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* * * * * * WEDNESDAY, NOVEMBER 8, 2017 ~ VOL. CCLXX NO. 110 WSJ.com HHHH $4.00
DJIA 23557.23 À 8.81 0.04% NASDAQ 6767.78 g 0.3% STOXX 600 394.65 g 0.5% 10-YR. TREAS. À 3/32 , yield 2.309% OIL $57.20 g $0.15 GOLD $1,273.70 g $5.70 EURO $1.1587 YEN 114.01

Democrats
What’s Win Big
News Races in
Business & Finance
Virginia,
A ckman lost his bid for
three seats on the ADP
board, a rebuke of the ac-
New Jersey
tivist investor after an acri- BY JANET HOOK
monious proxy fight. A1 AND JOSHUA JAMERSON
 Snap’s shares fell 16% in
FAIRFAX, Va.—Democrat
after-hours trading after the
Ralph Northam captured the
Snapchat parent said its loss
Virginia governorship on Tues-
more than tripled and reve-
day, beating Republican Ed Gil-
nue fell short of forecasts. B1
lespie in the first major test of
 Bridgewater paid a set- how the Donald Trump presi-
tlement to a woman who dency has affected swing-state
was pushed out after engag- politics.
ing in a consensual relation- Mr. Northam, a physician
ship with a top executive. B1 who is Virginia’s lieutenant gov-
ernor, won the race to succeed
 Outcome Health inves-
Democratic Gov. Terry McAu-
ANDREW HARNIK/ASSOCIATED PRESS

tors sued the startup and its

liffe, giving their party another
two founders, claiming fraud
four years in the governor’s
and breach of contract. B1
mansion.
 State Street’s CEO and “Virginia, we have witnessed
president plan to retire. Ex- yet another Democratic sweep
Fidelity executive O’Hanley today,” Mr. Northam said at his
will become CEO in 2018. B12 victory rally, adding that the
eyes of the nation were on the
 Toyota raised its profit
state. “Virginia has told us to
forecasts, but the auto maker
President Donald Trump addressed the National Assembly in Seoul on Wednesday, before traveling to Beijing. Mr. Trump called on North end the divisiveness, that we
said the U.S. market contin-
Korean leader Kim Jong-un to abandon his country’s nuclear weapons program and issued a dire warning if Pyongyang didn’t change its ways. will not condone hatred and
ues to weigh on earnings. B3

Trump Presses North Korea

bigotry.”
 Waymo said it began With 99% of the precincts
road testing a fleet of fully counted, Mr. Northam had
driverless minivans in the 53.9% of the vote, compared
Phoenix area last month. B4 with 45% for Mr. Gillespie.
The decisive win in Virginia,
 Twitter doubled the char-
BY MICHAEL C. BENDER peninsula divided. Mr. Trump’s roughly 24 hours where the governorship has
acter limit on tweets to 280
in most countries. B4
Asia Trip Continues “North Korea is not the par- in the country. The president seesawed between the parties in
SEOUL—President Donald  Xi hosts from position of adise your grandfather envi- departed shortly afterward for recent years, gave Democrats a
 Two men with links to Jho Trump took direct aim at Kim strength ............................. A8 sioned—it is a hell that no per- China, the third of five coun- double-barreled victory Tuesday
Low tried to buy a controlling Jong Un in a speech that both  Sanctions bill aims at son deserves,” Mr. Trump said, tries he plans to visit on his 10- night: In New Jersey, voters
stake in a bank in Mauri- extended a hand to the North Chinese banks.................. A8 referring to North Korea’s day swing through Asia. elected Democrat Phil Murphy
tius, but were blocked. B12 Korean leader and issued a  Andrew Browne: Allies wary founding leader, Kim Il Sung. Mr. Trump put Beijing on governor over Republican Kim
dire warning should he ignore of Trump in China ............. A8 “We will offer a path to a notice ahead of his high- Guadagno, ending two terms of
 The S&P 500 snapped a
the invitation. much better future,” he con- stakes talks with Chinese GOP control by Gov. Chris Chris-
five-session win streak.
“This is a very different ad- tinued. “It begins with an end President Xi Jinping, twice tie.
The Dow edged up 8.81
ministration than the United nuclear-weapons program as to the aggression of your re- naming China as a country The mood was upbeat at Mr.
points to 23557.23. B13
States has had in the past,” he contrasted the successful gime, a stop to the develop- that can do more to pressure Murphy’s Election Night party
 Japanese shares hit a
Mr. Trump said in an address capitalist economy of South ment of ballistic missiles and Pyongyang to change course. at the Asbury Park Convention
25-year high, driven in
to South Korean lawmakers Korea with that of the North, complete, verifiable and total China is by far North Korea’s Hall on the New Jersey shore,
part by foreign money. B13
Wednesday. “Do not underesti- whose economy is many times denuclearization.” top trading partner, but is where supporters celebrated the
 CME plans to set limits mate us, and do not try us.” smaller. Both countries’ output The 35-minute address to the also the U.S.’s largest. end of Mr. Christie’s tenure and
on how much prices of its The president called on Mr. was similar in 1953, when the South Korean National Assem- China has said it is imple- the state’s return to Democratic
proposed bitcoin futures can Kim to abandon his country’s end of the Korean War left the bly was the last major event of Please see KOREA page A8 Please see VOTE page A4
fluctuate within a day. B13

World-Wide Oh, Snap. Shares Dive After Loss

Snap disappointed Wall Street again, posting a wider loss and Jet-Set Debt Collectors Hunt
Elusive Targets: the Superrich
 Trump took direct aim missing forecasts for revenue. User growth was also well below
at North Korea’s leader in expectations. Shares plunged 16% in after-hours trading. B1
a speech before lawmakers
in Seoul that both extended Quarterly change in Daily share price
a hand to Kim and issued a daily active users
dire warning should he ig-
nore the invitation. A1 25% $30 a share
 The president was set to
Private investigators invest millions of dollars to collect judgments
arrive in China Wednesday
for talks with Xi that will fo- 20 25 BY MARGOT PATRICK Hall bolted outside and hailed a cab. En
cus on trade and investment, route, he called lawyers to meet him at the
as well as North Korea. A8 Dan Hall, a high-powered international hotel with a freshly signed court order to
 Chinese banks risk steep debt-collector, was working late in the Lon- put a freeze on Mr. Sargeant’s U.K. assets.
penalties for aiding North 15 20 don offices of Burford Capital Ltd. when a Mr. Hall, 37 years old, had spent close to
Korea under a bill cleared by Third Tuesday close colleague pointed to her computer screen $10 million of his firm’s money on surveil-
the Senate banking panel. A8 quarter $15.12 and yelled, “Guys, I think they’re in Clar- lance and legal work to try to collect the
10 s2.9% 15 idge’s right now!” eight-figure judgment from Mr. Sargeant. Fi-
 Democrat Northam won
the Virginia governorship in The screen showed an Instagram tableau nally, it seemed, Mr. Hall had his man.
the first major test of the from the luxury hotel: a fish reposed on Many people win multimillion-dollar judg-
Trump presidency’s effect Claridge’s green-striped china. Another ments in court. Collecting on them is an-
5 10 After hours photo showed three men having drinks, in- other matter. Burford, Mr. Hall’s employer, is
on swing-state politics. New $12.65 t16%
Jersey’s gubernatorial race cluding Harry Sargeant III, toting a cigar. part of a new generation of firms that chase
went to Democrat Murphy. A1 For months, Mr. Hall had sought Mr. assets of the superrich who are tardy on
 Maine residents voted to 0 5 Sargeant, a 59-year-old American oilman payments from judgments, arbitration
expand access to Medicaid who owed a Burford client $28.8 million awards and other financial obligations. In
2014 ’15 ’16 ’17 M A M J J A S O N
under the ACA, in a key test of from a 2011 court judgment. one measure of the potential market, The
Sources: the company (users); FactSet (shares) THE WALL STREET JOURNAL. “Holy sh—,” Mr. Hall said, and the chase Global Arbitration Review, an industry jour-
the health law’s popularity. A4
was on. The fish photo had been posted an nal, estimates there are about $2 trillion in
 The national database de- hour earlier; the hotel was 3 miles away. Mr. Please see DEBT page A10
signed to vet gun buyers
came under criticism, a day
after the Air Force admitted it
failed to submit the records of Activist These People Love Horror Movies,
They Just Never Watch Them
Ackman
the Texas church shooter. A3
 The assailant escaped from
a New Mexico mental-health i i i CIRQUE DU SOLEIL
facility in June 2012, accord-
ing to a police report. A3 Gets Rebuke Fans who don’t care to see the splatter IS LIVE.
 Saudi Arabia is aiming to
confiscate up to $800 billion
of assets in its crackdown on
In ADP Vote go online to read anodyne summaries SAP HANA helps Cirque du Soleil
®

turn mobile devices into a live

®

alleged corruption among part of every performance of

BY DAVID BENOIT BY ERICH SCHWARTZEL “I thought I was the only one TORUK—The First Flight. While
the kingdom’s elite. A7
who did this,” she said. backstage, SAP solutions
®

 The Republican $1.4 tril- ROSELAND, N.J.—William Miriam Traore heard about Like a babysitter on Elm manage finance, HR, travel
lion tax cut proposal making Ackman lost his bid for three the movie “It” and thought the Street, she is not alone. and procurement.
its way through Congress hits seats on the board of Auto- killer-clown adaptation looked Scaredy cats across the coun- sap.com/cirquelive
U.S. households unevenly. A6 matic Data Processing Inc., a interesting. So Ms. Traore, a 33- try have found refuge—and a
 GOP senators aim to pre- resounding rebuke of the year-old project perverse plea-
serve a popular deduction for struggling activist investor as manager and sure—in reading
household medical expenses in shareholders sided with man- Jazzercise instruc- the plots to horror
their version of a tax plan. A6 agement at the human-re- tor in San Fran- movies on Wikipe-
sources software company. cisco, did what dia, where users
ADP investors on Tuesday she always does who have actually
CONTENTS Opinion.............. A15-17 re-elected the entire 10-person when a horror stomached the
Banking & Finance B12 Property Report... B6
Business News.. B3,5 Sports....................... A14 board at its annual meeting, flick intrigues her: fright fests relay all
Crossword.............. A14 Technology............... B4 capping a battle between man- She skipped the the grisly details in
Heard on Street.. B14 U.S. News......... A2-4,6 agement and Mr. Ackman that theater and went totally bloodless
Life & Arts....... A11-13 Weather................... A14
Markets............. B13-14 World News....... A7-8
was particularly acrimonious on Wikipedia. prose. The internet
and colorful—even by typical “I want to Freddy Krueger has become a
proxy-fight standards. know what the minefield of spoil-
> Mr. Ackman, who according story is. I don’t want the story ers for movies and television
to ADP won less than 25% of told to me necessarily,” said Ms. shows, but sites like Wikipedia,
the shares that were voted, Traore, who hasn’t seen a hor- Internet Movie Database (IMDb)
said he got “a very significant ror movie in ages but recently and TheMovieSpoiler.com have
s Copyright 2017 Dow Jones &
amount of shareholder sup- read the plots to “Amityville given rise to an unlikely hobby
Company. All Rights Reserved port.” But ADP Chief Executive Horror,” “The Boy,” “Halloween for the morbidly curious but
Please see ADP page A6 3,” “Split” and “mother!” Please see SCARY page A10
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 | Wednesday, November 8, 2017
New York Fed Begins Search for New Chief
BY NICK TIMIRAOS
Help Wanted: A senior exec-
utive with a keen knowledge of
markets and economics, but
who isn’t too close to Wall
Street because he or she will be
responsible for regulating some
of the world’s biggest banks.
This is the balancing act fac-
ing a newly formed search
committee for the next presi-
dent of the Federal Reserve
Bank of New York following the
announcement Monday that the
current leader, William Dudley,
will step down in mid-2018,
several months before his term
expires in January 2019.
The New York Fed president
is a voting member of the Fed-
eral Reserve committee that
sets interest rates and other
monetary policies aimed at
keeping the economy on track.
The chief also runs the Fed
bank that works with the mar-
kets to implement these poli-
cies and that supervises some
of the nation’s biggest finan-
cial institutions.
The new president would
take over an institution more
intensely scrutinized since the
financial crisis, and criticized
by some lawmakers and others
Puerto Rico Utility’s
Leader Skips Hearing
BY ANDREW SCURRIA
The head of Puerto Rico’s
public power monopoly can-
celed his plans to appear at a
hearing Tuesday where fed-
eral officials sought approval
from Congress to take over
the utility.
Ricardo Ramos, executive di-
rector of the power company
known as Prepa, was to testify
on the U.S. territory’s efforts to
rebuild after Hurricane Maria.
But on Monday, the House Com-
mittee on Natural Resources
was informed that its star wit-
ness wouldn’t be attending be-
cause he was needed to manage
ongoing recovery efforts.
His absence was a surprise
to committee members and to
Prepa legal advisers, who had
been preparing him to testify
for days, according to a person
familiar with the matter.
Prepa’s response to Hurri-
cane Maria’s devastation came
under bipartisan criticism in
Congress after the utility
awarded a $300 million con-
tract to a small Montana-based
startup, Whitefish Energy
Holdings LLC, to repair downed
power lines. The contract,
which wasn’t competitively bid,
is being reviewed by congres-
sional panels, the Department
of Homeland Security and the
Federal Bureau of Investigation.
Mr. Ramos was expected to an-
swer questions on the matter.
Yellen Calls Ethics
Key to Public Trust
Federal Reserve Chair-
woman Janet Yellen said that
ethical behavior from the Fed
allows the public to trust it is
acting on its behalf.
“The Federal Reserve’s very
effectiveness in setting mone-
tary policy depends on the pub-
lic’s assured confidence that we
act only in its interest,” she
said Tuesday.
“We must act ethically, and
we must demonstrate our ethi-
as a lax supervisor before the
turmoil and too slow to get
tough afterward.
The search for Mr. Dudley’s
successor adds to an extraordi-
nary degree of churn in the
central bank’s top ranks. Presi-
dent Donald Trump last week
nominated Fed governor Je-
rome Powell to succeed Fed
Chairwoman Janet Yellen when
her term expires in February.
Last month, Fed Vice Chairman
Stanley Fischer stepped down
from his post. Mr. Trump has
“We had a witness who
bailed on us last-minute,” said
Rep. Rob Bishop (R-Utah), the
committee chairman, adding
the panel had received thou-
sands of pages of documents
from Prepa that raised addi-
tional questions about the deal.
Rep. Jenniffer González-
Colón, Puerto Rico’s nonvoting
member of Congress, said she
was disappointed that Mr. Ra-
mos didn’t attend. “This com-
mittee and the rest of the peo-
ple in Congress need to know
what happened,” she said.
Natalie Jaresko, executive
director of the federal over-
sight board supervising Puerto
Rico’s finances, testified that
Congress should ratify her au-
thority to wrest control of the
Puerto Rico Electric Power Au-
thority from local officials.
Congress is debating the over-
sight board’s role in Puerto
Rico’s recovery from Hurri-
cane Maria while the majority
of the 3.4 million residents
there still lack electricity.
A Whitefish spokesman de-
fended its work on the ground
and said it had mobilized 446
workers to Puerto Rico when
other potential contractors
were unwilling to risk doing
business with Prepa. Whitefish
has been paid $10.8 million
under its contract to date, the
spokesman said. Gov. Ricardo
Rosselló ordered the contract
canceled last month.
U.S. NEWS
cal standards in ways that
leave little room for doubt.”
Ms. Yellen spoke at a cere-
mony honoring her and her pre-
decessor at the central bank,
Ben Bernanke. She didn’t dis-
cuss the economy or monetary
policy in her remarks.
The award from the Insti-
tute of Government and Public
Affairs at the University of Illi-
nois honors ethics in govern-
ment and is named after the
late Sen. Paul Douglas of Illi-
nois, who devoted his political
career to rooting out govern-
ment corruption. He was also
an economist who taught at
three open seats to fill on the
board and could have a fourth if
Ms. Yellen decides to leave after
her term as chairwoman ends.
Already, the Senate has
confirmed Mr. Trump’s first
board nominee, Randal Quar-
les, to the position of vice
chair of bank supervision. If
Ms. Yellen departs, every gov-
ernor except for Lael Brainard
would be in their current job
courtesy of Mr. Trump.
There is no example in mod-
ern Fed history of a new chair,
Plane Crash Kills Roy Halladay, Who Pitched a Perfect Game
VETERANS AFFAIRS
Mix-Up Preceded
Death in Hospital
A man who had bypass sur-
gery died at a VA hospital in
Michigan last year after a nurse
mistakenly believed he didn’t
want to be resuscitated in an
emergency, investigators said
Tuesday.
As a result, the nurse no lon-
ger provides direct care, investi-
gators said, noting that it was
the third time in four years that
he was “involved in significant
monitoring deficiencies in high-
risk patients.”
No names were released in
the report by the inspector gen-
eral at the Department of Veter-
ans Affairs.
CORRECTIONS  AMPLIFICATIONS
Brooke Ward was Joann
Ward’s daughter. In some edi-
tions Tuesday, a U.S. News arti-
cle and a photo caption about
the victims of Sunday’s Texas
church shooting incorrectly
said Brooke was Mrs. Ward’s
stepdaughter.
Diane Greene, chief execu-
tive of Alphabet Inc.’s Google
Cloud, said a new partnership
meant the company had a
“chance” to bring its productiv-
ity apps to Salesforce.com
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 University of Chicago and
Amherst College in the 1920s
and 1930s. His biggest contri-
bution was perhaps a formula
developed with Amherst Col-
lege mathematician Charles
Cobb identifying how labor and
capital combine to produce eco-
nomic output. Mr. Douglas died
in 1976.
“But, of course, Paul Doug-
las was much more than an
economist,” Ms. Yellen said.
“One of Paul Douglas’s most
important achievements in pub-
lic life was to promote ethics in
government.”
—David Harrison
vice chair and New York Fed
president taking office within
just a few months, said Peter
Conti-Brown, a historian at the
University of Pennsylvania.
“We’re embarking on an un-
precedented change of the
guard within the Federal Re-
serve System,” he said.
The closest example, he said,
comes from the early 1950s,
when William McChesney Mar-
tin Jr. launched a campaign to
consolidate leadership in Wash-
ington, filling a vacant vice
U.S. WATCH
The man was admitted to
the VA hospital in Ann Arbor in
2016 for surgery to relieve leg
pain from a blocked artery. He
had other health problems, in-
cluding cancer, diabetes and a
family history of coronary dis-
ease, the report said. The nurse
told investigators that he was
watching two other patients
that day and became confused
about resuscitation orders.
VA spokesman Curt Cashour
said employees could face sanc-
tions. VA Secretary David
Shulkin “has made clear that VA
will hold employees accountable
when they fail to live up to the
high standards taxpayers expect
from us. And that’s exactly what
we’re doing in this case,” Mr.
Cashour said.
—Associated Press
Inc.’s customers with little fric-
tion. A Technology article on
Tuesday about the partnership
incorrectly quoted Ms. Greene
as saying it was a “change” for
Google.
Broadcom Ltd. was formed
when Avago Technologies Ltd.
bought Broadcom Corp. in 2015
for $37 billion and kept the
name. A Page One article Tues-
day about Broadcom Ltd.’s un-
solicited bid for Qualcomm
Inc. incorrectly said $39 billion.
THE WALL STREET JOURNAL.
chair position and driving out regional bank presidents are
New York Fed President Allan selected by the nonbank direc-
Sproul, but even that process tors of each reserve bank, sub-
took four years to complete. ject to approval by the Fed’s
Because Mr. Powell, if con- Washington-based governors.
firmed by the Senate, would The New York Fed said it
be the first Fed chairman in had formed a four-person com-
30 years without a Ph.D. in mittee of business and civic
economics, the New York Fed leaders to run the nationwide
search committee could put a search. The co-chairs are Sara
premium on a candidate with Horowitz, a union organizer
expertise in monetary policy. who founded the Freelancers
The search team might also Union, a nonprofit that pro-
focus on candidates with man- vides health care and other
agement experience, since the benefits to independent work-
New York Fed president man- ers, and private-equity investor
ages an institution of more Glenn Hutchins, who was an
than 3,100 employees, and adviser to Bill Clinton’s 1992
with experience dealing with presidential transition team.
international markets and for- The committee also includes
eign central banks. David Cote, chairman of Hon-
Candidates that might fit at eywell who served as the
least some of these criteria firm’s chief executive until
would include Simon Potter, March, and Denise Scott, a top
head of the New York Fed’s executive at the Local Initia-
markets group; his deputy, Lo- tives Support Corp., a non-
rie Logan; and Brian Sack, an profit that specializes in com-
economist at hedge fund D.E. munity development. Two
Shaw Group who held the job other board members will join
before Mr. Potter. those four directors in voting
Mr. Trump won’t have a on the committee’s recommen-
hand in selecting Mr. Dudley’s dations. One of those seats is
successor. While the seven Fed vacant. The second is Charles
board members are nominated Phillips, chief executive officer
by the president and con- of Infor Inc., who was named
firmed by the Senate, the 12 as a director on Friday.
Roy Halladay, a two-time Cy
Young Award winner who
pitched a perfect game and a
playoff no-hitter for the Philadel-
phia Phillies, died Tuesday when
his private plane crashed into
the Gulf of Mexico. He was 40
years old.
Pasco County Sheriff Chris
Nocco said Mr. Halladay’s ICON
A5, at left, went down around
noon off Holiday, Fla., north of
Tampa. The sheriff’s office ma-
rine unit responded and discov-
ered his body in shallow water
near some mangroves. No survi-
vors were found.
Police said they couldn’t con-
firm if there were additional pas-
sengers on the plane or say
where it was headed. The Na-
tional Transportation Safety
Board is investigating.
Mr. Halladay, who retired af-
ter the 2013 season, was an am-
ateur pilot who often posted on
social media about small planes.
“I have dreamed about own-
ing a A5 since I retired! Real life
is better then my dreams!!” he
tweeted on Oct. 13.
He is survived by his wife,
Brandy, and two sons, Ryan and
Braden.
Mr. Halladay spent 12 sea-
sons with the Toronto Blue Jays
followed by four with the Phil-
lies. He ended his career with a
203-105 record, a 3.38 ERA, and
was an eight-time All-Star.
WTVT/ASSOCIATED PRESS
“Such a sad day,” former Phil-
lies first baseman Ryan Howard
tweeted. “We lost a great ball
player but an even better human
being.”
—Associated Press
BALTIMORE Mr. Goodson has remained
employed with the department
Van Driver Not Guilty and will keep his job.
In Freddie Gray Case Department lawyer Neil Duke
had argued that Mr. Goodson
A disciplinary panel unani- should have been fired for failing
mously found a Baltimore police to follow policy by not buckling
van driver not guilty Tuesday of Mr. Gray into a seat belt, failing
all administrative charges related to get him medical attention and
to his role in transporting Fred- lying about the chain of events
die Gray, the black man whose following Mr. Gray’s arrest in
fatal injury during the ride April 2015.
sparked riots in the city. Mr. Gray died a week later of
The three-member board a spinal cord injury he suffered
found that Officer Caesar Good- during the van ride, prompting
son, also a black man, didn’t vio- civil unrest among people ex-
late any department policies pressing outrage at the treat-
outlined in 21 charges against ment of African-Americans by
him the day Mr. Gray was fatally police in Baltimore’s inner city.
injured in police custody. Mr. None of the six officers charged
Goodson smiled and appeared criminally for their roles in Mr.
relieved after the verdicts were Gray’s arrest were convicted.
read. —Associated Press
THE WALL STREET JOURNAL
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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.
NICK WAGNER/AUSTIN AMERICAN-STATESMAN/REUTERS
Law-enforcement officials at the First Baptist Church in Sutherland Springs, Texas, where a gunman killed 26 people on Sunday.
Gun Record Lapses in Focus
Database to vet buyers
is under scrutiny amid
claims military often
fails to send updates
BY KRISTINA PETERSON
AND JACOB GERSHMAN
The national database de-
signed to vet gun buyers came
under criticism from Congress
and others on Tuesday, some of
whom claimed the U.S. military
routinely neglects to populate it
with court-martial records, as
required by federal law.
The outcry came a day after
the Air Force admitted that it
had failed to submit the re-
cords of Devin Patrick Kelley,
who killed 26 people in a
Texas church on Sunday, to the
Federal Bureau of Investiga-
tion after a 2012 court-martial
conviction on two counts of
domestic assault. The lapse
seems to explain why Kelley
passed background checks and
was allowed to buy guns in re-
cent years.
The Senate’s No. 2 Republi-
can, Sen. John Cornyn of
Texas, said Tuesday he is work-
ing on legislation to get federal
agencies, including the mili-
tary, to upload criminal-convic-
tion records into the FBI’s da-
tabase, the National Instant
Criminal Background Check
System, known as NICS. Those
records are already required,
but can slip through the cracks
for a variety of reasons.
“According to the Depart-
ment of Justice, the number of
these records that are actually
uploaded is staggeringly low,”
Mr. Cornyn said on the Senate
floor Tuesday. “That is unac-
ceptable and it must change.”
The Justice Department
didn’t respond to requests for
comment.
Others familiar with NICS
said the large gaps in informa-
tion sharing between the mili-
tary and the Justice Depart-
‘All I Heard Was Bullets Flying’
BY ERIN AILWORTH
AND TAWNELL D. HOBBS
SUTHERLAND SPRINGS,
Texas—The little congregation
at First Baptist Church had
just finished singing at the
start of Sunday services when
bullets flew into the sanctuary.
Farida Brown was sitting in
the last row of pews, near the
door, where a gunman dressed
in black entered firing a semi-
automatic rifle.
A Sunday school teacher for
the church sitting on Ms.
Brown’s right yelled for every-
one to drop to the ground.
“We heard the bang-bang, and
he said, ‘Get down, every-
body!’ and so I got down,” said
Ms. Brown, 73 years old.
By the time Devin Patrick
Kelley stopped shooting, most
of the congregation would be
dead or wounded. He killed 26
people and injured 20 more.
Ten of the wounded were in
critical condition Tuesday
night; the few survivors who
have been able to speak de-
scribe a bloody and terrifying
scene as Kelley shot those try-
ing to make a run for it.
Investigators described a
massive crime scene inside the
little church, pored over by
more than 100 law-enforce-
ment officials. Accounts of
what happened inside the
church are rare.
* * * *
U.S. NEWS
Shooter Had Fled
Mental Hospital
Gunman Devin Patrick Kel-
ley escaped from a New Mex-
ico mental health facility five
years before he killed 26 people
at a Baptist church in Suther-
land Springs, Texas, according
to a law-enforcement official.
Kelley, then in the Air Force,
escaped from Peak Behavioral
Health Services, a mental hospi-
tal in Santa Teresa, N.M., in June
2012, a police report indicated.
Five days before his escape,
an Air Force commander had
ordered Kelley to pretrial con-
finement on charges he had
assaulted his wife and young
stepson, a Pentagon official
said. It is unclear how he ended
up at the mental hospital dur-
ing that confinement period.
A witness told police that
Kelley, 21 years old at the time,
“suffered from mental disor-
ders” and had plans to take a
bus out of state. The witness
said Kelley was a danger to
ment has led to a blind spot in
background checks of veter-
ans, allowing those barred
from possessing weapons to
get cleared. They say the fail-
ure with Kelley’s record more
likely reflects a systemic flaw
rather than a one-time miss.
“This comes as no surprise
to any of us familiar with the
way NICS works,” said Robert
Belair, a Washington privacy
lawyer and expert on the FBI’s
background-screening system.
Mr. Belair said the Air Force
and other branches of the mili-
tary seldom submit court-mar-
tial records to the FBI’s
screening database when the
offense doesn’t lead to a dis-
honorable discharge. “It’s just
never been a priority for the
military,” Mr. Belair said re-
garding the information shar-
Farida Brown and her son David, at a wedding a few years ago.
As soon as the shooting
started, according to Ms.
Brown, she and a friend next
to her dropped to the ground.
“All I heard was bullets fly-
ing everywhere,” she said.
Later, she would hear an ac-
count of a woman begging
Kelley not to shoot her chil-
dren, but Ms. Brown said all
she remembers is the nonstop
sound of bullets.
Ms. Brown considered mak-
ing a break for a back door, or
to the church’s cafeteria or
nursery, but saw the gunman
shooting anyone who ran.
Instead, she stayed low and
crawled two pews up. She
could see the gunman’s boots
as he walked along the walls
of the church, and then began
himself and others.
Kelley had been caught
sneaking firearms onto Hollo-
man Air Force Base near Ala-
mogordo, N.M., where he was
stationed, and was “attempting
to carry out death threats”
that he had made on his mili-
tary chain of command, the
witness said.
Local military installations
that don’t have the resources
to provide inpatient mental
health care often use private
mental-heath facilities off base,
Air Force officials said. Peak
Behavioral, which didn’t re-
spond to requests for com-
ment, is nearly 100 miles from
Holloman Air Force Base.
After escaping, Kelley fled
about 12 miles across the state
line to El Paso, Texas, where
he was picked up by police, ac-
cording to an El Paso Police
Department incident report.
Also Tuesday, investigators
said they have Kelley’s cell-
phone but have been unable to
get into the device to see in-
formation that could be crucial
to the probe.
ing between the U.S. armed
forces and the FBI database.
The military sentenced Kel-
ley to one year in a military jail,
a demotion to the rank of air-
man and a bad-conduct dis-
charge.
An Air Force spokeswoman
said Monday the organization
would conduct a review to
“ensure records in other cases
have been reported correctly.”
The Defense Department is ex-
pected to announce a review
across the services on how the
U.S. military reports such
cases into the background-
check system.
A spokesman for the FBI de-
clined to comment.
Federally licensed firearm
dealers are required to check
the credentials of every poten-
tial buyer against the NICS
DAVID BROWN
pacing up and down the aisles
among the pews, shooting
congregants in the head. “He
went to double-check and
shoot,” she said.
Rosanne Solis, another
church member, was also try-
ing to hide under a pew as
Kelley walked around shooting
people. She was shot in the
shoulder despite trying to hide
and keep quiet, said her niece,
Margaret Vidal.
“He went in there and he
made sure everybody was
shot. He even went up the
stairs, and he was shooting
from the balcony,” she said
her aunt told her.
Kelley neared where Ms.
Brown was lying on the floor.
She held the hand of a young
Wednesday, November 8, 2017 | A3
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PATEK PHILIPPE
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system containing millions of
criminal history records and
protection orders. The system is
supposed to flag whether a po-
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tential gun buyer falls in various
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The checks, which typically
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store, ensure the purchaser
doesn’t fit into one of several
prohibited categories, such as
fugitives, convicted felons or
those with dishonorable dis-
charges from the military.
At least two firearm pur-
chases made by Kelley in San
Antonio this year and last
didn’t raise any red flags.
Three weapons were recovered
after the shooting, according
to the Bureau of Alcohol, To-
bacco, Firearms and Explo-
sives. One was a Ruger 556 ri-
fle recovered at the scene of
the church. Two handguns
were found in his vehicle—a
Glock 9mm and a Ruger 22.
On Tuesday, Republican Sen-
ators called for change. Susan
Collins of Maine and Pat
Toomey of Pennsylvania wrote
to Defense Secretary Jim Mattis
and the acting head of the
Homeland Security Depart-
ment, urging them to review
procedures for reporting crimi-
nal records to the national
background-check system.
Sens. Jeff Flake (R., Ariz.)
and Martin Heinrich (D., N.M.)
also introduced legislation
that would require the military
to report domestic-violence
misdemeanors to the national
background-check system if
they would be recognized as CLASSIMA Starting at
domestic-assault convictions Collection $990
in the state court system. The
lawmakers said the current
military code only has a broad
category of assault, so domes-
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gone unreported.
In 1996, Congress expanded www.baume-et-mercier.com
gun restrictions, barring those
who have been convicted of a
misdemeanor crime of domes-
tic violence, not just felony of-
fenses.
girl lying next to her and told
her, “We going to heaven, just
start praying.” Bullets rained
around them.
“I put my head down on the
concrete and folded my
hands,” she recalled. “I was
ready. I said, ‘God, take me to
heaven.’ I lived.”
Ms. Brown was shot in her
legs. On Tuesday, she sat in a
hospital bed in nearby Flores-
ville surrounded by family and
flowers from well-wishers.
“When I do fall asleep, I’m
in the church getting shot up,”
said Ms. Brown, who has been
sleeping in spurts, cuddling
occasionally with a large white
teddy bear left by a friend
that she has nicknamed St.
Nick.
On Tuesday, her injured
legs were swaddled in ban-
dages and covered by a white
blanket. One bullet lodged un-
der her right kneecap, her son
David said, while a bullet frag-
ment hit above her left knee.
Shrapnel from a ricochet
struck her left hip and several
inches below.
She doesn’t recall being
shot, but the minutes she lay
on the ground waiting to die
are clear. “I was the last one
to kill,” she said. “And then
God sent my protection.”
—Jim Oberman
and Alejandro Lazo
contributed to this article.
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
A4 | Wednesday, November 8, 2017
Maine Votes to Expand Medicaid
State becomes first
to widen program,
a pillar of health law,
through a referendum
BY MICHELLE HACKMAN
AND JENNIFER LEVITZ
Maine residents voted de-
cisively to expand access to
Medicaid under the Afford-
able Care Act on Tuesday, a
key test of the ACA’s popular-
ity after a failed push to re-
peal it by Republicans in
Washington.
Support for the ballot
measure was leading 59%-41%
with 66% of precincts report-
ing, and the Associated Press
declared it had been ap-
proved. This makes Maine the
32nd state to embrace the ex-
pansion, a central pillar of
the 2010 health-care law, and
the first time a state has
done so through a popular
referendum.
The outcome could hint at
the salience of health-care is-
sues in the 2018 midterm
elections.
Supporters of the measure
cheered its passage, which
will extend Medicaid health
benefits to all low-income
adults in the state. Medicaid
in Maine and other nonexpan-
sion states in many cases
doesn’t cover working-age
WASHINGTON
WIRE
CENTRAL BANK
Fed Supervision Chief
Urges Rules Review
The Federal Reserve’s new
chief of bank oversight said Tues-
day that all of the agency’s Wall
Street rules should get a fresh
look and that annual bank stress
tests are “on the front burner.”
Fed Vice Chairman for Supervi-
sion Randal Quarles, in his first
public remarks since taking office
less than a month ago, said he is
looking for transparency and sim-
plicity in the Fed’s oversight of the
banking industry.
He also said he believes chang-
ing the tone the Fed takes with
bankers will be a key part of his
impact after taking over from reg-
ulators appointed by the adminis-
tration of former President Barack
Obama, a Democrat.
“Particularly in the early stages
and perhaps throughout my entire
term, engaging on changing the
tenor of supervision will probably
actually be the biggest part of
what it is that I do,” he said, add-
ing that he has “perceived quite
an openness in the deep state at
the Fed to taking a fresh look.”
Mr. Quarles said he is encour-
aging the central bank to take “a
fresh look at everything.”
—Ryan Tracy
GOVERNMENT SPENDING
Study Estimates War
Costs at $5.6 Trillion
U.S. wars in Afghanistan, Iraq,
Syria and Pakistan have cost the
nation’s taxpayers $5.6 trillion
since they began in 2001, accord-
ing to a new study.
That figure is more than three
times that of the Pentagon’s own
estimates. The Defense Depart-
ment estimated earlier this year
that the total cost of the conflicts
since the 2001 attacks has
amounted to about $1.5 trillion.
The new study, by the Watson
Institute of International and Pub-
lic Affairs at Brown University,
aims to reflect costs the Pentagon
doesn’t include in its own calcula-
tions since war costs aren’t borne
by the Defense Department alone.
As such, said the study’s author,
Neta Crawford, the analysis isn’t
an apples-to-apples comparison.
“War costs are more than
what we spend in any one year
on what’s called the pointy end of
the spear,” she said in an inter-
view. “There are all these other
costs behind the spear, and there
are consequences of using it, that
we need to include.”
For example, the study’s esti-
mates include recurring costs such
as long-term medical care for vet-
erans and war costs incurred by
the State Department. Costs also
reflect related spending by the
Department of Homeland Security,
the Department of Veterans Af-
fairs and other agencies.
Sen. Jack Reed (D., R.I.) said
studies such as the Brown report
are critical because they show
what the true costs of war are, as
Congress debates budgets, tax
cuts and wartime policies.
—Gordon Lubold
Disabled veteran Donald Simoneau of Fayette, Maine, who is in favor of expanding Medicaid.
residents without children.
State Sen. Thomas
Saviello, a Republican who
voted multiple times in favor
of expanding Medicaid, said
state residents recognized
the program’s benefits.
“They recognize what it
takes to move this state for-
ward, and in order to do that,
you need to have a healthy
population,” he said. “We are
a poor state and it makes a
Above, supporters of Virginia’s Democratic gubernatorial candidate Ralph Northam, below, celebrated Tuesday night.
VOTE
Continued from Page One
control. “Tonight we declare the
days of division are over,” Mr.
Murphy said. “We will move
forward together.”
It was an abrupt change in
fortune for Democrats who have
been frustrated this year in
House special elections in Re-
publican districts such as a seat
in the Atlanta suburbs.
Democratic Party officials are
hoping the twin victories are a
harbinger of success in the 2018
midterm elections. The party’s
activists showed they can help
even a low-key campaigner like
Mr. Northam, who was second
choice for many progressives
who supported his primary ri-
val, former Rep. Tom Perriello.
Mr. Northam’s supporters
saw the Democratic sweep—
which could also bring signifi-
cant gains for Democrats in the
GOP controlled state House of
Delegates—as a repudiation of
Mr. Trump.
After calling Mr. Northam to
concede defeat, Mr. Gillespie de-
scribed his opponent as a “good
man” in a speech to supporters
in Richmond. “I wish him noth-
ing but the best,” said Mr. Gil-
lespie, who made no mention of
the GOP president.
Mr. Trump, in a Twitter mes-
sage after Mr. Gillespie’s loss,
kept his distance from the Re-
publican candidate.
“Ed Gillespie worked hard
but did not embrace me or what
I stand for,” he said. “Don’t for-
get, Republicans won 4 out of 4
House seats, and with the econ-
omy doing record numbers, we
will continue to win, even big-
ger than before.”
Mr. McAuliffe, speaking at
Mr. Northam’s victory rally, said
the results would have national
political implications and em-
bolden anti-Trump forces.
“Tonight is a wake up call in
this country,” he said. “No lon-
ger will we stand back. We will
stand up.”
P W L C 10 11 12
huge difference in rural areas
to have this expansion.”
Maine’s Republican gover-
nor, Paul LePage, has vetoed
five attempts by the state’s
Legislature to expand the
program and led opposition
to the ballot initiative, argu-
ing that it would deplete
state coffers, since the state
would have to provide about
10% of the money for the ex-
pansion.
Democrat Phil Murphy, above, with his running mate Lt. Gov.-
elect Sheila Oliver, on Tuesday defeated Republican contender
Kim Guadagno to succeed New Jersey Gov. Chris Christie.
Mr. Northam won with the
support of Democrats like Co-
rinne Vigen, a college student
galvanized by her concerns
about Mr. Trump.
“I’m a woman, and Trump’s
not going to do anything for
me,” she said. “I felt the Repub-
lican nominee...was just going to
be an extension of that.”
The Democratic Party hierar-
chy had grown anxious in the fi-
nal days of the campaign as late
polls indicated that the race had
gotten tighter than many ex-
pected in a state that has been
trending their way.
The final weeks of the cam-
H T G K B F A M 1 2 3 4 5 6
U.S. NEWS
“I see this as a very large
monetary concern,” said state
Rep. Susan Austin, a Republi-
can who said she wasn’t sur-
prised to see the expansion
pass. “It looks like a very
challenging thing to me.”
The showdown unfolded
just as Republicans nationally
are looking for ways to re-
verse the Medicaid expan-
sion, which extended cover-
age to 14 million Americans
paign focused on immigration
issues that galvanized the GOP
base but divided Democrats.
Mr. Gillespie, a former lobbyist
and former chairman of the
Republican National Commit-
tee, ran an ad that portrayed
Mr. Northam as supporting
sanctuary cities, a policy Mr.
Gillespie claimed allowed the
MS-13 gang to spread. The ad
was denounced by Democrats
as fear mongering. But after
Mr. Northam said he opposed
sanctuary cities, he was criti-
cized by a liberal group.
State and national Demo-
cratic leaders as well as grass-
7 8 9 O I X X ****** THE WALL STREET JOURNAL.
Informant
Provides
who were previously unin-
sured.
Seema Verma, who heads
the federal Centers for Medi-
Insight on
care and Medicaid Services,
announced Tuesday she in-
tends to approve state re-
Benghazi
quests to impose work re- BY DEL QUENTIN WILBER
quirements on some Medicaid
beneficiaries, which health WASHINGTON—A Libyan
analysts say would shrink the businessman working under-
program’s rolls. cover for the U.S. lured the
The Medicaid expansion suspected mastermind of the
has grown in popularity, poll- deadly 2012 Benghazi attacks
ing shows, since Republicans into a trap laid by American
in Washington have made re- special forces.
peated runs at repealing the The 40-year-old informant,
ROBERT F. BUKATY/ASSOCIATED PRESS
program as part of their identified only by the pseudo-
larger effort to roll back the nym Ali Majrisi, testified in
ACA. Some Republican gover- federal court here that he
nors and lawmakers opposed plied the militant leader, Ah-
paring it back, and one of its med Abu Khatallah, with
strongest GOP defenders was money and a car and led him
Maine’s Sen. Susan Collins. to the house where he was
The measure’s success captured before being spirited
could create a model for to a Navy ship and taken to
other politically divided the U.S. for trial.
states to follow. Advocates of The informant took the wit-
expanding Medicaid in Utah ness stand Monday and Tues-
filed a petition in October to day in Mr. Khatallah’s trial. His
place the issue on the 2018 testimony provided a rare ac-
ballot and activists in Idaho count of a critical insider’s role
are looking to do the same. in the U.S. operation that cap-
The ballot question will ex- tured Mr. Khatallah.
tend Medicaid to adults under Mr. Khatallah, 46, faces 18
age 65 with incomes at or be- charges related to the Sept. 11,
low 138% of the poverty level, 2012, attack on the U.S. special
which in 2017 means $16,643 mission and a Central Intelli-
for a single person or $22,412 gence Agency facility in Libya.
for a family of two. He is accused of planning and
—Peter Loftus setting in motion the assault
contributed to this article. that killed Ambassador Chris-
topher Stevens, State Depart-
ment Information Manage-
ment Officer Sean Smith and
two CIA contract security offi-
cers, Tyrone Snowden Woods
and Glen Anthony Doherty.
Mr. Khatallah, who has
pleaded not guilty, could be
sentenced to life in prison if
convicted of the most serious
offenses. His trial began Oct.
2, and jurors have heard vivid
testimony from State Depart-
ment and CIA personnel who
survived the assaults, as well
as Libyans who have linked
The witness testified
he agonized over
whether to help the
U.S. investigation.
AARON P. BERNSTEIN/REUTERS
Mr. Khattalah to the attacks.
Mr. Khatallah was the al-
leged leader of the extremist
brigade Ubaydah Bin Jarrah
and grew to despise the U.S.
“with a vengeance,” Assistant
U.S. Attorney John Crabb told
jurors in his opening statement.
Mr. Khattalah’s defense law-
roots activists made a big get-
out-the-vote push, driven in
part by concern that black vot-
ers and the party’s left flank
yers say he played no role in
the attacks and was wrongly
“abducted” from Libya. They
have questioned the informant’s
might not turn out in sufficient motivations for testifying and
numbers. Former President Ba- during cross-examination Tues-
rack Obama, a Democrat, made day pressed him on the money
one of his first political appear- he has been paid by the U.S.
ances since leaving the White government and whether it has
House at a Northam rally in influenced his testimony.
Richmond. Mr. Perriello, who Mr. Majrisi was paid as
endorsed Mr. Northam shortly much as $5,000 a month while
after the primary, campaigned in Libya and given $7 million
across the state for his one-time shortly after Mr. Khatallah’s
rival. capture. The Federal Bureau of
Mr. Gillespie had challenges Investigation has since picked
of his own, as he navigated up his living expenses in the
AARON P. BERNSTEIN/REUTERS; EDUARDO MUNOZ ALVAREZ/GETTY IMAGES (BOTTOM)
cross currents within the Re- U.S., including his wife’s Eng-
publican Party. He campaigned lish lessons.
on Trump issues and themes The informant, a burly 40-
such as combating crime and il- year-old with a shaggy, gray-
legal immigration, and Mr. ing beard, testified through an
Trump tweeted in support of Arabic-language interpreter
him Election Day morning. that he agonized over whether
“Ralph Northam will allow to help the investigation when
crime to be rampant in Vir- U.S. officials approached him
ginia,” the president wrote. in the waning months of 2012.
But the president didn’t ap- “It was a really hard decision
pear on the campaign trail with to make,” he testified. “On the
Mr. Gillespie, whose goal was to one side you have the U.S. Em-
be moderate enough to appeal bassy and the people investigat-
to independent voters and ing the incident. On the other
Trumpian enough to appeal to side, there were other people,
the many GOP voters who very well-known throughout
backed Corey Stewart, the pri- Benghazi as being extremists.”
mary rival who nearly defeated He ultimately decided to
him. Mr. Gillespie’s loss was a help, he said, because the U.S.
sign of how hard it is to walk helped topple his country’s
that line. dictator, Moammar Gadhafi,
The Democratic Party has and he disliked the terrorists
struggled to rebuild in the wake who were sowing chaos.
of its crushing 2016 defeat. Na- By 2013, Mr. Majrisi was
tional party leaders recently gathering evidence against Mr.
erupted in bickering that re- Khatallah and possibly others
opened divisions created during who participated in the at-
the presidential primary. For- tacks. Last month, the U.S.
mer interim party chairwoman government announced the
Donna Brazile, in a new book, capture of another Libyan, 46-
made fresh allegations that the year-old Mustafa al-Imam,
party apparatus was rigged in who was brought to the U.S.
favor of Hillary Clinton. on federal charges stemming
Part of Mr. Northam’s victory from the killings of Mr. Ste-
was his ability to reach out to vens and the other Americans.
voters like Amman Makonnen, a Mr. al-Imam’s attorney, Mat-
Democrat from McLean, Va., thew Peed, didn’t respond to a
who had backed Mr. Perriello in request to comment. A deten-
the primary. tion hearing has been sched-
“They have to stay united, uled for Thursday.
the Democrats,” he said. It isn’t clear if the infor-
—Kate King mant will play a role in Mr. al-
contributed to this article. Imam’s prosecution.
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. Wednesday, November 8, 2017 | A5

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A6 | Wednesday, November 8, 2017
Tax Bill’s Effects Uneven
BY RICHARD RUBIN
WASHINGTON—The Repub-
lican $1.4 trillion tax cut pro-
posal making its way through
Congress hits U.S. households
unevenly.
Most are likely to see lower
tax bills under the Republican
plan, but millions are at risk of
higher taxes immediately, with
the number losing out growing
over time, according to analy-
ses of the plan by Congress’s
nonpartisan Joint Committee
on Taxation.
In 2019, for example, 84% of
households making between
$75,000 and $100,000 annually
would get a tax cut of $100 or
more, but 11% in that same in-
come group would get a tax in-
crease of $100 or more. Among
households making $1 million
or more, 76% get a tax cut but
24% get a tax increase.
By 2027, less than half of U.S.
households would get tax cuts
and an additional one-third
would see their tax liability
change by less than $100, while
nearly one in five households
would have a tax increase.
The uneven responses across
households are because of the
way the tax bill is structured. It
is a complex mix of tax-rate
cuts, deductions eliminated and
credits that expire over time.
Households fare differently de-
pending on where they live,
how much money they make,
how many children they have,
whether they expected to bor-
row extensively for a home and
many other factors.
Feeling Vulnerable,
Las Vegas Raises
Festival Security
BY ANNE STEELE
Organizers of the first ma-
jor outdoor festival to be held
on the Las Vegas Strip since
last month’s mass shooting are
moving key events and ramp-
ing up security in an effort to
keep participants and specta-
tors safe while creating an up-
beat atmosphere.
Next weekend’s Rock ’n’ Roll
Las Vegas Marathon, where
bands play on stages at regular
intervals along the 26.2-mile
route, had been slated to kick
off with a starting-line concert
by the Goo Goo Dolls—playing
at the same grounds as the
Route 91 Harvest music festival
where a gunman killed 58 and
injured at least 500.
The ’90s band will now play
the night before the race at the
Las Vegas Festival Grounds.
Andy Walsh, a captain with
the Las Vegas Metropolitan Po-
lice Department who is head-
ing up marathon preparations,
said the October Vegas shoot-
ing and the Oct. 31 terrorist at-
tack in New York informed
law-enforcement decisions.
“This year we’re on that list
of cities that have proven to be
vulnerable to somebody who’s
determined to do something,”
ADP
Continued from Page One
Carlos Rodriguez disagreed,
closing the meeting with a
parting shot from the stage.
“Bill…despite your charac-
terization of the result as
close, what I was told was this
was an ‘ass-whooping,’” he
said.
The fight between Mr. Ack-
man and ADP was nasty from
the very start. ADP in August
announced Mr. Ackman’s Per-
shing Square Capital Manage-
ment LP had built a stake, a
release that pre-empted the
activist investor’s own disclo-
sures. And it rejected his ini-
tial demands on a morning Mr.
Ackman said he was headed
for vacation. Mr. Rodriguez, in
a TV interview later in August,
called him a “spoiled brat.”
The barbs continued from
there, all the way through
Tuesday. In an interview after
the vote, Mr. Rodriguez stayed
on the offensive. He admitted
he had lost his cool with his
closing comment, but he said
Mr. Ackman’s campaign had
been insulting to his employ-
ees and he rejected the idea
Tax Cuts Fade Over Time
The House GOP tax plan would produce tax cuts on average in the
first few years, but in the future some income groups would pay
more and within groups, some households lose out.
Tax decrease Tax increase
INCOME 2019 2021
Less than
$10,000 -$557 -$422
$20,000 -2,435 -2,084
$30,000 -3,001 -2,636
$40,000
-4,181 -3,695
$50,000 -5,532 -5,281
$75,000 -20,921 -20,189
$100,000 -19,483 -18,029
$200,000 -57,066 -51,751
$500,000 -26,446 -18,670
$1 million -10,912 -7,806
$1 million -41,557 -33,346
and above
Notes: In millions of dollars. Uses broad definition of income. Doesn't include estate tax.
Source: Joint Committee on Taxation
Selling a tax bill with a mix
of winners and losers is what
has made a comprehensive tax
overhaul impossible to pass
through Congress since 1986.
Republicans are optimistic
about the bill’s chances and
they are eager to finish by the
end of the year.
The JCT study and outside
analyses are yielding a war of
words between Republicans
and Democrats, with both sides
talking past each other about
research they don’t dispute. Re-
publicans note, correctly, that
the tax bill cuts taxes on aver-
he said. “We use that in plan-
ning and strategy for this
event, and it will be part of all
future events.”
The Rock ’n’ Roll Mara-
thon—actually a series of
races, including a 5K, 10K, half-
and full marathon over the
weekend of Nov. 11-12—is ex-
pected to draw more than
50,000 runners and spectators.
The event, now in its ninth
year, is traditionally marked by
a headliner concert before the
start of the races, with stages
featuring local bands playing
at each mile of the route. This
year, the first 2½ miles of the
race—which stretches along
the site of the shooting and
past the “Welcome to Las Ve-
gas” sign—will have no music
and instead serve as an ex-
tended moment of silence.
“In such close proximity to a
tragic event, we didn’t want to
be hosting a kickoff celebra-
tion,” said Josh Furlow, presi-
dent of the Rock ’n’ Roll Mara-
thon Series. “But the drumbeat
going through town is ‘Vegas
Strong,’ so the first checkmark
was: ‘Yes, we’re going to be do-
ing the event and hosting ath-
letes from all over the world.’ ”
The new route isn’t as
spread out as in years passed,
that management was under
any more pressure than nor-
mal.
“Frankly, what Pershing
Square and Bill Ackman have
to say are a very small part of
the pressure on my day-to-day
life,” Mr. Rodriguez said. “Yes,
this battle’s over. We won.”
Mr. Ackman said it wasn’t
over and that the CEO’s com-
ment wasn’t respectful of
shareholders of ADP, a $50 bil-
lion company that helps busi-
nesses handle repetitive HR
functions like payroll and
timekeeping.
“We are going to hold them
accountable,” Mr. Ackman said,
raising the likelihood of fur-
ther tension, particularly if
ADP slips at all with the prom-
ises it made. “We are rooting
for ADP.”
He said he would be judged
as an investor on the stock
performance, not on whether
he won this proxy fight. Persh-
ing Square holds about 2% of
the common stock and deriva-
tives that would bring the
stake to about 8%.
Still, for Mr. Ackman, the
magnitude of Tuesday’s loss
raises new questions about his
ability to win support during a
period of turmoil for his fund,
U.S. NEWS
As measured in millions of dollars
2023 2025 2027
$100 -$80 -$518
638 268 -726
1,170 1,070 431
653 388 -443
-300 -679 -1,902
-6,359 -8,103 -11,501
-4,475 -6,128 -9,545
-17,442 -23,309 -34,747
3,405 -2,228 -12,881
744 -2,883 -7,337
-8,885 -21,694 -36,617
THE WALL STREET JOURNAL.
age for all income groups, par-
ticularly in the first few years.
Democrats note, correctly, that
many people would pay more,
even though most are better off
on average, and that the tax in-
creases expand over time.
A separate JCT study re-
leased last week underscored
how the benefits of the tax bill
fade for many households over
time. In 2019, households mak-
ing $20,000 to $30,000 would
get $3 billion in tax cuts but a
tax increase by 2023 of $1.2
billion. Households making
$500,000 to $1 million would
Organizers have ramped up police presence for the Rock ’n’ Roll Las Vegas Marathon and opening concert. Above, the marathon in 2014.
helping law enforcement con-
centrate resources. Capt. Walsh
said 350 police officers will be
present throughout the week-
end, while 180 police vehicles
as well as trucks and barri-
cades will “harden the intersec-
tions and make it impossible
for a vehicle to pass through.”
Surveillance cameras and
sniper nests will be planted
along the route, and a police
helicopter will hover overhead.
Stages along the route will be
FROM PAGE ONE
which has struggled in recent
years and suffered a $4 billion
loss after a bad bet on Valeant
Pharmaceuticals International
Inc.
Mr. Ackman’s Pershing
Square has underperformed
for nearly three years, largely
because of the bruising loss on
Valeant. Its main fund has lost
24% since 2014, compared with
a one-third climb in the S&P
500. The fund is roughly flat
this year through October,
while the S&P 500 rose 17%,
including dividends. He also
recently restructured his five-
year bet against Herbalife Ltd.,
limiting potential losses as his
position had continued to lose
money.
Mr. Ackman points instead
to his long-term record, saying
Pershing Square has returned
more than 500% since its Jan-
uary 2004 start, compared
with the S&P 500’s roughly
200%.
In Tuesday’s vote, large ADP
shareholders Vanguard Group
and State Street Global Advi-
sors threw their weight behind
the company, according to
people familiar with the mat-
ter. But BlackRock Inc., ADP’s
second-biggest investor, voted
its shares in favor of Mr. Ack-
get tax cuts of $10.9 billion in
2019 but a tax increase of $744
million by 2023.
The House Ways and Means
Committee worked through the
bill for a second day Tuesday
and isn’t expected to finish until
Thursday. It rejected a Demo-
cratic amendment to preserve
individual reductions for state
and local taxes. Republicans
may make further changes.
“We can help the typical
family in our country, that
family of four, five, six that is
struggling,” said Rep. Carlos
Curbelo (R., Fla.).
Democrats note that some
lower-income people would see
their taxes rise and the money
would in effect fund tax cuts for
high-income households and
the repeal of the estate tax.
“The notion that it’s basi-
cally for the middle class is un-
true,” said Rep. Sander Levin
(D., Mich.).
Republicans set a $1.5 tril-
lion cap on the size of the tax
cut. To encourage economic
growth they prioritized a per-
manent corporate tax-rate cut
to 20% that by itself lowers
revenue by about $1.5 trillion.
To keep the plan within its
$1.5 trillion cap, Republicans
proposed repealing the personal
exemption that lowers taxable
income by $4,150 for each tax
filer, spouse and dependent in
2018.
They also would eliminate or
curtail dozens of other deduc-
tions and credits, including the
deduction for state and local in-
come and sales taxes.
equipped to alert the crowd
with instructions in case of an
emergency. And Mr. Furlow
said runners will receive in-
structions before the event on
how much time they will need
to navigate increased security.
Fewer than 100 runners
have sought refunds since the
Vegas attack, and registration
is on par with previous years,
said Dan Cruz, a marathon
spokesman.
The starting location for
Turnaround
Automatic Data Processing shares
rose Tuesday after six straight
daily declines.
Tuesday
$112.75
$120
s1.3%
115
110
105
100
Sept. Oct. Nov.
Source: WSJ Market Data Group
THE WALL STREET JOURNAL.
man, a key vote of confidence
for him, the people said.
Mr. Ackman’s defeat Tues-
day was worse than in a typi-
cal proxy fight where the ac-
tivist lost, according to Proxy
Insight. The margin between
Mr. Ackman and the closest
ADP director was greater than
30 percentage points, com-
pared with an average man-
agement win of 23 percentage
points in six similar votes this
year.
ADP is the third major com-
* *** THE WALL STREET JOURNAL.
Senate Aims to
Keep Deduction
BY SIOBHAN HUGHES
Senate Republicans aim to
preserve a popular tax deduc-
tion for household medical ex-
penses when they release
their version of a tax plan
later this week, parting ways
with House lawmakers on a
proposal that costs about
$182 billion over a decade, ac-
cording to people familiar
with the matter.
They are also considering
delaying the start of a cut in
the top corporate tax rate to
20% from 35% but hadn’t de-
cided on the matter as of
Tuesday evening.
Those decisions are part of
the complex trade-offs the
GOP is considering as it tries
to draft a historic overhaul of
the U.S. tax code that would
reduce business taxes in an
effort to spur economic
growth, and cut individual tax
rates. To pay for those cuts,
Republicans are trying to get
rid of costly deductions and
exemptions in the tax code,
but they are facing blowback
from consistencies that want
to keep popular provisions.
“With high health-care
costs, you want to be able to
offset that,” said Sen. Lisa
Murkowski (R., Alaska) of the
ability of households to de-
duct large medical expenses
in their calculations of indi-
vidual income taxes.
Ms. Murkowski appeared to
the marathon and half-mara-
thon has also been moved,
from outside the Mandalay
Bay Resort & Casino, where
the gunman shot from the
32nd floor, to outside the New
York-New York Hotel and Ca-
sino, about a mile up the road.
Access to the starting line will
be restricted to runners.
The new location is too
small to accommodate a major
concert. “The real estate is just
not available,” Mr. Furlow said.
pany this year to beat back an
activist, along with General
Motors Co. and Procter &
Gamble Co., although P&G’s re-
sult last month was so close
that it is in dispute. While ac-
tivists have continued to shake
up corporate giants through
brokered settlements, the com-
panies have won high-profile
fights at the polls, reaffirming
to some that a firm whose
stock hasn’t plunged and
which has a set plan to im-
prove can win some time with
shareholders.
In the ADP fight, Mr. Ack-
man had said the company fell
behind technology-heavy start-
ups and needed to improve its
margins. Mr. Rodriguez coun-
tered that ADP was already
improving technology and was
on a path to increase margins.
From the start, ADP sought
to put Mr. Ackman on the de-
fensive, with advisers and Mr.
Rodriguez confident its perfor-
mance would deflect a share-
holder he called “the loudest
voice in the room.”
ADP’s stock has performed
well compared with the S&P
500 during Mr. Rodriguez’s
tenure and rose 1.3% Tuesday.
The two sides even argued
about the final tally of votes, a
wince when asked about elim-
inating the medical-expense
deduction on Tuesday. “Peo-
ple look at that and say that
is one area that can make a
difference for them,” she said.
“There is certainly an un-
derstanding of its impor-
tance,” Sen. Bill Cassidy (R.,
La.), who sits on the Senate
Finance Committee, said on
Tuesday.
In all, House Republicans
want to get rid of $1.3 trillion
worth of individual income
tax deductions over a decade,
including deductions for
home-mortgage interest and
state and local taxes.
After complaints spread
about eliminating the medi-
cal-expense deduction, the
Senate Finance Committee
was likely to preserve it, the
people familiar with the mat-
ter said.
Another idea that could get
attention is full elimination of
the deduction for state and lo-
cal taxes, instead of taking the
approach of the House, which
preserved a property-tax de-
duction, while limiting the
amount of the deduction to
$10,000.
During a debate over the
Senate budget, Republicans
backed an amendment calling
for the full repeal of the state
and local deduction, which
would give them revenue they
could use to preserve the
medical-expense deduction.
JOHN LOCHER/ASSOCIATED PRESS
“We don’t want to run into
overcrowding and congestion.”
An opening act will instead
kick off the concert in tandem
with the start of the 5K on Sat-
urday night, followed by the
Goo Goo Dolls’ performance.
The concert is free and open to
the public, but there will be a
security perimeter around the
festival grounds. Behind the
scenes, organizers will conduct
surveillance and operate a cen-
tral command station.
dispute that echoed several
earlier dust-ups the companies
had over numbers. Mr. Ackman
said the tally was closer than
it appeared, citing that he won
about 81 million votes while
ADP director Eric Fast, who re-
ceived the lowest tally among
sitting board members, had
gotten about 183 million. If the
contest was just between those
two, Mr. Ackman said, he
would only have lost 69% to
31%. A total of about 326 mil-
lion shares were cast in the
election.
Even Mr. Ackman’s efforts
to address the meeting didn’t
go smoothly. He sat in the
middle of the pack in the
meeting in the basement at
ADP’s headquarters and was
offered a chance to comment
toward the start of the meet-
ing. He stood up and said he
had hoped to speak at the end
instead. He was told no. He
said he was “delighted to be
here” and sat down.
At the end of the meeting,
the sides quickly debated be-
fore he was given a chance to
speak, with Mr. Rodriguez win-
ning a laugh by forcing Mr.
Ackman to form his remark as
a question in order to follow
meeting procedures.
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
Wednesday, November 8, 2017 | A7

WORLD NEWS
Saudis Target Up to $800 Billion in Assets
Authorities have
Running Low
detained businessmen Saudi Arabia is heavily
and frozen bank dependent on oil exports, and
government revenue has taken
accounts in crackdown a hit as crude prices have
tumbled in recent years.
The Saudi government is
Oil revenue Other
aiming to confiscate cash and
1.25 trillion riyals
other assets worth as much as
$800 billion in its broadening
crackdown on alleged corrup- 1.00
tion among the kingdom’s
elite, according to people fa- 0.75
miliar with the matter.
0.50
By Margherita
Stancati in Beirut and 0.25
Summer Said in Dubai
0
Several prominent business-
men are among those who have 2006 ’08 ’10 ’12 ’14 ’16
been arrested in the days since Note: 1 riyal=$0.27
SAUDI PRESS AGENCY/REUTERS

Saudi authorities launched the Source: Saudi Arabian Monetary Authority

crackdown on Saturday, by de- THE WALL STREET JOURNAL.
taining more than 60 princes,
officials and other prominent Saudi government didn’t re-
Saudis, according to those peo- spond to requests to comment.
ple and others. Saudi Arabia’s minister of
The country’s central bank, commerce, Majid al Qasabi, on
the Saudi Arabian Monetary Tuesday sought to reassure
Authority, said late Tuesday Crown Prince Mohammed bin Salman, left, has said tackling corruption is necessary to overhaul Saudi Arabia’s oil-dependent economy. the private sector that the
that it has frozen the bank ac- corruption investigation
counts of “persons of interest” wouldn’t interfere with normal
and said the move is “in re- Lebanon Premier’s did to Qatar, in this instance be- involvement in a war against the meeting with Saudi King Sal- business operations.
sponse to the Attorney Gen- cause of Iran’s influence over the kingdom and we will use political man that was seen as an at- In its statement on Tuesday,
eral’s request pending the le- Trip Dispels Rumors country through its proxy Hez- and all other methods to con- tempt to dispel the rumors. On the Saudi central bank said that
gal cases against them.” Of His Captivity bollah. The resignation places front it,” Thamer al-Sabhan, the Tuesday, Mr. Hariri’s office said individual accounts had been
The purge is the most ex- Lebanon at the forefront of the Saudi minister of state for Gulf he had left Saudi Arabia for frozen, not corporate accounts.
tensive of the kingdom’s elite regional contest between Iran affairs, said in an interview with the United Arab Emirates—a The central bank sent a list
in recent history. Crown BEIRUT—Lebanon Prime Min- and Saudi Arabia. Saudi-owned Al Arabiya. close ally of Riyadh. He re- of hundreds of names to lend-
Prince Mohammed bin Salman, ister Saad Hariri left Saudi Arabia Mr. Hariri, the political leader Mr. Hariri announced from Ri- turned to Riyadh after the ers, asking them to freeze any
the son of King Salman, was for the United Arab Emirates on of Lebanon’s Sunnis, has close yadh Saturday he was resigning as meeting, according to his office. accounts linked to them, ac-
named heir to the throne in Tuesday, dispelling rumors that ties to the Sunni monarchy of prime minister, citing Iran’s power Mr. Hariri’s resignation has cording to people familiar
June and has moved to consol- he was being held by the king- Saudi Arabia, while Hezbollah is over the Middle East and saying yet to be accepted by the pres- with the matter.
idate power. He has said that dom against his will since he re- funded and armed by Shiite Iran. he felt his life was endangered. ident, who said he would do so “These are just the initial
tackling corruption at the signed over the weekend. Hezbollah’s influence over the Rumors spread he was being held after Mr. Hariri comes to Leba- stages of either asset freezes
highest level is necessary to Mr. Hariri’s Saudi patrons Lebanese government has grown in Saudi Arabia against his will. non, meets with him and di- or arrests. More people are ex-
overhaul what has long been now appear to be moving to steadily over the past decade. But Monday, Mr. Hariri vulges the reasons behind it. pected to be impacted as the
an oil-dependent economy. isolate Lebanon, much as they “We won’t tolerate Lebanon’s tweeted a picture of himself —Nazih Osseiran investigation unfolds,” a Saudi
The crackdown could also official said.
help replenish state coffers. The As a precautionary measure,
government has said that as- to three trillion riyals from could help Saudi Arabia’s fi- able government data. “It was becoming increasingly authorities have banned a large
sets accumulated through cor- these people. That’s the num- nances. A prolonged period of The arrests were ordered clear that additional revenue number of people from travel-
ruption will become state prop- ber they are talking about,” a low oil prices forced the gov- by a newly established anti- is needed to improve the econ- ing outside the country, among
erty, and people familiar with person close to the govern- ernment to borrow money on corruption agency headed by omy’s performance. The gov- them hundreds of royals and
the matter say the government ment said. the international bond market Prince Mohammed. ernment will also strike deals people connected to those ar-
estimates the value of assets it Much of that money is and to draw extensively from The crown prince “needs with businessmen and royals rested, according to people fa-
can reclaim at up to three tril- abroad, which will complicate foreign reserves, which cash to fund the government’s to avoid arrest, but only as miliar with the matter.
lion Saudi riyal, or $800 billion. efforts to reclaim it, people fa- dropped from $730 billion at investment plans,” political part of a greater commitment The government hasn’t offi-
“They reckon that they miliar with the matter said. But their peak in 2014 to $487.6 bil- risk advisory firm Eurasia to the local economy.” cially named the people who
could get around two [trillion] even a portion of that amount lion in August, the latest avail- Group said in a note Monday. Representatives for the were detained.

Venezuelans Draw Tech Work

Programmers available for a song in inflation-racked country
BY KEJAL VYAS Dirt Cheap
Galloping inflation, a collapsing local currency and state
CARACAS, Venezuela—The subsidies keep living expenses absurdly low in Venezuela for
World Bank ranks Venezuela those buying in dollars.
187th in terms of ease of do-
ing business, just behind Currency black market Monthly utilities in Venezuela*
war-torn South Sudan. But Bolivars a dollar buys, 2017
Gabriel Jiménez says his cri- Mobile phone plan†
0 4,175 bolivars 9.03¢
sis-hit native country is a
great place to hire people for Urban trash collection
his tech startup. 10,000 1,323 bolivars 2.86¢
Mr. Jiménez, 27, has a Basic internet service
small business registered in 20,000 307 bolivars 0.66¢
Miami that subcontracts Home fixed-line phone service
work like webpage design, 68 bolivars 0.15¢
developing apps, and corpo- 30,000
Electricity
rate network maintenance 64 bolivars 0.14¢
for clients in the U.S., Mex- Note: chart
40,000 Home water service
ico, Australia and elsewhere. inverted to show
weakening bolivar 50 bolivars 0.11¢
All of his programmers are
50,000 Home gas service
in Venezuela, where the local
10 bolivars 0.02¢
currency’s free fall has made J F MA MJ J A S O N
labor costs so low in dollar
*Average of Venezuela’s five biggest cities in October 2017 †1.2GB data and 200 minutes
terms that the country’s Note: 46,238 bolivars=$1 converted on black market
minimum wage now amounts Sources: DolarToday.com (currency); Econométrica (prices)
to about $10 a month. THE WALL STREET JOURNAL.
Trying to run any kind of
business in Venezuela is a its black-market value over Gauging how much work is
challenge. State-censored in- the past two years. outsourced to Venezuelans is
ternet is unreliable, and Venezuela is “in a full- difficult because much of it is
dealing in foreign currency blown economic, humanitar- unreported to avoid running
falls into a legal gray area ian, and political crisis with afoul of foreign-exchange
because of rigid exchange no end in sight,” the Interna- controls. Payments are often
controls. But those like Mr. tional Monetary Fund said settled through bank trans-
Jiménez willing to take the recently, with an economy fers outside the country or
risk can secure the services that it predicts will have through vehicles like PayPal.
of a Venezuelan programmer contracted 35% between Jan- Starting with three pro-
for as little as $100 a month. uary 2014 and Jan. 1, 2018. grammers in a roach-infested
An estimated two million But annual inflation topping Caracas apartment a year
of the best-educated Venezu- 1,000% and government sub- ago, the company Mr. Jimé-
elans have fled the country’s sidies for fuel and utilities nez founded, The Social Us,
economic and social deterio- now has 22 employees, all in
ration in the past two de- Venezuela even though the
cades. But for the many pro-
fessionals reluctant to
Outsourcers willing to company is registered in Mi-
ami. They design webpages,
abandon their homeland, re- take a risk can secure manage social media and de-
mote work paid in green-
backs has become a path to
a programmer for as velop software and hardware.
All of the programmers
survival at a time when mul- little as $100 a month. are independent contractors
tinationals from General Mo- for Mr. Jiménez’s Miami
tors to Clorox have shut company, allowing them to
down facilities there. be paid in dollars and isolat-
“There are still many good mean living expenses are ab- ing the company from Vene-
workers in Venezuela, and if surdly cheap for those buy- zuela’s generous labor laws.
you don’t give them a vision ing in dollars. A lavish sea- “The Venezuelan labor
for the future, they’re all go- food dinner, for instance, can force has converted into a
ing to leave,” said Mr. Jimé- cost just a few bucks. sort of maquila [outsourced
nez, who returned to Caracas “If it weren’t for program- factory] for the information
in 2015 after completing uni- ming, I’d have left the coun- and marketing world,” said
versity studies in the U.S. try a long time ago,” said Luis Pedro España, a sociolo-
For the programmers, sal- José Huerta, 27, who runs a gist at Andrés Bello Catholic
aries paid in dollars, how- consulting firm with three University in Caracas. “It’s
ever paltry, are attractive in employees from a home of- very underpaid work even
a country with the world’s fice, staying afloat from web- though the workers are very
highest inflation rate and a and mobile-app development capable. We can only com-
currency that has lost 98% of outsourced by U.S. clients. pare ourselves to Cuba.”
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 | Wednesday, November 8, 2017 * ***** THE WALL STREET JOURNAL.

WORLD NEWS

Xi Hosts From Position of Strength Sanctions

Bill Aims
Powerful president, Yale Law School. “As Trump

U.S. counterpart to
discuss investment,
heads to China, he will find Xi
at the pinnacle of his power,
with some significant home-
At Chinese
trade and North Korea
court advantages.”
Mr. Trump says he is at no
disadvantage when it comes to
Banks
President Donald Trump ar- talks on the South China Sea, BY IAN TALLEY
rives in China with a first-year the U.S.’s trade deficit with
record that includes sagging China or how to exert pressure WASHINGTON—Chinese
approval ratings and an inves- on North Korea. banks risk steep penalties for
tigation into Russia’s connec- Mr. Trump declined to talk aiding North Korea, under new

ALY SONALY SONG/REUTERSG/REUTERS

tions to his campaign, but also about his specific goals in Bei- legislation that sailed through
a surging economy. jing. the Senate banking committee
The president’s specific on Tuesday.
By Michael C. Bender aims in Beijing are somewhat The new bill, unanimously
in Seoul of a mystery in China, said approved by the committee on
and Jeremy Page Christopher Johnson, a former the eve of President Donald
and Eva Dou in Beijing senior China analyst for the Trump’s meetings with Chi-
Central Intelligence Agency. nese President Xi Jinping in
Mr. Trump will be wel- Some view Mr. Xi’s consoli- Beijing, is designed to bolster
comed in Beijing on Wednes- dation of power and Chinese U.S. enforcement of sanctions
day by President Xi Jinping, People walk in front of posters depicting President Xi Jinping, left, and Mao Zedong in Shanghai. confidence in their leader as and give the White House le-
who is fresh from a Communist potential advantages for Mr. verage as it presses the coun-
Party congress that cemented frame Mr. Trump’s 36 hours in gram. But his talks with Mr. Xi, well beyond the Kim Jong Un Trump. “One downside of try to take stronger action
his status as China’s most pow- China—a day and a half of talks which will also focus on trade regime in Pyongyang. heavy consolidation of power against North Korea.
erful leader in decades, but at the center of the president’s and investment, have broader “These leaders are somewhat is that there’s no one else to The legislation requires the
who also faces some economic 10-day swing through Asia. implications for American in- mismatched in the strength and blame inside your system,” Mr. U.S. Treasury Department to
headwinds as the government The immediate purpose of terests in Asia. The interac- clarity of their current political Johnson said. sanction financial institutions
seeks to build China into a rich Mr. Trump’s five-country cam- tions between the leaders of positions,” said Mira Rapp- that knowingly handle trans-
superpower by 2050. paign is pressuring North Ko- the world’s two largest econo- Hooper, senior research scholar  China’s JD.com to import beef actions for North Korea. It
That study in contrast will rea to abandon its nuclear pro- mies could have ripple effects at the Paul Tsai China Center at from U.S........................................ B4 mandates sanctions for any
entities involved in any of the
country’s major revenue

KOREA streams, including coal, iron,

seafood and the export of for-
eign workers. And, in an effort
to intensify congressional
Continued from Page One oversight of the administra-
menting United Nations Secu- tion’s sanctions policy, it re-
rity Council sanctions against quires the department to regu-
its neighbor, but Beijing is larly report back to Congress
wary of taking steps that on North Korea.
could lead to the North Ko- “There are a whole lot of
rean regime’s collapse and holes in the sanctions regime,”
spark a humanitarian crisis said Sen. Chris Van Hollen, a
on its border. Maryland Democrat and one of
In his speech, Mr. Trump the chief sponsors of the bill.
painted a bleak picture of life “In terms of enforcement and
in North Korea, saying the teeth in those sanctions, we
“country is ruled as a cult.” really haven’t taken the mea-
Citizens, he said, bribe gov- sures we need to.”
ernment officials to be sold The House has already
into slavery rather than re- passed a similar bill, and given
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

main in their own country. the unanimous approval of the

“Why would China feel an Senate version in the banking
obligation to help North Ko- Committee, Mr. Van Hollen
rea?” Mr. Trump said. said he expects Congress to
The pointed language from soon ratify the new sanctions
Mr. Trump followed more con- legislation.
ciliatory comments he made a U.S. and United Nations of-
day earlier, when he stood ficials have complained that
alongside South Korean Presi- China—which accounts for
dent Moon Jae-in at a joint 90% of North Korea’s foreign
news conference. Mr. Moon, trade—hasn’t done enough to
South Korea’s first leftist stamp out illicit commerce
leader in almost a decade, has and finance with its neighbor.
said in recent comments that Although the bill doesn’t
the nuclear standoff on the President Donald Trump, left, on the second leg of a five-nation Asia trip, meets South Korean President Moon Jae-in in Seoul. name China directly, lawmak-
Korean Peninsula can only be ers said it was crafted to tar-
resolved peacefully. “What you have built is Korea to come to the table world, and they’re right now Pyongyang curtails its nuclear get the Chinese banks that
Mr. Trump spent much of truly an inspiration,” he said. and make a deal that is good positioned. We have a nuclear program. manage most of North Korea’s
Wednesday’s speech lavishing Still, much of the speech for the people of North Korea submarine also positioned,” he There was no immediate international accounts.
praise on South Korea. was directed at South Korea’s and for the world,” he said said in comments aimed at North Korean reaction through “China is always opposed to
He noted the growth of the northern neighbor, delivering during the news conference starting a diplomatic process state media to Mr. Trump’s the unilateral sanctions im-
economy and trade in the de- a message to Mr. Kim that his to address North Korea’s comments. posed by one country on other
cades since the war, and said acquisition of weapons is put- weapons. “We have many Early Wednesday, Mr. countries outside the frame-
that South Koreans can expect ting his regime on a treacher- things happening that we Trump attempted a surprise work of the U.N. Security Coun-
to live into their 80s today, in- ous course.
‘I do see certain hope, we hope—in fact, I’ll go visit to the demilitarized zone, cil,” a spokesman at the Chinese
stead of only into their 50s “The weapons you are ac- movement’ on the a step further—we hope to but heavy fog forced his heli- Embassy in Washington said.
two generations ago. quiring are not making you God we never have to use.” copter to return to Seoul. Mr. In recent months, Beijing
The president, an avid safer,” Mr. Trump said. “They
Pyongyang nuclear The call for negotiations Moon had intended to join Mr. has moved to close down some
golfer, also noted the success are putting your regime in standoff, Trump says. was a change from a little over Trump there, in what would of those trade and finance net-
of South Koreans in the sport, grave danger. Every step you a month ago, when Mr. Trump have been the first joint visit works, including sending a no-
drawing laughter from law- take down this path increases said Secretary of State Rex to the DMZ by a U.S. and a tice to banks that they must
makers when he mentioned the peril you face.” Tillerson was “wasting his South Korean leader, White abide by U.N. sanctions. But
women from the country who The tone was a shift from with Mr. Moon. time trying to negotiate with House press secretary Sarah U.S. officials, lawmakers and
finished in the top four spots Tuesday, when the president Mr. Trump also alluded to Little Rocket Man,” a refer- Huckabee Sanders said. She North Korea watchers have
at the tournament held earlier opened the door to negotia- American military power. “You ence to Mr. Kim. The president said the plan showed the said those efforts are insuffi-
this year at Trump National tions with North Korea. know, we sent three of the also has warned about un- strength of the relationship cient and are wary about Bei-
Golf Club in New Jersey. “It makes sense for North largest aircraft carriers in the leashing “fire and fury” unless between the two countries. jing delivering on its promises.

WORLD WATCH
U.S. Allies Worry Trump Will Pull a Nixon in China NATO
built atop half-submerged ister Shinzo Abe’s eagerness
reefs in the world’s busiest to court Mr. Trump today. Cyberwarfare Power
commercial waterway. Mr. Abe’s solicitous diplo- May Be Added
In Beijing, Mr. Trump will macy reflects a long fear in
seek help on North Korea, Japan that Washington will NATO defense ministers will
his main priority, as well as do another deal with Beijing this week discuss initiatives to
trade. China sees an oppor- over its head to reshape the bolster their cyberwarfare capa-
tunity for deal making. region, as well as suspicion bilities, the alliance’s secretary-
XU CONGJUN/XINHUA/ZUMA PRESS

of a president hostile to mul- general said Tuesday, part of a

T
CHINA’S WORLD he question for Asian
By Andrew Browne governments anxious
about an impulsive U.S.
president weakened by inves-
SHANGHAI—In a pointed tigations into Russian in-
message ahead of Donald volvement in the 2016 elec-
Trump’s first presidential tion and looking for a foreign-
swing through Asia, a Chi- policy success: Will he be
nese shipyard launched the tempted to strike a bargain?
region’s largest dredger. Mr. Xi has pushed for
The 17,000-ton Tiankun, what he calls a “new type of
dubbed the “magic island- great power relations” with
maker,” can rip holes in the the U.S., an innocuous-sound-
seabed roughly equivalent to ing slogan but one freighted
The Tiankun dredging vessel, seen in Qidong, is the region’s largest.
will push back, too. Rex Til-
lerson, the secretary of state,
has spoken of a “free and
open Indo-Pacific region” as
tilateral trade arrangements broader effort to offset rising
and skeptical of alliances. threats from Russia.
Expect Mr. Xi to deliver a Key on the agenda will be
few helpful gestures on whether to allow member coun-
North Korea at the summit. tries to provide offensive cyber-
Mr. Trump has been effective weapons to North Atlantic
at persuading Mr. Xi to sign Treaty Organization command-
on to tough U.N. sanctions. ers for use in military opera-
Additional Chinese moves, tions, allied diplomats said. Ap-
however, won’t go far enough proval of the move is likely, but
at last month’s party congress to collapse the Pyongyang re- not ensured, the diplomats said.
that “some people might call gime. Bottom line: Chinese —Julian E. Barnes
him the king of China.” oil will keep flowing.
Anticipate, too, a raft of AFGHANISTAN

C
three Olym- with deep implications, not a counter to a Sino-centric UiTiankai, the Chinese deals for Mr. Trump’s CEO
pic-size swim- least that Washington would order. There is talk of reviv- ambassador to Wash- entourage, although U.S. ex- Gunmen Attack
ming pools start treating China as an ing a more formal grouping ington, has promised ecutives on the ground ex- Kabul TV Station
every hour equal and cede ground on its of the region’s big democra- Mr. Trump a “state visit- pect few breakthroughs on
and signals a territorial demands in the cies—the U.S., Japan, Austra- plus.” He knows that the structural problems. Suspected Islamic State gun-
new phase in South China Sea and East lia and India—which to China grandeur of the Chinese cap- Beijing is deft at mixing men wearing police uniforms
China’s South China Sea. The arrangement looks like a strategy to con- ital has a way of warping the soft diplomacy with the stormed a private television sta-
China Sea construction that could put Taiwan in play as tain its advance. And the U.S. perspective of visiting U.S. harder variety. The Tiankun tion in the Afghan capital, set-
intimidates neighbors and another of China’s “core in- Navy has stepped up free- leaders. Nixon was star- dredger embodies Beijing’s ting off fighting with govern-
directly challenges U.S. re- terests” to be accommodated. dom-of-navigation patrols struck by the tyrant Mao. In strategy of pushing Chinese ment forces that left at least
gional leadership. Such diplomacy would es- around the artificial islands. engineering his “opening to interests by any means short one guard dead and forced the
It is also a reminder that sentially create a G-2: the Still, China regards Mr. China,” he not only shocked of war. Pashto-language station off the
high on Chinese President Xi U.S. and China carving up Trump as a businessman open Taiwan, but also went be- Either way, Mr. Xi is likely air in the latest attack on jour-
Jinping’s wish list for the the globe between them. to pragmatic compromises. hind Japan’s back, giving to calculate that time is on nalists. Authorities said more
trip is an acknowledgment of Barack Obama rebuffed Mr. Trump is gushing America’s closest Asian ally his side. His newfound stat- than 20 people were wounded in
China’s enlarged ambitions the idea as endangering U.S. about his counterpart, telling almost no notice of the his- ure effectively makes him a the attack. Both gunmen were
in its own backyard vividly alliances in the region. Lou Dobbs on the Fox Busi- toric shift—a point that ran- Chinese leader for life. Mr. killed, they said.
symbolized by airstrips, In recent days, the Trump ness Network after Mr. Xi’s kled in Tokyo for decades, Trump’s hold on office is —Habib Khan Totakhil
ports and military facilities White House has signaled it elevation to Mao-like status and helps explain Prime Min- more tenuous. and Ehsanullah Amiri
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A10 | Wednesday, November 8, 2017
SCARY
Continued from Page One
deathly afraid. Their reading
lists have grown longer than
ever, after hits like “Get Out”
and “It” made 2017 a banner
year for the genre.
“I get freaked out really eas-
ily,” said James Shoop, a 30-
year-old mushroom farmer in
Franklinton, La. “But I’m inter-
ested in the plot.” Mr. Shoop
has read the plot summaries of
every movie in the “Saw” se-
ries—down to the inventive tor-
ture devices introduced
throughout—but can’t say what
its main villain looks like.
Grace Doble, a 22-year-old
recent college graduate from
Amherst, Mass., avoids reading
scary summaries late at night.
She lists the hobby on her Tin-
der profile, alongside another
favorite pastime: Watching vid-
eos of bird calls, despite not be-
ing a birder herself.
Prospective dates used the
information as an opening line,
asking why she read scary-
movie plots. “I would say I get
really scared of horror movies,
but I am a really, really curious
person.”
Plot-summary readers say
they’re drawn to the spoilers for
various reasons. Some want to
DEBT
Continued from Page One
pending arbitration claims
world-wide.
These high-end collection
services—which include litiga-
tion-funders like Burford, as
well as hedge funds and other
specialized investors—retrieve
what is owed for a share. They
are usually hired by people
who lack the resources or
don’t want to use their own
money to collect, even at a
time when high-profile scan-
dals are making it more diffi-
cult to hide assets world-wide.
“It’s not like going to the
casino and cashing in your
chips,” said Mr. Hall, who co-
founded a judgment-enforce-
ment firm bought by Burford
in 2015. “After you go to court
or an arbitration center,
there’s nowhere to cash in
your paper.”
Mohammad Al-Saleh hired
Burford to help fund litigation
in the dispute and then to col-
lect after Mr. Sargeant, his
former business partner,
wouldn’t pay the $28.8 million
judgment delivered by a jury
in a Florida court.
Mr. Sargeant didn’t want to
pay because he saw the ver-
dict as just one battle in a
multi-front legal war with Mr.
Al-Saleh, said Chris Kise, Mr.
Sargeant’s lawyer at Foley &
Lardner LLP in Tallahassee,
Fla. Mr. Sargeant had tried,
unsuccessfully, to settle with
Mr. Al-Saleh, the lawyer said.
Mr. Sargeant, who declined
$2T
Pending arbitration claims world-
wide are estimated at $2 trillion.
to comment, was convinced he
could win his counterclaims
against Mr. Al-Saleh in the U.S.
and abroad, Mr. Kise said.
After getting out of the
London taxi at Claridge’s that
day, Mr. Hall spotted Mr.
Sargeant in the hotel bar. He
perched by the entrance and
waited for the lawyers to ar-
rive with the court order.
Mr. Hall, after graduating
from Oxford University, en-
tered corporate law. He was
the first from his working-
class family to attend college
and was attracted by the pay.
He got bored, though, and
started working for a private
investigator.
The thrill of the chase
hooked him, Mr. Hall said,
along with the “crazy problem
solving” needed to seize polo
ponies or yachts from delin-
quent debtors.
Mr. Sargeant’s group sat a
corner table at the bar. A Bur-
ford colleague of Mr. Hall’s
slipped into a nearby seat and
listened surreptitiously as the
group talked about shopping
for handmade men’s
leather shoes.
Before long, Mr. Sargeant
and his companions headed
for the door. The lawyers still
hadn’t arrived. Mr. Hall and
his colleague left through an-
other door, got in a taxi and
told the driver to follow Mr.
Sargeant’s car.
This account is based on
The movie ‘It,’ which came out this year, frightened many. Some people just read about it online.
keep up as horror films have
broken into the mainstream.
Others have spent decades
avoiding scary movies, and view
the Wikipedia entries as a
chance to confront the phobia
within the safe confines of a
bare-bones, community-sourced
description.
“Some of [the reading] is cul-
tural competence,” said Caitlin
Pierson, a 29-year-old adjunct
professor in Orlando and avid
plot-summary reader. When
friends talk about horror mov-
ies, “you can’t just stare at
them,” she said.
Ms. Pierson traces her hobby
to seven years ago, when she
was flipping channels and
thousands of pages of
court filings and interviews
with people involved.
Opportunity knocks
Mr. Sargeant’s father, a for-
mer naval officer, started an
asphalt-storage and shipping
business in the 1980s,
Sargeant Marine, that grew
into one of the world’s largest.
During the 1990s, after a de-
cade flying jet fighters in the
U.S. Marine Corps, Mr.
Sargeant helped expand the
family business.
In November 2003, Mr.
Sargeant landed the first civil-
ian plane in Baghdad just
months after the U.S.-led inva-
sion of Iraq. While there, he
learned the U.S. military
needed high-grade fuel for its
bases, and that Jordan, Iraq’s
next door neighbor, might pro-
vide a route.
To bid for U.S. Department
of Defense contracts, Mr.
Sargeant started a company
with Mustafa Abu-Naba’a, a
longtime business partner, and
Mr. Al-Saleh, a childhood
friend of Mr. Abu-Naba’a. Mr.
Al-Saleh was married to the
half-sister of Jordan’s King
Abdullah II, whose approval
would seal the deal.
With Mr. Sargeant’s mili-
tary background and Mr. Al-
Saleh’s ties to the king, their
new company soon acquired
Jordan’s permission to trans-
port fuel into Iraq. U.S. mili-
tary contracts quickly fol-
lowed.
The operation was lucrative
but dangerous. Tanker trucks
collected fuel from Jordan’s
Aqaba port and drove eight
hours across the country to
meet U.S. military convoys at
the Iraq border. Insurgent
gunfire sometimes turned fuel
trucks into bombs. At least 17
drivers were killed over three
years.
Before its last delivery in
2011, the venture had won $3
billion in Defense Department
contracts and made hundreds
of millions of dollars in prof-
its.
In Florida, Mr. Sargeant be-
came a major Republican
Party donor, hosting fundrais-
ers at his 19,000 square-foot
oceanfront house in Palm
Beach County, Fla. He served
as state finance chairman
when Charlie Crist, a former
fraternity brother at Florida
State University, was elected
governor.
Mr. Al-Saleh collected at
least $27 million in his part-
nership with Mr. Sargeant,
court records said. In 2006, he
learned Messrs. Sargeant and
Abu-Naba’a had created an-
other firm and had bid for
contracts without him.
Two years later, Mr. Al-
Saleh filed a lawsuit in Florida
to collect what he alleged
were lost profits. During a
two-week trial in July 2011,
Mr. Al-Saleh told the court he
had been hoodwinked by his
partners, who for a year ar-
ranged contracts through the
second firm. When Mr. Al-
Saleh sought his share of the
proceeds, he testified, he was
pushed out of the operation.
The Florida jury awarded
Mr. Al-Saleh $28.8 million—his
share of the hidden contracts.
Mr. Al-Saleh said in an inter-
view that he “genuinely
thought the judge would make
[Mr. Sargeant] write a check
IN DEPTH
glimpsed a scene from the 2006
haunted town movie, “Silent
Hill.” Since then, she’s kept up
with summaries for both install-
ments of the series and ex-
panded her reading to include
any movie she thinks might be
too scary or sad to digest.
“Sometimes I get scared
when reading them, sometimes
sad,” she said. Rarely does she
feel the need to explore further:
“Usually after I read about it,
I’m good.”
Wikipedia is a safe outlet for
the easily spooked, since hor-
rific cinematic moments are told
in deliberately anodyne prose.
The shower scene from Al-
fred Hitchcock’s “Psycho,” for
‘After you go to court or an arbitration center,
there’s nowhere to cash in your paper.’
Dan Hall, outside the London offices of Burford Capital Ltd. He and his investigators followed an
Instagram account, below, to track Harry Sargeant III in fall 2015 to the Claridge’s hotel in London.
within a couple of weeks.”
He didn’t know that two
days before the jury’s decision,
the ownership of Mr.
Sargeant’s Texas refinery was
moved from Florida to Texas,
giving it more protection from
debt collectors.
Mr. Kise said a legal shift in
Florida, not subterfuge,
prompted the move. Florida
laws, meanwhile, shielded Mr.
Sargeant’s home and family
bank accounts. Two more
courts affirmed the verdict,
and Mr. Sargeant ran out of
appeals.
After four years, an auction
of guns and watches seized
from Mr. Sargeant’s home had
yielded Mr. Al-Saleh just
$31,400.
Burford of London had
Harry Sargeant, center, introduces Charlie Crist to King Abdullah.
THE WALL STREET JOURNAL.
Horror-movie screenwriters
find themselves confused by the
plot-summary appeal. “It’s like
trying to explain an earthquake
thony Wilson, a supermarket
employee in Christchurch, New
Zealand, launched WheresThe-
Jump.com, a website that tracks
to someone who’s only seen a every “jump scare” in horror
printout from a [seismometer],” movies. Mr. Wilson, who grew
said Marcus Dunstan, a writer up closing his eyes at the slight-
on several installments of the est bit of on-screen terror, has
“Saw” series. watched nearly 400 horror
WARNER BROS./EVERETT COLLECTION
His writing partner, Patrick movies with his cellphone stop-
Melton, described the Wikipedia watch on, to log the precise mo-
practice as “something my mom ment when a music cue or
would do.” shocking image hits the screen
Some frightened viewers use to jolt viewers in their seats.
online summaries to ease them- Mr. Wilson logged 20 jump-
selves into the horror. Tiffany scares in the 135 minutes of “It,”
Daniels, a 33-year-old hair styl- furiously writing brief descrip-
ist in Olympia, Wash., loved the tions from the back row of the
zombie series “The Walking theater. “I was stressing out a
Dead” but couldn’t stand the bit because I was trying to keep
instance, unfolds on screen as a suspense. “I could feel my chest track of them all,” he said.
three-minute sequence featuring tightening. I would be short of In the past year, traffic to the
78 separate shots, screeching vi- breath,” she said. site has grown about 50% to
olins and an unblinking Janet Then she discovered a trick. 200,000 page views a month,
Leigh corpse. Since she lives on the West and Mr. Wilson is developing an
Here’s how Wikipedia de- Coast, she watches a new epi- app that would cause a movie-
scribes the action: “As she is sode three hours after viewers goer’s phone to vibrate in warn-
showering, a shadowy figure in the east. That’s enough time ing ahead of each jump scare.
comes in and stabs her to death to log onto the Facebook group After years of reading hor-
with a chef’s knife.” “Walking Dead Spoilers,” where ror-movie plot summaries, Mr.
Anything more flowery is un- East Coast viewers have already Shoop, the mushroom farmer, is
necessary, said Nick Bond, a outlined the surprises in store. considering “taking the plunge”
NASA mission support scientist Then she’s prepped for the hour and watching two movies he’s
in Severna Park, Md., who of television to come, “rather heard are especially good: “It
watches horror movies and up- than put myself through tor- Follows” and “The Babadook.”
dates Wikipedia summaries in ture,” she said. He’s not expecting too many
his spare time. “Subjective de- Those brave enough to enter surprises—he’s read the plot
tails are not only extraneous, the theater have other new tools summaries of both. “I just want
but in fact kind of inappropri- at their disposal. to see how it all plays out on
ate,” said Mr. Bond. About two years ago, An- screen,” he said.
yer, said Mr. Sargeant re-
turned to the club when he
saw strangers rushing toward
him.
Later, Mr. Hall and the law-
yers sat in Claridge’s marbled
lobby, waiting to see if Mr.
Sargeant would return. They
were out of luck.
Confident that Mr. Sargeant
was now in the net of a British
court after the freeze order
was served at Claridge’s, the
Farnborough airport and to
Mr. Sargeant’s lawyers, Mr.
Hall went home.
The next day he woke up
and looked at his phone to
read messages. His stomach
sank. The Claridge’s box was
empty.
The private plane that
brought Mr. Sargeant to Lon-
don also was gone. The airport
staff had received the court
order late and it went unno-
ticed. At dawn, the plane was
cleared for takeoff.
It was, Mr. Hall said, “a bit
of a body blow.”
Mr. Sargeant’s private jet
was headed to Geneva, and Mr.
Hall started calling lawyers
and investigators in the Swiss
city.
At Burford’s office in Lon-
don’s financial district, an ana-
lyst worked through a list of
five-star hotels, calling to ask
if the Sargeant party had ar-
rived. The Mandarin Oriental
said it had. Mr. Hall assembled
a surveillance team there.
Mr. Hall spent the day on
the phone, trying without luck
ROB STOTHARD FOR THE WALL STREET JOURNAL (2)
to get the plane grounded in
Geneva for breaking the U.K.
judge’s freeze order. A Swiss
asset-recovery lawyer said
there wasn’t a clear enough
connection between Mr.
Sargeant and the plane’s legal
owner, a Delaware limited lia-
bility company.
For a couple of days, Mr.
Sargeant visited commodity
trading firms, shadowed by
Mr. Hall’s investigators. Then
he flew to the U.S.
helped finance Mr. Al-Saleh’s traveled with Mr. Abu-Naba’a Mr. Hall estimated that Mr.
Florida lawsuit in exchange for and Mr. Abu-Naba’a’s son, an Sargeant had spent as much as
a piece of the judgment. Then aspiring politician who last $10 million fighting Mr. Al-
it turned its attention to col- year lost a race for mayor of Saleh’s claim. Mr. Kise said the
lecting. Santo Domingo, Dominican Re- legal bills were a fraction of
Mr. Hall cataloged Mr. public. A Burford analyst be- that.
Sargeant’s companies and gan monitoring the son’s In- In October 2016, Mr.
studied the path of the fuel- stagram account, which Sargeant and Mr. Al-Saleh fi-
contract money. His investiga- streamed selfies posed with nally met in Miami for a court-
tors sketched out Mr. celebrities, guns and race cars. ordered mediation session.
Sargeant’s lifestyle and busi- Flanked by lawyers and a Bur-
ness practices, using credit- ford representative, the two
card statements obtained by Closing in men—stationed in separate
subpoena. Mr. Hall got a tip in fall rooms—hammered out a set-
Mr. Sargeant vacationed in 2015 that Mr. Sargeant was tlement: Mr. Al-Saleh would
Aspen, the statements show, asked to clear out a deposit receive more than $30 million,
and he traveled overseas with box at Claridge’s because the and he would drop all litiga-
an entourage that stayed in hotel was discontinuing the tion.
$1,000-a-night hotels. Several service. Mr. Sargeant might Mr. Hall said Mr. Sargeant
times he had spent as much as store diamonds there, the tip- probably wanted to clear the
$10,000 for a suite of seats at ster said. claim that hung over him as
Miami Dolphins games. When the Instagram feed of he sought new business ven-
Mr. Sargeant sometimes Mr. Abu-Naba’a’s son showed tures. Mr. Sargeant’s current
Mr. Sargeant having lunch at business associates were also
Claridge’s, a court order freez- probably tired of getting sub-
ing as much as $40 million in poenas, Mr. Hall said.
U.K. assets had already been Mr. Kise said he believed
drafted. that Burford agreed to the set-
After leaving the hotel bar, tlement because the firm
Mr. Sargeant’s group drove to wanted to finally book its
S.V. DATE/THE PALM BEACH POST/ZUMA PRESS
a private club and went inside. share of profit. Burford said it
Mr. Hall, who had followed netted $12 million.
him by taxi, loitered on a cor- Mr. Al-Saleh called the set-
ner across the street. The law- tlement a moral victory. He
yers arrived just as Mr. now splits his time between
Sargeant emerged from the Palm Beach, London and Paris.
club, and they tried to hand His marriage to the king of
him the court papers. Jordan’s half sister broke
As the men scuffled, Mr. down, he said.
Sargeant ducked back into the “The only satisfying thing
club and the bouncers kept about this entire episode,” Mr.
out the lawyers, Mr. Hall said. Al-Saleh said, “is I beat them
Mr. Kise, Mr. Sargeant’s law- against all odds.”
 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
Phil Murphy Elected N.J. Governor
Win flips control of
state’s highest office
to Democrats after
eight years of GOP rule
BY KATE KING
New Jersey voters Tuesday
elected Democrat Phil Murphy
as their next governor, ending
two terms of Republican con-
trol and setting the stage for
shifts in the state’s approach to
spending, collective bargaining
and social issues.
The Associated Press de-
clared Mr. Murphy, a former
Wall Street executive who has
never served in public office,
the winner in the race to suc-
ceed Republican Gov. Chris
Christie. Lt. Gov. Kim Gua-
dagno, the GOP candidate, con-
ALBA VIGARAY/EPA/SHUTTERSTOCK
New York City poll workers helped a voter on Tuesday. Residents cast their ballots for mayor, council members and other offices.
Convention Measure Handily Defeated
BY MIKE VILENSKY
AND MELANIE GRAYCE WEST
New York voters Tuesday re-
jected a ballot measure on a
constitutional convention, a re-
lief to top New York officials
and labor leaders who had cam-
paigned against the idea.
With more than half of pre-
cincts reporting, over 80% of
voters had cast ballots against
the convention, where specially
elected delegates could propose
amendments to the constitution.
“Our coalition galvanized
voters across a broad ideologi-
cal spectrum to rise up and op-
pose a corrupt process that
would enrich Albany’s political
class while leaving the rest of us
behind,” said the group New
Yorkers Against Corruption, a
“no” coalition of labor unions
Stuyvesant Town Makes Big Push Into Solar
BY PETER GRANT
The Wall Street venture
that purchased Stuyvesant
Town and Peter Cooper Village
two years ago for $5.3 billion
wants to turn the roofs of the
sprawling apartment complex
into Manhattan’s largest solar
power producer.
Blackstone Group and Ivan-
hoé Cambridge are planning to
spend more than $10 million to
install close to 10,000 solar
panels on the roofs of 56 build-
ings in the complex on the East
Side. They will provide enough
power for about 1,000 apart-
ments annually, close to 9% of
OYSTER PERPETUAL
air-king
* * * * * *
ceded Tuesday night.
Mr. Murphy’s win signals a
rebuke of Mr. Christie, who has
become unpopular in New Jer-
sey in recent years and was
prevented by term limits from
running
In his victory speech, Mr.
Murphy pledged to assemble an
administration that will help
him implement his progressive
agenda. “It won’t be easy and it
certainly won’t be overnight
but let there be no doubt—
starting here, starting now and
starting with us—New Jersey is
coming back,” he said.
Ocean Township resident Bill
Rosenblatt said he didn’t be-
lieve the last eight years of Re-
publican leadership have bene-
fited the state. “I don’t think
the Republican concept for the
economy—that we cut taxes
and hope for some economic
and advocacy groups.
A “yes” coalition lamented
the results. “The defeat of the
Constitutional Convention is a
triumph for all of the enemies of
reform in Albany,” the group,
NY People’s Convention, said.
A coalition of grass-roots ac-
tivists on both sides of the aisle
had framed the convention as
an opportunity to bypass the
bureaucracy and gamesmanship
of the state Legislature.
Top officials including Gov.
Andrew Cuomo, New York City
Mayor Bill de Blasio and union
leaders had said the convention
was vulnerable to right-wing
special interests.
In Manhattan, some voters
said they were interested in
the idea but concerned about
the risks.
“Better safe than sorry,” said
the total units in the 80-acre
complex.
Blackstone executives say
the project will triple Manhat-
tan’s capacity to generate so-
lar power. “You have 56 sepa-
rate buildings with flat roofs,”
said Nadeem Meghji, Black-
stone’s head of real estate in
the Americas. “That enabled
us to roll out the largest pri-
vate multifamily solar installa-
tion in the U.S.”
Blackstone, one of the
world’s largest private-equity
firms with over $385 billion of
assets under management, has
been aggressive in efforts to
find energy cost savings in its
NY
stimulus—has worked,” said
Mr. Rosenblatt, 69 years old.
With Democrats expected to
maintain control of both cham-
bers of the state legislature, Mr.
Murphy is well-positioned to
undo many aspects of Mr.
Christie’s legacy, on issues from
gun control to state spending.
He defeated Ms. Guadagno,
who has served in Mr. Christie’s
administration since 2010. Ms.
Guadagno, a former sheriff, ran
on a promise to lower property
taxes but struggled to distance
her campaign from Mr. Christie.
Ms. Guadagno told her sup-
porters: “We may have lost the
fight, but we will continue the
war in the long run.”
Mr. Murphy, 60 years old,
will be the second former Gold-
man Sachs executive since
2006 to be governor of the
state of nearly 9 million. Jon
Britt Greifeld, a 27-year-old
writer living on the Upper West
Side, who said she voted against
the convention.
A second ballot measure that
would allow judges to strip
elected officials convicted of
corruption crimes of their pen-
sions appeared poised to pass
Tuesday night.
With more than half of pre-
cincts reporting, the measure
had more than 70% support, an
indication that voters were frus-
trated with decades of state
scandals.
Assemblyman Brian Kolb, a
Republican, said the measure
should have passed long ago.
“Scandals have finally moti-
vated people to make
changes,” he said.
In the New York City sub-
urbs, Democrats appeared
global portfolio of commercial
real estate, infrastructure,
hedge funds and other invest-
ments. The company says it
has been able to generate
about $100 million in value
through these efforts, which
can be as pedestrian as install-
ing more efficient toilet flap-
pers in all the bathrooms of its
hotel empire.
The company also recog-
nizes the public-relations
value of installing solar power
in the heart of New York on a
complex that has been a light-
ning rod for concerns about
affordable housing and other
community issues. “When we
Corzine, who lost to Mr. Chris-
tie in 2009 after serving one
term, had also worked at the
Wall Street firm.
Mr. Murphy will now have to
try to spark growth in a state
where the economy has been
languishing. New Jersey’s real
gross domestic product, a mea-
sure of economic strength, saw
a compound annual growth rate
of 0.2% between 2006 and 2016
compared with 1.1% nationwide,
according to the U.S. Depart-
ment of Commerce.
Public-employee union offi-
cials backed Mr. Murphy, who
pledged to fully fund the state’s
payments toward its public-
pension liability—which is 41%
unfunded—and negotiate any
changes to state-employee ben-
efits through the collective-bar-
gaining process. The unions
battled Mr. Christie throughout
poised to pick up two county-ex-
ecutive races.
In Westchester County, GOP
incumbent Rob Astorino, who
was seeking a third term, con-
ceded to state Sen. George Lat-
imer, a Democrat.
Nassau County legislator
Laura Curran, a Democrat, was
leading state legislator Jack
Martins, a Republican, for Nas-
sau County executive.
Both are swing districts
seen as potential national bell-
wethers.
In city races, Democrats were
poised to maintain a vast major-
ity on the New York City Council
and maintain all citywide posi-
tions. In a handful of neighbor-
hoods, Republicans had hoped
to pick up City Council seats.
—Zolan Kanno-Youngs
contributed to this article.
made our original invest-
ment, we made a promise to
be partners with the city and
community,” Mr. Meghji said.
“This is just an extension of
that promise.”
New York has been a leader
in building energy efficiency
in the U.S., according to Rus-
sell Unger, executive director
of the Urban Green Council.
He said that between 2010 and
2015, existing buildings re-
duced energy use 10%, with a
lot of the improvement com-
ing from improvements to
power plants and buildings
converting from oil to natural
gas.
Wednesday, November 8, 2017 | A10A
‘New Jersey is coming back,’ Phil Murphy said in his victory speech.
his time in office because he
pushed legislative changes to
the state pension system.
Mr. Murphy also has said he
would increase state funding in
several other areas where Mr.
Christie held back, including
public schools, higher educa-
De Blasio Cruises
To a Second Term
As New York Mayor
BY MARA GAY
New York City Mayor Bill de
Blasio was re-elected by a wide
margin on Tuesday, easily de-
feating Republican Nicole Mall-
iotakis to become the first
Democratic mayor to win two
terms in the city since the
early 1980s.
“Well, you wanted four
more years, you got four more
years,” Mr. de Blasio said to
cheers at his election party at
the Brooklyn Museum. “You
ain’t seen nothing yet.”
Mr. de Blasio was winning
with more than 60% of the
vote to state Assemblywoman
Malliotakis’s 25% a little before
10:30 p.m., with 88% of the
vote counted, according to the
city’s Board of Elections.
“We may not have won this
race but we have made our
voices heard and we will con-
tinue to fight for what we be-
lieve in,” Ms. Malliotakis said,
conceding just before 10 p.m.
Mr. de Blasio, who won this
year promising to fight Presi-
dent Donald Trump’s agenda,
said his victory “sends a mes-
sage to the White House.”
“If you turn against the val-
ues of your hometown, your
hometown will fight back,” he
said.
The election capped months
of sluggish campaigning that
elicited little interest among
voters, and offered Mr. de Bla-
sio scant competition in a city
where Democrats outnumber
Republicans by nearly 7 to 1.
Many voters who cast bal-
lots for Mr. de Blasio said they
felt the city is doing well under
his leadership. Few, however,
Solar panels will be installed on 56 Stuyvesant Town buildings.
rolex oyster perpetual and air-king
are ® trademarks.
LUCAS JACKSON/REUTERS
tion and transportation. He is
expected to take a more pro-
gressive approach to economic
and social issues, including
raising the state’s minimum
wage to $15 an hour, legalizing
and taxing marijuana and in-
creasing taxes on millionaires.
expressed excitement about
the mayor, or about what a
second term might bring.
Mr. de Blasio “is not per-
fect, but I feel like he was the
best choice presented,” said
Britt Greifeld, a 27-year-old
writer who voted for him.
The mayor will be first
Democrat to serve at least two
terms since Ed Koch. He will
face significant challenges. The
largest and most intractable is
likely to be housing, as he
plows forward on a promise to
build or preserve hundreds of
thousands of affordable units
in a city with some 60,000
people living in shelters, and
Mr. de Blasio ‘is not
perfect, but I feel like
he was the best
choice presented.’
thousands more middle-class
families struggling to find
homes.
Pressure from liberals angry
Mr. de Blasio hasn’t gone far
enough to provide oversight
and accountability of the New
York Police Department is
likely to continue.
The mayor’s re-election,
however, is likely to serve as a
vindication of the liberal vision
for New York City he ran on
four years ago, when he prom-
ised to attack growing income
inequality, build affordable
housing and make policing
fairer for minorities.
MICHAEL NAGLE/BLOOMBERG NEWS
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 | Wednesday, November 8, 2017
METRO MONEY | By Anne Kadet
A Fashion Guru
Puts a High-Tech
Spin on Meditating
Meditation!
Meditation!
Meditation! As
everyone’s
heard, the
practice offers
benefits ranging from im-
proved focus to full-blown en-
lightenment. And thanks to
the hype, it’s now a $1.1 billion
industry, according to IBIS-
World, growing 10% a year.
There’s one hitch: Medita-
tion doesn’t scale. For thou-
sands of years, practices were
transmitted from teacher to
student in an unbroken chain
of oral instruction, often led
by eccentrics who happily
taught on a volunteer basis.
Not a great business model.
Until now.
Last week, I tried finding
inner peace at Inscape, a
Manhattan studio founded by
a fashion retail guru. His in-
novation? No teachers.
At Inscape’s West 21st
Street center, which opened
last November, guests enjoy
breathing, mantra and mind-
fulness exercises with “Skye,”
a disembodied voice that
could be Siri or Alexa’s
blissed-out big sister. Her tone
is encouraging but firm. Skye
really wants you to relax.
Inscape founder Khajak
Keledjian says the recorded
Zubin Mehta Discusses Wagner in Israel and Palestinian Musicians
BY CHARLES PASSY
When Zubin Mehta finds
an orchestra to his liking, he
sticks with it.
The conductor is known
to New Yorkers for his 13-
year tenure (1978-1991) as
music director of the New
York Philharmonic Orchestra,
a stint that stands as the
longest in the ensemble’s
175-year history.
But the 81-year-old
Mr. Mehta, a native of Mum-
bai, has a much longer asso-
ciation with the Israel Phil-
harmonic Orchestra, where
he has served in various se-
nior roles since 1969, includ-
ing his current position as
music director for life.
Despite that “for life” ti-
tle, Mr. Mehta, has an-
nounced plans to step down
from the Israel Philharmonic
in 2019, which will mark his
50th year of involvement
with the orchestra.
Meanwhile, he is conduct-
ing the Israel Philharmonic in
a North American tour that
culminates with concerts this
week at Carnegie Hall in Man-
hattan through Thursday.
sessions keep the focus on
the meditator’s inner experi-
ence.
“If anything is happening,
it’s happening because of
what’s happening in you,”
says the Tribeca-based entre-
preneur, who sold his upscale
fashion chain Intermix in
2012 for $130 million.
The strategy is also scal-
able. Just as he did with In-
termix, Mr. Keledjian can
open an Inscape studio any-
where and maintain a uni-
form experience.
Further broadening the ap-
peal, the meditations lack ref-
erence to any specific religion
or lineage. It’s pure technique.
“You have to remember,
the consumer is very skepti-
cal,” says Mr. Keledjian.
His business partner is
Lew Frankfort, the executive
chairman of Coach Inc. who,
as its former chief executive,
grew the accessories chain to
$5 billion in annual sales.
Mr. Frankfort advises on
the business side of Inscape.
He’s also an investor, adding
the company to his portfolio
of startups, which includes
co-working giant WeWork
and fitness studio chain Fly-
wheel.
The opportunity for
growth in the meditation
Zubin Mehta conducted the Israel Philharmonic Orchestra at Carnegie Hall in Manhattan last month.
We sat down with
Mr. Mehta following a re-
hearsal in New York City.
The interview has been ed-
ited and excerpted.
NY
GREATER NEW YORK
arena is “boundless,” says Mr.
Frankfort. Even his 8-year-old
granddaughter uses the In-
scape meditation app to doze
off at night.
When I stopped by the In-
scape studio for a recent
post-workday meditation, an
attendant offered me a drink
of “calm” or “energizing” wa-
ter. Soothing synth-pad tones
played in the background.
At the entrance to the
Dome, Inscape’s yurt-like stu-
dio for sitting meditation, a
facilitator dabbed guests with
scented oil, noting its avail-
ability at the gift shop. I
What enables you to stay with
an orchestra for so long?
It’s the daily breathing
and communicating together
that goes on. Tours are also
very healthy for everybody.
3 D AYS A U TO M AT I C
ORO ROSSO - Ø 42MM / 4 5MM
( R E F. 67 7 - R E F. 67 5 )
AMERICANA MANHASSET . TEL. 516 627 7475
EAST HAMPTON . TEL. 631 329 3939
WESTFIELD AT WORLD TRADE CENTER . TEL. 212 381 9455
* ***** THE WALL STREET JOURNAL.
checked after class: It costs reality and what to do when
$85 an ounce. your foot falls asleep.
The meditations are basic At most Manhattan stu-
breathing, mantra and mind- dios, you hear buses roaring
fulness exercises, complete and sirens wailing. At In-
with glowing lights and soft scape, thanks to soundproof
music. rooms, there’s little distrac-
I found myself missing the tion. It’s easier to get into the
sometimes sardonic, some- zone.
times hilarious resident And it should be. The ses-
teacher at my Buddhist center sions, starting at $22 for 35
in Brooklyn who cheerfully minutes, are expensive, espe-
exhorts us to lead our inher- cially given the free options
ently existent selves to the all over the city.
slaughter. And I think half the Mr. Keledjian says prices
fun of a meditation class is reflect costs. Rent for the
asking the instructor tricky 5,000-square-foot space in
questions about the nature of the Flatiron district is
people. Do you agree?
It’s because as an orches-
tra and as citizens of Israel,
they have gone through a lot
of crises. The Six Day War.
The Yom Kippur War. Bomb-
ing from Gaza. They play un-
der extreme conditions at
times.
You have talked about the idea
of one day having a Palestinian
member of the orchestra. Do
CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL
you think that is possible?
We audition musicians
behind curtains. So one day
I’m hoping and praying the
curtain will open and there
will be a young Palestinian
boy or girl standing there.
You also have discussed your
desire to play Wagner, the op-
eratic composer known as a
notorious anti-Semite, in Israel.
Do you think that will happen?
At the moment, we are
not even talking about it.
There are still people living
We play in different condi- in Israel with numbers (tat-
tions acoustically. We play toos for identifying Nazi
for different audiences. concentration-camp prison-
ers) on their arms. Whether
The Israel Philharmonic is more they are music lovers or not,
than an orchestra to a lot of it doesn’t matter. Emotion-
GREATER NEW YORK WATCH
POLITICS
Cuomo Fundraisers
Set for California
Some of the most powerful
people in the entertainment in-
dustry are planning to boost
New York Gov. Andrew Cuomo’s
2018 gubernatorial campaign.
Mr. Cuomo, a Democrat run-
ning for a third term next year,
is planning a one-day fundrais-
ing swing through San Fran-
cisco and Beverly Hills next
week, according to invitations
for his fundraisers there. Walt
Disney Co. Chief Executive Rob-
ert Iger, CBS Chief Executive
Leslie Moonves and Universal
Filmed Entertainment Group
Chairman Jeff Shell are listed
as invitees. Representatives of
those companies declined to
comment.
Tickets for the Beverly Hills
Event, at Mr. Shell’s home, are
going for between $5,000 and
$50,000, according to the invi-
tation. Mr. Cuomo is set hours
earlier to appear at a San Fran-
cisco law firm to meet with
supporters who will pay be-
tween $1,000 and $10,000
apiece, according to a separate
invitation.
The governor already has a
formidable war chest of $25
million in campaign cash. He
has been raising his profile re-
cently with trips to Puerto Rico
and Israel, fueling speculation
about his ambitions to run in
the presidential election of
2020.
—Mike Vilensky
PETER RYAN FOR THE WALL STREET JOURNAL
$500,000 a year. The interior,
meanwhile, is an extrava-
ganza of linen and bamboo,
chic enough to have been fea-
tured in Architectural Digest.
Marc Einsele, a 54-year-old
editor who lives on the Upper
West Side, is an Inscape regu-
lar. He once tried meditating
with a guru, “but the scene
felt really alien to me,” he
says. He chose Inscape for the
convenient location near his
office, and visits often. “I like
the music,” he says. “It’s
quiet. It smells nice.”
anne.kadet@wsj.com
ally, they don’t want to hear
this music and be taken back
to the times of terror. In the
concentration camps, they
heard this music.
What do you miss about New
York City?
The orchestra. I love
them. I engaged more than
45 musicians during my 13-
year tenure. And some of
them are still there.
There has been news of late
about plans to renovate David
Geffen Hall (formerly Avery
Fisher Hall), the Lincoln Center
home of the New York Philhar-
monic, and address some is-
sues, including the acoustics.
What do you think about the
space?
I was never comfortable.
The hall is just too long. It’s
just too big. I had no contact
with the people sitting in the
balcony. We made music on
stage. What the people
heard, I can’t tell you that.
What’s your pre-concert ritual?
I must sleep at least an
hour. It gets the metabolism
to start working again.
MENENDEZ TRIAL
Jury Holds First Full
Day of Deliberations
Jurors in the bribery trial of
Sen. Bob Menendez concluded
their first full day of delibera-
tions without a verdict.
A juror asked the judge Tues-
day to read back part of a clos-
ing argument by the New Jersey
Democrat’s lawyer that dealt
with the definition of a senator.
The judge declined, saying only
testimony can be read back.
Mr. Menendez is charged
with taking bribes from Florida
eye doctor Salomon Melgen in
exchange for political influence.
They have denied wrongdoing.
—Associated Press
CRIME
Three Victims Linked
To MS-13 Violence
Authorities believe the re-
mains of three young Hispanic
men found in recent weeks on
Long Island are likely the latest
victims of MS-13 gang violence.
The FBI on Tuesday released
the names of 16-year-old Javier
Castillo and 19-year-old Kerin
Pineda. Both were missing more
than a year. Their remains were
discovered a few days after au-
thorities found the corpse of an-
other missing teen, 16-year-old
Angel Soler.
Their discovery makes 25 sus-
pected MS-13 victims on Long
Island in the past two years.
—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. Wednesday, November 8, 2017 | A11

LIFE&ARTS

CHRIS REED
WORK & FAMILY | By Sue Shellenbarger

New Meeting Rules: Five Minutes, Max

Tired of 30-minute slogs, some companies are devising strict guidelines to speed up office discussions

IN THE TIME you spend reading
this story, your next meeting could
be over.
Annoyed by a calendar clogged
with hourlong meetings, Aaron
Shapiro, chief executive of Huge
Inc., a 1,500-employee New York
digital agency, has started holding
five-minute meetings. Rather than
booking a conference room for 30
minutes, he makes minor decisions
in five-minute huddles with col-
leagues. When employees ask to
meet with him, he conducts desk-
side “drive-bys” with each one.
He has no qualms about cutting
people short when they ramble by
being what he calls “politely
blunt.”
“It’s often shocking when peo-
ple first come to Huge,” he says.
Jason Schlossberg, who loves to
talk, was making a point in a meet-
ing shortly after joining Huge as
managing director last April when
Mr. Shapiro cut in and told him he
understood, and Mr. Schlossberg
should move on. “I had four more
anecdotes to prove that point!” Mr.
Schlossberg says he thought at the
time. Now, he says, “I choose my
words more carefully.”
Mr. Shapiro stands at the fore-
front of a war on meeting bloat.
Weary of long, inefficient meet-
ings, some employers are squeez-
ing minor decision-making ses-
sions into a few minutes. Agile-
management techniques embraced
years ago by tech companies are
bringing brief daily check-in meet-
ings to marketing, e-commerce,
advertising and other fields.
The move is shattering some
workplace rites and routines:
Long-winded monologues and
PowerPoints are out. There’s no
time for small talk, and less toler-
ance for 30- or 60-minute meet-
ings when five to 15 minutes will
do. Participants must learn to dis-
till their ideas and requests to the
conference-room equivalent of an
elevator pitch.
Employees at Scrum50 start
brief daily meetings right on time
and finish some in as little as four
to six minutes, says Chris Parker,
managing partner of the South
Norwalk, Conn., digital marketing
agency. “If you’re five or six min-
utes late, you’ve missed it.”
Creative professionals used to
making polished presentations
must briefly explain mere seeds of
ideas or works-in-progress instead,
says Scrum50’s executive creative
director, Jennifer Miller. “You sort
of need to check your ego at the
door,” she says.
Jamie Abbruscato was cut short
during a meeting shortly after
joining LaneTerralever, a Phoenix
digital agency, in 2015. “It feels
like having the wind knocked out
of you,” says Mr. Abbruscato, an
account director. The agency has
25-employee teams meet every
morning for rapid-fire updates on
dozens of projects, says David Fos-
ter, chief operating officer.
People typically speak for 15 to
30 seconds at a time—or risk be-
ing cut off by meeting leaders.
Now, Mr. Abbruscato spends five
minutes before each meeting par-
ing his customary three- to five-
minute updates to 30 seconds,
max. He carries notes with him to
prod his memory, he says.
One executive has
started playing walk-off
music for colleagues
who take too long.
Many meeting leaders employ
the three-bounce rule, says Jack
Skeels, chief executive of Agency-
Agile, Los Angeles, a management-
training firm. After three back-
and-forth exchanges between two
participants, the topic is deferred
to a separate meeting. Others im-
pose a “so-that” imperative: Any
update must include a description
of the impact on others, as in, “I
completed my work on that proj-
ect so that Angela can take it to
the client today,” Mr. Skeels says.
When project manager Alexan-
dra Roth was drawn into a long ex-
change with a co-worker during a
recent meeting at her employer,
Fingerpaint Marketing, Jennifer
McKenna hit play on music she has
queued on her laptop: Nappy
Roots’s “Good Day,” says Ms.
McKenna, head of operations at
the Saratoga Springs, N.Y., market-
ing agency. She likens it to music
at the Oscars signaling that it’s
time for winners to stop talking.
Ms. Roth adds, “I was like, ‘OK,
yeah, we’re done with this conver-
sation.’ I was wasting seven other
people’s time.”
Lindsey West, chief executive of
Track1099, a Redwood City, Calif.,
maker of tax-filing software, says
there’s no time during her five-
minute video meetings with em-
ployees to worry about her image
or appearance. “That’s one of the
beauties of five-minute meetings:
They’re so fast nobody is really as-
sessing how your hair looks,” Ms.
West says.
Asking someone to coffee can
seem just too long. Chief executive
Charlie Kim sometimes holds five-
minute sessions he jokingly calls
“lightning meetings” among em-
ployees at 121Nexus, a Boston soft-
ware developer: A lightning meeting
“has energy, it has action, people
are shocked by it and everything
about it truly moves,” Mr. Kim says.
When vendors ask to set 30
minutes for coffee, he gives them
10. “Thirty minutes is a lot. What
are we going to achieve?” he says.
He has little use for the “banter
for the first five minutes: How are
you doing? How are the kids?” he
says. “To respect the other per-
son’s time, maybe you need to get
right to it,” he says. “We all drink
way too much coffee already.”
If a meeting participant at Neta-
morphosis, a New York e-com-
merce company, drones on too
long, chief executive Lyde Spann
holds up a hand and says, “Nope,
we’re not going to talk about that
right now.” She later huddles with
employees she silences to smooth
over “what might be considered
rude behavior,” Ms. Spann says.
“An adverse effect of this kind of
efficiency,” she says, is that “meet-
ings used to be a time to connect.
You’d ask people how their week-
end was. You build relationships.
We run the risk of missing that.”
She compensates by scheduling
time off on Fridays for socializing,
and check-ins every 30 days for
employees to talk about how
they’re feeling, “take a deep
breath and get some reinforce-
ment,” Ms. Spann says.
 Sue Shellenbarger answers a reader
question on office life ..................... A12

ART

THE LOUVRE’S
GLITZY COUSIN
BY KELLY CROW
LOUVRE ABU DHABI opens to
the public Saturday, capping a de-
cade-long effort to attract people
to the region with a combination
of culture and glitz.
After five years of delays, mu-
seum officials said they are ready
for dignitaries like French Presi-
dent Emmanuel Macron as well as
the public to descend on the
United Arab Emirates to see if the
region’s first encyclopedic museum
was worth the wait.
it resembles a flying saucer nearly
as long as a pair of football fields
perched atop a chalk-colored jum-
ble of low buildings floating in the
Persian Gulf. Closer up, it becomes
clear that Mr. Nouvel has perfo-
rated his metal roof with thou-
sands of cutouts that sprinkle light
onto 55 linked buildings beneath.
The effect is that of a sun-dappled
city, surrounded by sea.
Mr. Nouvel said he wanted to
conjure the atmosphere of Venice,
with its canals and narrow pas-
sageways. Several galleries have
glass ceilings so people can stare at
MOHAMED SOMJI/LOUVRE ABU DHABI

Over the weekend, thousands of the dome—an orienting device the

visitors are expected to attend a
music festival at the museum, with
light shows and performances by
French rock star Matthieu Chedid,
who goes by —M—, and Lebanese
musician Ibrahim Maalouf.
The 93,000-square-foot mu-
seum, designed by French archi-
tect Jean Nouvel, unfolds under a
glittering dome. From a distance,
architect said was intentional. “My
white cubes are the opposite of a
typical museum, which are meant
to feel blank, like you are no-
where,” he said. “I want you to feel
always like you are somewhere.”
Museum director Manuel Rabaté
said curators reimagined how a
comprehensive museum is orga-
Please see LOUVRE page A13 A roof with cutouts lets light into a plaza at the Jean Nouvel-designed Louvre Abu Dhabi in the United Arab Emirates.
 A12 | Wednesday, November 8, 2017 THE WALL STREET JOURNAL.

LIFE & ARTS

EMILY BERL FOR THE WALL STREET JOURNAL (5)

Corey Brewer, far

left and above,
with his son,
Sebastian, drives a
Tesla Model X
100D. Tesla
interiors are
known for giant
touch screens like
the one below.

MY RIDE | By A.J. Baime

One Laker’s Antidote for

L.A. Traffic: His Tesla
Corey Brewer, 31, a 6-foot-9 for- what you
ward with the Los Angeles Lakers want—the color,
in his 11th NBA season, on his 2017 the color of the
Tesla Model X 100D, as told to A.J. rims, how many
Baime. seats you want.
I live in the Valley, and my team [The car can
practices in El Segundo. I have come with five,
played for a lot of basketball teams six or seven.] A
and lived in a lot of cities, and I few weeks later, autopilot, I was thinking, is this re- Tennessee making, I think, $5.15 an
will tell you, there is no traffic like the car is ready. ally going to work? It does! The hour. I saved up and bought the
the traffic in L.A. It can take 45 I spent about car has cameras and radar so it car for $1,000. Every now and
minutes to go 4 miles on I-405. I $115,000, and I will stay in its lane automatically. then, I pass a Carl’s Jr. in my
decided to buy a Tesla because it got the car If the car in front slows down or Tesla. (In California, Hardee’s is
is an electric car, so I could go in home in Sep- stops, my car does the same. You called Carl’s Jr.)
the HOV lane when I am by myself, tember. The rear have to pay attention, but you can I’ll cruise by—the car doing most
and because it has an autopilot doors are falcon wing doors. I put I plug the car into a wall outlet. At enjoy the ride. of the driving by itself—and I think,
function, so the car is supposed to my son Sebastian’s car seat in the the practice facility, there is a Also, the Model X is really com- man, I have come a long way.
basically drive itself. back and he freaked out when he charging station that works much fortable for tall people.
The process of buying the car saw these doors open. He thought faster. [Tesla claims a range of 295 My first car was a 1994 Eagle
was unlike anything I have experi- the car was the Batmobile. miles when fully charged.] Talon. I was 16 years old, working Contact A.J. Baime at
enced. You go online and pick out There is no gas tank. Each night, The first time I turned on the at a Hardee’s fast-food place in Facebook.com/ajbaime.

ADVERTISEMENT WORK & FAMILY MAIL | By Sue Shellenbarger

Showroom IS YOUR FAILURE

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poorly done. A manager may sure, flattening workplace hi-
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 sparking conflict, hurting feel- projects.
ings or being seen as a jerk.


 Some managers are afraid Got a question about
that if they deliver bad news, office etiquette?
© 2017 Dow Jones & Company, Inc. the employee will complain Write Sue Shellenbarger at
All Rights Reserved.
to human resources and sue.shellenbarger@wsj.com.

VOLVO LEASE

   

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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. Wednesday, November 8, 2017 | A13

LIFE & ARTS

MUSIC REVIEW | By Jim Fusilli

Alt-Metal Goes Orchestral

On its new album, Evanescence covers many of its own songs with a distinctly symphonic twist
Boston
EVANESCENCE has long had dual
personalities, mixing alt-metal and
symphonic rock on its three studio
albums. On its fourth, “Synthesis”
(BMG), out on Friday, it changes
the template: Though Amy Lee’s
powerfully theatrical mezzo-so-
prano and neo-gothic rock compo-
sitions remain its dominant fea-
tures, Evanescence discards metal
in favor of orchestral grandeur.
Ms. Lee and her band are amid an
ambitious tour of the U.S. and
Canada, performing with local or-
chestras at each stop. It played
here on Sunday night.
Eleven of 16 tracks on “Synthe-
sis” are new versions of previously
recorded Evanescence songs. By
phone last week, Ms. Lee acknowl-
edged what she called “the awe-
some power of the guitars and
drums” in the band’s previous
work, but said that she wanted to
emphasize its orchestral leanings
by replacing the beefy metallic
roar with new symphonic arrange-
ments by David Campbell.
“The big dream was to rebuild
the songs from the ground up,”
she said. Mr. Campbell is a peer-
less rock-and-pop arranger who
has been behind countless hits be- On the new disc, Ms. Lee domi- with breast-beating and fist pump- Evanescence performing in October, above, and Amy Lee, below. The band’s
ginning with Carole King’s 1972 nates, delivering her performance ing that weren’t overwrought in new album, ‘Synthesis,’ is out on Friday.
“Rhymes & Reasons” and including with maximum melodrama but context. In a black ball gown, she
“Morning Phase,” his son Beck’s never crossing into kitsch. For the moved between a piano, which she
2014 Grammy-winning album. He most part, the new approach works played deftly, and a microphone at
has worked on every Evanescence well. Whereas the original version center stage surrounded by a
album, but never with such lati- of “Never Go Back” opened with pickup orchestra under the baton
tude as on “Synthesis.” slashing guitar riffs and a pounding of Susie Seiter. Though Evanes-
The shift in style isn’t without its back beat, here strings and a piano cence drummer Will Hunt gave the
risks. Evanescence developed a loyal welcome Ms. Lee, who enters with music a muscular drive when re-
fan base beginning with its 2003 de- muted authority. Electronic percus- quired, the contributions of the
but disc, “Fallen,” that garnered five sion gives the music yet another other members of the band were
Grammy nominations including Al- new trait, and a new song, “Imper- so subtle as to be all-but-unheard.
bum of the Year—it won for Best fection,” pumps on a hip-hop beat. Three guitars were lost in the
New Artist and Best Hard Rock Per- “Lithium” has a lightness in its un- whirlwind as was a theremin.
formance—and derpinning that The majesty of Ms. Lee accom-
that base enjoys balances Ms. panied by Mr. Campbell’s arrange-
the band’s Tool- Lee’s vocal, while ments was undeniable. In “Secret
meets-Andrew her re-reading of Door,” Ms. Lee sang to the clatter
Lloyd Webber “My Immortal” is of electronic percussion; soon, the
attack. But exquisite as soar- warm call of a cello floated around
those fans may ing strings mirror her voice. “My Heart Is Broken”
have guessed a the sadness in the profited from Mr. Campbell’s surge
change was grand ballad’s of brass that suited Ms. Lee’s spi-
coming. Ms. Lee melody. “Lost in raling vocal, as did “Bring Me to
has been taking Paradise” is stir- Life,” to which Mr. Hunt delivered
on a variety of ring pop opera in additional power.
outside projects which Ms. Lee’s For an encore, Ms. Lee returned
without a hint vocal is comple- to the piano for readings of “Speak
of metal, includ- mented by Mr. to Me,” which she contributed as a
ing participat- Campbell’s best solo artist earlier this year to the
ing in tributes orchestration on film “Voice From the Stone,” and
to the music of Johnny Cash and the the he disc: This reading is worthy two lovely Evanescence ballads
Muppets; writing and recording, of comparison to a show-stopping that don’t appear on “Synthesis”:
with cellist Dave Eggar, the score for ballad in a Disney animated film. “Good Enough” and “Swimming
the 2014 film “War Story”; and issu- The new versions of “Imaginary” Home,” the latter performed with-
FROM TOP: SCOTT UCHIDA; GETTY IMAGES

ing “Recover, Vol 1.,” an EP of songs
by Chris Isaak, Portishead, U2 and
the folky side of Led Zeppelin. These
assignments allow her the kind of
artistic wanderlust Evanescence
doesn’t; and while her voice is too
bold and dramatic to be fully tamed,
they reveal a pleasing versatility,
proving Ms. Lee doesn’t need theat-
ricality to communicate effectively.
and “Your Star” miss the metallic
edge of the originals, but the ar-
rangements aren’t without merit or
intrigue.
At the Orpheum Theatre here,
cries of “Amy, we love you” rang
out often between numbers, and
the beloved Ms. Lee responded
with a rich, measured yet emo-
tional performance, completed
out the orchestra. Thus the night
concluded with a gentler touch
and a suggestion that Ms. Lee en-
joys keeping her musical options
open, as well she should.
Mr. Fusilli is the Journal’s rock
and pop music critic. Email him at
jfusilli@wsj.com and follow him on
Twitter @wsjrock.

A gallery, left, at Louvre Abu Dhabi, which will

be exhibiting works including ones by Leonardo
da Vinci, below, and Ai Weiwei, right.
MARC DOMAGE/LOUVRE ABU DHABI (2); MUSÉE DU LOUVRE (CENTER)

LOUVRE
Continued from page A11
nized. Traditional institutions like the Lou-
vre in Paris organize their art by civilization
or geography, with pieces from 16th-century
Europe rarely displayed alongside 16th-cen-
tury works created elsewhere. In Abu Dhabi,
Mr. Rabaté said the 600 pieces—roughly
half owned by the museum, half loaned from
17 French museums—will be arranged
chronologically, with curators teasing out
shared themes or materials. “We’re looking
for commonalities,” he said.
In one gallery, a sculpture of Alexander
the Great will be displayed between a figure
of a Roman senator in a toga and a Buddhist
Bodhisattva. “What we’re saying might be
complex, but kids will get it in a glance,” he
added. “All three figures have these same
flowing garments, the same poetry.”
Another gallery will show Gilbert Stuart’s
1822 portrait of U.S. President George Wash-
ington next to Jacques-Louis David’s 1803
imperial view of “Napoleon Bonaparte
Crossing the Alps.” A scripture gallery will
show an ancient manuscript of the Koran, a
Gothic Bible and a Torah scroll—a provoca-
tive combination intended to underscore the
universal values of the museum, he added.
Nudes, on the other hand, will be scarce, at
least at the outset.
Some art historians like Andrew McClel-
lan of Tufts University have criticized the
decision to bring in and exhibit Western art
in Abu Dhabi instead of cultivating a home-
grown collection. In the Journal of Curato-
rial Studies, Mr. McClellan wrote about
“how difficult it is to unthink western tax-
onomies” and accused the Louvre of “essen-
tially reproducing itself in the Persian Gulf.”
Mr. Rabaté said the museum’s mix-and-
match approach is meant to counter conven-
tional ideas about art-history hierarchies.
That’s why an 8,000-year-old figure with
two heads from Jordan will get the same
treatment as a Benin bronze head or Leo-
nardo da Vinci’s “Portrait of a Woman, also
called La Belle Ferronnière.”
The success of Louvre Abu Dhabi could
set the tone for a much bigger effort under
way in the region. It is one of four power-
house museums the Emirati government
plans to cluster on a man-made island in the
capital. The goal is to make Abu Dhabi a cul-
tural destination—and yet a decade on, the
Louvre is the only project to be finished.
Nearby, foundation pillars have been poured
for Frank Gehry’s Guggenheim Abu Dhabi, loans to the new space will need to be nego-
but work stalled over reports of migrant la- tiated. Mohammed Al Mubarak, chairman of
bor abuses and construction snags. Ground the commissioning Department of Culture
hasn’t broken on two spaces designed by and Tourism, said officials will award con-
Zaha Hadid and Tadao Ando. Last week, the struction contracts for the Zayed in the next
British Museum said its longstanding part- two months and that he is “100% confident”
nership with Norman Foster’s Zayed Na- that the remaining museums will be built.
tional Museum, which will chronicle Emirati “We’re working on getting a realistic, tangi-
history, has timed out and any future art ble time frame right now,” he added.
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 | Wednesday, November 8, 2017 THE WALL STREET JOURNAL.

SPORTS
BASKETBALL

A Tech Startup That Changed the NBA

Israeli-based SportVU turned an ordinary basketball game into a data set rich enough to alter behavior across the league

BY BEN COHEN
Miky Tamir, left, and Gal Oz,
right, were behind a tech
THE UNLIKELY characters behind startup called SportVU.
the most crucial basketball innova-
tion since the 3-point line had no
reason to believe they would play
important roles in the making of
the modern NBA.
One was an esteemed physicist
who liked soccer more than basket-
ball. One was a biomedical engi-
neer who helped start a tech firm
days after leaving the military. And
both were based in Israel.
Gal Oz and Miky Tamir invented
a product called SportVU—as in a
new way to view sports—that used
high-resolution tracking cameras in
the catwalks of arenas to capture
the precise movements of players
thousands of times per minute.
SportVU turned an ordinary
basketball game into a data set
rich enough to alter behavior in
this billion-dollar industry. It
changed the way basketball teams
make decisions, basketball players
are valued and basketball fans un-

DAVID VAAKNIN FOR THE WALL STREET JOURNAL

derstand the sport. It even
changed the game itself.
But the league’s SportVU era is
already over. Before this season, the
NBA awarded its player-tracking
contract to another company.
SportVU was in and out in only
seven years.
The lesson of SportVU, though, is
how quickly and how radically the
NBA became a different league in
that time because of its data. At no
point in history has the game trans-
formed as much as it has in recent data company based in Chicago, nology behind SportVU—though game,” Cuban said in an email. gested they should prioritize the
years. And that revolution was wanted to acquire their business. Oz says it wouldn’t have mattered “They had a huge impact.” game’s most efficient shots and
made possible by two unknown peo- The due diligence was assigned to a even if there were. The first six NBA teams to adopt launch more 3-pointers than any-
ple living thousands of miles away. new employee named Brian Kopp. “Tracking a missile is much eas- SportVU were the Mavericks, one ever imagined. NBA executives
Oz and Tamir met in a very Is- He flew to Tel Aviv for a tour of ier than tracking a ball,” he said. Spurs, Rockets, Thunder, Warriors say the enormous amount of data
raeli manner. Oz happened to know SportVU’s one room office. “A missile is more predictable.” and Celtics. They’re also the six that SportVU only accelerated that
someone from the army who was Kopp’s job was to sell their idea The Dallas Mavericks were the NBA teams with the most wins over process. Now they can barely recall
married to someone who had stud- to a major American sports league. first NBA team to commit, and the last decade. the days before SportVU’s data
ied with someone who happened to He tried the NFL first. Soon there owner Mark Cuban was so im- SportVU’s engineers were testing even though they were only four
know Tamir. It was only a matter of were 20 cameras on the roof of pressed that he asked how much it Boston’s arena one day, when they years ago.
time before they built a tech com- Lambeau Field tracking the Green would cost to make sure no one encountered a problem. Their cam- But Stats’s official contract with
pany based on military expertise. Bay Packers. But another league else could buy SportVU access. eras had trouble following the ball. the NBA expired this season. While
Tamir had a Ph.D. in physics and would benefit from that experi- Kopp wouldn’t consider the offer. The Celtics’ famous parquet court it’s still involved with the league,
decades of experience working for ment. When the NFL declined to He believed SportVU would be was too dark. As they planned for a SportVU’s cameras were replaced by
Israeli nuclear research centers and make a deal, Kopp started pursuing most valuable when every team meeting with the team’s brass, one those from Second Spectrum, a Los
defense contractors. He was one of one with the NBA. had it. The competitive advantage Israeli engineer told Kopp he Angeles startup founded by com-
his country’s brightest minds in the Israel hadn’t produced any NBA wasn’t the raw data itself, he ex- planned to ask the Celtics a ques- puter scientists who were professors
world of drones, satellites and com- players when the league’s top exec- plained, but in how teams used it. tion: Would they consider lighten- in artificial intelligence when they
puter imaging. And then he became utives, including future commis- Then he received another re- ing the color of the floor? He might started playing with SportVU’s data.
an entrepreneur. He’d already sioner Adam Silver, gathered in a quest from the Mavericks: “Mark as well have wanted to paint the The people responsible for
started one company when he hallway before Game 4 of the 2009 Cuban would like you to track the White House purple. Kopp made SportVU were no longer with the
founded SportVU and hired Oz in Finals for a glimpse at SportVU. referees.” Kopp was hesitant. He him promise not to bring it up. company by then. Tamir was gone
2005. Oz was looking for a job after Game 3 had been played under the told the Mavs he didn’t want to SportVU was so widely used by after the Stats acquisition; Oz
10 years in the Israel Defense Forces eyes of its six cameras in the sky, risk inflaming his relationship with 2013 that the NBA decided to make stayed for the NBA invasion. They
with a unit that specialized in what and Kopp shared the results with the league office by embracing a a deal covering the entire league. later started another company to-
he called “visual-intelligence-related his influential audience. “It was sensitive issue. The team’s re- And it was around this time when gether called Pixellot. Oz is still its
work—I cannot be more specific.” like the Pong version of video- sponse: “Mark Cuban would like teams realized something peculiar: chief technology officer; Tamir has
The idea behind SportVU was games,” he said. “It was so simple. you to track the referees.” SportVU They had been playing basketball since founded three more compa-
ambitious. Their goal was to apply But people were blown away.” began tracking the referees. the wrong way. nies. And it’s partly because of
optical recognition techniques to It only added to SportVU’s ex- The Mavericks’ arena was This technology arrived at the them that Tel Aviv is such a hub of
sports by recording the precise co- otic appeal that it was often said equipped with SportVU’s cameras exact moment the league was let- sports technology that Oz was in a
ordinates of the action far below to be developed with “Israeli mis- before the 2011 season. That sea- ting analytics influence strategy bar last week and overheard a dis-
their cameras. But they had made sile-tracking technology.” Except son ended with the Mavericks win- and style. The best teams were be- cussion of SportVU’s impact on the
enough progress after several years that was a myth. There was never ning the NBA championship. ginning to understand that all the NBA. He walked over and joined
in soccer that Stats LLC, a sports- any Israeli missile-tracking tech- “They changed the analytics information at their disposal sug- the conversation.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
30s Edmonton
d t 0s <0 1 2 3 4 5 6 7 8 9 10 11 12 1364 It comes with 25 “I don’t care
20s 0s
earbuds which”
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Vancouver Calgary 30s 14 15 16
10s 65 Daredevil Knievel 26 Blood drive
10s
Seattle ip
Winnipeg 17 18 19
66 “___ luego!” participants
50s 20s
40s
30s 20 21 22 Down 27 Hiccups
Por d
Portland l
Helena 20s t
Montreal
Bismarckk
ttawa
Ottawa 40s 1 See 56-Down 28 Big cheese
40s g
Billings A g t
Augusta 23 24 25 26 27
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Eugene Boise 29 Silvery metallic
30s Pau
Mpls./St. Paul T t
Toronto A bany
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Boston 50s 2 It’s pitched
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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.
Who Leaked the Paradise Papers?
With the lat-
est leak of
interna-
tional finan-
cial records
comes evi-
dence of one
BUSINESS
unambigu-
WORLD
ous crime
By Holman W.
that won’t be
Jenkins, Jr.
investi-
ga te d — t h e
theft of the papers themselves
from Appleby, a global law
firm based in Bermuda.
Rather, the trope the press
strains to enact is that the cli-
ents whose documents were
stolen are themselves guilty of
shady doings. Commerce Sec-
retary Wilbur Ross, who ran a
private-equity firm, owns a
stake in a shipping firm that
has a Russian customer. Yuri
Milner, a Russian fund man-
ager who controls stakes in
Facebook and Twitter, has his
own investors, among which is
a state-owned Russian bank.
The so-called Paradise Pa-
pers are the latest electronic
document dump received by
the so-called International
Consortium of Investigative
Journalists. The previous
dump, known as the Panama
Papers, in unminced words
was described by Vladimir Pu-
tin’s personal spokesman as a
direct attack on Mr. Putin.
This is not to rule out a sin-
cere whistleblower or the pro-
verbial 400-pound teenager,
but when so much hacking for
commercial or political pur-
pose these days is attributed
to national actors, the ques-
tion does leap to mind: Which
nation’s intelligence agency
Donald Trump’s Belated Civics Lesson
President
Trump has
gradually dis-
covered the
meaning of
the oath he
POLITICS swore on Jan.
20, and he
& IDEAS
doesn’t seem
By William
to like it. In
A. Galston
the course of
an interview
on “The Larry O’Connor
Show” last week, he said,
“The saddest thing is that be-
cause I’m the president of the
United States, I am not sup-
posed to be involved with the
Justice Department. I am not
supposed to be involved with
the FBI. I’m not supposed to
be doing the kinds of things
that I would love to be doing.
And I’m very frustrated by it.”
Meet James Madison’s
Constitution, Mr. President. It
is nothing like a family busi-
ness. It is designed to frus-
trate you.
The point of the Constitu-
tion is not to do the bidding
of any one institution, let
alone a single individual. It is
to preserve liberty by thwart-
ing tyranny, which Madison
defined in Federalist 47 as
“the accumulation of all pow-
ers, legislative, executive, and
judiciary, in the same hands.”
The preamble to the Con-
stitution provides a terse
statement of the purposes it
intends to promote. The body
of the document lays out in
some detail the institutions
through which these purposes
Chinese Telecom Threatens U.S. Security
By Patrick B. Pexton
W
hen President Trump
meets with Chinese
leaders this week, he
should consider an issue that
has worried U.S. lawmakers
for years: the possibility of
the Chinese telecommunica-
tions company Huawei enter-
ing the U.S. market.
Huawei is a telecom giant,
so naturally part of this worry
is about competition. It’s the
third-largest smartphone
maker worldwide and also
makes the back-end switches,
routers and other equipment
that make cellular networks
function.
But the real concern is na-
tional security. Since 2011,
when the House Intelligence
Committee first began look-
ing at Huawei, members of
Congress have been con-
cerned that by using Huawei
equipment, Americans could
invite the Chinese company to
siphon information about
them back to the Chinese
government.
Huawei calls itself an em-
might be responsible for the
leak? And what is the motive?
Are the many whose financial
privacy has been invaded
merely collateral damage in an
attempt to hit a single target?
Divulged by the consortium
is only that the Paradise Pa-
pers, like the Panama Papers,
were bestowed upon a German
newspaper, the Süddeutsche
Zeitung. How the papers came
to be stolen and deposited in
the hands of the media is one
subject that does not stir the
investigative juices of the
world’s media. The press’s job
apparently is to follow where
the documents lead, not where
they come from. Is this not a
blind spot? Is there not some-
thing strangely blinkered, if
not actively disingenuous
about a consortium (virtually
a monopoly) of investigative
journalists that seems to exist
to do the bidding of its undis-
closed sources?
Go back to Mr. Ross: The
news reports based on the
documents do not allege his
shipping stake was illegal.
They do not allege his foreign-
registered holding company
was illegal. They do not allege
he failed in any disclosure
duty.
So what exactly is going on
here? Does the media stand
ready to publish stolen bank
records of anybody and every-
body it finds interesting?
Such massive document
thefts don’t just happen; they
are motivated. The press sto-
ries all come with a manufac-
tured ambience of whistle-
blowing unsupported by any
claimed fact. The leaker’s mo-
may be pursued legitimately.
They channel power, and in so
doing they limit it.
These forms matter. In our
system, public officials must
not only do the right thing;
they must do it in the right
way. Good intentions that run
roughshod over institutional
limits are abuses of power.
This brings us to the Jus-
tice Department. It is part of
the executive branch, but it
exists only by act of Con-
gress—to be precise, two
acts. The Judiciary Act of
1789 created the office of at-
torney general. Nearly a cen-
tury later, in 1870, Congress
created the Justice Depart-
ment, giving the attorney
general additional responsi-
bilities (including the super-
vision of U.S. attorneys) and a
staff to help him fulfill his
new duties.
The Judiciary Act provided
that the attorney general
should be a “meet [that is, fit-
ting] person, learned in the
law,” and it offered a precise
definition of the attorney
general’s duties: “to prosecute
and conduct all suits in the
Supreme Court in which the
United States shall be con-
cerned, and to give his advice
and opinion upon questions of
law when required by the
President of the United
States, or when requested by
the heads of any of the de-
partments, touching any mat-
ters that may concern their
departments.”
This language makes clear
ployee-owned company, so its
books are opaque to the pub-
lic; and it’s run by a private
board whose members were
first disclosed in 2011. Its
founder and CEO has longtime
Giving Huawei the
green light would
allow Beijing to spy
on Americans.
ties to China’s military, which
is true of many Chinese com-
panies. But U.S. lawmakers
think Huawei’s ownership is
particularly problematic be-
cause of the role telecommu-
nications technology plays in
national infrastructure.
In 2012 the House Intelli-
gence Committee, after a
monthslong investigation, for
national security reasons
urged U.S. companies not to
form partnerships with Hua-
wei and another big Chinese
telecom company called ZTE.
It also urged the Committee
OPINION
tivation is not even intimated
to exist as a question.
All this comes as Americans
are encouraged to presume
that it’s shocking if any Ameri-
can actually knows a Russian.
To have done business is be-
yond the pale.
Such ninnyism is of extraor-
dinarily recent vintage. Two
years ago, while detailing the
seamy role of the Clinton
Foundation in a Russian nu-
clear deal, the New York Times
Is the consortium
of journalists
fronting for an
intelligence agency?
also correctly noted not once
but three times that promot-
ing business ties with Russia,
at the time, was the avowed
and consistent policy of the
U.S. government right up until
Mr. Putin’s Crimea grab in
2014.
When Paul Manafort was
cavorting with Putin-backed
Ukraine President Viktor Yanu-
kovych in 2013, the latter said
“we have to move towards Eu-
ropean integration” at an
event attended by Bill Clinton
and hosted by Victor Pinchuk,
a Ukrainian oligarch and Yanu-
kovych supporter who gave at
least $10 million to the Clinton
Foundation.
We could go further back.
At least one big company was
happy with Jimmy Carter’s
election: Georgia-based Coca-
Cola, which saw a chance to
what every president should
understand the day he enters
office: The attorney general’s
first duty is to the law, not to
the president. The chief exec-
utive may require the attor-
ney general to render an
opinion, but he cannot tell the
attorney general what the
content of the opinion should
be. Nor can the president tell
the attorney general whom to
investigate or prosecute.
These are supposed to be le-
gal, not political, judgments.
The president is
learning how the
Constitution works—
and he’s not happy.
Mr. Trump does not seem
to understand this. He has
made public statements in-
tended to pressure Attorney
General Jeff Sessions to open
politically driven investiga-
tions with an eye toward
eventual prosecutions. Before
he left for Asia, for example,
he told reporters that the
Justice Department “should
be looking at the Democrats.”
Demands from his core sup-
porters add to the political
pressure on what should be
legal determinations. The
president’s conduct is a re-
minder that government re-
lies not only on constitutional
forms, but also on constitu-
tional norms.
on Foreign Investment in the
U.S. to block acquisitions,
takeovers or mergers of U.S.
companies with Huawei and
ZTE.
In 2012, the Australian gov-
ernment banned Huawei from
bidding on equipment for its
national broadband network
out of security concerns.
In 2013 the U.S. govern-
ment barred the purchase of
Huawei equipment by several
U.S. government agencies, cit-
ing cybersecurity risks.
This year, T-Mobile won an
industrial-espionage lawsuit
against Huawei by showing
that the Chinese company had
stolen technological secrets
from clean rooms at T-Mo-
bile’s testing center.
And Commerce Department
officials are currently investi-
gating whether Huawei broke
American trade controls on
Cuba, Iran, Sudan and Syria,
according to the New York
Times.
Lawmakers are also wor-
ried because Huawei is a
prime bidder for South Ko-
rea’s new 5G nationwide cel-
catch up with Pepsi, which had
ridden into Brezhnev’s Russia
on Nixon’s coattails.
Anything is possible that is
not precluded by the laws of
physics, including a criminal
conspiracy of Mr. Putin and
Donald Trump. If anybody did
or said anything truly damn-
ing, our guess is Mike Flynn,
in some context or other, sug-
gesting to a Russian contact
that Mr. Trump’s promise of
better relations would not
come about if he were not
elected.
But a charge of conspiracy
requires proof, not just a gen-
eral dislike of Mr. Trump. Not
for the first time we suggest
the useful parallel is not
Watergate but the Pentagon
Papers. The moment begs for a
coming clean on how so much
U.S. government-sponsored
trade, investment, political
lend-lease (Manafort and the
Podestas) and, yes, openness
to Russian kleptocrats buying
Fifth Avenue apartments and
Miami condos, didn’t succeed
in making Mr. Putin a friend.
Which brings us back to the
Paradise Papers, which may—
may—be a down payment on
such an air-clearing. Like the
Panama Papers before them,
they are particularly sugges-
tive of how Mr. Putin may
have used Mr. Milner, or in the
case of the Panama Papers,
cellist Sergei Roldugin, to hide
his own often-alleged offshore
wealth.
If the press bothered to
care who leaked the papers,
we might be able to make
more intelligent inferences
about their significance.
Michael Mukasey, whom
President Reagan nominated
to the federal judiciary,
served as attorney general
under George W. Bush, where
he was a staunch defender of
the war on terror. Years later,
he became a fierce critic of
Hillary Clinton. But after Don-
ald Trump led chants of “Lock
her up!” during his presiden-
tial campaign, and threatened
Mrs. Clinton with prosecution
during a debate, Mr. Mukasey
could not remain silent. “It
would be like a banana repub-
lic,” he said. “Putting political
opponents in jail for offenses
committed in a political set-
ting . . . is something we
don’t do here.”
Mr. Mukasey’s comments
highlight the importance of
the norms that undergird
America’s constitutional or-
der. Throwing political oppo-
nents in jail undermines the
rule of law and erases the line
between law and politics. This
is not what constitutional
democrats do. This is what
autocrats do—in Turkey, in
Venezuela, and wherever
leaders backed by mobs and
majorities are emboldened to
push for total power.
Elected officials across
party lines must put the
president on notice: Any fur-
ther attempts to manipulate
the attorney general, the Jus-
tice Department, the FBI or
the special counsel in the
performance of their duties
under law will be rebuked
and resisted.
lular network. This matters
to the U.S. because in a con-
frontation with North Korea,
the U.S. military may need to
use this infrastructure to
communicate.
Huawei has dismissed
American concerns, arguing
that it is a legitimate business
with the right to compete in
the U.S. under WTO rules.
This is true.
But Congress and Mr.
Trump should be vigilant. In
the 2016 elections, Russia
hacked the Democratic Party,
Twitter, Facebook and Google,
all without owning a major
network provider in the U.S.
But giving Huawei a large
telecommunications presence
could make America an easy
target for Chinese spying.
Congress and Mr. Trump
should continue to monitor
Huawei and consider taking
legal steps to block its entry
into the U.S. market.
Mr. Pexton is defense and
foreign policy editor for CQ
Roll Call and a former Wash-
ington Post ombudsman.
Wednesday, November 8, 2017 | A15
BOOKSHELF | By Allen C. Guelzo
Nervous
Neighbors
The Thin Light of Freedom
By Edward L. Ayers
(Norton, 576 pages, $35)
S
ocial history, once rare, is by now a full-fledged genre.
Written from “the bottom up,” it passes by grand
narratives of nations, wars and politics in order to
chronicle the vast swaths of humanity who never made it to
prime time. Still, it took a while for social history to catch
up to the American Civil War, where politics and battles
could hardly be ignored. In 1990, the historian Maris
Vinovskis, in “Toward a Social History of the American Civil
War,” issued a call for social historians to set their sights,
however belatedly, on the Civil War. And did they ever: The
common complaint now is that the military and political
history of the war has been so nearly shoved off the table
that the scholarly quarterlies devoted to the Civil War era
scarcely notice war or politics.
Edward Ayers’s “The Thin Light of Freedom” is a kinder,
gentler version of Civil War social history. Beginning in the
early 1990s, Mr. Ayers began assembling a data bank on the
experience of two
counties on either side of
the Mason-Dixon line: Au-
gusta County in Virginia’s
lower Shenandoah Valley
and, to the north, Franklin
County in Pennsylvania. Mr.
Ayers’s data sets included
newspaper articles, census
and tax records, and the
diaries and letters of small-
role players. Because slavery
was legal in one but not in the
other, the two counties
occupied very different social
worlds and, naturally, belonged
to different sides in the war. From
the data he had amassed, Mr. Ayers
assembled a pioneering online library and wrote a study, “In
the Presence of Mine Enemies” (2003), that covered the coun-
ties’ experiences from the John Brown raid at Harpers Ferry
in 1859 to the eve of the Gettysburg campaign in July 1863.
“The Thin Light of Freedom” extends the story from
Gettysburg into the Reconstruction era and features many
of the individuals whom Mr. Ayers introduced in “In the
Presence of Mine Enemies,” especially Joseph Waddell, a
decent and almost reluctant Virginia convert to the
Confederacy. Mr. Ayers’s earlier book was dominated by a
spirit of anxiety: The Virginians were anxious about the
Brown raid and the rightfulness of slavery and secession,
the Pennsylvanians about the fate of the Union during a
period of repeated military defeats. In “The Thin Light of
Freedom,” the dominant tone is regret.
Among much else, we see the confidence of the white
Southerners in Virginia collapse as their economy implodes
and their valley community is burned-over by Union
armies. When news of Abraham Lincoln’s re-election arrives
in November 1864, Waddell asks in despair: “How can we
endure it!” The hollow-eyed Southerners who stare at us
Two counties separated by the Mason-Dixon line
experience the Civil War and its aftermath
differently, yet share a sense of anxiety and regret.
across Mr. Ayers’s campfires are not die-hards. Their
emotional investment in the Confederacy is shallow, and as
early as 1863 Waddell admits to his diary that he never
believed the Confederacy was a good idea. “I never ceased
to deplore the disruption,” he later conceded, “and never
could have loved my country and government as I loved the
old United States.”
Nevertheless, the Virginians kept on filling the ranks of
the Confederacy’s armies until nearly the war’s end, a fact
that Mr. Ayers does not emphasize enough. And although
they let slavery disappear without much reluctance, they
fought aggressively against Republican efforts to educate
the freed slaves and then grant them equal voting rights.
By the same measure, there are no mythical “loyal slaves”
in Mr. Ayers’s account of the war’s closing years; nor are
there any “grateful” freedmen afterward. Infuriated whites
raged against former slaves whom they thought had no
proper idea of freedom. Of course the freedmen knew
exactly what they wanted, which was precisely the freedom
that their former masters had all along enjoyed.
In Pennsylvania’s Franklin County, the residents fared
little better. They coped unhappily with invasion in 1863
(and the disgraceful kidnapping of free blacks by the
Confederate army); retaliation for the North’s destruction of
Southern property (in the form of the Confederate burning
of Chambersburg, Pa., in 1864); and lethal political divisions.
As late as 1865, Democratic voting power remained strong
in Franklin County, and Democratic newspapers dismissed
Lincoln’s majestic second inaugural address as “mere trash
. . . unworthy of comment.” The Pennsylvanians were
plagued by a fearful uncertainty about what role the newly
freed slaves would play in a new American world, and while
Republican policies staked out formal protections for black
civil rights, the tidal return of Democratic majorities in
Franklin County eroded the will to enforce them.
Franklin and Augusta counties were active theaters of
war, but military events are not Mr. Ayers’s long suit. There
are routine mistakes—about who was in command of what
and what numbers were commanded when—in his account
of the rebel invasion of Pennsylvania in 1863; and, in what
is surely the misprint of the year, he dates the surrender of
Robert E. Lee at Appomattox to April 9, 1864, one digit and
a universe away. Yet he compensates for these slips with a
shrewd assessment of Union Gen. Philip Sheridan’s scorched-
earth campaign in the Shenandoah Valley in 1864, which, Mr.
Ayers shows, inflicted far less damage than either valley
farmers or Sheridan later claimed. He also captures the
tenterhook experience of Republicans in the 1864 presiden-
tial election, which fluttered in the balance in key states like
Pennsylvania far longer than Lincoln would have liked.
“The Thin Light of Freedom” is beautifully, even
spaciously written and paced at an adagio—an elegy for
people trapped in webs of politics and war that they had,
for the most part, spun for themselves. It may not quite
persuade us that the evaporation of the war’s political and
military history is easily acceptable, but it does remind us
that not everyone who fought or endured the war’s
agonizing conflicts was a soldier.
Mr. Guelzo, a professor of the Civil War era at
Gettysburg College, is the author of several books, including
“Gettysburg: The Last Invasion.”
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
A16 | Wednesday, November 8, 2017 * * THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

South Korea’s Bow to Beijing Good Science Should Rule U.S. Climate Policy

D
onald Trump on Tuesday praised Moon President Moon to back down on Thaad. Official It’s unfortunate that Steven E. The quickest way to politicize sci-
Jae-in for “great cooperation” on con- spokesmen and state-run media blamed Seoul Koonin chose to wait until months af- entific knowledge, what is known and
ter an extensive public review process not known, is to treat it as no differ-
taining the threat from North Korea for harming relations. Beijing closed South Ko-
to critique the Climate Science Spe- ent from other aspects of a conten-
and said there has been “a lot rean-owned stores in China, cial Report (CSSR), which he attacks tious public-policy debate. Mr.
of progress.” The South Ko- Seoul caves on Thaad stopped Chinese tourists from in “A Deceptive New Report on Cli- Koonin’s op-ed provides a good exam-
rean President also made a missile defenses and a visiting, and even blocked the mate” (op-ed, Nov. 3). ple. His so-called red team/blue team
show of unity after their sum- broadcast of Korean television Had he suggested further explana- proposal for climate science would
mit in Seoul, but Mr. Moon’s democratic alliance. dramas. tion of decadal variability in global create two teams to debate scientific
recent actions suggest he is an Last week Mr. Moon mean sea-level rise during the review uncertainties and their significance.
unreliable friend. folded. Foreign Minister Kang process, it might have been added by The teams would include nonscien-
Mr. Moon favors appeasing Kim Jong Un to Kyung-wha announced a deal to settle the the authors. They might have noted tists and scientists outside the rele-
lower tension on the Korean Peninsula, includ- Thaad dispute on Chinese terms. South Korea that the rate of global sea-level rise vant disciplines. This effort in effect
ing direct talks even as the North continues its promised not to deploy more Thaad radars and today is likely faster than during its becomes a political process with
previous high in the 1930s-40s, also a value judgments and no guarantee of
nuclear and missile tests. He wants to reopen launchers, leaving South Korea vulnerable to
period of relatively rapid temperature an unbiased scientific assessment by
the Kaesong Industrial Zone that provided future North Korean attacks, since the six cur- increase. Further, they might have the most highly qualified experts.
Pyongyang with about $100 million in hard cur- rent launchers don’t cover northern South Ko- noted the robust acceleration in sea I commend the Trump administra-
rency a year. That’s bad enough, but Mr. Moon rea, including the capital Seoul. Without more level since 1900 that has been re- tion for not trying to suppress the
is also working against U.S. policy in the wider launchers, North Korean missiles could over- vealed by multiple analyses. scientific judgments in the Climate
region. Last week he caved to Chinese pressure whelm the system. As a scientist and author on the Science Special Report, which are
on missile defense, rewarding Beijing for its Seoul also agreed not to join America’s re- Climate Science Special Report, I counter to the views of President
bullying behavior and support for the Kim Jong gional missile-defense system, which will limit stand by its conclusions: The rate of Trump, EPA Administrator Scott
Un regime. the effectiveness of the defenses in South Korea global sea-level rise since 1900 has Pruitt and others in the administra-
Earlier this year, the missile threat from the and Japan. And South Korea agreed not to join been faster than during any compara- tion. If the Trump administration re-
North caused Seoul to deploy the U.S.-made a military alliance with the U.S. and Japan in the ble period in at least 2,800 years. It ally wanted to know the current state
has led to about seven to eight inches of scientific knowledge related to cli-
Terminal High-Altitude Air Defense (Thaad), future. So Beijing achieved its goal of stymieing of global sea-level rise, about three mate change, all it has to do is read
which can shoot down missiles in a range of the U.S. agenda of collective defense in Asia inches of which have occurred since the reports of the National Academies
more than 200 kilometers. Beijing objected along the lines of Europe’s NATO. 1993. Human activities have contrib- as well as the CSSR.
forcefully, claiming that the system’s powerful What did Seoul get in return? A meeting be- uted substantially to this high rate, E. WILLIAM COLGLAZIER, PH.D.
radar could monitor China’s nuclear missile tween Mr. Moon and Chinese President Xi Jin- which is a major contributor to the Washington
sites. Thaad also meshes with other U.S. missile ping on the sidelines of this week’s APEC sum- accelerating increase in tidal flooding
defense systems at sea, in Japan and on Ameri- mit in Vietnam, as well as a trip to Beijing this in over two dozen Atlantic and Gulf The problem with analyzing data
can territory. year. China tacitly agreed to stop its embargoes Coast cities. One to four more inches points in weather is that in aggregate
China’s larger fear is that South Korea will on South Korean products. No word on whether of rise will likely occur over this cen- they are not strictly ergodic (subject
be drawn into a closer relationship with other it will stop supporting Pyongyang with oil and tury, depending in part on carbon-di- to mathematically predictable out-
oxide emissions, though levels as high comes) but rather are emergent phe-
U.S. allies. A key theme of Mr. Trump’s trip is food, but don’t count on it.
as eight feet cannot be ruled out. The nomena and therefore intrinsically
cooperation among the region’s democracies to Mr. Moon has called for “balanced diplo- points that Mr. Koonin raises are mi- unpredictable.
protect a “free and open Indo-Pacific,” building macy” between the U.S. and China. But his will- nor comments about framing; the un- The middle ground in a healthy de-
on past efforts to deepen ties between South ingness to compromise the security of his own derlying scientific evidence is correct. bate on climate change is to employ
Korea and Japan. If South Korea were to put country and its allies in the face of Chinese ROBERT E. KOPP, PH.D. cost-effective measures to protect air
aside its reservations about working with pressure is anything but balanced. It’s under- Rutgers University and water safety first (e.g., Los Ange-
Japan, it would deal a serious blow to China’s standable that the U.S. and South Korean Presi- New Brunswick, N.J. les and Flint, Mich.). Antagonists in
bid for hegemony in Asia. dents showed a united front Tuesday, but Mr. the debate on how to respond to fu-
Beijing unleashed a diplomatic and economic Moon’s actions have undermined the alliance I am the former executive officer ture environmental threats too often
assault this year to convince newly elected against Kim Jong Un. of the U.S. National Academy of Sci- adopt a religious fervor that only
ences and National Research Council confuses the public. Scientists should
(1994-2011) and former Science and know better even if politicians don’t.
Koskinen’s Parting Gift From the IRS Technology Adviser to the U.S. Secre-
tary of State (2011-14).
RALPH R. OCAMPO, M.D., FACS
San Diego

I
RS Commissioner John Koskinen has made 2017. This comes as premiums continue to rise
no secret of his contempt for Republicans on the ObamaCare exchanges.
who tried to hold his agency to account for
Tea Party targeting. His pay-
The mandate is particularly burdensome for
smaller job creators hard-
Consolidation Doesn’t Mean Patients Benefit
back as he walks out the door Obama’s tax man rolls pressed to comply with an ex- Your editorial “Game of Health- edged sword. We’ve long known the
is a major hit on employers. Care Thrones” (Oct. 30) describes the market is going to outstrip the gov-
The IRS confirmed Tuesday
Mnuchin to enforce the traordinarily complex man-
date that requires them to motives that may have fed the pro- ernment in transforming health-care
posed CVS-Aetna merger and the out- delivery. And while the combined data
that it is now for the first time ACA’s employer mandate. report on the status of every
comes that could result from it. analytics resulting from the merger of
beginning to enforce the employee and dependent. The Whether in response to government a leading insurer and a leading na-
ObamaCare employer man- letters are also a blindside hit, regulation, market dynamics, the con- tional pharmacy chain have the poten-
date, issuing thousands of penalty letters to since the IRS was silent about its plans. sumer revolution or other factors, the tial to benefit patients and consumers,
noncompliant companies. The letters are on the Treasury Secretary Steve Mnuchin could business of health care is moving rap- sadly the converse is often true. But
way to firms with more than 50 employees that have overruled Mr. Koskinen and delayed en- idly beyond the model we’ve become regulation isn’t the answer. It’s time
have failed to provide what ObamaCare defines forcement until the IRS could better prepare accustomed to. Individual actors (like for the feds to step back and enable
as qualifying coverage to its workers. The let- the business community. The IRS is not an in- CVS and Aetna) are broadening their innovation that produces a system for
ters reach back to 2015, setting up companies dependent agency but is part of Treasury, and roles, and disrupters like Amazon are the future. It’s time for the major
for years of penalties. the IRS Commissioner reports to the secretary. making moves that could turn health- health-care industries—hospitals, in-
The IRS was supposed to start this enforce- The employer mandate remains the law, though care delivery upside down. We’ve seen surers, pharmacy and others—to be-
this coming for a while now—hospital come truly consumer facing. And it’s
ment in 2014, but the Obama Administration Republicans on Capitol Hill have been trying
systems that double as insurers (Kai- time for consumers to demand health
never got around to it. The employer mandate to repeal it. ser), retailers that provide health-care care that actually makes them healthy
is among the bill’s most unpopular provisions Treasury’s defense is that the law says the services (CVS), and the shift is about when they need it, where they need it.
and the White House feared the economic fall- IRS “shall” enforce the mandate, and a Treasury to accelerate dramatically. Are we STEPHEN K. KLASKO, M.D., M.B.A.
out. Mr. Koskinen long attributed the delay to spokesperson said: “Based on a review by Trea- ready? President and CEO
a lack of resources and the time it took to stand sury lawyers, there is no ground for the Secre- The CVS-Aetna merger is a double- Thomas Jefferson University and
up enforcement systems. tary to direct the IRS to not send out the letters Jefferson Health
Yet after Donald Trump’s inauguration the to collect this tax.” But that view was hotly con- Philadelphia
IRS suddenly found its giddy-up, and last week tested inside the White House, and after so long Competitive Pricing Dogs
it quietly issued agency guidance. Mr. Koski- a delay, allowing some time for a new IRS chief California’s Heavy Pot Tax
nen’s last day in the job is Thursday. You decide to review is hardly stretching the law. We’ve Only Just Begun the
Regarding your editorial “High on
if the timing is a coincidence. At Treasury Mr. Mnuchin has ducked every
Incentives” (Nov. 2): After the 21st
Politically Correct Cleanup
Nobody knows how many businesses will be fight that looks politically tough—on marginal Amendment lifting prohibition in Regarding the Nov. 1 Notable &
hit, but by some estimates it will be tens of tax rates, the Federal Reserve, bank regulation, 1933, the excise tax rate on alcohol Quotable from Mark Tooley writing
thousands. The Congressional Budget Office es- the MetLife case, the Consumer Financial Pro- was adjusted down to around 5% to about George Washington’s church
timated in 2015 that employers would owe $9 tection Bureau. It’s a shame he’s now taken a undercut moonshiners and to elimi- in Alexandria, Va., which is remov-
billion in fiscal 2016 and $13 billion in fiscal powder on Mr. Koskinen’s parting gift. nate any continuing profit for the ing a plaque honoring Washington:
mob. Later, the excise tax rate was ad- The decision of Christ Church to re-

Trump’s Antiterror Omission

justed up to approximately 15%. Men- move the plaques of George Wash-
tor Capital’s elasticity analysis of the ington and Robert E. Lee, both men
cannabis tax load in various locales of unquestionable Christian charac-

P
resident Trump campaigned on a that Saipov was read his Miranda rights at versus illegal marijuana-market activ- ter, has me pondering. By the same
ity shows a roughly inverse linear re- logic, all ecclesiastical memorabilia
tougher approach to terror, but you Bellevue hospital hours after he was captured. lationship. That is if the tax rate is in all churches about Martin Luther
wouldn’t know it from his policy on in- Our sources say local law enforcement made 45%, the illegal market will be 45% of King Jr. should be removed owing
terrogating captured terror- this decision absent a strategy the whole cannabis market. to his adulteries. And, horror, C.S.
ists. The past 10 days have Where’s the new or federal protocol. A day af- Many don’t know that since canna- Lewis smoked a lot. Dietrich Bon-
landed two terrorists behind policy for handling ter the attack, Saipov was bis is a Schedule I drug, legitimate hoeffer conspired to assassinate
bars: New York City attacker charged in a civilian criminal cannabis-selling businesses and heroin Hitler. Martin Luther had some
Sayfullo Saipov and Benghazi captured terrorists? court. dealers alike cannot deduct operating harsh words for Jews. Thomas More
militant Mustafa al Imam. Such haste means critical expenses, extraordinarily inflating the persecuted Protestants. St. Paul ad-
Both cases offer the chance to questions may go unanswered. effective tax rate on cannabis compa- vocated male headship in marriage.
reset Obama-era policy on handling high-value Authorities have speculated that Saipov acted nies. Dropping Schedule I designation, The Apostle Thomas doubted
following the 1933 5% excise-tax Christ. St. Peter denied Christ.
combatants, but Mr. Trump doesn’t seem to alone. But the 29-year-old Uzbek immigrant
model for cannabis and later pegging Surely all these names would also
have a different policy. claims affiliation with Islamic State, and in Au- cannabis taxes to equal the alcohol-re- be expunged from all sanctuaries,
The Obama Administration preferred killing gust 2015 he reportedly attended a Florida wed- lated tax rates would economically sermons, hymnals, catechisms and
terrorists overseas instead of capturing them, ding where one of the other guests was under eliminate the cartel involvement today liturgies.
precluding interrogation. Enemy combatants federal surveillance in a terrorism investigation. as the mob was undercut back then. RAYMOND J. BROWN
captured either in the U.S. or abroad typically Now that Saipov is lawyered up, we might never CHET BILLINGSLEY Londonderry, N.H.
faced charges in civilian criminal courts. Propo- learn everything we should about his radicaliza- Chairman & CEO
nents of this approach have touted the large tion and life in America. Mentor Capital, Inc.
number of successful terror convictions, but In al Imam’s case, the Trump Administra- Ramona, Calif. Pepper ...
that’s missing the point. Civilian court proce- tion’s policy is indistinguishable from Mr. And Salt
dures hamper interrogation that might prevent Obama’s. In addition to being a Libyan national, CORRECTION THE WALL STREET JOURNAL
a future attack. al Imam is among the suspected masterminds
Then again, at least Mr. Obama had a pre- of the 2012 attack on the U.S. consulate in Beng- An exhibition of the Gurlitt fam-
ferred process for high-value detainees. That’s hazi. But we’re told he had been on a Navy ship, ily’s Nazi-linked art at the
more than President Trump has developed, as and he was arraigned Friday in a civilian court Bundeskunsthalle, Bonn, includes 20
far as anyone can tell. in Washington. works drawn from outside collections
The day after the Halloween terror attack in Al Imam should have been labeled an enemy that may have passed through Hilde-
New York, Mr. Trump told reporters: “Send him combatant, permitting detention for the dura- brand Gurlitt’s hands. A review of the
to Gitmo. I would certainly consider that, yes.” tion of hostilities. The rules for interrogation show on Nov. 2, “What the Nazis
But a day later, the President tweeted that while are more flexible, and questioning can last as Took,” misstated the number.
he “would love to send the NYC terrorist to long as necessary. After his interrogation is
Guantanamo,” military commissions moved complete, a combatant can be dispatched to a Letters intended for publication should
slower than the U.S. court systems. “There is civilian court or military tribunal. be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
also something appropriate about keeping him The lack of protocols for handling terrorists or emailed to wsj.ltrs@wsj.com. Please
in the home of the horrible crime he committed. after nearly 10 months in office signals a trou- include your city and state. All letters
Should move fast. DEATH PENALTY!” bling lack of seriousness about a crucial antiter- are subject to editing, and unpublished
Mr. Trump’s incoherence carries real risks ror duty. Mr. Trump’s tough-sounding tweets letters can be neither acknowledged nor
returned.
to national security. A Nov. 1 complaint revealed are belied by his Obama-like policy. “Nope, that one’s benign, too.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Wednesday, November 8, 2017 | A17

OPINION

A Strategy for the Post-ISIS Middle East

By Suzanne Maloney lack of a promising strategy one’s reach. A national unity
And Michael O’Hanlon to end the region’s civil government could stop the

W
wars and strengthen the killing and enable the kind of
ith Islamic State states suffering internal humanitarian and recon-
nearly vanquished in conflict. Also missing is any struction effort necessary to
Syria and Iraq, it’s serious plan to advance eco- avoid future violence.
time for a serious de- nomic and political reform • Elsewhere in the region,
bate about the in the region, which is es- America should encourage
broader U.S. security strategy in the sential for long-term stabil- political and economic re-
Middle East. Leaving aside the Is- ity. The stakes are probably form. Egyptian President
raeli-Palestinian peace process and highest, and the current di- Abdel Fattah Al Sisi is not
its unpromising near-term pros- lemmas most acute, in Iraq, the ideal American ally but
pects, this debate must address the Syria, Egypt, Yemen and he is preferable to chaos or
array of issues affecting American Jordan. Here is what Wash- extremism in that country.
interests in the region: violent con- ington, working with allies He has preserved the Israeli
flict, alliances, political and eco- and regional partners, security partnership. But
nomic reform, and the central chal- should attempt in each: long-term progress will re-
lenge of dealing with Iran. • Pledge a longer-term quire respect for the law
U.S. military presence and and political pluralism.
aid package for Iraq, ideally American aid should be cut
The stakes are highest, supported by the Gulf states in half until Mr. Sisi estab-
and NATO allies. Iraq has lishes meaningful institu-
and the current dilemmas

most acute, in Iraq, Syria,
Egypt, Yemen and Jordan.
The U.S. currently leads a military
coalition in support of the Iraqi gov-
ernment and moderate insurgent
forces finishing off ISIS in Iraq and
Syria. American naval and air power
ensures the free flow of oil through
Persian Gulf waterways. Working
with the Gulf Cooperation Council,
as well as Israel, Jordan, Lebanon
and Egypt, the U.S. bolsters regional
defenses against ISIS, al Qaeda and
Iran. And it wisely tries to de-esca-
late disputes among its coalition
partners, such as the ugly row pit-
ting Qatar against Saudi Arabia, the
United Arab Emirates and other
Sunni-majority states.
But the U.S. and its allies struggle
on other fronts. Most glaring is a
suffered generations of war
and misrule, and years of
low oil prices. With ISIS-
held cities mostly liberated,
a successful rebuilding effort engag-
ing Sunni Arabs, Shiites and Kurds
and preventing a return to civil war
or the arrival of ISIS 2.0 is urgent.
The stakes, and America’s previous
investment, warrant aid levels com-
parable to those showered on Af-
ghanistan and Egypt. In the coming
months Iraq will need significant
help monitoring and restraining
Iran-backed Shiite militias as they
are disbanded and partially incorpo-
rated into Iraqi Security Forces.
• Similarly, limiting but not ex-
cluding Iran’s influence in Iraqi
Kurdistan would help bridge the in-
ternal political schisms that created
opportunities for Tehran in the first
place. With President Masoud Bar-
zani out of office, there is a fresh
opportunity to make this diplomatic
démarche in a way that restores co-
operation between the Kurds and
the rest of Iraq. A wise policy should
insist on an end to land grabs by
both sides.
• On Syria, the key word is re-
gionalism. President Bashar Assad
isn’t going anywhere soon, yet the
U.S. cannot work with such a mon-
ster. He has permanently discredited
himself in the eyes of much of the
world. The U.S., its allies and global
aid agencies should work around his
government to secure and rebuild
the regions free of Assad’s rule and
ISIS’ interference. Some areas
should be treated as temporary au-
tonomous zones. The West needs
more leverage in and around Idlib,
where the al Qaeda affiliate for-
merly known as the al-Nusra Front
remains active and our allies are
vulnerable.
• The Yemeni civil war has
spawned yet another humanitarian
catastrophe in the Middle East.
Since its 2015 invasion, a Saudi-led
coalition has been stuck in a quag-
mire. More than half the country’s
population has been displaced. Mal-
nutrition is severe and widespread.
The country is experiencing the
world’s worst cholera epidemic in 50
years. The crisis presents a strategic
opportunity for Iran as well as al
Qaeda and perhaps ISIS. Washington
and Riyadh must try to advance a
durable peace process with support
from diplomatic partners in Europe
and elsewhere. The watchword here
is compromise—no outright military
victory appears to be within any-
PHIL FOSTER
tional protections for basic
human rights. With strong
Saudi and Emirati support,
the Sisi government will
survive such a cut, but American
pressure can help restrain Egypt’s
decline into authoritarianism.
• Jordan, which has absorbed 1.4
million Syrian refugees into a popu-
lation of eight million, should be-
come the anchor of a new, multilat-
eral Marshall Plan. That term is
often tossed around casually, but
Jordan’s government is trustworthy
enough to help steward a major in-
flow of resources. Winding down the
Syrian civil war would ideally create
an opening—and provide an impera-
tive—for historic investment in the
development of the Middle East and
its people. Along with allies in Eu-
rope and the Gulf, Washington
should spearhead a reconstruction
program providing jobs to the re-
gion’s youth and reducing the appeal
of radical Islamic fundamentalism.
The sum total of a serious U.S.

Keep Twitter Accountable Without Censorship strategy for the Middle East will re-
quire a greater financial investment
by the American people—perhaps as
By Adam Candeub the government. Congress could dis- Facebook and Twitter all initially re- 230 would remove the social media much as a few billion dollars annu-
And Mark Epstein courage social media censorship sim- sisted calls for strict speech policies, outlets from this political tug of war. ally—and modest increases in Cen-

I
n an effort to “take a more ag-
gressive stance,” Twitter an-
nounced on Nov. 3 that it will en-
act new and revised rules later this
month to address graphic content,
unwanted sexual advances, violent
organizations, spam and “hateful”
symbols and imagery on the social
network.
But one of these things is not like
the others. Unlike regulating violent
or harassing content that interferes
with the experience of other users,
prohibiting “hateful” imagery, sym-
bols and content is a vague and sub-
jective restriction—and one that
would be unconstitutional if enforced
by the government.
Social-media companies
should lose their liability
exemption if their rules
aren’t viewpoint-neutral.
Twitter’s history of censoring con-
tent—such as when it blocked
(though eventually restored) a pro-
life ad by Rep. Marsha Blackburn and
suspended Trump adviser Roger
Stone’s account on Oct. 28—raises
doubts as to whether these new rules
will be applied fairly and consis-
tently. The Anti-Defamation League,
a member of Twitter’s Trust and
Safety Council, includes the Confed-
erate flag and Pepe the Frog in its da-
tabase of hate symbols.
In reaction to political censorship
on social media, many populist conser-
vatives, including Tucker Carlson, Ann
Coulter, and Steve Bannon, have called
for the platforms to be publicly regu-
lated. This sentiment spans the politi-
cal spectrum. After Twitter suspended
Harvey Weinstein accuser Rose
McGowan, left wing journalist Glenn
Greenwald tweeted: “At some point, it
will hopefully become clear that de-
manding Silicon Valley executives reg-
ulate online speech is a terrible idea.”
But there is a way to change incen-
tives so that the most popular com-
munications platforms aren’t con-
trolled by either the tech moguls or
ply by removing privileges enjoyed and they didn’t care about the con- More important, it would help restore tral Intelligence Agency and military
by social media platforms. tent of their platforms until they be- a true marketplace of ideas online. involvement, in Syria in particular. It
Section 230 of the 1996 Communi- came dominant. Now they possess will not, however, bust the bank or
cations Decency Act grants “interac- great power, which they do not know Mr. Candeub is a fellow at the In- drag American forces into another
tive computer services,” such as how to wield. While conservatives ac- stitute of Public Utilities and a law protracted war.
Twitter, Google, YouTube and Face- cuse social networks of political bias, professor at Michigan State Univer-
book, near total immunity for their the mainstream media, European sity. He previously worked at the Fed- Ms. Maloney is deputy director
users’ content. They have no liability governments, and left-wing advocacy eral Communications Commission. and Mr. O’Hanlon is research direc-
resulting from anything that their us- groups all demand the platforms en- Mr. Epstein is an antitrust attorney tor in the foreign policy program at
ers tweet or post. This is an extraor- act stricter rules. Reforming Section and freelance writer. the Brookings Institution.
dinary gift to internet companies that
other industries do not enjoy. News-
papers can be held liable for the con-
tent of classified ads, and even a tav-
ern can be liable for the graffiti
scrawled on its bathroom stall.
Congress justified this gift on the
grounds that “the Internet and other
interactive computer services offer a
forum for a true diversity of political
discourse.” But with many of these in- 60 YEARS OF ADVENTURE
ternet services now restricting politi-
cal discourse, Congress should condi- AND DISCOVERY
tion its largesse: Section 230
immunity should be available only to
internet companies that do not en-
gage in prohibiting viewpoint discrim-
ination against their users. Enabling a
few gigantic internet firms to use
their dominant social-media platforms
to silence views with which they dis-
agree counters the act’s very purpose.
Still others worry that social media
networks do too little to curb ob-
scene, harassing, criminal or violent
posts. Legislators could fix this, too,
by conditioning Section 230 immunity
on the viewpoint-neutral enforcement
of such rules. Laws commonly prevent
private entities from viewpoint-based
discrimination while allowing them to
make reasonable restrictions on
speech. Commercial airlines, for ex-
ample, may ban passengers who
swear, harass flight attendants or oth-
erwise behave disruptively. They can-
not stop people from flying based on
their political opinions, no matter
how offensive they may be. Reforming
Section 230 would allow tech compa-
nies to focus on truly harmful con-
tent, such as revenge porn and sex
trafficking, while also preventing
them from using it as a pretext for
politically based restrictions.
Social-media companies never
sought to become global speech po-
lice, nor have they shown particular
appetite or talent for the job. Google,

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D WOR LDWIDE
A L S D O N AT E
ME were
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h yo ur he lp , 11.5 m U.S.
Wit e rica ®
in th e
ate d to Fe ed ing Am
don andwich Day
he lp in g u s m ake World S
r ainst hunger
Thank you fo o u r fig h t ag
joining
a success and a r o u n d the globe.
u n it ie s
in local comm

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BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved.
S&P 2590.64 g 0.02%
Snap Shares Slide as Loss Triples
Revenue rose 62%,
but growth slowed
and daily users fell
short of expectations
BY GEORGIA WELLS
Snap Inc. shares fell 16% in
after-hours trading as the
company reported its quarterly
loss more than tripled, disap-
pointing Wall Street again as it
failed to add significantly to
the number of people using its
app daily or the amount of
money advertisers are spend-
ing to reach those users.
For its third straight quar-
terly report as a publicly traded
company, Snap fell short of an-
HEARD ON
THE STREET
By Paul J. Davies
A Thirst
For Returns
Encourages
Risky Trade
The hunt
for yield is
taking Wall
Street and in-
vestors into
exotic terri-
tory, and that means an ap-
petite for credit assets that
are private, not easily trad-
able and often complex.
Putting together deals in
what some dub “nonlinear fi-
nance” is a growth business
for investment banks’ big
bond-trading arms and is
helping clear unwanted assets
off some balance sheets. How-
ever, such private deals, which
aren’t publicly traded and
don’t have public credit rat-
ings, are a challenge for regu-
lators keeping track of the
growth of shadow banking
and understanding whether
such activity is driven by reg-
ulation or its avoidance.
The business isn’t new,
but it is heating up as banks
hire specialists and commit
balance-sheet capacity to
feed investor demand. Gold-
man Sachs Group said in
September that it could dou-
ble its financing of “bespoke
collateral” by giving its
fixed-income trading arm an
extra $5 billion of balance-
sheet capacity. This would
bring in at least an extra
$100 million of revenue,
which likely only counts the
net interest income Goldman
would earn on debt it keeps
and not all the other deal
fees involved.
Deutsche Bank is a mar-
ket leader in this business,
earning roughly €400 mil-
lion ($464 million) each
quarter from all the financ-
ing linked to fixed-income
trading, including nonlinear
trade, while others such as
Credit Suisse Group and
BNP Paribas are more fo-
cused on certain products or
regions.
So what is this business?
It starts with lending to pri-
vate-equity or hedge-fund
clients who want to buy as-
sets that are hard to value,
hard to sell, or low quality.
Such assets can’t be financed
in markets by fixed-income
Please see HEARD page B2
Changing Balance
Investment bank and markets
revenue, by source
Fixed income and
equity financing
Sales, trading, underwriting
and advisory
$200 billion
150
100
50
0
2012 ’13 ’14 ’15 ’16 ’17*
*First six months
Source: Coalition
THE WALL STREET JOURNAL.
TECHNOLOGY: YOU CAN WRITE TWICE AS MUCH ON TWITTER NOW B4
* * * **
S&P FIN g 1.33% S&P IT À 0.11%
alysts’ revenue forecasts. The
third-quarter results released
late Tuesday marked the latest
stumble by Snap since it went
public in March.
In a conference call with an-
alysts, Chief Executive Evan
Spiegel said Snap would over-
haul its signature product, the
Snapchat messaging app, and
acknowledged he misjudged
demand for Spectacles, the
company’s onetime buzzy
video-recording sunglasses.
Snap said it recorded $39.9
million in charges in the quar-
ter, primarily because of ex-
cess Spectacles inventory.
The difficulties illustrate the
enormous challenges Snap faces
trying to wrest market share
away from the two companies
A proliferation of cafes in the past five years is starting to hurt business owners. A barista at 21st Street Coffee and Tea in Pittsburgh.
Crunchtime for Coffee Shops
Crowded market loses steam as shakeout looms; specialty brews at the gas pump
BY JULIE JARGON
America’s coffee market is
getting too crowded.
Consumers’ hankering for
caffeine and quality coffee has
fueled a big buildout of cafes
in the past five years, espe-
cially in dense urban areas
such as New York, San Fran-
cisco and Portland, Ore. There
are now nearly 33,000 coffee
shops in the U.S., including
those run by big chains such
as Starbucks, up 16% from
five years ago, according to
market research firm Mintel.
The boom in coffee shops
is starting to hurt business
owners. Consumers are visit-
ing traditional coffee shops
less often when there are so
many cheaper options. Ev-
eryone from McDonald’s
Corp. to gas stations is hawk-
ing specialty coffee. Even
grocery stores are expanding
the space devoted to bottled
and canned coffee drinks,
which Mintel says poses a
threat to coffee shops. Traf-
fic growth for large coffee
Big Backers Sue Prominent Startup
BY ROLFE WINKLER
Investors in Outcome
Health on Tuesday sued the
prominent Chicago advertising
startup and its two founders,
claiming fraud and breach of
contract some eight months
after investing nearly $500
million in the company.
Funds managed by an in-
vestment unit of Goldman
Sachs Group Inc., Google par-
ent Alphabet Inc., and other
firms alleged the company and
its founders, Rishi Shah and
Shradha Agarwal, misled them
by knowingly providing false
data and financial reports be-
fore the firms invested $487.5
million beginning in March.
The investors say they are
THE WALL STREET JOURNAL.
DJ TRANS g 0.62% WSJ $ IDX À 0.30%
that dominate digital advertis-
ing, Facebook Inc. and Google
parent Alphabet Inc.
Snap said revenue in the
third quarter rose 62% to $207.9
million. Analysts polled by Fact-
Set had expected $236.9 million
in revenue. The revenue haul
was the most Snap has logged
in a quarter. But it also marked
another three months of decel-
erating growth for a company
not yet a year removed from its
IPO. In the second quarter,
Snap’s revenue more than dou-
bled to $181.7 million.
Snap added 4.5 million daily
users during the quarter, bump-
ing its total user base to 178
million but representing the
slowest growth since the com-
pany started reporting the fig-
Caffeine Crash
After years of fast growth, the pace of new U.S. coffee-shop
openings and customer traffic is expected to slow down.
Number of U.S. coffee shops*
2015 ’20
*2017 is an estimate. 2018-21 are forecasts. †All years ending in June.
Sources: Mintel Group (number); NPD Group Inc. (traffic) THE WALL STREET JOURNAL.
chains such as Starbucks is
slowing, while traffic to
small coffee chains and inde-
pendent shops is declining,
according to NPD Group Inc.
At a Chevron gas station
just north of Los Angeles, a
12-ounce cup of coffee can
entitled to get their money
back and sought to freeze
$225 million of the total that
had been placed in a separate
account to pay the founders a
dividend. “Plaintiffs now hold
securities that may be worth-
less,” the complaint states.
The suit, filed in New York
State Supreme Court in New
York County, cites a Wall
Street Journal article from
last month that reported how
some Outcome employees had
misled pharmaceutical cus-
tomers about its advertising
services. Outcome, which
streams advertising to video
screens it places in doctors’
offices, said the funding round
valued the company at $5.5
billion, making it one of the
LIBOR 3M 1.403
ure. Analysts surveyed by Fact-
Set expected Snap would add 8
million new daily users.
“We grew our daily active
users at a lower rate than we
4.5M
Number of daily users added
during the third quarter
would have liked,” Mr. Spiegel
said on the call.
Mr. Spiegel said Snapchat is
taking steps to make it easier
for people to discover content
others are sharing. But he is-
Traffic, percentage change
from previous year†
be had for $1.49, while a spe-
cialty coffee drink at a Star-
bucks less than a mile away
can cost nearly $5. A 13.7-
ounce bottle of Dunkin’ Do-
nuts iced coffee costs $2.89
at a nearby grocery store.
The troubles facing the
most valuable U.S. startups.
“This is the latest negotiat-
ing ploy misusing the courts in
the interest of enriching Gold-
man Sachs at the expense of
the company, its employees
and its customers as there is
no merit to the claims,” San-
ford Michelman of Michelman
& Robinson, an attorney rep-
resenting Outcome, said in a
written statement provided by
an Outcome spokesman.
“These funds are earmarked
for operations and repaying
lenders, yet these equity in-
vestors are improperly trying
to put themselves in front of
the company’s best interests.”
The Journal article in Octo-
ber cited in the lawsuit re-
ported that Outcome charged
Wednesday, November 8, 2017 | B1
NIKKEI (Midday) 22873.01 g 0.28% See more at WSJMarkets.com
Bridgewater
Paid Secret
sued a rare note of caution, say-
ing, “we don’t yet know how the
behavior of our community will Settlement
change when they begin to use
our updated application.”
Snap conceded it is strug- To Female
gling with a transition from di-
rect ad sales to an auction- Employee
based model, in which
advertisers bid on the amount
they are willing to spend, the
same method used by Facebook
BY ROB COPELAND
and Google. WESTPORT, Conn.—Bridge-
Snap’s quarterly loss came to water Associates paid a settle-
$443.2 million, or 36 cents a ment to a woman who was
share, compared with a year- pushed out after engaging in a
earlier loss of $124.2 million. consensual relationship with
After closing at $15.12, Snap’s top executive Greg Jensen, and
shares after hours fell to $12.65. shortly after it heard from an-
other female employee that Mr.
 Heard on the Street: Snap Jensen had groped her but-
looks pricey............................... B14 tocks, according to people fa-
miliar with the matter.
Mr. Jensen, 43 years old,
was directly mentored by
Bridgewater founder Ray Dalio,
68, and groomed over two de-
cades to succeed him as leader
of the world’s largest hedge
fund. At the time both incidents
were brought to the company’s
attention roughly three years
ago, Mr. Jensen was co-chief
executive of the firm. He is now
Bridgewater’s co-chief invest-
ment officer, helping oversee
around $160 billion in assets
and hundreds of employees.
The billionaire Mr. Dalio was
personally involved in mediat-
ing both matters, people famil-
iar with them said. Both
women have since left Bridge-
water and are barred by non-
disclosure agreements from
STEPHANIE STRASBURG FOR THE WALL STREET JOURNAL
discussing their experiences
publicly, the people said.
Mr. Dalio approved a settle-
ment of more than $1 million
for the woman who had a rela-
tionship with Mr. Jensen, the
people said.
The woman who complained
of being groped didn’t leave
Bridgewater because of the in-
cident, and wasn’t pushed out,
the people said. She met with
Mr. Dalio and continued her ca-
reer elsewhere, they said. No
lawyers were involved.
Mr. Jensen said in a state-
ment: “The Wall Street Jour-
nal’s accusations of my behav-
ior are inaccurate and salacious.
They are hurtful to my family
and my reputation with those
who don’t know me, so I am
deeply disappointed with their
coffee business are similar to sense of responsibility.”
those plaguing the broader After online publication of
food-retail and restaurant in- this article, Mr. Dalio said in a
dustries, which have an statement: “I judge Greg to be a
oversupply of retail space man of high character and I
amid a proliferation of new would not have tolerated the
food options. In addition, pattern of behavior inaccu-
coffee-shop visits are less rately described by The Wall
frequent, with people curtail- Street Journal.”
ing mall shopping and as Neither incident was previ-
they work from home or ously reported.
spend more time in their of- A Bridgewater spokesman
fices during the workday. said in a statement: “This story
“I just don’t see room for is an uninformed misrepresen-
more coffee shops,” said NPD tation of what actually oc-
analyst Bonnie Riggs. curred. While we are prohibited
Coffee-shop owners, exec- from speaking to this case, our
utives and industry experts track record speaks for itself.
now warn the market is Because of the people, proce-
headed for a reckoning. dures and culture we have in
“Retail is crowded and not Please see JENSEN page B2
everyone will be around sev-
eral years from now,” said
Dave Burwick, chief execu-
tive of Peet’s Coffee.
Dunkin’ Donuts recently
INSIDE
said it would scale back new-
store openings as it rede-
signs its shops to cater to
on-the-go consumers. Star-
bucks, which accounts for
Please see COFFEE page B2
OWNERSHIP
SQUEEZES
some advertisers for ad place-
ments on more screens than
HOME RENTALS
the startup had installed,
based on information provided PROPERTY REPORT, B6
by former employees and ad-
vertisers as well as internal
documents and other material.
Some Outcome employees also
provided inflated data to mea-
sure how well ads performed,
created documents that inac-
curately verified that ads ran
on certain doctors’ screens
and manipulated third-party
analyses showing the effec-
tiveness of the ads, according
YIELDS FALL
to some of these people and AS INVESTORS
documents.
An Outcome spokesman,
SENSE RELIEF
Lanny Davis, told the Journal
last month that Outcome had CREDIT MARKETS, B13
Please see SUIT page B2
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 | Wednesday, November 8, 2017
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
American Homes 4 Rent
.....................................B6
Andreessen Horowitz
...................................B12
A.P. Moller-Maersk.....B3
Apple....................A3,B14
Automatic Data Proc . A1
Aviva ........................... B6
B any type, handled them
Bank of New York
Mellon.....................B12
Blue Bottle Coffee......B2
BMW ........................... B3
Bridgewater ................ B1
Broadcom.............A2,B13
Burford Capital...........A1
C .....................................B1
Casper Sleep...............B5
Century Banking.......B12
Citigroup......................B6
CME Group................B13
Credit Suisse Group ... B1
D Partners....................B2
Daimler........................B3
Diageo ....................... B14
Dunkin' Donuts...........B1
E Outcome Health..........B1
Emerson Collective.....B2
Emerson Electric.........B5
Essex Property Trust..B6
Exxon Mobil................B3
F-G
Fidelity Investments B12
Ghanim Bin Saad Al
INDEX TO PEOPLE
A-B
Ackman, William........A1
Adams, Todd...............B5
Agarwal, Shradha.......B1
Bryant, Caleb .............. B2
C-D
Cohen, Steven A.......B12
Dalio, Ray....................B1
Davis, Lanny ............... B2
DeVore, John...............B5
Driscoll, Brian.............B5
F-G
Fawcett, John ........... B12
Follette, Clint..............B3
Ford, Duncan...............B6
Googoolye, Yandraduth
...................................B12
Greene, Diane.............A2
HEARD
Continued from the prior page
trading arms in the tradi-
tional way that liquid, high-
quality assets are.
The hot assets right now
include pools of European
bad loans; other private
loans; large property deals,
especially in the U.S.; and
things like infrastructure as-
sets in emerging markets.
Some come from weaker
COFFEE
Continued from the prior page
nearly 42% of coffee shops in
the U.S., said it isn’t plan-
ning to slow the pace of
new-store openings, but
cited the challenging retail
environment as it reduced
its long-term sales and profit
growth outlook last week.
The number of coffee
shops in the U.S. is forecast
to grow just over 2% this
year, the slowest growth in
six years. In coming years,
Mintel said, the growth rate
will fall even lower.
Large competitors have
begun to swallow up smaller
ones, and more consolidation
is expected.
JAB Holding Co., a pri-
vately held business group in
Europe, has been on a coffee-
buying spree in the U.S. It
owns Keurig Green Moun-
tain and Peet’s Coffee, which
recently acquired a majority
stake in Intelligentsia Coffee
& Tea and Stumptown Cof-
fee Roasters. Nestlé SA in
September bought a majority
stake in Blue Bottle Coffee.
Small coffee shop owners
who got into what was once a
high-margin business are
vulnerable. Many have found
rising costs of real estate and
labor to be prohibitive, and
are starting to close.
“Real-estate costs are at a
peak and the industry is get-
ting saturated,” Mr. Burwick
said, explaining that retailers
have to be careful about
where they open new shops.
Alexis and Luke Shaffer, a
SUIT
Continued from the prior page
put three employees on paid
leave and hired the law firm of
former U.S. attorney Dan
Webb “to review allegations
about certain employees’ con-
duct” that were raised inter-
nally and by the Journal. Mr.
Davis said Outcome “has al-
ways upheld the highest ethi-
cal standards” and has ad-
opted new policies to comply
with customer contracts.
Following the Journal’s ar-
ticle, the investors pressed Mr.
Shah for access to company
data to investigate the claims,
Saad Group.............B12
Goldman Sachs....B1,B12
Greystone....................B6
Quantopian................B12
R
Reliance Comm.........B12
I-J Remy Cointreau........B14
Repsol..........................B3
Intelligentsia Coffee...B2
Interpublic Group........B6 Rexnord.......................B5
JAB Holding................B2 Rockwell Automation.B5
JD.com.........................B4 Royal Caribbean..........B5
K-M Royal Dutch Shell.......B7
Keurig..........................B2 S
KKR..............................B6 Salesforce...................A2
SeaWorld.....................B5
Mallinckrodt..............B14
Marshall Wace............B6 Silk Road Group..........B6
Match Group...............B5 SJEC.............................B4
McDonald's..................B1 Skyworks Solutions..B14
McSweeney's..............B5 Smithfield Foods ........ B4
Michelman & Robinson Snap.....................B1,B14
Snyder's-Lance............B5
Starbucks....................B1
N State Street..............B12
Nestle..........................B2 Statoil ASA.................B7
News Corp.................B13
Stumptown Coffee.....B2
Northern Trust..........B12 T ency,” which requires most
Norwest Venture
Take-Two.....................B5
Numerai.....................B12 Total ............................ B3
Toyota Motor..............B3
O TripAdvisor................B13
1Malaysia Develop ... B12 Trump Organization....B6
21st Century Fox......B13
P-Q 21st Street Coffee ..... B2
V-W-Z
Peet's Coffee..............B1
Philadelphia Energy....B3 Volkswagen.................B3
Point72 Asset...........B12 Walt Disney..............B13
Priceline .................... B13 Wells Fargo.................B6
Qihoo 360 Tech...........B4 WisdomTree Japan...B13
Qualcomm.A2,B1,B4,B13 Zynga...........................B5
H-J-K Phengphian Laogumnerd
Harris, Marc..............B12 ...................................B12
Hooley, Joseph..........B12 Pugh, Thomas...........B13
Jobs, Laurene Powell . B2 R-S
Kaplan, Lindsay...........B5
Rogers, Michael........B12
L-M
Salman, Mohammed bin
...................................B13
Laing, Diana................B6
Lallmahamood, Saucer, John..............B13
Muniruddeen...........B12 Shaffer, Luke .............. B2
Larkin, Jonathan.......B12 Shah, Rishi..................B1
Leissner, Tim ............ B12 Slavov, Georgi.............B7
Low, Jho....................B12 Snyder, Ed.................B14
McLaughlin, James.....B2 Spiegel, Evan .............. B1
Michelman, Sanford...B1 T-W
N-O-P
Tanious, Joe..............B13
Nuttall, Scott..............B6 Tchilinguirian, Harry...B7
O'Hanley, Ron...........B12 Wace, Ian....................B6
Pease, Alexander........B5 Welch, Spencer...........B7
banks’ balance sheets, but
many are being found by in-
vestment bankers, or the
hedge funds and private-eq-
uity firms that anchor the
deals.
Investor demand for such
assets is outstripping invest-
ment banks’ ability to find
the assets, according to one
banker in the field.
Banks slice the financing
into tranches. The riskiest
equity slice is owned by the
anchor hedge fund or pri-
vate-equity firm and gets the
STEPHANIE STRASBURG FOR THE WALL STREET JOURNAL
Luke and Alexis Shaffer of Pittsburgh compete against larger chains that can pay more rent for good locations.
married couple who opened
21st Street Coffee and Tea
in Pittsburgh’s Strip District
11 years ago, are trying to
secure a new location be-
cause their landlord raised
the rent beyond what they
could afford. They have a
second shop downtown.
“Bigger coffee chains can
pay more in rent and can
have attorneys negotiate
leases and get better loca-
tions,” Ms. Shaffer said.
The couple say they are
turning a profit still and that
sales are stable, but that it is
a tough business made harder
by increasing competition.
Larger chains have a big
advantage in that they can
more easily cater to consum-
ers’ increasing demand for
convenience with sophisti-
according to the lawsuit. The
investors “discovered manipu-
lations consistent with those
reported by The Wall Street
Journal,” the lawsuit al-
leges. The founders “either
knew of, or recklessly disre-
garded” the misleading infor-
mation, according to the suit.
As part of the funding round,
funds run by Goldman’s asset
management arm invested $100
million in client capital in Out-
come. Alphabet’s CapitalG unit,
Norwest Venture Partners and
Emerson Collective Invest-
ments, the investment arm of
Laurene Powell Jobs, each in-
vested $50 million, according to
the lawsuit.
Representatives for Gold-
JENSEN
Continued from the prior page
place, Bridgewater, over the
course of its 43-year history,
has had very few incidents of
thoughtfully, comprehensively
and fairly, and has had no ma-
terial adverse judgements.”
Westport, Conn.-based
Bridgewater has produced in-
vestment gains of $49 billion
for clients since 1975, according
to LCH Investments NV.
Bridgewater is known for its
culture of “radical transpar-
meetings to be recorded and
openly ranks employees on
their weaknesses. Mr. Dalio has
stated that his self-written
“Principles,” a list of rules for
life and work, constitute a mer-
itocratic management system
he hopes to export to other
companies.
Mr. Jensen joined Bridgewa-
ter as an intern in 1996 after
graduating from Dartmouth
College, where he was the pres-
ident of his fraternity. He later
signed a lifetime noncompeti-
tion agreement with Bridgewa-
ter, people familiar with the
matter said. He was inducted
into what Bridgewater calls its
“circle of trust,” a group of
roughly one dozen staffers al-
lowed full knowledge of the
firm’s investment process, the
people said. Mr. Jensen is mar-
ried with three children.
Mr. Jensen also serves on
Bridgewater’s management and
stakeholders committees, the
latter of which Mr. Dalio has
described in an investor letter
as equivalent to the firm’s
biggest payoff if the assets
perform well. The safest
slice pays steady coupons
and gets paid first.
Banks make money from
both interest and fees. They
charge for their structured-
credit specialists who put
the deals together, for selling
some or all of the senior
debt itself, and for deriva-
tives trades, to hedge cur-
rency risk, for example. The
banks can choose to keep
some slice of the debt they
create and earn net interest
cated mobile apps, drive-
through lanes and bottled
coffee drinks.
“People are getting more
and more impatient and lazy,
you could argue,” said
Dunkin’ Brands Group Inc.
Chief Executive Nigel Travis,
who predicts there will be “a
shakeout among smaller
chains.”
Caleb Bryant, senior food-
service analyst at Mintel,
said sales growth for many
coffee chains or shops will
have to come from an exist-
ing base of coffee drinkers
shelling out more money for
evermore complicated and
expensive drinks.
Starbucks and Dunkin’ are
appealing to more affluent
consumers who can pay
more for specialty drinks
man Sachs and Emerson de-
clined to comment. A repre-
sentative for Google didn’t
immediately respond to a re-
quest for comment.
Investors claim they have
been unable to verify that the
$225 million set aside for the
founders remains in the sub-
sidiary where it was allocated.
The lawsuit alleges that
shortly after the Journal’s
story, Mr. Shah, the CEO, took
steps to move funds out of the
subsidiary. The investors want
the funds frozen so they can
be used to pay any future
judgments.
In a joint statement Tues-
day, Mr. Shah and Mr. Agarwal
said: “We had the right to take
BUSINESS & FINANCE
Greg Jensen at a poker tournament in the Bahamas in early 2013.
board of directors. Between
2011 and 2016, Mr. Jensen
earned $1.7 billion in compen-
sation, according to estimates
from researcher Institutional
Investor’s Alpha.
Several current and former
male and female Bridgewater
employees said they were at
times uncomfortable with Mr.
Jensen’s behavior outside of the
office and at company events.
At an official off-site company
celebration in 2011, Mr. Jensen
hired a stripper with a feath-
ered boa to surprise Mr. Dalio
on the dais in front of an esti-
mated 1,000 guests, according
to people present.
Mr. Jensen has frequently
hosted after-hours celebrations
at his Connecticut home. For-
mer employees said they re-
ferred to his pool house as the
“party barn.” In one instance,
Mr. Jensen challenged each em-
ployee at a company party at-
tended by hundreds to take a
shot of alcohol with him.
of typically 2% annually, or
sell it all to insurers, pension
funds or other banks that
want safer senior-secured
debt that pays a juicier yield
than is available in public
markets.
These kinds of deals look
a lot like securitizations, the
process behind mortgage-
backed bonds. But private
structured credit like this
business avoids rules drawn
up after the last crisis that
say banks must retain some
exposure in any securitiza-
like nitrogen-infused cold
brew and vanilla chai. A 16-
ounce coconut milk mocha
Macchiato at Starbucks, for
example, costs $4.95 in the
Los Angeles area.
Stumptown, Blue Bottle
and Intelligentsia are offer-
ing subscription services,
selling their beans to hotels
and restaurants and getting
packaged products into gro-
cery stores as a way to sup-
plement their cafe business.
While all three companies
say there is room to build
more shops, they acknowl-
edge they will take a mea-
sured approach to expansion.
James McLaughlin, CEO of
Intelligentsia, which has 11
stores now, said: “For us,
opening a couple stores in a
year is a big deal.”
out this money, and we did not.
Instead, we decided to make
the funds available for the
company’s continued growth
towards its mission.”
The $225 million pool of
capital would be an unusually
large amount for startup found-
ers to take out of their com-
pany. Most founders don’t cash
out such large amounts until
they sell their companies or
stage an initial public offering.
Any efforts by equity inves-
tors to recoup the money they
put into the company could be
impeded by Outcome Health’s
creditors who have lent the
company around $300 million
and are owed back their
money first.
* ***** THE WALL STREET JOURNAL.
Jensen and the woman to-
gether in front of a panel of top
Bridgewater executives, people
familiar said. Bridgewater’s hu-
man-resources department
wasn’t immediately involved,
the people said.
At one point, Mr. Dalio as-
signed James Comey, Bridge-
water’s then-general counsel,
to question employees about
Mr. Jensen’s conduct with sub-
ordinates, including his inter-
actions with the female em-
ployee, people familiar with
the matter said.
NEIL STODDART
Later, Mr. Dalio told some at
Bridgewater that he couldn’t
determine whether Mr. Jensen
or the female employee were
telling the truth about the rela-
tionship, people familiar with
Several current and former the matter said. Mr. Dalio noted
female staff whom Bridgewater Mr. Jensen’s overall believabil-
suggested the Journal contact ity had long been ranked par-
complimented Mr. Jensen. ticularly highly in Bridgewater’s
“There are really more rating metrics, meaning that
women than I can count—my- his description of some details
self included—who would say of the relationship carried extra
Greg has been nothing but an credibility over hers, people fa-
inspiring mentor and deeply in- miliar with the matter said.
vested in their development.” As the investigation contin-
said Karen Karniol-Tambour, a
top deputy to Mr. Jensen.
ued, Bridgewater put the fe-
male employee on a leave of
At one official company absence, while Mr. Jensen re-
event, Mr. Jensen began a mained at his post, these peo-
monthslong personal relation- ple said. At about the same
ship with a female employee time, the employee hired the
who was his junior and in his well-known discrimination at-
line of supervision, people fa- torney Gloria Allred, who spoke
miliar with the matter said. with Mr. Dalio for several
During the relationship, he of- hours, the people said.
fered the employee encourage- Mr. Dalio and Ms. Allred, who
ment and personal help to fur- declined to comment, negoti-
ther her career at Bridgewater, ated a settlement of more than
these people said. After others $1 million, the people said. The
at Bridgewater discovered the exact terms of the settlement
relationship between the two, couldn’t be determined. After
Mr. Dalio was alerted, people agreeing to the settlement, the
familiar with the matter said. employee was escorted out from
Mr. Dalio questioned Mr. her desk, they said.
tion.
According to one Euro-
pean bank executive, banks
can sell almost any kind of
come nonlinear financing, to
distinguish it from tradi-
tional market-based, or lin-
ear, financing.
private senior-secured debt It isn’t easy to spot, but
to investors, and his bank is for some banks this business
giving up interest income be- is supporting revenue in
cause investors are willing to hard-pressed fixed-income
pay more for it. divisions.
Industry revenue in this These hard-to-value assets
patch rose by nearly one- can cause losses and spread
quarter in 2016 and was fear when markets turn. Reg-
stronger again in the first ulators need to be sure they
half of 2017, according to re- know how much business is
search firm Coalition, which being done and where the
calls the business fixed-in- risks are going.
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THE WALL STREET JOURNAL.
EU Plans
30% Cut
In Auto
Emissions
BY EMRE PEKER
BRUSSELS—The European
Union is set to propose a 30%
cut in carbon-dioxide emis-
sions from cars and vans in the
decade through 2030, an EU
official said.
The move sets the stage for
tough negotiations with auto
makers fighting for lower tar-
gets and environmentalists
pushing for greater reductions.
A final decision is
due Wednesday after the EU’s
executive arm, the European
Commission, holds its weekly
cabinet meeting.
The proposal is expected to
include a midterm target of 15%
CO2 emissions reductions by
2025, an effort to push Euro-
pean auto makers to quickly
shift their production, the EU
official said. Other people famil-
iar with the deliberations con-
firmed elements of the proposal.
To promote the transition
toward zero-emission vehicles,
the EU is also primed to pro-
pose a benchmark for zero-
emission electric vehicles and
low-emission vehicles, such as
plug-in hybrids, that would al-
low auto makers to count any
additional production as car-
bon credits, the official said.
A commission spokeswoman
declined to comment on the
proposal, saying the EU execu-
tive’s top officials would final-
ize their decision Wednesday.
The EU is tightening its CO2
standards for cars and vans as
part of the bloc’s push to meet
its commitments under the
Paris Agreement on climate
change to reduce greenhouse
gas emissions by 40% by 2030.
Brussels’s new regulatory
regime also follows a 2015 die-
sel-emissions cheating scandal
that tainted the reputation of
European auto makers—with
Volkswagen AG facing settle-
ments of potentially more than
$20 billion in the U.S.
Marine-Fuel Pollution Rule
Poised to Disrupt Refineries
BY CHRISTOPHER M. MATTHEWS
AND CHRISTOPHER ALESSI
The refining industry is fac-
ing its biggest disruption in
years from a looming interna-
tional air-pollution regulation
aimed at slashing the amount
of sulfur in marine fuel for
oceangoing ships.
The regulation doesn’t go
into effect until 2020, but its
reverberations are already be-
ing felt. Analysts predict it
will widen the gap between
the refining world’s winners
and losers, making some
richer while pushing others to
the brink.
Some larger companies, in-
cluding Exxon Mobil Corp.,
Total SA and Repsol SA have
invested billions in recent
years to upgrade refineries,
which will allow them to pro-
duce more lower-sulfur fuel
and other products. They say
they are prepared for the reg-
ulations, which are set by the
International Maritime Organi-
zation and meant to reduce
emissions that health officials
blame for respiratory and
heart diseases.
Some smaller companies,
including Philadelphia Energy
Solutions, the largest refinery
on the U.S. East Coast, haven’t
yet begun to make the costly
improvements.
“It’s the biggest change to
hit the industry in a while,”
said Clint Follette of Boston
Consulting Group. “At this
point, it’s too late for most
companies to put in those
kinds of investments before
2020.”
The International Maritime
Organization, the United Na-
tions’s shipping regulator, last
year mandated that oceango-
ing vessels cut the sulfur con-
tent in their fuel by more than
85% starting in 2020. The
world’s 50,000 merchant ships
can either undergo costly ret-
rofits to their exhaust systems
or use cleaner fuels such as
low-sulfur diesel.
Most large ships now use
what is known as bunker fuel,
a thick, sulfurous type of fuel
that is often composed of re-
sidual oils, or the leftovers af-
Toyota Improves Profit Forecast
Auto maker still faces
obstacles in U.S. from
rising sales incentives
and vehicle shortages
BY SEAN MCLAIN
TOKYO—Toyota Motor
Corp. on Tuesday raised its
profit projections for the year
ending March 31, saying it
could boost sales and rein in
costs, but the U.S. market con-
tinues to weigh on earnings.
The company said its oper-
ating margin in North America
dwindled to about 2% in the
quarter ended Sept. 30 as ris-
ing incentives on passenger
cars offset sales of its trucks
and sport-utility vehicles, par-
ticularly the RAV4 crossover.
The RAV4 is the best-selling
vehicle in the U.S. without a
truck bed, and it has helped
propel Toyota’s U.S. sales to
within a hair’s breadth of Ford
Motor Co., the second-largest
auto maker in the U.S. in
terms of sales.
But Toyota faces a shortage
of RAV4s, its bigger cousin,
the Highlander, and the Ta-
coma pickup truck—the linger-
ing effects of a self-imposed
freeze on plant construction
that was lifted in 2015.
“Until recently, there was a
bottleneck in SUV production,”
said Osamu Nagata, Toyota’s
chief financial officer. “In the
future, we will expand capac-
ity to deliver cars to custom-
ers in a timely fashion.”
Toyota has relied on pas-
senger-car sales to drive vol-
ume—a segment of the market
being pummeled as U.S. car
buyers increasingly prefer
trucks and SUVs as fuel prices
stay low. This reliance helps
explain why Toyota took a hit
in operating income in North
America for the quarter ended
in September, despite rela-
tively flat sales.
The company reported that
operating income for the re-
gion declined to ¥55.3 billion
($486.3 million) for the period
from ¥139.8 billion a year ear-
lier.
Maersk Posts Loss
After Cyberattack
A.P. Moeller-Maersk A/S
booked a quarterly loss, hurt
by a recent cyberattack and an
impairment charge on its off-
shore oil-exploration unit, but
executives predicted a stronger
performance as a shipping-in-
dustry recovery takes hold.
The Danish shipping and oil
conglomerate posted a third-
quarter net loss of $1.56 billion,
compared with a profit of
$429 million a year earlier.
Revenue rose 14% to $8.06 bil-
lion from $7.07 billion.
Maersk shares in Copenha-
gen fell more than 6%.
Sea Change
An air-pollution rule starting in
2020 is expected to upend the
markets for fuel used by
ocean-going ships.
Demand (mllion barrels a day)
Marine fuel (low-sulfur)
Current 1.4
2020 2.6
High-sulfur fuel
1.5
Price (dollars a barrel)
Diesel (low-sulfur fuel)*
Current $63
2020
High-sulfur fuel
$43
$25
*Proxy for marine fuel which is not priced
Source: Citi
THE WALL STREET JOURNAL.
ter diesel and gasoline have
been separated from crude oil
through refining.
Shipping companies are ex-
pected to opt for cleaner fuels,
which will shrink the market
for bunker fuel. Shippers con-
sume as much as 4 million
barrels a day of bunker fuel,
NY Wednesday, November 8, 2017 | B3
BUSINESS NEWS
KOVALEV PETER/TASS/ZUMA PRESS
RAV4 crossovers under assembly in St. Petersburg, Russia, last year. A weakening yen is expected to boost Toyota’s full-year results.
Car makers, Toyota in-
cluded, are forced to increase BMW’s Results Put 2.8% from a year earlier to lysts’ consensus forecasts,
incentives on passenger cars €1.76 billion ($2.04 billion), added to negative investor sen-
to maintain volume, eating More Pressure on while revenue edged up 0.3% to timent that has dogged BMW
into margins on the vehicles. Car Maker’s Shares €23.4 billion. shares this year. The stock fell
Toyota offered an average of The Munich-based auto 2.8% to €87.42 in Frankfurt
$3,291 in incentives on its maker said sales growth for its trading on Tuesday, trailing the
cars, compared with $2,063 BMW AG reported weak re- premium sedans and sport-util- broader automotive index.
for its light trucks, in the first sults for its latest quarter on ity vehicles slowed, while in- Upgrading its full-year out-
10 months of the year, accord- Tuesday even as the German vestment in electric vehicles look, BMW said it now expects
ing to analysis by Jefferies. luxury-car maker raised its full- and new technology, such as “solid,” rather than “slight,”
The other issue that year earnings outlook. self-driving features and con- earnings growth for the entire
weighed on Toyota’s operating BMW, which is in a tight necting cars to the internet, group. But it downgraded its
profit was a spike in imports race for global leadership of the weighed on profits. outlook for its core automotive
from Japan to compensate for premium-car market with Overall BMW-brand sales business to slight growth, keep-
a temporary decrease in North Daimler AG-owned Mercedes- rose 1.2% to 590,415 vehicles in ing its overall profit-margin tar-
American production of about Benz and Volkswagen AG’s the quarter. get in a range of 8% to 10%.
88,000 units during the Sep- Audi luxury unit, said net in- The third-quarter perfor- —William Boston
tember quarter. come for the third quarter fell mance, which was below ana- and Max Bernhard
The company said this was
largely because of prepara-
tions to produce Toyota’s lat- Motor Corp. that it aims to Thank you,” he said. stronger projected sales for
est vehicles, including the new bring online in 2021. Toyota on Tuesday said it nearly all of the company’s
Camry midsize sedan. Toyota President Donald Trump now expects to earn ¥1.95 tril- market, and by a fortunate
hopes to solve its supply prob- praised the companies during lion for the year ending in turn in foreign-exchange rates.
lems in the near future: A new his recent visit to Tokyo. March, compared with net A weaker-than-expected yen is
plant for Tacoma trucks in “They’re going to invest $1.6 profit of ¥1.83 trillion last fis- expected to boost operating
Mexico is set to open in 2019. billion in building a new man- cal year—a 6.5% increase. The income by about ¥175 billion.
The company is also scout- ufacturing plant, which will company had earlier projected A weak yen helps boost the
ing for a new production site create as many as 4,000 new a drop in net profit of 4.4%. value of profits when they are
alexa
in the U.S. with partner Mazda jobs in the United States. The increase is driven by repatriated.
OUT TODAY
The bottom line reflected
the effects of a $1.75 billion
impairment in Maersk Drilling
and a $250 million to $300
million hit from a cyberattack
in June that left the company’s
shipping unit reeling for weeks.
Maersk plans to spin off the
drilling unit, which operates oil
and natural-gas rigs mainly in
the North Sea. Over the past
year, the company has been
paring back its energy busi-
nesses, including its Maersk Oil
and Maersk Tanker divisions.
The cyberattack brought
down Maersk’s computer sys-
tems, with malware infecting
networks used by its container
businesses.
—Costas Paris
and Ian Walker
and the regulation could cut
demand by as much as half,
analysts say.
That is bad news for sim-
pler refineries in Europe and
the U.S. East Coast that
aren’t able to process the
dregs of the barrel into more
valuable fuels and which will
be stuck with a glut of high-
sulfur fuel leftovers they will
be forced to sell at huge dis-
TRUE COLORS
count, Mr. Follette said.
It is good news for the U.S.
3.3 Gulf Coast, already the money-
making center of the American
refining industry. Many refin-
eries there are more complex,
meaning that they have tech-
nology that can take heavy
GLAM-GIRL LOOKS & DOWN-THE-AISLE STYLE
and sour crude and turn it
$85 into more profitable, light
products, in addition to bun-
ker fuel.
Companies including Exxon-
Mobil, Chevron Corp., Mara-
thon Petroleum Corp. and
Valero Energy Corp. have
some of the nation’s most
complex refineries, according
to Stratas Advisors’ global re-
finery rankings.
In addition to its existing
assets on the Gulf, Exxon, in
anticipation of the new rules,
is investing more than $1 bil-
3NYP101
lion in new equipment that
will be able to produce lower- FREE INSIDE THE
sulfur fuels at a refinery in
Antwerp, Belgium.
B4 | Wednesday, November 8, 2017 NY THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Waymo Hits the Road in Phoenix Limit on

Fleet of robot vans
Tweets:
sets out without
humans at the wheel;
Now 280
taxi service envisioned Characters
BY TIM HIGGINS BY GEORGIA WELLS
AND JACK NICAS
Love it or hate it, Twitter’s
Waymo LLC is taking a his- tweets can now extend to 280
toric step in the development characters, twice the prior
of fully driverless cars by un- limit which maxed out at the
leashing the first fleet of robot length of this sentence.
vehicles on public roads with- Twitter Inc. said users in
out humans behind the wheel. most countries on Tuesday
The self-driving car division will now be able to express
of Google parent Alphabet their thoughts with double the
Inc. on Tuesday said it quietly 140 characters that defined
began testing the robot vans the social-media service for
on Oct. 19 in the Phoenix more than a decade. The new
metro area, and shared its vi- limit means that tweets at the
sion of deploying the technol- longest will look like this 280-
ogy to the public through a character paragraph.
taxi service. The company had been
The outfitted Chrysler Pa- testing the limit with a small
cifica minivans still have em- amount of users since Sep-
ployees in the car, but they are tember, after observing that
WAYMO

no longer at the wheel, instead the 140-character limit was a

in the back seat where they major cause of frustration for
can only push a button to pull Images from a Waymo video of a road test drive in Phoenix. The self-driving unit of Google parent Alphabet began the tests last month. people tweeting in English.
over the vehicle. Waymo said The change in tweet length
it plans to let passengers sit in cles under the company’s Early control to a computer, and un- said. “You can even have that Waymo is also testing how is significant for a company
the back in coming months, Rider program. Users will sum- expected safety issues could eight-seater SUV for your best to pick up and drop off that has long shied away from
possibly without an employee mon the vehicle through a arise in tricky environments, weekend trips. You could take passengers. Google was making bold changes to its
in the car. smartphone app similar to such as snow. these vehicles for one ride, for awarded a patent in July for a product, let alone messing
The deployment represents how vehicles are requested Mr. Krafcik, in his speech, a day, for a week, or even lon- system that enables self-driv- with a signature feature. The
a milepost for the company, through Uber. described the company’s vision ger.” ing vehicles to find pickup and move hints at how Twitter’s
whose initial steps eight years “People will get to use our for a future in which cars are The new rides are a major drop-off spots. Images in the product team is moving more
ago ignited a race among auto fleet of on-demand vehicles, to more often shared than owned test for Waymo’s technology, patent, which hasn’t been pre- quickly at testing features and
makers, including General Mo- do anything from commute to and are designed differently which has proved to be largely viously reported, depict a rolling them out as the com-
tors Co. and Ford Motor Co., work, get home from a night than vehicles driven by people. error-free in public testing in smartphone app that enables a pany tries to retain and add
and tech companies, such as out, or run errands,” he said in its eight years. The company’s rider to choose a pickup point, more users.
Apple Inc. and Uber Technolo- remarks released by Waymo in vehicles have traveled more and then show the car analyz- Twitter said that histori-
gies Inc., to become the first to advance of his speech. than 3.5 million miles on pub- ing the area for a safe spot to cally, 9% of tweets in English
put a commercial fleet of robot The rise of ride-hailing ser-
The Alphabet unit is lic roads, and only one has stop. One image shows the hit the 140-character limit, of-
vehicles on public roadways. vices and advancements in au- also testing how best been reported as causing a smartphone app telling the ten resulting in time spent ed-
All of these companies have tonomous technology have crash—a vehicle traveling at rider that the car “could not iting and sometimes abandon-
been conducting tests on pub- threatened the century-old
to pick up and drop two miles an hour hit the side find a safe place to stop. Cir- ing tweets.
lic roads but with people be- car-making industry. The Bos- off taxi passengers. of a bus in California last year. cling to try again.” But even as it gave users
hind the wheel ready to take ton Consulting Group has esti- Now Waymo will be able to see Initially, the driverless vans more characters in its test,
control if the cars’ computer mated that one-quarter of how ordinary consumers inter- will be confined to a small Twitter hoped tweets wouldn’t
gets stuck or goes haywire. miles driven in the U.S. by act with robot taxis. area of metro Phoenix, with largely grow longer, slowing
Waymo Chief Executive 2030 could be through shared “A small fleet of fully self- The cars no longer need the goal of expanding to a down the speed of the service.
John Krafcik, an automotive self-driving vehicles. driving cars could serve an en- only to get from A to B; they roughly 100-square-mile area “Our goal was to make this
industry veteran, addressed The technology, however, tire community,” Mr. Krafcik must function fully as a taxi. already being tested with hu- possible while ensuring we
the milestone Tuesday during still faces a series of obstacles said. These vehicles could be For instance, Waymo has mans at the wheel and eventu- keep the speed and brevity
a speech at a tech conference to widespread adoption. In the designed for specific tasks. touted its vans’ automatic slid- ally to the entire metro area. that makes Twitter, Twitter,”
in Lisbon, announcing that “in U.S., regulations vary widely “One for napping; a personal ing doors, meaning the taxi The company declined to spec- Twitter product manager Aliza
the next few months” mem- by state and are murky at the dining room; a mobile office; won’t be immobilized by a pas- ify how many robot vans Rosen said in a statement.
bers of the public will get rides federal level. It isn’t clear the or a vehicle just for when mov- senger forgetting to shut a would be deployed without a During the first few days of
in the fully self-driving vehi- public is willing to surrender ing into your new place,” he door. human driver. the test, many people tweeted
the full 280 characters, but
soon after behavior normalized,

Qihoo, Once on NYSE, Seeks Listing at Home

according to Ms. Rosen. “We
saw when people needed to use
more than 140 characters, they
tweeted more easily and more
SHANGHAI—Chinese secu- reverse merger. while bypassing the country’s seas-listed Chinese companies support of local investors often,” Ms. Rosen said.
rity-software company Qihoo SJEC’s shares rose 10% on often cumbersome process for whose businesses are aligned more familiar with their oper- The 140-character limit
360 Technology Co., formerly Tuesday after having been initial public offerings. More with the national strategic in- ations in a market where short dates back more than a decade
traded on the New York Stock suspended since the summer than 500 companies are cur- terest and that own core tech- selling is still heavily re- to when people sent tweets via
Exchange, is planning a domes- because of what it had called a rently waiting for regulatory nologies. The regulator hasn’t stricted. SMS messages. Text messages
tic listing through a $7.6 billion “potential major asset restruc- approval of IPOs in mainland yet approved Qihoo’s pro- If it succeeds in relisting, at the time were limited to 160
deal that could unleash a wave turing.” China. posal. Qihoo could become a behe- characters, and Twitter de-
of similar homecomings. China’s stock-market regu- Market participants in Qihoo is one of several moth on Shanghai’s exchange cided to save 20 characters for
Qihoo 360 is one of the big- lator clamped down on back- China are closely watching mainland Chinese companies, with a market value of up to usernames.
gest Chinese companies to door listings in mid-2016 as the regulatory process for Qi- many in the technology sector, $45 billion, said Deng We- Japanese, Korean and Chi-
seek a local relisting after hav- concerns rose over rampant hoo’s plan to gauge authori- that have been taken private nyuan, an analyst at Soochow nese users will continue to
ing traded abroad. It intends speculation in small-cap ties’ willingness to allow such in the past couple of years af- Securities. The company, have the 140-character limit,
to conduct a so-called back- stocks viewed as potential ve- deals. Late last week, the ter trading in overseas mar- which specializes in antivirus because the more condensed
door listing by combining with hicles for such deals. China Securities Regulatory kets such as New York and software, generated 1.9 billion nature of those languages has
a smaller company—Shanghai- Such listings have offered Commission said it would Hong Kong. By eventually re- yuan ($286.4 million) in earn- meant users haven’t struggled
listed elevator maker SJEC overseas-traded Chinese com- support any such transactions listing at home, these compa- ings last year. as much to fit their thoughts
Corp.—in what is known as a panies a way to return home involving “high-quality” over- nies hope to benefit from the —Yifan Xie in 140 characters, Twitter said.

China’s JD.com to Import U.S. Beef

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CAREERS CAREERS BEIJING—Chinese e-com-

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to import $2 billion worth of
 
 
 
  
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© 2017 Dow Jones & Company, Inc. “mad cow” disease in Ameri- have imported $2.6 billion dle class, with its demand for market leader Alibaba Group
All Rights Reserved. can herds. U.S. ranchers have worth of beef last year, ac- higher-quality imported food. Holding, according to industry
suffered lower prices in re- cording to the North Ameri- The company had more than researcher Analysys Ltd.
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. Wednesday, November 8, 2017 | B5

BUSINESS NEWS

SeaWorld Attendance Dives, but Marketing Shift Shows Promise

Mattress
Maker Reads
You to Sleep
BY JACK MARSHALL
Mattress brand Casper is
launching a print magazine
and shuttering Van Winkle’s,
the sleep-focused online publi-
cation it launched in 2015.
The company said its new
magazine, titled Woolly, will
be published multiple times a
year and focus on themes in-
cluding comfort, wellness and
modern life. It will be bundled
free with some Casper prod-
ucts and available for $12 an
issue from Casper’s retail
stores and website.
The first issue of
Casper’s magazine,
Woolly, includes a
history of snoring.
Companies have flocked to
so-called content marketing in
recent years in an attempt to
align their brands with certain
stream either. It’s really about
owning the conversation
around wellness and health.”
Casper has hired nonprofit
publishing company Mc-
Sweeney’s to help produce the
magazine, which will be
headed up by former New
York Post editor John DeVore.
(The New York Post is owned
by News Corp, which also
owns The Wall Street Journal.)
The launch of Woolly marks
somewhat of a pivot for Cas-
per’s media efforts from digi-
tal to print, a move that bucks
recent media trends. In 2015 it
hired four veteran journalists
and launched a website called
Van Winkle’s with the goal of
selling ads and building a
stand-alone media property
dedicated to all things sleep.
The site failed to gain sig-
nificant traction with readers,
however, and will cease publi-
cation to make way for Woolly.
Van Winkle’s one remaining
editorial staffer will now work
on Woolly instead.
Woolly plans to focus on a
broader range of topics than

topics and issues without rely-
ing on straight-forward adver-
tising. The tactic has become
prevalent online, but some
companies, such as Airbnb,
have since taken the approach
offline with their own branded
print products.
But according to Casper,
Woolly shouldn’t be viewed as
marketing designed simply to
drive mattress sales. Rather, it
says it wants to use it as a ve-
hicle to link the company to
subjects it “believes in.”
“This isn’t traditional con-
tent marketing; there are no
ads for Casper,” said Lindsay
Kaplan, Casper’s vice presi-
dent of communications and
brand engagement. “It’s not
about building a revenue
just sleep alone—topics people
might enjoy reading about
when, for example, they’re lying
on their Casper mattress. The
first issue includes a “love let-
ter to comfort pants,” confes-
sions from your yoga instructor,
a nonchronological history of
snoring and a coloring book.
“When people buy a Casper,
they cover it up with sheets,
so there’s something special
for us knowing this will re-
main on someone’s nightstand
and remind people to get in
bed, relax, unwind and get
comfortable,” Ms. Kaplan said.
Billed as a “quarterly,” Cas-
per said Woolly won’t stick to
a specific publication sched-
ule. The first issue, which is
96 pages, is available now.
SeaWorld Entertainment Inc.
reported the largest quarterly at-
tendance decline in at least four
years, but the company said early
results from an advertising blitz
to repair its image are promising.
SeaWorld parks attendance
fell by more than 730,000 from
a year ago to roughly 7.6 million
in the company’s third quarter.
The marine-park operator has
struggled to attract visitors
since a 2013 documentary,
“Blackfish,” stirred up concerns
about its treatment of whales
and orcas. Though SeaWorld has
ended its breeding program, ani-
mal-rights activists continue to
call for SeaWorld to release its
remaining stock.
SeaWorld said attendance de-
clined because it spent less on
marketing designed to improve
customers’ perception of the
brand. The company said park
closures stemming from Hurri-
canes Irma and Harvey hurt at-
tendance to a lesser extent.
In the year-earlier quarter, at-
tendance was relatively flat. Last
quarter, attendance dropped by
353,000 people.
The company said it has al-
ready changed course on mar-
keting and last month soft-
launched “From Park to Planet,”
a new video campaign that con-
nects the company’s operations
to animal-protection efforts.
Chief Executive Joel Manby
told analysts on an earnings call
Tuesday that based on tests in
the San Diego area, people who
watch “From Park to Planet” and
see a SeaWorld advertisement
are six times more likely to buy
a ticket than if they just see an
ad. The video has also been
MIKE BLAKE/REUTERS
rolled out in Los Angeles, but
plans for the full campaign ha-
ven’t been completed.
Mr. Manby said the company
is confident it can increase at-
tendance in 2018, especially at
its crucial Orlando, Fla., and San
Diego parks. (Above, an octopus
is observed in San Diego.)
SeaWorld shares rose 1.5% in
Tuesday trading, despite the
company lowering the top end of
its full-year earnings guidance.
Shares closed at a record low
Monday and are down 41% this
year. —Cara Lombardo

ROCKWELL AUTOMATION
Emerson CEO
Talks Up Offer
Emerson Electric Co. CEO
David Farr said he hoped Rock-
well Automation Corp. would
reconsider Emerson’s offer of
$215 per share for the factory
automation software company.
He gave no indication that
Emerson is willing to raise its
offer. “We will not extend this
proposal indefinitely,” Mr. Farr
told analysts during a confer-
ence call. “We will remain disci-
plined in respect to price.”
Rockwell turned down two of-
fers in recent months from Emer-
son, which is interested in building
out its automation unit after slim-
ming down its business portfolio
BUSINESS WATCH
tumbled to a loss of $2.7 million,
or 3 cents a share, compared with
a profit of $36.4 million, or 39
cents a share, a year ago.
Spending on virtual currency
and other add-on content grew
66% and accounted for 48% of
revenue, while overall digital reve-
nue—which includes add-ons plus
full-game downloads—rose 31% to
$302.9 million, Take-Two said.
The results were driven mainly
by “NBA 2K17,” the company’s
biggest release of the quarter, and
older hits such as “Grand Theft
Auto Online,” Take-Two said.
—Sarah E. Needleman
ZYNGA
‘Words With Friends’
Helps Drive Business
specialized dating platforms—had
resulted in paid user and revenue
declines for that unit.
Match said paid member
count at the affinity sites, which
include “Black People Meet” and
the Mormon community-focused
“LDS Planet,” would continue to
see paid membership declines
but at slower rates.
The company also plans to
maintain disciplined marketing
spending.
Shares gained 6.9% in post-
market trading as the company
saw paid membership growth
from other brands, including
Tinder.
—Austen Hufford
5 Cigars
SNYDER’S-LANCE
Moving Nut Plant
Proves Difficult
The CEO of Snyder’s-Lance,
Brian Driscoll, said in the com-
Follow Today,
pany’s third-quarter earnings call
that moving a plant for its Emer-
ald nut brand from Stockton, Calif.,
Lead Tomorrow.
to Charlotte, N.C., “has been more
challenging than we expected,”
and that there have been service-
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5
in recent years. Mr. Farr called a Zynga says third-quarter reve-

combination of the two compa-
nies “highly compelling” and de-
scribed Rockwell as “a very good
company and a company that
we’ve always looked up to.”
—Bob Tita
ROYAL CARIBBEAN CRUISES
Earnings Strong
Despite Storms
Royal Caribbean Cruises Ltd.
beat forecasts with what it called
record third-quarter results of
$3.49 a share, up from $3.21 a
year earlier and beating analysts’
expectations of $3.41.
The profit—at $752.8 million
from $693.3 million a year ear-
lier—reflects around $55 million in
lost revenue from the storms that
hit many U.S. and Caribbean des-
tinations this summer.
The cruise sector enjoyed a
strong showing in an otherwise
depressed shipping industry with
record numbers of passengers
from the U.S., Asia and Europe
taking cruises and just about
enough ships to meet demand.
The company said adjusted
earnings per share for the year
will be between $7.35 and $7.40.
—Costas Paris
TAKE-TWO INTERACTIVE
Game Maker
only $
nue climbed 23% from a year ago
to $224.6 million, while per-share- *
earnings were 2 cents, compared
with a loss of 5 cents.
Bookings came in at $213.5
million, exceeding guidance, but
shy of analysts’ expectations.
Earnings before interest, depre-
ciation and amortization soared to
$44.6 million from $3.6 million.
Zynga said the results were
driven mainly by “Zynga Poker,”
“Words With Friends” and “CSR2.”
Zynga has shifting focus in re-
cent years toward games for
smartphones and tablets, and
away from its roots in desktop
gaming.
—Sarah E. Needleman
REXNORD
Effort to Reduce Great
Costs Advances
Rexnord Corp. CEO Todd Ad-
ams said the diversified industrial
company is ahead of its plan to
cut $500 million in costs, with the
biggest contributor being the ef-
fort to trim 20% from its building
footprint.
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Take-Two Interactive Soft-
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million under generally accepted
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accounting principles, while profit finity” sites—29 demographically

 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
B6 | Wednesday, November 8, 2017
Home Rentals Lose Some Mojo
Millennial buyers are
on the rise, dulling the
allure of a once-hot
real-estate segment
BY PETER GRANT
AND LAURA KUSISTO
Rising homeownership is
adding to the jitters in the
residential rental market,
which has slumped recently
after a long stretch near the
top of the commercial real-es-
tate industry.
For most of the current
economic expansion, declining
ownership rates have enabled
landlords of apartments and
single-family homes to raise
rents far faster than the pace
of inflation. Demand has been
fueled by the millions of peo-
ple who haven’t had the
money, credit or desire to
pursue the traditional Ameri-
can dream.
But amid a hot housing
market, the homeownership
rate is now rising, in part be-
cause millennials are reaching
the age when they are forming
families and settling down.
The Census Bureau last
week reported that ownership
increased to 63.9% in the third
quarter, the highest level since
2014. The rate was up from
63.7% in the second quarter
and 63.5% a year earlier. It re-
mains below the 69% mea-
sured at the peak of the hous-
ing bubble a decade ago.
Still, the recent trend is
causing analysts and investors
to wonder whether the rental
market’s good times are com-
ing to an end. Investors
pumped tens of billions of dol-
lars into the sector during the
economic recovery, building
and buying apartment com-
plexes and amassing large
portfolios of single-family
homes.
One early warning sign
came last week, when Ameri-
can Homes 4 Rent, which
By Any Other Name,
A Trump Tower Sells
BY ALEXANDRA BERZON
A luxury condominium tower
in the nation of Georgia that
was intended to be a Trump-
branded property has lined up
a cash infusion that will allow it
to move forward after a six-
year delay, its developers say.
The catch: It is no longer
Trump branded.
After last year’s election, the
Trump Organization started to
unwind ties to the developers,
which ended the association
with Georgia-based Silk Road
Group. But Silk Road execu-
tives said they believe they can
still turn the project’s former
association with U.S. President
Donald Trump into excitement
among potential condo buyers.
The $70 million project will
begin construction and sales
during the second half of 2018,
Silk Road officials say. The
tower will use an altered ver-
sion of designs Mr. Trump ap-
proved, but now will be named
“Silk Tower,” they said.
“It is not a Trump Tower
but it has Trump-approved
standards,” said Giorgi Rtskh-
iladze, Silk Road’s U.S.-based
partner. “Having the approval
is as important as the logo.”
Silk Road spokeswoman Mel-
anie Bonvicino told The Wall
Street Journal that the project
is the same one “that now-Pres-
ident Trump envisioned.” The
group has considered seeking to
have a street it is near named
“Donald Trump Way,” she said.
The project’s lingering as-
sociation with Mr. Trump
shows how his foreign real-es-
tate dealings reverberate well
SILK ROAD GROUP
A planned luxury-condominium-tower project in Batumi, Georgia
THE PROPERTY REPORT
A New York apartment building under construction. Supply of rental units has surged lately.
owns more than 50,000 single-
family properties across 22
states, reported disappointing
revenue growth for the third
quarter. Analysts will be
closely watching earnings from
two other big companies with
similar portfolios. Invitation
Homes Inc. and Starwood
Waypoint Homes, which
agreed in August to merge, are
scheduled to report results on
Wednesday.
“Up to now, there really
hasn’t been a chink in the ar-
mor of rent growth,” said John
Pawlowski, an analyst with
Green Street Advisors.
To be sure, multifamily in-
vestors aren’t headed for the
door. The homeownership rate
is still well below the historic
norm of 65%, and growth
could be slowed by such forces
as rising interest rates and last
week’s tax-code overhaul pro-
posed by House Republicans.
“We believe our country’s
cumulative undersupply of
housing stock, along with
shifting preferences towards
rentership provides a favorable
landscape for single-family
into his presidency.
Mr. Trump continues to own
his branding and real-estate
company, which includes real-
estate licensing deals in for-
eign countries, but has said he
wouldn’t be involved in deci-
sion making. He also has said
his company wouldn’t engage
in new real-estate deals in for-
eign countries.
Silk Road Group in October
signed a binding agreement for
a local private-equity fund,
Georgia Co-Investment Fund, to
provide $25 million in equity
funding to the project, both
parties said. That money is
coming from Georgia billionaire
Bidzina Ivanishvili, the nation’s
richest person, said George Ba-
chiashvili, chief executive of the
Georgia Co-Investment Fund.
Mr. Bachiashvili said Mr. Ivan-
ishvili declined to comment on
projects managed by the fund.
In the new go-round, the
tower will be based on the ar-
chitectural designs it developed
with guidance from the Trump
Organization, Silk Road Chair-
man George Ramishvili said.
He said he expects the proj-
ect to include about 200 apart-
ment units featuring restau-
rants and boutiques, with
buyers anticipated from the
Middle East, Turkey, Russia and
other parts of Eastern Europe.
“It will be the same con-
cept, the same design as was
approved by Mr. Trump and
the Trump Organization in
2012 when he was in Georgia,”
Mr. Ramishvili said. Mr. Rtskh-
iladze later clarified that the
designs will likely be some-
what altered.
Buildup
Multifamily housing units
under construction
Recessions
600,000
400,000
200,000
0
2000 ’10
Source: U.S. Census Bureau
THE WALL STREET JOURNAL.
rentals into the future,” said
Diana Laing, chief financial of-
ficer of American Homes 4
Rent.
Still, the rise in home-
ownership comes as other
forces weaken the rental mar-
ket, including a surge in supply
from developers hoping to
Hedge-fund operator Marshall Wace’s new headquarters brims with flourishes meant to compete for talent with Google and Facebook.
Firm Goes Artsy to Lure Techies
BY DAVID WIGHTON
Walk into the first floor of
131 Sloane St., in London’s ex-
clusive Knightsbridge district,
and you might assume you are
in a lavish private apartment.
With its reclaimed wood ceil-
ings, antique industrial light-
ing and family photomontages,
it looks like the home of a hip
and successful creative type.
But the property is the new
headquarters of Marshall
Wace Asset Management, a
large hedge-fund operator with
$34 billion in assets under
management as of Sept. 30.
The look couldn’t be more
different from the firm’s previ-
ous home, a sterile collection
of polished wood, glass walls
and rows of computer screens
on the Strand, a main artery in
Central London.
According to co-founder Ian
Wace, the office change was
partly a response to the chal-
lenges facing the hedge-fund in-
dustry and partly a salvo in the
escalating war for top talent.
Hedge-fund managers, par-
ticularly technology-intensive
ones such as Marshall Wace,
are in a fierce battle with the
likes of Alphabet Inc.’s Google
and Facebook Inc. to hire and
THE WALL STREET JOURNAL.
mostly in markets hit by the
double whammy of job contrac-
tion and new supply, according
to executives of one large
owner, San Mateo, Calif.-based
Essex Property Trust Inc.
“When those two intersect,
bad things happen,” said Mi-
chael Schall, chief executive of
Essex.
During the early years of
the recovery from the 2007-09
recession, shares of listed resi-
dential real-estate companies
far outperformed the real-es-
tate sector. Residential compa-
JOHN TAGGART/BLOOMBERG NEWS
nies were up 40% in 2014,
compared with 28% for the
broader equity real-estate in-
vestment trust market. In
2015, residential companies
and the broader REIT market
were up 17.1% and 2.8%, re-
spectively, according to the
National Association of Real
Estate Investment Trusts.
This year, as of the end of
cash in on rising rents. In Sep- September, the gap had nar-
tember, the seasonally ad- rowed to a 6.9% increase for
justed rate of apartments un- residential versus 6% for the
der construction was 596,000, broader equity REIT sector,
nearly twice the long-term av- the association said.
erage of 300,000 units, accord- Some multifamily investors
ing to U.S. Census data. aren’t too worried about rising
Job growth also is slowing homeownership, however, be-
in some markets. That, cou- cause housing construction
pled with new rental housing continues to lag behind the
supply, boosted the national rate of household formation,
vacancy rate to 4.5% in the even with the surge in rental
third quarter of this year, com- housing development taken
pared with 3.5% a year earlier, into account.
according to John Chang, head But Wall Street is closely
of research for real-estate ser- watching demographic trends,
vices firm Marcus & Millichap. particularly marriage rates
Nationally, rents were up 3.5% among millennials—a life
between the third quarters of change often accompanied by
2016 and 2017, compared with a shift from renting to owning.
4.5% from 2015 to 2016, he Millennials have been get-
said. ting married later in life, often
In many markets, develop- waiting until their late 20s, ac-
ers completing new projects cording to Mr. Chang of Mar-
are offering concessions to cus & Millichap. Their mar-
woo new tenants, such as one riage rate over the next five
or two months’ free rent. years will likely play an impor-
Lately, the trend has spread: tant role in demand for apart-
Landlords in some markets are ments and houses.
reporting that owners of previ- “We’re at the leading edge
ously built properties also are of transition,” he said.
offering concessions. —Ryan Dezember
This trend has been seen contributed to this article.
retain the world’s best data books, but we are also a differ-
scientists. The work environ- ent type of firm. We have fidu-
ment is an important part of ciary responsibilities and need
the package, some believe. to show clients that their
Mr. Wace said the firm’s at- money is in safe hands.”
trition rate is in line with the While planning the new of-
industry average of around fice, the Marshall Wace team
10% a year. He hopes to cut it looked at what had been done
in half. “That would easily pay by some other companies, in-
for the extra costs of the new cluding McCann, the advertis-
office,” he said. ing agency owned by Inter-
Silicon Valley companies public Group of Cos. McCann’s
are famous for their brightly recently refurbished headquar-
colored offices featuring pool ters on New York’s Third Ave-
tables and beverages on de- nue features an open, café-
mand. Some financial firms style space used for meetings
have adopted the same sort of and more general working.
vibe, at least in parts of their “Our design goes one step
business. In the heart of To- further, I suppose, in blending
ronto’s financial district, Aviva that together with a residential
PLC, the British insurer, re- style as well as delivering office
cently opened a new office to functionality,” Mr. Ford said.
house some of its digital devel- There was an unofficial
opment team, with bare con- £500 (about $660) limit on any
crete floors and exposed ceil- single design item, though
ing ducts, and meeting spaces there are a few artworks from
made from recycled shipping Mr. Wace’s own collection.
containers painted bright blue. These include a pair of 200-
Duncan Ford, Marshall year-old life-size wooden ele-
Wace’s chief operating officer, phants that stood outside a
said the firm considered a sim- Hindu temple in Rajasthan. Mr.
ilar look, but opted for some- Wace bought them and shipped
thing more “grown-up.” them to the lobby of the new
“That is not to say Google is offices for what he proudly
not grown-up,” he said. “We says was a total of just £15,000.
obviously compete for talent Other financial firms have
with the Googles and Face- also been rethinking their
PLOTS &
PLOYS
COMMERCIAL PROPERTY
Drop in Mall Values
Weighs on Sector
Weakness in the mall sector
dragged valuations lower across
the entire commercial-real-estate
market in October, according to
a report by real-estate research
firm Green Street Advisors.
Green Street’s commercial
property price index, which cov-
ers property owned by real-es-
tate investment trusts, declined
1% to 125.5 in October from
September, the sharpest month-
over-month drop since the finan-
cial crisis.
Valuations of many second-
tier malls have been sliding in
recent months as some retailers
struggle to keep up with fast-
changing consumer tastes and
heightened competition from e-
commerce.
Mall valuations fell 6% in Oc-
tober from a month earlier and
by 11% in the past 12 months,
according to Green Street’s index
for that sector.
—Esther Fung
MULTIFAMILY HOUSING
Brooklyn Building
Refinances Debt
The Ashland, a 53-story
rental-apartment building in
Brooklyn’s Cultural District in
Fort Greene, refinanced its debt
with a $217.5 million loan from
Wells Fargo Multifamily Capi-
tal, according to the company
that advised on the transac-
tion.
The 30-year fixed-rate loan
for the 586-unit multifamily
building, of which 282 units are
set aside for low- and moderate-
income households, was then
securitized through Fannie Mae’s
mortgage-backed security pro-
gram, said Greystone Bassuk,
the debt and equity advisory
group of real-estate lending firm
Greystone & Co.
—Esther Fung
MARSHALL WACE ASSET MANAGEMENT
workspaces in an attempt to
break down silos and encour-
age face-to-face meetings. In
the recent revamp of its head-
quarters in Manhattan’s
Tribeca neighborhood, Citi-
group Inc. shifted to an open-
plan layout where not even the
CEO has an office door.
One challenge facing hedge-
fund firms in particular is con-
vincing staff and investors
they will last beyond the in-
volvement of their founders.
Demonstrating a commit-
ment to longevity was one rea-
son Marshall Wace sold a 24.9%
stake to KKR & Co., a private-
equity firm, in 2015. KKR is it-
self planning a big office move
in 2020, having taken the top
10 floors of the Hudson Yards
development in Manhattan.
Although the design phase is
some way off, senior KKR exec-
utives have recently visited the
new Marshall Wace office look-
ing for inspiration.
“With cutting-edge design
and technology, Marshall Wace
created a physical environ-
ment where every detail is
meant to feed aspiration, a
drive to excel and encourage
collaboration,” said Scott Nut-
tall, KKR’s co-president and
co-chief operating officer.
THE WALL STREET JOURNAL.
Russia Looms as Problem for Oil Prices year-earlier levels, according to
Largest global producer
has been selling more
crude exports despite
OPEC’s deal on output
BY CHRISTOPHER ALESSI
Moscow says it is part of the
solution to the global oil glut,
but it could be part of the prob-
lem.
Russia, the world’s largest oil
producer, has ramped up its
crude exports this year, poten-
tially undermining a deal with
the Organization of the Petro-
leum Exporting Countries cartel
that has helped raise oil prices.
OPEC’s agreement with Russia
and nine other countries was
meant to reduce global oil out-
put by 2% and has helped to
raise Brent crude futures prices
by 12% so far this year, to
$63.69 a barrel.
“The Russians are putting
more oil on the market and
cashing in,” said Georgi Slavov,
head of research at commodity
brokerage Marex Spectron. As a
result, he said, the country is
“delaying the effect the OPEC
deal could have on the market.”
The scrutiny of Russia’s ac-
tions highlights the growing im-
portance that oil investors are
giving to big producers’ exports
sold on the global market and to
their production, which can be
consumed domestically or even
stored. Exports are likely to be
discussed on Nov. 30, when Rus-
sia and OPEC are expected to
extend their agreement through
the end of 2018.
In the agreement in Decem-
ber 2016 with OPEC, Russia
committed to cut 300,000 bar-
rels a day of production from its
October 2016 high of 11.59 mil-
lion barrels a day, including nat-
ural-gas liquids. After a slow
start, it has begun complying
with its promise. September of
this year was the first time in
more than three years that Rus-
sian crude production, including
natural-gas liquids, fell below
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Business Real Estate & Services
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Wednesday, November 8, 2017 | B7
BUSINESS & FINANCE
the International Energy
Agency.
However, Russian oil exports
have risen by roughly 2%, or an
average of 160,000 barrels a
day, from January through Sep-
tember of this year compared
with the year-earlier period, ac-
cording to the Russian Energy
Ministry. In April, crude sea-
borne exports rose to a record
of 5.2 million barrels a day, ac-
cording to cargo-tracking firm
Kpler.
“If you don’t have exports
falling with your production
cuts, you’re naturally diluting”
the market-rebalancing process,
said Harry Tchilinguirian, head
of commodity market strategy
at BNP Paribas.
Mr. Tchilinguirian noted that
while Russia, along with Iraq
and some other OPEC members,
has seen an uptick in exports,
they aren’t technically in viola-
SPUTNIK/ASSOCIATED PRESS
tion of the pledge to reduce out-
put. “The letter of the accord is
production-based, not export-
based,” he said.
A monitoring committee
overseeing the OPEC output
agreement suggested tracking
export data, as a corollary to Russian oil exports were up about 2% through September. Employees at April’s launch of a well being drilled on the Russian Arctic shelf.
the production cuts, during a
compliance meeting in Septem- late July, when Saudi Arabia,
ber. Russia hasn’t rejected the OPEC’s largest and most influ- OPEC Expects Peak Exxon Mobil Corp. and Chevron while India “will be the region
proposal, but the energy minis- ential member, pledged to curb Corp. argue peak demand isn’t with the second-largest overall
ter, Alexander Novak, said dur- its exports as well as its produc- Demand by 2040 in sight and would soon slow. demand growth,” the report said.
ing the gathering in Vienna that tion. The country’s Oil Ministry OPEC’s demand forecast is However, OPEC said demand
monitoring exports poses “diffi- last month said the kingdom largely in line with that of the in the Organization for Eco-
culties from the point of view of would export 7% less crude by LONDON—OPEC doesn’t ex- International Energy Agency. nomic Cooperation and Develop-
data accuracy.” He added: “On sea in November, compared pect global demand for oil to In its annual World Oil out- ment, a group of 35 industrial-
the whole, we are not against it with the year-earlier period. peak before 2040, the cartel look, the Organization of the Pe- ized, oil-consuming nations
as an additional factor, but the OPEC officials didn’t reply to said Tuesday, though it pre- troleum Exporting Countries including the U.S., is expected to
main factor is production.” requests to comment. dicted long-term demand predicts long-term oil demand decline by 8.9 million barrels a
The Russian energy ministry Russia has been able to cut growth would soon slow. will increase by 15.8 million bar- day during the run-up to 2040.
didn’t respond to a request to output while raising exports be- For decades, petroleum con- rels a day, hitting 111.1 million The report highlighted that
comment. cause domestic demand is still sumption has grown almost ev- barrels a day in 2040, compared global annual demand growth
To be sure, oil investors depressed after a deep reces- ery year, but big oil companies with 95.4 million barrels a day in is expected to slow to 810,000
lately have been optimistic sion, said Spencer Welch, direc- are planning for when demand 2016. That growth is expected barrels a day in 2022, versus
about OPEC’s efforts, focusing tor for oil markets and down- begins to decline because of to be fueled by high population 1.45 million barrels a day in
on a reduction in a glut of stream at IHS Markit. It also has gains in efficiency, electric vehi- growth and a burgeoning middle 2017, due to expected higher oil
stored oil in the U.S. and other invested heavily in making its cles and government regulations. class in developing countries. prices, efficiency gains, lower
advanced economies and on refineries more efficient, so less Royal Dutch Shell PLC and “Within the developing coun- population growth in the OECD
hopes that OPEC and Russia will crude is needed. Norway’s Statoil SA, predict tries, China is expected to con- and China and increased uptake
extend its agreement through demand could reach its high as tinue to be the largest con- of alternative-fuel vehicles.
the end of 2018.
Oil prices fall as geopolitical soon as 2025 or 2030. But sumer of oil” through 2040, —Christopher Alessi
Prices are up about 25% since fears fade................................... B13

 



 
 

 

 







 
  

 

 


       

    
  

 

   
  
 


 

 

  
      
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B8 | Wednesday, November 8, 2017 THE WALL STREET JOURNAL.

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 QuintilesIMS Q
Gap GPS 25.71 -0.35 s Loews L 49.49 -0.19 108.19 -0.37 Target TGT 57.89 -1.40 WestRock WRK 58.95 -0.32 DollarTree DLTR 93.62 0.23 Mylan MYL 36.67 -0.72
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 Gartner IT 117.75 -0.80 Lowe's LOW 77.63 0.22 RELX RENX 22.27 -0.08 TataMotors TTM 33.42 -1.58 Weyerhaeuser WY 35.99 0.33 E*TRADE ETFC 43.62 -0.48 NXP Semi NXPI 116.66 -0.06
quotations that include primary market trades four quarters. Gazit-Globe GZT 9.46 0.14 LyondellBasell LYB 105.92 -0.57 RELX RELX 23.06 -0.11 TechnipFMC FTI 29.29 -0.06 WheatonPrecMetals WPM 21.16 0.15 s EXACT Sci EXAS 60.50 2.22 Nasdaq NDAQ 72.02 0.05
as well as trades reported by Nasdaq OMX FD-First day of trading. GeneralDynamics GD 203.76 1.39 M&T Bank MTB 162.88 -5.83 RPC RES 25.62 -0.64 TeckRscsB TECK 21.47 0.01 Whirlpool WHR 162.56 -0.86 EastWestBancorp EWBC 57.64 -1.54 NatlInstruments NATI 45.22 -0.47
BXSM (formerly Boston), Chicago Stock h-Does not meet continued listing GeneralElec GE 20.21 0.08 MGM Resorts MGM 31.46 -0.25 RPM RPM 52.20 -0.45 TelecomArgentina TEO 32.65 -0.39 Williams WMB 28.77 -0.02 eBay EBAY 37.41 0.04 NetApp NTAP 44.65 -0.35
Exchange, CBOE, National Stock Exchange, ISE standards t GeneralMills GIS 50.97 0.87 MPLX MPLX 35.17 0.47 RSP Permian RSPP 36.82 0.42 TelecomItalia TI 8.61 -0.16 WilliamsPartners WPZ 37.26 0.08 ElbitSystems ESLT 147.80 -0.46 Netease NTES 306.59 -3.10
and BATS. lf-Late filing GeneralMotors GM 41.70 -0.44 s MSCI MSCI 125.98 -1.72 RalphLauren RL 85.00 -3.03 TelecomItalia A TI.A 7.05 -0.08 Wipro WIT 5.05 -0.07 ElectronicArts EA 111.70 -0.76 Netflix NFLX 195.89 -4.24
The list comprises the 1,000 largest q-Temporary exemption from Nasdaq Genpact G 30.20 -0.26 Macerich MAC 58.76 4.57 RaymondJames RJF 84.03 -1.29 s TeledyneTech TDY 184.25 0.76 WooriBank WF 41.60 -1.35 s Equinix EQIX 488.06 -3.56 s Neurocrine NBIX 74.53 0.02
companies based on market capitalization. requirements. GenuineParts GPC 86.43 -0.83 MacquarieInfr MIC 68.45 -0.33 Raytheon RTN 186.80 2.34 Teleflex TFX 260.31 3.73 Wyndham WYN 108.68 -0.36 Ericsson ERIC 6.48 -0.03 NewsCorp B NWS 14.40 -0.15
Underlined quotations are those stocks with t-NYSE bankruptcy Gerdau GGB 3.21 -0.13 MagellanMid MMP 69.35 -0.04 RealtyIncome O 56.22 0.96 TelefonicaBras VIV 14.95 -0.30 s XPO Logistics XPO 73.58 -0.25 Exelixis EXEL 26.59 -0.79 s NewsCorp A NWSA 14.15 -0.13
large changes in volume compared with the v-Trading halted on primary market. Gildan GIL 29.61 0.23 MagnaIntl MGA 54.29 -0.04 RedHat RHT 121.92 0.84 Telefonica TEF 10.11 -0.11 XcelEnergy XEL 50.03 0.63 Expedia EXPE119.61 -3.37 Nordson NDSN 126.94 0.22
issue’s average trading volume. vj-In bankruptcy or receivership or t GlaxoSmithKline GSK 35.82 -0.32 s Manpower MAN 125.10 -0.04 RegencyCtrs REG 65.26 1.02 TelekmIndonesia TLK 30.43 -0.31 Xerox XRX 28.59 -0.49 s ExpeditorsIntl EXPD 62.04 4.55 NorthernTrust NTRS 92.41 -1.81
Boldfaced quotations highlight those issues being reorganized under the GlobalPayments GPN 103.90 -0.37 ManulifeFin MFC 20.76 -0.08 RegionsFin RF 15.47 -0.41 Tenaris TS 30.26 -0.42 Xylem XYL 66.61 0.07 ExpressScripts ESRX 60.60 -0.02 NorwegianCruise NCLH 55.36 0.10
whose price changed by 5% or more if their Bankruptcy Code, or securities s GoDaddy GDDY 48.61 1.39 MarathonOil MRO 16.16 -0.17 ReinsuranceGrp RGA 151.04 0.16 s Teradyne TER 43.53 0.08 YPF YPF 24.72 -0.44 F5Networks FFIV 120.13 -0.07 s NVIDIA NVDA 212.03 2.40
previous closing price was $2 or higher. assumed by such companies. Goldcorp GG 13.20 -0.11 s MarathonPetrol MPC 63.11 0.76 RepublicServices RSG 64.14 0.59 TevaPharm TEVA 11.69 -0.72 s YumBrands YUM 81.01 1.14 Facebook FB 180.25 0.08 OReillyAuto ORLY 208.11 -0.75
GoldmanSachs GS 239.81 -3.68 Markel MKL 1082.48 -1.84 ResMed RMD 82.49 -0.75 Textron TXT 54.28 -0.15 YumChina YUMC 41.20 0.04 Fastenal FAST 48.04 -0.02 OldDomFreight ODFL 121.22 0.58
Graco GGG 131.86 -0.30 Marsh&McLennan MMC 82.46 -0.17 RestaurantBrands QSR 65.53 -0.37 ThermoFisherSci TMO 193.21 -0.32 ZTO Express ZTO 17.11 -0.08 FifthThirdBncp FITB 28.45 -0.79 s ON Semi ON 21.61 0.20
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Grainger GWW 205.18 1.60 MartinMarietta MLM 210.04 -2.53 RiceEnergy RICE 28.65 -0.28 ThomsonReuters TRI 44.51 -0.15 ZayoGroup ZAYO 34.46 0.10 FirstSolar FSLR 60.96 -0.51 OpenText OTEX 33.73 -0.52
changes in the closing prices from 4 p.m. the previous day. s GreatPlainsEner GXP 33.71 0.33 Masco MAS 39.08 -0.14 RioTinto RIO 49.89 -0.50 ThorIndustries THO 128.04 -5.06 ZimmerBiomet ZBH 108.72 -0.62 Fiserv FISV 126.97 -0.80 PTC PTC 65.13 -0.37
GpoAvalAcciones AVAL 8.32 0.08 Mastercard MA 149.97 -0.12 RobertHalf RHI 52.43 0.18 3M MMM 230.05 -0.26 Zoetis ZTS 68.45 -1.26 Flex FLEX 18.23 -0.21 Paccar PCAR 70.48 -0.13
Tuesday, November 7, 2017 Net Net GpFinSantandMex BSMX 8.16 -0.11 McCormick MKC 95.18 1.19 Rockwell ROK 200.83 4.00 Tiffany TIF 92.35 -0.64 FlirSystems FLIR 47.27 0.21 PacWestBancorp PACW 45.47 -1.81
Net Stock Sym Close Chg Stock Sym Close Chg GrupoTelevisa TV 20.69 ... McCormickVtg MKC.V 94.34 0.64 RockwellCollins COL 134.98 -0.06 TimeWarner TWX 94.66 0.20 NASDAQ Fortinet FTNT 39.09 -0.16 Paychex PAYX 64.27 0.27
Stock Sym Close Chg GuidewireSoftware GWRE 80.08 -1.46 s McDonalds MCD 170.77 0.70 RogersComm B RCI 52.25 0.17 Toll Bros TOL 45.35 0.51 Gaming&Leisure GLPI 36.96 0.27 s PayPal PYPL 74.41 -0.33
BankofMontreal BMO 77.61 -0.36 ConstBrands A STZ 215.48 -0.32 HCA Healthcare HCA 77.92 1.05 Rollins ROL 45.37 0.26 Torchmark TMK 85.18 AGNC Invt AGNC 19.57 0.14 Garmin GRMN 59.21 -0.09 People'sUtdFin PBCT 18.05 -0.37
McKesson MCK 136.93 1.72 -0.50
BankNY Mellon BK 51.07 -0.28 ContinentalRscs CLR 43.59 -0.35 HCP 27.00 0.16 s RoperTech ROP 260.35 Ansys ANSS 151.93 0.73 GileadSciences GILD 73.21 0.83 PilgrimPride PPC 30.46 -0.06
NYSE BkNovaScotia BNS 65.53 -0.29 Cooper COO 229.33 1.69
HCP
HDFC Bank HDB 94.63 -0.84
Medtronic MDT 78.01 0.32
RoyalBkCanada RY 79.31
2.15
-0.44
Toro TTC 62.71
TorontoDomBk TD 57.48
-0.27
-0.12 ASML ASML 183.52 -1.40 Goodyear GT 29.59 0.30 Priceline PCLN 1645.72-257.28
Merck MRK 55.59 -0.29
Barclays BCS 9.48 -0.11 Corning GLW 32.25 0.41 HP HPQ 21.38 -0.06 RoyalBkScotland RBS 7.30 -0.08 s Total TOT 56.84 -0.12 Abiomed ABMD 197.21 0.66 Grifols GRFS 23.28 -0.30 Qiagen
ABB ABB 26.26 -0.02 MetLife MET 53.40 -0.93 QGEN 30.68 -2.77
Bard CR BCR 333.57 -0.82 Coty COTY 14.45 -0.07 HSBC HSBC 48.05 -0.21 s RoyalCaribbean RCL 129.23 3.89 ActivisionBliz ATVI 60.96 0.09 GpoFinGalicia GGAL 52.94 -1.50 s
t AES AES 10.51 0.16 MettlerToledo MTD 624.58-10.53 TotalSystem TSS 72.00 -1.66 Qorvo QRVO 78.46 -0.03
BarrickGold ABX 13.99 -0.02 Credicorp BAP 207.45 -4.23 Halliburton HAL 45.27 0.19 RoyalDutchA RDS.A 64.54 -0.98 s ToyotaMotor TM 127.46 AdobeSystems ADBE 180.88 0.08 HD Supply HDS 36.34 -0.21
Aflac AFL 83.81 -0.76 s MichaelKors KORS 54.64 0.02 1.83 Qualcomm QCOM 64.10 1.58
BaxterIntl BAX 64.32 -0.04 CreditSuisse CS 16.07 -0.09 Hanesbrands HBI 19.08 -0.26 RoyalDutchB RDS.B 66.47 -0.81 TransCanada TRP 48.96 0.41 AdvMicroDevices AMD 12.05 0.12 Hasbro HAS 89.89 -1.12 RandgoldRscs GOLD 91.15 -0.86
AT&T T 33.07 0.21 MicroFocus MFGP 34.58 -0.14
BectonDickinson BDX 221.27 -0.93 CrestwoodEquity CEQP 24.35 ... t HarleyDavidson HOG 44.78 -0.37 SAP SAP 114.22 -0.77 TransDigm TDG 283.33 0.33 AkamaiTech AKAM 53.76 0.02 HenrySchein HSIC 71.01 0.97
AbbottLabs ABT 55.16 0.15 MidAmApt MAA 105.03 0.75 RegenPharm REGN 404.39 -2.24
Berkley WRB 69.03 -0.39 CrownCastle CCI 111.76 -0.05 Harris HRS 139.37 0.38 S&P Global SPGI 159.07 0.43 TransUnion TRU 53.13 -0.77 AlexionPharm ALXN 117.42 1.48 Hologic HOLX 39.50 0.44 RossStores ROST 64.79 0.65
AbbVie ABBV 93.96 1.00 MitsubishiUFJ MTU 6.70 -0.01
BerkHathwy A BRK.A 279360-809.02 CrownHoldings CCK 59.79 -0.63 HartfordFinl HIG 55.34 -0.55 SINOPECShanghai SHI 58.94 -0.90 Travelers TRV 133.72 0.28 s AlignTech ALGN 246.46 1.96 JBHunt JBHT 106.65 -1.19 RoyalGold RGLD 89.05 0.25
Accenture ACN 143.50 -0.43 MizuhoFin MFG 3.62 -0.01
BerkHathwy B BRK.B 186.30 -0.38 Cullen/Frost CFR 95.16 -2.64 HealthcareAmer HTA 30.43 0.05 SK Telecom SKM 25.50 -0.37 TurkcellIletism TKC 9.40 -0.08 Alkermes ALKS 47.70 -1.06 HuntingtonBcshs HBAN 13.40 -0.38
AcuityBrands AYI 160.03 -6.04 MobileTeleSys MBT 11.30 0.19 Ryanair RYAAY 111.80 -1.24
BerryGlobal BERY 57.98 -0.63 Cummins CMI 171.86 -0.73 Heico HEI 91.36 0.10 SLGreenRealty SLG 96.46 1.16 TurquoiseHill TRQ 3.17 -0.04 AlnylamPharm ALNY 129.50 -1.00 IAC/InterActive IAC 128.64 -1.33
Adient ADNT 78.09 -0.55 MohawkIndustries MHK 260.92 0.30 SBA Comm SBAC 165.65 1.23
BestBuy BBY 55.13 -1.26 DTE Energy DTE 112.81 1.23 Heico A HEI.A 77.65 0.20 s Salesforce.com CRM 102.72 0.30 TWTR 19.66 0.27 Alphabet C GOOG 1033.33 7.43 IdexxLab IDXX 150.08 -1.41 s SEI Investments SEIC 65.13 -0.62
t AdvanceAuto AAP 79.38 -1.33 MolsonCoors A TAP.A 85.85 ... Twitter
Bio-RadLab A BIO 262.22 2.40 DXC Tech DXC 92.53 -0.49 Helmerich&Payne HP 58.46 0.16 Sanofi SNY 45.58 -0.49 TylerTech TYL 172.66 -1.90 Alphabet A GOOGL 1052.39 9.71 IHSMarkit INFO 43.43 -0.18
AdvSemiEngg ASX 6.14 -0.06 s Danaher MolsonCoors B TAP 78.88 -0.01 Sina SINA 103.00 -7.03
Bio-RadLab B BIO.B258.60 -2.95 DHR 93.20 0.58 Herbalife HLF 66.26 -0.34 SantanderConUSA SC 16.62 -0.31 TysonFoods TSN 73.09 0.91 Altaba AABA 72.22 0.51 INC Research INCR 58.60 -0.40
Aegon AEG 5.89 -0.02 Monsanto MON 119.54 0.01 SS&C Tech SSNC 40.60 -0.17
BlackKnight BKI 46.10 -0.05 Darden DRI 81.65 -0.75 Hershey HSY 105.97 1.59 Sasol SSL 30.44 0.06 UBS Group UBS 16.90 -0.15 s Amazon.com AMZN 1123.17 2.51 s IPG Photonics IPGP 221.43 2.18
AerCap AER 52.19 -0.11 Moody's MCO 143.77 -0.74 SVB Fin SIVB 215.06 -2.63
BlackBerry BB 10.83 -0.14 DaVita DVA 58.96 -0.45 Hess HES 47.95 -0.28 Scana SCG 44.53 0.63 UDR UDR 39.29 0.40 Amdocs DOX 62.95 -0.25 IRSA Prop IRCP 56.35 0.60
Aetna AET 176.83 -0.12 BlackRock BLK 473.37 -2.24 s Deere MorganStanley MS 49.39 -0.75 ScrippsNetworks SNI 80.39 0.26
DE 135.71 0.40 HewlettPackard HPE 13.57 -0.06 Schlumberger SLB 66.43 -0.65 UGI UGI 48.03 0.39 Amerco UHAL 380.15 -4.05 IcahnEnterprises IEP 58.50 -0.70
AffiliatedMgrs AMG 185.54 -0.52 BlackstoneGroup BX 33.04 0.01 Mosaic MOS 22.56 0.07 Seagate STX 37.12 -0.34
DellTechnologies DVMT 82.48 0.96 s Hilton HLT 72.61 -0.78 SchwabC SCHW 44.15 -0.50 US Foods USFD 26.04 -0.92 AmericanAirlines AAL 46.46 -1.05 Icon ICLR 121.39 -1.49 SeattleGenetics SGEN 58.45 -0.31
AgilentTechs A 68.25 0.03 BoardwalkPipe BWP 14.68 0.15 DelphiAutomotive DLPH 97.26 0.28
MotorolaSolutions MSI 92.11 -0.32
s HollyFrontier HFC 42.33 0.26 s NRG Energy NRG 28.42 0.17 s ScottsMiracleGro SMG102.42 3.31 UltraparPart UGP 23.40 -0.61 Amgen AMGN 173.48 2.68 Illumina ILMN 211.74 2.55 Shire SHPG 144.69 -2.45
AgnicoEagle AEM 45.04 -0.15 s Boeing BA 266.13 2.06 DeltaAir DAL 49.91 -0.66 HomeDepot HD 163.66 -0.56 NTTDoCoMo DCM 24.67 0.17 SealedAir SEE 43.61 -0.20 Unilever UN 56.85 -0.23 AnalogDevices ADI 91.90 -0.38 Incyte INCY 108.14 2.71 SignatureBank SBNY 126.80 -3.52
Agrium AGU 107.22 -0.61 BorgWarner BWA 52.40 -0.24 DeutscheBank DB 16.68 -0.15 s HondaMotor HMC 33.53 0.01 SemicondctrMfg SMI 8.64 -0.47 Unilever UL 55.61 -0.17 s Apple AAPL 174.81 0.56 Intel INTC 46.78 0.08 SiriusXM
AirProducts APD 159.77 0.97 BostonProperties BXP 124.19 0.76 DevonEnergy DVN 41.26 NVR NVR 3244.19-19.39 SIRI 5.34 -0.01
0.40 s Honeywell HON 146.97 1.37 s SempraEnergy SRE 120.52 1.65 UnionPacific UNP 117.04 -0.29 AppliedMaterials AMAT 56.47 0.14 InteractiveBrkrs IBKR 54.09 -0.27 Skyworks
t AlaskaAir ALK 62.20 -1.74 BostonScientific BSX 27.96 0.15 Diageo DEO 135.07 -1.83
NationalGrid NGG 61.49 0.22 SWKS111.19 -5.14
HormelFoods HRL 31.50 0.73 NatlOilwell NOV 35.10 -0.40 SensataTech ST 48.10 -0.25 UnitedContinental UAL 58.71 -1.21 ArchCapital ACGL 95.60 0.05 Intuit INTU 152.51 -0.17 Splunk SPLK 68.00 -0.41
Albemarle ALB 143.13 1.16 BAK 30.60 -0.86 DigitalRealty DLR 122.01 0.18
Braskem s DR Horton DHI 44.95 0.11 s ServiceCorp SCI 36.14 -0.13 UnitedMicro UMC 2.53 -0.02 s Atlassian TEAM 51.81 -0.25 s IntuitiveSurgical ISRG 391.04 6.21
Alcoa AA 46.97 -0.32 Bristol-Myers BMY 61.91 0.23 DiscoverFinSvcs DFS 66.44 -0.58
NatlRetailProp NNN 41.60 0.54 Starbucks SBUX 57.22 0.65
s AlexandriaRealEst ARE 126.06 HostHotels HST 19.79 ... NewOrientalEduc EDU 87.51 -0.49 ServiceMaster SERV 47.26 0.03 UPS B UPS 113.95 0.03 Autodesk ADSK 123.40 -0.42 IonisPharma IONS 52.30 -1.95
SteelDynamics STLD 37.39 -0.22
0.39 BritishAmTob BTI 64.89 -0.16 Disney DIS 101.61 0.97 HuanengPower HNP 27.11 0.40 NY CmntyBcp NYCB 12.19 -0.22 ServiceNow NOW 125.53 0.80 s UnitedRentals URI 147.55 -0.85 ADP ADP 112.75 1.42 JD.com JD 39.79 0.78 Stericycle SRCL 67.16 -0.10
Alibaba BABA 188.51 0.67 BroadridgeFinl BR 87.37 0.21 DolbyLab DLB 59.03 -0.14 Hubbell HUBB 124.61 -0.94 NewellBrands NWL 30.65 -0.17 ShawComm B SJR 22.62 -0.22 US Bancorp USB 53.45 -1.40 Baidu BIDU 243.47 -1.06 s JackHenry JKHY112.56 0.76
Symantec SYMC 28.68 -0.22
Alleghany Y 582.76 2.25 BrookfieldMgt BAM 41.78 -0.17 DollarGeneral DG 80.66 -0.02 Humana HUM 256.31 1.83 NewfieldExpln NFX 32.86 -0.21 SherwinWilliams SHW 394.01 0.07 US Steel X 26.95 -0.56 BankofOzarks OZRK 44.73 -1.50 JazzPharma JAZZ 132.82 -7.43 s
Synopsys SNPS 86.91 -0.31
Allegion ALLE 83.53 0.44 BrookfieldInfr BIP 43.29 0.10 DominionEner D 81.39 0.83 s HuntingtonIngalls HII 233.35 -2.86 NewmontMining NEM 36.04 -0.33 ShinhanFin SHG 44.78 -0.56 UnitedTech UTX 120.75 0.36 Biogen BIIB 313.57 -1.90 JetBlue JBLU 18.92 -0.40 TD Ameritrade AMTD 48.49 -0.75
Allergan AGN 172.97 -1.37 Brown&Brown BRO 50.23 -0.31 Domino's DPZ 170.10 -3.36 Huntsman HUN 31.67 0.68 NextEraEnergy NEE 155.49 3.63 Shopify SHOP 99.71 -0.13 UnitedHealth UNH 212.70 0.58 BioMarinPharm BMRN 83.77 0.81 JunoTherap JUNO 55.98 -0.47
TESARO TSRO 112.08 -0.42
AllianceData ADS 229.72 -0.97 Brown-Forman A BF.A 55.81 0.47 Donaldson DCI 47.57 -0.25 HyattHotels H 69.53 0.68 NielsenHoldings NLSN 38.00 0.62 SimonProperty SPG 159.05 4.06 UniversalHealthB UHS 101.05 -0.70 Bioverativ BIVV 53.41 0.56 KLA Tencor KLAC 107.50 1.99
T-MobileUS TMUS 55.36 -0.18
AllianceBernstein AB 25.00 -0.45 Brown-Forman B BF.B 55.74 0.64 DouglasEmmett DEI 40.41 0.39 ICICI Bank IBN 9.38 -0.32 NKE 55.15 -0.89 SmithAO AOS 59.50 -0.17 s UnumGroup UNM 52.70 -0.37 bluebirdbio BLUE 146.70 1.95 KraftHeinz KHC 78.18 1.18
TRowePrice TROW 93.76 -1.19
AlliantEnergy LNT 44.17 0.58 BuckeyePtrs BPL 53.12 0.22 Dover DOV 96.16 0.04 Nike
ING Groep ING 18.15 -0.13 s NiSource 27.47 0.26 Smith&Nephew SNN 37.08 -0.34 VEREIT VER 8.03 -0.03 BrighthouseFin BHF 56.95 0.29 LKQ LKQ 36.97 -0.66 TakeTwoSoftware TTWO106.39 -0.61
AllisonTransm ALSN 43.82 -0.02 Bunge BG 67.43 -0.21 DowDuPont DWDP 71.14 0.90 NI
Invesco IVZ 35.61 -0.26 t Smucker SJM 101.77 1.78 VF VFC 68.68 -0.39 Broadcom AVGO 271.32 -6.20 LamResearch LRCX 209.19 2.52
s Allstate ALL 99.18 0.09 BurlingtonStores BURL 97.28 -1.33 DrPepperSnap DPS 84.48 0.01 NobleEnergy NBL 28.91 -0.09 Tesla TSLA 306.05 3.27
IDEX IEX 127.48 -0.39 NOK 5.05 -0.04 Snap SNAP 15.12 0.29 s Visa V 112.09 0.17 CA CA 32.30 -0.15 LamarAdvertising LAMR 77.21 2.30 s
AllyFinancial ALLY 26.46 -0.39 CBD Pao CBD 22.55 -0.42 DrReddy'sLab RDY 35.91 -0.83 Nokia TexasInstruments TXN 98.40 -0.14
IllinoisToolWks ITW 157.83 -0.16 SnapOn SNA 158.55 -0.60 s VailResorts MTN 235.74 -0.97 CDK Global CDK 63.26 -1.17 LibertyBroadbandC LBRDK 89.51 -1.04
AlticeUSA ATUS 23.06 -0.85 s CBRE Group CBG 40.88 0.13 DukeEnergy DUK 89.36 1.49 NomuraHoldings NMR 5.84 0.16 TractorSupply TSCO 59.14 -0.48
Infosys INFY 14.85 0.03 t Nordstrom JWN 38.31 -0.95 SOQUIMICH SQM 59.83 0.89 Vale VALE 10.32 -0.21 CDW CDW 68.35 -1.85 LibertyBroadbandA LBRDA 88.72 -0.81
Trimble TRMB 40.48 -0.17
Altria MO 64.31 0.86 CBS A CBS.A 57.92 0.61 DukeRealty DRE 28.98 0.06 Ingersoll-Rand IR 85.56 -0.59 s Sony SNE 46.01 0.14 ValeroEnergy VLO 81.83 0.38 CH Robinson CHRW 80.50 1.42 LibertyGlobal A LBTYA 30.54 -0.13
21stCenturyFoxA FOXA 27.75 0.30
AlumofChina ACH 19.48 0.24 CBS B CBS 57.61 0.65 ENI E 34.09 0.24 NorfolkSouthern NSC 129.45 -0.67
Ingredion INGR 130.43 0.81 Southern SO 51.72 0.07 Vantiv VNTV 68.21 -1.16 CME Group CME 137.55 -0.61 LibertyGlobal C LBTYK 29.68 0.04
Ambev ABEV 6.12 -0.12 CF Industries CF 36.89 -2.32 EOG Rscs EOG 106.09 -0.87 NorthropGrumman NOC 303.31 1.45 21stCenturyFoxB FOX 27.04 0.42
ICE ICE 65.58 -0.62 SoCopper SCCO 44.02 -0.19 VarianMed VAR 106.47 0.29 CSX CSX 51.82 0.67 LibertyLiLAC C LILAK 21.76 -0.21
s Ameren AEE 62.87 0.75 CGI Group GIB 53.31 -0.29 EQT EQT 63.24 -0.59 Novartis NVS 82.39 -1.11 UltaBeauty ULTA 198.01 -3.32
InterContinentl IHG 56.59 -0.82 SouthwestAirlines LUV 53.87 -0.65 Vedanta VEDL 20.62 -0.60 s CadenceDesign CDNS 44.30 0.01 LibertyLiLAC A LILA 21.87 -0.02
AmericaMovil AMX 17.44 -0.11 CIT Group CIT 45.17 -0.78 EQT Midstream EQM 72.99 0.26 NovoNordisk NVO 49.71 0.01 UltimateSoftware ULTI 196.13 -5.75
IBM IBM 151.35 0.51 SpectraEnerPtrs SEP 42.69 -0.30 VeevaSystems VEEV 61.27 -0.08 CaesarsEnt CZR 12.95 -0.15 LibertyQVC A QVCA 21.55 -0.69
s UniversalDisplay OLED 167.58 4.17
AmericaMovil A AMOV 17.30 -0.02 CMS Energy CMS 48.91 0.86 EastmanChem EMN 90.61 0.25 Nucor NUE 57.69 -0.29
s IntlFlavors IFF 149.99 3.54 SpectrumBrands SPB 103.85 -0.39 Ventas VTR 64.33 0.24 Carlyle CG 22.00 -0.25 LibertyVenturesA LVNTA 57.44 -0.95
AmCampus ACC 42.19 0.17 s CNA Fin CNA 54.77 -0.15 Eaton ETN 78.67 0.36 NuSTAREnergy NS 33.15 -0.07 VEON VEON 3.78 0.04
IntlPaper IP 55.25 -0.56 s SpiritAeroSys SPR 82.50 -0.72 Verizon VZ 45.57 0.04 s CboeGlobalMkts CBOE 113.42 -1.02 LibertyFormOne A FWONA 36.39 -0.53
s AEP AEP 75.19 1.46 CEO 143.26 -0.10 EatonVance EV 50.70 -0.27 OGE Energy OGE 35.84 0.46 VeriSign VRSN 109.10 -0.75
CNOOC t Interpublic IPG 18.54 -0.55 Sprint S 5.75 -0.15 VistraEnergy VST 18.95 -0.41 Celgene CELG 102.33 0.69 LibertyFormOne C FWONK 38.01 -0.71 s
s AmericanExpress AXP 95.37 -0.92 CPFLEnergia CPL 16.75 -0.10 Ecolab ECL 130.95 -0.96 ONEOK OKE 53.17 0.37 VeriskAnalytics VRSK 92.29 1.19
InvitationHomes INVH 23.20 0.08 Square SQ 36.76 -0.42 s VMware VMW 120.43 1.22 s CentennialRsc CDEV 21.02 0.28 LibertyBraves A BATRA 22.56 -0.10
AmericanFin AFG 104.94 0.97 CRH CRH 35.42 -0.98 s Ecopetrol EC 11.99 0.13 OccidentalPetrol OXY 68.75 -0.07 VertxPharm VRTX 151.31 2.33
IronMountain IRM 40.60 -0.04 s StanleyBlackDck SWK 165.20 1.64 VornadoRealty VNO 73.97 -0.28 Cerner CERN 65.92 0.21 LibertyBraves C BATRK 22.72 -0.10
AIG AIG 62.13 -0.36 CVS Health CVS 68.95 2.15 EdisonInt EIX 79.40 0.55 Och-Ziff OZM 3.22 -0.06 Viacom B VIAB 24.78 0.60
IsraelChemicals ICL 4.16 -0.08 StateStreet STT 90.28 -2.01 VoyaFinancial VOYA 42.05 -0.01 CharterComms CHTR 343.01 -5.39 LibertySirius A LSXMA 41.14 0.20
AmerTowerREIT AMT 150.66 0.50 CabotOil COG 27.84 -0.89 EdwardsLife EW 104.41 1.25 Olin OLN 35.94 0.08 Viacom A VIA 30.25 0.45
ItauUnibanco ITUB 12.57 -0.34 Statoil STO 20.76 -0.09 VulcanMaterials VMC 122.66 -1.95 CheckPointSftw CHKP 104.99 -0.22 LibertySirius C LSXMK 41.17 0.19
AmerWaterWorks AWK 90.00 1.39 CamdenProperty CPT 94.09 0.41 EmersonElectric EMR 63.08 -1.44 t Omnicom OMC 65.52 -1.03 Vodafone VOD 28.94 -0.27
JPMorganChase JPM 98.75 -2.03 Steris STE 87.31 0.11 WABCO WBC 149.07 -0.91 ChinaLodging HTHT 129.61 4.98 LincolnElectric LECO 88.25 -1.24
Amerigas APU 46.10 0.35 CampbellSoup CPB 46.23 0.80 EnbridgeEnPtrs EEP 14.70 0.04 Oracle ORCL 50.49 0.09 WPP WPPGY 85.52 -1.57
JacobsEngineering JEC 60.93 -0.18 STMicroelec STM 24.41 -0.37 WEC Energy WEC 68.24 0.59 CincinnatiFin CINF 72.87 -0.40 LogitechIntl LOGI 36.37 -0.12
Ameriprise AMP 159.23 -1.42 CIBC CM 89.76 -0.37 Enbridge ENB 36.71 -0.11 Orange ORAN 16.54 ... WalgreensBoots WBA 67.92 1.98
JamesHardie JHX 14.75 -0.35 Stryker SYK 156.22 0.57 s W.P.Carey WPC 71.22 1.33 Cintas CTAS 147.87 0.30 LogMeIn LOGM121.70 -3.30 Weibo
AmerisourceBrgn ABC 74.91 0.05 CanNtlRlwy CNI 80.14 -0.20 Encana ECA 12.75 -0.16 OrbitalATK OA 132.95 0.10 WB 99.28 0.07
JanusHenderson JHG 34.59 -0.48 SumitomoMits SMFG 7.94 -0.03 Wabtec WAB 76.20 -0.85 CiscoSystems CSCO 34.40 -0.01 lululemon LULU 60.24 -1.55 WesternDigital WDC 86.09 -1.76
Ametek AME 68.56 0.01 s CanNaturalRes CNQ 36.18 -0.55 EnelAmericas ENIA 10.61 -0.29 Orix IX 87.25 -0.52
J&J JNJ 139.77 0.01 s SunCommunities SUI 92.95 -0.10 Wal-Mart WMT 88.95 0.25 CitrixSystems CTXS 84.48 0.14 MKS Instrum MKSI 106.55 -0.95
Amphenol APH 87.37 0.13 CanPacRlwy CP 172.38 -0.75 EnelChile ENIC 5.72 -0.09 Oshkosh OSK 87.29 -0.83 WillisTwrsWatson WLTW 161.60 0.41
JohnsonControls JCI 40.99 -0.10 SunLifeFinancial SLF 39.15 -0.47 WasteConnections WCN 69.14 0.40 s Cognex CGNX 136.01 1.47 MarketAxess MKTX 178.01 -1.61
AnadarkoPetrol APC 51.08 -0.75 s Canon CAJ 38.19 0.49 EnelGenChile EOCC 25.87 -0.58 s JonesLangLaSalle JLL 142.50 3.53
OwensCorning OC 82.22 -0.21 Workday WDAY 108.53 0.11
s SuncorEnergy SU 36.05 0.37 WasteMgt WM 81.63 0.39 CognizantTech CTSH 74.65 -0.13 s Marriott MAR 120.89 -1.09 WynnResorts WYNN 152.19 0.80
Andeavor ANDV 111.28 -0.29 CapitalOne COF 90.12 -2.18 EnergyTrfrEquity ETE 18.70 0.63 JuniperNetworks JNPR 24.50 -0.24
PG&E PCG 56.30 -0.47
SunTrustBanks STI 58.08 -2.07 Waters WAT 196.35 0.72 Coherent COHR 265.47 -0.67 MarvellTech MRVL 20.13 -0.07 s
AB InBev BUD 118.66 -1.92 CardinalHealth CAH 60.27 0.02 EnergyTransfer ETP 17.34 0.15 KAR Auction KAR 49.02 PLDT PHI 32.94 -0.61 Xilinx XLNX 73.91 -0.59
-0.24 SynchronyFin SYF 32.36 -0.41 s Watsco WSO 167.61 1.45 Comcast A CMCSA 36.39 0.85 s MatchGroup MTCH 26.90 -0.85
AnnalyCap NLY 11.24 0.20 Carlisle CSL 110.13 -0.43 Entergy ETR 86.85 0.49 KB Fin KB 51.60 -1.03 PNC Fin PNC 134.09 -4.50 Yandex YNDX 32.58 -0.97
Syngenta SYT 92.30 ... WellCareHealth WCG 202.40 -2.71 CommerceBcshrs CBSH 56.10 -1.57 MaximIntProducts MXIM 54.71 -0.08
AnteroResources AR 19.70 -0.39 CarMax KMX 73.42 -1.49 EnterpriseProd EPD 25.02 -0.09 KKR KKR 19.99 -0.08 POSCO PKX 72.10 -0.40 ZebraTech ZBRA 109.31 -6.48
Sysco SYY 52.59 -1.58 WellsFargo WFC 55.05 -1.13 CommScope COMM 33.91 -0.89 MelcoResorts MLCO 25.01 -0.84
s Anthem ANTM 217.47 1.17 Carnival CCL 66.38 0.71 Equifax EFX 107.42 -0.61 KT KT 14.10 ... PPG Ind PPG 116.34 ... Zillow A ZG 40.22 -0.75
TAL Education TAL 30.36 0.22 Welltower HCN 68.59 0.59 Copart CPRT 35.75 -0.47 MercadoLibre MELI 265.63 -2.90
Aon AON 140.21 0.03 Carnival CUK 66.46 0.42 EquityLife ELS 89.36 -0.24 KSCitySouthern KSU 106.06 0.07 PPL PPL 37.21 0.70 Zillow C Z 39.97 -0.85
TE Connectivity TEL 93.23 0.26 WestPharmSvcs WST 101.04 0.44 s CoStarGroup CSGP 299.36 -0.52 s MicrochipTech MCHP 91.44 -3.92
Apache APA 45.19 -0.55 Caterpillar CAT 138.81 1.10 s EquityResdntl EQR 69.56 0.35 Kellogg K 60.84 0.64 PVH PVH 122.74 -4.65 ZionsBancorp ZION 44.88 -1.57
Telus TU 36.77 0.17 WestarEnergy WR 54.59 0.59 Costco COST 166.28 1.23 MicronTech MU 43.95 0.70
ApartmtInv AIV 44.90 0.16 Celanese A CE 106.86 0.56 EssexProp ESS 255.00 1.19 KeyCorp KEY 18.10 -0.48 PackagingCpAm PKG 111.35 0.39
Ternium TX 28.52 -0.46 WestAllianceBcp WAL 54.56 -1.89 Ctrip.com CTRP 45.90 -0.01 Microsemi MSCC 53.95 -1.21 NYSE AMER
ApolloGlobalMgmt APO 31.40 0.29 Cemex CX 8.08 0.03 EsteeLauder EL 122.22 1.10 s KeysightTechs KEYS 45.41 0.33 PaloAltoNtwks PANW 146.69 -1.28
TIM Part TSU 17.52 -0.46 WesternGasEquity WGP 38.08 -0.04 DISH Network DISH 50.07 -0.75 Microsoft MSFT 84.27 -0.20
s AquaAmerica WTR 36.28 0.20 CenovusEnergy CVE 11.21 -0.02 EverestRe RE 227.03 -1.43 KilroyRealty KRC 74.02 0.32 ParkHotels PK 29.25 -0.01
TJX TJX 68.30 0.07 WesternGasPtrs WES 47.22 0.32 DentsplySirona XRAY 64.38 0.51 Middleby MIDD119.05 -0.91 CheniereEnergy LNG 50.19 -0.16
Aramark ARMK 43.25 -0.20 Centene CNC 94.81 -0.51 s EversourceEner ES 64.52 0.82 t KimberlyClark KMB 111.93 2.06 ParkerHannifin PH 185.47 0.85
s TaiwanSemi TSM 42.51 0.08 WesternUnion WU 19.16 -0.27 s DiamondbackEner FANG 111.80 -1.89 Momo MOMO 28.26 -1.06 CheniereEnerPtrs CQP 28.70 0.02
ArcelorMittal MT 29.28 -0.45 CenterPointEner CNP 29.95 0.23 Exelon EXC 41.27 0.58 KimcoRealty KIM 18.82 0.20 ParsleyEnergy PE 28.40 0.15
Tapestry TPR 41.93 0.45 s WestlakeChem WLK 91.62 5.60 DiscoveryComm A DISCA 17.33 0.23 Mondelez MDLZ 41.21 0.79 CheniereEnHldgs CQH 27.14 0.12
ArcherDaniels ADM 39.54 0.27 CentraisElBras EBR 6.43 0.14 s ExtraSpaceSt EXR 85.68 -0.34 KinderMorgan KMI 18.04 -0.04 Pearson PSO 9.12 -0.02
s PembinaPipeline PBA 35.83 0.39 TargaResources TRGP 44.29 -0.99 WestpacBanking WBK 24.79 -0.03 DiscoveryComm C DISCK 16.21 0.20 MonsterBeverage MNST 57.92 0.40 ImperialOil IMO 31.34 -0.04
Arconic ARNC 25.08 -0.53 CenturyLink CTL 16.22 -0.45 ExxonMobil XOM 83.58 -0.17 Knight-Swift KNX 38.58 -2.20
s AristaNetworks ANET 209.56 2.88 Chemours CC 51.00 -1.10 FMC FMC 93.51 2.55 Kohl's KSS 40.69 -1.93 Pentair PNR 68.94 -0.54
ArrowElec ARW 78.44 0.31 Chevron CVX 117.24 0.20 s FactSet FDS 191.34 0.31 KoninklijkePhil PHG 40.88 -0.27 PepsiCo PEP 110.47 1.21
AstraZeneca AZN 33.61
Athene ATH 49.53
-0.61
1.00
ChinaEastrnAir CEA 25.47 -0.01
ChinaLifeIns LFC 17.33 -0.11
FederalRealty FRT 128.61
FedEx FDX 221.16
1.69
0.21
KoreaElcPwr KEP 17.32
Kroger KR 21.31
-0.20
-0.02
PerkinElmer PKI 71.13 0.58
Perrigo PRGO 80.70 -2.73 New Highs and Lows | WSJ.com/newhighs Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
AtmosEnergy ATO 88.57 0.73 ChinaMobile CHL 50.75 0.09 Ferrari RACE 114.89 -2.36 s Kyocera KYO 71.08 2.07 PetroChina PTR 71.79 0.46
Autohome ATHM 64.88 5.80 ChinaPetrol SNP 76.66 1.12 FiatChrysler FCAU 17.87 -0.26 LATAMAirlines LTM 13.25 -0.22 PetroleoBrasil PBR 10.61 -0.56 EtnVncEqtyInco EOI 14.52 -0.4 DR Horton DHI 45.50 0.2
Autoliv ALV 125.46 0.25 ChinaSoAirlines ZNH 38.18 -0.15 FibriaCelulose FBR 15.16 -0.48 L Brands LB 46.94 -0.64 PetroleoBrasilA PBR.A 10.15 -0.57 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Ecopetrol EC 12.00 1.1 HuntingtonIngalls HII 238.16 -1.2
AutoZone AZO 603.56 -3.44 ChinaTelecom CHA 50.47 0.24 s FidelityNatlFin FNF 37.82 -0.36 LG Display LPL 13.09 -0.12 Pfizer PFE 35.36 0.04 MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in EquityResdntl EQR 69.77 0.5 IDACORP IDA 95.10 1.3
Avalonbay AVB 183.76 0.37 ChinaUnicom CHU 15.22 0.27 FNFV Group FNFV 17.45 -0.20 LINE LN 42.62 0.50 PhilipMorris PM 103.02 0.88 the latest session. % CHG-Daily percentage change from the previous trading session. EversourceEner ES 64.61 1.3 IONGeophysical IO 14.90 3.6
Avangrid AGR 51.32 0.49 Phillips66 PSX 94.57 0.14 ExtraSpaceSt EXR 87.31 -0.4 Insperity NSP 105.10 -1.1
Chipotle CMG 274.50 -1.27 FidelityNtlInfo FIS 90.47 -2.66 L3 Tech LLL 186.10 -0.30
FactSet FDS 191.88 0.2 IntlFlavors IFF 153.97 2.4
AveryDennison AVY 107.04 -0.03 Chubb CB 149.80 0.60 58.com WUBA 67.44 -0.79 LabCpAm LH 152.39 0.65 PinnacleFoods PF 53.66 0.57 Tuesday, November 7, 2017
FairIsaac FICO 153.47 0.9 JaggedPeakEner JAG 15.20 -0.5
AxaltaCoating AXTA 33.06 0.26 ChunghwaTelecom CHT 33.83 -0.11 s FirstAmerFin FAF 55.37 -0.29 LambWeston LW 51.66 -0.40 PinnacleWest PNW 89.72 0.81 52-Wk % 52-Wk % 52-Wk % FidelityNatlFin FNF 38.55 -0.9 JapanSmlCap JOF 13.38 1.4
BB&T BBT 48.23 -1.25 Church&Dwight CHD 43.76 0.44 FirstData FDC 16.84 -0.54 s LasVegasSands LVS 67.34 0.79 PioneerNatRscs PXD 161.67 2.87 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FirstAmerFin FAF 56.40 -0.5 JonesLangLaSalle JLL 144.69 2.5
BCE BCE 47.74 0.01 s Cigna CI 205.49 0.49 FirstRepBank FRC 93.70 -0.73 Lazard LAZ 46.39 -0.72 PlainsAllAmPipe PAA 21.47 0.70 FirstIndRlty FR 31.87 0.2 KB Home KBH 28.55 1.5
AquaAmerica WTR 36.33 0.6 Carters CRI 100.24 -0.4
BHPBilliton BHP 43.23 -0.18 CimarexEnergy XEC 125.97 0.61 FirstEnergy FE 33.14 0.37 Lear LEA 174.44 -0.03 PlainsGP PAGP 22.03 1.12
BHPBilliton BBL 38.37 -0.27 Citigroup C 72.71 -1.09 FleetCorTech FLT 177.00 -2.86 Leggett&Platt LEG 45.94 0.08 PolarisIndustries PII 114.56 -0.72 NYSE highs - 167 Aquantia AQ
AristaNetworks ANET
12.05
214.99
14.6
1.4
CatchMarkTimber CTT
ChathamLodging CLDT
13.24
23.27
1.5
0.4
GTT Comm
Gallagher
GTT
AJG
37.35
64.45
0.3
-0.7
KeysightTechs KEYS
KosmosEnergy KOS
45.65
8.62
0.7
0.7
s BP BP 41.48 0.07 CitizensFin CFG 37.67 -1.05 Fluor FLR 48.08 -0.49 Leidos LDOS 62.58 -0.37 Potash POT 19.17 -0.10 AT&T Nts 2066 TBB 25.37 0.4 ArtisanPtrsAsset APAM 36.88 -0.4 ChinaFund CHN 21.48 0.6 GasLog GLOG 19.20 1.3 Kyocera KYO 71.24 3.0
BRF BRFS 12.84 -0.21 Clorox CLX 129.70 1.97 FomentoEconMex FMX 86.73 -1.02 Lennar A LEN 56.48 0.34 Praxair PX 148.95 1.48 AberdeenGrChinaFd GCH 12.42 1.3 AspenAerogels ASPN 4.97 -0.8 ChoiceHotels CHH 76.41 ... GenAmInv GAM 36.59 ... LasVegasSands LVS 68.41 1.2
BT Group BT 16.50 -0.27 Coca-Cola KO 45.94 0.47 FordMotor F 12.16 -0.17 Lennar B LEN.B 48.66 0.27 s PrincipalFin PFG 69.11 -0.11 AberdeenJapanEqu JEQ 9.27 0.1 BBX CapitalA BBX 8.92 7.9 Cigna CI 206.45 0.2 GoDaddy GDDY 49.36 2.9 LibertyAllStar USA 6.23 ...
BWX Tech BWXT 60.04 -0.99 Coca-Cola Euro CCE 37.89 -1.97 ForestCIty A FCE.A 24.99 -0.02 LennoxIntl LII 191.65 0.37 Procter&Gamble PG 86.98 0.93 AberdeenSingapore SGF 12.54 0.8 BP BP 41.55 0.2 CLSelPrTechGrFd STK 24.15 0.5 GraniteConstr GVA 67.20 1.1 LibertyProperty LPT 44.55 0.9
BakerHughes BHGE 33.40 -0.52 FTS 37.73 -0.08 s Progressive PGR 50.49 0.28 AlexandriaRealEst ARE 126.62 0.3 BlkRkMuniIncm BBF 15.59 0.2 ConchoRscs CXO 147.77 0.1 GreatPlainsEner GXP 33.94 1.0 LiveNationEnt LYV 45.70 2.2
Coca-Cola Femsa KOF 67.51 -0.70 Fortis LeucadiaNatl LUK 25.88 -0.10
AllianzGIDivIncm ACV 22.42 0.5 9.16 0.3 54.07 -0.4 GuggStratOpps GOF 21.51 0.3 Loews L 49.99 -0.4
Ball BLL 41.05 -0.40 Colgate-Palmolive CL 70.90 0.65 Fortive FTV 73.47 0.61 s LibertyProperty LPT 44.42 0.38 s Prologis PLD 66.53 -0.01 BlkRkRscs&Comm BCX ConocoPhillips COP
Allstate ALL 100.31 0.1 BlkRkSci&Tech BST 27.23 -1.1 ConEd ED 87.70 1.6 Haemonetic HAE 52.82 10.0 Luxfer LXFR 13.84 5.2
BancoBilbaoViz BBVA 8.32 -0.15 ColonyNorthStar CLNS 12.36 -0.06 FortBrandsHome FBHS 64.46 0.24 EliLilly LLY 83.28 0.34 PrudentialFin PRU 111.94 -0.45 MI Homes MHO 34.39 -1.5
AlonUSAPartners ALDW 13.97 -1.8 Boeing BA 267.28 0.8 CubeSmart CUBE 28.84 0.9 HanoverIns THG 107.12 1.1
BancodeChile BCH 91.28 0.79 Comerica CMA 77.16 -2.38 Franco-Nevada FNV 83.49 -1.01 LincolnNational LNC 75.40 -1.24 Prudential PUK 48.40 -0.47 Ameren AEE 63.01 1.2 HighlandFROpps HFRO 15.71 0.9 MSCI MSCI 128.00 -1.3
CBRE Group CBG 41.25 0.3 CurtissWright CW 120.54 -0.2
BancoMacro BMA 119.22 -4.07 SABESP SBS 8.73 -0.34 FranklinRscs BEN 41.78 -0.81 LionsGate A LGF.A 29.16 0.45 PublicServiceEnt PEG 49.95 0.30 AEP AEP 75.19 2.0 CNA Fin CNA 55.62 -0.3 DCT Industrial DCT 60.24 0.5 Hilton HLT 73.76 -1.1 MainStreetCap MAIN 41.79 0.9
BcoSantChile BSAC 30.76 -0.26 ConagraBrands CAG 33.76 0.44 Freeport-McMoRan FCX 14.55 -0.09 LionsGate B LGF.B 28.38 0.52 PublicStorage PSA 211.49 2.17 AmEqtyLf AEL 31.05 1.5 CVR Energy CVI 32.42 -0.1 Danaher DHR 93.29 0.6 HollyFrontier HFC 42.47 0.6 Manitowoc MTW 10.53 -1.9
BancoSantander SAN 6.46 -0.10 s ConchoRscs CXO 146.71 0.09 FreseniusMed FMS 48.59 0.08 s LiveNationEnt LYV 45.45 0.97 s PulteGroup PHM 30.44 -0.06 AmericanExpress AXP 96.90 -1.0 CVR Refining CVRR 13.00 1.2 Deere DE 136.69 0.3 HondaMotor HMC 33.59 ... Manpower MAN 126.40 ...
BanColombia CIB 37.53 0.25 s ConocoPhillips COP 53.48 -0.19 GGP GGP 22.20 3.19 LloydsBanking LYG 3.59 -0.03 Qudian QD 27.52 0.42 Anthem ANTM 220.75 0.5 CanNaturalRes CNQ 36.79 -1.5 DelekUS DK 28.69 0.3 Honeywell HON 147.04 0.9 MarathonPetrol MPC 63.12 1.2
BankofAmerica BAC 27.18 -0.57 s ConEd ED 87.69 1.37 s Gallagher AJG 63.71 -0.43 LockheedMartin LMT 313.29 3.21 QuestDiag DGX 92.66 -0.49 ApolloGlMgmtPfdA APOpA 26.44 0.1 Canon CAJ 38.19 1.3 EPAM Systems EPAM 101.55 0.8 HoraceMannEdu HMN 45.70 0.8 Continued on Page B9

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THE WALL STREET JOURNAL. NY Wednesday, November 8, 2017 | B9

NEW HIGHS AND LOWS |WSJ.com/newhighs

Continued From Page B8 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Stock Sym Hi/Lo Chg VirtusGlbMulti VGI 18.98 1.5 PitneyBowes PBI 10.60 -2.9 GuggChinaAllCap YAO 35.70 0.1 ProShS&P500xEner SPXE 54.15 0.2 WisdTrUSTotalEarn EXT 92.23 0.4 FT Nasd100Tech QTEC 73.72 -0.2 PwrShDWAMom DWLV 30.62 -0.3 DarioHealth DRIO 1.40 -7.0
MatadorResources MTDR 29.48 0.5
VMware
Vonage
VMW 121.14 1.0 PitneyBowesNt43 PBIpB
VG 8.94 6.8 PrestigeBrands PBH
24.87 -0.7
42.13 -1.3
GuggChinaTech CQQQ
GuggDefEqty DEF
62.66
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109.90
119.74
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31.05
29.25
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52.79
61.14
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0.5
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PwrShDynTech PTF
103.67
54.60
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DiffusionPharm DFFN
0.85 -5.0
1.27 -6.2
McDonalds MCD 170.82 0.4
W.P.Carey WPC 71.30 1.9 RR Donnelley RRD 7.86 -2.7 GuggS&P500PureGr RPG 104.18 -0.2 ProShXinhuaChina25 XPP 83.83 1.1 XtrkrsMSCIAllChina CN 37.70 0.7 Biotime BTX 2.23 -3.4 GDSHoldings GDS 18.15 6.3 PwrShGlbWater PIO 25.46 -0.2 ElevenBiotherap EBIO 0.65 -6.6
MichaelKors KORS 55.25 ...
Watsco WSO 167.71 0.9 RubiconProject RUBI 1.83 -5.0 GuggS&P400PureVal RFV 66.10 -1.2 ProShrUltraFnl UYG 120.54 -1.7 XtrkrsMSCIAWxUS DBAW 28.28 -0.2 Cohen COHN 8.65 1.2 GRAVITY GRVY 70.00 11.0 PwrShIntlBuyBack IPKW 35.87 0.3 Essendant ESND 8.98 -2.4
MonmouthRealEst MNR 17.45 ...
WeightWatchers WTW 54.47 13.5 SafetyIncome SAFE 17.27 -3.4 GuggInsider NFO 60.89 ... ProShrUltraJapan EZJ 127.85 1.8 XtrkrsMSCIAPxJapan DBAP 29.32 0.6 Gabelli6%CumPfdA GLUpA 47.33 0.4 GSV Capital GSVC 6.06 4.6 PwrShQQQ 1 QQQ 154.08 0.1 FAT Brands FAT 8.10 -4.0
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Penumbra PEN 104.75 ... AlaskaAir ALK 62.17 -2.7 SPDRMFSSysValueEqu SYV 64.16 -0.5 Apple AAPL 175.25 0.3 Gulf Resources GURE 1.50 -3.8
iShEdgeMSCIMinJapn JPMV 67.85 0.8 DirexCSI300CnA CHAD 31.53 -0.7 H&E Equipment HEES 34.40 ... StarsGroup TSG 21.15 0.7
PortlandGenElec POR 48.56 1.6 SPDRMSCIACWIIMI ACIM 77.50 0.1 Hawkins HWKN 34.55 -2.6
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Barnes&NobleEduc BNED 5.02 -4.2 ALPS EqSecWgh EQL 67.80 ... DirexS&P500Br3 SPXS 33.09 0.2 BallardPower BLDP 5.94 -5.3
iShJPX-Nikkei400 JPXN 64.72 0.8 SPDR Ptf TSM SPTM 32.24 -0.1 HorizNasd100 QYLD 24.50 ... TechTarget TTGT 12.75 0.5 Innodata INOD 1.10 4.3
PrincipalFin PFG 69.95 -0.2 BlueApron APRN 3.03 -21.4 ARKWebx.0ETF ARKW 43.75 -0.6 31.64 0.1 CadenceDesign CDNS 44.67 ... Hortonworks HDP
iShMSCIAllPeruCap EPU 42.76 -1.5 DirexS&P500Br1 SPDN 18.93 -3.7 TexasInstruments TXN 99.05 -0.1
Progressive PGR 51.00 0.6 BrookdaleSrLiving BKD 8.78 -14.4 AdvShNewTech FNG 23.22 -0.4 SPDRSSgAMultiAsset RLY 25.94 -0.3 CatalystPharma CPRX 3.24 -1.0 iPass IPAS 0.49 -8.3
iShMSCIBRICETF BKF 44.88 -0.7 DirexSemiBear3 SOXS 14.62 0.3 ICU Medical ICUI 195.40 0.1 TransActTechs TACT 14.15 4.7
Prologis PLD 67.10 ... Build-A-Bear BBW 7.45 -2.6 S&PVEQTOR VQT 153.35 0.6 SchwabFundUSBrd FNDB 35.76 -0.1 Cavium CAVM 77.50 -0.2 IPG Photonics IPGP iShMSCIQatarCapped QAT 14.58 -2.1
iShMSCIGloblEnProd FILL 21.45 0.1 DirexTechBear3 TECS 7.10 -0.4 223.63 1.0 TrilliumTherap TRIL 10.45 8.0
PulteGroup PHM 30.73 -0.2 CBL Assoc CBL 5.48 1.3 CSOPFTSEChinaA50 AFTY 18.25 0.7 SchwabFundUSLrgCo FNDX 35.94 -0.1 CboeGlobalMkts CBOE 116.56 -0.9 Immucell JaguarHealth JAGX 0.16 -6.2
iShMSCIJapanETF EWJ 59.69 0.8 FrankFTSEAustralia FLAU 25.07 ... ICCC 8.82 4.0 TwinDisc TWIN 25.94 -1.9
QTS Realty QTS 60.22 -0.8 CNX Coal CNXC 13.85 0.8 CSOPMSCIChinaAInt CNHX 29.84 1.2 Schwab1000Index SCHK 25.47 -0.1 CentennialRsc CDEV 22.11 1.4 InfinityPropCas IPCC KEYW KEYW 4.94 -1.4
iShMSCIJapanSC SCJ 77.46 0.3 FrankFTSEBrazil FLBR 24.48 -1.0 103.68 10.4 USA Tech USAT 6.80 4.8
QuakerChemical KWR 164.01 0.1 ChannelAdvisor ECOM 8.45 -0.6 ClearSharesOCIO OCIO 26.29 0.2 SchwabUS BrdMkt SCHB 62.70 -0.2 ChartIndustries GTLS 45.90 -0.4 Insulet LexiconPharm LXRX 9.52 -1.5
iShMSCIKLD400Soc DSI 95.81 -0.1 FrankFTSECanada FLCA 24.93 -0.4 PODD 72.26 2.6 USA Truck USAK 15.89 -1.4
QuintilesIMS Q 110.67 -0.3 Crawford A CRD.A 6.78 -0.3 DiamondHillVal DHVW 30.88 -0.2 SchwabUS LC SCHX 61.96 -0.1 ChinaInternet CIFS 48.00 18.1 IntegratedDevice IDTI LibertyTripAdvB LTRPB 10.90 -16.0
iShMSCIWorldETF URTH 86.43 -0.2 FrankFTSEEurope FLEE 24.99 -0.6 33.60 0.8 UniversalDisplay OLED 167.85 2.6
Rayonier RYN 31.23 0.8 DeanFoods DF 9.04 -1.1 DirexCSI300CnABl2 CHAU 29.42 1.1 SchwabUS LC Grw SCHG 68.81 -0.1 ChromaDex CDXC 4.98 12.5 Intricon LibertyTripAdvA LTRPA 8.45 -26.1
iShMorningstarLC JKD 155.64 0.3 FrankFTSEGermany FLGR 25.41 -0.4 IIN 14.20 13.2 VangdRuss1000 VONE 119.06 -0.1
RiverNorthMktPfA RMPLp 25.43 0.6 DoverDowns DDE 0.93 ... DirexChinaBl3 YINN 34.79 1.8 SchwabUS MC SCHM 51.59 -0.5 ClearBr AC Grw CACG 26.90 0.1 IntuitiveSurgical ISRG LifePointHealth LPNT 45.00 -1.1
iShMornLCGrowth JKE 153.00 -0.1 FrankFTSE SKorea FLKR 25.60 -1.2 391.23 1.6 VangdRuss1000Grw VONG 134.49 ...
RoperTech ROP 261.37 0.8 EldoradoGold EGO 1.20 -3.2 DirexFinlBull3 FAS 62.48 -2.4 SPDR DJIA Tr DIA 235.88 ... ClearBrDivStrat YLDE 26.73 0.2 iShAsia50ETF AIA ManhattanAssoc MANH 40.75 0.3
iShRussell1000Gwth IWF 131.17 ... FrankFTSE UK FLGB 25.06 ... 66.09 0.1 VSInverseVIXSTerm XIV 114.46 -0.5
RoyalCaribbean RCL 133.75 3.1 EnvisionHlthcr EVHC 25.44 -4.2 DirexJapanBl3 JPNL 75.93 2.5 SPDR S&P 500 SPY 259.35 -0.1 Cognex CGNX 136.88 1.1 iShCoreS&PUSGrowth IUSG MinervaNeurosci NERV 5.35 -6.1
iShRussell1000ETF IWB 144.35 -0.1 GuggBS2025HYCpBd BSJP 24.90 -0.1 52.76 ... VeriskAnalytics VRSK 92.92 1.3
RoyceValue RVT 16.13 -0.9 Evertec EVTC 14.05 -2.1 DirexS&P500Bl3 SPXL 41.90 -0.1 SPDR SP China GXC 108.93 0.3 CommVehicle CVGI 10.15 20.8 iShMSCIACWIETF ACWI NaturalHlthTrends NHTC 17.01 -6.9
iShRussell3000ETF IWV 153.66 -0.2 NuShEnhYd1-5Y NUSA 24.92 ... 70.85 -0.1 VicShUS500EnhVol CFO 46.90 -0.2
SabineRoyalty SBR 43.75 0.3 EvolentHealth EVH 10.35 0.9 DirexS&P500Bl1.25 LLSP 34.71 0.1 SPDR SP EmAsPac GMF 104.74 -0.1 CoStarGroup CSGP 301.47 -0.2 iShMSCIACxJpn AAXJ Net1UEPS UEPS 8.87 2.8
iShRussellMid-Cap IWR 201.99 -0.3 ProShShtDow30 DOG 15.71 0.1 76.58 -0.5 VicShUS500Vol CFA 46.94 -0.2
Salesforce.com CRM 105.00 0.3 Fabrinet FN 28.60 -9.0 DirexSemiBl3 SOXL 163.66 -0.3 SPDR S&P Semi XSD 73.30 -0.9 Cresud CRESY 23.69 1.0 iShMSCIChinaETF MCHI NumereX NMRX 3.47 -5.9
iShRussellTop200Gr IWY 71.38 0.1 ProShShXinhuaCh25 YXI 19.45 -0.6 67.45 0.4 ViperEnergyPtrs VNOM 20.81 -1.4
ScottsMiracleGro SMG 102.50 3.3 FT SrFR2022 FIV 9.31 -0.9 DirexTechBull3 TECL 111.45 0.2 TechSelectSector XLK 63.72 ... CypressSemi CY 16.77 1.1 iShPHLXSemicond SOXX OxfordImmunotec OXFD 12.19 -2.3
iShRussellTop200 IWL 59.70 -0.1 ProShShtFinls SEF 11.96 1.1 178.75 -0.1 WisdTrChinaxSOE CXSE 84.87 0.6
SempraEnergy SRE 120.86 1.4 FootLocker FL 28.85 -1.4 EmgMktInternetEcom EMQQ 38.16 -0.4 UBS FIEnhLCGrw FBGX 214.14 -0.3 DavisWorldwide DWLD 25.81 -0.5 JackHenry PCM PCMI 9.85 -29.3
iShS&P100 OEF 114.94 ... ProShShortQQQ PSQ 36.01 -0.1 JKHY 113.25 0.7 WisdTrUSQltyDiv DGRW 39.53 0.3
ServiceCorp SCI 36.56 -0.4 GNC Holdings GNC 6.19 -7.6 ETFMG PrimeMob IPAY 34.19 -1.0 iShS&P500Growth IVW 149.82 0.1 US3xOilFd USOU 39.72 -0.2 DiamondbackEner FANG 114.93 -1.7 Kulicke&Soffa KLIC 23.82 -0.6 PacBiosciCA PACB 2.73 -4.5
ProShShtRE REK 15.81 -0.7 XOMA XOMA 30.48 18.3
SimonPropPfdJ SPGpJ 77.98 4.4 GameStop GME 17.07 -4.0 ETFMG VideoGame GAMR 46.34 ... iShGlobalTechETF IXN 155.99 0.1 VanEckCSI300 PEK 48.25 0.8 DicernaPharma DRNA 8.48 1.1 LGI Homes LGIH 65.33 5.1 PapaJohn's PZZA 57.38 -1.7
ProShShrtS&P500 SH 31.18 0.1 Xilinx XLNX 75.14 -0.8
SolarisOilfield SOI 18.12 7.7 GeneralMills GIS 49.65 1.7 FidelityMSCIIT FTEC 50.25 ... iShDowJonesUS IYY 129.87 -0.2 VanEckGaming BJK 43.71 0.3 DoubleEagleWt EAGLW 1.11 3.7 LendingTree TREE 280.80 -3.0 ProShUltraProShQQQ SQQQ 22.46 -0.1
ProShUltVIXST UVXY 14.56 1.1 ZAGG ZAGG 19.60 1.3
Sony SNE 46.03 0.3 GlaxoSmithKline GSK 35.70 -0.9 FidelityMomFactor FDMO 30.87 -0.2 iShChinaLC FXI 46.92 0.6 VanEckOilRefin CRAK 29.34 -0.6 DraperOakwoodRt DOTAR 0.52 16.7 LigandPharm LGND 147.18 -0.2 ProteostasisTher PTI 1.53 -7.0
ProShUltShtDow30 SDOW 22.78 -0.1
84.75 -0.9 VanEckSemiconduc SMH 104.35 -0.2 QuantennaComms QTNA 9.60 -32.4
SpiritAeroSys SPR
StanleyBlackDeckUn SWP 123.60 -0.6
GranitePointMtg GPMT 17.34 -2.2 FidelityValFactor FVAL
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SunCommunities SUI 93.84 -0.1 KimberlyClark KMB 109.67 1.9 FT USEquityOpp FPX 66.44 -0.4 JPM DivRetGlEq JPGE 61.69 -0.1 VangdGrowth VUG 137.87 0.1 Equinix EQIX 493.80 -0.7 MicrochipTech MCHP 95.92 -4.1 AlcentraCapital ABDC 8.00 -4.4 RevolutionLight RVLT 4.50 -7.2
ProShrUS MSCI Jpn EWV 27.07 -1.3
SuncorEnergy SU 36.10 1.0 KingswayFin KFS 5.30 -2.7 FrankFTSECanada FLCA 25.09 -0.4 JPM DivRetIntl JPIH 30.53 0.5 VangdLC VV 119.09 ... Everbridge EVBG 29.64 4.4 MonolithicPower MPWR 125.75 -0.7 AmbacFin AMBC 15.45 -1.2 RitterPharm RTTR 0.29 -10.1
ProShUltShtQQQ QID 13.75 -0.1
TaiwanFund TWN 21.83 0.5 LSC Comm LKSD 14.13 -5.6 FrankFTSEChina FLCH 25.60 0.2 KraneBoseraChinaA KBA 34.91 0.6 VangdMegaCap MGC 89.19 ... ExpeditorsIntl EXPD 62.63 7.9 NVE NVEC 88.62 -1.1 AquinoxPharm AQXP 10.85 -4.3 Sanfilippo JBSS 55.10 -1.9
ProShrUSRlEst SRS 29.10 -1.5
TaiwanSemi TSM 42.71 0.2 Luby's LUB 2.36 -2.1 FrankFTSEJapan FLJP 26.25 0.6 NatixisSeeyondIntl MVIN 46.12 0.1 VangdMegaGrwth MGK 109.02 0.1 ProShUltShtS&P500 SDS 43.86 0.1 Fanhua FANH 18.43 12.3 NatlEnerSvs NESR 9.80 0.5 ArcadiaBiosci RKDA 0.26 0.6 SearsHoldings SHLD 4.96 -4.6
TeledyneTech TDY 184.63 0.4 Macy's M 17.41 -3.5 FrankFTSEJapanHdg FLJH 26.20 0.8 OShFTSEAsiaPacQlty OASI 32.08 1.6 VangdS&P500 VOO 238.22 ... ProShrUSTech REW 16.48 0.3 FidelityNasdComp ONEQ 267.62 -0.3 NektarTherap NKTR 27.40 10.5 BedBath BBBY 19.07 -3.6 SelectaBiosci SELB 10.05 -54.0
Teradyne TER 43.65 0.2 Mallinckrodt MNK 19.00 -35.5 FrankFTSEMexico FLMX 25.18 0.6 OppenheimFclsSect RWW 67.98 -1.1 VangdS&P500 Grw VOOG 134.45 ... ProShrUSUtil SDP 23.29 -2.3 FT CapStrength FTCS 49.49 0.4 Neurocrine NBIX 75.40 ... Big5SportingGoods BGFV 6.00 3.3 Shutterfly SFLY 39.76 1.5
Total TOT 56.98 -0.2 MosaicAcqnUn MOSC.U 10.05 0.2 FrankUSLowVol FLLV 29.37 0.2 PwrShUsRealEst PSR 82.76 0.8 VangdTotalStk VTI 133.33 -0.2 ProShsVIXSTFut VIXY 27.49 0.6 FT CloudComp SKYY 44.35 -0.5 NewsCorp A NWSA 14.53 -0.9 BurconNutraScience BUR 0.42 -12.4 TearLab TEAR 1.12 -0.8
ToyotaMotor TM 127.50 1.5 NCR NCR 29.96 -1.0 GlbX ChinaEner CHIE 11.94 0.8 PwrShDynSemicon PSI 54.44 -0.5 VangdTotlWrld VT 72.76 -0.2 USAA USA SC Val USVM 49.23 -0.8 FT DorseyFoc5 FV 27.21 -0.7 NVIDIA NVDA 212.90 1.1 CHF Solutions CHFS 5.51 -8.1 Teligent TLGT 2.82 -43.6
TrancntlRlty TCI 30.51 1.1 Netshoes NETS 9.41 -12.0 GlbX GuruIndex GURU 28.99 -0.6 PwrShFTSE US1000 PRF 109.43 -0.1 WisdTrCBOES&P500 PUTW 29.76 0.2 VelocityShLIBOR DLBR 23.07 -0.6 FT NasdTechDiv TDIV 34.81 -0.1 ON Semi ON 22.03 0.9 CalFstNBcp CFNB 13.10 -7.1 Trevena TRVN 1.35 -1.3
Tri-Continental TY 26.25 -0.7 NewIrelandFundRt IRLrw 0.27 -10.0 GlbXLithium&Batt LIT 40.10 1.2 PwrShRussMC EW EQWM 46.16 0.6 WisdTrEMxSOE XSOE 31.21 -0.3 FT EnhShtMat FTSM 60.09 ... Orbotech ORBK 53.95 -0.2 Cardtronics CATM 16.64 -3.7 TripAdvisor TRIP 30.21 -23.2
TritonIntl
UnitedRentals URI
TRTN 41.43
149.45
0.3
-0.6
Nordstrom
OFGBancorp
JWN
OFG
38.14 -2.4 GlbXMSCIArgentina ARGT
8.00 -5.3 GlbXSciBetaAsiaXJ SCIX
33.30
26.36
-1.7
0.3
PwrShRussTop200 EQWL
PwrShRussTop200G PXLG
51.20
44.75
...
-0.3
WisdTrGlbxUSDiv DXUS
WisdTrJpnCapGds DXJC
27.10
29.13
...
1.1
NYSE American highs - 4 FT GlbNatRscs FTRI
FT JapanAlpha FJP
12.33 -0.5 OrigoAcqnRt
58.81 0.8 Otelco
OACQR
OTEL
0.60
11.03
1.7
7.0
Ceragon
Cherokee
CRNT
CHKE
1.77 ...
1.72 1.3
VeecoInstr VECO
VS2xVIXShortTerm TVIX
15.95 -2.4
7.95 1.2
UnumGroup UNM 53.36 -0.7 Omnicom OMC 65.45 -1.5 GlbXSciBetaJapan SCIJ 32.38 1.0 PwrShS&P500LoVol SPLV 46.94 0.4 WisdTrJpnHdgQuDiv JHDG 29.31 0.8 CloughGlbEqFd GLQ 13.92 0.1 FT LC CoreAlpha FEX 56.52 -0.1 PayPal PYPL 75.45 -0.4 CoherusBioSci CHRS 10.07 -9.2 VSVIXShortTerm VIIX 13.97 0.6
Visa V 112.47 0.2 PandoraMedia P 4.93 -6.4 GSActiveBetaEM GEM 35.16 -0.7 PwrShS&P500xRate XRLV 32.76 0.3 WisdTrJapanHdg DXJ 59.17 1.0 NE Realty NEN 74.00 1.9 FT LC US Equity RNLC 20.97 -0.3 Perceptron PRCP 9.66 24.2 ConsldComm CNSL 14.56 -4.2 Veracyte VCYT 5.75 -21.4
VailResorts MTN 237.77 -0.4 PenneyJC JCP 2.35 -6.3 GSActiveBetaJapan GSJY 33.38 1.0 PwrShS&P500Mom SPMO 33.76 -1.0 WisdTrJpnHlthCare DXJH 36.22 0.3 PowerREIT PfdA PWpA 26.55 0.6 FT MC GrwthAlpha FNY 38.41 -0.8 PinnacleEnt PNK 27.37 -1.4 Criteo CRTO 36.02 -4.6 Vical VICL 1.66 -8.3
VirtusGlbDiv&Incm ZTR 13.68 0.4 PennyMacTr PMT 14.87 0.1 GSActiveBetaUSLC GSLC 51.53 -0.1 PwrShS&P400LowVol XMLV 45.43 ... WisdTrJapanSC DFJ 78.15 0.3 SparkNetworks LOVw 12.50 19.6 FT MCGrAlpDX FAD 64.06 -0.8 PlugPower PLUG 3.21 -2.9 Curis CRIS 1.23 -15.9 ZealandPharma ZEAL 14.57 -3.7

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 Fund
Net YTD
NAV Chg %Ret
ExtMktIdxPrem r62.30 -0.53 13.5 GlbA 60.74 -0.06 11.9 Metropolitan West BlChip 97.53 -0.49 34.3 VANGUARD ADMIRAL ValAdml 39.80 -0.05 11.9 Welltn 42.85 -0.02 11.7
Explanatory Notes Data provided by IntlIdxPrem r 43.35 -0.07 22.8 FPA Funds TotRetBd NA ... NA CapApp 29.74 -0.02 13.6 500Adml 239.48 -0.05 17.6 WdsrllAdml 69.19 -0.11 12.1 WndsrII 38.99 -0.06 12.0
SAIUSLgCpIndxFd13.90 -0.01 17.6 FPACres 35.20 -0.16 9.2 TotRetBdI NA ... NA EqInc 34.78 -0.13 12.0 BalAdml 34.15 -0.03 11.4 WellsIAdml 65.50 ... 8.5 VANGUARD INDEX FDS
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of TMktIdxF r 75.10 -0.12 16.9 FrankTemp/Frank Adv TRBdPlan NA ... NA EqIndex 69.64 -0.01 17.4 CAITAdml 11.86 +0.03 5.2 WelltnAdml 74.00 -0.04 11.8 500 239.45 -0.05 17.5
at least $500 million each. NAV is net asset value. Percentage performance figures TMktIdxPrem 75.08 -0.13 16.9 IncomeAdv 2.35 -0.01 7.7 MFS Funds Class I Growth 70.37 -0.28 32.2 CapOpAdml r155.13 -0.37 24.9 WndsrAdml 79.29 -0.27 15.5 ExtndIstPl 201.93 -1.73 13.5
are total returns, assuming reinvestment of all distributions and after subtracting USBdIdxInstPrem11.63 ... 3.4 FrankTemp/Franklin A ValueI 40.49 -0.14 13.0 HelSci 74.66 -0.16 26.4 EMAdmr 37.25 -0.12 27.6 VANGUARD FDS SmValAdml 54.95 -0.51 7.0
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. Fidelity Advisor I CA TF A p 7.51 +0.04 6.1 MFS Funds Instl InstlCapG 39.65 -0.19 35.6 EqIncAdml 76.47 -0.05 14.1 DivdGro 26.32 +0.03 14.1 TotBd2 10.76 ... 3.5
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date NwInsghtI 33.48 -0.12 25.4 Fed TF A p 12.01 +0.03 3.5 IntlEq 25.47 -0.08 25.7 IntlStk 19.28 -0.10 26.1 ExtndAdml 81.83 -0.70 13.5 HlthCare r 210.49 -0.17 17.1 TotIntl 17.97 -0.06 24.3
return. 3-YR%RET is trailing three-year return annualized. Fidelity Freedom IncomeA p 2.37 -0.01 7.5 Mutual Series IntlValEq 15.29 -0.04 19.4 GNMAAdml 10.54 ... 2.3 INSTTRF2020 22.59 -0.02 12.2 TotSt 64.64 -0.10 16.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e FF2020 16.76 -0.03 13.6 RisDv A p 60.92 +0.12 16.7 GlbDiscA 32.43 -0.14 7.8 MCapGro 91.87 -0.41 21.9 GrwthAdml 70.86 +0.05 24.8 INSTTRF2025 22.86 -0.03 13.7 VANGUARD INSTL FDS
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, FF2025 14.50 -0.03 14.5 FrankTemp/Franklin C Oakmark Funds Invest MCapVal 31.20 -0.12 7.4 HlthCareAdml r 88.80 -0.07 17.1 INSTTRF2030 23.05 -0.03 15.0 BalInst 34.16 -0.03 11.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r FF2030 18.17 -0.04 17.0 Income C t 2.40 -0.01 7.4 EqtyInc r 33.92 -0.12 11.5 N Horiz 55.50 -0.47 28.1 HYCorAdml r 5.95 -0.01 6.8 INSTTRF2035 23.24 -0.04 16.2 DevMktsIndInst 14.24 -0.05 23.6
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Freedom2020 K 16.76 -0.03 NS FrankTemp/Temp A Oakmark 84.95 -0.47 17.2 N Inc 9.52 ... 3.9 InfProAd 25.89 +0.03 2.5 INSTTRF2040 23.43 -0.05 17.5 DevMktsInxInst 22.26 -0.07 23.6
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Freedom2025 K 14.50 -0.03 NS GlBond A p 12.18 -0.02 3.8 OakmrkInt 28.86 -0.23 27.1 OverS SF r 11.41 -0.03 25.8 IntlGrAdml 95.24 -0.36 41.5
INSTTRF2045 23.58 -0.04 18.1
ExtndInst 81.82 -0.71 13.5
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Freedom2030 K 18.18 -0.03 NS Growth A p 26.82 -0.05 13.8 Old Westbury Fds R2020 23.26 -0.04 14.0 ITBondAdml 11.45 ... 4.2 GrwthInst 70.87 +0.06 24.8
IntlVal 39.48 -0.10 24.3
Freedom2035 K 15.24 -0.04 NS FrankTemp/Temp Adv LrgCpStr 14.94 -0.04 16.4 R2025 17.94 -0.04 15.7 ITIGradeAdml 9.83 ... 4.5 InPrSeIn 10.55 +0.02 2.6
LifeGro 33.23 -0.06 16.3
Freedom2040 K 10.71 -0.03 NS GlBondAdv p 12.13 -0.02 4.0 Oppenheimer Y R2030 26.44 -0.06 17.4 LTGradeAdml 10.69 ... 10.1 InstIdx 236.27 -0.05 17.6
Tuesday, November 7, 2017 DevMktY R2035 19.33 -0.06 18.7 MidCpAdml 184.73 -0.52
LifeMod 27.00 -0.03 12.9
Fidelity Invest Harbor Funds 42.66 -0.07 33.4 14.5 InstPlus 236.29 -0.05 17.6
Net YTD Net YTD Net YTD PrmcpCor 26.89 -0.04 21.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Balanc 23.73 -0.04 14.4 CapApInst 76.30 -0.14 34.7 IntGrowY 43.22 -0.27 24.6 R2040 27.78 -0.09 19.7 MuHYAdml 11.46 +0.04 7.5
SelValu r 33.29 -0.13 15.7
InstTStPlus 58.01 -0.09 16.8
BluCh 87.87 -0.17 33.1 IntlInst r 69.98 -0.25 19.8 Parnassus Fds Value 38.87 -0.08 15.5 MuIntAdml 14.23 +0.03 4.9 MidCpInst 40.81 -0.11 14.6
ParnEqFd 44.19 +0.15 13.4 PRIMECAP Odyssey Fds MuLTAdml 11.74 +0.04 6.3 STAR 27.27 -0.05 16.0 MidCpIstPl 201.26 -0.57 14.5
American Century Inv Baird Funds US CoreEq2 20.87 -0.12 13.4 Contra 127.15 -0.41 30.0 Harding Loevner
Growth r 35.91 -0.01 25.4 MuLtdAdml 10.97 STIGrade 10.68 -0.01 2.2 SmCapInst 68.40 -0.57
Ultra 45.16 +0.06 29.5 AggBdInst 10.93 +0.01 4.3 US Small 35.80 -0.48 6.5 ContraK 127.15 -0.41 30.1 IntlEq NA ... NA PIMCO Fds Instl ... 2.6
TgtRe2015 15.97 -0.01 10.1
11.7
American Funds Cl A CorBdInst 11.29 +0.01 4.7 US SmCpVal 38.33 -0.65 3.0 Invesco Funds A AllAsset NA ... NA Principal Investors MuShtAdml 15.78 ... 1.4 STIGradeInst 10.68 -0.01 2.3
CpInc r 10.31 -0.04 10.8 TgtRe2020 31.69 -0.03 12.1
AmcpA p 31.97 -0.13 19.1 BlackRock Funds A US TgdVal 24.79 -0.36 4.1 DivIntl 41.52 -0.08 24.7 EqIncA 11.31 -0.05 8.2 TotRt 10.31 ... 5.2 DivIntlInst 13.99 -0.06 27.2 PrmcpAdml r135.82 -0.07 24.8
TgtRe2025 18.58 -0.02 13.6
TotBdInst 10.80 ... 3.6
AMutlA p 41.22 +0.07 13.5 GlblAlloc p 20.36 -0.03 12.0 USLgVa 38.98 -0.12 12.7 John Hancock Class 1 PIMCO Funds A Prudential Cl Z & I REITAdml r 119.55 +0.99 5.1 TotBdInst2 10.76 ... 3.6
GroCo 182.61 -0.42 33.5 TgtRe2030 33.56 -0.05 14.9
BalA p 27.56 -0.02 12.8 BlackRock Funds Inst Dodge & Cox GrowCoK 182.57 -0.42 33.6 LSBalncd 15.99 -0.04 13.3 IncomeFd NA ... NA TRBdZ 14.59 +0.01 6.2 SmCapAdml 68.40 -0.57 11.7 TotBdInstPl 10.80 ... 3.6
PIMCO Funds D Schwab Funds STBondAdml 10.44 ... 1.5 TgtRe2035 20.61 -0.04 16.2 TotIntBdIdxInst 33.02 +0.04 2.5
BondA p 12.97 ... 3.5 EqtyDivd 23.10 -0.08 13.2 Balanced 109.08 -0.61 9.0 InvGB 7.95 ... 3.8 LSGwth 17.17 -0.05 16.8
IncomeFd NA ... NA S&P Sel 40.48 -0.01 17.6 STIGradeAdml 10.68 -0.01 2.3 TgtRe2040 35.50 -0.06 17.5 TotIntlInstIdx r120.22 -0.36 24.5
CapIBA p 63.02 +0.03 12.0 GlblAlloc 20.49 -0.03 12.2 GblStock 13.93 -0.10 17.0 InvGrBd 11.32 ... 4.3 John Hancock Instl
PIMCO Funds Instl TIAA/CREF Funds TotBdAdml 10.80 ... 3.6 TgtRe2045 22.30 -0.04 18.1 TotItlInstPlId r120.24 -0.36 24.5
CapWGrA 52.49 -0.04 21.6 HiYldBd 7.85 ... 7.8 Income 13.85 ... 4.2 LowP r 52.77 -0.19 15.1 DispValMCI 24.01 -0.12 11.8
IncomeFd NA ... NA EqIdxInst 19.39 -0.03 16.9 TotIntBdIdxAdm 22.01 +0.03 2.5 TgtRe2050 35.87 -0.07 18.0 TotStInst 64.68 -0.10 16.9
EupacA p 57.36 -0.07 29.8 StratIncOpptyIns 9.96 -0.01 4.3 Intl Stk 46.54 -0.19 22.2 LowPriStkK r 52.74 -0.19 15.3 JPMorgan Funds
PIMCO Funds P IntlEqIdxInst 20.33 -0.05 22.8 TotIntlAdmIdx r 30.06 -0.09 24.4 TgtRetInc 13.61 -0.01 7.5 ValueInst 39.80 -0.04 11.9
FdInvA p 63.95 -0.14 19.7 Bridge Builder Trust Stock 201.57 -1.66 12.5 MagIn 106.36 -0.38 23.3 MdCpVal L 39.64 -0.20 8.9
IncomeP NA ... NA Tweedy Browne Fds TotStAdml 64.67 -0.10 16.9 TotIntBdIxInv 11.01 +0.02 2.4 Western Asset
GwthA p 51.78 -0.19 23.2 CoreBond 10.22 ... 4.1 DoubleLine Funds OTC 108.51 -0.29 36.2 JPMorgan R Class
Price Funds GblValue 28.47 -0.09 13.7 TxMIn r 14.23 -0.04 23.6 WellsI 27.04 ... 8.4 CorePlusBdI NA ... NA
HI TrA p 10.45 -0.01 6.6 Dimensional Fds TotRetBdI NA ... NA Puritn 23.25 -0.05 16.5 CoreBond 11.67 ... 3.9
ICAA p 41.32 +0.01 15.4 5GlbFxdInc 11.04 ... 2.4 Edgewood Growth Instituti SrsEmrgMkt 21.56 -0.09 37.3 Lazard Instl
IncoA p 23.49 -0.02 10.8 EmgMktVa 30.42 -0.22 28.8 EdgewoodGrInst 29.54 -0.21 33.0 SrsGroCoRetail 17.94 -0.04 34.3 EmgMktEq 19.66 -0.13 23.8
N PerA p 45.18 -0.11 27.9 EmMktCorEq 22.50 -0.12 31.5 Federated Instl SrsIntlGrw 16.27 -0.03 27.1 Loomis Sayles Fds
NEcoA p 47.73 -0.13 32.8 IntlCoreEq 14.27 -0.05 24.6 StraValDivIS 6.39 +0.02 11.2 SrsIntlVal 10.85 -0.02 18.4 LSBondI 14.18 -0.03 7.0 ADVERTISEMENT
NwWrldA 66.71 -0.24 29.7 IntlVal 20.08 -0.04 22.6 Fidelity TotalBond 10.70 ... 4.2 Lord Abbett A

The Mart
SmCpA p 56.54 -0.37 23.0 IntSmCo 21.54 -0.10 25.9 500IdxInst 90.70 -0.01 17.6 Fidelity Selects ShtDurIncmA p 4.27 ... 2.2
TxExA p 13.07 +0.03 5.3 IntSmVa 23.49 -0.08 24.2 500IdxInstPrem 90.70 -0.01 17.6 Biotech r 218.09 -2.02 25.3 Lord Abbett F
WshA p 45.57 -0.04 15.5 US CoreEq1 22.02 -0.08 15.6 500IdxPrem 90.69 -0.02 17.6 First Eagle Funds ShtDurIncm 4.27 ... 2.5
To advertise: 800-366-3975 or WSJ.com/classifieds

Exchange-Traded BANKRATE.COM® MMA, Savings and CDs AUCTION BUSINESS OPPORTUNITIES

Portfolios Average Yields of Major Banks Tuesday, November 7, 2017
WSJ.com/ETFresearch NOTICE OF PUBLIC SALE
Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
On November 30, 2017 at 4:00 p.m. (PDT), at 401 B
Largest 100 exchange-traded funds, latest National average Street, Suite 1200, San Diego, CA 92101, pursuant to
session Savings 0.12 0.07 0.07 0.13 0.20 0.36 0.47 0.46 0.94 the authority of the Security Agreement and other
Tuesday, November 7, 2017 Jumbos 0.22 0.07 0.08 0.14 0.22 0.38 0.51 0.49 0.99 related agreements between Marina Enterprises, Inc.,
Closing Chg YTD Weekly change or its assignee ("Marina"), and California Board
ETF Symbol Price (%) (%) Savings 0.01 0.00 0.00 0.00 -0.01 0.00 -0.01 -0.01 -0.01 Sports Inc. (the "Debtor") and applicable provisions of
AlerianMLPETF AMLP 11.00 0.73 –12.7 Jumbos 0.01 0.00 0.00 0.00 -0.01 -0.01 -0.02 -0.01 -0.01 the CA Comm. Code, Marina will at a public sale after
CnsmrDiscSelSector XLY 91.82 –0.60 12.8
CnsStapleSelSector XLP 53.16 1.12 2.8
default, sell in bulk, or in units, to the highest cash
DBGoldDoubleLgETN
DBGoldDoubleShrt
DGP
DZZ
24.04
5.60
–1.35 19.5
0.79 –18.4
Consumer Savings Rates bidder, the following assets of the Debtor: All
equipment, fixtures, inventory, accounts, chattel
EnSelectSectorSPDR XLE 70.16 –0.13 –6.9 paper, contract rights, general intangibles, including,
Explanation of ratings: Safe Sound SM, (855) 733-0700, evaluates the financial condition of fed-
FinSelSectorSPDR XLF 26.38 –1.38 13.5
GuggS&P500EW RSP 96.98 –0.15 11.9 erally insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the fourth quarter but not limited to, all copyrights, trademarks (domes-
HealthCareSelSect XLV 81.53 0.21 18.3 of 2015 from federal regulators. 5: most desirable performance; NR: institution is too new to rate, tic and international) and trade names, and all
IndSelSectorSPDR XLI 71.98 0.15 15.7 not an indication of financial strength or weakness. Information is believed to be reliable, but not proceeds of the foregoing. This sale will be (i) subject
iShIntermCredBd CIU 109.80 –0.02 1.5 guaranteed. to the existing first lien and security interest held by
iSh1-3YCreditBond CSJ 105.01 0.01 0.1
iSh3-7YTreasuryBd IEI 123.16 –0.03 0.5 High yield savings TAB Bank and (ii) without warranty of possession or
iShCoreMSCIEAFEETF IEFA 65.29 –0.37 21.7 quiet enjoyment.
Bank/rank Yield Bank/rank Yield
iShCoreMSCIEmgMk IEMG 56.11 –0.66 32.2
Phone number
Please contact Michael Breslauer, at
iShCoreMSCITotInt IXUS 62.37 –0.35 23.5 Minimum (%) Phone number Minimum (%)
(619) 238 4804 or mbreslauer@swsslaw.com
iShCoreS&P500ETF IVV 260.49 –0.05 15.8
iShCoreS&PMdCp IJH 182.67 –0.63 10.5
Money market and savings account Six-month CD
iShCoreS&PSmCpETF IJR 73.30 –1.08 6.6 DollarSavingsDirect /4 $1 1.50 VirtualBank /4 $10,000 1.41
iShS&PTotlUSStkMkt ITOT 59.20 –0.19 15.4 (866) 395-8693 (877) 998-2265
iShCoreUSAggBd AGG 109.58 0.03 1.4 CIT Bank /4 $100 1.35 CD Bank /4 $10,000 1.40
iShSelectDividend DVY 94.79 0.03 7.0 7,!!
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(855) 462-2652 (888) 201-8185
iShEdgeMSCIMinEAFE EFAV 71.73 –0.13 17.2
iShEdgeMSCIMinUSA USMV 51.58 0.43 14.1 Barclays /4 $0 1.30 First Internet Bank of Indiana /4 $1,000 1.37 
     
iShGoldTr IAU 12.26 –0.41 10.6 (888) 720-8756 (888) 873-3424     
iShiBoxx$InvGrCpBd LQD 121.06 –0.08 3.3
iShiBoxx$HYCpBd HYG 87.74 –0.28 1.4 One-month CD One-year CD   
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iShJPMUSDEmgBd EMB 114.65 –0.53 4.0 EH National Bank /2 $0 0.81 VirtualBank /4 $10,000 1.76 &! " %! 
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iShMBSETF MBB 106.93 ... 0.6 (888) 392-5265 (877) 998-2265 
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iShMSCIACWIETF ACWI 70.70 –0.13 19.5
iShMSCI EAFE EFA 69.64 –0.37 20.6
M.Y. Safra Bank, FSB /4 $5,000 0.30 Banesco USA /3 $1,500 1.75  #$!! 
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iShMSCIEAFESC SCZ 63.04 –0.46 26.5 (212) 652-7200 (786) 552-0524 ! 
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iShMSCIEmgMarkets EEM 46.56 –0.64 33.0 VirtualBank /4 $10,000 0.15 CD Bank /4 $10,000 1.75 
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iShMSCIEurozoneETF EZU 43.43 –0.84 25.5 (877) 998-2265 (888) 201-8185 ! 
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iShMSCIJapanETF EWJ 59.65 0.79 22.1
iShNasdaqBiotech IBB 314.02 –0.50 18.3 Two-month CD Two-year CD   BUSINESS FOR SALE BUSINESS OPPORTUNITIES
iShNatlMuniBdETF MUB 111.13 0.25 2.7 VirtualBank /4 $10,000 0.15 VirtualBank /4 $10,000 1.86  
     
iShRussell1000Gwth IWF 130.95 –0.02 24.8
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iShRussell1000ETF IWB 143.91 –0.08 15.6 ! 

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iShRussell1000Val IWD 119.83 –0.20 7.0 Applied Bank /5 $1,000 0.05 Banesco USA /3 $1,500 1.85 Very Rare AGERWOOD (Oud) fully function-
iShRussell2000Gwth IWO 178.83 –1.12 16.2 (800) 616-4605 (786) 552-0524 $
!  23 452
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6!' al plantation in Vietnam. Certified for Organic BUSINESS OPPORTUNITY
iShRussell2000ETF IWM 147.00 –1.20 9.0 Goldwater Bank /3 $5,000 1.85
iShRussell2000Val IWN 122.20 –1.35 2.7
export. 95 Hectares private land. 36,000 ma- Short term business sales contracts
(480) 281-8200 ture trees 15 to 20 years. 6000 extremely rare
iShRussell3000ETF IWV 153.08 –0.20 15.1 for sale. Contracts pay 28% interest
iShRussellMid-Cap IWR 200.95 –0.31 12.4 Three-month CD Five-year CD RED Agerwood. Excellent yield with 2 hectare
iShRussellMCValue IWS 85.96 –0.29 6.9 propriety processing plant. Call Dong Bach, with 12 monthly principal & interest
iShS&PMC400Growth IJK 209.19 –0.61 14.8
CD Bank /4 $10,000 1.15 VirtualBank /4 $10,000 2.41
iShS&P500Growth IVW 149.67 0.11 22.9 (888) 201-8185 (877) 998-2265 ph +849 6628 6676 or dong.bach@gmail.com payments. ph-616-430-7987
iShS&P500ValueETF IVE 109.27 –0.16 7.8 M.Y. Safra Bank, FSB /4 $5,000 1.10 Goldman Sachs Bank USA /5 $500 2.40 mondialinvestments@gmail.com
iShUSPfdStk PFF 38.26 0.08 2.8 (212) 652-7200 (855) 730-7283
iShTIPSBondETF TIP 114.30 0.14 1.0

THE MART
EverBank /3 $5,000 1.01 Barclays /4 $0 2.35 BUSINESS OPPORTUNITIES
iSh1-3YTreasuryBd SHY 84.19 –0.05 –0.3
iSh7-10YTreasuryBd IEF 106.54 0.04 1.6
(855) 228-6755 (888) 720-8756
iSh20+YTreasuryBd TLT 126.64 0.42 6.3 CAPITAL WANTED
iShRussellMCGrowth IWP 116.39 –0.33 19.5 High yield jumbos - Minimum is $100,000 GLACIER VALLEY MINING AND
PIMCOEnhShMaturity MINT 101.75 0.01 0.4
PwrShQQQ 1 QQQ 153.88 0.06 29.9 Money market and savings account Six-month CD ADVERTISE TODAY METALS IS FOR SALE - INVEST
PwrShS&P500LoVol SPLV 46.93 0.45 12.9 Included is a $47 million dollar tax shelter that
PwrShSrLoanPtf 0.09 –1.1 ableBanking,adivisionofNortheastBank/4 1.30 VirtualBank /4 1.41
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BKLN
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36.93 –0.14 1.3 (877) 505-1933 (877) 998-2265
was created in 1984 via the IRS regulations of 12 y.o. IT Staffing CO / $100M+
the U.S. Treasury Dept. Never used, and intact. Govt contracts seek PRIVATE lender/
SPDR Gold GLD 121.21 –0.36 10.6 M.Y. Safra Bank, FSB /4 1.26 First Internet Bank of Indiana /4 1.37 (800) 366-3975
SchwabIntEquity SCHF 34.17 –0.38 23.4 (212) 652-7200 (888) 873-3424 gjdeden@aol.com investor for $10M refinance loan paid
SchwabUS BrdMkt SCHB 62.48 –0.16 15.3
BBVA Compass /3 1.25 M.Y. Safra Bank, FSB /4 1.37
sales.mart@wsj.com www.gvmtaxshelter.com
SchwabUS LC SCHX 61.80 –0.08 16.0 off through $5M annual ESOP tax
SPDR DJIA Tr DIA 0.00 19.2 (800) COMPASS (212) 652-7200
235.42
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SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY
333.08
258.67
–0.63 10.4
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One-month CD One-year CD wsj.com/classifieds  
   contractors. No brokers. 530-307-0103
EH National Bank /2 0.81 VirtualBank /4 1.76
SPDR S&P Div
TechSelectSector
SDY
XLK
92.23
63.66
0.12 7.8
0.05 31.6 (888) 392-5265 (877) 998-2265
 
UtilitiesSelSector XLU 55.66 1.20 14.6 M.Y. Safra Bank, FSB /4 0.30 ableBanking,adivisionofNortheastBank/4 1.70  
VanEckGoldMiner GDX –0.79
22.73 8.7
–0.04 36.0
(212) 652-7200 (888) 426-2253  !"""
VangdInfoTech VGT 165.26 TRAVEL
VangdSC Val VBR 127.93 –0.89 5.7 USAA /5 0.22 EverBank /3 1.68 #$ !
VangdDivApp VIG 97.07 0.22 14.0 (800) 583-8295 (855) 228-6755 %%%&'&
VangdFTSEDevMk VEA 44.26 –0.34 21.1
Two-month CD Two-year CD   () **
VangdFTSE EM VWO 44.77 –0.62 25.1
VangdFTSE Europe
VangdFTSEAWxUS
VGK
VEU
58.17
53.91
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VirtualBank /4
(877) 998-2265
0.15 VirtualBank /4
(877) 998-2265
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Save Up To 60%
VangdGrowth VUG 137.68 0.11 23.5 $600K total offering, including $100K from us First & Business
VangdHlthCr VHT 151.71 0.10 19.7
Applied Bank /5 0.05 First Internet Bank of Indiana /4 1.85
(800) 616-4605 (888) 873-3424 Apt Renovation in Brooklyn INTERNATIONAL
VangdHiDiv VYM 82.72 0.05 9.2 (recent acquisition, tenants just removed, reno
VangdIntermBd BIV 84.56 0.02 1.8 Citizens Trust Bank /4 0.01 EverBank /3 1.82 Major Airlines, Corporate Travel
starts this month). Accredited Investors Only.
VangdIntrCorpBd VCIT 87.84 –0.01 2.5 (404) 659-5959 (855) 228-6755 www.firstrealfund.com Never Fly Coach Again!
VangdLC VV 118.78 –0.04 16.0 info@firstrealfund.com 888-673-7249 www.cooktravel.net
VangdMC VO 149.15 –0.29 13.3 Three-month CD Five-year CD Securities Offered through North Capital
VangdMC Val VOE 106.40 –0.29 9.5 (800) 435-8776
Luana Savings Bank /4 1.10 VirtualBank /4 2.41 Private Securities, Member FINRA/SIPC.
VangdREIT VNQ 84.33 0.81 2.2
VangdS&P500 VOO 237.69 –0.04 15.8
(800) 666-2012 (877) 998-2265
VangdST Bond BSV 79.53 –0.01 0.1 M.Y. Safra Bank, FSB /4 1.10 Synchrony Bank /5 2.35
VangdSTCpBd VCSH 79.82 –0.03 0.6 (212) 652-7200 (800) 903-8154 ASSET SALE
US and Overseas Patents of PeptiMed
VangdSC VB 142.79 –0.76 10.7 EverBank /3 1.01 EverBank /3 2.35 Immuno-Oncology Drug
VangdTotalBd BND 81.89 0.04 1.4 (855) 228-6755 (855) 228-6755
VangdTotIntlBd BNDX 55.13 0.18 1.5
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Orphan Designation in Ovarian Cancer  


 
VangdTotIntlStk VXUS 56.01 Notes: Accounts are federally insured up to $250,000 per person effective Oct. 3, 2008. Yields
VangdTotalStk VTI 132.84 –0.17 15.2 are based on method of compounding and rate stated for the lowest required opening deposit to For More Information Contact
VangdTotlWrld VT 72.55 –0.21 18.9
VangdValue –0.11
earn interest. CD figures are for fixed rates only. MMA: Allows six (6) third-party transfers per Shiloh Consulting  

VTV 102.01 9.7 © 2017 Dow Jones & Company, Inc.
month, three (3) of which may be checks. Rates are subject to change. shilohconsulting@att.net
WisdTrEuropeHdg HEDJ 66.04 –0.86 15.1 All Rights Reserved. Bids accepted until December 31,2017 




WisdTrJapanHdg DXJ 59.10 0.96 19.3 Source: Bankrate.com, a publication of Bankrate, Inc., North Palm Beach, FL 33408
XtrkrsMSCIEAFE DBEF 32.17 –0.25 14.6 Internet: www.bankrate.com
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B10 | Wednesday, November 8, 2017 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
23557.23 s 8.81, or 0.04% Trailing P/E ratio 21.29 20.05 2590.64 t 0.49, or 0.02% Trailing P/E ratio 24.33 23.02 6767.78 t 18.65, or 0.27% Trailing P/E ratio * 16.10 23.75
High, low, open and close for each P/E estimate * 19.35 16.91 High, low, open and close for each P/E estimate * 19.39 17.78 High, low, open and close for each P/E estimate * 21.55 18.79
trading day of the past three months. Dividend yield 2.16 2.47 trading day of the past three months. Dividend yield 1.92 2.20 trading day of the past three months. Dividend yield 1.05 1.25
All-time high 23557.23, 11/07/17 All-time high: 2591.13, 11/06/17 All-time high: 6786.44, 11/06/17

Current divisor 0.14523396877348

23500 2580 6750
Session high
DOWN UP
23000 2550 6650
t

Session open Close

Close Open
t

22500 2520 6550

Session low

22000 2490 6450

21500 2460 6350

65-day moving average 65-day moving average
65-day moving average
21000 2430 6250

Bars measure the point change from session's open

20500 2400 6150
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
Weekly 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 Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 903,203,018 11,776,168
Industrial Average 23602.12 23484.19 23557.23 8.81 0.04 23557.23 18332.74 28.5 19.2 10.3 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 356,040,326 3,068,340
Transportation Avg 9766.80 9658.64 9671.79 -60.00 -0.62 10038.13 8328.29 16.1 6.9 2.6 Most-active issues in late trading Decl. volume* 534,908,200 8,204,036
Utility Average 759.67 747.75 758.92 9.67 1.29 758.92 625.44 13.4 15.1 8.0 Volume After Hours Issues traded 3,071 331
Company Symbol (000) Last Net chg % chg High Low Advances 1,271 137
Total Stock Market 26882.68 26725.37 26786.83 -43.78 -0.16 26830.60 22069.76 21.4 15.1 8.2
Snap SNAP 12,590.8 12.65 -2.47 -16.34 15.47 11.78 Declines 1,703 177
Barron's 400 687.98 679.67 681.09 -6.21 -0.90 691.56 535.88 27.1 13.2 8.1
Comcast Cl A CMCSA 6,703.4 36.22 -0.17 -0.47 38.35 36.07 Unchanged 97 17
Nasdaq Stock Market Kennedy-Wilson Holdings KW 5,557.5 19.40 … unch. 19.40 19.40 New highs 167 4
Nasdaq Composite 6795.52 6750.35 6767.78 -18.65 -0.27 6786.44 5193.49 30.3 25.7 13.5 SPDR S&P 500 SPY 4,971.5 258.26 -0.41 -0.16 258.78 258.07 New lows 63 5
6328.58 6299.53 7.17 6320.78 4702.04 30.0 Closing tick 466 37
Nasdaq 100 6320.78 0.11 31.5 15.0 VanEck Vectors Gold Miner GDX 4,201.5 22.71 -0.02 -0.09 22.76 22.69
Closing Arms† 1.06 2.05
JPMorgan Chase JPM 4,168.6 98.72 -0.03 -0.03 99.24 97.09
Standard & Poor's Block trades* 6,881 121
-0.02
Merck MRK 3,109.1 55.50 -0.09 -0.16 55.78 55.50
500 Index 2597.02 2584.35 2590.64 -0.49 2591.13 2139.56 21.1 15.7 8.4 Nasdaq NYSE Arca
Southwestern Energy SWN 2,943.4 6.14 … unch. 6.15 6.12
MidCap 400 1844.93 1825.33 1830.62 -12.74 -0.69 1843.36 1513.34 21.0 10.2 8.6 Total volume*2,173,248,910 224,755,166
SmallCap 600 904.31 890.13 893.07 -9.67 -1.07 918.72 726.04 23.0 6.6 9.6 Percentage gainers… Adv. volume*1,019,865,235 69,032,078
Decl. volume*1,116,547,974 155,364,804
Other Indexes Discovery Comms A DISCA 106.6 21.52 4.19 24.18 21.52 17.33
Issues traded 3,081 1,322
Russell 2000 1498.00 1476.72 1479.09 -18.87 -1.26 1512.09 1195.14 23.8 9.0 8.0 Container Store Group TCS 73.9 4.60 0.77 20.10 4.73 3.83
Advances 839 411
NYSE Composite 12415.96 12344.64 12371.25 -29.68 -0.24 12430.52 10530.56 17.5 11.9 4.4 Foot Locker FL 46.3 34.38 5.14 17.58 34.38 29.24 Declines 2,096 882
Value Line 542.53 537.18 538.21 -3.86 -0.71 545.98 467.03 15.2 6.3 2.8 Juniper Networks JNPR 742.6 28.45 3.95 16.12 28.45 24.49 Unchanged 146 29
NYSE Arca Biotech 4172.42 4126.82 4144.38 -10.27 -0.25 4304.77 3041.76 36.2 34.8 8.1
Interpublic Grp IPG 142.4 21.34 2.80 15.10 21.34 18.54 New highs 148 170
New lows 77 40
NYSE Arca Pharma 536.58 533.07 534.17 -2.37 -0.44 560.52 463.78 12.7 10.9 0.3 ...And losers
Closing tick 114 11
KBW Bank 102.23 99.48 99.68 -2.32 -2.27 102.31 75.14 32.7 8.6 10.9 LendingClub LC 1,229.3 4.33 -1.13 -20.70 5.46 4.08 Closing Arms† 0.44 0.99
PHLX§ Gold/Silver 82.13 81.29 81.87 -0.41 -0.50 96.72 73.03 -6.1 3.8 5.8 Snap SNAP 12,590.8 12.65 -2.47 -16.34 15.47 11.78 Block trades* 7,667 1,293
PHLX§ Oil Service 141.96 139.97 140.58 -0.36 -0.26 192.66 117.79 -6.9 -23.5 -17.3 Fossil Group FOSL 927.7 6.08 -0.77 -11.24 7.12 4.85 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1319.22 1308.01 1316.55 -0.79 -0.06 1317.34 806.09 59.1 45.2 27.3 Fluor FLR 10.3 43.10 -4.98 -10.36 48.08 43.10 †(TRIN) A comparison of the number of advancing and declining
10.31 9.29 0.49 18.74 9.14 -47.2 -29.6 issues with the volume of shares rising and falling. An
CBOE Volatility 9.89 5.21 -9.0 Graphic Packaging GPK 29.1 14.16 -1.34 -8.65 15.50 14.16 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 2981.80 3.32 0.11 17.8 Myomo MYO 8.85 4.61 108.73 23.20 2.53 ... Selecta Biosciences SELB 10.36 -12.17 -54.02 28.00 10.05 -47.2
DJ Global Index 386.25 –0.02 –0.005 18.5 Kindred Healthcare KND 8.40 2.40 40.00 11.90 5.50 36.6 Teligent TLGT 2.96 -2.29 -43.62 9.54 2.82 -51.8
DJ Global ex U.S. 260.45 0.21 0.08 21.7 NeoPhotonics NPTN 5.92 1.17 24.63 14.00 4.56 -51.8 Five Prime Therapeutics FPRX 25.86 -17.90 -40.90 60.98 21.41 -48.6
Americas DJ Americas 622.32 –0.76 –0.12 15.2 Perceptron PRCP 9.54 1.86 24.22 9.66 5.59 49.5 Mallinckrodt MNK 20.11 -11.07 -35.50 68.12 19.00 -65.2
Brazil Sao Paulo Bovespa 72414.88 –1895.92 –2.55 20.2 ShiftPixy PIXY 3.25 0.60 22.64 11.64 2.13 ... TrueCar True 10.58 -5.76 -35.25 21.75 10.37 -4.9
Canada S&P/TSX Comp 16131.79 39.59 0.25 5.5 Commercial Vehicle Group CVGI 10.12 1.74 20.76 10.15 4.36 112.6 Quantenna Communications QTNA 10.05 -4.82 -32.41 25.45 9.60 -28.6
Mexico S&P/BMV IPC 49004.52 37.51 0.08 7.4 Spark Networks ADR LOV.W 11.96 1.96 19.60 12.50 0.76 841.7 PCM Inc. PCMI 10.00 -4.15 -29.33 31.20 9.85 -47.5
Chile Santiago IPSA 4166.51 –27.88 –0.66 29.3 XOMA XOMA 27.59 4.27 18.31 30.48 3.96 405.3 Diana Containerships DCIX 14.27 -5.92 -29.32 1131015.06 1.56 -100.0
China Internet Nationwide CIFS 47.70 7.32 18.13 48.00 10.81 ... Red Robin Gourmet Burgers RRGB 47.70 -19.35 -28.86 74.11 45.20 -2.7
EMEA Stoxx Europe 600 394.65 –1.94 –0.49 9.2
Virtu Financial VIRT 15.65 2.30 17.23 19.07 12.85 19.9 Liberty TripAdvisor A LTRPA 8.50 -3.00 -26.09 22.35 8.45 -60.8
Eurozone Euro Stoxx 397.29 –2.11 –0.53 13.4
Belgium Bel-20 4097.64 –20.87 –0.51 13.6 Valeant Pharm Intl VRX 14.10 2.06 17.11 18.71 8.31 -5.9 TripAdvisor TRIP 30.35 -9.18 -23.22 65.56 30.21 -51.9
France CAC 40 5480.64 –26.61 –0.48 12.7 Key Energy Services KEG 12.84 1.86 16.94 38.00 9.11 ... Veracyte VCYT 6.49 -1.77 -21.43 9.80 5.75 -3.7
Germany DAX 13379.27 –89.52 –0.66 16.5 U.S. Global Investors A GROW 3.32 0.48 16.90 4.30 1.25 124.3 Blue Apron Cl A APRN 3.05 -0.83 -21.39 11.00 3.03 ...
Israel Tel Aviv 1423.36 –3.95 –0.28 –3.2 GGP GGP 22.20 3.19 16.78 27.10 18.83 -12.0 Veritone VERI 28.90 -7.77 -21.19 74.92 7.76 ...
22962.59 –0.18 19.4 Cambrex Corp CBM 49.45 6.80 15.94 62.95 42.55 2.1 Veritiv Corp. VRTV 25.90 -6.60 -20.31 62.60 24.70 -54.0
Italy FTSE MIB –40.26
Netherlands AEX 553.80 –1.42 –0.26 14.6
Russia RTS Index 1146.98 37.60 3.39 –0.5 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10230.70 –85.80 –0.83 9.4
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 595.61 –3.10 –0.52 11.4 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9220.16 –68.62 –0.74 12.2
TOP Ships TOPS 93,871 2183.4 2.32 38.10 151200.00 0.32 IQ 50% Hdg FTSE Intl HFXI 4,458 3706 21.47 -0.74 21.70 17.61
U.K. FTSE 100 7513.11 –49.17 –0.65 5.2
Valeant Pharm Intl VRX 68,558 482.2 14.10 17.11 18.71 8.31 Knot Offshore Partners KNOP 1,363 3063 21.45 -7.74 24.67 20.60
Asia-Pacific Rand Logistics RLOG 68,435 11159.0 1.90 314.12 2.95 0.19 Perceptron PRCP 433 2228 9.54 24.22 9.66 5.59
Australia S&P/ASX 200 6014.30 60.50 1.02 6.2 Finl Select Sector SPDR XLF 67,543 32.8 26.38 -1.38 26.93 19.79 iSh Edge MSCI Intl Qual IQLT 124 2120 29.29 -0.48 29.47 23.90
China Shanghai Composite 3413.57 25.40 0.75 10.0 Bank of America BAC 66,556 4.7 27.18 -2.05 27.98 16.71 Red Robin Gourmet Burgers RRGB 7,015 2072 47.70 -28.86 74.11 45.20
Hong Kong Hang Seng 28994.34 397.54 1.39 31.8 Advanced Micro Devices AMD 66,039 13.6 12.05 1.01 15.65 6.22 Teligent TLGT 8,256 2040 2.96 -43.62 9.54 2.82
India S&P BSE Sensex 33370.76 –360.43 –1.07 25.3 SPDR S&P 500 SPY 52,403 -18.5 258.67 -0.07 259.35 212.34 Otelco Cl A OTEL 217 1859 10.70 7.00 11.03 4.66
Japan Nikkei Stock Avg 22937.60 389.25 1.73 20.0 GGP GGP 52,298 818.0 22.20 16.78 27.10 18.83 FT Asia Pacific ex Japan FPA 240 1852 34.67 -2.15 35.45 26.99
Singapore Straits Times 3413.10 31.25 0.92 18.5 iShares MSCI Emg Markets EEM 45,146 -7.1 46.56 -0.64 46.87 33.94 Quantenna Communications QTNA 4,829 1801 10.05 -32.41 25.45 9.60
South Korea Kospi 2545.44 –3.97 –0.16 25.6 General Electric GE 40,806 -27.2 20.21 0.40 32.38 19.63 Osprey Energy Acquisition OSPR 149 1706 9.58 0.00 9.69 9.55
Taiwan Weighted 10840.34 54.15 0.50 17.1 * 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
Tues YTDchg
in US$ per US$ (%) Country/currency
Tues YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .03018 33.140 –7.5
A consumer rate against its 30-year mortgage, Rate Vietnam dong .00004403 22714 –0.3
3.75% Argentina peso .0567 17.6495 11.2
benchmark over the past year 10% Brazil real .3057 3.2714 0.5 Europe
Bankrate.com avg†: 3.87% WSJ Dollar index
3.00 s Canada dollar .7826 1.2778 –4.9 Czech Rep. koruna .04534 22.053 –14.1
Accelin Loans LLC 3.63% 5
.001576 634.40 .1557 6.4238 –9.1
s Chile peso –5.3 Denmark krone
4.00% Kaneohe, HI 206-855-6323 Euro .0003294 3036.23 1.1 1.1587 .8631 –9.2
t 2.25 0 Colombia peso Euro area euro
Accelin Loans LLC 3.63% Tuesday Ecuador US dollar 1 1 unch Hungary forint .003718 268.96 –8.6
t

30-year fixed-rate 3.00 1.50

Bend, OR 541-410-6086 –5 Mexico peso .0522 19.1507 –7.6 Iceland krona .009439 105.94 –6.2
mortgage
Peru new sol .3084 3.243 –3.3 Norway krone .1224 8.1726 –5.5
t 2.00 Capital Funding Mortgage 3.63% 0.75 –10 Uruguay peso .03422 29.2200 –0.4 Poland zloty .2730 3.6635 –12.5
10-year Treasury Newtown, PA 215-860-1513 One year ago s
Yen
t

Venezuela b. fuerte .094852 10.5428 5.5 Russia ruble .01684 59.371 –3.1
note yield 1.00 0.00 –15
Fortune Financial, Inc. 3.63% Asia-Pacific Sweden krona .1191 8.3989 –7.8
1 3 6 1 2 3 5 710 30 2017 Switzerland franc 1.0002 .9998 –1.9
Englewood, CO 303-706-0920 Australian dollar .7644 1.3082 –5.8
0.00 month(s) years Turkey lira .2574 3.8847 10.3
Pacific Finance Group, LLC 3.63% China yuan .1506 6.6410 –4.4
ND J FMAM J J A S ON maturity Ukraine hryvnia .0374 26.7615 –1.2
Hong Kong dollar .1281 7.8046 0.6
2017 Bothell, WA 425-354-5602 UK pound 1.3168 .7594 –6.3
India rupee .01535 65.166 –4.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000740 13522 –0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008771 114.01 –2.6 Bahrain dinar 2.6511 .3772 0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .002995 333.92 0.1 Egypt pound .0567 17.6465 –2.7
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields Macau pataca .1247 8.0215 1.3 Israel shekel .2844 3.5158 –8.6
Malaysia ringgit .2364 4.2295 –5.7 Kuwait dinar 3.3029 .3028 –0.9
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .6901 1.4491 0.3 Oman sul rial 2.5980 .3849 –0.01
Libor, 3-month 1.40 1.38 0.88 l 1.40 1.17 Pakistan rupee .00950 105.250 0.8 Qatar rial .2742 3.647 0.2
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1465.839 2.103 2.132 2.237 1.564 –0.497 2.102 Philippines peso .0194 51.426 3.7 Saudi Arabia riyal .2666 3.7511 0.01
Five-year CD, annual yield 1.48 1.47 1.19 l 1.48 -0.07 10-yr Treasury, Ryan ALM 1740.602 2.309 2.374 2.609 1.867 2.843 1.946 Singapore dollar .7332 1.3638 –5.8 South Africa rand .0702 14.2374 4.0
30-year mortgage, fixed† 3.87 3.94 3.61 l 4.33 -0.20 South Korea won .0008977 1113.93 –7.8
DJ Corporate 379.601 3.074 3.040 3.390 2.781 3.120 3.941 Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0065181 153.42 3.4
15-year mortgage, fixed† 3.22 3.24 2.85 l 3.50 ... Aggregate, Barclays Capital 1946.200 2.580 2.600 2.790 2.160 1.198 2.483 Taiwan dollar .03315 30.170 –7.0 WSJ Dollar Index 87.93 0.27 0.30 –5.38
Jumbo mortgages, $424,100-plus† 4.26 4.29 4.23 l 4.88 -0.06 High Yield 100, Merrill Lynch 2861.821 5.251 5.230 6.448 4.948 8.259 4.079 Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.44 3.47 3.13 l 4.03 -0.19
Fixed-Rate MBS, Barclays 1991.290 2.820 2.860 3.120 2.330 0.740 2.152
New-car loan, 48-month 3.02 3.02 2.85 l 3.36 -0.22
HELOC, $30,000 5.06 5.19 4.57 l 5.30 0.61
Muni Master, Merrill 523.704 1.935 1.991 2.516 1.689 2.188 2.875 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 797.003 5.618 5.469 6.290 5.279 4.196 5.560 Commodities Tuesday 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 613.89 -2.58 -0.42 616.46 532.01 14.76 8.22

Get real-time U.S. stock quotes and track most-active Track the Markets 191.85 -0.37 195.14 4.52 -0.35

WSJ
TR/CC CRB Index -0.72 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 57.20 -0.15 -0.26 57.35 42.53 27.17 6.48
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.152 0.018 0.57 3.93 2.56 19.71 -15.36
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1273.70 -5.70 -0.45 1346.00 1127.80 0.02 10.76
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THE WALL STREET JOURNAL. Wednesday, November 8, 2017 | 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

Metal & Petroleum Futures Cocoa (ICE-US)-10 metric tons; $ per ton.
Agriculture Futures Dec 2,121 2,185 2,104 2,163 46 56,634 Currency Futures
Contract Open
March'18 2,115 2,158 2,096 2,139 30 125,797 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec 347.75 348.25 346.25 347.75 –.25 732,486 Nov .8791 .8796 .8748 .8785 –.0007 2,582
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 125.50 125.80 123.10 124.70 –.85 106,268 Dec .8805 .8809 .8760 .8797 –.0007 276,494
Nov 3.1150 3.1150 3.0785 3.0825 –0.0680 749 March'18 361.25 361.50 359.75 361.00 –.50 393,105
Canadian Dollar (CME)-CAD 100,000; $ per CAD
March'18 129.05 129.30 126.60 128.20 –.85 74,556
Dec 3.1565 3.1660 3.0830 3.0890 –0.0685 146,661 Oats (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Nov .7817 .7866 .7808 .7823 –.0040 1,283
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 268.50 271.00 264.00 270.50 1.50 4,400 Dec .7872 .7872 .7803 .7825 –.0040 144,523
March 14.56 14.76 14.43 14.72 .16 409,655
Nov 1276.80 1276.80 1270.40 1273.70 –5.70 188 March'18 273.00 273.00 267.75 272.75 .50 2,917
May 14.63 14.80 14.51 14.76 .11 135,565
British Pound (CME)-£62,500; $ per £
Soybeans (CBT)-5,000 bu.; cents per bu. Nov 1.3175 1.3175 1.3115 1.3169 –.0006 1,195
Dec 1282.60 1282.80 1272.30 1275.80 –5.80 358,661 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Nov 986.00 988.25 981.75 986.00 2.00 3,798 Dec 1.3185 1.3192 1.3123 1.3181 –.0006 171,101
Feb'18 1286.70 1287.00 1276.80 1280.10 –5.80 114,580 March 27.24 27.24 26.66 27.00 –.24 2,826 Swiss Franc (CME)-CHF 125,000; $ per CHF
April 1288.70 1288.70 1282.10 1284.20 –5.80 17,494 Jan'18 994.00 998.75 991.25 996.00 2.00 326,439
May 27.15 27.15 27.15 27.15 … 1,806 Dec 1.0052 1.0052 1.0006 1.0028 –.0019 79,413
June 1292.00 1292.90 1285.10 1288.30 –5.70 15,183
Soybean Meal (CBT)-100 tons; $ per ton. Cotton (ICE-US)-50,000 lbs.; cents per lb. March'18 1.0100 1.0119 1.0076 1.0098 –.0018 198
Dec 316.70 317.40 315.00 315.50 –.60 116,111 Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec 1304.20 1304.70 1298.60 1300.60 –5.80 11,045 Dec 68.85 68.89 68.01 68.07 –.78 93,066
Jan'18 318.50 319.40 317.10 317.70 –.40 98,959 Nov .7687 .7697 .7628 .7641 –.0046 1,363
Palladium (NYM) - 50 troy oz.; $ per troy oz. March'18 69.05 69.14 68.42 68.46 –.64 98,523
.7684 .7698 .7624 .7639 –.0046 119,485
Dec 998.15 1000.00 990.65 994.10 –1.00 29,564
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Dec
Dec 34.66 35.12 34.61 35.02 .29 137,371 Jan'18 .7679 .7689 .7624 .7637 –.0046 790
March'18 988.95 990.85 983.90 986.55 –0.55 5,600 Nov 161.35 161.35 159.80 160.05 –.35 47 Feb .7691 .7691 .7622 .7636 –.0046 476
Jan'18 34.86 35.29 34.77 35.18 .29 110,675
June 982.00 982.00 s 979.50 980.45 –0.55 98 Jan'18 159.95 160.60 158.80 160.10 .20 5,873 March .7676 .7685 .7622 .7635 –.0046 949
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .7667 .7667 .7667 .7632 –.0046 244
Platinum (NYM)-50 troy oz.; $ per troy oz. Nov 1133.50 1133.50 1133.50 1124.00 … 30
Nov 928.30 928.70 928.30 922.10 –8.90 10 Interest Rate Futures Mexican Peso (CME)-MXN 500,000; $ per MXN
Jan'18 1149.00 1166.50 1145.00 1151.50 –.50 9,348 Nov .05248 .05248 .05207 .05202 –.00041 23
Jan'18 937.90 937.90 922.00 925.30 –9.70 69,615
Wheat (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec .05221 .05221 .05168 .05171 –.00041 175,718
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 430.25 431.00 424.00 427.25 –3.50 268,639 Euro (CME)-€125,000; $ per €
Dec 154-090 154-240 153-290 154-220 15.0 741,781
Nov 16.925 16.925 16.925 16.905 –0.290 10 March'18 448.00 448.25 441.25 444.75 –3.50 149,828 Nov 1.1615 1.1618 t 1.1561 1.1591 –.0020 5,427
March'18 153-010 153-190 152-250 153-170 15.0 10,360 Dec 1.1636 1.1641 1.1579 1.1612 –.0020 427,940
Dec 17.230 17.240 16.920 16.940 –0.295 138,297 Wheat (KC)-5,000 bu.; cents per bu.
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 428.50 429.75 423.25 426.50 –3.50 149,189 125-125 125-150 125-060 125-135 2.0 3,150,532
Dec 57.27 57.69 56.83 57.20 –0.15 523,646 March'18 446.00 446.75 440.75 443.75 –3.25 102,723
Dec Index Futures
March'18 125-015 125-055 124-295 125-045 2.0 35,147
Jan'18 57.49 57.90 57.06 57.43 –0.14 376,001 Wheat (MPLS)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 23501 23557 s 23414 23488 1 156,347
Feb 57.59 58.02 s 57.23 57.59 –0.11 166,993 Dec 631.00 635.75 626.75 634.75 3.75 34,452 Dec
Dec 117-092 117-100 117-057 117-090 .2 3,100,428 March'18 23475 23548 s 23410 23481 4 1,690
March 57.62 58.02 s 57.28 57.63 –0.09 254,447 March'18 644.00 646.50 639.50 646.00 2.00 26,800 March'18 117-000 117-032 116-310 117-022 .5 43,956 S&P 500 Index (CME)-$250 x index
June 57.04 57.42 56.80 57.21 … 223,266 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 2588.20 2593.30 s 2581.00 2586.80 –1.90 62,325
Dec 54.78 55.24 54.70 55.12 0.08 268,556 Nov 160.400 160.450 158.875 159.875 –.275 7,363 Mini S&P 500 (CME)-$50 x index
Dec 107-202 107-205 107-197 107-202 –.2 1,724,027
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Jan'18 161.250 161.250 159.400 160.525 –.350 30,130 March'18 107-150 107-157 107-150 107-155 –.2 36,262 Dec 2587.75 2593.50 s 2580.75 2586.75 –2.00 3,158,316
Dec 1.9373 1.9460 1.9169 1.9219 –.0203 127,127 Cattle-Live (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March'18 2588.50 2593.75 s 2581.50 2587.25 –1.75 73,058
Jan'18 1.9395 1.9485 1.9224 1.9273 –.0176 89,020 Dec 125.250 125.600 123.500 124.625 –.700 121,797 Nov 98.845 98.845 98.843 98.843 … 212,214
Mini S&P Midcap 400 (CME)-$100 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb'18 130.575 130.825 129.275 130.375 –.275 110,283 Dec 1842.10 1846.50 s 1823.50 1829.90 –12.40 92,475
Jan'18 98.615 98.620 t 98.610 98.620 … 352,351 Mini Nasdaq 100 (CME)-$20 x index
Dec 1.8247 1.8350 1.8025 1.8153 –.0147 146,715 Hogs-Lean (CME)-40,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 6311.5 6331.5 s 6296.3 6316.0 2.5 272,003
Jan'18 1.7966 1.8076 s 1.7809 1.7933 –.0084 95,707 Dec 64.600 64.600 63.600 63.925 –.700 93,921 Dec 101.438 101.531 101.344 101.516 .078 28,643 March'18 6322.5 6345.0 s 6311.0 6331.0 3.8 1,870
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Feb'18 72.025 72.225 70.625 70.875 –1.350 72,329 1 Month Libor (CME)-$3,000,000; pts of 100% Mini Russell 2000 (ICE-US)-$100 x index
Dec 3.125 3.176 3.088 3.152 .018 273,456 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Nov ... ... ... 98.7500 … 928 Dec 1497.50 1500.70 1474.20 1477.60 –19.50 67,085
Jan'18 3.222 3.272 3.188 3.251 .019 237,028 Nov 463.00 467.40 460.60 464.80 3.20 503 Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 1000 (ICE-US)-$100 x index
Jan'18 452.50 459.60 s 452.40 457.10 7.50 5,615 Dec 1435.60 1437.70 s 1430.30 1433.00 –1.60 265
Feb 3.220 3.272 3.191 3.252 .021 89,122 Nov 98.5825 98.5825 98.5800 98.5800 –.0025 94,776
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
March 3.182 3.230 3.154 3.212 .023 172,189 Dec 98.4750 98.4800 98.4650 98.4650 –.0100 1,657,317 Dec 94.63 95.07 94.60 94.80 .14 48,768
April 2.950 2.971 2.928 2.965 .012 120,273 Nov 16.54 16.59 16.44 16.47 –.09 4,517 March'18 94.35 94.76 94.35 94.51 .13 2,394
March'18 98.3250 98.3300 98.3200 98.3200 –.0100 1,281,013
May 2.924 2.943 2.906 2.938 .010 79,885 Dec 15.53 15.61 t 15.38 15.42 –.20 4,231
Dec 98.0700 98.0700 98.0550 98.0650 –.0050 1,625,848 Source: SIX Financial Information

Cash Prices | WSJ.com/commodities Tuesday, November 7, 2017 Bonds | WSJ.com/bonds

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks
months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Tuesday Tuesday Tuesday highs and lows for different types of bonds
(U.S.$ equivalent) 17.0050 SoybeanMeal,Cent IL,rail,ton48%-u 311.50 Total Total
Energy return YTD total return YTD total
Coins,wholesale $1,000 face-a 12768 Soybeans,No.1 yllw IL-bp,u 9.4450 Yield (%) Yield (%)
Propane,tet,Mont Belvieu-g n.a. Wheat,Spring14%-pro Mnpls-u 7.7225 close return (%) Index Latest Low High close return (%) Index Latest Low High
Other metals
Butane,normal,Mont Belvieu-g n.a. LBMA Platinum Price PM *919.0 Wheat,No.2 soft red,St.Louis-bp,u 4.3700 Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
NaturalGas,HenryHub-i 3.080 Platinum,Engelhard industrial 929.0 Wheat - Hard - KC (USDA) $ per bu-u 3.6900
NaturalGas,TranscoZone3-i 3.040 Platinum,Engelhard fabricated 1029.0 Wheat,No.1soft white,Portld,OR-u 5.2863 1946.20 3.5 U.S. Aggregate 2.580 2.160 2.790 1991.29 2.5 Mortgage-Backed 2.820 2.330 3.120
NaturalGas,TranscoZone6NY-i 3.080 Palladium,Engelhard industrial 1006.0 Food U.S. Corporate Indexes Bloomberg Barclays 1957.25 2.0 Ginnie Mae (GNMA) 2.770 2.240 3.090
NaturalGas,PanhandleEast-i 2.730 Palladium,Engelhard fabricated 1106.0
NaturalGas,Opal-i 2.920 Aluminum, LME, $ per metric ton *2152.0 Beef,carcass equiv. index 2786.99 5.9 U.S. Corporate 3.160 3.000 3.520 1168.21 2.7 Fannie mae (FNMA) 2.830 2.360 3.120
NaturalGas,MarcellusNE PA-i 2.170 Copper,Comex spot 3.0825 choice 1-3,600-900 lbs.-u 192.80 1798.88 2.8 Freddie Mac (FHLMC) 2.840 2.370 3.130
2624.09 4.0 Intermediate 2.720 2.420 3.010
NaturalGas,HaynesvilleN.LA-i 2.960 Iron Ore, 62% Fe CFR China-s 62.3 select 1-3,600-900 lbs.-u 179.12
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.850 Shredded Scrap, US Midwest-s,w n.a. Broilers, National comp wghtd-u,w 0.8635 3871.22 10.1 Long term 4.100 4.100 4.710 523.70 5.0 Muni Master 1.935 1.689 2.516
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Steel, HRC USA, FOB Midwest Mill-s 615 Butter,AA Chicago 2.2100
568.62 4.4 Double-A-rated 2.650 2.350 2.870 366.51 5.5 7-12 year 1.937 1.688 2.618
Cheddar cheese,bbl,Chicago 170.00
Metals Fibers and Textiles 163.25 411.86 6.8 12-22 year 2.352 2.137 3.047
Cheddar cheese,blk,Chicago 719.83 6.5 Triple-B-rated 3.440 3.340 3.870
Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.6150 Milk,Nonfat dry,Chicago lb. 71.25
High Yield Bonds Merrill Lynch 398.09 7.3 22-plus year 2.787 2.609 3.622
Cotton,1 1/16 std lw-mdMphs-u 0.6732 Cocoa,Ivory Coast-w n.a.
Engelhard industrial 1281.82
Cotlook 'A' Index-t *79.50 Coffee,Brazilian,Comp 1.2464 417.16 7.4 High Yield Constrained 5.567 5.373 6.858 Global Government J.P. Morgan†
Engelhard fabricated 1377.96
Hides,hvy native steers piece fob-u 68.500 Coffee,Colombian, NY 1.4489
Handy & Harman base 1275.60 418.34 8.8 Triple-C-rated 10.505 9.584 13.189 545.88 1.7 Global Government 1.380 1.110 1.560
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.0150
Handy & Harman fabricated 1415.92
*1271.60
Flour,hard winter KC 15.80 2861.82 6.6 High Yield 100 5.251 4.948 6.448 759.18 0.8 Canada 1.960 1.470 2.190
LBMA Gold Price AM Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
LBMA Gold Price PM *1270.90 378.90 7.6 Global High Yield Constrained 5.054 4.934 6.450 n.a. n.a. EMU§ n.a. n.a. n.a.
Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 66.65
Krugerrand,wholesale-e 1326.47
Bran,wheat middlings, KC-u 75 Pork bellies,12-14 lb MidUS-u 1.1635 308.77 7.6 Europe High Yield Constrained 1.897 1.897 3.814 715.65 1.3 France 0.760 0.570 1.210
Maple Leaf-e 1339.22
Corn,No. 2 yellow,Cent IL-bp,u 3.1700 Pork loins,13-19 lb MidUS-u 0.9193
American Eagle-e 1339.22 U.S Agency Bloomberg Barclays 511.02 -0.7 Germany 0.410 0.210 0.620
Corn gluten feed,Midwest-u,w 91.0 Steers,Tex.-Okla. Choice-u n.a.
Mexican peso-e 1545.81
Corn gluten meal,Midwest-u,w 492.9 Steers,feeder,Okla. City-u,w 172.13 1642.07 2.3 U.S Agency 1.980 1.390 2.010 288.56 0.1 Japan 0.390 0.170 0.460
Austria crown-e 1253.20
Cottonseed meal-u,w 225 Fats and Oils
Austria phil-e 1339.22 1467.08 1.4 10-20 years 1.830 1.210 1.840 564.08 -0.4 Netherlands 0.530 0.340 0.760
Hominy feed,Cent IL-u,w 88
Silver, troy oz. Meat-bonemeal,50% pro Mnpls-u,w 220 Corn oil,crude wet/dry mill-u,w 34.5000
Engelhard industrial 17.1200 3382.19 8.2 20-plus years 2.880 2.730 3.460 922.61 1.0 U.K. 1.570 1.340 1.790
Oats,No.2 milling,Mnpls-u 3.0050 Grease,choice white,Chicago-h 0.2450
Engelhard fabricated 20.5440 Rice, 5% Broken White, Thailand-l,w 370.00 Lard,Chicago-u n.a. 2463.06 5.0 Yankee 2.810 2.510 3.090 797.00 7.8 Emerging Markets ** 5.618 5.279 6.290
Handy & Harman base 16.9600 Rice, Long Grain Milled, No. 2 AR-u,w 24.00 Soybean oil,crude;Centl IL-u 0.3415 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Handy & Harman fabricated 21.2000 Sorghum,(Milo) No.2 Gulf-u 7.6838 Tallow,bleach;Chicago-h 0.2600
** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
LBMA spot price £12.9500 Tallow,edible,Chicago-u n.a.

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
Global Government Bonds: Mapping Yields
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
as of 11/6
Source: WSJ Market Data Group selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
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

Borrowing Benchmarks | WSJ.com/bonds 1.500

2.250
U.S. 2 1.629 s
10 2.308 t
l
l
1.621
2.316
1.520
2.361
0.822
1.828
Money Rates November 7, 2017 2.750 Australia 2 1.794 s l 1.781 1.931 1.665 16.5 16.1 84.3
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 2.750 10 2.592 s l 2.582 2.824 2.359 28.5 26.6 53.1
guide to general levels but don’t always represent actual transactions. 0.000 France 2 -0.621 t l -0.601 -0.494 -0.607 -225.0 -222.1 -142.9
2.750 10 0.554 t l 0.593 0.735 0.461 -175.4 -172.3 -136.7
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low 0.000 Germany 2 -0.764 t l -0.760 -0.691 -0.633 -239.3 -238.1 -145.5
Sept. index Chg From (%) 0.500 10 0.328 t l 0.340 0.461 0.156 -198.0 -197.6 -167.2
level Aug. '17 Sept. '16 Treasury bill auction Six month 1.59809 1.57511 1.59809 1.24267
One year 1.86844 1.84844 1.86844 1.55622 0.050 Italy 2 -0.251 t l -0.230 -0.117 -0.025 -188.0 -185.1 -84.7
4 weeks 1.035 1.020 1.300 0.270
U.S. consumer price index 1.185 1.130 1.185 0.420 Euro Libor 2.050 10 1.702 t l 1.780 2.148 1.643 -53.5 -18.5
13 weeks -60.6
All items 246.819 0.53 2.2 26 weeks 1.300 1.260 1.300 0.535 One month -0.400 -0.399 -0.376 -0.405 0.100 Japan 2 -0.190 t l -0.184 -0.139 -0.256 -180.4 -107.7
Core 252.941 0.19 1.7 -181.8
Three month -0.378 -0.379 -0.325 -0.381
Secondary market Six month -0.314 -0.322 -0.214 -0.322 0.100 10 0.031 s l 0.024 0.055 -0.051 -227.7 -229.2 -187.9
International rates
One year -0.238 -0.233 -0.075 -0.238 2.750 Spain 2 -0.394 t l -0.374 -0.260 -0.218 -199.4 -104.0
Fannie Mae -202.3
Week 52-Week
Latest ago High Low 30-year mortgage yields Euro interbank offered rate (Euribor) 1.450 10 1.413 t l 1.466 1.661 1.247 -89.5 -85.0 -58.1
30 days 3.429 3.466 3.865 3.041 One month -0.372 -0.372 -0.366 -0.375 1.750 U.K. 2 0.437 t l 0.447 0.435 0.195 -119.2 -117.4 -62.7
Prime rates 60 days 3.450 3.486 3.899 3.071 Three month -0.329 -0.331 -0.311 -0.332
Six month -0.275 -0.276 -0.210 -0.276 4.250 10 1.234 t l 1.259 1.369 1.096 -107.3 -105.7 -73.2
U.S. 4.25 4.25 4.25 3.50
Canada 3.20 3.20 3.20 2.70
Other short-term rates One year -0.190 -0.185 -0.069 -0.191 Source: Tullett Prebon
Japan 1.475 1.475 1.475 1.475 Week 52-Week
Latest
Value
Traded
52-Week
High Low
Corporate Debt
Latest ago high low
Policy Rates in that same company’s share price.
DTCC GCF Repo Index
Euro zone 0.00 0.00 0.00 0.00 Call money Treasury 1.160 31.920 1.366 0.244 Investment-grade spreads that tightened the most…
Switzerland 0.50 0.50 0.50 0.50
3.00 3.00 3.00 2.25 MBS 1.154 111.390 1.506 0.257 Spread*, in basis points Stock Performance
Britain 0.50 0.25 0.50 0.25 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Australia 1.50 1.50 1.50 1.50 Commercial paper (AA financial) Open Implied
Settle Change Interest Rate VMware VMW 2.300 Aug. 21, ’20 42 –28 64 120.43 1.02
Overnight repurchase 90 days 1.31 1.26 1.31 0.62
J.M. Smucker SJM 3.500 March 15, ’25 52 –27 75 101.77 1.78
DTCC GCF Repo Index Futures
U.S. 1.18 1.24 1.38 0.15 Libor Motorola Solutions MSI 4.000 Sept. 1, ’24 121 –23 n.a. 92.11 –0.35
Treasury Nov 98.840 -0.005 8218 1.160
One month 1.24389 1.24333 1.24424 0.53644 Treasury Dec 98.695 -0.005 2069 1.305 Pitney Bowes PBI 3.625 Sept. 15, ’20 261 –14 n.a. 10.66 –2.91
U.S. government rates
Three month 1.40258 1.38122 1.40258 0.88233 Treasury Jan 98.600 -0.005 475 1.400 Morgan Stanley MS 7.250 April 1, ’32 144 –10 n.a. 49.39 –1.50
Discount Hess HES 5.800 April 1, ’47 227 –9 240 47.95 –0.58
1.75 1.75 1.75 1.00 Notes on data: Bristol–Myers Squibb BMY 4.500 March 1, ’44 81 –7 n.a. 61.91 0.37
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Energy Transfer ETP 6.500 Feb. 1, ’42 252 –7 253 17.34 0.87
Federal funds and is effective June 15, 2017. Other prime rates aren’t directly comparable; lending practices vary
Effective rate 1.1700 1.1100 1.2000 0.3500 widely by location; Discount rate is effective June 15, 2017. DTCC GCF Repo Index is Depository
Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
…And spreads that widened the most
High 1.3125 1.3125 1.3125 0.5625
Low 1.0500 1.0300 1.1600 0.2500
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Futures on the Viacom VIA 5.875 Feb. 28, ’57 342 31 330 30.25 1.51
DTCC GCF Repo Index are traded on NYSE Liffe US.
Bid 1.1600 1.0700 1.1700 0.3000 Teva Pharmaceutical Finance IV TEVA 2.250 March 18, ’20 230 25 140 … …
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
Offer 1.1700 1.0800 1.1900 0.3200 General Electric Capital Corp.; Tullett Prebon Information, Ltd. Oracle ORCL 3.850 July 15, ’36 94 24 62 50.49 0.18
DIRECTV Holdings DTV 3.800 March 15, ’22 83 18 n.a. … …
Pitney Bowes PBI 4.700 April 1, ’23 424 16 318 10.66 –2.91
Walt Disney 4.125 June 1, ’44 101 13 n.a. 101.61 0.96
Dividend Changes Microsoft
DIS
MSFT 3.450 Aug. 8, ’36 70 13 47 84.27 –0.24
Dividend announcements from November 7. Apple AAPL 2.450 Aug. 4, ’26 68 11 n.a. 174.81 0.32

Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
High-yield issues with the biggest price increases…
Bond Price as % of face value Stock Performance
Gl X Yieldco Index YLCO 4.2 .1304 Q Nov16 /Nov08
Increased Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Global X MLP ETF MLPA 8.1 .1985 Q Nov16 /Nov08
EMC Insurance Group EMCI 3.1 .22 /.21 Q Nov27 /Nov20 Valeant Pharmaceuticals International VRXCN 5.500 March 1, ’23 85.625 2.44 84.250 ... ...
Liberty All-Star Equity USA 11.0 .17 Q Jan02 /Nov17
Jones Lang LaSalle JLL 0.5 .37 /.35 SA Dec15 /Nov16
Liberty All-Star Growth ASG 8.1 .11 Q Jan02 /Nov17 Tenet Healthcare THC 6.750 June 15, ’23 92.500 2.00 94.250 13.21 4.43
LCI Industries LCII 1.9 .55 /.50 Q Dec01 /Nov17
Salient Midstream & MLP SMM 9.1 .244 Q Nov29 /Nov17 Hexion HXN 6.625 April 15, ’20 91.500 1.75 89.000 ... ...
Microchip Technology MCHP 1.6 .3625 /.362 Q Dec05 /Nov21 Tortoise Energy TYG 9.6 .655 Q Nov30 /Nov22 QEP Resources QEP 5.250 May 1, ’23 101.250 1.75 98.875 10.00 –3.29
Primoris Services PRIM 0.9 .06 /.055 Q Jan15 /Dec29 Tortoise Engy Ind Fd NDP 13.2 .4375 Q Nov30 /Nov22
Snap-On SNA 2.1 .82 /.71 Q Dec08 /Nov17 Concordia Hlthcr CXRCN 7.000 April 15, ’23 10.000 1.50 n.a. ... ...
Tortoise MLP Fund NTG 9.6 .4225 Q Nov30 /Nov22
Solar Capital SLRC 7.5 .41 /.40 Q Apr03 /Mar22 California Resources CRC 8.000 Dec. 15, ’22 75.000 1.25 66.375 16.04 13.52
Tortoise P&Engy Infrstr TPZ 7.4 .125 M Dec29 /Dec22
Tortoise P&Engy Infrstr TPZ 7.4 .125 M Jan31 /Jan24 Denbury Resources DNR 4.625 July 15, ’23 64.000 1.25 57.250 1.66 7.79
Reduced Intelsat Luxembourg S.A. INTEL 7.750 June 1, ’21 64.750 1.25 63.750 ... ...
Tortoise P&Engy Infrstr TPZ 7.4 .125 M Feb28 /Feb21
OCI Partners OCIP 4.6 .08 /.12 Q Dec08 /Nov17
Tortoise Pipeline & Engy TTP 9.0 .4075 Q Nov30 /Nov22
Initial
…And with the biggest price decreases
Foreign
Hamilton Beach Brands HBB .085 Dec15 /Dec01 Mallinckrodt International Finance S.A. MNK 5.625 Oct. 15, ’23 88.250 –5.75 94.000 … …
Assured Guaranty AGO 1.6 .1425 Q Nov29 /Nov15
Hertz HTZ 6.250 Oct. 15, ’22 93.563 –2.44 96.000 20.94 –17.53
Funds and investment companies Banco Bradesco Ord ADR BBDO 0.7 .00526 M Jan09 /Dec05
Banco Bradesco Pref ADR BBD 0.7 .00579 M Jan09 /Dec05
Sprint Capital S 6.875 Nov. 15, ’28 100.875 –2.38 107.375 … …
ASA Gold & Prec Metals ASA 0.4 .02 SA Nov28 /Nov13
Brookfield Infrastructure BIP 4.0 .435 Q Dec29 /Nov30 Revlon Consumer Products REV 6.250 Aug. 1, ’24 64.750 –2.25 74.000 … …
Eagle Capital Growth Fund GRF 6.3 .51 A Dec28 /Nov24
Flaherty & Crumrine PFD 6.4 .082 M Nov30 /Nov22 Franco-Nevada FNV 1.1 .23 Q Dec21 /Dec07 Embarq EQ 7.995 June 1, ’36 96.500 –2.13 101.500 ... ...
Flaherty & Crumrine Dyn DFP 7.1 .155 M Nov30 /Nov22 Westpac Banking ADR WBK 5.8 .72154 SA Jan02 /Nov13 Community Health Systems CYH 7.125 July 15, ’20 78.500 –2.00 87.250 4.46 3.00
Flaherty & Crumrine Pfd FFC 6.8 .119 M Nov30 /Nov22 Special Iheartcommunications IHRT 9.000 March 1, ’21 69.750 –2.00 72.250 ... ...
Flaherty & Crumrine Pfd PFO 6.8 .069 M Nov30 /Nov22 American Financial Group AFG 1.3 2.00 Nov27 /Nov17
CenturyLink CTL 7.600 Sept. 15, ’39 85.031 –1.94 92.031 16.22 –2.70
Flaherty & Crumrine TR Fd FLC 7.1 .126 M Nov30 /Nov22
*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.
FlexShares Core Sel Bd Fd BNDC 2.4 .05029 M Nov13 /Nov08 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Data are for the most active issue of bonds with maturities of two years or more
Gl X MLP & Engy Infr MLPX 4.2 .1395 Q Nov16 /Nov08 S2:1: stock split and ratio; SO: spin-off. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
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 | Wednesday, November 8, 2017
Rich Brothers Feud Over India Telecoms
BY MANJU DALAL
India’s richest man is mus-
cling into the country’s highly
competitive telecommunica-
tions market, and his first vic-
tim could be his own brother.
A deep-seated rivalry be-
tween Indian billionaires
Mukesh and Anil Ambani was
amplified this week when Re-
liance Communications Ltd.,
one of the country’s major
wireless carriers, said it is
headed toward a bond default.
Reliance Communications,
also known as RCom, late Mon-
Men Linked to
1MDB Financier
Failed in Bank Bid
Mauritius barred offer
and, concerned about
possible link to scandal
in Malaysia, notified FBI
Two men with links to the
alleged mastermind of a multi-
billion-dollar Malaysian finan-
cial scandal launched a bid
last year to buy a controlling
stake in a bank in Mauritius.
The deal took shape in the
months after the U.S. Justice
By Bradley Hope,
Simon Clark
and Tom Wright
Department alleged in a July
2016 civil asset-forfeiture law-
suit that Jho Low, a Malaysian
financier, helped divert bil-
lions of dollars from state in-
vestment fund 1Malaysia De-
velopment Bhd.—and at times
used small banks to help laun-
der the money. Mr. Low has
denied wrongdoing.
In late 2016, former Gold-
man Sachs Group Inc. partner
Tim Leissner, who had been
the primary Goldman execu-
tive to handle the bank’s 1MDB
account, and Thai business-
man Phengphian Laogumnerd,
a friend of Mr. Low’s, worked
together in an effort to buy
Qatari-owned Century Bank-
ing Corp. of Mauritius.
The central bank of the In-
dian Ocean island nation
blocked the transaction and,
concerned about a possible con-
nection between Mr. Leissner
and the global 1MDB scandal,
notified the U.S. Federal Bureau
of Investigation about the bid,
according to people briefed on
the central bank’s actions.
State Street Names Do-It-Yourself Quant Upstart Hits a Snag
CEO’s Successor
BY JUSTIN BAER
State Street Corp. Chief Ex-
ecutive Joseph Hooley and
President Michael Rogers plan
to retire, the giant custody
bank said Tuesday as it em-
barks on leadership changes.
Former Fidelity Invest-
ments executive Ron O’Hanley
will succeed Mr. Hooley as
CEO by the end of 2018, the
company said. State Street
this week appointed Mr.
O’Hanley president and chief
operating officer, succeeding
Mr. Rogers.
At Fidelity, Ron
O’Hanley was
president of asset
management.
“He’s the logical choice,”
said Mr. Hooley, 60 years old,
who joined the bank 31 years
ago. “Ron represents an indi-
vidual with great vision, and a
strategic mind. He has lived in
the shoes of our core client set
for most of his career.”
In his new roles, Mr. O’Han-
ley said he would be spending
a lot of time on the bank’s
technology initiatives, both in
developing new products and
in making sure they meet cli-
ents’ needs. “That will be what
distinguishes us from our
competitors,” he said.
“The life of the asset man-
ager and the asset owner has
just become more compli-
cated,” Mr. O’Hanley said of
day disclosed it had missed a
$9.75 million interest payment
on $300 million in U.S. dollar
bonds it sold in mid-2015. The
company has seven days to
make the payment, but inves-
tors and analysts say RCom is
unlikely to meet its obliga-
tions. The company has 457.5
billion Indian rupees ($7.08 bil-
lion) in outstanding debt.
Controlled by 58-year-old
billionaire Anil Ambani, the
telecommunications company
has languished in recent years.
RCom borrowed heavily to
fund its growth, creating a
Mr. Leissner, who is Ger-
man, had been Goldman’s
Southeast Asia chairman be-
fore it suspended him for writ-
ing an unauthorized letter of
recommendation for Mr. Low.
Mr. Leissner handled 1MDB
for the Wall Street bank from
the fund’s creation in 2009,
helping raise billions of dollars
of bonds for the fund, and
worked with Mr. Low from the
time Mr. Low was an adviser to
a fund that eventually became
1MDB, according to people fa-
miliar with their relationship.
The Justice Department is
investigating the nature of Mr.
Leissner’s relationship with
Mr. Low, according to people
familiar with the probe. Mr.
Leissner has said he had only
a passing acquaintance with
Mr. Low and that work he did
while at Goldman on the 1MDB
account was above board.
Goldman has consistently
said it did nothing wrong and
had no way of knowing there
might be fraud connected to
1MDB. Neither Goldman nor
Mr. Leissner has been accused
of wrongdoing in relationship
to 1MDB.
Mr. Phengphian also has a
business connection with Mr.
Low: In July 2017, he acquired
from a Low family trust a con-
trolling stake in a lingerie
business in London.
Mr. Low has said he would
fight civil cases filed by the
Justice Department against as-
sets it says were purchased
with stolen 1MDB funds. Those
cases were recently put on
hold by a judge after the Jus-
tice Department requested
more time to finish criminal
investigations into the alleged
1MDB fraud and related asset
the pressures many in the in-
dustry now face.
Mr. O’Hanley, 60, was previ-
ously in charge of State’s
Street’s asset-management
business, where he pushed to
round out the firm’s investing
offerings beyond index-track-
ing funds.
He joined the Boston com-
pany in 2015 from Fidelity,
where he was president of as-
set management and corporate
services.
Mr. Rogers, 60, joined State
Street through the 2007 acqui-
sition of Investors Financial
Services Corp., a smaller cus-
tody bank once known in the
industry as “Little State
Street.”
Mr. Rogers had been the
custody bank’s president, and
was persuaded by Mr. Hooley,
then State Street’s vice chair-
man, to remain at the com-
pany following the sale. He
stayed but began to discuss
his eventual exit with Mr.
Hooley as the CEO was start-
ing to set in motion his own
succession plan, one person
familiar with the matter said.
Mr. Rogers will retire from the
company at the end of 2017,
the company said.
State Street joins rivals
Bank of New York Mellon and
Northern Trust Corp. in un-
veiling succession plans this
year, a mark of an industry
adapting to sweeping changes.
Many of the banks’ top clients
are asset managers under im-
mense pressure to lower costs
and find new areas of growth
as investors shift assets to
ETFs and other low-cost
funds.
BANKING & FINANCE
pile of outstanding debt.
RCom’s troubles worsened
over the past year after rival
Reliance Jio Infocomm Ltd.—
run by Mr. Ambani’s richer
and older brother Mukesh—
entered the wireless industry
and began offering free call
and data plans, causing RCom
to lose sales and market share.
Both companies trace roots to
conglomerate Reliance Group,
which was founded by their late
father, Dhirubhai Ambani. After
the patriarch’s death in 2002,
Mukesh Ambani was effectively
left in control of the family busi-
Jho Low spoke at a 2014 event in New York. Two men linked to the Malaysian financier tried to buy a stake in a bank in Mauritius.
purchases.
Lawyers for Mr. Low de-
clined to comment on the Cen-
tury Banking deal. A lawyer
for Mr. Leissner said his client
did nothing illegal in the deal.
1MDB has denied any funds
were misappropriated or any
wrongdoing on its part, and
pledged to cooperate with any
“lawful” investigation. Malay-
sian authorities cleared the
fund of wrongdoing, though it
remains under investigation in
the U.S. and several other
countries.
Mr. Low has said he was
only an informal adviser to
1MDB. U.S. investigators say
he was pulling strings from
behind the scenes, arranging
deals to divert funds.
The Justice Department
said in its asset-forfeiture
cases that Mr. Low and alleged
co-conspirators at times laun-
dered money through small fi-
nancial institutions that they
BY GREGORY ZUCKERMAN
A quant-trading firm backed
by hedge-fund investor Steven
A. Cohen and venture-capital
firm Andreessen Horowitz
has run into early problems.
Quantopian gained atten-
tion by creating a network of
160,000 users who developed
more than 600,000 trading al-
gorithms, grabbing the early
lead in an emerging area of
do-it-yourself quant trading.
But in the four months
since it began trading on June
1, Quantopian’s traders have
lost about 3%, according to
people close to the matter. The
S&P 500 rose 6.6% in that pe-
riod. Given that Quantopian
has earned little revenue, it
likely will need to raise more
cash from investors, some-
thing executives hadn’t ex-
pected, the people say.
About two months ago,
Quantopian’s chief investment
officer, industry veteran Jona-
than Larkin, left the firm, the
people say.
“While we are disappointed
with the initial performance
we have conviction in our in-
vestment process and actively
making refinements,” said
John Fawcett, Quantopian’s
chief executive officer. “It’s not
unexpected…we’re investing in
the internal infrastructure of
the company.”
Quantopian was launched in
2011 but gained attention over
the past year amid a rush by
firms into quantitative invest-
ing, or trading based on com-
puter models and algorithms.
Quantopian’s position was
helped in part by an invest-
ment of as much as $250 mil-
lion from the venture capital
arm of Mr. Cohen’s firm,
ness. The brothers clashed on
how to run it, and Anil Ambani
pressured his sibling into giving
up RCom and smaller pieces of
the empire in 2005. Over the
years, Mukesh Ambani rose up
the ranks of India’s wealthy to
become the country’s richest
man, with an estimated net
worth of $40.4 billion, according
to Forbes. Anil Ambani is ranked
45th among India’s richest with
a net worth of $2.7 billion.
RCom was originally
Mukesh Ambani’s project and
it grew by slashing the prices
for calls. Its rates shook up the
thought would attract little at-
tention.
The Mauritius bank, Cen-
tury Banking, is owned by
Ghanim Bin Saad Al Saad
Group of Qatar. It opened in
2011 and is located in the capi-
tal, Port Louis.
Months after Mr. Leissner
Ex-Goldman
partner Tim
Leissner
applied to buy
a controlling
stake in a bank
in Mauritius.
quit Goldman Sachs, following
his suspension, in March 2016,
Mr. Phengphian worked with
him to help complete a pur-
chase of Century Banking, ac-
cording to people familiar
with the matter.
Mr. Phengphian, a manager
Steven A. Cohen’s firm has made a large investment in Quantopian, which launched in 2011.
Point72 Asset Management
LP, along with backing from
Andreesen. The support lent
credibility to Quantopian’s
goal of enabling individuals
from 190 countries to come up
with market-beating mathe-
matical models in their spare
time.
Still, Quantopian manages
about $50 million in a hedge
fund, a tiny amount in that
world and well below the $250
million executives anticipated
at the end of this year, accord-
ing to the people familiar. The
firm manages some money in a
separately managed account
for Mr. Cohen’s firm.
Quantopian is a young firm
and could yet turn its fortunes
around. But the challenges so
far suggest that recruiting and
* *** THE WALL STREET JOURNAL.
industry, triggering radical
cost cutting and consolidation.
With Reliance Jio, Mukesh
Ambani appears to be follow-
ing a similar playbook. Despite
being a latecomer, his com-
pany was able to sign up more
than 100 million users by basi-
cally giving free unlimited 4G
access for months.
RCom previously came close
to defaulting on some convert-
ible bonds in 2012, but ended
up getting a lifeline that year
from some Chinese lenders.
RCom has tried to work out
a debt-restructuring plan to
of Songkhla Finishing Co., a
technology contracting com-
pany in Thailand, would fund
the deal, the people said. Law-
yers for Mr. Phengphian de-
clined to comment.
On Nov. 11 of last year, Mr.
Phengphian became a member
of the Century board.
In late December 2016 or
early this year, Mr. Leissner
applied to Mauritius authori-
ties to acquire a controlling
stake in Century Banking and
become an executive and
board member, according to
Mr. Leissner’s lawyer, Marc
Harris, and Century Banking
chief executive Muniruddeen
Lallmahamood.
The Bank of Mauritius, the
nation’s central bank, soon
launched an investigation into
the transaction after it learned
that Mr. Leissner was associ-
ated with 1MDB and Mr. Low,
according to people familiar
with the matter.
training mechanical engineers,
nuclear scientists and other
amateurs around the globe to
be quantitative traders may be
more difficult that some had
expected. While some of Quan-
topian’s traders generated
profits, many of these algo-
rithms had limits to how much
money could be invested with
them, the people said.
Other firms are creating
networks of individuals around
the globe to develop crowd-
sourced algorithms to trade
stocks, such as San Francisco-
based Numerai, which pays its
employees with a digital cur-
rency it created. It is too early
to assess the track record of
these firms.
Quantopian’s community of
algorithm authors, which like
avoid filing for bankruptcy.
The company has proposed
cutting its total debt and re-
paying some of its obligations
by selling assets.
On Monday, RCom pointed
to its restructuring plans and
said it is under a “standstill
period” until December 2018.
“Accordingly, for the time be-
ing, no payment of interest
and/or principal is being made
to any lenders and/or bond-
holders,” the company said.
—Eric Bellman
and Debiprasad Nayak
contributed to this article.
DIMITRIOS KAMBOURIS/GETTY IMAGES
The central bank later re-
jected Mr. Leissner’s applica-
tion for “compliance con-
cerns,” said Mr. Harris, the
lawyer. Mr. Harris didn’t iden-
tify those concerns.
Mr. Lallmahamood declined
to comment on Mr. Leissner’s
application, except to say it
wasn’t approved by the central
bank.
In response to questions to
the Bank of Mauritius about
the Century Banking bid, Yan-
draduth Googoolye, first dep-
uty governor of the central
bank, said: “You may rest as-
sured that the Bank is exercis-
ing its regulatory duties in
terms of its statutory powers.”
Mr. Phengphian is now
chairman of Century Banking’s
board, appointed to the posi-
tion in January after what the
bank’s CEO, Mr. Lallmaha-
mood, described as thorough
due diligence in line with
global best practices.
LUCY NICHOLSON/REUTERS
many quants face a problem of
dealing with too much data,
will be given new tools to
“clean” their data, or cleanse it
from inaccuracies, the com-
pany said. Quantopian may be
able to sell these data-cleaning
capabilities to the growing
number of investment firms
adopting quantitative strate-
gies, the company said.
Late on Tuesday, the Boston-
based firm sent an email to its
community of algorithm au-
thors informing them of Mr.
Larkin’s departure and saying
“the fund is being managed on
an interim basis by other mem-
bers of the investment
team…the journey to creating
something great is never easy.”
A spokesman for Mr. Cohen
declined to comment.
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.
CME Plans
To Rein In
Bitcoin’s
Volatility
BY ALEXANDER OSIPOVICH
CME Group Inc. is seeking to
rein in the volatility of bitcoin.
The Chicago-based ex-
change plans to impose limits
on how much prices of its pro-
posed bit-
CURRENCIES coin futures
can fluctu-
ate within a
day, according to a company
document seen by The Wall
Street Journal. CME said last
week that it aims to launch
the new futures market by the
end of the year, subject to reg-
ulatory approval.
CME uses such limits in
other markets, such as crude
oil, gold and stock-market fu-
tures, to temporarily halt trad-
ing when price swings get out
of control. They are a key way
in which futures exchanges
can try to damp the gyrations
of prices.
But CME—the world’s larg-
est exchange operator—has
never before dealt with some-
thing like bitcoin, which is no-
toriously volatile. It is also
unclear how much impact
CME’s limits will have on bit-
coin, since its futures market
has yet to emerge and most
trading in the digital currency
is on exchanges outside CME’s
control.
CME’s trading limits would
kick in when the price of its
bitcoin futures move 7%, 13%
or 20% up or down from the
Limits would kick in
when prices move 7%,
13% or 20% from the
previous day’s close.
previous day’s closing price,
according to the document, in
which the exchange operator
spelled out specifications for
its new contract.
The first two thresholds—
for 7% and 13% moves—are for
“soft” limits, which could po-
tentially trigger a two-minute
pause in trading of bitcoin fu-
tures, according to a person
familiar with the matter. The
20% limit is a “hard” cap on
how far CME’s bitcoin futures
could swing on any day, the
person added.
That is akin to the way
CME controls volatility in its
popular E-mini S&P 500 fu-
tures contract, which tracks
the S&P 500 stock index. The
E-mini also has three succes-
sive price-fluctuation limits at
7%, 13% and 20% during regu-
lar trading hours.
A similar nighttime limit
kept S&P 500 futures from
falling more than 5% on Nov.
8, 2016, when news of Donald
Trump’s upset win in the U.S.
presidential election trig-
gered wild volatility in stock-
market futures.
But bitcoin could prove far
wilder than the S&P 500. So
far this year, there have been
two days in which bitcoin’s
price swung more than 20% in
a single day, according to
news site CoinDesk. There
were 11 days in which it
moved at least 13%, and 69 in
which it moved at least 7%.
Bond Yield Is Lowest in Weeks, as Taxes Draw Focus
BY AKANE OTANI
U.S. government bonds
inched higher Tuesday as a
dearth of data on the eco-
nomic calendar shifted inves-
tors’ attention to develop-
ments in
CREDIT
Washington.
MARKETS The yield on
the benchmark
10-year U.S.
Treasury note settled at
2.309%—the lowest closing
level since Oct. 17—compared
with 2.318% Monday. Yields
fall as bond prices rise.
Bond prices have risen for
four consecutive days to re-
coup some of their losses from
October, something some ana-
lysts have attributed to relief
among investors over a num-
ber of developments that were
expected to potentially jolt the
markets.
Among them: President
Donald Trump nominated Fed-
eral Reserve Board governor
* * * *
21st Century Fox stock rose 1.1% after reports that Walt Disney had held discussions to acquire a big chunk of its entertainment business, including its film studio.
S&P 500 Breaks Winning Streak
BY MICHAEL WURSTHORN
AND DAVID HODARI
The S&P 500 drifted lower
Tuesday, snapping the index’s
five-session win streak.
Shares of Priceline Group
and TripAdvisor posted dou-
ble-digit losses, making them
the S&P 500’s
TUESDAY’S biggest per-
MARKETS centage declin-
ers after the
online travel
companies disappointed in-
vestors with quarterly results.
Meanwhile, falling bond
yields pressured bank stocks,
and proposed deals swung
shares of chip makers and
media companies.
“Put together a lot of spec-
ulative M&A transactions and
earnings and you get a good
cocktail to move markets,”
said Michael Scanlon, a port-
folio manager at Manulife As-
set Management.
The S&P 500 slipped 0.49
point, or less than 0.1%, to
2590.64. The index has now
Japanese Shares Hit 25-Year High
BY SURYATAPA BHATTACHARYA
TOKYO—Japan’s Nikkei
Stock Average rose to its high-
est level in a quarter-century,
reaching territory last seen at
the tail end of the “bubble
economy” days.
EQUITIES A flood of
foreign money
and strong cor-
porate earnings helped drive
the index up 389.25 points, or
1.7%, to 22937.60 on Tuesday,
the highest close since Janu-
ary 1992, though far short of
the record 38915.87 hit in De-
cember 1989. At the midday
break Wednesday, the Nikkei
was down 0.3%.
Some of the foreign money
is coming from oil-producing
countries, perhaps prompted
by recent political changes in
Saudi Arabia, said Toshiyuki
Suzuki, senior market econo-
mist with Bank of Tokyo-Mit-
subishi UFJ.
SMBC Nikko Securities
Chief Executive Yoshihiko Shi-
mizu said some foreign inves-
tors are making up for lost
The choice of Jerome Powell as Fed chief eased investors’ fears.
Jerome Powell to be the next
Fed chairman, easing some in-
vestors’ fears that Mr. Trump
would choose a candidate
likely to favor a more aggres-
sive pace of interest-rate in-
creases.
And Republicans have run
into conflict over a tax bill,
MARKETS
gone 45 consecutive trading
days without a decline of 0.5%
or greater, the longest such
streak since 1968.
The Nasdaq Composite fell
18.65 points, or 0.3%, to
6767.78 Tuesday, while the
Dow Jones Industrial Average
eked out a slight gain to
close at a record. The blue-
chip index rose 8.81 points,
or less than 0.1%, to 23557.23,
its sixth straight session of
gains.
TripAdvisor shed $9.18, or
23%, to $30.35 after the online
travel booking company
missed revised sales estimates
as it struggled with users’
shift toward mobile. Price-
line—which lost 257.28, or
14%, to 1,645.72—lowered its
profit outlook for the remain-
der of the year, overshadowing
better-than-expected sales and
earnings.
Banks in the S&P 500
slumped, dragging down the
financials sector of the broad
index by 1.3%.
U.S. government bonds con-
The Long Road Back
The Nikkei Stock Average rose
Tuesday to its highest close
since 1992.
40000
30000
25-year high
20000
10000
0 dollar during the trading ses-
1990 2000
Note: Monthly data
Source: FactSet
THE WALL STREET JOURNAL.
time, having been late to the
bull market. “Until now, for-
eign investors hadn’t in-
creased their weighting of
Japan stocks, so that is result-
ing in a sudden inflow of
funds,” he said.
This year, the Nikkei has
raising the possibility that
lawmakers will have to scale
back their plans to pass the
overhaul by year’s end.
The initial rollout of the bill
had pressured bonds, sending
the yield on the 10-year Trea-
sury note to its biggest one-
day gain since March. A bill
Travel Trouble
Shares of Priceline Group and TripAdvisor led declines in the S&P 500
after the companies’ quarterly reports disappointed investors.
5%
Performance, minute by minute
0 those talks have since cooled.
–5
–10
–15
–20
–25
9:30 10 11 noon
Source: WSJ Market Data Group
tinued to strengthen, sending
the yield on the 10-year Trea-
sury note down to 2.309%
from 2.318% Monday. Yields
fall as bond prices rise.
Declining bond yields don’t
bode well for banks, which
earn money on the difference
climbed 20% and is up 23 of
the past 25 trading days.
Energy-linked sectors led
the market higher, following a
3% overnight jump in oil
prices. More expensive crude
could lift Japan’s sluggish in-
flation closer to the central
bank’s 2% target. Among sub-
indexes of the broad Topix in-
dex, which covers all issues on
the Tokyo Stock Exchange’s
first section, mining gained
3.6%, marine transportation
advanced 3.1%, and oil and
coal rose 2.8%.
Stocks shrugged off a rise
in the yen against the U.S.
’10 sion. The Tokyo market,
weighted as it is toward ex-
port-oriented companies, typi-
cally benefits from a weak yen
and suffers when the yen is
strong. But over the past two
months, the Nikkei has
jumped 19% despite only a
slight fall in the yen against
the dollar.
Instead of currency move-
ments, the factors driving
Japanese stocks are stronger
that expands the deficit could
prompt more bond issuance,
weighing on the prices of ex-
isting debt.
With few economic reports
scheduled for release this
week, analysts say investors’
attention is likely to stay
OLIVIER DOULIERY/BLOOMBERG NEWS
homed in on Washington,
where the House Ways and
Means Committee is debating
the tax plan.
“No one is really confident
what kind of tax package we’re
going to get,” said Joe Tan-
ious, senior investment strate-
gist at Bessemer Trust, who
added that the proposal is
likely to change several times
before being signed into law.
A steep cut to the corporate
tax rate could send stocks and
bond yields higher by spurring
inflation, a key threat to gov-
ernment bonds.
Still, Mr. Tanious said, for-
eign demand for Treasurys
would likely limit any result-
ing selloff in bonds.
S&P 500
Priceline Group
TripAdvisor
1 2
THE WALL STREET JOURNAL.
between what they pay on de-
posits and what they charge to
lend money.
Broadcom shares fell 6.20,
or 2.2%, to 271.32 as investors
continued to assess the chip
maker’s bid for Qualcomm.
Shares of Qualcomm gained
earnings, an improved econ-
omy and a better environment
for shareholders.
Toyota Motor Corp. said
Tuesday that it would repur-
chase up to ¥250 billion ($2.2
billion) of its own shares by
March.
Jesper Koll, head of Wis-
domTree Japan, said he ex-
pected profits for the current
fiscal year, which ends in
March, to be up 25%. “Valua-
tions are attractive and posi-
tive earnings momentum is
poised to keep going,” he said
in a note to investors. He fore-
cast the Topix index—which
ended Tuesday at 1813.29, up
1.6%—would hit 2000 within
six months.
Investors may be feeling
emboldened by the Bank of
Japan’s Oct. 31 announcement
that it would maintain its ex-
change-traded-fund purchases
of about ¥6 trillion a year,
which they take as a sign the
central bank will step in if
stock prices fall.
—Megumi Fujikawa
contributed to this article.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated Nov. 9, 2017, mature on Dec. 7, 2017.
52-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated Nov. 9, 2017, mature on Nov. 8, 2018.
THREE-YEAR NOTES
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The notes, dated Nov. 15, 2017, mature on Nov. 15,
2020.
Wednesday, November 8, 2017 | B13
LUCY NICHOLSON/REUTERS
1.58, or 2.5%, to 64.10.
21st Century Fox added 30
cents, or 1.1%, to 27.75 after re-
ports that Walt Disney had
held talks to purchase a large
chunk of the company’s enter-
tainment business, though
Shares of Disney added 97
cents, or 1%, to 101.61. In 2013,
News Corp, owner of The Wall
Street Journal and other pub-
lishing businesses, and 21st
Century Fox, home to the ma-
jor entertainment assets, were
split into their own busi-
nesses.
Robust corporate earnings
have helped push stocks to
fresh highs.
3 4 However, sectors such as fi-
nancials have posted earnings
declines from the year before,
with insurance companies the
biggest drag due to severe
summer storms, says FactSet’s
data.
The Stoxx Europe 600 shed
0.5%, while Japan’s Nikkei
Stock Average rose 1.7% to lev-
els last seen in early 1992.
Oil Prices
Decline as
Geopolitical
Fears Fade
BY STEPHANIE YANG
AND CHRISTOPHER ALESSI
Oil prices edged lower on
Tuesday, as some of the geo-
political fears that took crude
to a two-year high faded.
Light, sweet crude for De-
cember de-
COMMODITIES livery fell 15
cents, or
0.3%, to
$57.20 a barrel on the New
York Mercantile Exchange.
Brent, the global benchmark,
lost 58 cents, or 0.9%, to
$63.69 a barrel.
On Monday, oil prices
jumped to heights not seen
since 2015 after Saudi Arabian
Crown Prince Mohammed bin
Salman had more than five
dozen princes, ministers and
prominent businessmen de-
tained in an effort to tackle al-
leged corruption in the king-
dom. Prices also were
supported after Yemen’s
Houthi rebels fired a ballistic
missile Saturday at the Saudi
capital of Riyadh. The Saudis
shot down the missile before
it reached the city.
Following the rally, analysts
cautioned that the surge in oil
prices may be overdone.
“We’ve covered a lot of
$150,258,850,900
$50,000,105,900 ground very quickly,” said
$548,872,900 John Saucer, vice president of
$100,000,000
99.919500 research and analysis at Mo-
(1.035%) bius Risk Group. Oil “looks like
1.050%
44.43% it may have gotten a little bit
912796LB3 ahead of itself.”
Others believe that the geo-
political premium priced into
$66,756,555,600 the market will be short-lived.
$20,000,038,100
$236,155,600 “As concerns about geopo-
$0 litical tensions fade, oil prices
98.498500
(1.485%) are likely to give back most of
1.523% their recent gains,” said
22.27%
912796PD5 Thomas Pugh, commodities
economist at Capital Econom-
ics.
$69,120,749,500 The Organization of the Pe-
$26,918,433,500
$62,228,300
troleum Exporting Countries
$100,000,000 will hold its official meeting in
100.000000
(1.750%)
Vienna on Nov. 30, at which
1.750% some industry watchers spec-
55.06%
9128283G3
ulate the group will extend a
deal to limit production be-
yond March 2018.
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 | Wednesday, November 8, 2017 THE WALL STREET JOURNAL.

MARKETS
What Has Driven Markets Since Election Day
U.S. stocks have surged since Donald Trump’s election a year ago. Investors
10

23000
last fall attributed a sharp postelection rally to expectations that policy
changes including tax cuts, infrastructure spending and deregulation
would boost U.S. economic growth and corporate profits. So far, progress 22000
on Capitol Hill has been slow, but other factors—including a recovery in 8
3 9
earnings and a gradual increase in interest rates— 6 21000
have propelled the Dow industrials and other 7
5
indexes to one record close after another. 4
20000
2
Nov. 8
Election Day 1
DOW JONES INDUSTRIAL AVERAGE 19000

18000
Nov. 2016 Dec. Jan. ’17 Feb. March April May June July Aug. Sept. Oct. Nov.

1 Travel ban (Jan. 27) 2 Health bill (March 24) 3 French election (May 7) 4 Comey firing (May 9) 5 Strong earnings (July 26)
When Mr. Trump signed his travel ban, Investors scaled back expectations that Emmanuel Macron’s victory over Mr. Trump unexpectedly fired FBI Director Boeing reported forecast-beating
some investors took it as an early sign Mr. Trump’s broader policy agenda far-right candidate Marine Le Pen in the James Comey, exacerbating investors’ earnings for a fifth straight quarter in
that he would pursue protectionist would be enacted, denting stocks and French presidential election assuaged doubts about policy changes. That has been July, helping to boost the Dow industrials
policies that could hamper corporate the dollar, when House Republicans some investors’ concerns about a boon for bond investors, who feared Mr. and reassure investors that corporate
profits, especially at multinational pulled their bill to repeal and replace the nationalist movements weakening the Trump’s agenda would drive up yields and earnings at many large U.S. firms were
companies. Affordable Care Act in March. European Union, boosting the euro. make outstanding bonds less attractive. robust. Many investors say earnings are
S&P 500 TECHNOLOGY SECTOR WSJ DOLLAR INDEX HOW MANY DOLLARS ONE EURO BUYS BLOOMBERG BARCLAYS MUNICIPAL the main driver of stocks over time.
BOND INDEX BOEING STOCK PRICE
1100 94 $1.20 1100 $275

92 1075 250
1000 1.16
1050 225
90
900 1.12 1025 200
88
1000 175
800 1.08
86 975 150
700 84 1.04 950 125
Nov. 2016 ’17 Nov. 2016 ’17 Nov. 2016 ’17 Nov. 2016 ’17 Nov. 2016 ’17

6 North Korea (Aug. 8) 7 Debt deal (Sept. 6) 8 Federal Reserve (Sept. 20) 9 Tax overhaul (Sept. 27) 10 Tech rally (Nov. 3)
Mr. Trump threatened North Korea with When Mr. Trump sided with Democrats The Federal Reserve signaled it was Investors were encouraged when Mr. The Nasdaq Composite has notched its
‘fire and fury’ as rhetoric between the to keep the government funded and its penciling in one more interest-rate increase Trump and Republican leaders sketched most records in a calendar year. Recent
two countries escalated, interrupting a borrowing limit suspended until for 2017–something investors had been out their long-awaited tax plan, with gains followed strong earnings reports
period of calm in financial markets and mid-December, it removed one of the skeptical about after a string of weak many saying they expect a cut to the from Apple Inc., Google parent Alphabet
sending a gauge of expected volatility in biggest risks investors had been inflation readings. Signs that the Fed was corporate tax rate to boost earnings– Inc., Amazon.com Inc. and other firms
the S&P 500 higher. anticipating and stoked hopes for on course helped push U.S. government- especially at smaller, domestically that have helped the Nasdaq outpace
progress on stalled legislative priorities. bond yields higher. focused firms. the S&P 500 and Dow industrials.
CBOE VOLATILITY INDEX KBW NASDAQ BANK INDEX YIELD ON THE 10-YEAR TREASURY NOTE RUSSELL 2000 NASDAQ COMPOSITE
24 100 2.8% 1500 7000
95 2.6
20 1400 6500
90 2.4
16 85 2.2 1300 6000
80 2.0
12 1200 5500
75 1.8
8 70 1.6 1100 5000
Nov. 2016 ’17 Nov. 2016 ’17 Nov. 2016 ’17 Nov. 2016 ’17 Nov. 2016 ’17
Sources: FactSet (technology sector); WSJ Market Data Group (indexes, Boeing); Tullett Prebon (euro, Treasury yield); Bloomberg Barclays (municipal bonds) Reporting by Akane Otani; Graphic by Hanna Sender/THE WALL STREET JOURNAL.

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

Rémy’s Shelf Life Has Its Limits OVERHEARD Snap Looks

Pricey as Its
The world’s supply of co- won’t feel today’s supply The phone maker that
Fruits of the Vine
gnac is running low. Paying a
high price for the stock of
specialist distiller Rémy
Market share of cognac houses
problems for a few years. Its
more limited scale—it ac-
counted for 13% of bottles
cannot be named had been
very good to chip maker Sky-
works Solutions, until this
Growth Slows
JULIEN FERNANDEZ FOR THE WALL STREET JOURNAL

by bottles sold and sales

Cointreau may leave a sour sold globally last year, com- week. Snapchat may be a popu-
Hennessy Rémy Martin
taste. pared with almost half for Apple has long restricted lar mobile app with the
The French company Martell Courvoisier Other Hennessy, according to data what its suppliers can talk youth. But even teens under-
makes leading cognac brand 100% provider IWSR—also affords about. Skyworks, which stand how fickle popularity
Rémy Martin. The liquor has it greater flexibility. makes power amplification can be. Parent company
been a strong seller in the 75 Rémy Cointreau’s shares chips used in the iPhone and Snap is also figuring that
U.S. and China. have jumped to highs as the other smartphones, gets out.
The shortage was evident 50 Hennessy shortage and Chi- about 40% of its business The company reported
in results from Rémy Mar- nese recovery have hit home. from Apple, according to Ed Tuesday that it added about
25
tin’s larger rival Hennessy They now trade at 34 times Snyder of Charter Equity. But five million average daily ac-
last month. Majority-owned 0 earnings, an even bigger pre- on its fiscal fourth-quarter tive users during the third
and managed by Parisian mium to peers than usual. earnings call Monday, Apple’s quarter, which is half the
Bottles Sold Sales
luxury group LVMH Moët Rémy Martin needs to name wasn’t mentioned, number added in the same
Hennessy Louis Vuitton, Hennessy’s troubles will help Sources: IWSR; Bernstein prove it will remain immune though the phrase “largest period last year. That also
Hennessy dominates the U.S. Rémy in the short term. THE WALL STREET JOURNAL. to the constraints troubling customer” came up half a fell well short of the eight
cognac market with almost its rival even as it posts sim- dozen times. million user additions Wall
two-thirds of bottles sold. needs at least two years of group’s operating profit last ilarly strong growth. The That silence can have its Street had expected, thus
The brand’s unit sales fell aging. Better farming and year. Diageo’s exposure is more market share it steals price. Skyworks’ share price sending Snap’s share price
year over year in the third new vines can increase sup- lower still, at about 5% of from a straitjacketed Hen- fell 4.4% Tuesday, because plunging following the re-
quarter. Americans’ thirst for ply by only 3% to 4% a year, pretax profit. It is a different nessy, the more likely it will many investors expected a port.
cognac remains as strong as according to the industry story for Rémy Martin. The face its own supply issues bigger boost in revenue for Not that all was bad. Av-
ever, but Hennessy no longer trade body. Two poor grape No. 2 U.S. brand accounts for down the road. The tempta- the current quarter from this erage revenue per user in-
has sufficient liquor to slake harvests haven’t helped. roughly three-quarters of tion to raise prices will be year’s new iPhones. But the creased 36% year over year
it. Part of that is because These problems aren’t so parent Rémy Cointreau’s op- strong, but the question is iPhone X is in short supply to hit a record $1.17 during
LVMH would rather hold on material for luxury behe- erating profit. whether consumers will and likely to remain that way the quarter. But the positive
to the stuff and sell it later moth LVMH. Adjusting for a So far, Hennessy’s U.S. stomach it; cognac is already through the end of this year. effects of growing engage-
in China, where consumers minority stake held by liquor troubles have benefited its expensive compared with That likely clouded Skyworks’ ment were muted by a move
pay roughly three times the giant Diageo, Hennessy and rival by opening up more similar brown liquors. outlook, but investors can’t by the company to bring
U.S. price per bottle. a few much smaller spirits shelf space. Rémy Martin Rémy Cointreau investors even take the company’s more automation to its ad
Production can’t be brands accounted for just 8% specializes in more expen- may need to sober up. word for it. sales process. Snap said the
ramped up quickly. Cognac of the diversified luxury sive aged cognacs, so it —Stephen Wilmot shift to programmatic ad
sales hurt pricing and
brought the quarter’s reve-

Mallinckrodt’s Problems Matter to Other Drug Makers nue to about $208 million,
which was 12% shy of ana-
lysts’ estimates. While reve-
Mallinckrodt may not be tag, and its cost-effective- manufacturers when payers Mallinckrodt is hardly nue still rose 62% year over
the best-behaved company in Bedridden ness has been questioned in start pushing for a better alone in facing this problem. year, it was by far the young
the drug industry, but inves- Mallinckrodt share price major medical journals. deal or refuse to reimburse Opioid sales are a multibil- company’s slowest growth
tors in all pharmaceutical Those sales fell 5.6% from for treatment altogether. lion-dollar business, and sev- rate on record.
makers should take notice of $60 a share a year earlier, as an increas- Mallinckrodt also reported eral companies face govern- The company had barely
Tuesday’s nasty stock slide. 50 ing number of prescriptions substantial declines in its ment inquiries and lawsuits two years of operating his-
Third-quarter adjusted 40 went unfilled, due in part to opioid products as regulators relating to painkiller market- tory under its belt when it
earnings of $1.97 a share 30 pressures from payers. Mall- crack down on aggressive ing, including Allergan, Teva went public in March. Inves-
topped analyst estimates, 20 inckrodt warned on a confer- sales practices. Hydrocodone Pharmaceutical Industries, tors then valued Snap at
but sales of $794 million 10 ence call that total drug vol- sales were down 42% from a Endo International, John- more than 20 times forward
were down about 10% from umes would decline in the year earlier, and Oxycodone son & Johnson and Purdue sales purely on the com-
0
last year. The stock plunged fourth quarter, though the sales fell 38%. This comes as Pharma. The decline in sales pany’s fast growth rate.
36% Tuesday. It is down J F M A M J J A S O N company said it is confident pharmacy-benefit managers at Mallinckrodt could be Without profits or cash flow,
roughly 60% this year and Source: FactSet that Acthar will continue to have announced crackdowns matched at other companies the company couldn’t afford
about 85% from the high hit expand over the long term. on access to opioid drugs. as the aggressive marketing to disappoint.
in 2015. sues, highlighted payer pres- Like many companies in Mallinckrodt disclosed over efforts that characterized That is why Snap’s multi-
The two big problems for sures to explain weak the industry, a higher-mar- the summer that it received the sale of these drugs are ple of about 11 times is still
Mallinckrodt are industry- growth in its best-selling gin branded drug is respon- a subpoena from the Justice scaled back. too high. Investing in Snap
wide issues involving drug branded drug, Acthar. That sible for higher profit mar- Department for documents Tuesday’s stock beating was a bet on fast growth,
prices and the opioid crisis. drug, which treats infantile gins than most other drugs “related to the marketing should make investors worry but that growth is still not
Mallinckrodt, which faces spasms among other indica- that Mallinckrodt sells. That and sale of the company’s about who might be next. proving to be fast enough.
many legal and regulatory is- tions, sports a high price can spell trouble for drug opioid products.” —Charley Grant —Dan Gallagher