabs ABT 102.12 -1.90 PackagingCpAm PKG 179.55 1.98 TeckResourcesB TECK 48.78 -1.65
BankNY Mellon BK 59.54 -0.34 CleanHarbors CLH 223.19 0.61 Expedia EXPE 125.50 1.89 Ingredion INGR 112.89 0.51 Microsoft MSFT 466.24 -1.32 s RoyaltyPharma RPRX 25.71 0.04
PalantirTech PLTR 27.70 0.47
AbbVie ABBV 166.52 -0.73
Abercrombie&Fitch ANF 178.53 6.99
BankNovaScotia BNS 45.22 0.01 Cleveland-Cliffs CLF 15.47 -0.17 ExpeditorsIntl EXPD 119.91 -3.54 s Insmed INSM 70.05 0.05 MicroStrategy MSTR 1290.58 8.86
PaloAltoNtwks PANW 337.64 -4.45
RyanSpecialty RYAN 57.58 -0.40 TeledyneTech TDY 382.84 1.37
Teleflex TFX 211.73 -2.33
W X Y Z
s Barclays BCS 11.48 0.11 Clorox CLX 132.85 -0.37 ExtraSpaceSt EXR 154.57 0.21 Insulet PODD 198.67 1.77 MidAmApt MAA 139.14 0.34 Ryanair RYAAY 119.05 0.42
Accenture ACN 299.47 0.33 PanAmerSilver PAAS 21.54 0.04 s Ericsson ERIC 6.40 0.18 WEC Energy WEC 78.05 0.20
BarrickGold GOLD 17.38 -0.06 Cloudflare NET 84.88 -2.08 ExxonMobil XOM 112.18 -1.19 Intel INTC 33.99 1.97 MitsubishiUFJ MUFG 11.20 -0.09 SAP SAP 202.79 -3.15
AcuityBrands AYI 238.57 -0.57 ParamountA PARAA 21.02 0.55 TelefonicaBras VIV 8.46 0.02 WEX WEX 178.87 1.34
Bath&BodyWks BBWI 37.47 0.48 Coca-Cola KO 62.96 -0.80 F5 FFIV 173.14 1.51 InteractiveBrkrs IBKR 123.47 -0.51 MizuhoFin MFG 4.33 -0.07 S&P Global SPGI 455.89 2.62
Adobe ADBE 575.40 -2.94 FTAI Aviation FTAI 106.47 0.76 ParamountB PARA 11.18 -0.63 Telefonica TEF 4.24 -0.05 W.P.Carey WPC 55.22 0.18
BaxterIntl BAX 33.61 -1.30 CocaColaCon COKE 1089.25 11.72 s ICE ICE 141.17 0.38 Mobileye MBLY 27.82 ... SBA Comm SBAC 193.96 3.13
AdvDrainageSys WMS 153.90 0.66 FTI Consulting FCN 213.71 0.10 ParkerHannifin PH 508.77 3.27 TelekmIndonesia TLK 18.69 0.25 WPP WPP 48.14 0.42
BectonDicknsn BDX 225.54 -2.22 Coca-ColaEuro CCEP 73.43 -0.40 InterContinentl IHG 104.40 0.56 Moderna MRNA 116.45 -1.87 SEI Investments SEIC 64.86 -0.16
AdvMicroDevices AMD 178.69 6.79 Fabrinet FN 241.66 2.33 Parsons PSN 78.69 -0.95 TempurSealy TPX 47.45 2.23 Wabtec WAB 156.72 0.22
BeiGene BGNE 144.35 -2.69 Cognex CGNX 47.30 0.02 IBM IBM 177.64 1.62 MolinaHealthcare MOH 292.78 -0.41 SK Telecom SKM 20.71 -0.19
Aegon AEG 6.18 -0.05 FactSet FDS 417.87 -5.54 Paychex PAYX 116.17 -1.37 Tenaris TS 30.62 -0.30 t WalgreensBoots WBA 10.82 -0.44
BellRing BRBR 59.10 -1.51 CognizantTech CTSH 67.55 -0.45 IntlFlavors IFF 97.29 2.00 MolsonCoorsB TAP 50.16 0.18 SS&C Tech SSNC 62.00 -0.21
AerCap AER 93.19 -0.38 FairIsaac FICO 1530.06-21.49 PaycomSoftware PAYC 140.35 -1.61 TencentMusic TME 14.51 -0.02 Walmart WMT 69.68 -0.36
BentleySystems BSY 49.35 -0.13 s Coherent COHR 76.55 1.99 IntlPaper IP 43.17 0.35 s monday.com MNDY 244.24 -4.74 Saia SAIA 459.60 -4.63
AffirmA AFRM 28.15 -0.40 Fastenal FAST 62.83 -0.33 Paylocity PCTY 133.30 -1.54 TenetHealthcare THC 129.27 -2.53 WarnerBrosA WBD 7.11 -0.10
Berkley WRB 79.62 0.98 CoinbaseGlbl COIN 220.56 -3.12 Interpublic IPG 28.38 0.04 Mondelez MDLZ 66.16 -0.82 Salesforce CRM 257.37 -5.82
AgilentTechs A 126.07 -0.30 FederalRealty FRT 100.59 -0.21 PayPal PYPL 59.09 -0.67 s Teradyne TER 154.17 2.97 WarnerMusic WMG 30.52 0.19
BerkHathwy A BRK.A 614425-4120.00 ColgatePalm CL 97.58 0.53 Intra-Cellular ITCI 71.56 2.00 MongoDB MDB 260.10 -6.64 Samsara IOT 36.13 -0.60
AgnicoEagleMines AEM 69.93 0.13 FedEx FDX 295.53 1.53 Pearson PSO 12.87 ... Tesla TSLA 252.94 1.42 WasteConnections WCN 177.52 0.27
BerkHathwy B BRK.B 409.08 -2.09 Comcast A CMCSA 37.33 -0.53 Intuit INTU 659.58 -9.17 MonolithicPower MPWR 851.82 10.17 Sanofi SNY 50.24 0.58
AirProducts APD 254.90 2.23 Ferguson FERG 190.66 -0.16 PembinaPipeline PBA 37.23 -0.26 TetraTech TTEK 203.01 0.79 WasteMgt WM 210.62 0.29
BestBuy BBY 85.51 3.06 ComfortSystems FIX 302.12 -0.20 IntuitiveSurgical ISRG 444.53 0.77 MonsterBev MNST 50.18 0.43 SareptaTherap SRPT 151.48 -0.25
Airbnb ABNB 151.96 -0.54 Ferrari RACE 427.38 4.99 PenskeAuto PAG 146.04 2.30 TevaPharm TEVA 16.36 -0.04 Waters WAT 285.57 -0.64
Bio-Techne TECH 71.56 0.12 CommerceBcshrs CBSH 55.39 0.37 InvitatHomes INVH 36.13 0.09 s Moody's MCO 432.50 0.24 Schlumberger SLB 46.24 0.10
AkamaiTech AKAM 92.94 2.47 Ferrovial FER 40.65 0.03 Pentair PNR 75.20 0.81 TexasInstruments TXN 201.47 2.68 Watsco WSO 481.82 0.48
Bio-RadLab A BIO 274.94 -2.00 SABESP SBS 15.13 0.18 s IronMountain IRM 92.87 1.27 MorganStanley MS 100.59 1.00 SchwabC SCHW 73.24 0.04
Albemarle ALB 99.15 0.80 FidNatlFinl FNF 48.29 0.19 PepsiCo PEP 162.12 -2.27 TexasPacLand TPL 751.49 3.95 WeatherfordIntl WFRD 121.98 0.20
Biogen BIIB 228.07 2.42 ConagraBrands CAG 28.40 0.16 ItauUnibanco ITUB 5.98 -0.05 Morningstar MORN 299.13 -1.82 Sea SE 72.96 1.08
Albertsons ACI 19.61 -0.12 FidNatlInfo FIS 74.85 -0.57 PerformanceFood PFGC 63.40 -0.34 TexasRoadhouse TXRH 171.56 0.88 WebsterFin WBS 42.84 -0.21
BioMarinPharm BMRN 82.68 1.23 Confluent CFLT 29.20 -0.11 Mosaic MOS 27.06 -0.12 Seagate STX 103.43 1.39
Alcoa AA 41.66 -0.78 BioNTech BNTX 80.49 0.40 ConocoPhillips COP 112.23 -0.32 FifthThirdBncp FITB 36.23 0.22 J K L MotorolaSol MSI 390.57 3.70
PermianRscs PR 16.20 0.15
PetroleoBrasil PBR 15.13 0.40
Sempra SRE 75.18 -0.95 Textron TXT 85.85 0.89 WellsFargo WFC 59.01 -0.61
Alcon ALC 89.55 0.10 Birkenstock BIRK 56.76 0.14 FirstCitizBcshA FCNCA 1685.92 -6.63 MurphyUSA MUSA 459.40 5.89 ServiceIntl SCI 69.88 0.17 ThermoFisher TMO 536.29 -3.81 Welltower WELL 104.42 -2.06
ConEd ED 88.42 -0.85 JD.com JD 26.47 -0.29 PetroleoBrasilA PBR.A 14.07 0.29
AlexandriaRlEst ARE 116.65 -0.15 BlackRock BLK 790.19 -0.41 FirstHorizon FHN 15.11 -0.13 NICE NICE 173.72 2.53 ServiceNow NOW 766.20-40.27 ThomsonReuters TRI 167.87 -1.35 WescoIntl WCC 156.66 2.20
ConstBrands A STZ 253.84 -5.30 JPMorganChase JPM 205.17 0.38 Pfizer PFE 27.93 -0.12
Alibaba BABA 73.50 -1.02 Blackstone BX 120.77 -1.95 FirstSolar FSLR 227.12 5.00 NIO NIO 4.46 -0.16 SharkNinja SN 73.93 ... 3M MMM 101.10 -0.22 WestPharmSvcs WST 319.98 -2.58
ConstellationEner CEG 215.73 4.44 Jabil JBL 110.02 1.46 PhilipMorris PM 102.59 0.47
AlignTech ALGN 248.94 5.34 BlockHR HRB 53.58 -1.16 FirstEnergy FE 38.59 0.01 NNN REIT NNN 42.43 0.09 Shell SHEL 72.72 -0.53 Toast TOST 25.41 -0.25 WesternDigital WDC 78.50 1.33
Cooper COO 85.65 -0.25 JackHenry JKHY 164.34 1.28 Phillips66 PSX 135.95 -2.45
Allegion ALLE 115.04 0.09 Block SQ 64.23 -1.55 Fiserv FI 150.98 0.47 NOV NOV 18.01 -0.01 SherwinWilliams SHW 300.25 4.55 TollBros TOL 110.75 1.59 WesternMidstrm WES 41.44 0.33
Copart CPRT 54.79 0.57 JacobsSolns J 137.66 0.92 Pilgrim'sPride PPC 38.25 0.18
AlliantEnergy LNT 51.39 -0.20 BlueOwlCapital OWL 16.90 -0.79 Flex FLEX 29.64 0.14 NRG Energy NRG 78.57 1.41 ShinhanFin SHG 37.62 -0.69 TopBuild BLD 385.53 8.67 Westlake WLK 142.64 0.64
Core&Main CNM 49.73 1.38 JamesHardie JHX 31.79 -0.43 PinnacleWest PNW 76.41 0.56
Allstate ALL 159.54 1.11 Boeing BA 185.84 1.01 Floor&Decor FND 92.21 -0.98 NVR NVR 7454.06 32.55 Shopify SHOP 67.34 -0.29 Toro TTC 89.82 1.65 Weyerhaeuser WY 27.59 0.14
CorebridgeFin CRBG 29.03 0.28 JefferiesFinl JEF 51.00 0.32 Pinterest PINS 43.44 -0.07
AllyFinancial ALLY 40.50 0.66 Booking BKNG 3984.63 54.48 Fluor FLR 44.21 -0.11 NXP Semicon NXPI 277.22 3.68 SimonProperty SPG 146.87 0.78 TorontoDomBk TD 55.64 0.41 WheatonPrecMtls WPM 56.15 0.34
s Corning GLW 43.05 4.61 J&J JNJ 145.48 -1.00 PlainsAllAmPipe PAA 18.53 0.03
s AlnylamPharm ALNY 255.11 4.08 BoozAllen BAH 153.70 0.91 FlutterEnt FLUT 197.45 2.29 Nasdaq NDAQ 60.44 0.06 SiriusXM SIRI 3.25 -0.46 TotalEnergies TTE 69.65 -1.24 Williams WMB 42.35 -0.13
Corpay CPAY 271.56 1.08 JohnsonControls JCI 67.23 0.44 PlainsGP PAGP 19.55 0.10
Alphabet C GOOG 190.48 -1.48 BorgWarner BWA 31.43 0.11 FomentoEconMex FMX 109.89 2.89 Natera NTRA 109.52 -3.22 SkechersUSA SKX 67.74 1.50 ToyotaMotor TM 204.94 -1.51 Williams-Sonoma WSM 285.18 5.26
Corteva CTVA 51.72 -0.72 JonesLang JLL 203.73 1.58 Pool POOL 304.48 4.70
Alphabet A GOOGL 189.03 -1.57 BostonSci BSX 76.11 -0.29 FordMotor F 12.98 0.14 NationalGrid NGG 60.71 0.66 Skyworks SWKS 106.38 0.82 TractorSupply TSCO 260.92 -1.61 WillisTowers WTW 259.74 -1.87
CoStar CSGP 72.63 -0.52 JuniperNetworks JNPR 36.93 0.21 Primerica PRI 233.51 0.50
AltairEngg ALTR 97.77 -1.10 Fortinet FTNT 60.11 -0.98 s NatWest NWG 8.61 0.09 AOS 81.06 0.58 TradeDesk TTD 99.08 -0.82 Wingstop WING 406.51-12.21
Altria MO 46.02 -0.08
BristolMyers BMY 39.99 0.33 s Costco COST 880.84 -4.83 KB Financial KB 62.11 -1.04 PrincipalFinl PFG 78.46 0.09 SmithAO WIT 6.41 0.03
BritishAmTob BTI 31.57 -0.12 CoterraEnergy CTRA 26.57 0.34
Fortis FTS 39.23 0.10 s NetApp NTAP 130.12 1.03 Smith&Nephew SNN 27.16 0.35 Tradeweb TW 105.10 -1.39 Wipro
s Amazon.com AMZN 199.29 -0.71 Fortive FTV 73.54 1.13 KBR KBR 63.48 -0.43 ProcoreTech PCOR 65.05 -3.81 TraneTech TT 333.52 1.84 Wix.com WIX 155.53 1.32
Broadcom AVGO 1745.86 42.55 Coty COTY 9.96 0.15 NetEase NTES 91.73 -0.23 Smucker SJM 109.85 -0.04
Ambev ABEV 2.06 -0.01 FortuneBrands FBIN 64.43 1.79 KE Holdings BEKE 14.73 -0.61 Procter&Gamble PG 166.52 1.31 TransDigm TDG 1272.18 -2.37 WoodsideEnergy WDS 19.53 -0.25
BroadridgeFinl BR 201.77 -0.35 Coupang CPNG 21.41 -0.26 Netflix NFLX 685.74 -4.91 SmurfitWestRock SW 46.22 1.06
Amcor AMCR 9.63 0.13 FoxA FOXA 34.52 -0.02 KKR KKR 105.07 -1.01 Progressive PGR 209.71 -0.47 TransUnion TRU 76.62 0.37 Woodward WWD 172.84 0.74
BrookfieldAsset BAM 38.14 -0.32 Crane CR 142.44 -0.40 Neurocrine NBIX 142.24 3.16 Snap SNAP 16.50 0.12
Amdocs DOX 78.34 -0.13 FoxB FOX 32.14 -0.02 KLA KLAC 866.55 11.34 Prologis PLD 114.41 -0.05 Travelers TRV 204.23 2.36 WooriFinl WF 32.42 0.12
Brookfield BN 42.72 0.18 Credicorp BAP 162.00 -1.21 NewOrientalEduc EDU 79.10 -0.46 Snap-On SNA 257.41 2.06
Ameren AEE 70.71 0.26 Franco-Nevada FNV 122.70 -1.05 Kanzhun BZ 18.05 0.37 PrudentialFinl PRU 117.04 0.20 Trex TREX 70.96 -0.07 Workday WDAY 226.54 -2.59
BrookfieldInfr BIP 28.29 -0.11 Crocs CROX 144.52 0.98 s NYTimes A NYT 52.02 -0.25 Snowflake SNOW 141.57 -1.45
AmericaMovil AMX 17.62 0.26 FranklinRscs BEN 22.14 0.05 Kaspi.kz KSPI 131.83 -0.70 Prudential PUK 18.54 0.18 Trimble TRMB 56.29 0.40 WynnResorts WYNN 85.25 -1.58
BrookfieldRenew BEPC 29.09 0.24 s CrowdStrike CRWD 390.71 1.03 Newmont NEM 44.13 -0.38 SOQUIMICH SQM 41.50 0.11
AmerAirlines AAL 10.93 -0.11 FreeportMcM FCX 51.13 -0.39 Kellanova K 56.19 -0.19 PublicServiceEnt PEG 74.59 0.52 XP 17.07
Brown&Brown BRO 90.57 0.05 CrownCastle CCI 96.62 0.55 NewsCorp B NWS 28.10 -0.23 Solventum SOLV 49.64 -0.26 Trip.com TCOM 49.56 -0.20 XP ...
AEP AEP 87.11 -0.75 FreseniusMedCare FMS 19.40 -0.27 Kenvue KVUE 18.25 -0.06 PublicStorage PSA 290.44 0.77 XPO 103.91 -2.65
Brown-Forman A BF.A 43.12 -0.07 Crown Holdings CCK 72.95 1.43 NewsCorp A NWSA 27.25 -0.23 Sony SONY 86.60 -0.22 TruistFinl TFC 38.25 0.03 XPO
AmerExpress AXP 234.51 -1.12 FullTruck YMM 8.04 -0.07 KeurigDrPepper KDP 32.29 -0.37 PulteGroup PHM 105.26 1.31 XcelEnergy XEL 52.11 -0.58
t Brown-Forman B BF.B 42.06 -0.33 CubeSmart CUBE 44.67 0.10 NextEraEnergy NEE 72.11 0.02 Southern SO 77.80 -0.24 Twilio TWLO 57.40 0.04
AmericanFin AFG 120.90 1.25 KeyCorp KEY 14.03 0.08 PureStorage PSTG 65.17 0.49
Bruker BRKR 62.20 0.55 t Nike NKE 73.05 -2.38 SoCopper SCCO 116.45 -0.30 TylerTech TYL 511.48 -1.94 XPeng XPEV 7.45 -0.47
AmHomes4Rent AMH 37.40 -0.05 BuildersFirst BLDR 134.49 1.89
Cummins CMI 269.62 2.99
Curtiss-Wright CW 272.61 1.37
G H I KeysightTech KEYS 138.10 0.75 NiSource NI 28.57 0.03
Qiagen QGEN 40.24 -0.86
SouthwestAir LUV 27.35 0.41 TysonFoods TSN 56.69 0.67 Xylem XYL 134.06 -0.20
AIG AIG 74.81 0.93 KimberlyClark KMB 139.28 0.99 s Qorvo QRVO 120.82 2.07
BungeGlobal BG 110.39 1.80 CyberArkSoftware CYBR 273.39 -0.93 GE Aerospace GE 163.53 3.03 Nokia NOK 3.89 -0.01 SouthwesternEner SWN 6.77 0.02 UBS Group UBS 30.39 -0.05 YPF YPF 20.55 0.47
AmerTowerREIT AMT 196.17 0.53 KimcoRealty KIM 19.26 -0.02 Qualcomm QCOM 207.89 2.14
BurlingtonStrs BURL 238.54 2.86 GE HealthCare GEHC 76.35 -0.71 Nomura NMR 5.94 -0.05 Spotify SPOT 313.71 -3.14 UDR UDR 40.82 -0.05 Yum!Brands YUM 127.94 -1.18
KinderMorgan KMI 19.91 0.02 QuantaServices PWR 254.66 2.13
AmerWaterWorks AWK 129.92 -0.09
AmericoldRealty COLD 25.99 0.05
CACI Intl CACI 427.31 4.34 D E F GE Vernova GEV 174.37 -1.86 s KinrossGold KGC 8.58 0.11
Nordson NDSN 226.51 -0.10
NorfolkSouthern NSC 214.25 -1.61
QuestDiag DGX 138.92 -0.78
SproutsFarmers SFM 82.54 0.03
StanleyBlackDck SWK 81.29 1.71
U-Haul
U-Haul N
UHAL 61.89 -0.33 YumChina YUMC 30.45 -0.60
UHAL/B 59.12 -0.34 ZTO Express ZTO 20.15 0.14
s CAVA CAVA 94.74 -0.25 GFLEnvironmental GFL 39.35 0.03 KinsaleCapital KNSL 379.62 -2.45
Ameriprise AMP 427.06 -5.09
Ametek AME 164.50 -1.15
CBRE Group CBRE 88.36 1.15 DTE Energy DTE 109.01 -0.76
Danaher DHR 240.65 1.40
GSK GSK 38.71 -0.13 Knight-Swift KNX 49.33 -0.10
NorthernTrust NTRS 82.90 -0.23
NorthropGrum NOC 430.25 -4.48
R S Stantec STN 84.72 -0.11
Starbucks SBUX 74.57 -1.48
UL Solutions ULS 43.07 0.99 ZebraTech ZBRA 314.48 3.97
US Foods USFD 51.62 -0.41 Zillow C Z 46.86 0.63
CDW CDW 216.87 0.57 Gallagher AJG 264.54 -0.13
Amgen AMGN 311.46 0.58 Darden DRI 144.79 -0.43 Philips PHG 26.24 -0.52 NorwegCruise NCLH 18.12 0.64 RBC Bearings RBC 278.02 4.78 StateStreet STT 73.37 -0.35 UWM UWMC 6.62 -0.16 Zillow A ZG 45.31 0.66
t CF Industries CF 69.38 -0.76 GameStop GME 24.45 0.27
AmkorTech AMKR 40.75 0.69 Datadog DDOG 132.40 -2.16 KoreaElecPwr KEP 7.26 0.06 s Novartis NVS 108.06 -0.07 RB Global RBA 76.75 -0.25 SteelDynamics STLD 124.27 -0.15 Uber UBER 71.25 0.19 ZimmerBiomet ZBH 106.39 -1.62
CGI A GIB 101.45 0.04 Gaming&Leisure GLPI 45.03 0.42
Amphenol APH 67.99 -0.02 DaVita DVA 137.38 0.93 KraftHeinz KHC 32.10 0.01 NovoNordisk NVO 143.07 0.70 s RELX RELX 46.08 -0.14 Stellantis STLA 19.48 -0.08 Ubiquiti UI 151.45 4.32 Zoetis ZTS 175.43 0.47
CH Robinson CHRW 86.62 0.13 Gap GPS 23.44 0.17
AnalogDevices ADI 233.34 2.45 t Dayforce DAY 48.46 -2.38 Kroger KR 51.94 0.10 NuHoldings NU 12.84 0.02 RPM RPM 106.43 0.54 Steris STE 219.83 -0.22 UiPath PATH 12.82 -0.42 ZoomVideo ZM 57.40 -0.86
CME Group CME 194.97 -1.43 Garmin GRMN 161.53 -0.40
AngloGoldAsh AU 28.27 -0.56 DeckersOutdoor DECK 952.70 13.38 LKQ LKQ 41.76 0.31 Nucor NUE 152.47 -1.37 RTX RTX 100.10 -0.27 StifelFinancial SF 81.22 -1.19 UltaBeauty ULTA 395.82 5.82 Zscaler ZS 201.63 -0.02
CMS Energy CMS 58.70 -0.23 Gartner IT 449.14 -2.87
AB InBev BUD 59.34 -0.42 Deere DE 355.00 -5.03 LPL Financial LPLA 272.52 -3.49
CNA Fin CNA 44.97 0.22 GenDigital GEN 24.55 -0.09
AnnalyCap NLY 18.99 -0.02 DellTechC DELL 145.97 7.01 L3HarrisTech LHX 226.00 1.93
CNH Indl CNH 9.67 0.02 Generac GNRC 142.19 1.69
AnteroResources AR 32.80 0.19 DeltaAir DAL 46.35 0.33 Labcorp LH 202.96 -1.62
CRH CRH 74.23 0.56
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs
GeneralDynamics GD 280.47 -1.21 s LamResearch LRCX 1101.61 13.81
Aon AON 298.11 2.25 CSX CSX 33.39 0.09 DescartesSystems DSGX 99.92 1.02 GeneralMills GIS 62.50 -0.38
APi Group APG 36.73 -0.16 DeutscheBank DB 16.73 -0.23 LamarAdv LAMR 118.82 0.29
CVS Health CVS 56.89 0.27 GeneralMotors GM 46.55 0.03
ApolloGlblMgmt APO 115.92 -2.82 DevonEnergy DVN 46.52 -0.51 LambWeston LW 80.48 -1.92
CadenceDesign CDNS 317.36 -3.75 Genmab GMAB 25.48 -0.06 t LasVegasSands LVS 41.45 -0.64 Closing Chg YTD
AppFolio APPF 252.55 -0.03 CaesarsEnt CZR 37.66 0.48 DexCom DXCM 110.97 -2.72 Gentex GNTX 33.44 -0.01 Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET
s Apple AAPL 227.82 1.48 LatticeSemi LSCC 61.67 0.34 ETF Symbol Price (%) (%)
CamdenProperty CPT 108.03 0.31 Diageo DEO 128.10 -1.54 GenuineParts GPC 132.88 0.43
AppliedIndlTechs AIT 188.68 -0.76 DiamondbkEner FANG 203.35 -0.18 LegendBiotech LEGN 47.41 1.11
Cameco CCJ 48.73 -1.20 GileadSciences GILD 67.55 0.86 SchwabUS LC Grw SCHG 104.49 0.11 26.0
ApplMaterials AMAT 246.29 3.70 Leidos LDOS 145.56 0.05 Monday, July 8, 2024 Closing Chg YTD
CampbellSoup CPB 45.02 -0.10 Dick's DKS 201.08 -0.22 GitLab GTLB 53.00 0.42 SPDR S&PMdCpTr MDY 530.92 0.40 4.6
Lennar A LEN 142.63 ... ETF Symbol Price (%) (%)
AppLovin APP 85.18 -1.62 CIBC CM 48.26 -0.01 DigitalRealty DLR 153.66 2.22 GlobalPayments GPN 95.52 -0.70 Closing Chg YTD SPDR S&P Div SDY 126.61 0.09 1.3
Aptargroup ATR 141.51 0.61 DiscoverFinSvcs DFS 128.86 -0.03 Lennar B LEN.B 133.98 0.60 ETF Symbol Price (%) (%) iSh1-5YIGCpBd IGSB 51.33 –0.06 0.1 TechSelectSector XLK 234.47 0.68 21.8
CanNtlRlwy CNI 116.70 -1.22 GlobalFoundries GFS 53.49 0.35
Aptiv APTV 69.68 -0.50 Disney DIS 97.37 -0.17 LennoxIntl LII 543.18 -1.37 iSh1-3YTreaBd SHY 81.64 –0.01 –0.5 VanEckSemicon SMH 274.21 1.66 56.8
CanadianNatRscs CNQ 35.99 -0.04 Globant GLOB 179.99 3.24 CommSvsSPDR XLC 86.97 –0.90 19.7
Aramark ARMK 33.08 0.64 DocuSign DOCU 53.83 -0.63 LeviStrauss LEVI 18.96 -0.17 iShRussMC IWR 80.88 0.25 4.1 VangdSC Val VBR 180.78 0.44 0.5
CdnPacKC CP 79.93 -0.29 GlobeLife GL 80.92 -0.56 CnsmrDiscSel XLY 189.39 0.05 5.9
ArcelorMittal MT 23.00 -0.24 DolbyLab DLB 79.54 -0.29 LiAuto LI 20.19 -0.27 iShRuss1000 IWB 303.30 0.09 15.6 VangdExtMkt VXF 168.55 0.36 2.5
CapitalOne COF 135.81 -0.19 GlobusMedical GMED 68.60 -0.16 DimenUSCoreEq2 DFAC 32.56 0.22 11.4
ArchCapital ACGL 98.26 0.11 LibertyBroadbandC LBRDK 52.66 -1.73 iShRuss1000Grw IWF 378.44 0.12 24.8 VangdDivApp VIG 184.11 0.07 8.0
CardinalHealth CAH 96.88 0.99 DollarGeneral DG 130.12 1.92 GoDaddy GDDY 143.65 -0.33 EnSelSectorSPDR XLE 89.55 –0.61 6.8
ADM ADM 63.38 2.02 LibertyBroadbandA LBRDA 52.40 -1.73 iShRuss1000Val IWD 173.99 0.12 5.3 VangdFTSEAWxUS VEU 59.74 –0.32 6.4
Carlisle CSL 410.13 3.18 DollarTree DLTR 106.72 0.04 GoldFields GFI 15.53 -0.34 FinSelSectorSPDR XLF 41.43 –0.26 10.2
AresMgmt ARES 135.77 -2.49 LibertyLiveC LLYVK 38.08 -0.17 iShRuss2000 IWM 202.28 0.70 0.8 VangdFTSEDevMk VEA 50.26 –0.44 4.9
Carlyle CG 40.49 0.20 DominionEner D 49.33 0.22 s GoldmanSachs GS 464.82 0.07 HealthCrSelSect XLV 144.25 –0.11 5.8
argenx ARGX 436.42 0.58 LibertyLiveA LLYVA 37.21 -0.12 iShS&P500Grw IVW 95.97 0.17 27.8 VangdFTSE EM VWO 44.66 ... 8.7
CarMax KMX 73.00 1.42 Domino's DPZ 500.33 6.60 Grab GRAB 3.55 ... IndSelSectorSPDR XLI 121.37 0.12 6.5
s AristaNetworks ANET 371.07 4.93 LibertyFormOne C FWONK 74.23 1.41 iShS&P500Value IVE 181.64 0.03 4.5 VangdFTSE Europe VGK 68.05 –0.50 5.5
Carnival CCL 17.56 0.35 Donaldson DCI 70.42 0.35 Graco GGG 78.50 -0.30 InvscNasd100 QQQM 204.70 0.25 21.5
s Arm ARM 184.70 3.51 LibertyFormOne A FWONA 65.92 1.14 iShSelectDiv DVY 120.23 0.20 2.6 VangdGrowth VUG 387.40 0.01 24.6
Carnival CUK 16.12 0.30 DoorDash DASH 109.04 -1.92 Grainger GWW 917.35 4.80 InvscQQQI QQQ 497.34 0.24 21.4
AscendisPharma ASND 136.46 0.65 LibertySirius A LSXMA 22.51 -0.71 iSh7-10YTreaBd IEF 94.19 0.03 –2.3 VangdHiDiv VYM 118.80 0.19 6.4
CarrierGlobal CARR 63.13 -0.11 Dover DOV 176.49 -0.19 GraphicPkg GPK 25.48 0.21 InvscS&P500EW RSP 164.00 0.20 3.9
LibertySirius C LSXMK 22.56 -0.64 iShShortTreaBd SHV 110.17 0.03 0.0 VangdInfoTech VGT 599.91 0.67 23.9
AspenTech AZPN 198.89 0.73 Carvana CVNA 122.32 -5.73 Dow DOW 52.80 0.57 GpoAeroportuar PAC 155.07 1.34 iShBitcoin IBIT 32.16 –0.12 ...
LibertySirius B LSXMB 23.31 -0.37 iShTIPSBond TIP 106.98 –0.04 –0.5 VangdIntermBd BIV 75.32 0.01 –1.4
Assurant AIZ 161.40 0.12 CaseysGenStores CASY 367.57 -1.79 DrReddy'sLab RDY 77.52 -0.52 GpoAeroportSur ASR 300.70 5.06 iShCoreDivGrowth DGRO 57.78 0.03 7.4
Light&Wonder LNW 104.88 1.21 iSh20+YTreaBd TLT 92.76 0.22 –6.2 VangdIntrCorpBd VCIT 80.49 0.01 –1.0
AsteraLabs ALAB 58.91 -0.53 Catalent CTLT 57.11 0.38 DraftKings DKNG 37.59 0.52 Guidewire GWRE 139.91 0.56 iShCoreMSCIEAFE IEFA 73.90 –0.48 5.0
s EliLilly LLY 918.00 3.43 iShUSTech IYW 156.96 0.51 27.9 VangdIntermTrea VGIT 58.43 –0.02 –1.5
AstraZeneca AZN 77.13 -0.21 Caterpillar CAT 329.06 0.71 Dropbox DBX 22.24 -0.09 HCA Healthcare HCA 316.21 -4.09 iShCoreMSCIEM IEMG 54.80 0.02 8.3
LincolnElectric LECO 186.25 1.53 iShUSTreasuryBd GOVT 22.65 –0.02 –1.7 VangdLC VV 254.64 –0.05 16.7
Atlassian TEAM 181.80 -5.52 Celanese CE 133.99 1.81 DukeEnergy DUK 100.64 0.08 HDFC Bank HDB 61.92 0.03 iShCoreMSCITotInt IXUS 68.82 –0.26 6.0 MGK
Linde LIN 435.74 0.02 iSh0-3MTreaBd SGOV 100.41 0.02 0.1 VangdMegaGrwth 326.49 0.03 25.8
AtmosEnergy ATO 114.08 -0.54 CelsiusHldg CELH 56.06 -1.16 Duolingo DUOL 196.71 3.62 HF Sinclair DINO 49.99 -0.67 iShCoreS&P500 IVV 558.41 0.12 16.9 JPM EqPrem JEPI 56.24 –0.25 2.3 VangdMC VO 242.14 0.19 4.1
LiveNationEnt LYV 94.47 -0.87
Autodesk ADSK 247.96 0.09 Cemex CX 6.29 0.11 DuPont DD 79.47 0.48 HP HPQ 35.32 0.69 iShCoreS&P MC IJH 58.08 0.31 4.8 JPM UltShIncm JPST 50.35 0.04 0.2 VangdRealEst VNQ 83.78 0.32 –5.2
s LloydsBanking LYG 2.99 0.04
Autoliv ALV 107.98 1.27 Cencora COR 223.69 1.01 Dynatrace DT 45.29 0.60 HSBC HSBC 43.33 -0.08 iShCoreS&P SC IJR 106.22 0.65 –1.9 PacerUSCashCows COWZ 53.72 0.58 3.3 VangdRuss1000Grw VONG 97.36 0.08 24.8
LockheedMartin LMT 461.76 -0.40
ADP ADP 233.44 -2.12 CenovusEnergy CVE 19.58 -0.07 elfBeauty ELF 203.08 2.84 H World HTHT 30.85 -1.08 iShCoreS&PTotUS ITOT 120.94 0.11 14.9 ProShUltPrQQQ TQQQ 82.17 0.66 62.1 VangdS&P500ETF VOO 510.33 0.10 16.8
Loews L 74.41 0.65
AutoZone AZO 2836.40 21.40 Centene CNC 66.19 -0.18 EMCOR EME 363.84 1.30 Haleon HLN 8.49 0.02 iShCoreS&PUSGrw IUSG 132.00 0.16 26.8 SPDRBbg1-3MTB BIL 91.51 0.02 0.1 VangdST Bond BSV 76.82 ... –0.3
LogitechIntl LOGI 94.94 1.09
Avalonbay AVB 203.12 -0.15 CenterPointEner CNP 30.32 -0.17 ENI E 30.88 -0.38 Halliburton HAL 33.21 0.11 iShCoreTotUSDBd IUSB 45.43 0.02 –1.4 SPDR DJIA Tr DIA 393.46 –0.06 4.4 VangdSTCpBd VCSH 77.45 ... 0.1
Lowe's LOW 217.15 3.26
Avangrid AGR 35.29 -0.05 CentraisElBras EBR 6.94 -0.03 EOG Rscs EOG 125.63 0.69 HartfordFinl HIG 99.15 0.44 iShCoreUSAggBd AGG 97.61 0.03 –1.7 SPDR Gold GLD 218.19 –1.24 14.1 VangdShortTrea VGSH 57.96 –0.02 –0.6
lululemon LULU 294.03 -4.11
Avantor AVTR 20.94 -0.09 CerevelTherap CERE 40.59 -0.37 EPAM Systems EPAM 186.13 1.99 Hasbro HAS 56.83 0.24 iShEdgeMSCIMinUSA USMV 84.18 0.07 7.9 SPDRPtfDevxUS SPDW 35.72 –0.42 5.0 VangdSC VB 217.13 0.30 1.8
LyondellBasell LYB 94.45 0.87
AveryDennison AVY 215.10 -0.94 CharlesRiverLabs CRL 202.46 2.80 EQT EQT 36.38 0.06 HealthEquity HQY 81.57 -1.00 iShEdgeMSCIUSAQual QUAL 173.23 –0.10 17.7 SPDRS&P500Value SPYV 48.68 0.06 4.4 VangdTaxExemptBd VTEB 50.24 –0.02 –1.6
AxaltaCoating AXTA 34.36 0.61
AxonEnterprise AXON 302.48 4.10
CharterComms CHTR 290.56-11.23
CheckPoint CHKP 169.40 -0.05
EagleMaterials EXP 213.42 -1.38
EastWestBncp EWBC 70.74 0.33
HealthpeakProp DOC 19.63
Heico HEI 228.19
-0.10
0.93
M N iShGoldTr
iShiBoxx$IGCpBd
IAU
LQD
44.60
108.13
–1.22
–0.01
14.3
–2.3
SPDRPtfS&P500
SPDRS&P500Growth
SPLG
SPYG
65.32
83.12
0.11
0.20
16.9
27.8
VangdTotalBd
VangdTotIntlBd
BND
BNDX
72.40
48.78
...
0.04
–1.6
–1.2
BCE BCE 31.73 0.11 Chemed CHE 534.27 -3.75 EastGroup EGP 174.45 0.84 Heico A HEI.A 179.75 0.73 s Macom Tech MTSI 118.10 3.99 iShMBS MBB 92.20 –0.04 –2.0 SPDR S&P 500 SPY 555.28 0.12 16.8 VangdTotIntlStk VXUS 61.45 –0.29 6.0
BHP Group BHP 58.35 -1.14 CheniereEnergy LNG 175.40 1.22 EastmanChem EMN 95.75 1.25 HenrySchein HSIC 64.75 -0.21 M&T Bank MTB 148.20 1.71 iShMSCIACWI ACWI 114.66 ... 12.7 SchwabIntEquity SCHF 39.09 –0.43 5.8 VangdTotalStk VTI 272.49 0.14 14.9
BJ'sWholesale BJ 87.79 -0.18 CheniereEnerPtrs CQP 49.40 0.56 Eaton ETN 318.96 1.59 Hershey HSY 184.76 0.61 MGM Resorts MGM 43.69 0.65 iShMSCI EAFE EFA 79.69 –0.50 5.8 SchwabUS BrdMkt SCHB 64.02 0.14 15.0 VangdTotWrldStk VT 114.68 –0.03 11.5
BP BP 36.55 -0.50 ChesapeakeEner CHK 82.60 0.29 eBay EBAY 52.79 -0.08 Hess HES 146.63 -0.25 MKS Instrum MKSI 136.06 1.99 iSh MSCI EM EEM 43.64 0.02 8.5 SchwabUS Div SCHD 77.09 0.09 1.3 VangdValue VTV 160.56 0.14 7.4
BWX Tech BWXT 95.53 0.42 Chevron CVX 154.33 0.02 Ecolab ECL 242.88 4.69 HessMidstream HESM 37.12 0.07 MPLX MPLX 42.33 -0.16 iShNatlMuniBd MUB 107.03 0.06 –1.3 SchwabUS LC SCHX 65.57 0.14 16.3 WT FRTrea USFR 50.37 0.02 0.3

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
ManhattanBridge LOAN 5.51 1.7 PropertyGuru PGRU 5.45 3.3 UniversePharm UPC 3.80 11.7 CF Industries CF 69.16 -1.1 FidelityD&D FDBC 41.10 0.6 LuxUrban LUXH 0.16 -16.0 RockyMtnChoc RMCF 1.85 -9.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ManulifeFinl MFC 27.08 1.3 PulseBiosciences PLSE 17.05 28.7 VeecoInstr VECO 48.99 0.1 CNS Pharm CNSP 1.13 -4.9 FiveBelow FIVE 103.90 -2.0 MGP Ingredients MGPI 70.06 -4.1 RyersonHolding RYI 18.76 -0.8
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low MetaPlatforms META 542.81 -2.0 Qorvo QRVO 121.88 1.7 Ventas CVR Energy CVI 25.18 -0.9 FreshDelMonte FDP 21.30 -0.4 MalibuBoats MBUU 30.95 -4.3 SatellogicWt SATLW 0.04 -28.7
VTR 52.68 -1.1
in the latest session. % CHG-Daily percentage change from the previous trading session.
MirumPharm MIRM 36.64 4.3 RELX RELX 46.33 -0.3 VeriskAnalytics VRSK 275.92 -0.5 CableOne CABO 330.10 -4.1 Fresh2 FRES 0.27 5.8 MammothEnergy TUSK 2.76 -5.7 SciSparc SPRC 0.71 -4.2
Moelis MC 59.01 -0.5 RedViolet RDVT 25.80 5.5 Wiley B WLYB 44.58 8.9 CalidiBiotherapWt CLDI.WS 0.02 -60.9 FundamentalGlbl FGF 0.87 -3.4 Medifast MED 18.32 -1.0 SeelosTherap SEEL 0.49 -9.9
Monday, July 8, 2024
monday.com MNDY 251.48 -1.9 RithmCapPfdA RITMpA 25.39 0.1 Wiley A WLY 44.81 3.2 CambiumNtwks CMBM 2.04 -7.6 GRIID Infr Wt GRDIW 0.02 -14.9 MeiwuTechnology WNW 0.71 -6.9 SerinaTherap SER 6.86 -3.2
52-Wk % 52-Wk % 52-Wk %
MontereyCap MCACU 12.08 -3.0 RithmCapPfdC RITMpC 23.95 ... cbdMD YCBD 0.55 2.5 GeneticTech GENE 1.23 -7.9 MelarAcqnI MACIU 9.99 ... SiloPharma SILO 0.87 -5.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
ChefsWarehouse CHEF 42.80 1.8 GoldenArrow GAMCU 11.72 10.3
Moody's MCO 434.14 0.1 Rollins ROL 50.83 -1.0 Lows CERoTherap CERO 0.20 -18.5 GinkgoBioworksWt DNA.WS 0.02 -17.3 MingtengIntl MTEN 1.81 -8.1 SingularGenomics OMIC
SmartforLife SMFL
7.50 -3.7

Highs Napco Security NSSC 54.87 2.1 RoyalCaribbean RCL 162.93 2.6 ChijetMotor CJET 5.29 -25.9 GlobalPtrII GPACU 10.03 -8.8 MingZhuLogistics YGMZ 1.27 -3.5 2.21 -12.1
Cinemark CNK 22.19 0.5 GoldenstoneWt GDSTW 0.13 -30.7 Ayro AYRO 0.70 12.6 SocietyPass SOPA 1.06 -0.5
NatlHealthInv NHI 69.74 -0.3 SableOffshoreA SOC 16.40 2.1 Chimerix CMRX 0.78 -2.1 GlbPtrII A GPAC 8.91 -16.6 MoleculinBiotech MBRX 3.33 -4.2
CirrusLogic CRUS 131.22 0.9 GoldmanSachs GS 474.86 ... AboveFood ABVE 2.34 -21.7 Soligenix SNGX 1.83 -5.2
ACI Worldwide ACIW 39.76 -0.3 NatlHealthcare NHC 116.55 0.7 SapiensIntl SPNS 35.78 0.9 ChinaLiberalEduc CLEU 0.56 -73.8 Goodyear GT 10.78 ... MontereyCapA MCAC 9.49 -15.3
CoeurMining CDE 6.40 1.4 GrafGlobal GRAF.U 10.04 0.2 Adient ADNT 23.95 -0.9 SonnetBio SONN 0.85 -1.1
ADMA Biologics ADMA 11.90 1.6 NatlWesternLife NWLI 499.99 0.1 SelectMedical SEM 36.61 -0.7 ChromocellTherap CHRO 1.06 -13.8 GranitePointMtg GPMT 2.76 -2.8 Nature'sMiracle NMHI 0.41 -9.0
ASML ASML 1087.79 0.3 Coherent COHR 77.28 2.7 Hagerty HGTY 11.14 1.1 AgEagleAerial UAVS 0.43 -2.7 SteakholderFds STKH 3.19 -0.2
NaturalGrocers NGVC 22.96 2.1 SiTime SITM 143.21 6.3 Chuy's CHUY 24.28 -0.6 GrayTelevision GTN 4.57 -6.5 Network1Techs NTIP 1.52 -1.3
AST Space ASTS 13.09 -2.4 CoreScientificWt CORZZ 10.91 0.4 Hawkins HWKN 92.91 0.6 AllegiantTravel ALGT 43.91 0.6 SurgePays SURG 2.78 -4.0
NatWest NWG 8.68 1.1 SixFlags FUN 58.70 -1.8 CleanCore ZONE 2.00 -7.5 GreenTree GHG 2.36 1.2 NewHorizAircraft HOVR 0.46 -3.1
AST Space Wt ASTSW 4.86 -3.1 CoreScientificWt CORZW 5.74 1.2 ING Groep ING 18.07 0.2 AlphaTeknova TKNO 1.16 0.4 SurgePaysWt SURGW 0.14 -11.4
NetApp NTAP 131.05 0.8 SkeenaRscs SKE 6.35 0.5 CoherusBioSci CHRS 1.25 -4.5 GreenwaveTech GWAV 1.52 -1.3 Nike NKE 73.00 -3.2
CoreScientific CORZ 11.00 0.7 IdahoStratRscs IDR 11.27 2.0 AltisourcePortf ASPS 1.15 -9.3 Toyo TOYO 1.45 -8.7
AcadiaRealty AKR 18.55 0.7 NYTimes A NYT 52.82 -0.5 Sohu.com SOHU 15.37 5.2 ConduitPharm CDT 0.47 -5.8 HCW Biologics HCWB 0.58 -6.3 NouveauMonde NMG 1.78 -4.8
Corning GLW 43.58 12.0 iLearningEnginesWt AILEW 1.00 17.5 AmerSports AS 11.33 -5.3 TaboolaWt TBLAW 0.13 -19.3
AdtalemGlbEduc ATGE 69.14 0.2 NewtekNts2024 NEWTL 25.26 0.1 SolunaPfdA SLNHP 6.78 9.5 ContainerStore TCS 0.50 0.6 HawaiianElec HE 7.63 -4.2 NutexHealth NUTX 4.63 -7.4
Costco COST 887.95 -0.5 Innodata INOD 17.55 12.6 AmerVanguard AVD 7.97 1.0 10xGenomics TXG 18.31 -1.4
Agilysys AGYS 105.68 2.5 Nova NVMI 244.97 0.6 SpringValleyII A SVII 11.15 -0.1 CreativeMedia CMCT 2.06 1.8 HeartTestLabs HSCS 3.87 -3.9 OfficePropNts2050 OPINL 9.62 -1.7
CrescentCapBDC CCAP 19.58 0.2 Insmed INSM 70.75 0.1 AmphastarPharm AMPH 37.00 -1.0 TevogenBio TVGN 0.65 -0.3
AlnylamPharm ALNY 255.40 1.6 Novartis NVS 108.79 -0.1 SynovusFinPfdE SNVpE 25.48 -0.1 CueBiopharma CUE 0.93 1.8 HilleVax HLVX 1.55 -88.3 180DegreeCap TURN 3.62 -1.6
Criteo CRTO 40.29 -0.4 ICE ICE 142.19 0.3 AssetEntities ASST 1.25 13.2 36Kr KRKR 0.29 -0.6
Amazon.com AMZN 201.20 -0.4 NuScalePower SMR 13.74 12.0 TJX TJX 112.28 0.5 CullmanBancorp CULL 9.71 1.3 HubCyberSecurityWt HUBCZ 0.02 -25.4 Organovo ONVO 0.72 -4.4
AutonomixMed AMIX 0.51 -16.9 ThunderPower AIEV 1.13 -8.8
AmerHlthcrREIT AHR 15.66 0.8 CrowdStrike CRWD 397.12 0.3 InterDigital IDCC 123.14 0.9 NuScalePowerWt SMR.WS 3.57 17.0 TTM Tech TTMI 20.19 0.5 Cyngn CYN 3.61 -10.4 Hydrofarm HYFM 0.66 -0.7 PeakstoneRealty PKST 9.89 0.4
TivicHealth TIVC 0.34 -6.3
AmerStratInvt NYC 10.40 3.6 D-MarketElec HEPS 3.16 11.2 IrisEnergy IREN 15.75 -2.7 Ollie'sBargain OLLI 100.88 1.3 TaiwanSemi TSM 192.80 1.4 Azitra AZTR 2.11 1.8 DallasNews DALN 3.34 -3.5 IndContractDrill ICD 1.14 -5.7 PetMedExpress PETS 3.82 -0.5
2U TWOU 3.74 -1.0
AmerSupercond AMSC 28.80 9.4 DouYuIntl DOYU 18.40 -0.9 IronMountain IRM 92.96 1.4 1895Bancorp BCOW 8.34 2.2 Ericsson ERIC 6.43 2.9 Beyond BYON 11.95 5.4 Dayforce DAY 48.19 -4.7 InnovizTechWt INVZW 0.14 16.0 PierisPharm PIRS 7.41 -10.6
UrbanOneA UONE 1.69 -2.3
Apple AAPL 227.85 0.7 DutchBros BROS 42.95 1.7 Junee JUNE 4.97 13.7 OnfolioWt ONFOW 0.27 2.1 10XCapIII A VCXB 11.07 -0.1 BigLots BIG 1.32 -4.1 DineBrands DIN 32.16 -2.8 Insperity NSP 88.37 -0.1 PineappleFinl PAPL 0.67 -5.4 VCIGlobal VCIG 0.53 -3.5
AristaNetworks ANET 373.98 1.3 EmergentBiosol EBS 8.44 2.5 KinrossGold KGC 8.60 1.3 Oppenheimer A OPY 50.14 -0.2 Teradyne TER 154.90 2.0 BioVie BIVI 0.40 -2.2 DolphinEnt DLPN 0.78 -2.5 Jiuzi JZXN 2.33 21.2 Pinstripes PNST 2.15 -3.9 Verastem VSTM 2.60 -4.7
Arm ARM 186.38 1.9 Enstar ESGR 336.88 0.1 KrystalBiotech KRYS 192.49 3.8 OxfordLanePfd OXLCN 24.20 -0.1 TeraWulf WULF 6.01 -2.0 BitcoinDepotWt BTMWW 0.04 0.2 DuckhornPtf NAPA 6.73 -2.0 KoreGroup KORE 1.35 -11.6 PodcastOne PODC 1.32 -6.7 VicinityMotor VEV 0.37 -1.8
AtlasNts2027 ATCOL 25.15 0.4 EssentialProp EPRT 28.38 1.0 LamResearch LRCX 1105.86 1.3 OxfordSquareNt26 OXSQZ 24.60 -0.1 TowerSemi TSEM 41.66 1.9 Bloomin'Brands BLMN 17.72 -4.6 DuluthHoldings DLTH 3.52 -0.6 KY FirstFedBncp KFFB 3.05 -0.5 ProAssurance PRA 11.31 -1.0 WalgreensBoots WBA 10.77 -3.9
Balchem BCPC 163.03 1.1 EvercoreA EVR 215.39 -0.1 Life360 LIF 33.16 2.2 PJT Partners PJT 112.95 -1.1 TransMedics TMDX 154.75 -2.1 BluejayDiag BJDX 0.54 -5.3 1847Holdings EFSH 2.21 -19.4 KeyTronic KTCC 3.60 -0.5 Quanterix QTRX 11.82 ... Wendy's WEN 15.80 -2.6
BaldwinInsurance BWIN 37.34 -0.1 FTAI Infra FIP 9.69 -2.5 EliLilly LLY 928.61 0.4 PalantirTech PLTR 27.99 1.7 TriumphFinl TFIN 83.28 0.4 BostonOmaha BOC 12.41 1.7 ElevaiLabs ELAB 0.56 -2.3 LCI Inds LCII 98.49 0.2 QuidelOrtho QDEL 30.07 -2.9 Winnebago WGO 50.94 -1.4
Barclays BCS 11.57 1.0 FormFactor FORM 63.63 -0.1 LloydsBanking LYG 3.02 1.4 PennantPark PNNT 7.93 1.9 TurkcellIletism TKC 8.40 1.9 BridgerAerospace BAER 3.05 -10.8 Eshallgo EHGO 1.80 -15.8 Lakeside LSH 3.50 -5.4 QuiptHomeMed QIPT 2.94 ... XortxTherap XRTX 1.71 0.3
BlueprintMed BPMC 119.30 4.1 Freshpet FRPT 136.35 1.5 LongboardPharm LBPH 36.36 -9.4 PerceptionCapIIIUn PFTAU 12.45 -3.2 TwoHarborsPfdA TWOpA 23.88 1.0 Brown-Forman B BF.B 41.55 -0.8 Etsy ETSY 55.08 -5.3 LasVegasSands LVS 41.40 -1.5 REGENXBIO RGNX 10.49 -2.5 Xerox XRX 11.09 -1.9
CAVA CAVA 98.69 -0.3 GladstoneCap GLAD 24.05 1.3 Macom Tech MTSI 118.45 3.5 PiperSandler PIPR 235.15 -0.1 UFP Tech UFPT 302.34 1.8 BullfrogAI BFRG 1.43 -6.3 EveHoldingWt EVEX.WS 0.26 -18.3 Leslie's LESL 3.12 -12.8 RPC RES 5.81 -1.8 YY Group YYGH 0.75 -4.9
CSW Industrials CSWI 276.64 0.4 Glaukos GKOS 123.17 0.7 MainStreetCap MAIN 52.38 0.1 PitneyBowes PBI 6.51 1.3 UltraClean UCTT 54.24 4.4 Bumble BMBL 9.12 1.7 Expion360 XPON 0.92 -4.0 LiveWireWt LVWR.WS 0.12 -5.6 RelianceGlobal RELI 3.30 -5.5 Zentek ZTEK 0.97 ...
Camtek CAMT 139.40 3.8 GlbPtrII Wt GPACW 0.49 10.6 Mama'sCreations MAMA 7.84 -3.8 ProficientAuto PAL 17.52 0.7 UnivDisplay OLED 223.10 1.9 BurningRockBio BNR 5.41 -1.3 Fanhua FANH 1.51 -5.6 LogicMark LGMK 0.52 -12.7 ReservoirMediaWt RSVRW 0.63 -2.4 ZeviaPBC ZVIA 0.62 -3.3

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
LgCpGwId InstPre 36.95 +0.04 25.3 SAIUSMinVolIndFd 20.79 +0.01 11.4 CoreBond 10.17 ... 0.7 LgCapGow I 81.97 -0.11 24.6 MuLTAdml 10.87 ... 0.6 TgtRetInc 13.37 ... 4.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 31.33 +0.08 4.6 SAIUSQtyIdx 23.65 ... 22.2 EqInc 23.94 +0.02 5.2 MidCap 103.60 +0.26 3.6 MuLtdAdml 10.80 +0.01 0.9 Welltn 45.01 +0.03 10.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 23.22 +0.03 17.7 SrsBlChGroRetail 20.37 +0.07 30.4 LgCpGwth 77.16 +0.07 28.3 R2030 25.92 ... 8.3 MuShtAdml 15.73 +0.01 1.4 WndsrII 47.17 -0.02 10.9
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.92 +0.01 0.2 SrsEmrgMkt 19.21 +0.05 10.8 JPMorgan R Class Putnam Funds Class A PrmcpAdml r 182.75 +0.48 16.9 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 14.36 -0.02 10.7 SrsGlobal 14.94 -0.04 7.9 CoreBond 10.19 +0.01 0.9 PutLargCap p 35.01 +0.05 14.0 RealEstatAdml 118.65 +0.24 -3.2 ExtndIstPl 315.61 +1.08 3.2
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.55 ... -3.6 SrsGroCoRetail 25.37 +0.11 30.3 CorePlusBd 7.18 +0.01 1.3 Putnam Funds Class Y SmCapAdml 104.05 +0.36 2.5 IdxIntl 19.72 -0.07 7.1
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 25.34 +0.15 1.3 SrsIntlGrw 18.63 -0.03 8.8 Lord Abbett I PutLargCap 35.02 +0.05 14.2 SmGthAdml 87.93 +0.21 3.8 MdCpGrAdml 99.52 +0.07 5.6
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 152.11 +0.20 15.7 SrsIntlVal 12.97 -0.04 11.1 ShtDurInc p 3.85 ... 2.7 Schwab Funds STBondAdml 10.07 ... 1.4 MdCpVlAdml 77.49 +0.27 4.3
TotalMarketIndex 19.25 +0.03 15.8 TotalBond 9.46 ... 0.9 Metropolitan West 1000 Inv r 119.34 +0.13 16.6 STIGradeAdml 10.24 ... 2.2 SmValAdml 77.68 +0.33 1.5
TtlIntIdxInstPr 14.13 -0.04 7.5 Fidelity SAI TotRetBdI NA ... NA S&P Sel 86.02 +0.09 17.7 STIPSIxAdm 24.19 ... 2.6 TotBd2 9.42 ... 0.1
Monday, July 8, 2024 USBdIdxInstPrem 10.26 ... 0.1 TotalBd 8.96 ... 1.1 TRBdPlan NA ... NA TSM Sel r 93.65 +0.12 15.7 TotBdAdml 9.54 ... 0.1 TotIntlInstIdx r 131.94 -0.46 7.2
Net YTD Net YTD Net YTD Fidelity Advisor I U.S.TreBdIdx 8.69 ... -0.2 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.52 +0.03 ... TotItlInstPlId r 131.97 -0.46 7.2
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.45 +0.01 0.9 Fidelity Selects IIE 35.09 -0.06 6.5 EqIdxInst 38.91 +0.04 15.6 TotIntlAdmIdx r 32.99 -0.12 7.2 TotSt 132.59 +0.17 15.6
Fidelity Freedom Semiconductors r 36.88 +0.55 52.1 MFS Funds Class I IntlEqIdxInst 23.52 -0.14 7.6 TotStAdml 132.61 +0.17 15.6 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq2 36.38 +0.09 12.8 FF2030 17.79 +0.01 7.9 Softwr 27.85 -0.19 2.6 GrowthI 219.78 -0.30 27.7 LrgCpGrIdxInst 64.93 +0.06 25.3 BalInst 48.06 +0.05 9.4
MuniIncmShares 11.19 2.8 IntlVal Inst
... 49.74 +0.07 NA US Small 44.66 +0.18 1.2 FF2035 TxMCapAdml 285.53 +0.30 16.2
15.82 +0.01 9.4 Tech 37.03 +0.22 29.9 ValueI 50.35 +0.06 6.7 VANGUARD ADMIRAL
TxMIn r 16.15 -0.08 6.5 DevMktsIndInst 16.17 -0.08 6.4
AB Funds - ADV Baird Funds US SmCpVal 44.70 +0.14 0.2 FF2040 11.62 ... 11.2 First Eagle Funds Natixis Funds 500Adml 514.25 +0.54 17.7 DevMktsInxInst 25.28 -0.12 6.5
LgCpGrAdv 113.60 +0.01 22.4 AggBdInst 9.73 +0.01 0.5 US TgdVal 31.40 +0.13 -0.8 Freedom2030 K 17.77 USGroAdml 180.54 +0.05 23.1
+0.01 7.9 GlbA 68.37 -0.32 8.4 LSGrowthY 28.12 -0.07 21.1 BalAdml 48.05 +0.05 9.4 ExtndInst 127.89 +0.44 3.2
American Century Inv CorBdInst 10.07 +0.01 0.9 USLgVa 47.37 +0.09 7.4 Freedom2035 K 15.80 ValAdml 62.65 +0.11 8.8
+0.01 9.4 Franklin A1 Northern Funds CAITAdml 11.33 +0.01 0.2 GrwthInst 199.46 +0.07 25.0
Ultra 93.08 -0.02 24.9 BlackRock Funds Dodge & Cox StkIdx WdsrllAdml 83.67 -0.03 11.0
Freedom2040 K 11.63 ... 11.3 IncomeA1 2.34 ... 3.8 NA ... NA CapOpAdml r 203.90 +0.52 13.8 InPrSeIn 9.38 -0.01 1.4
American Funds Cl A HiYldBd Inst 7.05 +0.01 3.9 Balanced 103.38 -0.09 4.8 FrankTemp/Frank Adv Old Westbury Fds DivAppIdxAdm 49.95 +0.02 9.0
WellsIAdml 60.91 +0.11 2.7
Idx2030InsPre 20.23 ... 7.2 InstIdx 458.59 +0.47 17.7
AmcpA 43.05 -0.02 15.1 BlackRock Funds III GblStock 15.87 -0.03 6.4 Idx2035InsPre 23.28 ... 8.6 IncomeAdv 2.31 ... 3.5 LrgCpStr 20.09 -0.01 15.7 EMAdmr 37.21 +0.02 9.4 WelltnAdml 77.71 +0.05 10.1
InstPlus 458.58 +0.48 17.7
AMutlA 54.81 +0.01 8.3 iShS&P500IdxK 652.88 +0.68 17.7 Income 12.48 +0.01 1.0 Idx2040InsPre 24.45 -0.01 10.3 FrankTemp/Franklin A Parnassus Fds EqIncAdml 89.04 +0.23 7.2 WndsrAdml 74.38 +0.04 3.8 InstTStPlus 94.43 +0.12 15.7
BalA 35.03 +0.04 10.2 BlackRock Funds Inst Intl Stk 51.80 -0.04 5.4 DynaTech A 168.93 -0.10 26.3 ParnEqFd 62.62 +0.07 13.8 ExplrAdml 106.50 +0.38 3.2 VANGUARD FDS MidCpInst
Idx2045InsPre 25.69 -0.01 11.0 66.26 +0.15 4.9
BondA 11.24 ... ... EqtyDivd 20.45 -0.01 7.2 Stock 256.92 -0.23 8.5 Idx2050InsPre 25.74 -0.01 11.0 Growth A 142.42 -0.27 16.1 PGIM Funds Cl Z ExtndAdml 127.90 +0.44 3.2 DivdGro 38.13 -0.12 4.4 MidCpIstPl 326.77 +0.72 4.9
CapIBA 68.97 +0.02 5.5 StratIncOpptyIns 9.40 ... 2.1 DoubleLine Funds Fidelity Invest RisDv A 93.41 -0.06 5.9 TotalReturnBond NA ... NA GroIncAdml 107.00 +0.03 19.2 IntlVal 42.13 -0.18 4.4 SmCapInst 104.05 +0.36 2.5
CapWGrA 67.01 -0.01 12.4 TotRet 9.85 ... NA TotRetBdI 8.72 +0.01 1.1 Balanc 29.87 +0.01 11.9 Guggenheim Funds Tru PIMCO Fds Instl GrwthAdml 199.45 +0.07 25.0 LifeGro 45.02 -0.02 9.7 SmCapIstPl 300.31 +1.02 2.5
EupacA 58.68 -0.17 9.8 Calamos Funds Edgewood Growth Instituti BluCh 226.75 +0.70 30.9 TotRtnBdFdClInst 23.51 +0.02 1.1 AllAsset 11.08 +0.01 NA HlthCareAdml r 92.98 +0.32 8.5 LifeMod 32.28 ... 7.2 STIGradeInst 10.24 ... 2.2
FdInvA 82.65 +0.06 16.8 MktNeutI 14.63 -0.01 3.7 EdgewoodGrInst 51.29 -0.33 17.3 BluChpGr K6 34.66 +0.10 29.1 Harbor Funds TotRt 8.55 +0.01 NA HYCorAdml r 5.39 +0.01 2.7 PrmcpCor 36.28 +0.09 14.3 STIPSIxins 24.21 ... 2.6
GwthA 75.47 ... 19.5 Columbia Class I Federated Hermes Int Contra 20.71 -0.04 28.8 CapApInst 121.04 +0.07 25.4 PIMCO Funds A InfProAd 23.04 ... 1.5 STAR 28.46 ... 7.0 TotBdInst 9.54 ... 0.1
HI TrA 9.60 +0.01 4.4 DivIncom I 32.51 -0.02 7.9 TtlRtnBdI 9.40 ... 0.4 ContraK 20.78 -0.04 28.8 Harding Loevner IncomeFd 10.54 ... 2.3 InfTechIdx 307.22 +2.13 24.4 TgtRe2020 28.22 ... 5.0 TotBdInst2 9.42 ... 0.1
ICAA 58.18 +0.03 16.6 Dimensional Fds Fidelity CpInc 9.99 +0.02 6.2 IntlEq 26.76 -0.09 3.1 PIMCO Funds I2 IntlGrAdml 112.17 -0.32 10.2 TgtRe2025 19.57 ... 6.5 TotBdInstPl 9.54 ... 0.1
IncoA 24.32 +0.04 5.2 EmgMktVa 32.25 -0.05 10.6 500IdxInstPrem 193.53 +0.20 17.7 GroCo 41.45 +0.18 29.9 Invesco Funds Y Income 10.54 ... 2.5 ITBondAdml 10.20 ... 0.3 TgtRe2030 38.14 -0.01 7.5 TotIntBdIdxInst 29.29 +0.05 0.1
N PerA 63.95 ... 14.4 EmMktCorEq 24.48 -0.02 10.1 Contrafund K6 29.64 -0.04 28.7 InvGrBd 9.95 ... 0.7 DevMktY 40.58 +0.03 5.1 PIMCO Funds Instl ITIGradeAdml 8.59 ... 1.3 TgtRe2035 24.00 ... 8.5 TotStInst 132.63 +0.17 15.6
NEcoA 64.06 ... 18.7 IntlCoreEq 16.02 -0.07 6.2 ExtMktIdxInstPre 80.56 +0.27 3.2 LowP 46.81 +0.08 6.2 JHF III DispVal IncomeFd 10.54 ... 2.5 LarCapAd 128.75 +0.11 17.6 TgtRe2040 42.99 -0.02 9.4 ValueInst 62.64 +0.10 8.8
NwWrldA 81.53 -0.23 8.7 IntSmCo 20.10 -0.08 5.2 FidSerToMarket 18.11 +0.02 15.7 Magin 14.96 +0.02 25.2 DispValMCI 28.38 +0.06 3.7 Price Funds LTGradeAdml 7.77 +0.01 -1.9 TgtRe2045 29.41 -0.01 10.3 WCM Focus Funds
SmCpA 67.08 -0.02 1.3 IntSmVa 22.79 -0.08 8.6 GlexUSIdxInstPre 15.19 -0.05 7.9 NASDAQ 233.98 +0.65 23.1 John Hancock BlChip 192.42 -0.24 28.8 MidCpAdml 299.94 +0.66 4.9 TgtRe2050 49.31 -0.02 11.0 WCMFocIntlGrwIns 25.45 ... 11.8
TxExA 12.39 ... 0.8 LgCo 36.97 +0.04 17.6 GrowthCompanyK6 29.18 +0.11 30.0 OTC 23.73 +0.04 29.7 BondR6 13.44 +0.01 1.0 DivGro 77.97 +0.06 10.7 MuHYAdml 10.70 ... 1.9 TgtRe2060 50.70 -0.02 11.0 Western Asset
WshA 61.06 +0.07 12.4 US CoreEq1 40.86 +0.08 14.0 IntlIdxInstPrem 50.73 -0.28 7.5 Puritn 26.40 +0.03 14.2 JPMorgan I Class Growth 107.96 -0.01 24.7 MuIntAdml 13.58 +0.01 0.3 TgtRet2055 55.02 -0.03 10.9 CorePlusBdI NA ... NA
THE WALL STREET JOURNAL.
Nasdaq, S&P 500 Extend Record Levels
Powell to speak, and
consumer-price
index and bank
earnings are due
BY JACK PITCHER
Stock indexes hung at or
near records as the summer
doldrums continued, but a busy
calendar this week could spark
some excite-
MONDAY’S ment.
MARKETS Major in-
dexes have
been on a slow and steady
march upward for weeks, and
measures of volatility are near
historic lows. In another quiet
session on Monday, the S&P
500 added 0.1%, to 5572.85, and
the Nasdaq Composite climbed
0.3%, to 18403.74, both extend-
ing a run of record closes. The
Dow Jones Industrial Average
slipped 0.1%.
Traders will have more to
chew on starting on Tuesday.
Japanese
Pension to
Stir Markets
Continued from page B1
risky way to invest funds ear-
marked for future retirees. It
amounts to a vote of no confi-
dence by the Japanese gov-
ernment in its own currency
and contrasts with the U.S.
Social Security Trust Funds,
which exclusively own the
U.S. government’s own bonds.
The U.S., too, has weighed
a bigger role for stock invest-
ments in Social Security, but
an effort nearly two decades
ago by then-President George
W. Bush to let workers divert
some Social Security payroll
taxes to personal retirement
accounts fell apart.
With Japan’s long-term in-
terest rates rising recently,
“raising the weight of domes-
tic bonds is a natural direc-
At ChildFund, hope is about helping kids everywhere grow up healthy, educated, skilled
and – above all – safe. Hope is about keeping children safe wherever they are: at home,
in school, online. Hope is about all of us – including children – writing our story together.
* * * * * *
Federal Reserve Chair Jerome
Powell is set to testify before
Congress, and Wall Street will
be closely following his com-
ments for clues on when inter-
est-rate cuts could begin.
Last week, the jobs report
showed an uptick in the unem-
ployment rate, adding to the
case for a September rate cut.
If the consumer-price index on
Thursday shows inflation con-
tinued to moderate in June, the
Fed would have a clearer path
to cuts.
“Expect him to say progress
on inflation has been and is be-
ing made, but the Fed remains
patient in terms of cutting
rates to ensure it doesn’t reig-
nite,” Bill Hornbarger, chief in-
vestment officer at Benjamin F.
Edwards, said of Powell’s testi-
mony.
The benchmark 10-year
Treasury yield was steady on
Monday but has dropped
roughly 0.2 percentage point
since the beginning of the
month, a sign that traders have
tion for normalizing the situ-
ation” at the pension fund,
said Takahide Kiuchi, an
economist at Nomura Re-
search Institute.
Kiuchi was a policy board
member at the Bank of Japan
a decade ago, when the fund
started pouring hundreds of
billions of dollars into foreign
assets.
It was part
of an effort by
the govern- The yen lately
ment and cen- hit its weakest
tral bank to en-
c o u r a g e level against
Japanese peo-
ple to take big-
the dollar since
ger risks with the 1980s.
their money
and get out of
the funk that
had gripped the nation since
the early 1990s.
“I think there was also an
element then of wanting a
cheaper yen,” Kiuchi said.
“Now absolutely no one is
looking for that.”
The yen recently hit its
weakest level against the dol-
lar since Ronald Reagan was
Hope is what we do.
Tuesday, July 9, 2024 | B9
MARKETS & FINANCE
Index performance on Monday lending activity, Wall Street creased its sales guidance.
dealmaking and the financial Nike shares dropped to close
0.7%
health of credit-card holders around $73, a greater-than-
0.6 Nasdaq Composite will be closely watched. four-year low. Investors have
For now, calm reigns. The punished the apparel maker
0.5
S&P 500
S&P 500 hasn’t dropped by since it reported disappointing
Dow Jones Industrial Average more than 1% in a day since quarterly results in late June.
0.4 April. Overseas, Japan’s Nikkei 225
0.3
“The current market is posi- traded at record levels sup-
tive and steady to a nearly un- ported by technology and ex-
0.2 precedented degree. It’s ex- port-oriented stocks. At midday
tremely rare to see these types Tuesday, the Nikkei was at
0.1 of consistent gains with almost 41386.80, up 1.5%. S&P 500 fu-
no volatility,” said Mark Hack- tures were up 0.2%.
0 ett, Nationwide’s chief of in-
–0.1
vestment research. “Investors
should be prepared to see some AUCTION RESULTS
–0.2 choppiness,” once earnings kick Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
off, he added. clearing yield. Rates are determined by the difference
Five-minute intervals between that price and the face value.
–0.3 On Monday, chip-related
10 a.m. 11 noon 1 p.m. 2 3 4 stocks led the way, with Super 13-Week 26-Week
Micro Computer, Intel and Applications $220,097,948,100 $210,599,920,300
Advanced Micro Devices all $80,281,603,600 $73,943,514,400
Accepted bids
Source: FactSet " noncomp $2,366,351,600 $2,060,181,400
adding at least 4% to finish " foreign noncomp $100,000,000 $100,000,000
grown more optimistic that Fargo report second-quarter among the S&P 500’s best per- Auction price (rate) 98.677972 97.431778
(5.230%) (5.080%)
there will be rate cuts this year. results, kicking off earnings formers. Corning was the in- 5.374% 5.286%
Another potential catalyst season in earnest. Big-bank re- dex’s top gainer, jumping 12%. Bids at clearing yield accepted 92.37% 75.38%
for markets comes at the end sults are viewed as a bell- The maker of glass for TV 912797KT3 912797LX3
of the week, when JPMorgan wether for the economy, and screens and smartphones is Both issues are dated July 11, 2024. The 13-week bills
mature on Oct. 10, 2024; the 26-week bills mature on
Chase, Citigroup and Wells commentary on commercial- getting a boost from AI and in- Jan. 9, 2025.
president. While that helps
make exporters such as Toy-
ota more competitive, the
Moody’s Analytics. The huge
dollar stash could be viewed
as a form of insurance, he
Value of the Government
Pension Investment
Fund’s assets
domestic stocks.
The Nikkei Stock Average
is trading near its record
weak currency has driven up
prices in Japan for imported
goods such as gasoline and
said, “and if you want to use
that money at a point in time
when things get tough, then
¥250 trillion
level after reaching a high in
February for the first time in
34 years.
food. Support for the cabinet that moment is now, right?” 200 Japanese companies have
of Prime Minister Fumio If the pension fund moves been raising dividends and
Kishida has fallen to around 10% of its assets from foreign 150 share buybacks, and have
25% in polls this year. currencies into yen, that shown more openness to for-
The yen has would mean a movement of 100 eign shareholders’ demands.
weakened so some $150 billion. Angrick That allows the government
much that the and Kiuchi cautioned that fund to argue that bringing
Japanese gov- even such a shift wouldn’t
50
more money home would ben-
ernment has necessarily stem the yen’s de-
0
efit the bottom line.
been selling preciation, given the large It will need that kind of
dollars to prop size and capriciousness of 2012 ’15 ’20 ’24 justification, because the
it up. foreign-exchange markets. fund is supposed to invest
Meanwhile, At a news conference on
Note: ¥100 trillion=$620 billion. Figures for
purely to maximize its assets
end of March each year.
elsewhere in Friday, the fund’s president, Source: GPIF on behalf of future pension-
the same gov- Masataka Miyazono, declined ers, not to advance govern-
ernment, the to discuss how the portfolio ploit the weak yen to increase ment policy goals.
pension-invest- might change next year but returns. “Since GPIF makes invest-
ment fund continues to press said the fund would analyze The new strategy will offi- ments with a very long-term
the dollar accelerator based the expected long-term re- cially take effect next April, view, it is important to diver-
on a policy dating to 2014. turns of each asset class. but analysts observed that sify its investments from a
“Seeing how they shifted “The yen depreciated the fund often front-runs the very long-term perspective
in one direction 10 years ago, against the dollar and euro in planned weighting changes to rather than getting excited or
I think it makes sense that the previous fiscal year, make the transition smoother. upset about short-term
they would be able to do the which had positive effects on Analysts at Morgan Stanley events,” said Toshiyuki Taka-
same thing now” in the oppo- our investment performance,” predicted that the Japanese hashi, a former government
site direction, said Stefan An- Miyazono said, adding that government would raise the pension chief now at Japan
grick, an economist at the fund wasn’t trying to ex- pension fund’s weighting of Research Institute.
ChildFund.org
B10 | Tuesday, July 9, 2024 * **** THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

In France, Limbo Is Best-Case Scenario

Polarization leaves the country’s politics stuck in an unpopular middle ground, but it does serve to lower key financial risks

When it comes to France’s tur- ing banks, energy firms and infra-
bulent politics, the current im- structure operators, is that the
passe is probably the best inves- risk of widespread tax increases,
tors could have hoped for. nationalizations and a prolonged
The second round of French standoff with Brussels seems
legislative elections delivered a smaller now than a few weeks
widely expected hung parliament, ago. Whatever Mélenchon says,
but not its predicted makeup: the left will either have to com-
Rather than coming in first, Ma- promise or else form a minority
rine Le Pen’s far-right and anti- government that might scare in-
immigrant National Rally finished vestors but wouldn’t be able to
third. In a shock twist, the leftist pass laws.
New Popular Front alliance So there isn’t much justification
emerged victorious, with the party for the lower valuation of lenders
of President Emmanuel Macron such as Société Générale and es-
and its allies in second place. pecially BNP Paribas—one of Eu-
This is because leftists and cen- rope’s most interesting banks that
trists ended up coordinating. In now trades at 0.65 times tangible
many local races, candidates book value. The same is likely true
dropped out to avoid dividing the for firms such as energy utility
vote against the far right. Engie and infrastructure-conces-
MOHAMMED BADRA/EPA/SHUTTERSTOCK

Still, no party has an outright sions leader Vinci, which have lost
majority, which plunges the coun- 8% of their market value since the
try into political gridlock. This end of May.
was, counterintuitively, the pre- These elections are more a
ferred outcome for financial mar- symptom of Macron’s weakness
kets. than its cause. After a chaotic
The CAC 40 initially tumbled month, French politics is back
when the elections were called in where it has been for years, with a
June, driven by fears of a poten- rising far right forcing the left to
tial National Rally government The French legislative elections delivered a widely expected hung parliament, but not its predicted makeup. back a centrist platform that can
challenging the European Union achieve little because few people
with fiscally expansive plans. Then more public spending, on top of France will handle its budget defi- of France’s bond market. actually like it. Macron himself be-
the French stock benchmark widespread tax increases. cit, which amounted to 5.5% of As for economic growth, it is came president on an anti-Le Pen
perked up, as the first-round re- Indeed, the CAC 40 closed down gross domestic product in 2023 and unclear how much impact Ma- ticket, but in seven years has
sults suggested the far-right 0.6% on Monday, probably reflect- has forced the EU to launch an “ex- cron’s policies have had in the failed to rally broad support for
wouldn’t get a majority. ing investors’ concern about these cessive deficit procedure” against first place, particularly given re- his pro-business vision.
Yet markets remained volatile parties potentially managing to the country. Macron may need to sistance from unions and swaths This could eventually make Le
because the rise of the New Popular form a new government. Mélenchon accept the reversal of reforms such of the public, which resulted in Pen’s victory inevitable, as she
Front raised even greater concerns. has stated that there will be no as a higher retirement age. the famous “yellow vest” protests claimed after initial results came
The policies of this coalition, in deals with the centrists. Still, a fiscal crisis isn’t in the in 2018 and 2020. in. For now, though, it is more or
which leftist firebrand Jean-Luc These worries seem overblown. cards, because the European Cen- What matters for sectors bat- less what markets ordered.
Mélenchon is a key leader, include Yes, there are doubts about how tral Bank is ultimately in control tered in the stock market, includ- —Jon Sindreu

Paramount Will Still

Offer Plenty of Drama
Not that they have much choice Paramount’s Class B share price,
in the matter, but Paramount past two years
Global’s shareholders should give $30
David Ellison a chance.
The troubled media giant finally
wrapped its on-again, off-again 25
merger deal with Skydance Media.
Under the deal unveiled late 20
Sunday, Skydance founder Ellison
will become chief executive officer 15
of Paramount while holders of the
PARAMOUNT/EVERETT COLLECTION

company’s Class B shares can elect

10
to receive an equal number of Skydance deal price
shares of the newly combined
company, or $15 a share in cash up 5
to a total payout of $4.3 billion.
The $15-a-share price tag is a 56% 0
premium to the record low the Aug. 2022 ’23 ’24
stock hit last month after Para-
mount’s controlling shareholder, Source: FactSet Skydance was Paramount’s production partner on several films, including entries in the Transformers franchise.
Shari Redstone, issued a surprise
thumbs down to Skydance’s last selling point of the deal in a con- easier said than done. Warner Dis- March. Growing subscribers while team build more credibility with
offer. It is about half of the stock’s ference call Monday morning. covery warned investors late last keeping costs under control will Paramount’s shareholders—some-
value from two years ago, when That will be the easy part. Mon- year that it was unlikely to hit its be a huge challenge. thing sorely lacking under the old
the company’s “Top Gun: Maver- day’s call also made clear the own previously stated leverage On the brighter side, the arrangement. There is little place
ick” dominated the summer box magnitude of the challenges that target unless the advertising mar- merger with Skydance is less likely to go but up, as more than three-
office on its way to grossing Paramount’s new management ket improved. Its stock has sunk to run afoul of regulators—at least quarters of Wall Street analysts
nearly $1.5 billion globally. team faces. Ellison wants to make 39% since that warning. Para- compared with the option of com- currently carry neutral or sell rat-
Skydance was Paramount’s key Paramount into a “world-class me- mount’s own shares fell 5.3% Mon- bining Paramount with another ings on Paramount’s shares, ac-
production partner on that film dia and technology enterprise,” day. established Hollywood studio. It cording to FactSet.
and several others, including en- but he has to manage a rapidly de- Ellison will at least be in good puts Paramount under the control It also helps that Ellison comes
tries in the popular Mission Im- clining cable-TV and advertising company. Established media play- of a management team that lately with the backing of his father, Ora-
possible, Star Trek and Transform- business. He promised $2 billion ers are struggling with the shift to amassed a strong track record of cle founder and Chairman Larry El-
ers franchises. Hence, the two in “cost efficiencies” after the deal streaming as Netflix—once a Hol- box-office and television success. lison, whose $178 billion net worth
seemed the most natural fit as closes in the third quarter of next lywood upstart—built a scaled op- The new management will have a will likely scare off competing bid-
Redstone fielded entreaties from year. He also committed to an ag- eration with nearly 270 million lot more skin in the game: Red- ders despite the deal’s 45-day go-
other interested parties that re- gressive reduction of the com- paying subscribers producing stone’s National Amusements con- shop provision. Ric Prentiss of Ray-
portedly included private-equity pany’s debt, targeting a net lever- about $7.9 billion in annual oper- trolled 77% of Paramount’s voting mond James wrote Monday that
giant Apollo, Hollywood rivals age ratio of 2.9 times in 2026 ating income. Paramount last re- stock while holding less than 10% the go-shop period “should dis-
Sony and Warner Bros. Discovery compared with Paramount’s cur- ported about 71 million streaming of the company’s total equity. Sky- abuse notions of a much larger cash
and—most recently—IAC Chair- rent leverage ratio of 4.3 times. subscribers, while its direct-to- dance will own about 70% of the offer waiting for the company.”
man Barry Diller, who once ran Those are the right promises to consumer unit generated an oper- new company’s outstanding equity For Paramount, Skydance is the
the Paramount studio. “Unifying make, given the media industry’s ating loss of about $1.4 billion for once the deal closes. only show in town.
Franchise IP” was touted as a key many struggles. But they are also the 12-month period ended in That should help Ellison and his —Dan Gallagher

BUSINESS NEWS

FBI Probes dia and the press to propel

their names.
They represented clients
Alon would dispute the claims.
Last month, Tal was accused in
another suit of participating in

Real-Estate such as WeWork founder Adam

Neumann and restaurateur Jef-
frey Chodorow. The pair are
a coordinated sexual assault
along with Alon in 2012, while
Oren watched—allegations they

Star Brokers widely known for trying to live

Continued from page B1
like their clients, flying around
the world in private jets, host-
denied. Also last month, five
additional women told The
Wall Street Journal they were
ing lavish parties and chasing sexually assaulted or raped by
the wealthy around the world Oren.
AARON DAVIDSON/GETTY IMAGES FOR J GROUP

in the U.S. Tal and Oren to events such as the World The attorney for the two
PATRICK MCMULLAN COMPANY/GETTY IMAGES

worked for industry giant
Douglas Elliman for more than
a decade before starting their
own company in 2022.
In the real-estate industry,
the two brothers had a reputa-
tion as ambitious, hungry
young agents who weren’t
afraid to throw elbows to se-
cure a deal or land a big cli-
ent—and who used social me-
Economic Forum in Davos, women in the March lawsuits,
Switzerland, the World Cup Evan Torgan of Torgan Cooper
and the Super Bowl. + Aaron, has said he was ap-
Alon is an executive at the proached by more than two
family’s private security firm, dozen women in the wake of
Kent Security. the filings. Torgan said some of
A pair of lawsuits filed by them didn’t report their alleged
two women in March alleged assaults to police at the time
sexual assaults by Oren and his because they had willingly
twin Alon dating to 2010 and gone on dates and to parties
2012. Kirshner said Oren and with the brothers. Left, Oren and Alon Alexander in Miami Beach in 2015; their brother Tal in 2016 in New York.