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Tensions Rise With Russia as Blinken Visits Kyiv Microsoft

What’s
CLOCKWISE FROM LEFT; WOLFGANG SCHWAN/ANADOLU/GETTY; SERGEY PIVOVAROV/REUTERS; ALEX BRANDON/PRESS POOL

News Pursues
Business & Finance
Gamers
To Boost
M icrosoft’s acquisition
of Activision aims to
shake up the game industry
by expanding the software
giant’s library of blockbuster
Its Cloud
videogames and bolstering its Deal for Activision
efforts to entice consumers to
its cloud-gaming service. A1
bolsters its aspiration
 The Nasdaq entered cor-
to entice users to a
rection territory, ending Netflix-like platform
the session down 1.1%. The
S&P 500 and Dow industri-
BY AARON TILLEY
als both dropped 1%. B1
AND SARAH E. NEEDLEMAN
 AIG and Chubb are end-
ing coverage for some pricey Microsoft Corp.’s acquisition
homes in California, as in- of Activision Blizzard Inc. aims
surers worry about wildfire to shake up the game industry
exposure and are frustrated by expanding the software gi-
by state regulations. A1 ant’s library of blockbuster
videogames and bolstering its
 A booming market for
BORDER: Clockwise from top left, a Ukrainian soldier near the frontline on Wednesday; flight testing for a Russian air efforts to entice consumers to
deals and brisk demand for fi-
force helicopter; and Ukrainian President Volodymyr Zelensky and U.S. Secretary of State Antony Blinken meet in Kyiv. A8 its cloud-games service.
nancial advice lifted Morgan
The planned $75 billion deal
Stanley’s fourth-quarter earn-
would be Microsoft’s biggest
ings and helped the firm set

Biden Hopeful on Social Bills,

ever and its most ambitious in-
a full-year profit record. B1
vestment yet in its plan to turn
 Bank of America’s quar- its Game Pass subscription ser-
terly profit rose 28%, boosted vice into the Netflix of games.
by record investment-bank- Once the acquisition closes, Mi-
ing revenue and recovering
appetite for borrowing. B11
 Disney is shaking up its
streaming management and
Threatens Putin Over Ukraine crosoft said it would be the
world’s third-largest game com-
pany by sales, with 30 game
studios under its belt, including
the developers of popular fran-
forming a new hub for inter-
WASHINGTON—President he can win enough support for chises “Call of Duty,” “World of
national content creation. B1
Biden said he likely will have climate, energy and early-edu- Warcraft” and “Candy Crush.”
 P&G said sales increased to break up his stalled health- cation provisions. Mr. Biden Around a decade ago, Micro-
6% in its latest quarter, fueled care, education and climate acknowledged that proposals soft shifted to bringing its cor-
in part by the company’s larg- agenda in hopes of getting his to expand the child tax credit porate clients to subscription-
est average price increases policies through Congress and and provide tuition assistance based cloud services. The move
since the spring of 2019. B1 for people attending commu- has helped lift its market value
OLIVER CONTRERAS/SIPA/BLOOMBERG NEWS

By Alex Leary, nity colleges might not make to $2 trillion and maintain its
 Unilever said it wouldn’t
Ken Thomas it into the package, but he said status as one of the world’s top
increase its $68 billion of-
and Andrew Restuccia he would continue pushing to tech companies. The Activision
fer for Glaxo’s consumer-
pass those measures. acquisition positions Microsoft
healthcare business, effec-
predicted Russia will make a Mr. Biden reiterated his in- to use the same tactic on con-
tively walking away from
move against Ukraine, warning tent to unleash sanctions sumers by persuading gamers
the potential acquisition. B1
that Moscow would face “a against Russia should it invade to abandon their expensive
 The launch of enhanced 5G dear price” for doing so. Ukraine. President Vladimir Pu- hardware and play on the cloud.
services had a limited impact The president, who took of- tin, Mr. Biden said, faces a “Together with Activision
on U.S. flights after aviation fice a year ago Thursday, de- stark choice and will regret Blizzard, we have an incredible
regulators provided addi- fended his policies and his ad- choosing conflict. Mr. Biden ap- opportunity to invest and inno-
tional guidance for airlines. B3 ministration’s response to President Biden on Wednesday at a news conference marking his peared initially to suggest that vate, to create the best content,
Covid-19 during a nearly two- first year in office, which he said featured ‘enormous progress.’ he thinks Mr. Putin will invade community and cloud for gam-
World-Wide hour news conference Ukraine. “My guess is he will ers to build substantial new
Wednesday. But he also ac- nated in 2021 and passage of a Build Back Better proposal to move in,” he said. “I think he’ll value for our shareholders,”
knowledged that many people nearly $1 trillion infrastruc- try to pass the individual Please turn to page A4 said Microsoft Chief Executive
 Biden said he likely will remain frustrated by the dura- ture bill as top accomplish- pieces. The measure has Satya Nadella on an investor
have to break up his stalled tion of the pandemic and that ments. “Still for all this prog- stalled after Sen. Joe Manchin and media call Tuesday.
healthcare, education and
climate agenda in hopes of
his administration should have
moved faster on testing.
ress, I know there’s a lot of
frustration and fatigue in this
(D., W.Va.) rejected the pro-
posal late last year.
Court Setback With more gamers playing
on smartphones rather than
getting his policies through
Congress and predicted Rus-
“It’s been a year of chal-
lenges, but it’s also been a
country. We know why—
Covid-19.”
“I think we can break the
package up, get as much as we
For Trump pricey game consoles and com-
Please turn to page A6
sia will make a move against year of enormous progress,” Mr. Biden, a Democrat, said can now and come back and Justices clear way for panel
Ukraine, warning that Mos- said Mr. Biden, who cited mil- he probably would have to fight for the rest later,” he to get Jan. 6 records........... A3  Microsoft deal hits Sony
cow would face “a dear lions of people getting vacci- split up the roughly $2 trillion said, adding that he believes stock................................................ B4
price” for doing so. A1, A4
 Blinken sought to reassure
Ukraine’s president of uni-
fied support from the West
but warned that Russia could
California Fire Risks Expected Fed Tightening
invade as concerns mounted
over Moscow’s deployment of
troops to Belarus, which shares
Lead Insurers to Pull Weighs on Crypto Market
a border with Ukraine. A8
 The Supreme Court denied
Trump’s emergency request
Costly Home Policies BY PAUL VIGNA Change since bitcoin's makes business software but
that sought to block a House BY LESLIE SCISM some policyholders instead record high has invested billions in bitcoin
panel from obtaining White might be eligible for coverage The Federal Reserve is cast- and whose chief executive, Mi-
House records related to the Worried about wildfire ex- through another AIG unit. The ing a shadow over cryptocur- 20% Bitcoin chael Saylor, has become a vo-
attack on the U.S. Capitol. A3 posure and frustrated by state other unit operates alongside rencies. Riot Blockchain cal bitcoin advocate, is down
 Democrats failed in their regulations, insurers in Califor- so-called excess-and-surplus Like stocks, cryptocurren- Marathon Digital 15%.
effort to change the Senate’s nia have been cutting back on lines insurers, which have cies have extended a selloff to On Wednesday, bitcoin fell
0
filibuster procedures in or- their homeowner businesses. more freedom on policy rates start the year because of ex- 1.6% to $41,739. Most observ-
der to muscle through Now, affluent homeowners are and terms than do insurers in pectations that the central Nasdaq ers said the $40,000 level for
blocked elections legislation, feeling more of the pain, as the broader, tightly overseen bank will raise interest rates enters correction bitcoin is a line in the sand for
two of the biggest firms offer- home-insurance market. as early as March. -20 on Wednesday the bulls, and they expect a
dealing a setback to Biden
and party leaders on what ing protection for multimillion- The policies could cost three Bitcoin, the largest crypto- churning trade in this range.
they have termed their top dollar properties end coverage to five times what AIG’s clients currency, is down 9.9% year to “The price action of bitcoin is
domestic policy agenda. A6 for some customers. now pay, with less-generous date, according to CoinDesk, still likely to remain volatile
-40
As early as this month, coverage, brokers said. and the second-largest, ether, as a result of a hawkish Fed,”
 The University of Michigan American International Group “AIG is the first high-net- is down 16%. said AvaTrade analyst Naeem
is paying $490 million to set- Inc. plans to begin notifying worth carrier to say ‘we’ve had The direction of bitcoin’s Aslam.
tle allegations that a former about 9,000 customers in its it, we’re divorcing ourselves trading so far this year has -60 Over the past two years,
university physician sexually Private Client Group that their from California’s regulated been almost identical to the Dec. 2021 '22 bitcoin enjoyed a rally and the
abused over 1,000 former stu- home policies won’t be renewed market,’ ” said Jim Tolliver, an moves of the tech-dominated Sources: CoinDesk (crypto currencies);
entire crypto market pushed
dents, athletes and others. A3 this year. The change is part of insurance broker in San Fran- Nasdaq Composite, which is FactSet (stocks, indexes) into the mainstream. Tradi-
 The Biden administration a plan by AIG to stop selling cisco with Woodruff Sawyer & down 8.3% year to date and tional investors entered crypto
announced plans to make 400 home policies in California Co., who says he fears others sank into correction territory Inc. is down 13% so far this in droves. While crypto advo-
million N95 masks available through a unit regulated by the will follow suit. on Wednesday. year. Marathon Digital Hold- cates have pined for this “in-
free of charge at pharmacies state’s insurance department. Chubb Ltd., the state’s big- Bitcoin’s decline has spilled ings Inc. is down 24%. Riot stitutional money” for years,
AIG told insurance brokers gest high-end insurer, contin- over to publicly traded crypto Blockchain Inc. is down 22%. the surge has turned out to be
and community health cen-
in an email late last year that Please turn to page A10 companies. Coinbase Global MicroStrategy Inc., which Please turn to page A9
ters across the country. A7
 U.K. leader Johnson faced
rising political pressure over
allegations he broke lockdown
rules by attending a drinks
How ‘Bruno’ Became Talked About INSIDE
i i i
party in Downing Street. A8
Hit from Disney’s ‘Encanto’ movie is dubbed in 46 languages
ERIN KIRKLAND FOR WSJ

CONTENTS Opinion.............. A15-17

ELSA/GETTY IMAGES

Arts in Review... A13 Personal Journal A11-12

Business News.. B3,5 Sports....................... A14 BY ALEX JANIN Bruno” in Russian, “Secret Hot 100 to become the highest-
Capital Account.... A2 Technology............... B4 Bruno” in Japanese and charting song from a Disney
Crossword.............. A14 U.S. News............. A2-7 Is someone you know sing- “Just Not a Word About animated film in over 26
Heard on Street. B12 Weather................... A14
Markets Digest..... B9 World News....... A8-9
ing about Bruno? Bruno” in German. years (since “Colors of the
They may be crooning about “Bruno” recently Wind” from “Pocahontas”
the clairvoyant Colombian ani- became the first song in 1995) according to Bill-
> mated character in Bulgarian, from a Walt Disney board—and surpassing SPORTS U.S. NEWS
Norwegian, Vietnamese or one Animation Studios film “Let It Go” from “Frozen,” Dallas’s Dorian Finney- University of Michigan
of more than 40 other lan- to hit the number one which made it to number
guages. The song, “We Don’t spot on Billboard’s five in 2014. The song is
Smith shoots his way to pay $490 million to
Talk About Bruno,” from Dis- Streaming Songs chart. also in the top 20 of Spo- from undrafted to settle sex-abuse
s 2022 Dow Jones & Company, Inc.
All Rights Reserved ney’s movie “Encanto,” is This week, it hit num- tify’s Global Daily and undervalued. A14 claims. A3
known as “Don’t Mention ber four on Billboard’s Bruno Please turn to page A10
 .

A2 | Thursday, January 20, 2022 THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Foreign
Endemic Covid Still Comes at a Price Investment
Bounced
The pros- means the system has reached The Covid-19 pandemic has affected how many people sicker and less happy. Ab-
pect that
Covid-19 is
transitioning
some kind of stable state. En-
demic could mean high levels
of infections.”
can work and how much they expect to earn.

Employed but not at work due Satisfied with current wage*

sences due to illness among
employed workers have aver-
aged 50% higher in the last
Back in ’21
from pan- A team led by Prof. Colijn to illness, annual average two years. In early January, BY PAUL HANNON
demic to en- modeled endemic Covid-19 1.50 million 70%
nearly 12 million people
demic has brought out the assuming a highly transmis- weren’t working because Foreign investment by busi-
bulls on Wall Street. “Mean- sible variant able to escape they were sick with Covid-19, nesses around the world re-
1.25 65
ingful upside to our medium- vaccines, as Omicron has caring for someone with cor- bounded strongly last year to
term economic outlook,” turned out to be, and waning onavirus, or concerned about exceed its pre-pandemic total,
writes Bank of America Corp. immunity. They concluded 1.00 60 getting or spreading the dis- but little of that U.S.-led surge
“A positive for risk assets,” British Columbia’s infections ease, according to a regular went toward boosting manu-
says JPMorgan Chase & Co. could still be relatively high, 0.75 55 Census Bureau survey. The facturing capacity despite the
A “silver lining” of the comparable with 2021 levels. figure hasn’t been below 4 widespread shortages of goods
“highly infectious” Omicron Even if this new variant was 0.50 50 million since June 2020. that have helped push inflation
variant, says BlackRock Inc. 80% less severe than Delta, to its highest in decades.

I
By “endemic,” they mean they estimated it could, in 0.25 45 n the past year, workers A United Nations agency on
Omicron will leave almost its endemic state, result in have reported declining Wednesday said businesses in-
everyone highly immune enough hospitalizations to 0 40 satisfaction with their vested $1.65 trillion outside
through vaccination, prior regularly strain the prov- 2005 ’10 ’15 ’20 2014 ’16 ’18 ’20 wages and a rising “reserva- their countries in 2021, a 77%
infection, or both. Then, they ince’s healthcare system. tion wage,” that is, how increase from $929 billion in
*Based on a nationally representative, internet-based survey of a rotating panel of approximately
reason, Covid-19 will be a Comparisons with flu are 1,300 household heads.
much they would have to be 2020, when foreign direct in-
more predictable, less deadly also incomplete. Suppose the Sources: Labor Department (illness); Federal Reserve Bank of New York (satisfaction) paid to accept a new job, ac- vestment fell sharply in re-
presence, much like flu, and U.S. death rate from Covid-19 cording to the Federal Re- sponse to the disruptions and
the world will return to nor- fell to that of Vermont last higher,” he said. “It depends Western Europe and Latin serve Bank of New York. This uncertainties caused by the
mal. year, the country’s lowest in not just on what the science America showing much big- might reflect inflation, Covid-19 pandemic. That jump
Such optimism needs a re- great part thanks to the says but what your values ger hits than China and changed expectations, or brought FDI flows back above
ality check. This new normal state’s high vaccination rate. are.” With established treat- Japan, where Covid-19’s toll stress due to Covid-19 test- their 2019 level of $1.5 trillion.
won’t be the same as the old That would still be triple the ments for Covid-19, early in- has been much lower. ing, masks and vaccine man- However, figures compiled
normal: Endemic Covid-19 death rate from flu and fection and transmission The U.S. is an exception: dates, or their absence. by the U.N. Conference on
will still take a toll on pneumonia in 2019. And need not pose as many risks Output in the last quarter of For employers, this makes Trade and Development
health, work and mobility; Covid-19 would be circulat- in the future, he said. 2021 was roughly back to its it much harder to attract the showed manufacturing largely
the only question is how big. ing at the same time as flu, But depending on Omi- pre-pandemic trend. But the necessary staff. Nursing missed out on the rebound,
compounding the toll. cron’s long-run effects or the economy, distorted and dis- homes have boosted hourly with the number of new proj-

P
redictions about the The past few weeks have severity of future variants, rupted by Covid-19, is strug- wages 14% since the start of ects to expand capacity falling
end of the pandemic shown that even without failure to isolate infected gling to sustain this level of the pandemic, yet staffing has slightly from 2020, and remain-
have a dispiriting re- lockdowns, Covid-19 can still workers could still cause se- output, as the surge in infla- plummeted 12%, impairing ing well below their 2019 level.
cord. Hopes that vaccines wreak economic havoc via vere or chronic illness in some tion to 7% demonstrates. their ability to accept new pa- “The good news is that the
would bring herd immunity, widespread absences of in- co-workers, Prof. Colijn noted. Covid-19 might have tients. Such shortages impose global FDI has fully recovered
that more transmissible vari- fected people. A key ques- “These are really hard ques- boosted efficiency in some a cost that doesn’t show up in from the pandemic, the bad
ants would always be less tion, then, is whether, once tions and are going to depend industries by speeding up gross domestic product. news is that new investment
deadly, or that the Delta Covid-19 is endemic, disrup- on things we don’t know yet.” digitization and adoption of To be sure, almost all of flows to manufacturing sectors
wave would be the last, were tive interventions such as Endemic Covid-19 could remote work. Goldman Sachs these things will get less bad remain weak despite strong de-
misplaced. So be wary of isolation will persist. thus become a lasting “sup- economists estimate this de- as the Omicron wave sub- mand,” said James Zhan, direc-
forecasts that Covid-19 is That will depend on the ply shock” that degrades livered a 3% to 4% boost to sides. The U.S. has bounced tor of investment and enter-
about to become endemic. trade-off between the disease how much economies can U.S. productivity. back from wars, disaster and prise at Unctad.
And if it does, “endemic and the economic burden of produce, similar to the surge But some of the shift to disease in the past. It is The U.S. led the rebound in
does not mean really low,” isolation, said Peter Chin- in oil prices in the 1970s. In remote operations is invol- bouncing back from Covid-19, foreign investment, with over-
notes Caroline Colijn, a math- Hong, a professor of medicine October, the International untary, and some of the rise and once the virus becomes seas businesses pumping $323
ematician specializing in in- at the University of Califor- Monetary Fund estimated in productivity might reflect endemic, its burdens will no billion into the world’s largest
fectious disease at Simon Fra- nia, San Francisco. “We could global output this year an overworked workforce. longer be top of mind. economy. That increase of 114%
ser University in British isolate for flu but don’t, be- would still be 3% lower than Indeed, the pandemic has That doesn’t mean they left inflows at their highest
Columbia, Canada. “It just cause the consequences are it had projected in 2019, with left the labor force smaller, will be gone. since 2016, making the U.S. the
leading recipient of foreign in-
vestment.

SEC Chief Pushes to Tighten Rules This Year

China also continued to
prove attractive to foreign in-
vestment, with inflows rising
to a record high of $179 billion,
BY PAUL KIERNAN a 20% increase from 2020.
However, all of the foreign
WASHINGTON—Securities investment in the U.S. took the
and Exchange Commission form of purchases of existing
Chairman Gary Gensler spent businesses, rather than
his first nine months on the through what are known as
job sketching out ambitious greenfield projects that in-
plans to tighten federal regu- volve the construction of new
lation of Wall Street.
Now, the clock is ticking for
him to implement his agenda.
With Democrats at risk of
Manufacturing
losing their thin majorities in largely missed out
the House and Senate after
on the rebound,
JUSTIN T. GELLERSON FOR THE WALL STREET JOURNAL

November’s midterm elec-

tions, the coming months figures show.
could be critical for Mr. Gen-
sler, whom President Biden
nominated last year. If Repub-
licans win either chamber of factories or the expansion of
Congress, they could move to existing facilities.
slow Mr. Gensler’s progress. According to Unctad, the
In a speech Wednesday, Mr. number of newly announced
Gensler said his priorities for greenfield factory projects
this year are to increase effi- globally fell to 4,972 in 2021
ciency in the $100 trillion cap- from 5,251 in 2020 and 8,180
ital markets that the SEC in 2019. That decline suggests
oversees and to update agency the supply-chain blockages
rules for modern technology. Securities and Exchange Commission Chairman Gary Gensler said the agency will make three proposals next week. widely reported by businesses
A key goal is to reduce the over recent months are un-
amount of money that compa- ments for public companies Federal law requires agen- that would be very difficult opaque fees and called for likely to be removed quickly.
nies raising capital and their and a potential overhaul of cies to seek comments from for him and the SEC,” said Hal more disclosure around them. Businesses around the world
investors spend on fees. stock-market plumbing. the public and study a rule’s Scott, an emeritus law profes- He has also outlined plans to report shortages of goods that
Next week, Mr. Gensler said A trading frenzy in costs and benefits before fi- sor at Harvard Law School. improve the efficiency and re- are in high demand, and con-
the SEC will make three pro- GameStop Corp. and other nalizing major changes, a pro- Mr. Gensler’s top priorities siliency of the market for U.S. sumer prices have risen sharply
posals. The regulator will of- meme stocks in January 2021 cess that usually takes at least in the coming months will Treasury securities. The exec- over recent months. In the U.S.,
fer a rule that would enhance prompted congressional hear- several months. That means likely be to advance rules that utive-compensation rule is re- the annual rate of consumer-
disclosure around private-eq- ings and a lengthy report from 2022 will be a crucial year for Republicans have expressed lated to a 2015 proposal called price inflation hit its highest
uity funds. It also plans to is- the SEC division that oversees Mr. Gensler to implement his the most concerns about. “pay versus performance,” level since 1982 in December.
sue proposals to reform the markets and broker-dealers. agenda. Aside from the climate-change which sought to help inves- While economists expected
market for U.S. government The record surge in initial If Republicans gain control initiative, these include forth- tors judge whether top execu- companies would have sunk
debt and increase transpar- public offerings and mergers of the House or Senate next coming proposals to require tives’ compensation is in step money into expanding capacity,
ency around executive com- by special-purpose acquisition year, the committees that more information from public with the company’s financial investment spending in many
pensation. companies, or SPACs, created oversee the SEC would likely companies about their work- performance. of the world’s largest econo-
“We made good progress in an unexpectedly heavy work- summon Mr. Gensler to testify forces, and from asset manag- In addition, Mr. Gensler mies has instead stalled.
2021, finalizing a handful of load for staff in the division more frequently at hearings ers about the criteria they use said he hopes to bring crypto- According to the Organiza-
rules and proposing many that also writes disclosure on Capitol Hill. They could when touting the sustainabil- currency trading platforms tion for Economic Cooperation
others,” he said in prepared rules for companies. also threaten to cut the ity of their investment prod- under SEC oversight this year. and Development, investment
remarks to the Exchequer One result is that the SEC agency’s budget or forbid it ucts. “If the trading platforms don’t spending in its 38 members—
Club of Washington. “We have has taken longer than Mr. from pursuing certain policies Mr. Gensler didn’t provide come into the regulated space, which are mostly rich coun-
much more to come.” Gensler originally expected to via amendments to must-pass extensive details on the three this will be another year of tries and include the U.S.—fell
The SEC has yet to issue propose a rule requiring pub- pieces of legislation. proposals the SEC plans to of- the public being vulnerable,” 0.6% in the three months
formal proposals for the big- lic companies to report more “There’s the very big risk fer next week. But he has re- Mr. Gensler told reporters af- through September, the first
gest policy changes the chair- information about the risks that his agenda could get peatedly singled out the pri- ter the speech. “There’s real decline in a quarter since the
man has floated, including they face from climate caught up in a change in the vate-equity industry for vulnerabilities here. This is a three months through June
meatier disclosure require- change. control of the Congress, and having high and sometimes $1.9 trillion asset class that’s 2020 as the coronavirus took
highly speculative.” hold.
The SEC is run by a five- Surveys of Western business
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THE WALL STREET JOURNAL. * * * * Thursday, January 20, 2022 | A3

U.S. NEWS

University of Michigan to Pay $490 Million

School settles claims happened at Michigan’s two

FROM LEFT: ROBERT KALMBACH/BENTLEY HISTORICAL LIBRARY UM/AP, BILL PUGLIANO/GETTY IMAGES
largest universities,” Mr. White
by more than 1,000 added.
people who alleged Mr. White said attorneys
representing the accusers will
sexual abuse by doctor receive contingency fees from
the settlement. In Michigan,
BY ALLISON PRANG attorney’s fees in personal in-
AND KRIS MAHER jury cases are capped at one-
third of the amount recov-
The University of Michigan ered.
is paying $490 million to set- The settlement is among
tle allegations that a former the largest involving sexual-
university physician, Robert abuse claims against a univer-
Anderson, sexually abused sity. Earlier this year, the Uni-
more than 1,000 former stu- versity of Southern California
dents, athletes and others. said it would pay a total of
Of the total, $460 million Robert Anderson committed more than $1.1 billion to settle
will go to the approximately sexual misconduct with multiple lawsuits alleging sex-
1,050 accusers and $30 million patients ‘countless times’ ual misconduct by a longtime
will go toward a reserve set during the decades he worked university gynecologist.
aside for additional accusers as a doctor at the school, In 2018, Michigan State Uni-
who come forward, according according to a report by a law versity agreed to a $500 mil-
to the university and attorney firm. A vigil for sexual-abuse lion settlement for over 300
Parker Stinar, who represents survivors last fall in Ann Arbor. people who said they were sex-
about 200 of the accusers and ually abused by former MSU
is one of six attorneys who ne- ment before July 31, 2023, the that Anderson had performed bechler said he was among “Most of our clients had a sports-medicine doctor Larry
gotiated the settlement. university said. unnecessary rectal and hernia those abused by Anderson. strong love for the University Nassar. Nassar is in prison
“We hope this settlement A law firm report that came exams and offered medical Matt Schembechler said the and did not want to see per- serving a 175-year sentence.
will begin the healing process out last year and was commis- services in exchange for sexual doctor had fondled his genitals manent damage, but wanted In 2017, Pennsylvania State
for survivors,” University of sioned by the University of contact. Anderson worked as a and given him an unnecessary accountability. I believe we ac- University said it agreed to
Michigan Board of Regents Michigan found that Anderson team physician in the school’s rectal exam. complished those goals,” said pay $109 million to several
Chair Jordan Acker said had engaged in sexual miscon- athletic department from 1968 A third-party allocator will Jamie White, an attorney who dozen people who said they
Wednesday. The negotiations duct with patients “countless until 2003 and served as di- determine how the money is represents just under 100 of had been sexually abused by
between the university and times” during his 37 years at rector of the university’s divided among the accusers, the accusers. former football coach Jerry
the accusers’ attorneys started the university. health service. He died in Mr. Stinar said. Most of the “It is time for the Michigan Sandusky, who is currently
in October 2020. The report included ac- 2008. accusers are men. Mr. Stinar legislators to look at why two serving a 30-to-60-year sen-
The $30 million is specifi- counts by hundreds of people, Last year, the son of leg- said the accusers had held An- of the largest scandals in the tence.
cally reserved for claimants including former university endary University of Michigan derson and the school ac- history of the country—Larry —Douglas Belkin
who participate in the settle- football players, who alleged football coach Bo Schem- countable. Nassar and Robert Anderson— contributed to this article.

Court Lets Panel Get Trump Records

WASHINGTON—The Su- didn’t respond to a request for tion itself.” “These sweeping requests
preme Court denied an emer- comment. A federal district judge in are indicative of the Commit-
gency request by former Presi- The House select committee Washington rejected Mr. tee’s broad investigation of a
dent Donald Trump to block a on the Jan. 6 attack has sought Trump’s move in November, a political foe, divorced from any 3 Styles. 28 Charms.
House panel from obtaining records related to communica- decision affirmed last month by of Congress’s legislative func- Endless Possibilites.
White House records related to tions surrounding Mr. Trump’s the U.S. Court of Appeals for tions clearly delineated” by the
the Jan. 6, 2021, attack on the speech to his supporters that the District of Columbia Cir- Constitution, Mr. Trump’s law-
U.S. Capitol. day before some of them con- cuit. “Both Branches agree that yers argued.
verged on the Capitol to try to there is a unique legislative Justice Brett Kavanaugh, the
By Jess Bravin, prevent the certification of need for these documents and only member of the court to
Brent Kendall President Biden’s election vic- that they are directly relevant write at length, said former
and Byron Tau tory, as well as the response to the Committee’s inquiry into presidents should be able to as-
within the White House once an attack on the Legislative sert executive privilege over re-
The court’s action, which violence began to unfold, Branch and its constitutional cords from their term in office,
came in an unsigned order among other things. role in the peaceful transfer of because White House aides are
Wednesday, declined to halt a The Biden administration power,” the judges wrote. more likely to give the presi-
federal appeals court decision declined to assert executive Mr. Trump then asked the dent candid advice if they know
in favor of the House commit- privilege to withhold the re- their views will likely remain
tee and cleared the way for the cords, prompting Mr. Trump to confidential. He added that the
National Archives to start de- file suit to stop investigators privilege shouldn’t necessarily
livering documents to the panel from obtaining the materials.
Justice Clarence be absolute and may diminish
immediately. The records in question belong Thomas alone said over time.
At issue were internal White to the U.S., not Mr. Trump per- The committee has re-
House records from Mr. sonally, but the Supreme Court
he favored the ex- quested a broad range of mate-
Trump’s final days in office— has said in a previous case from president’s request. rial from the National Archives,
material that is typically the 1970s that former presi- including calendars and sched-
closely guarded against disclo- dents have some legal interests ules documenting meetings or
sure under a legal doctrine in records from their time in events Mr. Trump attended and The Mini Necklace
known as executive privilege— office, leaving unresolved the Supreme Court last month to logs of White House visitors
on the basis that presidents exact contours of that power. stop the committee from ob- and calls from Jan. 6. It also Custom 14k gold, diamond and gemstone
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closest advisers. assault on our Constitution and In pressing for a high-court months before Jan. 6 related to necklaces to tell your unique story.
The court’s order, as is typi- democratic institutions pro- ruling, Mr. Trump’s legal team efforts by Mr. Trump and oth- Starting at $300.
cal in emergency matters, voked and fanned by those said the issue of access to a ers to contest the results of the
didn’t provide a detailed legal sworn to protect them, and the former president’s confidential 2020 presidential election, Mr.
rationale, though it did say the conduct under investigation ex- records raised serious concerns Trump’s public messaging Call or Email to Purchase
appeals court unnecessarily tends far beyond typical delib- about separation of powers and about those election results, (805) 390 6326 | contact@misahara.com
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ments for shielding the records mus said in an October letter to Congress had no legitimate leg- legal strategy of fighting con-
would have failed even had he the National Archives, which islative interest in the records gressional and law-enforcement
been in office. holds the documents. “Execu- sought and instead was abusing requests—in some cases drag-
Justice Clarence Thomas, tive privilege should not be its powers to harass a political ging out the legal process for
alone, noted that he would used to shield, from Congress opponent. The committee con- years. After Democrats took
have granted Mr. Trump’s re- or the public, information that sists of seven Democrats and control of the House in 2018,
quest. reflects a clear and apparent two Republicans who have bro- Mr. Trump said he would fight
A lawyer for Mr. Trump effort to subvert the Constitu- ken with Mr. Trump. “all the subpoenas.”

Pollution Impedes Bees’ Crop Pollination

BY AYLIN WOODWARD Then they flooded two of
the zones with diesel exhaust,
Bees and butterflies play a two with ozone and two with
vital role in agriculture, but both pollutants—leaving two
new research from the U.K. areas untreated. In the zones
shows common air pollutants treated with a single pollutant,
can interfere with pollination the pollution levels were about
and thus the cultivation of half the maximum safe level as
crops by making it hard for specified under current U.S.
some insects to sniff out the Environmental Protection
aromatic flowers where they Agency outdoor air quality
sip nectar and nosh on pollen. standards.
JAMES RYALLS

“Diesel exhaust and ozone During the summers of 2018

pollution can react with the and 2019, the researchers ob-
chemicals that make up the served the numbers and type
floral odors that insects use to of pollinators that visited the
find flowers,” said James Ry- A bee on a black mustard flower, used in a University of Reading flowering plants in polluted
alls, a University of Reading re- farm study to measure the effect of pollution on crop pollination. and unpolluted zones. They
search fellow and the lead au- found that plants within zones
thor of a paper describing the pollutant concentrations below Platform on Biodiversity and with polluted air received up to
research published Wednesday the range deemed dangerous Ecosystem Services. At least 70% fewer visits from insects
in the journal Environmental by U.S. law, the research 70% of crop species rely on in- than those in untreated areas.
Pollution. “It can just make showed. sect pollination, Dr. Ryalls said. The reductions in visits
them not smell anything at “The results are important Previous research on the ef- brought a 31% decline in polli-
all.” because they show that legisla- fects of air pollution on polli- nation along with reductions in
Bees and butterflies rely pri- tively ‘safe’ levels of pollution nators often relied on labora- the plants’ health, as indicated
marily on their sense of smell can deter pollinators,” said tory findings. But Dr. Ryalls by reduced growth and under-
to locate patches of flowers be- Shannon Olsson, a National and his colleagues looked at developed seed pods.
fore homing in on individual Center for Biological Sciences the effects of pollutants in a Reduced pollination also
plants by sight. As the insects professor at the Tata Institute real-world setting. At the uni- yields lower-quality fruit, ac-
flit between flowers collecting of Fundamental Research in versity’s farm in Sonning, west cording to Robbie Girling, an
pollen, they can transfer some Bangalore, India. She wasn’t in- of London, they planted black associate professor of agro-
of that pollen from an anther volved in the research. mustard plants within eight ecology at the University of
of a flower, or male part, to a Pollinators play a role in up 26-foot-wide zones bordered Reading and a co-author of the
stigma, or female part. That to $577 billion worth of global by perforated pipes set up to study. “If fruits like apples and
process helps plants make crops cultivated each year, ac- spew nitrogen oxides—gaseous strawberries don’t get enough
seeds and reproduce. cording to a report issued in compounds found in diesel ex- pollination, you end up with
The insects’ ability to find 2016 by the United Nations’ In- haust—and ozone, a principal deformed fruit,” Dr. Girling
flowers was impaired even at tergovernmental Science-Policy ingredient of smog. said.
 .

A4 | Thursday, January 20, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

One Year In,

Biden Tallies
Hits, Misses

JON CHERRY FOR THE WALL STREET JOURNAL

After early progress aggregation of public polls,
down from 53% when he took
on spending, vaccines, office.
president is stymied “They elected him for four
years, not one year. And I
with priorities in limbo think that we’ve gotten more
done in a single year in terms
BY CATHERINE LUCEY of the volume of legislation
AND KEN THOMAS passed, the size and the scope
of it, than any president in Supply-chain disruptions have helped fuel inflation, which hit 7% in December, giving Republicans a talking point ahead of mid-terms.
WASHINGTON—President history,” White House chief of
Biden took office a year ago, staff Ron Klain said.
promising to tackle the coro- Senate Minority Leader
navirus pandemic, revive the Mitch McConnell (R., Ky.) ar-
economy and strive for unity gued recently that Mr. Biden

AMIR HAMJA FOR THE WALL STREET JOURNAL

in a nation roiled by division hadn’t lived up to his promises
and crisis. to ease political tensions. Af-
Speaking to a country bat- ter Mr. Biden made a fiery
tered by the pandemic and speech saying changes to Sen-
fresh off the deadly riot at the ate rules were needed to pass

SUE DORFMAN/ZUMA PRESS

U.S. Capitol, Mr. Biden de- voting rights and comparing
clared, “It is a time for bold- some Republican voting poli-
ness, for there is so much to cies to Jim Crow segregation
do. And, this is certain. We laws, Mr. McConnell said the
will be judged, you and I, for president was elected to
how we resolve the cascading bridge divides and dial down
crises of our era.” the political temperature in
A year later, Mr. Biden’s re- the country. “President Biden Roughly 73% of American adults are fully vaccinated against Mr. Biden gave a fiery speech saying changes to Senate rules
cord on his promises has been has chosen to fail his own Covid-19, but more than 851,000 people in the U.S. have died. were needed to pass voting rights.
mixed, with early progress test,” he said.
passing Covid-19 relief spend- Here’s a look at Mr. Biden’s deadly virus” proved prema- Economy be transitory proved overly human rights, trade and tech-
ing and ramping up vaccina- first year in office and the ture. The Delta variant took optimistic. The central bank is nology. Washington is also
tions. But by late summer he challenges ahead: hold over the summer, and Mr. Biden’s first year in of- on track to begin a cycle of seeking to strengthen the U.S.
was challenged by a new coro- 2022 began with the highly fice has seen major economic regular interest-rate rises at semiconductor industry in
navirus variant, rising infla- transmissible Omicron variant gains, even as American con- its meeting in March. The hopes of countering China ec-
tion and widespread criticism Covid-19 triggering surging cases, a rise sumers feel the squeeze of challenge for the Fed will be onomically.
over the chaotic withdrawal “I will take care of this, I in hospitalizations, flight can- higher prices. to raise rates without being so
from Afghanistan. will end this,” Mr. Biden said cellations, testing shortages The economy produced 6.4 aggressive it risks causing a
Mr. Biden navigated his of the virus at the final presi- and school closures. There million jobs last year, the most recession and stoking unem- Climate change
narrow, fractious majority in dential debate in 2020. have been more than 851,000 in a single year since the start ployment. Mr. Biden must also Mr. Biden has moved to re-
Congress to get a $1 trillion A year later, the nation deaths due to the virus in the of record-keeping in 1939. The deal with political fallout from join the Paris climate accord
infrastructure package passed hasn’t vanquished the pan- U.S. since the pandemic began, unemployment rate saw a voters who blame him and and begun pursuing regulatory
but failed to unite his party demic, though vaccinations according to Johns Hopkins sharp decline, to 3.9% last Democrats for higher prices. measures against oil-and-gas
around his roughly $2 tril- have allowed life to get closer University. month from 6.4% in January producers and other sources
lion social-spending and cli- to normal than at the time of Mr. Biden is now trying to 2021. of greenhouse gas emissions.
mate-change bill. His pan- his inauguration. Roughly 73% shift his message from beating The $1.9 trillion Covid-19 re- Foreign policy But some of his most signifi-
demic strategy to boost of American adults are fully the virus to getting Americans lief law Mr. Biden signed in The president has worked cant climate measures remain
vaccination rates slowed over vaccinated, new treatments to accept it as part of daily March contributed to many to invigorate ties with tradi- in limbo as part of his roughly
the course of the year and are being approved and a $1.9 life. His aides say that the fo- Americans’ finances improving. tional allies, attending global $2 trillion climate and social
took a hit when the Supreme trillion relief bill passed early cus is on reducing hospitaliza- Mr. Biden also signed the $1 conferences in England and It- spending proposal in Con-
Court tossed out his broadest- in Mr. Biden’s term provided tions and deaths and that the trillion infrastructure bill into aly and focusing on issues like gress, putting at risk the pres-
reaching mandate for Ameri- money to help open schools. risks to those who are vacci- law to address aging roads the pandemic and climate ident’s ability to reach his goal
can workers, and his adminis- But Mr. Biden’s July 4 dec- nated are significantly lower. and bridges and improve in- change. But he surprised some of cutting U.S. emissions 50%
tration has pivoted to laration that the nation was The administration is now fo- ternet access, all of which he allies with the chaotic with- to 52% below 2005 levels by
emphasizing testing and “closer than ever to declaring cusing on increasing access to has argued will boost the drawal of U.S. forces from Af- 2030.
masks amid the Omicron our independence from a testing economy and improve compe- ghanistan, got into a squabble The U.S. helped forge an
surge. The nation remains tition with China. with France over a new secu- agreement among more than
deeply polarized, with Mr. Bi- Mr. Biden’s first year in office has seen unemployment drop But inflation hit 7% in De- rity agreement with Australia, 190 nations to reduce emis-
den taking a critical posture to 3.9%, while inflation has hit its highest level since 1982. cember, the highest level since and now faces escalating ten- sions during the United Na-
toward Republicans of late. 1982. Mr. Biden’s critics have sions with Russia and China. tions’ climate talks in Glasgow
Heading deeper into a mid- U.S. unemployment rate* Consumer-price index, said pumping so much addi- Mr. Biden has defended the last fall. But the agreement
term election year, Mr. Biden’s change from 7.0% tional money into the econ- exit from Afghanistan, saying failed to include any enforce-
7%
ability to regain momentum a year earlier omy through the $1.9 trillion he would not extend a “forever ment mechanisms and essen-
may soon dwindle, with Re- 6 6.4% Covid-19 relief law exacer- war.” tially relied on individual na-
publicans opposed to many of bated inflation. Republicans The Biden administration tions to act on their own to
his efforts and Democrats, say rising inflation shows Mr. has threatened Russian Presi- reduce emissions.
5
themselves split on some of Biden’s economic prescriptions dent Vladimir Putin with ex- The 2021 infrastructure law
the president’s priorities. With 3.9% have misfired. tensive sanctions if Moscow contained climate-related
4
a narrow majority in the Mr. Biden has taken execu- invades Ukraine, but has ex- measures, including moves to
House of Representatives and tive action to try to unclog pressed hope that diplomatic bolster transport and storage
3
a 50-50 split in the Senate, supply chains that have been efforts can prevent any further of carbon dioxide. But the
Democrats already have little backed up by soaring con- escalation. So far, they have stalled social-spending pro-
room to maneuver. 2 1.4% sumer demand and pandemic- not. posal contains things like tax
Polls have shown Americans related supply disruptions. After an initial tense meet- credits for renewable energy,
view the nation as headed on 1 The president also has noted ing in Alaska between their energy efficiency and electric
the wrong track, and the pres- that inflation is rising around foreign ministers, the U.S. has vehicles, and ways to bolster
ident’s approval ratings have 0 the world. sought to find areas to work supply chains for renewable-
foundered in recent months, Jan. Dec. Jan. Dec. The Federal Reserve ac- with China, most notably on energy technology and efforts
standing at 42% Wednesday, 2021 ’21 knowledged that its initial climate change, but a lengthy to increase resilience to cli-
according to FiveThirtyEight’s Source: Labor Department *Seasonally adjusted reading that inflation would list of differences remain on mate change.

President fallout of lingering high prices

as the midterms approach.
The forum Wednesday opens

“ Everything was always very tidy.

Then my family noticed how
Hopeful on a year in which Mr. Biden will
try to rally a Democratic base
that has been frustrated by the
disorganized I had become.”
—Theresa, living with Alzheimer’s
Social Plan failure to pass climate-change
and voting legislation despite
high hopes when he took office.
Democrats had hoped to
Continued from Page One have already passed the
pay a serious and dear price healthcare, climate and educa-
for it.” tion package known as Build
But he later walked back his Back Better. Last week, Mr.
TING SHEN/BLOOMBERG NEWS

prediction. “I don’t think he’s Manchin and Sen. Kyrsten

made up his mind yet,” Mr. Bi- Sinema (D., Ariz.) handed the
den said, suggesting he might president another setback by
meet face to face with Mr. Putin. reiterating their opposition to
Mr. Biden also floated a changing Senate filibuster
possible diplomatic resolution rules to allow passage of vot-
over Ukraine. He offered to ne- ing legislation.
gotiate on the positioning of Mr. Biden said he would con-
strategic weapons. He also said Sen. Kyrsten Sinema (D., Ariz.) has dealt Mr. Biden a blow, opposing tinue to push for the voting
that Ukraine’s prospective changes to the filibuster that would boost a voting-rights bill. package, passage of which was
membership in NATO in the blocked by Senate Republicans
near term isn’t likely, though he Portman (R., Ohio) said. pearances by the president on Wednesday night. He said
said the decision is ultimately While Mr. Biden touted prog- and briefings with top officials the prospect of the midterm
the alliance’s. Both issues have ress in fighting Covid-19, he that many people in the U.S. election “being illegitimate is in
been among the demands Mos- faces ongoing criticism of his will be infected with Covid-19, direct proportion to us not be-
cow has issued over Ukraine. handling of the virus, including but that those who are vacci- ing able to get these reforms
Early in the news confer- difficulty obtaining tests for nated have no reason to panic. passed.”
When something feels different, ence, Mr. Biden said the re- many people. “Should we have On inflation, Mr. Biden said As parts of his legislative
it could be Alzheimer’s. sponse to Russia might differ if done more testing earlier? Yes,” the “critical job in making sure agenda have faltered, Mr. Biden
the country launches a “minor he said. The administration this that the elevated prices don’t and his team have emphasized
Now is the time to talk. incursion” instead of a full- week started a website allowing become entrenched rests with the $1 trillion infrastructure
blown military invasion. Asked people to request free tests the Federal Reserve” and indi- funding bill he signed into law.
to clarify, the president said through the mail. cated he agreed with antici- Mr. Biden also has cited strong
later that the U.S. would re- “Some people may call pated interest-rate increases. job gains over the past year.
Visit spond with reciprocal action if what’s happening now the new He also highlighted steps by The Senate is now split

alz.org/ourstories Russia launches a cyberattack

or other nonmilitary effort.
Republicans criticized the
normal. I call it a job not yet
finished,” Mr. Biden said of his
pandemic response. “We’re not
the administration to ease
supply-chain bottlenecks and
said he would work to in-
50-50 with Vice President Ka-
mala Harris providing tiebreak-
ing votes, and Democrats have
to learn more president’s remarks. “Any in- there yet, but we will get there.” crease competition in certain a small majority in the House.
cursion by the Russian military He said the U.S. wouldn’t go sectors, such as meat process- “I’m going to be deeply in-
into Ukraine should be viewed back to the lockdowns and ing. Those steps have had lim- volved in these off-year elec-
as a major incursion because it closed schools that were com- ited effect however, experts tions,” said Mr. Biden, who also
will destabilize Ukraine and mon earlier in the pandemic. said. The Fed is facing pres- indicated he plans to run for
freedom-loving countries in The administration has sure to tame inflation, and Mr. re-election with Ms. Harris as
Eastern Europe,” Sen. Rob sought to convey in recent ap- Biden is facing the political his running mate.
 .

THE WALL STREET JOURNAL. Thursday, January 20, 2022 | A5

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A6 | Thursday, January 20, 2022 * **** THE WALL STREET JOURNAL.

U.S. NEWS

Democrats Fail to Change Rule,

Sinking Elections Legislation
TOM WILLIAMS/PRESS POOL

BY SIOBHAN HUGHES
AND ELIZA COLLINS

WA S H I N G T O N — D e m o -
crats failed Wednesday night
in their effort to change the
Senate’s filibuster procedures
Sen. Amy Klobuchar co-sponsored legislation to limit the market in order to muscle through
power of dominant tech platforms. blocked elections legislation,
dealing a setback to President

Tech Giants Fight Biden and party leaders on

what they have termed their
top domestic policy agenda.

Antitrust Measure
With Sens. Joe Manchin (D.,

MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
W.Va.) and Kyrsten Sinema (D.
Ariz.) siding with all Republi-
cans in the evenly split Senate,
52 lawmakers opposed the
could make all these things rule change, with just 48 in fa-
BY BRODY MULLINS
harder, more expensive, less vor, shy of the majority re-
AND RYAN TRACY
convenient and less secure.” quired.
The industry ads will run in The Democrats’ gambit was
WASHINGTON—Big tech- Washington at first and later a last-ditch effort to salvage a
nology companies and their in the home states of the sena- sweeping elections bill that Senate Minority Leader Mitch McConnell accused Democrats of trying to take over the elections system.
critics are ramping up lobby- tors on the Judiciary Commit- unified the progressive and
ing efforts in Congress this tee and elsewhere, according moderate wings of the Demo- legislation would weaken senators discussing reforms buster ended, the Senate could
week as a key Senate panel to consultants involved, who cratic Party. Earlier, Republi- steps meant to bolster election now includes about a dozen proceed to a straight up-or-
takes up legislation that seeks said the trade group is pre- cans had blocked the elections integrity. people. down vote on passing the bill.
to blunt the market power of pared to spend several million bill from advancing, with 49 “I certainly hope my col- The elections package that “Our Republican colleagues
dominant tech platforms. dollars on the campaign. votes in support and 51 leagues today will not pass this failed consolidates two bills don’t even acknowledge that
The antitrust legislation, Dozens of smaller tech com- against, short of the 60 federal takeover of election that Republicans blocked last we have a crisis,” said Mr.
set to be considered Thursday panies are urging the Senate needed. Senate Majority laws and will also resist the year: the Freedom to Vote Act Schumer, citing new voting re-
by the Senate Judiciary Com- panel to pass the bill, including Leader Chuck Schumer (D., temptation to change the rules and one named after the late strictions in states like Mon-
mittee, would bar dominant the startup accelerator Y Com- N.Y.) voted “no” in order to of the Senate,” said Sen. Roy civil-rights leader Rep. John tana, Texas and Florida. He
online platforms such as Ama- binator, Yelp Inc. and Sonos Inc. preserve the right to bring the Blunt (R., Mo.), the top Repub- Lewis of Georgia, whose 1965 cited past voter suppression
zon.com Inc.’s e-commerce Dominant technologies compa- bill back up for a vote. lican on the Rules Committee. beating by Alabama troopers efforts against Black Ameri-
nies’ ability to give themselves Democrats had made the In a statement, Mr. Biden helped spur the passage of the cans, calling the GOP stance
preferential treatment “pre- elections bill and changes to said he was “profoundly disap- original Voting Rights Act. The today “particularly disgrace-
vents companies like us from the filibuster two parts of a pointed that the United States package would expand mail-in ful, particularly abhorrent,
Dozens of smaller competing on the merits,” the single campaign, arguing that Senate has failed to stand up voting nationwide and make particularly obnoxious.”
tech companies are companies said in a letter to Republicans are trampling on for our democracy.” Ahead of other changes designed to cre- Senate Minority Leader
the Senate panel Tuesday. voting rights, particularly for the vote, Mr. Biden had played ate a federal standard for ac- Mitch McConnell (R., Ky.) un-
urging the Senate They cited tactics, such as lower-income and minority down hopes for passage, while cess to the polls. leashed a torrent of criticism
panel to pass the bill. steering users away from com- voters, by tolerating restrictive expressing hope that a nar- Under the proposed change at Democrats, saying that they
petitors’ services or using new state laws and then using rower proposal centered on to the filibuster, Democrats were effectively trying to
nonpublic data to benefit the Senate procedures to stop changing the Electoral Count would shift to a so-called talk- mount a takeover of the na-
platform’s own services, that Congress from intervening. Act could draw bipartisan sup- ing filibuster, in which oppo- tion’s elections system. He
site and Alphabet Inc.’s Google “deprive consumers of the in- Urging passage of the bill port. That effort would try to nents could stop the bill from said Mr. Biden had promised
search engine from preferring novative offerings a vibrant and a change to the filibuster firm up the procedures for advancing only by actively to unite the country, but “to-
their own goods and services market would yield.” if needed, Mr. Schumer asked: electing the president. speaking on the floor until an day the president and his
over other companies. “The part of the private “Are we going to let our de- “I think we can get things allotted two speeches had party will try to use fear and
Supporters say the internet sector that is not Google, Ap- mocracy backslide in the 21st done,” Mr. Biden said at a news been used up. panic to smash the Senate.”
dominance by a handful of big ple, Facebook, Amazon is fi- century? Are we going to be conference when asked about That would replace the cur- Others expressed relief that
companies prevents smaller nally starting to—in the face dragged back into the abyss of an effort to change the law. “I rent 60-vote threshold for the Democrats’ push would fail.
technology companies from of potential retaliation—coura- voter suppression?” predict that we’ll get some- ending debate and apply only “This is the biggest relief
gaining market share, stifling geously say, ‘Enough is Republicans say that Demo- thing done on the electoral re- to the elections legislation, I’ve had as a member of the
innovation. enough,’ ” said Luther Lowe, crats are mischaracterizing form side of this,” he said. narrowly tailored in a bid to Senate,” said Sen. Roger
Big technology companies Yelp’s senior vice president for the states’ changes in a bid to Sen. Mitt Romney (R., Utah) win support from Democratic Wicker (R., Miss.). “It is a piv-
counter that the proposed leg- public policy. grab power and say that the has said a bipartisan group of holdouts. After a talking fili- otal day.”
islation would prevent them Lawmakers supporting the
from providing free or low-cost American Innovation and
services to consumers and Choice Online Act say they are For years, videogames took a back seat at Microsoft though
small businesses. responding to concerns by both 2021 Total revenue: $168.1B
In an ad campaign dubbed the public, businesses and
the company has now decided to become more aggressive
about expanding the sector into the cloud. Server Products and Office Products
“Don’t Break What Works,” smaller internet companies that cloud services and cloud services
that began Wednesday, the say tech powerhouses such as
Computer and Communica- Google and Amazon are unfairly
tions Industry Association tar- abusing their market power to Where Microsoft made its money in 2001, 2011 and 2021
gets the anti-tech efforts, in- maintain their dominance. Adjusted for inflation
cluding one sponsored by Sens. They also say the legislation
Amy Klobuchar (D., Minn.) and won’t force tech platforms to Technology, Windows, cloud services 2011 Total revenue: $84.4B
Chuck Grassley (R., Iowa). The jettison popular services as Consumer Business
Windows Server and Tools
industry group represents long as they compete fairly. Games Other and Windows
companies including Amazon, A new group also launched Live Division
Google, Facebook parent Meta Tuesday to back the Klobuchar-
Platforms Inc., Apple Inc. and Grassley bill as a starting point
other tech firms. in what it hopes will become a
“Americans turned to tech broader crackdown on the larg- 2001 Total revenue: $38.8B Windows LinkedIn Search
products to receive deliveries est tech companies. advertising
for their favorite products, Called the Tech Oversight Consumer software, services and devices
find directions to local busi- Project, its backers include or- Desktop and Enterprise Microsoft Enter-
nesses and to connect with ganizations funded by eBay Inc. Software and Services Business tainment
Division and Device
loved ones,” CCIA says on a founder Pierre Omidyar and Division Enter- Devices Other
website dedicated to quashing Chris Hughes, a co-founder of prise
Games
the legislation. “These bills Meta. services

Other
Other
Microsoft’s revenue from games Consumer Online Services Division
Body balm. in 2021 compared with the
company’s total 2001 revenue
Commerce
Investments Source: the company Stephanie Stamm/THE WALL STREET JOURNAL

Mind medicine.
Soul salve.
Microsoft nected device with a screen,
much as they stream videos on
Netflix, Hulu and other plat-
vice,” Microsoft game chief
Phil Spencer said after the Ac-
tivision deal was announced.
seat at Microsoft, where con-
sumer-facing businesses got less
attention, former and current

Has Eyes forms. Streaming games is more

challenging, though, because
games are interactive and re-
Expanding its cloud-game
business will help Microsoft di-
versify further into consumer-
employees said. The Xbox team
was slotted under the Windows
operating system and didn’t di-

On Cloud quire more data to run

smoothly. While Netflix Inc.
moved into mobile games last
facing businesses. That could
narrow the leads Sony’s Play-
Station has on Microsoft in
rectly report to the CEO, as Mr.
Nadella focused on selling the
Office 365 business-software
year, it has offered only a hand- game hardware and Amazon’s suite and developing the cloud-
Continued from Page One ful of games that subscribers in cloud services. Mr. Nadella’s computing business. The Xbox
puters, companies around the must download to an Android broader strategy for Microsoft group struggled to find its place
world are racing to develop or iOS device—not games that puts cloud computing at the in this structure, the employees
services for streaming high- can be streamed via the cloud. center of a collection of dispa- said, as the unit was always
end games to all kinds of de- Consumer spending on rate businesses, from corporate competing with Windows prior-
vices the same way movies and cloud-game services reached software and enterprise data ities for investments, typically
TV shows are streamed. Ama- $3.7 billion last year, with Mi- storage to social media and dig- without success, they said.
zon.com Inc., Alphabet Inc.’s crosoft’s Game Pass accounting ital advertising. “Under Windows, we had to
Google, Sony Group Corp. and for 60%, according to research make trade-offs between in-
a host of smaller players are firm Omdia, which forecasts to- vesting in big gaming initia-
trying, but Microsoft has taken tal cloud-game revenue will hit tives and features for Win-
a large early lead in the emerg- $12 billion by 2026.
The commitments to dows enterprise customers,”
ing cloud-game space by Along with making public games and the cloud said Richard Irving, who spent
spending billions of dollars on its planned acquisition, Micro- 12 years working on Xbox be-
acquisitions and infrastructure, soft said Tuesday that sub-
have been years in fore leaving Microsoft in 2016.
analysts said. scribers to Game Pass—which the making. A Microsoft spokesman de-
“Microsoft has big aspira- includes cloud games, online clined to comment on the
We invite you to try our finest massage chair. tions in gaming,” said Mark multiplayer support and ac- company’s previous manage-
Moerdler, a Bernstein Re- cess to a large, rotating library ment of its game business.
Immersive massage choreography by shiatsu
search analyst. “Microsoft has of games—have increased 39% Microsoft’s commitments to A few years ago, Microsoft
sensei Akira Okabayashi. Designed by the been buying a number of stu- in the past year to 25 million. games and the cloud have been decided to become more ag-
legendary Ken Okuyama. Made in Japan. dios because of what they’re Mr. Nadella said Microsoft years in the making. Since tak- gressive about expanding its
trying to build with Game Pass plans to bring as many Activi- ing over in 2014, Mr. Nadella cloud usage to games, its main
and subscription gaming.” sion games as it can to Game has leaned heavily on offering touch point with consumers. In-
OHCOMassage.com If the company can convert Pass. As it has done with games the company’s enterprise cus- ternally, there has been concern
888-351-4902 some of Activision’s nearly 400 from developers it has acquired tomers cloud-computing ser- that Microsoft is too dependent
Model shown: The M-Series | $9,499 to $15,000 million monthly active users previously, Microsoft could vices to power their businesses. on enterprise for growth, peo-
into subscribers, it could signif- make future games from Activi- This strategy has been the pri- ple familiar with company strat-
icantly bolster its cloud-game sion exclusive on Game Pass and mary driver behind Microsoft’s egy said. The decision to do
Available business, Mr. Moerdler said. Xbox consoles, analysts said. ascent to become the world’s more in games came after Mi-
from: Playing games in the cloud is “We do think our invest- second-most-valuable company crosoft looked at the possibility
an emerging technology that al- ment in cloud creates a unique behind Apple Inc., with a market of buying consumer-facing busi-
lows people to stream games capability for triple-A content valuation of nearly $2.3 trillion. nesses including TikTok, Pinter-
using nearly any internet-con- to reach any screen on any de- For years, games took a back est and Discord, the people said.
 .

THE WALL STREET JOURNAL. * * * * * Thursday, January 20, 2022 | A7

U.S. NEWS

Kim Sangster, left, bereavement support and education

coordinator, bumps elbows with nurse Vivien Joy at Rush.

TAYLOR GLASCOCK FOR THE WALL STREET JOURNAL (3)

Chaplain Mark ‘Chaps’ Schimmelpfennig, above, speaks with nurse Lucy O’Keefe at Chicago’s Rush University Medical Center, right.

Hospital Arms Nurses With Emotional Support

BY BEN KESLING also could be used by the traordinary experiences they nig made her feel as if she had ertion, a feeling troops in com- “Staff said we need more
healthcare profession, he said. had had during the pandemic a new community whose expe- bat know well. than wellness rounds right
CHICAGO—At Rush Univer- Now, as the Omicron variant were similar to those experi- riences she could draw on for “Chaps being able to put now, we need trauma care,” Dr.
sity Medical Center, nurses still spreads throughout the coun- enced by troops in combat. support—the military veteran words to that was super valu- Sangster recalled. So she and
talk about their feelings of guilt try, filling hospitals again, With his soft-spoken man- community, she said. able,” Ms. Karasek said. “I Mr. Schimmelpfennig have
from the early months of treat- nurses at Rush say they are ner and faded polo shirts, Mr. “It actually brought me to think there are more cross- pushed forward with the group
ing Covid-19 patients. How more prepared to deal with an- Schimmelpfennig makes tears that day, to also know overs than people realize.” sessions in Growing Forward to
they hadn’t known how to best other front in the pandemic. rounds at the hospital as part that there’s another group of And with the emergence of help nurses who are proficient
treat desperate patients. How Kim Sangster, a colleague at of his normal duties, and he people that feel like this, that the Omicron variant of in taking care of others learn to
worried they were about bring- the hospital with Mr. Schim- has used the bright green “Vet- can almost lead us out of this Covid-19, Ms. Karasek said she focus instead on themselves
ing Covid-19 home to their melpfennig, started a program eran” label on his hospital or show us the way,” she said. and her colleagues feel as if and the professional caregivers
families. called Growing Forward to badge as a way to start conver- “Because we haven’t experi- they are on a new front in the around them.
Except now they report hav- bring group counseling ses- sations with clinicians. enced this.” war against the pandemic. Ms. Karasek attended the 6-
ing more mental and emotional sions to nurses and other hos- “He could actually draw that While taking part in Grow- “We are so tired,” she said. unit session of the Growing
tools at their disposal than pital clinicians and staff on the parallel between us and people ing Forward, registered nurse Even though she has less Forward program and said it
they did at the beginning of the wards where they work. As Mr. that have been veterans of Arbie Karasek visualized her- concern about becoming seri- has helped her cope with more
pandemic, thanks in large part Schimmelpfennig made his war,” said Sarah Saladino, a self as arming for battle with ously ill thanks to the vaccine, than a year of trauma.
to the work of Mark Schim- rounds with other mental- nurse and an assistant unit di- Covid-19, gearing up in N95 she and others are worried “I think I’m able to train
melpfennig, a hospital chaplain health experts, he was re- rector. “I never even made that masks and gowns. Before that, about bringing the disease nurses better because I have
who is also an Army veteran. cruited by Dr. Sangster, the connection because for me— interactions with patients were home or giving it to loved the words for what I’m pro-
Months ago Mr. Schimmelp- hospital’s bereavement special- I’ve been a nurse for 20 years clouded with uncertainty of ones. “I haven’t been afraid for cessing, too,” she said. “The
fennig noticed that nurses ist, to bring his skills to the pi- on this unit—I’ve never seen treatments and outcomes, and myself and my family for a training we have to give them
were using phrases that lot program. this kind of trauma to our team no matter what nurses did they year, but now I am again,” she now is also emotional armor
sounded like what he had Mr. Schimmelpfennig, ever. So when he made that couldn’t move as fast as they said. and emotional resilience. That’s
heard from troops who had known at the hospital as connection, I was like, oh my wanted to battle symptoms. Dr. Sangster drew on her ex- just as important as teaching
served in combat zones. The “Chaps” for his role as a chap- gosh, how have I never realized Then, at the end of the day, she perience dealing with grief and them how to place an IV or
same techniques veterans use lain, began talking to nurses that?” and her fellow nurses were bereavement to make connec- how to give the medications or
to wrestle with combat trauma and letting them know the ex- That day Mr. Schimmelpfen- sore all over from physical ex- tions with nurses. how to administer oxygen.”

Free N95 Masks to Be Available Prior Infection Gave

BY SABRINA SIDDIQUI safety net of medical-equip-
ment supplies.
ing orders through a new web-
site—covidtests.gov—for at-
trains, and at domestic trans-
portation hubs such as air-
Better Protection Than
WASHINGTON—The Biden
administration on Wednesday
announced plans to make 400
“This is the largest deploy-
ment of personal protective
equipment in U.S. history,” the
home rapid tests that will be
distributed to Americans free.
Another one of Mr. Biden’s
ports and indoor bus termi-
nals, as the variant began to
take hold in the U.S.
Vaccine Against Delta
million N95 masks available official said. “Experts agree plans, under which private in- Last week, Mr. Biden ac- BY BRIANNA ABBOTT in the U.S., before the more-in-
free of charge at pharmacies that masking is an important surers will cover the cost of knowledged that high-quality fectious Omicron variant began
and community health centers tool to control the spread of over-the-counter Covid-19 masks weren’t easy to find. “I Surviving a previous infec- to spread widely. Hospitaliza-
across the country. Covid-19.” tests, took effect this month. know that for some Ameri- tion provided better protection tion data came from more than
The move comes as Presi- Amid criticism from some cans, a mask is not always af- than vaccination against 50,000 people in just California.
dent Biden has stepped up the public-health experts that it fordable or convenient to get,” Covid-19 during the Delta “Before the Delta variant,
federal government’s response didn’t sufficiently prepare for he said. “I know we all wish wave, federal health authori- Covid-19 vaccination resulted
to a nationwide surge in
Some 400 million the Omicron wave, the admin- that we could finally be done ties said, citing research show- in better protection against a
Covid-19 cases triggered by masks will be given istration is also taking steps to with wearing masks. I get it. ing that both the shots and re- subsequent infection than sur-
the highly transmissible Omi- speed up availability and ac- But…they’re a really important covery from the virus provided viving a previous infection,”
cron variant. Some scientists
out at pharmacies cess to Covid-19 antivirals, tool to stop the spread, espe- significant defense. CDC epidemiologist Benjamin
and doctors have said popular and health centers. with hospitalizations on the cially of a highly transmittable The Centers for Disease Silk said. “When looking at the
single-layer cloth masks may rise and treatments in short Omicron variant.” Control and Prevention said summer and fall of 2021, when
not be sufficient to protect supply. The federal government The Centers for Disease Wednesday that data from 1.1 Delta became predominant in
against Omicron and called on has now purchased 20 million Control and Prevention recom- million Covid-19 cases in Cali- this country, however, surviv-
the administration to expand Three masks will be avail- treatment courses of Pfizer mends people wear “the most fornia and New York last year ing a previous infection now
access to high-filtration masks able per person, the official Inc.’s Covid-19 antiviral pill protective mask you can that showed people who were un- provided greater protection.”
such as N95s. said, to ensure broad access. Paxlovid and expects to have at fits well and that you will wear vaccinated and hadn’t previ- The CDC also said the tim-
The nonsurgical N95 masks Most of the pharmacies that least half of them by June. consistently.” The public-health ously contracted Covid-19 ing of the research coincided
will start to be available at are part of the federal phar- Mr. Biden has urged people agency advises that well-fitting faced a far greater risk than with many people likely experi-
pharmacies and community macy vaccine program will to wear masks in public indoor respirators approved by the both people who had gotten encing waning vaccine-induced
health centers late next week distribute the masks, the offi- spaces but stopped short of National Institute for Occupa- the shots and people who had immunity and occurred before
and the program will be fully cial said. calling on state and local offi- tional Safety and Health, in- been infected. the wider rollout of Covid-19
up and running by early Feb- Mr. Biden has also sought cials to bring back mask man- cluding N95s, offer the most The data on testing, cases booster shots. Dr. Silk said the
ruary, a White House official to expand access to Covid-19 dates amid the Omicron wave. protection against Covid-19. and immunization was col- research also didn’t apply to
said. The masks will be tests amid nationwide short- In December, the president ex- N95 masks have a denser lected between May and No- the current Omicron wave.
sourced from the Strategic Na- ages in supply. On Tuesday, tended a mask mandate for network of fibers than surgical vember, as the Delta variant “It’d be like comparing apples
tional Stockpile, the nation’s the administration began tak- travelers on planes, buses and or cloth masks. emerged and became dominant and oranges,” he said.

U.S. WATCH
WASHINGTON cybersecurity protocols, including activities at the cross streets
use of certain cloud technologies where Mr. Cuellar’s campaign is
NSA Gets Bigger and software that can detect se- headquartered.
Cybersecurity Role curity problems on a network. The FBI did not say what
Cybersecurity failures have type of probe was under way, or
President Biden expanded the plagued the U.S. government for if the congressman is the subject
National Security Agency’s role in decades, including thefts of de- of it.
protecting the U.S. government’s tailed personnel records and mil- The congressman’s office re-
most sensitive computer net- itary secrets that have been leased a statement saying he
works, issuing a directive in- blamed on Russia, China and would fully cooperate with any
tended to bolster cybersecurity other adversaries. While national investigation. His office also did
within the Defense Department security agencies are generally not confirm whether he was un-
and intelligence agencies. seen as more secure than their der any investigation.
The memorandum signed by civilian counterparts, they have “He is committed to ensuring
Mr. Biden mandates baseline cy- endured significant breaches, that justice and the law are up-
bersecurity practices and stan- too. held,” the statement said.
dards, such as two-factor au- —Dustin Volz The statement from the FBI
thentication and use of came after an investigative re-
encryption, for so-called national TEXAS porter for the Monitor, a local
security systems, which include newspaper, shared photos on
the Defense Department and in- FBI Probes in Area of Wednesday afternoon of FBI
telligence agencies and the fed- Rep. Cuellar’s Home agents clustered around Mr. Cuel-
eral contractors that support lar’s house and in his driveway.
CAITLIN OCHS/REUTERS

them. Federal agents were “con- Mr. Cuellar, 66 years old, is

It effectively aligns the cyber- ducting court-authorized law en- serving his ninth term in the
security standards imposed on forcement activity” Wednesday U.S. House and previously
national security agencies with afternoon in the area of the La- served 14 years in the Texas
those previously established for redo, Texas, home where Rep. House of Representatives. A na-
civilian agencies under an execu- Henry Cuellar (D., Texas) re- tive of Laredo, he is a lawyer
tive order Mr. Biden signed in sides, the Federal Bureau of In- and former customs broker and
May. Affected agencies will soon vestigation said. professor. DISLODGED: Removal began early Wednesday of a Theodore Roosevelt statue from outside the American
be expected to implement various The FBI also said it conducted —Elizabeth Findell Museum of Natural History in New York City. Objections were raised of the statue symbolizing colonialism.
 .

A8 | Thursday, January 20, 2022 * * THE WALL STREET JOURNAL.

WORLD NEWS
Russia Deploys Troops to Belarus Macron
Wants EU
U.S. seeks to bolster Military force locations: Russian Russian proxy Ukrainian Belarusian missile and gun battalions also
Ukraine, as Moscow
beefs up its military
Type of force: Mechanized Infantry Airborne Tank Marine Special forces
would be redeployed, he said.
A senior U.S. administration
official told reporters on Tues-
To Craft
presence in the region
POLAND
Minsk day that “there can be no
doubt about Belarus’s role as
an increasingly destabilizing
Security
Proposal
BELARUS
The Biden administration’s actor in the region.” The offi-
Warsaw
top diplomat sought to reas- cial noted a series of incidents
sure Ukraine’s president of to demonstrate Belarusian ef-
unified support from the West RUSSIA forts, including the recent mi- PARIS—Russia’s military
but warned that Russia could grant crisis along its border buildup is rekindling tensions
with Poland—which the offi- about whether Europe should
By William Mauldin in cial said was “manufactured” take a bigger role in its own de-
Kyiv
Kyiv, Ukraine, and Ann by Belarus. fense aside from the trans-At-
L’viv
M. Simmons in Moscow The timing of the Russian lantic alliance with the U.S. that
troop movements “raises con- has underpinned the region’s
invade as concerns mounted UKRAINE cerns that Russia could intend security in the postwar era.
over Moscow’s deployment of to station troops in Belarus
troops to Belarus, which under the guise of joint mili- By Matthew Dalton,
shares a border with Ukraine. Donetsk tary exercises in order poten- Laurence Norman
MOLDOVA
“We have made very clear tially to attack Ukraine from and Drew Hinshaw
to Moscow that if it chooses to the north,” the senior U.S. ad-
renew aggression against ministration official said. The divisions surfaced
Ukraine, it will be met and it Odesa Russian Deputy Foreign Wednesday as French President
ROMANIA
will face very severe conse- Minister Sergei Ryabkov said Emmanuel Macron marked his
quences,” Secretary of State Wednesday that Russia turn at the helm of the Euro-
Antony Blinken said at a meet- CRIMEA doesn’t intend to take any ag- pean Union’s presidency with a
ing with Ukrainian President gressive action against sweeping speech calling on Eu-
Volodymyr Zelensky. Bucharest Ukraine. But Moscow sees a rope to chart its own course.
Later Wednesday, during a threat in Ukraine’s potential “The security of our conti-
White House news conference, Black Sea
membership of NATO, he said. nent demands a strategic rear-
President Biden said he expects On the issue of military ma- mament of Europe as a power of
Russia would make some kind neuvers in Belarus, Mr. Ryab- peace and equilibrium, particu-
of move against Ukraine, and Note: Locations in Belarus show where troops are positioned or are moving to. kov urged officials to focus on larly when it comes to dialogue
would face consequences cali- Source: Dr. Phillip Karber diplomacy rather than the po- with Russia,” he told a session
brated to the degree of aggres- tential for conflict. of the European Parliament.
sion. “My guess is he will move help here,” Mr. Zelensky said. the Russian military with that binds Russia and Belarus “I assure you, there is no The EU, he said, should
in,” he said, referring to Rus- British C-17 cargo planes greater firepower should it opt in various areas ranging from reason to be concerned about spend the coming weeks devel-
sian President Vladimir Putin. have been ferrying antitank to drive toward Kyiv, among the economy to defense. anything in connection with oping a plan to create “a new
Later Mr. Biden walked weapons to the country for other contingencies. Russia The forces would prepare these exercises,” he told the order of security and stability,”
back his comments. “I don’t Ukraine’s forces. has a substantial force east of for “actions not only within Valdai Discussion Club, a Mos- while consulting with the North
think he’s made up his mind The tensions over Ukraine Ukraine and has been support- their boundaries of responsi- cow-based discussion group. Atlantic Treaty Organization.
yet,” he said, suggesting he are part of a larger disagree- ing separatists in the eastern bility,” but also for threats The diplomat also repeated “We must build it between Eu-
might meet face-to-face with ment between Moscow and part of the country. that arise, he said, not specify- Moscow’s view that the U.S. ropeans, then share it with our
Mr. Putin. the North Atlantic Treaty Or- A flotilla of Russian am- ing how many troops would be and NATO are to blame for the allies within the framework of
A U.S. State Department of- ganization about security in phibious-assault ships, mean- involved in the exercises, the precarious security situation NATO. And then offer it for ne-
ficial confirmed that the Biden Eastern Europe, with U.S. offi- while, has left the Baltic Sea first phase of which is set to in Europe. “Washington and gotiation to Russia,” he said.
administration has approved cials this week saying Russian and is heading through the begin Feb. 9. NATO, among other things, His remarks unsettled offi-
$200 million in new defensive troops and weaponry are mov- English Channel, according to Belarusian President Alex- use Ukraine as a lever of pres- cials in the bloc’s Eastern na-
military assistance to Ukraine, ing into Belarus—a shift that photographs on social media ander Lukashenko said Mon- sure on Russia,” he said. tions, who fear the effort could
saying the U.S. “will continue could position them for de- and military analysts. Those day that the joint exercises The Kremlin has demanded weaken the U.S.-backed security
to provide Ukraine the support ployment to Ukraine. That is ships likely are steaming to would be conducted on Be- that NATO pull back from umbrella provided by NATO.
it needs.” in addition to some 100,000 the Black Sea to build up Mos- larus’s western border and on Eastern Europe and forswear Mr. Macron has been push-
That sum includes Javelin Russian troops that U.S. and cow’s formidable military the country’s southern flank, the addition of potential new ing the EU for years to de-
antitank missiles, U.S. officials European officials estimate to presence in and around Cri- where it borders Ukraine. members such as Ukraine. U.S. velop its own capability on de-
said, though the administra- be deployed near Russia’s bor- mea, the analysts said. To ensure a functioning air and NATO officials have re- fense. Such plans, however,
tion has stopped short of pro- der with Ukraine. Russian Deputy Defense defense for the Russian-Belar- jected those demands, but have been greeted with little
viding offensive weapons to Russian forces are moving Minister Alexander Fomin said usian union, 12 Su-35 jets will Washington sought to find enthusiasm by Germany and
Ukraine and said it won’t use to bracket Ukraine on three troops from Belarus and Mos- be relocated to Belarusian ter- some common ground on se- other major European econo-
direct military force to sup- sides. The deployments in Be- cow are conducting exercises ritory, in addition to two divi- lect security issues in meet- mies, which have been happy
port the country. larus expand the Russian mili- and taking actions “to neutral- sions of the S-400 antiaircraft ings last week. to let the U.S. take the lead in
“To take very fast steps to tary’s considerable presence ize threats” to the borders of missile system, Mr. Fomin —Alex Leary in Washington deterring Russian aggression
modernize the army, we need north of Ukraine and provide the Union State, an alliance said. Pantsir-S antiaircraft contributed to this article. on the bloc’s eastern flank.

Inflation
WE PUT THE ‘W’ Jumps to
JESSICA TAYLOR/UK PARLIAMENT/AFP/GETTY IMAGES

30-Year
IN WINTER High in U.K.
BY ISABEL COLES
AND XAVIER FONTDEGLORIA

LONDON—Consumer prices
in the U.K. rose at the fastest
annual rate in nearly three de-
Boris Johnson answers questions in the House of Commons. cades last month, strengthen-
ing the case for further in-

Johnson Faces Rising creases in the Bank of

England’s key interest rate as
the country’s economy emerges

Pressure Over Soiree

from the Omicron wave.
The Bank of England last
month became the first major
central bank to tighten mone-
BY MAX COLCHESTER prime minister, Christian Wak- tary policy since the start of
eford said he could no longer the pandemic, as the U.K. bat-
LONDON—British Prime support a government “that tles a rise in prices because of
Minister Boris Johnson faced has shown itself consistently supply-chain snarls and higher
rising political pressure over out of touch” with his constit- energy prices.
allegations that he broke lock- uents. He previously said he Economists expect growth
down rules by attending a submitted a letter of no confi- took a hit in December as
drinks party in Downing dence in Mr. Johnson. households hunkered down in
Street, as some of his Conser- Many other lawmakers, response to the new coronavi-
vative lawmakers strategized however, say they are with- rus variant. But cases are now
how to oust the British leader holding judgment until an in- falling rapidly from a peak
and one defected to the oppo- ternal probe is concluded. earlier this month, and growth
sition Labour Party. Since the Conservatives en- is forecast to bounce back
Mr. Johnson has acknowl- joy a solid majority in Parlia- quickly as the government
edged attending a gathering ment, any effort to unseat Mr. prepares to lift additional re-
billed as a “bring your own Johnson would be the result of strictions aimed at curbing the
booze” event in the Downing a party coup. The Conserva- highly transmissible strain.
Street garden during lockdown tives hold 359 seats in the 650- The latest inflation data,
in May 2020, a time when Brit- seat House of Commons. however, will amplify concerns
ons were only allowed to meet Under Conservative Party about a cost-of-living squeeze
one other person outside. The rules, 15% of lawmakers must that is likely to weigh on con-
prime minister has apologized, submit letters of no confidence sumer spending, and increases

SEAT PROTECTOR
adding that he thought it was in their leader to a special com- the chances of the BOE raising
a work event and wasn’t told it mittee to trigger a vote. A ma- interest rates again at its next
was against the rules. jority of Conservative Party meeting in February.
The Conservative Party has lawmakers must then vote to Consumer prices in the U.K.
been sliding in opinion polls, replace him if he is to be re- rose 5.4% in December com-
Cold temps require hot protection from WeatherTech. with surveys showing popular moved. Only Graham Brady, the pared with a year earlier, the
Seat Protector stops melting ice and snow from anger over the incident. chairman of the 1922 Commit- Office for National Statistics
A small group of Tory law- tee that oversees the selection said Wednesday—the biggest
damaging your upholstery after a morning of scraping makers who entered Parlia- of the party’s leaders, knows annual jump since March 1992.
your windows or hauling around kids with wet gear. ment for the first time follow- the true number of no-confi- The pickup in inflation was
ing Mr. Johnson’s landslide dence letters submitted. So far, driven by higher prices across
Plus, this seat cover is machine washable, so cleanup election victory in 2019 are six Conservative lawmakers a range of items including food
leading efforts to potentially have publicly stated they have and certain goods that have
is simple. Find the products you need today – no one oust their leader. Other more submitted no-confidence letters. become harder to obtain be-
does winter like WeatherTech. longstanding members of Par- On Wednesday, Mr. Johnson cause of pandemic-related sup-
liament appeared Wednesday launched a pugnacious defense ply-chain disruptions.
to lose patience with Mr. John- of his government’s record in Services inflation also con-
son. “In the name of God, go,” office as he sought to rally wa- tinued to pick up, driven by
Conservative lawmaker and vering lawmakers. higher transportation and
Auto. Home. Pet. Find Your Fit. 1-800-441-6287
former cabinet minister David
Davis told Mr. Johnson during
Opposition Labour leader
Keir Starmer attacked what he
storage prices, to reach 3.4% in
December.
Made in the USA © 2022 MacNeil IP LLC a House of Commons meeting. said were “absurd and frankly The U.K. is bracing for in-
Mr. Johnson was dealt an- unbelievable” explanations for flation to peak at about 6% in
other blow when one of his the prime minister’s atten- April, when a cap on energy
lawmakers defected to the La- dance at the garden party dur- prices imposed by British reg-
bour Party. In a letter to the ing lockdown. ulators is due to be revised.
 .

THE WALL STREET JOURNAL. * * * * Thursday, January 20, 2022 | A9

WORLD NEWS

China Detains Activists

Ahead of the Olympics

AGENCE FRANCE-PRESSE/GETTY IMAGES

BY CHAO DENG police officially confirmed his Rights Defenders, a Washing-
detention to his family. ton, D.C., based group.
TAIPEI—Chinese authorities “It’s really too cruel, too Police in Guangzhou and
have detained two prominent heartless,” Yang Maoping, his Changsha didn’t reply to re-

ASSOCIATED PRESS
human-rights activists, quietly sister said, adding that police quests to comment.
intensifying a crackdown on had been vague about the rea- Asked about the detentions,
dissent weeks before Beijing son for his detention. the International Olympic
hosts the most politicized Win- Xie Yang, a 49-year-old law- Committee said it takes hu-
ter Olympics in recent memory. yer who has taken up politi- man rights seriously but has
Free-speech advocate Yang cally sensitive cases related to “neither the mandate nor the Yang Maodong, left, seen in a detention center in 2014 and Xie Yang outside court in 2019.
Maodong was formally detained religion and land rights, was capability to change the laws
in the southern city of Guang- detained on Jan. 11, also on or the political system of a pics, to protest Mr. Xi’s treat- when he joined in protesting Mr. Xie’s wife, Chen Guiqiu,
zhou on suspicion of inciting subversion charges, and is be- sovereign country.” ment of ethnic minorities and Communist Party efforts to confirmed his most recent de-
subversion on Jan. 12, two days ing held in the southern city Chinese authorities also other alleged human-rights censor Southern Weekly, a tention Tuesday. Ms. Chen,
after his wife died of cancer in of Changsha, his family said. pressured dissidents and activ- abuses. Activist groups have Guangzhou newspaper once who fled China in 2017 and
the U.S., according to his sister. Human-rights advocates ists ahead of the 2008 Summer pressed Olympics sponsors and celebrated by Chinese liberals now lives in Texas with the
Mr. Yang, who writes under linked the detentions to the Olympics in Beijing, though other global brands to distance for its unusually hard-hitting couple’s two daughters, said
the pen name Guo Feixiong, Winter Games, scheduled to space remained for some crit- themselves from the Games. coverage. He spent six years in she suspects the detention is
has been blocked from leaving begin on Feb. 4, which have ics. Under President Xi Jinping, China has rejected criticism prison for disrupting public related to her husband’s trip
China for the past year. Au- been dogged by criticism over China has grown less tolerant of its human-rights record and order and “picking quarrels.” this past Christmas to Yongs-
thorities rejected his pleas, China’s human-rights record. of dissent, tightening controls called it interference in the Mr. Xie, the other activist hun county in southern China’s
and entreaties from friends “You can imagine authori- over the media and the inter- country’s internal affairs. Its in custody, previously was de- Hunan province. He unfurled a
and family, that he be allowed ties all over the country are net, while pursuing a campaign Foreign Ministry has protested tained as part of a sweeping banner near a police station
to be with his wife in her final tightening control pre-emp- of forcible assimilation against what it says are attempts to crackdown on human-rights there calling for the release of
months. Friends said they had tively to strike out any poten- ethnic minorities. politicize the Olympic Games. lawyers in 2015. Charged with a schoolteacher who had ac-
lost contact with the 55-year- tial dissent and criticism,” The U.S., Australia and U.K. Mr. Yang, the free-speech inciting subversion, he was re- cused the government of send-
old in early December, though said Renee Xia, a senior re- have said government officials activist, has been in police leased after two years follow- ing her to a psychiatric facility
it was only on Monday that searcher with Chinese Human won’t attend the 2022 Olym- custody on and off since 2013, ing a guilty plea. against her will.

WORLD WATCH
Turkey Takes Lifeline
From Old Rival U.A.E.
BY JARED MALSIN dollar last year. The amount
AND CAITLIN OSTROFF exchanged is modest com-
pared with Turkey’s financial
ISTANBUL—The United needs, however.
Arab Emirates and Turkey The U.A.E.’s de facto leader,
agreed to a currency swap Crown Prince Mohammed Bin
equivalent to nearly $5 billion Zayed, visited Ankara in No-
that reinforces an economic vember, meeting President Re-
partnership between two Mid- cep Tayyip Erdogan in a visit
dle Eastern rivals and provides that renewed high-level diplo-
Ankara with a badly needed matic relations while promis-
infusion of foreign funds. ing Turkey investment.
The deal, announced Emirati officials have said
MAHEDER HAILESELASSIE TADESE/ REUTERS

Wednesday, deepens the de- they view Turkey as a poten-

tente between Turkey and the tially lucrative investment, and
U.A.E., powers that until re- both countries have mended ties
cently were on opposite sides with rivals in the Middle East,
of a Middle Eastern cold war as the U.S. signals a pullback
and remain at odds over con- from the region following its
flicts in the region. The two withdrawal from Afghanistan.
struggled for supremacy in the “It seems that the two sides
aftermath of the 2011 Arab have agreed to open a new
Spring uprisings and later page. They made a new as-
backed opposing sides in the sessment of the situation,”
BLESSINGS: An Ethiopian Orthodox Church faithful was sprayed with water to receive blessings during the annual Timkat celebration civil war in Libya and in Saudi said Mithat Rende, a former
of Epiphany in Addis Ababa, Ethiopia, on Wednesday. Timkat commemorates Jesus’ baptism in the River Jordan. Arabia’s blockade of Qatar. Turkish ambassador to Qatar.
The injection of Emirati “They are interested in focus-
U.S. STATE DEPARTMENT TONGA OBITUARY NORTH KOREA funds will help Turkey’s cen- ing on economic diplomacy.”
tral bank as it burns through The plunging lira has
Democratic Donors Olympian Seeks Actor Gaspard Ulliel New Nuclear Tests foreign-currency reserves to pushed millions of people to-
Named to 3 Posts To Raise Relief Aid Dies in Ski Accident Under Consideration prop up the lira, which lost ward poverty, sparked pro-
40% of its value against the tests and threatened the
President Biden is turning to a Pita Taufatofua, who became Gaspard Ulliel, a French actor North Korea suggested it country’s financial stability.
trio of top Democratic donors to internationally recognized for set to appear in the coming might consider restarting long- Turkish central bank’s Turkey will have to pay back
lead diplomatic posts in the United marching shirtless as Tonga’s Marvel series “Moon Knight,” range and nuclear-weapons tests, net foreign assets the dirhams in return for the
Kingdom, Brazil and Denmark, the Olympic flag-bearer, has raised died following a ski accident. He promising to take “practical ac- lira at the end of the agree-
White House said Wednesday. hundreds of thousands of dollars was 37 years old. The accident tion” as it says the U.S. threat to $40 billion ment unless it is extended.
Mr. Biden plans to nominate in a campaign aimed at aiding occurred Tuesday as Mr. Ulliel the country can no longer be ig- This could make it costly to
Jane Hartley, a top donor from his the island nation after a volcanic skied at the La Rosière–Espace nored. 20 pay back if the lira depreciates
2020 presidential campaign and eruption and tsunami left it sig- San Bernardo in the Northern The Kim Jong Un regime for against the dirham.
an ambassador to France under nificantly damaged. Alps, the ski resort said. more than four years hasn’t Ankara has moved to nor-
former President Barack Obama, The online fundraiser con- Representatives for the actor launched an intercontinental bal- 0 malize ties with regional rivals
to serve in Great Britain. Elizabeth ducted through a GoFundMe didn’t respond to requests to listic missile or conducted a nu- over the past year, including
Bagley, a longtime Democratic do- page has raised more than comment Wednesday. clear test—major provocations –20 Saudi Arabia, Egypt, and Is-
nor who served as ambassador to $330,000 through over 8,000 Mr. Ulliel is perhaps best known that have previously drawn re- rael. Meanwhile, the U.A.E. re-
Portugal under former President donations as of Wednesday globally for his portrayal of a crimination even from close al- –40
cently invested about $100
Bill Clinton, is the president’s pick morning. The funds are expected young Hannibal Lecter in the 2007 lies in Beijing and Moscow. million in Israeli tech firms.
to serve in Brazil. to help victims and repair dam- film “Hannibal Rising,” and for At a Wednesday Politburo Abu Dhabi has also taken steps
The president also intends to aged infrastructure, schools and starring opposite French actress meeting, North Korea blasted –60 to improve ties with oppo-
nominate Alan Leventhal, the hospitals, Mr. Taufatofua wrote Audrey Tautou in 2004’s “A Very the U.S. for maintaining hostili- nents including Iran and Syria.
chairman and CEO of Beacon in the fundraiser description. Long Engagement.” He won the ties against the regime, from –80 The deal adds to swap agree-
Capital Partners, to be ambassa- “In the time of need you 2017 César Award for Best Actor, sanctions to Washington-Seoul 2017 ’18 ’19 ’20 ’21
ments that Turkey has with
dor to Denmark. Mr. Leventhal stood up and stepped forward. France’s equivalent of an Oscar, for military exercises to America’s other nations, including ones
Note: Excludes all foreign-currency liabilities;
was among Mr. Biden’s top finan- We appreciate you all,” Mr. Tauf- his lead role in Xavier Dolan’s film own strategic-weapon testing, December 2021 figures are estimates.
equivalent to $15 billion with
cial donors in the Boston area. atofua wrote to donors. “It’s Only the End of the World.” North Korea’s state media said. Source: Turkey Data Monitor/ Qatar, $6 billion with China and
—Ken Thomas —Omar Abdel-Baqui —Jennifer Calfas —Timothy W. Martin GlobalSource Partners $2 billion with South Korea.

Covid-19 Cases Fall in India’s Biggest Cities, Raising Hopes for Peak
BY VIBHUTI AGARWAL India is still a few weeks oxygen and medical supplies, 80% of hospital beds are empty. shows that all parts of India dents and 87% of Mumbai resi-
AND SHAN LI away from a nationwide peak, leaving many to die at home. A swift decline of cases fol- will peak by Feb. 10. Given the dents have antibodies against
as the virus continues to In New Delhi—India’s sec- lowing a surge is a pattern low rates of testing, the model Covid-19, which could be a re-
NEW DELHI—Covid-19 cases spread in rural areas and ond-biggest city—new cases seen with Omicron in other has assumed that actual infec- sult of prior infections or vac-
in New Delhi and Mumbai have smaller cities, said doctors have dropped for five days countries, epidemiologists say. tions are 15 times higher than cinations, according to govern-
fallen sharply in recent days as and public-health experts, who straight after hitting a high of But they are watching India es- the official tally—although it is ment serological surveys. Both
a surge of the Omicron variant warn that hospitalizations and 28,867 this past Thursday. In pecially closely because of its possible the true count could cities have a higher portion of
peaks in some of India’s big- deaths likely will continue Mumbai, the financial capital large population, its relatively be 20 to 25 times, he said. their population fully vacci-
gest cities, raising hopes that climbing even as cases slow. and most populous city, 6,149 low vaccination rate and the The national positivity rate nated compared with the na-
prior infections will offset a Even so, they say the early new daily infections were re- severity of last year’s wave. fell slightly to 15.13% on tionwide rate of 47.7%.
relatively low vaccination rate signs point to a less severe ported Tuesday, after a peak of Gautam Menon, professor of Wednesday after reaching The Ministry of Health and
and help prevent a repeat of wave than in 2021, when In- 20,971 cases on Jan. 7. Officials physics and biology at Ashoka nearly 20% on Monday. Family Welfare didn’t respond
last year’s catastrophic wave. dia’s hospitals ran out of beds, in both cities say that about University, said his modeling About 97% of Delhi resi- to a request to comment.

FROM PAGE ONE

markets,” they wrote in a blog Elon Musk tweet. “Tesla months.
Expected post last week.
The crypto market fell
merch buyable with Doge-
coin,” the Tesla Inc. founder
Since bitcoin hit its record,
Coinbase is down 33%, Mara-
alongside U.S. equities for the wrote Friday on Twitter. thon Digital is down 62%, Riot
Rate Hike first two weeks of the year.
Both markets struggled under
Dogecoin jumped about 10%
in the two minutes after Mr.
Blockchain has fallen 52% and
MicroStrategy is off 44%.
the same dynamic: Investors
Hits Bitcoin are dumping riskier assets
amid the Fed’s planned tight-
Musk’s tweet but in the after-
noon was back at pretweet
levels and on Wednesday was
From April through July last
year, the cryptocurrency’s
price dropped 52%.
ening of its monetary policies down about 17% since the That is bear-market terri-
Continued from Page One later this year. tweet. tory even for crypto stocks,
a double-edged sword. Since hitting a $2.97 tril- Still, large selloffs are com- but it hasn’t kept the crypto
JOE RAEDLE/GETTY IMAGES

Increasingly, sentiment in lion market value in Novem- mon in crypto. Bitcoin is down bulls from saying the market
traditional and crypto markets ber, the entire crypto market’s about 39% from its record of is primed for a turnaround.
can affect each other, analysts value has fallen about 34% to $68,990 hit on Nov. 10, ac- Lucas Outumuro, the head
at the International Monetary $1.97 trillion, according Coin- cording to CoinDesk. While of research at research firm
Fund said. “A sharp decline in MarketCap. that would constitute a signif- IntoTheBlock, said, “The mix
bitcoin prices can increase in- A sign that crypto is in the icant crash for an equities between hope and distress has
vestor risk aversion and lead doldrums is the muted reac- market, it isn’t even bitcoin’s crypto markets split about
Bitcoin, the largest cryptocurrency, is down 9.9% year to date. to a fall in investment in stock tion to a reliable spark: an biggest drop over the past 12 what may come next.”
 .

A10 | Thursday, January 20, 2022 THE WALL STREET JOURNAL.

FROM PAGE ONE

California Chubb follow years of non-re-

newals by mass-market insur-
ers. California regulators have
duce the risk of their house
burning down.
The house survived a wild-

Policies been encouraged that parts of

the broader market are show-
ing signs of stabilizing because
fire in 2020 even as nearby
properties were destroyed.
Still, a six-figure claim resulted

Pulled of recent rate increases. All-

state Corp., Farmers Insurance
and some others have commit-
for smoke and other damage.
In buying policies with
tightly regulated terms and
ted to adding policyholders. conditions, Californians with
Continued from Page One Some insurers are frustrated homes estimated to cost more
ues to not renew some policies. California regulators require than $10 million to rebuild of-
But “we are still accepting new them to set home-insurance ten pay $20,000 to $40,000 in
customers across the state in rates based on their historical annual premiums, while those
areas where we have a fair loss experience, not projections with $30 million and higher

REED SAXON/ASSOCIATED PRESS

chance of earning an adequate of future losses determined by residences often pay more
return,” Paul Krump, a Chubb catastrophe modeling. Such than $100,000, brokers said.
vice chairman, said last week. models can reflect location- Tens of thousands of Califor-
In an earnings call in Octo- specific data insurers feel they nians with homes at such val-
ber, Chubb Chief Executive need amid escalating wildfires ues are insured by a half-dozen
Evan Greenberg said the in- tied partly to climate change. or so carriers that specialize in
surer’s California shrinkage State regulators said insur- the high end, and some are
was “not a small amount” in ers can obtain adequate rate covered through insurers fo-
locations “both highly exposed increases under the current A Malibu home ablaze in 2018. Fires are driving some insurers out of California’s high-end market. cused on the broader market.
and even moderately exposed system, and are concerned AIG told state officials that
to wildfire.” He said “someone about modeling’s accuracy and has been trying to help con- Finding replacement cover- and expects AIG not to renew its move is due “not only to
else will have the pleasure of fairness to minorities. sumers reduce wildfire risk age can be difficult in Califor- his policy this year. But “you’re heightened wildfire risk expo-
writing” business for which “We are very disappointed and has pushed insurers to nia, particularly for the biggest going to devastate people if sure in California, but also to
“we cannot charge an adequate that a diversified company provide discounts for mitiga- and most-expensive homes. they are uninsured and their the costs of servicing high-
price for the risk.” with massive global resources tion measures. “I am sure there is enough homes burn down.” value homes” and the impact
Chubb, which declined to like AIG is not staying the In 2020, the state insurance blame to go around: the insur- Mr. Green and his wife, of global catastrophes on its
provide policyholder figures, course to help support safer, department approved an aver- ance department, the insurance Jane, have spent tens of thou- reinsurance costs, Mr. Soller
aims to offer excess-and-sur- more resilient communities age 17.5% rate increase for companies, the policyholders,” sands of dollars trimming said. AIG’s email to brokers
plus policies to many policy- here in California,” said Mi- AIG’s home policies. A subse- said Jeffrey Green, a managing trees, installing a fire hydrant cited wildfires and mudslides
holders who aren’t renewed. chael Soller, a deputy insur- quent request from AIG for a director at a financial-services to draw from a swimming pool over the past five years. AIG
The moves by AIG and ance commissioner. The state 42% increase is pending. firm who lives in Napa County and taking other steps to re- declined to comment.

possess unique superhuman sia, Portuguese (with separate this is said needs to adjust, it there is a note to help clarify: acter-specific, and those are
‘Bruno’ skills. The song explains how
Bruno, an outcast uncle with
Brazilian and European trans-
lations) and more.
should feel like the way it
feels to us in whatever lan-
“gut = someone’s stomach, es-
pecially when it is fat.”
the things that ended up stick-
ing,” says Charise Castro
psychic powers, has ruined lives The multilanguage version guage feels very comfortable.” In reference to another lyric Smith, co-writer and co-direc-
Is Talked with his negative prophecies.
“He told me my fish would
of the song accumulated more
than 12 million views on You-
The process requires trust
across teams, he says.
that goes, “Hey, sis, I want not
a sound out of you,” a note
tor of “Encanto.”
In recent years, Disney has

About die. The next day, dead,” one

woman sings while displaying
an upside-down goldfish in a
Tube in one week. A polyglot
version of a 2016 Disney hit,
“How Far I’ll Go” from
“Our teams around the
world will come to us and say,
‘What you can say in English
clarifies that “sis = colloquial
sister.” Another note says that
“feast on = to feel great enjoy-
taken steps to address criticism
over stereotypical or racist
themes and depictions in its
bowl. “He told me I’d grow a “Moana,” has 10 million views in four seconds is very differ- ment from something.” older films and theme-park
Continued from Page One gut and just like he said,” a on the same channel. ent than what you can say in The directors say they rides. In 2020, the company said
Weekly Top Song charts. man wails as his belly ex- “It’s so streamlined,” says hoped to keep Colombian cul- it would include an advisory on
The sleeper single, written plodes through his shirt, pop- Jacqueline Avila, a professor ture and music at the core of content that includes negative
by Lin-Manuel Miranda, has ping off the buttons. of musicology at the Univer- every translation. Many of the depiction or treatments of peo-
turned into a hit nearly two The Thai translation cap- sity of Tennessee, of the edit-
The song is ‘Don’t dubs were recorded in Colom- ple or cultures, including the
months after the movie’s the- tures a similar spirit: “He said ing in the multilanguage Mention Bruno’ in bia, and Colombian consultants 1953 film “Peter Pan,” in which
atrical release. Fans and crit- you just lose a goldfish with “Bruno” track. and musicians advised on pro- indigenous people are referred
ics have praised the way it its mouth wide open, he said The musical numbers in “En-
Russian and ‘Secret nunciation. The filmmakers to as “redskins,” and the 1992
blends musical patterns and you will grow a big belly soon, canto” have a specific sound, Bruno’ in Japanese. also enlisted help from other film “Aladdin.”
genres, from hip-hop to Cuban just like what has been said.” largely from a specific region. South American countries. For The global popularity of
folk and dance music. The film premiered in U.S. The studio worked with teams the Czech version, an Uru- “Bruno” across languages has
Part of its appeal is that it theaters on Nov. 24 and on the across the world to dub the film guayan actor voiced Félix, a been surprising and affirming
can be sung in so many places. Disney+ streaming service a in 46 languages total, director Korean in four seconds. So can fun-loving animated character for Ms. Castro Smith. “I think
Translating the lyrics for audi- month later. On Jan. 10, Disney Jared Bush says. The goal is for we say this?’ ” director Byron with a large part in “Bruno.” this video actually proves that
ences around the world has released a video of the translated lyrics to capture the Howard says. Some words and phrases everybody in the world has a
required some explanation, in- “Bruno” song that incorpo- spirit of the song and character Notes to help translation stayed consistent in Spanish black sheep in their family,”
cluding what it means to rates the lyrics in 21 of the across various languages. and localization were provided throughout the versions, such she says. “It’s such a relatable
“grow a gut.” languages it was recorded in. “These are not typically di- to these teams, according to a as one character’s term of en- concept of the person in your
“Encanto” takes place in ru- It starts with English and rect translations,” Mr. Bush Disney spokeswoman. Under dearment for his wife, “mi family that you really aren’t
ral Colombia and features a Spanish, then moves to Hun- says. “If a different word the English lyric that begins, vida,” which means “my life.” supposed to talk about, but he’s
magical family, whose members garian, Greek, Bahasa Malay- needs to come in or the way “He told me I’d grow a gut,” “Some of it was very char- like the biggest deal, right?”

Trust your
source.
Trust your
decisions.

© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8653
 .

PERSONAL JOURNAL.
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, January 20, 2022 | A11
ILLUSTRATION BY YVETTA FEDOROVA

BONDS “The whole experience is sexual,

ELIZABETH
BERNSTEIN The Sex Advice not just the intercourse,” he says.

Accept, then adapt

C
Accepting our bodies is hard, espe-

ould your sex life be bet-

ter? Ask grandparents
for advice.
Anyone who can keep
We Should Take From cially now. Many seniors with satis-
fying sex lives don’t judge them-
selves or their partners, experts say.
Instead, they appreciate what their
bodies can do together. “Celebrate
the spark alive well into
his or her later years has
wisdom to share, and that insight
is especially useful now, when the
stress of the pandemic has taken a
Grandparents what works now,” Ms. Price says.
Having a tougher time getting
aroused because you’re stressed?
Take more time for foreplay. Need
more stimulation? Buy a new toy.
toll on intimacy for many of us. Too tired after a long day? Try what
Some lessons from seniors who sults of a survey on senior sexual- ness owner in Mill Valley, Calif., vises people to pay attention to one of my friends calls a “matinee
have stayed happy in the bedroom: ity in 2018. says she is careful to say “thank their “tingle time,” the period of performance” in the afternoon.
Don’t focus on intercourse alone. How do seniors keep their mojo you” when her partner pleases her. the day when they feel most sexu-
Schedule time for romance. And going? In North Palm Beach, Fla., a 65- ally arousable or responsive. If Be active, not passive
adjust your expectations. One key: They accept that there year-old retired business owner your time differs from your part- Younger adults often have a “you
“With age, you learn that sex is more to sexual activity than in- watches “tasteful” sex videos with ner’s, schedule lovemaking ses- please me, I’ll please you” attitude
has lots of roles, meanings and tercourse. her husband. A 68-year-old busi- sions for each of you to receive to sex, experts say. Older people
outcomes,” says Barry McCarthy, a In reporting this story, I heard ness owner in Wheeling, W.Va., pleasure, without any expectation with fulfilling romantic lives aren’t
retired sex therapist and co-author from folks in their 60s, 70s and says he has learned that “romance of reciprocation. And remember: passive. “Whether they are giving
of “Couple Sexuality After 60: Inti- older who said they spice things begins before the bedroom.” His Arousing your partner is often or receiving pleasure, older people
mate, Pleasurable and Satisfying.” up by reading erotic literature to- go-to gesture: Singing Lou Rawls’s enough to get you aroused. are active in knowing what they
“It isn’t just this simplistic pass- gether, trying new positions and “A Natural Man” to his partner be- want and asking for it,” Ms. Price
fail test of intercourse or orgasm.” practicing spontaneity. (“Jump into fore dinner. And in Bethesda, Md., Take your time says. “No one is a follower.”
Research shows that seniors who the bath or the shower unan- a 72-year-old foundation president Young people fixate on sexual per- Seniors with satisfying sex lives
remain sexually active—and sexually nounced!” said one.) treats his wife like a new partner, formance while older people make try to make it easy for their part-
satisfied—focus on the quality of Keeping a sense of humor ranked asking her what she likes. sharing pleasure their focus—which ner to communicate with them.
lovemaking, not the quantity. Sex high on seniors’ list of sexual strate- For more sex tips from seniors, takes time, says Dr. McCarthy. They discuss challenges and solu-
later in life is more about connec- gies. One new couple in their 70s I talked to therapists and a senior- Seniors have learned to go for tions. And they don’t stop experi-
tion, and the giving and receiving of got a good laugh—and was finally sex advocate. Here’s what they had the slow windup, often by necessity, menting.
pleasure, rather than performance, able to relax—when her hearing aid to say. he says. You should think of touch The discovery process is much
Dr. McCarthy says. blared “battery low!” during the on a scale of 1 to 10, where 1 is af- of what makes sex exciting when
Seventy-six percent of adults first time they made love. Schedule it fectionate touch, 2-3 is sensual, say you’re younger or with a new part-
age 65 to 80 said that sex is an In Cincinnati, a 60-year-old sin- “Spontaneity is vastly overrated,” a foot rub, 4-5 is playful and flirty, ner. Try to keep that same spirit
important part of a romantic rela- gle sales representative waits in a says Joan Price, an author and such as teasing touch, and 7 and as you age, says Daniel Watter, a
tionship at any age, and 54% of bubble bath for her date to arrive. speaker whose books on senior higher is erotic and intense emo- psychologist, marital and family
those in a romantic relationship “Get right to it!” she says. A 67- sexuality include “Sex After Grief.” tions and sensations. therapist in Parsippany, N.J., and
said they were currently sexually year-old cardiologist in New Jer- Ms. Price suggests having sex Dr. McCarthy recommends past president of the Society for
active, according to the University sey says his favored method of during the day, when you’re less spending a lot more time in the Sex Therapy & Research.
of Michigan’s National Poll on foreplay is “a gentle, soft, up-close tired. (Good news: Remote work middle of the scale, rather than “An ongoing, enjoyable sex life is
Healthy Aging, which published re- and tight hug.” A 60-year-old busi- can make this easier.) She also ad- rushing to the goal line. the province of the curious,” he says.

from in the world, that could mean

How to Navigate a million things,” said Alex Guzman,

co-owner of Archer & Goat, a multi-
cultural restaurant based in New

Rising Food Prices York’s Harlem neighborhood.

Ms. Moncel cautioned against
bulk-buying as a default, though.
While buying in bulk can result in
BY J.J. MCCORVEY Plan, plan, plan savings, that isn’t always the case,
ahead

S
so consumers should carefully
ticker shock is becoming a Though it might seem like calculate the price and supply of
regular feature of many con- an obvious pointer, plan- the item.
sumers’ grocery store trips. ning your grocery trips is “I think a lot of people get
Given it is unlikely to dissipate more important than ever caught up in buying in bulk and
anytime soon, consumers should right now—and can make then they just never use the stuff
evaluate changes to their shopping the difference between and it might actually go bad,” she
habits. staying within your bud- said.
The consumer-price index, which get or blowing it up. Plot She also suggests freezing certain
tracks what consumers pay for your meals for the week, foodstuffs to cut down on waste and
goods and services, hit 7% in De- and know whether or not lock in lower prices where possible.
cember, marking its fastest pace what you need to bring She pointed to cheese and bread as
since 1982. The increases were them to life is in your examples of items that keep well in
broad-based with the cost of rent pantry or fridge. the freezer but aren’t a first thought
and a host of other regular budget “If you have a plan for for consumers.
items rising fast. what you buy, you are
Among the largest are refrigera- way more likely to actu- Do the cooking
ILLUSTRATION BY DAISY KORPICS/THE WALL STREET JOURNAL; GETTY IMAGES

tor staples including meats, poul- ally use it and then stuff won’t go until you get there. She suggested Alex Hill, a Brooklyn, N.Y.-based rec- If shopping for multiple meals a
try, fish and eggs. Those items to waste,” said using an app like Flipp, which aggre- ipe developer and creator of the week seems daunting, Ms. Moncel
rose 12.5% over the past year as Beth Moncel, gates deals based on your location, food blog Just Add Hot Sauce. For said to start with one meal a week
food distributors and retailers tan-
gle with supply-chain disruptions
and rising labor costs.
12.5
Percentage
creator of the
food blog Bud-
get Bytes and
and then incorporating them into
your meal plan.
example, the ingredients for condi-
ments such as mayonnaise and
other dressings—which likely will
and work your way up from there.
That way, you will start to get a
sense of the regular items you
“Food prices have been increas- increase in author of the Substitute brands and see considerable price increases in should snag on grocery trips, and
ing over the past six months or so prices of staples cookbook of the ingredients 2022—might be sitting unused in you will be less likely to waste
at rates we haven’t seen in de- including meats, same name. Substitution is also key, experts your kitchen. money on products you won’t use.
cades,” said Jayson Lusk, a profes- poultry, fish Ms. Moncel said. This may require some pre- In general, experts agreed that
sor and head of agricultural eco- and eggs over also said it is shopping planning as well. Put your pantry and freezer trying to cook at home more is
nomics at Purdue University. the past year important to For example, since meats are to work likely a good step toward success-
While controlling costs in the pick recipes more expensive right now, you Mix in shelf-stable items that can fully navigating this inflationary
kitchen is new for many consum- that have some might use half the usual amount of be used in a versatile array of period, since eating out is pricier
ers, it is a way of life for chefs, res- flexibility, so you can make substitu- ground beef when making a chili, dishes and aren’t as subject to infla- than usual.
taurant owners and others in the tions easily. Ms. Moncel said, and compensate tion as fresh produce. This includes “You can often pay lower prices
food industry. Here are some strat- Another crucial part of planning by using lentils or other legumes to dried rice and canned goods such as doing old-fashioned things,” Mr.
egies they use—and consumers your grocery shopping is checking achieve a similar heartiness. beans and tomatoes, which chefs Lusk said. “If you’re able and willing
might benefit from—as they navi- store sales and coupons before your You might even be able to make say can be easily given a little flare. to spend more time doing that
gate the rising cost of food. trip, she said, rather than waiting some expensive items at home, said “Depending on where you come cooking and cleaning yourself.”
 .

A12 | Thursday, January 20, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

U
nsettling memories of ANATOMY OF A SONG | MARC MYERS “I don’t know where we are / I
a near-death car crash, don’t know where we are / I don’t

The Lumineers Spin Tale

a beat-up piano and a know where we are, you know?”
manic voicemail all He sounded crazy, but there
played roles in the was something about his mania
composing of “Where that was so truthful, innocent and

Of Survival on New Single

We Are,” the new single from the direct. Initially, we were going to
Lumineers’ latest album, “Bright- use his chant as the song’s fading
side.” outro. But Jer’s chant captivated
The album’s title song—re- me. We turned it into the chorus:
leased as a single in September— “Where we are / I don’t know
reached No. 1 on Billboard’s alter- where we are / But it will be OK /
native rock and adult alternative Where we are (where we are) / I
airplay charts. don’t know where we are (where
Recently, Wesley Schultz, the we are) / But it will be OK.”
Lumineers’ co-founder, lead vocal- We used the
ist and the song’s co-writer, re- earlier chorus for
flected on how he and Jeremiah the song’s bridge.
Fraites composed and recorded Then we went to
“Where We Are.” Edited from an Sun Mountain Stu-
interview. dios, in Boiceville,
N.Y., to record. We
Wesley Schultz: In the spring of had song ele-
2011, I was driving on a highway ments, but we
near Flagstaff, Ariz., with my girl- weren’t sure yet
friend, Brandy, when it started to how to piece them
rain and snow. We were in the together for the
early part of our relationship, driv- album.
ing cross-country to California. As we worked, we decided to
Earlier in the day, our rental skip an instrumental intro and
car had steering problems, so we launch right into my lead vocal.
called the company. They told us Initially, it was going to start with
to drive to Flagstaff for a replace- Jer’s piano. But in the studio, we
ment. We headed east on Route 40 felt the eerie new approach was
and were almost there. more dramatic.
Coming around a curve that af- At first, my lyrics were about
ternoon, the car veered and hydro- the crash. But once the pandemic
planed off the highway. The lockdown started in 2020, the con-
smooth sound of asphalt gave way cert tour for our previous album
to crunchy gravel and then no was canceled. That’s when the
sound at all as the car went air- crash and song became a meta-
borne, flipping almost three times phor for the virus.
before landing on its side. Covid was like a global car
Once Brandy and I realized we crash that happened just as sud-
had survived and could move, I Wesley Schultz, right, the Lumineers’ lead vocalist, wrote ‘Where We Are’ with band co-founder Jeremiah Fraites. denly. Our generation had survived
climbed out first and then helped and was trying to pick up the
her out. We had no idea where we pieces and move on with some
were. By then, cars had pulled The accident happened two years different song, “Isabelle Fly.” On the table, I looked up at the normalcy.
over, and people walking toward after Jeremiah Fraites and I had As we continued to work on the ceiling fan turning and started I proposed to Brandy in Paris, a
the car were crying. They assumed formed the Lumineers in New Jer- album song, Jer returned to Den- humming the song to myself and year after the car crash, in 2012.
we were dead. sey. We soon relocated to Denver. ver, where he played his initial came up with lyrics for a verse: Brandy said “Yes!” We bought a
Next came fire trucks and a In 2020, we were asked to synth chords on Firewood, his “Layin’ on the table like I baguette and some wine to cele-
checkup by the paramedics. write and record a song for a film nickname for an old piano he wasn’t even there / Holdin’ on the brate and hung out near the river.
Brandy had a concussion and bro- called “The Starling.” Jer and I set loves. It sounds as if a piano and a steering wheel and coming up for We married a year later at the
ken ribs, and I was bleeding from to work. By then, the lockdown drum had a baby. air / What was I / Drivin’ in the courthouse in Denver.
my right hand and face. They had started and Jer was in Italy We still needed a chorus. While rain / What was I / Callin’ out Brandy had two items from the
urged us to get a more thorough and I was in Denver. So we ex- we worked on ideas, I began writ- your name.” crash framed, with a map of the
exam. We declined care. We didn’t changed ideas back and forth by ing lyrics while walking in a Den- Later, at my apartment, I went Flagstaff region as the back-
have health insurance and couldn’t texting voice memos. ver park near my home. I write into my little writing room and ground. On top of the map, she
afford huge hospital bills. At one point, Jer sent me an many of my song lyrics by going finished lyrics for the verses on a mounted the VIN information we
A tow truck drove us and the to- audio clip of him playing synthe- on walks and muttering a hypnotic legal pad. I also had some lines for had removed from the totaled car
taled car to Flagstaff—first to a sal- sizer chords that sounded like a chant to find words. a chorus: “I know who you wanted so no one could restore it.
vage yard and then to the rental of- cello. I strummed his chords on During this process, I had an me to be / Always holding up your She also added a photo that
fice. Ironically, we had sprung for my guitar and recorded them on appointment with an osteopath to tragedy.” the tow-truck driver took of us
rental insurance, so they gave us a my cell phone. Then I composed a treat various aches and pains from But I wasn’t completely set on standing on top of the wreck at
DANNY CLINCH

new one. The car had coverage, we melody and we had a verse. touring. He had me lie on my back that. Then I remembered Jer had the salvage yard. Today, the
didn’t. We checked into a motel and, It sounded so good and propul- on a table while he worked on my sent along a strange chanting framed collage hangs in our din-
the next day, we drove two hours to sive that we saved it for our next ankle. The process activated my audio message. I played the mes- ing room. It reminds us how we
the Grand Canyon and hiked. album. For the movie, we wrote a memory of the car crash. sage again: once cheated death.
FROM TOP: SHOWTIME; HULU

‘Billions’ returns for a sixth season, above, while ‘How I Met Your Father’ features Hilary Duff.

WHAT TO STREAM cultural figure portraying an ily. The show is about a

‘Billions’
entitled billionaire: Michael group of friends navigating
McKean of “This Is Spinal Tinder and New York, and the
Tap” fame, accompanied by creators wanted to shoot the

Axes Key Revolutionary War-era can-

nons.
show on location. But Ms.
Duff, a mother of three based

Character
Fans of the series have a in L.A., said she wasn’t inter-
tendency to see “Billions” ested in a cross-country com-
outside the TV series. When mute.
Reddit’s army of retail trad- “They were, like: ‘Great,
BY CHRIS KORNELIS ers sent GameStop’s stock great, great, we’ll make it

H
price soaring, the Twitter ac- work in L.A.,’ ” she said in a
ilary Duff is at the cen- counts of “Billions” co-cre- recent Zoom call. “And I was,
ter of “How I Met Your ators Brian Koppelman and like, yes!”
Father.” Plus, “Billions” David Levien were flooded “How I Met Your Father”
returns without Axe. Here’s with viewers wondering (and dropped its first two epi-
where to stream them. insisting) if the ordeal would sodes this week on Hulu.
inspire future episodes The series is being
New Release: ‘Billions’ of the series. marketed as a se-
(Showtime) Whether a quel to the im-
Season six is a turning GameStop-like mensely popular
point for Showtime’s “Bil- plotline will CBS series
lions,” the hit series set in the make its way “How I Met
world of high finance. into the sea- Your Mother”
The new season is the son, however, (also stream-
first that doesn’t star Damian has yet to be ing on Hulu). It
Lewis as hedge-fund man- seen. is narrated by
ager Bobby Axelrod, the pri- But Mr. Kop- Kim Cattrall—
mary nemesis to Chuck pelman says Sophie in 2050—
Rhoades, attorney general of they appreciate the telling her son
New York, played by Paul Gi- thought. about, yes, how she met
amatti. Rhoades’s sparring “It’s rewarding that when his father.
partner in season six is Corey people see things in the cul- Ms. Duff, 34, came to fame
Stoll’s Michael Prince, now at ture, they go, ‘Oh, it’s a ‘Bil- as a teenager in the Disney
the helm of Axelrod’s old lions’ episode come to life,’ ” Channel hit “Lizzie McGuire.”
firm. he says. She says her ability to say
There is still plenty to rec- Season six of “Billions” yes to work that’s right for
ognize in the show that premieres Sunday on Show- both her and her family is
mashes up finance with food, time and the Showtime app. something that she has be-
New York and rock ’n’ roll. come more confident about
In true “Billions” fashion, ‘How I Met Your Father’ in recent years.
the opening minutes of the (Hulu) “I know my worth and I
new season’s first episode in- When Hilary Duff was ap- know my power more than I
clude a large helping of clas- proached about taking the ever have,” she says. “When
sic rock (Buffalo Springfield’s lead role of Sophie in the you’re looking at your kids,
“For What It’s Worth”), a comedy “How I Met Your Fa- it’s really easy to make deci-
cameo that nods to New ther,” she felt it was the right sions, like: Am I gonna be
York’s food scene and an ap- kind of work for her, but the here or am I gonna miss
pearance from a beloved pop- wrong situation for her fam- this?”
 .

THE WALL STREET JOURNAL. Thursday, January 20, 2022 | A13

ARTS IN REVIEW
GILLIAN WEARING/SOLOMON R. GUGGENHEIM MUSEUM (2)

ART REVIEW eyes of each figure can one detect

Turning a New
her flickering presence behind the
elaborate mask. An earnest sum-
moning of the uncanny distin-
guishes Wearing’s lifelike self-por-
traits from the comedic

Eye on the ‘I’

masquerades of Cindy Sherman, an
artist with whom she is frequently
compared.
More merging of identities can
be found in “Spiritual Family”
How true is documentary photography? (2008-), a series where she disguises
herself as artists—Diane Arbus, Mar-
cel Duchamp, Georgia O’Keeffe, Andy
BY RICHARD B. WOODWARD photographed them. She collected Warhol, among others—with whom
more than 600 examples, of which she feels a strong kinship. Even
New York 63 are here, with messages such as though her work seems nothing like
‘GILLIAN WEARING: Wearing “I hate this world!!,” ”Convenience theirs, the piece asserts that our ar-
Masks,” an unnerving exhibition at causes apathy,” and “I really love Re- tistic families can be as self-defining
the Solomon R. Guggenheim Mu- gents Park.” as the genetic ones.
seum, will have visitors wondering While Ms. Wearing wanted to in- Ms. Wearing has never aban-
if they can ever trust the neutrality vert the dynamics of street photog- doned the public sphere. Her stand-
of a camera again. For much of the raphy, with the portrayed taking ing sculpture of the British suffrag-
past 30 years, the 58-year-old Brit- back power from the portrayer, or at ette Millicent Fawcett was the first
ish Conceptual artist, who won the least sharing it, the results were monument of a woman and the first
Turner Prize in 1997, has ques- more complicated. One can’t tell if by a woman to be erected (2018) in
tioned the veracity of documentary these strangers are earnest or prank- London’s Parliament Square. The
photography and confessional vid- ing her. The well-dressed man be- continuing “Your Views” (2013-) is
eos. Her diverse body of work, hind the sign that reads “I’m Desper- another participatory project, ex-
based in performance and centered ate” doesn’t look it. She remains the cept web-based and global in scope.
on issues of social and personal ultimate authority by choosing People from anywhere are asked to
identity, has sought to undermine whose photo is displayed. open the blinds on a window from a
complacent axioms about portrai- The video “60 Minutes Silence” place where they live and to send
ture by incorporating masks and (1996), which earned Ms. Wearing her the view via video, an effect she
makeup, as well as actors and the Turner Prize, plays with the likens to raising a theater curtain.
crowds, into the making of her pro- symbolism of clothing. It’s ostensi- The goal is to have examples from
vocative art. bly a group portrait of 26 men and Conceptual artist Gillian Wearing’s ‘Self-Portrait at Three Years Old’ (2004), every country.
For what is Ms. Wearing’s first women in police uniforms who above, and installation view of ‘Gillian Wearing: Wearing Masks,’ top Where she goes from here is un-
North American retrospective, Jen- were asked by the artist to sit or clear. Her last completed series in
nifer Blessing, senior curator in stand and say nothing for an hour. the exhibition is “Lockdown”
photography, and Nat Trotman, cu- They are not police, however, but mentary series. For “Bully” (2010), tors may resent being toyed with (2020), a group of somber self-por-
rator in performance and media, hired actors, and their orderly Method actors were asked to re- for the sake of art. traits in traditional watercolor
have threaded more than 100 pho- ranks gradually break down into create a remembered trauma. Ms. Wearing is on more secure painted during Covid-19 isolation. It
tographs, videos, sculptures and nodding and fidgets. By testing the Such convoluted fakery has con- ethical ground as a soloist. In the may be that working without
paintings across four levels of the patience of viewers, who will likely sequences. In “Fear and Loathing” self-portrait series that she began masks—and without irony—would
Tower galleries and in the New Me- be fretful themselves while watch- (2010), the painful stories of abuse in 2003, she eerily disguised herself be the most daring next move this
dia Theater. ing, the piece also humanizes the related by a group of Los Angeles as her immediate family—grandpar- thoughtful and unpredictable artist
A handy introduction is “Signs police, who in this scenario are no residents, wearing masks to hide ents, parents, uncle, brother, sister, could make.
that say what you want them to say better behaved than we would be. their identities, may be “geared to as well as of herself at the ages of 3
and not Signs that say what some- Other videos further soften the the dynamics of online identity and 17. These meticulous re-cre- Gillian Wearing: Wearing Masks
one else wants you to say” (1992-93) lines between sincerity and theat- play,” writes Mr. Trotman in his ations of photographs from differ- Solomon R. Guggenheim Museum,
in Tower 2. For this participatory rics. “Family History” (2006) is a catalog essay, and therefore of “du- ent eras express an abiding love of through June 13
work, Ms. Wearing asked people she bogus TV interview show starring a bious authenticity.” Trying to sepa- the medium and the costumer’s
met to write phrases on white card- woman who became genuinely fa- rate fact from fiction in her work skills, commonly the domain of Mr. Woodward is an arts critic in
board and to hold them up as she mous from a 1970s British TV docu- can be exhausting, and some visi- women. Only when looking into the New York.

BY EDWARD ROTHSTEIN EXHIBITION REVIEW pires,” but it is so intent on specta-

cle that it also strips the objects of
Boca Raton, Fla.
Glittering,
T
particular cultural distinctions.
his exhibition at the Boca Ra- And finally, there is the Machu
ton Museum of Art—its first Picchu problem. Most of the arti-
venue on a world tour—is pack-
aged like a blockbuster. The timed
But Not facts here would, on the surface,
hardly make for a blockbuster. What
ticket prices are high ($29.95 for
adults and $100 for “VIP Access”)
and the taglines exclamatory (“3,000
Without better way to amplify appeal than by
framing the exhibition with that
awe-inspiring set of ruins on a
years in the making”; “192 priceless
artifacts”; “one of the most impres-
Impurities mountain so inaccessible that it es-
caped Spanish destruction, and re-
sive collections of gold to ever tour mained little known to the outside
the globe”). The show calls itself an world for centuries after the Incan
“immersive journey” and offers (for Empire had fallen? So we are of-
an additional $18) a virtual-reality fered a vertiginous “ride” over and
tour of Peru’s Machu Picchu. For $15 through that site with the help of vi-
more, you get a photo that makes it brating seats and virtual-reality
look as if you really had made your headsets. And a single gallery at the
way to the cloud forests to see end, mostly composed of text panels
those Aztec ruins. Such are the Gold and turquoise nose and photographs, shows a few arti-
gilded attractions of “Machu Picchu ornament (A.D. 1-800), above; facts that are less interesting than
and the Golden Empires of Peru.” sculptural stirrup spout bottle much else here.
This packaging is misleading, (A.D. 1-800), left; Machu Picchu If Machu Picchu really were a fo-
since the exhibition itself—created from above, far left cus, we might have seen how the In-
by World Heritage Exhibitions in co- can Empire arose in the early 15th
operation with the Peruvian govern- ignores distinctions and differences century, adapting beliefs already out-
ment and two Peruvian museums— in belief and region over 2,000 years. lined. Some believe that Machu Pic-
has little to do with Machu Picchu (a This issue, though, is complicated, chu itself was shaped to represent a
matter to which we will return). But since just as we refer to Western condor. And we might have learned
it would be a mistake to judge this civilization to embrace Ancient that the now accepted hypothesis—
show by its cover. Unless you are Greece, Medieval Europe and con- established by the Yale scholars
planning to visit the extraordinary temporary America because of mentioned above—is that it was an
Museo Larco in Lima—the museum Western eyes because of our long shared ideas and beliefs, some con- Incan royal retreat, not a religious
from which almost everything here tradition of reflecting religious belief sistencies in Andean cultures over site. One reason for the paucity of
has been selected by the Larco’s cu- in paintings or narrative allegory. time and space have been pointed tomb valuables is that the workers—
rator, Ulla Holmquist Pachas—this Here, the expressive form seems al- out by Yale anthropologists Richard not royalty—were buried there.
CLOCKWISE FROM LEFT: SHUTTERSTOCK; WORLD HERITAGE EXHIBITIONS (2)

exhibition offers a singular opportu- most mundane. Until we learn to L. Burger and Lucy Salazar-Burger. Instead, the show’s all-too-cursory
nity to get a large-scale interpreta- think otherwise. But here it can be taken a bit text seems an afterthought. But
tion of pre-Incan Peruvian cultures. The galleries are organized the- too far, particularly in a gallery de- with less flashy standards, this exhi-
We see fierce, demonic creatures, matically, dealing, for example, with voted to gold ornaments. Manne- bition succeeds. It might be thought
their threat retaining potency after the Andean universe, the meanings which portray aspects of these quins representing warriors or of as a contemporary version of the
two millennia. There are ocher owls of sexual behavior, a mythological realms, are “animated by the flow of priests or rulers are posed, wear- Andean vessel—one that ceremoni-
and winding snakes, decapitated tale of a hero, staged combat and liquids and air through their hollow in- ing, for example, a crown from the ally and theatrically transports us,
heads and ceremonial processions, human sacrifice. And we learn of teriors.” That flow is part of the point. Chimu culture (1100-1470) or from temporarily, from our familiar earthly
contemplative musicians and other- three realms: the Upper World of the The vessels utilize symbols to depict the Chavin culture (inconsistently realm into another, with very differ-
worldly figures engaged in sexual ac- heavens and sun, the Terrestrial movement between worlds. Their use dated here, but lasting about a mil- ent perceptions of the cosmos.
tivity. They appear on ceramic ves- World of agriculture and human life, at ceremonies was also meant to en- lennium after 1200 B.C.) or a gold
sels, almost all under a foot tall. and the Underworld, underfoot and act such passages associated with nose ornament used by shaman-
Sculpted figures form the bodies of underwater, associated with the crucial aspects of human life. chiefs of the Vicus culture (100 Machu Picchu and the Golden
most containers; the surfaces of oth- dead, the night and ancestors. Each One problem is that most arti- B.C.-A.D. 300). Such artifacts are Empires of Peru
ers are baked with imagery. realm is also associated with ani- facts here come from the Moche rare because Spaniards, after con- Boca Raton Museum of Art, through
As we learn, for these cultures mals: birds in the Upper World, cats culture (A.D. 100-800); while there quering the Incan empire beginning March 6
the decorated vessel was a central and feline predators in the Terrestrial are just enough examples to suggest in 1532, melted down as much gold
form of religious and artistic expres- World, and snakes in the Underworld. that other Peruvian cultures shared as they could find. This gallery may Mr. Rothstein is the Journal’s Critic
sion. This can be so startling to The text notes that these vessels, beliefs, this reading of Andean life give some slight hint of “golden em- at Large.
 .

A14 | Thursday, January 20, 2022 THE WALL STREET JOURNAL.

SPORTS
the short term—letting Finney-
Smith shoot was an effective tank-
ing strategy—but it wasn’t exactly
sustainable for his long-term pros-
pects in the league.
“Everybody talks about base and
balance and hand placement,” said
Mavericks shooting coach Peter Pat-
ton. “But it’s really about focusing
on the microdetails.” Those micro-
details include releasing the ball at
the top of his jump, training his
eyes on the back of the rim and po-
sitioning his index finger closer to
the middle of the basketball.
When he found himself in a
slump earlier this season, the Mav-
ericks discovered the arc of his shot
was slightly low. He bumped it
higher. His shooting percentage fol-
lowed.
But the uptick didn’t happen
overnight and sometimes felt like it
would never come. Finney-Smith
was frustrated one day a few years
ago when Mavericks owner Mark
Cuban approached him and men-
tioned something curious.
The Mavericks like to track the
practice shooting numbers of their
players to quantify progress. A
game can present too many vari-
ASSOCIATED PRESS (2)

ables and produce too little data,

but how a player shoots in practice
when he’s alone can be a telling in-
dicator. “It’s the first step for any of
our players toward improving their
game,” Cuban said.
Dallas Mavericks forward Dorian Finney-Smith celebrates after sinking a 3-pointer. At 6-foot-7, he has the versatility to defend guards like Stephen Curry, below. When they took a peek at
Finney-Smith’s practice numbers,

The NBA Player Shooting His Way

the Mavericks noticed what their
eyes couldn’t see: He was becoming
a respectable 3-point shooter. In
fact, he was one of the team’s best

From Undrafted to Undervalued

3-point shooters. Even he was sur-
prised to hear it. His improvement
hadn’t translated to games yet, but
the internal analytics suggested
that Finney-Smith was getting
much better. The owner of the team
Few players have improved their 3-point shooting more than the Mavericks’ Dorian Finney-Smith encouraged him to keep shooting.
“I think I threw him one of my
BY BEN COHEN His leap ranks among the largest of old lines,” Cuban said. “‘Practice till
active NBA players, according to you can’t get it wrong.’”

O
ne of the many things Stats LLC. He soon got it right.
that makes playing bas- It’s warping his value at a time In the very first year of his new
ketball for a living dif- when the market has never placed contract, Finney-Smith shot 37.6%
ferent from other lines such a premium on someone who from deep. He then shot 39.4% the
of work is the radical can shoot 38% from behind the 3- next season on a higher volume of
pay transparency in pro sports. Sal- point line. His steady improvement threes. His practice numbers had
aries are not secret. NBA players has slowly turned Finney-Smith’s become his game numbers.
come to an office in which col- contract into one of the NBA’s It was convenient timing consid-
leagues, rivals and the fans who re- greatest bargains, placed him in ering something else about his ca-
view their job performance know high demand before the league’s reer was shifting: Most of those 3-
exactly how much money they trade deadline and positioned him pointers were coming off passes
make. to fetch a salary closer to $15 mil- from a new colleague named Luka
So three years ago, when the lion in free agency this summer. Doncic.
Dallas Mavericks signed Dorian That’s because the Mavericks The Mavericks suddenly needed
Finney-Smith to a three-year con- can’t win a title without a guy like to manufacture space on the floor
tract worth $12 million, a cheap Luka Doncic—and he can’t win to maximize Doncic’s remarkable
deal by NBA standards, it wasn’t without a guy like Dorian Finney- gifts, which put them in the market
hard to figure out why he was paid Smith. for complementary players who
less than hundreds of players. The neat demarcation of his ca- would be perfectly content standing
Finney-Smith had attempted reer makes him the kind of player in the corners on offense and
more than 500 threes in his career who reveals the broader forces of launching enough 3-pointers to
and made 30% of them. That meant today’s basketball economy. Finney- corner-three shooting percentage self starting as a rookie. He knows keep the defense honest. Finney-
he wasn’t just a mediocre shooter. Smith was a bad shooter when he (48% this season) have become in- why. “Defense is what got me on Smith was happy to oblige. Every
He was one of the NBA’s worst 3- signed his last contract. He’s a good dispensable parts of championship the court,” says Finney-Smith. season that Doncic has been on the
point shooters. shooter now that he’s almost due rosters. Teams are now willing to But shooting is what could keep Mavericks, Finney-Smith has led the
“I knew that if I wanted to be in for another one. And that simple pay fantastic sums of money to reli- him there. The problem is that he team in corner 3-pointers.
the league for a long time,” he said, fact is likely to be worth a fortune. able shooters who can guard the wasn’t very good at shooting. It wasn’t a surprise when the
“I would have to get my percentage “If I was a better shooter three game’s biggest stars. He quickly learned that his ugly Mavericks handed Doncic more
up.” years ago, I probably would’ve been After Finney-Smith went un- shot was too long and too slow for than $200 million last summer, but
What he couldn’t have possibly paid more,” he says. drafted out of college in 2016, he the highest level of basketball. His what happens with Finney-Smith
known was how much that percent- But he changed as he went from didn’t bounce around the G League, misses were painful. His makes could be. The entire NBA knows by
age would climb. Finney-Smith went undrafted to underpaid. As it turns stamp his passport overseas or take weren’t much prettier. His attempts now that a player like him is hard
from hitting 30% of his first 500 out, so did the league. The players any of the typical detours to the to fix his shot in the middle of his to find—and that means he’s in-
threes to 38% of his next 800 with his size (6-foot-7), versatility NBA. He signed with the Mavericks, rookie season had the opposite of creasingly harder to afford. It will
threes. A few points might seem (he can guard LeBron James, Ste- earned an unlikely roster spot in its intended effect. This would actu- cost his team to keep Finney-Smith.
marginal but is actually massive: phen Curry and Kevin Durant) and training camp and soon found him- ally be helpful to the Mavericks in It might cost more to lose him.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
30s Edmonton 0s <0 1 2 3 4 5 6 7 8 9 10 11 12 65 Models of might 23 Nondefensive
military tactic
Vancouver Calgaryy 0s 13 14 15 66 Sugar suffix
10s 25 Big Apple mayor
Winnipeg 16 17 18 67 Old-fashioned
Seattle -0s 10s 20s Adams
d
Portland 10s 68 “Enough with
Helena Montreal 30s 19 20 28 Aims
Bismarck -0s Ottawa the lame puns
50s Augusta 40s
Eugene Billings 20s 21 22 23 24 25 already!” (and, 29 Took a sponge to
Boise Mpls./St. Paul Toronto Albany Boston 50s when parsed as
20s 10s 33 Mandlikova of
26 27 28 29 30
Pierre Sioux Falls
Milwaukee Detroit Buffalo 30s
Hartford
60s three words, a tennis
30s 0s
Reno Salt Lake City Des Moines
Chicago Cleveland New York
70s 31 32 33 34 35 36 hint to the theme
Cheyenne Omaha
Pittsburgh Philadelphia answers) 35 Cliffside dwelling
Sacramento Springfield Indianapolis 80s 37 38 39 40
Denver
San Francisco 40s Kansas Charleston
Washington D.C.
90s Down 36 Arduous journeys
Colorado Topeka
City Richmond 41 42 43
60s Las
Vegas
Springs
Wichita St. Louis Louisville 100+ 1 Ceiling 38 Praline bit
Nashville Raleigh
Los Angeles 20s Charlotte 44 45 46 47 48 2 Morgue, for one 39 Italian wine
50s Santa Fe Memphis
Phoenix Albuquerque Oklahoma City Atlanta 40s center
San Diego 70s Little Rock Columbia 49 50 51 52 53 3 Vein fill
Tucson Warm Rain
4 Like Syria, for the 43 Fate who cut the
Birmingham
El Paso Ft. Worth Dallas Jackson 54 55 56 57
50s thread of life
30s Austin
Mobile
60s Jacksonville Cold T-storms last decade
Neww Orleans 58 59 60 61 62 45 Strong adhesive
-0s Houston Orlando
Stationary
5 Built to last
0s 80s San Antonio Tampa Snow 63 64 65 47 Country singer
10s Anchorage 70s 6 Sauron’s minions
lHonolulu 40s Miami West
20s 30s 50s Showers Flurries 66 67 68
70s 7 Autumn tool
40s 49 Alfresco dining
Ice 8 Dweeb option
Forecasts and graphics provided by AccuWeather, Inc. ©2022 ENOUGH ALREADY! | By Paul Coulter
9 Pro’s shooter 50 Brings in
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Across 27 Churchyard 48 Class with
10 Speak-easy 51 Grassy plain
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Rook, e.g. tree in “Romeo functions
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 13 -3 s 25 19 pc Frankfurt 39 29 sn 39 35 sn
and Juliet” suppliers
Orlando 78 57 s 77 58 c Geneva 41 30 sn 37 30 c 49 What you 53 Tribute in lines
5 Classes
Today Tomorrow Philadelphia 37 17 sn 26 18 pc Havana 82 64 t 84 65 t 30 Con might need to 11 Heron’s habitat
City Hi Lo W Hi Lo W Hong Kong 69 62 s 68 64 t 10 Daisy product 56 Citrus quenchers
Phoenix 71 47 s 70 48 s clean up after
Anchorage 20 20 sn 42 34 i Pittsburgh 22 4 pc 17 -3 pc Istanbul 47 43 s 49 34 r 31 Forsaken, in 12 Loose talk?
13 Radiant glow Fido or Kitty? 57 Nutritional nos.
Atlanta 49 35 r 37 28 sn Portland, Maine 34 3 pc 15 3 s Jakarta 83 74 t 85 75 t poetry 15 Ranch dressing?
Austin 38 25 r 47 21 s Portland, Ore. 54 41 r 49 35 c Jerusalem 40 29 pc 46 31 s
14 Fish, in a way 52 They have 59 Little dog, for
Baltimore 37 15 r 26 16 pc Sacramento 60 40 s 66 42 s Johannesburg 79 58 pc 81 54 s 32 Nothing, to Nero 17 For every short
Boise 38 29 sn 39 24 pc St. Louis 21 8 s 27 15 s London 42 28 s 42 34 s stable homes
15 Frosty’s eyes, e.g. 34 Beetle juice?
Boston 34 10 sn 20 13 pc Salt Lake City 42 32 pc 42 25 c Madrid 55 27 s 51 28 s 54 RBI record 20 Do some tile 60 Flour choice
Burlington 18 -9 c 4 -11 s San Francisco 58 47 s 62 49 s Manila 89 75 pc 85 76 sh 16 Preparation for 37 Double curve work
Melbourne 82 61 s 87 63 s
holder, with 61 “Suspicion”
Charlotte 50 30 r 31 22 sn Santa Fe 42 21 pc 45 29 pc kissing a duke?
Chicago 16 7 s 23 16 s Seattle 51 41 sh 49 36 c Mexico City 69 46 t 67 43 pc 38 Multiunit tablet 2,297 21 Young hooter studio
Cleveland 20 13 sn 21 2 c Sioux Falls 12 2 s 28 15 c Milan 45 28 pc 45 26 pc 18 Georgetown purchase at 55 City on the Rio 22 Mandela’s 62 Zener cards
Dallas 36 21 pc 44 24 s Wash., D.C. 40 19 r 27 20 c Moscow 29 23 sn 25 17 sn athlete Staples?
Denver 42 24 pc 37 20 sn Mumbai 85 71 pc 85 72 s Grande mother tongue test it
19 Less verbose
Detroit
Honolulu
22 8 pc 22 11 s
80 65 pc 81 68 s
International Paris
Rio de Janeiro
42
87
32 pc
76 s
42 30 pc
86 74 s
40 Come together 58 “Silly rabbit”
Previous Puzzle’s Solution
Houston 47 32 r 46 30 c Today Tomorrow Riyadh 69 40 pc 54 36 pc 20 Williams title brand
41 Bit of I F F Y I C E R E G A N
Indianapolis 26 13 pc 25 10 s City Hi Lo W Hi Lo W Rome 55 42 pc 54 33 pc start
needlework? 59 Small hole in a M A R E N A T A L M O D I
Kansas City 17 4 pc 27 20 s Amsterdam 41 36 sn 44 41 sh San Juan 83 74 s 84 73 s O B I T S C H O O L B O O K
21 Oldest canoeist’s F I T P E A N U T S F R O
Las Vegas 61 41 s 62 44 s Athens 56 45 sh 61 43 sh Seoul 34 12 s 37 18 pc 42 Big Bertha’s
Little Rock 35 19 c 38 21 s Baghdad 50 29 pc 50 29 pc Shanghai 47 38 s 49 44 c university in the implement? F O O T S T O O L A S P E N
birthplace H I S S T I R
Los Angeles 76 52 s 73 51 s Bangkok 90 74 pc 87 74 sh Singapore 87 75 c 88 75 pc English-speaking 63 Dark as night F A Z E S L O O K S G O O D
Miami 78 69 s 79 68 t Beijing 27 20 c 29 20 c Sydney 72 66 pc 73 67 pc world 43 Sleek, for short AMO K W E A R Y N O R I
Milwaukee 16 6 s 25 16 s Berlin 35 24 sn 34 28 c Taipei City 66 62 r 66 63 r MO O N B O O T S A S F O R
64 NBA Rookie of
Minneapolis 1 -9 s 12 10 pc Brussels 39 32 sn 41 36 sn Tokyo 46 35 pc 45 34 s 24 Del Monte ad? 44 The Amish, e.g. M O R E G N U
Nashville 32 21 pc 31 18 pc Buenos Aires 81 76 t 85 76 t Toronto 13 -4 s 12 4 s
the Year for N O R T E S H O O T P O O L
26 Blender sound 46 Court figs. 1992-93 A G O T E N O N E S C H E
New Orleans 56 34 r 42 32 r Dubai 77 65 pc 67 59 s Vancouver 46 38 pc 45 34 c F R O O T L O O P S N C A A
New York City 35 13 sn 22 15 pc Dublin 43 36 s 44 35 c Warsaw 34 27 sf 32 25 sf T E M P S O H O T O U R S
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 28 10 c 36 19 s Edinburgh 40 34 s 45 40 pc Zurich 38 24 c 34 25 sn A S S T K A T O T R E E

 .

THE WALL STREET JOURNAL. Thursday, January 20, 2022 | A15

OPINION
Progressive to Uyghurs: Drop Dead BOOKSHELF | By Diane Cole

There are vari-

ations on the
story about
Uyghurs? Or Hong Kong. Or
Taiwan, Crimea, the Baltics,
Venezuela and Poland.
Planning the
how to get a
mule’s atten-
tion, but we
should thank
When Ronald Reagan pro-
moted human-rights protec-
tion for resisters in the Soviet
Union and Eastern Europe, it
‘Final Solution’
WONDER
LAND Golden State
Warriors mi-
was seen in great part as a
moral obligation. The backlash
Wannsee
By Daniel

ASSOCIATED PRESS
nority owner this week against Mr. Pali- By Peter Longerich
Henninger
Chamath Pali- hapitiya’s “no one cares” was Translated by Lesley Sharpe and Jeremy Noakes
hapitiya for largely moral, but that won’t (Oxford, 176 pages, $25.95)

A
hitting all of us over the head last. Without apologizing, Mr.
with a 2-by-4. As he put it in a Palihapitiya took to Twitter to single meeting can distill the essence of evil. Eighty
now-famous podcast: “Nobody Russian troops drilled last month near the border with Ukraine. clarify his remarks: “I recog- years ago, on Jan. 20, 1942, Reinhard Heydrich, the
cares about what’s happening nize that I come across as lack- head of the SS intelligence service and security police,
to the Uyghurs, OK? You bring Mostly through the past (primarily Russia, China and ing empathy.” presided over a high-level meeting with 14 Nazi colleagues
it up because you really care, century, the idea of demoting North Korea) shut down the Progressive isolationism, as at the elegant Wannsee villa near Berlin. The agenda: to
and I think it’s nice that you re- the world’s problems while at- Colonial Pipeline in the eastern with the Warriors owner, is discuss “the final solution of the Jewish question in Europe.”
ally care. The rest of us don’t tending to “our own backyard” U.S. and JBS Foods. antiseptic. It wants no entan- At the gathering’s conclusion, the event’s invitation noted,
care.” has been associated with Re- Ransomware attacks on glements or acknowledgment breakfast would be served.
A mountain of high dudgeon publicans and the right, nota- small U.S. companies, local of threats that would let the This jarring disconnect between atrocity and humanity is
has fallen on Mr. Palihapitiya, bly of late with President Don- governments, schools and hos- conservative opposition argue reflected in the meeting’s minutes, which contain no hint of
who looks sufficiently case- ald Trump. pitals are commonplace and for increases in spending on anyone even hiccupping at the specifics of genocide. On the
hardened not to lose sleep Set aside for now whether unpublicized and often end national security or defense. It contrary, an eager appetite for ethnic cleansing could not
over it. But don’t get dis- Mr. Trump was a classic Re- with the authorities telling the wants that spending repro- have been more apparent.
tracted. Push deeper into the publican isolationist. What targets to pay. grammed into uncapped do- This is the chilling point at which Nazism’s increasingly
interview, and this fellow from can’t be denied is that sub- It borders on amusing that mestic spending like Build savage anti-Jewish policy had arrived by 1942, writes the
the NBA’s courtside seats says stantial numbers of Americans an issue this week is whether Back Better. historian Peter Longerich in his detailed, scholarly account,
something that is at the center always have struggled between U.S. Winter Olympic athletes in Mr. Palihapitiya’s crude pro- “Wannsee: The Road to the Final Solution.” The Reich’s
of the debate over America’s going it alone or going over Beijing will be in such danger gressive realpolitik goes far to- ever-accelerating murder machine was already in motion,
role in the world right now. there when we’re needed. from Communist Party surveil- ward explaining the Biden with massacres across occupied Europe responsible for the
Like much else, such as the lance that they should substi- presidency’s ad hoc stabs at slaughter of hundreds of thousands of Jews. But there was as
origin of the global virus pan- tute “burner” phones (more foreign policy, starting with yet no single command coordinating the escalating butchery.
The left’s isolationism demic, the argument over iso- commonly used by drug deal- the pullout from Afghanistan. Heydrich’s goal was to present an orderly, consolidated plan
lationism has been overtaken ers) for their personal cell- With the world rattled by the for the horrific path forward.
is about protecting by events. The world as it is in phones. The idea that this possibility of a Putin invasion, Herein lies the significance of the Wannsee Conference. It is
domestic spending, front of our faces makes clear would be avoidable if we with- the Biden White House will re- this plan, as reported in the conference minutes, that provides
that isolationism from the left drew from the Olympics is be- sist doing much more than decisive evidence and allows
not U.S. security. or right is an absurdity. Like it yond irrelevant. sticking U.S. thumbs in any of no place for the perpetrators—
or not, we’re in it up to our Vladimir Putin seems al- the globe’s leaking dikes be- at all levels and branches of the
frazzled neurons. most old-school in his deci- fore the midterm elections. For Nazi hierarchy—to deny their
Mr. Palihapitiya elaborated: North Korea, which pos- sion to mass 100,000 Russian Mr. Biden and the Democrats, participation in or hide their
“If you’re asking me, Do I care sesses nuclear bombs, has troops on Ukraine’s border. it’s protecting domestic spend- responsibility for the Holocaust.
about a segment of a class of spent the past weeks launch- This brinkmanship will be just ing über alles. So intent were the Nazi
people in another country? ing four ballistic missiles another day at the office for Fortress America? That’s leaders on leaving behind no
Not until we can take care of from its mainland. North Ko- Mr. Putin if it ends with ap- history. This is a moment of evidence of their culpability, Mr.
ourselves will I prioritize them rea’s Hwasong-15 missile, proval this year of the Nord the sort Reagan identified in Longerich explains, that most of
over us.” He added that we test-fired in November 2017, Stream 2 pipeline and West- the early 1980s. Today we need the arrangements for slaughter
should “take care of our own has a theoretical range that ern Europe permanently de- a coherent, proactive foreign were agreed upon orally. As for
backyard.” would reach somewhere in pendent on Russian energy policy to build a credible the documents that were not
That is the voice of isola- the U.S. mainland. supplies. multifront deterrent. The destroyed, they seldom revealed
tionism. More precisely, it is Both China and Russia the These multiple, often novel, world’s bad actors are engag- the full scope of the annihilation,
the voice of progressive, left- past year tested maneuverable threats exist because our ad- ing us everywhere—from cap- using indirect wording to mask
wing isolationism, a newer, hypersonic missiles, somehow versaries are on offense 24/7 turing the network behind the their intent. That makes the single
less-noticed strain of America- catching the U.S. intelligence against the U.S.’s interests. screen you’re looking at to fill- remaining copy of the minutes—Heydrich had distributed
first ideology. The idea of community by surprise. There is no longer any such ing the skies with weapons we 30—as important as it is rare: It is the clearest, most
global human rights that Dem- China’s push into the Pacific is thing as the relative calm of an can’t stop yet. What we need is comprehensive surviving blueprint for the Holocaust,
ocrat Jimmy Carter elevated is no surprise but continues. interwar period. the opposite of Joe Biden’s drafted by the Nazi leadership itself. Moreover, Mr.
now being off-loaded from Cyberattacks on the U.S. Still, there is that pertinent Build Back Better. Longerich points out, the inclusion at the conference of
party concerns. mainland by foreign entities question: Who cares about the Write henninger@wsj.com. attendees from across the broadest swath of Nazi govern-
ment—the Reich Chancellery, the Ministry of Justice, the
Interior Ministry, the Foreign Ministry, the armaments

Midterms Are a No-Win for Democrats sector, the Nazi Party itself—attests to the active partici-
pation and joint complicity of one and all.
Well-known for authoritative biographies of Adolf Hitler,
By Karl Rove Democratic senators than Ba- pump much faster than their number of Americans to won- Heinrich Himmler and Joseph Goebbels, as well as his

A
rack Obama did with 57” and paychecks. And a federal take- der why. comprehensive history “Holocaust: The Nazi Persecution and
nyone who’s served on a hailed as “an aspiring modern- over of elections is not as high This compounds the admin- Murder of the Jews,” Mr. Longerich places the meeting’s
White House staff, Demo- day FDR or LBJ who will lead a priority as jobs and wages. istration’s mistake of dismiss- minutes, 15 pages long, at the center of his analysis. (A
crat or Republican, has the country out of crisis.” Mr. That dissonance drove ing inflation as transitory, reproduction, in full, of the German original, as well as a
some sympathy for what Presi- Biden liked being seen as more down Mr. Biden’s numbers on which undermines public con- complete English translation, is included.) Although the
dent Biden and his team are transformational than Presi- handling the economy from fidence. Many Americans un- bookitself is relatively brief, the grisly subject and the density
going through. Crisis after cri- dent Obama, “seeking a much 53% approve, 34% disapprove derstand that Mr. Biden’s mas- of its argument necessitate periodic breaks for air. Yet Mr.
sis at home and abroad, a more dramatic sea change.” in Politico’s survey after his in- sive federal spending has been Longerich’s in-depth deconstruction yields unparalleled insight
stalled legislative agenda, lousy Caught up in the hype, Mr. Bi- augural to 40% approve, 54% a big contributor to inflation, into the Nazi regime’s blood-soaked goals.
polls, a divided party, plenty of den threw his weight behind disapprove this January. flooding the market with too The minutes, which were kept by Adolf Eichmann—whom
critics—including usually the proposed Build Back Bet- On Covid, Mr. Biden over- much money chasing too few Heydrich had appointed as overseer of the death-bound
friendly voices—and internal ter Act to transform funda- promised by predicting its end goods. deportations of Jews to occupied Poland—indicate that the
backbiting spilling into public mentally America’s economy by July 4 and underdelivered Further, when the president final solution would increasingly feature the deployment to
view: Team Biden is beset by and climate policy, and joined when Omicron spiked this heralds historic job gains, “the East” of ever-larger numbers of Jews condemned to
all this and more. the push for a federal takeover winter. Not surprisingly, the Americans know that’s balo- slave labor. As a result, the minutes project, “the majority
For beleaguered West Wing of local elections. ney, and that the snap-back will doubtless succumb to natural wastage.” As for those
denizens, there’s some good The problem is that Ameri- happened as businesses re- who do not, or are deemed “unfit for work,” another method
news. Things will probably get cans are generally not fond of Even a dramatic opened and people began liv- of liquidation was being readied, one for which “practical
better. The bad news? Not transformation, except for a ing with Covid’s presence. It experience” was being gathered. The indirect wording, Mr.
much better, and it won’t be few exceptional moments in Biden administration had nothing to do with govern- Longerich explains, is nothing less than code for death by
enough. Democrats will still our history. This isn’t one of reset wouldn’t prevent ment spending. Then there are gassing, which the Nazis had introduced to kill the mentally
suffer a whooping this fall. them. Most times, Americans the millions who dropped out ill as early as 1939 and had expanded since to murder Jews.
It’s a distant memory now, like changes to be incremental them from losing big. of the workforce. That’s not Even prior to the Wannsee Conference, gas chambers were
but 2020 unfolded well for Mr. and, if they’re really signifi- good, yet Mr. Biden seems being built at the planned extermination camp in Bełżec, Poland.
Biden as he executed his un- cant, approved by command- strangely unaware of its rami-
orthodox but brilliant cam- ing congressional margins and president’s numbers on han- fications for America. Maybe
paign strategy—hide out in his strong bipartisan support. Mr. dling Covid went from 69% ap- that’s why 64% think the coun- The clearest, most comprehensive surviving
Delaware basement while Biden had neither. prove, 31% disapprove a year try is headed in the wrong di- blueprint for the Holocaust—as damning as
President Trump bollixed The more he pushed for ago to 45% approve, 48% dis- rection and only 28% believe
Covid and wore out his wel- transformational change while approve now in the Five- it’s on the right track in the it is rare—was drafted by the Nazi leadership.
come with voters. Mr. Biden holding a razor-thin House ThirtyEight average. RealClearPolitics average.
made a few promises: He’d margin and a 50-50 Senate, the One mistake was not ap- Presidents can recover from
handle Covid better, bring more negative public opinion pointing a spending watchdog difficult moments like this, but Given that the Holocaust was already under way, Mr.
America together, and just be grew. The president’s job ap- as FDR had with his budget there’s no easy way back. Even Longerich posits that Heydrich’s real purpose in convening
normal. proval fell from 56% approve, chief, Lewis Douglas, who cut a dramatic reset, shuffling Mr. the conference was to establish his authority for all future
But after striking these 36% disapprove at the start of waste and sought efficiencies Biden’s staff and upgrading his operations. And what carnage he envisioned: “Europe will
notes in his inaugural and his presidency to 41% approve, during Roosevelt’s famed first lackluster cabinet all seem un- be combed from West to East,” the minutes promise, and
scoring initial political suc- 53% disapprove now in the 100 days. Instead, the Commit- likely to make a difference for “around 11 million Jews will be involved.” His calculation
cesses with reversing Trump RealClearPolitics average. tee for a Responsible Federal the president. For now, Team went beyond Germany and German-occupied territory to
regulations and passing a $1.9 This happened in part be- Budget’s Covid spending Biden is stuck riding it out. It’s include countries not yet conquered but that Nazi leaders
trillion Covid relief bill, he be- cause he hasn’t focused on tracker says $5.6 trillion has their own damned fault. presumed soon would be: the United Kingdom, Portugal,
came more ambitious. The problems that ordinary Ameri- been spent or distributed to Sweden, Switzerland, Spain, Turkey and the Soviet Union.
bigger his proposals and the cans face. He wanted a smor- deal with the virus—while an- Mr. Rove helped organize All this speaks to Heydrich’s—and the Nazis’—desire “to
more he moved left, the more gasbord of new welfare bene- other $1 trillion of appropri- the political-action committee cleanse German living space of Jews,” as the minutes put it, and
praise he drew from the main- fits in Build Back Better, few of ated money hasn’t been de- American Crossroads and is ensure that no Jews would remain alive lest they release “the
stream media and liberal intel- which would help voters wor- ployed. Despite this, Congress author of “The Triumph of Wil- germ cell for a new Jewish regeneration.” Only this obsession
ligentsia. He was applauded ried that prices were growing is talking about appropriating liam McKinley” (Simon & can explain the lengthy discussion at Wannsee devoted to the
for having “done more with 50 at the grocery store and gas more money, leaving a growing Schuster, 2015). status of mixed-marriage offspring. The Nuremberg racial laws
of 1935 defined as a Jew anyone with three Jewish
grandparents, while those with only one or two Jewish

An Anthem Answer for Jon Stewart grandparents were classed as Mischling, or “mongrel” (first or
second degree), to be partially protected from discrimination.
Heydrich wanted to “ride roughshod” over the laws, according
By Fay Vincent Red Sox third baseman what had happened. When the Patriotism isn’t a political to Mr. Longerich, to bypass delays that might be caused by

T
Fred Thomas, who was on a series moved to Boston, the policy; a government isn’t a time-consuming judgments about who is Jewish.
he other day Jon Stew- brief furlough from the Navy, Red Sox also had the anthem nation. Is it possible Mr. Soon enough, the war ran roughshod over Heydrich himself.
art questioned why fans immediately snapped to atten- played, and thus tied the knot Stewart is ignoring the es- Resistance fighters attacked him in Prague on May 27, 1942;
at sports events stand tion and saluted. The crowd between the national pastime sence of solid citizenship by he died of his wounds a week later. “The fact that in Heydrich
for the national anthem. noticed and began to stand and patriotic emotions. In confusing patriotic gestures a key figure in the plan to exterminate the Jews had been
“Does anyone know when that time, the anthem was moved and symbols with political killed gave the SS a welcome excuse to exact ‘revenge,’” Mr.
started?” he asked. “It’s such to the start of games, and the messages? Longerich writes. Led by Himmler, the extermination of the
a weird ritual.“ Why do fans stand? live band has given way to Standing is a luxury I no Jews proceeded with ferocious speed. From then until war’s
The custom has its roots in some lovely and some cacoph- longer have. But to honor my end, “the murder of the Jews,” Mr. Longerich writes, “became
the 1918 World Series be- The tradition dates onous performances. country, I doff my cap and sit the linchpin of German war, occupation and alliance policy.”
tween the Boston Red Sox and back to the 1918 One reason the tradition quietly in my wheelchair Mr. Longerich traces with clarity and precision Nazism’s
the Chicago Cubs. There was has lasted is that most of us while thinking of those who monstrous progression from anti-Jewish ideology to the
reduced interest in baseball, World Series. find rituals to be rich and re- made this into the noblest of policy of mass murder that resulted in the annihilation of
so the Cubs were interested in warding. My father always nations, in which Mr. Stewart six million Jews. Only Lucy Dawidowicz, in “The War Against
tying the opening game to stood when a woman entered is free to ask his irreverent the Jews 1933-1945” (1975), has documented that grotesque
wartime patriotism. Accord- and sing. When the band fin- the room, and his Victorian question. trajectory so thoroughly. Both books are indispensable.
ingly, during the seventh-in- ished, there was an enthusias- manners and respect have led
ning stretch, a band began to tic roar, and the Cubs man- me to believe in the symbol- Mr. Vincent was commis- Ms. Cole is the author of the memoir “After Great Pain:
play the national anthem. agement was quick to realize ism of the standing gesture. sioner of baseball, 1989-92. A New Life Emerges.”
 .

A16 | Thursday, January 20, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

How the West Is Losing Ukraine Hillary Clinton for President? Not That Again

S
ecretary of State Antony Blinken is visiting tin to invade. But restraint hasn’t deterred Mr. Douglas Schoen and Andrew Stein have any influence to peddle.)
Europe this week in a frantic effort to de- Putin, and sending more equipment after an in- posit that a midterm loss for the Dem- A more likely scenario: The Demo-
ocrats will set the stage for Hillary crats get walloped in the midterms,
ter a Russian invasion of Ukraine, and we vasion begins could be too late.
Clinton to make a run for the party’s the party power brokers push Mr. Bi-
hope he succeeds. But the Ad- Also depressing is the U.S. presidential nomination in 2024 (“Hil- den aside, and they run Kamala Har-
ministration is also signaling Biden suggests a ‘minor and European disarray on eco- lary Clinton’s 2024 Comeback,” op-ed, ris for re-election as the incumbent.
that an invasion is likely, and if incursion’ might divide nomic sanctions. Germany is Jan. 12). But their analysis omits the Anyone who criticizes her gets
so it’s worth explaining why de- the heart of this problem. Pres- near certainty that Republican control branded in the media as racist. Or
terrence will have failed. Europe and the U.S. ident Biden made a priority of of the Senate or House will result in a misogynist. Probably both.
The fault lies mainly with courting lame-duck Chancellor thorough investigation of the role of Most likely of all, the party is not
Vladimir Putin and his desire Angela Merkel as a counter- Mrs. Clinton and her campaign in the going to deny its nomination to a sit-
to restore Greater Russia. But this ambition has point to Donald Trump and in the name of trans- Steele dossier, FISA court warrants ting president running for re-election,
been known at least since his annexation of Cri- Atlantic unity. This has been one of Mr. Biden’s and the Russian collusion allegations no matter how unpopular he is. See:
mea in 2014, so why has he moved again now? biggest strategic miscalculations. during Donald Trump’s presidency. Jimmy Carter vs. Ted Kennedy, 1980.
That investigation should end any MIKE FISHER
And why have Washington and Berlin failed to Mrs. Merkel has been replaced with a coali-
thoughts of a Clinton candidacy. Worcester, Mass.
convince him that the costs of another invasion tion led by a Social Democratic Party (SPD) that PATRICK CHASSAING
will exceed the benefits? is even softer on Russia. Mr. Biden reversed Warson Woods, Mo. On Election Day 2024, Mrs. Clinton
Mr. Biden didn’t help deterrence at his press U.S. opposition to the Nord Stream 2 pipeline, will be 77 years old. The writers tout-
conference Wednesday by suggesting that a “mi- which would give Russia more energy leverage Messrs. Schoen and Stein’s op-ed ing her candidacy point out that she’s
nor incursion” by Russia might not trigger a over Europe. This month the White House lob- is delusional. Most Americans outside younger than President Biden, but so
united response from the West. “It's one thing bied to defeat a Nord Stream 2 sanctions bill Manhattan and Georgetown do not are more than 300 million other
if it’s a minor incursion and then we end up hav- in the Senate. want to see the Clintons anywhere Americans. Don’t the Democrats have
ing to fight about what to do and not do,” Mr. Bi- Influential SPD officials have said the pipe- near the White House. (With the ob- any viable candidates who were born
den said. Pressed on the point, he didn’t provide line’s fate shouldn’t be tied to Ukraine’s, and new vious exception of the Clintons them- during a presidential administration
selves. Surely, they are eager to get later than Harry Truman’s?
any clarity on what would be “minor,” and Mr. Chancellor Olaf Scholz has only vaguely allowed
their hands back on the spigots of JOHN BRENAN
Putin may think he now has leave to take at least that “everything will have to be discussed” after power, since they do not currently Corvallis, Ore.
some territory. an invasion. The backdrop is Berlin and Wash-
i i i ington’s war on their own domestic energy pro-
This response fits the pattern that goes back duction, which makes them more vulnerable to
to the weak Western responses to Russia’s previ- Russian blackmail.
ous aggression. In 2009, after Russia’s invasion The toughest economic sanction would be
Where Are the Covid Therapies, Mr. President?
of Georgia the previous year, Barack Obama cutting off Moscow from the Swift international Regarding your editorial “Biden’s dent Trump is a businessman. He was
called for a “reset” with the Kremlin and banking system and access to U.S. dollars. A Ger- Operation Snail Speed” (Jan. 13): I am no stranger to identifying risk and
achieved little. In 2014 Mr. Obama and Europe man newspaper recently reported that the West the medical director of several nursing opportunity early and putting in
imposed sanctions on Russia, but they were too had ruled out such a move, though the U.S. re- homes in the Denver area. Residents place mitigation and contingency
(patients) are dying because we can’t plans. This is how all successful com-
weak to make much difference. sponded that “no option is off the table.” Mr. Pu-
get any Paxlovid. The institutional panies operate.
The Biden Administration is now promising tin can read the papers and knows many in Eu- pharmacies that supply medicines to President Biden, on the other
“massive consequences” if Russia invades again, rope will fight any Swift sanctions, especially if the nursing homes tell me that they hand, is the five-decade poster boy
but why should Mr. Putin believe it? The U.S. has Russia threatens to retaliate by withholding en- don’t expect to receive any for the for government execution: reacting to
ruled out any direct U.S. military defense of ergy from Europe in winter. foreseeable future. It is not always polls and crises only when they be-
Ukraine, so Mr. Putin knows he needn’t worry i i i feasible to transfer elderly residents come political liabilities. His adminis-
about that. But the U.S. has also failed to raise Beyond policy divisions is the message that to hospitals, which have their own tration has failed to anticipate any
the costs of a Russian invasion by adequately Mr. Biden sent to the world’s rogues with his challenges at the moment and may number of Covid dominoes falling:
arming Kyiv. chaotic withdrawal from Afghanistan. Mr. Putin not have any Paxlovid anyway. supply-chain issues, labor-participa-
Late last year a Ukrainian defense official told has since moved his troops toward Ukraine, and I cannot help but contrast this tion-rate depression and new Covid
us the country needed “anti-aircraft, anti-ship, that may be no coincidence. He watched a new abysmal situation with the one a year variants, all of which were known and
ago, following Operation Warp Speed. discussed openly long before they be-
and anti-missile defense (including Patriot anti- U.S. President abandon allies in a 20-year con-
By January 2021, my nursing homes gan to affect store inventory, labor
aircraft and missile defense systems), electronic flict with the argument that domestic issues are all had access to Pfizer’s Covid-19 vac- supply and Omicron infections.
and anti-drone weaponry,” as well as “artillery paramount. He saw a U.S. President retreating cine. I understand that a large order The difference between the tail-
and mortar systems, reconnaissance and medi- from the world. for Paxlovid was placed only recently wind Mr. Biden received from Opera-
cal equipment, ships and boats.” If Mr. Putin does invade Ukraine, he will be and that we may not have adequate tion Warp Speed and the headwind
On Wednesday a senior U.S. official boasted betting he can shore up his nationalist standing supplies until July. This is mind bog- he now feels is reflective of the myo-
about approving a mere $200 million in addi- at home, snatch a neighbor’s territory, and gling, and no, I am not a Republican. pia that afflicts politicians. It stands
tional military assistance last month but didn’t spread further division in the Western alliance. MALCOLM FRASER, M.D. in stark contrast to the risk-taking
say what was being sent. The White House has The tragedy is that the West hasn’t done nearly Boulder, Colo. and mitigation that is part of the
feared too much military aid would cause Mr. Pu- enough to persuade him otherwise. DNA of a businessman.
Your editorial gets the effect right DON RODRIGUES
but perhaps misses the cause: Presi- Mansfield, Texas

No Course Correction for Joe Biden

P
resident Biden took questions from the have to break it up as he tries to bully it Cooking the Schoolbooks for Racial Purposes
press for nearly two hours Wednesday, through the Senate. He still wants a big tax in- In “An Ugly Game of Race Prefer- that was where teachers in the 1930s
his 364th day in office, which would crease, and he is still pushing the fiction that ences” (Main Street, Jan. 11), William saw paths for Italian-Americans.
have been an opportune moment to announce BBB won’t add to the federal deficit. McGurn lays out the perniciousness The moral of this story is that kids
a change in strategy or agenda. In one poll this Most dispiriting is that Mr. Biden remains of school policies that have the ef- should be in settings where their
week, 37% of voters graded his first year as an hostage to his fantasy narrative on voter sup- fect—and purpose—of reducing gifts can be found, even when the
F, and another 12% gave it a D. pression. He even refused to say November’s Asian-American student numbers in kids are “in the rough.” This does not
elite programs. I can tell you that I happen by jettisoning standards or
Instead Mr. Biden offered more of the same. elections will be legitimate, which is not unlike
often heard unkind mutterings about pretending intelligence doesn’t mat-
No, he said, he didn’t overpromise the public his predecessor, and he continues to say Re- Asian-Americans during school ter. It happens when schools reward
about what he could accomplish. He believes publicans don’t want minorities to vote. If awards ceremonies when those chil- teachers who care, when class sizes
he has “outperformed” and delivered “enor- Americans were offended by his rhetoric last dren took a majority of awards. It permit teachers to be attentive and
mous progress.” Americans simply don’t know week in Georgia, comparing his opponents to was saddening and chilling. when parents pay attention to what
the details of his successes. He had “no apolo- Jefferson Davis and Bull Connor, well, Mr. Bi- Making high achievement available is being taught and learned. Cooking
gies” for the debacle in Afghanistan. den said, the fault is with those who misunder- to all, regardless of class and race, is the books for racial ends is not a rec-
The inflation Americans are seeing at their stood what he meant. nonetheless a vitally important goal. ipe for long-term success for anyone.
grocery stores and gas stations “has every- It was good to see President Biden meet the Public school can be a door to life-al- ELIZABETH TORPHY-DONZELLA
thing to do with the supply chain,” not any press, and he said he’s going to take his politi- tering success. My husband, for exam- Kitty Hawk, N.C.
poor policies in Washington. cal show on the road more than he did in his ple, began as a minor “hood” in the
public schools of Bridgeport, Conn., in
Is he satisfied with the government’s re- first year. Whether that will help or not, how-
sponse to Covid-19? “Yeah, I am satisfied. I ever, will depend on what he is selling. And on
the 1960s, with teachers disinterested The Paper Industry Has a
in his failure or success. That is, until
think we’ve done remarkably well,” he said. He that score he seemed unreflective. He won’t one teacher early in high school saw
Strong Conservation Record
acknowledged that on testing the White House change his advisers, despite his low standing that he was intelligent and could Saying that paperboard production
could “have moved a month earlier,” but “with in the polls, and he doesn’t think he has tried write well. From there, he went to consumes power and water and gener-
everything else that was going on, I don’t view to govern too far to the left. college and graduate school. In be- ates greenhouse gases conceals more
that as somehow a mark of incompetence.” No “Can you think of any other President that’s tween, he taught high school and held than it reveals (“Packaging Giant Bets
bucks stop here. done as much in one year?” Mr. Biden asked. students to high standards, which of- on Paper,” Page One, Jan. 3). Paper
As for the coming year, Mr. Biden is still “Name one for me. I’m serious.” Ronald Rea- ten began with their first-ever bad manufacturing is water intensive, but
pitching his Build Back Better plan. The only gan, for one. But it looks like it will take an grades, followed by success and intel- it has become less so thanks to inno-
lectual growth. Forty years later, he vation and conservation efforts. Virtu-
concession to political reality is that he will election to change Mr. Biden’s mind.
still gets letters from students thank- ally all the water used in the manufac-
ing him for challenging them. turing process is treated, cleaned and

Iowa’s Bold Tax Reform A generation earlier, my father-in-

law, an equally intelligent person,
returned to the environment in line
with strict regulations.

T
was steered to trade school because Likewise, paper-product companies
he economic recovery has state govern- These moves will help the Hawkeye State create more renewable bioenergy
ments rolling in tax revenue, and most keep up amid intensifying Midwest tax compe- than any other industrial sector, us-
are spending the windfall, on pace to tition. To the west, Nebraska cut its top corpo- Regulations and the Unseen ing leftover materials such as bark
spend an average of 9.3% more than in 2021. rate tax rate to 7.25% from 7.81% last year, and that otherwise would go to waste.
In his Jan. 7 letter regarding EPA
Iowa’s Kim Reynolds is among a handful of gov- to the east, Wisconsin’s Democratic Gov. Tony This prevents about 181 million met-
mileage standards, David Melvin cor-
ernors returning money to taxpayers to sustain Evers signed the GOP Legislature’s bill cutting ric tons of carbon-dioxide emissions
rectly argues that stricter regulation
from entering the atmosphere each
the economic rebound. the tax rate on middle incomes to 5.3% from of cars resulted in technological ad-
year—roughly equal to removing 35
Gov. Reynolds is proposing a bold tax reform 6.27%. Illinois voters defeated a referendum vances. But some of these develop-
million cars from the road. That’s
that would increase the incentives to work and in 2020 that would have killed that state’s ments have been negative. For exam-
more good news on paper and sus-
invest in the Hawkeye State. Her proposal un- 4.95% flat tax. ple, lighter cars have led to reduced
tainability in a story that already fea-
veiled last week would reshape the state income Iowa closed 2021 with a $1.24 billion budget safety of drivers and passengers.
tures plenty of it.
He also overlooks, as many do,
tax, gradually consolidating brackets en route to surplus, notwithstanding Gov. Reynolds’s previ- MARY ANNE HANSAN
what economist Frédéric Bastiat
a flat 4% rate by 2026. “When the bill’s fully im- ous income-tax cuts in 2018. Democrats in Des called the unseen. Requiring auto
President, Paper & Packaging Board
plemented,” she said, “an average Iowa family Moines call the cuts fiscally irresponsible, but McLean, Va.
manufacturers to focus on fuel effi-
will pay more than $1,300 less in taxes.” recent budgets say the opposite. Gov. Reyn- ciency no doubt caused them to ne-
The flat 4% levy would drop the state’s top olds’s staff estimates that revenues have in- glect other features that consumers
rate by more than a third. Under current law Io- creased by about 4% annually in recent years preferred. Without the fuel-efficiency
Pepper ...
wans are set to pay 6.5% on earnings above while spending has grown by 2% a year, accord- standards, automobiles would have And Salt
about $80,000, a threshold that catches much ing to the Des Moines Register. Business growth continued to improve in the direction
THE WALL STREET JOURNAL
of the middle class. That and three other in- and cuts to state agencies have powered this of consumer demand—as they did
come-tax brackets would be swept away by Gov. fiscal progress. from the early 19th century to 1975,
Reynolds’s reform. Gov. Reynolds also wants to exempt retire- when the standards were passed. We
don’t know what cars would look like
The plan would also slash the state’s corpo- ment income, such as from 401(k)s, from state
today in the absence of the regula-
rate tax, which is even more punishing. Iowa- tax. Her budget would let owners or employees tions, but we can be assured that in-
based companies pay 9.8% of their earnings of local businesses avoid the state capital-gains novation would have persisted.
above $250,000 in state tax. Ms. Reynolds’s re- tax for a one-time sale. Both provisions are JEREMY NIGHOHOSSIAN
form would gradually reduce the top rate to meant to reduce the financial incentive for older Arlington, Va.
5.5%, capping corporate-tax revenue at $700 Iowans to decamp to lower-tax states.
million a year and using excess revenue to off- Gov. Reynolds made the crucial point in her
Letters intended for publication should
set annual rate cuts. An immediate rate cut Condition of the State speech last week, saying be emailed to wsj.ltrs@wsj.com. Please
would be better economically, providing more forgone tax dollars will be “spent every single include your city, state and telephone
clarity for corporate investment decisions. But day on main streets.” That thinking has helped number. All letters are subject to
the revenue target should be met if the econ- Iowa’s economy and competitiveness, and the editing, and unpublished letters cannot “You know, I just want to find a guy
be acknowledged.
omy continues to grow. state is setting a good example for others. who stares at things that matter.”
 .

THE WALL STREET JOURNAL. Thursday, January 20, 2022 | A17

OPINION

Biden Flails, Literally and Figuratively An Economic

By Kenneth L. Khachigian wasn’t accompanied by a fist pump.
Evaluation

A
There was no teleprompter; Reagan
fter Joe Biden bitterly at-
tacked Donald Trump only
simply looked up from his text to
face the audience and, mythically,
Of Covid
days before the inaugura- into Gorbachev’s eyes. That was his
tion, I urged the presi-
dent-elect on these pages
trait on the campaign trail; even
with the most heated of rhetoric, he
Lockdowns
to follow Ronald Reagan’s model by didn’t wave or swing his arms. The
rising above intemperate remarks. rare gesture he used was for a the- By Tomas J. Philipson

A
Mr. Biden could “be the one who atric purpose for which he was well-
isn’t petty, small and spiteful. He can trained, which Mr. Biden is not. s President Biden’s first year
stay out of squabbles, be a states- It would reward the president to of handling the pandemic
man, show honor, demonstrate how dial back his body movements along comes to a close, many of his

ERIK S LESSER/SHUTTERSTOCK
someone truly worthy of the office with his overheated language. He most ardent critics are pointing to
behaves.” will find that calm and reason will the ugly numbers: More Americans
A year later, he has failed to meet get him further than he thinks, and have died from Covid-19 under the
that standard. Worse, President Bi- even further than some of us Repub- current president than under the
den appears bizarrely determined— licans would like. While current ad- previous one, despite the prevalence
as he did in Georgia last week—to vice, from both left and right, seems of vaccines and the development of
rupture goodwill among his fellow to be that the president needs to be other medical innovations. But as the
citizens by descending to lower lev- “out there more”—interviews, con- pandemic’s progression has made
els of anger and deceit. He appar- The president in Atlanta Jan. 11 ferences and speeches—it is actually clear, public-health officials should
ently doesn’t see that his embrace of overexposure that has damaged Mr. aim to do more than merely mini-
rancor and division has contributed said: “To the Congress of the United to raise your voice, Mr. President. Biden. It would be to his advantage mize the spread of disease. They
to the 30-point collapse in his ap- States, I extend my hand in cooper- It’s time to slam your hand down.” If to get off the stage and put to good should seek to reduce the total harm
proval ratings. ation, and I believe we can go for- the honest ghost of Joe Biden spoke use the time between now and the caused by both infection and heavy-
ward in a bipartisan manner.” And: to President Biden, he would say, March 1 State of the Union address handed attempts to prevent it.
“I don’t want it to be simply the “C’mon man!” to create something that truly brings
The opposite, in both style plan of my administration. I’m here Mr. Biden desperately needs to America together.
and substance, of Reagan’s tonight to ask you to join me in sell his policies better, starting with Americans are asking themselves: The costs of prevention
making it our plan.” Mr. Biden occasionally dumping the telepromp- Are we better off than we were a
calmly and confidently could richly benefit from these wor- ter. With his head bobbing back and year ago? Mr. Biden should ask him- efforts have outweighed
delivered message of unity. thy examples. forth at outdoor events, or looking self: How is it possible that the Dem- those from the direct
The Atlanta speech’s baiting of glazed into the camera, he’s conspic- ocratic Party, which offered the New
Republican senators as aspiring Bull uously reading scripts from the Deal, the Fair Deal, the New Frontier effects of the virus itself.
Connors was not only a perversion prompter. In these staged settings, and the Great Society, can’t come up
When Reagan presented policy of American rhetoric. Mr. Biden’s the president can’t help himself— with anything less dopey than Build
initiatives weeks after taking office stage theatrics magnified the nega- chopping his arms to make his Back Better? A president who has Reducing the incidence of disease
in 1981, there was plenty of blame to tive effects of his message and mud- points, or raising them in a scolding barely 4 out of 10 Americans approv- isn’t necessarily desirable if exces-
lay on Jimmy Carter for what Rea- dled his mission. His staff won’t tell fashion. These contrived and exag- ing his job performance, and hovers sive prevention, in the form of lock-
gan called “the worst economic mess him, nor will his media sycophants, gerated hand and arm gestures, on the brink of the collapse of his downs or school closures, is more
since the Great Depression.” But in but it’s obvious that when the presi- along with his pitched voice, exhibit congressional support, should give costly to society than the damage
two major economic addresses—on dent pounds on the lectern and flails faux passion. Each moment is more all of the above serious thought. done by an illness. We don’t close
nationwide television and before a his arms, the overstated drama de- cringeworthy than the next and dis- highways to minimize accidental
joint session of Congress—not once prives his communication of any au- tracts from his core message. Mr. Khachigian was chief speech- deaths, despite the existence of dan-
did Reagan refer to his predecessor. thenticity. It seems as if there are a When Reagan shouted, “Mr. Gor- writer for Ronald Reagan and prac- gerous drivers. Yet this is exactly
Instead, in a spirit of unity, he director’s cues in his text: “It’s time bachev, tear down this wall,” it tices law in California. what we’re doing when the govern-
ment intervenes to limit the spread
of communicable diseases by, for in-

Inflation Gives Biden an Incentive for a Bad Iran Deal stance, mandating vaccines that
don’t prevent transmission.
The public-health community has
By Ilan Berman the year compared with $42/b in potential clients, Iran’s energy trade ing current U.S. sanctions against proved incapable of quantitatively

W
2020.” Today, the price for crude on could resume business compara- Iran—which the Biden administra- assessing trade-offs between the
hat a difference a year can the world market is even higher, tively quickly. tion could do. harms of prevention and the harms
make. Last January the Bi- nearly $85 a barrel. The Iranian regime has massive That’s the calculus now con- of disease. This has hindered the de-
den administration came to This surge has been a significant quantities of oil, which could be fronting the White House. Any deal velopment of policies that could have
power pledging to revive the 2015 driver of the president’s plummeting brought to market almost immedi- with Iran, no matter how flimsy, minimized the total harm to society
Iran nuclear deal that his predecessor popularity. Administration officials ately. These reserves, kept in Iran or would provide sufficient justifica- from Covid-19. Economic epidemiolo-
had abrogated. That, however, was are desperate to find a way to lower offshore, are estimated to total tion for the Biden administration to gists, by contrast, have for decades
supposed to be just the beginning. prices and reduce what Americans around 120 million barrels—equiva- begin rolling back sanctions, espe- used quantitative methods to evalu-
Incoming national security adviser are paying at the pump. Iran could lent to more than a day’s worth of oil cially on Iran’s oil industry. If that ate these harms by looking at them
Jake Sullivan insisted that doing so provide part of the solution they are consumed by the entire planet. happens, Iranian crude would flood the same way they look at taxes.
would be a prelude to a “longer and seeking. Analysts also predict that the Is- the market, available supply would The burden of a tax doesn’t fall
stronger” deal with Tehran. Fast for- lamic Republic could increase its oil go up, and the marginal price of oil solely on those who pay it directly. A
ward 12 months, and the likeliest out- output in short order. Iranian offi- (and consequently refined products $1 million tax on airplane tickets
come of the Biden administration’s Easing sanctions would cials have already announced plans to like gasoline) would go down. And would generate no revenue because
diplomatic outreach is a compromise scale up production to the pre-sanc- that, in turn, will ease at least no one would ever fly again. The
pact far less comprehensive and ro- reduce energy prices— tions level of four million barrels some of the inflationary and eco- mass migration to other forms of
bust than the original. never mind its effect on daily by as early as this spring. nomic pressure confronting Presi- travel would impose huge costs on
Experts have warned against the Such a surge could make a real dent Biden at home. the rest of the transportation indus-
dangers of such a “less for more” U.S. national security. difference in today’s market. Global All of which gives the Biden ad- try. Similarly, case counts don’t cap-
deal, which would impose fewer re- demand for energy is currently out- ministration, which once promised a ture the total burden of a disease.
strictions on Iran’s stubborn nuclear pacing supply, and producers are robust effort to contain and deter The costs of efforts at avoiding the
effort while providing Tehran with While the Islamic Republic ranks struggling to keep up. As the New Tehran, the incentive to reach an ac- disease must be quantified and tal-
more-lavish concessions and sanc- as a bona fide energy superpower, York Times reports, despite pledges commodation with Iran’s ayatollahs, lied as well.
tions relief than before. Yet the polit- the “maximum pressure” policy of to boost their output, members of no matter the particulars. And it In early 2020, University of Chi-
ical reality is that, for the Biden ad- the Trump administration pro- the OPEC+ cartel “are routinely fall- helps explain why, despite Iran’s cago economists estimated that
ministration struggling in the polls foundly crippled Iran’s global oil ing well short of their rising continued intransigence and regional about 80% of the total damage from
domestically, even a bad bargain with trade. By 2020 its output had de- monthly production targets.” As a troublemaking, the White House Covid came from prevention efforts
Iran could be a lifeline. clined to a historic low of less than result, the addition of Iranian sup- seems desperate to conclude such a that hindered economic activity, and
The reason has to do with oil. As two million barrels a day as U.S. plies would significantly boost the deal by any means necessary. only 20% from the direct effects of
the U.S. Energy Administration has sanctions kept the Iranian regime amount of available crude, and could the disease itself. This analysis moti-
noted, “oil prices rose during much from selling crude abroad. This, consequently lower global oil prices Mr. Berman is senior vice presi- vated me and others to recommend
of 2021, with Brent crude oil spot however, is only a temporary condi- by as much as 10%. dent of the American Foreign Policy that initial efforts to stop the spread
prices averaging $71 [a barrel] for tion. Without persistent pressure on That scenario depends on loosen- Council. should focus on older people, who
are at higher risk of severe illness
and not as active in the economy as

What Does a Library’s ‘Diversity Auditor’ Do? younger people. This would allow
younger people to keep the economy
going while limiting the spread of
By Faith Bottum arrive at are certain to be limited to “the process of decanonizing the content and carried negative stereo- the disease among those most at risk

T
what can be easily determined about stacks”—academic jargon for break- types,” with 30 burned in a public from it. Some in the public-health
he celebrated postmodern ar- the authors’ heritage, sex, faith and ing the connection to the past. A fol- “flame purification” ceremony. In community, like the signers of the
chitect Robert Venturi added physical disabilities. low-up from the staff seemed to sug- 2021 state Rep. Matt Krause de- Great Barrington Declaration, even-
an extension to Bard College’s That, at least, has been the pat- gest that the eventual aim is a major manded that every Texas school ad- tually saw the light.
Stevenson Library in 1993. His poly- tern of other such library audits. In deaccessioning (to use a librarians’ mit whether its library contained My Chicago colleague Casey B.
chrome brick building—with a mask- 2018 Loyola Marymount University term: litotes for getting rid of books). any book from a list of nearly 850 Mulligan has found that total
ing façade of yellow, orange, purple in Los Angeles undertook a similar suspect titles, with the aim of forc- monthly Covid-related harms fell
and olive panels—was intended to project, concluding that the school’s ing the schools to remove the books. from 2020 to 2021, even as the num-
blend with the original library: an William H. Hannon Library had an Bard College says it aims Schools’ assigning of Toni Morri- ber of deaths rose. In tax terms, this
1893 Greek-revival re-creation of the insufficient number of works in “the son’s 1987 novel “Beloved” became a is an effect not unlike that of the
Parthenon. categories of Gay, Lesbian, Bisexual, at ‘decanonizing the contentious topic in the final weeks Laffer curve—a lower rate may in-
There’s less effort today to blend and Transgender LGBTQ+, Women’s stacks’ but that doesn’t of Virginia’s 2021 gubernatorial race. crease revenue because of growth in
old and new on the campus in An- Studies, and Disability.” In 2020 the No one seems to be asking the tax base. Similarly, vaccines and
nandale-on-Hudson, N.Y. Bard re- University of California Irvine au- mean removing books. whether the questioned books are treatments reduced the costs associ-
cently announced that three under- dited nearly a decade of orders, by good or not. ated with getting sick—call it the
graduates, funded by the Office of the school’s Langson Library and Founded in 1860, Bard sits mid- “disease tax”—but also increased so-
Inclusive Excellence, are working other collections on campus, for new A representative of the library, way between Albany and Pough- cial and economic activity, allowing
their way through Stevenson Library, scripts of plays. The audit concluded however, later said in an email that keepsie. The school prides itself on the infection to spread. Even if the
“evaluating each book for represen- that the school needed its purchases was forwarded to me that the proj- being a liberal-arts center, claiming disease tax is paid by more people,
tations of race/ethnicity, gender, reli- to shift “to reflect the increased de- ect was designed “to increase our “a reputation for scholarly excel- the costs are outpaced by the overall
gion, and ability.” mand for diverse playwrights.” understanding of our collection, not lence, a focus on the arts, and civic benefit derived from the subsequent
It’s unlikely that the students will The point of the audit at Bard to remove books.” engagement.” It is, its official de- tsunami of economic activity.
actually read every book in Bard’s originally appeared to be picking This leaves unspecified the reason scription says, “committed to enrich- Joe Biden accused President
400,000-volume collection during the books to remove. The announcement the information is being gathered in ing culture, public life, and demo- Trump during the campaign of get-
year scheduled for the project. The in Notes, the library’s newsletter, de- the first place, but the librarian cratic discourse by training ting Americans killed by refusing to
“representations” of each book they scribed the project as a first step in waved away the students funded by tomorrow’s thought leaders.” It was clamp down completely on all eco-
the Office of Inclusive Excellence, awarded a library grant last year nomic activity. But the evidence
stating that actual librarians will de- from the National Endowment for shows that the U.S. experienced
cide about the library’s collections, the Arts. lower total harm in 2020 than did
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY not student workers. But what are we to make of Bard’s the nations of the European Union.
Rupert Murdoch Robert Thomson And perhaps this audit is merely descent into auditing its library? The Now that he’s been president for a
Executive Chairman, News Corp Chief Executive Officer, News Corp a sop to activist students and diver- worry here should be that the past year and presided over so many
Matt Murray Almar Latour sity administrators. But it does seem won’t survive the passions of the Covid deaths himself, Mr. Biden
Editor in Chief Chief Executive Officer and Publisher
at least a surrender to the idea that present, even among librarians and surely understands how difficult it is
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: content is determined by the extra- others whose task is to preserve lit- to contain the spread of a highly
Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer;
Jason Anders, Chief News Editor
literary characteristics of the author. erary achievement and blend it with contagious respiratory disease. He
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, Coverage; Barron’s Editor in Chief; Jason P. Conti, General
And if the audit does include con- the present. The philosopher Hannah should make the reduction in total
Andrew Dowell, Asia; Anthony Galloway, Video & Counsel, Chief Compliance Officer; Dianne DeSevo, tent, the result could be a straight- Arendt’s personal library is stored at harm his administration’s objective
Audio; Brent Jones, Culture, Training & Outreach; Chief People Officer; Frank Filippo, EVP, Business forward Index of Prohibited Books— Bard College. One wonders what she now—and that includes the harm
Alex Martin, Print & Writing; Michael W. Miller,
Features & Weekend; Emma Moody, Standards;
Information & Services; Robert Hayes, Chief even if, as seems unlikely, the would think of the new audit of the done by lockdowns, school closings
Business Officer, New Ventures; librarians aren’t pressured eventu- library’s collections. One wonders and unproductive restrictions on
Shazna Nessa, Visuals; Matthew Rose,
Aaron Kissel, EVP & General Manager, WSJ;
Enterprise; Michael Siconolfi, Investigations
Josh Stinchcomb, EVP & Chief Revenue Officer,
ally to act on the information that what the auditors will make of the economic activity.
Paul A. Gigot WSJ | Barron’s Group; Jennifer Thurman, Chief the students catalog. woman who observed: “There are no
Editor of the Editorial Page Communications Officer There’s been much agitation in re- dangerous thoughts; thinking itself Mr. Philipson is an economist at
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
cent years about libraries. In 2019 is dangerous.” the University of Chicago. He was a
EDITORIAL AND CORPORATE
HEADQUARTERS:
more than 4,700 children’s books member of the president’s Council of
1211 Avenue of the Americas, New York, N.Y., 10036 from across Quebec’s schools were Ms. Bottum is the Journal’s Jo- Economic Advisers, 2017-20, and its
Telephone 1-800-DOWJONES purged because they “had outdated seph Rago Memorial Fellow. acting chairman, 2019-20.
 .

A18 | Thursday, January 20, 2022 A THE WALL STREET JOURNAL.

 .

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Thursday, January 20, 2022 | B1

NIKKEI (Midday) 27594.29 À 0.46% See more at WSJ.com/Markets

Rising Tide
Comparable sales,
change from a year earlier
10%
Segment sales and pricing, change from a year earlier

Healthcare
Comparable sales Price
Three-month share
and index performance
16%
Nasdaq Hits
8

6
Fabric/Home care

Grooming
12
Procter &
Gamble
Correction
4

2
Baby, Feminine, Family care

Beauty
8

4
S&P 500 Territory
S&P 500 and Dow market in anticipation of rising
Total interest rates.
0 0 lose 1% as investors Investors have stepped up
FY2020 ’21 ’22 2% 4% 6% 8% Nov. 2021 2022 adjust portfolios for bets that the Federal Reserve
and other major central banks
Note: Comparable sales exclude currency fluctuations, acquisitions and asset sales; fiscal quarter ended Dec. 31 Sources: the company (sales, pricing); FactSet (performance) higher interest rates will tighten monetary policy in
the coming months, withdraw-

Higher Prices Boost P&G Sales

BY GUNJAN BANERJI ing a pillar of support for mar-
AND JOE WALLACE kets. Mounting expectations of
interest-rate rises follow evi-
Stocks gave up early gains dence that the drivers of infla-
and turned lower, extending a tion have broadened beyond
BY SHARON TERLEP recent stretch of losses that the supply-chain shock that
have pulled major indexes fueled price gains for much of
Procter & Gamble Co. is down to start the year. 2021.
betting the world’s consumers The technology-heavy Nas- That has led to big swings,
will remain undeterred by daq Composite shed 166.64 leaving many stocks in a bear
higher prices on household points, or 1.1%, to 14340.26. It market and stoking giant rota-
staples from Pampers diapers finished the day 10.7% below tions among different sectors.
to Gillette razors. its all-time closing high, set in Recent volatility is “really
The Cincinnati-based con- November. A decline of greater all about inflation and how ag-
sumer-products company said than 10% is considered a cor- gressive central banks are go-
sales increased 6% in the quar- rection for a stock index. ing to be to counteract it,” said
ter ended Dec. 31 compared The S&P 500 fell 44.35 Brian O’Reilly, head of market
with a year earlier, fueled in points, or 1%, to 4532.76. The strategy at Mediolanum Asset
part by the company’s largest Dow Jones Industrial Average Management, adding that infla-
average price increases since lost 339.82 points, or 1%, to tion could also curtail eco-
the spring of 2019. 35028.65. nomic growth by knocking con-
Executives on Wednesday Wednesday’s trading activ- sumption. “Certainly, the
said its price increases will ity continued a tumultuous market is nervous at the mo-
TIMOTHY AEPPEL/REUTERS

continue throughout 2022, and stretch for major indexes, with ment,” he said.
predicted higher profitability stocks paring their earlier Government-bond prices
and improved margins in com- gains and closing near session edged up Wednesday, pushing
ing quarters even as labor, lows. In the first weeks of Jan- down yields. Yields on bench-
freight and raw-materials uary, many investors have mark 10-year Treasury notes
costs continue to balloon due started dumping shares of slipped to 1.826% from 1.866%
to the global supply-chain tur- technology companies and pil- Tuesday, which was their high-
moil. Price increases accounted for half of the company’s revenue growth in the latest quarter. ing into other corners of the Please turn to page B11
“The consumer is very re-
silient and very focused on cades, as pandemic supply- Higher volumes accounted for P&G’s core earnings per
these categories of clean home
and health and hygiene,” P&G
finance chief Andre Schulten
said.
and-demand imbalances
pushed up prices on every-
thing from used cars to house-
hold staples.
the other half. P&G reported
revenue of $21 billion for the
quarter.
The added revenue helped
share rose 1%, to $1.66, from
the same period a year earlier.
Margins fell despite the added
revenues and cost cutting. The
Deals Propel Profit
P&G shares gained more
than 3% Wednesday to close
at $162.
Pricing on average rose 3%
in the latest quarter, P&G said,
and price increases accounted
offset soaring prices for raw
materials, labor and transpor-
tation of goods, as supply-
company has spent big to keep
factories running and products
in stock as much as possible,
At Morgan Stanley
U.S. inflation in 2021 hit its for half of the company’s reve- chain woes continue to weigh said Chief Executive Jon
fastest pace in nearly four de- nue growth in the period. on almost every industry. Please turn to page B2 BY CHARLEY GRANT Morgan Stanley’s quarterly
earnings per share
A booming market for deals

Unilever Walks Away From

$2.20

Disney and brisk demand for financial

advice lifted Morgan Stan-
ley’s fourth-quarter earnings 2.10 4Q 2021

Shakes Up Glaxo Consumer Health Unit and helped the Wall Street
firm set a full-year profit re-
cord. 2.00
$2.01

Streaming BY SAABIRA CHAUDHURI Unilever’s shares had fallen billion—equivalent to about

The bank posted a profit of
$3.7 billion, up 9%, or $2.01 a
share. Analysts expected $1.94
1.90
Analyst
forecast

Leadership Unilever PLC said it

wouldn’t increase its $68 bil-
sharply since news of a possi-
ble deal was disclosed over
the weekend. Unilever’s U.S.
$68 billion—and was made up
of £41.7 billion in cash and
£8.3 billion in shares, it said.
a share, according to FactSet.
Revenue rose 7% to $14.5 bil-
lion in the quarter, which fell
1.80

lion offer for GlaxoSmithKline stock partially rebounded after Glaxo also detailed the just short of expectations.
BY WILL FEUER PLC’s consumer-healthcare the statement Wednesday, growth prospects of the unit, Morgan Stanley capped off 1.70
business, effectively walking with its American depositary which is 32% owned by Pfizer a mixed quarter for the na-
Walt Disney Co. said it is away from a potential deal receipts rising 7.7%. The state- Inc. and sells products includ- tion’s biggest banks. Windfall
1.60
shaking up its streaming man- that would have added a raft ment came at the end of the ing Aquafresh toothpaste and trading revenues across Wall
agement and forming a new of drugstore staples to its trading day in London. Advil painkillers. Glaxo said it Street are slowing down as 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2020 2021
hub for international content portfolio. Glaxo said Saturday that thought the business could de- market volatility subsides.
creation as the company Wednesday’s announcement Unilever had made three pro- liver organic sales growth—a Banks are offering bigger pay- Sources: the company; FactSet (forecast)
searches for further growth from the maker of Ben & posals for its consumer unit measure that strips out cur- days to attract and keep em-
amid intense competition. Jerry’s ice cream and Dove late last year—which Glaxo re- rency effects, acquisitions and ployees in a tight labor mar- Morgan Stanley, Bank of
The company on Wednesday soap came after days of criti- jected because, in its view, disposals—of 4% to 6% over ket. Goldman Sachs Group America Corp. and Wells
named Michael Paull to the cism from analysts and inves- they undervalued the business the medium term. Inc., JPMorgan Chase & Co. Fargo & Co. saw profits rise.
newly created role of president tors about the price and stra- and its future prospects. The On Wednesday, Unilever and Citigroup Inc. all reported Morgan Stanley shares
of Disney Streaming, in which tegic fit of the proposed latest proposal, received Dec. said it took those figures into lower fourth-quarter profits, closed up 1.8% on Wednesday.
he will oversee Disney+, Hulu, transaction. 20, valued the business at £50 Please turn to page B2 ending a streak of big gains. Please turn to page B11
ESPN+, and Star+ globally for
the company’s media and en-
tertainment distribution divi-
sion. Mr. Paull, who previously
oversaw Disney+ and ESPN+,
INSIDE Chinese Tech Companies Warned
will report to Kareem Daniel,
chairman of the media and en-
tertainment distribution unit.
Rebecca Campbell will over-
Of Tighter Rules on Investments
JUSTIN SULLIVAN/GETTY IMAGES

see Disney’s new international BY KEITH ZHAI told some companies that it The move to establish new
content hub and report directly would establish a new mecha- requirements comes after a
to Chief Executive Bob Chapek, SINGAPORE—China has no- nism that requires internet year of clampdowns on the
the company said. tified some companies of new companies to obtain formal ap- country’s internet sector and
The executive reshuffling rules that would require the proval for investment deals if could lead to increased regula-
puts in place the leaders country’s biggest internet they have 100 million users or tory scrutiny into such deals
charged with Disney’s highest firms to seek approval for in- more or have posted revenue and even block internet com-
priority—streaming—and is vestment deals, a mechanism in the previous year of at least panies from making certain in-
among the first major person- that is likely to curb domestic 10 billion yuan, equivalent to vestments, the people said.
nel moves made by Mr. Chapek BUSINESS NEWS GAMING technology giants from grow- $1.57 billion, the people said. The new rules being
since he became the sole leader Flight disruptions in Sony shares fall ing even bigger through acqui- The regulator notified some planned would affect China’s
of Disney. Mr. Chapek was sitions, according to people fa- companies of the rules this biggest technology companies,
named CEO in February 2020,
the U.S. ease as new sharply on news of miliar with the issue. week, some of the people said. including Tencent Holdings
but just this month started 5G wireless service Microsoft deal for The country’s top internet The rules are still under re- Ltd., Alibaba Group Holding
running the operation on his goes live. B3 Activision Blizzard. B4 regulator, the Cyberspace Ad- view and could change, people Ltd. and ByteDance Ltd., each
Please turn to page B2 ministration of China, recently familiar with the matter said. Please turn to page B4
 .

B2 | Thursday, January 20, 2022 NY * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A G R
Activision Blizzard Genting Hong Kong....B5 Riot Blockchain...........A1
........................A1,B4,B12 GlaxoSmithKline.........B1 S
Alibaba........................B1 Goldman Sachs....B1,B11
Sony................A6,B4,B12
Alphabet......................A6 J
Amazon.com...............A6 Square Enix...............B12
JD.com.........................B4 Starbucks....................B2
American International
JPMorgan Chase . A2,B11
Group ........................ A1 T
Apple...........................A6 K
Take-Two Interactive
AT&T............................B3 KB Home...................B12 Software.................B12
B L Tencent........................B1
Bank of America LVMH Moët Hennessy U
................ A2,B1,B11,B12 Louis Vuitton..........B12
Unilever..................B1,B2
Better.com .................. B2 M UnitedHealth Group....B3
BlackRock....................A2 Marathon Digital........A1
ByteDance...................B1 V
Meta Platforms.....A6,B4
C Microsoft........A1,B4,B12 Verizon Communications
Capcom......................B12 MicroStrategy.............A1 .....................................B3

DEBRA L. ROTHENBERG/ZUMA PRESS

Chubb .......................... A1 Morgan Stanley...B1,B12 W
Citigroup....................B11 N Walt Disney................B1
Citrin Cooperman........B5 Wells Fargo.................B1
Netflix.........................A6
Coinbase Global..........A1
P Z
Compagnie Financiere
Richemont...............B12 Procter & Gamble.......B1 Zynga.........................B12

INDEX TO PEOPLE The coffee chain said it will ask baristas to isolate with pay if they have had a Covid-19 exposure, regardless of vaccination status.

Starbucks Drops Vaccine, Test Rule

A E Matsuura, Nari ........... B5
Anvarzadeh, Amir.......B4 Earley, Joe...................B2 Moeller, Jon................B2
Aslam, Naeem............A1 F Moynihan, Brian ....... B11
B P
Fujiwara, Naoki...........B4
Borthwick, Alastair .. B11 Paull, Michael ............. B1
G BY HEATHER HADDON out in the court system. The workers have disclosed their its isolation period to five days
C-D S Supreme Court struck down vaccination status. The vast from 10 in response to updated
Garg, Vishal ................ B2
Campbell, Rebecca......B1
Schulten, Andre..........B1 Starbucks Corp. said it will the rule for large employers majority of U.S. baristas are federal guidance.
Chapek, Bob................B1
I-M no longer require U.S. workers last week. fully vaccinated, he said in the Starbucks and other restau-
Culver, John ................ B2 Iger, Robert.................B1 V to be vaccinated against Several corporate executives employee message. The chain rants have limited seating and
Daniel, Kareem ........... B1 Massarsky, Barry........B5 Vishal Garg ................. B2 Covid-19 or undergo weekly said they would scrap plans to employs 230,000 U.S. store hours as the Omicron variant
testing by next month, after impose vaccine requirements workers. He said Starbucks will of the coronavirus sweeps
the Supreme Court recently after the decision, while others continue to encourage workers through the U.S., impacting
unit as a separate, London- blocked the Biden administra- said they would still require to disclose their vaccination more of their workers. Store
Unilever listed company later this year.
Unilever said it was com-
tion’s mandate for large private
employers.
them. Citigroup Inc., for exam-
ple, is sticking with its
status going forward.
In a separate message Tues-
managers will continue to
modify hours and service at
mitted to improving the per- Starbucks Chief Operating Covid-19 vaccine mandate for day, Starbucks said it will now Starbucks locations in response
Ends Glaxo formance of its existing
brands, including through a
Officer John Culver said in a
message to workers Tuesday
its U.S. workers, while General
Electric Co. suspended its re-
ask all U.S. baristas to isolate
with pay if they have had a
to worker isolations and local
Covid-19 mandates, the com-
coming reorganization, and
Unit Bid rotating its portfolio into
higher-growth categories.
that the company is changing
its requirements in response to
the court’s decision, but will
maining vaccine requirements.
Starbucks said earlier this
month that it would require
Covid-19 exposure, regardless
of vaccination status. Previ-
ously the company had asked
pany said in the message.
To help prevent the Omi-
cron variant’s spread, Star-
The company’s shares have still encourage baristas to get its U.S. employees to be vacci- baristas who weren’t vacci- bucks is urging its U.S. work-
Continued from page B1 been under pressure in recent vaccinated and boosted and to nated against Covid-19 or sub- nated to isolate. ers to wear medical masks,
account but they didn’t change months as Unilever has strug- disclose their status. mit to regular testing, becom- Starbucks said in the mes- versus cloth facial coverings
its view about the value of the gled to grow volumes, while “We continue to believe ing one of the first large sage that it understands that that many Americans have
business. Unilever is “commit- analysts say it has underper- strongly in the spirit and intent restaurant chains to take such the Omicron variant of worn during the pandemic.
ted to maintaining strict fi- formed some rivals during the of the mandate,” Mr. Culver a step. Covid-19 is limiting hours and The company is asking store
nancial discipline to ensure pandemic in areas such as hy- said in the message. The company set a Jan. 10 service levels at stores, but managers to order the medical
that acquisitions create value giene and packaged food. The Covid-19 vaccination deadline for vaccination status that both vaccinated and un- three-ply masks and distribute
for our shareholders,” it said. On Monday, Unilever said it mandate for companies em- disclosure by workers in its vaccinated employees are get- them to workers.
In response, a spokesman wanted to push further into ploying 100 or more people has U.S. cafes, offices and manufac- ting exposed or testing positive The Centers for Disease
for Glaxo said the company health, beauty and hygiene divided corporate leaders since turing plants. It set a Feb. 9 more often. “It is important Control and Prevention up-
was confident in the future of products, at the expense of it was first introduced by the deadline for employees to be that we take some urgent steps dated its guidance on masks
the consumer-healthcare busi- slower-growing food brands, Biden administration last year. vaccinated—or submit to to ensure these partners are last week, saying that N95 and
ness. The pharmaceutical gi- laying out its biggest strategic Many companies held off im- weekly testing. staying home,” the company KN95 masks are more protec-
ant, seeking to focus more on shift in years. It said any big plementing vaccine or testing Mr. Culver said Tuesday that said, referring to its employees. tive than cloth masks in some
prescription drugs and vac- acquisitions would likely be policies while the issue played more than 90% of U.S. retail Starbucks last week shifted settings.
cines, had been working on accompanied by significant di-
plans to spin off the consumer vestitures.

CEO Who Fired 900 on Zoom Back on Job

Disney BY JOSEPH PISANI type of leadership, focus and had “blundered the execution.” often, I have not chosen my
AND CAMILLE FURST vision that Better needs at this A day later, the company said words carefully enough,” Mr.
Shakes Up Vishal Garg, the chief execu-
pivotal time,” the letter said.
The board said in the letter
Mr. Garg would take a break
from his CEO duties. It called
Garg said. “I have expressed
my feelings in the heat of the
tive officer of Better.com who
Streaming fired 900 workers on a Zoom
call, is returning to his job.
that it would expand the com-
pany’s leadership. Searches
are under way for a board of
the situation “very regrettable”
at the time and said the board
had hired an outside firm to as-
moment, without enough care
for the effect they may have
on colleagues. I am committed
In a letter to employees, directors chairman, a presi- sess its culture and leadership. to being more thoughtful and
GREG DOHERTY/GETTY IMAGES

Continued from page B1 which was viewed by The Wall dent and a chief of human re- Mr. Garg apologized again communicating more effec-
own after previous CEO and Street Journal, the online mort- sources. Tuesday in a separate letter to tively going forward.”
Executive Chairman Robert gage lender’s board of directors In December, Mr. Garg laid employees, saying that he is He added: “Better has
Iger left the company. said Mr. Garg had reflected on off 900 employees, or 9% of sorry for the distraction and evolved. And, as a leader, I
After seeing torrential his leadership while on break the company’s total workforce, embarrassment his actions need to evolve too.”
growth in sign-ups following since last month and worked on Zoom. A video of the call caused. He said he would be The company, backed by
its November 2019 debut, Dis- with an executive coach. was posted online and viewed more conscious of the impact SoftBank Group Corp., was
ney’s flagship streaming ser- “We are confident in Vishal by millions. He later apolo- his words have on people. founded in 2016. It offers mort-
vice ran into issues related to Michael Paull and in the changes he is com- gized, saying that he owned “As many know, I am direct gages, insurance and other ser-
Covid-19 production shutdowns mitted to making to provide the the decision for the layoffs but in my communications but too vices for home buyers.
that slowed the flow of pro- to replace Mr. Paull.
gramming. During 2020, the The management changes
company moved would-be the- and the focus on international end products, such as trading
atrical releases like “Soul” and
“Hamilton” to the service to
growth come after the com-
pany reported a major slow-
Higher liquid laundry detergent for
costlier single-dose pods.
Bright. Clear. Healthy Light.
boost subscriptions, a strategy down in Disney+ subscriber A broad range of consumer- Often imitated. Never equaled.
it has continued to employ as
the Omicron variant depresses
sign-ups for its fiscal fourth
quarter as new cases of the
Prices products companies, including
P&G rivals Unilever PLC and
moviegoing. coronavirus dropped in early
In a New Year’s letter to em-
ployees, Mr. Chapek empha-
autumn and more people left
their homes. The changes also
Boost P&G Kimberly-Clark Corp., have im-
plemented price increases to
offset higher costs amid snags Since 1995.
sized that Disney would focus come amid intense competition in the global supply chain.
heavily on its streaming busi- from rivals that include Netflix Continued from page B1 The recent rise in Covid-19
ness in 2022. “Right now, (cus- Inc. and AT&T Inc.’s HBO Max. Moeller, who took over the cases due to the fast-spreading
tomer) behavior tells us and Along with the new interna- company in November. Omicron variant didn’t spur
our industry that the way they tional hub, Disney said On Wednesday, executives the kind of hoarding behavior
want to experience entertain- Wednesday it is investing in said there is no relief in sight that led to shortages of toilet
ment is changing—and chang- the creation of original local from higher costs for labor, paper, cleaners and other
ing fast thanks to technology and regional streaming content transportation of goods and products during previous lamp. Nothing has
"I love my new lamp
and the pandemic,” he wrote. internationally, with more than raw materials such as fuel, surges, he said. ever given me the excellent
e light this
The company has touted a 340 titles already in various resin and pulp. “The flexibility Sales jumped for products
slate of new movies and TV stages of development and pro- that we’ve talked about that to treat respiratory issues, lamp provides." - Anne G.
shows, many of which are duction. The focus on interna- our supply people have gener- driving a 20% revenue increase
scheduled to be released in the tional content development ated doesn’t come for free,” for P&G’s personal-health unit,
latter half of this year. Disney comes after rival Netflix found said Mr. Schulten, the CFO. which includes Vicks and Ny- Our hybrid technology
said in November it had added
just over two million new sub-
huge success in foreign hits like
South Korea’s “Squid Game.”
“When we need to shift to al-
ternate materials, when we
Quil brands.
P&G now expects organic
delivers over 8K lumens of
scribers to Disney+ in the quar- “I am thrilled to have the need to shift to alternate sup- sales, which strips out deals crisp, clear, healthy light.
ter ended Oct. 2, far below ana- opportunity to work even more pliers, all our sources of mate- and currency moves, to grow
lyst expectations. closely with the talented cre- rials geographically, that 4% to 5% for the fiscal year, up Eliminates fatigue, tension,
Ms. Campbell, a longtime ators in our international mar- comes at a premium.” from the previous forecast for
Disney executive, previously kets who are producing new P&G, which has posted more growth of 2% to 4%. eye strain, headaches, and
served as president of Disney- stories with local relevance to consistent sales gains than ri- bleary eyes.
land Resort. She also played a delight our audiences around vals throughout the pandemic, STATE OF SÃO PAULO - SECRETARIAT OF
role in securing the first major the globe,” Ms. Campbell said. raised its revenue forecast for INFRASTRUCTURE AND ENVIRONMENT
UL Certified.
The Secretariat of Infrastructure and Environment
distribution deal for Disney+ Disney has previously said it the fiscal year ending June 30, announces that the date of the public session
in the Europe, Middle East, expects to have between 230 even as the company said regarding of the International Bidding
No.02/2021, the highest value of the fixed grant, for
and Africa region, according to million and 260 million paid costs will be higher than previ- the Concession of Use of Public Asset for the
Disney.
Disney also named Joe Ear-
Disney+ subscribers globally by
the end of fiscal 2024. With
ously projected.
P&G said it expects to com-
realization of investments, conservation, operation,
maintenance and economic exploitation of Dr.
Fernando Costa-Água Branca, Cândido Portinari and
%*
SAVE 25%
ley, the former executive vice slowing numbers in the U.S., mit $2.8 billion more to com- Villa-Lobos Urban Parks, including the elaboration of
projects, the execution and investments, the Promo Code WS
WS221
21
president of marketing and op- some streaming platforms have modity, freight and foreign-ex- provision of services and exploration economic
activities of environmental education, recreation,
erations for Disney+, to the been relying more on interna- change costs this fiscal year. culture, leisure, sport, culture and tourism, with
role of Hulu president, report- tional markets for both sub- The figure is about $500 mil- associated services, according of the publication on
ing to Mr. Paull. Mr. Earley suc- scriber growth and content lion more than it forecast last 12/29/2021, initially established for April 07, 2022,
is changed to March 31, 2022, at 2:00 pm, at Rua
888-328-8701
ceeds Kelly Campbell who left production, particularly as quarter. Its earnings estimates XV de Novembro, 275, at B3 headquarters, in Sao
Paulo-SP. Those interested can consult the notice at
microsun.com
as head of Hulu last year to viewers in the U.S., U.K., Aus- remained unchanged. www.infraestruturameioambiente.sp.gov.br.
oversee NBCUniversal’s rival tralia and Europe warm to non- Mr. Schulten said that in Further clarifications can be requested by e-mail:
sima.administracao@sp.gov.br or forwarded to
streaming service, Peacock. English-language content. addition to absorbing higher the Bidding and Contracts Center, at Av. Prof.
The company is also search- —Erich Schwartzel prices, consumers also are Frederico Hermann Júnior, 345, building 1, 6th floor,
Alto de Pinheiros, São Paulo, SP, CEP 05459-010
ing for a new head of Disney+ contributed to this article. switching to pricier, higher-
 .

THE WALL STREET JOURNAL. * * Thursday, January 20, 2022 | B3

BUSINESS NEWS

Disruptions United
Reduces
Ease as 5G Flight
Goes Live
BY ALISON SIDER strictions, we’re pleased the
Schedule
BY ALISON SIDER

United Airlines Holdings

Inc. said the emergence of the
Biden administration reached a Omicron variant of Covid-19
The launch of enhanced 5G compromise with AT&T and dented near-term bookings and
OCTAVIO JONES/REUTERS
services Wednesday had a lim- Verizon to avoid mass cancella- will slow its recovery but said
ited impact on U.S. flights after tions across the aviation indus- the setback is likely to be tem-
aviation regulators gave air- try,” United Airlines Holdings porary.
lines additional guidance. Inc. said Wednesday. The Chicago-based airline is
Airlines had said they were AT&T Inc. and Verizon scaling back its schedule in the
concerned about potential Communications Inc. agreed first months of the year as it
travel disruptions once wire- Tuesday to exclude two-mile Wireless operators have said that the new 5G service won’t disrupt airplanes’ instruments. grapples with the new variant’s
less providers began beaming zones around airport runways impact on travel demand.
new signals to customers, due from their 5G launches, a last- group, said the agreements al- conditions. Delta Air Lines Inc. mirroring the green light given United said it expects to fly
to flight restrictions intended minute concession to address lowed thousands of flights that said Tuesday it was preparing over the weekend to some less this year than it did in
to protect aircraft from possi- aviation safety concerns fol- could have been affected to for possible cancellations. other Boeing and Airbus SE 2019, instead of the 5% growth
ble interference from the new lowing a monthslong standoff. proceed. Around 230 flights within jets. Early Wednesday, Japan it had previously anticipated.
fifth-generation service. Wire- The Federal Aviation Admin- Airlines have said that pas- and to and from the U.S. had Airlines Co. and All Nippon Air- Still, robust holiday travel
less operators have said the istration said Wednesday that senger and cargo flights could been canceled by midday ways, two of the carriers that demand drove United’s fourth-
service won’t disrupt airplanes’ it had issued new approvals al- face widespread disruptions in Wednesday, according to data had canceled some U.S. flights, quarter revenue to $8.2 billion,
instruments. lowing additional aircraft types poor weather, when landing tracker FlightAware, in line said they could resume on down nearly 25% from 2019
Relatively clear weather and to land at more airports in low aircraft rely more on auto- with recent days. These in- Thursday. but the highest quarterly total
changes following a temporary visibility conditions. The FAA mated systems that could be cluded a handful of flights in- FAA officials worked late since before the pandemic be-
concession by wireless carriers said an estimated 62% of the affected by the enhanced 5G volving Boeing Co. 777 jets, into the night and early gan to decimate travel demand.
to address air-safety concerns U.S. commercial fleet would be services. While airline and avi- such as British Airways’ ser- Wednesday morning to adjust United on Wednesday reported
helped blunt the disruption allowed to make low-visibility ation safety officials have said vice into Chicago O’Hare In- guidance for runways and dif- losses of $646 million for the
Wednesday, the first day of the landings at airports where 5G the wireless carriers’ decision ternational Airport from Lon- ferent aircraft types, industry fourth quarter and $1.96 billion
5G rollout. C-band has been deployed, in- likely averts the worst poten- don Heathrow. and government officials said. for the year. The airline’s ad-
“While we anticipate minor cluding Boeing 777 jets, which tial disruptions, they still an- Airlines had been waiting —Drew FitzGerald justed fourth-quarter loss of
disruptions at some airports had previously been left out. ticipate some problems, partic- for regulators to approve the and Doug Cameron $1.60 a share was lower than
due to the remaining 5G re- Airlines for America, a trade ularly in bad weather 777 to land in poor visibility, contributed to this article. the $2.09 a share loss analysts
had expected.
United said bookings for this

UnitedHealth Reports Growth Despite Omicron

spring and beyond remain
strong and that its expansion
plans have merely been delayed
until later in the year. The air-
BY MATT GROSSMAN investors that its 2022 earn- virus surges, levels of typical $4.48, up from $2.52. Wall slightly higher at $462.52. The line still plans to increase fly-
AND ANNA WILDE MATHEWS ings guidance released in No- healthcare use dropped off in Street analysts surveyed by stock is up roughly 31% over ing in 2022 as it returns its
vember was intact, including tandem, UnitedHealth said, FactSet had forecast adjusted the past 12 months. Boeing 777 jets to service, after
UnitedHealth Group Inc. for robust growth in its Medi- with primary-care visits down earnings of $4.30 a share. The company’s United- they had been sidelined for
posted year-over-year earn- care Advantage enrollment, a about 10% in recent weeks and Revenue climbed to $73.74 Healthcare insurance business nearly a year as regulators re-
ings growth for the last three closely watched business for visits to specialists showing a billion, from $65.47 billion a saw revenue grow 12% in the viewed proposed fixes for the
months of 2021, helped by UnitedHealth and the man- deeper decline. The company year before. Most of that fourth quarter to $56.4 billion. aircraft’s engine covers.
higher revenue from premi- aged-care sector as a whole. said the savings from these re- growth came from higher pre- The business added 2.2 million United said its reduced
ums, and reaffirmed its finan- During a call with analysts ductions is offsetting addi- miums, which rose to $57.55 members last year, with schedule will help drive its unit
cial projections for 2022. Wednesday, UnitedHealth ex- tional costs from Covid-19 care billion, from $50.58 billion in growth in programs tied to costs excluding fuel higher
The healthcare and health- ecutives signaled the Omicron and testing, which is being the last quarter of 2020. government benefits, such as than it previously anticipated—
insurance giant, the first in- variant is generally causing a boosted by a federal mandate UnitedHealth said it is hold- Medicare Advantage, driving up 14% to 15% from the first
dustry heavyweight to report less-severe form of Covid-19, that insurers cover over-the- ing to its 2022 outlook, in- much of the increase. quarter of 2019. Steeper costs
year-end results, showed little echoing findings in other data. counter tests. cluding for revenue of $317 UnitedHealth’s Optum for labor and fuel have con-
serious impact from costs tied The company said inpatient UnitedHealth’s fourth-quar- billion to $320 billion and ad- health-services arm notched cerned airline investors in re-
to soaring levels of Covid-19 hospitalization levels are simi- ter profit rose to $4.07 billion, justed earnings of $21.10 a 14% growth in the period, with cent months. United said it ex-
cases that the Omicron variant lar to what it saw in January from $2.21 billion in 2020’s fi- share to $21.60 a share. Both revenue rising to $41.1 billion. pects its jet-fuel prices to rise
brought last month. 2021, even though cases are at nal period. On a per-share ba- represent double-digit annual Its tally of people served rose by about 10 cents a gallon in
The Minnetonka, Minn.- a far higher level. sis after stripping out one- growth. to 100 million in 2021, from 98 the first quarter from the end
based company also reassured As has happened when the time items, earnings were Shares closed Wednesday million a year earlier. of 2021.

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B4 | Thursday, January 20, 2022 THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

Microsoft Deal Hits Sony’s Stock Nonprofit

Radio Unit
Shares fall 13% as Sony PlayStation Plus
subscribers
competition between
videogame companies
50 million To Acquire
unsettles investors
40
Chicago
BY KOSAKU NARIOKA
AND YANG JIE Sun-Times
YELIM LEE/AGENCE FRANCE-PRESSE/GETTY IMAGES

30
Sony Group Corp.’s shares BY OMAR ABDEL-BAQUI
fell nearly 13% in Tokyo on
Wednesday on concerns about Tabloid journalism and
20
new competition for its video- public radio in the Midwest
game business from the com- are poised to join forces.
bination of Microsoft Corp. The board of Chicago Pub-
and Activision Blizzard Inc. 10 lic Media, the nonprofit that
The $75 billion deal, which operates the city’s public ra-
needs regulatory approval, dio station WBEZ, voted to
would unite Microsoft’s Xbox 0 acquire the Chicago Sun-
platform with the publisher of 2017 ’18 ’19 ’20 ’21
Times, a legacy Midwestern
top game franchises including daily tabloid.
“Call of Duty” and “World of Activision supplies some of the most popular games for Sony’s console, such as the ‘Call of Duty’ series. Source: the company The deal, expected to close
Warcraft.” by the end of the month,
That is a potential threat to [are] only going to get from strong demand. proved popular, and Sony’s PlayStation, such as the “Call would create one of the larg-
Sony, whose PlayStation con- tougher,” Mr. Anvarzadeh said. “Games is surely one of its only problem has been making of Duty” series. Whether that est nonprofit local news or-
sole competes with the Xbox. Still, some analysts said the main businesses, but they’ve enough of them to meet de- relationship will continue is ganizations in the nation.
The two companies also clash stock-price drop was over- also got electronics, chips, mand during the global semi- one of the big questions of the “This is an important step
head-on in subscription video- blown because the videogame movies etc.,” said Naoki Fuji- conductor shortage. Microsoft deal. to grow and strengthen local
game services that offer game business accounted for only a wara, a fund manager at The videogame business Antitrust regulators in the journalism in Chicago,” Matt
libraries, with Sony’s Play- little more than a quarter of Shinkin Asset Management. helped make Sony shares one U.S. and abroad are likely to Moog, chief executive officer
Station Plus going against Mi- Sony’s operating profit in the Sony’s PlayStation Plus ser- of the pandemic’s stock-mar- look at the Microsoft acquisi- of Chicago Public Media, said
crosoft’s Game Pass. most recent half-year. vice, which costs $5 to $10 a ket winners. They rose 92% tion, including whether its in a statement on Tuesday. “A
The Activision acquisition The Tokyo-based company’s month, had 47.2 million sub- between the beginning of ownership of Activision would vibrant local news ecosystem
shows the U.S. software giant movie and television business scribers as of Sept. 30, 2021, 2020 and last week. give it an unfair edge in com- is fundamental to a healthy
intends to escalate the fight is doing well, helped by its lat- giving it an edge over Micro- But as the pandemic effect petition. Microsoft’s Phil Spen- democracy, informed citizens,
for videogame dominance, and est Spider-Man blockbuster, soft, which said Tuesday that faded, Sony saw little growth cer said the transaction would and engaged communities.”
rivals could see Microsoft re- “Spider-Man: No Way Home.” Game Pass has 25 million sub- in PlayStation Plus in the first help his company offset mo- The news comes after the
serve popular games for its Another Sony business less scribers. three quarters of 2021, and bile platforms’ control over organizations said in Septem-
own offerings, Asymmetric visible to consumers—its sup- Sony’s PlayStation 5 con- now it faces a competitor videogame distribution. ber that they had signed a
Advisors strategist Amir An- ply of image-sensing semicon- sole, introduced in late 2020 bulking up. nonbinding letter of intent
varzadeh said in a note. ductors to customers such as around the same time as Mi- Activision supplies some of  Heard on the Street: Sony for Chicago Public Media to
“The headwinds for Sony Apple Inc.—also is benefiting crosoft’s latest Xbox, has the most popular games for investors watch Microsoft....B12 acquire the tabloid newspa-
per.
The Sun-Times and WBEZ

Instagram Tests Option for Users to Pay Creators

will maintain separate news-
rooms and editorial indepen-
dence while sharing some
content, according to the
BY MEGHAN BOBROWSKY “Creators do what they do appear after 24 hours—and to Twitter Inc. a few months Snapchat, Alphabet Inc.’s You- statement. Mr. Moog said
to make a living, and it’s im- Instagram Lives real-time ago launched a similar service Tube and ByteDance Ltd.’s Tik-
Instagram is launching tri- portant that that is predict- video streaming sessions. called “Super Follows” that al- Tok have all announced invest-
als of a subscription service able,” Adam Mosseri, the head Facebook, Instagram’s sis- lows subscribers to pay for ments of massive dollar
that allows users to pay for of Instagram, said. “Subscrip- ter platform, launched sub- bonus content from their fa- figures.
The deal by WBEZ’s
extra content from creators, as tions are one of the best ways scriptions in 2020 and said it vorite creators. Twitter went Last year, Meta—then still parent comes as
social-media companies battle to have a predictable income— wouldn’t collect any fees from public with the feature in Sep- called Facebook Inc.—joined
to attract individuals who can a way that’s not attached to creators until 2023 at the ear- tember, giving creators the op- in, saying it would pay more
print circulation is
drive traffic to their platforms. how much reach you get on liest. The same will apply to tion to charge $2.99, $4.99 or than $1 billion to content cre- broadly shrinking.
The Meta Platforms Inc. any given post, which is inevi- Instagram subscriptions, Meta $9.99 a month. ators on its apps through
unit on Wednesday introduced tably going to go up and down said. Many social-media compa- 2022.
the feature in the U.S. on a over time.” Pricing of Instagram’s sub- nies are pouring money into Mr. Mosseri said the sub-
limited basis, adding that it Creators will be able to of- scriptions range from 99 cents the creator economy, using fi- scription project is starting Chicago Public Media hopes
provides another way for cre- fer subscribers access to ex- to $99.99, with options in be- nancial incentives to try to en- with a relatively small number to collaborate with other
ators to make money off their clusive Instagram Stories—the tween, according to a Meta tice creators to join or stay on of creators and will grow over news outlets in Chicago.
followings. photos or video posts that dis- spokesperson. their platforms. Snap Inc.’s the coming months. Local newspapers, like the
Sun-Times, have suffered
sharp declines in revenue
since the financial crisis,
around the same time smart-
phones became ubiquitous.
Print circulation plummeted
and readers moved online,
THE MORE YOU UNDERSTAND but digital ad sales didn’t
come close to offsetting what
HER WORLD, THE MORE
MARK SCHIEFELBEIN/ASSOCIATED PRESS

was lost in print sales. Many

local papers across the coun-
POSSIBILITIES YOU SEE. try shut down or endured
large-scale layoffs.
For Julia’s family, early screening for For WBEZ and the Sun-
Times, their combined efforts
autism made a lifetime of difference. in print, digital and broadcast
Find out more at ScreenForAutism.org formats will reach more than
two million people a week in
the Chicago area, the organi-
ByteDance, which owns TikTok and its Chinese counterparts, is zations said.
one of the companies affected. Video apps at an Expo last year. “This is an extraordinary
opportunity for our collective

China Rules capital” in the country—have

increased scrutiny into the
country’s internet sector,
news community and for the
future of the hardest-working
paper in America, which

Tighten for which they see as too big and

powerful. Among their con-
cerns were the companies’
counts some of the best sto-
rytellers in Chicago among its
ranks,” said Nykia Wright,

Tech Firms grip on data of billions of peo-

ple, which officials believed
could lead to manipulation of
chief executive officer of the
Chicago Sun-Times.
The Sun-Times is owned by
public opinion or pose cyber- a group of philanthropists, la-
Continued from page B1 security risks. bor organizations and busi-
of whose products boast more Meanwhile, on Wednesday, nesspeople, including the
than one billion active users. China’s top economic planner owner of the Chicago Black-
The Cyberspace Adminis- issued guidelines on the inter- hawks hockey team, Rocky
tration of China, on its official net industry, requiring that in- Wirtz.
account on the social-media vestments by internet-plat- Its route to becoming a
platform WeChat, said it form companies into financial nonprofit differs from its ri-
hasn’t publicly announced any firms be strictly regulated. val, the Chicago Tribune,
new rules. Tencent and Ali- Beijing has been beefing up whose parent company was
baba didn’t respond to re- antitrust regulations and en- sold last year to Alden Global
quests for comment. forcement. Last year, China set Capital, a hedge fund with a
Beijing-based ByteDance, up a new antimonopoly bureau reputation for aggressive cost
which operates the popular and the legislature proposed cutting.
short-video mobile platform tougher amendments to the The nonprofit model is one
TikTok, said Wednesday that country’s antitrust law. Regu- that other legacy local news-
the company was dismantling lators hit Alibaba with a re- papers have embraced. The
the strategic investment team, cord $2.8 billion antitrust fine. Salt Lake Tribune became a
which serves as its corporate Regulators also repeatedly nonprofit in 2019.
venture-capital arm. fined various tech companies The agreement allowed it
People familiar with the over investment deals. Beijing to continue to sell advertising
matter said that the decision said the companies didn’t and charge a cover price
was made in response to the properly report past acquisi- while also accepting tax-de-
new rules and that dozens of tions and fined them each ductible donations from read-
employees within the team 500,000 yuan, equivalent to ers and foundations. It lost
were being either transferred about $77,000. its ability to make political
to other positions or laid off. In July, China’s antitrust endorsements due to rules
Asked whether the decision regulator blocked Tencent’s regulating nonprofits.
came in response to the new bid to combine the country’s The Philadelphia Inquirer
rules being planned, a Byte- two biggest game-streaming and Philadelphia Daily News
Dance representative said it platforms, its first public in- are owned by a nonprofit, the
was made earlier this year to tervention to halt a merger in Lenfest Institute for Journal-
“strengthen the coordination the technology sector. ism but, unlike the Salt Lake
between strategic research In December, Tencent shed Tribune, both Philadelphia
and the business.” most of its stake in JD.com publications operate as for-
For decades, many Chinese Inc., one of the largest Chinese profit businesses.
technology companies have e-commerce companies, a move Similarly, the Tampa Bay
grown bigger through acquir- analysts said might have been a Times is owned by the non-
ing startups—a similar strat- response to risks posed by an profit Poynter Institute for
egy used by some American aggressive regulatory stance by Media Studies. Some newer
counterparts. China’s government. Tencent digital-media outlets such as
© 2019 Sesame Workshop. All rights reserved.
In recent years, Chinese declined to comment then. the Texas Tribune, ProPublica
leaders—who have criticized —Raffaele Huang and the Marshall Project are
“the disorderly expansion of contributed to this article. also nonprofits.
 .

THE WALL STREET JOURNAL. Thursday, January 20, 2022 | B5

BUSINESS NEWS

One Firm Is Behind Scenes at Music Megadeals

Consultants see catalog sales as a growth industry in the age of streaming, and explain how they value a life’s work

BY ANNE STEELE horizon for music invest- catalog? Those songs are trading at
ments. Edited excerpts follow: MS. MATSUURA: We’ll look higher price points for a sync
As investors rush to buy at each revenue stream his- license opportunity. Music
megastars’ music catalogs, WSJ: How has the client pool torically because history is has really rediscovered its
Barry Massarsky and his expanded in recent years? the best predictor of the fu- past in a commercial way.
firm are in the middle valu- MR. MASSARSKY: There ture, and we’ll look at the
ing most of the deals. are all these new funds, prin- long-term historical growth WSJ: Is there a bubble?
He pioneered the econom- cipally backed by private eq- or decline, as the case may MS. MATSUURA: If you’ve
ics of royalty cash flows in uity. We’re seeing everybody be, and then the most recent got strong industry growth,
the early 1990s and together from BlackRock to Black- year. We’ll have a long view and we have that in stream-
with his business partner, stone to TPG to Carlyle to and a short view. Based on ing and in new license op-
Nari Matsuura, developed a Apollo to KKR. that, we’ll be able to apply portunities. It’s based on
model to guide banks lend- MS. MATSUURA: It’s not just growth-rate scenarios. real organic growth: 26% in

AMIR HAMJA FOR THE WALL STREET JOURNAL

ing to music investors. about buying. It’s about what streaming. And now you’re
Last year Massarsky Con- types of rights are you buy- WSJ: What makes these assets talking about all this extra
sulting valued over 300 cata- ing. Whoever thought of valuable? revenue coming in from so-
logs totaling more than $6.5 buying producer rights? Be- MR. MASSARSKY: We call cial-media platforms that
billion. “Our website is del- fore, people used to shy them standards. It’s really have deep pockets. Where’s
uged with more and more away from writers’ rights. older music—’60s, ’70s, ’80s, the bubble if there’s strong
demands from newer buyers, Now writers’ multiples are ’90s. Maybe early 2000s. fundamentals?
from newer sellers,” he says. just as high as the publishing They have stood the test of
Stars such as Bob Dylan, multiples. Performance in- time. So many things happen WSJ: What’s the future of the
Bruce Springsteen and Tina come on the recorded music to increase the value of these market looking like?
Turner have sold their cata- side—one of the funds, that’s older songs. There’s more air- MR. MASSARSKY: Eventu-
logs to music publishers, funds all they buy. play for standards on radio ally we’re going to see some
and private-equity firms. Partners Barry Massarsky and Nari Matsuura sold their business. today than ever. consolidation. The investor
Mr. Massarsky sold his WSJ: How has music trans- In the last year or two, side is becoming much more
business this month to pro- formed into this alternative as- the story of streaming. What that’s fueling this now is al- older songs became the phe- sophisticated in their finan-
fessional-services firm Citrin set? we didn’t see happening was ternative licensing platforms, nomena of streaming. And if cial instruments, whether
Cooperman for an undis- MS. MATSUURA: There is that in the last two years, such as Roblox and TikTok. that’s not enough, what there’s more going to the
closed amount. low volatility in the royalty the whole thesis of the mu- This is the next growth op- about music in film and tele- public market, or whether
Mr. Massarsky, 66 years streams. It almost functions sic industry being uncorre- portunity, while streaming is vision and commercials? That there’s going to be a differ-
old, and Ms. Matsuura, 51, like a bond because you’re lated with the rest of the still going very strong. old sort of great song that ent limited partner class, or
spoke with The Wall Street getting a regular and pre- market would really be helps identify an operative whether there’s going to be
Journal about what is on the dictable cash flow. We know proven out. Something else WSJ: How do you value a culture or a moment in time. interest in SPACs.

Covid-19 Sinks Cruise Operator Genting Hong Kong

BY DAVE SEBASTIAN ing counterparties. cern or could sell some or all of the Omicron variant spreads. Cruise operators, including Genting Hong Kong’s
The company said Wednes- its assets to maximize value for The company said Wednes- Carnival Corp., Royal Caribbean share price, past five years
Cruise operator Genting day morning in Hong Kong that creditors. The company’s ship- day that some activities, includ- Group and Norwegian Cruise
HK$2.50
Hong Kong Ltd. sought court it had filed what is known as a building unit, MV Werften, filed ing the operations of Dream Line Holdings Ltd., have had to
approval to appoint outside winding-up petition with the for insolvency in Germany last Cruises, would continue to suspend many of their sailings
professionals to help lead a re- Supreme Court of Bermuda and week. That filing came after “preserve and protect the core during the pandemic, and the 2.00
structuring, becoming the in- applied to appoint joint provi- Genting Hong Kong and the assets and maintain the value spread of Omicron has stymied
dustry’s highest-profile finan- sional liquidators. The company German state failed to agree on of the group” but that it ex- their efforts to resume a fuller
cial casualty since the onset of is listed in Hong Kong and has a rescue package for MV Wer- pected most of its existing op- schedule. That has forced the 1.50
the Covid-19 pandemic. its headquarters there but ften, one of a handful of yards erations to cease. companies to sustain them-
Genting Hong Kong, which is maintains its registered office world-wide that can build large Genting Hong Kong’s stock selves by running up larger
majority owned by Malaysian in Bermuda. cruise ships. has been suspended since Tues- debts, as they have burned 1.00
billionaire Lim Kok Thay, said it Genting Hong Kong said it Genting Hong Kong, in a fil- day. The company has a market through hundreds of millions of
would imminently be unable to would seek a “consensual and ing last Thursday, said the in- value of about $451 million, ac- dollars each quarter. In 2020,
pay its debt and that it expects inter-conditional restructuring solvency triggered cross-de- cording to FactSet, down from Royal Caribbean filed to re- 0.50
to run out of cash around the of the group to preserve value fault on about $2.78 billion of a peak of about $4 billion in structure its Pullmantur
end of the month. The com- for all creditors and other debt. The subsidiary’s collapse 2013. It reported a loss of $238 Cruises joint venture, which op-
0
pany, which runs cruises under stakeholders.” It said the provi- exacerbated the challenges million for the first half of erated three ships, under Span-
the Star, Dream and Crystal sional liquidators could help it Genting has faced during the 2021, narrowing from a loss of ish insolvency laws. 2018 ’19 ’20 ’21 ’22
brands, said it had exhausted come up with a restructuring to pandemic, such as Hong Kong’s $743 million in the same period —Costas Paris Note: HK$1= $0.13.
efforts to negotiate with financ- let it continue as a going con- recent suspension of cruises as the year before. contributed to this article. Source: FactSet

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THE WALL STREET JOURNAL. Thursday, January 20, 2022 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
DeltaAir DAL 38.82 -0.72 GXO Logistics GXO 86.34 0.29 KKR KKR 66.88 -1.08 NVR NVR 5355.00-141.83 RepublicSvcs RSG 129.15 0.54 s SunLifeFinancial SLF 57.13 -0.83 UnitedTherap UTHR 205.07 -6.96
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low.
DentsplySirona XRAY 53.02 -0.14 Gallagher AJG 154.59 -0.99 KLA KLAC 393.19-19.79 NXP Semi NXPI 210.95 -6.47 ResMed RMD 241.39 0.70 SuncorEnergy SU 28.38 -0.22 UnitedHealth UNH 462.52 1.53
Market listed securities. Prices are composite dd-Indicates loss in the most recent
DeutscheBank DB 13.24 -0.26 GameStop GME 106.57 -2.34 Kanzhun BZ 28.18 2.18 Nasdaq NDAQ 181.11 -2.67 RestaurantBrands QSR 56.17 -0.33 Suzano SUZ 11.35 0.22 UnitySoftware U 113.07 0.43
quotations that include primary market trades four quarters. DevonEnergy DVN 48.93 -1.43 Gaming&Leisure GLPI 44.31 0.03 Kellogg K 66.60 -0.39 s NationalGrid NGG 74.08 0.28 RexfordIndlRealty REXR 73.02 -0.08 Synaptics SYNA 221.44-12.50 UniversalHealthB UHS 129.42 -0.55
as well as trades reported by Nasdaq BX FD-First day of trading. DexCom DXCM 435.23 5.36 Garmin GRMN 131.23 -1.55 KeurigDrPepper KDP 38.38 0.23 NatWest NWG 6.77 -0.09 RingCentral RNG 168.77 1.43 SynchronyFin SYF 45.64 -1.60 Upstart UPST 106.01 -3.90
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing DEO 204.60 1.60 IT 280.05 2.00 KeyCorp NTAP 89.41 -3.91 RioTinto VFC 70.41 -0.70
Diageo Gartner KEY 25.59 -1.01 NetApp RIO 77.92 2.19 SyneosHealth SYNH 86.46 0.37 VF
Cboe, NYSE National and Nasdaq ISE. standards DiamondbkEner FANG 125.71 -0.23 GNRC 291.36 -3.54 KeysightTechs KEYS 180.45 -0.97 NetEase NTES 103.46 1.72 t Rivian
The list comprises the 1,000 largest lf-Late filing
Generac RIVN 69.40 -3.76 Synopsys SNPS 312.14 -1.34 VICI Prop VICI 27.80 -0.30
Dick's DKS 114.36 1.01 GeneralDynamics GD 210.36 -0.80 KimberlyClark KMB 142.68 1.80 Netflix NFLX 515.86 5.06 RobertHalf RHI 110.74 -1.32 Sysco SYY 77.69 -1.23 VailResorts MTN 287.84-10.56
companies based on market capitalization. q-Temporary exemption from Nasdaq DiDiGlobal DIDI 5.01 0.23 GeneralElec GE 100.62 -2.27 KimcoRealty KIM 24.22 -0.63 NewellBrands NWL 23.30 -0.36 t Robinhood HOOD 13.89 -0.51 Vale VALE 16.18 0.67
Underlined quotations are those stocks with requirements. DigitalRealty DLR 154.93 -0.94 GeneralMills GIS 69.15 -0.11 KinderMorgan KMI 17.43 -0.27 Newmont NEM 64.95 3.70 Roblox T U V s ValeroEnergy VLO 84.21 -1.43
t-NYSE bankruptcy RBLX 76.16 -1.05
large changes in volume compared with the DiscoverFinSvcs DFS 118.50 -5.22 GeneralMotors GM 56.24 -2.55 KirklandLakeGold KL 42.75 3.11 NewsCorp B NWS 22.30 -0.11 RocketCos. RKT 13.26 0.28 VeevaSystems VEEV 220.13 1.86
issue’s average trading volume. v-Trading halted on primary market. DiscoveryB DISCB 36.00 -1.81 Genmab GMAB 34.75 0.30 Knight-Swift KNX 57.34 NewsCorp A NWSA 22.03 -0.16 TC Energy TRP 50.91 0.39 Ventas VTR 50.77 -1.54
... Rockwell ROK 315.63 -1.87
vj-In bankruptcy or receivership or DiscoveryA DISCA 28.58 -1.06 Genpact G 50.92 -0.20 KoninklijkePhil PHG 34.08 0.35 NextEraEnergy NEE 82.59 1.34 RogersComm B RCI 49.71 -0.53 TD Synnex SNX 106.35 -0.11 VeriSign VRSN 217.24 -2.86
Boldfaced quotations highlight those issues being reorganized under the DiscoveryC DISCK 27.78 -1.10 Gentex GNTX 33.65 -1.20 KoreaElcPwr KEP 8.75 0.06 Nike NKE 145.11 -1.84 Roku TE Connectivity TEL 156.99 -2.06 VeriskAnalytics VRSK 199.86 1.41
ROKU 166.49 -0.34
whose price changed by 5% or more if their Bankruptcy Code, or securities Disney DIS 150.11 -2.16 GenuineParts GPC 134.35 -2.22 KraftHeinz KHC 37.22 -0.21 NiSource NI 27.94 -0.22 Rollins Telus TU 23.79 -0.12 Verizon VZ 53.50 0.07
ROL 31.99 0.28
previous closing price was $2 or higher. assumed by such companies. DocuSign DOCU 126.99 -0.32 Gerdau GGB 5.31 0.22 Kroger NOK 5.74 -0.01 RoperTech ROP 442.48 -2.95 Ternium TX 46.28 0.64 VertxPharm VRTX 230.84 -0.23
KR 48.58 -0.01 Nokia
DolbyLab DLB 88.86 -2.03 GileadSciences GILD 69.07 -1.36 LKQ TFI Intl TFII 99.69 4.59 Vertiv VRT 22.39 -0.34
LKQ 54.74 -0.66 NomuraHoldings NMR 4.44 -0.14 RossStores ROST 99.03 -0.18
DollarGeneral DG 219.94 6.83 t GinkgoBioworks DNA 5.04 -0.26 LPL Financial LPLA 164.44 -4.66 Nordson NDSN 236.94 2.62 RoyalBkCanada RY 117.48 -1.31 TJX TJX 68.51 -0.40 ViacomCBS A VIACA 38.97 -0.39
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day. DollarTree DLTR 131.32 2.28 t GitLab GTLB 59.38 -0.84 L3HarrisTech LHX 227.67 -1.28 NorfolkSouthern NSC 278.06 2.25 RoyalCaribbean RCL 81.63 -0.70 T-MobileUS TMUS 105.38 -1.53 ViacomCBS B VIAC 35.07 -0.14
DominionEner D 79.03 0.57 GSK GSK 45.69 -1.13 LabCorp.ofAmerica LH 272.02 0.24 NorthernTrust NTRS125.84 -6.40 s RoyalDutchA RDS.A 50.80 -0.15 TRowePrice TROW 167.79 -2.97 Viatris VTRS 14.72 -0.34
Domino's DPZ 469.39 2.93 GlobalPayments GPN 145.86 -1.24 LamResearch LRCX 642.73-36.28 s NorthropGrum NOC 401.65 0.02 RoyalDutchB RDS.B 50.88 -0.11 TaiwanSemi TSM 131.01 -2.82 Visa V 214.68 -1.03
Wednesday, January 19, 2022 Net Net DoorDash DASH 131.76 3.18 GlobalFoundries GFS 56.67 -1.27 LamarAdv LAMR 109.48 -1.74 NortonLifeLock NLOK 26.36 -0.40 RoyaltyPharma RPRX 39.97 -0.35 TakeTwoSoftware TTWO 163.36 9.32 Vistra VST 22.48 0.04
Net Stock Sym Close Chg Stock Sym Close Chg Dover DOV 177.60 -0.84 Globant GLOB 238.61 0.03 LambWeston LW 67.03 -0.69 NorwegCruise NCLH 21.38 -0.56 RyanSpecialty RYAN 35.96 -0.48 TakedaPharm TAK 14.37 -0.18 VMware VMW 124.21 -0.50
Stock Sym Close Chg Dow DOW 59.84 -0.36 GlobeLife GL 104.10 -1.02 LasVegasSands LVS 43.92 0.82 Novartis NVS 88.85 -0.69 Ryanair Tapestry TPR 37.46 -0.01 Vodafone VOD 16.55 -0.12
ADP ADP 224.83 -1.61 Canon CAJ 23.82 -0.16 RYAAY 114.00 0.89
DrReddy'sLab RDY 62.35 -0.42 GoDaddy GDDY 73.72 -1.32 LatticeSemi LSCC 58.91 -1.68 NovoNordisk NVO 97.29 0.90 SAP TargaResources TRGP 56.31 -1.12 VornadoRealty VNO 44.11 -1.21
AutoZone AZO 1945.89-21.67 CapitalOne COF 151.61 -5.47 SAP 136.79 0.69
t DraftKings DKNG 21.40 -0.78 7.83 0.14 S&P Global SPGI 422.95 -1.20 Target TGT 223.84 3.83 VulcanMatls VMC 188.22 -2.37
A B C t Avalara AVLR 103.92 0.18 Capri CPRI 56.50 -0.58
DBX 24.49 0.16
GoldFields GFI 11.10 1.26 Lear LEA 178.84 -8.94 NuHoldings NU TataMotors TTM 34.30 0.52
Avalonbay AVB 245.97 -2.01 CardinalHealth CAH 52.07 -0.52
Dropbox GoldmanSachs GS 347.32 -7.08 Leidos LDOS 93.63 0.41 NuanceComms NUAN 55.24 -0.09 SBA Comm SBAC 321.23 -4.81 s TeckRscsB TECK 34.56 0.40
ABB ABB 37.03 0.41 Avangrid AGR 47.27 -0.02 Carlisle CSL 230.24 -2.02
DukeEnergy DUK 102.17 0.30 GoodRx GDRX 25.56 -0.34 Lennar A LEN 96.86 -4.44 Nucor NUE 104.25 -2.45 SEI Investments SEIC 59.92 -1.37 W X Y Z
AECOM ACM 71.22 -1.44 Avantor AVTR 37.15 0.22 Carlyle CG 50.59 -0.54
DukeRealty DRE 58.16 -0.90 Grab GRAB 5.65 0.11 Lennar B LEN.B 80.54 -3.53 Nutrien NTR 73.82 -0.37 SK Telecom SKM 26.15 0.16 t TeladocHealth TDOC 75.51 -0.19
AES AES 23.07 0.48 AveryDennison AVY 206.25 -0.62 t CarMax KMX 107.63 -2.77
Dun&Bradstreet DNB 19.91 0.27 Graco GGG 73.80 0.22 LennoxIntl LII 290.77 -2.07 Nuvei NVEI 62.26 -0.23 SS&C Tech SSNC 81.84 -0.83 TeledyneTech TDY 416.80 4.16 WEC Energy WEC 96.03 0.26
Aflac AFL 62.76 -0.90 DuPont DD 81.58 -2.19 Grainger GWW 497.31 -9.52 LeviStrauss LEVI 22.15 -0.10 NVIDIA NVDA 250.67 -8.36 StoreCapital STOR 31.93 -0.72 Teleflex TFX 332.86 7.16 W.P.Carey WPC 77.56 -1.06
AvisBudget CAR 187.69 -5.20 Carnival CCL 21.22 -0.76 Ericsson ERIC 11.34 0.09 s WPP WPP 81.80 0.64
AGCO AGCO 121.40 -5.24 Dynatrace DT 50.55 -0.35 Grifols GRFS 12.46 -0.07 LiAuto 29.26 -1.21 SVB Fin SIVB655.00-13.36 TelefonicaBras VIV 8.93 0.37 Wabtec
AxonEnterprise AXON 132.55 0.35 Carnival CUK 19.60 -0.59 LI
AMC Ent AMC 18.32 -0.52 s BCE BCE 53.00 -0.23 CarrierGlobal CARR 48.79 -0.86
s ENI E 30.51 0.30 Guidewire GWRE 101.66 ... t LibertyBroadbandA LBRDA 142.05 0.25 O P Q Salesforce.com CRM 226.27 0.21 Telefonica TEF 4.53 -0.03 WalgreensBoots WBA 53.53 0.01
WAB 91.92 -1.21
Ansys ANSS 337.10 -0.44 EOG Rscs EOG 105.13 -0.54 HCA Healthcare HCA 245.33 -3.40 t LibertyBroadbandC LBRDK144.76 -0.50
APA APA 32.38 -0.59
BHP Group BHP 68.48 2.03 Carvana CVNA 157.13 -4.96
EPAM Systems EPAM 493.98-11.97 HDFC Bank HDB 70.15 -0.75 LibertyGlobal C LBTYK 27.88 -0.09 ONEOK OKE 60.21 -1.21 t Samsara IOT 20.35 -0.96 s TelekmIndonesia TLK 29.80 0.31 Walmart WMT 143.94 1.42
s BHP Group BBL 67.99 1.94 Catalent CTLT 102.56 -1.37 Sanofi SNY 52.08 -0.09
ASETech ASX 7.48 -0.21 BJ'sWholesale BJ 59.40 -0.59 Caterpillar CAT 221.66 -7.10
EQT EQT 22.20 -0.47 HP HPQ 36.60 -1.03 LibertyGlobal A LBTYA 27.44 -0.13 OReillyAuto ORLY 659.59 -6.08 SantanderCons SC 41.57 0.02 t 10xGenomics TXG 89.64 -3.05 WarnerMusic WMG 38.49 -0.53
ASML ASML 698.82-16.41 s BP BP 32.10 -0.28 Celanese CE 168.10 -2.42
EastWestBncp EWBC 87.25 -3.09 HSBC HSBC 34.77 -0.26 LibertyFormOne A FWONA 56.88 -0.16 s OccidentalPetrol OXY 35.83 -0.20 s Sasol Tenaris TS 24.32 -0.19 WasteConnections WCN 124.53 0.22
SSL 20.46 0.77 TencentMusic TME 6.82 -0.07 WasteMgt WM 155.08 -0.27
AT&T T 27.28 -0.03 EastGroup EGP 202.94 -1.26 Halliburton HAL 28.38 -0.22 LibertyFormOne C FWONK 61.93 -0.24 Okta OKTA 197.42 0.22
Baidu BIDU 154.48 1.54 Cemex CX 6.58 -0.12 OLPX 20.53 -0.31 Schlumberger SLB 37.10 -0.44 TenetHealthcare THC 77.17 -0.73 Waters
AbbottLabs ABT 126.05 -0.52 BakerHughes BKR 26.29 -0.51
EastmanChem EMN 127.51 -0.18 HartfordFinl HIG 70.46 -0.86 LibertyBraves A BATRA 26.25 -0.21 t Olaplex SCHW 91.51 -0.65 Teradyne
WAT 324.46 -0.94
CenovusEnergy CVE 14.87 ...
Eaton ETN 163.39 -3.24 OldDomFreight ODFL 312.43 -1.33 SchwabC TER 148.32 -7.24 Watsco WSO 292.65 -0.25
AbbVie ABBV 135.21 -1.57 BLL 91.75 2.20 Hasbro HAS 99.13 -1.00 LibertyBraves C BATRK 25.76 -0.21
Abiomed ABMD 302.02 9.64
Ball Centene CNC 77.61 -1.08 eBay EBAY 62.29 0.68 t HashiCorp HCP 62.63 -1.87 LibertySirius A LSXMA 47.67 -0.41 Olin OLN 52.18 -0.68 ScottsMiracleGro SMG 161.27 0.50 Tesla TSLA 995.65-34.86 t Wayfair W 156.02 -6.31
BancoBilbaoViz BBVA 6.41 -0.15 CenterPointEner CNP 27.35 0.01 Omnicom OMC 76.97 -1.92 Sea SE 167.83 -2.65 TevaPharm TEVA 8.84 -0.05 Weibo WB 33.55 0.08
Accenture ACN 343.74 -4.54 Ecolab ECL 214.80 1.40 HealthpeakProp PEAK 35.70 -0.38 LibertySirius C LSXMK 47.72 -0.22
BancoBradesco BBDO 3.22 0.11 CentraisElBras EBR 6.07 0.36 Seagate STX 102.36 -3.10 TexasInstruments TXN 178.30 -3.98 WellsFargo WFC 55.57 -1.12
ActivisionBliz ATVI 82.15 -0.16 BancodeChile BCH 18.55 0.39
Ecopetrol EC 14.93 0.10 Heico A HEI.A 124.45 -0.86 LifeStorage LSI 136.13 0.21 OnHolding ONON 26.83 -0.54 Seagen SGEN 132.55 2.26 TexasPacLand TPL 1059.46 -7.94 Welltower WELL 85.53 -1.65
CeridianHCM CDAY 79.40 -0.58 EdisonInt EIX 63.50 -0.25 Heico HEI 146.85 -1.15 EliLilly ON Semi ON 59.01 -4.02
Adobe ADBE 516.58 3.24 BancSanBrasil BSBR 5.83 0.15 Cerner CERN 91.77 -0.26 LLY 245.05 -2.02 s SealedAir SEE 68.64 2.21 Textron
AdvanceAuto AAP 234.34 -3.57 EdwardsLife EW 116.16 0.33 HenrySchein HSIC 74.55 -1.72 LincolnNational LNC 71.38 -1.33 OpenText OTEX 46.46 -0.69 TXT 74.81 -0.40 WestFraserTimber WFG 96.26 -0.56
BcoSantChile BSAC 19.19 0.16 CharlesRiverLabs CRL 336.68 -3.55 t ElancoAnimal ELAN 26.39 -0.42 Oracle ORCL 83.38 -2.17 Sempra SRE 135.87 0.15 ThermoFisherSci TMO 593.37 3.27 WestPharmSvcs WST 375.45 3.29
AdvDrainageSys WMS 116.74 -0.28 s Hershey HSY 199.64 1.32 Linde
BancoSantander SAN 3.54 -0.06 t CharterComms CHTR 581.30 -1.45 t Elastic LIN 322.19 1.03 Orange ORAN 11.33 0.03 SensataTechs ST 60.40 -2.17 ThomsonReuters TRI 107.34 -0.21 WestAllianceBcp WAL 113.40 -5.54
AdvMicroDevices AMD 128.27 -3.66 ESTC 89.23 -0.90 HertzGlobal HTZ 21.70 -1.98 LithiaMotors LAD 306.11 -4.14
BanColombia CIB 36.08 0.55 CheckPoint CHKP 124.88 -0.53 IX 109.80 -1.49 SentinelOne S 41.38 0.18 3M MMM 178.48 0.20 WesternDigital WDC 61.94 -2.18
Aegon AEG 5.61 -0.20 BankofAmerica BAC 46.44 0.18
ElectronicArts EA 136.91 3.00 Hess HES 91.23 -0.95 LiveNationEnt LYV 113.28 -1.93 Orix
AerCap AER 66.16 -1.45
CheniereEnergy LNG 108.33 -3.99 EmersonElec EMR 94.92 -1.45 HewlettPackard HPE 16.74 -0.58 LloydsBanking LYG 2.88 -0.07 Oshkosh OSK 120.20 -4.30 ServiceCorp SCI 64.93 0.81 Toast TOST 24.20 -0.07 WesternMidstrm WES 23.47 -0.44
BankofMontreal BMO 117.21 -1.33 CheniereEnerPtrs CQP 45.58 -0.61 OtisWorldwide OTIS 83.10 -0.79 ServiceNow NOW 521.29 -1.05 Toro TTC 98.90 -0.27 WestlakeChem WLK 105.34 -0.82
AffirmHldgs AFRM 64.30 0.12 Enbridge ENB 42.13 -0.04 HighwoodsProp HIW 45.50 -1.42 LockheedMartin LMT 377.33 0.79
BankNY Mellon BK 59.24 -3.68 s Chevron CVX 128.91 -0.47 Endeavor EDR 30.61 0.17 Ovintiv OVV 39.24 -0.07 ShawComm B SJR 30.05 0.01 TorontoDomBk TD 81.25 -1.27 WestpacBanking WBK 15.18 0.13
AgilentTechs A 140.43 -0.04 Hilton HLT 142.21 -2.31 Loews
BkNovaScotia BNS 72.83 -0.92 t ChewyA CHWY 42.19 -1.06 EnelAmericas ENIA 5.90 0.14 L 59.59 -1.32 OwensCorning OC 91.30 -2.05 SherwinWilliams SHW 303.79 -2.43 s TotalEnergies TTE 58.39 0.71 WestRock WRK 46.27 0.54
AgnicoEagle AEM 54.30 4.00 BCS 11.44 -0.23 Hologic HOLX 70.42 1.01 LogitechIntl LOGI 79.39 -1.20
Barclays ChinaEastrnAir CEA 19.66 -0.73 EnergyTransfer ET 9.59 -0.11HomeDepot HD 359.69 -7.03 Lowe's PG&E PCG 12.64 -0.07 ShinhanFin SHG 33.17 0.74 ToyotaMotor TM 202.42 -5.05 Weyerhaeuser WY 39.18 -0.10
AirProducts APD 285.57 -1.03 BarrickGold GOLD 20.17 1.61 ChinaLifeIns LFC 8.86 0.14 LOW 234.70 -3.71 PNC Fin SHOP 1030.95-23.71 TractorSupply TSCO 220.66 -0.77 WheatonPrecMet WPM 42.26 2.92
EnphaseEnergy ENPH 134.58 -1.34 HondaMotor HMC 29.78 -0.63 Lucid PNC 208.52 -8.36 Shopify
Airbnb ABNB 154.58 -0.11 Bath&BodyWks BBWI 55.57 0.04 ChinaPetrol SNP 53.36 0.31 LCID 40.03 0.82 POSCO
Entegris ENTG 127.42 -0.06 Honeywell HON 210.73 -2.86 LufaxHolding LU PKX 60.12 1.30 Sibanye-Stillwater SBSW 15.53 1.28 TradeDesk TTD 69.00 -2.00 Whirlpool WHR 206.87 -2.88
AkamaiTech AKAM 113.17 1.09 BauschHealth BHC 25.58 -1.02 ChinaSoAirlines ZNH 32.07 -0.54 4.79 0.02 PPG Ind SignatureBank SBNY 351.43 -4.27 Tradeweb TW 91.00 -0.02 Williams
Entergy ETR 110.35 0.51 HorizonTherap HZNP 88.04 -0.16 lululemon LULU 330.95 -1.58 PPG 161.55 -2.24 WMB 29.03 -0.56
Albemarle ALB 219.69 -6.61 BaxterIntl BAX 85.60 -0.26 CMG 1467.68-10.07
Chipotle EnterpriseProd EPD 24.12 -0.01 HormelFoods HRL 49.15 -0.08 LumenTech LUMN 12.10 -0.03 PPL PPL 29.82 -0.07 SimonProperty SPG 148.59 -5.30 TraneTech TT 175.70 -2.73 Williams-Sonoma WSM 147.90 0.98
Albertsons ACI 29.37 -1.10 BectonDicknsn BDX 263.87 3.45 Chubb CB 191.88 -3.10 SiriusXM SIRI 6.10 -0.01
Equifax EFX 233.92 -6.74 DR Horton DHI 90.33 -3.09 PTC PTC 117.36 1.29 TransDigm TDG 630.25 -0.49 WillisTowers WTW 226.56 -0.60
Alcoa AA 59.63 -0.42 BeiGene BGNE 236.85 -2.78 ChunghwaTel CHT 42.56 -0.16 Lyft LYFT 36.91 -1.52 Paccar
Equinix EQIX 730.49-12.45 HostHotels HST 17.35 -0.35 PCAR 94.16 -1.81 SiteOneLandscape SITE 193.43 -1.22 TransUnion TRU 104.12 -2.65 WillScotMobile WSC 36.93 -0.40
Alcon ALC 78.25 0.34 BentleySystems BSY 38.88 0.06 s Church&Dwight CHD 102.93 -0.29 LyondellBasell LYB 100.88 -0.10 PackagingCpAm PKG 137.12 2.77 Skyworks SWKS 145.88 -5.77 Travelers
Equinor EQNR 28.66 -0.37 HowmetAerospace HWM 33.83 -0.49 TRV 160.07 -3.50 Wipro WIT 8.24 -0.14
AlexandriaRlEst ARE 206.34 -1.05 Berkley WRB 82.53 -2.20 Ciena CIEN 68.21 -1.79 t PalantirTech PLTR 14.56 -0.41 SmithAO AOS 79.55 -1.11 Trex
Equitable EQH 34.39 -0.67 HuanengPower HNP 22.47 -0.17 TREX 99.60 -1.43 Wolfspeed WOLF 96.55 -5.75
Alibaba
t AlignTech
BABA 127.74 -0.86 BerkHathwy A BRK.A 473440-6641.00 Cigna CI 238.80 -1.18 EquityLife ELS 78.22 -1.76 Huazhu HTHT 34.80 0.55
M N PaloAltoNtwks PANW 519.61 17.24 Smith&Nephew SNN 34.25 0.49 Trimble TRMB 73.94 -0.84 WooriFin WF 37.65 0.58
ALGN497.59 8.03 BerkHathwy B BRK.B 314.75 -5.54 CincinnatiFin CINF 114.97 -2.40 SJM 143.40 -1.95 Trip.com
Alleghany Y 660.50 -9.59 EquityResdntl EQR 89.22 -1.03 Hubbell HUBB 197.36 -1.66 M&T Bank MTB175.92 -6.47 ParkerHannifin PH 323.09 -4.80 Smucker TCOM 23.47 0.12 Workday WDAY 249.46 3.60
BerryGlobal BERY 73.19 1.05 Cintas CTAS 387.84 -3.22 PAYX 121.27 -1.76 t Snap SNAP 35.05 -0.65 TruistFinl TFC 64.58 -2.59 WynnResorts WYNN 89.06 -2.03
Allegion ALLE 122.93 -0.96 ErieIndemnity A ERIE 176.21 -1.35 HubSpot HUBS 452.96 5.66 MGM Resorts MGM 42.21 -1.62 Paychex
BestBuy BBY 99.35 0.71 CiscoSystems CSCO 58.90 -0.83 EssentialUtil WTRG 48.28 -0.19 PaycomSoftware PAYC 329.76 7.03 SnapOn SNA 212.61 -1.94 t Twilio TWLO 203.69 -3.55 XP XP 29.06 1.76
AlliantEnergy LNT 59.42 -0.25 Humana HUM 377.84-10.04 MKS Instrum MKSI 165.87 -5.61
Bilibili BILI 37.72 -0.27 Citigroup C 64.24 -1.06 PCTY 194.88 2.18 Snowflake SNOW 282.56 -5.12 t Twitter
Allstate ALL 120.93 -2.29 Bill.com BILL 167.94 -6.07
EssexProp ESS 339.46 -3.26 JBHunt JBHT200.65 0.16 MPLX MPLX 31.56 0.25 Paylocity TWTR 37.35 0.05 XPO Logistics XPO 70.28 -1.26
AllyFinancial ALLY 48.99 -1.82 Bio-Techne TECH 379.83 0.83
CitizensFin CFG 54.36 -1.31 EsteeLauder EL 309.52 -1.43 HuntingtonBcshs HBAN 17.11 -0.34 MP Materials MP 44.58 -2.30 t PayPal PYPL 173.55 -0.91 SOQUIMICH SQM 57.47 1.04 TylerTech TYL 466.74 0.80 XcelEnergy XEL 68.12 -0.27
CitrixSystems CTXS 104.70 3.70 ETSY 163.14 -0.35 PTON 31.84 1.61 SoFiTech SOFI 13.71 1.65 TysonFoods TSN 92.71 -1.01 Xilinx XLNX 189.09 1.29
AlnylamPharm ALNY 138.62 -0.57 Bio-RadLab A BIO 598.44 -1.36 t Clarivate CLVT 16.36 -0.34
Etsy Huntsman HUN 37.49 -0.52 MSCI MSCI 513.40 -3.29 Peloton
Alphabet C GOOG 2713.04-12.77
s EverestRe RE 287.34 -3.56 HyattHotels H 86.94 -2.91 MagellanMid MMP 48.65 -0.43 PembinaPipeline PBA 32.09 -0.37 SolarEdgeTech SEDG 232.09 -6.71 UBS Group UBS 19.17 -0.22 XPeng XPEV 43.80 -3.52
Bio-RadLab B BIO.B 605.00 4.34 Cleveland-Cliffs CLF 19.55 -1.04 EVRG 64.91 0.39 PNR 66.30 -0.52 Sony SONY 110.04 -5.80 UDR UDR 57.46 -0.96 Xylem
Alphabet A GOOGL 2702.33-17.63 Evergy IAC/InterActive IAC 131.80 -0.36 MagnaIntl MGA 84.78 -3.88 Pentair XYL 108.51 -1.47
Biogen BIIB 230.81 -3.00
Altria MO 50.09 -0.37
Clorox CLX 181.13 0.12 EversourceEner ES 86.87 0.07 ICICI Bank IBN 21.43 -0.46 ManhattanAssoc MANH 132.24 0.54 t Penumbra PEN 218.65 -5.08 Southern SO 68.33 0.32 UGI UGI 46.07 -0.26 t Yandex YNDX 48.34 -0.35
BioMarinPharm BMRN 86.00 -0.71 Cloudflare NET 94.32 0.69
AlumofChina ACH 14.70 0.47
ExactSciences EXAS 76.13 -1.29 ICL Group ICL 10.41 -0.30 ManulifeFin MFC 20.48 -0.33 People'sUtdFin PBCT 20.35 -0.75 SoCopper SCCO 68.40 -0.15 UWM UWMC 5.50 -0.07 YumBrands YUM 124.50 -1.88
BioNTech BNTX 161.66 -7.57
Amazon.com AMZN 3125.98-52.37
Coca-Cola KO 61.00 0.10 Exelon EXC 56.49 0.45 IdexxLab IDXX 519.13 0.96 MarathonOil MRO 19.10 -0.33 s PepsiCo PEP 175.21 1.25 SouthwestAir LUV 44.43 -1.00 Uber UBER 37.86 -0.55 t YumChina YUMC 45.53 -0.13
BlackKnight BKI 73.91 -0.66 Coca-ColaEuro CCEP 58.26 -0.19 SPLK 118.78 0.73 Ubiquiti
Ambev ABEV 2.65 0.04 Expedia EXPE 176.46 -1.10 IHS Markit INFO 119.17 -0.34 MarathonPetrol MPC 73.35 -1.20 PerkinElmer PKI 176.80 3.02 Splunk UI 288.39 1.33 ZTO Express ZTO 29.88 -0.26
BlackRock BLK 825.50 -6.50 Cognex CGNX 68.85 -0.13 SPOT 207.35 -3.52 t UiPath
Amcor AMCR 12.41 0.13 Blackstone BX 112.26 -1.66
ExpeditorsIntl EXPD 119.02 -1.37 ING Groep ING 15.03 -0.24 Markel MKL 1237.74-21.99 PetroChina PTR 51.59 -0.03 Spotify PATH 35.26 -0.25 ZebraTech ZBRA 513.11 -3.61
Amdocs DOX 75.66 0.15 t Block
CognizantTech CTSH 86.04 -0.15 ExtraSpaceSt EXR 198.41 -1.80 Invesco IVZ 23.25 -0.80 MarketAxess MKTX 373.42 8.51 s PetroleoBrasil PBR 12.61 0.15 StanleyBlackDck SWK 182.18 -7.43 UltaBeauty ULTA 371.68 -1.29 Zendesk ZEN 97.57 0.69
SQ 128.14 -1.86 CoinbaseGlbl COIN 219.50 -2.50 ExxonMobil XOM 73.11 0.03 PetroleoBrasilA PBR.A 11.50 0.20 Starbucks SBUX 96.87 -0.86 UnderArmour C UA 16.27 0.12 Zillow A ZG 53.05 -0.04
Amerco UHAL 647.23 -1.98 IPG Photonics IPGP 153.58 -6.16 Marriott MAR 154.20 -5.31
BlueOwlCapital OWL 12.86 -0.02 ColgatePalm CL 84.06 0.94 FFIV 222.80 -0.70 PFE 53.54 -0.57 StateStreet STT 93.88 -7.13 UnderArmour A UAA 18.80 -0.01 Zillow C
Ameren AEE 87.64 0.02
F5 IQVIA IQV 240.28 -2.04 Marsh&McLen MMC 158.27 -0.47 Pfizer Z 54.22 0.15
Boeing BA 217.08 -7.93 Comcast A CMCSA 50.33 0.15 FMC FMC 111.05 0.34 PhilipMorris PM 101.49 -0.24 SteelDynamics STLD 58.96 -0.94 Unilever UL 50.04 3.59 ZimmerBiomet ZBH 123.27 -3.08
AmericaMovil AMX 19.46 -0.46 ITT ITT 96.96 -1.02 MartinMarietta MLM 390.36 -6.12
BookingHldgs BKNG 2377.09 -7.12 Comerica CMA 96.67 -2.84
AmericaMovil A AMOV 19.42 -0.38
FactSet FDS 429.50 0.79 IcahnEnterprises IEP 54.30 -0.34 MarvellTech MRVL 76.89 -0.78 Phillips66 PSX 87.24 -1.42 Stellantis STLA 21.45 -0.14 UnionPacific UNP 239.49 1.45 ZionsBancorp ZION 66.17 -3.26
BoozAllen BAH 87.05 -0.99 CommerceBcshrs CBSH 70.53 -2.63
AmerAirlines AAL 17.31 -0.59 BorgWarner BWA 46.48 -2.48
FairIsaac FICO 438.80 2.86 Icon ICLR 257.05 2.66 Masco MAS 65.59 -0.31 Pinduoduo PDD 64.35 2.82 Steris STE 231.86 1.48 UnitedAirlines UAL 44.40 -1.21 Zoetis ZTS 200.58 -1.79
ConagraBrands CAG 35.56 0.26 t Farfetch FTCH 24.10 -1.33 IDEX IEX 216.10 -1.51 Masimo PinnacleFinPtrs PNFP 105.24 -2.65 STMicroelec STM 46.42 -1.30 UnitedMicro UMC 11.21 -0.13 ZoomVideo ZM 157.23 -0.47
AEP AEP 90.30 -0.02 BostonProps BXP 120.04 -3.39 MASI 223.25 -0.40
Concentrix CNXC169.12 4.72 Fastenal FAST 58.02 -0.37 IllinoisToolWks ITW 242.23 -1.82 Mastercard MA 360.73 -5.57 Pinterest PINS 31.64 -0.05 Stryker SYK 258.30 -2.18 UPS B UPS 203.76 -1.83 ZoomInfoTech ZI 48.97 -0.29
AmerExpress AXP 161.39 -4.78 BostonSci BSX 44.05 -0.17
AmericanFin AFG 130.57 -1.75
Confluent CFLT 61.32 -0.43 FederalRealty FRT 125.62 -4.40 Illumina ILMN 384.36 1.23 MatchGroup MTCH 116.27 0.40 s PioneerNatRscs PXD 219.06 2.97 SumitomoMits SMFG 7.24 -0.12 UnitedRentals URI 307.30 -6.90 Zscaler ZS 253.11 -6.09
BristolMyers BMY 64.72 -0.17 ConocoPhillips COP 87.28 -0.23 FedEx FDX 252.19 -1.14 ImperialOil IMO 41.23 0.47 McAfee PlainsAllAmPipe PAA 10.77 -0.29 SunComms SUI 193.98 -2.83 US Bancorp USB 57.37 -4.82 Zynga ZNGA 9.02 0.03
AmHomes4Rent AMH 41.21 -0.32 BritishAmTob BTI 42.87 -0.40 MCFE 25.64 -0.02
ConEd ED 82.15 0.16 Ferguson FERG 161.62 -3.32 Incyte INCY 74.78 -0.23 McCormickVtg MKC.V 95.87 -1.67 PlainsGP PAGP 11.68 -0.27
AIG AIG 58.84 -2.06 Broadcom AVGO 563.97-13.82 ConstBrands A STZ 242.81 -0.63
AmerTowerREIT AMT 249.00 -1.23
Ferrari RACE 239.08 2.43t Informatica INFA 27.36 -0.73 McCormick MKC 96.06 -1.41 PlugPower PLUG 20.99 -1.84
BroadridgeFinl BR 160.48 0.56 ContinentalRscs CLR 51.84 -0.30 FidNatlFin FNF 52.76 -1.45 Infosys INFY 24.47 -1.04 McDonalds MCD 255.22 -1.26 Pool POOL 490.66 -3.25
AmerWaterWorks AWK 161.02 -0.99 BrookfieldMgt BAM 54.99 -0.57 Cooper COO 398.15 -1.72 FidNatlInfo FIS 113.30 -1.20 58.38 -0.23 McKesson MCK 251.15 -1.39 PrincipalFin PFG 74.59 -1.21
Ameriprise AMP 311.83 -7.37
AmerisourceBrgn ABC 132.39 -1.42
BrookfieldInfr BIP 60.37 1.00
t BrookfieldRenew BEPC 33.42 0.28
Copart CPRT 131.90 -1.04
GLW 35.96 -0.69
FifthThirdBncp FITB 47.97 -1.65
IngersollRand IR
Insulet PODD 235.02 0.92 MedicalProp MPW 23.33 -0.44 t ProcoreTech PCOR 66.29 0.33 Dividend Changes
Ametek AME 138.84 -0.72
Corning FirstAmerFin FAF 77.27 -0.75 Intel INTC 53.62 -1.14 Medtronic MDT 107.76 0.27 Procter&Gamble PG 162.00 5.27
Brown&Brown BRO 64.63 -1.33 Corteva CTVA 47.22 -0.92 FirstCitizBcshA FCNCA 897.89 -7.69InteractiveBrkrs IBKR 72.15 0.22 MercadoLibre MELI 1060.94-39.81 Progressive PGR 107.63 -2.24 Dividend announcements from January 19.
Amgen AMGN 231.30 -2.53 Brown-Forman B BF.B 66.77 0.24 CoStar CSGP 73.15 ... PLD 153.59 0.16
FirstHorizon FHN 17.59 -0.72 ICE ICE 125.81 -0.57 Merck MRK 81.29 -0.25
Prologis
Amphenol APH 78.51 -1.34 Brown-Forman A BF.A 61.65 0.29 COST 490.16 2.09
AnalogDevices ADI 163.06 -3.44
Costco FirstIndRlty FR 61.43 -0.41 InterContinentl IHG 66.42 -0.34 MetaPlatforms FB 319.59 1.44 PrudentialFin PRU 113.19 -2.54 Amount Payable /
Bruker BRKR 68.43 0.08 CoterraEnergy CTRA 20.88 -0.94 FirstRepBank FRC 174.03 -5.91 IBM IBM 131.58 -1.36 MetLife Prudential PUK 34.92 -0.37
AB InBev BUD 65.90 -0.97 BuildersFirst BLDR 72.63 -3.32 t CoupaSoftware COUP 133.09 0.51 MET 66.76 -1.43 Company Symbol Yld % New/Old Frq Record
AnnalyCap NLY 7.79 -0.05
FirstSolar FSLR 81.37 -0.13 IntlFlavors IFF 139.38 -1.84 MettlerToledo MTD 1469.07-14.68 PublicServiceEnt PEG 65.55 0.33
Bunge BG 96.76 -1.33 Coupang CPNG 20.49 -0.12 s FirstEnergy FE 41.42 -0.17 IntlPaper IP 49.35 0.04 MicrochipTech MCHP 76.66 -2.67 PublicStorage PSA 357.04 -2.69 Increased
Anthem ANTM 448.29 0.20 BurlingtonStrs BURL 224.00 4.92 Credicorp BAP 142.42 -0.16 53.10 -1.42
Fiserv FISV 106.05 -0.35 Interpublic IPG 36.48 -0.34 MicronTech MU 90.00 -2.87 PulteGroup PHM
Aon AON 270.63 -2.05 CBRE Group CBRE 98.89 -2.52 CreditAcceptance CACC 553.86-24.74 QGEN 49.79 1.35 Mercantile Bank MBWM 3.2 .31 /.30 Q Mar16 /Mar04
FiveBelow FIVE 168.67 -2.51 Intuit INTU 545.35 7.53 Microsoft MSFT 303.33 0.68 Qiagen
AptIncmREIT AIRC 53.60 -0.58 CDW CDW 189.40 -0.54
ApolloGlbMgmt APO 67.05 -0.60
CreditSuisse CS 9.87 -0.16 Five9 FIVN 127.92 2.82 IntuitiveSurgical ISRG 293.46 -2.03 MidAmApt MAA 209.16 -5.00 t Qorvo QRVO 141.69 -5.30 ONE Gas OGS 3.1 .62 /.58 Q Mar11 /Feb25
CF Industries CF 66.90 -1.35 CrowdStrike CRWD 175.71 2.86 FleetCorTech FLT 237.58 -0.64 InvitatHomes INVH 42.85 -0.41 Middleby Qualcomm QCOM 172.47 -6.39
Apple AAPL 166.23 -3.57 CGI GIB 84.87 -1.77 MIDD 193.73 -4.42
CrownCastle CCI 183.19 -0.81 Flex FLEX 16.95 -0.75 IronMountain IRM 43.24 -0.85 MitsubishiUFJ MUFG 6.02 -0.12 QualtricsIntl XM 26.59 0.21 Reduced
ApplMaterials AMAT 143.07 -9.29 CH Robinson CHRW 107.51 -1.59 s CrownHoldings CCK 116.48 3.61 Floor&Decor FND 102.39 -0.72 ItauUnibanco ITUB 4.25 0.05 MizuhoFin MFG 2.76 0.01 QuantaServices PWR 102.16 -3.44 Permianville Royalty Tr PVL 7.9 .023 /.025 M Feb14 /Jan31
Applovin APP 70.12 -2.32 CME Group CME229.62 6.12 CubeSmart CUBE 50.26 0.14 FomentoEconMex FMX 81.18 -1.93 t QuantumScape QS 17.92 -1.58
APTV 145.88 -3.68 Moderna MRNA 174.07-12.54
Aptiv
Aramark ARMK 34.49 -0.83
CMS Energy CMS 63.44 0.26
CNA Fin CNA 45.38 -0.90
Cullen/Frost CFR 135.84 -4.87 FordMotor F 22.45 -1.93 J K L MohawkInds MHK 161.88 -4.26
QuestDiag DGX 138.98 0.15 Initial
Cummins CMI 231.10 -4.90 Fortinet FTNT 307.16 -1.31
ArcelorMittal MT 35.62 0.35 CNH Indl CNHI 16.30 -0.03 CyrusOne CONE 89.21 -0.05 Fortis FTS 46.48 0.02 JD.com JD 72.30 -1.10 MolinaHealthcare MOH 280.44 4.12 R S Destra Multi-Alt Fd DMA 8.9 .0604 Feb03 /Jan25
ArchCapital ACGL 45.92 -0.67 CRH CRH 51.81 -0.58 Fortive FTV 72.24 -0.52 JPMorganChase JPM 148.93 -2.34 MolsonCoorsB TAP 50.24 -1.41 Guggenheim Active Allo GUG 7.3 .11875 Feb18 /Feb04
s ArcherDaniels ADM 71.00 -0.27 CSX CSX 35.25 ... D E F Jabil JBL 66.85 -2.14 monday.com MNDY 210.49 5.83 RELX RELX 30.57 0.30
FortBrandsHome FBHS 96.95 -1.42
AresMgmt ARES 74.81 -1.05 CVS Health CVS 103.45 -1.06 FoxA FOXA 39.66 -0.24 JackHenry JKHY 166.42 1.05 s Mondelez MDLZ 67.60 0.23 RH RH 416.05-10.22 Stocks
arGEN-X ARGX 278.72 -2.06 CableOne CABO1582.31 17.43 DISH Network DISH 34.05 -1.90 FoxB FOX 36.48 -0.22 JacobsEngg J 128.98 -0.63 MongoDB MDB 384.59 -2.68 RPM RPM 90.53 -0.40
AristaNetworks ANET 125.31 -1.78 CadenceDesign CDNS 153.17 -0.36 DTE Energy DTE 118.67 0.29
Franco-Nevada FNV 137.72 7.64 JamesHardie JHX 35.69 -0.51 MonolithicPower MPWR 413.97 -2.38 RalphLauren RL 113.09 0.78 OneSmart Intl Educ ADR ONE 1:25 /Jan24
ArrowElec ARW 128.44 -2.76 CAE CAE 25.53 -0.97 DXC Tech DXC 32.01 -0.56 FranklinRscs BEN 33.82 -0.44 JazzPharma JAZZ 140.64 -2.11 MonsterBev MNST 86.73 0.03 RaymondJames RJF 102.21 -2.73
Asana ASAN 53.08 -0.13 CaesarsEnt CZR 77.80 -1.36 Danaher DHR 287.03 -1.37 JefferiesFin JEF 36.25 -1.36 Moody's MCO 346.63 2.21 RaytheonTech RTX 89.70 -1.05 Foreign
FreeportMcM FCX 44.08 -0.21
AspenTech AZPN 149.92 -1.48 CamdenProperty CPT 162.50 -2.17 Darden DRI 138.56 -0.81 FreseniusMed FMS 33.74 -0.90 J&J JNJ 166.58 -0.52 MorganStanley MS 95.73 1.72 RealtyIncome O 68.57 -1.16 Gold Royalty GROY ... .01 Mar31 /Mar15
Assurant AIZ 151.53 -1.11 Cameco CCJ 21.82 0.24 DarlingIngred DAR 66.74 -0.39 FullTruck YMM 8.32 -0.05 JohnsonControls JCI 73.71 -1.03 Morningstar MORN 289.21 -5.75 RegalRexnord RRX 167.47 -1.16 IHS Markit INFO 0.7 .20 Q Feb11 /Jan28
AstraZeneca AZN 59.48 -0.36 CampbellSoup CPB 46.04 -0.25 Datadog DDOG 130.91 -0.96 JonesLang JLL 243.28 -6.56 Mosaic MOS 41.94 -1.67 RegencyCtrs REG 72.92 -1.88
Shaw Communications B SJR 3.0 .0791 M May30 /May13
Atlassian TEAM 293.46 -0.17
AtmosEnergy ATO 105.34 -0.07
CIBC CM 130.62 -1.35
CanNtlRlwy CNI 123.23 1.68
DaVita DVA 109.62
DeckersOutdoor DECK 317.50
-2.23
-5.29
G H I JuniperNetworks JNPR 33.57 -0.48 MotorolaSol MSI 244.25 -1.24 RegenPharm REGN 618.11 6.89
JustEatTakeaway GRUB 10.63 -0.06 NICE NICE 255.92 0.52 RegionsFin RF 23.65 -1.16
Autodesk ADSK 254.35 2.32 CanNaturalRes CNQ 53.05 0.27 Deere DE 375.90 -8.01 GDS Holdings GDS 42.57 -0.07 KB Fin KB 51.84 0.43 NIO NIO 28.63 -0.98 RelianceSteel RS 163.70 -0.20
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
Autoliv ALV 102.27 -2.11 CanPacRlwy CP 75.89 0.34 DellTechC DELL 57.96 -1.52 GFLEnvironmental GFL 33.00 -0.56 KE Holdings BEKE 22.71 0.68 NRG Energy NRG 39.87 -0.39 Repligen RGEN 189.58 2.97 ratio; SO: spin-off.

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
ChinaLiberalEduc CLEU 0.98 -1.0 EigerBioPharma EIGR 4.21 0.2 Gevo GEVO 3.74 -2.1 Inuvo INUV 0.42 -2.7 Lightng eMotors ZEV 5.11 -7.7 Mogo MOGO 2.38 -2.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American ChromaDex CDXC 2.75 -3.2 ElancoAnimal ELAN 26.36 -1.6 GibraltarInds ROCK 58.30 -1.5 IterumTherap ITRM 0.36 0.6 Lightspeed LSPD 32.50 -3.3 MolecularData MKD 0.18 -2.6
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Chuy's CHUY 25.23 -3.4 ElancoAnimalUn ELAT 41.57 -1.0 GigIntl1 Wt GIWWW 0.41 -11.4 Itron ITRI 59.04 ... Lilium LILM 5.65 -3.4 MoneyLion ML 2.81 1.1
session. % CHG-Daily percentage change from the previous trading session. Cian CIAN 7.71 -10.0 Elastic ESTC 88.42 -1.0 GinkgoBioworks DNA 5.00 -4.9 JackCreekWt JCICW 0.36 15.0 LionGroup LGHL 1.10 -4.3 MonteRosaTherap GLUE 13.82 1.5
CipherMining CIFR 3.06 -7.8 ElectraVehicles SOLO 2.00 -0.5 GinkgoBioworksWt DNA.WS 1.22 -2.3 JaguarHealth JAGX 0.86 -4.8 Lipocine LPCN 0.93 -1.1 MovingiMage MITQ 1.40 -7.7
CipherMiningWt CIFRW 0.67 -15.2 ElectrameccanicaWt SOLOW 0.46 12.4 GitLab GTLB 58.91 -1.4 JanOne JAN 3.10 -5.0 LiveOne LVO 0.80 -5.8 MullenAuto MULN 3.54 0.5
Wednesday, January 19, 2022 ClarivatePfdA CLVTpA 68.68 -1.0 EledonPharm ELDN 3.70 -6.6 GlobusMaritime GLBS 1.83 1.1 JanusInternational JBI 10.30 3.4 Lizhi LIZI 1.47 -5.1 MuscleMaker GRIL 0.51 20.5
52-Wk % 52-Wk % 52-Wk % Clarivate CLVT 16.20 -2.0 EllsworthPfdA ECFpA 25.43 ... GlycoMimetics GLYC 1.18 -3.2 JasperTherap JSPR 5.00 -5.9 LogicBioTherap LOGC 1.80 -7.0 MusicAcqnWt TMAC.WS 0.44 -12.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ClarusTherap CRXT 1.46 -0.7 EloxxPharm ELOX 0.49 -2.4 GoldenNugget GNOG 7.74 -3.5 JawsJuggernautWt JUGGW 0.86 -6.8 LordstownMotors RIDE 2.81 -2.0 MustangBio MBIO 1.38 -0.7
CleanEnerFuels CLNE 5.68 -0.7 ElysGameTech ELYS 2.19 -8.1 GrabWt GRABW 1.35 -7.3 JawsMustangWt JWSM.WS 0.92 2.0 LucidDiag LUCD 3.78 -4.9 Mynaric MYNA 10.85 -1.6
AbCelleraBio ABCL 9.39 -3.0 AvePointWt AVPTW 0.88 -5.3 CleanSpark CLSK 7.08 -4.0 EmeraldHldg EEX 3.09 -3.7 GracellBiotech GRCL 4.30 0.7 Jewett-Cameron JCTCF 8.02 -0.1 LuminarTech LAZR 13.42 -6.7 NRX Pharm NRXP 3.41 -12.8
Highs AbeonaTherap
AbsoluteSftwr
ABEO
ABST
0.25 -1.3 AvidityBio
7.70 -0.4 AvidXchange
RNA
AVDX
15.36 -4.5
10.59 -1.3
ClearSecure
ClearOne
YOU
CLRO
22.27 1.3 EnduranceAcqnWt EDNCW
1.07 -3.6 Energous WATT
0.44
1.10
-8.8
-4.3
GraybugVision
GreenDot
GRAY
GDOT
1.36
32.83
-2.8
-1.3
Jiayin JFIN
JobyAviationWt JOBY.WS
1.94 -1.3 LunaInnov LUNA
1.02 -8.0 LuxHlthTechAcqnWt LUXAW
6.69
0.79
-3.7
-3.1
NaborsEnerWt NETC.WS
NabrivaTherap NBRV
0.50
0.48
-5.0
-1.7
ALSPOrchidI A ALOR 10.56 0.1 AcaciaResearch ACTG 4.45 -1.7 AvitaTherap RCEL 9.96 -1.6 ClearPtNeuro CLPT 9.15 -2.0 Enfusion ENFN 14.56 -3.9 GreenVisorI Wt GVCIW 0.44 -6.4 JobyAviation JOBY 4.80 -6.1 LyellImmuno LYEL 5.50 -3.3 NanoDimension NNDM 3.36 -2.9
ArcherDaniels ADM 72.12 -0.4 AccelerateWt AAQC.WS 0.68 -3.6 Axogen AXGN 8.42 -0.1 ClearsideBiomed CLSD 2.04 -3.7 ENGlobal ENG 1.03 -1.9 GreenBoxPOS GBOX 3.85 -9.6 JohnsonOutdoors JOUT 85.26 -0.9 MeliKaszek MEKA 10.06 -0.5 NanoXImaging NNOX 10.42 -1.5
AtlanticusPfdB ATLCP 25.55 0.8 Accolade ACCD 17.53 -1.8 AxonPrimeInfrWt APMIW 0.50 -21.8 ClearwaterAnalytic CWAN 16.06 -1.0 Enservco ENSV 0.76 2.8 Greenlane GNLN 0.80 -1.2 JowellGlobal JWEL 3.67 -5.4 MICT MICT 0.73 -3.5 NanoStringTech NSTG 31.89 -3.5
AtlanticusNts26 ATLCL 25.27 -0.1 AclarisTherap ACRS 9.51 ... AytuBioPharma AYTU 1.22 -3.1 Clene CLNN 2.70 ... EnsysceBioWt ENSCW 0.16 -0.6 GreenPowerMotor GP 6.31 -4.9 JumiaTech JMIA 8.85 -3.6 M3-BrigadeIIIWt MBSC.WS 0.50 -7.4 NanoViricides NNVC 2.57 2.3
BCE BCE 53.41 -0.4 AcordaTherap ACOR 1.78 -4.3 BIMI Intl BIMI 0.39 -2.4 CleneWt CLNNW 0.28 -1.4 EnthusiastGaming EGLX 2.37 -4.0 GreenproCap GRNQ 0.51 -5.2 JupaiHoldings JP 0.74 -10.5 MacondrayCapIWt DRAYW 0.48 -6.9 NantHealth NH 0.78 -10.0
BHP Group BBL 68.17 2.9 AcropolisInfrWt ACRO.WS 0.69 -19.1 BabcockWilcoxNts BWNB 24.43 -0.1 CleverLeaves CLVR 2.07 -8.3 EntradaTherap TRDA 7.47 -0.2 GreenwichLife GLSI 18.51 0.1 JupiterWellnessWt JUPWW 0.51 -6.2 Macrogenics MGNX 13.22 -1.0 Natera NTRA 61.02 0.1
BP Midstream BPMP 18.75 -0.7 ActiniumPharm ATNM 5.35 -0.9 BallardPower BLDP 10.39 -2.1 CleverLeavesWt CLVRW 0.27 -9.8 EnvericBiosci ENVB 0.66 -2.7 Gritstone GRTS 5.51 -3.3 JupiterWellness JUPW 0.71 -2.9 MadrigalPharm MDGL 68.01 -5.1 NationalVision EYE 36.92 -1.0
BP BP 32.64 -0.9 AcutusMedical AFIB 2.40 -2.8 Bally's BALY 30.68 -3.5 CloopenGroup RAAS 2.24 3.1 EosEnergy EOSE 4.96 -4.4 GrowGeneration GRWG 8.62 -2.0 KKRAcqnI Wt KAHC.WS 0.90 ... MagentaTherap MGTA 4.19 -2.1 NautilusBiotech NAUT 4.10 0.2
BancFirst BANF 78.51 -2.1 AdaptimmuneTher ADAP 3.00 -1.6 BassettFurniture BSET 14.29 -5.0 CloverHealth CLOV 2.76 -3.5 EosEnergyWt EOSEW 1.60 -0.6 GuardantHealth GH 71.11 -0.8 KaixinAuto KXIN 1.00 ... Magnite MGNI 13.68 -2.6 Nautilus NLS 5.42 -1.6
Banner BANR 66.79 -1.7 AdaptiveBiotech ADPT 17.28 -2.4 Beachbody BODY 1.76 -3.2 CodiakBioSci CDAK 7.07 -2.7 EpiphanyTechWt EPHYW 0.47 -9.6 GuardionHlth GHSI 0.50 -7.8 KalaPharm KALA 0.92 -1.9 MaidenHldgsPfdA MHpA 10.21 -1.0 NeoGames NGMS 23.78 -0.7
BlueOceanAcqn BOCNU 10.10 0.5 ADDvantage AEY 1.27 3.1 BeachbodyWt BODY.WS 0.20 -4.5 CognyteSoftware CGNT 12.38 -1.2 Epizyme EPZM 2.04 1.4 HCW Biologics HCWB 2.01 -3.7 KingsoftCloud KC 11.50 -3.4 MalibuBoats MBUU 60.54 -1.3 Neogen NEOG 36.29 -2.5
CenaqEnergyA CENQ 9.96 0.3 AditEdTechWt ADEX.WS 0.36 2.5 BeamGlobal BEEM 13.16 -7.3 Cohbar CWBR 0.33 -1.6 EQRx EQRX 5.38 -13.5 HEXO HEXO 0.57 -3.0 KinnateBio KNTE 12.83 -15.7 Mandiant MNDT 15.63 -0.7 NeoGenomics NEO 22.39 -3.8
CNX Resources CNX 16.22 -2.7 Aditxt ADTX 0.43 -2.3 BeamGlobalWt BEEMW 7.41 -8.0 Colonnade II Wt CLAA.WS 0.52 -3.8 Erasca ERAS 11.00 -7.1 HHG Capital Wt HHGCW 0.23 5.5 KiromicBiopharma KRBP 1.06 -12.4 MaravaiLifeSci MRVI 26.89 -3.4 NeoleukinTherap NLTX 3.37 ...
CVR Energy CVI 23.00 -3.8 AdTheorent ADTH 4.90 -7.8 BeardEnerWt BRD.WS 0.43 -2.3 ComputeHlthWt CPUH.WS 0.67 -10.0 Escalade ESCA 13.79 2.4 H.I.G.AcqnWt HIGA.WS 0.53 -4.4 KronosBio KRON 9.86 -1.1 MarketWiseWt MKTWW 0.83 -9.8 Nephros NEPH 4.92 1.2
Chevron CVX 130.15 -0.4 AdvantageSolns ADV 6.63 -3.3 BensonHillWt BHIL.WS 0.41 -18.7 ConcordMed CCM 1.77 -3.7 EsperionTherap ESPR 3.61 0.1 HailiangEduc HLG 10.31 -2.9 LAIX LAIX 0.48 -1.8 Markforged MKFG 4.56 -0.8 NeuBaseTherap NBSE 1.76 -4.8
ChicagoAtlRealEst REFI 20.29 1.7 AdventTech ADN 4.73 -7.0 BerensonAcqnIWt BACA.WS 0.45 12.0 Conformis CFMS 0.61 -1.7 EsportsEnt GMBL 2.80 -10.4 HallofFameResort HOFV 1.32 -0.7 LamfGlbI Wt LGVCW 0.44 -11.6 Marqeta MQ 12.38 -1.1 Neuronetics STIM 3.62 -1.6
Church&Dwight CHD 104.84 -0.3 AdventTechWt ADNWW 0.71 -6.2 BerkshireGrey BGRY 3.50 -1.4 ConsldWater CWCO 9.85 -2.2 EsportsTech EBET 12.59 -1.2 HallofFameWt HOFVW 0.21 -2.0 Lensar LNSR 5.80 0.3 MaxCyte MXCT 7.04 -1.2 NewVistaAcqnWt NVSAW 0.50 -3.6
ClarosMtg CMTG 18.74 -1.7 AequiAcqnWt ARBGW 0.42 ... BerkshireGreyWt BGRYW 0.63 -3.0 ConstructionPtrs ROAD 23.75 -5.2 EveloBiosci EVLO 4.91 0.6 HamiltonBeach HBB 12.16 -4.2 LFCapAcqnIIWt LFACW 0.37 9.1 MaxeonSolar MAXN 11.31 -3.3 NewAge NBEV 0.76 -5.0
CleanTechRt CLAQR 0.39 30.0 AeroCleanTech AERC 6.09 -6.7 BetterChoice BTTR 2.57 -1.1 ContextTherap CNTX 2.06 -3.7 Everbridge EVBG 51.14 -1.8 HannonArmstrong HASI 41.86 ... LGL Group LGL 9.51 -2.6 MaxproCapWt JMACW 0.33 -1.5 NextCure NXTC 5.33 -0.2
ColumbiaFin CLBK 21.24 -1.1 AEternaZentaris AEZS 0.33 -1.0 BetterTherap BTTX 3.97 -0.7 ContextLogic WISH 2.43 -0.8 EverestConsolidWt MNTN.WS 0.44 -2.2 HarpoonTherap HARP 5.35 0.6 LMP Auto LMPX 6.55 -1.3 McLarenTechWt MLAIW 0.35 -16.7 Nikola NKLA 8.51 -6.5
CrownHoldings CCK 116.89 3.2 AevaTech AEVA 5.00 -4.4 BeyondSpring BYSI 3.52 -4.1 ContraFect CFRX 2.28 -0.4 Evogene EVGN 1.36 -6.7 HashiCorp HCP 62.19 -2.9 LSI Inds LYTS 6.09 -1.3 MediciNova MNOV 2.35 -1.6 9MetersBiopharma NMTR 0.80 -5.0
DorchesterMnls DMLP 22.86 -2.8 AevaTechWt AEVA.WS 0.96 -8.6 BigSkyGrowthWt BSKYW 0.60 -7.6 ConyersParkIIIWt CPAAW 0.80 -10.0 Evolus EOLS 5.15 1.3 HawksAcqnWt HWKZ.WS 0.39 -2.5 LairdSuperfood LSF 8.72 -4.7 MeiwuTechnology WNW 1.85 -8.2 908Devices MASS 15.32 -8.3
ENI E 30.64 1.0 AEyeWt LIDRW 0.40 -27.1 BigCommerce BIGC 28.60 0.1 CooTekCayman CTK 0.35 4.2 EvolveTransit SNMP 0.39 -6.1 HaymakerIII Wt HYACW 0.50 2.4 LandosBio LABP 3.25 -4.4 MemberCollect MCG 9.25 -2.3 NiSunIntlEntDevt NISN 1.80 -11.5
EverestRe RE 293.74 -1.2 AEye LIDR 3.01 -4.7 BioAtla BCAB 10.79 -2.0 CorMedix CRMD 4.22 -3.6 Exagen XGN 8.50 -4.6 HealthAssurWt HAACW 0.70 -10.0 Lannett LCI 1.50 -1.3 MercuryEcommWt MEACW 0.39 -9.3 nLIGHT LASR 20.07 -6.0
FirstWesternFin MYFW 34.20 0.9 AfterNextA AFTR 9.64 -0.1 Biocept BIOC 3.10 -0.9 CornerGrowthWt COOLW 0.48 -11.1 ExcelFinAcqnWt XFINW 0.49 ... HealthCatalyst HCAT 29.58 -2.3 LanternPharma LTRN 6.34 -3.2 MereoBioPharma MREO 1.24 -2.3 NobleRockWt NRACW 0.40 -8.9
FirstEnergy FE 41.94 -0.4 AgEagleAerial UAVS 1.29 -7.1 BionanoGenom BNGO 2.30 -1.3 CoupaSoftware COUP 131.09 0.4 ExelaTech XELA 0.47 -6.0 HeartlandExp HTLD 15.55 -0.1 LazardGrowthIWt LGACW 0.65 -4.3 MeridianLink MLNK 16.94 -0.1 NorthernStarII NSTB.U 9.71 0.1
FlowersFoods FLO 29.73 -0.2 AgileTherap AGRX 0.34 -5.0 BioPlusAcqnUn BIOSU 9.97 -0.7 Coursera COUR 20.45 -1.1 Expensify EXFY 25.75 -3.2 HeatBiologics HTBX 2.87 -2.4 LefterisAcqnWt LFTRW 0.53 0.9 MetaMaterials MMAT 2.02 -1.0 NorthernStrII Wt NSTB.WS 0.52 -1.8
GMedInnov GMVD 6.74 45.4 agilon health AGL 16.84 -5.2 BiotechAcqnWt BIOTW 0.42 -8.5 Cronos CRON 3.58 -2.4 EzFill EZFL 1.16 -2.5 Helbiz HLBZ 4.77 -5.2 LeMaitreVascular LMAT 43.03 -3.1 Metacrine MTCR 0.51 -3.0 NorthernStrIII Wt NSTC.WS 0.71 0.1
GlobalinkInvt GLLI 9.89 -0.2 Agora API 11.92 -2.5 BioXcelTherap BTAI 17.66 -0.8 Cryoport CYRX 42.40 -1.8 FARO Tech FARO 57.67 -0.2 Heliogen HLGN 4.25 -5.2 Lemonade LMND 31.16 -4.9 MetenHolding METX 0.19 -2.7 NorthernStrIV Wt NSTD.WS 0.71 -2.8
GoldenbridgeAcqn GBRG 9.97 0.2 Agriforce AGRI 1.60 -0.6 BirdGlobalWt BRDS.WS 0.44 11.8 CullinanOncology CGEM 12.55 0.2 Figs FIGS 21.44 -1.4 HeliusMedical HSDT 4.46 -3.2 LexinFintech LX 3.33 -1.8 MetroMile MILE 1.62 -4.1 NovaLifestyle NVFY 1.69 2.3
GuarFedBcsh GFED 34.86 -0.2 AIkidoPharma AIKI 0.49 -4.3 BitNile NILE 0.90 -7.9 CureVac CVAC 22.06 ... FTC Solar FTCI 4.35 -6.1 HemisphereMedia HMTV 6.66 -2.4 LibertyBroadbandA LBRDA 137.94 0.2 MicroVision MVIS 3.38 -0.9 NovaBayPharm NBY 0.32 -1.0
HancockWhitney HWC 59.82 1.3 AileronTherap ALRN 0.44 0.3 BlackMountainWt BMAC.WS 0.38 -5.0 CuriosityStrmWt CURIW 0.82 -6.1 FaradayFutureWt FFIEW 0.78 8.4 HepionPharm HEPA 1.03 -3.6 LibertyBroadbandC LBRDK 140.25 -0.3 MiMedx MDXG 4.64 -1.9 Novan NOVN 3.36 -3.7
Hershey HSY 201.44 0.7 AirspanNetworksWt MIMO.WS 0.46 12.3 BladeAirWt BLDEW 1.23 2.3 CuriosityStream CURI 4.76 -3.8 Farfetch FTCH 24.07 -5.2 HeronTherap HRTX 8.05 2.9 LibertyTripAdvB LTRPB 13.41 1.6 MindMed MNMD 1.00 -1.9 Novavax NVAX 91.70 -6.2
Ingredion INGR 101.85 0.1 Akerna KERN 1.46 -5.1 BladeAir BLDE 6.13 -0.6 CyclerionTherap CYCN 1.23 0.8 Fastly FSLY 29.43 -1.4 HillstreamBio HILS 2.52 -7.6 LifeTime LTH 15.75 -4.0 MirionTech MIR 8.46 -5.0 NurixTherap NRIX 19.14 -2.0
IntegratedMedia IMTE 11.68 8.5 Akouos AKUS 5.96 -12.7 bleuacaciaWt BLEUW 0.37 -11.7 CymaBayTherap CBAY 2.92 -4.9 FateTherap FATE 38.90 -3.2 Hims&HersHealth HIMS 4.82 -2.6 LifeStanceHealth LFST 7.64 -1.5 MobileTeleSys MBT 7.15 0.3 NuvationBioWt NUVB.WS 0.91 -2.8
IntegratedWellA WEL 9.88 ... AkoustisTechs AKTS 5.50 -3.8 Block SQ 127.25 -1.4 CyteirTherap CYT 5.56 0.7 Fathom FTHM 16.90 -6.9 Hippo HIPO 2.23 -0.4 LightningWt ZEV.WS 0.93 -5.5 ModivCare MODV 112.78 -7.0 Continued on Page B11
KosmosEnergy KOS 4.89 -7.3 AlignTech ALGN 486.11 1.6 BlockchainCoinWt BCSAW 0.58 ... D&ZMediaWt DNZ.WS 0.44 -6.1 FieldTripHealth FTRP 1.91 1.0 HireRight HRT 12.78 -2.9
LandmarkBncp LARK 30.00 0.2 AlignmentHlthcr ALHC 7.26 -4.2 BlonderTongueLab BDR 0.48 4.7 DiceTherap DICE 14.77 -4.4 FinStrategiesWt FXCOW 0.26 ... Honest HNST 6.41 0.8
LumentFinRt LFTr 0.17 -12.6 AligosTherap ALGS 3.01 -3.8 BloomEnergy BE 16.70 -1.2 DSS DSS 0.55 -10.4 FinStrategiesA FXCO 9.81 0.2 HorizonII Wt HZON.WS 0.73 5.1
MercantileBank MBWM 40.01 0.8 AlkamiTech ALKT 15.07 0.5 bluebirdbio BLUE 7.53 -4.6 DanimerScientific DNMR 5.26 -8.9 FirstWatchRest FWRG 13.53 -7.4 HudsonExecII Wt HCIIW 0.58 -1.4
MesaRoyalty MTR 7.99 8.6 AllenaPharm ALNA 0.41 -2.2 BlueprintMed BPMC 72.41 -0.9 DRIO 9.56 -3.3 FluenceEnergy FLNC 21.82 -6.6 HudsonExecIII Wt HIIIW 0.51 -3.6
Mondelez MDLZ 68.17 0.3 Allot ALLT 10.06 -1.7 BoneBiologics BBLG 3.08 -1.6
DarioHealth
DeepLakeCapWt DLCAW 0.48 ... Fluent FLNT 1.67 -4.5 Humacyte HUMA 5.26 -2.8
ADVERTISEMENT
MountRainier RNER 9.95 0.3 AlloVir ALVR 8.70 -4.8 BoqiiHolding BQ 0.68 ... DefinitiveHlthcr DH 19.17 -4.8 Fluidigm FLDM 2.93 1.0 HumanCoAcqnWt HMCOW 0.58 -9.0

The Marketplace
NGLEngyPfdC NGLpC 18.15 0.2 AllstateDeb ALLpB 25.37 0.1 BreezeHldgsWt BREZW 0.30 -10.7 DelcathSystems DCTH 6.44 0.1 ForgeRock FORG 14.28 -2.6 Humanigen HGEN 2.64 -1.5
NSTS Bancorp NSTS 12.90 25.9 AlphaPtrsWt APTMW 0.48 -13.1 BridgetownWt BTWNW 0.76 -2.3 DesktopMetal DM 3.96 -1.0 FormaTherap FMTX 10.75 -0.7 Hydrofarm HYFM 20.80 -2.4
NationalGrid NGG 74.35 0.4 AlphaTeknova TKNO 14.95 -4.0 BrightHealth BHG 2.80 -2.4 DiamedicaTherap DMAC 2.78 -1.3 ForteBiosci FBRX 1.50 -0.6 Hyliion HYLN 4.74 -2.4
NewProvidenceII A NPAB 9.97 0.4 Alpine4 ALPP 1.50 -7.3 BrightMindsBio DRUG 2.70 -1.1 DiffusionPharm DFFN 0.26 0.9 FortressBiotech FBIO 2.08 -2.8 Hyperfine HYPR 5.08 -10.7
NicoletBankshares NCBS 90.00 3.1 Altimmune ALT 7.10 -2.6 BrightScholarEduc BEDU 0.82 -13.3 DigitalBrands DBGI 1.31 -9.5 FortressCapWt FCAX.WS 0.60 1.5 HyzonMotorsWt HYZNW 0.80 -10.5 To advertise: 800-366-3975 or WSJ.com/classifieds
NoEuroOil NRT 12.00 -4.7 AltusPower AMPS 8.23 -4.8 BrookfieldRenew BEPC 32.83 0.8 DigitalTurbine APPS 43.44 -6.1 FortressVal III Wt FVT.WS 0.65 -2.9 HyzonMotors HYZN 4.46 -7.1
NorthropGrum NOC 408.97 ... AlzamendNeuro ALZN 1.60 ... BrookfieldRenew BEP 32.30 1.1 Dingdong DDL 5.73 -23.8 4Dpharma LBPS 4.25 -0.2 IDEAYA Bio IDYA 16.13 0.2
OccidentalPetrol OXY 37.00 -0.6 AmbowEduc AMBO 0.77 -1.2 BrooklynImmuno BTX 2.89 -5.2 DirectSellingAcqnWt DSAQ.WS 0.37 -3.9 FoxWayneEntsWt FOXWW 0.31 -17.7 IG Acqn Wt IGACW 0.55 -3.2
OccidentalPetrolWt OXY.WS 17.75 0.2 Amedisys AMED 132.79 -2.1 BuildAcqnWt BGSX.WS 0.50 -10.7 Diversey DSEY 12.03 -0.1 FrankLtdRt FTFrw 0.06 21.7 IMAC Wt IMACW 0.21 -13.8 BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
OxfordLaneNts2027 OXLCZ 25.20 0.4 AmOutdoorBrands AOUT 16.17 -0.1 BuzzFeed BZFD 4.06 -3.9 dLocal DLO 25.50 3.2 FrazierLifesWt FLACW 0.51 13.8 IMPAC Mortgage IMH 1.00 -3.7
PacGE pfI PCGpI 25.90 -6.5 AmerSupercond AMSC 8.71 -3.9 Cadiz CDZI 2.98 0.6 DocGo DCGO 6.77 -5.5 FreelineTherap FRLN 1.35 -3.4 ITTechPkg ITP 0.21 -4.1
PepsiCo PEP 175.96 0.7 AmericanWell AMWL 4.21 1.6 CBAK Energy CBAT 1.16 -3.3 DoubleVerify DV 23.84 -0.7 fuboTV FUBO 11.81 -3.2 iBio IBIO 0.47 ...
PermRock PRT 8.35 3.3 AmericasTechWt ATA.WS 0.40 -3.5 CenaqEnergyWt CENQW 0.33 -4.3
PetroleoBrasil
Phillips66Ptrs
PBR
PSXP
12.88
44.96
1.2
-1.4
Amplitude
AndrettiAcqn
AMPL 38.67 -2.3 C4 Therap
WNNR.U 10.00 -0.2 CN Energy
CCCC
CNEY
24.59 -2.7
1.98 -11.2
DraftKings
DriveShack
DuckCreekTech DCT
DKNG
DS
21.33 -3.5 FuelTech
1.37 -3.5 FuelCell
25.33 -3.9 FusionFuelGreen HTOO
FTEK
FCEL
1.19
4.28
7.25
-4.0
-6.1
-10.4
icad
Icosavax
Ideanomics
ICAD
ICVX
IDEX
5.14
14.92
1.05
-2.5
1.1
-5.4
 
 
PioneerNatRscs PXD
RigelResource RRAC.U
219.57
10.20
1.4
...
AntelopeEnterprise AEHL
Appian APPN
1.25 -9.8 CompassPath
51.22 2.6 CRISPR Therap CRSP
CMPS 16.60 -3.6
63.86 -1.3
Duolingo DUOL 85.00 1.6 FutureFinTech FTFT 0.91 -5.4 iHuman IH 2.60 -5.0   



1.25 -7.1 AppliedGenetic AGTC 1.65 -4.0 C3.ai AI 26.48 -0.6
Durect DRRX 0.71 -1.0 FutureHealthWt FHLTW 0.45 -4.3 Imara IMRA 1.76 -1.1

RigelResourceWt RRAC.WS
RoyalDutchA RDS.A 51.28 -0.3 AppliedMolecular AMTI 9.60 -9.3 CadizPfdA CDZIP 15.45 -3.1
Dynatronics DYNT 0.90 -1.8 GAN GAN 6.94 -1.7 Immuneering IMRX 11.03 -0.6
  
 
 
SB Financial SBFG 21.02 1.3 AppliedTherap APLT 3.55 -4.3 CalAmp CAMP 5.83 -2.5
ECMOHO
E-HomeHousehold EJH
MOHO 0.33 -2.2 GCM Grosvenor GCMG
0.96 -3.9 G1Therapeutics GTHX
9.62
9.06
...
-0.4
Immunocore
Immunome
IMCR
IMNM
20.28
8.10
-3.8
-8.2
  
Sasol SSL 20.75 3.9 AppliedUV
ApreaTherap
AUVI
APRE
1.85 -8.4 CalitheraBiosci
2.40 -2.0 CallawayGolf
CALA
ELY
0.49 -1.8
24.00 0.2
ENDRA LifeSci NDRA 0.62 -3.1 GSquaredI Wt GSQD.WS 0.67 -10.3 InfinityPharm INFI 1.26 -1.6  

SealedAir SEE 68.99 3.3 ENDRA LifeWt NDRAW 0.05 -23.4 GT Biopharma GTBP 2.55 -5.4 Informatica INFA 26.95 -2.6   
 
SemperParatusA LGST 9.99 -0.2 AptevoTherap APVO 6.23 -1.5 Calyxt CLXT 1.95 -3.4 EsgenAcqnWt ESACW 0.42 -6.7 GabelliUtilPfdA GUTpA 25.19 -0.9 InnovizTech INVZ 3.87 -1.0  
SunLifeFinancial SLF 58.16 -1.4 Aptorum APM 1.19 -3.9 CambiumNtwks CMBM 21.34 -0.5 ESM Acqn Wt ESM.WS 0.55 -3.4 GainTherap GANX 4.47 -0.6 InovioPharma INO 4.17 -2.0   
Synalloy SYNL 17.86 3.3 AquaMetals AQMS 0.96 -3.9 CanadaGoose GOOS 31.25 -1.9 E2open ETWO 7.85 -1.4 GardinerHlthcrWt GDNRW 0.29 -12.1 Inseego INSG 4.65 -2.3
TeckRscsB
TelekmIndonesia TLK
TECK 35.37
29.93
1.2
1.1
AquaBountyTech AQB
ArborRaphaCapBioI ARCKW
1.78 -1.1 CanadianSolar
0.45 -7.2 CanoHealthWt
CSIQ
CANO.WS
26.38 -3.3
1.25 -7.9
EVI Industries EVI 23.05 -5.9 Gelesis GLS 5.32 -7.2 InstilBio TIL 12.27 0.6   !" # $$%&' ((  
 
EzgoTech EZGO 1.15 -6.5 GelesisWt GLS.WS 0.26 -41.4 Intapp INTA 20.09 -0.8 
  
TotalEnergies TTE 58.83 1.2 ArcherAviationWt ACHR.WS
Arcimoto FUV
0.50 -7.5 CanoHealth
6.81 -0.9 CanopyGrowth
CANO
CGC
5.91 -4.6
7.61 -1.8
EastmanKodak KODK 4.21 -0.7 GeminiTherap GMTX 1.96 1.5 IntegratedWellWt WEL.WS 0.33 -18.7       !"#$%
US Oil Fund USO 61.90 0.1
USBrentOilFd BNO 23.90 0.1 AresAcqnWt AAC.WS 0.72 8.3 CardiffOncology CRDF 4.45 -25.9
EditasMedicine EDIT 19.62 -0.2 GeoVaxLabs GOVX 2.61 -0.8 Intellicheck IDN 4.32 -8.7
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USComdtyIndxFd USCI 47.18 0.8 AridisPharm ARDS 1.35 -2.8 CareDx CDNA 37.32 -3.9
USGasolineFd UGA 45.67 -0.1 ArrayTech ARRY 11.43 -3.4 CaribouBio CRBU 10.52 4.2
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US12moOilFd USL 31.50 0.2 Arrival
ArrowheadPharm ARWR
ARVL 5.78 -3.8 CarMax KMX
53.64 -0.6 CarneyTechII Wt CTAQW
107.58 -2.5
0.60 -1.6
IPO Scorecard 66678:;8 <7
UnivestFin
VOC Energy
UVSP
VOC
31.93
6.00
-1.6
0.7 ArteloBiosci ARTL 0.40 2.4 CarParts.com PRTS 9.26 -1.6 Performance of IPOs, most-recent listed first -+  =>?3      
ValeroEnergy
ValueLine
VLO
VALU
86.58
57.50
-1.7
3.8
ArtemisStratInvtWt ARTEW
Arteris AIP
0.44 -1.8 CascadeAcqnWt CAS.WS
13.22 -8.1 CassInfoSys CASS
0.41 -6.6
38.84 -1.4
% Chg From % Chg From )#***#+))#,)+-
VerintSystems VRNT 54.41 ... AsensusSurg ASXC 0.84 -4.1 CastleBiosci CSTL 32.96 -1.5 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day 
 !"#$%&
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
WPP
WarriorMetCoal HCC
WPP 82.31
29.30
0.8
1.3
AsiaPacificWire APWC
AslanPharm ASLN
1.50 -3.4 CastorMaritime CTRM
0.96 -2.0 CatalystBiosci CBIO
1.23 -1.6
0.69 ...
'(() ((*(
WorldwideWebbA WWAC 9.82 -0.4 AspiraWomenHlth AWH 1.22 -2.4 CatalystPtrsWt CPARW 0.69 -6.2
AIB Acquisition 9.97 –0.3 ... TPG 34.00 15.3 ...  
       

  
AIBBU Jan. 19/$10.00 TPG Jan. 13/$29.50  
    

THEMARKETPLACE
Zogenix ZGNX 26.57 65.7 AssemblyBiosci ASMB 1.76 ... Cazoo CZOO 4.30 0.9
AstraSpace ASTR 5.06 -2.9 CazooWt CZOO.WS 0.69 -8.8
Atlantic Coastal Acquisition II 10.00 ... ... 10X Capital Venture Acquisition III 10.05 0.5 –0.4
Lows AsureSoftware ASUR
AteaPharm AVIR
6.90 -1.0 Cellectis
6.79 -0.3 Celsion
CLLS
CLSN
6.70 -2.3
0.42 -0.7 ACABU Jan. 14/$10.00 VCXB.UT Jan. 12/$10.00 ADVERTISE TODAY
AC Immune
AF Acqn Wt
ACIU
AFAQW
4.47
0.49
-1.7
-5.8
AtlStreetAcqnWt ASAQ.WS
AtlasCrestII Wt ACII.WS
0.45 ... CenntroElec
0.55 -14.0 Ceragon
CENN
CRNT
2.55 -6.5
2.33 2.6
Papaya Growth Opportunity I 10.01 0.1 –0.1 Gores Hldgs IX 10.01 0.1 0.1    
 
AGM AGMH 1.89 -11.5 Audacy AUD 2.22 -4.7 ChangeHlthcrUn CHNGU 66.14 -1.8 PPYAU Jan. 14/$10.00 GHIXU Jan. 12/$10.00 (800) 366-3975 
AIB Acqn AIBBU 9.97 -0.3 AuroraCannabis ACB 4.85 -4.9 ChangeHlthcr CHNG 20.06 -0.8  
AIM Immuno AIM 0.78 -9.1 AuroraInnov AUR 6.15 -5.7 ChargePoint CHPT 13.92 -0.4 Andretti Acquisition 10.00 ... –0.3 Hillstream BioPharma 2.57 –35.8 –26.1 For more information visit:   ! """#
$%&  "
a.k.a.Brands AKA 6.76 -1.7 AusterlitzI Wt AUS.WS 0.75 -6.0 CharterComms CHTR 574.17 -0.2 WNNR.UT Jan. 13/$10.00 HILS Jan. 12/$4.00  '  ()  *"
Ammo POWW 4.35 -4.1 AusterlitzII Wt ASZ.WS 0.82 -0.6 ChavantCapWt CLAYW 0.36 -18.2 wsj.com/classifieds
APAcqnUn APCA.U 10.03 -0.4 AutolusTherap AUTL 4.11 -1.9 CheckmatePharm CMPI 2.29 4.4 Consilium Acquisition I 10.03 0.3 ... Industrial Acquisitions II 10.01 0.1 –0.3 +(  ,"""
ARCAbiopharma ABIO 1.92 -0.3 Avalara AVLR 102.80 0.2 ChembioDiagn CEMI 1.00 -1.9
CSLMU Jan. 13/$10.00 ITAQU Jan. 12/$10.00 (-.( /.  0
© 2022 Dow Jones & Company, Inc.
AST Space
AveoPharma
ASTS
AVEO
5.98
3.72
-1.1
-0.5
AvaloTherap
AveannaHealth AVAH
AVTX 0.81 -6.8 ChemomabTherap CMMB
5.66 -1.9 ChewyA CHWY
5.82 -6.5
41.92 -2.5 All Rights Reserved. )(  $1 "2
Ayro AYRO 1.29 -3.7 AvePoint AVPT 5.63 -2.9 ChinaJoJoDrug CJJD 0.33 5.1 Sources: Dow Jones Market Data; FactSet
 .

B8 | Thursday, January 20, 2022 THE WALL STREET JOURNAL.

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 .

THE WALL STREET JOURNAL. Thursday, January 20, 2022 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
35028.65 t 339.82, or 0.96% Trailing P/E ratio 21.51 29.54 4532.76 t 44.35, or 0.97% Trailing P/E ratio * 28.55 40.98 14340.26 t 166.64, or 1.15% Trailing P/E ratio *† 37.85 39.98
High, low, open and close for each P/E estimate * 18.59 25.45 High, low, open and close for each P/E estimate * 21.10 24.15 High, low, open and close for each P/E estimate *† 27.62 30.48
trading day of the past three months. Dividend yield 1.97 1.93 trading day of the past three months. Dividend yield * 1.30 1.56 trading day of the past three months. Dividend yield *† 0.66 0.75
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

36900 4800 16200

36300 4725 15850

35700 4650 15500

35100 4575 15150

Session high
65-day moving average DOWN UP 34500 4500 65-day moving average 14800
t

Session open Close

Close Open
t

33900 65-day moving average 4425 14450

Session low
Bars measure the point change from session's open
33300 4350 14100
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
*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* 941,709,625 18,615,184
Industrial Average 35547.83 35015.49 35028.65 -339.82 -0.96 36799.65 29982.62 12.3 -3.6 12.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 266,798,335 11,065,336
Transportation Avg 15769.66 15540.42 15588.08 -69.39 -0.44 17039.38 12087.99 18.8 -5.4 15.9 Most-active issues in late trading Decl. volume* 669,733,604 6,467,539
Utility Average 954.39 942.42 944.56 1.80 0.19 980.78 795.61 9.2 -3.7 10.2 Volume After Hours Issues traded 3,522 280
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 46728.81 45883.65 45903.33 -469.39 -1.01 48929.18 39056.49 13.2 -5.6 18.6 Advances 1,063 126
SPDR S&P 500 SPY 10,107.7 451.78 0.03 0.01 452.32 451.11
Barron's 400 1055.46 1034.20 1034.50 -14.91 -1.42 1127.20 866.20 13.9 -6.5 15.6 Declines 2,316 145
Finl Select Sector SPDR XLF 9,115.7 39.24 -0.02 -0.04 39.35 39.21
Unchanged 143 9
Nasdaq Stock Market Apple AAPL 6,125.6 165.61 -0.62 -0.37 166.23 165.01 New highs 50 1
Nasdaq Composite 14658.89 14331.65 14340.26 -166.64 -1.15 16057.44 12609.16 6.6 -8.3 26.1 Block SQ 4,819.4 127.72 -0.42 -0.33 128.45 126.80 New lows 312 38
Nasdaq-100 15382.00 15038.44 15047.84 -162.92 -1.07 16573.34 12299.08 13.2 -7.8 30.4 Intel INTC 4,327.7 53.66 0.04 0.07 53.92 53.51 Closing Arms† 1.02 0.38
Weibo ADR WB 4,032.2 33.55 ... unch. 33.66 33.55 Block trades* 4,268 155
S&P
-0.97
Invesco QQQ Trust I QQQ 3,821.6 366.42 -0.06 -0.02 366.84 345.99
500 Index 4611.55 4530.20 4532.76 -44.35 4796.56 3714.24 17.7 -4.9 19.3 Nasdaq NYSE Arca
iShares MSCI Japan ETF EWJ 3,512.1 65.51 0.16 0.24 65.64 65.35
MidCap 400 2742.74 2686.07 2687.06 -37.01 -1.36 2910.70 2340.12 8.8 -5.5 13.9 Total volume*4,628,037,105 332,748,852
SmallCap 600 1357.23 1327.65 1328.24 -23.50 -1.74 1466.02 1188.71 8.0 -5.2 12.8 Percentage gainers… Adv. volume*1,466,646,626 141,165,468
Casper Sleep CSPR 2,181.1 6.40 0.67 11.69 6.60 5.70 Decl. volume*3,094,274,773 189,796,467
Other Indexes
Scorpio Tankers STNG 164.6 13.46 0.96 7.68 13.55 12.50 Issues traded 4,958 1,690
Russell 2000 2109.23 2062.18 2062.78 -33.44 -1.60 2442.74 2062.78 -4.5 -8.1 11.6
Advances 1,543 577
NYSE Composite 17059.19 16814.81 16818.98 -131.93 -0.78 17353.76 14397.20 11.4 -2.0 11.4 Clear Channel Outdoor CCO 269.2 3.25 0.13 4.17 3.25 3.12
Declines 3,182 1,090
Value Line 653.18 642.40 642.40 -7.01 -1.08 696.40 579.55 5.9 -4.4 7.5 Smartsheet SMAR 269.0 61.40 2.45 4.16 61.40 58.95
Unchanged 233 23
NYSE Arca Biotech 5120.17 5006.95 5008.73 -34.41 -0.68 6319.77 5008.73 -18.5 -9.2 0.7
Box Cl A BOX 109.8 26.40 0.90 3.53 26.50 25.50
New highs 38 32
NYSE Arca Pharma 802.56 794.17 794.72 -5.12 -0.64 828.58 667.24 10.9 -3.9 11.5 ...And losers New lows 769 182
KBW Bank 144.69 139.04 139.07 -4.51 -3.14 147.56 97.78 31.9 5.2 12.6 Global-E Online GLBE 233.2 35.00 -3.76 -9.70 38.90 33.40 Closing Arms† 1.02 0.69
PHLX§ Gold/Silver 136.93 128.56 136.48 9.38 7.38 166.01 117.06 -4.7 3.0 25.9 Alector ALEC 137.8 15.20 -0.97 -6.00 16.17 15.20 Block trades* 23,088 1,321
PHLX§ Oil Service 64.92 62.59 63.38 -0.89 -1.39 69.77 46.63 23.2 20.2 -13.7 Lumentum Holdings LITE 110.6 95.00 -4.44 -4.47 99.44 95.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3777.90 3610.48 3612.19 -115.05 -3.09 4039.51 2762.75 17.1 -8.5 43.3 Varonis Systems VRNS 370.9 34.80 -1.62 -4.45 36.42 34.80 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 23.99 21.85 23.85 1.06 4.65 37.21 15.01 10.5 38.5 10.2 Talos Energy TALO 65.4 10.55 -0.47 -4.26 11.02 10.55 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 727.75 –5.43 –0.74 –3.6 Zogenix ZGNX 25.92 10.28 65.73 26.57 11.03 41.9 Cardiff Oncology CRDF 4.55 -1.59 -25.90 14.98 4.45 -59.2
MSCI ACWI ex-USA 341.97 –1.38 –0.40 –0.7 G Medical Innovations GMVD 6.12 1.91 45.37 6.74 0.55 74.8 Oncocyte OCX 1.66 -0.53 -24.20 6.57 1.65 -59.7
MSCI World 3098.60 –25.61 –0.82 –4.1 Valneva ADR VALN 47.52 14.75 45.01 67.84 24.16 ... Dingdong (Cayman) ADR DDL 6.10 -1.90 -23.75 46.00 5.73 ...
MSCI Emerging Markets 1239.83 –1.75 –0.14 0.6 NSTS Bancorp NSTS 12.59 2.59 25.90 12.90 10.00 ... Petros Pharmaceuticals PTPI 1.83 -0.49 -21.12 5.20 1.19 -55.7
Americas MSCI AC Americas 1735.78 –15.95 –0.91 –5.0 Gamida Cell GMDA 2.72 0.50 22.52 15.00 2.10 -70.5 MicroSectors Gold 3X Invr GDXD 15.98 -4.10 -20.42 31.12 12.54 -25.5
Canada S&P/TSX Comp 21205.16 –69.41 –0.33 –0.1 Splash Beverage Group SBEV 3.96 0.71 21.85 8.94 0.99 8.2 Orion Energy Systems OESX 3.31 -0.68 -17.04 11.98 3.21 -69.9
Latin Amer. MSCI EM Latin America 2225.48 18.48 0.84 4.5 MicroSec Gold 3X Lvgd ETN GDXU 11.80 1.98 20.16 26.86 8.12 -50.6 Yumanity Therapeutics YMTX 2.06 -0.40 -16.12 22.70 1.80 -89.7
Brazil BOVESPA 108013.47 1345.81 1.26 3.0 Aura Biosciences AURA 19.50 3.24 19.93 26.16 13.50 ... Cerberus Cyber Sentinel CISO 4.22 -0.81 -16.10 49.00 2.25 105.9
Chile S&P IPSA 2911.90 –19.60 –0.67 3.8 Fresh Vine Wine VINE 6.70 1.10 19.64 9.75 4.28 ... Kinnate Biopharma KNTE 12.85 -2.40 -15.74 41.00 12.83 -65.8
Mexico S&P/BMV IPC 52823.23 –408.97 –0.77 –0.8 Fusion Pharmaceuticals FUSN 8.17 1.32 19.27 13.25 4.09 -36.0 Clearfield CLFD 55.66 -10.27 -15.58 86.71 27.67 76.0
EMEA STOXX Europe 600 480.90 1.11 0.23 –1.4 ETFMG Prm 2X Dly Jr Silv SILX 5.47 0.84 18.17 10.18 4.01 ... Direxion Gold Miner 2x Br DUST 17.50 -3.02 -14.72 25.47 14.04 -8.6
Eurozone Euro STOXX 472.48 0.32 0.07 –1.3 New Pacific Metals NEWP 3.20 0.48 17.65 7.30 2.38 -46.8 Direxion Jr Gold Bear 2X JDST 10.02 -1.70 -14.51 15.06 7.50 -1.1
Belgium Bel-20 4210.74 –9.12 –0.22 –2.3 WiMi Hologram Cloud ADR WIMI 3.00 0.43 16.73 12.94 2.55 -56.3 NeuroMetrix NURO 5.45 -0.92 -14.44 38.75 2.58 39.0
Denmark OMX Copenhagen 20 1686.56 15.74 0.94 –9.5 Harmony Gold Mining ADR HMY 4.20 0.59 16.34 5.76 3.00 -6.5 EQRx EQRX 5.43 -0.85 -13.54 11.10 5.38 ...
7172.98 0.55 0.3 Betterware de Mexico BWMX 22.02 3.00 15.77 50.11 18.05 -42.8 Cardiol Therapeutics CRDL 2.00 -0.31 -13.42 4.96 1.55 -23.5
France CAC 40 39.15
Germany DAX 15809.72 37.16 0.24 –0.5
Israel Tel Aviv 2015.01 –13.17 –0.65 1.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27370.85 –112.43 –0.41 0.1 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 772.56 2.86 0.37 –3.2
Russia RTS Index 1414.68 47.23 3.45 –11.3 SoFi Technologies SOFI 181,764 479.9 13.71 13.68 28.26 12.02 Pacer Pac Asset FR Hi FLRT 349 6843 48.95 0.03 49.43 48.65
South Africa FTSE/JSE All-Share 76176.15 1220.49 1.63 3.3 Vinco Ventures BBIG 174,838 473.7 4.53 -12.72 12.49 1.53 ETRACS 2x Lvgd MSCI US ESESUS 393 5536 24.94 -1.89 28.13 23.46
Spain IBEX 35 8774.90 –6.70 –0.08 0.7 Ford Motor F 152,166 44.5 22.45 -7.92 25.87 10.19 Zogenix ZGNX 32,864 5130 25.92 65.73 26.57 11.03
959.83 0.58 –7.5 SPDR S&P 500 SPY 107,082 43.1 451.75 -1.04 479.98 368.27 Growth Cap Acqn Cl A GCAC 1,282 5068 9.92 -0.39 9.99 9.55
Sweden OMX Stockholm 5.52
Vivos Therapeutics VVOS 101,947 80283.6 2.30 41.10 10.86 1.63 Logistics Innovation A LITT 261 2897 9.71 0.25 9.83 9.33
Switzerland Swiss Market 12525.69 –3.87 –0.03 –2.7
Turkey BIST 100 2042.08 62.25 3.14 9.9 Apple AAPL 94,381 3.4 166.23 -2.10 182.94 116.21 Invsc BulletShares 2030 BSCU 620 2483 18.85 0.21 20.18 18.73
U.K. FTSE 100 7589.66 26.11 0.35 2.8 ProShares UltraPro QQQ TQQQ 90,928 -5.0 64.37 -3.48 91.68 37.52 Dingdong (Cayman) ADR DDL 2,482 2015 6.10 -23.75 46.00 5.73
U.K. FTSE 250 22655.02 2.31 0.01 –3.5 Finl Select Sector SPDR XLF 85,894 51.7 39.25 -1.68 41.70 28.82 Supernova Ptrs III Cl A STRE 846 1973 9.73 0.21 10.00 9.58
Bank of America BAC 84,198 80.3 46.44 0.39 50.08 29.57 iPath B Bloom Agriculture JJA 178 1949 23.08 2.71 23.08 17.65
Asia-Pacific MSCI AC Asia Pacific 191.15 –2.42 –1.25 –1.0
Invesco QQQ Trust I QQQ 80,403 57.4 366.48 -1.10 408.71 297.45 Recharge Acquisition Cl A RCHG 313 1607 9.90 0.00 10.69 9.27
Australia S&P/ASX 200 7332.50 –76.28 –1.03 –1.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3558.18 –11.73 –0.33 –2.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 24127.85 15.07 0.06 3.1
60098.82 3.2
Track the Markets
India S&P BSE Sensex –656.04 –1.08
Japan NIKKEI 225 27467.23 –790.02 –2.80 –4.6
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3283.94 3.90 0.12 5.1 currencies and commodities at
South Korea KOSPI 2842.28 –21.96 –0.77 –4.5 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 18227.46 –151.18 –0.82 0.05 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1658.24 –2.03 –0.12 0.04 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004404 22705 –0.7
CREDIT MARKETS Argentina peso .0096104.1958 1.5 Europe
Brazil real .1839 5.4388 –2.4 Czech Rep. koruna .04674 21.394 –2.2
Canada dollar .7991 1.2515 –1.0 Denmark krone .1524 6.5617 0.3
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001236 809.01 –5.0 Euro area euro 1.1344 .8816 0.3
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000250 3994.07 –1.8 Hungary forint .003188 313.71 –3.4
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007812 128.01 –1.4
A consumer rate against its 5-year CDs Mexico peso .0487 20.5130 0.1 Norway krone .1138 8.7845 –0.3
benchmark over the past year 2.50% Uruguay peso .02243 44.5900 –0.3 Poland zloty .2508 3.9880 –1.0
Bankrate.com avg†: 0.43% 14% Asia-Pacific Russia ruble .01313 76.157 1.8
State Bank of India California 0.70% 2.00 Sweden krona .1097 9.1142 0.7
Australian dollar .7210 1.3870 0.8
0.75% Los Angeles, CA 877-707-1995 Tradeweb ICE 7 WSJ Dollar Index Switzerland franc 1.0918 .9159 0.4
t

China yuan .1576 6.3450 –0.2

.0746 13.4074 0.6
s
Five-year CD yields Wednesday Close 1.50 Turkey lira
Lone Star Bank 0.71% Hong Kong dollar .1284 7.7902 –0.1
t 0.50 0 Ukraine hryvnia .0353 28.3500 3.7
1.00 India rupee .01343 74.446 –0.1
Houston, TX 713-358-9400 Euro UK pound 1.3611 .7347 –0.6
s Indonesia rupiah .0000696 14363 0.8
0.25 TAB Bank 0.90% One year ago 0.50 –7 Japan yen .008746 114.33 –0.7 Middle East/Africa
Federal-funds Ogden, UT 800-355-3063 Yen Kazakhstan tenge .002290 436.70 0.4 Bahrain dinar 2.6529 .3770 unch
t
s

t target rate
0.00 CFG Community Bank 1.00% 0.00 –14 Macau pataca .1246 8.0265 –0.1 Egypt pound .0636 15.7118 0.01
Malaysia ringgit .2385 4.1930 0.6 Israel shekel .3189 3.1356 0.9
Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2021 2022
–0.25 New Zealand dollar .6785 1.4738 0.8 Kuwait dinar 3.3071 .3024 –0.1
Colorado Federal Savings Bank 1.07% month(s) years
FMAM J J A S ON D J Pakistan rupee .00567 176.295 0.1 Oman sul rial 2.5974 .3850 ...
Greenwood Village, CO 877-484-2372 maturity Philippines peso .0194 51.471 0.9 Qatar rial .2747 3.641 –0.04
2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7420 1.3477 –0.1 Saudi Arabia riyal .2666 3.7515 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008416 1188.21 –0.1 South Africa rand .0652 15.3359 –3.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0049298 202.85 –0.03
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.25 Taiwan dollar .03618 27.638 –0.3
Yield (%) 52-Week Total Return (%) Thailand baht .03038 32.920 –0.9 WSJ Dollar Index 89.43 –0.17–0.19 –0.13
Prime rate* 3.25 3.25 3.25 l 3.25 -2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.26 0.24 0.11 l 0.26 -2.51 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2347.330 1.560 1.450 1.590 0.620 –3.433 3.486
Money market, annual yield 0.07 0.07 0.07 l 0.10 -0.52
Five-year CD, annual yield 0.43 0.42 0.41 l 0.48 -1.64 U.S. Treasury Long, Bloomberg 4271.090 2.180 2.110 2.400 1.660 –6.186 7.393 Commodities
30-year mortgage, fixed† 3.58 3.54 2.83 l 3.58 -0.93 Aggregate, Bloomberg 2203.630 2.120 1.980 2.130 1.150 –3.058 4.027 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.93 2.84 2.28 l 2.93 -0.95 Fixed-Rate MBS, Bloomberg 2166.400 2.390 2.220 2.390 1.180 –2.796 2.416
Jumbo mortgages, $647,200-plus† 3.60 3.57 2.85 l 3.60 -1.03 DJ Commodity 1003.88 13.46 1.36 1003.88 750.18 31.69 6.09
High Yield 100, ICE BofA 3432.868 4.192 3.991 4.587 3.162 2.695 5.640 Refinitiv/CC CRB Index 249.93 2.87 1.16 249.93 172.85 42.70 7.56
Five-year adj mortgage (ARM)† 2.84 2.82 2.82 l 3.43 -1.49
Muni Master, ICE BofA 595.362 1.163 1.092 1.163 0.687 –0.127 3.891 Crude oil, $ per barrel 86.96 1.53 1.79 86.96 52.20 63.34 15.62
New-car loan, 48-month 3.51 3.51 3.41 l 4.12 -1.14
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 889.873 5.382 5.199 5.423 4.429 –3.309 3.961 Natural gas, $/MMBtu 4.031 -0.252 -5.88 6.312 2.446 58.76 8.07
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1843.10 30.80 1.70 1907.50 1677.70 -1.22 0.85
 .

B10 | Thursday, January 20, 2022 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures May 600.00 614.50 s 600.00 611.00 11.00 289,393 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oats (CBT)-5,000 bu.; cents per bu. March 35.25 35.60 35.25 35.60 .45 1,656 Feb .7996 .8031 s .7984 .8007 .0011 322
Contract Open
March 648.00 666.25 644.75 655.50 8.75 2,497 May 35.85 36.10 35.85 36.10 .35 2,264 March .7993 .8032 s .7982 .8006 .0011 134,523
Open High hi lo Low Settle Chg interest
May 618.25 632.00 618.25 624.50 6.75 482 Cotton (ICE-US)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybeans (CBT)-5,000 bu.; cents per bu. March 121.09 124.78 s 120.91 123.95 2.87 107,914 Feb 1.3594 1.3647 1.3588 1.3625 .0029 1,204
Jan 4.4760 4.4760 4.4760 4.4625 0.0865 1,759
March 1363.50 1392.50 1363.50 1391.25 30.00 285,847 May 117.73 121.11 s 117.62 120.45 2.74 59,111 March 1.3593 1.3645 1.3584 1.3622 .0029 178,688
March 4.4035 4.4885 4.3920 4.4700 0.0875 115,863
Gold (CMX)-100 troy oz.; $ per troy oz. May 1372.75 1401.75 1372.75 1400.75 29.75 127,644 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Jan 1817.40 1838.50 s 1817.40 1843.10 30.80 1,738
Soybean Meal (CBT)-100 tons; $ per ton. March 150.00 156.20 150.00 155.40 5.20 9,712 March 1.0919 1.0951 1.0912 1.0942 .0022 39,703
March 391.90 400.10 391.10 398.30 8.20 178,592 May 143.70 147.20 s 143.70 146.55 3.20 1,738 June 1.0972 1.0983 1.0951 1.0977 .0022 123
Feb 1812.90 1843.90 s 1809.00 1843.20 30.80 185,969
May 390.50 397.80 389.70 395.90 7.20 105,791 Australian Dollar (CME)-AUD 100,000; $ per AUD
March 1814.00 1845.10 s 1811.20 1844.70 30.60 2,317
April 1816.40 1846.10 s 1811.60 1845.50 30.60 258,552 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures Feb .7187 .7239 .7178 .7226 .0040 224
June 1818.70 1848.20 s 1815.10 1847.80 30.60 48,438 March 59.08 60.87 s 59.08 60.76 1.68 142,582 March .7186 .7240 .7178 .7226 .0040 180,313
May 59.08 60.88 s 59.08 60.75 1.67 84,156 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Aug 1821.50 1850.40 s 1818.00 1850.10 30.60 18,077
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 185-260 187-250 184-300 187-230 1-22.0 1,274,407
Palladium (NYM) - 50 troy oz.; $ per troy oz. Feb .04884 .04894 .04856 .04867 –.00012 107
March 14.51 14.67 14.44 14.66 .14 6,825 June 188-220 1-26.0 51
Jan 2004.40 103.80 2 March .04854 .04873 .04827 .04842 –.00012 151,644
March 1904.50 2042.50 s 1878.00 2008.40 103.80 9,110 May 14.71 14.86 14.67 14.85 .14 260 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. March 153-210 154-190 153-070 154-180 28.0 1,217,724
Feb 1.1332 1.1363 1.1326 1.1358 .0025 3,846
Jan 1027.10 1027.70 s 1026.80 1028.20 48.90 22 March 772.00 797.25 s 769.50 796.50 27.50 174,163 June 156-060 29.0 1,632
March 1.1342 1.1370 1.1332 1.1364 .0025 679,643
April 979.00 1035.50 s 970.10 1028.40 48.90 53,731 July 764.75 788.25 s 759.75 787.25 27.75 75,309 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. March 127-095 127-235 127-020 127-215 9.5 3,883,699
127-045 127-180 126-285 127-155 9.5 6,338
Index Futures
Jan 24.226 0.739 522 March 775.00 800.50 775.00 800.00 27.25 96,881 June
March 23.505 24.265 s 23.430 24.231 0.739 115,268 July 780.00 806.25 780.00 805.50 28.50 45,626 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 118-305 119-077 118-252 119-065 6.0 3,826,114 March 35301 t 34883
35430 34910 –349 94,286
Feb 86.61 87.92 s 85.77 86.96 1.53 69,245 Jan 161.150 161.975 160.825 161.400 –.050 2,451 June 118-197 –.7 1 June 35220 t 34802
35334 34821 –351 415
March 85.89 86.79 s 84.99 85.80 0.97 407,498 March 164.850 166.925 164.650 165.625 .200 20,699 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
April 84.85 85.62 s 83.98 84.79 0.93 201,334 Cattle-Live (CME)-40,000 lbs.; cents per lb. March 108-152 108-181 108-133 108-168 1.4 2,107,849 March 4577.75 4603.00 t 4517.25 4524.25 –47.00 2,249,608
June 82.86 83.49 s 82.05 82.82 0.82 187,691 Feb 138.150 139.150 137.850 138.550 .875 54,820 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 4571.25 4595.25 t 4510.75 4516.75 –47.00 51,870
Dec 77.64 78.14 s 76.88 77.57 0.54 222,680 April 142.200 143.775 142.000 143.350 1.500 131,297 Jan 99.9200 99.9200 99.9175 99.9175 146,631 Mini S&P Midcap 400 (CME)-$100 x index
Dec'23 70.59 70.98 s 69.94 70.48 0.31 114,839 Hogs-Lean (CME)-40,000 lbs.; cents per lb. April 99.6500 99.6600 t 99.6350 99.6450 –.0050 243,166 March 2721.80 2735.60 t 2676.00 2679.40 –36.50 44,042
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb 81.575 82.550 81.200 82.300 .700 32,713 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June … 2689.40 –36.50 n.a.
Feb 2.7101 2.7271 s 2.6650 2.6923 .0183 68,187 April 89.325 91.400 s 89.025 91.350 2.075 88,387 Mini Nasdaq 100 (CME)-$20 x index
March 98-085 14.0 76,699
March 2.6534 2.6662 s 2.6105 2.6364 .0164 94,460 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 15238.75 15372.00 t 15011.25 15033.50 –172.50 234,099
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Eurodollar (CME)-$1,000,000; pts of 100%
March 1295.30 1311.50 1233.70 1233.70 –45.00 1,993 Feb 99.6475 99.6650 t 99.6400 99.6550 .0100 186,534 June 15240.75 15369.25 t 15007.50 15032.50 –172.75 1,655
Feb 2.4592 2.4786 s 2.4318 2.4570 .0252 68,830 May 1214.80 1214.80 1132.20 1132.20 –45.00 373 Mini Russell 2000 (CME)-$50 x index
March 2.4667 2.4835 s 2.4379 2.4615 .0228 103,978 June 99.1800 99.2400 t 99.1750 99.2150 .0300 1,026,589
Milk (CME)-200,000 lbs., cents per lb. March 2095.90 2108.40 t 2054.20 2059.20 –32.90 467,331
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 98.6350 98.7050 t 98.6100 98.6850 .0350 1,249,578
Jan 20.21 20.26 20.21 20.23 … 4,137 Dec'23 97.9800 98.0500 t 97.9450 98.0400 .0400 1,133,841
Mini Russell 1000 (CME)-$50 x index
Feb 4.327 4.385 4.010 4.031 –.252 55,088 March 2536.00 2543.00 t 2498.30 2498.70 –28.00 16,127
Feb 21.62 21.85 21.25 21.31 –.31 5,016
March 4.071 4.119 3.834 3.845 –.203 284,250
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
April 4.003 4.044 3.815 3.826 –.157 85,162
March 2,624 2,680 2,607 2,657 26 86,303
Currency Futures March 95.72 95.78 95.47 95.50 –.22 52,077
May 4.049 4.066 3.854 3.865 –.143 112,977
July 4.150 4.162 3.963 3.977 –.136 62,033
May 2,675 2,722 2,656 2,702 23 53,969 Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 95.69 95.72 95.43 95.44 –.22 1,121
Oct 4.184 4.184 3.990 4.004 –.128 84,259
Coffee (ICE-US)-37,500 lbs.; cents per lb. Feb .8727 .8758 .8714 .8755 .0028 797
March 238.40 245.00 s 238.35 244.45 4.85 110,150 March .8731 .8760 .8716 .8757 .0029 199,579 Source: FactSet
May 238.40 245.00 s 238.25 244.45 4.95 56,735
Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Corn (CBT)-5,000 bu.; cents per bu. March 18.75 19.15 s 18.70 19.07 .41 325,598
March 600.00 614.50 s 600.00 610.50 11.00 627,596 May 18.50 18.83 s 18.45 18.78 .36 163,685 Bonds | wsj.com/market-data/bonds/benchmarks
Tracking Bond Benchmarks
Cash Prices | wsj.com/market-data/commodities Wednesday, January 19, 2022 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— highs and lows for different types of bonds
Total Total
separate from the futures price on an exchange, which reflects what the commodity might be worth in future return YTD total Yield (%) return YTD total Yield (%)
months. close return (%) Index Latest Low High close return (%) Index Latest Low High
Wednesday Wednesday Wednesday
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Iron Ore, 62% Fe CFR China-s 130.2 Wheat,No.2 soft red,St.Louis-u 8.1400
Energy 2166.40 -1.8 Mortgage-Backed 2.390 1.180 2.390
Shredded Scrap, US Midwest-s,m n.a. Wheat - Hard - KC (USDA) $ per bu-u 8.2150 2203.63 -2.2 U.S. Aggregate 2.120 1.150 2.130
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 86.550 Steel, HRC USA, FOB Midwest Mill-s 1400 Wheat,No.1soft white,Portld,OR-u 10.7250 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2109.96 -1.6 Ginnie Mae (GNMA) 2.460 0.990 2.460
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 28.050 Battery/EV metals
Food 3322.43 -2.9 U.S. Corporate 2.690 1.830 2.720 1280.02 -1.8 Fannie mae (FNMA) 2.370 1.230 2.370
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 47500
BMI Lithium Hydroxide, EXW China, =56.5% -v,k 38850 Beef,carcass equiv. index 3030.21 -1.6 Intermediate 2.220 1.150 2.240 1963.69 -1.9 Freddie Mac (FHLMC) 2.380 1.210 2.380
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 15151 -1.1
choice 1-3,600-900 lbs.-u 239.74 4884.08 -4.8 Long term 3.450 2.900 3.580 595.36 Muni Master 1.163 0.687 1.163
Engelhard industrial 1824.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5417 select 1-3,600-900 lbs.-u 228.84
Handy & Harman base 1826.95 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 650 666.99 -3.1 Double-A-rated 2.370 1.510 2.390 419.86 -1.3 7-12 year 1.198 0.687 1.198
Broilers, National comp wtd. avg.-u,w 1.3421
Handy & Harman fabricated 2027.92 Fibers and Textiles Butter,AA Chicago 2.8825 891.31 -2.9 Triple-B-rated 2.920 2.070 2.940 485.36 -1.3 12-22 year 1.443 1.000 1.524
LBMA Gold Price AM *1810.80 Cheddar cheese,bbl,Chicago 190.50
LBMA Gold Price PM *1817.25 Burlap,10-oz,40-inch NY yd-n,w 0.8225 High Yield Bonds ICE BofA 477.78 -1.6 22-plus year 1.958 1.443 2.125
Cheddar cheese,blk,Chicago 184.50
Krugerrand,wholesale-e 1917.45 Cotton,1 1/16 std lw-mdMphs-u 1.2370 Milk,Nonfat dry,Chicago lb. 185.00 516.09 -1.1 High Yield Constrained 4.691 3.796 4.834 Global Government J.P. Morgan†
Maple Leaf-e 1935.89 Cotlook 'A' Index-t *133.10 Coffee,Brazilian,Comp 2.3653 502.12 -0.3 Triple-C-rated 8.059 6.304 8.242 590.91 -1.5 Global Government 1.170 0.610 1.180
American Eagle-e 1935.89 Hides,hvy native steers piece fob-u 38.000 Coffee,Colombian, NY 2.9692
Mexican peso-e 2230.95 Wool,64s,staple,Terr del-u,w n.a. 3432.87 -1.2 High Yield 100 4.192 3.162 4.587 817.87 -2.5 Canada 1.870 0.950 1.890
Eggs,large white,Chicago-u 1.1050
Austria crown-e 1810.19 Grains and Feeds Flour,hard winter KC 23.00 454.28 -1.3 Global High Yield Constrained 4.953 3.968 5.138 402.08 -0.9 EMU§ 0.605 0.095 0.605
Austria phil-e 1935.89 Hams,17-20 lbs,Mid-US fob-u 0.47
Barley,top-quality Mnpls-u n.a. 347.78 -0.4 Europe High Yield Constrained 3.005 2.304 3.161 753.40 -0.9 France 0.480 -0.080 0.480
Silver, troy oz. Hogs,Iowa-So. Minnesota-u 76.66
Bran,wheat middlings, KC-u 168 U.S Agency Bloomberg Fixed Income Indices 531.70 -1.0 Germany -0.030 -0.450 -0.010
Engelhard industrial 23.8000 Pork bellies,12-14 lb MidUS-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 5.9700
Handy & Harman base 24.1150 Pork loins,13-19 lb MidUS-u 0.9664 1818.52 -1.2 U.S Agency 1.460 0.500 1.480 293.56 -0.3 Japan 0.380 0.260 0.420
Corn gluten feed,Midwest-u,w 192.3
Handy & Harman fabricated 30.1440 Steers,Tex.-Okla. Choice-u 137.00
Corn gluten meal,Midwest-u,w 617.9 1589.81 -1.0 10-20 years 1.370 0.380 1.390 588.66 -1.2 Netherlands 0.150 -0.370 0.150
LBMA spot price *£16.8500 Steers,feeder,Okla. City-u,w 179.00
Cottonseed meal-u,w 315
(U.S.$ equivalent) *22.9150
Hominy feed,Cent IL-u,w 165
4055.34 -3.6 20-plus years 2.460 1.670 2.490 1003.75 -3.3 U.K. 1.300 0.620 1.340
Coins,wholesale $1,000 face-a 19816 Fats and Oils
Meat-bonemeal,50% pro Mnpls-u,w 230 2826.38 -2.3 Yankee 2.360 1.440 2.380 889.87 -3.2 Emerging Markets ** 5.382 4.429 5.423
Other metals Oats,No.2 milling,Mnpls-u 7.0950 Degummed corn oil, crude wtd. avg.-u,w 57.8600
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
LBMA Platinum Price PM *982.0 Rice, Long Grain Milled, No. 2 AR-u,w 27.75 Grease,choice white,Chicago-h 0.6300
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Platinum,Engelhard industrial 1017.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1982.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 407.60 Soybean oil,crude;Centl IL-u,w 0.6808
Aluminum, LME, $ per metric ton *3006.0 Soybeans,No.1 yllw IL-bp,u 13.6400 Tallow,bleach;Chicago-h 0.7000 Global Government Bonds: Mapping Yields
Copper,Comex spot 4.4625 Wheat,Spring14%-pro Mnpls-u 11.3975 Tallow,edible,Chicago-u n.a.
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
W=weekly; Z=not quoted. *Data as of 1/18 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Source: Dow Jones Market Data
0.750 U.S. 2 1.022 t l 1.038 0.640 0.131
1.375 10 1.826 t l 1.866 1.401 1.092
2.750 Australia 2 0.876 s 0.840 0.274 0.048
Exchange-Traded Portfolios | WSJ.com/ETFresearch 1.000 10 1.991 s
l
l 1.943 1.597 1.067
-14.2
15.9
-20.3
6.6
-9.3
-2.7
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 0.000 France 2 -0.645 t l -0.631 -0.672 -0.601 -166.3 -167.8 -74.2
SPDR DJIA Tr DIA 350.35 –0.99 –3.6 0.000 10 0.380 s l 0.368 -0.022 -0.305 -145.2 -150.8 -139.9
Wednesday, January 19, 2022 Closing Chg YTD
Closing Chg YTD ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 489.25 –1.34 –5.5 0.000 Germany 2 -0.578 t l -0.567 -0.719 -0.705 -159.6 -161.3 -84.6
ETF Symbol Price (%) (%) SPDR S&P 500 SPY 451.75 –1.04 –4.9
iShMSCI EAFE EFA 77.77 –0.09 –1.2 0.000 10 -0.009 s l -0.017 -0.378 -0.524 -184.1 -189.3 -161.9
SPDR S&P Div SDY 128.16 –0.74 –0.7
ARKInnovationETF ARKK 75.75 –1.51 –19.9 iShMSCI EAFE SC SCZ 70.77 –0.17 –3.2
CnsmrDiscSelSector XLY 189.32 –1.80 –7.4 iShMSCIEmgMarkets EEM 49.43 0.43 1.2 TechSelectSector XLK 159.52 –1.40 –8.3 0.000 Italy 2 -0.075 s l -0.077 -0.250 -0.340 -109.3 -112.3 -48.1
VangdInfoTech VGT 416.52 –1.39 –9.1
DimenUSCoreEq2 DFAC 27.66 –1.07 –4.5 iShMSCIEAFEValue EFV 52.67 –0.25 4.5 0.950 10 1.346 s l 1.324 0.912 0.588 -48.6 -55.3 -50.7
iShNatlMuniBd 114.93 0.10 –1.2 VangdSC Val VBR 174.61 –1.49 –2.4
EnSelectSectorSPDR XLE 64.30 –0.73 15.9 MUB
FinSelSectorSPDR XLF 39.25 –1.68 0.5 iSh1-5YIGCorpBd IGSB 53.36 ... –1.0 VangdExtMkt VXF 166.17 –1.14 –9.1 0.005 Japan 2 -0.079 t l -0.067 -0.110 -0.127 -109.7 -111.4 -26.8
GSActiveBetaUSLC GSLC 89.82 –0.92 –5.6 iShPfd&Incm PFF 38.30 –0.05 –2.9 VangdSC Grwth VBK 247.12 –1.05 –12.3 0.100 10 0.137 t l 0.152 0.050 0.047 -169.5 -172.5 -104.8
HealthCareSelSect XLV 131.65 –0.41 –6.6 iShRussell1000Gwth IWF 278.59 –1.08 –8.8 VangdDivApp VIG 163.22 –0.62 –5.0
VangdFTSEDevMk VEA 50.47 –0.02 –1.2 0.000 Spain 2 -0.543 s l -0.547 -0.604 -0.511 -156.1 -159.4 -65.2
IndSelSectorSPDR XLI 103.46 –1.12 –2.2 iShRussell1000 IWB 250.44 –0.96 –5.3
InvscQQQI QQQ 366.48 –1.10 –7.9 iShRussell1000Val IWD 165.59 –0.88 –1.4 VangdFTSE EM VWO 50.14 0.40 1.4 0.500 10 0.693 s l 0.670 0.350 0.068 -113.9 -120.6 -102.7
InvscS&P500EW 157.36 –1.04 –3.3 iShRussell2000 IWM 204.45 –1.63 –8.1 VangdFTSE Europe VGK 67.50 0.28 –1.1
RSP
VangdFTSEAWxUS VEU 61.15 0.08 –0.2
0.125 U.K. 2 0.910 s l 0.869 0.509 -0.121 -10.8 -17.8 -26.2
iShCoreDivGrowth DGRO 53.98 –0.86 –2.9 iShRussell2000Val IWN 159.93 –1.61 –3.7
iShCoreMSCIEAFE IEFA 73.53 –0.16 –1.5 iShRussellMid-Cap IWR 77.60 –1.10 –6.5 VangdGrowth VUG 291.19 –0.94 –9.3 4.750 10 1.258 s l 1.224 0.761 0.291 -57.3 -65.3 -80.4
iShCoreMSCIEM IEMG 60.43 0.47 1.0 iShRussellMCValue IWS 118.57 –1.20 –3.1 VangdHlthCr VHT 245.42 –0.43 –7.9
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShCoreMSCITotInt IXUS 70.47 0.04 –0.7 iShS&P500Growth IVW 76.65 –1.22 –8.4 VangdHiDiv VYM 112.20 –0.81 0.1
iShCoreS&P500 IVV 453.76 –1.03 –4.9 iShS&P500Value IVE 155.20 –0.86 –0.9 VangdIntrCorpBd VCIT 90.51 0.12 –2.4 Corporate Debt
VangdLC VV 208.60 –1.00 –5.6
iShCoreS&P MC IJH 267.58 –1.38 –5.5 iShTIPSBondETF TIP 125.05 –0.21 –3.2 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShCoreS&P SC IJR 108.60 –1.76 –5.2 iSh1-3YTreasuryBd SHY 85.08 0.05 –0.5 VangdMC VO 236.34 –1.10 –7.2
VangdMC Val VOE 147.91 –1.42 –1.6
expectations
iShS&PTotlUSStkMkt ITOT 101.09 –1.06 –5.5 iSh7-10YTreasuryBd IEF 112.00 0.24 –2.6
iShCoreTotalUSDBd IUSB 51.80 0.23 –2.1 iSh20+YTreasuryBd TLT 141.07 0.69 –4.8 VangdMBS VMBS 52.01 0.48 –1.6 Investment-grade spreads that tightened the most…
iShCoreUSAggBd AGG 111.73 0.22 –2.1 iShRussellMCGrowth IWP 100.67 –0.75 –12.6 VangdRealEst VNQ 106.86 –1.35 –7.9 Spread*, in basis points
25.92 0.35 –2.8 VangdS&P500ETF VOO 415.33 –1.05 –4.9 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShSelectDividend DVY 125.05 –1.06 2.0 iShUSTreasuryBdETF GOVT
101.83 –5.6 50.45 0.02 –0.1 VangdST Bond BSV 80.12 0.06 –0.9 –10
iShESGAwareUSA ESGU –1.09 JPM UltShtIncm JPST Georgia–Pacific … 0.625 1.51 May 15, ’24 48 44
iShEdgeMSCIMinUSA USMV 76.69 –0.12 –5.2 ProShUltPrQQQ TQQQ 64.37 –3.48 –22.6 VangdSTCpBd VCSH 80.47 ... –1.0
Citigroup C 4.450 2.63 Sept. 29, ’27 102 –7 107
iShEdgeMSCIUSAMom MTUM 165.77 –1.14 –8.8 SPDR Gold GLD 172.08 1.59 0.7 VangdShtTmInfltn VTIP 50.93 –0.06 –0.9
iShEdgeMSCIUSAQual QUAL 135.18 –0.92 –7.1 SPDRS&P500Growth SPYG 66.39 –1.13 –8.4 VangdSC VB 211.27 –1.40 –6.5 Ovintiv OVV 6.625 4.17 Aug. 15, ’37 233 –7 241
iShEdgeMSCIUSAVal VLUE 110.36 –2.06 0.8 SchwabIntEquity SCHF 38.54 –0.08 –0.8 VangdTaxExemptBd VTEB 54.26 ... –1.2 Macquarie Bank MQGAU 3.900 2.06 Jan. 15, ’26 44 –6 n.a.
iShGoldTr IAU 35.05 1.59 0.7 SchwabUS BrdMkt SCHB 106.78 –1.03 –5.5 VangdTotalBd BND 82.99 0.24 –2.1
128.13 –3.3 79.83 –1.15 –1.2 VangdTotIntlBd 54.50 ... –1.2 Toyota Motor Credit TOYOTA 1.450 1.53 Jan. 13, ’25 20 –6 28
iShiBoxx$InvGrCpBd LQD 0.16 SchwabUS Div SCHD BNDX
iShiBoxx$HYCpBd HYG 85.59 –0.09 –1.6 SchwabUS LC SCHX 107.76 –1.04 –5.3 VangdTotIntlStk VXUS 63.18 0.08 –0.6 CSX CSX 6.800 2.64 Dec. 1, ’28 102 –5 108
iShJPMUSDEmgBd EMB 104.66 0.67 –4.0 SchwabUS LC Grw SCHG 148.79 –0.85 –9.1 VangdTotalStk VTI 228.03 –1.05 –5.6 Comcast CMCSA 4.250 2.82 Jan. 15, ’33 97 –4 n.a.
iShMBSETF MBB 105.63 0.33 –1.7 SchwabUS SC SCHA 94.88 –1.55 –7.3 VangdTotlWrld VT 103.71 –0.57 –3.5
Cenovus Energy CVECN 6.750 4.21 Nov. 15, ’39 197 –4 198
iShMSCI ACWI ACWI 102.04 –0.60 –3.5 Schwab US TIPs SCHP 60.92 –0.16 –3.1 VangdValue VTV 146.48 –0.88 –0.4

…And spreads that widened the most

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Morgan Stanley MS 3.700 1.78 Oct. 23, ’24 73 18 59
HSBC Holdings HSBC 4.300 2.37 March 8, ’26 72 10 67
Delta Air Lines DAL 4.500 3.15 Oct. 20, ’25 214 9 213
Money Rates January 19, 2022
National Australia Bank NAB 1.388 1.65 Jan. 12, ’25 34 9 n.a.
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Bank of Nova Scotia BNS 4.500 2.31 Dec. 16, ’25 96 8 n.a.
guide to general levels but don’t always represent actual transactions. John Deere Capital … 1.700 1.89 Jan. 11, ’27 27 8 30
Siemens Financieringsmaatschappij SIEGR 0.650 1.34 March 11, ’24 31 8 21
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Wells Fargo WFC 3.000 2.31 Oct. 23, ’26 67 8 59
Dec. index Chg From (%)
level Nov. '21 Dec. '20 Federal funds Libor High-yield issues with the biggest price increases…
Effective rate 0.0800 0.0800 0.1000 0.0500 One month 0.10914 0.11014 0.13000 0.07263 Bond Price as % of face value
U.S. consumer price index Three month 0.25514 0.23843 0.25514 0.11413 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
High 0.1300 0.1500 0.2000 0.0700
All items 278.802 0.31 7.0 Low 0.0500 0.0500 0.0900 0.0000 Six month 0.44714 0.38371 0.44714 0.14663
0.80357 0.69914 0.80357 0.21950 Dish DBS … 5.125 6.74 June 1, ’29 90.750 0.50 89.000
Core 283.908 0.41 5.5 Bid 0.0700 0.0600 0.7000 0.0300
One year
OneMain Finance OMF 6.875 3.65 March 15, ’25 109.500 0.43 109.750
International rates Offer 0.0900 0.0900 0.1200 0.0500 Secured Overnight Financing Rate
Bath & Body Works BBWI 6.750 5.09 July 1, ’36 116.875 0.38 119.220
0.05 0.05 0.07 0.01
Week 52-Week
Treasury bill auction American Airlines AAL 5.750 4.73 April 20, ’29 106.250 0.37 106.375
Latest ago High Low 4 weeks 0.040 0.050 0.125 0.000 Value 52-Week
Latest Traded High Low Navient NAVI 6.750 3.92 June 25, ’25 109.000 0.34 109.400
13 weeks 0.170 0.120 0.170 0.015
Prime rates Lumen Technologies LUMN 6.750 2.59 Dec. 1, ’23 107.508 0.34 107.625
26 weeks 0.365 0.275 0.365 0.030 DTCC GCF Repo Index
U.S. 3.25 3.25 3.25 3.25 Treasury 0.034 23.350 0.102 -0.008 Occidental Petroleum OXY 6.950 2.53 July 1, ’24 110.411 0.27 110.950
Canada 2.45 2.45 2.45 2.45 Secondary market MBS 0.051 15.578 0.121 0.002
Japan 1.475 1.475 1.475 1.475 Fannie Mae
…And with the biggest price decreases
Notes on data:
30-year mortgage yields Rite Aid RAD 7.700 10.56 Feb. 15, ’27 89.000 –0.88 91.625
Policy Rates U.S. prime rate is the base rate on corporate
Euro zone 0.00 0.00 0.00 0.00 30 days 3.170 2.941 3.170 1.922 loans posted by at least 70% of the 10 largest Venture Global Calcasieu Pass VENTGL 4.125 3.85 Aug. 15, ’31 102.125 –0.49 104.094
60 days 3.226 2.978 3.226 1.948 U.S. banks, and is effective March 16, 2020.
Switzerland 0.00 0.00 0.00 0.00 Other prime rates aren’t directly comparable; American Airlines AAL 3.750 5.71 March 1, ’25 94.470 –0.43 95.250
Britain 0.25 0.25 0.25 0.10 Other short-term rates lending practices vary widely by location; FirstEnergy FE 7.375 3.62 Nov. 15, ’31 130.750 –0.38 132.250
Discount rate is effective March 16, 2020.
Australia 0.10 0.10 0.10 0.10 –0.29
Week 52-Week
Secured Overnight Financing Rate is as of Hughes Satellite Systems … 6.625 4.09 Aug. 1, ’26 110.392 111.250
January 18, 2022. DTCC GCF Repo Index is
Overnight repurchase Latest ago high low Depository Trust & Clearing Corp.'s weighted CSC Holdings CSCHLD 5.250 3.80 June 1, ’24 103.250 –0.25 103.750
0.02 0.03 0.09 -0.04 average for overnight trades in applicable –0.25 104.000
U.S.
CUSIPs. Value traded is in billions of U.S. dollars.
United Airlines Holdings UAL 4.875 3.54 Jan. 15, ’25 103.750
Call money
Federal-funds rates are Tullett Prebon rates as Deutsche Bank DB 4.500 2.86 April 1, ’25 104.955 –0.17 n.a.
U.S. government rates 2.00 2.00 2.00 2.00 of 5:30 p.m. ET.
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.
Discount Commercial paper (AA financial)
Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
0.25 0.25 0.25 0.25 90 days 0.23 0.21 0.23 0.04 Tullett Prebon Information, Ltd. Source: MarketAxess
 .

THE WALL STREET JOURNAL. * * * * Thursday, January 20, 2022 | B11

MONEY & INVESTING

Nasdaq 16000 Recent closing high

Nov. 19, 2021
20%
State Street
Enters
15500

15
Benefits
15000
From Fee
Correction 14500
Nasdaq Composite

CORRECTION 10 Income
Continued from page B1 14000 BY JUSTIN BAER
est level since January 2020. Dec. 2021 Jan. ’22
Yields on interest rate-sensitive State Street Corp. said
Nasdaq Composite’s performance

VICTOR J. BLUE/BLOOMBERG NEWS

two-year notes were down to 5 profit jumped in the fourth
1.022% from 1.038% Tuesday. after closing in correction territory* quarter, as market gains and
The moves in the bond mar- Average Median new client wins brought in
ket have rippled through more fees for its asset-servic-
stocks, and particularly the 0 ing business and its invest-
tech sector. The Nasdaq Com- ment-management arm.
posite is down 8% this year, a One Two Three One Three Six One Despite a strong quarter,
much sharper week weeks weeks month months months year the company missed analysts’
WEDNESDAY’S decline than *Based on all available data back to 1971
profit expectations. Shares in
MARKETS the S&P or Sources: FactSet; Dow Jones Market Data (performance after correction) Bank of America shares rose after it reported a jump in profit. State Street fell 7.1% on
Dow industri- Wednesday.
als. And there are signs that in- according to Dow Jones Market sumers were undeterred by yield on the 10-year German Net income rose 30% to
“There is currently a knee- dividual investors—a force be- Data. higher prices, leading to higher bund rose as high as 0.021% $697 million, or $1.78 a share,
jerk reaction occurring in the hind 2021’s stock-market Some of the biggest lenders revenue and lifting shares of Wednesday after trading in from $537 million, or $1.39, a
market” in response to rising rally—are cooling on tech, ac- in the U.S. reported rising the consumer-goods company negative territory for over 30 year earlier. Analysts polled by
bond yields, said Dev Kante- cording to analysts at Vanda earnings. Bank of America around 3.4%. months. S&P Global Market Intelligence
saria, founder of Valley Forge Research. shares rose 18 cents, or 0.4%, Over the next week, inves- Oil prices rose. Brent crude had expected per-share profit
Capital. Individual investors have to $46.44 after the lender re- tors will be parsing earnings futures rose 1.1% to $88.44 a of $1.86.
been buying shares of finan- ported a jump in fourth-quar- from big tech companies in- barrel, hitting the highest level Revenue rose 5% to $3.05
cials and energy companies, ter profit. Morgan Stanley‘s cluding Netflix and Microsoft. since October 2014. Wednes- billion. Analysts expected $3
AUCTION RESULTS while their purchases of high- shares gained $1.72, or 1.8%, to Dan Morgan, a portfolio man- day’s moves extend a rally billion. Fee revenue increased
Here are the results of Wednesday's Treasury
auction. All bids are awarded at a single price at the flying stocks like Advanced $95.73, after profit topped ager at Synovus Trust Co., said driven in part by the potential 4% to $2.51 billion. Total ex-
market-clearing yield. Rates are determined by the
difference between that price and the face value. Micro Devices and Nvidia have forecasts. he would be tracking the re- for supply disruptions in Rus- penses rose 2%.
19-YEAR, 10-MONTH BONDS been dwindling, Vanda said. U.S. Bancorp fell almost 8% sults to see what guidance ex- sia and the Middle East. Servicing fees, which State
Applications $52,612,313,300 Other corners of the market after the bank holding com- ecutives provide for future Overseas, the Stoxx Europe Street receives for performing
Accepted bids $22,989,260,500
" noncompetitively $1,759,200
have rallied. The S&P 500’s pany posted a rise in compen- quarters. “I’m hoping for them 600 rose 0.2%. accounting and administrative
" foreign noncompetitively $0 value index has been outper- sation costs. This earnings sea- to not come out and guide Early Thursday, Japan’s Nik- functions for other money
Auction price (rate) 96.646052
(2.210%)
forming its growth index by son, Goldman Sachs, JPMorgan lower,” Mr. Morgan said. kei 225 was up 0.5%, Hong managers, rose 5.9% to $1.38
Interest rate 2.000% around 7.4 percentage points Chase and Citigroup have also Elsewhere, Europe’s most Kong Hang Seng Index was up billion. Management fees, or
Bids at clearing yield accepted 82.43%
Cusip number 912810TC2
this month, on pace for the reported shelling out more in closely watched government 1.8%, but the Shanghai Com- what the firm is paid to over-
The bonds, dated Jan. 31, 2022, mature on Nov. 15, biggest monthly outperfor- compensation. bond yield turned positive for posite was down 0.3%. S&P 500 see investment funds, climbed
2041. mance since December 2000, Procter & Gamble said con- the first time since 2019. The stock futures were up 0.2%. 7.5% to $530 million.

Deal Boom Investment Banking Boosts BofA

JPMorgan Chief Executive
Jamie Dimon said last week
that his bank would remain

Lifts Profit competitive in compensating

its traders and bankers, even
if it pressured profit margins.
BY ORLA MCCAFFREY the past two years, like frenetic
trading and a lucrative mort-
Bank of America’s
quarterly financial results
amount they pay depositors,
further boosting profits.

At Morgan Morgan Stanley’s wealth-

management division grew
fourth-quarter revenue 10%
Bank of America Corp.
profit rose 28% in the fourth
quarter, boosted by record in-
gage market, began to return to
normal.
Bank of America’s revenue
Revenue

$25 billion
Net income
For much of the last two
years, banks have struggled to
expand their loan books. Con-
from a year earlier. The unit’s vestment-banking revenue and totaled $22.06 billion, up 10% sumers and businesses awash in
Continued from page B1 net interest income, a mea- recovering appetite for bor- from a year ago. That missed cash had little need for lending.
Deal making remains a sure of its lending profitabil- rowing from businesses and the $22.18 billion expected by 20 Those reserves have started to
bright spot. Morgan Stanley’s ity, grew 16%. That growth consumers. analysts. dwindle, and banks report in-
investment banking revenue could continue in the year The second-largest U.S. bank Bank of America and its creased demand from busi-
rose 6% in the fourth quarter. ahead, as the Federal Reserve earned $7.01 billion, up from peers are paying the tab for 15 nesses and individual custom-
Goldman, JPMorgan and Citi- has signaled that several in- $5.47 billion a year earlier. Per- their pandemic deal-making ers. At Bank of America,
group also reported gains in
investment banking.
terest-rate increases are likely
in 2022.
share earnings of 82 cents
topped the 77 cents that ana-
spree, when they hired new em-
ployees and paid more to keep 10
s28% commercial loans grew by 9%
from a year ago, while con-
The year is off to a good The number of retail-trad- lysts polled by FactSet had ex- their current ones. Bank of sumer loans edged up 2%.
start, with a healthy pipeline ing clients at Morgan Stanley pected. America’s 2021 compensation Noninterest income, which
for new deals, Morgan Stanley was 7.4 million, in line with Higher interest income and expenses rose 10% from a year 5
includes fees, rose 8% from a
Chief Financial Officer Sharon the third quarter total. The record investment-banking reve- earlier to $36.14 billion. year earlier to $10.65 billion.
Yeshaya said on a conference nue pushed Bank of America to Chief Executive Officer Brian The bank last week said it
call with analysts. “That said, higher earnings. The bank also Moynihan said in December that would lower overdraft fees to
0
a lot will depend on monetary
and fiscal policy and its im-
Morgan Stanley’s reported an earnings slowdown
a year ago, making this year’s
the bank’s expenses would in-
crease by a few hundred million 4Q 1Q 2Q 2Q 4Q
$10 from $35. Overdraft fees de-
livered about 1.3% of Bank of
2020 ’21
pact on sentiment,” she investment banking comparisons easier. dollars in the final three months America’s revenue in 2020.
added.
Stock and bond trading rev-
revenue rose 6% in Outstanding loans and leases
totaled $979.12 billion in the
of the year.
The bank said Wednesday
Source: the company The bank released $851 mil-
lion it had set aside to cover
enue fell 6% in the fourth the fourth quarter. fourth quarter, up 6% from both that its noninterest expenses in Bank of America has a large pandemic loan losses. Big re-
quarter. Trading revenue also the third quarter and a year ear- 2022 would remain roughly the base of U.S. deposits, making it serve releases padded profit in
fell at Goldman, JPMorgan lier. same as in 2021. particularly sensitive to changes 2021, though Bank of America
and Citigroup. “We feel good about loan “What’s going to come out in U.S. interest rates. The Fed- and its peers are nearing the
Full-year compensation ex- average daily number of retail growth, better than we would in [of expenses] over time is some eral Reserve signaled this end of that cycle.
penses at Morgan Stanley rose trades the company handled a normal year,” Alastair Borth- of the stubborn Covid costs,” month that it could raise rates Investment-banking fees in-
18% to $24.6 billion. Banks in- for the quarter topped one wick, Bank of America’s finance Mr. Borthwick said. “It costs as soon as March. creased 25% from a year earlier
creased salaries for junior million but was down 6% from chief, said on a call with report- more to run our financial cen- Expectations for higher inter- to $2.38 billion. Adjusted trad-
bankers across Wall Street in a year ago. ers. ters right now just with the est rates put banks in a good ing revenue was $2.93 billion,
2021, and firms are also pay- Investment management Bank of America shares pandemic environment.” position to make more from down 4% from a year earlier.
ing up to keep senior execu- revenue rose 59% from a year closed less than 1% higher. Fourth-quarter net interest lending. When rates are higher, JPMorgan Chase & Co., Citi-
tives. earlier. That rate was boosted Other large banks saw their income, which includes money banks can charge more on loans. group Inc. and Goldman Sachs
“We feel good that we’ve by Morgan Stanley’s acquisi- profits decline in the fourth the bank makes on loans, rose A surplus of deposits at retail Group Inc. also reported gains
paid for performance,” Ms. Ye- tion of Eaton Vance, which quarter. Some of the business 11% from a year earlier to $11.41 banks means lenders can take in investment banking but de-
shaya said in an interview. closed last March. lines that powered banks over billion. their time increasing the clines in trading revenue.

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
Continued From Page B7 52-Wk % 52-Wk % ReconTech RCON 1.07 -8.5 SanaBiotech SANA 9.11 -7.0 Snap SNAP 34.76 -1.8 TMCthemetals TMC 1.44 -5.8 TurningPoint TPB 34.84 -0.6 VirginGrpII Wt VGII.WS 0.65 -1.3
Recruiter.com RCRT 2.25 -0.8 SareptaTherap SRPT 63.01 -4.5 SocialCapHedosIVWt IPOD.WS 1.24 -2.0 TPG RE FinPfdC TRTXpC 23.63 -0.6 HEAR 20.20 -0.9 VirnetX VHC 2.26 -3.8
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
RecursionPharm RXRX 12.00 -0.2 SarissaCapWt SRSAW 0.60 -12.0 SocialLvgI Wt SLAC.WS 0.64 -6.4 TPIComposites TPIC 11.75 -4.1
TurtleBeach
TuSimple TSP 21.22 -4.2 VirpaxPharm VRPX 2.77 -5.7
Stock Sym Hi/Lo Chg OriginMatlsWt ORGNW 1.11 -10.5 PolarPower POLA 2.90 -3.3 Redfin RDFN 30.66 -1.2 ScholarRock SRRK 18.39 -1.6 SolidBiosci SLDB 1.34 -6.8 Taboola TBLA 6.17 1.0 23andMe ME 4.73 -0.6 VisionSensingWt VSACW 0.33 -3.0
OrionBiotechWt ORIAW 0.75 -11.8 PolyPid PYPD 4.89 -8.7 Reed's REED 0.34 -4.3 Schrodinger SDGR 27.79 -3.3 Soligenix SNGX 0.59 -1.1 TactileSystems TCMD 15.90 -5.5 Twilio TWLO 203.29 -1.7 VislinkTech VISL 1.00 -1.0
NuvationBio NUVB 5.30 -4.8
OrionEnergySys OESX 3.21 -17.0 PopCulture CPOP 1.53 -3.1 Regis RGS 1.35 2.9 SciStratWt SSAAW 0.48 -1.9 SoloBrands DTC 11.75 -13.3 TailwindIntlWt TWNI.WS 0.44 -0.7 TwistBiosci TWST 54.83 -3.3 VistasMediaA VMAC 8.55 0.7
Nuwellis NUWE 1.05 -4.5
OscarHealth OSCR 6.50 -7.1 PorchGroup PRCH 11.05 -5.7 RegulusTherap RGLS 0.23 -7.8 ScopusBio SCPS 1.25 -0.8 SomaLogic SLGC 8.42 -3.0 TalarisTherap TALS 9.65 -2.8 Twitter TWTR 37.01 0.1 VistasMediaAcqnUn VMACU 9.30 -0.4
OSI Systems OSIS 87.62 -0.6
OtonomoTech OTMO 2.90 -4.3 Portillo's PTLO 25.67 0.7 RekorSystems REKR 4.95 -2.5 SeelosTherap SEEL 1.28 -3.0 Sonder SOND 8.22 -1.8 TalisBiomed TLIS 2.93 -2.3 2U TWOU 15.38 -1.8 VivintSmartHome VVNT 6.86 -8.3
O2MicroIntl OIIM 3.98 0.2
Ouster OUST 3.66 -2.4 PoseidaTherap PSTX 4.83 -3.2 RelayTherap RLAY 23.40 -0.5 Seer SEER 15.20 -0.4 SonimTech SONM 0.71 -8.6 Talon1AcqnWt TOACW 0.36 -13.2 TymeTechs TYME 0.56 2.9 VivoPowerIntl VVPR 2.36 -0.8
OakStreetHealth OSH 19.21 -3.2
OusterWt OUST.WS 0.56 -4.2 PowerFleet PWFL 3.93 -6.2 RemitlyGlobal RELY 14.33 -1.9 SelectMedical SEM 23.65 -5.6 Sono SEV 6.53 -8.6 TarsusPharm TARS 18.55 -4.5 USWellServicesA USWS 1.12 -10.3 Volta VLTA 5.07 -4.0
Oatly OTLY 6.85 -1.3
OutlookTherapWt OTLKW 0.02 3.0 PowerSchool PWSC 12.46 0.2 ReNewEnergy RNW 6.05 -2.7 SelectaBiosci SELB 2.51 -1.2 SophiaGenetics SOPH 10.21 10.2 TastemakerWt TMKRW 0.46 -3.7 UWM Wt UWMC.WS 0.52 -2.7 Vroom VRM 7.19 -3.2
Oblong OBLG 0.72 2.4
Overstock OSTK 46.31 -1.3 Precigen PGEN 2.99 -1.3 Replimune REPL 20.97 -3.4 Sema4Wt SMFRW 0.67 -10.7 SpectrumPharm SPPI 1.04 1.9 TayshaGene TSHA 8.47 -3.0 UiPath PATH 35.01 -0.7 vTvTherap VTVT 0.81 -0.8
OceanPwrTech OPTT 1.17 -4.8
Owlet OWLT 1.95 -3.4 Precipio PRPO 1.41 -4.0 ReservoirMedia RSVR 6.78 -1.6 Sema4 SMFR 3.15 -7.2 SpireGlobal SPIR 2.33 -4.8 Team TISI 0.71 -7.7 UltragenyxPharm RARE 66.33 -1.4 Vuzix VUZI 6.86 -3.5
OceanPal OP 1.48 -3.3
OzonHoldings OZON 20.40 -4.9 PrecisionBio DTIL 5.07 -2.7 Resonant RESN 1.40 -3.4 SemlerScientific SMLR 76.01 0.5 Sportradar SRAD 13.59 -4.5 Tech&EnerWt TETCW 0.55 -8.3 UnicyciveTherap UNCY 1.58 3.1 WW Intl WW 13.11 0.9
OceanTechI Wt OTECW 0.36 ...
PCTEL PCTI 5.30 -1.1 PrimaveraCapWt PV.WS 0.43 -1.6 RetailValue RVI 3.16 3.9 SenmiaoTech AIHS 0.32 -5.9 StaarSurgical STAA 71.72 0.1 TekkorpDigitalWt TEKKW 0.51 ... uniQure QURE 18.53 -1.8 WahFuEducation WAFU 3.23 1.8
Offerpad OPAD 3.90 -5.8
ProceptBio PRCT 18.30 -5.0 PriveterraAcqnWt PMGMW 0.48 -2.9 RetractableTechs RVP 5.97 -1.0 SeritageGrowth SRG 11.05 -4.0 Staffing360 STAF 0.82 -3.0 TeladocHealth TDOC 75.06 -0.3 US Antimony UAMY 0.45 -0.4 WarbyParker WRBY 30.29 -4.5
OfferpadWt OPAD.WS 0.41 -25.0 7AcqnWt SVNAW 0.45 -3.0 StarEquity STRR 1.60 -6.7
ProgHoldings PRG 39.72 -3.5 ProcoreTech PCOR 65.19 0.5 RevelationBioWt REVBW 0.33 -17.8 Telesat TSAT 23.62 -2.3 UnityBiotech UBX 1.22 -3.8 WaverleyCap1 Wt WAVC.WS 0.50 -9.1
Olaplex OLPX 20.37 -1.5 VIIAW 0.40 -11.0 STEM 13.80 -1.9
P3HealthPartnersWt PIIIW 0.51 -19.2 ProfoundMed PROF 9.64 -1.2 RevelationBio REVB 4.02 -9.6
7GC Wt Stem 10XCapVentureIII VCXB.U 10.05 -0.2 Upwork UPWK 26.10 -0.5 Wayfair W 155.27 -3.9
Olo OLO 15.51 -3.7 YQ 1.04 -2.7 STER 18.24 -2.1
PacBiosciCA PACB 10.61 -4.1 Progyny PGNY 38.19 -4.5 RevivaPharm RVPH 1.74 ...
17Educ&Tech SterlingCheck
10xGenomics TXG 89.19 -3.3 UroGenPharma URGN 7.46 -7.1 Weber WEBR 9.82 -1.7
OmegaTherap OMGA 9.22 -1.2 ShakeShack SHAK 65.16 -2.0 StifelFinlPfdD SFpD 24.55 0.7 VBI Vaccines VBIV 1.84 -1.1 WestportFuelSys WPRT 1.91 -3.5
Omeros OMER 5.02 -0.4 PagerDuty PD 29.00 -0.7 PropSolnsII Wt PSAGW 0.49 -4.1 Revlon REV 9.31 -3.9 TenaxTherap TENX 0.66 0.8
14.54 -2.7 ProspectorCapWt PRSRW 0.51 -6.3 Shapeways SHPW 2.41 1.2 StitchFix SFIX 15.77 -1.1 Vizio VZIO 16.32 -4.5 WheelerREIT WHLR 1.60 -2.3
OmnichannelWt OCA.WS 0.51 -5.9 PalantirTech PLTR ReWalkRobotics RWLK 1.14 -1.7 TherapeuticsMD TXMD 0.32 4.4
SharpsCompliance SMED 6.37 -2.6 StratimCloudWt SCAQW 0.50 -5.8 VMGConsumerWt VMGAW 0.49 -10.9 WheelsUp UP 3.82 -4.7
Oncocyte OCX 1.65 -24.2 PalisadeBio PALI 1.16 -1.7 ProtagenicTherap PTIX 1.17 -4.7 RhythmPharm RYTM 7.88 -1.7 Thoughtworks TWKS 21.11 0.2
ShattuckLabs STTK 6.66 -2.3 SummitTherap SMMT 2.16 -0.4 VyneTherap VYNE 0.62 -4.2 WheelsUpWt UP.WS 0.64 -4.4
OnconovaTherap ONTX 2.07 -3.3 Palomar PLMR 46.40 -0.6 ProtaraTherap TARA 5.67 -3.1 RigelResourceWt RRAC.WS 0.51 -7.1 ThredUp TDUP 9.67 -1.1
ShenandoahTel SHEN 23.03 -2.0 SumoLogic SUMO 11.18 -2.1 Valens VLNS 1.94 -3.7 WholeEarthBrds FREE 9.59 -2.5
Oncorus ONCR 3.79 -3.8 ParTechnology PAR 40.01 -2.4 ProventionBio PRVB 4.33 -0.5 Rivian RIVN 68.95 -5.1 ThriveAcqnWt THACW 0.37 ...
ShiftTech SFT 2.33 -4.8 SunlightFinl SUNL 3.17 -0.9 Vapotherm VAPO 15.37 -4.9 WholeEarthBrdsWt FREEW 0.84 ...
OncternalTherap ONCT 1.93 3.0 PasitheaTherap KTTA 1.27 -1.5 Pulmonx LUNG 25.06 -2.1 Robinhood HOOD 13.84 -3.5 TianRuixiang TIRX 1.22 ...
ShoalsTech SHLS 17.48 -7.0 SunnovaEnergy NOVA 21.51 -4.2 VaronisSystems VRNS 36.10 -2.0 WISeKey WKEY 3.71 -1.3
Ondas ONDS 4.46 -4.1 PassageBio PASG 4.93 -8.5 PulseBiosciences PLSE 11.61 -0.6 RocketInternetWt RKTA.WS 0.47 -14.5 TilrayBrands TLRY 5.94 -5.1
ShotSpotter SSTI 26.39 -0.6 SunRun RUN 27.66 -4.6 VascularBiogenics VBLT 1.48 -3.8 WorkhorseGroup WKHS 3.52 -3.8
OneEquityPtrsIWt OEPWW 0.41 -10.2 PathfinderWt PFDRW 0.47 -7.4 PureCycleUn PCTTU 8.92 0.1 RockleyPhotonics RKLY 3.33 0.6 SIEN 2.73 -1.4 SUNW 2.33 -2.9 TimberPharm TMBR 0.30 0.3
Sientra Sunworks VelocityAcqnWt VELOW 0.47 -1.0 XL Fleet XL 2.32 -4.5
1LifeHealthcare ONEM 11.04 -1.0 PAVmed PAVM 1.67 -5.1 PureCycleTech PCT 7.01 -2.6 RomeoPower RMO 2.62 -4.4 SightSciences SGHT 14.10 3.8 SuperLeagueGam SLGG 2.03 -5.5 TitanPharm TTNP 0.95 -2.6 VelodyneLidar VLDR 3.64 -5.9 XBiotech XBIT 10.65 -3.1
1stdibs.com DIBS 9.91 -2.3 Paya PAYA 5.78 0.3 PureCycleTechWt PCTTW 2.45 0.8 Root ROOT 2.35 -4.0 SigilonTherap SGTX 1.95 -3.9 Supernova III Wt STRE.WS 0.62 -5.1 TonixPharm TNXP 0.26 -3.1 Veracyte VCYT 27.14 -2.1 XeneticBiosci XBIO 1.14 -1.7
OnionGlobal OG 2.05 -7.3 Payoneer PAYO 5.57 -5.1 Puxin NEW 0.28 -9.7 Rover ROVR 6.16 -4.5 SignifyHealth SGFY 11.86 -0.8 SurfaceOncol SURF 3.99 -2.4 TortoiseEcoIII Wt TRTL.WS 0.88 ... Verastem VSTM 1.58 -3.6 Xos XOS 2.22 -2.2
Ontrak OTRK 3.82 4.9 PayPal PYPL 172.60 -0.5 Q2Holdings QTWO 62.32 3.4 SAB Biotherap SABS 5.50 -2.2 SilenceTherap SLN 20.30 -1.8 Surrozen SRZN 3.86 1.8 ToughBuiltInds TBLT 0.28 -7.1 Vericel VCEL 32.83 -5.5 XosWt XOSWW 0.24 -10.0
OpenLending LPRO 18.45 -1.7 Pennant PNTG 16.66 -4.0 Qorvo QRVO 141.66 -3.6 SoarTechAcqnWt FLYA.WS 0.48 -2.2 SilkRoadMed SILK 32.62 -5.1 SustDevtI Wt SDACW 0.48 -5.4 Traeger COOK 9.64 -3.3 Vertex VERX 12.86 -1.3 Y-mAbsTherap YMAB 10.51 -4.2
OpendoorTech OPEN 9.81 -6.2 Penumbra PEN 218.00 -2.3 Quanterix QTRX 28.44 -5.6 SocTelemed TLMD 0.70 -9.7 SilverbackTherap SBTX 4.39 0.9 Synchronoss SNCR 2.08 -3.2 TransMedics TMDX 14.89 -2.3 VeryGoodFood VGFC 0.61 -2.1 Yandex YNDX 48.24 -0.7
OpGen OPGN 0.94 -1.7 Personalis PSNL 10.64 -3.0 Quantum-Si QSI 5.01 -3.9 SocTelemedWt TLMDW 0.09 -11.4 SimonPropWt SPGS.WS 0.73 -2.6 Synlogic SYBX 1.84 2.6 Travelzoo TZOO 9.05 -0.9 ViantTech DSP 7.75 -1.0 YatsenHolding YSG 1.56 -3.7
OrbitalEnergy OEG 1.74 -5.9 PetMedExpress PETS 23.40 0.9 QuantumScape QS 17.90 -8.1 SPI Energy SPI 3.02 -7.9 SiNtxTech SINT 0.56 0.9 SyrosPharm SYRS 2.34 -2.5 TrebiaAcquisition TREB 7.74 -4.7 VicariousSurgical RBOT 6.16 -4.5 YellowstoneAcqnA YSAC 9.30 -3.0
OrchardTherap ORTX 1.04 -7.9 PhoenixNewMedia FENG 0.71 -3.6 QuoinPharm QNRX 1.40 -7.2 SQZ Biotech SQZ 7.16 -3.3 Skillsoft SKIL 7.48 1.8 TCR2 Therap TCRR 3.63 -2.9 Trevena TRVN 0.55 -1.9 ViemedHealthcare VMD 4.77 -5.9 YumChina YUMC 45.46 -0.3
OrchidIslandCap ORC 4.04 -1.7 Phreesia PHR 31.15 -4.7 RMGAcqnIIIWt RMGCW 0.69 -10.0 SVF Invt Wt SVFAW 0.86 7.7 Skillz SKLZ 5.44 -2.0 TCW Spac Wt TSPQ.WS 0.46 -4.2 TribeCapGrwI Wt ATVCW 0.54 -20.2 View VIEW 2.84 -1.4 YumanityTherap YMTX 1.80 -16.1
OrganiGram OGI 1.54 -0.6 PineTechWt PTOCW 0.40 -20.0 RaMedicalSys RMED 1.20 -2.4 Safehold SAFE 66.14 -3.3 SkylightHealth SLHG 0.90 -2.4 TDCX TDCX 13.18 -6.2 Triterras TRIT 1.95 -0.5 VincerxPharma VINC 7.07 -5.9 ZWDataActionTech CNET 0.80 -0.4
Organogenesis ORGO 7.63 0.7 PivotalInvtIII Wt PICC.WS 0.73 -8.6 Rafael RFL 4.31 -4.8 SalariusPharm SLRX 0.45 5.9 SkyWaterTech SKYT 11.64 -4.0 TDH PETZ 0.44 -8.6 TritiumDCFC DCFC 7.68 -11.0 ViractaTherap VIRX 2.87 -4.0 Zhihu ZH 4.29 -2.9
Organovo ONVO 3.07 -8.4 PlusTherap PSTV 0.91 -2.2 RainTherap RAIN 9.71 5.0 Samsara IOT 19.50 -4.5 SmithMicro SMSI 4.02 -0.2 TGVentureAcqnWt TGVCW 0.33 ... TuataraCapWt TCACW 0.45 -7.2 VirginGalactic SPCE 9.02 -3.0 ZynerbaPharma ZYNE 2.39 -2.0

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.25 +0.02 -1.4 ContraK 17.40 -0.13 -7.5 IntlEq NA ... NA AllAsset NA ... NA ExtndAdml 126.03 -1.58 -9.1 VANGUARD FDS MdCpGrAdml 95.92 -0.65-12.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti CpInc r 10.96 -0.01 -2.1 Invesco Funds Y TotRt 10.05 +0.03 -2.0 GNMAAdml 10.37 +0.02 -1.6 DivdGro 37.76 -0.12 -3.9 MdCpVlAdml 76.60 -1.09 -1.6
EdgewoodGrInst 53.45 -0.12-11.6 GroCo 32.54 -0.45-10.8 DevMktY 46.18 +0.21 -1.8 PIMCO Funds A GrwthAdml 149.83 -1.53 -9.3 INSTTRF2020 26.61 -0.05 -2.6 SmValAdml 75.00 -1.14 -2.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Fidelity GrowCoK 32.66 -0.45-10.8 John Hancock Instl IncomeFd NA ... NA HlthCareAdml r 89.52 -0.36 -6.6 INSTTRF2025 28.52 -0.08 -2.9 TotBd2 10.81 +0.03 -2.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, DispValMCI 27.67 -0.40
500IdxInstPrem157.31 -1.54 -4.8 InvGrBd 11.39 +0.03 -1.9 ... PIMCO Funds I2 HYCorAdml r 5.87 +0.01 -1.2 INSTTRF2030 29.73 -0.10 -3.0 TotIntlInstIdx r135.66 -0.09 -0.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotItlInstPlId r135.69 -0.09 -0.8
Contrafund K6 21.52 -0.17 -7.8 LowP r 52.97 -0.34 -1.5 JPMorgan I Class Income NA ... NA InfProAd 27.61 -0.05 -2.9 INSTTRF2035 30.78 -0.12 -3.2
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EqInc NA ... NA PIMCO Funds Instl IntlGrAdml 129.17 -0.53 -7.3 TotSt 110.96 -1.13 -5.6
available due to incomplete price, performance or cost data. NE-Not released by Lipper; ExtMktIdxInstPre 79.26 -0.99 -9.1 Magin 13.74 -0.11-10.6 INSTTRF2040 31.89 -0.15 -3.3
FidSerToMarket 15.07 -0.15 -5.6 NASDAQ r 180.44 -2.09 -8.3 JPMorgan R Class IncomeFd NA ... NA ITBondAdml 11.61 +0.02 -2.3 INSTTRF2045 32.89 -0.17 -3.5 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. CoreBond NA ... NA Price Funds ITIGradeAdml 9.70 +0.02 -2.4 BalInst 46.96 -0.24 -4.2
GrowthCompanyK6 20.39 -0.28-10.9 OTC 17.87 -0.14 -8.8 INSTTRF2050 33.06 -0.17 -3.5
IntlIdxInstPrem 48.54 -0.08 -1.5 Puritn 25.91 -0.14 -4.7 Lord Abbett A BlChip 159.45 -1.38-10.3 LTGradeAdml 10.41 +0.06 -4.5 INSTTRF2055 33.15 -0.18 -3.5 DevMktsIndInst 16.21 -0.03 -1.5
Wednesday, January 19, 2022 MidCpInxInstPrem 29.91 -0.33 -6.5 SrsEmrgMkt 20.84 +0.07 -0.9 ShtDurIncmA p 4.13 ... -0.6 DivGro 70.39 -0.35 -5.0 MidCpAdml 292.78 -3.11 -7.2 IntlVal 42.42 +0.02 2.0 DevMktsInxInst 25.33 -0.06 -1.6
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 21.64 -0.21 -4.8 SrsGlobal 14.97 -0.01 -0.6 Lord Abbett F EqInc 36.66 -0.34 1.9 MuHYAdml 11.84 -0.02 -1.2 LifeCon 22.48 -0.03 -2.6 ExtndInst 126.03 -1.57 -9.1
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesBondFd 10.20 +0.03 -2.0 SrsGroCoRetail 18.23 -0.25-10.7 ShtDurIncm 4.13 ... -0.4 Growth 94.37 -0.88-11.2 MuIntAdml 14.54 -0.01 -1.0 LifeGro 42.94 -0.20 -3.4 GrwthInst 149.84 -1.53 -9.3
SeriesOverseas 13.50 -0.03 -6.3 SrsIntlGrw 17.87 -0.07 -6.5 Lord Abbett I
HelSci 91.18 -0.50-12.4 MuLTAdml 11.96 -0.02 -1.3 LifeMod 32.55 -0.10 -3.0 InPrSeIn 11.25 -0.02 -2.9
American Century Inv IntlVal Inst NA ... NA DivIncom I 30.60 -0.22 -3.2 ShtDurInc p 4.13 ... -0.4 MuLtdAdml 11.10 -0.01 -0.6 InstIdx 386.13 -3.77 -4.8
Ultra 79.81 -0.75 -8.9 Baird Funds Dimensional Fds SmCpIdxInstPrem 25.33 -0.41 -8.1 SrsIntlVal 11.51 -0.05 3.0 LgCapGow I 66.11 -0.50-10.1 PrmcpCor 32.43 -0.45 -3.6
TMktIdxInstPrem126.33 -1.29 -5.6 TotalBond 10.85 +0.02 -1.8
Metropolitan West
MidCap 105.88 -0.40 -9.8 MuShtAdml 15.84 -0.01 -0.2 STAR 30.78 -0.12 -3.6
InstPlus 386.15 -3.77 -4.8
American Funds Cl A AggBdInst 11.13 +0.03 -2.1 5GlbFxdInc 10.55 +0.01 -1.4 TotRetBdI 10.67 +0.02 -2.1 PrmcpAdml r163.68 -2.00 -3.4 InstTStPlus 83.26 -0.85 -5.6
AmcpA p 41.09 -0.30 -9.6 CorBdInst 11.43 +0.02 -2.1 EmgMktVa 32.05 +0.24 3.4 USBdIdxInstPrem 11.72 +0.03 -2.1 Fidelity SAI NHoriz 64.29 -0.12-16.3 TgtRe2015 14.28 -0.02 -2.3
TRBdPlan 10.01 +0.03 -2.1 RealEstatAdml151.49 -2.05 -7.8 MidCpInst 64.68 -0.68 -7.2
AMutlA p 52.20 -0.31 -1.8 BlackRock Funds EmMktCorEq 25.35 +0.11 1.2 Fidelity Advisor I TotalBd 10.24 +0.02 -1.8 R2020 21.56 -0.05 -2.9 TgtRe2020 30.23 -0.06 -2.5
MFS Funds SmCapAdml 101.27 -1.38 -6.6 MidCpIstPl 318.97 -3.40 -7.2
BalA p 32.53 -0.13 -2.8 HiYldBd Inst 7.73 ... -1.2 IntlCoreEq 16.04 -0.03 -0.4 GrOppI 138.43 -1.58-12.6 Fidelity Selects
IIE 32.78 +0.02 -2.0
R2025 18.89 -0.06 -3.2 TgtRe2025 19.76 -0.05 -2.9
SmGthAdml 86.90 -0.97-12.2 SmCapInst 101.27 -1.38 -6.5
BondA p 13.11 +0.03 -2.0 BlackRock Funds A IntSmCo 21.27 -0.04 -2.3 NwInsghtI 38.54 -0.28 -7.6 Softwr r 27.58 ... -8.0 MFS Funds Class I R2030 28.43 -0.10 -3.6 TgtRe2030 37.25 -0.13 -3.0
STBondAdml 10.51 +0.01 -0.8 SmCapIstPl 292.30 -3.99 -6.5
CapIBA p 70.03 -0.18 -0.2 GlblAlloc p 20.14 -0.05 -3.2 IntSmVa 21.60 -0.03 1.0 Fidelity Freedom Tech r 26.11 -0.38-10.3 GrowthI 175.86 -1.10 -9.6 R2040 31.37 -0.17 -4.2
STIGradeAdml 10.66 +0.01 -0.9 TgtRe2035 23.09 -0.09 -3.1 STIGradeInst 10.66 +0.01 -0.9
CapWGrA 61.61 -0.29 -3.2 BlackRock Funds III TAUSCoreEq2 NA ... NA FF2020 16.24 -0.03 -2.5 First Eagle Funds ValueI 52.84 -0.51 -3.4 Schwab Funds
STIPSIxAdm 25.54 -0.02 -0.8 TgtRe2040 40.64 -0.18 -3.3 STIPSIxins 25.56 -0.02 -0.8
EupacA p 61.55 -0.13 -5.0 iShS&P500IdxK533.36 -5.21 -4.8 US CoreEq1 34.81 -0.39 -4.5 FF2025 14.99 -0.04 -2.5 GlbA 65.01 -0.10 0.8 Northern Funds 1000 Inv r 97.85 -0.97 -5.5 TotBdAdml 10.95 +0.03 -2.1 TgtRe2045 27.40 -0.14 -3.5 TotBdInst 10.95 +0.03 -2.1
FdInvA p 72.25 -0.42 -4.9 BlackRock Funds Inst US CoreEq2 31.54 -0.36 -4.5 FF2030 18.83 -0.05 -2.6 Franklin A1 StkIdx 49.69 -0.48 -4.8 S&P Sel 69.41 -0.68 -4.8 TotIntBdIdxAdm 21.81 ... -1.1 TgtRe2050 45.26 -0.25 -3.5 TotBdInst2 10.81 +0.03 -2.1
GwthA p 68.17 -0.63 -8.3 StratIncOpptyIns 10.07 ... -0.7 US Small 44.47 -0.71 -5.5 FF2035 16.47 -0.06 -2.8 IncomeA1 p 2.54 ... 1.2 Nuveen Cl I TSM Sel r 77.70 -0.79 -5.6 TotIntlAdmIdx r 33.92 -0.03 -0.8 TgtRet2055 50.39 -0.27 -3.5 TotBdInstPl 10.95 +0.03 -2.1
ICAA p 49.62 -0.34 -4.2 Bridge Builder Trust US SmCpVal 43.33 -0.77 -0.3 FF2040 11.82 -0.06 -3.0 FrankTemp/Franklin A HYMunBd 18.23 -0.03 -1.1 VANGUARD ADMIRAL TotStAdml 110.99 -1.13 -5.6 TgtRetInc 14.14 -0.01 -2.2 TotIntBdIdxInst 32.74 +0.01 -1.1
IncoA p 25.64 -0.09 -0.8 CoreBond 10.21 +0.03 -2.0 US TgdVal 29.98 -0.54 -0.7 Freedom2025 K 14.97 -0.04 -2.5 DynaTech A p132.04 -1.12-14.9 Old Westbury Fds 500Adml 418.52 -4.09 -4.8 TxMCapAdml234.55 -2.33 -5.4 TotIntBdIxInv
10.91 ... -1.1 TotStInst 111.01 -1.13 -5.6
N PerA p 62.43 -0.36 -6.0 CorePlusBond 10.12 +0.02 -1.9 USLgVa 45.96 -0.59 -0.2 Freedom2030 K 18.82 -0.05 -2.6 Growth A p 137.12 -0.89 -8.9 LrgCpStr 17.70 -0.14 -6.1 BalAdml 46.95 -0.24 -4.2 TxMIn r 16.19 -0.03 -1.5 USGro 57.06 -0.61-12.3 ValueInst 57.12 -0.51 -0.4
NEcoA p 55.41 -0.55-10.4 Intl Eq 13.15 -0.04 -1.7 Dodge & Cox Freedom2035 K 16.45 -0.07 -2.8 RisDv A p 91.14 -0.42 -6.0 Parnassus Fds CAITAdml 12.06 -0.02 -1.0 USGroAdml 147.81 -1.60-12.3 WellsI 28.55 ... -1.4 WCM Focus Funds
NwWrldA 82.22 -0.21 -4.4 LargeCapGrowth 21.68 -0.12 -7.8 Balanced 110.53 -0.98 1.0 Freedom2040 K 11.82 -0.06 -3.0 Guggenheim Funds Tru ParnEqFd 60.42 -0.24 -4.7 CapOpAdml r182.84 -2.43 -5.6 ValAdml 57.12 -0.51 -0.5 Welltn 46.69 -0.15 -3.8 WCMFocIntlGrwIns 24.90 -0.04-10.0
SmCpA p 71.97 -0.47-10.1 LargeCapValue 17.19 -0.16 -0.7 Income 13.81 +0.03 -1.8 Fidelity Invest TotRtnBdFdClInst 27.96 +0.05 -2.0 PGIM Funds Cl Z DivAppIdxAdm 44.29 -0.27 -5.0 WdsrllAdml 80.04 -0.82 -2.2 WndsrII 45.12 -0.46 -2.2 Western Asset
TxExA p 13.40 -0.02 -1.1 Calamos Funds Intl Stk 49.38 -0.28 4.4 Balanc 29.10 -0.18 -4.2 Harbor Funds HighYield 5.43 ... -1.0 EMAdmr 41.58 +0.14 1.4 WellsIAdml 69.15 ... -1.4 VANGUARD INDEX FDS CoreBondI 12.75 +0.03 -2.5
WshA p 58.30 -0.45 -3.6 MktNeutI 14.41 -0.02 -0.8 Stock 249.60 -3.51 1.8 BluCh 164.20 -2.15-10.6 CapApInst 89.37 -0.84-11.3 TotalReturnBond 14.12 +0.05 -2.3 EqIncAdml 92.26 -0.58 ... WelltnAdml 80.62 -0.25 -3.8 ExtndIstPl 311.01 -3.90 -9.1 CorePlusBdI 11.62 +0.04 -2.4
Artisan Funds Columbia Class I DoubleLine Funds Contra 17.34 -0.13 -7.6 Harding Loevner PIMCO Fds Instl ExplrAdml 107.89 -1.14 -9.4 WndsrAdml 82.08 -0.82 0.6 IdxIntl 20.28 -0.01 -0.8 CorePlusBdIS 11.62 +0.04 -2.4