For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
DJIA 19123.58 1.98 0.01%
Whats
News
Business & Finance
PEC reached a deal to
O cut oil production by 1.2
million barrels a day, boost-
ing crude prices and energy
company stocks. A1, B1
 The Dow rose 1.98 points
to 19123.58, led by energy
shares, to end November up
5.4%. Treasury yields settled
at a 16-month high. B14
 Cohns meeting with
Trump has rekindled ques-
tions about whether the No.
2 Goldman executive has
plans to leave the bank. B1
 Treasury pick Mnuchin
said Fannie Mae and Freddie
Mac should be released from
government control, sending
their shares surging. B7
 Schumer called for scru-
tiny of Dalian Wandas U.S.
deals to see whether they
are being orchestrated by
the Chinese government. B1
 Malicious software dis-
guised as apps has seized
control of over a million
Google accounts since Au-
gust, a security firm said. B2
 GoPro is cutting 15% of
its staff after efforts to ex-
pand beyond its core cam-
era business stalled. B4
 RBS failed a Bank of
England stress test, requir-
ing the lender to add about
$2.5 billion in capital. B12
 The delinquency rate for
U.S. subprime auto loans
last quarter climbed to the
highest level since 2010. A6
 Chinas factory output rose
last month, as fiscal stimulus
and real-estate sales propped
up economic growth. A9
 Valeants talks to sell its
Salix unit to Japans Takeda
have broken down. B2
World-Wide
 Wealthy households
wont get an absolute tax
cut under a Trump plan,
Treasury pick Mnuchin said,
a view at odds with the pres-
ident-elects proposals. A1
 House Democrats ques-
tioned whether Trumps vow
to let his children run his
businesses would resolve
conflict-of-interest issues. A4
 Colombias congress
approved a peace agree-
ment with the countrys
communist guerrillas, af-
ter five decades of war. A9
 The U.S. government is
on track to forgive at least
$108 billion in student
debt in coming years, a
GAO report said. A1
 A police officer in Char-
lotte, N.C., was cleared in
the September fatal shoot-
ing of a black man that
sparked violent protests. A3
 California Rep. Pelosi beat
back a challenge from Ohio
Rep. Ryan to keep her post as
House Democratic leader in
the next Congress. A6
 Syrian shelling killed at
least 40 civilians fleeing
fighting in Aleppo, officials
and activists said, as the re-
gime offensive continued. A8
 The U.N. Security Council
unanimously adopted a
sanctions resolution that
limits the amount of coal
North Korea can export. A7
 German officials ar-
rested a suspected Islamist
mole working at the domes-
tic intelligence service. A8
 Hazardous incidents at
U.S. airport runways in-
creased for a third year in
a row in fiscal 2016. B1
CONTENTS
Banking & Finance...... B7
Business News.. B3,6
Crossword.............. A14
Heard on Street.. B13
Life & Arts...... A11-13
Markets Digest.. B10
s Copyright 2016 Dow Jones &
Company. All Rights Reserved
* * * * * * THURSDAY, DECEMBER 1, 2016 ~ VOL. CCLXVIII NO. 129 WSJ.com HHHH $3.00
NASDAQ 5323.68 g 1.05% STOXX 600 341.99 0.3% 10-YR. TREAS. g 17/32 , yield 2.365% OIL $49.44 $4.21 GOLD $1,170.80 g $17.10 EURO $1.0590 YEN 114.46
Oil Surges on Pact to Cut Output
BY BENOIT FAUCON
AND GEORGI KANTCHEV
VIENNAOPEC representa-
group, including Russia, to
join with additional cuts total-
ing 600,000 barrels a day.
The OPEC cuts were deeper
halt to any oil-market rally.
Oil prices surged and shares
of more than 50 U.S. explora-
tion-and-production compa-
Pumped Up
OPEC's agreement to cut production boosted the price of crude as
well as some U.S. shale producers.
tives reached a landmark deal than many analysts had ex- nies climbed more than 10% Nymex crude $49.44 Percentage change in November
to reduce oil output, propel- pected, amounting to about 1% following the agreement. $52 a barrel s9.3% 50% Whiting Petroleum
ling crude prices more than of global production. The 14- Crude for January delivery
50 40 Oasis Petroleum
8% after months of wrangling member group hopes the out- climbed $4.21, or 9.3%, to set-
and market uncertainty about
the ability of the once-mighty
put cuts will help shrink a
supply glut that has been fed
tle at $49.44 a barrel, on the
New York Mercantile Ex-
48
30
Marathon Oil
Continental Resources
46
group to strike an agreement. in part by the U.S. shale boom, change. Brent crude, the 20
The Organization of the Pe- and has depressed oil prices global benchmark, gained 44
10
troleum Exporting Countries for more than two years. $4.09, or 8.8%, to $50.47, on 42
said Wednesday that it would At the same time, the pact ICE Futures Europe. Both fin- 40 0
cut production by 1.2 million benefits the shale producers, Please see OIL page A8
barrels a day from 33.6 million giving them an incentive to 38 10
barrels and said it expects ramp up productiona move  Traders sense an end to a Aug. Sept. Oct. Nov. Nov. 1 30
producers from outside the that could eventually bring a long slump in oil....................... B1 Sources: WSJ Market Data Group THE WALL STREET JOURNAL.
Death Toll Climbs as Fires Ravage Great Smoky Mountains
Trumps
Treasury
Pick
Hedges
On Taxes
BY RICHARD RUBIN
High-income households
wont receive an absolute tax
cut under a Trump tax plan,
the president-elects new pick
for Treasury secretary said on
Wednesday, a promise that is
BRIAN BLANCO/GETTY IMAGES
at odds with tax proposals
from Donald Trump and House
Republicans.
Steven Mnuchin said that
Any reductions we have in
upper-income taxes will be
offset by less deductions, so
that there will be no absolute
GUTTED: Wildfires swept through Gatlinburg, Tenn., leaving at least seven people dead and destroying hundreds of homes and businesses. A2 tax cut for the upper class.
The big tax cut, he told CNBC,
will go the middle class.
The comments echo occa-
INSIDE MNUCHIN TURNED
sional remarks from Mr.
Trump, but not the tax plan he
campaigned on, and point to
the political and arithmetic
CRISIS INTO PROFIT challenges that lawmakers will
face as they try to turn those
promises into legislation.
Aside from moving ahead
on a large tax rewrite next
year, Mr. Mnuchin also said he
After IndyMac failed, ex-Goldman partner made millions with U.S. help would roll back parts of the
landmark 2010 Dodd-Frank fi-
LUXURY On a muggy morning in July
2008, hundreds of customers By Rachel Louise
a rsum that is at odds with
much of the president-elects
nancial overhaul enacted by
Democrats in the wake of the
CONDOS PERK stood outside IndyMac Bank Ensign, populist rhetoric on the cam- financial crisis. Mr. Mnuchin
Anupreeta Das
UP DOWNTOWN branches in Southern California,
trying to pull their savings from and Rebecca Ballhaus
paign trail.
Mr. Trump is building a cabi-
called that the No. 1 one pri-
ority on the regulatory side.
the lender, which was doomed net that combines traditional Mr. Trumps tax plan would
GREATER NEW YORK, A10B by losses on risky mortgages. Republican Party leanings with unconven- lower top rates dramatically,
Steven Mnuchin didnt know much about tional elements, including people who made providing such large benefits
IndyMac as he watched the scenes on CNBC their fortunes by taking big investment risks. to high-income households
from his Midtown Manhattan office. But he IndyMac was the defining deal of Mr. that analysts say they cant be
immediately saw an opportunity and began Mnuchins career. He knew that the govern- covered with limits on tax
figuring out how to buy the bank. ment needed to sell the failed bankand he breaks, such as the $100,000-
Regulators seized IndyMac, foreshadowing played hardball. a-person limit on itemized de-
a vicious banking crisis. Six months later, Mr. In an interview Tuesday before word ductions already in Mr.
Mnuchin and his investment partners ac- leaked he was Mr. Trumps choice, Mr. Trumps plan. The largest de-
quired IndyMac with a helping hand from the Mnuchin said he is proud of the transforma- ductions are for mortgage in-
U.S. government. The deal eventually earned tion at IndyMac, based in Pasadena, Calif. Please see TAX page A4
DO ILLEGAL him hundreds of millions of dollars in per-
sonal profits.
We turned around a huge economic disas-
ter, he said.  Trump vow to exit business
VOTES DECIDE The former Goldman Sachs Group Inc. Mr. Mnuchin, 53 years old, has no experi- draws questions....................... A4
ELECTIONS? partner, Hollywood financier and hedge-fund
manager now is President-elect Donald
ence in government or running a large organ-
ization, though he was a campaign loyalist
 Changes eyed for Fannie Mae
and Freddie Mac...................... B7
Trumps choice for Treasury secretary. Like and fundraiser for Mr. Trump. Mr. Mnuchins  Heard on the Street: Boost
OPINION, A17 other Trump cabinet picks, Mr. Mnuchin has Please see DEAL page A10 for small banks....................... B13
Visit Myanmars Capital Soon, Student
While Theres Still Nothing to See
i i i
DebtRelief
Program
Oracle #1
Cloud ERP
New government inherits nearly deserted
Naypyitaw; no cars on a 20-lane highway ProvesCostly
BY JAMES HOOKWAY pied by no one other than a BY JOSH MITCHELL
worker in a wide-brimmed hat
NAYPYITAW, Myanmar repainting a curb. WASHINGTONThe federal
Tourists like Petter Srli visit The Srli brothers wanted to government is on track to for-
the capital of what was once witness the capitals eerie emp- give at least $108 billion in stu-
Burma to seek what isnt there. tiness, and they found it every- dent debt in coming years, as
Have you seen the 20-lane where. There were few other more and more borrowers seek
highway? said the 28-year-old visitors at the massive Bud- help in paying down their
Norwegian dhist pagoda, loans, leading to lower reve-
computer-sys- Mr. Srli said, nues for the nations program
tems expert, and none in to finance higher education. 2,802 228
visiting with the citys The Government Account-
Opinion.............. A15-17
Sports....................... A14
his brother. touted gem ability Office disclosed the sum Oracle Cloud Workday Cloud
Technology............... B4 Weve seen museum, Wednesday in a report to Con- ERP Customers ERP Customers
Trump Transition..... A4,6 the 18-lane where the gress which for the first time
U.S. News............. A2-6 one on which, lights were projected the full costs of pro- Oracle has their act together better than SAP
Weather................... A14
they were de- turned on as grams that set borrowers
World News........ A7-9 Aneel Bhusri, Workday CEO
lighted to find, Uppatasanti Pagoda we went monthly payments as a share of
there were no around. their earnings and eventually
> vehicles. But I heard theres an Naypyitaw (pronounced nay- forgive portions of their debt.
even bigger one with absolutely pee-doh) is the city left behind, The GAO report also sharply
no traffic. a testament to Myanmars criticized the governments ac-
oracle.com/erp
There is, indeed, a 20-lane bumpy road toward reintegrat- Please see DEBT page A6 or call 1.800.ORACLE.1
thoroughfare outside Naypyi- ing with the world under a new
taws parliament complex. On a government. It inherited the  Subprime auto loans, Copyright 2016, Oracle and/or its affiliates. All rights reserved.
recent day, the street was occu- Please see BURMA page A10 delinquencies return.............. A6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Thursday, December 1, 2016
Verdura. All rights reserved.
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AVA I L A B L E I N M A N H AT TA N A N D S E L E C T Z I P CO D E S
I N T H E G R E AT E R M E T RO P O L ITA N A R E A
The Euros Latest Threat: Populism
T
he euro has survived
sovereign default, reces-
sions, banking crises
and bailouts. It may not sur-
vive populism.
In the coming year, the eu-
rozone will host at least five
elections or referendums that
could bring a populist, euro-
skeptic party to power. In ef-
fect, the common currency is
about to play multiple rounds
of Russian roulette.
The populist threat is qual-
itatively different from the fi-
nancial crisis
that first
erupted in
Greece in 2009
and eventually
engulfed half
CAPITAL the region.
ACCOUNT In that case,
GREG IP what worried
private inves-
tors was that a
country, or its banks, would
default on its debt and be
forced to leave the euro. In-
vestors fled, driving interest
rates sky-high and plunging
the continent into recession.
The European Central Bank
ended that panic by effectively
promising not to let any coun-
try be forced out of the euro.
By contrast, the threat today
is that a country will choose
to leave the euro. Says An-
drew Balls, who oversees bond
strategy at Pacific Investment
Management Co.: Its hard to
see how the ECB could combat
a French government calling a
referendum on the euro.
The first test comes Sun-
day, when Italians vote on a
new constitution and Austri-
ans elect a new president. De-
pending on the results, that
could pave the way for new
elections that eventually bring
either the antiestablishment 5
Star Movement to power in It-
aly or the far-right Freedom
Party in Austria. Next year,
France, Germany and the
Netherlands all hold national
elections.
The biggest risk is that
Marine Le Pen, leader of the
anti-euro National Front, is
elected president in France.
Ms. Le Pen isnt expected to
prevail in the second round
against the Republican candi-
TENNESSEE
Wildfires Death Toll
Reaches Seven
The death toll from the wild-
fires raging in Gatlinburg, Tenn.,
climbed to seven Wednesday,
but heavy rains aided efforts to
contain the blazes, officials said.
The dead havent yet been
identified, said Sevier County
Mayor Larry Waters at a news
conference. He said 53 people tack at Ohio State University
had been transported to local
SAN FRANCISCO
S E AT TLE
THE WALL STREET JOURNAL.
U.S. NEWS
an antieuro party but lan-
Populist Support Unsettles Bond Markets guished in the polls until an
As populist parties rise in the polls in Western Europe, bond influx of Middle Eastern refu-
markets are once again worrying about the euros survival. gees elevated its anti-immi-
gration appeal.
4.0 percentage points Knowing this, populists
Government bond may soften their opposition to
3.5
yield spreads vs. the common currency as they
3.0 Germany get closer to power. The Na-
tional Front, for example, may
2.5 water down its euroskepticism
when it releases its 2017 plat-
2.0 form.
Italy Yet even if the populists
1.5 never take control of a legisla-
Spain ture, their expanding presence
1.0 threatens the common cur-
rencys future. If Ms. Le Pen
0.5 France closes in on the presidency in
Netherlands the spring, investors may flee
0
French debt for fear it will be
2013 14 15 16 redenominated into francs.
Country Recent populist party Position on European Union At that point, the ECBs op-
(election) support in polls or euro tions are limited. It currently
buys about 14 billion ($14.9
France (2017 National Front Has long opposed EU and billion) of French debt a
presidential) 29%* euro; 2017 platform unclear
month as part of a broader
bond-buying program to stim-
ulate growth. Thats slightly
Germany 12% Alternative for Opposes euro,
(2017) Germany supports EU
less than what France must
borrow to finance its deficit
and refinance maturing
Netherlands Party for Wants to withdraw from debt. The ECB could tilt more
(2017) 30% Freedom (PVV) EU and euro of its bond buying toward
France, but it cant buy
enough to absorb a broad-
Austria (Dec. 4, Freedom Party Wants changes to based selloff.
2016 presidential) 49% (FPO) both EU, euro
T
he ECB and the Euro-
pean Stability Mecha-
Italy 27% 5 Star Wants referendum on euro nism, the regions bail-
(2018 or earlier) Movement out fund, can explicitly
support French debt only if
*First round Sources: Thomson Reuters (yield spreads); Polls: Ipsos (France), Infratest France agrees to policy
Dimap (Germany), I&O Research (Netherlands), Unique Research (Austria), SWG (Italy) changes dictated by the Euro-
THE WALL STREET JOURNAL. pean Commission. Of course,
Le Pen will never do that,
date Franois Fillon, and even duces the stigma for Europe- says Mujtaba Rahman of the
if she did, her party wouldnt ans inclined to cast an anties- political risk consultancy Eur-
control Parliament. Indeed, tablishment vote. Moreover, asia Group.
few of Western Europes popu- the establishment is losing an Thus, the ever-present risk
list parties are strong enough important ally: Barack of a populist government
to form a government by Obama is a supporter of the could unsettle markets and
themselves. EU and euro. Mr. Trump and undercut still-fragile recover-
Europes antieuro parties, by ies. Establishment parties,
B
ut momentum is moving contrast, are fellow travelers. threatened by the euroskeptic
in their favor. To be The euros durability right, will in turn be reluctant
sure, Britons voted to shouldnt be underestimated. to agree to the changes neces-
leave the European Union and Despite the misery the euro sary to address the euros
Americans elected Donald has brought, polls show solid structural flaws, such as a
Trump for reasons that might majorities in every major larger common budget, de-
not resonate on the continent. member country want to keep posit insurance or debt guar-
Yet the fact that British and it. In fact, the euro is much antees. The euro may yet sur-
U.S. voters defied the estab- more popular than the popu- vive the coming year; the
lishment and didnt pay the lists who would scrap it. Alter- coming decade looks much
predicted economic price re- native for Germany began as less promising.
U.S. WATCH
hospitals for treatment. the Islamic State terror group or S.C., police officer Michael Slager is
Officials said more than 700 a radical U.S.-born cleric. guilty of unlawfully killing unarmed
structures had now been dam- Eleven people were injured in black motorist Walter Scott.
aged or destroyed by the fires. the attack, and the suspect, Ab- Mr. Slager is accused of will-
Arian Campo-Flores dul Razan Ali Artan, was shot fully and wrongfully shooting Mr.
and killed by a police officer. Scott in the back as he ran
OHIO Melissa Korn away. The April 2015 shooting
was captured on cellphone video.
Attacker Inspired SOUTH CAROLINA Mr. Slager, who is white, said
By ISIS, Officials Say Deliberations Begin he feared for his life after Mr.
Scott ran from him following a
Law enforcement officials said In Shooting Trial routine traffic stop and grabbed
it appears the suspect in the at- his Taser as they fought in an
A jury began deliberating on empty wooded lot.
Monday was at least inspired by whether former North Charleston, Valerie Bauerlein
CORRECTIONS  AMPLIFICATIONS
The Sept. 13, 2013, Corpo- ployees or directors are al-
rate Watch article Maxim lowed to hedge the companys
Magazine Sold to Darden; TV stock. A Banking & Finance
Channel Is Planned has been article Tuesday incorrectly
removed from The Wall said that the SEC approved
Street Journals electronic ar- the rule.
chives because it was based
on an interview with Calvin In some editions Wednes-
Darden Sr., which he has said day, the last name of Emilio
he didnt give. The sale never Morales, head of the Miami-
was completed, and Calvin based Havana Consulting
Darden Jr. pleaded guilty in Group, was incorrectly given
November 2014 to fraud for as Moreno in a World News
impersonating his father and article about Cubas trade
misrepresenting his financing links.
in a bid for Maxim.
Wilbur Ross, President-
Last year the Securities elect Donald Trumps pick for
and Exchange Commission
approved the issuance of a
rule proposal that would re-
Commerce secretary, is 79
years old. A graphic with a
U.S. News article on Wednes-
quire companies to disclose day about his nomination in-
in their proxies whether em- correctly gave his age as 78.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
THE WALL STREET JOURNAL (USPS 664-880)
(Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241)
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Published daily except Sundays and general legal holidays.
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Thursday, December 1, 2016 | A3

U.S. NEWS

T&CO. 2016
Program Tackles Police Bias
Training aims to cut
crime by showing TIFFANY KEYS
officers how not to act
rashly on stereotypes
BY SHIBANI MAHTANI

GARY, Ind.When every po-

lice officer in this high-crime
city was instructed to attend
CLAYTON HAUCK FOR THE WALL STREET JOURNAL

mandatory training focused on

improving community rela-
tions last year, skepticism ran
high in the department.
The training is part of a po-
licing pilot program that asks
officers to focus on their own
biases and build a better rela-
tionship with the community
to bring down crime. The pro-
grams strategy was new to
many officers trained to fire
their weapons at the first
signs of threat. Gary, Ind., police officer Emiliano Guajardo says he learned to think through what I am doing.
I thought it was this hug a
thug thing, said Mike Allen, a
Gary police lieutenant, believ- New Training Faces Community Trust & Justice pro- Police chiefs and coordina-
ing these were just feel good gram in six cities, including tors of the new law-enforce-
measures irrelevant to his job. Some Uncertainty Gary, and had planned to ex- ment program say policing deci-
More than a year later, his pand the program nationally if it sions are made at a local level
cynicism has waned. I was deemed a success, people and they have no plans to re-
thought it would compromise The community policing pro- involved in the program said. turn to previous tactics.
our job, but this is our job, gram in Gary, Ind., and other cit- During his campaign, Mr. In Gary, officers are starting
said Lt. Allen. We have to ies faces an uncertain future Trump repeatedly called for tac- to see themselves as more
break the us vs. them mental- under a Justice Department led tics like stop and frisk and than just cops in a hurting city.
ity down. by Sen. Jeff Sessions, who is tougher policing to bring down This is about legacy, said 800 843 3269 | TIFFANY.COM
While murders are soaring President-elect Donald Trumps crime in violent cities. Nicholas Sanchez, an officer
in nearby Chicago, Gary has pick for attorney general. Mr. Sessions has said that who heads the new training in
cut homicides as of October by The Justice Department un- President Obama hasnt Gary. We have the opportunity
half from last year, when its der the Obama administration strongly supported officers. Mr. to change the way we are seen
murder rate was 13 times the
national average. Clearance
rates, or number of solved
funded the $5.75 million Na-
tional Initiative for Building
Sessions has supported tough-
on-crime legislation.
across America.
Shibani Mahtani My Guy
cases, for shooting homicides G I FTS FO R HI M
are climbing in the city of Justice, stems from President said David Kennedy, a crimi- ficer deals with a young black
around 78,000 that is nearly Obamas 2013 speech after the nologist at the John Jay Col- man with tattoos or a hoodie
85% African-American, and acquittal of the shooter of lege, who devised the new po- or low-slung pants, which
more citizens are reaching out Trayvon Martin, an unarmed licing program that will run in might fit with an officers im-
to police to ask for help in do- Florida teenager who was fa- the six cities until mid-2017. age of a gang member. The
mestic violence and other dis- tally shot by a neighborhood- Here in Gary, many in and program teaches officers to be
turbances, according to the watch volunteer. outside the police department more conscious of that bias
police department. While data on the impact of have embraced the new ap- and how not to act rashly.
Gary is among six cities in- the program isnt complete, proach. Gary Police Chief Larry
cluding Stockton, Calif., Bir- some positive signs have Everything isnt perfect, McKinley says that in a tough
mingham, Ala., and Minneapo- emerged. The homicide clear- [but] there is awareness in city like hiswith more than a
lis involved in the Justice ance rate in Birmingham rose both the community and third of residents living in
Department-backed program to 66% so far this year from among the police that cooper- poverty and over 6,500 aban-
that fights crime by asking of- 55% in 2015, and in Minneapo- ation and trust is important, doned homesa police officer
ficers to look at their own lis, positive contacts between said Chuck Hughes, executive has to be the chaplain, the
shortcomings and biases to police and community jumped director of the Gary Chamber moral support, has to be ev-
help build relationships in 85% from two years ago. of Commerce. erything to residents.
dangerous neighborhoods. If everything goes well, The program involves train- We need to help heal the
The pilot program, known confidence [in the police] will ing on issues like implicit bias city, he said.
as the National Initiative for go uparrests will go down and racism. It brings up sensi- Zusha Elinson
Building Community Trust & [and] crime will go down, tive issues such as how an of- contributed to this article.

Officer Is Cleared in Fatal Shooting

BY VALERIE BAUERLEIN District Attorney R. Andrew
Murray said at a Wednesday
Prosecutors on Wednesday press conference.
said a Charlotte, N.C., police offi- Mr. Scotts family has said he
cer acted appropriately in the was holding a book while wait-
September fatal shooting of a ing for his child at a bus stop on
black man that sparked violent Sept. 20. But prosecutors said in
protests in the city, after a two- a report released Wednesday
month investigation showed the that there was no evidence Mr.
man, Keith Lamont Scott, was Scott was reading or possessed
holding a loaded gun. a book. The report included ev-
Brentley Vinson, an officer idence that investigators say in-
with the Charlotte-Mecklenburg dicates he was holding a cocked
Police Department, wont be and loaded handgun.
criminally charged, Charlotte All of the credible and avail-
able evidence suggests that [Mr.
Scott] was in fact armed, Mr.
Murray said.
In a statement, Mr. Scotts
family said it was thankful that
officials explained how they de-
cided not to prosecute, although
it said it was profoundly disap-
pointed in the decision.
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cers approached Mr. Scott and
told him to drop the gun, the
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A4 | Thursday, December 1, 2016 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

Trump Pledges to Exit From His Business

Democrats say
conflicts may remain
if president-elects
children are in charge
BY DAMIAN PALETTA
WASHINGTONDonald
Trump said he is taking steps
to separate himself from his
business to fully focus on
running the country. But
House Democrats and others
questioned whether conflicts
of interest would remain if his
adult children take operational
control of his global real-es-
tate empire.
The president-elect, in a se-
ries of Twitter posts on
Wednesday, wrote that Legal
documents are being crafted
which take me completely out
of business operations. He
said he would reveal details at
a New York news conference
with his children on Dec. 15.
on the matter. There is con-
cern that foreign governments
and government-owned corpo-
rations may steer business to
[Mr. Trump], or offer him fa-
vorable business terms, in an
effort to gain political influ-
ence with his administration,
the Democrats wrote in a let-
ter to Mr. Goodlatte.
During the presidential
campaign, Mr. Trump said he
would fully sever himself from
Trump Organization, which
operates the familys busi-
nesses. Many of its newest li-
censing and management deals
are with overseas partners.
Of the first 29 foreign lead-
ers Mr. Trump spoke with fol-
lowing his election, he had
real-estate-related projects in
eight of their countries.
Mr. Trump said last week
that he legally could retain his
role in the business operations.
Then on Wednesday he took a
different tack. I feel it is visu-
ally important, as President, to

CAROLYN KASTER/ASSOCIATED PRESS

U.S. law exempts presidents
and vice presidents from con-
flict-of-interest rules, which
require many federal employ-
ees to recuse themselves from
decisions involving their finan-
cial interests.
In the past, Mr. Trump has
said he would set up what he
referred to as a blind trust
with his three oldest adult
children in charge. By defini-
tion, this wouldnt be a blind
trust since family members
cannot be involved in those
under federal law.
Legal experts also say this
wouldnt allow Mr. Trump to
avoid the appearance of con-
flicts since he could still influ-
ence the business decisions of
his children. Another issue is
that his children appear set so
far to be involved in his presi-
dency as informal advisers and
have been on hand during meet-
ings with world leaders and
others during his transition.
Democrats on the House Ju-
diciary Committee asked com-
mittee Chairman Bob Good-
latte (R., Va.) to hold hearings
in no way have a conflict of in-
terest with my various busi-
nesses, he said on Twitter.
There is an important dis-
tinction between the business
operations Mr. Trump said he
would transfer and ownership.
If he retains ownership, he
would still know what govern-
ment actions domestically and Donald Trump Jr., Ivanka Trump and Eric Trump celebrate on the second day of the Republican National Convention in Cleveland in July.
around the world could help
the businesses, and foreign
leaders could help the com- Ethics Offices week, often with links to dry When a social media manager and guides in the presidential
panys bottom line by patron- ethics documents. goes rogue? wrote one com- transition.
izing his hotels. Sean Spicer, a Tweets Cause Stir But Wednesday, starting menter on Twitter. Others specu- Mr. Jaffe also said the office
spokesman for Mr. Trumps around noon, the account lated that the tweets were in- has no details beyond the
transition team, declined to tweeted out nine messages, all tended to direct Mr. Trump to tweets offered as to what the
provide further details on how A typically sedate U.S. gov- focused on Mr. Trumps state- take specific steps, beyond the president-elect plans to do.
Mr. Trump would address the ernment Twitter account sprang ment about how he would han- guidance he gave in his tweets. Like everyone else, we
ownership issue. to life Wednesday in the wake dle his business interests once In his own tweets earlier in were excited this morning to
Unless his solution is to of President-elect Donald he is president. the day, Mr. Trump said he will read the president-elects twit-
sell the business outside the Trumps announcement that he Bravo! Only way to resolve be leaving my great business in ter feed indicating that he
family and put the proceeds in would leave his family business, these conflicts of interest is to total and that legal documents wants to be free of conflicts of
a blind trust, hes not really sending out pointed messages divest. Good call! read one of are being crafted which take me interest, he said Wednesday.
doing anything to solve the that drew questions about the tweets directed to Mr. completely out of business oper- Divestiture resolves conflicts of
problem, said Noah Book- whether its tweets were autho- Trump. Brilliant! Divestiture is ations. interest in a way that transfer-
binder, executive director of rized or rather the work of a good for you, very good for OGE spokesman Seth Jaffe ring control does not. We dont
the Washington advocacy rogue employee or hacker. America! read another. confirmed the tweets were sent know the details of their plan,
group Citizens for Responsibil- The Office of Government As the OGE tweets circu- by the agency, which works to but we are willing and eager to
ity and Ethics in Washington. Ethicss Twitter account usually lated, some readers wondered if prevent and resolve conflicts of help them with it.
Richard Rubin publishes a handful of tweets a the messages were legitimate. interest in the executive branch Natalie Andrews
contributed to this article.

President-Elect, in First Public Events, to Visit Midwest

BY MICHAEL C. BENDER
AND PETER NICHOLAS
WASHINGTONPresident-
elect Donald Trump will attend
his first public events in more
than three weeks since win-
ning the White House, visiting
on Thursday two Midwestern
cities symbolic of his surpris-
ing victory.
His first stop is Indianapo-
lis, where he intends to claim
victory for saving about 1,000
manufacturing jobs at Carrier
Mexico.
Mr. Trump wrote on Twitter
Trump will host a that the Carrier agreement is a
rally in Cincinnati, great deal for workers. His
transition team declined to pro-
as part of a broader vide details about the cost of
thank you tour. keeping those jobs in the state.
Mr. Trump also will host a
rally at U.S. Bank Arena in Cin-
cinnati, a Republican strong-
Corp. The heating and air-con- hold. Ohio was one of six states
ditioning company was a fre- the Republican captured after
quent target for Mr. Trump on being won twice by Democratic
the campaign trail after an- President Barack Obama. That
nouncing plans to move jobs to is the start of a broader thank
you tour that is expected to of state or secretary of home- Gen. David Petraeus, Tennes-
include stops in Florida and land security. Mr. Trump see Sen. Bob Corker and for-
across the Midwest. dined Tuesday evening with mer United Nations Ambassa-
On Wednesday, Mr. Trump former Massachusetts Gov. dor John Bolton. No additional
continued meeting with poten- Mitt Romney, who, along with cabinet appointments are ex-
tial administration hires, in- former New York City Mayor pected this week, said Sean
cluding former World Wres- Rudy Giuliani, are among four Spicer, a transition spokesman.
tling Entertainment Inc. Chief finalists to be the next admin- Mr. Trump will be joined
Executive Linda McMahon, one istrations top diplomat, said Thursday in Ohio and Indiana
of Mr. Trumps largest donors; Jason Miller, a spokesman for by Vice President-elect Mike
Sen. Dan Coats (R., Ind.); for- the transition. Pence, who will be governor of
mer Georgia Gov. Sonny Per- He declined to identify the Indiana for about another
due and Ret. Gen. John Kelly. remaining two, but others who month and who played a role
Gen. Kelly has been men- have interviewed for the State in reaching the Carrier jobs
tioned as a potential secretary Department job include Ret. agreement.

TAX think tank run by a former

Continued from Page One
terest, state and local taxes
and charitable contributions.
I dont think there is a way
to make it work with the cur-
rent marginal rates that
theyre working with,
said Kyle Pomerleau, director
of federal projects at the con-
servative Tax Foundation.
Clinton administration official,
estimates that the top 1% of
households would pay an aver-
showing that their plan would
deliver most of its benefits to
the top 1%. Instead, they say
they are focusing on encourag-
age of $214,690 less in taxes in ing economic growth.
2017 under Mr. Trumps plan That is a change from Re-
than they would otherwise. publicans positioning just a
Stephen Moore, who helped few years ago. In 2014, then-
develop Mr. Trumps tax plan, Rep. Dave Camp (R., Mich.)
said it was designed so that produced a plan that didnt
the deduction cap offsets the change the distribution of the
revenue loss from lowering tax burden.
the top tax rate on ordinary A challenge for Republicans
income from 39.6% to 33%. is navigating the tension be-
EVAN VUCCI/ASSOCIATED PRESS

Under Mr. Trumps plan, the
corporate tax rate would drop
from 35% to 15%. The estate
tax and alternative minimum
tax would be repealed. Capital-
gains rates would drop. The
top rate on business income
reported on individual tax re-
turns would fall from 39.6% to
15%, and the top rate on ordi-
nary income would fall from
39.6% to 33%.
The Tax Foundation says
Mr. Trumps plan would boost
after-tax incomes for the top
1% of households by at least
10%. The Tax Policy Center, a
Deduction Limits
Pose Test for
Plan to Cut Taxes
Changes to existing tax
breaks may not offset
revenue loss from lower rates
Itemized deductions are on
the chopping block as President-
elect Donald Trump looks for
ways to offset the revenue loss
from his proposed tax-rate cuts.
Experts say the challenge
besides the popularity of tax
breaks for mortgage interest
and charitable contributionsis
that there isnt enough money
there to accomplish his goal.
The cap wasnt written to off- tween economic theories that
set tax cuts on business in- emphasize lower tax rates and
come, estates and capital the fact that the income-tax
gains. burden is concentrated at the
It wasnt immediately top of the income distribu-
clear on Wednesday whether tion. Cutting marginal tax
Mr. Trump and his team were rates necessarily helps the top
changing their tax plan. The 1%, but Mr. Trumps campaign
transition team didnt respond Steven Mnuchin, the Treasury secretary nominee, talks with reporters in New York on Wednesday. plan gives them a bigger share
to a request for comment. of the tax cuts than their share
Trumps plan was indepen- watch what they do. ensuring a middle-class tax their own tax plan to lower of income or tax payments.
dently scored as giving more In response to a question cut. rates and limit tax breaks. The top 1% of households
tax cuts to the top 1% than the about studies showing Mr. Mr. Mnuchins comments on House Speaker Paul receives 17.2% of all U.S. pretax
bottom 99% combined, said Trumps plan would raise the distribution of the tax bur- Ryan (R., Wis.) and Ways and income and pays 28.7% of all
Gene Sperling, a former eco- taxes on millions of single par- den also show a potential dif- Means Chairman Kevin Brady federal taxes, according to Tax
nomic-policy aide to President ents, Mr. Mnuchin said the ference with Republicans in (R., Texas) have brushed Policy Center estimates for
Barack Obama. So, well plan would be very clear in the House, who are developing aside questions about a study 2017. That group would be the
beneficiary of about half of
Mr. Trumps tax cuts.
Theres just no way that re- and local taxes. Those three One thing that will become vice data, the top 0.001%that Mr. Mnuchins comments on
stricting the deductions that breaks alone total $200 billion in more apparent as Mr. Trumps is about 1,400 householdsre- Dodd-Frank are consistent
Trump has talked about comes forgone revenue in 2017, accord- plan moves through Congress is ported 9.5% of charitable contri- with those made by Mr. Trump
anywhere close to eliminating ing to the congressional Joint that the impact of deduction butions. and other advisers. But they
the tax cut for the wealthy in Committee on Taxation. limits doesnt fall evenly. The The focus on deductions ig- are significant since Mr.
his plan, said Bill Gale, a senior Mr. Trump would squeeze state and local tax deduction nores other tax benefits that Mnuchin himself has said little
fellow at the Brookings Institu- deductions from both ends. He tends to benefit residents of high-income households get. publicly about policy matters,
tion. Its just arithmetic. would more than double the high-tax states such as Califor- They receive the bulk of capital and his Wednesday remarks
Taxpayers under current law standard deduction and limit nia and New York. gains and dividends, which are offer a fresh window into his
can itemize their deductions if itemized deductions to The mortgage interest de- taxed at preferential rates. thinking and priorities.
they exceed the standard de- $100,000 for individuals and duction helps the upper middle They also control the timing Mr. Mnuchin, a former
duction, which this year is $200,000 for married couples. class, especially in areas with of those gains. Goldman Sachs Group Inc. ex-
$6,300 for individuals and That deduction cap would high housing costs. More than Mr. Trumps plan is the lat- ecutive, said the Volcker rule
$12,600 for married couples. raise about $559 billion over a 60% of the tax break goes to est attempt to curb deductions provision in Dodd-Frank
Most taxpayers dont exceed decade, according to the Tax households between the as part of a tax code over- named after former Federal
that threshold, and fewer than Policy Center, a project of 80th and 99th percentiles of in- haul. The House Republican Reserve Chairman Paul Vol-
30% are projected to itemize in Brookings and the Urban Insti- come, according to the Tax Pol- plan would eliminate the state ckeris too complicated and
2017. tute. Even with that cap, Mr. icy Center. and local tax deduction while signaled the Trump adminis-
The largest deductions are Trumps plan would reduce gov- And the charitable deduction preserving write-offs for mort- tration may try to roll it back.
those for mortgage interest, ernment revenues by about $6.2 helps the highest earners. Ac- gage interest and charity. The rule is aimed at trying to
charitable contributions and state trillion over a decade. cording to Internal Revenue Ser- Richard Rubin stop banks from betting with
deposit-insured funds.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
FOREIGN AFFAIRS
Pakistan Says Trump
Praised Its Leader
President-elect Donald Trump
has spoken with more than 40
foreign leaders since he won
election, but his transition team
has provided few details about
what is discussed in those con-
versations. That has left plenty
of room for the foreign leaders
to offer their interpretations of
these phone calls, ranging from
the discreet to the effusive.
* * * * *
The latest came Wednesday
when the Pakistani government
issued a statement saying that
its prime minister, Nawaz Sharif,
spoke to Mr. Trump and felici-
tated him on his victory.
The Pakistani government re-
counted Mr. Trumps end of the
conversation this way: You are a
terrific guy. You are doing amaz-
ing work which is visible in every
wayPakistanis are one of the
most intelligent people.
The Trump transition team
said the men had a productive
conversation about a strong
Beyond Perfume
WASHINGTON WIRE
working relationship between
the U.S. and Pakistan.
Recounting details of these
calls is tricky territory, and
Trump transition officials have
said they feel it would be inap-
propriate to give all the specifics
of discussions that Mr. Trump is
having with foreign leaders when
President Barack Obama is still
the U.S. leader. But that silence
has allowed other countries to
fill in the blanks, often with dif-
ferent results.
Damian Paletta
and Saeed Shah
JUSTICE DEPARTMENT
U.S. Attorney for
Manhattan to Stay
Preet Bharara, the Manhattan
U.S. attorney, has agreed to stay
in his current role under the
Trump administration, a move
that could signal Donald Trump is
serious about cracking down on
Wall Street wrongdoing.
Mr. Bharara, famous for his
aggressive prosecutions of in-
sider trading and corruption in
New York, met Wednesday with
Thursday, December 1, 2016 | A5
Mr. Trump. Afterward, Mr. Bhar-
ara told reporters that Mr. Trump
asked whether he was prepared
to remain as U.S. attorney, and
Mr. Bharara said he was.
Nicole Hong and
Aruna Viswanatha
SENATE REPUBLICANS
Hatch, 82, Urged to
Run Again in 2018
A number of prominent Sen-
ate Republicans are urging Sen.
Orrin Hatch not to retire in 2018,
as the Utah Republican now says
he is leaning toward running for
an eighth term. I have urged Or-
rin to run and I hope he does,
Senate Majority Leader Mitch
McConnell said in a statement.
Mr. Hatch, 82, said previously
he would retire at the end of his
current term. That likely would
have attracted a number of am-
bitious politicians in the conser-
vative-leaning stateincluding
former Utah Gov. Jon Huntsman,
a Republican who said this week
he was weighing a run.
Byron Tau
866 . VUITTON louisvuitton.com
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A6 | Thursday, December 1, 2016 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Pelosi Keeps House Leader Post
WASHINGTONCalifornia
Rep. Nancy Pelosi beat back a
challenge from Ohio Rep. Tim
Ryan to win her partys election
to serve as House Democratic
leader in the next Congress.
Mrs. Pelosiwho won with
134 votes, compared with 63
for Mr. Ryanprevailed despite
concerns from some rank-and-
file Democrats that she repre-
sented an outdated approach
that neglected to see the
partys failure to connect with
voters in the Midwest and
South, particularly the white
working-class voters who
flocked to Donald Trump on
Election Day.
Within the House Democratic
caucus, her supporters and foes
alike say that Mrs. Pelosi, 76
years old, is a prodigious fund-
WIN MCNAMEE/GETTY IMAGES
ability to listen to her caucus
as the key to her longevity. She
deployed those listening skills
in her leadership campaign,
when she proposed creating
new positions and incorporat-
ing more junior lawmakers into
leadership, in response to com-
plaints that too much power
was concentrated at the top.
Mr. Ryan, 43, had argued he
could appeal to a broader set
of voters and help Democrats
pull out of their slump. Repub-
licans have had control of the
House for six years, and won
another two years in power in
November.
I am deeply disappointed
today, as the House Demo-
cratic Caucus has decided to
double down on its failed strat-
egy of recent years, said Rep.

raiser and skilled legislator who Kyrsten Sinema (D., Ariz.) in a

has proved she can bring House
Democrats together.
We need stable leadership
we dont need to be distracted
with a big, internal battle, said
Rep. Gerry Connolly (D., Va.).
Mrs. Pelosi has cited her
post on Twitter after the vote.
This should be a time of criti-
cal reflection and clear-eyed
change, not a time to rubber-
stamp the failed strategy of
the past.
Siobhan Hughes

Homeland Security ACA Revamp May Need Democrats

Search Moves Slowly
BY DAMIAN PALETTA
WASHINGTONPresident-
elect Donald Trumps transi-
tion team has begun holding
meetings at the Department of
Homeland Security after
weeks of delays, people famil-
iar with the matter said.
Mr. Trump held two meet-
ings this week with prospective
DHS leaders. On Monday, he
spoke with Frances Townsend
and on Tuesday with Rep. Mi-
chael McCaul (R., Texas), two
GOP homeland-security experts
who have in the past been
openly critical of some of Mr.
Trumps comments on Mus-
lims. Both Ms. Townsend and
the agency charged with keep-
ing the country safe from at-
tacks have been slow in coming
compared with the president-
elects other appointments.
President George W. Bush
arrived at the White House
with an agenda that focused on
immigration and economic re-
forms. Less than nine months
after his inauguration, his ad-
ministration was redefined by
the Sept. 11, 2001, attacks that
propelled the U.S. into wars in
Afghanistan and Iraq.
The DHS was created after
the attacks, and it has more than
240,000 employees, ranking it
as the governments third-larg-
est cabinet agency. Its sprawling
WASHINGTONRepubli-
cans on Capitol Hill are grap-
pling with the likelihood that
chambers procedural hurdles.
Who will the eight or nine
Democrats be? It will be a
Republicans think that could
help put pressure on Demo-
crats to support a replace-
It is unclear what would
happen under various repeal
and replacement scenarios, al-
they will need Democratic sup- pretty drawn-out process, ment. though Democrats and health-
port to pass parts of any plan said Avik Roy, a health-policy Once its repealed, you will policy experts have said most
replacing the Affordable Care expert who advised Republican have fewer people playing pol- proposals would mean millions
Act, setting up a complex leg- Sen. Marco Rubio during his itics on the health law, House of people would lose coverage
islative battle over the laws presidential campaign. What Majority Leader Kevin McCar- and become uninsured.
future. do they need to be happy? thy (R., Calif.) said Tuesday. When they get down to the
Part of the calculus is The Obama administration real world of writing this bill,
By Stephanie Armour, whether Congress would enact says provisions in the ACA theyre going to find some real
Kristina Peterson a repeal without having a re- have led to more than 20 mil- challenges, said Sen. Dick
and Louise Radnofsky placement in handor at least lion people gaining health-care Durbin (D., Ill.)
the votes in hand for a re- coverage. A large number are Some Republicans and
President-elect Donald placement. Lawmakers said lower-income people who have health-policy advisers say they
Trump is expected in his first they are likely to include a been covered through Medic- believe some Senate Demo-
days in office to take executive transition period phasing out aid expansions in 31 states and crats could be drawn into ne-
action voiding parts of the the law when they repeal it. the District of Columbia. gotiations if the talks include
health law that the adminis- issues they care about such as
tration has discretion to rising drug prices and high
change. Soon after that, law- out-of-pocket medical costs af-
makers likely would start on fecting the middle class.
their efforts to repeal and re- But counting on bipartisan
place the law. support is risky. Democrats,
MICHAEL REYNOLDS/EUROPEAN PRESSPHOTO AGENCY

Mr. McCaul have expressed
openness to working with Mr.
Trump since the election.
Another person being con-
sidered for the DHS post is re-
tired Marine Gen. John Kelly,
former commander of the U.S.
Southern Command. Some of
Mr. Trumps aides are im-
pressed with his background
and have pushed for his candi-
dacy, said two people familiar
with the transition process.
While the Trump transition
team had set national security
as its first target, moves to staff
mandate includes counterterror-
ism, disaster response, cyberse-
curity and border and immigra-
tion controls, a broad array of
assignments that have discour-
aged some prospective candi-
dates, according to one person
involved in the transition team.
The agency would be at the
forefront of efforts to deport
illegal immigrants who have
entered the U.S. from Mexico
and to block the entry of cer-
tain refugees from the Middle
East, should Mr. Trump act on
campaign pledges.
With full control of Con- who have shouldered responsi-
gress and the White House, bility for the flaws of the
Republicans have anticipated health law for years, may not
being able to repeal the law be eager to take ownership for
using a special budget maneu- its next version, written by Re-
ver that would allow them to publicans.
get around a filibuster by Mr. Trumps nomination of
Democrats in the Senate. Rep. Tom Price to head Health
But to replace it, they likely and Human Services depart-
would need the support from ment reflects the GOP drive to
eight Democrats and all 52 Re- topple the health law quickly.
publicans in the Senate (as- Mr. Price, a physician, has for
suming Republican John Ken- years developed plans to re-
nedy wins a Dec. 10 runoff in place the law.
Louisiana) to reach the 60 House Majority Leader Kevin McCarthy, left, and Speaker Paul Damian Paletta
votes needed to clear the Ryan say they want to move ahead with replacing the health law. contributed to this article.

DEBT paign he supported the idea of

Continued from Page One
counting methods for its $1.26
trillion student-loan portfolio,
pointing to flaws that have led
it to alter projected revenues
significantly over the years.
The government says it still ex-
pects the program to generate
a profit over the long term, but
it has repeatedly trimmed ex-
pectations for revenues.
President Barack Obama has
promoted income-driven repay-
ment planspassed by Con-
gress in the 1990s and 2000s
to stem a sharp rise in
borrowers defaulting on their
loans since the recession. En-
rollment in the plans has more
than tripled over the past three
years to 5.3 million borrowers,
who owe roughly $355 billion.
Ted Mitchell, undersecretary
at the Education Department,
said such programs are help-
ing millions of borrowers suc-
cessfully manage loan repay-
ment, particularly those for
whom standard repayment may
prove challenging.
He added that the adminis-
tration has proposed changes
to reduce costs. Mr. Obama, for
example, has called for capping
how much debt public-service
workers can have forgiven.
The most generous version
of income-driven repayments
caps a borrowers monthly pay-
ment at 10% of discretionary
income, which is defined as ad-
justed gross income above
150% of the poverty level.
That formula typically low-
ers monthly payments of bor-
rowers by hundreds of dollars.
Public-service workersthose
employed by a government
agency or at most nonprofits
have balances forgiven after 10
years, tax-free. Private-sector
workers have balances forgiven
in 20 or 25 years, with the for-
given amount taxed as ordinary
income.
President-elect Donald
Trump said during his cam-
helping student-loan borrow-
ers. He has proposed setting
payments at 12.5% of income
and forgiving balances after 15
years. He has also suggested
winding down the federal stu-
dent loan program and shifting
lending to the private sector.
Growing evidence suggests
many of the most hard-pressed
borrowerscollege dropouts
who owe less than $10,000
arent taking advantage of the
programs, while workers with
graduate degrees, such as doc-
tors and lawyers who dont
necessarily need help, are.
GAO figures suggest the av-
erage balance of borrowers in
income-driven repayment plans
stands at $67,000. That sum
suggests a disproportionate
share of those benefiting from
the plans are graduate-degree
holders, since the government
caps lifetime borrowing from
federal programs for under-
graduates at $57,500. It doesnt
limit how much grad students
can borrow. And graduate-de-
gree holders typically have
higher incomes and have low
rates of unemployment, Labor
Department data show.
Return to Lender
Expected revenues from student loans made directly by the U.S.
government are declining as more and more borrowers enroll in
income-driven repayment (IDR) plans, which cap monthly payments
as a share of earnings and eventually forgive portions of loans.
Student loans in repayment
IDR plans Other plans
$700 billion
600
500
400
300
200
100
0 0
2013 14 15 16
Note: Figures exclude government-backed private student loans.
Source: Government Accountability Ofce
There are still about 8 mil-
lion Americans in default on
their student loans, and the
ment will end up making
money on student loans, said
Robert Kelchen, an assistant
number of defaults among bor-
rowers who recently left school
has come down only slowly.
professor of higher education
at Seton Hall University.
Income-driven repayment
Meanwhile, Senate Budget plans are also causing concern
Committee Chairman Mike Enzi that as more students become
(R., Wyo.), who ordered the aware of the benefits, they will
GAO study, has criticized the become less sensitive to tuition
Obama administrations use of increases, enabling universities
executive authority to sweeten continually to raise tuition ulti-
terms of the repayment plans, mately at taxpayer expense.
which he said would add to the Higher education costs have in-
national debt. creased by an average of 5.2% a
This Administration has year in the past decade, far
been manipulating the terms of faster than inflation, which has
the student loan program with- been running at under 2%.
out the consent of Congress, The GAO estimates that $137
while shirking its statutory billion of the roughly $355 bil-
duty to carefully assess the lion owed under income-driven
cost impact of those changes, repayments wont be repaid.
Mr. Enzi said in a statement, Most of itthe $108 billion dis-
adding that he was considering closed Wednesdaywould be
legislation to force changes in forgiven because of borrowers
the governments accounting fulfilling their obligations un-
methods. der the plans. The other $29
Some outside academics say billion will be written off be-
it is increasingly likely that the cause of disability or death, the
projected surpluses of the fed- GAO projects, the only other
eral student loan portfolio circumstances under which the
which has more than doubled government takes a loan off its
over the past decadewont books. The government can
materialize. Im not at all con- garnish wages and Social Secu-
fident that the federal govern- rity checks for those in default.
And that $108 billion only
covers loans made through the
current school year. The overall
sum could continue to grow
alongside enrollment increases.
The GAO said it could take 40
years to know the full costs of
the programs.
Borrowers in repayment Supporters point out that
IDR plans Other plans under current law, any amount
25 million forgiven would be taxed as or-
dinary income for private-sec-
tor workers, limiting the bene-
20
fits for individuals.
The GAO report also criti-
15 cizes how the Education De-
partment has produced budget
10 estimates for the loan program.
For example, it said the depart-
ment has failed to account for
5
inflation when estimating bor-
rowers future earnings. And it
said the agency failed to ac-
2013 14 15 16 count for further increases in lion from the second quarter.
enrollment in income-driven
THE WALL STREET JOURNAL. repayment plans.
Subprime Auto Loans,
Delinquencies Return
BY JOSH ZUMBRUN
Subprime auto loans are
back and already going sour.
The number of subprime
auto loans slipping into delin-
quency climbed to the highest
level since 2010 in the third
quarter and is following a pat-
tern much like the months
heading into the 2007-09 re-
cession, according to fresh
data from the Federal Reserve
Bank of New York.
Overall auto-loan delin-
quency rates were low and rela-
tively flat, said Andrew Haugh-
wout, senior vice president at
the New York Fed. But he noted
there are significantly higher
and rising delinquency rates
among subprime auto loans.
In the aftermath of the fi-
nancial crisis, which was
brought about by the collapse
of the subprime-mortgage
market, lenders largely re-
frained from making auto loans
to borrowers with similarly
low credit scores. Subprime
mortgage lending remains low.
But as the financial system has
recovered, subprime auto loans
have returned in force.
New auto loans to borrowers
with credit scores below 660
have nearly tripled since the end
of 2009. So far in 2016, about
$50 billion of new auto loans
per quarter have gone to those
borrowers. About $30 billion
each quarter have gone to bor-
rowers with scores below 620.
The new data were released
as part of the New York Feds
quarterly Report on Household
Debt and Credit, which is based
off anonymous Equifax credit-
report data. The report showed
total household debt grew to
$12.35 trillion in the third
quarter, an increase of $63 bil-
can linger for years. Foreclo-
The increase was driven by a
$32 billion rise in auto loans, as
well as smaller increases in stu-
dent loans and credit-card bal-
ances. The report showed a con-
tinuation of recent trends, with
balances rising quickly for non-
housing debt, but little or no
growth in mortgage balances.
Delinquency rates declined
in the quarter for mortgages,
student loans and credit cards.
The number of individuals with
a new foreclosure notation on
their credit reports hit the low-
est level in 18 years of data.
But delinquencies on auto loans
are rising, driven by the in-
crease in the subprime sector.
The increasing delinquency
of subprime auto loans is wor-
A rise in household
debt was driven by a
$32 billion increase
in auto loans.
risome because it has come
when the overall U.S. economy
has gradually been on the
mend and the unemployment
rate has been falling.
The rate at which auto
loans for borrowers with
credit scores below 620 have
slipped into 90-day delin-
quency has climbed for 10
consecutive quarters.
Lenders know that sub-
prime borrowers are more
likely to become delinquent
and charge higher interest
rates on those loans.
Subprime auto loans have
many differences with the sub-
prime housing loans that
helped fuel the financial crisis.
Cars can be quickly repos-
sessed while home foreclosures
sures can drag down the value
of neighboring homes.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * Thursday, December 1, 2016 | A7

U.N. Broadens Sanctions on North Korea BY FARNAZ FASSIHI
Target Market
Chinese imports of North Korean UNITED NATIONSThe Se-
coal reached a monthly record in curity Council unanimously
August. adopted a sanctions resolution
Wednesday aimed at penaliz-
2.5 million tons ing North Korea for its nu-
clear-weapons program, cut-
2.0 ting the countrys annual
revenue by about $800 million
by means of a ceiling on the
1.5
amount of coal it can export.
The resolution was sup-
1.0 ported by China, North Koreas
closest ally, which said the se-
0.5 curity situation in the region
had grown dire.
For three months, diplo-
0 mats, led by the U.S., negoti-
2015 16 ated over how to punish North
Source: China's General Administration of Korea for repeated violations
Customs of United Nations sanctions
THE WALL STREET JOURNAL. banning the country from fir-
WORLD NEWS
ing ballistic missiles and con-
ducting nuclear tests. North
Korea conducted its latest and
largest nuclear test on Sept. 9.
The last round of U.N. sanc-
tions, in March, had failed to
deter North Korea.
Provisions meant to prevent
the suffering of ordinary peo-
ple by allowing certain types
of trade were exploited by
government officials to the
benefit of the state, U.S. offi-
cials said.
In response, diplomats
moved to curb North Koreas
lucrative export of coal, its
single largest source of reve-
nue, estimated at more than
$1.2 billion a year. The chal-
lenge for U.S. and its European
allies on the Security Council
was to persuade China, which
remained the only country to
import coal from North Korea
and has been weary of drastic
measures that would destabi-
lize North Koreas economy, to
go along.
Complicating the negotia-
tions, diplomats said, Russia
inserted itself into the bilat-
eral negotiations between
China and the U.S., delaying
talks by raising its own con-
cerns about the text of the
resolution.
The whole thing was diffi-
cult to overcome, said a Secu-
rity Council diplomat. The
Chinese drove a very hard bar-
gainbut something has
changed in the Chinese calcu-
lus. The diplomat added that
China appeared fed up and
embarrassed by the behavior
of North Korea.
China said it wanted to
avoid a deterioration of secu-
rity in the region, where it
shares an 880-mile border
with North Korea.
The resolution reaffirms
the need to safeguard the sta-
bility of the Korean penin-
sula, said Chinas ambassador
to the U.N., Liu Jieyi. The
current situation in the Ko-
rean peninsula is sensitive,
complex and dire.
Chinese experts say Bei-
jings decision to target a key
source of Pyongyangs income
was meant to admonish North
Korean leader Kim Jong Un for
his persistence in pursuing nu-
clear weapons.
The political message en-
capsulated in the resolution is
more important than the spe-
cific sanctions that it spells
out, said Yang Xiyu, a Ko-
rean-affairs expert and senior
fellow at the China Institute of
International Studies, a Chi-
nese Foreign Ministry-affili-
ated think tank.
The resolution was hailed
by U.N. Secretary General Ban
Ki-moon as the toughest and
most comprehensive set of
sanctions ever imposed by the
Security Council and called on
all member states to ensure
they are fully implemented.
North Korea hasnt reacted
to the new sanctions, which
will cap its coal exports at
about $400 million or 7.5 mil-
lion metric tons a year.
Chun Han Wong
contributed to this article.

Mining Accidents
Spur China Alarm
BY CHUIN-WEI YAP
BEIJINGA deadly quarry
collapse in northeast China
this week highlights a surge in
dangerous mining activity
across the country amid soar-
ing coal prices, and follows a
government warning that the
rally poses increased risks.
The warning, in a report in
early November, came as in-
formal data have shown sharp
increases in colliery casualties
this year, with November the
deadliest month so far.
On Tuesday, 22 workers
were trapped when a shaft
issued in November, the work-
safety committee, which over-
sees industrial safety, said the
miners had crossed into pro-
hibited areas to dig for coal,
which led to an excessive ac-
cumulation of combustible
gas.
The committee also warned
that the yearlong price rally
had triggered a strong rush
into closed mines to revive
production, risking more acci-
dents.
All jurisdictions have to
crack down on illegal practices
at coal mines such as fake clo-
sures and fake blueprints, and

AGENCE FRANCE-PRESSE/GETTY IMAGES

caved in at Qitaihe City
Jingyou Coal Mine, a desolate
outpost in Chinas northeast,
state-run Xinhua News Agency
quoted rescue workers as say-
ing on Wednesday. The cause
wasnt known, nor was it clear
whether any of those trapped
had survived.
Last week, a coal-mine fire
in neighboring Liaoning prov-
ince killed 26 miners.
The Work Safety Committee
of the State Council, a govern-
ment agency, also said it
would step up surprise inspec-
tions, including at night, to
counter illegal practices at
mines that put lives at risk.
As coal prices go up, mines
tend to go beyond the usual
safety limits to get at the
more dangerous coal, and acci-
dents increase, said Keegan
Elmer, a researcher for the
Hong Kong-based watchdog
China Labour Bulletin.
In its postmortem of an
Oct. 31 coal-mine explosion in
the central city of Chongqing,
mines that say theyre shut-
ting down in the daytime only
to restart production at
night, the committee said.
The rally in coal prices was
largely the product of a gov-
ernment campaign to mas-
sively reduce mining capacity
as part of efforts to reduce
state overinvestment, under-
used factories and heavy cor-
porate debt. Beijing wants to
close 500 million tons of coal
capacity in the five years to
2020half of which the gov-
ernment said it had already
forced through by the end of
October.
The vigor of the campaign
slashed the supply of thermal
coal, doubling prices this year
to 604 yuan ($88) a ton this
week, 61% higher than the
start of the year, according to
an industry price index.
Coal officials say the price
boom has put thousands of
miners back to work. But
Chinas state economic plan-
ners appeared caught off-
Rescuers left a coal mine in Chongqing on Nov. 1, a day after a deadly explosion officials said was caused by miners working in restricted areas.
guard by the steep rally.
Economic data indicate that
by midyear, Beijing was calling
for rejuvenating state invest-
ment to boost macroeconomic
growth, which in turn relies
on ramping up electricity out-
putlargely fueled by coal.
As late as September, the
National Development and Re-
form Commissionthe ap-
proving authority for infra-
structure and industrial
projectswas urging coal
mines to increase their output
to meet a shortfall in supply.
Kersten Zhang
contributed to this article.

Indias Naval Buildup Is Set Back

BY DANIEL STACEY
NEW DELHIWhen top
American naval engineers in-
spected Indias first locally
made aircraft carrier, they ex-
pected to find a near battle-
ready ship set to help counter
Chinas growing sway in the
Indian Ocean.
Instead, they discovered the
carrier wouldnt be operational
for as long as a decade and
other shortcomings: no small
missile system to defend itself,
a limited ability to launch sor-
ties and no defined strategy for
how to use the ship in combat.
The findings alarmed U.S. offi-
cials hoping to enlist India as a
bulwark against China, people
close to the meeting said.
Chinas navy will be the big-
gest in the world soon, and
theyre definitely eyeing the In-
dian Ocean with ports planned
in Sri Lanka and Bangladesh,
said retired Adm. Arun Prakash,
the former commander of In-
dias navy. The Indian navy is
concerned about this.
The February carrier in-
spection, in the port of Kochi,
formed part of U.S. plans to
Cash Crunch
Threatens Growth
NEW DELHIIndia released
data that confirmed its place as
an outlier in a low-growth world,
and Prime Minister Narendra
Modi has promised more mea-
sures to encourage investment.
But with his latest step, Mr.
Modi has left Indias star looking
a lot dimmer, at least for now.
Three weeks after his gov-
ernment abruptly canceled In-
dias largest bank notes to
flush out ill-gotten wealth,
companies big and small are
reeling from the shock to cash
terrain, riling China, which has
issued diplomatic complaints
over the joint exercises.
Indian and American offi-
cials say they hope cooperation
will grow under President-elect
Donald Trump, who has sig-
naled a tougher approach to-
ward China. After the U.S. elec-
tion, U.S. Ambassador Richard
Verma said the ties forged with
sales, large numbers of the
poor remain cut off from
wages and the new rupee bills
arent reaching many corners of
the country quickly enough.
While the government
Wednesday reported year-to-
year gross-domestic-product
growth of 7.3% for the July-
through-September quarter,
some economists have already
cut their forecasts for the full
fiscal year, which ends in March.
Ambit Capital cut the broker-
ages growth estimate for the
full financial year by nearly half,
to 3.5%, well below the previous
years 7.6% rate and the slowest
pace in more than two decades.
Raymond Zhong
THERE ARE EXCEPTIONS
comment beyond saying its air- TO EVERY RULE.
craft carriers were still under
progress. Chinese officials
have rejected assertions they
are pursuing military objectives
in the Indian Ocean.
India pledged funding last
year for a new port in Iran
where Indias own ships could
potentially resupply for Indian
Ocean missions. And it is seek-
+888.214.6858 | AUDEMARSPIGUET.COM

share aircraft carrier technol-
ogy with India. Indian naval
officials followed up with a
tour of an American shipbuild-
ing yard in Virginia and strat-
egy briefings at the Pentagon
in September, the people close
to the meetings said.
The U.S. and India are draw-
ing closer. The two have partici-
pated in joint naval exercises
with Japan. The U.S. has agreed
to sell New Delhi attack helicop-
ters, artillery and other mate-
riel. The emerging relationship
has reshaped Asias geopolitical
India under President Barack
Obama were irreversible.
The aircraft carriers are the
centerpiece of the military co-
operation. But U.S. concerns
are growing about Indias mili-
tary strategy. Experts worry
New Delhis insistence on build-
ing complex military gear
largely from scratch, a legacy of
its period of nonalignment, has
led to delays in modernizing its
carriers, jet fighters and nuclear
submarines and limited its abil-
ity to fight. An Indian Defense
Ministry spokesman declined to
ing to match Chinas naval
force by adding two Indian-
built carriers to the Russian
one it now operates.
The first homemade Indian
carrier, the INS Vikrant, has AUDEMARS PIGUET BOUTIQUES:
fallen short of expectations. NEW YORK | BAL HARBOUR SHOPS | BEVERLY HILLS |
An Indian state audit, released MILLENARY LAS VEGAS | BRICKELL
in July, found serious faults in IN PINK GOLD
its design and construction. PROUD
Still, the U.S. Navy plans to PARTNER
OF
step up cooperation, pinning
its hopes on the second home-
made carrier, which promises
to be far larger and contain
more advanced technology.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A8 | Thursday, December 1, 2016 * * THE WALL STREET JOURNAL.

WORLD NEWS

Thousands Flee Aleppo Amid Attacks

Living conditions
deteriorate further as
Assad regime bombs
rebel-held parts of city
BY NOAM RAYDAN
AND NOUR ALAKRAA

Syrian regime shelling killed

at least 40 civilians fleeing
fierce fighting in east Aleppo,
local opposition officials and
activists said, as President
Bashar al-Assads forces pur-
sue an offensive on rebel-held
parts of the city.
More than 20,000 residents
are estimated to have fled the
fighting in rebel-held areas in
the past few days, according to
the International Committee of
the Red Cross, amid continu-
ing aerial bombardment.
Rebels have lost about a third
of their territory in the city in
recent days, and the violence is
causing further deterioration of
difficult living conditions as des-
perate people fleeing their
homes struggle to find shelter.

The United Nations Security
Council on Wednesday held an
emergency meeting called by
France on the situation in
Aleppo. The U.N.s special en-
voy to Syria, Staffan de Mis-
tura, and Under-Secretary-
General for Humanitarian
Affairs Stephen OBrien briefed
the council on the situation on
the ground, condemning the
level of attacks and pleading
for a cease-fire that would al-
low humanitarian access.
Shells and rockets hit civil-
ians on Wednesday in the neigh-
borhood of Jub al-Quba, where
displaced people were seeking
shelter, said Mosaab Khalaf, a
member of the local opposition
council, and the U.K.-based op-
position monitoring group Syr-
Syrian residents who fled rebel-held areas of eastern Aleppo reached out for Russian food aid in the citys government-controlled Jibreen district on Wednesday.
ian Observatory for Human
Rights. The dead were mostly
women and children, they said.
The Russian military has
backed the recent Syrian gov-
ernment offensive, but Lt. Gen.
Sergei Rudskoi said on
Wednesday that Russian air-
craft were staying beyond a 10-
kilometer boundary outside
Aleppo. Residents, activists and
monitoring groups have for
months accused Russia of bom-
barding eastern neighborhoods.
Antigovernment activists
circulated photos online re-
portedly taken in the after-
math of the shelling show-
ing dead bodies lying in pools
of blood on the street.
The civilians had been at-
tempting to escape the bom-
bardment and cross into the
relative safety of the citys
government-controlled west,
said Ibrahim Abu-Laith, a
spokesman with the Syrian
civil-defense group known as
OMAR SANADIKI/REUTERS
the White Helmets. left their homes with few pos- Buildings that once housed
Some 11,000 people from sessions beyond essential just a few families are now ac-
the east reached government- items, said resident Muham- commodating up to 20, ac-
controlled parts of the city mad al-Zein. Some have sought cording to residents.
this week, pro-government shelter with friends and rela- Before the fresh advance by
newspaper Al-Watan reported, tives while others are squat- the regime, nearly 300,000
citing the provincial governor, ting in abandoned buildings. people were estimated to be
Hussein Diab. Though the west People are fleeing besieged living in the besieged eastern
is free of aerial bombardment, areas to other besieged areas, neighborhoods of Aleppo, ac-
shelling by rebels killed eight from death to death, and for cording to the United Nations.
people there Wednesday, Syr- them this option is better than Those who remain are strug-
ian state media reported. surrendering to the regime that gling to find food and medical
Displaced civilians, includ- treats opposition [supporters] supplies, resident Mahmoud al-
ing some elderly or wounded, with absolute savagery, he said. Halabi said on Wednesday.

Saudis Go Online to Deter Militant Recruits Berlin Says

BY MARGHERITA STANCATI
RIYADHEvery day after
work, Abdulrazaq al Morjan
spends hours on Twitter work-
ing to infiltrate networks of
young Islamic radicals and to
stop groups like Islamic State
from recruiting them. His most
effective weapon is knowledge of
his countrys ultraconservative
brand of Islam, which extremists
on getting technology compa-
nies to do more to prevent ter-
Over weeks, the small team
interacted with around 500 peo-
It Found
rorists from using social-media
platforms to spread their mes-
sages.
ple around the world on Twitter.
Sakinah says it is successful
about a third of the time in per-
Islamist
The online vigilantes in Saki-
nahwhich means tranquil-
ityoffer a different approach:
suading people to renounce their
radical views, based on its analy-
sis of the long-term behavior of
Mole
Engage would-be militants and the over 3,000 people its mem- BY RUTH BENDER
steer them away from violent ex- bers have interacted with since
tremism. The primary focus is it was formed. BERLINGerman authori-
Twitter, a platform where, Saki- Sakinah began battling ex- ties arrested a suspected Isla-
NOOR PUNASIYA/ASSOCIATED PRESS

draw upon for inspiration.
Sakinah complements other
Saudi efforts. Long blamed for
inspiring jihadists through its
promotion of a strict interpreta-
tion of Sunni Islam, Saudi Arabia
is using that religious clout to
combat violent Islamist extrem-
ism. The Saudis are for sure
part of the problemand part of
the solution, says Lori Plotkin
Boghardt, a Gulf states expert at
the Washington Institute for
Near East Policy.
Much of the effort to confront
online radicalization has focused
nahs members say, radicals con-
tinue to breed.
The Obama administration
has also moved to deter poten-
tial recruits on their own turf,
shifting its counter-propaganda
focus this year away from gov-
ernment-branded messaging to
sources deemed more credible in
the eyes of would-be extremists.
Sakinah has been employing
that strategy for over a decade.
The campaigns membership
fluctuates between 30 to 80 peo-
ple, most of them Saudi. It in-
cludes psychologists, informa-
tremists online in 2003, when a
young government bureaucrat,
Abdulmunem al Mushawah, be-
gan in his free time monitoring
and confronting extremists affil-
iated with groups such as al
Qaeda on chat forums. Others
soon joined him.
Sakinahs activities have pro-
A July terror attack next to one of Islams holiest sites in Medina. voked death threats and even a
hate poem. But, says Mr. Musha-
tion technology experts and, scan for potential recruits. Saki- wah, One person alone makes it
crucially, Islamic scholars. When nahs volunteers stepped in, worth all the hard work. If you
terrorists loyal to Islamic State tracking those who expressed witness even just one person
struck in Brussels in March, ex- support for attacks, most of changing his or her mind, that
tremists took to social media to them tweeting in Arabic. makes you happy.
mist mole discovered working
within the countrys domestic
intelligence service, sparking
criticism of an agency that has
been on high alert following a
string of attacks and foiled
plots this year.
Prosecutors in Dsseldorf
said the 51-year-old German
national and recent convert to
Islam was detained two weeks
ago on suspicion of preparing
an attack on the agencys
headquarters and attempting
to violate professional secrecy.
Officials said the suspect
who hasnt been formally
charged and whose name au-

OIL OPEC's Output

Continued from Page One
ished at a one-month high.
The biggest gainers in en-
ergy stocks were generally
those operating in regions
that have been uneconomical
to drill for much of the past
two years. The S&P 500s en-
ergy sector advanced 4.8%.
Still, questions remain
about the long-term impact of
the deal and the ability of the
group to enforce the cuts. The
group has a checkered history
of complying with its own
agreements, with countries of-
ten producing more than their
agreed-upon share. Analysts
said oil traders would watch
the agreement warily in the
coming weeks.
The Qatari oil minister said
a committee of Algeria, Vene-
zuela and Kuwait will monitor
compliance with the agree-
ment, though he didnt specify
how noncompliance would be
defined, deterred or punished.
For a cartel that had been de-
clared all but dead, Wednesdays
deal was a reminder of the
power wielded by a group that
controls a third of the worlds
crude. Almost exactly two years
after it decided to let prices slip
into a free fall, the group finally
acted, pressured by low prices
and domestic fiscal demands to
overcome bitter divisions, in-
cluding those between Iran and
Saudi Arabia, the groups de-
facto leader.
The member countries were
faced with a very deep abyss
of low oil prices, and that won
Production has gone up faster among some of the group's factions, while U.S. production has fallen.
thorities didnt disclosebe-
gan working at the agency in
April and was intercepted
sharing agency secrets in an
10 million OPEC member states average daily production in barrels of oil online chat and offering other
January 2017 production level
Islamists access to its head-
8 quarters for an attack. His
chat partner was, in fact, an
Gulf States Iraq and Iran The Other Eight undercover agent.
6
Richest countries Countries with Members that have struggled The suspect said he was
fast-growing production the most with low prices ready for anything to help his
4 brothers, the prosecutors of-
fice said, though it added there
2 was no evidence he had been
involved in a concrete plot. The
0 office said the man confessed
to infiltrating the agency to
13 15 17 warn fellow believers about
U.S. Saudi Arabia UAE Kuwait Qatar Iraq Iran Venezuela Angola Algeria Ecuador Gabon Nigeria Indonesia Libya
investigations into them.
10.06 2.87 2.71 618,000 4.35 3.80 1.97 1.67 1.04 522,000 193,000 No cut No cut No cut The discovery of an infiltra-
million million million million million million million million tion at one of Germanys most
Agreed crude oil production levels for January 2017 secretive institutions comes at
Notes: monthly data; Indonesia suspended its membership; Libya and Nigera exempted from production deal a difficult time for the coun-
Sources: International Energy Agency; U.S. Energy Information Adminstration (U.S.); OPEC (January level) THE WALL STREET JOURNAL. trys security agencies.
Germany hasnt adopted the
out over politics, said Daniel Ye- production figures generated firmation of a production cut. Mr. Hamm said producers, drastic surveillance laws intro-
rgin, vice chairman of IHS by OPEC, can say it is raising Russia said it would move to including Continental, will un- duced by Britain and France
Markit and a longtime oil-mar- output, while Saudi Arabia can cut 300,000 barrels a day. lock some of the thousands of and its agencies work has
ket watcher. OPEC is back in point to the Islamic Republics Saudi Arabias support for drilled wells in the U.S. that been complicated by the coun-
business, Mr. Yergin said in an output figures and say that cuts was a reversal from a posi- havent been pumped yet. trys privacy-protection laws.
interview. This will rank as one Iran is agreeing to a cut. tion it has held through most of With the 1.2 million-barrel- Yet a series of violent at-
of their historic decisions. Its a good day for the oil the price rout, as it sought to per-day-less production, cer- tacks this summer and the
Saudi Arabia and Iran, market, its a good day for the keep output high and fight for tainly it will pull that over- foiling of several plots since,
whose differences blocked a oil industry, Saudi Arabian En- market share around the world. hanging inventory down most of them by recently ar-
deal that aimed to freeze pro- ergy Minister Khalid al-Falih As a low-cost producer, it said it pretty quickly, he said. rived asylum seekers, has
duction earlier this year, made said after the deal was reached. could live with low prices, while Saudi Arabias support of a heightened public concerns
the deal possible by coming to He said the deal, in which higher-cost producers like the deal that will help the U.S. about the threat of terror in
a tortured compromise on pro- the Saudis agreed to take on U.S. would be forced out. producers it believed would be Germany. The arrival of well
duction figures. Iran was al- the highest burden of cuts at But while U.S. production did killed off by the rout shows over a million refugees since
lowed to increase its produc- 486,000 barrels a day, is not decline, shale producers proved how badly the kingdom now the beginning of last year has
tion by 90,000 barrels a day, a only what we wanted, but more resilient than many had needs oil prices to rise. Its stretched the agencies already
significant victory for the Is- what the market wanted. expected. Harold Hamm, chair- government has embarked on limited surveillance capacity.
lamic Republic as it tries to Saudi Arabia did succeed in man of Continental Resources a plan to diversify its economy The domestic intelligence
rebuild its economy after the wringing a rare concession Inc. and an energy adviser to that includes a proposal to list agency started a recruiting
end of Western sanctions. from a non-OPEC member in President-elect Donald Trump, its state-owned energy giant, drive recently to try to keep
But the deal allows both Russia. Just after OPEC sealed said Wednesday that U.S. oil Saudi Arabian Oil Co., in 2018. up. The suspect was hired in
Iran and Saudi Arabia to claim the deal, Mr. Falih called Rus- production will rise in the wake Ahmed Al Omran the spring and was part of a
a win, by pointing to different sian Energy Minister Alexan- of OPECs cut, although it may and Sarah Mcfarlane team observing followers of
sets of numbers. Iran, using der Novak and asked for con- take more than a year to see it. contributed to this article. the Salafi branch of Islam.
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A8B | Thursday, December 1, 2016 NY THE WALL STREET JOURNAL.

TO THE EXECUTIVES AND RESEARCHERS AT ELI LILLY AND

COMPANY AND ALL THE PEOPLE WHO PARTICIPATED IN
THE SOLANEZUMAB CLINICAL TRIAL:

The disappointment we share with you over the recent setback in the solanezumab
clinical trial is deeply painful, but our hope and belief that we are moving ever
closer to effective treatments and ultimately a cure for Alzheimers disease is
unceasing.

This was never destined to be an easy battle to win. Alzheimers is as complex a

disease as it is cruel. To all of you at Eli Lilly and the Principal Investigators who
have devoted yourselves so completely to this effort, you have our continuing
gratitude as well as our faith and condence in the progress that will inevitably
emerge from your endeavors.

To those who committed your time, energy and resources as volunteers in this
trial, thank you for what you have done on behalf of all of us and our families.

We must remind ourselves that the future remains promising. There are more
Alzheimers related drugs in the development pipeline than ever before. New
knowledge regarding the human brain is being translated into encouraging novel
therapies. If anything, this setback underscores the need to direct signicantly
greater resources toward the ght against a disease that continues to devastate
far too many lives, families and communities.

We will prevail on the pathway to a cure.

Sincerely,

George Vradenburg,
Co-Founder and Chairman, UsAgainstAlzheimers;
Chair, Global Alzheimers Platform Foundation

Trish Vradenburg,
Co-Founder and Vice-Chair, UsAgainstAlzheimers

Meryl Comer,
Co-Founder, UsAgainstAlzheimers;
President, Geoffrey Beene Foundation Alzheimers Initiative

John R. Dwyer, Jr.,

President, Global Alzheimers Platform Foundation;
Co-Founder, UsAgainstAlzheimers

UsAgainstAlzheimers is an innovative non-prot organization demanding and delivering a solution to

Alzheimers. The Global Alzheimers Platform Foundation is establishing a standing global trial-ready platform to
drive quality, efciency and innovation in Alzheimers clinical trials.

For more information, please visit www.usagainstalzheimers.org and www.globalalzplatform.org.

 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * * * Thursday, December 1, 2016 | A9

WORLD NEWS

Crashed Airplane Ran Out of Fuel Colombia

Colombian authorities said
the charter plane that crashed
outside Medelln carrying a
Brazilian soccer team ran out
of fuel as it tried to complete
the long flight from Bolivia to
Colombia.
By Sara Schaefer
Muoz in Medelln,
Colombia, and Paul
Kiernan in
Rio de Janeiro
We can clearly affirm that
the plane did not have fuel at
the moment of impact,
Freddy Bonilla, Colombias
secretary of air security, told
reporters Wednesday evening.
Mr. Bonilla said the plane,
which crashed in the moun-
tains outside Medellins inter-
national airport Monday night,
Wednesday, health authorities
Congress
said.
Mr. Bonilla and the head of
Colombias civil aviation au-
Ratifies
thority, Alfredo Bocanegra,
said the flight plan of the
doomed airlinerwhich was
Peace Deal
approved by Bolivian authori- BY JOS DE CRDOBA
tieswas direct and didnt in-
clude a stop to refuel. Colombian legislators ap-
Aviation officials in Bolivia proved a peace agreement late
couldnt be immediately reached Wednesday with the countrys
to comment Wednesday night. communist guerrillas, ending
As the doomed flight Latin Americas longest armed
neared Medellns Jos Mara conflict, which killed hundreds
Cordova International Airport of thousands of people over the
Monday night, it was placed in course of 52 years.
a holding pattern to await Colombian deputies ratified
clearance to land after two the peace deal 130-0 after legis-
other commercial flights. lators belonging to the party of
This was an absolutely former President lvaro Uribe,
normal process, said Mr. Bo- who vigorously opposes the
nilla, noting that weather con- agreement, walked out of the
ditions were fine. legislative chambers.
BUDA MENDES/GETTY IMAGES

had been in violation of inter-
national and local regulations
that require planes to carry
reserve fuel between airports.
Investigators will establish
the reason why the crew, and
the offices of the airline, allowed
the plane to have an insufficient
amount of fuel, he said.
Accident investigators in Co-
lombia are also looking into the
use of the relatively short-range
aircraft to make the transconti-
nental trip between Santa Cruz,
Bolivia, and Medelln.
The distance between the
two airports, according to the
website Great Circle Mapper,
is 1,839 miles. The Avro RJ85s
maximum range with a full
tank of fuel is 1,842 miles, ac-
cording to a fact sheet on Air-
liners.net.
The flight went down carry-
ing its crew, journalists, and
the Associao Chapecoense
de Futebol, which was travel-
ing to the finals of the Copa
Sudamericana.
The accident all but wiped
out the soccer team, a scrappy
underdog that was on its way
to compete in its first interna-
tional finals match.
Rescue workers pulled six
survivors from the wreckage,
including three Chapecoense
players. The remaining 71 pas-
sengers perished. The survi-
vors were in stable condition
At 9:49 pm the LaMia plane The ratification by the lower
said it needed priority because house follows a day after a sim-
of a problem with fuel, investi- ilar unanimous Senate vote,
gators said. The control tower 75-0, in favor of the treaty,
asked the crew to elaborate on which was also preceded by a
the problem but gave them walkout by the supporters of
immediate authorization to Mr. Uribe, who is now a senator.
approach, Mr. Bonilla said. Fans paid tribute on Wednesday to the players of Brazilian team Chapecoense in Chapec, Brazil. An earlier peace agreement
Less than three minutes with the 6,000-strong Revolu-
later, officials said, the LaMia tionary Armed Forces of Colom-
plane declared a fuel emer-
gency. Air traffic controllers
City Mourns They were parents whose chil-
dren went to local schools, regu-
even its own fans, by storming
through the Copa Sudamericana
bia, or FARC, was voted down
by a narrow margin after being
again told the plane it had
landing priority.
Its Unlikely lar guys who hung out at a pop-
ular hotel playing music. Not
tournament, reaching the finals
against the Colombian squad,
put to a popular referendum in
early October. Government and
At 9:57 pm, the plane re- Champions celebrities, but friends. Atltico Nacional of Medelln, FARC negotiators had hashed
ported a total electrical failure They arent my relatives, but where it was scheduled to out the terms of the deal during
and its pilot pleaded for the it was as if they were, said Dan- play Wednesday. four years of grinding talks held
most direct route to the air- CHAPEC, BrazilWearing iel Feroldi, a 43-year-old con- The clubs working image in Cubas capital of Havana.
port. At that point it was fly- green-striped jerseys, soccer fans struction worker who said he suited the citizens of Chapec, Grateful to Congress for its
ing low, at 9,000 feet, in an arrived in couples and teary-eyed never missed a home match. a city of 210,000 in southern historic support of Colombians
area where planes are re- clusters of friends at the Arena Local restaurant owner Ivo- Brazil that styles itself the capi- hope for peace, President Juan
quired to maintain a minimum Cond, a site of recent celebration nir Trizoto lost more acquain- tal of Santa Catarina states ag- Manuel Santos tweeted after
altitude of 10,000 feet, investi- now forever transformed into tances and clients in the crash ricultural heartland. the vote.
gators said. haunted ground. than he can easily count. At Colgio Marista So Mr. Uribe had argued the
The tower lost contact with They gathered at the sta- First we cried over the Francisco, a Catholic private government had been far too le-
the airline moments later. dium Wednesday night to teams defeats, but now we cry school, administrator Elaine nient on the guerrillas. As part
The crews apparent delay mourn the still uncertain num- for loss of the entire team, he Cezaro said classes had been of the agreement, the guerrillas
in explicitly warning control- ber of athletes, coaches and said, as tears rolled down his canceled until Monday. plan to form a political party
lers about an emergency harks other personnel of the Associa- cheeks. The question that re- Eight people on the plane, and run for national office.
back to an infamous 1989 o Chapecoense de Futebol mains is, why Chapecoense? including four players, three of After Wednesdays vote, Mr.
crash of an Avianca jetliner among the 71 people who per- Why this city? whom died, had children or Uribe blasted the legislators,
that ran out of fuel while ap- ished in a Monday night plane The team, affectionately nick- grandchildren at the school. saying they had betrayed Co-
proaching to land at New crash in Colombia. named Chape, was an unlikely It was as if the floor fell lombias democracy. With 130
Yorks Kennedy International There were only six survi- champion. Made up of hardwork- out from beneath us, Ms. votes, democracy is finished,
Airport. The jet went down vors, three of them players. ing, obscure journeymen and Cezaro said. The only thing we his press office said on Twitter.
some 16 miles from the field, For residents of this small overachieving youngsters, it rose could do was put on the Chape- Under the agreement ratified
killing 73 of 158 people on city in Brazils rural interior, the to Brazils top division only a cou- coense shirt and pray. Wednesday, the guerrillas will
board. Chapecoense soccer team wasnt ple of years ago. Benjamin Parkin have six months to turn in their
Andy Pasztor a group of distant superstars. It had stunned rivals, and and Reed Johnson weapons and start a political
contributed to this article. party.

Brazil Lawmakers Hobble Prosecutors in Graft Probe

BY PAULO TREVISANI
AND LUCIANA MAGALHAES
BRASLIABrazilian law-
makers advanced legislation
that would hamper the ability
of prosecutors and judges to go
after crooked politicians, poten-
tially setting back the countrys
fight against widespread cor-
ruption.
In a vote in the wee hours of
Wednesday morning, deputies
in the lower house approved a
measure that allows defendants
to sue judicial authorities who
abuse their powers. Prosecutors
and judges could be fined and
sentenced to prison for alleged
offenses including damaging
the honor, dignity and deco-
rum of their offices.
The move is widely seen as
retaliation against Operation
Car Wash, the blockbuster graft
probe targeting dozens of
elected officials, including at
least 50 sitting lawmakers.
Prosecutors in Curitiba,
where the Car Wash investiga-
tion is based, denounced the
bill on Wednesday and said
they would collectively abandon
the probe if President Michel
Temer signs it.
The lower house has sig-
naled the beginning of the end
of Car Wash, lead prosecutor
Deltan Dallagnol said.
Other critics were quick to
blast the proposed legislation
as a threat to the independence
of Brazils judiciary, one of the
few bright spots to emerge
from the epic corruption scan-
dal that has wreaked havoc on
the countrys economy, political
establishment and global repu-
tation.
It isnt good for the society
that a judge is afraid of making
a decision, said Thiago Bottino,
a law professor at Getlio Var-
gas Foundation, a university
and think tank in Rio de Ja-
neiro.
To become law, the bill must
be approved by the Senate and
signed by Mr. Temer, who pre-
viously said he would veto any
attempts to shield politicians
from prosecution.
A spokesman for Mr. Temer
said Wednesday the presidents
pledge was aimed at a clause
that was eventually was left out
of the bill. He said the president
would wait until Congress is
done with the legislation to de-
cide what and whether to veto.
Political experts are split on
whether the president would go
along with the measure. Oppo-
nents are already calling for Mr.
Temers impeachment over al-
leged corruption, which he de-
nies. Protesters recently
stormed congress, decrying pre-
vious attempts by lawmakers to
shield themselves from prose-
cution in the Car Wash scandal.
The Supreme Court could
also overturn the legislation.
But Wednesdays efforts
show that many lawmakers are
unnerved by a probe that is
marching relentlessly through
the capitals corridors of power.
Congress is focused on sav-
ing its own skin, said Ivar
Hartmann, a constitutional ex-
pert based Rio de Janeiro. For
lawmakers the choice is being
unpopular or going to jail.
The proposed language to
punish prosecutors and judges
was inserted into a broader an-
ticorruption bill, much of which
was crafted by Car Wash prose-
cutors with the support of mil-
lions of citizens. The original
Ten Measures Against Corrup-
tion increased punishment for
embezzlement and other
crimes.
Lawmakers approved the
original bill right after mid-
night. But they waited until
hours later, when most Brazil-
ians were asleep, to radically
change the proposed legisla-
tion.
In addition to establishing
potential jail time for judges
and prosecutors who act too ag-
gressively, they stripped out a
whistleblower clause and weak-
ened authorities ability to seize
suspected illegal assets from
defendants in corruption cases.

Cubans Pay Respects as Fidel Castro Makes Final Trip Across Nation WORLD WATCH
CHINA
Factory Data Point
To Steady Expansion
Two gauges of Chinese fac-
tory output suggested that on-
going fiscal stimulus and rising
real-estate sales propped up eco-
nomic growth in November,
though more of the benefit is
flowing to state companies.
Chinas official manufacturing
purchasing managers index rose
to 51.7 last month from Octobers
51.2, the National Bureau of Sta-
tistics said Thursday. The index
has remained above the 50 mark
separating expansion from con-
RONALDO SCHEMIDT/AGENCE FRANCE-PRESSE/GETTY IMAGES
congratulated Maxim Oreshkin,
formerly Deputy Finance Minis-
ter, on his new post.
Former Economy Minister
Alexey Ulyukayev was detained
and accused of accepting a bribe of
$2 million for the privatization of a
midsize oil company in October.
Laura Mills
GREECE
Eurozone Bailout Fund
Proposes Debt Relief
Confidential proposals drawn
up by the eurozones bailout fund
could reduce Greeces debt load by
about a fifth in 2060.

traction for four straight months. A six-page document, dated

Surrounded by white roses
and drawn by a green military
jeep, Fidel Castros ashes began
a more-than-500-mile journey
on Wednesday across the coun-
try he ruled for nearly 50 years.
Just after 7 a.m., an honor
guard placed a small, flag-
draped cedar coffin under a
glass dome on a trailer behind
the Russian jeep. Thousands of
soldiers and state security
agents saluted the 90-year-old
leaders remains as they rolled
slowly out of Havanas Plaza of
the Revolution and the cortege
made its way to the Malecon
seaside boulevard and east
into the countryside.
Tens of thousands of Cubans
lined the path of the funeral
procession, which retraced the
path of Mr. Castros triumphant
march into Havana nearly six
decades ago. Many waved flags
and shouted Long may he live!
(Above, the jeep made its way
through Matanzas.)
Others filmed the procession
with cellphones, a luxury pro-
hibited in Cuba until an ailing
Mr. Castro left power in 2006
and his younger brother Ral
began a series of overhauls.
The ashes will be interred on
Sunday. Associated Press
A competing gauge, the pri-
vate Caixin PMI, fell to 50.9 in
November from 51.2 in October,
which was a two-plus year high.
Economists say the official data
tend to better reflect conditions
at large state-owned companies,
while the Caixin measure tend to
track smaller, private firms.
Mark Magnier
RUSSIA
Putin Appoints
Economy Minister
The Kremlin named a new
economy minister on Wednes-
day, after the official occupying
the post was charged with cor-
ruption and put under house ar-
rest earlier in November.
In a televised meeting, Rus-
sian President Vladimir Putin
Nov. 25 and seen by The Wall
Street Journal, was produced by
the European Stability Mechanism,
the Luxembourg-based eurozone
bailout fund.
The paper proposes to ease
Greeces debt load by extending
some maturities and locking in the
interest on some of Greeces loans.
The cumulative impact of these
measures in 2060 would cut the
ratio of debt to gross domestic
product by 21.8 percentage points.
A eurozone analysis in May
projected debt-to-GDP of 104.9%
in 2060, under a baseline scenario
in which Greece implements its
bailout program.
An ESM spokesman said the
document hasnt yet been en-
dorsed by eurozone finance minis-
ters and would be discussed at
their next meeting on Dec. 5.
Viktoria Dendrinou
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * NY Thursday, December 1, 2016 | A10C

GREATER NEW YORK

Pepper-Spray Use
At Rikers Grows
BY LESLIE BRODY
New York City Council mem-
bers expressed alarm Wednes-
day at the rising use of pepper
spray to stop fights in class-
rooms for young inmates at
Rikers Island, where teachers
have been offered respirator
masks for protection.
Security officers used pep-
per spray 16 times this fall at
the East River Academy, a
group of schools for inmates
aged 16 to 21, city Department
of Correction officials said.
They said it was much safer to
break up fights with pepper
spray than physical force. Fur-
ther, violent incidents had risen
after the department phased
out solitary confinement for in-
mates under 22 years old over
the past two years.
Now those with more severe
the councils education commit-
tee, said he was disturbed by
the use of what he called gas
on students awaiting trial. I
understand some can be big and
violent, whatever, but I think ul-
timately what we need to do is
find another solution rather
than gassing kids, he said.
The East River Academy
served about 500 students a
day last year. An official said
about 50% of the students have
learning disabilities, and about
20% arrive reading at below a
fifth-grade level.
Suzanne Ribeiro, a teacher
at Rikers, said all students in a
classroom can feel the effects
when the spray is used. Ventila-
tion is so poor in some areas
that the chemicals often spread
through the hallways, she said,
and some students throw up.
Since September, teachers

behavior problems join class-
rooms rather than being given
work in their cells to tackle on
their own.
We are still trying to tweak
how best to keep them safe as
well as how to keep everybody
CONCIERGE AUCTIONS
have been offered respirator
masks. Timothy Lisante, a su-
perintendent who oversees
East River Academy, said he
worried that the prospect of
wearing masks could hurt re- The five-story house at 3 Riverside Drive was designed by C.P.H. Gilbert in the French Renaissance Revival style and completed in 1898.
cruitment of teachers.

Going to Highest Bidder: A Mansion?

else safe, said Francis Torres,
representing the Department of
Correction.
Daniel Dromm, a Queens
Democrat who is chairman of
Laura Feijoo, a Department
of Education official, said the
use of pepper spray is not
ideal and staff seek to de-esca-
late conflict first. BY JOSH BARBANEL said Laura Brady, president of pher, spend years restoring because the super high-end
Concierge Auctions. the home, which has been des- market has just completely
A 37-foot-wide mansion on The five-story, eight-bed- ignated a landmark by the city. tanked.

Helicopter Trips Tallied Riverside Drive on the Upper

BY JOSH DAWSEY
New York Mayor Bill de Bla-
sio has used a New York Police
Department helicopter at least
18 times since taking office,
according to a person familiar
with the matter.
Mr. de Blasios helicopter
use came under fire last
month when a NYPD helicop-
ter landed in Prospect Park,
Brooklyn to take him to
Queens. The Wall Street Jour-
nal later reported he was at
Bar Toto, a favorite Park Slope
restaurant, making political
and fundraising calls.
Landing the helicopter in
Prospect Park on a Friday af-
ternoon caused a stir, and
some good-government ex-
perts said Mr. de Blasio should
reimburse the city for the
flight because he was doing
political work. The mayors of-
fice has said he wouldnt do so.
Mr. de Blasio has said he
doesnt like flying in the heli-
copter, and he has used the he-
licopter far less frequently than
Mayor Michael Bloomberg, ac-
cording to NYPD records.
Mr. Bloomberg used the he-
licopter more than 15 times a
year, on average, records
show. He also used his private
helicopter.
West Side has been on the
market on and off for four
years at prices as high as $40
million. Now the owner, facing
a threat of foreclosure, is tak-
ing a new approach: putting it
up for auction to the highest
bidder.
The auction is scheduled
for Dec. 20 and the auction
house, Concierge Auctions, es-
timates that it will sell for $13
million to $16 million.
Auctions of one-of-a-kind
properties have been on the
rise because of the difficulty
in efficiently establishing a
fair price through conven-
tional broker listings, espe-
cially during periods of uncer-
tainty and market slowdowns,
room house at 3 Riverside
Drive sits on the prominent
curved corner where the drive
meets West 72nd Street at the
southern edge of Riverside
Park. Known as the Kleeberg
Residence, the house was de-
signed in the French Renais-
sance Revival style by the ar-
chitect C.P.H. Gilbert and
completed in 1898. The facade
is faced with brick and lime-
stone, and decorated with
carved wreathes, ribbons,
shields and gargoyles.
When the current owner,
Regina Kislin, a real-estate de-
veloper, bought the home for
$2.64 million in 1996, it had
been divided into apartments.
Ms. Kislin and her husband,
Anatoly Siyagine, a photogra-
Now a single-family house
with a marble foyer and stair-
case, coffered ceilings, a ma-
hogany archway and a pool, it
was listed for $40 million in
2012. The asking price was
gradually cut in six stages to
$18.5 million in October.
Since 2013, Ms. Kislin has
been facing a foreclosure ac-
tion on a $4 million mortgage
on the house. In court filings
last year, Ms. Kislins lawyers
argued that the bank negoti-
ated in bad faith, after reneg-
ing on an agreement that
would have given her reduced
payments for two years to give
her time to sell the mansion.
Jeffrey Dannenberg, a law-
yer for Ms. Kislin, said she had
been unable to sell the house
It is a beautiful property,
he said, and she needs to
move on with her life.
Dexter Guerrieri, president
of Vandenberg Inc.the Town-
house Experts, once had the
listing for the house. Now he
said he has two buyers plan-
ning to bid on it when it
comes up for auction.
It is as close as a Manhat-
tanite can come to living in a
European castle. he said.
The property is one of 17
around the world scheduled
for a live auction on Dec. 20 at
the Trump SoHo New York in
lower Manhattan.
A preview of the Riverside
Drive house is scheduled for
Thursday between 5:30 p.m.
and 8 p.m.

Judge Weighs Special-Prosecutor Option

BY CORINNE RAMEY
HACKENSACK, N.J.A judge
heard arguments Wednesday
on whether to appoint a special
prosecutor to pursue an official
misconduct charge against Gov.
Chris Christie in connection
with the George Washington
Bridge lane-closure scandal.
The unlikely scenario, which
played out in a courtroom in
Bergen County, stemmed from
a complaint filed by citizen ac-
tivist Bill Brennan, a former
firefighter. Mr. Brennan has ar-
gued that testimony from a
federal trial demonstrated the
governor knew of the lane clo-
sures while they occurred but
refused to stop them, an allega-
tion Mr. Christie has repeatedly
denied. In October, a Bergen
County municipal judge found
probable cause to move for-
ward with the complaint.
On Wednesday, Mr. Brennan
argued that Bergen County Su-
perior Court Judge Bonnie Miz-
dol should appoint a special
prosecutor for the case. New
Jersey Attorney General Chris-
topher Porrino and Bergen
County Prosecutor Gurbir Gre-
wal, both appointed by Mr.
Christie, have recused them-
selves from the case. But even
their underlings have a conflict
of interest, Mr. Brennan argued.
Thats clearly what we have
here, is the master-servant re-
lationship, he said.
Craig Carpenito, the attorney
representing Mr. Christie, said
the governor had been cleared
by three separate investigations.
The case is over, he said.
Prosecutors from the attor-
ney generals office and Bergen
County said they are unbiased.
There is no reason to believe
we cant do our job as we al-
ways do, said Catherine Fod-
dai, a Bergen County prosecu-
tor.
Judge Mizdol said she would
rule by the end of the week.

GREATER NEW
YORK WATCH
LONG ISLAND
College Asks Judge
To Set Sale Timeline
The Oakdale campus of Dowl-
ing Colleges defunct liberal-arts
school, which includes a former
Vanderbilt family mansion, is up
for sale after the college filed for
bankruptcy Tuesday.
Dowling officials asked a U.S.
bankruptcy judge to set a March From law firms in White Plains to landscapers in Ronkonkoma,
bid deadline for buyers who are
interested in the 25-acre campus.
The property holds six buildings
with 150,000 square feet of
We are there we know that your business is unique, and so are the challenges it
faces. Thats why Northwell Health created CareConnect its
space. Dowling is also seeking to
sell a second campus, in Shirley.
when you cant be health insurance as unique as your business. And with CareConnect
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Trusted Skilled you can save up to 20%* on premiums and still get access to
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Medical Center and Phelps Hospital. Thats healthier insurance.
Police are looking for a quick-
thinking thief who stole an 86-
pound bucket of gold flakes
worth nearly $1.6 million off an
Find out more at CareConnect.com or call 855-706-7545.
armored truck in Manhattan.
The unidentified thief swiped LifeWorx.com
the 5-gallon metal bucket from
the back of the vehicle on Sept.
29 when a guard briefly went to
the trucks cab. The incident oc-
curred in broad daylight on West
New York, NY Westport, CT Chappaqua, NY
48th Street and was caught on 212.257.6706 203.966.3400 914.458.9933
security video.
Police say the suspect likely Englewood, NJ Long Island
didnt know what the bucket 201.793.3154 516.501.9152
contained. The man is believed *Estimates based on a comparison between publicly available rates and CareConnect offerings. CareConnect Insurance Company, Inc.
to be hiding out in Florida. Insured and Bonded
Associated Press
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
GREATER NEW YORK
Jury Dings
Broadway
Musical on
Copyright
BY PIA CATTON
After more than a decade
on Broadway, the hit musical
Jersey Boys received an un-
welcome verdict: Its writers,
director and producers have
been found liable for copyright
infringement by a federal jury
in Nevada.
The 2006 Tony Award-win-
ning best musical was inspired
by the true story of the Four
Seasons, the 1960s-era male
band known for songs includ-
ing Sherry and Big Girls
Dont Cry. The jury deter-
mined Monday that 10% of the
shows success is attributable
to infringement of an unpub-
lished autobiography of band
member Tommy DeVito.
Daniel M. Mayeda, co-coun-
sel for the defendants, who in-
clude show producers and cre-
ators, said the musical is
based on factual material
drawn from interviews with
multiple band members, in ad-
dition to articles and a previ-
ous book proposal.
You cant own historical
events, he said. A lot of
things that are similar are
facts, names and characteris-
tics of personalities.
The autobiography in ques-
tion was ghostwritten by the
late Rex Woodard, whose
widow Donna Corbello had at-
tempted to publish the book
after Jersey Boys opened as
a hit in 2005. Ms. Corbellos
attorneys didnt return re-
quests for comment.
Initially, Ms. Corbello sued
Mr. DeVito when she discov-
ered he had registered the
copyright for the manuscript
without reflecting his deal
with her husband. She later
added defendants, including
former band members, as well
as the shows creators and
producers.
In a 2014 opinion, U.S. Cir-
cuit Judge Diarmuid F.
OScannlain summarized Ms.
Corbellos position as alleging
that because the musical is a
derivative of her late hus-
bands work, she deserves to
share in its profits.
Jersey Boys has grossed
more than $549 million on
Broadway since opening in
2005, according to data pro-
vided by the Broadway
League. The popular show also
led to tours and a 2014 film
directed by Clint Eastwood.
Mr. Mayeda said his team
expects to file a motion in
January to set aside the ver-
dict, and if necessary, appeal.
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Onetime Senate Candidate Enters the Ring at Trump Tower
BY JOSEPH DE AVILA
Former professional-wres-
tling executive and Connecti-
cut U.S. Senate candidate
Linda McMahon met Wednes-
day with President-elect Don-
ald Trump at Trump Tower in
Manhattan.
Anytime, I think, the pres-
ident-elect of the United
States asks you to come in for
a conversation, you are happy
to do that, Ms. McMahon told
reporters after the meeting,
before leaving Trump Tower.
She said they discussed entre-
preneurs and job creation.
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When asked if she was of- at expanding leadership op-
fered a job or was seeking a portunities for women called
position in the Trump admin- Womens Leadership LIVE.
istration, Ms. McMahon, a Ms. McMahon had criti-
Republican, said, That re- cized Mr. Trump during the
mains to be seen. Stay primary campaign, and said
tuned. his comments about women
Ms. McMahon co-founder were deplorable. She sup-
of the wrestling franchise ported him in the general
WWE, ran twice for U.S. Sen- election and donated $6 mil-
ate in Connecticut, losing to lion to a super PAC that sup-
Richard Blumenthal in 2010 ported Mr. Trump.
and Chris Murphy in 2012. Ms. McMahon and her hus-
She spent about $100 million band, Vince McMahon, have
of her own money on those known Mr. Trump for several
campaigns. years. The president-elect has
Since then, Ms. McMahon made several appearances on
has started a company aimed WWE programs.
. (212) 644-1155
W I N D SO R J E W E L E R S , I N C . I S N OT A N O F F I C I A L R E S E L L E R O F A DV E R T I S E D B R A N D S .
Thursday, December 1, 2016 | A10A
In Bid for a Redo,
Defense to Argue
The Judge Erred
BY CORINNE RAMEY
Lawyers for the two people
convicted in the George Wash-
ington Bridge case plan to
seek a new trial based partly
on what they contend was the
judges improper handling of a
jurors request to be excused,
according to two people famil-
iar with the matter.
Attorneys representing Bill
Baroni and Bridget Kelly, both
former allies of New Jersey
Gov. Chris Christie, filed no-
tices on Nov. 11 saying they
would move for a new trial,
but they havent disclosed
their legal arguments for do-
ing so. The lawyers have also
said they would appeal.
Around 7 a.m. on Nov. 2,
the third day of jury delibera-
tions, a juror texted one of
Judge Susan Wigentons staff-
ers asking to see the judge, ac-
cording to one of the people
familiar with the matter. The
juror subsequently told the
staffer she wanted to get off
the case, this person said.
Judge Wigenton sent a
clerk and the staffer to speak
to the juror, the people famil-
iar with the matter said. The
clerk and the staffer had an
extended conversation with
CHARLES SYKES/INVISION/ASSOCIATED PRESS
the juror, an exchange that the
juror later conveyed to other
jurors, the people familiar
with the matter said. The juror
stayed on the case.
This jurors request and
how it was handled were the
subject of closed-courtroom
meetings during deliberations
on Nov. 2, these people said.
Judge Wigenton sent the jury
sent home early that day.
Through a staffer, the judge
declined to comment on the
matter.
Linda McMahon talks to the media at Trump Tower Wednesday.
. WWW.WINDSORJEWELERS.COM
I T E M S A R E A N T I Q U E , E S TAT E , A N D PR E - OW N E D G O O D S .
Defense attorneys are ex-
pected to argue the judge
acted improperly by not im-
mediately addressing the issue
with the lawyers on both
sides, the people familiar with
the matter said. The defense
lawyers will likely argue that
had the judge done so, the ju-
ror would have been ques-
tioned by the judge in the
presence of the
lawyers before
the staffers in-
tervened, one of
these people
THE said.
BRIDGE A lawyer for
CASE Mr. Baroni, a
former executive
at the Port Au-
thority of New York and New
Jersey, declined to comment.
A lawyer for his co-defendant,
Ms. Kelly, a former aide to Mr.
Christie, didnt respond to re-
quests for comment. A spokes-
man for New Jersey U.S. At-
torney Paul Fishman declined
to comment.
It isnt unusual for jurors to
approach court staff with
questions or requests to talk
to the judge and for those
staffers to handle some mat-
ters, said J.C. Lore, director of
trial advocacy at Rutgers Law
School. The standard for a
new trial is very high, he
added.
On Nov. 4, Ms. Kelly and
Mr. Baroni were convicted of
what prosecutors said was a
scheme to create traffic jams
to punish a Democratic mayor
who didnt endorse Mr. Chris-
tie, a Republican. They are
scheduled to be sentenced on
Feb. 21.
 Judge considers appointing a
special prosecutor............. A10C
EVAN VUCCI/ASSOCIATED PRESS
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10B | Thursday, December 1, 2016 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

PROPERTY
WATCH
MANHATTAN

Condo Conversion
Is Thinking Big
At 212 Fifth Avenue, a NoHo
office building being converted to
condominiums, the developer is
finding that in todays market,

STEVE REMICH FOR THE WALL STREET JOURNAL (2)

bigger is better.
That is a shift from earlier
this year when big sales slowed
down, and a penthouse in an-
other downtown development
was broken up to speed sales.
Now with activity picking up
at 212 Fifth, developer Robert
Gladstone has filed an amend-
ment seeking to combine two
apartments on the 18th floor
into a single, 7,740-square-foot
residence occupying the entire
floor.
The original plan for the build- The balcony of the 78th-floor penthouse at 30 Park Place looks
ing, developed by Mr. Gladstones out on One World Trade Center and New York Harbor. The stairs
Madison Equities with Thor Equi- leading to the second floor and main entryway of the apartment.
ties, included one full-floor apart-

Luxury Condos Perk Up Downtown

ment now listed at $68.5 million.
After a buyer signed a con-
tract earlier this year for two
half-floor apartments, priced at
$28.4 million, Mr. Gladstone redid
the 18th floor to meet what he
said was the unanticipated de-
mand for larger apartments.
Josh Barbanel
NYCHA Prepares
For Smoking Ban
The New York City Housing
Authority will develop guidelines
over the next 18 months for im-
plementing new federal rules
banning smoking in public-hous-
ing apartments, as well as com-
mon areas, administrative build-
ings and outdoor areas within 25
feet.
The agency has so far fo-
cused on voluntary efforts to
help residents who want to quit,
city officials said.
It will soon create an advisory
group on smoking and health,
made up of residents, experts
from city agencies and represen-
tatives from nonprofit organiza-
tions, to help guide program and
policy development, an agency
spokeswoman said.
Josh Barbanel
BY JOSH BARBANEL
On the upper floors of a
cast limestone tower known
as 30 Park Place, in the heart
of downtown, signs point to a
resurgence in Manhattans
sluggish luxury-condominium
market.
During November, Silver-
stein Properties
PROPERTY Inc., the devel-
oper of the
tower near City
Hall, signed contracts for five
new condos costing between
about $20 million and $26
million. Sales for the month
totaled $110 million.
In all of 2016, only 11 other
condos closed for more than
$20 million below 34th Street
in Manhattan, according to
city deed filings. Other down-
town developers are also re-
porting a rebound in sales and
showings.
This surge reflects the
growing popularity of down-
town as a place to live, bro-
restaurants opened, and the
construction fencing came
down around much of the
World Trade Center site. The
opening this year of the Ocu-
lus transportation center and
its associated shopping hub
have given the neighborhood a
touch of panache.
But brokers say the shift
could prefigure a broader up-
tick in the Manhattan luxury
market, as the economy
strengthens and foreign buy-
ers look to New York for an in-
vestment haven in a world be-
set by uncertainty, despite the
strong dollar.
Luxury sales had slowed be-
ginning in the second half of
2015, as a wave of expensive
condominiums came on the
market. This spring, activity
had so slowed down in a sliver
of Midtown sometimes called
Billionaires Row that the de-
velopers of one tower, at 111
West 57th St., decided to delay
a sales campaign for up to a
year.
green shoots. In late October,
one of the last remaining units
at the 60-story condo at 56
Leonard St. in Tribeca went
into contract. It was listed for
$34.5 million.
At the Greenwich Lane, a
condominium on the site of
the former St. Vincents Hospi-
tal, a buyer signed contracts in
This surge reflects the
growing popularity of
downtown as a place
to live, brokers say.
early November for two condo
units that will be combined, at
a list price of $33.9 million. A
few weeks later, a deal on a
7,051-square-foot apartment
there listed at $25.25 million
was signed.
Some of the rebound in
sales is being attributed to
projects that have finally
opened their doors. Rebound
We have a building where Percentage change in apartment
a year ago it was just a ren- pricing during the third quarter
dering with some broker giv-
ing you a pitch, said Ben Sha- 50%
oul, president of Magnum Real
40
Estate Group, who along with Downtown
CIM Group has developed One 30
Hundred Barclay, a condo cre-
ated in upper stories of an art 20
deco building in 1927 for the Uptown
Westside
New York Telephone Co. 10
At 30 Park Place, more for-
mally known as 30 Park Place 0
Four Seasons Private Resi- Eastside
dences New York Downtown,
10
sales activity picked up after 20
the Four Seasons Hotel New
Q3 2011 13 15
York Downtown opened this
fall, along with a street-level Source: Miller Samuel
restaurant, CUT by Wolfgang THE WALL STREET JOURNAL.
Puck.
Work on the tower was be- It is a downtown a lot of
gun before the financial col- us didnt expect in 2007, said
lapse in 2008, only to resume Melissa Ziweslin, a managing
in 2013. During that period, director at Corcoran Sunshine
the area near City Hall under- Marketing Group, who is over-
went a transformation as of- seeing sales at 30 Park Place.
fice and loft buildings were Our timing seems to be right

alexa
kers say, as new celebrity-chef But downtown, there are new deals signed in condo converted to residences. on.

Out tOday

free inside the

luxury
fashion section
starring supergirl
free inside the
melissa BenOist
3NYP101
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * NY Thursday, December 1, 2016 | A10C

GREATER NEW YORK

Pepper-Spray Use
In Rikers Classes
Sparks Concerns
BY LESLIE BRODY lution rather than gassing
kids, he said.
New York City Council The comments came at a
members expressed alarm hearing on a bill that would
Wednesday at the rising use of require the Department of
pepper spray to stop fights in Correction to report on its ed-
classrooms for young inmates ucation programs for young
at Rikers Island, where teach- inmates, such as their aca-
ers have been offered respira- demic achievement and rates
tor masks for protection. of violence.
The East River Academy
served about 500 students a
day last year. An official said
What we need to do about 50% of the students
is find another have learning disabilities, and
about 20% arrive reading at
solution rather below a fifth-grade level.
than gassing kids. Suzanne Ribeiro, a teacher
at Rikers, said all students in a
classroom can feel the effects
when the spray is used. Venti-

CONCIERGE AUCTIONS
Security officers used pep- lation is so poor in some areas
per spray 16 times this fall at that the chemicals often
the East River Academy, a spread through the hallways,
group of schools for inmates she said, and some students
aged 16 to 21, city Department throw up.
of Correction officials said. Since September, teachers The five-story house at 3 Riverside Drive was designed by C.P.H. Gilbert in the French Renaissance Revival style and completed in 1898.
They said it was much safer to have been offered respirator

Going to Highest Bidder: A Mansion?

break up fights with pepper masks. Timothy Lisante, a su-
spray than physical force. Fur- perintendent who oversees
ther, violent incidents had East River Academy, said he
risen after the department worried that the prospect of
phased out solitary confine- wearing masks could hurt re- BY JOSH BARBANEL said Laura Brady, president of pher, spend years restoring because the super high-end
ment for inmates under 22 cruitment of teachers. Concierge Auctions. the home, which has been des- market has just completely
years old over the past two Laura Feijoo, a Department A 37-foot-wide mansion on The five-story, eight-bed- ignated a landmark by the city. tanked.
years. of Education official, said the Riverside Drive on the Upper room house at 3 Riverside Now a single-family house It is a beautiful property,
Now those with more se- use of pepper spray is not West Side has been on the Drive sits on the prominent with a marble foyer and stair- he said, and she needs to
vere behavior problems join ideal and staff seek to de-es- market on and off for four curved corner where the drive case, coffered ceilings, a ma- move on with her life.
classrooms rather than being calate conflict first. A security years at prices as high as $40 meets West 72nd Street at the hogany archway and a pool, it Dexter Guerrieri, president
given work in their cells to officer is stationed inside each million. Now the owner, facing southern edge of Riverside was listed for $40 million in of Vandenberg Inc.the Town-
tackle on their own. classroom of about 10 stu- a threat of foreclosure, is tak- Park. Known as the Kleeberg 2012. The asking price was house Experts, once had the
We are still trying to dents. ing a new approach: putting it Residence, the house was de- gradually cut in six stages to listing for the house. Now he
tweak how best to keep them up for auction to the highest signed in the French Renais- $18.5 million in October. said he has two buyers plan-
safe as well as how to keep ev- bidder. sance Revival style by the ar- Since 2013, Ms. Kislin has ning to bid on it when it
KEVIN HAGEN FOR THE WALL STREET JOURNAL

erybody else safe, said Fran- The auction is scheduled chitect C.P.H. Gilbert and been facing a foreclosure ac- comes up for auction.
cis Torres, representing the for Dec. 20 and the auction completed in 1898. The facade tion on a $4 million mortgage It is as close as a Manhat-
Department of Correction. house, Concierge Auctions, es- is faced with brick and lime- on the house. In court filings tanite can come to living in a
Daniel Dromm, a Queens timates that it will sell for $13 stone, and decorated with last year, Ms. Kislins lawyers European castle. he said.
Democrat who is chairman of million to $16 million. carved wreathes, ribbons, argued that the bank negoti- The property is one of 17
the councils education com- Auctions of one-of-a-kind shields and gargoyles. ated in bad faith, after reneg- around the world scheduled
mittee, said he was disturbed properties have been on the When the current owner, ing on an agreement that for a live auction on Dec. 20 at
by the use of what he called rise because of the difficulty Regina Kislin, a real-estate de- would have given her reduced the Trump SoHo New York in
gas on students awaiting in efficiently establishing a veloper, bought the home for payments for two years to give lower Manhattan.
trial. I understand some can fair price through conven- $2.64 million in 1996, it had her time to sell the mansion. A preview of the Riverside
be big and violent, whatever, tional broker listings, espe- been divided into apartments. Jeffrey Dannenberg, a law- Drive house is scheduled for
but I think ultimately what we cially during periods of uncer- Ms. Kislin and her husband, yer for Ms. Kislin, said she had Thursday between 5:30 p.m.
need to do is find another so- City Councilman Daniel Dromm tainty and market slowdowns, Anatoly Siyagine, a photogra- been unable to sell the house and 8 p.m.

Special-Prosecutor Option Weighed

BY CORINNE RAMEY sures while they occurred but
refused to stop them, an allega-
HACKENSACK, N.J.A judge tion Mr. Christie has repeatedly
heard arguments Wednesday denied. In October, a Bergen
on whether to appoint a special County municipal judge found
prosecutor to pursue an official probable cause to move for-
misconduct charge against Gov. ward with the complaint.
Chris Christie in connection On Wednesday, Mr. Brennan
with the George Washington argued that Bergen County Su-
Bridge lane-closure scandal. perior Court Judge Bonnie Miz-
The unlikely scenario, which dol should appoint a special
played out in a courtroom in prosecutor for the case. New
Bergen County, stemmed from Jersey Attorney General Chris-
a complaint filed by citizen ac- topher Porrino and Bergen
tivist Bill Brennan, a former County Prosecutor Gurbir Gre-
firefighter. Mr. Brennan has ar- wal, both appointed by Mr.
gued that testimony from a Christie, have recused them-
federal trial demonstrated the selves from the case. But even
governor knew of the lane clo- their underlings have a conflict
of interest, Mr. Brennan argued.
Thats clearly what we have
here, is the master-servant re-
lationship, he said.
Craig Carpenito, the attorney
representing Mr. Christie, said
the governor had been cleared
by three separate investigations.
The case is over, he said.
Prosecutors from the attor-
ney generals office and Bergen
County said they are unbiased.
There is no reason to believe
we cant do our job as we al-
ways do, said Catherine Fod-
dai, a Bergen County prosecu-
tor.
Judge Mizdol said she would
rule by the end of the week.

GREATER NEW
YORK WATCH
LONG ISLAND
College Asks Judge
To Set Sale Timeline
The Oakdale campus of Dowl-
ing Colleges defunct liberal-arts
school, which includes a former
Vanderbilt family mansion, is up
for sale after the college filed for
bankruptcy Tuesday.
Dowling officials asked a U.S.
bankruptcy judge to set a March From law firms in White Plains to landscapers in Ronkonkoma,
bid deadline for buyers who are
interested in the 25-acre campus.
The property holds six buildings
with 150,000 square feet of
We are there we know that your business is unique, and so are the challenges it
faces. Thats why Northwell Health created CareConnect its
space. Dowling is also seeking to
sell a second campus, in Shirley.
when you cant be health insurance as unique as your business. And with CareConnect
Katy Stech
Trusted Skilled you can save up to 20%* on premiums and still get access to
NEW YORK CITY
Experienced Guaranteed top doctors and hospitals throughout New York, like Long Island
Lucky Thief Found Jewish Medical Center, Montefiore Medical Center, Maimonides
Pot of Gold: Police
Medical Center and Phelps Hospital. Thats healthier insurance.
Police are looking for a quick-
thinking thief who stole an 86-
pound bucket of gold flakes
worth nearly $1.6 million off an
Find out more at CareConnect.com or call 855-706-7545.
armored truck in Manhattan.
The unidentified thief swiped LifeWorx.com
the 5-gallon metal bucket from
the back of the vehicle on Sept.
29 when a guard briefly went to
the trucks cab. The incident oc-
curred in broad daylight on West
New York, NY Westport, CT Chappaqua, NY
48th Street and was caught on 212.257.6706 203.966.3400 914.458.9933
security video.
Police say the suspect likely Englewood, NJ Long Island
didnt know what the bucket 201.793.3154 516.501.9152
contained. The man is believed *Estimates based on a comparison between publicly available rates and CareConnect offerings. CareConnect Insurance Company, Inc.
to be hiding out in Florida. Insured and Bonded
Associated Press
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10D | Thursday, December 1, 2016 NY * * THE WALL STREET JOURNAL.

INSIGHT YOU
NEED FOR THE
FIRST 100 DAYS
POSTELECTION
COVERAGE FOR ALL
SIDES OF THE STORY
With a new administration preparing to make its
mark, stay informed on the latest developments

ELECTION 2016
in Washington. Get critical insight and analysis on
politics, business, global news and more, only from
The Wall Street Journal.

EVENTS

NEWSLETTERS WSJ EVENTS PODCASTS

Get expert analysis of the postelection Join Journal editors at exclusive Listen to in-depth analysis and
transition, from policy decisions to postelection events to discuss the commentary on the transition of power
market reactions, sent straight to short- and long-term implications with expert journalists and special guests
your inbox. of new administration policies. on WSJs Potomac Watch podcast.

WSJ.COM/NEWSLETTERS WSJ.COM/ELECTIONROADSHOW WSJ.COM/PODCASTS

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Watch complete postelection
coverage, including commentary from
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F. Seib on cabinet appointments,
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Thursday, December 1, 2016 | A11

LIFE&ARTS
SPENDING

Be a Smarter
Holiday
Shopper

BY RAY A. SMITH

This time of year, shopping is as con-

fusing as it gets.
Youre bombarded with emails about
sales and holiday promotions. You feel ART BASEL
like youre missing out if you pay full

Hunting for Hidden

price. Stores are packed. More than ever,
smart shopping at the holidays means
finding ways to cut through the clutter.
Here are strategies from people who
shop a lot and take it as the serious
sport it is this time of year.

Go with a plan. Check off the items

you came for as if you had a gro-
cery list, says Grant Woolhead, a
New York-based fashion stylist.
Dont get distracted by the other things stores
or websites are promoting, however tantaliz-
ing. Avoid the high-margin items at the en-
trance or near the cashier. Theyre there to
spur you to impulse-buy. Also, dont expect
deals on just-in merchandise or iconic items
that a brand is known for, such as a signature
handbag, jean, tie or boot.
When youre in a store, use your
smartphone to compare prices on
the spot with competitors, sug-
gests celebrity stylist June Am-
brose, who is based in New York. Ask the re-
tailer to match any lower prices you find.
Dont worry about offending sales associates,
even in a high-end boutique. They want the
sale and are likely now used to it. Just be dis-
creet and polite about it.
Visit stores during the first hour of
business. They are neater, quieter,
and less harried, and salespeople
might be in good, optimistic moods
and more likely to help or offer a friends-and-
family discount, a sale extended to friends and
family of store employees, and in some cases,
repeat customers. If you dont like sales associ-
ates hovering over you, visit late in the day,
near closing time.
Know all your measurementsand
those of people you have to shop
for. Cory Ohlendorf, the Austin,
Texas-based editor-in-chief of mens
lifestyle site Valet., suggests having a tailor
measure you, and keep the data in a note on
your phone to make it easier to shop.
Dont ignore the emails you get
from brands you care about, be-
cause once in while there will be a
really good deal. Filter them by add-
ing a folder for them to your inbox, and make
sure you specify what kinds of emails you
want to receive from the brandsonly sales,
not whats new, for instance.
Buy replenishment products and
basics online. Stock up on items of
clothes you love. If you find the
perfect tee, buy a number of them.
ISTOCK
Gems in Miami Beach
Billionaires in flip-flops and a surf-shop installation are all part of 2016s last art-buying hurrah
BY KELLY CROW
MIAMI BEACH, Fla.The big
auction houses capped the fall art
season with $1.1 billion in sales in
New York two weeks ago, but col-
lectors must still have a few blank
walls left. How to tell? At least
77,000 people are expected this
week at Art Basel in Miami Beach,
a contemporary fair that is the
years last art-buying hurrah.
Since the auctions just tested
values for blue-chip artists like
Pablo Picasso, the stakes and at-
mosphere at this fair, which
opened Wednesday and runs
through Sunday, are somewhat
more relaxed. Its commonplace to
see billionaires and museum di-
rectors wearing flip-flops as they
navigate the warren of 269 gal-
lery booths in the Miami Beach
Convention Center. Amid the $2.5
billion worth of works that in-
surer AXA Art estimates is on of-
fer, the goal is to make an artistic
discovery and reap the rewards
before everyone else does.
Beyond the main fair, a playful
vibe also imbues the 25 satellite
art fairsa record tallythat
have set up shop around the city.
Artist duo Jen Catron and Paul
Outlaw intend to critique the pro-
fusion of satellite displays by
swimming around in a 3,000-gal-
lon, makeshift bowl of cereal located outside
the Satellite Art Show, according to organiz-
ers. Over at the beachfront fair called Unti-
tled, artists Rirkrit Tiravanija and Tomas Vu
plan to operate a pop-up surf shop during
Art Basel week. The store will be outfitted
with 15 surfboards inscribed with Beatles
lyrics as well as a shower shaped like a wa-
ter tower where participants can rinse off
matherapy sessions and free tattoos. At
Wednesdays VIP preview, attendees in-
cluded actress Charlotte Gainsbourg, direc-
tors Brett Ratner and Yi Zhou, as well as
collectors Jean Pigozzi, Dasha Zhukova and
Maja Hoffmann. And on Friday, Madonna
shows up to host a charity auction at Argen-
tine collector Alan Faenas new cultural cen-
ter, Faena Forum.
The scene Wednesday at Art Basel
in the Miami Beach Convention
Center, above, where opening-day
visitors took in works by artists
including Anicka Yi, left, and Max
Hooper Schneider, below.
gish. But Noah Horowitz, Ameri-
cas director for Art Basel, said he
thinks the November auctions
gave the market a new floor. We
feel like a baseline has now been
established, and we expect collec-
tors to feel more confident, Mr.
Horowitz said. Challenging envi-
ronments also tend to bring out
the strongest art.
Some dealers brought artists
who seem safe bets in good mar-
kets or bad. New York dealer Em-
manuel Di Donna displayed $40
million worth of modern masters,
including Spanish artist Joan
Mirs 1976 Painting, a portrait
of what appears to be a gaping
monster and a nude woman. The
Spanish painter gave the work to
his compatriot and fellow artist,
Eduardo Chillida. Mr. Di Donna
was offering it for $12 million.
The dealer was asking $8 million
for The Explanation, a 1952
Ren Magritte depicting a wine
bottle morphing into a carrot.
Galerie Gmurzynska, of Swit-
zerland, hired a pair of art-world
heavyweightsPicassos son,
Claude, and curator Norman
Rosenthalto design the slant-walled booth
and choose the display of works by Kazimir
Malevich and other members of the 20th-
century Russian avant-garde. Some dealers
brought lesser-known artists, betting on the
fairs reputation for transforming young or
overlooked creators into international stars.
Five to Watch

If you do, some stores will offer a free or dis- after hitting the waves. No amount of glitz can mask the fact
counted tee. Elsewhere, other artists are offering aro- that the global art market has been slug-  Key artists on display at Art Basel.................. A12
FROM TOP: MIKE COPPOLA/GETTY IMAGES; JOSH RICHIE FOR THE WALL STREET JOURNAL; MAX HOOPER SCHNEIDER/HIGH ART GALLERY

THE MIDDLE SEAT | Scott McCartney

A TEST OF AIRFARE PREDICTORS

THERES A WAY TO predict un-
predictable airfare changes that
could save you money and take
some of the anxiety out of ticket
shopping.
New tools dare to forecast
seemingly erratic airfares by
crunching vast amounts of histori-
cal data and factoring in airline
behavior and economic conditions.
The tools, found in smartphone
apps and online booking sites, of-
fer advice to consumers about
whether to buy or wait for a lower
price.
Kayak, which searches multiple
sources for airfares, offers price
recently added price predictions
and claims 95% accuracy. Google
says its Google Flights, increas-
ingly popular with many travelers,
is adding predictive powers to cer-
tain routes, though theyre hard to
find so far.
The technology is complicated,
but the idea is simple: making an
educated guess on whether the
price you see is the best you can
get. Price prediction is part of a
broader trend of adding tools,
such as incorporating data on
seats, reliability and onboard ame-
nities, to the self-service world of
buying travel. Even airlines are
says Patrick Surry, Hoppers chief
data scientist.
Hopper and Kayak worked de-
cently in my spot tests. I used
them for 10 tripsfive popular
routes for Christmas travel dates
and the same five routes for slow
January travel dates. Google had
no recommendations on any of the
10 itineraries. But Kayak was right
on six of the nine itineraries it of-
fered recommendations for; Hop-
per was good on eight out of 10.
(One snag with Hopper: It doesnt
have data from a few airlines, in-
cluding Delta, Southwest, EasyJet
and Ryanair, so it doesnt always
lowing day the price went to
$537 and the Hopper alert
told me thats not bad but
keep waiting. Later the
same day I received an
alert saying the price
dropped to $468. Book
now, was the advice. The
price later jumped back to
$604. For the same trip
Jan. 23 to 30, Hoppers app
found a $150 round-trip price
and recommended booking
that. In the 10 days Ive been
price-watching, that fare has gone
up to $169.
For Los-Angeles-London on the
DAVID BAMUNDO/WSJ

advice on trips where it has
enough data to make a prognosti-
cation. Kayak says its predictions
are getting better with experience.
Hopper, an airfare shopping app,
adding information from tools like
FlightStats, Routehappy and Seat-
Guru onto their booking sites.
Its what an old-fashioned
travel agent used to do for you,
have the cheapest prices.)
For a Dec. 23-30 New York-Mi-
ami round trip, Hopper said the
best price available on Nov. 18 was
$616 and I should wait. The fol-
same December travel dates, Kayak
found a $623 round-trip price on
Delta with one-stop flights and
recommended buying. That was
Please see AIRFARE page A13
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A12 | Thursday, December 1, 2016 THE WALL STREET JOURNAL.

LIFE & ARTS

ON STYLE | Christina Binkley

Why Are Pockets So Useless?

ANY WOMAN who has attempted
to slip a credit card into an inch-
deep trouser pocket knows about
the annoying puzzle of womens
clothing: Pockets rarely work.
A mans tailored jacket is like a
compartmentalized storage unit
with sleeves. Women eye those
pockets with envy while search-
ing for a ticket stub lost in a
handbag. The slant on many
trousers pockets makes even a
thin card slip out. Never mind
stashing a cellphone there.
Why is it so hard to find
womens clothes with a working
pocket? Designers and retailers
say pockets are tricky to design,
and women often reject them.
The placement and angle are
vital: A side pocket that is
placed too far back or angled
wrong is hard to reach. Often,
pockets hit spots where women
dont want bulky fabric.
Kim Kassel, co-founder of
Suite 1521, a New York City bou-
tique that sells brands such as
Adam Lippes, Ellery and Juan
Carlos Obando, says that when
women complain that a look
isnt trim enough, she often sug-
gests that they have the pockets
removed and sewn shut. She has
tailors on the spot for alterations.
It adds that little bit of bulk just
where you want it least, she says.
She almost never receives a re-
quest to add pockets.
Some designers are known for
their pockets. Carolina Herreras
signature look is a white blouse
and full skirt, with her hands sunk
sign, such as a pocket with a zipper
opening. Pockets can be easier to
incorporate in the heavier, more
textured fabrics of fall collections.
Mr. Altuzarra included pockets on
26 of 38 looks on his fall 2016 run-
way. For spring 2017, the number of
pockets fell to 15 out of 37 looks.
1 pocket into the front of the dress,
I love pockets so much I
design skirts around
them, says Carolina
Herrera
Working women want pockets,
tured, she takes time to alert de- 3
signers to problematic pockets,
asking them to adjust the place-
ment in production if possible. 1. Carolina Herrera
One of the many ways that Ro- designed a ballgown
setta Getty has shaken up evening with pockets. // 2. A
gowns is by incorporating large Carolina Herrera dress
pockets. The queen of the cozy for spring. // 3. Roomier
gown in soft, often stretchy fab- trouser styles may
rics, she invented what she calls a leave more room for
kangaroo pocket. She tucked the pockets. A Zero + Maria
Cornejo look. // 4. Dion
under a folded layer of fabric, for Lee put flap pockets on
her fall 2016 collection. Its a trench coats.
very elegant gown, but that detail
makes it feel a bit more relaxed 2
and modern, she says.
Pockets have long been a male/
female divide. British writer Paul
Johnson recalled that Christian
Diorthe designer who put
women back in corsets in the
mid-20th centurysaid to him
in 1954: Men have pockets to
keep things in, women for
decoration. Pockets started
as small pouches, often at-
tached to clothing, for both
men and women but they
were incorporated into
menswear as functional
pockets far earlier.
Drawing on mens-
wear influences, Coco
Chanel shot to fame
with the sporty patch
pockets she added to jack-
ets in the 1930s. Some dar-
ing actressesMarlene
Dietrich and Katharine Hep-
burndonned manly pants with
voluminous pockets.
Those large shoulders and

GETTY IMAGES (3); UMBERTO FRATINI/DION LEE (TRENCH COAT)

deep in the folds, where she has
secured voluminous pockets. For
her, they spell freedom.
Sometimes I go out without a
handbag, Ms. Herrera says. She
slips essentials such as lipstick
and a handkerchief into her pock-
ets, which she has the privilege of
designing herself. I love pockets
so much I design skirts around
them, she says.
Joseph Altuzarra, who is known
for sexy but powerful looks such as
his long skirts with slits, says he
looks for times when a pocket can
become a visible element of the de-
says Maria Cornejo. She often places
pockets away from the hips and
torso. For her Zero + Maria Cornejo
label, Ms. Cornejo created the Lab
coat with a cellphone pocket in the
sleeve, as well as angled pockets for
each hand. Her Argo pants have a
big patch pocket on the outside of
each thighcreated for Ms. Cor-
nejos cellphone.
Pockets are tricky to design.
Many dresses and coats have pock-
ets set too far back to reach com-
fortably, Ms. Kassel notes. Because
Suite 1521 allows clients to pre-or-
der clothing before it is manufac-
trousers were back on the run-
ways this fall. That could mean
more room in womenswear for
pockets in coming seasons.
Dion Lee used flap pockets
on trench coats and some
lightweight silks in his spring
2017 collection. Utility is al-
ways at the forefront of my
mind when designing, he
said. 4
But dont look for pock-
ets on his blazers and
pants. He says they were
removed to create a
cleaner line.

ART BASEL CHECKLIST

LEE KRASNER
The artist better known as Jackson Pollocks widow could be making a market comeback of her own, if
New York dealer Paul Kasmin has anything to do with it. Since signing on to represent the estate of this
abstract expressionist earlier this month, the dealer said he had been considering the right canvas to
properly debut her in Miami. His choice? After the Storm, a 1963 painting seen in the background, above.
HOWARDENA PINDELL/GARTH GREENAN; VIVIAN CACCURI/GALERIA LEME; JOSH RICHIE FOR THE WALL STREET JOURNAL (KRASNER)

VIVIAN CACCURI
This artist is all about the
bassor making art using the
thump-thump from subwoofer
speakers. For her Automotive
1 piece in the booth of So
Paulos Galeria Leme, the Rio
de Janeiro-based artist put dice
and whelk shellsBrazilian HOWARDENA PINDELL
symbols of games of chance This 73-year-old abstract expressionist from Philadelphia makes art
in a car subwoofer. The items using a hole punch, puncturing canvases over and over until the
shake with the beat of reggae- dots clump amid bright splashes of paint. New Yorks Garth Greenan
ton, cumbia and azonto songs. Gallery brought three of her 7-foot-wide abstracts to the fair.

ANICKA YI MAX HOOPER SCHNEIDER

Cages seldom are comfortable but the itera-
tion by Anicka Yi in the booth of New Yorks
47 Canal gallery comes eerily close. Ms. Yi,
who was born in South Korea and is based
in New York, creates spaces that employ an
all-five-senses laboratory approach, using un-
usual materials like scent dispensers, flower-
ing bacteria and tempura batter.
Take a dose of Mike Kelleys gritty pop-culture art
and mix in a visit to the aquarium and a record
storeand the result could be the work of this Los
Angeles artist. For the fair, Paris gallery High Art is
debuting vitrines and habitats by Mr. Hooper
Schneider, including an $8,000 drawing of designs
framed by a blob that evokes cooled-off lava.
Kelly Crow
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. NY Thursday, December 1, 2016 | A13

LIFE & ARTS

Josh Groban and the cast of
Natasha, Pierre and the Great Comet
of 1812, now on Broadway

explains the popularity of post-

show talkbacks in which artists
take questions from the audi-
enceas well as the proclivity of
millennials to text and tweet about
performances, not just after a
show but during it.
I have mixed feelings about the
participatory-art trend, not because
Im rigidly opposed to it but because
it too often seems to exist in tension
with the old-fashioned way of expe-
riencing art, which is by paying full
attention to it. How well can you see
Picassos Les Demoiselles dAvi-
gnon when youre simultaneously
reading about it on your smart-
phone or hearing it described by a
voice in your ear? How well can you
hear Paul Dukass The Sorcerers
Apprentice when youre simultane-
ously watching Mickey Mouse ca-
vort on a giant screen? Im espe-
cially concerned about the effects of
tweeting on the ability to appreciate
art, which I suspect are similar to
the effects of texting on the ability
to drive down a highway at 70 miles
an hour without crashing.
But Im also impressed by the
power of immersive and participa-
CHAD BATKA

tory presentations to involve young

audiences, and I suspect theyre
more than just a fad. My hope,
though, is that those who see them
SIGHTINGS | Terry Teachout will then try experiencing art the
old-fashioned way, tuning out the
rest of the world and immersing

In the Middle of the Action themselves completely in the work

NOT COUNTING Hamilton,
Broadways hottest musical is
Natasha, Pierre and the Great
Comet of 1812, an immersive
show for which the Imperial The-
atre has been remodeled in order
to put the cast in the laps of the
audience. Runways in the orches-
tra, onstage cabaret seating inches
away from the performers, stair-
ways leading directly from the
stage to the balcony: Everybodys
everywhere.
The Great Comet is a prime
example of immersive theater,
which blurs the borderline sepa-
rating artists from spectators. Its
the No. 1 buzzword in theaterbut
its not an exclusively theatrical
phenomenon. Broadly similar ideas
are popping up throughout the
wider world of art, so much so
that merely to play a symphony,
hang a painting or dance a ballet
is becoming almost pass. Sleep
No More, an interactive adapta-
tion of Macbeth in which the au-
dience walks through the rooms of
the hotel in which the show
takes place, opened off Broadway
in 2011 and is still running. Major
orchestras, including the New York
Philharmonic, are booking Disney
Fantasia Live in Concert, in
which the animated film is shown
on a giant movie screen while Bee-
thoven, Stravinsky and Tchaikov-
sky are played live. I recently read
about a site-specific underwater
sculpture off the coast of Califor-
nia that can only be viewed by
scuba divers. Thats immersive art!
The target audience for most of
these presentations is the un-
der-40 generation, fewer of whose
multitasking members go to con-
certs, plays or museums with any
regularity. The idea of buying a
ticket to La Bohme or Romeo struck by the number of young
and Juliet, then showing up next
Tuesday at eight oclock sharp and
sitting down to watch the perfor-
mance, is increasingly alien to
them. Art is something they down the aisles to get them in-
download and experience at a time
and place of their choosing, more
often than not alone rather than in
the company of others.
How to get such folk off their
couches? One approach is to pres-
itself. For me, theres nothing more
immersive than witnessing a live
performance in the midst of a
group of like-minded, totally atten-
tive strangersespecially one that
ent art in a way that, like Disney takes place in a small space. I cant
Fantasia Live in Concert, appeals imagine an artistic experience more
to more than one of the senses. immersive than seeing Luciana
Another is to offer them a partici- Souza, the Brazilian jazz singer,
patory experiencea show thats perform at New Yorks Jazz Stan-
active rather than passive. Such is dard, a nightclub that holds just 100
the new conventional wisdom, and people, as she did last month. No
theres something to it: I was multimedia gimmicksjust a super-
lative artist singing beautiful songs
faces I saw in the audience for the in a room so tiny that you could
performance of The Great Comet hear her breathe. If that doesnt
that I attended a couple of weeks beat binge-watching the third sea-
ago. And you dont have to charge son of Game of Thrones on your
iPad, I dont know what does.
volved: The same desire to partici-
pate more fully in the experience Mr. Teachout, the Journals drama
of art is what drives museumgoers critic, writes Sightings, a column
to look at paintings while consult- about the arts, every other
ing downloadable apps that ex- Thursday. Write to him at
plain what theyre seeing. It also tteachout@wsj.com.

AIRFARE
Continued from page A11
better than the $711 price
Hopper found, and smarter
than the wait recommenda-
tion Hopper made. The price
has since topped $1,000.
At times, the two services
disagreed on the same price
due to their different algo-
rithms. The fare for a Dallas-
Boston trip over Christmas
was $280 round-tripa good
price just about any time.
Hopper said wait for bet-
ter; Kayak recommended
buying the same $275
fare. (Hopper charges a
$5 booking fee.)
Buying sounded
right to meyou might
save a few bucks waiting,
but theres a bigger risk of
a big price increase for peak
holiday travel. In fact, the
price has already gone up.
But on a San Francisco-Chi-
cago trip, Hopper said buy
on a $548 fare for December.
Kayak said wait. This time
Hopper was right: The price
has gone up toward $600.
Hopper says 60% of its
recommendations are to
wait for a lower price even
though the natural trend for
fares is to rise closer to de-
parture. Most people who
use the forecasting tool are
leisure travelers who start
shopping on average three
months before departure.
Customers who follow the
advice save 10% to 15% of
the ticket price on average,
Hopper says. The app claims
95% of prediction users save
money or buy the same fare
they saw initially.
Kayak, which is part of
the Priceline Group, says its
average savings from follow-
ing its recommendations is
$28. About two-thirds of
searches get a prediction.
Kayak says there are more
buy recommendations than
wait, reflecting the general
airfare tendency.
Youll never see us say
were certain well be right,
says Giorgos Zacharia,
Kayaks chief technology of-
ficer. His best advice for
ticket shopping: If you see
something you like, you
should buy it.
Google says it is adding
capability on Google Flights
to predict price increases
based on historic prices for
that route. It says in a state-
ment that its fare predictor,
announced in October, will
be rolling out over the com-
ing weeks.
Its offerings are slim so
far. A Google spokeswoman
suggested Zurich-Boston as
a route with predictions,
but that didnt work for
multiple dates I checked.
Google then suggested a Se-
attle-Salt Lake City trip Dec.
23 to 25 that showed a $296
fare on Monday and a warn-
ing that the Delta price
would likely expire in nine
hours.
Historically, expected
fare increases on similar
flights have been accurate
83% of the time, read the
red flag Google placed next
to the price.
A day later, the flight
showed up at $307up, but
not as high as the $30 rise
in Googles original forecast.
It made no prediction on fu-
ture moves.

A Cloudy Crystal Ball

Fare predictors say they can save you money. But your mileage may vary.
SAN FRANCISCO-CHICAGO
PRICE PREDICTION RESULT
Hopper $548 Book now Good call. Price went up.
Kayak $543 Wait Bad call. Price went up.

NEW YORK-LOS ANGELES

PRICE PREDICTION RESULT
Hopper $673 Wait Bad call. Price went down slightly but advice was to
wait. Then price went up sharply.
Kayak $670 Wait Slightly bad call. Two days later, price was $674 and
Kayak correctly said buy.

NEW YORK-MIAMI
PRICE PREDICTION RESULT
GETTY IMAGES

Hopper $616 Wait Good call. Price dropped signicantly.

Kayak $501 Wait Good call. Price dropped signicantly.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Thursday, December 1, 2016 * * THE WALL STREET JOURNAL.

SPORTS
HEARD ON
THE FIELD

Carlsen Retains His

World Chess Title
The tense, seesaw battle for the
World Chess Championship ended
Wednesday evening with defending
champion Magnus Carlsen defeat-
ing challenger Sergey Karjakin in a
rare tiebreaker.
With the win, Carlsen (above), a
two-time defending champion, gave
himself quite a present on his 26th
birthday. Still, it took the Norwegian
a while to find his form.
The grandmasters were all tied
after 12 rounds, forcing four rapid
games in which each player began At left, Josh McCown of the 0-12 Cleveland Browns is sacked in Sundays loss; the undefeated Alabama Crimson Tide celebrate a touchdown on Nov. 19.
with 25 minutes on the clock, plus
10-second increments per move. All FOOTBALL | Jason Gay
to end a battle that began Novem-

No, Alabama Cant Beat the Browns

ber 11 in lower Manhattan.
On Wednesday, Karjakin played
with white in an uneventful first
game, and the competitors agreed
to a draw. In the second game, Kar-
jakin found himself in a bit of time
trouble, a theme that would soon Lets get this out ball to pro football, said Johnny Steve Spurrier made headlines played in one of these contests, in
run its course, whereas Carlsen of the way right Avello, director of the Wynns Sports when he said he thought the 2012 1969, as the quarterback of the Su-
took around five minutes to plot his now, you college and Race Book. Pro teams are much Tide could beat some NFL outfits. per Bowl champion Jets.
35th move with white. But Karjakin, football lunatics: more intricate. That notion was rejected by Seat- We won the game, thank good-
FOOTBALL (L-R): GREGORY SHAMUS/GETTY IMAGES, BRYNN ANDERSON/ASSOCIATED PRESS; HOF EDUARDO MUNOZ ALVAREZ/AGENCE FRANCE-PRESSE/GETTY IMAGES

with brilliant defense, managed to Alabama cant beat
rally and force a stalemate. the Cleveland
Then, disaster. Karjakin, again Browns. I am sure
with white in the third game, faced there are some true believers in
time pressure again and played pas- Roll Tide Nation who think Nick
sively, allowing Carlsen to infiltrate. Saban and his undefeated team
After a pawn sacrifice, Carlsens and his fabulous hair could give
rook and queen bore down on the the floundering 0-12 Browns a
Russians forces. Karjakin quickly re- fightor even eke out a narrow
signed. In the fourth game, Karjakin win. But sensible football minds
again found himself in time trouble agree that not only would it not
and on the defensive as Carlsen happen, it wouldnt be close.
dominated with the white pieces. Too big, too strong, too good.
Eventually, Carlsen found a mating Even the Cleveland Browns.
sequence and the match was over. The size, the speed, the athlet-
I was in a dark place at some icism, the mentality, said Joe Na-
point in this match, Carlsen said math, the Alabama and New York
afterward. It was fun to play. I Jets legend, ticking off what he
managed to find joy. considers the profound differences
Jonathan Zalman between pro and college play. A
pro team would really have to beat
itself by fumbling, interceptions,
Asked for a betting line on
Bama-Browns, Avello said: Were
talking two touchdowns, and even
that might be too low. It might be
three or four.
Meanwhile, we also checked in
with the quants. The gang at
WhatifSports.com ran a simulation
pitting the current Crimson Tide
roster against the current Browns,
and, over the course of 1,001 games,
the 2016 Browns won 93.9% of the
time, by an average score of 33-14.
Roll Browns Roll!
Look, we all know this is a pretty
dopey debate, but this always hap-
pens when theres a college sports
juggernaut and a flailing profes-
sional club. It was a thing a few
years back when Kentucky had a
NCAA basketball powerhouse and
the Philadelphia 76ers were starting
tle Seahawks coach Pete Carroll, a
former college coach himself, who
called it a falsehood.
It aint even close, Carroll said.
Its not very polite, either. Chris
Fowler, the ESPN college football
A pro team would have
to play its worst game
and the college team its
best, said Joe Namath.
play-by-play commentator, said that
even asking the question of whether
the Tide could beat Cleveland was
a huge compliment to Alabama and
a huge insult to the Browns.
ness, Namath said. It would have
been downright embarrassing.
The Chicago series lasted from
1934 to 1976. Though the pros
struggled to handle the college
kids at first, they wound up win-
ning 31 of the 42 games they
played, including the final 12.
(there were two ties).
Such a college vs. pro exhibi-
tion game is unimaginable in 2016.
In this day and age of player
safety, it would almost be malprac-
tice, said Klatt.
Saying they cant beat the
Browns isnt at all a slight of Ala-
bama, which plays Florida Satur-
day in the SEC championship. Bar-
ring a shocking string of events,
the Crimson Tide will again partic-
ipate in the four-team playoff with
a shot at its fifth national title in

2.84
dropping the ballit would have to
play its worst game and the college
team would have to play its best.
Big speed, said the Fox Sports
Yards per rushing attempt by the college football analyst Joel Klatt.
Minnesota Vikings heading into The size of the players and the
Thursdays game against Dallas. speedits too much. Big speed is
Thats the second-lowest average by the biggest differentiator from col-
any NFL team since 1970. Earlier lege to pro.
this week, injured running back What do the people who pick
Adrian Peterson, who wasnt games for a living think about this
expected to be back before Week daffy premise? Theyd probably be
16, ran at practice in an effort to happy to take your money, but Ve-
speed up his timetable for return. gas thinks youre Nutter Butters if
you want to roll with Alabama
Source: Pro-Football-Reference
over Cleveland.
Dont ever compare college foot-
four lawn chairs and a tabby cat.
Back then, Kentuckys coach,
John Calipari, howled at any sug-
gestions his Wildcats could beat
an NBA roster. If we played any
NBA team, we would get buried,
he insisted.
(As it turned out, that Kentucky
team didnt even win the NCAA
tournament, losing in the Final
Four to Wisconsin in what was the
third-happiest day of my life after
my two kids were born.)
This is not the first time that
an Alabama team has provoked
this conversation. A couple years
ago, the college and pro coach
Fowler allowed that Alabama
was one of the few college teams
hes watched that plays with the
ferocity witnessed on NFL
Sundays. But even a struggling
pro team, he said, would easily
capitalize on mismatches, and be
especially challenging for a col-
lege offense.
The problem would be scoring,
Fowler said.
For decades, top college foot-
ball players did compete against
the pros, in a preseason charity
game in Chicago that pitted col-
lege all-star seniors against the
reigning NFL champions. Namath
eight years. (Eh, who is kidding
who: Theyre in the playoff.)
Even in a down year for its con-
ference, Alabama remains a college
football behemoth. Namath was on
the field before last weeks Iron
Bowl against Auburn, and was stag-
gered by Tide players, whom he de-
scribed as on a totally different
level from his own college days.
Theyre really good! They just
might not be good enough for the
Browns. Versus Alabama, the
Cleveland Browns would almost
surely be what they seldom have
been in the pros: a beautiful, dom-
inant winning machine.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are todays noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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Philadelphia 80s 36 Gently pull
Indianapolis 35 36 37 38 39 40 41
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Denver 40s Springfield
p g choice 37 Cleopatras
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DC 90s
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k City Warm Rain 6 Ancient
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l l 70s Miami 45 Aussie lass
A h
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30s 40s Ice 46 Joust
MOVING IN | By Martin Leechman 9 Play without a
competitor
break
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
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10 Swaggering
48 Fired up
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Omaha 40 25 c 41 25 pc Frankfurt 41 37 c 46 30 c 49 Brown, then
t...tstorms; r...rain; sf...snow flurries; sn...snow; i...ice about a shearing,25 Storage for shines 11 Marcel Tabuteau,
Orlando 85 59 c 72 53 pc Geneva 47 31 s 47 31 s simmer
Today Tomorrow Philadelphia 56 38 pc 52 38 s Havana 86 67 pc 87 67 pc perhaps Bolshevik e.g.
City Hi Lo W Hi Lo W Phoenix 63 44 s 63 45 pc Hong Kong 74 63 pc 73 65 pc
50 Message from 51 Image Awards
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Anchorage 24 18 sf 22 11 sn Pittsburgh 44 34 c 43 31 c Istanbul 43 36 pc 51 41 c org.
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Austin 69 47 s 69 50 r Portland, Ore. 49 42 c 48 45 r Jerusalem 59 45 t 51 46 sh real middle name go? aromas
Baltimore 56 35 s 52 34 s Sacramento 58 39 s 59 35 s Johannesburg 87 56 pc 88 56 pc 54 Frozen treats 56 Calcium Light
Boise 40 22 pc 39 28 c St. Louis 47 30 s 47 31 pc London 43 37 pc 45 38 pc is Melville 30 Fredrics 18 Cause of a
55 Broadcasting Night composer
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Burlington 50 38 c 46 34 sn San Francisco 58 47 s 61 45 s Manila 88 75 pc 88 76 t co-star 57 Poet Dove 59 Land in leau
Charlotte 64 33 s 58 32 s Santa Fe 39 19 pc 40 21 sn Melbourne 73 53 pc 70 49 pc 15 Mint creation 22 Geometers
Chicago 43 32 c 40 26 pc Seattle 49 44 c 50 44 r Mexico City 74 46 pc 75 44 pc 31 Have a go 58 Ones going after expanse 60 Previously called
Cleveland 44 35 c 44 35 sn Sioux Falls 34 24 sf 35 22 c Milan 52 37 s 56 38 s 16 Rosemary wedding rings
Murphys love 32 Assorted 23 Producers 61 Tpk. kin
Dallas 66 45 s 65 48 pc Wash., D.C. 59 39 s 54 37 s Moscow 25 23 sn 28 22 sn dropped down
Denver 42 17 pc 36 18 c Mumbai 93 66 pc 94 66 pc in a 1922 play collection nightmare 62 Urgent appeal
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Kansas City 45 26 s 47 29 pc Amsterdam 49 45 sh 49 37 pc San Juan 87 77 pc 87 76 pc H O L I D A Y I N N T R I O
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Little Rock 57 35 s 58 40 pc Baghdad 72 57 c 69 45 c Shanghai 58 44 pc 57 47 c out of the Fish is in MoMA G L O S S T E E H E N S
Los Angeles 66 48 s 65 45 s Bangkok 90 76 s 89 76 c Singapore 82 76 c 83 77 c Voyage role Republican race 65 Org. established I OWA Y O U L E M
Miami 83 71 sh 83 71 pc Beijing 49 24 s 49 27 s Sydney 85 67 s 88 68 pc in March 2016 F U L L Y I N T E G R A T E D
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dividers 43 Author Seton S O O N MO I B E A T S
Minneapolis 39 28 sf 35 24 c Brussels 43 39 c 48 33 c Tokyo 64 47 r 59 46 s Pact J O H N N Y A N G E L T S K
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Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 61 32 s 58 40 pc Edinburgh 51 37 pc 45 33 pc Zurich 42 25 s 39 29 s S T Y E S P N S E D A N

For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
The day be-
fore Thanks-
giving in New
York,
bumped into a
Trump
viser who ac-
I
ad-
WONDER
tually knows
LAND
what is going
By Daniel
on inside
Henninger
Trump Tower,
as opposed to
rumors inhabiting the media
such as this Tuesday headline:
Trumps Team Frays Over
Romney. The message I got
was different: Its going to be
fine. Its going to be just fine.
In the seven days since
Thanksgiving, President-elect
Trump has named the re-
spected schools reformer
Betsy DeVos from Michigan as
Secretary of Education. Rep.
Tom Price of Georgia, the
chairman of the House Budget
Committee and a committed
reformer of ObamaCare, is
Secretary of Health and Hu-
man Services. Elaine Chao,
who was George W. Bushs re-
formist Labor Secretary for
eight years, is the new Secre-
tary of Transportation.
Two businessmen will enter
the cabinet. Former Goldman
Sachs banker Steven Mnuchin
is Treasury Secretary and Wil-
bur Ross, an investor in dis-
tressed industries, will be
Commerce Secretary.
Retired Marine Gen. Jim
Mattis, one of the most able
officers to serve in Iraq and
later head of the U.S. Central
Command, is within a hair of
being Secretary of Defense.
Going deeper into the pol-
icy weeds, Mr. Trump selected
Trumps $1 Trillion Promise vs. Congress
By Karl Rove
D
onald Trumps cabinet
is off to an impressive
start. Mr. Trump has
picked accomplished leaders,
including Sen. Jeff Sessions,
Betsy DeVos and Wilbur Ross.
Their competence, serious-
ness and reform-minded
spirit reflect well on the pres-
ident-elect.
Mr. Trump is now viewed
favorably by the same share of
Americans that he won at the
ballot box. Forty-six percent
see him positively, according
to a survey released Nov. 21 by
Politico/Morning Consult, and
46% see him negatively. Thats
a big improvement from exit
polls on Election Day, when
voters rated Mr. Trump 38%
positive and 60% negative.
Theres more work to be
done: Mr. Trump approaches
his Jan. 20 inauguration with
the worst favorability numbers
of any modern president. This
matters because a well-liked
president has more political
capital. If Team Trump wants
his ratings to keep rising, it
should (a) focus on the impor-
tant issues, (b) keep expecta-
tions in check and (c) under-
stand the reality of the GOPs
congressional majorities.
Take the infrastructure
chatter from Steve Bannon,
Mr. Trumps chief strategist,
who wants to rebuild every-
thing, including shipyards,
iron works, with a $1 trillion
program. Were just going to
throw it up against the wall
and see if it sticks, he said.
By David B. Rivkin Jr.
And Lee A. Casey
L
egal tradition says that
hard cases make bad law.
Few cases are harder
than those having to do with
the plight of the families of
9/11 victims.
This led Congress to adopt
the Justice Against Sponsors of
Terrorism Act. Jasta, as it is
known, gives federal courts the
power to determine whether a
foreign state has intentionally
sponsored terror against Amer-
ican citizens. This power, how-
ever, belongs to the president
and cannot be constitutionally
wielded by the judiciary.
Jasta was enacted in Sep-
tember over President Obamas
veto. Although the law men-
tions no particular state, its tar-
get is clearly Saudi Arabia. The
families of 9/11 victims have
long sought money damages
from the kingdom, based on the
Saudi citizenship of most of the
9/11 attackers and planners.
The Foreign Sovereign Im-
munities Act of 1976 gives
Trumps A-Team
Indiana Medicaid reformer
Seema Verma to run the Cen-
ters for Medicare and Medic-
aid. The main Supreme Court
adviser visiting Trump Tower
has been Leonard Leo, execu-
tive vice president of the Fed-
eralist Society.
Bob Woodson, one of this
generations smartest and
most productive black conser-
vatives, has been in to discuss
with Mr. Trump how to make
good on his campaign promise
to champion the inner cities.
If instead of these individu-
als, the visitors to Trump
Tower had been the alt-right
activists of so many progres-
sive night sweats, it would
have been reported across the
New York Times front page
and on CNN round the clock,
as if Godzilla and Mothra were
trundling up Fifth Avenue.
Instead, the Trump transition
has been talking to and appoint-
ing some of the most accom-
plished and serious individuals
in Republican and conservative
politics. Donald Trump isnt
pulling rabbits out of a hat.
Somebody at team Trump has a
first-rate Rolodex.
By now, it should be obvi-
ous that the Trump operation
exists in two parts. One half is
the operations face, Donald
Trump. The other half is the
operation behind the face. Mr.
Trumps persona has often
made it difficult to take the en-
tire Trump phenomenon seri-
ously. That, we learned, is a
mistake.
Months ago, Mr. Trumps
small team got hold of what is
essentially a transition text-
bookPresidential Transition
Congressional Republicans
will feel hinky about that tril-
lion-dollar price tag, having
spent years decrying the cost
and feeble results of President
Obamas $830 billion stimulus.
Thats especially true given
the vote coming next March
on raising the debt ceiling.
The GOP Congress might be
averse to spending tax dollars
to prop up private companies,
having attacked Democrats
over Solyndras bankruptcy.
Republicans wont
thrill to throwing
money against the
wall to see if it sticks.
Republicans also might be sus-
picious of creating a new in-
frastructure bank, having as-
sailed pay-to-play cronyism by
Hillary and Bill Clinton and
their foundation.
The Trump campaign
promised that its infrastruc-
ture plan would be deficit-
neutral, proposing tax cred-
its to attract new private
infrastructure investments.
Thats all well and good: En-
couraging private investment
can free up money already in
the budget.
But not all infrastructure
can be provided by public-pri-
vate partnerships. Should ev-
ery road or bridge be subject to
a toll? The new administration
also needs to strengthen exist-
ing infrastructure programs
Hold On Jasta Minute!
countries immunity from being
sued in federal courts. Jasta
strips that immunity from any
country the court finds acted
with a culpable level of intent in
sponsoring a terrorist attack on
American soil. Mere negligence
Is Saudi Arabia
responsible for 9/11?
The president, not the
courts, must decide.
is insufficient under the law. In
making this determination, the
courts will also inevitably be
branding the relevant state as a
sponsor of terrorism.
A federal judges determina-
tion that Saudi Arabia intended
to sponsor the 9/11 attacks
would greatly strain U.S.-Saudi
relations. More generally,
whether the U.S. should identify
any particular state as a terror-
ism sponsor is a supremely sen-
sitive foreign-policy decision,
involving myriad factors and
OPINION
Guide published earlier this
year by the Partnership for
Public Service. Its contributors
worked on pre-election transi-
tions for John McCain, Mitt
Romney and Barack Obama.
The Trump preparatory group
began to come together in
Washington last spring.
In fact, both the Trump and
Clinton transition teams were
in the same building at 1717
Pennsylvania Avenue, a few
blocks from the White House.
The president-elect
is assembling a whos
who of conservatives
for his cabinet.
Hillarys people were on the
17th floor and the Trump plan-
ners were on the eighth. They
rode the elevators together
and understood that one of
them would fold up shop. Life
is full of surprises.
This Trump transition oper-
ation is filled with specialists
and veterans extending back to
Ronald Reagans transition,
such as Ed Meese. While New
York conducts auditions for
the cabinets speaking parts,
the Washington policy shop is
now recruiting the under-,
deputy- and assistant secre-
taryships.
Im told calls are arriving
from solid people in the pri-
vate sector who want to work
on the Trump project, with-
out pay, and then get out.
That is the private-to-public
expertise model created by
like those of the Highway Trust
Fund and Army Corps of Engi-
neers.
Increased automobile fuel
economy has meant that gas-
tax receipts havent kept pace
with the miles driven. The
Highway Trust Fund stays sol-
vent only through transfers
from general revenue. But
they have not kept pace with
the need for more roads, re-
pairs and maintenance.
The Army Corps of Engi-
neers has a project backlog
ports, flood control, inland
navigationof nearly $60 bil-
lion, all with net economic
benefits. Most require state,
local or private matching
funds, which in many cases
are already pledged.
These construction projects
could create jobs, but only if
there is long-term funding.
Contractors and suppliers
wont hire people or invest in
facilities and equipment un-
less funding is locked in
through multiyear appropria-
tions.
Yet it will be difficult to find
money to pay for Mr. Trumps
tax credits, to restore the High-
way Trust Funds solvency, and
to erase the Corps backlog.
Theres some talk about using
revenue from a temporary
lower tax rate on repatriated
foreign earnings. But leaders
on the House Ways and Means
Committee have indicated that
they want any such windfall to
go toward lowering corporate
tax rates.
The good news for the
Trump administration is that
rendering impossible U.S. coop-
eration with such a state.
For this reason, the Consti-
tution reserves such determi-
nations to the political
branches of government, and
more particularly to the presi-
dent, who is principally re-
sponsible for the formulation
and implementation of Ameri-
can foreign policy.
If a president decides to clas-
sify a nation as a sponsor of
terrorism, Congress can define
the consequences, including de-
priving such states of the sover-
eign immunity from lawsuit
that they ordinarily enjoy in
U.S. courts. It cannot, however,
force a president to make such
a determination. Nor can Con-
gress vest such decision-making
authority in the courts.
The Supreme Courts ruling
last year in Zivotofsky v. Kerry
is instructive here. The court
struck down Congresss effort
to require the executive branch
to recognize Jerusalem as part
of Israel by permitting Ameri-
can citizens born there to have
their passports indicate Israel
Gov. Mitch Daniels in Indiana
and followed by Govs. John
Kasich in Ohio and Bill
Haslam in Tennessee.
Presumably this is the in-
tention in naming Messrs.
Mnuchin and Ross. I would
have preferred seeing House
Financial Services Committee
Chairman Jeb Hensarling get
Treasury, on the assumption
that his ability to get tax re-
form and the overhaul of
Dodd-Frank through Congress
would have all but guaranteed
a revived economy and a suc-
cessful first Trump term. Mr.
Mnuchin will benefit from hav-
ing Chairman Hensarling as a
lodestar in the House.
If Mr. Trumps foreign-pol-
icy goal is to kill ISIS, it
would be hard to design a
more effective partnership
than Jim Mattis at Defense and
David Petraeus at State. They
know what to do and how to
do it, but thats not the most
important thing.
As former commanders in
Iraq, Gens. Mattis and Petra-
eus have seen enough sacrifice
from American troops in the
Middle East for two lifetimes.
These are men who will not ar-
gue for committing ground
troops unless the U.S. is going
to win and then secure the du-
rability of its dear investment
there.
As for Kellyanne Conways
supposed anti-Romney ram-
page Sunday morning, Im
more inclined to see it as
Thomas Cromwell going on
television to explain the re-
quirements of loyalty to
Henry VIIIs associates.
Write henninger@wsj.com.
some infrastructure needs
would be better met by spin-
ning off a government func-
tion. Air-traffic control could
be handled by a nonprofit
funded by stakeholders. Dozens
of countries have already made
this switch. Their experience
shows this would reduce the
federal budget and spur mod-
ernization. Investment in util-
ity infrastructurepipelines,
power lines and smart-grid
technologycould be boosted
by providing regulatory clarity
and predictability.
Even then, most of the
items on Mr. Trumps eco-
nomic prioritiesinfrastruc-
ture spending, tax reform,
ObamaCare replacementare
likely to have a greater effect
in the medium- and long-term
than they will immediately.
What matters in the short
run is public confidence. There
isnt time for sideshows.
Americans dont expect to see
all Mr. Trumps promises ma-
terialize overnight. But they
do hope the new administra-
tion will persistently move its
economic agenda forward. If
the president-elect creates
greater confidence, it will
rouse the animal spirits that Thomas Weber in a study of postwar Munich (to be
power the economy. The re-
sultsin jobs, paychecks and
an improving national spirit
could be healthy and swift.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
the author of The Triumph of
William McKinley (Simon &
Schuster, 2015).
as their birthplace. It said,
these matters are committed
to the Legislature and the Exec-
utive, not the Judiciary.
The judiciary doesnt have
access to the sort of informa-
tion that would enable it to de-
termine the motives of a for-
eign state. And even if it did,
deciding whether to classify a
country as a sponsor of terror-
ism is a task inherently ill-
suited for judicial discernment.
Recognizing and acting upon
such information lies at the
very core of the presidents for-
eign-affairs powers.
Jastas enactment has al-
ready damaged U.S.-Saudi re-
lations and has alarmed many
traditional U.S. allies, who un-
derstandably do not like the
outsourcing of sensitive for-
eign-policy issues to the
American judiciary and pri-
vate litigants. Jasta is uncon-
stitutional and should be
struck down as such.
Messrs. Rivkin and Casey
practice appellate and constitu-
tional law in Washington, D.C.
Thursday, December 1, 2016 | A15
BOOKSHELF | By Brendan Simms
The Center
Could Not Hold
The Vanquished
By Robert Gerwarth
(Farrar, Straus & Giroux, 446 pages, $28)
L
ook closely at British memorials for World War I and
you will often see the dates 1914-19. This range of
years puzzles those who believe that the fighting
ended with Germanys defeat in November 1918, but the
inscriptions are a testament to the fact that the victorious
Allied troops continued to fight and die in the conflicts that
followed the war, especially in the intervention against the
Bolsheviks in Russia. For many of the Great Wars defeated
nations and peoples, as Robert Gerwarth shows brilliantly
in The Vanquished, the full course of strife and bloodshed
ended only in late 1923, when the Balkans, the Middle East,
Central Europe and the Russian successor states finally
settled down, at least for the time being.
The aftermath, Mr.
Gerwarth reminds us, began
before the war was over. In
late 1917, the communist
takeover in Russia not only
introduced a virulent ideo-
logical theme into European
politics but also led to the un-
raveling of the czarist empire,
whose constituent peoples
began to jockey for position.
Regional wars broke out in the
Baltics and between Poland and
the young Soviet Union. The
same fracturing happened in
the Austro-Hungarian and Otto-
man empires, whose corpses were
being dismembered even before the victim
was dead. In many cases, especially in the Balkans and the
Middle East, postwar rivalries picked up where they had left
off before the outbreak of hostilities in 1914. Troops from
Britain, Italy and France sporadically entered these post-
Armistice conflicts, usually attempting to support their local
clients or shore up the non-Bolshevik elements in Russia.
Based on a staggering range of primary material and
secondary literature, The Vanquished fills a vast canvas.
In Germany and Finland right-wing paramilitaries battled
left-wing revolutionaries seeking to imitate the Bolsheviks.
In Germany, Hungary and Turkey, demagogues denounced
the humiliations of the Versailles Treaty and the St.
Germain and Svres peace settlements and called for the
return of lost lands or the lifting of financial punishments.
In Italy, the peace agreements were condemned for not
rewarding the country enough. The government in Greece,
not content with the gains it had received at wars end,
embarked on the megalomaniacal project of seizing much of
Anatolia. During the Greco-Turkish War of 1919-22, whole
populations found themselves on the wrong side of
redrawn boundary linessuch as the Muslims of western
Thrace, only recently added to the Greek state.
A Czech legionnaire who had fought the
Bolsheviks in Siberia remembered slicing
their necks as if they were baby geese.
Mr. Gerwarth vividly captures the brutality of these
struggles. His opening scenes reconstruct the terrible
moments on the quay of the Turkish port of Smyrna in
September 1922, when the Turks, expelling the Greeks, set the
ancient city ablaze and the avenging armies of Mustafa Kemal
Ataturk annihilated the whole Greek civilization of Asia
Minor. Indeed, The Vanquished is littered with atrocities.
One German volunteer fighting in the Balticswhere a right-
wing Free Corps was battling both the Bolsheviks and local
independence movementsrecalls beating, shooting,
stabbing to death the women fighting on the other side and
then marching over them with nailed boots. A Czech legion-
naire who had fought the Bolsheviks in Siberia remembered
pouncing on them like beasts. We used bayonets and knives.
We sliced their necks as if they were baby geese.
Here the author makes the point, recently elaborated by
published in English next year), that it was the aftermath
of war, rather than the brutalization of the trenches,
that radicalized societies in ways that would become ap-
parent in the 1930s.
By 1923, the winners and losers had become clear. By and
large the vanquished remained down. Germany entered the
stabilization phase of the mid-1920s burdened by a huge
reparations bill, shorn of territories and shackled by a
punitive disarmament regime. Hungary felt a deep
grievance over the loss of more than half its territory, while
Austria, deprived of its natural hinterland and refused
unification with Germany, felt marooned in the new order.
Turkey, though, emerged victorious from its struggle with
Greece and managed to reassert control over Anatolia.
The author takes a dim view of Europes postwar lead-
ers, and it is hard to fault him. Their treatment of the
vanquished provoked resentment, and they blithely
dismantled long-established multinational structures,
some of which, like the Austro-Hungarian Empire, had the
capacity to develop in benign ways. They erected weak
successor states, such as Czechoslovakia, Yugoslavia and
Poland, which were equally multinational in character but
lacked the wisdom and confidence to conciliate the large
minorities in their midst.
That said, it possible to feel some sympathy for the peace
makers. The task of constructing a rational and fair order in
Europe may have been too much for the victors of 1918, but
even the briefest glance at the experience of the past 20
years shows that Europes equilibrium is still fragile. In the
1990s, the Balkans were scourged by a new round of ethnic
cleansing, and Ukraine today is embroiled in a civil war pro-
voked by the interference of Russia. Europeans have still not
worked out how to have a united German national state
without effectively disenfranchising much of the rest of the
continent, a condition that the recent Eurozone and migrant
crises have made all too evident.
There is in fact no workable order for continental Eu-
rope without the full political union that squares all these
circles, a project that is as unpopular today as it was in
1923, when Coudenhove Kalergi published Pan-Europa, a
manifesto whose vision of unity captured the interest of
elites but failed to convince a broader audience. As Mr.
Gerwarths path-breaking study shows, beneath the sur-
face of seeming peace may lie profound divisions that au-
gur strife more than stability.
Mr. Simms is the author of Europe: The Struggle for
Supremacy, From 1453 to the Present.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A16 | Thursday, December 1, 2016 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trumps Money Men What Would Alexander Hamilton Have Said?

F
inancial markets have been buoyant a free trader, and hell need to be now that Wil- Regarding Notable & Quotable: suffered under President Obama, and
since Donald Trumps election, and even bur Ross will be running the Commerce Depart- The Bullying at Hamilton (Nov. 22) we rejected Hillary Clinton because
quoting E Street Band guitarist Ste- she represents more of the same.
the downbeats at the Organization for ment. Mr. Ross is a savvy investor who is media-
ven Van Zandt: In contrast to Donald The Declaration of Independence
Economic Cooperation and friendly and was for years a Trumps demand for an apology from states that our inalienable rights
Development are now fore- An underwhelming pair major donor to Democrats. the cast of the hit musical Hamil- come from God. The failure of the
casting faster global growth of nominees to lead This may be because he shares ton, Vice President-elect Mike Pence people to honor this reality and to
due to Trumponomics. But the progressive belief in gov- handled the situation perfectly. He give power to the government instead
such optimism hangs on Commerce and Treasury. ernment industrial policy. showed respect for the First Amend- has created our current problems.
whether the President-elect This has certainly worked ment and questioned, without ques- THOMAS DRESSER
can deliver, and Mr. Trumps for him. In 2002 Mr. Ross bet tioning, whether it is appropriate for Columbia, Mo.
choices for two key economic posts are cause correctly that George W. Bush would slap new someone to force members of a cap-
for tempered enthusiasm. tariffs on imported steel, instantly making tive audience to exhaust some of The actor who lectured Mike
Treasury nominee Steven Mnuchin is a Wall U.S. steel mills more price-competitive but their lives listening to one persons Pence at an inappropriate venue was
political statement. probably emulating President Obama,
Street denizen who led fundraising for the punishing steel users. The Bush tariffs of up
ALLEN BUCKLEY who lectured the Supreme Court jus-
Trump campaign but is a newcomer to political to 30% were announced days after Mr. Ross Atlanta tices during his 2010 State of the
or policy debates. Like his father he worked at picked up U.S. mills at a bargain price from Union Address. Once again, the very
Goldman Sachs, then was a founder of the bankrupt LTV. We all recognize that if Hillary people who warn everyone else about
hedge fund Dune Capital and has made money The private-equity titan has a simple but Clinton had won the election and had bullying are the most heinous vio-
investing in movie productions like Avatar misguided view of global trade. He believes that been in the audience to see Hamil- lators and always choose a forum
and American Sniper. good trade policy yields a national trade sur- ton, Brandon Victor Dixon and the when and where the target is unable
The good news is that hes adopted the plus, while bad deals produce trade deficitsas cast wouldnt have publicly requested to respond.
Trump mantra on economic growth and told if every country in the world could run a trade that she start becoming trustworthy JANE JIRIKOVEC SWENSON
CNBC Wednesday that I think we can abso- surplus. In an August letter to this newspaper, and honest. Nashville, Tenn.
STEVE FEIERTAG
lutely get to sustained three to four percent Mr. Ross wrote, Its Econ 101 that GDP equals
Royal Palm Beach, Fla. In this tepid Obama economy, only
GDP growth rates. He added that tax reform the sum of domestic economic activity plus net liberals on Broadway and at the
is crucial to achieving such growth, and that exports, i.e., exports minus imports. Therefore, The fears of Hamilton actor American Music Awards believe that
this includes cutting the federal corporate in- when we run massive and chronic trade deficits, Brandon Victor Dixon about an auto- insulting and degrading half of your
come tax rate to 15% from 35%. This is encour- it weakens our economy. cratic president who uses the power audience is a smart way to run a
aging, especially since were told he says the Who taught him that? Imports are sub- of executive orders to rule over a ma- business.
same in private. tracted in GDP calculations to avoid overstating jority of the people against their will ERIC MUELLER
On the other hand, Mr. Mnuchin seems to domestic production, not because they make us is real. That is what millions of us Seattle
suffer from Mitt Romneys squeamishness when poorer. Many domestic products wouldnt exist
it comes to individual tax cuts that might in- without foreign components.
clude high earners. This sometimes happens to The Commerce Department is a swamp of Widening the Bottleneck of Licensing Laws
people who drove a Porsche in college. If crony capitalism, and Mr. Ross is unlikely to
Regarding Dick Carpenter and Chip field to newcomers; by the farmers
across-the-board rate cuts encourage high earn- drain it. The agency will probably become even Mellors Breaking Down Bottleneck- asking for tariff protection, subsidies
ers to create businesses and jobs, theres no more welcoming for CEOs who dont like com- ers (op-ed, Nov. 21): As a recipient and parity prices; by the wager
need to apologize. Average workers will be see petition and want the government to use its of a Ph.D. in physiologic music ther- earners hostile to technological im-
their incomes rise too. various tools to punish foreign competitors apy, with five published books, I find provements and fostering featherbed-
Goldman Sachs is a hothouse of Democratic and their U.S. customers. it unfortunate that the authors could ding and similar practices. And this
donors and Keynesian economics, and perhaps i i i be so uninformed about the music- is a mentality which aim[s] at a so-
as a result Mr. Mnuchin appears to face a steep The Mnuchin and Ross selections reveal the therapy profession. It is a music- cialist, i.e., communist, system in
policy learning curve. He told CNBC that the contradiction at the heart of Trumponomics. based treatment, prescribed within which they themselves or their most
number one problem with the Dodd-Frank fi- The President-elect realizes that faster growth the medical profession. The main rea- intimate friends hold the reins of
nancial law is that its way too complicated and requires lower taxes, less regulation and less son for seeking validation through government.
state licenses is to enable medical-in- ANDREW H. JONES
it cuts back lending. The law surely is way too government meddlingexcept for traded
surance firms to recognize the valid- Washington
complicated, but the amount of bank lending goods. There he doesnt mind taxes in the form ity and accreditation of the clinical
should not be decided by regulators. of tariffs and political intervention to favor treatment within the scientific and As an licensed attorney, I support
The number one problem with Dodd-Frank some companies over others. medical fields, thus allowing patients the assessment by Messrs. Carpenter
is that it gave Washington too much power over The irony is that if Mr. Trump succeeds in to receive coverage. and Mellor of the adverse impact of
such questions, while essentially turning banks unleashing faster growth, the U.S. demand for DORITA S. BERGER, PH.D., MT-BC, LCAT licensing schemes. Nonetheless, as a
into public utilities. Mr. Mnuchin should de- imports will naturally increase. As capital re- Durham, N.C. holder of an M.B.A. in finance, Im
mand that banks hold more capital so theyre turns to the U.S., the trade deficit will also puzzled as to how they can simulta-
less likely to ask for taxpayer assistance, and grow. The race is on to see if Mr. Trumps pro- The good work of the Institute for neously assert that one result of bot-
then liberate them to decide whether to make growth policies can create jobs and lift incomes Justice (IJ) is especially valuable in tlenecking in alcohol-distribution is
this era of antitrade mentality which that consumers pay as much as 30%
more or fewer loans, and to whom. fast enough for the President-elect to realize
fears the competition of immigrants more for their hooch and yet (in the
Were told that Mr. Mnuchin is instinctively that trade deficits dont matter. and assumes the need for permission same paragraph) say, There is little
from a regulatory regime before en- evidence that [it] reduces overall

Fidels Venezuelan Legacy gaging in trade.

By writing about bottleneckers
consumption.
Huh? I recall being awake in Econ.

F
who use government regulations to 101 and dont remember seeing any
idel Castros death has elicited a flood leading to skyrocketing infant mortality. perpetuate their own advantage via notice of repeal of the laws stating an
of commentary about his legacy, includ- There are chronic and severe shortages of demands for occupational licensing inverse relationship between price
ing predictable tributes to his alleged electricity, food and water, as well as ordinary the IJ is addressing a concern articu- and demand. A price-inelastic range
achievements in health care consumer goods like diapers lated in the 1950s by Austrian econo- in a demand curve? I think not.
and education. Readers inter- Boat people flee the or beer. Nicols Maduro, mist Ludwig von Mises: the guilds of BRUCE LLOYD CAMPBELL
artisans blocking entrance into their Ridgefield, Conn.
ested in a more accurate ac- country that imitated Chvezs handpicked succes-
counting should read current sor, has put his leading politi-
headlines about life and death the Castro model. cal opponents in jail.
in Venezuela. And theres hunger. An es-
Except for Nicaragua in the timated 120,000 Venezuelans
More Bank Capital Wont Stop the Next Crisis
1980s, Venezuela has more wholly adopted Cas- flooded into neighboring Colombia to buy food Regarding your editorial Cash vasiveness of a shock similar to sub-
tros economic and ideological model than any when Mr. Maduro briefly opened the border in and Kashkari (Nov. 22): The consen- prime, the fact is it is impossible to
other Latin American nation. The late Hugo July. Desperate Venezuelans are trekking sus is right, Dodd-Frank wont stop load enough capital on to the balance
Chvez took his cues from Castro on everything through the Amazon hinterlands to make it to the next financial crisis. And raising sheets of banks to guarantee avoid-
from his fondness for army fatigues to his 10- Brazil. And, like Cubans, they are taking to bank capital to 15% of assets as Neel ance of another crisis and taxpayer
hour speeches. Chvez also adopted the Castro boats, risking their lives to make it to the Kashkari, the president of the Minne- bailout. To place reliance on the pro-
apolis Federal Reserve wants to do, tective features of Dodd-Frank, as we
model of seizing private property, suppressing nearby Dutch colony of Curaao. Where theres
wont do so either. Given a repeat of have been doing, is simply false secu-
the independent media, hounding political op- socialism there are boat people. the widespread penetration and per- rity for three reasons.
ponents and making cause with rogues in Da- Not long ago young leftists were hailing the First, Dodd-Frank ignores all of the
mascus and Tehran. achievements of Chvezs revolution, much others complicit in creating the sub-
For a while Venezuela escaped some of the as a previous generation celebrated Castros. Name Calling and Identity prime crisis, including the Fed and
inevitable consequences thanks to a flood of Western credulity about socialism is eternal, the other financial regulators who
petrodollars. Thats over. Inflation is forecast which perhaps explains the tearful eulogies for
Politics Have Their Limits failed to see it coming, our govern-
to reach 1,640% next year. Caracas is the Castro. Those less easily suckered need only Regarding Jason L. Rileys Demo- ment which, while the crisis material-
worlds most violent city. Hospitals have run look at Venezuelas desperate boat people to crats Are Obsessed With Race. ized, cheered on the creativeness of
out of basic medicines, including antibiotics, know the truth of Fidels legacy. Trump Isnt (Upward Mobility, Nov. the financial industry in making
23): Who uses words like racist, homeownership plausible for all, and
sexist, fascist and xenophobic? the credit-rating firms whose Triple-

A Gingrich Commission on Government Answer: a liberal who is losing an ar-

gument, a liberal who has lost an ar-
A ratings guaranteed widespread
marketability of the toxic assets.

F
gument or a liberal whose candidates Second, we simply do not know
rom the drama over Donald Trumps cabi- on the moon. But he talks all the time about up- and political party have lost in a na- what the next crisis will look like and
net youd think the only position in gov- dating government for the 21st century, and he tional election. Liberals have no use whether or not bank capital will even
ernment is Secretary of State. Yet Mr. published a book on winning the future that for facts, reason, logic and common be a relevant factor in its resolution.
Trump will need advice else- covers everything from edu- sense, which Hillary Clinton ignored Third, Dodd-Frank has been a very
where, not least in taming the Newt is looking for a cation to balancing the fed- to her cost and Donald Trump ham- effective jobs and growth killer, sec-
regulatory state. Newt Gingrich eral budget. This would be a mered on to win the presidency ond only to the Federal Open Market
said he wont serve in a Trump
role, and this would chance to do it. along with Republican congressional Committees experimental policy
fit his evangelism. and state candidates. these past eight years.
cabinet but would like to con- The feds over the decades
If the Democratic Party refuses to JIM KUDLINSKI, PH.D.
tribute. How about tapping the have piled program atop pro- change its preconceived view of the Overland Park, Kan.
former House Speaker to lead gram regardless of results, world and national events and labels Mr. Kudlinski is a former Fed
a Gingrich Commission to modernize and shrink and a commission could highlight failures and those who disagree as deplorables, Board official.
the federal government? duplications. Unlike previous eras, much of the it will be the minority party for a
The models for this project would be the work has already been done by think tanks or long time.
Hoover Commissions of the 1940s and early other commissions. The commission could work DAVID P. CARTER Pepper ...
1950s. President Harry Truman appointed for- fairly rapidly, perhaps in a few months. Seminole, Fla.
mer President Herbert Hoover to look for ways For example: Speaker Paul Ryans Better
And Salt
to streamline government in 1947, and Dwight Way agenda has identified some 80 welfare I would add that few in the media THE WALL STREET JOURNAL

Eisenhower did it again in 1953, and about 70% programs run by 13 federal agencies, and inevi- seem to appreciate the tactical risks
of portraying Mr. Trump as Hitlers
of the proposals were adopted in the two Ad- tably many overlap in benefits and eligibility.
second coming. The lower you set
ministrations. Congress combined several agen- That seems ripe for a closer look. President- expectations, the easier it is to ex-
cies into what is now the General Services Ad- elect Trump has singled out civil-service reform ceed them. If no new narrative
ministration, which reduced paperwork and as a priority, and Paul Light of New York Univer- emerges, all Mr. Trump will need to
federal procurement costs. sity has suggested ideas on these pages that the do to win re-election is to create a
Theres also the 1980s Grace Commission, Gingrich Commission could review. few jobs and not set up any concen-
which made nearly 2,500 recommendations on Over the next year Congress and the new Ad- tration camps.
everything from farm-credit rules to Pentagon ministration will be preoccupied with daily ELISE MATICH
hardware. The Grace Commission accomplished squalls and the rough and tumble of passing Arlington, Va.
less than its predecessors thanks to a Demo- legislation. Theres no time for research. A
cratic Congress, but it provoked a public debate Gingrich Commission could do that work and Letters intended for publication should
about the role of government. serve up ideas to plug into the budget over the be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
A Gingrich Commission would have an open- next two years and beyond. Government is at or emailed to wsj.ltrs@wsj.com. Please
ing for greater progress with a GOP White its lowest standing with Americans in decades, include your city and state. All letters
House and Congress. Theres always a chance so even progressives should support an effort are subject to editing, and unpublished
that the effervescent Mr. Gingrich would ca- that might improve its functioning and lay the letters can be neither acknowledged nor
returned.
reen off course by proposing a military base basis for more public confidence. I hate when the market corrects me.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Thursday, December 1, 2016 | A17

OPINION

The Four Legs of a New Health-Care System

By James C. Capretta chance to truly rebuild from the insurance should be incorporated
And Scott Gottlieb ground up. If Messrs. Trump and directly into the Medicare and

D
Price want to make the most of this Medicaid programs.
onald Trump announced short window, they should keep An NBER study from 2015 con-
this week that he had four central reforms in mind. cluded that families spent between
chosen Rep. Tom Price 1. Provide a path to catastrophic 7% and 22% less on health care in
(R., Ga.), a leader in the health insurance for all Americans. the three years after switching to
efforts to replace Theres ample evidence that enroll- an HSA. Spending was also lower
ObamaCare, to be his secretary of ment in insurance doesnt always for outpatient services and pharma-
Health and Human Services. This is lead to improvements in health ceuticals, without any increase in
a consequential choice. Mr. but access to health insurance is emergency-room spending.
Trumps election, and the political important nonetheless. A 2012 As millions of consumers begin
realignment it represents, offers a study from the National Bureau of using HSAs, the medical-care mar-
Economic Research found higher ket will begin to transform and de-
insurance enrollment from reforms liver services that are convenient
The Great Recession in Massachusetts led to better re- and affordable for patients.
sults in several measures of physi- 4. Deregulate the market for
enabled ObamaCare.

Now the laws failure
makes reform possible.
generational opportunity to pursue
a new direction for American
health care. Mr. Price will now be
leading the charge.
The new system should be fully
consumer driven, empowering indi-
viduals to be the surveyors and
purchasers of their care. Past re-
forms in this direction became
stilted and ultimately incomplete,
but the current moment offers a
cal and mental health.
Health insurance is also impor-
tant for financial security. The
ObamaCare replacement should
make it possible for all people to
get health insurance that provides
coverage for basic prevention, like
vaccines, and expensive medical
care that exceeds, perhaps, $5,000
for individuals.
Those Americans who dont get
health insurance through employers,
or Medicare and Medicaid, should
be eligible for a refundable tax
credit that can be used to enroll in
a health-insurance plan. The credit
would be set at a level comparable
Rep. Tom Price in January at a ceremony for a bill to repeal ObamaCare.
to the tax benefits available to indi-
viduals with employer-sponsored in-
surance plans. The subsidy would
be enough to make a basic level of
catastrophic coverage easily afford-
able for all Americans.
2. Accommodate people with
pre-existing health conditions. The
price of insurance naturally re-
flects added risk. Thats why beach
houses cost more to insure than a
typical suburban home. Yet there
BLOOMBERG
is a reasonable social consensus
that people should not be penal-
ized financially for health prob-
lems that are largely outside of
their control.
So as long as someone remains
insured, he should be allowed to
move from employer coverage to
the individual market without fac-
ing exclusions or higher premiums
based on his health status. If some-
one chooses voluntarily not to get
coverage, state regulation could al-
low for an assessment of the risk
medical services. HSAs will em-
power the demand side of the mar-
ket, but suppliers need freedom
from regulation to provide pack-
ages of services better tailored to
peoples needs. For example, those
consumers who maintain HSA bal-
ances should be allowed to use
their resources to purchase direct
carebasic services that keep peo-
ple healthy and treat illnesses and
chronic conditionsfrom physician
groups. This might take the form of
a monthly fee, a practice some-
times referred to as direct primary
care. Today, this could be consid-
ered an insurance premium thats
barred by law.
Hospitals and physicians should

Do Illegal Votes Decide Elections? when the person returns to the

market.
This would prevent healthy peo-
also be allowed to sell access to
their networks of clinics, oncology
services, and inpatient facilities as
By Hans von Spakovsky accidentally instead of through a sys- immigrants who have been detained ple from waiting until they get sick an option to be used in the event a
And John Fund tematic review of election records. at some point and legal noncitizens, to buy insurance, which is one rea- patient is diagnosed with an expen-

D
onald Trumps claim that ille-
gal voting may have cost him
a popular-vote majority has
touched off outrage. Widespread
voter fraud, the media consensus
suggests, isnt possible. But there is
a real chance that significant num-
bers of noncitizens and others are in-
deed voting illegally, perhaps enough
to make up the margin in some elec-
tions.
Theres no way to know.
But the evidence suggests
that significant numbers
of noncitizens cast ballots.
Theres no way of knowing for
sure. The voter-registration process
in almost all states runs on the honor
system. The Obama administration
has done everything it can to keep
the status quo in place. The Obama
Justice Department has refused to
file a single lawsuit to enforce the re-
quirement of the National Voter Reg-
istration Act that states maintain the
accuracy of their voter-registration
lists. This despite a 2012 study from
the Pew Center on the States estimat-
ing that one out of every eight voter
registrations is inaccurate, out-of-
date or duplicate. About 2.8 million
people are registered in more than
one state, according to the study, and
1.8 million registered voters are dead.
In most places its easy to vote under
the names of such people with little
risk of detection.
An undercover video released in
October by the citizen-journalist
group Project Veritas shows a Dem-
ocratic election commissioner in
New York City saying at a party, I
think there is a lot of voter fraud.
A second video shows two Demo-
cratic operatives mulling how it
would be possible to get away with
voter fraud.
The Justice Department has op-
posed every effort by statessuch as
Kansas, Arizona, Alabama and Geor-
giato verify the citizenship of those
registering to vote. This despite evi-
dence that noncitizens are indeed
registering and casting ballots. In
2015 one Kansas county began offer-
ing voter registration at naturaliza-
tion ceremonies. Election officials
soon discovered about a dozen new
Americans who were already regis-
teredand who had voted as nonciti-
zens in multiple elections.
How common is this? If only we
knew. Political correctness has
squelched probes of noncitizen vot-
ing, so most cases are discovered
The danger looms large in states states should pass laws, similar to son ObamaCares insurance mar- sive illness. Medicare patients
such as California, which provides the one in Kansas, that require kets are unstable. The refundable should be allowed to purchase the
drivers licenses to noncitizens, in- proof of citizenship when register- tax credit ensures that everyone, option to consult with their care-
cluding those here illegally, and ing to vote. The Justice Depart- including the unemployed, can get givers by phone, videoconferencing,
which also does nothing to verify cit- ment, instead of ignoring the issue, access to at least catastrophic in- or email. These are only some of
izenship during voter registration. In should again start prosecuting surance and maintain continuous the needed reforms. Regulation
a 1996 House race, then-challenger these cases. coverage. Well-run and properly shouldnt be an obstacle to entre-
Loretta Sanchez defeated incumbent The bottom line is that the honor funded high-risk pools can help ad- preneurs crafting more consumer-
Rep. Bob Dornan by under 1,000 system doesnt work. There are peo- dress the inevitable cases of ex- oriented services, many of which
votes. An investigation by a House plelike those caught voting ille- pensive claims for the remaining cant be countenanced under cur-
committee found 624 invalid votes gallywho are willing to exploit uninsured. rent rules.
by noncitizens, nearly enough to these weaknesses that damage elec- 3. Allow broad access to health- American health care is teetering
overturn the result. tion integrity. savings accounts. ObamaCare because it relies too much on gov-
How big is this problem nation- pushed millions of Americans into ernmental coercion. A functioning
ally? One district-court administra- Mr. von Spakovsky, a former high-deductible insurance without marketplace can deliver high-qual-
tor estimated in 2005 that up to 3% member of the Federal Election Com- giving them the opportunity to ity care at lower cost. Now is the
of the 30,000 people called for jury mission, is a senior legal fellow at save and pay for care before insur- time to secure a system that em-
duty from voter-registration rolls the Heritage Foundation. Mr. Fund is ance kicks in. There should be a powers consumers to take com-
over a two-year period were not U.S. the national affairs columnist for Na- one-time federal tax credit to en- mand of their health care.
citizens. A September report from tional Review. They are the authors courage all Americans to open an
the Public Interest Legal Foundation of Whos Counting? How Fraudsters HSA and begin using it to pay for Mr. Capretta and Dr. Gottlieb
found more than 1,000 noncitizens and Bureaucrats Put Your Vote at routine medical bills. And HSAs are resident fellows at the Ameri-
who had been removed from the Risk (Encounter, 2012). combined with high-deductible can Enterprise Institute.
voter rolls in eight Virginia counties.
Many of them had cast ballots in pre-
vious elections, but none was re-
ferred for possible prosecution.
The lack of prosecutions is no sur-
prise. In 2011, the Electoral Board in
Fairfax County, Va., sent the Justice
Department, under then-Attorney
General Eric Holder, information
about 278 noncitizens registered to
vote in Fairfax County, about half of
whom had cast ballots in previous
elections. There is no record that the
Justice Department did anything.
A 2014 study by three professors
at Old Dominion University and
George Mason University used exten-
sive survey data to estimate that
6.4% of the nations noncitizens
voted in 2008 and that 2.2% voted in
2010. This study has been criticized
by many academics who claim that
voter fraud is vanishingly rare. Yet
the Heritage Foundation maintains a
list of more than 700 recent convic-
tions for voter fraud.
A postelection survey conducted
by Americas Majority Foundation
found that 2.1% of noncitizens voted
in the Nov. 8 election. In the battle-
ground states of Michigan and Ohio,
2.5% and 2.1%, respectively, of non-
citizens reported voting. In 2013,
pollster McLaughlin & Associates
conducted an extensive survey of
Hispanics on immigration issues. Its
voter-profile tabulation shows that
13% of noncitizens said they were
registered to vote. That matches
closely the Old Dominion/George Ma-
son study, in which 15.6% of nonciti-
zens said they were registered.
Fixing this problem is very
straightforward. The Trump admin-
istration should direct the Depart-
ment of Homeland Security to coop-
erate with states that want to verify
the citizenship of registered voters.
Since this will only flag illegal

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BUSINESS & FINANCE
2016 Dow Jones & Company. All Rights Reserved.
S&P 2198.81 g 0.27% S&P FIN 1.33%
Wanda Faces Renewed Scrutiny
Top Senate Democrat
raises concerns over
Chinese conglomerates
Hollywood takeovers
A top Senate Democrat is
calling for increased scrutiny
of Chinas ambitions in Holly-
wood and other sectors, lend-
ing a critical new voice to a
cause championed by Presi-
dent-elect Donald Trump.
In a letter sent Wednesday,
incoming Senate Minority
Close Calls
Up Sharply
On Airport
Runways
BY ANDY PASZTOR
Hazardous runway incidents
at U.S. airports in fiscal 2016
increased for a third year in a
row, significantly exceeding
federal safety targets in five of
the months and climbing 25%
overall from a year earlier.
Both the raw numbers and
frequency of the most danger-
ous types of close calls on the
ground rose substantially in
the federal fiscal year ended
Sept. 30, according to prelimi-
nary government data that
hasnt yet been widely distrib-
uted. The rise came despite
stepped-up federal and indus-
try efforts to reverse the
trend.
Federal Aviation Adminis-
tration officials said in total,
there were more than 1,560 in-
stances nationwide when
planes came closer than per-
mitted to each other, or to ve-
hicles, on the tarmac. That is
up from about 1,450 in fiscal
2015 and roughly 1,250 in 2013
and 2014.
For the latest year, the rate
of the highest-risk incidents,
adjusted for monthly fluctua-
tions in air traffic, barely met
19
Tally of hazardous close calls on
airport runways in fiscal 2016
the agencys long-established
internal limit of about four
runway incursions per 10
million flights; they substan-
tially exceeded the limit in five
of the 12 months. The FAAs
strategic plan calls for compli-
ance with that cap through at
least September 2017.
The comparable rate for fis-
cal 2015 came in at roughly
three serious events per 10
million flights, and hovered
well below the rate stretching
back to 2013.
Despite years of initiatives
to combat such threatsin-
cluding a high-profile cam-
paign rolled out earlier this
yearthe most dangerous
kinds of runway incursions
continued to rise in fiscal
2016. According to the FAA,
there were 19 close calls re-
sulting in significant chances
of accidents or collisions that
were narrowly avoided, versus
15 the year before.
The statistics cover airlin-
ers, business jets and private
aircraft at airports with tow-
ers across the country. With
some 700 million passengers
getting on U.S. carriers every
year and roughly 30,000 com-
mercial flights in the air each
day, runway errors amount to
a tiny sliver of that total.
FAA officials didnt com-
ment on potential reasons for
the rising numbers, but some
industry officials attributed
them to the surge in hiring of
new pilots in recent years.
As retiring pilots are re-
placed by such hires, many of
the younger aviators may be
relatively inexperienced at
navigating big, bustling air-
ports, according to Paul
Kolisch, a veteran airline in-
Please see AIR page B2
TECHNOLOGY: DREAM OF CABLE CUTTING PROVES ELUSIVE B4
S&P IT g 1.16%
Leader Chuck Schumer said
the takeovers of U.S. compa-
nies by Chinas Dalian Wanda
Group Co. and others warrant
By Erich Schwartzel
in Los Angeles
and Siobhan Hughes
in Washington
further scrutiny to determine
whether they are being orches-
trated by Chinese government
interestspossibly leaving U.S.
companies to compete on an
uneven playing field. The move
A Long and Winding Road
President-elect Trump's ambitious infrastructure plan has excited investors, especially in construction-related stocks,
but it comes as governments are already struggling to fund current spending.
Combined market value of four
construction-related rms*
$25 billion
Election
20
15
10
5 20
0 25
Nov. 4 8 14
*Tutor Perini, Fluor, United Rentals and Aecom
Sources: FactSet (market value); Federal Highway Administration, Congressional Budget Ofce projections from 2015 (income and spending);
Census Bureau (construction spending); Getty Images (photo)
HEARD ON THE STREET | Spencer Jakab
Infrastructure Plan Doesnt Add Up
Build it
and they
will come
worked like
a charm in
Hollywood.
Washington is a different
story.
Donald Trumps trillion-
dollar infrastructure plan
has sent investors piling pre-
maturely into stocks that
could benefit. The share
prices of building materials
companies Vulcan Materials
and Martin Marietta Mate-
Traders Sense an End to a Long Slump for Oil
BY TIMOTHY PUKO
AND ALISON SIDER
Oil prices surged Wednes-
day as investors hoped a deal
clinched by major oil-produc-
ing nations would help oil
prices break
COMMODITIES out from a
punishing
slump that
has lasted more than two
years.
After weeks of doubt that
members of the Organization
of the Petroleum Exporting
Countries could resolve their
differences, the agreement in
Vienna on Wednesday seemed
to surprise many investors.
The percentage gains were the
biggest for U.S. and interna-
tional crude prices since Feb-
ruary, jolting a market toward
the top of a range where it has
been stuck for several months.
The Brent global benchmark
broke above $50 a barrel for
the first time in a month,
while U.S. crude futures rose
9.3% to $49.44.
Some investors remain skep-
tical that the deal will bring a
meaningful supply reduction to
a world awash in oil. But many
* * * * THE WALL STREET JOURNAL.
DJ TRANS 0.43% WSJ $ IDX 0.70%
increases the likelihood of a
re-examination of how the U.S.
allows the nation to invest in
American companies.
I am concerned that these
acquisitions reflect the strategic
goals of Chinas government,
he told Treasury Secretary Jack
Lew and U.S. Trade Representa-
tive Michael Froman in the let-
ter, a copy of which was seen
by The Wall Street Journal.
Wanda and its U.S.-based
holdings have completed sev-
eral entertainment acquisi-
tions this year, and the con-
Federal Highway Trust Fund
income and spending
$50 billion
45
40
35
30
21 28 30 05 06 08 10
rials both hit all-time highs
days after the election, while
construction-related compa-
nies Aecom, Tutor Perini
and United Rentals did even
better, appreciating between
30% and 40% since Nov. 7.
The reason for skepticism
certainly isnt a lack of de-
mand. The American Society
of Civil Engineers estimates
that simply repairing existing
infrastructure in the coming
decade would cost more than
three times as much as the
president-elects proposed
Rebalancing Act
Oil prices surged Wednesday, reecting expectations that OPEC's
production cut will bring supply and demand closer together.
98 million barrels per day
96
94
92
90
2013 14
Source: International Energy Agency
market observers have been
predicting that oil supply and
demand will come into balance
next year even if major produc-
ers kept pumping at these high
levels.
Now, some investors say the
OPEC deal likely will accelerate
that process.
This is going to be the
event that signals the recov-
ery, said Dan Pickering, who
oversees $1.9 billion in invest-
ments for the asset-manage-
ment arm of Tudor, Pickering,
Holt & Co. in Houston.
OPEC members agreed to cut
LIBOR 3M 0.934
glomerate has a pending deal
to buy Dick Clark Productions
for $1 billion.
Mr. Trump, who has indi-
cated his administration will
also take a closer look at such
deals, was copied on the letter.
If the president-elect fol-
lows through on promises to
scrutinize such deals more
closely, Mr. Schumers letter
could signal a shift for U.S. pol-
icy toward China. For decades,
some lawmakers on both sides
of the aisle have been unhappy
with the White House, both un-
Total U.S. street and highway
construction spending, seasonally
adjusted annualized rate
$100 billion
Spending
Income
Projections
12 14 16 18 19 02
expenditure. The problem is
paying for it. The corner-
stone of the Trump plan, out-
lined by proposed Commerce
Secretary Wilbur Ross and
economist Peter Navarro, is
to use tax credits to spur
public-private partnerships.
This would, in theory at
least, be revenue neutral for
the federal budget.
Such projects have fared
poorly in the past. A 2015
Congressional Budget Office
report counted 14 completed
highway projects that relied
Output
Demand
15 16
THE WALL STREET JOURNAL.
production by 1.2 million barrels
a day from the current 33.6 mil-
lion barrels, which would erase
about 1% of global output. OPEC
also expects producers from out-
side the group, including Russia,
to join with additional cuts total-
ing 600,000 barrels a day.
There are other recent signs
that supply may be coming
down. The U.S. Energy Infor-
mation Administration re-
ported Wednesday that do-
mestic stockpiles shrank by
884,000 barrels last week,
ending a three-week string of
additions that included the
Thursday, December 1, 2016 | B1
NIKKEI (Midday) 18722.38 2.26%
der President George W. Bush
and President Barack Obama,
whom they saw as timid about
confronting China, the biggest
holder of U.S. debt.
Now, a senior Democratic
lawmaker and the incoming
Republican U.S. president
could be on the same side of
the issue, potentially shaking
up the landscape. Congressio-
nal backlash to foreign invest-
ments have lately focused on
flashy Hollywood deals, but
the outcry could have sweep-
Please see WANDA page B2
80
60
40
0 Monthly data
04 06 08 10 12 14 16
THE WALL STREET JOURNAL.
on some form of private fi-
nancing. Of the eight that
have been open for more
than five years, half, includ-
ing projects in Texas, Cali-
fornia, and South Carolina,
have either declared bank-
ruptcy or experienced a pub-
lic buyout of the private
partners. All relied on toll
revenue. They built it, but
not enough came.
Equity investors under the
Ross-Navarro proposal might
still like those odds given
Please see HEARD page B13
biggest weekly U.S. crude sur-
plus on record.
U.S. crude production is
down 9.5% from last years
peak even with a recent uptick.
Major global companies have
cut investment by $125 billion
annually, Mr. Pickering said.
Energy Aspects, a London-
based consultancy, said the
deal could keep prices steadily
above $60 a barrel by the first
quarter of 2017.
That would only get prices
back to roughly half their lev-
els in 2014, and other inves-
tors werent as bullish. Global
oil stockpiles have swelled to
near records, and those inven-
tories will continue to weigh
on markets, which are still
feeling the effect of the shale
drilling and oil-sands produc-
tion in North America that
helped create the glut, some
said. Youre starting from a
very oversupplied market,
said Sarah Emerson, a princi-
pal at ESAI Energy LLC in Bos-
ton. Youre going to chip
away at some of that inventory
surplus but youre not going to
chip away at everything,
Sarah McFarlane
contributed to this article.
See more at WSJMarkets.com
DREW ANGERER/GETTY IMAGES
Gary Cohn arrives at Trump
Tower on Tuesday.
Cohn
Weighs
Exit From
Goldman
BY LIZ HOFFMAN
Gary Cohns visit to Trump
Tower on Tuesday has rekin-
dled questions about whether
the longtime Goldman Sachs
Group Inc. No. 2 has tired of
life as an understudy.
Mr. Cohn, who has been
Chief Executive Lloyd Blank-
feins top deputy for a decade,
met Tuesday with Donald
Trump. It isnt clear whether
the president-elect is consid-
ering Mr. Cohn for a position;
Politico reported Wednesday
that Mr. Cohn could be a con-
tender to head the Office of
Management and Budget.
A possible position in the
Trump administration comes
at a time when Mr. Cohns role
at Goldman already has been
in question. The 56-year-old
president and chief operating
officer has had conversations
in recent months about leav-
ing the bank, according to
people familiar with the mat-
ter.
His departure would scrap
Goldmans most obvious suc-
cession plan, yet elevate a new
crop of executives eyeing Mr.
Blankfeins job. It also would
signal that Mr. Blankfein, who
weathered the financial crisis,
survived a bout with cancer
and has settled into a role as a
senior industry statesman,
isnt going anywhere.
That has become more ac-
cepted within Goldmans exec-
utive ranks in recent months.
Michael Sherwood, who ran
Goldmans international busi-
ness from London and had
once been seen as a potential
successor, said as much last
week when he announced his
retirement.
Some people want [the CEO
job] passionately; I just didnt,
Mr. Sherwood said in an inter-
view. One of those people, by
the way, is named Lloyd and
hes not going anywhere. He
Please see COHN page B2
INSIDE
TAYLOR GLASCOCK/WSJ
TEACHING
ARTIFICIAL
INTELLIGENCE
BUSINESS EDUCATION, B6
ASSOCIATED PRESS
RBS STOCK
FALTERS
UNDER STRESS
BANKING, B12
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Thursday, December 1, 2016
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in todays edition. Articles on regional page inserts arent cited in these indexes.
A
Air France-KLM...........B6
Alphabet......................B2
Altice.........................B13
Amazon.com ............... B6
A. P. Moller-Maersk ... B6
Apple......................B4,B6
AT&T............................B4
B H
Banco Popular
Espanol......................B7
Barclays.....................B12
Blackstone Group ..... B12
Box...............................B4
Burberry Group...........B3
C Saudi Arabian Oil.......A8
Check Point Software
Technologies.............B2
CIT Group...........A10,B13
Comcast.......................B4
Continental
Resources ................. A8
CSX..............................B6
D trol of devices and install
Dalian Wanda Group .. B1
Deutsche Bank..........B12
Diana Shipping..........B13
DirecTV........................B4
F Communications.....B13
Fannie Mae ................. B7
INDEX TO PEOPLE
C L
Chavez, R. Martin.......B2
Cockrell, Mike ........... B12
Cohen, Steven A.......B13
Cohn, Gary...................B1
E ...................................B13
Emerson, Sarah .......... B1
F U
Flowers, J. Christopher
...................................A10
H Gooligan is a variant of ma-
Hamm, Harold ............ A8
J R
Jassy, Andy.................B6
COHN
Continued from the prior page
doesnt say one more year; he
says five more years.
That has left little room for
Mr. Cohn and created what
some executives describe as a
talent bottleneck.
Mr. Blankfein has been CEO
since 2006, and his inner cir-
cle of confidants has seen lit-
tle turnover, leaving few op-
portunities for promotion
lower down the ranks.
Some executives describe
increasing frustration with
the stasis, even while ac-
knowledging that steady lead-
ership likely helped Goldman
weather the financial crisis
and rally support for strategic
changes.
Mr. Cohn oversees Gold-
mans daily operations. He
joined the firm in 1990 and be-
came a partner in 1994, a class
that also included Mr. Trumps
nominee for Treasury secre-
tary, Steven Mnuchin.
Mr. Cohns background re-
flects the sort of Midwestern
voters who helped power Mr.
Trump to a surprise victory.
Mr. Cohn was born in Ohio
and is the son of an electri-
cian. His first job was selling
AIR
Continued from the prior page
structor. They may lack expo-
sure to the complex taxi pat-
terns, he said, adding we can
simulate some of this effec-
tively, but not all of it.
The FAA recorded nearly 50
million flights of all aircraft
nationwide in fiscal 2016.
There hasnt been a major run-
way collision of big planes on
a U.S. strip in recent memory.
Still, annual runway incur-
sion statistics are considered
an important benchmark of
aviation safety. They are
closely watched by experts in-
side and outside the FAA as
harbingers of hazardous
trends and impending threats.
That is partly because com-
mercial aviation has become
so safe there hasnt been a sin-
gle passenger fatality from the
crash of a scheduled U.S. air-
liner in seven years. Statisti-
cally, experts say the most
dangerous portion of any air-
liner flight is the time spent
taxiing on the ground.
Runway safety is equally
daunting in Europe. In the past
decade, nearly one out of five
fatal accidents involved runway
incursions, according to the Eu-
ropean Aviation Safety Agencys
2016 statistical review.
Runway incidents depend
on a host of factors, from the
level of traffic to airport lay-
outs to lighting and signs on
the tarmac.
Variations among local con-
FarmEcon...................B12
Freddie Mac ................ B7
P
Perrigo.......................B13
G Pilgrims Pride...........B12
General Electric .......... B3 R
Goldman Sachs Rex American
Group...................A1,B1 Resources................B13
Google....................B2,B3 Royal Bank of Scotland
GoPro...........................B4 Group.......................B12
Royal Caribbean
Cruises......................B3
HSBC ......................... B12
Hugo Boss...................B3 S Android smartphones and tab-
Hyundai Group............B6 Salix Pharmaceuticals B2
Samsung Electronics..B4
Hyundai Merchant
Marine.......................B6
Sanderson Farms......B12
I Santander..................B12
Invitation Homes......B12
Smith & Wesson
J
Holding....................B13
J.P.Morgan Chase.....B12 Standard Chartered..B12
L T
Lloyds Banking
Takeda
Group.......................B12 Pharmaceutical.........B2
M Tutor Perini.................B1
Maersk Line................B6 Tyson Foods..............B12
Martin Marietta V software without permission.
Materials...................B1
Valeant Pharmaceuticals
Microsoft.....................B4
International.............B2
N Verizon
Norwegian Cruise Line
Holdings....................B3 Vulcan Materials ........ B1
Rose, Stuart Alan.....B13
Levie, Aaron................B4 Ross, Wilbur ............... B1
Lovette, Bill .............. B12 S party app stores rather than
M Scherr, Stephen..........B2
Margaronis, Anastasios Schwartz, Harvey.......B2
Sherwood, Michael.....B1
Martoma, Mathew....B13 Smith, Dylan...............B4
Moffett, Craig...........B13 Solomon, David...........B2
N
Navarro, Peter ............ B1 Uzzi, Brian...................B6
P V
Pah, Adam...................B6 Vogel, Jim...................B7
Pickering, Dan.............B1 W-Z
Woodman, Nick...........B4
Ron, ngel .................. B7 Zalaznick, Lauren........B4
window frames and aluminum
siding in Cleveland, and he
later sold silver on Wall
Street.
In recent years, he has
taken on a more public-facing
role and struck clients and col-
leagues as more polished.
Messrs. Blankfein and Cohn
rose together through Gold-
mans trading division, and
Mr. Cohn once was seen as the
likely successor to his long-
time friend and boss. But as
Mr. Blankfein remained in the
job longer than many ex-
pected, odds lengthened for
Mr. Cohn.
Should Mr. Cohn opt to
seek opportunities outside the
firm, his role as chief operat-
ing officer and president
would likely be split between
two executives, people familiar
with the matter have said.
The likeliest candidates to
succeed Mr. Cohn, according
to people familiar with the
matter, are Chief Financial Of-
ficer Harvey Schwartz and in-
vestment-banking co-chief Da-
vid Solomon.
Outside candidates include
R. Martin Chavez, Goldmans
chief technologist, and Ste-
phen Scherr, the strategist
who was recently put in
charge of Goldmans push into
consumer banking.
Trouble on the Ground
Runway incidents continue to rise around the U.S.*
U.S. runway incidents
1,500
1,561
1,000
500
0 0
2013 2014 2015 2016
*Includes all U.S. airports with control towers. Time periods are scal years.
Source: Federal Aviation Administration
Air-traffic
controllers at
Dulles airport.
troller procedures also have an
impact. In fiscal 2016, pilot
mistakes were roughly three
times more likely to cause in-
cursions than air-traffic con-
troller errors, based on FAA
* ***** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Malicious App Software Valeant
Deal Talks
Seizes Google Accounts
Collapse
BY ROBERT MCMILLAN
Over Price
Malicious software dis-
guised as legitimate apps for
BY JONATHAN D. ROCKOFF
lets has seized control of AND DAVID BENOIT
more than one million Google
accounts since August, ac- Valeant Pharmaceuticals
cording to research from se- International Inc.s talks to sell
curity firm Check Point Soft- a stomach-drug business to
ware Technologies Ltd. Japans Takeda Pharmaceutical
The apps had innocent- Co. for about $10 billion have
sounding names, such as broken down amid last-minute
StopWatch, Perfect Cleaner disagreements over price and
and Wi-Fi Enhancer. But they other matters, according to peo-
RICHARD B. LEVINE/ZUMA PRESS
exploited known flaws in ple familiar with the matter.
older versions of the Android Though the talks could still
operating system to take con- be revived, Valeant is now fo-
cused on building the business,
other apps and ad-spewing Salix Pharmaceuticals, rather
than selling it, the people said.
Some of the unauthorized The development represents
apps also used the victims another setback for a company
user name and password to Malicious software disguised as legitimate apps has seized control of that has been plagued by an
post fake reviews. over one million Google accounts since August, a security firm says. accounting scandal, the depar-
The malicious Trojan-horse ture of its top executives and a
software known as Gooligan said on Tuesday. Android 4 (the versions nick- plummeting share price. As of
was found in 86 fraudulent
apps and has been infecting
about 13,000 Android devices a
Check Point researchers
shared their findings with
Google and worked closely with
named Jelly Bean or KitKat), ini-
tially released in 2012, or An-
droid 5 (Lollipop), released in
Tuesdays close, Valeant shares
had fallen 80% during the past
12 months.
day, Check Point said. The Goo- the company to develop tech- 2014, Check Point said. Valeant is moving ahead
ligan apps come from third- niques to fix infected devices, a Users wondering if their de- with plans to build the sales
Check Point spokeswoman said. vices have been compromised force for Salixs crown jewel,
Googles authorized Play store, We continue to work with can visit Check Points site for the irritable-bowel drug Xi-
but some apps downloaded Google today to discover who or a mobile-phone checkup and faxan.
without authorization can be what group is responsible for to learn more. Valeants shares, already off
found on Play, Check Point said. the Gooligan campaign. Gooligan thrives on an in- to a weak start Wednesday on
Users whose devices have Google said it has removed creasingly serious Android the Salix announcement, fell
been infected see pop-up ads apps associated with Ghost problem: Users dont update further when The Wall Street
and unwanted software, said Push from Google Play. It has their operating systems, leaving Journal reported on the break-
the Israel-based security firm. also taken steps disrupt the their smartphones and tablets down of talks with Takeda.
servers used by the malwares vulnerable to attacks that ex- The stock finished the session
licious software known as creators and to secure Google ploit known software bugs. down 8% at $15.79.
Ghost Push, which has been accounts compromised by the Androids overall security Takeda, a big Japanese
giving Android users head- malicious software. hasnt measurably improved drugmaker that has prioritized
aches for two years. Google, a Although the free apps of- since 2012, said Dave Aitel, stomach drugs, had ap-
unit of Alphabet Inc., last year fered by alternative stores can chief executive of cybersecu- proached the beleaguered Ca-
tracked more than 40,000 be enticing, they come with rity firm Immunity Inc. nadian pharmaceutical com-
Ghost Push apps.
We appreciate Check
Points partnership as weve
worked together to under-
risks, Google said. In a
Google+ post, the company
urged users to download only
from the Play store.
A Google spokesman said
the company has taken steps
recently that have significantly
reduced the chances of Android
pany about purchasing Salix.
The companies had been near
a deal that would have in-
cluded $8.5 billion in cash and
stand and take action on these Devices at risk from the Goo- users installing malicious soft- royalty payments, the Journal
issues, a Google spokesman ligan software are those using ware. reported in November.
WANDA Federal Trade Commission and
the Department of Justice.
Wanda declined to comment
on Mr. Schumers letter.
Mr. Schumer said the ability
for Chinese companies to take a
majority stake in U.S. assets, of-
ten backed by state officials and
portation, manufacturing and
agriculture, among others
are often supported by Chi-
nese government subsidies de-
Continued from the prior page Mr. Schumers stance aligns Chinas sovereign-wealth funds, signed to encourage global
ing ramifications across other the Democrat on one issue is unfair considering stateside expansion.
sectors of the economy, and with the president-elect. A companies are handicapped Like several politicians before
produce a chilling effect for document circulated by Mr. from doing similar deals in him, Mr. Schumer set his sights
overseas investors. Trumps transition team China. U.S. companies hoping to on Wanda, whose chairman,
You can be certain that the stated that the administration do business in China usually Wang Jianlin, is Chinas richest
new Congress in 2017 will work have to form a joint venture man, according to Forbes. In a
on legislation to further expand that often includes the sharing speech in Los Angeles in Octo-
CFIUS oversight authority, Mr. Wandas of intellectual propertyan ar- ber, Mr. Wang said he isnt moti-
Schumer wrote, referring to the chairman rangement that Mr. Schumer vated by government agendas.
Treasury Departments Commit- Wang Jianlin called a pay to play system. I am a businessman, he said.
tee on Foreign Investment in has said he While Chinas government Wandas acquisitions in Hol-
the U.S., which examines foreign isnt motivated has aggressively pursued poli- lywood have raised concerns
deals seen as potential threats by government cies that encourage strategic among politicians and some en-
to national security. CFIUS re- agendas. acquisition in the U.S., U.S. tertainment executives that
views have traditionally con- companies continue to face they are soft power plays de-
cerned sectors like aerospace. steep barriers to market ac- signed to spread Chinese cul-
Wanda has previously re- would ask CFIUS to review cess in China, he wrote. Mr. ture and messaging through
sponded to similar calls for foreign transactions that Schumer said Chinese acquisi- American media.
scrutiny by saying the company couldnt be replicated by a U.S. tions across multiple sectors Brody Mullins
has and will continue to com- entity. That could cover Chi- information technology, trans- contributed to this article.
ply with all applicable U.S. law nese investment far beyond
in connection with its media Hollywood, since Chinese com-
and entertainment investments panies can become majority
in the United States, including owners of U.S. assets but
without limitation making the China doesnt allow U.S. com-
appropriate filings with the panies to do the same.
with the number of runway in-
cursions climbing to a five-
year high, FAA leaders invoked
a nationwide call to action to
Number of hazardous close
calls per 10 million ights deal with the problem.
Rates for the most serious
incidents dropped sharply in
3.8 the next two years, spiked in
3 2012 and then went down
again.
2 Earlier this year however,
both the FAA and the National
Transportation Safety Board,
1 which investigates aviation ac-
cidents and incidents, became
concerned again about the
stubborn upward trend. Re-
2013 2014 2015 2016
newing focus on the hazards,
the FAA boosted efforts to an-
THE WALL STREET JOURNAL. alyze incident patterns, en-
hance pilot education and help
airport operators mitigate spe-
cific risks.
Across the U.S., busy air-
ports already have installed
special lights designed to alert
crews before planes mistak-
enly taxi onto an active run-
way. Similarly, plane manufac-
turers and cockpit-equipment
suppliers have devised various
systems intended to warn pi-
CLIFF OWEN/ASSOCIATED PRESS
lots if they line up to land or
take off on an incorrect strip.
Nonetheless, the latest
numbers highlight the chal-
TRUSTED NEWS AND INSIGHTS
lenges of reducing the most
pressing runway risks, even if
ON THE GO.
the total number of incursions WSJ APP FOR iOS.
starts to go down. During sev-
eral months of 2016 when
numbers. overall incursion numbers DOWNLOAD NOW
Federal officials and indus- stayed basically flat, the rate
try safety experts have had a for the highest-risk incident
roller-coaster history combat- still exceeded maximum FAA 2016 Dow Jones & Co., Inc. All rights reserved. 2DJ2453
ing close calls between planes targets by double-digit mar-
on the ground. In fiscal 2008, gins.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * Thursday, December 1, 2016 | B3

BUSINESS NEWS
Luxury Brands Get Personal in a Tougher Environment U.S. Pushes Cuba
On GE, Google Deals
BY CAROL E. LEE
AND FELICIA SCHWARTZ
WASHINGTONGeneral
Electric Co. and Alphabet
Inc.s Google unit are among
companies U.S. officials be-
lieve will secure agreements to
operate in Cuba as the Obama
administration presses Havana
to complete pending deals be-
fore Donald Trump takes of-
fice, according to people fa-
spokeswoman, Vanessa Picari-
ello, said the firm is in con-
tinued talks with appropriate
authorities in Cuba on behalf
of all three of its brands: Nor-
wegian Cruise Line, Oceania
Cruises and Regent Seven Seas
Cruises.
Cynthia Martinez, a spokes-
woman for Royal Caribbean.,
said, Weve expressed our be-
lief that the market holds
promise for the cruise indus-

DANIEL LEAL-OLIVAS/PA WIRE/ZUMA PRESS

Burberry Group PLCs store
employees have taken on some
new duties: organizing birthday
parties, private dinners and
art-gallery visits for high-
spending shoppers.
The British luxury label is
expanding its army of so-
called private client associates
who develop personal relation-
ships with elite customers to
keep them coming to its
stores and spending more.
(Above, a Burberry show in
London this year.)
The associates go beyond
product discussions, asking
customers about favorite activ-
ities and whether Burberry
might help reserve them, a
Burberry Group executive said.
After years of pouring
money into adding stores,
some of the worlds best-
known luxury companies have
slowed or halted physical ex-
pansion, shifting their focus to
wringing the most out of exist-
ing stores in a lower-growth
environment.
miliar with the discussions.
Moreover, three American
cruise lines are expected to
announce deals to start ser-
vice to Cuba, including Nor-
wegian Cruise Line Holdings
Ltd., Royal Caribbean Cruises
Ltd. and Pearl Seas Cruises.
The new business agree-
ments are expected to be an-
nounced during the next few
weeks, those familiar with the
Many brands are sharpening discussions said.
their focus on collecting data For the White House, which
about customers and allocating ramped up an effort before the
more space to popular prod- election to prod Havana, the
ucts. Hugo Boss AG has deals are aimed at cementing
shifted to stocking more mens President Barack Obamas pol-
formalwear, its highest-margin icy of advancing U.S.-Cuba re-
category, as it tries to maxi- lations.
mize its sales per square foot. White House officials are
Saabira Chaudhuri unsure how Mr. Trump, the
president-elect, will approach
Mr. Obamas Cuba policy. He
has said he would reverse the
try, and remain interested in
exploring its potential.
Charles B. Robertson, Pearl
Seas Cruises director of mar-
keting, said: We are very ex-
cited and optimistic about the
prospect of going to Cuba and
we have a number of trips
planned in 2017 that we hope
to be able to run.
The agreements
are expected to be
announced during the
next few weeks.
Officials from Google didnt
respond to requests for com-
ment.
A number of companies

Bill to Speed Drug Approvals Passes

BY THOMAS M. BURTON
WASHINGTONThe House
on Wednesday passed far-
reaching legislation aimed at
bolstering federal funds for
biomedical research and
speeding up drug and medical-
device approvals by the Food
and Drug Administration, a
goal long sought by the phar-
maceutical industry.
The measure also wraps in
separate legislation that con-
tains an extensive program to
promote treatment of mental
illness, and would provide $1
billion to prevent and treat the
national scourge of opioid ad-
diction. These provisions
helped to rally lawmakers
from both sides of the aisle
around the bill, which passed
392-26.
The bill, with a price tag to-
taling $6.3 billion, includes
$4.8 billion for the National
Institutes of Health over 10
years, another $1 billion for
the opioid programs and $500
million for the new programs
within the FDA.
The Senate is expected to
take up the legislation early
next week, and it looks likely
to pass. Late Tuesday, the
White House said it strongly
supports passage of the bill.
President Barack Obama has
endorsed the cancer moon-
shot program led by Vice
President Joe Biden and a pre-
cision-medicine initiative en-
dorsed by NIH Director Fran-
cis Collins.
The drug and medical-de-
vice industries have been
pushing for the legislation,
whose various provisions
would speed product approv-
als, but which consumer advo-
cates say could jeopardize
safety.
One provision is the wider
use of easier goals for ap-
proving products. Called sur-
rogate endpoints, these can
involve proving things like
changes to biomarkers in a
patients blood. Doing that is
easier, and less expensive,
than proving that a drug or
device lowers the rate of
effort to build relations, and
this week wrote on Twitter
that if Cuba is unwilling to
make a better deal for the Cu-
death, say, or of heart attacks. ban people, the Cuban/Ameri-
But such simpler goals can can people and the U.S. as a
sometimes be less depend- whole, I will terminate the
able. deal.
The bill, too, would allow While there is no formal
real-world evidence to ap- agreement between the U.S.
prove new uses of certain and Cuba that can be undone,
drugs. This could mean com- there has been a broad effort
pany-controlled patient regis- to expand economic, trade and
tries or simpler studies than cultural ties between the two
are currently required. Also, countries since Mr. Obama and
certain antibiotics could gain Cuban President Ral Castro
approval based on smaller tri- announced in December 2014
als than now is the case. that they would re-establish
Those urging passage of diplomatic relations.
the bill tout its FDA-related Asked about the possible
provisions as leading to inno- agreement, a GE spokesman
vation in new drugs and medi- said: We continue to talk to
cal devices. Cuba and were in the middle
Siobhan Hughes of negotiations.
contributed to this article. A Norwegian Cruise Line
have been granted licenses by
the Obama administration to
do business in Cuba, but are
awaiting approval by Havana.
The move at the White House
to accelerate the process for
U.S. companies holding U.S. li-
censes became a renewed fo-
cus late this summer.
Officials reviewed deals
pending before the Cuban gov-
ernment and brought in a U.S.
government official, Angela
Mariana Freyre, formerly se-
nior vice president and gen-
eral counsel of the U.S. Ex-
port-Import Bank, to focus
solely on this issue.
Ms. Freyre was dispatched
to Havana shortly after the
presidential election to meet
with officials about the White
Houses desire for deals await-
ing Cuban government action
to move forward.

THE SHORT ANSWER by David Crook and Siemond Chan

How High Will Art Prices Go?

Three Studies of Lucian Freud - Francis Bacon

A good portion of the worlds art-buying crowd was in Midtown Manhattan in November for the big
annual fall auctions. The nights of a thousand gazillionaires are as much a part of the New York season
as the Metropolitan Opera soaring to new heights or the Jets tumbling to new lows. The venerable
auction houses of Sothebys and Christies (the latter marking its 250th birthday this year) as usual
dominated the scene, but both are seeing a new wave of competitors, mostly from China.
Top 10 auction houses by ne art sales (2015) The $100 million club
Auction house: Revenue: Auction Lots:
Christie's
$4.9 billion
19238
Sotheby's
Les femmes d'Alger (Version 'O')
$4.5 billion
1 Pablo Picasso
14805
Les femmes d'Alger (Version 'O')
Beijing Poly International $179,365,000 (5/11/15 - Christie's)
$833.1 million 2 Amedeo Modigliani
9922 Nu couch
$170,405,000 (11/9/15 - Christie's)
China Guardian
$553 million 3 Francis Bacon
Three Studies of Lucian Freud
7695 $142,405,000 (11/12/13 - Christie's)
Phillips
4 Alberto Giacometti
$397.5 million L'homme au doigt
3311 $141,285,000 (5/11/15 - Christie's)

Beijing Council International Auctions 5 Edvard Munch

The Scream
$294 million $119,923,000 (5/2/12 - Sotheby's)
3720
6 Pablo Picasso
Shanghai Jiahe Nude, Green Leaves and Bust
$160.6 million $106,482,000 (5/4/10 - Christie's)

1893 7 Andy Warhol

Xiling Yinshe Auction Silver Car Crash (Double Disaster)
$105,445,000 (11/13/13- Sotheby's)
$199.4 million
3140 8 Alberto Giacometti
L'Homme qui marche I
Beijing Hanhai Art Auction $104,327,000 (2/3/10- Sotheby's)
$147.7 million 9 Pablo Picasso
4492 Garcon a la pipe
$104,168,000 (5/5/04 - Sotheby's)
Bonhams
$143.1 million 10 Alberto Giacometti
Chariot
8949 $101,000,000 (11/4/14 - Sotheby's)
Images: 2015 Estate of Pablo Picasso, ARS, NY, Christies's Images LTD
Source: Christies, Sotheby's, Artprice.com, Art Market Monitor of Artron THE WALL STREET JOURNAL.
B4 | Thursday, December 1, 2016 * * THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

For Now, the Dream of Cable Cutting Is Still Just That

A new streaming service joins Sonys PlayStation Vue and
Dish Networks Sling TV, which
from DirecTV is low-price, has a skinny bundle that starts
but it lacks DVRand as low as $20.
There is progress here. As re-
the best of NCAA hoops cently as last year, much of the
sports, news and other live con-
Want to cut cable? Prepare to tent we care about just wasnt
replace it with something that available online without a cable TV
looks a lot like cable. subscription.
The worlds largest pay-TV DirecTV Now does away with
company, AT&T, is traditional cable headaches of
getting into the long-term commitments, credit
cable-cutting busi- checks and equipment installation:
ness with an app Its possible to subscribe to live TV
called DirecTV just to watch on your phone, if
Now. For as little thats your thing. And you can quit

EMILY PRAPUOLENIS/THE WALL STREET JOURNAL

as $35 a month, with a few taps rather than a pas-
PERSONAL you can turn on sive-aggressive sales call.
TECHNOLOGY your big-screen But forget the dream of ulti-
GEOFFREY A. TV or your phone mate customization. Today we can
FOWLER and stream a pay by the channel only with a few
lineup of live key streaming apps, like the $15-a-
channels that month HBO Now and the $7-a-
comes close to basic cable. month CBS All Access. Pretty much
But just as weve long endured every other cable staple has come
with cable companies, theres no to the internet locked in a bundle.
way to get CNN and South Park And as we learned from the ca-
without also paying for Doc Mc- ble guy, bundles add up. DirecTV
Stuffins and extreme couponing. Cable-cutting options now include three new pay-TV services, including AT&Ts all-new DirecTV Now, above. Nows new streaming packages
My dream of cable cutting looked start at $35 a month, but if you
different: A tech companySteve lot less like salvation, and more might seem like a sweet deal for only the most popular network out want the Weather Channel, the
Jobs!was going to completely re- like a few new heavily compro- $35, the service at launch lacks there, home to the NCAA basket- regular price leaps to $50 (its
invent the way we watch TV. I mised TV bundles. If you do it at features weve come to expect ball tournament. And the local currently available for less in a
would pay for just the video I all, youll want to take care that it from that cable box. Theres no programming it does offer may not promotional offer). Want HBO too?
wanted, and it would save me doesnt end up costing you more. DVR recording to watch our favor- be available in your area. Thatll be $55, please. And you still
boatloads. Testing it for a few days, I ite shows later, nor guarantee of a DirecTV Now isnt the only in- have to pay for broadband
In 2016, cable cutting looks a found while DirecTVs bundle clear picture. Theres no CBS, uh, ternet TV bundler out there. It internet.

How to Cut Cable
On Your Terms
Know what you want, but be
prepared to compromise
If your goal in cutting the
cord is to spend less than $20 a
month, you can do it. I recom-
mend getting an antenna that
picks up local network affiliates.
(Check your homes reception at
tvfool.com.) Watch cable shows
on demand via channel-specific dles. DirecTV Nows basic $35 plan. All let you stream to the because there are so many vari-
apps using a family members On the other hand, new in- Sling remains the cheapest way most popular hardware, includ- ables.
log-in credentials (if theyll share ternet TV services, like DirecTV to subscribe to ESPN over the ing phones and tablets, Apple Using DirecTV Now, what I
them). Then spend your money Now, Sling TV and PlayStation internetjust $20. TV, Amazon Fire TV, and Roku missed most was my DVR.
on $10 Netflix and $8 Hulu, the Vue, are cable alternatives for Generally speaking, Sling is (coming soon for DirecTV Now). DirecTV Now offers access to
services with the most bang for people who know what they about cheap plans and add-ons, Only PS Vue is available on some shows on demand, and
your buck. For a show you cant want and who arent afraid to while DirecTV prices fuller bun- a PlayStation; the interface is more shows within 72 hours of
live without, buy a season pass pay for it. dles competitively. For $40, you frustrating for nongamers. when they first air. But its hard
on Amazon or iTunes. Each service has a different can get a DirecTV package with DirecTV Now customers who to tell if they have what you
Before you quit cable cold combo of bundles. To avoid HBO, Bravo, CNBC, MTV, ABC use AT&T Wireless can stream want. PlayStation Vues service
turkey, though, try calling your overspending, make a spread- and E! Sling would charge $70 to phones without eating into comes with a cloud-based DVR.
provider to renegotiate. See if sheet. PS Vue, the only one to for a similar package. DirecTV their data plans. Sling has a Sling says it will offer a DVR
you can get just what you need. include local CBS channels, also offers HBO as a $5 add-on, similar deal for T-Mobile cus- service soon and DirecTV says it
Many cable companies are offer- starts at $40 a month. News when everyone else charges $15, tomers. All promise HD quality, will have one in 2017.
ing money-saving skinny bun- junkies will get the most from including HBO itself. although its hard to compare Geoffrey A. Fowler

GoPro to Reduce Workforce by 15% in Revamp Box Boosts Outlook for Year
BY GEORGIA WELLS forts to concentrate on its with Red Bull GmbH to be the BY EZEQUIEL MINAYA the $100,000 threshold in the
core business. sole provider of point-of- quarterabout a dozen more
GoPro Inc. is cutting 15% of The cost-cutting moves were view images from its ex- Web-storage company Box than the same period last year.
its workforce after attempts to expected. Mr. Woodman had treme-sports events. Inc. raised its annual guidance We are seeing more and
JOSH EDELSON/AFP/GETTY IMAGES

expand beyond its core busi-
ness of action cameras failed
to gain traction.
The company Wednesday
announced several moves to
reach profitability, including
eliminating 200 of its approxi-
mately 1,700 jobs and shutter-
ing its entertainment division.
The reboot will slash 2017
adjusted operating expenses to
about $650 million, GoPro
said. Through the first three
quarters of 2016, the company
logged $596 million in ad-
justed operating expenses.
GoPro expects about $24
million to $33 million in
fourth-quarter restructuring
charges stemming from the
cost cuts. The company is
said on GoPros earnings call in
November that the company
would aim to cut $130 million
in expenses in 2017.
The actions announced
Wednesday reveal the challenge
GoPro has faced in branching
out beyond its base of adven-
ture-seeking customerspartic-
A GoPro action camera. ularly as do-it-all smartphones
from Apple Inc. and Samsung
slated to report results in Electronics Co. dampen de-
early February. mand for stand-alone cameras.
Analysts believe GoPro During the past year, GoPro
could build a profitable com- expanded its efforts to build a
pany if it focuses on its core media business. It added Lau-
camera business. In a news re- ren Zalaznick, former presi-
lease, Chief Executive Nick dent of the Bravo network at
Woodman said demand for Go- Comcast Corp.s NBCUniver-
Pro products is solid and the sal, to its board.
company is narrowing its ef- In May, GoPro struck a deal
As GoPro spent on these
moves, it strayed further from
profitability, reporting losses
in its past four quarters.
Earlier in November, GoPro
said third-quarter revenue
tumbled 40% from a year ago,
and that it expected to remain
in the red in 2017.
Mr. Bates, who had led
Skype before its sale to Micro-
soft Corp. in 2011, will depart
at the end of the year after a
little more than two years at
the company.
When GoPro brought on Mr.
Bates, the company said his
mandate would be expanding
GoPros media operations.
Anne Steele
contributed to this article.
Wednesday as it posted bet- more momentum and more of
ter-than-expected results for a tailwind, said Aaron Levie,
its latest quarter, which in- chief executive of the com-
cluded a 31% jump in sales. pany, in an interview.
Dylan Smith, co-founder For the quarter ended Oct.
and chief financial officer of 31, Box posted a loss of $38.2
Box, said that the quarterly re- million, or 30 cents a share,
sults were driven by increased compared with a loss of $55.1
adoption of its newer prod- million, or 45 cents a share, a
ucts, among other factors. year earlier. Excluding certain
Box has never posted a items, its adjusted loss was 14
profit but has consistently cents a share, compared with
narrowed its losses amid a a loss of 31 cents a share a
fiercely competitive market year earlier.
for cloud storage and collabo- Revenue rose 31% to $102.8
ration for businesses. million.
The company highlighted a For the fiscal year, the com-
strategic partnership struck pany said it expects revenue of
during the latest quarter with $397 million to $398 million,
Alphabet Inc.s Google. Box also with an adjusted loss of 60
said it reached 38 deals above cents to 59 cents a share.

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THE WALL STREET JOURNAL. Thursday, December 1, 2016 | B5

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B6 | Thursday, December 1, 2016 NY * * THE WALL STREET JOURNAL.

BUSINESS NEWS

Learning How to Use AI Amazon Uses Trucks

To Drive Data Faster
Harvard, MIT, Insead
BY JAY GREENE
add instruction on BY LAURA STEVENS
the latest techniques
LAS VEGASIn Amazon
for decision making Web Services, Amazon.com
Inc. has built one of the most
BY JOHN SIMONS powerful computing networks
in the world, on pace to post
Artificial intelligence is now more than $12 billion in reve-
on the syllabus at top-tier busi- nue this year.
ness schools. But the retail giant on
Harvard Business School, Wednesday proposed a surpris-
Massachusetts Institute of ing way to move data from
Technologys Sloan School of large corporate customers data
Management, centers to its public cloud-com-
BUSINESS Frances Insead puting operation: by truck.
EDUCATION and a handful Networks can move massive
of other pro- amounts data only so fast.
grams recently Trucks, it turns out, can move
have added M.B.A. courses on it faster.
managing the applications and To the sound of throbbing
TAYLOR GLASCOCK FOR THE WALL STREET JOURNAL
out there, AWS Chief Execu-
tive Andy Jassy said. Today,
an exabyte of data is much
more common. That is equiva-
lent to about 250 million DVDs
or one trillion books of 400
pages each.
Amazon plans to drive
Snowmobiles to its customers
offices, extract their data, then
cruise to an Amazon facility
where the information can be
transferred to the cloud-com-
puting network in far less time
than it would for so much data
to travel over the web.
The company, however, isn't
promising lightning speed. Ten
Snowmobiles would reduce the
time it takes to move an exa-
byte from on-premises storage

algorithms that help businesses heavy-metal music, Amazon to Amazons cloud to a little
make more informed decisions. drove a big rig onto the floor of less than six months, from
Artificial intelligence, or AI, the Sands Expo & Convention about 26 years using a high-
combines the reasoning abili- Center during the companys speed internet connection, by
ties of the human mind with annual customer conference. the companys calculations.
the processing power of com- The tractor-trailer hauls a During a press conference,
puters, such as in Apple Inc.s massive storage device, dubbed Mr. Jassy declined to disclose
Siri personal assistant and Am- Snowmobile, in the form of a the cost of each Snowmobile
azon.com Inc.s Alexa. Compa- 45-foot shipping container that unit but noted that the com-
nies increasingly are applying holds 100 petabytes of data. A pany has several of them. The
the technology to management, petabyte is about 1 million gi- trucks are currently available
developing algorithms that can gabytes. and customers are using them,
decipher large data sets or as- Transporting data from com- he said. Snowmobile will cost
sist executives with decision- Brian Uzzi, a professor at Northwestern University, has co-developed three AI courses for M.B.A.s. panies to cloud providers has half a cent per gigabyte a
making. Spending on AI tech- become immensely time-con- month of use, or about
nologies is expected to grow to said Mr. Uzzi, citing electric-car the right mix of personalities As part of a marketing proj- suming as corporate data stor- $500,000 a month to use its full
$47 billion in 2020 from a pro- maker Tesla Motors Inc. and and skills. ect, Mr. Bayati gives students a age has ballooned from tera- capacity.
jected $8 billion this year, ac- Chief Executive Elon Musk as The broader objective, said public database of information bytes to petabytes to exabytes, The truck is part of the retail
cording to market-research models. Mr. Uzzi, isnt to create a cadre on 100,000 consumers that in- each step a factor of roughly giants bid to woo large corpo-
firm IDC. In April, Kellogg plans to in- of engineer-executives but to cludes household income, geo- 1,000 larger than the last. rate customers, who have in-
Schools say that trend troduce Human and Machine introduce future corporate graphic location, home owner- When we started AWS [in vested heavily in their own data
means M.B.A.s will need more Learning, a 10-week elective leaders to the idea of making ship, credit scores and 2006], the notion of an exabyte centers, to move to Amazons
than a passing familiarity with course. Classroom exercises will decisions with the help of ma- nonprofit donations. Students of data just seemed completely cloud.
artificial intelligence. challenge students to explore chines. must create a marketing plan to
Executives must become fa- how they can scale human ef- At Stanford Universitys solicit charitable donations, de-
miliar with methods of manag- fort with AI and discover Graduate School of Business, sign prediction models to iden-
ing the development of applica- where else they can take these Mohsen Bayati, a professor of tify the consumers most likely
tions and the design of concepts and apply them, said operations, information and to donate to charity and then
algorithms across multiple lines Adam Pah, a Kellogg instructor. technology, expects more tech- reach them in the most cost-ef-
of business, said Brian Uzzi, a Students will take traditional nical know-how from M.B.A. fective manner.
professor at Northwestern Uni- personality tests and then com- students interested taking his Some lessons teach humil-
versitys Kellogg School of Man- pare the results with algorith- class. ityor at least, the limits of
agement who has co-developed mically created profiles about Students must pass a proba- human data analysis. Students
three AI courses for M.B.A.s. them gleaned from their likes bility and statistics exam before analyze consumers purchasing
Mr. Uzzi said the classes also and dislikes on Facebook. In- they can register for his course, data and other information and

AMAZON WEB SERVICES

satisfy student demand. structors will ask the students Business Intelligence from Big compete against algorithms in
They want to be recruited to determine which of the pro- Data. The class presents dilem- judging whether users of a fic-
by the best tech firms on the files more accurately represent mas that touch on health care, tional website will click on cer-
planet, they want to build busi- them. The students also will finance, marketing and revenue tain advertising messages.
nesses that rely heavily on data learn how they might use the management and asks students Sometimes, theyre right,
analytics, and they want to be AI-generated profiles to con- to create algorithms and mod- but in the aggregate, the algo-
leaders and creative artists, struct leadership teams with els to solve the issues. rithm wins, Mr. Bayati said. Amazon unveiled the Snowmobile service on Wednesday in Las Vegas.

HYUNDAI MERCHANT MARINE
Alliance Deals Blow
To Shipping Concern
The worlds largest container-
Advance your career with a J.D./M.B.A. from shipping alliance has decided
against membership for Hyundai
St. Johns University! Merchant Marine Co. amid cus-
tomer backlash, people involved
in the discussions said, dealing a
blow to the troubled South Ko-
It is a great time to go to law school and there is no better place to start rean shipping concern.
Hyundai Merchant wasn't im-
your legal career than in New York City at St. Johns School of Law. mediately available for comment.
In a note to clients in mid-No-
vember, Maersk Line, a unit of
92% overall employment A.P. Moller-Maersk A/S of Den-
Graduates are employed across every sectorprivate practice, mark, said that rather than
Hyundai Merchant becoming a
corporate, government, public interest, and judicial clerkships member of the alliance known as
2M, the parties were looking at
We prepare students for a rapidly evolving economic and other cooperation possibilities.
Hyundai Merchant signed a
geopolitical landscapea practice-ready education memorandum of understanding
to join the 2M alliance in July, a
for a global, national, or local career. step in a debt restructuring that
gave the unit of the Hyundai
Group breathing room and al-
LEARN MORE AT lowed it to escape bankruptcy.
STJOHNS.EDU/JDMBA. A senior executive with the
2M alliance, which consists of
Maersk Line and Mediterranean
Shipping Co., said customers
balked at the inclusion of a Ko-
rean carrier after the August col-
lapse of Hanjin Shipping Co.
Costas Paris
BUSINESS WATCH
Auto makers have lobbied for
relief from the climbing standards,
contending that they will be diffi-
cult to meet amid lower gasoline
prices that are sending shoppers
flocking to less-efficient pickup
trucks and sport-utility vehicles.
Mike Spector
AIR FRANCE
Three Workers
Convicted of Assault
A French criminal court on
Wednesday convicted three Air
France workers of aggravated
assault and sentenced them to
suspended jail terms for accost-
ing two company executives and
tearing off their shirts, an inci-
dent that caused uproar in the
country a year ago.
The assault on the executives,
which took place during a union
protest, was televised and fea-
tured in media around the world.
The French government, which
Trends Improve for CSX
owns a minority stake in Air
France, had backed management,
and ministers said the violence
was unacceptable.
The tribunal in Bobigny, a
northern suburb of Paris near
the Charles de Gaulle airport,
gave Fabrice Lhermitte a four-
month suspended jail sentence
and Pascal Maquet and Vincent
Martinez three-months sus-
pended sentences. They were
also fined 500 ($532) each plus
symbolic damages to the com-
pany. A suspended sentence
means the men wont go to jail
unless they are convicted in
other cases in the near future.
Soufiane Hakiki, their lawyer,
said they would appeal.
The French arm of Franco-
Dutch group Air France-KLM wel-
comed the convictions in a state-
ment: Air France considers this
ruling is the only one that could
answer coherently; it confirms any
physical violence is intolerable.
Inti Landauro

AUTOS
Regulators Back
Tough Fuel Rules
U.S. environmental regulators
proposed keeping intact tougher
fuel-economy standards, intensi-
fying a debate with car makers
over one of President Barack
Obamas signature programs in
the administrations waning days.
The Environmental Protection
Agency on Wednesday proposed
LUKE SHARRETT/BLOOMBERG NEWS

keeping future targets that call

WE PREPARE WITH A J.D./M.B.A. for auto makers to sell light ve-
hicles averaging 54.5 miles per

GLOBAL business
leaders
from St. Johns, you will learn
the fundamentals of both legal
gallon, or roughly 40 mpg in real-
world driving, by 2025. The pro-
posal, originally planned for next
who understand risk. and business analysis. year, raised the prospect that the
EPA could finalize the future
NOREAN R. SHARPE, Ph.D. MICHAEL A. SIMONS mileage targets before President-
Dean, The Peter J. Tobin elect Donald Trump takes office
Dean, John V. Brennan on Jan. 20. CSX Corp. reported improv- At a conference Wednesday,
College of Business Professor of Law and Ethics The proposal, now open to a ing demand trends for the cur- CSX finance chief Frank Lone-
St. Johns School of Law 30-day public comment period, is rent quarter in many of its mar- gro said the railroad operator
part of a midterm evaluation of kets, particularly for coal, which now thinks profit could improve
mileage targets that still requires in recent years has seen ship- for the fourth quarter thanks
a final determination from regu- ment declines that have hit re- to moderating volume declines
lators originally set for 2018. sults across the railroad sector. as well as a property sale.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Thursday, December 1, 2016 | B7

BANKING & FINANCE

Unpopular
Investors have sold off Banco
Popular shares.
40
Treasury Pick Eyes Mortgage Shift
BY JOHN CARNEY also may again express con-
Nov. 30, 2016
0.83
cern that any overhaul effort
96% since Steven Mnuchin is a could undermine a recovery.
30 ngel Ron stranger to government, but Mr. Mnuchin at least has the
became chairman President-elect Donald Trumps advantage of being intimately
in October 2004 pick for Treasury secretary familiar with this market. At
certainly has experience in the Goldman Sachs, where he was
20 mortgage marketand he ap- a partner, Mr. Mnuchin headed
pears intent on rapidly chang- mortgage-bond trading.

ing housing finance policy.
Mr. Mnuchin said during an
10 interview Wednesday on Fox
Business that Fannie Mae and
Freddie Mac should be re-
leased from government con-
0 trol and that the Trump ad-
2004 10 2016 ministration will get it done
Source: FactSet 1 = $1.06 reasonably fast.
THE WALL STREET JOURNAL. Shares of Fannie and Fred-
die soared in response, rising
Shares of Fannie Mae and Freddie Mac have risen more than 40% since Election Day.
are wards of the state.
Fannie and Freddie continue
gued that the companies
should be released to private
KEVIN LAMARQUE/REUTERS
He probably is best known
for his role in the revival of
failed bank IndyMac, which
was renamed OneWest Bank
and eventually sold to CIT
Group Inc. Mr. Mnuchin ran
the bank and was involved
with its efforts to deal with
soured loans after the housing
housing finance, he said. meltdown, something which
While Mr. Mnuchin will direct has drawn criticism due to

Spains by more than 40% Wednesday.

The stocks have nearly tripled
in value since Election Day.
to play a crucial role in hous-
ing. They back the majority of
new mortgages and, together
control. Several have filed law-
suits claiming a 2012 change
to their bailout agreements,
the administrations response to
Fannie and Freddie, Congress
also will play a role in any hous-
OneWest foreclosures.
An added wrinkle: hedge-
fund manager John Paulson

Italian Both companies have been

wards of the state since their
2008 collapse resulted in a
with government agency Gin-
nie Mae, issue nearly all new
mortgage bonds.
under which they deliver
nearly all their profits to Trea-
sury, is illegal and unfair.
ing-finance overhaul. And there
are strong views, particularly
within the House of Representa-
served on OneWests board of
directors when Mr. Mnuchin
ran the firm. Mr. Paulsons firm

Bank Is takeover by the Federal Hous-

ing Finance Agency and a $187
billion bailout by the Treasury.
The independent Federal
Housing Finance Agency offi-
cially oversees Fannie and
Yet some analysts are skepti-
cal much will change quickly.
Jim Vogel, a strategist at FTN
tives, about the future shape the
two firms should take.
For instance, Rep. Jeb Hen-
is a major holder of preferred
stock in Fannie and Freddie
and believes the governments

At Risk Given that, housing finance

BY JEANNETTE NEUMANN
MADRIDHow Italian are
Europes banks?
Spains Banco Popular Es-
paol SA might be the test.
Spain moved to clean up its
banking system after a 2008
real-estate bust, but the Ma-
drid-based bank is still strug-
gling with around 32 billion,
or about $34 billion, in bad
loans and other nonperform-
ing assets. Its stock price has
collapsed. Its executive chair-
man is resisting calls to step
down.
is an area in which the Trea-
sury secretary can have outsize
influence. Mr. Mnuchin, for in-
stance, will have to decide on
the new administrations policy
toward lawsuits involving the
companies. He also has say
over the status of their conser-
vatorship, under which they
Freddie, acting as their con-
servator and primary regula-
tor. When they were taken
over, Treasury signed bailout
agreements with the compa-
nies in which it promised to
purchase enough preferred
stock to restore each company
to a positive net worth.
Some shareholders have ar-
Financial, pointed out that hous-
ing finance played almost no
role during the campaign, mak-
ing it unlikely to become a top
priority for the administration.
When you talk about
whats driven the renewed
sense that the worlds chang-
ing, its taxes, trade, maybe
regulatory reform. Its not
sarling (R., Texas), who is
chairman of the House Finan-
cial Services Committee, has
sweep arrangement is im-
proper. Mr. Paulson was an ad-
viser to the Trump campaign
sponsored legislation, known on housing-finance issues.
as the PATH Act, that would Fannie and Freddie have
effectively shut down Fannie since returned to profitability,
and Freddie. but Treasury is still obligated
With home prices on the to provide up to $258 billion
rise and the market finally of additional assistance, if
healing, the housing industry needed.

Oracle #1
Italys constitutional refer-
endum on Sunday, if it em-
powers euroskeptic parties,
could sour investors on ane-
mic banks across the Conti-
nentnot just in Italy. How
Banco Popular and other
weaklings handle the stress
will test Europes efforts to
gird its fragile financial sys-

Cloud ERP
tem from contagion.
Like Italys banks, Banco
Popular lent aggressively with
lax standards, and borrowers
stopped repaying loans when
recession hit.
Unable to afford big losses,
it bet that real-estate prices
would rise enough to boost
the value of its unfinished

Other major Spanish

lenders have been
quicker to sell soured
assets and move on.

apartment complexes and

empty plots. They havent.
A spokesman for Banco
Popular said it has accelerated
property asset sales since
2012.
But investor concern about
the bank, Spains seventh-larg-
est by market value, rose in
October after it reported a
second consecutive quarter of
profit close to zero and de-
layed plans to create a bad
bank unit to manage and ac-
celerate the sale of delinquent
property loans.
There have been calls for
Chairman ngel Ron to step
down, according to bankers
and investors, as the banks
market value has fallen 96%
since he became chairman in
2,802 228
2004. A spokesman said the
board supports Mr. Ron.
Banco Popular, which ana- Oracle Cloud Workday Cloud
lysts often call Spains most
Italian bank, has raised 6.1
billion from investors since
ERP Customers ERP Customers
2009 to allay concerns.
The latest capital raise, a
rights issue in May to boost
provisions for loan losses,
brought in 2.5 billion. Shares
were offered to existing share-
holders, many of whom are in-
dividual investors. The share
Oracle has their act together better than SAP
price has since plummeted
63% through Wednesday. Aneel Bhusri, Workday CEO
The banks spokesman said
the capital raise was suffi-
cient. But institutional inves-
tors are divided about whether
the fresh funds will put the
bank on the path of its recov-
ering Spanish banking com-
petitors or keep it on the
floundering track of its Italian
peers.
Naysayers argue that the
lender faces a dilemma: Its oracle.com/erp
real-estate assets are of such or call 1.800.ORACLE.1
poor quality that it would
have to divert revenue toward
more provisions to cover loan
losses.
Alternatively, it could sell Copyright 2016, Oracle and/or its affiliates. All rights reserved. Oracle and Java are registered trademarks of Oracle and/or its affiliates.
some property assets at a loss.
Either way, profit would take a
hit.
B8 | Thursday, December 1, 2016 THE WALL STREET JOURNAL.

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session. FidelityMSCIEn FENY 21.08 5.6 SPDRS&PInsurance KIE 81.49 -0.1
FidelityMSCIFinls FNCL 33.59 1.1 SPDRS&POil&GasEq XES 21.37 12.6
AUCTION BUSINESS OPPORTUNITIES Wednesday, November 30, 2016
FidelityMSCIMatls FMAT 29.39 0.8 SPDRS&PRegionalBkg KRE 52.59 1.8
FinSelSectorSPDR XLF 22.57 1.4 SPDRGenderDivers SHE 66.74 -0.1
52-Wk % 52-Wk % 52-Wk % FstTrEngyAlpDx FXN 16.42 7.9 SchwabFundUSBrd FNDB 32.23 0.3

PURE GOLD . 999 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FstTrFnlAlpDx FXO 26.39 0.3 SchwabFundUSLrgCo FNDX 32.29 0.4
FstTrISEGlblEngCon FLM 49.19 0.1 SchwUS BrdMkt SCHB 53.86 -0.2

  HCLP 19.65 14.8 UNP 102.73 0.8 FstTrMatAlpDX FXZ 36.33 0.8 SchwUS LrgCap SCHX 52.95 -0.3



Hi-Crush UnionPacific
MINIMUM INVESTMENT - $25,000
NYSE highs - 205 Hilltop HTH 28.42 1.0 Unisys UIS 15.30 0.3 FstTrValDivFd FVD 27.79 -1.0 SchwabUSLgCpValue SCHV 47.42 ...
Approx. $625 per Ounce ABMIndustries ABM
HoraceMannEdu HMN
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40.75 -0.1 Unit UNT 24.35 16.9 FlexShiBoxx5YTIPS TDTF 25.95 0.1 SPDR DJIA Tr DIA 192.25 0.1
Humana HUM 212.94 1.3 UPS B UPS 116.96 -0.3 FlexQltyDivDynamic QDYN 37.82 0.6 SPDR S$P Russ RBL 18.89 2.9
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CBS A CBS/A 62.83 0.1 MSC Industrial MSM 90.00 0.6 BlkRkLngTrm Muni BTA 10.85 -0.6 iShUSRegionalBanks IAT 43.19 1.5 WisdmTrTotDiv DTD 79.92 -0.3
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Chevron CVX 112.98 2.0 NorfolkSouthern NSC 107.32 2.0 Coca-Cola KO 40.35 -1.9 iShRussell1000Val IWD 110.36 0.5 DirexionNatGasBr3x GASX 21.00 -26.2
CircorIntl CIR 63.81 2.3 Nucor NUE 63.27 0.9 Coca-Cola Euro CCE 32.45 -1.7 iShRussell3000ETF IWV 132.00 -0.2 DXNDLYRSSBEA3X RUSS 8.41 -10.2
CitizensFin CFG 33.70 3.5 NuveenAllCapEnMLP JMLP 10.30 4.4 Volaris VLRS 14.64 -1.5 iShRussellMCValue IWS 79.95 0.4 DirexionSP500Bear SPXS 11.28 0.8
Clarcor CLC 71.01 0.8 NuveenCreditStrt JQC 8.70 0.2 Costamare CMRE 5.60 -13.4 iShRussellTop200Vl IWX 46.24 0.6 DirexionS&P500Br1X SPDN 18.82 0.4
Colfax CFX 37.83 4.5 OFGBancorp OFG 13.75 1.1 DTE EnergyDeb76 DTJ 22.20 -1.6 iShS&P100 OEF 98.12 -0.3 DirexnS&POil&GasBr DRIP 12.75 -34.5
CMA 63.99 3.2 7-10YrTreaBull TYD 42.95 -0.6
TRAVEL Comerica
ComericaWt CMA/WS 34.46 5.0
ONEOK
OasisPetrol
OKE
OAS
55.75
15.02
4.7
27.7
DTE EnergyDeb62 DTQ
DominionRscsNts76 DRUA
23.15 -1.5
21.36 -1.8
iShGloblFinancials IXG
iShGlobalEnergyETF IXC
56.45
34.41
0.5
4.4 FlexSharesSelBdFd BNDC 24.90 -0.2
CommercialMetals CMC 22.58 -0.2 OilDriAmerica ODC 40.26 0.3 EmergentCapital EMG 1.22 -1.5 iShS&P500ValueETF IVE 99.83 0.5 FranklinLibInvGrd FLCO 24.03 0.1
CommBkSys CBU 57.60 0.2 OrionGroup ORN 10.03 2.9 EntergyLA Bds66 ELC 21.03 -0.6 iShS&PMC400Value IJJ 143.84 0.4 GuggenheimBull2026 BSCQ 19.13 -0.7
ConchoRscs CXO 143.66 12.3 Oshkosh OSK 70.64 0.4 EntergyMS Bds EMP 21.14 -0.8 iSharesDowJonesUS IYY 111.52 -0.2 iShCalifMuniBd CMF 114.03 -0.5
iShEdgeMSCIIntSize ISZE 23.42 -0.4
Save Up To 60% ConsolEnergy CNX
ContinentalRscs CLR
21.21
58.86
1.7
22.9
PanhandleOil&Gas PHX
ParkElectrochem PKE
25.29
19.00
2.1
-3.8
Evogene
FNB PfdE
EVGN
FNBpE
5.44 -2.6
27.01 -0.7
iShUSBrokerDealers IAI
JohnHancockEnergy JHME
48.71
30.26
1.0
5.8 iShiBdsDec2021Muni IBMJ
iShiBdsDec2022Muni IBMK
25.04 -0.1
25.12 -0.3
CorEnergyInfr CORR 32.91 0.6 ParsleyEnergy PE 38.67 15.7
First & Business Corning GLW 24.46 -0.6 PetroQuestEner PQ 4.51 9.4
Ferrellgas FGP
GabelliUtilPfdC GUTpC
5.54 -5.8
23.82 -0.7
JPMorganDivRetInt JPIH
MatlsSelSectorSPDR XLB
26.95
50.06
0.3
1.1 iShiBdsSep2019Muni IBMH 25.22 -0.1
iShMSCITurkeyETF TUR 31.70 -1.7
INTERNATIONAL Cummins CMI 142.68 2.6 PioneerEnerSvcs PES 5.15 8.7 GreatPlainsEnPfdB GXPpB 49.00 -2.8 OppenheimerLgCpRev RWL 43.43 ...
iShNatlAMTFrMuniBd MUB 106.35 -0.3
CustomersBancorp CUBI 31.39 -1.1 PiperJaffray PJC 72.95 4.4 Hanesbrands HBI 23.21 -1.0 OppenheimerMdCpRev RWK 54.08 -0.1
Major Airlines, Corporate Travel DellTechnologies DVMT 53.70 0.5 PlainsAllAmPipe PAA 33.27 11.1 MFS HiIncoMuni CXE 4.72 0.8 PwrShsDynEngySec PXI 45.39 12.7 iShShortNatlMuniBd SUB 104.57 -0.2
   Never Fly Coach Again! DevonEnergy DVN
DV
48.71
30.05
14.6
1.4
ProvidentFinSvcs PFS
PzenaInvtMgmt PZN
27.80
9.97
-1.5
0.4
MngdDurInvGrMuni MZF 12.95 -1.9
57.05 -2.2
PwrShsDynMkt PWC
PwrShsFTSE RAFI PRF
79.82
98.68
0.2
0.7
PIMCOIntermMuniBd MUNI
PIMCOShrtTrmMuniBd SMMU
52.22 ...
49.40 -0.2
www.cooktravel.net DeVry NationalGrid NGG
  (800) 435-8776
DrewIndustries DW
Ducommun DCO
107.60
29.66
-1.2
-1.5
QuakerChemical KWR
QuantaServices PWR
129.07
34.14
1.8
4.2
NaturalGrocers NGVC
NextEraEnDebK NEEpK
10.46 -5.9
21.92 -1.3
PwrShsAerospc PPA
PwrShsHiYld PEY
42.99
16.57
-0.5
0.5
PSCAAMTFreeMuniBd PWZ
PSNatlAMTFrMuniBd PZA
24.90 -0.3
24.52 -0.1
EOG 103.07 10.9 DGX 89.16 -1.5 PSNYAMTFreeMuniBd PZT 23.51 -0.4
EOG Rscs QuestDiag NextEraEnCapI NEEpI 22.14 -1.0 PowerShJapanCurr FXJP 26.42 4.8

 

 EagleMaterials EXP 98.00 4.3 RPC RES 20.46 13.1 NuvGA Fd2 NKG 12.94 ... PS KBW Banks KBWB 45.26 2.1
PwrShrsLadTrsr PLW 31.94 -0.8
EatonVanceFRIncPls EFF 16.54 -0.2 RSP Permian RSPP 45.05 14.7 ProShrShrtDow30 DOG 19.60 -0.1
NuveenHiIncmDec19 JHD 9.96 ... PowerShsKBWHiDiv KBWD 23.39 -0.4

 
     
       EmersonElectric EMR 57.43 3.8 RegalBeloit RBC 73.50 1.4 NuvMuniIncoOpp NMZ 12.76 -1.2 PowerShsKBWP&CIns KBWP 53.82 -0.6
PrShShrtOilGas DDG 23.19 -5.8
      
      Encana ECA 12.79 11.4 RegionsFin RF 13.64 2.7 NuvSelMat NIM 9.59 -0.6 PS KBW Regional Bk KBWR 53.68 0.9
ProShShrtS&P500 SH
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Enerplus Rockwell ROK 134.27 1.8 ORAN 14.27 -0.5 PSRussMCPureValue PXMV 30.86 2.1
 
  "#   "    " EnerSys ENS 80.40 0.6 RymanHospitality RHP 59.00 1.8
Orange
OverseasShip OSG 7.71 -2.8 PwrShRuss1000EqWt EQAL 26.90 0.4
ProShUltraProShFnl FINZ 9.18 -4.7
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EquusTotReturn EQS 1.99 1.0 ProShrUSBscMtls SMN 21.14 -3.1
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Petrobras PZE 4.67 -2.5 PSRussTop200PureV PXLV
PSRuss2000PureVal PXSV 29.51 0.9
PrShrsUSDow30 DXD 15.05 -0.2
PioneerMuniHiIncm MHI 11.71 0.8
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ProShrUSFnl SKF 32.85 -1.0
ProShrUSInd SIJ 26.39 0.6
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ProShrUSOilGas DUG 38.13 -10.8
Exterran EXTN 20.30 7.7 SensientTech SXT 79.17 -0.5 RenaissancePfdE RNRpE 22.25 0.7 PwrShrsSP500 PBP 21.64 0.1
FBK 23.89 0.7 ProShsUltShOil&Gas SOP 10.60 -10.3
FB Financial SonocoProducts SON 55.47 -2.0 TVA Bds D TVC 24.72 -0.3 PwrShsWldrHill PUW 25.61 2.2
ADVERTISE TODAY FCB Financial FCB 44.35 1.6 Sprint S 8.11 -2.0 TorchmarkDeb52 TMKpB 24.43 -0.5 ProShares RAFI L/S RALS 40.07 0.8
ProShrsUShrt S&P SDS
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15.54 0.5
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FMC FMC 56.23 2.4 Stepan SCL 82.00 -0.1 TurkcellIletism TKC 6.57 -2.9 ProShrsS&P500xEngy SPXE 45.64 -0.2
SPDRNuveenMuniBd TFI 47.20 -0.3
FedEx FDX 192.58 0.7 STMicroelec STM 10.26 3.5 TKF 6.78 -1.4 ProSharesShtVIXST SVXY 86.29 -0.3

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(800) 366-3975 FirstTrEnInfrFd FIF 19.46 2.3
WNS WNS 24.82 -1.8 SPDRHYMuni HYMB 54.39 -0.9
TE Connectivity TEL 69.40 0.6 ProShrUltraDow30 DDM 79.08 0.2
sales.mart@wsj.com FT MLP&Energy FEI
GATX GATX
17.35
55.04
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54.12
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86.76
42.88
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BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES GeneralDynamics GD 176.45 0.1 TexasPacificLand TPL 307.12 2.6 ALPS EqSecWgh EQL 60.11 0.2 ProShsUltraOil&Gas UOP 34.30 3.4
VanEckAMTFrLgMun MLN
VanEckAMTFrShMuni SMB
18.87 -0.5
17.01 -0.3
Place an ad using Genesee&Wyoming GWR 77.90 0.6 Textron TXT 46.28 0.1 ALPSSectorDivDogs SDOG 42.53 0.7 ProShrUltraS&P SSO 74.32 -0.6
VanEckVctrHYMuni HYD 28.66 -1.2
GoldmanSachsBDC GSBD 23.02 1.0 Tiffany TIF 84.92 2.3 Barrons400ETF BFOR 35.13 -0.9 ProShrsDow30 UDOW 87.16 0.2
the self-service option at: GoldmanSachs GS 220.77 3.6 TimkenSteel TMST 16.07 6.8 DXN ALCAP IN SENT KNOW 79.73 0.1 ProShUltPro S&P UPRO 78.75 -0.8
VanEckPreRefundMun PRB 24.12 -0.6
VanEckShHYMuni SHYD 23.30 -1.1
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VanguardTaxExempt VTEB 49.65 -0.3
Greenbrier GBX 39.05 3.1 Tredegar TG 23.55 -2.4 DrxFinancBull 3x FAS 37.56 1.5 SPDRRuss2000LowVol SMLV 92.57 -0.3

  
   

   
     
 
        
Halliburton
Harsco
HAL
HSC
54.92
14.30
11.1
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TriNet TNET
2.19
25.58
0.5
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78.35
103.79
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SPDRRussell3000ETF THRK
SPDRS&P1500ValTilt VLU
166.06
88.61
-0.2
2.3 NYSE MKT highs - 7

  


   HarvestNatRes HNR 5.53 6.3 TrinityIndustries TRN 28.14 3.1 DirexionNASD100EW QQQE 69.92 -0.7 SPDR S&P500MidGr MDYG 132.00 -1.0 CentrusEnergy LEU 7.08 10.3
   
         Helmerich&Payne HP 76.16 12.0 Tronox TROX 11.78 -0.4 ETRACSMnthly2xLev SPLX 36.37 0.1 SPDR S&P400MidVl MDYV 93.41 0.4
  
 

 
   
 Hexcel HXL 51.99 0.3 US Silica SLCA 51.31 12.0 EnSelectSectorSPDR XLE 75.12 5.1 SPDRS&P500Value SPYV 108.05 0.4 Continued on page B9
          
 
    
  

    
 
    
   
   

        
 

 
 
  


 

 
 

   
     

 
  


   
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Thursday, December 1, 2016 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high. s IllinoisToolWks ITW 125.18 -0.43 OccidentalPetrol OXY 71.36 3.79 s SuncorEnergy SU 31.86 2.06 ValeantPharm VRX 15.79 -1.37 AmericanAirlines AAL 46.44 -0.45 HDSupply HDS 39.24 0.75 PaneraBread PNRA 212.11 0.27
NYSE Arca, NYSE MKT and Nasdaq Stock t-New 52-week low.
Market listed securities. Prices are composite dd-Indicates loss in the most recent Infosys INFY 14.48 -0.02 Och-Ziff OZM 3.00 0.16 SunocoLogistics SXL 23.69 1.03 ValeroEnergy VLO 61.56 -2.21 Amgen AMGN 144.07 -1.93 Hasbro HAS 85.39 -1.23 Paychex PAYX 58.95 -0.51
quotations that include primary market trades four quarters. Ingersoll-Rand IR 74.54 -0.52 OmegaHealthcare OHI 29.46 -0.15 SunTrustBanks STI 51.95 0.81 Valspar VAL 102.09 -0.14 AnalogDevices ADI 74.24 0.13 HenrySchein HSIC148.96 -4.28 PayPal PYPL 39.28 -0.61
as well as trades reported by Nasdaq OMX FD-First day of trading. IngramMicro IM 37.44 0.01 Omnicom OMC 86.94 -1.40 SynchronyFin SYF 34.56 0.76 Vantiv VNTV 56.43 -1.57 Apple AAPL 110.52 -0.94 Hologic HOLX 38.28 -0.70 People'sUtdFin PBCT 18.72 0.23
Ingredion INGR 117.38 -2.84 Oracle ORCL 40.19 -0.36 Syngenta SYT 76.42 0.80 VarianMed VAR 89.83 -1.53 s AppliedMaterials AMAT 32.20 0.04 s JBHunt JBHT 95.37 1.85 Priceline PCLN 1503.68-16.59
BXSM (formerly Boston), Chicago Stock h-Does not meet continued listing
Exchange, CBOE, National Stock Exchange, ISE standards ICE ICE 55.40 0.56 t Orange ORAN 14.28 -0.07 Sysco SYY 53.25 -0.64 Vedanta VEDL 13.40 0.28 ArchCapital ACGL 82.72 0.33 HuntingtonBcshs HBAN 12.46 0.18 Qiagen QGEN 27.32 -0.20
and BATS. lf-Late filing InterContinentl IHG 41.31 -0.55 OrbitalATK OA 85.33 -1.59 TAL Education XRS 76.53 0.26 s VeevaSystems VEEV 46.48 -0.88 Atlassian TEAM 27.14 -0.47 IAC/InterActive IAC 67.36 -1.03 Qorvo QRVO 53.41 -0.87
The list comprises the 1,000 largest q-Temporary exemption from Nasdaq IBM IBM 162.22 -1.31 Orix IX 79.42 -0.51 s TE Connectivity TEL 67.64 0.42 Ventas VTR 60.42 -0.65 Autodesk ADSK 72.61 -2.65 IdexxLab IDXX 117.65 -2.69 Qualcomm QCOM 68.13 1.36
companies based on market capitalization. requirements. IntlFlavors IFF 121.05 -0.20 s Oshkosh OSK 70.00 0.31 Telus TU 31.23 -0.33 Verizon VZ 49.90 -1.06 s ADP ADP 96.02 -1.02 IHSMarkit INFO 35.94 0.30 RandgoldRscs GOLD 71.88 -1.73
Underlined quotations are those stocks with t-NYSE bankruptcy IntlGameTech IGT 25.78 -0.20 OwensCorning OC 51.38 -1.62 Ternium TX 24.49 0.37 VermilionEnergy VET 40.56 2.40 s B/EAerospace BEAV 60.04 0.13 IPG Photonics IPGP 95.92 -0.34 RegenPharm REGN 379.24 -8.02
large changes in volume compared with the v-Trading halted on primary market. IntlPaper IP 48.72 -0.12 PG&E PCG 58.80 -1.66 TIM Part TSU 12.16 0.12 Vipshop VIPS 11.22 -0.24 BOK Fin BOKF 80.32 1.30 IcahnEnterprises IEP 57.81 1.81 RossStores ROST 67.59 -0.98
issues average trading volume. vj-In bankruptcy or receivership or Interpublic IPG 24.07 -0.27 PLDT PHI 26.49 0.11 TJX TJX 78.34 -0.47 s VMware VMW 81.14 -0.47 Baidu BIDU 166.95 -2.23 Illumina ILMN 133.14 -3.39 Ryanair RYAAY 79.84 -2.50
Boldfaced quotations highlight those issues being reorganized under the IronMountain IRM 33.00 -0.73 PNC Fin PNC 110.54 1.28 TaiwanSemicon TSM 29.69 0.14 VornadoRealty VNO 97.75 -1.35 BankofOzarks OZRK 48.52 1.54 Incyte INCY 102.29 -2.78 SBA Comm SBAC 98.96 -0.85
whose price changed by 5% or more if their Bankruptcy Code, or securities IsraelChemicals ICL 3.90 0.15 POSCO PKX 53.43 -0.26 s TargaResources TRGP 53.29 4.70 VoyaFinancial VOYA 38.87 1.04 BedBath BBBY 44.81 -0.25 Intel INTC 34.70 -0.61 SEI Investments SEIC 47.18 -0.24
previous closing price was $2 or higher. assumed by such companies. ItauUnibanco ITUB 10.34 0.08 PPG Ind PPG 95.93 -2.07 Target TGT 77.24 -1.17 VulcanMaterials VMC 125.65 -0.48 Biogen BIIB 294.07 -8.70 Intuit INTU 113.68 -2.48 Sina SINA 77.06 -1.98
s JPMorganChase JPM 80.17 1.25 PPL PPL 33.46 -0.73 TataMotors TTM 33.07 -0.10 WABCO WBC 98.51 0.10 BioMarinPharm BMRN 85.63 -1.07 IntuitiveSurgical ISRG643.74 -6.57 SS&C Tech SSNC 30.01 -0.31
s JacobsEngineering JEC 62.01 0.29 PVH PVH 105.94 -0.09 TeckRscsB TCK 25.34 0.14 EWEC Energy WEC 56.01 -2.02 BlackBerry BBRY 7.71 0.27 IonisPharma IONS 43.76 -2.51 s SVB Fin SIVB 158.03 4.36
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and JamesHardie JHX 15.58 -0.11 PackagingCpAm PKG 84.76 -0.88 TelecomItalia TI 7.48 -0.02 W.P.Carey WPC 58.12 -1.32 Broadcom AVGO 170.49 -4.96 JD.com JD 26.87 0.02 Sabre SABR 25.85 -0.18
changes in the closing prices from 4 p.m. the previous day. J&J JNJ 111.30 -1.18 PaloAltoNtwks PANW 134.37 0.79 TelecomItalia A TI/A 6.20 0.06 Wabtec WAB 84.67 0.19 BrocadeComm BRCD 12.34 -0.02 JackHenry JKHY 86.44 -1.89 ScrippsNetworks SNI 69.26 -0.80
JohnsonControls JCI 44.98 -0.40 ParkerHannifin PH 138.93 1.98 Teleflex TFX 147.93 -1.71 Wal-Mart WMT 70.43 -0.94 CA CA 31.96 -0.52 JazzPharma JAZZ 103.63 -2.21 Seagate STX 40.10 0.60
Wednesday, November 30, 2016 Net Net JoyGlobal JOY 28.03 ... s ParsleyEnergy PE 38.15 5.19 TelefonicaBras VIV 13.05 0.07 WasteConnections WCN 76.44 -0.51 CBOE Holdings CBOE 68.90 0.35 JetBlue JBLU 20.09 -0.61 SeattleGenetics SGEN 64.81 -1.57
Stock Sym Close Chg Stock Sym Close Chg JuniperNetworks JNPR 27.54 0.76 Pearson PSO 9.87 0.19 Telefonica TEF 8.29 -0.06 WasteMgt WM 69.52 -0.46 CDK Global CDK 57.70 -0.95 KLA Tencor KLAC 79.84 -1.84 Shire SHPG 174.60 -1.19
Net CDW CDW 51.24 -0.54
KAR Auction KAR 42.16 0.51 PembinaPipeline PBA 29.41 0.78 TelekmIndonesia TLK 28.10 -0.27 Waters WAT 134.57 -3.06 KraftHeinz KHC 81.65 -1.75 SignatureBank SBNY 149.91 0.40
Stock Sym Close Chg BorgWarner BWA 35.60 1.14 DrPepperSnap DPS 86.74 -2.71 CH Robinson CHRW 74.85 -0.13
KB Fin KB 35.82 -0.01 Pentair PNR 57.46 1.25 s Tenaris TS 32.21 1.88 Watsco WSO149.00 2.84 LKQ LKQ 32.83 -0.18 SiriusXM SIRI 4.57 -0.04
BostonProperties BXP 123.88 -1.38 DrReddy'sLab RDY 46.73 0.33 KKR KKR 15.30 0.04 PepsiCo PEP 100.10 -1.69 s WellCareHealth WCG 137.02 CME Group CME 112.91 0.24 Skyworks SWKS 76.85 -0.37
NYSE BostonScientific BSX 20.46 -0.31 DuPont DD 73.61 2.41 KT KT 13.87 -0.34 PerkinElmer PKI 50.72 -0.45
Teradyne TER 24.38 -0.21
WellsFargo WFC 52.92
-0.47
1.06 s CSX CSX 35.81 1.01
LamResearch LRCX 106.02 -1.55
Splunk SPLK 57.62 0.24
Tesoro TSO 81.35 -0.81 LamarAdvertising LAMR 66.29 -1.03
Braskem BAK 16.31 -0.01 DukeEnergy DUK 73.77 -2.60 KSCitySouthern KSU 88.71 0.76 Perrigo PRGO 86.34 0.55 Welltower HCN 62.78 -1.41 CadenceDesign CDNS 26.28 -0.31 Staples SPLS 9.67 -0.14
ABB ABB 20.43 0.05 TevaPharm TEVA 37.70 -0.16 LibertyBroadbandA LBRDA 69.53 -0.52
Bristol-Myers BMY 56.44 0.08 DukeRealty DRE 25.43 -0.38 Kellogg K 72.00 -1.62 PetroChina PTR 70.54 2.73 WestPharmSvcs WST 81.15 -1.19 Celgene CELG 118.51 -3.62 Starbucks SBUX 57.97 -0.20
AECOM ACM 36.35 0.13 s Textron TXT 46.03 0.05 LibertyBroadbandC LBRDK 71.31 -0.52
BrixmorProperty BRX 24.35 -0.72 ENI E 27.91 1.03 s KeyCorp KEY 17.31 0.30 PetroleoBrasil PBR 10.87 1.02 WestarEnergy WR 56.96 -0.15 Cerner CERN 49.78 0.01 s SteelDynamics STLD 35.48 0.25
AES AES 11.45 -0.43 BroadridgeFinl BR 64.74 -2.15 s EOG Rscs EOG 102.52 10.08 ThermoFisherSci TMO 140.11 -1.16 LibertyGlobal A LBTYA 31.32 -0.77
Aflac AFL 71.38 0.10 KeysightTechs KEYS 36.83 -0.43 PetroleoBrasilA PBR/A 9.38 0.77 WesternGasEquity WGP 42.94 1.68 CharterComms CHTR 275.31 -5.18 LibertyGlobal C LBTYK 30.45 Stericycle SRCL 72.97 -2.86
BrookfieldMgt BAM 33.30 -0.33 EQT EQT 70.08 -0.89 ThomsonReuters TRI 43.21 -0.13 -0.64
AT&T T 38.63 -0.85 KilroyRealty KRC 72.34 -1.31 Pfizer PFE 32.14 0.22 WesternGasPtrs WES 57.07 2.38 CheckPointSftw CHKP 82.33 0.74 LibertyLiLAC A LILA 21.58 Symantec SYMC 24.39 0.07
BrookfieldInfr BIP 31.50 -0.19 EQT Midstream EQM 73.23 1.14 ThorIndustries THO 100.57 -1.27 -0.52
AXIS Capital AXS 61.01 -0.86 KimberlyClark KMB115.61 -0.89 PhilipMorris PM 88.28 -2.32 WesternUnion WU 21.03 -0.13 CincinnatiFin CINF 76.74 -0.37 Synopsys SNPS 60.48 -0.69
s Brown&Brown BRO 43.35 0.40 EastmanChem EMN 75.12 1.43 3M MMM 171.74 -1.03 LibertyLiLAC C LILAK 21.17 -0.35
AbbottLabs ABT 38.07 -0.66 KimcoRealty KIM 25.54 -0.50 Phillips66 PSX 83.08 0.69 s Tiffany WestlakeChem WLK 59.17 4.76 Cintas CTAS 114.60 -0.98 s TD Ameritrade AMTD 41.01 0.38
Brown-Forman A BF/A 47.24 -1.46 Eaton ETN 66.51 0.82 TIF 82.48 1.88 LibertyQVC B QVCB 21.23 -0.50
AbbVie ABBV 60.80 -0.79 KinderMorgan KMI 22.20 0.80 PinnacleFoods PF 49.56 -0.83 WestpacBanking WBK 23.32 -0.19 CiscoSystems CSCO 29.82 -0.01 TESARO TSRO 135.69 -2.03
Brown-Forman B BF/B 45.35 -1.40 Ecolab ECL 116.73 0.32 TimeWarner TWX 91.82 -1.09 LibertyQVC A QVCA 20.71 -0.80
Accenture ACN 119.43 -1.51 KinrossGold KGC 3.29 -0.08 PinnacleWest PNW 73.93 -2.75 WestRock WRK 51.20 0.31 CitrixSystems CTXS 86.73 -1.21 TFS Fin TFSL 18.63 -0.05
BuckeyePtrs BPL 64.34 1.06 Ecopetrol EC 8.56 0.71 Toll Bros TOL 29.66 -0.95 LibertyVenturesA LVNTA 39.02 -0.55
Kohl's KSS 53.83 -0.31 PioneerNatRscs PXD 191.04 17.37 Weyerhaeuser WY 30.83 -0.33 Cognex CGNX 59.71 -0.56 s T-MobileUS TMUS 54.21 -1.18
AcuityBrands AYI 251.41 -0.75
Bunge BG 68.28 1.17 EdisonInt EIX 68.77 -2.38 Torchmark TMK 70.09 0.42 s LincolnElectric LECO 78.51 1.27
Adient ADNT 53.56 -0.63 KoninklijkePhil PHG 28.61 -0.52 s PlainsAllAmPipe PAA 32.95 3.29 Whirlpool WHR 162.44 -1.14 CognizantTech CTSH 55.08 -0.55 TRowePrice TROW 74.06 0.68
BurlingtonStores BURL 87.92 -1.00 EdwardsLife EW 82.85 -1.05 Toro TTC 52.93 -0.57 s Comcast A CMCSA 69.51 -0.63 LinearTech LLTC 62.53 -0.04
AdvanceAuto AAP 169.72 -0.08 KoreaElcPwr KEP 19.79 -0.45 PolarisIndustries PII 86.86 0.18 WhiteWaveFoods WWAV 55.09 -0.01 lululemon LULU 56.99 TeslaMotors TSLA 189.40 -0.17
CBRE Group CBG 29.04 -0.12 s EmersonElectric EMR 56.44 2.04 TorontoDomBk TD 47.39 -0.35
CommerceBcshrs CBSH 54.81 0.27 -1.33
AdvSemiEngg ASX 5.37 -0.06 Kroger KR 32.30 -0.80 PostHoldings POST 76.33 -1.56 Williams WMB 30.70 1.77 TexasInstruments TXN 73.93 -0.47
s CBS A CBS/A 62.06 0.03 EnbridgeEnPtrs EEP 24.70 1.28 Total TOT 47.66 0.75 CommScope COMM 35.98 -0.25 MarketAxess MKTX 165.77 -3.19
Aegon AEG 5.10 0.01 Kyocera KYO 48.52 0.12 Potash POT 18.23 0.68 WilliamsPartners WPZ 36.50 1.17 TractorSupply TSCO 75.07 0.32
CBS B CBS 60.72 -0.28 Enbridge ENB 42.04 -0.12 TotalSystem TSS 49.22 -1.38 Copart CPRT 54.72 0.18 Marriott MAR 78.78 -0.33
AerCap AER 42.85 -0.57 L Brands LB 70.22 -1.73 Praxair PX 120.30 -1.88 Wipro WIT 9.59 0.01 Trimble TRMB 28.19 -0.15
CF Industries CF 28.94 1.51 s Encana ECA 12.60 1.29 ToyotaMotor TM 118.53 0.23 CoStarGroup CSGP191.11 -3.90 MarvellTech MRVL 14.34 -0.04
Aetna AET 130.84 -1.19 LGDisplay LPL 11.88 -0.13 PrincipalFin PFG 57.69 0.50 TransCanada TRP 44.83 WooriBank WF 30.91 -0.38 Mattel MAT 31.57 0.01
t TripAdvisor TRIP 48.28 -1.02
CGI Group GIB 47.37 -1.34 Endurance ENH 92.20 -0.02 -0.09 Costco COST 150.11 -1.37
AffiliatedMgrs AMG 148.10 3.10 LINE LN 38.69 0.05 Procter&Gamble PG 82.46 -0.43 Workday WDAY 84.32 0.27 21stCenturyFoxA FOXA 28.11 -0.36
CIT Group CIT 40.85 0.69 EnelGenChile EOCC 18.70 0.01 s L-3 Comm LLL 157.77 -0.86 TransDigm TDG 251.43 -7.24 Ctrip.com CTRP 45.23 -0.64 MaximIntProducts MXIM 39.27 -0.48
AgilentTechs A 43.98 -0.50 Progressive PGR 33.30 -0.28 TransUnion TRU 29.83 -0.75 Wyndham WYN 71.99 -0.87 MelcoCrownEnt MPEL 19.66 0.54 21stCenturyFoxB FOX 28.06 -0.30
AgnicoEagle AEM 41.05 -0.90
CMS Energy CMS 40.22 -1.62 s Energen EGN 62.07 8.77 LabCpAm LH 125.85 -1.87 Prologis PLD 50.90 -0.54 XPO Logistics XPO 44.53 0.30 DISH Network DISH 57.45 -0.24 UltaSalon ULTA 259.50 -0.91
CNA Fin CNA 38.27 -0.54 EnergyTrfrEquity ETE 17.03 0.55 Travelers TRV 113.35 -0.35 DentsplySirona XRAY 58.18 -2.29 MercadoLibre MELI157.82 -5.09
s Agrium AGU 100.85 2.65 LasVegasSands LVS 62.67 0.52 PrudentialFin PRU 100.60 0.83 XcelEnergy XEL 39.01 -1.48 UltimateSoftware ULTI 204.93 -3.58
CNOOC CEO 132.38 6.49 t TurkcellIletism TKC 6.60 -0.20 DexCom DXCM 65.29 -2.78 Michaels MIK 24.38 -0.05
AirProducts APD 144.46 0.99 EnergyTrfrPtrs ETP 35.12 1.68 Lazard LAZ 38.85 0.11 Prudential PUK 38.52 0.04 Xerox XRX 9.35 -0.11 UnitedTherap UTHR 125.61 -0.96
CPFLEnergia CPL 14.35 -0.03 s Enerplus ERF 8.66 1.29 s Lear LEA 129.51 1.45 TurquoiseHill TRQ 3.37 -0.06 s DiamondbackEner FANG 107.85 12.45 MicrochipTech MCHP 66.18 0.15
AlaskaAir ALK 82.27 -0.51 PublicServiceEnt PEG 41.31 -1.53 Xylem XYL 51.58 0.24 MicronTech MU 19.53 0.11
VCA WOOF 62.60 -2.03
CRH CRH 33.11 0.24 EnersisAmericas ENIA 7.99 0.04 Leggett&Platt LEG 48.06 -0.51 Twitter TWTR 18.49 0.30 DiscoveryComm A DISCA 27.09 -0.56
s Albemarle ALB 87.78 1.83 PublicStorage PSA 209.30 -0.31 TylerTech TYL 148.90 -3.54 YPF YPF 16.99 0.82 Microsemi MSCC 54.75 -0.32
VeriSign VRSN 78.85 -0.27
Alcoa AA 28.97 -0.76 CSRA CSRA 32.01 -0.44 EnLinkMidPtrs ENLK 17.52 1.07 Leidos LDOS 51.20 -0.06 PulteGroup PHM 18.86 -0.43 YanzhouCoal YZC 7.00 -0.25 DiscoveryComm C DISCK 26.44 -0.68 VeriskAnalytics VRSK 83.08 -0.80
CVS Health CVS 76.89 1.01 TysonFoods TSN 56.81 -2.15 DollarTree DLTR 88.16 -1.51 Microsoft MSFT 60.26 -0.83
AlexandriaRealEst ARE 109.59 -2.13 Entergy ETR 68.73 -2.67 Lennar A LEN 42.54 -1.70 s QuestDiag DGX 87.46 -1.29 YumBrands YUM 63.39 -0.15 VertxPharm VRTX 81.61 -4.04
CabotOil COG 22.12 -0.94 EnterpriseProd EPD 25.93 0.60 Lennar B LEN/B 33.89 -1.29 UBS Group UBS 15.85 0.34 s Dunkin' DNKN 54.29 0.10 Middleby MIDD136.98 0.83
Alibaba BABA 94.02 -0.97 QuintilesIMS Q 76.83 -4.10 YumChina YUMC 28.12 -0.47 Viacom A VIA 41.58 0.38
CAE CAE 14.75 ... Equifax EFX 114.45 -4.87 LennoxIntl LII 148.67 -2.63 UDR UDR 34.04 -0.15 s E*TRADE ETFC 34.51 0.44 Mondelez MDLZ 41.24 -1.62
Alleghany Y 567.95 -0.95 RELX RENX 16.02 -0.13 ZTO Express ZTO 15.13 -0.50 Viacom B VIAB 37.48 0.53
CamdenProperty CPT 78.71 -0.55 EquityLife ELS 69.43 -1.23 s LeucadiaNatl LUK 22.02 0.69 UGI UGI 44.80 -1.54 s EastWestBancorp EWBC 47.88 0.63 MonsterBeverage MNST 44.75 -0.53
Allegion ALLE 66.91 -0.57 RELX RELX 17.34 -0.11 s ZayoGroup ZAYO 34.50 -0.21 VimpelCom VIP 3.36 0.08
CampbellSoup CPB 56.89 -0.76 EquityResdntl EQR 60.01 -0.48 Level3Comm LVLT 55.07 -1.10 US Foods USFD 22.86 -0.44 eBay EBAY 27.81 -0.70 Mylan MYL 36.61 0.55
t Vodafone VOD 24.44 -0.05
Allergan AGN 194.30 1.66 RPM RPM 52.91 -0.63 ZimmerBiomet ZBH 101.86 -1.54
CIBC CM 78.67 -0.27 LibertyProperty LPT 39.40 -0.33 UltraparPart UGP 20.29 -0.06 ElectronicArts EA 79.24 -2.13 NXP Semi NXPI 99.15 0.30
AllianceData ADS 228.78 0.07 EssexProp ESS 215.92 0.05 s RSP Permian RSPP 44.65 5.71 Zoetis ZTS 50.38 -0.07 WPP WPPGY 106.24 -0.69
CanNtlRlwy CNI 66.83 0.04 EsteeLauder EL 77.70 -0.91 EliLilly LLY 67.12 -0.03 UnderArmour A UA 30.80 -0.10 Equinix EQIX 338.76 -4.63 Nasdaq NDAQ 64.09 -0.88
AllianceBernstein AB 22.60 -0.10 RalphLauren RL 104.61 -4.00 WalgreensBoots WBA 84.73 -0.80
s CanNaturalRes CNQ 33.77 2.76 UnderArmour C UA/C 25.78 -0.08 Navient NAVI 17.23 0.20
AlliantEnergy LNT 35.92 -1.33
CanPacRlwy CP 153.25 4.23
EverestRe RE 210.55 -1.36 s LincolnNational LNC 64.10 0.78 RangeResources RRC 35.18 -1.19
Unilever UN 39.83 0.44
NASDAQ Ericsson ERIC 5.12
ErieIndemnity A ERIE 107.17 -0.67
...
NetApp NTAP 36.56 0.05
Weibo WB 51.31 -0.42
s AllisonTransm ALSN 33.17 0.56 EversourceEner ES 51.62 -2.13 LinkedInA LNKD 195.24 0.21 RaymondJames RJF 71.94 0.84 WesternDigital WDC 63.66 0.99
Canon CAJ 28.91 0.16 Exelon EXC 32.51 -1.15 LiveNationEnt LYV 27.68 -0.44 Unilever UL 39.98 0.49 AGNC Invt AGNC 18.66 -0.35 Expedia EXPE 124.05 -1.05 Netease NTES 224.10 -5.94
Allstate ALL 69.92 0.29 Raytheon RTN 149.54 -1.00 WholeFoods WFM 30.39 -0.22
CapitalOne COF 84.04 1.44 ExtraSpaceSt EXR 70.16 -0.69 LloydsBanking LYG 2.92 0.03 s UnionPacific UNP 101.33 0.76 Ansys ANSS 94.03 -0.50 ExpeditorsIntl EXPD 52.74 -0.01 Netflix NFLX 117.00 -0.51
AllyFinancial ALLY 19.42 0.15 RealtyIncome O 55.44 -1.30 WillisTwrsWatson WLTW 124.37 -0.01
CardinalHealth CAH 71.01 0.02 ExxonMobil XOM 87.30 1.40 LockheedMartin LMT 265.25 -1.33 UnitedContinental UAL 68.95 -0.77 ARRIS Intl ARRS 28.69 -0.61 ExpressScripts ESRX 75.88 -0.98 NewsCorp A NWSA 11.56 0.02
Altria MO 63.93 -1.25 RedHat RHT 79.11 -0.89 WynnResorts WYNN 101.99 2.20
s Carlisle CSL 112.17 -2.83 s FMC FMC 56.12 1.32 s Loews L 44.65 0.23 s UPS B UPS 115.92 -0.36 ASML ASML 103.13 -0.66 F5Networks FFIV 140.75 -2.06 NewsCorp B NWS 11.95 0.05
AlumofChina ACH 11.25 -0.39 RegencyCtrs REG 66.84 -0.06 Xilinx XLNX 53.98 -0.03
CarMax KMX 57.79 0.28 FMC Tech FTI 34.26 1.26 Lowe's LOW 70.55 -0.16 s UnitedRentals URI 101.11 4.81 ActivisionBliz ATVI 36.61 -1.34 Facebook FB 118.42 -2.45 Nordson NDSN 106.73 -0.89
Ambev ABEV 4.99 ... s RegionsFin RF 13.54 0.36 Yahoo YHOO 41.02 -0.58
Carnival CCL 51.41 -1.81 FactSet FDS 160.17 -1.56 Luxottica LUX 52.15 0.67 s US Bancorp USB 49.62 0.52 AdobeSystems ADBE 102.81 -2.14 Fastenal FAST 47.40 0.39 NorthernTrust NTRS 82.15 1.39
Ameren AEE 49.12 -1.81 ReinsuranceGrp RGA 122.05 0.13 Yandex YNDX 19.01 0.55
Carnival CUK 51.03 -1.67 FederalRealty FRT 140.42 -1.38 LyondellBasell LYB 90.32 6.60 US Steel X 32.34 1.18 AkamaiTech AKAM 66.70 -0.58 FifthThirdBncp FITB 26.02 0.63 NorwegianCruise NCLH 39.81 -0.90
Zillow A ZG 35.15 -0.17
AmericaMovil AMX 12.11 0.18 RelianceSteel RS 81.10 -0.56
Caterpillar CAT 95.56 1.52 s FedEx FDX 191.67 1.35 s M&T Bank MTB 143.94 3.85 s UnitedTech UTX 107.72 -1.12 AlexionPharm ALXN 122.59 -3.00 Fiserv FISV 104.62 -1.92 NVIDIA NVDA 92.20 -1.05
AmCampus ACC 47.11 -0.35 RenaissanceRe RNR 130.56 -0.46 Zillow C Z 35.92 -0.09
s Celanese A CE 79.32 2.16 Ferrari RACE 54.12 -0.62 MDU Rscs MDU 27.82 -0.73 s UnitedHealth UNH 158.32 1.35 AlignTech ALGN 93.05 -2.46 Flex FLEX 14.24 -0.30 OPKOHealth OPK 10.39 -0.12 s ZionsBancorp ZION 39.79 1.29
AEP AEP 59.05 -2.22 RepublicServices RSG 55.49 -0.41
Cemex CX 7.81 -0.03 FiatChrysler FCAU 7.66 0.11 MGM Resorts MGM 28.71 -0.16 ResMed RMD 61.48 -0.63 UniversalHealthB UHS 123.02 -0.16 Alkermes ALKS 56.83 -1.24 Fortinet FTNT 30.10 -0.14 OReillyAuto ORLY 274.50 -0.89
AmericanExpress AXP 72.04 0.55
s AmericanFin AFG 82.23 -0.21 Cencosud CNCO 8.68 0.06 FibriaCelulose FBR 9.10 -0.62 MPLX MPLX 32.85 0.80 RestaurantBrands QSR 47.53 -0.81 UnumGroup UNM 42.27
VEREIT
0.25 Alphabet A GOOGL 775.88-13.56 Gaming&Leisure GLPI 30.51 -0.60 OldDomFreight ODFL 87.30
ON Semi
0.74 NYSE MKT
AmerHomes4Rent AMH 21.07 -0.04 CenovusEnergy CVE 15.46 1.35 FidelityNatlFin FNF 31.94 -0.67 MSCI MSCI 78.80 -1.83 ReynoldsAmer RAI 54.10 -0.86 VER 8.29 -0.23 Alphabet C GOOG 758.04-12.80 Garmin GRMN 52.16 0.17 ON 11.78 -0.13
AIG AIG 63.33 0.05 Centene CNC 57.63 0.03 FNFV Group FNFV 12.80 -0.35 s MSC Industrial MSM 89.34 0.53 RiceEnergy RICE 24.35 -0.48 VF VFC 54.51 -1.12 Amazon.com AMZN 750.57-11.95 s Gentex GNTX 18.49 0.20 OpenText OTEX 63.56 0.38 BritishAmTob BTI 109.04 -1.91
CenterPointEner CNP 23.86 -0.23 FidelityNtlInfo FIS 77.19 -1.71 Macerich MAC 67.89 -1.26 RioTinto Visa V 77.32 -1.83 Amdocs DOX 58.97 ... GileadSciences GILD 73.70 -1.17 s PTC PTC 48.71 -0.92 CheniereEnergy LNG 40.86 1.89
AmerTowerREIT AMT102.27 -3.78 RIO 37.91 -0.43
CentraisElBras EBR 7.51 -0.03 FirstData FDC 14.57 -0.28 MacquarieInfr MIC 81.94 0.12 RitchieBros RBA 38.23 0.50 VailResorts MTN 158.40 -3.61 Amerco UHAL 341.46 -0.41 Goodyear GT 30.69 -0.45 s Paccar PCAR 62.15 0.88 CheniereEnerPtrs CQP 29.37 1.79
AmerWaterWorks AWK 72.47 -3.51
Amerigas APU 44.88 -0.31 CenturyLink CTL 23.52 -0.69 FirstRepBank FRC 81.90 0.37 Macy's M 42.20 -0.29 RiteAid RAD 7.96 -0.09 Vale VALE 8.49 -0.06 AmericaMovil A AMOV 12.12 0.48 Grifols GRFS 15.63 -0.11 s PacWestBancorp PACW 51.25 -0.05 ImperialOil IMO 34.32 1.52
Ameriprise AMP 114.21 2.15 ChesapeakeEner CHK 7.00 0.63 FirstEnergy FE 31.29 -1.26 MagellanMid MMP 69.25 0.95 RobertHalf RHI 44.87 0.20
AmerisourceBrgn ABC 77.99 0.36 s Chevron CVX 111.56 2.22 FleetCorTech FLT 149.34 -0.35 MagnaIntl MGA 40.45 -0.22 s Rockwell ROK 133.71 2.37
ChinaEastrnAir CEA 23.98 0.73 Flowserve FLS 47.45 2.41 Mallinckrodt MNK 52.70 0.28
Borrowing Benchmarks | WSJ.com/bonds
Ametek AME 47.35 1.37 RockwellCollins COL 92.72 0.38
s Amphenol APH 68.26 -0.17 ChinaLifeIns LFC 14.50 0.24 Fluor FLR 53.51 0.95 Manpower MAN 85.41 0.29 RogersComm B RCI 38.60 -0.48
s AnadarkoPetrol APC 69.15 8.99 ChinaMobile CHL 54.69 0.40 FomentoEconMex FMX 78.05 -1.06 ManulifeFin MFC 17.44 0.26 Rollins ROL 32.13 -0.27
ABInBev BUD 103.27 -1.54 ChinaPetrol SNP 72.20 2.49 FootLocker FL 71.67 -0.77 s MarathonOil MRO 18.06 3.11 RoperTech ROP 181.11 0.01
AnnalyCap NLY 10.22 -0.15
AnteroMidstream AM 28.17 0.31
ChinaSoAirlines ZNH 28.73 -0.17
ChinaTelecom CHA 48.87 1.91
FordMotor F
Fortis
11.96 0.04
FTS 29.78 -0.66
MarathonPetrol MPC 47.02 1.04
MarineHarvest MHG 17.89 -0.20
RoyalBkCanada RY 64.82 -2.23
RoyalBkScotland RBS 4.85 -0.06
Money Rates November 30, 2016
AnteroResources AR 24.49 -0.30 ChinaUnicom CHU 12.03 0.75 Fortive FTV 54.99 -0.29 Markel MKL898.34 -7.70 RoyalCaribbean RCL 80.97 -1.95
Anthem ANTM 142.53 -2.75 Chipotle CMG 396.33 1.22 FortBrandsHome FBHS 55.15 -1.05 Marsh&McLennan MMC 69.31 0.33 RoyalDutchA RDS/A 51.10 2.04 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
s Aon Chubb CB 128.00 -0.24 MartinMarietta MLM 219.45 0.95
AON114.10 0.45
ChunghwaTelecom CHT 33.35 -0.28
Franco-Nevada FNV 57.92 -1.32
Masco MAS 31.65 -0.56
RoyalDutchB RDS/B 54.17 2.38 guide to general levels but dont always represent actual transactions.
s Apache APA 65.95 5.21 FranklinRscs BEN 39.26 0.56 SAP SAP 83.22 -1.30
ApartmtInv AIV 42.10 0.05 Church&Dwight CHD 43.79 -1.05 Freeport-McMoRan FCX 15.35 0.38 Mastercard MA 102.20 -1.62 S&P Global SPGI 118.99 -0.62
Cigna CI 134.74 -3.56 Week 52-WEEK Week 52-WEEK
AquaAmerica WTR 29.73 -1.54 FreseniusMed FMS 38.96 -0.45 McCormick MKC 91.20 -1.93 SINOPECShanghai SHI 52.80 0.65 Inflation
CimarexEnergy XEC 137.88 13.89 McCormickVtg MKC/V 92.49 -0.35
Latest ago High Low Latest ago High Low
Aramark ARMK 34.41 -0.65 Gallagher AJG 50.35 -0.52 SK Telecom SKM 21.20 -0.06
ArcelorMittal MT 7.57 0.10 Citigroup C 56.39 0.87 Gap GPS 24.97 -0.27 McDonalds MCD 119.27 -1.41 SLGreenRealty SLG 105.36 -0.67 Oct. index Chg From (%)
ArcherDaniels ADM 43.23 0.46 s CitizensFin CFG 33.51 1.12 Gartner IT 102.82 -1.26 McKesson MCK 143.81 2.56 Salesforce.com CRM 72.00 -0.93 level Sept. '16 Oct. '15 Secondary market Libor
Arconic ARNC 19.28 -0.39 Clorox CLX 115.56 -2.13 Gazit-Globe GZT 9.16 0.11 MeadJohnson MJN 72.09 -0.42 Sanofi SNY 40.20 -0.24 One month 0.62367 0.58422 0.62367 0.25100
AristaNetworks ANET 94.81 -0.72 Coach COH 36.39 -1.01 s GeneralDynamics GD 175.35 0.22 Mednax MD 65.47 -0.54 Sasol SSL 26.66 0.83 Fannie Mae
t Coca-Cola KO 40.35 -0.80 GeneralElec GE 30.76 -0.29 Medtronic MDT 73.01 -0.41
U.S. consumer price index Three month 0.93417 0.92483 0.93733 0.43600
ArrowElec ARW 68.27 -0.13 Scana SCG 70.53 -1.92
AshlandGlobal ASH 112.70 -1.73 Coca-Cola Femsa KOF 62.90 -0.24 GeneralGrowthProp GGP 25.34 -0.32 Merck MRK 61.19 -1.00 s Schlumberger SLB 84.05 4.13 All items 241.729 0.12 1.6 30-year mortgage yields Six month 1.28878 1.27822 1.29267 0.66945
Assurant AIZ 86.34 0.27 Colgate-Palmolive CL 65.23 -1.30 GeneralMills GIS 60.94 -1.72 MetLife MET 55.01 0.82 s SchwabC SCHW 38.66 0.20 Core 249.218 0.20 2.1 One year 1.63900 1.62789 1.64511 0.98960
AstraZeneca AZN 26.14 -0.57 s Comerica CMA 63.75 2.00 GeneralMotors GM 34.53 -0.04 MettlerToledo MTD 412.02 -9.68 s ScottsMiracleGro SMG 91.27 -0.34 30 days 3.571 3.559 3.649 2.806
SABESP SBS 8.80 0.06 GenuineParts GPC 96.23 -0.32 MichaelKors KORS 46.49 -1.22 Euro Libor
AtmosEnergy ATO 71.12 -3.03
CiaSiderurgica SID 3.53 -0.24 Gerdau GGB 4.04 -0.05 MidAmApt MAA 91.63 -2.18
SealedAir SEE 45.60 -1.23 International rates 60 days 3.605 3.594 3.676 2.832
Autoliv ALV 103.46 -0.47 SemicondctrMfg SMI 6.69 -0.04
AutoZone AZO 783.18 -7.06 CSC CSC 60.63 -1.06 Gildan GIL 27.19 -0.55 MitsubishiUFJ MTU 6.00 0.05 SempraEnergy SRE 99.80 -1.47
One month -0.380 -0.381 -0.169 -0.382
Avalonbay AVB 164.49 -0.27 ConagraBrands CAG 36.69 -1.03 GlaxoSmithKline GSK 37.79 -0.48 MizuhoFin MFG 3.60 0.02 SensataTech ST 37.37 0.38 Week 52-Week Other short-term rates Three month -0.325 -0.331 -0.110 -0.332
Avangrid AGR 36.17 -1.21 s ConchoRscs CXO 143.02 15.69 GlobalPayments GPN 68.55 -2.04 MobileTeleSys MBT 7.83 0.42 ServiceCorp SCI 26.99 -0.09 Latest ago High Low Six month -0.219 -0.219 -0.026 -0.220
AveryDennison AVY 72.06 -0.89 ConocoPhillips COP 48.52 4.29 Goldcorp GG 13.19 -0.25 Mobileye MBLY 37.23 -0.31 ServiceMaster SERV 38.22 -0.50 Week 52-Week
ConEd ED 69.77 -2.88 s GoldmanSachs GS 219.29 7.54 Latest ago high low
One year -0.080 -0.080 0.076 -0.083
Aviva AV 11.29 -0.10 MohawkIndustries MHK 197.44 -2.66 ServiceNow NOW 83.15 -0.27 Prime rates
Avnet AVT 45.89 -0.20 ConstBrands A STZ 151.14 -4.66 Grainger GWW 230.57 4.22 MolsonCoors B TAP 98.03 -2.02 ShawComm B SJR 19.57 -0.18
AxaltaCoating AXTA 26.42 -0.09 ConstBrands B STZ/B 155.36 -0.84 GreatPlainsEner GXP 26.39 -0.76 Monsanto MON 102.71 0.32 SherwinWilliams SHW 268.67 -7.65 U.S. 3.50 3.50 3.50 3.25 Euro interbank offered rate (Euribor)
s BB&T BBT 45.25 1.10 s ContinentalRscs CLR 58.01 10.80 GpoAvalAcciones AVAL 7.58 0.27 Moody's MCO 100.50 -0.59 ShinhanFin SHG 37.92 0.19 Canada 2.70 2.70 2.70 2.70 Call money One month -0.372 -0.373 -0.164 -0.374
BCE BCE 43.08 -0.46 Cooper COO 164.49 -5.66 GpFinSantandMex BSMX 7.01 0.01 s MorganStanley MS 41.36 0.76 Shopify SHOP 41.67 -0.92 Japan 1.475 1.475 1.475 1.475 2.25 2.25 2.25 2.00 Three month -0.314 -0.313 -0.113 -0.314
BHPBilliton BHP 37.54 0.12 s Corning GLW 24.03 -0.14 GrupoTelevisa TV 20.77 -0.17 Mosaic MOS 28.40 1.34 SignetJewelers SIG 91.29 -0.53
Coty COTY 18.71 -0.84 HCAHoldings HCA 70.89 -0.63 MotorolaSolutions MSI 80.25 -0.86 SilverWheaton SLW 18.23 -0.45
Six month -0.219 -0.220 -0.030 -0.220
BHPBilliton BBL 33.12 0.44 Policy Rates Commercial paper One year -0.080 -0.078 0.068 -0.080
BP BP 35.01 1.49 Credicorp BAP 156.69 3.28 HCP HCP 29.53 -0.07 MurphyOil MUR 33.91 4.49 SimonProperty SPG 179.65 -2.65
BRF BRFS 15.23 -0.22 CreditSuisse CS 13.34 0.12 HDFC Bank HDB 64.52 0.14 NTTDoCoMo DCM 22.83 -0.40 SixFlags SIX 57.64 0.16 Euro zone 0.00 0.00 0.05 0.00 30 to 270 days n.q. ... ... ...
BT Group BT 22.53 0.10 CrescentPoint CPG 12.75 1.44 HP HPQ 15.40 0.25 NVR NVR 1595.00-18.38 SmithAO AOS 48.63 -0.29 Switzerland 0.50 0.50 0.50 0.50 Value 52-Week
s BakerHughes BHI 64.33 3.85 CrestwoodEquity CEQP 22.40 1.75 HSBCHoldings HSBC 39.54 0.23 t NationalGrid NGG 57.07 -1.26 Smith&Nephew SNN 28.47 -0.03 Latest Traded High Low
s Halliburton HAL 53.09 5.30
Britain 0.25 0.25 0.50 0.25 Commercial paper (AA financial)
Ball BLL 75.06 -1.99 CrownCastle CCI 83.46 -1.77 NatlOilwell NOV 37.36 2.81 Smucker SJM 125.95 -1.32
CrownHoldings CCK 54.39 -1.25 t Hanesbrands HBI 23.23 -0.24 NatlRetailProp NNN 42.68 -0.31 SnapOn SNA 167.20 -0.61
Australia 1.50 1.50 2.00 1.50 90 days 0.68 0.67 0.90 0.40 DTCC GCF Repo Index
BancoBilbaoViz BBVA 6.16 0.01
BancodeChile BCH 67.37 -0.65 Cullen/Frost CFR 82.31 1.77 HarleyDavidson HOG 60.89 0.97 NewOrientalEduc EDU 50.17 -0.02 SOQUIMICH SQM 28.62 1.14 Treasury 0.324 45.140 1.266 0.183
BcoSantChile BSAC 21.66 -0.08 s Cummins CMI 141.78 3.56 HarmanIntlInds HAR 109.37 -0.08 NY CmntyBcp NYCB 15.98 0.05 s SonocoProducts SON 54.13 -1.12 Overnight repurchase Euro commercial paper MBS 0.354 74.150 1.328 0.187
BancoSantander SAN 4.52 0.04 DDR DDR 15.22 -0.04 Harris HRS 103.56 -1.12 NewellBrands NWL 47.01 -0.46 Sony SNE 29.07 -0.42 U.S. 0.31 0.30 1.30 0.15
BanColombia CIB 33.50 1.01 DTE Energy DTE 93.09 -2.71 HartfordFinl HIG 47.12 0.20 NewfieldExpln NFX 45.22 6.12 Southern SO 46.82 -1.49 30 day n.q. n.q. -0.07 -0.14 Open Implied
s BankofAmerica BAC 21.12 0.91 Danaher DHR 78.17 -0.96 s Helmerich&Payne HP 75.65 8.08 NewMarket NEU 418.41 -3.92 SoCopper SCCO 32.83 0.51
BankofMontreal BMO 65.86 -0.49 Darden DRI 73.30 0.42 Hershey HSY 96.64 -1.49 NewmontMining NEM 32.44 -1.11 SouthwestAirlines LUV 46.61 -0.63
U.S. government rates Two month n.q. n.q. -0.07 -0.07 Settle Change Interest Rate
BankNY Mellon BK 47.42 0.37 DaVita DVA 63.35 -0.31 Hess HES 55.96 6.91 NextEraEnergy NEE 114.23 -3.04 SouthwesternEner SWN 11.35 -0.24 Three month n.q. n.q. -0.07 -0.08 DTCC GCF Repo Index Futures
s BkNovaScotia BNS 55.25 0.37
Discount
Deere DE 100.20 -0.15 HewlettPackard HPE 23.80 0.06 NielsenHoldings NLSN 43.10 -0.30 SpectraEnergy SE 40.95 -0.17 Four month n.q. n.q. n.q. n.q.
Barclays BCS 10.75 0.14 DelphiAutomotive DLPH 64.00 0.56 HiltonWorldwide HLT 25.07 0.26 Nike NKE 50.07 -0.56 SpectraEnerPtrs SEP 42.49 -0.56 1.00 1.00 1.00 0.75 Treasury Nov 99.614 -0.001 3803 0.386
Bard CR BCR 210.55 -5.33 DeltaAir DAL 48.18 -0.41 HomeDepot HD 129.40 -0.22 NipponTelegraph NTT 40.21 -0.58 SpectrumBrands SPB 119.89 -0.53 Five month n.q. n.q. n.q. n.q. Treasury Dec 99.375 0.030 4079 0.625
BarrickGold ABX 15.02 -0.42 DeutscheBank DB 15.80 0.26 HondaMotor HMC 29.74 0.33 NiSource NI 21.94 -0.43 SpiritAeroSys SPR 58.25 -0.38 Federal funds Six month n.q. n.q. n.q. n.q. Treasury Jan 99.240 unch. 1960 0.760
BaxterIntl BAX 44.37 -0.26 s DevonEnergy DVN 48.33 6.17 Honeywell HON 113.94 0.60 s NobleEnergy NBL 38.16 3.49 SpiritRealtyCap SRC 10.79 -0.32
BectonDickinson BDX 169.10 -3.63 Diageo DEO 101.24 -0.85 HormelFoods HRL 34.24 -1.23 Nokia NOK 4.30 0.01 s Sprint S 7.84 -0.16 Effective rate 0.3500 0.4100 0.4500 0.1300
s Berkley WRB 61.79 -0.41 Dick's DKS 59.07 -1.11 DR Horton DHI 27.72 -1.12 NomuraHoldings NMR 5.47 0.13 StJudeMedical STJ 79.20 -0.50 High 0.5625 0.5625 0.7500 0.3100 Notes on data:
BerkHathwy A BRK/A 237000609.00 DigitalRealty DLR 92.33 -1.17 HostHotels HST 17.84 0.54 Nordstrom JWN 55.92 -0.43 StanleyBlackDck SWK 118.63 -0.72 Low 0.2500 0.3000 0.4000 0.0500 U.S. prime rate is effective December 17, 2015.
BerkHathwy B BRK/B 157.44 -0.24 DiscoverFinSvcs DFS 67.77 0.15 HuanengPower HNP 24.92 -0.13 s NorfolkSouthern NSC 106.46 2.09 StarwoodProp STWD 22.47 -0.21 Bid 0.3000 0.4100 0.5500 0.0800 Discount rate is effective December 17, 2015.
s BerryPlastics BERY 49.77 -0.17 Disney DIS 99.12 -0.55 Hubbell HUBB 112.28 0.83 NorthropGrumman NOC 249.65 -2.15 StateStreet STT 78.80 1.79 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks;
BestBuy BBY 45.70 0.08 DollarGeneral DG 77.32 -0.99 s Humana HUM 212.64 2.64 Novartis NVS 68.76 -0.20 Statoil STO 17.40 1.05 Offer 0.3200 0.5000 0.5600 0.1200
Other prime rates arent directly comparable; lending practices vary widely by location;
s Bio-RadLab A BIO 173.50 -0.78 DominionRscs D 73.29 -2.12 s HuntingtonIngalls HII 178.76 -1.79 NovoNordisk NVO 33.60 0.88 Steris STE 65.61 -1.28 DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in
BlackRock BLK 370.79 2.24 Domino's DPZ 168.04 -2.83 HyattHotels H 51.34 -1.43 s Nucor NUE 62.19 0.56 s STMicroelec STM 10.21 0.35 Treasury bill auction applicable CUSIPs. Value traded is in billions of U.S. dollars.
BlackstoneGroup BX 25.74 -0.25 Donaldson DCI 40.56 0.53 ICICI Bank IBN 7.84 0.31 NuSTAREnergy NS 47.74 1.57 Stryker SYK 113.66 -1.75 4 weeks 0.365 0.340 0.365 0.160 Futures on the DTCC GCF Repo Index are traded on NYSE Liffe US.
BoardwalkPipe BWP 17.17 0.36 DouglasEmmett DEI 36.69 -0.54 ING Groep ING 13.57 0.19 OGE Energy OGE 31.65 -0.61 SumitomoMits SMFG 7.53 -0.03
s Boeing BA 150.56 -1.08 Dover DOV 72.61 2.83 Invesco IVZ 31.31 0.37 s ONEOK OKE 54.93 2.49 SunCommunities SUI 72.17 -1.17
13 weeks 0.490 0.480 0.515 0.215 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
BoozAllen BAH 37.81 -0.39 DowChemical DOW 55.72 1.73 IDEX IEX 93.61 0.14 ONEOK Partners OKS 41.80 1.86 SunLifeFinancial SLF 38.40 0.13 26 weeks 0.610 0.605 0.625 0.340 General Electric Capital Corp.; Tullett Prebon Information, Ltd.

Mutual Funds | WSJ.com/fundresearch 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
IntlIdxPrem r 35.35 -0.03 -1.5 FrankTemp/Franklin A ShtDurIncm 4.31 ... 3.8 EqIndex 59.38 -0.15 9.6 GrwthAdml 56.96 -0.46 5.0 TgtRe2015 14.95 -0.03 5.1
Explanatory Notes Data provided by TMktIdxF r 64.54 -0.16 10.5 CA TF A p 7.26 -0.05 -0.3 Growth
M
54.24 -0.57 1.1 HlthCareAdml r 82.29 -0.80 -9.2 TgtRe2020
TgtRe2025
28.68 -0.06 5.6
TMktIdxPrem 64.52 -0.16 10.5 Fed TF A p 11.99 -0.04 0.2 HelSci 62.91 -0.88 -8.6 HYCorAdml r 5.78 ... 9.8 16.56 -0.03 6.0
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least USBdIdxPrem 11.50 -0.05 2.3 IncomeA p 2.25 +0.01 12.8 Metropolitan West InstlCapG 29.60 -0.27 2.5 InfProAd 26.40 +0.01 4.7 TgtRe2030 29.46 -0.05 6.3
$500 million each. NAV is net asset value. Percentage performance figures are total returns, USBdIdxInstPrem 11.50 -0.05 2.3 RisDv A p 53.81 ... 13.8 TotRetBd NA ... NA Intl G&I 12.85 ... -1.7 IntlGrAdml 68.10 -0.25 1.6 TgtRe2035 17.94 -0.03 6.5
assuming reinvestment of all distributions and after subtracting annual expenses. Figures dont Fidelity Advisor I FrankTemp/Franklin C TotRetBdI NA ... NA IntlStk 15.41 -0.02 0.9 ITBondAdml 11.30 -0.05 2.7 TgtRe2040 30.40 -0.05 6.9
reflect sales charges (loads) or redemption fees. NET CHG is change in NAV from previous NwInsghtI 27.91 -0.06 5.8 Income C t 2.28 +0.01 12.6 TRBdPlan NA ... NA MCapGro 77.99 -0.70 6.4 ITIGradeAdml 9.74 -0.03 3.8 TgtRe2045 19.02 -0.03 7.0
trading day. YTD%RET is year-to-date return. 3-YR%RET is trailing three-year return annualized. Fidelity Freedom FrankTemp/Temp A MFS Funds Class A MCapVal 30.52 +0.21 22.4 LTGradeAdml 10.14 -0.10 6.7 TgtRe2050 30.47 -0.04 6.9
FF2020 15.14 ... 6.1 GlBond A p 11.64 +0.18 2.9 ValueA p 36.38 +0.02 12.2 N Horiz 46.47 -0.26 9.4 MidCpAdml 162.66 -0.43 10.5 TgtRetInc 12.84 -0.03 4.4
e-Ex-distribution. f-Previous days quotation. g-Footnotes x and s apply. j-Footnotes e and s
FF2025 12.94 -0.01 6.1 Growth A p 23.20 +0.13 5.9 MFS Funds Class I N Inc 9.38 -0.03 2.5 MuHYAdml 10.93 -0.06 -0.1 TotIntBdIxInv 10.87 -0.03 4.2
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- WellsI 25.62 -0.07 6.6
FF2030 15.85 -0.01 6.6 FrankTemp/Temp Adv ValueI 36.58 +0.02 12.4 OverS SF r 9.01 -0.01 0.2 MuIntAdml 13.79 -0.04 -0.8
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes MuLTAdml 11.30 -0.04 -0.6 Welltn 39.23 +0.05 8.7
FreedomK2020 14.08 -0.01 6.1 GlBondAdv p 11.59 +0.18 3.1 Mutual Series R2015 14.51 -0.03 6.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete MuLtdAdml 10.82 -0.01 -0.4 WndsrII 36.97 +0.16 11.6
FreedomK2025 14.69 -0.01 6.3 GlbDiscA 31.07 +0.17 9.4 R2020 20.90 -0.05 6.1
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not
FreedomK2030 14.95 ... 6.8 H R2025 15.89 -0.04 6.3 MuShtAdml 15.71 ... 0.3 VANGUARD INDEX FDS
tracked. NS-Fund didnt exist at start of period.
FreedomK2035 15.42 ... 7.0 Harbor Funds O
R2030 23.19 -0.07 6.3 PrmcpAdml r 112.40 -0.71 8.8 500 203.81 -0.50 9.7
FreedomK2040 15.45 CapApInst 60.21 -0.39 -1.0 Oakmark Funds Cl I R2035 16.78 -0.05 6.3 REITAdml r 113.98 -1.24 3.6 ExtndIstPl 177.23 -0.46 14.1
... 7.0
SmCapAdml 60.98 -0.06 16.1 SmValAdml 50.87 +0.08 21.3
Wednesday, November 30, 2016 Fidelity Invest IntlInst r 59.11 +0.24 -0.5 EqtyInc r 29.97 +0.18 9.3 R2040 23.99 -0.08 6.2
TotBd2 10.62 -0.04 2.3
Balanc 21.95 -0.02 5.7 SmCapStk 45.05 -0.09 16.7 STBondAdml 10.44 -0.01 1.4
Net YTD Net YTD Net YTD Oakmark 71.35 +0.77 16.5
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret BluCh 68.67 -0.47 1.0 I OakmrkInt 21.96 ... 4.4 Value 34.06 -0.07 9.0 STIGradeAdml 10.65 -0.01 2.7 TotIntl 14.56 ... 2.6
Prudential Cl Z & I TotBdAdml 10.65 -0.05 2.3 TotSt 55.33 -0.13 10.4
Contra 100.98 -0.60 2.8 Invesco Funds A Old Westbury Fds
A B
IntSmVa
US CoreEq1
19.20
19.10
-0.03 4.7
-0.03 12.7
ContraK 101.00 -0.60 2.9 EqIncA NA ... NA LrgCpStr 12.97 -0.01 4.0 TRBdZ NA ... NA TotIntBdIdxAdm 21.74
TotIntlAdmIdx r 24.35
-0.07 4.2
-0.01 2.6
VANGUARD INSTL FDS
BalInst 30.93 -0.09 7.5
CpInc r 9.60 +0.01 8.9 Oppenheimer Y
American Funds Cl A
AmcpA p
Baird Funds US CoreEq2 18.45 +0.02 14.3
DivIntl 33.20 -0.08 -5.3 J DevMktY 32.22 +0.16 7.4
S TotStAdml 55.36 -0.13 10.5 DevMktsIndInst 11.56 -0.02 ...
27.55 +0.12 8.3 AggBdInst 10.73 -0.03 3.3 US Small 33.78 -0.02 20.0 TxMIn r 11.55 -0.01 ... ExtndInst 71.82 -0.18 14.1
AMutlA p 37.33 -0.08 12.0 DivIntlK r 33.17 -0.08 -5.2 John Hancock Class 1 IntGrowY 34.23 -0.15 -4.6 Schwab Funds ValAdml 35.56 +0.08 13.9 GrwthInst 56.96 -0.46 5.0
CorBdInst 11.05 -0.03 4.3 US SmCpVal 37.62 +0.35 24.0 S&P Sel 34.61 -0.09 9.7
BalA p 25.13 +0.01 7.4 GroCo 142.76 -1.43 4.6 LSBalncd 14.93 -0.01 5.9 InPrSeIn 10.75 ... 4.7
WdsrllAdml 65.61 +0.27 11.7
BondA p 12.72 -0.04 2.5
BlackRock Funds A US TgdVal 24.17 +0.19 23.4 GrowCoK 142.73 -1.44 4.7 LSGwth 15.68 ... 5.7 P InstIdx 201.68 -0.49 9.8
CapIBA p 56.87 -0.25 4.5
GlblAlloc p 18.33 +0.01 2.7 USLgVa 35.19 +0.22 16.0 InvGB 7.77 -0.02 4.9 John Hancock Instl Parnassus Fds
T WellsIAdml
WelltnAdml
62.06
67.75
-0.18 6.7
+0.08 8.8 InstPlus 201.70 -0.49 9.8
BlackRock Funds C Dodge & Cox InvGrBd 11.11 -0.03 4.0
CapWGrA 44.61 -0.01 4.7 Balanced 105.59 +0.68 15.3
DispValMCI 21.81 +0.14 13.9 ParnEqFd 38.61 -0.17 8.3 TCW Funds WndsrAdml 70.85 +0.73 10.7 InstTStPlus 50.08 -0.12 10.6
GlblAlloc t 16.59 +0.01 2.0 LowP r 50.10 -0.03 8.2 JPMorgan Inst Class TotRetBondI 10.06 -0.05 1.5
EupacA p 45.47 +0.06 0.2 PIMCO Fds Instl VANGUARD FDS MidCpInst 35.93 -0.10 10.5
BlackRock Funds Inst Income 13.61 -0.02 5.0 LowPriStkK r 50.07 -0.03 8.3
FdInvA p 55.32 +0.08 10.9 MdCpVal 38.73 -0.07 14.0 AllAsset NA ... NA TIAA/CREF Funds DivdGro 23.54 -0.10 6.2 MidCpIstPl 177.22 -0.47 10.5
EqtyDivd 23.50 +0.16 13.6 Intl Stk 38.55 +0.32 5.7 MagIn 92.24 +0.26 4.1 JPMorgan R Class EqIdxInst 16.67 -0.04 10.6
GwthA p 44.53 +0.14 7.8 HiYld NA ... NA GNMA 10.63 -0.02 1.8 SmCapInst 60.98 -0.06 16.1
GlblAlloc 18.48 +0.02 3.1 Stock 188.81 +1.87 19.8
HI TrA p 10.12 +0.02 14.1 OTC 84.55 -0.84 1.3 CoreBond 11.56 -0.04 2.4 TotRt NA ... NA Tweedy Browne Fds HlthCare r 195.01 -1.90 -9.3 STIGradeInst 10.65 -0.01 2.8
HiYldBd 7.54 ... 11.5 DoubleLine Funds Puritn 20.67 -0.01 3.9 JPMorgan Select Cls GblValue 25.04 +0.10 2.4
ICAA p 37.27 +0.03 13.1 PIMCO Funds A INSTTRF2020 20.29 -0.04 5.7 TotBdInst 10.65 -0.05 2.3
StratIncOpptyIns 9.78 +0.02 2.8 TotRetBdI NA ... NA SrsEmrgMktF 15.99 +0.06 11.1 CoreBond 11.55 -0.04 2.3 IncomeFd TotBdInst2 10.62 -0.04 2.4
IncoA p 21.47 -0.02 8.7 NA ... NA INSTTRF2025 20.23 -0.04 6.1
N PerA p 36.39 -0.08 1.0
TotRetBdN NA ... NA SrsInvGrdF 11.11 -0.03 4.0 USLgCpCorPls 29.06 +0.01 8.4 PIMCO Funds D V TotBdInstPl 10.65 -0.05 2.3
NEcoA p 36.67 -0.18 2.0
D TotalBond 10.51 -0.02 5.3 IncomeFd NA ... NA VANGUARD ADMIRAL
INSTTRF2030 20.14 -0.04 6.3
TotIntBdIdxInst 32.62 -0.10 4.2
NwWrldA 51.62 +0.13 3.2 Del Invest Instl F Fidelity Selects L PIMCO Funds Instl 500Adml 203.83 -0.50 9.8
INSTTRF2035 20.07
INSTTRF2040 19.98
-0.03 6.6
-0.03 6.9 TotIntlInstIdx r 97.37 -0.05 2.6
SmCpA p 46.00 +0.05 5.4 Value 19.56 +0.14 12.7 Federated Instl Biotech r 184.33 -5.04-19.2 Lazard Instl IncomeFd NA ... NA BalAdml 30.93 -0.09 7.5 LifeCon 18.45 -0.04 4.9 TotItlInstPlId r 97.39 -0.05 2.6
TxExA p 12.65 -0.05 -0.6 Dimensional Fds StraValDivIS 5.85 -0.07 6.5 First Eagle Funds EmgMktEq 15.74 +0.05 17.8 PIMCO Funds P CAITAdml 11.42 -0.04 -1.3 LifeGro 28.75 -0.05 6.6 TotStInst 55.37 -0.13 10.5
WshA p 42.23 +0.04 11.5 5GlbFxdInc 11.00 -0.02 1.7 Fidelity GlbA 56.43 ... 9.9 Loomis Sayles Fds IncomeP NA ... NA CapOpAdml r 128.82 -1.10 8.6 LifeMod 24.15 -0.05 5.8 ValueInst 35.56 +0.08 13.9
AMG Managers Funds EmgMktVa 23.97 +0.07 19.3 500IdxInst 77.64 -0.19 9.8 FPA Funds LSBondI 13.66 -0.01 7.7 Price Funds EMAdmr 29.97 +0.07 11.9 PrmcpCor 22.94 -0.12 10.2
YacktmanFd I 22.94 -0.05 9.9 EmMktCorEq 17.40 +0.03 12.1 500IdxInstPrem 77.64 -0.19 9.8 FPACres 33.59 +0.08 9.0 Lord Abbett A BlChip 73.09 -0.74 1.0 EqIncAdml 67.78 -0.05 11.8 SelValu r 29.49 +0.10 14.1 W
AQR Funds IntlCoreEq 11.44 ... 2.6 500IdxPrem 77.63 -0.19 9.8 FrankTemp/Frank Adv ShtDurIncmA p 4.31 ... 3.7 CapApp 26.88 -0.14 7.3 ExtndAdml 71.82 -0.18 14.1 STAR 24.42 -0.05 5.6 Western Asset
MgdFutStrI 9.34 -0.07 -8.3 IntSmCo 17.46 -0.03 3.3 ExtMktIdxPrem r 56.71 -0.15 14.0 IncomeAdv 2.23 +0.01 13.0 Lord Abbett F EqInc 32.89 +0.14 17.3 GNMAAdml 10.63 -0.02 1.9 STIGrade 10.65 -0.01 2.7 CorePlusBdI NA ... NA

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg

Continued From Page B8 52-Wk % 52-Wk % EchoStar SATS 51.35 1.5 HealthEquity HQY 45.00 -0.3 MartenTransport MRTN 25.25 -1.2 PwrShSP SmMatr PSCM 47.99 0.8 T-MobileUS TMUS 56.09 -2.1 WintrustFin WTFC 66.60 1.1 LibertyTripAdvA LTRPA 15.90 -1.5
Sym Hi/Lo Chg ElkhornS&P500Cap CAPX 25.82 ... HeritageCrystal HCCI 16.75 ... McGrathRentCorp MGRC 37.40 0.1 PrincipalShrhldrYd PY 27.61 0.3 TimberlandBncp TSBK 19.62 1.2 WolverineBancorp WBKC 28.24 0.9 MNGA 0.42 11.8
52-Wk % Stock Sym Hi/Lo Chg Stock MagneGas
ExtractionOil XOG 24.00 13.7 HomeFedBncpLA HFBL 24.90 2.7 MerchantsBcshsVT MBVT 50.35 0.1 PrivateBancorp PVTB 47.15 -0.4 TitanMachinery TITN 14.23 7.9 ZELTIQAesthetics ZLTQ 44.25 2.8 NeuroMetrix NURO 0.90 -6.2
Stock Sym Hi/Lo Chg AmerisBancorp ABCB 45.30 0.8 CECO Env CECE 14.41 5.7 FS Bancorp FSBW 34.25 1.3 JBHunt JBHT 95.93 2.0 Methanex MEOH 44.60 8.2 ProgenicsPharm PGNX 9.23 -1.1 TowneBank TOWN 32.40 1.1 ZionsBancorpWt ZIONW 8.94 15.1 NexeoSolutionsUn NXEOU 7.34 -1.0
AndinaAcqnIIWt ANDAW 0.23 ... CentennialRsc CDEV 18.30 11.4 MidlandStBncp MSBI 33.90 0.4 Tucows TCX 35.00 1.5 ZionsBancorp ZION 40.00 3.4
Goldfield GV 4.25 ... Fauquier FBSS 16.03 0.2 ICF Intl ICFI 55.70 0.2 RepublicFirstBncp FRBK 5.43 2.9 NivalisTherap NVLS 2.09 -15.6
AppliedMaterials AMAT 32.54 0.1 CentennialRscWt CDEVW 7.22 20.3 MoneyGram MGI 11.32 0.8 TwinDisc TWIN 14.63 2.5 ZionsBancorpWt ZIONZ 6.50 24.8
GrupoSimec SIM 11.37 0.8 FdltyNasCompFd ONEQ 213.86 -0.9 INTL FCStone INTL 42.34 -0.7 RushEnt A RUSHA 30.50 2.4 NovadaqTech NVDQ 7.20 7.0
AppliedMicro AMCC 8.85 1.7 CenterstateBks CSFL 22.74 -0.2 Napco Security NSSC 8.55 4.9 TwoRiverBancorp TRCB 13.99 1.0
IntellicheckMob IDN 2.69 0.8 FifthStreetSrFR FSFR 9.53 -2.9 Iberiabank IBKC 83.00 2.7 SLM SLM 10.17 3.3 OncoSecMedical ONCS 1.31 -2.1
LGL Group
PalatinTech
LGL
PTN
4.87
0.90
0.6
-0.4
ArcBest
Arotech
ARCB
ARTX
31.20
4.15
0.5
1.3
CenturyBancorpA CNBKA
ChartIndustries GTLS
54.90
35.60
1.5
3.6
FirstBancorpNC FBNC
FirstBancorp FNLC
25.79
29.97
-0.8
-1.1
IndependentBank IBTX
InfinityPropCas IPCC
60.78
88.75
0.5
-1.5
NVE
Nathan's
NVEC
NATH
67.42
64.55
-0.3
-0.2
SVB Fin
SabanCapWt SCACW
SIVB 159.90
0.60
2.8
20.0
UnionBankshares UBSH
UnionBankshares UNB
34.60
44.45
-0.1
1.4
Nasdaq lows - 52 Ovascience
PDL Biopharm PDLI
OVAS 3.27 -4.8
2.14 -4.4
ArrowFinancial AROW 39.58 -2.4 ChinaLodging HTHT 52.76 0.7 NationalCommerce NCOM 36.65 -0.9 UtdCmtyBks UCBI 27.50 1.5 ActivePower PIOI 0.14 -32.1
TompkinsFin TMP 87.62 0.2 FirstBancshares FBMS 24.70 2.3 Innophos IPHS 54.92 1.0 SandySpringBncp SASR 37.28 -0.7 PAVmed PAVM 7.46 -8.1
AspenTech AZPN 53.27 -0.1 CitizensHolding CIZN 26.20 1.6 Neogen NEOG 63.57 1.2 UnitedFinBncp UBNK 17.12 0.1 AkariTherap AKTX 7.08 -3.5
FstCmntyBcsh FCBC 28.95 0.1 InnovSolSuprt ISSC 3.78 5.7 Sanmina SANM 33.90 -2.4 PernixTherap PTX 2.92 -5.0
AtlanticCoastFin ACFC 7.10 -0.6 CivistaBcshrs CIVB 19.00 12.2 AntheraPharm ANTH 1.47 -14.8
NYSE MKT lows - 8 ADP ADP 97.54 -1.1 CivistaBcshrsPfB CIVBP 59.00 7.8 FirstComSC
FirstDefiance FDEF
FCCO 16.80
47.74
5.0
-0.7
InsightEnt NSIT
iRhythmTechs IRTC
36.71
31.45
0.3
-1.4
NorthwestBcshs NWBI
NorwoodFin NWFL
18.44
34.50
-0.1
6.2
SeacoastBkgFL SBCF
SecurityNatFin SNFCA
20.67
7.40
2.9
...
UnivestPA UVSP
VanguardRuss1000 VONE
28.85
101.93
0.9
-0.1 ArrowheadPharm ARWR 1.42 -67.2
PSVariableRateInv VRIG
ProNAiTherap DNAI
24.97 ...
1.33 -5.0
BlackRockMATaxEx MHE 12.69 -0.3 B/EAerospace BEAV 60.38 0.2 CoastwayBancorp CWAY 14.10 ... OldLineBcshs OLBK 21.95 2.6 VangrdRuss1000Val VONV 96.46 0.5 AthenaHealth ATHN 91.83 0.5
BSB Bancorp BLMT 27.00 1.3 CodorusValleyBncp CVLY 24.34 ... FirstFinBncpOH FFBC 27.50 -1.3 iShMornMCValue JKI 144.21 1.1 ServisFirstBcshs SFBS 74.26 0.8 ProvidenceService PRSC 36.51 -1.3
Cel-Sci Wt CVM/WS 0.04 -10.0 OxfordImmunotec OXFD 14.93 0.1 VascularSolutions VASC 55.30 2.5 Atomera ATOM 6.50 -3.3
BankofCommerce BOCH 8.40 0.6 CogentixMedical CGNT 2.65 20.4 FirstMerchants FRME 34.72 0.2 Isramco ISRL 118.00 1.7 SierraBancorp BSRR 23.03 2.0 BellerophonTherap BLPH 0.43 -2.1 Pulmatrix PULM 0.60 -11.7
CorindusVascular CVRS 0.56 -2.8 PDC Energy PDCE 74.66 15.7 VeecoInstr VECO 26.85 -0.2
BankwellFin BWFG 29.35 1.5 Coherent COHR 134.37 -1.9 FT NasdaqRising RDVY 24.62 0.3 Itron ITRI 66.00 -2.1 SignatureBankWt SBNYW 121.45 31.1 BioScrip BIOS 1.12 -8.1 RealGoodsSolar RGSE 0.44 -16.5
EtnVncNJ EMJ 12.73 -1.0 PTC PTC 49.95 -1.9 VSInverseVIXSTerm XIV 44.35 -0.3
BeasleyBroadcast BBGI 6.60 ... ColonyBankcorp CBAN 11.30 0.7 FT NasdOil&Gas FTXN 22.14 2.0 JM Global Un WYIGU 10.04 ... SimmonsFirstNat SFNC 60.73 0.6 CellectBiotech APOP 3.20 -2.7 ResearchFrontiers REFR 1.73 -5.3
EtnVncNY ENX 12.01 0.1 Paccar PCAR 62.62 1.4 VictoryCEMPUSEQInc CDC 41.12 -0.7
BeneficialBncp BNCL 17.60 -0.3 ColumbusMcKinn CMCO 26.59 1.3 FT NasdaqTrans FTXR 22.58 0.6 JohnsonOutdoors JOUT 44.74 -1.8 PacificContinent PCBK 19.95 0.5 SmartSand SND 14.35 12.2 VictoryCEMPUS500 CFO 40.33 -0.5 Celsion CLSN 0.62 -13.1 RubiconTech RBCN 0.50 -2.8
NeubrgrBrmNY NBO 12.37 -0.7
BofI BOFI 25.49 -5.4 Comcast A CMCSA 70.28 -0.9 FlexSTOXXUSESGImp ESG 51.81 3.5 KLREnergy KLRE 10.16 ... PacificEthanol PEIX 9.00 1.2 SmartFinancial SMBK 18.98 0.4 VictoryCEMPUS500 CFA 40.25 -0.4 Cerecor CERC 1.90 -55.9 StanleyFurniture STLY 0.92 -7.5
SparkNetworks LOV 0.96 -4.9
BoingoWireless WIFI 12.71 -0.2 CommunityBkrs ESXB 6.35 2.5 FlirSystems FLIR 36.11 1.9 KVH Inds KVHI 11.00 4.8 PacWestBancorp PACW 52.18 -0.1 SoundFinBancorp SFBC 26.50 0.4 VictoryCEMPUSLC CDL 40.11 -0.7 CerecorWt B CERCZ 0.12 -81.1 StericyclePfdA SRCLP 61.23 -2.2
SyntheticBiolog SYN 0.77 -5.4
BridgeBancorp BDGE 33.90 1.1 CommunityWestBcshs CWBC 9.95 ... Forterra FRTA 19.97 3.5 LandmarkBncp LARK 27.70 -0.1 PapaJohn's PZZA 89.37 1.3 SpiritAirlines SAVE 55.93 2.0 WCF Bancorp WCFB 9.26 1.5 CSX-LinksGold GLDI 9.12 -1.3 SynergyPharmWt SGYPW 0.07 -39.7
25.74 0.8 79.78 1.6 11.10 0.9 0.21 -36.5
Nasdaq highs - 221 BrynMawrBank BMTC
Cadiz CDZI
37.65
10.83
-0.7
0.5
DLH Holdings DLHC
DXP Ents DXPE
6.25
33.73
13.0
12.8
ForwardPharma FWP
Gentex GNTX 18.60 1.1
LincolnElectric LECO
Macom Tech MTSI 50.69 0.6
ParkCity PCYG
PattersonUTIEn PTEN
15.35
27.34
-4.3
16.2
StaarSurgical STAA
SteelDynamics STLD 36.43 0.7
WSFS Financial WSFS
WVS Financial WVFC
43.15
14.01
0.5
1.2
DiffusionPharm DFFN
FT MgdMuni FMB
2.20 -26.7
50.83 -0.3
Towerstream TWER
TripAdvisor TRIP 48.25 -2.1
AEP Ind AEPI 118.55 ... CRA Intl CRAI 33.65 -1.1 DelFrisco's DFRG 17.40 3.0 GlobalIndemnity GBLI 37.71 ... MKS Instrum MKSI 59.10 -1.2 PeapackGladFinl PGC 27.94 -0.6 StellarAcqnIII STLRU 10.19 1.4 WshgtnFirstBksh WFBI 27.95 0.9 FTMuniCEFIncmOpp MCEF 18.11 -0.8 TrovaGene TROV 2.80 -1.7
Amerisafe AMSF 65.95 -2.8 CSX CSX 36.09 2.9 DiamondbackEner FANG 108.51 13.1 GlbXS&P500Catholic CATH 27.20 0.2 MYR Group MYRG 41.43 -1.5 PennantParkCap PFLT 13.99 -0.6 StewardshipFin SSFN 8.90 1.7 WayneSavings WAYN 15.50 2.0 GalenaBiopharma GALE 2.91 -2.2 uniQure QURE 6.14 -1.9
AbraxisPetrol AXAS 2.14 13.5 CU Bancorp CUNB 29.45 -1.9 Dunkin' DNKN 54.47 0.2 GolarLNGPartners GMLP 22.69 9.1 Macatawa MCBC 9.68 -1.6 PeoplesBncpOH PEBO 29.86 -0.4 SunshineBancorp SBCP 16.80 1.8 WeatherStorm FLAG 37.70 0.8 GordmansStores GMAN 0.65 -8.0 VS2xVIXShortTerm TVIX 11.15 -0.6
AdvEnergyInds AEIS 56.69 -1.9 CamdenNational CAC 39.40 0.5 ESSA Bancorp ESSA 14.92 ... GuarantyBncp GBNK 21.75 -0.7 MagellanHealth MGLN 73.30 0.1 PeoplesFin PFBX 13.95 15.3 SussexBancorp SBBX 18.20 0.8 WellesleyBancorp WEBK 25.25 3.8 HanwhaQCELLS HQCL 8.13 -1.7 VSVIXShortTerm VIIX 9.26 ...
AmbacFin AMBC 24.90 -0.6 CardinalFin CFNL 32.49 ... E*TRADE ETFC 34.89 1.3 GulfIslandFab GIFI 11.90 2.2 MainSourceFncl MSFG 31.29 -1.1 PlumasBancorp PLBC 16.85 0.3 TCP Capital TCPC 17.02 -0.1 WestburyBancorp WBB 20.55 1.0 HudsonGlobal HSON 1.20 2.1 Vodafone VOD 24.44 -0.2
AmbacFinWt AMBCW 13.49 -3.7 CarolinaBankNC CLBH 24.20 -0.6 EagleBancorp EGBN 58.85 5.1 HawthornBcsh HWBK 17.40 1.3 MammothEnergy TUSK 16.26 8.2 PwrShSP SmEnrg PSCE 20.29 12.7 TD Ameritrade AMTD 41.58 0.9 WestmorelandCoal WLB 18.05 -1.3 IgniteRestaurant IRG 0.27 -6.2 WindtreeTherap WINT 1.41 0.7
AmerCarMart CRMT 47.20 1.2 CarolinaFin CARO 27.00 0.4 EastWestBancorp EWBC 48.14 1.3 HealthInsInnov HIIQ 13.70 5.1 MarlinBusSvcs MRLN 20.95 ... PwrShSP SmFinc PSCF 50.44 -0.4 T-Mobile Pfd TMUSP 92.03 -2.1 WintrustFin Wt WTFCW 43.04 0.2 InventergyGlobal INVT 0.52 5.7 YulongEcoMat YECO 1.10 -15.4
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B10 | Thursday, December 1, 2016 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
19123.58 s 1.98, or 0.01% Trailing P/E ratio * 20.86 17.02 2198.81 t 5.85, or 0.27% Trailing P/E ratio * 24.35 23.18 5323.68 t 56.24, or 1.05% Trailing P/E ratio * 24.02 23.25
High, low, open and close for each P/E estimate * 17.86 16.20 High, low, open and close for each P/E estimate * 18.45 17.55 High, low, open and close for each P/E estimate * 19.50 20.10
trading day of the past three months. Dividend yield 2.53 2.49 trading day of the past three months. Dividend yield 2.12 2.10 trading day of the past three months. Dividend yield 1.24 1.19
All-time high 19152.14, 11/25/16 All-time high: 2213.35, 11/25/16 All-time high: 5398.92, 11/25/16

Current divisor 0.14602128057775 Session high

19250 2200 5380
DOWN UP
t

Session open Close

19000 65-day moving average 2180
Close Open 5300
t

Session low
18750 2160 5220

65-day moving average

18500 2140 5140

18250 2120 5060

65-day moving average

18000 2100 4980

Bars measure the point change from session's open

17750 2080 4900
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
* P/E data based on as-reported earnings from Birinyi Associates Inc.

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,611,919,033 20,576,289
Industrial Average 19225.29 19123.38 19123.58 1.98 0.01 19152.14 15660.18 7.9 9.7 5.9 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 820,487,764 7,864,219
Transportation Avg 9042.65 8906.36 8981.65 38.07 0.43 9044.21 6625.53 11.8 19.6 7.5 Most-active issues in late trading Decl. volume* 773,346,302 12,422,128
Utility Average 647.63 632.67 632.67 -21.87 -3.34 723.51 551.13 13.8 9.5 9.1 Volume After Hours Issues traded 3,117 341
Company Symbol (000) Last Net chg % chg High Low Advances 1,192 131
Total Stock Market 23034.15 22868.76 22868.77 -60.77 -0.27 23048.15 18663.11 6.1 8.4 6.5
SPDR S&P 500 SPY 20,375.2 220.35 -0.03 -0.01 221.01 220.21 Declines 1,838 186
Barron's 400 592.23 585.00 585.41 -4.54 -0.77 594.90 446.15 8.5 13.4 5.3
First Data Cl A FDC 11,104.7 14.57 unch. 14.62 14.56 Unchanged 87 24
Nasdaq Stock Market IHS Markit INFO 5,748.0 35.94 unch. 35.94 35.94 New highs 205 7
Nasdaq Composite 5393.15 5323.68 5323.68 -56.24 -1.05 5398.92 4266.84 3.9 6.3 9.5 VanEck Vectors Gold Miner GDX 5,400.5 20.80 -0.03 -0.14 20.84 20.76 New lows 54 8
4880.76 4810.81 Closing tick 498 11
Nasdaq 100 4810.81 -62.40 -1.28 4909.97 3947.80 2.7 4.7 11.3 iShares MSCI Emg Markets EEM 5,274.1 35.47 -0.03 -0.08 35.54 35.43
Closing Arms 0.48 0.64
Bank of America BAC 4,603.2 21.15 0.03 0.14 21.16 20.94
Standard & Poor's Block trades* 6,980 135
-0.27
Microsoft MSFT 4,153.3 60.29 0.03 0.05 60.73 60.20
500 Index 2214.10 2198.81 2198.81 -5.85 2213.35 1829.08 5.7 7.6 6.8 Nasdaq NYSE Arca
Fang Holdings ADR SFUN 3,485.5 2.93 unch. 2.96 2.88
MidCap 400 1639.36 1627.49 1627.52 -3.59 -0.22 1640.81 1238.82 11.8 16.4 7.7 Total volume*2,007,905,056 433,117,808
SmallCap 600 820.28 810.29 812.02 -2.40 -0.29 825.28 588.26 15.3 20.9 7.3 Percentage gainers Adv. volume* 633,813,927 249,582,246
Decl. volume*1,355,482,469 183,316,629
Other Indexes bluebird bio BLUE 110.2 74.00 13.65 22.62 75.00 60.25
Issues traded 2,996 1,370
Russell 2000 1337.33 1320.95 1322.34 -5.88 -0.44 1347.20 953.72 11.0 16.4 5.0 Tilly's TLYS 34.3 11.55 1.68 17.02 11.99 10.10
Advances 1,011 562
NYSE Composite 10890.04 10838.45 10838.48 20.78 0.19 10890.79 9029.88 4.3 6.9 2.1 Diana Containerships DCIX 15.8 3.80 0.22 6.15 3.81 3.58 Declines 1,825 798
Value Line 502.95 499.00 499.04 -0.65 -0.13 505.10 383.82 7.2 11.9 1.2 FutureFuel FF 7.6 14.55 0.82 5.97 14.55 13.73 Unchanged 160 10
NYSE Arca Biotech 3305.35 3198.44 3198.44 -90.88 -2.76 3868.26 2642.53 -15.2 -16.1 11.4
Pampa Energia ADR PAM 5.2 36.99 2.06 5.90 37.00 34.93 New highs 221 151
New lows 52 54
NYSE Arca Pharma 473.60 469.45 469.62 -2.45 -0.52 554.66 464.16 -13.1 -13.3 0.5 ...And losers
Closing tick 121 96
KBW Bank 87.56 86.44 87.27 1.72 2.01 87.27 56.51 15.3 19.4 8.8 United Bankshares WV UBSI 24.3 36.01 -10.14 -21.97 46.23 36.01 Closing Arms 1.18 0.53
PHLX Gold/Silver 80.60 78.82 79.88 -1.00 -1.24 112.86 38.84 71.6 76.3 -2.6 Guess GES 364.8 13.22 -2.10 -13.71 15.32 13.01 Block trades* 7,098 2,196
PHLX Oil Service 177.84 161.92 176.24 15.08 9.36 180.58 128.61 1.3 11.7 -13.9 NQ Mobile ADR NQ 5.9 3.50 -0.25 -6.67 3.86 3.50 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX Semiconductor 887.19 879.43 879.47 -5.79 -0.65 890.97 559.18 28.8 32.6 19.9 Bazaarvoice BV 5.1 5.12 -0.18 -3.48 5.40 5.12 (TRIN) A comparison of the number of advancing and declining
13.42 12.23 0.43 28.14 11.34 -16.2 -26.8 issues with the volume of shares rising and falling. An
CBOE Volatility 13.33 3.33 -0.9 B/E Aerospace BEAV 370.2 58.00 -2.04 -3.40 60.20 57.20 Arms of less than 1 indicates buying demand; above 1

Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2455.59 0.83 0.03 5.1 Superconductor Techs SCON 2.98 0.98 49.00 4.80 1.16 -9.7 Arrowhead Pharmaceuticals ARWR 1.44 -2.95 -67.20 8.22 1.42 -75.8
The Global Dow Euro 2179.66 1.63 0.07 7.6 California Resources CRC 17.40 5.35 44.40 39.80 2.81 -53.7 Cerecor CERC 2.08 -2.64 -55.93 5.60 1.90 -42.9
DJ Global Index 319.63 0.36 0.11 3.8 Direxion S&P Oil Gas GUSH 108.53 27.90 34.60 130.30 24.30 -7.4 Direxion S&P Oil Gas Br DRIP 12.89 -6.78 -34.47 241.16 12.75 -82.2
World DJ Global ex U.S. 209.15 0.09 0.05 0.5 Denbury Resources DNR 3.78 0.95 33.57 4.80 0.86 11.5 VelocityShares 3x Inv DWTI 57.17 -20.55 -26.44 484.23 52.49 -61.8
Americas DJ Americas 531.34 0.82 0.15 9.1 Whiting Petroleum WLL 12.22 2.84 30.28 16.62 3.35 -20.8 Direxion Natl Gas Bear 3x GASX 21.10 -7.48 -26.17 635.80 21.00 ...
Brazil Sao Paulo Bovespa 61906.36 919.84 1.51 42.8 Oasis Petroleum OAS 14.97 3.25 27.73 15.02 3.40 43.4 Celyad ADR CYAD 18.65 -5.35 -22.29 59.50 16.31 -60.1
Canada S&P/TSX Comp 15082.85 83.04 0.554 15.9 WPX Energy WPX 15.54 3.36 27.59 15.63 2.53 105.6 Clearside Biomedical CLSD 14.64 -3.87 -20.91 25.08 5.65 ...
Mexico IPC All-Share 45315.96 56.23 0.12 5.4 Stone Energy SGY 4.92 1.06 27.46 74.90 2.70 -92.7 Microbot Medical MBOT 8.17 -1.96 -19.35 59.40 2.97 -85.7
Chile Santiago IPSA 3274.08 25.64 0.79 11.2 EP Energy Cl A EPE 5.31 1.12 26.73 7.44 1.60 3.7 ProSh Ult Bloom Crude Oil SCO 74.13 -15.85 -17.62 243.67 69.12 -31.4
0.31 DXN Dly NatGas 3X Bl GASL 49.38 10.11 25.74 149.10 14.30 -62.4 Nivalis Therapeutics NVLS 2.17 -0.40 -15.56 9.46 2.09 -73.4
Europe Stoxx Europe 600 341.99 1.04 6.5
Euro zone Euro Stoxx 327.41 1.60 0.49 5.1 VelocityShares 3x Lg UWTI 22.35 4.49 25.14 69.40 11.70 -63.0 Direxion Daily En Bear 3x ERY 10.10 -1.82 -15.27 48.66 9.77 -57.3
Belgium Bel-20 3478.63 9.29 0.27 6.0 ENSCO PLC ESV 9.66 1.93 24.97 17.40 6.50 -40.9 DB Crude Oil Double Shrt DTO 119.92 -19.76 -14.15 274.34 105.84 -9.8
France CAC 40 4578.34 26.88 0.59 1.3 SM Energy SM 39.86 7.95 24.91 43.09 6.99 40.6 Costamare CMRE 5.76 -0.89 -13.38 11.92 5.60 -50.4
Germany DAX 10640.30 19.81 0.19 1.0 Continental Resources CLR 58.01 10.80 22.88 58.86 13.94 70.5 American Eagle Outfitters AEO 16.56 -2.35 -12.43 19.55 12.78 4.7
1445.90 0.34 5.4 Nabors Industries NBR 16.10 2.93 22.25 16.50 4.93 62.3 KalVista Pharmaceuticals KALV 8.19 -1.12 -12.03 57.96 6.16 -85.0
Israel Tel Aviv 4.94
Italy FTSE MIB 16930.41 368.55 2.23 21.0
Netherlands AEX 457.21 4.71 1.04 3.5 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 8688.20 21.20 0.24 9.0
0.76 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 519.10 3.92 2.8 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 7875.19 30.18 0.38 10.7
Bank of America BAC 186,953 77.4 21.12 4.48 21.19 10.99 Sun Bancorp (New Jersey) SNBC 1,141 6658 22.95 -4.77 24.90 19.52
U.K. FTSE 100 6783.79 11.79 0.17 8.7
Chesapeake Energy CHK 120,441 131.7 7.00 9.89 8.15 1.50 PowerShares Europe Curr FXEU 3,065 4225 23.05 -0.09 25.76 21.82
Asia-Pacific DJ Asia-Pacific TSM 1426.43 5.04 0.35 2.6 Finl Select Sector SPDR XLF 97,233 40.4 22.51 1.35 22.57 15.86 Guggenheim S&P 500 Fncls RYF 3,262 4141 35.79 1.33 35.89 24.95
Australia S&P/ASX 200 5440.50 17.00 0.31 2.7 SPDR S&P 500 SPY 92,036 -3.6 220.38 -0.24 221.82 181.02 Dyn Cnsmr Discret PEZ 196 2891 42.95 -1.05 46.08 36.03
China Shanghai Composite 3250.03 32.89 1.00 8.2 iShares MSCI Emg Markets EEM 80,925 7.6 35.50 0.17 38.32 27.61 iSh iBonds Dec 2021 Corp IBDM 1,168 2488 24.69 -0.24 25.66 24.03
Hong Kong Hang Seng 22789.77 52.70 0.23 4.0 Whiting Petroleum WLL 80,662 241.4 12.22 30.28 16.62 3.35 Costamare CMRE 8,900 2442 5.76 -13.38 11.92 5.60
India S&P BSE Sensex 26652.81 258.80 0.98 2.0 Marathon Oil MRO 74,127 342.4 18.06 20.80 18.55 6.52 Lawson Products LAWS 317 2142 23.70 0.42 28.70 15.23
Japan Nikkei Stock Avg 18308.48 1.44 0.01 3.8 VanEck Vectors Gold Miner GDX 65,190 -22.6 20.83 -1.88 31.79 12.40 SiteOne Landscape Supply SITE 6,218 1897 33.50 -0.71 40.97 25.49
Singapore Straits Times 2905.17 26.03 0.90 0.8 VelocityShares 3x Lg UWTI 62,840 181.1 22.35 25.14 69.40 11.70 Globus Maritime GLBS 7,595 1831 6.78 21.72 23.60 0.20
South Korea Kospi 1983.48 5.09 0.26 1.1 SPDR S&P O&G Exp Prd XOP 62,833 251.1 41.93 11.58 42.01 22.06 Guggenheim BulletShs 2020 BSCK 2,147 1818 21.19 -0.47 21.79 20.83
Taiwan Weighted 9240.71 48.33 0.53 10.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS Currencies CURRENCIES

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency
Wed YTDchg
in US$ per US$ (%) Country/currency
Wed YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .02800 35.710 0.9
A consumer rate against its Home Equity Vietnam dong .00004412 22667 2.3
5.00% Argentina peso .0630 15.8670 22.6
benchmark over the past year 18% Brazil real .2955 3.3842 14.6 Europe
Bankrate.com avg: 4.72% s
4.00 Yen Canada dollar .7442 1.3437 2.9 Czech Rep. koruna .03915 25.545 2.6
Home equity loan Salem Five 3.00% 12
Chile peso .001479 676.00 4.6 Denmark krone .1423 7.0260 2.2
5.00% Salem, MA 978-745-5555 Euro
s
t 3.00 6 Colombia peso .0003253 3074.50 3.2 Euro area euro 1.0590 .9443 2.6
Savings Bank of Danbury 3.00% Ecuador US dollar 1 1 unch Hungary forint .003385 295.40 1.7
4.00 Wednesday 2.00 .0486 20.5731 19.6 .008932 111.96 14.0
t

Danbury, CT 203-743-3849 0 Mexico peso Iceland krona

t t Peru new sol .2930 3.413 0.03 Norway krone .1173 8.5244 3.6
3.00 The Torrington Savings Bank 3.00% 1.00 6 Uruguay peso .03445 29.0300 2.9 Poland zloty .2378 4.2061 7.2
Prime rate Torrington, CT 860-496-2152 One year ago s
WSJ Dollar index Venezuela b. fuerte .100050 9.9951 58.5 Russia ruble .01560 64.106 10.8
2.00 0.00 12
Third Federal S&LA 3.24% Asia-Pacific Sweden krona .1083 9.2307 9.3
1 3 6 1 2 3 5 710 30 2016 Switzerland franc .9829 1.0174 1.5
Fort Lauderdale, FL 888-THIRDFED Australian dollar .7385 1.3541 1.3
1.00 month(s) years Turkey lira .2910 3.4370 17.8
Berkshire Bank 3.25% China yuan .1450 6.8947 6.2
D J F MA M J J A S O N maturity Ukraine hryvnia .0393 25.4640 6.1
Hong Kong dollar .1289 7.7564 0.1
2016 New Hartford, NY 315-735-6106 UK pound 1.2506 .7996 17.8
India rupee .01458 68.598 3.6
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000736 13583 1.8
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008737 114.46 4.9 Bahrain dinar 2.6532 .3769 0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .002945 339.58 0.2 Egypt pound .0560 17.8705 128.2
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Macau pataca .1258 7.9500 0.7 Israel shekel .2609 3.8322 1.5
Malaysia ringgit .2237 4.4700 3.9 Kuwait dinar 3.2775 .3051 0.5
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .7082 1.4120 3.5 Oman sul rial 2.5968 .3851 0.04
Libor, 3-month 0.93 0.92 0.44 l 0.94 0.70 Pakistan rupee .00954 104.800 0.1 Qatar rial .2746 3.641 0.03
Money market, annual yield 0.29 0.29 0.22 l 0.29 -0.13 Treasury, Ryan ALM 1426.373 1.982 1.987 1.987 1.141 0.705 3.024 Philippines peso .0200 49.936 6.6 Saudi Arabia riyal .2666 3.7510 0.1
Five-year CD, annual yield 1.21 1.21 1.17 l 1.42 -0.16 10-yr Treasury, Ryan ALM 1696.240 2.365 2.355 2.365 1.366 3.835 3.421 Singapore dollar .6976 1.4335 1.1 South Africa rand .0709 14.0952 8.9
30-year mortgage, fixed 4.09 4.08 3.43 l 4.14 -0.40 South Korea won .0008492 1177.63 0.1
DJ Corporate 358.982 3.145 3.163 3.462 2.460 4.437 4.154 Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0067245 148.71 3.1
15-year mortgage, fixed 3.28 3.23 2.70 l 3.34 -0.25 Aggregate, Barclays Capital 1873.690 2.560 2.580 2.630 1.820 2.177 2.789 Taiwan dollar .03135 31.898 3.1 WSJ Dollar Index 91.98 0.64 0.70 2.00
Jumbo mortgages, $417,000-plus 4.54 4.60 4.02 l 4.70 -0.02 High Yield 100, Merrill Lynch n.a. n.a. 6.096 n.a. n.a. n.a. n.a. Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM) 3.75 3.72 2.97 l 3.86 0.07
Fixed-Rate MBS, Barclays 1939.140 2.770 2.830 2.860 1.930 1.631 2.922
New-car loan, 48-month 3.02 3.03 2.87 l 3.38 0.03
HELOC, $30,000 4.72 4.73 4.29 l 5.01 -0.31
Muni Master, Merrill n.a. n.a. 2.281 n.a. n.a. n.a. n.a. COMMODITIES
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 n.a. n.a. 6.175 n.a. n.a. n.a. n.a. Commodities Wednesday 52-Week YTD
banks. Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg

DJ Commodity 557.48 11.26 2.06 558.78 420.23 20.87 22.85

ONLINE 189.31 2.90 195.82 4.68

WSJ
TR/CC CRB Index 5.33 155.01 7.40
Crude oil, $ per barrel 49.44 4.21 9.31 51.60 26.21 23.79 33.48
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and ETFs. Natural gas, $/MMBtu 3.352 0.037 1.12 3.35 1.64 54.83 43.43
.COM
Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at WSJMarkets.com Gold, $ per troy oz. 1170.80 -17.10 -1.44 1364.90 1050.80 11.06 10.42
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Thursday, December 1, 2016 | B11

COMMODITIES | WSJ.com/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P 500 (CME)-$50 x index
Metal & Petroleum Futures Jan 126.950 128.725 126.950 128.425 1.450 22,154 Dec .7482 .7495 .7371 .7386 .0099 89,610 Dec 2203.25 2213.75 s 2197.25 2198.75 4.95 3,000,528
Contract Open March 123.150 124.725 123.150 124.450 1.175 12,314 March'17 .7467 .7478 .7357 .7371 .0099 3,007 March'17 2197.75 2208.25 s 2192.25 2193.75 5.05 77,686
Open High hi lo Low Settle Chg interest Cattle-Live (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini S&P Midcap 400 (CME)-$100 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 109.400 110.925 109.150 110.750 1.825 36,516 Dec .04833 .04882 .04824 .04855 .00012 124,181 Dec 1631.10 1638.90 1625.60 1626.90 4.10 88,475
Dec 2.5885 2.6430 2.5400 2.6215 0.0265 6,744 Feb'17 110.500 112.250 110.450 111.950 1.650 108,168 March'17 .04780 .04830 .04776 .04805 .00014 31,192 Mini Nasdaq 100 (CME)-$20 x index
March'17 2.6020 2.6560 2.5505 2.6330 0.0230 157,835 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-125,000; $ per Dec 4872.5 4885.5 4812.5 4816.0 59.0 253,414
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 50.850 51.700 50.750 51.025 .675 35,289 Dec 1.0656 1.0675 1.0560 1.0605 .0052 428,368 March'17 4872.5 4884.5 s 4813.0 4815.5 59.0 1,811
Dec 1187.10 1193.30 1167.90 1170.80 17.10 12,551 Feb'17 55.000 56.150 54.900 55.225 .525 99,816 March'17 1.0706 1.0722 1.0608 1.0652 .0052 16,712 Mini Russell 2000 (ICE-US)-$100 x index
Feb'17 1190.70 1196.80 1171.30 1173.90 16.90 271,613 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 1329.20 1336.40 1320.10 1322.30 6.80 354,492
April 1193.80 1199.90 1174.70 1177.00 17.00 35,365 Jan 335.00 335.30 328.30 329.80 .50 2,734 Index Futures March'17 1326.40 1332.50 1317.30 1319.10 6.80 709
June 1198.00 1200.70 1178.40 1179.90 17.10 39,740 March 343.00 345.00 339.70 343.00 1.80 798 Mini Russell 1000 (ICE-US)-$100 x index
Milk (CME)-200,000 lbs., cents per lb. Mini DJ Industrial Average (CBT)-$5 x index Dec 1227.00 1228.50 1220.80 1221.50 2.00 4,471
Aug 1189.50 1190.50 t 1182.40 1182.60 17.10 10,683
Dec 19119 19215 s 19100 19132 17 139,730 U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 1205.80 1210.00 1185.70 1187.90 17.10 20,512 Dec 16.87 17.00 16.79 16.94 .02 6,104
March'17 19051 19150 s 19031 19070 18 5,887 Dec 100.98 101.88 100.92 101.54 .59 79,861
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'17 16.38 16.55 s 16.25 16.52 .09 3,719
Dec 763.70 774.75 s 763.25 771.65 8.00 310 Cocoa (ICE-US)-10 metric tons; $ per ton. S&P 500 Index (CME)-$250 x index March'17 100.88 101.78 100.85 101.44 .59 11,401
2,407 2,407 2,407 2,387 18 77 Dec 2204.10 2213.40 s 2198.00 2198.80 5.00 88,779
Jan'17 764.05 773.45 s 764.05 771.40 7.75 17 Dec
March 764.00 775.75 s 762.55 772.65 7.40 25,643 March'17 2,418 2,427 2,371 2,389 26 141,192 March'17 2203.50 2207.20 s 2194.50 2193.70 5.00 1,719 Source: SIX Financial Information
June 772.20 772.20 s 772.20 773.45 7.40 182 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 149.50 150.00 147.40 147.50 2.40 243
Dec
Jan'17
918.30
921.10
921.20
927.80
918.30
904.20
908.10 10.80
909.90 11.40
26
58,487
March'17 152.80 153.50 150.45 150.60 2.45 105,406
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Bonds | WSJ.com/bonds
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 19.66 19.85 19.50 19.81 .15 389,793
16.545 16.715 16.395 16.406 0.255 3,056 May 19.12 19.32 19.03 19.27 .15 164,317
Dec
March'17 16.690 16.830 16.465 16.482 0.258 126,459 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Tracking Bond Benchmarks
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Jan 28.56 28.56 28.51 28.52 .14 1,678
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Jan 45.24 49.90 45.22 49.44 4.21 625,493 March 28.51 28.70 28.51 28.52 .14 813
Feb 46.22 50.80 46.13 50.34 4.21 183,750 Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds
March 47.07 51.65 47.03 51.21 4.21 234,305 Dec 72.62 72.62 72.14 72.46 .08 991 Total Total
April 47.85 52.32 47.85 51.89 4.17 102,385 March'17 71.30 71.70 70.60 71.58 .28 184,074 return YTD total Yield (%) return YTD total Yield (%)
June 48.74 53.12 48.74 52.73 4.00 186,002 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 49.87 53.66 49.85 53.31 3.45 178,261 Jan 217.50 218.95 215.00 217.60 2.20 13,354
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 214.00 215.20 212.00 214.45 2.35 1,828 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Dec 1.4627 1.5809 1.4600 1.5709 .1082 4,678
1873.69 2.5 U.S. Aggregate 2.560 1.820 2.630 1939.14 1.7 Mortgage-Backed 2.770 1.930 2.860
Jan'17 1.4798 1.5942 1.4749 1.5763 .0985 106,634 Interest Rate Futures
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. U.S. Corporate Indexes Bloomberg Barclays 1917.62 1.6 Ginnie Mae (GNMA) 2.680 1.850 2.790
Dec 1.3776 1.5000 1.3764 1.4908 .1137 5,707
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec 154-060 154-110 151-160 152-210 1-15.0 50,817 1134.19 1.7 Fannie mae (FNMA) 2.790 1.950 2.880
Jan'17 1.3770 1.4991 1.3736 1.4825 .1053 151,426 2608.65 5.4 U.S. Corporate 3.370 2.750 3.710
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'17 152-280 153-010 150-040 151-090 1-16.0 527,358
Jan 3.325 3.365 3.285 3.352 .037 286,325
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2512.49 3.8 Intermediate 2.830 2.190 3.120 1746.01 1.7 Freddie Mac (FHLMC) 2.820 1.980 2.900
Dec 125-255 125-265 124-315 125-075 17.0 172,428
Feb 3.349 3.384 3.314 3.359 .018 78,770
March'17 125-045 125-060 124-085 124-165 19.0 2,835,950 3448.40 9.2 Long term 4.620 3.960 5.130 493.59 -1.2 Muni Master 2.444 1.297 2.444
March 3.340 3.357 3.291 3.328 .009 181,288
3.238 3.264 3.209 3.230 .003 100,155
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
April
Dec 118-195 118-202 118-065 118-115 8.2 267,236 537.91 3.2 Double-A-rated 2.710 1.980 2.730 342.74 -1.7 7-12 year 2.553 1.300 2.553
May 3.242 3.253 3.200 3.217 .010 73,605
March'17 118-042 118-045 117-220 117-270 9.0 2,758,886
380.09 -1.6 12-22 year 2.970 1.610 2.970
Oct 3.277 3.296 3.248 3.264 .012 76,908
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 663.38 7.2 Triple-B-rated 3.740 3.180 4.450
Agriculture Futures Dec 108-220 108-220 108-192 108-212 .5 101,099 High Yield Bonds Merrill Lynch 365.73 -0.4 22-plus year 3.500 2.027 3.500
March'17 108-142 108-142 108-112 108-130 1.2 1,056,559
Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 381.09 15.2 High Yield Constrained 6.569 5.953 10.099 Global Government J.P. Morgan
Dec 337.25 341.75 336.00 336.75 29,407 Nov 99.595 99.595 99.593 99.590 .002 186,557
370.04 32.5 Triple-C-rated 12.493 11.961 21.753 536.38 2.8 Global Government 1.360 0.750 1.610
March'17 349.00 353.00 347.75 348.50 .50 718,475 Jan'17 99.365 99.370 99.365 99.365 .005 223,363
Oats (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 2637.29 11.1 High Yield 100 5.999 5.248 8.696 760.18 0.6 Canada 1.720 0.770 1.830
Dec 200.00 200.00 198.50 199.25 .75 781 Dec 95.891 95.891 95.188 95.484 .578 31,491
March'17 212.00 214.25 211.00 212.25 .25 6,115 1 Month Libor (CME)-$3,000,000; pts of 100% 345.76 13.8 Global High Yield Constrained 6.211 5.661 9.437 366.42 2.4 EMU 1.053 0.512 1.256
Soybeans (CBT)-5,000 bu.; cents per bu. Jan 99.2400 99.2400 99.2400 99.2425 .0100 26
Jan 1043.00 1052.75 1031.25 1032.25 10.25 330,877 Eurodollar (CME)-$1,000,000; pts of 100% 281.78 7.1 Europe High Yield Constrained 3.814 3.223 6.500 704.68 3.3 France 0.780 0.270 1.110
March 1051.00 1061.25 1040.00 1041.25 9.75 160,591 Dec 99.0200 99.0200 99.0075 99.0100 .0075 1,359,237
U.S Agency Bloomberg Barclays 512.99 3.8 Germany 0.300 -0.100 0.770
Soybean Meal (CBT)-100 tons; $ per ton. March'17 98.9750 98.9800 98.9550 98.9600 .0100 1,415,937
Dec 323.80 324.70 316.20 316.40 5.30 11,344 June 98.8500 98.8550 98.8200 98.8350 .0100 1,480,175 1605.65 1.5 U.S Agency 1.690 1.150 1.710 290.23 4.3 Japan 0.270 -0.120 0.740
Jan'17 324.60 327.10 318.00 318.30 5.90 131,791 Dec 98.6300 98.6350 98.5850 98.6050 .0250 1,549,207
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 1446.10 1.2 10-20 years 1.500 0.960 1.510 564.28 4.0 Netherlands 0.440 0.020 0.920
Dec 36.43 37.05 36.29 36.79 .43 13,327 Currency Futures 4.6
Jan'17 36.68 37.30 36.52 36.99 .37 168,664 3145.09 20-plus years 3.200 2.390 3.330 895.94 8.6 U.K. 1.690 0.960 2.320
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Japanese Yen (CME)-12,500,000; $ per 100
Dec .8896 .8930 .8736 .8754 .0158 195,018 2328.03 3.9 Yankee 2.930 2.320 3.110 728.60 8.6 Emerging Markets ** 6.200 5.134 7.128
Jan 953.00 974.00 953.00 970.50 17.00 10,660
March 982.00 998.00 981.00 995.50 17.50 1,523 March'17 .8936 .8971 .8776 .8792 .0161 6,926 *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. Canadian Dollar (CME)-CAD 100,000; $ per CAD
** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Dec 384.25 391.50 t 380.00 380.50 3.50 5,490 Dec .7447 .7511 .7429 .7451 .0005 107,984
March'17 408.75 414.00 t 402.25 402.75 6.00 277,225 March'17 .7456 .7512 .7438 .7459 .0005 5,022
Wheat (KC)-5,000 bu.; cents per bu.
Dec 400.75 402.50 t 390.50 391.25 7.50 2,803
British Pound (CME)-62,500; $ per
Dec 1.2499 1.2527 1.2423 1.2510 232,842
Global Government Bonds: Mapping Yields
March'17 419.75 422.25 t 409.50 410.25 8.00 136,144 March'17 1.2518 1.2553 1.2452 1.2537 .0001 10,576 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Wheat (MPLS)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec 538.25 543.50 538.25 539.50 5.25 2,225 Dec .9890 .9903 t .9809 .9844 .0054 66,638 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
March'17 532.75 538.50 532.50 534.50 .75 34,022 March'17 .9938 .9959 t .9867 .9901 .0054 407 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
1.000 U.S. 2 1.123 s l 1.087 0.857 0.934
Cash Prices | WSJ.com/commodities Wednesday, November 30, 2016 2.000 10 2.368 s l 2.291 1.849 2.207
These prices reflect buying and selling of a variety of actual or physical commodities in the marketplace 3.250 Australia 2 1.765 t l 1.768 1.692 2.019 64.2 68.1 108.5
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 4.750 10 2.736 s l 2.714 2.386 2.870 36.8 42.3 66.4
months. 1.000 France 2 -0.662 s l -0.681 -0.577 -0.319 -178.5 -176.8 -125.3
Wednesday Wednesday Wednesday
0.250 10 0.749 s l 0.710 0.468 0.793 -162.0 -158.1 -141.4
(U.S.$ equivalent) 16.6700 Soybeans,No.1 yllw IL-bp,u 10.0350
Energy Coins,wholesale $1,000 face-a 13115 Wheat,Spring14%-pro Mnpls-u 6.6200 0.000 Germany 2 -0.724 s l -0.748 -0.616 -0.406 -183.5 -134.0
-184.7
Propane,tet,Mont Belvieu-g 0.5698 Other metals Wheat,No.2 soft red,St.Louis-bp,u 3.8100
Wheat - Hard - KC (USDA) $ per bu-u 3.2625
0.000 10 0.276 s l 0.218 0.168 0.475 -209.2 -207.3 -173.2
Butane,normal,Mont Belvieu-g 0.7941 LBMA Platinum Price PM *917.0
NaturalGas,HenryHub-i 3.290 Platinum,Engelhard industrial 922.0 Wheat,No.1soft white,Portld,OR-u 4.6138 0.250 Italy 2 0.058 t l 0.077 0.010 0.021 -106.5 -101.0 -91.3
NaturalGas,TranscoZone3-i 3.270 Platinum,Engelhard fabricated 1022.0
Palladium,Engelhard industrial 774.0
Food 1.250 10 1.986 s l 1.974 1.581 1.327 -38.2 -31.7 -88.0
NaturalGas,TranscoZone6NY-i 2.910
NaturalGas,PanhandleEast-i 3.120 Palladium,Engelhard fabricated 874.0 Beef,carcass equiv. index 0.100 Japan 2 -0.160 s l -0.165 -0.237 -0.002 -128.3 -125.2 -93.7
NaturalGas,Opal-i 3.200 Aluminum, LME, $ per metric ton *1722.0 choice 1-3,600-900 lbs.-u 170.60
Copper,Comex spot 2.6215 select 1-3,600-900 lbs.-u 154.19 0.100 10 0.020 s l 0.018 -0.046 0.308 -234.8 -227.3 -189.9
NaturalGas,MarcellusNE PA-i 2.290
NaturalGas,HaynesvilleN.LA-i n.a. Iron Ore, 62% Fe CFR China-s 72.2 Broilers,dressed 'A'-u n.a. 0.250 Spain 2 -0.096 t l -0.091 -0.147 -0.005 -121.9 -117.8 -94.0
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 45.050 Shredded Scrap, US Midwest-s,w 237 Broilers, National comp wghtd-u,w 0.8162
Steel, HRC USA, FOB Midwest Mill-s 540 Butter,AA Chicago 2.2300 1.300 10 1.570 s l 1.537 1.227 1.532 -79.9 -75.4 -67.5
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 9.000
Cheddar cheese,bbl,Chicago 163.50 1.250 U.K. 2 0.124 s l 0.086 0.286 0.614 -99.9 -100.1 -32.0
Metals Fibers and Textiles Cheddar cheese,blk,Chicago 176.00
Burlap,10-oz,40-inch NY yd-n,w 0.5325 Milk,Nonfat dry,Chicago lb. 95.75 2.000 10 1.281 s l 1.233 1.157 1.829 -108.7 -105.9 -37.8
Gold, per troy oz Cocoa,Ivory Coast-w 2710
Cotton,1 1/16 std lw-mdMphs-u 0.7208
Engelhard industrial 1183.66 Coffee,Brazilian,Comp 1.4781 Source: Tullett Prebon
Cotlook 'A' Index-t *80.50
1272.43
Engelhard fabricated
Handy & Harman base 1178.10
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY
Eggs,large white,Chicago-u
1.6797
0.4650
Corporate Debt
Wool,64s,staple,Terr del-u,w n.a.
Handy & Harman fabricated 1307.69 Flour,hard winter KC 13.45 Price moves by a companys debt in the credit markets sometimes mirror and sometimes anticipate moves in
LBMA Gold Price AM *1187.30 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.76 that same companys share price. Heres a look at both for two companies in the news.
LBMA Gold Price PM *1186.55 Hogs,Iowa-So. Minnesota-u 48.55
Barley,top-quality Mnpls-u n.a.
Krugerrand,wholesale-e 1219.19 Bran,wheat middlings, KC-u 89 Pork bellies,12-14 lb MidUS-u 1.0729 Investment-grade spreads that tightened the most
Maple Leaf-e 1230.92 Corn,No. 2 yellow,Cent IL-bp,u 3.2200 Pork loins,13-19 lb MidUS-u 0.7428 Spread*, in basis points Stock Performance
American Eagle-e 1230.92 Corn gluten feed,Midwest-u,w 90.4 Steers,Tex.-Okla. Choice-u n.a. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Mexican peso-e 1421.44 Corn gluten meal,Midwest-u,w 490.5 Steers,feeder,Okla. City-u,w 143.77
Austria crown-e 1152.09 Credit Agricole S.A. ACAFP 6.637 May 31, 49 2144 94 2140 ... ...
Cottonseed meal-u,w 218 Fats and Oils
Austria phil-e 1230.92 Hominy feed,Cent IL-u,w 80 Goldman Sachs GS 6.000 June 15, 20 79 26 78 219.29 3.56
Silver, troy oz. Meat-bonemeal,50% pro Mnpls-u,w 215 Corn oil,crude wet/dry mill-u,w 37.5000 Marathon Oil MRO 5.200 June 1, 45 293 24 307 18.06 20.80
Engelhard industrial 16.6600 Oats,No.2 milling,Mnpls-u 2.6925 Grease,choice white,Chicago-u 0.2750
Engelhard fabricated 19.9920 Rice, 5% Broken White, Thailand-l,w 347.00 Lard,Chicago-u n.a. Apache APA 4.250 Jan. 15, 44 158 22 n.a. 65.95 8.58
Handy & Harman base 16.5100 Rice, Long Grain Milled, No. 2 AR-u,w 21.38 Soybean oil,crude;Centl IL-u 0.3604 Anadarko Petroleum APC 6.200 March 15, 40 243 21 n.a. 69.15 14.94
Handy & Harman fabricated 20.6380 Sorghum,(Milo) No.2 Gulf-u 6.8575 Tallow,bleach;Chicago-u 0.3150
LBMA spot price 13.3885 SoybeanMeal,Cent IL,rail,ton48%-u 322.90 Tallow,edible,Chicago-u n.a. Citigroup C 5.875 March 27, 49 271 19 302 56.39 1.57
Energy Transfer Partners ETP 6.125 Dec. 15, 45 287 19 297 35.12 5.02
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence; Encana ECACN 3.900 Nov. 15, 21 222 18 230 ... ...
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted.
*Data as of 11/29 And spreads that widened the most
Source: WSJ Market Data Group
JPMorgan Chase JPM 7.900 April 30, 49 371 16 315 80.17 1.58
International Business Machines IBM 1.875 Aug. 1, 22 78 9 83 162.22 0.80
Macro & Market Economics Novartis Capital NOVNVX 3.000 Nov. 20, 25 67 9 67 ... ...
BP Capital Markets BPLN 4.750 March 10, 19 61 8 n.a. ... ...
Watching the Gauges: U.S. Supply and Demand Berkshire Hathaway Energy BRKHEC 5.950 May 15, 37 129 8 n.a. ... ...
Inventories, imports and demand for the week ended November 25. Current figures are in thousands of barrels Morgan Stanley MS 5.450 July 15, 49 324 8 312 41.36 1.87
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas Aviation Capital PACLIF 7.125 Oct. 15, 20 81 8 77 ... ...
import Natural-gas import and demand data are available monthly only. Apple AAPL 2.700 May 13, 22 75 7 74 110.52 0.84

Inventories, 000s barrels Imports, 000s barrels per day High-yield issues with the biggest price increases
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Bond Price as % of face value Stock Performance
Current change week ago avg avg Current change week ago avg avg Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg

Crude oil and FTS International FTSINT 6.250 May 1, 22 66.500 6.50 58.000 ... ...
petroleum prod 1,341,226 1,341 1,309 1,339 1,135 10,061 ... 9,951 9,416 10,038 9,921 Permian Resources AMEPER 7.375 Nov. 1, 21 78.970 5.75 n.a. ... ...
Crude oil Bonanza Creek Energy BCEI 6.750 April 15, 21 55.500 5.75 54.500 1.00 6.70
excluding SPR 488,145 100 489 489 488 390 7,548 ... 7,578 7,747 7,748 7,874 Parker Drilling PKD 6.750 July 15, 22 81.000 5.58 75.750 2.15 4.88
Gasoline 226,123 ... 224 217 223 218 851 ... 855 433 757 648 Denbury Resources DNR 4.625 July 15, 23 77.750 5.50 73.750 3.78 33.57
Finished gasoline 24,354 1,000 24 28 25 43 30 ... 53 7 32 67 Ep Energy EPENEG 9.375 May 1, 20 83.780 4.81 80.250 ... ...
Reformulated 43 ... 0 0 0 0 0 ... 0 0 0 0 California Resources CRC 8.000 Dec. 15, 22 78.500 4.75 75.250 17.40 44.40
Conventional 24,311 ... 24 28 25 43 30 ... 53 7 32 67 Calfrac Holdings CFWCN 7.500 Dec. 1, 20 75.250 4.00 n.a. ... ...
Blend. components 201,769 ... 200 189 198 175 820 ... 803 427 725 582
And with the biggest price decreases
Natural gas (bcf) 4,047 ... 4 4 4 4 ... ... ... ... ... ...
Valeant Pharmaceuticals International VRXCN 6.375 Oct. 15, 20 84.500 4.00 88.900 ... ...
Kerosene-type Stone Energy SGY 7.500 Nov. 15, 22 51.000 3.50 57.750 4.92 27.46
jet fuel 42,273 ... 42 38 42 38 155 ... 143 48 155 54 Chs/Community Health Systems CYH 6.875 Feb. 1, 22 66.875 2.88 71.000
Distillates 154,196 1,000 149 144 150 130 174 ... 136 218 147 125 Iheartcommunications IHRT 9.000 Sept. 15, 22 72.750 1.88 73.750 ... ...
Heating oil 15,040 ... 15 15 15 24 24 ... 36 44 37 31
Tenet Healthcare THC 8.125 April 1, 22 91.500 1.50 94.875 15.23 1.60
Diesel 139,156 ... 135 129 136 106 150 ... 100 174 110 86
Centene CNC 6.125 Feb. 15, 24 101.700 1.30 102.750 57.63 0.05
Residual fuel oil 40,267 ... 40 43 40 38 208 ... 92 248 182 277
FLY Leasing FLY 6.375 Oct. 15, 21 101.979 1.27 102.500 13.82 0.36
Other oils 270,974 ... 275 253 275 230 955 ... 980 600 863 796
L Brands LB 6.750 July 1, 36 98.750 1.03 99.567 70.22 2.40
Net crude, petroleum
*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.
products, incl. SPR 2,036,311 ... 2,036 2,004 2,034 1,829 4,979 ... 5,139 4,818 5,032 6,417 Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
Weekly Demand, 000s barrels per day Natural gas storage
Current
Expected Previous
change week
Year
ago
4-week
avg
5-year
avg
Billions of cubic feet; weekly totals Dividend Changes
Dividend announcements from November 30.
Total petroleum
Natural gas, 4250
product 19,758 ... 20,034 19,866 19,833 19,102 Amount Payable / Amount Payable /
lower 48 states Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Finished t 3250
Increased Franklin Liberty Invt Grd FLCO 1.8 .03702 M Dec07 /Dec02
motor gasoline 9,080 ... 9,024 9,281 9,169 8,694 Franklin Short Dur US FTSD 2.3 .18412 M Dec06 /Dec02
Hooker Furniture HOFT 1.8 .12 /.10 Q Dec30 /Dec15
Kerosene-type 2250 Independence Holding IHC 0.6 .06 /.045 SA Jan17 /Jan02 Stocks
t McCormick & Co MKC 2.1 .47 /.43 Q Jan17 /Dec30 Premier Financial Bancorp PFBI 3.3 10.00% Dec09 /Dec02
jet fuel 1,547 ... 1,919 1,545 1,701 1,529 McCormick Vtg MKC/V 2.0 .47 /.43 Q Jan17 /Dec30
Distillates 3,841 ... 4,121 3,646 3,987 3,498 Five-year average 1250 Foreign
for each week Funds and investment companies Bank Of Nova Scotia BNS 4.0 .54845 Q Jan27 /Jan03
Residual fuel oil 472 ... 384 130 396 350 Dreyfus Municipal Income DMF 5.7 .041 M Dec30 /Dec14
250 Royal Bank of Canada RY 4.0 .61516 Q Feb24 /Jan26
Propane/propylene 1,160 ... 820 1,298 1,106 ... Dreyfus Strat Muni Bond DSM 6.2 .0415 M Dec30 /Dec14 Vale ADR VALE 1.1 .04851 Dec23 /Dec06
Other oils 3,658 ... 3,765 3,967 3,474 ... D J F M A M J J A S O N Dreyfus Strategic Munis LEO 6.2 .043 M Dec30 /Dec14 Vale ADR Cl A Pfd. VALE/P 1.3 .04851 Dec23 /Dec06
2016
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA: Special
semiannual; S2:1: stock split and ratio; SO: spin-off. Insignia Systems ISIG .70 Jan06 /Dec16
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Administration; Dow Jones Newswires
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B12 | Thursday, December 1, 2016 * *** THE WALL STREET JOURNAL.

EQUITIES

More Stress on RBS Shares

Bank fails U.K. health
test, giving investors
another reason to
punish the stock
DREW ANGERER/GETTY IMAGES

BY MARGOT PATRICK
AND MAX COLCHESTER

Shares of Royal Bank of Scot-

land Group PLC fell 1.4%
Wednesday after the lender failed
Jonathan Gray runs Blackstones real-estate business. a Bank of England stress test
that requires it to add about 2

Blackstone Home
billion ($2.5 billion) in capital.
Shares of other large U.K.
banks rose, including those of
Barclays PLC and Standard

Renter Files IPO

HANNAH MCKAY/EUROPEAN PRESSPHOTO AGENCY

Private-equity giant Black-
stone Group LP is about to
open up its massive bet on
single-family housing to out-
side investors.
By Matt Jarzemsky,
Dana Mattioli
and Ryan Dezember
Invitation Homes LP, which
manages the largest pool of
rental homes in the U.S., has
filed confidentially for an ini-
tial public offering that could
come as soon as January, ac-
cording to people familiar
with the matter.
The Dallas-based company
plans to sell about $1.5 billion
worth of stock and use the
proceeds to pay down debt,
one of the people said. Based
upon the portion of a com-
pany that is typically sold in
an IPO, Invitation Homes
could be worth around $7.5
billion.
Deutsche Bank AG and J.P.
Morgan Chase & Co. are
among the banks Invitation
Homes tapped to lead the IPO,
said people familiar with the
deal.
A public listing would set
the stage for Blackstone to
firms $102 billion real-estate
business and is in line to
eventually succeed co-founder
Stephen Schwarzman as chief
executive. Mr. Gray recently
was in the running to serve as
Treasury secretary under
President-elect Donald Trump
but said he still had much
work to do at Blackstone.
An Invitation Homes IPO
would come at a time when
U.S. home prices have reached
all-time highs and home-
ownership rates are at their
lowest in at least 50 years,
suggesting that rental-housing
demand will remain robust.
Starting with a $100,000
home in Phoenix in 2012,
Blackstone went on a multi-
year home-buying binge in 14
metropolitan areas. At its
peak, the firm was spending
about $150 million a week on
foreclosed homes, often sight
unseen. Invitation Homes now
manages about 50,000 homes.
In an interview last year,
Mr. Schwarzman said the
firms housing bet began after
the foreclosure crisis when
banks were loaded with repos-
sessed homes and under pres-
sure from regulators to
tighten lending standards.
Chartered PLC. The annual
health checks, whose results
were announced Wednesday,
showed weaknesses at those
two lenders but didnt require
changes in capital plans.
The central bank said the
U.K. banking system overall is
in strong shape and still could
keep lending to businesses and
households even under a five-
year scenario of economic tur-
moil roughly akin to the finan-
cial crisis. The hypothetical
scenario for the test, issued
last March, didnt cover the
impact of Britain leaving the
European Union, but the re-
sults gave a snapshot of how
the countrys banks would fare
in a severe U.K. recession.
The tests measure the
health of seven lendersRBS,
Barclays, Standard Chartered,
HSBC Holdings PLC, Lloyds
Banking Group PLC, Santan-
der U.K. and Nationwide
Building Society. The scenar-
ios change each year and pro-
vide a road map for British
banks capital plans, including
their ability to pay dividends.
Investors have been punish-
ing RBS. Its shares had been
down more than 4% Wednes-
Royal Bank of Scotland has to raise about $2.5 billion. An RBS branch in City of London.
day before reversing some of
the losses. The shares are
down about 36% this year.
The bank is immersed in a
far-reaching restructuring plan
and contending with many reg-
ulatory issues. Dividends ha-
vent been paid to shareholders
since the British government
bailed it out in 2008and
dont seem to be coming soon.
Dividends are particularly
important to U.K. investors.
Compared with other coun-
tries, British multinationals
have long relied on dividends
to fuel their market perfor-
mance. This trend recently got
even more pronounced: Ac-
cording to FactSet, FTSE 100
COMMODITIES
firms are handing out 70% of Bank of England.
their profits as dividendsthe On Wednesday, RBS said it
highest since records began in would further cut costs and as-
1993compared with less than sets to meet regulatory require-
40% for S&P 500 firms. In the ments. However, the bank
financial sector, U.K. compa- warned that additional manage-
nies dividend payout ratio is ment actions may be required
nearly 60%, compared with until RBSs balance sheet is suffi-
less than 30% in the U.S. ciently resilient to stressed sce-
RBS, still 73% government- narios. The government wont
owned, will outline a new stra- have to provide more cash.
tegic plan early next year as it Even before the results of the
continues to face headwinds stress test were released, the
from low interest rates and po- banks management had warned
tentially vast fines from U.S. it wouldnt hit medium-term
authorities over the sale of earnings targets and would need
toxic mortgage-backed securi- to revise plans in the wake of
ties. The plan should raise the June Brexit vote.
more than the 2 billion capi- Jon Sidreau
tal shortfall identified by the contributed to this article.

Chicken Price Index Is Put on Hold

start exiting from the busi-
ness, one of the biggest bets
the firm has ever made. As of
last fall, the firm had spent
roughly $10 billion to acquire
and fix up about 50,000 fore-
closed homes, taking advan-
tage of bargain prices after
the housing crash.
The deals outcome also
could cement the legacy of
Jonathan Gray, who runs the
CREDIT MARKETS
Bond Selloff Gains Steam
BY SAM GOLDFARB
U.S. government bonds
capped their worst month in
seven years by taking another
beating Wednesday as surging
oil prices and solid U.S. data
gave the postelection bond
rout new momentum.
Government bonds across
the globe have been under
pressure since Donald Trumps
victory in the Nov. 8 presiden-
tial election, as investors re-
spond to the increased
chances of fiscal stimulus next
year. While the bond rout had
taken a pause in recent days,
it picked up again overnight as
oil prices jumped in anticipa-
tion of a deal by the Organiza-
tion of the Petroleum Export-
ing Countries to curb oil
production that was reached
later in the morning.
Rising oil prices usually sap
demand for government debt
We said, Oh my goodness,
this could be huge. Nobody is
going to be able to borrow,
theyre going to need hous-
ing, Mr. Schwarzman told
The Wall Street Journal. So
we went out and started to
buy houses to rent to people.
Blackstone has indicated
plans to take Invitation Homes
public by early next year,
without being more specific.
2.365%, its highest closing
level since July 2015. That was
up from 2.305% Tuesday and
1.834% at the end of October,
marking the largest one-
month increase for the yield
since December 2009. Yields
rise when bond prices fall.
Adding to the selling pres-
sure was a report on private
sector payrolls that came in
much better than analysts had
expected and another release
that showed decent gains in
Americans incomes and
household spending.
The reports buttressed a
conviction among investors
that the U.S. economy is on
solid footing even without the
help of the tax cuts and infra-
structure spending that is now
widely anticipated thanks to
Mr. Trumps win.
In general, faster economic
growth should lead to higher
inflation, which in turn could
BY KELSEY GEE
AND JACOB BUNGE
Chicken processors arent
meeting newly stringent re-
quirements to guarantee the
price information they supply
for a weekly poultry sales in-
dex, heightening skepticism
over the accuracy of a key
benchmark for grocery stores.
Georgias Agriculture De-
partment on Wednesday sus-
pended the index for the first
time in at least 16 years. It
would have been first report
since companies including Ty-
son Foods Inc., Pilgrims
Pride Corp. and Sanderson
Farms Inc. were required to
submit affidavits swearing to
the accuracy of the price data
they provide the state to cal-
culate the so-called Georgia
Dock index.
Julie McPeake, a spokes-
woman for the state agency,
said not enough companies
submitted the documents. She
declined to provide a figure.
At least half of the companies
that routinely supply data to
compile the report would need
to do so before the state will
resume publishing the index.
We did not feel that the
number was sufficient to meet
minimum statistical reporting
standards, she said. We un-
derstand that companies may
need more time to review the
requirements, noting the
state may resume publishing it
in the future.
The absence of an updated
index leaves supermarket
chains and fast-food compa-
nies with fewer tools to price
the meat they often purchase
months in advance. Investor
concerns over the index week to week.
weighed on meat companies There has been a historical
on Wednesday. Tyson shares divergence we just cannot ac-
fell 3.7%, Pilgrims fell 3.8% count for absent some proof
and Sanderson declined 1.1%. that its real, said Tom Elam,
The Wall Street Journal president of agricultural con-
earlier this year raised ques- sulting firm FarmEcon LLC.
tions about how the index is The Georgia Docks price
for a whole-bird equivalent
last week was $1.0975 a
16
pound. Private market report-
ing firm Urner Barry quoted
the price that day at 82 cents
a pound, in line with the most
Years of uninterrupted weekly
publishing of index before now.
recent price from the U.S. De-
partment of Agriculture.
Pilgrims Pride and Tyson
control about half of the 18
plants in Georgia that supply
calculated. The Georgia price, price data to the benchmark,
collected from some nine com- which excludes prices if they
panies, has hovered up to 60% are more than a penny above
higher this year than compa- or below the average. There is
rable prices on other major in- no independent verification.
dexes, and held far steadier This weeks new reporting
rules, the first major change
to the index in 40 years, still
leave companies to vouch for
their pricing datas accuracy
with added legal assurances to
the validity of those prices.
Tyson and Pilgrims Pride
said they are still sending
poultry market information to
Georgia officials.
We continue to provide
pricing data to the Georgia
Agriculture Department and
were comfortable attesting to
its accuracy, said Bill Lovette,
chief executive of Pilgrims
Pride, the second-largest U.S.
chicken processor by volume.
DANIEL ACKER/BLOOMBERG

by increasing investors appe-
tite for riskier assets such as
stocks and by lifting expecta-
tions for inflation, which
erodes the real return of
bonds.
The yield on the 10-year
Treasury note settled at
lead to a faster pace of inter-
est-rate increases by the Fed-
eral Reserve, investors and an-
alyst say. Because low oil
prices have helped keep a lid
on inflation, a reversal would
create more momentum be-
hind rising bond yields.
A Tyson spokesman said
the company submitted the re-
quired signed affidavit. Sand-
erson Farms Chief Financial
Officer Mike Cockrell said his
company was still reviewing
legal implications of the new
Tyson Foods. whose chicken strips are shown above, said it has vouched for price data it submits. requirements.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

Closing Chg YTD iShRussell3000ETF IWV 131.15 0.21 9.0 UtilitiesSelSector XLU 46.75 3.15 8.0 VanguardTotBd BND 80.89 0.34 0.2 VangdTotlWrld VT 60.36 0.15 4.8
Wednesday, November 30, 2016
ETF Symbol Price (%) (%) iShRussellMid-Cap IWR 177.76 0.19 11.0 VanEckVectBiotech BBH 108.82 2.24 14.3 VanguardTotIntlBd BNDX 54.53 0.24 3.1 VanguardValue VTV 91.21 0.22 11.9
Closing Chg YTD
ETF Symbol Price (%) (%) iShRussellMCValue IWS 79.60 0.44 15.9 VanEckGoldMiner GDX 20.83 1.88 51.8 VanguardTtlIntlStk VXUS 45.38 0.09 0.6 WisdomTreeEurope HEDJ 53.79 0.20 0.0
iShCoreUSAggBd AGG 108.24 0.40 0.2
iShS&P500Growth IVW 120.55 0.90 4.1 VanEckVctrOilSvcs OIH 32.70 10.62 23.6 VanguardTotStk VTI 113.78 0.24 9.1 WisdomTreeJapanHdg DXJ 49.20 1.59 1.8
AlerianMLPETF AMLP 12.36 3.52 2.6 iShSelectDividend DVY 87.23 0.56 16.1
iShS&P500ValueETF IVE 99.42 0.45 12.3 VanEckVectorsPharm PPH 51.84 0.40 20.6
CnsmrDiscSelSector XLY 81.85 0.84 4.7 iShEdgeMSCIMinEAFE EFAV 62.02 0.47 4.4
iShUSPfdStk PFF 37.48 0.48 3.5 VanEckVctrRetail RTH 77.94 0.65 0.3
CnsStapleSelSector XLP 50.58 1.60 0.2 iShEdgeMSCIMinUSA USMV 44.45 1.27 6.3
DBGoldDoubleLgETN DGP 20.94 2.83 15.4 iSharesGold IAU 11.29 1.31 10.4 iShrSilverTr SLV 15.66 0.76 18.7 VanEckSemiconduc SMH 71.06 0.28 33.4 IPO Scorecard
iSh1-3YTreasuryBd SHY 84.50 0.04 0.2 VanguardInfoTech VGT 120.35 1.10 11.1
DBGoldDoubleShrt DZZ 6.59 2.17 25.7 iShiBoxx$InvGrCpBd LQD 116.84 0.38 2.5
VanguardSCVal VBR 118.40 0.10 19.9 Performance of IPOs, most-recent listed first
DeutscheXMSCIEAFE DBEF 27.00 0.37 0.6 iShiBoxx$HYCpBd HYG 85.65 0.05 6.3 iSh7-10YTreasuryBd IEF 105.26 0.67 0.3
VangdDivApp VIG 84.76 0.63 9.0 % Chg From % Chg From
EnSelectSectorSPDR XLE 74.43 5.08 23.4 iSharesJPMUSDEmgBd EMB 109.31 0.25 3.3 iSh20+YTreasuryBd TLT 120.24 1.62 0.3
VanguardFTSEDevMk VEA 35.96 0.14 2.1 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
FinSelSectorSPDR XLF 22.51 1.35 16.3 iShMBSETF MBB 107.40 0.22 0.3 iShRussellMCGrowth IWP 97.45 0.83 6.0 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
VanguardFTSEEmgMk VWO 36.22 0.17 10.7
GuggenheimSP500EqW RSP 85.82 0.02 12.0 iSharesMSCIEAFESC SCZ 49.61 0.30 0.7 PwrShrs QQQ QQQ 117.50 1.21 5.0
VanguardFTSEEurope VGK 45.91 0.07 8.0
HealthCareSelSect XLV 68.75 0.95 4.6 iSharesMSCIEAFEETF EFA 56.79 0.11 3.3 PS SP500LoVoltlPrt SPLV 40.60 1.55 5.3 Motif Bio 5.50 21.2 1.6 Quantenna Comm 18.99 18.7 22.5
VanguardAWxUS VEU 43.71 0.02 0.7 MTFB Nov. 18/$6.98 QTNA Oct. 28/$16.00
IndSelSectorSPDR XLI 62.41 0.13 17.7 iShMSCIEmgMarkets EEM 35.50 0.17 10.3 PowerSharesLoan BKLN 23.14 0.13 3.3
VanguardGrwth VUG 110.71 0.82 4.1
iShIntermCredBd CIU 108.23 0.33 0.9 iShMSCIEurozoneETF EZU 32.78 0.03 6.4 SPDRBloomBarcHYBd JNK 36.12 0.19 6.5
VanguardHiDiv VYM 74.23 0.22 11.2
Smart Sand 13.67 24.3 24.4 Myovant Sciences 12.60 16.0 5.0
iSh1-3YCreditBond CSJ 104.96 0.07 0.3 iShMSCIJapanETF EWJ 49.89 0.16 2.9 SchwIntlEqty SCHF 27.72 0.18 0.6 SND Nov. 4/$11.00 MYOV Oct. 27/$15.00
VanguardIntrm BIV 83.62 0.43 0.7
iSharesTIPSBondETF TIP 113.46 0.05 3.4 iShNasdaqBiotech IBB 274.07 2.23 19.0 SchwUS BrdMkt SCHB 53.48 0.22 9.1 VangIntrCorpBd VCIT 85.69 0.30 1.9 GDS Hldgs 10.02 0.2 3.7 ZTO Express 15.13 22.4 8.7
iSh3-7YTreasuryBd IEI 122.74 0.31 0.1 iShNatlAMTFrMuniBd MUB 106.70 0.35 3.6 SchwUS LrgCap SCHX 52.57 0.32 8.2 VanguardLC VV 100.97 0.25 8.0 GDS Nov. 2/$10.00 ZTO Oct. 27/$19.50
iShCoreHiDividend HDV 80.31 0.69 9.4 iShRussell1000Gwth IWF 103.97 0.96 4.5 SPDR DJIA Tr DIA 191.40 0.11 10.0 VanguardMC VO 131.36 0.27 9.4 Acushnet 19.96 17.4 11.2 Ra Pharmaceuticals 13.09 0.7 0.7
iShCoreMSCIEAFEETF IEFA 52.86 0.13 2.8 iShRussell1000ETF IWB 122.84 0.17 8.4 SPDR GldTr GLD 111.75 1.34 10.1 VanguardReit VNQ 80.39 1.14 0.8 GOLF Oct. 28/$17.00 RARX Oct. 26/$13.00
iShCoreMSCIEmgMk IEMG 43.27 0.32 9.9 iShRussell1000Val IWD 109.91 0.48 12.3 SPDR S&PMdCpTr MDY 296.43 0.27 16.7 202.40 0.23 8.3
VanguardS&P500 VOO BlackLine 26.94 58.5 13.7 Forterra 19.81 10.1 20.1
iShCoreS&P500ETF IVV 221.53 0.30 8.1 iShRussell2000Gwth IWO 152.31 1.05 9.4 SPDR S&P 500 SPY 220.38 0.24 8.1 VanguardSTBd BSV 79.61 0.11 0.1 BL Oct. 28/$17.00 FRTA Oct. 20/$18.00
iShCoreS&PMdCp IJH 162.52 0.33 16.7 iShRussell2000ETF IWM 131.61 0.49 16.9 SPDR S&P Div SDY 85.20 0.73 15.8 VanguardSTCpBd VCSH 79.42 0.15 0.5
iShCoreS&PSmCpETF IJR 133.53 0.36 21.3 iShRussell2000Val IWN 114.84 0.01 24.9 TechSelectSector XLK 47.50 1.19 10.9 VanguardSC VB 127.26 0.16 15.0 Sources: WSJ Market Data Group; FactSet Research Systems
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Thursday, December 1, 2016 | B13

Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard

Mnuchin Could Boost Small Banks OVERHEARD The Trump

The big winners from Don-
ald Trumps pick for Trea-
sury secretary are unlikely to
be Steven Mnuchins old
haunts on Wall Street, but
Main Street banks like the
one he helped revive after
the financial crisis.
Mr. Mnuchins background
as a bond trader and execu-
tive at Goldman Sachs does
seem at odds with the popu-
list tone of Mr. Trumps cam-
paign, as does his history of
donating to top Democrats.
But just what this may mean
for policy toward top Wall
Street institutions is unclear.
Appearing on CNBC on
Wednesday, Mr. Mnuchin
said his top regulatory prior-
ity is to strip back parts of
Dodd-Frank, saying the law
is too complicated and re-
stricts lending. As with other
pronouncements on Dodd-
Frank, this is frustratingly
vague as to what exactly he
would like to change about
the financial-regulation law.
For clues, it helps to look
past Mr. Mnuchins Goldman
pedigree. Perhaps the most
interesting part of Mr.
Mnuchins resume is his time
Big Winners
Regional bank stocks have greatly outperformed the broader market
since the election.
20%
10
0 2.8%
Nov. 8 9 10 11 14 15 16 17 18 21 22 23 24 25 28 29 30
Source: FactSet
at troubled lender IndyMac
Bank. Mr. Mnuchin led a
group of investors who
bought the company from
the federal government after
the financial crisis. The bank
was renamed OneWest and
eventually sold to CIT
Group, where Mr. Mnuchin
currently has a board seat.
CIT is among the midsize
lenders that critics say are
most burdened by Dodd-
Frank. With $66 billion of to-
tal assets, it is above the
to resign his board seat and
divest his shares in CIT, and he
will be eager to avoid any ap-
pearance of conflict of interest.
But it wouldnt be a stretch to
S&P Regional suppose that his experience at
Banks Select CIT will make him more at-
Industry tuned than other regulators to
18.9% the struggles of small and
midsize financial institutions.
Lending by regional banks,
he told CNBC on Wednesday,
is the engine of growth to
small- and medium-sized
businesses.
S&P 500 Mr. Mnuchin also said he
may extend the maturity of
U.S. debt, which would involve
THE WALL STREET JOURNAL. issuing more long-term bonds
in anticipation of rates rising
laws $50 billion threshold for in the future. That would
annual stress testing by the likely steepen the yield curve,
Federal Reserve. But without another welcome develop-
the scale of megabanks such ment for banks as it would
as J.P. Morgan Chase, it is make lending more profitable.
burdened with significantly Momentum already is
increased regulatory costs. building in Washington for
Fed oversight also has legislation to raise the thresh-
meant that CIT has been old for annual stress testing
slow to return capital to from $50 billion to $250 bil-
shareholders. In July, CIT lion of assets. With Mr.
said the Fed had objected to Mnuchin at Treasury, this is
the banks capital-return plan looking like one Trump policy
on qualitative grounds. that investors can bank on.
Mr. Mnuchin likely will have Aaron Back
Every industry is forming
its own view of Donald Trump.
In the energy sector, enthusi-
asm for the U.S. president-
elect is infectious. Mr. Trumps
potential policies were all over
the earnings conference call of
ethanol producer REX Ameri-
can Resources.
Stuart Alan Rose, executive
chairman of REX, talked tax
cuts and Mr. Trumps energy
policy (pro-ethanol, Mr. Rose
believes). The country can use
more ethanol, he said. Ethanol
is produced at home. It creates
cleaner air. It takes care of our
people, our farmers, andits a
very American product. Inves-
tors share his enthusiasm; REX
shares are up 10% this week.
In a more downbeat call,
Anastasios C. Margaronis,
president of bulk shipping com-
pany Diana Shipping, cited
some improvement from earlier
this year, when shipping rates
were at their lowest since the
early 1980s. But he worries
about Mr. Trumps trade
threats: The effects on world
trade would be profound.
The Trump trade might be
purely domestic.
Traders Late
To Stocks
The Trump trade has been
buy stocks and sell bonds.
That has sent stocks to new
highs and put bonds in the
midst of their worst selloff
since the financial crisis.
Investors have caught on,
and flows into mutual and
exchange-traded funds have
shifted. The problem is, in-
vestors have been so focused
on bonds, they missed years
of great returns in stocks.
Domestic-stock funds, af-
ter steady outflows since the
start of last year, had in-
flows of $30.1 billion over
the two weeks ended Nov.
23, the Investment Company
Institute reported Wednes-
day. Bond funds, loved by in-
vestors until the election,
had outflows of $11.4 billion.
While investors tend to
chase performance, what is
odd, says Richard Bernstein
of Richard Bernstein Advi-
sors, is that they have been
turning up their noses at
stocks for so long.
For most of the time since
the financial crisis, stocks have
beaten bonds, though inves-

Cable Operator Altice Chooses Spending Over Cost Cutting
Altice may be learning
that you cant cut your way
to the top in the U.S. broad-
band market. Unfortunately
for investors, the alternative
is expensive.
The European company,
which owns Cablevision and
Suddenlink in the U.S., said
Monday it plans to build an
ultrafast fiber-to-the-home
network across its U.S. cov-
erage area. The networks
speeds would outpace those
of rival Verizon Communi-
cations Fios. While the proj-
ect could help Altice distin-
guish itself, it would require
significant investment
likely eating up the cost sav-
ings that Altice promised to
wring from Cablevision when
it purchased the company in
June. Moreover, the company
may struggle to get a return
on its investment if it cant
convince consumers to pay
more for faster speeds.
Altices net debt stands at a
steep 6.4 times analysts esti-
mate for 2016 earnings before
interest, taxes, depreciation
and amortization. The com-
pany said it expects to fund
construction of the network
through reinvested cost sav-
ings without a material
change in its overall capital
budget. It pledged to cut $160
million in capital expenditures
from Cablevision and $900
million in operating expenses.
The latter equals about 30% of
the U.S. businesses nonpro-
tors continued to buy fixed in-
come. The SPDR S&P 500 ETF
Trust returned 13.4% annually
Altice already has a fiber- over the five years that ended
Cable Bill based network and would just in October as the Vanguard
Altices net debt be laying fiber the last mile to Total Bond Market Index
60 billion the home. It says it is prepar- Fund returned 2.7% annually.
ing its network for the future. Investors stuck with
But it risks getting so far bonds because they still
40
ahead of consumer demand were smarting over their
that the investment never losses in 2008 and 2009.
20 pays off, according to Craig While the declines are no-
Moffett of research firm Mof- where near as severe for
0 fettNathanson. Altices top bonds, the BofA Merrill
2015 16 proposed speed of 10 gigabits Lynch U.S. Aggregate Bond
Note: 1 billion=$1.07 billion a second is 50 times faster Total Return Index had its
Sources: FactSet; Bloomberg News (photo) Altice bought Cablevision in June. than what is considered a worst month since the crisis,
blazing fast connection now. falling 2.2% in November.
gramming costs. summer, Alphabet suspended The question is whether con- Stocks posted strong re-
Meanwhile, fiber-to-the- projects to bring Google Fi- sumers will be willing to pay turns even when many inves-
home is a costly proposition. ber to more markets and is up for that today. tors were selling. They could
Verizon, which has a much hoping to use wireless tech- As for those Cablevision keep rallying, driven by stim-
bigger balance sheet, nology to connect homes in cost savings, Altice investors ulus-driven growth, or stall
stopped expanding Fios to additional areas. may never know if they were just as investors start buying.
new areas in 2010. Over the Unlike those companies, achieved. Miriam Gottfried Justin Lahart

AHEAD OF THE TAPE | Steven Russolillo

In Trump Win, Smith & Wesson Loses

Americans
SETH WENIG/ASSOCIATED PRESS

affection for
guns is stron-
ger than ever.
The same
cant be said
for gun-maker stocks.
Donald Trumps election
victory surprisingly hasnt
Construction work continues on New Yorks Tappan Zee Bridge. stopped gun enthusiasts
from stocking up yet. More

HEARD have benefited from ultralow

interest rates recently. Mu-
nicipal bonds must be attrac-
tive to buyers. The required
background checks for gun
transactions were processed
on Black Friday than any
other single day, according
DANIEL ACKER/BLOOMBERG

Continued from page B1
the sweeteners it contains,
though that confidence
might not extend to lenders
on the projects. The proposal
assumes that $1 trillion of
spending would require
about $167 billion of private-
equity investment that
would then receive an 82%
tax credit. That would, they
calculate, reduce the total
cost of financing a project by
18% to 20%.
On top of that, the au-
thors assume that projects
would be cheaper simply be-
cause private-sector contrac-
tors are more efficient than
government builders, even
though private contractors
already oversee many road
and bridge projects today.
The authors then calculate
that the proposals would be
revenue neutral because
taxes on the additional wage
income plus profits, even at
Mr. Trumps proposed 15%
corporate tax rate, would
roughly equal the outlay.
This ignores the impact that
the tolls would have on
spending by drivers on other
goods and services.
Even if their math holds
up, toll roads require state
or local approval and are
typically contentious. Those
governments receive about
$45 billion in federal high-
way funding annually and
wont take kindly to it being
taken away. What is more,
most highway spending al-
ready benefits from indirect
payout has risen since yields
on 10-year Treasury notes
have risen by half a percent-
age point since the election.
Muni bonds tax advan-
tages would be eroded if Mr.
Trump lowers the top fed-
eral income tax bracket from
39.6% to 33%. Combining the
two, all else being equal, re-
quired yields on municipal
bonds and the cost of debt
financing will have risen by
about 40%.
Meanwhile, all isnt well
with the federal portion of
that spending either. The
CBO reported in February
that the Highway Trust
Fund, which is funded by
motor-fuel taxes, has been
underfunded for years. In or-
der to keep it from running
dry, Congress had by that
point transferred $143 bil-
lion to it from other sources.
Bringing the fund back into
balance might require a po-
litically toxic 10-cent-a-gal-
lon increase in gas taxes.
If the rubber on Mr.
Trumps infrastructure pro-
posals is slow to hit the road
then a reversal of some or
all of the gains in construc-
tion-related stocks is likely.
While fundamentals already
were improving for some,
spending pledges from both
presidential candidates cre-
ated froth. A basket of eight
companies that fetched 14.5
times projected earnings for
the next 12 months on aver-
age at the beginning of 2016
now trades at 18.2 times.
to the Federal Bureau of In-
vestigation. Its data set goes
back nearly two decades. But
that doesnt change what is
likely going to be more diffi-
cult times ahead for gun
makers, including Smith &
Wesson Holding Corp. Smith & Wessons outlook could be concerning. Above, its booth at a 2015 exhibition included guns.
The nations largest gun
maker by sales is set to re- was widely assumed that Hil- symbol, rebranding itself as
port fiscal second-quarter lary Clinton would win the Trumped American Outdoor Brands
earnings on Thursday. Re- presidency. But those tighter Stock and index performance Corp. That is a nod to how it
sults should be strong, con- restrictions likely wont hap- has diversified into the
tinuing a string of impres- pen under Mr. Trump, who 10% S&P 500 larger recreational and out-
sive quarterly performances. was endorsed by the Na- 5 Smith & Wesson door-sports market by ac-
Analysts forecast earnings tional Rifle Association. quiring makers of hunting
for the period ended in Octo- Not surprisingly, Smith & 0 knives, flashlights and camp-
ber of 57 cents a share, up Wessons stock was one of ing equipment.
5
from 25 cents a year earlier. the biggest losers immedi- But branding can go only
Revenue is expected to ately following the election. 10 so far. Smith & Wesson skep-
have more than doubled to It shed one-fourth of its tics have been smelling op-
$228 million. The stock is value in the three trading 15 portunity for months. Short
prone to sharp postresults days after Mr. Trumps vic- interest, a proxy for inves-
20
moves, including several tory. A gun-friendly Republi- tors betting against a stock,
double-digit percentage can administration could November has more than doubled since
swings in recent years. take an immediate toll on Source: FactSet the beginning of the year,
For Smith & Wesson, it is gun makers. Analysts at THE WALL STREET JOURNAL. and recently hit 21% of
the outlook that could be Wunderlich Securities pre- shares outstanding. That is
concerning. Gun sales tend to dict background checks, figures are expected to be re- the highest level since Janu-
surge when people are most which have been increasing leased this week. ary 2015.
fearful of politicians impos- all year, might turn negative Granted, Smith & Wesson Dont be surprised if
ing new firearm restrictions. as soon as December. Novem- isnt sitting still. It plans to Smith & Wesson bulls get
That was the case when it bers full-month registration change its name and ticker even more gun-shy.
Cohen, SAC Settle Class Action
BY ROB COPELAND mer employee, Mathew Mar- tainty, burden and expense of
toma, who in 2014 was sen- further protracted litigation,
Billionaire Steven A. Cohen tenced to nine years in prison according to a joint filing in U.S.
and his former hedge fund SAC for trading on inside tips in Elan District Court in New York.
Capital Advisors agreed to a and other stocks while at SAC. Mr. Cohen now manages his
$135 million class-action settle- SAC agreed to plead guilty in multibillion-dollar family for-
ment Wednesday, bringing legal 2013 to criminal insider-trading tune at Point72 Asset Manage-
BLOOMBERG NEWS

federal subsidies.
In 2014, for example,
three-quarters of highway
spending came from state
and local governments that
can issue tax-free bonds and
Public-private partner-
ships seem like an easy way
to build infrastructure with-
out borrowing too much. His-
tory shows that such plans
are harder than they appear.
costs tied to SAC-related insider- charges and paid $1.8 billion in ment.
trading cases close to $2 billion. penalties. We are pleased to have re-
The new amount will be paid Mr. Cohen and SAC denied solved this matter and close the
to investors in Elan Corp., now a wrongdoing in the Elan class-ac- books on this chapter of SAC-era
part of Perrigo Co. Elan played tion case; they agreed to settle litigation, a Point72 spokesman
a part in a case involving a for- solely to eliminate the uncer- said in a statement. Investor Steven A. Cohen
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B14 | Thursday, December 1, 2016
Stocks Close Out a Roaring November
Rally kept on rolling as
Trumps win stoked
optimism, but month
was brutal for bonds
BY AKANE OTANI AND RIVA GOLD
The Dow Jones Industrial
Average rose for the sixth day
in seven and U.S. Treasury
yields touched their highest
level since July 2015, conclud-
ing a month viewed by many
traders as the most eventful in
financial markets since the
euro crisis ended in 2012.
The Dow rose 1.98 points to
19123.58 on Wednesday. The
30-stock average rose 5.4% for
the month, its best perfor-
mance since March. It set
eight records in November and
crossed 19000 for the first
time Nov. 22, highlighting a
furious U.S. stock rally that
began the day after the elec-
tion Nov. 8 of Donald Trump
as president.
Many analysts and inves-
tors expect Novembers popu-
lar trade, buying stocks and
selling bonds, to remain in
vogue for the balance of the
year. They cite generally up-
beat domestic economic re-
ports, increasingly sanguine
signs from overseas and ex-
pectations that the U.S. econ-
omy will continue its gradual
expansion.
Theres still a runway for
upside given you still have a
lot of positive things going
on, said Lowell Yura, portfo-
lio manager at BMO Global As-
set Management. You have
home prices increasing, con-
sumer net worth increasing
dramatically, low unemploy-
ment and signs of wage
growth.
Since Election Day, inves-
tors have snapped up shares
of banks, industrial firms and
small companies, while selling
bonds and dividend-paying
shares in a bet that Mr.
Trumps administration will
loosen regulation and boost
fiscal spending, a combination
* *** THE WALL STREET JOURNAL.
MARKETS
growth could derail the rally.
Month of Milestones The markets had a nice
run, but its also in the process
The Dow Jones Industrial Average closed above 19000 for the rst time ever and 10-year Treasury yields hit their of running out of steam, said
highest level of the year in November, as investors bet on higher growth and ination under a Trump administration. Wouter Sturkenboom, senior
investment strategist at Rus-
19500 sell Investments.
Dow Jones Industrial Average (one-hour intervals) The S&P 500 slipped 5.85
Nov. 11: Index posts best week
since 2011 with 5.4% gain points, or 0.3%, to 2198.81 and
19000 Nov. 7: Dow adds 371 points after FBI afrms ended the month with a 3.4%
no charges in Hillary Clinton email case gain. The Nasdaq Composite
Nov. 30: Index adds fell 56.24 points, or 1%, to
Nov. 4: Index 5.4% in best month 5323.68 and added 2.6% for
18500
falls for seventh since March the month.
straight session Nov. 10: Dow closes Nov. 17: Janet Yellen says Nov. 22: Dow closes
at a record for rst Federal Reserve could raise above 19000 for Bonds have been under sell-
as polls tighten
18000 time since Aug. 15 rates relatively soon rst time ing pressure lately, amid solid
U.S. economic dataincluding
Nov. 8: Donald Trump Tuesdays Commerce Depart-
elected U.S. president ment report that showed gross
17500
N
Nov. 1 7 14 21 28
Yield on 10-year Treasury note WSJ Dollar index Nymex crude-oil futures November returns Skeptics point out
$49.44
2.4% 94 $50 a barrel s5.5%
that uncertainty
5.5%
91.98 U.S. crude oil remains about the
s3.9%
2.2 92 48 new administration.
S&P 500
3.7%
2.365% total return
2.0 s0.530 pct. point 90 46
for the month domestic product had its
7.9% U.S. gold strongest growth in two years
in the third quarterand ex-
1.8 88 44
pectations that the Federal Re-
Zero-coupon serve will raise interest rates
11.8% U.S. Treasury soon.
1.6 86 42 index Those expectations have
Nov. Nov. Nov. lifted the dollar, which was re-
Sources: Thomson Reuters (DJIA); Ryan ALM (yield); WSJ Market Data Group (Dollar index, crude oil); FactSet (Zero coupon, S&P 500); SIX Financial (gold) THE WALL STREET JOURNAL. cently up 1.7% against the yen.
The WSJ Dollar Index, which
measures the currency against
that the market is betting will highest closing level since July were the top performers in in 2016 has lost credence in 16 others, rose 0.7% Wednes-
lead to higher U.S. growth and 2015. That was up from percentage terms as of the market. day. Higher rates make the
inflation. 2.305% Tuesday and 1.834% at Wednesdays close. Skeptics point out that un- currency more attractive to
On Wednesday, energy com- the end of October, marking The Dow Jones Transporta- certainty remains around Mr. yield-seeking investors.
panies led gains in stocks as the largest one-month in- tion Average, often seen as a Trumps administration and Elsewhere, the Stoxx Eu-
U.S. crude oil rocketed 9.3% to crease for the yield since De- proxy for economic health be- policy stances, and caution rope 600 rose 0.3% for the day
$49.44 a barrelits largest cember 2009. Yields rise when cause it includes companies that the markets rally may be and 0.9% for the month, lag-
one-day percentage gain since bond prices fall. that move goods powering premature. ging behind its developed-
Februaryafter OPEC repre- The buy-stocks/sell-bonds manufacturing and construc- Multiples remain extended market peers amid continuing
sentatives reached a deal to trade picked up steam as the tion, climbed 11% in Novem- by historical standards and jitters about the political cli-
cut oil production. The S&P month wore on, reflecting in berits biggest monthly gain uncertainty is rife over what mate.
500 energy sector jumped part a string of economic re- since October 2011. The Rus- parts of Mr. Trumps platform Early Thursday, Asia/Pacific
4.8% on Wednesday, capping ports showing the housing sell 2000 of small-caps had its will pass muster with Con- stocks advanced, led by
off November with its biggest market improving, consumer best month since September gress. Japans Nikkei, which was up
monthly gain since April. For prices picking up and jobless 2010. Some, who view the mar- 2.3% at the lunch break. The
the month, U.S. crude oil claims falling. Novembers bond losses kets rapid climb over the past Shanghai Composite was up
ended up 5.5%. Bets on this reflation sent yields approaching 2.5% few weeks as having been 0.8% and Hong Kongs Hang
Bond prices declined. The trade drove a surge in finan- for the first time this year, a driven mostly by a pickup in Seng Index was up 0.9% after
yield on the benchmark 10- cial and industrial shares. sign that some investors view investor sentiment, say weak China reported its official pur-
year Treasury note settled Goldman Sachs Group, United- as evidence that the lower-for- spots like flagging business in- chasing managers index rose
Wednesday at 2.365%, its Health Group and Caterpillar longer theme in style earlier vestment and soft global in November.