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* * * * * TUESDAY, JANUARY 24, 2023 ~ VOL. CCLXXXI NO. 18 WSJ.com HHHH $5.00
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At Least Seven Are Killed in Second California Rampage Microsoft

What’s
News To Invest
Billions
In AI
Business & Finance
icrosoft said it is mak-

M ing a multiyear, multi-
billion-dollar investment in
OpenAI, substantially bol-
stering its relationship with
Startup
the startup behind the vi- Software giant builds
ral ChatGPT chatbot. A1 on relationship with
NHAT V. MEYER/BAY AREA NEWS GROUP/ASSOCIATED PRESS
 Big banks are teaming up ChatGPT developer

to launch a digital wallet that
people can use to shop on- with multiyear push
line. It would be managed by
EWS, the bank-owned com-
BY BERBER JIN
pany that operates the money-
AND MILES KRUPPA
transfer service Zelle. A1
 U.S. stocks climbed, Microsoft Corp. said it is
with the S&P 500, Nasdaq making a multiyear, multibil-
and Dow industrials post- lion-dollar investment in
ing gains of 1.2%, 2% and OpenAI, substantially bolster-
0.8%, respectively. B1 ing its relationship with the
startup behind the viral Chat-
 Musk said he had fund-
GPT chatbot as the software
ing to take Tesla private
giant looks to expand the use
when he floated the idea
TRAGIC: First responders were at the scene of one of the two related shootings Monday where at least seven people were of artificial intelligence in its
in 2018, as he testified in a
killed in Half Moon Bay, Calif., authorities said, two days after a separate mass shooting in the state killed 11 people. A3 products.
case brought by investors
Microsoft said Monday that
who say they lost money
the latest partnership builds
by acting on his tweets. B1
Hopes for a Markets Recovery

upon the company’s 2019 and
.
 Ritchie Bros. agreed to 2021 investments in OpenAI.
amend the terms of its pro- The companies didn’t dis-
ly
posed acquisition of IAA close financial terms of the
with the backing of Star- partnership. Microsoft had
Hinge on Big Drop in Inflation

board, a move that won been discussing investing as
over a major investor that
had challenged the deal. B1
 Spotify is laying off about
on much as $10 billion in OpenAI,
according to people familiar
with the matter. A representa-
tive for Microsoft declined to
600 employees, or roughly
comment on the final number.
us ,
6% of its workforce, as part

BY MATT GROSSMAN Hopes for a quick return to rose 1.2%, led by advances in companies are laying off work- OpenAI was in talks this
l
of broader cost-cutting
2% inflation have encouraged the tech sector. The tech-heavy ers and reducing earnings esti- month to sell existing shares
e
measures after the company
al a
Behind this year’s improved bets that the Fed will pause Nasdaq Composite gained 2%, mates. Meanwhile, China’s eco- in a tender offer that would
went on a spending spree
start for markets lies a broad and even reverse its interest- adding to the recovery among nomic reopening and a still- value the company at around
during the pandemic. B1
wager that inflation will soon rate increases this year. Rate shares that suffered most as tight labor market both add $29 billion, The Wall Street
ci on
 Citadel made $16 billion post a once-in-a-generation rises pummeled stocks and rates increased last year. inflationary pressure that could Journal reported, making it
for its investors last year, decline. bonds in 2022, and a possible Many Wall Street strategists, prompt Fed rate increases be- one of the most valuable U.S.
the largest annual gain Market-based gauges of in- respite has sent both higher in however, are warning that a yond those currently expected. startups on paper despite gen-
ever made by a hedge-fund flation expectations project the January. The rally has ex- painless end to elevated infla- Avoiding a serious down- erating little revenue.
firm, according to research annual pace of rising prices tended to some of the riskier tion will be difficult to achieve. turn while inflation falls The investment shows the
er s
from LCH Investments. B11 will drop in the months ahead assets that had stung investors Previous episodes of inflation quickly would be a “Goldilocks tremendous resources Micro-
roughly as rapidly as during hardest last year, such as bit- suggest that it rarely falls as scenario,” said Liz Ann soft is devoting toward incor-
 Elevance Health said it
m er
the recession that followed the coin and the ARK Innovation quickly as markets are now Please turn to page A2 porating artificial-intelligence
agreed to acquire nonprofit
2008 financial crisis—or when exchange-traded fund, known forecasting that it will in the software into its suite of prod-
health insurer Blue Cross and
Federal Reserve Chairman Paul for its focus on fast-growing absence of a serious recession.  Stocks rise as investors bet ucts, ranging from its design
Blue Shield of Louisiana. B3
Volcker used double-digit in- tech companies. Economic data released last on shift by the Fed................. B1 app Microsoft Designer to
terest rates to crush the soar- Stock gains continued on week showed signs of weaken-  Heard on the Street: Is a search app Bing. It also will
m rp
World-Wide ing inflation of the late 1970s. Monday, when the S&P 500 ing consumer demand. More recession looming?................B12 Please turn to page A7
Banks Look Into

 Four members of the
Oath Keepers were found Brazil, Argentina Eye a Common Currency
co Fo
guilty of seditious conspir-
Rival Digital Wallet

acy in connection with the
Jan. 6, 2021, attack on the
U.S. Capitol, in the latest
criminal convictions against
the far-right group. A4
 A jury convicted an Ar- BY ANNAMARIA ANDRIOTIS include Capital One Financial
kansas man who posed Corp., PNC Financial Services
for photographs with his Big banks are teaming up Group Inc., U.S. Bancorp and
feet on a desk in then- to launch a digital wallet that Truist Financial Corp.—plans
House Speaker Pelosi’s of- people can use to shop online. to begin rolling out the new
LUIS ROBAYO/AGENCE FRANCE-PRESSE/GETTY IMAGES
fice during the riot. A4 Wells Fargo & Co., Bank of offering in the second half of
 The White House didn’t America Corp., JPMorgan the year.
n-
Chase & Co. and four other One goal of the new service
commit to providing infor-
banks are working on a new is to compete with third-party
mation to House Republicans
product that would allow wallet operators such as Pay-
investigating how classified
shoppers to pay at merchants’ Pal Holdings Inc. and Apple
material wound up in Biden’s
no
online checkout with a wallet Inc.’s Apple Pay, according to

private home and former of-
that would be linked to their people familiar with the mat-
fice, as Biden’s team continued
debit and credit cards. ter. Banks are worried about
to face sharp questions. A4
The digital wallet would be losing control of their cus-
 A former high-level FBI managed by Early Warning tomer relationships. Apple, in
agent was indicted on Services LLC, the bank-owned particular, poses a big threat.
charges he violated U.S. company that operates money- The tech giant has moved fur-
sanctions by accepting se- transfer service Zelle. The wal- ther into financial services and
cret payments from Russian Brazil’s President Luiz Inácio Lula da Silva, left, and Argentina’s President Alberto Fernández let, which doesn’t have a name is working on a savings ac-
businessman Oleg Deri- met Monday for talks on creating a common currency to reduce reliance on the U.S. dollar. A16 yet, would operate separately count with Goldman Sachs
paska for work he did inves- from Zelle, EWS said. Group Inc. and a buy-now,
tigating a rival oligarch. A3 EWS—whose owners also Please turn to page A7
 Most people would get
Juvenile Crime Surges,

one Covid-19 shot annually,
as they do with the flu
shot, under FDA proposals
Wetsuit Shaming Divides INSIDE
San Francisco Bay Swimmers
Reversing Decline
for simplifying the nation’s
Covid vaccine procedures. A3
i i i
 Fighting intensified in
Ukraine’s strategically im- The rift, between those who suit up
portant south, where Mos-
cow claims it is making and those who don’t, is legendary Rise in violence brings growing toll of
advances, while Kyiv waits
on heavier weapons from young victims; ‘It’s just kids killing kids’
its Western allies. A6 BY ROBERT MCMILLAN Ms. Gower recalls the
 Turkey’s Erdogan issued swimmer saying: “You can just BY DAN FROSCH bullet struck the pavement JASON GAY
SAN FRANCISCO—A year let the ocean take that. Let it AND ZUSHA ELINSON in front of her, authorities Don’t disrespect the
a new threat to block Swe-
ago, Adele Gower used to float away.” say. Another pierced her
den’s entrance to NATO af-
cherish daily 90-minute swims Cold-water immersion is A 13-year-old boy ran stomach. She was rushed in
Eagles and Bengals,
ter a far-right politician each a win away from
in the frigid Bay here. Now she having a moment these days, through the Bronx streets critical condition to Lincoln
publicly burned a copy of
the Quran in Stockholm
can only stand it for 30 min- with growing numbers of fans one May afternoon last year, Hospital 2 miles away, where the Super Bowl. A12
utes. plunging into low-tempera- chased by two teens on a she died that night.
over the weekend. A6
She abandoned her wetsuit tures to try to feel better. But scooter. Surveillance video Violence among children
after being shamed by fellow in San Francisco, the chatter showed him frantically try- has soared across the coun-
CONTENTS Markets..................... B11 San Francisco Bay about chilly wa- ing to open the doors of an try since 2020, a stark rever-
Arts in Review.... A11 Opinion.............. A13-15
Business & Finance B2 Personal Journal A9-10 swimmers—a pecu- ter goes much assisted-living facility. The sal of a decadeslong decline
Business News.. B3,6 Sports........................ A12 liar, zealous breed, deeper than in scooter peeled onto the side- in juvenile crime.
Crossword............... A11 Technology............... B4 who jump off boats most places. walk and sped toward him. A In the U.S., homicides
Equities....................... B8 U.S. News............. A2-4
Heard on Street. B12 World News. A6-7,16
near Alcatraz Island Cold shoulder It is home to the 15-year-old boy riding on the committed by juveniles act-
and swim with seals great wetsuit divide. back pointed a handgun and ing alone rose 30% in 2020
in the city’s Aquatic Park. The wetsuit has a long his- fired multiple times, police from a year earlier, while
> One day while struggling to tory in San Francisco, popular- say. those committed by multiple BUSINESS & FINANCE
take her wetsuit off, a swim- ized by Jack O’Neill in 1952 to Nearby, 11-year-old Kyhara juveniles increased 66%. The Musk testifies he had
mer friend—a burly former ward off hypothermia in surf- Tay stood outside a beauty number of killings commit-
Marine—came in to help her. ers. With the water hovering salon after school, eating ted by children under 14 was
funding backed by
“He wades into the water and just above 50 degrees this chicken wings and waiting the highest in two decades, Saudi Arabia to take
s 2023 Dow Jones & Company, Inc.
All Rights Reserved grabs my wetsuit and he just month—and air temperature for her friends to finish get- according to the most recent Tesla private in 2018. B1
yanks it right off,” she says. Please turn to page A8 ting their nails done. A stray Please turn to page A8
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Tuesday, January 24, 2023 * **** THE WALL STREET JOURNAL.
U.S. NEWS
Some Groups’ Wages Far Outpace Prices Wages by education
Median earnings rose Weekly earnings, change from a year earlier time Asian workers was
Better pay raises late last $1,496, and white workers
by 7.4% in 2022, with By earnings level* By race* By age group* By education† year went to workers who at- earned $1,111.
biggest gains for Black Bottom 10% Black 16-24 Bachelor's degree tended college, a reversal from
and higher earlier in the pandemic when Wages by age group
and younger workers 10% those who hadn’t completed The rate of raises between
5 high school saw outsize gains. workers ages 16 to 24 and
BY GABRIEL T. RUBIN The annual rate of wage other age groups widened in
0 growth for workers with less 2022.
Black workers, young work- than a high school diploma It isn’t unusual for young
ers and people on the bottom –5 Overall, all workers 16+ touched a recent peak in the workers to experience faster
of the income scale were 2018 '22 2018 ’22 2018 ’22 2018 ’22 second quarter of 2022, when wage growth in percentage
among those who saw the larg- it was up 11.1% over the prior terms, largely because they
est pay increases last year, year, higher than the 7.6% typically start from the lowest
Top 10% Asian 25-54 Some college
when employers were readily 10% wage growth during that pe- base.
handing out raises in a tight riod for workers with a bache- That youngest cohort, earn-
labor market and high inflation 5 lor’s degree or higher. ing a median of $716 a week,
environment. But by the end of 2022, the ended the year with 10.8% an-
Median weekly earnings for 0 median worker without a high- nual wage growth, compared
all workers were 7.4% higher, school diploma was making with 7.2% for the next-stron-
year over year, at the end of –5 $675 a week, or 3.7% more gest group, aged 25 to 54.
2022, according to an analysis than during the last quarter of Older workers, those in the
of newly released Labor De- White 55-64 High school diploma 2021. The median worker with 55-64 bracket and those over
10%
partment data. That outpaced at least a bachelor’s degree 65, who often start from
the consumer inflation rate of 5 saw 5.5% wage growth from a higher bases, saw the slowest
7.1% in the fourth quarter, from year earlier to $1,547 a week. wage growth last year, at 2.8%
a year earlier. 0 and 3.9%, respectively.
For some workers, the gains Wages by race
were larger. The median raise *Reflects earnings of full-time –5 The median Black worker’s Wages by earnings level
for Black Americans employed wage and salary workers weekly pay increased at the The lowest-paid workers
full time was 11.3%, compared †Reflects earnings of full-time Hispanic 65+ Less than high school fastest rate among those mea- saw larger raises last year than
10%
with the prior year. Weekly wage and salary workers sured, growing to $896 from the top 10% of wage earners.
pay for workers aged 16 to 24 age 25 and older
5
$805 a year earlier. The me- Those in the bottom 10%
rose more than 10%. The bot- Note: The data reflect median
dian Hispanic or Latino worker saw weekly pay grow 9.8%
tom 10th of wage earners— earnings for the listed group, 0 saw a 4.8% raise to $837 a from a year earlier at the end
those that make about $570 a with the exception of the 10th week. White and Asian work- of 2022, to $571 a week. The
and 90th percentile groups.
week—saw their pay increase –5 ers saw wage growth slightly top 10% received a raise of
by nearly 10%. Source: Labor Department 2018 ’22 2018 ’22 2018 ’22 higher than the overall work- 5.7%, to $2,584 a week.
The pay increases were wel- force. Gains for low-income and
come relief for those groups an economist at the Upjohn In- those folks to find a produc- and success.” Still, white and Asian work- low-skilled workers drove
who have experienced “de- stitute for Employment Re- tive place in the community Here is a look at which ers continued to earn far more broader wage growth through-
.
cades of pain” in the labor search. where they can contribute Americans saw the largest, and than other racial groups. Me- out the post-reopening period
market, said Aaron Sojourner, “It’s been a struggle for and earn and build families smallest, raises in 2022. dian weekly earnings for full- of the pandemic.
ly
Recovery inflation of about 2.2% in the
next year.
Those figures, if realized,
on Annual CPI inflation
15%
sistently underestimated how
rapidly prices have actually
risen. Last year’s unexpected
year, rate increases hit the
housing market hard by mak-
ing mortgages more expensive.
Hinges on would represent a historically Periods when inflation fell by seven inflation surge sent the Fed Analysts who expect CPI in-
percentage points or more in the
rapid decline. rushing to tame rising prices, flation to rapidly cool this year
course of 20 months or less
In June, the year-over-year prompting rate increases that point to a big fall in energy
us ,
10
Inflation increase in the CPI hit 9.1%, the helped send the Nasdaq down prices since last summer, as
l
highest since the early 1980s. If 33% in 2022. well as easing price increases
e
al a
inflation falls to 2% by next The past three months, how- for food and some commodi-
January, that roughly 7-per- 5 ever, have brought renewed op- ties in recent months.
Continued from Page One centage-point decline would timism for cooling inflation and But even if inflation de-
ci on
Sonders, chief investment closely compare to a similar- an end to the Fed’s increases as clines as sharply as traders
strategist at Charles Schwab. size drop that played out be- soon as March. December’s 6.5% now predict, stocks might
0
“Pretty much everything tween August 2008 and July inflation rate was the lowest struggle anyway if the econ-
would have to go right.” 2009, when inflation declined since late 2021. The Fed slowed omy lists into a recession as
For now, markets are hold- to minus 2.1% from 5.6%—in the the pace of its rate increases in inflation falls.
er s
ing relatively steady. Despite midst of a historic recession. -5 that month and is widely ex- One classic recession warn-
wavering last week, the S&P Before that, inflation hadn’t 1955 '60 '65 '70 '75 '80 '85 '90 '95 2000 '05 '10 '15 '20 pected to do so again on Feb. 1. ing light has been flashing since
m er
500 has gained 4.7% so far in fallen so fast within 20 months Rosy assumptions have this past summer: For months,
2023. Bonds have rallied. Trea- since Mr. Volcker’s early-1980s Total returns* helped assets that were badly yields on short-term Treasurys
sury yields and derivatives rate-increase campaign. The bruised last year get off to a have held above those on lon-
markets are both reflecting previous episode came as the 2023 year to date† brisk start in 2023. The ARK ger-term debt, a reversal of the
bets that the consumer-price economy normalized after the S&P 500 2022 Innovation ETF, a fund that norm and a signal investors ex-
m rp
index will rise by about 2% start of the Korean War. bets heavily on growing tech- pect slowing growth and rate
through January 2024. Bob Michele, chief invest- nology companies, has gained cuts in the future.
Nasdaq Composite
At Monday’s close, U.S. ment officer for J.P. Morgan more than 21% this year. The That provides a strong rea-
Treasury notes set to mature Asset Management, cautioned tech-heavy Nasdaq Composite, son to doubt the sustainability
ARK
in January 2024 were yielding that it is premature to assume Innovation
which slumped worse than of the current stock rally, said
co Fo
around 4.7%, while inflation- that inflation will continue an ETF other indexes last year, is now Chris Verrone, head of techni-
protected Treasurys that come orderly drop through the rest outgaining them. Even bitcoin cal and macro research at
due the same month were of 2023. If it flares up again, Bitcoin has rallied after a calamitous Strategas. “We can’t be blindly
yielding about 2.7%, according the Fed could resume raising 2022, rising 39% versus the long risk assets when the yield
to Tradeweb. The difference rates, he believes. Mr. Michele –60% –40 –20 0 20 40 dollar so far this year. curve does not yet suggest
between those figures, called is telling clients to avoid vul- More-sedate sectors also that we’re on the other side of
*Include price changes and dividend payments. †As of Jan. 20
the break-even inflation rate, nerable debt investments. Sources: WSJ analysis of Labor Department data (inflation); have been boosted by assump- this,” Mr. Verrone said.
suggests that Treasury traders “There are a lot of reasons FactSet (S&P, Nasdaq, ARKK); Coindesk (bitcoin) tions of a painless end to soar-
are betting the consumer-price for the Fed to pause and see ing inflation. Home-building
index will rise by about 2% what happens, but there are institute, also is concerned the approach to equities. “We stocks have climbed since mid- Watch a Video
over the next 12 months. also a lot of reasons they may inflation consensus is too opti- don’t believe that 2% is a feasi- October, even though Wall Scan this code
Wagers on contracts known have to go and keep hiking,” mistic. She projects that the ble target right now,” Ms. De- Street analysts have slashed for a video on
as CPI swaps, another way of Mr. Michele said. annual rate will fall no lower fend said. estimates for the industry’s fu- whether the Fed
n-
betting on future inflation Monica Defend, head of as- than 4% in the next 12 months. Since 2021, traders’ year- ture profits, Ms. Sonders of is pushing too
rates, show traders forecasting set manager Amundi’s research Amundi is advising a cautious ahead inflation bets have per- Schwab has observed. Last hard on rates.
U.S. WATCH
no
IOWA firing at them just before 1 p.m. Parizek. The students were Santos, who has admitted to ly-
local time, authorities said. brought to a local hospital but ing about his education and
Shooting at Youth The gunfire broke out inside couldn’t be saved, he said. work experience, should resign,
Center Kills Two a common area used by the Mr. Holmes, 49, is hospital- according to new poll figures.
Starts Right Here education pro- ized in serious conditio.n. The Nearly 6 out of 10 New York
Two students at an Iowa ed- gram in Des Moines founded by surviving victim was in serious voters said Mr. Santos should
ucation center for at-risk youth local activist William Holmes, condition and expected to have step down, according to a poll re-
died Monday in what authorities police said. surgery, he said. leased Monday by the Siena Col-
said was a targeted shooting Mr. Holmes, an advocate for —Talal Ansari lege Research Institute. More than
that also left the organization’s youth programs and a rapper 60% of Democrats said the New
president seriously wounded. who performs under the name NEW YORK York congressman, who repre-
Two male students, 18 years Will Keeps, was wounded in the sents parts of Nassau County and
old and 16 years old, were fa- incident, according to Des Poll Shows Majority Queens, should resign, according
tally shot when a suspect iden- Moines police. Want Santos to Quit to the poll. Nearly half of Republi-
tified by Des Moines, Iowa, po- First responders performed cans said he should leave office.
lice as Preston Walls, 18, pulled CPR on the victims found at the Most New Yorkers say Long Mr. Santos, 34, has admitted
out a 9 mm handgun and began scene, according to Sgt. Paul Island Republican Rep. George to lying about working at Gold-
man Sachs Group Inc. and Citi-
group Inc. but has repeatedly
THE WALL STREET JOURNAL
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CORRECTIONS  AMPLIFICATIONS said he won’t step down.
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(Western Edition ISSN 0193-2241)
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THE WALL STREET JOURNAL. * * * * * * Tuesday, January 24, 2023 | A3
U.S. NEWS
FDA
Proposes
Seven Killed in California Shooting
Agricultural sites were nurseries near Half Moon Bay, was taken to the Stanford Med- ings, was found in his car. identify the victims.
a coastal city south of San ical Center with life-threatening “We’ve got the only weapon Monday’s shootings come
targeted in Bay Area
Annual attacks, officials say;
Francisco, San Mateo County
Sheriff Christina Corpus said.
Officials said a suspect was
injuries. in critical condition.
Soon afterward, three more vic-
tims were found dead at a sep-
that we believe to be involved,”
Sheriff Corpus said.
Mr. Zhao, a farmworker, is
after a separate mass shooting
in California over the weekend.
Eleven people were killed when
suspect, 67, arrested
Covid-19 BY SURYATAPA BHATTACHARYA
in custody and there was no
ongoing threat.
The shootings were a tar-
arate nursery about a mile
away, in the area, she said.
A suspect, Zhao Chunli, 67
believed to have acted alone,
authorities said, adding that a
motive is currently unknown.
a 72-year-old man attacked a
dance hall in Monterey Park.
California Gov. Gavin
Vaccine At least seven people were

killed in two related shootings
in California on Monday, au-
geted attack in which the gun-
man intended to kill specific
people, according to a law-en-
forcement official with knowl-
years old and a resident of Half
Moon Bay, was arrested Mon-
day evening after he was found
in his car in the parking lot of a
Sheriff Corpus described the
area where the shootings took
place as a rural location where
people work and live in the
Newsom said he was at a hos-
pital meeting with victims of
the Monterey Park rampage
when he was briefed about the
BY LIZ ESSLEY WHYTE thorities said, two days after a edge of the investigation. police station, authorities said. same place. “It was in the after- shootings in Half Moon
separate mass shooting in the Four victims were found He was arrested without inci- noon when kids were out of Bay. “Tragedy upon tragedy,”
Most people would get one state killed 11 people. dead Monday afternoon along dent and a semiautomatic school, and for children to wit- he wrote on Twitter.
Covid-19 shot annually—as they The shootings Monday oc- the Cabrillo Highway, Sheriff weapon, which authorities be- ness is unspeakable,” she said. —Zusha Elinson
do with the flu shot—under curred at two agricultural Corpus said. Another victim lieved was used in the shoot- Officials were still trying to contributed to this article.
Food and Drug Administration
proposals for simplifying the
Deaths in Weekend Rampage Rise to 11

nation’s Covid-19 vaccine pro-
cedures.
The drug regulator also pro-
posed that people getting vac-
cinated for the first time re-
ceive vaccines that target MONTEREY PARK, Calif.—
Omicron and the original strain An 11th person shot during
of the coronavirus. this weekend’s massacre at a
The proposals, outlined in dance ballroom in Monterey
materials the FDA released Mon- Park, Calif., died Monday, offi-
day, would mark the biggest cials said, as investigators
changes to Covid-19 vaccinations continued their efforts to de-
since boosters rolled out and are termine why a 72-year-old
a sign of the nation’s shift to a man carried out the attack on
more endemiclike approach to a roomful of people celebrat-
the coronavirus. ing the Lunar New Year.
Vaccine experts who advise
the FDA are scheduled to meet By Alyssa Lupkat,
Thursday to discuss the pro- Dan Frosch
posals. The advisers are sched- and Christine Mai-Duc
uled to vote on whether to give
the bivalent shot as the initial Law enforcement named
inoculation, as is already al- Huu Can Tran as the man who
.
lowed in Europe. carried out the attack. Tran
If adopted by the FDA, the took his own life Sunday morn-
ly
ADOLFO FLORES/THE WALL STREET JOURNAL
changes would streamline a ing after police surrounded his
complicated regimen of initial vehicle in a shopping-plaza
vaccinations and subsequent parking lot in Torrance, Calif.,
boostings, which has different
recommendations for different
ages and different shots.
Some health experts blame
about 30 miles from where the
shooting took place.
Investigators are looking
into an allegedly troubled rela-
on
the confusion created by the tionship between Tran and a
us ,
complicated scheme for deter- woman he knew as a possible

l
ring some people from getting motive for the shooting, ac-
e
al a
the latest boosters, though ex- cording to law-enforcement of-

perts also attribute the rela- ficials briefed on the matter. Mourners attend a vigil Monday night outside Monterey Park City Hall for victims of the shooting at the Star Ballroom Dance Studio.
tively low uptake to other fac- The officials said investiga-
ci on
tors including lack of awareness. tors are also examining Suspected gunman, identified as 72-year-old Huu Can Tran, Park. According to people who
Under current rules, people whether the gunman targeted killed at least 11 and injured nine others near Los Angeles were present and discussed the
receive the initial Covid-19 vac- the ballroom, and another incident in a WeChat group, the
cines, targeting the original dance hall in the nearby city 1. Star Ballroom ALHAMBRA
gunman paused during the
strain of the virus, followed by of Alhambra where he was Dance Studio 10 massacre to get more ammuni-
er s
the new bivalent boosters. later disarmed, because of the A gunman carried out tion from his car. He returned
Recommendations for when woman’s connection to both a mass shooting in MONTEREY PARK and continued firing before
ASHLEY LANDIS/ASSOCIATED PRESS
m er
and how people should get a establishments. Monterey Park, Calif., leaving for the Lai Lai Ballroom
late Saturday. 2. Lai Lai Ballroom & Studio
booster has varied by age Public records show Tran and Studio in Alhambra.
About 20 minutes later,
group. got divorced in 2005, but the the gunman was disarmed.
There, the gunman was dis-
A stream of new and up- officials weren’t certain He then fled in what armed by 26-year-old Brandon
dated booster authorizations whether the woman involved Tsay, according to Mr. Luna,
m rp
LOS ANGELES witnesses said was a white

every few months has made was his ex-wife or someone cargo van. Police recovered who called Mr. Tsay a hero.
the recommendations hard to else. Tran’s ex-wife didn’t re- 110 a semiautomatic pistol at the “All he knew was there was
scene.
follow. The FDA’s proposals spond to requests for comment. 105 a man with a gun,” Mr. Tsay’s
would help Covid-19 vaccine Los Angeles County Sheriff COMPTON 105 NORWALK sister Brenda said. “And a lot
administration for doctors and Robert Luna said Monday that Brandon Tsay disarmed the 405 of people would have died if
co Fo
nurses giving out the shots be- investigators are looking at gunman at a second dance hall. 3. Sepulveda and 5 he didn’t take it away.”
cause they wouldn’t need to Tran’s relationship as a possi- Hawthorne Blvds. As of Monday, the county
worry about confusing vials of ble reason for the shooting, tion, and items that led them to strip mall coroner had released the names
TORRANCE
T
TO O RRANCE
OR RRA
RRANC
RANCE
R A CE
C Santa Barbara
dual-target and single-target but they have yet to reach a believe he was manufacturing Redondo
Reddond
Reddooonnnd
ndo
do
do
On Sunday morning, of four of the victims: three
shots, FDA staff said. The conclusion about the motive. homemade firearm suppres- Beach
Bea
Be
B
Beac
eaach chh officers pulled over a Los Angeles CALIF. women, My Nhan, 65; Lilan Li,
changes would also make it Police in Hemet, Calif., sors, according to Sheriff Luna. van matching the 63; and Xiujuan Yu, 57; and a
description. The driver Area of detail
easier for public-health officials where Tran had a home, said Tran used an unusual type of 2 miles San Diego man, Valentino Alvero, 68.
took his own life with
to communicate about who he showed up at their offices gun popular four decades ago 2 km a single gunshot. MEX. Ms. Nhan, an immigrant from
needs to get shots, staff said. twice earlier this month and that he legally purchased, said Vietnam, was dancing Saturday
made allegations against law-enforcement officials with night for the first time since her
members of his family, includ- knowledge of the investigation. weapon prior to the laws going in at least the past half-cen- mother died three weeks earlier,
Murder ing that they had tried to poi-

son him and commit fraud and
The semiautomatic weapon
looks somewhat like a subma-
into effect, he would have been
allowed to legally register it
tury, according to the Violence
Project, a nonpartisan research
said her niece, Fonda Quan.
“She was just finishing up
n-
theft. Tran told officers he chine gun, the officials said. with the state. Investigators organization. grieving. She hadn’t been danc-
Trial of would return to the station

with documentation regarding
his allegations but never did,
The manufacture and sale of
such guns were first banned in
California in 1989, according
are looking into whether he
did so, said the officials with
knowledge of the investigation
Tran was arrested in 1990
for unlawful possession of a
firearm, Sheriff Luna said.
ing for the past three weeks
and that was the first time re-
suming doing what she en-
no
Ex-Lawyer Hemet police said.

Law enforcement searched
Tran’s home in Hemet Sunday
to gun-law researchers and ad-
vocates. The state updated the
restrictions in 1999 and again
Tran was born in Vietnam
and became a U.S. citizen after
applying in 1990, according to
The shooting occurred at
around 10:22 p.m. Pacific time
Saturday during a Lunar New
joyed,” said Ms. Quan.
—Alicia A. Caldwell, Zusha
Elinson, Sadie Gurman,
Begins night, where they found a rifle,

hundreds of rounds of ammuni-
in 2016.
If Tran purchased the
public documents. He was the
oldest mass shooter in the U.S.
Year’s Eve party at Star Ball-
room Dance Studio in Monterey
Adolfo Flores and Jim Carlton
contributed to this article.
BY VALERIE BAUERLEIN
WALTERBORO, S.C.—The
double-murder trial of the dis-
barred lawyer Alex Murdaugh
Former FBI Agent Charged With Aiding Oligarch
began Monday with the scion BY DYLAN TOKAR source, the U.S. State Depart- paska in 2018, as well as with
of one of this state’s most pow- AND C. RYAN BARBER ment repeatedly declined to related money-laundering
erful families facing charges of issue him a visa. charges. Mr. Shestakov, a U.S.
fatally shooting his wife, Mag- A former high-level FBI Mr. McGonigal first came citizen who retired from his
gie, and son Paul at the family agent was indicted on charges into contact with an employee diplomatic post in 1993and
hunting estate. he violated U.S. sanctions by of Mr. Deripaska’s in 2018 worked as an interpreter in
The 54-year-old Mr. accepting secret payments while still at the FBI, accord- U.S. courts, was also charged
Murdaugh is accused of shoot- from Russian businessman ing to an indictment unsealed with making material mis-
ing his wife and son at the fam- Oleg Deripaska for work he Monday. After leaving the statements to the FBI.
ily property’s dog kennels on did investigating a rival oli- agency, he was retained by a A lawyer for Mr. Shestakov
June 7, 2021. Prosecutors al- garch. law firm to assist in an unsuc- didn’t respond to a request for
leged that Mr. Murdaugh was Charles McGonigal, who re- cessful effort to lift sanctions comment. Both men pleaded
under pressure from mounting tired from the Federal Bureau placed on Mr. Deripaska that not guilty in Manhattan fed-
ANDREW KELLY/REUTERS
questions about his finances. of Investigation in 2018 after year. eral court during appearances
The motive for the killings, serving as special agent in In 2021, Mr. McGonigal and on Monday.
prosecutors said, was to garner charge of counterintelligence the former Russian diplomat, In a separate case filed in
sympathy and buy time to in its New York field office, Sergey Shestakov, began nego- Washington, a federal grand
cover his tracks. was arrested Saturday at John tiating with Mr. Deripaska’s jury indicted Mr. McGonigal on
Mr. Murdaugh has been F. Kennedy International Air- agent about working for the charges he concealed his rela-
jailed for over a year on a total port, federal prosecutors said. Charles McGonigal left Manhattan federal court Monday after being oligarch without the involve- tionship with a former em-
of 99 felony counts, primarily The arrest, which occurred charged with accepting secret payments from a Russian oligarch. ment of the law firm, prosecu- ployee of an Albanian intelli-
related to allegedly swindling alongside that of a former tors say. In conversations with gence agency. Prosecutors
his clients out of $8.8 million Russian diplomat, represents up its efforts to investigate has spent lavishly over the the agent, the two men alleged that Mr. McGonigal re-
but also related to alleged an about-turn for Mr. McGoni- lawyers and others who assist years to try to burnish his rep- avoided naming Mr. Deripaska, ceived more than $225,000
drug-trafficking, money-laun- gal, who previously supervised Russian oligarchs, as part of utation in the West, and to ob- referring to him instead as from that individual and hid
dering and insurance fraud in a investigations into Mr. Deri- the Biden administration’s tain permission to travel to “the big guy” and “you know aspects of their relationship,
failed assisted-suicide attempt paska and other Russian oli- pressure campaign against the U.S., specifically. whom,” according to the in- which they said created a con-
over Labor Day weekend in garchs. He also had been in- President Vladimir Putin fol- Mr. Deripaska has denied dictment. flict of interest with his duties
2021. Mr. Murdaugh has volved in a multiyear lowing the invasion of having links to organized Messrs. McGonigal and as a top FBI official.
pleaded not guilty to the mur- investigation into Russia’s in- Ukraine. crime. In Washington, he hired Shestakov were eventually re- That former Albanian intel-
der charges and to most of the terference in the 2016 presi- A lawyer for Mr. McGonigal high-price consultants and in tained to assist in an investi- ligence officer later served as
other counts against him, dential election. didn’t respond to a request for the past threw well-attended gation into a rival of Mr. Deri- an FBI source in a criminal in-
though he has signed a confes- The indictment of Mr. comment. parties at the annual World paska’s, prosecutors said. vestigation involving foreign
sion of judgment admitting lia- McGonigal is a rare such legal Mr. Deripaska, a raw-mate- Economic Forum in Davos, The indictment charges political lobbying that Mr.
bility for the theft of a $4.3 action against a former senior rials magnate, has been a fo- Switzerland. Messrs. McGonigal and McGonigal supervised, the
million insurance settlement in law-enforcement official. His cus of prosecutors. Long sus- His efforts ran into head- Shestakov with violating and Justice Department said.
the 2018 death of Gloria Satter- prosecution comes as the Jus- pected by the U.S. of ties to winds. Though courted by conspiring to violate U.S. sanc- —Alan Cullison
field, the family housekeeper. tice Department seeks to step Russian organized crime, he some FBI agents as a possible tions imposed on Mr. Deri- contributed to this article.
A4 | Tuesday, January 24, 2023 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
Four Oath Keepers Members Guilty Sparring

Over Found
Seditious conspiracy seditious conspiracy, a rarely The jury deliberated for about charged more than 900 people, The Justice Department al-
conviction is latest
for the far-right group
used charge with a maximum
sentence of 20 years in prison.
In that earlier trial, three
12 hours over three days.
The jury reached its verdict
as five members of the Proud
getting guilty pleas from at
least 450 of them on crimes
ranging from unlawfully parad-
leged that members of the
Oath Keepers entered the
Capitol as a team in “stack
Documents
over attack on Capitol
other members of the Oath
Keepers were found guilty of
lesser charges.
Boys, another far-right group,
are facing trial on seditious
conspiracy charges in Wash-
ing in a Capitol building to as-
sault, obstruction and sedition.
More than 180 rioters have
formation,” a single-file mili-
tary tactic, and that some of
them later clashed with law
Heats Up
BY JAN WOLFE In the latest trial, federal ington federal court. been sentenced to jail time. enforcement. BY ANDREW RESTUCCIA
AND C. RYAN BARBER prosecutors secured convic- For the Justice Department, Special counsel Jack Smith Prosecutors accused the
tions against all four defen- the closely watched seditious is examining the role Mr. members of stationing equip- WASHINGTON—The White
A jury found four Oath dants—Edward Vallejo, Ro- conspiracy trials have carried Trump and his senior circle ment and weapons just out- House didn’t commit Monday
Keepers members guilty of se- berto Minuta, Joseph Hackett both legal and symbolic signif- played in trying to overturn the side Washington that day and to providing information to
ditious conspiracy in connec- and David Moerschel—on the icance in the wave of hundreds 2020 election results after Mr. planning to ferry them into House Republicans investigat-
tion with the Jan. 6, 2021, at- seditious conspiracy charge. of criminal prosecutions stem- Trump urged his supporters to the city to support the group’s ing how classified material
tack on the Capitol, in the The jury also found them ming from the assault on the amass at the Capitol in protest operations, though ultimately wound up in President Biden’s
latest criminal convictions guilty of conspiring to ob- Capitol. Prosecutors argued in while lawmakers were certify- they didn’t do so. private home and former office
against the far-right group. struct an official proceeding both cases that the Capitol as- ing Mr. Biden’s win. Mr. Trump Lawyers for the Oath Keep- as Mr. Biden’s team continued
Monday’s verdict from a and of conspiring to destroy sault resulted in part from a has described the investigation ers defendants said their cli- to face sharp questions about
Washington federal jury came federal property. deliberate plan to prevent the of his actions as an effort by ents were in Washington to the episode.
nearly two months after Oath U.S. District Judge Amit peaceful transfer of power political opponents to underperform private security for In a letter to House Over-
Keepers founder Stewart Mehta ordered home deten- from former President Donald mine him, and he has suggested allies of Mr. Trump and that sight Committee Chairman
Rhodes and another member tion for the defendants until Trump to President Biden fol- that if he wins the White House there was no coordinated plan James Comer (R., Ky.), White
of the militia group, Kelly their sentencing hearings, lowing the 2020 election. again in 2024, he might pardon to halt Congress’s certification House counsel Stuart Delery
Meggs, were found guilty of which haven’t been scheduled. The Justice Department has some of the rioters charged. of the election. said his office is reviewing Re-
publicans’ requests for copies
of documents found at Mr. Bi-
Rioter in Pelosi’s
den’s properties and internal
communications about the is-
sue. Mr. Delery said it was the
White House’s goal to “accom-
Office Convicted modate legitimate oversight

interests,” while also stressing
the need to “protect the integ-
rity and independence of law
BY JAN WOLFE opted the nickname “Bigo,” enforcement investigations.”
drove from his home in rural He noted that the White
WASHINGTON—A jury con- Gravette, Ark., to attend then- House doesn’t have possession
victed an Arkansas man who President Donald Trump’s of the documents, which have
posed for photographs with rally on Jan. 6 near the White been collected by the Justice
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
his feet on a desk in then- House. He brought with him to Department and the National
House Speaker Nancy Pelosi’s Washington a “Hike n’ Strike,” Archives.
office during the Jan. 6, 2021, a hiking stick containing a “We’re approaching them in
.
riot at the Capitol. 950,000 Volt stun device with good faith and hoping they ap-
The jurors on Monday con- spike electrodes. proach us in good faith as
ly
victed Richard Barnett on all After the verdict, Joseph well,” Ian Sams, a spokesman
eight charges he faced, includ- McBride, Mr. Barnett’s defense for the White House Counsel’s
ing interfering with a police of- attorney, told reporters that Office, told reporters Monday.
ficer, obstructing an official
proceeding and remaining in a
restricted building with a dan-
gerous weapon. He is sched-
Mr. Barnett has multiple is-
sues for an appeal, including
an argument that prosecutors
unfairly added a new charge of
on Oversight panel spokes-
woman Jessica Collins criti-
cized Mr. Delery’s letter and its
suggestion the White House
uled to be sentenced in May. interfering with police shortly would determine whether Mr.
us ,
Mr. Barnett, who has ad- before trial. Videos showed Richard Barnett with his feet on then-House Speaker Nancy Pelosi’s desk. Comer’s requests were legiti-
l
mate oversight efforts. “This is

e
al a
not ‘legitimate’ transparency
Study Shows Shortfall in U.S. Weapons Supply from President Biden, who
once claimed he’d have the
ci on
most transparent administra-

tion in history,” she said.
BY GORDON LUBOLD But the protracted conflict gressional, industry and other istan and elsewhere, a troop- tracting procedures and a Mr. Sams declined to answer
has exposed the strategic peril government officials, showed intensive strategy, but the sluggish bureaucracy, are now a series of questions about the
WASHINGTON—The war in facing the U.S. as weapons in- how quickly the U.S. military Ukraine conflict is a largely affecting the ability to create a classified documents incident,
er s
Ukraine has exposed wide- ventories fall to a low level would run out of munitions in conventional war that relies credible deterrent in the Indo-
spread problems in the Ameri- and defense companies aren’t a potential conflict with China more on heavy weaponry. A Pacific region or face-off
m er
can armaments industry that

may hobble the U.S. military’s
equipped to replenish them
rapidly, according to the study,
in the Indo-Pacific.
“How do you effectively de-
potential conflict with China
in the Indo-Pacific would be
against China in a military
conflict, according to the
The White House
ability to fight a protracted written by Seth Jones, a se- ter if you don’t have sufficient different from the largely land study. “These shortfalls would Counsel’s Office is
war against China, according
to a new study.
nior vice president at the Cen-
ter for Strategic and Interna-
stockpiles of the kinds of mu-
nitions you’re going to need
war taking place in Ukraine,
but would nonetheless need to
make it extremely difficult for
the United States to sustain a
reviewing the GOP’s
m rp
The U.S. has committed to tional Studies, a Washington, for a China-Taiwan Strait kind draw deeply from U.S. arms protracted conflict,” the re- requests for copies.
sending Ukraine more than D.C.-based think tank. of scenario?” Mr. Jones said. stockpiles. port said. “They also highlight
$27 billion in military equip- Mr. Jones said the study, For more than the last 20 The problems with the in- that the U.S. defense industrial
ment and supplies since Rus- which reflected input from se- years, the U.S. fought insur- dustrial base, in part the re- base lacks adequate surge ca-
sia’s invasion of the country. nior military, defense, con- gency warfare in Iraq, Afghan- sult of outdated military con- pacity for a major war.” referring the bulk of the inqui-
co Fo
ries to the Justice Department

or Mr. Biden’s personal attor-
Can your team Red States Benefit the Most ney, Bob Bauer. Among the
questions he didn’t or said he
couldn’t answer: whether the
president will invite investiga-
do better... From Clean-Energy Subsidies tors to search his Rehoboth

Beach, Del., home; whether the
FBI or Mr. Biden’s lawyers will
BY PHRED DVORAK Top congressional districts tend to be nonpolitical. Every- review the president’s collec-
somewhere else Republican-leaning states

are attracting most of the
for clean power capacity in
the pipeline
one supports manufacturing in
the United States,” said Scott
Moskowitz, head of market
tion of Senate papers held at
the University of Delaware;
who is paying Mr. Biden’s per-
n-
Republican Democratic
clean-energy investments strategy for Hanwha’s Qcells sonal lawyer; whether the
Those who execute on opportunities spurred by the Biden adminis- Texas-19 U.S. unit, which earlier this White House has briefed law-
tration’s signature Inflation Re- month announced it would makers on the incident; how
are called lucky (by those who don’t) duction Act, a bill that passed Wyoming-00 spend $2.5 billion to expand its many total pages of classified
no
Congress without any Republi- Arizona-02 Georgia-based solar-panel fac- documents have been found
SI Capital has opportunities for you to join us, can votes. tory and build a new set of fa- and what subjects they cover.
or become a partner in a newly formed independent The act, signed into law in Indiana-04 cilities to produce components Mr. Comer separately on
firm. You provide a talented team, ambition, and mid-August, offers beefy tax California-20 as well. Monday requested from the
niche opportunities in financial services (investments, credits and other support for Qcells’ factory is in a district Secret Service the visitor logs
clean-energy projects ranging Texas-17 held by Rep. Marjorie Taylor from Mr. Biden’s home, where
trading, raising capital, etc). We provide capital,
from wind farms to factories Texas-22 Greene, a Republican who has classified documents have
regulatory (FINOPS, etc), class A office space that make batteries, solar com- been skeptical about the dan- been found. Mr. Comer said it
(above Grand Central Station), IT, legal and more. ponents or hydrogen. The in- Nevada-04 gers of climate change and was relevant to know who had
centives have improved the Colorado-03 tweeted that the Inflation Re- access to the home from Jan.
SI Capital is an investment/trading firm with economics of those projects duction Act “forces Americans 20, 2017, to the present. The
and helped spark a flood of in- California-23 on the energy disaster Green White House has said it
5+ billion dollars AUM owned by the founder
of 5-hour ENERGY. We don’t make decisions vestment announcements from 0 1 2 3 4 New Deal.” doesn’t keep visitor logs for
companies including the solar gigawatts Qcells hasn’t spoken to Ms. Mr. Biden’s private homes.
by committee. We don’t participate in ESG
manufacturing unit of South Note: Includes utility-scale solar, wind and Greene, but overall the elected Mr. Biden’s advisers hoped
or other irrational fashions. We don’t Korean conglomerate Hanwha battery-storage projects. officials of both parties welcome their decision to cooperate
“adjust” compensation plans on the fly. And we Group and Norwegian startup Source: American Clean Power its investment, said Mr. with the investigation would
move fast. No retirement age–we like people Freyr Battery. Moskowitz. Ms. Greene’s office limit its political and legal fall-
who know what they are doing. Those announcements have congressional districts harbor didn’t respond to requests for out, but a steady drip of un-
so far clustered heavily in red 82% by capacity of all utility- comment. folding developments has kept
If you’re really good at what you do, and really states, where makers of compo- scale wind or solar farms and Wind and solar-power devel- the issue in the news, provid-
nents for electric vehicles, bat- battery-storage projects that are opment has been strong in red- ing fodder for the president’s
enjoy the work (but not the decision making process)
teries, wind and solar equip- currently in late-stage develop- leaning Sun Belt states because critics as he prepares to launch
this may be a good fit. If you enjoy the safety of ment have proposed tens of ment, according to an analysis many of them get larger his re-election bid.
bureaucracy… this may not fit. billions of dollars of new invest- by business lobby American amounts of sun and wind, and On Saturday, Mr. Bauer an-
ments in locations such as Geor- Clean Power. have more land available than nounced that a Justice Depart-
If you’re interested contact: gia, Arizona and Texas, accord- Many politicians in those dis- more densely populated, blue- ment search of the president’s
ing to an analysis by The Wall tricts have opposed the Biden leaning areas such as the North- home in Wilmington, Del.,
Chris Fowler Street Journal. administration’s renewable-en- east, industry experts say. prompted authorities to take
C: 248-826-4306 The Journal monitored large ergy and climate push, and none “Development follows the re- possession of six additional
manufacturing investments in of their congressional represen- source,” said JC Sandberg, items with classified markings.
cfowler@SICapitalGroup.com SICapitalGroup.com batteries, solar and wind com- tatives voted for the law. Still, American Clean Power’s chief Mr. Sams said on Monday
ponents announced after the local lawmakers and communi- advocacy officer. that the search was the result
law was passed. Of nearly 30 ties in those districts are wel- Many of the recently an- of an “unprecedented offer” by
such announcements where lo- coming an inflow of green proj- nounced manufacturing deals Mr. Biden’s team to search his
cations were given, all but three ects, company executives and were likely planned before the home. “It reveals how seriously
BIG DIAMONDS DIRECT had chosen to set up facilities in
Republican-leaning states, as
industry experts say.
In many cases, red-leaning
Inflation Reduction Act became
law, and their locations reflect
the president is taking this is-
sue and how actively he is co-
SAVE BIG SSS defined by the Cook Political Re-
port based on voting during the
states and districts have at-
tracted companies with condi-
economic and investment trends
that have been years in the mak-
operating with the ongoing in-
vestigation,” he said.
3-10ct All GIA Certified TM
past two presidential elections.
Together, they represent more
tions and policies seen as busi-
ness friendly, industry experts
ing, industry experts say.
The availability of skilled la-
The most recent search,
which took place on Friday, is
Buy With Confidence than $35 billion in potential in- say. Those include lower costs bor was the top reason battery- the latest that has turned up
Wholesale Dealer Pricing vestments, the Journal found. for everything from labor and maker Freyr decided to put its classified material in Mr. Bi-
Red-leaning areas are also electricity to taxes, as well as factory in Georgia, said Jeremy den’s home or office.
4.70. F-VS1 GIA hosting the bulk of clean-power looser controls on permitting Bezdek, the company’s executive —Catherine Lucey,
877-804-7400 generation projects currently and the use of land, they say. vice president of global corpo- Natalie Andrews, Siobhan
Info@BigDiamondsDirect.com TM
poised to benefit from the new
law’s subsidies. Republican-held
“When it comes to these in-
vestments themselves, they
rate development and president
of the U.S. battery unit.
Hughes and Sadie Gurman
contributed to this article.
THE WALL STREET JOURNAL. Tuesday, January 24, 2023 | A5
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A6 | Tuesday, January 24, 2023 THE WALL STREET JOURNAL.
WORLD NEWS
Fighting Intensifies in Southern Ukraine
Zaporizhzhia region is gional official Vladimir Rogov. an anticipated fresh offensive. press deeper into Ukraine. defenses in the nearby town of “Since he took command, of-
The General Staff of While Russia has tele- Analysts say Kyiv’s goal in Soledar in a sign that Moscow’s ficers have been attempting to
gaining in importance Ukraine’s armed forces said graphed its intentions to at- inflicting casualties on Russian mobilization of 300,000 reserv- clamp down on non-regulation
as both sides suffer Russian forces shelled 20 tempt another push to capture forces in eastern Ukraine is also ists may be shifting the war of uniform, travel in civilian vehi-
towns and villages along the battlefield momentum, Western to draw troops away from Rus- attrition in its favor. cles, the use of mobile phones,
heavy casualties front line in Zaporizhzhia over and Ukrainian military analysts sian lines in other regions, in- Military analysts say the and non-standard haircuts,”
the past day. It didn’t confirm have underscored the increas- cluding Zaporizhzhia. But Kremlin likely will try to use the the ministry said on Twitter.
BY THOMAS GROVE any Russian advances there. ing importance of the Zapori- nearly a year of fighting also newly mobilized troops to make Russian Deputy Foreign
AND ISABEL COLES Russia’s recent momentum zhzhia region for Ukraine. has exacted a heavy toll on advances, although some believe Minister Sergei Ryabkov said
coincides with the emergence A Ukrainian offensive in the Ukrainian ranks. President Vo- Russia’s falling munition stocks there is a growing risk of an
Fighting intensified in of a rift between Kyiv’s Western south could sever the territory lodymyr Zelensky said Sunday could compromise its offensives. escalation in the war given
Ukraine’s strategically impor- allies about whether to supply occupied by Russia’s invasion that the country’s military lead- The U.K. Ministry of Defense Western pledges of new weap-
tant south, where Moscow Ukraine with German-made forces, splitting the eastern ership has been tasked with said Russia’s top general, Va- ons for Ukraine.
claims it is making advances, tanks. Germany refrained from and southern areas of Ukraine mustering reserves to allow sol- lery Gerasimov, recently ap- “Escalation is a very dan-
while Kyiv waits on heavier pledging Leopard 2 tanks at a that Russian troops hold. It diers. He didn’t disclose details pointed to head Moscow’s gerous path and its conse-
weapons from its Western allies. meeting of defense officials last also could cut off Moscow’s of the mobilization process. forces in Ukraine, likely has quences can be unpredictable,”
Russian forces pushed week, putting it at odds with prized land bridge between Both Russia and Ukraine have taken measures to improve dis- state news agency RIA re-
Ukrainian troops back from the many of its North Atlantic Russia and occupied Crimea. suffered heavy casualties around cipline among troops, whose ported Mr. Ryabkov as saying.
front line in the southern re- Treaty Organization allies, in- For Moscow, advances in the eastern city of Bakhmut. Af- morale has been hit by prob- “Our signals are not being
gion of Zaporizhzhia in a series cluding the U.S. Ukraine says it Zaporizhzhia could boost their ter months of failed attempts to lems with equipment, logistics taken into consideration and
of attacks east of the Dnipro needs heavier weapons to re- logistical capabilities in the seize the city, Russian forces re- and training, Russian soldiers the enemies of Russia are con-
River, said Russian-installed re- claim more territory and thwart south and help Moscow’s forces cently broke through Ukrainian and military analysts say. tinuing to raise the stakes.”
Quran Burning Further Threatens Sweden NATO Bid

BY JARED MALSIN Swedish media drew about 50 demnation from Ankara.
AND SUNE ENGEL RASMUSSEN people, was organized by Dan- Hundreds of protesters
ish-Swedish politician Rasmus gathered in central Stockholm
ISTANBUL—Turkey’s Presi- Paludan, leader of a fringe on Saturday to demonstrate
dent Recep Tayyip Erdogan is- party called Hard Line Swe- against Sweden’s NATO appli-
sued a new threat to block den. Mr. Paludan in the past cation. The rally was organized
Sweden’s entrance to the has made public spectacles out by the Kurdish Democratic So-
North Atlantic Treaty Organi- of burning copies of the Quran ciety Center. The protesters
zation on Monday after a far- in neighborhoods with many chanted pro-Kurdish slogans
right politician publicly Muslim residents in Sweden as and called for Sweden to stay
burned a copy of the Quran in well as his native Denmark. out of NATO. The country’s bid
Stockholm over the weekend. Ahead of the protest, Mr. to join the alliance reversed de-
“If you speak about freedoms Paludan said he wanted to cades of nonaligned foreign
.
and rights, then first things first, “demonstrate some freedom of policy, which some Swedes
you should show respect to the speech” to Turkey. think should have been done
ly
religious belief of Muslims and Before the burning of the only through a referendum.
ERDEM SAHIN/EPA/SHUTTERSTOCK
Turkish people,” Mr. Erdogan Quran, Turkey summoned the Twenty-eight of NATO’s 30
said after a cabinet meeting. “If Swedish ambassador in An- members have approved Fin-
you do not show such respect,
then you cannot see any kind of
support from us on NATO.”
The dispute over the Quran
kara, warning the Swedish gov-
ernment against allowing the
demonstration. It also canceled
a planned visit by the Swedish
on land and Sweden’s application
for membership, with only Tur-
key and Hungary remaining.
Hungarian officials have said
burning Saturday is a setback defense minister this week in they would send the matter to
us ,
in a standoff between Turkey which officials were supposed Parliament for ratification
l
and Sweden and Finland after to discuss the NATO dispute. early this year. Turkish presi-
e
al a
Mr. Erdogan threatened to veto Swedish Foreign Minister To- Protesters demonstrated outside the Swedish consulate in Istanbul, Turkey, on Monday. dential spokesman Ibrahim Ka-
the two countries’ accession to bias Billström also condemned lin recently said the govern-
the alliance over their ties to the Quran burning, calling it an to take action in a country that of incitement against Muslims. terterrorism laws. ment was unlikely to send the
ci on
Kurdish militant groups. The “Islamophobic provocation” has strong protections on free- Turkey, Sweden and Finland Turkish leaders say they NATO issue to Parliament be-
Nordic countries applied to that the government didn’t sup- dom of expression, analysts say. signed a pact in June 2022 in won’t approve either country’s fore Turkey’s election in May.
join NATO last year in a shift port. In Sweden, protesters can An array of other Muslim- which Finland and Sweden application to join NATO until Turkey has fought a slow-
in security policy in response apply for a permit for demon- majority nations, including agreed to address Turkish re- Sweden specifically takes more burning war with a militant
to Russia’s invasion of Ukraine. strations from the police in a Egypt, Saudi Arabia, Qatar, quests for extradition of alleged concrete action against Kurd- group, the Kurdistan Workers’
er s
The demonstration near the process that doesn’t involve Iraq and the United Arab terrorist suspects. Sweden also ish separatists. Recent demon- Party, for decades in a conflict
Turkish Embassy in Stock- high government officials, leav- Emirates, also condemned the amended its constitution to al- strations by Kurdish groups in that has left tens of thousands
m er
holm, which according to ing the government little room stunt as a disgrace and an act low the strengthening of coun- Sweden have provoked con- dead.
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Thank you to our Journal House sponsors during

the World Economic Forum 2023.
©2023 Dow Jones & Co. Inc. All rights reserved. 6DJ9273
THE WALL STREET JOURNAL. NY Tuesday, January 24, 2023 | A6A
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WORLD NEWS
Israel’s Court Plan Deepens Divisions Iraq’s Top

Central
BY DOV LIEBER
TEL AVIV—For three week-

ends now, tens of thousands of
Banker Is
Israelis have taken to the streets
to protest Prime Minister Benja-
min Netanyahu’s plans to
Dismissed
weaken the Supreme Court, BY GHASSAN ADNAN
which would allow his conserva-
tive government to strengthen BAGHDAD—Iraqi Prime Min-
the role of religion in public life. ister Mohammed al-Sudani dis-
Banners across the city cen- missed the country’s central-
ter on Saturday called for the bank governor amid growing
end of Mr. Netanyahu’s care- anger over the weakening of
fully assembled coalition, the the local currency in recent
most right-wing and religious weeks that has caused the price
government in Israel’s history, of food and imports to rise.
over the planned overhaul. Mr. Sudani said Monday he
Some 100,000 people turned decided to replace the gover-
out, making it one of the big- nor, Mustafa Ghaleb Mukheef,
gest protests in years. who requested to be relieved of
MATAN GOLAN/SIPA/ASSOCIATED PRESS
The judicial overhaul is a key the post he has held since

issue for the veteran deal 2020. The prime minister
maker’s latest administration, named Muhsen al-Allaq as the
his sixth since his first stint as new central-bank governor, ac-
premier in 1996, and would al- cording to the state-backed
low his conservative allies to Iraqi News Agency. Mr. Allaq
pass laws they have long hoped previously served in that role
to enact but that have been between 2014 and 2020.
struck down by the high court or Iraq’s dinar has dropped
would likely be challenged by it. sharply against the U.S. dollar
Among them are laws that More than 100,000 people protest in Tel Aviv against Prime Minister Netanyahu’s far-right government and judicial overhaul. in unofficial currency markets
would grant ultra-Orthodox since mid-November, raising
Jews a legal exemption from Is- Their cause dovetails with lawmaker in the United Torah full time in religious seminar- ability to overrule the Supreme the cost of living in the coun-
rael’s mandatory military draft, that of many on the Israeli Judaism party, said the ultra- ies and live off government Court, another draft-exemption try’s dollar-dependent econ-
permit gender segregation in right, even those who are secu- orthodox are joining the push subsidies as part of an unoffi- law likely wouldn’t stand. omy. The dinar last traded at
public spaces and discrimina- lar, who believe the Supreme for judicial reform because cial agreement that has existed Coalition pacts with ultra- around 1,600 to the dollar on
tion against LGBT people, and Court is controlled by left- they feel the court has pursued since Israel’s founding in 1948. orthodox parties also call for Monday, compared with the of-
provide religious leaders wing justices despite the grow- an antireligious agenda. “The Many in Israel say it is unfair rolling back Supreme Court ficial exchange rate of 1,460.
greater control over Jewish ing political power of the right. court is supposed to protect that non-ultra-Orthodox citi- decisions that guaranteed cer- A weaker dinar has led to
conversions and holy sites. Some current and former minorities. But our minority zens must carry the nation’s tain rights to non-Orthodox higher prices for imported
The result is a growing cul- justice officials, including the wasn’t protected….We were security and economic burden. Jews including decisions that goods, including staples such
.
ture clash pitting metropolitan current attorney general and greatly harmed by it,” he said. Since 1999, the Supreme the state recognize conver- as eggs, flour and cooking oil,
secularists and liberal Jews Supreme Court chief justice, Coalition agreements with Court has struck down all at- sions to Judaism inside Israel hurting Iraqis whose support
ly
against the religious right, have joined the political oppo- Mr. Netanyahu and statements tempts to pass laws legalizing that aren’t through official ul- Mr. Sudani has been courting.
which has seen its political in- sition in saying the proposed by conservative lawmakers lay the exemption, on grounds that traorthodox channels. Many Iraqis are blaming the
fluence grow in the past de- judicial reforms could under- out an agenda that relies on it would give unequal treatment The deals call for the re- U.S. for the dinar’s weakness.
cade. Religious conservatives
control half of the coalition’s
64 seats, with the other half
controlled by Mr. Netanyahu’s
mine the country’s limited sys-
tem of checks and balances, in
which the Supreme Court is
the only completely indepen-
onovercoming previous or ex-
pected challenges by the Su-
preme Court. For the ultra-
orthodox, a top political priority
to the community.
The ultraorthodox have se-
cured an deal with Mr. Ne-
tanayhu to pass a law that
moval of the court-sanctioned
right of other Jewish denomi-
nations to pray according to
their traditions, including
The New York Fed and Central
Bank of Iraq began enforcing
tighter controls on interna-
tional dollar transactions by
right-wing Likud party. dent branch of government. has long been to enshrine in would make Torah study a fun- without gender segregation, at commercial Iraqi banks in No-
us ,
“The Supreme Court has Supporters of judicial reform law an exemption from the damental national value, putting holy sites. vember in a move to curtail
l
been their enemy on issues of say it isn’t being pushed to fa- mandatory military service re- it on par with military service Some fear that without the money laundering and the ille-
e
al a
religion and state,” said Israel cilitate specific legislation, but quired of all Jewish Israelis. and paving the way for a formal Supreme Court’s intervention, gal siphoning of dollars to Iran
Cohen, a political commenta- is meant to correct what they Most ultra-Orthodox Israe- exemption. But ultraorthodox the ultraorthodox would be and other heavily sanctioned
tor for the ultraorthodox radio say is rampant judicial activism. lis don’t serve in the military lawmakers worry that without able to monopolize the role Middle East countries, The
ci on
station Kol Barama. Uri Maklev, an ultraorthodox and instead study the Torah the judicial overhaul and the Judaism plays in public life. Wall Street Journal reported
last week.
Since the procedures went
Germany, France Back EU Push to Counter U.S. Subsidies into effect, 80% or more of
Iraq’s daily dollar wire trans-
er s
fers, which previously totaled

BY SAM SCHECHNER their positions ahead of an ex- with simple, fast, clear tools for that “Buy American” provisions ing business in the U.S. over $250 million some days,
m er
pected plan by the bloc’s exec- our companies,” Mr. Macron attached to the U.S. subsidies “The EU shouldn’t be have been blocked because of
PARIS—Germany and utive body to counter what it said, adding that the two lead- would lure European compa- treated worse than Canada or insufficient information about
France expressed joint support sees see as the unfair advan- ers agreed on “a common posi- nies away from the EU and Mexico,” Mr. Scholz said. the funds’ destinations or other
for a European Union effort to tage the U.S.’s legislation gives tion to move toward ambitious hurt the continent’s clean-tech When it comes to subsidies, errors, according to U.S. and
push back against tax breaks American companies. and speedy European action.” and manufacturing industries. the EU plan aims to simplify the Iraqi officials and official Iraqi
m rp
in the U.S. Inflation Reduction The EU has lobbied the U.S. Mr. Scholz said the leaders The U.S. said last month bloc’s regulatory environment government data.
Act, increasing the likelihood to rewrite its rules so that Eu- want the bloc’s executive arm that it would adjust its rules and provide more money for the Iraqi banks had operated un-
that the bloc can agree on ropean companies can benefit to compare the available aid in to allow some vehicles assem- production of clean technology, der less stringent rules since
simpler European subsidy from the tax breaks. If that the U.S. under the new law bled overseas—rather than in European Commission Presi- shortly after the 2003 U.S.-led
rules and additional aid for fails, the bloc’s response could with what already exists in North America only—to qual- dent Ursula Von der Leyen has invasion. Years of weak govern-
co Fo
specific sectors next month. range from making it easier for Europe to determine what new ify for the new incentives. said. German officials have ex- ments and crises led successive
At a meeting in the French European governments to sub- aid might be needed. Messrs. Scholz and Macron pressed skepticism about intro- administrations to put off
capital on Sunday, German sidize their own companies to “I believe that depending on both said they are optimistic ducing the EU’s own version of bringing Iraq’s banking system
Chancellor Olaf Scholz and earmarking EU funding for such the area, a differentiated ap- further negotiations with the the U.S.’s IRA, because it could into compliance with global
French President Emmanuel investments. “We want to move proach will be needed,” he said. U.S. can create exemptions to distort markets and burden money-transfer practices until
Macron said they had aligned forward a European response, Officials in Europe worry help European companies do- highly indebted EU countries. now, officials said.
FROM PAGE ONE
Microsoft known as LaMDA. Google,

though, hasn’t made that tech-
its AI algorithms and led to a
series of breakthroughs.
n-
nology widely available like OpenAI has released new
Bolsters OpenAI did with ChatGPT,

whose ability to churn out hu-
manlike, sophisticated re-
products in recent months
that industry observers said
could pave the way for new
Its AI Push
no
sponses to all manner of lin- AI-driven consumer applica-

guistic prompts has captured tions. In the fall, it launched
public attention. Dall-E 2, a project that allowed
Microsoft Chief Executive users to generate art from
Continued from Page One Satya Nadella said last week strings of text, and then made
help bankroll the computing his company plans to incorpo- ChatGPT public on Nov. 30.
power OpenAI needs to run its rate AI tools into all of its ChatGPT has become some-
various products on Micro- products and make them avail- thing of a sensation among the
soft’s Azure cloud platform. able as platforms for other tech community given its abil-
The strengthening relation- businesses to build on. Mr. Na- ity to deliver immediate an-
ship with OpenAI has bol- della said that his company swers to questions ranging
stered Microsoft’s standing in would move quickly to com- from “Who was George Wash-
BRENDAN MCDERMID/REUTERS
a race with other big tech mercialize tools from OpenAI. ington Carver?” to “Write a
companies that also have been Analysts have said OpenAI’s movie script of a taco fighting
pouring resources into artifi- technology could one day a hot dog on the beach.”
cial intelligence to enhance ex- threaten Google’s stranglehold Mr. Altman said the com-
isting products and develop on internet search, by providing pany’s tools could transform
new uses for businesses and quick, direct responses to que- technology similar to the in-
consumers. Alphabet Inc.’s ries rather than lists of links. vention of the smartphone and
Google has invested heavily in Others have said the chatbot tackle broader scientific chal-
AI and infused the technology technology isn’t well-suited to OpenAI is led by technology investor Sam Altman, shown in July 2022 in Sun Valley, Idaho. lenges. “They are incredibly
into its operations in various certain types of queries. embryonic right now, but as
ways, from improving naviga- “The viral launch of Chat- near-term risk is limited—we OpenAI, led by technology Microsoft first invested in they develop, the creativity
tion in its maps tools to en- GPT has caused some inves- believe the use case of search investor Sam Altman, began as OpenAI in 2019, giving the boost and new superpowers
hancing image recognition for tors to question whether this (and paid search) is different a nonprofit in 2015 with $1 bil- company $1 billion to enhance we get—none of us will want
photos to enabling wording poses a new disruption threat than AI-driven content cre- lion in pledges from Tesla Inc. its Azure cloud-computing to go back,” Mr. Altman said
suggestions in Gmail. to Google Search,” Morgan ation—we are not dismissive CEO Elon Musk, LinkedIn co- platform. That gave OpenAI in an interview in December.
Google has its own sophisti- Stanley analysts wrote last of threats from new, unique founder Reid Hoffman and the computing resources it —Will Feuer
cated chatbot technology, month. “While we believe the consumer offerings.” other backers. needed to train and improve contributed to this article.
Banks Plan payments that result in lost

sales.
Digital wallets enable peo-
The banks are still ironing
out the details of the customer
experience. It likely would in-
number would be eligible.
The banks expect to enable
150 million debit and credit
to use Zelle for online pur-
chases, The Wall Street Jour-
nal previously reported. Con-
merchants enable the wallet
and consumers adopt it, EWS
banks could explore adding
New Digital ple to pay for products with-

out having to type in their
card numbers each time they
volve consumers’ typing their
email on a merchant’s check-
out page. The merchant would
cerns around fraud and the
treatment of disputed transac-
tions, which have caught the
other payment options, EWS
said. That could include en-
abling payments directly from
Wallet shop. ping EWS, which would use its

The banks’ service eye of lawmakers, contributed bank accounts.
Many wallets require con- back-end connections to banks aims to compete to the decision to not move The wallet will be launched
sumers to type in their card to identify which of the con- forward. with Visa Inc. and Mastercard
credentials one time before sumer’s cards can be loaded
with PayPal and The wallet is being de- Inc. debit and credit cards,
Continued from Page One they can be loaded onto the onto the wallet. Consumers Apple Pay. signed to roll out linked to EWS said.
pay-later offering. wallet and ready for use. EWS would then choose which card credit and debit cards because EWS has also reached out
EWS’s owner banks are also says that the onboarding pro- to use or could opt out. that is how U.S. consumers are about the initiative to other
trying to cut down on fraud. cess for consumers would be U.S. consumers who are up- used to shopping. The banks card networks, including Dis-
Customers using their wallet even easier with its wallet. For to-date on payments, have cards for use within the wallet figured it would increase the cover Financial Services, to
wouldn’t have to type in their example, people wouldn’t have used their card online in re- when it rolls out. chances that more people gauge their interest in en-
card numbers, which can raise to type in their card numbers cent years and have provided EWS’s owners last year de- would use the wallet. abling their cards to be loaded
the risk of fraud and rejected to load them on the wallet. an email address and phone bated a plan to allow shoppers Should a sizable number of onto the wallet.
FROM PAGE ONE
JOSÉ A. ALVARADO JR. FOR THE WALL STREET JOURNAL (3)

Kyhara Tay, above, was killed last year by a stray bullet, allegedly
shot by a 15-year-old gunman. Right, Sokpini Tay, Kyhara’s father,
at her gravesite in Yonkers, N.Y., on Dec. 17, 2022—what would
have been her 12th birthday.
Crimes by and firearms cases in her

county of about 143,000. “Dur-
ing Covid, without school being
Children a constant kind of stabilizing

structure for many of our kids,
that has helped lead unfortu-
Surge nately to this rise in violent

crime,” she said.
Since schools reopened, the
arrests have continued to rise.
Continued from Page One Ms. Villarreal said residual im-
federal data. pacts of the pandemic—includ- tims of crime while the City type of situation.” placed in an intensive proba- that they had been in years.”
One consequence is a ing mental-health issues, drug works towards other measures The teen, now 14, said in an tion program. She and other advocacy
mounting toll of young victims. abuse and the breakdown of that reduce gun violence,” said interview that he’d been work- Some prosecutors and law groups said that early interven-
The number of juveniles killing routines—have all contributed. City Councilor Katherine ing for the building’s manager enforcement leaders argue that tion programs for juvenile gun
other juveniles was the highest In 2020, 36 juveniles were ar- Gilmore Richardson, who pro- helping paint and clean apart- the shift away from a more pu- offenders remain a more effec-
it has been in more than two rested for gun-related cases in posed the measure, in a written ments last summer. There were nitive approach for juveniles tive means of heading off future
decades, the 2020 federal data her county. As of late December statement. often drug addicts and home- toward intervention programs violence than incarceration.
show. 2022, the number was 64. The rise in juvenile shoot- less people loitering in the and rehabilitation has gone too Several days after Kyhara
Kyhara was one of 153 vic- ings hasn’t been limited to the building, the teen said, and that far and corrections are needed. Tay’s killing, police arrested the
.
tims in New York City under the biggest cities. Peoria, Ill., popu- day he’d asked a man to leave Ms. Clark, the Bronx district 15-year-old alleged shooter at a
age of 18 shot in 2022, the most Lashing out lation 112,000, saw eight juve- who didn’t live there. The man attorney and a Democrat, sup- Bronx hotel, where he was
ly
in at least six years and more Fourteen-year-old K’Mya nile homicide victims in 2021, returned with two others and ported a 2017 New York law found with his mother. Soon af-
than the 127 total minors shot Marshall could see the changes according to police data. In threatened the teen and his that ended the automatic pros- ter, the 18-year-old driving the
in 2018 and 2019 combined, ac- among the young people she 2020, there were none. brother. The teen, who said he ecution of 16- and 17-year-olds scooter turned himself in. Both
cording to police data. The 13-
year-old boy being pursued was
unharmed, authorities say.
In New York City, police said
knew in her West Philadelphia
neighborhood over the past
two years. After months of iso-
lation, teens became less able
on Edmund Mallqui-Burgos,
chief juvenile prosecutor in At-
lantic County, N.J., which in-
cludes Atlantic City, said he
had been traumatized after see-
ing a shooting in the neighbor-
hood in the summer of 2021,
recounted running upstairs to
as adults, raising the age to 18.
Most states had already passed
similar “Raise the Age” laws.
Now, Ms. Clark said, she
had been victims of gun vio-
lence themselves, according to
police. The 15-year-old was
shot last January, while the 18-
124 juveniles committed shoot- to cope with conflict and more was struck by several recent wants to be able to try more year-old, an alleged gang mem-
us ,
ings during 2022, up from 62 in frequently lashed out over cases where young teens who gun possession cases in crimi- ber, had been shot on two dif-
l
2020 and 48 in 2019. small disputes, she said. With seemed to be on the right track nal court, which would allow ferent occasions in 2020.
Washington, D.C.,
e
al a
“The tragedy here is that less to do, many also drifted committed shootings. her office more authority over Both have pleaded not guilty.
we’re talking about a gunman deeper into social-media circles One involved a 13-year-old had 214 firearm- what sentences to seek. She Walter Fields, the lawyer for
who is too young to be called a where guns and crime were boy who shot and wounded two said under the Raise the Age the 15-year-old, wouldn’t com-
ci on
gunman because he’s 15 years glamorized. men, ages 30 and 34, on a busy
related arrests of law, too many juveniles ar- ment specifically on the case,
old,” said Bronx District Attor- Firearms were seemingly ev- Atlantic City street before get- children in 2022. rested on gun possession but he blamed the growing
ney Darcel D. Clark after erywhere, as gun sales skyrock- ting into an hourlong standoff charges are being released youth violence on what he de-
Kyhara’s death. “These ages eted during the pandemic. Kids with the city’s SWAT team this quickly because such cases are scribed as easy access to guns.
make you weep.” got them from family members, past July. typically sent to family court— “I’ve never seen it this bad.
er s
The jump comes amid an purchased them on Instagram Mr. Mallqui-Burgos was set his family’s apartment to get a and some of those minors are I’ve never seen the amount of
overall wave of violent crime in for a few hundred dollars, or to charge him as a juvenile for gun. After the men struck his going on to commit more seri- weapons that have flooded the
m er
the first two years of the pan- bought homemade ghost guns attempted murder—in New Jer- brother in the face and attacked ous crimes or are being mur- streets of New York,” said Mr.
demic—particularly homicides from other teens. sey, prosecutors can try juve- him, he fired in their direction dered themselves. Fields, who specializes in juve-
and shootings—that swept “They think it’s cool,” said niles as adults only if they’re 15 toward the ground, he said. Her office cited the case of a nile legal defense.
through urban and rural areas K’Mya, a team leader at the or older. But he found out that “I kept having flashbacks of 17-year-old who was arrested A lawyer for the 18-year-old
alike. Young Chances Foundation, a the boy had never been in- what happened last summer three separate times on gun declined to comment.
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community organization that volved in criminal activity be- and what could happen to us. possession charges and sent to
seeks to prevent violence. fore, was working a job to earn I’m thinking about protecting family court each time, before
Lockdowns “They want that gun to define money for his family and feared me, and protecting my brother. being arrested for murder, all Broken
Police, prosecutors and com- themselves and for people to be for his safety during the en- I didn’t know these guys,” he within 12 months. Before their daughter died,
munity groups attribute much scared of them.” counter with the older men. said. “I don’t want to lock them Yahisha Gomez and her hus-
co Fo
of the youth violence to broad Late last year, a teenage “This was a kid who seemed He pleaded guilty to fourth- up and throw away the key be- band, Sokpini Tay, had mulled
disruptions that started with friend of hers was shot to death like he was doing the right degree aggravated assault and cause they’re young. But at the moving out of their Bronx
the pandemic and lockdowns. walking in their neighborhood. thing,” Mr. Mallqui-Burgos said. second-degree unlawful posses- same time, they have to know neighborhood with their five
Schools shut down, depriving Their school held a 10-second “This was not a gangbanger sion of a handgun, and was the consequences for their ac- children for somewhere safer.
students of structure in daily moment of silence a few days tions,” said Ms. Clark. But Ms. Gomez, a bank clerk,
life, as did services for troubled later. Such mourning has be- Last March, New York Dem- and Mr. Tay, a maintenance
children. Increased stress com- come increasingly routine in ocratic Gov. Kathy Hochul sent worker, were waiting to save
pounded a swelling mental- Philadelphia as the number of lawmakers a list of priorities to enough money. They kept a
health crisis. Social-media con- juveniles murdered jumped to help reduce crime, including close eye on their children, not
flicts increasingly turned 81 over the past two years, changing the Raise the Age law letting them spend more than
deadly. from 52 in all of 2019 and 2020. to allow juveniles arrested on an hour outside after school.
Easier access to firearms for “My friend got caught in the gun possession charges to be Ms. Gomez got word that
juveniles has also played a role, crossfire just trying to enjoy tried in criminal court. The Kyhara had been shot that
n-
including the rise of homemade her day,” she said. proposal was never taken up by spring afternoon from her
ghost guns and a surge in ille- Last year, a total of 117 juve- the Democratic-controlled leg- niece. She ran the 10 blocks
gal firearms trafficking. Height- niles were arrested for shoot- islature. from their apartment to the
ened gang activity was a factor ings in Philadelphia, up from 43 A coalition of children’s ad- nail salon, the city blurring by
no
too in some places such as New in 2019, according to police. vocacy groups in New York her until she heard the sirens.
York City, authorities say. They include a 14-year-old have fought such proposals, “I was praying to God that it
The nationwide wave began boy and a 17-year-old boy both saying that there’s no data wasn’t her. And if it was her,
to ebb in 2022, but in some charged with murder after they showing a link between the law that she’d be OK. Just praying,
communities, shootings involv- were allegedly involved in a and rising juvenile shootings in ‘Please let me see her.’ That it
ing minors have continued to September gun battle outside a New York. wasn’t that bad. Just praying to
surge. In Washington, D.C., West Philadelphia recreation “We believe that the in- God.”
there were 214 firearm-related center in the middle of the day. crease was related to the mas- Ms. Gomez and Mr. Tay said
arrests of children in 2022, a Tiffany Fletcher, a 41-year-old sive disruptions and the trauma their lives have been broken.
higher count than each of the employee of the center and a of the pandemic,” said Kate Ru- She sees a therapist to cope
prior three years. Sixteen juve- mother of three, was outside bin, director of policy and stra- with the grief. He refuses to
niles were shot to death last when she was fatally struck by tegic initiatives at Youth Repre- leave his 3-year-old daughter’s
year in the district, compared a stray bullet. sent, a New York group that side and has been unable to go
with nine in 2021. The city council recently works with young people who back to work.
Dora Villarreal, the top made permanent a 10 p.m. have been incarcerated. “The The age of the boy who al-
prosecutor in Rock Island summertime curfew for teens year before the pandemic legedly shot their daughter
County, Ill., said she has never from ages 14 to 17. “The new started, Raise the Age was al- didn’t surprise them.
seen such young teens so fre- curfew law is meant to protect ‘These ages make you weep,’ said Bronx District Attorney Darcel ready in effect and shootings “It’s just kids killing kids,”
quently involved in shootings young people from being vic- D. Clark, pictured in her office. were actually the lowest level Ms. Gomez said.
cal triathlete pages call wet- ter is the whole point, and says. “Our ancestors may University of Minnesota’s South End, people used to
Swimmers suits “wuss suits.” Over the
years, in actual cold cases,
never something to be
avoided.
never have had a warm
shower in their entire life.”
Large Lakes Observatory.
“Wetsuit shaming. I find that
think you were a sissy if you
swam with goggles,” Mr.
wetsuits have mysteriously “It’s an amazing feeling to Swimmers have been hysterical,” he says. “Why Wygant says.
Spar Over vanished from the changing
room at the South End Rowing
be in that water and to let
your body react,” Mr. Linthi-
known to drop in the South
End Club’s showers due to the
would you shame someone for
trying to stay alive?”
Around 25 years ago, the
South End’s anti-wetsuit cul-
Club, a 150-year-old home to
Wetsuits many Bay swimmers.
Later, the suits turned up
cum explains. “There’s nothing
like it. I have no desire to ever
wear a wetsuit.” He says he
effects of cold and Mr. Linthi-
cum has seen more than one
sent to the hospital. From
The U.K.-based Channel
Swimming Association, which
keeps official count of English
ture sparked a rubber rebel-
lion. Protesters, angry with a
club policy that bumped wet-
in garbage cans or, in one harbors no ill will toward time to time he can’t feel his Channel crossings has set the suit-free members to the front
Continued from Page One case, hanging outdoors from a those who do. Mr. Linthicum’s feet when he emerges from gold standard on what is and of the line for certain swims,
in the 50s too—that is just one nail on the second floor of the wetsuit-less code has led to frigid water. But that is nei- what isn’t permitted in com- protested the rule in the only
of many hazards Bay swim- building, according to Bill tough moments. On some ther here nor there. “What- petitive open-water swims. way they knew how. “They all
mers face: they could exhaust Wygant, a member and past days, he concedes, he stares ever happens to you after the For a channel journey, swim- dressed up in wetsuits,” Mr.
themselves fighting strong club president. He denies in- into the dark cold water of an swim—as long as you got the mers may wear goggles, one Wygant says. They were
currents, be bitten by aggres- volvement in the disappear- early-morning swim, and a swim in—it doesn’t matter,” cap, a nose clip, ear plugs and chanting, ‘We’re here, we wear
sive sea lions, or even cross ances, but adds: “They knew part of his mind he calls his he says. one swimsuit. Wetsuits and gear. Get used to it!”
paths with the occasional the risk.” “land brain” begins whisper- The South End Club’s presi- any material offering “thermal The South End Club still
ocean tanker. And yet, some Tom Linthicum, a swimmer ing. dent, Fran Hegeler, says while protection or buoyancy” are doesn’t allow wetsuits in its
Bay swimmers refuse to wear called “Reptile,” has made the “The land brain wants to go hypothermia is serious, Bay forbidden. Body grease is OK, changing room. Ms. Hegeler,
these potentially lifesaving de- mile-and-a-quarter water trek home, take a nap, forget about regulars learn to identify early according to the organization’s the president, says she isn’t
vices because they consider from Alcatraz to San Francisco it,” he says. During times like signs and get out of the water, website. entirely sure of the reason for
them a form of cheating. Or, more than 200 times, but this, he instead channels his and to swim with a buddy. The South End Club, which the rule.
even if they like them, as did never in a wetsuit. With a wet- “reptile brain,” which he be- In 50-degree water, the first currently has about 1,700 “It’s an old club,” says Ms.
Ms. Gower, they don’t want suit, he says, “you’re not really lieves to be an evolutionary stages of hypothermia can kick members, including this re- Hegeler, a former wetsuit-
the hassle of wetsuit shaming. enjoying the cold.” For swim- vestige. “The reptile brain just in after just 10 minutes, ac- porter, has likewise main- wearer herself. “There are cer-
The wetsuit split is legend- mers such as Reptile, the comes out and says, ‘enjoy the cording to John A. Downing, a tained a minimalist attitude tain traditions that are up-
ary in Bay aquatics. Some lo- bone-numbing cold of the wa- water; enjoy the cold,’ ” he professor of biology with the toward swim gear. “In the old held.”
PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, January 24, 2023 | A9
With Marriage
And Money,
Opposites Attract
PHOTO ILLUSTRATION GABRIEL ZIMMER/THE WALL STREET JOURNAL (2), ISTOCK (9)
.
ly
on
T
BY JULIA CARPENTER This mutual influence along said, she wouldn’t have felt secure director of Tribeca Therapy, a busy, and it would be way easier
with the built-in financial account- making such a huge life change. psychotherapy practice based in for one of us to just do it, it’s the
he person you marry ability couples get when they pool “He said, ‘You’re worth far New York. best long-term way to care for
will often change your their assets are partly why mar- more than what you’re making,’ He points to clients who take a each other,” he said.
relationship to money. ried couples have a financial ad- and he pushed me to take on more regular weekend trip and have Marcella Mollon-Williams, a be-
us ,
We tend to choose vantage over their single counter- risk and challenge myself in differ- made it a habit to use the driving havioral financial adviser based in
l
our partners based on parts, researchers say. The median ent ways,” she said. time to discuss their finances. Bowie, Md., runs a premarital fi-
e
al a
shared values, in-com- net worth of married cou- While the children snooze nancial counseling session for
mon traits and other similarities, ples 25 to 34 years old was in the back of the car, the couples.
marriage researchers say. But nearly nine times as much parents review the state The main issue she sees early
ci on
money-management styles are one as the median net worth of of their budgets and check on in relationships: Couples too
case in which opposites do attract, single households in 2019,
Over time, spendthrifts in on progress toward lon- often talk about the things one
said Jenny Olson, an assistant pro- up from four times as wed to tightwads can ger-term goals. partner wants the other to avoid
fessor of marketing at Indiana Uni- much in 2010, according to Talking as a pair also doing with their money, as op-
versity who studies couples’ finan- research from the Federal find middle ground. prevents an imbalance of posed to the things they want to
er s
cial decision-making. Reserve Bank of St. Louis. power in which one part- do together.
We are drawn to people who When Kristen James, a ner appoints themselves “Talk about the desires money
m er
can check and balance our own 33-year-old product man- money manager, said brings, the things you want to ac-
rigid rules about money, Prof. Ol- ager in Austin, Texas, first Adrian Ward, a marketing complish,” she said. “When you
son said. Someone who feels they started dating her now- professor at the Univer- start dreaming together, identify-
are too focused on saving and not husband, Ben, a 35-year- sity of Texas at Austin. ing the things money can buy,
focused enough on using money to old startup co-founder, she In his own research it’ll become easier. It’s sort of
m rp
enjoy life might look for a partner noticed they came to the looking at how couples looking ahead and then working
who can help them feel more com- relationship with different manage their money, backwards.”
fortable with an occasional approaches to their fi- Prof. Ward found that To stay on the same page finan-
splurge. nances. Mr. James consid- one partner often takes cially, Kristen and Ben James set a
Over the decades, however, ered himself much more of charge of the finances, monthly family finance meeting.
co Fo
spouses often grow more alike. a financial risk-taker; Ms. not because they’re bet- Talking about their goals, review-
The spendthrifts married to the James preferred to man- ter equipped to do so, ing financial allocations and hav-
tightwads manage to find some age her money more con- but because they have ing time to connect on those top-
middle ground, learning from one servatively. more time for the job. ics helps them keep their sights
another in the process, said Scott Instead of their differ- The in-house money trained on the bigger picture, Ms.
Rick, a marketing professor at the ences erupting in conflict, manager—whom Prof. James said.
University of Michigan whose Ms. James said her hus- Ward calls “the house- When she’s tempted to scroll
studies marital finances. band’s approach had a pos- hold CFO”—often shuts through Redfin real-estate listings,
“The spouses who don’t con- itive influence. After talking it Couples who communicate the other partner out of the deci- she relies on her husband to hold
verge have a harder time and those over as a couple, Ms. James made about the differences in their fi- sion-making. Sometimes, the her accountable.
marriages are probably more frag- the leap to change her career, nancial beliefs are better able to other person is relieved, but over “We have each other to say
ile and could end in divorce,” Prof. moving into the technology indus- make decisions together, as te- time, that partner’s financial ‘We’re not buying a new house right
Rick said, referencing his analysis try and ultimately earning a dious as that practice may ini- literacy suffers. now’ or ‘We’re not buying a new car
n-
of 1,303 couples, which will be pub- higher salary as a result. Without tially feel, said Matt Lundquist, a “Even though it’s hard to make right now’—you have that other
lished in a forthcoming book. her husband’s encouragement, she psychotherapist and the clinical decisions together and we’re both person to ground you,” she said.
no
MY RIDE | BY A.J. BAIME
A Rare BMW Model

Fit for James Bond
C. Daniel Smith, 67, a recently on the BMW Z8.
retired orthopedic surgeon living in We had both seen the James
St. Joseph, Mo., on his 2002 BMW Bond movie “The World Is Not
Z8, as told to A.J. Baime. Enough,” where the BMW Z8 de-
buted. One of them gets sawed in
O
rthopedic surgeons have half in the movie. The more I read
quite a bit of time between about the car, the more excited I
cases, and sometimes, to got. It was hand-built in Munich. A
take the edge off, we would talk in guy named Henrik Fisker designed
the surgeon’s lounge about any- the exterior. [Mr. Fisker is a for-
thing but work. I have a good sur- mer BMW designer who later
geon friend named Steve Long who started the Fisker car company.] I
is, like me, nuts about cars, and of- really liked the retro look.
tentimes we would talk about our There probably had not been a
favorites. One day, we happened car made since 1967 that really ap- C. Daniel Smith, below left, fell for the Z8 when he saw the model in the 007 film ‘The World Is Not Enough.’
pealed to me. I love the
first and second genera-
tions of the Corvette and only about 2,500 came to the U.S. who were 12 and 15. I thought, OK, with us ever since. It is a true
the old Jaguar XK-120s. I looked into buying one, but I needed to teach them fiscal re- roadster—solid, nimble and quick.
Those cars have clean ended up at a dead end. A year sponsibility. So I agreed to the It’s got a roughly 400-horsepower
lines, and that design passed and one day, in the fall of purchase price—I was able to get engine in it—the same engine
CHRISTOPHER SMITH FOR THE WALL STREET JOURNAL (2)
characteristic, I felt, had 2001, my surgeon buddy Steve the car at MSRP—and I was able BMW was using in the much big-
disappeared. But here it called me. He said, “Dan, I found to persuade the dealer to let me ger and heavier M5. The town
was on the BMW Z8. I your car.” I said, “What are you have the title change on Jan. 1, for where I live has a 26-mile parkway
think cars can be a work talking about?” He said, “I was tax reasons. (That way I wouldn’t system. It’s this wonderful, twisty
of art. You start with a just at a BMW dealership, and have to pay a full year of personal road—a real source of pride for
basic palette. Some peo- somebody ordered this Z8, then property tax on a car that I had our community and the perfect
ple can produce a mas- backed out of it. It’s sitting on the for just two months.) place to get out in this vehicle.
terpiece, while others showroom floor.” At least once a week, we would Now, 20 years later, the car still
will make a machine that I immediately got my two sons drive down to the dealership to feels brand new. I have four grand-
will get you from point A and my wife, and jumped in the look at the car and take pictures. sons and a fifth grandson coming.
to point B. I have a pas- car to drive down there. I am When I took possession, it had 11 I am looking forward to the day
sion for perfection, and I pretty fiscally conservative. I don’t miles on it. The first day I drove when the oldest grandkid is old
felt like this car was it. do things impulsively. But I looked it, I got stopped by the police. I enough to ride in the car without a
BMW ended up pro- at this car and bought it on the think the guy liked the car because car seat, and my daughter-in-law
ducing 5,703 Z8s and spot. I felt sheepish with my sons, he let me off. The car has been will let me take him for a ride.
A10 | Tuesday, January 24, 2023 NY THE WALL STREET JOURNAL.
PERSONAL JOURNAL.
Don’t Let Your Phone

the phones themselves.
FAMILY You can turn on Do Not Disturb
& TECH on an iPhone or an Android phone
JULIE during the hours you choose, dur-
Keep You Up at Night

JARGON ing which time you can allow calls
or notifications only from certain
W
people or apps. In the iPhone’s
e’ve all reached for Sleep Focus setting, you can set a
our phones in the sleep goal and create bedtime re-
middle of the night, minders as well as enable Sleep
only to be pulled into Screen, which dims your lock
some kind of rabbit screen at bedtime.
hole that keeps us awake. (If you iPhones also have a Wind Down
haven’t, please share your secrets feature while Android phones have
for self-control.) Bedtime Mode, both of which si-
A good night’s sleep is impor-
tant for your health. Chronic sleep
troubles can lead to cognitive im-
pairments and increase the risk of
stroke and heart attack. And get-
ting enough rest is a huge problem
for teens, who are facing a sleep
crisis due to factors including
nighttime technology use, busy
schedules and heavy homework
loads. American adults also have
trouble sleeping, with 70% of
adults reporting they get insuffi-
cient sleep at least one night a
month, according to the American
Sleep Apnea Association.
Much ado has been made about
the blue light our devices emit,
but the ways in which tech hijacks
our sleep go far deeper than that.
It’s the content we see that has
the biggest impact on our slumber, TikTok is testing a feature that
sleep experts say. reminds users when it’s time to go
So what should we do about it? to sleep and mutes notifications.
Sure, you could leave your phone in
another room at night, but that
might not be feasible for adults who lence your phones at a time of
want to be reached in an emergency. your choosing.
The simplest fix is to eliminate the  Only glance at the time.
temptation to scroll altogether. information-relay center—and dis- sleep doctors say adults need  Use tech to combat tech. You Many of us tap our phone screens
Tools from tech companies can help, rupt the brain-wave oscillations (teens need eight to 10 hours). might soon be able to curb late- to check the time in the middle of
including new features from TikTok needed for sleep.  Reconfigure your habits. night TikTok scrolling. The video- the night. That can tempt us to un-
.
and Instagram, two oft-cited sources Fretting about not sleeping can Once you identify which screen-re- sharing app, owned by ByteDance lock our phones and scroll. If you’ve
of nighttime distraction. make things even worse. When we lated activities rile you up, shift Ltd., is testing a new sleep-re- followed the other steps listed here,
ly
If we come across alarming worry about not being able to go those activities earlier in the eve- minders feature. When you desig- you should be able to resist.
news, a scary movie or an annoy- back to sleep, Dr. Zeitzer explains, ning and do more relaxing activi- nate a bedtime in TikTok, the app  Create a family tech plan.
ing work email right before bed or we actually can’t go back to sleep ties closer to bedtime, says Nitun will mute push notifications for Leaving your phone outside the
in the middle of the night, the
stress hormone cortisol can rise. A
spike in cortisol provides an en-
ergy boost by moving glucose
on
because that worry is causing
more cortisol to be released.
If any of this sounds familiar,
don’t despair. Sleep and digital-
Verma, a spokesman for the Amer-
ican Academy of Sleep Medicine.
Telling patients not to use screens
an hour or two before bed is too
the next seven hours and nudge
you to close it. TikTok in 2021 be-
gan disabling notifications during
nighttime hours for teens.
bedroom might not be practical for
many adults, but I advise parents to
keep all devices out of kids’ bed-
rooms. Andrea Davis, founder of
from a stored state in the body to media experts suggest trying these jarring for some people, he says, Instagram users have the abil- Better Screen Time, a company that
us ,
an active state. “It’s like eating a things: and ends up being unsustainable. ity to set times in the app when educates families about healthy dig-
l
candy bar,” says Jamie Zeitzer, co-  Know your triggers. Not all Instead, he advises people to taper they don’t want to be bothered. ital habits, suggests parents create
e
al a
director of the Stanford Center for screen activities are bad for sleep. their level of screen-induced emo- When Quiet Mode is enabled, you a tech plan with their kids, which
Sleep and Circadian Sciences. Start by assessing what stresses tion and excitement over the won’t receive notifications, and spells out when, where and how de-
FROM LEFT: ISTOCK; WATCHFUL.AI
Coming down from that energy you out or excites you when you course of an evening so it’s “like the app owned by Meta Platforms vices can be used. She says parents
ci on
rush can be difficult. look at your phone—and what landing a plane.” Inc. will send an auto-reply to any- should follow the rules, too. She
Positive content can be just as helps you calm down. You should  Make a list. If you’re one to one who DMs you to let them didn’t trust herself not to look at
disruptive because it can increase also be more aware of the time worry at night about what lies know you’re offline. The app will her phone while in bed, so she
the amount of dopamine or nor- you’re spending on your device. We ahead the next day, some sleep ex- prompt teens to turn on Quiet agreed to charge her phone in an-
epinephrine in the brain, two neu- tend to lose track of time when perts suggest making a to-do list Mode when they’re on Instagram other room at night. Her husband
er s
rotransmitters Dr. Zeitzer says can we’re on our phones, which can eat before bed, so you don’t keep your- between midnight and 4 a.m. keeps his phone in the bedroom in
excite the thalamus—the brain’s into the seven hours of nightly self awake making mental lists. There are even more choices on case of an emergency.
m er
Gas Stoves Spark Home Sales

m rp
Many buyers consider them a premium offering

BY VERONICA DAGHER The debate doesn’t seem Proponents of electric
co Fo
O
to have moved the needle stoves say tastes in appli-
n the question of for home buyers: Fifty-one ances are likely to change as
which type of stove is percent of home buyers pre- more Americans get to cook
best for your open fer gas for cooking, com- on modern electric induction
house, real-estate agents pared with 39% who prefer stoves. Unlike the older elec-
say there is a clear winner: electric, according to a 2021 tric coil or flat-top stoves,
Gas fuels home sales. survey by the National Asso- induction isn’t slow to heat
Home buyers prefer gas ciation of Home Builders. and cool, terrible to clean
ranges because they say The rest said they had no and dangerous because of
food cooked over flames preference or didn’t know. the hot surface area as its
heats more evenly and Carolyn Meyer, 37, is cur- predecessors were, said Ra-
tastes better than when rently searching for a new chelle Boucher, a profes-
done on a traditional electric home in Omaha, Neb., and sional chef and senior lead
n-
stove, said Damien Rance, a said she would never buy a at Building Decarbonization
Realtor in Weehawken, N.J. home with an electric cook- Coalition, a nonprofit seek-
A gas range may slightly
boost a home’s value, espe-
no
cially if the stove’s overhead

exhaust vents, said Realtors
from across the country.
“Gas is still seen as a pre-
mium offering in homes,”
said Mark Barnes, a Realtor
in Charleston, S.C.
The gas versus electric
stove debate reignited this
month after federal regula-
tors said they were consider-
ing restrictions on gas ranges.
“Products that can’t be made
safe can be banned,” Richard
Trumka Jr., a commissioner
with the U.S. Consumer Prod-
uct Safety Commission, told
Bloomberg News on Jan. 9. A
White House spokesman later A gas range may slightly boost a home’s value, Realtors say.
said President Biden didn’t
support a ban on gas stoves. ing to eliminate the use of
A 2022 Stanford study fossil fuels in buildings.
published in Environmental
Science & Technology esti-
mated that methane leaking
from stoves inside U.S.
51%
Of home buyers prefer gas
Induction stovetops are
significantly more expensive,
averaging $3,000 and up, ac-
cording to Angi. Rebates up
homes has the same climate over electric for cooking to $840 may be available to
impact as about 500,000 some home chefs who con-
gasoline-powered cars. The vert to electric under the In-
PHOTO ILLUSTRATION BY SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (2)
same study found that flation Reduction Act later

stoves can expose house- top that couldn’t be con- this year.
holds to respiratory disease- verted to gas. “Not being Many home shoppers will
triggering pollutants. able to have a gas stove is a have to give up their desire
Cities including San Fran- deal breaker,” she said. for a gas stove, said Cindy
cisco, Seattle and Denver Even without any new Scholz, a Realtor in New
have either enacted or pro- regulations, most Americans York City and East Hampton,
posed measures to ban or own electric stoves. Sixty- N.Y. Developers building from
discourage the use of fossil eight percent of U.S. house- the ground up tend to use
fuel in new homes and build- holds have electric stoves, induction cooktops, she said.
ings, with the goal of reducing according to the Energy In- Not all buyers are set on
carbon emissions. New York formation Administration. gas. Anna Leigh Peek, 31,
Gov. Kathy Hochul recently Traditional electric ranges isn’t happy about the gas
proposed to ban the use of are generally slightly stove in her new home in
fossil fuels for heating and in cheaper, according to home- Atlanta. Ms. Peek isn’t ac-
appliances for certain new services company Angi Inc. customed to cooking with
buildings by 2025. Numerous Once installed, however, gas gas and is worried about a
states have passed legislation stoves are a bit cheaper to possible gas leak.
to prevent cities from impos- run, said Angie Hicks, chief “A gas stove scares me,”
ing bans on natural gas. customer officer at Angi. she said.
ARTS IN REVIEW
MUSIC REVIEW | MARK RICHARDSON
Straining for Self-Acceptance

Sam Smith returns with an uneven new album about learning to feel good about the person staring back in the mirror
S
am Smith made
an unforgettable
early impression
on 2012’s “Latch,”
a Top 10 single by
production duo
Disclosure. The English
singer sounded like three
vocalists in one on the
track, sliding effortlessly
from the low croon of the
verses to the yearning shout
of the chorus, and “Latch”
became an important dance
track during a moment
when once-underground
U.K. club sounds were find-
ing their way to the masses.
But Smith was destined
for much more than guest
vocals. The artist’s 2014
gospel-flavored single, “Stay
With Me,” from Smith’s de-
but album, “In the Lonely
Hour,” hit No. 2 in 2014, and
the singer’s 2017 album,
“The Thrill of It All,” pro-
duced another Top 10 single.
While Smith has been a
streaming juggernaut almost
FROM TOP: MICHAEL BAILEY-GATES; TASOS KATOPODIS/GETTY IMAGES

since the beginning, the art-
ist’s albums have been
patchy—their vocal range is
always impressive, but the
emotional range is rather
narrow. Smith sings mostly
.
about love and romance,
and in the 30-year-old’s
ly
songs every gesture is
weighted with significance.
Every love is the first or the
last, every relationship is
forever or it’s gone up in
flames, and there’s little in
the way of levity, humor or English singer
on
simple musical pleasure to Sam Smith
us ,
be had. “Gloria” (Capitol),

l
Smith’s fourth album, out

e
al a
Friday, seems partly an at-

tempt to expand the emo-
tional palette, with limited come via Smith’s usual sta- number, Smith sings partic- rain and footprints in the neat and tidy conclusion to frustratingly short of being
ci on
success. ble of collaborators, includ- ularly well, showing re- sand abound—but the point another flawed and inter- start-to-finish great.
The new LP’s overriding ing Ilya Salmanzadeh (Ari- markable control while of the song is that queer mittently entertaining al-
theme is self-acceptance. ana Grande, Jennifer moving through octaves. people like Smith were only bum from the singer, one Mr. Richardson is the Jour-
(Smith identifies as nonbi- Lopez), Jimmy Napes (Ali- “Gimme,” with a winning recently allowed access to that branches out slightly nal’s rock and pop music
nary and uses they/them cia Keys, Mary J. Blige) and cameo from Jamaican such common depictions of from what Smith has done critic. Follow him on Twitter
er s
pronouns.) On several of the duo Stargate (Rihanna, Katy singer Koffee and back- romance. The song offers a in the past while falling @MarkRichardson.
record’s better songs, Smith Perry). Massed voices re- ground vocals from Ms.
m er
sings of overcoming self- calling both black American Reyez, adds welcome rhyth-
loathing and learning to feel gospel and classical music mic variety with its stutter-
good about the person star- appear throughout the re- step Caribbean shuffle. “I’m
ing back in the mirror. Al- cord, as they have through- Not Here to Make Friends” The WSJ Daily Crossword | Edited by Mike Shenk
bum opener “Love Me out the singer’s oeuvre, and is a breezy, uptempo pop 1 2 3 4 5 6 7 8 9 10 11 12 28 Have a
m rp
More,” an airy ballad that a handful of dance numbers song with disco strings, common
unfolds with an appealing are sprinkled in with the more effervescent than 13 14 15 16 border with
mid-tempo lilt, establishes much of what’s found here,
29 Yes, in
this thematic template. The but it never quite takes off. 17 18
Yokohama
line “Every day I’m trying
The new release The lyric is banal—I need a
co Fo
not to hate myself” in the lover and not a friend is the 19 20 30 “Your point
first stanza is followed by branches out from general gist—and the word- being?”
21 22 23 24 25
“But lately it’s not hurting
like it did before,” and we
the singer’s focus on less hook that extends the
word “lover” feels forced. 32 Start of a
get a hint that Smith has love songs. And “Unholy,” which topped 26 27 28 29 30 gridiron play
turned some kind of corner. the Billboard Hot 100 this 34 [See other
The melody on the chorus is past fall, a song about se- 31 32 33 34 side]
constructed like a breath—a cret lust and unapologetic
long inhalation while Smith ballads that have become sin, pulls out all the stops 35 36 37 38 39 36 Most PSAT
describes the past, then a Smith’s calling card. An ar- with its clanging industrial takers
clarifying exhale signifying gument serves as the sub- rhythm and epic choir-like 40 41 42 43
37 “Now go!”
a new peace—and its warm ject of “No God,” as Smith vocals. But the guest vocal
vibes are contagious. “Per- reminds a partner that no from German singer Kim Pe- 44 45 46 47 48 49 38 Skinny
n-
fect,” the fifth track, featur- individual has a monopoly tras, in which luxury brands
50 51 52 53 39 Military band
ing Canadian singer Jessie on the truth, and zigzag- are held up as symbols of
Reyez, extends the theme ging tempo changes and decadent pleasure, is trite.
member
with less success, with a constantly shifting back- The album ends with 54 55 56 57 43 Don’t just
no
cloying chorus—“I’m not ground vocals keep things “Who We Love,” a warm stand there
perfect, but I’m worth it”— interesting. and sweet ballad on which 58 59 60 61 62
and a melodramatic string Here and there Smith Smith duets with superstar 44 Weisz of
coda that aims for profun- aims for the dance floor, singer-songwriter Ed 63 64 “Black
dity but in this context feels providing a welcome break Sheeran. There’s nothing Widow”
unearned. from slower numbers fix- novel about the song’s con- 65 66 67
45 Oxycodone,
Production and song- ated on personal growth. On ception of falling in love— e.g.
writing help on “Gloria” “Lose You,” a slinky house clichéd images of summer
BRIEF RÉSUMÉS | By Bill Thompson 46 Catchphrase
Across 33 Word with 63 Brokerage 8 “Put ___in it” 47 Dallas cager
salad or company (“Hold that
1 Resort 48 Some
candy with talking thought”)
amenity bellybuttons
baby ads 9 Sign for
4 Audio file 34 Wine
barrel 64 Ironic way to removal 51 Transmitted
extension a document,
material be crazy 10 Buds
7 Admirably old-style
impressive 35 Inmate’s perk 65 Listed 11 Cosine’s 53 Second letter
40 Works in a 66 Brief reciprocal
13 Like 55 Member of
bergamot studio afterthoughts 12 Traps
Meir’s cabinet
and bay leaves 41 Ball-bearing 67 Brief 14 Comfy shoes,
item résumés, 56 Counterpart
16 Evolutionary familiarly of mean and
figures and an apt
42 Burden median, in
description of 15 What might
17 Home of 44 Effortless this puzzle’s be pierced in statistics
Pikes Peak victories four longest a commercial 57 Rubs the
answers legal case wrong way
18 Quartz 47 Paris
compound underground Down 20 Airport 60 Chiefs’ org.
shuttle, often
19 Pantry 49 Division of 1 ___fly (RBI 61 Good, in
staple the DOJ producer) 21 “Feels good!” Hebrew
21 Swear at, say 50 “Riverdale” 2 Debate side 22 Coalition
62 Elle King’s
24 Iridescent star KJ 23 Until “___& Oh’s”
3 Co. that used
stone 51 Top pick to mail out Previous Puzzle’s Solution
25 Bill in a till CDs T R A M L A S S O W E A R
52 Destroyer A U R A U S H E R H E R A
26 Dolomite target 4 More S P U N C H O C O H O L I C
peak cautious K E B A B E D U A S S A Y
54 Documentary- S E A G O D S R O S A
27 Betray like 5 Slightly E R A S I T T I N G S
filmmaking S A C R E D I T S A D E A L
29 Prey for 6 Aid in A M A P R Y A L A
style G O F I G U R E P O R T L Y
parasites organizing
58 Round digital movies S K E L E T O N A P E
31 Intense L E E S G R U M B L E
container A R S O N P O E S O L E S
desire, with 7 Pesto
H O T M A G E N T A R O T S
“the” 59 Bug ingredient A M I E A R E A S S O M E
Sam Smith performing in Washington in 2022; the artist’s new record is ‘Gloria’ ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. B A R N P O S T S E D E N
SPORTS
The Philadelphia Ea- JASON GAY
Don’t Disrespect the Eagles—or Bengals

gles and Cincinnati
Bengals have very low
expectations for this
sports column you’re
about to read.
YOU: Join the club, fellas!
The Eagles, I don’t blame them They’re clearly two of the best teams in football, each one victory away from the Super Bowl
for being pessimistic about the
media. All last week, they had to
listen to hack columnists and TV BILLS-CHIEFS TICKETS! GET
blowhards rant and rave about YOUR RED-HOT, DEEPLY WORTH-
how the NFC East third-place New LESS BILLS-CHIEFS TICKETS!
York Giants were suddenly the “Better send those refunds,”
scariest team in football, how Dan- said a smirking Cincinnati quarter-
iel Jones and Saquon Barkley were back Joe Burrow after the Bengals
a dynamite combo and the late- prevailed 27-10 in snowy Buffalo.
blooming G-Men were actually (Love Joe Burrow. Love.)
putting off underdog vibes similar Did you listen to Excitable Tony
to those Eli Manning Super Bowl Romo during Cincinnati’s romp?
seasons. Basically, he was gushing that a
These were things that were ac- victory over the Bills would really
tually said going into Saturday’s show that the Bengals were for
Eagles-Giants game in Philadel- real. As if last year’s run to the Su-
phia. These were things that were per Bowl was an event that hap-
actually said in this sports col- pened to some other team. As if
umn! the Bengals learned to play foot-
I’ll say it for you, good people ball three hours before kicking off
of Philadelphia: WHO WRITES against the Bills.
THIS STUFF? Like the Eagles, the Bengals will
Because the Eagles went out happily take that skepticism and
and drove a steamroller over the chug it like Gatorade. They’ll bring
allegedly mighty, mighty Giants. it to Kansas City on Sunday, where
Actually, they drove a series of they’ll face a Chiefs outfit they
steamrollers over the allegedly have beaten three straight times,
mighty, mighty Giants. This game including on the road at last year’s
was over by the second quarter. I AFC Championship, which may or
watched this game at a Giants may not have Patrick Mahomes
fan’s house. He confidently threw a (ankle sprain) at full strength, and
watch party! At halftime, he they’re still…the underdog.
wanted to send everyone home Fine, says Cincinnati. Actually:
and curl up on the couch alone. GOOD.
Eagles fans are used to this Bengals quarterback Joe Burrow, left, and Eagles quarterback Jalen Hurts were both selected in the 2020 NFL draft. After all, the perceived insult is
blithering nonsense. Disrespect is known throughout sports as an op-
baked into the product. Philly has “Exile on Main St.” Sports media carnation of 2001 Tom Brady. come any disrespect. They made timal performance enhancer. Every
gone wire-to-wire with the NFL’s loves to manufacture disrespect, to The Eagles, meanwhile, are the Super Bowl last season and team, every athlete has rabbit ears
.
best record, taking on all comers, the point we’re not far from a talk- just…very, very good, and, impor- they’re also encountering people for mild criticisms and omissions,
overcoming injuries and finishing show host holding up a glass of tantly, the favorite to win. They who aren’t quite sure they have which they blow up into a motiva-
ly
as the conference’s No. 1 seed— H20 on the air and saying, “You have their own wizard, second- got what it takes. The Bengals tional tool. Even Usain Bolt stood
and they’re still fending off skep- know what nobody respects? WA- year head coach Nick Sirianni. weren’t a consensus pick to return at the start of an Olympic 100-
tics who aren’t convinced it’s 100% TER.” They have an outstanding defense to the Super Bowl. People won- meter dash and said to himself:
for real.
Let me be clear: I’m not saying
everyone disrespects the Eagles. I
also acknowledge the maddening
on
But I’m quite certain the Eagles
will hear whispers of doubt this
week. Next Sunday in the NFC
Championship, Philadelphia hosts
and a young quarterback, Jalen
Hurts, who is an underdog saga in
his own right. Jalen Hurts has won
big games his whole life, but every
dered if last year’s run was, you
know, a fluke.
The Chiefs and the Bills were
the sexier picks to make the Super
Nobody thinks you can run fast,
Usain Bolt. They all think you’re
coming in dead last. It’s a trick the
great ones do to hype themselves
habit in sports media to lecture San Francisco, a Super Bowl bid on so often he’ll hear: Hmmm…What Bowl. How do we know this? Be- up.
us ,
the public about their alleged the line. It’s a great matchup, the do we think about Jalen Hurts? cause the NFL was already selling Disrespect is a cherished part of
l
CHRIS SZAGOLA/ASSOCIATED PRESS

skepticisms toward teams and ath- No. 1 and No. 2 seeds, but the No. Jalen Hurts may be lifting the Chiefs-Bills AFC Championship the game, real or imagined. Espe-
e
al a
letes. Baseball people yell at you 2 Niners will be treated as the Super Bowl MVP trophy over his tickets! cially when it’s for the Philadel-
to respect the greatness of Mike clever darlings, with that leftover head next month and he’ll still get Chiefs-Bills was going to be held phia Eagles and Cincinnati Ben-
Trout, even if everyone respects sheen from those old Montana- this claptrap: Hmmm…What do we in Atlanta due to the end-of-sea- gals, two fabulous teams on the
ci on
Mike Trout. Basketball people do Young rings, the wizard head think about Jalen Hurts? son schedule rearrangement after verge of the Super Bowl. The
this about Nikola Jokic, as if the coach (Kyle Shanahan) and the Fine, says Philadelphia. Let Cincinnati’s regular-season game headline for this column says don’t
guy hasn’t won two consecutive Hollywood saga of rookie quarter- there be skeptics. We’ll burn it like with Buffalo was canceled after dare disrespect them, but you and
NBA MVPs. It’s like hearing a rock back Brock Purdy, a last-pick third fuel. Damar Hamlin’s collapse. I know they like it. Give ’em all
critic claim no one appreciates stringer now looking like the rein- The Cincinnati Bengals also wel- Not anymore. you got.
er s
m er
The NFL’s Ultimate Underdog Story

m rp
BY ANDREW BEATON
B
rock Purdy was never sup-
posed to be at the center of
co Fo
the NFL playoffs. Just a few

JOEL CARRETT/EPA/SHUTTERSTOCK
months ago, he was a rookie third-

stringer who had been taken with
the very last pick in the draft. He
didn’t even have a guaranteed spot
on the San Francisco 49ers’ roster.
What has happened since over
the course of this season is one of
the most spectacular out-of-no-
where stories ever in football.
After both quarterbacks ahead of
TONY AVELAR/ASSOCIATED PRESS
Ben Shelton beat J.J. Wolf to advance to the Australian Open quarterfinals.
him got hurt, Purdy got the job.
And he hasn’t lost since. Purdy’s
A U.S. College Tennis Star
n-
streak of seven straight wins as a

starter—including two in the play-
Breaks Out in Australia offs—now has him playing in the

NFC Championship against the Phil-
no
adelphia Eagles.
Purdy has authored some phe-
BY JOSHUA ROBINSON took down world No. 5 Casper Ruud nomenal games himself, and others Brock Purdy remains undefeated as a starting quarterback in the NFL.
of Norway, becoming the youngest in which his mistake-free play al-
Melbourne, Australia American to beat a top-5 opponent lowed the Niners’ other-wordly de- Purdy that had piqued the interest back who three years ago led them
UNTIL HE BOARDED A FLIGHT for since Andy Roddick in 2001. A week fense to decide the outcomes. The of the 49ers. They thought he was to a Super Bowl appearance. Which
the other side of the world earlier later, Shelton was making his Grand latter is how San Francisco won its tough. They viewed him as a player meant there wasn’t even a clear
this month, Ben Shelton had never Slam debut as a U.S. Open wild divisional round game Sunday night who excelled in the pocket. But the path for Purdy as a backup.
left the U.S. He was 20 years old card. Though his run at the tourna- 19-12 over the Dallas Cowboys. one quality that the team’s brass re- San Francisco, though, was
and already a champion in college ment lasted just one five-set match, How has he done it? Purdy has peatedly emphasized was that quickly happy that it kept Purdy
tennis, but while other players his the big-hitting kid from Atlanta felt the enormous benefit of playing for Purdy had a level of experience that around. Lance suffered a season-
age crisscrossed the globe chasing he belonged. coach Kyle Shanahan, perhaps the most college quarterbacks lack. ending ankle injury in the second
tournaments, he chose to build up Shelton isn’t alone in his rise most innovative offensive schemer At Iowa State, Purdy became the week of the season. A month and a
experience at home. through men’s tennis. in the league. The 49ers have argu- team’s starter as a freshman and half later, Garoppolo got hurt. Sud-
Then came the prospect of play- Though no American man seems ably the best collection of offensive held on to the job through his se- denly, it was Purdy time.
ing in the Australian Open this year. quite ready to break a Grand Slam talent around. And even though he nior year. By the time his college The situation Purdy stepped into
Shelton knew it was time to rack up dry spell that dates back to Rod- was selected with the 262nd pick, career was over, he had thrown a was undeniably enviable. Shana-
some airline miles. Over a matter of dick’s U.S. Open in 2003, he’s part there may not have been another whopping 1,467 passes—and com- han’s offensive system, which relies
weeks, he launched himself to of a building wave of young talent. rookie quarterback more prepared pleted 67.7% of them. Due to the on a heavy dose of pre-snap motion
events in Adelaide, Australia, in When the next ATP rankings are to be thrown in the fire than Purdy. length of his tenure and his sheer and drives opposing defenses crazy
Auckland, New Zealand, and finally published, 10 Americans including The 49ers only got the last pick productivity, the Iowa State record with how it deploys skill-position
here in Melbourne to play just the Shelton are expected to be in the of the 2022 NFL draft through an books are now littered with the players at multiple positions, is at
second major tournament of his top 50—nine of them are 25 or arcane system that awards name Purdy. the NFL’s cutting edge.
young career. younger. teams compensatory se- That happened to be The combination of talent and
262
On Monday, the trip took Shelton “Having a lot of Americans lections for losing valuable to the 49ers. Shanahan’s schemes reduce the
into even less familiar territory: a seeded and a lot of rivalries like more qualifying play- They touted his expe- pressure on the team’s quarterback.
Grand Slam quarterfinal, by beating that I think will be really good to ers in free agency rience as soon as Brilliance isn’t always required. Of-
The pick the 49ers
fellow American J.J. Wolf in a five- push each other, especially for the than it brings in. No they selected him as ten, mere competence suffices be-
set slugfest that lasted nearly four American fans,” Wolf said after los- team received more used to select Iowa proof he might not cause the play designs and play-
hours. ing to Shelton on Monday. compensatory picks State quarterback Brock be some sort of de- making ability elsewhere take care
“I got on the plane with no ex- Of the 10, Shelton might look like in the last draft than Purdy in the 2022 NFL velopmental proj- of the rest.
pectations,” Shelton said. the one who was always destined to San Francisco. Some draft ect. There’s even a way of quantify-
The only thing the vast time dif- be there. Shelton had all the tennis were as early as the “He’s got a ton of ing how much all of that helps the
ference means now is that people instruction he could dream of right third round. The final reps,” Shanahan said af- Niners’ quarterbacks. Over the last
back home are sleeping through one at home. His father once reached one was the very last pick. ter the draft. “You’re not five seasons, San Francisco has led
of the most surprising perfor- the fourth round at Wimbledon as a The Niners originally planned looking [at] what you can develop the league in average yards after
mances by a young American man player and coached college teams to to target Purdy in undrafted free him into, you’re looking at, this guy the catch—ranking no worse than
in recent memory. At this time last national championships. His mother agency, but that extra seventh- knows how to play the position.” second in any individual year over
year, Shelton hadn’t yet turned pro was also a high-level junior player. round selection—which bestows the Still, it was no guarantee Purdy the last half decade. In other words:
and was ranked No. 569 in the Yet Shelton didn’t always care title “Mr. Irrelevant” upon one would even make the roster. Shana- if the team’s quarterback can just
world, collecting rating points as an much about tennis. For one, he player every year—was the perfect han also described him as someone get the ball in a receiver’s hands,
amateur. didn’t feel all that gifted in his fam- opportunity to splurge on a player who could “give himself a chance to big things happen.
The next 12 months were life- ily’s favorite sport. that intrigued the coaching staff make a team.” Now, Purdy is just one win away
changing. In the spring, he won the “I wasn’t an amazing tennis even though the team didn’t need a The 49ers were long on quarter- from playing in a Super Bowl. He
NCAA singles title as a sophomore player growing up,” he said here. “I quarterback. backs entering the season. In 2021, has already completely altered his
at the University of Florida, where focused on a lot of other sports, “We got the last pick,” Shanahan they traded three first-round picks career trajectory. Nobody would be
his father, an ex-pro named Bryan and I wasn’t at the level that a lot said in April. “We thought it was to move up and take Trey Lance surprised if Mr. Irrelevant begins
Shelton, is the coach. Then in Cin- of these guys were at 13, 14, 15, perfect,” third overall in the draft. They still next season as the Niners’ starting
cinnati over the summer, Shelton even all the way to 18.” There were a few things about had Jimmy Garoppolo, the quarter- quarterback.
OPINION
Are There ‘Too Many Asians’? BOOKSHELF | By Meghan Cox Gurdon
Doubleday
once pub-
lished a book
population growth was “not
in the exclusive control of a
few governments but rather
“world population policy”
banner above a sea bursting
with impoverished people.
handful of lonely voices—in-
cluding this page—which ob-
jected to the outrages against
A Harrowing
with a title—
“Too Many
Asians”—that
would never
in the hands of literally hun-
dreds of millions of individual
parents.”
Mao himself was con-
Western groups that
pushed population control on
the Chinese typically denied
that they supported the coer-
Chinese women and main-
tained that what was inhibiting
China’s development was Chi-
nese communism, not Chinese
Winter’s Tale
MAIN
STREET fly today. Au-
thor John
flicted, given Marx’s view of
overpopulation as a problem
cion that often resulted. But
they never got too worked up
babies. Among the most elo-
quent was University of Illinois
Northeaster
By William
Robbins ar- of capitalism and his own ten- about it, either. If you accept economist Julian Simon, who By Cathie Pelletier
McGurn
gued that “if dency to see China’s popula- argued that human beings were (Pegasus, 270 pages, $28.95)
O
humanity is tion as a sign of its strength. not just mouths but minds, and
to have a future,” the West The irony is that China today, Like Marxism itself, that a mind was “the ultimate n Feb. 17, 1952, two men set off from Maine’s Mon-
would have to see to it that like so many of its Asian resource.” He laid out his argu- hegan Island in a 30-foot vessel loaded down with
fewer Asians were born in the neighbors that once tried to population control ment in a seminal book with 5,000 pounds of crated lobsters. The old salts on
years ahead. That was 1959. reduce their populations, is was imported to that title in 1981, at just about the island had tried to dissuade Harland Davis and James
Robbins was but one voice offering financial incentives the same time Beijing was Haigh from making the trip; the weather was iffy and a
in a chorus of think tanks, to have more babies. But once China from the West. cranking up its one-child policy. storm seemed likely. But the two men were eager to get the
government aid organiza- the decline starts it’s all but Simon pointed out that by live lobsters to market and get themselves back to their
tions, international develop- impossible to reverse. almost every material mea- wives and daughters on the mainland, and anyway the Sea
ment specialists, environ- In 1974, the New York the idea that population sure—life expectancy, daily Breeze had made the 11-mile crossing many times before
mentalists, zero-growthers, Times summed up the re- growth uncontrolled by gov- caloric intake, food produc- without incident. This time, however, not halfway to its
doom mongers and do-good- ceived wisdom in a piece re- ernment is an existential tion—human life was getting destination of Port Clyde, the vessel was engulfed by blinding
ers who all saw population porting on the United Nations threat, and if people don’t better, not worse. In 1985, he snow and heaving seas and bludgeoned to the bottom.
control as the cure for pov- World Population Conference willingly stop having babies, added a prediction: If China Davis and Haigh thus became the first victims in Maine
erty. China’s recent an- in Bucharest. “The consensus then coercion is the obvious embraced the free market, it of the two-day tempest that Cathie Pelletier anatomizes
nouncement that its popula- of the affluent industrialized next step—and it’s far easier would likely experience labor in “Northeaster,” a historical
tion fell by 850,000 last year, Western nations,” the Times in nondemocratic countries shortages. Look where we are re-creation of personal
the first recorded drop since said, was based on the under- such as China. today. experiences so dramatic that
the Mao-induced famines of standing that overpopulation One example: In 1983, Stan- Last week the New York they have lingered for decades
the early 1960s, provoked “threatens to overstrain world ford dismissed student Steven Times ran a story headlined in local and family lore. The
much comment on the social resources, particularly food.” Mosher from its doctoral pro- “Why China’s Shrinking Popu- 1952 storm wreaked havoc in
and economic challenges de- This orthodoxy was echoed gram after Beijing threatened lation Is Cause for Alarm.” New England, destroying
cline brings. Yet conspicu- by almost all the experts of to close its doors to the uni- The piece hits on some of the wharfs, smashing boats,
ously absent was any recog- the day: the U.N. Fund for versity’s scholars. Mr. Mosher, casualties of China’s popula- trapping tens of thousands of
nition that the whole idea Population Activities, Interna- who now heads the Population tion decline: fewer workers travelers and producing seas
that Chinese moms having tional Planned Parenthood Research Institute, was doing supporting an aging society, off Cape Cod so massive that
children threatened the coun- Federation, the Club of Rome research in a rural Chinese the “hundreds of millions of two gargantuan tankers split
try’s prosperity was, much (publisher of “Limits to village when he published Chinese women” who were in half. The daring Coast Guard
like Marxism itself, a noxious Growth”), the Population In- photos of pregnant Chinese forced to abort their babies, rescue of the survivors aboard
Western import. stitute, Paul Ehrlich, Lester women, some in their seventh the shortage of girls and large those sundered vessels, and the
That’s no overstatement. In Brown and the Worldwatch or eighth months, being led surplus of single men with no famous heroism of coxswain
.
1977, World Bank President Institute, etc. When members off for forced abortions. As a prospect of marriage, higher Bernard Webber, are detailed in
Robert McNamara spoke in Al of the Reagan administration Journal editorial noted about costs for the global economy, “The Finest Hours,” a 2009 bestseller that was made into a
ly
Gore-ish tones of apocalypse. pushed back—arguing that Stanford’s decision, “no one etc. And no easy fix. movie of the same name a few years later.
Population growth, he said, population growth wasn’t the has ever raised significant ob- All sound points. If only Ms. Pelletier doesn’t depict scenes of exceptional valor;
was the gravest issue the cause of poverty—they were jections to the veracity of Mr. that were the message being nor does she write of people who became household names.
world faced “short of thermo-
nuclear war.” It might even be
more dangerous, because
attacked as yahoos. Herblock
published a cartoon of a well-
fed Ronald Reagan holding a
on
Mosher’s revelations on this
subject.”
Against this there were a
sent 50 years ago—when it
might have made a difference.
Write to mcgurn@wsj.com.
Her characters are ordinary people. Explaining her narra-
tive choices, she twice evokes Will Durant’s description of
civilization as a stream with banks: “The stream is some-
times filled with blood from people killing, stealing, shout-
ing and doing the things historians usually record,” while
us ,
The Frailty Behind Europe’s Triumphalism on the banks, unheralded, “people build homes, make love,
l
raise children, sing songs, write poetry.” There’s no love-

e
al a
making in “Northeaster,” but there is a smattering of

Davos, prominence. With all its flaws, policy battles over issues like If Germany relents and poetry, along with descriptions of homes and children and
Switzerland the World Economic Forum re- Germany’s reluctance to send sends tanks to Ukraine, Rus- men and women whose lives were altered—and in some
ci on
The tempera- mains an essential destination Leopard tanks to Ukraine. Eu- sian hopes for a successful of- cases ended—when the storm picked up power off North
ture was in for the global power elite. And rope’s weakness matters even fensive will take a hit. Yet even Carolina’s Outer Banks.
the single dig- when CEOs and world leaders more than its divisions. If then, without American money, Ms. Pelletier, a novelist and nonfiction writer from
its as your flock to Davos, journalists and Ukraine had depended on Eu- equipment and ammunition, northern Maine, has drawn on contemporaneous testimonies
Global View commentators can hardly stay rope alone for help, the Rus- Ukraine can’t continue the un- and the remembrances of adult children, friends and rela-
GLOBAL
er s
columnist away. sian flag would be flying over equal struggle indefinitely. tives to draw detailed portraits of 10 people who were
VIEW
struggled to While much of the real busi- the ruins of Kharkiv, Kyiv and In my last column, I noted caught in the storm. To add texture and drama to these
By Walter
m er
drag his suit- ness of Davos takes place Odessa. More than 30 years that European hopes for con- stories, she puts what must surely be speculative words
Russell Mead
case across among CEOs and investors in after the end of the Cold War, certed global action on climate (and foods) into the mouths of her subjects—to which we
the icy streets private meetings, the gather- change can’t succeed without might say, well, fair enough, since “Northeaster” is not a
of Davos to catch the 6 a.m. ing’s public agenda was domi- support from American Repub- work of academic exactitude but a kind of oral history.
shuttle bus to Zurich on Satur- nated by two topics: climate The Continent’s licans. Europe’s hopes for We meet Hazel Tardiff, a heavily pregnant housewife in
m rp
day. The first winter meeting change and the war in Ukraine. Ukraine likewise depend on the coastal shipbuilding town of Bath, who, as the weather
of the World Economic Forum The enthusiasm for Ukraine hopes in the Ukraine GOP votes in Congress. The be- shifts, places a dish of homemade pickle relish on the table
since 2020 had been a success. was vivid. Europeans wore yel- war rely on GOP lief that the EU can achieve its and tells her daughter to call her husband and son to
While few Chinese and no Rus- low and blue to show their sol- core objectives without engag- supper. We’re introduced to Sonny Pomelow, a 15-year-old
sians were present, India and idarity. President Volodymyr votes in Congress. ing seriously with American Boy Scout from a hardscrabble family in the inland town
co Fo
the Gulf states more than took Zelensky addressed the confer- conservatives is magical think- of Brownville, who catches a ride with an ill-fated vehicle.
up the slack, and participation ence by video while Ukraine’s ing. Mr. Putin’s invasion of We follow Paul Delaney, a 19-year-old Navy radio operator
from the private sector first lady visited in person. Europe can’t act in its own Ukraine should have alerted who borrows a car to take a girl to the movies in Bar
reached an all-time high. Both drew rapturous recep- backyard without depending Europeans to the danger of Harbor and winds up marooned for three days under
For Klaus Schwab, the 84- tions—though non-European, on the U.S. But Washington is erecting foreign policy on almost 12 feet of snow. We also get to know the doomed
year-old founder and chief im- non-American participants increasingly preoccupied by wishes and dreams. That men on the Sea Breeze and see the anguish of their families
presario of the World Eco- from places like India and the challenges in the Indo-Pacific. doesn’t seem to have happened. and friends after the Coast Guard hauls their corpses from
nomic Forum, the 53rd annual Gulf were less enthusiastic. With many European leaders Europe is walking on thin the frigid waters of Muscongus Bay.
meeting was a triumph. European enthusiasm for sheltering under the Ameri- ice. Russia, China and Iran
French President Emmanuel Ukraine is driven partly by re- can security umbrella even as challenge the existing world
Macron, pushing unpopular lief. The combination of a they double down on close order. Much of the Global Lives are altered, and in some cases ended,
reforms to his country’s re- warm winter and efforts by economic relations with South increasingly resents the when a storm hammers New England. One man
tirement system, prudently European governments foiled China, it isn’t clear how long status quo. And in the U.S., the
is marooned for three days under 12 feet of snow.
n-
gave Davos a miss. But Ursula Vladimir Putin’s plan to bring the U.S. will be willing or able political consensus behind two
von der Leyen, president of the Continent to its knees by to protect the EU from the generations of global American
the European Commission, an energy embargo. And de- consequences of its geopoliti- engagement is badly frayed.
and Roberta Metsola, presi- spite qualms in countries like cal incapacity. European diplomats pride Ms. Pelletier interleaves short chapters about her
no
dent of the European Parlia- Hungary, Greece and Slovakia, This isn’t an idle concern. themselves on bridge building principal characters with dashes of historical bricolage
ment, joined German Chancel- the European Union has been Mr. Putin hasn’t yet lost his and dialogue, though they and running accounts of what was unfolding elsewhere in
lor Olaf Scholz in delivering able to unite around economic war. Fears that Russian mobili- sometimes seem more willing Maine during the storm. In towns “famous for grievances,”
major addresses. A closing sanctions against Russia and zation could bring hundreds of to engage with Tehran and residents had complaints: “Why wasn’t the daily newspaper
panel on the global economic aid for Ukraine. Speaker after thousands of fresh if poorly Beijing than with Ohio and on the front steps? Why weren’t the streets cleared? One
outlook featured the president speaker returned to these trained troops into the con- Florida. Let’s hope that 2023 man, in the first evening of the storm, called his town office
of the International Monetary themes: Europe is strong, Eu- flict, along with a sober as- will begin an era of engage- to complain that he was not just starving, he was also out
Fund, the heads of the Euro- rope is united, Europe has be- sessment of the effectiveness ment, facilitated perhaps by of cigarettes.” Eventually the snowfall was so intense that
pean and Japanese central come a major geopolitical ac- of the Russian air campaign, the WEF, between European plows broke down and the highways had to be closed,
banks, and luminaries like tor like China and the U.S. are leading some in Kyiv and leaders and the increasingly sealing the Pine Tree State off from the rest of the country
Larry Summers. This latest bout of Euro elsewhere to warn of a mas- disgruntled American conser- and stranding thousands of people at the Howard Johnson’s
No other event brings to- triumphalism was unconvinc- sive Russian offensive in the vatives whose support they in Kennebunk, the only eatery on the Maine Turnpike.
gether this mix of power and ing, and not only because of spring. desperately need. There’s a problem, though, with the Durantist “river
bank” approach to a disaster story like the one that is
presented in “Northeaster.” It produces a mismatch for the
Crypto’s New Bankruptcy Racket reader. In life, each of us has an interior life that’s informed
by our tastes and experiences; each of us has peculiar attri-
butes that make us dear to the people who love us. But if
By Gregg Opelka exchange, which currently Commission were investigat- hands for pennies on the dollar we perish in a calamity, what’s interesting to strangers is
K
bears the placeholder name ing Three Arrows Capital for in the hope of brokering a prof- the manner of our deaths.
yle Davies and Su Zhu GTX, a mocking reference to misleading investors. Mr. Da- itable sale later. If Pat Buttram, So while Ms. Pelletier has taken great trouble to bring
are back. They’re the FTX, Sam Bankman-Fried’s no- vies said in an interview with the actor who played Mr. Haney, vibrancy to her subjects, her efforts do not always pay off.
co-founders of the col- torious failed exchange. They CNBC’s “Squawk Box” in No- were still alive, he’d made a For instance, she tells how Sonny Pomelow liked to hang
lapsed Singapore-based hedge intend to make it operational vember, “We’ve been cooperat- great GTX spokesman. out with his friends in the red Naugahyde booths at the
fund Three Arrows Capital, as soon as possible. ing the whole way.” There’s nothing illegal local Rexall drugstore, poring over hot-rod magazines and
which was ordered to liquidate When I first saw this on Despite that assertion, ac- about the new GTX exchange. fantasizing about driving to California. Unfortunately, this
last June after defaulting on a Twitter, I thought someone had cording to Cointelegraph, the Xclaim Inc. already runs such a kind of granular information can feel extraneous to the
$2.4 billion loan from Genesis to be trolling the crypto world. founders have been refusing marketplace for defrauded callous, thrill-seeking reader, for whom the teenager matters
Global Capital—and have they But as the Journal reported Jan. subpoena service by tradi- crypto investors embroiled in primarily because in the maelstrom of snow a plow train
got a deal for you. Mr. Haney, tional means and, in an un- U.S. bankruptcy claims. GTX hit the car he was riding in and killed him.
the oleaginous peddler from usual move, were subpoenaed would be a direct competitor. Still, it’s touching to see the faces of real people who
the 1960s sitcom “Green Do these failed on Jan. 5 via Twitter by the Still, it takes a special kind went through the ordeal, as we do in the family and
Acres,” would be proud to have hedge-fund founders court-appointed liquidators, of hubris for the founders of a archival pictures that Ms. Pelletier includes here. There’s a
dreamed up such an inge- Teneo, and ordered to provide hedge fund that lost billions to snapshot of a smiling James Haigh next to one of Harland
niously circuitous operation. have a deal for you! all documents pertaining to offer to help its former cus- Davis, neither man suspecting what cold and watery fate
Their latest venture was re- the company’s collapse. Good tomers (among others) recoup lay in store for him. There’s a tinted glamour-shot of the
vealed in a presentation leaked old Mr. Haney also had a knack fractions of the losses those old Howard Johnson’s, with its distinctive orange walls and
on Jan. 16. Messrs. Davies and 16, crypto truth is stranger— for making himself scarce same founders caused. Then white cupola, near a photo of a fellow trying to dig his car
Zhu are peddling a new ex- and more brazen—than fiction: when the questioning became again, a year after the spectac- out of the snow-locked Maine Turnpike. Best of all is an
change for trading stocks, The GTX exchange is indeed in a little too inconvenient. ular 1998 implosion of his first informal tableau in black-and-white that shows Hazel
crypto and—wait for it— the works. Mr. Bankman-Fried If upon reading this you feel hedge fund, John Meriwether Tardiff being taken off to the hospital on a toboggan pulled
claims on crypto companies is no doubt asking himself: Now like Oliver Douglas, the perpet- launched a second hedge fund by smiling neighbors. As funeral homes were getting busy
that went bankrupt. Just as why didn’t I think of that? ually befuddled lone voice of and, after that one shuttered, a across New England and Hazel’s fellow Mainers were
theirs did last summer. Joining A little more background on sanity in “Green Acres,” I don’t third in 2010. digging out from the brutal Northeaster, the Bath
them are Mark Lamb and Messrs. Zhu and Davies: In Oc- blame you. I’m equally per- As the saying goes, a pig al- housewife gave birth to a bonny, 91/2 -pound baby boy.
Sudhu Arumugam, co-founders tober 2022, Bloomberg re- plexed. The whole situation is ways finds the mud.
of the crypto exchange Coin- ported that the Securities and like an arsonist torching your Mrs. Gurdon, a Journal contributor, is the author of
FLEX. Their stated goal is to Exchange Commission and the house, then offering to take the Mr. Opelka is a musical-the- “The Enchanted Hour: The Miraculous Power of Reading
raise $25 million for the new Commodity Futures Trading incinerated remains off your ater composer-lyricist. Aloud in the Age of Distraction.”
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The West’s Drug Self-Sabotage SEC, FTX and the Future of Crypto Regulation
D
emocrats and even some Republicans in Germany, 59% in the U.K. and 52% in France Hal Scott and John Gulliver are when it comes to crypto regulation.
want to import Europe’s drug price con- and Italy. Bluebird bio in 2021 said it was un- correct to call out the SEC for failing But “late” doesn’t capture what
to police FTX before its implosion (“A transpired here. The problem is the
trols. So it’s worth observing how Eu- winding operations in Europe and withdrawing
Question for Congress: Why Didn’t Securities and Exchange Commis-
rope’s raid on drug makers to gene therapies for rare dis- the SEC Stop FTX?” op-ed, Jan. 19), sion’s one-dimensional approach of
bolster its ailing national A lesson from Europe eases, citing the challenges of but wrong to say that the SEC needed regulation by enforcement.
health systems is reducing on how price controls “achieving appropriate value to directly regulate cryptocurrency The SEC should certainly try to
pharmaceutical investment recognition and market ac- exchanges to do so. eliminate bad actors, but that
and access to treatments. reduce access to cures. cess.” The SEC could have acted on pub- shouldn’t come at the expense of ef-
The latest alarm came last Generic drug firms also say lic warnings against FTX in the same forts to develop appropriate regula-
week when AbbVie and Eli Lilly Europe’s price controls, oner- way it deals with all companies that tion. We are suing the SEC on these
said they’re pulling out of a “voluntary” agree- ous regulation and rising energy costs are con- allegedly deceive investors. It doesn’t very grounds. In June 2022, the SEC
ment with the U.K. government aimed at reduc- tributing to shortages of medicines and driving need authority over cryptocurrency arbitrarily denied Grayscale’s applica-
ing drug spending. An AbbVie executive said the more production to China and India. Germany as “securities” to make a finding that tion to convert our flagship bitcoin
a crypto company is defrauding its fund into a spot-based bitcoin ETF. In
government’s policies are harming “our ability in December eased price controls on pediatric
shareholders. The SEC could have rejecting the application, the SEC
to operate sustainably in the UK.” drugs in short supply because manufacturers opened an investigation of FTX for flouted the precedent set by its ap-
The British National Health Service (NHS) im- were prioritizing countries with higher reim- fraud against its shareholders. It then proval of multiple ETFs that hold bit-
poses price controls on drugs that reduce their bursements. could have referred its customer- coin futures.
cost on average by 60% versus America. U.K. law According to a European Public Health Alli- fraud findings to government entities The SEC’s inaction has prevented
also requires drug makers to pay a 24.4% rebate ance survey in 2019, nearly half of patients re- that have jurisdiction over general bitcoin’s advancement into the U.S.
on revenue from branded drugs. This levy on top ported that they or a family member couldn’t get fraud, like the Justice Department. regulatory perimeter, often forcing
of the NHS price controls discourages drug mak- a drug they needed. In France, 2,446 drug short- After FTX’s implosion, this is close U.S investors offshore with less pro-
ers from selling treatments in the U.K. ages were reported in 2020, up from 868 in 2018 to what happened. The SEC’s civil tection and oversight. We are seeing
The government and companies struck a deal and 44 in 2008. Two in three French oncologists lawsuit against Sam Bankman-Fried the consequences of the SEC’s priori-
in 2019 aimed at increasing access to innovative say shortages of anti-cancer medicines can re- is purely about shareholder fraud, ties play out in real time—at the ex-
while the Justice Department indict- pense of U.S. investors.
treatments, but this has turned out to be even duce survival odds. ment made general-fraud charges MICHAEL SONNENSHEIN
more punitive. The agreement capped the gov- But European governments refuse to pay that include fraud against FTX cus- CEO, Grayscale Investments
ernment’s annual drug spending growth at 2%. more to ensure their citizens have access to tomers. This coordination of agencies New York
Drug makers must pay the government rebate treatments. Bureaucrats in Brussels are there- acting within their respective spheres
equal to their revenue above the cap. fore now considering legislation that would re- is the best way for government to Instead of putting the focus on
Government spending on drugs has nonethe- duce intellectual property protection for drugs stop fraud without harming legiti- people like Mr. Bankman-Fried, the
less continued to rise at a faster rate owing to that don’t launch in nearly all European Union mate entrepreneurs and raising costs SEC under Chairman Gary Gensler de-
Covid and delayed care for diseases such as can- markets. Such a deal: Accept price controls, or for investors and consumers. cided that there were more pressing
cer. As a result, companies this year must pay Europe will hand IP to the Chinese. Dealing with JOHN BERLAU issues, such as ESG, corporate board
the government 26.5% of their brand drug reve- the Italian mob is easier. Competitive Enterprise Institute diversity, climate-change disclosure
Washington and reduction of “tick sizes” in stock
nue (about $4 billion), up from 15% last year and i i i
trades.
5% in 2021. In short, drug companies are dunned The U.S. has drawn more pharmaceutical in- Messrs. Scott and Gulliver argue RONALD VARLEY
more because more Brits are sick. vestment amid Europe’s war on drug makers,
.
that “the SEC is late to the game” Denison, Texas
Eli Lilly and AbbVie last week withdrew from but this may not continue as progressives pound
ly
the 2019 agreement, and Bristol Myers Squibb has the industry. Democrats last year limited the
warned that the U.K. levies might cause it to di- price growth for drugs in Medicare to the rate
vert investment. An executive at Germany’s Bayer of inflation and required the feds to dictate
on
last week said it is reducing its U.K. footprint and lower prices for dozens of drugs to finance cli-
California Dreaming and the Price of Water
“deprioritising Europe to some degree.” mate spending. Regarding your editorial “Water Is Californians who like water, electric-
i i i Democrats also want the Health and Human a Terrible Thing to Waste” (Jan. 18): ity, affordable gas, a reduced threat
Governments across the continent are mak- Services Department to abrogate patents for California’s progressives talk a good of wildfires, imprisonment of danger-
game when it comes to responsible ous criminals, no income taxes and
us ,
ing it difficult for drug makers to earn a return higher-cost drugs such as prostate cancer treat-
stewardship of the environment, but personal freedom are welcome to
l
on investment. Germany last fall increased man- ment Xtandi that benefitted in part from govern- their actual game plan for victory keep flooding into Florida. Just leave
e
datory drug discounts to 12% from 7% and ex- ment research. This would discourage coopera-
al a
over climate change is woefully short your politics behind.

tended a 2010 price freeze through 2026 that tion between private industry and government, on practical steps to keep humans out GENE BRADY
was supposed to expire in 2022. which helped produce life-saving Covid vaccines of harm’s way on the journey to a Jacksonville, Fla.
ci on
Hard to believe, the U.K. and Germany are and therapies. pristine planet.
also still trying to attract pharmaceutical invest- Pfizer CEO Albert Bourla warned last week In their haste to restore natural Your editorial is half-right that Cali-
ment. But as Bayer’s pharmaceutical head Stefan that attacks on drug makers would leave the West habitats for nonhuman animals and fornia wastes water due to inadequate
Oelrich recently explained, “European govern- more vulnerable to the next pandemic. “What was plants, they block investments in pub- storage. The other half of the story is
ments are trying to create incentives for re- the big lesson from Covid? It was that thank god lic works that could ease human pain that water is underpriced. Basic eco-
er s
search investments, but they are making our there was a thriving life-sciences industry that and suffering caused by droughts and nomics tells us that an underpriced
floods. Their laissez-faire forest-man- commodity will be used excessively
lives miserable on the commercial side.” While was predominantly fueled privately, but also sup-
m er
agement policies expose California to and result in “shortages.” The price of

Europe boasts a handful of pharmaceutical pow- plemented by academia,” he said. wildfire risks, while undermining water needs to be higher. While more
erhouses, venture capital is flowing into biotech The novel mRNA vaccines didn’t turn out to electric-grid reliability. Their incen- storage capacity is needed, the re-
startups in the U.S. and China. protect as well against Covid infection as hoped, tives for electric vehicles and ven- quired amount would be much less if
The result for Europe will be less investment but they did save lives and helped the world re- detta against fossil fuels mean that water were priced at-market. The
m rp
and access to life-saving treatments. About 85% turn to normal. It makes no sense for govern- the power grid will be under greater shortages would disappear.
of new medicines launched between 2012 and ments to try to kill companies that came to their stress in coming years. ROBERT O’DONNELL
2021 were available in the U.S., compared to 61% rescue. There is an escape hatch, however. Atherton, Calif.
Eric Adams Fails a Charter-School Test U.S. Tanks Should Go to Taiwan Over Ukraine
co Fo
M
In urging Washington to send case study in the failure of deter-
ayor Eric Adams had a big test this standards. Success points out one added irony Ukraine M1 Abrams tanks (“Tanks for rence, and Taiwan is much more im-
week of his commitment to excellent for those who say co-location hurts existing Ukraine Are a No-Brainer,” Politics & portant to our security and prosper-
public schools for New York City school public schools: “with few exceptions, scores in Ideas, Jan. 18), William Galston ity. Any tanks we can spare should go
children. He flunked. math and [English Language writes that “it is hard to see a more to Taipei.
On Tuesday and Wednes- A vote on three new sites Arts] at the Queens and Bronx important and urgent use for them.” Though some Republicans leery of
day the city’s Panel for Educa- district schools co-located He forgets Taiwan. It is under the Ukraine aid are isolationist, far from
tional Policy was scheduled to
for charters has been with SA increased, in some constant threat of a Chinese invasion all are. Much of the GOP worries that
vote on proposals to co-locate canceled. cases significantly.” and needs advanced weapons to deter the U.S. isn’t doing enough to take on
three new Success Academy Not that this stopped the Beijing. That is why the Trump ad- China. This means shifting the bulk of
ministration agreed to sell Taiwan our attention and resources to the
charter schools—two in union. It claimed a lack of
n-
108 Abrams tanks, but most won’t ar- Indo-Pacific, where the geopolitical
Queens and one in the Bronx—in unused space space, but the city’s “blue book” shows there are rive until 2024 and 2025. Ukraine is a center of gravity and most U.S. inter-
in existing public schools. Since the mayor ap- 700 empty seats in each location. Unions also ests are. In turn, our European allies
points 13 of the panel’s 23 voting members, Mr. say parents don’t want charters, but last year in should do much more in their own
Adams should have been able to get the “yea” Queens, Success had 3,047 applications for 487 Moving to Ohio? Plumbing
no
neighborhood to support Ukraine and

votes for a majority. But on Monday schools open seats in four elementary schools. What the confront Russia. This isn’t so much
chancellor David Banks cited feedback from unions and their allies really resent is that Suc-
Isn’t the Same in the Cold “shortsighted” as pragmatic.
“community members” that co-location would cess Academy proves children of all races and Haley Holik and Michael Greibrok Mr. Galston is right that Ukraine
create “significant challenges.” He means the family incomes can achieve if they are held to make one good point in “Moving to needs tanks to repel Russia. He’s
teachers union objected. high standards with proper discipline. Ohio Doesn’t Make You a Bad wrong that America should be the
Plumber” (Cross Country, Jan. 14): one to provide them.
There is no good argument for depriving At least rhetorically, Mr. Adams has made a
269 days to obtain a plumber’s license DANIEL J. SAMET
families of this choice. The new schools would sharp break from his predecessor’s war on is unreasonable. But the authors’ en- University of Texas at Austin
have had majority black and Latino student achievement and harassment of charter thusiasm to argue against state li-
bodies, and Success Academy has a record of schools. But when it counted for these three censing overwhelms good logic.
helping children achieve by insisting on high charters, he folded. Plumbers in tropical climates gen- Maryland After Gov. Hogan
erally ignore freezing hazards. Plumb-
I am afraid I don’t share the enthu-
ers from Florida, for example, may be
NATO’s Willing Members vs. Germany unfamiliar with the steps required to
prevent pipe freezing in Ohio’s
siasm former Gov. Larry Hogan has
for the future of Maryland (“Mary-
G
land’s Bipartisan Success Story,” op-
erman Chancellor Olaf Scholz declared some of its stock of German-made Leopard 2s ground, exterior walls, crawl spaces
ed, Jan. 18). Our state will now have
last year his commitment to bolstering with or without Berlin’s permission. This or attics. Plumbing in tropical cli-
Democrats in all top executive offices
mates typically enters the structure
the North Atlantic Treaty Organization would constitute a breach of Warsaw’s com- and veto-proof majorities in both
above the soil line; in Ohio, it must
in the wake of Russia’s inva- mitment to abide by German be below the soil line to prevent
houses. There are few checks and
sion of Ukraine. Mr. Scholz Olaf Scholz’s dithering export restrictions, and freezing. Preventing water and insect
there is no balance. How long will it
last week demonstrated that would deepen a split with take for businesses and wealthy resi-
he’s now one of the main im-
on Ukraine prompts Berlin that has developed
ingress at points of entry requires
dents to leave the state due to higher
knowledge. The citizens of Ohio have
pediments to NATO unity as new coalitions to form. owing to Mr. Scholz’s dither- taxes and worse services?
an interest in ensuring their plumb-
COLLEEN LIGIBEL
his vacillations over military ing on Ukraine aid. But in the ers and other tradesmen know how
Annapolis, Md.
aid to Ukraine force Ger- context of NATO members’ to practice safely in Ohio.
many’s allies to create their own coalitions of efforts to support Ukraine, Germany is the DAVID KASHDAN
the willing. outlier here, not Poland. Kingsport, Tenn.
The main event was Friday’s summit at Ram- More specifically, Mr. Scholz is the outlier. Pepper ...
stein Air Base in Germany, which failed to dis- Many other leading German politicians, some
Jenkins Makes Readers Work And Salt
lodge Mr. Scholz’s opposition to new tank deliv- from within Mr. Scholz’s Social Democratic THE WALL STREET JOURNAL
eries to Ukraine. Mr. Scholz’s refusal to provide party (SPD), support sending Leopards and Admire Holman Jenkins I do
Leopard 2 tanks or to allow anyone else to send other military aid directly to Ukraine. Foreign (“‘Hipster’ Antitrust Goes Beltway,”
them has exasperated Washington, as we noted Minister Annalena Baerbock of the Green Party Business World, Jan. 18), but back-
ward run many a sentence Mr. Jen-
over the weekend, and is damaging Germany’s on Sunday said Poland could soon secure Ger-
kins penned. Editors are there not?
reputation. man permission to send its tanks. Nit-picky not wish to be I, yet labored
It has also prompted other NATO members But a final decision, on approving Polish tank is sometimes my reading.
to form their own coalitions of the willing. The shipments or anything else, rests with Mr. G.D. GEARINO
United Kingdom, Estonia and seven other Eu- Scholz. His party, with a pro-Russia wing that Raleigh, N.C.
ropean countries last week issued the Tallinn persists even after Russia’s depredations, re-
Pledge deepening their support for Ukraine. mains divided on aid for Ukraine and Mr. Scholz
Letters intended for publication should
Their offer extends from maintenance for mil- is governing as if he thinks this is his biggest be emailed to wsj.ltrs@wsj.com. Please
itary equipment (Czech Republic) to anti-air- problem. But while he leads Germany from be- include your city, state and telephone
craft guns (Lithuania) to Challenger 2 tanks hind, Germany risks getting left behind by number. All letters are subject to “A journey of a thousand miles
(the U.K.). NATO allies who know Ukraine can’t wait for- editing, and unpublished letters cannot begins with wondering
be acknowledged.
Poland, meanwhile, says it might send ever for Berlin to get its act together. if you forgot something . . .”
THE WALL STREET JOURNAL. * * Tuesday, January 24, 2023 | A15
OPINION
Congress Once Constrained Government Debt

By John F. Cogan Part B with Ways and powerful spending incen-
T
Means). tives created by the cur-
he U.S. Treasury began In this system, no com- rent system.
taking steps last week to mittee is accountable for Many other ideas have
avoid default on the na- total spending. Each com- been floated by individual
tion’s $31.4 trillion na- mittee has a reason to ex- lawmakers. In June 1979,
tional debt. The govern- pand its programs and re- Sen. Joe Biden urged that
ment has been here before, and it sist attempts to restrain almost all spending be
will keep arriving here until Con- them, but none have an subject to annual approval
gress finds a way to control its vora- incentive to keep overall by the Appropriations
cious appetite for spending. The po- spending down. Committee. Mr. Biden said
litical will to cut spending is hard to It’s analogous to the in a floor speech that his
muster. Congressional history shows classic tragedy of the bill would make “new and
that the budget process itself creates commons. Imagine a situ- existing entitlements sub-
incentives for excessive spending ation in which many fish- ject to the appropriation
and budget deficits. ermen have access to a of funds, thus effectively
Entitlement programs have ac- commonly owned body of ending their entitlement
counted for all the growth in federal water. Each fisherman has status,” with exceptions
GETTY IMAGES
spending relative to gross domestic an incentive to catch as only for then-existing So-
product in the past 60 years, causing many fish as possible, and cial Security and Medicare
the persistent budget deficits during no fisherman has a reason benefits.
that period. Entitlement expendi- to restrain his catch. The In the current arrange-
tures are determined differently area is eventually depleted House Speaker Samuel Jackson Randall (1876-81) and Appropriations Committee Chairman James ment, the House and Sen-
from so-called discretionary proof fish. But there’s one no- Garfield (1871-75). ate Budget Committees
table difference: Unlike may appear to provide ac-
the fisherman, once Congress has of the country bankrupt.” appropriations in 1920. Two years countability, but they have no inde-
In 1920, lawmakers curbed exhausted its supply of tax revenue, The House dismissed these warn- later, the Senate changed its rules to pendent authority to change entitle-
it can borrow from the future. ings and dispersed appropriations match. ments. Similarly, the omnibus
spending by putting a Earlier Congresses saw the con- jurisdiction to eight committees. The That restored budget accountabil- appropriations laws of recent years
single committee in charge sequences of dispersed spending Senate later followed suit. The new ity and eliminated the pre-existing may give the appearance that the
authority and used expert commit- incentives caused expenditures to system’s incentives for higher congressional leadership is in
of the overall budget. tees with specialized knowledge grow rapidly. From the 1890s to spending. From 1921 to 1930, when charge. But these bloated bills fund
(called authorizing committees) to World War I, budget deficits were the Great Depression hit, federal only discretionary spending and rep-
create programs and their rules of more frequent and larger than ever spending was restrained and the an- resent a failure of the appropriations
grams. Spending on the latter pro- operation. For most of the 19th cen- before in U.S. peacetime history. nual budget was balanced. process.
grams is set by fixed appropriations tury, a single committee in each After World War I, Congress rec- Starting in the 1930s, however, In 1917, President Woodrow Wil-
of money. Entitlement expenditures chamber determined the total an- ognized the source of its budget Congress began creating entitlement son advised Congress that “it will be
aren’t fixed in advance but deter- nual budget. The use of a single problem and solved it. A House se- programs for people other than impossible to deal in any but a very
mined by the program’s level of ben- committee provided accountability lect committee, established to create those who had performed some gov- wasteful and extravagant fashion
efits, its eligibility rules and eco- and made possible the necessary a new process in which the presi- ernment service related to defense. with the enormous appropriation of
nomic factors. funding trade-offs among programs. dent would submit his own compre- (The only previous entitlements public moneys . . . unless the House
Jurisdiction for entitlement leg- Except during wars and recessions, hensive budget request to Congress, were pensions for servicemen.) The will consent to return to its former
.
islation is dispersed among more annual budgets were balanced with recommended that the chamber con- consequence is the return of dis- practice of initiating and preparing
than a dozen committees in each a suitable allowance. solidate all appropriation authority persed committee jurisdiction in all appropriations bills through a
ly
congressional chamber. In the But in the late 1870s to the into a single committee. The remark- which entitlements now account for single committee.” The same is true
House, the Agriculture Committee mid-1880s, the House began dis- able resolution stripped seven House two-thirds of federal program more than a century later. Consoli-
has jurisdiction over farm-support persing spending authority. Former committees of their spending au- spending. dating appropriations will be diffi-
payments and food stamps, the Edu-
cation and Workforce Committee
over student loans and grants, the
Ways and Means Committee over
on
Speaker Samuel Randall delivered thority. Citing past support from Since the 1970s, Congress has cult for Congress, but no more diffi-
a prophetic warning in 1885: “If some of its most respected former made several failed attempts to cult than it was in 1920. Lawmakers
you undertake to divide all these members, including Appropriations change the budget process, most no- should again “submerge personal
appropriations and have many Committee Chairman James Garfield tably the 1974 Budget and Impound- ambition for the public good.”
Social Security, Medicare hospital committees where there ought to (1871-75) and Speaker Joseph Can- ment Control Act and discretionary
us ,
insurance and welfare programs, the be but one, you will enter upon a non (1903-11), the select committee appropriations caps and pay-go rules Mr. Cogan is author of “The High
l
Energy and Commerce Committee path of extravagance that you can- urged members to “submerge per- under the 1990 Budget Enforcement Cost of Good Intentions” and a se-
e
al a
over Medicaid (sharing responsibil- not foresee the length of or the sonal ambition for the public good.” Act and subsequent laws. None of nior fellow at Stanford University’s
ity for ObamaCare and Medicare depth of, until we find the treasury The House did so and consolidated these reforms have overcome the Hoover Institution.
ci on
The Davos Crowd Sees a New Dawn, but It May Be a False One
his all-seeing global wisdom was of hope over experience. and pushing up costs. economic liberalism may not last
er s
“extraterrestrial,” and the usual pro- Inflation may be down, but with Then there’s Ukraine, where de- longer than his own term—which
cession of tech, financial and other real wages flagging and labor mar- spite the West’s optimism, the like- ends this year.
FREE
m er
CEOs wagging their expensively kets still tight, getting the inflation liest outcome still seems a pro- The deeper reality is the continu-
EXPRESSION manicured fingers at the rest of us rate from the current 6.5% year over longed and volatile stalemate. ing reversal of the globalization the
By Gerard Baker and our sinful ways. year to the Federal Reserve’s 2% The Germans’ last great tank bat- Davos crowd helped create and
T
The curious story of how the target looks as daunting as ever. tle was at Kursk, near the Russia- whose excesses they promoted.
rying to forecast the state of world’s business leadership became The odds are still high that some Ukraine border, in 1943. They lost to The nearest thing to a genuine
m rp
the world each year by gaug- married to progressive ideology is time this year the Fed is going to the Red Army. The current German rift last week was over U.S. trade
ing the mood of participants one for another time. The challenge tank battle is mercifully only diplo- policy. Sen. Joe Manchin found that
at the annual meeting of the World for now is to assess whether 2023 is matic, but Berlin has learned its his- he is about as unpopular in Western
Economic Forum in Davos is as a year when the mood is predictive Populists have lost some tory. Its reluctance to send Ukraine Europe as he is in West Virginia. He
valuable an exercise as flipping a or a contraindication. If I were a their Leopard 2 tank stems from spent the week defending last
elections, but free trade
co Fo
coin. betting man, my money would be on fears of the image of armored vehi- year’s so-called Inflation Reduction
That long-held suspicion was the latter. and the global order are cles bearing the iron cross of Ger- Act, which has enraged Europeans
confirmed by an analysis in the Fi- Almost everyone agreed that many rolling across the Ukrainian for favoring American-made green
nancial Times last week. Scouring across a broad range of risks, still under attack all over. steppe toward Russia. This isn’t energy.
data from a half-century of Davos things were looking up this year mere historical German self-loath- The Biden Democrats seem to be
conferences, it found that the con- compared with a few months ago: ing. It underscores the continuing continuing the policies they derided
sensus of the elites who gather There was rising optimism about a have to choose between settling in ambivalence about the North Atlan- under Donald Trump in other ways
there every January is almost ex- soft landing for the economy, or at for a long Volcker-like squeeze or tic Treaty Organization’s support for as well, including the Chips Act and
actly as likely to be wrong as right. least that any recession would be accepting an inflation rate higher Ukraine. The alliance wants to help restrictive measures against tech-
This will come as no surprise to short and shallow; expectation that than it wants in the face of mount- Kyiv expel the Russians but it wants nology trade with China.
Davos skeptics. It is explained in China’s economy will re-emerge ing layoffs and broadening pain. to do so without getting into a war Whatever happens in 2023, the
part by the increasingly monolithic with benign force, helping bolster This Stagflation Revisited pic- with Moscow. The Germans may be longer-term story is this: the U.S. is
ideology of the talks—a range of growth and reduce inflation; a ture is made only more vivid by the right that pouring more NATO mate- pursuing a bipartisan America-first
n-
views equivalent to the range be- growing belief in the possibility of great China reopening everyone is riel into the fight isn’t the best way approach to global economics; in
tween the 45-yard lines on a foot- a Ukrainian military victory over celebrating. The optimism focuses to avoid escalation. Europe, a new Iron Curtain has de-
ball field. This year there was less Russia; self-satisfaction that the on the idea that an open China will The largest flaw in the thinking scended a few hundred miles east of
dissent than ever from the plutoc- scary tide of populism is terminally further ease supply-chain pressures of the Davos globalists is that the the old one; in Asia, a demographi-
no
racy’s orthodoxies, and the loudest receding, with Donald Trump down and cool inflation while adding to world belongs to them again. cally challenged China looks inward
voices were those of the self-ador- and Brexit discredited. growth. But there’s an alternative Much was made of the spectacle and threatens outward.
ing establishment left. There’s room for skepticism on view—that China’s reopening will of Liu He, the Chinese vice premier, They still don’t see it, but for the
These included a ludicrously per- every point. be like America’s after the pan- promising a new era of cooperation globalists, it’s the glimmer of twi-
formative rant on climate change by The soft-landing story looks like demic, with pent-up consumer de- with the West. But the olive branch light: “Never glad confident morn-
Al Gore, a claim by John Kerry that a continuing example of the triumph mand flooding still-tight supply was familiar, and Mr. Liu’s own ing again!”
The Numbers Show That MIT Has a Free-Speech Problem

By Daryl Morey on climate change in October 2021 MIT faculty said they were more helped me develop skills that have propose policy changes.
T
and the institution of a March 2022 likely to self-censor as of summer been critical to success in my ca- The statement calls on MIT to
wenty-one years as an execu- policy that students may not ask 2022 than they had been before reer and life. Among other things, I embrace its tradition of “provoca-
tive in the National Basket- others to wear masks. 2020. Among students, 41% aren’t learned to question long-held as- tive thinking, controversial views,
ball Association has taught The data point to a growing prob- confident in the administration’s sumptions, to use data to address and nonconformity.” While commu-
me to start with the data when con- lem: According to the Foundation ability to protect controversial problems with novel solutions, and nity has the right to expect “a colle-
fronted with a problem. Now, I am for Individual Rights and Expression, speech. Those are disheartening sta- to speak the truth—even if it some- gial and respectful learning and
asking my alma mater to do the MIT ranks an abysmal 181st out of tistics for one of the world’s best re- times gives offense. Given the re- working environment,” the institu-
same on the important issue of free 203 universities when it comes to search institutions. ported state of speech at MIT to- tion “cannot prohibit speech that
expression. students’ belief that the administra- If MIT faculty, who are at the some experience as offensive or in-
The Massachusetts Institute of tion will protect their speech rights. cutting edge of science and technol- jurious.” The statement affirms that
Technology has suffered several em- FIRE reports that the mistrust ex- ogy, can’t count on their employer At this world-leading debate and “deliberation of contro-
barrassing incidents regarding free tends to MIT faculty: 38% say they to defend open inquiry, it might versial ideas are hallmarks of the
speech in recent years. These in- don’t believe the administration prevent them from taking innova- research institution, 40% Institute’s educational and research
clude the cancellation of Prof. would defend a speaker’s rights dur- tive risks. This, in turn, would sty- of faculty say they self- missions and are essential to the
Dorian Abbot’s John Carlson Lecture ing a controversy. Forty percent of mie technological progress and the pursuit of truth, knowledge, equity,
education of the next generation of censor more than in 2020. and justice.”
innovators. A resounding public endorsement
To use an analogy from my proof the statement from Ms. Korn-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY fession, MIT’s refusal to protect the day, I question whether students bluth would make it clear to cur-
Rupert Murdoch Robert Thomson free speech of faculty and students are experiencing the discomfort rent and future faculty and students
Executive Chairman, News Corp Chief Executive Officer, News Corp is like asking players to shoot long and risk necessary to navigate the that speech will be protected by the
Matt Murray Almar Latour 2-point shots despite the benefit of real world or developing the cour- university.
Editor in Chief Chief Executive Officer and Publisher
taking riskier but more valuable 3- age to speak their minds when it To maintain its status as one of
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: point shots. Protecting free speech matters. the finest research and educa-
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; inherently involves risk. If faculty To ensure continued innovation tional institutions in the world,
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho, and students are free to speak their and global leadership, MIT Presi- MIT must make a strong public
Thorold Barker, Europe; Elena Cherney, News; Barron’s Editor in Chief; Jason P. Conti, General
minds at MIT, there will be times dent Sally Kornbluth should en- commitment to free expression.
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print &
when people are offended. But by dorse the MIT Statement on Free- This will ensure the institution’s
Chief People Officer; Frank Filippo, EVP, Business
Writing; Michael W. Miller, Features & Weekend; Information & Services, Operations;
coupling free speech with a culture dom of Expression and Academic continued dedication to the pur-
Emma Moody, Standards; Shazna Nessa, Visuals; Elizabeth O’Melia, Chief Financial Officer; that encourages perseverance, empa- Freedom. The statement, released suit of knowledge, innovation and
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer, thy and a willingness to discuss con- in June and adopted by the faculty science.
Investigations; Amanda Wills, Video
WSJ | Barron’s Group; Jennifer Thurman, Chief troversial ideas, those apparent of- on Dec. 21, is the culmination of
Paul A. Gigot Communications Officer; Sherry Weiss, Chief fenses can become valuable lessons. MIT’s Ad Hoc Working Group on Mr. Morey is president of basket-
Editor of the Editorial Page Marketing Officer I was a student at the MIT Sloan Free Expression. The group was ball operations for the Philadelphia
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
School of Management from 1998 to commissioned in January 2022 by 76ers and a co-founder of the an-
1211 Avenue of the Americas, New York, N.Y., 10036 2000. A culture of open inquiry ex- then President Leo Rafael Reif to nual MIT Sloan Sports Analytics
Telephone 1-800-DOWJONES isted during my time there. It review free-speech policies and Conference.
WORLD NEWS
Brazil, Argentina Discuss Currency Burkina

Faso Tells
Leaders revive idea common currency between
of a common currency
aimed at reducing
Brazil and Argentina—it’s like
opening a joint bank account
with that unemployed dead-
French
reliance on U.S. dollar
beat friend who owes everyone
money,” Fábio Ostermann, a
state deputy for the business-
Troops
BY SAMANTHA PEARSON
AND RYAN DUBE
friendly New Party, said on
Twitter. “It makes NO sense.”
A spokesman for Argentina’s
To Leave
SÃO PAULO—Brazil and Ar- Economy Ministry didn’t re- French troops who have
gentina started preliminary spond to a request to comment. been fighting Islamist mili-
talks to create a common cur- Brazil’s Finance Ministry sent tants in Burkina Faso will have
rency, as their leftist leaders Mr. da Silva’s statement and de- to leave the West African na-
GUSTAVO GARELLO/ASSOCIATED PRESS

revive a proposal that econo- clined to comment further. tion, the country’s communi-
mists and central bankers have Mr. da Silva will attend a cations minister said Monday,
long criticized. summit of Latin American and dealing another blow to Eu-
Brazil’s President Luiz Iná- Caribbean countries in Buenos rope’s presence in a region
cio Lula da Silva wants to Aires on Tuesday. He is look- where Russia’s influence is
boost trade with Argentina, ing to use his return to power growing.
his country’s third-largest to forge ties with neighboring
trading partner, while improv- countries, most of which now By Benoit Faucon,
ing economic cooperation, he are governed by fellow leftists. Gabriele Steinhauser
said in a joint op-ed with his Mr. Fernández, who polls and Laurence Norman
Argentine counterpart. Brazilian President Luiz Inácio Lula da Silva, left, and Argentina’s President Alberto Fernández show to be one of the most
“We decided to advance signed agreements in Buenos Aires on Monday. Economic cooperation is a priority for both leaders. unpopular leaders in Latin The decision by the govern-
discussions on a common America, is under pressure to ment in Ouagadougou to aban-
South American currency that each country’s currencies, im- “If it were up to me, we start to his economic policy just offer quick fixes for Argen- don its military alliance with
can be used for both financial plying that any new currency would always trade in the cur- three weeks into his presidency. tina’s economy before he runs its former colonial power
and commercial flows, reduc- would operate in parallel to the rency of the other country so Mr. da Silva has promised to for re-election in October. In- comes five months after
ing operational costs and our Brazilian real and Argentine we wouldn’t have to depend increase spending and handouts flation hit 95% in 2022—the France completed its with-
external vulnerability,” Mr. da peso. “We intend to overcome on the dollar,” Mr. da Silva to poor Brazilians, while ending highest in three decades. drawal from neighboring Mali,
Silva and Argentine Presi- the barriers to our exchanges, said Monday. Mr. Fernández’s the privatization of state firms. “It is about creating expec- which in 2021 hired the Rus-
dent Alberto Fernández wrote simplify and modernize the office didn’t respond to re- Argentina’s central bank tations,” Sergio Berensztein, a sian paramilitary Wagner
in the op-ed, which appeared rules and encourage the use of quests for further comment. prints money to fund the coun- political analyst in Buenos Ai- Group to support its war
in Argentina’s Perfil newspa- local currencies,” they wrote. Mr. da Silva’s openness to try’s public spending, increas- res, said of the announcement. against jihadists affiliated with
per Saturday, ahead of the Mr. da Silva said their objec- coordinating currencies ing in recent years as officials “There is not much that the al Qaeda and Islamic State.
Brazilian leader’s arrival in tive was to reduce the region’s sparked criticism from business have been unable to tap global Fernández administration can Speaking on Burkina Faso’s
Buenos Aires on Sunday. reliance on the U.S. dollar, leaders and opposition politi- markets amid frequent defaults. show to the electorate, and state broadcaster RTB, Com-
The leaders emphasized the which is commonly used in bi- cians in Brazil who said they “It’s unbelievable that Lula this is a way to create some munication Minister Rimtalba
importance of maintaining lateral trade in Latin America. saw the move as an ominous is even considering creating a expectations for the future.” Ouedraogo said the country’s
armed forces would lead the
.
fight against extremists them-
Yellen Presses China on Zambia Debt Relief

selves and made no mention
ly
of Russian support.
“It’s the Burkinabe them-
selves who will make the sac-
BY ANDREW DUEHREN
AND GABRIELE STEINHAUSER
into developing countries over
the past decade.
During a visit to the capital
on plans to restructure his coun-
try’s foreign-currency debt, he
said he wasn’t planning to use
rifice to liberate our territory,”
Mr. Ouedraogo said. France
has about 400 troops sta-
SALIM DAWOOD/AGENCE FRANCE-PRESSE/GETTY IMAGES
LUSAKA, Zambia—Treasury Lusaka, Ms. Yellen said the U.S. the structures of the Common tioned in Burkina Faso.
Secretary Janet Yellen called is concerned that Zambia is Framework to deal with credi- But the government of Cap-
us ,
on China to forgive debts still waiting for its creditors to tors, citing the long delays tain Ibrahim Traoré, who came
l
owed by Zambia, whose two- agree on terms of its debt re- faced by Zambia. More re- to power in a September coup,
e
al a
year struggle to restructure a structuring, but that recent cently, however, the Ghanaian has been pursuing closer ties
$17.49 billion pile of foreign- talks with her Chinese coun- officials said they would give with Russia. In December,
currency loans and bonds has terparts gave her hope that a the process a chance, provided Burkina Faso’s prime minister,
ci on
become a cautionary tale for solution could be found soon. it can produce speedier results. Apollinaire Kyélem de Tam-
other developing countries. “It’s taken far too long al- In an interview, Ms. Yellen bèla, traveled to Moscow on
Zambia defaulted on its dol- ready to resolve this matter,” said the U.S., which was a sig- what he said was a private
lar-denominated bonds and Ms. Yellen said during a visit nificant driver behind the G-20 visit to discuss how the two
loans from Chinese banks in No- to the Zambia National Public debt initiative, was seeking to countries could cooperate.
er s
vember 2020, just hours after fi- Health Institute and ahead of show other poor countries that “We want Russia to be an
nance ministers from the Group meetings with President the Common Framework pro- ally in the fight against terror-
m er
of 20 major economies said they Hakainde Hichilema and other President Hakainde Hichilema, right, welcomed U.S. Treasury cess could function. “We’re ism, like all our partners,” Mr.
had come up with a new process officials in the southern Afri- Secretary Janet Yellen to Zambia on Monday in the capital Lusaka. very focused on trying to get Kyélem de Tambèla said in an
for restructuring the debts of can copper producer. “I am en- this Common Framework interview with Russian broad-
the world’s poorest countries. couraged that progress may debt is owed to Chinese lenders. dollar, rising borrowing costs agreement to work,” she said. caster RT. “We know that Rus-
Under that process, dubbed become possible shortly.” Ahead of his meeting with because of the Federal Re- Before traveling to Lusaka, sia is a great power and if
m rp
the Common Framework for The U.S. and China have re- Ms. Yellen on Monday, Zambia’s serve’s interest-rate increases Ms. Yellen raised Zambia’s Russia wants, it can really help
Debt Treatments, China, which cently taken steps to try to re- finance minister, Situmbeko and high inflation driven in debt restructuring with Liu us in this area.”
is by far the biggest government new their engagement and co- Musokotwane, said weaknesses part by Russia’s war in He, the economic adviser of Later that month, Ghanaian
lender to the developing world, operation on the world stage in the Common Framework Ukraine, other governments Chinese President Xi Jinping. President Nana Akufo-Addo
for the first time agreed to join after their relationship reached debt-restructuring process left are looking at Zambia as a test Ms. Yellen said she left the told U.S. Secretary of State
co Fo
debt-relief talks with more es- its lowest point in years. his country stuck and unable to for how they can ease the bur- meeting in Zurich encouraged Antony Blinken on the side-
tablished creditor nations such Zambia, like other poor coun- develop its economy. den of some of these debts. about progress in the talks. lines of the U.S.-Africa summit
as the U.S. and European gov- tries, borrowed heavily from “I can only on behalf of Kristalina Georgieva, the man- Mr. Liu told the World Eco- that Ouagadougou had hired
ernments. The framework also Beijing and Western fund man- Zambia request that the global aging director of the Interna- nomic Forum in Davos, Swit- Wagner mercenaries and of-
calls on indebted governments agers that snapped up its dollar- leaders of the world, including tional Monetary Fund, was also zerland, last week that China fered the exploration of a mine
to seek comparable relief from denominated bonds to build in- yourself, who designed this in Lusaka on Monday to urge agreed to “work with all par- as payment. Burkina Faso’s
their private creditors, including frastructure and finance other process…do everything possible faster progress on debt relief. ties to promote the resolution government denied such a
Western banks and bondholders government projects. About to move us forward,” he said. When Ghana’s finance min- of the debt problems of some deal was made.
that also have poured billions one-third of Zambia’s foreign Now, faced with a strong ister last month announced developing countries.” In response to a question
on his Telegram channel in
WORLD WATCH
December, Yevgeny Prigozhin,
Wagner’s owner and a close
ally of Russian President
n-
Vladimir Putin, at the time

PAKISTAN didn’t directly comment on
the alleged deal with Burkina
Energy-Saving Move Faso, but denied that the com-
no
Causes Blackout pany would get a mining con-

cession in exchange for any
Most of Pakistan was left military assistance.
without power Monday as an Both the U.S. and the Euro-
energy-saving measure by the pean Union have placed sanc-
government backfired. The out- tions on Wagner for its activi-
age spread panic and raised ties in Africa.
questions about the cash- A spokeswoman for the
strapped government’s handling French foreign ministry said
of the country’s economic crisis. Monday that Paris was still
It started when electricity was waiting for clarifications from
turned off during low usage Mr. Traoré.
hours overnight to conserve fuel “France is readjusting, in
across the country, officials said, consultation with its partners,
leaving technicians unable to boot its presence in the Sahel re-
up the system all at once after gion to continue to stand by
daybreak. Many major cities, in- the countries engaged in the
cluding the capital of Islamabad, fight against terrorism,” she
and remote towns and villages said.
across Pakistan were without The escalating violence in-
electricity for more than 12 hours. flicted by Islamist militants in
Authorities deployed additional the Sahel region and other
police at markets around the parts of West and Central Af-
AKHTAR SOOMRO/REUTERS
country to provide security. rica has provided an opening

Officials announced late Mon- for Russia to project its power
day that power was restored in and erode European influence
many cities, 15 hours after the on the continent. Wagner
outage was reported. forces also have deployed in
Earlier, the nationwide elec- the Central African Republic,
tricity breakdown left many in another former French colony,
this country of some 220 million A man sits outside his shop in Karachi, Pakistan, during a countrywide blackout on Monday, which left many of the nation’s where, like in Mali, they have
people without drinking water 220 million people without electricity. Power was restored later in the day in many cities, 15 hours after the outage was reported. been accused of committing
as pumps powered by electricity atrocities against civilians.
failed to work. Schools, hospi- headed by charges d’affaires as chargé d’affaires that heads the KUWAIT The government, which is ap- Western officials say Wag-
tals, factories and shops were relations between the countries European Union country’s mis- pointed by the ruling family, has ner’s presence in the region
without power amid the harsh sank to a new low over Ukraine. sion in Moscow. Government Resigns been in a prolonged power strug- has fanned violence and would
winter weather. In a show of solidarity with The ministry said that the Amid Assembly Clash gle with the elected assembly. further worsen the security
—Associated Press its Baltic neighbor, Latvia an- move was made in retaliation They had recently clashed over situation.
nounced that it would also for Estonia’s “new unfriendly Kuwait’s government resigned the assembly’s advancement of Last week, Islamist mili-
EUROPE downgrade diplomatic relations step to radically reduce the size amid a power struggle with the populist measures that the gov- tants in Burkina Faso kid-
with Moscow as of Feb. 24. of the Russian Embassy in Tal- Arab Gulf country’s assembly ernment deems too costly, as napped and later released
Russia and Estonia The Russian Foreign Ministry linn.” less than four months after par- well as requests to grill two min- more than 60 women, girls
Expel Ambassadors summoned Estonian Ambassador In response, Estonian Foreign liamentary elections delivered a isters over alleged economic mis- and several babies who were
Margus Laidre and ordered him Minister Urmas Reinsalu said mandate for change. management, local media re- foraging for food after jihad-
Russia and Estonia on Mon- to leave the country by Feb. 7. that the Russian ambassador The state-run KUNA news ported. The ruling Al Sabah family ists blocked access for human-
day were expelling the ambassa- The statement issued by the will leave on Feb. 7 too, in accor- agency confirmed the resigna- appoints the prime minister and itarian aid. In June 2021, mili-
dors from each other’s countries ministry said that Estonia’s dip- dance with “the principle of par- tion on Monday. It’s the fifth cabinet, and can dissolve the as- tants massacred more than
in a tit-for-tat move, saying that lomatic representation from now ity.” time a Kuwaiti government has sembly at any time. 130 civilians in the country’s
their diplomatic missions will be on will be downgraded to a —Associated Press resigned in just over two years. —Associated Press northeast in a single day.
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Stocks Rise With Earnings on Way Starboard

Backing
Information-tech points, or 1.2%, to 4019.81. The ing, The Wall Street Journal CFRA Research. forming sector in the index.
shares are S&P 500’s

top performer, led by
Dow Jones Industrial Average
gained 254.07 points, or 0.8%,
to 33629.56. The Nasdaq Com-
reported Sunday. Officials are
set to consider a smaller, quar-
ter-percentage-point lift at its
Areas of the market hardest
hit in last year’s selloff have
led the rally in the new year as
Chip stocks moved higher. Ad-
vanced Micro Devices added
$6.46, or 9.2%, to $76.53 and
Persuades
Nvidia and AMD
posite rose 223.98 points, or
2%, to 11364.41.
The stock market has re-
policy meeting next week,
while deliberating what eco-
nomic signals they would need
the prospect of slowing rates
has given investors confidence
to pick up shares of companies
Nvidia rose $13.54, or 7.6% to
$191.93.
“Today is a continuation of
Investor on
BY JOE WALLACE
AND HANNAH MIAO
bounded to start 2023 as in-
vestors predict moderating in-
flation will encourage the Fed
to see before pausing rate rises
this spring.
“Investors are under the im-
promising growth in the fu-
ture. Technology stocks have
climbed, with the Nasdaq Com-
what we’ve seen on a year-to-
day basis, which is people real-
locating to the losers from last
IAA Deal
Stocks rose Monday as in- to ease its interest-rate lifts pression that the Fed will likely posite up more than 8% in year,” said Michael Green, BY LAUREN THOMAS
vestors bet the Federal Reserve and potentially cut rates later raise rates by a lesser amount 2023. portfolio manager and chief
will dial back its interest-rate this year. at the upcoming meeting. Growth-oriented assets con- strategist at Simplify Asset Canada’s Ritchie Bros.
increases and braced for a busy The central bank is prepar- That’s an encouragement to in- tinued to shine on Monday. The Management. Auctioneers Inc. agreed to
week of earnings reports. ing to slow its rate increases vestors,” said Sam Stovall, S&P 500’s information-technol- Salesforce gained $4.62, or amend the terms of its pro-
The S&P 500 added 47.20 for a second consecutive meet- chief investment strategist at ogy segment was the best-per- Please turn to page B11 posed acquisition of U.S.
auto retailer IAA Inc. with
the backing of activist inves-
Music Service Spotify Pares Workforce 6%

tor Starboard Value LP, a
move that won over a major
investor that had challenged
the deal.
BY ALYSSA LUKPAT Under the terms of the
amended agreement, IAA
Spotify Technology SA is stockholders would receive
laying off about 600 employ- $12.80 in cash, up from $10,
ees, or roughly 6%, of its and 0.5252 Ritchie Bros.
workforce as part of cost-cut- share for each IAA share, the
ting measures after the companies announced Mon-
streaming company went on a day.
.
spending spree during the That implies a combined
pandemic. value to IAA stockholders of
ly
The move is among a wave $44.40 based on Ritchie
of technology layoffs, as the Bros.’ closing price of $60.17
industry recalibrates after on Friday. Previously, the
growing rapidly over the past
few years and ahead of a po-
tential recession.
on stock component was 0.5804.
Starboard plans to make a
$500 million investment in
J’RG CARSTENSEN/DPA/ZUMA PRESS
“Over the last few months Ritchie Bros. and the heavy-
we’ve made a considerable ef- equipment and truck auc-
us ,
fort to rein in costs, but it tioneer agreed to add the in-

l
simply hasn’t been enough,” vestment firm’s chief

e
al a
Spotify Chief Executive Daniel executive, Jeffrey Smith, to

Ek said in a letter to employ- its board.
ees on Monday. “So while it is The investment and Mr.
ci on
clear this path is the right one Smith’s appointment are con-
for Spotify, it doesn’t make it tingent on Ritchie Bros. re-
any easier.” Spotify, with almost 10,000 full-time employees, is one of the most popular music-streaming services in the world. ceiving investor approval for
A Spotify spokeswoman the IAA deal, which had re-
said about 600 of the com- Spotify’s employee count Share and index performance over the past year Quarterly net profit/loss ceived pushback from share-
er s
pany’s 9,808 full-time employ- holders on both sides.

10,000 10% €100 million
ees are being laid off. Ancora Holdings Group,
m er
They work across the com- which owns about 4% of IAA,

pany and not in any one par- 0 said Monday that it has
ticular department. 8,000 0 agreed to vote its shares in
S&P 500
Mr. Ek had said last year –10 favor of the transaction.
that the Stockholm-based com- As part of an agreement
m rp
pany would slow hiring but 6,000 –100 struck between IAA and An-
–20
didn’t plan to lay off anyone. cora, Tim O’Day, president
On Monday, he said, “In and CEO of Canada’s Boyd
–30
hindsight, I was too ambitious 4,000 –200 Group Services Inc., is ex-
in investing ahead of our reve- pected to be appointed to
–40
co Fo
nue growth,” adding, “I take Ritchie Bros.’ board upon

full accountability for the 2,000 –300 closing of the IAA deal, one
moves that got us here today.” –50
Spotify of four IAA director desig-
Technology companies are nees.
grappling with economic turbu- 0 –60 –400 IAA shares climbed $2.40,
lence after increasing their or 5.9%, to $43.05, while
2016 ’18 ’20 ’22 Feb. 2022 2023 2020 ’21 ’22
head counts over the past few Ritchie Bros.’ U.S.-traded
Please turn to page B4 Note: €1 = $ 1.09 Sources: the company (employees); FactSet (performance); S&P Capital IQ (net profit/loss) Please turn to page B2
New Chips INSIDE Musk Says Tesla Buyout Plan Was Real
Muscle In
n-
BY REBECCA ELLIOTT An attorney for the group of
On Intel Turf Elon Musk said he had fund-

investors bringing the suit
against Mr. Musk, Tesla and
no
ing to take Tesla Inc. private the company’s board at the

BY ASA FITCH when he floated the idea in time said Mr. Musk lied in say-
2018, saying that financing ing he had secured funding to
A new generation of chips from Saudi Arabia’s sovereign- take Tesla private. Those lies
using Arm Ltd. technology is wealth fund and his own stake caused investors who relied on
heaping pressure on Intel BUSINESS NEWS in rocket-company SpaceX that and other untrue state-
Corp. as the British chip-de- Regional parcel would have provided sufficient ments to lose money, the at-
VICKI BEHRINGER/REUTERS
sign specialist prepares for capital. torney, Nicholas Porritt, said.

what could be one of the
carriers look to grow at “With the SpaceX stock In questioning Mr. Musk on
year’s highest-profile public the expense of UPS alone, I felt funding was se- Monday, Mr. Porritt raised
listings. and FedEx. B3 cured,” Mr. Musk said Monday questions about the firmness
Arm-based chips have been in his second day on the stand of the financing, pointing to
winning market share in PCs in a case brought by investors minutes from an Aug. 3, 2018,
and have become a more for- who say they lost money be- Tesla board meeting that
midable rival in the increas- cause of his tweets proposing Elon Musk being questioned Monday by lawyer Nicholas Porritt. stated, “A detailed proposal re-
ingly important data-center to take the car company pri- garding a going private trans-
market where Intel has long vate. less, Mr. Musk said he walked than four years ago floating action had not yet been made.”
been the undisputed leader. Mr. Musk met with repre- away from the meeting think- the possibility of taking the He also sought to sow doubt
Amazon.com Inc. has em- sentatives of Saudi Arabia’s ing it was a “done deal.” company private and the effect about Mr. Musk’s testimony
braced the technology for its sovereign-wealth fund, the “The thing that was really, they had on individual inves- that he was contemplating re-
self-made server chips, and Public Investment Fund, in late absolutely unequivocal was tors’ decision-making. “Am lying on SpaceX shares to take
Microsoft Corp. and Google HEARD ON July 2018, a week before float- that they were absolutely sup- considering taking Tesla pri- Tesla private, a move that pre-
are working on processors us- THE STREET ing the possibility of taking portive of taking Tesla private at $420. Funding se- sumably would have increased
ing building blocks licensed Tesla private. A specific price vate,” he said. cured,” Mr. Musk, then serving his stake in the electric-car
from Arm, according to people
A court order means for taking Tesla private wasn’t The class-action case being as both Tesla’s chairman and Please turn to page B2
familiar with their efforts. big changes for Google discussed at that meeting, nor tried in federal court in San CEO, tweeted on Aug. 7, 2018.
The Cambridge, England, in India’s market. B12 was there a signed document, Francisco centers on the Tesla He later added, “Investor sup-  Tesla remains a Wall Street
Please turn to page B6 Mr. Musk testified. Neverthe- chief executive’s tweets more port is confirmed.” favorite.......................................... B2
MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com (877) 632-2589
B2 | Tuesday, January 24, 2023 * *** 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
Advanced Micro Devices
.....................................B1
F
FedEx...........................B3
Ford Motor..................B2
PNC Financial Services
.....................................A1
R
Tesla Is Still Loved by Wall Street
Airbnb........................B12 Fortune Brands...........B6 Ritchie Bros.
Alphabet.........A7,B4,B12 Freyr Battery..............A4 BY AKANE OTANI Analyst recommendations for Tesla shares $400 proves to be more persistent
Auctioneers...............B1
Amazon.com..........B1,B4 G Rivian Automotive ..... B3 than expected and the Fed
100%
Ancora.........................B1 General Motors...........B2 S Wall Street analysts are lov- keeps monetary policy tight
Apple .............. A1,B6,B12 Genesis Global Capital ing Tesla Inc. longer.
Salesforce..............B1,B4 Sell or underweight
Arm..............................B1 ...................................B11 The electric-car maker has Many economists also be-
SAP..............................B4 80
B Goldman Sachs...........A1 ServiceNow.................B4 had a tough year, between pro- lieve the U.S. is likely to enter a
Bank of America.........A1 H Signature Bank...........A2 300
duction delays in China, back- recession sometime this year.
Boeing ....................... B11 Hanwha.......................A4 Silvergate Capital.......A2
Booking ..................... B12 Siris Capital .............. B11
lash over Chief Executive Elon 60 Rising interest rates, combined
Humana.....................B12
Bridgewater Associates Hyundai Motor............B2 SoftBank.....................B6 Musk’s acquisition of Twitter with an economic downturn,
...................................B11 I Spotify.................B1,B11 Inc. and his unloading of tens of Hold will likely damp consumer
C Stanley Black & Decker billions of dollars of his own 40 spending, Mizuho Securities
IAA .............................. B1 .....................................B6
Capital One Financial Intel.............................B1 Tesla shares. Investors have 200 USA LLC analysts said in a Jan-
Starboard Value .... B1,B4
.....................................A1 International Business
T
soured on the stock, which had uary note. (The team kept its
Chevron ..................... B11 Machines.................B11 its worst year in 2022. 20 “buy” rating on the stock any-
Citadel.......................B11 J Tesla..........A7,B1,B2,B11
CNH Industrial............B6 T-Mobile......................B4 None of that has deterred way, citing its belief that Tesla
JPMorgan Chase.........A1 Travelport Worldwide analysts who follow the com- will continue to be a global
Comcast.....................B11 Buy or overweight
L ...................................B11 pany. In fact, 64% of analysts 0 Quarterly leader in the electric-car indus-
D Truist Financial...........A1
100
Luxor Capital...............B2 covering Tesla have “buy” or 2011 ’13 ’15 ’17 ’19 ’21 ’23 try over the long term.)
Deere...........................B6 U
Digital Currency........B11
M “overweight” ratings on its Tesla also faces the risk that
Discover Financial Mastercard..................A7 U.S. Bancorp...............A1 stock, according to FactSet. controversy over Mr. Musk’s
Services .................... A7 Microsoft UnitedHealth.............B12 Tesla’s share price
........... A1,B1,B4,B11,B12 United Parcel Service That is the highest share since handling of Twitter continues
E .....................................B3 the end of 2014, according to to be a major overhang for its
N Weekly 0
Early Warning Services V the data provider. stock, said Oppenheimer & Co.
.....................................A1 Netflix.........................B6
Nvidia..........................B1 Visa............................. A7 The analysts have a median 2011 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 analysts in a December note.
Elevance Health .. B3,B12
Elliott Management O-P W target price of $194 for Tesla. Source: FactSet The analysts, who lowered
............................. B4,B11 Oracle .......................... B4 Wells Fargo.................A1 Tesla shares closed at $143.75 their rating for Tesla to “per-
Expedia......................B12 PayPal ......................... A1 Workday......................B4 Monday, 26% below that level. company accounted for 65% of spondents said they were more form” from “outperform,” cited
Investors and analysts will electric cars sold in the U.S. last likely to purchase a Tesla Model backlash from advertisers and
get a closer look at how Tesla year, according to Motor Intelli- Y because of lower prices. users on Twitter following Mr.
INDEX TO PEOPLE did in the final three months of
the year on Wednesday when
gence. “Despite lowering esti-
mates and reported production
Still, even those who believe
in Tesla’s dominance in the
Musk’s takeover of the social-
media platform. The company’s
the company reports its fourth- cuts, we continue to believe electric-car industry caution technological prowess may be
A Gelsinger, Pat ............. B6 O quarter results. [Tesla] is the best positioned that its stock isn’t in the clear. “outweighed by negative public-
Allan Jr., Donald.........B6 Green, Michael............B1 O'Day, Tim .................. B1 What is making analysts so EV maker in both the near and As with many other growth ity leading to additional volatil-
Altman, Sam...............A7 Griffin, Ken ............... B11 Ostroff, Dawn.............B4
H optimistic about Tesla’s pros- long term,” Ben Kallo, senior re- stocks, Tesla soared during the ity,” the analysts warned.
Andrea, Andreas.........B3 P pects? search analyst at Baird, said in pandemic, only to tumble last The cautionary notes have
B Hallinan, Patrick.........B6 Payton, Theresa..........B4
Haas, Rene..................B6 The short answer is that a December note on the com- year after the Federal Reserve done little to dull enthusiasm
Barry, David................B6 R
Benioff, Marc..............B4 Hayes, Tom.................B6 many believe Tesla, for all its pany. raised interest rates. In the past among longtime Tesla inves-
Hoffman, Reid ............ A7 Rubio, Jen...................B6
Bezdek, Jeremy..........A4 controversy, remains the most Other analysts believe the few weeks, though, investors tors.
Blaber, Geoff.............B12 I S
dominant player in the electric- stock has fallen too much, given have grown more hopeful that “We are as bullish about
Boudreaux, Gail .......... B3 Ives, Daniel.................B2 Scaringe, RJ................B3
Butterfield, Stewart...B4 Silbert, Barry............B11 car industry. its potential for further growth. the Fed will pivot from raising Tesla as we have ever been,”
Iyer, Krish....................B3
C Smith, Jeffrey.............B1 Sales of electric cars in the Tesla is “way oversold,” rates to cutting them by the ARK Investment Management
J
.
Spelman, Lisa ............. B6 U.S. jumped last year, even as Wedbush Securities analysts second half of the year. That founder Cathie Wood said
Chadwick, James........B2 Jackson, Kendra..........B3 Stovall, Sam................B1
total U.S. auto sales fell 8%, ac- Daniel Ives and John Katsingris has fueled a comeback among Thursday on a webinar. Tesla is
ly
Chen, Jim....................B3 K
Cohn, Jesse.................B4
T cording to market-research firm wrote in a January note. many growth stocks—Tesla in- the third-biggest holding in Ms.
Curry, Sam .................. B4 Kallo, Ben....................B2 Taylor, Bret ................. B4
Katsingris, John..........B2 Taylor, Joshua.............B3
Motor Intelligence. Although Tesla’s recent price cuts may cluded. Shares, while still down Wood’s flagship ARK Innovation
D Kett, John ................... B2 legacy car companies such as help boost demand for its vehi- substantially from their 2021 Fund, which is invested in com-
V-W
Defend, Monica...........A2
Difucci, John...............B4
DiSanto, Fred..............B2
Dunham, Carla............B6
E-G
M-N
Michele, Bob...............A2
Millham, Brian............B4
Morris, Daniel...........B11
Weiss, Melissa............B6
on
Verrone, Chris.............A2
Walburger, Corbin.......B6
Wine, Scott.................B6
Ford Motor Co., General Mo-
tors Co. and Hyundai Motor
Co. have rolled out more of
their own electric models in re-
cles in key markets such as
China, Mr. Ives said in a sepa-
rate note. The analyst, who con-
ducted a survey of 500 electric-
high, are up 8.3% this year,
compared with the S&P 500’s
3.5% gain.
Skeptical investors have
panies that she believes are at
the forefront of “disruptive in-
novation” in their industries.
She added that she believes
Moskowitz, Scott.......A4 Winklevoss, Cameron
cent years, they have continued car buyers in China, said he warned that the market is at Tesla shares could rise fivefold
us ,
Ek, Daniel....................B1 Musk, Elon.......A7,B1,B2 ...................................B11

Fandozzi, Ann ............. B2 Nadella, Satya............A7 Wood, Cathie .............. B2 to trail behind Tesla. Mr. Musk’s found that nearly 70% of re- risk of a reversal if inflation over the next five years.
l
e
al a
ADVERTISEMENT
Musk Says
ci on
The Marketplace
Buyout To advertise: 800-366-3975 or WSJ.com/classifieds
Plan Real NOTICE OF SALE

er s
m er
Continued from page B1

maker. Mr. Porritt referenced
an Aug. 7, 2018, email in which
Mr. Musk told Tesla employees Mr. Claudio Sforza, in his capacity of Attorney of the segregated perimeter (patrimonio destinato) set up pursuant
m rp
to articles 2447bis et seq. of Italian Civil code by virtue of Astaris S.p.A. (formerly Astaldi S.p.A.) Board of Directors’
that he didn’t expect his stake resolution dated 2020, May 24th by deed of notary in Rome, Salvatore Mariconda, registered in the Commercial
Register on 2020, May 27th, and in his capacity of Sole Representative of Gestione Concessioni S.p.A., having the
in Tesla to change substan- necessary powers
tially after the completion of a INFORMS
BRANDON BELL/GETTY IMAGES
That he intends to proceed to the sale of entire interest of the segregated perimeter of Astaris S.p.A. and Gestione
deal. Concessioni S.p.A. in Ankara Etlik Hastane Saglik Hizmetleri Isletme Yatirim A.S. Ankara Etlik Hospital Management
Mr. Musk said he sold Tesla and Investmen Inc. (“Etlik”) concessionaire of the Ankara Etlik Integrated Health Campus in Ankara (Turkey).
Those wishing to acquire more information about the project and the access to this procedure for the selection of a
co Fo
stock to buy Twitter Inc., the potential buyer are invited to make a request to the following email address no later than the peremptory deadline
of 6:00 p.m. (CET time) on January 31 st , 2023; upon receipt of such request the project teaser will be sent to the
social-media company he re- applicant, along with the confidentiality agreement and the appropriate format to be used for any expression of
cently acquired, illustrating his interest. Upon receipt of the teaser, the confidentiality agreement and the expression of interest, duly signed, no
later than the peremptory deadline of 6:00 p.m. (CET time) on February 8 th , 2023, an information memorandum
willingness to sell shares in will be provided. Anyone who intends to access the virtual data room and initiate due diligence is invited to submit
a non-binding offer no later than the peremptory deadline of 6:00 p.m. (CET time) on March 9 th , 2023. Bidders who
one company to finance an- will be selected to participate in this further phase will be provided with an appropriate process letter. The end of this
procedure by receipt of a binding offer is expected approximately at the end of April 2023.
other transaction. Each of the aforementioned documents should be sent by the relevant deadlines to the following email address:
Tesla’s stock closed up 11% Mr. Musk testified that he had backing from Saudi Arabia to take Tesla private in 2018. etlikproject@astaldi.com.
Mr. Claudio Sforza
the day Mr. Musk tweeted
about potentially taking Tesla money in the wake of Mr. Mr. Fries said he under- EV space is one of interest,” the
private, then gave back those Musk’s tweets, including the stood when he bought Tesla PIF representative said on Aug.
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
gains and fell further as ques- lead plaintiff, investor Glen Lit- stock that a deal hadn’t been 10, 2018. The PIF representative
tions emerged about the deal, tleton, who is seeking damages completed. But he added, “I added two days later, “Let’s see
which never came to pass. for those losses. Mr. Littleton had felt that the funding had the numbers and get our peo-
PUBLIC AUCTION
n-
Alex Spiro, an attorney rep- testified that after seeing Mr. already been vetted, because ple to meet and discuss.”
resenting Mr. Musk and Tesla, Musk’s tweets, he moved the tweet said, ‘funding se- Mr. Musk, on the stand
HOT AIR Notice of Public UCC Article 9 Sale
[Note: add comma] said last quickly to liquidate certain po- cured.’” Monday, characterized a mes- BALLOON CO.
week that Mr. Musk’s “funding sitions, adding, “This repre- Mr. Spiro has said his team sage sent by a PIF executive as OPERATIONAL PET PRODUCT AND
IN NAPA VALLEY SPECIALIZED SERVICES COMPANY
no
secured” tweet was an inartful sented a threat to my liveli- had chosen not to enforce sub- “ass covering” by someone (25) Locations and E-Commerce Site
shorthand for what was going hood.” poenas calling on representa- worried about future litigation Facilities throughout California
on at the time. Timothy Fries, a member of tives of Saudi Arabia’s PIF to and said the person was back- INCLUDES PRIME Assets Comprising an Operational Business to be Offered
as a Single Lot, Including: All Company inventories,
Mr. Musk, in court Friday, the class who testified Friday, testify. pedaling on earlier commit- REAL ESTATE machinery, furniture, fixtures, equipment, contract
pointed to the limitations of said he lost $5,000 after buy- After Mr. Musk tweeted that ments. rights, general intangibles, and intellectual property,
Completely Turnkey including trademarks, domain names, websites.
Twitter, which imposes a char- ing 50 shares of Tesla stock he had funding secured to take
Huge Upside Wednesday, February 1st
acter limitation on tweets. “I following Mr. Musk’s tweets. Tesla private, a top representa-
Watch a Video Scalable For More Information: info@360assetadvisors.com
think you can absolutely be Those shares cost $370 apiece, tive for the fund texted the or call 888.345.SOLD, ext. 117
truthful. But can you be com- an investment report showed. Tesla CEO, court records show. Scan this code
707-294-2944 360assetadvisors.com • criticalpointpartners.com
prehensive? Of course not,” He sold those shares at a loss “PIF remains interested in for a video on
Mr. Musk told jurors. in early September 2018, he potential investment opportu- what was
Jurors last week also heard said, after it had become clear nities that are consistent with behind Tesla’s OIL & GAS Investment
from two investors who lost Tesla wouldn’t go private. its investment strategy and the stock slide.
TAX FAVORED / $50,000 min.
Preferred Return + Royalties
Starboard cently that it filed a prelimi-

nary proxy statement with
the Securities and Exchange
increased earnings power.”
Starboard’s Mr. Smith said
Sunday that he was sur-
She said that combining
the companies and their
real-estate portfolios should
Closing Soon. Accredited Only
Call Frank 713-503-4225
Backs Commission in connection

with its opposition to the
proposed deal.
prised that the market ini-
tially soured on the deal.
He said, however, that
yield revenue growth and
opportunities for savings.
Ritchie Bros. expects
Notice oF sale
Wellstat therapeutics
sm f n

CAREERS
IAA Deal Among its concerns, Luxor provided a chance for him to roughly $350 million to $900 y f W
t
n
d ng w FDa
said the transaction would get involved and sweeten the million in incremental ad- vd md
n w b d
require Ritchie Bros. to shift pot for everyone involved. justed earnings before inter- g q f d b dd n
Mn., Jny 30, 2023 2 pM (et) M & A BUSINESS BROKERS
its attention away from core “There are a lot of rea- est, taxes, depreciation and 200 pk avn, 47 f, Sell & Show Businesses
Continued from page B1 initiatives. sons why these two compa- amortization annually from Nw Yk, NY 10166-0193.
shares rose $1.32, or 2.2%, to Meanwhile, Ancora said in nies should be together, and combining with IAA, which it Sale is due to defaults on certain notes. Oppty To Make 6 Figures
$61.49. a letter to the company’s we’re very excited about the hasn’t previously disclosed. t q fy b dd
As Independent Contractor
v
nfn

n

Ritchie Bros. CEO Ann board in November that al- The company continues mf
@ wdn .
m Work From Home / Outside Sales
Fandozzi said Sunday that though it believed Ritchie to expect $100 million to 310.295.2130 bf Jny 27.
the amended merger agree- Bros. was a logical buyer, the $120 million in annual cost Leads Furnished Training Since
ment should be seen as a firm held concerns including
‘There are a lot of synergies, according to Ms. 1985 Send Letter & Resume to:
“better answer” for both sets about the purchase price. reasons why these Fandozzi. brokers@gottesman-company.com
of shareholders based on all Ancora built a position in Additionally, Ritchie Bros.’
of the feedback she has re- IAA in 2021 and called on
two companies board plans to approve a 25 y/o Tx CNC Manufacturing Co. Visit: gottesman-company.com
ceived. the board to either fire CEO should be together.’ special dividend payout to US Canada Europe Asia S America
In November, Ritchie Bros.
said it had agreed to acquire
John Kett or sell the com-
pany.
its shareholders of $1.08 a
share, contingent on the
$13.5MM Oppty, 61% CTV.
IAA, a marketplace for car Fred DiSanto, Ancora close of the IAA transaction.
parts and damaged vehicles, chairman and CEO, along plan to improve revenue This wasn’t part of the pre- Marc 858-243-4800 RESIDENTIAL REAL ESTATE
in a cash-and-stock deal val- with James Chadwick, presi- growth and the opportunity vious deal structure.
ued at about $7.3 billion in- dent of Ancora Alternatives, to have margin expansion,” Starboard’s investment in
cluding debt.
The announcement was
said Monday that the revised
deal “positions IAA share-
Mr. Smith said.
According to Ms. Fan-
Ritchie Bros. would take the
form of $485 million in con-
$600K Mortgage FOR SALE BY OWNER
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THE WALL STREET JOURNAL. * * * * Tuesday, January 24, 2023 | B3
BUSINESS NEWS
Elevance Smaller Rivals Nip at UPS, FedEx

To Acquire Regional companies
Louisiana seek to capitalize on
merchants’ reluctance
Blue Cross to rely on one carrier
BY ANNA WILDE MATHEWS BY ESTHER FUNG
Elevance Health Inc. said it Smaller parcel carriers

agreed to acquire the nonprofit made big gains during the
health insurer Blue Cross and pandemic handling packages
Blue Shield of Louisiana, ex- that the larger players
panding its Blue business into a couldn’t deliver. Some want to
new state. get bigger.
Elevance, the parent of a Regional shipping compa-
major health insurer that offers nies across the U.S. are ex-
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS

other health services as well, panding their operations to
didn’t disclose terms of the pick up business from bigger
deal in its Monday announce- rivals, seeking to capitalize on
ment. labor uncertainty at United
The combination may be Parcel Service Inc., higher
complicated by the Louisiana rates charged by UPS and
insurer’s status as a nonprofit FedEx Corp. and growing re-
mutual. The Louisiana company luctance among merchants to
has about 1.9 million members, rely on a single carrier.
which it says is approximately a The push comes as the e-
third of the state’s population. commerce boom that fueled
The companies said they ex- carriers’ growth has faded and
pected the deal to close this inflation-weary shoppers be-
year. gin to pull back on purchases. LaserShip/OnTrac, the largest regional carrier, is expanding into Texas this year. A LaserShip deliveryman in New York City.
Analysts from S&P Global Some small carriers say that
Ratings said the Louisiana in- despite the slowdown, they nuity if there are interrup- cel market, according to data some retailers have set up dis- FedEx said it has competi-
surer had revenue of approxi- see an opportunity to build on tions, and FedEx is trying to from ShipMatrix Inc., a parcel tribution centers in multiple tive advantages over other
mately $4.5 billion and net in- the gains they made during get these customers to commit analytics firm. Now it is cities to shorten the distances carriers including strong on-
come of about $101 million in the height of the Covid-19 to longer contracts, said peo- around 8% to 9%, according to parcels have to travel, said time performance rates and
2021, figures a Blue Cross and pandemic. ple familiar with the matter. ShipMatrix, as carriers say Joshua Taylor, senior director services such as Picture Proof
Blue Shield of Louisiana LaserShip/OnTrac, the larg- “It is normal and expected they picked up substantial vol- of professional services at of Delivery and in some areas,
spokeswoman confirmed in an est regional carrier, is expand- that our competitors make ex- umes from shippers who told Shipware, a parcel consultant. seven-day operations.
email. ing its delivery network into aggerated claims to try to them UPS and FedEx had in- As a result, these shippers UPS has said it is focused
In a March report, the rat- Texas this year. Lone Star scare our customers, espe- sufficient capacity during the now have access to more local less on volume and more on
ings firm gave the nonprofit an Overnight, a carrier based in cially during our contract ne- pandemic. Each percentage carriers too. delivering parcels that gener-
.
“A” rating and estimated that Plano, Texas, with a network gotiations,” said Glenn Zac- “You will always need ate more profit.
the 2022 revenue figure would in Texas, Arkansas, Oklahoma, cara, a spokesman for UPS. He someone like FedEx and UPS, Some companies could still
ly
be approximately $4.5 billion to
$4.7 billion. The Louisiana in-
Kansas and Missouri, plans to
open a major sorting facility
added that UPS is working to
reach an agreement on a new
‘The new normal is no one can ship in the United
States without having a rela-
be resistant to using multiple
carriers. One reason is it can
surer had a dominant position in Chicago next year. LSO is labor contract. to use a multi- tionship with one of them, but be complicated for a business
in the state’s commercial mar-
ket and has been adding to its
government business, partly
through a partnership with Ele-
also working with local deliv-
ery companies in cities such as
Minneapolis, Milwaukee and
Atlanta this year, following re-
on In the past, retailers typi-
cally gave all their packages to
one carrier to maximize vol-
ume and reap bigger dis-
carrier strategy’ for
packages, locations.
the question is how much do
you depend on them? And how
much ability do you have mov-
ing volume around?” said An-
to keep track of which pack-
ages go with which carrier,
said Mr. Taylor, the consul-
tant.
vance, the report said. quests by its customers to ex- counts. dreas Andrea, former director Using multiple carriers also
us ,
In a statement, Elevance pand its delivery network. “The new normal is to use a of logistics at FabFitFun, an e- could make customers more
l
Chief Executive Gail Boudreaux Kendra Jackson, vice presi- multi-carrier strategy for dif- point gain in market share for commerce company that deliv- vulnerable to inconsistent
e
al a
said the companies “will com- dent of sales and marketing at ferent types of packages for a smaller carrier equates to a ers subscription boxes of life- performance.
bine strengths to provide ser- LSO, said the company is get- different locations,” said Krish more than 15% jump in vol- style and beauty products. “At peak of the pandemic, it
vices unique to the needs of ting more business from ship- Iyer, vice president of strate- umes, ShipMatrix says. During the early days of the was either the person in a
ci on
Louisiana to better serve mem- pers that are trying to avoid gic partnerships at Auctane, a Many shippers say they pandemic, Mr. Andrea said he tank top and flip-flops in a
bers through a whole health possible disruptions at UPS shipping and software solu- don’t want to be beholden to was pressed to find alterna- 1985 car, or no one,” said Mr.
personalized approach.” Ele- over labor contract negotiations company. an individual carrier, even as tives when his national carrier Andrea, adding that he ig-
vance is the parent of Blue tions that could lead to a Before the pandemic, re- capacity constraints have said it would take only 50% of nored such complaints at that
Cross Blue Shield plans in 14 strike as early as August. gional and other carriers that eased. his company’s parcels. By time. Businesses need to as-
er s
states, and it had about 47.3 Some UPS customers have sometimes rely on the Postal To reduce the burden of early 2022, FabFitFun engaged sess the sensitivity of their
million members at the close of reached out to FedEx for dis- Service for last-mile deliveries higher shipping rates and sur- six carriers, up from just one own brand to such risks, he
m er
the third quarter of 2022. cussions about business conti- made up 6% to 7% of the par- charges from FedEx and UPS, at the start of 2020. said.
Rivian’s Chief Lobbyist Is Sacred Stone of

m rp
B.
the Southwest
Latest to Depart EV Startup is on the Brink
co Fo
BY SEAN MCLAIN through franchise dealers. Mr. struggled with a number of of Extinction
Chen fought similar legislative growing pains lately, including
Rivian Automotive Inc.’s
chief lobbyist, Jim Chen, is de-
battles during his tenure at
Tesla and has said that the
narrowly missing its produc-
tion targets last year at its
C enturies ago,
Persians, Tibetans
and Mayans considered
parting the company, the lat- fight had grown more difficult sole plant in Normal, Ill.
est high-level exit as the elec- at Rivian. The company’s share price turquoise a gemstone of
the heavens, believing
26 carats
tric-vehicle startup works to Mr. Chen also was in charge has fallen 77% since its
scale up operations. of Rivian’s federal lobbying ef- splashy debut, and its cash the striking blue stones of genuine
Mr. Chen, a former Tesla forts and regulatory affairs, pile has steadily decreased to were sacred pieces of Arizona turquoise
Inc. executive who joined Riv- running a small team that $13.8 billion at the end of Sep- sky. Today, the rarest
ian in 2018, spearheaded the would frequently travel to tember, the latest period for
and most valuable
ONLY $99
company’s state-by-state fight statehouses around the coun- which information is available.
turquoise is found in the
n-
to allow direct-to-consumer try, as well as meet with law- Rivian recently postponed
sales, a core business strategy makers on Capitol Hill. the launch of a cheaper model, American Southwest––
for EV-only makers such as The move comes at a criti- dubbed the R2, by a year to but the future of the
Rivian and Tesla that don’t cal time for the startup’s rela- 2026. Rivian’s Chief Executive blue beauty is unclear.
no
use traditional dealerships to tions with Washington, which RJ Scaringe said that the de-
sell cars. He is expected to has thrown its support behind lay was to give a planned On a recent trip to
leave Rivian at the end of Feb- EVs but also put new restric- plant in Georgia enough time Tucson, we spoke
ruary, the company said. tions in place that make it to prepare for the start of pro- with fourth generation
His departure comes in the harder for some models to duction. turquoise traders who explained that less than five A.
wake of a number of other se- qualify for government tax The EV maker also has had percent of turquoise mined worldwide can be set into
nior leaders leaving the com- credits. some notable turnover in its jewelry and only about twenty mines in the Southwest
pany in recent months, includ- Under new rules adopted as upper ranks, including replac-
ing its general counsel and part of last year’s Inflation Re- ing its head of manufacturing supply gem-quality turquoise. Once a thriving industry,
head of supply chain, and as duction Act, only electric and chief operating officer many Southwest mines have run dry and are now closed.
Rivian seeks to trim costs to trucks and SUVs that cost less within the past year. In July, We found a limited supply of turquoise from Arizona
preserve cash. than $80,000 qualify for fed- Rivian revealed plans to lay off and purchased it for our Sedona Turquoise Collection.
A Rivian spokeswoman said eral tax credits, a change that 6% of its 14,000-employee
Mr. Chen is leaving the com- the Irvine, Calif.-based startup workforce, a cash-saving move Inspired by the work of those ancient craftsmen and
pany by mutual agreement has said puts it at a disadvan- aimed at responding to infla- designed to showcase the exceptional blue stone, each
and that he expressed a desire tage. While both Rivian’s R1T tionary pressures and tighten- stabilized vibrant cabochon features a unique, one-
to spend more time with his pickup and R1S SUV have a ing capital markets. of-a-kind matrix surrounded in Bali metalwork. You
family and to travel. starting price below $80,000, Mr. Chen became one of the could drop over $1,200 on a turquoise pendant, or you
“I am proud of the work we the company has said most of foremost advocates for legal could secure 26 carats of genuine Arizona turquoise
have done, the influence we its vehicles sell for more than changes to allow direct-to- Stauer… Afford the Extraordinary.®
that amount when features
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have had, and the team that consumer sales by car makers.
we have built,” Mr. Chen said and other options are added He was a regular visitor to Your satisfaction is 100% guaranteed. If you aren’t
in an emailed statement. on. statehouses around the coun- completely happy with your purchase, send it back
At Rivian, Mr. Chen was Rivian, which went public try and fought some of the within 30 days for a complete refund of the item price.
tasked with lobbying states to in November 2021 with a valu- earliest legislative battles over
amend laws that force car ation of roughly $86 billion in direct vehicle sales while at The supply of Arizona turquoise is limited, don’t miss
companies to sell vehicles its first day of trading, has Tesla. your chance to own the Southwest’s brilliant blue
C.
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Source: FactSet Jim Chen championed direct-to-consumer auto sales for Rivian.
B4 | Tuesday, January 24, 2023 THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Salesforce’s Business Model Faces Test

Software company nications tool that Salesforce adding training and having
acquired in 2021. employees do more “stand and
grapples with activist This month, Salesforce said deliver” meetings where they
investors as growth it would cut 10% of its work- practice and hone sales
force of about 80,000 people— pitches, said people familiar
slows with economy its biggest round of layoffs to with its training. It also is em-
date. bracing a new message to cus-
BY TOM DOTAN Mr. Benioff for years has tomers about efficiency and
tried to build a corporate cul- productivity, rather than
Salesforce Inc., which pio- ture around the Hawaiian con- growth.
neered cloud software to be- cept of ohana, or family. In a tighter financial envi-
come one of the largest com- Lately, he and other executives ronment, customers have be-
panies in technology, has hit a have emphasized that the come more circumspect with
rough patch in recent months company needs to be more ef- their spending, taking longer
as slowing growth and em- ficient. and requiring additional ap-
ployee turmoil damp enthusi- “I’ve been thinking a lot provals before they agree to
asm about its business. about how we came to this purchase Salesforce’s soft-
JOHN G MABANGLO/EPA/SHUTTERSTOCK
On Sunday, The Wall Street moment,” Mr. Benioff wrote in ware, Mr. Millham said at the
Journal reported that Elliott a letter to employees announc- conference.
Management Corp. had made ing the layoffs. “As our reve- The company’s culture—one
a multibillion-dollar invest- nue accelerated through the Mr. Benioff takes pride in—
ment in the company. In Octo- pandemic, we hired too many might also be up for question-
ber Starboard Value LP said it people leading into this eco- ing in this environment. He
had taken a stake in Sales- nomic downturn we’re now speaks frequently about ohana
force. facing.” at Salesforce, under which em-
Elliott didn’t publicly out- While tech companies have ployees and customers are
line its specific hopes for struggled with slowdowns in supposed to collectively care
Salesforce. Elliott Managing recent quarters, Salesforce has The company has been hit harder by the tech slowdown than many of its business-software peers. for one another.
Partner Jesse Cohn said it is been hit harder than many of Last year, the company
looking to “realize the value its business-software peers. Its can do to better streamline in with [higher spending] for a 2020 until late last year, a signed a multiyear booking
befitting a company of its stock has lost close to 30% these tougher times, analysts long time because they were roughly 60% increase. agreement for a 75-acre re-
stature.” Starboard suggested over the past year, worse than said. growing. But what’s happened Salesforce Chief Operating treat in Scotts Valley, Calif., to
in a presentation that it rivals such as Oracle Corp., Salesforce, which primarily is they stopped growing so Officer Brian Millham told an create an employee work-and-
thought the software company SAP SE and Microsoft Corp. sells subscription-based, cus- much,” he said. analyst conference in Decem- wellness center.
needed to do more to boost its Salesforce shares climbed tomer-relations-management In the past, Salesforce exec- ber that the company was de- While these missions of to-
growth and profit margins. more than 3% in Monday’s software to midsize-to-large utives have said that acquisi- manding more from its sales- getherness have long played a
In November, Salesforce trading. companies, has always run at tions and bigger marketing people. part in how Mr. Benioff has
said Co-Chief Executive Bret In its fiscal third-quarter a high cost compared with its costs have been an important “This is the way we should pitched the company to the
Taylor was leaving—a depar- earnings report for the three peers, analysts and investors part of its growth strategy. be running our business all public, it could become a tar-
ture that occurred after grow- months through Oct. 31, Sales- say. The company spends more They have said they are com- the time, which is you’re con- get for investors who say the
ing tension with co-founder force missed analysts’ expecta- than 30% more than other mitted to taking a more bal- stantly looking at underper- company could be more effi-
.
and Co-CEO Marc Benioff over tions for billings—a measure companies in its cohort, such anced approach in recent forming people,” he said. cient.
their responsibilities and how of business actually transacted as Workday Inc. and Service- quarters as the company “Treat them with grace and “It’s [Mr. Benioff’s] choice
ly
the business was run, the during the period—by roughly Now Inc., to generate new re- pushes to improve its margins. dignity, but you have to move to say, ‘I don’t care. You need
Journal reported. Then Sales- 8%. curring revenue, according to The company’s costs have them out if they’re not per- to spend like crazy to grow.’
force announced the departure The company’s new activist Guggenheim Partners analyst ballooned with its employee forming.” That’s something that has to
of Stewart Butterfield, CEO of
Slack, the workplace commu-
investor will further focus at-
tention on what the company
on
John DiFucci.
“Investors have been fine
ranks. It added close to 30,000
employees from the start of
The company has been try-
ing to address the issue by
change,” Guggenheim’s Mr. Di-
Fucci said.
Spotify and abandoning long-shot the strong tailwinds from the severance pay. biggest ever licensing deals, Spotify also said last year
us ,
projects. pandemic and believed that He also announced a few C- bringing Mr. Rogan’s podcast that it expects to raise prices
l
Spotify joins Amazon.com our broad global business and suite changes, including that exclusively to Spotify for more in 2023.
e
al a
Reduces Inc., Google parent Alphabet

Inc. and Microsoft Corp. and
others that have cut back on
lower risk to the impact of a
slowdown in ads would insu-
late us.”
Spotify’s chief content officer,
Dawn Ostroff, is leaving the
company.
than $100 million.
The company last year out-
lined its plans for growth even
The premium service in the
U.S. has cost $9.99 a month
since 2011, when Spotify was
ci on
Workforce staff in recent weeks.

Mr. Ek said Spotify’s oper-
ating expenses last year were
Spotify is one of the most
popular music-streaming ser-
vices in the world.
Ms. Ostroff helped position
the company as a major player
in the podcast space, signing
though investors had been
concerned that audio-market
opportunities were limited.
launched in the U.S.
Spotify shares rose $2.03,
or 2.1%, to $99.94 on Monday.
double its revenue. The company reported in deals with high-profile figures Mr. Ek said at the time that News Corp’s Dow Jones &
Continued from page B1 He called the layoffs a diffi- October that it had about 456 such as Michelle Obama, Kim Spotify was making aggressive Co., publisher of The Wall
er s
years. cult but necessary decision. million monthly active users. Kardashian and Joe Rogan. investments to expand its Street Journal, has a content
Now, many are cutting “Like many other leaders,” Mr. Ek said laid-off employ- In 2020, she helped strike business to 10 times its cur- partnership with Spotify’s
m er
some of their recent additions he said, “I hoped to sustain ees will get five months of one of the podcast industry’s rent size. Gimlet Media unit.
T-Mobile Breach Highlights

m rp
Security Achilles’ Heel of API

co Fo
BY CATHERINE STUPP
The data breach of about 37

million T-Mobile US Inc. cus-
tomers occurred through an
attack on an API, or applica-
tion programming interface,
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
highlighting a risk facing

many businesses.
APIs connect applications
and share information in many
settings, like mobile applica-
n-
tions that connect to a social-

media platform, cars that driv-
ers can unlock via an app, or
backroom technology that
no
moves data across different

information systems.
Companies rely on APIs as
they expand technology proj-
ects, often without proper se-
curity measures, cybersecurity The data breach at T-Mobile US followed a larger one in 2021.
analysts and researchers say.
“Every API you add is a closing them publicly. The man- pandemic, which often leads
new addition to your overall ufacturers didn’t respond to re- companies to skip some secu-
attack surface,” said Theresa quests to comment. rity steps, she added.
Payton, chief executive of For- In December, the U.S. Cy- By 2025, less than half of
talice Solutions LLC, a cyber- bersecurity and Infrastructure companies’ APIs will be man-
security consulting firm. Security Agency circulated an aged properly because their
T-Mobile disclosed the data advisory warning companies growth will eclipse the ability
breach on Thursday to the Se- about an API-related vulnera- of management tools, Gartner
curities and Exchange Com- bility in a product from tech Inc. forecast in 2021.
mission. The company’s filing company provider Veeam Soft- Common practices to se-
said the API that was breached ware. The company issued a cure APIs include using user
allowed hackers to access security patch. authentication and authoriza-
Follow Every some forms of customer data,

including names, billing ad-
dresses, emails, phone num-
“API security is an area
that’s largely been overlooked,”
said Errol Weiss, chief security
tion and encrypting their com-
munications. Many companies
use these security protections,
Smart Move bers and dates of birth. The

company said it may “incur
significant expenses” as a re-
officer of the Health Informa- but there is so much develop-
ment in APIs that some may
be outdated or no longer
and Wrong Turn 37

sult of the incident. maintained, said Altaf Shaik, a
T-Mobile was previously senior researcher at the Tech-
hacked in 2021 in a breach nische Universität Berlin,
that exposed the data of more which specializes in technol-
than 50 million customers. Millions of customers affected ogy research.
Explore today’s smash hits and colossal failures Last year, the company offered by the T-Mobile US breach APIs are particularly crucial
in WSJ’s column Science of Success. Each week, to pay $350 million to settle a for 5G products, and some
columnist and author Ben Cohen examines business, class-action suit, and pledged telecom carriers are likely to
management and culture, aiming to answer one to spend $150 million on secu- overlook security because they
big question: Why do people, companies and ideas rity in 2022 and 2023. tion Sharing and Analysis Cen- are rushing to bring those
succeed or fail? Other APIs have proven vul- ter, a nonprofit group that en- products to market, he said.
nerable recently. Early this ables healthcare organizations Mr. Shaik and another re-
month, security researcher Sam to share information about cy- searcher tested the API secu-
Curry showed he could re- ber threats. rity of 10 unnamed mobile car-
S U B S C R I B E N O W AT motely control vehicles, includ- There is a lack of under- riers in August. Only one
WSJ.com/ScienceOfSuccess ing starting and stopping them, standing on how to secure detected the researchers’ sim-
after discovering security flaws APIs outside of cybersecurity ulated attacks, while others
in APIs in cars from manufac- teams, and there may be dif- appeared not to watch their
turers including Mercedes-Benz ferent business units within APIs for suspicious activity, he
Group AG, Porsche Automobil companies involved in creat- said. T-Mobile wasn’t among
Holding SE and Bayerische Mo- ing an API, Ms. Payton said. the carriers tested, he added.
© 2023 Dow Jones & Co., Inc. All rights reserved. 3DJ9206
toren Werke AG. Mr. Curry said Plus, there has been a rapid “Real-time monitoring is
he notified the companies of expansion of tech projects something that’s missing,” he
the vulnerabilities before dis- since the start of the Covid-19 said.
THE WALL STREET JOURNAL. NY Tuesday, January 24, 2023 | B5
Bounce back—not
backward—with
a digital HQ
.
ly
The problem on
Employees are still feeling the
43% 15%
us ,
impacts of the pandemic’s forced

l
e
al a
changes on work, which means top of desk workers drop in executive

ci on
report feeling experience scores for

talent and institutional knowledge burned-out overall satisfaction
are more at risk than ever before.
er s
m er
The fix
m rp
Embrace new ways to work,

not policies of the past. Support
flexibility with a digital HQ in
53% 29%
co Fo
greater ability to higher productivity

Slack—and see gains for both focus for workers with for workers with
schedule flexibility schedule flexibility
business and employees.
n-
“ We’re still in the middle of the biggest workplace

no
paradigm shift we’re apt to see in our lifetimes. You

can no longer rely on the old leadership playbooks. ”
Sheela Subramanian
Vice President, and Co-founder
Future Forum
Connect people, information and apps in one space across schedules, time
zones and locations with Slack, your digital HQ.
Learn more at slack.com/dhq
Data from the Fall 2022 Future Forum Pulse, Wave 8 conducted August 3-21, 2022. Number of completed responses = 10,766.
BUSINESS NEWS
Stanley Black & Decker Union Backs Pact

Names New Finance Chief
Stanley Black & Decker Inc. lysts in October.
And Ends Strike
At CNH Plants
appointed the chief financial During the quarter that
officer of Fortune Brands In- ended Oct. 1, the company’s BY BOB TITA The company had urged the
novations Inc. to lead its fi- revenue rose 9% from the union to reconsider the offer.
nances as the tool maker prior-year period, to $4.1 bil- Union workers at two Union negotiators asked the
works on substantial cost cuts. lion, with profits rising to plants for CNH Industrial NV company to continue bargain-
The New Britain, Conn.- $845 million from $414 million ratified a new contract with ing sessions. CNH said U.S. La-
a year earlier. the farm and construction bor Secretary Martin Walsh
By Jennifer Williams- Stanley Black & Decker, equipment maker, ending a conducted a mediation session
Alvarez, Will Feuer which was able to carry out a strike that began in early with company and union nego-
and Chris Wack $290 million inventory reduc- May. tiators before the latest vote
tion in the quarter, cut its an- About 1,100 members of the on the offer.
based company on Monday nual guidance for diluted earn- United Auto Workers union at CNH Chief Executive Scott
said Patrick Hallinan will beings per share under generally plants in Racine, Wis., and Wine credited Mr. Walsh with
come CFO, effective April 6. accepted accounting principles Burlington, Iowa, will start re- helping “us navigate the com-
Mr. Hallinan will join Stanley to between 10 cents and 80 turning to work Jan. 30, the plexities of the negotiation
Black & Decker after a 17-year cents per share from a range company said. The workers process and end the strike.”
career at home- and security- of 80 cents to $2.05 per share. walked off their jobs May 2, CNH workers had com-
products maker Fortune The company plans to re- after rejecting an offer from plained throughout the strike
Brands. port on its fourth quarter next the company that union lead- that nonunion production
Fortune Brands, meanwhile, week. ers said provided insufficient
named David Barry as its fi- Demand for Stanley Black & wage increases and higher em-
nance chief, effective March 2.
Mr. Barry has served as For-
Decker products surged during
the pandemic as consumers
ployee expenses for health in-
surance coverage.
A return to work at
JOHN LOCHER/ASSOCIATED PRESS
tune Brands’ senior vice presi- spent on home improvement CNH shares closed up 0.6%. the farm-equipment
dent of finance and investor
relations for nearly two years.
and yard work, but waned last
year as high inflation and a
London-based CNH, whose
brands include Case IH and
manufacturer is set
Mr. Hallinan will remain CFO at murky economic outlook took New Holland, is the second- for Jan. 30.
Fortune Brands until March 2. their toll. largest farm equipment manu-
At Stanley Black & Decker, A key task for Mr. Hallinan facturer in the U.S. behind
Mr. Hallinan will succeed will be addressing the com- Deere & Co. The company said
Corbin Walburger, who pany’s supply chain and infla- the new contract would pro- workers at CNH were being
stepped in as interim finance The appointment of Patrick Hallinan comes as the tool maker is tion difficulties, said Tom vide wage increases of 25% to paid more than union-repre-
chief last July when Donald Al- planning to cut costs. A Black & Decker wireless cocktail maker. Hayes, a senior equity re- 38% over the life of the four- sented workers had been. The
lan Jr., the previous CFO, was search analyst at Northcoast year deal. CNH workers’ push for bigger
elevated to chief executive of- $800,000 and a one-time sign- plans, including $1 billion in Research Partners LLC. He will The union said in a state- pay increases drew momentum
ficer. Mr. Walburger will re- ing bonus of $350,000, the reductions by the end of this also likely focus on restoring ment the new contract pro- after members of the UAW
.
sume his prior role as vice company said in a filing with year and $2 billion by 2025. investor confidence, Mr. Hayes vides wage increases, work- union received a new contract
president of business develop- regulators. He will also be eli- The company, whose brands said, noting that Stanley Black shift premium pay increases from Deere last fall, after work-
ly
ment, the company said. gible for an annual bonus with include DeWalt and Craftsman & Decker’s stock price has and job classification up- ers at that company struck for
“Patrick is a seasoned exec- a target this fiscal year of tools as well as Cub Cadet rid- dropped significantly from grades. The union described the first time in 35 years.
utive who has led global, high- 100% of base pay as well as a ing lawn mowers, said it is roughly $175 a year earlier. On the ratified contract as an im- CNH, like other equipment
performing finance functions
across top consumer brands,”
Mr. Allan said in a statement,
referring to the incoming
one-time restricted stock
grant with an aggregate grant
date value of $2.65 million.
Mr. Hallinan’s appointment
on simplifying its structures and
processes, reducing certain
spending and streamlining op-
erations. The cost-cutting ef-
Monday, it closed at $88.47.
“I think certainly Stanley
continues to face on the finan-
cial side a number of chal-
provement over a proposal the
workers voted down earlier
this month, which the com-
pany had described as its
manufacturers, has struggled
to obtain key components in
short supply during the past
18 months. Some dealers said
CFO. follows Stanley Black & forts have included head count lenges” that the incoming CFO “last, best and final offer” and the strike further lengthened
us ,
As CFO, Mr. Hallinan is set Decker’s announcement last reductions, which are “largely will grapple with, Mr. Hayes included the wage increases of wait times for new machinery
l
to receive a base salary of July of ambitious cost-cutting complete,” Mr. Allan told ana- said. 25% to 38% over four years. and components.
e
al a
Travel Brand Away Picks New Head M&M’s Revamps Ads

ci on
Of Marketing Amid Promotional Push Following Backlash

er s
BY JENNIFER CALFAS decision to swap the green

M&M’s heeled boots for sneak-
BY PATRICK COFFEE
m er
world return to prepandemic streaming TV commercials by The M&M characters are ers. At the time, the brand mar-
activities, according to Ms. approximately 50% in 2022 taking a break a year after their keted these changes as part of
Away hired Carla Dunham Dunham. and expects to double that to- new looks sparked contro- their commitment to inclusion,
as chief marketing officer as Away’s sales during the pe- tal in 2023 while also spend- versy. saying the green M&M’s new
the luggage and travel acces- riod from Thanksgiving to Cy- ing more on social-media The Mars Inc. brand said look gave the character a more
m rp
sories company tries to make ber Monday last year nearly platforms like TikTok, she Monday that its candy charac- laid-back style. The decision
the most of the industry’s pan- doubled the total during the said. ters—known as “spokescan- drew jokes and criticism online.
demic recovery. same period in 2021 and were The company also plans dies”—will begin an “indefinite A Change.org petition to “keep
Ms. Dunham had most re- 60% higher than in the same further investment in its retail pause” from their duties. Co- the Green M&M sexy” gathered
cently been chief marketing period in 2019, Ms. Dunham locations, which Ms. Dunham median Maya Rudolph will take more than 20,000 signatures.
co Fo
and merchandising officer at said. She declined to disclose described as “three-dimen- their place as the brand’s “In the last year, we’ve made
e-commerce delivery startup total sales for 2022. sional billboards for the spokesperson and will star in some changes to our beloved
Foxtrot and previously held Away attempted to capital- brand.” the candy’s upcoming adver- spokescandies. We weren’t sure
high-level marketing roles at ize on the industry’s recovery Away attracted attention in tisement at Super Bowl LVII in if anyone would even notice.
retail and fashion businesses in the last half of 2022 by re- the past for unconventional February, the brand said. And we definitely didn’t think
including Kate Spade and Am- leasing a new line of outdoor- marketing moves such as the “We are confident Ms. Ru- it would break the internet,”
azon Fashion. focused travel accessories and launch of a branded podcast dolph will champion the power the brand said Monday. “But
She succeeds Melissa a new broadcast ad campaign and print magazine called of fun to create a world where now we get it—even a candy’s
AWAY
Weiss, who joined Away in late with the tagline “Let Travel Here. The podcast stopped everyone feels they belong,” shoes can be polarizing. Which
2021 and left last summer, the Carla Dunham was previously at Happen.” airing new episodes in 2017, the brand said. was the last thing M&M’s
company said. e-commerce company Foxtrot. Away this year will con- and the magazine became a Representatives for Ms. Ru- wanted since we’re all about
Away previously said its tinue to lean heavily on influ- web-only property in 2020 af- dolph, the comedian and ac- bringing people together.”
sales totaled $150 million in mally called JRSK Inc., either encers and self-produced con- ter publishing 14 quarterly tress who is known for her A spokeswoman for the
n-
2018, and the startup secured furloughed or laid off a ma- tent while increasing its print editions. work on “Saturday Night Live,” brand said Ms. Rudolph’s new
$100 million in funding in jority of its staff in early investment in highly targeted Ms. Dunham reports to Netflix Inc.’s “Big Mouth” and role allows the “spokescandies
2019 at a $1.4 billion valua- 2020 after sales dropped by or performance-based market- Away co-founder and Chief Ex- the film “Bridesmaids,” didn’t to step away and embrace a
tion. more than 90%, according to ing that can be more directly ecutive Jen Rubio. Away late respond to requests for com- new path to pursue other pas-
no
But the pandemic severely a company post on Medium tied to sales, according to Ms. last year promoted its chief fi- ment. sions.” M&M’s will share more
hurt business for Away and at the time. Dunham. nancial officer, Catherine Dun- Changes to the candy car- on the future roles of these
other travel brands. The New Business has picked up The company increased its leavy, to become its first presi- toon appearances stirred up de- candy cartoons in the coming
York-based company, for- again as travelers around the spending on traditional and dent. bate last year—particularly the weeks, the spokeswoman said.
New Chips Market share of

Arm-based chips for
personal computer
10.6*
research firm. Estimates of
Arm-based chips’ market
share vary widely, however,
body,” said Amazon’s Dave
Brown, a vice president at Am-
azon who handles the com-
Muscle In CPUs
7.4
because in-house applications
like those developed by Ama-
zon aren’t easy to track. Arm
pany’s cloud-computing server
farms and represents one of
the single largest chip custom-
On Intel chips are now also found in

virtual-reality headsets and
autonomous vehicles.
ers. Amazon’s latest Graviton
chips—based on Arm and re-
leased late last year—are up to
Intel is fighting back. This 60% more efficient than its
Continued from page B1 month, it released a long-de- other CPUs, he said. Those
CHRIS RATCLIFFE/BLOOMBERG NEWS
company demonstrated some layed new generation of its consist of Intel and AMD
of its popularity this past server chips promising high chips.
week when Apple Inc. ex- performance and power-saving Intel wouldn’t respond di-
panded its bet on Arm-based
2.2 capabilities. “We know what rectly to Amazon’s perfor-
chips. On Tuesday, Apple, an
1.5% we need to do in order to be mance claims, but CEO Pat
early adopter of Arm, intro- the preferred supplier for Gelsinger suggested last year
duced two new versions of its these products, and we’ve that a generation of its server
in-house-designed Arm chips 2019 ’20 ’21 ’22 been working hard to put that chips set to debut in 2024
for MacBooks, leaving Intel— *First three quarters
foundation back together and would outclass Arm alterna-
long Apple’s preferred supplier Source: Mercury Research STMicroelectronics integrated circuit microchips designed by Arm. ensure that we do win,” said tives on key efficiency and
for core processors—furnish- Lisa Spelman, an Intel vice performance metrics.
ing only those for its highest- Microsoft, Google and others Arm made its name devis- smartphone success into other president in charge of its Arm’s success made it the
end desktop computers. consume a vast number of ing the basic building blocks markets. Processors using its server processor products. target of multiple high-value
Intel, which reports quar- chips. Arm earns royalty pay- of circuits at the heart of chip format now feature in Arm-based server chips are deals. SoftBank in 2016
terly results Thursday, is ex- ments on every chip made or smartphones, aiming to mini- more than 10% of all PCs sold benefiting from a focus at splashed out $32 billion,
pected to post a 23% decline sold using its design. mize power consumption to as of the third quarter of last cloud companies on environ- which, Arm executives have
in revenue in its PC-focused “It’s a massive opportunity extend battery life. Arm-based year, according to Mercury Re- mental stewardship. The three said, freed them to boost re-
business, according to analysts for us,” Arm Chief Executive chips are the digital brains in search. While global ship- biggest American cloud pro- search spending by 10% to 15%
surveyed by FactSet. Intel’s Rene Haas said. more than 95% of smart- ments in laptops are expected viders are pledging to cut and sharpen the company’s at-
server business sales are fore- Arm, which is owned by phones, including all Apple to decline this year by a high their carbon footprints by tack on rivals.
cast to retreat 40% from the Japan’s SoftBank Group iPhones. single-digit percentage, those 2030 or earlier. Then Nvidia Corp., Amer-
year-prior, reflecting a weak- Corp., is gearing up for an ini- Because Arm makes money for Arm-based laptops could Each data center can house ica’s largest chip company by
ening economy and loss of tial public offering this year. largely by licensing chip build- grow, according to Counter- hundreds of thousands of serv- value, tried to acquire Arm
market share to its rival Ad- The company’s IPO plans have ing blocks rather than making point Research. ers and require as much power from SoftBank in 2020 for $40
vanced Micro Devices Inc. and shifted to later in the year be- the devices, it generates rela- The share of processors to run a day as about 30,000 billion. Many customers ob-
to Arm-based chips. cause of market turmoil that tively modest sales figures shipped to cloud-computing residential households. Having jected that Arm, which has a
The inroads Arm-based has depressed appetite for given its reach. It generated companies that aren’t based server farms that consume less reputation as the Switzerland
chips have made recently with new listings, an Arm official $2.7 billion in revenue in on Intel’s chip architecture— power is critical to meeting of tech, would be owned by a
cloud-computing operators said last year. Arm also is still 2021—up by more than a third largely reflecting Arm’s use— those targets, officials from the rival and pressured regulators
have become particularly deciding where to list its from the prior year, but still reached 16% last year and is cloud providers have said. to block the transaction.
meaningful because the data shares, with political pressure only about 3% the size of Intel. predicted to rise to 53% in “Power is going to be a Nvidia and SoftBank called off
centers operated by Amazon, in the U.K. to pick London. It has transplanted its 2026, according to Canalys, a problem for us and for every- the deal a year ago.
THE WALL STREET JOURNAL. Tuesday, January 24, 2023 | B7
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MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33629.56 s 254.07, or 0.76% Trailing P/E ratio 22.30 20.90 4019.81 s 47.20, or 1.19% Trailing P/E ratio * 18.92 27.24 11364.41 s 223.98, or 2.01% Trailing P/E ratio *† 24.69 35.52
High, low, open and close for each P/E estimate * 17.95 19.14 High, low, open and close for each P/E estimate * 17.54 20.10 High, low, open and close for each P/E estimate *† 21.47 22.91
trading day of the past three months. Dividend yield 2.05 2.01 trading day of the past three months. Dividend yield * 1.74 1.38 trading day of the past three months. Dividend yield *† 0.98 0.70
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21
65-day moving average
Current divisor 0.15172752595384
35000 4100 11650
34000 4000 11400
33000 3900 11150
Session high 32000 3800 10900

DOWN UP 65-day
moving average
t
Session open Close

31000 3700 10650
65-day moving average Close Open
t
Session low 30000 3600 10400
Bars measure the point change from session's open

29000 3500 10150
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* 807,901,585 14,427,904
Industrial Average 33782.88 33316.25 33629.56 254.07 0.76 35768.06 28725.51 -2.1 1.5 4.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 593,455,869 11,409,968
Transportation Avg 14670.52 14353.96 14570.03 213.60 1.49 16718.54 11999.40 -5.6 8.8 9.3 Most-active issues in late trading Decl. volume* 205,998,262 2,809,912
Utility Average 970.17 952.85 960.51 -0.09 -0.01 1071.75 838.99 3.0 -0.7 1.1 Volume After Hours Issues traded 3,232 308
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40712.74 40035.21 40534.80 502.09 1.25 46941.20 36056.21 -9.3 5.2 6.0 Advances 2,241 186
iSh Core Dividend Growth DGRO 22,250.0 50.97 0.16 0.31 51.78 50.81
Barron's 400 988.34 971.77 984.95 13.18 1.36 1051.05 825.73 -3.1 7.0 9.9 Declines 849 112
Invesco S&P 500 Quality SPHQ 12,400.0 45.97 0.13 0.28 45.97 44.50
Unchanged 142 10
Nasdaq Stock Market Nokia ADR NOK 9,316.3 4.63 … unch. 4.65 4.62 New highs 86 4
Nasdaq Composite 11405.50 11144.03 11364.41 223.98 2.01 14619.64 10213.29 -18.0 8.6 6.5 Itau Unibanco ADR ITUB 7,504.1 4.95 0.09 1.85 4.95 4.85 New lows 8 4
Nasdaq-100 11918.86 11617.83 11872.54 253.51 2.18 15239.32 10679.34 -18.2 8.5 8.8 SPDR S&P 500 ETF Trust SPY 6,682.5 400.72 0.09 0.02 411.24 400.11 Closing Arms† 0.90 0.36
Aramark ARMK 3,917.7 44.78 -0.21 -0.47 44.99 44.78 Block trades* 3,991 121
S&P
.
Teva Pharmaceutical ADR TEVA 3,789.7 10.39 0.01 0.10 10.42 10.38
500 Index 4039.31 3971.64 4019.81 47.20 1.19 4631.60 3577.03 -8.9 4.7 6.5 Nasdaq NYSE Arca
ly
Carnival CCL 2,971.6 10.65 -0.07 -0.65 10.74 10.65
MidCap 400 2598.25 2560.10 2590.53 32.07 1.25 2773.72 2200.75 -1.9 6.6 7.5 Total volume*5,997,817,139 311,910,216
SmallCap 600 1240.65 1222.48 1236.88 13.49 1.10 1357.33 1064.45 -5.7 6.9 6.2 Percentage gainers… Adv. volume*5,028,577,057 217,073,898
CymaBay Therapeutics CBAY 125.3 7.05 0.44 6.66 7.20 5.18 Decl. volume* 927,059,381 88,472,384
Other Indexes
Russell 2000
NYSE Composite
Value Line
1896.20 1867.49 1890.77
15940.90 15756.78 15880.09 102.54
579.69 570.61 578.09
23.43
7.48
on
1.25
0.65
1.31
2133.10 1649.84
17069.66 13472.18
653.15 491.56
-7.0
-3.3
-8.2
7.4
4.6
7.8
3.9
4.0
1.3
Nurix Therapeutics
Global X Video Games HERO
Veracyte
NRIX
VCYT
59.9
80.0
154.1
13.28
21.00
27.30
0.63
0.81
0.98
4.98
4.01
3.72
13.28
21.00
27.30
12.35
19.58
25.34
Issues traded
Advances
Declines
Unchanged
4,930
2,966
1,716
248
1,773
1,345
400
28
NYSE Arca Biotech 5565.14 5509.71 5554.95 26.54 0.48 5554.95 4208.43 11.1 5.2 3.2
Ionis Pharmaceuticals IONS 123.6 40.87 1.45 3.68 40.87 39.35
New highs 115 29
us ,
NYSE Arca Pharma 854.12 846.95 849.26 -3.19 -0.37 887.27 737.84 9.7 -2.1 8.5 ...And losers New lows 35 12
l
KBW Bank 109.87 107.23 109.32 2.25 2.10 143.90 94.66 -18.2 8.4 -0.1 80.2 11.07 -0.74 11.86 10.82 Closing Arms† 0.32 1.58
e
PennantPark FR Cap PFLT -6.27
al a
PHLX§ Gold/Silver 135.57 132.82 135.50 -0.17 -0.13 167.76 91.40 5.5 12.1 9.6 Inhibrx INBX 83.0 24.18 -1.27 -4.99 25.45 24.18 Block trades* 53,209 1,455
PHLX§ Oil Service 91.79 90.51 91.03 -0.03 -0.03 92.43 56.08 46.9 8.6 8.9 Verve Therapeutics VERV 128.6 21.55 -1.05 -4.65 22.60 21.52 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 2943.71 2818.44 2934.83 140.14 5.01 3653.72 2162.32 -15.7 15.9 14.7 Vanda Pharmaceuticals VNDA 56.2 7.31 -0.35 -4.57 7.70 7.31 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 20.33 19.55 19.81 -0.04 -0.20 36.45 18.35 -33.7 -8.6 15.1 R1 RCM RCM 55.6 12.81 -0.51 -3.81 13.32 12.81 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

er s
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
m er
World MSCI ACWI 642.68 6.28 0.99 6.2 Genius Group GNS 4.71 1.47 45.37 36.75 0.30 ... Catalyst Pharmaceuticals CPRX 14.76 -6.04 -29.04 22.11 5.24 161.2
MSCI ACWI ex-USA 303.88 1.83 0.61 8.0 Pliant Therapeutics PLRX 30.28 7.77 34.52 36.50 3.97 165.8 Atlis Motor Vehicles AMV 3.40 -1.14 -25.11 243.99 2.26 ...
MSCI World 2754.96 29.56 1.08 5.9 Sumo Logic SUMO 9.87 2.20 28.68 12.67 6.43 -16.8 Avalo Therapeutics AVTX 3.87 -1.03 -21.02 12.60 2.42 -66.0
MSCI Emerging Markets 1038.68 2.44 0.24 8.6 Wayfair Cl A W 59.33 12.54 26.80 163.99 28.11 -61.2 RenovoRx RNXT 2.63 -0.62 -19.08 5.00 1.50 -21.7
m rp
Americas MSCI AC Americas 1531.70 18.51 1.22 5.1 Presto Automation PRST 3.18 0.66 26.19 10.70 1.61 -68.4 AnPac Bio-Medical ADR ANPC 7.80 -1.83 -19.00 21.40 2.60 -51.3
Canada S&P/TSX Comp 20631.58 128.37 0.63 6.4 Envirotech Vehicles EVTV 3.26 0.67 25.87 9.00 1.78 -9.5 PLBY Group PLBY 3.04 -0.66 -17.75 17.38 2.46 -82.0
Latin Amer. MSCI EM Latin America 2290.69 17.14 0.75 7.6 ZyVersa Therapeutics ZVSA 2.70 0.54 25.00 25.00 1.38 ... Eargo EAR 12.07 -2.49 -17.10 116.80 9.60 -87.7
Brazil BOVESPA 111737.28 –303.36 –0.27 1.8 DermTech DMTK 5.59 1.07 23.67 16.33 1.55 -54.8 Vigil Neuroscience VIGL 10.64 -2.06 -16.22 18.27 2.18 -21.8
Chile S&P IPSA 3200.63 43.70 1.38 0.9 AGBA Group Holding AGBA 3.07 0.57 22.80 11.81 1.40 -72.2 Neonode NEON 10.68 -2.05 -16.10 14.75 3.30 77.1
co Fo
Mexico S&P/BMV IPC 54341.25 394.21 0.73 12.1 ThermoGenesis Holdings THMO 3.93 0.65 19.82 42.75 2.67 -90.7 Scilex Holding SCLX 9.52 -1.80 -15.90 11.69 2.87 -5.8
EMEA STOXX Europe 600 454.49 2.37 0.52 7.0 Laser Photonics LASE 4.81 0.75 18.47 5.50 1.50 ... Noble Absolute Return ETF NOPE 15.18 -2.82 -15.67 28.00 14.71 ...
Eurozone Euro STOXX 445.78 3.02 0.68 8.7 EVgo Cl A EVGO 6.24 0.92 17.29 14.23 3.64 -25.0 Dolphin Entertainment DLPN 2.27 -0.40 -14.98 6.50 1.67 -60.8
Belgium Bel-20 3889.84 28.39 0.74 5.1 CVD Equipment CVV 9.10 1.32 16.97 9.10 3.68 100.0 Direxion Dly Semi 3 Bear SOXS 24.05 -4.23 -14.96 89.59 23.73 -49.2
Denmark OMX Copenhagen 20 1871.48 3.30 0.18 2.0 Silvergate Capital SI 16.03 2.30 16.75 162.65 10.81 -83.9 Clearmind Medicine CMND 3.99 -0.69 -14.67 17.10 1.50 -62.2
0.52 8.6 Digital Brands Group DBGI 2.99 0.42 16.34 208.00 2.38 -97.7 Jaguar Health JAGX 5.43 -0.92 -14.52 66.75 5.26 -90.7
France CAC 40 7032.02 36.03
Germany DAX 15102.95 69.39 0.46 8.5
Israel Tel Aviv 1831.95 0.57 0.03 1.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 25821.45 45.93 0.18 8.9 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 747.87 9.23 1.25 8.5
Norway Oslo Bors All-Share 1369.35 10.28 0.76 0.5 Helbiz HLBZ 668,760 2215.6 0.43 109.13 4.42 0.11 Overlay Shares LC OVL 2,548 9109 32.23 1.48 39.15 28.14
South Africa FTSE/JSE All-Share 80128.63 858.86 1.08 9.7 Exela Technologies XELA 210,020 348.1 0.08 5.24 19.11 0.07 Franklin FTSE Japan Hdg FLJH 446 8705 25.49 0.66 32.07 24.00
n-
0.29 Tesla TSLA 201,391 63.3 143.75 7.74 384.29 101.81 Orion Biotech Opps Cl A ORIA 1,163 6988 10.11 0.10 10.30 9.60
Spain IBEX 35 8944.10 25.90 8.7
1.51 ProShares UltraPro QQQ TQQQ 193,062 -8.4 21.73 6.57 65.37 16.10 RF Industries RFIL 289 3432 5.23 -2.79 7.79 4.88
Sweden OMX Stockholm 853.01 12.71 9.1
Mullen Automotive MULN 182,707 -21.9 0.30 2.27 4.18 0.18 SPDR Portfolio MSCI GSM SPGM 2,252 3417 49.78 1.10 56.59 41.67
Switzerland Swiss Market 11406.27 111.25 0.98 6.3
Turkey BIST 100 5404.43 –85.91 –1.56 –1.9 Genius Group GNS 162,823 1850.7 4.71 45.37 36.75 0.30 TG Venture Acquisition TGVC 559 3314 10.25 0.00 10.42 9.78
no
U.K. FTSE 100 7784.67 14.08 0.18 4.5 Intelligent Bio Solutions INBS 146,210 276038.2 1.03 293.13 1.60 0.17 Pliant Therapeutics PLRX 13,445 3247 30.28 34.52 36.50 3.97
U.K. FTSE 250 19801.69 99.06 0.50 5.0 Faraday Future FFIE 140,503 318.7 0.92 50.64 7.85 0.25 Alset Capital Acqn Cl A ACAX 350 3058 10.13 0.20 10.40 9.80
Verb Technology VERB 138,809 6356.2 0.39 69.65 1.69 0.11 Evoqua Water Tech AQUA 18,463 2917 47.28 15.23 48.05 30.44
Asia-Pacific MSCI AC Asia Pacific 167.49 0.51 0.30 7.5
WiSA Technologies WISA 124,582 527.2 0.16 13.72 1.49 0.08 Jaguar Gl Growth I Cl A JGGC 816 2784 10.29 0.19 11.09 9.82
Australia S&P/ASX 200 7457.30 5.15 0.07 5.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3264.81 … Closed 5.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 22044.65 … Closed 11.4
0.53 0.2
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India S&P BSE Sensex 60941.67 319.91
Japan NIKKEI 225 26906.04 352.51 1.33 3.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3293.71 … Closed 1.3 and track most-active stocks,
South Korea KOSPI 2395.26 … Closed 7.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 14932.93 … Closed 5.6 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1684.04 6.79 0.40 0.9
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Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004264 23450 –0.8
CREDIT MARKETS Argentina peso .0054184.3810 4.3 Europe
Brazil real .1920 5.2081 –1.5 Czech Rep. koruna .04555 21.954 –2.7
Canada dollar .7481 1.3368 –1.4 Denmark krone .1461 6.8423 –1.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001230 813.28 –4.1 Euro area euro 1.0874 .9197 –1.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000220 4546.50 –6.23 Hungary forint .002750 363.61 –2.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007019 142.47 0.6
A consumer rate against its New car loan Mexico peso .0532 18.8080 –3.5 Norway krone .1019 9.8177 0.1
benchmark over the past year 5.00% Uruguay peso .02552 39.1908 –2.0 Poland zloty .2310 4.3289 –1.1
Bankrate.com avg†: 6.56% 28% Asia-Pacific Russia ruble .01450 68.980 –6.5
t
First Savings Bank of Hegewisch 3.80% 4.00 WSJ Dollar Index Sweden krona .0977 10.2360 –1.9
s Australiadollar .7028 1.4229 –3.0
7.00% Chicago, IL 773-646-4200 Tradeweb ICE 14 Switzerland franc 1.0848 .9218 –0.4
China yuan .1474 6.7845 –1.6
Prime rate Monday Close 3.00 Turkey lira .0532 18.8102 0.6
.1277 7.8321
t
Frost Bank 5.24% Hong Kong dollar 0.3

6.00 0 Ukraine hryvnia .0271 36.9500 0.3
2.00 India rupee .01227 81.483 –1.5
Houston, TX 800-513-7678 UK pound 1.2379 .8078 –2.3
Euro
s Indonesia rupiah .0000663 15075 –3.2
5.49% One year ago
t
5.00 Colonial Savings, FA –14 Japan yen .007653 130.67 –0.3 Middle East/Africa
t 1.00
New car loan Garland, TX 972-495-4032 s Kazakhstan tenge .002164 462.05 –0.2 Bahrain dinar 2.6529 .3770 –0.03
4.00 First Command Bank 5.49% 0.00 –28 Yen Macau pataca .1239 8.0690 0.3 Egypt pound .0335 29.8689 20.7
Malaysia ringgit .2334 4.2845 –2.7 Israel shekel .2971 3.3661 –4.5
Fort Worth, TX 888-763-7600 1 3 6 1 2 3 5 7 10 20 30 2022
3.00 New Zealand dollar .6490 1.5408 –2.2 Kuwait dinar 3.2735 .3055 –0.2
Third Coast Bank, SSB 5.50% month(s) years
FMAM J J A S ON D J Pakistan rupee .00432 231.375 2.1 Oman sul rial 2.5973 .3850 ...
Humble, TX 281-446-7000 maturity Philippines peso .0183 54.590 –2.0 Qatar rial .2747 3.641 –0.7
2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7586 1.3182 –1.7 Saudi Arabia riyal .2663 3.7551 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008128 1230.38 –2.5 South Africa rand .0582 17.1820 0.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027454 364.25 –0.9
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.25-4.50 4.25-4.50 0.00 l 4.50 2.75 Taiwan dollar .03299 30.312 –1.1
Yield (%) 52-Week Total Return (%) Thailand baht .03056 32.720 –5.5 WSJ Dollar Index 95.14 0.05 0.05 –1.47
Prime rate* 7.50 7.50 3.25 l 7.50 2.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.82 4.79 0.27 l 4.83 3.02 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2134.930 3.900 3.860 4.560 1.500 –9.198 –2.311
Money market, annual yield 0.35 0.35 0.07 l 0.35 -0.15
Five-year CD, annual yield 2.78 2.78 0.43 l 2.78 1.38 U.S. Treasury Long, Bloomberg 3322.410 3.780 3.730 4.570 2.120 –22.986 –6.950 Commodities
30-year mortgage, fixed† 6.56 6.49 3.68 l 7.41 2.71 Aggregate, Bloomberg 2003.240 4.320 4.320 5.210 2.030 –9.082 –2.196 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 5.63 5.74 3.01 l 6.53 2.34 Fixed-Rate MBS, Bloomberg 1994.810 4.250 4.290 5.380 2.230 –7.783 –2.420
Jumbo mortgages, $726,200-plus† 6.60 6.50 3.70 l 7.44 2.51 DJ Commodity 1058.44 2.70 0.26 1264.48 990.27 6.44 0.93
High Yield 100, ICE BofA 3234.529 7.434 7.367 8.753 4.485 –4.914 0.331 Refinitiv/CC CRB Index 280.25 1.79 0.64 329.59 245.59 14.11 0.90
Five-year adj mortgage (ARM)† 5.33 5.45 2.85 l 5.60 1.91
Muni Master, ICE BofA 571.334 2.830 2.908 3.936 1.237 –3.744 –0.089 Crude oil, $ per barrel 81.62 -0.02 -0.02 123.70 71.02 -2.03 1.69
New-car loan, 48-month 6.56 6.56 3.51 l 6.69 2.08
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 794.341 7.349 7.462 9.159 5.284 –11.004 –3.744 Natural gas, $/MMBtu 3.447 0.273 8.60 9.680 3.174 -14.40 -22.97
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. 1927.10 0.70 0.04 2040.10 1623.30 4.64 5.90
THE WALL STREET JOURNAL. Tuesday, January 24, 2023 | B9
COMMODITIES wsj.com/market-data/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 1.2416 1.2462 s 1.2337 1.2378 –.0032 192,185 Mini S&P 500 (CME)-$50 x index
Jan 178.075 179.525 178.075 179.175 1.250 2,433 Swiss Franc (CME)-CHF 125,000; $ per CHF March 3987.00 4056.75 s 3980.25 4036.50 48.00 1,989,147
Contract Open 1.0932 1.0975 1.0876 1.0895 –.0027 35,552
March 181.525 183.650 181.400 183.275 2.300 29,053 March June 4020.75 4091.75 s 4015.00 4071.50 48.50 14,160
Open High hi lo Low Settle Chg interest
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 1.1000 1.1085 1.0993 1.1006 –.0029 448 Mini S&P Midcap 400 (CME)-$100 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Feb 156.600 157.600 156.200 157.475 .850 55,386 Australian Dollar (CME)-AUD 100,000; $ per AUD March 2568.60 2610.20 2562.00 2601.40 31.50 42,881
Jan 4.2795 4.2795 4.2420 4.2540 0.0055 380 April 159.950 160.975 159.500 160.550 .625 124,455 Feb .6988 .7046 .6969 .7026 .0050 217 June 2621.20 32.20 n.a.
March 4.2795 4.3025 4.2260 4.2565 0.0050 128,212 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March .6986 .7054 .6976 .7034 .0050 126,889 Mini Nasdaq 100 (CME)-$20 x index
Gold (CMX)-100 troy oz.; $ per troy oz. Feb 77.850 78.200 77.075 77.575 –.250 31,326 Mexican Peso (CME)-MXN 500,000; $ per MXN March 11676.75 11983.00 s 11650.50 11934.00 257.00 270,690
Jan 1926.50 1926.60 1915.00 1927.10 0.70 1,450 April 86.050 86.525 84.625 85.450 –.275 86,310 Feb .05294 .00016 64 June 11789.50 12106.50 s 11774.25 12058.50 260.50 2,453
Feb 1928.40 1936.70 1912.50 1928.60 0.40 195,449 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March .05255 .05273 .05244 .05267 .00017 267,203
March 426.70 437.70 422.00 434.90 4.10 2,146
Mini Russell 2000 (CME)-$50 x index
March 1936.10 1943.70 1920.10 1936.20 0.40 1,124 Euro (CME)-€125,000; $ per €
Milk (CME)-200,000 lbs., cents per lb. March 1875.90 1906.40 1869.90 1899.00 23.00 422,668
April 1948.00 1953.40 1929.20 1945.40 0.50 243,757 Feb 1.0887 1.0942 s 1.0863 1.0874 .0003 1,851
Jan 19.47 19.49 19.44 19.48 –.01 3,713 Mini Russell 1000 (CME)-$50 x index
June 1961.70 1969.20 1946.70 1962.40 0.70 31,646 March 1.0901 1.0963 s 1.0882 1.0894 .0003 756,335
March 18.01 18.56 t 17.87 18.28 .29 5,373 March 2206.10 2231.40 s 2194.00 2221.70 27.90 12,678
Aug 1977.40 1986.80 1963.50 1979.20 1.00 9,849
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 2,573 2,626 2,564 2,608 39 110,455 Index Futures March 101.72 102.04 101.35 101.92 .13 38,751
Jan 1692.90 –20.80
May 2,594 2,645 2,590 2,633 39 63,170 Mini DJ Industrial Average (CBT)-$5 x index June 101.34 101.69 101.10 101.57 .13 789
March 1734.50 1748.50 1690.50 1701.40 –21.80 8,711 Coffee (ICE-US)-37,500 lbs.; cents per lb. March 33471 33885 33402 33727 253 76,628
Platinum (NYM)-50 troy oz.; $ per troy oz. March 154.75 159.95 154.50 158.55 3.75 102,163 June 33674 34132 33668 33984 254 600 Source: FactSet
Jan 1046.00 1046.00 1046.00 1046.70 8.60 46 May 155.25 160.45 155.25 159.15 3.40 58,797
April 1055.50 1059.50 1035.90 1056.30 8.50 69,083 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 19.63 19.92 19.60 19.70 –.02 331,154
Jan
March
23.080
24.055
23.385
24.295
t 22.850
t 22.845
23.452 –0.378
23.554 –0.381
11
109,560
May 18.39 18.57 18.32 18.44
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
.03 219,266 Bonds | wsj.com/market-data/bonds/benchmarks
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 36.75 … 2,018
March 81.79 82.64 81.05 81.62 –0.02 315,523 May
Cotton (ICE-US)-50,000 lbs.; cents per lb.
36.80 … 2,837 Tracking Bond Benchmarks
April 82.12 82.89 s 81.32 81.93 0.04 133,440
May 82.16 83.04 s 81.45 82.13 0.13 97,417 March 86.70 88.68 s 85.80 87.39 .69 88,016 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
May 87.01 88.90 s 86.21 87.79 .73 46,807 highs and lows for different types of bonds
June 81.97 82.98 s 81.40 82.14 0.22 200,206
Sept 80.70 81.75 s 80.37 81.11 0.42 85,442
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March 204.00 207.00 202.80 204.40 .90 9,533
Total Total
Dec 78.93 79.99 s 78.57 79.51 0.51 184,298 return YTD total Yield (%) return YTD total Yield (%)
May 200.55 202.10 199.65 200.00 .70 1,588
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. close return (%) Index Latest Low High close return (%) Index Latest Low High
Feb 3.4731 3.5727 s 3.4615 3.5509 .0841 40,845
Interest Rate Futures Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
March 3.3602 3.4507 s 3.3433 3.4374 .0791 72,225
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1994.81 3.0 Mortgage-Backed 4.250 2.230 5.380
March 141-270 142-070 140-180 141-050 –26.0 1,427,647 2003.24 2.7 U.S. Aggregate 4.320 2.030 5.210
Feb 2.6528 2.7090 s 2.6285 2.6965 .0511 39,546
March 2.6574 2.7135 s 2.6324 2.7001 .0501 99,678 June 142-100 142-230 141-060 141-220 –26.0 31 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1962.94 3.0 Ginnie Mae (GNMA) 4.290 2.260 5.370
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
March 130-170 130-240 129-180 129-270 –20.0 1,251,391 2968.68 3.4 U.S. Corporate 5.030 2.680 6.130 1174.81 3.0 Fannie mae (FNMA) 4.240 2.210 5.390
Feb 3.450 3.564 3.243 3.447 .273 36,708
June 131-290 132-040 130-300 131-060 –21.0 2,169
March 3.216 3.243 2.992 3.222 .186 256,996
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2843.94 2.1 Intermediate 4.950 2.190 6.050 1793.30 2.6 Freddie Mac (FHLMC) 4.230 2.220 5.370
April 3.180 3.218 t 2.983 3.195 .165 98,470
March 115-010 115-070 114-190 114-220 –12.0 4,122,991
May 3.231 3.286 t 3.063 3.263 .151 105,867 4020.31 5.8 Long term 5.190 3.450 6.370 571.33 2.7 Muni Master 2.830 1.237 3.936
June 115-250 115-255 115-065 115-085 –12.5 10,117
Sept 3.515 3.571 t 3.365 3.546 .133 59,423 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 408.85 2.7 7-12 year 2.489 1.275 3.794
576.25 3.3 Double-A-rated 4.480 2.350 5.320
Oct 3.600 3.647 t 3.440 3.619 .126 72,115 March 109-217 109-250 109-112 109-120 –9.2 4,181,488
June 110-067 110-092 109-275 109-280 –9.2 7,501 788.99 3.6 Triple-B-rated 5.290 2.910 6.440 457.42 3.3 12-22 year 3.345 1.510 4.428
Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
March 103-005 103-013 102-280 102-281 –3.7 2,389,320
High Yield Bonds ICE BofA 431.92 4.8 22-plus year 4.075 2.006 5.131
Corn (CBT)-5,000 bu.; cents per bu. June 103-152 103-157 103-098 103-098 –4.4 651
March 674.00 674.75 661.25 666.25 –10.00 500,919 480.83 3.8 High Yield Constrained 8.159 4.874 9.623 Global Government J.P. Morgan†
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
May 672.50 672.50 660.25 665.00 –9.50 244,631 532.82 2.1 Global Government 2.840 1.110 3.250
Jan 95.6700 95.6700 t 95.6675 95.6700 .0025 378,430 443.34 5.5 Triple-C-rated 14.092 8.401 16.916
Oats (CBT)-5,000 bu.; cents per bu. Feb 95.4250 95.4250 s 95.4150 95.4150 –.0050 532,632
March 369.75 372.00 360.75 370.75 –.25 2,692 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3234.53 3.9 High Yield 100 7.434 4.485 8.753 782.04 2.4 Canada 3.040 1.740 3.780
May 361.00 366.75 359.75 364.25 –1.50 514 March 104-125 104-235 104-090 104-170 –7.5 16,616
Soybeans (CBT)-5,000 bu.; cents per bu. 420.32 3.6 Global High Yield Constrained 8.178 5.058 9.945 343.07 3.0 EMU§ 2.915 0.535 3.308
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
March 1500.00 1503.00 1479.75 1490.25 –16.25 310,001 Dec 95.5350 95.5350 95.5325 95.5350 .0025 766,316 637.88 2.9 France 2.740 0.420 3.110
317.88 2.9 Europe High Yield Constrained 6.972 3.129 8.508
May 1495.75 1497.75 1476.50 1487.25 –14.50 142,857 June'23 95.1000 95.1200 95.0800 95.0800 –.0300 1,411,689
Soybean Meal (CBT)-100 tons; $ per ton. Eurodollar (CME)-$1,000,000; pts of 100% U.S Agency Bloomberg Fixed Income Indices 454.66 2.5 Germany 2.200 -0.140 2.540
March 462.00 t 452.80
463.50 461.90 –1.80 190,463 Feb 95.0750 95.0800 95.0675 95.0700 –.0100 84,639
May 449.20 t 441.40
450.50 447.40 –3.60 123,809 March 94.9650 94.9750 94.9600 94.9600 –.0150 830,970 1713.11 1.3 U.S Agency 4.340 1.390 4.910 279.41 0.6 Japan 0.930 0.380 1.060
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 94.8900 94.9050 94.8700 94.8700 –.0300 740,417
1513.31 1.1 10-20 years 4.340 1.300 4.890 494.76 3.2 Netherlands 2.430 0.060 2.800
March 61.88 62.36 t 61.21 62.04 .07 132,553 Dec 95.3950 95.4100 95.3200 95.3200 –.0750 690,167
.
May 61.90 62.30 t 61.21 62.05 .07 101,620 3342.29 4.7 20-plus years 4.450 2.400 5.240 802.70 2.6 U.K. 3.580 1.170 4.690
ly
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Currency Futures
March 18.09 18.25 18.01 18.23 .12 5,850 2598.95 2.6 Yankee 4.860 2.310 5.840 794.34 3.4 Emerging Markets ** 7.349 5.284 9.159
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Sept 17.06 17.09 s 17.01 17.03 –.04 1,205 Feb .7760 .7770 .7662 .7673 –.0068 545 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Wheat (CBT)-5,000 bu.; cents per bu. March .7768 .7801 .7690 .7702 –.0069 172,593 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March 738.00 740.50 t 712.50 720.00 –21.50 157,317 Canadian Dollar (CME)-CAD 100,000; $ per CAD
July
March
May
748.75
842.00
835.75
750.50
844.50
837.50
t 723.00
Wheat (KC)-5,000 bu.; cents per bu.
811.00
806.75
730.50 –21.00 71,166
819.00 –29.00
814.00 –27.25
86,841
35,362
Feb
March
on.7466
.7477
.7495
.7498
British Pound (CME)-£62,500; $ per £
Feb 1.2412 1.2453 s
.7455
.7456
1.2331
.7469 –.0002
1.2370 –.0033
108
.7471 –.0002 130,949
1,601
Global Government Bonds: Mapping Yields
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
us ,
Country/ Spread Under/Over U.S. Treasurys, in basis points

Cash Prices | Yield (%)
l
wsj.com/market-data/commodities Monday, January 23, 2023 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
e
4.250 U.S. 2 4.238 s 4.181 4.321 0.993
al a
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— l
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 4.125 10 3.522 s l 3.483 3.746 1.747
months. 0.250 Australia 2 3.024 s l 2.994 3.277 0.857 -120.8 -120.0 -15.9
ci on
Monday Monday Monday 1.750 10 3.461 s l 3.407 3.844 1.907 -7.3 14.4
-6.3
Iron Ore, 62% Fe CFR China-s 126.7 Wheat,Spring14%-pro Mnpls-u 10.7775
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 7.3000 0.000 France 2 2.705 s l 2.702 2.625 -0.634 -152.7 -149.2 -165.0
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 142.250 Steel, HRC USA, FOB Midwest Mill-s 750 Wheat - Hard - KC (USDA) $ per bu-u 8.7900 2.000 10 2.656 s l 2.614 2.929 0.338 -86.8 -86.6 -142.5
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.450 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 8.2850
BMI Lithium Carbonate, EXW China, =99.2%-v,w 72450 2.200 Germany 2 2.598 s l 2.579 2.615 -0.614 -163.5 -161.5 -163.0
Metals Food
2.205 s
er s
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 74000 2.300 10 l 2.175 2.386 -0.064 -132.0 -130.5 -182.7
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 7488 Beef,carcass equiv. index
Engelhard industrial 1917.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5688 choice 1-3,600-900 lbs.-u 246.06 2.500 Italy 2 2.999 s l 2.954 3.104 -0.092 -123.3 -124.0 -110.8
1914.85 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 813 select 1-3,600-900 lbs.-u 227.63 2.500 10 4.017 s 3.978 4.506 1.295 49.8 -46.8
l 49.2
m er
Handy & Harman base

Handy & Harman fabricated 2125.48 Broilers, National comp wtd. avg.-u,w 1.2120
LBMA Gold Price AM *1928.75
Fibers and Textiles Butter,AA Chicago-d 2.2825 0.005 Japan 2 -0.019 t l -0.010 0.017 -0.067 -425.1 -420.3 -108.3
*1924.90 Cheddar cheese,bbl,Chicago-d 167.00
LBMA Gold Price PM Burlap,10-oz,40-inch NY yd-n,w 0.7300
Cheddar cheese,blk,Chicago-d 199.00
0.500 10 0.378 t l 0.404 0.383 0.137 -314.7 -307.5 -162.6
Krugerrand,wholesale-e 2014.24 Cotton,1 1/16 std lw-mdMphs-u 0.8789
Maple Leaf-e 2062.43
Milk,Nonfat dry,Chicago lb.-d 117.25 0.000 Spain 2 2.775 s l 2.744 2.792 -0.564 -145.7 -145.0 -158.0
Cotlook 'A' Index-t *99.10 1.7000
m rp
Coffee,Brazilian,Comp-y
American Eagle-e 2062.43 Hides,hvy native steers piece fob-u n.a. 2.550 10 3.149 s l 3.122 3.456 0.632 -37.5 -35.7 -113.0
Coffee,Colombian, NY-y 2.1625
Mexican peso-e 2486.67 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 3.2850 0.125 U.K. 2 3.439 t l 3.480 3.563 0.872 -79.3 -71.4 -14.4
Austria crown-e 1892.34
Grains and Feeds Flour,hard winter KC-p 20.85
Austria phil-e 2023.88 4.250 10 3.360 t l 3.378 3.624 1.171 -10.1 -59.2
Hams,17-20 lbs,Mid-US fob-u 0.74 -16.5
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 77.46
Engelhard industrial 23.1000 Bran,wheat middlings, KC-u,w 243 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Pork bellies,12-14 lb MidUS-u 1.1570
Handy & Harman base 23.2650 Corn,No. 2 yellow,Cent IL-bp,u 6.5600 Pork loins,13-19 lb MidUS-u 1.1176
Corporate Debt
co Fo
Handy & Harman fabricated 29.0810 Corn gluten feed,Midwest-u,w 212.6 Steers,Tex.-Okla. Choice-u 155.00
LBMA spot price *£19.3200 Corn gluten meal,Midwest-u,w 667.8 Steers,feeder,Okla. City-u,w 200.00
(U.S.$ equivalent) *23.8700 Cottonseed meal-u,w 383 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Coins,wholesale $1,000 face-a 21001 Hominy feed,Cent IL-u,w 218 Fats and Oils expectations
Other metals Meat-bonemeal,50% pro Mnpls-u,w 385 Degummed corn oil, crude wtd. avg.-u,w 61.0000
LBMA Platinum Price PM *1024.0 Oats,No.2 milling,Mnpls-u 4.1075 Grease,choice white,Chicago-h 0.6400 Investment-grade spreads that tightened the most…
Platinum,Engelhard industrial 1045.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 Lard,Chicago-u n.a. Spread*, in basis points
Palladium,Engelhard industrial 1725.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6597 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Aluminum, LME, $ per metric ton *2585.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 466.70 Tallow,bleach;Chicago-h 0.6750
Copper,Comex spot 4.2540 Soybeans,No.1 yllw IL-bp,u 14.7000 Tallow,edible,Chicago-u n.a. ABN AMRO Bank ABNANV 4.750 5.41 July 28, ’25 120 –19 145
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Ally Financial ALLY 8.000 6.67 Nov. 1, ’31 315 –16 339
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 1/22 Credit Agricole ACAFP 4.375 5.28 March 17, ’25 105 –15 n.a.
Source: Dow Jones Market Data
EDP Finance EDPPL 1.710 5.16 Jan. 24, ’28 154 –12 n.a.
n-
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Coca–Cola KO 3.375 3.92 March 25, ’27 30 –12 42
–12
Money Rates January 23, 2023 J.M. Smucker SJM 3.500 4.97 March 15, ’25 74 74
Lloyds Banking LLOYDS 4.582 5.52 Dec. 10, ’25 131 –11 131
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
no
guide to general levels but don’t always represent actual transactions. Morgan Stanley MS 4.375 4.88 Jan. 22, ’47 117 –11 123
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low …And spreads that widened the most
Dec. index Chg From (%)
level Nov. '22 Dec. '21 Policy Rates High 4.6500 4.6500 4.6500 0.1000 19
Low 4.3100 4.3100 4.3200 0.0500
National Rural Utilities Cooperative Finance NRUC 5.450 4.66 Oct. 30, ’25 43 48
Euro zone 2.50 2.50 2.50 0.00
U.S. consumer price index Bid 4.3200 4.3200 4.3300 0.0700 9
Switzerland 1.50 1.50 1.50 0.00 General Motors GM 4.000 5.29 April 1, ’25 105 n.a.
Offer 4.3700 4.3400 4.3700 0.0800
All items 296.797 –0.31 6.5 Britain 3.50 3.50 3.50 0.25
Core 300.113 0.17 5.7 Australia 3.10 3.10 3.10 0.10 Pfizer PFE 2.750 4.18 June 3, ’26 29 9 23
Treasury bill auction
Overnight repurchase 4 weeks 4.480 4.370 4.480 0.020 5
International rates HP HPQ 6.000 5.87 Sept. 15, ’41 206 210
13 weeks 4.575 4.560 4.575 0.190
U.S. 4.30 4.33 4.36 0.01
26 weeks 4.685 4.710 4.710 0.380 5
Week 52-Week New York Life Global Funding NYLIFE 4.850 4.46 Jan. 9, ’28 85 90
Latest ago High Low U.S. government rates Secondary market
Volkswagen Group of America Finance VW 4.750 4.97 Nov. 13, ’28 135 5 n.a.
Discount Fannie Mae
Prime rates
4.50 4.50 4.50 0.25 Verizon Communications 4.862 5.20 Aug. 21, ’46 140 5
U.S. 7.50 7.50 7.50 3.25 30-year mortgage yields VZ 123
Canada 6.45 6.45 6.45 2.45 Federal funds 30 days 5.560 5.446 6.812 3.037 4
Bank of Nova Scotia BNS 1.300 4.80 Sept. 15, ’26 90 83
Japan 1.475 1.475 1.475 1.475 Effective rate 4.3400 4.3400 4.3400 0.0800 60 days 5.577 5.460 6.988 3.084
Other short-term rates High-yield issues with the biggest price increases…
Key Interest Rates Week
Latest ago
52-Week
high low Issuer Symbol Coupon (%) Yield (%) Maturity
Bond Price as % of face value
Current One-day change Last week
Data are annualized on a 360-day basis. Treasury yields are per annum,
on actively traded noninflation and inflation-indexed issues that are Call money WeWork WEWORK 7.875 41.34 May 1, ’25 53.500 3.50 41.500
adjusted to constant maturities. Data are from weekly Federal Reserve 6.25 6.25 6.25 2.00
Lumen Technologies LUMN 6.875 11.46 Jan. 15, ’28 82.973 1.41 85.150
release H.15. Commercial paper (AA financial)
Week Ended 52-Week Week Ended 52-Week 90 days 4.60 4.67 4.71 0.22 OneMain Finance OMF 6.875 7.19 March 15, ’25 99.375 0.83 100.124
Jan 20 Jan 13 High Low Jan 20 Jan 13 High Low
6-month 4.80 4.81 4.81 0.36 Libor Ford Motor F 6.625 5.89 Oct. 1, ’28 103.521 0.77 104.095
Federal funds (effective) 1-year 4.66 4.70 4.76 0.58 One month 4.50586 4.46486 4.51314 0.10500
4.33 4.33 4.33 0.08 2-year 4.12 4.19 4.61 1.05 Three month 4.81771 4.79471 4.82971 0.26714 United States Steel X 6.650 7.06 June 1, ’37 96.320 0.77 n.a.
Commercial paper 3-year 3.79 3.89 4.54 1.33 Six month 5.09843 5.11543 5.22529 0.44857
5-year 3.52 3.63 4.32 1.60 5.34229 5.39271 5.66643 0.78986 0.75
Nonfinancial One year American Airlines AAL 3.750 7.68 March 1, ’25 92.500 90.500
7-year 3.48 3.58 4.23 1.75
1-month 4.36 4.32 4.36 0.07 10-year 3.44
2-month n.a. n.a. n.a. n.a.
3.52 4.12 1.79 Secured Overnight Financing Rate Teva Pharmaceutical Finance Netherlands … 3.150 6.39 Oct. 1, ’26 89.500 0.71 88.603
20-year 3.73 3.82 4.44 2.17 4.30 4.30 4.32 0.04
3-month 4.57 4.59 4.59 0.15
Sealed Air SEE 6.875 6.28 July 15, ’33 104.495 0.69 105.746
Financial Treasury yields (secondary market) Value 52-Week
1-month n.a. n.a. n.a. n.a. Latest Traded High Low
n.a.
1-month 4.44 4.26 4.44 0.03
2-month
3-month 4.54
n.a.
4.67
n.a.
4.67
n.a.
0.23 3-month 4.56 4.54 4.56 0.17 DTCC GCF Repo Index
…And with the biggest price decreases
6-month 4.66 4.67 4.67 0.36
Discount window primary credit Treasury 4.300 43.180 4.365 0.026 Transocean 6.800 10.97 March 15, ’38 69.500 –0.75
TIPS
RIG 71.563
4.50 MBS 4.372 43.100 4.403 0.035
4.50 4.50 0.25
5-year 1.34 1.43 1.81 -1.55 Teva Pharmaceutical Finance Netherlands … 4.100 6.74 Oct. 1, ’46 69.000 –0.45
7-year 1.29 1.36 1.70 -1.24
Notes on data: 66.750
Treasury yields at constant U.S. prime rate is the base rate on corporate
maturities 10-year 1.26 1.30 1.66 -0.95 Sprint Capital 6.875 5.47 Nov. 15, ’28 106.875 –0.38
20-year 1.34 1.35 1.70 -0.48
loans posted by at least 70% of the 10 largest … 107.250
1-month 4.64 4.47 4.64 0.03 U.S. banks, and is effective December 15, 2022.
3-month 4.71 4.70 4.71 0.17 Long-term avg 1.50 1.51 1.94 -0.30 Other prime rates aren’t directly comparable; –0.26
Nokia NOKIA 4.375 5.25 June 12, ’27 96.620 96.920
lending practices vary widely by location;
Notes on data: Discount rate is effective December 15, 2022.
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Ford Motor F 7.450 6.45 July 16, ’31 106.472 –0.19 105.750
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by January 20, 2023. DTCC GCF Repo Index is
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted Occidental Petroleum OXY 7.500 5.83 May 1, ’31 110.843 –0.16 110.726
average for overnight trades in applicable
primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars.
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Intelsat Jackson Holdings INTEL 6.500 8.29 March 15, ’30 90.500 –0.13 92.000
Federal-funds rates are Tullett Prebon rates as
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET.
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Source: MarketAxess
B10 | Tuesday, January 24, 2023 * THE WALL STREET JOURNAL.
BIGGEST 1,000 STOCKS

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
The following explanations apply to NYSE, NYSE s-New 52-week high. EssentialUtil WTRG 46.46 -0.08 Illumina ILMN 216.38 11.99 Microsoft MSFT 242.58 2.36 QuestDiag DGX 147.01 1.58 -0.37 UnionPacific UNP 210.13 1.47
SouthwestAir LUV 36.69
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EssexProp ESS 216.87 0.68 ImperialOil IMO 51.47 0.44 MidAmApt MAA 157.22 1.76 Splunk 2.49 UnitedAirlines UAL 49.28 -0.18
SPLK 93.10
listed securities. Prices are composite quotations
that include primary market trades as well as
dd-Indicates loss in the most recent four
quarters.
EsteeLauder EL 274.49 6.93 Incyte INCY 83.48 0.28 Middleby MIDD 149.91 3.33 R S Spotify 2.03 UnitedMicro UMC
SPOT 99.94 7.98 0.30
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Etsy ETSY 139.12 7.30 Infosys INFY 19.05 0.27 MitsubishiUFJ MUFG 7.25 -0.07 2.64 UPS B
StanleyBlackDck SWK 88.47 UPS 180.48 2.35
RBC Bearings RBC 235.36 1.37
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing EverestRe RE 338.91 0.59 IngersollRand IR 55.89 0.54 MizuhoFin MFG 3.09 -0.05 Starbucks 1.17 UnitedRentals URI 392.03 8.36
SBUX 106.21
RELX RELX 29.46 0.08
Nasdaq ISE. standards Evergy EVRG 60.14 0.50 Ingredion INGR 101.21 -0.94 Mobileye MBLY 35.23 0.87 StateStreet STT 86.22 1.94 US Bancorp USB 47.67 1.21
RH RH 311.22 12.05
The list comprises the 1,000 largest companies lf-Late filing EversourceEner ES 79.89 0.15 InspireMedical INSP 251.88 -1.30 Moderna MRNA 196.94 2.96 -0.33 US Steel
SteelDynamics STLD 107.69 X 28.20 -0.01
RPM RPM 87.14 0.30
based on market capitalization. q-Temporary exemption from Nasdaq ExactSciences EXAS 67.82 -0.41 Insulet PODD 294.82 0.51 MohawkInds MHK 116.01 1.41 Stellantis 0.08 UnitedTherap UTHR 258.84 -2.86
STLA 15.28
RalphLauren RL 126.87 5.82
Underlined quotations are those stocks with requirements. Exelon EXC 41.82 -0.52 Intel INTC 30.27 1.05 MolinaHealthcare MOH 297.27 -0.18 Steris 1.74 UnitedHealth UNH 485.81 -0.91
STE 206.85
large changes in volume compared with the t-NYSE bankruptcy RaymondJames RJF 116.21 2.53
Expedia EXPE 115.73 4.43 InteractiveBrkrs IBKR 79.98 1.06 MolsonCoorsA TAP.A 70.11 -0.29 STMicroelec STM 42.99 1.20 UnitySoftware U 35.14 3.83
issue’s average trading volume. v-Trading halted on primary market. RaytheonTech RTX 96.25 1.89
ExpeditorsIntl EXPD 108.83 2.10 ICE ICE 108.67 0.19 MolsonCoorsB TAP 50.09 0.11 Stryker SYK 257.49
1.27 UniversalHealthB UHS 148.41 -1.06
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being RealtyIncome O 66.93 0.55
ExtraSpaceSt EXR 151.28 0.37 InterContinentl IHG 70.77 -0.90 Mondelez MDLZ 64.36 0.32 SumitomoMits SMFG 8.54
-0.04 UnumGroup UNM 40.68 0.38
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, MongoDB MDB 207.05
RegalRexnord RRX 136.83 2.10
ExxonMobil XOM 112.76 -0.59 IBM IBM 141.86 0.66 9.19 SunComms SUI 147.95 0.08 VF VFC 30.49 1.15
previous closing price was $2 or higher. or securities assumed by such companies. RegencyCtrs REG 65.44 1.09
F5 FFIV 147.77 3.12 IntlFlavors IFF 112.70 0.34 MonolithicPower MPWR 428.51 30.73 SunLifeFinancial SLF 48.99
-0.02 VICI Prop VICI 33.64 0.06
RegenPharm REGN 729.91 7.91
FMC FMC 127.48 -0.72 IntlPaper IP 37.47 -0.06 MonsterBev MNST 100.11 0.11 SuncorEnergy SU 0.65 VailResorts MTN 253.58 2.28
33.68
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and RegionsFin RF 22.96 0.27
FactSet FDS 424.17 0.41 Interpublic IPG 36.51 0.26 Moody's MCO 320.19 -0.28 Suzano SUZ -0.02 Vale
9.09 VALE 18.13 0.01
changes in the closing prices from 4 p.m. the previous day. ReinsGrp RGA 143.35 0.27
s FairIsaac FICO 649.95 0.77 Intuit INTU 410.00 11.93 MorganStanley MS 97.13 0.89 -0.85 s ValeroEnergy VLO 143.08 0.35
SynchronyFin SYF 34.56
RelianceSteel RS 216.31 0.64
Fastenal FAST 48.99 -0.01 IntuitiveSurgical ISRG 255.98 -0.79 Morningstar MORN 243.12 2.35 Synopsys SNPS 350.33
7.91 ValmontInds VMI 322.91 -3.18
Monday, January 23, 2023 Net Net FederalRealty FRT 109.40 RenaissanceRe RNR 190.29 -1.01
1.75 InvitatHomes INVH 31.46 -0.07 Mosaic MOS 48.35 0.34 Sysco SYY 79.25
1.42 VeevaSystems VEEV 168.70 6.26
Stock Sym Close Chg Stock Sym Close Chg FedEx RentokilInit RTO 31.40 -0.04
Net FDX 191.15 4.27 IridiumComm IRDM 59.85 -0.16 MotorolaSol MSI 256.82 1.51
Repligen RGEN 190.81 4.51
Ventas VTR 50.69 1.41
Stock Sym Close Chg
BanColombia CIB 30.35 0.32 Citigroup C 51.98 0.89
Ferguson FERG 138.64 0.64 IronMountain IRM 52.24 0.42 NICE NICE 209.89 4.29
RepublicSvcs RSG 123.32 0.17
T U V VeriSign VRSN 215.51 0.60
s Ferrari RACE 243.64 1.26 ItauUnibanco ITUB 4.86 -0.10 NIO NIO 12.06 0.99 VeriskAnalytics VRSK 185.36 3.75
BankofAmerica BAC 34.32 0.47 CitizensFin CFG 42.42 1.16 ResMed RMD 236.53 1.80 TC Energy TRP 43.51 0.09
A B C BankofMontreal BMO 99.61 0.76 Clarivate CLVT 10.92 0.05
FidNatlFin FNF 42.58 0.58 NOV NOV 22.81 -0.30
RestaurantBrands QSR 66.89 0.02 TD Synnex SNX 110.39 1.34
Verizon VZ 39.63 -0.37
49.34 0.10 s CleanHarbors CLH 128.20 3.39
FidNatlInfo FIS 74.48 0.56 J K L NRG Energy NRG 32.42 0.21
RexfordIndlRealty REXR 61.62 1.40 TE Connectivity TEL 124.77 2.55
VertexPharm VRTX 311.81 1.97
ABB ABB 34.17 0.21 BankNY Mellon BK FifthThirdBncp FITB 35.51 0.90 NVR NVR 5020.29 -3.78 Viatris VTRS 11.82 0.22
ADT ADT 8.65 -0.13 BankNovaScotia BNS 52.04 0.37 ClearwayEnergyC CWEN 33.13 -0.13 FirstCitizBcshA FCNCA JD.com JD 61.06 0.63
NXP Semi NXPI 173.03
RioTinto RIO 78.76 0.38 Telus TU 21.28 0.02
816.69 19.47 4.53 Vipshop VIPS 14.86 -0.32
AECOM ACM 86.11 -0.64 Barclays BCS 9.08 0.12 ClearwayEnergyA CWEN.A 31.43 0.01 JPMorganChase JPM 137.27 2.19 RitchieBros RBA 61.49 1.32 Ternium TX 38.78 1.08
FirstHorizon FHN 24.63 -0.03 Nasdaq NDAQ 62.32 0.26 Visa V 224.18 -0.13
AES AES 26.91 -0.02 BarrickGold GOLD 19.23 0.26 Cleveland-Cliffs CLF 20.61 -0.36 FirstIndRlty FR s Jabil JBL 81.04 1.62 Rivian RIVN 18.10 1.87 TFI Intl TFII 109.18 1.29
52.77 0.92 NationalGrid NGG 63.88 -0.50 Vistra VST 22.50 0.65
Aflac AFL 71.54 0.49 Bath&BodyWks BBWI 45.69 0.68 Clorox CLX 142.86 0.30 JackHenry JKHY 180.46 1.60
NatlInstruments NATI 53.83
RobertHalf RHI 79.75 1.48 TJX TJX 79.17 -0.37
NET 47.62 2.02 FirstRepBank FRC 137.80 VMware
1.62 -0.42 VMW 125.08 1.06
AGCO AGCO 135.98 -1.11 BaxterIntl BAX 45.14 1.26 Cloudflare JacobsSolns J 120.71 0.65 Robinhood HOOD 9.71 0.19 T-MobileUS TMUS 144.37 -0.75
FirstSolar FSLR 176.21 8.34 NatlRetailProp NNN 47.11 ... Vodafone VOD 11.36 -0.09
Ansys ANSS 260.79 4.37 BectonDicknsn BDX 249.58 -4.23 Coca-Cola KO 60.23 0.15
FirstEnergy FE 41.14 -1.06
JamesHardie JHX 21.07 0.52
NatWest NWG 7.47 0.02
Roblox RBLX 36.51 1.13 TPG TPG 32.88 0.36
VulcanMatls VMC 179.45 0.56
APA APA 45.36 0.27 BeiGene BGNE 269.00 2.58 Coca-ColaEuro CCEP 55.37 -0.36 JazzPharm JAZZ 155.54 -1.70 RocketCos. RKT 9.14 0.33 TRowePrice TROW 118.67 0.86
Cognex CGNX Fiserv FISV 105.55 1.50 NetApp NTAP 67.01 1.54
ASE Tech ASX 7.44 0.20 BentleySystems BSY 38.89 0.59 53.45 1.87 JefferiesFin JEF 38.58 0.51 Rockwell ROK 275.62 5.62 TaiwanSemi TSM 95.66 4.63 W X Y Z
FiveBelow FIVE 191.67 4.45 NetEase NTES 90.28 1.19
ASML ASML 676.03 27.18 Berkley WRB 70.33 0.41 CognizantTech CTSH 64.24 1.50 J&J JNJ 168.31 -0.43 RogersComm B RCI 48.36 -0.54 TakeTwoSoftware TTWO 110.67 4.08
FleetCorTech FLT 200.41 1.70 Netflix NFLX 357.42 14.92
AT&T T 19.10 -0.13 BerkHathwy A BRK.A 469600 -45.00 CoinbaseGlbl COIN 55.96 0.80 JohnsonControls JCI 66.73 0.68 Roku ROKU 54.64 2.25 TakedaPharm TAK 16.19 -0.08 WEC Energy WEC 92.83 -0.25
Flex FLEX 24.42 0.18 Neurocrine NBIX 108.75 -2.61
AbbottLabs ABT 114.01 1.19 BerkHathwy B BRK.B 310.42 0.55 ColgatePalm CL 75.50 0.06 JonesLang JLL 180.07 3.40 Rollins ROL 36.15 0.04 s Tapestry TPR 44.22 0.51 WEX WEX 180.45 3.37
Floor&Decor FND 87.32 3.63 NewFortressEner NFE 36.33 0.95
AbbVie ABBV 148.55 -1.04 BerryGlobal BERY 59.87 0.47 Comcast A CMCSA 40.26 0.89 FomentoEconMex FMX 85.58 1.45
JuniperNetworks JNPR 31.85 0.39
NewOrientalEduc EDU 44.15 -0.04
RoperTech ROP 443.03 1.44 TargaResources TRGP 75.60 -0.06 W.P.Carey WPC 84.13 0.16
AcadiaHealthcare ACHC 84.52 -0.10 BestBuy BBY 84.24 1.57 Comerica CMA 71.96 2.83 KB Financial KB 47.27 0.75 RossStores ROST 115.78 0.05 Target TGT 164.63 2.42 WPP WPP 57.19 0.26
FordMotor F 12.80 0.40 Newmont NEM 53.63 0.29
Accenture ACN 279.34 -1.13 Bilibili BILI 26.18 0.79 CommerceBcshrs CBSH 65.83 0.26 KBR KBR 48.79 -0.27 RoyalBkCanada RY 100.75 0.07 TataMotors TTM 25.14 0.26 Wabtec WAB 103.83 1.98
SBS 10.10 -0.21 Fortinet FTNT 50.51 1.24 NewsCorp B NWS 19.93 0.29
ActivisionBliz ATVI 75.22 1.38 Bill.com BILL 109.93 5.88 SABESP KE Holdings BEKE 18.83 -0.30 RoyalCaribbean RCL 63.38 0.39 TeckResourcesB TECK 42.37 0.11 WalgreensBoots WBA 36.67 0.79
Fortis FTS 41.53 -0.23 NewsCorp A NWSA 19.55 0.29
Adobe ADBE 364.98 8.60 Bio-Techne TECH 82.29 0.83 ConagraBrands CAG 37.43 -0.55 Fortive FTV 66.87 1.42
KKR KKR 53.89 0.71
NexstarMedia NXST 187.40 1.49
RoyalGold RGLD 126.34 0.27 TeledyneTech TDY 407.78 3.55 Walmart WMT 142.64 2.10
AdvanceAuto AAP 148.62 1.13 Bio-RadLab A BIO 467.04 9.75 Concentrix CNXC 139.91 -2.08
FortuneBrandsInnov FBIN 63.07 1.08
s KLA KLAC 425.58 11.73
NextEraEnergy NEE 82.67 0.85
RoyaltyPharma RPRX 38.35 0.02 Teleflex TFX 238.28 2.59 WarnerBrosA WBD 13.51 0.49
AdvDrainageSys WMS 90.31 1.18 Biogen BIIB 291.93 6.16 ConocoPhillips COP 120.13 -1.67 KT KT 14.88 0.08 RyanSpecialty RYAN 42.20 0.33 Ericsson ERIC 5.84 0.16 WarnerMusic WMG 35.55 -0.02
93.55 -0.24 FoxA FOXA 32.67 1.11 Nike NKE 128.29 1.67
AdvMicroDevices AMD 76.53 6.46 BioMarinPharm BMRN 111.45 0.70 ConEd ED
FoxB FOX 30.69 0.98
Kanzhun BZ 25.21 1.19
NiSource NI 27.09 -0.12
Ryanair RYAAY 94.74 1.08 TelefonicaBras VIV 7.76 0.18 WasteConnections WCN 129.18 0.56
Aegon AEG 5.37 -0.03 BioNTech BNTX 143.73 0.94 ConstBrands A STZ 224.00 3.12 KarunaTherap KRTX 196.50 2.61 SAP SAP 116.71 -0.41 Telefonica TEF 3.92 0.01 WasteMgt WM 152.67 0.61
Franco-Nevada FNV 145.81 -1.32 Nokia NOK 4.63 0.02
AerCap AER 63.50 0.64 BlackKnight BKI 61.71 1.10 ConstellationEner CEG 84.14 1.14 Kellogg K 67.29 -0.21 NomuraHoldings NMR 3.96 S&P Global SPGI 370.76 2.71 TelekmIndonesia TLK 26.19 0.16 Waters WAT 343.70 4.95
FranklinRscs BEN 30.35 0.31 -0.03
AgilentTechs A 159.06 3.14 BlackRock BLK 748.02 6.31 Cooper COO 346.14 2.41 KeurigDrPepper KDP 34.69 -0.02 Nordson SBA Comm SBAC 286.27 -10.54 Tenaris TS 34.87 -0.75 Watsco WSO 274.00 3.05
CPRT 64.86 1.38 FreeportMcM FCX 44.95 -0.46 NDSN 238.10 4.28
agilon health AGL 20.50 0.09 Blackstone BX 87.83 2.82 Copart KeyCorp KEY 18.07 0.63 NorfolkSouthern NSC 256.44 SEI Investments SEIC 62.76 0.69 TencentMusic TME 8.48 0.11 Watsco B WSOB 272.77 2.66
FreseniusMed FMS 18.37 0.05 2.78
AgnicoEagleMines AEM 56.39 0.15 Block SQ 81.66 5.50 CorebridgeFin CRBG 21.19 0.45 KeysightTechs KEYS 180.55 1.63 NorthernTrust NTRS 94.55 SK Telecom SKM 21.59 0.07 Teradyne TER 103.50 5.97 WebsterFin WBS 47.46 0.93
GLW 36.11 0.27 FrontierComms FYBR 29.42 0.66 1.19
AirProducts APD 308.72 4.32 BlueOwlCapital OWL 12.52 0.03 Corning KimberlyClark KMB 134.23 -0.90 NorthropGrum NOC 450.87 0.11
SS&C Tech SSNC 58.55 2.28 Tesla TSLA 143.75 10.33 WellsFargo WFC 45.03 1.11
Airbnb ABNB 105.22 3.94 Boeing BA 209.97 3.21 Corteva CTVA 61.90 -0.46 FullTruck YMM 9.25 -0.19
KimcoRealty KIM 21.86 0.42 Novartis StoreCapital STOR 32.17 0.01 TetraTech TTEK 154.00 2.09 Welltower WELL 74.28 1.45
NVS 92.21 0.14
AkamaiTech AKAM 89.19 1.06 BookingHldgs BKNG 2401.58 57.29 CoStar CSGP 78.75 0.23
G H I KinderMorgan KMI 18.76 0.12 s NovoNordisk NVO 141.08 -0.02
SVB Fin SIVB 298.69 7.25 TevaPharm TEVA 10.38 -0.03 WescoIntl WCC 138.00 1.94
Albemarle ALB 260.64 12.15 BoozAllen BAH 94.33 0.59 Costco COST 492.61 12.50 Knight-Swift KNX 57.35 0.89 Novocure Salesforce CRM 155.87 4.62 TexasInstruments TXN 178.17 5.17 WestPharmSvcs WST 264.11 4.56
NVCR 88.01 -0.48
Albertsons ACI 21.03 0.02 BorgWarner BWA 44.67 0.27 CoterraEnergy CTRA 25.78 0.16 s GE HealthCare GEHC 69.52 2.75 Philips PHG 17.26 0.74 NuHoldings NU 3.92 0.11
Sanofi SNY 48.63 -0.45 TexasPacLand TPL 2062.01 -32.48 WestAllianceBcp WAL 67.79 1.53
Alcoa AA 51.75 0.75 BostonProps BXP 71.17 -0.03 Coty COTY 9.57 0.05 GFLEnvironmental GFL 31.67 0.44 KoreaElcPwr KEP 8.34 -0.04 Nucor NUE 153.85 0.38
SareptaTherap SRPT 128.33 -1.89 TexasRoadhouse TXRH 100.02 1.26 WesternDigital WDC 41.79 3.33
Alcon ALC 75.72 0.43 BostonSci BSX 45.85 0.23 Coupang CPNG 16.69 ... GSK GSK 35.36 -0.02 KraftHeinz KHC 40.26 0.38 Nutrien Sasol SSL 17.56 -0.03 Textron TXT 68.98 1.13 WesternMidstrm WES 28.38 0.50
Credicorp BAP 140.63 0.36 Gallagher NTR 79.10 0.28
AlexandriaRlEst ARE 159.04 2.00 BristolMyers BMY 73.26 -0.89 AJG 195.88 1.98 Kroger KR 44.70 0.25 NVIDIA Schlumberger SLB 55.86 -1.49 ThermoFisher TMO 604.82 11.16 Westlake WLK 114.79 0.88
NVDA 191.93 13.54
Alibaba BABA 119.53 -0.33 BritishAmTob BTI 38.57 -0.24 CreditSuisse CS 3.54 0.08 Gaming&Leisure GLPI 51.78 -0.42 LKQ LKQ 57.24 1.28 SchwabC SCHW 77.73 0.70 ThomsonReuters TRI 117.40 -0.57 WestRock WRK 36.99 -0.15
Crocs CROX 125.59 3.19
AlignTech ALGN 251.38 8.37 BrixmorProp BRX 22.68 0.12
AVGO 581.63 10.85 CrowdStrike CRWD 106.30 2.89 Gartner
Garmin GRMN 98.51
IT 332.95
1.66 LPL Financial LPLA 226.95
-0.01 L3HarrisTech LHX 194.25
2.65 O P Q Sea SE 66.73 0.87 3M MMM 122.62 1.97 Weyerhaeuser WY 32.36 0.33
Allegion ALLE 112.09 0.79 Broadcom 1.74 Seagate STX 63.23 3.89 Toast TOST 22.34 1.57 WheatonPrecMet WPM 45.39 0.17
AlliantEnergy LNT 53.88 -0.01 BroadridgeFinl BR 150.14 3.85 CrownCastle CCI 144.78 -3.34 GenDigital GEN 22.81 0.38 LabCorp.ofAmerica LH 257.83 2.24 OGE Energy OGE 38.37 0.01 Seagen SGEN 133.49 2.00 Toro TTC 108.70 -0.78 Whirlpool WHR 152.12 1.30
Allstate ALL 125.24 -0.41 Brookfield BN 36.97 0.70 CrownHoldings CCK 89.25 1.85 Generac GNRC 116.05 7.56 LamResearch LRCX 490.78 18.28 ONEOK OKE 69.73 0.02 SealedAir SEE 53.79 -0.08 TorontoDomBk TD 67.04 0.39 Williams WMB 31.68 0.22
AllyFinancial ALLY 32.30 0.87 BrookfieldInfr BIP 36.03 0.69 CubeSmart CUBE 43.34 0.71 GeneralDynamics GD 232.45 -0.34 LamarAdv LAMR 102.39 2.27 OReillyAuto ORLY 794.40 1.02 Sempra SRE 158.74 0.75 TotalEnergies TTE 64.12 0.32 Williams-Sonoma WSM 123.75 0.05
AlnylamPharm ALNY 230.59 0.94 BrookfieldRenew BEPC 31.38 0.62 Cullen/Frost CFR 136.40 2.61 GeneralElec GE 79.77 2.09 LambWeston LW 96.13 -0.43 OakStreetHealth OSH 29.11 0.10 SensataTechs ST 46.34 1.49 ToyotaMotor TM 146.03 -0.08 WillisTowers WTW 253.60 0.55
Alphabet C GOOG 101.21 1.93 Brown&Brown BRO 61.96 0.24 Cummins CMI 242.87 7.32 GeneralMills GIS 77.40 -0.06 s LasVegasSands LVS 55.39 0.82 OccidentalPetrol OXY 66.50 -0.41 ServiceCorp SCI 71.00 0.76 TractorSupply TSCO 215.48 3.41 WillScotMobile WSC 46.15 0.12
Alphabet A GOOGL 99.79 1.77 Brown-Forman A BF.A 66.49 0.41 GeneralMotors GM 36.44 1.09 LatticeSemi LSCC 75.22 2.74 Okta OKTA 69.83 1.13 ServiceNow NOW 442.44 0.61 TradeDesk TTD 47.19 1.62 Wipro WIT 4.99 -0.01
MO 44.81 -0.13 Brown-Forman B BF.B 66.51 0.26
D E F 2.20 OldDomFreight ODFL 322.86 5.84 ShawComm B SJR 28.72
.
Altria Genmab GMAB 39.88 -0.51 Lear LEA 138.61 ... Tradeweb TW 72.49 0.24 Wolfspeed WOLF 85.72 5.80
Amazon.com AMZN 97.52 0.27 Bruker BRKR 73.03 2.38 DCP Midstream DCP 42.04 -0.04 Genpact G 48.23 0.46 LegendBiotech LEGN 53.98 -0.25 OldRepublic ORI 24.03 0.09 Shell SHEL 58.63 -0.27 TraneTech TT 170.95 1.07 WoodsideEnergy WDS 26.39 0.41
ly
Ambev ABEV 2.57 -0.03 BuildersFirst BLDR 72.46 1.48 DISH Network DISH 14.56 0.66 Gentex GNTX 29.27 0.50 Leidos LDOS 96.37 0.31 Olin OLN 57.21 0.82 SherwinWilliams SHW 246.04 0.73 TransDigm TDG 685.00 12.35 WooriFin WF 31.68 0.23
Amcor AMCR 12.00 0.12 Bunge BG 95.65 -1.78 DTE Energy DTE 113.77 -0.20 GenuineParts GPC 162.70 0.96 Lennar B LEN.B 81.30 0.70 Omnicom OMC 84.54 0.76 s ShinhanFin SHG 35.36 0.28 TransUnion TRU 69.78 1.93 Workday WDAY 176.43 3.03
Amdocs DOX 90.38 -0.27 BurlingtonStrs BURL 226.17 4.33 Danaher DHR 277.00 2.60 Gerdau GGB 6.29 -0.13 Lennar A LEN 97.53 0.84 OnHolding ONON 22.27 1.11 Shopify SHOP 44.04 3.56 Travelers TRV 186.36 1.03 WyndhamHtls WH 76.34 1.01
Ameren AEE 85.98 -0.70 CACI Intl CACI 285.98 -0.01 Darden DRI 148.10 0.72 GileadSciences GILD 83.23 0.22 LennoxIntl LII 244.68 5.02 ON Semi ON 70.80 4.54 Sibanye-Stillwater SBSW 11.45 -0.16 Trimble TRMB 56.84 1.05 s WynnResorts WYNN 100.29 1.02
s AmericaMovil AMX 21.04 0.14 CBRE Group CBRE 85.07 0.78 DarlingIngred DAR 66.23 0.60 GitLab GTLB 48.87 2.60 LiAuto LI 23.57 1.51 OpenText OTEX 33.90 0.83 SignatureBank SBNY 129.11 1.32 Trip.com TCOM 38.03 -0.25 XP XP 17.63 0.60
AmericaMovil A AMOV 20.96 0.20 s CDW CDW 199.97 1.21 Datadog DDOG 75.29 4.24 GlobalPayments GPN 113.43 1.49 LibertyBroadbandC LBRDK 91.60 0.39 Oracle ORCL 88.97 1.72 SignifyHealth SGFY 28.72 -0.04 TruistFinl TFC 48.84 0.92 XcelEnergy XEL 68.01 -0.54
AmerAirlines AAL 16.17 -0.17 CF Industries CF
AEP AEP 92.66 0.49 CGI GIB
85.52 -0.96 DaVita
AmerExpress AXP 154.00 2.40 CH Robinson CHRW 98.06 4.51 Deere

AmericanFin AFG 137.69 1.04 CME Group CME 174.36 -0.70 DellTechC
AmHomes4Rent AMH 32.61 0.14 CMS Energy CMS 61.71 -0.30 DeltaAir
on
DVA 80.10 -0.22 GlobalFoundries GFS 58.66
87.55 0.28 s DeckersOutdoor DECK 422.28 4.28 Globant
DE 409.34 -1.26 GlobeLife
DELL 41.04 0.78 GlobusMedical
DAL 39.08 0.05 GoDaddy
GLOB 170.38
GL 117.65
GMED 74.50
GDDY 81.84
2.21 LibertyBroadbandA LBRDA 91.46
6.22 LibertyGlobal C LBTYK 22.19
0.23 LibertyGlobal A LBTYA 21.53
0.45 LibertyFormOne A FWONA 63.25
1.80 LibertyFormOne C FWONK 70.52
0.57 Orange
-0.20 Organon
-0.06 Orix
0.43 Ovintiv
ORAN 10.47
OGN 32.01
IX
0.50 OtisWorldwide OTIS 81.35
85.74
OVV 51.35
-0.03 SimonProperty SPG 124.97 1.32 Twilio
0.67 SiriusXM SIRI 5.88 0.04 TylerTech
TWLO 56.36 2.10
TYL 324.90 8.90 Xylem
-0.33 SkechersUSA SKX 48.75 2.13 TysonFoods TSN 66.15 1.45 YPF
0.54 Skyworks
1.18 SmithAO
XPeng
SWKS 109.61 6.55 UBS Group UBS 21.25 0.08 Yum!Brands YUM 126.67 0.04
AOS 60.21 1.06 UDR UDR 39.93 -0.05 s YumChina
XPEV 10.10 0.70
XYL 101.42 -8.76
YPF 11.98 0.06
YUMC 60.89 1.79

AIG AIG 63.10 0.63 CNA Fin CNA 42.52 0.59 DentsplySirona XRAY 37.41 0.44 GoldFields GFI 12.22 -0.09 LibertyBraves A BATRA 35.22 0.14 OwensCorning OC 89.74 1.33 Smith&Nephew SNN 28.88 0.40 UGI UGI 39.75 0.34 ZTO Express ZTO 28.54 0.13
us ,
AmerTowerREIT AMT 215.67 -5.74 CNH Indl CNHI 17.12 0.10 DeutscheBank DB 12.99 -0.05 GoldmanSachs GS 349.14 7.30 LibertyBraves C BATRK 34.65 0.20 PG&E PCG 15.73 0.08 Smucker SJM 147.70 -1.23 U-Haul UHAL 66.02 0.23 ZebraTech ZBRA 317.76 20.73
AmerWaterWorks AWK 150.97 -0.57 CRH CRH 45.28 0.27 DevonEnergy DVN 65.76 1.01 Grab GRAB 3.74 0.06 LibertySirius C LSXMK 40.02 0.03 PNC Fin PNC 159.34 4.47 Snap SNAP 10.20 0.21 U-Haul N UHAL/B 61.73 0.31 Zillow A ZG 43.19 1.17
l
AmericoldRealty COLD 30.61 0.01 CSX CSX 32.05 0.04 DexCom DXCM 106.40 -1.46 Graco GGG 66.76 -0.26 LibertySirius A LSXMA 40.17 0.05 s POSCO PKX 62.95 0.10 SnapOn SNA 238.83 0.42 US Foods USFD 36.81 0.17 Zillow C Z 44.42 1.26
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s Ameriprise AMP 338.53 5.28 CVS Health CVS 87.20 0.20 Diageo DEO 185.74 -0.22 Grainger GWW 561.72 1.48 LibertySirius B LSXMB 39.98 -0.78 PPG Ind PPG 130.30 -0.70 Snowflake
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SNOW 150.30 5.48 UWM UWMC 4.39 0.23 ZimmerBiomet ZBH 125.94 1.85
AmerisourceBrgn ABC 161.72 -0.49 CadenceDesign CDNS 183.41 5.15 DiamondbkEner FANG 149.35 1.80 GraphicPkg GPK 22.70 0.14 LifeStorage LSI 101.82 0.22 PPL PPL 29.32 ... SOQUIMICH SQM 90.31 4.33 Uber UBER 30.53 0.17 ZionsBancorp ZION 52.65 1.17
Ametek AME 143.05 0.55 CAE CAE 21.81 0.57 Dick's DKS 126.01 2.96 Grifols GRFS 9.13 -0.07 EliLilly LLY 342.21 -3.86 s PTC PTC 134.98 5.03 SolarEdgeTech SEDG 309.18 14.45 Ubiquiti UI 290.94 2.67 Zoetis ZTS 166.75 2.94
Amgen AMGN 260.97 -2.27 CaesarsEnt CZR 50.34 2.82 DigitalRealty DLR 107.22 0.48 s GpoAeroportuar PAC 182.60 2.57 LincolnElectric LECO 157.95 1.22 Paccar PCAR 102.25 3.06 Sony SONY 88.91 -0.38 UiPath PATH 14.64 0.41 ZoomVideo ZM 70.97 1.47
ci on
AmkorTech AMKR 30.15 1.12 CamdenProperty CPT 114.87 0.19 DiscoverFinSvcs DFS 110.29 4.15 s GpoAeroportSur ASR 288.74 3.06 Linde LIN 326.49 -2.13 PackagingCpAm PKG 132.05 -0.43 Southern SO 66.86 -0.26 UltaBeauty ULTA 500.47 9.22 ZoomInfoTech ZI 27.00 1.11
Amphenol APH 78.91 0.84 Cameco CCJ 26.87 0.57 Disney DIS 105.69 2.21 HCA Healthcare HCA 263.81 2.41 LiveNationEnt LYV 75.94 0.83 PalantirTech PLTR 7.38 0.36 SoCopper SCCO 74.23 -0.82 Unilever UL 50.90 -0.11 Zscaler ZS 123.76 6.64
AnalogDevices ADI 169.66 4.49 CampbellSoup CPB 51.58 -0.46 DocuSign DOCU 58.69 2.18 s HDFC Bank HDB 70.75 0.26 LloydsBanking LYG 2.45 0.01 PaloAltoNtwks PANW 149.34 3.24
AngloGoldAsh AU 22.56 -0.05 CIBC CM 43.88 0.34 DolbyLab DLB 79.09 0.80 HF Sinclair DINO 57.83 0.90 LockheedMartin LMT 441.28 -2.00 ParamountB PARA 21.16 0.86
AB InBev BUD 59.30 -0.50 CanNtlRlwy CNI 123.64 0.33 DollarGeneral DG 231.07 0.46 HP HPQ 28.60 0.69 Loews L 59.58 0.62 ParamountA PARAA 24.58 0.94
AnnalyCap NLY 22.61 -0.13 CanNaturalRes CNQ 61.08 0.73 DollarTree
AnteroResources AR 30.52 1.12 CanPacRlwy CP 79.72 0.51 DominionEner D
DLTR 150.99 3.20 HSBC
62.97 0.55 H World
HSBC 36.82
HTHT 48.72
-0.02 LogitechIntl LOGI 57.54
0.24 Lowe's LOW 205.11
1.70 ParkerHannifin PH 311.71
0.58 Paychex PAYX 119.99
6.39
2.06 Dividend Changes
Aon AON 325.99 0.59 Canon CAJ 22.23 -0.10 Domino's DPZ 345.45 -2.59 Haleon HLN 7.88 -0.14 Lucid LCID 8.82 1.00 PaycomSoftware PAYC 322.07 8.61
er s
ApolloGlbMgmt APO 68.84 1.77 CapitalOne COF 107.12 2.94 Donaldson DCI 60.27 0.63 Halliburton HAL 40.57 -0.12 lululemon LULU 316.08 3.28 Paylocity PCTY 202.10 1.53 Amount Payable /
Apple AAPL 141.11 3.24 Capri CPRI 64.41 1.24 DoorDash DASH 60.59 2.57 HalozymeTherap HALO 51.42 -0.04 LyondellBasell LYB 92.94 0.64 PayPal PYPL 79.50 0.41 Company Symbol Yld % New/Old Frq Record
ApplMaterials AMAT 114.16 4.51 CardinalHealth CAH 75.48 -0.34 Dover DOV 141.72 2.38 HartfordFinl HIG 76.12 1.07 Pearson PSO 11.41 0.01
Aptargroup ATR 113.36 0.07 Carlisle CSL 240.29 4.39 Dow DOW 58.04 0.60 Hasbro HAS 65.01 1.69 M N PembinaPipeline PBA 35.95 -0.19 Increased
m er
Aptiv APTV 107.35 3.27 Carlyle CG 34.59 0.73 DrReddy'sLab RDY 53.18 -0.47 HealthcareRealty HR 21.60 0.47 PenskeAuto PAG 117.73 0.04 Banner BANR 3.0 .48 /.44 Q Feb13 /Feb02
Aramark ARMK 44.99 -0.21 CarMax KMX 67.33 1.25 DraftKings DKNG 14.56 0.68 HealthpeakProp PEAK 27.31 0.46 M&T Bank MTB 154.76 1.07 Pentair PNR 50.44 1.28
Consolidated Edison ED 3.5 .81 /.79 Q Mar15 /Feb15
ArcelorMittal MT 31.00 0.09 Carnival CCL 10.72 0.25 Dropbox DBX 23.39 0.59 Heico A HEI.A 131.44 1.71 MGM Resorts MGM 39.90 0.85 s Penumbra PEN 250.63 2.29
MKS Instrum MKSI 105.42 5.79 PepsiCo Cross Timbers Royalty Tr CRT 8.0 .3127 /.15033 M Feb14 /Jan31
ArchCapital ACGL 63.13 0.67 Carnival CUK 9.67 0.21 DukeEnergy DUK 100.99 -0.83 Heico HEI 167.12 2.42 PEP 169.12 -0.76
ArcherDaniels ADM 84.35 -0.40 CarrierGlobal CARR 43.28 0.71 DuPont DD 75.30 1.33 HenrySchein HSIC 81.28 0.42 MPLX MPLX 34.87 0.40 PerformanceFood PFGC 59.61 0.30 Graham Holdings GHC 1.1 1.65 /1.58 Q Feb16 /Feb02
AresMgmt ARES 79.64 1.01 CaseysGenStores CASY 227.72 0.26 Dynatrace 38.02 0.99 Hershey HSY 217.04 2.52 MSCI MSCI 514.98 3.22 PerkinElmer PKI 140.75 2.93 JB Hunt Transport JBHT 0.9 .42 /.40 Q Feb24 /Feb10
m rp
DT
arGEN-X ARGX 394.24 3.12 Catalent CTLT 52.59 3.14 EMCOR EME 144.38 -0.94 Hess HES 155.16 0.36 MagellanMid MMP 54.07 1.10 PetroleoBrasil PBR 11.73 0.27 NRG Energy NRG 4.7 .3775 /.35 Q Feb15 /Feb01
AristaNetworks ANET 119.16 4.03 Caterpillar CAT 252.70 2.99 ENI E 31.36 -0.35 HessMidstream HESM 31.82 0.71 MagnaIntl MGA 65.46 1.58 PetroleoBrasilA PBR.A 10.35 0.20 RBB Bancorp RBB 3.1 .16 /.14 Q Feb10 /Jan30
ArrowElec ARW 116.78 1.88 Celanese CE 122.95 1.36 EOG Rscs EOG 134.18 1.43 HewlettPackard HPE 16.17 0.22 ManhattanAssoc MANH 125.13 2.48 Pfizer PFE 44.98 -0.13
Schlumberger SLB 1.8 .25 /.175 Q Apr06 /Feb08
AscendisPharma ASND 123.79 0.77 CelsiusHldg CELH 103.40 3.52 EPAM Systems EPAM 348.70 3.68 Hilton HLT 140.00 1.28 ManulifeFin MFC 19.12 0.06 PhilipMorris PM 101.15 -0.67
AspenTech AZPN 199.17 2.62 Cemex CX 4.99 ... EQT EQT 35.24 1.29 Hologic HOLX 81.63 1.97 MarathonOil MRO 28.10 0.22 Phillips66 PSX 106.94 -0.02 South Plains Financial SPFI 1.8 .13 /.12 Q Feb13 /Jan30
Assurant AIZ 129.84 0.93 CenovusEnergy CVE 19.20 0.16 EastWestBncp EWBC 69.76 1.67 HomeDepot HD 315.48 0.48 s MarathonPetrol MPC 126.88 1.16 Pinduoduo PDD 95.30 2.46
AstraZeneca AZN 67.61 -1.54 Centene 0.21 Markel MKL 1391.35 10.79 PinnacleWest PNW 73.76 -1.60
Reduced
CNC 75.79 -0.36 EastGroup EGP 168.23 3.26 HondaMotor HMC 24.16
Atlassian TEAM 154.58 -3.17 CenterPointEner CNP 30.00 -0.11 EastmanChem EMN 90.87 1.05 Honeywell HON 204.46 2.43 MarketAxess MKTX 334.04 -1.94 Pinterest PINS 26.69 0.09 Dorchester Minerals DMLP 11.2 .8843 /.96901 Q Feb09 /Jan30
co Fo
AtmosEnergy ATO 113.52 0.52 CentraisElBras EBR 7.89 0.04 Eaton ETN 158.92 3.41 HorizonTherap HZNP 112.81 -0.21 Marriott MAR 169.02 2.11 PioneerNatRscs PXD 241.45 2.05 Mesa Royalty Trust MTR 10.2 .1581 /.2012 M Apr28 /Jan31
Autodesk ADSK 211.29 5.39 CeridianHCM CDAY 72.79 3.04 eBay EBAY 47.66 1.00 HormelFoods HRL 44.65 0.07 Marsh&McLen MMC 173.51 0.39 PlainsAllAmPipe PAA 12.31 0.17 Permian Basin Royalty Tr PBT 4.6 .0368 /.03764 M Feb14 /Jan31
Autoliv ALV 84.85 3.01 CharlesRiverLabs CRL 252.55 9.38 Ecolab ECL 154.29 1.41 DR Horton DHI 95.68 1.20 MartinMarietta MLM 348.93 1.24 PlainsGP PAGP 13.21 0.17 PermRock Royalty Trust PRT 12.9 .0706 /.08072 M Feb14 /Jan31
ADP ADP 240.96 3.79 CharterComms CHTR 396.01 -0.10 Ecopetrol EC 12.05 -0.04 HostHotels HST 17.96 0.35 MarvellTech MRVL 42.75 3.27 PlanetFitness PLNT 80.87 1.65
San Juan Basin Royalty SJT 15.2 .1123 /.17197 M Feb14 /Jan31
AutoZone AZO 2318.96 -7.65 CheckPoint CHKP 129.03 -2.69 EdisonIntl EIX 67.03 0.30 HoulihanLokey HLI 98.00 0.99 Masco MAS 51.13 0.99 PlugPower PLUG 17.44 1.54
Avalonbay AVB 170.36 0.01 Chemed CHE 503.64 5.78 EdwardsLife EW 80.06 0.77 HowmetAerospace HWM 39.43 0.73 Masimo MASI 172.76 4.28 PolestarAuto PSNY 5.78 0.18 VOC Energy Trust VOC 11.6 .23 /.365 Q Feb14 /Jan30
Avangrid AGR 42.63 0.06 CheniereEnergy LNG 154.91 3.18 ElbitSystems ESLT 173.85 3.43 Hubbell HUBB 224.64 -0.09 MasTec MTZ 97.08 1.87 Pool POOL 359.28 6.54
Avantor AVTR 23.65 0.63 CheniereEnerPtrs CQP 56.07 0.60 ElectronicArts EA 127.41 1.42 HubSpot HUBS 345.93 15.99 Mastercard MA 378.57 2.29 PrincipalFin PFG 89.34 1.38
Stocks
AveryDennison AVY 191.90 1.41 ChesapeakeEner CHK 92.23 1.36 ElevanceHealth ELV 477.94 -1.55 Humana HUM 494.55 -2.75 MatadorRscs MTDR 62.40 0.73 ProcoreTech PCOR 55.14 1.83 Aptorum Group APM 1:10 /Jan23
AvisBudget CAR 194.20 2.27 Chevron CVX 180.66 -0.24 EmersonElec EMR 89.00 1.65 JBHunt JBHT 193.62 4.52 MatchGroup MTCH 52.07 1.65 Procter&Gamble PG 141.05 -1.92 Jaguar Health JAGX 1:75 /Jan23
s AxonEnterprise AXON 188.95 3.93 ChewyA CHWY 43.42 2.09 Enbridge ENB 41.88 0.02 HuntingtonBcshs HBAN 14.74 0.63 Mattel MAT 20.08 0.24 Progressive PGR 127.12 -0.51 Oaktree Spec Lending OCSL 1:3 /Jan23
BCE BCE 46.22 -0.48 ChinaEastrnAir CEA 20.74 -0.22 Endeavor EDR 21.49 0.21 HuntingIngalls HII 217.94 -0.16 McCormick MKC 78.65 1.21 Prologis PLD 126.07 3.25 Sientra SIEN 1:10 /Jan23
BHP Group BHP 69.38 -0.08 ChinaSoAirlines ZNH 34.72 -0.03 s EnergyTransfer ET 13.01 0.25 s HyattHotels H 110.62 1.52 McDonald's MCD 269.29 0.71 ProsperityBcshs PB 74.73 1.06
BJ'sWholesale BJ 69.24 1.31 Chipotle CMG 1597.35 42.16 EnphaseEnergy ENPH 228.44 5.90 ICICI Bank IBN 21.77 0.25 McKesson MCK 375.03 -3.01 PrudentialFin PRU 99.99 1.36 Foreign
BP BP 35.58 0.08 ChoiceHotels CHH 125.89 1.98 Entegris ENTG 84.33 5.83 ICL Group ICL 8.24 0.07 MedicalProp MPW 13.78 0.06 Prudential PUK 32.43 -0.14 Banco Sant Brasil ADR BSBR 7.4 .08811 Mar13 /Jan30
Baidu BIDU 136.34 0.59 Chubb CB 223.59 3.16 Entergy ETR 106.75 -0.69 IdexxLab IDXX 496.14 7.26 s Medpace MEDP 239.52 10.38 PublicServiceEnt PEG 60.89 0.46
1.46 PublicStorage PSA 290.85
Wipro ADR WIT 1.4 .12248 SA /Jan25
BakerHughes BKR 30.59 -0.48 ChunghwaTel CHT 38.39 0.23 EnterpriseProd EPD 26.10 0.36 ING Groep ING 13.69 0.31 Medtronic MDT 82.37 1.75
Ball BALL 59.02 0.79 Church&Dwight CHD 83.42 0.22 Equifax EFX 222.14 -0.55 Invesco IVZ 18.90 -0.07 MercadoLibre MELI 1095.00 -3.09 PulteGroup PHM 51.06 0.35
Special
BancoBilbaoViz BBVA 6.98 0.07 ChurchillDowns CHDN 242.30 -0.82 Equinix EQIX 716.32 -3.74 IQVIA IQV 228.75 5.14 Merck MRK 109.88 -0.06 PureStorage PSTG 27.05 1.04
n-
BancoBradesco BBDO 2.42 -0.08 Ciena CIEN 51.26 0.97 Equinor EQNR 31.08 -0.23 ITT ITT 88.75 2.66 MetaPlatforms META 143.27 3.90 Qiagen QGEN 50.60 0.18 Peoples Bancorp of NC PEBK 2.2 .15 Feb15 /Feb03
BancodeChile BCH 21.12 0.46 Cigna CI 308.17 -0.19 Equitable EQH 30.51 0.23 IcahnEnterprises IEP 52.80 0.22 MetLife MET 70.69 0.50 Qorvo QRVO 109.43 7.04 Sources: FactSet; Dow Jones Market Data
BancSanBrasil BSBR 5.39 -0.23 CincinnatiFin CINF 105.19 2.46 EquityLife ELS 68.37 0.35 Icon ICLR 234.87 3.45 s MettlerToledo MTD 1576.68 15.15 Qualcomm QCOM 131.03 8.13
BcoSantChile BSAC 15.51 -0.12 Cintas CTAS 437.77 1.22 EquityResdntl EQR 61.60 0.27 IDEX IEX 230.86 -0.34 MicrochipTech MCHP 76.31 2.71 QualtricsIntl XM 11.59 0.35 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BancoSantander SAN 3.35 ... CiscoSystems CSCO 47.50 0.72 ErieIndemnity A ERIE 249.79 6.23 IllinoisToolWks ITW 229.01 2.73 MicronTech MU 61.82 3.36 QuantaServices PWR 149.55 3.31 spin-off.
no
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
FTACZeusAcqnUn ZINGU 10.23 0.2 HDFC Bank HDB 70.89 0.4 Moog B MOG.B 90.30 1.6 PowellIndustries POWL 40.41 2.8 TrineIIAcqnA TRAQ 10.35 0.2 GlbSysUn GSDWU 9.90 -3.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American FairIsaac FICO 658.21 0.1 HVBancorp HVBC 29.00 2.4 NVE NVEC 77.35 3.3 PrimeImpactI A PIAI 10.41 ... uCloudlink UCL 5.25 3.6 GraniteRidge GRNT 7.53 -2.6
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest FarPeakAcqnA FPAC 10.17 0.1 Haemonetics HAE 90.91 0.6 Nathan's NATH 72.12 -0.4 ProfoundMed PROF 13.14 9.6 VahannaTechI A VHNA 10.86 ... HeartTestLabs HSCS 0.71 -1.9
session. % CHG-Daily percentage change from the previous trading session. FederalSignal FSS 51.86 1.3 HawksAcqn HWKZ.U 11.31 7.0 NewVistaAcqnA NVSA 10.15 -0.2 QuiptHomeMed QIPT 6.35 2.6 ValeroEnergy VLO 146.91 0.2 IMV IMV 2.02 -8.2
Ferrari RACE 245.28 0.5 HeritageCrystal HCCI 38.46 2.0 NovoNordisk NVO 141.50 ... Rambus RMBS 42.88 2.0 VillageBank&Tr VBFC 62.33 7.2 InnovativeIndProp IIPR 87.17 -0.7
FirstReserveA FRSG 10.11 -0.2 HyattHotels H 110.65 1.4 NubiaBrandA NUBI 10.30 0.2 RevanceTherap RVNC 34.22 5.7 ViscogliosiBros VBOC 10.21 0.1 Inpixon INPX 1.39 -5.2
Monday, January 23, 2023 Impinj PI 137.54 3.4 RigelResource RRAC.U 10.54 -0.9
FluenceEnergy FLNC 24.93 10.5 NuSTAR PfdB NSpB 22.70 1.3 VishayPrecision VPG 44.29 3.1 JackCreekInvt JCICU 8.98 13.1
52-Wk % 52-Wk % 52-Wk % Fluor FLR 36.90 0.1 InsightAcqn INAQ.U 10.12 0.2 OPYAcqnI OHAAU 10.67 0.9 ShuaaPtrsI A SHUA 10.37 ... WabashNational WNC 26.52 1.7 JaguarHealth JAGX 5.26 -14.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FortuneRise FRLAU 10.47 0.1 Intapp INTA 30.00 0.3 O2MicroIntl OIIM 4.69 4.0 ST Ener I A STET 10.28 0.4 WhiteMtnIns WTM 1508.97 1.2 JupiterWellnessWt JUPWW 0.11 -0.2
ForumMergerIV A FMIV 10.11 -0.1 IntelligentBio INBS 1.60 293.1 OakValleyBncp OVLY 25.74 2.3 SaratogaInv8.125Nt SAY 25.35 -0.2 Winmark WINA 269.66 -0.5 KKRIncomeOppsRt KIOrw 0.11 3.4
AtourLifestyle ATAT 27.43 -2.0 CleanHarbors CLH 128.94 2.7 IntelligentMedA IQMD 10.33 ... Savara SVRA 2.19 4.3 WorldQuantumA WQGA 10.27 0.1 KnotOffshore
Highs AxcelisTechs
AxonEnterprise
ACLS 109.50 4.8 Coca-Cola Femsa
AXON 194.80 2.1 CodaOctopus
KOF
CODA
75.17 3.6
7.96 1.9
FrontierAcqnA
FrontierInvtA
FRON
FICV
10.15
10.09
...
0.1 InterParfums IPAR 116.09 0.7
Oppenheimer A OPY
OverseasShip OSG
48.05
3.81
1.7
-1.9 ScilexWt SCLXW 1.92 -12.6 WynnResorts WYNN 100.93 1.0 KubientWt
KNOP
KBNTW
5.37
0.05
2.4
-39.1
InvestcorpIndiaA IVCA 10.40 0.3 SeaportCalibre SCMAU 10.64 -0.2 YirenDigital YRD 3.29 2.3 LDH Growth I Wt LDHAW
AryaSciencesIV ARYD 10.15 ... ByteAcqn BYTSU 10.30 ... ColombierAcqnA CLBR 10.03 ... GE HealthCare GEHC 69.91 4.1 POSCO PKX 63.31 0.2 0.02 1.5
Jabil JBL 81.45 2.0 ShinhanFin SHG 35.46 0.8 YottaAcqn YOTA 10.14 0.3 MGO Global
ATI ATI 35.92 0.9 Biohaven BHVN 20.00 4.1 ConcordAcqnIIA CNDA 10.30 -0.2 GSquaredIIA GSQB 10.20 0.1 PROOFAcqnIUn PACI.U 10.23 0.5 MGOL 3.25 -4.7
JawsMustangA JWSM 10.16 0.2 SilverSpikeII A SPKB 10.15 0.1 YumChina YUMC 61.13 3.0 MVB Financial
AcropolisInfrA ACRO 10.31 -2.3 BioXcelTherap BTAI 32.05 2.2 CoreMoldingTech CMT 14.37 4.1 GaotuTechedu GOTU 4.38 9.5 PTC PTC 135.09 3.9 MVBF 21.28 -0.1
JupiterAcqn JAQC 10.50 0.2 StarGroup SGU 12.96 -0.3 YunhongCTI CTIB 2.07 12.8 MedicusSciWt
AehrTestSys AEHR 34.98 8.0 BlackSpadeA BSAQ 10.12 0.4 CresceraCapAcqnUn CRECU 10.44 0.8 GenieEnergyPfd GNEpA 11.23 -0.3 ParPacific PARR 27.82 4.1 MSACW 0.01 -29.2
KLA KLAC 428.56 2.8 StrategicEd STRA 89.96 0.8
AetheriumAcqnA GMFI 10.26 0.1 GenworthFin GNW 5.47 0.4 Paya PAYA 9.73 0.2 MidatechPharma MTP 0.60 -1.5
AfterNextHealth AFTR.U 10.20 1.0
BowmanConsult
BridgetownUn
BWMN 23.81 -0.6 DakotaGoldWt
BTWNU 10.14 0.4 DataKnightsA
DC.WS 2.05 19.2
DKDCA 10.59 0.3 GesherIAcqn GIACU 11.20 -3.4
KhoslaVenturesIII
LandcadiaIV
KVSC
LCAHU
10.09
10.58 0.1
...
Paysign PAYS 3.55 4.3
SupernusPharms SUPN
SustDevtAcqnI SDACU
41.25
10.38
2.2
2.4
Lows MobivAcqnWt MOBVW 0.01 -52.5
AltEnergyA AEAE 10.27 -0.1 BridgetownA BTWN 10.09 0.5 DecarbPlusIV DCRDU 10.75 -1.8 GesherIAcqnA GIAC 11.36 5.1 LasVegasSands LVS 55.90 1.5 PennsWoodsBncp PWOD 28.00 -0.1 TPGPaceBenII YTPG 9.91 ... AcriCapitalUn ACACU 9.44 -0.6 MountRainierAcqn RNERU 8.22 -1.4
AltraIndlMotion AIMC 61.04 0.1 CDW CDW 201.78 0.6 DeckersOutdoor DECK 428.13 1.0 GettyRealty GTY 35.78 -0.4 LibertyRscsA LIBY 10.35 0.1 Penumbra PEN 250.85 0.9 TailwindIntlA TWNI 10.15 0.1 AlphaTimeWt ATMCW 0.05 -0.2 NetcapitalWt NCPLW 0.20 -20.7
AmericaMovil AMX 21.27 0.7 CTS CTS 47.04 2.5 DirectSellingA DSAQ 10.39 ... GlblBlockchain GBBK 10.17 -0.1 LifeTime LTH 18.07 2.7 PeoplesBncpNC PEBK 34.00 0.8 Talon1AcqnA TOAC 11.37 0.3 Amesite AMST 0.13 -12.3 OpGen OPGN 2.20 -0.4
AmShrHosp AMS 3.42 2.2 CVD Equipment CVV 9.10 17.0 EG Acqn A EGGF 10.08 ... GoalAcqns PUCK 10.12 0.1 LionElectricWt LEV.WS.A 1.02 -8.2 PeridotAcqnIIA PDOT 10.17 -0.1 Tapestry TPR 44.23 1.2 BruushOralCare BRSH 0.32 -12.1 PaciraBioSci PCRX 35.35 5.0
Ameriprise AMP 339.72 1.6 CapitalworksEM CMCAU 10.83 1.8 EM Horizon A HORI 10.34 ... GraniteConstr GVA 40.25 0.6 LiveOakMobilityA LOKM 10.09 0.1 PerionNetwork PERI 31.88 6.7 TechnipFMC FTI 13.41 0.8 CadrenalTherap CVKD 3.64 -4.9 PerformShipping PSHG 2.85 -3.3
ArcosDorados ARCO 8.86 ... CascadiaAcqnA CCAI 10.10 0.2 EncompassHealth EHC 63.27 -0.6 GreenVisorI GVCIU 10.50 0.3 MinisoGroup MNSO 15.26 0.8 PermianBasin PBT 25.99 -0.6 Tidewater TDW 43.38 0.2 D&ZMediaWt DNZ.WS 0.00 -98.2 PlutonianAcqnWt PLTNW 0.04 -19.6
Arhaus ARHS 14.10 7.7 CascadiaAcqn CCAIU 10.08 0.1 EnelChile ENIC 2.31 6.5 GreenlightCapRe GLRE 9.57 -4.3 MarathonPetrol MPC 128.82 0.9 PineTech PTOCU 10.11 0.1 TidewaterWtA TDW.WS.A 2.02 16.9 DataStorageWt DTSTW 0.11 -44.5 RiverNorthCapRt RSFr 0.05 -2.7
AssetMarkFin AMK 26.70 3.6 CECO Env CECO 14.81 1.5 EnergyTransfer ET 13.07 2.0 GrAeroportuario OMAB 75.50 2.1 MarblegateAcqn GATEU 10.52 0.9 Plexus PLXS 114.97 1.8 TidewaterWtB TDW.WS.B 1.04 3.1 Daxor DXR 8.84 0.6 TailwindAcqn TWND.U 6.71 -13.2
Astronics ATRO 15.04 -0.4 ChengheAcqn CHEAU 10.40 0.1 Espey ESP 16.30 3.3 GpoAeroportuar PAC 183.95 1.4 MasterCraftBoat MCFT 29.77 0.7 PliantTherap PLRX 36.50 34.5 Timken TKR 78.97 1.1 DecarbPlusIV DCRDU 9.90 -1.8 TailwindAcqnA TWND 6.22 -8.6
AtlCoastalAcqn ACAHU 10.10 0.2 ChurchillCapVII CVII.U 10.05 ... EVeMobilityA EVE 10.32 0.1 GpoAeroportSur ASR 291.24 1.1 Medpace MEDP 241.48 4.5 PlutonianAcqn PLTNU 10.48 1.4 TioTechA A TIOA 10.14 ... DigitalWorldA DWAC 14.72 -3.7 Tricida TCDA 0.09 -10.0
AtlCoastal II Wt ACABW 0.33 10.3 ChurchillVII A CVII 10.05 ... FNB PfdE FNBpE 27.83 4.0 H&E Equipment HEES 49.51 2.3 MettlerToledo MTD 1583.40 1.0 PoseidaTherap PSTX 7.64 -2.9 TransMedics TMDX 67.00 2.7 FutureHealthESG FHLT 9.75 -1.3 VerticalAerospace EVTL 2.17 -2.7
AtlasAir AAWW 102.27 ... CirrusLogic CRUS 90.67 3.5 FtacHeraAcqn HERAU 10.15 0.1 HCM Acqn HCMAU 10.42 0.8 MicroCloudWt HOLOW 0.47 23.5 Potbelly PBPB 7.89 4.0 Transocean RIG 6.31 3.7 GesherIAcqn GIACU 9.66 -3.4 VistraWt VST.WS.A 0.11 -11.2
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
GblStock 13.66 +0.10 8.3 Idx2040InsPre 20.15 +0.15 6.3 CapApInst 68.15 +0.99 8.6 LrgCpStr 15.39 +0.13 5.6 IntlEqIdxInst 20.63 +0.05 8.0 TotIntBdIdxAdm NA ... NA IdxIntl NA ... NA
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Income 12.59 -0.01 3.3 Fidelity Invest Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r NA ... NA MdCpGrAdml NA ... NA
Intl Stk 46.71 +0.10 8.4 Balanc 24.03 +0.17 4.8 IntlEq 25.57 +0.18 NA ParnEqFd 49.20 +0.53 4.9 500Adml 371.02 +4.35 NA TotStAdml NA ... NA MdCpVlAdml NA ... NA
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Stock 226.19 +2.35 4.9 BluCh 123.98 +2.83 10.2 Invesco Funds A PGIM Funds Cl Z BalAdml 41.34 +0.27 NA TxMCapAdml NA ... NA SmValAdml NA ... NA
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA
DoubleLine Funds Contra 12.74 +0.14 5.4 10.19 +0.07 3.8 TotalReturnBond 12.08 -0.03 NA CAITAdml 11.38 -0.01 2.4 TxMIn r 14.61 +0.05 NA TotBd2 9.61 -0.02 NA
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI 9.04 -0.02 3.1 CpInc 9.34 +0.03 3.9 Invesco Funds Y CapOpAdml r157.74 +1.96 NA TotIntlInstIdx r NA ... NA
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not PIMCO Fds Instl USGroAdml 110.34 +2.12 NA
Edgewood Growth Instituti GroCo 24.53 +0.49 9.0 DevMktY 38.54 +0.32 10.2 AllAsset 10.99 +0.02 NA DivAppIdxAdm 41.99 +0.34 NA ValAdml 55.65 +0.39 NA TotItlInstPlId r NA ... NA
available due to incomplete price, performance or cost data. NE-Not released by Lipper; EdgewoodGrInst 34.69 +0.73 10.8 InvGrBd
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
10.13 -0.02 3.1 JHF III DispVal TotRt 8.69 -0.02 2.9 EMAdmr NA ... NA WdsrllAdml 69.57 +0.81 NA TotSt NA ... NA
Fidelity LowP 47.97 +0.31 3.9 DispValMCI 25.75 +0.32 5.4 PIMCO Funds A EqIncAdml 86.26 +0.53 NA WellsIAdml 60.84 +0.08 NA VANGUARD INSTL FDS
500IdxInstPrem139.48 +1.64 4.8 Magin 11.39 +0.14 6.5 John Hancock IncomeFd 10.62 +0.01 2.9 ExplrAdml 93.82 +1.51 NA WelltnAdml 68.17 +0.27 NA BalInst 41.35 +0.28 NA
Monday, January 23, 2023 Contrafund K6 17.73 +0.20 5.3 NASDAQ 143.23 +2.83 8.6 BondR6 13.74 -0.02 3.3 PIMCO Funds I2 ExtndAdml NA ... NA WndsrAdml 72.18 +0.68 NA DevMktsIndInst 14.63 +0.05 NA
Net YTD Net YTD Net YTD ExtMktIdxInstPre 68.23 +1.08 8.3 OTC 13.89 +0.23 8.3 JPMorgan I Class Income 10.62 +0.01 2.9 GNMAAdml 9.42 -0.03 NA VANGUARD FDS DevMktsInxInst 22.86 +0.08 NA
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret FidSerToMarket 13.30 +0.16 5.3 Puritn 21.44 +0.14 4.6 CoreBond 10.38 -0.03 NA PIMCO Funds Instl GrwthAdml 118.99 +2.09 NA DivdGro 35.15 +0.17 NA ExtndInst NA ... NA
GrowthCompanyK6 16.73 +0.34 8.7 SAIUSQtyIdx 15.89 +0.15 3.8 EqInc 22.86 +0.15 NA IncomeFd 10.62 +0.01 2.9 HlthCareAdml r 90.42 +0.20 NA IntlVal 39.30 +0.14 NA GrwthInst 118.99 +2.08 NA
American Century Inv WshA 52.95 +0.38 1.8 MunicipalBond 9.92 -0.01 2.4 InflPrBdIndInsPr 9.20 ... 2.0 SrsEmrgMkt 17.46 +0.17 11.8 LgCpGwth 46.66 +0.57 NA Price Funds HYCorAdml r 5.30 +0.01 NA InPrSeIn 9.63 ... NA
Ultra 59.41 +1.09 7.7 Artisan Funds Calamos Funds LifeCon NA ... NA
IntlIdxInstPrem 44.50 +0.14 8.0 SrsGlobal 13.42 +0.06 8.7 JPMorgan R Class
BlChip 111.63 +1.88 7.8 InfProAd 23.64 -0.01 NA InstIdx 336.99 +3.96 NA
American Funds Cl A IntlVal Inst NA ... NA MktNeutI 14.01 +0.04 1.8 LifeGro NA ... NA
LgCpGwId InstPre 22.16 +0.34 6.4 SrsGroCoRetail 14.94 +0.28 8.5 CoreBond 10.40 -0.02 NA IntlGrAdml 101.88 +1.22 NA InstPlus 336.98 +3.95 NA
AmcpA 32.37 +0.50 7.6 Baird Funds Columbia Class I DivGro 65.71 +0.48 2.5 LifeMod NA ... NA
MidCpInxInstPrem 27.54 +0.37 6.3 SrsIntlGrw 15.69 +0.11 10.0 CorePlusBd 7.34 -0.02 NA ITBondAdml NA ... NA InstTStPlus 70.55 +0.87 NA
AMutlA 49.16 +0.28 1.5 AggBdInst 9.87 -0.02 2.8 DivIncom I 29.21 +0.20 1.0 Growth 66.54 +1.11 8.0 PrmcpCor 28.92 +0.29 NA
SAIUSLgCpIndxFd 17.61 +0.21 4.8 SrsIntlVal 10.77 ... 7.4 Lord Abbett A ITIGradeAdml 8.59 -0.01 NA MidCpInst NA ... NA
BalA 29.69 +0.14 3.2 CorBdInst 10.15 -0.02 2.8 Dimensional Fds HelSci 90.54 +0.39 0.8 STAR NA ... NA
SeriesBondFd 9.10 -0.02 2.8 TotalBond 9.61 -0.01 3.2 ShtDurIncmA p 3.87 ... 1.0 LarCapAd 92.28 +1.12 NA MidCpIstPl NA ... NA
BondA 11.67 -0.03 2.7 BlackRock Funds 5GlbFxdInc 9.91 ... 0.8 LgCapGow I 48.87 +0.70 6.4 TgtRe2020 NA ... NA
SeriesOverseas 11.83 +0.06 8.9 Fidelity SAI Lord Abbett I LTGradeAdml 8.25 -0.02 NA RealEstaInstl NA ... NA
CapIBA 64.86 +0.14 3.0 HiYldBd Inst 6.87 +0.01 3.8 EmgMktVa 28.53 +0.13 7.9 SerLTTreBdIdx 6.18 -0.03 5.6 TotalBd ShtDurInc p 3.86 -0.01 1.0 MidCap 94.85 +1.43 6.9 TgtRe2025 NA ... NA
9.09 -0.01 3.2 MidCpAdml NA ... NA SmCapInst NA ... NA
CapWGrA 54.74 +0.40 6.1 BlackRock Funds A EmMktCorEq 22.04 +0.16 9.4 SmCpIdxInstPrem 23.32 +0.29 7.5 U.S.TreBdIdx 8.85 -0.02 2.4 Metropolitan West NHoriz 50.11 +1.07 8.2
MuHYAdml 10.61 -0.03 3.7 TgtRe2030 NA ... NA SmCapIstPl NA ... NA
EupacA 53.45 +0.31 9.0 GlblAlloc 17.18 ... 4.4 IntlCoreEq 14.57 +0.05 7.8 TMktIdxInstPrem111.61 +1.38 5.3 First Eagle Funds TotRetBdI NA ... NA R2020 17.44 +0.07 4.2 MuIntAdml 13.66 -0.02 2.4 TgtRe2035 NA ... NA STIGradeInst 10.06 -0.01 NA
FdInvA 63.54 +0.59 5.5 BlackRock Funds III IntSmCo 18.73 +0.07 7.5 TotalMarketIndex 14.06 +0.18 5.3 GlbA 61.47 +0.30 6.0 TRBdPlan NA ... NA R2025 15.28 +0.08 4.5 MuLTAdml 10.90 -0.02 3.4 TgtRe2040 NA ... NA STIPSIxins 23.60 ... 0.7
GwthA 53.44 +0.80 8.0 iShS&P500IdxK471.45 +5.54 4.8 IntSmVa 20.17 +0.06 7.2 USBdIdxInstPrem 10.44 -0.03 2.7 Franklin A1 MFS Funds R2030 22.95 +0.14 5.0 MuLtdAdml 10.80 ... 1.3 TgtRe2045 NA ... NA TotBdInst NA ... NA
HI TrA 9.31 +0.01 3.1 BlackRock Funds Inst LgCo 27.40 +0.32 4.8 Fidelity Freedom IncomeA1 2.34 ... 3.6 IIE 30.50 +0.11 8.4 R2040 25.83 +0.22 5.8 MuShtAdml 15.66 ... 0.7 TgtRe2050 NA ... NA TotBdInst2 9.61 -0.02 NA
ICAA 43.16 +0.39 4.6 EqtyDivd 19.09 +0.18 4.4 US CoreEq1 31.34 +0.36 5.2 FF2020 13.44 +0.05 5.3 FrankTemp/Frank Adv MFS Funds Class I Putnam Funds Class A PrmcpAdml r140.11 +1.62 NA TgtRe2060 NA ... NA TotBdInstPl NA ... NA
IncoA 23.15 +0.04 2.3 StratIncOpptyIns 9.35 -0.01 1.9 US CoreEq2 28.55 +0.32 5.2 FF2025 12.39 +0.05 5.7 IncomeAdv 2.32 ... 3.6 GrowthI 141.78 +1.75 6.9 PutLargCap p 29.08 +0.22 3.1 RealEstatAdml NA ... NA TgtRet2055 NA ... NA TotIntBdIdxInst NA ... NA
IntBdA 12.61 -0.02 1.6 Bridge Builder Trust US Small 41.13 +0.44 6.3 FF2030 15.51 +0.07 6.0 FrankTemp/Franklin A ValueI 48.98 +0.36 2.5 Schwab Funds SmCapAdml NA ... NA TgtRetInc NA ... NA TotStInst NA ... NA
N PerA 50.75 +0.46 7.3 CoreBond 9.06 -0.02 2.7 US SmCpVal 41.61 +0.34 5.9 FF2035 13.41 +0.08 6.6 Growth A 107.78 +1.50 5.5 Neuberger Berman Fds 1000 Inv r NA ... NA SmGthAdml NA ... NA WellsI 25.12 +0.04 NA ValueInst 55.64 +0.38 NA
NEcoA 46.67 +0.70 7.3 CorePlusBond 8.95 -0.02 2.9 US TgdVal 29.16 +0.28 6.5 FF2040 9.54 +0.08 7.3 RisDv A 83.77 +0.62 1.4 LCVal Inst 43.95 +0.30 2.1 S&P Sel NA ... NA STBondAdml NA ... NA Welltn 39.48 +0.16 NA WCM Focus Funds
NwWrldA 71.57 +0.50 7.7 Intl Eq 11.68 +0.04 9.0 USLgVa 43.32 +0.42 4.4 Freedom2030 K 15.51 +0.08 6.1 Guggenheim Funds Tru Northern Funds TSM Sel r NA ... NA STIGradeAdml 10.06 -0.01 NA WndsrII 39.22 +0.45 NA WCMFocIntlGrwIns 21.59 +0.17 9.8
SmCpA 61.02 +0.72 8.8 LargeCapGrowth 18.19 +0.22 6.4 Dodge & Cox Idx2030InsPre 17.69 +0.08 5.3 TotRtnBdFdClInst 23.99 -0.04 3.7 StkIdx 42.77 +0.50 4.8 TIAA/CREF Funds STIPSIxAdm 23.58 ... 0.7 VANGUARD INDEX FDS Western Asset
TxExA 12.37 -0.02 2.9 LargeCapValue 15.58 +0.13 3.8 Balanced 97.68 +0.51 4.6 Idx2035InsPre 19.81 +0.12 5.8 Harbor Funds Old Westbury Fds EqIdxInst 28.57 +0.35 5.2 TotBdAdml NA ... NA ExtndIstPl NA ... NA CorePlusBdI NA ... NA
THE WALL STREET JOURNAL. * * * * Tuesday, January 24, 2023 | B11
MARKETS
Genesis Sees Quick Creditor Deal Travelport

Ditches
Bankrupt crypto
lender to explore
a restructuring settlement be-
fore filing chapter 11 last week.
“We are quite close,” said
entanglements with failed
crypto exchange FTX and hedge
fund Three Arrows Capital.
utive of DCG, and Gemini co-
founder Cameron Winklevoss
have traded barbs on Twitter
A special committee of the
Genesis holding company’s
board has been investigating
Proposal
options such as an
asset sale or a restart
Sean O’Neal, a lawyer for Gene-
sis, at Monday’s hearing in the
U.S. Bankruptcy Court in New
Genesis took deposits from
institutional customers and
lent those assets out, often to
about who is responsible for
the repayment of the assets
owed to Gemini users. Gemini
intercompany transactions, in-
cluding the $1.65 billion lent to
DCG, which has said it intends
To Defer
BY AKIKO MATSUDA
York.
Absent a resolution “within
the next few days,” Genesis will
hedge funds for speculation on
crypto markets. The company’s
chapter 11 filing doesn’t cover
in November foreclosed on
nearly 31 million shares of
Grayscale Bitcoin Trust to pay
to address its obligations to
Genesis in the course of a re-
structuring.
Interest
Bankrupt crypto lender Gen- return to bankruptcy court to its derivatives, spot trading, down $284 million owed by Genesis listed roughly $5.1
esis Global Capital LLC expects seek the appointment of a me- custody and brokerage arms, Genesis, which disputes the le- billion of total liability as of BY ANDREW SCURRIA
a deal with major creditors to diator, Mr. O’Neal said. A reso- which continue business as gality of that foreclosure, court Nov. 30, but has more than AND ALEXANDER GLADSTONE
come together within days to lution with institutions that put usual. papers show. $150 million in unencumbered
provide a framework for a pos- their clients’ money with Gene- The largest borrower from Another major creditor, cash to fund the chapter 11 Travelport Worldwide
sible sale of the lending busi- sis is important to jump-start Genesis is its parent DCG, Mirana Corp., has claims case. Under a proposed restruc- Ltd. scrapped a proposal ask-
ness or a restart of operations. other parts of its chapter 11 exit which owes at least $1.65 bil- against Genesis Asia Pacific and turing filed by Genesis, the ing certain senior lenders to
Lawyers for Genesis said in framework, including the mar- lion in intercompany obliga- has “some serious concerns” company would have 90 days defer cash interest payments,
a court hearing that Genesis keting of its assets for sale and tions, including a $1.1 billion about certain transactions that to identify an acceptable buyer people familiar with the mat-
has been in round-the-clock ne- a possible capital raise, he said. promissory note due in 2032. occurred before the bankruptcy for its assets. Otherwise, cus- ter said.
gotiations with its parent com- Genesis Global Holdco and Genesis also did business with filing, Mirana lawyer Eric tomers would receive a combi- Facing liquidity pressure
pany and largest borrower, Dig- its subsidiaries Genesis Global crypto exchange Gemini, which Daucher said in Monday’s hear- nation of cash, other assets and and a hefty debt load,
ital Currency Group Inc., as Capital LLC and Genesis Asia lent its retail customers’ funds ing. The size of Mirana’s claim 100% ownership of the busi- the travel-booking platform
well as creditors and other Pacific Pte. Ltd. filed for chap- to Genesis. is listed as $151.6 million, ac- ness, including its claims had asked lenders to receive
stakeholders, but couldn’t seal ter 11 largely because of their Barry Silbert, the chief exec- cording to court papers. against FTX and Three Arrows. interest payments in-kind,
meaning that instead of re-
ceiving cash, the interest
Stocks Index performance Monday

2.5%
would be added on to the
principal amount and repaid
later.
Move 2.0 Nasdaq

The debt proposal didn’t
gain traction with senior
lenders that were uncomfort-
Higher 1.5
Composite able that other, junior credi-
tors weren’t asked to do the
same, people familiar with
the matter said.
Continued from page B1 Debt discussions are ex-
3.1%, to $155.87 after The Wall S&P 500 pected to continue between
Street Journal reported that 1.0 creditors and Travelport,
Elliott Management had taken backed by private-equity
MARIO TAMA/GETTY IMAGES
a big stake in the software Dow Jones owners Elliott Management

Industrial
.
company. Spotify Technology Average Corp. and Siris Capital
shares advanced $2.03, or 2.1%, 0.5
ly
Group.
to $99.94 after The company’s owners
MONDAY’S the music- didn’t respond to a request to
MARKETS streaming 0 comment Monday.
company said
it was laying off 6% of its staff.
Investors also await a busy
week of earnings reports, with
on
Investors await a busy week of earnings reports, with Chevron,
Boeing, Comcast and IBM among the reporters.
10 a.m.
Source: FactSet
11 noon 1 p.m. 2 3 4
Travelport has had a tense
relationship with its lenders
before.
In 2020, it received $1 bil-
nearly a fifth of S&P 500 com- inflation. pects,” Mr. Morris said. ing a rally driven by expecta- AUCTION RESULTS lion of financing from its eq-
us ,
Here are the results of Monday's Treasury auctions.

panies due to announce quar- Daniel Morris, chief market Treasury prices fell Monday, tions of rising Chinese demand. All bids are awarded at a single price at the market- uity owners to help it ride out
l
clearing yield. Rates are determined by the difference

terly results. Among the bell- strategist at BNP Paribas Asset pushing the yield on 10-year Global markets were broadly the Covid-19 pandemic, but
e
between that price and the face value.
al a
wethers on deck to report this Management, said that is one Treasury notes up to 3.522% higher. Technology and basic- lenders claimed the deal im-
week are Boeing, Comcast, reason why the firm is taking a from 3.483% Friday. The yield resource stocks led the ad- 13-Week 26-Week properly stripped assets away
cautious stance on stocks. It is on the interest rate-sensitive vance in Europe, where the $167,134,014,000 $137,452,697,800 from them and wasn’t al-
ci on
Chevron, International Busi- Applications

Accepted bids $66,418,057,500 $53,134,495,300
ness Machines, Microsoft and also betting that two-year two-year note rose to 4.238% Stoxx Europe 600 added 0.5%. " noncomp $1,657,437,300 $1,694,877,000
lowed under their debt docu-
Tesla. Treasury yields will rise rela- from 4.181%. Yields fell for a Mainland Chinese markets are " foreign noncomp $1,000,000,000 $1,000,000,000 ments.
Although traders are betting tive to yields on six-month third-straight week last week closed all week for Lunar New Auction price (rate) 98.843542 97.631472 Tensions cooled under a
(4.575%) (4.685%)
the Fed will cut rates later this bills, which could happen if on signs of slowing economic Year. In Hong Kong, markets 4.693% 4.865% settlement in 2020 between
year, some money managers market forecasts for interest growth. are closed through Wednesday. Bids at clearing yield accepted 81.65% 90.93% Elliott, Siris and the lenders
er s
912796YV5 912796Y29
predict rates could stay higher rates pick up again. Oil prices rose. Front-month Early Tuesday, Japan’s Nikkei that provided the company
Both issues are dated Jan. 26, 2023. The 13-week bills
for longer as the central bank “Inflation isn’t going to slow Brent crude futures climbed 225 was up 1.6%. S&P 500 fu- mature on April 27, 2023; the 26-week bills mature on with $500 million in financ-
m er
has more work in store to tame down as fast as the market ex- 0.6% to $88.19 a barrel, extend- tures rose 1.3%. July 27, 2023. ing.
Citadel’s 2022 Gain Was Highest

m rp
Ever Made by a Hedge-Fund Firm Stop the flood

of misinformation
co Fo
BY JULIE STEINBERG
Hedge-fund giant Citadel LLC

made $16 billion for its investors
last year, the largest annual gain It’s harder than ever to separate what’s trustworthy
ever made by a hedge-fund firm, from what’s not. But we all have the power to find
according to research from LCH
Investments.
reliable sources and elevate credible information.
Citadel’s gain, which was
calculated after fees, is larger Learn how at NewsLiteracyWeek.org
than John Paulson’s 2007 gain
Jan. 23–27, 2023
BRYAN VAN DER BEEK/BLOOMBERG NEWS
made during the subprime

mortgage crisis, according to
n-
LCH Investments, part of the

Edmond de Rothschild Group.
The figures aren’t adjusted for
inflation.
no
Ken Griffin’s hedge-fund

manager had $53 billion in as-
sets under management as of
Jan. 1., according to its website.
Citadel also surpassed
Bridgewater Associates to Ken Griffin’s Citadel surpassed Bridgewater Associates at the top
take 2022’s crown of top alter- of alternative money managers by net gains since inception.
native money managers by net
gains since inception, LCH said. firms have benefited from re- around $22 billion made by the
Also on this list are D.E. Shaw cent market volatility and ag- top 20 firms.
& Co., Millennium Management gressive bets juiced by plenty The Wall Street Journal has
LLC, Soros Fund Management of leverage. previously reported that reve-
LLC and Elliott Investment It was a tough year for the nue at Citadel’s hedge-fund op-
Management LP. industry, however. The re- erations hit a record in 2022,
LCH Investments cited Cita- search estimates that hedge and the group’s flagship multi-
del’s myriad profit streams and funds broadly lost more than strategy fund, Wellington,
risk management, and said it $200 billion for their investors made a return of more than
and other large multistrategy last year, compared with 38%.
Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Closing Chg YTD SPDR S&PMdCpTr MDY 472.20 1.29 6.6

Monday, January 23, 2023
ETF Symbol Price (%) (%) SPDR S&P Div SDY 127.53 0.73 1.9
Closing Chg YTD TechSelectSector XLK 134.33 2.28 7.9
ETF Symbol Price (%) (%) iShNatlMuniBd MUB 107.73 –0.22 2.1
UtilitiesSelSector XLU 69.25 0.03 –1.8
CnsStapleSelSector XLP 72.85 0.32 –2.3 iSh1-5YIGCorpBd IGSB 50.50 –0.16 1.4
VangdInfoTech VGT 346.23 2.37 8.4
DimenUSCoreEq2 DFAC 25.54 1.11 5.2 iSh1-3YTreaBd SHY 81.70 –0.10 0.7
VangdSC Val VBR 168.62 1.01 6.2
EnSelSectorSPDR XLE 90.60 0.13 3.6 iShRussell1000Gwth IWF 227.99 1.60 6.4
VangdExtMkt VXF 143.82 1.57 8.2
FinSelSectorSPDR XLF 35.76 1.16 4.6 iShRussell1000Val IWD 157.57 0.98 3.9
VangdDivApp VIG 154.73 0.81 1.9
HealthCareSelSect XLV 134.37 0.34 –1.1 iShRussell2000 IWM 187.33 1.24 7.4
VangdFTSEDevMk VEA 45.55 0.42 8.5
IndSelSectorSPDR XLI 100.07 1.09 1.9 iShRussMC IWR 71.65 1.37 6.2
VangdFTSE EM VWO 42.80 0.73 9.8
InvscQQQI QQQ 288.96 2.22 8.5 iShRussell1000 IWB 221.13 1.25 5.0
VangdFTSE Europe VGK 60.74 0.46 9.6
InvscS&P500EW RSP 149.33 1.27 5.7 iShS&P500Growth IVW 60.97 1.25 4.2
VangdFTSEAWxUS VEU 54.58 0.42 8.9
iSh0-5YTIPSBd STIP 97.66 ... 0.7 iShS&P500Value IVE 152.78 1.17 5.3
VangdGrowth VUG 231.11 1.80 8.4
iShCoreDivGrowth DGRO 50.81 0.75 1.6 iShSelectDiv DVY 123.50 0.57 2.4
VangdHlthCr VHT 247.52 0.40 –0.2
iShCoreHiDiv HDV 105.10 0.29 0.8 iSh7-10YTreaBd IEF 98.85 –0.32 3.2
VangdHiDiv VYM 109.61 0.67 1.3
iShCoreMSCIEAFE IEFA 66.86 0.38 8.5 iShShortTreaBd SHV 110.17 ... 0.2
108.55 2.0
VangdIntrCorpBd VCIT 80.33 –0.17 3.6
iShCoreMSCIEM IEMG 51.59 0.74 10.5 iShTIPSBondETF TIP –0.09
iSh20+YTreaBd TLT 105.70 –0.47 6.2 VangdIntermTrea VGIT 59.75 –0.25 2.2
iShCoreMSCITotInt IXUS 63.02 0.53 8.9
iShUSTreasuryBd GOVT 23.24 –0.24 2.3 VangdLC VV 182.72 1.27 4.9
iShCoreS&P500 IVV 402.42 1.19 4.7
JPMEquityPrem JEPI 55.12 0.20 1.2 VangdMC VO 215.95 1.32 6.0
iShCoreS&P MC IJH 257.99 1.25 6.7
JPM UltShIncm JPST 50.32 0.02 0.4 VangdMC Val VOE 141.75 0.98 4.8
iShCoreS&P SC IJR 101.19 1.10 6.9
89.28 5.3 SPDRBlm1-3MTB BIL 91.64 ... 0.2 VangdMBS VMBS 46.88 –0.36 3.0
iShCoreS&PTotUS ITOT 1.30
iShCoreTotalUSDBd IUSB 46.25 –0.15 2.9 SPDR Gold GLD 179.63 0.19 5.9 VangdRealEst VNQ 88.09 0.46 6.8
iShCoreUSAggBd AGG 99.84 –0.25 2.9 SPDRPtfDevxUS SPDW 32.25 0.44 8.6 VangdS&P500ETF VOO 368.14 1.22 4.8
iShESGAwareUSA ESGU 88.91 1.25 4.9 SPDRS&P500Value SPYV 40.97 1.19 5.3 VangdST Bond BSV 76.08 –0.17 1.1
iShEdgeMSCIMinUSA USMV 72.71 0.48 0.8 SPDRPtfS&P500 SPLG 47.10 1.16 4.7 VangdSTCpBd VCSH 76.22 –0.13 1.4
iShEdgeMSCIUSAQual QUAL 120.39 1.33 5.6 SPDRS&P500Growth SPYG 52.83 1.28 4.3 VangdShtTmInfltn VTIP 47.03 –0.02 0.7
iShGoldTr IAU 36.62 0.19 5.9 SPDR S&P 500 SPY 400.63 1.20 4.8 VangdShortTrea VGSH 58.20 –0.10 0.7
iShiBoxx$HYCpBd HYG 76.16 –0.01 3.4 SchwabIntEquity SCHF 34.98 0.40 8.6 VangdSC VB 197.46 1.41 7.6
iShiBoxx$InvGrCpBd LQD 110.23 –0.29 4.6 SchwabUS BrdMkt SCHB 47.16 1.27 5.2 VangdTaxExemptBd VTEB 50.70 –0.12 2.4
iShJPMUSDEmgBd EMB 88.45 –0.06 4.6 SchwabUS Div SCHD 76.54 0.79 1.3 VangdTotalBd BND 73.89 –0.24 2.9
iShMBS MBB 95.50 –0.33 3.0 SchwabUS LC SCHX 47.41 1.26 5.0 VangdTotIntlBd BNDX 48.59 –0.25 2.4
iShMSCIACWI ACWI 90.46 0.88 6.6 SchwabUS LC Grw SCHG 59.84 1.73 7.7 VangdTotIntlStk VXUS 56.21 0.48 8.7
iShMSCI EAFE EFA 71.30 0.41 8.6 SchwabUS SC SCHA 43.74 1.44 8.0 VangdTotalStk VTI 201.28 1.27 5.3
iSh MSCI EM EEM 42.03 0.72 10.9 Schwab US TIPs SCHP 52.80 –0.08 2.0 VangdTotWrldStk VT 91.93 0.94 6.7
iShMSCIEAFEValue EFV 49.29 0.18 7.4 SPDR DJIA Tr DIA 336.17 0.75 1.5 VangdValue VTV 142.61 0.70 1.6
HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
Google Faces Challenge in India Medicare

Scrutiny
Ruling by nation’s Supreme Court will force tech giant to make changes to Android in its largest market
India wants to tame big tech’s
Threatens
dominance and it has its antitrust
sights on Alphabet Inc.’s Google.
The giant company will be a tough
Insurers
nut to crack.
Last week, Google lost an appeal
in India’s Supreme Court to block Year is shaping up to be
an antitrust order that requires it more difficult for sector
to make significant changes to the
way its Android operating system
does business with smartphone Health insurers had the best of
makers, app developers and users. both worlds last year. Their stocks
It strikes at the company’s core benefited from a rotation into value
business model for Android and and their profits weathered the in-
may force the technology giant to flationary environment as health-
alter its approach in Android’s larg- care utilization remained low.
ANINDITO MUKHERJEE/BLOOMBERG NEWS
est market. But as managed-care companies

In October, the country’s anti- kick off earnings season, sentiment
trust watchdog fined Google the has shifted. That isn’t because of
equivalent of $162 million for alleg- what the most recent earnings will
edly abusing its dominance of the show. In fact, industry behemoth
Android ecosystem and ruled in fa- UnitedHealth Group Inc. earlier
vor of unbundling its apps from its this month reported a 12% increase
open-source operating system. In- in revenue to $82.79 billion, topping
dia’s antitrust remedies, influenced analyst expectations. Yet that did
by a similar case in Europe in 2018, nothing for the stock, which is
are far more stringent and the scale down 8.2% for the year.
of change required is much larger. India has 600 million Android operating system users, with another 200 million to 300 million expected by 2027. The trouble brewing for insurers
Google said it is reviewing the de- centers on potential government
tails of the Supreme Court’s deci- change in regulatory temperature is marketing spending and invest- source. It might have to do some- action on Medicare Advantage, the
sion and will cooperate with the an- arguably 10 years too late. He be- ments in product development. thing similar in India. private plans that have grown in-
.
titrust agency on the way forward, lieves that Google has built such a For years, Google subsidized An- Neil Shah, vice president of re- creasingly popular with seniors.
in parallel with its appeal. strong position and demand for its droid’s development costs by pre- search at Counterpoint Research, The plans also are very profitable
ly
India has 600 million Android services is such that the impact has installing Google Chrome and its believes that if Google implements for insurers. A recent Kaiser Family
users, the most in the world, with been far more limited than it would search app. It funneled 96% of all the required changes in India, Foundation analysis showed that
an additional 200 million to 300 have been were it introduced much smartphone users in India to its the Android ecosystem will either average gross margins for Medi-
million expected by 2027, according
to Counterpoint Research, making
the government’s push pivotal.
However, Europe’s precedent shows
on
earlier. According to Statcounter, a
website analytics company, Google’s
search-engine market share has
stayed pretty much the same glob-
own browser and search engine
that fuel its advertising machine.
Until now, Android has been dis-
tributed practically free of charge
begin to look a lot more like Micro-
soft’s license-based Windows eco-
system, or much like Apple, if it de-
cides to become vertically
care Advantage plans were double
those of plans in the marketplace
and commercial group markets.
But as more seniors switch to
the difficulty of inflicting any seri- ally since the beginning of 2018. to smartphone makers. In 2018, integrated with a closed ecosystem. Medicare Advantage, questionable
us ,
ous harm to Google’s dominant po- Some Indian app developers Google said it would introduce a India’s huge and growing market practices that drive up their profit-
l
sition and turbocharging vibrant have rejoiced at the court’s deci- new paid licensing agreement for might seem like the natural place to ability have come under increasing
e
al a
competition, at least in the near sion, but the task ahead is daunting its apps on Android smartphones rein in Google’s dominance, but scrutiny and the federal govern-
term. if they want to compete with and tablets shipped into the Euro- don’t expect the latest ruling to be ment seems intent on making
According to Geoff Blaber, chief Google’s formidable apps. For one, pean Economic Area while keeping a magic bullet for digital competi- changes that could affect their bot-
ci on
executive at CCS Insights, the it will involve millions of dollars in the operating system free and open tion. —Megha Mandavia tom line.
For starters, the government on
Feb. 1 will announce a revision to
Medicare’s auditing system, known
Homestay Travelers Develop Sticker Shock

as risk adjustment data validation,
er s
or RADV. A seemingly humdrum

tweak, it is keeping insurance exec-
m er
utives up at night. Medicare in 2018

proposed several changes to the au-
Planning a vacation on a bud- Change from the previous year diting process. Among them could
get? You’re in good company. in revenue per available room be the exclusion of something called
Americans’ demand for whole the fee-for-service adjuster, which
m rp
for U.S. short-term rentals

home rentals, especially outside ur- allows for a permissible level of
ban areas, boomed when the pan- 30% payment errors. Medicare also pro-
demic took hold. But that social posed applying the new policies ret-
distancing came at a premium, 25 roactively. If the government goes
benefiting the bottom lines of ahead with the adjuster change,
co Fo
middlemen. 20 some industry chiefs have threat-

Now travelers appear to be ach- ened legal action.
ing for community just as their 15 The government could publish a
wallets are aching for a break. In a watered-down rule—in fact, many
survey of more than 4,000 Ameri- 10 analysts think that will be the
can travelers last month, tourism case. But, as Lance Wilkes from
SEAN GALLUP/GETTY IMAGES
market research firm Destination 5 Sanford Bernstein warns, there is

Analysts found respondents were Estimate a persistent risk to Medicare Ad-
most excited to visit cities this 0 vantage because the Centers for
year—but only at the right price. Medicare and Medicaid Services
Nearly half of Americans polled –5 Forecast ultimately believes it is overpay-
said travel’s high costs kept them ing. And the government has
from taking as many trips as they 2019 ’20 ’21 ’22 ’23 other ways to target Medicare Ad-
n-
would have liked in recent months. Airbnb’s shares trade at a premium to Booking Holdings’ and Expedia’s. Source: AirDNA vantage, including through the
Of those Americans who claimed to 2024 rates it pays plans, which
be recession conscious, more than fetching more than 17 times enter- daily rates had moved even higher also differentiated from its online will be announced one day after
three-quarters said their reduced prise value to forward earnings be- on an absolute basis. travel agent peers in that, in addi- RADV. Regulators also could con-
no
spending habits applied to travel. fore interest, taxes, depreciation A change in travelers’ prefer- tion to private homes and apart- sider other policy changes to
Perhaps it is no surprise, then, and amortization, significantly ence toward smaller, cheaper rent- ments, it also offers shared vaca- things such as in-home assess-
that lofty homestay rates are be- higher than those of Booking and als, therefore, would pressure tion rentals, such as a private room ments and Medicare marketing
ginning to fall. Data from AirDNA Expedia, which trade at an average Airbnb’s revenue growth, even if in someone’s apartment. Airbnb’s pitches, says Chris Meekins of
show revenue per available room of just over 10 times. demand for the platform stays sta- messaging is all about making hu- Raymond James.
for U.S. short-term rentals is fore- That kind of premium might not ble. For whole homes and apart- man connections in sharing one’s The biggest factor for the sec-
cast to decline this year from a be warranted. While Airbnb’s reve- ments industrywide, AirDNA data home and culture; but mostly, trav- tor’s stocks in the near term might
year earlier after many years of nue rose 25% in 2021 from two show growth in average daily rates elers share to save money. That be the Federal Reserve, though,
growth. years earlier, its nights and experi- slowed across every type of loca- might attract more travelers than not government regulators. Ana-
This could be a problem for ences booked fell 8%. Revenue was tion in December. the competing parts of Booking lyst Gary Taylor at Cowen recently
companies whose multiples had boosted in large part by average RBC’s latest property manager and Expedia in the current envi- examined what the three past
been buoyed lately by Americans’ daily rates for the homestay giant, checks suggest “pricing may be the ronment, but it might not make monetary cycles did to insurers:
once-seemingly insatiable demand which rose 36% in the fourth quar- next shoe to drop.” Across the in- Airbnb that much more money. During the tightening cy-
for privacy. Outside of experiences ter of 2021 from the same period dustry, the firm notes that some “Why would you ever share your cles—2004 to 2006, 2015 to 2018
one can book on its platform, of 2019. Airbnb attributed much of hosts have already started cutting vacation home with someone you and March 2022 to the present—
Airbnb’s core business is homestay that rise to a shift toward whole prices as business this year has wouldn’t share your vacation insurers were big outperformers.
bookings, while traditional online homes and nonurban destinations, started out slow. And Goldman with?” Vrbo asks viewers in a re- Conversely, the group tended to
travel agents such as Booking where lower supply and larger Sachs’s fourth-quarter online-travel cent commercial. underperform as the tightening
Holdings and Expedia Group also properties equate to higher prices. preview predicts average daily Because suddenly we’re more cycle ended.
offer the ability to book everything As of the third quarter of last year, rates are “likely to begin normal- worried about our budgets than With the market expecting the
from hotels to flights to cruises. the most recent Airbnb has re- ization” this year. about Covid-19. Fed’s hiking cycle to end sometime
Yet shares of Airbnb are currently ported, the platform’s average It is worth noting that Airbnb is —Laura Forman this year, we are approaching the
time frame when, from a historical
standpoint, companies such as Unit-
edHealth, Elevance Health (for-
merly known as Anthem) and Hu-
Could a Recession Start Next Month? mana tend to lag behind the
market. An adverse decision on
Medicare Advantage could hasten
that trend. —David Wainer
Spread between the three-month Will there be a U.S. recession the Federal Reserve to ease up on cession for the US economy in the
and 10-year U.S. Treasury yields and, if so, when will it begin? Ac- its rate-increasing cycle soon. near term,” he noted. Another ee- Average gross margin
6 pct. pts. cording to a disturbingly accurate The Fed has never been raising rily reliable recession indicator, the per covered person
barometer, the answer is yes and rates this late into a LEI contrac- spread between the yield on three-
Medicare Advantage
RECESSION
(gulp) next month. tion, though. The index peaked last year Treasury bills and the bench-
Unlike payrolls or inflation, the February and has been in steady de- mark 10-year note, recently hit its
4 $1,608
release of the Conference Board’s cline since. Strategist Ed Yardeni widest spread since at least 1982.
Leading Economic Index isn’t one pointed out before Monday’s release The suggestion that a contraction
of those red-letter days for market that it hit a cyclical high on average in the economy could begin so soon Commercial group market
2 watchers because it is composed before each of the last eight peaks seems implausible, but one should
largely of data points in the public in the business cycle. He wrote that remember that recessions are de- 855
domain. But, unlike those mea- “the LEI’s recession alarm is sound- clared in hindsight by the National
0 sures, it has a perfect record of ing loud and clear and is signaling Bureau of Economic Research. When
signaling U.S. recessions. Stocks an imminent recession.” the sharp recession that coincided Individual market
shrugged it off Monday, rising The Conference Board’s Ataman with the financial crisis began, 38%
-2
sharply when the LEI showed a Ozyildirim, senior director, eco- of economists surveyed by The Wall 779
larger-than-expected 1% drop in nomics, was equally downbeat. Street Journal saw one coming in
1985 '90 '95 2000 '05 '10 '15 '20
December. Traders are fixated on a “The US LEI fell sharply again in the next 12 months. Today that Note: Data are for 2016-2018
Source: Federal Reserve Bank of St. Louis decline in inflation that will allow December—continuing to signal re- number is 61%. —Spencer Jakab Source: Kaiser Family Foundation

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