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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
DJIA 23836.71 À 255.93 1.1%
What’s
News
Business & Finance
ber had a team dedi-
U cated to stealing trade
secrets and helped employ-
ees dodge regulators’ scru-
tiny, according to allegations
from a former employee. A1
 Powell signaled that he
would stick to the same
monetary-policy course
Yellen charted if he is con-
firmed as Fed chairman. A2
 Financial shares helped
the Dow and S&P 500 notch
their biggest gains since
September. The blue chips
rose 255.93 to 23836.71. B16
 Bitcoin crossed the
$10,000 mark for the first
time, the latest milestone in
the virtual currency’s rally. B1
 Siemens’s board is ex-
pected to firm up plans for
listing a chunk of the com-
pany’s health-care business. B1
 The administration is em-
ploying a little-used authority
to combat imports of inexpen-
sive Chinese aluminum. A10
 AT&T and Time Warner
made a case for their deal in
a court filing in response to
the government’s lawsuit. B1
 The Bank of England
said big U.K. banks could
withstand an abrupt EU exit
but raised concerns about
derivative contracts. B14
 Emerson abandoned its
pursuit of Rockwell Auto-
mation after making mul-
tiple offers for the firm. B3
 Unilever’s board is lean-
ing toward unifying the An-
glo-Dutch company’s dual
governance structure. B8
 Arby’s is buying Buffalo
Wild Wings, taking the
restaurant chain private
for $2.44 billion in cash. B2
World-Wide
 The GOP tax plan gained
momentum when two key
Senate Republicans ex-
pressed optimism about the
bill and a congressional panel
advanced the measure. A1
 Democratic leaders
pulled out of a planned
White House meeting with
Trump in response to jabs by
the president on Twitter. A4
 North Korea said it fired
a brand-new intercontinental
ballistic missile into the wa-
ters off Japan, ending a more
than two-month hiatus. A1
 A judge backed the White
House in the battle over
control of the CFPB, clear-
ing the way for Mulvaney
to remain acting director. A5
 Flynn worked with pri-
vate-sector backers of a con-
troversial Mideast nuclear-
power plan to promote it
inside the White House. A6
 A Libyan man accused
of a role in the deadly Beng-
hazi assault was found
guilty of four charges but
acquitted of murder. A6
 Saudi Arabia freed sev-
eral people held in an anti-
corruption campaign, a sign
the suspects are agreeing
to cash settlements. A7
 Kenya’s president was
sworn in for a second term,
but battles between the op-
position and police overshad-
owed the inauguration. A9
 The pope urged Myan-
mar’s leaders to embrace all
ethnic and religious groups,
but avoided referring to the
Rohingya Muslims. A18
 The OECD said the global
economy is on track for its
best year since 2010. A7
CONTENTS
Banking & Finance.... B14
Business News.. B3,5,7-8
Crossword.............. A14
Heard on Street. B16
Life & Arts....... A11-13
Markets............. B15-16
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
* * * * * WEDNESDAY, NOVEMBER 29, 2017 ~ VOL. CCLXX NO. 127 WSJ.com HHHH $4.00
NASDAQ 6912.36 À 0.5% STOXX 600 387.02 À 0.6% 10-YR. TREAS. g 3/32 , yield 2.338% OIL $57.99 g $0.12 GOLD $1,294.70 À $0.90 EURO $1.1842 YEN 111.48
Senate Tax Revamp Gains Traction
Trump helps sway some holdouts but a battle
with Democrats may stymie budget progress
BY RICHARD RUBIN lied on signs Republicans will
AND KRISTINA PETERSON complete their tax overhaul,
pushing the Dow Jones Indus-
WASHINGTON—Republi- trial Average up 255.93 points,
can efforts to overhaul the
U.S. tax code gained momen-
or 1.09%, to a record high of
23836.71. The Dow is up five
tum Tuesday when two key of the past six days and
Senate Republicans expressed 20.62% so far this year.
optimism about supporting “I think it’s going to pass,”
the bill and a congressional Mr. Trump said, referring to
committee advanced the mea- the tax bill. He added there
sure for a vote on the Senate would be “lots of adjustments
floor later this week. before it ends.”
Republican progress toward Senate Republicans don’t yet
overhauling the nation’s tax have 50 votes locked down for
code came while President the tax plan and are in the
Donald Trump squabbled with midst of completing agree-
Democrats over spending legis- ments that accommodate an ar-
lation needed to prevent a gov- ray of lawmaker concerns. But
ernment shutdown next month. they emerged from a lunch
The Senate Budget Committee meeting with the president ex-
approved the tax measure, pressing confidence about get-
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
12-11, along party lines. ting the votes they need.
Mr. Trump in a twitter post “Everybody said the same
on Tuesday morning dismissed thing,” said Sen. Mike Rounds
striking a deal with congres- (R., S.D.) after a lunch with
sional Democratic leaders Rep. Mr. Trump on Tuesday. “They
Nancy Pelosi of California and Please see TAXES page A4
Sen. Chuck Schumer of New
York. Both lawmakers then
skipped a meeting in the after-
noon with Republican congres-
Trump Wins
sional leaders and the GOP
president to discuss the im-
CFPB Ruling
passe. Judge rejects effort to block
Investors cared more about administration’s control of
Senate Minority Leader Chuck Schumer (D., N.Y.) and House Minority Leader Nancy Pelosi (D., Calif.) the tax developments than the consumer agency.................... A5
skipped a meeting with President Donald Trump after he suggested in a tweet he didn’t expect a deal. spending impasse. Stocks ral-
Trade Spat Makes Strange Bedfellows North
Korea
President Trump and anti-Nafta Democrats unite to challenge decades of U.S. orthodoxy
BY BOB DAVIS House Republican, Don- and Republican adminis-
Fires Off
Ebb and Flow
AND SIOBHAN HUGHES
WASHINGTON—A lone senator
ald Trump, hopes to work
with trade skeptics
among the Democrats to
The U.S. trade deficit as a
percentage of gross domestic
trations. In his first work-
ing day in office, he
pulled the U.S. out of a
Powerful
jumped to the Trump administration’s
defense last month when the U.S. Cham-
ber of Commerce attacked its proposal
to rewrite the North American Free
reverse that trade liberal-
ization. It is too soon to
say whether Mr. Trump
will succeed. But if he
product has generally declined
since 2009.
2%
12-nation Pacific trade
pact, even though the
other nations continue
working to complete a
Missile
Trade Agreement. does, it will be in alliance 0 deal. If anything, Demo- BY JONATHAN CHENG
He is a Democrat. with people like Mr. crats criticize Mr. Trump
“Any trade proposal that makes mul- Brown, a leading voice –2 for not clamping the SEOUL—North Korea said
tinational corporations nervous,” says among Democrats in the brakes even harder on Wednesday that it fired a
–4
Ohio Sen. Sherrod Brown, “is a good sign Senate against free trade globalization. brand-new intercontinental bal-
that it’s moving in the right direction for agreements written in –6 Mr. Brown opposes Mr. listic missile into the waters off
workers.” the past three decades. Trump on almost every- Japan, ending a more than two-
The politics of trade are shifting in Already Mr. Trump has –8 thing other than trade month hiatus by Pyongyang
Washington. In the 1990s, a Democrat in halted the steady liberal- –10 and is under pressure and threatening to ramp up
the White House, Bill Clinton, worked ization of trade that be- from his party’s liberal tensions with the U.S. and in
with free-market Republicans in Con- gan with President Frank- 1990 ’95 2000 ’05 ’10 ’15 wing not to cooperate the region.
gress to open the world trading system lin Roosevelt and Source: Federal Reserve Bank of St. Louis Please see In a nationally televised
to Mexico and China. Now a White continued in Democratic THE WALL STREET JOURNAL. TRADE page A10 broadcast, North Korea’s state
television said that it had suc-
cessfully fired a more advanced
Bitcoin Crosses
Climb in Oil Prices Buoys
ICBM, which it dubbed the
Hwasong-15 and which it said
$10,000 Mark was capable of reaching any
point on the U.S. mainland, in a
Bitcoin’s rally continued, as it
traded above $10,000 for the first
time Tuesday, up from $968.23 at
the start of the year. B1
Hopes of Energy Producers launch personally ordered by
leader Kim Jong Un.
Mr. Kim was quoted by state
media as saying that, with the
BY STEPHANIE YANG global producers to limit out- its dividend only in cash, success of the new missile, “We
Bitcoin, Tuesday AND ALISON SIDER put. The rebound prompted scrapping a program that gave have finally realized the great
year-to-date $10,026 analysts to boost their price shareholders the option of re- historic cause of completing the
Oil prices are approaching forecasts last month for the ceiving dividends in dis- state nuclear force.”
$60 and major energy compa- first time in six months. counted stock, known as a Independent experts said
nies are signaling fresh opti- U.S. crude prices are still scrip. Shell also said it is com- that the launch sent a North
mism that they can hold the down nearly 46% from their mitted to launching a $25 bil- Korean missile higher than ever
recent gains, a reversal from a 2014 high, and fell for a sec- lion share-buyback program before, demonstrating a trajec-
4,000 few months ago when prices ond consecutive day Tuesday, soon. Shell shares rose 3.7% in tory that could put Washington,
were languishing. slipping by 0.2% to $57.99 a London Tuesday. D.C., in range. It triggered an
Dec. 31 2,000 West Texas Intermediate barrel. Last month, Norway’s Sta- unusually robust reaction from
$968 prices have surged more than In another sign prices are toil ASA said it also intended South Korea, which quickly re-
36% from a June low to a two- expected to stabilize, major oil to do away with its scrip divi- sponded with a battery of mis-
0
year high. The $60-a-barrel companies are looking to re- dend program. BP PLC said sile launches of its own.
Jan. Nov. milestone would mark a shift ward shareholders after years last month it is restarting a The missile firing came
Source: CoinDesk in sentiment from earlier this of belt tightening. share-buyback program, and weeks after President Donald
year, when prices were in a Royal Dutch Shell PLC said its board has discussed re- Trump visited the region and
bear market despite efforts by Tuesday it would begin paying Please see OIL page A4 Please see KOREA page A8
Domino’s Tells Its Customers Who’s Uber Formed Covert Unit to Steal
Making Their Pizza—or Does It?
i i i Trade Secrets, Ex-Employee Says
Tracking app sends updates from dough BY GREG BENSINGER
‘Any company discovery. Mr. Jacobs left Uber
in April, and the company
to door, but some details don’t ring true SAN FRANCISCO—Uber that would set up later reached a settlement
Technologies Inc. had a team with him over his claims.
dedicated to stealing trade se-
a surreptitious The letter’s existence sur-
BY KATHERINE BINDLEY ers a real-time play-by-play of crets and helped employees system is as faced days before the sched-
their pizza’s production, com- dodge regulators’ scrutiny, ac- uled start of Uber’s block-
For a while, Brent Gardiner plete with the name of each cording to allegations from a
suspicious buster trial with Google-
Opinion.............. A15-17
Property Report... B6
felt he had a personal connec- employee handling the pie. former employee that are gen- as can be.’ parent Alphabet, which claims
Sports....................... A14 tion with the Domino’s em- If the app told him that an erating the latest in a string of Uber stole driverless-car trade
Technology............... B4 ployees making his pizzas— employee named “John” was controversies to beset the secrets from its Waymo unit.
U.S. News............. A2-6 until a man named Melinda making his pizza, Mr. Gardiner ride-hailing firm. U.S. District Judge William U.S. District Judge William Al-
Weather................... A14
World News. A7-9,18
delivered him one. used its feedback feature to The claims came in a 37- Alsup of San Francisco sup of San Francisco, who is
Mr. Gardiner, send encourage- page letter sent to Uber man- presiding over that case, said
24, of Moosup, ment. “I’d be like, agement earlier this year by he was delaying the start of
> Conn., was once a ‘you go, John!’ an attorney for a former mem- tive culture that allegedly en- the trial indefinitely because
devoted fan of a ‘Hope the pizza’s ber of Uber’s security team, tailed disappearing messages, of the seriousness of the alle-
popular tracking good, John!’ ” Ric Jacobs. The letter, por- mobile devices that stored in- gations in the letter.
feature on Dom- The relation- tions of which were read aloud formation outside of Uber’s Please see UBER page A2
ino’s Pizza Inc.’s ship cooled last at a hearing Tuesday in Uber’s servers and training for em-
smartphone app. Please see civil dispute with Alphabet ployees on how to communi-  Uber is dealt setbacks in
It gives custom- A pepperoni pizza PIZZA page A8 Inc., describes a deeply secre- cate in ways to evade legal Southeast Asia......................... B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Wednesday, November 29, 2017 | A3

U.S. NEWS

©T&CO. 2017
I-95’s Bumpy, Congested Ride
One of the busiest highways, its backups cost business and drivers in time and money
A TIFFANY HOLIDAY
BY SHANE SHIFFLETT
Traffic Jams AND YOUJIN SHIN
Level of service
Interstate 95 is among the
nation’s busiest and longest
Clear Congested
highways. It runs through
some of the country’s biggest
cities and costs billions of
dollars a year to maintain.
And it is filled with trouble
spots.
Federal funds for road re-
pairs are drying up. For the
past six years, the Highway
Trust Fund—the federal gov-
The most cocongested stretch of I-95 is in ernment’s primary funding
Connecticut between Stamford and Bridgeport. source to pay for repairing
Traffic move
moves at about 16 miles an hour on an roads and transit—has spent
average Friday
Frid at 5 p.m., according to a Wall more than it has taken in
Street Journal
Journ analysis of 2015 data from the through fuel and other taxes.
University of Maryland. At noon, traffic speeds along The Congressional Budget
at 57 mph. Office projects the fund will
become insolvent by 2021.
Fixing the pr
problem isn’t easy. Business groups The tax has brought in less
oppose bring
bringing in tolls and without another form revenue in recent years as
of new revenue,
reven it will be difficult for the state to vehicles have become more
make improvements.
improv fuel efficient and inflation di-
lutes the effective tax rate.
But the needs are greater
than ever. Highway conges-
Rough Going tion cost commuters and
businesses $160 billion na-
Pavement quality tionally in 2014 in lost fuel
and time, according to the
Good Acceptable Poor Texas A&M Transportation
Institute, a 280% increase 800 843 3269 | TIFFANY.COM
since 1982.
“We bill our customers
and pay our drivers on a
mileage rate, so if congestion
inhibits our ability to run
more miles, it limits our abil-
ity to earn and our ability to
pay our drivers,” said James
GIFTS FOR THE HANDSOME HERO
New Jersey has the highest concentration of poor Reed, chief executive of USA
pavement qu quality of any of the 15 states along the Truck Inc., a national carrier
interstate, ac
according to a WSJ analysis. Rough and based in Van Buren, Ark.
uneven pavement
pave leads to higher fuel consump- The nation invested more
tion and increased
incr accidents, industry experts say. than $20 billion in construc-
tion projects on interstates in
The biggest problem to smoothing out a section in 2012, with more than 60% of
Essex Count
County, N.J.—where more than 50% of I-95 that directed toward rehabili-
is in poor condition—is
con finding time when traffic is tating highways and bridges,
light. ‘Everyt
‘Everything has to be done at night and it’s the most recent figure avail-
just difficult,’
difficult, said Rob Fischer, chief engineer for able, according to the Federal
the New Jersey
Jers Turnpike Authority. Highway Administration.
That spending totaled about
$15 billion in 2002.
Along I-95 alone, govern-
Bottlenecks Newington
Ne
ewington
ew on
ments from Maine to Florida
have allocated more than $7
Average minutes of daily congestion billion this year in ongoing
work, from repaving sur-
<=15 30 45 60 61+ faces to replacing obsolete
Bottleneck
Bottle
t eeneck bridges.
In Connecticut, the proj-
132
ects total nearly $2.5 billion,
the most per mile of any
1 mile
state traversed by I-95. Re-
placing the Pearl Harbor
1 km
k Bridge in New Haven to re-
duce congestion and improve
safety has a $550 million
I-95’s worst bottleneck is south of Washington, price tag.
D.C., in Prince
Princ William County, Va., where traffic A Wall Street Journal anal-
during an avaverage Tuesday afternoon rush hour ysis of federal highway data
moves 40 mph m slower than the speed limit, identified Fairfield County,
according to data from the University of Conn., as having the worst
Maryland. At A that point, the number of lanes congestion, Essex County,
SAKS FIFTH AVENUE COLLECTION
drops from four
f to three. N.J., as having the roughest Black mixed-media boots. $398.
roads, and the area just south Black 35mm leather belt. $178.
Congestion aaround Washington, D.C., added of Washington, D.C., as hav-
nearly $1.3 billion
b in operational costs for trucking ing the worst bottlenecks
companies in 2015, according to a recent industry along I-95.
trade group report.
PHOTOS: TIM MARTIN/THE DAY (TRAFFIC);  See an interactive analysis of
TAYLOR UMLAUF/THE WALL STREET JOURNAL (ROAD QUALITY) Shiffl tt and Youjin Shin/THE WALL STREET JOURNAL.
Shane Shifflett
Sh 1-95’s shortfalls at WSJ.com.

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A4 | Wednesday, November 29, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Trump and Democrats Clash Over Budget

Schumer, Pelosi skip sponse to jabs by President
Donald Trump on Twitter.
meeting after tweet, Current funding for the gov-
suggesting headwinds ernment expires at 12:01 a.m.
on Dec. 9, giving lawmakers lit-
for a long-term deal tle more than a week to pass
short-term legislation keeping
BY KRISTINA PETERSON it fully operational. Although
AND PETER NICHOLAS Congress could still pass a
short-term measure, which
WASHINGTON—Efforts to usually isn’t controversial,
reach a deal that would keep Tuesday’s public dispute indi-
the government running and cated that subsequent negotia-
address sticky immigration and tions for an expected longer-
spending issues derailed on term package at year’s end
Tuesday, after Democratic face partisan headwinds.
leaders pulled out of a planned The skirmish began Tuesday
White House meeting in re- morning when Mr. Trump
tweeted that he planned to Mr. Trump’s tweet angered ran on stopping illegal immi- ment funded until December.
take a tough line on any dis- the Democratic leaders, who gration and won big. They There are other, more vola-
cussions over immigration that said they saw no point in visit- can’t now threaten a shutdown tile issues in play this time.
come up in negotiations on ing the White House for what to get their demands.” Democrats and some Republi-
keeping the government they deemed fruitless talks. Democrats said voters cans have indicated they hope
funded beyond next week. “It would be a waste of ev- would hold Republicans re- to include protections in the
“Meeting with ‘Chuck and eryone’s time to continue sponsible, given that they con- year-end spending bill for un-
Nancy’ today about keeping working with someone who trol the White House and both documented immigrants
government open and work- clearly has no interest in com- chambers of Congress. brought to the U.S. at a young
ing,” Mr. Trump tweeted, refer- ing to an agreement,” Mr. The blowup between Mr. age by parents. Mr. Trump in
ring to Senate Minority Leader Schumer told reporters. Trump and the Democrats September ended a program
Chuck Schumer (D., N.Y.) and Should the impasse con- marks a sharp contrast with a protecting many of these im-
House Minority Leader Nancy tinue over spending and force meeting in September. In that migrants, known as Dreamers.
Pelosi (D., Calif.). Mr. Trump a government shutdown, Mr. gathering, Mr. Trump shocked Some Democrats have said
continued by saying they want Trump said he “would abso- GOP leaders by overriding they wouldn’t vote for a
“illegal immigrants flooding lutely blame the Democrats.” their objections and striking a spending bill that doesn’t in-
into our Country unchecked.” On Tuesday evening the deal with Mrs. Pelosi and Mr. clude protections for Dream-
He added, “I don’t see a deal!” president said on Twitter: “I Schumer to keep the govern- ers.

WASHINGTON
TAXES WIRE
Continued from Page One
all said, ‘We want to get to STATE DEPARTMENT
yes. We want to get to yes.’”
Senate Republican leaders Tillerson Addresses
have been trying to address Criticism of Agency
the concerns of several groups
of wary lawmakers in their Secretary of State Rex Tiller-
own party, including Bob son pushed back Tuesday at criti-
Corker of Tennessee and Su- cism from lawmakers and diplo-
san Collins of Maine. On Tues- mats suggesting that he is
day they appeared to have gutting the State Department,
made substantial progress. stressing that it is functioning
If the Senate passes the bill “very well.”
this week, a House-Senate Mr. Tillerson, speaking before a
agreement on reconciling the think tank in Washington, de-
two chambers’ competing ver- fended what he described as hard
sions of the measure would be work by career officials, many in
the only remaining obstacle to acting roles, on issues involving
completion. North Korea, Syria, Ukraine, Iran,
The Senate tax bill would the Islamic State extremist group,
lower the corporate tax rate to Afghanistan and others.
BILL CLARK/NEWSCOM/ZUMA PRESS

20% from 35%, repeal the al- “All of that’s been done with
ternative minimum tax, shrink the people that are working there
the estate tax and lower indi- today, and I’m very proud of what
vidual rates. The individual tax they’ve done,” Mr. Tillerson said.
cuts would expire after 2025, The American Foreign Service
while the corporate tax cuts Association, a union, released em-
would remain in place, leaving ployment data earlier this month
about half of households that it said demonstrated a “diz-
worse off by 2027 than if Con- zying” depletion of the depart-
gress did nothing. Sen. Susan Collins (R., Maine) said she was optimistic about ways to address her concerns about the GOP tax plan. ment’s leadership ranks, including
The plan would increase 60% of its career ambassadors.
budget deficits by $1.4 trillion they were still negotiating the Under current law, taxpay- mandate would save the gov- enough for pass-through busi- Mr. Tillerson said the 60% figure
over a decade, plus additional particulars. Still, the idea of ers who itemize their deduc- ernment money because fewer nesses such as partnerships amounts to a drop from 6 career
interest costs. That price tag— potentially triggering tax in- tions can subtract state and people would get insurance and S corporations, voted to ambassadors to 2, which is in line
created under an agreement creases down the road was local income or sales taxes as and the government would move it forward. with historical trends.
Mr. Corker made earlier this running into opposition from well as property taxes, but Re- spend less on Medicaid and in- Democrats said Republicans’ —Felicia Schwartz
year—is causing new concerns some conservatives, including publicans want to curb that surance subsidies. haste in moving a $1.4 trillion
for Mr. Corker, who said he is Americans for Prosperity, break to pay for rate cuts. The On Tuesday, Ms. Collins said tax cut through Congress con-
concerned about deficits. Sens. Americans for Tax Reform and Senate bill would repeal the she secured an agreement to tradicts their own years of PUERTO RICO
Jeff Flake (R., Ariz.) and James Rep. Tom Cole (R., Okla.). deduction. The House bill pre- vote on bipartisan legislation to warnings about the economic
Lankford (R., Okla.) said they “I’m not going to vote to serves the $10,000 property stabilize the individual insur- harm of budget deficits. FEMA Terminates
shared the same concern. impose automatic tax in- tax break, a concession to Re- ance market, helping ease her “Where are all those deficit Storm Contracts
Mr. Corker is worried the tax creases on the American peo- concerns. Mr. Trump had op- hawks now? Where are those
cuts won’t trigger the addi- ple,” said Sen. John Kennedy posed that bill earlier this year, charts and graphs?” said Sen. After Hurricane Maria dam-
tional economic and revenue (R., La.) “I’d rather drink weed but told GOP senators on Tues- Patty Murray (D., Wash.). aged tens of thousands of homes
growth that many Republicans killer than do that.”
‘Not going to vote to day he would support it, law- “Where is the moral outrage? in Puerto Rico, a newly created
are expecting from their over- Ms. Collins said Tuesday impose automatic tax makers said; the White House Where is the concern for our Florida company won more than
haul. He said he and other sen- that she was optimistic that didn’t respond to a request for children and grandchildren $30 million in contracts from the
ators had an outline in place for there would be a way to ad-
increases…I’d rather comment on that issue. now?” Federal Emergency Management
an agreement to create an auto- dress many of her concerns, drink weed killer.’ Republicans have 52 votes Republicans counter that Agency to provide emergency
matic mechanism that would including a deduction of up to in the Senate and they can tax cuts will spur enough eco- tarps and plastic sheeting for re-
alter the tax cuts if the plan $10,000 for property taxes. lose only two votes, assuming nomic growth to pay for them- pairs.
doesn’t produce the expected Ms. Collins said lawmakers all Democrats vote no. There selves, even though indepen- Bronze Star LLC never deliv-
growth and revenue results. were still determining how publicans from high-tax states. are several groups of wavering dent estimates of their plans ered those supplies. FEMA termi-
“I think we’ve come to a they would pay for adding the If the Senate includes that Republicans, but the state- haven’t shown that. nated the contracts, without pay-
pretty good place,” Mr. Corker property-tax deduction. She property-tax deduction, House ments by Mr. Corker and Ms. The nonpartisan Joint Com- ing any money, and restarted the
said. “We’ve got an outline of had proposed keeping the top Republicans would have an Collins move Republicans mittee on Taxation may re- process to supply more tarps.
an agreement at every level individual tax rate at 39.6%, easier time passing a final bill. closer to locking those down. lease its projections about the “We were trying to help; it
that matters in the Senate to instead of the 38.5% currently Ms. Collins has been object- At the Budget Committee bill’s economic effects as early wasn’t about making money or
make it happen.” in the Senate bill for couples ing to a provision of the tax vote, Sen. Ron Johnson (R., as Wednesday. anything like that,” said Kayon
Mr. Corker didn’t provide making at least $1 million, but bill that would repeal the Wis.), who has said he op- —Siobhan Hughes Jones, one of the company’s
details of how that would she said there was no consen- mandate that individuals have poses the bill because it and Peter Nicholas founders.
work, and other senators said sus over that idea. health insurance. Ending the doesn’t cut taxes deeply contributed to this article. —Associated Press

A holiday gem.
OIL Bouncing Back
U.S. oil prices are approaching $60 a barrel for the first time
since the 2015 collapse, driven in part by rising demand.
“So far it has been surpris-
ing to many players in the
marketplace how quickly in-
ventories in the United States
Continued from Page One have adjusted,” said Bart Me-
moving its own scrip program. Crude-oil prices Net global production lek, head of commodity strat-
Unlike previous years, when and demand, quarterly egy at TD Securities.
oil often dragged down other $70 a barrel 2.0 million barrels a day Global stockpiles have also
financial markets, resurgent steadily declined this year, ac-
global economic growth is 60 1.5 cording to data tracked by the
pushing U.S. stock markets to IEA. In recent months, in-
NET DEMAND NET PRODUCTION

record highs and lifting oil 1.0 creased geopolitical tensions

prices. 50 in countries such as Saudi
“The broader global eco- 0.5 Arabia and Iraq sent oil prices
nomic picture has been one 40 higher, which analysts noted
that continues to strengthen,” 0 as a sign of a tighter market
said Michael Cohen, head of 30 supply.
energy commodities research –0.5
Still, the specter of higher
at Barclays. “There are only a U.S. production continues to
20 –1.0
very small number of coun- worry some investors. Jack
tries that are not showing 2015 ’16 ’17 2013 ’14 ’15 ’16 ’17 Ablin, chief investment officer
positive global growth.” Sources: WSJ Market Data Group (crude prices); IEA THE WALL STREET JOURNAL. at BMO Private Bank, said re-
Nearly half of the 35 major straint by OPEC—especially
Ultimate Wave Pendant with Diamonds, equity indexes representing meets Thursday has weighed erating their forecast. Saudi Arabia—underpinned
the world’s biggest stock mar- on prices recently. Demand was a question oil’s turnaround this year. But
Opal Inlay and Shimmer Diamond in kets by value have reached But the International En- mark heading into this year. $60 a barrel is likely the up-
14K Yellow or White Gold from $1,499 multiyear highs this year. ergy Agency expects oil de- Low prices in 2015 and 2016 per bound for U.S. crude
Chain included Also, strong factory activity in mand to have increased by 1.5 fueled “scorching” increases prices, he said.
China has boosted copper—a million barrels a day this year in consumption and some “At $60 we would start to
Matching Earrings available widely watched barometer of and to rise by 1.3 million bar- weren’t sure whether that see the rig count really ramp
global economic health—to rels a day in 2018. would continue, said Doug up,” Mr. Ablin said. “I have a
HAWAII: Oahu, Maui, Kauai, Big Island of Hawaii near a three-year high. Some analysts are even Terreson, head of energy re- feeling that what Saudi Arabia
BOSTON: Natick Mall, Northshore Mall Profits at many of the more optimistic. Goldman search at Evercore ISI. wants more than high prices
CHICAGO: Woodfield Mall, 600 N. Michigan Avenue world’s largest energy compa- Sachs Group Inc. said in a re- “But with oil prices low and would be stable prices.”
DALLAS: NorthPark Center • DENVER: Cherry Creek Shopping Center nies soared during the third search note earlier this month the global economy strength- Oil’s recent rally may also
LAS VEGAS: Grand Canal Shoppes at The Venetian
NEW YORK: Roosevelt Field • ORLANDO: Disney Springs
quarter, and the higher prices that rising consumption, espe- ening, we had another great be threatened by a meeting
PHILADELPHIA: The Plaza at King of Prussia have given many U.S. compa- cially in India and China, demand year,” he said. this week between OPEC and
PLEASANTON: Stoneridge Mall • PORTLAND: Washington Square nies confidence that they can prompted the bank to boost Increased demand has other global producers includ-
ROSEVILLE: Galleria • SAN DIEGO: Fashion Valley continue to increase earnings. its forecast for global oil de- pulled stockpiles of crude oil ing Russia. On Thursday, the
SAN FRANCISCO: PIER 39 • SAN JOSE: Valley Fair The energy sector of the S&P mand—Goldman analysts now out of storage this year, even group is expected to decide
SEATTLE: Bellevue Square • WASHINGTON, D.C.: Tysons Corner Center 500 hit a 2017 low in August, expect it will increase by 1.7 as U.S. shale producers have whether or not to extend a
and has since climbed 9.8%. million barrels a day this year ramped up output and pushed deal struck last year to curb
Traders say a break above from 2016. weekly production to record production, as part of their ef-
$60 isn’t guaranteed. Uncer- “We are more optimistic on highs. Last month, crude forts to reduce an overhang in
tainty about whether the Or- oil demand growth given the stockpiles fell to the lowest crude supply and bring stock-
ganization of the Petroleum ongoing solid global growth level since the beginning of piles back to the average level
NaHoku.com • 1-866-296-9374 Exporting Countries will agree momentum and the still rela- 2016, according to the U.S. of the past five years.
FREE FEDEX SHIPPING ON ALL ORDERS OF $200 OR MORE to continue holding crude off tively low oil prices,” they Energy Information Adminis- —Michael Amon
the market when the group wrote in a note Monday, reit- tration. 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. * * * * NY Wednesday, November 29, 2017 | A5

U.S. NEWS

Louisiana Stares Down

A Big Budget Shortfall
BY JON KAMP
AND CAMERON MCWHIRTER
Louisiana lawmakers are
scrambling to find a long-term
fix for a looming fiscal crisis
and avoid deep spending cuts,
before $1 billion in temporary
tax measures expire next year.
Democratic Gov. John Bel
Edwards’s coming budget pro-
posal will have to include
“devastating cuts,” said Jay
Dardenne, the governor’s chief
budget officer. That would add
Mr. Edwards, who blamed
state House Republicans for
not acting on budget measures
earlier this year, is urging a
permanent fix and not an ex-
tension of temporary taxes.
Republican House Speaker
Taylor Barras suggests a solu-
tion could include making per-
manent, or extending, some of
the taxes now set to expire.
Those measures include an ad-
ditional penny of sales tax and
reductions in tax credits.
Louisiana is a low-tax state

SUSAN WALSH/ASSOCIATED PRESS

to deep reductions the state
has made in recent years to
higher education and to child-
welfare and other state agen-
cies, unless lawmakers strike a
deal to replace the lost reve-
nue to help fill a budget hole
that is estimated to reach $1.5
billion when the new fiscal
year begins.
At issue is the end of a se-
with a long history of fiscal in-
stability, tied in part to its re-
liance on energy-industry rev-
enue. The state instituted a
measure in 2002 that elimi-
nated sales taxes on certain
goods and services while rais-
ing income taxes on both mid-
dle- and higher-income filers.
After Hurricanes Katrina An appeal is expected of a ruling that the president could name budget chief Mick Mulvaney as the acting director of the CFPB.
and Rita hit in 2005, billions

Judge Backs Trump in CFPB Fight

ries of temporary taxes put in of dollars in federal aid helped
place two years ago to stave stimulate the state’s economy,
off a fiscal emergency. said Greg Albrecht, chief econ-
Louisiana law prevents leg- omist in the state Legislative
islators from adding new reve- Fiscal Office. Lawmakers re- BY LALITA CLOZEL Ms. English was elevated to taking calls and meetings with Trump administration contin-
nue in next year’s regular leg- sponded with tax cuts, first deputy director from chief-of- external stakeholders and bu- ued to argue against Ms. Eng-
islative session, starting in under Gov. Kathleen Blanco, a WASHINGTON—A federal staff on Friday following the de- reau staff,” she said. lish’s claims. “We don’t think
March, so Mr. Edwards would Democrat, and the next year judge sided with the White parture of former Director Rich- Judge Kelly said the statute there is any need for any type of
like a special session to final- under GOP Gov. Bobby Jindal. House in the battle over control ard Cordray last week. invoked by the Trump adminis- emergency relief here,” said
ize a deal before then. Ms. Blanco in an interview of the Consumer Financial Pro- White House spokesman Raj tration to justify Mr. Mulvaney’s Brett Shumate, a Justice Depart-
“We are dangling over the said she reluctantly approved tection Bureau, saying Tuesday Shaw said the administration position—the 1998 Vacancies ment lawyer. “Mr. Mulvaney is
cliff,” said Mr. Dardenne, a Re- partial revenue cuts because that he wouldn’t stop the applauded the court’s decision. Reform Act—overrode succes- in office as the acting director.”
publican and former lieuten- of pressure from legislators, Trump administration from “It’s time for the Democrats to sion guidelines in the 2010 Deliberations in the court-
ant governor. “We can’t just but said they made “a big mis- running the agency. stop enabling this brazen politi- Dodd-Frank financial law, which room Tuesday offered a win-
dawdle around and wait for take.” Mr. Jindal didn’t re- An Obama-era official, Lean- cal stunt by a rogue employee,” created the CFPB. dow into behind-the-scenes
the very last minute.” spond to calls for comment. dra English, had argued she was he said. While the president’s author- feuding between Mr. Mulvaney
the CFPB’s rightful leader until Mr. Mulvaney on Tuesday ity to name an acting head of a and Ms. English. Mr. Gupta ac-
a permanent successor is con- further asserted his presence as government agency in the event cused the Trump administra-
No Relief After Relief Funds firmed and had sought an order the acting chief of the CFPB by of a vacancy “is not exclusive tion of undermining Ms. Eng-
After fading hurricane relief and tax cuts in the past decade, Louisiana to unseat the Trump adminis- opening a new twitter account by virtue of the text, it is avail- lish’s role as deputy director of
is grappling with a looming hole in its budget that is currently filled by tration’s temporary leader. with a handle @CFPBDirector. able,” he said, referring to the the agency by sending mes-
$1 billion in temporary tax measures. The ruling by Judge Timothy A single tweet showed him vacancies law. sages to CFPB’s employees and
J. Kelly, of the U.S. District working at a desk with the U.S. He also weighed in on the Ms. English, saying she has re-
Post-hurricane tax peak Temporary tax measures Court for the District of Colum- flag behind it, with a caption question of the CFPB’s indepen- ceived “emails from Mr. Mulva-
inflated by federal funds Increase ends June 30
$14 .billion bia, clears the way for White “Busy day at the @CFPB. Dig- dence under Mr. Mulvaney, who ney reprimanding her for the
12 House budget chief Mick Mulva- ging into the details.” reports directly to the White way that she has held herself.”
ney to continue serving as act- On the agency’s website, Mr. House as head of its Office of While he added there was
10 ing director of the CFPB while Mulvaney’s name, title and Management and Budget. “Un- no sign so far that the adminis-
8 President Donald Trump finds a photo were added to the sec- doubtedly, the CFPB was in- tration was getting ready to
6
permanent successor. A court tion about top officials. Ms. tended to be independent,” said fire Ms. English, Mr. Gupta said
order denying the request for a English is listed below as “Dep- the judge. “However it is still a he thought the administration
4 restraining order came shortly uty Director” without a photo. branch of the executive office.” could set up a “claim that she
2 after Judge Kelly’s decision. Ms. English, in a statement Judge Kelly was confirmed was somehow not performing
The fight isn’t over. Ms. Eng- released by Mr. Gupta, said she to the bench in September after her duties.”
0
lish’s attorney, Deepak Gupta, would work at the CFPB on being nominated by Mr. Trump —Peter Nicholas
FY2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 said she would appeal the deci- Tuesday. “I plan on spending over the summer. and Yuka Hayashi
Source: Louisiana's Legislative Fiscal Office THE WALL STREET JOURNAL. sion. the day at CFPB headquarters At Tuesday’s hearing, the contributed to this article.

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A6 | Wednesday, November 29, 2017 THE WALL STREET JOURNAL.

U.S. NEWS

Flynn Pushed Plan Deep Into White House Libyan

BY CHRISTOPHER S. STEWART
AND ROB BARRY
lane, a national security ad-
viser to President Ronald Rea-
Guilty in
Private-sector backers of a
controversial Middle East nu-
gan, emailed documents to
Mr. Flynn.
One was an appeal to Mr.
Benghazi
clear-power plan worked with
former national security ad-
viser Mike Flynn to promote it
Trump saying the nuclear plan
would boost American indus-
try, generate American jobs
Assault
inside the White House, to the and leverage the private sector BY JESSICA DONATI
point of sending him a draft to reshape the Middle East. AND DEL QUENTIN WILBER
memo for the president to The appeal said the retired
sign authorizing the project. military officers involved were A Libyan man accused of
At issue was a proposal to known and respected by Mr. taking part in the deadly as-
build dozens of nuclear reac- Trump. They included Gen. sault on the U.S. mission in
tors, billed by its backers as a Jack Keane, former Army vice Benghazi in 2012 that killed
“Marshall Plan for the Middle chief of staff, Rear Adm. Mi- four Americans, including the
East.” Before joining the White chael Hewitt and Gen. Keith Al- U.S. ambassador, was found
DREW ANGERER/GETTY IMAGES

House, Mr. Flynn, a retired exander, former head of the guilty of four charges Tuesday
lieutenant general, had ad- National Security Agency. but acquitted of murder.
vised some of the U.S. compa- Mr. McFarlane included a Ahmed Abu Khatallah, 46
nies involved in the plan in his draft of a memo about the years old, was found guilty of
capacity as a consultant. project Mr. Trump could send conspiring to provide material
Mr. Flynn’s efforts to pro- to cabinet heads. support and providing mate-
mote the plan included telling a In emailed responses to rial support to terrorists, as
National Security Council questions from the Journal, the well as destructive acts
staffer to create an official di- Mike Flynn promoted a nuclear-power project while working as national security adviser. plan’s backers said the meet- against the mission and pos-
rective detailing the plan for ings were held and documents session of a semiautomatic
President Donald Trump to the matter say. Mr. Flynn was rity-clearance interview and re- mer colleagues, as well as Mr. were provided at the adminis- firearm.
sign, people familiar with the forced to resign in February for newal application in 2016. Kushner. A White House offi- tration’s request. They said Mr. But Mr. Khatallah was
matter say. He also brought the misleading White House offi- Since his resignation, his for- cial said nothing came of the Flynn had been invited to join found not guilty of more seri-
project to the attention of a key cials about earlier conversa- mer private-sector colleagues meetings with Mr. Kushner. their group in the summer of ous charges, including the
administration ally, these peo- tions with the Russian ambas- have continued to lobby federal Mr. Flynn arrived at his Na- 2016, but that in December he murder of an internationally
ple say. The plan was projected sador about U.S. sanctions. agencies about the plan and re- tional Security Council job said he wouldn’t participate. protected person and four
to generate $250 billion in rev- This account of his efforts cently met with Jared Kushner, with a group of people who Mr. Flynn forwarded Mr. counts of killing someone dur-
enue for U.S. companies, ac- to push the nuclear plan is the president’s son-in-law and a felt the Obama administration McFarlane’s email to his staff ing an attack on a U.S. facility
cording to documents reviewed based on interviews with cur- senior White House adviser. had been too soft on Iran. with an instruction: Prepare a involving dangerous weapons.
by The Wall Street Journal. rent and former government In early January, Mr. Flynn They believed the nuclear- package for the president. Mr. The trial took place in fed-
Details of Mr. Flynn’s pro- officials, private-sector indi- talked favorably about the power plan, which envisioned Harvey told his staff to put the eral court in Washington.
motion of the project inside viduals who worked on it and proposed deal with Mr. building and operating dozens contents of the draft memo Court officials said Mr. Khatal-
the White House first became documents describing the plan. Trump’s friend, real-estate of nuclear plants in Saudi Ara- into an official “cabinet memo” lah could face a maximum of
public in September. Evidence Mr. Flynn declined through his bia and across the Middle East, from the president. There is no 60 years in prison.
now is surfacing about how lawyer to comment. would strengthen Iran’s rivals. indication such a memo ever Mr. Khatallah was captured
far it progressed inside the ad-
ministration, and how Mr.
A White House spokesman
said “the White House and Na-
A House committee is One of the people Mr. Flynn
brought with him, former Army
went to Mr. Trump.
NSC lawyers soon directed
in 2014 in Benghazi and
brought to the U.S. to face 18
Flynn’s former staffer contin- tional Security Council have rig- investigating Mr. Col. Derek Harvey, said at a the council members to stop federal charges related to the
ued to promote it after Mr.
Flynn left office in February.
orous processes in place to en-
sure that all outside proposals
Flynn’s relationship meeting during the first week
of the new administration that
working on the project because
of Mr. Flynn’s prior work as an
attack that claimed the lives of
Ambassador Christopher Ste-
The House Committee on are thoroughly evaluated for with the companies. Mr. Flynn had told him to de- adviser. They told Mr. Flynn not vens and three other Ameri-
Oversight and Government Re- their potential legal and policy velop a regional economic and to attend a planned follow-up cans.
form is investigating Mr. implications.” energy plan for the Middle meeting with Mr. McFarlane, Federal prosecutors accused
Flynn’s relationship with the In White House disclosure East. When staffers pointed out which Mr. Harvey attended in- him of being the ringleader of
companies involved and to forms, Mr. Flynn noted his rela- magnate Thomas Barrack Jr., there was an NSC office that stead. After Mr. Flynn was the Sept. 11, 2012, attack and
what extent his consulting ca- tionship with two companies in- who was heading the inaugu- handled economic and energy ousted, Mr. Harvey pushed NSC cast him as a terrorist driven
reer overlapped with his role as volved in the project, but didn’t ration, according to a person issues, Mr. Harvey said Mr. colleagues to continue working by his hatred of Americans.
a top adviser to Mr. Trump. reveal any payments. He later familiar with the conversation. Flynn had directed him to take on the nuclear plan. Defense lawyers countered
Special Counsel Robert amended the forms, saying a Mr. Flynn suggested to Mr. the lead on the issue. Mr. Harvey, the administra- that prosecutors had failed to
Mueller separately is investi- third company paid him more Barrack that he talk with one A spokesman for Mr. Har- tion’s senior Middle East ad- prove that Mr. Khatallah had
gating Mr. Flynn’s work before than $5,000. He said his rela- of the project’s backers. vey declined to make him viser, was dismissed in July helped plan or participate in
he joined the White House as tionship with the companies The suggestion kicked off a available to comment. after clashes with NSC staff- the attacks, and accused the
part of a probe into whether he ended in December 2016. series of conversations be- Mr. Harvey met with a pri- ers. He is now senior adviser U.S. government of present-
improperly concealed financial Two ranking Democrats said tween Mr. Barrack, who was vate-sector backer of the nu- to the chairman of the House’s ing evidence in a way that
ties to Turkey and to Russia, in September that Mr. Flynn ap- interested in broader change clear plan the first week of the Permanent Select Committee would lead jurors to be highly
amid signs that Mr. Flynn may peared to violate federal law by in the Middle East and has ex- Trump administration. Days on Intelligence. Among other suspicious of Mr. Khatallah
be working on a deal with Mr. failing to disclose details of his tensive business contacts in later, another of the project’s things, the committee is inves- due to his religious and polit-
Mueller, people familiar with work for the firms on his secu- the region, and Mr. Flynn’s for- backers, Robert “Bud” McFar- tigating Mr. Flynn. ical beliefs.

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THE WALL STREET JOURNAL.
Growth
In Global
Economy
Is Robust
BY PAUL HANNON
The global economy is on
course for its best year since
2010 as both the U.S. and the
eurozone grow more rapidly
than had been expected, the
Organization for Economic Co-
operation and Development
said.
The Paris-based body said
further acceleration is likely in
2018, but warned that growth
would slow from 2019 without
new measures to encourage
business investment, which re-
mains short of precrisis levels.
“It’s a hump-shaped projec-
tion, where the peak of the
hump is now,” said Catherine L.
Mann, the OECD’s chief econo-
mist. “We don’t see a breaking
out of the growth pattern.”
For Ms. Mann, much of the
recent pickup in growth is due
to the continuation of sup-
portive central-bank policies
around the world, with the re-
cent addition of more stimula-
tive fiscal policies, including
proposed tax cuts in the U.S.
But what is missing is an
intensification of competition
that would drive increased in-
vestment and gains in produc-
tivity that could in turn raise
real wages.
The OECD raised its growth
forecasts for the U.S. and the
eurozone this year and next. It
now sees the former growing
2.2% this year and the latter
2.4%. If the OECD is right, it
would be the second straight
year in which the eurozone
has outpaced the U.S.
But 2018 is expected to see
the return of a more tradi-
tional relationship, with the
U.S. growing 2.5% and the eu-
rozone 2.1%. The research
body’s economists expect U.S.
growth to slow in 2019, while
remaining faster than that of
alexa
the eurozone.
FREE INSIDE THE
WILL & GRACE STAR
DEBRA MESSING
RINGS IN THE HOLIDAYS
3NYP101
Saudis Free Some Graft Suspects
Releases of prominent
detainees suggest
corruption crackdown
is reaching resolution
The Saudi government re-
leased several high-profile
suspects held in a wide-rang-
ing anticorruption campaign, a
sign that those accused of
amassing wealth illegally are
agreeing to cash settlements
in exchange for their freedom.
By Margherita
Stancati in Beirut and
Summer Said in Vienna
Among those released on
Tuesday was Prince Miteb bin
Abdullah, the most politically
influential royal detained in a
campaign launched this month
that targeted the country’s elite,
people familiar with the matter
said. Prince Miteb couldn’t be
reached to comment.
The crackdown—which in-
cluded government officials,
prominent businessmen and
members of the ruling family—
began early this month and has
swept up more than 200 peo-
ple, many of whom have been
confined to the opulent Ritz-
Carlton hotel in western Riyadh.
The release of some of the
detainees offers the clearest
indication yet that the Saudi
government’s far-reaching
crackdown is beginning to
reach a resolution. “The set-
tlement process is working,”
said a person close to the gov-
ernment. “They want it to be
over…that’s why they are of-
fering a plea bargain,” he said
of government officials.
Representatives for the
Saudi government didn’t im-
mediately respond to requests
to comment.
The investigation is led by a
newly established anticorrup-
tion agency headed by the
kingdom’s powerful crown
prince, Mohammed bin Sal-
man, who is pushing to over-
haul Saudi Arabia’s oil-depen-
dent economy as well as its
OUT TODAY
NY
WORLD NEWS
Prince Miteb bin Abdullah, below, was held in a probe led by Crown Prince Mohammed bin Salman, above.
conservative society.
The detainees, who face ac-
cusations that include procure-
ment fraud, money laundering
and bribery, were given the op-
tion by Saudi authorities of re-
linquishing part of their wealth
in exchange for freedom rather
than going to court.
“People are being offered
settlements and those who are
agreeing are settling and go-
ing home,” said Ali Shihabi,
who is close to the Saudi gov-
ernment and executive direc-
tor of the Arabia Foundation, a
Washington-based think tank.
“People who don’t agree will
enter a formal legal process.”
In this way, the government
hopes to reclaim hundreds of
billions of dollars in assets it
believes were amassed ille-
gally. The government hasn’t
officially named any of the ac-
cused.
Many of the accused are
complying with the request by
agreeing to transfer cash and
Wednesday, November 29, 2017 | A7
Nouf bint Abdullah al Saud,
said in a message on Twitter
on Tuesday in reference to
Prince Miteb, whose photo she
also tweeted.
Once seen as a contender
for the throne, Prince Miteb
had greater political sway
than any of the other people
detained. Prince Miteb was
among several senior princes
who was critical of King Sal-
man’s decision in June to side-
line the former crown prince
FAISAL AL NASSER/REUTERS; PHILIPPE WOJAZER/REUTERS (BELOW)
and replace him with his son,
Prince Mohammed, people fa-
miliar with the matter said af-
ter the line of succession was
changed.
Prince Miteb faced accusa-
tions of procurement fraud
worth tens of billions of dol-
lars and of allegedly awarding
contracts to his own compa-
nies, a senior Saudi official
said shortly after his arrest.
Saudi authorities on Tues-
day also released Mohammed
al-Tobaishi, who served as
head of protocol in the royal
court until the spring of 2015.
Mr. Tobaishi agreed to hand
over cash and a property as
part of his settlement, people
familiar with the matter said.
Mr. Tobaishi couldn’t be
reached to comment.
In recent days, Saudi au-
thorities also released around
700 of the roughly 2,000 bank
accounts that were frozen as
part of the investigation, a
person familiar with the mat-
ter said. The bank accounts
that were released belonged to
people who weren’t them-
selves accused of wrongdoing
but who are close to those
who were, the person said.
The government has said
the wave of arrests was partly
aimed to send a message that
corruption wouldn’t be toler-
other assets and are being set rity establishment. He left the ated as Saudi Arabia seeks to
free as a result, people famil- Ritz and is now at his palace in open up and diversify its econ-
iar with the matter said. Riyadh, people familiar with the omy.
They include Prince Miteb, matter said. The details of his From the Ritz, the accused
the son of the late King Abdul- settlement are unclear. are allowed one call a day to
lah and the powerful former “Praise be to God, Lord of their family members and
head of Saudi Arabia’s National the Worlds. May God keep you have access to lawyers, should
Guard, one of three main safe always, Abu Abdullah,” a they request it, people familiar
branches of the kingdom’s secu- member of his family, Princess with the matter said.
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A8 | Wednesday, November 29, 2017
China’s Disgraced Web Czar Still Wins
CHINA’S WORLD
By Andrew Browne
SHANGHAI—At home and
abroad, the swaggering Lu
Wei, China’s now-disgraced
chief censor, won all of his
battles.
Humiliation was his trade-
mark, whether publicly cow-
ing the country’s “Big V”
bloggers—wits and satirists
who once
commanded
tens of mil-
lions of fol-
lowers with
mild critiques
of the re-
gime—or ex-
tracting homage from West-
ern media and technology
executives. On a visit to Sili-
con Valley three years ago,
he famously took a spin in
the office chair of Facebook
founder Mark Zuckerberg.
That moment, his face lit
up in delight, seemed to cap
his triumph. An old-style
Communist apparatchik with
digital-era savvy, he had
practically written the auto-
crat’s guide to internet man-
agement, demonstrating how
the web could be turned into
an effective tool of authori-
tarian control while still act-
ing as an engine of economic
growth and innovation—a
goal many in the West
KOREA
Continued from Page One
roughly a week after he redes-
ignated North Korea a state
sponsor of terror. Mr. Trump,
speaking to reporters Tuesday,
mentioned the missile launch
and vowed, “We will take care
of it,” without specifying what
actions he might take.
The missile was fired just
before 3 a.m. Wednesday local
time from a site about 20 miles
north of the capital, Pyongyang,
according to U.S., Japanese and
South Korean authorities. It
flew for almost an hour, cover-
ing about 620 miles, before
splashing down in the waters
between Japan and the Korean
Peninsula inside Japan’s exclu-
sive economic zone, which ex-
tends 200 nautical miles from
its coast.
South Korea’s Joint Chiefs of
Staff said while it landed rela-
tively close to its launch site,
the “long-range” missile was
fired on a very steep trajectory,
reaching an altitude of about
2,800 miles—roughly 11 times
as high as the international
space station.
Under Mr. Kim, North Korea
has increasingly turned to such
so-called lofted-trajectory
launches in recent months to
test its missiles at extended
ranges without having them fly
a long horizontal distance.
The missile “went higher,
frankly, than any previous
shots,” U.S. Defense Secretary
Jim Mattis said. “The bottom
line is it’s a continued effort to
build a…ballistic missile threat
that endangers world peace,
regional peace and certainly
the United States.”
Wednesday’s test demon-
PIZZA
Continued from Page One
year when a man he happened
to know showed up to deliver
his pizza. The app had told Mr.
Gardiner that someone named
Melinda was doing the honors.
“I said, ‘Hey Melinda,’ and he
was like ‘what the f— are you
talking about?’ ”
“Ever since then, I knew ev-
erything they said, I felt, was
made up,” he says. “I was like,
‘I wonder if, when they say
they’re putting it in the oven, if
they’re actually putting it in
the oven?’ ”
After falling in love with all
manner of logistics in the inter-
net age, Americans use their
phones to keep tabs on the
whereabouts of friends and fam-
ily and to follow their Amazon
packages from warehouse to
warehouse. It’s only logical that
they feel compelled to monitor
thought impossible.
Now, a U.S. media mogul
who had made his fortune on
free expression in an open
society was playing along.
Mr. Zuckerberg craved
profit from the world’s largest
online population. For China
access, it would be incumbent
on foreign social-media com-
panies to police their plat-
forms as zealously as any Chi-
nese operator and store their
Chinese data inside the coun-
try under the close watch of
state security. Facebook, which
remains blocked in China, has
begun developing technology
that could cull content the
Communist Party deems unac-
ceptable. Mr. Zuckerberg has
said he sees China as crucial
in Facebook’s mission.
T
he head of the Cyber-
space Administration of
China from 2013 to
2016 had a long history of
tangling with foreign media.
In his earlier career as a se-
nior Xinhua executive, he was
involved in an effort by the
state news agency to grab
control of the China business
operations of foreign financial
news and data vendors, in-
cluding Reuters and Dow
Jones, the publisher of The
Wall Street Journal. China
eventually backed down in the
face of coordinated resistance.
On a stage in Tianjin at the
World Economic Forum in
2014, he looked the president
of Qualcomm, Paul Jacobs, in
the eye and reminded him that
the U.S. chip maker earned
half of its revenue in China.
“We should make money to-
gether,” he said with a wide
North Korean leader Kim Jong Un inspecting the intercontinental ballistic missile Hwasong-14, in a photo released in July. North
Korean state television said the missile launched Wednesday, dubbed the Hwasong-15, was a more advanced type of ICBM.
strated a trajectory that could
put Washington, D.C., within
range of North Korean mis-
siles, said Melissa Hanham, a
senior research associate at
the Middlebury Institute of In-
ternational Studies in Monte-
rey, Calif.
“If the numbers hold, this
test will demonstrate a much
further range than ever tested
before,” Ms. Hanham said.
Japanese Defense Minister
Itsunori Onodera said the mis-
sile appeared to break up be-
fore landing, suggesting the
launch may not have been a
successful test of an atmo-
spheric re-entry vehicle for a
missile warhead, a key techni-
the movements of their pizza.
Domino’s launched the
tracker online in 2008 and built
it into its app for Apple Inc.’s
operating system in 2011. The
app sports 4.8 stars out of five
in Apple’s app store, with about
480,000 ratings.
When the app gets the de-
tails wrong, however, some cus-
tomers say the inaccuracies eat
at them. “The first traumatic
experience I had with the app
was over the summer,” says
Alecia Smith, 23, a graduate
student in North Carolina. The
Domino’s app gave accurate de-
livery times until June, she
says. Then she and her brothers
placed an order. After mapping
the store on Google, they calcu-
lated that the pizza should ar-
rive within 20 minutes of when
the app said the driver left.
“We were watching the
tracker really vigilantly,” she
says. “We were very scientific.”
When it arrived still warm after
52 minutes, she concluded the
WORLD NEWS
Lu Wei headed the Cyberspace Administration from 2013 to 2016.
grin that belied the menace in
his words. Qualcomm was
then under investigation for
anticompetitive practices and
was subsequently fined almost
$1 billion and forced to lower
royalty fees on its patents.
“You keep stabbing me in
the back, stabbing me, stab-
bing me, stabbing me,” he
sputtered to one visitor, a
senior editor at a U.S. news-
paper, theatrically miming
the act as his underlings
fetched offending articles to
show him. “You are in my
home,” he roared, which
meant, “You obey my rules.”
Those who wouldn’t sub-
cal step North Korea needs to
overcome to prove it can
threaten the U.S. with a nu-
clear-tipped weapon.
Within six minutes of the
North’s launch, South Korea re-
sponded with a simultaneous
test-firing of missiles from its
army, navy and air force, cali-
brated to the distance to the
North Korean launch site but
aimed toward the waters be-
tween Korea and Japan, the
South’s Joint Chiefs said.
While the South has also re-
acted to previous North Korean
missile launches by firing its
own missiles, Wednesday’s re-
sponse was stronger and faster
than in the past. The authori-
FROM PAGE ONE
delivery couldn’t have left
when the app said it had.
“If you’ve taken the time to
create this technology to try
and be engaged with your cus-
tomer,” she says, “can you do it
correctly at least?”
Domino’s spokeswoman
Jenny Fouracre declines to dis-
cuss specific examples “because
without order numbers and
store numbers we can’t go back
and figure out exactly what
happened.” Drivers’ names can
get mixed up because they
sometimes swap deliveries, she
says. “We know that sometimes
people make mistakes.”
The reason the examples
“are notable is because they are
unusual,” she says. “Tracker
has worked as intended for
nearly a decade for millions
and millions of orders.”
But there are also app tru-
thers—people convinced the
pizza tracker is fibbing. On
Twitter, users have criticized
the tracker for saying a pizza
* **** THE WALL STREET JOURNAL.
Jinping, and that a lack of
rigor helps explain his de-
mise. An official announce-
ment last week accused him
of “grave violations of disci-
pline,” which usually indi-
cates corruption.
His successor, Xu Lin, sig-
nificantly tightened controls.
In September, Baidu, Weibo
and WeChat parent Tencent
were handed maximum fines
under a new cybersecurity law
for hosting banned content
JOHANNES EISELE/AGENCE FRANCE-PRESSE/GETTY IMAGES
ahead of a key Communist
Party congress. Authorities
now insist that internet users
register their real names be-
fore posting comments, and
organizers of online forums
are held accountable for the
contributions of members.
Having rid Chinese cyber-
space of unwanted foreign
news, today’s censors have
turned their attention to ac-
ademic writing. Cambridge
University Press said in Au-
gust it had agreed to remove
hundreds of papers on its
China site covering sensitive
mit, including The Wall topics. A few days later, after
Street Journal and the New a backlash by academics, it
York Times, have been said it would restore them.
blocked online. Yet Mr. Lu’s legacy lives
on. In the week he went
M
r. Lu’s ambitions down, Tencent overtook
went well beyond Facebook in market value.
corralling foreign me- Countries around the world
dia in China. A tireless evan- are copying the censorship
gelist for “cybersovereignty,” blueprint that Mr. Lu laid out.
he helped to turn the global Even at the moment of his
internet into what some call a personal ruin, the Commu-
“splinternet” defined by na- nist Chinese state paid a per-
tional borders. verse compliment to Mr. Lu’s
Some speculate that Mr. professional accomplish-
Lu’s reinforcements of ments: Censors scrubbed all
China’s “Great Firewall” mention of the former inter-
didn’t go far enough to sat- net czar and his works from
isfy his boss, President Xi social-media platforms.
KCNA/REUTERS
ties said the South’s military day to discuss the launch.
was on high alert and working “The international commu-
closely with the U.S. to guard nity must fully enforce eco-
against further provocations. nomic sanctions on North Ko-
South Korean President rea,” Mr. Abe said. It is unclear,
Moon Jae-in told Mr. Trump in however, how the Security
a phone conversation after the Council would respond to the
launch that it appeared to latest test after nearly exhaust-
show new advances in Pyong- ing sanctions options. The last
yang’s capabilities, according remaining target for sanctions
to the presidential Blue House would be North Korea’s ability
in Seoul. to import oil, a step opposed
Japanese Prime Minister by China and Russia because of
Shinzo Abe also spoke to Mr. the potential for humanitarian
Trump by phone after the crisis and instability.
launch. In comments to report- In recent months, North Ko-
ers, Mr. Abe called for a meeting rea has begun to vary the time
of the United Nations Security and location of its test
Council, which has scheduled an launches. The unusually early
emergency session on Wednes- hour of Wednesday’s missile
has been delivered when it
hasn’t, is ready for pickup when
it isn’t, or shows a pizza out for
delivery for an inordinate
Doug Terfehr, says the company
included fewer steps in its pizza
tracker to ensure it would be
more accurate. “We really know
amount of time. precisely where that driver is
Lizzy West, a 21-year-old on their path to the house.”
University of Alabama senior, “Papa Track is highly popu-
says the tracker has told her a lar among our customers,” says
Papa John’s spokesman Peter
Collins. “The tracker enables us
an opportunity to engage, en-
The tracker gives tertain and improve the cus-
customers a real-time tomer experience.”
Chris Hull of Pierre, S.D., can
play-by-play of their see his Domino’s store from his
pizza’s production. home. His 9-year-old daughter
is obsessed with the app, and
asks: “‘Where’s the pizza, Dad?
John said he’s supposed to be
pizza spent a long time in here. Did he get lost?’ ” he says,
“quality check” only to show up while “we’re looking out the
missing extras like garlic sauce. window.”
Rival pizza chain Papa “The way my wife put it,” he
John’s added a pizza tracker in says: “It’s like when the server
March, and Pizza Hut did so in comes by and offers you another
May. Customer tweets suggest glass of milk and she says ‘your
those chains face questions dinner will be out in a minute’
about tracker accuracy, too. when actually she has no idea.”
A spokesman for Pizza Hut, Stephen Owen, a Whitehall,
WORLD WATCH
ISRAEL
U.S. Embassy Move
Under Active Review
Vice President Mike Pence
said the White House is actively
considering when and how to
move the U.S. Embassy in Israel
from Tel Aviv to Jerusalem, a
campaign promise the Trump
administration has so far put on
hold.
Mr. Pence, speaking Tuesday
at a commemoration of the
70th anniversary of the United
Nations vote to recognize Israel,
didn’t specify when the embassy
relocation might occur, but said
President Donald Trump favors
the move.
Mr. Trump vowed to relocate
the embassy while campaigning
for president, but in June be-
came the latest U.S. leader to
waive the provisions of a 1995
law requiring the U.S. Embassy
be moved to Jerusalem.
—Farnaz Fassihi
MEXICO
Díaz de León Named
Central Bank Chief
President Enrique Peña Nieto
on Tuesday appointed Alejandro
Díaz de León, an orthodox, U.S.-
educated technocrat with more
than 25 years in public service,
as the next Bank of Mexico
chief.
Mr. Díaz de León, currently a
central bank deputy governor,
will succeed Agustín Carstens,
who is leaving this week to be-
come the head of the Bank for
International Settlements in
Switzerland.
Mr. Díaz de León will step
into his new role on Dec. 1 and
serve through December 2021,
when Mr. Carstens’ term was
scheduled to end.
—Anthony Harrup
test, its occurrence in the gen-
erally less active period of late
November, and the use of a
launch site not often employed
by the North appeared de-
signed to show off Pyongyang’s
ability to fire missiles under
less predictable circumstances.
If Wednesday’s missile is
confirmed to have been an
ICBM, it would be Pyongyang’s
third launch of such a device,
the first two having occurred
in July. North Korea conducted
its sixth and most powerful nu-
clear test in early September.
Its most recent launch was of
an intermediate-range ballistic
missile fired over the Japanese
mainland on Sept. 15.
U.S. Secretary of State Rex
Tillerson said after the launch
that “diplomatic options re-
main viable and open, for now,”
adding the U.S. wants “a peace-
ful path to denuclearization.”
In Washington, U.S. officials
said they had seen movement
in North Korea earlier this
week suggesting an imminent
launch of a land-based missile.
Rodger Baker, lead Asia ana-
lyst for geopolitical consulting
firm Stratfor, said the North in
its recent nighttime tests ap-
peared to have tried fueling a
missile horizontally before roll-
ing it out of the hangar and
then raising it to a vertical
launch position—all moves
aimed at reducing the prepara-
tion time for a launch.
“They’re looking for ways
to shorten the waiting time
from the time the missile is
visible to the time that it’s
launched, to take down the
U.S. confidence that it can take
out a missile before it takes
off,” he said.
—Nancy A. Youssef and Peter
Nicholas in Washington
contributed to this article.
Ohio, service technician, re-
cently ordered a pizza and was
notified that he had picked it up
when he hadn’t. “I was sitting
at home,” said Mr. Owen, 39.
Ms. Fouracre of Domino’s
said that such a situation could
be explained by human error,
with someone closing out the
order prematurely.
Luke Dier, who runs a Wash-
ington, D.C., career-consulting
business, says when the Dom-
ino’s app said his pizza had ar-
rived when it hadn’t, he called
an employee about the tracker.
“He was like, ‘Oh it’s a sugges-
tion,’ and that really pissed me
off.” Mr. Dier, 37, said food-de-
livery apps like UberEats have
raised the tracking bar by let-
ting customers see and contact
drivers. “The apps create the ex-
pectation of what can be done.”
“I was fine with the way
pizza used to work,” he says,
“where they’d say it’d show up
in 45 minutes and it would take
an hour.”
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.
German Economy Seeks a Tech Upgrade
In collapse of coalition
talks, political friction
extends to how to
modernize nation
BY ZEKE TURNER
BERLIN—When Christian
Lindner stormed out of nego-
tiations to form a new Ger-
man government in Berlin this
month, he pointed to what he
said were 237 policy issues on
which the four parties at the
table had failed to agree after
more than a month.
The reason the exasperated
leader of the small pro-busi-
ness Free Democratic Party
said he broke off coalition
talks wasn’t in the details; it
was “a lack of agreement on
how to modernize” Germany.
Mr. Lindner’s exit—which
triggered a political crisis
without precedent since the
war—highlighted a concern
about the German economy:
Many economists think it is
suffering from a moderniza-
tion deficit.
The economy grew faster
last year than that of any
Kenya Leader Starts New Term
BY MATINA STEVIS-GRIDNEFF
NAIROBI, Kenya—Uhuru Ke-
nyatta was inaugurated for a
second five-year term
as president of East Africa’s
most important economy in a
grand ceremony, but street
battles between opposition
supporters and police over-
shadowed the proceedings.
About 60,000 supporters of
the Kenyan president and sev-
eral heads of state attended
Tuesday’s inauguration cere-
mony, which followed a four-
month period of political insta-
bility and heightened tensions
in this country of 42 million
that hosts major international
and regional businesses.
The Supreme Court an-
nulled the result of the first
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other country in the Group of
Seven developed economies,
and boasted €1.207 trillion
($1.4 trillion) in exports, ac-
cording to the federal statis-
tics office, behind only the
U.S. and China.
But next to those two
countries, both tech leaders,
Germany has waded slowly
and cautiously into the digital
age. Germany’s internet is rel-
atively slow, its government
bureaucracy hasn’t fully
moved online, and the econ-
omy is dominated by manu-
facturing. Investment in the
country’s technology sector
and digital industries has
lagged behind.
Germans “are not the first
movers….They are not as will-
ing to jump on any next new-
est thing,” said Margareta
Drzeniek, chief economist at
the World Economic Forum.
A McKinsey Global Insti-
tute study last year concluded
Germany has captured 10% of
its digital potential—the U.S.
has captured 18%—based on
an index compiled from doz-
ens of indicators.
Executives at midsize com-
panies complain about
vote in August, in an unprece-
dented move for the continent,
on grounds of gross proce-
dural failures. Mr. Kenyatta
won a rerun in October with a
98% of the votes, defeating his
longtime opponent, veteran
politician Raila Odinga, al-
though an opposition boycott
meant turnout was just 38%.
Postelection violence has
left some 100 people dead
since August.
Mr. Kenyatta attempted to
strike a unifying tone in his
speech on Tuesday. “I under-
take today to be the custodian
of the dreams of all and to be
the keeper of the aspirations
of those who voted for me and
those who did not. I will be
president of all,” Mr. Kenyatta
told a jubilant crowd at Nai-
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WORLD NEWS
Slow Connection
Germany's overall competitiveness outpaces its digital ranking.
IMD 2017 rankings of selected countries
More competitive overall
1 ranking
Finland
5
10
U.K.
15
Austria
20
France
25
35 30 25 20
Source: IMD World Digital Competitiveness Rankings
dropped cellphone calls made
while traveling on roads
around rural headquarters. In
Berlin, startup founders often
find that privacy-protection
rules and bureaucracy can
slow the speed of doing busi-
ness.
For some political leaders,
these aren’t top concerns.
Ahead of a September elec-
robi Kasarani stadium.
His message fell on deaf
ears in opposition strong-
holds. In eastern Nairobi, Mr.
Odinga addressed crowds of
mostly young men before the
gathering was broken up by
police firing tear gas.
“I will be sworn in because
I am the legitimate president.
We are going to be sworn in
on Dec. 12,” Mr. Odinga said
from the rooftop of his car be-
fore being whisked away as
tear gas rained on the crowd.
Mr. Kenyatta said he would
focus on bolstering manufactur-
ing and developing indus-
tries that add value to tradi-
tional, popular Kenyan products
like flowers, tea and coffee,
which are often exported raw
instead of being processed here.
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ACHIEVE GREATER
NY Wednesday, November 29, 2017 | A9
The smaller parties have
Talks on Brexit made a priority of developing
the tech sector but disagree
Finances Advance over whether the priority is
setting high standards to reg-
ulate companies in the digital
BRUSSELS—Britain and age or stripping away regula-
Singapore the European Union are clos- tion so they can flourish.
Sweden ing in on a financial settle- In the coalition talks, Mr.
U.S.
Denmark ment over Brexit but negotia- Lindner’s FDP and the Greens
Netherlands tions to reach an agreement agreed on the need to mod-
Hong Kong
that EU member states can ernize the digital infrastruc-
Switzerland
More back go on, according to peo- ture, but while the Greens
digitally ple involved in the talks. wanted to include more con-
competitive EU officials have said pub- sumer protection and support
Germany
Overall rank: 13 licly that Monday is a firm for data privacy in the pro-
Digital rank: 17 deadline for the British to of- cess, the FDP wanted to cut
Luxembourg fer concessions that can un- bureaucracy, according to Jan
Ireland lock progress in the talks at Philipp Albrecht, a lawmaker
the EU leaders summit in with the Greens in the Euro-
15 10 5 1 ranking mid-December. pean Parliament who helped
—Laurence Norman prepare the party’s digital-
THE WALL STREET JOURNAL. policy positions for the talks.
“When there are these dis-
tion that backed Chancellor important. agreements it’s a very bad
Angela Merkel’s conservative When it comes to launch- signal,” said Arturo Bris, di-
alliance, the most important ing a startup, “the bureau- rector of the World Competi-
topics influencing voter cracy is really an issue. Many tiveness Center at Switzer-
choices were education policy, things are not up-to-date,” land’s IMD business school,
terrorism and safeguards for said Jörg von Minckwitz, the which this year ranked Ger-
the elderly, according to an CEO of a blockchain-based many 17th in terms of its digi-
Infratest Dimap survey. Of the payment startup in Berlin’s tal competitiveness, down
1,503 people surveyed, 24% Kreuzberg neighborhood from 15th in 2016. “Techno-
said expanding the country’s called Bitwala. “Germany is logical investments require
digital infrastructure was very really, really slow.” political consensus.”
BEN CURTIS/ASSOCIATED PRESS
Kenyans cheered President Uhuru Kenyatta, center on screen, at his inauguration in Nairobi on Tuesday.
BEST PRIVATE BANK
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Wednesday, November 29, 2017
U.S. Will Investigate Chinese Aluminum
Trump administration
is employing a little-
used authority to
combat cheap imports
BY JACOB M. SCHLESINGER
WASHINGTON—The Trump
administration took new ac-
tion in its emerging strategy
to ramp up trade pressure on
Beijing, dusting off a little-
used authority to combat im-
ports of inexpensive Chinese
aluminum.
Commerce Secretary Wilbur
Ross told American industry
executives on Tuesday that his
department would “self-initi-
ate” an investigation into
whether their Chinese compet-
itors were illegally selling cer-
tain products below cost. It is
the first time in a quarter-cen-
tury that the U.S. government
has launched such a probe
that wasn't first originated by
the private sector.
The move is aimed at accel-
erating the process of impos-
ing protective duties on
“dumped” foreign goods, and
TRADE
Continued from Page One
with the White House on any
issue. But behind the scenes,
the senator has formed a
strong bond with Mr. Trump’s
top trade negotiator, Robert
Lighthizer, the author of the
Nafta proposal that the Cham-
ber of Commerce attacked ear-
lier this month.
Mr. Brown and Mr. Lighthi-
zer have much in common.
Both are natives of Ohio steel
towns that suffered from a
flood of foreign import compe-
tition in the past half-century.
Both are policy wonks steeped
in the detail of U.S. trade law
who believe the era of liberal-
ization hurt U.S. workers. Both
want Mr. Trump’s trade agenda
to advance. And both are bat-
tling forces in their own par-
ties.
Mr. Brown, 65, and Mr. Ligh-
thizer, 70, also both like to re-
cite a lyric from a Bob Dylan
song, “I’ll look for you in old
Honolul-a, San Francisco,
Ashtabula”—the latter being
the hometown of Mr. Lighthizer
and Sen. Brown’s wife.
Mr. Lighthizer saw the port
of Ashtabula decline through
steel imports, and U.S. Steel
shelve plans to expand in the
area. As a trade official in the
Reagan administration he
helped block steel imports from
Japan. Later he became a pow-
erful steel industry lawyer who
made enough money to buy a
red Porsche Targa, which he
raced for years in West Virginia.
When Mr. Brown was a
young legislator from Mans-
field, Ohio, he liked to hang out
at the United Steelworkers
union hall and talk to workers.
Later, he testified in trade cases
brought by Mr. Lighthizer’s
firm to shut off steel imports
that harmed Ohio mills. He
wrote a book, “Myths of Free
Trade.”
‘Ohio perspective’
“Common background, com-
mon interests, common under-
standing,” says Mr. Lighthizer,
who speaks in a craggy voice
similar to Sen. Brown’s, but
about an octave higher. Sen.
Brown “has an Ohio perspective
which I think I have too,” says
Mr. Lighthizer. “That’s what
president Trump has too—an
Ohio, Wisconsin, Pennsylvania,
Indiana-kind of perspective”—
he says, ticking off the Rust
Belt states Mr. Trump carried
to win the presidency.
Now President Trump is in
the middle of tense negotia-
tions with Canada and Mexico
to rewrite Nafta, a move that
could require support from
Congress, which free-trade Re-
publicans control.
There are few riper subjects
for Mr. Trump to win Demo-
cratic support than trade. Sen.
Brown has led anti-free trade
Democrats since Nafta in 1993,
when he rallied freshman House
Democrats to oppose the deal.
Says White House spokes-
woman Natalie Strom: “Presi-
dent Trump is putting Ameri-
can workers first when it
comes to trade policy. He wel-
comes the support of members
of Congress that want to do the
same.”
Sen. Brown says it is his job
to make sure Mr. Trump fol-
lows through on his trade
promises and to help him get
Rolls of aluminum lining the floor of a factory in Suixi, China.
saving industry costly legal
fees. It also helps to overcome
the hesitance of some firms to
take the lead in challenging
China, for fear of retribution.
A final decision on whether
to impose fresh duties on Chi-
nese aluminum is still months
away, and would require si-
gnoff from an independent
trade panel. But administra-
tion officials emphasized the
symbolic significance of their
message.
Sen. Sherrod Brown, top right, and the president’s trade negotiator Robert Lighthizer, bottom right.
rewritten pacts through Con-
gress. Some doubt Mr. Trump
can count on his support, but
he disagrees.
“Of course I’ll work with
him,” says the Ohio lawmaker
who has made trade his defin-
ing issue. “No matter how dis-
credited he is, no matter how
much his own party turns on
him, if I think I can advance
good trade policy, I will.”
A week after Mr. Trump’s
electoral victory in November,
Mr. Brown sent a letter urging
the president-elect “to overhaul
trade policy,” renegotiate Nafta
and “reset” economic relations
with China.
“GREAT LETTER,” Mr.
Trump replied on Jan 3, using
capital letters. “I WILL NEVER
LET OUR WORKERS DOWN”—
underlining the word “never.”
Mr. Brown says he spoke
with the president by phone in
February to discuss a Buy
America program, which re-
serves government contracting
jobs to U.S. firms. Mr. Trump
spent the bulk of the 10-minute
call recounting his election win,
Mr. Brown says. He chalks up
the conversation to what he
calls the president’s “insecu-
rity” or “narcissism.”
Despite the personal friction,
Mr. Brown continues working
with Mr. Trump on trade. In
May he helped work out a deal
that unfroze Mr. Lighthizer’s
nomination to become U.S.
Trade Representative after
months of delay. Mr. Brown’s
IN DEPTH
President Donald Trump
“made a promise…that he
would vigorously enforce our
trade laws and be more en-
forcement-minded than our
predecessors,” Mr. Ross told
aluminum industry executives
in a phone call. “Today’s ac-
tion shows that we intend to
make good on that promise.”
After Mr. Ross spoke, Heidi
Brock, president of the Alumi-
num Association trade group,
thanked him for being “a
Off Balance
The U.S. merchandise trade deficit is much higher with China
than with other major trading partners.
China
$50 billion
0 up-or-down vote, without
–50
–100
–150
–200
–250
–300
–350
–400
1990 ’95
Note: Not including services trade deficit, not seasonally adjusted. 2017 figures through Sept.
Source: United States Census Bureau
staff said that, when the senator
tried to phone Mr. Lighthizer
with news of the confirmation,
Mr. Lighthizer was already call-
ing him. Mr. Brown later sent to
Mr. Lighthizer the handwritten
tally of his nomination vote.
The two men speak regularly
by mobile phone. “I just call
him intermittently to say,
‘What’s going on?’ ” Mr. Brown
says. That included a call on La-
bor Day at around 4 p.m., when
Mr. Brown was watching a
Cleveland Indians baseball
game and Mr. Lighthizer was
working in Mexico City on
Nafta negotiations. “Keep fight-
ing for workers,” Sen. Brown
THE WALL STREET JOURNAL.
strong advocate and partner what is supposed to be an in-
to the aluminum industry.” dependent arbiter to being a
A spokesman for the Chi- plaintiff, a litigant.”
nese Embassy in Washington Tuesday’s action comes
didn’t respond to a request to three weeks after Mr. Trump
comment. The Chinese govern- met in Beijing with his coun-
ment has in the past rebuffed terpart, Xi Jinping. Trade ten-
American complaints of unfair sions didn’t dominate that
aluminum exports. “China’s summit, but Mr. Trump did
aluminum market is a highly raise his displeasure with the
competitive and marketized large U.S. trade deficit with
industry,” China’s Commerce China. Aides signaled the ad-
VCG VIA GETTY IMAGES
Ministry said in a statement ministration would intensify a
this year. “The so-called sub- long-planned strategy of
sidy problem claimed by the threatening Beijing with uni-
United States does not exist.” lateral trade sanctions.
The move comes with costs The aluminum probe is the
and risks, including possibly first such move taken since
higher prices for aluminum Mr. Trump’s trip—but it has
consumers. China might retali- been added to an already-
ate by blocking U.S. imports broad portfolio of long-dor-
into its market. It could also mant measures officials are
file a complaint against the considering reviving. These
U.S. at the World Trade Organ- cover industries ranging from
ization that accuses Washing- high-tech to steel and solar
ton of improper penalties. panels.
“Countries have avoided The Commerce measure an-
self-initiating cases due in part nounced Tuesday is aimed
to the diplomatic and geopolit- specifically at a product called
ical repercussions,” said Scott “common alloy aluminum
Lincicome, a trade remedy law- sheet,” which is used to make
yer at White & Case LLP. “Self- gutters, downspouts, and
initiation arguably takes the street signs, among other
importing government from things. The U.S. imported
trade.
Although free-trade Republi-
cans and their business allies
may not like some measures,
such as eliminating interna-
tional arbitration panels that
give business a chance to ap-
peal government actions, Mr.
Lighthizer figures they will
vote to keep international trade
flowing.
Trade deals “should be done
in a way that creates a new ma-
jority,” he says.
President Trump already can
count on support from Republi-
can voters. According to Wall
Street Journal-NBC polls, just
31% of GOP respondents in De-
cember 1999 said free trade
deals hurt the U.S. By February
2017, when the question was
posed slightly differently, a ma-
jority of GOP voters polled said
free trade hurt the country. In
the same 2017 poll, just 16% of
ELAINE CROMIE FOR THE WALL STREET JOURNAL (ABOVE); SEAN KILPATRICK//THE CANADIAN PRESS/ASSOCIATED PRESS
Democrats looked at free trade
negatively.
Biggest obstacle
Trade analysts attribute the
change in attitudes among
Democrats and Republicans to
their support for or opposition
to Mr. Trump.
Institutions in Washington
that have spent decades ad-
vancing open markets are wary
of an alliance between Mr.
Trump and Democrats who op-
pose free trade. “If we move in
that direction, that would un-
dermine confidence in Amer-
ica’s economic leadership in the
world and undermine the presi-
dent’s efforts to create jobs and
promote exports,” says Myron
Brilliant, the U.S. Chamber of
Commerce’s executive vice
president.
Politically, the biggest obsta-
cle to a realignment on trade is
the Republican congressional
leadership. Senate Majority
Leader Mitch McConnell and
House Speaker Paul Ryan are
both staunch free traders. The
White House itself has free
trade factions, such as at the
National Economic Council.
Any new trade deal needs
congressional approval, includ-
ing a rewritten Nafta—although
Mexico Japan Germany South Korea a 2015 law gives the president
leverage, allowing him to sub-
mit trade pacts for a straight
amendments.
“There’s almost no margin of
error” when it comes to pass-
ing trade legislation, Mr. Light-
hizer said in June Senate testi-
mony. He has made other
overtures to Democrats, includ-
ing retaining the Obama USTR’s
general counsel, Timothy Reif,
as a senior adviser.
Sen. Brown has made him-
2000 ’05 2010 ’15 ’17
self the party’s Senate expert
on trade and other Democrats
turn to for advice on such is-
THE WALL STREET JOURNAL. sues. His staff has the ability to
maneuver through the thicket
says he urged. of policy and process questions
Says the trade rep of his involved in trade law.
cellphone buddy: “I talk to him But some Republican trade
on a regular basis,” and seeks veterans warn that Sen. Brown
his input on trade policy. “It’s and his allies can’t be counted
close.” on to back any deal that Mr.
Mr. Lighthizer talks about Trump supports, especially as
creating a “new trade coalition” next year’s congressional elec-
in Congress to pass deals that tions draw closer. Mr. Brown is
include provisions which appeal up for re-election.
to Democrats. In the House, “Democrats have to win back
Democrats like Rosa DeLauro of blue-collar voters in Northern
Connecticut and Marcy Kaptur and Midwestern industrial
of Ohio have also defended the states,” says Warren Maruy-
administration in fights with ama, USTR general counsel un-
big business over remaking der George W. Bush. “One way
Nafta, and have prodded the to do that is to show that what-
administration to carry out ever Trump comes up with isn’t
pledges to battle China on good enough.”
$687.2 million in such metals
from China in the first nine
months of 2017, according to
the agency—up 52% from the
year-earlier period.
The Commerce Department
said it was launching the in-
vestigation due to information
it had received showing that
Chinese common alloy sheet
was being sold at “less than
normal value,” was benefiting
from improper government
subsidies, and represents a
threat to U.S. industry. It said
it currently estimated China
was “dumping” the products
at more than 50% below cost,
and expected to complete the
investigation by August.
U.S. government cases and
actions against alleged Chi-
nese dumping and subsidies
have become increasingly
common in recent years. What
is unusual now is that the
Commerce Department—which
usually would receive industry
petitions and judge their va-
lidity—is taking on the dual
roles of launching, and assess-
ing, the complaint.
—Bob Tita in Chicago
contributed to this article.
For Mr. Brown, working with
the president initially seemed
like a winner politically because
his blue-collar supporters like
the way the president talked on
trade. At an April meeting in
Toledo at a union hall, Bruce
Baumhower, president of
United Auto Workers Local 12,
egged him on to support the
president. “I was teasing him at
one point [that] Trump finally
got you to understand trade a
little bit better,” he told the
crowd.
By the summer, some local
liberal activists urged him to
fight the president no matter
what. “Sen. Brown should draw
a very hard line and absolutely
refuse to support this man,”
said Suzy Scullin, co-chair of
Indivisible CLE, the Cleveland
wing of the national activist
group formed with the mission
of resisting Mr. Trump on all is-
sues.
Mr. Brown says he isn’t wor-
ried; he figures the left will
rally to his side. “They’re going
to think I have sold them out?”
he asks. “Hardly. I have a repu-
tation with the progressive
base that goes deeper than
that.”
Since he came to Congress
as a House member in 1993, Mr.
Brown has led fights against
nearly every major trade bill,
including pacts with Mexico,
Central America, Colombia,
China and South Korea. He has
lost almost all the legislative
battles, but has helped make
free trade toxic for congressio-
nal Democrats by portraying it
as unfair to U.S. workers who
must compete with developing
nations and their low wages.
In the 1993 vote, 102 House
Democrats backed Nafta.
Twenty-two years later, just 28
voted to give a Democratic
president, Barack Obama, more
power to negotiate the Trans-
Pacific Partnership.
Nafta became so unpopular
in Congress that a Republican
U.S. trade representative in-
sisted that the acronym for a
trade deal with Korea in 2007
shouldn’t rhyme with Nafta,
says a former senior negotiator.
Negotiators settled on Korus—
Korea-U.S. Free Trade Agree-
ment.
More moderate
In some ways, Mr. Brown is
more moderate in his position
on Nafta than President Trump,
who regularly threatens to
scrap the agreement altogether.
Mr. Brown argues that a hasty
withdrawal could disrupt trade
flows in North America and
hurt Ohio auto makers and
farmers dependent on exports
to Mexico.
In the Nafta negotiations,
Mr. Lighthizer is pushing sev-
eral proposals to Mr. Brown’s
liking. One would let the U.S.
withdraw from international ar-
bitration panels. Another, on
“rules of origin,” would require
that autos eligible for Nafta
zero-tariff treatment be made
with a certain percentage of
U.S.-made components.
Businesses are resisting the
arbitration panel and U.S.-con-
tent proposals. Rufus Yerxa,
head of the big business Na-
tional Foreign Trade Coalition,
says it won’t be easy for Mr.
Lighthizer to cut a deal that
will pass muster with Mexico
and Canada and please Mr.
Trump.
“He has almost a Houdini act
to accomplish,” he says.
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THE WALL STREET JOURNAL. * * NY Wednesday, November 29, 2017 | A10A

GREATER NEW YORK

Building Boom Hits Staten Island Suspect
A wave of North Shore
developments are in the
Arraigned
works as prices rise
throughout the city
In Terror
BY JIM CALLAGHAN Attack
A landmark waterfront
mansion in Staten Island, built BY THOMAS MACMILLAN
by an influential New York de-
veloper in 1835 and abandoned The man accused of killing
for 17 years, is being refur- eight people in a Halloween
bished for use as a restaurant terrorist attack in lower Man-
and banquet hall to be opened hattan pleaded not guilty
this year. Tuesday in federal court.
The new owners, lawyer Ke- During a brief hearing, de-
cia Weaver and her husband fense attorney David Patton
Devone Henry, a financial ana- entered the plea on behalf of
lyst, see their investment as his 29-year-old client, Sayfullo
part of the revitalization of Saipov.
the borough’s North Shore. Mr. Saipov appeared in Man-
CAITLIN OCHS FOR THE WALL STREET JOURNAL (2)

“When we looked at it, the hattan federal court with a long

one word that came to mind dark beard, wearing a navy T-
was eyesore,” Ms. Weaver shirt, gray pants and leg
said, noting how years of ne- chains. A native of Uzbekistan,
glect had damaged the roof, he spoke only one word, saying
Corinthian-style columns and “yes” when Judge Vernon
front porch. Broderick asked if he could un-
But the property, called Pa- derstand an Uzbek interpreter.
vilion on the Terrace in the Eight people died and 12
New Brighton neighborhood, were injured on Oct. 31 when
has a big selling point: It is Mr. Saipov allegedly drove a
within walking distance of the rented flatbed Home Depot
Staten Island Ferry Terminal, truck into pedestrians and cy-
where commuters can catch a A view of Manhattan from St. Marks Place on the North Shore of Staten Island. Below, the Pavilion on the Terrace on the Island’s clists on a esplanade along the
25-minute ride across New New Brighton neighborhood is being refurbished for use as a restaurant and banquet hall after sitting vacant for 17 years. Hudson River. It was the dead-
York Harbor to downtown liest attack in New York City
Manhattan. gal disputes. since the Sept. 11, 2001, terror-
With spectacular views of Bolstering the developers’ Bouncing Back ist attack on the World Trade
New York Harbor, the Statue optimism is a burst of other Median home values Center, a few blocks south.
of Liberty and the Manhattan residential and commercial in Staten Island* Mr. Saipov faces 22 counts,
skyline, the area includes the real-estate activity in the area. including murder, attempted
St. George, Tompkinsville, Sta- In New Brighton, less than a $500,000 murder, and providing material
pleton, and New Brighton mile from the Pavilion, build- support to a foreign terrorist or-
neighborhoods. Civil War-era ers recently sold out 20 two- 400,000 ganization. Nine of the charges
Victorian homes, fringe tree- family homes with prices carry the possibility of a death
lined streets, but waterfront starting at $635,000. 300,000 sentence, but the government
development has sputtered “People have finally discov- hasn’t indicated whether it will
over the years, leaving patches ered Staten Island,” said 200,000 seek the death penalty.
of undeveloped land or aging Henry Salmon, chief appraiser Prosecutors say Mr. Saipov
apartment buildings. for Equity Valuation Associ- drove the truck into Manhattan
100,000
As real-estate prices ratchet ates, whose family has been in from New Jersey in a pre-
higher across the city, devel- the real-estate business on the planned attack. He plowed the
opers are paying more atten- Island for 60 years. 0 vehicle into a pedestrian path
tion to transit-friendly fixer- Since 2012, residential and 2010 ’12 ’14 ’16 and bike lane along the West
upper neighborhoods such as commercial prices have risen *Includes co-ops and condos Side Highway and headed south
those along the North Shore, an average of 30% on the Source: Zillow for several blocks, striking nu-
which is undergoing a major North Shore, said James Pren- THE WALL STREET JOURNAL. merous people until he collided
transformation. damano, managing director of with an occupied school bus,
Sprouting up next to the St. Casandra Properties, a Staten a square foot, compared with coastal markets such as New $500,000, down from $1 mil- according to an indictment.
George ferry terminal are Island real-estate firm. more than $400 in other parts York City, warned real-estate lion, affecting demand and Mr. Saipov then exited the
three projects, being built by “There are investors with of New York City, he said. agents and economists. prices for properties in the truck brandishing a paintball
BFC Partners, Triangle Equi- cash willing to take a chance Changes to the tax code un- The House tax bill, which high six figures. gun and a pellet gun, shouting
ties and the New York Wheel, on the North Shore,” Mr. Pren- der consideration in Washing- recently passed, would cap the In September, the owner of “God is great” in Arabic before
which is erecting a 630-foot damano said. The average ton, however, could put a chill amount of mortgage interest a former diner with three he was shot by a police officer
tall Ferris wheel, stalled by le- price of a buildable lot is $80 on home sales in pricey that can be deducted at Please see ISLAND page A10B and arrested, prosecutors said.

Hospital Settles Over Iran Video of U.S. Student Raises Concerns

Bills for Rape Exams BY KATE KING

BY ZOLAN KANNO-YOUNGS vate health-insurance provider. Iranian state television has

The investigation began in
The Brooklyn Hospital Cen- January 2017, when the attor-
ter illegally charged dozens of ney general received a com-
patients for sexual-assault evi- plaint about a woman who had
dence kits, New York Attorney been billed seven times for a
General Eric Schneiderman rape kit conducted at the
said Tuesday. Brooklyn Hospital Center in
The hospital billed patients 2015, according to the settle-
or their health insurers for 85 ment. After billing her multiple
out of 86 forensic-rape exami- times, the hospital referred her
nations—better known as rape case to a debt-collection
kits—it conducted from Janu- agency, Mr. Schneiderman said.
ary 2015 to February 2017 A total of 37 patients were
released a video about an
American doctoral student im-
prisoned for more than a year
on spying charges, raising con-
cerns that his case is being
used to pressure U.S. officials
amid escalating tensions be-
tween the two countries.
Xiyue Wang, a naturalized
American and graduate stu-
dent at Princeton University,
was arrested in Tehran in Au-
gust 2016 and recently lost his
HUA QU

without disclosing the exam is personally charged more than appeal of a 10-year prison sen-
available without charge, Mr. $15,500 for the exams, accord- tence. On Saturday, a state
Schneiderman said. ing to the settlement. television station published a Princeton University student Xiyue Wang, pictured with his family, is being held prisoner in Iran.
“This is a systems break- “It’s retraumatizing to have video accusing Mr. Wang of
down,” Mr. Schneiderman said. bills arriving in the mail asking working with the U.S. govern- sess about Iran the better for ald Trump called Iran a “rogue Mr. Wang and all “unjustly de-
“This is not a matter of one or you to pay for what is basically ment to spy on Iran. its policy towards Iran,” he said. regime” and declined to cer- tained prisoners.”
two rogue employees.” collection of evidence of a In the video, an Iranian Mr. Wang’s wife, Hua Qu, tify that the country was com- “We strongly condemn
A spokesman for the hospi- crime scene,” said Sonia Osso- television reporter said Mr. said her husband wasn’t in- plying with the 2015 interna- Iran’s subjecting Mr. Wang and
tal didn’t return requests for rio, president of the New York Wang used his doctoral re- volved in spying or political tional nuclear agreement. The other prisoners to these
comment. The Brooklyn hospi- chapter of the National Organi- search as a cover for spying activities and that the video decision triggered a process forced video appearances,” the
tal neither admits nor denies zation for Women. on Iran and alleged that he misconstrued academic re- for Congress to decide spokeswoman said in an email.
wrongdoing in a settlement As part of the settlement, was operating at the behest of search as espionage. She said whether to reimpose sanctions A spokesman for Princeton
with the attorney general. the hospital reimbursed the the U.S. government as well as she believes the video is in- on Iran within 60 days. University said Mr. Wang “has
State law requires that hos- patients who paid for the ex- Princeton University and Har- tended to pressure U.S. offi- A spokeswoman for the U.S. no connection to any govern-
pital employees inform pa- ams, and also must pay a vard University, where he cials ahead of a December State Department said Mr. ment or intelligence agencies,
tients they don’t have to pay $15,000 fine. completed his master’s degree. deadline for Congress to reim- Wang has no association with and the charge that he was en-
for the exams. The hospitals Mr. Schneiderman said his Mr. Wang appeared in the pose sanctions on Iran. the U.S. government and gaged in espionage is com-
are directed to bill the state’s office has requested billing video being interviewed about “My husband is just an in- hasn’t given them any infor- pletely false.”
Office of Victim Services or, if data from other hospitals to see his studies. “The more knowl- nocent student,” Ms. Qu said. mation about Iran. She called —Aresu Eqbali
the patient wishes, their pri- if the problem is widespread. edge that the United States pos- In October, President Don- on Iran to immediately release contributed to this article.

OYSTER PERPETUAL

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A10B | Wednesday, November 29, 2017
Tower Overhaul Plan Hits a Snag
BY KEIKO MORRIS
A planned $300 million over-
haul of a Midtown Manhattan
office tower designed by star ar-
chitects Philip Johnson and
John Burgee suffered a possible
setback Tuesday when the New
York City Landmarks Preserva-
tion Commission voted to con-
sider the building for landmark
status.
The commission now will be-
gin the formal designation pro-
cess for 550 Madison Ave., a 41-
story office building completed
in 1984 to serve as the head-
quarters of AT&T Inc. It later
housed the offices of Sony Corp.
After a review and public
hearing, the commission will de-
cide whether the building,
which is now vacant, merits a
landmark designation.
The move comes about a
month after the tower’s owner,
Olayan America, and its devel-
opment partner unveiled reno-
vation plans that included the
replacement of the lower part
of the building’s granite facade
with glass. The redesign
sparked criticism from preser-
vationists and historians of ar-
chitecture and art who say the
proposal runs contrary to the
original intent of the building’s
designers and would deface an
important postmodern tower.
In an interview, Mr. Burgee,
now retired in Santa Barbara,
Calif., called the redesign a
“disfigurement.” Mr. Johnson
died in 2005.
An online petition against the
makeover has drawn more than
2,000 signatures, said filmmaker
Nathan Eddy, who started the
petition and is working on a film
about Mr. Johnson. Mr. Eddy or-
POLITICS
Dissident Democrats
In Senate to Return
The New York state Senate’s
long-warring Democratic factions
on Tuesday agreed to reunite,
bringing the party a step closer
to wresting back full control of
the state legislature.
Republicans have had control
of the Senate despite a numerical
minority, thanks to an alliance
with nine rogue Democrats. The
other 22 Democrats have been
the minority conference.
On Tuesday, the dissident
Democrats said they would agree
to terms laid out by the New
York state Democratic Party to
return to the fold after facing the
threat of challenges from the
party in primaries.
“I look forward to implementing
the terms that have been out-
lined,” said Bronx Sen. Jeff Klein,
the leader of the rogue Demo-
crats.
A Democratic majority still
hinges on the party winning com-
ing special elections for two Sen-
ate vacancies.
—Mike Vilensky
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GREATER NEW YORK
Architect Philip Johnson is shown in 1978 with a model of the
office tower whose planned makeover has sparked criticism.
ganized a protest outside the
tower on Nov. 3 that drew the
support of noted architect, au-
thor and former dean of the Yale
School of Architecture Robert
A.M. Stern, who described the
building as a “masterpiece of
the period.”
Despite preservationists’
hopes that a landmark desig-
nation would prevent the
tower’s owner from making
GREATER NEW YORK WATCH
Queens fourth-graders brushed up on their oral health at a Colgate Bright Smiles, Bright Futures
event for more than 400 schoolchildren at the Greater New York Dental Meeting in Manhattan.
WESTERN NEW YORK
Grand Jury to Weigh
Fatal Shooting Case
Authorities say a grand jury
will decide whether to bring
criminal charges against a west-
ern New York hunter who shot
and killed a neighbor he mistook
for a deer.
Mourners, meantime, are
* *** THE WALL STREET JOURNAL.
ASSOCIATED PRESS
the facade changes, David Lau-
rie, managing director at
Chelsfield America, Olayan’s
development partner, said the
team supports the commis-
sion’s decision to consider the
possible landmark designation.
Mr. Laurie also noted that
the project’s goals are part of
the city’s broader push to revi-
talize East Midtown. This year,
the city approved a rezoning of
saying their final goodbyes to a
woman described by her hus-
band as an angel.
The Chautauqua County sher-
iff’s office said Rosemary
Billquist was killed Thanksgiving
eve while walking her dogs be-
hind her home after sunset,
when hunting is illegal.
District Attorney Patrick
Swanson said Tuesday his office
will ask a grand jury to consider
ISLAND
Continued from page A10A
storefronts sold his property
in St. George to a Chinese
company for $6.1 million. Two
years ago, he said, he was ask-
ing $4.8 million but couldn’t
get it.
There is a continuing de-
bate among builders and real-
tors about whether the high
prices are here to stay or rep-
resent a bubble that will burst.
Triangle has signed Westin,
which is proposing a 13 story,
175 room hotel adjacent to the
ferry terminal. The site will
have 115 residential units, as
well as office and retail space.
The first of the residential
tenants are expected in April
2018.
BFC Partners is building
Empire Outlets NYC on city-
owned land facing the ferry
terminal, which will consist of
100 outlet stores, 70% of
which have signed leases, ac-
cording to Joseph Ferrara, a
principal of BFC. The proposed
opening is next fall. BFC also
is constructing a hotel and a
1,250 parking garage.
James Patchett, president
and CEO of the New York City
Economic Development Corp.,
which is spearheading the
project, said Staten Island is
becoming an attractive desti-
nation. He compared the bor-
ough of about 500,000 resi-
dents with Brooklyn 15 years
ago.
“There was no Brooklyn
Bridge Park then,” he noted.
“Now, it’s a mammoth draw.”
Ettore Mazzei, owner of
the area, hoping to spur 13.4
million square feet of new and
redeveloped office space. The
upgrades to 550 Madison Ave.
would enable the team to at-
tract upscale office tenants to
the vacant building and bring
more than 3,000 jobs to the
area, Mr. Laurie has said.
Olayan America, the U.S. in-
vestment arm of private Saudi
Arabian conglomerate Olayan
Group, acquired the 850,000-
square-foot building for $1.4
billion from the Chetrit Group
in 2016.
Members of the team over-
seeing the redesign view the
base of the building as heavy
and problematic in the way it
meets the sidewalk. In October,
Craig Dykers, a founding part-
ner at Snøhetta, described the
building at ground level as “in-
ward-looking,” emphasizing the
team’s goal of creating “light-
ness and interaction with New
York City streets.”
But Thomas Collins, a preser-
vation advocate and art histo-
rian who sent letters requesting
the commission consider land-
marking both the building’s
lobby interior and its exterior
structure, noted that the tower
has features that interact with
the city’s streetscape, such as a
columned arcade that had been
open to the public for about a
decade but later was filled in
with retail space.
Replacing the granite facade
at the base with glass would de-
stroy the building’s identity, Mr.
Burgee said. “Once you strip all
that off and put in this glass
they are proposing, it’s lost, it’s
gone,” he said. “I would rather
see the building torn down than
see this disfigurement.”
BYRON SMITH FOR THE WALL STREET JOURNAL
charges of criminally negligent
homicide or reckless conduct
that resulted in Ms. Billquist’s
death. Either could result in
prison for the 34-year-old
hunter, Thomas Jadlowski.
Mr. Jadlowski couldn’t be
reached for comment Tuesday.
Ms. Billquist’s funeral is
scheduled for Wednesday, fol-
lowing a wake Tuesday.
—Associated Press
EPS Contracting, who reno-
vated the 1876 circa Edgewa-
ter Hall in Staten Island’s Sta-
pleton neighborhood in 1998
for use as a banquet hall and
restaurant and is the contrac-
tor for the Pavilion, said he is
seeing a lot of young people
who were priced out of neigh-
borhoods such as Williams-
burg in Brooklyn moving to
the Island.
“They want to be in the
ground floor of a happening
place,” Mr. Mazzei said.
Joseph Carroll, district
manager of Community Plan-
ning Board 1, said changes are
everywhere on the North
$80
Average price per square foot of
a buildable lot on the North Shore.
Shore. “We’ve had 10 new art
spaces open in the past two
years,” he noted.
George Christo, owner of
Door to Door Realty, is pro-
posing a third St. George ho-
tel, with a 75-seat theater, as
well as rooftop space and gar-
dens open to the public on the
site of a former convent.
His vision is that years
from now, visitors will say to
their friends,
“Hey, we spent three days
in this cool place called Staten
Island and had no time to do
everything.”
—Laura Kusisto
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. Wednesday, November 29, 2017 | A11

LIFE&ARTS

ERIC PALMA
WORK & FAMILY | By Sue Shellenbarger

The Invisible Walls at Work

Collaboration by employees across different departments is essential but seldom easy
MORE COMPANIES are asking
employees from different depart-
ments to collaborate on projects.
But dragging people out of their
silos isn’t easy.
How do you get aggressive, fast-
talking salespeople to cooperate
with reserved, detail-oriented en-
gineers? Or intuitive creative
types to sync with budget-minded
planners?
Playing well with others is es-
sential to advancing one’s career,
but often requires new skills. Col-
laborators must adapt to others’
ways of working, cede the spot-
light to the team rather than hog-
ging it, and speak up when they
disagree with colleagues—even
when they’re afraid of angering
others or looking stupid.
For companies, having employees
labor in isolation can be costly. Silos
have been blamed for past setbacks
at Microsoft, Sony Corp. and Swiss
financial giant UBS AG. Research by
anthropologist Elizabeth Briody,
founder of Cultural Keys, a Troy,
Mich., consulting firm, has found si-
los can prevent companies from
providing good service or making
products customers say they want.
Employers in most industries
are trying to foster employee col-
laboration across departments to
help them react more rapidly to
changes in their markets, says
Kevin Martin, chief research offi-
cer at the Institute for Corporate
Productivity, a Seattle human-capi-
tal research firm. Teaming employ-
ees with diverse backgrounds also
tends to produce better ideas and
decisions, he says. But a 2017
study of 1,100 employers found
only about one in four uses incen-
tives to motivate workers to col-
laborate well, Mr. Martin says.
Employees at the Starr Conspir-
acy, a Fort Worth, Texas, ad
agency, have been collaborating
closely on projects for four years.
Walk by a glass-walled conference
room there, says chief executive
Bret Starr, and “you’ll see people
you’d never see sitting together at
Starbucks”— artists, marketers,
data analysts and engineers.
Starr brought in a consultant
who trained managers to create
self-directed employee teams re-
sponsible for coordinating their
own work on client projects.
Teams meet face-to-face with
managers daily to give status re-
ports and ask for help or support.
In the past, individual employees
were interrupted many times a day
by different managers with ques-
tions about various projects, in-
cluding some they weren’t pre-
pared to discuss at the time,
giving rise to stress and delays.
The consultant also trained
Starr’s 65 employees to understand
each other’s communication and
learning styles. But it isn’t easy.
The agency’s top sales executive,
Mark Mitchell, “is the fastest talker.
He will get out everything you need
to know in 60 seconds—but nobody
can process everything you need to
know in 60 seconds,” says Jonathan
Goodman, head of Starr’s strategy
and consulting group.
When Mr. Mitchell, an agency
partner and co-owner, was asked to
listen and answer colleagues’ ques-
tions rather than leading off meet-
ings with presentations, “I literally
had to sit on my hands and take
sips of water to keep myself from
talking,” he says. “I’d just as soon
have my fingernails peeled back.”
A hard truth of
collaboration: No team
can move faster than the
slowest member.
Engineer Michael Mercer is
slower to speak. When listening in
meetings, “I like to dwell on” what
is being said and digest it, says
Mr. Mercer, the agency’s director
of web technology. He then doo-
dles or draws to frame what he
has learned. Mr. Goodman says Mr.
Mercer appears inscrutable. “I
couldn’t pretend to know the
things Michael is thinking about”
as he listens silently in meetings,
he says. Mr. Mercer says it’s all
good: He prefers working on a di-
verse team to “being locked in a
room doing one task.”
There’s no hiding one’s foibles.
Jonathan Irwin, an art director,
“has a brilliant mind but he can’t
spell,” Mr. Goodman says. Col-
leagues ask him to copy and paste
others’ edited text into his designs.
Mr. Irwin admits spelling isn’t his
forte. “I think phonetically and peo-
ple laugh,” he says, but he doesn’t
let it bother him. When “I get to a
word I can’t spell” when writing on
a whiteboard in a meeting, he says,
“I just scribble so it’s illegible.”
A hard truth about collabora-
tion is that no team can move
faster than the slowest member.
Nancy Crabb, also an art director,
says she works best with a dead-
line, “but for other people, dead-
lines really stress them out.”
Stretching work over several days
to accommodate others takes pa-
tience, she says.
Still, Starr employees say their
projects and designs have grown
more innovative and broader in
scope thanks in part to better co-
operation. Ms. Crabb says, “Work-
ing across so many disciplines at
once, we’re able to tackle prob-
lems that I never would have
tried” in the past.
The learning curve on success-
ful collaboration often is steep.
Employees have to set aside the
desire to be the person who is
right in every discussion, and fo-
cus on helping the team find the
right answer, says Mike Steib, au-
thor of “The Career Manifesto,” a
coming book sparked by a blog he
wrote as an executive at Alphabet
Inc.’s Google. They also must stop
worrying about angering others
and “engage in the productive con-
flict, the listening and debating,
that help you get to the right an-
swer,” says Mr. Steib, CEO of New
York technology and media con-
cern XO Group Inc.
Two senior XO Group execu-
tives, Dhanusha Sivajee and Brent
Tworetzky, disagree openly in
front of members of their teams—
and encourage employees to do
the same. One high-profile battle
took place this year before about
20 employees from both of their
teams.
At issue were plans by XO’s The
Knot wedding-planning site to re-
launch the site and a new version
of its wedding-planning app.
Ms. Sivajee, executive vice pres-
ident, marketing and editorial,
wanted to launch the app with a
splash and promote four or five
new features.
Mr. Tworetzky, an engineer and
executive vice president, product,
hedged at committing to more
than two new features, saying, “I’d
rather build fewer things of higher
quality,” he says. “It was a great
debate.”
They compromised by launching
the app with two new features—a
personalized planning timeline and
a style quiz—and agreed on priori-
ties for adding more features. The
app rolled out on schedule, earlier
this month, and XO Group says
downloads are running about 30%
higher than the previous year.

2018 GRAMMY AWARDS

NOMINATIONS NOD TO HIP-HOP AND R&B’S CLOUT

BY NEIL SHAH
AFTER YEARS OF CRITICISM of its treat-
ment of hip-hop and R&B stars and younger
artists, the Grammy Awards have gotten the
message.
Four of the five nominees for Album of
the Year at the 60th annual Grammy
Awards—Compton rapper Kendrick Lamar,
hip-hop elder statesman Jay-Z, rapper and
singer Childish Gambino and Hawaiian-born
pop singer Bruno Mars, whose music incor-
porates R&B—are hip-hop or R&B-related
acts. The fifth nominee is New Zealand al-
ternative-pop singer Lorde.
Perhaps the biggest surprise is that one
of Mr. Lamar’s likely opponents for Album
of the Year—British pop singer Ed
Sheeran—wasn’t nominated for the cate-
gory, despite Mr. Sheeran’s album being a
blockbuster. A nomination for Mr. Sheeran
would have repeated a pattern seen in re-
cent years where a leading hip-hop/R&B art-
GETTY IMAGES (2)
this year are all hip-hop/R&B acts or up-and-
coming performers: Jay-Z leads the pack
with eight nominations, followed by Mr. La-
mar (7), Bruno Mars (6), veteran rap pro-
ducer No I.D. (5) and younger R&B acts
Childish Gambino (5), SZA (5) and Khalid (5).
Within the hip-hop/R&B award categories,
it isn’t all just the same few names—Drake,
Kanye West, Beyoncé. This year, there’s
more of a mix, including female rapper
Cardi B, Atlanta rap trio Migos, rapper Ty-
ler, The Creator and R&B singers Kehlani
and Daniel Caesar, garnering nominations.
“Frankly, it’s a good reflection of what’s
happening in music, not only in America,
but around the world,” says Neil Portnow,
president of the Recording Academy, the
music organization that oversees the
Grammy Awards. “The influence of hip-hop
and urban [music] is growing.”
Hip-hop and R&B dominated the music
business and broader culture this year: In
July, R&B/hip-hop passed rock for the first
time to officially become America’s biggest

ist goes head-to-head with a pop or rock
performer. Last year, for example, Beyoncé’s
“Lemonade” lost Album of the Year to
Adele’s “25.”
Rapper Cardi B is among the nominees. The artists carrying the most nominations
music genre, according to Nielsen Music,
which tracks online streams and digital and
physical album sales.
The most-streamed songs on Spotify, Ap-
Please see GRAMMYS page A13 Artist Childish Gambino at a 2015 event.
A12 | Wednesday, November 29, 2017
A Silver Streak of a Ferrari
Suzy Hiniker, 53, a partner in an IT com-
pany outside Boston, on her 2000 Ferrari
360 Challenge, as told to A.J. Baime.
Thirteen years ago, I had a eureka mo-
ment. Some friends invited me to a
track day at New Hampshire Motor
Speedway. I showed up in my
Maserati street car and got bit
by the bug. As much fun as it
is to drive a street car on a
track, it is way more fun to
drive a race car. Some of my
friends had Ferrari Challenge
cars. Eleven years ago, I bought
the one you see pictured here.
A Ferrari Challenge car is a race
car created for a racing series called
Ferrari Challenge, featured in North America,
Europe and Asia. The race car is based on a
Ferrari street car. In 2000, the Challenge car
was based on the Ferrari 360, and it was
built at the Ferrari factory in Maranello, Italy.
Unlike the street car, this vehicle has no
AC, no heat, no electric windows or locks,
and no real dashboard. It has an instrument
cluster on an LCD display so you can see all
the engine data in one place. It also has a
roll cage for safety, a fire-suppression sys-
tem, two race seats and five-point harnesses
in place of the regular seat belts. In essence,
ADVERTISEMENT
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AVIATION
THE WALL STREET JOURNAL.
LIFE & ARTS
MY RIDE | By A.J. Baime
it is lighter and faster than the street car. Suzy Hiniker, inset, and her 2000 Ferrari 360
It is not street legal, however, so I tow it Challenge, at a Ferrari dealership in Norwood,
behind a Ford Excursion to track days. Most Mass. The car’s 3.6-liter V-8 engine, top right.
are held through the Ferrari Club of America. Its interior, right, and huge spoiler, below.
(I am the director of the New England
chapter.) But people show up in all
kinds of machinery—Porsches,
BMWs. We gather at tracks like
Lime Rock in Connecticut, Wat-
kins Glen in upstate New York,
or sometimes in the southeast.
For longer hauls, I have the
Ferrari shipped and I buy a
plane ticket.
The car is a cream puff. It
makes you look like you are a ge-
nius because it is so easy to drive
fast. Ferraris are famous for their engine
BOB O’CONNOR FOR THE WALL STREET JOURNAL
song, and this car’s 3.6-liter V-8 has none of
the noise-dampening that you find in street-
legal cars, so it is especially distinctive.
Part of the fun comes after the driving.
At track events, you find people like me who
can talk cars all day long. Mostly we talk
about lap times. We are all friends, but of
course, we all want to be the fastest.
Contact A.J. Baime at
Facebook.com/ajbaime.
BOATING FERRARI
  
  
   
 



 
  
  
 




  
 

  
  

 

     
 
   
         
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 All Rights Reserved. © 2017 Dow Jones & Company, Inc.
 
       
 

All Rights Reserved.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Wednesday, November 29, 2017 | A13

LIFE & ARTS

SIGHTINGS | By Terry Teachout

Memoirs of a Movie Man

Director Michael Powell’s well-told, too-little-known life
ANYONE CAN WRITE an autobi-
ography, and it sometimes seems
that most people do. But the ability
to write an autobiography with
bona fide literary merit—one that
can be read for aesthetic pleasure

CLOCKWISE FROM TOP LEFT: ALAMY; EVERETT COLLECTION (2)

alone—is usually limited to profes-
sional writers.
Miracles do happen, though, and
anyone who’s had the pleasure of
reading (to cite two of my favorite
examples) Ulysses S. Grant’s “Per-
sonal Memoirs” and Alec Guin-
ness’s “Blessings in Disguise”
knows that you needn’t be a pro to
write stylishly. “A Life in Movies”
(1986) and “Million-Dollar Movie”
(1992), Michael Powell’s reminis-
cences of his young years and later
life as a British film director, prove
the same point. Almost entirely un-
known in this country, these two
books were recently drawn to my
attention by a film critic. (While
both are out of print, used copies
are easy to obtain.) Taken together,
they constitute what just might be
the best autobiography ever pub-
lished by a working artist of signif-
icance who wasn’t a wordsmith by
trade. What makes them so impres-
sive—and enjoyable—is that they
are written with colossal gusto, a
zest for living that Powell managed
to get onto the printed page with
the vividness and precision that
you’d expect from a veteran novel-
ist, not an aging director.
Don’t be embarrassed if Powell’s
name is unfamiliar to you. “The
Life and Death of Colonel Blimp”
(1943), “I Know Where I’m Going!”
(1945), “Black Narcissus” (1947)
and “The Red Shoes” (1948), the
films for which he is best known,
didn’t attract wide attention when
they were originally released in the
U.S., and for many years they were
unavailable for screening. It was
only when the Criterion Collection
brought them out on home video
that Powell and his professional
partner, the screenwriter Emeric
Pressburger, came to be widely re-
garded as filmmakers of the first
rank, a judgment shared in high
places. (“Colonel Blimp,”
for instance, is David
Mamet’s favorite movie.)
Even now, Powell and
Pressburger are not nearly
so well known as their Hol-
lywood-based contempo-
raries, in particular Alfred
Hitchcock, who did not be-
come a household name
until he immigrated to the
U.S. in 1940. Powell, by
contrast, never wanted to
work in Hollywood, for he
saw himself as a wholly
English artist and coveted
his creative independence.
“My art was a proud art, and I still
believe in the art of the impossi-
ble,” he wrote in “Million-Dollar
Movie.” So he steered clear of Hol-
lywood, ran out of money, and
made no feature films between
1969 and his death in 1990.
It is, to be sure, a sad story, but
there is nothing remotely sad about
“A Life in Movies” and “Million-
Dollar Movie,” in which Powell re-
counts his tales of triumph and di-
saster in the manner of a man who
embraced the whole of life, good
and bad alike, with unquenchable
enthusiasm. In that respect these
volumes bring to mind Hector Ber-
lioz’s “Memoirs,” which is playing a
very high card, there being no finer
autobiography by an artist in any
genre than the reminis-
cences of the composer of
the “Symphonie Fantas-
tique.” Moreover, Berlioz
had the advantage of hav-
ing worked as a profes-
sional writer—he made his
living as a music critic—
whereas Powell was an am-
ateur of the pen. Yet he
wrote like a professional,
with the indispensable
knack of being able to com-
press the meaning of expe-
rience into a memorable
sentence or two: “A great
actor is a conscious humor-
ist. A show-off. He must have a
taste for the bizarre, the unusual.
He must savor the abnormal, else
how can he portray the normal?”
Above all, he was a superb liter-
ary portraitist, capable of portray-
ing his real-life “characters” so
evocatively that they explode into
life on the printed page, as he does
in this thumbnail sketch of Robert
Clockwise from left: Michael Powell
at work, and scenes from ‘The Red
Shoes’ and ‘Black Narcissus.’
De Niro: “He had fine features, but
he wasn’t beautiful. He had fine
eyes, but they didn’t seem to be
looking at anything in particular. He
could change color and shape, just
like a chameleon, and it interested
him to do it. He looked at other
people, he spoke to them, he even
answered sometimes, but he was re-
ally looking all the time at himself.”
It is, of course, a tragedy that
Powell should have been forced to
turn to autobiography solely be-
cause he was unable to direct any
more of the extravagantly fantastic
cinematic sagas that are now a per-
manent part of the history of film.
But in writing “A Life in Movies”
and “Million-Dollar Movie,” he
made the most of his enforced lei-
sure, and we are immeasurably the
richer for his having done so. Even
if his movies should someday be
forgotten again—and they won’t
be—these books will live.
Mr. Teachout, the Journal’s drama
critic, writes “Sightings,” a column
about the arts, every other week.
Write to him at tteachout@wsj.com.

Kendrick Lamar is a nominee

for Album of the Year, an
award that has eluded him.

drama” at No. 3; Jay-Z’s

“4:44” comes in at No. 99.
Nominees for Record of
the Year—which recognizes
the best performance of a
song—include Childish
Gambino’s funk-influenced
hit “Redbone,” Luis Fonsi
and Daddy Yankee’s global
smash “Despacito,” featuring
Justin Bieber, Jay-Z’s “The
Story of O.J.,” Mr. Lamar’s
“HUMBLE.” and Bruno
FROM TOP: ASSOCIATED PRESS; GETTY IMAGES

Mars’s “24K Magic.”

This year’s “Best New
Artist” nominees are Alessia
Cara, a young pop-R&B
singer known for her hit sin-
gles “Here” and “Scars to
Your Beautiful”; R&B singer
Khalid, a mainstay for
months on the upper ranks
of the Billboard 200 album
chart thanks to his powerful
streaming numbers; young
Philadelphia rapper Lil Uzi

GRAMMYS Mr. Lamar has never won

one of the four major
awards—Album of the Year,
Vert; songwriter Julia Mi-
chaels; and female R&B
singer SZA, part of the
Continued from page A11 Record of the Year, Song of genre’s ongoing renaissance.
ple Music and other on-de- the Year and Best New Art- Nominees for the 84
mand audio services, which ist.) Grammy Award categories
have become the most popu- Mr. Lamar will compete are drawn from roughly
lar way fans listen to music, with Lorde’s critically-ac- 22,000 submissions. The
are hip-hop and R&B. claimed “Melodrama” and Grammys telecast will take
The latest crop of nomi- Jay-Z’s “4:44,” whose ma- place on Jan. 28, 2018, at
nees also reflects the diver- ture themes are seen as New York’s Madison Square
sifying of the Recording blazing a trail for older rap- Garden, with James Corden
Academy’s pool of 13,000 pers. returning as host. This is
voting members, Mr. Port- On Metacritic, a website the first time the Grammys
now says. “We’ve been, for a that aggregates reviews, have been in New York since
long time, doing a lot of “DAMN.” is 2017’s top-rated 2003. In 2019, the event re-
outreach to a variety of album, with Lorde’s “Melo- turns to Los Angeles.
communities so that they
would be more involved,
more engaged—and not just
in terms of genre, but age,”
he says. “I think that’s a
large part of what you’re
seeing this year, coming to
fruition.”
This year, for example, a
new rap nominations review
committee was assembled to
examine the voting pool’s
rap-related nominations and
add an extra layer of judg-
ment, one of 13 such com-
mittees.
The big question this year
is whether Mr. Lamar, one of
pop music’s most widely-ad-
mired artists, will win Al-
bum of the Year—the top
prize—for his album
“DAMN.” He has lost two
times before. (Despite previ-
ously winning seven awards, Luis Fonsi performs in Mexico City.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Wednesday, November 29, 2017 THE WALL STREET JOURNAL.

SPORTS
PATRICK SEMANSKY/ASSOCIATED PRESS

NFL

THE GIANTS BENCH

ELI MANNING
BY ANDREW BEATON

THE QUARTERBACK who won two Super
Bowls for the Giants is getting benched for the
one who got his jaw broken by a teammate
while on the Jets.
Eli Manning, who has started 210 consec-
utive regular-season games dating back to
2004, will be benched Sunday in Oakland,
coach Ben McAdoo said. That Manning’s
iron-man streak would end this way would
have been unfathomable weeks ago, but
shows how the Giants’ season has unraveled
and how abruptly a franchise quarterback’s
career can reach a potential end.
Manning’s streak is the second longest in
NFL history for a quarterback—behind Brett
Favre’s 297—and two games longer than the
208 by Peyton Manning, Eli’s brother.
The new face under center isn’t exactly the
most popular person in New York. Geno Smith,
the former Jets quarterback whose bumpy
tenure included a 12-18 record as a starter and
an infamous teammate-inflicted injury, will
take his place this week. Davis Webb, a third-
round pick in this year’s NFL draft, is also on
the roster but hasn’t been active yet this year.
The 2-9 Giants have been one of the NFL’s
biggest disappointments this season. The
blame has been placed everywhere for this
year’s woes. Star receiver Odell Beckham Jr.
is on injured reserve and McAdoo has been
questioned about his leadership. The only
area where this team hasn’t really faced
problems has been at quarterback, where
Manning has completed 62.5% of his passes
with 14 touchdowns and seven intercep-
tions, all while throwing to the league’s
most depleted receiving corps.
Manning said McAdoo offered to let him
start just to keep the streak going, with the
other quarterbacks coming in after him.
Manning said no.
Gridiron Men
Most consecutive regular-season starts at QB:
PLAYER
Brett Favre GB, NYJ, MIN
Eli Manning NYG*
Peyton Manning IND
Philip Rivers LAC*
Matt Ryan ATL*
*Active
Source: Stats LLC; WSJ
Woods Tries to Shake His Own Ghost
BY BRIAN COSTA
NASSAU, Bahamas—Tiger Woods is back,
yet again, and the golf world is awash in
nostalgia, yet again. In honor of his latest
return to competitive golf this week, Golf
Channel is airing highlights from all 14 of
his major championships. But that version
of Woods—red shirt, black pants, pumped
fist—is a ghost.
Most of his competitors have seen it only
on television. Woods’s 10-year-old daughter
and 8-year-old son can only recall seeing it
on the Internet. “The YouTube golfer,” they
call him.
What remains of him as an athlete, if
anything to speak of, is a mystery, not least
of all to Woods himself. He will tee off on
Thursday in the Hero World Challenge, an
18-player event that benefits his charitable
foundation, for what will be only his eighth
competitive round since August 2015. After
four back surgeries, he said Tuesday that he
is finally free of pain.
But Woods spoke of his body as if it were
a transplant recently attached to his head.
He is still figuring out how it works, to what
extent it works and whether it will allow
him to play golf without humiliation or
physical agony for any length of time.
“I just really don’t know yet,” he said.
If the last year proved anything, it was
GAMES how little one event means as a predictor of
297 Woods’s future. He returned at this tourna-
210 ment without incident a year ago, only to
208 end up back on the operating table after
187 just three competitive rounds in 2017.
More telling will be how long Woods, 41,
126
is able to play without pain—and how he is
able to manage it if it reoccurs.
Woods pleaded guilty to reckless driving
last month after a police officer found him
GOLF
asleep at the wheel of his Mercedes in May.
He was found to have five drugs in his sys-
tem, including two painkillers, the sleep drug
Ambien and the anti-anxiety drug Xanax.
He said he has not watched the police
dashboard camera video, widely circulated
online, that showed him struggling to walk
on the night of his arrest. In June, he
checked himself into rehab for issues related
to his use of prescription medications.
“I’ve come out the other side, and I feel
fantastic,” he said. “I don’t have these issues
anymore.”
The fusion surgery Woods underwent in
April was akin to gluing two vertebrae to-
Golf’s most dominant player
for more than a decade is
attempting another comeback.
gether, which left him at once more com-
fortable and stiffer. Whatever his ability, it
is safe to say that he will be aesthetically
different as a golfer. But the changes Woods
has undergone since 2013, the last full sea-
son he played, run deeper.
Once an isolated figure on the PGA Tour,
he has embraced his younger peers as never
before. Woods reveled in being an assistant
captain on the U.S. Ryder Cup team in 2016.
Watching from home during major champion-
ships this year, he sent a flurry of text mes-
sages to prominent players, including Jordan
Spieth during his win at the British Open.
His friend and Golf Channel analyst Notah
Begay III has noticed a renewed enthusiasm
for the sport. He cited a Q-and-A they did
together with college golfers in October, in
which Woods beamed as he told stories
KYLE TERADA/REUTERS
Tiger Woods plays a shot
during Monday’s practice
round for the Hero World
Challenge in the Bahamas.
from his college days at Stanford.
“You could just tell he was excited about
the game again,” Begay said. “It may sound
odd, but it’s not from playing it. It’s from
being around it and understanding he has so
much more to offer golf than what he does
on the golf course.”
The notion that Woods may yet reemerge
as something more than a ceremonial golfer
has proven impossible to kill. His best years
were so enthralling —and his downfall so
stunning—that virtually the entire sport still
clings to the hope of a happier ending,
whatever that may look like.
During the Ryder Cup, U.S. players wore
tee shirts one night that read, “Make Tiger
Great Again.” Recent reports of Woods blast-
ing his tee shots by other pros during casual
rounds in Florida have only fueled the hype.
But for Woods, playing regularly without re-
lying on painkillers could still be a challenge.
Paul McCormick, director of the Spine
Center at Columbia University Medical Cen-
ter, said fusion surgery typically eliminates
pain in the area operated on. But the kind of
torque on which a golfer relies can put more
stress on the area directly above it.
“What we find is that while the average
person does very well with that surgery, the
superior athlete may not do as well,” Mc-
Cormick said. “The stakes are higher be-
cause their level of function is higher.”
For now, Woods said he is thrilled simply
to get out of bed in the morning, reach for a
club and not have to use it as a walking
crutch. His goals are modest. He wants to
make his younger peers feel, if just for a
day, what it was like to have to compete
against him in his prime. He wants his chil-
dren, Sam and Charlie, to know what it is
like to see the YouTube golfer in the flesh.
“I want them to feel it. I want them to
understand it a little bit more,” he said.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Seven Days in November
It would be
hard to exag-
gerate the
absurdity of
events now
o v e r ta k i n g
the Con-
BUSINESS
WORLD sumer Finan-
cial Protec-
By Holman W.
tion Bureau—
Jenkins, Jr.
and, if they
weren’t so
laughable, their dangerousness.
Let’s revisit the history of
this peculiar new agency. It
was created largely at the be-
hest of Harvard Law professor
and future senator Elizabeth
Warren as part of the sprawl-
ing Dodd-Frank legislation.
The agency was set up to be
funded directly by a levy on the
Federal Reserve, operator of
the nation’s monetary printing
press, independent of the fed-
eral budget process or congres-
sional appropriations.
In a Putinesque move, Ms.
Warren removed herself from
consideration as the agency’s
head and encouraged President
Obama to appoint one of her
protégés, Richard Cordray.
Flash forward to a new and
hostile administration of the
opposite party. Mr. Cordray,
with one year left on his statu-
tory term, announces his res-
ignation. He also, citing a pas-
sage in the agency’s founding
statute, asserts his right to
name his own successor, which
he does in the person of Lean-
dra English, another Warren
loyalist.
Ms. English immediately
launches a lawsuit to nullify
President Trump’s presumed
power, under a separate law,
Chicago Isn’t Always the Second City
Years of con-
gressional
dysfunction
have shifted
power into
the executive
POLITICS branch, inde-
pendent agen-
& IDEAS
cies and the
By William
courts. This
A. Galston
horizontal
shift has been
accompanied by a vertical one,
as states and localities take on
greater responsibilities.
Local jurisdictions are
struggling to meet current
needs while also planning for
the future. Investments with
long-term returns, such as job
training, higher education and
infrastructure, often get
crowded out by short-term
political demands.
In their recent book, “The
New Localism,” Bruce Katz
and Jeremy Nowak argue that
cities and counties will be
tested as never before in the
coming years. They will need
to innovate and reform—to
pursue new strategies for
growth and finance—in a fis-
cal environment dominated by
rising health-care and pension
costs. In these circumstances,
the quality of metropolitan
governance will matter more
than ever.
Early evidence suggests
many local institutions are not
up to the task. A lengthy ex-
posé in the New York Times
documented the consequences
of shortsighted financial prac-
tices for the New York sub-
ways. Over the past two de-
Where Are My Incentives to Relocate?
By Daniel Akst
E
conomic development
professionals take note:
I’m excited to announce
plans to open a second head-
quarters for my business. I ex-
pect stiff competition for the
tsunami of consumer dollars
I’m likely to unleash on any
lucky community that meets
my exacting requirements. So
you’ll want to pay close atten-
tion to maximize the impact
of your incentives in my deci-
sion matrix.
As everyone knows by
now, my current headquar-
ters, which sprawls over
nearly 675 square feet, not
counting the cat box, is the
platform for an engine of ex-
traordinary literary produc-
tivity. So why a second one?
There are some serious
growth constraints inherent
in my current facilities.
The neighbors’ Wi-Fi net-
work, all of a sudden, requires
a password. Several of the
vendors my business depends
on, inexplicably tightening
the Vacancies Act, to name an
acting director to replace Mr.
Cordray. Now if Ms. English
can prevail in court and Senate
Democrats can block a new ap-
pointee after Mr. Cordray’s
term expires next year, pre-
sumably Ms. English can re-
main acting director as long as
she wants, with power to name
her own successor.
Voilà, an agency of the fed-
eral government becomes the
dynastic possession of Ms.
Warren and her designated
cronies. Vladimir would be im-
pressed.
All this might seem harm-
less given the agency’s limited
powers, restricted mostly to
policing the disclosures of fi-
nancial institutions in their
dealings with consumers. But
is this ludicrous dispute as
harmless as it seems?
Recall that one of the new
agency’s first priorities under
Mr. Cordray was to go after
auto dealers, though Dodd-
Frank explicitly excluded them
from the agency’s oversight.
Recall that he sought not to
regulate their disclosures but
to ban a practice that he and
other activists decided they
didn’t like, namely dealer-ne-
gotiated interest rates on car
loans, though the agency had
no authority to do so.
It is not possible to overstate
the cynicism and opportunism
of what followed. Because he
can’t regulate auto dealers, he
targeted banks that finance
auto dealers. Because auto
dealers are forbidden from col-
lecting racial data on borrow-
ers, the upstream lenders can’t
know the race of borrowers.
cades, maintenance investment
stagnated as ridership nearly
doubled. Efforts to add new
lines have been stymied by
construction costs five times
the international average. Cor-
rected for inflation, the city’s
contribution to the Metropoli-
tan Transportation Authority
fell 75% since 1990.
Meanwhile, governors and
mayors diverted $1.5 billion
from the MTA for other pur-
poses, pressured the authority
to spend money on projects
unrelated to service and reli-
ability, and saddled it with
debt, so that interest pay-
ments now consume 17% of its
annual budget, three times the
share two decades ago.
We can argue about the ex-
tent to which generous con-
tracts with private contractors
and union workers are respon-
sible for this state of affairs.
(Managers receive an average
of $280,000 annually in pay
and benefits.) But it is hard to
argue about the results: New
York’s subway now has the
worst on-time performance of
any major rapid-transit sys-
tem in the world—just 65%,
down more than a quarter
since 1992.
Maybe it’s not surprising
that Berlin, Seoul, Singapore
and Hong Kong report on-time
rates of 99% or better. These
jurisdictions believe in a robust
public sector and substantial
autonomy for experts.
But that argument cannot
explain the results in Chicago,
which reports on-time perfor-
mance of 96% and customer
their credit policies, have
discovered the location of
my current headquarters,
posing a distraction to man-
agement.
To win my new headquar-
ters, naturally, a city will
have to meet stringent re-
quirements, including a spe-
cific package of incentives
The lucky winning
city will bring home
a coveted job—mine.
worth at least $500 million.
Additional considerations
will include the number of
cheap liquor stores within a
1-mile radius of the proposed
site, quiet streets conducive
to sleeping until noon, bars
and coffee shops where you
can sit for hours nursing a
single beverage, and super-
markets that give a senior
discount to a guy who looks
only 40 (extra points for a
well-stocked ramen aisle).
OPINION
Yet Mr. Cordray charged
them with disparate impact
based on so-called Bayesian
Improved Surname Geocod-
ing, which assigns borrowers
to a racial category based on
their names and zip codes,
though the method is not de-
signed for such purposes and
known greatly to overesti-
mate the number of African-
Americans in the U.S. car-
buying population.
After 241 years,
the United States
experiences its
first coup attempt.
Even this does not do justice
to the disingenuousness of the
agency’s method. Any person
identified as having a black-
sounding name who paid a
higher rate than the average of
people with white-sounding
names was deemed to have
been a victim of discrimination,
never mind that many people
with white-sounding names
also paid a higher rate.
The agency also got its de-
sired results by deliberately
overlooking the fact that deal-
ers have different business
models, with those who spe-
cialize in low-end cars tending
to make most or all their profit
from the dealer interest-rate
markup.
By such means the agency
fabricated—there is no other
word—evidence of racial dis-
parity in auto lending to shake
money out of lenders, without
satisfaction in excess of 90%.
Future-oriented investments
have made all the difference.
Since 2011, a third of existing
rail lines and stations have
been refurbished, three new
stations have been built, and
Chicago became the first city
in the country to offer 4G ser-
vice throughout its subway
system.
Trains run on time,
and the subway has
4G. Behold the power
of public investment.
Despite a cut in state fund-
ing, the Chicago Transit Au-
thority’s 2018 operating bud-
get will be in balance for the
seventh consecutive year. On
the heels of an $8 billion in-
vestment drive since 2011,
the CTA is proposing a five-
year capital budget of $2.7
billion.
The Windy City hasn’t
achieved this level of perfor-
mance without sacrifice. To
fill the hole created by state
budget cuts, the CTA raised
fares for the first time in eight
years. To finance an added
$180 million in capital spend-
ing, Mayor Rahm Emanuel
crafted a first-in-the-nation
fee on ride-hailing services
such as Uber and Lyft. The
proceeds will be used to up-
grade security at all CTA sta-
tions and reduce average trip
times by up to 6 minutes.
Locales with ocean views and
a warm climate are especially
urged to apply. A public-pri-
vate partnership can
strengthen any city’s bid, and
development officials are en-
couraged to work with local
brewers and distillers toward
this end.
Full disclosure: I’m not the
only one seeking another
headquarters location. By a
remarkable coincidence, a Se-
attle company called Amazon
has also announced a search.
The company recently said it
has 238 proposals, suggesting
that a business as venerable
and robust as mine will be
deluged by even more. A
well-organized enterprise
plans for such things, and so
I’ve borrowed a bigger hat
(from a friend with an even
larger head than mine) for
use in the scientific selection
process.
The winner will reap not
just an economic windfall but
a transformative infusion of
glamour. The city I choose will
instantly become known as a
effective court appeal, because
the agency was able to hold
necessary approvals the banks
sought from other federal
agencies hostage until the
banks settled. That’s not all:
Part of the proceeds were then
distributed to activist groups
that supported the CFPB’s cre-
ation and mission.
It’s no accident that in a
previous column about all this,
we called on the government
to apply the RICO Act against
itself. So before you completely
dismiss an opportunity for fan-
ciful paranoia, consider that a
slow-motion coup attempt is
under way in Washington.
Think about the nature of the
people who gave rise to the
CFPB in the first place. Think
about a leadership that,
months after the agency was
founded, concocted the auto-
lender shakedown.
Remember how even small
agencies under long-lived lead-
ership can grow to be immune
from political accountability,
becoming arbitrary powers
unto themselves. Think of the
FBI under J. Edgar Hoover.
Happily, the courts are
overwhelmingly likely to pro-
tect us from the power grab of
the Warren junta, as the U.S.
District Court in D.C. started to
do Tuesday. Even the CFPB’s
own top lawyer rejected Mr.
Cordray’s claim of authority to
determine his successor. The
courts are certain to find that,
no matter what the CFPB stat-
ute says, a president retains
his authority under the Vacan-
cies Act to name an acting di-
rector. Democracy will be
saved.
In an interview, Mr. Eman-
uel contrasted Chicago’s per-
formance with New York’s.
“It’s a tale of two cities,” he
said. Allowing for predictable
pride in his city and in his
own performance, the mayor
has a point: Governance mat-
ters. Even hard-pressed cities
like Chicago can persuade
middle- and working-class cit-
izens to pay more for public
services—if they get their
money’s worth.
In a statement, the Chicago
Transit Authority declared
that “every dollar generated
by the fare increase is equal
to a dollar in savings and re-
forms CTA is making in the
budget.” Chicago’s transit rid-
ers will hold will hold the au-
thority to its word. And Mr.
Emanuel will be held account-
able for showing that the fees
extracted from Uber and Lyft
customers have produced the
promised results.
The results of sound infra-
structure policies ripple
through urban economies. In
Chicago, major corporations
such as Google and
McDonald’s have relocated
around new subway stations.
Residential construction and
small businesses have fol-
lowed suit.
Done right, public invest-
ment complements and cata-
lyzes the private sector. But
private investment will not al-
ways step in when the public
sector pulls back. Governors
and mayors understand this.
Unfortunately, Congress has
yet to get the message.
hotbed of literary ferment,
with eddies of gossip, envy
and despair rippling outward
in all directions. Most of all, of
course, this is about employ-
ment, and the lucky winning
city will bring home a coveted
job. Although that job is likely
to remain filled by me, my
massive earnings writing and
reviewing midlist books will
nourish a host of related in-
dustries. An economic impact
report I commissioned esti-
mates—conservatively—a first-
year multiplier effect worth
$736 million. Some of these
funds are sure to leak past the
nearest halal food truck, as-
suming the proprietor isn’t too
serious about saving.
One caveat. If you land that
other company out looking
for a second headquarters,
don’t count on getting me.
There isn’t a metropolis in
North America that could
handle both of us.
Mr. Akst is author of “We
Have Met the Enemy: Self-
Control in an Age of Excess.”
Wednesday, November 29, 2017 | A15
BOOKSHELF | By George Melloan
The Long Route
To Free Trade
Clashing Over Commerce
By Douglas A. Irwin
(Chicago, 860 pages, $35)
I
n 1789, James Madison addressed the first congress of
the new American republic with these words: “I own
myself the friend to a very free system of commerce
and hold it as a truth that commercial shackles are
generally unjust, oppressive and impolitic.”
His free-trade views fitted the times. The American
colonists had just waged a war to escape the trade burdens
imposed by a mercantilist English ruling class. The
Navigation Acts, enacted in the mid-17th century, required
that colonists trade through Britain. The Tea Act of 1773
attempted to give the East India Co. a monopoly in the
American colonies, a move that provoked the Boston Tea
Party, ancestor of today’s libertarian tea party.
Fast forward and after over two centuries of ups and
downs in trade politics, Americans have opted for the
Madisonian view. The average duty on imports, after a
relatively steady decline over the past 80 years, is now
negligible. A 2017 Gallup Poll showed that 72% of
Americans see trade as an
opportunity and only 23% as
a threat. The U.S. benefits
from a modern global “free
system of commerce” brought
about by the North American
Free Trade Agreement of 1993
and the comprehensive 1994
“Uruguay Round” multilateral
compact, which broadly
reduced barriers and
liberalized international trade.
In “Clashing Over Commerce,”
Douglas Irwin, a professor of
economics at Dartmouth,
outlines this long evolution of
trade politics from the mercantilist 1640s to
the present, when Donald Trump has made trade
controversial again by arguing for a renewal of protectionist
policies. Mr. Irwin’s chronicle—lengthy, detailed and
readable—traces the winding trail that has brought us to
the liberal world trading order we enjoy today.
Modern protectionist rhetoric didn’t begin with Mr.
Trump, of course. Barack Obama used it to win labor votes
during the 2008 campaign. Mr. Irwin quotes Mr. Obama
declaring: “We can’t keep passing unfair trade deals like
NAFTA that put special interests over workers’ interests.”
In office, he took a more liberal stance.
The early U.S. congresses favored free trade and levied
tariffs only as the most efficient way to gain revenues,
since they could be collected by merely a few customs
officers in Boston, New York and Philadelphia. But
industrialization brought demands from Northern factory
owners and their congressmen for high tariffs to protect
“infant industries,” like iron smelting. Protective tariffs on
dutiable items soared in the mid-1820s to as high as 60%.
Mr. Irwin doesn’t find strong evidence that tariffs
actually promoted development, but they certainly sowed
conflict between North and South. Southern congressmen
complained that tariffs were hurting the lucrative cotton
export business by making it more difficult for Europeans
to earn dollars with exports to the United States. South
Carolina’s first threat to secede, in 1832, was made in
objection to Northern tariffs. The Civil War crushed the
South’s trade arguments and brought in a long period of
Republican rule and protectionist policies.
Tracing the evolution of trade politics from
mercantilism to the present, when Donald
Trump has made trade controversial again.
The Republicans finally went too far with the 1930
protectionist Smoot-Hawley Tariff Act, which brought a
precipitous drop in U.S. foreign trade and played a role in
the Great Depression. When it comes to assigning blame for
deepening the Depression, Mr. Irwin faults Smoot-Hawley
less than the Federal Reserve’s policies. He endorses the
view, advanced by Milton Friedman and Anna Schwartz in
the 1960s, that the Fed mishandled the deflation of the
early 1930s by failing to increase the money supply. He
notes, however, that the late monetary specialist Allan
Meltzer gave Smoot-Hawley more of the blame. Of course,
both the Fed and Congress earned low marks.
In 1932, voters cast the offending Republicans into the
outer darkness, where they would live for 20 years, and the
New Deal’s Reciprocal Trade Agreements Act of 1934 ushered
in a series of bilateral agreements that gradually improved
America’s trade posture. The act also, Mr. Irwin notes, gave
the president a greater role in negotiating deals.
After World War II, both political parties saw it as
imperative to rebuild Europe in order to ward off Russian
imperialism. The General Agreement on Tariffs and Trade,
in the late 1940s, set up a new trade framework, and
American investment flowed into Western Europe,
launching a new wave of internationalism. In the
mid-1960s, negotiations began on what came to be known
as the Kennedy Round, introducing an era of broad trade-
liberalization agreements.
By the 1990s, in another twist, the Republicans had
become the dominant free-trade party, and it served them
well. Democrat Bill Clinton was well disposed toward free
trade, but his party, more heavily wedded to protectionist
unions, was less so. In 1993, the Nafta agreement passed
Congress but only with the help of 132 Republican votes in
the House and 34 in the Senate.
So where are we today? Mr. Obama supported the
Trans-Pacific Partnership negotiations that began in 2011
and, a couple of years later, the Transatlantic Trade and
Investment Partnership. In 2017, Mr. Trump dropped out of
both and began his attack on Nafta. That stance has earned
him strong opposition from the farm and auto lobbies,
both of which profit from an integrated North American
trading system.
Today’s question is whether Mr. Trump represents a
turning away from free trade by Americans. The polls that
Mr. Irwin cites suggest not. He finished his book at the
outset of the Trump presidency and wasn’t sure how much
Trump talk was serious and how much bluster. Although he
doesn’t say so outright, he implies that he is still hopeful
about preserving a liberal trade order, despite Mr. Trump.
Certainly James Madison’s argument for it is still sound.
Mr. Melloan, a former deputy editor of the Journal editorial
page, is the author of “Free People, Free Markets: How the
Wall Street Journal Opinion Pages Shaped America.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A16 | Wednesday, November 29, 2017 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Trigger Warning on Taxes A More Concentrated Market Would Help IPOs

S
enate Republicans made considerable 2018. It’s called an election, and Americans hold “Small IPOs Are Dying; That’s stocks more attractive. Allowing issu-
tax-reform progress Tuesday by passing one every two years. There is zero chance the Good” (Business & Finance, Nov. 14) ers the choice to aggregate their li-
overlooks the value that a healthy ini- quidity on a single exchange—with
a bill through the Budget Committee, tax code runs on autopilot without political in-
tial public offering pipeline has on the limited exceptions—would result in
though not without another tervention for six years. nation’s economic vitality. Even the better trading for the investors who
nick. The reform would still An automatic tax The pony in this pile is that “hand-wringing” economists know believe in these companies.
help the economy and lift in- increase in year six if the budget forecasts rely on a that keeping more of the economy pri- A slowing IPO pipeline isn’t neces-
comes, but the trillion-dollar lame 1.9% growth on average vate means excluding more Americans sarily a sign of a more efficient mar-
question is whether Republi- revenues don’t arrive. for the next decade. The GOP’s from participating in the markets and ket. Rather, it is evidence of a frame-
cans can put the American bill could restore growth to a generating wealth. It is in America’s work that discourages founders from
people and prosperity ahead 3% historical norm and gin up best interest that its brightest, most taking their companies public for fear
of this or that pet demand—or if they’ll con- more than enough money to avoid the trigger. innovative entrepreneurs seek public of succumbing to short-term pres-
tinue to dent the product. Perhaps the GOP should add a reverse trigger? offerings rather than private exits. sures. Instead of celebrating the de-
The bill passed 12-11 after drama over If revenue exceeds projections, plow the cash Furthermore, U.S. market structure cline of the public market, we should
hasn’t evolved to benefit all market be encouraging tax and regulatory re-
whether Senators Ron Johnson (Wisconsin) and into lowering the top marginal rate on individu-
segments equally. The current frag- form, the elimination of unnecessary
Bob Corker (Tennessee) would vote no amid as- als to 35%. mented structure penalizes small disclosure obligations and a broader
sorted objections. Both voted yes. That won’t happen, but we’ve supported the companies for their low daily trading review of current market structure
Mr. Corker is worried about the federal defi- GOP tax bill despite its imperfections because volumes; investors are deterred from which would allow CEOs to tap public
cit, and we hear he has struck a deal “in princi- it represents an improvement over the status making big bets on those companies markets without compromising on
ple” with Senate leadership for a “trigger” that quo that could also attract a majority. The hope because of the lack of liquidity to fill their companies’ futures.
snaps back some of the cuts if revenues six is that the GOP accepts this reality, but then bigger trades. Concentrating disaggre- NELSON GRIGGS
years from now are below what the budget there are other holdouts: Senator Johnson and gated liquidity on one or two ex- President
gnomes predict today. We’re told this would set Steve Daines (Montana) want something more changes would allow investors to bet- Nasdaq Stock Exchange
off $350 billion in tax increases over the next for “pass through” businesses that pay taxes on ter source liquidity and make those New York
10 years, details on which taxes would rise to personal returns. The Senate allows a 17.4% de-
come later this week. This appears to be the duction for such business income.
price of Mr. Corker’s vote, and it may also as- Mr. Daines calls these entities “Main Street” Gas Providers Are Prepared for Peak Demand
suage James Lankford (Oklahoma) and Jeff businesses, though this is a tilt: Most small In his “How Local Utilities Gamed coldest days. Mr. Krupp misleadingly
Flake (Arizona). businesses don’t pay the top rate, which is why the Natural-Gas Market” (op-ed, Nov. presents this margin in terms of
The trigger is a bad idea on the policy merits. the small-business lobby is on board with the 17), Environmental Defense Fund Pres- power-generation demand, inflating its
No one knows when there might be another re- Senate plan to give everyone relief. This is a ident Fred Krupp provides a mislead- apparent significance. The economic
cession, during which tax receipts invariably fight over tax breaks for a small pool of rela- ing view of interactions between gas paper he cites itself states that over
fall. A trigger could then be a tax hike on Ameri- tively large companies that compete with cor- and electricity markets. Natural-gas the 37 cold days analyzed for the sta-
cans at a tough economic time. In that event, porations, which are taxed a second time on pipelines provide services to many tistic, the unutilized capacity was only
Congress would certainly override the trigger- dividends. customers, including electric genera- 7% of the pipeline’s overall capacity.
tors and natural-gas utilities repre- By necessity, pipeline systems are de-
tax increase as a political matter. A key feature of a pass-through reform needs
sented by the American Gas Associa- signed to meet demand that peaks on
The extent of the potential trigger damage to be crafting rules that prevent lawyers and ac- tion. Gas utilities are obligated under a handful of days each winter. This
will depend on the fine print, and the priority countants from gaming the system to pay a state regulations to meet their cus- means the margin on capacity con-
ought to be preserving the business cuts that lower rate than other individuals. But pass tomers’ needs—delivering gas directly strained pipelines, such as those in
produce the most economic growth. Corpora- throughs are going to get a major tax break, and to homes and businesses for heating, New England, on those few peak days
tions won’t relocate to America at a 20% tax no sane Republican should kill a tax bill over hot water and cooking. Gas utilities is likely much lower still. Perhaps
rate with a threat of a much higher rate in a these details. An expanded 20% deduction plan diligently to help ensure gas is al- worst of all, Mr. Krupp entirely ignores
couple years. In particular Republicans (from 17.4%) would cost about $60 billion, ways there when customers need it. interstate pipeline scheduling changes
shouldn’t reverse course after making tough po- which the GOP should be able to accommodate Mr. Krupp observes there is a “per- adopted by the Federal Energy Regula-
litical choices to make the 20% rate and other within its budget parameters. Messrs. Johnson sistent gap between the amount of gas tory Commission in 2015 to further
business tax cuts permanent. They don’t want and Daines should accept this concession and scheduled in advance, and the volume improve coordination between the
that flowed.” This reflects a misunder- natural gas and electric industries.
fear of a trigger to crimp the investment and call it victory.
standing of how the natural-gas sys- The AGA’s focus remains on pre-
growth that produces more revenue—and lower Any Member who isn’t thrilled with the final tem works. Weather can’t be perfectly serving and enhancing reliability for
deficits—for Treasury. product can also follow the standard procedure predicted. Pipelines and utilities must all interstate pipeline customers.
By the way, the Senate bill already includes of the Senate: Offer an amendment on the floor maintain safe operating margins, and DAVE MCCURDY
other trigger dates: One is the end of 2025 when and see if it commands a majority. For all the gas utilities contract for firm inter- President and CEO
the cuts for individuals expire, and many of drama, the real news is that the GOP is moving state pipeline capacity to ensure reli- American Gas Association
those provisions are budget blowouts, including toward the most pro-growth tax reform in 30 ability and flexibility, especially for the Washington
the expanded child tax credit. Another trigger years, developed in an open process under regu-
is the 10-year budget window. Oh, and Nov. 6, lar order. This is no time to go wobbly.

Prepaid Health Care Is Not True Insurance

A Drama Queen Loses Her Head Regarding Chelsea Prim’s Nov. 17 get you a discount on your prescrip-

M
letter about coverage for pre-existing tions, provide no-cost vaccinations,
ore hilarity ensued in the Consumer appoint Mr. Mulvaney. And even CFPB general medical conditions: When, and only set copays or, worst of all, bless you
Financial Protection Bureau’s game of counsel Mary McLeod affirmed this legal inter- when, my homeowner’s insurance is with only having to pay the ridiculous
thrones Tuesday when the acting act- pretation in a memo to staff on Saturday. involved when my air conditioning “negotiated rate.” Look at what you
ing director Leandra English The opinion “confirms my goes out or a toilet is clogged, or my pay in premiums on your home, auto
got her head handed to her by The woman who put oral advice to the Senior Lead- insurance carrier dictates which and life insurance against the poten-
a federal judge. ership Team,” she wrote, roofer I can or cannot use and my tial losses they protect you against.
After doing photo-ops
the acting in acting which suggests that both Mr. auto-body shop asks me for my insur- Then look at the insanely high premi-
with Sen. Elizabeth Warren, director is deposed. Cordray and Ms. English were ance before it can tell me how much a ums people pay health-care plans to
repair is going to cost, can I compare “insure” against similar-size payouts.
Ms. English continued pre- aware that their political
any other type of true insurance pol- The system is broken and no amount
tending to be the CFPB acting stunt was illegal but went icy to the current health plans, which of manipulation of the current method
director. But by the day’s close, the drama ahead anyway. So the supposedly noble Mr. really are prepaid health-care plans, is going to make it better.
queen was formally deposed. Federal judge Cordray was setting up his young protégé to be not insurance. Once the incorrect term JEFF REDDING
Timothy Kelly denied Ms. English’s petition embarrassed. “insurance” is dropped and we consis- Fort Worth, Texas
for a temporary restraining order to block Of- Ms. English called up former CFPB senior at- tently use the term health “plan,” we
fice of Management and Budget director Mick torney Deepak Gupta, who filed the lawsuit for may be able to have an honest debate.
Mulvaney from serving as the real acting di- her as an individual. To obtain a temporary re- Insurance is for protection against Robots vs. Minimum Wage:
rector. President Trump appointed Mr. Mulva- straining order, she’d have to show she would an unforeseen financial loss, not to
What Would Aristotle Say?
ney on Friday under the Federal Vacancies Re- suffer immediate irreparable harm from being
form Act after Richard Cordray resigned and usurped—beyond the humiliation she’s inflicted Regarding Michael Saltsman’s “San
anointed Ms. English. on herself. She couldn’t and now must decide Our Job Is Helping People; Francisco’s Problem Isn’t Robots; It’s
the $15 Wage Floor” (Cross Country,
The Justice Department’s Office of Legal whether to continue as deputy under the real We Do That Nonpolitically Nov. 25): Does California intend to
Counsel affirmed the President’s authority to acting director or quit in embarrassment. James Piereson and Naomi tax power tools such as nail guns or
Schaefer Riley suggest that United large industrial machinery such as
Way (among others) has inappropri- combines and mining equipment, all
Fourth Amendment Showdown ately engaged in partisan politics at of which greatly reduce the need for

H
the expense of the people we serve human labor? There seems to be a
ow difficult should it be for law en- argued that police were free to follow a suspect (“Philanthropy Booms in the Trump disconnect between productivity en-
forcement to get cellphone records around town, but that “longer term GPS moni- Era—but It Also Gets Political,” op- hancement where humans are in-
showing a suspect’s past location? toring in investigations of most offenses im- ed, Nov. 18). They create this misper- volved whether using a power tool or
That’s the question before the ception by taking my year-old com- operating machinery and robots,
pinges on expectations of pri-
The Supreme Court ment about advocacy out of context. which are somehow viewed as sinis-
Supreme Court on Wednesday vacy.” Four other Justices When United Way advocates for ter. Both are cases of productivity
in Carpenter v. U.S., which takes up phone searches agreed. policies, we do so in a bipartisan growth through capital investment.
challenges decades of Fourth Yet civil libertarians want fashion and on behalf of the health, As Mr. Saltsman points out, capital
Amendment law. in the digital age. more. Several groups have education and financial stability of becomes more attractive when labor
Timothy Carpenter is serv- filed briefs making the maxi- every person in every community. costs are inflated.
ing 116 years in prison for a malist claim that law enforce- That means we advocate for support BILL DOUGLAS
string of armed robberies. During the investiga- ment should need a warrant before getting any for nutritious school lunches, early Medford, Mass.
tion, the government obtained 127 days of loca- cellphone location data. In that same 2012 case, education programs and increased
tion data from Carpenter’s wireless carrier, Justice Sonia Sotomayor floated the idea of job-training initiatives. When Aristotle was asked what it
showing that his phone connected to cell towers ditching the third-party doctrine. “It may be Our focus is the people we serve. would take to get rid of slavery, he
One of our most successful efforts is answered: when people invent ma-
near the crime scenes. necessary to reconsider the premise that an in-
the support we offer to 380 no-cost chines to do the slaves’ work. Looks
The first question is whether this constitutes dividual has no reasonable expectation of pri- tax-assistance sites where low-income like San Francisco wants to reverse
an “unreasonable search,” which would trigger vacy in information voluntarily disclosed to workers can easily access the earned- the trend. Plus ça change.
Fourth Amendment protections requiring a third parties,” she wrote. “This approach is ill income tax credit, perhaps the most GEORGE NANICHE
warrant. The government says no, arguing the suited to the digital age.” effective modern antipoverty pro- Moraga, Calif.
location data didn’t belong to Carpenter, but That would be a mistake. The routing data gram. Our advocacy for this credit
were business records created by the phone from cellphone calls does not reveal the content (and its congressional support) cuts
company. This distinction is important, since of any communication, but it can be invaluable across political boundaries. Pepper ...
it invokes the “third-party doctrine” that police at the start of a police investigation, before Current tax-reform legislation in
Congress would reduce charitable
And Salt
investigations have relied on for decades. probable cause exists to justify a warrant. In
This doctrine mirrors the basic idea that law 2011 a federal judge in Jacksonville, Fla., was giving by $13 billion a year. Would THE WALL STREET JOURNAL
the authors argue that it’s in the in-
enforcement may gather evidence from wit- sitting in his living room when a rifle bullet
terest of the 61 million people United
nesses. Just as police can canvass neighborhood came through his window, missing his head by Way serves for Congress to raise
shopkeepers, they ought to be able to ask a phone inches. There were no witnesses and dozens of taxes on private charitable giving? If
carrier whether its network “saw” the suspect. potential suspects. With phone location re- not us, then who should speak on
Ten minutes before the robbery, did he make a cords, police were able to exclude many, and their behalf?
call that was handled by a cell tower down the within 48 hours they found their man. BRIAN A. GALLAGHER
street? Or was he texting in Toledo? It’s also important to know that Congress President and CEO
Carpenter says long-term data from cell- created the legal framework for getting this United Way Worldwide
phones represents something new: an “unprec- data. Police must present “specific and articula- Alexandria, Va.
edented surveillance time machine.” He does ble facts” showing that the records are “rele-
not dispute that police can get location records vant and material to an ongoing criminal inves- Letters intended for publication should
covering a short term—say, 24 hours—without tigation.” A judge must sign off. If more be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
a warrant. But he argues that tracking a sus- protections are needed, Congress can add them. or emailed to wsj.ltrs@wsj.com. Please
pect’s routine movements for 127 days is quali- But where is the process misused today? If the include your city and state. All letters
tatively different. threat of abuse is as large as privacy activists are subject to editing, and unpublished
There may be an appetite on the Court for claim, they ought to be able to find a better letters can be neither acknowledged nor “I can work for 12 straight hours
returned.
this idea. In a 2012 case, Justice Samuel Alito champion than Timothy Carpenter. without needing a recharge.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
The Peril of Trump’s Populist Foreign Policy
By Robert B. Zoellick
O
ne of America’s senior
statesmen predicted earlier
this year that Donald
Trump’s hunger for success
would push the president
toward a more traditional foreign pol-
icy. I countered that it depends on
how Mr. Trump defines success. We
now have an answer: Mr. Trump’s for-
eign policy reflects his instinct for po-
litical realignment at home, based on
celebrity populism.
Populist movements feed off griev-
ances and impatience with traditional
politics. Frustrations—whether gener-
ated by economic distress, social dis-
placement, or cultural challenges—
His style of deal-making
prizes uncertainty and
brinkmanship, without a
plan for what comes next.
fuel skepticism about institutions and
elites. Challengers (who want to be-
come the new elite) attack traditional
leaders as out of touch, incompetent
and corrupt.
Mr. Trump rallies his supporters
by proclaiming the three presump-
tions of populism. First, it professes
to reflect the will of a scorned peo-
ple. Hillary Clinton called them “de-
plorables.” The will of the people is
intolerant of the give-and-take of plu-
ralism and disdains the identity poli-
tics of the Democratic Party.
Second, populism finds and
blames enemies, domestic or foreign,
who thwart the people’s will. Mr.
Trump has mastered insulting such
scapegoats.
Third, populism needs “the leader,”
who can identify with and embody the
Is It Unreasonable to Expect Cellphone Privacy?
By Jim Harper
A
case that comes before the Su-
preme Court Wednesday may
erode or solidify Justice An-
tonin Scalia’s legacy. How the justices
decide in Carpenter v. U.S. won’t
matter as much as how they reason.
If they use the “reasonable expecta-
tion of privacy” test to decide
whether the government can access
cellphone users’ location data with-
out a warrant, Scalia’s contributions
to Fourth Amendment jurisprudence
will be negated. But if the high court
recognizes that data as owned in part
by cellphone users, Scalia’s legacy
will be secured, along with the Con-
stitution’s safeguards against unrea-
sonable search and seizure.
The plaintiff, Timothy Ivory Car-
penter, was convicted in 2014 of par-
ticipating in a string of armed robber-
ies in the Detroit area and sentenced
to 116 years in federal prison. Investi-
gators obtained court orders netting
127 days of Mr. Carpenter’s cellphone
records, showing that his phone was
in communication with cell towers
near the sites of four robberies. The
court will decide whether investiga-
tors should have gained access to that
data under a relatively low statutory
Hunting Can Be Good for Lions and Elephants
By Terry L. Anderson
And Hannah Downey
T
he debate about hunting lions
and elephants has just come
roaring back. Earlier this
month the U.S. Fish and Wildlife
Service lifted a ban on importing
lion and elephant trophies from
Zimbabwe and Zambia. Just days
later, after an outcry, President
Trump reinstated it. “Put big game
trophy decision on hold,” Mr. Trump
tweeted, “until such time as I review
all conservation facts.”
Although African lions and ele-
phants are listed under the Endan-
gered Species Act, Americans can
import trophies from certain coun-
tries as long as the Fish and Wildlife
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will of the people. Like other populist
leaders, Mr. Trump attacks the alleg-
edly illegitimate institutions that come
between him and the people. His solu-
tions, like those of other populists, are
simple. He contends that the establish-
ment uses complexity to obfuscate and
cover up misdeeds and mistakes. He
claims he will use his deal-making
know-how to get results without ask-
ing the public to bear costs.
Mr. Trump’s foreign policies serve
his political purposes, not the na-
tion’s interests. He says the U.S.
needs to build a wall to keep Mexi-
cans at bay—and Mexico will pay for
it. He asserted he would block Mus-
lims from coming to America to harm
us. His protectionist trade policies
are supposed to stop foreigners from
creating deficits, stealing jobs, and
enriching the corporate elite. Mr.
Trump also asserts that U.S. allies
have been sponging off America. The
U.S. military is supposed to hammer
enemies and not bother with the
cleanup—even if the result, for exam-
ple in Syria, is an empowered axis of
Iran, Shiite militias, Hezbollah and
Bashar Assad’s regime.
The president’s emphasis on dis-
continuity—breaking things—demon-
strates action while disparaging his
predecessors. He pulled out of the
Trans-Pacific Partnership, but the
other 11 countries are proceeding
without the U.S. He wants to destroy
the North American Free Trade
Agreement and strangle the U.S.-Ko-
rea Free Trade Agreement; he also is
threatening the World Trade Organi-
zation’s rules and system for settling
disputes. His style of deal-making
prizes uncertainty and brinkmanship,
which risks escalation, without a plan
for what comes next.
Mr. Trump’s foreign policy repre-
sents a break from postwar presi-
dents of both parties, reaching back
to Harry S. Truman. Other presidents
standard requiring that the informa-
tion be “relevant” to an ongoing in-
vestigation, or whether they should
have asked a court for a warrant
based on probable cause.
Since 1963, the dominant approach
to the Fourth Amendment has been
derived from a solo concurrence in
Katz v. U.S. setting out the reason-
able-expectation-of-privacy test. That
test defines a search as having oc-
curred anytime a government agent
violates a defendant’s reasonable pri-
vacy expectations. It has often oper-
ated as a one-way ratchet against
Fourth Amendment protection, using
curious logic.
Because possession of drugs and
other contraband is illegal, concealing
them is unreasonable. Thus, courts
have held that whatever government
action turns up such contraband is
not a search. Actions that most would
consider searches, such as directing
drug-sniffing dogs at people and fly-
ing planes low over suspects’ houses,
are treated as nonsearches that don’t
require warrants.
Smith v. Maryland (1979) is the
premier precedent supporting govern-
ment access to telecommunications
data. In Smith, government agents
acting without a warrant persuaded a
Service determines that hunting will
enhance the survival of the species
in the wild. After several years of
study, the agency determined that
hunting these species in Zimbabwe
and Zambia would benefit wildlife
conservation.
Environmental activists aren’t re-
assured, and some pledged to sue.
“The Trump administration must
clearly and permanently halt im-
ports of lion and elephant trophies
to protect these amazing animals
from extinction,” said Tanya San-
erib, a senior attorney with the Cen-
ter for Biological Diversity. Mr.
Trump expressed similar concerns.
“Will be very hard pressed to
change my mind that this horror
show in any way helps conservation
Robert Thomson
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OPINION
led an alliance system that recog-
nizes U.S. security is connected to
mutual interests in Europe, the Asia-
Pacific region and the Middle East.
Past presidents believed that the U.S.
economy would prosper in a world of
expanding capitalism, governed by
adaptive rules and practices that
matched America’s competitive and
dynamic markets. Over time, U.S. for-
eign policy strove to expand human
rights, liberty and democracy. Mr.
Trump dismisses this U.S.-led inter-
national system as outdated, too
costly and too restrictive of his case-
by-case deal-making.
The 70-year-old U.S. foreign policy
architecture has been grounded in in-
stitutions. But Mr. Trump disdains
America’s intelligence agencies and is
dismantling the State Department.
His foils at home are the courts, the
press, a clumsy Congress beholden to
antiquated procedures, and even his
own Justice Department.
Mr. Trump’s recent trip to Asia re-
veals that foreigners have taken his
measure. They play to his narcissism.
Baltimore telephone company to place
a pen register on the phone line of a
burglary-and-stalking suspect. The de-
vice captured the numbers of his out-
going calls, showing that he had dialed
the victim’s home number. The Su-
preme Court found there was no rea-
sonable expectation of privacy and
thus no seizure or search.
A case before the Supreme
Court could undo Justice
Antonin Scalia’s Fourth
Amendment legacy.
Today the government interprets
Smith as providing warrantless ac-
cess to troves of data about the loca-
tions and movements of every cell-
phone user, subject to that statutory
relevance standard. That data can
reveal sensitive information, such as
when people seek medical or psy-
chological treatment, where they go
to church, their relationships and
business dealings, attendance at po-
litical events, and more. The appeals
court in Carpenter adopted Smith’s
reasoning.
of Elephants or any other animal,”
he tweeted.
The fear is that allowing trophy
imports will lead to more killing of
animals. To some extent, that’s true.
But encouraging more legal hunting
could actually be a good thing for
endangered wildlife.
Many opponents conflate trophy
hunting with poaching. Pictures fea-
turing dozens of elephants with their
tusks, ears and feet dismembered
may seem to represent the effects of
all elephant hunting. In reality, such
gruesome scenes are created by
poachers who illegally kill elephants,
usually to trade their parts in Asia,
where demand for ivory is high.
Where poaching occurs, it is often in
conjunction with corruption in the
wildlife-regulation system.
Poachers are often local Africans
who lose crops, livestock and family
members to marauding elephant
herds. To them, wildlife is a liability
to be avoided or killed rather than an
asset to be protected. Poaching, not
legal hunting, is what caused Africa’s
elephant populations to drop by 30%
between 2007 and 2014.
Some argue that allowing hunters
to import trophies will make it eas-
ier for poachers to market illegally
killed animals. But bringing a trophy
into the U.S. requires federal per-
mits, and getting those from the
Fish and Wildlife Service takes
mounds of paperwork and months of
careful processing.
In Zimbabwe, officials track and
register all authorized hunts, iden-
tify the nationalities of the partici-
pants, and monitor the value and
number of elephants harvested rel-
ative to the sustainable quota.
With proper monitoring, poachers
Wednesday, November 29, 2017 | A17
CHAD CROWE
He in turn basks in their attention,
diminishes his own country by
blaming past presidents, and preens
with promises of great but unspeci-
fied things to come. Other countries
are preparing for a world in which
they can expect U.S. demands but
can no longer rely on American
leadership.
The president’s need to project an
image of personal power—for his do-
mestic audience and his ego—makes
him more comfortable with authori-
tarian leaders. Presidents Xi Jinping,
Vladimir Putin and Rodrigo Duterte
have noticed, as has part of the Saudi
royal family. Democratic leaders, ac-
countable to public opinion, face a
more complex choice: They can keep
their distance and risk Mr. Trump’s
ire or try to manipulate him through
frequent attention, royal treatment,
golf and courtship of the family.
Yet Mr. Trump’s ride on the populist
wave—and the foreign policy that
matches his politics—faces a big obsta-
cle: Most Americans do not agree with
his approach. Significant majorities
For years, Scalia pointedly
avoided the reasonable-expectation-
of-privacy test. His 2001 decision in
Kyllo v. U.S., for example, addressed
the use of a thermal imaging device
to detect heat patterns emanating
from a home thought to contain a
marijuana-growing operation. Sca-
lia didn’t refer to privacy expecta-
tions in his argument. Rather, he
claimed that when government
agents use an exotic device “to ex-
plore the details of the home that
would previously have been un-
knowable without physical intru-
sion, the surveillance is a ‘search’
and is presumptively unreasonable
without a warrant.”
In 2012, another major Scalia de-
cision again steered around the pot-
holed logic of “reasonable expecta-
tions.” In U.S. v. Jones, Scalia’s
majority opinion found that attach-
ing a Global Positioning System de-
vice to a car without a warrant, and
using that device to monitor the ve-
hicle’s movements, constitutes a
search. In 2015, the Second U.S. Cir-
cuit Court of Appeals in New York
polished Scalia’s logic. Attachment
of the GPS device was “a technical
trespass on the defendant’s vehi-
cle”—a small but important seizure
can be caught and wanton killing
stopped.
When hunting is prohibited, wild-
life bears the cost. Before Kenya
banned hunting in 1977, it was home
to 167,000 elephants. By 2013 the
number had fallen to 27,000, all in
protected areas such as national
parks. That’s because poaching the
animals for bushmeat was rampant.
A government report
makes the case for easing
the ban on importation
of big-game trophies.
A 2012 study found that eliminating
hunting revenues can be bad for
lion conservation because it can
“reduce tolerance for the species
among communities where local
people benefit from trophy hunting,
and may reduce funds available for
anti-poaching.”
When conducted responsibly, tro-
phy hunting is both sustainable and
profitable. Hunters pay not only for
licenses but professional guides and
their staffs. Money flows even to lo-
cal councils that distribute proceeds
to villagers. That turns wildlife from
a liability into an asset.
Two decades ago, the village of
Sankuyo, Botswana, signed on to a
community-based natural-resource
program that emphasized hunting. In
2010 the community earned nearly
$600,000 from the animals, including
22 elephants, hunted that year. The
funds went to local projects, including
to improve water and toilet access.
Wildlife populations also increased.
prefer the fundamentals of the for-
eign policies Mr. Trump is decon-
structing, according to a 2017 survey
of American adults from the Chicago
Council on Global Affairs. Sixty per-
cent say alliances with Europe and
East Asia either are mutually benefi-
cial or mostly benefit the U.S. Record
numbers say international trade is
good for consumers (78%), the econ-
omy (72%) and job creation (57%).
Some 65% support providing illegal
immigrants a path to citizenship, and
only 37% characterize immigration as
a critical threat. All these numbers
have shifted against Mr. Trump’s po-
sitions since the election.
Elected Republicans face a moment
of decision. Voters with a very favor-
able view of Mr. Trump are moving
toward protectionism and against alli-
ances and immigration. Mr. Trump’s
Republican Party pits nationalism
against America’s internationalism,
whereas for 70 years GOP leaders saw
them as two sides of a coin.
Democratic leaders face a chal-
lenge as well. Their voters, especially
younger ones, increasingly support
trade, according to Chicago Council
data. Democrats will need to decide
whether to compete with Mr.
Trump’s isolationist economic na-
tionalism or offer a new vision of
American leadership.
Mr. Trump’s foreign policy repre-
sents a change of type, not simply de-
gree. Previous populist impulses in
the U.S. ran their course, creating op-
portunities for adaptation, not simply
disruption. Patriotic Republican and
Democratic leaders must challenge
Mr. Trump’s foreign-policy destruc-
tion. Political defeat is not the same
as ideological defeat. The debate over
ideas is just beginning.
Mr. Zoellick is a former World
Bank president, U.S. trade represen-
tative and deputy secretary of state.
that put the car to the government’s
purposes.
Gauzy appeals to privacy expecta-
tions only complicate what ought to
be straightforward: Searching is
searching; seizing is seizing.
Cellphone privacy policies give
consumers many rights to control
their telecommunications data. Es-
sentially these are property rights,
which on their own should require
that the government obtain a warrant
before searching and seizing digital
records. In Carpenter the court may
find that such contracts help create
an “expectation of privacy.” Or it may
find that there isn’t a reasonable pri-
vacy expectation. Seizing data and
examining its contents would become
neither seizure nor search, giving
government agents a free hand.
That kind of illogic would be a loss
for Justice Scalia’s legacy. The court
should find that telecommunications
data are owned in part by cellphone
users. A warrant is required for the
government to take such property
and examine it.
Mr. Harper is vice president of the
Competitive Enterprise Institute,
which has filed an amicus brief in
Carpenter v. U.S.
“When hunting was introduced,” a
wildlife-management expert named
Brian Child told the New York Times
in 2015, “we actually ended up killing
less animals.”
Sankuyo demonstrates that if
hunting is to benefit wildlife, it must
first benefit people. If political
structures or corruption prevents lo-
cal communities from benefiting
from the presence of wildlife, there
will be no motivation to fight poach-
ers or find alternative resolutions to
human-animal conflicts.
In 2014, however, Botswana
banned trophy hunting. “Before,
when there was hunting, we wanted
to protect those animals because we
knew we earned something out of
them,” one villager told the Times.
“Now, we don’t benefit at all from
the animals. The elephants and buf-
faloes leave after destroying our
plowing fields during the day. Then,
at night, the lions come into our
kraals.” Without legal hunting to
give wildlife value, poaching and hu-
man-animal conflicts have increased,
and dozens of people have been left
jobless.
Though it is perhaps an uncom-
fortable reality, responsible hunting
can promote wildlife conservation. It
makes wildlife an asset to local com-
munities, which secures the survival
of at-risk species. If the Fish and
Wildlife Service has determined that’s
the case in Zimbabwe and Zambia, a
distaste for hunting shouldn’t be
enough to stand in the way.
Mr. Anderson is a senior fellow at
the Hoover Institution and the Prop-
erty and Environment Research Cen-
ter in Bozeman, Mont. Ms. Downey
is a research fellow at PERC.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A18 | Wednesday, November 29, 2017 THE WALL STREET JOURNAL.

WORLD NEWS

Pope Skirts ‘Rohingya’ in Myanmar Visit

Francis urges leaders The matter has dominated
the pope’s visit, the first to
to embrace all groups, Myanmar by any pope.
but doesn’t directly Cardinal Charles Bo of Yan-
gon, the country’s senior Catho-
name Muslim minority lic cleric, has urged Pope Fran-
cis not to focus on the Rohingya
BY FRANCIS X. ROCCA issue during his visit, and to
AND BEN OTTO avoid using the word “Roh-
ingya,” lest he imply support
NAYPYITAW, Myanmar— for the group’s claim to the sta-
Pope Francis told Myanmar’s tus of an indigenous minority.
political leaders that their coun- The country’s authorities
try’s democratization depends don’t recognize that status
on inclusion of all ethnic and and regard the Rohingya as il-
religious groups, but he avoided legal immigrants from Bangla-
directly referring to the Muslim desh, although many have
Rohingya minority whose treat- lived in Myanmar for genera-
ment he has denounced as reli- tions. By championing the
gious persecution. group inside Myanmar, local

In a speech to civilian leader
Aung San Suu Kyi and other
dignitaries in Myanmar’s capi-
tal on Tuesday, the pope called
on the country to establish a
“democratic order that enables
each individual and every
group—none excluded—to of-
fer its legitimate contribution.”
The pope also praised a
peace process Ms. Suu Kyi ini-
tiated last year to end de-
cadeslong conflicts with vari-
ous ethnic insurgent groups.
But he didn’t directly mention
the military campaign in
Pope Francis, left, and Myanmar’s civilian leader, Aung San Suu Kyi, met with other dignitaries in the capital Naypyitaw on Tuesday.
Myanmar’s western Rakhine
state, which has driven more
than 600,000 Muslim Roh-
ingya across the border into
Bangladesh since late August.
The United Nations and the
U.S. have characterized the
campaign as ethnic cleansing.
Pope Francis has been an
outspoken advocate for the Ro-
hingya. “They are being tor-
tured and killed, simply be-
cause they uphold their Muslim
faith,” the pope said in Febru-
ary. In late August, following
L’OSSERVATORE ROMANO/REUTERS
Catholic leaders have warned,
the pope could provoke a
backlash against the country’s
small community of Christians.
On the other hand, human-
rights activists have said they
would be disappointed if the
pope fails to reiterate his sup-
port for the Rohingya. On
Tuesday, one activist was un-
sparing in his criticism.
the start of the military’s retali- “The pope missed an im-
ation for attacks by Muslim portant opportunity to speak
militants there, the pope called truth to power,” said Phil Rob-
for “our brothers the Rohingya” ertson, deputy director for
to receive their “full rights.” Asia of Human Rights Watch.

China Reasserts Influence on Its Neighbor

BY JAMES HOOKWAY
AND JOSH CHIN
When U.S. Secretary of
State Rex Tillerson deployed
the term “ethnic cleansing” to
condemn Myanmar’s campaign
Myanmar’s civilian leader,
Aung San Suu Kyi, will visit
Beijing soon, Myanmar state
media said.
“China identifies this as a
strategic opportunity,” said
Yun Sun, a senior associate at
A Chinese hydropower proj-
ect was put on hold, and Japa-
nese and Western investment
began trickling into the coun-
try to displace Beijing from its
role as Myanmar’s benefactor.
Now China is regaining
“Belt and Road” plan to build
infrastructure and deepen
trade ties across Eurasia.
“China’s overall objective at
the moment is to demonstrate
to Myanmar’s government and
military that it remains on

ED JONES/AGENCE FRANCE-PRESSE/GETTY IMAGES

against Rohingya Muslims last
week, the country’s army chief
was visiting old friends some-
where else: China.
Senior Gen. Min Aung Hla-
ing enjoyed a guard-of-honor
welcome at the headquarters
of the People’s Liberation
Army in Beijing on Nov. 21. He
dined with one of China’s top-
six commanders, where they
discussed China’s support of
Myanmar. A couple of days
later, the Myanmar general
met with President Xi Jinping.
the Stimson Center think tank
in Washington. “This is a
chance to regain the confi-
dence of the Burmese govern-
ment and...people.”
For years China helped
prop up Myanmar’s economy
under a military junta. But ties
between the two countries
soured when Myanmar’s gen-
erals began introducing demo-
cratic overhauls in 2011, ulti-
mately leading to the election
of Ms. Suu Kyi, a former politi-
cal prisoner,
some of its lost influence. It is
trying to revive stalled proj-
ects, including the hydroplant,
and get access to Myanmar’s
Indian Ocean coast through a
$7.3 billion port and pipeline
project. China’s Citic Group is
in the final stages of talks over
beginning work on the site at
Kyaukphyu. Officials from Citic
and Myanmar didn’t respond
to requests to comment.
China’s diplomatic and
commercial moves are a part
of President Xi’s trillion-dollar
their side whatever comes,”
said Romain Caillaud, director
of risk consultancy Asia Group
Advisors. “That support will
likely come in handy when the
time comes to negotiate or
push through business agree-
ments.” China is already the
biggest cumulative foreign in-
vestor in the country, spend-
ing $18.53 billion since 1988,
according to Myanmar’s gov-
ernment.
—Xiao Xiao Rohingya migrants waited to receive food aid at a relief center in
contributed to this article. the Kutupalong refugee camp in Bangladesh on Tuesday.

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BUSINESS & FINANCE

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Siemens Health IPO Takes Shape Bitcoin

Price
As company slims
down, its board is
expected to firm up
Passes
plans for major division $10,000
BY WILLIAM BOSTON BY PAUL VIGNA
AND STEVEN RUSSOLILLO
BERLIN—Siemens AG, the
German engineering conglom- Bitcoin crossed the $10,000
erate, is readying the most mark for the first time in its
significant step yet in its nine-year history, the latest
yearslong restructuring: the burst in a rally that has trans-
listing of a big chunk of its formed the virtual currency
health-care business, esti- from a curiosity to a hot topic
mated to be worth up to $47 for mainstream investors.
billion. The digital currency on
The company’s board is ex- Tuesday at about 8:30 p.m.
pected Wednesday to hammer Eastern Time passed the
out more details for its plan— threshold to trade at
first disclosed last year—to $10,025.96 and at that level is
KRISZTIAN BOCSI/BLOOMBERG NEWS

float a minority stake in the up 21% just since Friday, ac-

unit, which makes medical cording to research site Coin-
equipment and provides ser- Desk. For the year, it is up
vices for hospitals and diag- 933%, having started 2017 at
nostics laboratories. It com- $968.23. It continued to surge
petes with similar, large units Tuesday evening, and by 10:40
at General Electric Co. and p.m. had traded as high as
Koninklijke Philips NV of the $10,358.31.
Netherlands. It is one of most notable
A decision on where to list A Siemens imaging system displays blood vessels on a screen. The company is planning to list a minority stake in its health-care unit. surges in a generally positive
the health division could come year for asset prices. Through
as soon as Wednesday. The company has said it wants to will be able to more nimbly both diagnosis and treatment. business, now called Health- trading Tuesday, the S&P 500 is
company is leaning toward launch the offering by the navigate a major shift taking Few believe computers will ineers, is Chief Executive Joe up 17% in 2017 and the Dow
Frankfurt after initially favor- middle of next year. shape in medicine. replace doctors anytime soon, Kaeser’s first step to expand Jones Industrial Average has
ing New York, according to Such a partial listing could Hospitals and health-care but they already can scan mil- the business over the next few jumped 21%. The Nikkei 225 is
people familiar with the matter. be worth anywhere between providers are moving from lions of images in seconds to years—in part by strengthen- up 18%. Gold has added about
Siemens isn’t likely to set $6 billion and $12 billion, ac- their current heavy reliance on help identify specific illnesses ing its foothold in imaging 13%, and copper 23%.
the exact size of the initial cording to analysts’ estimates, diagnostic tools like X-rays, CT and rule out others. Mean- equipment and investing in In recent months, investors
public offering yet but is tar- and would rank as one of Eu- scans and MRIs to a health- while, robots are increasingly new areas that promise have set aside doubts about bit-
geting listing a slice of be- rope’s biggest IPOs in years. It care system that leans more on playing a supporting role in growth such as molecular di- coin’s use by criminal elements
tween 15% and 25%, according also would set up a health- digital imaging, genetics, apps surgery. agnostics. and focused instead on the po-
to one of these people. The care giant that Siemens hopes and artificial intelligence for The IPO of the health-care Please see IPO page B2 tentially transformative tech-
nology behind it and the pros-
pect that bitcoin could replace
HEARD ON THE STREET | By Dan Gallagher
AT&T Makes Case for Deal
gold as an investment to hold
when faith ebbs in fiat curren-

Amazon Has the Gift

cies.
“We now have millions of ac-
BY BRENT KENDALL give one company too much Facebook Inc. were doing the tive users,” said Peter Smith,

That Keeps on Giving

control in a rapidly evolving same. chief executive of bitcoin ser-
WASHINGTON—AT&T Inc. media landscape. The companies said there vices firm Blockchain.info. “We
and Time Warner Inc. said an AT&T, in a formal written was nothing anticompetitive didn’t have a million last year.”
explosion of online program- answer to the lawsuit on Tues- about combining Time War- Big institutions such as CME
It’s a big ming has spawned a “golden day, said the video market- ner’s content—like HBO and Group Inc. and Goldman Sachs
week for Am- Elevation age for television—and for place is changing quickly and the Turner networks—with Group Inc. have stoked enthusi-
azon.com. Amazon's segment revenue consumers,” in their first is “intensely competitive,” and AT&T’s distribution of video asm about bitcoin’s place in the
One that per year court filing countering govern- that nothing about the Time through its satellite, broadband world by exploring products
speaks to the ment claims that their planned Warner deal would harm that. and wireless networks. They based on the virtual currency.
company’s in- $300 billion merger would stymie competi- AT&T said online rivals like said merging the two would CME, the world’s biggest ex-
creasing influence across Web services tion and hurt customers. Netflix Inc. and Amazon.com bring benefits to the public. change group, is expected to
many different industries, as 250 Antitrust officials at the Inc. were spending billions of The Justice Department has launch a futures contract based
International
well as the high premium in- North America Justice Department filed suit dollars on developing and argued that a postmerger on bitcoin as soon as the sec-
vestors are willing to pay for 200 last week to challenge the streaming video content, and AT&T would be able to use its ond week of December.
it. deal, alleging AT&T’s acquisi- that leading tech companies expanded leverage to demand For all its appreciation
First, this year’s holiday 150 tion of Time Warner would like Apple Inc., Google and Please see AT&T page B8 among investors, bitcoin is still
shopping season formally controversial. South Korea’s
got under way. Amazon 100 prime minister on Tuesday
doesn’t disclose specific fi-
nancial sales figures for the
season, beyond boasting of
50 INSIDE warned that the lure of fast
money could prove detrimental
and encourage crime.
record sales for its line of 0 The manic rally “has led to
devices. But Adobe Systems, 2014 ’15 ’16 ’17 ’18* ’19* ’20* cases where young people and
which tracks retail data, said *Estimates students get involved with
total online sales during Cy- Sources: the company; FactSet cryptocurrencies to earn
ber Monday hit $6.6 billion, THE WALL STREET JOURNAL. money,” Prime Minister Lee
an increase of nearly 17% Nak-yon said in remarks at a
year over year. The company SunTrust analyst Youssef Tuesday cabinet meeting re-
also reported strong growth Squali. Analysts expect Ama- leased by his office. “If we let
in online sales during zon’s North American and things continue, I feel that it
Thanksgiving and Black Fri-
day.
international segments to
generate about $53.5 billion
VALEANT EDGES CHINESE CARS COPPER PRICES will lead to some serious dis-
torted or pathological phenom-
That will certainly lift in retail net sales for the TOWARD CLOSE IN ON FALL ON CHINA enon.”
Amazon, which is expected
to account for nearly one-
fourth quarter. That would
be a gain of 33% year over
NORMALCY RIVALS DEMAND FEARS Most individual investors
aren’t making much money
quarter of all online sales ac- year, which exceeds the 21% from the rally. About 75% of
tivity in the U.S. during the gain those two segments de- PHARMACEUTICALS, B3 AUTOS, B5 COMMODITIES, B15 bitcoin addresses, also known
holiday season, according to Please see HEARD page B2 Please see BITCOIN page B15

LIQUIDITY

SPY RESILIENCY
PERFORMANCE
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Wednesday, November 29, 2017 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A General Motors...........B5 R
Adobe Systems...........B1 Google ......................... B1 Recorded Future ......... B4
Aetna.........................B16 Grab.............................B2 Reliance
Alstom.........................B2 Greystone....................B6 Communications.....B14
Amazon.com........B1,B16 Guangdong Bo Yu Roark Capital..............B2
Apple...........................B1 Information Rockwell Automation.B3
Arby's Restaurant Group Technology................B4 Rolls-Royce Holdings..B2
.....................................B2 H Royal Dutch Shell.......A1
AT&T.......................B1,B2 Home Partners of S
Avaya...........................B7 America.....................B6 SAIC Motor.................B5
B Huntsman....................B8 Samsung SDI............B16
Berkshire Hathaway.B16 J Siemens.................B1,B4
Blockchain.info............B1 SoftBank Group..........B2
J.B. Hunt Transport
BP................................A1 Southern Copper.......B15
Services.....................B4
Buffalo Wild Wings....B2 Statoil.........................A1
K Sumitomo Metal Mining
BYD............................B16
Kohn Pedersen Fox ...................................B16
C Associates ................ B6 T
CBRE Group.................B6 Koninklijke Philips......B1
Tencent Holdings........A8
Clariant........................B8 L Ten-X Commercial ...... B6
Contemporary Amperex
LaSalle Investment Tesla.....................B4,B16
Technology..............B16
Management.............B6 Time Warner...............B1
CVS Health................B16
LG Chem....................B16 Toyota Motor............B16
CWCapital ................... B6
M Trimble........................B4
D U
Meetup........................B7
Deutsche Post.............B4
Microsoft.....................B2 Uber Technologies ...... B2

DIMAS ARDIAN/BLOOMBERG NEWS

Digital Realty Trust..B14 Umicore.....................B16
Mizuho Bank...............B6
Domino's Pizza...........A1 Unilever.......................B8
Morgan Stanley........B16
Dresser-Rand .............. B2 UnitedHealth Group..B16
N
E V
Namdar Realty Group.B6
Emerson Electric.........B3 Valeant Pharmaceuticals
Nestlé..........................B8
F Netflix..................B1,B16 International.............B3
Facebook New World Valeo............................B2
............. A8,B1,B5,B7,B16 Development.............B6 W
FireEye ........................ B4 Nokia Siemens Wal-Mart Stores.........B4
Ford Motor..................B5 Networks .................. B2 WeWork Cos...............B7 An Uber employee in Jakarta, Indonesia, with drivers for local rival Grab behind him. Grab has experienced faster growth in the region.
Fubon Commercial Bank P

Uber Hits Bumps in Southeast Asia

White Tale Holdings...B8
.....................................B6 Z
Panasonic..................B16
G Pfizer...........................B2 Zhejiang Geely Holding
General Electric .......... B1 Procter & Gamble.......B8 Group.........................B5

INDEX TO PEOPLE
A Farr, David...................B3
Ambani, Anil D.........B14
Aznar, Amy Klein........B6
B Goodenough, John....B16
Bagley, Forth...............B6
Bittles, Bruce............B16
Bredemus, John........B15
C Khosrowshahi, Dara ... B2
Chan, Marcos..............B6
Cheng, Adrian ............. B6
D M
Dobrowski, Thomas....B6
Dong, Hao ................... B4
Drury, Robert..............B6
E-F
Eisenzimmer, Chris.....B6
Entwistle, Brooks.......B2
BY NEWLEY PURNELL
SINGAPORE—When Uber
Technologies Inc. retreated
Northey, William......B16 from China last year after con-
Fishman, Brian............B5 O ceding a costly battle with a
G Oliver, Michael..........B15 local rival, the ride-hailing gi-
P ant vowed to devote new re-
K Pearson, Michael........B3 sources to winning other lu-
Kaeser, Joe..................B1 Phillips, Craig............B15 crative markets in Asia.
Ka-shing, Li.................B6 S Since then, Uber has suf-
Sen, Michael...............B2 fered setbacks in Southeast
L Shanahan, Steve.........B6 Asia, a region of 600 million
Shanmugam, Kannon people, where it has been out-
Leon, Richard..............B8
...................................B14 flanked by another local com-
Shevlin, James............B6 petitor, Grab Inc., which is
Maa, Ming...................B2 Smith, Peter ............... B1
Squali, Youssef...........B1
gobbling up market share.
Maddocks, Vance........B6 Grab has expanded more rap-
Moores, Simon..........B16 X idly, been more nimble in
Moret, Blake...............B3 Xia, Lei........................B4 meeting local preferences, ana-
N Y lysts say, and has forged better
Niesel, Christoph........B2 Yingzhuo, Wu..............B4 relations with regulators.
Grab has more monthly ac-
tive users than Uber across six
Southeast Asian countries, ac-
cording to app analytics firm
App Annie, while a May report
from consultancy Bain found
users across the region prefer
Grab to Uber.
Now Uber investors and an-
alysts say the region might be
the next to be ceded by Uber,
which withdrew from Russia in
July.
One factor is Japanese tech-
investment giant SoftBank
Group Inc., which is set to in-
vest upward of $10 billion in
Uber through a direct invest-
ment and stake purchases
from employees and other in-
vestors.
Late Tuesday, SoftBank pro-
vided existing shareholders in
the ride-hailing company with
details of its offer to buy
shares from them at a roughly
32% discount to Uber’s most
recent valuation. SoftBank said
it is seeking to buy shares for
$32.96 each, compared with
$48.77 in Uber’s last funding
round in June 2016, according
to a person familiar with the
matter.
The offer documents also
included unaudited financials
showing that Uber’s net loss in
the third quarter widened to
$1.46 billion from the $1.06 bil-
lion loss it recorded in the sec-
ond quarter. Revenue grew to
$2.01 billion from $1.65 billion
in the prior period, while gross
bookings, which include rides
and food and freight deliveries,
rose to $9.71 billion from $8.74
billion.
Uber’s adjusted loss, not
including taxes and interest,
was $734 million in the third
quarter, the documents
showed. It previously disclosed
a loss on that basis of $645
million in the second quarter.
SoftBank is also an investor
in Grab, making consolidation
more likely, some Uber inves-
tors say, especially as new
Uber Chief Executive Dara
Khosrowshahi tries to curb
losses from fierce cash-burn-
ing battles ahead of an even-
tual initial public offering.
Brooks Entwistle, appointed
Uber’s chief business officer
for Asia in August, said South-
Investors and
analysts say the ride-
hailing firm might
cede the region.
east Asia is a “critical” and
“growing” market for Uber
where it can apply its global
expertise.
He declined to comment on
a potential Southeast Asia re-
treat, saying he is “focused
right now on running and
building the business.”
Uber doesn’t disclose its
employee count for Southeast
Asia. Grab’s staff has nearly
doubled from 1,600 last year to
more than 3,000 today. Grab in
July announced a $2.5 billion
injection from a SoftBank-led
group, fueling its growth. Grab,
which only operates in South-
east Asia, has expanded from
operating in 30 cities in 2016
to more than 150 today. Uber
has grown from 15 to 60 cities
in the region during that time.
Grab President Ming Maa, a
high-profile deal maker previ-
ously at SoftBank and Goldman
Sachs Group Inc., declined to
comment on the possibility of
a merger. Grab is now focused
on becoming a wider-ranging
platform, providing not just
transportation but also mobile
payments, he said.
How Uber has failed to win
in the region offers lessons for
Mr. Khosrowshahi. While both
Grab and Uber offer a variety
of transportation options, such
as private-car, motorcycle and
carpool bookings, Grab has
added locally popular vehicles
such as motorcycles with cov-
ered sidecars or three-wheeled
“trikes” that are used widely
in the Philippines. And Grab
appears to have a larger sup-
ply of vehicles across far more
cities, which has been key to
attracting users outside major
metropolitan areas.
—Greg Bensinger
and Jake Maxwell Watts
contributed to this article.

HEARD about 40,000 attendees to its other big tech peers be- ward earnings over the past
LUCAS JACKSON/REUTERS

Continued from the prior page
livered for the period last
year.
A Buffalo Wild Wings restaurant in New York The kickoff of the holiday
shopping period also comes
on the same week as AWS
Las Vegas to hear about the
company’s latest service of-
ferings and possibly some
price reductions. AWS is ex-
pected to generate $17.3 bil-
lion in revenue this year, up
42% from the year before
and still well ahead of com-
peting public cloud services
cause it has managed to
build sizable and expanding
businesses that serve both
consumers and businesses.
And AWS has helped Ama-
zon generate much larger
profit margins than its retail
side ever did.
Investors have long been
10 years, according to Fact-
Set. But Amazon is now up
60% this year, having added
about $214 billion in new
market value, which is
roughly the size of compa-
nies like AT&T and Pfizer.
That has put the stock above
190 times forward earnings

Arby’s Set to Buy re:invent, the annual confer-

ence for Amazon’s cloud ser-
vices business. This year’s
from Microsoft and Google.
The success of AWS has
made Amazon an unusual
willing to pay a formidable
price for Amazon’s growth
prospects. The stock has av-
going into year-end, a con-
siderably large bet that the
Everything Store can keep

Buffalo Wild Wings event is expected to draw hybrid even compared with eraged about 122 times for- doing it all.

BY IMANI MOISE

Buffalo Wild Wings Inc.

more than 1,200 locations
world-wide.
The chain has recently been
IPO Slimming Down
After years of restructuring, Siemens is focused on eight core businesses.
said Tuesday it has agreed to hurt by rising chicken prices Continued from the prior page Siemens segment revenue (4Q 2017*)
be purchased by Arby’s Res- and slumping traffic in its res- Siemens’s health-care busi-
taurant Group Inc., taking the taurants. The company’s man- ness has built a lead in the Healthineers Power and Gas Energy Digital Factory Process Siemens Mobility Building
restaurant chain private for agement also faced pressure sort of high-end hardware that (diagnostic Management Industries Gamesa Tech-
$2.44 billion in cash. from Marcato Capital Manage- fill hospitals’ imaging wings. imaging) and Drives Renewable nologies
Arby’s, which is controlled ment LP as the activist inves- More recently, it has pushed Energy
by Roark Capital Group Inc., tor pushed the company to into smaller imaging systems
will buy the Minneapolis- franchise more stores, boost that can be used during sur- €3.71B €3.65 €3.44 €3.15 €2.39 €2.33 €2.23 €1.76
based restaurant chain for profit margins, increase sales gery or noninvasive treatment
$157 a share. Including debt, and replace its chief executive. to provide doctors with infor- Profit/Loss €702M €303 €311 €501 €69 –€92 €189 €213
the deal is valued at roughly Despite the surge in price mation that wasn’t previously
Profit margin 19% 8.3% 9.0% 15.9% 2.9% 8.5% 12.1%
$2.9 billion. after news of a deal, shares at available.
Tuesday’s close were down When the company outlined €1 = $1.19 *Fiscal year ended Sept. 30 Source: the company THE WALL STREET JOURNAL.
8.8% from a year earlier. its health-care strategy in Au-

$2.44B
Roark Capital bought con- gust, Michael Sen, a board broader efforts begun in the the DAX index of German blue Siemens also listed its Osram
trol of Arby’s from Wendy’s member overseeing the 1990s to modernize and chips. However, Siemens lighting group in 2013.
Co., then called Wendy’s/ Healthineers IPO, said Siemens streamline Siemens’s portfolio. shares have delivered total re- —Olaf Ridder in Frankfurt
Arby’s Group Inc., in 2011 for was taking the division public For years, the company was turn in dollar terms of 53%, contributed to this article.
Price Arby’s has agreed to pay to $130 million in cash. The pri- “because it will give us the re- effectively Europe’s answer to compared with minus 10% for
acquire Buffalo Wild Wings vate-equity firm focuses on sources that we need for GE, making power plants, elec- GE, says Mr. Niesel.
franchise-based companies growth and acquisitions.” tricity grids, washing ma- GE wasn’t available for
and also has investments in The health-care business is chines, lightbulbs, telecommu- comment.
Carvel, Auntie Anne’s Pretzels one of Siemens’s most profit- nications networks, mobile Mr. Kaeser has made sev-
Shares in Buffalo Wild and Carl’s Jr. able divisions. In the year phones, personal computers eral acquisitions including the
Wings rose 6.3% to $155.60, Arby’s is known for its ended Sept. 30, Healthineers and trains. The two companies gas-turbine and compressor
33% above its closing price on roast-beef sandwiches and op- reported €2.5 billion ($2.97 have competed fiercely for de- business of Rolls-Royce Hold-
Nov. 13 when The Wall Street erates over 3,300 locations billion) pretax profit on reve- cades in a number of fields in- ings PLC and Dresser-Rand,
Journal initially reported world-wide. Before being nue of €13.8 billion, a profit cluding power generation the U.S. turbine maker. The
Roark Capital had made an of- taken private, Arby’s struggled margin of 18.1%, up from 17.2% equipment and health care. $7.6 billion purchase of
fer to buy the chain. to keep customers coming the previous year. Overall, While Siemens had long Dresser-Rand now looks
After the transaction, which through the doors during the Healthineers accounted for been seen as lacking the effi- poorly timed. Earlier this
is expected to close in the first economic slump in 2008 be- 17% of Siemens’s revenue and ciency of GE, Mr. Kaeser’s re- month, Siemens said it would TRUSTED NEWS AND
quarter of next year, Buffalo cause its premium meat sand- 30% of earnings. structuring has helped level cut 6,900 jobs in its power- INSIGHTS
Wild Wings will be a privately
held subsidiary of Arby’s.
wiches were more expensive
than other fast-food options.
Mr. Kaeser has been trying
to rein in the sprawling con-
the playing field in some in-
vestors’ eyes.
and-gas division amid falling
demand.
ON THE GO.
Buffalo Wild Wings, which The deal is the latest ripple glomerate since he took “Siemens has no need to But Mr. Kaeser has sold off WSJ APP FOR iOS.
is known for its sports-bar at- in a wave of consolidation in charge of the company four hide,” said Christoph Niesel, a far more assets, including a
mosphere and chicken meals, the restaurant industry. In years ago, shedding underper- portfolio manager at Union In- major stake in the company’s
DOWNLOAD NOW
was founded in 1982 and went April, European investment forming units such as telecom- vestment, one of Germany’s railway business to Alstom
public in 2003. fund JAB Holding Co. agreed munications and household largest investment funds and a SA, its stake in telecommuni-
The company had 220 res- to buy Panera Bread for appliances and focusing on a Siemens shareholder. cations-equipment maker
taurants in the U.S. when it roughly $7 billion. Earlier this narrower field of more-profit- Since Mr. Kaeser took con- Nokia Siemens Networks, and
made its debut as a public month, JAB’s Panera agreed to able businesses. trol in July 2013, Siemens its share of a joint venture ©2017 Dow Jones & Co., Inc. All rights reserved. 1DJ2461

company. It now operates buy Au Bon Pain. Those steps accelerated shares have underperformed with auto supplier Valeo SA.
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THE WALL STREET JOURNAL. Wednesday, November 29, 2017 | B3

BUSINESS NEWS

Emerson
Abandons
Valeant Edges Toward Normalcy
CEO leads turnaround billion comes due in 2020. Mr.

Takeover push after turbulence,

noting, ‘This isn’t like
Papa said the business’s return
to growth will come in part from
new products like eye-surgery

Proposal flipping a light switch’

BY ALLISON PRANG
After making multiple of-
fers to buy Rockwell Automa-
tion Inc., Emerson Electric
device Stellaris Elite, glaucoma
drug Vyzulta and a psoriasis lo-
tion in development. Sales from
BY JONATHAN D. ROCKOFF such new products, he said,
could help the company reduce
BRIDGEWATER, N.J.—Inside its debt to a manageable level.
the standard-issue conference “Our goal is not to get it to
room at a garden-variety subur- zero. We’d be comfortable in

DOMINICK REUTER FOR THE WALL STREET JOURNAL

Co. said Tuesday it was re-
scinding its offer because of
the target company’s board’s
“unwillingness to engage in
discussions.”
Emerson had tried three
times to buy the Milwaukee-
based Rockwell. An offer re-
buffed earlier this month
called for Emerson acquiring
Rockwell at $225 a share—60%
in cash and 40% in stock—for a
total value of about $29 billion
at the time. That compared
with a $215-a-share offer put
forward in October and one in
August valued at $200 a share.
Both offers were equal parts
cash and stock.
St. Louis-based Emerson
thought the deal would help
accelerate its growth.
“Instead of engaging in con-
structive dialogue, the Rock-
well Board decided to let this
unique and value-generative
opportunity go unexplored,”
said Emerson Chief Executive
David Farr in prepared re-
marks.
Shares of Rockwell rose
3.2% on Tuesday, while Emer-
son shares gained 3.7%.
In a letter sent earlier this
month to Mr. Farr, Rockwell
CEO Blake Moret said his com-
pany decided the proposal
wasn’t in the best interests of
the company or its sharehold-
ers. Rockwell said Tuesday its
board and management team
“are committed to the execu-
tion of our strategy.”
“While Emerson may see
this proposed acquisition as
necessary to enhance its
growth and earnings potential
and expand its capabilities in
the industrial automation and
information market, Rockwell
Automation does not,” Mr.
Moret said in the letter.
ban office park here, executives
at Valeant Pharmaceuticals
International Inc. prepared to
discuss routine business.
“We always start with qual-
ity,” Valeant CEO Joseph Papa
said to kick off the recent meet-
ing. Among the topics that fol-
lowed were familiar drug-com-
pany items, like the progress of
marketing to key doctors, plans
to enhance the company’s
401(k), the supply chain.
Normalcy hasn’t been the
norm at Valeant for a while.
The company has been Exhibit
A of corporate turbulence
since 2015, a span when its
drug-price increases and ac-
counting were attacked, top
executives were ousted. Also
its market capitalization nose-
dived 94%, erasing about $84
billion in worth, more than the
equivalent of Caterpillar Inc.
Mr. Papa, the low-key drug-
industry veteran hired 18 months
ago to turn around Valeant, said
it has returned to pharmaceuti-
cal-business-as-usual and is now
on a path to recovery. The com-
pany noted recent growth in its
Bausch & Lomb eye-care and
Salix gastrointestinal-drug busi-
nesses, which combined repre-
sent about three-quarters of its
revenue.
Yet Valeant faces a steep
climb to good health. The com-
pany is saddled with a hefty
$26.2 billion in debt, even after
Mr. Papa sold assets to pay off
$6 billion in loans. And some
analysts say the company will
face a tough time reducing ob-
ligations further because it
can’t afford to buy new prod-
ucts or count on a strong pipe-
line for new moneymakers.
Valeant’s stock price, which
closed Tuesday at $16.40, has
fallen nearly 50% since Mr.
Chief Executive Joseph Papa has been taking steps to reduce the drugmaker’s $26.2 billion in debt.
Papa took over.
Mr. Papa, sitting in a con-
ference room overlooking
high-school ballfields, ac-
knowledged the challenges but
says the company isn’t getting
enough credit for its progress.
“We have something that
will grow,” he said in an inter-
view. “This isn’t like flipping a
light switch. You can’t walk in
and say, ‘All good now.’ It’s go-
ing to take some time.”
Under Mr. Papa’s predeces-
sor, Michael Pearson, Valeant
was one of the hottest stocks
on Wall Street. Shares soared
1,883% as Mr. Pearson signed
dozens of deals—rather than
investing in research—to add
new products and sales.
To pay for the deal making,
Valeant racked up more than
$32 billion in debt. After
Valeant failed to buy Botox
maker Allergan Inc. and insurers
clamped down on the company’s
pricey drugs and sales practices,
Wall Street questioned
whether the company would
be able to generate enough
sales to repay the obligations
and to justify its share price.
Valeant announced it was
hiring Mr. Papa from drug com-
pany Perrigo Co. in April 2016,
the same week a Senate com-
Debt Burden
Valeant Pharmaceuticals is still one of the most highly leveraged
publicly held health-care companies.
COMPANY
Quorum Health
Kindred Healthcare
Community Health Systems
Valeant Pharmaceuticals
Tenet Healthcare
Becton Dickinson
Teva Pharmaceutical
Acadia Healthcare
Endo International
Catalent
Note: Data are as of the third quarter except for Becton Dickinson and Teva (second quarter)
Source: Fitch Ratings
mittee was holding a hearing
on the company’s drug-price in-
creases. Within weeks, Mr. Papa
was forced to cut Valeant’s fi-
nancial forecast due to the poor
performance of skin drugs.
“Just name all the different
things we had to rebuild,” Mr.
Papa said.
Mr. Papa said he and his team
have taken steps to eliminate big
REVENUE
DEBT-TO-EARNINGS RATIO (IN BILLIONS)
12.33
8.57
7.99
7.77
7.75
6.86
5.56
5.45
4.97
4.57
THE WALL STREET JOURNAL.
price increases. They have inte-
grated Valeant’s acquisitions,
while improving accounting
practices and selling “noncore
assets” in order to focus on gas-
trointestinal, skin and eye prod-
ucts and pay down debt, he said.
Now the company, which is
based in Quebec but has cor-
porate offices in New Jersey,
doesn’t owe debt until $4.4
that $15 billion to $20 billion
range,” Mr. Papa said.
This month, Moody’s Inves-
tors Service raised its outlook
to stable from negative, citing
improved liquidity and sales
growth expected from
Valeant’s gastrointestinal-drug
and eye-health businesses.
Yet several equity analysts
advise against buying the
stock, given the still-high debt.
Valeant needs to generate
cash to pay down debt further,
analysts say, but it sold off its
most desirable assets. Some
drugs that once fueled sales
are losing patent protection,
while management is overly
optimistic about remaining
products like irritable-bowel
drug Xifaxan and psoriasis
$2.1 therapy Siliq, the analysts say.
6.5 Mr. Papa’s dual challenge of
trying to run a typical drug
16.8 company and dealing with high
debt was on display at the re-
9.0
cent executive committee meet-
19.1 ing attended by a reporter.
Valeant leaders said the
12.2 numbers of doctors prescribing
Siliq and insurers covering it
23.4
were increasing “as planned.”
2.8 They outlined efforts to find
new suppliers of drug ingredi-
3.9 ents, and crowed about how
Preservision eye vitamins will
2.2
be featured in Costco Whole-
sale Corp. stores next year.
When it came to Valeant’s
debt-repayment schedule,
Chief Financial Officer Paul
Herendeen said the company
has “runway” to “focus on the
business” because it doesn’t
need to make a payment be-
fore 2020. Then he acciden-
tally referred to millions of
dollars owed, not billions.
Mr. Papa raised an eyebrow
and cracked: “I wish it was
$4.4 million.”

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B4 | Wednesday, November 29, 2017 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech
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U.S. Takes Aim at Chinese Hacking

BY JOSH CHIN eign Ministry said at a regular
news briefing Tuesday that he
BEIJING—A Chinese inter- wasn’t aware of the situation
net-security firm that research- surrounding Boyusec, but said
ers say is behind sophisticated China is “resolutely opposed” to
attacks on Western energy and cyberhacking in any form.
defense companies disbanded According to the U.S. indict-
this month amid U.S. accusa- ment, Messrs. Dong and Wu,
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES

tions that some of its share-
holders were involved in hack-
ing and theft of trade secrets.
A U.S. Department of Justice
indictment unsealed Monday al-
leged that three Chinese nation-
als hacked into the emails of a
Moody’s Analytics economist
and also stole confidential busi-
ness information from German
engineering giant Siemens AG.
The indictment identified the
three as employees of Guang-
dong Bo Yu Information Tech-
nology Co., also known as Boy-
usec. Filings with a Chinese
government-run credit database
show that Boyusec was deregis-
tered Nov. 17. The filings also
list two of those named in the
indictment, Dong Hao and Wu
Yingzhuo, as among Boyusec’s
primary shareholders.
Messrs. Dong and Wu
couldn’t be reached to comment
Tuesday. Boyusec’s listed phone
number rang unanswered, and
an email to a company address
didn’t elicit a response.
U.S. cybersecurity firms
FireEye and Recorded Future
link Boyusec to a Chinese hack-
ing group—known as APT3 or
Presidents Xi Jinping and Barack Obama in 2015.
Gothic Panda—that has tar-
geted Western firms, govern-
ments and defense companies
by using previously undiscov-
ered security holes in software
called zero-day exploits.
“APT3 is a capable operator,
carrying out cyberespionage ac-
tivity against a wide range of
targets, though their activity
has decreased in recent years,”
said Bryce Boland, Asia Pacific
chief technology officer at Fire-
Eye.
He added FireEye found that
email addresses of individuals
affiliated with Boyusec were
used to register domain names
along with another Chinese na-
tional, Xia Lei, targeted a
Moody’s economist’s emails in
2011. The indictment provided
numerous details about the
economist in question, and they
closely match the background
of Moody’s chief economist
Mark Zandi. Mr. Zandi declined
to comment and referred ques-
tions Monday to a Moody’s
spokesman, who declined to
comment on its economist. Mr.
Xia couldn’t be reached for
comment.
used by APT3. In 2015 and 2016, the alleged
Monday’s indictment is the hackers also stole information
first filed by the U.S. since Chi- from Siemens’s energy, technol-
nese President Xi Jinping and ogy and transportation busi-
then-U.S. President Barack nesses and from the networks
Obama agreed in 2015 that of GPS developer Trimble Inc.,
their governments wouldn’t di- the indictment said.
rect or support hacking for A Siemens representative
commercial purposes. said the company doesn’t com-
U.S. officials sought China’s ment on “internal security mat-
assistance in halting Boyusec’s ters” but that it “rigorously”
activities in October but re- monitors its networks.
ceived “no meaningful re- A representative for Trimble
sponse” and so decided to make said the company had re-
the charges public, a Justice sponded to the attempted hacks
Department spokesman said and determined they had “no
Monday. meaningful impact” on its
A spokesman for China’s For- business.

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * Wednesday, November 29, 2017 | B5

TECHNOLOGY WSJ.com/Tech

Facebook Targets
Terror Groups’
Propaganda Online
BY SAM SCHECHNER nipulated its platform to sway
AND DEEPA SEETHARAMAN American political discourse,
later acknowledging that
Assailed for not doing roughly 126 million Americans
enough to combat online mis- saw at least one of more than
information and extremism, 80,000 posts from pages
Facebook Inc. says it is mak- spawned by the pro-Kremlin

TREFOR MOSS/THE WALL STREET JOURNAL

ing big strides in one area: re-
moving propaganda posts and
accounts from Islamic State
and al Qaeda.
The social-media company
said Tuesday that it has in re-
cent months focused on train-
ing artificial-intelligence soft-
ware to identify extremist
content specifically from those
two terrorist groups to hone
its automated technology.
Facebook says that has
group Internet Research
Agency between June 2015 and
August 2017.
Twitter Inc. and YouTube, a
unit of Alphabet Inc.’s Google,
have also been under fire over
the past year for allowing mis-
information, hateful speech
and terrorist content to spread
across their platforms.
The deeper challenge for
Facebook’s push to use A.I. to The Lynk 01 at a launch event on Tuesday. It is positioned between Volvo’s premium vehicles and Geely’s mass-market cars.
counter online extremism is

Chinese Cars Close In on Rivals

boosted the speed with which
it removes posts and accounts
from the groups compared
with when it announced the
initiative in June—with 99% of
the content it removes from
the groups detected before be-
ing flagged by Facebook users.
Now, Facebook executives
acknowledge, comes the hard
part: translating some of that
narrow success to a broader
deluge of extremist content,
from white supremacist
groups’ pages to hate speech
posts—or even Islamic State
videos that sport a different
look to avoid the automated
dragnet.
“One of the dangers there is
that we’re dealing with a nim-
ble set of organizations that
frequently change the way that
they behave,” said Brian Fish-
man, lead policy manager for
counterterrorism at Facebook.
“We need to keep training our
machines so that they stay
current.”
Facebook is stepping up its
counterterrorism activity at a
time when it and other tech
firms are being buffeted on
topics ranging from their
treatment of smaller rivals to
their role in spreading political
misinformation.
In September, Facebook. ad-
mitted that Russian actors ma-
that A.I. tools are only as good
as the data that are used to
train them. Tech platforms like
Facebook rely heavily on soft-
ware to sift through the reams
of content posted to their sites
every day. But they need huge
numbers of categorized terror-
ist videos and pictures they
can use to train their algo-
rithms what to look for—
something that might not al-
ways be available.
Islamic State and al Qaeda
“are prolific in creating con-
tent, and it makes it easier to
train” a machine to identify it,
said Monika Bickert, Face-
book’s head of global policy
management. About 83% of
known terror content, includ-
ing images, videos or text
posts, are taken down within
an hour of being posted on
Facebook, Ms. Bickert said.
Another roadblock is that
many postings and pages, par-
ticularly text postings, require
judgments from content re-
viewers—leading the firm to
increase their ranks. Facebook
will employ 7,000 content re-
viewers by the end of 2017, up
from 4,500 in May, Ms. Bickert
said. Ms. Bickert said a subset
of each content reviewer’s de-
cisions is audited by Facebook
every week to ensure quality
and accuracy.
BY TREFOR MOSS
NINGBO, China—A new auto
brand, Lynk & Co., hit the mar-
ket in China on Tuesday, part of
an effort by domestic car mak-
ers to broaden their appeal by
offering upscale vehicles capa-
ble of matching foreign rivals.
Targeting young buyers by
offering a next-generation vehi-
cle with free wireless connec-
tivity and car-sharing services,
Lynk’s rollout reflects the grow-
ing ambitions of Chinese auto
makers aiming to move beyond
the production of cheap cars for
a domestic audience.
After China, Lynk plans to
expand to Europe and then the
U.S., as its parent company,
Zhejiang Geely Holding Group
Co., strives to become a global
player.
“China is reshaping the
global automobile industry at
the highest level,” Geely’s presi-
dent, An Conghui, said at a
sales kickoff event.
Geely executives contend
Lynk is a tech brand as much as
a car brand, as the internet and
automotive worlds continue to
overlap. The brand—positioned
between the premium vehicles
made by subsidiary Volvo Cars
and the mass-market cars of
Geely Auto—will worry over-
seas competitors, such as Ford
Motor Co. and General Motors
Co.’s Chevrolet, struggling in
the world’s biggest auto mar-
ket, where passenger-car sales
have grown by only 2% this
year, said Yale Zhang, managing
director of consulting firm Au-
The brand targets
younger buyers with
free wireless and car-
share services.
tomotive Foresight.
“Local [Chinese] cars are
now the ones that really offer
the best value for the money,”
Mr. Zhang said. “They will in-
clude more features, like con-
nectivity, at a lower price.”
Hangzhou-based Geely has
outperformed the sluggish
China market this year, its sales
rising 80% in the first nine
months. Even so, “it’s a good
strategy to have a new brand”
above its mass-market cars,
said Leo Hu, a credit analyst
with S&P Global Ratings, as
China’s premium autos are de-
livering stronger growth than
the overall market. Premium
sales have increased this year
by roughly one-fifth, according
to S&P.
The Lynk 01, a gasoline-pow-
ered sport-utility vehicle, went
on sale in China on Tuesday fol-
lowing a launch at the Ningbo
Speedway, two hours south of
Shanghai. With a sporty design
and smart features including
voice-operated music stream-
ing, the Lynk car shares up to
90% of its underlying technol-
ogy with its Volvo cousins, said
Geely Auto Vice President Mats
Fagerhag.
Electric versions of the Lynk
01 will follow, with other mod-
els set to join the range soon,
he said.
Lynk put 6,000 cars on sale
online earlier in November to
test demand, and they all sold
within two minutes. The price
of a Lynk 01 starts at around
$24,000. That is more than
Geely’s popular Boyue SUV,
which starts at around $14,800,
and slightly lower than the
Chevrolet Equinox SUV, which
is also selling strongly in China.
The Lynk launch comes
weeks after the debut of Pole-
star, Volvo’s new premium elec-
tric-car brand.
Geely isn’t the first Chinese
auto maker to try to expand its
portfolio to reach new custom-
ers. Last year, Great Wall Mo-
tors Co., China’s top seller of
SUVs, rolled out a brand called
Wey, positioned above its main-
stream line. SAIC Motor Corp.,
the country’s largest auto
maker, has recently found suc-
cess with its Roewe marque.
The Roewe RX5 uses an operat-
ing system developed by tech-
nology titan Alibaba Group
Holding Ltd. to offer connectiv-
ity similar to that being prom-
ised by Lynk.
In November, Zotye Auto—
which plans to build electric
cars in a joint venture with
Ford—unveiled a new brand,
Traum, that is positioned above
its core offering.
Chinese brands selling for
around $25,000 are something
that local auto makers “would
never have imagined 10 years
ago,” said Automotive Fore-
sight’s Mr. Zhang.

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B6 | Wednesday, November 29, 2017 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Tax Plan Threatens Affordable Housing
Rehabilitation of older and 1980s, according to Chris
Eisenzimmer, director of Grey-
projects could be stone Affordable Development,
hampered if lucrative the Greystone unit orchestrat-
ing the recent deal. Back then,
breaks are eliminated low-income housing often was
financed by limited partners
BY PETER GRANT who purchased them primarily
for the tax losses, he said.
Work crews are about to be- New Community,created af-
gin a $160 million effort to up- ter the 1968 riots in Newark,
grade 842 subsidized housing has owned a small piece of the
units in Newark, N.J., where equity and managed them. Rent
the poverty rate is high and has been subsidized through
residents pay as little as $80 a the Section 8 program of the
month for rent because their U.S. Department of Housing
incomes are so low. and Urban Development.
Financing for the effort, The Low Income Housing
which includes a sale and refi- Tax Credit program became
nancing of the properties, is the primary source of equity
coming mostly from the sale of financing for affordable hous-
low-income housing tax credits ing in 1986, when President
and a combination of tax-ex- Ronald Reagan pushed through
empt and taxable debt pro- the last major tax-code over-
vided through Freddie Mac haul. Part of the tax-credit
NEW COMMUNITY CORPORATION

and Greystone & Co., a leading program would be preserved

real-estate finance and invest- under the House bill but the
ment company. part tied to private-activity
But the financing machine bonds would effectively end.
for such rehabilitation projects As part of the Newark deal,
is now in jeopardy, a potential the original limited partners
casualty of the push to over- are selling the projects for
haul the U.S. tax code. $75.9 million to tax-credit in-
Backers of the Newark pro- The Roseville Senior building in Newark, N.J., is one of the subsidized housing projects managed by New Community Corp. vestors. But the sellers, who
gram, which wouldn’t be af- achieved their investment
fected by the tax overhaul, ar- New Community Corp. The schools, to finance facility of affordable rental housing in additional tax revenue over a goals through tax losses, aren’t
gue that preserving existing nonprofit organization man- projects. If the tax bill be- 2015, according to Novogradac. decade, according to the non- pocketing much of the pro-
affordable housing is as impor- ages the Newark units, located comes law, affordable-housing “Our anecdotal experience partisan Joint Committee on ceeds, Mr. Eisenzimmer said.
tant as creating new units. in four properties and more production would be reduced suggests this trend is continu- Taxation, which prepares offi- Rather, a portion of the pro-
That is often missed in the than 30 buildings, some of by about 700,000 units during ing, if not increasing the use of cial estimates for Congress. ceeds are going to pay off ex-
current debate over affordable which are restricted to senior the next decade, according to [private-activity bonds] for re- Private-activity bonds isting debt on the properties.
housing, which has been heat- citizens. “The importance of an analysis by Novogradac & habilitation of rental housing,” would be retained by the ver- Also, the original limited part-
ing up nationwide as supply what we’re doing is to give Co., an accounting firm spe- said Michael Novogradac, sion of the bill passed by the ners are reinvesting much of it
drops to historic lows, indus- these units another 25 years of cializing in real estate. managing partner at the firm. Senate Finance Committee. back in the properties in the
try executives say. Over the life as affordable housing.” Apart from construction, Republican proponents of Congressional Republicans and form of a subordinate loan, Mr.
decades, tens of thousands of The House version of the the changes also could cripple the House tax bill say numer- the Trump administration hope Eisenzimmer said. “A lot of
affordable units have been lost bill to overhaul the tax system, the business of rehabilitating ous tax exemptions need to be to have a final bill by year-end. these transactions may not
to neglect, disrepair and, most passed this month, would kill existing affordable-housing eliminated to finance cuts in Maintenance and upgrades pencil out unless you scale back
recently, changing markets. the tax exemption on “private units. No one tracks the personal and corporate rates are crucial to preserve afford- construction or if you have sell-
“A lot of affordable housing activity” bonds, which are amount spent on upgrades that would be included. Elimi- able housing, especially de- ers like these who are willing
is in areas that are beginning used by affordable-housing de- each year, but 57% of private- nating the exemption on pri- cades-old projects. to work with you,” he said.
to gentrify,” said Richard velopers, as well as hospitals, activity bond proceeds were vate-activity bonds would gen- The Newark properties were —Richard Rubin
Rohrman, chief executive of nursing homes and charter used for acquisition and rehab erate $38.9 billion of mostly developed in the 1970s contributed to this article.

Hong Kong Offices
Get Style Makeover
BY DOMINIQUE FONG
A Hong Kong real-estate ty-
coon opened the first phase of
a billion-dollar redevelopment
project with a new skyscraper
that will test whether his for-
mula for artsy office space can
transform an old waterfront
into a thriving business hub.
Adrian Cheng, executive
vice chairman of property gi-
ant New World Development,
envisions a blend of polished
style for the 918-foot-tall of-
fice-and-hotel tower at the
edge of the Tsim Sha Tsui dis-
trict, with a limestone-clad ex-
PLOTS &
PLOYS
REITS
Firms Raise Funds
more mainland Chinese firms In Tough Climate
pile into Hong Kong’s tradi-
tional centers of banking and Two big real-estate invest-
finance, pushing up prime of- ment managers have finished
fice rents, more multinational raising capital for private-equity
companies based in those hubs funds despite concerns about ris-
are moving out. ing interest rates and the aging
Mainland Chinese firms of a long-running bull market.
now make up about 17% of CBRE Global Investors, the
Grade A office stock in Hong asset-management arm of CBRE
Kong’s Central District, com- Group Inc., closed a $1.34 billion
pared with 13% four years ago, fund that will focus on investing
said Marcos Chan, head of re- in the Americas, primarily the
search at CBRE Hong Kong. In U.S., according to Vance Mad-
the latest example, this month docks, the firm’s chief invest-
billionaire Li Ka-shing closed ment officer of the Americas.
on a $5 billion deal to sell his Meanwhile, LaSalle Invest-
stake in a Central District sky- ment Management has closed
NKF

terior, sleek white walls and scraper to a Chinese state- on a debt fund that focuses on
art pieces handpicked by Mr. owned firm. River Valley Mall in Lancaster, Ohio, was marketed last year through an online auction. Western Europe, primarily the
Cheng. At least two large foreign U.K., with £804 million ($1.07 bil-

Sales of Malls Go Online

“I don’t want to use the banks—Japan’s Mizuho Bank lion) in commitments. This is the
word ‘office’ even, it’s an ate- and Taiwan’s Fubon Commer- third European debt fund raised
lier space,” said Mr. Cheng, re- cial Bank—last month moved by LaSalle, which has become
ferring to the French name for into the K11 Atelier tower. one of the largest nonbank real-
an artist’s workshop. He is the In all, a little more than a BY ESTHER FUNG pany started offering online online marketplace for their estate lenders on the continent,
grandson of New World’s late quarter of the commercial mall auctions in 2012 and has properties,” said Steve Shana- according to Amy Klein Aznar,
founder, Cheng Yu-tung. real-estate space in the 66- With more retailers shutter- done 50 transactions thus far. han, executive managing direc- LaSalle’s head of debt invest-
The skyscraper, called K11 story building is offices, and ing stores across the U.S., Potential buyers are encour- tor at Real Capital Markets, ments.
Atelier, anchors the Cheng the rest will be used for a some property owners and aged to do their due diligence adding that he expects more The closings come at a time
family’s $2.6 billion Victoria planned Rosewood hotel and managers are trying to unload before the auction to confirm mall transactions to be carried when the fundraising environ-
Dockside project. The water- residences, a luxury chain the weak malls at a faster pace. the property fits their invest- out online and they won’t be ment has become tougher for
front area is a popular shop- Chengs also own. Roughly 70% The quickest and easiest ment strategy before compet- limited to distressed or weak private-equity firms and other
ping and tourist destination, of the office space is now way to do that, it turns out, is ing with others in the bidding malls. real-estate investment manag-
and the project is expected to leased. online. process, which could last as Mr. Dobrowski had mar- ers. So far this year, private-eq-
revitalize the area. One of the early concerns In July, Midway Mall in long as two days or as little as keted two malls this year that uity real-estate firms have raised
While other gigantic water- about London’s Canary Wharf Elyria, Ohio, was sold for $4.5 two hours. were transacted via online $95.9 billion, according to re-
front projects such as Canary was that it came alive during million via an online auction Typically, the property is auctions: Vista Ridge Mall in search firm Preqin. Last year
Wharf in London took years to the 9-to-5 workday but fell hosted by Ten-X Commercial, marketed for a period of 45 to Lewisville, Texas, and River firms raised $126 billion, down
take off, Mr. Cheng said his dead at night, said Forth an online real-estate transac- 60 days before the auction, Valley Mall in Lancaster, Ohio. from $135.1 billion in 2015,
blending of office space with Bagley, a principal at New tion marketplace. Privately and the winner has to pay a Some online buyers with Preqin said. —Peter Grant
upscale art and design will be York-based Kohn Pedersen held commercial real-estate in- nonrefundable deposit within cash on hand simply prefer not
a hit with big-name companies Fox Associates, which de- vestment and management a day of the auction and close to compete with buyers who MORTGAGES
trying to lure younger workers. signed K11 Atelier. firm Namdar Realty Group the transaction within 30 days. require more time for evalua-
“The new generation of tal- New World hopes its space purchased the single-story, “Online auctions for proper- tion or to secure loans. Loans Feature Tiny
ent and workers, they want to will be more active, by making 585,606-square-foot mall for ties have evolved over the past “We don’t feel that we’d get Down Payments
have a space where they can it easy for people to walk from $8 a square foot, according to five years. They have become the value if it wasn’t done that
be an artist,” Mr. Cheng said. the street curb to the water- data from Real Capital Analyt- more mainstream,” said way,” said John Bushman, The down payment has been
“Companies want to stimulate front Avenue of the Stars ics. Thomas Dobrowski, executive chairman and chief executive a big obstacle in recent years for
and motivate workers to ex- promenade, a walkway famous The mall, built in 1965, was managing director of capital officer of ICA Properties Inc., renters looking to buy their first
press themselves.” for showing the handprints of foreclosed on last year and its markets at real-estate services an Odessa, Texas, commercial- homes. A new mortgage aims to
New World also is set to Chinese and Hong Kong movie mortgage was transferred to firm Newmark Knight Frank. property firm that recently ease the burden.
gain from a cultural shift un- stars and for panoramic views LNR Partners LLC, a special Online auctions include bought Vista Ridge Mall for Home Partners of America, a
der way in Hong Kong. As of the Hong Kong skyline. servicer that oversees work- standardized contracts and de- $18.1 million through an online rent-to-own company, is offering
outs of troubled loans. posits, which lead to more cer- auction. The mall was ICA’s a mortgage product to tenants
As online shopping takes a tainty of execution, said James first online property purchase. that applies some of the appreci-
bigger bite out of bricks-and- Shevlin, managing director at The two-level, 1.05 million- ation in their home’s value during
mortar retail, landlords are us- CWCapital LLC, a commercial square-foot mall had been val- the time they have lived there
ing some of the same tools real estate services firm that ued at $144 million in 2001, toward reducing the down pay-
that helped make their proper- owns Real Insight Market- before declining foot traffic ment. In areas with even modest
ties obsolete in the first place. place, an online auction plat- and increased store closures home-price appreciation, that
Sellers and their brokers in- form. Real Insight Marketplace began to take a toll. The mall could reduce the down payment
creasingly are looking to sell on Tuesday closed on a sale of was appraised at $46 million requirement to almost nothing.
online, said Robert Drury, se- a mall in Moreno Valley, Calif., in June 2016 and then at $34.5 To qualify, tenants must have
BILLY H.C. KWOK/BLOOMBERG NEWS

nior vice president of Ten-X’s
commercial division. The web’s
reach “means that sellers are
able to more easily find the
right buyer for their property
and ensure they receive maxi-
mum value,” Mr. Drury said.
So far this year, Ten-X Com-
mercial has done 10 mall
Adrian Cheng prefers to refer to the offices as ‘atelier’ space. transactions, he said. The com-
for $60.25 million that re-
ceived bids from six interested
buyers.
Another firm, Real Capital
Markets, which also runs an
online auction program, said it
carried out 68 mall transac-
tions in 2016 and 57 year to
date, up from 38 malls in 2015.
“Sellers want a transparent
million in February 2017, ac-
cording to real-estate research
firm Trepp Inc.
Most mall transactions are
still done the old-fashioned
way, using brokers. But bro-
kers said some assets are bet-
ter suited for online auctions,
including lower-tier malls that
fetch less than $20 million.
paid their rent on time for two
consecutive years and be consid-
ered first-time buyers, meaning
they haven’t owned a home in
the past three years. Home Part-
ners was started about five
years ago and has purchased
nearly 8,000 homes in more
than 50 metropolitan areas.
—Laura Kusisto
THE WALL STREET JOURNAL. Wednesday, November 29, 2017 | B7

BUSINESS NEWS

Avaya to Emerge
From Bankruptcy
BY LILLIAN RIZZO
Troubled telecommunica-
tions company Avaya Inc. re-
ceived court approval of its re-
organization plan Tuesday,
clearing the way for it to exit
bankruptcy after cutting its
debt load by about $3 billion.
an additional 5% equity stake.
The revised plan also in-
cluded an increased payment to
the Pension Benefit Guaranty
Corp., Avaya’s largest unsecured
creditor. The payment was in-
creased to $340 million from
$300 million, while the equity
stake was lowered from 7.5% to

ANDREW SPEAR FOR THE WALL STREET JOURNAL

The capstone event for the
company comes less than a year
after it sought bankruptcy pro-
tection because of a hefty debt
load, much of which stemmed
from a leveraged buyout, and a
string of losses over the years.
5.5%, according to court papers.
Avaya struggled to keep up
with its pension plans, which
were depleted after years of ul-
tralow interest rates. The com-
pany’s qualified pensions, which
have always been backed by the
PBGC, cover about 1,700 active
workers and 13,000 retirees,

$3B
court papers show. These plans
had paid out $55 million to
beneficiaries per quarter.
A small portion of these re- Meetup co-founder Scott Heiferman at the company’s New York office in 2015. Its events are mostly at night and on weekends.

WeWork to Acquire Meetup

Telecom company’s debt load
was cut by this amount.
Judge Stuart Bernstein of
the U.S. Bankruptcy Court in
New York signed off on the
plan Tuesday.
“This is a momentous day,”
said Avaya attorney Jonathan
Henes. “This case was filed on
Jan. 19 and got done in less
than a year. ”
Although the company’s
path to reorganization was a
bumpy road, Avaya’s chapter 11
plan “received overwhelming
support,” Mr. Henes added.
Earlier in the court proceed-
ings the company and its credi-
tors, at the suggestion of Judge
Bernstein, decided to bring their
differences to mediation.
The changes in the revised
reorganization plan were
aimed at winning the support
of second-lien creditors, which
came down to allocating the
group a 4% interest in the re-
structuring company, an in-
crease from the 1% offered un-
der the original plan. In
addition, the second-lien cred-
itors will receive warrants for
tirees also received supple-
mental pension checks, which
were stopped early in Avaya’s
bankruptcy process. These
supplemental pensions will be
treated as unsecured claims,
according to court papers.
General unsecured creditors,
owed an estimated $305 mil-
lion, will see a recovery of $57.5
million in cash. Meanwhile,
first-lien creditors will take a
90.5% equity stake, or an esti-
mated 92.6 cents on the dollar.
While the plan seeks to cut
billions of dollars in debt by
giving creditors control of the
company, Avaya will exit bank-
ruptcy protection with fresh
debt on its balance sheet.
Avaya secured nearly $3 bil-
lion in exit financing. The com-
pany received commitments
from a syndicate of banks led
by Goldman Sachs & Co. and
Citibank N.A. for $2.4 billion in
an exit loan and a $300 million
asset-based facility, court pa-
pers show. This, combined with
$500 million in new second-lien
debt, will allow Avaya to
emerge from chapter 11 protec-
tion with more than $3 billion
in debt, nearly half of its pre-
bankruptcy debt load.
Deal is part of effort
by $20 billion startup
to boost usage rate
during nonworking hours
BY AUSTEN HUFFORD
WeWork Cos. said it is buy-
ing Meetup Inc., as the richly
funded office-sharing company
seeks to bring more visitors
into its growing array of real
estate.
With the deal, WeWork
hopes to increase its usage
rate during nonworking hours.
Most traditional clients use
spaces on weekdays, while
Meetup-organized events
mostly happen on nights and
weekends.
Meetup helps organizations
and clubs host events and
boost membership. More than
100,000 people have attended
meetups at WeWork locations
so far this year, the companies
said Tuesday. term leases for raw office
Financial terms of the deal space and builds out the inte-
weren’t disclosed. rior with flexible spaces and
WeWork’s purchase of modern design that it then
Meetup comes as more compa- subleases for terms as short as
nies are considering in-person a month.
networks to drive growth. Ear- Meetup, which was founded
lier this month, Facebook Inc. in 2002 and, like WeWork, is
relaunched a new app called based in New York, charges
“Facebook Local” focused on event organizers a monthly fee
events and local restaurants. depending on a group’s size.
The move came after Chief Ex- Organizers of Meetups can
ecutive Mark Zuckerberg then choose to charge event
changed Facebook’s mission attendees.
statement and said it would Meetup said more than
work to help fix a “striking de- 15,000 events are held each
cline in the important social in- day through its platform.
frastructure of local communi- In recent months, WeWork,
ties.” which had been valued at $20
Earlier this year, Snap Inc. billion, has unveiled many
launched a new maps feature deals and new ventures to help
for its flagship app, allowing expand its business. WeWork
opted-in users to see the loca- recently said it would buy Lord
tion of their friends, helping & Taylor’s flagship New York
them connect in real life. City store for $850 million to
WeWork has pitched itself turn it into its headquarters.
to investors as a “physical so- The company also purchased
cial network” for millennials. a large stake in
The company takes on long- Wavegarden, which makes
Group Efforts
Meetup and WeWork figures:
15,000+ Meetups
daily, mostly weeknights, weekends
10 million square feet
Of WeWork space, mostly
occupied on weekdays
100+ countries
are home to Meetups
58 cities, 17 countries
are home to 170+ WeWork spots
Source: the companies
THE WALL STREET JOURNAL.
wave pools; launched fitness
club Rise by We; bought a cod-
ing academy called the Flatiron
School that offers crash courses
in technology; and announced
plans for an elementary school
called WeGrow that aspires to
teach children about the virtues
of entrepreneurship.

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B8 | Wednesday, November 29, 2017 THE WALL STREET JOURNAL.

BUSINESS NEWS

Unilever Tilts Toward Unification Activist

Takes Jab
Anglo-Dutch firm says
moving to single share
class would be good
At Clariant
BY BRIAN BLACKSTONE
for investors and itself
ZURICH—Activist investor
BY SAABIRA CHAUDHURI White Tale Holdings accused
Clariant AG of misrepresenting
LONDON—Unilever PLC’s their discussions about the
board is leaning toward unify- company’s future, escalating
ing the Anglo-Dutch consumer- the war of words between the
goods company’s dual gover- Swiss chemicals firm and
nance structure, a move that shareholders who derailed a
investors have said over the merger with U.S.-based Hunts-
years could help streamline de- man Corp. last month.
cisions and ease deal making. “We have never advocated
The current structure—es- the breakup of the company de-
sentially a combination of a spite the false claims by Clari-
British and a Dutch operating ant,” said White Tale, which
firm, each with its own with a 20%-plus stake is the
shares—has been in place since company’s largest shareholder.
Lever Bros., an English soap It wants an investment bank to
maker, and Margarine Unie, a conduct an independent review
Dutch margarine producer, of all strategic alternatives.
agreed to join forces in 1929. The comments come after
The structure has evolved since Clariant on Friday dismissed
then, but the company contin- most of the investor’s demands,
ues to operate like separate le- including the hiring of an in-
HELEN H. RICHARDSON/GETTY IMAGES

gal entities fused under a vestment bank to explore stra-

groupwide set of senior manag- tegic options, which the com-
ers and directors. Unilever’s pany characterized as an effort
current head offices are split to solicit bids for its assets.
between London and Rotter- Clariant did offer White Tale
dam in the Netherlands. one seat on its board, although
In a statement Tuesday, this was short of the three po-
Unilever said the board had sitions the activist had sought.
determined that “unification The company reiterated its
with a single share class would views Tuesday and said it
be in the best interests of Uni- Ice cream lovers in Denver come out for Free Cone Day at Ben & Jerry’s. The brand is owned by Unilever. would give White Tale more in-
lever and its shareholders,” sights into its strategy if the in-
providing “greater ongoing tive Paul Polman fended off an ated for decades as two dis- ier options or more local prov- Moving to a single share vestor agrees to sign a nondis-
strategic flexibility for value- unsolicited $143 billion bid by tinct companies, loosely joined enance. class would also eliminate cer- closure agreement.
creating portfolio change.” No Kraft Heinz Co. earlier in 2017, under a common management Critics have complained Uni- tain administrative burdens. “Clariant’s board of direc-
decision has been reached yet, he promised a number of mea- team and board, until 2004. lever’s structure is unwieldy Board members must attend tors maintains that the strate-
however, and a structural re- sures to appease shareholders, Unilever is facing an indus- and can interfere with deal back-to-back shareholder meet- gic review desired by White
view continues. including buybacks, a higher trywide downturn buffeting making, including by hindering ings in London and Rotterdam Tale would be only limited to
The company, which makes profit-margin target and a stra- consumer-goods firms. It and the company’s ability to use once a year. portfolio management without
Hellmann’s mayonnaise and tegic review of its underper- its competitors, including stock to make big acquisitions. Unilever also said Tuesday strategic insights and thus in-
Ben & Jerry’s ice cream, said forming margarine business. Procter & Gamble Co. and The shares of the two operat- that it stood by its 2017 guid- tended to solicit bids for parts
whatever the final decision, it Mr. Polman also said the Nestlé SA, are struggling with ing companies, Unilever PLC ance. The company said it con- or the whole of Clariant,” the
would maintain listings in the company would review rapidly changing consumer and Unilever NV, aren’t con- tinued to expect underlying company said.
Netherlands, the U.K. and the whether to end its unusual dual tastes. Sales have slowed as vertible and the value of a sin- sales growth of 3% to 5%, an White Tale said it met last
U.S. and would remain subject structure, a setup particular to shoppers shy away from the gle share in each company improvement in underlying op- week with Clariant’s board but
to British and Dutch corporate big firms with British and global brands these companies must remain equal. That makes erating margin of at least 1 per- dismissed the meeting as “per-
governance codes. Dutch heritage. Royal Dutch make and toward smaller it tough to issue new stock to centage point and strong cash functory,” saying it lasted less
After Unilever Chief Execu- Shell PLC, for instance, oper- brands that often offer health- fund a deal. flow delivery. than two hours.

AT&T
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Business Real Estate

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FLORIDA Continued from page B1

that rival cable and online
video distributors pay more
for the right to carry Time
Warner’s networks.

  
 

 
AT&T and Time Warner
criticized that assertion, citing
Google’s new “YouTube TV”
service, which launched with

 
     the four main broadcast net-
works, ESPN and other chan-
TBS/EVERETT COLLECTION

   
 

nels, but no Time Warner


 
     channels.
 
     That example “confirms not
only that the television eco-

  
        

 
 
system is awash in content,

   

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works are not, in any antitrust Zooey Deschanel makes a guest appearance on Turner Broadcasting’s late-night television show ‘Conan.’

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+)  )) )
)  /0 attracting and retaining sub- Turner division has offered the Turner networks, which in- Leon hasn’t yet scheduled any
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scribers,” the companies said video distributors licensing clude TBS, TNT and CNN. initial proceedings in court.
in the filing. terms for seven years that en- Turner also would be forbid- In a separate filing late

 
  The companies also said title those distributors to arbi- den from “going dark” on Tuesday, AT&T and Time War-



 that, contingent on the closing tration if they can’t reach sat- those video distributors during ner proposed that Judge Leon
   
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of the merger, Time Warner’s isfactory agreements to carry any impasse that results in ar- start a trial on Feb. 20, 2018
bitration, the companies said. and schedule 10 days of pro-
AUCTIONS MARYLAND
A Justice Department ceedings. The companies said
spokesman said the govern- they were at an impasse with

  
 ment was reviewing the com- the government on reaching a
panies’ filing. scheduling timeline. They said

 
 The department’s lawsuit, the Justice Department was

   

       
 filed Nov. 20 in a Washington, proposing that a trial start on
$%&  ' 
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THE WALL STREET JOURNAL. NY Wednesday, November 29, 2017 | B9

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B10 | Wednesday, November 29, 2017 NY THE WALL STREET JOURNAL.

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% CHG-Daily percentage change from the previous trading session. GlbXSciBetaAsiaXJ SCIX 26.58 0.8 ProShrUltraInd UXI 68.61 2.3 BarclaysETN+Select ATMP 19.11 -0.2
GlbXSciBetaUS SCIU 30.81 1.2 ProShrUMdCp400 MVV 120.50 2.7 CTrksETNsMillerHwd MLPC 14.40 -1.2
To advertise: 800-366-3975 or WSJ.com/classifieds GSActiveBetaUSLC GSLC 52.55 1.0 ProShrUltraQQQ QLD 74.14 0.5 CSX2xAlerianMLPETN AMJL 17.02 -2.7
Tuesday, November 28, 2017 GS Active US SC GSSC 43.15 0.3 ProShrUltraRus UWM 70.85 3.2 Cushing30ETN PPLN 18.58 -2.5
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32.90
46.45
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Luxfer LXFR 14.83 -0.3 ClearbridgeEngyMLP EMO 9.97 -1.5 GlbX GuruIndex GURU 29.04 0.5 ProShrUltraDow30 DDM 122.70 2.1 AlerianMLPETF AMLP 9.95 -0.3
ehedrick@pcrmc.com MFS HiIncoMuni CXE 5.51 2.8 ClearbridgeEnMLPTR CTR 10.46 -1.6 GlbX JPM US SecRot SCTO 25.98 1.5 ProShrUltraFnl UYG 121.64 3.6 iPathS&P500VIXST VXX 31.05 -1.3 Continued On Page B11

Cash Prices | WSJ.com/commodities Tuesday, November 28, 2017

Only $29! These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
You would be hard pressed separate from the futures price on an exchange, which reflects what the commodity might be worth in future
to find a timepiece of this months.
outstanding quality
Tuesday Tuesday Tuesday
and precision at
Energy Mexican peso-e 1569.98 Cotlook 'A' Index-t *82.35
this price.
Austria crown-e 1272.85 Hides,hvy native steers piece fob-u n.a.
Propane,tet,Mont Belvieu-g 1.0068
Austria phil-e 1360.28 Wool,64s,staple,Terr del-u,w n.a.
Butane,normal,Mont Belvieu-g 1.0291
NaturalGas,HenryHub-i 2.910
Silver, troy oz.
Engelhard industrial 17.1100 Grains and Feeds
NaturalGas,TranscoZone3-i 2.880
Engelhard fabricated 20.5320 Barley,top-quality Mnpls-u n.a.
NaturalGas,TranscoZone6NY-i 2.970
Handy & Harman base 16.8650 Bran,wheat middlings, KC-u 98
NaturalGas,PanhandleEast-i 2.410
Handy & Harman fabricated 21.0810 Corn,No. 2 yellow,Cent IL-bp,u 3.1050
NaturalGas,Opal-i 2.620
 NaturalGas,MarcellusNE PA-i 2.350
LBMA spot price £12.8400 Corn gluten feed,Midwest-u,w 95.6
(U.S.$ equivalent) 17.0700 Corn gluten meal,Midwest-u,w 477.3
“Are you kidding? NaturalGas,HaynesvilleN.LA-i 2.760
Coins,wholesale $1,000 face-a 12649 Cottonseed meal-u,w 235
What a great watch Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Other metals Hominy feed,Cent IL-u,w 92
at a ridiculous price.
LBMA Platinum Price PM *948.0 Meat-bonemeal,50% pro Mnpls-u,w 215
Thank you Stauer!”
Platinum,Engelhard industrial 959.0 Oats,No.2 milling,Mnpls-u 2.7725
Metals
— Gitto, Hicksville NY Platinum,Engelhard fabricated 1059.0 Rice, 5% Broken White, Thailand-l,w 390.00
Gold, per troy oz Palladium,Engelhard industrial 1017.0 Rice, Long Grain Milled, No. 2 AR-u,w 25.00

It’s Enough to MakeYou Engelhard industrial 1301.86 Palladium,Engelhard fabricated 1117.0 Sorghum,(Milo) No.2 Gulf-u 7.4775
Engelhard fabricated 1399.50 Aluminum, LME, $ per metric ton *2109.5 SoybeanMeal,Cent IL,rail,ton48%-u 320.30
Copper,Comex spot 3.0705 Soybeans,No.1 yllw IL-bp,u 9.5500

Blue in the Face

Handy & Harman base 1291.85
Iron Ore, 62% Fe CFR China-s 67.0 Wheat,Spring14%-pro Mnpls-u 7.5200
Handy & Harman fabricated 1433.95
Shredded Scrap, US Midwest-s,w 276 Wheat,No.2 soft red,St.Louis-bp,u 4.2350
LBMA Gold Price AM *1294.70 622
Steel, HRC USA, FOB Midwest Mill-s Wheat - Hard - KC (USDA) $ per bu-u 3.7425
Time to take a stand against overpriced watches with the LBMA Gold Price PM *1294.90 Wheat,No.1soft white,Portld,OR-u 5.3225
Stauer Urban Blue, now only $29. Krugerrand,wholesale-e 1347.32 Fibers and Textiles
Maple Leaf-e 1360.28
Burlap,10-oz,40-inch NY yd-n,w 0.6200
Food

Y ou need a new watch…the one you are

wearing was made when Nixon was in
office, but extravagantly-priced watches that
we’re busy revolutionizing the watch industry
to bring you more real value, you can take your
own stand against overpriced watches with
American Eagle-e 1360.28 Cotton,1 1/16 std lw-mdMphs-u 0.7139 Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u 188.22
select 1-3,600-900 lbs.-u 167.69
add zeros just because of a high falootin’ name the Urban Blue.
Broilers, National comp wghtd-u,w 0.8613
are an insult to your logic. Why shell out big Your satisfaction is 100% guaranteed. Wear To the Policyholders of Butter,AA Chicago 2.1850
money so some foreign company can sponsor the Urban Blue for 30 days. If you’re not 154.00
another yacht race? It’s time to put an end to convinced that you achieved excellence for less, THE GUARDIAN LIFE INSURANCE Cheddar cheese,bbl,Chicago
Cheddar cheese,blk,Chicago 161.00
such madness. It’s absolutely possible to have send it back for a refund of the item price. The COMPANY OF AMERICA Milk,Nonfat dry,Chicago lb. 73.00
the highest quality, precision classic timepiece Urban Blue is one of our fastest sellers. It takes Notice of Annual Election of Directors Cocoa,Ivory Coast-w 2345
without the high and mighty price six months to engineer this watch so don’t Coffee,Brazilian,Comp 1.2380
tag. Case in point: The Stauer Urban Blue. wait. Take a stand against overpriced watches Coffee,Colombian, NY 1.4381
Packed with high-end watch in impeccable style. Limited to the first 1900 The Annual Election of Directors of The Guardian Life Eggs,large white,Chicago-u 1.7550
performance and style, minus the high- responders to this ad only. Don’t miss Insurance Company of America will be held at its Home Flour,hard winter KC 15.30
end price tag. It’s everything a high-end out...call today! Office, located at 7 Hanover Square, New York, NY 10004 Hams,17-20 lbs,Mid-US fob-u 0.69
watch should be: Sturdy stainless steel and on December 13, 2017. The polls will open at 10:00 AM Hogs,Iowa-So. Minnesota-u 62.95
genuine leather construction. Precision and remain open until 4:00 PM on that day. Policyholders Pork bellies,12-14 lb MidUS-u 1.6691
timing that’s accurate to four seconds a Stauer Urban Blue Watch $199† whose policies or contracts are in force on the date of the Pork loins,13-19 lb MidUS-u 0.8582
day––that’s more precise than a 27-jewel Offer Code Price $29 + S&P Save $170 election and have been in force at least one year prior to Steers,Tex.-Okla. Choice-u n.a.
automatic watch priced at over $6,000. And, the election date are entitled to vote in person or by proxy. Steers,feeder,Okla. City-u,w 165.88
good looking–– with simple, clean lines 1-800-333-2045 Proxies may be obtained from the Office of the Corporate
and a striking metallic blue face. Secretary, The Guardian Life Insurance Company of Fats and Oils
Your Insider Offer Code: UBW244-02 America, 7 Hanover Square, H-27-A, New York, NY 10004
“Blue watches are one of the growing style You must use this insider offer code to Corn oil,crude wet/dry mill-u,w 33.7500
trends seen in the watch world in the past or through Guardian’s website at www.guardianlife.com/
get our special price. Grease,choice white,Chicago-h 0.2500
few years”––WATCHTIME® about-guardian/corporate-governance.
Lard,Chicago-u 0.3750
† Special price only for customers using the offer code versus
Your great escape from the over-priced Soybean oil,crude;Centl IL-u 0.3300
the price on Stauer.com without your offer code. Harris Oliner
watch craze. At Stauer, we go directly to the Tallow,bleach;Chicago-h 0.2650
Senior Vice President
source (cutting out the middleman), and Tallow,edible,Chicago-u n.a.
and Corporate Secretary
engineer our own watch designs. This means
we can offer a top quality timepiece that Stauer ®
Rating of A+
happens to only cost the same as two well- 14101 Southcross Drive W., Dept. UBW244-02 KEY TO CODES: A=ask; B=bid; BP=country elevator
bids to producers; C=corrected; E=Manfra,Tordella &
made cocktails at your favorite bar. So, while Burnsville, Minnesota 55337 www.stauer.com
Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas
Intelligence;
Precision movement • Stainless steel caseback and crown • Cotswold™ mineral crystal L=livericeindex.com; M=midday; N=nominal; n.a.=not
• Date window • Water resistant to 3 ATM • Genuine leather band fits wrists 6 ¾"–8 ¾" quoted or not available; R=SNL Energy; S=Platts-TSI;
T=Cotlook Limited; U=USDA; W=weekly, Z=not
Smar t Luxuries—Surprising Prices™ quoted. *Data as of 11/27

Source: WSJ Market Data Group

For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Wednesday, November 29, 2017 | B11

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Gallagher AJG 66.63 0.92 EliLilly LLY 85.05 0.24 PublicStorage PSA 209.43 -5.50 TransCanada TRP 49.64 -0.10 ADP ADP 111.22 1.08 LibertyFormOne C FWONK 36.83 -0.41
Arca, NYSE MKT and Nasdaq Stock Market listed t-New 52-week low. s Gap GPS 30.98 0.98 LincolnNational LNC 74.83 1.57 s PulteGroup PHM 33.24 0.45 TransDigm TDG 277.06 3.07 Baidu BIDU 244.03 -2.99 LibertyBraves A BATRA 22.39 0.13
securities. Prices are composite quotations that dd-Indicates loss in the most recent four GardnerDenver GDI 31.23 -0.23 s LionsGate A LGF.A 34.46 0.55 QuestDiag DGX 93.35 0.85 s TransUnion TRU 55.61 0.02 BankofOzarks OZRK 46.13 1.85 LibertyBraves C BATRK 22.51 0.16
include primary market trades as well as trades quarters. Gartner IT 119.49 1.17 s LionsGate B LGF.B 32.74 0.50 s RELX RENX 23.27 0.13 Travelers TRV 133.01 2.53 Biogen BIIB 317.14 5.41 LibertySirius C LSXMK 40.53 -0.32
reported by Nasdaq OMX BXSM (formerly FD-First day of trading. Gazit-Globe GZT 10.09 -0.30 s LiveNationEnt LYV 46.41 1.02 s RELX RELX 24.01 0.18 TurkcellIletism TKC 9.04 -0.09 BioMarinPharm BMRN 82.56 -0.40 LibertySirius A LSXMA 40.50 -0.36
Boston), Chicago Stock Exchange, CBOE, National h-Does not meet continued listing GeneralDynamics GD 204.19 3.12 LloydsBanking LYG 3.52 -0.01 RPM RPM 52.72 0.66 TurquoiseHill TRQ 3.02 ... s BlueBuffaloPet BUFF 30.58 0.34 LincolnElectric LECO 89.79 1.60
Stock Exchange, ISE and BATS. standards GeneralElec GE 18.41 0.29 LockheedMartin LMT 319.01 2.31 RSP Permian RSPP 35.76 -0.49 Twitter TWTR 21.83 0.01 bluebirdbio BLUE 166.45 -1.30 LogitechIntl LOGI 35.52 0.06
The list comprises the 1,000 largest companies lf-Late filing GeneralMills GIS 54.84 0.79 s Loews L 50.11 0.51 RalphLauren RL 94.52 2.15 TylerTech TYL 180.09 3.83 BrighthouseFin BHF 58.01 0.40 LogMeIn LOGM 120.85 1.40
based on market capitalization. q-Temporary exemption from Nasdaq GeneralMotors GM 44.92 0.75 Lowe's LOW 81.68 1.85 RaymondJames RJF 87.04 1.75 s TysonFoods TSN 81.15 -0.09 Broadcom AVGO 277.40 -7.22 lululemon LULU 67.37 1.24
Underlined quotations are those stocks with requirements. s Genpact G 32.34 0.46 LyondellBasell LYB 104.94 0.56 Raytheon RTN 188.75 1.90 UBS Group UBS 17.31 0.17 CA CA 32.69 0.06 MarketAxess MKTX 193.43 4.87
large changes in volume compared with the t-NYSE bankruptcy GenuineParts GPC 89.34 1.72 M&T Bank MTB 164.34 4.84 RealtyIncome O 55.88 -0.34 UDR UDR 39.43 -0.07 s CDK Global CDK 69.47 0.60 Marriott MAR 126.90 -0.03
issue’s average trading volume. v-Trading halted on primary market. Gerdau GGB 3.36 0.03 MGM Resorts MGM 33.25 -0.42 s RedHat RHT 129.24 1.04 UGI UGI 47.93 0.04 CDW CDW 69.42 2.97 MarvellTech MRVL 23.27 -0.11
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Gildan GIL 31.88 0.46 MPLX MPLX 34.65 -0.64 RegencyCtrs REG 67.99 0.57 US Foods USFD 27.63 0.34 s CH Robinson CHRW 81.53 1.99 MatchGroup MTCH 30.50 -0.11
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, GSK GSK 35.92 0.37 s MSCI MSCI 129.35 0.60 RegionsFin RF 16.00 0.48 UltraparPart UGP 22.34 -0.04 s CME Group CME 145.12 3.05 Mattel MAT 18.24 0.01
previous closing price was $2 or higher. or securities assumed by such companies. s GlobalPayments GPN 103.55 -0.34 Macerich MAC 63.87 0.06 s ReinsGrp RGA 161.71 2.10 Unilever UN 58.61 0.85 CSX CSX 52.13 1.47 MaximIntProducts MXIM 53.86 0.57
GoDaddy GDDY 50.45 -0.44 Macy's M 22.17 0.96 RepublicSvcs RSG 63.50 0.85 Unilever UL 57.54 0.89 CadenceDesign CDNS 45.19 0.05 MelcoResorts MLCO 26.26 0.07
Goldcorp GG 13.03 -0.19 MagellanMid MMP 65.54 -0.16 ResMed RMD 85.19 0.51 UnionPacific UNP 118.80 1.64 CaesarsEnt CZR 13.25 0.10 MercadoLibre MELI 269.84 -2.78
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and GoldmanSachs GS 239.41 4.30 MagnaIntl MGA 54.98 0.90 RestaurantBrands QSR 65.99 0.09 UnitedContinental UAL 60.19 1.10 Carlyle CG 20.30 -0.50 MicrochipTech MCHP 90.58 1.65
changes in the closing prices from 4 p.m. the previous day. Graco GGG 131.84 1.78 s Manpower MAN 130.38 2.26 RioTinto RIO 48.71 -0.17 UnitedMicro UMC 2.65 0.03 Cavium CAVM 87.56 -0.04 MicronTech MU 47.93 -0.12
Grainger GWW 211.57 8.47 ManulifeFin MFC 21.10 0.03 s RobertHalf RHI 55.91 1.00 UPS B UPS 115.19 0.65 s CboeGlobalMkts CBOE 122.72 2.22 Microsemi MSCC 54.45 -0.09
Tuesday, November 28, 2017 Net Net GreatPlainsEner GXP 34.19 0.23 MarathonOil MRO 14.56 0.08 Rockwell ROK 197.13 6.09 s UnitedRentals URI 156.60 3.24 Celgene CELG 103.99 0.66 Microsoft MSFT 84.88 1.01
Stock Sym Close Chg Stock Sym Close Chg GrubHub GRUB 68.23 -0.36 MarathonPetrol MPC 62.22 0.34 RockwellCollins COL 132.33 -0.08 US Bancorp USB 53.02 1.30 CentennialRsc CDEV 19.83 -0.20 Middleby MIDD 124.70 4.48
Net GpoAvalAcc AVAL 8.37 -0.04 Markel MKL 1091.48 9.25 RogersComm B RCI 53.23 -0.68 UnitedTech UTX 117.71 0.59 Cerner CERN 69.75 0.23 Momo MOMO 25.08 -5.82
Stock Sym Close Chg BankofAmerica BAC 27.64 1.05 ConocoPhillips COP 50.13 0.97 GpFinSantMex BSMX 8.22 0.05 Marsh&McLen MMC 83.62 1.12 Rollins ROL 45.35 0.11 s UnitedHealth UNH 216.14 3.74 CharterComms CHTR 325.89 4.05 Mondelez MDLZ 42.61 0.14
BankofMontreal BMO 77.70 -0.08 ConEd ED 87.98 0.48 t GrupoTelevisa TV 17.52 -0.55 MartinMarietta MLM 204.35 2.53 s RoperTech ROP 265.04 4.41 UniversalHealthB UHS 102.33 1.59 CheckPoint CHKP 104.22 -0.50 MonsterBev MNST 62.09 0.32
NYSE BankNY Mellon BK 53.13 0.95 ConstBrands A STZ 220.02 -0.10 Guidewire GWRE 81.51 -0.09 Masco MAS 40.93 0.87 RoyalBkCanada RY 78.39 -0.73 s UnumGroup UNM 55.23 1.29 ChinaLodging HTHT 114.48 -0.88 Mylan MYL 36.88 0.42
BkNovaScotia BNS 63.81 -1.63 ContinentalRscs CLR 45.57 0.43 HCA Healthcare HCA 78.07 0.72 s Mastercard MA 154.19 1.22 RoyalBkScotland RBS 7.37 0.11 VEREIT VER 7.91 -0.13 CincinnatiFin CINF 74.25 0.84 NXP Semi NXPI 113.79 -0.74
ABB ABB 25.83 0.20 McCormick MKC 100.81 0.69 RoyalCaribbean RCL 125.80 0.55 VF VFC 74.02 0.58 Cintas s Nasdaq NDAQ 78.34 1.11
Barclays BCS 10.04 0.08 Cooper COO 243.25 -0.04 HCP HCP 26.55 -0.14 CTAS 152.03 4.07
AECOM ACM 36.88 0.65 McCormickVtg MKC.V 100.67 0.63 RoyalDutchA RDS.A 63.93 2.08 s Visa V s NatlInstruments NATI 44.33 0.09
Bard CR BCR 336.43 0.50 s Corning GLW 32.44 0.39 HDFC Bank HDB 98.05 0.27 113.36 0.98 CiscoSystems CSCO 37.73 0.86
AES AES 10.57 -0.17 s McDonalds MCD 171.34 2.38 RoyalDutchB RDS.B 65.82 2.03 VailResorts MTN 226.04 -1.26 s NektarTherap NKTR 52.12 0.15
s BarrickGold ABX 14.17 -0.08 Coty COTY 17.20 0.20 HP HPQ 21.66 0.41 CitrixSystems CTXS 87.69 1.54
Aflac AFL 86.27 0.83 McKesson MCK 147.75 2.90 SAP SAP 115.52 -0.22 Vale VALE 11.33 0.42 s NetApp NTAP 56.80 0.57
s BaxterIntl BAX 66.05 1.31 s Credicorp BAP 214.13 0.89 HSBC HSBC 49.83 0.79 Cognex CGNX 143.83 0.60
AT&T T 35.42 0.74 Medtronic MDT 82.46 1.05 S&P Global SPGI 165.83 1.43 ValeantPharm VRX 16.40 -0.08 Netease NTES 331.99 -1.54
BectonDicknsn BDX 227.15 1.75 CreditSuisse CS 16.64 0.17 Halliburton HAL 41.02 -0.05 CognizantTech CTSH 72.87 0.47
AbbottLabs ABT 56.02 -0.13 Merck MRK 54.93 0.38 SINOPEC SHI 59.12 -0.23 ValeroEnergy VLO 83.24 1.12 Netflix NFLX 199.18 4.13
Berkley WRB 67.20 0.82 CrownCastle CCI 113.52 0.23 Hanesbrands HBI 19.75 0.08 Coherent COHR 313.01 1.81
AbbVie ABBV 95.42 ... MetLife MET 52.65 1.28 SK Telecom SKM 26.69 -0.06 s Vantiv VNTV 74.31 1.17 Neurocrine NBIX 68.19 -3.11
s BerkHathwy A BRK.A 2804404210.00 CrownHoldings CCK 59.17 -0.41 HarleyDavidson HOG 49.25 1.73 Comcast A CMCSA 36.25 0.70
Accenture ACN 148.04 0.54 MettlerToledo MTD 634.14 0.38 SLGreenRealty SLG 100.88 -0.33 VarianMed VAR 109.53 0.07 s NewsCorp B NWS 16.35 0.40
BerkHathwy B BRK.B 187.54 4.05 Cullen/Frost CFR 98.50 3.25 Harris HRS 144.20 0.70 CommerceBcshrs CBSH 58.33 1.53
AcuityBrands AYI 168.04 8.19 s MichaelKors KORS 57.87 1.26 Salesforce.com CRM 106.46 -0.12 Vectren VVC 68.50 0.64 s NewsCorp A NWSA 16.15 0.41
BerryGlobal BERY 59.44 0.07 Cummins CMI 164.52 3.36 HartfordFinl HIG 56.69 0.89 CommScope COMM 36.76 0.56
Adient ADNT 79.66 2.01 MicroFocus MFGP 34.34 0.23 Sanofi SNY 45.84 0.23 Vedanta VEDL 18.82 -0.02 Nordson NDSN 129.00 0.94
BestBuy BBY 58.05 1.03 DCT Industrial DCT 60.59 -0.23 HealthcareAmer HTA 30.59 -0.10 Copart CPRT 41.79 0.02
AdvanceAuto AAP 92.84 2.97 MidAmApt MAA 102.87 -0.42 SantanderCons SC 17.00 0.27 VeevaSystems VEEV 62.00 -0.97 NorthernTrust NTRS 96.29 2.18
Bio-RadLab A BIO 263.30 1.83 DTE Energy DTE 114.34 0.70 Heico HEI 92.48 0.83 CoStar CSGP 307.42 -2.07
AdvSemiEngg ASX 6.61 -0.44 MitsubishiUFJ MTU 6.98 0.12 Sasol SSL 30.93 0.22 Ventas VTR 63.61 -0.25 NorwegCruise NCLH 55.31 -0.30
BlackKnight BKI 45.70 -0.40 DXC Tech DXC 98.00 0.46 Heico A HEI.A 77.50 0.85 Costco COST 173.65 1.04
Aegon AEG 6.16 0.11 MizuhoFin MFG 3.62 ... Scana SCG 43.52 0.90 Verizon VZ 48.82 1.16 NVIDIA NVDA 210.71 -3.43
BlackBerry BB 10.93 0.05 s Danaher DHR 94.32 0.27 Helm&Payne HP 56.47 0.91 Ctrip.com CTRP 46.67 -0.14
AerCap AER 51.71 0.58 MobileTeleSys MBT 10.72 0.08 Schlumberger SLB 62.29 0.93 VistraEnergy VST 19.23 0.21 OReillyAuto ORLY 228.47 12.13
s BlackRock BLK 493.06 11.10 Darden DRI 83.06 2.78 Herbalife HLF 70.34 1.29 CypressSemi CY 16.87 -0.08
Aetna AET 178.84 2.75
Hershey HSY 109.84 1.47 s MohawkInds MHK 280.09 4.56 s SchwabC SCHW 47.14 1.37 s VMware VMW 127.34 1.13 DISH Network DISH 50.41 0.76 s OldDomFreight ODFL 124.87 1.53
AffiliatedMgrs AMG 196.63 3.95 Blackstone BX 31.49 0.18 DaVita DVA 58.48 0.49
s Boeing BA 267.99 2.41 s Deere DE 149.38 0.61 Hess HES 43.38 0.28 MolsonCoors B TAP 78.58 -0.80 ScottsMiracleGro SMG 98.44 1.21 VornadoRealty VNO 76.72 0.43 s DentsplySirona XRAY 68.58 0.58 ON Semi ON 21.12 0.01
s AgilentTechs A 70.59 1.28 Monsanto MON 118.68 0.31 SealedAir SEE 47.16 0.60 s VoyaFinancial VOYA 42.94 1.08 OpenText OTEX 33.06 -0.04
AgnicoEagle AEM 45.19 -0.19
s BorgWarner BWA 54.29 1.24 DellTechs DVMT 82.56 0.65 HewlettPackard HPE 13.88 0.41 DiamondbkEner FANG 108.23 0.97
BostonProps BXP 124.69 -0.54 DelphiAuto DLPH 101.72 0.95 s Hilton HLT 76.13 0.13 Moody's MCO 150.88 1.01 SemicondctrMfg SMI 7.06 -0.15 VulcanMatls VMC 121.66 2.03 DiscovComm C DISCK 16.87 0.48 PTC PTC 65.69 0.23
Agrium AGU 108.54 1.36
s HollyFrontier HFC 45.26 MorganStanley MS 50.40 1.40 SempraEnergy SRE 119.58 0.15 WABCO WBC 149.02 1.86 Paccar PCAR 68.53 1.63
AirProducts APD 163.24 2.30 BostonSci BSX 26.39 -2.12 DeltaAir DAL 50.58 0.99 0.50 DiscovComm B DISCB 20.00 -1.50
DeutscheBank DB s HomeDepot HD 176.57 2.41 Mosaic MOS 24.09 0.61 SensataTech ST 50.03 0.82 WEC Energy WEC 68.93 0.16 DiscovComm A DISCA 17.97 PacWestBancorp PACW 46.24 1.52
AlaskaAir ALK 67.29 1.93 Braskem BAK 28.79 -0.02 18.88 0.14 0.50
DevonEnergy DVN 37.17 HondaMotor HMC 33.40 0.42 MotorolaSol MSI 94.53 1.65 ServiceCorp SCI 35.91 0.40 W.P.Carey WPC 71.56 0.43 s DollarTree DLTR 100.94 Paychex PAYX 65.80 1.12
Albemarle ALB 136.89 0.66 Bristol-Myers BMY 62.52 0.91 0.38 2.74
s s Honeywell HON 152.76 2.33 NRG Energy NRG 28.86 0.09 ServiceMaster SERV 47.76 0.77 WPP WPP 86.21 0.37 s PayPal PYPL 77.79 -0.05
Alcoa AA 43.30 1.26 BritishAmTob BTI 66.16 -0.04 Diageo DEO 140.84 1.26 E*TRADE ETFC 46.31 1.18
HormelFoods HRL 34.59 0.41 NTTDoCoMo DCM 25.79 0.02 ServiceNow NOW 126.63 -0.36 Wabtec WAB 74.86 2.15 People'sUtdFin PBCT 18.71 0.54
AlexandriaRlEst ARE 125.87 -1.36 BroadridgeFinl BR 90.21 1.17 DigitalRealty DLR 118.53 0.47 EXACT Sci EXAS 58.79 0.37
s DR Horton DHI 50.11 0.64 NVR NVR 3397.01 -7.01 ShawComm B SJR 22.17 -0.06 Wal-Mart WMT 96.77 0.15 s PilgrimPride PPC 35.77 0.14
Alibaba BABA 186.69 -1.34 BrookfieldMgt BAM 41.71 -0.05 DiscoverFinSvcs DFS 67.63 2.29 EastWestBncp EWBC 59.22 1.39
HostHotels HST 19.46 -0.14 NationalGrid NGG 59.13 ... SherwinWilliams SHW 397.54 7.33 WasteConnections WCN 69.30 0.55 Priceline PCLN 1752.02 -11.38
Alleghany Y 572.48 9.29 BrookfieldInfr BIP 43.94 0.04 Disney DIS 103.41 0.62 eBay EBAY 35.50 -0.49
NatlOilwell NOV 32.13 0.50 ShinhanFin SHG 45.15 1.23 WasteMgt WM 81.61 0.76 Qiagen QGEN 32.17 0.35
Allegion ALLE 83.33 0.23 s Brown&Brown BRO 50.78 0.48 DolbyLab DLB 62.92 0.26 HuanengPower HNP 26.03 -0.26 EchoStar SATS 60.65 1.36
Hubbell HUBB 126.09 4.80
NatlRetailProp NNN 41.83 -0.59 Shopify SHOP 112.09 -1.27 Waters WAT 197.80 1.09 Qorvo QRVO 79.03 -0.71
t Allergan AGN 171.92 -0.46 Brown-Forman A BF.A 60.00 0.22 DollarGeneral DG 87.73 1.38 ElbitSystems ESLT 144.11 -0.94
s Humana HUM 244.22 0.66
NewOrientalEduc EDU 88.29 2.02 SimonProperty SPG 156.12 -0.27 Watsco WSO 165.67 1.19 Qualcomm QCOM 68.38 0.81
AllianceData ADS 225.61 4.16 Brown-Forman B BF.B 59.48 0.04 DominionEner D 83.94 0.98 s SmithAO ElectronicArts EA 109.47 2.48
NY CmntyBcp NYCB 13.03 0.31 AOS 62.26 0.89 Wayfair W 70.07 1.31 RandgoldRscs GOLD 97.06 -0.17
AlliantEnergy LNT 44.78 0.17 t BuckeyePtrs BPL 45.02 -0.83 Domino's DPZ 172.29 -2.23 HuntingIngalls HII 241.11 6.06 Equinix EQIX 477.95 -0.97
Huntsman HUN 32.29 1.51
NewellBrands NWL 30.78 0.99 Smith&Nephew SNN 35.87 ... WellCareHealth WCG 204.11 1.11 RegenPharm REGN 366.00 -8.53
Allstate ALL 100.89 1.48 Bunge BG 65.45 0.29 Donaldson DCI 48.65 0.68
Smucker Ericsson ERIC 6.44 0.04
s HyattHotels H 71.27 0.05
NewfieldExpln NFX 29.92 0.23 SJM 114.93 1.68 WellsFargo WFC 55.57 1.62 RossStores ROST 72.81 1.48
AllyFinancial ALLY 26.51 0.28 BurlingtonStrs BURL 104.82 2.43 DouglasEmmett DEI 40.43 -0.44
NewmontMin NEM 37.14 Snap SNAP 13.61 0.55
ErieIndemnity A ERIE 123.00 ...
0.04 Welltower HCN 67.12 -0.35 RoyalGold RGLD 85.12 -1.26
t AlticeUSA ATUS 18.36 -0.43 CBD Pao CBD 22.85 -0.03 Dover DOV 96.52 2.12 ICICI Bank IBN 9.64 -0.04 Exelixis EXEL 27.01 0.63
NextEraEnergy NEE 157.79 0.79 SnapOn SNA 164.07 2.78 WestPharmSvcs WST 96.35 -0.86 Ryanair RYAAY 122.20 1.80
Altria MO 66.40 1.33 CBRE Group CBG 42.75 0.28 DowDuPont DWDP 71.09 0.96 ING Groep ING 18.26 0.11 Expedia EXPE 125.68 -1.00
NielsenHoldings NLSN 37.45 0.87 SOQUIMICH SQM 54.50 0.24 WestarEnergy WR 56.51 0.44 s SBA Comm SBAC 172.09 -0.26
AlumofChina ACH 17.12 0.28 CBS A CBS.A 55.60 -1.41 DrPepperSnap DPS 87.62 0.71 Invesco IVZ 36.00 0.80 ExpeditorsIntl EXPD 61.27 1.02
Nike NKE 59.58 -0.05 Sony SNE 48.30 0.28 WestAllianceBcp WAL 56.86 2.14 s SEI Investments SEIC 69.52 1.10
Ambev ABEV 6.43 0.07 CBS B CBS 54.76 -1.20 DrReddy'sLab RDY 35.53 0.53 IQVIA IQV 101.73 -0.28 ExpressScripts ESRX 61.44 -0.03
s IDEX NiSource NI 27.20 0.10 Southern SO 51.49 -0.07 t WesternGasEquity WGP 34.89 -0.28 Sina SINA 105.28 -0.04
Ameren AEE 63.85 0.46 CF Industries CF 36.45 0.53 DukeEnergy DUK 88.98 0.10 IEX 132.60 1.77 F5Networks FFIV 126.67 2.97
NobleEnergy NBL 25.85 0.31 SoCopper SCCO 43.06 -0.10 WesternGasPtrs WES 43.81 -0.46 SS&C Tech SSNC 41.54 0.64
AmericaMovil AMX 17.57 0.11 CGI Group GIB 53.64 -0.34 DukeRealty DRE 29.00 -0.08 s IllinoisToolWks ITW 164.48 3.66 s Facebook FB 182.42 -0.61
Nokia NOK 5.05 0.04 SouthwestAir LUV 56.17 1.57 WesternUnion WU 19.69 0.21 SVB Fin SIVB 221.33 7.92
AmericaMovil A AMOV 17.51 0.05 CIT Group CIT 48.78 1.17 ENI E 32.86 0.32 Infosys INFY 15.56 0.03
NomuraHoldings NMR 5.82 0.07 t SpectraEnerPtrs SEP 39.35 -0.19 Fastenal FAST 50.40 1.45
CMS Energy CMS 49.70 -0.05 EOG Rscs EOG 99.84 0.02 Ingersoll-Rand IR 86.65 1.92 WestlakeChem WLK 95.34 1.15 FifthThirdBncp FITB 29.24 0.84 ScrippsNetworks SNI 80.50 0.77
AmCampus ACC 42.12 -0.01 Nordstrom JWN 42.67 1.33 SpectrumBrands SPB 114.31 1.94 WestpacBanking WBK 24.00 0.03 Seagate STX 39.98 0.90
AEP AEP 77.02 0.28 CNA Fin CNA 54.00 0.51 EQT EQT 56.87 -0.01 s Ingredion INGR 139.07 2.06 FirstSolar FSLR 62.13 0.48
NorfolkSouthern NSC 130.15 2.67 SpiritAeroSys SPR 83.17 0.85 WestRock WRK 59.28 0.59 SeattleGenetics SGEN 58.69 0.06
AmerExpress AXP 95.28 1.81 CNOOC CEO 135.34 0.05 EastmanChem EMN 91.69 0.80 ICE ICE 69.35 1.25 s NorthropGrum NOC 307.90 4.27 Sprint S 6.07 -0.08 Fiserv FISV 128.41 0.25
CPFLEnergia CPL 16.67 0.12 Eaton ETN 76.85 1.32 s InterContinentl IHG 58.49 0.19 Weyerhaeuser WY 35.68 0.15 Flex FLEX 18.65 ... Shire SHPG 149.51 3.30
AmericanFin AFG 104.19 1.49 Novartis NVS 85.37 0.85 Square SQ 42.55 1.53 WheatonPrecMet WPM 21.04 -0.14 SignatureBank SBNY 134.36 5.00
AmerHomes4Rent AMH 21.59 -0.18 CRH CRH 35.13 0.33 s EatonVance EV 53.58 0.75 IBM IBM 152.47 0.49 NovoNordisk NVO 51.92 0.42 s StanleyBlackDck SWK 169.10 3.21 FlirSystems FLIR 47.55 0.47
CVS Health CVS 72.70 2.30 Ecolab ECL 134.25 1.44 s IntlFlavors IFF 154.45 2.98 Whirlpool WHR 167.48 2.48 s Fortinet FTNT 42.16 0.33 SiriusXM SIRI 5.43 -0.01
AIG AIG 59.82 1.06 Nucor NUE 56.28 0.43 StarwoodProp STWD 21.70 0.01 Williams WMB 28.36 0.38 Skyworks SWKS 107.55 0.33
AmerTowerREIT AMT 148.64 0.41 CabotOil COG 29.10 -0.04 Ecopetrol EC 11.55 -0.33 IntlGameTech IGT 27.63 -0.27 OGE Energy OGE 35.40 0.27 StateStreet STT 93.14 1.78 Gaming&Leisure GLPI 36.06 0.32
s CalAtlantic CAA 54.83 0.67 EdisonInt EIX 81.14 0.32 IntlPaper IP 55.58 0.54 WilliamsPartners WPZ 35.53 0.18 s Garmin GRMN 62.92 1.22 Splunk SPLK 81.42 -0.67
AmerWaterWorks AWK 89.57 0.37 ONEOK OKE 50.06 0.04 Statoil STO 20.23 0.06 Wipro WIT 5.31 0.01 Starbucks SBUX 56.66 0.75
Ameriprise AMP 161.75 2.50 CamdenProperty CPT 92.01 -1.00 EdwardsLife EW 113.21 3.35 Interpublic IPG 19.39 0.81 OccidentalPetrol OXY 68.96 0.88 Steris STE 88.93 0.48 GileadSciences GILD 72.59 0.89
CampbellSoup CPB 46.94 0.16 EmersonElec EMR 64.15 2.27 InvitatHomes INVH 23.08 -0.31 WooriBank WF 45.01 0.91 Goodyear GT 31.81 0.92 SteelDynamics STLD 37.16 -0.20
AmerisourceBrgn ABC 83.15 2.03 Olin OLN 35.96 -0.73 STMicroelec STM 24.03 -0.02 Wyndham WYN 110.35 1.48 Symantec SYMC 28.97 0.13
s Ametek AME 72.00 1.40 CIBC CM 89.78 -0.26 t EnbridgeEnPtrs EEP 12.91 0.33 IronMountain IRM 40.68 0.18 Omnicom OMC 70.65 1.81 Stryker SYK 155.78 0.66 Grifols GRFS 22.61 0.08
Enbridge IsraelChemicals ICL 4.00 -0.02 XPO Logistics XPO 76.57 -0.22 GpoFinGalicia GGAL 56.01 Synopsys SNPS 89.80 0.57
s Amphenol APH 91.04 0.66 CanNtlRlwy CNI 78.04 -0.87 ENB 36.26 -0.01 Oracle ORCL 49.01 0.13 SumitomoMits SMFG 8.10 0.05 XcelEnergy XEL 51.25 0.39
1.13
TD Ameritrade AMTD 50.00 0.75
AnadarkoPetrol APC 47.77 0.08 CanNaturalRes CNQ 33.36 -0.17 Encana ECA 11.43 0.03 ItauUnibanco ITUB 13.30 0.16 Orange ORAN 17.08 0.03 SunComms SUI 92.68 -0.65 HD Supply HDS 35.93 0.85
CanPacRlwy CP 173.61 -0.91 EnelAmericas ENIA 9.77 -0.01 JPMorganChase JPM 101.36 3.43 Xerox XRX 29.00 0.77 Hasbro HAS 93.78 0.08 T-MobileUS TMUS 61.38 -1.40
Andeavor ANDV 105.46 1.91 OrbitalATK OA 132.25 -0.05 SunLifeFinancial SLF 39.26 ... s Xylem XYL 68.52 0.88 s TRowePrice TROW 99.75 1.78
t AndeavorLog ANDX 42.97 -0.24 Canon CAJ 38.86 0.13 EnelGenChile EOCC 25.31 -0.14 JacobsEngg JEC 64.56 1.24 Orix IX 84.14 0.44 SuncorEnergy SU 34.70 -0.10 HenrySchein HSIC 70.50 0.61
CapitalOne COF 89.75 2.88 EnergyTransferEq ETE 16.06 -0.04 JamesHardie JHX 16.55 0.23 YPF YPF 22.58 -0.18 Hologic HOLX 40.45 -0.32 TakeTwoSoftware TTWO 116.19 -1.60
AB InBev BUD 117.44 -0.07 Oshkosh OSK 87.49 1.73 SunTrustBanks STI 59.44 2.10 YumBrands YUM 81.03 1.45 Tesla TSLA 317.55 0.74
AnnalyCap NLY 11.80 0.04 CardinalHealth CAH 57.56 1.67 t EnergyTransfer ETP 15.82 -0.22 JanusHenderson JHG 36.40 0.27 s OwensCorning OC 89.59 1.73 SynchronyFin SYF 34.49 1.28 JBHunt JBHT 106.03 2.39
J&J JNJ 140.02 YumChina YUMC 41.23 0.47 s TexasInstruments TXN 99.48 0.85
AnteroResources AR 18.54 -0.07 Carlisle CSL 113.94 1.78 Entergy ETR 86.34 0.26 1.92 PG&E PCG 55.05 0.86 Syngenta SYT 92.47 0.10 HuntingtonBcshs HBAN 13.97 0.47
ZTO Express ZTO 16.00 -0.20 TractorSupply TSCO 67.75 3.03
s Anthem ANTM 222.28 2.25 CarMax KMX 67.46 -0.41 EnterpriseProd EPD 24.26 0.33 JohnsonControls JCI 38.42 1.33 PLDT PHI 29.95 -1.08 Sysco SYY 56.33 1.17 ZayoGroup ZAYO 35.70 0.06
IAC/InterActive IAC 133.94 0.31
Trimble TRMB 42.40 -0.02
Aon AON 139.94 1.82 Carnival CCL 66.51 0.35 Equifax EFX 112.09 1.59 JonesLang JLL 151.97 3.08 PNC Fin PNC 135.68 3.12 TAL Education TAL 28.32 0.78 IdexxLab IDXX 155.02 -0.41
EquityLife JuniperNetworks JNPR 28.19 0.81 ZimmerBiomet ZBH 115.21 1.82
IHSMarkit 21stCenturyFoxA FOXA 30.86 0.47
Apache APA 40.27 0.41 Carnival CUK 67.01 0.37 ELS 89.82 -0.14 POSCO PKX 74.47 1.56 TE Connectivity TEL 95.70 0.90 INFO 44.62 0.75
EquityResdntl EQR 66.90 KAR Auction KAR 48.75 0.39
Zoetis ZTS 71.39 -0.15
IPG Photonics IPGP 241.43 21stCenturyFoxB FOX 30.17 0.47
ApartmtInv AIV 44.13 -0.27 Caterpillar CAT 138.99 1.80 -0.73 PPG Ind PPG 117.34 1.49 Telus TU 37.87 -0.35 0.78
Celanese A CE 107.70 0.87 EssexProp ESS 246.77 -0.84 s KB Fin KB 54.57 2.04 IRSA Prop IRCP 57.00 ... UltaBeauty ULTA 217.07 10.38
ApolloGlbMgmt APO 30.56
AquaAmerica WTR 36.79
0.21
0.15 Cemex CX 7.84 0.10 EsteeLauder EL 125.31 0.16 KKR KKR 19.63 0.14
PPL
s PVH
PPL 36.53
PVH 137.56
-0.05
2.32
TIM Part
TJX
TSU 19.31
TJX 72.65
0.25
1.69
NASDAQ IcahnEnterprises IEP 53.28 0.28
UltSoftware ULTI 202.95 7.02
CenovusEnergy CVE 9.27 -0.01 EverestRe RE 225.01 3.24 KT KT 15.02 0.16 Icon ICLR 116.18 -0.32
UnivDisplay OLED 186.00 0.15
Aramark ARMK 42.27 0.90 PackagingCpAm PKG 112.95 1.53 TaiwanSemi TSM 40.93 -0.16 AGNC Invt AGNC 20.28 0.04 VEON VEON 4.12 -0.01
ArcelorMittal MT 29.94 0.31 s Centene CNC 97.81 -0.28 EversourceEner ES 64.56 0.14 KSCitySouthern KSU 106.87 0.72 PaloAltoNtwks PANW 149.10 -1.57 Tapestry TPR 40.65 0.06 ANGI Homesvcs ANGI 11.93 0.12 s Illumina ILMN 226.28 2.44
Kellogg K t s VeriSign VRSN 117.01 -0.08
ArcherDaniels ADM 39.09 0.02 CenterPointEner CNP 29.58 0.04 Exelon EXC 41.96 0.31 65.94 0.87 ParkHotels PK 28.12 -0.58 TargaResources TRGP 41.59 -0.53 Ansys ANSS 150.27 -0.61 Incyte INCY 95.83 -2.03
KeyCorp KEY 18.48 s VeriskAnalytics VRSK 95.23 1.01
Arconic ARNC 24.23 0.62 CentraisElBras EBR 6.22 -0.14 ExtraSpaceSt EXR 85.21 -2.19 0.47 ParkerHannifin PH 185.73 1.92 Target TGT 56.62 0.78 ASML ASML 184.29 -0.43 Intel INTC 44.73 0.24
t CenturyLink CTL 13.69 0.07 ExxonMobil XOM 81.67 0.56 KeysightTechs KEYS 44.71 -0.17 s InteractiveBrkrs IBKR 56.21 0.64
VertxPharm VRTX 147.32 -1.23
AristaNetworks ANET 243.55 4.91 ParsleyEnergy PE 26.31 -0.09 TataMotors TTM 32.19 ... Abiomed ABMD 197.33 -1.12 Viacom B VIAB 27.03 0.49
ArrowElec ARW 80.77 1.88 Chemours CC 53.14 0.43 FMC FMC 94.50 0.69 KilroyRealty KRC 75.03 0.12 Pearson PSO 9.34 0.13 TechnipFMC FTI 27.50 0.81 ActivisionBliz ATVI 65.97 0.23 Intuit INTU 155.79 1.02
Viacom A VIA 32.90 0.30
AstraZeneca AZN 33.52 -0.16 Chevron CVX 116.45 0.86 FactSet FDS 199.04 2.42 KimberlyClark KMB 117.38 0.62 PembinaPipeline PBA 34.53 -0.09 TeckRscsB TECK 22.88 -0.08 s AdobeSystems ADBE 185.40 0.40 IntuitiveSurgical ISRG 402.23 -1.47
Vodafone VOD 30.56 0.11
Athene ATH 48.60 ... ChinaEastrnAir CEA 30.05 0.05 FederalRealty FRT 131.12 0.43 KimcoRealty KIM 18.30 0.11 Pentair PNR 69.32 0.21 TelecomArgentina TEO 34.72 ... AdvMicroDevices AMD 11.17 -0.38 IonisPharma IONS 52.93 0.45
ChinaLifeIns LFC 17.02 -0.01 FedEx FDX 218.51 KinderMorgan KMI 17.03 0.07
WalgreensBoots WBA 72.24 2.85
AtmosEnergy ATO 90.27 0.77 0.64 PepsiCo PEP 116.77 0.92 TelecomItalia TI 8.34 -0.03 AkamaiTech AKAM 55.36 0.01 JD.com JD 38.57 -0.09
Knight-Swift KNX 40.74 s Weibo WB 116.01 1.64
Autohome ATHM 58.00 -3.06 ChinaMobile CHL 51.58 0.47 Ferrari RACE 111.70 -0.10 0.76 s PerkinElmer PKI 73.80 0.24 TelecomItalia A TI.A 6.92 -0.11 AlexionPharm ALXN 108.10 0.35 JackHenry JKHY 115.33 0.37
WesternDigital WDC 86.89 0.34
Autoliv ALV 127.06 2.12 ChinaPetrol SNP 72.29 0.02 FiatChrysler FCAU 17.31 -0.07 Kohl's KSS 46.01 0.80 Perrigo PRGO 87.03 0.97 TeledyneTech TDY 185.30 1.50 s AlignTech ALGN 264.23 1.81 JazzPharma JAZZ 139.61 1.43
WillisTowers WLTW 159.40 0.90
AutoZone AZO 664.22 26.27 ChinaSoAirlines ZNH 45.87 1.39 FibriaCelulose FBR 15.23 -0.22 KoninklijkePhil PHG 38.92 0.14 PetroChina PTR 68.19 ... s Teleflex TFX 270.19 2.25 Alkermes ALKS 51.15 0.79 JetBlue JBLU 20.12 0.44
Workday WDAY 114.76 -0.18
Avalonbay AVB 181.27 -1.57 ChinaTelecom CHA 48.85 0.01 FidNatlFin FNF 40.38 0.04 KoreaElcPwr KEP 17.79 0.15 PetroleoBrasil PBR 10.16 0.04 TelefonicaBras VIV 15.22 0.05 AlnylamPharm ALNY 129.74 -1.70 JunoTherap JUNO 56.99 -4.19 WynnResorts WYNN 157.50 -0.99
Avangrid AGR 52.88 0.51 ChinaUnicom CHU 14.94 0.26 FidNatlInfo FIS 92.72 0.75 Kroger KR 23.56 0.38 PetroleoBrasilA PBR.A 9.84 ... Telefonica TEF 10.20 0.10 s Alphabet C GOOG 1047.41 -6.80 KLA Tencor KLAC 107.16 2.77 Xilinx XLNX 72.17 -0.32
AveryDennison AVY 112.00 0.08 Chipotle CMG 285.86 11.34 58.com WUBA 75.79 0.43 Kyocera KYO 71.36 0.31 Pfizer PFE 35.85 0.36 TelekmIndonesia TLK 31.21 -0.02 s Alphabet A GOOGL 1063.29 -8.72 KraftHeinz KHC 78.98 -0.63 YY YY 111.34 -2.05
s AxaltaCoating AXTA 36.34 0.76 Chubb CB 151.57 2.31 FirstAmerFin FAF 55.29 0.28 LATAMAirlines LTM 13.53 0.13 PhilipMorris PM 102.88 0.16 Tenaris TS 28.74 -0.19 Altaba AABA 71.98 -0.09 s LKQ LKQ 38.92 0.54 Yandex YNDX 34.49 0.06
BB&T BBT 47.53 1.04 ChunghwaTel CHT 34.60 0.19 FirstData FDC 16.62 -0.13 L Brands LB 52.32 1.98 Phillips66 PSX 94.05 1.24 Teradyne TER 42.99 0.08 Amazon.com AMZN 1193.60 -2.23 LamResearch LRCX 213.14 2.21 ZebraTech ZBRA 109.34 0.61
BCE BCE 48.39 -0.43 Church&Dwight CHD 45.65 0.55 FirstRepBank FRC 94.73 2.46 LG Display LPL 14.20 0.25 PinnacleFoods PF 56.84 0.73 TevaPharm TEVA 14.69 0.04 Amdocs DOX 65.24 0.38 LamarAdv LAMR 74.30 -0.63 Zillow C Z 42.36 -0.23
BHPBilliton BHP 42.00 0.11 Cigna CI 200.55 0.62 FirstEnergy FE 33.54 -0.40 LINE LN 43.94 -0.33 PinnacleWest PNW 90.78 0.77 Textron TXT 54.32 0.84 Amerco UHAL 357.41 2.96 LibertyBroadbandA LBRDA 85.81 1.12
s L3 Tech Zillow A ZG 42.31 -0.42
BHPBilliton BBL 36.98 -0.10 CimarexEnergy XEC 114.24 1.59 FleetCorTech FLT 180.13 1.56 LLL 194.77 1.97 PioneerNatRscs PXD 151.09 0.51 ThermoFisherSci TMO 196.30 2.38 AmerAirlines AAL 49.22 0.80 LibertyBroadbandC LBRDK 87.07 1.11 ZionsBancorp ZION 48.09 1.67
BP BP 39.90 0.39 Citigroup C 73.70 2.31 Fluor FLR 47.64 0.71 LabCpAm LH 151.22 -0.33 t PlainsAllAmPipe PAA 18.73 0.06 ThomsonReuters TRI 44.61 0.31 Amgen AMGN 170.26 0.55 LibertyGlobal A LBTYA 30.12 0.20
BRF BRFS 12.46 0.13 CitizensFin CFG 38.78 1.15 FomentoEconMex FMX 90.84 -0.47 LambWeston LW 54.03 ... PlainsGP PAGP 19.77 0.05 s ThorIndustries THO 154.37 18.12 AnalogDevices ADI 87.07 -0.38 LibertyGlobal C LBTYK 29.18 0.17 NYSE AMER
BT Group BT 16.79 0.15 Clorox CLX 136.96 1.29 FordMotor F 12.21 0.10 s LasVegasSands LVS 68.36 0.60 s PolarisIndustries PII 127.66 4.24 3M MMM 235.63 1.63 Apple AAPL 173.07 -1.02 LibertyLiLAC A LILA 21.41 0.33
BWX Tech BWXT 61.33 1.05 Coca-Cola KO 45.83 -0.07 ForestCIty A FCE.A 24.82 -0.04 Lazard LAZ 47.93 0.28 Potash POT 19.47 0.28 Tiffany TIF 94.04 0.75 ApplMaterials AMAT 57.33 0.39 LibertyLiLAC C LILAK 21.30 0.09 CheniereEnergy LNG 47.60 0.41
BakerHughes BHGE 30.08 -0.23 Coca-Cola Euro CCE 38.74 -0.14 Fortis FTS 37.60 -0.10 s Lear LEA 179.28 3.36 s Praxair PX 156.36 4.28 TimeWarner TWX 89.62 0.55 ArchCapital ACGL 96.68 0.40 LibertyQVC A QVCA 24.34 0.03 CheniereEnerPtrs CQP 27.80 -0.04
Ball BLL 39.58 -0.46 Coca-Cola Femsa KOF 68.79 -0.58 Fortive FTV 73.29 0.53 Leggett&Platt LEG 47.35 0.90 s PrincipalFin PFG 70.05 1.37 s Toll Bros TOL 49.47 1.29 Atlassian TEAM 51.19 -0.36 LibertyVenturesA LVNTA 55.81 0.31 CheniereEnHldgs CQH 25.93 0.07
BancoBilbaoViz BBVA 8.54 0.09 ColgatePalm CL 72.76 0.76 FortBrandsHome FBHS 65.72 1.20 Leidos LDOS 62.79 1.23 Procter&Gamble PG 89.40 0.44 s Torchmark TMK 87.53 1.79 s Autodesk ADSK 129.95 -0.29 LibertyFormOne A FWONA 35.21 -0.29 ImperialOil IMO 30.97 0.16
BancodeChile BCH 83.87 0.39 t ColonyNorthStar CLNS 12.12 -0.10 s Franco-Nevada FNV 85.00 -0.37 s Lennar A LEN 61.54 0.79 s Progressive PGR 52.78 0.71 Toro TTC 63.73 0.80
BancoMacro BMA 102.55 -2.64 s Comerica CMA 80.83 2.19 FranklinRscs BEN 42.17 0.99 s Lennar B LEN.B 50.84 0.22 Prologis PLD 66.69 -0.18 TorontoDomBk TD 58.02 -0.05
BcoSantChile BSAC 28.71 -0.02 SABESP SBS 10.44 0.07 FreeportMcM FCX 14.21 0.12 s LennoxIntl LII 201.14 4.84 PrudentialFin PRU 112.83 3.32 Total TOT 56.61 0.24
BancoSantander SAN
BanColombia CIB
6.65
38.94
0.04
0.28
ConagraBrands CAG 36.44 0.50
ConchoRscs CXO 137.78 -0.64
FreseniusMed FMS 49.14
GGP GGP 23.35
0.09
0.11
LeucadiaNatl LUK 26.51
LibertyProperty LPT 44.75
0.84
-0.29
Prudential PUK 50.76
PublicServiceEnt PEG 52.04
0.51
0.46
TotalSystem TSS 74.16
ToyotaMotor TM 126.96
0.11
0.98 BANKRATE.COM® MMA, Savings and CDs
Average Yields of Major Banks Tuesday, November 28, 2017
Mutual Funds | WSJ.com/fundresearch Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR

Invesco Funds A MCapVal 31.82 +0.31 9.5 WndsrAdml 80.61 +1.05 17.4
National average
Savings 0.13 0.07 0.07 0.13 0.20 0.36 0.50 0.47 0.94
Explanatory Notes Data provided by EqIncA 11.36 +0.14 8.7 N Horiz 56.39 +0.48 30.2 VANGUARD FDS
Jumbos 0.26 0.07 0.08 0.14 0.22 0.38 0.54 0.50 0.99
John Hancock Class 1 N Inc 9.50 ... 3.9 DivdGro 26.81 +0.27 16.2
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least LSBalncd 16.15 +0.08 14.4 OverS SF r 11.44 +0.03 26.1 HlthCare r 212.31 +0.99 18.1 Weekly change
$500 million each. NAV is net asset value. Percentage performance figures are total returns, LSGwth 17.39 +0.11 18.3 R2020 23.47 +0.10 15.0 INSTTRF2020 22.77 +0.10 13.1
assuming reinvestment of all distributions and after subtracting annual expenses. Figures don’t Savings 0.01 0.00 0.00 0.00 0.00 0.01 0.02 0.01 0.01
John Hancock Instl R2025 18.13 +0.09 17.0 INSTTRF2025 23.07 +0.12 14.7
reflect sales charges (“loads”) or redemption fees. NET CHG is change in NAV from previous DispValMCI 24.41 +0.27 13.7 INSTTRF2030 23.29 +0.13 16.2
Jumbos 0.03 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00
R2030 26.74 +0.15 18.7
trading day. YTD%RET is year-to-date return. 3-YR%RET is trailing three-year return JPMorgan Funds R2035 19.57 +0.11 20.1 INSTTRF2035 23.51 +0.14 17.5
annualized. MdCpVal L 40.53 +0.46 11.3 INSTTRF2040 23.73 +0.16 19.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s JPMorgan R Class
R2040
Value
28.15 +0.18
39.58 +0.45
21.3
17.6 INSTTRF2045 23.89 +0.17 19.6 Consumer Savings Rates
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- CoreBond 11.64 -0.02 3.8 PRIMECAP Odyssey Fds IntlVal 40.01 +0.19 26.0
Lazard Instl Growth r 37.67 +0.29 31.5 LifeCon 20.04 +0.06 10.2 Explanation of ratings: Safe Sound SM, (855) 733-0700, evaluates the financial condition of fed-
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete EmgMktEq 19.95 +0.13 25.6 Principal Investors LifeGro 33.62 +0.21 17.6 erally insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the fourth quarter
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not Loomis Sayles Fds DivIntlInst 14.07 +0.04 27.9 LifeMod 27.24 +0.13 13.9 of 2015 from federal regulators. 5: most desirable performance; NR: institution is too new to rate,
tracked. NS-Fund didn’t exist at start of period. LSBondI 14.16 -0.03 7.1 Prudential Cl Z & I PrmcpCor 27.55 +0.26 24.2 not an indication of financial strength or weakness. Information is believed to be reliable, but not
Lord Abbett A TRBdZ 14.56 ... 6.2 SelValu r 33.83 +0.45 17.5
guaranteed.
ShtDurIncmA p 4.26 ... 2.2 Schwab Funds STAR 27.57 +0.14 17.2
Tuesday, November 28, 2017 Lord Abbett F
ShtDurIncm
S&P Sel 41.12 +0.40 19.5 STIGrade 10.66 ... 2.1 High yield savings
Net YTD Net YTD Net YTD 4.26 ... 2.5 TIAA/CREF Funds TgtRe2015 16.06 +0.05 10.7
Metropolitan West TgtRe2020 31.94 +0.14 13.0 Bank/rank Yield Bank/rank Yield
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret EqIdxInst 19.74 +0.20 19.0 Phone number Minimum (%) Phone number Minimum
TotRetBd 10.67 -0.01 3.0 TgtRe2025 18.75 +0.09 14.7 (%)
IntlEqIdxInst 20.52 +0.11 24.0
American Century Inv US CoreEq1 22.55 +0.27 18.4 BluCh 89.93 +0.22 36.3 TotRetBdI 10.67 -0.01 3.3 TgtRe2030 33.91 +0.19 16.1
Ultra 46.02 +0.25 31.9 US CoreEq2 21.39 +0.28 16.2 Contra 129.58 +0.75 32.5 TRBdPlan 10.04 -0.01 3.4
Tweedy Browne Fds
TgtRe2035 20.85 +0.13 17.5
Money market and savings account Six-month CD
GblValue 28.60 +0.17 14.2 DollarSavingsDirect /4 $1 1.50 M.Y. Safra Bank, FSB /NR $5,000 1.42
American Funds Cl A US Small 37.31 +0.67 11.0 ContraK 129.59 +0.75 32.6 MFS Funds Class I TgtRe2040 35.95 +0.24 19.0
VANGUARD ADMIRAL (866) 395-8693 (212) 652-7200
AmcpA p 32.36 +0.22 20.6 US SmCpVal 39.61 +0.75 6.4 CpInc r 10.31 ... 11.1 ValueI 41.13 +0.61 14.8 TgtRe2045 22.59 +0.16 19.6
500Adml 243.27 +2.39 19.5
AMutlA p 41.76 +0.41 15.0 US TgdVal 25.71 +0.47 7.9 DivIntl 41.93 +0.15 25.9 MFS Funds Instl
BalAdml 34.52 +0.21 12.6 TgtRe2050 36.34 +0.25 19.6 CIT Bank /5 $100 1.35 First Internet Bank of Indiana /4 $1,000 1.41
BalA p 27.73 +0.15 13.5 USLgVa 39.66 +0.60 14.7 GroCo 187.03 +0.34 36.7 IntlEq 25.76 +0.11 27.1
CAITAdml 11.71 -0.02 4.0 TgtRetInc 13.67 +0.03 8.0 (855) 462-2652 (888) 873-3424
BondA p 12.93 -0.01 3.3 Dodge & Cox GrowCoK 187.00 +0.35 36.9 Mutual Series TotIntBdIxInv 11.01 ... 2.4 Barclays /5 $0 1.30 CD Bank /4 $10,000 1.40
CapIBA p 63.46 +0.30 12.8 Balanced 109.87 +1.00 9.8 InvGB 7.94 ... 3.8 CapOpAdml r 159.35 +1.13 28.2
GlbDiscA NA ... NA
EMAdmr 37.76 +0.20 29.3
WellsI 27.17 +0.13 8.9 (888) 720-8756 (888) 201-8185
CapWGrA 53.14 +0.32 23.1 GblStock 13.99 +0.11 17.5 InvGrBd 11.30 +0.01 4.3 Oakmark Funds Invest Welltn 43.19 +0.34 12.6
EqIncAdml 77.59 +0.92 15.7
EupacA p 58.07 +0.17 31.4 Income 13.85 ... 4.2 LowP r 53.75 +0.54 17.3 EqtyInc r 34.42 +0.33 13.1
ExplrAdml 97.71 +1.08 21.5
WndsrII 39.39 +0.55 13.2 One-month CD One-year CD
FdInvA p 64.45 +0.47 20.6 Intl Stk 46.57 +0.17 22.2 LowPriStkK r 53.71 +0.53 17.4 Oakmark 85.53 +1.06 18.0 VANGUARD INDEX FDS EH National Bank /5 $0 0.81 Banesco USA /4 $1,500 1.75
GwthA p 52.38 +0.23 24.6 Stock 204.17 +2.88 13.9 MagIn 107.96 +0.86 25.1 ExtndAdml 84.33 +0.96 16.9
OakmrkInt 28.74 -0.01 26.6 500 243.22 +2.38 19.4 (888) 392-5265 (786) 552-0524
HI TrA p 10.41 ... 6.5 DoubleLine Funds OTC 111.79 +0.13 40.3 GNMAAdml 10.49 -0.01 2.0
Old Westbury Fds ExtndIstPl 208.12 +2.38 17.0
M.Y. Safra Bank, FSB /NR $5,000
ICAA p 41.74 +0.36 16.5 TotRetBdI NA ... NA Puritn 23.46 +0.13 17.6 LrgCpStr GrwthAdml 72.08 +0.33 26.9 0.30 CD Bank /4 $10,000 1.75
15.12 +0.10 17.8 SmValAdml 56.51 +0.86 10.1
IncoA p 23.58 +0.16 11.2 Edgewood Growth Instituti SrsEmrgMkt 21.87 +0.12 39.3 Oppenheimer Y HlthCareAdml r 89.57 +0.42 18.2
TotBd2 10.74 ... 3.5 (212) 652-7200 (888) 201-8185
N PerA p 45.83 +0.16 29.7 EdgewoodGrInst 30.27 +0.13 36.3 SrsGroCoRetail 18.36 +0.04 37.4 DevMktY 43.03 +0.18 34.6 HYCorAdml r 5.92 -0.01 6.6
TotIntl 18.14 +0.08 25.5 VirtualBank /4 $10,000 0.15 First Internet Bank of Indiana /4 $1,000 1.71
NEcoA p 48.95 +0.31 36.2 Federated Instl SrsIntlGrw 16.60 +0.06 29.7 IntGrowY 43.86 +0.17 26.5 InfProAd 25.86 ... 2.4
TotSt 65.83 +0.66 18.9 (877) 998-2265 (888) 873-3424
NwWrldA 67.88 +0.21 31.9 StraValDivIS 6.49 +0.04 13.0 SrsIntlVal 10.92 +0.03 19.2 Parnassus Fds IntlGrAdml 96.95 +0.10 44.0 VANGUARD INSTL FDS
SmCpA p 57.76 +0.42 25.6 Fidelity TotalBond 10.68 ... 4.1 ParnEqFd 42.47 +0.39 15.5 ITBondAdml 11.42 ... 4.0 BalInst 34.53 +0.22 12.6
Two-month CD Two-year CD
TxExA p 12.93 -0.03 4.4 500IdxInst 92.13 +0.90 19.5 First Eagle Funds PIMCO Fds Instl ITIGradeAdml 9.80 ... 4.3 DevMktsIndInst 14.36 +0.07 24.6 VirtualBank /4 $10,000 0.15 First Internet Bank of Indiana /4 $1,000 1.88
WshA p 46.07 +0.54 16.8 500IdxInstPrem 92.13 +0.90 19.5 GlbA 60.92 +0.31 12.3 AllAsset NA ... NA LTGradeAdml 10.71 +0.02 10.5 DevMktsInxInst 22.44 +0.10 24.6 (877) 998-2265 (888) 873-3424
Baird Funds 500IdxPrem 92.13 +0.91 19.5 FPA Funds TotRt 10.28 -0.01 5.0 MidCpAdml 189.22 +1.91 17.3 ExtndInst 84.33 +0.96 17.0 Applied Bank /5 $1,000 0.05 Banesco USA /4 $1,500 1.85
AggBdInst 10.89 ... 4.1 ExtMktIdxPrem r 64.20 +0.73 17.0 FPACres 35.14 +0.25 9.0 MuHYAdml 11.34 -0.02 6.6 GrwthInst
PIMCO Funds A
MuIntAdml 14.04 -0.03 3.7
72.09 +0.33 26.9 (800) 616-4605 (786) 552-0524
CorBdInst 11.24 -0.01 4.5 IntlIdxPrem r 43.68 +0.18 23.8 FrankTemp/Frank Adv IncomeFd NA ... NA InPrSeIn 10.53 ... 2.4 Goldwater Bank /NR $5,000 1.85
BlackRock Funds A SAIUSLgCpIndxFd 14.12 +0.14 19.4 IncomeAdv 2.34 +0.01 7.2 PIMCO Funds D MuLTAdml 11.58 -0.03 5.1 InstIdx 240.01 +2.35 19.5
GlblAlloc p 20.51 +0.09 12.8 TMktIdxF r 76.48 +0.77 19.0 FrankTemp/Franklin A IncomeFd NA ... NA MuLtdAdml 10.88 -0.02 1.9 (480) 281-8200
InstPlus 240.03 +2.35 19.5
BlackRock Funds Inst TMktIdxPrem 76.47 +0.78 19.0 CA TF A p 7.42 -0.01 4.8 PIMCO Funds Instl MuShtAdml 15.72 -0.01 1.0 InstTStPlus 59.08 +0.60 19.0 Three-month CD Five-year CD
EqtyDivd 23.33 +0.34 14.3 USBdIdxInstPrem 11.61 ... 3.4 IncomeA p 2.36 +0.01 7.0 IncomeFd NA ... NA PrmcpAdml r 139.18 +1.09 27.9 MidCpInst 41.80 +0.42 17.3
GlblAlloc 20.65 +0.10 13.1 Fidelity Advisor I RisDv A p 61.79 +0.69 18.4 PIMCO Funds P REITAdml r 119.31 -0.52 4.9 M.Y. Safra Bank, FSB /NR $5,000 1.16 Capital One 360 /5 $0 2.45
MidCpIstPl 206.16 +2.09 17.3
HiYldBd 7.81 ... 7.6 NwInsghtI 34.10 +0.24 27.7 FrankTemp/Franklin C IncomeP NA ... NA SmCapAdml 70.36 +0.84 14.9 SmCapInst 70.36 +0.84 14.9
(212) 652-7200 (800) 289-1992
StratIncOpptyIns 9.93 +0.01 4.2 Fidelity Freedom Income C t 2.39 +0.01 6.9 Price Funds STBondAdml 10.41 ... 1.3 STIGradeInst 10.66 ... 2.2 CD Bank /4 $10,000 1.15 Goldman Sachs Bank USA /5 $500 2.40
Bridge Builder Trust FF2020 16.91 +0.08 14.6 FrankTemp/Temp A BlChip 99.67 +0.48 37.3 STIGradeAdml 10.66 ... 2.2 TotBdInst 10.77 ... 3.5 (888) 201-8185 (855) 730-7283
CoreBond 10.20 ... 4.1 FF2025 14.65 +0.08 15.7 GlBond A p 12.17 +0.07 4.0 CapApp 30.04 +0.19 14.7 TotBdAdml 10.77 ... 3.5 TotBdInst2 10.74 ... 3.5 First Internet Bank of Indiana /4 $1,000 1.06 First Internet Bank of Indiana /4 $1,000 2.38
Dimensional Fds FF2030 18.38 +0.11 18.4 Growth A p 27.03 +0.22 14.7 EqInc 35.41 +0.49 14.1 TotIntBdIdxAdm 22.02 +0.01 2.5 TotBdInstPl 10.77 ... 3.5 (888) 873-3424 (888) 873-3424
5GlbFxdInc 11.03 ... 2.3 Freedom2020 K 16.91 +0.08 NS FrankTemp/Temp Adv EqIndex 70.73 +0.69 19.2 TotIntlAdmIdx r 30.34 +0.13 25.6 TotIntBdIdxInst 33.04 +0.01 2.5
EmgMktVa
EmMktCorEq 22.88
30.73 +0.14
+0.12
30.1
33.7
Freedom2025 K 14.65 +0.08
Freedom2030 K 18.39 +0.11
NS
NS
GlBondAdv p 12.12 +0.06
Harbor Funds
4.1 Growth
HelSci
71.66 +0.31
74.57 +0.25
34.6
26.2
TotStAdml
TxMIn r
65.86 +0.66
14.34 +0.07
19.0
24.6
TotIntlInstIdx r 121.35 +0.54
TotItlInstPlId r 121.37 +0.54
25.6
25.6
High yield jumbos - Minimum is $100,000
IntlCoreEq 14.32 +0.05 25.0 Freedom2035 K 15.45 +0.10 NS CapApInst 77.71 +0.22 37.2 InstlCapG 40.48 +0.13 38.4 ValAdml 40.43 +0.59 13.7 TotStInst 65.87 +0.66 19.0 Money market and savings account Six-month CD
IntlVal 20.04 +0.09 22.3 Freedom2040 K 10.86 +0.07 NS IntlInst r 70.82 +0.24 21.2 IntlStk 19.43 +0.06 27.1 WdsrllAdml 69.91 +0.97 13.3 ValueInst 40.43 +0.59 13.7
IntSmCo 21.62 +0.06 26.4 Fidelity Invest Harding Loevner IntlValEq 15.30 +0.08 19.4 WellsIAdml 65.82 +0.31 9.0 Western Asset ableBanking,adivisionofNortheastBank/5 1.30 TriState Capital Bank /4 1.45
IntSmVa 23.35 +0.03 23.5 Balanc 24.00 +0.15 15.7 IntlEq NA ... NA MCapGro 94.02 +0.68 24.7 WelltnAdml 74.60 +0.60 12.7 CorePlusBdI NA ... NA (877) 505-1933 (866) 680-8722
M.Y. Safra Bank, FSB /NR 1.26 M.Y. Safra Bank, FSB /NR 1.42
(212) 652-7200 (212) 652-7200
New Highs and Lows | WSJ.com/newhighs Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
BBVA Compass /3
(800) COMPASS
1.25 First Internet Bank of Indiana /4
(888) 873-3424
1.41

Continued From Page B10 52-Wk % 52-Wk % PwrShDynIndls PRN 61.39 1.4 USA Truck USAK 18.13 4.8 ArcadiaBiosci RKDA 0.20 -3.1
PwrShUS1500 PRFZ 130.40 1.3 Umpqua UMPQ 21.45 3.8 ArchrockPtrs APLP 10.66 -0.5 One-month CD One-year CD
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
PwrShGlbWater PIO 25.83 0.8 UNTY 20.70 1.2 AurisMedical
Stock Sym Hi/Lo Chg FT USEquityDiv
UnityBancorp EARS 0.38 -48.2 EH National Bank /5 0.81 MyeBanc,ADivisionofBACFloridaBank/4 1.77
RNDV 21.09 0.9 LGI Homes LGIH 70.56 3.6 PwrShHY EqDiv PEY 17.55 1.2 UniversalForest UFPI 38.73 2.4 AvenueTherap ATXI 3.50 -7.1
FiveBelow FIVE 60.47 2.5 LKQ LKQ 39.03 1.4 PwrShQQQ 1 QQQ 156.69 0.3 VangdIntlDivApp VIGI 66.50 0.7 AvistaHealthcare AHPA 9.28 -0.4 (888) 392-5265 (855) 512-0989
EsperionTherap ESPR 60.24 1.5 FlexSTOXXGlbESGImp
EsquireFinancial ESQ 17.73 0.6 FlexShUSQualLC
ESGG 93.63 0.5 LakelandFin LKFN 50.40 3.0 PwrShRuss1000Low USLB 30.65 0.3 VangdRuss1000 VONE 120.72 0.9 BIO-key BKYI 1.32 -0.8 M.Y. Safra Bank, FSB /NR 0.30 First Internet Bank of Indiana /4 1.71
QLC 32.73 0.9 LeggMasonDev DDBI 29.67 0.3 PwrShS&P SC CD PSCD 58.11 1.1 VangdRuss1000Grw VONG 137.08 0.6 BigRockPtrsAcqnUn BRPAU 10.00 ...
Facebook FB 184.25 -0.3 Fortinet FTNT 42.31 0.8 LeggMasonLVHD PwrShS&P SC Fin PSCF 55.41 1.9 VangdRuss1000Val VONV 106.10 1.3 BlackRockCapInvt BKCC
(212) 652-7200 (888) 873-3424
LVHD 31.36 0.9 6.49 -0.2
FidelityNasdComp ONEQ 272.24 0.4 FranklinElectric FELE 47.10 4.3 LeggMasonUSDivCore UDBI 31.53 1.1 PwrShS&P SmInds PSCI 63.80 1.6 VangdRuss3000 VTHR 120.82 0.9 BurconNutraScience BUR 0.40 -6.5 USAA /NR 0.22 M.Y. Safra Bank, FSB /NR 1.70
FirstBancshares FBMS 33.30 0.3 Freshpet
FirstCitizBcshA FCNCA 419.32 2.7 Funko
FRPT 18.85 2.2 LivaNova LIVN 88.30 1.8 PwrShS&PSCMatls PSCM 52.01 1.9 VangdRuss2000 VTWO 122.76 1.6 CTI BioPharma CTIC 2.66 -6.6 (800) 583-8295 (212) 652-7200
FNKO 8.77 -0.6 LunaInnov LUNA 2.40 3.5 PwrShS&PSC Util PSCU 56.73 0.4 VangdRuss2000Grw VTWG 135.18 1.4 Check-Cap CHEK 1.01 -1.0
FT CapStrength FTCS 50.32 0.8 FusionTelecom
FT CloudComp SKYY 46.15 0.8 Garmin
FSNN
GRMN
3.73 8.1 MellanoxTech
62.99 2.0 MidPennBancorp
MLNX 59.85 1.3 PwrShWaterRscs PHO
PreformedLine PLPC
30.17
84.95
1.5
3.4
VangdRuss2000Val VTWV
VangdTotalCpBd VTC
110.10 1.9 ClearSignWt
85.14 ... Curis
CLIRW 0.50 -7.7 Two-month CD Two-year CD
MPB 35.75 8.6 CRIS 0.83 -1.8
FT DevIntlEquity RNDM 51.92 0.4 GlacierBancorp GBCI 38.84 4.0 MonotypeImaging TYPE 25.78 0.4 PrincplMillennials GENY 33.96 0.3 VarexImaging VREX 37.51 1.5 EssaPharma EPIX 0.24 -10.9 VirtualBank /4 0.15 MyeBanc,ADivisionofBACFloridaBank/4 2.00
FT DorseyDyn5 FVC 25.77 1.3 GlbXConsciousCos KRMA 19.07 0.9 NICE PrincipalPriceSet PSET 31.64 1.1 121.38 1.4 ForwardPharma FWP
FT DorseyFoc5 FV 27.68 1.2 GlbX Health&Well NICE 88.52 1.1
ProShEquRising EQRR 43.97 -0.8
VSInverseVIXSTerm XIV 4.02 -5.2 (877) 998-2265 (855) 512-0989
BFIT 16.69 0.3 Nasdaq NDAQ 78.42 1.4 VeriSign VRSN 118.28 -0.1 HarvestCapCredit HCAP 10.76 -5.7
DorseyWrightPeople DWPP 28.17 0.9 GlbXS&P500Catholic CATH 32.58 0.9 NationalVision EYE 32.89 -0.9 ProShUltPrQQQ TQQQ 141.35 0.7 VeriskAnalytics VRSK 95.25 1.1 HaymakerAcqnUn HYACU 9.93 ...
Applied Bank /5 0.05 First Internet Bank of Indiana /4 1.88
FT NasdTechDiv TDIV 35.35 0.7 GoldenEnt GDEN 34.47 4.4 NeptuneTech QuinStreet QNST 10.95 10.7 VicShIntlVolWtd CIL 40.23 0.3 HaymakerAcqWt HYACW (800) 616-4605 (888) 873-3424
FT GerAlpha FGM 50.37 -0.1 GreatElmCap NEPT 1.81 1.3 0.82 -9.4
GEC 4.35 2.4 NetApp RealPage RP 46.00 3.5 VicShUSDiscEnhVol CSF 45.28 2.0 Ikonics
FT LC CoreAlpha FEX 57.68 1.1 Groupon GRPN 5.99 2.3 NewsCorp B
NTAP 56.91 1.0
RedRockResorts RRR 30.86 4.4 VicShUSEQIncmEnh CDC 45.93 1.2 Incyte
IKNX 7.34 -1.7 Citizens Trust Bank /4 0.01 VirtualBank /4 1.84
NWS 16.35 2.5 INCY 94.78 -2.1
FT LC GrwthAlpha FTC 61.35 0.7 HamiltonLane HLNE 34.59 3.4
NewsCorp A NWSA 16.16 2.6
Roku ROKU 51.80 -0.2 VicShUS500EnhVol CFO 47.92 1.2 iPath2yearBull
DTUL 61.24 -5.4
(404) 659-5959 (877) 998-2265
FT LC US Equity RNLC 21.21 0.5 HeritageCommerce HTBK 15.78 2.1 SBA Comm SBAC 173.97 -0.2 VicShUS500Vol CFA 47.94 1.2
NuvNasd100Dyn QQQX 24.51 0.2 Medigus MDGS 1.60 -1.7
FT LC Value
FT MegaCap
FTA
FMK
52.89 1.4 HinghamSvg
33.16 1.2 HuntingtonBcPfC
HIFS 222.00 4.8
OakValleyBncp OVLY 18.19 -0.8
SEI Investments SEIC 69.52 1.6 VicShUSLCHiDivVol CDL 44.68 1.2
PICO PICO 12.75 1.9 Three-month CD Five-year CD
HBANN 26.60 0.3 SageTherap SAGE 100.50 -0.3 VicShUSSCHiDiv CSB 43.83 1.0
FT MC CoreAlpha FNX 65.20 1.5 IQ Chaikin US SC CSML 28.34 1.5 OldDomFreight ODFL 124.99 1.2 SchmittIndustries SMIT 2.69 12.2 VicShUSSCVolWtd CSA 45.88 1.1
PapaJohn's PZZA 55.05 -0.7 TriState Capital Bank /4 1.30 First Internet Bank of Indiana /4 2.38
226.42 1.1 OtterTail OTTR 47.85 1.7 ProShUltProShQQQ SQQQ 21.35 -0.7
FT MC GrwthAlpha FNY 39.35 1.4 Illumina ILMN
PDLB 16.95 1.0
scPharm SCPH 15.44 4.5 VidentCoreUSEquity VUSE 32.85 1.7
Prothena PRTA 44.04 -1.6
(866) 680-8722 (888) 873-3424
FT MC US Equity RNMC 21.37 0.5 InflaRx IFRX 20.00 13.8 PDLCommBncp SeacoastBkgFL SBCF 26.07 3.0 WestBancorp WTBA 26.85 3.7
FT MC ValAlpha FNK 35.21 0.7 InfoSvcsGrp III 4.50 7.5 PRGXGlobal PRGX 7.90 4.1 SelectiveIns SIGI 60.55 2.2 WintrustFin WTFC 82.48 4.3 ReShapeLifesci RSLS 1.40 -2.7 M.Y. Safra Bank, FSB /NR 1.16 Synchrony Bank /5 2.35
FT MCGrAlpDX FAD 65.51 0.7 Inogen INGN 126.76 0.9 PatrickIndustries PATK 98.15 4.1 SierraOncology SRRA 2.84 9.0 WisdTrUSQltyDiv DGRW 40.39 1.1 ReWalkRobotics RWLK 1.05 -4.5 (212) 652-7200 (800) 903-8154
FT MuCValAlpha FAB 55.33 1.2 InteractiveBrkrs 56.26 1.2 Perceptron PRCP 10.71 2.5 35.72 1.9 RiminiStreet RMNI 6.48 7.6
IBKR
PPC 35.83 0.4
SodaStream SODA 69.19 3.1 WisdTrUSSCQltyDiv DGRS
SKLN 1.17 2.4 Luana Savings Bank /5 1.15 EverBank /4 2.35
FT NasdCybersec CIBR 22.81 0.6 iShCoreS&PUSGrowth IUSG 53.49 0.6 PilgrimPride SouthernFirstBcsh SFST 42.00 1.0 XenithBkshrs XBKS 33.99 3.3 SkylineMedical
FT NasdGlblAuto CARZ 42.83 1.4 iShCoreS&PUSValue IUSV 53.95 1.5 PinnacleEnt PNK 29.92 ... SoMO Bancorp SMBC 40.12 2.6 ZionsBancorpWt ZIONW 16.12 11.6 SolenoTherap SLNO 1.32 -5.4 (800) 666-2012 (855) 228-6755
FT Nasd100 EW QQEW 57.73 0.6 iShSelectDividend DVY 97.01 1.2 Plexus PLXS 64.12 0.8 StateBankFin STBZ 30.54 2.9 Zynga ZNGA 4.30 2.6 SonicFoundry SOFO 2.91 -5.9
FT RBAQualIncm QINC 25.34 1.4 iShExponentialTech XT 35.63 0.5 PwrShDWA Mom PDP 51.87 0.6 StemlineTherap STML 15.45 2.7 TESARO TSRO 79.03 -1.0 Notes: Accounts are federally insured up to $250,000 per person effective Oct. 3, 2008. Yields
FTRisingDivAch RDVY
FT SMID CapRising SDVY
29.07 1.8 iShMSCI ACWI
20.39 1.1 iShMSCIUSAESGOpt
ACWI
ESGU
71.66 0.8 PwrShDWASCMom
57.48 0.8 PwrShDWATact
DWAS
DWTR
48.99 1.8
28.89 1.0
StitchFix
Surmodics
SFIX
SRDX
24.89
33.45
-0.1
2.6
Nasdaq lows - 45 The9 NCTY
TremontMortgage TRMT
0.68
15.02
-2.1
-0.5
are based on method of compounding and rate stated for the lowest required opening deposit to
FT SC CoreAlpha FYX 60.80 2.0 iShMornMCValue JKI 155.27 1.4 PwrShDivAch PFM 25.78 0.9 TRowePrice TROW 99.80 1.8 ADOMANI ADOM 3.05 -19.9 VS2xVIXShortTerm TVIX 6.94 -2.5 earn interest. CD figures are for fixed rates only. MMA: Allows six (6) third-party transfers per
FT SC GrwthAlpha FYC 42.54 1.6 iShS&PSC600Growth IJT 171.36 1.7 PwrShDynConDis PEZ 49.81 0.8 TechTarget TTGT 13.88 0.8 A-MarkPrecMetals AMRK 13.95 4.3 VSVIXShortTerm VIIX 13.11 -1.3 month, three (3) of which may be checks. Rates are subject to change.
FT SC US Equity RNSC 21.30 0.5 J&JSnackFoods JJSF 148.85 1.7 PwrShDynConsStp PSL 63.40 1.0 TexasInstruments TXN 99.73 0.9 Altimmune ALT 1.89 -2.0 VistaGenTherap VTGN 0.69 -10.0
FT SC Value FYT 36.51 1.8 JackHenry JKHY 115.94 0.3 PwrShDynFinl PFI 34.95 1.3 tronc TRNC 17.77 1.0 AmeriHoldings AMRH 2.89 -9.4 WestmorelandCoal WLB 0.95 -3.3 Source: Bankrate.com, a publication of Bankrate, Inc., North Palm Beach, FL 33408
FT TotalUSMkt TUSA 32.42 0.7 Kingstone KINS 19.40 0.5 PwrShDynHlthcr PTH 70.44 0.9 TrustcoBank TRST 9.40 2.7 ApellisPharm APLS 12.95 -2.0 ZealandPharma ZEAL 13.45 -4.0 Internet: www.bankrate.com
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B12 | Wednesday, November 29, 2017 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23836.71 s 255.93, or 1.09% Trailing P/E ratio 20.99 20.86 2627.04 s 25.62, or 0.98% Trailing P/E ratio 24.49 24.35 6912.36 s 33.84, or 0.49% 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 2.19 2.44 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 23836.71, 11/28/17 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* 831,971,319 13,385,015
Industrial Average 23849.61 23617.11 23836.71 255.93 1.09 23836.71 19121.60 24.7 20.6 10.2 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 641,888,620 5,018,479
Transportation Avg 9757.65 9591.59 9754.03 158.80 1.65 10038.13 8783.74 9.1 7.9 2.0 Most-active issues in late trading Decl. volume* 179,101,244 8,208,860
Utility Average 767.38 763.69 766.06 3.52 0.46 774.47 626.66 17.0 16.1 8.5 Volume After Hours Issues traded 3,089 333
Company Symbol (000) Last Net chg % chg High Low Advances 2,024 165
Total Stock Market 27241.54 26999.79 27236.39 273.24 1.01 27236.39 22773.93 18.8 17.0 8.3
SPDR S&P 500 SPY 15,155.8 262.68 -0.19 -0.07 262.87 260.25 Declines 946 147
Barron's 400 704.94 695.71 704.75 10.39 1.50 704.75 583.16 19.5 17.1 9.3
General Motors GM 5,756.4 44.81 -0.11 -0.24 44.99 44.43 Unchanged 119 21
Nasdaq Stock Market Bank of America BAC 5,082.5 27.69 0.05 0.18 27.73 26.68 New highs 215 5
Nasdaq Composite 6914.19 6866.21 6912.36 33.84 0.49 6912.36 5251.11 28.5 28.4 13.0 Mylan MYL 3,987.5 36.88 … unch. 36.89 36.83 New lows 66 12
6426.04 6385.32 16.59 6422.56 4734.10 32.1 Closing tick 240 39
Nasdaq 100 6422.56 0.26 31.8 14.0 iShares MSCI Emg Markets EEM 3,781.2 47.48 0.12 0.25 47.48 47.30
Closing Arms† 0.64 1.60
iShares Russell 2000 ETF IWM 3,361.9 152.71 -0.15 -0.10 152.92 152.67
Standard & Poor's Block trades* 7,204 136
0.98
Kinder Morgan KMI 3,220.7 17.03 … unch. 17.06 17.03
500 Index 2627.69 2605.44 2627.04 25.62 2627.04 2191.08 19.2 17.3 8.3 Nasdaq NYSE Arca
AT&T T 3,087.8 35.36 -0.06 -0.17 35.45 34.71
MidCap 400 1880.52 1858.88 1880.26 24.15 1.30 1880.26 1623.28 15.3 13.2 9.2 Total volume*1,950,071,857 236,360,648
SmallCap 600 938.13 923.16 937.77 15.59 1.69 937.77 808.59 15.1 11.9 11.5 Percentage gainers… Adv. volume*1,169,257,075 173,129,253
Decl. volume* 757,615,836 60,675,292
Other Indexes Nuance Communications NUAN 499.1 16.90 1.04 6.56 17.00 15.45
Issues traded 3,081 1,326
Russell 2000 1536.63 1514.15 1536.43 23.12 1.53 1536.43 1313.80 15.7 13.2 9.4 Cytokinetics CYTK 35.1 7.70 0.45 6.21 7.70 7.25
Advances 1,929 933
NYSE Composite 12523.64 12409.62 12520.23 129.45 1.04 12520.23 10817.70 15.7 13.2 4.6 Regal Entertainment Grp RGC 477.1 20.65 1.02 5.20 21.25 19.65 Declines 1,022 365
Value Line 554.77 547.62 554.72 7.10 1.30 554.72 496.60 11.0 9.6 3.6 American Equity AEL 13.4 32.59 1.55 4.99 32.59 31.04 Unchanged 130 28
NYSE Arca Biotech 4180.96 4125.24 4159.36 -11.86 -0.28 4304.77 3075.02 26.5 35.3 6.6
Seabridge Gold SA 15.6 11.50 0.50 4.55 11.50 11.00 New highs 236 318
New lows 45 52
NYSE Arca Pharma 543.18 539.11 542.10 4.14 0.77 560.52 463.78 14.8 12.6 -0.5 ...And losers
Closing tick 382 120
KBW Bank 101.79 98.77 101.65 2.94 2.98 102.31 85.55 18.8 10.7 11.8 Wesco Aircraft Holdings WAIR 64.4 6.50 -1.20 -15.58 7.80 6.10 Closing Arms† 1.22 0.92
PHLX§ Gold/Silver 81.71 81.00 81.14 -0.33 -0.41 96.72 73.03 0.3 2.9 5.9 Autodesk ADSK 1,278.3 116.20 -13.75 -10.58 130.02 109.00 Block trades* 7,111 1,566
PHLX§ Oil Service 130.75 128.99 130.52 0.76 0.58 192.66 117.79 -19.0 -29.0 -15.4 Dominos Pizza DPZ 115.7 157.00 -15.29 -8.87 172.50 157.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1326.46 1316.14 1323.08 -1.07 -0.08 1341.69 836.79 49.5 46.0 24.5 Gridsum Holding ADR GSUM 20.0 9.25 -0.75 -7.50 10.50 8.40 †(TRIN) A comparison of the number of advancing and declining
10.31 9.53 0.16 16.04 9.14 -22.2 -28.6 issues with the volume of shares rising and falling. An
CBOE Volatility 10.03 1.62 -9.0 Scorpio Tankers STNG 33.9 3.05 -0.21 -6.44 3.26 2.81 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 3000.06 13.89 0.47 18.5 Apollo Endosurgery APEN 5.40 1.33 32.68 21.88 3.55 -57.1 Marathon Patent Group MARA 3.85 -2.66 -40.86 10.03 0.50 -47.4
DJ Global Index 390.21 1.76 0.45 19.7 Veritone VERI 27.51 5.24 23.53 74.92 7.76 ... Digital Power DPW 1.38 -0.75 -35.21 3.50 0.40 112.3
DJ Global ex U.S. 261.74 –0.20 –0.08 22.3 RYB Education ADR RYB 22.20 4.20 23.33 31.80 15.56 ... Diana Containerships DCIX 7.48 -1.87 -20.00 188430.48 1.56 -99.9
Americas DJ Americas 631.11 5.37 0.86 16.8 Ominto OMNT 4.34 0.68 18.58 23.05 2.57 49.7 ADOMANI ADOM 3.06 -0.76 -19.90 18.31 3.05 ...
Brazil Sao Paulo Bovespa 74139.72 80.80 0.11 23.1 China Recycling Energy CREG 3.30 0.44 15.38 9.39 0.95 88.6 Aratana Therapeutics PETX 5.86 -1.37 -18.95 8.63 4.97 -18.7
Canada S&P/TSX Comp 16029.64 –12.48 –0.08 4.9 Newater Technology NEWA 9.96 1.28 14.75 16.25 7.32 ... Momo ADR MOMO 25.08 -5.82 -18.83 46.69 16.73 14.8
Mexico S&P/BMV IPC 47229.16 –46.16 –0.10 3.5 Aquantia AQ 13.46 1.66 14.07 13.52 9.01 ... OptimumBank Holdings OPHC 6.75 -1.55 -18.67 13.96 1.85 50.0
Chile Santiago IPSA 3836.49 21.73 0.57 19.0 InflaRx IFRX 19.00 2.30 13.77 20.00 14.47 ... Stone Energy SGY 24.04 -5.23 -17.87 70.88 16.50 9.8
0.56 Thor Industries THO 154.37 18.12 13.30 155.46 87.96 51.6 Allied Healthcare Prods AHPI 2.05 -0.28 -12.02 3.75 1.53 -17.4
EMEA Stoxx Europe 600 387.02 2.15 7.1
0.52 Forterra FRTA 9.80 1.12 12.90 22.76 3.02 -48.8 Pyxis Tankers PXS 2.05 -0.28 -12.02 5.25 0.90 -15.6
Eurozone Euro Stoxx 390.09 2.02 11.4
Belgium Bel-20 3985.66 14.42 0.36 10.5 Schmitt Industries SMIT 2.48 0.27 12.19 2.69 1.48 38.5 FlexShares Core Sel Bd Fd BNDC 25.11 -3.40 -11.93 28.51 24.53 0.4
France CAC 40 5390.48 30.39 0.57 10.9 Surgery Partners SGRY 9.60 1.00 11.63 24.05 7.10 -35.8 Xunlei ADR XNET 18.58 -2.43 -11.57 27.00 3.11 320.4
Germany DAX 13059.53 59.33 0.46 13.7 AzurRx BioPharma AZRX 3.20 0.33 11.50 5.25 2.40 -20.2 Pulse Biosciences PLSE 20.84 -2.69 -11.43 39.50 5.20 230.8
Israel Tel Aviv 1446.67 10.81 0.75 –1.6 Ascent Capital Grp A ASCMA 12.62 1.27 11.19 18.96 8.87 -28.6 China Lending CLDC 2.88 -0.35 -10.92 8.30 2.00 -59.4
22291.77 0.52 15.9 Direxion Rg Banks Bull 3X DPST 69.48 6.90 11.03 81.77 43.51 24.0 Alphatec Holdings ATEC 2.59 -0.31 -10.69 5.80 1.58 -51.5
Italy FTSE MIB 115.07
Netherlands AEX 543.59 5.50 1.02 12.5
Russia RTS Index 1159.41 –1.15 –0.10 0.6 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10144.40 81.30 0.81 8.5
0.69 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 578.58 3.97 8.2 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9320.44 56.05 0.61 13.4
Bank of America BAC 94,245 48.2 27.64 3.95 27.98 20.25 iSh MSCI EM ESG Optimized ESGE 389 3516 74.00 0.87 74.80 53.52
U.K. FTSE 100 7460.65 76.75 1.04 4.4
Finl Select Sector SPDR XLF 85,822 68.9 26.88 2.60 26.93 22.00 iSh Yield Optimized Bd BYLD 320 2855 25.06 0.02 26.01 24.45
Asia-Pacific SPDR S&P 500 SPY 83,617 36.2 262.87 1.01 262.90 219.15 PS Russell MC Pure Growth PXMG 244 2784 42.45 1.02 43.00 30.85
Australia S&P/ASX 200 5984.30 –4.50 –0.08 5.6 Advanced Micro Devices AMD 64,226 15.0 11.17 -3.29 15.65 8.26 iSh MSCI USA ESG Select SUSA 335 2366 109.44 0.74 109.53 90.46
China Shanghai Composite 3333.66 11.43 0.34 7.4 Square Cl A SQ 55,900 391.2 42.55 3.73 49.56 12.38 iSh Edge MSCI Intl Value IVLU 265 2056 26.18 0.28 26.25 21.68
Hong Kong Hang Seng 29680.85 –5.34 –0.02 34.9 General Electric GE 53,706 -24.7 18.41 1.60 32.38 17.46 iSh Russell Top 200 Grwth IWY 1,240 1926 72.60 0.36 72.69 55.04
India S&P BSE Sensex 33618.59 –105.85 –0.31 26.3 Rite Aid RAD 50,993 92.4 1.89 15.95 8.77 1.38 MGC Diagnostics MGCD 334 1845 10.94 0.18 10.98 6.24
Japan Nikkei Stock Avg 22486.24 –9.75 –0.04 17.6 iShares MSCI Emg Markets EEM 50,576 4.0 47.36 0.74 47.93 33.94 Ardmore Shipping ASC 3,099 1758 8.05 -8.52 9.05 6.36
Singapore Straits Times 3442.35 5.99 0.17 19.5 Vale ADR VALE 46,843 68.0 11.33 3.85 11.72 7.47 iShares ACWI Low Carbon CRBN 118 1583 116.62 0.62 116.62 95.45
South Korea Kospi 2514.19 6.38 0.25 24.1 VelocityShares 3x Lg Nat UGAZ 45,466 133.6 9.43 9.78 52.49 7.60 GTY Technology Hldgs Cl A GTYH 434 1392 9.92 -0.10 13.00 9.75
Taiwan Weighted 10707.07 –43.86 –0.41 15.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency
Tues YTDchg
in US$ per US$ (%) Country/currency
Tues YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Europe
A consumer rate against its Five-year ARM, Rate
3.75% Argentina peso .0576 17.3705 9.5 Czech Rep. koruna .04646 21.526 –16.2
benchmark over the past year 10% Brazil real .3113 3.2126 –1.3 Denmark krone .1591 6.2858 –11.1
Bankrate.com avg†: 3.62%
Euro
s

3.00 Yen Canada dollar .7804 1.2815 –4.7 Euro area euro 1.1842 .8445 –11.2
5-year adjustable- Third Federal Savings and Loan 2.69% 5 s
Chile peso .001559 641.30 –4.3 Hungary forint .003809 262.56 –10.8
rate mortgage 4.00% Cleveland, OH 866-627-1785
t (ARM) 2.25 0 Ecuador US dollar 1 1 unch Iceland krona .009618 103.97 –8.0
Epic Funding 2.88% Tuesday Mexico peso .0539 18.5403 –10.6 Norway krone .1213 8.2433 –4.6
t

3.00 1.50 Uruguay peso .03436 29.1000 –0.9 Poland zloty .2818 3.5487 –15.2
Fort Myers, FL 800-530-2680 –5
Venezuela b. fuerte .099645 10.0357 0.4 Russia ruble .01712 58.417 –4.7
2.00 Schools First FCU 2.88% One year ago 0.75
t

t –10 s Asia-Pacific Sweden krona .1198 8.3507 –8.3

Santa Ana, CA 800-462-8328 WSJ Dollar index Switzerland franc 1.0162 .9841 –3.4
5-year Treasury 0.00 –15 Australian dollar .7594 1.3168 –5.2
1.00 Citizens Equity First Credit Union 3.00% Turkey lira .2522 3.9645 12.5
note yield China yuan .1515 6.5999 –5.0
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0372 26.9065 –0.7
Peoria, IL 309-633-3603 Hong Kong dollar .1282 7.8032 0.6
0.00 month(s) years UK pound 1.3339 .7497 –7.5
StateDepartmentFederalCreditUnion 3.00% India rupee .01551 64.474 –5.1
D J FMAM J J A S ON maturity Indonesia rupiah .0000740 13512 –0.1 Middle East/Africa
2017 Alexandria, VA 800-296-8882
Japan yen .008970 111.48 –4.7 Bahrain dinar 2.6489 .3775 0.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003012 331.96 –0.5 Egypt pound .0563 17.7570 –2.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1244 8.0375 1.5 Israel shekel .2848 3.5115 –8.7
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2438 4.1015 –8.6 Kuwait dinar 3.3142 .3017 –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 .6898 1.4497 0.4 Oman sul rial 2.5976 .3850 ...
Pakistan rupee .00950 105.250 0.8 Qatar rial .2737 3.653 0.4
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 50.293 1.4 Saudi Arabia riyal .2667 3.7501 –0.02
Libor, 3-month 1.48 1.45 0.93 l 1.48 1.25 Singapore dollar .7429 1.3461 –7.0 South Africa rand .0732 13.6632 –0.2
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1464.133 2.171 2.191 2.237 1.818 2.217 1.668 South Korea won .0009226 1083.95 –10.3
Five-year CD, annual yield 1.48 1.48 1.19 l 1.49 -0.09 .0065020 153.80 3.6 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1736.866 2.338 2.361 2.609 2.058 1.975 1.370 Sri Lanka rupee
30-year mortgage, fixed† 3.88 3.91 3.73 l 4.33 -0.09 Taiwan dollar .03334 29.996 –7.6 WSJ Dollar Index 86.66 0.22 0.26 –6.76
DJ Corporate 380.347 3.118 3.158 3.390 2.879 5.597 3.707
Thailand baht .03068 32.590 –9.0 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.28 3.32 2.99 l 3.50 0.10 Aggregate, Barclays Capital 1944.020 2.650 2.680 2.790 2.380 3.437 2.235 Vietnam dong .00004402 22715 –0.2
Jumbo mortgages, $424,100-plus† 4.27 4.29 4.21 l 4.88 0.02 High Yield 100, Merrill Lynch 2851.274 5.535 5.551 6.144 4.948 8.237 4.078
Five-year adj mortgage (ARM)† 3.62 3.60 3.20 l 4.03 0.14
Fixed-Rate MBS, Barclays 1988.400 2.870 2.900 3.120 2.660 2.339 1.917
New-car loan, 48-month 3.02 3.01 2.85 l 3.36 -0.16
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 517.714 2.214 2.087 2.516 1.736 4.567 2.361 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 805.278 5.521 5.591 6.290 5.279 10.445 5.689 Commodities Tuesday 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 613.35 -1.47 -0.24 616.58 532.01 12.29 8.13

Get real-time U.S. stock quotes and track most-active Track the Markets 191.21 -0.22 195.14 3.93 -0.67

WSJ
TR/CC CRB Index -0.42 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 57.99 -0.12 -0.21 58.95 42.53 28.21 7.95
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.074 0.146 4.99 3.93 2.56 -7.27 -17.45
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1294.70 0.90 0.07 1346.00 1127.80 8.99 12.58
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Wednesday, November 29, 2017 | B13

COMMODITIES
WSJ.com/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Soybean Oil (CBT)-60,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Feb .7603 .7614 .7591 .7592 –.0012 444
Dec 33.60 34.01 33.53 34.00 .40 26,583 Dec 116-315 117-020 116-287 116-292 –2.5 1,543,350 March .7598 .7615 .7584 .7592 –.0011 1,939
Contract Open
Jan'18 33.73 34.13 33.68 34.13 .39 155,655 March'18 116-255 116-282 116-227 116-230 –2.7 1,942,974 June .7610 .7610 .7610 .7590 –.0011 256
Open High hi lo Low Settle Chg interest
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Copper-High (CMX)-25,000 lbs.; $ per lb. Jan 1226.00 1234.00 1221.50 1230.50 1.00 7,917 Dec 107-150 107-160 107-140 107-145 –.7 706,307 Dec .05365 .05379 .05337 .05361 –.00005 171,334
Nov 3.1050 3.1050 3.0685 3.0705 –0.0620 216 March 1255.00 1260.00 1252.50 1259.50 … 2,252 March'18 107-092 107-102 107-085 107-087 –.5 1,193,910 March'18 .05288 .05296 .05255 .05278 –.00006 896
March'18 3.1540 3.1580 3.0920 3.0985 –0.0590 161,940 Wheat (CBT)-5,000 bu.; cents per bu.
Gold (CMX)-100 troy oz.; $ per troy oz. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Euro (CME)-€125,000; $ per €
Dec 410.25 412.25 t 405.25 410.75 1.25 47,288 Nov 98.845 98.845 98.843 98.843 … 205,408 Dec 1.1913 1.1933 1.1840 1.1850 –.0064 478,385
Nov ... ... ... 1294.70 0.90 1 March'18 429.00 431.25 t 424.25 429.25 1.00 282,348
Dec 1293.90 1297.00 1290.10 1294.90 0.50 93,032 Jan'18 98.605 98.610 t 98.605 98.610 … 338,768 March'18 1.1981 1.2002 1.1911 1.1920 –.0064 9,082
Wheat (KC)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Feb'18 1298.80 1301.30 1294.50 1299.20 0.30 348,899
Dec 408.00 410.75 t 404.00 409.25 2.00 23,809
April 1302.50 1305.30 1298.80 1303.50 0.30 26,257 Dec 101.141 101.422 101.141 101.156 –.094 27,873 Index Futures
March'18 426.25 428.50 t 422.00 427.75 2.50 194,053
June 1306.90 1308.90 1303.70 1307.90 0.30 34,612
Wheat (MPLS)-5,000 bu.; cents per bu. 1 Month Libor (CME)-$3,000,000; pts of 100%
Dec 1319.70 1322.10 1317.20 1321.30 0.30 13,099 Dec 98.5200 98.5200 98.5200 98.5225 .0075 2,764 Mini DJ Industrial Average (CBT)-$5 x index
Dec 610.00 610.25 595.75 603.50 –6.50 8,439
Palladium (NYM) - 50 troy oz.; $ per troy oz. Eurodollar (CME)-$1,000,000; pts of 100% Dec 23563 23827 s 23522 23811 249 146,960
March'18 627.00 627.75 615.00 622.00 –5.00 40,380
Dec 1002.00 1023.50 s 996.60 1020.65 19.60 2,685 Dec 98.4475 98.4550 98.4450 98.4525 .0050 1,654,547 March'18 23554 23822 s 23522 23811 251 2,886
March'18 1001.30 1023.95 s 994.80 1020.65 20.15 30,770 Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Nov 157.775 157.925 157.575 157.775 … 2,642 March'18 98.2800 98.2900 98.2700 98.2850 .0050 1,511,429 S&P 500 Index (CME)-$250 x index
June 992.85 1017.25 s 992.85 1014.10 20.15 523 Dec 2601.00 2626.50 s 2597.90 2626.00 24.20 70,177
Jan'18 154.750 154.925 153.325 154.500 .050 25,623 June 98.1300 98.1500 98.1250 98.1350 … 1,302,114
Platinum (NYM)-50 troy oz.; $ per troy oz. March'18 2606.50 2627.20 s 2606.30 2627.60 24.40 5,220
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 97.9850 98.0050 97.9700 97.9750 –.0100 1,649,501
Nov ... ... ... 950.10 2.20 4
Jan'18 950.60 959.20 948.20 952.80 2.00 67,915 Dec 119.625 119.950 118.750 119.650 –.175 39,273 Mini S&P 500 (CME)-$50 x index
Feb'18 125.850 126.150 124.650 125.675 –.375 155,978 Dec 2602.25 2627.00 s 2597.50 2626.00 24.25 3,200,150
Silver (CMX)-5,000 troy oz.; $ per troy oz. Currency Futures
Nov 17.020 17.025 17.020 16.811 –0.198 2 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'18 2603.25 2628.75 s 2599.00 2627.50 24.25 128,613
March'18 17.110 17.180 16.825 16.918 –0.201 124,933 Dec 64.500 65.950 64.175 65.750 1.225 31,806 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini S&P Midcap 400 (CME)-$100 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Feb'18 70.100 72.000 69.775 71.525 1.425 93,414 Dec .9012 .9023 .8965 .8969 –.0046 242,576 Dec 1856.20 1880.90 s 1853.00 1880.00 25.10 93,286
Jan 57.86 58.11 57.42 57.99 –0.12 556,293 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'18 .9060 .9068 .9015 .9016 –.0047 5,451 March'18 ... 1881.20 s ... 1881.30 26.80 11
Feb 57.99 58.15 57.50 58.05 –0.11 200,939 Jan 420.70 426.20 419.00 426.20 10.00 5,018 Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini Nasdaq 100 (CME)-$20 x index
March 57.89 58.10 57.48 58.00 –0.08 290,766 March 408.80 416.50 408.00 416.50 10.00 1,014 Dec .7836 .7842 .7799 .7804 –.0035 136,406 Dec 6413.3 6429.5 s 6388.8 6420.3 7.0 289,778
April 57.86 57.96 57.45 57.88 –0.04 137,510 Milk (CME)-200,000 lbs., cents per lb. March'18 .7845 .7850 .7810 .7813 –.0034 3,915 March'18 6428.0 6446.5 s 6406.0 6437.0 7.0 2,951
June 57.45 57.51 57.04 57.40 –0.01 241,155 Nov 16.79 16.81 16.79 16.81 .01 4,253 British Pound (CME)-£62,500; $ per £ Mini Russell 2000 (ICE-US)-$100 x index
Dec 55.75 55.77 55.21 55.57 –0.03 265,667 Dec 15.10 15.31 t 15.10 15.25 .04 4,448 Dec 1.3329 1.3396 1.3228 1.3380 .0054 172,633 Dec 1511.90 1538.10 s 1511.30 1536.20 23.00 68,675
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cocoa (ICE-US)-10 metric tons; $ per ton. March'18 1.3368 1.3438 1.3271 1.3423 .0054 4,008 March'18 1520.00 1539.90 s 1520.00 1537.70 23.20 189
Dec 1.9480 1.9513 1.9329 1.9507 .0029 26,780 Dec 2,056 2,056 2,042 2,047 –18 134
Jan'18 1.9507 1.9550 1.9357 1.9529 .0024 138,811
Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Russell 1000 (ICE-US)-$100 x index
March'18 2,061 2,071 2,040 2,049 –18 135,827
Dec 1.0204 1.0213 1.0162 1.0170 –.0036 78,530 Dec 1445.00 1456.60 s 1444.30 1456.50 14.10 323
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec 1.7905 1.7908 1.7616 1.7720 –.0173 28,300 Dec 125.50 127.10 124.85 127.45 1.90 2,217
March'18 1.0274 1.0285 1.0242 1.0243 –.0036 411 U.S. Dollar Index (ICE-US)-$1,000 x index
Jan'18 1.7862 1.7862 1.7591 1.7686 –.0165 178,563 March'18 127.90 130.20 126.75 129.85 1.65 118,095
Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 92.80 93.27 92.76 93.21 .39 39,064
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec .7602 .7619 .7586 .7595 –.0011 129,870 March'18 92.51 92.92 92.47 92.91 .38 3,780
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Dec 2.947 3.102 2.945 3.074 .146 6,323 Jan'18 .7605 .7616 .7589 .7594 –.0011 914
March 15.35 15.38 15.01 15.04 –.35 389,522 Source: SIX Financial Information
Jan'18 3.040 3.154 3.028 3.128 .111 399,872
May 15.28 15.32 14.99 15.02 –.31 130,583
Feb 3.042 3.155 3.034 3.131 .108 130,127
March 3.008 3.114 3.001 3.092 .102 197,418
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
April
May
2.876
2.865
2.933
2.919
2.871
2.862
2.926
2.913
.059
.053
136,238
106,957
March
May
27.13
27.35
27.50
27.70
27.12
27.35
27.44
27.58
.04
.30
2,815
2,141 Bonds | WSJ.com/bonds
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Agriculture Futures Dec 72.20 73.94 72.00 74.05 1.90 443

Corn (CBT)-5,000 bu.; cents per bu.

March'18 71.25 72.29 71.02
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
72.14 .72 162,516
Tracking Bond Benchmarks
Dec 339.00 339.50 t 335.75 336.25 –2.50 183,242 Jan 164.90 165.85 163.10 165.30 –1.50 8,358 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
March'18 352.00 352.50 349.25 349.75 –2.00 803,706 162.00 163.30 161.80 163.40 –1.55 1,730
Oats (CBT)-5,000 bu.; cents per bu.
March highs and lows for different types of bonds
Dec 251.00 251.25 244.25 244.75 –5.75 751 Total Total
March'18 267.75 268.50 260.00 261.00 –6.75 5,614
Interest Rate Futures return YTD total Yield (%) return YTD total Yield (%)
close return (%) Index Latest Low High close return (%) Index Latest Low High
Soybeans (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Jan 996.00 996.00 987.50 993.00 –3.00 310,026 Dec 154-100 154-270 154-020 154-090 –2.0 375,281 Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
March 1007.50 1007.75 999.25 1004.75 –3.00 163,548 March'18 153-100 153-240 152-310 153-060 –2.0 473,685
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 1944.02 3.4 U.S. Aggregate 2.650 2.380 2.790 1988.40 2.4 Mortgage-Backed 2.870 2.660 3.120
Dec 327.20 327.20 322.30 323.50 –3.60 21,774 Dec 125-025 125-075 124-300 124-310 –5.0 1,596,298
U.S. Corporate Indexes Bloomberg Barclays 1954.72 1.8 Ginnie Mae (GNMA) 2.820 2.630 3.090
Jan'18 329.50 329.70 324.60 325.80 –3.50 140,578 March'18 124-275 125-000 124-220 124-235 –5.0 2,119,951
2786.62 5.9 U.S. Corporate 3.220 3.030 3.520 1166.47 2.6 Fannie mae (FNMA) 2.880 2.670 3.120

2620.13 3.9 Intermediate 2.810 2.530 3.010 1795.94 2.7 Freddie Mac (FHLMC) 2.890 2.680 3.130
Exchange-Traded Portfolios | WSJ.com/ETFresearch 3882.03 10.4 Long term 4.100 4.090 4.710 517.71 3.8 Muni Master 2.214 1.736 2.516
568.10 4.3 Double-A-rated 2.720 2.470 2.870 361.56 4.1 7-12 year 2.204 1.744 2.618
Closing Chg YTD 5.5 12-22 year
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 719.62 6.5 Triple-B-rated 3.520 3.340 3.870 407.00 2.588 2.213 3.047

Closing Chg YTD SPDR S&P 500 SPY 262.87 1.01 17.6 High Yield Bonds Merrill Lynch 393.83 6.1 22-plus year 2.989 2.770 3.622
Tuesday, November 28, 2017
ETF Symbol Price (%) (%) SPDR S&P Div SDY 94.92 1.23 10.9 416.06 7.1 High Yield Constrained 5.756 5.373 6.579 Global Government J.P. Morgan†
Closing Chg YTD
ETF Symbol Price (%) (%) iShMSCIEurozone EZU 43.74 0.37 26.4 TechSelectSector XLK 64.71 0.33 33.8
416.68 8.3 Triple-C-rated 10.771 9.584 12.718 545.32 1.6 Global Government 1.410 1.300 1.560
AlerianMLPETF AMLP 9.98 –0.30 –20.8 iShMSCIJapan EWJ 59.97 0.30 22.7 UtilitiesSelSector XLU 56.38 0.46 16.1
CnsmrDiscSelSector XLY 95.75 1.11 17.6 iShNasdaqBiotech IBB 311.31 0.28 17.3 VanEckGoldMiner GDX 22.93 –0.52 9.6 2851.27 6.3 High Yield 100 5.535 4.948 6.144 760.47 0.9 Canada 1.950 1.570 2.190
CnsStapleSelSector XLP 55.25 0.82 6.8 iShNatlMuniBd MUB 109.95 –0.15 1.6 VangdInfoTech VGT 168.01 0.25 38.3
378.15 7.4 Global High Yield Constrained 5.206 4.934 6.220 373.68 1.3 EMU§ 1.014 0.933 1.363
EnSelectSectorSPDR XLE 67.71 0.77 –10.1 iShRussell1000Gwth IWF 133.66 0.61 27.4 VangdSC Val VBR 131.49 1.51 8.7
FinSelSectorSPDR XLF 26.88 2.60 15.6 iShRussell1000 IWB 146.35 0.96 17.6 VangdSC Grwth VBK 160.47 0.84 20.5 306.82 6.9 Europe High Yield Constrained 2.233 1.897 3.814 716.91 1.5 France 0.750 0.710 1.210
GuggS&P500EW 99.02 1.15 14.3 IWD 121.35 1.40 8.3 VangdDivApp VIG 99.60 1.27 16.9
RSP iShRussell1000Val U.S Agency Bloomberg Barclays 510.92 -0.7 Germany 0.410 0.210 0.620
HealthCareSelSect XLV 82.44 0.73 19.6 iShRussell2000Gwth IWO 186.39 1.44 21.1 VangdFTSEDevMk VEA 44.66 0.50 22.2
IndSelSectorSPDR XLI 72.62 1.52 16.7 iShRussell2000 IWM 152.86 1.57 13.4 VangdFTSE EM VWO 45.40 0.60 26.9 1640.40 2.2 U.S Agency 2.080 1.660 2.100 288.09 -0.02 Japan 0.410 0.270 0.460
VangdFTSE Europe VGK 58.65 0.62 22.3 1.2
iShIntermCredBd CIU 109.66 –0.01 1.4 iShRussell2000Val IWN 126.86 1.83 6.7 1464.77 10-20 years 1.940 1.470 1.970 564.54 -0.3 Netherlands 0.530 0.360 0.760
iSh1-3YCreditBond CSJ 104.90 0.05 –0.0 iShRussell3000 IWV 155.95 1.02 17.3 VangdFTSEAWxUS VEU 54.46 0.55 23.3
iSh3-7YTreasuryBd IEI 122.90 –0.02 0.3 iShRussellMid-Cap IWR 205.46 1.11 14.9 VangdGrowth VUG 140.02 0.44 25.6 3389.50 8.4 20-plus years 2.890 2.730 3.460 923.72 1.1 U.K. 1.560 1.340 1.790
iShCoreMSCIEAFE IEFA 65.96 0.05 23.0 iShRussellMCValue IWS 87.43 1.04 8.7 VangdHlthCr VHT 153.60 0.74 21.2 2462.62 5.0 Yankee 2.880 2.610 3.090 805.28 9.0 Emerging Markets ** 5.521 5.279 6.290
iShCoreMSCIEmgMk IEMG 57.13 0.67 34.6 iShS&PMC400Growth IJK 215.08 1.19 18.0 VangdHiDiv VYM 84.07 1.24 11.0
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
iShCoreMSCITotInt IXUS 62.99 0.51 24.8 iShS&P500Growth IVW 151.93 0.63 24.7 VangdIntermBd BIV 84.50 0.07 1.7
** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
iShCoreS&P500 IVV 264.65 1.01 17.6 iShS&P500Value IVE 111.10 1.48 9.6 VangdIntrCorpBd VCIT 87.82 0.06 2.5
iShCoreS&P MC IJH 187.85 1.37 13.6 iShUSPfdStk PFF 38.61 –0.10 3.8 VangdLC VV 120.75 0.98 18.0
iShCoreS&P SC IJR 77.03 1.70 12.0 iShTIPSBondETF TIP 114.11 –0.01 0.8 VangdMC VO 152.78 1.03 16.1 Global Government Bonds: Mapping Yields
iShS&PTotlUSStkMkt ITOT 60.26 0.97 17.5 iSh1-3YTreasuryBd SHY 84.11 0.01 –0.4 VangdMC Val VOE 108.91 1.26 12.1
iShCoreUSAggBd AGG 109.53 ... 1.4 iSh7-10YTreasuryBd IEF 106.37 0.02 1.5 VangdREIT VNQ 84.23 –0.38 2.1
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
iShSelectDividend DVY 97.00 1.23 9.5 iSh20+YTreasuryBd TLT 126.79 0.13 6.4 VangdS&P500 VOO 241.42 0.99 17.6 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
iShEdgeMSCIMinEAFE EFAV 72.71 0.53 18.8 iShRussellMCGrowth IWP 119.75 1.03 23.0 VangdST Bond BSV 79.46 –0.01 0.0
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
iShEdgeMSCIMinUSA USMV 52.46 0.75 16.0 PIMCOEnhShMaturity MINT 101.79 ... 0.5 VangdSTCpBd VCSH 79.74 0.06 0.5 Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
iShGoldTr IAU 12.43 –0.08 12.2 PwrShQQQ 1 QQQ 156.59 0.26 32.2 VangdSC VB 146.85 1.23 13.9 1.750 U.S. 2 1.754 s l 1.736 1.596 1.103
iShiBoxx$InvGrCpBd LQD 121.29 0.14 3.5 PwrShS&P500LoVol SPLV 47.75 0.87 14.8 VangdTotalBd BND 81.83 ... 1.3
2.250 10 2.337 s l 2.330 2.412 2.314
iShiBoxx$HYCpBd HYG 87.87 0.31 1.5 PwrShSrLoanPtf BKLN 23.05 0.09 –1.3 VangdTotIntlBd BNDX 55.00 –0.24 1.3
iShJPMUSDEmgBd EMB 116.03 0.14 5.3 SPDR BlmBarcHYBd JNK 37.00 0.27 1.5 VangdTotIntlStk VXUS 56.61 0.60 23.4 2.750 Australia 2 1.751 t l 1.778 1.887 1.749 -0.3 4.1 64.7
iShMBSETF MBB 106.83 0.04 0.5 SPDR Gold GLD 122.81 –0.02 12.0 VangdTotalStk VTI 135.30 0.99 17.3 2.750 10 2.505 t l 2.533 2.785 2.709 16.7 20.2 39.4
iShMSCI ACWI ACWI 71.65 0.79 21.1 SchwabIntEquity SCHF 34.45 0.50 24.5 VangdTotlWrld VT 73.52 0.77 20.5
0.000 France 2 -0.581 s l -0.581 -0.602 -0.682 -233.5 -231.7 -178.4
iShMSCIBrazilCap EWZ 41.00 1.01 23.0 SchwabUS BrdMkt SCHB 63.60 0.98 17.4 VangdValue VTV 103.65 1.47 11.4
iShMSCI EAFE EFA 70.32 0.57 21.8 SchwabUS LC SCHX 62.80 0.93 17.9 WisdTrEuropeHdg HEDJ 65.10 0.93 13.4
0.750 10 0.677 t l 0.678 0.663 0.758 -166.1 -165.2 -155.7
iShMSCI EAFE SC SCZ 63.66 0.28 27.7 SPDR DJIA Tr DIA 238.34 1.11 20.7 WisdTrJapanHdg DXJ 58.06 0.71 17.2 0.000 Germany 2 -0.690 s l -0.694 -0.763 -0.750 -244.4 -243.1 -185.3
iShMSCIEmgMarkets EEM 47.36 0.74 35.3 SPDR S&PMdCpTr MDY 342.37 1.38 13.5 XtrkrsMSCIEAFE DBEF 31.97 0.85 13.9 0.500 10 0.342 t 0.344 0.386 0.208 -199.6 -198.6
l -210.6
0.050 Italy 2 -0.284 t l -0.278 -0.192 0.099 -203.8 -201.5 -100.4

Borrowing Benchmarks | WSJ.com/bonds 2.050 10 1.781 t l 1.791 1.944 2.066 -55.7 -53.9 -24.8
0.100 Japan 2 -0.171 s l -0.174 -0.153 -0.154 -192.5 -191.1 -125.6
Money Rates November 28, 2017 0.100 10 0.040 s l 0.036 0.069 0.014 -229.7 -229.4 -230.0
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 2.750 Spain 2 -0.359 t l -0.339 -0.338 -0.102 -211.3 -207.5 -120.5
guide to general levels but don’t always represent actual transactions. 1.450 10 1.461 t l 1.480 1.583 1.580 -87.7 -85.0 -73.4
1.750 U.K. 2 0.467 s l 0.465 0.462 0.090 -128.7 -127.2 -101.3
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low 4.250 10 1.255 t l 1.255 1.352 1.245 -107.5 -106.9
-108.2
Oct. index Chg From (%)
level Sept. '17 Oct. '16 Treasury bill auction Six month 1.65738 1.64489 1.65832 1.28878 Source: Tullett Prebon
One year 1.93798 1.92733 1.94294 1.63900
4 weeks 1.170 1.130 1.300 0.340
U.S. consumer price index
All items 246.663 –0.06 2.0
13 weeks
26 weeks
1.285 1.285 1.285 0.490
1.435 1.415 1.435 0.590
Euro Libor Corporate Debt
One month -0.402 -0.400 -0.376 -0.405
Core 253.638 0.28 1.8
Three month -0.382 -0.380 -0.325 -0.382
in that same company’s share price.
International rates Secondary market Six month -0.317 -0.312 -0.219 -0.322 Investment-grade spreads that tightened the most…
One year -0.249 -0.243 -0.080 -0.251 Spread*, in basis points Stock Performance
Fannie Mae
Week 52-Week Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Latest ago High Low 30-year mortgage yields Euro interbank offered rate (Euribor)
General Electric GE 2.700 Oct. 9, ’22 41 –17 64 18.41 1.60
30 days 3.448 3.488 3.865 3.253 One month -0.371 -0.372 -0.366 -0.375
Prime rates Three month -0.329 -0.329 -0.313 -0.332 United Parcel Service UPS 2.400 Nov. 15, ’26 51 –14 65 115.19 0.57
60 days 3.468 3.512 3.899 3.281
U.S. 4.25 4.25 4.25 3.50 Six month -0.274 -0.273 -0.216 -0.276 Keybank NA KEY 2.500 Nov. 22, ’21 35 –10 47 … …
Canada 3.20 3.20 3.20 2.70 Other short-term rates One year -0.186 -0.186 -0.076 -0.192 Macy's Retail Holdings M 2.875 Feb. 15, ’23 253 –10 n.a. … …
Japan 1.475 1.475 1.475 1.475 Value 52-Week Pitney Bowes PBI 4.700 April 1, ’23 411 –10 489 10.16 1.09
Week 52-Week
Policy Rates Latest high low
Latest Traded High Low Mead Johnson Nutrition RB 3.000 Nov. 15, ’20 44 –10 n.a. ... ...
ago
Euro zone 0.00 0.00 0.00 0.00 DTCC GCF Repo Index Anheuser–Busch Inbev Worldwide ABIBB 5.375 Jan. 15, ’20 29 –8 34 ... ...
Switzerland 0.50 0.50 0.50 0.50 Call money Treasury 1.113 25.880 1.366 0.264
Gatx GMT 3.500 March 15, ’28 118 –8 128 ... ...
Britain 0.50 0.50 0.50 0.25 3.00 3.00 3.00 2.25 MBS 1.145 105.080 1.506 0.280
Australia 1.50 1.50 1.50 1.50
…And spreads that widened the most
Commercial paper (AA financial) Open Implied
Settle Change Interest Rate AXA AXASA 6.463 Dec. 14, ’49 269 87 196 ... ...
Overnight repurchase 1.35 1.36 1.36 0.67
90 days Teva Pharmaceutical Finance TEVA 3.650 Nov. 10, ’21 297 19 n.a. … …
U.S. 1.05 1.14 1.38 0.24 DTCC GCF Repo Index Futures Wells Fargo WFC 3.000 Oct. 23, ’26 90 14 97 55.57 3.00
Libor Treasury Nov 98.805 0.010 6760 1.195
U.S. government rates Westpac Banking WSTP 2.600 Nov. 23, ’20 48 13 43 ... ...
One month 1.34978 1.31287 1.34978 0.61672 Treasury Dec 98.655 unch. 2225 1.345
Discount Three month 1.47882 1.45400 1.47882 0.93067 Treasury Jan 98.555 unch. 459 1.445 General Motors Financial GM 3.200 July 6, ’21 82 10 85 … …
1.75 1.75 1.00
Murphy Oil MUR 6.875 Aug. 15, ’24 273 10 267 28.13 1.22
1.75
Notes on data: Qualcomm QCOM 2.250 May 20, ’20 71 10 79 68.38 1.20
Federal funds U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Royal Bank of Scotland RBS 7.500 Aug. 10, ’49 218 9 247 7.37 1.52
and is effective June 15, 2017. Other prime rates aren’t directly comparable; lending practices vary
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
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 High-yield issues with the biggest price increases…
Low 1.0500 1.0500 1.1600 0.2500 billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Futures on the Bond Price as % of face value Stock Performance
DTCC GCF Repo Index are traded on NYSE Liffe US. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Bid 1.1600 1.1600 1.1700 0.3000
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information; Tullett Prebon
Offer 1.1700 1.1700 1.1900 0.3200 Information, Ltd. Revlon Consumer Products REV 6.250 Aug. 1, ’24 60.250 2.75 55.750 … …
Louisiana–Pacific LPX 4.875 Sept. 15, ’24 105.100 1.35 103.500 27.90 2.57
AMC Entertainment Holdings AMC 5.875 Nov. 15, ’26 97.875 1.27 94.750 16.15 8.39
Dividend Changes Time TIME 7.500 Oct. 15, ’25 116.500 1.25 107.750 18.45 –0.27
Sprint S 7.125 June 15, ’24 104.000 1.24 103.355 6.07 –1.30
Dividend announcements from November 28.
Murray Energy MURREN 11.250 April 15, ’21 56.125 1.13 51.750 ... ...
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Talen Energy Supply TLN 6.500 June 1, ’25 84.750 1.13 82.750 ... ...
Graftech International GTI 6.375 Nov. 15, ’20 100.030 0.78 99.250 ... ...
Increased Fidelity Limited Term Bd FLTB 1.7 .073 M Dec01 /Nov29

First Financial Indiana THFF 2.1 .51 /.50 SA Jan15 /Jan08

Fidelity Total Bond ETF FBND 2.9 .12 M Dec01 /Nov29 …And with the biggest price decreases
First Tr Engy Infr Fd FIF 7.6 .11 M Dec15 /Dec04
RGC Resources RGCO 2.3 .155 /.145 Q Feb01 /Jan16 Chs/Community Health Systems CYH 8.000 Nov. 15, ’19 86.500 –2.75 89.500 … …
First Tr Mortgage Incm Fd FMY 5.5 .065 M Dec15 /Dec04
Funds and investment companies FT Interm Duration Pfd FPF 7.4 .1525 M Dec15 /Dec04 Altice Luxembourg S.A. ATCNA 7.625 Feb. 15, ’25 94.250 –1.63 98.000 ... …
AdvisorSh Pac Asst Enh FR FLRT 3.4 .13872 M Nov30 /Nov29 FT Sr Floating Rate 2022 FIV 5.4 .0417 M Dec15 /Dec04 Tesla TSLA 5.300 Aug. 15, ’25 96.250 –1.60 97.000 317.55 0.23
AdvisorShares Newfleet MINC 2.6 .10658 M Nov30 /Nov29 Madrona Global Bond FWDB 3.2 .06965 M Nov30 /Nov29 California Resources CRC 8.000 Dec. 15, ’22 72.188 –1.56 72.730 15.05 1.14
AdvisorShares Sage Core HOLD 1.5 .12663 M Nov30 /Nov29 EP Energy EPENEG 9.375 May 1, ’20 74.250 –1.50 75.938 ... ...
Special
AdvisorShs Peritus Hi Yd HYLD 7.6 .22858 M Nov30 /Nov29 Frontier Communications FTR 7.625 April 15, ’24 70.000 –1.50 70.875 7.93 4.20
Gaming Partners Intl GPIC .12 Dec22 /Dec08
Alliance CA Municipal AKP 4.2 .04724 M Dec15 /Dec08 Sanchez Energy SN 6.125 Jan. 15, ’23 84.500 –1.50 85.750 4.92 0.82
United Bancorp UBCP 3.8 .05 Dec29 /Dec08
AllianceBernstein Glbl AWF 6.7 .0699 M Dec15 /Dec08 TreeHouse Foods THS 4.875 March 15, ’22 101.625 –1.20 101.375 44.26 0.43
AllianceBrnstn NtlMun AFB 4.6 .05205 M Dec15 /Dec08
*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.
CWA Income ETF CWAI 2.9 .06144 M Nov30 /Nov29 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Data are for the most active issue of bonds with maturities of two years or more
Fidelity Corporate Bd FCOR 3.0 .127 M Dec01 /Nov29 S2:1: stock split and ratio; SO: spin-off. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
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B14 | Wednesday, November 29, 2017
Large U.K. Banks Pass Brexit Stress Test
Bank of England does
raise concerns about
the treatment of
derivatives contracts
BY MAX COLCHESTER
AND JASON DOUGLAS
LONDON—The U.K.’s largest
banks could withstand Britain
crashing out of the European
Union, the Bank of England
said, but the central bank
raised wider concerns over
how trillions of dollars’ worth
of derivatives contracts will be
treated after Brexit.
Presenting the results of its
annual balance sheet health
check on Tuesday, the Bank of
England said the country’s
China Renews Chase
For Credit-Ratings
System on Consumers
BY CHUIN-WEI YAP
HONG KONG—China’s on-
line-finance regulator plans to
set up a personal credit-rating
system, reinvigorating a three-
year-long mission to find a
homegrown answer to U.S.
FICO scores as Beijing moves
to clean up the country’s inter-
net-lending sector.
China’s search for a national
benchmark to gauge individual
creditworthiness has struggled
to keep pace with the smart-
phone-fueled boom in con-
sumer loans being offered to
the country’s growing middle
class. In the absence of such a
standard, online lenders offer a
smorgasbord of methods to
evaluate borrowers, mostly
based on customized online
questionnaires and analysis of
so-called big data, such as indi-
viduals’ e-commerce purchases.
The state-backed National
Internet Finance Association of
China, a two-year-old agency
closely aligned with China’s
central bank, provided scant
details in a brief report late
Monday on its plans, beyond
saying that “this would com-
plete an important rung in pro-
cedural order.”
The paucity of detail led
some industry observers to
question whether the latest
plan would overcome the same
issues that had bedeviled previ-
ous attempts—including a re-
luctance among lenders to offer
up their proprietary customer
Craving Credit
Regulators are trying to figure out a credit-scoring system to let
small borrowers take out more loans.
Household debt as a percentage
of GDP, 2016
Australia
U.K. 91
South Korea 87
U.S. 80
Japan 63
Germany 53
China 44
Note: 1 trillion yuan = $151 billion Sources: Federal Reserve Economic Data (debt);
People’s Bank of China (loans)
Justices Appear Dubious About Whistleblower Provision
BY DAVE MICHAELS
WASHINGTON—Supreme
Court justices expressed skep-
ticism that whistleblowers
who report corporate wrong-
doing internally instead of to
the Securities and Exchange
Commission are protected
from retaliation under the
2010 Dodd-Frank regulatory-
overhaul law.
The question stems from a
lawsuit filed by a whistle-
blower, Paul Somers, who says
he was fired from Digital Re-
alty Trust Inc. in 2014 after
complaining internally about
accounting irregularities,
among other matters. Mr.
Somers argues he was pro-
tected by a Dodd-Frank provi-
sion that encourages people to
inform the SEC about corpo-
rate misconduct and shields
them from retaliation.
Digital Realty, the operator
of a real-estate investment
trust, argues Mr. Somers
didn’t qualify for protection
banking system would con-
tinue to lend even if a “disor-
derly” Brexit caused a severe
economic downturn. Neverthe-
less, the central bank said it
would force banks to keep ex-
tra capital as a buffer to ride
out any financial turmoil in
the coming years.
The tests concluded that no
major British bank needs to
raise funds to strengthen its
capital reserves. Barclays PLC
and Royal Bank of Scotland
Group PLC both failed the
stress test on their 2016 bal-
ance sheets but have since im-
proved their capital levels and
don’t need to take additional
actions to bolster their capital.
The balance sheet health
check comes ahead of a crunch
meeting between EU and U.K.
information for a centralized
credit-scoring database.
“It will face big challenges
because a credit-information
service has a public component
but needs commercial informa-
tion that’s shared,” an analyst
with the People’s Bank of China
said. “The problem is how to
make this happen.”
Traditional lenders in China,
such as the country’s major
banks, have tended to avoid
small borrowers because such
loans were viewed as marginal.
In an effort to pivot China’s
economy toward consumer
spending, regulators in recent
years began to encourage more
avenues for consumer loans,
saying that China’s household
debt—about 44% of gross do-
mestic product, which is
roughly half of the U.S. rate—
was low by global standards.
But the financial-technology
boom that followed has led to
questionable practices among
online lenders, some of whom
have targeted college-age and
rural clients with exorbitant
rates on short-term loans. The
central bank last week ordered
a moratorium on new small-
lender licenses.
Lenders say a nationwide
credit-scoring system could po-
tentially help to better allocate
available funds to eligible bor-
rowers, by providing graded
levels of creditworthiness.
Still, it would demand an
unprecedented degree of sys-
temwide information-sharing.
Households’ loans outstanding,
as of October of each year
40 trillion yuan
105%
30
20
10
0
Oct. 2013 ’14 ’15 ’16 ’17
THE WALL STREET JOURNAL.
because he didn’t meet the
Dodd-Frank definition of a
whistleblower: someone who
reports a violation to the SEC.
At Tuesday’s oral argu-
ments, justices questioned
why the SEC and lower courts
had expanded the definition
beyond language in Dodd-
Frank that said a whistle-
blower is someone who re-
ports to the SEC. “I’m just
stuck on the plain language
here,” said Justice Neil Gor-
such, a member of the court’s
conservative wing. “How much
clearer could Congress have
been than to say in this sec-
tion the following definitions
shall apply, and whistleblower
is defined as including a re-
port to the commission.”
Kannon Shanmugam, a law-
yer representing Digital Re-
alty, told the justices that cer-
tain whistleblowers are
protected from retaliation if
they report wrongdoing under
a different process spelled out
by the 2002 Sarbanes-Oxley
BANKING & FINANCE
leaders in December amid con-
cerns that the U.K. isn’t mak-
ing enough progress to wrap
up negotiations to allow a
smooth exit from the trade
bloc in 2019.
BOE Gov. Mark Carney said
it was unlikely that the U.K.
would exit the EU without
striking a deal, but he again
warned lawmakers in the U.K.
and EU that legislation will be
needed to ensure that $35 tril-
lion of derivatives contracts
remain valid after Brexit. The
central bank also reiterated
the need for a two-year transi-
tion period to give banks time
to adapt their business models
after the U.K. leaves the EU.
The BOE factored potential
financial ripples from Brexit
into this year’s stress test,
China Development Bank has invested some $2 billion in Reliance Communications’ debt since 2010. RCom shares slid 3.4% Tuesday.
India Wireless Carrier Is Pressured
BY MANJU DALAL
AND KENAN MACHADO
The debt woes of one of In-
dia’s leading wireless carriers,
Reliance Communications
Ltd., have deepened this week
because of an unlikely new
source of pressure: a leading
state-owned Chinese bank.
It emerged late Monday
that China Development
Bank, which often helps fund
Chinese companies’ invest-
ments overseas, had late last
week filed a petition for Reli-
ance, also known as RCom, to
be declared insolvent.
The move is highly unusual.
Only once before in recent
times has a foreign lender re-
quested an Indian company to
be declared insolvent.
But China Development
Bank is one of RCom’s biggest
lenders, having invested some
$2 billion in the company’s
debt since 2010.
The Indian company said in
a filing to local exchanges late
Monday that it was “sur-
prised” by the bank’s “un-
timely and premature action.”
The shares of RCom
slumped 3.4% in trading in
Mumbai on Tuesday. The stock
has fallen 63% this year, wip-
ing about $820 million off its
market value, according to
Justice Stephen Breyer had questions about Congress’s intent.
Act. But Mr. Somers’s claim
cited protections afforded by
Dodd-Frank, which doesn’t ap-
ply to his case, Mr. Shan-
mugam argued.
Justice Stephen Breyer, a
member of the court’s liberal
bloc, also questioned whether
Congress intended to protect
internal whistleblowers within
THE WALL STREET JOURNAL.
billed as the toughest balance of existing capital into a spe-
sheet check to be undertaken cial buffer. The BOE will give
by the central bank. The test guidance by the end of the
scenario didn’t explicitly cover year on what changes it ex-
the impact of Britain leaving pects European banks with
the EU, since the BOE doesn’t U.K. operations to make after
know what the effect would Brexit.
be. The stress test is keenly
However, the central bank watched by investors as it
modeled a severe recession, helps determine whether
collapse in house prices and a banks will get regulatory sign-
credit-card-lending meltdown off to pay bigger dividends.
to test the possible repercus- Barclays in particular has
sion of an abrupt Brexit. seen disappointing share per-
“Let’s be clear—this is a big formance in recent months
call,” Mr. Carney said at a over fears it won’t be able to
news conference. “We are put- increase payouts to investors.
ting our money where our The BOE said the bank would
mouth is.” now be above minimum capi-
To help the banks with- tal levels in a stressed sce-
stand future shocks the BOE is nario because of the sale of a
forcing banks to squirrel away majority stake in its Africa
around £6 billion ($8 billion) business.
FactSet data. that lent the company $1.93 bil-
In a statement late Tuesday, lion for 10 years, in a deal that
China Development Bank con- coincided with a visit by then-
firmed it had filed an insol- Chinese Premier Wen Jiabao to
vency case against RCom with India. Around a third of those
India’s National Company Law funds were used by RCom to
Tribunal on Nov. 24, and said a fund its purchases of goods and
large amount of loan principal services from Chinese telecom
and interest owed to it were giants Huawei Technologies Co.
overdue, according to a report and ZTE Corp.
from Reuters. CDB, along with Export-Im-
Controlled by 58-year-old port Bank of China and Indus-
billionaire Anil Ambani, RCom trial & Commercial Bank of
has in recent years struggled
in India’s crowded wireless
market, where phone charges
are among the world’s lowest.
China bank files
The company has built up a insolvency petition
457.5 billion Indian rupee ($7.1
billion) debt pile over the
against Reliance
years to fund its growth. Communications.
Its troubles have worsened
over the past year after rival
Reliance Jio Infocomm Ltd.—
run by Mr. Ambani’s elder China, later led a $1.18 billion
brother and India’s richest seven-year loan for RCom in
man, Mukesh Ambani—entered January 2012, according to Dea-
the wireless industry and be- logic data. Since 2010, CDB has
gan offering customers free participated in loans totaling
call and data plans, causing around $2 billion to three other
RCom to lose further market Indian issuers: Jhajjar Power and
share. Earlier this month, two companies that are part of
RCom disclosed it had missed a the Adani Group—Adani Power
$9.75 million interest payment and Adani Power Maharashtra.
on $300 million of U.S. dollar Last month, RCom proposed
bonds it sold in mid-2015. a debt-restructuring plan with
CDB’s investment in RCom “zero write-offs” to its lenders
began in 2010, when it led a including CDB, saying it would
syndicate of Chinese lenders convert about $1.08 billion of
partly rests on how the SEC
interpreted Dodd-Frank’s lan-
guage when it issued rules for
its own whistleblower-awards
program. The SEC decided
that one clause of the law,
added late in the legislative
process, was meant to arm all
whistleblowers with protec-
STEVEN SENNE/ASSOCIATED PRESS
tion from retaliation, not just
people who report violations
to the commission in order to
claim an award.
Because there was no re-
cord of congressional debate
to clarify the clause, the SEC
inferred that Congress meant
to strengthen whistleblower
protections included in earlier
laws, such as Sarbanes-Oxley.
the antiretaliation provisions The SEC reasoned its view
of Dodd-Frank, if they were al- would buttress internal re-
ready protected by Sarbanes- porting, allowing companies to
Oxley. “If we read it your way, resolve some problems by
we’ve basically eliminated Sar- themselves without intrusive
banes-Oxley because every- government investigations.
body would bring it this way,” Judges in the Second U.S.
he said to Mr. Somers’s attor- Circuit Court of Appeals in
neys. New York who ruled for a
Mr. Somers’s argument whistleblower in an earlier
Bank Shot
Tuesday share-price performance
2%
HSBC
1
0
–1
Barclays
–2
3 a.m. 5 7 9 11
Note: All times Eastern
Source: FactSet
THE WALL STREET JOURNAL.
SHAILESH ANDRADE/REUTERS
its debt into equity and sell
some assets including cell tow-
ers and real estate.
The Chinese bank’s resort to
the courts could encourage
other lenders to join it in press-
ing for RCom to be declared in-
solvent, said a foreign-based
lawyer specializing in dispute
resolutions for an international
law firm. It is rare for Indian
lenders to push companies into
bankruptcy, and some may
have looked to a foreign lender
to lead the way, he said.
India’s government intro-
duced a new bankruptcy law
last year designed to simplify
and put a time limit on the
previously labyrinthine pro-
cess, part of its broader effort
to deal with India’s longstand-
ing problem with bad corpo-
rate debt.
“It gives a lot more teeth to
people in terms of time,” said
the lawyer, who previously
worked with one of the parties
involved. “You wouldn’t be-
grudge a foreign debtor for
taking to this process.”
If the bankruptcy court in
Mumbai admits CDB’s petition,
RCom could be forced to un-
dergo a court-supervised re-
structuring within up to 270
days, or face insolvency.
—Grace Zhu
contributed to this article.
case, Berman v. Neo@Ogilvy
LLC, deferred to the SEC’s in-
terpretation of Dodd-Frank.
The judges applied a Supreme
Court tenet known as the
Chevron doctrine, which holds
that courts should defer to
government agencies’ reason-
able interpretations of ambig-
uous laws.
Justice Gorsuch said Tues-
day that he couldn’t fathom
why the SEC had been granted
that deference, because it
failed to let the public know
that it might expand the whis-
tleblower definition to include
people who never reported to
the SEC. The agency’s pro-
posed rules, issued in 2011,
asked whether the protections
should “be applied broadly to
any person who provides in-
formation to the commission
concerning a potential viola-
tion of the securities laws.”
“ ‘To the commission,’
right?” Justice Gorsuch asked
of Daniel Geyser, the attorney
for Mr. Somers.
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.
Treasury
Prices Slip
Following
A Weak
Auction
BY DANIEL KRUGER
U.S. government bond
prices slipped Tuesday amid
fresh economic data, a poorly
received bond auction and
concerns about progress on
the budget.
CREDIT The yield on
MARKETS the benchmark
10-year U.S.
Treasury note
rose for the second time in
three days, climbing to 2.338%
from 2.328% Monday. Bond
yields rise as prices fall.
A combination of factors
played into the day’s swings.
Yields slipped early in the ses-
sion after Democratic congres-
sional leaders pulled out of
planned budget talks with
Donald Trump after the presi-
dent said in a tweet that he
didn’t see a path to a govern-
ment spending deal, raising
concerns about a possible leg-
islative stalemate. They rose
later after the Treasury’s $28
billion offering of seven-year
notes met weaker-than-ex-
pected demand from inves-
tors.
Fresh data on housing
prices and consumer confi-
dence also contributed to
Tuesday’s moves. Those in-
cluded an acceleration in
home prices, as the S&P Core-
Logic Case-Shiller National
Home Price Index, which cov-
ers the entire nation, rose at
the fastest annual rate since
June 2014 in September.
Consumer confidence also
rose, hitting a 17-year high,
according to the Conference
Board, while the U.S. trade
deficit in goods expanded in
October as exports fell, ac-
cording to the Commerce De-
partment.
Later in the week, the Com-
merce Department will release
its latest report on the price
index for personal-consump-
tion expenditures, the Fed’s
preferred inflation gauge,
while the Senate nears a vote
on major tax-cut legislation.
Jerome Powell, Mr. Trump’s
nominee to succeed Janet Yel-
len as chairman of the Federal
Reserve, also signaled in Sen-
ate testimony Tuesday the
central bank is likely to raise
interest rates in December.
“There are some issues that
the government needs to re-
solve,” said John Bredemus,
head of capital markets for Al-
lianz Investment Management.
The unsettled nature of tax
and budget talks in Congress,
as well as hearings for a new
Fed chairman, “adds some vol-
atility,” he said.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated Nov. 30, 2017, mature on Dec. 28, 2017.
SEVEN-YEAR NOTES
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The notes, dated Nov. 30, 2017, mature on Nov. 30,
2024.
Bets Stock Volatility Will Stay Low Continue to Pay Off
Betting the Center Will Hold
Exchange-traded products that benefit from declines in volatility, a measure of expected stock-price swings,
have soared in price—yet they haven't lured large inflows. The developments are being watched by analysts
who warn that volatility won't stay low forever and that renewed jitters could mean large losses.
Performance of exchange-traded product
175%
150
125
100
75
50
25
0 –600
J F M A
*Through Nov. 27
Sources: WSJ Market Data Group (performance); FactSet (flows)
* * * * * Wednesday, November 29, 2017 | B15
MARKETS
China Demand Fears Hits Copper
BY AMRITH RAMKUMAR
AND GEORGI KANTCHEV
Copper prices fell for the
second straight day Tuesday,
with some investors con-
cerned about future demand
from China.
COMMODITIES for March
Copper
delivery
fell 1.9% to
$3.0985 a pound on the
Comex division of the New
York Mercantile Exchange.
The industrial metal in recent
weeks has retreated from last
month’s three-year highs
amid doubts that consump-
tion from China, the world’s
largest consumer of base
metals, will continue sup-
porting prices.
Last week, Beijing had
warned of a possible bubble
ELISEO FERNANDEZ/REUTERS
in stock markets and initi-
ated measures to reduce fi-
nancial-market risks.
“This also resulted in in-
terest rates in China rising
further, which also appears
to be seen as a warning sig-
nal of tighter liquidity,” ana- Even with this week’s pullback, copper prices are up more than 20% this year with a favorable global economic backdrop.
lysts at Commerzbank said in
a note to clients. stoking demand in future prices Tuesday by making see if the precious metal can yield-bearing assets such as
Still, this week’s move years supporting the red copper and other dollar-de- sustain a rally above the key Treasurys as borrowing costs
doesn’t seem like the start of metal. nominated materials more technical and psychological rise.
a big move lower, said Ed- Continuing strikes at expensive for foreign buyers. level. Gold prices sit near their
ward Meir, a strategist at Southern Copper Corp. The WSJ Dollar Index, which Traders are closely moni- highest level in six weeks and
INTL FCStone. Mr. Meir said mines in Peru, which began tracks the U.S. currency toring readings on the U.S. are roughly 4% off their year-
demand from China has gen- last week and are threatening against a basket of 16 others, economy and central-bank to-date highs reached in
erally been strong this year production, have had little rose 0.3%. signals for clues about the early September.
and that copper’s supply-de- impact on the copper market Among precious metals, Federal Reserve’s plans for They inched higher toward
mand fundamentals look so far. Similar supply disrup- gold for February delivery interest-rate increases in the end of Tuesday’s session
pretty good going into 2018. tions have supported prices swung between small gains 2018. Although a December after reports that North Ko-
Even with this week’s pull- at various points this year. and losses and closed up less rate increase is widely ex- rea fired a missile toward the
back, copper prices are up “It’s just too early for it to than 0.1% at $1,299.20 a troy pected, low inflation could east, ending a more than
more than 20% this year, have much of an impact,” Mr. ounce. The dollar’s drop in alter the Fed’s future plans two-month hiatus from
with a favorable global eco- Meir said. recent sessions has propelled and swing gold prices, some Pyongyang and threatening
nomic backdrop and the A stronger dollar was gold back near $1,300, with analysts have said. Gold to increase tensions with the
prospect of electric vehicles weighing on commodities many investors waiting to struggles to compete with U.S. and in the region.
BITCOIN U.S. Weighs Lifting
Continued from page B1
as wallets, have less than 0.1
bitcoin in them, according to
Veil on Bond Market
research site BitInfoCharts. BY GABRIEL T. RUBIN public.
Pete Ferro, a 66-year-old Traders have been required
small-business owner who re- U.S. regulators said they are to report secondary Treasury
sides in Brick, N.J., said he considering releasing to the trades—those in which existing
YONHAP/EPA/SHUTTERSTOCK
started researching cryptocur- public some of the data on the bonds change hands—to regula-
rencies in the spring before ul- $14 trillion U.S. Treasury mar- tors since July.
timately diving in. “When I first ket that they have been collect- Top banking and markets
learned about it, I thought it ing since this summer, but no regulators at the New York Fed
was too sketchy, too uncertain, decision was imminent. conference said daily visibility
too risky,” he said. “Then I saw “The policy for public dis- into the Treasury market was
it creeping up higher and semination of the data is being helping them keep track of mar-
higher. I didn’t invest a lot, but An electronic board in South Korea shows trading information of actively considered,” said Craig ket structure and liquidity is-
I’m learning as I go along.” six different cryptocurrencies in September. Phillips, counselor to Treasury sues.
With the advice and guid- Secretary Steven Mnuchin, “The more we collectively
ance from his daughter’s 34- But the currency’s growth in 2017. In January, daily trans- speaking Tuesday at the Trea- learn about trading liquidity,”
year-old boyfriend, he plunked has also attracted critics like actions averaged between sury Market Structure confer- said Commodity Futures Trad-
$3,000 in June into ripple and J.P. Morgan Chase & Co. CEO 250,000 and 300,000. It fell ence at the Federal Reserve
litecoin, two smaller virtual James Dimon and Berkshire during the summer, then re- Bank of New York.
currencies. He avoided bitcoin Hathaway Chairman Warren gained near-peak levels in the Former Treasury Secretary
because he thought it was ex- Buffett, who have argued that fall. Jacob Lew, an Obama appoin-
The debate over
pensive. “I kick myself for not governments likely will ulti- Bitcoin’s price rise has come tee, had favored making the making the data
going in then because now it mately crack down, crushing during an intense feud within data public, and observers were
skyrocketed.” bitcoin’s price. the industry over the cur- watching remarks from the New
public divides the
Investors and traders have “Bitcoin is a speculative bub- rency’s future. Because of its York Fed conference to see financial industry.
been attracted by bitcoin’s vola- ble that will pop at some growth, the bitcoin network where regulators installed by
tility in a low-interest-rate mar- point,” wrote Michael Oliver, a can’t efficiently process all the the Trump administration stand
ket where stocks and bonds market analyst at Momentum transactions its gets, forcing on the issue.
have plodded to slower gains. Structural Analysis, in North users to offer fees in exchange Mr. Phillips said he had re- ing Commission Chairman J.
While technology stocks have Carolina. Much like the dot-com for faster trade confirmations. ceived a mixed response from Christopher Giancarlo, “the bet-
rallied sharply, few have bubble, however, the sector he Those fees average around $5, market participants on the ben- ter job we as regulators and
jumped 10-fold like bitcoin has argued will become more ma- but rose to nearly $20 earlier efits of releasing the data, policy makers can do of keeping
this year, or even more than ture after its reckoning. this month. though he said he understood up with evolving market struc-
that in the case of the smaller Much of this year’s growth Partially in response to such “the importance of transpar- tures and making sure that they
$140,422,077,500 virtual currencies, ethereum, has come from Japan. On April fees, some bitcoin market par- ency and the potential value” of serve the economic needs of so-
$45,000,217,500
$569,281,500
ripple and litecoin. 1, Japan’s Financial Services ticipants wanted to expand the making some data public. ciety.”
$790,000,000 Bitcoin was introduced in Agency put in new rules around network’s capacity, but their ef- “There is the need to balance Securities and Exchange
99.909000
(1.170%)
2008 by a pseudonymous actor bitcoin, which recognized it as forts have fallen short for now. the interests of all stakeholders Commission Chairman Jay Clay-
1.187% calling himself Satoshi Naka- a legitimate payment method. That makes bitcoin less useful that participate in the Treasury ton said that since the July re-
15.60%
912796MJ5
moto. His vision was for an on- Japan quickly became one of as a means of exchange, leaving market in a way that is least porting requirements came into
line currency that could be ex- the largest markets for bitcoin, it as more of a store of value. disruptive to the liquidity and effect, “regulator access to
changed between peers, currently representing about In other words, coffee-shop functioning of the Treasury Treasury security data is much
$67,707,777,000 without government or banks 60% of all trading. customers may no longer be in- market,” Mr. Mnuchin added in improved, both in scope and
$29,519,458,000 standing in the middle. While bitcoin’s $166 billion terested in paying for their a speech later Tuesday. timing.”
$8,057,500
$0 The concept has gained fans market value now rivals that of morning order in bitcoin in- The debate over making the Still, while regulators have
99.322976 among those who believe that General Electric Co. or the stead of with a credit card. But data public divides the finan- begun to actively study and in-
(2.230%)
2.125% “unbanked” residents of poorer monetary base of Venezuela, if they invested in bitcoin, they cial-services industry. In gen- corporate the data into their
34.83% countries can use bitcoin and the use of bitcoin’s network could probably afford to buy a eral, big banks favor keeping market-surveillance operations,
9128283J7
other mobile money options to isn’t keeping pace. The number cup for all their friends. the data for regulators’ use only, they appeared to be divided on
participate more fully in the fi- of bitcoin transactions on a —Eun-Young Jeong while high-speed traders and what data should be made avail-
nancial system. daily basis has been consistent contributed to this article. hedge funds support making it able to the public.
BY CHRIS DIETERICH on record, 8.56. atility ETP prices will be swift
The VIX tends to fall when and severe. But, as with the
Bets on a subdued market stocks rise, and vice versa, be- stock market, bears have been
“fear gauge” notched another cause it measures how much wrong for a long time.
milestone. traders will pay for protective Despite huge gains, flow
Exchange-traded products options on the S&P 500. data show investors aren’t pil-
Investor flows into these products designed to “short” the Cboe The stock market has been ing in to the two main short-
$800 million Volatility Index, or VIX, ended so calm that traders don’t feel VIX products, the Velocity-
VelocityShares Tuesday with year-to-date re- like paying up. Strong earn- Shares Daily Inverse VIX
600 VelocityShares Daily
Daily Inverse Inverse VIX Short-Term ETN turns north of 150%. ings and synchronized eco- Short-Term exchange-traded
VIX Short- While stupefying price nomic growth have drawn in- note and the ProShares Short
Term ETN 400 ProShares Short VIX
Short-Term Futures ETF gains in bitcoin have stolen vestors to risky assets at the VIX Short-Term Futures ex-
200 the spotlight in recent months, same time that accommoda- change-traded fund.
short-VIX ETPs are, arguably, tive monetary policies have All told, some $32 million
0 the most apt mascots for discouraged investors from has exited from these ETPs so
0 2017’s “buy-the-dip” market. owning safer, low-yielding far in 2017, according to Fact-
–200
That is because rising ones. Set, a sign that traders are
–400 stocks and unusual calm are Central bankers have tele- taking profits as prices rise.
S&P 500 rocket fuel for short-volatility graphed their next moves and For now, it appears that
instruments. Neither trend few forecast economic reces- traders are riding the short-
M J J A S O N J F M A M J J A S O N* shows signs of stopping. sion soon. VIX wave but are keeping
Last week ushered in the Pessimists warn that an these products on a short
THE WALL STREET JOURNAL. lowest intraday VIX reading eventual reversal in short-vol- leash.
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
B16 | Wednesday, November 29, 2017
Indexes BankRecords onFinancials’Surge
Lift comes from Fed
nominee Powell’s
comments on rates,
tax bill’s advance
BY MICHAEL WURSTHORN
AND RIVA GOLD
Surging shares of financial
companies helped the Dow
Jones Industrial Average and
the S&P 500 notch their big-
gest gains since September.
Banks
TUESDAY’S and insur-
MARKETS ance compa-
nies drove
the financial
sector of the S&P 500 up 2.6%,
its best day since March.
Shares of financial compa-
nies got a boost after Jerome
Powell indicated the Federal
Reserve was likely to raise
short-term interest rates next
month. The Senate Budget
Committee also advanced the
Republicans’ tax bill Tuesday
afternoon, sending all three
major indexes toward intraday
peaks and a new round of clos-
ing records. A full Senate vote
could happen later this week.
Mr. Powell, who was speak-
ing at a Senate panel hearing
on his nomination to be the
next Fed chairman, also said
he believes some financial-cri-
sis-era regulations should be
re-evaluated to ensure they are
efficient and tailored to the
risks of individual firms.
“These financial firms have
been under the thumb so long
of previous administrations
that the prospect for relief” is
significant, said Bruce Bittles,
chief investment strategist for
Robert W. Baird. “Throw on
the potential for tax legisla-
tion, and you got a double-bar-
reled positive for financials.”
Stocks briefly pared gains
after South Korean officials
said North Korea fired another
missile, its first since Septem-
ber, but then resumed their
climb following the tax news.
The Dow Jones Industrial
Email: heard@wsj.com
Battery Makers Power Up Hunt for Winners
“The storage battery is, in
my opinion, a catchpenny, a
sensation, a mechanism for
swindling the public by stock
companies,” wrote Thomas
Edison in 1883.
Today, the battery indus-
try is mustering for expo-
nential growth as car makers
electrify their fleets, most
visibly at Tesla’s $5 billion
factory in Nevada. For inves-
tors looking to gain from the
battery’s rise, though, the
doubts of the 19th-century
entrepreneur linger. The
path to profitability is far
from clear.
Your mobile phone con-
tains a lithium-ion battery
and so does every battery-
electric or hybrid car. The
difference is that cars re-
quire vastly more powerful
batteries. The industry will
need to increase production
from 68 gigawatt-hours of
lithium-ion cells last year to
1,165 GWh over the next de-
cade, estimates brokerage
Berenberg.
A handful of big East
UnitedHealth Reaches Unhealthy Heights U.S. Ignores an Opportunity in China
Even the best blue-chip
stocks can become over-
heated.
One example might be
UnitedHealth Group, which
unveiled strong guidance at
Tuesday’s investor day.
Thanks to growth in nearly
all of its business lines, the
health insurer expects ad-
justed earnings of $10.55 to
$10.85 a share in 2018,
roughly 6% growth from this
year’s profit forecast.
Shares advanced Tuesday
and have more than quadru-
pled over the past five years.
But its valuation of nearly 20
times forward earnings
means UnitedHealth has a
lot to live up to.
True, UnitedHealth has
developed a reputation for
issuing conservative guid-
ance and raising it.
0 confident than they have been
9:30 a.m. 10
Investors anticipated
higher interest rates,
deregulation and tax cuts.
S&P 500 financials sector
445
440
435
430
9:30 10 11 noon 1 2 3
Sources: WSJ Market Data Group (Dow, Nasdaq, S&P 500, Russell 2000, stocks); FactSet (financials); Thomson Reuters (yield)
Average gained 255.93 points,
or 1.1%, to 23836.71, while the
S&P 500 added 25.62 points,
or 1%, to 2627.04. The Nasdaq
Composite was up 33.84
points, or 0.5%, to 6912.36.
Shares of J.P. Morgan Chase
rose $3.43, or 3.5%, to $101.36,
HEARD ON THE STREET
Charging Ahead
Lithium-ion battery demand
1,200 GWh
1,000
800
600
400
200
0 Electronics
2015 ’16
Source: Berenberg
Asian companies have
rushed into this supply gap.
For all the “gigafactory”
hype, Tesla doesn’t make
batteries: Cell production is
the responsibility of its Jap-
anese partner, Panasonic.
The other leaders in the field
are LG Chem and Samsung
SDI, both listed subsidiaries
of the namesake Korean con-
glomerates.
Pricey
UnitedHealth’s forward
price/earnings ratio
20 times
15
10
5 Investors disappointed by a
0
2007 ’09 ’11 ’13 ’15
Source: FactSet
Still, investors are taking
higher risks to get diminish-
ing rewards. A year ago,
when the stock fetched 17
times forward earnings,
UnitedHealth issued adjusted
earnings guidance of $9.30
to $9.60 a share, compared
with a consensus of $9.14.
There are ways for inves-
MARKETS
11 noon 1 p.m.
Small companies and retailers were among the day's
biggest gainers. Some analysts view such firms as
likely to benefit from a corporate tax cut, since they
tend to pay a relatively high tax rate.
Index and share-price performance
Macy’s
4%
Best Buy
Kohl's
Russell 2000
2
0 biggest percentage gain since
–2
4 9:30 10 11 noon 1 2 3 4
while Goldman Sachs Group helped lift shares of U.S. retail-
rose 4.30, or 1.8%, to 239.41. ers and small businesses late
Together, the two banks ac- in the session, two areas that,
counted for about 53 points of like financial firms, tend to pay
the Dow industrials’ gain Tues- a relatively high tax rate and
day. American Express rose would benefit from the pro-
1.81, or 1.9%, to 95.28. posed cut in corporate taxes,
The tax plan’s advancement analysts said.
FINANCIAL ANALYSIS & COMMENTARY
pacity of 332 GWh by 2021,
calculates Simon Moores,
managing director of con-
sulting firm Benchmark Min-
eral Intelligence.
Stationary Investors looking to bene-
storage
fit from this gold rush need
Projected to take a long-term view.
The capital requirements are
Automotive vast, and the contracts being
signed are at wafer-thin
margins.
Negotiating with car mak-
ers will also be tough. Out-
side China, the automotive
industry is highly consoli-
dated, and manufacturers
’21 ’26 are under intense pressure
THE WALL STREET JOURNAL. from environmental regula-
tors to sell electric cars even
Hot on the Koreans’ heels though their cost is uncom-
are two Chinese companies petitive. The only solution
determined to supply the for car makers will be to pile
ballooning Chinese electric- pressure on battery prices.
vehicle market: BYD, 8.25%- Investors may be better
owned by Berkshire Hatha- off looking further up the
way and an electric-car supply chain. The most valu-
maker, and Contemporary able component of a battery
Amperex Technology. These is its cathode. The chemistry
five companies and a few is sophisticated and fast-
newcomers intend to build evolving, which should offer
24 factories with a total ca- cathode makers some pro-
tors to lose, even if United- It’s winter again in China
Health continues to live up and many people—particu-
to its strong reputation. For larly in the dusty, polluted
instance, tax reform isn’t north—are hacking their
baked into the company’s lungs out.
guidance: UnitedHealth pre- The next time President
dicts a 2018 tax rate of 37% Donald Trump arrives in Bei-
so it stands to benefit more jing he should take note of
than most from tax reform. that funky feeling in the
chest: China is full of elderly,
failure in Washington would sick and increasingly wealthy
likely take their frustration people. Its health-care sec-
’17 out on the insurer. tor, however, is still largely
Potentially strengthening impenetrable to Western
competition is another risk. capital. That should change.
CVS Health has offered to Listed health-care compa-
acquire health insurer nies in China enjoyed an av-
Aetna. That deal would rep- erage 9% return on assets in
licate key aspects of United- 2016, according to Chinese
Health’s business model. date provider Wind Info, ver-
UnitedHealth continues to sus 5.4% for all listed compa-
be a terrific business. That nies. Finance and energy
doesn’t mean the stock con- clocked in at just 2.2% and
tinues to be a terrific invest- 0.6%, respectively. Health-
ment. —Charley Grant care cost inflation in China,
* *** THE WALL STREET JOURNAL.
Dow Jones
Industrial
Average
+1.1%
S&P 500
+1.0%
Nasdaq
Composite
+0.5%
3 4
The bevy of developments
also triggered fluctuations
in Treasury yields, which
ended slightly higher.
Yield on the 10-year Treasury note
2.36%
2.34
2.32
2.30
9 10 11 noon 1 2 3
THE WALL STREET JOURNAL.
Macy’s rose 96 cents, or
4.5%, to 22.17, while Kohl’s
gained 80 cents, or 1.8%, to
46.01. Best Buy added 1.03, or
1.8%, to 58.05. All three of
those retailers pay an effective
tax rate of more than 30%, ac-
cording to data from S&P
tection from cost pressures.
Japan’s Sumitomo Metal
Mining supplies Panasonic
for Tesla, while Belgium’s
Umicore and a few others
cover the rest of the market.
The risk for these compa-
nies is that a radically new
technology makes existing
investments obsolete. John
Goodenough, a 95-year-old
professor at the University
of Texas considered a found-
ing father of the lithium-ion
battery, this year claimed a
breakthrough with “solid-
state” cells. Toyota Motor
expects to sell cars with
solid-state batteries by the
early 2020s.
The battery industry is
poised to expand very fast,
but the growth will be capi-
tal intensive and may be
technologically volatile. Bat-
teries may no longer be a
trick for swindling amateur
stock pickers, but that
doesn’t mean they will pro-
vide an easy way to make
money.
—Stephen Wilmot
meanwhile, is running ram-
pant. The consumer-price in-
dex for medical services in
China was up 8.7% on the
year in October, far outpac-
ing every other major con-
sumer category. Overall in-
flation was up just 1.9%.
Beijing’s attitude toward
foreign investment has been
vexing. It announced a pilot
program for wholly owned
foreign hospitals in seven
Chinese regions in 2014. But
in 2015, the Ministry of Com-
merce added health-care in-
stitutions back to the list of
sectors restricted to joint
ventures only.
As a result, foreign in-
volvement has been limited.
Foreign direct investment in
Chinese health care is less
than 0.3% of the total year to
date. Health-care and social-
Global Market Intelligence.
The Russell 2000 index of
small-capitalization stocks
added 1.5% and closed at a re-
cord.
While stocks have sputtered
in some recent sessions, in-
dexes around the world are
still at multiyear highs or re-
cords. Investors say the under-
lying picture has remained
positive for relatively risky as-
sets like stocks.
The S&P 500 is on track for
its eighth straight month of
gains and is up 17% in 2017,
while the Nasdaq Composite
has risen 28% this year.
The global economy is on
course for its best year since
2010, the Organization for
Economic Cooperation and De-
velopment said Tuesday.
Meanwhile, new data
showed consumers are more
in 17 years, according to the
Conference Board.
“We have had good eco-
nomic momentum around the
globe, and that’s being re-
flected in global capital mar-
kets,” said William Northey, a
senior vice president with U.S.
Bank Wealth Management.
Investors also are watching
to see if the Organization of
the Petroleum Exporting Coun-
tries and Russia agree to ex-
tend their deal to curb produc-
tion and for how long.
Elsewhere, the Stoxx Europe
600 rose 0.6% to snap a two-
session losing streak. The
U.K.’s FTSE 100 added 1%, its
July, after the Bank of England
presented the results of its an-
nual balance-sheet health
check. The U.K.’s largest banks
would be able to withstand
Britain crashing out of the Eu-
ropean Union, it said.
In Asia, domestic Chinese
stocks showed signs of stabi-
lizing Tuesday. At midday
Wednesday, Japan’s Nikkei was
up 0.4%, but the Shanghai
Composite was down 0.6% and
Hong Kong’s Hang Seng Index
was down 0.3%.
WSJ.com/Heard
OVERHEARD
Once bitten, twice shy?
Not at Morgan Stanley,
whose European equity strat-
egists have been chewing
over the FANG concept.
Europe doesn’t quite have
the technological cutting-edge
punch packed by Face-
book, Amazon.com, Net-
flix and Google, a big reason
European stocks have lagged
behind those in the U.S.
Europe’s FANGs are a geo-
graphical grouping: France,
Austria, the Netherlands and
Germany. But don’t rush to
buy them. The four are the
most expensive stock mar-
kets in Europe relative to the
past 10 years. That suggests
investors might want to look
elsewhere in Europe, perhaps
to Spain.
Morgan Stanley isn’t push-
ing the European FANG
theme as one of its five key
recommendations. Rather, the
bank says it is an idea “of in-
terest.” Perhaps, it’s more tes-
tament to the allure of acro-
nyms than anything else.
welfare spending in China,
meanwhile, was up nearly
20% on the year in 2015
alone. Anecdotal evidence
suggests wealthy Chinese are
flocking to hospitals in the
U.S. and Australia.
The Trump administra-
tion’s wins on energy and fi-
nance in China this month
were important. But a nar-
row focus on such high-pro-
file, politically sensitive sec-
tors risks missing out on
even bigger opportunities.
A guarantee from Presi-
dent Xi Jinping on a consis-
tent, streamlined and fair
policy toward foreign inves-
tors in health care might do
more to lift American animal
spirits—and improve the
lives of Chinese citizens—
than all the gas in Texas.
—Nathaniel Taplin