For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
DJIA 23940.68 À 103.97 0.4%
What’s
News
Business & Finance
BC fired “Today” co-an-
N chor Lauer after an alle-
gation of sexual misconduct,
leaving the network with
its top franchise in crisis. A1
 Bitcoin has been trans-
formed from a curiosity
among techies to a hot topic
for mainstream investors as
its value has skyrocketed. A1
 Nasdaq aims to launch
bitcoin futures and Cantor
plans bitcoin derivatives. B7
 Wells Fargo may face
an OCC enforcement ac-
tion over improprieties in
its auto-insurance and
mortgage operations. B1
 Trump nominated econ-
omist Marvin Goodfriend
to fill one of three vacan-
cies on the Fed board. A2
 The U.S. economy is
running at its full poten-
tial for the first time in a
decade, a report said. A2
 The S&P 500 eased as fi-
nancial shares gained and
tech stocks slid. The Dow rose
103.97 to 23940.68. B13, B14
 Chipotle’s founder is step-
ping down as CEO as the
restaurant chain struggles
to win back customers. B1
 BuzzFeed is laying off
about 100 employees and
reorganizing its ad sales
and business operations. B1
 China’s HNA is prepar-
ing to sell some foreign as-
sets to help service its debt
and satisfy regulators. B3
 Britain’s Cineworld is
in advanced talks to buy
U.S. movie-theater chain
Regal for $3.1 billion. B2
 Snapchat simplified its
app design as it seeks to
increase daily users. B4
World-Wide
 Senate Republicans are
weighing whether to cut the
corporate tax rate less deeply
than Trump has demanded, a
move that could make it eas-
ier to pass the tax bill. A1
 House Republicans are
set to propose a revamp of
the student-loan program
that would cap borrowing. A3
 Congress is headed for
a showdown on whether to
insert several health mea-
sures in year-end bills. A4
 Kushner was interviewed
this month by Special
Counsel Mueller’s team,
whose questions focused
on Flynn’s activities. A4
 Trump retweeted videos
posted by a British anti-Islam
group that purported to show
violent acts by Muslims. A4
 North Korea’s latest mis-
sile test appeared aimed at
showing Pyongyang’s nuclear
advances while not provok-
ing U.S. military action. A7
 Egypt’s Sisi ordered se-
curity forces to use “brute
force” to rid Sinai of Is-
lamic State-linked militants
after a mosque attack. A18
 The U.S. rejected China’s
demand that it be treated as
a “market economy” under
global trading rules. A8
 Beijing is evicting migrant
workers from poorer areas
as part of a drive to revamp
the Chinese capital. A8
 Justices pushed back
against claims that police
should have broad access to
Americans’ digital data. A6
 A convicted war criminal
from Bosnia died after drink-
ing poison in front of a U.N.
tribunal in The Hague. A18
CONTENTS
Business News...... B3
Crossword.............. A14
Heard on Street. B14
Life & Arts....... A11-13
Management.......... B6
Markets............. B13-14
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
NASDAQ 6824.39 g 1.3%
Opinion.............. A15-17
Sports....................... A14
Streetwise................. B1
Technology............... B4
U.S. News............. A2-6
Weather................... A14
World News. A7-9,18
> The 20-foot wide billboard
* * * * * THURSDAY, NOVEMBER 30, 2017 ~ VOL. CCLXX NO. 128
STOXX 600 387.96 À 0.2%
GOP Mulls Shift on Corporate Tax
As formal debate begins
in Senate, haggling
intensifies; leaders aim
for vote Thursday night
BY SIOBHAN HUGHES
AND RICHARD RUBIN
WASHINGTON—Senate Re-
publicans are considering
whether to cut the corporate
tax rate less deeply than Presi-
dent Donald Trump has de-
manded, a move that could
make it easier to pass the tax
bill they voted to begin debat-
1,000%
Bitcoin
in 2017
+955%
800
600
400
200
0
Year 1 Year 2 Year 3
*Tokyo Stock Price Index †Case-Shiller Home Price Index
Sources: CoinDesk (bitcoin price and value); FactSet (Nasdaq performance, Japanese stocks, gold); Thomson Reuters (home prices, Nasdaq total value); Federal Reserve (currency in circulation)
Bitcoin Mania: Even Grandma Is In
BY PETER RUDEGEAIR
AND AKANE OTANI
Rita Scott’s grandson con-
vinced her in mid-November
to get in on the latest invest-
ing sensation and buy bitcoin.
“I thought it was a big coin,”
the 70-year-old said. “I didn’t
even know what it was, a piece
of coin? Why would I invest in
a piece of coin?”
With a few hundred dollars
of her money invested in it,
Farm Towns, With Changing
Priorities, Reject Meatpackers
Tyson Foods and others struggle to win support for new plants
BY JACOB BUNGE
TONGANOXIE, Kan.—Rural Americans are
turning their backs on the industry that made
the U.S. the biggest meat-exporting country in
the world.
Residents of Tonganoxie, a 5,300-person
town in northeast Kansas, spent part of the fall
hanging white-and-red placards that say “No
Tyson in Tongie” on fenceposts and pickup
trucks. Their efforts were part of a public push
against Tyson Foods Inc., the largest U.S. meat
processor by sales, which trumpeted in early
September its plans to build a $320 million
chicken-processing complex just south of town.
The investment, Tyson said, would bring
1,600 jobs and deliver $150 million annually to
The National Debt Clock Took a $687 Billion Hiatus
Six-month revamp includes new lights, wiring; ‘a silent vigil’
BY ANNE KADET
It’s back. After nearly six
months in the repair shop, the
National Debt Clock was re-
mounted in New York City
near Times Square. Last
week’s grim message: The U.S.
owes its creditors
$20,546,926,554,467.78.
And in case that number
doesn’t hit home, the digital
tracker breaks it down: “Your
Family Share: $172,560.”
owned by the Durst Organiza-
tion, a family-owned real-es-
tate empire based in Manhat-
tan, just got a $160,000 rehab
to replace the digital display
and wiring, and freshen the fa-
WSJ.com HHHH $4.00
10-YR. TREAS. g 11/32 , yield 2.376% OIL $57.30 g $0.69 GOLD $1,282.10 g $12.80 EURO $1.1850 YEN 111.93
ing Wednesday.
One of the most significant
unresolved issues is whether
over a decade. Under current
law, the corporate tax rate
stands at 35%.
aide said.
White House spokesman Raj
Shah said Wednesday that the
businesses such as partner-
ships and S corporations that
pay taxes through their own-
the corporate tax rate should “Twenty-two percent doesn’t president “would not support ers’ individual tax returns.
be set above the 20% thresh- make this a horrible bill,” said raising the corporate rate as After complaints from sena-
old Mr. Trump has sought and Sen. Lindsey Graham (R., S.C.). outlined” in an amendment tors who said corporations
how aggressively the adminis- “It’s like making a cocktail. If aimed at boosting the child were getting too much of the
tration would fight an attempt you’ve got to add more of this tax credit. tax cut, those pass-through
to set it higher. A final vote in
the Senate could come as early
and less of that, I’m fine. Fail-
ure is not an option.”
“We do support the child
tax credit,” he said. “We also
businesses would now get a
20% deduction on their busi-
as Thursday night. But going higher than 20% think it’s important to make ness income instead of the
Bumping that rate to 21% for the corporate rate could businesses more competitive.” 17.4% deduction in the previous
or 22% is attractive to Repub- split the party. The 52-48 procedural vote Please see TAXES page A4
licans looking for money to ex- Sen. John Cornyn of Texas, on party lines late Wednesday
pand the child tax credit, pre- the chamber’s second-ranking was an early show of GOP  Greg Ip: Unintended effects
serve a property-tax deduction Republican, is inclined to op- unity. It came after Republi- buried in tax bills.................... A2
or make other changes. Each pose amendments that put the cans said they were backing a  Trump retweets videos from
point raises about $100 billion corporate rate above 20%, an larger tax cut for pass-through anti-Islam group....................... A4
Lauer’s
Bitcoin's rise this year dwarfs other major episodes Bitcoin
Wednesday
of market fervor in recent decades.
Firing
Total value: $171 billion
End of 2016
Puts NBC
$16 billion
U.S. currency in circulation
In Turmoil
$1.6 trillion
Nasdaq Composite Gold prices U.S. home prices†
BY JOE FLINT
1994-2004 2001-11 2001-11
Dot-com bubble bursts
Matt Lauer’s abrupt exit
from NBC News after an accu-
Japanese stocks* sation of inappropriate sexual
1983-93 behavior ends a storied tenure
Japan’s ‘lost decade’ begins Nasdaq, dot-com boom that made him the face of
1999 morning television, leaving the
$3.2 trillion network with a huge hole to
fill and its most important
franchise in crisis.
1998
NBC said Wednesday Mr.
$1.6 trillion Lauer was fired after a staffer
filed a complaint alleging he
engaged in misconduct during
the network’s coverage of the
2014 Winter Olympics in
Sochi, Russia.
Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 The co-anchor of “Today”
for 20 years, Mr. Lauer was
one of the last of the network
THE WALL STREET JOURNAL. news stars who came of age
when the face in front of the
camera was perceived as being
as important as the news be-
ing read into it.
Mr. Lauer had an annual
Ms. Scott quickly caught on bitcoin later topped the investments. salary in the $20 million
and started checking the price $11,000 mark—reaching its Bitcoin, a stateless digital range, according to a person
several times a day, even while highest level in its nine-year currency that shares some in- familiar with the matter, mak-
playing poker at a casino in history—the virtual currency vestment characteristics with ing him one of the highest-
her hometown of Las Vegas. tumbled more than $2,000 gold, has captured the imagi- paid television news figures.
Late Monday, as the price later Wednesday as several ex- nation of investors. He was also seen inside NBC
approached $10,000 for the changes struggled to handle As its value has doubled as the key to the continuing
first time, her grandson, An- surging volume. It rallied since mid-October and risen success of “Today.”
thony Santa, sold the bitcoin again later to trade at $10,214. more than tenfold in 2017, the NBC News Chairman Andy
that he and his grandmother “Believe me, I didn’t have currency has transformed Lack said in a memo to staff
held, netting what he said was this much fun with T. Rowe Please see BITCOIN page A8 that the allegations made by
a gain of around 45% over just Price,” said Ms. Scott, a re- the accuser represented “a
a few weeks. tired secretary and taxi driver,  James Mackintosh: Bitcoin isn’t clear violation of our com-
That was prescient. While referring to her mutual-fund what its creator envisioned... B1 pany’s standards.” He said that
while this was the first com-
plaint about Mr. Lauer’s be-
INSIDE
havior in his two-decade ten-
ure, the network was
“presented with reason to be-
lieve this may not have been
an isolated incident.”
Later Wednesday, Variety
published a story in which
multiple unidentified women
accused Mr. Lauer of inappro-
priate sexual behavior. The
story also alleged that some of
the women had made com-
the Kansas economy, in part because it would
pay local farmers to raise chickens and buy lo-
THE HUNT plaints to unnamed NBC exec-
utives that were ignored. In
cally grown grain to feed them. “Kansas will be FOR HOLIDAY response, an NBC News
an outstanding home for this Tyson complex,”
said Kansas Gov. Sam Brownback, who joined
DISCOUNTS Please see LAUER page A6
Tyson staff and local elected officials in Ton-  Minnesota Public Radio fires
ganoxie when they unveiled the plan. LIFE & ARTS, A11 Garrison Keillor......................... A6
Many residents, including farmers, dis-
agreed. Online, they raised alarms about
groundwater pollution, infrastructure burdens
and noxious smells. With a relatively strong
economy, and job flexibility that comes from
proximity to the Kansas City metropolitan area,
many weren’t persuaded by the promised eco-
World’s First
“Self-Driving”
nomic benefits. Critics railed at Tyson’s pro-
posed plant on radio shows and in local news-
Please see FARMS page A10
Database
i i i
Mr. Durst isn’t optimistic
the situation will improve,
Oracle
Autonomous
noting, “the current occupant
of the Oval Office once called
Database
himself the ‘King of Debt.’ ”
Over the summer and fall,
the sign got an overhaul at
National Debt Clock Spectrum Signs in Old Beth-
page on New York’s Long Is-
cade. land. The billboard stood gut- No Human Labor – Half the Cost
Chairman Douglas Durst ted and forlorn in the vast
said the family decided workshop, its display dark, No Human Error – 100x More Reliable
against modernizing the wires spilling from the inte-
“slightly dated” look of the rior.
sign because it “reminds peo- Spectrum has fabricated
ple that this has been a prob- and installed signs all over
lem for a while.” Times Square in Midtown oracle.com/selfdrivingdb
“It is a silent vigil that re- Manhattan, including for the
minds people that the govern- Broadway show “The “Lion Human labor refers to tuning, patching, updating, and maintenance of database.
ment needs to live within its King” and the restaurant chain Copyright © 2017, Oracle and/or its affiliates. All rights reserved.
means,” he said. Please see CLOCK 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 | Thursday, November 30, 2017
Goodfriend Is Tapped
To Fill Fed Board Seat
BY NICK TIMIRAOS
President Donald Trump
nominated Marvin Goodfriend,
a former Federal Reserve econo-
mist and current Carnegie Mel-
lon University professor, for a
spot on the central bank’s board
of governors on Wednesday.
If confirmed by the Senate,
Mr. Goodfriend would fill one of
three vacancies on the Fed’s
powerful seven-member board.
Mr. Trump has also nomi-
nated Fed governor Jerome
Powell to succeed Fed Chair-
woman Janet Yellen when her
term expires next February, and
Ms. Yellen said last week she
will resign her seat as a gover-
nor when Mr. Powell is sworn
into office. That could give Mr.
Trump a fourth vacancy on the
Fed’s board.
Mr. Goodfriend, a widely re-
spected monetary economist,
would provide academic heft on
a board that now has just two
economists, including Ms. Yel-
len. He has criticized the Fed’s
buying of mortgage-backed se-
curities as part of its postcrisis
asset purchases aimed at lower-
ing long-term interest rates. He
has said the Fed should limit its
bond-buying to Treasury secu-
Hugh Jackman and
the new TimeWalker
Chronograph
Crafted for New Heights.
rities except in limited circum-
stances when it has been given
explicit permission by Con-
gress.
In a March appearance be-
fore the House Financial Ser-
vices Committee, Mr. Good-
friend said the Fed should
welcome more oversight from
Congress to enhance its credi-
bility. He also recommended
that Fed officials compare their
policy decisions against a math-
ematical rule such as the so-
called Taylor rule.
Mr. Trump has an unusual
opportunity to put his stamp on
the U.S. central bank early in
his presidency. The position of
the Fed’s vice chairman is va-
cant after Stanley Fischer re-
signed last month citing per-
sonal reasons.
Mr. Goodfriend remains pop-
ular with conservative econo-
mists, including many who have
been critical of the Fed in re-
cent years, as well as influential
Republican lawmakers. His
nomination has taken on extra
urgency because once Ms. Yel-
len retires from the Fed, the
board will operate with only
three members if no new nomi-
nees have been confirmed and
seated.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Unintended Effects Buried in Tax Bills
In their
rush to pass a
sweeping tax
overhaul, Re-
publicans and
the Trump ad-
ministration may be headed
for a reckoning with the law
of unintended consequences.
The U.S. tax system is a
complex, jury-rigged contrap-
tion. At the best of times,
tampering with any part in-
variably triggers collateral
consequences. Those risks are
magnified by Republicans’ de-
termination to pass the plan
with minimal hearings on
party lines by Christmas.
Gary Cohn, President Don-
ald Trump’s chief economic
adviser, touched on this in an
interview on CNBC: “We not
only have to think about what
the objective is with taxes,
and tax reform. We have to
think how do we get 218 votes
[in the House], and how do
we get 51 votes [in the Sen-
ate] on top of understanding
the intended consequences
[and] the unintended conse-
quences.”
T
he bills, as they stand,
contain countless in-
centives for gamesman-
ship: differing tax rates for
different types of foreign
property and profits, arbi-
trary expiration and imple-
mentation dates to hold the
10-year deficit impact below
$1.5 trillion, and changes to
the Affordable Care Act to
free up government dollars
that could roil private insur-
ance markets. “There are
more ticking time bombs in
this bill than a Road Runner
cartoon,” says Martin Sulli-
van, chief economist for the
nonprofit group Tax Analysts.
Two components in partic-
ular could have significant,
unintended consequences: the
treatment of pass-throughs—
businesses such as partner-
ships that pay taxes as indi-
viduals rather than
corporations—and of state
and local taxes.
Historically, pass-throughs
paid the same rate as individ-
uals. Small businesses often
say this is unfair because the
top individual rate, now
39.6%, is above the corporate
tax rate, now 35%.
Economy Hits Full Stride
For First Time in 10 Years
BY BEN LEUBSDORF
WASHINGTON—The U.S.
economy is running at its full
potential for the first time in a
decade, a new milestone for an
expansion now in its ninth year.
Total economic output in the
third quarter was slightly above
the maximum sustainable level
as estimated by the nonpartisan
Congressional Budget Office.
This is a measure of the
economy’s potential to produce
goods and services based on
the supply of people working
and how productive they are. In
downturns actual output drops
below potential and slows infla-
tion. In advanced stages of ex-
pansions output can exceed po-
tential and cause the economy
to overheat.
It was the first time actual
gross domestic product had ex-
ceeded potential GDP since the
CORRECTIONS  AMPLIFICATIONS
Guangdong Bo Yu Informa-
tion Technology Co. was
deregistered on Nov. 17. In
some editions Wednesday, a
Technology article about Chi-
nese hacking incorrectly said
the company, which is also
known as Boyusec, was dereg-
istered on Nov. 11.
State Route 123 in Prince
William County, Va., was incor-
rectly labeled as Route 132 on
Wednesday in a U.S. News map
of Interstate 95 showing I-95’s
worst bottleneck.
Keith Dreyer is chief sci-
ence officer of the American
College of Radiology Data Sci-
ence Institute. The Capital Ac-
count column on Friday about
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
Winners and Losers
The tax bills will reward businesses organized as ‘pass-through’
while punishing high-income residents of high-tax states.
Forgone revenue under proposed
House of Representatives and
Senate pass-through tax rates
$0 billion
–20
–40
–60
–80
2018 ’19 ’20 ’21
State and local tax rates, with and without the federal deduction,
for several high-tax jurisdictions and their neighbors
With federal deduction
New York City
Connecticut
New Jersey
District of Columbia
Virginia
Maryland
California
Washington 0 fluent residents of Democratic
0
Texas 0 states like California, New
0 York and Maryland—states
Note: JCT=Joint Committee on Taxation; PWBM=Penn Wharton Budget Model
Sources: Joint Committee on Taxation, Penn Wharton
Budget Model (revenue); Goldman Sachs (rates)
Those complaints have lit-
tle economic foundation: 86%
of pass-throughs are so small
they pay a personal rate of
25% or less, according to the
Tax Policy Center, a think
tank. Moreover, pass-through
income is taxed once whereas
corporate income is com-
monly taxed twice: at the cor-
porate level, then on divi-
dends and capital gains to
shareholders.
Nonetheless, to appease
business owners the House
bill taxes 30% of pass-through
income at just 25%. The Sen-
ate bill would let them deduct
17.4% of their income. Profes-
sionals like doctors and law-
yers above a certain income
level would be prohibited
from paying that lower rate.
This change doesn’t come
cheap: the nonpartisan Joint
Committee on Taxation says
the House provision will lose
fourth quarter of 2007. An ac-
celeration in growth at this
point could generate overheat-
ing that produces financial ex-
cess or long-elusive consumer-
price pressures.
“It’s the sweet spot,” said
Beth Ann Bovino, chief U.S.
economist at S&P Global Rat-
ings. “We’d like to be there for
some time, but let’s see how
long it lasts.”
When the recession that be-
gan in December 2007 reached
its nadir in mid-2009, GDP was
more than 6% below its maxi-
mum sustainable level as esti-
mated by the CBO. Revised GDP
data released Wednesday by
the Commerce Department con-
firmed the so-called output gap
turned positive this summer,
joining the lowest unemploy-
ment rate in nearly 17 years as
evidence of renewed health in
the economy.
artificial intelligence incor-
rectly gave his title as chief
data science officer for the
American College of Radiology.
Individual income-tax pro-
visions in a Senate tax pro-
posal, including lower individ-
ual rates, larger child tax
credits and a larger standard
deduction, end after 2025. A
U.S. News article on Nov. 17
about Republican tax-overhaul
efforts incorrectly said 2026.
Various types of stable-
value funds perform differently.
A Wealth Management report
article on Oct. 23 about stable-
value funds in retirement plans
incorrectly implied that they all
work the same way.
* **** THE WALL STREET JOURNAL.
through changes will lose $71
billion to $94 billion more
than JCT estimates.
There is precedent: After
Kansas eliminated state in-
House Senate come taxes on pass-throughs
JCT JCT in 2012 it suffered a huge hit
PWBM PWBM
to revenue and finally re-
versed course this year. The
federal tax reform in 1986 re-
duced personal rates below
corporate rates, so many busi-
nesses became pass-throughs
and corporate tax revenue fell
short of expectations.
To pay for lower corporate
and pass-through rates, legis-
lators will eliminate several
deductions, the largest of
’22 ’23 ’24 ’25 ’26 ’27 which is for state and local
taxes (although the House
would preserve a $10,000
break for property tax). The
Without federal deduction rationale: the deduction
serves no economic purpose
8.0%
12.7 and subsidizes state and local
4.4 government spending.
7.0
6.0 The same is true for the
9.5
federal break for municipal
6.5 bond interest, yet its benefits
9.0
4.2 are more evenly shared by Re-
5.8 publican and Democratic
6.3
8.7 states and thus it hasn’t been
touched. The state and local
8.7
13.3 deduction benefits mainly af-
that rely on hefty taxes paid
by their wealthiest residents
THE WALL STREET JOURNAL. to finance extensive and
costly public services.
nearly $600 billion in revenue Losing the federal deduc-
over the coming decade and tion will raise effective tax
the Senate provision $225 bil- rates on wealthy residents of
lion. Yet the loss could easily states such as California, New
be more. Legions of attorneys, York, and Connecticut by 2 to
accountants and consultants 5 percentage points, according
will work over time to help to Goldman Sachs economists.
high-income clients reclassify Some residents will move;
themselves as a pass-through. others will never come. The
If you’re a doctor or law- erosion of their tax base could
yer, says Daniel Shaviro, a law imperil those states’ fiscal
professor at New York Uni- health and force them to slash
versity: “Not to worry. Some public services.
law partnerships or doctors For some conservative law-
own their buildings, so you makers that may be an in-
form two pass-throughs, one tended consequence. But it’s
is the service business and also why no Democrats back
the other owns the building, the plan and will likely try to
rents it out to the first and undo it if they retake Con-
gets the low rate.” gress, much as Republicans
Treasury may struggle to have tried to undo the Afford-
craft guardrails against such able Care Act ever since Dem-
maneuvers, says Kent Smet- ocrats enacted it on party
ters, director of the Penn lines. That sort of instability
Wharton Budget Model, which is yet another unintended
simulates fiscal policy effects. consequence of the nation’s
His team estimates the pass- increasingly polarized politics.
Wednesday’s report from the
Commerce Department showed
GDP, a broad measure of the
goods and services produced in
the U.S., expanded at a 3.3% an-
nual rate in the third quarter,
adjusted for inflation and sea-
sonality. It was the strongest
quarter in three years, and an
upward revision from the gov-
ernment’s initial estimate of
3.0% growth.
A key measure of business
earnings strengthened last
quarter as well. The Commerce
Department said after-tax cor-
porate profits, without inven-
tory valuation and capital con-
sumption adjustments, rose
4.9% in the third quarter from
the prior period after falling
2.0% in the second quarter.
Compared with a year ear-
lier, profits were up 10.0% in economy operating beyond its
the third quarter. potential will experience stron-
Looking ahead, economists ger price and wage increases as
expect the year will end on a workers and resources become
solid footing. Forecasters at increasingly scarce.
Macroeconomic Advisers on That could be welcome news
Wednesday projected a 2.5% for the Federal Reserve, which
GDP growth rate for the fourth has worried in recent years
quarter. about persistently sluggish in-
Many economists believe an flation.
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THE WALL STREET JOURNAL. * * Thursday, November 30, 2017 | A3

U.S. NEWS

GOP Seeks Major Changes for Colleges

House bill puts limits
on student loans and
forgiveness programs;
for-profits get a boost
The Republican-controlled
House this week will propose
sweeping legislation that aims
to change where Americans go
to college, how they pay for it,
what they study and how their
success—or failure—affects
the institutions they attend.
By Douglas Belkin,
Josh Mitchell
and Melissa Korn
The most dramatic element
of the plan is a radical revamp
of the $1.34 trillion federal
student-loan program. It
would put caps on borrowing
by parents and students and
eliminate some loan-forgive-
ness programs for students.
The package—a summary of
The opening House GOP
gambit will likely take more
than a year to wind through
Congress and could undergo
substantial revisions. The
Higher Education Act of 1965
was last reauthorized in 2008.
It was set to expire in 2013 but
was extended to allow legisla-
tors more time to work on a
new version. The Congressio-
nal Budget Office is expected
to score the bill this week.
Although some elements of
the bill could gain bipartisan
support, the overall plan is
dramatically different from re-
cent Democratic proposals. For
example, Democratic lawmak-
ers have said the best way to
help students is to provide
them with more direct subsi-
dies, including grants, and to
let them pay off what they can
afford for a set time, then for-
give the balances.
The bill would create losers
and winners. Some student
borrowers would see increased

LINDSEY WASSON/ASSOCIATED PRESS

which was reviewed by The
Wall Street Journal—would be
the biggest overhaul of educa-
tion policy in decades.
The rising expense of higher
education is deeply troubling
to many Americans, and many
increasingly question its value.
Despite a steady rise in the
share of high-school graduates
heading to college, a skills gap
has left more than six million
jobs unfilled, a significant drag
on the economy, according to
the Labor Department.
Republicans say their policy
proposals, which would make
up the new Higher Education
Act, are aimed at filling that
gap by both deregulating parts
of the sector and laying the
conditions for shorter, faster
pathways to the workforce.
They say the act focuses on
ensuring students don’t just
enroll in school, but actually
graduate with skills that the
labor market is seeking.
loan payments. Many universi-
ties are likely to oppose the
limits on federal student loans
and fight new competition
from alternative education
providers. The bill also at-
taches new strings to grant
funds for historically black and
minority-serving colleges.
On the other hand, commu-
nity colleges would get more
funding to team with the pri-
vate sector and create appren-
ticeships. And for-profit col-
leges, which were targeted by
the Obama administration be-
cause many of their students
ended up with high debt loads
and limited job prospects,
could get many changes it has
lobbied for, including equal
footing with nonprofit schools
when it comes to limits on fed-
eral aid and measurements of
graduate success.
Rep. Virginia Foxx (R., N.C.),
chairwoman of the House
Committee on Education and
The rising expense of college in recent decades has been deeply troubling to many Americans, who increasingly question its value.
the Workforce that drafted the
proposal, lamented that so
much of higher education was
considered “irrelevant” by em-
ployers. She hopes to push ac-
creditors to lean on schools to
accept credits from technol-
ogy-based programs.
“Since the last bill came
out, we had a big recession
and tremendous technological
changes,” she said. “We have a
shortage of six million skilled
workers. What we want to do
is help colleges provide stu-
dents with the skills they need
to succeed in the workplace.”
The GOP plan aims to ex-
pand apprenticeships and
competency-based education,
along with more “learn and
earn” opportunities, said Ms.
Foxx, a former community-col-
lege president.
Sen. Patty Murray (D.,
Wash.), the top Democrat on
the Senate’s Health, Education,
Labor and Pensions Committee,
said Wednesday the House pro-
posal was “extremely disap-
pointing,” cutting oversight of
“predatory for-profit colleges”
and eliminating federal finan-
cial aid for needy students.

What’s Inside Higher-Education Inflation ously complicated form that

The Sweeping Plan
Here’s a quick look at some
of what’s in the GOP bill on
student finances, loan applica-
tions and for-profit schools:
Revamp of Student Loans
The bill would set an un-
specified cap on the amount
graduate students and parents
of undergraduates could borrow 200
to cover tuition and living ex-
penses, instead of letting them
borrow what schools charge.
It would end a program that
forgives loan balances for bor-
rowers who work for govern-
ment agencies and at many
nonprofits after they have made
10 years of payments. Borrow-
ers currently enrolled in the pro-
gram would be grandfathered in. provision that allowed borrow-
And it would scale back the
benefits of income-based repay- forgiven after making payments fying the Free Application for
ment programs, eliminating a
serves as the gateway to all
College tuition has been among the fastest-growing expenses for federal and much state- and
households in recent decades, rising even faster than health-care costs. school-level financial aid.
Good News for For-Profits
Prices, change since 1990
Online schools will no lon-
400% ger be required to seek state-
College tuition level authorization in every
state where they have stu-
300 dents, easing a major regula-
tory headache for fast-growing
institutions with far-flung stu-
dents. Schools would need
Medical care state approval only in states
where they have physical loca-
tions.
100 For-profit colleges get an-
All consumer prices
other big win with the elimina-
tion of the so-called 90-10 rule,
0 which caps at 90% the share of
1990 2000 ’10
revenue that a school can
get from Title IV federal stu-
Source: Labor Department THE WALL STREET JOURNAL.
dent aid. And they will cheer
the repeal of “gainful employ-
Simplified Fafsa ment” regulations that tie ac-
ers to have part of their debt The bill recommends simpli- cess to federal student aid to
whether career programs lead
for 20 or 25 years. Federal Student Aid, a notori- to decent-paying jobs.

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A4 | Thursday, November 30, 2017
Special
Counsel
Spoke to
Kushner
BY REBECCA BALLHAUS
Jared Kushner, senior White
House adviser and President
Donald Trump’s son-in-law, was
interviewed this month by Spe-
cial Counsel Robert Mueller’s
team as it investigates whether
Trump associates colluded in
Russia’s efforts to interfere in
the 2016 U.S. election, said a
person familiar with the matter.
The Mueller team’s ques-
tions to Mr. Kushner focused on
the activities of former national
security adviser Mike Flynn,
the person said, as it probes
Mr. Flynn’s ties to Turkey and
Russia. The meeting—Mr. Kush-
ner’s first known interview
with the special counsel’s
team—lasted less than an hour,
the person said.
Abbe Lowell, a lawyer for
Mr. Kushner, said in a state-
ment, “Mr. Kushner has volun-
tarily cooperated with all rele-
vant inquiries and will continue
to do so.”
The Kushner interview
marks the closest point Mr.
Mueller has reached within the
president’s orbit, said people
familiar with the matter. The
special counsel has already in-
terviewed current and former
top White House officials, in-
cluding former chief of staff
Reince Priebus, and is expected
to interview others, including
Communications Director Hope
Hicks, in the coming weeks. The
Kushner interview was first re-
ported by CNN on Wednesday.
Mr. Trump has denied any
collusion by him or his cam-
paign, and Moscow has denied
meddling in the election.
The short duration of the
meeting, and its exclusive focus
on Mr. Flynn, could mean Mr.
Mueller will want to interview
Mr. Kushner again. The special
counsel is probing a series of
events that involve Mr. Kush-
ner, including the president’s
decision to fire former FBI Di-
rector James Comey—which
four people said Mr. Kushner
pushed for, the Journal has re-
ported—and a June 2016 meet-
ing at Trump Tower with a
Russian lawyer linked to the
Kremlin.
The interview is the
closest Mr. Mueller
has reached within
Mr. Trump’s orbit
Mr. Mueller’s team is also
probing a December 2016 meet-
ing between Mr. Kushner
and the head of a Russian bank
that was placed on a U.S. sanc-
tions list following Russia’s an-
nexation of Crimea in 2014, the
Journal has reported.
Mr. Mueller’s investigators
have also been asking witnesses
questions about Mr. Kushner’s
interactions with foreign lead-
ers during the presidential
transition, including his in-
volvement in a dispute at the
United Nations in December,
the Journal has reported.
In December 2016, about a
month after Mr. Trump won the
election, Messrs. Kushner and
Flynn both attended a meeting
with then-Russian Ambassador
Sergey Kislyak, Mr. Kushner
said in a statement to Congress
in July. The participants in that
meeting discussed setting up a
secret communications line
with Russia to discuss the
country’s military operations in
Syria and other issues, the
Journal has reported. But it
was never set up.
In his statement to Congress,
Mr. Kushner said he wanted to
establish a line of communica-
tion because he believed “a
thoughtful approach on Syria
was a very high priority given
the continuing humanitarian
crisis,” but said he did not “sug-
gest a ‘secret back channel.’”
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U.S. NEWS
Health Care Hangs Over Congress
BY STEPHANIE ARMOUR
AND KRISTINA PETERSON
Congress is headed for a
Spending-Bill Patch
Could Run Into 2018
showdown on whether to in-
sert several pressing health
measures in year-end bills, re- House GOP leaders are
viving partisan fights that considering trying to pass a
threaten to derail Republi- short-term spending bill that
cans’ goal to close out the would keep the government
year with a raft of legislative funded into January, lawmak-
successes. ers and aides said Wednes-
The looming health-care is- day, potentially pushing de-
sues include funding for a bates over immigration and
children’s health program, the other contentious issues into
possible delay of certain taxes next year.
by the Affordable Care Act The government’s current
and the fate of a bipartisan funding expires at 12:01
plan to bolster fragile insur- a.m. on Dec. 9, and lawmak-
ance markets. ers previously said
With just weeks left in the they wanted to pass a two-
JASON CONNOLLY/AFP/GETTY IMAGES
2017 legislative calendar, Re- week patch that would ex-
publicans hope to push pire before Christmas.
through a tax overhaul, reach Lawmakers hoped that
a two-year budget agreement, would give them enough
enact a spending bill for the time to write and approve a
remainder of the 2018 fiscal more detailed spending bill
year and potentially find a fix for the remainder of the fis-
for the so-called Dreamers, un- cal year, which ends Sept. 30
documented immigrants who of 2018.
entered the U.S. as children. Children at a recent press conference held by House Minority Leader Nancy Pelosi (D., Calif.). —Kristina Peterson
Congress has been strug- Congress is dealing with health-care issues including funding for a children’s health program.
gling to resolve an array of
health-care issues since the reduce premiums next year as ular ACA taxes. A sales tax on surers use to provide subsi- move by GOP senators to re-
Republicans’ failed effort to originally intended. And Con- health insurance that largely dies for low-income consum- peal the ACA’s so-called indi-
repeal the Affordable Care gress’s inability to reauthorize hits small and midsize busi- ers. President Donald Trump vidual mandate has spurred
Act. Democrats emboldened money for the Children’s nesses has been suspended for cut the funds in October. The more Republicans to support
by the repeal’s collapse are Health Insurance Program, or this year, for example, but it Alexander-Murray deal also the Alexander-Murray deal, in
balking at making conces- CHIP, is putting enormous is scheduled to return in 2018. would allow states more say hopes it would help offset
sions, while Republicans have pressure on states. Funding A bipartisan push to bol- in implementing the ACA. premium increases prompted
been leery of adding health- for the program expired Sept. ster the insurance markets Sens. Murray and Alexan- by repealing the mandate.
policy matters to other bills. 30 and many states are close under the ACA faces a more der’s efforts have been ham- Sen. Susan Collins (R.,
That backlog has had con- to exhausting their reserves. uncertain fate. The package, pered in recent weeks by a Maine) said Wednesday she
sequences. Even quick passage Lawmakers from the two crafted by Sens. Lamar Alex- lack of support from some had an agreement to pass the
of the bipartisan plan to bol- parties are close to agreeing ander (R., Tenn.) and Patty conservative Republicans and bipartisan bill, likely with a
ster insurance markets, for ex- on some issues, including a Murray (D., Wash.), would Mr. Trump, but the legislation short-term spending bill ex-
ample, would come too late to desire to further delay partic- temporarily restore funds in- is now gaining traction. A pected next week.
Trump Retweets Videos From Anti-Islam Group
President Donald Trump sions,” he said, adding that guard, a White House official
DANIEL LEAL-OLIVAS/AGENCE FRANCE-PRESSE/GETTY IMAGES
retweeted videos posted on- “British people overwhelm- said. The president was scroll-
line by a British far-right na- ingly reject the prejudiced ing through social media and
tionalist that purport to show rhetoric of the far-right.” didn’t click on the original
violent acts carried out by Mr. Trump fired back at the post to see who wrote it.
prime minister Wednesday “He just hit the retweet
By Peter Nicholas in night, tweeting: “@The- button,” the official said.
Washington and Jason resa_May, don’t focus on me, Mr. Trump didn’t attach any
Douglas in London focus on the destructive Radi- comments to the tweets. In
cal Islamic Terrorism that is the past, he has said that the
Muslim men, drawing rebukes taking place within the United U.S. needs to take a tougher
from U.S. allies and civil-rights Kingdom. We are doing just stand against what he calls
advocates in the U.S. fine!” “radical Islamic terrorism.”
Mr. Trump used the social- Ibrahim Hooper, a spokes- As a presidential candi-
media platform on Wednesday man for the Council on Ameri- date, Mr. Trump called for “a
to circulate a trio of tweets can-Islamic Relations, said in total and complete shutdown
posted by Jayda Fransen, the an interview: “It’s really unbe- of Muslims entering the
deputy leader of Britain First, lievable that the president of Jayda Fransen, deputy leader of Britain First, an anti-Islam group. United States until our coun-
a small anti-Islam group in the the United States would issue try’s representatives can fig-
U.K. that describes itself as a materials that basically say, Washington-based think tank. wasn’t concerned with ure out what is going on.”
political party and a street ‘Hate Muslims. I want you to “Tweeting out anti-Muslim whether the videos Mr. Trump The comments drew criticism
movement. She was convicted hate Muslims.’ This is some- propaganda videos is also retweeted were real. “I’m not that he was singling out peo-
in 2016 for religiously aggra- thing you expect from the harmful to 26,000 U.S. troops talking about the nature of the ple based on their religion
vated harassment. worst anti-Muslim hate sites in harm’s way in Iraq, Syria video. The threat is real,” she and needlessly raising reli-
A spokesman for U.K. on the internet.” and Afghanistan, as well as said. “That’s what the presi- gious tensions.
Prime Minister Theresa May Promoting the videos also others stationed in Muslim-ma- dent is talking about—the need Mr. Trump’s retweets to his
said in a statement that it could inflame anti-U.S. feel- jority countries,” Ms. Hurlburt for national security, the need 44 million followers on
was wrong for Mr. Trump to ings among Muslims in coun- said in her own Twitter mes- for military spending. Those Wednesday left Britain First ex-
have shared Britain First’s tries where the U.S. military sage. “Their lives depend on are very real things. There’s ultant. In a tweet later in the
videos. “Britain First seeks to must operate, potentially en- [the] trust of Muslim allies.” nothing fake about that.” morning, the group wrote:
divide communities by their dangering American troops, White House press secre- Mr. Trump’s Twitter posts “DONALD TRUMP HIMSELF
use of hateful narratives that said Heather Hurlburt, a tary Sarah Huckabee Sanders Wednesday morning caught HAS RETWEETED THESE VID-
peddle lies and stoke ten- scholar with New America, a said that the administration much of the White House off EOS…GOD BLESS YOU TRUMP!”
TAXES earlier this month that “it’s
not going up” because “this is
one of the things that the
president feels very strongly
Continued from Page One about. Twenty percent.”
version, a Republican senator Republicans don’t have 50
said. More than half of business votes locked down yet for the
income goes to pass-throughs final vote, and they were still
and more than half of pass- working Wednesday to win
through income goes to the top support from lawmakers in-
1% of households, according to cluding Mr. Corker, Ron John-
the Tax Policy Center. son (R., Wis.), Steve Daines (R.,
Republicans are using a Mont.), Jeff Flake (R., Ariz.),
fast-track procedure that lets John McCain (R., Ariz.) and
them avoid a Democratic fili- Susan Collins (R., Maine). Sen.
buster, but it comes with Lisa Murkowski (R., Alaska),
ANDREW HARRER/BLOOMBERG NEWS
strings attached, including the backed the bill Wednesday.
ability for senators to offer an As of Wednesday evening,
unlimited number of amend- they didn’t yet have the final
ments. The debate will end in text of a bill, an agreement to
a so-called vote-a-rama as appease deficit concerns, a
Democrats try to make Repub- path around some parliamen-
licans take politically difficult tary challenges or an eco-
positions and Republicans nomic-growth estimate from
make their final adjustments. their own scorekeepers.
Sen. Chuck Schumer, the Sen. Bob Corker, a Republican from Tennessee, spoke with the media after a GOP luncheon this week. Mr. Johnson wants to make
chamber’s Democratic leader, the deduction for pass-
said Wednesday that corpora- tary hurdles and objections taxes, repeal the alternative change a bill they won’t ulti- throughs even bigger, as high
tions and the wealthy don’t from conservatives who don’t minimum tax and shrink the mately support. as 25%, which would push the
need a tax cut. want automatic tax increases estate tax. It would increase Sen Bob Casey (D., Pa.) said top effective tax rate for pass-
“To lavish them with huge baked into the plan, beyond budget deficits, repeal the he was unlikely to support throughs below 30%. He said
tax breaks and ask the middle the expiration of individual tax mandate for individuals to that amendment, instead pre- he and Mr. Graham would pro-
class to bear the cost—that’s cuts in 2025. have health insurance and ferring a larger version backed pose paying for that change
about as backward as it gets,” “Anything you’ve heard you open the Arctic National Wild- by Democrats. with an amendment repealing
Mr. Schumer said. can take off the table because life Refuge to oil drilling. “It’s not where we ulti- corporations’ ability to deduct
Republican senators, eager it’s evolving,” Mr. Corker said The idea of setting the cor- mately want to go,” said Sen. state income taxes.
to vote this week and resolve late Wednesday. A few hours porate tax rate above 20% was Sherrod Brown (D., Ohio). “I Republicans are discussing
differences with the House by later, as he was exiting the emerging Wednesday as an very much appreciate what whether to automatically in-
Christmas, are still trying to Capitol, Mr. Corker said there option. Sens. Marco Rubio (R., Marco’s done on this…We can crease the corporate-tax rate
figure out what their tax bill were “difficulties” in designing Fla.) and Mike Lee (R., Utah), do something bipartisan on from 20% if the bill’s support-
will ultimately look like. The the trigger provision. proposed a 22% tax rate to pay this and make this bill signifi- ers’ assumption that tax cuts
knottiest Senate problem right Sen. Dean Heller (R., Nev.) for expanding the child tax cantly better.” will pay for themselves by gen-
now is how to design a trigger said he didn’t like the trigger credit to more low-income Any effort to set the corpo- erating more economic growth
that would lead to automatic but that one wouldn’t remove families and tying the credit to rate rate higher than 20% proves inaccurate. Republicans
spending cuts or tax increases his support for the tax bill. inflation. could run into resistance from are also debating whether that
if revenue doesn’t come in as “At the end of the day, I Refundable tax credits go to the White House, where the trigger should cause spending
projected. want Bob Corker’s vote, so households that don’t pay in- insistence on a 20% rate has cuts instead of tax increases.
That could be crucial to we’ll do what we can do to get come taxes. It isn’t clear yet shaped the whole bill. Trea- —Joshua Jamerson,
getting support from senators Bob Corker’s vote,” he said. how much support they have sury Secretary Steven Kristina Peterson
such as Bob Corker (R., Tenn.). Overall, the tax bill would among Republicans or if Dem- Mnuchin told The Wall Street and Rebecca Ballhaus
The trigger faces parliamen- cut corporate and individual ocrats would help them Journal CEO Council gathering contributed to this article.
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THE WALL STREET JOURNAL. Thursday, November 30, 2017 | A5

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 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A6 | Thursday, November 30, 2017
Informant Slowed Search for MS-13 Killer Justices
BY ZUSHA ELINSON
Seven years ago, a 19-year-
old killed two young men at a
house party in Sparks, Nev.,
according to witnesses, and
then fled the state.
Lt. Greta Woyciehowsky of
the tiny Sparks police depart-
ment had some good leads:
For one thing, she knew the
identity of the suspected killer.
He was Luis Alejandro Menen-
dez-Cordero, an MS-13 gang
member. She knew he was in
California. Detectives found a
photo of his girlfriend on a
phone.
What Lt. Woyciehowsky
didn’t know at the time was
that the woman in the picture
was an informant for a Federal
Bureau of Investigation gang
task force targeting MS-13 in
Los Angeles. Lt. Woyciehowsky
says the informant and her
government handlers would
become obstacles in a quest to
catch a killer, according to a
memo reviewed by The Wall
Street Journal.
Last month, Mr. Menendez-
Cordero was put on trial and
convicted of the two murders.
The case shows the conflicts
that can arise from giving in-
formants a key role in the gov-
ernment’s efforts to infil-
trate gangs including MS-13.
The informant, code-named
Stella, came to Los Angeles
from El Salvador when she was
a child, she said in court testi-
mony for a federal case in which
she served as an informant. She
joined MS-13 at 13, she said.
She avoided getting deported
in 2010 after being arrested by
immigration authorities by
agreeing to inform on MS-13.
One of her handlers was
Los Angeles police detective
Frank Flores, an FBI task-force
member.
Stella helped the FBI task
force target MS-13 members
by persuading them to sell her
Rare Sea Turtles Rescued in Cape Cod
SCOTT EISEN/GETTY IMAGES
WARM WELCOME: New England Aquarium workers check on a Kemp’s ridley sea turtle, one of the
most-endangered sea-turtle species. The facility has rescued and warmed up more than 180 sea
turtles stunned and stranded by the cold recently. Pilots with Turtles Fly Too in the past few years
have flown more than 500 of the reptiles to other sites for more rehab and release into the wild.
LAUER
Continued from Page One
spokeswoman said, “We can
say unequivocally, that, prior
to Monday night, current NBC
News management was never
made aware of any complaints
about Matt Lauer’s conduct.”
The New York Times and
NBC News reported two addi-
tional accusations were made
against Mr. Lauer on Wednes-
day.
Mr. Lauer’s spokesperson
didn’t respond to a request for
comment.
“Today” is a financial jug-
gernaut for NBC, a unit of
Public Radio Fires
Garrison Keillor
Garrison Keillor, creator and
former host of the radio show
“A Prairie Home Companion,”
was fired from Minnesota Pub-
lic Radio over allegations of in-
appropriate behavior.
Minnesota Public Radio said
in a statement Wednesday it is
terminating its business ties
with Mr. Keillor and his private
media companies immediately
after learning in October of al-
legations of his inappropriate
What Is MS-13?
 A gang formed during
the 1980s in Los Angeles by
immigrants from El Salvador
who left the country during a
civil war
 Now has 30,000 mem-
bers world-wide, including
10,000 across the U.S., ac-
cording to the National Gang
Intelligence Center
 Alleged violent acts in-
clude charges in the April of
killing of four young men
with machetes and clubs on
Long Island
 Federal racketeering
cases brought in the past de-
cade have weakened the
gang on the West Coast
methamphetamine in under-
cover stings, court documents
show. For that, she was
granted temporary legal status
and paid at least $169,000, in-
cluding relocation expenses,
over the past seven years, ac-
cording to court documents.
Stella said she met Mr. Me-
nendez-Cordero two or three
weeks before the Nevada mur-
ders, according to a memo
that Lt. Woyciehowsky filed
with the FBI in early 2011 and
was reviewed by the Journal.
In this memo, Lt. Woycie-
howsky said as she closed in
on the suspect in late 2010,
Stella hid him at her apart-
ment and allegedly helped him
escape to Mexico.
Sparks police were stymied
by Detective Flores, Stella’s
handler, who “overlooked the
opportunity to immediately
apprehend our murder sus-
pect,” the memo alleges.
The FBI didn’t allow “an in-
formant to harbor a fugitive
wanted by another law en-
Comcast Corp., generating rev-
enue north of $500 million an-
nually, according to people fa-
miliar with the show. Although
the audience for “Today” has
declined in recent years, it is
still the most-watched morning
program among the coveted
demographic of adults 25 to
54. It trails ABC’s “Good Morn-
ing America” in total viewers.
Now NBC has to determine
how to proceed without its on-
air leader, and look to its
bench of talent to see who can
step in. It isn’t the only net-
work in that position: CBS
News fired star morning host
Charlie Rose last week after
reports surfaced of sexual ha-
rassment allegations against
behavior with an individual who
had worked with him on “A
Prairie Home Companion.”
Mr. Keillor, who couldn’t be
reached to comment, said in a
statement posted Wednesday
to his website that he was
fired over “a story that I think
is more interesting and more
complicated than the version
MPR heard.”
Mr. Keillor retired from the
music-and-variety show last
year after creating it and host-
ing since 1974, and Chris Thile
replaced him as host. Minne-
sota Public Radio said Wednes-
day it plans to change the
U.S. NEWS
Luis Alejandro Menendez-Cordero, shown in a still from a video, shortly after his capture in 2015.
forcement agency,” said Laura
Eimiller, a bureau spokes-
woman. “The informant in
question reported the location
of the fugitive to the task
force, and this information
was forwarded to appropriate
law enforcement personnel.”
Ms. Eimiller said Detective
A woman code-
named Stella helped
the FBI target MS-13
members.
Flores no longer works on the
task force. He is still employed
by the Los Angeles Police De-
partment, which disputes the
account by Sparks police.
The Los Angeles Police De-
partment declined to make De-
tective Flores available to com-
ment, but issued a statement:
“After conducting a thorough
him. Together, those changes
hold the potential to signifi-
cantly reshape the battle for
morning TV viewers.
Mr. Lauer and Mr. Rose are
the latest of several prominent
media figures to face allega-
tions of sexual misconduct,
part of a torrent of accusa-
tions that have prompted com-
panies to scrutinize dynamics
in the workplace. Others, from
movie mogul Harvey Wein-
stein to Fox News’s Bill
O’Reilly, also have left their
positions or been fired after
accusations of harassment.
On Wednesday, “Today” co-
anchor Savannah Guthrie was
joined behind the desk by
Hoda Kotb, who is an anchor
name of Mr. Thile’s show and
has ended its contracts with
Mr. Keillor, who still hosted
“The Writer’s Almanac,” a daily
poetry and writing feature. The
station will also end its re-
broadcasts of old episodes of
“A Prairie Home Companion.”
Minnesota Public Radio said
it notified its board immedi-
ately after learning of the alle-
gations and retained a law firm
to conduct an independent in-
vestigation. “Based on what we
currently know, there are no
similar allegations involving
other staff,” Minnesota Public
Radio said. —Cara Lombardo
investigation and review of the
case, the Department deter-
mined that the allegations
were unfounded and that LAPD
personnel did not violate any
of the LAPD’s strict policies or
investigative procedures.”
An attorney for Stella de-
clined to comment. Lt. Woy-
ciehowsky also declined to
comment.
Lt. Woyciehowsky and a
team of detectives flew down
to Los Angeles on Dec. 20,
2010, but Detective Flores re-
fused to set up a meeting with
Stella, the memo said.
When Lt. Woyciehowsky sat
down with the informant on
Jan. 5, 2011, Stella admitted
that Mr. Menendez-Cordero
had stayed at her apartment in
Los Angeles after he fled Ne-
vada, according to the memo.
She knew Mr. Menendez-
Cordero was suspected of kill-
ing two people when he lived
with her, Stella said in court
testimony. The FBI, she testi-
fied, didn’t give her permission
U.S. WATCH
WEST VIRGINIA
Convicted Coal Chief
Runs for U.S. Senate
Don Blankenship, a former
coal executive who served a
year in prison for conspiring to
violate mine-safety laws before
a 2010 mine disaster, said he
would run for a U.S. Senate seat
in West Virginia, adding another
candidate to the field of Republi-
cans hoping to challenge Demo-
cratic Sen. Joe Manchin in 2018.
Mr. Blankenship, who was
chief executive officer of Massey
Energy Co. during the 2010 mine
explosion that killed 29 people,
has maintained his innocence on
charges that he conspired to vi-
olate safety laws in the run-up
to the accident. He was released
from prison in May.
Since then, even before for-
mally announcing a Senate cam-
paign against Mr. Manchin, he
has been airing ads that try to
shift the blame for the mine di-
saster to Mr. Manchin, who was
governor at the time, and the
federal Mine Safety and Health
Administration.
—Janet Hook
on the 10 a.m. hour of the
four-hour program. NBC hasn’t
disclosed any temporary or
permanent plans to replace
Mr. Lauer. Ms. Kotb will co-
host with Ms. Guthrie for the
rest of the week, said a person
familiar with the plan.
One high-profile figure who
could be a candidate to take
Mr. Lauer’s spot is Megyn
Kelly, the former Fox News
host who joined NBC in Janu-
ary and anchors the third hour
of “Today.”
Although Ms. Kelly’s show
has posted disappointing rat-
ings, she is a known entity to
television viewers. If NBC de-
cides to jettison the tradi-
tional man-woman co-anchor
approach to morning televi-
sion in favor of two women,
she could be a natural choice.
Another possibility for Mr.
Lauer’s chair is Carl Quinta-
nilla, a reporter on CNBC who
has often appeared on “To-
day.” Mr. Quintanilla declined
to comment.
Over the years, others who
were seen as potential succes-
sors for Mr. Lauer have come
and gone including Josh Elliott,
who was wooed from “Good
Morning America” but only
lasted a short while at NBC.
Willie Geist, a former anchor on
the third hour of “Today,” also
was seen as an heir apparent.
He now anchors the Sunday
morning version of “Today.”
THE WALL STREET JOURNAL.
Question
Sweeps of
Cell Data
BY JESS BRAVIN
WASHINGTON—Supreme
Court justices pushed back on
Wednesday against govern-
ment claims that police should
have broad access to data
about customers collected by
telecom and internet compa-
nies, with justices across the
ideological spectrum suggest-
ing constitutional safeguards
must grow to meet threats to
privacy and property rights
posed by the digital age.
“Americans, I still think,
want to avoid Big Brother.
They want to avoid the con-
cept that the government will
to harbor a violent fugitive. be able to see and locate you
Some time before the meet- anywhere you are at any point
ing, Mr. Menendez-Cordero had in time,” said the liberal Jus-
escaped to Mexico dressed as a tice Sonia Sotomayor.
woman, according to the memo. “John Adams said one of the
Mr. Menendez-Cordero then reasons for the [Revolution-
fled to El Salvador, where he ary] War was the use by the
was born, according to El Sal- government of third parties to
vadoran court documents. In obtain information, [forcing]
2014, the U.S. government no- them to help as their snitches
tified authorities in the Cen- and snoops,” added conserva-
tral American country that he tive Justice Neil Gorsuch.
had been charged of two The two, who are miles
counts of murder. apart on many issues, laid out
In August 2015, an El Salva- different but complementary
doran court agreed to send approaches that for the first
Mr. Menendez-Cordero back to time could require authorities
Nevada on one condition: that to obtain a search warrant be-
he not face the death penalty, fore examining masses of data
the court documents say. from digital providers.
Last month, Mr. Menendez- Justice Sotomayor sug-
Cordero was convicted in gested the court’s 20th cen-
Washoe County district court tury touchstone for search
for the murders of Moises cases—the “reasonable expec-
Vasquez and Kevin Me- tation of privacy”—would ac-
lendez and sentenced to two cept police reviewing data
life terms. A public defender closely tied to a crime, but re-
for Mr. Menendez-Cordero ject the pervasive surveillance
didn’t respond to requests to of an individual’s whereabouts
comment. or online activities.
Justice Gorsuch took a dif-
ferent approach, likening an
individual’s location data to
personal property or papers
that the Fourth Amendment
FLORIDA also protects. “The property-
based approach to privacy also
Police Say Gun Led has to be considered, not just
Them to Serial Killer the reasonable-expectation ap-
proach,” he said.
A recent college graduate The case involves loot alleg-
who was charged in four slay- edly taken by suspect Timothy
ings that terrorized a Tampa Carpenter and his associates in
neighborhood over the past 51 a string of RadioShack and T-
days used the same gun in all of Mobile store robberies in 2010.
the shootings and targeted peo- Federal agents subpoenaed
ple near bus stops with “no ap- from carriers 127 days of cell-
parent motive,” a police chief tower location data revealing
said Wednesday. the whereabouts of Mr. Car-
The crack in the case came penter’s cellphone, thereby ty-
Tuesday when Howell Emanuel ing him to the spree.
Donaldson, 24 years old, brought In the 1970s, Supreme Court
a bag with a loaded handgun in opinions held that police could
it to his job at a McDonald’s and obtain records that businesses
asked a co-worker to hold it maintain about their custom-
while he went across the street, ers—deposit registers at a
authorities said. Workers bank, for instance, or the tele-
thought that was odd and they phone company’s list of calls
reported the gun to a police offi- placed from a household line—
cer who was doing paperwork without a search warrant. The
there, setting off an investiga- court reasoned that customers
tion that linked Mr. Donaldson to waived their privacy interests
the shootings. Authorities said by voluntarily disclosing such
location data from Mr. Donald- information to the company.
son’s cellphone put him at the Deputy Solicitor General
scene of at least three of the Michael Dreeben, representing
killings. Arrest records didn’t list the government, described
a lawyer for Mr. Donaldson. that “third-party doctrine” as
—Associated Press an ironclad principle.
At “Today” he was named
news reader and formed a close
friendship with Bryant Gumbel,
the show’s lead anchor. When
Mr. Gumbel stepped down, Mr.
Lauer succeeded him.
Unlike Mr. Gumbel, who
NATHAN CONGLETON/ASSOCIATED PRESS
was seen as somewhat aloof,
Mr. Lauer initially brought
more of an everyman ap-
proach and ease to anchoring
“Today.” He quickly developed
a huge following among fe-
male viewers, and he and Ka-
tie Couric dominated the
morning news race for years.
Mr. Lauer’s image took a hit
NBC fired Matt Lauer after an when some critics blamed him
accusation of sexual misconduct. for the messy departure of
Ann Curry as co-anchor of
NBC has had to replace a “Today” in 2012.
beloved on-air talent before. Partly because of his impor-
In 2015, Brian Williams was tance to the network’s busi-
dropped as anchor of “NBC ness and longevity there, Mr.
Nightly News” after it was re- Lauer developed close ties to
vealed that he had embellished corporate leaders at the com-
his experiences covering the pany, including Mr. Lack and
Iraq war in 2003. He was suc- NBCUniversal Chief Executive
ceeded by Lester Holt and Steve Burke.
while the program now trails Some industry observers
ABC’s “World News Tonight” think “Today” will be able to
in viewers, it remains first in survive without Mr. Lauer.
the key demographic. Mr. Wil- “This isn’t a nuclear apoca-
liams now hosts an hourlong lypse for NBC News,” said An-
news program at MSNBC. drew Tyndall, a television con-
Mr. Lauer joined “Today” in sultant, who noted that for
the early 1990s after several much of his time on “Today,”
years in local news. He came Mr. Lauer was the No. 2
to the attention of NBC while player, first behind Ms. Couric
hosting a three-hour news and then Meredith Vieira.
program on the New York City —Allison Prang
television station WWOR-TV. 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
THE WALL STREET JOURNAL. * * * * Thursday, November 30, 2017 | A7

WORLD NEWS
Pyongyang Set Up Test to Avoid U.S. Action
Missile’s course selected ing on China to work to per- Kim declared that Pyongyang
suade North Korea to end the had “finally realized the great

YONHAP/AGENCE FRANCE-PRESSE/GETTY IMAGES

to signal an ability to hit provocation. historic cause of completing
U.S. without sparking In a Twitter message about the state nuclear force,” ac-

a military response
BY ANDREW JEONG
AND JONATHAN CHENG
SEOUL—North Korea’s lat-
est ballistic-missile test
Wednesday appeared calcu-
lated to avoid crossing red
lines that could provoke mili-
tary action by Washington
while demonstrating an ad-
vance in the country’s cam-
paign to build nuclear weap-
ons capable of striking the U.S.
Pyongyang said the test of
its longest-range missile yet
showed it could target the en-
tire U.S. But the latest launch
wasn’t as provocative as other
steps it has threatened, in-
cluding firing missiles at
Guam, shooting down U.S. air-
craft in international airspace,
or exploding a thermonuclear
device over the Pacific.
Analysts weren’t ruling out
such actions down the road.
But for now, close observers of
the regime say the test of
what Pyongyang described as
a new Hwasong-15 missile
with a “super-large heavy war-
head” was calibrated to dem-
onstrate North Korea’s status
as a nuclear-weapons state
without following through on
more extreme threats that
could lead to war.
North Korea also chose not
to launch the missile over
Japan, as the regime has done
with two missile tests this
year. Instead, the Hwasong-15
splashed down between Korea
and Japan after flying on a
lofted trajectory that took it
deep into space before re-en-
tering the earth’s atmosphere.
U.S. President Donald
Trump spoke to Chinese Presi-
dent Xi Jinping on Wednesday,
the White House said, under-
scoring “the determination of
the United States to defend
ourselves and our allies from
the growing threat” and call-
the phone call, Mr. Trump said
“additional major sanctions
will be imposed on North Ko-
rea today.” Shortly afterward,
Secretary of State Rex Tiller-
son said the U.S. has “a long
list of additional potential
sanctions,” some possibly in-
volving financial institutions,
but added the Treasury De-
partment would announce
them when they were ready.
At a campaign-style rally in
St. Charles, Mo., on Wednes-
day, Mr. Trump appeared to
refer to North Korea’s Kim
Jong Un as “little rocket man,”
a frequent insult, and told a
cheering crowd: “He’s a sick
puppy.”
The launch, the first since
September, marks a logical
progression in North Korean
efforts to secure an effective
nuclear deterrent, and more
tests are likely in the months
ahead, said Yang Xiyu, a Ko-
rean affairs expert and senior
fellow at the China Institute of
International Studies, a think
tank affiliated with the Chi-
nese Foreign Ministry.
“North Korea’s missile
launches enjoy diminishing
marginal utility in terms of
political impact and shock
value,” Mr. Yang said. “The
latest test doesn’t really affect
the options that China and the
U.S. have in dealing with
North Korea.”
The launch drew condemna-
tions from the U.S., South Ko-
rea and the U.N. secretary-
general and triggered calls for
fresh sanctions. At an emer-
gency U.N. Security Council
meeting Wednesday evening,
the U.S. called on all countries
to suspend diplomatic ties
with North Korea and asked
that China stop crude oil trade
with Pyongyang.
No action was taken, but
Washington’s list of demands
could be a hard sell to the coun-
cil and many member states.
China and Russia are opposed
FRANCK ROBICHON/EPA/SHUTTERSTOCK
cording to the state-run Ko-
rean Central News Agency.
North Korea said the missile
was fired from a mobile launch
system and that Mr. Kim per-
sonally oversaw the test.
It wasn’t immediately clear
how the Hwasong-15, or
Mars-15, differed from the
two Hwasong-14 missiles that
Japan’s Prime Minister Shinzo Abe, left, and South Korean President Moon Jae-in on Wednesday Pyongyang launched in July.
The latest missile reached a
Longer Reach higher maximum altitude, or
(tested Wedne apogee, than its predeces-
Experts say the range of s on g - 1 5 sday
Hwa ) sor—about 2,800 miles, ver-
the missile North Korea R an ge : 8 , 1 00 mi l e s sus 1,740 miles. That gives it
tested Wednesday a longer theoretical range
extends to the song-14 (tested in July
entire U.S.
Hwa 6 , 50 0 ) and the ability to reach
R a n ge : mil es Washington, independent ex-
perts said.
MEXICO North Korea offered few
U.S. clues on the differences, say-
CANADA ing only that the Hwasong-15
EU RO PE “has much greater advan-
tages in its tactical and tech-
nological specifications and
AF
AFRRICA
ICA technical characteristics.”
RUSSIA It would take a bigger step
from Pyongyang or an attack
on U.S. forces to goad Wash-
ington into a military re-
CHINA NORTH
sponse, security analysts said.
INDIA KOREA
Pacific There are about 28,500 U.S.
O ce a n
troops in South Korea and
54,000 in Japan.
Indian
“An open-air test over the
O ce a n Pacific would be a big game
changer—that would precipi-
tate a U.S. action,” said Gor-
don Flake, a Korea specialist
AUSTRALIA at the Perth USAsia Centre in
Australia. “Right now, I’m not
so sure the difference between
apogees is fundamentally a
game changer.”
At the U.N. Security Council
meeting, U.S. Ambassador
Nikki Haley said Pyongyang’s
action “brings the world
Source: Union of Concerned Scientists THE WALL STREET JOURNAL. closer to war, not further from
it.” She said that Washington
to measures such as blocking issuing a stock criticism of evant launching activity,” For- didn’t seek war, but added: “If
oil trade because of the poten- Pyongyang while calling on eign Ministry spokesman Geng war comes, make no mistake,
tial impact on North Korea’s other governments to refrain Shuang told reporters. He the North Korean regime will
economy and consumers, par- from measures that would ex- urged North Korea to “stop ac- be utterly destroyed.”
ticularly in winter months. acerbate tensions. tions that heighten tensions —Chun Han Wong
Earlier Wednesday, China “China expresses grave con- on the Korean Peninsula.” and Farnaz Fassihi
struck a measured response, cern and opposition to the rel- Hours after the launch, Mr. contributed to this article.

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A8 | Thursday, November 30, 2017 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Beijing Sweep Scatters Migrant Workers

Campaign to show a
Capital Control
more-modern capital Beijing’s plan to cap its
sparks mass evictions, population at 23 million by 2020
means the effective eviction of
leaving many cold ‘low-end’ inhabitants.
25 million
BY EVA DOU
AND DOMINIQUE FONG Planned cap by 2020
20
BEIJING—After two years of
ferrying thousands of meals
across the capital on his moped 15
for Chinese food-delivery start-
ups, Li Xiaolong was rushing to 10
leave the city on Wednesday
rather than face the eviction
crews that come knocking on 5
doors around him each night.
Mr. Li, 29 years old, is one
0
FRED DUFOUR/AGENCE FRANCE-PRESSE/GETTY IMAGES

of thousands of workers clear-

ing out of Beijing’s poorer 1996 2000 2010
neighborhoods this week, in Source: National Bureau of
the latest and more brutal Statistics via CEIC
phase of the city’s campaign THE WALL STREET JOURNAL.
to revamp itself as a sleeker
capital with fewer people. Meituan, left Beijing on
A deadly fire in a shoddy Wednesday with his wife and 2-
tenement building on Nov. 18 year-old son to return to Hebei
triggered citywide closures of province. Each night this week,
apartment complexes housing he said, eviction teams with
migrant workers, leaving many flashlights have gone door-to-
with no option but to return to door, sealing apartments with
distant hometowns. The sweep, code violations and leaving
in the name of fire safety, has Residents left their homes on the outskirts of Beijing on Monday after receiving eviction notices that sparked widespread anger. their residents in the cold.
generated a groundswell of an- “I have a child, so we have to
ger at the government’s treat- clogged the city’s streets and deliver their meals or watch gestions the government was week reached levels exceeding leave before they get here,” Mr.
ment of the poor, just a few strained its water supply. Bei- their children being pushed targeting migrant workers were those during October’s Com- Li said. “We can’t get kicked
weeks into the second term of jing officials have said they onto the streets on freezing irresponsible: “There is no say- munist Party congress. out in the middle of the night.”
President Xi Jinping, who has want to cap the metropolis’s nights, and they responded ing like ‘low-end population.’ ” The evictions have left a On Monday night, eviction
cast himself as a champion of inhabitants at 23 million by with outrage at the use of the The government has given number of well-known compa- crews caught up with financial-
poverty alleviation. 2020 and shrink the popula- term “low-end population” in instructions to media outlets nies scrambling, with e-com- product saleswoman Wang
The eviction frenzy came af- tion in the city’s center by government documents, refer- to refrain from reporting or merce companies Alibaba Xinyi, 23.
ter Beijing’s Communist Party some two million. ring to migrant workers. commenting on the Nov. 18 Group Holding Ltd. and Ms. Wang slept that night at
secretary called the safety Without residency rights Zhang Qinghua, a Peking fire, which killed 19 people, JD.com arranging housing for a friend’s apartment. The friend
checks a “top priority,” though for Beijing, migrant workers University professor who stud- Chinese journalists receiving employees of their delivery was evicted the next night,
the state-run People’s Daily this are often denied access to sub- ies urban development, said the order said. services who suddenly found prompting a fresh scramble.
week quoted him as saying offi- sidized health care, education local officials may be using Fu King-wa, a lead re- themselves homeless. She said she plans to return to
cials needed to allow time for and social services. this month’s fire as a pretext searcher at the University of Food-delivery services Liaoning province in China’s
residents to move out. The Bei- As reports of mass evictions for the evictions. “They had Hong Kong’s WeiboScope proj- Meituan and Ele.me both said north. “I feel really tired.”
jing government didn’t respond spread on social media, many long wanted to do it,” she said. ect, which monitors activity they were attentive to delivery —Grace Zhu, Alyssa
to a request to comment. wealthier Beijingers were State media quoted a Beijing on social-media platform workers needing help. Abkowitz and Te-Ping Chen
Years of urban growth have shocked to see the people who official on Sunday saying sug- Weibo, said censorship this Mr. Li, who worked for contributed to this article.

WORLD WATCH
U.S.: China Is No ‘Market Economy’ MEXICO expect an interest-rate increase
BY JACOB M. SCHLESINGER EU date to December. Beijing after inflation accelerated in
argued in Geneva that the Central Banker Vows mid-November to 6.6% from
WASHINGTON—The Trump 2001 agreement granting its To Subdue Inflation 6.4% in October.
administration formally re- WTO membership required —Anthony Harrup
jected China’s demand that it other members automatically The incoming governor of the
be treated as a “market econ- treat China as a market econ- Bank of Mexico reaffirmed the EL SALVADOR
omy” under global trading omy by the 15th anniversary of bank’s commitment to tackling
rules, a move likely to its joining the organization. inflation, which has accelerated Suspect Extradited
heighten tensions between the The U.S., Europe, and others to more than double the central To Spain From U.S.
world’s two largest economies. say their promise to grant bank’s 3% target this year.
The U.S. submitted its deci- China that status was contin- “We need to adopt a mone- A former Salvadoran colonel
sion to the World Trade Or- gent on Beijing implementing tary-policy stance that leads in- was extradited to Spain to face
ganization in Geneva in mid- market liberalization measures flation as soon as possible onto charges that he helped plot the
November and made it public that have yet to be carried out. a downward track toward the 1989 massacre of six Jesuit
Thursday. Trump aides have China filed complaints late target,” Alejandro Díaz de León priests and two other people in
long signaled their stance on last year against both the U.S. said Wednesday in an interview El Salvador, Spanish authorities
the issue, but the filing marks and the EU with the WTO with Mexico’s Imagen Radio. said Wednesday.
the first time the U.S. govern- trade court demanding that “The central bank will take the The National Court in Madrid
AGENCE FRANCE-PRESSE/GETTY IMAGES

ment has publicly declared its the U.S. and EU grant it market necessary actions for that track said Inocente Orlando Montano
position and explained its rea- status. The U.S. case has since to materialize,” he said. Morales, 76 years old, arrived in
soning. stalled, but the complaint Mr. Díaz de León, a deputy Madrid on Wednesday and was
The fight’s stakes are high. against Europe is moving for- governor at the central bank, to appear in court on Thursday.
The trading partners of a ward toward hearings. What was appointed Tuesday by Presi- Mr. Montano faces charges of
country branded a “nonmarket the U.S. revealed Thursday was dent Enrique Peña Nieto to take terrorist murder in the attack on
economy” have wider discre- a brief supporting Europe in over on Dec. 1 from Agustín the Jesuit priests—five of whom
tion to impose higher duties its case. That, officials say, Carstens, who is leaving to head were Spaniards—and two female
on its exports on the theory shows Washington will take a the Switzerland-based Bank for employees. He has denied in-
that distortions from state in- similar stance when its own International Settlements. volvement in the killings.
tervention give its producers Workers toiled recently at an aluminum plant in Huaibei, China. case proceeds. Mr. Díaz de León is “very U.S. court documents said Mr.
unfair advantages. “The evidence is over- much a continuity appointment,” Montano was part of a group of
Economists have estimated ing tariffs well above 100%. and authority of multilateral whelming that WTO members Neil Shearing, chief emerging- military officers accused of con-
that the decisions by the U.S. In a recent speech, Wang rules.” He said Beijing “will have not surrendered their markets economist at Capital spiring to kill the priests, who
and European Union to treat Hejun from China’s Ministry of take will take necessary mea- longstanding rights…to reject Economics said in a report. were helping to organize peace
China as a nonmarket economy Commerce said the continuing sures to protect legitimate ben- prices or costs that are not de- The Bank of Mexico’s first talks during El Salvador’s
have cost Chinese producers refusal by the U.S. to grant efits of Chinese enterprises.” termined under market econ- monetary-policy meeting under 1980-92 civil war. The killings
billions of dollars in exports, China market-economy status The disputes pitting China omy conditions,” the U.S. brief Mr. Díaz de León is scheduled sparked international outrage.
with some of their goods fac- “undermines the seriousness against both the U.S. and the concludes. for Dec. 14, and some analysts —Associated Press

FROM PAGE ONE

BITCOIN couldn’t stop talking about how

bitcoin was going to reach
$10,000 soon,” Mr. Spelce said.
After stewing about it over
Bitcoin: What You
Need to Know
like Apple Pay. Some bitcoin
wallets are offered by compa-
nies like Coinbase, and they are
are regulated and some more
of an informal bulletin board.
teaches a fintech course at the
University of Hong Kong, said
when he asks his students that
same question, usually about
Continued from Page One the weekend, he pulled an all- the custodians of the account. Q: Why is the price of bitcoin 30% of them say they own vir-
from a curiosity among techies nighter poring over articles Others, like the wallet that going up so much this year? tual currencies.
to a hot topic for mainstream about bitcoin’s rise. He repeat- Q: What is bitcoin? comes with bitcoin’s software, A: Some people believe bitcoin He said in the past few
investors. edly searched the price of bit- A: It’s a digital form of money, are maintained by you. is going to become widely ac- weeks he has received so
But the speed of its ascent coin on Google. with no government or central cepted and used. The thinking many requests on how to
has some warning that it will At about 6 a.m. Wednesday, bank printing it or standing be- Q: What about security issues? goes that if it becomes a main- trade cryptocurrencies that he
end in tears. And, he placed an order to buy $50 hind it. It’s a system designed A: They’re real. Phishing stream investment, its price has put together “a template
as Wednesday’s quick reversal worth of bitcoin on Coinbase. to allow people to exchange scams are notorious. Bitcoin will rise ever higher. Plenty of response.”
shows, bitcoin is extremely Hours later his position was value directly, without middle- wallets can be the target of people also think that it’s all While individual investors
volatile—the currency has de- up about 11%. Then it was men brokering the transaction. hackers just like any other on- just an investing mania. might be piling into bitcoin,
clined more than 50% on eight down 9%. “When I clicked, it Literally, it’s software that facili- line account. some are cashing out quickly,
separate occasions since 2011. was just one of those feelings. tates those transactions. Q: Is bitcoin a bubble? potentially adding to the cur-
Another source of concern: I’d finally read enough, finally Q: How do I buy bitcoin? A: The price is up about 900% rency’s volatility.
The latest move higher in bit- felt confident enough to do it,” Q. How do I get in? A: The easiest way is go to an this year. Whether that consti- Nathan Hoyle, a 27-year-old
coin’s price is drawing in more Mr. Spelce said. “My friends A: Download the software, or online exchange, which will tutes a bubble is something in- Londoner training to be a Navy
individual investors. all think I’m crazy.” just get a wallet. A wallet is a match buyers and sellers like vestors must decide themselves. pilot, bought £1,000 worth of
“They see the price break Friends of Tony Horsely in nickname for an online account, any traditional exchange. Some —Paul Vigna bitcoin in September as a “curi-
$10,000, obviously they see Atlanta have been more under- osity,” he said. When he saw
the news, they hop on their standing. The 78-year-old in- the rally picking up steam, he
app and go ahead and buy bit- vestor began investing in bit- have expressed doubts, Mr. Recently, nearly as many dustry & Financial Markets decided he would take his
coin,” said Bobby Cho, head of coin over the summer just to Horsely says about half a people ask Mr. Reaney about Association’s annual confer- profit and run if it got close to
over-the-counter trading at add some spice to his portfo- dozen joined him in buying. investing in bitcoin as using it ence in Hong Kong on $10,000 from the $3,500 level
Cumberland, the cryptocur- lio. Soon, he moved about 5% Meanwhile, he has accelerated to pay for a meal. “It’s quite lu- Wednesday, only two of about where he bought it.
rency unit of a high-speed of his portfolio into the coin his purchases, picking up more crative,” says Mr. Reaney, who 150 professional investors When the price rose above
trading firm in Chicago. and an exchange-traded fund bitcoin on Nov. 24, and owns seven bitcoin. Even raised their hands when asked $9,800 Wednesday, that was
Paul Joseph Spelce, a 22- based on the currency. He then Wednesday morning. though he views a drop in if they had invested during a close enough. He said he sold
year-old graduate student in started writing a periodic, in- The fervor for bitcoin has price as inevitable, he says “I session on cryptocurrencies. his position, booking a £1,780
New York, was one of the new- formal note to about 30 been global. Tom Reaney, don’t want to pull my money “It’s incredible that we’re profit. “Now, I’ll wait for an-
comers who bought in. Over friends, in which he talks owner of the Burger Bear res- out because it keeps going up.” [seeing this] at a finance event, other price crash and buy
Thanksgiving dinner with about bitcoin’s price dynamics taurant in London, started ac- But bitcoin’s volatility is but it’s actually very common,” again,” Mr. Hoyle said.
friends last week, the conversa- and the logistics of buying it. cepting bitcoin about five making many conservative in- said the panelist Henri Arsla- —Paul Vigna, Christopher
tion was dominated by talk of “I’m late to the game,” he years ago after a customer vestors hesitant, some of nian, PwC’s China and Hong Whittall and Steven
bitcoin. “Even this woman who said, “but I’m enjoying it.” asked to pay for some bacon whom work in finance. Kong leader for fintech. Russolillo contributed
didn’t have a computer at home While some of his friends jam with the virtual currency. At the Asia Securities In- Mr. Arslanian, who also 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
THE WALL STREET JOURNAL. NY Thursday, November 30, 2017 | A9

WORLD NEWS

Pope Appeals
For Tolerance
In Myanmar
BY FRANCIS X. ROCCA
AND BEN OTTO
YANGON, Myanmar—Pope
Francis appealed to Myanmar’s
Buddhist majority to promote
social tolerance, implicitly
calling on them to shun the ex-
treme Buddhist nationalism
that has contributed to the re-
cent flight of more than
600,000 minority Muslims into
scribed the campaign as “eth-
nic cleansing” and called for
independent inquiries into al-
leged abuses by security forces
and others.
Leaders of the small Catho-
lic population in this poor but
fast-growing Southeast Asian
nation have advised the pope
to steer clear of directly con-
fronting the issue for fear of a
backlash against Christians

neighboring Bangladesh.
Religious leaders must
“speak with one voice in af-
firming the timeless values of
justice, peace and the funda-
mental dignity of each human
person,” the pope told the Su-
preme Sangha Council, the
country’s highest Buddhist au-
thority. “It is the particular re-
sponsibility of civil and reli-
gious leaders to ensure that
every voice be heard.”
The pope is making his first
visit to Myanmar when its au-
thorities are under intense in-
ternational pressure over a
military campaign against in-
surgents in western Rakhine
state, home of the Muslim Ro-
hingya minority. The United
Nations and the U.S. have de-
ETTORE FERRARI/EPA/SHUTTERSTOCK
here.
Cardinal Charles Bo of Yan-
gon, the country’s senior Cath-
olic cleric, has warned that
comments by the pope on the
Rohingya could provoke dem-
onstrations led by the “ex-
tremist monks” who are an in-
creasingly influential factor in
the country’s politics. “They’re Pope Francis, right, and Bhaddanta Kumarabhivamsa, head of Myanmar’s Supreme Sangha Council, after a meeting in Yangon.
so strong, that could be un-
controllable,” the cardinal said Pope Francis urged the Bud- that “we must all denounce Wimala Biwuntha, a leader of monk who has become the
in an interview this month. dhist leaders in general terms any expressions that incite ha- the Buddhist organization Ma country’s most prominent
As in his speech to Myan- to support reconciliation tred, false propaganda, conflict Ba Tha, which was banned this anti-Muslim voice.
mar’s political leaders the pre- among “people of different and war on religious pretexts.” year for hate speech, referring The pope was to move on to
vious evening, Pope Francis’ cultures, ethnicities and reli- Hard-line monks have been to the 57-member Organiza- Bangladesh on Thursday,
remarks to the Buddhists gious convictions” in Myan- more skeptical of the pope’s tion of Islamic Cooperation. where he was scheduled to
didn’t directly address the mil- mar. visit to Myanmar, whose offi- “There’s no need to bring love meet a delegation of Rohingya
itary’s treatment of the Roh- His host, Bhaddanta Ku- cial slogan is “love and peace.” and peace to Myanmar.” the next day in the capital,
ingya, which the pope himself marabhivamsa, head of the “He should take love and The Venerable Wimala is a Dhaka.
has denounced as religious Buddhist council, voiced peace to the terrorist group close associate of the Venera- —Myo Myo
persecution. matching sentiments, saying ISIS and to the OIC,“ said ble Wirathu, a controversial contributed to this article.

Bali Airport Reopens After Volcano

BY ANITA RACHMAN
AND I MADE SENTANA
JAKARTA, Indonesia—Bali’s
airport reopened, raising the
hopes of tens of thousands of
stranded vacationers after a
two-day shutdown caused by
volcanic-ash clouds.
stall jet engines.
Indonesia’s largest airline,
Garuda Indonesia, said it
would have seven flights out
of Bali on Wednesday, mainly
bound for the capital, Jakarta.
Flights to Bali would resume
on Thursday. Garuda’s low-
cost-carrier unit, Citilink,
the weekend, with passengers
hoping for a way off the resort
island. Travel agencies and of-
ficials have been helping peo-
ple leave by boat to the nearby
islands of Java and Lombok,
where airports are open.
The aviation-alert level has
been lowered to orange, the

Bali Ngurah Rai Interna-
tional Airport opened Wednes-
day afternoon, after authori-
ties determined that the
column of ash from Mount
Agung, which once reached
12,000 feet, had fallen to 5,000
feet, low enough to make the
airspace safe. Volcanic ash can
planned four flights to Jakarta
from Bali on Wednesday.
AirAsia, the region’s largest
low-cost carrier, took 73 passen-
gers to Jakarta about two hours
after the airport reopened.
The airport, which normally
handles some 400 flights a
day, has been crowded since
GEDE SURYA/EPA/SHUTTERSTOCK
second-highest, from red, al-
though authorities can’t predict
how long the safer conditions
will last, said Gede Suantika of
the Center for Volcanology and
Geological Hazard Mitigation.
Separately, the threat of erup-
tion by Mount Agung remained
at 4, the highest level. Travelers lined up for document checks at Ngurah Rai international Airport after it reopened Wednesday.

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A10 | Thursday, November 30, 2017
FARMS
Continued from Page One
papers, and crowded into city
council and county board meet-
ings by the hundreds.
The debate that split Tongan-
oxie is taking place across rural
America, where communities
from California to North Caro-
lina have turned away meat
plants. Even in farm country—
Kansas is the top wheat-grow-
ing state and third in cattle pro-
duction—fewer people these
days are directly involved in the
sector, which has been battered
by the worst downturn since the
1980s.
That means many residents
are increasingly disconnected
from businesses that drive the
local economy, and meat-pro-
cessing companies, which
search for locations near grain
fields, livestock and transporta-
tion, are finding it harder to
build new plants.
Last year, some residents of
Mason City, Iowa, successfully
campaigned against a pork plant
planned by Prestage Farms Inc.
that the company said would
have created about 920 jobs and
slaughtered about 10,000 hogs
daily. Some feared odors would
foul the town’s “Music Man”
square, named for hometown
composer Meredith Willson’s
Broadway hit. The company had
promised a $240 million invest-
ment, and local officials had es-
timated a $750 million eco-
nomic benefit.
Prestage is now building its
plant 70 miles to the southwest,
near the 3,400-person town of
Eagle Grove, Iowa.
Riceland Farms backed out of
plans to build a beef-processing
plant in Port Arthur, Texas, last
year after residents of the
55,000-person town raised con-
cerns about smells, the potential
environmental burden and im-
migrant workers expected to
staff the facility.
Beef exports in the year to
Sept. 30 have jumped 16% to
$5.3 billion, according to the
U.S. Meat Export Federation,
fueled by growing demand in
Asia. Pork and chicken exports
are also up.
That’s one reason a larger
numbers of animals are being
processed at a smaller number
of large-scale plants. In pork, 25
plants capable of slaughtering
two million or more hogs annu-
ally now handle about 87% of all
processing, with the largest 13
plants representing 60% of the
total, according to the USDA. In
1986, the 19 largest plants han-
dled about 50% of the pork in-
dustry’s processing.
The 19 largest beef plants
process 70% of all cattle, and
chicken plants have expanded
capacity.
In Kansas, Tyson pitched
chicken production as a way for
farmers near Tonganoxie to pad
Ken McCauley thought the plant would help by boosting grain prices.
CLOCK
Continued from Page One
Applebee’s, said Vice President
Tom Morra, who oversaw the
project for Spectrum. But this
job was especially exciting.
“It’s an icon and shown all
over the world,” he said. “It’s
on the TV news quite often.”
Observing the sign while it
was in the shop, Spectrum
President Harvey Brooks said
the rehab included new cir-
cuitry and LEDs. “They start
to dim down a little bit,” he
said. “We’ll replace them and
bring it back to its original
brilliance—give it a life again.”
He declined to predict how
long the clock would be
needed. “I’m sure it will out-
live me,” he said.
The counter was created by
Douglas Durst’s father, Sey-
mour Durst, who made the na-
tional debt a pet issue. Before
erecting the clock in 1989, he
had taken to sending holiday
cards to senators with the
cheerful greeting: “Happy New
Year. Your share of the na-
tional debt is $35,000.”
At the time, the debt stood
Bill Skeet thought the Tyson plant would overwhelm the environment, roads and lifestyle in the 5,300-person town of Tonganoxie, Kan.
In Search of Room to Grow
U.S. meat production has
soared…
40 billion pounds
30
20
10
0 0
1950 ’70 ’90 2010
Sources: Department of Agriculture (production, plants); Census Bureau (exports)
their pocketbooks. Corn farm-
ers’ average income is projected
to be just two-thirds what it
was in 2013, after a string of
bumper harvests cut grain
prices.
The chickens raised to supply
Tyson’s proposed plant would
consume about 12 million bush-
els of grain annually, farmers
estimated, expanding the mar-
ket for local crops.
Ken McCauley, who grows
corn and soybeans on 4,500
acres about 60 miles north of
Tonganoxie, figured the addi-
tional demand could mean an
extra $18,750 to $37,500 in an-
nual sales for his farm.
“Everywhere in the country
people tell you they want their
food local,” Mr. McCauley said.
“Then they turn around in the
next breath and say ‘I don’t
want that [plant] here.’ It really
upsets me.”
About 10 miles north of Ton-
ganoxie, Rodney Parsons grows
corn and soybeans on about
at $2.7 trillion.
The clock tracked the debt
until 2000 when the tally hit
$5.7 trillion and started to re-
verse. Douglas Durst, who suc-
ceeded his father, pulled the
plug on the display, stating it
had served its purpose. The
clock was covered up.
Within two years, the debt
resumed its climb and the
clock was relit. In 2008, when
the total shot past $10 trillion
and the clock ran out of digits,
its dollar sign was replaced
with a “1.” Since then, the
debt has doubled.
The Durst debt clock has
spawned several copycats. The
Republican Party erected one
at its 2012 convention in
Tampa, Fla. Clocks have hung
in German cities to track the
debt in Germany. There are
many debt clocks online, in-
cluding a site that displays the
national debt of 49 countries.
Some mistake the clock
overlooking Manhattan’s
Union Square for a debt clock,
but “Metronome” is actually
just an art installation that
tells the time in a confusing
way.
Last week, the actual Na-
tional Debt Clock was ferried
IN DEPTH
…fueled in part by export
growth…
10 billion pounds
Chicken
40.26 Poultry
billion 8 1,200
pounds 7.95
(2016) billion
pounds
Beef 6 (2016)
25.29
Pork
Pork 4 4.99
24.96
Beef
2 300
2.62
1970 ’80 ’90 2000 ’10
1,000 acres, and raises cattle
that are sold to nearby feedlots.
He conceded that meat
plants need to be built, but Ty-
son’s proposed Tonganoxie com-
plex—combined with the eco-
nomic incentives the county had
offered to attract the com-
pany—would have been “more
of a burden to the local econ-
omy than an asset,” he said.
Standing near a pickup with
a “No Tyson in Tongie” bumper
sticker, Mr. Parsons said the
trucks running in and out of the
plant would require heavier
road maintenance, and he sus-
pected residents would wind up
paying most of the difference.
Some residents said Tyson’s
economic arguments held less
power because Tonganoxie’s
economy is solid. Average an-
nual pay in Leavenworth
County, where the town is lo-
cated, is $43,797, according to
the Bureau of Labor Statistics.
That is well above Tyson’s aver-
age of $36,842 paid to its 5,700
Kansas employees, based on
what the company said was a
$210 million annual payroll for
the state. The county’s unem-
ployment rate in September was
3.7%, below both the state aver-
age and the national level.
NICK SCHNELLE FOR THE WALL STREET JOURNAL
Agriculture is playing a
smaller economic role as farms
consolidate and technology re-
duces labor needs. In 2012, 444
U.S. counties depended on farm-
ing as a principal source of in-
come and employment, down
from 511 in 2001, according to
the USDA’s Economic Research
Service.
The number of farms in
Leavenworth County declined
by 8.4% from 1982 to 2012, ac-
in the dead of night on a flat-
bed truck to its new home in
Anita’s Way, a pedestrian cor-
ridor running through the
Durst-owned Bank of America
Tower opposite Bryant Park in
Midtown Manhattan.
Foreman Tom Grabow, who
was leading the six-man in-
stallation crew for Spectrum,
said it was a difficult job, but
only because of the tight space
involved. “Just another day at
work,” he said.
Crane operator Dris Davis
was accompanied by Deacon,
his oversize Belgian Malinois
pup, who was barking non-
stop. He said Deacon was ex-
cited about the clock, not the
debt. “He’s only four months
old,” Mr. Davis said. “He
doesn’t know too much about
it. He will soon.”
Electrician Larry Pfleiderer
wasn’t sure the repair was
complete. “I think we should
have added an extra digit on
that thing,” he said.
The clock can only run up
to $99 trillion.
Rocky Dano, an installer
and fabricator, said he didn’t
pay much attention to the
debt. “We just work, and pay
it,” he said.
…but the number of processing
plants has dropped…
1,500 plants
Beef
900 650
plants
(2016)
600
Pork
621
Poultry
310
0 get we need tax dollars, prop-
1990 2000 ’10
cording to the USDA, and farm-
ers harvested 18% fewer acres
over that time. Three decades
ago, the county ranked among
Kansas’ top milk producers, but
the number of dairy cows has
dropped by more than 80%
since then.
“Tonganoxie is a community
that I would have defined as ru-
ral prior to this discussion”
around Tyson’s proposed plant,
said Jackie McClaskey, Kansas’
agriculture secretary. “Now I
would say all of Leavenworth
County is probably more subur-
ban than I would’ve recog-
nized.”
Some farmers said the mod-
ern meat industry looks nothing
like the local or family-run oper-
ations they were familiar with
growing up. Tyson’s proposed
plant aimed to slaughter and
process 1.25 million chickens a
week.
“When we think about some-
thing of the magnitude of what
Tyson wants to put in, that’s
very scary,” said Angela Oelsch-
laeger, who raises beef cattle
with her husband near Tongan-
oxie, where she said her family
has been farming since 1890.
She said she read news arti-
cles about Tyson workers in-
jured by anhydrous ammonia, a
chemical used in meat plant re-
frigeration systems, including
an incident in June at a Tyson
facility in Hutchinson, Kan.,
about three hours away. Sepa-
rately, in late September, Tyson
pleaded guilty to violations of
the Clean Water Act at a Mis-
souri chicken facility.
“It’s always in the back of
your mind, what can be in your
water,” said Ms. Oelschlaeger,
After nearly six months in the repair shop, the National Debt Clock has returned to New York City.
As the crew prepared to
hoist and affix the clock to the
building facade, he was asked
to guess how much the debt
rose while the sign was in the
repair shop.
“My God,” he said. “I’m go-
ing to say close to $2 billion.”
The reality: $687 billion.
THE WALL STREET JOURNAL.
of growth—despite a rise in
prices for some products.
To keep up, Tyson sometimes
buys semiprocessed chicken
from its competitors, which can
cut into profits. In the quarter
ended June 30, Tyson’s operat-
ing earnings from chicken fell
by nearly 23%, despite sales
climbing 4.6%. In response, Mr.
Hayes announced on the earn-
ings call that Tyson would
speed its expansion in chicken
processing.
Kansas was already on Ty-
son’s map. State officials re-
ceived a checklist of require-
ments to land the project:
Access to a workforce of up to
1,600, proximity to major high-
NICK SCHNELLE FOR THE WALL STREET JOURNAL
ways, a reliable water and
power supply, and the ability to
safely discharge wastewater.
The focus turned to eastern
Kansas near Interstate 70, and
by late July Tyson was talking
to Leavenworth County officials
about Tonganoxie.
On Sept. 5, at a standing-
room-only gathering at Tongan-
oxie’s Brunswick Ballroom, a
historic reception hall down-
town, Gov. Brownback and a
host of state and Tyson officials
said the company planned to
buy 300 acres of land south of
town and begin construction by
…leaving the industry more mid-December.
reliant on larger plants. Drew Overmiller, a Tongan-
500,000 or more animals oxie resident who campaigned
processed a year against the plant, said Tyson’s
100,000-499,999 10,000-99,999 stated intent to break ground so
1,000-9,999 Less than 1,000 quickly suggested to locals the
complex was going to be built
Cattle
whether residents wanted it or
1986
not. That contributed to the
backlash, he said.
2016
Tabatha Regehr, a veterinar-
ian, said she was in favor of Ty-
Hogs
son’s plant, which could have
1986 supported a new library and a
regional food bank. “People for-
2016
0 300 600 900 1,200 erty tax, income tax, to make
plants those things happen,” said Ms.
THE WALL STREET JOURNAL. Regehr, adding that the town’s
stance toward agriculture has
who said her family and cattle been skewed by transplants
both rely on well water. from nearby cities. “They’re liv-
“Our operations are regu- ing rural, but they’re not living
lated by environmental laws and an agriculture mind-set,” she
we’re committed to complying said.
with them,” a Tyson spokesman She said after she spoke up
said. “We’re also committed to at a city council meeting, towns-
continual improvement, which people she knew called her “dis-
is why we employ environmen- gusting” and “disgraceful.”
tal experts and also collaborate Two weeks after the plant
with third-party groups on ways was announced, county commis-
we can do better.” sioners held a new vote on
Outside groups such as whether to revoke $500 million
Friends of the Kaw, a group in incentives they had agreed to
from nearby Lawrence, Kan., give Tyson and restart the eval-
that is focused on preserving uation process with public in-
the Kansas River, and Mercy for put. Only one commissioner
Animals, a national animal- voted to keep the incentives.
rights group that campaigns The decision doomed the
plan for Tyson to build in Ton-
ganoxie, and the company began
looking elsewhere.
‘They’re living rural, Last week, Tyson said it had
but they’re not living found a community more recep-
tive to a chicken plant—Hum-
an agriculture mind- boldt, Tenn., a town of 8,500
set,’ a resident said. about 85 miles northeast of
Memphis. Tyson said the $300
million project, which received a
tax abatement and has largely
against the meat industry, been approved by local officials,
voiced support for the fight is expected to create 1,500 jobs
against Tyson. But both critics and begin operations in late
and supporters of the plant said 2019.
the campaign against Tyson was Denton Parkins, a farmer
driven by locals, who held meet- who raises strawberries and
ings and rallied support on pumpkins near Humboldt, said
Facebook. he anticipated some criticism
Tyson aimed to move fast in from locals worried about odors
building the company’s first and other aspects of Tyson’s
new plant in 20 years. Tom plant. But he said that probably
Hayes, Tyson’s chief executive, wouldn’t derail the plan. “Jobs
said on the company’s Aug. 7 are hard to come by,” he said.
earnings call that demand for “Really, the county needs this.”
chicken was “busting at the On Tuesday, Tyson said it re-
seams.” U.S. consumers this mained interested in Kansas and
year are projected to consume a would consider potential sites
record 91.3 pounds of chicken there in the future, although it
each—the fifth consecutive year said it had no specific timeline.
PETER FOLEY FOR THE WALL STREET JOURNAL
“Oh, my God,” said Mr. “I want to move to a differ-
Dano. ent country,” Curt Swanton
By the next day, the clock said.
was lighted and the digital His brother displayed a flair
tally had resumed its climb. for the sarcastic: “We’ll just
Curt and Nathan Swanton, pass it on to our kids!”
young brothers visiting from By the time they moved on,
Amherst, N.Y., stopped to the debt had risen another
gawk. $16.4 million.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * NY Thursday, November 30, 2017 | A10A

GREATER NEW YORK

Assemblyman Is Censured
Ethics committee says
Steve McLaughlin asked
worker for nude photos;
he denies accusations
monish, him.
The ethics committee said
Mr. McLaughlin asked an As-
sembly employee for nude
photos and violated the com-
mittee’s orders not to publicly
name the employee during the
Mr. McLaughlin, who repre- New York state employee, Lisa
sents the Albany area, in No- Marie Cater, sued the state, say-
vember was elected Rensse- ing she was sexually assaulted
laer county executive and will and harassed by the leader of a
take his new office in 2018. state economic-development
agency, Samuel Hoyt, and that
her allegations went ignored.

MIKE GROLL/ASSOCIATED PRESS

BY MIKE VILENSKY
An outgoing New York as-
semblyman violated the state
Assembly’s sexual-harassment
policies and was censured, the
Assembly’s ethics committee
said Wednesday.
Assembly Speaker Carl
Heastie, a Bronx Democrat, ac-
cepted the committee’s recom-
mendations to bar Assembly-
man Steve McLaughlin, a
Republican from Rensselaer
County, from having interns
and to censure, or publicly ad-
committee’s probe.
In an interview Wednesday
with The Wall Street Journal,
Mr. McLaughlin denied the al-
legations and said it was a
witch hunt against him because
he has been critical of powerful
people in state government.
“It’s a way to silence people
who speak out,” he said.
Speaking with upstate radio
station Talk 1300, Mr.
McLaughlin said a previous in-
vestigation had cleared him of
sexual harassment and that he
didn’t ask for the photos.
Mr. McLaughlin Gov. Andrew Cuomo’s office
is leaving the has said Ms. Cater’s allega-
Legislature to tions were thoroughly probed
take office as and the conclusion is pending.
Rensselaer A lawyer for Mr. Hoyt said he
county “regrets” his relationship with
executive. Ms. Cater but that it was con-
sensual. Mr. Hoyt is seeking
dismissal of her lawsuit.
Referring to the Albany In 2012, the Assembly over-
statehouse, Mr. McLaughlin hauled its harassment policies
said in the radio interview and began using an outside
that he “can’t wait to get out counsel to investigate some al-
of that hellhole of a sewer.” legations after revelations a
The censure comes a little member used public funding to
more than one week after a settle a sexual-harassment suit.
After the holidays, the Rockefeller Center Christmas tree will be
used in the construction of homes by Habitat for Humanity.

Rockefeller Tree
Gets New Life
After Christmas
BY KATE KING
David Gavasheli’s garage
has a secret.
One of the walls contains
lumber from the 2012 Rocke-
feller Center Christmas tree. A
CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL (2)
“The significance is around
really the awareness that get-
ting the lumber brings to the
need for affordable home-
ownership opportunities,” she
said. “The spirit of Christmas
is about bringing families to-

stamp identifies the exposed gether, and that’s something

wooden beams’ famous past.
“It was a big surprise
when we realized that part of
our house is built from the
biggest Christmas tree in the
United States,” said Mr.
Gavasheli, 56 years old, who
moved into the Madison, N.J.,
home in 2014. “My wife be-
lieves that it brings luck.”
This year’s tree, a 75-foot-
tall Norway spruce, came to
New York City from State Col-
lege, Pa. The iconic tree,
A commuter reads a sign at 34th Street in Manhattan announcing subway closures for the ‘Fastrack’ maintenance program this week. erected annually in Midtown
Manhattan since 1931, was
that lives now in the walls of
all of these homes.”
The nonprofit sells its
houses with mortgages that
don’t exceed more than 30% of
the buyer’s annual income, a
level that the group says cate-
gorizes the homes as afford-
able.
Habitat for Humanity will
decide next year which of its
chapters will receive the wood
from this year’s tree. The lum-
ber typically is returned to the
same state where the tree
originally grew, but not al-

Ditch 24/7 Subway Service, Report Says lighted in a two-hour cere-

BY PAUL BERGER
If New Yorkers want a sub-
way system that runs as
smoothly as those in other
great global cities, they must
give up their love affair with
24/7 service.
That is a one of many pro-
posals contained in a report
published Thursday by the Re-
gional Plan Association.
Tom Wright, president of
the influential urban-planning
group, said systemwide shut-
downs between the hours of
12:30 a.m. and 5 a.m. Monday
through Thursday would give
the Metropolitan Transporta-
tion Authority time to perform
maintenance that could pre-
vent a crisis such as the one
facing the subway today.
New York City’s “24/7 ser-
vice should not be sacred,” Mr.
The MTA already has em-
braced a more targeted version
of the systemwide shutdowns
recommended by the RPA.
Mr. Lhota has increased the
frequency and length of over-
night shutdowns on sections of
lines as he seeks to turn the sys-
tem around. The closures,
known as “Fastrack,” run from
9.30 p.m. to 5 a.m. on miles-long
stretches of line, giving crews
time to repair, replace and clean
tracks, platforms, electrical and
signal equipment, lighting and
tunnel infrastructure.
Tom Prendergast, who
stepped down as chairman of
the MTA in January, said per-
forming such work during clo-
sures is like the difference be-
tween changing a tire at your
‘If I get a clean subway and everything home instead of at the side of
runs on time and is reliable, sure. But if… a busy highway.
“It’s safer and more produc-
it’s late and dirty, what did I gain?’
mony Wednesday night and
will remain on display until
Jan. 7.
After the holidays are over
and its 50,000 lights are
packed away, the 50-foot-wide
and more-than-12-ton ever-
green will be used in the con-
struction of homes built by
Habitat for Humanity Interna-
tional, as was the 2012 tree
that became part of a wall in
Mr. Gavasheli’s one-car ga-
rage.
Tishman Speyer, the owner
of Rockefeller Center, has do-
nated its Christmas trees to
the nonprofit organization
since 2007.
The trees are cut up into
smaller pieces in Midtown and
sent to a mill in New Jersey
that slices the logs into lum-
ber. The boards, two-by-fours
and two-by-sixes stamped
with the Rockefeller Center
logo, are distributed to Habi-
tat affiliates in New York,
ways. The 2007 tree was from
Shelton, Conn., but its lumber
was used to build a home in
Mississippi for a family dis-
placed by Hurricane Katrina.
For Keith Smith, a single
father of three living in New-
burgh, the connection to the
Rockefeller tree is an added
bonus to the joy of owning his
first home.
Mr. Smith’s family will cele-
brate their first Christmas in
their new house this year,
where wooden beams made
from the 2015 tree are built
into the walls.
“It’s amazing that one of
the trees is in my house,” said
Mr. Smith, 38. “It means a
lot.”
DAVID GAVASHELI; MICHAEL LOCCISANO/GETTY IMAGES (TOP)

Wright said Monday as he pre-
viewed his group’s proposals.
Commuter frustration in
New York City reached a cre-
scendo this year as subway rid-
ers endured frequent delays
caused by track and signal prob-
lems, fires and faulty equipment
that could have been reduced if
the system were properly main-
tained, Mr. Wright said.
Although the RPA has no
formal authority, its ambitious
plans, published every few de-
cades, often are embraced by
state and local agencies when
they embark upon major infra-
structure projects or when
they think about how to im-
Lauren Lebeouf, actress
prove the tri-state region and
its $1.8 trillion economy.
Previous RPA plans, pub-
lished in the 1920s, 1960s and
1990s, have included such cru-
cial recommendations as build-
ing the George Washington
Bridge at 178th Street in Man-
hattan rather than at a pro-
posed location at 57th Street,
and expanding Midtown’s busi-
ness district on the far west side
in a similar fashion to what is
taking shape at Hudson Yards.
New York Gov. Andrew
tive,” said Mr. Prendergast,
who recently joined the RPA
board. “The concept and un-
derlying premise is a good one
Cuomo, who controls the MTA, that should be looked at.”
declared a state of emergency Austin Finan, a spokesman
for the agency in June because for Mayor Bill de Blasio, said the
of the subway disruptions. A administration is reviewing the
spokesman for Mr. Cuomo re- proposals. “Around-the-clock
ferred questions about the mass transit is a jewel of the
overnight-shutdown proposal city that separates New York
to the MTA. from its peers and provides a
In a statement, MTA Chair- huge boon to workers and the
man Joe Lhota said: “We all economy,” Mr. Finan said.
agree that the subways must The Fourth Regional Plan
be stabilized and modernized, contains dozens of recommen-
and advancing the conversa- dations, including an overhaul
tion on how to do so is pro- of the governance and powers
ductive and worth having.” Please see PLAN page A10C
Connecticut, New Jersey and
Pennsylvania.
Cathy Collins, executive di-
rector of Habitat for Humanity
of Greater Newburgh, in New
York, said the organization
has received lumber from the
2010, 2015 and 2016 trees,
which has been used in five
homes. The wood is too soft
for load-bearing walls, and is
mostly used as blocking built
into the walls of houses, she
said.
The lumber from the
Rockefeller Center tree isn’t
financially significant in terms Wood from a Rockefeller
of the overall building cost, Christmas tree was used in
Ms. Collins said. David Gavasheli’s garage.

OYSTER PERPETUAL

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$50 Two neighbors hope a buyer would recapture the 19th century glory of their co-ops by combining them.
Code VOC50
Wanted: Buyer to Restore
Grandeur to the Dakota
BY JOSH BARBANEL
Virginia Dwan, an art dealer
and philanthropist, and her
next door neighbor John Ry-
dzewski, an investment banker,
hold two pieces of a puzzle at
the Dakota, the 19th century
edifice that all but invented
luxury apartment living in New
York City.
PROPERTY Now they are
looking for
someone inter-
ested in putting the pieces
back together.
When the Dakota opened in
1884, their separate living
quarters were a single, sprawl-
ing 4,800-square-foot apart-
ment with a living room facing
the corner of Central Park
“Anyone who flies frequently will see why this new West and West 72nd Street.
After living side by side for
carry-on is a sensation” decades, the two are looking
for a single buyer to combine
the two spaces into a gracious
Jury German Design Award 19th century layout.
The idea is to realize some
of the original intentions of
VOCIER.com the architect, Henry J. Harden-
bergh, and celebrate the huge
proportions of the rooms, with
13½-foot-high ceilings, over-
size windows and mahogany
trim.
At the same time, they hope
to get a higher price than they
would by selling each apart-
ment separately. It would re-
create a rare five-bedroom be-
hemoth, and revive some long-
lost grandeur.
The combined asking price
for both units is $20.5 million.
Jonathan Miller, an appraiser
Join The Wall Street Journal’s editors at our and president of Miller Samuel
Inc., said combinations can add
Future Of series to discuss the future with value, especially when the com-
the leaders who are shaping it. bined apartment revives a gra-
cious layout that had been lost.
“Sometimes, one plus one can
equal 2½,” Mr. Miller said.
The asking price is below
the record set at the Dakota, a
$27.5 million sale of a restored
three-bedroom apartment on
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* * THE WALL STREET JOURNAL.
In the Footsteps of
Bogie and Bacall
For Virginia Dwan, an avant-
garde art dealer, the glamour
of the Dakota apart-
ment building on
Central Park West,
was epitomized
by a photograph
she had seen of
actress Lauren
Bacall in front of
an ornate fireplace.
It was 1964, and
Ms. Dwan was looking for
a Manhattan apartment. The
photo showing Ms. Bacall with
husband Humphrey Bogart
convinced her “it was the best
the sixth floor in 2014. But the
purchaser would have to carry
out renovations costing mil-
lions to combine the units, re-
move a kitchen and reconfig-
ure some interior walls.
Sharon Walker Flynn, a bro-
ker at Stribling & Associates
who represents Ms. Dwan, said
the board at the Dakota has a
record of encouraging the res-
toration of original apartment
layouts, and is likely to sup-
port the combination.
The plan is part of a trend
during the past few decades in
luxury co-ops on Park and
Fifth avenues to undo damage
created when large apartments
were chopped into smaller
pieces. Much of the apartment-
splitting in luxury buildings oc-
curred in the years after World
War II, at a time of an acute
housing shortage, when rent-
control laws limited how much
landlords could charge, Mr.
Miller said. The Dakota was
converted to a co-op in 1961.
At nine stories, the Dakota
was the first elevator building
designed to appeal to affluent
Visit the
in Manhattan
MIKE TAUBER: ASSOCIATED PRESS (LAUREN BACALL
building, really” she said.
After moving into the Da-
kota that year, Ms. Dwan ran
into Ms. Bacall at the Bergdorf
Goodman department store on
Fifth Avenue. Ms. Dwan told
her about the photo that in-
spired her to move into
the building. Ms. Ba-
call, who resided in
the Dakota before
she died in 2014,
explained that the
photo was taken
at a country house
before Mr. Bogart
died in 1957.
At the time, Ms. Dwan
said she was bemused. More
than half a century later she
said she is glad she moved
into the fabled building.
New Yorkers, who previously
had resided primarily in town-
houses. Until then, apartment
living was limited to walk-ups
for the lower and middle classes.
“It was an era when New
Yorkers had to be convinced to
leave a townhouse,” said John
Burger, a broker at Brown
Harris Stevens who represents
Mr. Rydzewski. “They wanted
something that had the feel of
a house.”
There originally were about
65 apartment suites at the Da-
kota, and now there are about
85 co-op units.
The original design in-
cluded six floors with large
apartments facing south and
west. Three have the original
layouts, including the one
owned by Yoko Ono, the
widow of John Lennon, who
was fatally shot outside the
Dakota in 1980.
Another floor was recom-
bined a decade ago by the late
John Angelo, the investment
manager. It includes a unit
once owned by the late ballet
dancer Rudolf Nureyev.
Plan for
Armory Is
Challenged
BY THOMAS MACMILLAN
One day before the City
Council was due to vote on a
$200 million development
plan for a former Brooklyn ar-
mory, Legal Aid attorneys filed
a lawsuit seeking to block the
project from going forward.
The lawsuit, filed Wednes-
day in state Supreme Court,
argues that the city’s plan to
convert the 150,000-square-
foot Bedford-Union Armory
into a multiuse complex failed
to consider the potential for
displacing tenants in nearby
rent-regulated apartments.
The lawsuit also challenges
the validity of a city planning
document called the City Envi-
ronmental Quality Review
Technical Manual.
“This preposterous attempt
to block tomorrow’s vote does
nothing except seek to hurt
the very Crown Heights resi-
dents most in need of new af-
fordable housing and jobs,”
said Robin Levine, spokes-
woman for the City Council.
The council vote on the
proposal was scheduled to go
forward as planned after a
judge rejected a request for a
temporary restraining order.
The lawsuit is the latest
twist in the armory’s path to-
ward re-use after military op-
erations ceased there in 2011.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * NY Thursday, November 30, 2017 | A10C

GREATER NEW YORK

©2017 CHANEL®, Inc.

PLAN
Continued from page A10A CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL (2)

of the Port Authority of New

York and New Jersey, which
controls most of the region’s
major bridges, tunnels, air-
ports and seaports.
It also calls for transform-
ing New York Penn Station
into a through-running station
where trains continue deep
into neighboring states instead
of forcing travelers to transfer.
And it recommends combining
the region’s three commuter-
rail systems—the Long Island
Rail Road, Metro-North Rail-
road and NJ Transit—into a
‘What good is there having ‘I’d prefer it if you closed
single trans-regional express a train 24 hours a day if the an entire line for a month
network, called T-REX.
The RPA’s subway recom-
service is terrible?’ at a time.’
mendations propose modern-
izing the century-old system Salvador Garcia, pastry chef Jeremy Strawn, bar owner
within 15 years and creating
eight new lines or extensions the night, irrespective of rider
to underserved, high-density demand. On an average week- Subway Lull
areas such as the southeast night, about 85,000 people ride Average weekday subway ridership dips dramatically at night.*
Bronx, Manhattan’s Lower New York City’s subway be-
East Side, and central and tween 12:30 a.m. and 5 a.m., ac- 600,000 riders
northeast Queens. cording to an RPA analysis. That
Rich Barone, the RPA’s vice is about 1.5% of the 5.7 million 500,000
president for transportation, average weekday ridership.
said that even after the system The RPA suggests the MTA 400,000
is overhauled, it still would could run a replacement bus
need to shut down overnight service during those hours. The 300,000
so service levels could be reaction from some late-night
maintained. riders at Times Square-42nd 200,000
Subway systems in London Street was mixed. Lauren Leb-
and Paris, both of which are eouf, an actress, said: “A bus is 100,000
similar to New York in terms not a great option.”
of age and capacity, shut down But Salvador Garcia, a pas- 0
for several hours every night. try chef, said he wouldn’t mind 12 a.m. 2 4 6 8 10 12 p.m. 2 4 6 8 10
The MTA runs trains about taking the bus as long as it *Figures are from 2016.
every 20 minutes throughout was reliable. Source: Regional Plan Association THE WALL STREET JOURNAL.

GREATER NEW YORK WATCH

PUBLIC HEALTH 15%, from 1,450 in 2015 to 1,236
in 2016.
City Sees New Low However, the report noted a
For HIV Diagnoses slight uptick in the number of
women diagnosed with HIV in
The number of new HIV diag- 2016.
noses in New York City dropped City officials attribute the
in 2016 to a new low, according overall drop in new infections to
to officials of the city’s health programs that help HIV-positive
department. people achieve viral suppression.
In a report released Wednes- A person with HIV with an un-
day by the New York City De- detectable viral load of the dis-
partment of Health and Mental ease for six months doesn’t sex-
Hygiene, the number of new HIV ually transmit the disease.
diagnoses in the city was 2,279 About 80% of the state’s HIV
in 2016, down from 2,493 in or AIDS cases are in New York
2015. Among men who have sex City.
with men, the drop was nearly —Melanie Grayce West
EDUCATION
Success Academy
Rejects City’s Offer
After demanding more space
for years, Success Academy
Charter Schools rejected New
York City’s offer of two sites on
Wednesday, saying the proposal
failed to meet the growing net-
work’s need for six middle
schools next fall.
The rebuff is the latest twist
in years of conflict between
charter founder Eva Moskowitz
and City Hall. She claimed Mayor
Bill de Blasio was discriminating
against her students, whose
high achievement threatens tra-
ditional district schools.
Last week the Department of
Education proposed options in
district buildings in Brooklyn and
the Bronx. “It’s odd that Success
Academy continues this political
charade even though DOE has
confirmed they will provide
space for every Success student
who needs a middle school seat
next year,” a spokeswoman for
the mayor said by email.
Ms. Moskowitz said the city’s
proposal would leave hundreds of
her fifth-graders without seats.
—Leslie Brody

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most challenging questions and positively change the lives of children and adults suffering from diseases such as cancer and autism.

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Leo Guthart
honoring Mr. and Mrs. Jeffrey E. Kelter
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Journalis t A n d Spok esp ers on
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THE WALL STREET JOURNAL. Thursday, November 30, 2017 | A11

LIFE&ARTS
HOLIDAY RETAIL

Plotting the Best Shopping Attack

Those hunting for discounts this season will need to scour social media and figure out timing and location of the best deals
BY RAY A. SMITH

SHOPPERS LOOKING for steep

discounts this holiday season bet-
ter get on high alert.
Retailers that last year adver-
tised 50%, 60% and even 70%
storewide sales for extended peri-
ods during the final weeks of the
holiday season are trying to shake
things up this year by tinkering
with the clock.
Buoyed by a more robust econ-
omy, positive Black Friday sales and
improving same-store results, re-
tailers are hoping to wean shoppers
off their addiction to discounts.
Some have moved toward shorter,
limited-time only sales, while oth-
ers are launching promotions when

ALEX NABAUM (ILLUSTRATION); MICHAEL BUCHER/THE WALL STREET JOURNAL

shoppers least expect them. Stores
are also increasingly tailoring spe-
cial discounts, codes and gift cards
to its app users, credit-card holders
and rewards members.
Retailers hope the strategy will
create a sense of urgency among
shoppers, says Rachelle Benson, se-
nior manager of retail consulting at
RetailNext, a retail analytics firm.
To win the waiting game for deeper
discounts, consumers will need to
scour ads, emails, social media,
websites and other marketing for
the next sale and when it ends.
Shoppers got a taste of this ear-
lier this month as more retailers
promoted big discounts earlier
than in the past. During the first
week of November, the number of
online purchases taking advantage
of a markdown rose 16% over the
same period in 2016, according to
retail analytics firm DynamicAc-
tion, which analyzed $3.5 billion in
online consumer transactions in
North America. That compared
with a 21% decrease during the
first week of November 2016 com-
pared with the first week of No-
vember 2015.
Abercrombie & Fitch, Gap, and
Macy’s were among those this year
advertising short-term sales of
20% to 50% off that began and
ended before Black Friday. Some
promotions were available only to
a retailer’s “insiders” program,
which invited nonmembers to join
to nab the offer. Other retailers are
tweaking timing on sales to high-
light them. Target this month be-
gan promoting deals on weekends
throughout the season—when cus-
tomers are more likely to be in
stores—switching from its previous
10-day, “deal-a-day” promotion.
In recent years, many retailers
used heavy discounting to lure
hesitant consumers amid a slug-
gish economy and competition on
pricing and convenience from on-
line outlets. Consumers, in turn,
have played a waiting game, ex-
pecting retailers would slash
prices even further in the run-up
to Dec. 25. According to consumer
research firm America’s Research
Group, 65% of customers want dis-
counts of 60% before making a
purchase. So stores aren’t only try-
ing to be more strategic about the
timing and duration of promotions,
but also about what merchandise
Tips for Navigating
Holiday Sales
n Compare prices with apps and
sites such as PriceGrabber, Price-
Jump on Savings.com and Shop-
Savvy.
n Sign up to receive sale alerts
from retailers, but limit the
emails to sales alerts only.
n Use the store charge card or
any card that grants rewards or
perks for shopping for special
savings.
n Always read the fine print on
sales for exclusions or imminent
deadlines.
n Check stores’ websites fre-
quently for new sales promotions.
and even locations are included.
For example, a recent Abercrombie
& Fitch 40% “storewide” sale ex-
cluded its big Fifth Avenue flag-
ship store in Manhattan.
“Retailers may advertise 50% off
to customers, plus 20% off for one
day only through a private mailer,”
says Britt Beemer, chairman of
America’s Research Group, which is
also a strategic marketing firm. He
added that 58% of 800 consumers
surveyed recently said they would
pay more attention to fine-print de-
tails in sales advertising for things
like exceptions and deadlines.
The holiday shopping season
marks a high-stakes time for re-
tailers, with sales for some con-
Retailers are pushing limited-time sales, members-only discounts and surprise
sales this season in an effort to wean shoppers off their addiction to discounts.
tributing as much as 40% of an-
nual revenue and 50% of annual
profit. Retailers assess their Black
Friday weekend and Cyber Monday
sales performance, then adjust
promotional plans accordingly. The
National Retail Federation predicts
that November and December sales
will climb by about 4% this year,
which would make 2017 the stron-
gest holiday season since 2014.
Much of this year’s sales growth
was driven by shopping online,
where promotions were heavy. On
Thanksgiving Day, for example, the
number of online orders placed
that took advantage of a mark-
down in North America rose 12%
compared with Thanksgiving Day
2016, according to DynamicAction.
And there was a 10% decrease in
full-priced purchases this year.
Still, consumers can expect to
see more and deeper discounts in
coming weeks. “Retailers are cer-
tainly saving their big deals until
later,” said Sarah Engel, chief mar-
keting officer at DynamicAction.
“Just because they launched some
of their promotions earlier, it
doesn’t mean consumers won’t get
good deals.” They just may be
more targeted and selective.
And consumers tend to spend
more in stores as Dec. 25 nears, as
shipping windows narrow. Consum-
ers spent 12% more in stores on
Dec. 23, 2016, than they did on the
same date in 2015, according to
market researcher NPD Group.
Christmas is 32 days after Thanks-
giving this year, an extra day over
last year, and falls on a Monday, so
there is an extra weekend day to
shop. Retailers count on last-minute
shoppers to reach sales goals and
will discount more heavily to get
them in the door or on their site.
Fashion in particular is still
grappling with a broader shift in
consumer spending toward dining,
travel and entertainment. Holiday
clothing discounts have become
steadily deeper in recent years, ac-
cording to Sara Skirboll, shopping
and trends expert at RetailMeNot,
which tracks sales promotions. It
expects an average 40% discount
on prices this season at multi-cat-
egory retailers like Kohl’s and
Macy’s, up from an average of 35%
during the 2016 holiday season
and 32% in 2015.
Promotions and percent-off
deals have also been creeping up
at the high end, and earlier than
usual, says Ms. Benson of RetailN-
ext. Expensive designer clothing is
competing not only with get-a-
similar-look-for-less stores like
Cos and Zara, but high-end elec-
tronics, including the new iPhones
and home voice-activated devices.
What’s more, fashion retailers
have to clear out racks to make
way for the delivery of new, trend-
ier collections in January.
“Based on deals that have come
out” so far this season, Ms. Skir-
boll says, “promotions are still
well and alive.”

THE MIDDLE SEAT | By Scott McCartney

WHAT WILL TIGHTER SECURITY MEAN FOR YOU?

THE TRANSPORTATION Security Adminis- it,” says Rep. Bennie G. Thompson, (D.,
tration escaped Thanksgiving without major Miss.), ranking member of the House Com-
airport bottlenecks. But the agency still mittee on Homeland Security.
FROM LEFT: RYAN DAVID BROWN FOR THE WALL STREET JOURNAL; RON SACHS/CNP/ZUMA PRESS

faces big challenges. Specific results of the tests are classified,

Screening changes are coming that may
upset travelers already struggling with lim-
ited mobility, plus those with overstuffed
carry-on bags. TSA plans to en-
hance screening of travelers in
orthopedic casts or wheel-
chairs. In addition, more
checkpoints will require
travelers to dump all elec-
tronics, food and other
items from bags so they can
be X-rayed separately.
The big problem hanging
over the airport security force
is whether it can ever do well
in Department of Homeland Secu-
rity tests of its ability to find hidden
weapons carried by travelers. In covert tests
this summer, 80% of weapons went unde-
tected. For several years, the tests con-
ducted by the department’s inspector gen-
eral have shown even worse results—90% or
higher, bolstering the view of many travel-
ers that TSA is ineffective.
TSA administrator David Pekoske, inset, faces a difficult challenge of improving security screening “I’m afraid TSA is falling into a rut of try-
without creating delays at airports after covert tests found high weapons-detection failure rates. ing to defend what they do rather than fix
but the inspector general issues a public
summary and more specific information
usually leaks out. The inspector general
did say eight classified recommen-
dations were made to improve
screening and TSA agreed with
the suggestions.
TSA argues its ability to
find bombs and other weap-
ons isn’t as bad as the tests
indicate and is improving.
Up to Thanksgiving, TSA has
already found more firearms
in 2017 than all of 2016—an
average of more than nine a
day, the agency says.
TSA administrator David Pekoske
notes that none of the DHS employees going
through checkpoints for the tests are on any
watch lists that would trigger secondary
screening. “When we do preselect somebody
for additional screening…our detectability
rates are very high,” he says.
But the tests got the attention of the new
administrator, on the job not yet four
Please see TSA page A12
A12 | Thursday, November 30, 2017 THE WALL STREET JOURNAL.

LIFE & ARTS

ART REVIEW

Mark Tobey’s
Expressionism Exception

FROM LEFT: ARTHUR LYON DAHL/LARRY NOVAK (PHOTO); ESTATE OF MARK TOBEY/SEATTLE ART MUSEUM, ARS, NY
From left: Mark Tobey in his studio (1949); his 'Threading Light' (1942)

BY PETER PLAGENS
Andover, Mass
‘I BELIEVE that painting should
come through the avenues of med-
itation rather than the canals of
action,” said artist Mark Tobey
(1890-1976). Generally remem-
bered as a Pacific Northwest
painter closely identified with Se-
attle, Tobey chafed at art reviews
in the 1940s that constantly paired
him with the “action painter”
Jackson Pollock. Compared with
the Abstract Expressionists, Tobey
painted small, and his favorite me-
dium was tempera on panel or pa-
per. His color was subdued—
mostly grays—and he developed a
“white writing” approach to paint-
ing, in which he pondered “micro-
scopic worlds” instead of the
atomic explosions in the minds of
Abstract Expressionists. Having
converted to the Bahá’i faith in his
late 20s, his outlook was a far cry
from the existentialism that fueled
the postwar New York art world.
Still, he was a modern American
painter concerned with fame and
his place in history. He won the
City of Venice prize for painting at
the 1958 Biennale, and boasted in
1962 that Pollock had “capitulated
to my style.”
“Mark Tobey: Threading Light,”
at Phillips Academy’s Addison Gal-
lery of American Art, offers quiet
testimony both to the artist’s am-
bition and his contemplation. It
contains 67 paintings installed in
rooms whose walls have been
painted what one might call Tobey
gray. (The exhibition appeared
earlier at the Peggy Guggenheim
Collection in Venice.)
Tobey came from the Midwest
(one of the earliest paintings in
the show, “Middle West [American
Landscape],” 1929, is a veritable
portrait of dreariness), had no for-
mal art education save for some
Saturday classes at the Art Insti-
tute of Chicago, and admitted that
his “eyes weren’t prepared” for
the famous Armory Show when he
saw it in 1913. He cited 1918 as the
beginning of a “dark period,” and
very little of his art from the ’20s
still exists, but Tobey learned Chi-
nese brushwork in 1924 and made
a trip to Paris, then the center of
modern art, the following year.
In fact, Tobey was a ceaseless
traveler, visiting (in no particular
order) England (where he taught
for a few years), Turkey, China,
Palestine, Japan, Israel and Mex-
ico. Back in Seattle in 1951, he was
ambivalent in the extreme about
being labeled part of a Pacific
Northwest “school” of abstraction,
and he told his longtime New York
dealer, Marian Willard, that be-
cause of the isolation he couldn’t
paint there much longer. In 1960,
Tobey moved to Basel, Switzer-
land, where he died 16 years later.
Unlike his East Coast
contemporaries, the
artist favored small scale
and a meditative mood.
The “white writing” technique
began in 1935, and was first dis-
played in his paintings in a 1944
exhibition in New York. Some of
these works preceded Pollock’s
“drip” paintings by five years.
While other artists—notably Janet
Sobel in New York and the Danish
émigré Knud Merrild in Los Ange-
les—beat Pollock to the line in
terms of the linear pouring of
paint, Tobey’s accomplishment
was to generate an overall, organi-
cally wiry calligraphic approach
that exuded a gauzy poetry. Unlike
Pollock’s more stentorian all-over
paintings, Tobey’s quietly beckon
the viewer to come in.
Tobey manages a remarkable
amount of difference among
“white writing” paintings of simi-
larly modest size and mutedness.
“Threading Light” (1942)—possi-
bly the best work in the show—is
under 30 inches tall, with a space-
age flow to it. “Crystallizations”
from two years later is less than
20 inches high, and dense as a
rain cloud but as lacy as a veil.
“Window” (1953), large for a ca-
sein-on-board picture at 44 by 28
inches, uses the suggestion of part
of a window frame to bring in ar-
chitecture. Late in his career, To-
bey turned to oil on canvas, work-
ing in a scale of up to more than
seven feet in one direction, but
those oils seem forced into large
scale by the art world’s appetite
for size.
Tobey came late to his signa-
ture style; he was in his mid-40s
when he discovered it, and 50 by
the time it blossomed fully within
him. Debra Bricker Balken. the ex-
hibition’s curator and sole author
of its beautiful catalog, cites a
“conformity to lingering Renais-
sance norms” (i.e., the portrayal of
volume with light and shadow) as
the obstacle. For Tobey, real mys-
tery in art eventually required
some abstraction.
Yet he was not just another Pa-
cific Northwest artist masquerad-
ing as an Eastern mystic. He said
his subject matter was actually
“the restless pulse of our cities
today,” and at least a couple of
paintings—“Broadway” (1935) and
“Fog in the Market” (1943)—af-
firm Ms. Balken’s point that To-
bey’s “white writing” was “a
means to move progressive art
beyond the entrenched languages
of Cubism.” Still, while Tobey’s
usual painting scale was modest,
his philosophical reach was ex-
pansive. “Why don’t art schools,”
he once asked, “have a class on
how to remain aware?” This exhi-
bition could well be a pleasurable
first session.
Mark Tobey: Threading Light
Addison Gallery of American Art, An-
dover, Mass., through March 11, 2018
Mr. Plagens is an artist and writer
in New York.

TSA
FROM LEFT: STEPHEN VOSS FOR THE WALL STREET JOURNAL; NAM Y. HUH/ASSOCIATED PRESS

Continued from page A11

months. He’s looking at de-
ploying more canine teams,
which are very effective at
finding bomb materials. He’s
also trying to enhance train-
ing for screeners and is
looking at speeding up the
rollout of new, stricter pro-
cedures involving electron-
ics and food.
“We are more secure now
than we were before the test
results came out,” Mr. Peko-
ske says.
In the past, embarrassing
undercover testing has
prompted TSA to tighten up
screening at checkpoints,
slowing the flow of passen-
gers. In 2016, this led to very
long lines and missed flights,
culminating with a meltdown
in Chicago with passengers
stranded overnight before
changes were made to speed
up passenger flow.
Mr. Pekoske says there will
be some tightening, but that
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TSA plans to request funding to replace 2,200 X-ray machines at
airport security checkpoints.
shouldn’t slow checkpoints
too much. One thing that’s
helped: TSA’s trusted-traveler
program, PreCheck, has
added 2.2 million people in
the past two years, bringing
total enrollment to 5.7 mil-
lion, TSA says. A total of 12
million people are eligible for
PreCheck, including people
enrolled in Customs and Bor-
der Protection programs like
Global Entry. Moving more
travelers to PreCheck lines
speeds up regular lines and
enhances security, TSA says.
Officials say the security
testing revealed a vulnera-
bility of weapons smuggled
by those in orthopedic casts
or wheelchairs. That means
those people will get more
enhanced screening, officials
say, such as pat-downs and
bomb-residue swipes. The
added attention will likely
infuriate some who already
have plenty of difficulty
navigating airports.
The longer-term solution,
Mr. Pekoske says, is a wider
body-scanning machine that
could accommodate some-
one in a chair with a leg
straight out. Such a machine
is in development, he says.
As a result of the failing
tests, TSA is also looking at
speeding up the rollout of
the enhanced carry-on bag
That means there will be
different rules in different
cities at least through the
winter.
Mr. Pekoske says the pro-
gram, known at TSA as En-
hanced Accessible Property
Screening, or EAPS, has
slowed down checkpoints as
both screeners and travelers
get used to new procedures.
But he doesn’t expect signif-
icant increases in wait times.
Tests so far show that
making people declutter
bags does make screening
more effective. Items inside
bags are easier to see clearly
on X-ray screens. Mr. Peko-
ske calls it “a significant en-
hancement to security.”
But TSA says it needs
better technology at check-
points, too. TSA is testing
CT scanners at checkpoints
in Phoenix and Boston.
Since they can measure the
density of materials, they’d
even allow TSA to drop re-
strictions on liquids.
Mr. Pekoske says the
tests are going well and will
likely be completed by next
summer. A year from now
the agency will start asking
Congress for money to buy
machines to replace the
2,200 X-ray machines at
checkpoints. The technology
is so promising, airlines
have already ordered the
first machines for their
hubs and agreed to donate
them to TSA to speed up
deployment.
Mr. Thompson, the Mis-
sissippi congressman, says
the CT scanners highlight a
fundamental problem at
TSA: It’s too slow with new
technology. Other govern-
ment agencies have funding
“I’m firmly convinced
that technology is the way
to go,” Mr. Thompson says.
“In some instances, we’re
too slow, and the bad guys
are not waiting for us to get
it right.”
TSA did get through the
Thanksgiving rush smoothly.
A check of 25 major airports
on Monday found a few re-
ports of long waits hitting
30 minutes to 45 minutes at
some periods. But past holi-
days have seen way worse.
TSA says from Nov. 17
through Nov. 26, 98.1% of
passengers waited under 20
minutes in queue for screen-
ing. On Sunday, the busiest
day, about 5% of non-Pre-
Check passengers waited 20
minutes or more for screen-
ing, TSA says. Only 0.5% of
PreCheck passengers waited
that long.



 

 
screening, which began test- These scanners, similar to to develop and deploy it. Mr. Pekoske says TSA

 
 

     

 
 ing a year ago and started ones used to screen checked TSA has labs to evaluate prepared for Thanksgiving
    

 


  
  


   
!
"!# expanding to airports after luggage, look inside bags what contractors develop and was well-staffed for the

  #
  
  $
 

%   
 #&
     
'      $ &   
 ! (  
# ) the summer rush. The roll- from all angles, much like a and then goes to Congress rush. The agency offered






   out likely will continue hospital CT scan, and pro- to get funding for pur- lots of overtime to officers,
through March and April. duce a clean 3-D image. chases, a multiyear process. he says.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Thursday, November 30, 2017 | A13

LIFE & ARTS

PHOTOGRAPHY REVIEW

Edvard Munch, Photographer

The painter of ‘The Scream’ was also an avid experimenter with the camera
Edvard Munch, ‘Self-Portrait
BY RICHARD B. WOODWARD
Wearing Glasses and Seated
Before Two Watercolors at Ekely’
New York (c. 1930).
IT’S NOT A SECRET that Ed-
vard Munch (1863-1944) took 1908-09, having entered a clinic
photographs. A monograph to seek an end to violent hallu-
about his fitful output, by the cinations and alcohol abuse.
Norwegian art historian Arne The second period of his photo-
Eggum, was published here in graphs (1927 to mid-’30s) re-
1989. Ten years later, Dorothy flects the calmer, more solitary
Kosinski’s “The Artist and the existence of his last decades. In
Camera: Degas to Picasso” pre- a grid of six “selfies” from
sented a sample of Munch’s pho- 1930, he photographs himself
tographs—along with those by at arm’s length in various dis-
Bonnard, Gauguin, Rodin, Vuil- guises, with and without
lard and nine other painters or glasses and hats.
sculptors—in an exhibition and The six-minute home movie
catalog that surveyed the diverse from 1927, taken in Dresden,
applications of the medium by Germany, and in Oslo, is a frag-
19th- and 20th-century artists. mentary compilation of street
“The Experimental Self: Ed- scenes: trams, pedestrians,
vard Munch’s Photography” at storefronts, a couple on a park
Scandinavia House will nonethe- bench, two boys looking
less be a surprise to many. through a peephole in a fence.
Timed to supplement “Edvard The final frames show Munch
Munch: Between the Clock and walking toward the camera.
the Bed,” the traveling retrospec- Ms. Kosinski’s exhibition in-
EDVARD MUNCH/MUNCH MUSEUM

tive now at the Met Breuer, this cluded several photographs,

show of roughly 40 copy prints made or seen by Munch, that
and a six-minute home movie, became the basis for paintings.
lent by the Munch Museum in The connections in Ms. Ber-
Oslo, has charms of its own. man’s presentation are not as
Guest curator Patricia Ber- overt. But the spectral figure
man, professor of art history at facing us in “Nurse in Black”
Wellesley College, has selected (1908-09), her luminous white
examples from two distinct peri- face and folded hands set
ods: 1902-10 and 1927 to the against a pitch-black field, re-
mid-’30s. Hung or projected in posed. Another from about the friends who had served as models seemed to merge with a figure by sembles women elsewhere in
four small rooms against dark same time, taken as the artist lay were portrayed in snapshots. appearing translucently through it. Munch’s work, such as “Moonlight
walls, the modest black-and-white in bed, introduces the more famil- Munch never believed that pho- Like Degas, Munch was in- I” (1896), one of three woodcuts
images oscillate in mood between iar anxiously watchful Munch. (He tographs could achieve the psycho- trigued by the camera’s routine displayed at Scandinavia House.
tentative and bold, prosaic and took up photography the same logical or religious intensity he ability to force perspective. In sev- That Munch didn’t exhibit his
fantastic as Munch was deciding year that his lover, Tulla Larsen, sought for his art. “The camera eral self-portraits in domestic set- photography in his lifetime doesn’t
what photography could and ended their affair with a gunshot cannot compete with painting so tings, he has placed the lens near mean he wasn’t seriously curious
couldn’t do for his art. that damaged two of the fingers long as it cannot be used in to his arm and face so they loom about its potential as an art and as
The first period begins in Berlin on his right hand.) heaven and hell,” he said. large in the frame. In a 1908-09 a psychological tool to explore his
with the purchase of a Kodak box His outdoor nude self-portraits, This notion didn’t prevent him study for a painting of himself as favorite subject: himself.
camera. As he trained himself in taken at his summer house in the from trying to override the cam- the murdered French revolutionary
the basics, even developing his Norwegian coastal village of Ås- era’s frank realism with special ef- Marat, a half-naked Munch stares
own prints, he portrayed friends in gårdstrand, are larky rather than fects. He was fascinated by “spirit grimly from a bathtub, the curve The Experimental Self:
the street and documented an ex- fraught. One day he might strike photography” and in 1907 played of his bare shoulder and arm ex- Edvard Munch’s Photography
hibition of his paintings in Norway. the heroic pose of a Spartan war- with multiple exposures of himself tended toward us, his unseen hand Scandinavia House, through March 5,
At the same time he was also rior; another day, he saw himself as and his model Rosa Meissner on pressing the shutter. 2018
eagerly photographing himself. Al- more flab than sinew. In 1904, after the beach. Knowing that move- This first period of photo-
most two-thirds of the show are finishing his large painting “Bath- ment while the lens was open graphic experimentation ended
self-portraits. Two examples from ing Men,” he brought it into his could blur the body, he made expo- shortly after he had recovered Mr. Woodward is an arts critic in
1902 are seated close-ups, stiffly garden and photographed it. Male sures in which background details from a nervous breakdown in New York.

Our Reality in Waiting

From defeating superbugs and hurricanes to
understanding the Bitcoin enigma, season 2 of The
Future of Everything series explores the challenges
and possibilities of our impending way of life.

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A14 | Thursday, November 30, 2017 THE WALL STREET JOURNAL.

SPORTS
BY ANDREW BEATON NFL became an Eagle, when the team
started crafting one of the NFL’s
best offensive lines. In an age when
Philadelphia
CARSON WENTZ’S professional
career couldn’t have started much
better. The tall quarterback from
the low-level football program led
The Gunslinger pundits have decried the poor state
of blocking, some teams simply
can’t afford to wait for deep routes
to develop.
It also helps that Wentz moves

Leading the Eagles

the Eagles to a 3-0 start in 2016, remarkably well for someone his
complete with five touchdowns size and is strong enough to sim-
and not one interception. ply avoid some sacks. “He extends
Wentz initially thrived in a the play a lot,” says running back
conventional and safe offense LeGarrette Blount. “That allows
that looked a lot like many of the the big throws downfield.”
other successful short-passing at- Wentz showed off his new form
tacks across the league. Then he Carson Wentz is thriving by not being boring and safe in the passing game in the Eagles’ 2017 opener against
struggled for much of the rest of the Washington Redskins, with a
the year, raising quiet doubts 23-yard completion to Zach Ertz.
about the No. 2 pick’s future. Facing third-and-10, leading by
Instead of fixing it this season two in the fourth quarter, Wentz
by pulling the reins back even fur- outran two defenders to find his
ther, the Eagles tried something tight end. He threw on the run,
completely different. They stopped placed the ball perfectly and had
trying to mimic the low-risk pass- five seconds between the snap and
ing styles that have taken the throw—the type of time that
league by storm. makes longer completions easier.
The change has transformed Before this season, the Eagles
Wentz from a tantalizing rookie went about giving him the wide
into an MVP contender on the receivers to complete those types
NFL’s best team. One of the most of passes regularly. Their biggest
conservative quarterbacks around off-season signing was star wide
has been remade into one of the receiver Alshon Jeffrey. Their sec-
most aggressive--and someone his ond biggest off-season signing was
coach Doug Pederson has compared receiver Torrey Smith, a deep-
to Brett Favre. And NFL defenses threat specialist.
have had no clue how to stop him. Ertz, the team’s leading receiver,
“I love taking shots down the says those moves showed the con-
field,” Wentz said in training camp. scious decision to throw deeper.
The Eagles have the best record “Personnel is going to dictate how
in the NFL at 10-1 and any conver- you attack defense,” he said.
sation about how they have be- Wentz’s ability to thrive in these
come a Super Bowl contender be- situations can be explained in a
gins and ends with the 6-foot-5 couple ways. For starters, despite
quarterback from North Dakota being the league’s most aggressive
State. He leads the NFL in touch- quarterback, he’s still one of the
down passes. He has the fourth safest with the ball, having thrown
highest passer rating. And he leads only five interceptions this year.
the NFL’s highest-scoring offense. But it’s better understood by the
What makes Wentz so good is Eagles’ production on third down.
that he plays nothing like the other Last year, Wentz’s average third-
best quarterbacks. In an age when down throw barely reached the first-
rivals have mastered high-percent- down line, according to Football
age, short-yard passes, Wentz is Outsiders, meaning many of them
the one torching defenses deep. fell short and relied on receivers,
“I like to think I’ve always been hopefully, reaching the line to gain.
a pretty aggressive player,” Wentz This year, no quarterback
says, “but maybe just a little more throws the ball farther past the
confident [now] in aggressive first-down sticks on third down—
chances.” and the Eagles third-down conver-
This has made him more than a sion rate has shot up from 20th in
remarkable outlier. It has produced the league to third.
a spectacle of old-school, gunsling- All the while, in an age when
ing football that the league has safe throws and low interception
sorely lacked in recent years. His rates are all the rage, no quarter-
style is so appealing that even the back has been more fearless than
world’s most famous Dallas Cow- Wentz. This year, 25.1% of his
MICHAEL PEREZ/ASSOCIATED PRESS

boys fan—LeBron James—says that throws have been into tight cover-
Wentz is his favorite player. age—the most of any quarterback.
The three quarterbacks with a For most quarterbacks, throw-
higher passer rating than Wentz ing into small windows isn’t a par-
this season—Tom Brady, Alex Smith ticularly good idea. The two quar-
and Drew Brees—have combined to terbacks who have done it the
complete 69.5% of their passes. second and third most frequently
Wentz has completed only 60.2%. this year are Brock Osweiler and
That’s actually one of the worst Tom Savage. They aren’t exactly
marks in the league, but it doesn’t Eagles quarterback Carson Wentz has transformed into an MVP contender and leads the NFL’s highest-scoring offense. the company most quarterbacks
matter because he throws the ball would like to keep.
farther than almost anyone else. league’s best quarterback, Aaron Last year, league-wide comple- among the shortest—his average But there’s a big difference.
Wentz’s completed passes this Rodgers, averaged one of the tion percentage reached an all- completed pass went only six Wentz is good enough to take the
season have traveled 7.8 yards down shortest attempted distances, 5.4 time high at 63%, but yards per at- yards down field, or nearly 25% risks these other quarterbacks fail
the field on average, which is sec- yards, before he got hurt. Which is tempt has trended downwards too. shorter than this year. at—so even though Wentz has
ond highest among quarterbacks exactly where quarterback play Also in the last five seasons, 50.5% But the Eagles built the perfect thrown the ball more than Os-
who have started at least eight has gone in recent years. of passes have gone five yards or team to defy this new norm. And weiler and Savage combined, he’s
games. That’s a full half yard farther Teams are passing more, but fewer yards downfield, versus only part of it had to do with thrown four fewer picks.
than Brady, and nearly two yards shorter, and at a higher clip—the 47.1% from 2000 through 2004, ac- Wentz’s other-worldly arm “He just makes some throws in
longer than Brees and Smith, ac- last five seasons are also the five cording to Stats LLC. strength that allows him to make games and you go, ‘Wow,’” says of-
cording to the NFL’s NextGen Stats. with the highest completion per- Wentz slipped into this mold throws other quarterbacks can’t. fensive tackle Lane Johnson. “And
The player often considered the centages in NFL history. last season. His passes were It really began before Wentz ever he’s been doing it every week.”

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THE WALL STREET JOURNAL.
Taxes: What Would Jesus Do?
Jesus Christ
could count
himself lucky
that for the
completion of
his earthly
mission he
WONDER
LAND had the 12
apostles and
By Daniel
not the 52
Henninger
Republican
members of
the U.S. Senate.
Imagine: The Lord tells
Lazarus to walk from his
tomb, and the apostle Bob, the
first fiscal hawk, objects that
if Jesus continues raising peo-
ple from the dead, the un-
planned population growth
will blow out Judea’s deficit.
Apostle Bob says he won’t go
along without a hard cap on
resurrections.
The Lord reminds the apos-
tles of how he fed the multi-
tudes with the miracle of the
loaves and the fishes. Forget it,
says the apostle Jeff. Uncon-
strained loaf-and-fish division
will create a culture of entitle-
ment. Apostle Jeff says he’s
leaving.
Angered, Jesus threatens to
drive the money changers
from the temple. You’re wast-
ing your energy, says the
apostle Ron, an accountant
before joining the disciple-
ship. Ron explains to the Lord
that the money changers are
pass-through entities who are
withholding their support un-
til Jesus extracts equal tax
treatment for them from King
Herod.
Susan of Magdalen says
she’s having doubts about the
entire messianic enterprise. Un-
less the Lord creates high-risk
The Debt Is No Reason to Kill Tax Reform
By Karl Rove
T
ax reform is not polling
well. In a mid-October
CNN survey, only 34% of
Americans favored “the tax re-
form proposals made by the
Trump administration.” A
week later, a poll by The Wall
Street Journal and NBC News
found only 25% thought “Pres-
ident Trump’s tax plan is a
good idea,” compared with
35% who said it was a bad
idea.
Around the same time, CBS
News found that just 38% ap-
proved of “the way Donald
Trump is handling tax policy.”
That’s roughly the president’s
job-performance rating in the
Real Clear Politics average,
which was 39.5% Wednesday.
Still, public opinion on tax re-
form is fluid and will be af-
fected by what happens if the
bill passes.
The saving grace for Repub-
licans is that voters trust the
GOP more on these issues. A
late October survey from Polit-
ico and Morning Consult found
that 42% of voters trusted con-
gressional Republicans on the
economy, compared with 38%
for congressional Democrats.
The numbers on jobs were the
same—42% for Republicans,
38% for Democrats.
Polls aside, the GOP is bet-
ting that Americans will see
the results of tax reform in
two important ways: larger
paychecks in January, when
the reduced withholding will
go into effect, and a better
Leave College Endowments Alone
By Harry McMahon
T
o help pay for tax cuts,
congressional Republi-
cans are suggesting a 1.4%
excise tax on the net investment
income of certain private col-
lege and university endow-
ments. The proposal—which
would apply to endowments
valued at $250,000 or more
per full-time student—would
affect some 70 schools, includ-
ing my alma mater, Claremont
McKenna College. But the tax,
if established, could eventually
expand to cover hundreds of
institutions.
America’s higher education
system is the envy of the world.
In addition to attracting the
best minds to our country and
nourishing the ones we already
have, it fosters a unique culture
of gratitude—one that this tax
would undermine while produc-
ing only a trivial amount of rev-
enue. Consider three unin-
tended consequences if this
provision goes into law:
• Restricted financial aid.
Thanks to their healthy en-
pools for endangered Chris-
tians, she’s withdrawing her
support.
Defeated by a determined
minority of his apostles, Jesus
abruptly announces his retire-
ment and returns home to the
family carpentry business in
Galilee.
i i i lieves this hooey.
We won’t know anytime
soon what Jesus would think
of the Republicans’ tax bill, so
we’ll default to guessing at the
second-best opinion: the
American people’s.
Watching the current de-
bate, what many of them think
is that the Republican tax bill
is about the swamp, because
this is what the swamp does—
bog down in Washington’s un-
fathomable arcana and pro-
duce clouds of gas.
The Senate Republicans, to
the last man and woman, say
they are doing this tax reform
to “lift the economy,” but
when is the last time one
heard any of them, especially
the six doubters, explain what
that means in the real world
most voters inhabit?
The swath of the electorate
whose view of the Republican
tax effort intrigues me the
most is the group that has the
least experience with the tax
system but a lot to gain from a
new one—millennials.
Wind the clock back to
2008, when Barack Obama was
elected and when people now
in their 20s were between 10
and 18 years old.
The only economy they’ve
lived with is the weak one the
Obama years produced. Many
of them overheard parents or
grandparents talking about
overall economy that will add
jobs and demonstrate greater
strength next year.
Still, passing tax reform
through the Senate won’t be
easy. Republican skeptics fall
into three main camps. First,
some senators want “pass-
throughs,” the small busi-
nesses that are taxed under
the personal code, to have par-
ity with corporations. Al-
though the Senate bill gets
close to that, true equality of
rates would be expensive and
difficult to achieve.
That problem has one
answer: less spending.
In the meantime, fix
the broken tax code.
Other senators are uncom-
fortable using the tax bill to
repeal ObamaCare’s individual
mandate. Yet killing the man-
date is tax relief for families
with modest incomes: Among
those who pay ObamaCare’s
tax on being uninsured, more
than a third make $25,000 or
less annually, and 80% make
$50,000 or less.
The third group of GOP
holdouts is the deficit hawks.
Ignore for a moment the hypo-
critical squawking of Demo-
crats, who supported President
Obama in adding $9.3 trillion
to the national debt over eight
years. Yes, America’s deficit
problem is troubling and about
dowments, almost all the tar-
geted schools employ an egali-
tarian “need blind” admissions
policy, meaning that they ac-
cept students regardless of
their ability to pay. This is an
expensive and risky policy, as
financial aid budgets are not set
until after acceptance letters
A tax proposal would
raise little revenue
but harm higher ed.
are sent out. When endow-
ments shrank dramatically
during the recession, many of
these schools had to suspend
or amend these generous poli-
cies—confirming the direct
correlation between healthy
endowment levels and the
ability to provide robust finan-
cial aid to students admitted
purely on the merits.
• Tuition hikes. The high
cost of running a university
with a low faculty-to-student
ratio, a broad curriculum and
OPINION
how, year after year, the an-
nual pay raise didn’t amount
to squat, so the budget belt
had to be tightened again.
Or they wondered through
the second Obama term who
would hire them out of college.
It is no surprise—though it is a
The Senate’s six
apostles can choose
between Caesar and
economic opportunity
stunning and pathetic indict-
ment of the U.S. economy in
our time—that so many of
these millennials concluded
that batty Bernie Sanders’s so-
cialism made sense.
Why shouldn’t they?
They’ve never lived inside the
sort of exciting, upward-mov-
ing economy their elders en-
joyed in the 1960s, ’80s or
’90s. Absent real economic op-
portunity for eight years, the
default option has skipped
past Democratic liberalism to
socialism.
If it’s OK with six Republi-
can senators, the tax bill
would attempt an alternative
to that. It will drop the corpo-
rate tax rate to 20% from 35%,
allow immediate expensing
for new capital investments,
and return to the U.S. several
trillion dollars in profits held
overseas to avoid that 35% tax
rate.
The purpose of these reduc-
tions in taxation is to create
incentives for companies or in-
dividuals to invest in business
expansions, which in time will
to get worse: The Congressio-
nal Budget Office forecasts
that the public debt will rise
from 75.5% of gross domestic
product in fiscal 2017 to 85.6%
in 2026.
But keeping the tax code’s
status quo—unfair, costly to
comply with, detrimental to
economic growth and Ameri-
can competitiveness—won’t
make the debt problem go
away. The CBO estimates that,
without tax reform, Washing-
ton will collect $42.1 trillion
over the next decade. Outlays
will reach $51.4 trillion, mean-
ing another $9.3 trillion added
to the debt. The only way to
mitigate the problem is to con-
strain federal spending.
This will require congres-
sional Republicans to tackle
mandatory spending, which is
made up mostly of Social Se-
curity and Medicare. The CBO
says mandatory spending will
rise from 70% of all outlays in
fiscal 2017 to 78% in 2026.
That will squeeze the discre-
tionary portion of the budget,
which includes defense, educa-
tion, transportation and every-
thing else.
As a candidate, Mr. Trump
opposed restraints on manda-
tory spending. But if Republi-
cans are serious about fiscal
responsibility, they must deal
with entitlements. To keep the
debt from rising above 75% of
GDP, Congress would have to
prune outlays over the next
decade by $2.9 trillion—or
somewhat less if growth is
above the anemic 1.9% that the
cutting-edge research is not
close to being covered by tu-
ition at any of the targeted
schools. They are fortunately
able to cover 25% to 50% of
their operating costs from the
cash generated by endowment
funds.
If endowment income is
taxed, schools would need to
look at alternative revenue
sources, including higher tu-
ition, program reductions or
various forms of government
assistance. In some cases, these
contingencies could increase
taxpayer burdens as student
populations migrate to subsi-
dized public institutions.
• Less giving. Endowments
are created mostly by dona-
tions from individuals. These
are usually earmarked for spe-
cific uses, such as financial aid
or faculty salaries. The notion
that the growth on such contri-
butions will be subject to extra
tax—one not applicable to phil-
anthropic entities like libraries
or opera houses—will discour-
age future contributions. As a
donor to the endowments of
require paying higher wages to
attract workers.
Democrats who know bet-
ter, such as Chuck Schumer,
and newspaper pundits in the
progressive resistance dismiss
this as “tax cuts for corpora-
tions and the wealthy.” Not
even Elizabeth Warren be-
Procter & Gamble, the very
model of a U.S. corporation,
employs about 95,000 people.
I’m going to guess that maybe
90,000 of them support mid-
dle-class families, directly or
indirectly, with what P&G pays
them.
This reality of sustaining
the American middle class is
repeated with all the U.S. cor-
porations everyone knows, the
companies no one’s ever heard
of, and the new companies en-
trepreneurs will create to sup-
port more families if six sena-
tors let this tax bill pass.
What would Jesus do? He
had a thought: “Render to Cae-
sar the things that are Cae-
sar’s, and to God the things
that are God’s.” My biblical
translation is that Jesus set
the terms of the debate be-
tween the claims of the state
and the spiritual and daily life
of the people.
The Democratic Party re-
fuses to participate in legislat-
ing the bill because its tax col-
lections for the state are
insufficient. That is who they
are and will be, permanently.
The Republicans are set to
choose: Become Caesar’s foot-
men if they fail, or creators of
opportunity—if the six doubt-
ing apostles don’t flee into the
Beltway desert.
Write henninger@wsj.com.
CBO projects. To begin with,
congressional Republicans
should ignore Mr. Trump’s de-
sire for a $1 trillion infrastruc-
ture bill. If President Obama’s
$800 billion stimulus in 2009
didn’t produce robust eco-
nomic growth, why assume a
better outcome today?
Passing major legislation
like a tax bill is inherently dif-
ficult, even when the presi-
dent’s bully pulpit is properly
deployed. In this case, Mr.
Trump has yet to make a con-
vincing and consistent case
for tax reform. He has held oc-
casional rallies to rev up true
believers, but calling for a
“big, beautiful tax cut” won’t
persuade skeptics and fence
sitters. Then there are the
president’s Twitter attacks on
senators whose votes he
needs. On Nov. 19 he called
Sen. Jeff Flake “unelectable”
and “toast,” and on Oct. 25 he
launched on Sen. Bob Corker
(“zero chance of being
elected”). This is political
malpractice.
Republicans are counting on
a few wavering senators to put
country, prosperity and their
party above the understand-
able desire for personal pay-
back against Mr. Trump. The
president often makes things
harder than they need to be.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
the author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
three of the schools targeted
for an excise tax, I would
likely revisit my giving inten-
tions if I knew a portion was
being diverted to the federal
government.
America’s exceptional cul-
ture of gratitude allows its uni-
versities to offer education and
research unrivaled anywhere
else in the world. While several
countries—China in particu-
lar—are becoming ever more
competitive in higher educa-
tion, there are still dozens of
U.S. schools that are matched
in caliber by only a handful in
our peer countries. This excel-
lence is sustained by a special
tradition of alumni philan-
thropy that should be encour-
aged, not penalized.
The list of our competitive
competencies as a nation isn’t
as long as it used to be. Let’s
preserve this one.
Mr. McMahon is a trustee of
Claremont McKenna College
and former executive vice
chairman at Bank of America
Merrill Lynch.
Thursday, November 30, 2017 | A15
BOOKSHELF | By William Anthony Hay
The Ties
That Bind
Queen Victoria’s Matchmaking
By Deborah Cadbury
(PublicAffairs, 382 pages, $27)
‘A
family on the throne is an interesting idea,” said
Walter Bagehot, the Victorian editor and polymath,
because “it brings down the pride of sovereignty to
the level of petty life.” There was one aspect of ordinary
life, petty or otherwise, that deeply concerned Victoria
herself: the marital fate of her children and grandchildren.
The House of Hanover’s marriages could affect
international politics, as Deborah Cadbury shows in “Queen
Victoria’s Matchmaking,” and gave the queen’s aspirations a
broader scope than “merely” her empire.
In Europe, marriages had long been a diplomatic tool.
The Habsburgs routinely used judicious matches to build
their domains into a great power. As a phrase went: “Let
others wage war; you, happy Austria, wed.” In the 18th
century, a connection through marriage placed a Bourbon
on the Spanish throne, allying France and Spain against
their rival, England. Of course ties forged between royal
families could also act as a
form of soft power, exerting
influence beyond official
channels. British prestige
thus made Victoria’s
numerous children (nine) and
grandchildren (42) attractive
candidates in what Ms.
Cadbury calls “the world’s
most exclusive dating agency.”
Victoria (1819-1901) had come
of age in an era of reform during
which high-minded leaders
sought to reconcile traditional
institutions with the social
change that the French Revolution
had set into motion. Her own marriage
had solidified this mission: Prince Albert, her
beloved husband and consort, was shaped by German
pietism, a religious movement emphasizing duty and moral
purposefulness. He believed that promoting a shared liberal
vision between England and Germany would build European
stability, sustain the post-Napoleonic peace and foster
progress. Victoria also saw Germany as a natural ally, given
her family’s roots there.
The marriage of their eldest daughter, Vicky, to
Frederick, the heir to the Prussian throne, seemed to
further the reformist idea, but the liberal-leaning couple
had to struggle against currents within German politics.
Bismarck’s program to unite Germany under Prussian
leadership had an authoritarian cast at odds with the
enlightened constitutional monarchy they preferred.
Frederick’s death from cancer in 1888, after only a few
months as emperor, dashed liberal hopes and brought his
son William II to power. Handicapped from a difficult birth,
William had been a willful child who rejected his parents’
values and showed increasing jealousy toward Britain.
Adding to the problem, the future Edward VII, Victoria’s
eldest son, disliked his nephew and preferred France to
Germany. William II came to resent what he considered a
cabal of relations treating him with disdain. Royal ties
became a source of friction rather than harmony.
Britain’s power made Victoria’s many children
and grandchildren attractive candidates in
‘the world’s most exclusive dating agency.’
Victoria, who had known the assassinated Czar
Alexander II in her youth, disliked Russia’s political and
social order, the most reactionary in Europe. As it
happened, two of her granddaughters married Romanov
princes, one of whom became the ill-fated Nicholas II.
Nicholas’s princess consort, Alexandra—whose mother was
Alice, Victoria’s second daughter—came to embrace the
Orthodox Church and the autocratic imperatives of the
czarist regime. Meanwhile, a Russian daughter-in-law,
Maria Alexandrovna—the wife of Victoria’s second son,
Alfred—sided with William II in the family quarrels of the
1880s and ’90s. “Grandmamma Queen” was not amused.
Other challenges lay closer to home. Victoria and
Albert’s unhappiness with Edward, a dissolute figure, is an
oft-told tale. Ms. Cadbury focuses on troubles in the next
generation, particularly the hapless Prince Eddy, Edward’s
eldest son, who was believed to lack the manly bearing or
intellectual grasp that a king required. Victoria agreed with
her son that “a good sensible wife” might compensate for
her grandson’s deficiencies. Princess Alix of Hesse seemed
the answer, but she rejected Eddy for a Russian prince.
Eddy had some success wooing the French princess
Hélène of Orléans, but Hélène’s Catholicism became a
sticking point. Perhaps taken with the romance of it all,
Victoria supported the match, but her ministers did not.
Hélène broke things off in a letter that left Eddy
despondent. Victoria, after writing to her grandson urging
that he “have the courage to renounce the idea for ever,”
decided on May of Teck as his future bride, a princess from
the Upper Rhine. Princess May accepted Eddy’s proposal,
but he died of a sudden illness before the wedding. She
ended up marrying Eddy’s younger brother, George, a
taciturn sailor interested more in his stamp collection than
in continental relations. His first choice of mate (Marie of
Edinburgh, a cousin and childhood friend) had been mar-
ried off, not long before, to the king of Romania, infuriating
Victoria. But George’s union with Princess May turned out
to be a happy one. Queen Mary, as she became, served as a
pillar of the British monarchy well into the 20th century.
Ms. Cadbury stresses the human element of her story, not
least the wayward personalities and unforeseen family rivalries
that thwarted Victoria’s designs as monarch and matriarch.
Marie of Edinburgh, the author says in one of her many vivid
pen-portraits, had “an impulsive spirit” that inspired “a
number of followers, including a young Winston Churchill.”
William II, once a “bonny little boy who had adored his
grandmother,” became on the throne “an intimidating bully,
beyond control, bloated with aggressive ambitions.”
Tragedy runs through “Queen Victoria’s Matchmaking.”
Many of Victoria’s grandchildren lost their thrones after
World War I. Alexandra, with her husband and children,
was murdered by the Bolsheviks—an especially cruel irony,
given Victoria’s liberal, reformist hopes for both her
progeny and the continent. Like the aristocratic world that
Ms. Cadbury describes, the long 19th-century peace turned
out to be more fragile than anyone realized at the time.
Mr. Hay is the author of a forthcoming biography of Lord
Liverpool, Britain’s prime minister during the Napoleonic Wars.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A16 | Thursday, November 30, 2017 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Maximum Pressure on North Korea One-and-a-Half Cheers for GOP Tax Proposal

K
im Jong Un tested a new intercontinen- trade in North Korean coal. The Trump Admin- “How Tax Reform prices she must pay
tal ballistic missile in the early hours istration can make an example of these firms Will Lift the Econ- for milk, bread, cloth-
omy” (op-ed, Nov. 27) ing, housing and gaso-
of Wednesday, and the data suggest it and expose Beijing’s failure to honor its sanc-
is on target in every line? For starters, cor-
could hit all of the continental tions promises. way but one: 10-year porate taxes are
United States. If North Korea China and the U.S. still The U.S. response to projections. The inan- embedded in the
is allowed to perfect its war- haven’t imposed the Wednesday’s missile tests ity of the Congressio- prices the single
head technology, it will be should also include security nal Budget Office and mother must pay for
able to hold the U.S. hostage toughest sanctions. measures. The redeployment

ISTOCK/GETTY IMAGES
the Joint Committee daily essentials. If
to nuclear ransom. The Trump of tactical nuclear weapons on Taxation making these taxes are re-
Administration is right that to South Korea is needed to stochastic financial duced, in time compe-
the U.S. can’t live with this threat, so what more deter a nuclear attack from the North. Show- projections based on tition will reduce the
should it do to prevent it? ing Pyongyang that American forces would decade-long assump- prices.
Conventional wisdom says that Pyongyang retaliate overwhelmingly to an attack on a tions is at best guess- This is the funda-
work, and at worst bi- mental problem with
already faces extreme economic and diplomatic U.S. ally, even at the risk of an ICBM attack
ased balderdash. most GOP legislative proposals. Re-
pressure. But in reality the United Nations and on the U.S. mainland, would help prevent Kim There is no investment bank, ven- publicans couch their proposals’ bene-
U.S. only began to impose broad sanctions last miscalculating. ture capitalist or family office that fits in abstract language rather than
year, and even U.S. allies such as Singapore and The deployment of more Thaad missile-de- would spend five minutes reviewing a in aiming at the one target that
Thailand have been slow to enforce them. China fense radars and launchers to South Korea business plan based on 10 years of un- counts at the cash register and in the
and Russia continue to support the Kim re- would send a strong signal to China that its sup- known variables. When have any of voting booth: how the changes will af-
gime—China through oil exports and other port for Pyongyang has consequences. At the the government’s prognosticating fect the average American.
commerce, and Russia through payments for end of last month Beijing bullied South Korean green-shade agencies ever been accu- GEORGE C. CHRISTY
North Korean slave labor. President Moon Jae-in into freezing deploy- rate in any of their long-term predic- Pasadena, Calif.
Shutting down those lifelines should be a top ment of the Terminal High-Altitude Air Defense tions? They have not and they cannot
priority. After the North’s intermediate-range system. But the U.S. should insist it needs new because the American and world Unlike the Tax Reform Act of 1986,
economies are too intertwined, com- Republicans are pursuing the current
missile launch in September, the U.S. circulated Thaad units to defend its own forces and deter plex and subject to limitless surprises tax debate without support from
a draft resolution at the United Nations Secu- attacks from the North. and disasters. Democrats. That doesn’t provide
rity Council to do just that. But Russia and The U.S. and South Korea can also expand It is time that the 10-year tax-and- much confidence in the longevity of
China resisted and the U.S. caved; Resolution their programs to encourage North Koreans to spend budgeting charade ends. whatever legislation comes out of the
2375 only capped oil exports and labor con- defect. The Kim regime’s former Deputy Ambas- GEOFF FICKE current debate. President Reagan em-
tracts. The Trump Administration portrayed sador to the U.K. Thae Yong-ho has good ideas Dallasphasized revenue neutrality and the
the unanimous vote at the U.N. as a victory, but on how to do this. Mr. Thae, who fled to free- important reform principle of taxing
the resolution kept open many of Pyongyang’s dom in the South last year, testified to Congress My concern isn’t that the GDP is all income alike in 1986. The current
cash lifelines. last month on human-rights messages that will likely to grow, but whether growth in marketing emphasizes a tax cut, espe-
The U.S. even rewarded Beijing for the vote resonate in the North. GDP is the right measure. Assuming cially for the “middle class.”
that tax relief for corporate America The word “deficit” appears once, in
by pausing the process of sanctioning Chinese The soldier who defected across the Demili-
increases GDP as predicted, the ques- the ninth paragraph. Even accepting
companies that violate sanctions. That pause tarized Zone on Nov. 13 seems to have been in- tion is how that increase will affect the writers arguments about the poten-
ended last week when the Treasury Department spired by watching and listening to South Ko- the lives of middle-class and poor tial for enhancing growth, new tax leg-
put four companies based in the Chinese city rean media. If China accepted refugees across Americans. If increased profits are islation cannot have much permanence
of Dandong on its financial blacklist. Treasury its North Korean border and sent them to the used only for stock buybacks and in- because deficits will become more seri-
is playing catch-up with a June report on sanc- South, word would spread in the North and in- creased executive compensation and ous before the revenue benefits of
tions-busting firms by the private research ternal instability might grow. Regime change dividends, but not for increased em- higher growth have a material impact.
group C4ADS. The U.S. government continues assisted by China is the best way to end the ployment, wages and job training, will It appears that Congress will employ
to hold back on other “secondary sanctions,” es- North Korean threat short of war. an increased GDP really matter to the various accounting gimmicks to under-
pecially against Chinese banks, for fear of losing The Trump Administration has done more vast majority of Americans? state deficit projections. Even accept-
Beijing’s cooperation. than its predecessors to thwart North Korea’s RONALD L. ROSE ing the letter’s growth projections, fi-
Birmingham, Mich. nancing the deficit by increased
But China’s internal enforcement of sanc- nuclear progress, but it is still far from using
borrowing abroad will mean that some
tions is patchy. Chinese banks froze the ac- maximum pressure. It may not work in the end, If the nine GOP economists wish to of the income from higher growth will
counts of some North Korean customers while but the alternatives are terrible: acquiescence convince wavering GOP politicians to go to foreign lenders. Gross national in-
continuing to finance Chinese companies that or war. Wednesday’s ICBM test shows Kim is climb aboard, instead of focusing end- come will grow more slowly than GDP.
are breaking sanctions rules. Imports of coal getting close to his goal of threatening Ameri- lessly about the beneficial effects of The U.S. desperately needs genuine
from North Korea have continued in violation can cities, so why is the U.S. not using all the the tax changes on the cost of capital, tax reform. The current debate is un-
of a U.N. resolution in August that banned all tools it has to stop him? they should also emphasize the tax likely to yield that outcome.
changes’ net impact on the single WILLIAM POOLE
mother with two young children. Cato Institute
The Law Is What It Says What will the GOP plan do to the Washington

T
he spirit of Antonin Scalia infused the The SEC reinterpreted the law to protect em-
Supreme Court’s oral arguments in Digi- ployees who file internal complaints, but Digital
tal Realty Trust, Inc. v. Somers on Tues- Realty contends that Dodd-Frank unambigu- George Soros Is Generous, Not a Tax Dodger
day as Justices battered the ously protects only whistle- Stephen Moore’s Nov. 23 op-ed looked by those in power.
government’s lawyer with Supreme Court Justices blowers who report miscon- “George Soros’s $18 Billion Tax Shel- To suggest this giving is motivated
questions about the Securities are skeptical of a duct to the SEC. ter” builds on a misguided and trou- by a desire to cheat the tax man is
and Exchange Commission’s The government, which in- bling view of what philanthropy is. As truly absurd. Mr. Soros recently signed
reinterpretation of Dodd- whistleblower rewrite. tervened in the case, argued a senior adviser to the Trump cam- a letter, along with more than 400
Frank. that executive agencies can ig- paign, Mr. Moore’s attitudes may have other affluent Americans, encouraging
Real-estate portfolio man- nore the text of laws if their been shaped by Donald Trump’s own Congress to raise his taxes rather than
foundation, which recently announced cut revenue desperately needed to sup-
ager Paul Somers sued his former employer Dig- provisions produce an outcome anomalous or
plans to dissolve following revelations port critical public services.
ital Realty Trust for allegedly firing him in retal- contrary to Congress’s putative purpose. But as that it had violated rules against “self- LAURA SILBER
iation for filing an internal complaint about a Justice Neil Gorsuch noted, “we don’t follow dealing.” Open Society Foundations
securities violation. The 2002 Sarbanes-Oxley what [lawmakers are] trying to do. We follow Mr. Soros, and the many other phi- New York
law protects internal “whistleblowers” like Mr. what they do do, right?” lanthropists across the ideological
Somers from retaliation if they file complaints Justice Elena Kagan chimed in that “you have spectrum who give generously of their Mr. Moore gives away his agenda by
with the Labor Department within 180 days. this definitional provision, and it says what it own wealth, are not, however, moti- stating: “What message does it send
But Mr. Somers ignored Sarbanes and sued says. And it says that it applies to this section. vated by self-dealing, as Mr. Moore that the Republican tax-reform bills re-
in federal court under Dodd-Frank, which lets . . . It’s odd; it’s peculiar; it’s probably not what suggests, but rather by a desire to sup- tain this trillion-dollar loophole for the
whistleblowers who are retaliated against sue Congress meant. But what makes it the kind of port organizations and individuals super rich, at the same time as the
and receive double back pay. One problem: thing where we can just say we’re going to ig- who work to improve governance, ac- House plan eliminates the adoption
cess to justice and human rights. In credit for middle-class families who
Dodd-Frank defines a whistleblower as “any in- nore it?”
Mr. Soros’s case, that has long meant want to help children?”
dividual who provides, or 2 or more individuals Such a ruling would give executive agencies making substantial investments over That Mr. Moore would propose a
acting jointly who provide, information relating free rein to rewrite laws based on what they many years in promoting governments cap on assets which can be given away
to a violation of the securities laws to the [Secu- claim is Congressional intent. Even liberal Jus- that are transparent and accountable without capital-gains tax completely
rities and Exchange] Commission.” In other tices can understand that this poses a threat to to the people they serve—particularly defeats his argument. Either the tax
words, the law doesn’t shield Mr. Somers. democracy and the separation of powers. those whose voices are too often over- deduction is wholly wrong, or it should
be left in place as is.
Private foundations are also under
The Rubio-Schumer Amendment Mindful Method in Making detailed restrictions which public char-
ities don’t have, such as a requirement

T
Mario a Multimedia Star to spend 5% of assets each year.
he GOP is pushing forward on tax re- for investment is Ireland’s 12.5% rate.
Regarding “Nintendo to Bring Ma- WINSTON WEINMANN
form, though a receiving line of Repub- Mr. Rubio knows this, or ought to, yet his rio to Big Screen” (Business & Fi- Atlanta
lican holdouts are slow-rolling prog- press release could have been written by Dem- nance, Nov. 15): Movies are part of
ress. One who deserves ocratic leader Chuck Schumer. larger transmedia brand strategies The tax bill passed by the House not
special mention is Marco Ru- Florida’s Republican “Right now, 70 percent of the that often have little to do with box- only repeals the estate tax by retaining
bio, who contributed nothing tries to blow up the tax cuts we’re considering office numbers. Many cartoons and the step-up basis for inherited assets,
to ObamaCare repeal and now would go to businesses,” the movies are functionally long-form it allows generations of dynasts to
aspires to dilute the tax bill. Senate tax reform. Rubio-Lee dispatch says, “and commercials for both videogames and avoid paying any capital-gains taxes at
Voters ought to remember only 30 percent to individu- toys, driving people from the screen all on the fortunes they inherit. If these
this when he’s next pitching als.” This is a false choice—in- to objects of interaction. The con- provisions are enacted, then under Mr.
himself for President. dividuals earn income at businesses—and apes straints of the Pokémon game (origi- Moore’s proposal the wealthy could
nally for the Nintendo Game Boy) pass along their appreciated assets to
On Wednesday Mr. Rubio and his political the left’s class-war politics.
made narrative engagement almost their scions tax-free, but would be
sidecar, Mike Lee of Utah, announced that Senate tax writers have already indulged the impossible. Within a very short time, taxed if they chose to donate those as-
they’ll file an amendment to the tax bill to Rubio-Lee caucus beyond what any two Sena- the television anime was released to sets to charitable foundations instead.
change the $2,000 child tax credit. They want tors deserve. The original proposal increased give fans of the game a story about DAN PETEGORSKY
to make the credit refundable up to a person’s the credit to $1,650 from the current $1,000. the deep friendship between Ash and Portland, Ore.
payroll tax liability, among other expensive The pair demanded more. So when Republicans his pocket monster Pikachu. It pro-
tweaks. To pay for the changes, Messrs. Rubio received a revenue windfall from repealing the vides the relational structure that
and Lee would increase the corporate tax rate ObamaCare coverage mandate, they raised the players are then meant to emulate Pepper ...
to 22% from the bill’s 20%. credit to $2,000. Now that also isn’t enough. when they play with their Pokémon
games. So, too, can we look to this
And Salt
If Mr. Rubio thinks payroll taxes are too Senators who demand ransom should at least
high, he can propose a payroll tax cut. But stay bought. potential Mario movie, which isn’t THE WALL STREET JOURNAL
just capitalizing on a brand. It is po-
then he’d have to weather the political fight Messrs. Rubio and Lee are inviting Demo-
tentially deepening the brand, provid-
of going after funding for Medicare and Social crats to join them to pass the amendment on ing viewers a narrative structure for
Security. So instead his back-door plan is to the Senate floor, though Democrats will oppose a game that is really about having fun
expand a refundable credit, which delivers the final bill. Republicans will have to hang to- on a playground. Nintendo probably
checks to folks who owe no federal income gether to defeat Rubio-Lee, which creates a sees the opportunity to create a type
tax. This is a disincentive to work and we tough vote for incumbents running in 2018. of emotional engagement that is
would have thought antithetical to conserva- This could also pick a fight with the White unique to the movie medium.
tive principles. House, which has laid down a marker on the JENNIFER DEWINTER
More destructive is his increase in the cor- 20% corporate rate. Worcester, Mass.
porate tax rate, which is the most pro-growth Mr. Rubio may be setting himself up to run
plank in the bill and could significantly in- as a social conservative hero in 2024, or even Letters intended for publication should
crease what Americans earn since much of the 2020 if President Trump declines to run, and be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
tax falls on labor. A point or two more may the child credit obsession is a down payment or emailed to wsj.ltrs@wsj.com. Please
seem like no big deal but it might be the differ- on that brand. Yet voters looking for a candi- include your city and state. All letters
ence between making the U.S. more competi- date who understands what makes America— are subject to editing, and unpublished “You’re probably wondering why
tive than the OECD’s roughly 24% average—or and American families—prosper will have to letters can be neither acknowledged nor there’s a Greek Chorus here for
returned.
not. And that’s a mere average. One competitor look elsewhere. your performance evaluation?”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Thursday, November 30, 2017 | A17

OPINION

New Priorities for a New Fed Regime

By Martin Feldstein a decade. Meantime, it has on excessive risk while reach-

N
ow is a good time for
those who hope to see
new thinking at the Fed-
eral Reserve. There will
soon be a new Fed
chairman and vice chairman. The
president of the Federal Reserve
Bank of New York, who serves as
vice chairman of the Federal Open
Market Committee, will also be re-
placed in the coming months. And
a majority of the Fed’s Board of
Governors will be new next year.
What should this leadership
emphasize?
exploded its balance sheet, to ing for more yield. But she
$4.5 trillion today from $870 also emphasized her skepti-
billion in 2007. Low interest cism of monetary policy’s
rates have caused investors ability to deal with financial
and lenders to reach for vulnerabilities. She added
yield, pushing up asset prices “the potential cost, in terms
and making high-risk invest- of diminished macroeconomic
ments and loans. performance, is likely to be
The most obvious increase too great to give financial
in financial risk has been the stability risks a central role
rapid rise in share prices. The in monetary policy decisions,
price/earnings ratio of the at least most of the time.”
S&P 500 index rose from an Looking at the conditions in
average of 18.5 in the three mid-2014, she concluded that
years before the downturn of there was then no need “for
2007 to 25.2 now, an increase monetary policy to deviate

Incoming leadership
should make maintaining
financial stability one of
the central bank’s goals.
Financial stability must become
one of the leading objectives of
monetary policy. The Fed now uses
monetary policy to achieve its con-
gressionally mandated goals of
price stability and maximum em-
ployment. Although it relies on reg-
ulation and supervision to reduce
the risks to the banking sector, the
broader risks to the financial sector
reflect the effects of monetary pol-
icy on asset prices.
The Fed has kept the short-term
federal-funds interest rate at less
than the rate of inflation for nearly
of 37%. The current P/E ratio
is 63% higher than its his-
toric average and higher than
all but three years in the
20th century.
If the P/E ratio declines
to its historic average, the
implied fall would reduce the
value of household equities by
$9.5 trillion. If every dollar of de-
cline in wealth reduces spending
by the historic average of 4 cents,
the level of household spending
would fall by $475 billion, or
more than 2% of gross domestic
product. The lower equity prices
and the decline in household
spending would also cause busi-
ness investment to fall, further re-
ducing economic activity.
Bond prices are also out of line
with historic experience. With in-
flation at around 2%, the long-term
10-year Treasury yield should be at
about 4.5%. Instead it is only
about 2.5%. If the yield on long-
term bonds returns to normal his-
toric levels, there will be substan-
tial losses of value for current
bondholders.
Commercial real estate is over-
priced because investors compare
the yield on real estate with the in-
terest rate on long-term bonds.
Since real estate is often held in
highly leveraged investments, fall-
ing prices could lead to an even
greater decline in the net value of
real-estate assets.
The combination of overpriced
real estate and equities has left the
financial sector fragile and has put
the entire economy at risk. The Fed
has so far chosen not to address
this fragility.
Fed Chair Janet Yellen, during a
July 2014 speech, acknowledged
that certain conditions could
prompt the Fed to deal with the
risks of overpriced assets. Since
2014, the S&P 500 P/E ratio has
risen to 25.17 from 18.96—more
than 30%. Yet at no time in the past
four years has the Fed explicitly al-
lowed the increasing asset prices
and resulting financial sector risks
to influence monetary policy.
Ms. Yellen noted in her 2014
remarks that low interest rates
can create incentives for partici-
pants in financial markets to take
ISTOCK/GETTY IMAGES
from a primary focus on at-
taining price stability and
maximum employment in or-
der to address financial sta-
bility concerns.”
She concluded her speech
stressing the importance of
considering “adjustments in the
stance of monetary policy, as condi-
tions change in potentially unex-
pected ways.” Yet the departing
Fed chair clearly prefers regulatory
and supervisory policies that focus
on banks over monetary policy
when dealing with the risks of fi-
nancial instability. Let’s hope her
successor disagrees and incorpo-
rates financial stability as a key
goal of monetary policy.
Mr. Feldstein, chairman of the
Council of Economic Advisers under
President Reagan, is a professor at
Harvard and a member of the Jour-
nal’s board of contributors.

If We Love Democracy, Why Does ‘Populism’ Get Such a Bad Rap?

By Roger Kimball On the other hand is a disdain for to Serfdom,” Friedrich Hayek ex- new regime of royal prerogative most comprehensive way—by cir-

I
t is curious how certain words ac-
cumulate a nimbus of positive as-
sociations, while others, semanti-
cally just as innocuous, wind up
shrouded in bad feelings. Consider
the different careers of the terms
“democracy” and “populism.”
To modern ears, “democracy” is a
eulogistic word. It produces pleas-
ant vibrations. People feel good
about themselves when they use it.
“Populism,” just the opposite.
At first blush, this seems odd be-
cause the two words occupy adjacent
semantic space. “Democracy” means
“rule by the demos,” the people.
“Populism,” my 1982 American Heri-
tage Dictionary explains, is “a politi-
cal philosophy directed to the needs
of the common people and advancing
a more equitable distribution of
wealth and power”—that is, just the
sorts of things that the people, were
they to rule, would seek.
It carries overtones
of demagoguery, but the
Greek demagogos simply
meant a popular leader.
But the term “populism” is am-
bivalent at best. Sometimes a char-
ismatic figure can survive and even
illuminate the label “populist” like
a personal halo. Bernie Sanders
managed this trick among the eco-
conscious, racially sensitive, non-
gender-stereotyping, anticapitalist
beneficiaries of capitalism who
made up his core constituency.
Still, it was always my impression
that in this case the term “populist”
was less claimed by Mr. Sanders or
his followers than bestowed by his
rivals and the media in an effort to
fix him in the public’s mind as one
of the many lamentable examples of
not-Hillary. Mrs. Clinton, by con-
trast, was presumed to be popular
though not populist.
There are at least two sides to
the negative association under
which the term “populist” strug-
gles. On the one hand, some com-
mentators insist that “populist” and
“demagogue” are essentially syn-
onyms (though they rarely point
out that the Greek demagogos sim-
ply meant a popular leader, such as
Pericles).
the unedified masses, the soil in plained, one of the “main points” of and influence-peddling. The king cumventing the law.
which populism takes root. Anyone his argument concerned “the psy- and his courtiers maintained the At the same time, a growing rec-
who watched the commentary on chological change,” the “alteration appearance of parliamentary su- ognition of the administrative
Brexit, Donald Trump’s campaign, of the character of the people,” cre- premacy. But a closer look showed state’s undemocratic nature has fed
the early months of his administra- ated by extensive government con- that the system was corrupt. a popular uprising. “Populist” is one
tion, or the recent French election trol. It is a process of softening, en- “It was soon discovered,” Burke word for the phenomenon. An affir-
will have noted this. ervation, infantilization even: an wrote with sly understatement, mation of sovereignty, underwritten
Taken together, the populist politi- exchange of the challenges of liberty “that the forms of a free, and the by a passion for freedom, is another,
cian is said to forsake reason and and self-reliance for the coddling ends of an arbitrary Government, possibly more accurate, phrase.
moderation so as to stir the dark, pleasures of dependence. were things not altogether incom-
chthonic passions of a semiliterate In his 1770 essay “Thoughts on patible.” That same discovery stands Mr. Kimball is editor of the New
and spiritually unelevated populace. the Cause of the Present Discon- behind the growth of America’s ad- Criterion and president of Encoun-
“Populism,” that is to say, is wielded tents,” Edmund Burke criticized ministrative state. Under the cloak ter Books. This essay is adapted
less as a descriptive term than as a the court of George III for circum- of democratic institutions, govern- from “Vox Populii: The Perils and
delegitimizing one. Successfully venting Parliament and establish- ment pursues an expansionist Promises of Populism,” just out
charge someone with populist sympa- ing by stealth what amounted to a agenda that threatens liberty in the from Encounter.
thies and you get, free and for noth-
ing, both the imputation of dema-
goguery and the depreciation of his
supporters as, to pick two words, “de-
plorable” and “irredeemable.”
I think I first became aware that
the charge of “populism” could have
this powerful delegitimizing effect
when I was in London last year to
cover the Brexit vote. Most of the
people I met were Remainers. The
higher up the income and class scale
your interlocutor went, the more
likely he would be to favor Britain’s
staying in the European Union—and
the more pointed would be his dis-
paragement of those arguing for
Brexit. The Brexiteers were said to
be angry, ignorant, fearful, xenopho-
bic and racist.
Except that they weren’t—not the
ones I met, anyway. For them, Brexit
turned on a simple question: Who
rules? Is Parliament the ultimate
source of British sovereignty, as had
been the case for centuries? Or is it
Brussels, seat of the EU?
I am convinced that a similar
question has played a large role in
the rise of what we call “populism”
in the U.S. The question of who gov-
erns stands behind the rebellion
against the political correctness and
moral meddlesomeness that are
such conspicuous and disfiguring
features of our increasingly bureau-
cratic society. The smothering blan-
ket of regulatory excess has had a
wide range of practical and eco-
nomic effects, stifling entrepreneur-
ship and making any sort of produc-
tive innovation difficult.
But perhaps the deepest effects
of this dictatorship of political cor-
rectness are spiritual or psychologi-
cal, such as the demand for “safe
spaces” on college campuses and the
many assaults on free speech we
have witnessed lately. In “The Road

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WORLD NEWS

Sisi Orders ‘Brute-Force’ ISIS Rout Suicide

Stuns U.N.
Egyptian leader gives dent Mohammed Morsi, bol-

military three months

to beat militants in Sinai
stering the insurgents and
drawing criticism from Egyp-
tians who say he has failed to
after attack on mosque
protect them.
The latest victims are Sufi
Muslims, whose rituals are
BY DAHLIA KHOLAIF deemed heretical by extremists.
Al Rawda is home to the
CAIRO—President Abdel Sufi Al Sawarka tribe. In a Jan-
Fattah Al Sisi ordered security uary issue of Islamic State-af-
forces to rid the Sinai Penin- filiated Al Rumiyah magazine,
sula of militants, days after a a Sinai Province leader named
mosque there was hit by the the village as a future target,
deadliest attack in modern saying the group aimed to
Egyptian history. eradicate Sufis. Many of its
In a speech Wednesday residents flocked there as they
marking the birthday of the escaped the army’s war against
Prophet Muhammad, Mr. Sisi militants elsewhere in the
said he had instructed Egypt’s province.
police and his newly appointed Friday’s attack left a village
chief of staff to use “brute of widowed women and a
force” to regain full control of mosque whose call to prayer
the peninsula from an Islamic has gone silent, said Mohamed,
State-driven insurgency within a resident who narrowly es-
Criminal
Tribunal
BY VALENTINA POP
A convicted war criminal
from Bosnia died after drink-
ing poison in front of a United
Nations tribunal in The Hague
moments after his 20-year
sentence was upheld.
Slobodan Praljak, 72 years
old, died in a hospital, where
he was rushed amid scenes of
confusion and shock transmit-
ted live on television. An ap-
peals judge had just upheld his
sentence for crimes against
humanity. Mr. Praljak, a former
Bosnian Croat general, had or-
dered, participated in or con-

AMR NABIL/ASSOCIATED PRESS

three months.
His directive came after
weeks of intensified violence
culminated in Friday’s attack,
in which gunmen killed at least
305 worshipers at a mosque in
the town of Al Rawda, near al-
Arish. No group has claimed
responsibility for the attack,
but the Islamic State-linked Si-
nai Province militant group is
active in the area.
Egypt’s army has since 2013
been locked in a battle to erad-
icate militant groups whose at-
tacks have killed thousands of
civilians, police officers and
Egyptians hold a vigil in Cairo for the hundreds killed in an attack on a mosque in the Sinai Peninsula.
army troops. In response to
the attack, Egypt’s air force
has carried out strikes against
vehicles and hide-outs of mili-
tants it said were responsible.
“I affirm that men of the
armed forces and police are
determined to continue the
war on terror until they uproot
it and we’re sure of our vic-
tory,” Mr. Sisi said, addressing
top Islamic scholars and gov-
ernment officials.
The attack has piled pres-
caped but returned that day to
bury his brother.
Mohamed, who asked that
his family name not be used,
was one of hundreds of men
packed into the mosque.
The imam had just reached
the podium to begin his ser-
mon when the attack began,
Mohamed said, and lasted
sure on Mr. Sisi, a former some 35 minutes.
military chief who came to “It was an endless stream
power promising to serve as a of bullets. It was mayhem.
regional bulwark against ter- Children, men and elders
ror. He has overseen a years- screamed. I was seated in the
long crackdown on Islamist third row near a window. I
supporters of ousted Presi- jumped out of it and fled.”
doned actions targeting Bos-
nia’s Muslim population during
the war in the mid-1990s.
The suicide, which took place
in front of the appeals judge
and rolling cameras, marks a
blow to the reputation of Inter-
national Criminal Tribunal for
the former Yugoslavia, which
ends its activity next month.
As soon as the sentence
was pronounced, Mr. Praljak
shouted that he was no crimi-
nal and that he rejected the
verdict. He then tipped his
head backward and downed
what appeared to be the con-
tents of a small vial.
The judge asked him to sit

Turkish Businessman Testifies He Bribed Government Official
BY NICOLE HONG
Reza Zarrab, a Turkish busi-
nessman, began his highly antic-
ipated testimony in Manhattan
federal court Wednesday, telling
jurors he paid more than $50
million in bribes to the former
economy minister of Turkey to
facilitate a scheme to help Iran
circumvent U.S. sanctions.
Mr. Zarrab took the stand
in the trial of Mehmet Hakan
Atilla, a Turkish banker ac-
cused of participating in an
operation to help Iranian busi-
nesses obtain illegal access to
U.S. dollars and to the global
financial system.
Mr. Zarrab was supposed to
appear alongside Mr. Atilla. But
prosecutors said Tuesday that
Mr. Zarrab had pleaded guilty
to seven charges, including
sanctions evasion and money
laundering, and would testify
against Mr. Atilla, who has
pleaded not guilty.
On Wednesday, Mr. Zarrab
said in 2012 that he wanted to
devise a way to help Iran get
access to its oil and gas pro-
ceeds deposited at Halkbank,
the large state-owned bank in
Reza Zarrab says
Turkish minister took
millions to help Iran
evade sanctions.
Turkey where Mr. Atilla worked.
The funds were inaccessible to
Iran because of U.S. sanctions.
Mr. Zarrab said he ap-
proached Suleyman Aslan, a
general manager at Halkbank,
who declined to help Mr.
down and continued reading
the verdict for another convict.
Once the interpreter and Mr.
Zarrab. He said he then reached Caglayan €45 million to €50 Praljak’s lawyers said in Eng-
out to Mehmet Zafer Caglayan, million, $7 million and 2.4 mil- lish that he said he drank poi-
who was the economy minister lion Turkish liras in bribes. son, the judge, visibly shocked,
in Turkey at the time. Mr. Mr. Caglayan is the person suspended the proceedings. A
Caglayan said he would broker closest to the Turkish govern- spokeswoman for the court
an agreement with Halkbank in ment charged in the case, said proceedings resumed in
exchange for half the profits, which has exacerbated rela- the afternoon and all verdicts
Mr. Zarrab testified. tions between the U.S. and were read out. The court said
Messrs. Caglayan and Turkey. Officials, including Dutch authorities have
Aslan, who have not been ar- President Recep Tayyip Erdo- launched an investigation.
rested, were charged in absen- gan, have called the prosecu- Croatian Prime Minister
tia as co-conspirators of tions an attempt to force Mr. Andrej Plenkovic criticized the
Messrs. Zarrab and Atilla. Erdogan from office. court for the “deep moral in-
Lawyers for Messrs. Caglayan Mr. Zarrab was arrested in justice” of having upheld his
and Aslan couldn’t be reached March 2016, when he landed sentence. “We voice dissatis-
to comment on Wednesday. in Miami with his family for faction and regret about the
Mr. Zarrab said he paid Mr. vacation. verdict,” Mr. Plenkovic said.

The Face Nader Soltani

Sales Operations

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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CHALLENGE THE INDEX.
Challenge convention with smarter solutions.
ChallengeTheIndex.com/etfs
BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved.
S&P 2626.07 g 0.04% S&P FIN À 1.77%
Wells Fargo Gets New Warning
Bank regulator cites
irregularities in auto
insurance and
mortgage lending
BY GRETCHEN MORGENSON
AND EMILY GLAZER
A federal regulator has ad-
vised Wells Fargo & Co.’s
board of directors that it is
weighing a formal enforcement
action against the bank over
improprieties in its auto-insur-
ance and mortgage operations.
In a harshly worded letter
STREETWISE
James Mackintosh
Bitcoin
Isn’t What
Its Creator
Envisioned
It is plausi-
ble to believe
that bitcoin
has had a
faster rise in
value than any
asset in history. The $11,000
per bitcoin it passed on
Wednesday compares with a
value of less than half a cent
when a Florida programmer
paid 10,000 bitcoins for two
pizzas in May 2010—a per-
centage gain of more than 250
million.
The attention the crypto-
currency is getting raises
plenty of questions, mostly
about whether the mania be-
hind bitcoin’s 10-fold gain this
year will end in a crash.
The bigger question for
those thinking of buying bit-
coin is what it actually is. Sa-
toshi Nakamoto, the pseudon-
ymous creator of the
cryptocurrency, designed it in
2009 as a secure online alter-
native to cash, a way to make
payments without needing the
trust and checks of the bank-
based dollar system.
“The bitcoin is a beautiful
mathematical object,” said
Yves Choueifaty, who has just
launched a bitcoin mutual
fund at Tobam, the French
fund manager he founded.
But while bitcoin is a won-
derful academic creation, it
isn’t doing what its founder
envisaged: cutting transaction
costs and allowing “small ca-
sual transactions.”
Instead, bitcoin has become
a vehicle for hoarding by lib-
ertarians and hard-currency
enthusiasts who fear central
banks will inflate away their
savings, and for gambling by
hordes of speculators at-
tracted to its wild price
swings.
Everything I have just writ-
ten will infuriate bitcoin afi-
cionados. So let’s go through
the three roles of a currency:
Medium of exchange. If
you can’t pay someone in it, it
definitely isn’t money.
Store of value. A currency
should be a useful place to
keep savings, and—thanks to
its use as a medium of ex-
change—is more convenient
than keeping savings in prop-
erty, gold or cattle.
Unit of account. Other
things should be valued in the
currency: the accounts of a
business, or the price of prop-
erty, cows and everything else.
Bitcoin is a poor medium of
exchange, because relatively
high fees need to be paid to
get a transaction prioritized
Please see STREET page B7
TECHNOLOGY: CUTE FAMILY ROBOT ISN’T VERY HELPFUL B4
* * * *
S&P IT g 2.56%
sent earlier this month, the Of-
fice of the Comptroller of the
Currency, one of the bank’s
chief regulators, said Wells
Fargo had willingly harmed its
customers in those two busi-
ness lines and had until Nov.
24 to respond, according to
people familiar with the mat-
ter. The letter said the bank re-
peatedly failed to correct prob-
lems in a broad range of areas,
not just the auto-insurance and
mortgage-lending units, the
people said.
Wells Fargo declined to ac-
knowledge the letter or com-
ment on its response. More
Rather Than Add More Blades to Its Razors, Gillette Trims Prices
Gillette is introducing lower-cost blades and holding the line
on new premium products to battle shaving rivals.
Price per cartridge:
Over $3
Schick Hydro 5
Gillette Fusion5
$2 to $3
Harry’s‡ five blades
Gillette5
Gillette Mach3
Dollar Shave Club Six-blade‡
Gillette3
Under $2
Schick Hydro 3
Dollar Shave Club Four-blade‡
Dollar Shave Club Two-blade‡
*Sold in a package of five †Package of four ‡Price includes shipping
Source: the companies
NEW LOOK: The Procter & Gamble brand, which has lost market share to online razor companies, is reversing a decadeslong strategy
of churning out increasingly complex razors at higher prices. The move is sure to further aggravate some of P&G’s critics. B3
Chipotle Founder Gives Up CEO Post
BY JULIE JARGON
Chipotle Mexican Grill Inc.
founder Steve Ells will step
down as chief executive, after
the fast-casual dining pioneer
failed to retain customers
amid rising competition and
repeat food-safety scares.
Mr. Ells was a pioneer of a
now-ubiquitous category of
dining chains that market
themselves as a step up from
fast food but lack the table
service of a sit-down restau-
rant. Chipotle’s burritos,
which Mr. Ells began selling in
Denver 24 years ago, intro-
duced freshly prepared and or-
ganic ingredients to a wider
audience.
The chain became so popu-
lar that it inspired copycats.
As the number of fast-casual
restaurants serving fresh fare
skyrocketed and mainstream
chains including McDonald’s
Corp. and Wendy’s Co. began
removing artificial ingredients
from their food, Chipotle be-
came less distinctive and sales
growth began to slow.
“It is clear that we need to
move faster to make improve-
ments,” Mr. Ells said Wednes-
day. Chipotle said he would
become executive chairman af-
ter a committee of the restau-
rant’s board members hire a
new CEO. Chipotle board
member Neil Flanzraich said
Mr. Ells made the decision to
step down. Shares in Chipotle
rose 5.6% Wednesday after Mr.
THE WALL STREET JOURNAL.
DJ TRANS À 3.30% WSJ $ IDX À 0.08%
generally, in a statement, the
bank said there “is still work to
be done,” and that it “is dedi-
cated to making things right,
fixing the problems, and build-
ing a better bank.”
The bank said it is making
changes “across our risk man-
agement functions and line of
business operations to rebuild
the trust of our customers and
team members.”
An OCC spokesman declined
to comment on a continuing
regulatory matter.
The OCC’s letter to the Wells
Fargo directors centers on ir-
regularities in two of the
Premium Gillette Discount Gillette
3.75†
2.75†
2.50†
2.50†
2.25†
2.00†
1.98*
1.50†
0.60*
Chipotle’s Steve Ells in 2015. He will become executive chairman.
Ells’s new role was announced.
The shares have shed over
half of their value since the
fall of 2015, when a series of
food-safety crises touched off
a drop in customer traffic.
Earlier in October 2015, Chi-
potle warned it expected
same-store sales growth that
year to fall to the single digits
from nearly 17% in 2014.
Mr. Ells acknowledged ne-
glecting customer service as
he addressed the E.coli, salmo-
nella and norovirus outbreaks.
In recent months, he has
vowed to improve operations.
But many customers haven’t
returned, despite food give-
aways and new advertising
LIBOR 3M 1.481
bank’s operations—auto insur-
ance and mortgage lending—
both of which have emerged
this year.
This summer, the bank con-
ceded in a news release that
for years it had forced nearly
600,000 customers who fi-
nanced their car purchases
with Wells Fargo to pay for col-
lision coverage they didn’t
need. The bank said about
20,000 customers had their
cars wrongly repossessed.
Those customers failed to pay
the improper insurance
charges.
Wells Fargo has said it
Others
$3.82†
STEPHEN BRASHEAR/ASSOCIATED PRESS
campaigns. In the third quar-
ter, Chipotle posted sales
growth and profit that came in
below analysts’ expectations.
“The Chipotle experience
has been replicated and com-
moditized,” said Jeremy Scott,
a Mizuho Americas analyst.
Some investors have grown
restless. Activist investor Wil-
liam Ackman took a stake in
the company and last year
reached a settlement with Chi-
potle that gave him two seats
on its board. Two independent
directors were also named to
the board. One of Mr. Ack-
man’s picks, Ali Namvar, a
partner at his firm, Pershing
Square Capital Management, is
Thursday, November 30, 2017 | B1
NIKKEI (Midday) 22575.40 g 0.10%
would provide cash reimburse-
ments totaling about $100 mil-
lion to customers and make
$30 million in account adjust-
ments related to the insurance
improprieties.
The bank has also said it
charged some customers im-
proper fees to extend the inter-
est-rate commitments they re-
ceived from Wells Fargo on
their mortgage applications. In
October the bank said it is
reaching out to around 110,000
customers who paid a total of
$98 million in such fees, and
expects refunds to be lower
Please see WELLS page B2
Still Struggling
Chipotle's quarterly same-store
sales, change from a year earlier
20%
3Q 2017 s1%
10
0
–10
–20
–30
2013 ’14 ’15 ’16
Source: the company
THE WALL STREET JOURNAL.
on the committee searching
for Chipotle’s new CEO.
Spencer Stuart, the firm
Chipotle has retained to con-
duct the CEO search, helped
Chipotle recruit Scott Boat-
wright as its chief restaurant
officer this spring, said people
familiar with the matter.
Sanford Bernstein analyst
Sara Senatore said the change
would play to Mr. Ells’s
strengths as a product innova-
tor. “He has long been viewed
as the culinary and cultural
standard-bearer for the com-
pany, but less focused on oper-
ations,” she wrote to clients.
—Joann S. Lublin
contributed to this article.
ADVERTISEMENT
©2017 OppenheimerFunds Distributor, Inc.
See more at WSJMarkets.com
BuzzFeed
Plans Job
Cuts, New
Ad Model
BY LUKAS I. ALPERT
Facing a significant revenue
shortfall this year, BuzzFeed
is laying off about 100 employ-
ees and reorganizing its ad-
vertising sales and business
operations as it moves away
from relying purely on native
advertising.
BuzzFeed plans to reduce
its U.S. staff by 8%, with all of
the cuts coming from the busi-
ness and sales side of the or-
ganization, the company said
Wednesday. Some editorial
staffers and business-side em-
ployees in the U.K. will also be
let go. BuzzFeed employs
about 1,700 people world-wide.
The job cuts and organiza-
tional changes are part of an
effort to diversify the com-
pany’s sources of revenue, at a
time when fierce competition
for online advertising dollars
is making it tough for digital
media companies to maintain
the significant growth rates
expected by investors.
“As our strategy evolves, we
need to evolve our organiza-
tion, too—particularly our
business team, which was built
to support direct-sold adver-
tising but will need to bring in
different, more diverse exper-
tise,” Jonah Peretti, BuzzFeed’s
co-founder and chief executive,
said in a memo to staff.
As part of the restructur-
ing, Greg Coleman, a high-pro-
file ad-world veteran who has
YORGOS KARAHALIS/BLOOMBERG NEWS
served as BuzzFeed’s president
since 2014, will step aside, but
remain an adviser to the com-
pany. The firm has begun a
search for a chief operating
officer and to fill a number of
high-level business roles as it
increases focus on e-com-
merce, programmatic ad sales
and video licensing and devel-
opment.
This month, The Wall Street
Journal reported that Buzz-
Feed had put its plans for a
2018 initial public offering on
hold and was on pace to miss
its revenue target of about
$350 million this year by some
15% to 20%. The company said
it still expected to show reve-
nue growth for the year, up
from $250 million in 2016.
Vice Media is also expected
Please see JOBS page B2
INSIDE
’17
HNA TO SELL
ASSETS TO
RAISE CASH
BUSINESS NEWS, B3
TRADERS
ON EDGE
AHEAD OF OPEC
MARKETS, B13
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Thursday, November 30, 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
Aetna...........................B6
AirAsia Bhd ................ A9
Alibaba Group...........B13
Alphabet .............. B2,B14
Amazon.com........B4,B14
AMC Entertainment
Holdings....................B2
AMC Entertainment
Holdings ........................
Amgen.........................B3
Anschutz.....................B2
Apple.........................B14
B Group.......................B14
Bed, Bath & Beyond.B14
BuzzFeed ............... A2,B1
C Intel...........................B14
Cantor Fitzgerald........B7
Caterpillar ................. B14
Cboe Global Markets..B7
Chipotle Mexican GrillB1
Cineworld Group.........B2
CME Group..................B7
Cobalt27 Capital ....... B14
Comcast.......................B2
D-E
Dalian Wanda Group .. B2
Deutsche Börse...........B7
Dollar Shave Club.......B3
Durst Organization.....A1
eBay.............................B4
INDEX TO PEOPLE
A Goings, E.V. “Rick”.....B6
Ackman, William ........ B1
AIken, John...............B12
B Hepworth, Graeme ... B12
Barnett, Jim................B6
Bell, Jim......................B6
Benioff, Marc..............B6
Boatwright, Scott.......B1
Bolger, Rob................B12
Bovino, Beth Ann.......A2
Brendel, David ............ B6
Bruce, Penny...............B4
Brydon, Donald ......... B12
C Senatore, Sara............B1
Clark, Celeste..............B2
E Lund, Susan................B6
Ells, Steve............B1,B13
F-G
Flanzraich, Neil...........B1
George, Bill ................. B6
WELLS
Continued from the prior page
than that total because, the
bank said, it “believes a sub-
stantial number of those fees
were appropriately charged un-
der its policy.”
The enforcement action be-
ing weighed against Wells
Fargo is a cease-and-desist or-
der, the people familiar with
the matter said. Also known as
a consent order, it is among an
array of formal enforcement
proceedings the OCC can take
when it determines that defi-
ciencies in a bank’s operations
are severe, uncorrected, unsafe
or unsound. The issuance of a
consent order typically in-
cludes steps the bank’s board
or management must take to
correct the deficiencies and a
time period for doing so.
The OCC’s letter under-
scores the continuing chal-
lenges faced by Wells Fargo as
it seeks to emerge from a wide-
spread scandal that came to a
head last year. It involved dis-
closures that Wells Fargo had
created as many as 3.5 million
accounts using fictitious or un-
authorized customer informa-
tion. Any new sanction by reg-
ulators could further dent the
bank’s reputation and could
provide ammunition for private
lawsuits against the company.
Last year’s disclosure about
the unauthorized accounts led
the OCC to issue Wells Fargo a
cease-and-desist order. The
regulator levied penalties of
$35 million in that September
2016 action, stipulating that
Wells Fargo’s board “achieves
and maintains an enter-
prisewide risk-management
program designed to prevent
and detect unsafe or unsound
sales practices.”
Several weeks after that, the
OCC placed additional limita-
tions on the bank, including
preventing so-called golden
parachutes for departing exec-
utives. Those limitations are
still in place, people close to
the bank have said.
In August, The Wall Street
Journal reported that the OCC
was considering taking further
action.
Wells Fargo also had to pay
restitution to customers who
were harmed by the practices.
The scandal led to the forced
departure of Wells Fargo’s
chief executive.
A spokesman for the OCC,
which has broad power to re-
strict acquisitions and other
banking activities, said “the
vast majority” of letters warn-
ing companies that they may
be subject to a cease-and-de-
sist order result in such formal
orders.
In the past five years, Wells
Fargo has received four new
cease-and-desist orders from
the comptroller of the cur-
rency; in two of those actions,
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Eli Lilly........................B3
Exxon Mobil..............B14
Nvidia........................B14
P
Lawyer
ForUber
F Procter & Gamble.......B3
Facebook....................B14 R
Fidelity Investments..B7 Regal Entertainment
Questions
Foot Locker ............... B14
Group.........................B2
G Royal Bank of Canada
Garuda Indonesia........A9 ...................................B12
Payout
Gategroup Holding......B3 Royal Dutch Shell.......B4
Gemini.........................B7 S
Glint.............................B6 Salesforce ................... B6
Guangzhou Automobile Snap.............................B4
Spencer Stuart............B1 BY GREG BENSINGER
H-I T
HNA Group..................B3 TCI Fund Management
Demands by a former Uber
PATRICK T. FALLON/BLOOMBERG NEWS
...................................B12 Technologies Inc. employee
K Tencent Holdings........B3 Ric Jacobs, who was granted
Kraken.........................B7 Teva Pharmaceutical .. B3 $4.5 million this year in a set-
Tupperware Brands.....B6 tlement agreement over his
L Tyson Foods................A1
London Stock Exchange
claims about the company’s se-
U crecy measures, were “clearly
Group.......................B12
Uber Technologies ...... B2 extortionist,” said one of Uber’s
M Ultimate Fitness
Medtronic....................B6
top attorneys Wednesday.
Holdings....................B6
Microsoft...................B14 “Given the huge sums of
W
Molycorp....................B14 money that Mr. Jacobs was de-
Walt Disney................B2
N The proposed deal for Regal Entertainment would create a company with more than 9,000 screens. manding at the outset, I felt it
Wells Fargo.................B1
Naspers.......................B3 Williams-Sonoma.......B6 was clearly extortionist, espe-
Britain’s Cineworld in Talks
Nodal Exchange .......... B7 Wilmer Cutler Pickering cially given the low value of
Novartis.......................B3 Hale & Dorr...............B2 his claims,” said Angela Pa-
dilla, Uber’s deputy general
counsel, testifying at a hearing
To Buy Regal for $3.1 Billion in federal court related to
Google parent Alphabet Inc.’s
suit against Uber over trade
N secrets allegedly stolen from
H Namvar, Ali.................B1 BY MARIA ARMENTAL according to regulatory filings. but if it proceeds it would be Alphabet’s Waymo unit, which
Hans, Michael...........B13 P AND IAN WALKER Cineworld was responding funded by a mixture of debt is developing self-driving cars.
to a statement from Regal in and a rights issue. The com- But the judge challenged
Padilla, Angela............B2
Hohn, Christopher .... B12 British movie-theater oper- which the Knoxville, Tenn.- pany added that the acquisi- Ms. Padilla’s claims regarding
Pai, Ajit.......................B4
Hughes, Mark ........... B12 ator Cineworld Group PLC based company disclosed the tion would be classified as a Mr. Jacobs’s demands. “People
Peretti, Jonah........A2,B1
J said Wednesday that it is in talks and a takeover offer of reverse takeover under Lon- don’t pay that kind of money
R advanced talks to buy Ameri- $23 a share. The offer, which don Stock Exchange rules. for ‘B.S.,’” he said. “They cer-
Jacobs, Ric..................B2
Reilly, Thomas..........B13 can counterpart Regal Enter- Cineworld confirmed, repre- Regal, which has 7,315 tainly don’t hire them as con-
K Rolet, Xavier.............B12
tainment Group for $3.1 bil- sents a 26% premium to Re- screens in 561 theaters, is con- sultants for ‘B.S.’”
Kalanick, Travis...........B2 Rose, Charlie...............A6 lion, a deal that would give it gal’s closing price on Monday. trolled by Phil Anschutz’s An- Mr. Jacobs has been re-
Katzive, Daniel..........B12
S more screens to compete with Regal’s shares rose 8% on schutz Corp. through its own- tained by Uber to help investi-
Khan, Hamza.............B13
Scott, Jeremy ............. B1 industry leader AMC Enter- Tuesday after Reuters first re- ership of Regal Class B shares. gate his own claims, in con-
L tainment Holdings Inc. ported the talks, and they Mr. Anschutz, whose fortune junction with law firm Wilmer
Lauer, Matt.................A1 Skipper, John..............B2 The proposed deal for Regal, climbed further in after-hours Forbes estimates at more than Cutler Pickering Hale & Dorr
Long, David.................B6 the second-largest cinema trading when Regal issued its $12 billion, was part of a con- LLP.
T
chain in the U.S., would create a statement. sortium that took control of the Ms. Padilla’s testimony fol-
M Tan, Adam...................B3
company with more than 9,000 On Wednesday, the stock then Regal Cinemas Inc. in 2001 lows the disclosure Tuesday of
Matthews, Shawn......B7 W screens. AMC Entertainment, climbed 2.8% to $20.17 in New after the chain entered chapter a 37-page letter written by Mr.
McKay, David............B12 Warren, David...........B12 part of China’s Dalian Wanda York, while Cineworld shares 11 bankruptcy protection. Jacobs’s former attorney to
Mycroft, Frank............B4 Weinstein, Harvey......A6 Group, last year bought Odeon fell nearly 20% to £5.57 ($7.47) Regal said on Tuesday that Uber management, stating that
& UCI Cinemas Group in Eu- in London. it wouldn’t comment further the ride-hailing firm took ex-
rope, and ran or had interests Cineworld on Wednesday or respond to questions until a traordinary measures to evade
including the one involving the
opening of unrequested ac-
counts, the regulator assessed
a total of $55 million in penal-
in more than 11,000 screens in
1,006 theaters as of Sept. 30,
cautioned that there is no
guarantee a deal will be struck
deal was reached or discus-
sions were called off.
regulatory scrutiny, including
the use of disappearing mes-
sages, training for employees on
how to dodge legal discovery
ties.
If the OCC issues the order
against Wells Fargo, it would
probably include penalties
JOBS and the creation of a team de-
voted to obtaining trade secrets.
Ms. Padilla said Uber had
shown the letter to the U.S. at-
against the institution, the Continued from the prior page torney’s office over the sum-
people familiar with the matter to fall short of its revenue tar- mer as well as to prosecutors
said. It is unclear what those get of $800 million this year, for the Southern District of
penalties would be. the Journal reported. New York and Northern Dis-
Wells Fargo is the nation’s While spending on digital trict of California. Former
third-largest bank, with almost advertising is still growing, Chief Executive Travis Kalan-
$2 trillion in assets. Last competition for those dollars ick also viewed the letter, ac-
month, the bank reported is increasing. As the so-called cording to Ms. Padilla.
BUZZFEED/ASSOCIATED PRESS
third-quarter net income of duopoly of Facebook and But attorneys for Alphabet’s
$4.6 billion, even after higher Google are projected by eMar- Waymo didn’t see the letter
legal and other costs from its keter to command more than until this month, when the U.S.
sales-practice scandal. 63% of U.S. digital-ad spending attorney’s office supplied it
In a sign last month that a in 2017, digital-media compa- to U.S. District Judge William
regulatory action against the nies are finding that things Alsup of San Francisco, who is
bank might be imminent, the like creating custom content presiding over the case.
OCC issued a confidential re- for brands that jump-started Ms. Padilla said she had
port to Wells Fargo criticizing their businesses early on have Actress Evan Rachel Wood at a Los Angeles BuzzFeed event. only “skimmed” the letter pre-
its auto-insurance practices become harder to scale. pared by Mr. Jacobs’s attorney,
and its handling of the prob- In its early years, BuzzFeed prevailing online advertising accelerate this evolution in saying the 37-page document
lems after they had been iden- found great success through landscape. A pioneer of the 2018.” was “very dense” but con-
tified. its innovative use of “native” digital media world, Mr. Cole- With that in mind, Buzz- tained serious allegations.
That report, reviewed by the advertising—a high-cost, la- man helped to drive sales at Feed is moving to create a Mr. Jacobs would have to
Journal, gave the bank credit bor-intensive marketing for- some of the earliest online number of new lifestyle verti- pay his money back for disclo-
for identifying the irregulari- mat in which advertising is success stories with stints at cals modeled after its food sure of his letter or for making
ties in its insurance operations custom-made for brands to re- Yahoo, AOL, the Huffington product, Tasty, which has disparaging remarks about
but characterized Wells Fargo’s semble editorial content. Post and ad tech firm Criteo. found success with lower-cost Uber, according to terms of his
management of compliance risk That success attracted ma- BuzzFeed’s chief revenue and simpler-to-produce adver- agreement read aloud by a
as “weak.” The report also said jor investment, including $400 officer, Lee Brown, will be- tising models such as product Waymo attorney to the court.
the bank had underestimated million from Comcast Corp.’s come part of the company’s placement and sponsored con- The letter’s existence sur-
the amount of restitution it NBCUniversal, whose latest in- senior management team, re- tent. faced days before the sched-
owed to wronged customers. fusion about a year ago valued porting directly to Mr. Peretti. BuzzFeed will also put in- uled start of Uber’s block-
Wells Fargo has been re- the web business at about $1.7 “Our business is more di- creased resources into its e- buster trial with Alphabet’s
shaping its board, which share- billion. verse and balanced than it was commerce business and re- Waymo and threw it into tur-
holders have criticized for its But more recently, Buzz- a year ago and, very impor- brand its Los Angeles-based moil, causing Judge Alsup to
handling of a string of scandals Feed has pursued additional tantly, for the first time a film and television business, delay the case for a second
involving the company’s busi- revenue streams, branching quarter of our annual revenue BuzzFeed Motion Pictures, as time, to Feb. 5. He said Uber
ness practices. into digital video licensing, will come from sources other BuzzFeed Studio, which will hasn’t been forthright in its
The company on Wednesday television and film develop- than direct sold advertising,” focus more on outside devel- disclosure, including the letter
said it will add three new inde- ment, e-commerce and pro- Mr. Peretti said in the memo. opment deals, like one it itself, and he needed to grant
pendent directors Jan. 1, in- grammatic advertising. “We’re going to continue to signed with the Oxygen net- Waymo more time to prepare.
cluding Celeste Clark, Kellogg Mr. Coleman’s departure aggressively build out our ad- work this year for an investi- —Jack Nicas
Co.’s former chief sustainability signifies the changes in the vertising capabilities, but also gative news series. contributed to this article.
officer and public policy and
external relations officer,
whom the company said will
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THE WALL STREET JOURNAL.
Gillette
Unveils
Low-End
Defense
BY SHARON TERLEP
Gillette is launching a lineup
of razors that will be missing
something notable: a higher
price tag.
The Procter & Gamble Co.
brand, battling critics and new
rivals, on Wednesday announced
a product overhaul that will in-
clude Fusion blades with new
technology at no added cost as
well as lower-end options priced
in line with online upstarts such
as Dollar Shave Club.
It is a reversal of a decades-
long strategy of churning out in-
creasingly complex razors at
higher prices.
“Historically there has been a
bias toward the high end,” P&G
Chief Executive David Taylor
said in an interview. “The risk
with that is you can still grow,
but you have a smaller group of
users who are willing to pay
ever higher prices for better
performance. We decided to in-
novate not just on the superpre-
mium tier.”
The move is sure to aggra-
vate some of the company’s crit-
ics. Activist investor Nelson
Peltz, in his campaign to win a
seat on the P&G board, has
bashed P&G for lowering Gillette
prices and failing to develop an-
other major new razor that
could command more money.
Before it was acquired by
P&G in 2005, Gillette was an
“aggressive organization,” Mr.
Peltz said in September. “They
were fast on their feet. I don’t
think anybody is accusing P&G
of doing that today.”
Gillette typically spent about
$1 billion every seven or eight
years to develop a new razor
system, backed by a massive
marketing campaign and accom-
panied by a price increase.
There was the two-blade Sensor
in 1990 and the Mach3 in 1998,
followed by the Fusion5 in 2005.
The brand long enjoyed dom-
inant market share despite hav-
ing the priciest products. But in
recent years online razor com-
panies stole customers with
cheaper blades, home delivery
and cheeky marketing.
“Reality has set in for P&G—
consumers no longer want to
spend more to shave,” Bernstein
analyst Ali Dibadj said. “The is-
sue, of course, is that all of these
innovations will hammer their
margins.”
Treatments to Prevent Migraines Show Positive Results
BY JONATHAN D. ROCKOFF
Researchers outlined posi-
tive data for two of the most
advanced migraine drugs in
development, reinforcing the
promise of a new class of
treatment for the debilitating
headaches.
The results, published in pa-
pers in the New England Jour-
nal of Medicine on Wednesday,
were from separate late-stage
clinical trials of drugs being
developed by Teva Pharma-
ceutical Industries Ltd. and a
partnership between Amgen
Inc. and Novartis AG.
© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ5150
HNA, in a Switch, to Sell Assets
Chinese company
needs cash to service
$100 billion in debt,
mollify regulators
BY JULIE STEINBERG
AND ANJANI TRIVEDI
Chinese conglomerate HNA
Group Co. is laying the
groundwork for a series of as-
set sales, marking a significant
shift in strategy as pressure
builds on its finances following
an overseas acquisition spree.
In recent weeks, Hainan-
based HNA has been talking to
bankers about disposing or ex-
iting some foreign assets, ac-
cording to people familiar with
the matter. The goal would be
twofold: to raise cash to service
the group’s more than $100 bil-
lion of debt, while paring its
ownership in investments that
Chinese regulators could con-
sider speculative.
A big hurdle for the com-
South Africa’s Naspers Climbs Valuation Ladder
BY ALEXANDRA WEXLER
JOHANNESBURG—Africa’s
most-valuable company has
become this year one of the
world’s most-valuable compa-
nies, too.
On Wednesday, Naspers
Ltd.—a media and internet
firm little known outside
South Africa and Silicon Val-
ley—reported a surge in half-
year earnings.
The performance, bolstered
by the company’s 33.3% stake
in Chinese internet giant Ten-
cent Holdings Ltd., sent the
stock up 0.8%, bringing its
gains over the past 12 months
to 84%.
MIKE HUTCHINGS/REUTERS
Naspers, which was founded
in 1915 as a newspaper pub-
lisher, is now the world’s 65th
largest listed company by mar-
ket value among the Stoxx
Global 3000 index. Last year, it
wasn’t close to breaking into
the top 100, according to a
Wall Street Journal analysis.
The climb has been driven
almost entirely by Tencent’s
own soaring share price. In
2001, Naspers paid $34 million
for its stake in the Chinese
company. Based on Tencent’s
current market capitalization,
that holding is now worth
about $170 billion; however,
investors have baked in a dis-
count for Naspers shares be-
The companies are in a
heated race to win approval of
their injections and provide re-
lief to migraine patients—
many of them women—who
have lacked therapies dedi-
cated to preventing the at-
tacks.
Pain medicines like ibupro-
fen and naproxen as well as so-
called triptan drugs, now sold
in generic versions, are ap-
proved to treat attacks already
under way. But to ward off at-
tacks, patients mostly rely on
drugs approved for other uses,
like epilepsy or depression.
The experimental drugs be-
BUSINESS NEWS
pany is that many of its over-
seas assets were purchased at
relatively high valuations,
which may make it difficult for
HNA to recoup its money at a
profit, people familiar with the
company say.
At a conference in Beijing on
Tuesday, Chief Executive Adam
Tan acknowledged that HNA is
considering asset sales in sec-
tors over which the Chinese
government has expressed con-
cern, such as real estate, ac-
cording to transcripts pub-
lished by the Chinese magazine
Caijing.
HNA is discussing setting up
investment funds with the help
of capital from outside inves-
tors, to which it can sell some
of its assets, according to peo-
ple familiar with the situation.
The company would then look
to shed the assets completely
later on.
One asset sale is already in
the offing: HNA subsidiary Gat-
egroup Holding AG, a Swiss
air-travel logistics company,
Naspers shares have soared in the past year. The company’s businesses include a satellite-TV network.
cause of a dividend-withhold-
ing tax that would kick in
should it ever sell out.
Naspers’s market capitaliza-
tion ended Wednesday at
roughly $121 billion.
Apart from Tencent,
Naspers holds stakes in a host
of other companies, including
Mail.ru Group, a Russian in-
ternet company that runs two
long to an emerging class of
mostly injectable biologic
treatments to prevent mi-
graine. These drugs target a
chemical, known by its initials
CGRP, involved in the brain’s
pain signaling during mi-
graines.
Several drug companies
have been racing to bring
CGRP treatments to market,
including Alder BioPharma-
ceuticals Inc., Allergan PLC
and Eli Lilly & Co.
Analysts predict the market
could reach $4 billion or more
depending on how the drugs
are priced.
Micro Trends,
Macro Context.
In Minutes.
THE DAILY SHOT
Speed-read the markets
Get a complete look at the trends moving global markets
with The Daily Shot. WSJ’s latest member-exclusive
newsletter delivers a sophisticated, impartial view in 30-plus
charts, every morning. Sign up at WSJ.com/dailyshot
Gategroup Holding, a Swiss air-travel logistics company and HNA
subsidiary, says it is considering an initial public offering.
said on Tuesday that it is con-
sidering an initial public offer-
ing and could list on the SIX
Swiss Exchange in Zurich. Mr.
Tan in his remarks earlier that
day had mentioned the poten-
tial IPO.
Mr. Tan said on Tuesday
that HNA’s future overseas
deals would toe the party line.
“Private enterprises still have
room for development in over-
of the country’s three biggest
social networks, Delivery Hero,
a food-delivery company based
in Germany, and Flipkart, In-
dia’s biggest e-commerce site.
“The market is actually pay-
ing you to take on all these
other great assets,” said Philip
Short, an analyst at Old Mu-
tual Equities, in Cape Town.
Naspers said its net profit
In the Pipeline
Compounds in a new class of migraine drugs that target the chemical CGRP are nearing the market.
COMPANY KIND
Alder Infusion
Allergan Pills
Amgen/ Injection
Novartis
Eli Lilly Injection
Teva Injection
Source: the companies
Thursday, November 30, 2017 | B3
Deutsche Bank AG, Midtown
Manhattan office buildings and
other assets.
A Wall Street Journal article
last week detailed multiple ob-
stacles HNA has encountered in
recent months after its debt-
backed growth spree. The com-
ARND WIEGMANN/REUTERS
pany has had to resort to ex-
pensive forms of financing and
is facing rising scrutiny from
lenders and regulators around
the world.
On Wednesday, S&P Global
Ratings lowered its assessment
of the group’s credit profile,
due to the company’s “aggres-
sive financial policy and risks
seas acquisitions, but those over tightening liquidity,” as
must comply with national pol- well as higher funding costs.
icies, and that is a red line,” he HNA was able to refinance
said. only part of a roughly $450
Mr. Tan’s statements mark a million loan that matured last
retreat from his previous rhet- week. This month, an HNA unit
oric about HNA’s global ambi- paid 8.875% in interest to bor-
tions. HNA has rapidly climbed row $300 million for less than
the ranks of the Fortune 500 a year, a far higher rate than
over the past few years, scoop- the 5.5% paid recently by a
ing up stakes in the Hilton ho- junk-rated Chinese property
tel chain, German bank developer on similar bonds.
Tech Titan
Naspers, Africa's most valuable
company, has significant internet
investments around the world.
Tencent
33% stake
Chinese internet company and
operator of WeChat messaging
platform
OLX Group
99.9%
Classified-ads platform with a
presence in more than 40
countries
Avito
71%
Operates leading classified-ads
site in Russia
Mail.ru Group
29%
for the six months ended Sept. Russian internet company that
30 rose 98% to $1.1 billion, runs two of the country’s
while its revenue increased 5% three-largest social-
to $3.1 billion. The income networking sites
largely came from the com-
pany’s Tencent holdings and Flipkart
its global digital classified
17%
businesses, which turned prof-
itable for the first time. India's biggest ecommerce site
—Mike Bird in London
contributed to this article. Source: the company
STATUS
Alder expects to report top-line results from its second phase 3 study in the
first half of 2018 and plans to seek approval in the second half of the year.
The Food and Drug Administration is reviewing a request for approval,
which could come next year.
Ubrogepant, for acute treatment, is in phase 3 testing.
Atogepant, for prevention, is in phase 2.
Lilly has filed for FDA approval, which could come in the second half of 2018.
Teva filed for approval in October and aims for approval and launch during
the second half of 2018.
THE WALL STREET JOURNAL.
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
B4 | Thursday, November 30, 2017
PERSONAL TECHNOLOGY | Joanna Stern
Cute Family Robot Isn’t Very Helpful
I get out of
the shower,
grab a towel
and walk into
the kitchen,
where a cute
little robot—half “Wall-E”
character, half Clorox bot-
tle—rotates his body in my
direction.
Jibo: Oh hey, Joanna! Wel-
come to my field of vision.
Me: [Expletive]! Jibo, please
don’t look at me right now!
Welcome to living with
one of the world’s first social
robots. Some call Jibo the
best invention of 2017. I call
Jibo intriguing, creepy—and
mostly annoying.
Many of us have become
accustomed to interacting
with faceless talking speak-
ers like the Amazon Echo.
Jibo adds a new dimension,
with two cameras for eyes,
six microphones for ears, a
5-inch touch screen to dis-
play his animated virtual
eye, and Wi-Fi and proces-
sors to power his big per-
sonality. He can’t walk but
he wiggles, giggles and
twerks. One of the latest at-
tempts to humanize our
computers, he is the brain-
child of MIT roboticist Cyn-
thia Breazeal, Jibo Inc.’s
founder and chief scientist.
But Jibo has a $900 prob-
lem: Those motionless home
speakers, like the Echo, are a
lot more affordable—and a
lot more helpful.
My Jibo adventures have
given me the clearest
glimpse yet of how the ma-
chines around us will go
from hunks of metal and
plastic to beings who listen,
watch and relate. I’ve also
realized how vital it is for us
to preserve our privacy
along the way.
Adventures in
Housekeeping
It’s Jibo’s first day at
home. I place him next to my
Amazon Echo in the kitchen.
Like Alexa, Jibo’s always lis-
tening for his wake phrase.
Me: Hey Jibo, can you
Snapchat Simplifies the Design of Its App
BY GEORGIA WELLS
Snapchat introduced an
overhaul of its app to make it
simpler to use, a concession
that its complicated design
was holding the company
back amid intense competi-
tion.
The redesigned app sepa-
rates messages produced by a
user’s friends from publisher
and celebrity content instead
of mixing them together, re-
flecting the belief at parent
company Snap Inc. that con-
versations with friends are a
different kind of interaction
than consuming content.
It consolidates the content
across fewer pages than the
previous version of the app
that required users to swipe
multiple times to see most
Fill It Up in the Company Parking Lot Amazon Wants Alexa
BY CHRISTOPHER M. MATTHEWS
What if instead of driving
to a gas station, the gas sta-
tion drove to you?
There’s an app for that—
several—as startups with
names like Booster Fuels, We-
Fuel, Filld and InstaFuel com-
pete to deliver gasoline to cus-
tomers—what one startup
calls an “unstationed” busi-
ness model.
The mobile fuel services,
which typically charge a little
more than a gas station for
the convenience, are catching
on with some consumers, par-
ticularly in Silicon Valley,
where companies including
eBay Inc., Facebook Inc. and
Oracle Corp. have hosted pro-
viders on their campuses as
the latest corporate perk.
The concept has in-
trigued Royal Dutch Shell
PLC, which this spring began
testing a fuel-delivery service
in the Netherlands. Using an
app the company designed,
customers can request that
Shell come refill their cars
while they shop, eat or sleep.
But the startups face regu-
latory scrutiny from fire chiefs
and others as they seek to
take gasoline directly to more
Home speakers like the Amazon Echo, left, cost less and do more than the Jibo home robot.
play some music?
Jibo: That sounds fun, but
unfortunately I can’t play
music on demand yet.
Me: Hey Jibo, set another
timer for the Brussels
sprouts.
Jibo: I can only deal with
one timer at a time. Do you
want to replace one?
Jibo can tell you the
weather, the name of the
33rd president or the score
of last night’s game, but he
gets a D-minus in AI-assis-
tant basics. Not only does he
fail at many requests, but
when he has the answers to
questions, he often has to
think for a second or so lon-
ger than Alexa, Google’s As-
publisher content. The cam-
era remains the landing
screen.
The redesign also uses ma-
chine learning to prioritize the
content users see, instead of
ordering it chronologically, a
change that Twitter Inc. and
Facebook Inc.’s Instagram have
previously made to their
feeds.
The update on Wednesday
addresses one of the greatest
challenges facing Snapchat:
how to prove that it can con-
tinue to expand its cadre of
daily users. Snapchat’s number
of daily users inched up just
2.9% in the third quarter to
178 million, its slowest in-
crease since the company
started reporting the figure.
Snap Chief Executive Evan
Spiegel, who flagged a change
Booster Fuels delivers gasoline to cars at workplaces and malls.
workplaces and homes.
Tonmoy Ghosh, a problem
manager at eBay, is an early
adopter of fueling up at work.
Mr. Ghosh, 34 years old, who
works at one of the company’s
San Jose, Calif., campuses and
commutes 20 minutes each
way, uses Booster Fuels to fill
up his car while it is parked in
the company lot.
For Mr. Ghosh, cutting a 15-
minute trip to the gas station
out of a 14-hour workday is
enough to ignore his East
Coast relatives’ claims he is
TECHNOLOGY
sistant or Siri. The company Apple and Google. Thanks.)
says it is working to add Jibo can be programmed
many of the missing features to recognize family members
and improve Jibo’s response by name. When he hears
time. sounds in the room, he will
Jibo does get points for turn in that direction to see
acknowledging his failings. if he knows you. If he does,
How many times has Siri he engages in conversation.
tried to hide ignorance by The technology is amazing
searching the web? Jibo to behold…sometimes. Then
owns up with an honesty there are times when you
that’s actually made me feel feel like you are under sur-
sympathy for the little guy. veillance, or when Jibo
Jibo also fights the good seems like a peeping Tom, or
fight in trying to stop tech when Jibo says “Hi, Joanna!”
from ruining our manners. to your father.
The wording of his re- “We are continuing to
sponses is so humanlike, I learn and improve. There is
found myself saying “please” a lot of detail and sophistica-
and “thank you” more often. tion to Jibo’s development,”
(Please take note, Amazon, Dr. Breazeal said.
to the app earlier in November
when the company reported a Growing Pains
second straight quarter of fall- Snapchat has unveiled a redesign of its app as falling user growth has
ing user growth, said at the shaken investor confidence.
time it was in response to
feedback from users over the Daily active users, quarterly change
years that Snapchat was diffi- 25%
cult to use.
The stakes are high for
Snap. Nearly nine months 20
since Snap’s shares listed in
March and soared 44% on
their first day of trading, 15
Snap’s shares are trading
nearly 20% below their offer-
10
ing price. Meanwhile, Insta-
gram and Facebook’s messag-
ing app WhatsApp continue to 5 tent companies to serve up
gobble up users.
Snap said it is betting that
a simpler design and more-rel- 0 0
evant content will entice exist- 2014 ’15 ’16
ing members of Snapchat to Sources: the company (users);
log on more often. WSJ Market Data Group (shares)
from refiners, he can turn a
profit in a business known for
weak margins. He sees his
market as younger, tech-savvy
consumers who place a pre-
mium on convenience, but
concedes the model might not
appeal to everyone.
“Some people are still going
to want to go to the gas sta-
BRYAN AND VITA HEWITT/BOOSTER
tion and shop and buy other
stuff,” Mr. Mycroft said.
Booster joined with eBay
this spring, gaining access to
the company’s San Jose cam-
puses. It has agreements
with more than 300 other em-
ployers to supply gas from its
custom fuel trucks, which it is
attempting to patent.
“EBay invests in services
just being lazy. After parking that best support our employ-
at work, Mr. Ghosh schedules ees and make eBay a great, in-
a delivery time and pays for novative place to work,”
the fuel, all through Booster’s spokeswoman Penny Bruce
app. He leaves the top to his said in an email.
fuel tank open and departs Booster Fuels, which is
work with a full tank. “I live based in Burlingame, Calif.,
and work in Silicon Valley. If delivers only to cars parked at
there’s an app to deliver some- places such as workplaces,
thing, we’re usually the first malls and college campuses
ones to jump on it,” he said. because of some regulatory
Booster Fuels’ founder and uncertainty about delivering
chief executive, Frank Mycroft, to neighborhoods. Filld and
said by cutting out the over- some others will do residential
head of a traditional gas sta- deliveries. Most services won’t
tion and buying fuel directly deliver to garages.
THE WALL STREET JOURNAL.
Saying, “Hey Jibo, go to
sleep” puts the robot in a
state of rest but doesn’t dis-
able the cameras or micro-
phones. What Jibo sees is
never saved on the device—
let alone uploaded to the
cloud, says Matt Revis, Jibo’s
vice president of product.
Photos you ask Jibo to take
can be stored, encrypted in
the cloud.
My wife has unplugged
Jibo numerous times be-
cause of how annoying she
finds his random sighs,
yawns and comments, but I
have come to appreciate
Jibo’s surprise remarks—if
only because they let me
imagine how useful they
could be one day.
Adventures in Babysitting
“Hey Jibo! Take our
photo!” Raquel, our babysit-
ter, says cheerfully as she
smiles right at Jibo with our
F. MARTIN RAMIN/THE WALL STREET JOURNAL
baby in her arms. Jibo snaps
and displays a very grainy
photo. “Look! It’s us on the
screen!” she tells the baby.
“Hey Jibo, can you dance?”
Jibo’s biggest fans? My
son and his babysitter.
Raquel seeks out Jibo when
she’s over because she thinks
he’s fun. (While we are hop-
ing our son lives a screen-
free life for at least a year or
two, cutting-edge robots are
an exception.) Watching him
stare into the face of this
similarly sized creature was
when I stopped thinking of
Jibo as an annoying, over-
priced novelty.
“Jibo is like a baby at the
very beginning stages,” Dr.
Breazeal says. “People are
going to enjoy Jibo’s devel-
opment—they’re going to
watch him grow and learn
over the years.”
Like an infant, Jibo re-
quires attention with little
payoff right now. But he sig-
nals the thrilling and very
scary future ahead.
In the here and now, how-
ever, my wife and I are get-
ting our holiday wish: Jibo is
going back to his own mom.
Share price since IPO
$30
25
20
IPO price $17t
15
3Q 2017
10
s2.89%
5 their webpages more quickly.
’17 M A M J J A S O N
THE WALL STREET JOURNAL.
To Enter Work Force
BY JAY GREENE
AND LAURA STEVENS
LAS VEGAS—Amazon.com
Inc. wants workers to ask its
virtual assistant Alexa to book
conference rooms and launch
meetings, as the company
races against rivals to make
the office the next significant
inroad for voice-recognition
devices.
Amazon has built a wide
lead in the field with its popu-
lar at-home Echo speaker,
which was launched in late
2014. The company is now
counting on its new service,
dubbed Alexa for Business and
available immediately, to spark
a surge in voice computing in
the workplace. The online re-
tail giant plans to announce
the initiative here Thursday at
its annual conference for its
Amazon Web Services cloud-
computing unit.
Even before Amazon made
a push into business, RBC Cap-
ital Markets predicted that by
2020, Alexa device installa-
tions could reach 128 million.
Over that same period, the
voice-activated internet could
result in more than $10 billion
WSJ.com/Tech
Internet
Oversight
To Return
To the FTC
BY JOHN D. MCKINNON
WASHINGTON—The federal
cop that polices much of the
internet is about to shift, a
move that could lead to a fun-
damental reshaping of the on-
line economy.
Under the Federal Commu-
nications Commission’s plans
to step back from the top in-
ternet-enforcement job, the
Federal Trade Commission will
again regulate how internet-
service providers operate, re-
assuming a role it held until
two years ago. The shift,
which the commission is ex-
pected to approve next month,
will usher in a new and poten-
tially dramatic phase of the in-
ternet’s development and the
way consumers experience it.
The new regime is expected
to give the carriers that con-
trol the internet’s pipes, such
as Comcast Corp. and Verizon
Communications Inc., more in-
fluence over the internet land-
scape, as well as consumers’
choices, at the same time the
companies are developing am-
bitious plans for their online
businesses.
Already, the planned shift is
generating a vigorous debate
over which regulatory ap-
proach is really best for the
internet. Advocates of rules
forged under the Obama ad-
ministration say the proposed
change promises to be a boon
to the giant internet-service
providers and is likely bad
news for consumers.
FCC Chairman Ajit Pai, in a
speech Tuesday, said the FTC’s
long history regulating the in-
ternet and its case-by-case ap-
proach make it well suited to
the job. The FTC’s framework
for protecting the internet as
a whole “worked well in the
past, and it will work well
again,” he said.
The FTC focuses on en-
forcement of broad consumer
protections against deceptive
and unfair trade practices,
while the FCC is charged with
consumer protection and pro-
motion of communications
networks through a techno-
cratic and rules-based ap-
proach.
The Obama administration’s
2015 net-neutrality rules effec-
tively cut out the FTC from
regulating internet service, by
reclassifying internet-service
providers as common carriers
subject to utility-style regula-
tion. They generally barred the
carriers from blocking internet
content or slowing services, or
from favoring services through
so-called fast lanes, with the
aim of preventing them from
becoming more dominant.
Once those rules are gone,
internet-service providers will
be able to cut deals with con-
Whether such deals are con-
sidered anticompetitive or an-
ticonsumer will be up to the
FTC to decide on a case-by-
case basis.
in revenue for Amazon, ac-
cording to the company.
Still, it remains to be seen
how many companies will
want to buy Echo speakers for
every conference room, as well
as design programs for un-
proven technology in the
workplace. In addition, compa-
nies might not want workers
talking to devices in crowded
offices. As for company se-
crets, Amazon has said its
Echo devices don’t send any-
thing to the cloud until users
wake the devices with its
name, typically “Alexa.”
The effort to expand Alexa’s
reach into the workplace
comes as the service faces in-
creased competition from vir-
tual assistants created by Al-
phabet Inc.’s Google, Apple
Inc.’s Siri, and Microsoft
Corp.’s Cortana. Windows 10
computers, increasingly rolling
out into workplaces, include
the ability to speak to Cortana
and get audio responses, for
example. That competitive
pressure, in part, has led Ama-
zon to add hundreds of engi-
neers to the Alexa program
and give it hiring preference
over other company divisions.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Thursday, November 30, 2017 | B5
B6 | Thursday, November 30, 2017 THE WALL STREET JOURNAL.

MANAGEMENT

Calm in the Corner Office Tech’s Toll

Up to 375 million workers
globally will need to learn new
occupations as companies turn
Developing countries
13%

More chief executives to AI and robots.

embrace meditation
Percentage of each country’s
to reduce stress and workforce needing to find new 6%
increase productivity jobs, 2016-2030
Worst-case
BY JOANN S. LUBLIN estimate

Nearly every workday after-

noon, E.V. “Rick” Goings disap-
pears for 20 minutes whether Total
he is traveling or behind the number of
closed doors of his corner of- workers,
CASSI ALEXANDRA FOR THE WALL STREET JOURNAL

fice. The chief executive of 2030

Tupperware Brands Corp.
presses his palms together to 10M
start a regimen he has done
twice a day for decades.
“I am getting myself into a
state where I can be a warrior
Developed countries
because I am centered,’’ says
the head of the producer of
food-storage containers.
Mr. Goings meditates. The 32%
practice often involves calm-
ing the mind by focusing on
each breath. Tupperware CEO E.V. ‘Rick’ Goings meditates, as seen from behind a plant in his Orlando, Fla., office.
Countless corporate leaders 46% 10%
run, climb mountains or sky- vice maker Medtronic PLC be- ment to on-the-job meditation. meetings outside the office. 33%
dive in pursuit of optimal tween 1991 and 2001. A private plane flying the CEO “When you meditate to-
physical and mental fitness. Mr. George has meditated to a Tupperware event in Mex- gether, there’s a sense of con-
Now, a growing number—in- since 1975. “Oftentimes, my ico suddenly filled with smoke. nection you have,” he says.
cluding the chiefs of Sales- most creative ideas come out The aircraft lost altitude. “We execute better as a team Germany Japan U.S. Mexico India China
force.com Inc., Whole Foods of meditation,” he says. “Mayday!” the pilot cried when we feel connected.” 37M 59M 166M 68M 612M 757M
Market, Aetna Inc. and Wil- Yet Mr. George concealed repeatedly. The smoke finally Before his inaugural medi-
liams-Sonoma Inc.—meditate his office meditation practice cleared. Mr. Goings says the tation session in late 2014, Mr. Source: McKinsey Global Institute THE WALL STREET JOURNAL.
to lower their stress and boost from colleagues for two de- Barnett urged Chief Marketing

Forget Robots:
productivity. Like Mr. Goings, cades. “It wasn’t seen as the Officer Jim Bell and five fellow
some meditate at the office. normal thing to do,” he says. executives to join him in a
The burgeoning trend isn’t At Ultimate Fitness Group
‘When you meditate practice that would clear their
without its critics, who say it LLC, a global chain of fitness together, there’s a heads. “There’s absolutely no
might cause workplace prob-
lems. With many more CEOs
meditating than 10 years ago,
the practice can be seen as
studios, CEO David Long says
his executive assistant unex-
pectedly walked into his cor-
ner office as he commenced a
sense of connection,’
one executive says.
obligation,” the CEO assured
them.
“Are we really going to all
close our eyes here? Is it a
Bad Public Policies
self-indulgent, says David
Brendel, a psychiatrist and ex-
ecutive coach. “Most employ-
ees don’t have time to do it.”
morning meditation there two
years ago. “Leave me alone in
the very beginning of the day,”
he recalls chiding her.
plane’s problems shook him up
so much that “I didn’t medi-
test?” Mr. Bell remembers
thinking at that time. “What
happens if I peek?”
The marketing chief did
Can Kill More Jobs
Several top bosses encour- Mr. Long now often joins tate that afternoon.” participate. But “I was uncom- BY LAUREN WEBER Finland and Ontario, are ex-
age workers to take time for associates in the company’s Certain CEOs encounter re- fortable with it,” he says. “It perimenting with cash grants
meditation on the job. Sales- meditation room, which sistance when they promote feels weird to be in a room Automation could be a known as universal basic in-
force, a software company run opened this summer at its meditation in the workplace, [meditating] with your col- huge boon to the world’s come, Ms. Lund notes that
by veteran meditator Marc Be- Boca Raton, Fla., headquarters. however. That happened to leagues.” Nevertheless, Mr. workers—but only if govern- support for displaced workers
nioff, offers “mindfulness But he still finds it chal- Jim Barnett, leader and co- Bell recently started meditat- ments and businesses pru- can include guidance and ca-
zones” in 14 of its office build- lenging to meditate during founder of Glint Inc. in Red- ing on his own. dently manage the disruption reer coaching as well as ser-
ings world-wide. Staffers can work. “Once I’m at the office, wood City, Calif. The four- Mr. Barnett sought feed- it creates. vices such as transportation
“pause to invite calmness and I’m bombarded with internal year-old technology company back from his lieutenants last As many as 375 million and child care during job in-
balance” in the gadget-free pressures,” Mr. Long says. helps businesses react to its month after guiding their workers around the world will terviews.
spaces, a Salesforce spokes- Tupperware’s Mr. Goings quick, confidential polls of em- meditation during the latest need to find new occupations About 15% of all hours
woman says. says he hardly ever skips his ployees, dubbed pulse surveys. management-team meeting at or lose their livelihood to au- worked globally could be auto-
Meditation makes CEOs afternoon meditation because Mr. Barnett, who has medi- a local country club. “Six peo- tomation by 2030, the McKin- mated by 2030 using technol-
more effective, “and CEOs set “I have to be in good shape so tated for nearly 28 years, of- ple really liked it,” he says. sey Global Institute estimates ogy that is currently available,
the standard for everyone else I don’t make bad decisions.” ten offers his deputies 10 min- Though the remaining two re- in a new report. It isn’t impos- McKinsey estimates. The new
in the company,” says Bill An unexpected mishap 15 utes of guided meditation acted neutrally, they say “we sible for up to 14% of the report builds on McKinsey’s
George, who led medical-de- years ago tested his commit- during quarterly management should keep doing it,” he adds. global workforce to retrain earlier research, published in
and refocus, but it requires January, that found that 60%
planning and the investment of all occupations could be at
of will and resources, says Su- least partially automated with
ADVERTISEMENT
san Lund, a principal at the In- current tools, though less than
stitute. 5% are at risk of total automa-
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
“ ‘Will there be enough
jobs?’ is not the right ques-
tion.
Like prior waves of techno-
tion,” she says. “The question logical change, the adoption of
is, what are we going to do to new tools like machine learn-
INTERNATIONAL NOTICES manage the transition for ing and artificial intelligence
people who do lose their will likely create more jobs
jobs?” The choices that pol- than it destroys, says the In-
icy makers and business lead- stitute, the think-tank arm of
 

 ers make about how to sup-
port displaced workers,
consulting firm McKinsey &
Co.
   
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Self-driving truck technology will likely require worker retraining.

For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Thursday, November 30, 2017 | B7

MONEY & INVESTING

Bitcoin Futures in Works STREET dictably. By contrast, just this

Continued from page B1
Nasdaq and Cantor by the computers of the “min-
ers” who run the distributed
Fitzgerald consider database known as the block-
launching products to chain. Wednesday’s backlog of
70,000 or so bitcoin trades
trade cryptocurrency waiting to go through is fairly
normal, with a peak in May
BY STEPHANIE YANG above 230,000—and low-fee
AND ALEXANDER OSIPOVICH transactions sometimes take
days to be confirmed.
Nasdaq Inc. and broker Bitcoin buffs often point to
Cantor Fitzgerald LP are the number of stores that ac-
looking to join the rush on cept the cryptocurrency as
Wall Street to trade bitcoin, proof of its success. Yet, doz-
which powered to a record on ens of new funds, listed vehi-
Wednesday. cles and apps have launched
PHILIPPE LOPEZ/AGENCE FRANCE-PRESSE/GETTY IMAGES
year bitcoin has had five-day
periods where it was up 44%
or down 25% against the dol-
lar.
Storing a lot of bitcoin is
also hard. For all that see it as
“digital gold,” bitcoin funds
are turning to physical safes—
where they store sheets of pa-
per on which cryptographic
keys are printed—to keep
their cryptocurrency safe from
hackers and staff. That isn’t so
much more convenient than
real gold, and fund fees are of-
ten higher than for gold funds.
Bitcoin’s price volatility
wouldn’t matter if it was a
unit of account. As Mr. Choue-
ifaty says, bitcoin has no vola-

Nasdaq aims to launch bit- this year with a sales pitch tility from the perspective of
coin futures in the first half of that this makes it easy for in- bitcoin, as 1 bitcoin is still
2018, according to people fa- vestors to get into bitcoin. If it worth 1 bitcoin. Yet, the base
miliar with the situation. is easier to get bitcoins by price of almost everything is
Separately, Cantor said it is buying a listed company than set in traditional currencies,
seeking to launch bitcoin de- just buying bitcoins, it is un- so the bitcoin price of pizzas
rivatives on an exchange it likely to become widely used and other stuff fluctuates
owns, also in the first half of anytime soon. wildly as the bitcoin exchange
next year. The moves come af- Bitcoin is pretty poor as a rate swings about.
ter two major Chicago ex- store of value, too. An investor But for the moment, bit-
change operators announced who put in $1,000 at the start coin’s best hope looks like at-
similar plans for bitcoin. of the year might not agree, tracting more buyers who
Investor interest has grown because the bitcoins are now want to shift their savings
as the digital currency has ex- worth over $10,000. But the onto the blockchain—and
ploded in value. Bitcoin is up Investor interest in bitcoin is growing as the cryptocurrency powered above $11,000 on Wednesday. point of storing value is to be speculators willing to bet that
more than 10-fold since the fairly confident of what it those savers will arrive. The
start of the year. It was trad- Inc. and Cboe Global Markets bitcoin prices up to three mission, meaning it would be might be worth in the future. soaring price of bitcoin alone
ing at $10,214.22 late Wednes- Inc.—the two Chicago ex- months out, with built-in pro- easier to launch bitcoin fu- The value of the dollar is shows that expectations are
day afternoon after hitting a change groups that have an- tections to limit their losses if tures on Cantor’s exchange eroded by inflation, but when high. But as currency historian
record of $11,377.33 earlier in nounced plans to launch bit- bitcoin prices swing above than to create a new futures the Federal Reserve is doing and Berkeley economics pro-
the day, according to Coin- coin futures—by designing a $15,000 or below $5,000. exchange from scratch. its job properly that should fessor Barry Eichengreen said:
Desk. futures contract that better The firm expects retail Separately, Nodal Exchange erode slowly and fairly pre- “Expectations can change.”
The emergence of bitcoin tracks the world-wide price of traders to be the initial adopt- LLC, a decade-old U.S. futures
futures would be a big step to- bitcoin. Nasdaq has briefed ers of the new contract, but it exchange specializing in elec-
ward maturity for the crypto- market participants on its is targeting institutional play- tricity and natural-gas trading, Bitcoin Takes Off
currency, which is less than a plans, this person added. ers, too, executives said. is exploring whether to launch Price of one bitcoin
decade old. By letting traders Nasdaq isn’t completely “The asset class is not go- cryptocurrency futures, a per- Wednesday
$10,000
bet on whether bitcoin rises or new to bitcoin. It lists an ex- ing away,” said Shawn Mat- son familiar with the matter $10,214.22
falls, a futures market would change-traded note linked to thews, chief executive of Can- said. Nodal’s parent company (as of 5 p.m. ET)
make it easier for both big the digital currency on one of tor Fitzgerald & Co., the firm’s is majority-owned by German 8,000
banks and retail investors to its European exchanges. brokerage arm. “If you look at exchange Deutsche Börse AG.
trade bitcoin. Cantor, a global financial the next level, it will be the in- Such upstarts could face
Nasdaq’s bitcoin contract firm founded in 1945 whose stitutions coming in and being tough competition from more 6,000
would debut on Nasdaq Fu- businesses range from bond larger participants in the mar- established futures exchanges.
tures, or NFX, a marketplace brokerage to investment bank- ketplace, especially as liquid- CME, the world’s biggest ex-
that the New York-based ex- ing to real estate, unveiled its ity gets better.” change group, is seeking to 4,000
change group launched in 2015 bitcoin-derivatives plans in an Cantor’s exchange is a back- launch bitcoin futures as soon
that until now has mainly fo- interview with The Wall Street water of futures markets, with as the second week of Decem-
cused on energy trading, ac- Journal. a few thinly traded contracts ber. Cboe is aiming to launch 2,000
cording to the people familiar The firm aims to launch a tied to weather events, for- its bitcoin futures by early
with the situation. bitcoin swap—a type of deriv- eign-exchange rates and gold. 2018, the company has said. 0
One of the people said Nas- ative—on Cantor Futures Ex- But it does have a valuable as- CME’s and Cboe’s planned
daq is trying to differentiate change LP. Cantor’s swap set: a license from the Com- contracts are under review by 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17
itself from rivals CME Group would allow traders to bet on modity Futures Trading Com- the CFTC. Source: CoinDesk THE WALL STREET JOURNAL.

Heavy Trading Trips Up Exchanges Treasury Won’t Block

BY PAUL VIGNA
AND ALEXANDER OSIPOVICH Too Hot to Handle 11:07 a.m.
GDAX temporarily stops
$11,500
Regulatory Authority
The digital currency bitcoin
whipsawed Wednesday, leav-
Bitcoin's epic price surge
subsided Wednesday
afternoon amid order-
10:32 a.m. Wednesday
Gemini reports some
customers are unable to
access the exchange.
executing orders while trying
to stabilize its system.
11,000
To Seize Failing Banks
ing several bitcoin exchanges handling problems at BY RYAN TRACY an unwarranted taxpayer
overwhelmed by heavy trading some exchanges. backstop of large financial
volume. 10,500 WASHINGTON—The Trump firms.
There was a record level of administration doesn’t plan to Treasury Secretary Steven
more than 400,000 transac- recommend stripping regula- Mnuchin said in January that
tions across bitcoin trading tors of their power to seize with proper regulation “a lot
10,000
networks on Wednesday, ac- and unwind a failing financial of the need for [OLA] goes
cording to bitcoin services firm in a crisis, according to away.” In February, White
provider blockchain.info. people familiar with the mat- House National Economic
11:20 a.m. 3:35 p.m. 9,500
The activity put a strain on GDAX says services Bitstamp tweets that ter, a development likely to Council Director Gary Cohn
some of the most popular digi- are restored. it is ‘investigating’ make defenders of the 2010 said the administration should
tal currency platforms. San performance issues. Dodd-Frank financial law talk about “whether OLA
Francisco-based Coinbase, 9,000 breathe a sigh of relief. should ever be triggered.”
which runs the GDAX ex- The Treasury Department, President Donald Trump
5 p.m. Nov. 29 5 noon 5
change, said it had an outage 12 a.m. EST
in a coming report on the sent a memo to Mr. Mnuchin
because of record trading vol- Source: CoinDesk THE WALL STREET JOURNAL. Dodd-Frank provision known in April asking him to review
ume, which came after bitcoin as orderly liquidation author- OLA, and symbolically placing
broke through the $10,000 were resolved. A spokesman tomotive engineer in Ann Ar- nately,” he said. “I’m going to ity, plans to propose changes use of the authority on hold
mark, unleashing heavy inves- for Bitstamp declined to com- bor, Mich., said he has been have to have a plan B for next to the policy without scrap- except for emergency use. The
tor interest. ment. looking for an opportunity to time.” ping it wholesale, these people Treasury report on OLA, ex-
GDAX was “taking all pre- Kraken, based in San Fran- buy bitcoin again after selling Jeremy Dillard, a 21-year- said. pected in the coming weeks, is
cautions to avoid any further cisco, reported “partially de- when prices were trading old finance and marketing ma- A Treasury spokeswoman a response to that memo.
outages,” a spokesman said. By graded service” in a status around $5,000. He thought jor at James Madison Univer- declined to comment. Supporters of OLA include
late Wednesday afternoon, message on its website. A Kra- Wednesday’s selloff may be a sity who has been buying Repealing OLA would re- Jerome Powell, the Federal Re-
GDAX had updated its network ken spokeswoman later said chance to buy, but couldn’t ac- bitcoin between classes for quire an act of Congress. A serve governor whom Mr.
status, saying the issues had the exchange was “working cess his account on Gemini. four months, had hoped to add recommendation from the Trump has nominated to lead
been resolved. fine.” Marcos Paulo Damasceno, a to his positions Wednesday Treasury to scrap the provi- the central bank.
A European bitcoin ex- Gemini, based in New York, 26-year-old software devel- through his GDAX account. sion would have added fire-
change, Bitstamp, also had reported service disruptions oper in Montreal, added Just as he was about to send power to Republican lawmak-
problems Wednesday, with its and “degraded performance” money to his Coinsquare ac- his order, the site went down. ers’ calls to do so.
website inaccessible and peo- on its website. “All customers’ count two days ago in antici- “This is quite possibly the Several senior Trump ad-
Repealing orderly
ple complaining on social me- assets continue to remain se- pation of buying the dip. How- worst timing ever,” Mr. Dillard ministration officials ques- liquidation authority
dia that it wasn’t working. “We cure during this time,” the ever, on Wednesday he was wrote on his Twitter account, tioned OLA earlier this year,
are investigating our perfor- firm wrote. The firm later said frustrated to find that he including two crying emojis in and House Republicans in June
requires an act of
mance issues and working to it was working to fix the issue. couldn’t access his app or the his post. voted to scrap it as part of the Congress.
resume operations,” Bitstamp The outages and slowdowns website, and missed out on the —Stephanie Yang Financial Choice Act, a broad
said on its official Twitter ac- annoyed some investors. Kun- chance to buy more bitcoin. and Akane Otani deregulatory bill. That has
count, later saying the issues war Kochar, a 24-year-old au- “I have no options, unfortu- contributed to this article. fueled concerns among big
banks and financial regulators “My view is that bank-
who say the provision is a cru- ruptcy should be the preferred

Technical Error Blocks In the Lead

Market share of discount- and online-brokerage firms
cial alternative to taxpayer-
funded bailouts.
The Dodd-Frank provision
option for the failure of insti-
tutions including very large fi-
nancial institutions. I think

Fidelity Web Accounts by customer assets

BYCHRIS DIETERICH site and mobile app. Both were
AND SARAH KROUSE fully operational by Wednes-
day afternoon.
A technical error at Fidelity Website outages do occur
Investments on Wednesday occasionally at brokerage
morning blocked millions of firms and can affect all or part
customers from their online- of a company’s customer base.
brokerage accounts. Fidelity’s outage was more
For more than two hours, widespread than most.
attempts to log in were met Index-fund giant Vanguard
with an error message telling Group experienced a website
users that access to their ac- outage earlier this year that
counts was “temporarily un- left many of its clients unable
available.” Around noon East- to log on to their accounts and
ern time, an alert atop the trade for part of the trading
website said the issue had session. The firm said at the
been resolved and urged in- time that full online function-
vestors to “please try again.” ality was fixed in under two
A Fidelity spokesman said hours and that the problem
the outage was the result of was caused by an error during
an “internal tech issue” affect- a planned technology update.
ing all users of the firm’s web- Vanguard later reimbursed
40% Fidelity
Investments
empowered regulators to seize
and liquidate a failing financial
firm if it posed a threat to U.S.
we’ve made tremendous prog-
ress on that,” Mr. Powell said
at a hearing on his nomination
35 financial stability. It has never Tuesday. “However, there may
2016: 41.2% been put into practice. Instead come a time when bankruptcy
30 Charles Schwab of injecting taxpayer dollars is not going to work in a very
26.6% into the company, as with the stressful situation that really
25
Other 2008 bailouts, officials would threatens the economic health
20 10.8%
instead have the power to im- of the country….In that case,
15 TD Ameritrade pose losses on shareholders, we really will need a backup in
10.1% oust management and liqui- the form of something like or-
10 E-Trade
date toxic assets. They could derly liquidation authority.”
5 7.8% use those powers only if bank- Mr. Powell also signaled he
Merrill Edge ruptcy wasn’t a viable option. was open to discussing
0 3.5%
Conservatives worry about changes to OLA, saying “it
2007 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 the part of OLA that allows isn’t a perfect law or perfect
Source: Aite Group THE WALL STREET JOURNAL. the Federal Deposit Insurance structure.”
Corp. to borrow from the It was unclear exactly
commissions charged on some among discount- and online- Treasury to keep a failing firm which changes to OLA the ad-
trades that day and offered brokerage firms, according to operating during liquidation. ministration will propose.
some customers “additional the latest research available Dodd-Frank defenders say Many changes would require
service,” a spokeswoman said from Aite Group, a consulting those loans could be recouped an act of Congress. A biparti-
after the outage. firm. It had 41% of the market from the financial industry san group of senators recently
Fidelity had the largest at the end of 2016, followed by later. Conservatives still view proposed changes to Dodd-
market share by client assets Charles Schwab Corp. with 27%. the possible line of credit as Frank but left OLA alone.
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B8 | Thursday, November 30, 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.
NYSE Arca, NYSE MKT and Nasdaq Stock t-New 52-week low. EnelAmericas ENIA 9.72 -0.05 Ingersoll-Rand IR 86.07 -0.58 NatlOilwell NOV 32.61 0.48 Sasol SSL 30.91 -0.02 UniversalHealthB UHS 107.47 5.14 CSX CSX 54.44 2.51 LogMeIn LOGM 116.35 -4.50
EnelGenChile EOCC 24.90 -0.41 s Ingredion INGR 139.75 0.68 NatlRetailProp NNN 41.37 -0.46 Scana SCG 43.74 0.22 s UnumGroup UNM 56.42 1.19 CadenceDesign CDNS 43.16 -2.03 lululemon LULU 66.87 -0.50
Market listed securities. Prices are composite dd-Indicates loss in the most recent
quotations that include primary market trades four quarters. EnergyTransferEq ETE 15.79 -0.27 ICE ICE 69.80 0.45 NewOrientalEduc EDU 85.00 -3.29 Schlumberger SLB 62.15 -0.14 VEREIT VER 7.85 -0.06 CaesarsEnt CZR 13.10 -0.15 MarketAxess MKTX 196.04 2.61
t EnergyTransfer ETP 15.71 -0.11 s InterContinentl IHG 58.76 0.27 NY CmntyBcp NYCB 13.48 0.45 s SchwabC SCHW 48.42 1.28 VF VFC 74.13 0.11 Carlyle CG 20.30 ... Marriott MAR 126.49 -0.41
as well as trades reported by Nasdaq OMX FD-First day of trading.
BXSM (formerly Boston), Chicago Stock h-Does not meet continued listing Entergy ETR 86.15 -0.19 IBM IBM 153.55 1.08 NewellBrands NWL 30.51 -0.04 ScottsMiracleGro SMG 98.38 -0.06 s Visa V 109.86 -3.50 Cavium CAVM 84.83 -2.73 MarvellTech MRVL 22.21 -1.06
Exchange, CBOE, National Stock Exchange, ISE standards EnterpriseProd EPD 23.89 -0.37 s IntlFlavors IFF 154.56 0.11 NewfieldExpln NFX 30.10 0.18 SealedAir SEE 47.34 0.18 VailResorts MTN 223.83 -2.21 s CboeGlobalMkts CBOE120.93 -1.79 MatchGroup MTCH 29.07 -1.43
and BATS. lf-Late filing Equifax EFX 112.65 0.56 IntlPaper IP 55.52 -0.06 NewmontMin NEM 36.60 -0.54 SemicondctrMfg SMI 6.78 -0.28 Vale VALE 11.01 -0.32 Celgene CELG 103.12 -0.87 Mattel MAT 18.24 ...
The list comprises the 1,000 largest q-Temporary exemption from Nasdaq EquityLife ELS 89.64 -0.18 Interpublic IPG 20.05 0.66 NextEraEnergy NEE 157.77 -0.02 SempraEnergy SRE 120.26 0.68 ValeantPharm VRX 16.45 0.05 CentennialRsc CDEV 19.80 -0.03 MaximIntProducts MXIM 52.11 -1.39
companies based on market capitalization. requirements. EquityResdntl EQR 66.74 -0.16 InvitatHomes INVH 23.51 0.43 NielsenHoldings NLSN 36.32 -1.13 SensataTech ST 50.16 0.13 ValeroEnergy VLO 83.34 0.10 Cerner CERN 69.77 0.02 MelcoResorts MLCO 25.85 -0.41
Underlined quotations are those stocks with t-NYSE bankruptcy EssexProp ESS 247.68 0.91 IronMountain IRM 40.52 -0.16 s Nike NKE 60.36 0.78 s ServiceCorp SCI 36.81 0.90 Vantiv VNTV 72.25 -2.06 CharterComms CHTR 331.67 5.78 MercadoLibre MELI 267.70 -2.14
large changes in volume compared with the v-Trading halted on primary market. EsteeLauder EL 123.93 -1.00 IsraelChemicals ICL 4.02 0.02 NiSource NI 27.17 -0.03 s ServiceMaster SERV 48.51 0.75 s VarianMed VAR 111.22 1.69 CheckPoint CHKP 102.06 -2.16 MicrochipTech MCHP 86.58 -4.00
issue’s average trading volume. vj-In bankruptcy or receivership or EverestRe RE 222.74 -2.27 ItauUnibanco ITUB 12.96 -0.34 NobleEnergy NBL 25.91 0.06 ServiceNow NOW120.59 -6.04 s Vectren VVC 68.75 0.25 ChinaLodging HTHT 102.80-11.68 MicronTech MU 43.74 -4.19
Boldfaced quotations highlight those issues being reorganized under the EversourceEner ES 64.61 0.05 s JPMorganChase JPM 103.73 2.37 Nokia NOK 5.02 -0.03 ShawComm B SJR 22.56 0.39 Vedanta VEDL 18.35 -0.47 CincinnatiFin CINF 74.87 0.62 Microsemi MSCC 51.67 -2.78
whose price changed by 5% or more if their Bankruptcy Code, or securities Exelon EXC 41.69 -0.27 JacobsEngg JEC 64.83 0.27 NomuraHoldings NMR 5.83 0.01 s SherwinWilliams SHW 393.96 -3.58 VeevaSystems VEEV 58.88 -3.12 s Cintas CTAS 153.73 1.70 Microsoft MSFT 83.34 -1.54
previous closing price was $2 or higher. assumed by such companies. ExtraSpaceSt EXR 85.06 -0.15 JamesHardie JHX 16.41 -0.14 Nordstrom JWN 45.76 3.09 ShinhanFin SHG 45.03 -0.12 Ventas VTR 64.07 0.46 s CiscoSystems CSCO 37.48 -0.25 Middleby MIDD 125.32 0.62
ExxonMobil XOM 82.27 0.60 JanusHenderson JHG 36.49 0.09 s NorfolkSouthern NSC 136.41 6.26 Shopify SHOP 103.67 -8.42 Verizon VZ 49.90 1.08 CitrixSystems CTXS 87.00 -0.69 Mondelez MDLZ 42.94 0.33
FMC FMC 93.21 -1.29 J&J JNJ 139.81 -0.21 NorthropGrum NOC 306.69 -1.21 SimonProperty SPG 158.73 2.61 VistraEnergy VST 19.15 -0.08 Cognex CGNX 135.84 -7.99 MonsterBev MNST 61.89 -0.20
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s FactSet FDS 198.28 -0.20 JohnsonControls JCI 38.09 -0.33 Novartis NVS 85.15 -0.22 s SmithAO AOS 62.50 0.24 s VMware VMW 119.42 -7.92 CognizantTech CTSH 72.11 -0.76 Mylan MYL 36.86 -0.02
changes in the closing prices from 4 p.m. the previous day. FederalRealty FRT 132.10 0.98 JonesLang JLL 151.66 -0.31 NovoNordisk NVO 51.32 -0.60 Smith&Nephew SNN 35.64 -0.23 VornadoRealty VNO 76.93 0.21 Coherent COHR 292.04-20.97 NXP Semi NXPI113.00 -0.79
FedEx FDX 225.93 7.42 JuniperNetworks JNPR 29.61 1.42 Nucor NUE 57.36 1.08 Smucker SJM 117.66 2.73 s VoyaFinancial VOYA 43.93 1.00 Comcast A CMCSA 37.19 0.94 s Nasdaq NDAQ 78.56 0.22
Wednesday, November 29, 2017 Net Net Ferrari RACE 108.40 -3.30 s KAR Auction KAR 49.77 1.02 OGE Energy OGE 35.28 -0.12 Snap SNAP 13.70 0.09 VulcanMatls VMC 124.86 3.20 CommerceBcshrs CBSH 57.13 1.79 NatlInstruments NATI 43.08 -1.25
Stock Sym Close Chg Stock Sym Close Chg FiatChrysler FCAU 17.05 -0.26 s KB Fin KB 54.83 0.26 ONEOK OKE 50.43 0.37 SnapOn SNA 167.22 3.15 WABCO WBC 149.83 0.81 CommScope COMM 36.44 -0.32 s NektarTherap NKTR 54.14 2.02
Net
FibriaCelulose FBR 14.65 -0.58 KKR KKR 19.78 0.15 OccidentalPetrol OXY 69.90 0.94 SOQUIMICH SQM 52.42 -2.08 WEC Energy WEC 69.26 0.33 Copart CPRT 42.13 0.34 s NetApp NTAP 56.23 -0.57
Stock Sym Close Chg BCE BCE 47.99 -0.40 CenturyLink CTL 14.54 0.85 FidNatlFin FNF 40.21 -0.17 KT KT 15.12 0.10 Olin OLN 35.33 -0.63 Sony SNE 47.37 -0.93 W.P.Carey WPC 71.10 -0.46 CoStar CSGP 301.86 -5.56 Netease NTES 324.42 -7.57
BHPBilliton BHP 41.44 -0.56 Chemours CC 51.71 -1.43 FidNatlInfo FIS 92.72 ... s KSCitySouthern KSU 110.12 3.25 Omnicom OMC 72.93 2.28 Southern SO 51.09 -0.40 WPP 87.65 1.44 Netflix NFLX 188.15-11.03
NYSE BHPBilliton BBL 36.32 -0.66 Chevron CVX 117.18 0.73 58.com WUBA 73.11 -2.68 Kellogg K 66.80 0.86 Oracle ORCL 48.52 -0.49 SoCopper SCCO 42.50 -0.56
WPP
Wabtec WAB 77.00 2.14
Costco COST 177.53 3.88
Ctrip.com CTRP 46.25 -0.42 Neurocrine NBIX 68.40 0.21
BP BP 39.71 -0.19 ChinaEastrnAir CEA 30.35 0.30 FirstAmerFin FAF 54.86 -0.43 KeyCorp KEY 19.01 0.53 Orange ORAN 17.12 0.04 SouthwestAir LUV 58.88 2.71 Wal-Mart WMT 97.56 0.79 s NewsCorp B NWS 16.45 0.10
ABB ABB 25.50 -0.33 DISH Network DISH 51.28 0.87
BRF BRFS 12.15 -0.31 ChinaLifeIns LFC 16.70 -0.32 FirstData FDC 16.17 -0.45 KeysightTechs KEYS 43.10 -1.61 OrbitalATK OA 132.25 ... t SpectraEnerPtrs SEP 38.84 -0.51 WasteConnections WCN 69.10 -0.20 s NewsCorp A NWSA 16.35 0.20
AECOM ACM 37.16 0.28 DentsplySirona XRAY 68.36 -0.22
BT Group BT 17.29 0.50 ChinaMobile CHL 51.02 -0.56 FirstRepBank FRC 96.48 1.75 KilroyRealty KRC 75.46 0.43 Orix IX 85.83 1.69 SpectrumBrands SPB 115.08 0.77 s WasteMgt WM 82.62 1.01 Nordson NDSN 125.66 -3.34
AES AES 10.61 0.04 DiamondbkEner FANG 108.15 -0.08
BWX Tech BWXT 60.96 -0.37 ChinaPetrol SNP 71.49 -0.80 FirstEnergy FE 33.67 0.13 KimberlyClark KMB 119.14 1.76 Oshkosh OSK 88.88 1.39 SpiritAeroSys SPR 83.51 0.34 Waters WAT 195.68 -2.12 NorthernTrust NTRS 98.24 1.95
s Aflac AFL 87.19 0.92 DiscovComm C DISCK 17.78 0.91
BakerHughes BHGE 29.98 -0.10 ChinaSoAirlines ZNH 45.57 -0.30 FleetCorTech FLT 179.52 -0.61 KimcoRealty KIM 18.47 0.17 s OwensCorning OC 88.29 -1.30 Sprint S 6.07 ... Watsco WSO 166.50 0.83 NorwegCruise NCLH 55.29 -0.02
AGCO AGCO 70.90 -0.53 BLL 39.56 -0.02 DiscovComm A DISCA 18.87 0.90
Ball ChinaTelecom CHA 48.23 -0.62 Fluor FLR 48.20 0.56 t KinderMorgan KMI 16.76 -0.27 PG&E PCG 55.06 0.01 Square SQ 39.13 -3.42 Wayfair W 67.87 -2.20 NVIDIA NVDA 196.42-14.29
AT&T T 36.48 1.06 s DollarTree DLTR 104.14 3.20
BancoBilbaoViz BBVA 8.63 0.09 ChinaUnicom CHU 14.61 -0.33 FomentoEconMex FMX 90.44 -0.40 Knight-Swift KNX 41.75 1.01 PLDT PHI 29.65 -0.30 s StanleyBlackDck SWK 167.61 -1.49 s WellCareHealth WCG 211.18 7.07 OReillyAuto ORLY 236.32 7.85
AbbottLabs ABT 55.58 -0.44 s E*TRADE ETFC 47.78 1.47
BancodeChile BCH 83.31 -0.56 Chipotle CMG 301.99 16.13 FordMotor F 12.56 0.35 Kohl's KSS 47.70 1.69 s PNC Fin PNC 139.73 4.05 StateStreet STT 94.68 1.54 WellsFargo WFC 56.68 1.11 s OldDomFreight ODFL 127.05 2.18
AbbVie ABBV 95.82 0.40 BancoMacro BMA 103.35 0.80 EXACT Sci EXAS 57.79 -1.00
Chubb CB 152.64 1.07 ForestCIty A FCE.A 24.48 -0.34 KoninklijkePhil PHG 38.40 -0.52 POSCO PKX 75.69 1.22 Statoil STO 20.13 -0.10 Welltower HCN 67.28 0.16 ON Semi ON 19.98 -1.14
s Accenture ACN 146.95 -1.09 s EastWestBncp EWBC 61.56 2.34
BcoSantChile BSAC 28.03 -0.68 ChunghwaTel CHT 34.54 -0.06 Fortis FTS 36.89 -0.71 KoreaElcPwr KEP 17.62 -0.17 PPG Ind PPG 117.01 -0.33 Steris STE 89.44 0.51 WestPharmSvcs WST 99.88 3.53 OpenText OTEX 32.63 -0.43
AcuityBrands AYI 170.45 2.41 BancoSantander SAN 6.73 0.08 eBay EBAY 34.38 -1.12
Church&Dwight CHD 46.79 1.14 Fortive FTV 73.42 0.13 Kroger KR 24.38 0.82 PPL PPL 36.61 0.08 STMicroelec STM 22.32 -1.71 WestarEnergy WR 56.29 -0.22 PTC PTC 62.26 -3.43
Adient ADNT 79.08 -0.58 BanColombia CIB 38.86 -0.08 s Cigna CI 205.83 5.28 EchoStar SATS 60.65 ...
FortBrandsHome FBHS 66.87 1.15 s Kyocera KYO 71.19 -0.17 s PVH PVH 137.14 -0.42 Stryker SYK 154.10 -1.68 s WestAllianceBcp WAL 58.79 1.93 Paccar PCAR 69.01 0.48
AdvanceAuto AAP 99.95 7.11 s BankofAmerica BAC 28.28 0.64 CimarexEnergy XEC 114.23 -0.01 ElbitSystems ESLT 140.26 -3.85
Franco-Nevada FNV 82.96 -2.04 LATAMAirlines LTM 13.27 -0.26 PackagingCpAm PKG 115.09 2.14 SumitomoMits SMFG 8.22 0.12 t WesternGasEquity WGP 34.62 -0.27 PacWestBancorp PACW 47.90 1.66
AdvSemiEngg ASX 6.45 -0.16 BankofMontreal BMO 77.34 -0.36 Citigroup C 75.04 1.34
ElectronicArts EA 105.49 -3.98
FranklinRscs BEN 43.13 0.96 L Brands LB 52.53 0.21 PaloAltoNtwks PANW 144.90 -4.20 SunComms SUI 92.71 0.03 t WesternGasPtrs WES 42.92 -0.89 s Paychex PAYX 66.58 0.78
s Aegon AEG 6.23 0.07 BankNY Mellon BK 54.41 1.28 s CitizensFin CFG 40.67 1.89 Equinix EQIX 468.32 -9.63
FreeportMcM FCX 14.01 0.07 LG Display LPL 13.92 -0.28 ParkHotels PK 28.90 0.78 SunLifeFinancial SLF 39.57 0.31 WesternUnion WU 19.70 0.01 PayPal PYPL 73.25 -4.54
AerCap AER 51.74 0.03 BkNovaScotia BNS 63.58 -0.23 Clorox CLX 139.22 2.26 Ericsson ERIC 6.35 -0.09
FreseniusMed FMS 49.31 0.17 LINE LN 42.27 -1.67 ParkerHannifin PH 184.32 -1.41 SuncorEnergy SU 34.48 -0.22 s WestlakeChem WLK 96.09 0.75 People'sUtdFin PBCT 19.26 0.55
Aetna AET 179.57 0.73 BCS 10.35 0.31 ErieIndemnity A ERIE 123.78 0.78
Barclays Coca-Cola KO 45.50 -0.33 GGP GGP 23.40 0.05 s L3 Tech LLL 196.45 1.68 ParsleyEnergy PE 26.36 0.05 s SunTrustBanks STI 61.30 2.26 WestpacBanking WBK 23.92 -0.08 s PilgrimPride PPC 36.21 0.44
s AffiliatedMgrs AMG 198.63 2.00 Bard CR BCR 336.81 0.38 Coca-Cola Euro CCE 38.33 -0.41 s Gallagher AJG 66.42
Exelixis EXEL 26.10 -0.91
-0.21 LabCpAm LH 157.02 5.80 Pearson PSO 9.45 0.11 SynchronyFin SYF 35.35 0.86 WestRock WRK 60.26 0.98 Priceline PCLN 1734.45-17.57
AgilentTechs A 68.69 -1.90 BarrickGold ABX 14.03 -0.11 Expedia EXPE 122.02 -3.66
Coca-Cola Femsa KOF 68.85 0.06 s Gap GPS 32.50 1.52 LambWeston LW 53.95 -0.08 PembinaPipeline PBA 33.91 -0.62 Syngenta SYT 92.36 -0.11 Weyerhaeuser WY 35.37 -0.31 Qiagen QGEN 31.84 -0.33
AgnicoEagle AEM 43.59 -1.60 BAX 65.18 -0.87 s ExpeditorsIntl EXPD 64.41 3.14
BaxterIntl ColgatePalm CL 72.01 -0.75 GardnerDenver GDI 31.15 -0.08 s LasVegasSands LVS 67.56 -0.80 Pentair PNR 69.32 ... s SynovusFin SNV 49.94 1.80 WheatonPrecMet WPM 20.65 -0.39 Qorvo QRVO 76.69 -2.34
Agrium AGU 108.58 0.04 BectonDicknsn BDX 226.88 -0.27 ColonyNorthStar CLNS 12.30 0.18 s Lazard ExpressScripts ESRX 62.86 1.42
Gartner IT 119.31 -0.18 LAZ 48.74 0.81 PepsiCo PEP 116.84 0.07 s Sysco SYY 57.70 1.37 Whirlpool WHR 168.99 1.51 Qualcomm QCOM 66.52 -1.86
AirProducts APD 162.62 -0.62 WRB 68.50 1.94 s Comerica CMA 83.49 2.66 s Lear F5Networks FFIV 129.86 3.19
Berkley Gazit-Globe GZT 10.24 0.15 LEA 179.10 -0.18 s PerkinElmer PKI 73.18 -0.62 TAL Education TAL 27.29 -1.03 Williams WMB 28.32 -0.04 RandgoldRscs GOLD 93.39 -3.67
AlaskaAir ALK 69.11 1.82 s BerkHathwy A BRK.A2848994459.99 SABESP SBS 10.25 -0.19 Facebook FB 175.13 -7.29
GeneralDynamics GD 204.17 -0.02 Leggett&Platt LEG 48.10 0.75 Perrigo PRGO 87.72 0.69 TE Connectivity TEL 94.25 -1.45 WilliamsPartners WPZ 35.37 -0.16 RegenPharm REGN358.63 -7.37
Albemarle ALB 131.95 -4.94 s BerkHathwy B BRK.B 189.85 2.31 ConagraBrands CAG 37.20 0.76 GeneralElec GE 18.48 Fastenal FAST 51.24 0.84
0.07 Leidos LDOS 62.39 -0.40 PetroChina PTR 66.91 -1.28 Telus TU 37.37 -0.50 Wipro WIT 5.32 0.01 s RossStores ROST 75.95 3.14
Alcoa AA 41.24 -2.06 s FifthThirdBncp FITB 30.46 1.22
BerryGlobal BERY 59.31 -0.13 ConchoRscs CXO 137.51 -0.27 GeneralMills GIS 56.34 1.50 s Lennar A LEN 62.18 0.64 PetroleoBrasil PBR 9.81 -0.35 TIM Part TSU 18.71 -0.60 WooriBank WF 44.60 -0.41 s Ryanair RYAAY126.69 4.49
AlexandriaRlEst ARE 126.97 1.10 BestBuy BBY 58.83 0.78 ConocoPhillips COP 50.73 0.60 GeneralMotors GM 43.81 -1.11 s Lennar B LEN.B 51.36 0.52 FirstSolar FSLR 60.02 -2.11
PetroleoBrasilA PBR.A 9.46 -0.38 TJX TJX 74.78 2.13 s Wyndham WYN 112.27 1.92 SBA Comm SBAC 169.76 -2.33
Alibaba BABA179.91 -6.78 s Bio-RadLab A BIO 269.58 6.28 ConEd ED 88.40 0.42 s Genpact 32.01 -0.33 s LennoxIntl LII 203.83 2.69 Fiserv FISV 128.72 0.31
G Pfizer PFE 36.21 0.36 TaiwanSemi TSM 39.41 -1.52 XPO Logistics XPO 77.17 0.60 s SEI Investments SEIC 69.78 0.26
Alleghany Y 584.24 11.76 BlackKnight BKI 44.85 -0.85 ConstBrands A STZ 214.36 -5.66 GenuineParts GPC 91.50 2.16
Flex FLEX 18.11 -0.54
LeucadiaNatl LUK 26.63 0.12 PhilipMorris PM 102.68 -0.20 Tapestry TPR 41.51 0.86 XcelEnergy XEL 51.26 0.01 Sina SINA 101.23 -4.05
Allegion ALLE 82.94 -0.39 BlackBerry BB 10.65 -0.28 ConstBrands B STZ.B 218.00 -3.05 GGB 3.36 ... LibertyProperty LPT 44.62 -0.13 s Phillips66 PSX 94.91 FlirSystems FLIR 46.56 -0.99
Gerdau 0.86 TargaResources TRGP 41.73 0.14 Xerox XRX 29.30 0.30 SS&C Tech SSNC 40.99 -0.55
Allergan AGN 175.69 3.77 s BlackRock BLK 500.82 7.76 ContinentalRscs CLR 46.05 0.48 GIL 31.77 -0.11 LLY 84.96 -0.09 Fortinet FTNT 41.44 -0.72
Gildan EliLilly PinnacleFoods PF 57.42 0.58 Target TGT 61.68 5.06 s Xylem XYL 68.20 -0.32 s SVB Fin SIVB 226.98 5.65
AllianceData ADS 233.21 7.60 Blackstone BX 31.53 0.04 Cooper COO 242.59 -0.66 GSK 35.47 -0.45 s LincolnNational LNC 76.55 1.72 Gaming&Leisure GLPI 35.54 -0.52
GSK PinnacleWest PNW 91.01 0.23 TataMotors TTM 31.56 -0.63 YPF YPF 22.31 -0.27 ScrippsNetworks SNI 81.37 1.17
AlliantEnergy LNT 44.90 0.12 s Boeing BA 269.30 1.31 Copa CPA 134.97 0.47 GlobalPayments GPN 98.96 -4.59 s LionsGate A LGF.A 34.43 -0.03 s Garmin GRMN 62.40 -0.52
PioneerNatRscs PXD 151.16 0.07 TechnipFMC FTI 27.57 0.07 s YumBrands YUM 81.81 0.78 Seagate STX 38.75 -1.23
s Allstate ALL 101.96 1.44 s BorgWarner BWA 54.86 0.57 s Corning GLW 32.48 0.04 GoDaddy GDDY 48.78 -1.67 s LionsGate B LGF.B 32.76 0.02 t PlainsAllAmPipe PAA 18.57 -0.16
GileadSciences GILD 73.67 1.08
TeckRscsB TECK 22.67 -0.21 YumChina YUMC 41.01 -0.12 SeattleGenetics SGEN 59.14 0.45
s AllyFinancial ALLY 26.66 0.15 BostonProps BXP 125.05 0.36 Coty COTY 17.09 0.02 Goldcorp GG 12.65 -0.38 s LiveNationEnt LYV 45.69 -0.72 PlainsGP PAGP 19.66 -0.11 TelecomArgentina TEO 34.88 0.16
Goodyear GT 32.14 0.33
ZTO Express ZTO 15.91 -0.09
GRFS 22.41 -0.20 Shire SHPG 149.54 0.03
AlticeUSA ATUS 18.70 0.34 BostonSci BSX 25.95 -0.44 Credicorp BAP 213.61 -0.52 GoldmanSachs GS 241.36 2.70 LloydsBanking LYG 3.62 0.10 s PolarisIndustries PII 129.06 1.40 TelecomItalia TI 8.29 -0.05
Grifols
ZayoGroup ZAYO 35.35 -0.35
GpoFinGalicia GGAL 56.08 0.07 SignatureBank SBNY 138.73 4.37
Altria MO 67.37 0.97 Braskem BAK 28.24 -0.55 CreditSuisse CS 16.65 0.01 Graco GGG 128.84 -3.00 LockheedMartin LMT 320.76 1.75 Potash POT 19.50 0.03 TelecomItalia A TI.A 6.83 -0.09 ZimmerBiomet ZBH 116.52 1.31
HD Supply HDS 36.54 0.61 SiriusXM SIRI 5.48 0.05
AlumofChina ACH 16.60 -0.52 Bristol-Myers BMY 62.90 0.38 CrownCastle CCI 112.86 -0.66 Grainger GWW 216.77 5.20 s Loews L 50.33 0.22 Praxair PX 155.17 -1.19 s TeledyneTech TDY 183.51 -1.79 Zoetis ZTS 71.61 0.22
HAS 92.84 -0.94 Skyworks SWKS 105.33 -2.22
Ambev ABEV 6.30 -0.13 BritishAmTob BTI 64.77 -1.39 CrownHoldings CCK 59.22 0.05 GreatPlainsEner GXP 34.05 -0.14 Lowe's LOW 83.30 1.62 s PrincipalFin PFG 71.54 1.49 Teleflex TFX 264.41 -5.78 Hasbro
Ameren AEE 63.68 -0.17 HenrySchein HSIC 70.30 -0.20 Splunk SPLK 79.49 -1.93
AmericaMovil AMX 17.59 0.02
BroadridgeFinl BR 89.12 -1.09 Cullen/Frost CFR 100.83 2.90 GrubHub GRUB 66.20 -2.03 LyondellBasell LYB 105.01 0.07 Procter&Gamble PG 89.38 -0.02 TelefonicaBras VIV 14.78 -0.44 NASDAQ Hologic HOLX 42.27 1.82 Starbucks SBUX 57.51 0.85
BrookfieldMgt BAM 41.37 -0.20 Cummins CMI 164.52 ... GpoAvalAcc AVAL 8.19 -0.15 M&T Bank MTB 169.11 4.77 s Progressive PGR 52.45 -0.33 Telefonica TEF 10.20 ... SteelDynamics STLD 37.87 0.71
AmericaMovil A AMOV 17.55 0.04 BrookfieldInfr BIP 43.77 0.27 DTE Energy DTE 114.56 0.22 GpFinSantMex BSMX 8.30 0.08 MGM Resorts MGM 33.65 0.40 Prologis PLD 66.13 -0.56 TelekmIndonesia TLK 30.75 -0.46 AGNC Invt AGNC 20.07 -0.03 JBHunt JBHT 108.64 2.61
HuntingtonBcshs HBAN 14.48 0.51 Symantec SYMC 28.57 -0.40
AmCampus ACC 42.47 0.35 s Brown&Brown BRO 50.89 0.11 DXC Tech DXC 95.52 -2.48 GrupoTelevisa TV 18.05 0.53 MPLX MPLX 34.41 -0.24 s PrudentialFin PRU 115.87 3.04 Tenaris TS 28.76 0.02 ANGI Homesvcs ANGI 11.45 -0.48
IAC/InterActive IAC 127.64 -6.30 Synopsys SNPS 86.77 -3.03
AEP AEP 77.14 0.12 Brown-Forman A BF.A 59.84 -0.16 Danaher DHR 93.94 -0.38 Guidewire GWRE 76.96 -4.55 MSCI MSCI 127.73 -1.62 s Prudential PUK 50.84 0.08 Teradyne TER 40.82 -2.17 Ansys ANSS 146.58 -3.69 s TD Ameritrade AMTD 50.87 0.87
s AmerExpress AXP 96.60 1.32 Brown-Forman B BF.B 59.20 -0.28 Darden DRI 84.81 1.75 HCA Healthcare HCA 80.14 2.07 Macerich MAC 64.23 0.36 s PublicServiceEnt PEG 52.70 0.66 TevaPharm TEVA 15.07 0.38 ASML ASML 172.44-11.85 IdexxLab IDXX 154.00 -1.02
IHSMarkit INFO 44.16 -0.46 T-MobileUS TMUS 61.83 0.45
AmericanFin AFG 105.27 1.08 t BuckeyePtrs BPL 44.59 -0.43 DaVita DVA 60.64 2.16 HCP HCP 26.90 0.35 Macy's M 23.98 1.81 PublicStorage PSA 210.26 0.83 Textron TXT 54.84 0.52 Abiomed ABMD 194.15 -3.18 s TRowePrice TROW 101.27 1.52
AmerHomes4Rent AMH 21.76 0.17 Bunge BG 66.42 0.97 Deere DE 148.44 -0.94 HDFC Bank HDB 97.85 -0.20 MagellanMid MMP 64.71 -0.83 s PulteGroup PHM 33.81 0.57 ThermoFisherSci TMO 192.62 -3.68 ActivisionBliz ATVI 62.01 -3.96 IPG Photonics IPGP 228.13-13.30
TakeTwoSoftware TTWO111.45 -4.74
AIG AIG 60.30 0.48 s BurlingtonStrs BURL 105.64 0.82 DellTechs DVMT 77.99 -4.57 HP HPQ 21.43 -0.23 MagnaIntl MGA 55.21 0.23 QuantaServices PWR 37.65 0.59 ThomsonReuters TRI 44.31 -0.30 AdobeSystems ADBE 176.85 -8.55 IRSA Prop IRCP 57.27 0.27
IcahnEnterprises IEP 53.57 0.29 Tesla TSLA 307.54-10.01
AmerTowerREIT AMT 146.30 -2.34 CBD Pao CBD 21.86 -0.99 DelphiAuto DLPH 102.05 0.33 HSBC HSBC 49.79 -0.04 s Manpower MAN 129.81 -0.57 QuestDiag DGX 97.33 3.98 s ThorIndustries THO 155.25 0.88 AdvMicroDevices AMD 10.83 -0.34 s TexasInstruments TXN 96.88 -2.60
AmerWaterWorks AWK 90.35 0.78 s CBRE Group CBG 42.99 0.24 DeltaAir DAL 52.10 1.52 Halliburton HAL 41.30 0.28 ManulifeFin MFC 21.07 -0.03 s RELX RENX 23.15 -0.12 3M MMM 238.01 2.38 AkamaiTech AKAM 55.34 -0.02 Icon ICLR 114.91 -1.27
s Illumina TractorSupply TSCO 69.36 1.61
s Ameriprise AMP 163.56 1.81 CBS A CBS.A 57.28 1.68 DeutscheBank DB 19.00 0.12 Hanesbrands HBI 20.31 0.56 MarathonOil MRO 14.75 0.19 s RELX RELX 23.83 -0.18 Tiffany TIF 92.55 -1.49 AlexionPharm ALXN 107.37 -0.73 ILMN 227.48 1.20
Trimble TRMB 41.44 -0.96
AmerisourceBrgn ABC 84.66 1.51 CBS B CBS 56.54 1.78 DevonEnergy DVN 37.10 -0.07 HarleyDavidson HOG 48.98 -0.27 MarathonPetrol MPC 61.40 -0.82 RPM RPM 53.11 0.39 TimeWarner TWX 90.92 1.30 AlignTech ALGN 258.37 -5.86 Incyte INCY 95.96 0.13
21stCenturyFoxA FOXA 32.10 1.24
s Ametek AME 71.68 -0.32 CF Industries CF 36.85 0.40 Diageo DEO 139.14 -1.70 Harris HRS 143.22 -0.98 s Markel MKL 1103.74 12.26 RalphLauren RL 94.65 0.13 s Toll Bros TOL 50.09 0.62 Alkermes ALKS 51.45 0.30 Intel INTC 43.95 -0.78
s InteractiveBrkrs IBKR 57.12 0.91 21stCenturyFoxB FOX 31.30 1.13
s Amphenol APH 89.77 -1.27 CGI Group GIB 52.89 -0.75 DigitalRealty DLR 116.99 -1.54 s HartfordFinl HIG 57.65 0.96 Marsh&McLen MMC 83.60 -0.02 s RaymondJames RJF 88.40 1.36 s Torchmark TMK 89.09 1.56 AlnylamPharm ALNY 128.14 -1.60 UltaBeauty ULTA 223.10 6.03
AnadarkoPetrol APC 47.88 0.11 CIT Group CIT 49.72 0.94 DiscoverFinSvcs DFS 69.01 1.38 HealthcareAmer HTA 30.56 -0.03 MartinMarietta MLM 208.51 4.16 s Raytheon RTN 188.58 -0.17 Toro TTC 64.47 0.74 Alphabet C GOOG 1021.66-25.75 Intuit INTU 154.22 -1.57
UltSoftware ULTI 201.00 -1.95
Andeavor ANDV 105.15 0.28 CMS Energy CMS 49.61 -0.09 Disney DIS 105.24 1.83 Heico HEI 89.56 -2.92 s Masco MAS 42.03 1.10 RealtyIncome O 55.47 -0.41 TorontoDomBk TD 58.38 0.36 Alphabet A GOOGL 1037.38-25.91 IntuitiveSurgical ISRG 394.30 -7.93
UnivDisplay OLED179.65 -6.35
t AndeavorLog ANDX 42.33 -0.64 CNA Fin CNA 54.50 0.50 DolbyLab DLB 61.70 -1.22 Heico A HEI.A 75.20 -2.30 Mastercard MA 148.35 -5.84 RedHat RHT 124.49 -4.75 Total TOT 56.74 0.13 Altaba AABA 70.36 -1.62 IonisPharma IONS 53.07 0.14
VEON VEON 4.13 0.01
AB InBev BUD 115.89 -1.55 CNOOC CEO 136.96 1.62 s DollarGeneral DG 88.68 0.03 Helm&Payne HP 57.04 0.57 McCormick MKC 102.12 1.31 RegencyCtrs REG 68.00 0.01 TotalSystem TSS 72.33 -1.83 Amazon.com AMZN1161.27-32.33 JD.com JD 37.83 -0.74
VeriSign VRSN 114.74 -2.27
AnnalyCap NLY 11.77 -0.03 CPFLEnergia CPL 15.69 -0.98 s DominionEner D 84.00 0.06 Herbalife HLF 69.81 -0.53 McCormickVtg MKC.V 102.72 2.05 s RegionsFin RF 16.57 0.57 ToyotaMotor TM 126.55 -0.41 Amdocs DOX 65.14 -0.10 JackHenry JKHY 113.90 -1.12
s VeriskAnalytics VRSK 94.98 -0.25
AnteroResources AR 18.76 0.22 CRH CRH 35.25 0.12 Domino's DPZ 179.17 6.88 Hershey HSY 110.50 0.66 s McDonalds MCD 170.43 -0.91 s ReinsGrp RGA 164.17 2.46 TransCanada TRP 48.21 -1.43 Amerco UHAL 367.58 10.17 JazzPharma JAZZ 137.87 -1.74
VertxPharm VRTX 143.75 -3.57
s Anthem ANTM 227.31 5.03 CVS Health CVS 73.40 0.70 s Donaldson DCI 48.50 -0.15 Hess HES 44.81 1.43 McKesson MCK 148.12 ... RepublicSvcs RSG 64.31 0.81 TransDigm TDG 279.32 2.26 AmerAirlines AAL 49.25 0.03 JetBlue JBLU 20.96 0.84
JunoTherap JUNO 54.48 -2.51 Viacom B VIAB 28.42 1.39
Aon AON 140.47 0.53 CabotOil COG 29.17 0.07 DouglasEmmett DEI 40.28 -0.15 HewlettPackard HPE 13.97 0.09 Medtronic MDT 82.11 -0.35 ResMed RMD 85.25 0.06 TransUnion TRU 54.08 -1.53 Amgen AMGN 172.23 1.97
KLA Tencor KLAC 100.35 -6.81 Viacom A VIA 34.15 1.25
Apache APA 40.74 0.47 s CalAtlantic CAA 55.43 0.60 Dover DOV 95.86 -0.19 s Hilton HLT 76.56 0.43 Merck MRK 55.36 0.43 RestaurantBrands QSR 64.46 -1.53 Travelers TRV 134.53 1.52 AnalogDevices ADI 85.66 -1.41 Vodafone VOD 30.62 0.06
ApartmtInv AIV 44.29 0.16 CamdenProperty CPT 91.59 -0.42 DowDuPont DWDP 71.78 0.69 HollyFrontier HFC 44.33 -0.93 MetLife MET 53.55 0.90 RioTinto RIO 47.89 -0.82 TurkcellIletism TKC 9.22 0.18 Apple AAPL 169.48 -3.59 KraftHeinz KHC 81.09 2.11
s LKQ WalgreensBoots WBA 71.92 -0.32
ApolloGlbMgmt APO 30.92 0.36 CampbellSoup CPB 48.99 2.05 DrPepperSnap DPS 89.46 1.84 s HomeDepot HD 177.25 1.57 MettlerToledo MTD 625.44 -8.70 s RobertHalf RHI 56.82 0.91 TurquoiseHill TRQ 2.96 -0.06 ApplMaterials AMAT 52.91 -4.42 LKQ 39.50 0.58
Weibo WB 110.82 -5.19
s AquaAmerica WTR 37.44 0.65 CIBC CM 89.28 -0.50 DrReddy'sLab RDY 35.70 0.17 HondaMotor HMC 33.20 -0.20 s MichaelKors KORS 58.65 0.78 Rockwell ROK 190.13 -7.00 Twitter TWTR 20.79 -1.04 ArchCapital ACGL 96.23 -0.45 LamResearch LRCX 194.64-18.50
WesternDigital WDC 81.00 -5.89
Aramark ARMK 42.58 0.31 CanNtlRlwy CNI 76.36 -1.68 DukeEnergy DUK 89.00 0.02 s Honeywell HON 153.24 0.48 MicroFocus MFGP 33.33 -1.01 RockwellCollins COL 131.98 -0.35 TylerTech TYL 179.87 -0.22 Atlassian TEAM 46.59 -4.60 LamarAdv LAMR 74.03 -0.27
s ArcelorMittal MT 30.40 0.46 WillisTowers WLTW 159.07 -0.33
CanNaturalRes CNQ 33.27 -0.09 DukeRealty DRE 28.65 -0.35 HormelFoods HRL 35.99 1.40 MidAmApt MAA 102.25 -0.62 RogersComm B RCI 52.40 -0.83 s TysonFoods TSN 82.02 0.87 Autodesk ADSK 109.34-20.61 LibertyBroadbandA LBRDA 86.66 0.85
Workday WDAY 106.54 -8.22
ArcherDaniels ADM 39.77 0.68 CanPacRlwy CP 173.29 -0.32 ENI E 32.73 -0.13 s DR Horton DHI 50.66 0.55 s MitsubishiUFJ MTU 7.09 0.11 Rollins ROL 46.11 0.76 UBS Group UBS 17.28 -0.03 ADP ADP 113.33 2.11 LibertyBroadbandC LBRDK 87.82 0.75
WynnResorts WYNN 156.07 -1.43
Arconic ARNC 24.07 -0.16 Canon CAJ 38.31 -0.55 EOG Rscs EOG 100.50 0.66 HostHotels HST 19.67 0.21 MizuhoFin MFG 3.65 0.03 s RoperTech ROP 262.24 -2.80 UDR UDR 39.36 -0.07 BOK Fin BOKF 89.88 2.73 LibertyGlobal C LBTYK 31.27 2.09
Xilinx XLNX 69.38 -2.79
AristaNetworks ANET 234.21 -9.34 CapitalOne COF 90.97 1.22 EPAM Systems EPAM 102.19 -5.59 HuanengPower HNP 25.55 -0.48 MobileTeleSys MBT 10.49 -0.23 RoyalBkCanada RY 78.90 0.51 UGI UGI 47.99 0.06 Baidu BIDU 235.49 -8.54 LibertyGlobal A LBTYA 32.28 2.16
YY YY 103.58 -7.76
ArrowElec ARW 80.32 -0.45 CardinalHealth CAH 59.11 1.55 EQT EQT 58.11 1.24 Hubbell HUBB 125.71 0.39 MohawkInds MHK 279.10 -0.99 s RoyalBkScotland RBS 7.59 0.22 US Foods USFD 28.32 0.69 BankofOzarks OZRK 48.36 2.23 LibertyLiLAC A LILA 21.72 0.31
Yandex YNDX 32.95 -1.54
AstraZeneca AZN 33.32 -0.20 Carlisle CSL 114.38 0.44 EastmanChem EMN 91.41 -0.28 Humana HUM 250.13 5.91 t MolsonCoors A TAP.A 79.84 -2.95 RoyalCaribbean RCL 124.70 -1.10 UltraparPart UGP 21.80 -0.54 Biogen BIIB 319.96 2.82 LibertyLiLAC C LILAK 21.47 0.17
ZebraTech ZBRA 109.43 0.09
Athene ATH 49.78 1.18 CarMax KMX 68.50 1.04 Eaton ETN 76.84 -0.01 HuntingIngalls HII 239.68 -1.43 t MolsonCoors B TAP 76.52 -1.65 RoyalDutchA RDS.A 63.69 -0.24 Unilever UN 57.94 -0.67 BioMarinPharm BMRN 83.27 0.71 LibertyQVC A QVCA 24.47 0.13
Zillow C Z 40.87 -1.49
AtmosEnergy ATO 90.51 0.24 Carnival CCL 65.70 -0.81 s EatonVance EV 54.63 1.05 Huntsman HUN 31.80 -0.49 Monsanto MON 117.71 -0.97 RoyalDutchB RDS.B 65.75 -0.07 Unilever UL 56.68 -0.04 s BlueBuffaloPet BUFF 30.64 0.06 LibertyVenturesA LVNTA 56.29 0.48
Zillow A ZG 40.82 -1.49
Autohome ATHM 56.19 -1.81 Carnival CUK 66.20 -0.81 s Ecolab ECL 135.00 0.75 s HyattHotels H 72.09 0.82 s Moody's MCO 149.84 -1.04 SAP SAP 112.97 -2.55 s UnionPacific UNP 122.94 4.81 s bluebirdbio BLUE 167.30 0.85 LibertyFormOne A FWONA 35.69 0.48 s ZionsBancorp ZION 49.49 1.40
Autoliv ALV 126.82 -0.24 Caterpillar CAT 138.06 -0.12 Ecopetrol EC 11.74 0.19 ICICI Bank IBN 9.70 0.06 s MorganStanley MS 51.32 0.92 s S&P Global SPGI 164.73 -1.10 UnitedContinental UAL 62.09 1.90 BrighthouseFin BHF 59.44 1.43 LibertyFormOne C FWONK 37.41 0.58
AutoZone AZO 688.92 24.70 Celanese A CE 106.88 -0.82 EdisonInt EIX 81.41 0.27 ING Groep ING 18.22 -0.04 Mosaic MOS 24.39 0.30 SINOPEC SHI 57.88 -1.24 UnitedMicro UMC 2.57 -0.08 Broadcom AVGO 271.50 -5.90 LibertyBraves A BATRA 22.43 0.04 NYSE AMER
Avalonbay AVB 182.04 0.77 Cemex CX 7.78 -0.06 EdwardsLife EW 116.37 3.16 Invesco IVZ 36.10 0.10 s MotorolaSol MSI 94.17 -0.36 SK Telecom SKM 26.46 -0.23 UPS B UPS 119.04 0.76 CA CA 32.58 0.14 LibertyBraves C BATRK 22.59 0.08
s Avangrid AGR 52.83 -0.05 CenovusEnergy CVE 9.20 -0.07 EmersonElec EMR 63.87 -0.28 IQVIA IQV 101.31 -0.42 NRG Energy NRG 28.20 -0.01 SLGreenRealty SLG 102.23 1.35 s UnitedRentals URI 157.84 1.24 s CDK Global CDK 69.01 -0.46 LibertySirius C LSXMK 40.90 0.37 CheniereEnergy LNG 48.00 0.40
AveryDennison AVY 111.88 -0.12 s Centene CNC 99.01 1.20 EnbridgeEnPtrs EEP 13.45 0.54 s IDEX IEX 132.50 -0.10 NTTDoCoMo DCM 25.70 -0.09 Salesforce.com CRM 103.53 -2.93 US Bancorp USB 54.76 1.74 CDW CDW 68.91 -0.51 LibertySirius A LSXMA 40.81 0.31 CheniereEnerPtrs CQP 27.74 -0.06
s AxaltaCoating AXTA 37.55 1.21 CenterPointEner CNP 29.67 0.09 Enbridge ENB 35.63 -0.63 s IllinoisToolWks ITW 165.88 1.40 s NVR NVR 3468.40 71.39 Sanofi SNY 45.70 -0.14 UnitedTech UTX 118.16 0.45 s CH Robinson CHRW 84.49 2.96 LincolnElectric LECO 89.66 -0.13 CheniereEnHldgs CQH 26.18 0.25
BB&T BBT 49.12 1.59 CentraisElBras EBR 6.09 -0.13 Encana ECA 11.52 0.09 Infosys INFY 15.50 -0.06 NationalGrid NGG 59.77 0.64 s SantanderCons SC 17.05 0.05 s UnitedHealth UNH 222.88 6.74 s CME Group CME147.83 2.71 LogitechIntl LOGI 34.86 -0.66 ImperialOil IMO 30.76 -0.21

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THE WALL STREET JOURNAL. Thursday, November 30, 2017 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23940.68 s 103.97, or 0.44% Trailing P/E ratio 21.19 20.86 2626.07 t 0.97, or 0.04% Trailing P/E ratio 24.49 24.35 6824.39 t 87.97, or 1.27% Trailing P/E ratio * 26.45 24.02
High, low, open and close for each P/E estimate * 19.35 17.86 High, low, open and close for each P/E estimate * 19.50 18.45 High, low, open and close for each P/E estimate * 21.39 19.50
trading day of the past three months. Dividend yield 2.17 2.53 trading day of the past three months. Dividend yield 1.92 2.12 trading day of the past three months. Dividend yield 1.04 1.24
All-time high 23940.68, 11/29/17 All-time high: 2627.04, 11/28/17 All-time high: 6912.36, 11/28/17

Current divisor 0.14523396877348

24000 2640 6900
Session high
DOWN UP 23500 2600 6750
t

Session open Close

Close Open
t

23000 2560 6600

Session low
22500 2520 6450

65-day moving average

22000 2480 6300

65-day moving average 65-day moving average

21500 2440 6150

Bars measure the point change from session's open

21000 2400 6000
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* 920,546,230 12,079,420
Industrial Average 23959.76 23872.59 23940.68 103.97 0.44 23940.68 19123.58 25.2 21.1 10.3 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 563,452,853 5,421,603
Transportation Avg 10090.48 9756.37 10076.38 322.35 3.30 10076.38 8783.74 12.2 11.4 3.1 Most-active issues in late trading Decl. volume* 339,253,233 6,458,296
Utility Average 770.17 761.42 767.55 1.49 0.19 774.47 626.66 21.3 16.4 8.6 Volume After Hours Issues traded 3,088 331
Company Symbol (000) Last Net chg % chg High Low Advances 1,501 141
Total Stock Market 27329.61 27172.37 27232.91 -3.48 -0.01 27236.39 22773.93 19.1 17.0 8.3
Juniper Networks JNPR 10,362.5 35.60 5.99 20.23 36.92 29.61 Declines 1,486 173
Barron's 400 708.30 703.33 705.50 0.75 0.11 705.50 583.16 20.5 17.3 9.3
SPDR S&P 500 SPY 6,244.7 262.78 0.07 0.03 262.85 262.54 Unchanged 101 17
Nasdaq Stock Market VanEck Vectors Gold Miner GDX 5,096.6 22.56 0.06 0.27 22.56 22.49 New highs 304 4
Nasdaq Composite 6908.33 6793.95 6824.39 -87.97 -1.27 6912.36 5251.11 28.2 26.8 12.5 Bank of America BAC 3,670.5 28.38 0.10 0.35 28.39 28.21 New lows 66 10
6412.69 6279.36 Closing tick 170 34
Nasdaq 100 6311.37 -111.18 -1.73 6422.56 4734.10 31.2 29.8 13.3 iShares Russell 2000 ETF IWM 3,599.3 153.35 -0.02 -0.01 153.72 152.81
Closing Arms† 0.57 1.02
Energy Transfer Partners ETP 3,407.6 15.75 0.04 0.25 15.75 15.65
Standard & Poor's Block trades* 7,608 122
-0.04
Micron Technology MU 2,851.1 43.75 0.01 0.02 45.93 43.66
500 Index 2634.89 2620.32 2626.07 -0.97 2627.04 2191.08 19.4 17.3 8.3 Nasdaq NYSE Arca
Ford Motor F 2,782.6 12.53 -0.03 -0.24 12.56 12.43
MidCap 400 1893.59 1881.06 1888.90 8.64 0.46 1888.90 1623.28 16.1 13.7 9.4 Total volume*2,422,020,315 315,236,142
SmallCap 600 945.32 938.73 944.10 6.33 0.68 944.10 808.59 16.3 12.7 11.7 Percentage gainers… Adv. volume* 881,716,918 131,406,511
JNPR 10,362.5
Decl. volume*1,513,449,218 183,275,690
Other Indexes Juniper Networks 35.60 5.99 20.23 36.92 29.61
Issues traded 3,076 1,312
Russell 2000 1547.27 1536.82 1542.30 5.86 0.38 1542.30 1313.80 16.6 13.6 9.5 Synopsys SNPS 104.6 94.75 7.98 9.20 97.00 86.77
Advances 1,453 557
NYSE Composite 12579.80 12529.55 12561.32 41.09 0.33 12561.32 10828.99 15.9 13.6 4.7 Tilly's TLYS 9.2 14.30 1.08 8.17 14.60 13.22 Declines 1,508 731
Value Line 558.09 554.72 556.66 1.94 0.35 556.66 496.60 11.5 10.0 3.7 At Home Group HOME 20.7 25.00 1.43 6.07 25.36 23.50 Unchanged 115 24
NYSE Arca Biotech 4201.17 4146.20 4172.46 13.10 0.32 4304.77 3075.02 30.5 35.7 6.7
Sea ADR SE 6.4 11.49 0.52 4.71 11.49 10.99 New highs 308 343
New lows 28 48
NYSE Arca Pharma 543.60 541.67 542.51 0.40 0.07 560.52 463.78 15.5 12.7 -0.5 ...And losers
Closing tick 165 32
KBW Bank 104.99 102.40 104.38 2.73 2.69 104.38 87.27 19.6 13.7 12.8 Semtech SMTC 392.7 33.30 -3.25 -8.89 36.74 32.20 Closing Arms† 1.65 0.91
PHLX§ Gold/Silver 80.51 79.44 79.65 -1.49 -1.84 96.72 73.03 -0.3 1.0 5.2 Limelight Networks LLNW 13.8 5.00 -0.35 -6.54 5.35 4.93 Block trades* 7,753 1,957
PHLX§ Oil Service 132.21 129.66 131.15 0.63 0.49 192.66 117.79 -25.6 -28.6 -15.3 Jack in the Box JACK 108.2 97.00 -5.21 -5.10 103.00 92.56 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1320.87 1252.38 1265.01 -58.07 -4.39 1341.69 836.79 43.8 39.6 22.6 Box Cl A BOX 503.4 20.85 -1.09 -4.97 22.00 19.67 †(TRIN) A comparison of the number of advancing and declining
10.93 9.81 0.67 16.04 9.14 -19.7 -23.8 issues with the volume of shares rising and falling. An
CBOE Volatility 10.70 6.68 -7.1 SEI Investments SEIC 92.3 66.67 -3.11 -4.46 70.67 66.67 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 3009.05 8.99 0.30 18.9 ReTo Eco-Solutions RETO 10.57 5.57 111.40 ... ... ... Xunlei ADR XNET 12.80 -5.78 -31.11 27.00 3.11 184.4
DJ Global Index 390.08 –0.12 –0.03 19.6 Ooma OOMA 11.65 1.65 16.50 12.30 7.30 25.3 Myomo MYO 2.91 -0.75 -20.50 23.20 2.53 ...
DJ Global ex U.S. 261.66 –0.09 –0.03 22.3 Pulse Biosciences PLSE 23.88 3.04 14.59 39.50 5.20 289.6 Contango Oil Gas MCF 2.27 -0.51 -18.35 10.39 2.22 -77.0
Americas DJ Americas 630.55 –0.56 –0.09 16.7 Direxion Dly SCOND 3 Bear SOXS 16.22 1.87 13.03 70.75 13.79 -73.3 Data I/O Corp DAIO 12.31 -2.36 -16.09 16.49 4.01 186.3
Brazil Sao Paulo Bovespa 72700.45 –1439.27 –1.94 20.7 China Distance Educ ADR DL 8.92 1.01 12.77 13.79 6.61 -34.5 Autodesk ADSK 109.34 -20.61 -15.86 131.10 68.06 50.6
Canada S&P/TSX Comp 15967.72 –61.92 –0.39 4.4 Photronics PLAB 10.45 1.10 11.76 12.10 7.55 4.5 U.S. Global Investors A GROW 3.93 -0.72 -15.48 6.90 1.25 172.9
Mexico S&P/BMV IPC 47622.93 393.77 0.83 4.3 Vince Holding VNCE 4.98 0.51 11.41 48.00 2.80 -88.3 NeuroMetrix NURO 1.72 -0.29 -14.43 9.60 1.58 -76.4
Chile Santiago IPSA 3799.66 –36.83 –0.96 17.9 Dillard's DDS 63.44 5.99 10.43 83.44 45.51 -11.3 Integrated Media Tech IMTE 6.00 -1.00 -14.29 10.00 6.00 ...
0.24 Sifco Industries SIF 7.45 0.70 10.37 11.25 5.50 -33.8 Celsius Holdings CELH 4.55 -0.74 -13.99 7.00 2.23 92.8
EMEA Stoxx Europe 600 387.96 0.94 7.3
0.17 Direxion Transport Bull3 TPOR 32.38 3.01 10.25 32.39 23.47 ... Social Reality Cl A SRAX 5.72 -0.93 -13.98 7.95 1.11 -9.2
Eurozone Euro Stoxx 390.74 0.65 11.6
Belgium Bel-20 3999.41 13.75 0.34 10.9 Atkore International ATKR 22.03 2.02 10.09 27.30 15.05 2.7 Riot Blockchain RIOT 13.18 -2.07 -13.57 24.00 2.66 339.3
France CAC 40 5398.05 7.57 0.14 11.0 ADOMANI ADOM 3.36 0.30 9.80 18.31 3.05 ... ClearSign Combustion CLIR 2.30 -0.35 -13.21 4.60 2.30 -42.5
Germany DAX 13061.87 2.34 0.02 13.8 MER Telemanagement MTSL 2.67 0.24 9.78 3.60 1.31 -19.1 Direxion Dly SCOND 3 BL SOXL 143.05 -21.65 -13.15 171.80 46.57 156.8
Israel Tel Aviv 1449.28 2.61 0.18 –1.5 Direxion Rg Banks Bull 3X DPST 76.17 6.69 9.63 81.77 43.51 31.7 Apollo Endosurgery APEN 4.70 -0.70 -12.96 21.88 3.55 -65.5
22325.94 0.15 16.1 Williams-Sonoma WSM 51.46 4.44 9.44 56.94 42.68 -6.1 Veritone VERI 24.09 -3.42 -12.43 74.92 7.76 ...
Italy FTSE MIB 34.17
Netherlands AEX 541.42 –2.17 –0.40 12.1
Russia RTS Index 1144.68 –14.73 –1.27 –0.7 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10267.70 123.30 1.22 9.8
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 578.00 –0.58 –0.10 8.1 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9304.42 –16.02 –0.17 13.2
Finl Select Sector SPDR XLF 133,290 158.4 27.34 1.71 27.52 22.00 Landcadia Holdings Cl A LCA 2,009 7991 9.97 -0.10 11.00 9.73
U.K. FTSE 100 7393.56 –67.09 –0.90 3.5
Rite Aid RAD 124,551 361.1 2.16 14.29 8.77 1.38 PS LadderRite 0-5 Yr Corp LDRI 482 3430 24.88 -0.24 25.11 24.70
Asia-Pacific Bank of America BAC 115,898 79.8 28.28 2.32 28.49 20.72 PDF Solutions PDFS 3,686 1712 18.24 0.61 24.44 14.11
Australia S&P/ASX 200 6011.10 26.80 0.45 6.1 Micron Technology MU 78,436 131.3 43.74 -8.74 49.89 18.18 iShares Asia 50 ETF AIA 876 1711 66.39 -1.44 68.51 45.52
China Shanghai Composite 3337.86 4.20 0.13 7.5 SPDR S&P 500 SPY 71,046 14.7 262.71 -0.06 263.63 219.15 ClearOne CLRO 231 1521 6.95 -0.71 12.60 6.70
Hong Kong Hang Seng 29623.83 –57.02 –0.19 34.7 PwrShrs QQQ Tr Series 1 QQQ 70,032 160.3 153.86 -1.74 156.69 115.22 PS S&P Emg Mkts Low Vol EELV 874 1394 24.61 -0.75 25.31 20.47
India S&P BSE Sensex 33602.76 –15.83 –0.05 26.2 iShares MSCI Emg Markets EEM 64,753 33.3 46.61 -1.58 47.93 33.94 Lennar Cl B LEN.B 768 1313 51.36 1.02 51.81 32.74
Japan Nikkei Stock Avg 22597.20 110.96 0.49 18.2 Advanced Micro Devices AMD 62,958 11.7 10.83 -3.04 15.65 8.26 SPDR Bloomberg Inv Grd FR FLRN 4,310 1304 30.80 0.16 30.81 30.56
Singapore Straits Times 3438.99 –3.36 –0.10 19.4 Ford Motor F 62,005 77.2 12.56 2.87 13.27 10.47 Direxion S&P 500 Bear 1X SPDN 249 1259 31.27 0.00 38.02 31.20
South Korea Kospi 2512.90 –1.29 –0.05 24.0 General Electric GE 53,914 -25.0 18.48 0.38 32.38 17.46 Autodesk ADSK 19,327 1057 109.34 -15.86 131.10 68.06
Taiwan Weighted 10713.55 6.48 0.06 15.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency
Wed YTDchg
in US$ per US$ (%) Country/currency
Wed YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Europe
A consumer rate against its Money market accounts
3.75% Argentina peso .0574 17.4240 9.8 Czech Rep. koruna .04647 21.518 –16.2
benchmark over the past year 10% Brazil real .3080 3.2466 –0.3 Denmark krone .1592 6.2821 –11.1
Bankrate.com avg†: 0.33%
Euro
s

3.00 Canada dollar .7773 1.2866 –4.3 Euro area euro 1.1850 .8439 –11.2
American Express Bank, FSB 1.25% 5
Chile peso .001553 644.10 –3.8 Hungary forint .003797 263.39 –10.5
1.00% Yen
s

New York, NY 866-215-8754 2.25 Ecuador US dollar 1 1 unch Iceland krona .009671 103.40 –8.5
Federal-funds 0
.0539 18.5661 –10.5 .1211 8.2562 –4.5
t

target rate Capital One 360 1.30% Wednesday

Mexico peso Norway krone
t

0.75 1.50 Uruguay peso .03445 29.0300 –1.1 Poland zloty .2818 3.5485 –15.2
Glen Allen, VA 877-464-0333 –5
Venezuela b. fuerte .097263 10.2815 2.9 Russia ruble .01707 58.579 –4.4
Money market 0.50 UFB Direct 1.41% One year ago 0.75
t

–10 s Asia-Pacific Sweden krona .1195 8.3698 –8.1

account yields San Diego, CA 844-678-2718
t WSJ Dollar index Switzerland franc 1.0155 .9847 –3.4
0.00 –15 Australian dollar .7572 1.3207 –4.9
0.25 DollarSavingsDirect 1.50% Turkey lira .2524 3.9613 12.4
China yuan .1513 6.6095 –4.8
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0371 26.9880 –0.4
New York, NY 866-395-8693 Hong Kong dollar .1281 7.8093 0.7
0.00 month(s) years UK pound 1.3410 .7457 –7.9
Salem Five Direct 1.50% India rupee .01552 64.421 –5.2
D J F MAM J J A S O N maturity Indonesia rupiah .0000740 13517 –0.1 Middle East/Africa
2017 Salem, MA 800-850-5000
Japan yen .008934 111.93 –4.3 Bahrain dinar 2.6494 .3774 0.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003021 330.99 –0.8 Egypt pound .0566 17.6822 –2.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1240 8.0617 1.8 Israel shekel .2854 3.5040 –8.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2445 4.0908 –8.8 Kuwait dinar 3.3155 .3016 –1.3
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields New Zealand dollar .6881 1.4533 0.6 Oman sul rial 2.5979 .3849 –0.01
Pakistan rupee .00949 105.372 1.0 Qatar rial .2698 3.706 1.8
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 Philippines peso .0199 50.327 1.5 Saudi Arabia riyal .2667 3.7502 –0.01
Libor, 3-month 1.48 1.46 0.93 l 1.48 1.25 Singapore dollar .7423 1.3471 –6.9 South Africa rand .0732 13.6595 –0.2
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1460.179 2.196 2.147 2.237 1.818 2.370 1.576 South Korea won .0009241 1082.10 –10.4
Five-year CD, annual yield 1.49 1.48 1.19 l 1.49 -0.09 .0065028 153.78 3.6 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1731.236 2.376 2.322 2.609 2.058 2.180 1.260 Sri Lanka rupee
30-year mortgage, fixed† 3.87 3.91 3.73 l 4.33 -0.08 Taiwan dollar .03334 29.992 –7.6 WSJ Dollar Index 86.72 0.07 0.08 –6.69
DJ Corporate 379.493 3.142 3.113 3.390 2.879 5.714 3.629
Thailand baht .03071 32.560 –9.1 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.28 3.31 2.99 l 3.50 0.12 Aggregate, Barclays Capital 1940.420 2.670 2.640 2.790 2.380 3.112 2.175 Vietnam dong .00004402 22716 –0.2
Jumbo mortgages, $424,100-plus† 4.26 4.29 4.21 l 4.88 0.02 High Yield 100, Merrill Lynch 2854.358 5.511 5.534 6.037 4.948 8.231 4.116
Five-year adj mortgage (ARM)† 3.60 3.72 3.20 l 4.03 0.31
Fixed-Rate MBS, Barclays 1986.630 2.880 2.860 3.120 2.660 2.150 1.888
New-car loan, 48-month 3.03 3.01 2.85 l 3.36 -0.15
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
Muni Master, Merrill 516.555 2.266 2.126 2.516 1.736 4.654 2.284 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 803.439 5.557 5.562 6.290 5.279 10.271 5.608 Commodities Wednesday 52-Week YTD
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg

DJ Commodity 611.65 -1.70 -0.28 616.58 532.01 9.72 7.83

Get real-time U.S. stock quotes and track most-active Track the Markets 190.90 -0.16 195.14 0.84 -0.83

WSJ
TR/CC CRB Index -0.31 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 57.30 -0.69 -1.19 58.95 42.53 15.90 6.66
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.179 0.051 1.63 3.93 2.56 -5.16 -14.63
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1282.10 -12.80 -0.99 1346.00 1127.80 9.51 11.49
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
B10 | Thursday, November 30, 2017 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, November 29, 2017
Metal & Petroleum Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Dec 127.70 129.65 127.55 129.60 2.15 2,184 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
March'18 130.05 132.80 129.20 132.20 2.35 117,751
Open High hi lo Low Settle Chg interest Sugar-World (ICE-US)-112,000 lbs.; cents per lb. months.
Copper-High (CMX)-25,000 lbs.; $ per lb. March 15.14 15.24 14.92 15.07 .03 385,858 Wednesday Wednesday Wednesday
Dec 3.0680 3.0835 3.0325 3.0400 –0.0315 13,292 May 15.09 15.20 14.90 15.03 .01 133,994 (U.S.$ equivalent) 16.8950 SoybeanMeal,Cent IL,rail,ton48%-u 321.80
March'18 3.0950 3.1125 3.0615 3.0685 –0.0300 168,427 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Energy Coins,wholesale $1,000 face-a 12432 Soybeans,No.1 yllw IL-bp,u 9.5400
Gold (CMX)-100 troy oz.; $ per troy oz. March 27.35 27.35 27.35 27.35 –.09 2,855
May 27.65 27.65 27.65 27.60 .02 2,256 Propane,tet,Mont Belvieu-g 0.9965 Other metals Wheat,Spring14%-pro Mnpls-u 7.4075
Dec 1293.40 1296.20 1281.10 1282.10 –12.80 32,938
Cotton (ICE-US)-50,000 lbs.; cents per lb. Butane,normal,Mont Belvieu-g 1.0125 LBMA Platinum Price PM *955.0 Wheat,No.2 soft red,St.Louis-bp,u 4.3300
Feb'18 1298.00 1300.40 1285.10 1286.20 –13.00 372,093
Dec 72.45 75.47 72.45 75.52 1.47 303 NaturalGas,HenryHub-i 3.060 Platinum,Engelhard industrial 948.0 Wheat - Hard - KC (USDA) $ per bu-u 3.8075
April 1302.00 1304.50 1289.60 1290.60 –12.90 26,307
June 1305.70 1308.80 1294.50 1295.10 –12.80 36,044
March'18 72.08 73.46 71.75 73.43 1.29 164,666 NaturalGas,TranscoZone3-i 3.040 Platinum,Engelhard fabricated 1048.0 Wheat,No.1soft white,Portld,OR-u 5.2488
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. NaturalGas,TranscoZone6NY-i 3.040
Aug 1300.60 1302.40 1299.30 1299.50 –12.80 10,309 Jan 164.65 166.40 163.15 163.50 –1.80 8,361
Palladium,Engelhard industrial 1019.0 Food
Dec 1320.00 1322.40 1307.90 1308.60 –12.70 13,412 March 162.10 164.50 161.50 163.65 .25 1,739
NaturalGas,PanhandleEast-i 2.460 Palladium,Engelhard fabricated 1119.0
Palladium (NYM) - 50 troy oz.; $ per troy oz. NaturalGas,Opal-i 2.740 Aluminum, LME, $ per metric ton *2100.0 Beef,carcass equiv. index
Dec 1023.20 1023.95 s 1008.20 1009.95 –10.70 1,209 Interest Rate Futures NaturalGas,MarcellusNE PA-i 2.460 Copper,Comex spot 3.0400 choice 1-3,600-900 lbs.-u 187.32
March'18 1022.80 1023.80 1006.50 1008.50 –12.15 33,563 NaturalGas,HaynesvilleN.LA-i 2.910 Iron Ore, 62% Fe CFR China-s 67.2 select 1-3,600-900 lbs.-u 167.15
June 1015.50 1015.50 1000.00 1001.90 –12.20 611 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Broilers, National comp wghtd-u,w 0.8613
Dec 154-130 154-220 152-280 153-100 –31.0 179,249 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850 Shredded Scrap, US Midwest-s,w 276
Platinum (NYM)-50 troy oz.; $ per troy oz. March'18 153-100 153-200 151-240 152-060 –1-00.0 653,234 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Steel, HRC USA, FOB Midwest Mill-s 620
Butter,AA Chicago 2.2050
Dec 954.10 954.50 s 950.60 940.00 –11.60 33 Cheddar cheese,bbl,Chicago 151.00
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Jan'18 951.50 955.70 940.30 941.20 –11.60 67,711 Dec 125-015 125-035 124-165 124-230 –8.0 875,737 Metals Fibers and Textiles Cheddar cheese,blk,Chicago 160.00
Silver (CMX)-5,000 troy oz.; $ per troy oz. March'18 124-260 124-275 124-085 124-150 –8.5 2,816,304 Milk,Nonfat dry,Chicago lb. 70.50
Dec 16.810 16.865 16.450 16.457 –0.365 13,634 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.6200 Cocoa,Ivory Coast-w 2345
March'18 16.920 16.965 16.555 16.561 –0.357 136,269 Dec 116-305 116-315 116-220 116-262 –3.0 764,994 Engelhard industrial 1290.34 Cotton,1 1/16 std lw-mdMphs-u 0.7268 Coffee,Brazilian,Comp 1.2547
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'18 116-245 116-252 116-155 116-200 –3.0 2,624,407 Engelhard fabricated 1387.12 Cotlook 'A' Index-t *81.75 Coffee,Colombian, NY 1.4559
Jan 57.73 58.30 56.75 57.30 –0.69 548,443 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Handy & Harman base 1283.85 Hides,hvy native steers piece fob-u n.a. Eggs,large white,Chicago-u 1.7550
Feb 57.84 58.34 56.82 57.36 –0.69 204,779 Dec 107-147 107-150 107-127 107-137 –.7 335,440 Handy & Harman fabricated 1425.07 Wool,64s,staple,Terr del-u,w n.a.
March 57.72 58.28 56.79 57.31 –0.69 294,382 March'18 107-092 107-095 107-072 107-085 –.2 1,511,808 Flour,hard winter KC 15.35
LBMA Gold Price AM *1293.90 Hams,17-20 lbs,Mid-US fob-u n.a.
April 57.58 58.11 56.69 57.20 –0.68 138,040 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA Gold Price PM *1291.85
Grains and Feeds
June 57.15 57.61 56.28 56.75 –0.65 241,239 Nov 98.845 98.845 98.845 98.843 … 203,741 Hogs,Iowa-So. Minnesota-u 62.24
Jan'18 … 98.610 t 98.605 98.610 … 341,272 Krugerrand,wholesale-e 1334.53 Barley,top-quality Mnpls-u n.a. Pork bellies,12-14 lb MidUS-u n.a.
Dec 55.31 55.77 54.55 55.00 –0.57 266,392
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Maple Leaf-e 1347.36 Bran,wheat middlings, KC-u 98 Pork loins,13-19 lb MidUS-u 0.8736
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Dec 1.9432 1.9557 1.9144 1.9221 –.0286 15,718
Dec 101.156 101.156 100.641 100.828 –.328 27,643 American Eagle-e 1347.36 Corn,No. 2 yellow,Cent IL-bp,u 3.1200 Steers,Tex.-Okla. Choice-u n.a.
March'18 98.313 98.313 t 98.266 98.266 –.359 n.a. Mexican peso-e 1555.15 Corn gluten feed,Midwest-u,w 95.6
Jan'18 1.9475 1.9584 1.9160 1.9238 –.0291 138,640 1 Month Libor (CME)-$3,000,000; pts of 100% Steers,feeder,Okla. City-u,w 165.88
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Austria crown-e 1260.79 Corn gluten meal,Midwest-u,w 477.3
Feb 98.5100 98.5100 98.5100 98.5100 .0025 88 Fats and Oils
Dec 1.7664 1.7771 1.7277 1.7309 –.0411 20,037 March 98.3825 98.3825 98.3825 98.3825 –.0075 105
Austria phil-e 1347.36 Cottonseed meal-u,w 235
Jan'18 1.7640 1.7760 1.7283 1.7339 –.0347 177,085 Eurodollar (CME)-$1,000,000; pts of 100% Silver, troy oz. Hominy feed,Cent IL-u,w 88 Corn oil,crude wet/dry mill-u,w 33.7500
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 98.4500 98.4525 98.4475 98.4500 –.0025 1,644,576 Engelhard industrial 16.7500 Meat-bonemeal,50% pro Mnpls-u,w 215 Grease,choice white,Chicago-h 0.2500
Jan 3.131 3.218 3.127 3.179 .051 386,826 March'18 98.2850 98.2900 98.2700 98.2750 –.0100 1,539,643 Engelhard fabricated 20.1000 Oats,No.2 milling,Mnpls-u 2.8025 Lard,Chicago-u 0.3750
Feb 3.133 3.210 3.129 3.179 .048 132,093 June 98.1350 98.1400 98.1150 98.1250 –.0100 1,319,748 Handy & Harman base 16.6050 Rice, 5% Broken White, Thailand-l,w 390.00 Soybean oil,crude;Centl IL-u 0.3295
March 3.093 3.164 3.090 3.137 .045 199,946 Dec 97.9800 97.9850 97.9450 97.9600 –.0150 1,651,963
Handy & Harman fabricated 20.7560 Rice, Long Grain Milled, No. 2 AR-u,w 25.00 Tallow,bleach;Chicago-h 0.2650
April 2.923 2.966 2.920 2.945 .019 135,529
Currency Futures LBMA spot price £12.6000 Sorghum,(Milo) No.2 Gulf-u 7.5263 Tallow,edible,Chicago-u 0.3200
May 2.914 2.947 2.907 2.928 .015 107,990
Oct 2.979 3.009 2.978 2.991 .013 85,866 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec .8977 .8986 .8924 .8951 –.0019 236,063 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;
Agriculture Futures March'18 .9015 .9029 .8970 .8996 –.0020 5,380 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
Canadian Dollar (CME)-CAD 100,000; $ per CAD as of 11/28
Corn (CBT)-5,000 bu.; cents per bu. Dec .7808 .7811 .7769 .7784 –.0020 138,580 Source: WSJ Market Data Group
Dec 335.75 340.00 t 335.50 339.00 2.75 114,110 March'18 .7814 .7820 .7780 .7794 –.0019 4,037
March'18 349.50 354.00 349.25 353.50 3.75 835,065 British Pound (CME)-£62,500; $ per £
Oats (CBT)-5,000 bu.; cents per bu.
Dec 245.25 248.50 240.00 246.50 1.75 289
Dec
March'18
1.3366
1.3410
1.3456
1.3497
1.3355
1.3402
1.3432
1.3474
.0052 170,638
.0051 4,260
Bonds | WSJ.com/bonds
March'18 260.50 264.00 256.75 263.75 2.75 5,779 Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybeans (CBT)-5,000 bu.; cents per bu. Dec
March'18
1.0177
1.0250
1.0196
1.0269
1.0143
1.0218
1.0176
1.0249
.0006
.0006
78,995
502
Tracking Bond Benchmarks
Jan 993.25 996.50 989.25 992.50 –.50 302,409
March 1005.00 1007.75 1001.25 1004.25 –.50 167,421 Australian Dollar (CME)-AUD 100,000; $ per AUD Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec .7600 .7607 .7550 .7576 –.0019 130,767 highs and lows for different types of bonds
Soybean Meal (CBT)-100 tons; $ per ton.
Jan'18 .7598 .7603 .7553 .7575 –.0019 1,018
Dec 324.00 327.00 322.90 325.00 1.50 13,580 Total Total
Feb .7597 .7598 .7551 .7574 –.0018 581
Jan'18 326.40 329.40 325.10 327.30 1.50 140,283 March .7595 .7602 .7548 .7572 –.0020 2,105 return YTD total Yield (%) return YTD total Yield (%)
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .7610 .7610 .7610 .7571 –.0019 256 close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 33.91 34.03 33.64 33.95 –.05 11,809 Mexican Peso (CME)-MXN 500,000; $ per MXN
Jan'18 34.03 34.17 33.78 34.07 –.06 163,634 Dec .05372 .05389 .05364 .05375 .00014 170,630 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'18 .05299 .05305 .05283 .05290 .00012 810
Jan 1231.50 1242.50 1228.50 1237.50 7.00 7,463 Euro (CME)-€125,000; $ per € 1940.42 3.2 U.S. Aggregate 2.670 2.380 2.790 1986.63 2.3 Mortgage-Backed 2.880 2.660 3.120
March 1261.00 1271.50 1260.50 1267.50 8.00 2,480 Dec 1.1861 1.1896 1.1829 1.1875 .0025 475,863 1.8
U.S. Corporate Indexes Bloomberg Barclays 1953.00 Ginnie Mae (GNMA) 2.830 2.630 3.090
Wheat (CBT)-5,000 bu.; cents per bu. March'18 1.1934 1.1965 1.1900 1.1945 .0025 9,779
Dec 410.75 417.25 410.50 416.50 5.75 28,174 2779.30 5.6 U.S. Corporate 3.250 3.030 3.520 1165.36 2.5 Fannie mae (FNMA) 2.890 2.670 3.120
March'18 429.25 435.50 429.25 434.75 5.50 294,785 Index Futures
Wheat (KC)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index 2617.44 3.8 Intermediate 2.830 2.530 3.010 1794.37 2.6 Freddie Mac (FHLMC) 2.910 2.680 3.130
Dec 409.00 413.75 409.00 413.25 4.00 9,871 Dec 23804 23946 s 23790 23918 107 149,050
March'18 427.75 432.25 427.50 431.50 3.75 203,302 3858.77 9.8 Long term 4.140 4.090 4.710 516.56 3.5 Muni Master 2.266 1.736 2.516
March'18 23811 23946 s 23791 23921 110 3,120
Wheat (MPLS)-5,000 bu.; cents per bu. S&P 500 Index (CME)-$250 x index 566.57 4.0 Double-A-rated 2.740 2.470 2.870 360.49 3.8 7-12 year 2.258 1.744 2.618
Dec 603.50 605.75 599.00 603.50 … 3,914 Dec 2625.60 2634.00 s 2620.00 2625.10 –0.90 72,703
March'18 622.00 625.00 619.75 623.25 1.25 41,466 March'18 2630.60 2634.60 s 2622.60 2627.00 –0.60 5,407 717.57 6.2 Triple-B-rated 3.550 3.340 3.870 406.05 5.2 12-22 year 2.633 2.213 3.047
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Nov 157.775 157.925 157.575 157.775 … 2,642 Dec 2625.50 2634.25 s 2619.75 2625.00 –1.00 3,236,041 High Yield Bonds Merrill Lynch 393.02 5.9 22-plus year 3.027 2.770 3.622
Jan'18 154.700 155.875 154.500 155.575 1.075 25,677 March'18 2626.75 2636.00 s 2621.75 2627.00 –0.50 143,224
Mini S&P Midcap 400 (CME)-$100 x index 416.28 7.1 High Yield Constrained 5.743 5.373 6.579 Global Government J.P. Morgan†
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Dec 1879.20 1894.30 s 1877.70 1888.60 8.60 93,649
Dec 119.650 120.550 119.575 120.475 .825 36,576
March'18 1890.00 1890.00 s 1890.00 1889.90 8.60 11 417.10 8.4 Triple-C-rated 10.736 9.584 12.493 544.19 1.3 Global Government 1.430 1.300 1.560
Feb'18 125.750 126.675 125.550 126.600 .925 155,453
Mini Nasdaq 100 (CME)-$20 x index 2854.36 6.4 High Yield 100 5.511 4.948 6.037 759.51 0.8 Canada 1.970 1.570 2.190
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 6423.5 6428.5 s 6283.0 6305.5 –114.8 290,858
Dec 66.100 66.300 64.850 65.075 –.675 28,727 March'18 6440.5 6445.0 s 6301.0 6323.0 –114.0 3,352 378.18 7.4 Global High Yield Constrained 5.210 4.934 6.220 372.82 1.0 EMU§ 1.044 0.933 1.363
Feb'18 71.750 72.250 70.625 70.900 –.625 96,460 Mini Russell 2000 (ICE-US)-$100 x index
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 1535.60 1550.60 s 1534.50 1541.20 5.00 69,507 306.79 6.9 Europe High Yield Constrained 2.236 1.897 3.814 714.68 1.2 France 0.780 0.710 1.210
Jan 428.60 429.70 419.80 421.80 –4.40 4,968 March'18 1539.90 1548.80 s 1539.90 1543.10 5.40 197
March 419.50 419.50 409.30 411.50 –5.00 1,016 Mini Russell 1000 (ICE-US)-$100 x index U.S Agency Bloomberg Barclays 509.37 -1.0 Germany 0.450 0.210 0.620
Milk (CME)-200,000 lbs., cents per lb. Dec 1459.00 1460.90 s 1453.20 1456.00 –.50 339
Dec 15.28 15.39 15.22 15.25 … 4,421 U.S. Dollar Index (ICE-US)-$1,000 x index 1638.53 2.1 U.S Agency 2.090 1.690 2.100 288.46 0.1 Japan 0.390 0.270 0.460
Jan'18 14.49 14.62 14.43 14.47 .08 3,494 Dec 93.18 93.38 92.93 93.11 –.11 38,737 1464.15 1.2 1.950 1.490 1.970
10-20 years 562.80 -0.6 Netherlands 0.560 0.360 0.760
Cocoa (ICE-US)-10 metric tons; $ per ton. March'18 92.88 93.06 92.65 92.80 –.11 3,897
Dec 2,017 2,113 2,017 2,096 49 127 3371.84 7.9 20-plus years 2.940 2.730 3.460 915.09 0.2 U.K. 1.640 1.340 1.790
March'18 2,049 2,118 2,040 2,106 57 135,576 Source: SIX Financial Information
2460.33 4.9 Yankee 2.900 2.610 3.090 803.44 8.7 Emerging Markets ** 5.557 5.279 6.290
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Macro & Market Economics ** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Watching the Gauges: U.S. Supply and Demand
Inventories, imports and demand for the week ended November 24. Current figures are in thousands of barrels Global Government Bonds: Mapping Yields
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas
import Natural-gas import and demand data are available monthly only. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, 000s barrels Imports, 000s barrels per day 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
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Current change week ago avg avg Current change week ago avg avg
1.750 U.S. 2 1.766 s l 1.750 1.596 1.087
Crude oil and 2.250 10 2.377 s l 2.328 2.412 2.291
petroleum prod 1,252,133 ... 1,260 1,341 1,257 1,192 9,100 ... 9,795 10,061 9,607 9,803
2.750 Australia 2 1.728 t l 1.751 1.887 1.768 -3.8 0.1 68.1
Crude oil
excluding SPR 453,713 -1,900 457 488 457 420 7,329 ... 7,873 7,548 7,619 7,871 2.750 10 2.482 t l 2.505 2.785 2.714 10.5 17.7 42.3
Gasoline 214,102 ... 210 226 211 220 526 ... 514 851 449 623 0.000 France 2 -0.563 s l -0.581 -0.602 -0.681 -232.9 -233.1 -176.8
Finished gasoline 23,862 600 22 24 22 36 8 ... 40 30 17 64 0.750 10 0.714 s l 0.677 0.663 0.710 -166.3 -165.1 -158.1
Reformulated 44 ... 0 0 0 0 0 ... 0 0 0 0
0.000 Germany 2 -0.674 s l -0.690 -0.763 -0.748 -244.0 -244.0 -183.5
Conventional 23,818 ... 22 24 22 36 8 ... 40 30 17 64
Blend. components 190,241 ... 189 202 189 184 ... 474 820 432 560 0.500 10 0.388 s l 0.342 0.386 0.218 -198.8 -198.6 -207.3
518
Natural gas (bcf) 3,772 ... 4 4 4 4 ... ... ... ... ... ... 0.050 Italy 2 -0.285 t l -0.284 -0.192 0.077 -205.1 -203.4 -101.0
Kerosene-type 2.050 10 1.795 s l 1.781 1.944 1.974 -58.1 -54.7 -31.7
jet fuel 41,281 ... 41 42 41 39 82 ... 162 155 192 114 0.100 Japan 2 -0.172 t l -0.171 -0.153 -0.165 -193.8 -192.1 -125.2
Distillates 127,779 unch. 125 154 126 133 120 ... 190 174 139 123 0.100 10 0.030 t l 0.040 0.069 0.018 -234.7 -228.8 -227.3
Heating oil 10,359 ... 10 15 10 19 80 ... 6 24 47 22
2.750 Spain 2 -0.344 s l -0.359 -0.338 -0.091 -211.0 -210.9 -117.8
Diesel 117,420 ... 115 139 116 114 40 ... 183 150 92 93
1.450 10 1.492 s l 1.461 1.583 1.537 -88.4 -86.7 -75.4
Residual fuel oil 32,204 ... 34 40 33 38 212 ... 210 208 183 219
Other oils 287,856 ... 296 271 293 243 600 ... 701 955 852 694 1.750 U.K. 2 0.530 s l 0.467 0.462 0.086 -123.6 -128.3 -100.1
Net crude, petroleum 4.250 10 1.344 s l 1.255 1.352 1.233 -103.3 -107.2 -105.9
products, incl. SPR 1,917,244 ... 1,927 2,036 1,925 1,887 1,772 ... 2,783 4,979 3,023 5,822 Source: Tullett Prebon
Corporate Debt
Weekly Demand, 000s barrels per day Natural gas storage in that same company’s share price.
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Investment-grade spreads that tightened the most…
Current change week ago avg avg Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Total petroleum
4250 Citigroup C 3.875 March 26, ’25 111 –20 n.a. 75.04 1.82
product 19,664 ... 19,289 19,758 20,002 19,241
Citadel CITADL 5.375 Jan. 17, ’23 244 –20 265 ... ...
Natural gas,
Finished lower 48 states 3250 Teva Pharmaceutical Finance TEVA 6.150 Feb. 1, ’36 330 –18 321 … …
motor gasoline 8,724 ... 9,595 9,080 9,247 8,712 t Bank of America BAC 5.200 June 1, ’49 159 –12 n.a. 28.28 2.32
Kerosene-type 2250 Bbva Bancomer S.A. de C.V. BBVASM 7.250 April 22, ’20 150 –12 178 ... ...
jet fuel 1,514 ... 1,630 1,547 1,693 1,574 t Westpac Banking WSTP 2.600 Nov. 23, ’20 36 –12 47 ... ...
Five-year average 1250 Ford Motor F 6.625 Oct. 1, ’28 162 –11 180 12.56 2.87
Distillates 3,882 ... 4,057 3,841 4,114 3,448
for each week McDonald's MCD 2.200 May 26, ’20 27 –11 n.a. 170.43 –0.53
Residual fuel oil 568 ... 323 472 325 347
Propane/propylene 1,107 ... 1,119 1,160 1,268 ... 250 …And spreads that widened the most
Other oils 3,870 ... 2,565 3,658 3,357 ... D J F M A M J J A S O N
2017 Athene Global Funding* ATHGLO 2.750 April 20, ’20 67 28 75 ... ...
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. John Deere Capital DE 2.800 Sept. 8, ’27 65 23 n.a. … …
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Administration; Dow Jones Newswires Pitney Bowes PBI 4.625 March 15, ’24 374 15 520 10.51 3.44
General Electric GE 2.700 Oct. 9, ’22 55 14 60 18.48 0.38

Exchange-Traded Portfolios | WSJ.com/ETFresearch Cooperatieve Rabobank UA

Howard Hughes Medical Institute
RABOBK 11.000
HUGHES 3.500
June 30, ’49
Sept. 1, ’23
3
43
13
12
n.a.
n.a.
...
...
...
...
Closing Chg YTD Philip Morris International PM 2.500 Nov. 2, ’22 61 11 66 102.68 –0.19
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) AT&T T 2.850 Feb. 14, ’23 88 10 80 36.48 2.99
SPDR S&PMdCpTr MDY 343.93 0.46 14.0
Wednesday, November 29. 2017 Closing Chg YTD
Closing Chg YTD ETF Symbol Price (%) (%) SPDR S&P 500
SPDR S&P Div
SPY
SDY
262.71
95.84
–0.06
0.97
17.5
12.0
High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 46.61 –1.58 33.1 TechSelectSector XLK 63.28 –2.21 30.9 Bond Price as % of face value Stock Performance
AlerianMLPETF AMLP 9.90 –0.80 –21.4 iShMSCIEurozone EZU 43.63 –0.24 26.1 UtilitiesSelSector XLU 56.41 0.05 16.1 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
CnsmrDiscSelSector XLY 96.16 0.43 18.1 iShMSCIJapan EWJ 59.85 –0.20 22.5 VanEckGoldMiner GDX 22.50 –1.88 7.6
CnsStapleSelSector XLP 55.54 0.52 7.4 iShNasdaqBiotech IBB 311.27 –0.01 17.3 VangdInfoTech VGT 163.65 –2.60 34.7 Guitar Center GTRC 9.625 April 15, ’20 60.500 6.25 n.a. ... ...
EnSelectSectorSPDR XLE 68.08 0.55 –9.6 iShNatlMuniBd MUB 109.75 –0.18 1.5 VangdSC Val VBR 132.55 0.81 9.5 California Resources CRC 5.000 Jan. 15, ’20 91.000 5.00 n.a. 14.90 –1.00
iShRussell1000Gwth IWF 132.54 –0.84 26.3 VangdSC Grwth VBK 159.72 –0.47 20.0
FinSelSectorSPDR XLF 27.34 1.71 17.6 Rite Aid RAD 7.700 Feb. 15, ’27 89.500 2.75 86.000 2.16 14.29
iShRussell1000 IWB 146.28 –0.05 17.5 VangdDivApp VIG 100.12 0.52 17.5
GuggS&P500EW RSP 99.48 0.46 14.8
HealthCareSelSect XLV 82.85 0.50 20.2
iShRussell1000Val IWD 122.31 0.79 9.2 VangdFTSEDevMk VEA 44.47 –0.43 21.7 CHS/Community Health Systems CYH 8.000 Nov. 15, ’19 88.719 2.22 88.875 … …
iShRussell2000Gwth IWO 185.81 –0.31 20.7 VangdFTSE EM VWO 44.77 –1.39 25.1
IndSelSectorSPDR XLI 73.26 0.88 17.7 Weatherford International WFT 9.625 March 1, ’19 106.875 1.69 n.a. 3.22 1.90
iShRussell2000 IWM 153.37 0.33 13.7 VangdFTSE Europe VGK 58.44 –0.36 21.9
iShIntermCredBd CIU 109.59 –0.06 1.3
iShRussell2000Val IWN 128.04 0.93 7.7 VangdFTSEAWxUS VEU 54.13 –0.61 22.5 CenturyLink CTL 7.600 Sept. 15, ’39 84.063 1.56 82.750 14.54 6.21
iSh1-3YCreditBond CSJ 104.84 –0.06 –0.1
iShRussell3000 IWV 155.93 –0.01 17.3 VangdGrowth VUG 138.71 –0.94 24.4
iSh3-7YTreasuryBd IEI 122.72 –0.15 0.2
iShRussellMid-Cap IWR 205.76 0.15 15.0 VangdHlthCr VHT 154.21 0.40 21.6 AMC Entertainment Holdings AMC 5.750 June 15, ’25 98.250 1.55 95.625 15.40 –4.64
iShCoreMSCIEAFE IEFA 65.71 –0.38 22.5
iShCoreMSCIEmgMk IEMG 56.30 –1.45 32.6
iShRussellMCValue IWS 88.05 0.71 9.5 VangdHiDiv VYM 84.50 0.51 11.5 PetSmart PETM 5.875 June 1, ’25 85.200 1.20 84.750 ... ...
iShS&PMC400Growth IJK 215.25 0.08 18.1 VangdIntermBd BIV 84.25 –0.30 1.4
iShCoreMSCITotInt IXUS 62.60 –0.62 24.0
iShCoreS&P500 IVV 264.48 –0.06 17.6
iShS&P500Growth
iShS&P500Value
IVW
IVE
150.83
112.03
–0.72
0.84
23.8
10.5
VangdIntrCorpBd
VangdLC
VCIT
VV
87.61
120.70
–0.24
–0.04
2.2
17.9
…And with the biggest price decreases
iShCoreS&P MC IJH 188.66 0.43 14.1 iShUSPfdStk PFF 38.55 –0.16 3.6 VangdMC VO 152.94 0.10 16.2
iShCoreS&P SC IJR 77.50 0.61 12.7 113.80 –0.27 0.6
Frontier Communications FTR 9.000 Aug. 15, ’31 68.250 –1.75 71.063 8.41 6.05
iShTIPSBondETF TIP VangdMC Val VOE 109.59 0.62 12.8
iShS&PTotlUSStkMkt ITOT 60.28 0.03 17.5 iSh1-3YTreasuryBd SHY 84.08 –0.03 –0.4 VangdREIT VNQ 84.26 0.04 2.1 Intelsat Luxembourg S.A. INTEL 7.750 June 1, ’21 60.875 –1.41 62.250 ... ...
iShCoreUSAggBd AGG 109.26 –0.25 1.1
iShSelectDividend DVY 97.85 0.88 10.5
iSh7-10YTreasuryBd IEF 106.03 –0.32 1.2 VangdS&P500 VOO 241.33 –0.04 17.5 Bombardier BBDBCN 7.500 Dec. 1, ’24 101.250 –1.25 n.a. ... ...
iSh20+YTreasuryBd TLT 125.54 –0.99 5.4 VangdST Bond BSV 79.43 –0.04 –0.0
iShEdgeMSCIMinEAFE EFAV 72.59 –0.17 18.6 iShRussellMCGrowth IWP 119.19 –0.47 22.4 VangdSTCpBd VCSH 79.66 –0.10 0.4 MEG Energy MEGCN 6.375 Jan. 30, ’23 90.250 –1.25 90.750 ... ...
iShEdgeMSCIMinUSA USMV 52.56 0.19 16.2 PIMCOEnhShMaturity MINT 101.79 ... 0.5 VangdSC VB 147.20 0.24 14.1
iShGoldTr IAU 12.35 –0.64 11.5
CenturyLink CTL 7.650 March 15, ’42 83.813 –1.19 83.406 14.54 6.21
PwrShQQQ 1 QQQ 153.86 –1.74 29.9 VangdTotalBd BND 81.63 –0.24 1.0
iShiBoxx$InvGrCpBd LQD 120.81 –0.40 3.1 PwrShS&P500LoVol SPLV 47.88 0.27 15.2 VangdTotIntlBd BNDX 54.92 –0.15 1.2 AmeriGas Partners APU 5.500 May 20, ’25 101.000 –1.00 101.625 44.10 –0.43
iShiBoxx$HYCpBd HYG 87.76 –0.13 1.4 PwrShSrLoanPtf BKLN 23.01 –0.17 –1.5 VangdTotIntlStk VXUS 56.22 –0.69 22.5 Owens Corning OC 4.300 July 15, ’47 97.749 –0.89 97.989 88.29 –1.45
iShJPMUSDEmgBd EMB 115.61 –0.36 4.9 SPDR BlmBarcHYBd JNK 36.95 –0.14 1.4 VangdTotalStk VTI 135.30 ... 17.3
iShMBSETF MBB 106.72 –0.10 0.4 SPDR Gold GLD 122.04 –0.63 11.3 VangdTotlWrld VT 73.29 –0.31 20.1
Citgo Holding CITHOL 10.750 Feb. 15, ’20 105.875 –0.88 106.500 ... ...
iShMSCI ACWI ACWI 71.38 –0.38 20.6 SchwabIntEquity SCHF 34.32 –0.38 24.0 VangdValue VTV 104.41 0.73 12.3
iShMSCIBrazilCap EWZ 39.66 –3.27 19.0 SchwabUS BrdMkt SCHB 63.63 0.05 17.4 WisdTrEuropeHdg HEDJ 64.82 –0.43 12.9 *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.
iShMSCI EAFE EFA 70.04 –0.40 21.3 SchwabUS LC SCHX 62.78 –0.03 17.9 WisdTrJapanHdg DXJ 58.21 0.26 17.5 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI EAFE SC SCZ 63.50 –0.25 27.4 SPDR DJIA Tr DIA 239.42 0.45 21.2 XtrkrsMSCIEAFE DBEF 31.86 –0.34 13.5 Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
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THE WALL STREET JOURNAL. Thursday, November 30, 2017 | B11

NEW HIGHS AND LOWS

WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and 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
Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session.
% CHG-Daily percentage change from the previous trading session. Barrons400ETF BFOR 41.51 ... iShRussellMCValue IWS 88.12 0.7 VanEckNatRscs HAP 36.25 -0.1 AmplifyOnlineRet IBUY 38.94 -1.8 FT SC US Equity RNSC 21.78 2.3 RCI Hospitality RICK 33.00 1.2
BrandValueETF BVAL 15.57 2.4 iShRussellTop200Gr IWY 72.74 -0.8 VanEckOilRefin CRAK 29.36 -0.7 AnaptysBio ANAB 84.58 -2.2 FT SC Value FYT 37.10 1.6 RMR Group RMR 60.71 0.5
BuzzUSSentLdrs BUZ 32.38 -1.9 iShRussellTop200 IWL 60.64 0.1 VanEckRareEarth REMX 29.29 -0.5 AndinaAcqnIIWt ANDAW 1.23 4.8 FT TotalUSMkt TUSA 32.65 0.5 RavenIndustries RAVN 38.20 1.1
Wednesday, November 29, 2017 CambriaShareholder SYLD 37.31 1.2 iShRussellTop200Vl IWX 51.48 0.6 VanEckRetail RTH 88.76 1.2 ArcBest ARCB 36.90 3.8 FT USEquityDiv RNDV 21.29 0.7 Reading B RDIB 23.15 5.2
ColumbiaSustGlb ESGW 31.26 1.1 iShS&P100 OEF 116.75 ... VanEckUranium NLR 54.18 0.7 ArchCapGroupPfdF ACGLO 25.69 0.7 FiveBelow FIVE 62.25 1.6 RealPage RP 46.80 -1.7
52-Wk % 52-Wk % 52-Wk % CnsmrDiscSelSector XLY 96.42 0.4 iShS&PMC400Growth IJK 216.28 0.1 VangdExtMkt VXF 111.86 0.1 ArenaPharm ARNA 30.95 2.8 RiverviewBncp RVSB 9.39 4.5
ForresterResearch FORR 47.75 0.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DeepValueETF DVP 31.62 3.9 iShS&P500Growth IVW 151.99 -0.7 VangdCnsmrDiscr VCR 152.60 0.5 arGEN-X ARGX 28.40 4.4 FranklinElectric FELE 47.20 -1.6 RossStores ROST 76.33 4.3
IllinoisToolWks ITW 166.06 0.9 Sysco SYY 58.03 2.4 DiamondHillVal DHVW 31.42 ... iShGloblFinancials IXG 69.24 1.0 VangdSC Val VBR 132.77 0.8 AspenTech AZPN 69.38 -3.7 Freshpet FRPT 19.10 1.1 RoyalBcshsPA A RBPAA 4.68 1.8
NYSE highs - 304 IndependenceHldg
Ingevity
IHC
NGVT
30.00
79.07
1.7
0.4
TCF Fin
TCF Fin Wt
TCF
TCF.WS
20.84
4.09
2.5
8.4
DirexAllCapIns
DirexFinlBull3
KNOW
FAS
43.27
65.53
0.1
2.5
iShS&P500Value IVE
iShGlobalConsDiscr RXI
112.23
107.72
0.8
0.2
VangdSC Grwth VBK
VangdDivApp VIG
161.05
100.19
-0.5
0.5
AssemblyBiosci ASMB
Astronics ATRO
46.27
41.66
3.0
1.6
Garmin
GlacierBancorp GBCI
GRMN 63.15
40.48
-0.8
4.0
Ryanair
S&T Bancorp
RYAAY
STBA
127.35
43.10
3.7
4.3
Aflac AFL 87.56 1.1 Ingredion INGR 140.71 0.5 TRI Pointe TPH 18.44 -0.1 DirexHmbldrBull3 NAIL 90.45 3.4 iShGloblIndustrial EXI 91.11 0.3 VangdFinls VFH 69.52 1.8 AtlasFinancial AFH 20.70 -1.5 GlbXConsciousCos KRMA 19.13 ... SEI Investments SEIC 70.24 0.4
AMN Healthcare AMN 50.90 5.9 InstalledBldg IBP 78.04 0.7 TeledyneTech TDY 185.99 -1.0 DirexMcBull3 MIDU 47.10 1.2 iShS&PMC400Value IJJ 159.43 0.9 VangdHiDiv VYM 84.63 0.5 BSB Bancorp BLMT 31.90 2.2 GlbX Health&Well BFIT 16.82 0.8 SVB Fin SIVB 229.67 2.6
Abercrombie&Fitch ANF 18.44 -0.2 InterContinentl IHG 59.43 0.5 Thermon THR 26.50 4.0 DirexS&P500Bl3 SPXL 43.86 -0.2 iShS&PSC600Value IJS 155.14 0.9 VangdIndls VIS 138.40 0.8 BankMutual BKMU 10.98 1.9 GlbXMillThematic MILN 19.26 -0.7 SafetyInsurance SAFT 84.00 ...
AberdeenJapanEqu JEQ 9.47 0.2 IntlFlavors IFF 155.50 0.1 ThorIndustries THO 156.86 0.6 DirexS&P500Bull2X SPUU 48.35 0.1 iShNATech-Mult IGN 49.29 -0.3 VangdLC VV 121.07 ... BarrettBus BBSI 67.62 1.8 GlbXS&P500Catholic CATH 32.64 -0.1 scPharm SCPH 15.99 5.6
Accenture ACN 148.56 -0.7 iStarPfdD STARpD 26.12 -0.1 Toll Bros TOL 50.46 1.3 DirexS&P500Bl1.25 LLSP 35.39 1.3 iShTreaFRBd TFLO 50.27 0.1 VangdMegaCap MGC 90.55 -0.1 Bazaarvoice BV 5.50 0.5 GoldenEnt GDEN 34.63 -4.2 SeacoastBkgFL SBCF 26.49 3.0
AdtalemGlbEduc ATGE 41.20 2.8 iStarPfdI STARpI 25.94 -0.1 TopBuild BLD 69.33 1.6 DirexSCBull3 TNA 72.46 0.9 iShDowJonesUS IYY 132.08 0.1 VangdMegaVal MGV 75.32 0.7 BeaconRoof BECN 63.62 3.1 GrandCanyonEduc LOPE 96.15 2.3 SelectiveIns SIGI 62.15 2.1
Aegon AEG 6.23 1.1 JPMorganChase JPM 104.22 2.3 Torchmark TMK 89.54 1.8 DirexTransportBl3 TPOR 32.39 10.2 iShRussellMCGrowth IWP 119.97 -0.5 VangdMC VO 153.45 0.1 Bio-Techne TECH 134.89 0.4 H&E Equipment HEES 37.29 0.9 ServisFirstBcshs SFBS 43.56 4.2
AffiliatedMgrs AMG 200.51 1.0 JapanSmlCap JOF 13.80 -0.6 TrancntlRlty TCI 31.56 5.2 Direx iBillionaire IBLN 32.23 -1.3 iShUSBrokerDealers IAI 61.57 1.4 VangdMC Val VOE 109.81 0.6 BlueBuffaloPet BUFF 30.98 0.2 HamiltonLane HLNE 34.79 0.3 SierraOncology SRRA 2.94 1.1
AlamoGroup ALG 119.50 -0.4 JohnBeanTech JBT 118.85 1.1 Trex TREX 117.04 1.0 ETF Exposure TETF 18.60 0.6 JanusVelTailLC TRSK 30.85 0.2 VangdS&P500 VOO 242.18 ... BlueHillsBncp BHBK 22.03 2.6 HawaiianTelcom HCOM 31.76 1.2 SimplyGoodFoods SMPL 13.19 2.9
AlbanyIntl AIN 65.40 1.0 KAR Auction KAR 49.94 2.1 Tri-Continental TY 26.50 0.6 ETFMG PrimeCyber HACK 31.81 -1.0 HancockDevIntl JHMD 30.32 -0.3 VangdS&P500 Grw VOOG 136.35 -0.7 bluebirdbio BLUE 174.25 0.5 HeritageCommerce HTBK 16.37 3.2 SkyWest SKYW 51.90 1.6
Allete ALE 80.75 -0.1 KB Fin KB 55.05 0.5 Trinseo TSE 74.50 1.4 ETFMG PrimeMob IPAY 34.99 -1.9 HancockIndustrials JHMI 34.34 1.0 VangdS&P500Val VOOV 108.14 0.8 BlueprintMed BPMC 75.42 -2.0 HeritageFin HFWA 32.65 3.7 SmithMicro SMSI 2.35 4.8
Allstate ALL 102.23 1.4 KB Home KBH 30.79 1.8 Triple-S Mgmt GTS 29.23 2.1 DJ 2xSelect Div DVYL 71.58 1.5 HancockLC JHML 34.43 0.3 VangdS&PMC400 IVOO 127.74 0.4 Bruker BRKR 36.53 -3.4 HinghamSvg HIFS 231.00 2.7 SodaStream SODA 70.41 0.9
AllyFinancial ALLY 27.10 0.6 Kaman KAMN 60.43 1.1 TrueBlue TBI 29.50 0.7 EcoLogicalStrat HECO 43.35 0.6 HancockMC JHMM 33.94 0.3 VangdS&P400Grwth IVOG 133.78 0.1 BrynMawrBank BMTC 45.50 1.0 INTL FCStone INTL 44.88 0.5 SouthState SSB 94.50 2.8
AmEqtyLf AEL 32.43 3.2 KSCitySouthern KSU 110.99 3.0 TysonFoods TSN 82.63 1.1 ElemntsRogrMrngstr WMW 29.76 2.5 HancockMultiSC JHSC 25.93 0.9 VangdS&P400Val IVOV 122.36 0.8 BuildersFirstSrc BLDR 20.41 -1.2 IQ Chaikin US SC CSML 28.58 0.8 SouthernFirstBcsh SFST 42.55 1.7
AmerExpress AXP 97.32 1.4 Kemper KMPR 71.52 -0.9 US BancorpPfdA USBpA 911.00 0.8 EthoClimateLeader ETHO 33.91 -0.1 JPM DivRetGlEq JPGE 62.40 ... VangdS&P600 VIOO 142.08 0.7 CDK Global CDK 69.86 -0.7 Illumina ILMN 227.85 0.5 SoMO Bancorp SMBC 40.22 1.4
AmRltyInv ARL 11.38 6.0 KenonHoldings KEN 20.72 2.3 USG USG 37.86 2.3 FidelityDivRising FDRR 30.29 0.4 JPM DivRetIntlEq JPIN 60.22 -0.3 VangdS&P600Grwth VIOG 147.87 0.3 CH Robinson CHRW 84.56 3.6 IndependentBank IBTX 69.20 3.0 StaarSurgical STAA 17.50 4.2
AmerStWater AWR 57.59 1.2 71.92 -0.2 Unifirst UNF 162.75 ... FidelityHiDiv FDVV 28.37 0.5 JPM DivRetUS Eq JPUS 70.59 0.4 VangdS&P600Val VIOV 133.78 2.1 CME Group CME 149.29 1.9 InfinityPropCas IPCC 110.63 -0.3 StateAutoFin STFC 28.98 3.2
Kyocera KYO
Ameriprise AMP 166.04 1.1 UNP 123.19 4.1 FidelityLowVol FDLO 30.15 0.4 JPM Div US SC JPSE 29.99 0.5 VangdSC VB 147.89 0.2 CVB Fin CVBF 25.39 3.6 InflaRx IFRX 21.56 8.9 StateBankFin STBZ 31.75 3.3
LCI Inds LCII 130.28 1.4 UnionPacific
Ametek AME 72.09 -0.4 UnitedRentals URI 158.68 0.8 FidelityMSCICnDisc FDIS 38.23 0.5 JPM US Dividend JDIV 25.67 1.1 VangdTotalStk VTI 135.79 ... Cal-MaineFoods CALM 49.75 2.4 InfoSvcsGrp III 4.58 0.9 StemlineTherap STML 15.58 0.7
L3 Tech LLL 196.75 0.9
Amphenol APH 91.26 -1.4 UnitedHealth UNH 224.27 3.1 FidelityMSCIFinls FNCL 40.40 1.9 MadronaDomestic FWDD 52.25 0.6 VangdTotlWrld VT 73.62 -0.3 CalavoGrowers CVGW 77.15 1.0 Inogen INGN 128.45 1.2 SunshineBancorp SBCP 24.54 4.0
LasVegasSands LVS 68.50 -1.2
Anthem ANTM 230.46 2.3 UnumGroup UNM 56.62 2.2 FidelityMSCIIndls FIDU 37.63 0.7 MeidellTactical MATH 33.48 1.4 VangdValue VTV 104.61 0.7 CallidusSoftware CALD 30.60 -5.6 InteractiveBrkrs IBKR 57.30 1.6 SuperiorUniform SGC 26.08 0.4
LazardGlblFd LGI 17.57 -0.4
AnthemUn ANTX 56.72 1.8 UsanaHealth USNA 72.80 -0.1 FidelityMomFactor FDMO 31.40 -1.0 NationRiskBaseIntl RBIN 25.78 0.5 WBIPwrFactorHiDiv WBIY 26.26 2.4 CamdenNational CAC 47.41 2.7 IntlBcshs IBOC 42.40 3.9 Surmodics SRDX 33.70 -0.6
Lazard LAZ 49.11 1.7
AquaAmerica WTR 37.54 1.8 Visa V 113.62 -3.1 FidelityQualFactor FQAL 31.30 -0.1 NationRiskBasedUS RBUS 25.94 0.9 WBITacticalLCQ WBIL 26.79 0.6 CareerEducation CECO 13.61 1.7 IntlSpeedwayA ISCA 41.60 3.3 TD Ameritrade AMTD 51.38 1.7
Lear LEA 180.11 -0.1
Aquantia AQ 13.80 -6.6 ValmontInds VMI 171.45 0.1 FidelityValFactor FVAL 32.01 0.5 OShRussSC Qu OUSM 27.17 0.7 WBITacticalLCV WBIF 27.99 0.4 CathayGenBncpWt CATYW 24.59 9.5 InvestorsTitle ITIC 202.39 1.7 TRowePrice TROW 102.23 1.5
Lennar B LEN.B 51.81 1.0
ArcelorMittal MT 30.72 1.5 VarianMed VAR 111.43 1.5 FinSelSectorSPDR XLF 27.52 1.7 OShFTSEUSQuality OUSA 31.37 0.4 WBITacticalLCY WBIG 24.92 0.6 CathayGenBncp CATY 45.54 2.5 iShCoreS&PUSGrowth IUSG 53.52 -0.7 Taitron TAIT 2.13 3.5
Lennar A LEN 62.66 1.0
ArmadaHoffler AHH 15.59 1.2 Vectren VVC 68.98 0.4 FT ConsDscAlpDx FXD 41.31 1.4 OppGlbESGRevenue ESGF 31.07 ... WBITacticalSMGD WBIA 25.34 0.6 CboeGlobalMkts CBOE 125.04 -1.5 iShCoreS&PUSValue IUSV 54.48 0.8 TechTarget TTGT 14.00 1.1
LennoxIntl LII 205.20 1.3
ArmstrongWorld AWI 59.90 1.4 Visteon VC 133.04 -2.0 FT ConsStaples FXG 48.34 1.6 OppenheimerLgCpRev RWL 50.15 0.9 WBITacticalSMQ WBID 24.71 1.4 CenturyBancorpA CNBKA 89.40 0.7 iShSelectDividend DVY 97.87 0.9 TetraTech TTEK 50.90 ...
LincolnNational LNC 77.64 2.3
ArtisanPtrsAsset APAM 39.45 1.0 VMware VMW 127.60 -6.2 FT Dow30EW EDOW 21.50 0.2 OppenheimerMdCpRev RWK 60.05 1.0 WBITacticalSMV WBIB 26.24 1.5 ChartIndustries GTLS 47.76 0.6 iShMSCI ACWI ACWI 71.71 -0.4 TexasInstruments TXN 99.79 -2.6
Lindsay LNN 96.22 0.8
AshlandGlobal ASH 73.72 3.6 10.15 1.7 EqCompassRiskMgr ERM 21.74 1.1 OppenheimerSmCpRev RWJ 70.23 1.5 30.01 -0.2 ChembioDiagn CEMI 7.25 5.8 TriCoBancshares TCBK 43.80 4.0
LionsGate B LGF.B 33.10 0.1 Vonage VG WisdTrCBOES&P500 PUTW iShMSCIUSAESGOpt ESGU 57.64 0.1
Avangrid AGR 53.23 -0.1 44.49 2.3 EqCompassTactical TERM 21.74 1.2 OppenheimUltraDiv RDIV 36.03 1.4 ChemicalFin CHFC 58.17 3.2 tronc TRNC 18.24 1.8
LionsGate A LGF.A 34.75 -0.1 VoyaFinancial VOYA WisdTrGlbHiDiv DEW 47.85 0.2 iShMornMCValue JKI 156.67 0.8
AxaltaCoating AXTA 37.82 3.3 126.27 1.4 FT DJ SelMicro FDM 48.80 1.1 PIMCO DynMultIn MFDX 26.42 ... Children'sPlace PLCE 137.80 0.6 TrustcoBank TRST 9.70 3.7
LiveNationEnt LYV 46.99 -1.6 WEX WEX WisdTrIntlEquity DWM 55.59 -0.4 iShRuss1000PureUS AMCA 26.18 1.3
BancorpSouth BXS 34.00 3.1 FXO 31.30 0.6 PIMCO DynMultUS MFUS 27.16 1.2 ChurchillDowns CHDN 223.21 0.7 Tucows TCX 63.55 -1.2
Loews L 50.69 0.4 WNS WNS 42.36 -0.1 FT FinlsAlpDx WisdTrIntlLC Div DOL 50.49 -0.3 iShS&PSC600Growth IJT 172.61 0.5
BankofAmWtA BAC.WS.A 16.30 4.3 FTHeitmanPrmRlEst PRME 20.61 0.1 PwrShAerospace PPA 53.35 -0.1 Cintas CTAS 153.87 1.1 USA Tech USAT 8.95 -1.2
MGIC Investment MTG 15.04 0.7 WasteMgt WM 82.97 1.2 WisdTrIntlMC Div DIM 68.15 0.1 J&JSnackFoods JJSF 151.91 1.9
BankofAmWtB BAC.WS.B 1.63 11.9 FXR 39.20 0.8 PwrShDynBldg&Con PKB 34.48 0.8 CiscoSystems CSCO 38.03 -0.7 USA Truck USAK 18.48 1.8
MI Homes MHO 36.70 0.2 WattsWater WTS 74.95 0.4 FT IndlsAlpDx WisdTrJapanSC DFJ 79.40 0.2 LGI Homes LGIH 71.02 -2.0
BankofAmerica BAC 28.49 2.3 FT Long/Short FTLS 38.64 0.3 PwrShDynLCValue PWV 38.89 0.3 CitiTrends CTRN 26.60 -1.2 Umpqua UMPQ 22.18 3.4
Manpower MAN 131.99 -0.4 WebsterFin WBS 57.88 4.8 WisdTrUSDivxFin DTN 87.06 0.6 LKQ LKQ 39.58 1.5
BankofButterfield NTB 40.18 1.5 FDL 29.73 0.8 PwrShDynLeisure PEJ 43.18 ... CivistaBcshrs CIVB 23.76 4.7 UnionBankshares UNB 53.00 6.7
Marcus&Millichap MMI 32.38 0.8 WellCareHealth WCG 212.40 3.5 FT MngstrDiv WisdTrUSEarn500 EPS 30.67 0.1 LakeShoreBancorp LSBK 16.60 4.3
BarracudaNtwks CUDA 27.75 -0.3 FT USEquityOpp FPX 67.59 -0.7 PwrShDynNetwork PXQ 48.05 -1.6 CliftonBancorp CSBK 17.90 1.9 UtdCmtyFnl UCFC 10.16 2.2
Markel MKL 1108.85 1.1 WestAllianceBcp WAL 59.70 3.4 WisdTrUSHiDiv DHS 72.03 0.5 LakelandBcp LBAI 21.75 4.1
BerkHathwy A BRK.A 287900 1.6 30.97 0.7 111.55 0.6 CoBizFin COBZ 22.01 2.3 UnitedFinBncp UBNK 19.26 3.3
Masco MAS 42.08 2.7 WestlakeChem WLK 96.21 0.8 FT ValDivFd FVD PwrShFTSE US1000 PRF WisdTrUSLCDivFd DLN 90.58 0.5 LakelandFin LKFN 52.17 3.5
BerkHathwy B BRK.B 192.00 1.2 CollectorsUniv CLCT 29.45 0.8 UnityBancorp UNTY 20.85 0.7
Maximus MMS 68.22 0.5 WhitestoneREIT WSR 14.98 0.4 FT Water FIW 48.85 0.3 PwrShDynLC Grwth PWB 41.38 -1.5 WisdTrUSLCValueFd EZY 80.98 1.4 LeggMasonLVHD LVHD 31.57 0.7
BigLots BIG 58.87 3.6 ColumbiaBanking COLB 47.36 4.1 UniversalForest UFPI 39.57 1.0
McDonalds MCD 172.02 -0.5 Wiley A JW.A 59.95 -1.3 FlexMrnUSMktFtrTlt TILT 110.27 0.3 PwrShDevMkt xUS PXF 45.20 ... WisdTrUSMCDivFd DON 34.83 0.8 LivaNova LIVN 88.43 -0.3
Bio-RadLab A BIO 272.03 2.4 ColumbiaSportswr COLM 70.77 2.0 UnivLogistics ULH 23.40 2.2
MeritageHomes MTH 54.55 2.5 Winnebago WGO 55.00 -0.1 FlexShQualDivDef QDEF 43.52 0.4 PwrShRussMC EW EQWM 47.02 ... WisdTrUSMCEarn EZM 39.41 0.8 LiveOakBcshs LOB 26.25 2.6
BlackRock BLK 505.33 1.6 CommVehicle CVGI 11.85 -0.5 VangdRuss1000 VONE 121.13 ...
MetropolitanBk MCB 44.53 2.7 Wyndham WYN 112.48 1.7 FlexShQualDivDyn QDYN 43.03 0.5 PwrShRuss1000EqWt EQAL 30.67 0.2 WisdTrUSSCDiv DES 29.33 0.7 LunaInnov LUNA 2.50 3.4
BluegreenVac BXG 15.21 1.2 CmntyTrBcp CTBI 51.90 3.5 VangdRuss1000Grw VONG 137.12 -0.9
MichaelKors KORS 58.81 1.3 Xylem XYL 68.79 -0.5 FlexShQualityDiv QDF 44.17 0.5 PwrShRussTop200 EQWL 51.89 0.2 WisdTrUSSCEarn EES 36.83 1.2 MCBCHoldings MCFT 23.89 2.6
Boeing BA 269.68 0.5 Conmed CNMD 54.77 -1.0 VangdRuss1000Val VONV 107.09 0.8
MitsubishiUFJ MTU 7.14 1.6 YumBrands YUM 82.12 1.0 FrankFTSEEurope FLEE 25.17 0.1 PwrShRussTop200Val PXLV 38.56 1.0 WisdTrUSTotalDivFd DTD 91.40 0.5 MGC Diagnostics MGCD 11.00 0.2
39.45 -1.8 ConnecticutWater CTWS 65.04 3.1 VangdRuss3000 VTHR 121.20 ...
BoiseCascade BCC ModineMfg MOD 23.95 -1.7 FrankUSLowVol FLLV 29.85 1.1 PwrShRuss2000Grw PXSG 32.26 -1.1 WisdTrUSTotalEarn EXT 31.48 1.1 MainSourceFncl MSFG 40.49 3.9
27.95 2.4
BorgWarner
BostonBeer
BWA
SAM
55.02
181.40
1.0
-1.2
Moelis MC 48.35
153.42
1.0
-0.7
NYSE lows - 66 FranklinGlbEquity FLQG
GlbX FTSE SE Asia ASEA
30.38
16.71
0.2
-0.3
PwrShS&P500Down PHDG
PwrShS&P500HiDiv SPHD
27.20
42.34
0.3
0.6
WorkplaceEquality EQLT
XtrkrsRussell1000 DEUS
35.90
31.87
0.6
0.5
ConnectOneBncp CNOB
CreditAcceptance CACC 304.44 6.1
MeridianBancorp EBSB
MiddlesexWater MSEX
20.70
46.74
2.5
3.5
VangdRuss2000 VTWO
VangdRuss2000Grw VTWG
123.73
136.01
0.3
-0.2
Moody's MCO DavisFinl DFNL 23.63 0.8
BoydGaming BYD 31.61 0.9 AllianzGIConv24 CBH 8.93 -1.3 GlbX GuruIndex GURU 29.24 0.1 PwrShS&P500LoVol SPLV 47.93 0.3 17.27 0.3 VangdRuss2000Val VTWV 111.35 0.9
MorganStanley MS 51.82 1.8 NMI Holdings NMIH
DigitalTurbine APPS 1.92 -4.3
Brown&Brown
BurlingtonStrs
BRO
BURL
51.37
107.90
0.2
0.8
MotorolaSol
NL Industries
MSI
NL
94.96
15.70
-0.4
1.3
AnadarkoPeteUn AEUA
AndeavorLog ANDX
30.95
42.18
-2.5
-1.5
GlbX JPM US SecRot SCTO
GlbXSciBetaEurope SCID
26.02
28.69
0.2
-0.2
PwrShS&P500EnhVal SPVU
PwrShS&P500xRate XRLV
34.43
33.56
2.3
0.3
NYSE Arca lows - 48 DollarTree DLTR 104.40 3.2
Nasdaq
NektarTherap
NDAQ
NKTR
79.68
54.95
0.3
3.9
VarexImaging VREX
VeriskAnalytics VRSK
37.52
95.92
-1.1
-0.3
BEST BSTI 10.15 -4.4 AdvShRangerEqBear HDGE 8.03 -1.1 EMC Insurance EMCI 31.84 0.9 VicShDivAccel VSDA 27.67 3.2
CBRE Group CBG 43.47 0.6 NVR NVR 3468.40 2.1 GlbXSciBetaUS SCIU 30.96 0.4 PwrShS&P500Qual SPHQ 30.04 0.2 NetApp NTAP 57.18 -1.0
BellatrixExplor BXE 1.78 0.6 AlerianMLPETF AMLP 9.79 -0.8 ENDRA LifeSci NDRA 4.16 -3.9 VicShUSDiscEnhVol CSF 45.92 1.1
CNO Financial CNO 25.41 3.0 NewGermanyFund GF 19.76 ... GSActiveBetaJapan GSJY 33.72 -0.1 PwrShS&P400LowVol XMLV 46.37 0.4 NewsCorp B NWS 16.58 0.6
BlkrkMuni2018 BPK 14.94 ... BarclaysETN+Select ATMP 18.91 -1.1 E*TRADE ETFC 47.99 3.2 VicShUSEQIncmEnh CDC 46.40 0.8
CTS CTS 28.35 -1.1 NewMediaInvt NEWM 17.49 0.9 GSActiveBetaUSLC GSLC 52.70 ... PwrShS&P600LowVol XSLV 48.23 0.7 NewsCorp A NWSA 16.43 1.2
BoardwalkPipe BWP 13.20 -2.2 CTracksETN2026 MLPE 21.82 -8.9 EagleBancorp EGBN 69.80 1.9 VicShUS500EnhVol CFO 48.25 0.5
CalAtlantic CAA 55.87 1.1 Nike NKE 60.63 1.3 GS Active US SC GSSC 43.78 1.6 PwrShZacksMicro PZI 19.65 1.2 NorthrimBanCorp NRIM 37.95 4.3
BuckeyePtrs BPL 43.90 -1.0 CTrksETNsMillerHwd MLPC 14.20 -1.4 EastWestBncp EWBC 62.05 4.0 VicShUS500Vol CFA 48.24 0.6
CalWtrSvc CWT 45.65 1.7 NorfolkSouthern NSC 137.22 4.8 GuggDefEqty DEF 46.75 0.3 ProShrUlConsmrGd UGE 46.71 0.4 Nutanix NTNX 35.00 -6.1
CONSOL Energy CEIX 21.35 8.3 CSX2xAlerianMLPETN AMJL 16.66 -2.1 Ebix EBIX 77.90 0.3 VicShUSLCHiDivVol CDL 45.16 0.9
CampingWorld CWH 47.35 -1.5 NortelInversora NTL 46.46 0.7 GuggDJIA Div DJD 33.26 0.6 ProShrUlCnsmr UCC 75.83 3.8 OakValleyBncp OVLY 18.49 2.7
CenterCoastMLP CEN 8.80 -0.2 DirexFinlBear3 FAZ 12.29 -2.5 EldoradoResorts ERI 30.60 -2.1 VicShUSSCHiDiv CSB 45.00 2.8
CantelMedical CMD 106.43 0.9 NorthwestNatGas NWN 69.30 1.1 GuggS&P500EWCD RCD 97.52 2.4 ProShrUltraDow30 DDM 123.96 1.0 ObesityETF SLIM 30.05 ...
ClearBridgeAmEn CBA 6.94 -0.3 DirexMcBear3 MIDZ 13.79 -1.4 EmpireResorts NYNY 25.60 7.1 VicShUSSCVolWtd CSA 46.96 2.3
CapitalOnePfdG COFpG 25.35 ... Northwestern NWE 64.04 0.5 GuggS&P500EW RSP 99.62 0.5 ProShrUltraFnl UYG 125.03 2.1 OhioValleyBanc OVBC 40.00 3.4
ClearBridgeEnMLPFd CEM 12.10 -0.2 DirexRgBanksBear3X WDRW 29.79 -8.7 EnphaseEnergy ENPH 3.45 -8.6 VidentCoreUSEquity VUSE 33.08 0.6
Carters CRI 110.61 1.1 NuSkinEnts NUS 68.00 0.8 GuggS&P500EWFin RYF 43.73 1.8 ProShrUltraInd UXI 69.37 0.5 OldDomFreight ODFL 127.13 1.7
ClearbridgeEngyMLP EMO 9.92 0.7 DirexS&P500Br3 SPXS 31.52 0.1 EntegraFin ENFC 29.45 2.3 WestBancorp WTBA 28.00 4.5
Centene CNC 99.98 1.2 NuvCoreEqAlpha JCE 16.19 -0.7 GuggS&P500EWIndl RGI 116.68 0.9 ProShrUMdCp400 MVV 121.84 0.9 Ollie'sBargain OLLI 47.70 0.5
ClearbridgeEnMLPTR CTR 10.38 -0.5 EsperionTherap ESPR 60.31 -1.6 WintrustFin Wt WTFCW 62.33 6.7
CenturyComm CCS 31.90 2.0 NuvDow30Dyn DIAX 18.12 0.1 GuggS&P500EWMat RTM 108.93 0.2 ProShrUltraRus UWM 72.01 0.6 DirexS&P500Br1 SPDN 31.20 ... OrganicsETF ORG 33.64 0.1
Volaris VLRS 9.27 -3.6 EsquireFinancial ESQ 18.21 2.7 WintrustFin WTFC 85.78 3.9
Chemed CHE 245.90 1.5 OM AssetMgmt OMAM 16.68 2.2 GuggS&P500PureGr RPG 106.08 -0.9 ProShrUltraS&P SSO 106.05 -0.1 DirexScBear3 TZA 12.02 -1.1 OrthofixIntl OFIX 54.73 0.6
DTFTaxFrIncome DTF 14.01 -0.6 Exactech EXAC 43.01 0.4 WisdTrUSQltyDiv DGRW 40.61 0.3
ChesapeakeLodging CHSP 29.04 0.8 ONE Gas OGS 79.07 0.1 GuggS&P500PrVal RPV 65.17 1.2 ProShUltDow30 UDOW 85.72 1.2 DirexZacksMLPHiIn ZMLP 15.18 -0.1 OtterTail OTTR 48.65 1.4
Despegar.com DESP 23.79 -4.1 ExpeditorsIntl EXPD 64.61 5.1 WisdTrUSSCQltyDiv DGRS 36.22 1.1
ChesapeakeUtil CPK 86.35 0.6 OnAssignment ASGN 65.34 0.2 GuggS&P400PrGrwth RFG 154.36 -0.1 ProShUltraProFin FINU 100.00 5.9 ETRACS Alerian MLP AMU 15.71 -0.7 PCSB Fin PCSB 20.47 2.0
DeutscheMuniIncmTr KTF 11.72 -0.3 Ezcorp EZPW 12.05 1.3 Xcerra XCRA 10.15 1.0
ChinaYuchai CYD 26.47 -0.7 OneLiberty OLP 27.36 -0.3 GuggS&P400PureVal RFV 68.38 1.2 ProShUltMC400 UMDD 113.16 1.4 ETRACS2xMLvAlerian MLPQ 31.10 -1.4 ParkSterling PSTB 13.20 3.0
Duff&PhelpsSelEn DSE 5.03 -0.8 FidelityNasdComp ONEQ 272.70 -1.2 XenithBkshrs XBKS 35.32 3.0
ChoiceHotels CHH 79.05 -0.1 OwensCorning OC 90.15 -1.5 GuggS&P600PrGrwth RZG 114.45 ... ProShUltRus2000 URTY 84.98 1.0 FrankShtDurUSGovt FTSD 95.90 0.1 PatrickIndustries PATK 99.00 0.7
EQT Midstream EQM 64.42 -1.6 FifthThirdBncp FITB 30.55 4.2 ZionsBancorpWt ZIONW 17.60 6.9
Cigna CI 207.21 2.6 PGT Innovations PGTI 16.45 0.9 GuggInsider NFO 62.63 0.2 ProShUltS&P500 UPRO 133.58 -0.2 GlbX MLP&Energy MLPX 12.30 -0.6 Paychex PAYX 66.93 1.2
EXCO Res XCO 0.60 -4.6 FirstBancorpNC FBNC 39.11 4.1 ZionsBancorp ZION 49.95 2.9
CitizensFin CFG 41.08 4.9 PNC Fin Wt PNC.WS 72.89 7.2 GuggMC Core CZA 66.26 0.4 RivFrDynUSDiv RFDA 31.54 ... GlbX MLP MLPA 8.89 -0.5 PeapackGladFinl PGC 35.98 3.8
EtnVncFR2022 EFL 9.20 -1.5 FirstBank FRBA 14.90 1.8 ZionsBancorpWt ZIONZ 14.00 9.4
Cohen&Steers CNS 46.98 1.8 PNC Fin PNC 140.07 3.0 GuggMltiAstIncm CVY 22.13 0.5 RivFrDynUSFlex RFFC 32.48 ... IQMacKayShMuni MMIN 25.00 -0.2 PennNational PENN 29.13 2.0
EnergyTransfer ETP 15.25 -0.7 FirstBusey BUSE 32.88 2.4 Zynga ZNGA 4.34 -5.4
Comerica CMA 84.83 3.3 PNM Resources PNM 45.50 -0.1 GuggRayJamesSB1 RYJ 42.30 0.3 SPDRBlmBarInvGrdFR FLRN 30.81 0.2 InfraCapMLPETF AMZA 7.61 -0.8 PeregrinePharmPf PPHMP 24.40 -0.2
FidcryClymrOppFd FMO 10.49 0.9 FirstCitizBcshA FCNCA 436.00 3.7
ComericaWt CMA.WS 55.00 6.1 PVH 139.51 -0.3 GuggS&P500Top50 XLG 187.14 -0.1 SPDRGlobalDow DGT 83.73 0.1 iPathS&PMLPETN IMLP 16.40 -1.4 Perma-PipeIntl PPIH 9.32 2.8
ContinentalBldg CBPX 28.45 -0.2
PVH
PeabodyEnergy BTU 33.34 -0.2
FT EnerInfra
GenesisEnergy GEL
FIF 17.22
20.49
-0.3
-1.7
GuggS&PGlbl LVL 11.24 0.6 SPDRMFSSysCore SYE 73.79 0.7 JPM AlerianMLP AMJ 24.93 0.9
FirstFinBkshs FFIN
FirstInternetBncp INBK
48.80
40.55
3.3
2.7 PilgrimPride PPC 36.43 1.2 Nasdaq lows - 28
Cooper-Standard CPS 127.19 1.8 PebblebrookHotel PEB 38.38 1.1 GuggS&PGlblWtr CGW 35.96 0.3 SPDRMFSSysValueEqu SYV 65.45 0.7 KraneMSCIChinaEnv KGRN 24.50 ... PinnacleEnt PNK 30.12 0.9
GenesisHealthcare GEN 0.67 -8.0 FirstMerchants FRME 44.38 2.4 AmeriHoldings AMRH 2.33 -12.1
Corning GLW 32.72 0.1 PennyMacFinS PFSI 21.65 7.5 GuggS&PMC400EW EWMC 64.04 1.2 SPDRMSCIACWIIMI ACIM 78.46 0.1 ProShDecRetail EMTY 35.09 -3.6 Pool POOL 125.08 2.4 12.45 3.5
GS MLPEnergyRen GER 5.25 0.2 FirstNWBncp FNWB 18.35 1.9 ApellisPharm APLS
CurtissWright CW 124.46 -0.7 PerformanceFood PFGC 30.00 1.4 GuggS&PSC600EW EWSC 55.06 1.6 SPDRMSCIUSAStrat QUS 76.09 0.9 ProShLgOnline CLIX 38.00 -3.9 PwrShBuybackAch PKW 57.15 1.0 APLP 10.58 -2.2
GS MLP IncmOpp GMZ 7.85 1.1 1stSource SRCE 53.29 3.2 ArchrockPtrs
DTE EnergyDeb77 DTW 25.25 0.2 PerkinElmer PKI 74.11 -0.8 GuggUltraShrtDur GSY 50.40 ... SPDRPortfolioLC SPLG 30.93 ... ProShShtDow30 DOG 15.43 -0.5 PwrShDWANasdMom DWAQ 106.01 -1.9 BigRockPtrsAcqnUn BRPAU 10.00 -0.1
InvescoMuniOpp VMO 12.18 -0.5 FT CapStrength FTCS 50.48 ...
Dana DAN 33.12 0.2 Phillips66 PSX 95.04 0.9 HartfordMultiGlbSC ROGS 31.46 0.2 SPDRPtfMC SPMD 33.67 0.5 ProShShtFinls SEF 11.74 -1.1 PwrShDWASCMom DWAS 49.10 -0.7 BIOL 0.48 -9.3
InvestmentTech ITG 17.68 1.7 FT DevIntlEquity RNDM 51.97 -0.3 Biolase
DaqoNewEnergy DQ 54.00 -3.4 PlanetFitness PLNT 32.16 1.5 HartfordMultiUSEqu ROUS 30.64 0.9 SPDRS&P500Value SPYV 30.35 0.9 ProShShtMC400 MYY 11.29 -0.6 PwrShDWA Util PUI 29.75 0.4 CASM 0.60 4.8
KayneAnMLPInv KYN 14.38 0.1 FT DorseyDyn5 FVC 26.07 -1.2 CAS MedSys
DelekUS DK 32.47 0.3 PolarisIndustries PII 134.29 1.1 HullTacticalUS HTUS 28.67 -0.1 SPDRS&P500Growth SPYG 32.85 -0.8 ProShShtRus2000 RWM 41.99 -0.4 DorseyWrightPeople DWPP 28.25 0.4 PwrShDivAch PFM 25.95 0.5 CTI BioPharma CTIC 2.63 -1.8
KayneAnMidstrEner KMF 12.25 0.1 ProShShrtS&P500 SH 30.69 ...
Dividend&IncomeFd DNI 13.46 0.6 PolyOne POL 46.73 0.2 IQ AustraliaSC KROO 19.04 0.7 SPDRS&P500HiDiv SPYD 37.57 0.7 FT GerAlpha FGM 50.48 -0.3 PwrShDynConsStp PSL 63.92 0.9 ClearSignComb CLIR 2.30 -13.2
KinderMorgan KMI 16.68 -1.6 ProShShrtSC600 SBB 34.04 -0.6
DollarGeneral DG 89.15 ... Primerica PRI 106.40 2.6 IQ50%HdgFTSEJapan HFXJ 22.59 0.2 SPDRPtfSC SPSM 30.33 0.5 FT HighIncome FTHI 23.11 0.1 PwrShDynFinl PFI 35.26 0.3 Comstock CHCI 1.52 -1.3
KnotOffshore KNOP 19.80 -0.5 ProShUltShtDow30 SDOW 21.58 -1.5
DominionEner D 84.34 0.1 PrincipalFin PFG 72.18 2.1 IndSelSectorSPDR XLI 73.30 0.9 SPDR Ptf TSM SPTM 32.84 ... FT LC CoreAlpha FEX 57.95 0.1 PwrShDynHlthcr PTH 70.86 -1.3 Curis CRIS 0.79 -4.2
MaidenNts46 MHLA 23.32 -0.3 ProShUltraProShFnl FINZ 8.78 -4.4
Domtar UFS 48.13 0.1 Progressive PGR 53.29 -0.6 iPathCBOE S&P500BW BWV 78.21 0.6 SPDRRuss1000LowVol ONEV 75.61 1.6 FT LC US Equity RNLC 21.45 0.9 PwrShDynIndls PRN 61.53 -0.9 DoubleEagleUn EAGLU 9.56 -2.5
MolsonCoors B TAP 76.25 -2.1 ProShShtMC400 SMDD 10.51 -2.4
Donaldson DCI 48.93 -0.3 ProPetro PUMP 18.96 -3.0 iShCoreDivGrowth DGRO 34.34 0.5 SPDRRuss1000Mom ONEO 76.47 0.3 FT LC Value FTA 53.62 1.3 PwrShUS1500 PRFZ 131.30 0.3 ForescoutTechs FSCT 22.02 -8.0
MolsonCoors A TAP.A 79.84 -3.6 ProShShtRus2000 SRTY 31.75 -1.0
DriveShack DS 6.49 0.8 ProtoLabs PRLB 96.55 0.6 iShGrwthAllocation AOR 45.89 -0.2 SPDRRuss1000Yd ONEY 74.14 1.9 FT MegaCap FMK 33.18 -0.4 PwrShGlbWater PIO 25.91 ... FortressBioPfdA FBIOP 23.36 -0.5
NewYorkREIT NYRT 4.95 -0.2 ProShUltProShS&P SPXU 11.97 0.2
DriveShackPfdC DSpC 25.61 -3.7 PrudentialFin PRU 117.08 2.7 iShCoreHiDividend HDV 88.35 0.7 SPDR S&P500MidGr MDYG 157.49 0.1 FT MC CoreAlpha FNX 65.59 0.2 PwrShHY EqDiv PEY 17.78 1.2 HarvestCapCredit HCAP 10.51 -2.6
NuSTAREnergy NS 26.21 -0.3 ProShrUSCnsmrGd SZK 14.36 -1.0
ESCO Tech ESE 65.45 0.3 Prudential PUK 51.08 0.2 iShCoreS&P500 IVV 265.44 -0.1 SPDR S&P400MidVl MDYV 103.32 0.9 FT MC GrwthAlpha FNY 39.41 -0.9 PwrShIntlBuyBack IPKW 36.95 -0.6 InnovSolSuprt ISSC 2.84 1.0
NuSTAR GP NSH 13.65 -1.4 ProShUltShDow30 DXD 9.30 -1.0
EatonVance EV 54.77 2.0 PublicServiceEnt PEG 52.79 1.3 iShCoreS&P MC IJH 189.26 0.4 SPDRS&P600SmallCap SLY 136.52 0.6 FT MC US Equity RNMC 21.61 1.1 PwrShKBW Banks KBWB 54.28 2.7 KayneAnAcqn KAAC 9.66 -0.2
NuvCT QualMuni NTC 11.91 -0.3 ProShrUSFnl SKF 21.53 -1.9
Ecolab ECL 135.07 0.6 PublicStoragePfdF PSApF 25.47 -0.6 iShCoreS&P SC IJR 77.75 0.6 SPDR S&P600SCpGr SLYG 239.25 0.4 FT MC ValAlpha FNK 35.92 2.0 PwrShRuss1000Low USLB 30.92 0.8 MartinMidstream MMLP 12.90 -2.6
NuvMN QualMuni NMS 14.56 -0.8 ProShrUS MSCI Jpn EWV 26.48 0.1
ElPasoElectric EE 60.80 -0.1 PulteGroup PHM 33.87 1.7 iShS&PTotlUSStkMkt ITOT 60.50 ... SPDR S&P600SCapVal SLYV 132.19 0.8 FT MuCValAlpha FAB 56.20 1.7 PwrShS&P SC CD PSCD 59.84 2.8 Medicines MDCO 27.77 -0.1
NuvNJ MuniVal NJV 14.15 0.6 ProShUltMC400 MZZ 18.98 -2.7
EmployersHldgs EIG 50.45 -0.7 RELX RENX 23.30 -0.5 iShCurHdgMSCISwitz HEWL 27.66 0.3 SPDRS&PBank KBE 47.97 3.0 FT NasdComBk QABA 55.23 3.2 PwrShS&P SC ConStp PSCC 75.08 2.5 MongoDB MDB 28.50 -2.8
NuvPA MuniVal NPN 14.55 -1.5 ProShrUlShtRus TWM 17.22 -0.7
Ennis EBF 21.50 0.7 RELX RELX 24.03 -0.7 iShUSConsumerSvcs IYC 174.31 0.8 SPDRS&PCapitalMkts KCE 56.58 1.3 FT NasdCybersec CIBR 22.90 -1.5 PwrShS&P SC Fin PSCF 56.59 2.0 NII Holdings NIHD 0.25 -14.3
NuvSrIncmFd NSL 6.30 -0.9
EnPro NPO 86.33 0.2 RaymondJames RJF 89.50 1.6 iShUSConsumerGoods IYK 124.46 0.2 SPDRS&P500Buyback SPYB 60.78 1.4 ProShUltShtS&P500 SDS 42.48 0.1 FTNasdaqBk FTXO 29.24 3.0 PwrShS&P ScHealth PSCH 97.88 1.1 PwrShDWA Tact DWIN 26.59 0.2
PlainsAllAmPipe PAA 18.38 -0.9
EssentGroup ESNT 45.55 -1.1 RayonierAdvMatls RYAM 19.09 3.0 iShUSFinlServices IYG 127.97 1.4 SPDRS&P500Fossil SPYX 63.96 ... ProShrUlShtSmC600 SDD 15.51 -1.1 FT NasdaqTrans FTXR 24.93 1.8 PwrShS&P SmInds PSCI 64.87 0.8 ReShapeLifesci RSLS 1.23 -11.0
ScorpioTankers STNG 3.10 -0.6
EvercoreA EVR 88.05 1.5 RayonierAdvPfdA RYAMpA 134.96 2.3 iShUS Finls IYF 118.25 1.1 SPDRS&PGlbDividend WDIV 69.89 ... UBSNatGasMLPETN MLPG 22.53 -1.6 FT RBA AmerInd AIRR 27.19 1.8 PwrShS&PSCMatls PSCM 52.45 0.6 SigmaLabsWt SGLBW 0.36 -24.5
Sea SE 10.79 -4.2
FB Financial FBK 42.72 2.3 Raytheon RTN 190.60 -0.1 iShUSHealthcarePrv IHF 154.38 2.4 SPDRS&PHlthCareEqp XHE 67.05 -0.3 E-TRACS AlrInfr MLPI 21.95 -0.8 FT RBAQualIncm QINC 25.67 1.0 PwrShS&PSC Util PSCU 57.26 1.3 SonicFoundry SOFO 2.77 -5.3
Sogou SOGO 12.10 1.0
FCB Financial FCB 52.80 5.4 RegionsFin RF 16.69 3.6 iShU.S.Insurance IAK 67.69 1.3 SPDRS&PInsurance KIE 94.30 1.0 VanEckHiIncmInfra YMLI 12.30 -1.4 FTRisingDivAch RDVY 29.40 1.0 PwrShWaterRscs PHO 30.25 0.2 SVB Cap II Pfd SIVBO 25.26 -0.1
SpectraEnerPtrs SEP 38.42 -1.3
FactSet FDS 199.87 -0.1 ReinsGrp RGA 165.12 1.5 iShUSRegionalBanks IAT 49.63 3.3 SPDRS&PRegionalBkg KRE 60.10 3.3 VelocityShVIXTail BSWN 17.89 -0.3 FT SMID CapRising SDVY 20.91 2.6 PreformedLine PLPC 85.63 0.8 trivago TRVG 6.79 -2.2
SummitMidstream SMLP 18.30 -0.5
FairIsaac FICO 158.10 -0.6 RingCentral RNG 49.95 -4.3 iShUSMedDevices IHI 178.10 -0.4 SPDRS&PTransport XTN 62.11 3.0 FT SC CoreAlpha FYX 61.37 0.5 ProvidenceService PRSC 59.18 3.4 VivoPowerIntl VVPR 2.66 -1.7
FederatedInvest FII
FirstCmwlthFin FCF
33.13
15.35
3.5
3.2
RobertHalf RHI 57.13 1.6
Switch
TC PipeLines
SWCH
TCP
17.00
48.56
-3.2
-2.6
iShEdgeMSCIIntSize ISZE
iShEdgeMSCIIntVal IVLU
27.98
26.37
0.6
0.4
SPDRGenderDivers SHE
SPDR US LC Low Vol LGLV
72.32
92.70
0.5
0.8
NYSE American highs - 4 FT SC GrwthAlpha FYC 42.75 -0.2 RBC Bearings ROLL 136.72 5.1 ZealandPharma ZEAL 12.54 -6.8
RoperTech ROP 265.68 -1.1 TallgrassEnPtrs TEP 41.13 0.4 Chase CCF 129.55 -0.5
FT EnhEquity FFA 15.78 -0.9 RoyalBkScotland RBS 7.68 3.0 iShEdgeMSCIMultUSA LRGF 31.87 0.3 SPDR US SC LowVol SMLV 99.52 1.0
TortoiseMLPFund NTG 14.91 0.2 ConTomka CTO 61.90 1.9
FirstCash FCFS 67.40 0.2 RoyceMicroCap RMT 9.53 0.3 iShEdgeMSCIUSASC SMLF 40.22 1.2 SPDRSSgAGlbAll GAL 38.20 ...
Forestar FOR 22.40 ... RoyceValue RVT 16.16 0.8
TortoisePipe&En TTP
TortPwEnInfrFd TPZ
16.25
19.52
0.4
0.1
iShEdgeMSCIUSASize SIZE 83.10 0.4 SchwabFundIntLrgCo FNDF 30.63 -0.1
LadenburgThalmann LTS
WirelessTel WTT
3.46 4.2
2.44 3.9
IPO Scorecard
Gallagher AJG 67.32 -0.3 RymanHospitality RHP 69.83 1.1 iShGlobal100 IOO 92.82 -0.5 SchwabFundUSBrd FNDB 36.54 0.6
Gap GPS 32.64 4.9 S&P Global SPGI 167.87 -0.7
Transmontaigne TLP 37.40 0.6
iShMSCI EAFE EFA 70.43 -0.4 SchwabFundUSLrgCo FNDX 36.65 0.5 Performance of IPOs, most-recent listed first
Genpact G 32.45 -1.0 SJW Group SJW 68.96 1.3
TsakosEnergy
ValeWi
TNP
VALEw
4.05
11.00
-0.7
-1.8
iShMSCIFranceETF EWQ 31.58 -0.2 SchwabFundUSSmCo FNDA 37.94 0.6 NYSE American lows - 10 % Chg From % Chg From
GlbNetLeasePfdA GNLpA 25.66 ... SPX FLOW FLOW 44.09 1.1 WescoAircraft WAIR 6.05 -5.8
iShMSCIFrontier100 FM 33.16 -0.2 Schwab1000Index SCHK 25.92 ... AmShrHosp AMS 2.50 0.4 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
GlobusMedical GMED 38.55 2.1 SabineRoyalty SBR 44.80 -1.0 iShMSCIKLD400Soc DSI 97.07 -0.2 SchwabUS BrdMkt SCHB 63.87 ... AsankoGold AKG 0.61 -6.1 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
WstAstInterMuni SBI 9.27 -1.1
Group1Auto GPI 84.47 2.8 SantanderCons SC 17.42 0.3 iShMSCIKokusaiETF TOK 64.95 -0.4 SchwabUS Div SCHD 50.14 0.4 ContangoO&G MCF 2.22 -18.3
WstAstMuniDefOpp MTT 21.29 -0.8
HanoverIns THG 108.64 1.0 SchwabC SCHW 48.58 2.7 WesternGasEquity WGP 33.92 -0.8 iShMSCIUSAESGSelct SUSA 109.69 ... SchwabUS LC SCHX 63.01 ... iBio IBIO 0.17 -31.6 Big Rock Ptnrs Acquisition 10.00 ... –0.1 SailPoint Tech 14.35 19.6 10.4
HartfordFinl HIG 58.16 1.7 ServiceCorp SCI 36.84 2.5 WesternGasPtrs WES 42.68 -2.0 iShMSCIUSAEqWeight EUSA 54.79 0.4 SchwabUS LC Grw SCHG 69.97 -0.7 InspireMD NSPR 0.18 -51.3 BRPAU Nov. 20/$10.00 SAIL Nov. 17/$12.00
HartfordFinSvcsWt HIG.WS 52.42 1.9 ServiceMaster SERV 48.62 1.6 iShMSCIWorldETF URTH 87.38 -0.2 SchwabUS LC Val SCHV 54.03 0.5 KelsoTechs KIQ 0.24 -3.9
AMERI Hldgs 2.55 –38.1 –26.9 scPharmaceuticals 15.85 13.2 12.4
HawaiianElec
HercHoldings
HE
HRI
38.30
59.97
1.1
1.4
ShakeShack SHAK
SherwinWilliams SHW
40.66
398.97
3.4
-0.9
NYSE Arca highs - 343 iShMorningstarLC JKD
iShMornLCValue JKF
157.67
103.72
0.3
1.0
SchwabUS MC SCHM
SchwabUS SC SCHA
52.92
70.10
0.3
0.4
NeubrgrBrmCA NBW
NeubrgBermMLPIncm NML
13.66
7.89
-0.6
1.6 AMRH Nov. 17/$4.12 SCPH Nov. 17/$14.00
HeritageInsurance HRTG 18.70 -3.4 SimpsonMfg SSD 60.23 0.1 ALPS EqSecWgh EQL 68.80 0.3 iShMorningstarMC JKG 183.37 0.5 SPDR DJIA Tr DIA 239.65 0.5 Pfenex PFNX 2.27 -10.8
Hillenbrand HI 45.43 1.2 SiteOneLandscape SITE 73.35 0.4 ALPSSectorDivDogs SDOG 45.42 0.7 iShMorningstarSC JKJ 173.30 0.9 SPDR S&PMdCpTr MDY 344.95 0.5 TelInstrElec TIK 2.20 -1.9
Bluegreen Vacations 14.95 6.8 15.0 Sterling Bancorp 12.67 5.6 4.2
Hilton HLT 76.90 0.6 SkechersUSA SKX 35.32 -0.1 ARKIndlInnovation ARKQ 35.09 -2.8 iShMornSCValue JKL 150.85 1.2 SPDR S&P 500 SPY 263.63 -0.1 BXG Nov. 17/$14.00 SBT Nov. 17/$12.00
HomeDepot
Honeywell
HD
HON
178.43
153.56
0.9
0.3
SmithAO
Spire
AOS
SR
62.70
81.20
0.4
1.2
ARKInnovationETF ARKK
ARKWebx.0ETF ARKW
38.20
46.99
-1.8
-2.6
iShRussell1000Gwth IWF
iShRussell1000 IWB
133.75
146.85
-0.8
...
SPDR S&P Div SDY
SPDR S&P Home XHB
96.00
43.70
1.0
1.3
Nasdaq highs - 308 Legacy Acquisition 10.00 ... ... Stitch Fix 22.26 48.4 46.9
HoraceMannEdu HMN 47.65 1.7 StanleyBlackDck SWK 169.23 -0.9 AdvShFocusedEqu CWS 31.11 1.7 iShRussell1000Val IWD 122.52 0.8 UBS FIEnhGlbHY FIHD 168.76 ... ALPS/DorseyMom SWIN 30.06 -0.3 LGC.U Nov. 17/$10.00 SFIX Nov. 17/$15.00
DR Horton DHI 50.95 1.1 SteelPtrsPfdA SPLPpT 21.42 0.1 AdvShStrGlbBW VEGA 30.51 -0.1 iShRussell2000Gwth IWO 187.38 -0.3 UBS FIEnhLCGrw FBGX 223.01 -1.6 AdamasPharm ADMS 37.33 3.8
HoulihanLokey HLI 45.12 0.3 Stoneridge SRI 23.47 0.4 AdvShWilshireBuybk TTFS 70.53 1.5 iShRussell2000 IWM 154.21 0.3 USAA USA SC Val USVM 51.50 -0.2 Aegion AEGN 28.19 1.0 Level Brands 5.08 –15.3 –8.5 Arsanis 16.93 69.3 20.7
HyattHotels H 72.58 1.2 SunTrustBanksWtA STI.WS.A 28.43 21.0 AlphaCloneAltAlpha ALFA 42.60 0.1 iShRussell2000Val IWN 128.48 0.9 USAA USA ValMom ULVM 51.83 ... AllegianceBcshs ABTX 40.53 1.9
IDACORP IDA 98.58 0.4 SunTrustBanks STI 62.18 3.8 BarcETN+FIEnhGlHY FIGY 168.01 -0.1 iShRussell3000 IWV 156.52 ... VanEckAgribus MOO 60.90 -0.2 AllotComms ALLT 6.09 1.4
LEVB Nov. 17/$6.00 ASNS Nov. 16/$10.00
ITT ITT 54.30 0.7 Synnex SNX 137.80 -0.7 S&PVEQTOR VQT 155.43 0.2 iShMicro-CapETF IWC 97.22 0.7 VanEckEgypt EGPT 33.10 -0.1 AmericanPubEdu APEI 27.40 2.9
IDEX IEX 133.36 -0.1 SynovusFin SNV 49.99 3.7 BarclaysWILETN WIL 65.74 1.1 iShRussellMid-Cap IWR 206.36 0.1 VanEckMornWideMoat MOAT 42.00 0.5 AmerSoftware AMSWA 13.05 -0.3 Sources: WSJ Market Data Group; FactSet Research Systems

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
10.66 -0.02 TotalBond 3.9 MFS Funds Class I DivIntlInst NA ... NA ExplrAdml 97.37 -0.34 21.1 TotIntlAdmIdx r
30.23 -0.11 25.1 STIGrade 10.65 -0.01 2.0 DevMktsInxInst 22.38 -0.06 24.3
Explanatory Notes Data provided by First Eagle Funds ValueI 41.42 +0.29 15.6 Prudential Cl Z & I ExtndAdml 84.43 +0.10 17.1 TotStAdml 65.87 +0.01 19.0 TgtRe2015 16.03 -0.03 10.5 ExtndInst 84.43 +0.10 17.1
NA ... GlbA NA MFS Funds Instl TRBdZ 14.52 -0.04 5.9 GNMAAdml 10.48 -0.01 1.9 TxMIn r 14.30 -0.04 24.2 TgtRe2020 31.88 -0.06 12.8 GrwthInst 71.43 -0.66 25.8
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of FPA Funds IntlEq NA ... NA GrwthAdml 71.42 -0.66 25.7 ValAdml 40.74 +0.31 14.5 TgtRe2025 18.72 -0.03 14.5 InPrSeIn 10.50 -0.03 2.1
at least $500 million each. NAV is net asset value. Percentage performance figures FPACres 35.13 -0.01 9.0 Mutual Series S HlthCareAdml r 89.86 +0.29 18.5 WdsrllAdml 70.25 +0.34 13.8 TgtRe2030 33.85 -0.06 15.9 InstIdx 239.95 -0.06 19.4
are total returns, assuming reinvestment of all distributions and after subtracting FrankTemp/Frank Adv GlbDiscA 32.54 +0.10 8.2 Schwab Funds HYCorAdml r 5.93 +0.01 6.8 WellsIAdml 65.75 -0.07 8.9 TgtRe2035 20.82 -0.03 17.4 InstPlus 239.97 -0.06 19.5
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. IncomeAdv 2.35 +0.01 7.7 InfProAd 25.79 -0.07 2.1 WelltnAdml 74.76 +0.16 13.0 TgtRe2040 35.89 -0.06 18.8
S&P Sel 41.11 -0.01 19.4 InstTStPlus 59.08 ... 19.0
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date FrankTemp/Franklin A O IntlGrAdml 95.69 -1.26 42.1 WndsrAdml 80.70 +0.09 17.5 TgtRe2045 22.56 -0.03 19.4 MidCpInst 41.85 +0.05 17.5
return. 3-YR%RET is trailing three-year return annualized. CA TF A p 7.39 -0.03 4.4 Oakmark Funds Invest T ITBondAdml 11.39 -0.03 3.8 VANGUARD FDS TgtRe2050 36.29 -0.05 19.4 MidCpIstPl 206.40 +0.24 17.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e IncomeA p 2.37 +0.01 7.5 EqtyInc r NA ... NA TIAA/CREF Funds ITIGradeAdml 9.78 -0.02 4.1 DivdGro 26.93 +0.12 16.7 TgtRetInc 13.64 -0.03 7.7 SmCapInst 70.53 +0.17 15.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, RisDv A p 61.74 -0.05 18.3 Oakmark NA ... NA EqIdxInst LTGradeAdml 10.64 -0.07 9.8 HlthCare r 212.98 +0.67 18.5 TotIntBdIxInv 10.99 -0.02 2.2 STIGradeInst 10.65 -0.01 2.1
19.74 ... 19.0
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r FrankTemp/Franklin C OakmrkInt NA ... NA IntlEqIdxInst 20.46 -0.06 23.6 MidCpAdml 189.45 +0.23 17.5 INSTTRF2020 22.73 -0.04 12.9 WellsI 27.14 -0.03 8.8
TotBdInst 10.75 -0.02 3.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Income C t 2.40 +0.01 7.4 Old Westbury Fds MuHYAdml 11.31 -0.03 6.4 INSTTRF2025 23.03 -0.04 14.5 Welltn 43.29 +0.10 12.9
Tweedy Browne Fds TotBdInst2 10.71 -0.03 3.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper; FrankTemp/Temp A LrgCpStr NA ... NA GblValue
MuIntAdml 14.01 -0.03 3.5 INSTTRF2030 23.25 -0.04 16.0 WndsrII 39.58 +0.19 13.7
28.63 +0.03 14.3 TotBdInstPl 10.75 -0.02 3.3
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. GlBond A p 12.18 +0.01 4.1 Oppenheimer Y MuLTAdml 11.56 -0.02 4.9 INSTTRF2035 23.48 -0.03 17.4 VANGUARD INDEX FDS
MuLtdAdml 10.87 -0.01 1.8 INSTTRF2040 23.70 -0.03
19.3 18.9 500 243.16 -0.06
TotIntBdIdxInst 32.98 -0.06 2.3
Growth A p 27.20 +0.17 15.4 DevMktY 42.40 -0.63 32.6 V MuShtAdml 15.71 -0.01 1.0 INSTTRF2045 23.85 -0.04
17.1 19.4 ExtndIstPl 208.37 +0.25 TotIntlInstIdx r120.87 -0.48 25.1
Wednesday, November 29. 2017 FrankTemp/Temp Adv IntGrowY 43.46 -0.40 25.3 VANGUARD ADMIRAL TotItlInstPlId r120.90 -0.47 25.2
PrmcpAdml r138.22 -0.96 27.0 IntlVal 39.93 -0.08
11.0 25.8 SmValAdml 56.97 +0.46
Net YTD Net YTD Net YTD GlBondAdv p 12.13 +0.01 4.2
500Adml 243.21 -0.06 19.4 TotStInst 65.88 +0.01 19.0
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret P REITAdml r 119.44 +0.13 5.0 LifeCon 20.00 -0.04
3.2 10.0 TotBd2 10.71 -0.03
ValueInst 40.74 +0.31 14.5
H Parnassus Fds
BalAdml 34.50 -0.02 12.6 SmCapAdml 70.53 +0.17 15.2 LifeGro 33.56 -0.06
25.0 17.4 TotIntl 18.07 -0.07
A ExtMktIdxPrem r 64.28 +0.08 17.1 CAITAdml 11.68 -0.03 3.8 STBondAdml 10.40 -0.01 1.2 LifeMod 27.19 -0.05
18.9 13.7 TotSt 65.83 ...
D IntlIdxPrem r 43.58 -0.10 23.5
Harbor Funds ParnEqFd 42.53 +0.06 15.6 CapOpAdml r158.12 -1.23 27.3 STIGradeAdml 10.65 -0.01 2.1 PrmcpCor 27.45 -0.10 23.8 VANGUARD INSTL FDS W
American Century Inv CapApInst 76.16 -1.55 34.4 PIMCO Fds Instl EMAdmr 37.42 -0.34 28.2
Dimensional Fds SAIUSLgCpIndxFd 14.12 ... 19.4 TotBdAdml 10.75 -0.02 3.3 SelValu r 12.5 Western Asset
33.87 +0.04 17.7 BalInst 34.50 -0.03
Ultra 45.52 -0.50 30.5 IntlInst r 70.48 -0.34 20.7 AllAsset NA ... NA EqIncAdml 77.81 +0.22 16.1
5GlbFxdInc 11.02 -0.01 2.2 TMktIdxF r 76.48 ... 19.0 TotIntBdIdxAdm 21.98 -0.04 2.3 STAR 24.3 CorePlusBdI
27.46 -0.11 NA
16.8 DevMktsIndInst 14.32 -0.04
... NA
American Funds Cl A Harding Loevner TotRt 10.26 -0.02 4.8
EmgMktVa 30.61 -0.12 29.6 TMktIdxPrem 76.47 ... 19.0
IntlEq NA ... NA
AmcpA p 32.20 -0.16 20.0 USBdIdxInstPrem 11.58 -0.03 3.2 PIMCO Funds A
EmMktCorEq 22.73 -0.15 32.9
AMutlA p 41.93 +0.17 15.5 IncomeFd 12.44 -0.01 8.0
IntlCoreEq 14.31 -0.01 24.9 Fidelity Advisor I I
BalA p
BondA p
27.69 -0.04
12.91 -0.02
13.3
3.2
IntlVal 20.07 +0.03 22.5 NwInsghtI 33.78 -0.32 26.5
Invesco Funds A
PIMCO Funds D
IncomeFd 12.44 -0.01 8.0
Borrowing Benchmarks | WSJ.com/bonds
IntSmCo 21.60 -0.02 26.3 Fidelity Freedom
CapIBA p 63.46
CapWGrA 52.98 -0.16
... 12.8
22.7
IntSmVa 23.40 +0.05 23.7 FF2020
US CoreEq1 22.61 +0.06 18.7 FF2025
16.86 -0.05
14.60 -0.05
14.3 EqIncA
15.3
11.42 +0.06 9.3 PIMCO Funds Instl
IncomeFd 12.44 -0.01 8.4
Money Rates November 29, 2017
EupacA p 57.63 -0.44 30.4 FF2030 18.33 -0.05 18.0
J PIMCO Funds P
US CoreEq2 21.50 +0.11 16.8
FdInvA p 64.20 -0.25 20.1 Freedom2020 K 16.87 -0.04 NS John Hancock Class 1 IncomeP 12.44 -0.01 8.3 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
US Small 37.59 +0.28 11.8
GwthA p 52.02 -0.36 23.7
US SmCpVal 39.95 +0.34 7.3 Freedom2025 K 14.61 -0.04 NS LSBalncd 16.12 -0.03 14.2 Price Funds guide to general levels but don’t always represent actual transactions.
HI TrA p 10.41 ... 6.6
US TgdVal 25.94 +0.23 8.9 Freedom2030 K 18.34 -0.05 NS LSGwth 17.34 -0.05 18.0 BlChip 98.16 -1.51 35.2
ICAA p 41.80 +0.06 16.7
USLgVa 39.97 +0.31 15.6 Freedom2035 K 15.41 -0.04 NS John Hancock Instl CapApp 30.08 +0.04 14.9
DispValMCI 24.50 +0.09 14.1 Week —52-WEEK— Week —52-WEEK—
IncoA p 23.58 ... 11.2
Dodge & Cox Freedom2040 K 10.83 -0.03 NS EqInc 35.69 +0.28 15.0 Inflation Latest ago High Low Latest ago High Low
N PerA p 45.34 -0.49 28.3 Fidelity Invest JPMorgan Funds EqIndex 70.71 -0.02 19.2
Balanced 110.49 +0.62 10.4 Oct. index Chg From (%)
NEcoA p 48.38 -0.57 34.6 Balanc 23.91 -0.09 15.2 MdCpVal L 40.86 +0.33 12.3 Growth 70.67 -0.99 32.7 Six month 1.66050 1.65211 1.66050 1.28878
NwWrldA 67.15 -0.73 30.5 GblStock 14.07 +0.08 18.1
BluCh 88.28 -1.65 33.8 JPMorgan R Class HelSci 74.66 +0.09 26.4 level Sept. '17 Oct. '16 Treasury bill auction
Income 13.83 -0.02 4.0 One year 1.94481 1.93400 1.94481 1.63900
SmCpA p 57.63 -0.13 25.3 Contra 127.77 -1.81 30.6 CoreBond 11.61 -0.03 3.6 InstlCapG 39.91 -0.57 36.5 4 weeks 1.170 1.130 1.300 0.340
TxExA p 12.91 -0.02 4.2 Intl Stk 46.60 +0.03 22.3 IntlStk 19.31 -0.12 26.3 U.S. consumer price index
ContraK 127.78 -1.81 30.7 13 weeks 1.285 1.285 1.285 0.490 Euro Libor
WshA p 46.20 +0.13 17.1 Stock 205.95 +1.78 14.9
CpInc r 10.29 -0.02 10.8
L IntlValEq 15.32 +0.02 19.6 All items 246.663 –0.06 2.0
DoubleLine Funds MCapGro
26 weeks 1.435 1.415 1.435 0.590 One month -0.402 -0.399 -0.376 -0.405
DivIntl 41.81 -0.12 25.6 Lazard Instl 93.52 -0.50 24.1 Core 253.638 0.28 1.8
B TotRetBdI NA ... NA
GroCo 183.25 -3.78 34.0 EmgMktEq 19.74 -0.21 24.3 MCapVal 32.09 +0.27 10.4 Three month -0.382 -0.380 -0.325 -0.382
GrowCoK 183.21 -3.79 34.1 Loomis Sayles Fds N Horiz 56.07 -0.32 29.5 Secondary market Six month -0.322 -0.315 -0.219 -0.322
Baird Funds
E International rates
AggBdInst 10.87 -0.02 3.9 InvGB 7.92 -0.02 3.6 LSBondI 14.17 +0.01 7.2 N Inc 9.48 -0.02 3.7 One year -0.251 -0.243 -0.080 -0.251
CorBdInst 11.22 -0.02 4.3 Edgewood Growth Instituti InvGrBd 11.27 -0.03 4.0 Lord Abbett A OverS SF r 11.41 -0.03 25.8
Fannie Mae
EdgewoodGrInst 29.83 -0.44 34.3 Week 52-Week
BlackRock Funds A LowP r 54.16 +0.41 18.2 ShtDurIncmA p 4.26 ... 2.2 R2020 23.42 -0.05 14.7 Latest High Low 30-year mortgage yields Euro interbank offered rate (Euribor)
ago
GlblAlloc p 20.50 -0.01 12.8 LowPriStkK r 54.13 +0.42 18.3 Lord Abbett F R2025 18.08 -0.05 16.6
-0.371 -0.371 -0.366 -0.375
BlackRock Funds Inst
F MagIn 107.06 -0.90 24.1 ShtDurIncm 4.26 ... 2.5 R2030 26.67 -0.07 18.4
30 days 3.465 3.482 3.865 3.253 One month
EqtyDivd 23.48 +0.15 15.0 Federated Instl OTC 109.11 -2.68 36.9 R2035 19.52 -0.05 19.8 Prime rates 60 days 3.485 3.502 3.899 3.281 Three month -0.329 -0.329 -0.313 -0.332
GlblAlloc 20.63 -0.02 13.0 StraValDivIS 6.49 ... 13.4 Puritn 23.37 -0.09 17.1 M R2040 28.06 -0.09 20.9 U.S. 4.25 4.25 4.25 3.50 Six month -0.274 -0.272 -0.216 -0.276
HiYldBd 7.81 ... 7.6 Fidelity SrsEmrgMkt 21.65 -0.22 37.9 Metropolitan West Value 39.75 +0.17 18.1 Canada 3.20 3.20 3.20 2.70 Other short-term rates One year -0.187 -0.186 -0.076 -0.192
StratIncOpptyIns 9.93 ... 4.3 500IdxInst 92.11 -0.02 19.4 SrsGroCoRetail 17.99 -0.37 34.7 TotRetBd 10.66 -0.01 2.9 PRIMECAP Odyssey Fds Japan 1.475 1.475 1.475 1.475 Value 52-Week
Bridge Builder Trust 500IdxInstPrem 92.11 -0.02 19.5 SrsIntlGrw 16.43 -0.17 28.4 TotRetBdI 10.65 -0.02 3.1 Growth r 37.41 -0.26 30.6 Week 52-Week Latest Traded High Low
CoreBond 10.17 -0.03 3.8 500IdxPrem 92.10 -0.03 19.4 SrsIntlVal 10.91 -0.01 19.1 TRBdPlan 10.03 -0.01 3.3 Principal Investors Policy Rates Latest ago high low
DTCC GCF Repo Index
Euro zone 0.00 0.00 0.00 0.00 Call money
Switzerland 0.50 0.50 0.50 0.50
Treasury 1.057 24.800 1.366 0.264
3.00 3.00 3.00 2.25 MBS 1.061 108.640 1.506 0.284
Dividend Changes Britain
Australia
0.50
1.50
0.50
1.50
0.50
1.50
0.25
1.50 Open Implied
Commercial paper (AA financial) Settle Change Interest Rate
Dividend announcements from November 29. Overnight repurchase 90 days 1.37 1.33 1.37 0.68
Amount Payable / Amount Payable / DTCC GCF Repo Index Futures
U.S. 1.05 1.14 1.38 0.24 Libor
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Treasury Nov 98.810 0.005 6488 1.190
U.S. government rates One month 1.36069 1.32750 1.36069 0.62367 Treasury Dec 98.645 -0.010 2475 1.355
Increased Stocks
Three month 1.48063 1.46233 1.48063 0.93417 Treasury Jan 98.560 0.005 759 1.440
First Connecticut Bncp FBNK 2.2 .15 /.14 Q Dec18 /Dec08 First Guaranty Bcshs FGBI 2.4 10.00% Dec14 /Dec08 Discount
McCormick & Co MKC 2.0 .52 /.47 Q Jan16 /Dec29 Summit Materials Cl A SUM 1.40% Dec22 /Dec08
Merck MRK 3.5 .48 /.47 Q Jan08 /Dec15 1.75 1.75 1.75 1.00 Notes on data:
STRATS Tr Allstate 2006-3 GJT 2.5 .0406 /.0389 M Dec01 /Nov30 Foreign U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Bank Of Nova Scotia BNS 3.9 .62129 Q Jan29 /Jan02 Federal funds and is effective June 15, 2017. Other prime rates aren’t directly comparable; lending practices vary
Initial Brookfield Bus Partners BBU 0.8 .0625 Q Dec29 /Nov30 Effective rate 1.1700 1.1700 1.2000 0.3500 widely by location; Discount rate is effective June 15, 2017. DTCC GCF Repo Index is Depository
Dreyfus Alcentra Glb 2024 DCF .054 Jan02 /Dec15 Telefonica ADR TEF 4.7 .23834 SA Dec27 /Dec13 High 1.3125 1.3125 1.3125 0.5625 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Futures on the
Funds and investment companies Low 1.0500 1.0000 1.1600 0.2500 DTCC GCF Repo Index are traded on NYSE Liffe US.
Amplify YieldShs Sr Loan YESR 6.3 .14026 M Dec01 /Nov30 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Bid 1.1600 1.1600 1.1700 0.3000 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information; Tullett Prebon
Spin Field UVA Uncons Med FFIU 2.5 .05185 M Dec01 /Nov30 Offer 1.1700 1.1700 1.1900 0.3200 Information, Ltd.
S2:1: stock split and ratio; SO: spin-off.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B12 | Thursday, November 30, 2017
Royal Bank Profit
Pressed by Costs
Of New Technology
BY VIPAL MONGA
AND ALLISON PRANG
TORONTO—Higher technol-
ogy spending weighed on
Royal Bank of Canada’s fiscal
fourth-quarter earnings, as
Canada’s largest bank by mar-
ket capitalization continues to
pour money into artificial in-
telligence, mobile banking and
cybersecurity.
The bank, which this month
said it had been designated a
systemically important institu-
tion by the Switzerland-based
Financial Stability Board, re-
ported earnings of 2.83 billion
Canadian dollars (US$2.2 bil-
lion), or C$1.88 a share, com-
pared with C$2.53 billion, or
C$1.65, a year ago.
Analysts polled by Thomson
Reuters were predicting profit
of C$1.87 a share.
For the year ending Oct. 31,
the bank reported net income
of C$11.47 billion, up 10% from
the prior year. The results take
into account C$3 billion of
C$3B
Amount Royal Bank of Canada
spent on technology on year
spending on technology, more
than 7% of revenue. The tech
spending, which included
opening a new AI lab in Mon-
treal, tempered growth in
units like wealth management
and personal and commercial
banking.
David McKay, the bank’s
chief executive, who has a
bachelor of mathematics and
computer science degree, said
the spending is higher than
the bank’s Canadian peers but
in line with U.S. banks such as
J.P. Morgan Chase & Co. and
Bank of America Corp. Royal
Bank is unlikely to keep up
that pace of spending, he said.
“I think it’s at an elevated
level, so you will not see the
same type of growth in that as
our revenues grow,” he said,
during a conference call with
analysts.
Royal Bank has been cutting
costs to help pay for invest-
ments in digital technology,
which have been translating
Wisconsin B-School Seeks Help
MICHAEL P. KING/WISCONSIN STATE JOURNAL/ASSOCIATED PRESS
Wisconsin School of Business
administrators are calling on
students and alumni to help
fund and recruit future M.B.A.
classes after reversing course on
a plan to suspend admissions to
its program last month.
Dean Anne Massey reaf-
Dollar Finds Footing, but Gains Are Tempered
BY DANIEL KRUGER
The dollar edged up against
a basket of currencies as data
showed the U.S. economy is
running at
CURRENCIES its full po-
tential for
the first
time in a decade.
The gains were muted as
investors look for signs the
Federal Reserve will follow its
projected course of interest-
rate increases.
into higher customer-retention
rates, said Rob Bolger, the
chief financial officer, in an in-
terview.
Royal’s high spending re-
flects the difficulty of keeping
pace with changing technol-
ogy, said John AIken, a Cana-
dian banking analyst with Bar-
clays. “A lot of this is trying to
make sure you’ve got your fin-
gers in enough pies,” he said.
“We’re in early stages right
now, and no one knows what
technology is going to win or,
really, what the technology
will even look like five years
out.”
For the quarter, noninterest
expenses were C$5.61 billion,
up 5.9% from the year-earlier
period. Total revenue rose 12%
to C$10.52 billion. The bank’s
net interest margin expanded
by 0.02 percentage point to
1.72%.
Net income in the personal
and commercial banking unit
rose 10% to C$1.4 billion.
The bank is expecting mort-
gage growth to “slightly mod-
erate,” after new rules meant
to curb risky lending take hold
at the beginning of 2018, Mr.
McKay said. Some customers
pulled their borrowing ahead
to avoid the new rules, which
may have helped boost the
mortgage business during the
quarter, he said.
Net income from wealth
management was up 24% to
C$491 million. Net income for
insurance and capital markets
rose 16% and 21%, respec-
tively. Investor and treasury
services reported a 10% de-
cline in net income compared
with a year ago. Loans rose
4% to C$542.62 billion. In
September, the bank increased
its prime lending rate to 3.2%,
up one-quarter percentage
point.
The bank also announced
Wednesday that group chief
risk officer Mark Hughes
would retire April 9 and would
be succeeded by Graeme Hep-
worth. Mr. Hepworth will be-
come deputy chief risk officer
Feb. 1. Mr. Hughes, who has
held his position since 2013,
has worked for the bank for 37
years.
During the quarter, Royal
Bank completed a share-buy-
back program and bought back
five million shares for C$462.8
million.
firmed the school’s commitment
to the full-time master’s in
business administration degree
in an email sent to alumni this
week that was reviewed by The
Wall Street Journal. The mis-
sive outlined steps the school
has taken to strengthen the
On Wednesday, the WSJ
Dollar Index, which tracks the
currency against 16 others,
rose less than 0.1%, to 86.72.
The U.S. currency gained
0.4% against the yen to
¥111.93 from ¥111.48 on Tues-
day.
The U.S. economy expanded
at 3.3% in the third quarter,
according to a revised assess-
ment by the Commerce De-
partment released Wednesday,
slightly above the maximum
sustainable level of output as
BANKING & FINANCE
TAX REPORT | By Laura Saunders
For Some States, a Bitter Pill
New York,
New Jersey
and Connecti-
cut give more
per resi-
dent to Uncle
Sam and receive less back
than any other states. Their
residents will also be hit
hardest if Republican law-
makers in Congress repeal
all or part of the deductions
for state and local taxes.
The repeal of SALT—or
state and local tax—write-
offs is a centerpiece of the
tax overhaul for both fiscal
and ideological reasons.
Eliminating the deductions
that individuals get for state
income, sales and property
taxes could raise more
than $110 billion a year.
Supporters of SALT repeal
want to redeploy these funds
in ways they argue will
boost economic growth, such
as by cutting taxes on busi-
nesses. They also argue that
these deductions encourage
waste by blunting the pain
of high state and local taxes.
In October, House Speaker
Paul Ryan (R., Wis.) told a
group at the Heritage Foun-
dation that the SALT deduc-
tion is “propping up profli-
gate big-government states.”
O
pponents of SALT re-
peal said the change
would add to a burden
that is already distributed
unevenly among states.
The change would “cut
taxes for everybody else and
send my constituents the
bill,” said Rep. Dan Donovan
(R., N.Y.), who represents
Staten Island and part of
Brooklyn and voted against
the House’s tax bill. “For ev-
ery dollar New York sends to
Washington, we get 81 cents
back.” Rep. Donovan was re-
ferring to a study unfamiliar
to many.
Originally sponsored by
then-Sen. Daniel Patrick
Moynihan, (D., N.Y.), the
study examines the balance
of payments between each
state and the federal govern-
ment.
The research is overseen
by economist Don Boyd and
published by the Rockefeller
Institute of Government at
the State University of New
York in Albany.
The most recent update of
the study, based on federal
program that in October admin-
istrators were weighing
whether to discontinue.
In the email, the dean invited
the school’s network of roughly
42,000 alumni to recommend
friends, family and colleagues
who may be interested in the
estimated by the nonpartisan
Congressional Budget Office.
The dollar was also sup-
ported by optimism for a Re-
publican tax-overhaul bill,
which will be voted on by the
full Senate after passing
through the Budget Commit-
tee Tuesday.
The bill could boost growth
by about 0.5%, said Daniel
Katzive, a currency strategist
at BNP Paribas SA.
With unemployment al-
ready at a 17-year low of 4.1%,
Give and Take
Connecticut, New Jersey, New York and Massachusetts have the largest negative
balances of payments to the federal government per resident. They also stand to
lose the most per resident from repeal of state and local tax deductions.
$8,000
4,000
Federal
balance of
payments 0
per resident*
–4,000
$0
Note: Excludes District of Columbia
*Based on federal fiscal 2015 data †Based on a 2016 study
Sources: Rockefeller Institute of Government (balance); Tax Policy Center (benefit of deduction)
fiscal 2015, concluded that 13
“donor” states sent more
money to Washington per
resident than they received
in federal spending, while
the remaining states got
more than they gave.
The top donor states were
New Jersey, Connecticut and
New York, while the top re-
cipient states were New
Mexico, West Virginia and
Mississippi.
Mr. Boyd and his staff ex-
amined federal data to deter-
mine how much each state
received per resident from
spending on everything from
federal salaries to military
contracts to Social Security
to Medicaid payments. Then,
they compared that with
what each state sent to
Washington in taxes, per res-
ident, and determined a net
positive or negative number.
The apportionment in-
volved messy calls, such as
deciding how corporate taxes
should be divided between
degree to its admissions staff.
The school is currently accepting
applications for the class of
2020.
A school spokesman said
administrators were beginning to
develop a strategic plan for its
business programs.
faster expansion could boost
pressure for higher wages and
lead the Fed to raise interest
rates at a faster pace, he said.
“If you run the economy
hot, you’re going to get some
inflation pressure,” Mr. Katz-
ive said.
Higher interest rates typi-
cally attract yield-seeking in-
vestors to a currency in
search of higher returns.
Against other major cur-
rencies, the dollar fell against
the euro and British pound.
NM
WV
MS
AL VA
KY
HI
ME
SC
AR
AK
AZ
IDMO
NC
TN MT VT
LA OK GA
OR
RI
FL IN DE
PA
NV MI OH
IA KS US
SD
WA UT WI
TX CO
MN
WY NE
NH
IL
ND
200
Benefit of SALT deduction per resident†
labor and shareholders, or
how to reconcile differing
federal data sources. Mr.
Boyd explained his method-
ology in the study.
“It’s a valid exercise, and
it’s relatively accurate. New
York and California are send-
ing far more to Washington
than they’re getting back,”
said Stan Collender, a budget
specialist with MSL Group in
Washington.
T
he study’s results also
provide context for the
idea that SALT deduc-
tions are subsidies to high-
tax states. “What the donor
states give to Washington
swamps the benefits they get
from state and local tax de-
ductions,” Mr. Boyd said.
For example, SALT deduc-
tions provided a benefit of
$802 per resident in Con-
necticut in 2016, according
to a study by the nonparti-
san Tax Policy Center. The
year before, the state sent
LSE CEO Steps Down;
Chairman to Exit in ’19
BY BEN DUMMETT
London Stock Exchange
Group PLC Chief Executive Xa-
vier Rolet is leaving the com-
pany immediately and its
chairman is stepping down in
2019, as the exchange operator
moves to defuse a battle over
management succession with
one of its largest shareholders.
The LSE, one of Europe’s
largest exchange operators,
said Mr. Rolet is leaving now
instead of by the end of next
year as previously planned.
David Warren, the LSE’s chief
financial officer, will assume
the additional role of CEO un-
til a successor is appointed.
Meanwhile, LSE Chairman
Donald Brydon indicated for
the first time he wouldn’t seek
re-election at the annual gen-
eral meeting in 2019.
The moves mark a mixed
result for U.K. activist investor
TCI Fund Management Ltd.
The London-based hedge fund
headed by Christopher Hohn
has failed in his efforts to keep
Mr. Rolet in the top job be-
yond next year. TCI, which
owns about 5% of the LSE,
also pushed for Mr. Brydon to
step down.
In a statement, the LSE said
Mr. Brydon and the board
agreed it was in shareholders’
interest for a change in chair-
man to steer the company’s
future performance.
Mr. Hohn couldn’t be
reached to comment.
The LSE faced pressure to
resolve the conflict as it tries
to navigate the uncertain fall-
out of Britain’s exit from the
European Union and seeks to
ensure the stability of the ex-
change operator’s global de-
rivatives-clearing operations.
The LSE said last month
that Mr. Rolet, 57 years old,
would leave the company at
the end of next year, bringing
THE WALL STREET JOURNAL.
MD
States getting
more from
the federal
government
than they send
CA
Getting less
than they send
MA NY
CT
NJ
400
600 800
THE WALL STREET JOURNAL.
Uncle Sam about $2,763
more per resident than it re-
ceived.
Other states where resi-
dents would be hit hardest
by a SALT repeal are among
the largest donors, including
New Jersey, New York, Mas-
sachusetts, Illinois and Cali-
fornia.
The 2016 Tax Policy Cen-
ter study took into account
the fact that the alternative
minimum tax limited the
benefits of SALT deductions
for some filers.
Rep. Donovan and law-
makers from donor states
don’t think this outcome is
fair and are fighting the leg-
islation.
Scott Greenberg, an ana-
lyst with the nonpartisan
Tax Foundation, disagreed.
He said donor states are the
richest ones, and by design
the income tax imposes
higher marginal rates on
their residents who have
higher incomes.
the curtain down on a success-
ful tenure of close to a decade.
Mr. Rolet’s unexpected de-
parture plan prompted TCI to
argue the LSE had effectively
fired Mr. Rolet under the
“guise of succession planning”
and risked significant value
destruction. The LSE defended
its actions, saying it had fol-
lowed proper governance pro-
cedures.
Dissatisfied with that re-
sponse, TCI called for a share-
holder vote to allow for Mr.
Rolet to remain in place and to
remove the chairman. The
hedge fund accused Mr. Bry-
don of presiding over bad cor-
porate governance by using
the LSE’s confidentiality
agreement with Mr. Rolet to
prevent shareholders from re-
viewing the board’s actions.
The LSE said it still would
hold a shareholder meeting if
TCI doesn’t withdraw its re-
quest, but Mr. Rolet made it
clear he has no plans of trying
to return to the exchange. “I
will not be returning to the of-
fice of CEO or director under
any circumstances,” he said.
FACUNDO ARRIZABALAGA/EPA/SHUTTERSTOCK
Xavier Rolet exits the exchange
operator ahead of schedule.
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.
OPEC Meeting Has Oil Traders on Edge
Prices could drop in a
hurry if big exporters
don’t agree to extend
their production cuts
BY STEPHANIE YANG
AND GUNJAN BANERJI
The oil market is confront-
ing a make-or-break moment
as traders gauge whether ma-
jor producers will come
through on an expected deal to
continue curbing output
through the end of next year.
One year
COMMODITIES after OPEC
reached a
historic
agreement with other major
oil producers to limit oil pro-
duction, the market is showing
signs of recovery. Oil prices
have surged to the highest lev-
els in more than two years.
And traders and investors are
wagering that prices could
climb further if the deal is ex-
tended when the group meets
this week in Vienna.
Since right before the No-
vember 2016 agreement to cut
supply by 1.8 million barrels
from peak October levels, Brent,
the global benchmark for oil,
has jumped 36% to $63.11 a bar-
rel through Wednesday. West
Texas Intermediate, the U.S.
reference price, has increased
more than 26% to $57.30 in the
same period.
But prices have retreated
this week as doubts emerge
over whether the agreement
will come together on Thurs-
day. Analysts have said contin-
ued cuts are necessary to help
the Organization of the Petro-
leum Exporting Countries
achieve its goal in bringing in-
ventories back to the five-year
average. Stockpiles have fallen
closer to that level since the
initial decision to cut supply.
Several members of the
original agreement have indi-
cated their intentions to stick
with the deal.
Saudi Arabia, OPEC’s largest
oil producer, has spoken out
strongly in favor of extending
the cuts past the current expi-
ration in March 2018. But Rus-
sia remains the biggest con-
cern for investors. On
Wednesday, Russia’s energy
minister said the agreement
should be extended but de-
clined to say for how long.
Treasurys
Fall After
Strong Data
BY AKANE OTANI
U.S. Treasurys pulled back
Wednesday, weighed down by
a fresh batch of solid eco-
nomic data and signs of prog-
ress on a tax-overhaul bill.
The yield on
CREDIT the benchmark
MARKETS 10-year U.S.
Treasury note
settled at
2.376%, compared with 2.338%
Tuesday. Yields rise as bond
prices fall.
Bond investors have con-
tended with several develop-
ments this week that have
damped demand for assets
that many consider to be ha-
vens. Economic data have
largely been upbeat: U.S. eco-
nomic growth in the third
quarter was stronger than ear-
lier thought, the Commerce
Department said Wednesday,
with corporate profits re-
bounding in the summer and
business investment in soft-
ware and equipment picking
up more than economists pre-
viously estimated.
The data followed a Tues-
day report from the Confer-
ence Board showing U.S. con-
sumer confidence climbing to
a 17-year high.
Lawmakers have also made
some progress on a closely
watched Republican tax bill
that proponents argue will
boost growth. The Senate Bud-
get Committee approved the
tax measure Tuesday, paving
the way for a vote on the full
Senate floor this week.
A tax overhaul could send
bond yields higher, analysts
have said, in part by expand-
ing the federal budget deficit,
which would push the govern-
ment to sell more bonds.
Still, some investors and
analysts think that demand for
Treasurys is likely to remain
strong. While economic
growth has been solid, infla-
tion has been muted.
* * * *
Traders are worried that Rus-
sia could derail a deal by push-
ing back against plans to ex-
tend cuts through the end of
2018.
With the length and terms
of the extension unclear, ana-
lysts warn that energy markets
will likely be volatile leading
up to and after the meeting.
“We believe that the out-
come of this meeting is much
more uncertain than usual,”
analysts at Goldman Sachs
Group Inc. wrote in a note
Monday. “We view risks to oil
prices as skewed to the down-
side this week.”
Prices and positioning al-
ready reflect a high probability
of a nine-month extension, the
analysts said.
Even if investors are en-
couraged by OPEC’s announce-
ment on Thursday, prices
could still retreat. On May 25,
OPEC agreed to continue cut-
ting back supply. Yet oil prices
fell almost 5% that day.
Oil prices have advanced in
the past year, and bullish spec-
ulative bets have reached re-
cords in both the U.S. and
Brent markets.
Futures positions indicate
speculators see oil prices ris-
ing after the meeting. Net long
positions—or bets that crude
prices will rise—held by spec-
ulative investors recently
reached a record for Brent,
data from Intercontinental Ex-
change show. Net bullish bets
on U.S. oil also hovered near
highs.
Should OPEC disappoint
and prices slump, the unwind-
ing of such positions could add
to volatility in the oil market.
Since last November, a
closely watched indicator has
flipped to signal the supply
glut may be easing. In 2016,
prices for oil delivered in the
future were higher than spot
prices. But this year, oil for
immediate delivery has be-
come more expensive than for
delivery in the future—a rela-
tionship that signals high de-
mand and discourages traders
from keeping crude in storage.
Bullish options positions
have ramped up. The number
of bullish bets that pay out if
Brent hits $100 a barrel next
year—roughly 60% above its
current price—have jumped
ahead of the OPEC meeting,
according to data from CME
Group, though contracts tied
A robotic arm is used to decorate a cake at an Autodesk ‘Build Space’ site in Boston. The company’s shares fell 16% on staff cuts.
Financial, Tech Stocks Go Own Ways
BY AMRITH RAMKUMAR
AND RIVA GOLD
The two biggest slices of the
S&P 500—technology compa-
nies and financial firms—
played tug of war with the
broader index Wednesday.
Banks
WEDNESDAY’S h a v e
MARKETS helped lead
s t o c k s
higher this
week, with investors saying the
sector is benefiting from ro-
bust economic growth around
the world, gradually rising in-
terest rates and the prospect of
tax cuts. The S&P 500’s finan-
cial sector rose 1.8% to its
highest level of the year
Wednesday.
At the same time, investors
pulled back from tech compa-
nies, which have gotten pricier
as they fueled this year’s run-
up in stocks.
Technology—the largest sec-
MARKETS
Russia Energy Minister Alexander Novak, left, and Saudi Arabia’s Energy Minister Khalid al-Falih are seen at OPEC’s May meeting.
Banks Project Rise
In Prices for 2018
LONDON—Banks raised their
oil-price forecasts for the sec-
ond month in a row in Novem-
ber amid mounting expecta-
tions that OPEC and other big
producers will reach a deal to
support the market.
A poll of 14 investment
banks surveyed by The Wall
Street Journal near the end of
November predicted that Brent
crude, the international bench-
mark, will average $56 a barrel
next year, up $2 from the Octo-
to WTI are more heavily
traded than Brent on the ex-
change.
Traders also have been tar-
geting options that pay out if
Brent prices hit anywhere from
$70 to $80, with expirations on
the contracts spanning be-
tween June and December of
next year, said Thomas Reilly, a
broker at New Jersey-based
SCS Commodities Corp.
Still, interest in bullish op-
tions tied to the $100 mark
isn’t anywhere near where it
was in past years, he said.
But anticipation is high this
year that OPEC will extend
cuts, Mr. Reilly said. “If we
don’t get that, you’ll see this
market drop a few dollars.”
—Christopher Alessi
contributed to this article
Diverging
Shares of big banks extended gains Wednesday, while highflying
technology companies posted their biggest decline in months.
6%
Performance, in five-minute intervals
4 Nasdaq Composite—heavily
KBW Nasdaq Bank Index
2
S&P 500 technology sector
0 vanced $16.13, or 5.6%, to
–2
–4
Monday Tuesday
Source: FactSet
tor in the S&P 500, accounting
for nearly a quarter of the in-
dex’s value as of the end of last
month—slid 2.6% in its worst
day since early June.
“It’s a bit of a shift toward
ber survey. The banks expect
West Texas Intermediate, the
U.S. oil gauge, to average $53 a
barrel in 2018, also up $2 from
the previous survey.
Further out, the banks in
the survey predict Brent will
average $58 a barrel in 2019
and $60 a barrel in 2020.
The Organization of the Pe-
troleum Exporting Countries’ 14
members and other major sup-
pliers including Russia are ex-
pected to extend their agree-
ment to withhold about 2% of
global oil supply from the mar-
ket by nine months. The pro-
ducers meet in Vienna on
Thursday.
Optimism Before OPEC
Oil prices have been rising as OPEC prepares to meet, reflecting expectations producers will extend output
cuts. Some traders say prices could fall if there is no such agreement.
Brent crude prices in the run-up to OPEC meeting
$70 a barrel
65
60
55
50
45
40
September October
Source: WSJ Market Data Group (prices); Intercontinental Exchange (futures)
Wednesday
THE WALL STREET JOURNAL.
a friendlier investment land-
scape for financials,” said Mi-
chael Hans, chief investment
officer at Clarfeld Financial
Advisors. Mr. Hans added,
however, that the earnings
Thursday, November 30, 2017 | B13
LEONHARD FOEGER/REUTERS
The deal, clinched late last oversupply and low prices. Ac-
year and currently set to expire cording to Société Générale, de-
in March, has helped drain mand for crude is expected to
bloated stockpiles of crude run above historical averages,
around the world. growing by 1.5 million barrels a
This, along with strong de- day this year and next, as both
mand for crude from an ex- developed and emerging mar-
panding global economy, has kets register strong economic
helped fuel a price rally in re- growth.
cent months. But with prices having re-
“The fundamental starting cently rallied to their highest
point for the 2018 outlook has level since 2015, OPEC’s output-
become more bullish,” said Mi- cutting coalition has come un-
chael Wittner, chief oil analyst der pressure to deliver.
at Société Générale. “Market expectations have
OPEC’s deliberations come given OPEC and its allies little
at a pivotal moment for the oil choice but to extend the deal,”
market, which has started to said Hamza Khan, head of com-
rebalance after three years of modities strategy at ING Bank.
Net bullish bets by speculators
have climbed.
600 thousand contracts
2016 2017
2017 500
400
300
200
100
2016
0
November Sept. Oct. Nov.
THE WALL STREET JOURNAL
Alibaba’s
Debt Sale:
$7 Billion
BY MANJU DALAL
AND JULIE WERNAU
Chinese e-commerce com-
pany Alibaba Group Holding
Ltd. sold $7 billion in U.S.-dol-
lar bonds, its second visit to
the debt markets in three
years.
The company on Wednes-
day sold bonds with maturi-
CRAIG F. WALKER/BOSTON GLOBE/GETTY IMAGES
ties ranging from 5.5 years to
40 years, according to people
who participated in the deal.
The deal is the biggest off-
shore dollar-bond issue from
Asia this year and the second
largest in history, according to
data provider Dealogic.
Alibaba sold the bonds in
five parts, with maturities
ranging from 5.5 years to 40
years. The 10-year bonds that
mature in 2027 demanded an
additional 1.08 percentage
points over Treasurys. The
yield on the 10-year Treasury
note settled at 2.376% on
Wednesday.
backdrop is still favorable for Its planned bond issue
technology stocks. “ comes as the cost of borrow-
The S&P 500 fell 0.97 point, ing is rising for some Asian
or less than 0.1%, to 2626.07. companies, following a recent
The Dow Jones Industrial Aver- selloff. However, Alibaba is
age rose 103.97 points, or 0.4%, also raising the money ahead
to a record 23940.68, while the of an expected rise in U.S. in-
terest rates next month. Rate
weighted with tech compa- increases usually drive up
nies—declined 87.97 points, or bond yields, forcing issuers to
1.3%, to 6824.39. pay a higher interest rate on
Chipotle Mexican Grill ad- debt offerings.
The company sold $8 bil-
$301.99, after the company lion in bonds in 2014.
said founder Steve Ells would The announcement of the
step down as chief executive as bond issue’s terms follows two
the chain continues to struggle days of road shows with inves-
with food-safety concerns that tors across Asia, Europe and
have spooked customers. the U.S. On a conference call
Design-software provider with investors Monday, Ali-
Autodesk fell 20.61, or 16%, to baba indicated the proceeds of
109.34, following the firm’s an- the new bonds could be used
nouncement that it would cut for acquisitions in growth ar-
13% of its workforce. eas such as physical retail and
At midday Thursday, Japan’s logistics assets. More than half
Nikkei 225 was down 0.1%, of the new bonds are likely to
while Hong Kong’s Hang Seng be sold to non-Asian investors,
Index was down 1.1%. mostly in the U.S.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B14 | Thursday, November 30, 2017
Surging Tech Stocks Are Knocked Back
Strong earnings growth at U.S. technology companies has helped support the stock market. But a decline in tech
Sector’s shares slide
as investors turn wary shares Wednesday highlighted how popular trades can be susceptible to sharp pullbacks.
and seek to lock in S&P 500 technology sector, daily percentage change
the year’s huge gains 3%
BY AKANE OTANI
Investors abruptly dumped
technology and internet stocks
Wednesday, a sign of vulnera-
bility in a sector that has en-
joyed a steep rise this year.
The S&P 500 tech sector
shed 2.6%, posting its third-
biggest one-day decline of the
year. Facebook Inc. dropped
4%, Apple Inc. fell 2.1% and
chip maker Nvidia Corp.—
which was up 97% for the year
heading into Wednesday’s ses-
sion—slid 6.8%.
Some investors had ex-
pressed concerns that the
sector looked overvalued,
and Wednesday’s selling bore
the hallmarks of investors
eager to lock in gains from a
group that has led the stock-
market rally this year. Still,
technology shares have been
volatile in the past, and ana-
lysts and traders said it
wasn’t surprising that a sec-
tor that has doubled the per-
formance of the S&P 500 in
2017 would be prone to occa-
sional swings.
“Is there panic? Absolutely
not,” said Jonathan Corpina,
senior managing director at
Meridian Equity Partners, of
Wednesday’s selling. “To have
any real conviction, we’re go-
ing to need to have to see if
there’s any follow-through.”
One factor that has contin-
ued to give investors confi-
dence in technology stocks:
The group is driving the S&P
500 toward its fifth consecu-
tive quarter of earnings
growth.
Third-quarter profit gains
have been broad, spanning
companies from industrial
stalwarts such as Caterpillar
Inc. to oil-and-gas giant
Exxon Mobil Corp.
But with all but a few S&P
Email: heard@wsj.com
Why Tax-Cut Winners Are Losing
The Republican tax plan
has a greater chance than
ever to pass. Why aren’t
stocks of companies that
would benefit most doing
better?
Many of the stocks that
rallied hardest after Presi-
dent Donald Trump’s election
paid the highest tax rates.
Small-cap companies, which
investors thought had the
most to gain from a tax cut,
rose nearly three times as
much as large caps.
Since then, small caps
have underperformed, as
have a variety of tax-reform
portfolios strategists have
put together. Some investors
have seen that as evidence of
market skepticism over
whether tax reform was
likely to pass. And on Tues-
day, when the Senate Budget
Committee voted to advance
its tax measure to the Senate
floor, small caps outpaced
the benchmark S&P 500.
But a closer look suggests
that the performance of
small caps reveals less about
the tax plans’ prospects than
it does about the environ-
ment they are operating in.
Will a Shortage of Cobalt Kill Electric-Vehicle Makers?
Wedged between iron and
nickel on the periodic table,
cobalt has suddenly emerged
as the electric-car killer.
The once-obscure metal, a
critical part of batteries, has
nearly tripled in price since
last summer as concerns
grow about whether there
will be enough cobalt to
meet demand.
The ingredients for a
shortage are there: Output is
concentrated in the politi-
cally unstable Democratic
Republic of Congo and refin-
ing is dominated by China.
Demand is set to soar as
companies from Tesla to
Volkswagen ramp up produc-
tion of electric vehicles.
With the price of cobalt
2 10
1 5
0 0
–1
–2
–3
J F M A
Year-to-date performance
60%
50
40
30
20
10
0 ward technology stocks—
J F M A
Nasdaq Composite's 12-month trailing price/earnings ratio
80
60
40
20
0 Financials
1997 2000
*3Q figure is a blend of reported results and analyst estimates; 4Q figures are based on estimates. †Excludes energy, which has a growth rate of more than 100% as it rebounds from a contraction.
Sources: FactSet (S&P 500 and stocks); Thomson DataStream (Nasdaq)
500 companies having re-
ported their results for the
latest quarter, the technology
sector is expected to post 20%
growth in earnings from the
year-earlier period, according
to FactSet, trouncing the
broader index’s expected
earnings-growth rate of 6.4%.
The results have put tech
HEARD ON THE STREET
A Big Year
Performance, year to date
20%
S&P 500
15 Russell 2000
10
5 But this has been a year
0 tilted toward growth. With
–5
J F M A
Source: WSJ Market Data Group
Whatever the chances of tax-
plan success were before the
October Senate budget deal
that paved the way to a $1.5
trillion tax cut, they should
be higher now. But small
caps are merely even with
the large-cap S&P 500 since
then. And the shares of S&P
500 companies that have
specifically endorsed the
Senate’s tax bill have under-
performed, according to re-
search firm Strategas.
The bigger problems for
Pedal to the Metal
Price of cobalt US 99.8%
$30 a pound
25
20
15
10
2016 ’17
Source: CRU International
hitting $30 a pound, investors
have poured into shares of
companies that mine or own
rights to the metal. Canada’s
Cobalt27 Capital, which be-
lieves there is already a defi-
MARKETS
S&P 500 earnings,
change from year earlier
15%
M J J A
Facebook
M J J A
2010
on track to post the fastest
pace of earnings growth of the
11 sectors in the S&P 500—be-
sides energy, where earnings
have rebounded with oil prices
in 2017.
Google parent Alphabet
Inc., shares of which are up
31% in 2017, reported that
profit surged 33% in the third
FINANCIAL ANALYSIS & COMMENTARY
M J J A S O N to consistently deliver strong
THE WALL STREET JOURNAL.
the shares of companies that
would win big under a tax
cut probably lie elsewhere.
One is where they make
their money. Small-cap
stocks get far more of their
revenue domestically than
the multinationals that domi-
nate the S&P 500. In a year
economic growth overseas
has ramped up and the dollar
has weakened, that has been
a strike against them.
Another is the kind of
stocks that investors favor
cit in supply that will worsen,
is up 162% this year.
“I don’t think automobile
manufacturers are as con-
cerned about price as avail-
ability,” says George Heppel,
a consultant at materials re-
search firm CRU Interna-
tional who says the shortage
could peak in 2021.
But the dreaded shortage
of cobalt is a bit more com-
plicated than industry pro-
jections would suggest. As
anyone who remembers the
fears around rare earth met-
als will agree, high prices
have a way of boosting sup-
ply and reducing demand.
With the cost of cobalt alone
having risen to over $800 for
some leading electric mod-
S O
Apple Alphabet S&P 500
S O
quarter, thanks in part to us-
ers clicking on more ads on
smartphones, its search-en-
gine results and at the begin-
ning of YouTube videos.
Results at older companies
have encouraged investors,
too.
Microsoft Corp. reported
that revenue jumped 12% for
right now. The top 10 compa-
nies in the S&P 500 Value in-
dex, which includes shares of
companies that count as in-
expensive on a variety of val-
uation measures, have a me-
dian tax rate of about 28%,
according to FactSet. The top
10 companies in the S&P 500
Growth index have a median
tax rate of 25%.
investor preferences have
rising costs threatening to
cut into companies’ profits,
shares of those seen as able
sales and earnings gains—a
group epitomized by Ama-
zon.com, Apple, Google par-
ent Alphabet and Face-
book—have been the stock-
market standouts.
Investors have essentially
bet that bigger gains can be
made owning these rapidly
growing giants than the
stocks that would benefit
most from tax cuts. Unless
that changes, the big pops
that investors were expect-
ing from a tax cut may be
minimal.
—Justin Lahart
els—about as much as that of
aluminum or plastic per ve-
hicle—mother necessity is
calling.
Like cobalt, rare earths
aren’t so rare. China’s move
to restrict exports in 2010
exacerbated the perceived
shortage, sending the prices
of some varieties up 10-fold.
Companies such as Moly-
corp, Rare Element Re-
sources and Quest Rare
Mineral, which all had some
connection to reserves, saw
their shares surge based on
supposedly rosy prospects.
Since then, all have lost
nearly all of their value.
Already, Mr. Heppel ex-
plains, other users of the
metal, for example in the
* *
–5
–10
–15 Quarterly
N 2016 ’17*
Third-quarter earnings
for S&P 500 sectors,
change from year earlier†
Technology
19.9%
Materials
10.6
Real estate
8.5
Health care
N would rise was the most
6.8
Consumer staples
2.5
Consumer discretionary
0.3
Telecom
0.2
Industrials
0 up, making the tech-heavy
Utilities
–4.0
–8.3
THE WALL STREET JOURNAL.
the latest quarter as its grow-
ing cloud-computing business
helped offset a slowdown in
its Windows PC operating-sys-
tem franchise, while chip
maker Intel Corp. posted earn-
ings and revenue that beat an-
alysts’ expectations.
A pickup in economic
growth around the world, as
OVERHEARD
Plenty of foreign compa-
nies have been tripped up by
poor marketing when enter-
ing China. For example, Mer-
cedes-Benz initially marketed
itself as “bensi” which, in
Mandarin, means “rush to
die,” according to Inc. Maga-
zine.
The company that hopes
to be the first Chinese auto
maker to offer its brand to
U.S. motorists has plenty of
time to decide on a brand
name, but Guangzhou Auto-
mobile Group said last week
that it has yet to reach a de-
cision. By sheer coincidence,
its name in English is
“Trumpchi.”
The scientific method of
choosing a name might be
checking Gallup’s list of most
admired men and women, but
dubbing their vehicle the
“Obama,” top of the latest
list, would be nearly as con-
troversial.
They could go for the first
person on the list who isn’t a
current or former politician.
Will we be seeing the Pope-
mobile hit the streets in
2019?
pigments industry, are
searching for alternatives.
Meanwhile, some batteries,
such as a design by Tesla,
use less of the metal. Lower-
performing batteries use
none at all, and those batter-
ies’ capabilities may improve
with technological tweaks.
Supply will react, too.
Companies that operate cop-
per and nickel mines, where
cobalt is co-produced, are
targeting expansion, and
there are some pure-play co-
balt mines being planned
that could start producing
shortly after the projected
shortage hits. For electric ve-
hicles, this looks more like a
speed bump than a cliff.
—Spencer Jakab
THE WALL STREET JOURNAL.
well as a weaker U.S. dollar,
have helped lift profits at
many multinationals this year,
both in the technology sector
and elsewhere.
The global economy is on
course for its best year since
2010, the Organization for
Economic Cooperation and
Development said Tuesday.
The gains have helped U.S.
stock indexes continue climb-
ing to records, with the S&P
500 jumping Tuesday to its
56th record close of the year.
Even after a batch of solid
earnings reports, some inves-
tors worry that wagers on
technology stocks may have
been overdone, as indicated by
Wednesday’s selloff.
The S&P 500 technology
sector had risen 36% this year,
jumping past the broader in-
dex’s 17% gain. That would
mark tech’s best annual perfor-
mance since 2009.
For the sixth time in 2017,
fund managers said betting
that the Nasdaq Composite—
which is weighted heavily to-
crowded trade out there, ac-
cording to a Bank of America
Merrill Lynch survey con-
ducted Nov. 3 to Nov. 9. Some
investors worry that popular
trades are prone to sharp re-
versals if sentiment shifts.
Valuations also have ticked
Nasdaq Composite look pricier
than it did in years past.
Wednesday isn’t the first
time that tech and internet
stocks suddenly tumbled. In
June, Apple shed 3.9% in a day,
and Nvidia fell 6.5% in a broad
tech selloff. The same trend
materialized in September.
“These things kind of just
tend to feed on themselves,”
said Ian Winer, head of equi-
ties trading at Wedbush Secu-
rities. “It feeds on itself on the
way up, it feeds on itself on
the way down.”
—Chris Dieterich
and Amrith Ramkumar
contributed to this article.
WSJ.com/Heard
Some Stocks
Flip Script
On Big Tech
The rubber band snapped
back. A wave of selling hit
technology stocks Wednes-
day after their big runup,
while nontech stocks that
had been left behind rallied.
The Nasdaq 100 Technol-
ogy Sector Index that con-
tains all of the industry’s big-
gest names fell by more than
3% Wednesday after rising
by more than 40% this year.
There was no specific
company news, but it was a
day for doubts to creep in
about frothy assets every-
where. Bitcoin, the red-hot
cryptocurrency that started
the year worth around
$1,000 cracked the $10,000
mark overnight and then
$11,000 in early trading be-
fore sinking to nearly $8,500
within hours.
Yet the day’s trading ac-
tion wasn’t a classic risk-off
moment. Many of the non-
tech companies that rallied
share two things in common:
They had been doing as
poorly as tech stocks had
been doing well, and they are
perceived to be vulnerable to
the rise of Amazon.com. For
example, retailer Bed, Bath
& Beyond rallied by as much
as 8.5% after being down by
46% year to date through
Tuesday and sporting-goods
chain Foot Locker rallied as
much as 7% after having
been down by 42%.
Amazon was down nearly
3% by the afternoon even as
the company was unveiling
the latest additions to its
rapidly growing cloud service
and boasting of record sales
during Cyber Monday.
The Nasdaq Composite is
now averaging 23 times for-
ward earnings—its highest
multiple in at least 10 years.
That isn’t a reason to flee
the sector, but investors
looking to lock in some prof-
its clearly didn’t need much
of a push. —Dan Gallagher