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The Good Life


For Less

The
Easter
Effect
REVIEW OFF DUTY
VOL. CCLXXI NO. 75 * * * * * * * * WEEKEND HHHH $5.00
SATURDAY/SUNDAY, MARCH 31 - APRIL 1, 2018 WSJ.com

Palestinian Demonstrations Along Israeli Border Turn Violent


Investors
What’s
Unsettled
News
World-Wide
By Shift
rump froze more than
In Havens
T $200 million in funds
for recovery efforts in Investments that typically
Syria as his administration serve as havens in times of
reassesses Washington’s stress are moving in strange
broader role in the pro- ways, highlighting the unsettled
tracted conflict there. A1 condition of financial markets
as they head into the second
MOHAMMED ABED/AGENCE FRANCE-PRESSE/GETTY IMAGES

 At least 15 Palestinians
quarter.
died in clashes with the Is-
raeli military as tens of
thousands of Palestinian By Ira Iosebashvili,
protesters massed along Amrith Ramkumar
the Israel-Gaza border. A6 and Daniel Kruger

 Saudi Arabia has agreed The dollar and the yen have
to play a leading role in both strengthened recently,

.
starting a new peace pro- which is typical when investors

ly
cess in Afghanistan. A8 are looking to unwind risk. But
other assets that usually rally
 The U.N. Security Council
for similar flight-to-safety rea-
announced sanctions against on sons haven’t fared so well. Gold,
North Korea despite plans
the Swiss franc and Treasurys
for summit talks. A9
have fallen since the Dow Jones
 Demand for low-skilled BREAKING POINT: At least 15 Palestinians died in clashes with the Israeli military on Friday at demonstrations that drew tens of Industrial Average slumped
worker visas for the sum- thousands. The protests, backed by the extremist group Hamas, come at a time when the economy in the Gaza Strip is crumbling. A6 9.4% from its Jan. 26 high.
us l,

mer season is again far out- That divergence is confound-


stripping supply, putting the ing analysts and investors. It
al a
e
administration in a bind. A3 marks a stark reversal from

Trump Freezes Syria Funds


other recent periods of market
 The family of an unarmed
disruption in 2011 and late
ci on

black man killed by Sacra-


2015-early 2016. Both those
mento, Calif., police released
times, the dollar and yen rallied
their own autopsy report
alongside Treasurys and gold
showing that six of eight bul-
BY FELICIA SCHWARTZ other people take care of it U.S. military officials concede. Israel has warned its re- when nervous investors flocked
lets hit him in the back. A3
now.” Pentagon officials have told Mr. gional adversaries that it won’t to safer assets as stocks fell, ac-
er rs

 The widow of the gunman WASHINGTON—President Mr. Trump called for the Trump Islamic State has lost allow Iran to cement its hold in cording to data from Ned Davis
who killed 49 people at an Donald Trump froze more than freeze after reading a news re- control of all but about 5% of Syria, and its military has re- Research.
Orlando nightclub was ac- $200 million in funds for recov- port noting that the U.S. had the Syrian territory it once peatedly bombed Syria to make With many investors intent
quitted of charges in con- ery efforts in Syria as his ad- recently committed an addi- held, but fighting for that final that point clear. In February, Is- on paring risk, “the normal cor-
m e

nection with the attack. A3 ministration reassesses Wash- tional $200 million to support swath has reached an impasse. rael shot down an Iranian relations you expect to see
ington’s broader role in the early recovery efforts in Syria, An accelerated exit of the drone that entered Israel, stok- don’t work so well,” said Said
Business & Finance protracted conflict there. said the officials. Departing U.S. from Syria would also ing tensions and raising new Haidar, head of New York-based
m rp

The White House ordered Secretary of State Rex Tiller- raise concerns about ceding fears of a regional war. Haidar Capital Management,
the State Department to put son pledged the money in Feb- the hotly contested country to It isn’t clear how Mr. which manages nearly $428
 Walmart’s potential ac- the spending on hold, U.S. offi- ruary in Kuwait at a meeting Iran and Russia. That Trump’s eagerness to end the million.
quisition of Humana would cials said, a decision in line of the coalition to defeat Is- would unnerve Israel and U.S. effort in Syria comports It is the latest sign that fi-
push the retailer far beyond with Mr. Trump’s declaration lamic State. Saudi Arabia, key U.S. allies with his recent overhaul of his nancial markets may be navi-
co Fo

its big-box roots, enabling it on Thursday that America The shift comes as the fight that both agitate for a tougher national security team. He has gating uncharted territory as
to diversify while thrusting would exit Syria and “let the against the group has stalled, U.S. approach to Tehran. Please see SYRIA page A8 Please see HAVENS page A4
it into a complex and evolving
health-care sector. A1, A2
Wall Street Isn’t Buying ‘Techlash’
 Investments that typi-
cally serve as havens in
times of stress are moving
in strange ways, highlight-
Walmart Courts New Risk Analysts have maintained bullish stock ratings on big tech firms,
saying tighter regulations aren't likely to hurt the companies'

In Its Hunt for Humana


earnings or check their dominance across a range of industries. B10
ing the unsettled condition
of financial markets. A1
 Stock ratings among an- Share of analysts issuing 'buy' or 'overweight'
alysts and brokerages have ratings for each stock*
BY SARAH NASSAUER on a merger or pursue some ing firm GlobalData Retail.
largely held steady for big
AND ANNA WILDE MATHEWS other partnership. Still, he said, “the risks of be- 98%
n-

tech firms even as their


A deal could present several coming entangled in the com-
shares have slumped. B10 96
Walmart Inc.’s potential ac- challenges for Walmart, whose plex U.S. health-care industry Amazon.com
 Tesla acknowledged that quisition of a health insurer profits have been squeezed by are considerable.” 94
its semiautonomous Auto- would push it far beyond its competition and e-commerce Taking over a health in-
no

pilot system was engaged big-box roots, enabling it to investments to fend off Ama- surer would force Walmart 92
by the driver in the sec- diversify away from the com- zon.com Inc. The retailer into a highly regulated and 90 Facebook
onds before a fatal crash. B1 petitive pressures of retailing ended its latest fiscal year in fast-changing business, where
yet also thrusting it into a January with $500 billion in the biggest players have 88
 John Thain, the former
complicated and rapidly evolv- revenue. However, its profits sought mergers as bulwarks in
leader of Merrill Lynch 86
ing health-care sector. have declined 30% over the part against the threat of Am- Alphabet
and the NYSE, is expected
Walmart is holding prelimi- past three years to $10.5 bil- azon, or to take advantage of 84
to join Deutsche Bank’s su-
nary discussions to buy U.S. lion. regulatory shifts.
pervisory board in May. B1 82
health insurer Humana Inc. “Moving onto this turf Please see DEAL page A2
 A 2016 memo by a Face- and the companies are dis- would give Walmart a whole 2017 ’18
book executive flagged cussing various options, The new arena in which to expand”  Talks pressure remaining *Other possible ratings included ‘hold,’ ‘underweight’ and ‘sell.’
“the ugly truth” about the Wall Street Journal reported when retail margins are under health-care rivals..................... A2 Source: FactSet THE WALL STREET JOURNAL.
social network’s relentless Thursday. There is no guaran- pressure, said Neil Saunders,  Heard on the Street: A risky
pursuit of growth. B1 tee the companies will agree managing director of consult- prescription for Walmart.. B10
 The NYSE is in talks to buy

In Battle for American West,


the Chicago Stock Exchange
after the recent collapse of Goodbye, Gefilte Fish
a two-year acquisition effort
by a Chinese-led group. B8 Hello, Matzo Crack
i i i
Cowboys Are Losing
Inside Passover rebels pass over tradition as
liberation from ‘all this heavy, beige food’
NOONAN A15 More than just ranchers today have claims on vast public lands
The Wisdom BY SARAH E. NEEDLEMAN
BY JIM CARLTON John Wayne out here, but live the most miser-
Of Oscar At Passover dinner this able life ever because you’re dealing with law-
weekend, Judith Klein Frimer MONITOR VALLEY, Nev.—Wayne Hage sad- yers all the time,” said the 42-year-old Mr.
Hammerstein plans to serve her guests a dled up to check on his cattle one morning last Hage.
smorgasbord of the unortho- summer, but he didn’t have to ride far. All his In the latest land war for the American
dox: kosher hot dogs, pizza and Seder lasagna cows were confined to a private field near West, the cowboys are losing.
CONTENTS Sports........................ A16 zucchini-feta pie. his ranch house, instead of roaming the To- Ranchers who rely on public land to raise
Books.................... C5-10 Style & Fashion D2-5
Business & Finance.... B2 Travel..................... D9-11 “I get tired of cooking the For thousands of years, Jews quima and Monitor mountains, as herds have their cattle say they have shrinking access to
Food......................... D6-8 U.S. News............ A2-4 same foods every year,” said have gathered to celebrate done for more than a century. wide open spaces, grass and water because of
Heard on Street...B10 Weather................... A16 Mrs. Frimer, who is preparing Passover, a holiday that marks Federal officials have prodded Hage cattle an array of regulations. Over the last four de-
Obituaries................ A11 Wknd Investor....... B4
Opinion.............. A13-15 World News.... A6-10
the meal for nearly a dozen rel- the exodus of the Israelites off this lonesome stretch of central Nevada. cades, the number of cows grazing on public
atives and close friends at her from Egypt—and requires going They didn’t use a lasso. The government cor- lands has dropped by nearly half.
Irvington, N.Y., home. At last eight days without eating leav- ralled the cows through a series of court rul- In some cases, government officials curb
> year’s dinner, the young adults ened foods containing grains ings and policy changes to limit grazing—tac- grazing to protect natural resources from dam-
whined about the texture of the such as wheat, barley and oats. tics applied broadly to ranchers across the age caused by cattle, and create preserves for
matzo balls, the 66-year-old Many Jews also forgo legumes West. threatened species. In others, officials close
said. and rice. Now, the Hage cows are gone from that pri- land to ranchers to give more access to the
s Copyright 2018 Dow Jones &
“It’s hard enough to get The first two nights of Pass- vate pasture and the family ranch is in foreclo- public for hiking and other activities that fuel
Company. All Rights Reserved them to come home for the hol- over center around a hearty Se- sure. the fast-growing recreation industry.
idays as it is,” she said. Please see KOSHER page A12 “You can get on your horse and look like Please see LAND page A12
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Saturday/Sunday, March 31 - April 1, 2018 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Jo Craven McGinty

My Mama Told Me: Get a Better Interest Rate


Smokey “The differences are large.” the lender’s markup. size that Fannie Mae or Fred- lender. But because all lend-
Robinson had The average spread on Markups, which vary from The Loan Range die Mac could buy that year. ers are licensed and regis-
it right: You home mortgages among all lender to lender and bor- Market share of mortgage rates The data allowed Mr. Kou- tered, and the originator of a
better shop borrowers is a half percent- rower to borrower, are pri- offered for a prospective home layev to compute the actual loan may not even service it,
around—for age point, according to Mr. marily responsible for the buyer with a FICO score of 760 in rate on a given mortgage, as Mr. Koulayev said price
love, sure, Koulayev’s research. Paying differences in rates. Massachusetts requesting a well as rates a consumer could should take precedence.
but, as it turns out, for inter- 4% interest on a $400,000 “Lender A might say that $400,000 loan with 20% down. have obtained if he or she had “The end product is the
est rates as well. mortgage instead of 3.5% for someone with a 740 contacted other lenders. same,” he said. “It makes no
Borrowers who finance amounts to an extra $114 in credit score, the markup will Rate Market share “The overpayment comes difference who originates the
the purchase of cars or monthly payments. be 1.5%,” Mr. Palmer said. 3.9-4.0 3% down to about $300 per loan.”
homes without soliciting “Lender B may say there is year, but for the unlucky 10% There is no comprehensive

T
quotes from multiple lenders he average difference no markup.” 4.0-4.1 80% of consumers, it was $600 or source for comparing interest
often pay more than their fi- in car loans is 1.3 per- To test how borrowers are more,” he said. rates, but borrowers can get a
nancial peers. centage points, accord- affected by differences in in- 4.1-4.2 12.9% Over the entire market of sense of what they should ex-
Without comparison shop- ing to researchers at MIT terest rates, Mr. Palmer and 45 million mortgages, the es- pect to pay with the help of
ping, consumers don’t know and Brigham Young Univer- his research partners exam- 4.2-4.3 0% timated cost to consumers websites such as Bankrate
the difference. And in the sity. For the typical car loan, ined 2.4 million auto loans who didn’t shop around was and the CFPB’s tool, which
absence of that competitive the difference would be like extended by 326 lenders, 4.3-4.4 5.2% a combined $13 billion. shows mortgage interest rates
pressure, lenders have no in- paying $1,300 more on the nearly all credit unions, from In each case, the research- offered to similar people.
centive to offer similar bor- purchase price. 2005 through 2016 in all 50 ers concluded consumers

E
4.4-4.5 7.7%
rowers comparable rates. “You would never get away states. The borrowers were didn’t search for better inter- ven without a tool, the
As a result, one borrower with this if you were selling slightly older, less racially Notes: Data as of Nov 3, 2014; Market shares est rates because, in layman’s researchers found that
do not total 100% due to rounding
may pay thousands more milk,” said Christopher diverse and of a higher aver- Source: Consumer Financial Protection terms, it’s a pain in the neck. soliciting three quotes
than another, even when the Palmer, an economist at MIT age credit quality than na- Bureau “Difficulty of shopping is enough to feel confident
two have virtually identical and co-author of the research tional averages, which could THE WALL STREET JOURNAL. and difficulty of comparing that a borrower is getting
credit scores, commensurate on car loans. “It would be the affect the findings. quotes are definitely compo- the best possible price, or
debt and are buying the same price for everyone.” More than half of the car On home loans, Mr. Kou- nents” that prevent people very close to it.
same thing at the same time Three things affect inter- buyers paid more in interest layev analyzed a representa- from searching for better “Make sure to ask for the
in the same place. est rates: A benchmark, such than people with similar tive sample of 130,241 con- deals, Mr. Koulayev said. rate at zero points from ev-
“Most people think prices as the prime rate commer- credit scores, including nearly ventional 30-year fixed-rate “The internet isn’t helping ery lender” to ensure the
are roughly the same,” said cial banks charge their most 20% who took out loans more mortgages originated in the much either, at least yet.” quotes are comparable, Mr.
Sergei Koulayev, an econo- creditworthy customers; a than 2 percentage points continental U.S. in 2014 for Borrowers also may skip Koulayev said.
mist with the Consumer Fi- borrower’s credit score and higher than the best rate amounts between $50,000 shopping around because The result will be in your
nancial Protection Bureau. debt-to-income ratio; and available to similar borrowers. and $417,000, the largest loan they feel loyal to a particular best interest.

Talks Put Pressure on Remaining Health-Care Rivals

.
ly
BY ANNA WILDE MATHEWS pensing prescriptions and sell- 2,000 Rite Aid stores for around PBM known as RxAdvance.
AND SHARON TERLEP on ing candy, makeup and soda as $4 billion. UnitedHealth Group Inc.,
Amazon.com Inc. chips away at The Deerfield, Ill., company, parent of the biggest U.S. in-
The emergence of talks be- the retail business and cost- with more than 13,000 stores in surer, is already vertically inte-
tween Walmart Inc. and Hu- control efforts by insurers pres- 11 countries, recently made an grated, with its ownership of a
mana Inc. creates pressure on sure drug margins. Amazon has approach to drug distributor growing roster of doctor groups
us l,

the health-care companies that also signaled it may go deeper AmerisourceBergen Corp., The and surgery centers as well as
haven’t yet made deals, amid into the health-care and phar- Wall Street Journal reported in its own PBM. The health giant
al a
e
the rapid-fire integration that is maceutical sectors, which February. Negotiations have has remained on the M&A war-
PATRICK FALLON/BLOOMBERG NEWS

reshaping the business. would add to the threat. since stalled, but could restart, path in recent months, includ-
A Walmart-Humana deal Asked about the possibility according to people familiar ing its announcement in Decem-
ci on

would become the latest sign of of a deal during a call with an- with the talks. Walgreens exec- ber that it will buy DaVita Inc.’s
the sector’s rapid move toward alysts on Wednesday, Wal- utives declined to discuss big physician group.
combinations that unite differ- greens Boots Chief Execu- Amerisource discussions when Anthem has embarked on a
ent businesses under one roof. tive Stefano Pessina said the asked this week on an earnings vertical move without a big ac-
It would come in the wake of pharmacy industry is in need of call. quisition—it is starting its own
er rs

the $69 billion deal between a major overhaul, but “I don’t In the insurance sector, ana- PBM, set to launch in 2020,
drugstore chain and pharmacy- believe that the change is only lysts said, smaller companies when its PBM deal with Express
benefit manager CVS Health A Walmart-Humana deal would raise the stakes for competitors. possible if you merge with a like WellCare Health Plans Inc. Scripts ends. The insurer’s new
Corp. and insurer Aetna Inc., health plan.” have long been seen as acquisi- CEO, Gail K. Boudreaux, has
m e

and insurer Cigna Corp.’s $54 them Inc., as well as smaller thinking, ‘how do I start to blur Walgreens has nevertheless tion targets. Centene Corp., a said she is focused on strength-
billion agreement to acquire the health insurers that could those lines and start playing been pursuing a big deal. Resis- giant in the Medicaid space, has ening Anthem’s own operations
biggest PBM, Express Scripts broaden their roles into differ- across those lines,’ ” said Gur- tance from federal antitrust been growing rapidly through and expects major savings and
m rp

Holding Co. ent sectors, analysts said. preet Singh, Health Services regulators derailed its attempt acquisitions, including its effort growth from the new PBM,
The spotlight is on remain- “Whether you’re a payer, a leader at PwC. last year to acquire rival phar- to take over nonprofit New York which could serve Anthem’s fel-
ing companies like Walgreens retail clinic, a retailer, a PBM or U.S. drugstores are under macy chain Rite Aid Corp. In- health insurer Fidelis Care. Cen- low Blue Cross and Blue Shield
Boots Alliance Inc. and An- a pharma company, you’re pressure to move beyond dis- stead, it agreed to buy about tene also recently invested in a insurers, among other clients.
co Fo

CORRECTIONS 
DEAL Ana Gupte, health-care ser-
vices analyst at Leerink Part-
ners. Walmart ended its fiscal
year with net debt of some
Boxed In
Walmart shares have trailed the broader market as the retailer's profits have been squeezed by
competition and investments aimed at fending off Amazon.com.
AMPLIFICATIONS
Continued from Page One $39 billion.
In December, CVS Health Amazon ended 2017 with Five-year share and index performance Walmart’s quarterly profit Neela Montgomery took
Corp. agreed to buy Humana more than $30 billion in cash 100% $5 billion over as chief executive of
rival Aetna Inc. in a $69 bil- and short-term investments, Crate and Barrel in August
lion deal aimed at enabling the and just $13 billion of net when the company’s previous
S&P 500 4Q FY2018
drugstore-chain to capture debt. s68% $2.2B chief, Doug Diemoz, departed
more of what consumers A Humana deal would be 75 4 after less than two years on
spend on health care. In the biggest acquisition by far the job. A Management arti-
March, Express Scripts Hold- for the family and the board, cle on March 22 that con-
n-

ing Co., the biggest adminis- which have resisted previous 50 3 tained an interview with Ms.
trator of prescription-drug major structural moves, such Montgomery inadvertently
benefits in the U.S., agreed to as splitting off the Sam’s Club Walmart omitted the phrase describ-
be bought by insurer Cigna warehouse division from the s19% ing Mr. Diemoz’s departure.
no

Corp. for $54 billion. core retailing chain, according 25 2


If Walmart buys Humana, it to people familiar with the U.S.-European Union for-
would acquire a business that matter. In 2016, the board eign-direct investment
is particularly tied to the gov- agreed to pay $3 billion in stands at $6 trillion total. A
0 1
ernment because it focuses on cash and $300 million in Wal- World News article on March
Medicare coverage at a time mart shares for Jet.com, at 21 about U.S.-EU trade incor-
when health care is a political the time the biggest-ever pur- rectly said that the bilateral
flashpoint. chase of a U.S. e-commerce –25 0 FDI is $5 trillion annually.
Humana, however, has startup.
2013 ’14 ’15 ’16 ’17 ’18 FY2014 ’15 ’16 ’17 ’18* Readers can alert The Wall Street
withdrawn from the Afford- Walmart has a market value Journal to any errors in news articles
able Care Act’s exchanges af- of about $260 billion. Total *Fiscal year ended Jan. 31, 2018 Sources: FactSet (performance); S&P Capital IQ (profit) THE WALL STREET JOURNAL. by emailing wsjcontact@wsj.com or
ter suffering losses, and the shareholder return over the by calling 888-410-2667.
private Medicare plans it of- past five years has been 35%,
fers, known as Medicare Ad- compared with 87% for the What a Deal Could the family’s investment vehicle. Chairman Greg Penner, who is
THE WALL STREET JOURNAL
vantage, have recently been S&P 500, although Walmart The family’s stake in the married to a Walton heir.
protected by both Republicans has outperformed the broader Mean for Waltons company was around 38% Since Walmart probably (USPS 664-880)
(Eastern Edition ISSN 0099-9660)
and Democrats. market in the past year. when Sam Walton died in would need to borrow money (Central Edition ISSN 1092-0935)
Also, Walmart doesn’t have Its last acquisition of signif- 1992, but a series of buybacks or issue shares to pay for Hu- (Western Edition ISSN 0193-2241)
Editorial and publication headquarters:
much cash on hand. It ended its icant size was in 1999, when it Walmart Inc.’s founding in the 2000s raised it above mana, a deal could push the 1211 Avenue of the Americas,
fiscal year with just under $7 bought the U.K.’s Asda Group family has maintained control 50%. In recent years, the Wal- Walton family’s ownership New York, N.Y. 10036
billion in cash and short-term PLC for $10.8 billion. of the company that Sam Wal- tons have been selling shares stake below that threshold. Published daily except Sundays and general
investments, meaning the re- In recent years, Walmart ton founded in 1962 as it ex- to keep their holdings near Three of Sam Walton’s chil- legal holidays. Periodicals postage paid at
New York, N.Y., and other mailing offices.
tailer likely would need to bor- has expanded the pharmacy panded into the world’s largest 50% and to fund charitable dren, Alice, Jim and Rob, each Regular one-year U.S. subscription rates:
row tens of billions of dollars, and health services it offers in retailer. But that could change pursuits. In April 2015, Walton ranks among the richest U.S. print/digital edition $525.00.
or issue millions of shares, to stores, adding cheaper generic if it pursues an acquisition of Enterprises distributed about billionaires, based on their Wal- Postmaster:
Send address changes to The Wall Street
drugs for sale, procedures like health insurer Humana Inc. 6% of its stake to a new trust mart stakes. Rob, the eldest Journal, 200 Burnett Rd., Chicopee, MA 01020.
vaccinations and urgent-care The Walton family owned to facilitate such sales. son, served as chairman after All Advertising published in The Wall Street
locations. It is part of an effort 1.497 billion shares as of Dec. Owning more than 50% his father and still has a seat Journal is subject to the applicable rate card,
Walmart likely would to give shoppers another rea- 31, or 50.5% of the total frees the family of New York on the board. Jim’s son, Steuart
copies of which are available from the
Advertising Services Department, Dow Jones
need to borrow tens of son to visit Walmart’s cavern- shares outstanding, according Stock Exchange rules requiring Walton, is the first of Sam & Co. Inc., 1211 Avenue of the Americas, New
York, N.Y. 10036. The Journal reserves the right
ous locations even as they buy to S&P Capital IQ. Nearly all a majority of independent di- Walton’s grandchildren to sit on
billions of dollars or more online. the shares are held by Walton rectors, but family members the board, taking his father’s
not to accept an advertiser’s order. Only
publication of an advertisement shall constitute
issue shares in a deal. Walmart is also the largest Enterprises LLC, a private hold- occupy only three of Walmart’s seat there in 2016. final acceptance of the advertiser’s order.
Letters to the Editor:
seller of food in the U.S., put- ing company that serves as 11 board seats. That includes —Sarah Nassauer Fax: 212-416-2891; email: wsj.ltrs@wsj.com
ting it in a unique position to
capitalize on shopper data or NEED ASSISTANCE WITH
pay for any potential deal. use a health insurer’s data to then you are hopefully going “They’ve proven these two In addition, he said, Wal- YOUR SUBSCRIPTION?
That could dilute the stake inform decisions on which to buy some blue jeans and companies can work together mart’s heft as a major pur- By web: customercenter.wsj.com;
of the founding Walton family, products to carry in stores. laundry detergent,” said Steve in a retail setting,” said John chaser of goods including By email: wsjsupport@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625);
which has retained control of The average age of a Wal- Barr, consumer-markets leader Gorman, chairman of Gorman drugs might be able to gener- Or by live chat at wsj.com/livechat
Walmart even as the company mart shopper is 50, according at PwC. Health Group, a consulting ate savings for Humana and its
has expanded into a global gi- to Kantar Consulting. It has Walmart and Humana have firm focused on government members. Humana already REPRINTS & LICENSING
ant, with nearly 12,000 stores become older over the past been partners for more than health programs. A merged owns a pharmacy-benefit man- By email: customreprints@dowjones.com
from Chicago to Chile to China. five years, in line with the 10 years on a popular Medi- Walmart-Humana could create ager, but it is smaller than the By phone: 1-800-843-0008
Humana has a market value broader U.S. population of care drug plan that lets cus- a Medicare plan that could be giants in that business, such
of $37 billion. Walmart could shoppers. tomers fill prescriptions at sold in Walmart stores and tap as CVS and Express Scripts, GOT A TIP FOR US?
end up paying close to $50 bil- “If I can get you in for your Walmart pharmacies with low into Walmart’s other potential and has less leverage with SUBMIT IT AT WSJ.COM/TIPS
lion to buy the company, said health care and your meds... co-pays. health offerings. pharmaceutical companies.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, March 31 - April 1, 2018 | A3

U.S. NEWS

HUD Hits
Biggest U.S.
Businesses Beg for Low-Skill Visas
Strong demand puts
Housing White House in a bind:
honor requests or save
Authority jobs for Americans
BY LAURA KUSISTO BY LAURA MECKLER
AND MARA GAY
WASHINGTON—Demand for
The Trump administration low-skilled worker visas for
is curbing New York City’s abil- the summer season starting
ity to spend money on major Sunday is again far outstrip-
repairs to public-housing stock ping supply, with the Trump
in its first major response to administration forced to
deteriorating conditions in the choose between helping busi-
city’s public housing and a nesses seeking more visas or
scandal over false paperwork trying to save those jobs for
about lead-paint inspections. American workers.
Ben Carson, secretary of the Some lawmakers tried and
Department of Housing and failed in March to secure an
Urban Development, said in an increase in the number of

M. SCOTT BRAUER FOR THE WALL STREET JOURNAL


interview Thursday his agency H-2B visas available for this
is requiring the New York City summer as part of a large
Housing Authority to get spending bill. One Senate pro-
HUD’s approval for any expen- posal would have permanently
ditures out of its capital fund. raised the annual cap from
The fund pays for upkeep of 66,000 to 90,000, with no lim-
buildings such as new boilers, its for certain jobs in areas af-
repairing leaky roofs and re- fected by disasters. A House
placing elevator parts. version would have increased
Mr. Carson ruled out a more the annual cap to 132,000.
drastic step some New York of- The White House warned
ficials feared. He said HUD some lawmakers not to kick
wouldn’t put the author- the decision to the Depart-
ity into receivership, a step ment of Homeland Security as Seasonal H-2B visas are typically used by landscaping companies, ski resorts and vacation spots, such as Martha’s Vineyard.
that involves HUD taking it they did in 2017, congressional
over for a period of time. aides said. “We did not want ticularly acute given the cur- year, divided evenly between BrightView Landscapes
“Not as long as I’m here,” the discretion,” an administra- rent unemployment rate of Foreign Labor winter and summer seasons. filed 94 petitions requesting a
he said. “To take on the re- tion official said. 4.1%, the lowest in a decade. The number of H-2B visa In past years, Congress has ef- total of 3,500 visas, but was
sponsibility of a massive proj- Nonetheless, DHS is now “We rebranded 8,000 vehi- requests by businesses for fectively raised the cap by ex- awarded fewer than 500, com-
ect of that nature I think under pressure from the busi- cles and put ‘now hiring’ on ev- low-skilled, seasonal work is on empting workers who are re- pared with 1,600 last year,

.
would really be unfortunate ness community to provide erything we own. We cannot track this year to surpass turning to jobs they had in said Sarah Powenski, vice

ly
for the rest of the nation.” more visas after the spending get enough workers,” said Todd previous requests. previous seasons, but didn’t president and associate gen-
bill authorized the depart- Chambers, chief marketing offi- do so last year nor this year. eral counsel at the company.
ment’s Secretary Kirstjen Niel- cer for BrightView Landscapes, 200,000 For this summer season, Officials say they are frus-

176,000
sen to offer tens of thousands on LLC, a large landscaping com- businesses filed requests for trated the program has been
of extra visas if she sees fit. pany that has used H-2B work- 150,000 more than 81,000 workers caught up in the larger immi-
A DHS spokeswoman, Katie ers for more than a decade. with the Labor Department on gration debate. “This thing has
Waldman, said no decision has Opponents say businesses 100,000 Jan. 1, a record, and more become more of an immigra-
Number of apartments in the been made. She said the agency should try harder and raise since then. Many firms tried tion issue in people’s minds,”
us l,

New York City Housing Authority is looking at last year’s imple- wages if needed. “We should to file applications after mid- Mr. Chambers said. “It’s been
mentation of the visa program want the labor market to 50,000 night on New Year’s Eve to be attached to a third-rail issue.”
al a
e
“to determine how best to pro- tighten and employers have to near the front of the line. Faced with the same situa-
ceed this fiscal year.” work overtime trying to entice 0 This year, for the first time, tion last year, John Kelly, then
New York housing officials The H-2B visas, issued for American workers, especially DHS conducted a lottery DHS secretary and now White
ci on

2010’11 12 ’13 ’14 ’15 ’16 ’17’18*


protested HUD’s decision low-skilled, seasonal foreign those who’ve dropped out of among early applicants to pick House chief of staff, fumed. He
*Through March 29
to restrict access to capital workers, are typically em- the labor market,” said Mark Note: Fiscal year ends Sept. 30. winners, saying it was only argued that if Congress wanted
funds, calling the move puni- ployed by landscaping compa- Krikorian of the conservative Source: Labor Department fair given the crush of de- more visas, then lawmakers
tive. “It is surprising…that the nies, Alaskan fisheries, ski re- Center for Immigration Studies. THE WALL STREET JOURNAL. mand. Administration officials should have approved them.
secretary, who has not found sorts and vacation spots, Ultimately, Democratic said that applications cleared Ultimately, Mr. Kelly al-
er rs

an available hour to visit the including some of President leaders killed the proposals to when Congress was failing to by the Labor Department by lowed up to 15,000 additional
largest public-housing author- Donald Trump’s properties. increase the visas, congressio- protect hundreds of thousands mid-February were eligible. visas for guest workers,
ity in his portfolio, is focused Backers say the program nal aides in both parties said. of young undocumented immi- But several people who use though not until the summer
on steps that hinder not help,” provides needed foreign work- Democratic aides said that grants brought to the U.S. as the program said they were was half over. He set a high
m e

Housing Authority spokes- ers, often in remote locations was partly because they children, known as Dreamers. confused about why some pe- bar for businesses that wanted
woman Jasmine Blake said. where Americans are scarce. weren’t willing to import more By statute, a total of 66,000 titions were included in the to apply and described the ap-
A HUD official said the sec- They say the problem is par- foreign workers at a time H-2B visas are available each draw and others weren’t. proval as a “one-time” move.
m rp

retary hasn’t visited to avoid


inserting himself in a law-en-

New York’s Sludge Runs Afoul in South


forcement matter.
HUD has taken over housing
authorities before—in Phila-
co Fo

delphia for two years and New


Orleans for more than 12
years—in response to fiscal
As idled train cars stink, Alabamans want human-waste deliveries to local landfill to stop
mismanagement and other is-
sues. Some former HUD offi- BY VALERIE BAUERLEIN revenue and jobs don’t out-
cials have said receivership AND KATE KING weigh the negative effects.
was unlikely for New York be- At a recent public hearing
cause of the size of its housing New York City is famous on a permit renewal for Big
authority, the country’s largest for a lot of things: the Yan- Sky, one woman brought a
with 176,000 apartments. kees, Times Square, bagels. bag of flies she said had been
In New York, HUD also has But 1,000 miles away in swarming around her home.
asked the authority to submit rural northern Alabama, it West Jefferson Mayor
a plan to address lead-based has become infamous for Charles Nix said that once
paint hazards and other physi- about 200 shipping contain- the sludge containers were
n-

cal conditions in its properties. ers full of sewage sludge that transferred to trucks, they
A HUD spokesman said the au- came by rail from the Big commonly leached sticky liq-
thority has received “multiple Apple. They have been rot- uid on the roads of his town.
extensions” to its deadline for ting on train cars for six Big Sky and the Alabama
no

submitting the plan. weeks, stalled on the way to Department of Environmen-


New York City housing offi- a nearby landfill. tal Management didn’t re-
cials said they had already New Yorkers flush the toi- spond to requests to com-
thoroughly outlined their plan let millions of times a day, ment. At that public hearing,
to address the lead and other creating 1,200 tons of biosol- a Big Sky representative said
issues to both HUD and the ids, or treated sludge. Big the landfill has been in com-
Sky Landfill in Adamsville,
TOWN OF PARRISH

U.S. attorney’s office in Man- pliance with state law.


hattan, which is investigating Ala., has permits to take New York has halted its
health and safety conditions in nearly all of that from New shipments to Big Sky, a
the city’s public housing. York’s five boroughs. spokesman from the city’s
The housing authority has The shipments have been Department of Environmen-
been under scrutiny since No- coming to Alabama for a Train cars loaded with sewage sludge have been sitting at a rail yard in Parrish, Ala., for six weeks. tal Protection said. It won’t
vember, when the city’s De- year and a half, drawing accept any returns, he said.
partment of Investigation said plenty of complaints from lo- Heather Hall said. cle the one thing they are their towns and assurance Alabama state regulators
in a report that the authority cals upset by the odor. The This is a little-seen part of certain the city will continue that no more will arrive. are expected to decide this
had failed to conduct lead- cars recently got stranded in daily life in America. Big cit- creating. Some cities reuse They say they don’t have an- spring whether to renew Big
paint inspections as required Parrish, Ala., as a result of a ies produce more waste than nearly all of it. In Washing- swers yet. The governor’s of- Sky’s permit, after holding
by federal rules and city laws legal dispute. They are now they can dispose of. So all ton, D.C., most biosolids are fice didn’t respond to a re- public hearings, soliciting
for four years. caught in a fight about the across the country, pipes, turned into thermal energy quest to comment. written comments and re-
The authority needs upward legality of loading them on trucks and trains carry waste at a $470 million facility. Over the past decade, pri- viewing the company’s regu-
of $25 billion in infrastructure trucks and hauling them the elsewhere to be incinerated, The mayors of West Jef- vate landfills in the rural latory records.
repairs, up from $6 billion in last 25 miles to the landfill. dumped or used as fertilizer. ferson and Parrish went to South have agreed to take Ms. Hall, Parrish’s mayor,
2005, according to city offi- “It smells like dead ani- As urban populations Montgomery on Wednesday sludge from out of state. But said she hopes the cars of
cials, a sum that has far out- mals, you smell it, and you’re grow, cities are weighing to meet with Alabama Gov. communities near landfills sludge will be gone by the
paced federal aid from Wash- looking for a dead dog or how much they are willing to Kay Ivey to seek help remov- like Big Sky are increasingly end of April, especially be-
ington. dead deer,” Parrish Mayor spend to dispose of or recy- ing the New York waste from pushing back, saying the tax fore it gets hot.

Gunman’s Widow Acquitted


The widow of the gunman the words “not guilty” were
ManShotinBack,AutopsyFinds
who slaughtered 49 people at a pronounced. BY ZUSHA ELINSON official account of the shooting hit him in the back, one hit
gay nightclub in Orlando, Fla., On the other side of the Or- given by Sacramento po- him in the side and the other
was acquitted Friday of helping lando courtroom, the families The family of Stephon lice, who said Mr. Clark ap- in the thigh, he said.
to plot the attack and lying to of the victims of the June 2016 Clark, the unarmed black man proached officers with his hands “It suggests all the bullets
the Federal Bureau of Investi- Pulse nightclub shooting sat killed by police in Sacramento, extended, holding an object they were from behind,” said Benja-
gation afterward—a rare and stone-faced and silent. Calif., released their own au- believed to be a gun. Mr. Clark min Crump, an attorney repre-
stinging defeat for the U.S. gov- Within hours, Ms. Salman topsy report Friday showing was holding a cellphone, and no senting Mr. Clark’s family.
ernment in a terrorism case. was released from jail and got that six of eight bullets hit weapon was found. Sacramento police didn’t
Noor Salman, 31 years old, into a waiting car without an- him in the back. Dr. Omalu, a forensic pa- respond to requests for com-
sobbed upon hearing the jury’s swering questions. Mr. Clark’s death on March 18 thologist best known for his ment. An official autopsy has
ASSOCIATED PRESS

verdict of not guilty of ob- “Noor is so grateful. Her has spurred ongoing protests in work to identify degenerative yet to be released. Mr. Clark
struction and providing mate- belief in the process was California’s capital city and re- brain disease in football play- was killed after police received
rial support to a terrorist or- shown. She wants to get back newed scrutiny of police killings. ers, said the autopsy shows reports of car break-ins.
ganization, charges that could to her son,” her attorney, Bennet Omalu, who per- Mr. Clark wasn’t facing the of- On Thursday, the family
have brought a life sentence. Linda Moreno, said. formed the autopsy, said the re- ficers when they shot him. held a funeral for Mr. Clark, a
Her family gasped each time —Associated Press Stephon Clark died March 18. sults are inconsistent with the Aside from the six bullets that 22-year-old father of two.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Saturday/Sunday, March 31 - April 1, 2018 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

Congress Curbs DeVos’s Agenda


BY MICHELLE HACKMAN acting on President Donald
Bolton Has
To Wind
Congress just gave Educa-
tion Secretary Betsy DeVos ev-
Trump’s call to pare back fed-
eral agencies, is hardly alone
in seeing her budget requests
Down PACs
erything she didn’t want: a
bigger budget and a guarantee
that certain department of-
ignored, nor is she the first
education secretary to clash
with members of Congress.
Before Job
fices wouldn’t be cut. And some of her broad goals BY JULIE BYKOWICZ
Mrs. DeVos had sought sig- have drawn praise on Capitol
nificant cuts to both the de- Hill. WASHINGTON—Before tak-
partment’s budget and staff. “I commend her for taking ing his new job as White
But Congress didn’t go along seriously her job as head of a House national security ad-
with her plans in the big large federal agency and try- viser in April, John Bolton will
spending bill that it passed ing to make it operate more have to wind down his multi-
last week, a sign of tensions efficiently,” said Republican million-dollar political opera-
between the education secre- Sen. Lamar Alexander, chair- tion that is already in the thick
tary and GOP lawmakers that man of the Senate education of the 2018 election, according
threaten to stymie her efforts. committee. to the White House and a fed-

JOSHUA ROBERTS/REUTERS
The result: While Mrs. De- Mrs. DeVos didn’t meet eral watchdog agency.
Vos’s role as a crusader for with lawmakers about the Under the 1939 Hatch Act,
public-school alternatives has budget until a week before a federal employees such as the
made her a flashpoint, she has public hearing where she was national security adviser “may
so far done little to achieve called to testify, leading to a not campaign for or against
such a shift. Indeed, some Re- rare public rebuke from a fel- candidates or otherwise en-
publicans have privately ex- low Republican. gage in political activity” with
pressed a concern that Mrs. Secretary Betsy DeVos is finding her agenda hamstrung even in a Republican-controlled Washington. “It’s hard to believe that partisan groups, according to
DeVos isn’t an effective advo- people have been on the job the Office of the Special Coun-
cate for her primary cause, None went to her signature re- sure, neither the White House lutions to better serve stu- for this long and they don’t sel. The standing agency is un-
which is reducing Washing- quest, a $1 billion program to nor Education Department of- dents and taxpayers,” said Liz have staff that are understand- related to special counsel Rob-
ton’s role in education and ex- expand school choice, though ficials lobbied for it with Hill, an Education Department ing how the system works,” ert Mueller.
panding “school choice” by there was a slight increase in members of Congress. spokeswoman. “She remains Rep. Rodney Frelinghuysen The Office of the Special
promoting learning facilities funds for public charter “It’s unfortunate that Con- committed to that goal and (R., N.J.), the retiring chair- Counsel said Mr. Bolton cannot
that operate outside the tradi- schools. gress has decided to make it will work within the frame- man of the House Appropria- maintain the two political
tional public-school system. Although the White House more difficult for Secretary work provided by Congress.” tions Committee, said at a committees that bear his
“She’s someone who’s backed the school-choice mea- DeVos to pursue innovative so- Mrs. DeVos, who says she is March hearing. name. The committees had
worked behind the scenes for raised $6 million by the end of
the most part,” said Mike February and had a little more
Petrilli, president of the Ford-
ham Institute, a conservative-
leaning education think tank
that supports Mrs. DeVos’s
Vermont Poised to Tighten Gun Laws than half of that left in the
bank, Federal Election Com-
mission reports show.
The political groups are
school-choice agenda. “She BY JON KAMP same week, when police said which the state House had were a sticking point, which called John Bolton PAC and

.
hasn’t spent decades being out they had thwarted an alleged, cleared, includes exceptions on irked some senators who ar- John Bolton Super PAC. A no-

ly
front, driving a message.” The Vermont Senate passed potential shooting attack by a the age requirement for people gued the limits wouldn’t boost tice posted to their websites
Congress last week awarded a bill that would heighten re- teenager at a high school. who have passed hunter-safety safety and would be difficult to late Thursday said they were
the department a $2.6 billion strictions on firearms, includ- Mr. Scott said in a state- courses. enforce. The restrictions would “suspending all political activi-
boost when Mrs. DeVos had ing raising the purchasing age onment after Friday’s vote that Regarding ammunition, the apply to new sales, not maga- ties until further notice as of
requested a $9 billion cut. She to 21 for many people and ban- he supports the new bill, along bill restricts sales of maga- zines people already own. March 31, 2018.”
had sought to dismantle her ning high-capacity magazines. with two other gun-control zines exceeding 10 rounds for Eddie Cutler, president of One unanswered question is
agency’s central budget office, The bill, sent to Republican measures that are advancing long guns and 15 rounds for Gun Owners of Vermont, said what will happen to the left-
a move she said would create a Gov. Phil Scott’s desk on Fri- in the Legislature, because he handguns. The bill also ex- ahead of the vote that he be- over money.
us l,

leaner structure, and to cut day, marks the latest move to believes they uphold constitu- pands background checks and lieved the new regulations “Even if the law doesn’t re-
the number of field offices in tighten regulations after a tional rights “while taking rea- bans bump stocks, devices that would raise legal risks for gun quire him to refund all contri-
al a
e
the civil-rights division to four gunman killed 17 people at a sonable steps to reduce the enable semiautomatic rifles to owners without any beneficial butions or cancel ad-buys al-
from 12. The spending package high school in Parkland, Fla., risk of violence.” A spokes- operate like fully automatic trade-off in the sparsely popu- ready purchased, our
included specific measures in February. woman confirmed he plans to weapons. lated state. democratic norms do,” said
ci on

preventing her from doing so. Vermont, despite its liberal sign all three bills pending a Vermont is the second state “We’ve had a good record Stephen Spaulding at Common
Congress’s spending deal reputation, is a largely rural technical review. to pass a sweeping gun-control as far as violent crime for the Cause, a Washington advocacy
also didn’t address the priori- place with a high rate of gun “As governor, I have a moral bill since the Florida shooting, last 227 years,” Mr. Cutler group that receives funding
ties in Mrs. DeVos’s initial re- ownership and few historic and legal obligation and re- although lawmakers in many said, referring to Vermont’s from liberal donors.
quest. Much of the additional gun regulations on the books. sponsibility to provide for the states have been busily debat- founding date. He said his Neither Mr. Bolton nor a
er rs

funding for the department But the tone shifted after the safety of our citizens,” the ing these issues. group was ready to sue if the representative for his groups
boosted initiatives undertaken Florida shooting and an appar- governor said in a statement. Friday’s Senate vote was 17 law passed, arguing it violates responded to a request to
by the Obama administration. ent close call in Vermont that The bill that passed Friday, to 13. The magazine limits the Vermont Constitution. comment.
m e

REPLACE YOUR HAVENS to buy the dips, and it worked,”


Ms. Krosby said. Now that the
At the same time, fears of a
pickup in inflation, which
m rp

Fed appears to be intent on sparked selling in bonds earlier


raising rates and has called in the year, have ebbed recently
Continued from Page One stocks overvalued, “the dip will and market-based measures of

HARD-TO-HIT IRONS
years of central-bank stimulus have to be deeper before inves- investors’ expectations for price
start to wind down while long- tors come in.” increases have retreated from
co Fo

dormant volatility returns and Others point to the unwind- recent highs.
borrowing costs rise. Corpo- ing of popular trades in recent Inflation poses a threat to
rate earnings have been strong, weeks. the value of government bonds
but growth and inflation re- Some investors had placed because it erodes the purchas-
Innovative main tepid and face threats
like possible disruptions to
outsize bets on more gains in
areas such as big technology
ing power of their fixed pay-
ments.
global trade. stocks, while wagering against “It appears to be a regime
Hybrids for “The big burning question
right now is ‘Where is the safe
interest-rate sensitive sectors.
Now they are being forced to
shift from last year,” said Chris-
topher Sullivan, a portfolio
haven?’ ” said Christopher Stan- cut back their positions in tech, manager at United Nations Fed-
Every Shot! ton, chief investment officer at
Sunrise Capital LLC, a Califor-
while buying back bonds, as the
government increases its scru-
eral Credit Union. “The uncer-
tainty level has compounded
nia-based firm that manages tiny of Facebook Inc. and other exponentially.”
around $250 million. internet firms. Mr. Sullivan said he had
n-

Utility and real-estate shares shifted his Treasury holdings


in the S&P 500, popular with into longer-term securities,
investors seeking relative safety which benefit from declining
because of their dividend pay-
Assets that usually expectations for growth and in-
no

ments, have fallen less than the rally for flight-to- flation.
broader index’s 8.1% drop. The yen has added 2.2%
But U.S. government bonds
safety reasons haven’t against the dollar since Jan. 26,
have been less predictable. moved in lockstep. making it one of the markets’
Yields, which rise as prices fall, best performing currencies in
hit multiyear highs earlier in 2018. For years, investors have
2018 even as stocks tumbled borrowed yen—because Japa-
from their peak in January. Mr. Haidar of Haidar Capital nese rates are comparatively
Then Treasurys rallied, pulling Management is now betting low—to fund trades in riskier
the yield on the benchmark 10- that prices of government currencies that offer higher
year U.S. Treasury note down bonds in places like Spain, Italy yields in a strategy known as a
from nearly 3%, a level it hasn’t and New Zealand will rise, as carry trade.
hit since 2013. he believes that a mild slow- Now, many are selling their
For some analysts, the clear- down in global growth will riskier assets and buying back
est explanation for the diver- force central banks around the yen, giving that currency a
gence is the unwinding of world to become less hawkish. boost, said Bac Van Luu, head
yearslong stimulus policies. Concerns about inflation and of currency and fixed-income
Trillions of dollars in mone- growth have hit bonds too. The strategy at Russell Investments.
tary stimulus pumped into the gap between two- and 10-year The Bank of Japan’s effort to
markets by the Federal Re- Treasury yields recently shrank boost its economy by keeping
serve, Bank of Japan and Euro- to its narrowest since 2007, a the yen cheap has made the
pean Central Bank over the sign of weakening sentiment currency a better value than the
past few years tended to about the prospects for long- Swiss franc, another haven, Mr.
smooth out volatility and cut term growth. Van Luu said.
short market routs.
“Most of these things per-
formed as expected before, be- Nowhere to Hide?
SPECIAL O cause there were no rate hikes
7 iron • On FFE9 R
Assets considered safer bets including gold and utilities stocks have
on the horizon,” said Joseph fallen despite the uptick in market volatility.
ly $49 9 + sh
Kalish, chief global macro strat-
egist at Ned Davis Research.
Index and price performance since Jan. 26
0%
Expectations of rising rates
tend to hurt the value of out-
standing bonds issued during –2
periods of lower rates and
crimp the performance of as-
More forgiving • Extra distance • Higher flight sets like gold, which become –4
less attractive to yield-seeking
investors when borrowing
costs rise. –6
S&P 500
The market is adjusting
ORDER ONLINE OR CALL from an environment where
utilities
–8 Gold
there was little volatility in
wedgewoodgolf.com 2017 to a resurgence since Feb- S&P 500
LEADER IN HYBRID ruary, said Quincy Krosby, the –10
T EC H N O LO GY 888.833.7371 chief market strategist at Pru-
Jan. Feb. March
dential Financial.
“We were trained by the Fed Source: FactSet THE WALL STREET JOURNAL.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | A5

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on
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Palestinians Protest, as Gaza Woes Mount
Fears rise of a war
Economy Falters
with Israel as enclave’s Gaza merchants are making
economy crumbles fewer trips outside the enclave,
reflecting tighter Israeli border
and 15 die in clashes control and diminished
economic prospects.
BY RORY JONES
AND ABU BAKR BASHIR Palestinian merchant
exits from Gaza
GAZA CITY—Tens of thou- 10,000
sands of Palestinian protesters
massed Friday along the Is-
raeli border, as Western offi- 7,500
cials warn the economic situa-
tion in the Gaza Strip is at 5,000
breaking point, raising the risk
of civil unrest or even war.
2,500
At least 15 Palestinians died
in clashes with the Israeli mili-
tary and more than 1,000 were 0
injured, Palestinian authorities 2015 ’16 ’17 ’18
said. Crowds rolled burning
Source: Gisha - Legal Center for Freedom
tires and threw stones and fire of Movement
bombs at Israeli soldiers, the THE WALL STREET JOURNAL.
Israeli army said.

WISSAM NASSAR/DPA/ZUMA PRESS


Friday’s demonstrations from a monthly peak last year
called for a right to return to of 12,183 in January 2017, ac-
homes in what is now Israel. cording to Tel Aviv-based non-
But Gaza’s flat-lining econ- profit Gisha.
omy—battered by fighting, U.N. and World Bank officials
blockades and an intensifying also are now worried that U.S.
power struggle between Pales- cuts to refugee body Unrwa to
tinian factions—has further in- encourage reforms threaten the
flamed tensions. jobs of thousands of aid work-
Growth is near zero, unem- Members of the Palestinian Civil Defense carried a man who was injured during a melee with Israeli security forces on Friday. ers in the strip.
ployment is 44% and consumer Friday’s protest had been
spending has plummeted in this planned for weeks.
strip of Palestinian territory, Falafels Reflect Hard $100 in daily sales he made tous in the Middle East. In ever been,” Mr. Abu Akar said. “This is a message to Trump
sandwiched between Israel and last year. As patrons dwindle, Gaza, it takes on outsize eco- One of Mr. Sebakhy’s cus- that our people will not give
Times in the Strip

.
the Mediterranean Sea. he has discounted his falafels, nomic importance because of tomers he has extended an IOU Jerusalem or Palestine,” Hamas

ly
Gazans live with three to six laid off a worker and cut the its cost—just 1 Israeli shekel, or owes him 400 shekels for the leader Ismail Haniyeh said at
hours of electricity per day due wages of another. 28 cents for a sandwich—and a past few months. And one the event, referring to the U.S.
to shortages and more than half Customers usually buy Mo- “We are so down,” said the chain of suppliers and shops family in this neighborhood leader’s decision to recognize
of the strip’s nearly two million hammed Sebakhy’s falafels on 24-year-old Mr. Sebakhy, wear- that mesh residents’ livelihoods. stopped walking past his shop Jerusalem as Israel’s capital.
residents receive food assis- with Israeli shekels. But as ing a tattered sweater in his Fayeg Abu Akar, a food as they are too ashamed to “This march is the beginning of
tance from the United Nations. tough times fall on the Pales- dimly lighted shop. “I don’t wholesaler to falafel shops and owe him money, he said. the return to all of Palestine.”
The economic situation is tinian territory, he has started know how long we can sur- other stores, is increasingly de- “I can’t be here knowing Israeli officials this week
so dire that some warn it accepting another sort of cur- vive.” livering food to the needy there’s a family that can’t af- became increasingly con-
us l,

could lead Gaza’s rulers, the rency: The IOU. The falafel—fried balls of rather than to retailers. “We ford breakfast or dinner,” Mr. cerned about the scale of the
extremist group Hamas, to Today, Mr. Sebakhy is lucky chickpeas often eaten with pita have been in business for 50 Sebakhy said. “I’d love to see protest, deploying troops to
al a
e
start a war with Israel. U.S. to make half the equivalent of bread and hummus—is ubiqui- years and this is the worst it’s people getting paid again.” the border and warning Ga-
and Israeli officials believe zans that soldiers would use
Hamas started a conflict with live fire on those breaching
ci on

Israel in 2014 in part because the Security Council last which it depends for funds, has surrender control of Gaza. Israeli officials say spends tens the security fence.
Israel and Egypt squeezed the month. “This is not an alarmist made the situation worse. Despite the rift between of millions of dollars a year on “To Gaza inhabitants,
group economically. prediction...it is a fact.” The authority’s president, Hamas and Fatah, both factions its military. Hamas is gambling with your
Gaza is on the brink of “total Israel strictly limits the flow Mahmoud Abbas, last year be- blame their economic malaise Due to the depressed econ- lives,” Israeli Defense Minister
institutional and economic col- of goods and people in and out gan cutting salaries of Gaza’s on Israel. Israel jointly manages omy and weak consumer Avigdor Lieberman tweeted in
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lapse,” Nickolay Mladenov, U.N. of Gaza. And an internecine 40,000 doctors, teachers and security with Palestinian forces spending, the number of trucks Arabic on Friday. “You go
special coordinator for the Mid- struggle between Hamas and other public sector employees in the West Bank but remains crossing into Gaza from Israel close to the fence, you put
dle East peace process, told the Palestinian Authority, on in a bid to pressure Hamas to in conflict with Hamas, which fell to 8,205 in February, down your life in danger.”
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | A7

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A8 | Saturday/Sunday, March 31 - April 1, 2018 NY * ***** THE WALL STREET JOURNAL.

WORLD NEWS

Saudis to Help
Reboot Afghan
Peace Effort
BY MARGHERITA STANCATI as part of the U.S.-led coali-
AND JESSICA DONATI tion fighting there.
“On peace and reconcilia-
WASHINGTON—Saudi Ara- tion, Saudi Arabia is best
bia agreed to play a leading placed to help Afghanistan,”
role in starting a new peace Afghan national security ad-
process in Afghanistan, part of viser Hanif Atmar said during
the latest U.S.-led strategy to a visit to Washington last
find a political solution to week. “We are extremely opti-
America’s longest war. mistic that this level of coop-
The U.S. and Afghanistan eration will actually lead to
hope that Saudi Arabia can concrete results for peace and
bring the Taliban to the nego- reconciliation.”
tiating table and act as guar- President Donald Trump’s
antors for a possible peace outgoing national security ad-
deal, according to officials in- viser, Lt. Gen. H.R. McMaster,
volved in the process. hosted the first, hourlong

PARWIZ/REUTERS
The officials said they be- meeting between the four
lieve the kingdom can succeed countries on March 23. Mr. At-
where others have failed due mar, Saudi and Emirati offi-
to its religious clout as the cials also attended.
birthplace of Islam—and his- An NSC representative con- An Afghan soldier escorted an accused Taliban militant recently. The U.S. hopes Saudi Arabia can help restart Afghan peace negotiations.
torical ties with the powerful firmed the details of the meet-
insurgent group. But even ing and said the four countries tory of involvement in Afghan- withdrew its support after al But major obstacles to a ties with Tehran, though Iran
Saudi Arabia will have signifi- discussed ways to “cooperate istan. In the 1980s, it backed Qaeda leader Osama bin comprehensive peace settle- officially denies supporting
cant obstacles to overcome. to support the Afghan govern- an American effort against the Laden—a Saudi citizen—di- ment remain, notably regional the group. And the Taliban’s
The U.S. National Security ment” and “work together to Soviet occupation of the coun- rected the Sept. 11, 2001, at- rivalries and major divisions political office, which handles
Council is spearheading this promote a peaceful settle- try by supplying fighters, tacks from Afghan soil. within the Taliban insurgency. the group’s diplomatic rela-
new four-nation effort, a NSC ment.” weapons and training to insur- Mr. Atmar said he believes Powerful elements of the tions and was established with
representative said this week. The new initiative could at gent mujahedeen rebels. the Taliban are open to Saudi Taliban have in recent years U.S. approval, is based in the
The group also includes the a later stage be widened to in- Saudi Arabia was also Arabia’s mediation. He also said grown close to two of the Qatari capital, Doha.
United Arab Emirates, a close clude other countries, the offi- among few countries to recog- Saudi Arabia could help by ap- kingdom’s biggest rivals: Iran The Taliban haven’t com-
Saudi ally that previously de- cial said. nize the Taliban government plying pressure on the Taliban’s and Qatar. mented publicly on the NSC’s
ployed troops to Afghanistan Saudi Arabia has a long his- as legitimate, though it later longtime patron, Pakistan. The Taliban have nurtured new strategy.

.
SYRIA
ly
fighters from the U.S.-backed strongly supportive of the State
Syrian Democratic Forces have Standstill Department’s efforts to restore
abandoned fighting Islamic U.S.-backed coalition efforts to basic services in the country as
on State in the middle Euphrates target Islamic State’s remaining the conflict wraps up.
Continued from Page One River valley and moved north territory in Syria and Iraq Stabilizing areas formerly
nominated Central Intelligence toward the Syrian cities of Af- have stalled. controlled by Islamic State “is
Agency Director Mike Pompeo rin and Manbij to fend off Turk- also about removing the condi-
to replace Mr. Tillerson at the ish military advances. Coalition munitions dropped tions that lead to things like in-
us l,

State Department, and John In the past month, U.S.-led in Iraq and Syria* surgency, that lead to instabil-
Bolton, a former U.S. ambassa- airstrikes in support of local 5,000 ity,” said Army Gen. Joseph
AGENCE FRANCE-PRESSE/GETTY IMAGES

al a
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dor to the United Nations, is set forces on the ground have Votel, commander for U.S. Cen-
to succeed Lt. Gen. H.R. McMas- dropped significantly. The U.S.- 4,000 tral Command during a January
ter as national security adviser. led coalition said it has con- visit to Raqqa with U.S. Agency
ci on

Messrs. Pompeo and Bolton ducted just seven strikes in 3,000 for International Development
back more confrontational Syria in the past week. Islamic director Mark Green. “So, from
strategies against Russia and State hasn’t lost any significant a military standpoint we’re
2,000
against Iran, which provides territory in months, U.S. mili- very keen to make sure that the
Syrian President Bashar al- tary officials have said. follow-through in our opera-
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Assad with fighters, weapons U.S. officials warned Fri- 1,000 tions is completed as effectively
and advisers. day that Islamic State is al- as the military operation.”
Syrian civilians walk along a destroyed street in Eastern Ghouta. Kurdish and some Arab ready taking advantage of the 0 Some current and former
battlefield pause to regroup, 2015 ’16 ’17 ’18 diplomats and military officials
m e

raising the prospect of its re- *Includes bombs, missiles and other
said they worry that abandon-
emergence as a serious threat munitions ing the stabilization efforts
to the U.S. and its allies. Source: Operation Inherent Resolve could lead to a resurgence of Is-
m rp

“If we leave sooner rather THE WALL STREET JOURNAL. lamic State in Syria.
than later, then there is a good “One of the major implica-
chance that this could be all for freezing of some or all of those tions of terminating this pro-
naught and they could come funds, plus the additional cess would be opening up the
back,” said one U.S. official. spending pledged in February, area to the Assad regime and to
co Fo

In January Mr. Tillerson laid could cause existing programs Iranian-led Shiite militias, and
out a comprehensive Syria to halt, U.S. officials said. of course this will instantly set
strategy in which the U.S. “We continually re-evaluate the stage for the return of ex-
would stay in the country for appropriate assistance levels tremism and terrorism,” said
the foreseeable future to pre- and how best they might be Frederic Hof, who was the spe-
vent an Islamic State resur- utilized, which we do on an on- cial adviser for the transition in
gence and contain Iran’s re- going basis,” a State Depart- Syria during the Obama admin-
gional influence. ment official said. istration.
Mr. Trump now appears to As part of the stabilization, a Mark Dubowitz, CEO of the
be questioning that approach. handful of U.S. civilian experts Foundation for Defense of De-
The president has been increas- have been deployed to Syria to mocracies, a think tank with
ingly frustrated with Washing- help restore water and electric- ties to the Trump administra-
ton’s footprint in Syria and has ity, repair medical facilities, tion, said Mr. Trump risks re-
said he would like to see re- schools and basic infrastructure peating mistakes former Presi-
n-

gional allies like Saudi Arabia with a goal of encouraging dis- dent Barack Obama made by
shoulder more of the burden. placed Syrians to return home, pulling U.S. forces out of Iraq, if
The State Department last working with partner organiza- he withdraws U.S. forces from
year spent $200 million on sta- tions on the ground. Syria too soon.
no

bilization work in Syria, includ- Since the Syrian civil war “Trump cannot have a seri-
ing removing unexploded weap- began in 2011, more than ous Iran strategy if he allows
ons and restoring water, power 400,000 Syrians have been Tehran to win in Syria,” he
and electricity in the past year, killed and millions displaced. said. “This is Obama 2.0.”
and an additional $225 million The military, which has —Nancy A. Youssef
in funds were designated for about 2,000 service members and Dion Nissenbaum
such activities this year. The operating in Syria, has been contributed to this article.

WORLD WATCH
Rhapsody in Blue POLAND Andrzej Duda argued that the Poland, a reference to European
bill wasn’t fair because it wouldn’t Union concerns about changes to
Tiffany & Co. Bill Targeting Former have allowed those deprived of Poland’s judicial system.
Communists Vetoed their ranks, some now dead, to de- The ruling party, Law and Jus-
fend themselves. “It was certainly tice, which has made punishing
Legendary firm. Rare gemstone. Poland’s president vetoed a bill a violation of democratic stan- former communists a keystone of
Friday that would have made it dards of the state,” Mr. Duda said. its program, was “surprised and
Timeless design. Ceylon sapphires possible for authorities to strip He also noted that the people disappointed,” party spokes-
are celebrated for their unparalleled communist-era officers of their are closely watching whether the woman Beata Mazurek said.
color and clarity, and the 10.93-carat ranks. rule of law is being observed in Supporters viewed the legisla-
stone in this Tiffany & Co. ring is no tion as an act of justice, but op-
Philip R. Clark, 87, of Boonton Township, NJ ponents described it as vengeful.
exception. Its rich royal blue hue is —Associated Press
accentuated by 1.59 total carats of Philip R. Clark, 87, of Boonton Township, NJ, passed away on March 28,
2018, at St. Clare’s Hospital in Denville, NJ. Born and raised in Brooklyn,
diamonds in its platinum setting. NY, Philip resided in Tennessee, Washington, DC, and Mountain Lakes, CYPRUS
NJ, before settling in Boonton Township. Philip and his family spent their
Signed “Tiffany & Co.” #30-7412 summers in Bethany Beach, Delaware. Faction Leaders to
Philip graduated from Brooklyn Polytechnic Institute, with a Bachelor of
Science degree in engineering and attended Oakridge School of Reactor
Technology in Tennessee. Philip was the President and CEO of GPU Nuclear
Attend U.N. Talks
in Parsippany, NJ.; Associate Director of Reactors, Naval Reactors Division,
Department of Energy. He was a Director of the Institute of Nuclear Power The U.N. peacekeeping mis-
Operations, a Director of the Association of Edison Electric Companies, and sion on ethnically divided Cyprus
a member of the National Academy of Engineering. says it will host an informal
A devout Roman Catholic, Philip was a parishioner and Eucharistic Minister meeting between the rival Greek
at St. Catherine of Siena Church in Mountain Lakes, NJ. He was also a
parishioner of St. Ann’s Church in Bethany Beach, Delaware. Cypriot and Turkish Cypriot lead-
Visitation will be held on Thursday, March 29, 2018 from 7-9 PM and ers in April.
Friday, March 30, 2018 from 2-4 & 7-9 PM at the Dangler Lewis and Carey The April 16 meeting be-
Funeral Home, 312 West Main Street Boonton, NJ 07005. A Funeral Liturgy
will be celebrated on Saturday, March 31, 2018, at 9:30 AM, at St. Catherine tween Nicos Anastasiades and
of Siena Church, 10 North Pocono Road, Mountain Lakes, NJ 07046. Mustafa Akinci will be the first
Interment will follow immediately at Holy Rood Cemetery, 61 Whippany time the leaders will meet face-
Road, Morristown, NJ 07960. Letters of Condolence may be posted at
630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com danglerlewisandcareyfuneralhome.com. to-face since the collapse of
Philip is survived by his beloved wife Jeanne C. (Cushing) Clark, whom he high-level peace talks in July.
Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry. married in 1953; his devoted children Philip R. Clark, Jr. (Lili), Margaret A. Both sides have said the
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. Gatti (the late Richard), Andrew J. Clark (Cynthia Roberts), Mary T. Clark,
Michael A. Clark (Cheryl), Jeanne M. Clark, MD (Stephen Smolka) and meeting doesn’t necessarily sig-
Robert F. Clark (Lorena Palagonia); his caring sister Marjorie O’Loughlin; nal a resumption of negotiations,
his cherished grandchildren Benjamin, Nancy, Danny, Elizabeth, Matthew, but that it is a positive step.
Katherine, Carolina and Robert D.; his adored great-granddaughter Lily.
—Associated Press
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, March 31 - April 1, 2018 | A9

WORLD NEWS
URBI ET ORBI | Francis X. Rocca

Shifting Lines: Pope’s Uncertainty Principle


ROME—For Francis, who, for instance, has and disciplined theologians
Pope Francis, warned unrepentant Mafiosi who deviated from orthodoxy.
the untradi- of eternal damnation. Under Pope Francis, both of
tional has be- those functions have practi-

Y
come routine. et some found it plausi- cally ceased.
Still, the ble that the pope had

T
news Thursday morning was “abolished hell,” as one he current pope’s most
startling: Italian journalist Eu- headline put it, because the explicit effort so far to
genio Scalfari, a friend and fre- idea echoed the pope’s well- liberalize moral teach-
quent interviewer of the pope, known stress on God’s mercy ing has been in the area of di-
reported that the pontiff had rather than the threat of pun- vorce, specifically the rule
denied the existence of hell. ishment as an incentive for that divorced Catholics who
Sinners who die without good behavior. remarry without an annul-
achieving eternal salvation Indeed, the same day that ment of their first marriage
“are not punished,” the pope Mr. Scalfari published his in- may not receive Communion
said, according to an article by terview, Pope Francis told in- unless they abstain from sex
Mr. Scalfari in the Italian mates at a prison in Rome with their new spouses.

FABIO FRUSTACI/EPA/SHUTTERSTOCK
newspaper La Repubblica. that the death penalty was The process of change in
“There is no hell; there is the “neither humane nor Chris- that case has been time-con-
disappearance of sinful souls.” tian”—a more categorical re- suming and circuitous, involv-
The Vatican later released a jection of capital punishment ing two international meetings
statement cautioning that Mr. than voiced by earlier popes. of bishops, which failed to en-
Scalfari’s article was a “recon- The prison visit also dis- dorse a change, followed by a
struction,” not a transcript, of played the pope’s characteris- papal document that encour-
his conversation with the tic emphasis on social and aged leniency in the application
pope. But the Vatican stopped economic justice, themes he of traditional teaching without
short of a specific denial, leav- has elevated above questions Pope Francis commemorating Jesus’ death on Good Friday at St. Peter’s Basilica, in Vatican City. unambiguously revising it.
ing some readers to wonder of sexual and medical ethics— In general, however, Pope
whether the church’s leader matters he has deemed too who have had abortions. step over them and you’re off and even hostile to it,” said Francis resorts to less formal
might have contradicted Cath- much of a preoccupation for He has described the pro- the reservation,’” said Chris- Sandro Magister, a Vatican ex- means, especially encounters
olic teaching on so fundamen- the church. motion of same-sex marriage topher Lamb, Rome corre- pert who writes for Italy’s with the press, for shifting the
tal a topic as the afterlife. When Pope Francis does and population control in the spondent for Britain’s the L’Espresso magazine. perception of the spirit of
It was an extreme yet telling talk about these issues, he developing world as examples Tablet, a Catholic magazine. Part of Pope Francis’ strat- Catholic doctrine without
example of how Pope Francis tends to put them into a so- of “ideological colonization” “It’s a move from the institu- egy has been generally to play changing its letter. The single
has shaken up perceptions of cial context rather than by the West, but has warmly tional and the doctrinal to- down the importance of for- most famous statement of his
Catholic doctrine, drawing stress individual culpability. welcomed same-sex spouses ward a greater focus on per- mal teaching. Under St. John pontificate, made during an
widespread attention from the He has denounced abor- and voiced compassion for sonal conscience.” Paul II and Pope Benedict XVI, in-flight news conference, re-
non-Catholic world and caus- tion as a symptom of a those who decide to use artifi- For more conservative crit- the Vatican’s doctrinal office mains “Who am I to judge?”
ing turmoil within the church. “throwaway” culture, like cial birth control. ics, the pope’s approach was the source of many defin- —Francis X. Rocca is the

.
Commentators were quick youth unemployment and ne- In terms of morality, Pope amounts to promotion of a itive documents on major is- Journal’s Vatican

ly
to note that Mr. Scalfari’s re- glect of the elderly, and Francis is “shifting the con- “low-intensity Catholicism sues, including controversial correspondent. This column
port was inconsistent with made it easier to lift the ex- versation away from saying, that can be easily welcomed questions of sexual and medi- will be appearing
earlier statements by Pope communications of women ‘here are the borderlines— by those far from the faith cal ethics. It also investigated from time to time.
on
U.N. Imposes Sanctions on North Korea for Fuel Smuggling
us l,

BY FARNAZ FASSIHI The entities were also in- ships will also be banned from tional community must main- U.N. steps to rekindle Pyongyang’s
al a
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cluded in the U.S. Treasury ports world-wide. tain pressure on North Korea The sanctions committee’s diplomatic ties with its neigh-
The United Nations Security Department’s sanctions an- Taiwanese businessman even as it seeks negotiations decisions are by consensus of bors. He traveled to China last
Council announced sanctions nounced on Feb. 23 aimed at Tsang Yung Yuan is subjected with its leader, Kim Jong Un. all 15 members. China and Rus- week and met with President
ci on

against North Korea on Friday curtailing revenues for North to an asset freeze and travel “The approval of this his- sia were on board because dip- Xi Jinping and is scheduled to
despite plans for summit talks. Korea’s ballistic-missile and ban for helping North Korea toric sanctions package is a lomats said the council’s unity meet South Korean President
The sanctions target one in- nuclear programs. export coal through a broker clear sign that the interna- in pressuring Mr. Kim’s regime Moon Jae-in on April 27. Mr.
dividual and 21 shipping com- The sanctions will impose operating in a third country, tional community is united in had been crucial in bringing Kim and U.S. President Donald
panies and 27 ships for helping an asset freeze on the 21 ship- according to the U.N. our efforts to keep up maxi- him to the negotiating table and Trump are planning to meet at
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North Korea evade interna- ping companies headquartered The U.S., which led the ef- mum pressure on the North averting a military catastrophe. a summit in May to discuss
tional sanctions through mari- in the Marshall Islands, Singa- fort for the U.N. sanctions, has Korean regime.” Said Nikki Ha- In the past few weeks, Mr. denuclearization of North Ko-
time smuggling of oil and coal. pore, Panama and Samoa. The maintained that the interna- ley, U.S. Ambassador to the Kim has taken unprecedented rea.
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A10 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Beijing Puts Pressure on Families of Uighur Exiles


BY JOSH CHIN
AND CLÉMENT BÜRGE U.S. Raises Concern
Muslim Uighurs who have With China on Issue
managed to flee an expanding
web of surveillance systems
and detention centers in their Radio Free Asia, a U.S.
northwestern China homeland government-funded news
are discovering they can’t service that reports on hu-
truly escape Beijing’s reach, man-rights issues in China’s
even in the U.S. Xinjiang region, said in Feb-

JASON ANDREW FOR THE WALL STREET JOURNAL; NG HAN GUAN/ASSOCIATED PRESS (BELOW)
Tahir Hamut, a prominent ruary that Xinjiang authori-
Uighur poet and filmmaker ties had gone after the rela-
who spoke to The Wall Street tives of U.S.-based reporters
Journal last year about his for its Uighur-language ser-
family’s harrowing flight from vice.
China’s Xinjiang region, said One reporter, Gulchehra
his younger brother disap- Hoja, said police took away
peared on Christmas Day, more than 20 family mem-
shortly after the Journal arti- bers starting last year, in-
cle was published. Two female cluding her mother, who was
relatives were later called in kept handcuffed in a
for interrogation by the police. crowded cell for nine days
Chinese security forces are before being released to a
using cutting-edge surveil- hospital, under police watch.
lance and social control to The U.S. government has
snuff out a sporadically vio- raised concerns with Chinese
lent separatist movement in officials about the relatives
Xinjiang. Authorities there are of the reporters, all of whom
now reaching deeper into the are either U.S. citizens or
lives of Muslim Uighurs who green-card holders, and
have fled abroad, according to about reports of a crack-
rights groups. down on Uighurs in China, a
Ramped-up efforts under State Department spokes-
President Xi Jinping to silence man said.
critics outside the reach of Uighur poet and filmmaker Tahir Hamut now lives in Virginia. In China’s Xinjiang region, below, there is a growing web of surveillance.
China’s police forces pose a
challenge for Western powers warned not to criticize the us,’ ” Mr. Imin recalled. Seven
like the U.S. that have held Chinese government. RUSSIA members of his extended fam-
themselves up as protectors of Having relatives abroad is KAZ. ily in the city of Kashgar were
Chinese citizens fleeing perse- one factor that can lead Ui- detained after he rebuffed the
cution. ghurs to be labeled as “un- MONGOLIA police, he said. His wife wasn’t
Urumqi
Pressure on families of safe,” and thus a candidate for among them, as she had taken

.
overseas dissidents is a stan- detention, by big-data plat- X I NJ I A N G Beijing the protective measure of di-

ly
dard tactic for China. forms being used by Xinjiang vorcing him after he left.
Uighurs are currently the police, according to observa- CHINA Mr. Hamut said distrust
focus of such pressures, activ- tions and documents provided runs rampant among Uighurs
ists said. Mr. Hamut, who now by Uighur exiles. on abroad. He said he was disap-
lives in Virginia and has ap- “The Chinese government pointed in the turnout for a
plied for political asylum, has wants to monitor and discour- INDIA reading of his poetry recently
MYAN.
been critical of China’s poli- age any activism among Ui- at the University of Washing-
cies in Xinjiang—which to Bei- ghurs who moved to Western ton. With several hundred Ui-
us l,

THAI.
jing makes him a separatist. countries,” said Dolkun Isa, ghurs in the Seattle area, only
He said his female relatives president of the World Uyghur THE WALL STREET JOURNAL. four showed up, he said.
al a
e
were told they were interro- Congress, a Washington-based Similar events used to draw
gated “because we hadn’t gone group advocating for the eign Affairs said: “Social sta- back to China in 2015, and like Mr. Hamut was unable to as many as 200 Uighurs, but
back to China and were in- peaceful establishment of an bility and long-term peace are some resistance, as when the bring his immediate family. turnout has dwindled since
ci on

volved in separatist activities.” independent state in Xinjiang. the common aspiration of all deportations drew protests at After he arrived in the U.S., he the crackdown in Xinjiang be-
Several other Uighurs The pressure on family mem- ethnic groups in Xinjiang and the United Nations and in Tur- said, police from Urumqi, Xin- gan, said Darren Byler, a Uni-
abroad said family members in bers in Xinjiang has recently are in the interests of every key, which has welcomed jiang’s capital, called and told versity of Washington anthro-
Xinjiang had disappeared or become more aggressive, he ethnic group.” members of the Turkic-speak- him to come home. pology researcher, who studies
been taken to new detention said. China has pressured some ing group. “They said, ‘If you want Xinjiang.
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facilities. Some reported being Xinjiang authorities didn’t countries to return Uighurs— Tahir Imin, a Uighur aca- your family to be safe and “There’s nowhere that
called by Chinese police or respond to requests to com- with some success, as when demic and journalist, left Xin- your daughter to live with her China can’t threaten you,” Mr.
contacted on social media and ment. China’s Ministry of For- Thailand sent 100 Uighurs jiang in February 2017, but un- mother, you should listen to Hamut said.
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May 22, 2018 | Four Seasons Hotel | Washington, D.C.

How innovation is revolutionizing the business of health


n-

This spring, the editors of The Wall Street Journal will convene inluential business leaders, policy makers and experts from across the health
and health-care industries to focus on the innovations transforming this critical sector. Through interactive interviews, we will cover topics
ranging from new technologies and advanced analytics to Washington policy and evolving private-sector business models.
no

SPEAKERS
Scott Gottlieb, M.D. Rear Adm. Anne Schuchat, M.D. Steven H. Collis
Commissioner, Acting Director, Chairman, President and CEO,
U.S. Food and Drug Administration Centers for Disease Control and Prevention AmerisourceBergen Corporation
Gail K. Boudreaux Mark T. Bertolini Alex Gorsky
President and CEO, Chairman and CEO, Chairman and CEO,
Anthem, Inc. Aetna Inc. Johnson & Johnson
David A. Ricks Richard J. Gilillan, M.D. Michael A. Mussallem
Chairman and CEO, CEO, Chairman and CEO,
Eli Lilly and Company Trinity Health Edwards Lifesciences
Anthony S. Fauci, M.D. Mary E. Klotman, M.D Alexis Borisy
Director, National Institute of Dean, School of Medicine Director,
Allergy and Infectious Diseases, and Vice Chancellor for Health Affairs Third Rock Ventures
The National Institutes of Health Duke University
Steven J. Corwin, M.D.
Peter B. Bach, M.D. George M. Church, Ph.D. President and CEO,
Director, Center for Health Policy and Professor of Genetics, NewYork-Presbyterian
Outcomes and Faculty Member, Department Harvard Medical School
of Epidemiology and Biostatistics
David N. Osser, M.D.
Director,
Memorial Sloan Kettering Cancer Center Associate Professor of Psychiatry,
PersonalGenomes.org
Harvard Medical School
Stephanie Domas, P.E., C.E.H. Thomas McLellan, Ph.D. Attending Psychiatrist, Domiciliary
Vice President of Research, Co-Founder and Scientiic Director Treatment Program for Homeless
MedSec (19922015), Treatment Research Institute Veterans,
Eric Topol, M.D. Deputy Director and Senior Scientist Veterans Affairs Boston Healthcare System
Founder and Director, Scripps Translational (20092011), White House Ofice of Feng Zhang, Ph.D.
Science Institute, Professor of Molecular National Drug Control Policy
Core Institute Member,
Medicine and Executive Vice President, Sarah E. Wakeman, M.D. Broad Institute of MIT and Harvard
The Scripps Research Institute
Medical Director, Substance
Daphne Zohar Use Disorders Initiative,
Co-Founder and CEO, Massachusetts General Hospital
PureTech Health plc. Assistant Professor of Medicine,
Harvard Medical School

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | A11

OBITUARIES
ROBERT HAAS P ET E R DA I L EY
1927 — 2018 1930 — 2018

Wine Importer Opened Positive Spots by Adman


Paid Off for Reagan
His Own California Vineyard
P
eter Dailey, a Los Angeles- President Richard Nixon’s 1972
based advertising mogul campaign, helping create attack
and former college football ads that depicted Sen. George
BY JAMES R. HAGERTY tory, politics and economics, and player, had his biggest assign- McGovern as weak on military
joined his father’s shop. ment in 1980: selling Ronald Rea- matters and as a weather vane

R
obert Haas spent 35 years One of his early ideas was to of- gan to the American public. whose views changed with the
as a retailer and importer of fer futures on cases of Bordeaux In crafting television ads, his wind. For Mr. Reagan, he accentu-
wine, introducing Americans wines not yet available, including aim was to show the Republican ated the positive.
to some of the finest French win- 1952 Château Lafite at $39.50 a presidential nominee as an expe- After winning the election, Mr.
eries. Then he took on a tougher case. His father was skeptical, but rienced governor with a calm, Reagan appointed Mr. Dailey as
challenge: making and marketing the futures sold briskly. He later common-sense approach, not a ambassador to Ireland.
his own wine. soured on futures. “It’s a system washed-up movie actor with Mr. Dailey worked for several
As a wine importer, the New that doesn’t work except in the hawkish right-wing views. In one ad agencies in the 1950s and
York-born Mr. Haas cultivated rela- short term,” he told The Wall ad, Mr. Reagan said: “Nancy and I 1960s. In the late 1960s, he
tionships with wine growers in- Street Journal in 1987. “It canni- have traveled this great land of founded Dailey International,
cluding the Perrin family, owners balizes itself by inducing specula- ours many times and we found which became a giant among
of the Châteauneuf-du-Pape es- tion which eventually backfires.” that Americans everywhere yearn West Coast agencies. Interpublic
tate Château de Beaucastel in After the shop’s wine buyer in for peace, just as we do.” In an- Group bought that firm in 1983.
the Rhône Valley of France. In France died in the early 1950s, Rob- other, he promised to “get Ameri- Mr. Dailey died March 10 in
1985, he teamed up with the Per- ert Haas was sent to find a new can business booming again.” Pasadena, Calif. He was 87.
rins to search for land in Califor- one. Soon after arriving in France, Mr. Dailey had worked for GOP —James R. Hagerty
nia to produce Rhône-style he put his schoolboy French to
wines. Four years later, they found work and decided he wanted the
the right climate and on hills near buying job. So began years of trav-
Paso Robles, 12 miles from the 30,000 cases a year. The wine re- eling the back roads of France. F R A N C I S B AT O R
coast and halfway between San tails for about $25 to $55 a bottle. It wasn’t as glamorous as it 1925 — 2018
Francisco and Los Angeles. sounded. Spending a day swishing

M
The summer days were hot; cool r. Haas’s decades of negoti- scores of wines at half a dozen cel-
air blew in from the ocean at
night. “This is where we plant the
flag,” Mr. Haas recalled saying.
ating with wine producers
in France and elsewhere
had persuaded him that wine was
lars and concentrating on their
marketability wasn’t the same as
sipping a favorite while gazing at
Hungarian Refugee
They established the Tablas
Creek Vineyard with vine cuttings
imported from Beaucastel and
an emotional business. “You can’t
just walk in, negotiate a price and
walk off,” he told the Wine Specta-
the sunset. He sometimes got back
to a cheap hotel room too late to
have a proper dinner.
Advised LBJ on Europe

.
made their first plantings in 1994. tor in 1988. “Buying wine is not In the 1960s, his father sold the

F
ly
In the early years, Tablas Creek like buying Tinkertoys. You have to shop, which became part of today’s rancis Bator was 14 when tary of State Dean Rusk had de-
struggled. It was far from the understand that the man just spent Sherry-Lehmann Wine & Spirits in his family fled Hungary in rided him as “the ambassador
wine-tourist hot spots of Napa and a whole year of his life making Manhattan. Robert Haas tried 1939 to escape what his fa- from Ulan Bator.”
Sonoma. It was producing blends that particular crop and he’s not
on working for a distilling company ther saw would be a grim future During his 3½ years in the ad-
of Mourvèdre, Grenache Noir, going to part with it without some but found it wasn’t a good fit. there. His father, a lawyer, moved ministration, the erudite Euro-
Syrah and other grapes rather show over it. There’s some discus- In the early 1970s, he bought a the family to London and then pean felt at ease with the earthy
than the single-grape wines that sion necessary. Even if there’s farmhouse near Chester, Vt., and New York. Young Francis was dis- Texas politician. Prof. Bator said
were more popular. nothing to talk about, there’s set up his own wine-importing patched to the Groton School in in an oral history he met with the
us l,

Mr. Haas had to learn to sell his something to talk about.” company, Vineyard Brands. Friends Massachusetts, where he mingled president “sometimes several
own story. In his 70s and 80s, he Robert Zadok Haas was born thought it was folly to move so far with the sons of the U.S. elite, be- times a week, sometimes not at
al a
e
hustled around to host tastings April 18, 1927, in Brooklyn and from the action. Mr. Haas assured fore enrolling at the Massachu- all for two, three weeks.”
and meet distributors. He and his grew up partly in Scarsdale, N.Y. them that modern technology— setts Institute of Technology. After leaving the administration
partners developed a side business His father, Sidney Haas, ran a Man- telex machines—meant he could By age 40 he was a respected in 1967, he became the founding
ci on

selling cuttings from their French- hattan butcher shop called M. Leh- work anywhere. economist and adviser to Presi- chairman of the public-policy pro-
origin vines to more than 600 mann. When Prohibition ended in He is survived by his wife of 50 dent Lyndon Johnson, dealing gram at what became Harvard Uni-
vineyards in the U.S. 1933, Sidney Haas switched to sell- years, Barbara, a sister, four chil- with international economic pol- versity’s Kennedy School.
He died March 18 at his home in ing wine and liquor. dren, six grandchildren and a icy and relations with Europe. Prof. Bator was struck by a car
Templeton, Calif., at age 90. Robert Haas served in the Navy great-grandson. State Department grandees in January while crossing a street
er rs

The vineyard, named after the near the end of World War II but tended to see these White House in Newton, Mass., and died March
Tablas Creek that flows through it, wasn’t sent overseas. He graduated  Read a collection of in-depth advisers as rivals. Mr. Bator en- 15. He was 92.
averages production of 25,000 to from Yale, where he studied his- profiles at WSJ.com/Obituaries joyed telling friends that Secre- —James R. Hagerty
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A12 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

IN DEPTH

LAND that damages public lands.


The Hages filed suit with the
U.S. Court of Federal Claims in
Washington, D.C., in 1991, alleg-
Continued from Page One ing their rights to water
As frustrations peaked, in ex- and grazing land had been
treme instances, some cowboys taken, and demanding compen-
have taken up arms against the sation.
government for what they say In court documents, the gov-
are overly restrictive policies. ernment argued in part that the
Ranchers took over a National Hages failed to seek proper per-
Wildlife Refuge in Oregon in mits, and that their cows had
2016; before that, Nevada access to water. In 1991, the
rancher Cliven Bundy mounted government canceled the Hages’
a standoff with federal officials. grazing permit.
President Donald Trump’s In- Gloria Flora, who was the
terior Secretary Ryan Zinke—a U.S. Forest Service supervisor in
Montana native who arrived at Nevada in the late 1990s, said
his first day of work in Wash- the problem for ranchers there
ington, D.C., on horseback—says has been the state’s aridness.

JAKE NICOL/THE WALL STREET JOURNAL


he empathizes with ranchers. “It’s not grazing land; that’s the
The Trump administration plans whole problem,” said Ms. Flora,
to lessen some restrictions on who left the agency in 1999 and
public lands that could restore now runs an environmental
access for ranchers. Ranch- nonprofit in eastern Washing-
ing “is a tradition worth pro- ton. “The rangelands are in dry
tecting,” Mr. Zinke said. areas where it’s almost impossi-
Even those who support Mr. ble to graze cattle and not tram-
Zinke fear the recent moves ple the grass—especially when
aren’t enough to reverse the you only have a few places that
long decline of an American tra- Nevada rancher Wayne Hage is moving from his family home after a decadeslong legal battle with the government over grazing. have water.”
dition gaining momentum as In 2002, U.S. Court of Federal
more cowboys quit. they would simply move on. Claims Judge Loren Smith de-
Since 1979, when the envi- The government decided how Wild West livered an initial ruling that the
ronmental movement kicked many cows could graze on pub- Percentage of land owned by the federal government, 2015 family did have wa-
into gear, the number of ranch- lic land, and how much they ter and grazing rights to the
ers permitted on Bureau of Land could consume—down to the land. The Hages began grazing
Management-owned lands fell number of inches on a blade of 0% 5% 20% 35% 50% 80% cows on the public range
from about 22,000 with 12 mil- grass. Still, the deals allowed again—despite not having per-
lion permitted livestock, mostly small ranchers to survive, even mits, after concluding they
cows, to 18,000 ranchers with as the cattle industry consoli- Wash. N.H. needed to prevent abandonment
about seven million livestock, dated into giant operations. Mont. Vt. Maine of their water rights.
N.D. Minn.
according to the most recent The number of cattle nation- Ore. Amid the court battles, the
government estimates, from ally, most of it on private land, Idaho S.D. Wis. N.Y. Mass. elder Mr. Hage’s first wife, Jean,
2016. The number of ranchers is about 95 million, up only Wyo. Mich. died from a stroke at age
and cows on public lands con- slightly from 60 years ago. Iowa Pa. 54. Her husband died 10 years
tinued to drop even as cattle About a 10th of the nation’s beef Nev. Neb. later in 2006 at age 69 from
Ind. Ohio

.
Utah Ill. R.I.
prices stabilized and rose. cows spend some time grazing Colo. W.Va. bone cancer, as he awaited a fi-

ly
Environmental groups op- on public lands, according to es- Kan. Mo. Va. Conn. nal ruling on the case.
Calif. Ky.
posed to this type of grazing are timates by the Public Lands N.C. N.J. The stress of the fight “cost
glad to see ranching decline on Council, a ranching trade group. Tenn. my sister her life and Wayne
Ariz. Okla. Del.
public lands. They say Western Some environmentalists say the on N.M. Ark. S.C. most definitely his life,” said
Md.
ranchers have long taken advan- number is far lower. Miss. Ala. Ga. Herb Nichols, an investment
tage of a system that gave them Competition from private D.C. banker from Reno and Mrs.
Texas
access to publicly owned land at ranching operations and years La. Hage’s brother.
Alaska
cut-rate prices. Over the years, of severe drought in the West The younger Mr. Hage took
us l,

Fla.
critics have called the practice are major pressures on small Hawaii on his parents’ ranch, and court
“welfare ranching.” public-lands ranchers. Ranchers battle. The next year, in 2007,
al a
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The Bureau of Land Manage- say they also face a threat from the government filed a trespass-
ment and U.S. Forest Service government restrictions. ing suit against him and his par-
charge a 2018 monthly grazing “It is the lack of flexibility by THE WALL STREET JOURNAL. ents’ estate in U.S. District
ci on

Source: Congressional Research Service


fee of $1.41 per head, compared the federal government that is Court in Reno.
with up to $20 on private land. 50% why the ranchers go out of wore out from all the BS from “Dad had talked about these In 2010, the Hages scored a
The fees don’t include fences, business,” said J.J. Goicoechea, these agencies,” said Mr. Young- open-range ranches where all Falling Fee major victory: Judge Smith of
stock ponds and other grazing Nevada’s state veterinarian and berg, nursing a beer in the Say the work is done on horseback,” Fee for grazing animals on the U.S. Court of Federal
infrastructure ranchers say they a fourth-generation cattle When Casino in McDermitt, Nev. said Ramona Hage Morrison, federal lands Claims in Washington awarded
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are often required to maintain. rancher from Eureka, Nev. “I Conflicts over grazing are the elder Mr. Hage’s daughter. the family $14 million after
$2.00
Environmentalists say the just hope to hell my daughters rooted in the way the West was “It was a dream for my agreeing their rights to wa-
animals trample vegetation and can continue doing this.” settled. The federal government mom and dad as a place to raise ter and grazing had been
foul streams, marring public Ron Cerri, whose 400 cows offered homesteading stakes, as their children.” 1.50 wrongly rescinded by the gov-
m e

land that belongs to all Ameri- roam over 70,000 acres of fed- well as rights to resources in- The Hages’ 2,000 cows ernment under the terms of
cans. “Livestock grazing is like a eral public lands in Nevada, cluding water. With beef prices grazed on a sage-covered valley 1.00 their lease deal.
slow death of the said he and other ranchers high after the Civil War, many framed by mountains rising The government appealed.
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land and wildlife by cancer,” spent 15 years appealing a pro- homesteaders turned to ranch- nearly a mile into the sky, Two years later, in 2012, an ap-
said Erik Molvar, executive di- posal by forest managers to re- ing. The government kept most tended by the cowboys. 0.50 peals court overturned the
rector of Western Watersheds of the land, creating a setup “Believe me there is nothing Hages’ $14 million award.
Project, an anti-grazing group where residents could live on more free feeling than when you 0 A judge in the government’s
based in Hailey, Idaho. private property but go into saddle up a great big powerful 2000 ’05 ’10 ’15 trespassing case found the
‘I just hope to hell my
co Fo

America’s Western plains and public areas for work. horse in the morning, and you Hages guilty last year, and or-
*animal unit months—a month's use and
valleys were once endless pas- daughters can Congress passed tougher en- turn him loose and you’ve got occupancy of the range by one yearling, one dered them to clear the cows off
tures for ranchers, the backdrop vironmental laws in the the entire country that you can cow and her calf, one horse or five sheep or the public land, and pay a fine
of an industry wrapped in ro-
continue doing this,’ 1970s. Presidents and Con- go on and at your goats of $580,000. That ruling is on
Sources: Congressional Research Service
mance and mythology. But says one rancher. gress set aside National Parks beck and call,” said the younger (1999-2016); Bureau of Land Management appeal.
many small ranchers never and Monuments to preserve Mr. Hage, wearing a Stetson as (2017-18) Meanwhile, the Hages ap-
owned most of the land where land for future generations. In he sat in a corral. THE WALL STREET JOURNAL. pealed the water and grazing
their cattle grazed. more recent years, administra- The government’s legal feud rights case to the U.S. Supreme
Under a setup formalized strict the amount of plants a tions have tightened access and with the Hages began years ago missing fence staple, according Court. The court declined to
over the past century, they cow could eat, such as from 50% restrictions on ranchers. when federal managers of the to court records. A rider had to hear a final procedural chal-
struck deals with the govern- to 25% of a stalk of grass. From his ranch in Nevada, Humboldt-Toiyabe National For- travel by horseback 20 miles lenge in November.
ment to pay for access to feder- After they paid up to Mr. Hage has seen decades of est said the family’s herd was round-trip to replace the staple, That triggered foreclosure
ally owned land to feed their $500,000 in legal and consulting change. He came here in 1978, straying into unauthorized areas according to the documents. proceedings on the ranch’s $2
herds. The percentage of land fees, he said, the ranchers won when his late father, Wayne on public land. In 1990, rangers threatened million loan. Mr. Hage has
n-

owned by the federal govern- an administrative appeal within Hage, moved the family from a The government also accused to impound the Hages’ cattle for moved his cows to leased pas-
ment varies among states, with the agency to redo the forage California ranch to one nestled the Hages of failing to maintain repeated encroachments into a tures in another part of the
Western states near the top. rules in a way they hope will be in a high desert valley, between hundreds of miles of livestock newly designated no-grazing state. By the end of April, he
In Nevada, the federal gov- less restrictive. “Whenever we Las Vegas and Reno. control fences in the backcoun- zone. The elder Mr. Hage argued plans to vacate the single-
no

ernment owns 79.6% of the deal with [federal agencies], we The family’s Pine try. The Hages blamed a reintro- it was too hard to police cows story ranch house—one of only
state, according to a 2015 Con- give up something,” Mr. Cerri, Creek Ranch was 7,000 private duction of elk in the area for from crossing from a permitted two in a 25-mile long valley—
gressional Research Service re- 64, said on a lunch break from acres, with nearly year-round breaking the fences. The family area because there was no fence that he shares with his wife, Yel-
port. By comparison, the federal branding calves. access to 750,000 more on na- said the government forced along a 25-mile boundary. ena, and their two young sons
government owns 1.8% of Texas. Lyman Youngberg, a Nevada tional forest and other public them to graze cattle in areas Soon after, forest officials and daughter.
The system meant ranchers rancher, threw in the towel two lands. Under a 10-year grazing with less grass. impounded about 100 of the Mr. Hage hasn’t decided
could run herds over huge years ago. Mr. Youngberg, 79, contract, the elder Mr. Hage and In the summer of 1983, forest Hages’ cattle and sold them where his family will go, but
tracts of public land and said he decided to sell his then wife, Jean, paid be- officials sent 40 certified no- after they repeatedly entered says his battle with the govern-
didn’t have to pay to buy and a ranch he bought in 1993 tween $29,099 and $49,792 in tices of violations and made 70 a restricted area. Under graz- ment is over. “We don’t have
ship as much feed. When one rather than pass it down to his fees annually to the federal visits to the ranch to hand de- ing regulations, federal offi- the means to fight them any-
field was partially consumed, adult children. “I was getting agencies. liver more—including one for a cials can impound livestock more,” he said.

KOSHER no-no—with grain-free ascorbic


acid. Seth Leavitt, the owner,
said he projects consumers will
buy four million of his Hillside,
have eaten any of it at the Se-
der table.
His mother, Surie Herzog,
isn’t a fan. Last month, when
Sandy Druckman is planning
to serve mainly kosher-for-
Passover wieners and cold cuts
to eight friends she invited to
Continued from Page One N.J., company’s special holiday the company introduced a Pass- her Hollywood, Fla., condo for
der feast with signature dishes franks this year, more than over-friendly type of rice made Passover dinner Friday night.
of varying shades of brown that double last year’s sales. from cauliflower, “she wouldn’t “I’m a modern lady,” said the
hew to the culinary restrictions. The demand for variety has let it into the house,” he said. 83-year-old, who wrapped up
In the U.S., many hosts spend made Passover more challeng- Mrs. Herzog is still proud of her shopping in just one after-
weeks preparing brisket, matzo ing for kosher caterers such as her son. “He’s made a holiday noon at Costco earlier this
ball soup and gefilte fish with Naomi Nachman. This year, she much more pleasurable for week. “I remember my mother
horseradish—all kosher, mean- whipped up dinners for 22 fam- many, many people,” she said. shopping for a month and try-
ing the contents were made in ilies including pizza with a cau- When it comes to her own Se- ing to get everything together.
RON DRUCKMAN

accordance with Jewish law liflower crust and hummus der, though, she prefers to stick It was a chore.” She does plan
and the holiday’s specific rules. made from quinoa instead of to convention. “I’m a staunch to serve matzo, though, since it
In recent years, though, Se- chickpeas. traditionalist.” is key to the story of Passover.
der chefs have started an exo- “They’re meals Elijah would Strict Passover observers The Israelites made the unleav-
dus from tradition. Thanks to Sandy Druckman’s Passover spread includes kosher-for-Passover be impressed with, and he’s a can’t imagine going to a Seder ened bread in haste as they
supermarkets’ growing array of wieners and cold cuts. ‘I’m a modern lady,’ she says. guy who’s seen everything,” without the staples, or one prepared to flee their captivity.
Passover-friendly offerings, Mrs. Nachman, an Australian marred by the newfangled These days, even that tradi-
cooks are filling the dinner ta- days with just matzo, brisket holiday. “So why can’t we liber- native now living in Woodmere, dishes. Josh Elberg is particu- tional staple is subject to ex-
ble with nontraditional foods and four cups of wine,” said ate ourselves from eating all N.Y., said of the biblical prophet larly leery of hot dogs, which perimentation on some tables.
such as lasagna “noodles,” Rabbi Mordechai Shain of this heavy, beige food?” whom Jews symbolically invite have caught on in some house- Amy Kritzer, a food blogger in
gnocchi and salad croutons, all Lubavitch on the Palisades syn- There are some 55,000 ko- to their Seder tables. holds because they are easy to San Francisco, likes to layer
modified with holiday-friendly agogue in Tenafly, N.J. sher-for-Passover items on Kosher food company Kayco make and popular with chil- matzo with kosher caramel and
ingredients such as potato Others hope a more diverse store shelves in the U.S. this spent more than five years de- dren. chocolate, rainbow sprinkles
starch and matzo meal. selection of food will win over year, up from 39,000 five years veloping its line of Passover If there are any franks at the and edible glitter—a dessert
Some observers think it Jews such as Ashley Emala, ago, according to Lubicom, a macaroni, lasagna and other two Seders his family plans to known as matzo crack for its
takes a lot of chutzpah to incor- who is skipping Passover din- Brooklyn, N.Y., marketing firm. “pastas.” Early versions “tasted attend this year, he hopes his addictive taste.
porate everyday eats into the ner this year in part because Food manufacturer Abeles & like cardboard,” said co-owner three sons can resist noshing “I’m someone who’s dressed
regular Seder dinner. she can’t fathom eating another Heymann LLC sells kosher-for- Charles Herzog, whose great on them. “I love a good hot up as a bottle of Manischewitz
“If our ancestors could sur- “soggy ball of matzo.” Passover wieners, which re- grandparents started the Bay- dog,” said Mr. Elberg, who is 35 for Halloween,” Ms. Kritzer
vive 40 years in the desert with “It’s about our liberation place the corn-based additive onne, N.J., family business in and lives in Southfield, Mich. said, referring to the popular
just water and manna, of from Egypt,” the 38-year-old sodium erythorbate found in 1948. Mr. Herzog concedes his “But it’s not like we’re going to kosher wine. “Shaking things
course we can survive eight from Montclair, N.J., said of the regular kosher dogs—a holiday ancestors probably wouldn’t a ballgame.” up is my shtick.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | A13

OPINION
THE WEEKEND INTERVIEW with Harvey Mansfield | By Tunku Varadarajan

Manhood in the Age of Trump


A
Cambridge, Mass. the best.” America could, he Trump for his sexual harass-
wise and nuanced play- suggests, have equality like ment, or at least his lamenta-
fulness is Harvey Mans- the ancient Spartans, “requir- ble sexual reputation. It’s
field’s forte. He’s just ing everyone to be coura- against the aggressive male,
turned 86 and has been geous. But that’s too difficult the presumptuous male, the
teaching at Harvard since for us and doesn’t answer our male who hasn’t had his ‘con-
he was 30, making him one of the needs.” sciousness raised’ sufficiently.
longest-running shows in this We are in Mr. Mansfield’s That’s Trump, and the #MeToo
clever little town. A professor of home, a garrison colonial hid- campaign sees him as the em-
government, he’s among the fore- den behind a high fence, and bodiment of everything male
most experts on Tocqueville and at this point in the conversa- they don’t like, and want to
Machiavelli. But since 2006, when tion a bustling German lady oppose.”
he published a book called “Manli- enters from the garden, her Yet Mr. Mansfield sees a
ness,” the public attention toward face flushed from the cold. “contradiction” in Mr. Trump’s
him has focused on his uninhibited She is Anna Schmidt, Mr. manliness: “It’s his ‘art of the
and mischievous put-down of West- Mansfield’s third wife. (His deal.’ A person who makes a
ern feminists. “I think I’ve got the first marriage ended in di- deal all the time is unmanly,
best critique that exists of femi- vorce, and his second wife, just as economics is inherently
nism, what its nature is, and what with whom he collaborated on unmanly because it always
it wants,” he says of that book, a masterful translation of wants a trade-off.” A manly

KEN FALLIN
chuckling immodestly. Tocqueville’s “Democracy in person “stands for things, and
Mr. Mansfield’s study of manli- America,” died of cancer in when you stand for something,
ness is acutely topical today, what 2006.) She gives the impres- that means you’re not willing
with the #MeToo movement and sion of being twice as tall as to make a deal against it.” He
the cries of “toxic masculinity” on the modestly built professor, and at Mr. Trump saw the electoral op- “Make America Manly Again,” Mr. views Mr. Trump’s recently an-
college campuses, coupled with a 43, she’s half his age. With a cer- portunity. “Trump’s not a clever Mansfield says. “That would have nounced tariffs as a way “to get
startling masculine eruption in the tain amount of hamming it up man,” Mr. Mansfield says, by which been too much. But I believe that’s him to a deal.”
White House. One wonders if there about her duties in the kitchen, she he means that the president has lit- what he meant.” He doesn’t expect Mr. Trump to
is a connection between the near- disappears to cook dinner. tle propensity for abstraction or in- The thrill of competition is an change over the course of his presi-
banishment of manhood from Mr. Mansfield, who betrays a tellectual complication. “But he’s intrinsic part of Mr. Mansfield’s dency—to acquire more polish or
America’s social sphere and its sud- visible pride in Mrs. Mansfield, re- shrewd. He saw that there was a idea of manliness, which suggests refinement. “He’s had a chance to
den prominence in the political one. turns to the subject of Mr. Trump’s way to be appealing, and to knock that, in his worldview, political do that,” Mr. Mansfield says. “He’s
Although, it must be said, there are supporters. “They rather like and off the competition of his rivals in campaigning is an inherently mas- an unapt pupil, a rebellious pupil.
strong men in powerful positions appreciate his vulgarity and his the Republican Party, by a display culine pursuit. “American elec- But his alliance with the Republi-
elsewhere, too, including Russia’s baseness, his impulsiveness,” he of manliness and an attack on po- tions,” he agrees, “have tradition- cans seems to be based on the real-
Vladimir Putin, China’s Xi Jinping, says. “It doesn’t bother them that litical correctness.” Mr. Trump is ally been, in great part, tests of ization that—and here I give him
Turkey’s Recep Tayyip Erdogan and he’s rich and wears flashy, bright “really the first American politician manliness.” Was the last election a some credit—to make America

.
India’s Narendra Modi. ties.” They think “that this is how to use that, to see that there was a test of Hillary Clinton’s manliness great again he has to be a success

ly
they would be if they were rich. political opening there.” as well? “Yes it was,” Mr. Mans- as president.”

M
Trump is an image of their notion Laughing lightly, Mr. Mansfield field responds, “and she showed it
The author of ‘Manliness’ of what money can buy.” recalls Mr. Trump’s masculine belit- a certain amount. Maybe it’s diffi- r. Mansfield is, however,
suggests the president’s In 2016, Mr. Mansfield continues,
on tling of “Little Marco,” “Low Energy cult for a woman to do that in a critical of Mr. Trump’s deal-
Mr. Trump won “a majority of Jeb” and “Lyin’ Ted.” “That was graceful way, and to maintain her ings with Kim Jong Un. “It’s
vulgar appeal may be the white women—and women are at- very effective with a lot of voters,” femininity.” a personal contest between him and
beginning of the end of the tracted to manly men, I think.” He he says, “particularly the less edu- Mr. Mansfield isn’t sure whether this tin-pot dictator,” he says. “The
agrees that there’s a connection be- cated. You could look at 2016 as a Mrs. Clinton lost in 2016 “because crisis needs some delicacy to obtain
us l,

push for gender-neutrality. tween the campaign for gender- revolt of the lower-IQ half of Amer- of electoral difficulties in being a what needs to be a siege, and a
neutrality in the U.S.—seeking, as ica against the upper half, which is woman, or just because of the kind blockade. That requires allies and
al a
e
he sees it, to erase all differences dominated by the universities.” Now of woman she was. It would be nec- aggressive, pushy diplomacy.” Mr.
“Let’s look at the Washington, between the sexes—and the “hun- in Washington there has been “a re- essary to untangle those different Trump “doesn’t have the patience,
D.C., kind of manliness,” Mr. Mans- ger” that made Mr. Trump’s politi- placement of the people who reflect possibilities.” He adds that Marga- and he has that in common with the
ci on

field says. “Trump’s manliness is of cal rise possible. the values of American universities, ret Thatcher, who won three terms American people. This is in Tocque-
a raw character, the kind you find, In Mr. Mansfield’s view, Mr. where manliness is taboo.” as Britain’s prime minister, “is one ville, so it must be right—that de-

T
also, in Erdogan and Putin, who Trump’s success wasn’t a racial re- of my models of manliness.” mocracy is ‘impatient.’ ”
are rough and gross and discourte- action to President Obama as he Trump election, Mr. Mans- If Mr. Trump’s manliness is vul- Still, Mr. Trump’s manliness is
ous.” In the Mansfield scheme, much as a backlash in favor of field muses, is one sign that gar, which presidents’ were refined? playing out differently in the rest of
er rs

there’s a hierarchy of manliness, masculinity. Mr. Obama “had the the steady march of gender- He’s quick to cite the Bushes—“al- the world from its reception in
ranging from animalistic strength scolding demeanor of a school- neutrality is slowing and may even most courtly, but friendly; people America—and North Korea. “He
on the bottom rung, then rising marm—very much, I think, follow- be halted. “We haven’t had a real who couldn’t be pushed around and doesn’t seem to have the fans
gradually to gentlemanliness, and ing the temper of today’s femi- political debate about manliness,” he who had a controlled anger.” One of abroad that he does here,” Mr.
m e

then to “the highest form, philo- nists. It’s all a matter of correcting says, “and maybe Trump is the first the chief attributes of a good politi- Mansfield says. “But in order for
sophic manliness: the willingness the behavior of misbehaving juve- stage of it.” Mr. Trump presents is- cian, Mr. Mansfield says, is know- him to be successful outside Amer-
to take on dominant opinions and niles, and of condescension.” Here, sues “in a manly way, which is to ing “how to be angry in an effec- ica, he doesn’t have to have fans. He
m rp

subvert them by questioning and he checks himself, allowing that say, ‘Take it or leave it.’ Like the tual and impressive way, without just has to have people impressed
argument.” this observation “is a little unfair wall—the wall is an intransigent ob- losing it.” and a little perturbed.”
The “raw type of manliness,” Mr. to Obama, because some of his ject that justifies and encourages an Mr. Mansfield doesn’t see it as an Mr. Trump has the world’s at-
Mansfield says, “coincides with a speeches were pretty good, and he intransigent mode of speech.” accident that Mr. Trump’s presi- tention, for sure, and “it’s possible
political situation of polarization.” did have a vision of America and Similarly with “Make America dency coincides with an impres- that he could use it for some posi-
co Fo

A polarized democracy is “an invi- the way America ought to be.” But Great Again,” Mr. Trump’s political sively indignant national movement tive purpose.” Europe, Mr. Mans-
tation to the vulgar. I think what’s it was not an America that shibboleth. “It invokes the manly, against sexual harassment. #MeToo, field says, “was just falling asleep
interesting about Trump is not so “throws its weight around. That’s and allies it with patriotism,” Mr. he believes, “is really directed at by stages. Now, Trump is worrying
much Trump himself as the people precisely what he wanted to avoid. Mansfield says. “And the ‘again’ is Trump, and people like him, accus- them. . . . That’s good, isn’t it?”
who voted for him.” They are a re- So, in his foreign policy, and in his a strong critique of recent presi- ing them of being ‘deplorable.’ ” (He
minder that democracy “wants domestic role as condescender-in- dents, because it states that ‘we uses that “Hillary word,” as he calls Mr. Varadarajan is a fellow at
equality, but the equality it gets chief, he showed his hostility to had it once and we lost it, thanks to it, deliberately.) The movement Stanford University’s Hoover
tends to be at a lower level than manliness.” you.’ ” Mr. Trump could have said “represents a particular critique of Institution.

Politicians Want to Start a Bank. What Could Go Wrong?


Some Democrats in century ago as part of a populist A 2014 study by the Safra Ethics most corrupt. The Soprano State has Favor Bank for politicos hoping to
n-

Trenton think they’ve farmers revolt. It has survived as an Center at Harvard ranked state cor- provided America with some of its lure subsidized jobs from the more
found an answer to apparently functional part of the eco- ruption by surveying political report- gaudiest and most colorful political vibrant cities of New York and Phila-
New Jersey’s prob- nomic landscape in one of the nation’s ers covering capital politics. North double-dealers, with mayors in Atlan- delphia. Once the initial buzz of ide-
lems: a new govern- most conservative states. Another oft- Dakota was in a small group of states tic City, Camden, Irvington, Jersey alism passed, it would become a
no

ment-owned bank. cited example is Germany’s Landes- where illegal corruption was per- City, Newark, Orange and Trenton all tempting honey pot for the corrupt
Gov. Phil Murphy, banken, a group of state-owned re- ceived as “not at all common.” When having been convicted over the past politicians for which New Jersey is
CROSS
COUNTRY formerly of Goldman gional banks known for midlevel it came to “legal” corruption—i.e., generation. famous.
Sachs, campaigned commercial lending and for oversee- the kind that isn’t against the law but A State Bank of New Jersey would In that sense, a State Bank of New
By Walter
last year on the idea ing local savings banks (Sparkassen) is still aromatic—the study found it be unlikely to content itself with the Jersey really would be sure to create
Olson
of creating a bank run by municipalities. was only “slightly common” in North predictable and repetitive lending jobs—for prosecutors.
owned by the state As private banks see it, state- Dakota. that goes on in an agriculture-and-
and its municipalities. “A public bank owned banks succeed, if they do, be- On both metrics New Jersey was extraction economy like North Da- Mr. Olson is a senior fellow at the
will allow New Jersey to invest in cause of unfair advantages. They’re among the seven states perceived as kota’s. It would inevitably turn into a Cato Institute.
New Jersey,” Mr. Murphy said. He exempt from taxes, which may or
added that it would “provide capital may not be partly offset by an expec-
to communities that, for too long,
have been ignored by the financial
system, whether they be women-
tation that they return money to
state or municipal treasuries. Public
banks can also raise money at the
The Benedictines Hit a 3-Pointer
owned businesses, businesses owned lower interest rates charged to gov- By Angela Rocco DeCarlo family. That’s how I came to climb and down the court, making impossi-

I
by people of color, or small busi- ernment borrowers, since they’re aboard the Chicago Cubs’ historic ble shots for three points, while Kan-
nesses with big ideas.” seen as unlikely to default (and likely had no plans to watch the NCAA 2016 World Series win. Without my san tried valiantly to keep up. What I
to be bailed out if they do). basketball tournament until my sons’ encouragement, I’d probably also noticed was how clean the game
But you don’t hear as much favor- son Danny called last weekend to wallow eternally alone in the wilder- appeared. No one was beating up on
New Jersey looks to follow able buzz about the German Landes- alert me. Porter Moser, the coach at ness of opera. anyone. When somebody was acci-
banken as you used to, given their re- Loyola-Chicago, is a “Benet boy”—a Although I know less about basket- dentally knocked down, hands were
North Dakota’s example, cent performance. The Economist graduate of Benet Academy, the sub- ball than baseball, after Danny’s call there to lift him up.
but without the same reported in 2015 that “this hybrid urban Catholic prep school all three I followed Loyola’s now-famous 98- By emerging victorious, 78-62,
public-private model, which relied on of my sons attended. So of course year-old chaplain, Sister Jean Dolores the Ramblers became only the fourth
low-corruption culture. public largesse in days past, has fared Danny was very excited about Loy- Schmidt, to cheer on the Ramblers. No. 11 seed to advance to the men’s
disastrously since the financial cri- ola’s chances for a big March Mad- Sister Jean told reporters she filled Final Four, joining Louisiana State
sis.” The promise that politically con- ness win, even though its team was out a Cinderella bracket in which her (1986), George Mason (2006), and
At the beginning of this year’s leg- trolled banks would choose invest- seeded 11th. team makes the championship game. Virginia Commonwealth (2011). No
islative session, two Democratic state ments on a sound business basis has Benet is the mill that turns out a I am sans bracket. Even my husband, No. 11 seed has ever played in a na-
senators introduced the State Bank of proved false. “State politicians sit on prodigious number of National Merit Dan, who happens to be a Loyola-Chi- tional championship.
New Jersey Act to turn Mr. Murphy’s the supervisory boards, enjoying Scholarship honorees each year, cago alum, is bereft of paperwork to It is always better to win, but no
campaign proposals into reality. The playing the role of banker, supporting from a class of about 300. Those prove his support, pleased as he is matter the outcome Saturday against
new bank would be run by an ap- favored projects and soft loans to Benedictines, with 1,500 years of ex- with the Ramblers’ success. Michigan, the Ramblers’ exhilarating
pointed board, plus the state trea- companies that employ lots of vot- perience, know about teaching. And Speaking of which, what is a “ram- dance of sportsmanship in pursuit of
surer. It would be instructed to make ers,” the magazine noted. sportsmanship. bler” anyway? And paired with a wolf the prize is memorable and heart-
its services available to all public en- Alert readers might have noticed Coach Moser’s first words after as the team’s mascot? Turns out the warming by itself. “He wears his
tities, and it could enter into real-es- what Germany and North Dakota Loyola-Chicago won 78-62 last week- term “rambler” was once consigned emotions on his sleeve,” Tom Hayes,
tate projects using the power of emi- have in common: relatively clean, end over Kansas State—a victory that to hobos. (Can one even utter the a former Benet basketball teammate,
nent domain. The bank would also be honest political cultures. Germany put them in the Final Four—were to term “hobo” today?) The wolf harks says of Coach Moser. “He exudes
empowered to extend student loans regularly ranks among the 10 or 20 thank God and then the players. back to the family coat of arms for St. nothing but positive attitude, and his
and small-business loans. least corrupt countries in the world Competitive sports clearly build Ignatius of Loyola. A 16th-century players follow.”
For years progressive groups have (and ahead of the U.S.). Among Amer- character and loyalty—a beautiful en- Spanish priest and theologian, St. Ig- No wonder my son Danny is so
advocated government-run banks, ar- ican states, the measures vary. North terprise. Being a female of the Juras- natius founded the Society of Jesus, thrilled. And so am I.
guing that they would serve local us- Dakota has had more corruption con- sic Era, I never had the chance to ex- the religious order known as the Je-
ers better than private banks do. A victions than one might expect, but it perience this personally, but I’m suits, which has been deeply involved Ms. DeCarlo formerly covered cul-
model often cited is the Bank of North still scores well on most outcome- delighted girls and women today in education all over the world. ture, travel and entertainment for the
Dakota, the only state-owned bank in based measures. New Jersey, on the have the opportunity. In any event, I loved watching Chicago Tribune, Las Vegas Review
the U.S., which was founded nearly a other hand, fares quite poorly. I must get my sports fizz from these Ramblers last week chase up Journal and Disney magazine.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Trump Choice for Veterans Democracy Challenged From Right and Left

I
t wouldn’t be a normal week in Washington So what’s going on? “Privatization” is in part As I read William A. Galston’s “Pop- operating in what they consider to be
without a Trump Administration personnel a straw man to obscure Mr. Shulkin’s own be- ulism’s Challenge to Democracy” (op- the grave evil of contraception—a mi-
ed, March 17), I experienced a deep nority view if there ever was one. It is
melodrama. But this week’s removal of Vet- havior, including ethical lapses on misusing VA
sense of relief that there is a sane, Antifa and Black Lives Matter that la-
erans Affairs Secretary David funds on travel. More substan- thoughtful person left on this planet. bel conservative positions as evil and
Shulkin is important on the Shulkin favored the tively, Senator Jerry Moran at The world into which I was born, a illegitimate, forcibly and sometimes vi-
policy merits, and let’s hope status quo of limited a hearing earlier this year world that admired kindness, courtesy, olently shutting down attempts at civi-
his successor is more amena- called out Mr. Shulkin for tolerance and respect for life in all its lized discussion of controversial topics.
ble to allowing retired service health-care options. “double talk,” by which he os- forms seems to have disappeared. I am It is Occupy Wall Street that falsely
members to make their own tensibly meant claiming to an educated white woman, born in San claimed to represent “the people”
health-care choices. support, while really oppos- Francisco, who voted for President against the elite 1%.
On Thursday Mr. Shulkin took to the New ing, a proposal that would provide more health- Trump not because my husband or any Before Mr. Trump tapped into the
York Times to warn of “political appointees care choices for veterans. of my five sons told me to, but out of populists on the right, President
choosing to promote their agendas instead of The best bill before Congress is Mr. Moran’s fear that the Clintons would be back in Obama harnessed leftist populism to
the White House. navigate around those frustrating insti-
what’s best for veterans” by supporting “privat- with Senator John McCain. After rampant VA
ARLENE RUBENS BALIN tutions of constitutional government.
ization leading to the dismantling of the depart- scandals, Congress in 2014 created a choice Sonoma, Calif. FRANK J. RUSSO III
ment’s extensive health care system.” This self- program that allows certain vets to receive Midlothian, Va.
justification exercise will not be remembered care outside the VA. But the system is based Mr. Galston has captured the more
as the most graceful exit. in part on where a vet lives and wait-list times, nuanced idea that while there is cer- For me, the threats to liberal democ-
Mr. Shulkin has been on the way out for sev- not the severity of the ailment or needs of the tainly a bad form of populism, there is racy in America are suppression of free
eral weeks, and his euphemisms are about his patient. The Moran bill would correct this dys- also a very good and important, even speech on college campuses, an IRS
months of infighting with White House and function with new standards and streamline enlightened, form of populism that is used to mute conservative thought, a
other Administration officials. The unsubtle in- many programs that allow vets to receive pri- being flagrantly ignored in this coun- Justice Department and FBI that have
nuendo in the press is that Mr. Shulkin was run vate care. The bill also opens up access to tele- try. This couldn’t be a more important political bias, expansion of the welfare
point as we slide into ever-darker po- state instead of job creation, an eco-
out by the nefarious Charles and David Koch medicine and walk-in clinics, among other use-
litical ineptitude in America. nomically stagnant middle class, po-
through a policy group called Concerned Veter- ful changes. VAN M. BOTTS rous borders, a highly biased press, the
ans for America. President Trump has chosen Ronny Jackson Seattle expanded power of bureaucrats and
Yet no one except Mr. Shulkin is talking as a VA replacement, and the rear admiral is identity politics. Let’s see, all that hap-
about “privatization.” Concerned Veterans for best known as the White House doctor. The rush Does Mr. Galston recognize that his pened under the liberal elite Obama
America in a white paper has sketched out a is to declare him unqualified, and we wonder descriptions of populism apply equally administration. Should we really be fix-
plan to restructure the VA and allow it to focus if Mr. Trump has put his nominee in a tough to the left? It is leftist populists who ated on the dangers of populism?
more on the expertise its doctors have devel- spot. Rear Admiral Jackson probably felt he give no quarter to nuns who don’t wish GUY RANDOLPH
oped in, say, post-traumatic stress and pros- couldn’t say no to his Commander in Chief, but to be forced to violate their faith by co- Savannah, Ga.
thetics. The plan includes a premium-support he hasn’t been immersed in the emotive and
payment so vets could buy discounted private complex politics of veterans.
coverage from a menu, much like federal em- He will now face a long and tough confirma-
ployees do. A current vet who preferred to be tion process in the Senate, and Mr. Trump had The Uses and Misuses of the ‘Gatekeeper’ SAT
treated for diabetes elsewhere would be free to better not start bashing Rear Admiral Jackson Standardized test scores can pro- dardized test scores as gatekeepers

.
make that choice. if he stumbles as the President has other cabi- vide some useful information; how- to professions such as medicine and

ly
At bottom this is a debate over political con- net officials. ever, they are just one point in what law is to the 20% of the population
trol and cost because allowing choice outside But checking the right boxes on a résumé should be a much fuller, more com- who are dyslexic. Without accommo-
the system is expensive. We know that denying didn’t help Mr. Shulkin, who by press reports prehensive and accurate picture of dations such as extra time on stan-
that escape valve often traps veterans in subpar couldn’t run his own communications depart-
on the applicant (“The Gatekeeper dardized tests, dyslexics typically
facilities with unresponsive bureaucracies. But ment. That sounds less stressful than Rear Ad- Tests,” Review, March 10). The dan- will do poorly—not because they do
politicians have never wanted to take on the miral Jackson’s stint in Iraq with a surgical ger is in lionizing these scores and not know the correct answers, but
veterans interest groups that are attached to shock trauma platoon. One piece of advice: being blind to their limitations and rather because they are unable to
the great harm that can come to in- finish the test. Dyslexia is a para-
us l,

the status quo. Don’t become a target with first-class travel,


dividuals and institutions by fetishiz- dox. No matter their high level of
Mr. Shulkin indicts private industry though stock trades or free Wimbledon tickets. ing these scores without appreciating intelligence, dyslexics are slow read-
VA’s single-payer system has been responsible The White House managed the Shulkin affair
al a
e
their serious shortcomings. ers yet at the same time fast, cre-
for some of the most macabre health-care scan- with its usual backbiting and disorganization. The problem is that the relation- ative thinkers.
dals in history. Manipulated wait times that re- But if the goal is to transform the VA to deliver ship between performance on stan- Sadly, colleges and professional
ci on

sulted in death; an opioid doctor known as “the better and more efficient health care for veter- dardized tests such as the SAT and schools which, rather than focus on
candy man”; recall the many horror stories in ans, then perhaps the real Trump mistake was ACT and later school and career out- the whole candidate rely primarily
2014 from Tomah, Wis., to Phoenix. choosing Mr. Shulkin in the first place. comes, is at the level of a large on standardized test scores, will miss
group, in contrast to what can be out on having extraordinary gradu-

White Privilege for White Coats


expected for any one individual. ates who are both dyslexic and bril-
er rs

This is very misleading since what liant and who score poorly on stan-
we are interested in is how to pre- dardized tests.

A
dict outcome for a particular, spe- SALLY E. SHAYWITZ, M.D.
mericans think they have a progressive telling the Australian Broadcasting Corporation cific individual. BENNETT A. SHAYWITZ, M.D.
political correctness problem, but the that, unlike the code of conduct, the accompa-
m e

Perhaps the most unfair and per- Yale University


politicization of everything runs nying glossary shouldn’t be viewed as policy. nicious misuse of relying on stan- New Haven, Conn.
across the Western democra- But the code also requires
m rp

cies. Witness the new code of Australia’s nurses and health-care providers to ac-
conduct issued by the Nurs-
ing and Midwifery Board of
midwives get a new tively “respect diverse cul-
tures, beliefs, gender identi-
Getting the Science Right for EPA Regulators
Australia, which oversees PC code of conduct. ties, sexualities and Regarding Steve Milloy’s “The EPA readers can’t evaluate its conclusions
more than 389,000 health- experiences of women.” And it Cleans Up Its Science” (op-ed, March or whether it was published in a peer-
co Fo

27): Mr. Milloy, who, like EPA Adminis- reviewed journal. I couldn’t find a ref-
care providers. states that caregivers must
trator Scott Pruitt, is an attorney, re- erence for the study on Mr. Milloy’s
The new code, published this month, re- “acknowledge the social, economic, cultural, ports that data obtained from death re- JunkScience.com website.
quires nurses and midwives to uphold “cultur- historical and behavioral factors influencing cords found that there was no BRIAN COMBS
ally safe and respectful practices.” The board health, both [sic] at the individual, community relationship between small-particulate Fort Collins, Colo.
defines this as a “de-colonising model of prac- and population levels.” pollution and mortality. It is highly un-
tice” focused on “systemic and structural is- The British Medical Association recently ad- likely that such a database could show Long ago I served on an advisory
sues” and “challeng[ing] racism at personal and vised its members to “include intersex men and this, given the minimal amount of in- committee for a Fresno County super-
institutional levels.” transmen who may get pregnant by saying formation contained on a death certifi- visor and member of the Fresno
Most controversially, the glossary states that ‘pregnant people’ instead of ‘expectant moth- cate. Not the least of the shortcomings County agency responsible for air pol-
“the acknowledgment of white privilege” is part ers.’” And earlier this month, Planned Parent- of such a study would be that they re- lution control, now part of the San
of culturally safe practice. The implication is hood of Indiana and Kentucky declared on Twit- flect mortality and not general health Joaquin Valley Air Pollution Control
effects, such as asthma. Another is the District. The California Air Resources
that nurses must confess their sins of being ter that “some men have a uterus,” repeating
lack of information about the quality of Board was proposing regulations that
n-

born white and having learned how to care for the phrase 11 times. The tweet got more than the air the deceased breathed through- would prohibit farming on days when
patients as a kind of political expiation before 77,000 likes. out their lives. The author doesn’t pro- wind exceeded a threshold speed. Such
they can treat someone. Here’s a radical thought: How about ditching vide a reference for this study, so we winds occur frequently during spring
Not surprisingly, the code and instructions all the gender-race-class mumbo-jumbo and planting season in California’s San
no

created a stir. And amid the controversy the treating every patient as a human being worthy Joaquin Valley. A series of no farming
Nursing and Midwifery Board has back-pedaled, of respect? Off the Mark on Polymath days during planting season would
quickly morph into a no-farming year.
Ibn Khaldun’s Writings
Attack of the Killer Cappuccino
The committee presented scientific in-
In Eric Ormsby’s review of Robert formation including the universal soil-
Irwin’s new book “Ibn Khaldun: An loss equation and asked about the sci-

C
Intellectual Biography” (Books, ence underpinning the regulations. We
alifornians will soon get something be- The evidence is so scant that even the March 17), he quotes Mr. Irwin’s cri- also asked a favorite question, “How
sides milk and cinnamon with their cof- World Health Organization’s International tique of my earlier work of Ibn do you know that?” A result was the
fee—a mandated warning that their Agency for Research on Cancer admitted in Khaldun (“The Orange Trees of Mar- postponement of rule-making and de-
morning pick-me-up may kill 2016 that there was “no con- rakesh: Ibn Khaldun and the Science cades of research. Today we have rules
them. A Los Angeles Superior Californians can look clusive evidence for a carci- of Man” Harvard 2015) in which Mr. with some science behind them.
Court ruled Thursday against forward to cancer nogenic effect of drinking Irwin writes that I argue that Ibn NAT B. DELLAVALLE, CPAG/SS
Starbucks and other cafes and coffee.” Its review of more Khaldun was a philosopher and that Fresno, Calif.
gas stations, penalizing them warnings on coffee. than 1,000 studies turned up it was a mistake to argue he was in-
because they couldn’t defini- evidence that coffee may re- fluenced by Aristotelian ideas. Mr.
Irwin misrepresents my book.
CORRECTION
tively prove that coffee duce the risk of some types of
Ibn Khaldun was not a philoso-
doesn’t cause cancer. In addition to slapping a cancer. This is the same alarmist outfit that
pher and did not write like one. He President Trump is considering
cancer warning on each cup of joe, the compa- thinks everything from red meat to working never claimed to be a philosopher, the imposition of tariffs on $60 bil-
nies may have to pay millions in civil penalties the night shift causes cancer. but he sought to transform the his- lion in Chinese imports. This was
and lawsuit settlements. But however feeble the evidence, Prop. 65 torical discipline into a “philosophi- misstated in the March 28 Politics &
At issue is a chemical called acrylamide, encourages trial lawyers and their front groups cal science,” a science like mathe- Ideas column.
which is created when coffee beans are roasted. to sue on behalf of the state by offering them matics or music or rhetoric. Ibn
It’s also common in other foods, including a cut of the civil penalties. Last year Prop. 65 Khaldun only criticized Aristotle’s
bread, cookies, cereals, potato chips and French cases yielded $25.6 million in settlements, and metaphysics, not the entirety of his Pepper ...
fries. But under California’s 1986 Safe Drinking more than three-fourths of that sum went to the enormous corpus. I wrote nearly an
entire chapter on Ibn Khaldun’s Is-
And Salt
Water and Toxic Enforcement Act, better known lawyers. Trial lawyer Raphael Metzger brought
as Proposition 65, acrylamide is listed as a likely the case against Starbucks and 90 other cafes lamic faith and practice. Mr. Irwin’s THE WALL STREET JOURNAL
book fundamentally misrepresents
human carcinogen. and gas stations, working on behalf of some-
Ibn Khaldun’s thought because he
California’s cancer list relies heavily on thing called the Council for Education and Re- seems to misinterpret the philo-
junk science, and with acrylamide the evi- search on Toxics. The same “nonprofit” and at- sophical vocabulary that Ibn Khal-
dence is questionable at best. Some govern- torney also sued McDonald’s and Burger King dun uses to frame his argument
ment agencies want more research into its car- over acrylamide in 2002. about the dynastic cycles of tribes
cinogenic potential, and the American Cancer The Starbucks shakedown was easy in part in his North African homeland.
Society does, too. because under Prop. 65 the co-defendants bore EM. PROF. STEPHEN FREDERIC DALE
But the group also notes that even those ten- the burden of proof. The 7-Eleven chain decided The Ohio State University
tative concerns derive mainly from studies that to settle, paying $900,000. For the remaining Columbus, Ohio
examined its effects on lab animals, not people. defendants, Mr. Metzger is now seeking civil
The doses of acrylamide given to rats and mice penalties as high as $2,500 per person for each Letters intended for publication should
“have been as much as 1,000 to 10,000 times “exposure" since 2002. That adds up in a state be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
higher than the levels people might be exposed with roughly 40 million residents. or emailed to wsj.ltrs@wsj.com. Please
to in foods,” the American Cancer Society says. The case is further proof that Prop. 65 is a include your city and state. All letters
The group adds that for humans “there are cur- lot like a cup of coffee: Even if it doesn’t kill you, are subject to editing, and unpublished
rently no cancer types for which there is a it can keep you up at night. Or maybe it’s fur- letters can be neither acknowledged nor
returned.
clearly increased risk related to acrylamide.” ther proof that California progressives are nuts. “That one is just for fun.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | A15

OPINION

The Wisdom of Oscar Hammerstein


they’d said. But he discovered from the it’s fine that we have all kinds of
spoke of sentiment words of my songs thinkers in the world. . . . I admit
“in contradistinction that I had faith— that the majority of writers in this
to sophistication”: faith in mankind, country are on the liberal side.”
DECLARATIONS “The sophisticate is a faith that there was But he added, of Rand: “We need
By Peggy Noonan man who thinks he something more pow- her to hold us back, and I think she

E
can swim better than erful than mankind needs us to pull her forward.”
aster, Passover, spring he can and some- behind it all, and Italics mine. Because liberals and
break, holiday weekend. times drowns himself. faith that in the long conservatives do need each other, and
Let us unfurrow the brow He thinks he can run good triumphs the right course can sometimes be
and look at something ele- drive better than he over evil. If that’s re- found in the tug between them.
vated. It’s a small thing, a really can and some- ligion, I’m religious, Wallace: “The public does rarely
half-hour television interview from times causes great and it is my defini- get anything but a liberal viewpoint
60 years ago, but it struck me this smash-ups. So, in my tion of religion.” from Hollywood or from television,
week as a kind of master class in book there’s nothing Then to politics. from Broadway,” and the charge can
how to be a public figure and how to wrong with sentiment Wallace: “You are be “safely made that there is a cer-
talk about what matters. In our po- because the things an active liberal.” tain intolerance of conservative
larized moment it functions as both we’re sentimental Hammerstein: “Yes, ideas among liberals.”
template and example. about are the funda- I guess I am.” Hammerstein, again undefensive:
©CORBIS/GETTY IMAGES

In March 1958, the fierce young mental things in life, What connection “I think so too.”
journalist Mike Wallace—already fa- the birth of a child, does this have with What’s to be done about it? Noth-
mous for opening an interview with the death of a child your work? ing, said Hammerstein: “Just be
the restaurateur Toots Shor by ask- or of anybody, falling “I think it must yourself, that’s all.” If the public likes
ing, “Toots, why do people call you in love. I couldn’t be have a connection, be- Miss Rand, “there will be a Miss
a slob?”—decided to bore in on Os- anything but senti- cause it expresses my Rand trend.” Let the problem work
car Hammerstein II. (For the record, mental about these Oscar Hammerstein II (1895-1960). feelings, my tenden- its way out in a free country.
basic things.” cies,” Hammerstein Hammerstein said he tries some-
What, Wallace asked, was Hammer- and professional achievement, carries said. “As I’ve said before, a writer times to vote Republican “just for
A 60-year-old example stein’s message in “South Pacific”? a warning: “After you’re successful, gives himself away if he’s writing the sake of switching—just for the
Hammerstein said neither he nor whether you be a doctor or a lawyer honestly.” sake of telling myself I’m not a party
of moral modesty and Rodgers had ever gone looking for or a librettist, there is a conspiracy Wallace: “Would you agree that man,” which he doesn’t want to be.
candor—qualities we vehicles by which to deliver mes- that goes on in which you join—a most of our writers and directors on “But somehow or other I always
sages. They were attracted to great conspiracy of the world to render you Broadway and television in Holly- wind up voting Democratic.” Balanc-
could use more of today. stories and wanted to tell them on less effective by bestowing honors on wood are liberal and that there is a ing the budget bores him. “I have an
stage. But “when a writer writes you and taking you away from the job liberal complexion to their work?” idea that the more liberal Demo-
anything about anything at all, he of curing people, or of pleading cases, “I think I would, yes,” Hammer- cratic tendency—to borrow and owe
Shor responded that Wallace had gives himself away.” He inevitably or writing libretti and . . . putting you stein replied, honestly and with no money is healthier for us.” Most big
him confused with Jackie Gleason.) exposes his beliefs and hopes. The on committees.” He added he was “a defensiveness. corporations borrow, and they make
Hammerstein was the fabled lyri- love stories in “South Pacific” were fine one to talk”: he couldn’t stop Wallace’s office had just spoken to progress with the money. When the
cist and librettist who with com- shaped by questions of race. The joining committees. “a militant dissenter” from liberal- U.S. borrows money, Hammerstein
poser Richard Rodgers put jewels main characters learned that “all Is he religious? Here Hammer- ism, Ayn Rand, author of the re- said, he felt “the people in the lower
in the crown of American musical this prejudice that we have is some- stein told a story. A year ago he was cently published novel “Atlas income bracket get the most out of

.
theater—“Oklahoma,” “South Pa- thing that fades away in the face of rushing to work and jaywalked. A Shrugged.” She said: “The public is it. But I’m no economist—this is

ly
cific,” “The King and I,” and “Car- something that’s really important.” policeman called out; Hammerstein being brainwashed by the so-called merely a guess.”
ousel,” whose latest Broadway re- That thing is love. braced for a dressing down. But the liberal or leftist philosophies, which We’re all guessing, and working
vival is about to open. He was a Does this reflect his views on in- officer recognized him and poured have a stranglehold on the dissemi- on instinct and experience.
hero of American culture and a fa- terracial marriage? on out his appreciation for his work. nation of ideas in America.” How did Moral modesty and candor are
mous success in a nation that wor- Hammerstein, simply: “Yes.” Hammerstein thanked him and Hammerstein respond? good to see.
shiped success. “The King and I,” he said, is about moved to leave, but the policeman He didn’t like her adding the word In our public figures, especially
Wallace was respectful but direct cultural differences. The Welsh gov- had a question. “He said, ‘Are you re- leftist, “because you can be a liberal our political ones, they are hard to
and probing. He asked Hammerstein erness and the Siamese children ligious?’ And I said, ‘Well, I don’t be- without being a leftist, and many find. I offer Hammerstein’s old
us l,

if critics who’d called his work senti- know nothing of each other at the long to any church,’ and then he pat- and most liberals are.” Beyond that words as an example—a prompter—
mental didn’t have a point. start: “There again, all race and color ted me on the back and he said, ‘Ah, her criticism was an example of of what they sound like.
al a
e
Hammerstein said his critics had faded in their getting to know you’re religious all right.’ And I went what’s working. “I think it’s fine that A radiant Easter, a beautiful Pass-
were talented, loved the theater, and love each other.” On the other on feeling as if I’d been caught, and there is a Miss Rand who comes out over to my radiant and beautiful
and there was something to what hand, “Allegro,” about disillusionment feeling that I was religious. He had stoutly for the conservative. I think readers.
ci on

The Best Way to Learn Gun Safety Is With Real Guns


er rs

By Daniel Lee manhood we haven’t prepared them Even so, the kids, age 8 to 12, had by a decent sized bullet. The kids That America’s gun culture has be-

R
for, start shooting at gang rivals or a hard time restraining their excite- oohed and laughed with delight. come fixated on military-style weap-
ecently I found a fascinating their schoolmates. Last week an- ment. I found the best way to keep When my own kids attended a Y ons may be another symptom.
remnant of America’s long re- other young man shot two students them in order was to withhold camp in the 2000s, they shot soda The final Life magazine photos
m e

lationship with guns: a 1956 at a high school in Maryland. shooting privileges and to offer a big cans with air-rifles. Whisp. Spat. It from that 1956 gun-safety class show
Life magazine photo essay about a Boys who murder are statistically prize at the end of the class. If they isn’t quite the same. Sure, they the officer taking the kids and the ri-
conservation officer teaching fire- rare, but male aggression is a behaved themselves, I promised to learned precision, fine-muscle and fle outside to shoot a water-filled
m rp

arm safety at an Indiana elementary broader problem. Society used to un- shoot my .357 magnum revolver for breath control, even safety, but metal can. It detonates spectacu-
school. The officer shows the kids derstand the need to channel and them. missing was the invaluable lesson larly; one picture catches it in mid-
his service revolver, a shotgun and a discipline it. That meant athletics, of grasping and managing raw explosion as the gape-mouthed kids
high-powered rifle. He lets 7-year- serious academics, military service, power. watch in the background. Another
olds handle the guns, draw their bolt even monastic life. In almost every Wielding force is nothing In no way is riflery class a com- picture shows them handling the
co Fo

actions, feel their heft compared historical culture, boys of a certain plete solution to America’s problem blasted shards with astonishment.
with the plastic toys they have at age were separated out for stern and compared with the power of boys turning deadly. The shooter Boys love this kind of destruction,
home. The kids’ awe and excitement strenuous lessons in controlling of controlling, disciplining in Parkland, Fla., was apparently in which may seem off-putting. Still, it
sets their faces alight. their violent impulses. a National Rifle Association shooting can imprint on them the terrible
It’s familiar scene for me, since I The YMCA riflery lessons I taught and managing it. club at one point, though it was an danger of these weapons.
used to teach riflery at a YMCA sum- might have been a tiny remnant of air-rifle class. Kids, especially boys, shouldn’t be
mer camp in the 1970s. An interest- that tradition. We used single-shot, But the point really isn’t about kept strictly away from firearms. In-
ing thing about these photos, though: bolt-action .22 rifles. The first day This was a loud, powerful gun. the guns. We’ve tried to suppress stead guns can be used to teach
There isn’t a girl in sight. Apparently was all about safety, meaning the You could physically feel the dis- the male hunger for power as path- them that merely wielding force is
only boys took part. first round wasn’t usually fired until charge from a few feet away. Hands ological, instead of recognizing its nothing compared with the power of
Today, gender segregation is all day two. The class was much less over their ears, eyes shining, the ubiquity and teaching boys how to controlling, disciplining and manag-
but dead. In many ways that’s good, about marksmanship than establish- kids loved it—especially when I blew manage it. So it recurs in more- ing it. That’s a valuable lesson for
but it can complicate the job of ing firm habits of safe gun han- up some water-filled milk jugs. This toxic forms. Some portion of the boys as they turn into men—even if
teaching lessons that are unique to dling—bolt open, safety on, finger is an old trick; water doesn’t com- #MeToo movement was sparked by they never touch another gun.
n-

boys—like don’t use your size, off the trigger, always pointed press, so it blasts the container abusive men who were never taught
strength and outside voice to get downrange. apart very satisfactorily when struck how to manage their sexual urges. Mr. Lee is an Indianapolis writer.
your way.
One result has been a polarization
no

of manhood. The gentle, sharing


guys congregate to one side, while
the never-ask-directions fellows
Your Pickup Truck Takes You for a Ride
stomp off, swearing, to the other Important things lucrative pickup-truck companies The chicken tax explains why in- for the tantalizing promise of a
side. The center is starting to look as are often the least attached to semi-embarrassing se- teresting, diverse, drivable pickups Hyundai pickup anytime soon.
empty as Dodge City on the day of a discussed precisely dan businesses that barely break that sell by the millions in the rest The sophisticated media’s tone is
gunfight. because so many in- even. And now we know Donald of the world are unavailable in the already shifting on Trumpian trade
We need our sons to repopulate dividuals have a Trump’s trade policy intends to U.S. market, like the Toyota Hilux, policy. Two weeks ago, Mr. Trump
that manhood middle. Teaching stake in not calling keep it that way. VW Amarok and the Mercedes X was leading the world into a cataclys-
them firearms skills might help do attention to them. Over the years, Detroit’s bizarre class. mic trade war. Now, especially on the
BUSINESS
that. It isn’t only about danger and When LBJ sought business model has been steadily ce- It explains why, even though left, he’s a paper tiger on trade.
WORLD
power, which boys instinctively love, to retaliate against mented into place with numerous trucks are the most profitable and The Trump trade agenda is a
By Holman W.
but also control, which they must be European import acts of congressional and regulatory largest-selling vehicle category, “shadow play. . . . The concessions
Jenkins, Jr.
taught. That doesn’t mean they all restrictions on U.S. opportunism. The chicken tax is a Americans have only six brands to wrung out of the participating coun-
react the same way, or that no girls frozen chicken, a kludge that helped the Big Three choose from—and 30-plus brands of tries turn out to be negligible at
overlap into this category. But like it United Auto Workers chief caught survive their weird obligation to pa- sedan. best,” complains a New Republic
or not, guns are catnip for most his ear with complaints about a tronize a UAW labor monopoly while writer.
boys. Volkswagen pickup truck (based on foreign-born auto makers are free to This at least gets the nature of
We laugh about them shooting the VW microbus) then arriving on tap a competitive U.S. labor market. Trump’s ‘chicken tax’ Donald Trump’s trade policy right.
each other with sticks, until years U.S. shores. Voilà. Fifty-five years The chicken tax helped Detroit en- extension makes suckers He, like most politicians, is not re-
later a tiny number of them, foun- later, the 25% “chicken tax” is why dure fuel-economy rules that re- ally so focused on expanding or free-
dering painfully in an onrushing the Big Three have morphed into quired it to build money-losing small out of U.S. truck buyers. ing up trade. He likes dispensing
cars in high-cost domestic factories. goodies from the favor factory. The
Today, the chicken tax goes a long pockets of U.S. consumers are picked
way toward explaining U.S. pickup- It explains why the VW Tanoak, a for the benefit of specific U.S. com-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY truck culture—why millions of prototype pickup that wowed visi- panies and industries.
Rupert Murdoch Robert Thomson American males clog up suburbia tors at the New York Auto Show this Trade economists love retelling
Executive Chairman, News Corp Chief Executive Officer, News Corp
with overbuilt, inefficient, single- week, won’t be coming to the U.S., the chicken-tax story, but the tax’s
Gerard Baker William Lewis
Editor in Chief Chief Executive Officer and Publisher
person transportation vehicles dis- ever. quirky historical antecedents actu-
Matthew J. Murray Karen Miller Pensiero DOW JONES MANAGEMENT:
guised as “work” vehicles. It explains why the trans-Pacific ally couldn’t matter less today. A lot
Executive Editor Managing Editor Mark Musgrave, Chief People Officer; Detroit has even coined the term trade deal, opposed by both presi- more relevant are the Japanese ar-
Jason Anders, Chief News Editor; Thorold Barker,
Edward Roussel, Chief Innovation Officer; “never-never trucks” for the mil- dential candidates in 2016, perhaps rival in the U.S. car market, the vola-
Anna Sedgley, Chief Operating Officer
Europe; Elena Cherney, Coverage Planning; lions of pickups that will never never stood a chance. From the get- tility of oil prices that began in the
Andrew Dowell, Asia; Neal Lipschutz, Standards; OPERATING EXECUTIVES: haul a trailer or be taken off-road go, negotiators stirred up a hornet’s 1970s, and the U.S. political class’s
Meg Marco, Digital Content Strategy; Ramin Beheshti, Product & Technology;
Alex Martin, Writing; Mike Miller, Features & or carry anything much heavier nest by trying to lure Japan and growing reliance on the auto sector
Kenneth Breen, Commercial;
Weekend; Shazna Nessa, Visuals; Rajiv Pant, Jason P. Conti, General Counsel; than the owner’s fishing gear. Thailand (a global capital of light- to serve as regulatory whipping boy
Technology; Ann Podd, News Production; Frank Filippo, Print Products & Services; These trucks are sturdy enough for truck production) into the deal by for everything from climate change
Matthew Rose, Enterprise; Michael Siconolfi, Steve Grycuk, Customer Service;
Investigations; Nikki Waller, Live Journalism; the work they seldom do, but are promising to phase out the U.S. to the Iraq war.
Kristin Heitmann, Chief Commercial Officer;
Stephen Wisnefski, Professional News; Nancy McNeill, Advertising & Corporate Sales; also the most ungainly, ill-handling chicken tax on pickups. No recent Congress or administra-
Carla Zanoni, Audience & Analytics Christina Van Tassell, Chief Financial Officer; vehicles on the road for the pur- It explains the modified, limited tion (including Texan George W.
Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International poses to which they are actually trade warfare of the Trump adminis- Bush’s) has been able to pass up the
Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: put. And for the privilege, their tration. This week the White House opportunity to score points by load-
WALL STREET JOURNAL MANAGEMENT: Almar Latour, Publisher
buyers pay markups in excess of announced its latest triumph, an ing the auto industry with new bur-
Suzi Watford, Marketing and Circulation; Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; $10,000 a truck, keeping the manu- agreement with South Korea to ex- dens. The chicken tax—and the exces-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head facturers swimming in profits even tend the tax until 2041. sive domestic pickup profits it fosters
EDITORIAL AND CORPORATE HEADQUARTERS: while the Big Three dole out se- This “victory” will cost Americans —has been and apparently will
1211 Avenue of the Americas, New York, N.Y., 10036 dans to the public practically at thousands of dollars each on future remain the industry’s payback for
Telephone 1-800-DOWJONES
cost. pickup-truck purchases. And so much putting up with such treatment.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

SPORTS
NCAA TOURNAMENT

The Road to Final Four Gets Longer


The ever-increasing
travel demands for
players are a quandary
for the NCAA, schools
Donte Ingram and his Loyola
teammates step off the bus with
BY RACHEL BACHMAN AND
the NCAA South Regional
ANDREW BEATON
Championship trophy.

WICHITA STATE had plenty of


incentives to leave the Missouri
Valley Conference, its home
since 1945. Its move to the
American Athletic Conference
before this season promised bet-
ter competition and more expo-
sure—along with hopes for the
type of big-time bucks the MVC
couldn’t offer.
Its men’s basketball team got an

TYLER LARIVIERE/CHICAGO SUN-TIMES/ASSOCIATED PRESS


extra burden along with the move:
five more travel days. The Shockers
spent 39 days at away games or in
transit in 2017-18, not including a
three-day trip to San Diego for a
first-round NCAA tournament game.
That’s a lot of time off campus
for players that that college-sports
leaders—facing probing questions
about academics and amateur-
ism—insist are students first, and
then athletes.
“I think of it as over a month

.
gone,” says Darron Boatright,

ly
Wichita State’s athletic director.
“And that’s significant, and some-
thing we should consider and look leaders have rejected calls to share ber schools’ athletic departments. son’s additional travel days
at and monitor.” Basketball-Season Creep on more of that revenue with the play- But the same shift has favored weren’t due to the conference
Wichita State’s season is a win- The average number of games a men's ers who draw the eyeballs to the strategic peers over geographic move. Some of Wichita State’s in-
dow into the reality faced by the 351 college basketball team plays has risen NCAA tournament. NCAA rules limit ones, setting up more games with creased travel time this year was
Division I basketball programs, in- steadily. player compensation mainly to tu- far-flung opponents. from the nine days it spent flying
cluding the ones in the NCAA tour- ition, room, board and minor ex- “Playing college basketball is a to and playing in the Maui Invita-
us l,

nament’s Final Four. The event be- Top five conferences with increase penses. The boilerplate response is full-time job,” says Orin Starn, a cul- tional, including a day off for play-
gins Saturday in San Antonio with of games simple: Amateurism is a foundation tural anthropology professor at ers. Boatright noted that WSU
al a
e
No. 11 seed Loyola against No. 3 Percentage increase in games for college athletics, and these ath- Duke who has suggested that his turned down the chance to play
seed Michigan before No. 1s Vil- since 1997-98 season letes receive valuable educations. school drop down to Division III, a another game in Maui.
lanova and Kansas tip off for a spot Yet those same leaders have ap- far more modest endeavor that of- The Journal’s analysis counted
ci on

(Average games played this season)


in the final. This event is the climax proved of the expanded seasons and fers no athletic scholarships. “The any time spent traveling as a travel
in a busy calendar that has only Mid-American 20.5% (33.3) longer trips that make it more diffi- fact that games always take priority day. Several itineraries, for instance,
grown more jam-packed for the Mid-Eastern
cult for athletes to be students and over class says a lot about the prior- showed teams returning to campus
players—and lucrative for the NCAA. 19.4% (33.0) bring in more money every year. ities of our universities right now.” from road trips in early-morning
Athletic
Broadcast-rights fees for tourna- NCAA rules limit athletic-re- Teams in the Big 12 Conference, hours. The University of Houston
er rs

West Coast 18.4% (33.6)


ment games earn the NCAA most of lated activities to no more than home to Final Four team Kansas, team got back from a November
its $1 billion in annual revenue. Big South 18.1% (32.9) four hours per day and 20 hours play an average of one more game tournament in Lynchburg, Va., at
Travel itineraries for eight top-25 per week. That does not include a season than they did a decade 2:45 a.m. on a Monday morning—
teams, reviewed by The Wall Street Southern 17.5% (32.9) travel time. ago and 4.6 more games than 20 and that was a charter flight.
m e

Journal after public records re- Records show the extent of years ago, according to data from In an NCAA survey of Division I
quests, tell the story of students The power five conferences those travels. The eight schools re- Stats LLC. West Coast Conference athletes in 2015, men’s basketball
who spend extended periods of time viewed by the Journal traveled an teams play 5.2 more games, an 18% players said they spent an average
m rp

out of the classroom and on air- Big 12 15.1% (34.9) average of more than 42 days this increase from the late 1990s. of 1.7 days a week away from cam-
planes or in hotels. They spend more season. For the schools in this Marcus Garrett, a freshman pus and missed 2.2 classes. Among
than a month away from campus Pac 12 9.2% (33.4) weekend’s Final Four, the travel guard for Kansas, said his college college students generally, research
over the course of the season, often time only escalates—a welcome basketball career brought “way has shown a strong correlation be-
SEC 9.0% (34.1)
returning in the wee hours of the trip, no doubt, but with the poten- more travel than what I expected.” tween class attendance and grades.
co Fo

morning. And that’s in addition to Big 10 6.1% (33.9) tial to add another week to the He said he’s learned to coordinate Emmert says the NCAA is striv-
the extensive time spent practicing, schools’ respective tallies. with professors and get work done ing to address rising demands on
training, receiving medical treat- ACC 4.7% (34.3) Those figures are only growing. ahead of missed class time. players’ time. He noted that
ment and playing games at home. The number of games per season And more than ever, teams are among other initiatives, the na-
“It’s a huge problem,” NCAA Source: Stats LLC has steadily increased in recent traveling farther. West Virginia’s tion’s five most prominent confer-
president Mark Emmert said in a THE WALL STREET JOURNAL. years. Travel time has spiked even move from the Big East to the Big ences voted to give men’s basket-
news conference at the Final Four. more in the last decade amid a 12 nearly tripled its average dis- ball players three days off during
Emmert said he worries about TV games, the tournament,” Emmert flurry of conference expansion and tance from conference opponents. winter break, a rule that takes ef-
networks’ growing appetite for said. “How can you make it all fit movement. More prominent con- Wichita State’s new conference fect next season.
live-sports content and the ripple and still not be utterly disruptive ferences generally command foes are about 76% farther from its Around the same time, NCAA
effects on athletes. of that experience? It’s hard.” higher TV-rights fees, which in campus than its previous ones. members voted to start the season
“We worry about it with these Emmert and other college-sports turn funnel money back to mem- Boatright said most of this sea- three days earlier.
n-

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. THE COUNT
d t
Edmonton 20s <0
no

V
Vancouver Calgar
algary
Calgary
20s 10s
0s
BASEBALL’S NOT-SO DRAMATIC RACES
10s ip
Winnipeg
Seattle 20s
30s
Portland
P
Por tl d
l
Helena Montreal 30s The start of a new baseball season repre- This is not normal. From 2014 through 2017,
Ottawa
50s Billings
Bismarckk
A g t
Augusta 40s sents hope and optimism, the ever-present William Hill’s preseason win totals projected the
g
Eugene 20s 40s possibility that this will be the year that ends average gap between first and second place in
p s / . Paul
Mpls./St. T
Toronto A bany
b
Albany t
Boston 50s
i
Boise rtford
Hartford 60s with a champagne celebration and a parade the divisions at about 4 1/2 . As recently as 2016,
oux Falls
Pierre Sioux k
Milwaukee Detroit
t l
Buffalo through the streets. that number was 2.8 games, with four divisions
30s Cl l d
Cleve
Cleveland New Yorkk
ew Y 70s
Reno Chicago
C h
60s Ch
Cheyenne
Dess Moines 50s Ph
hil d lphi
Philadelphia
At least, that’s what it’s supposed to mean. separated by two games or fewer.
h
Omaha Pittsburgh
Pittsb gh 80s
Sacramento Salt La
Lake
L City
C
Denver 40s Kansas
di p
Indianapolis But as the 2018 campaign gets under way “This is the highest the favorites have been
Ch
Charleston hington
gton D.C.
Washington DC 90s
an Francisco
San Topeka City p d
Springfield this weekend, the number-crunchers in Las to start the season that I can remember,” said
70s h d
Richmond 100+
LLas
Vega
Vegas
C d
Colorado
Springs hit
Wichita
St.. Lou
LLouis LLouisville
Lou ill Vegas see things a little differently. In their Nick Bogdanovich, William Hill’s U.S. director of
Raleigh
Los A
Ange l
Angeles ta F
Santa Fe
Nashville
h ill minds, it might as well already be time to fast trading, who has worked in the sports gambling
60s Charlotte
C h l tt
Memphis
ph
C b
Columbia
forward to October. industry for more than 30 years.
Ph
h
Phoenix Alb q q
Albuquerque Oklahoma City Warm Rain
San Diego
90s Little Rock Atlanta
A The lines set by bookmaker William Hill proj- These lines reflect a new reality across
T cson
Tucson i h
Birmingham
El P
Paso
Ft. Worth Dallas
D ll Jack
Jackson
Cold
ects the six major-league divisions to be deter- baseball: It has become a sport of haves and
70s T-storms
30s bil
Mobile Jacksonville
k mined by an average of nine games, predicting a have-nots, with very little in between. Increas-
80s Austin
A ti
20s t
Houston Stationary Snow clear favorite in almost all of them. In the AL ingly, front offices have recognized that it’s bet-
New
ew Orleans Orlando
l d
30s an Antonio
San Tampa
p West, the Astros have a 13-game advantage ter to be terrible than to be stuck in the middle,
20s Anchorage 80s
A h g Honolulu 80s Showers Flurries over the Angels, while the Indians have a 12- resulting in a spate of rebuilding teams with lit-
40s 90s Miami game edge over the Twins in the AL Central. The tle chance to compete anytime soon. This phe-
70s
Ice Nationals have a 10.5-game cushion over the nomenon has in turn created of group of “su-
Mets in the NL East, the Dodgers are expected per-teams,” like the Astros and Dodgers, who
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W to beat the Diamondbacks by 9.5 games in the on paper are far more talented than the rest.
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; NL West, and the Cubs have a 6.5-game edge Of course, these are just projections. Any-
Omaha 44 24 pc 42 25 pc Frankfurt 55 39 pc 50 35 sh
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 78 64 t 83 64 t Geneva 53 37 sh 49 36 sh over the Cardinals in the NL Central. thing can happen. But it’s worth noting that
Today Tomorrow Philadelphia 58 42 s 57 38 pc Havana 86 65 pc 84 63 s
City Hi Lo W Hi Lo W Only the AL East appears close, with the last season, William Hill accurately picked all
Phoenix 92 67 pc 91 64 s Hong Kong 80 70 s 80 70 pc
Anchorage 37 21 s 41 23 s Pittsburgh 55 32 pc 44 27 pc Istanbul 62 52 c 68 49 pc Yankees and Red Sox separated by three games. six division winners. —Jared Diamond
Atlanta 69 47 s 76 55 s Portland, Maine 50 38 s 51 28 pc Jakarta 91 77 t 89 75 c
Austin 82 59 s 83 64 pc Portland, Ore. 64 41 pc 54 40 r Jerusalem 66 49 s 73 51 pc
Baltimore 59 43 s 58 35 pc Sacramento 81 51 pc 79 49 s Johannesburg 77 59 t 74 58 pc
Boise
Boston
60 40 pc 63 42 pc
54 40 s 54 33 pc
St. Louis
Salt Lake City
58
71
30 sh
47 c
38 27 c
70 51 s
London
Madrid
48
56
39 sh
39 pc
48 40 c
63 45 pc
Justin
Widening Gap
Burlington 51 37 s 42 26 pc San Francisco 70 52 pc 67 52 pc Manila 89 76 pc 89 75 pc The average gap between the first-place
Charlotte 68 46 s 76 56 pc Santa Fe 70 38 pc 73 39 pc Melbourne 76 54 s 79 57 pc Verlander and second-place teams in baseball’s
Chicago 51 21 sh 39 24 pc Seattle 60 41 pc 52 37 r Mexico City 78 52 pc 79 52 s
Cleveland 53 29 sh 40 27 c Sioux Falls 31 17 pc 40 27 pc Milan 56 42 pc 66 40 pc divisions, according to William Hill’s
Dallas 81 62 s 78 54 pc Wash., D.C. 60 48 s 61 40 pc Moscow 38 33 c 40 37 sn preseason projected win totals.
Denver 56 27 c 63 36 pc Mumbai 90 73 pc 91 75 pc
Detroit
Honolulu
50 27 r
82 69 sh 82 72 pc
42 24 pc
International Paris
Rio de Janeiro
52
88
41 sh
75 s
52 42 sh
91 77 pc
YEAR WINS

Houston 81 61 s 81 64 pc Today Tomorrow Riyadh 86 67 pc 85 67 pc


2018 9.2
TONY GUTIERREZ/ASSOCIATED PRESS

Indianapolis 54 29 c 43 26 pc City Hi Lo W Hi Lo W Rome 61 47 t 62 44 pc 2017 6.3


Kansas City 57 26 c 37 22 sn Amsterdam 52 38 c 46 33 sh San Juan 82 73 pc 84 73 pc
Las Vegas 86 63 pc 85 63 pc Athens 68 57 pc 72 51 s Seoul 66 49 s 63 50 sh 2016 2.8
Little Rock 75 52 pc 56 41 t Baghdad 80 57 s 81 58 s Shanghai 74 58 pc 79 59 pc 2015 4.3
Los Angeles 76 57 pc 72 56 pc Bangkok 91 78 pc 89 79 t Singapore 90 77 t 89 77 pc
Miami 81 71 c 82 70 t Beijing 75 50 pc 80 55 s Sydney 75 68 c 85 70 pc 2014 4.6
Milwaukee 49 20 sh 38 25 pc Berlin 44 34 r 40 30 sn Taipei City 82 65 s 85 65 s
Minneapolis 30 13 c 36 23 pc Brussels 54 39 pc 48 36 sh Tokyo 61 53 s 67 56 s Source: William Hill; WSJ
Nashville 70 48 pc 58 43 r Buenos Aires 84 63 pc 76 58 c Toronto 48 26 sh 37 23 pc
New Orleans 75 55 s 78 59 pc Dubai 93 75 s 89 75 s Vancouver 52 39 c 50 35 pc
New York City 55 43 s 56 35 pc Dublin 45 36 pc 43 37 c Warsaw 55 45 sh 49 34 c
Oklahoma City 72 37 c 43 36 t Edinburgh 40 29 c 44 29 c Zurich 46 36 sh 47 33 sh
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

WEEKEND INVESTOR B4 | MARKETS DIGEST B5 | HEARD ON THE STREET B10

AEROSPACE NORTHROP FIXES B3 BANKS OUT OF THE GAME B8

©2018 Dow Jones & Company. All Rights Reserved. * * * * * * * * THE WALL STREET JOURNAL. Saturday/Sunday, March 31 - April 1, 2018 | B1
DJIA Closed (24103.11) NASDAQ Closed (7063.44) STOXX 600 Closed (370.87) 10-YR. TREAS. Closed (yield 2.741%) OIL Closed ($64.94) GOLD Closed ($1,322.80) EURO $1.2324 YEN 106.24

Tesla: Autopilot Was On in Fatal Crash


NTSB is examining was hit by two other vehicles questions about the system’s driver alertness. lation of driverless technolo- that the technology is designed
and caught fire. The driver of abilities. The National Highway The most recent Tesla crash gies, and prompted Toyota to assist the driver who must
incident amid safety the Model X was killed. Traffic Safety Administration occurred five days after an Motor Corp. and Nvidia Corp. to remain in control at all times.
questions about new Tesla said its vehicle logs concluded Tesla’s technology Uber Technologies Inc. self- temporarily halt their own test- But drivers have been know to
show the driver’s hands weren’t didn’t contain a safety defect driving test car struck and ing of self-driving vehicles out grow overly confident in the
driving technologies detected on the wheel for six while the NTSB decided that killed a pedestrian walking her of caution. system’s abilities.
seconds before the collision, the company shared blame in The incidents threaten to The company has said it
BY TIM HIGGINS and he took no action despite the crash by failing to include damage the public’s perception places a priority on safety and
having five seconds and about enough safeguards. In that of automation in vehicles as car contends Autopilot enhances it.
Tesla Inc. late Friday ac- 500 feet of unobstructed view crash, a Tesla Model S struck a
The driver’s hands makers and technology giants In its statement on Friday, Tesla
knowledged its semiautono- of a concrete highway divider. tractor trailer crossing a road weren’t detected on the are spending billions of dollars said there is one fatality for ev-
mous Autopilot system was en- On Tuesday, the National and the company said the sys- in their pursuit to have robots ery 320 million miles in vehi-
gaged by the driver in the Transportation Safety Board tem didn’t see the white trailer
wheel for six seconds controlling the wheel. cles equipped with Autopilot
seconds before a fatal crash, dispatched investigators to the against the bright sky. before the crash At the same time, many auto hardware in the U.S., compared
raising more questions about scene, the second Tesla crash to The NTSB noted that Autopi- makers, including Tesla, are in- with one automotive fatality ev-
the safety of self-driving tech- attract the agency’s attention lot allowed a driver to ignore corporating semiautonomous ery 86 million miles across all
nology on public roads. this year. The NTSB, better the company’s warnings and go systems in their vehicles that vehicles in the country.
Federal investigators this known for its investigations long periods without his hands bicycle late at night in Tempe, allow drivers to take their The heightened scrutiny of
week began examining the into airplane crashes, has been on the wheel. Officials also Ariz. Uber suspended testing of hands off the wheel for periods Tesla’s technology comes as the
March 23 crash of a Model X increasingly scrutinizing the found Autopilot could be used its vehicles, and federal trans- of time. company struggles to ramp up
sport-utility vehicle that was emergence of automated-driv- on roads for which it wasn’t de- portation agencies are investi- Tesla has said Autopilot, production of its latest mass-
traveling south on Highway 101, ing technologies. signed, and that a hands-on- gating what happened. which can handle certain driv- market sedan and as investors
near Mountain View, Calif., be- A 2016 fatal crash involving the-wheel detection system was The Uber crash stirred law- ing tasks, isn’t a self-driving lose patience with the auto
fore it struck a barrier, then Tesla’s Autopilot, first raised a poor substitute for measuring makers to call for further regu- system and outlines to owners maker.

.
ly
on Thain to Join
Deutsche Board
us l,

BY JENNY STRASBURG the reports directly, but a day


later told employees in a
al a
e
John Thain, former chief memo the bank made public
executive of the New York that he is “absolutely commit-
Stock Exchange and crisis-era ted” to serving the lender and
ci on

leader of Merrill Lynch & Co., carrying out its turnaround


is expected to join Deutsche strategy.
Bank AG’s supervisory board Other nominees to the su-
in May, according to a person pervisory board are Michele
familiar with the board’s Trogni, former executive at
er rs

plans. data and analytics firm IHS


Mr. Thain, a former long- Markit Ltd. and UBS Group
time Goldman Sachs Group AG, and Mayree Clark, a for-
Inc. executive and more re- mer longtime Morgan Stanley
m e

cently CEO of midsize lender wealth-management execu-


CIT Group Inc., is one of four tive, according to the person
nominees who have been in- familiar with the board’s
m rp

vited by the German lender’s plans.


supervisory board to fill seats The fourth nominee is al-
coming open this year, the ready known: Deutsche Bank
person said. previously announced that
The 20-member board Norbert Winkeljohann, a Euro-
co Fo
BLOOMBERG NEWS

plans to submit the nominees pean executive of Pricewater-


to shareholders for election at
the bank’s annual meeting

3
May 24.
Mr. Thain, 62 years old,
Telecom-equipment rivals have been hashing out the standards for next-generation networks. A Huawei exhibit in Shanghai. would be a high-profile addi-
tion to Deutsche Bank’s super-

Global Wireless Contest Gets Technical visory board at a trying time


for the lender. John Cryan, its
CEO since 2015, and the board
are being tested by three con-
Consecutive full-year losses
racked up by Deutsche Bank

BY NEWLEY PURNELL recently in this south India roll out today’s 3G and 4G mo- right to patent. Similarly, secutive full-year losses and
AND STU WOO port city. Just as the home- bile networks. Now, industry hardware manufacturers sup- missed cost-cutting targets, as houseCoopers LLP, would be
movie industry agreed years leaders say China, with Hua- port standards that would ac- well as high-level tensions nominated to the supervisory
n-

CHENNAI, India—The U.S. ago on specifications for DVD wei’s leadership, is ahead in commodate products they over strategy and perfor- board this year.
government is trying to players, wireless-technology the race for the next stage. have been developing. mance. Mr. Thain didn’t immedi-
thwart Huawei Technologies companies are now meeting to “5G will be made in China,” Huawei, which is also the The Wall Street Journal ately respond to a request for
Co.’s ascent in wireless tech- establish 5G standards. said Dimitris Mavrakis, a di- world’s No. 3 smartphone and other media reported this comment. The other nominees
no

nology, but the Chinese com- Huawei representatives are rector at ABI Research. maker, sent 40 representatives week that Deutsche Bank’s weren’t immediately reached.
pany is determined to prevail. swamping such conferences The next-generation net- to the Chennai meeting, be- chairman, Paul Achleitner, has Mr. Thain’s nomination was
Far from Washington, with recommendations for work promises better reliabil- hind only the 41 from South reached out externally to po- earlier reported by Ger-
where the government has how the new system should ity and speed, as well as the Korean smartphone giant tential candidates to replace many’s WirtschaftsWoche.
called Huawei a national secu- work, leveraging the com- potential to make the most of Samsung Electronics Co., ac- Mr. Cryan, citing people Deutsche Bank, like other
rity threat, the world’s largest pany’s large research-and-de- new technologies such as self- cording to conference records. briefed on the discussions. German companies, has a
maker of cellular-tower equip- velopment budget and its driving cars. But the industry, There were 30 delegates from The outreach raises the possi- dual-board structure. The
ment is trying to guide the de- growing workforce of skilled at meetings like the one held San Diego-based chip maker bility that Mr. Cryan could CEO-led management board is
velopment and design of the engineers, according to meet- in Chennai, is still crafting the Qualcomm Inc., while Hua- leave before his contract ends directly responsible for strat-
next generation of mobile net- ing attendees and outside ana- technical details about how 5G wei’s major wireless-equip- in 2020, egy and operations; the super-
works, dubbed 5G. lysts. will actually work. ment rivals, Sweden’s Erics- Mr. Achleitner didn’t re- visory board appoints, over-
Huawei is sending large The U.S. and Europe, draw- Some companies are push- son AB and Finland’s Nokia spond to requests for com- sees and dismisses
teams to industry-sponsored ing on the expertise of West- ing certain standards that rely Corp., sent 25 and 18 repre- ment. management-board members.
meetings—including one held ern firms, were the quickest to on technology they have the Please see MOBILE page B2 Mr. Cryan didn’t address Please see BOARD page B8

TAX REPORT | By Laura Saunders


Facebook Note Flagged ‘Ugly Truth’ of Growth
As Filing Deadline Nears, BY DEEPA SEETHARAMAN

Get a Jump on Next Year For many years, Facebook


Inc. employees were told that
growth was paramount. But
As the mad An estimated 45 million fil- during the spring of 2016,
dash to file ers still haven’t finished there were mounting ques-
2017 tax re- their returns as the April 17 tions internally about the ill
turns nears deadline approaches. consequences of growth-at-
the finish line,  Project taxes for 2018: all-costs.
here is the The overhaul will lower That mentality was laid
most important tip: start taxes for about 65% of filers bare in a 2016 memo called
thinking about this and raise them for about 6% “The Ugly” from a Facebook
year’s taxes. on 2018 tax returns, accord- executive who defended to
Congress passed the big- ing to the nonpartisan Tax employees the social net-
gest tax overhaul in three Policy Center. The rest will work’s relentless pursuit for
decades late last year, and see no net change. These re- growth, even if it meant a
most provisions took ef- sults don’t include indirect user somewhere was bullied
PAUL SAKUMA/ASSOCIATED PRESS

fect Jan. 1. Americans who effects, such as from corpo- to death through Facebook or
don’t check now to learn the rate tax cuts or increased a terrorist attack was coordi-
changes’ effects—especially Please see TAXES page B4 nated by the tools.
on paycheck withholding and “The ugly truth is that we
deductions—could face sur- believe in connecting people
prise tax bills next spring.
Notice to Readers so deeply that anything that
Here are the most impor- The Intelligent Investor allows us to connect more
tant steps to take now for column will return next people more often is *de
next year’s return, in addi- week. facto* good,” Andrew Bos-
tion to several tips for 2017. Please see MEMO page B2 Andrew Bosworth’s memo in 2016 titled ‘The Ugly’ drew attention to the risks of Facebook’s direction.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Saturday/Sunday, March 31 - April 1, 2018 NY * ***** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

AARON P. BERNSTEIN/REUTERS; JOSE LUIS MAGANA/ASSOCIATED PRESS


Time Warner Chief Executive Jeff Bewkes arriving at the U.S. District Court in Washington, D.C., last week; also attending was AT&T CEO Randall Stephenson. Their companies’ merger is valued at $85 billion.

AT&T Trial Hears From Initial Witnesses


Government elicits tracts cord-cutting customers. Department’s case got murkier professor based his survey an issue of this magnitude Those factors could boost the
His testimony was in line with when it called to the stand conclusions “on two groups of would like. government’s argument that
testimony in antitrust one of the department’s cen- John R. Hauser, a marketing 400 respondents,” which he The week ended with testi- the Turner networks are
challenge to merger tral arguments against the professor at the Massachusetts suggested wasn’t nearly mony from Comcast Corp. ex- “must-have” content.
merger: that AT&T, which Institute of Technology. Mr. enough of a statistical basis ecutive Greg Rigdon, who ne- Mr. Rigdon, however, de-
with Time Warner owns the rival satellite service Hauser testified about a study for arguing against a merger gotiates with programmers on clined to offer details on the
DirecTV, could disadvantage he had conducted that indi- of this size. the financial terms for carry- internal studies in open court
BY BRENT KENDALL other pay-TV distributors if it cated about 12% of customers Mr. Hauser said his switch- ing their channels. Mr. Rigdon and part of his testimony took
were to control Time Warner’s would switch to a new pay-TV ing estimates were accurate was a Justice Department wit- place in a closed session.
WASHINGTON—The first Turner networks, which in- provider if their current one and based on long-accepted ness but his answers indicated In other parts of his open
full week of witness testimony clude TBS, TNT and CNN. suffered a long-term blackout methodologies and a sufficient that the cable giant, which testimony, Mr. Rigdon, under
in the trial over the $85 billion Mr. Schlichting testified of the Turner networks. sample size. also owns NBCUniversal, questioning by a Time Warner
merger of AT&T Inc. and Time that Turner networks are im- The switching question is At the end of Mr. Hauser’s didn’t have the same level of lawyer, said he didn’t think
Warner Inc. started fairly portant for pay-TV lineups and important for the Justice De- testimony, U.S. District Judge concern about the deal as Comcast would have more dif-

.
smoothly for the antitrust case that a postmerger AT&T is partment’s legal theory that Richard Leon expressed some other distributors like Dish. ficult negotiations with Turner

ly
against the deal, but the gov- likely to raise Turner net- AT&T could use Turner as le- skepticism about the data, in Mr. Rigdon said Comcast, in and Time Warner if AT&T
ernment appeared to hit some works’ carriage fees and im- verage over rivals. particular whether survey re- two recent negotiations with owned them.
bumps as the week drew to a pose burdensome conditions In his cross-examination of spondents were answering Turner, agreed to raise the Judge Leon said that time is
close. on Dish and Sling, which in Mr. Hauser, Time Warner law-
on truthfully. prices it would pay for the of the essence and told the
One of the Justice Depart- turn could hurt their ability to yer Peter Barbur said the “You have no way of know- networks. The decision to do parties to confer over the
ment’s early witnesses was offer popular packages to bud- study was a hypothetical exer- ing,” Judge Leon said, adding so appeared to be based at weekend and decide how many
Dish Network Corp. executive get-conscious consumers. It cise that ignored evidence of that the respondents “can just least in part on internal stud- witnesses each side actually
Warren Schlichting, who runs could even lead to blackouts of how consumers responded in whip through” the survey in- ies suggesting Comcast could needs.
us l,

Dish’s Sling TV, an internet- Turner content, he said. real-world blackouts. stead of taking the questions lose customers if it didn’t —Drew FitzGerald
based pay-TV service that at- On Thursday, the Justice Mr. Barbur also said the as seriously as one weighing reach a Turner agreement. contributed to this article.
al a
e

MOBILE by Huawei and its Chinese nies, including Huawei, have


Huawei
ci on

peers, fearing Beijing could increased their engagement in Market Grab


spy, steal trade secrets or cast 5G standardization working Huawei has zoomed ahead of other suppliers of network equipment.

Sales Rise
Continued from the prior page cyberattacks through them. A groups.”
sentatives, respectively. Huawei spokesman says the After four days huddled Global market share of telecom equipment*
Representatives from Chi- company is employee-owned over laptops in the conference
er rs

Despite
nese companies now hold 10 and that no government has rooms of a luxury hotel in 30%
of the 57 chairman and vice ever asked it to spy on or sab- Chennai, attendees set “new
chairman positions on deci- otage another country. radio” specifications—stan- Huawei
25 (China)

U.S. Curbs
sion-making panels at 3GPP, dards that will dictate how the
m e

the France-based industry cellular towers of the future

176
group overseeing the stan- will talk to smartphones and
dard-setting process, accord- other devices. About 400 tele- 20
m rp

ing to Jefferies Group re- com-industry representatives BY JOSH CHIN


searchers. from 176 companies hashed Nokia
Even before the current 5G Number of firms represented at a out the new rules. 15 (Finland) SHENZHEN, China—Huawei
discussions, Huawei was recent standard-setting meeting While the group reached Technologies Co. said strong
Ericsson
ramping up its research and quick consensus on the radio smartphone sales recharged
(Sweden)
co Fo

patenting efforts, nearly specs, controversy flared over 10 profit growth last year, after
matching design contributions a procedural issue. Huawei ZTE flatlining in 2016.
for 4G standards made by Er- A Trump administration and Ericsson representatives (China) The Chinese telecommuni-
icsson, the then-undisputed panel stepped in earlier this faced off over how many top- 5 Cisco cations company said Friday
leader in wireless equipment. month to block an attempt by ics the conferences should (U.S.) that its annual profit rose 28%
Huawei said Friday its re- Singapore-based Broadcom tackle in meetings subsequent to 47.5 billion yuan ($7.6 bil-
search-and-development bud- Ltd. to buy Qualcomm, saying to a major gathering in June 0 lion), following a 0.4% rise in
get rose 17% last year to $14.3 a takeover could reduce Qual- in San Diego. 2013 ’14 ’15 ’16 ’17 the prior year. Sales grew
billion. That is more than the comm’s research-and-develop- Ericsson representatives ar- nearly 16%, driven largely by
combined 2017 total for Erics- ment budget and the U.S. gued the workload at the *All categories of equipment, including wireless gear, towers, routers and switches. its consumer business.
son and Nokia. firm’s influence on 5G devel- Chennai conferences was al- Source: Dell'Oro Group THE WALL STREET JOURNAL. But the gains were clouded
U.S. leaders have made opment. In a letter, the panel ready too much and proposed by the company’s inability to
clear they are trying to pre- cited Huawei’s growing pres- a reduced number of topics. attendees said works to the tion. In the end, the delegates crack the U.S. market, amid
vent a world in which most ence at meetings like the one Huawei, meanwhile, proposed Chinese company’s advantage reached a compromise num- warnings by U.S. national se-
n-

telecom electronics are made in Chennai: “Chinese compa- tackling more—a stance some given the size of its delega- ber, according to attendees. curity agencies that Huawei
products could give the Chi-
nese government access to

MEMO the most unpopular things I’ve last 18 months. critical networks.
no

ever written internally and The note also shows the ex- Huawei, which is closely

 
the ensuing debate helped tent to which Facebook was held and owned by its employ-
Continued from the prior page shape our tools for the bet- having internal debates about ees, has repeatedly denied
worth, then Facebook’s vice ter.” its use of power well before such allegations, saying its
president of ads, wrote in a Mr. Bosworth’s note has similar discussions occurred products don’t have so-called
    note he posted on Facebook’s surfaced amid a broader de- in the mainstream media. backdoors that would allow
internal forums. bate among Facebook employ- In a public post on Twitter such access.
Mr. Bosworth now oversees ees about the company’s tac- on Thursday, one former Face- “Now, for a variety of rea-
consumer-hardware efforts at tics for expanding its user book employee, Alec Muffet, sons, we can’t do business in
Facebook. base, including its liberal use said the ideas in Mr. Bos- the U.S. We feel helpless
Mr. Bosworth wrote that of notifications, the scary ef- worth’s note was a big factor there,” said Ken Hu, who fin-
the emphasis on growth—con- fectiveness of its “People You in his departure from the ished his six-month stint as
necting millions of people May Know” feature and its company in 2016. Huawei’s rotating chief execu-
around the world—is justified willingness to build what Mr. Muffet was among the tive on Friday. “These chal-
despite the risks. “All the many employees view as a employees who pushed back lenges in the U.S. will make us
questionable contact import- censorship tool in order to on Facebook’s desire to create work even harder in other
ing practices. All the subtle help Facebook crack the Chi- a tool that would allow out- markets around the world.”
language that helps people nese market. siders to censor content be- Best Buy Co. is planning to
stay searchable by friends. All The publication of Mr. Bos- fore it was posted online, he stop selling Huawei-made
of the work we do to bring worth’s internal note is the and another former employee phones in the U.S., The Wall
more communication in. The latest in a string of controver- said. Street Journal reported re-
work we will likely have to do sies about Facebook’s business Mr. Muffet didn’t respond cently. The Federal Communi-
in China some day,” his mes- and policy practices over the to a request for comment. cations Commission is also
sage read. considering a new rule that
The ideas from the memo, would make it harder for small
first reported by BuzzFeed and rural carriers in the U.S.
and confirmed by Mr. Bos- to purchase gear from Chinese
worth, provoked an internal telecom-equipment makers.
backlash, according to former Huawei has become the
employees. “It was not well- world’s dominant producer of
received,” one of the former wireless equipment and is now
employees said, because it positioned to be a heavy-
seemed as if Mr. Bosworth weight in the global rollout of
wasn’t thinking clearly enough 5G, the next generation of mo-
about the negative conse- bile internet services. The
quences of connectivity when company is also the world’s
DAVID PAUL MORRIS/BLOOMBERG NEWS

it was posted in June 2016. third-largest smartphone


In a statement Thursday on maker by sales, after Samsung
Twitter, Mr. Bosworth said Electronics Co. and Apple Inc.
that at the time he wasn’t es- Huawei said its research-
  
 pousing the ideas he pre- and-development spending
sented in the memo, rather it rose 17% to 89.7 billion yuan,


  
  was designed to expose issues as it looks to capitalize on a
JAVITS CENTER AUTOSHOWNY.COM #NYIAS for discussion within Face- rollout of 5G and other emerg-
book. ing technologies.
FOR SECURITY PURPOSES, NO BACKPACKS ALLOWED. RANDOM SECURITY AND BAG CHECKS. “It was intended to be pro- Mr. Hu said Huawei plans to
AN ACTIVITY OF THE GREATER NEW YORK AUTOMOBILE DEALERS ASSOCIATION. vocative,” Mr. Bosworth fur- Mr. Bosworth’s note has surfaced amid a broader debate among release its first 5G-compatible
ther tweeted. “This was one of Facebook employees about the company’s tactics. smartphone in 2019.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | B3

BUSINESS & TECHNOLOGY

Northrop Addresses Lapses Chinese Firm Acts


BY ANDY PASZTOR

Northrop Grumman Corp.


On Solar Tariffs
has implemented major BY AUSTEN HUFFORD ings could cushion the effect.
changes in satellite production Also, utilities in some locales
as a result of its previously NextEra Energy Inc. is ex- are mandated to procure re-
disclosed mistakes building panding a deal to buy millions newable energy, which would
NASA’s troubled James Webb of solar panels from a Chinese sustain demand.
Space Telescope, according to manufacturer setting up shop Domestic solar installers,
people familiar with the de- in Florida, a move that comes which employ more people
tails. after the U.S. announced tariffs than the relatively small U.S.
The new practices, these on imported solar products. solar manufacturing sector,
people said, include stepped- NextEra Energy, Florida have largely opposed the tariffs
up quality-control checks and Power & Light parent, said Fri- for fear higher panel prices
enhanced training in an effort day that it would source 2.75 would cut into installations.
to lock in tighter testing pro- gigawatts of solar modules, In January, JinkoSolar said
cedures and prevent employee roughly seven million panels, it had reached a deal to supply
burnout. They come after over four years from Shang- a then-unnamed U.S. company
NASA this past week an- hai-based JinkoSolar Holding with 1.75 gigawatts of solar
nounced a roughly one-year Co., which is building its first modules over about three
NORTHROP GRUMMAN/NASA/ASSOCIATED PRESS

schedule slip on the long-trou- U.S. factory in Florida to meet years. On Friday, it confirmed
bled space project, to around the demand. it plans to open its first U.S.
May 2020 from summer 2019. In January, the Trump ad- factory in Jacksonville, Fla.,
The revisions are expected ministration announced tar- which is expected to create
to affect practices at Northrop iffs—30% in the first year, de- 200 direct jobs. NextEra di-
Grumman, a major supplier of clining to 15% by the fourth— rected questions to JinkoSolar,
commercial and defense space on foreign-made solar panels which didn’t respond to a re-
systems, significantly beyond and cells. The decision came quest to comment.
its work for NASA, according after Suniva Inc., which is ma- To prepare for the tariffs,
to some industry and govern- jority-owned by a company NextEra and other solar-proj-
ment officials. based in Hong Kong, and So- ect developers have also been
Extra personnel costs are larWorld Americas Inc., which stockpiling panels. NextEra
anticipated to add at A 2015 illustration of the James Webb Space Telescope, which has been further delayed. has a German parent, peti- Chief Executive James Robo
least $200 million to the Webb tioned the U.S. government for told analysts in January that
program’s overall development ing Tuesday. When NASA an- structions and in the process Several tears also appeared trade protection. the Florida-based company had
costs, which could put it over nounced the schedule used the wrong cleaning com- in the shield, according to one While that measure could purchased all of the panels it
the $8 billion cap approved by adjustment—the third major pound, damaging the of the knowledgeable people, pressure panel prices in gen- needs in 2018 and 2019, as well
Congress, one of the knowl- delay in seven years—senior parts, one of the knowledge- because of unexpected eral, technological improve- as the panels for “a significant
edgeable people said. agency officials were unchar- able people said. stresses stemming from work- ments and production cost sav- portion of our 2020 build.”
Congress has pledged to re- acteristically critical of what Resulting leaks required a ers’ incorrectly attaching
evaluate the project if its bud- they called “avoidable errors” subcontractor to refurbish the hooks and cables to the wrong
get exceeded that total. In ad- by Northrop. Moreover, the valves, followed by another holes.

.
dition, some lawmakers have announcement was unusual time-consuming process to re- Even before such blunders,

ly
already been critical of Nor- because details of the final place and retest them. It took NASA leaders had demanded a
throp Grumman’s perfor- timetable changes and agency about three months to com- high-level management shake-
mance. positions weren’t communi- plete the process, this person up at Northrop Grumman in
Neither Northrop Grumman cated to senior Northrop on said. response to schedule slips for
nor National Aeronautics and Grumman executives in ad- When workers deployed a the project, this person added.
Space Administration officials vance, according to the knowl- sun shield designed to protect Privately, company managers

MARCUS YAM/LOS ANGELES TIMES/GETTY IMAGES


have publicly indicated the edgeable people. the spacecraft’s intricate gold, countered that years of delays
likely financial impact of the During the briefing, acting hexagonal-shaped mirrors in were common for other large,
us l,

procedural fixes and addi- NASA chief Robert Lightfoot space, the operation took complex government satellite
tional hardware testing. said “corrective actions taken twice as long as expected and projects.
al a
e
On Thursday, a Northrop by the project” are intended to revealed shortcomings despite Northrop Grumman argued
Grumman spokesman declined “give us better insight into our earlier successful tests with a some of its delays reflected
to comment, reiterating an management of future large one-third-scale replica. joint NASA-contractor deci-
ci on

earlier statement that the space systems.” Cables that pull the shield sions made years earlier to
company “remains steadfast in Since then, more specifics into shape “develop too much hold off developing and test-
its commitment to NASA and have emerged about the root slack during the deployment, ing certain elements of the
ensuring successful integra- causes of certain production creating a snagging hazard,” space observatory to give the
tion, launch and deployment.” lapses. Northrop Grumman Thomas Zurbuchen, NASA’s agency extra dollars and time
er rs

A NASA spokesman pointed workers installed 16 valves on associate administrator for to complete work on its por-
to statements by agency offi- the satellite’s thrusters with- unmanned missions, told re- tion, one of the people famil- In January, the Trump administration announced import tariffs on
cials during a press brief- out relying on detailed in- porters Tuesday. iar with the process said. solar panels and cells following petitions from U.S.-based firms.
m e

SpaceX Puts Satellites Into Orbit


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GOLDEN LIFTOFF: A SpaceX Falcon 9 rocket successfully launched 10 next-generation satellites for
Iridium Communications after taking off from Vandenberg Air Force Base in California on Friday.
“everyone should own
a pair of mahabis”

Foxconn Profit Buoyed by iPhone P. WAL DECK

BY YOKO KUBOTA boosted the average selling


Back on Course price for its iPhones by nearly
BEIJING—Foxconn Technol- Foxconn’s quarterly profit 15%.
ogy Group posted a better- For all of 2017, Foxconn
80 billion New Taiwan dollars “try a pair you won’t
than-expected 4% rise in posted a profit of NT$138.7
fourth-quarter profit, bounc- billion, down 7% from the regret it”
ing back after major customer 4Q 2017 prior year, and revenue of
D. WALTER
Apple Inc. overcame produc- 60 71.7B NT$4.7 trillion, up 8%.
tion troubles for the iPhone X. Foxconn Chairman Terry
Taiwan-based Foxconn, Gou has been working to ex-
which assembles Apple’s pand the company’s business
40
iPhones in China, said Friday beyond contract manufactur-
that profit for 2017’s final pe- ing and into consumer brands
riod climbed to 71.7 billion of its own.
New Taiwan dollars (US$2.5 20 A Foxconn unit recently
billion), from NT$68.8 billion a agreed to buy smartphone and
year earlier. electronics accessories maker
Analysts polled by S&P Belkin International Inc. for
0
Capital IQ were expecting on $866 million.
’16 ’17
average a fourth-quarter profit Another subsidiary, Fox-
1 New Taiwan dollar = $0.03434
of NT$64.4 billion. Source: the company conn Industrial Internet Co.,
Revenue rose 23% to NT$1.7 THE WALL STREET JOURNAL. which makes smartphones and
trillion, after flat results for wireless-equipment compo-
the preceding quarter. vember. nents, recently won regulatory
Foxconn, known formally as Foxconn doesn’t hold earn- approval in China for an initial
Hon Hai Precision Industry ings conference calls and public offering to raise at least
Co., is the world’s largest con- hasn’t commented iPhone X 27.3 billion yuan (US$4.3 bil-
tract electronics maker. production. lion) on the Shanghai Stock
In the third quarter, the Apple, which is Foxconn’s Exchange.
company’s profit fell 39% from largest customer, booked re- The subsidiary said that it
a year earlier, likely reflecting cord revenue for its latest plans to use the funds to in-
production troubles for the quarter, and said in February vest in cloud computing, 5G
iPhone X that delayed initial that the iPhone X, with a technology and smart manu-
sales of the device until No- starting price of $1,000, facturing.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

WEEKEND INVESTOR

Latham Looks to Regain Its Mojo


After losing chairman son familiar with the matter. trade publication American a reconciliation between the
Legal recruiters, consul- Lawyer. Kirkland & Ellis woman and the founder of the
and top revenue rank, tants and former partners say brought in $3.165 billion in New Canaan Society, Mr. Voge
law firm faces pressure the shake-up, while surprising, global revenue in 2017, com- sent text messages of a sexual

CHRISTOPHER DILTS/BLOOMBERG NEWS


is unlikely to have a lasting ef- pared with Latham’s $3.064 bil- nature to the woman over a

MARK VON HOLDEN/INVISION/ASSOCIATED PRESS


to find long-term boss fect on Latham’s business. The lion, the publication reported. four-day period, the person
2,600-lawyer firm’s size and Mr. Voge stepped down after said. The founder of the soci-
BY SARA RANDAZZO corporate structure make disclosing to the firm that he ety didn’t respond to requests
leadership changes less dis- had inappropriate contact with for comment.
First, Latham & Watkins ruptive than at first-genera- a woman whom he had never After Mr. Voge reported his
LLP lost its chairman. Then, it tion law firms that rely on a met and who had no ties to the conduct to Latham, the woman
lost its rank as the world’s handful of founders to main- firm, Latham said in a state- continued to contact Mr. Voge
highest-grossing law firm. The tain client relationships. ment. The firm didn’t disclose and others about the encoun-
two recent events are putting “I think whatever focus the contents of the communica- ter, according to the person.
pressure on the firm—whose they might lose, nobody out- tions or the woman’s identity. Latham said in its statement Cigarette, energy-drink sales
clients include American Air- side would notice a change in In his own statement, Mr. that Mr. Voge’s subsequent con- are huge at gas stations.
lines Group Inc. and JPMor- their performance,” said Mi- Voge said that “I made a per- duct after his disclosure to the
gan Chase & Co.—to name a
new leader and move past the
distractions.
Latham said vice chairs Ora
chael Rynowecer, the presi-
dent of BTI Consulting Group
Inc., which provides market
research to law firms. “They
‘I deeply regret my
lapse of judgment
sonal mistake for which I bear
considerable fault and humili-
ation. I deeply regret my lapse
of judgment and I am sorry for
firm “while not unlawful, the
executive committee concluded
was not befitting the leader of
the firm.” The conduct, accord-
Sales
Fisher in Silicon Valley and
Richard Trobman in London
will take immediate responsi-
have been very disciplined on
how to go about growing the
firm and grooming leaders.”
and I am sorry,’
Mr. Voge said.
the distress and embarrass-
ment I have caused my family,
friends, and colleagues.”
ing to a person familiar with
the matter, involved heated
communications with the
Worry:
Mr. Voge, a 61-year-old proj- Mr. Voge was introduced to
bility as co-leaders after chair-
man William “Bill” Voge re-
signed abruptly in late March.
That exit followed revelations
ect-finance lawyer, took over
leadership of the firm in Janu-
ary 2015 from Robert “Bob” a single five-year term.
the woman through his work
as a board member for the
New Canaan Society, a Chris-
woman’s husband.
If Latham’s past leadership
transition is any guide, the
process to replace Mr. Voge
Charging
of his engaging in communica-
tions of a sexual nature with a
woman unaffiliated with the
Dell, a legendary chairman who
had held the job for two de-
cades. Mr. Voge was viewed dur-
His resignation hastens that
transition by two years.
Mr. Voge’s successor will in-
tian men’s group, according to
a person familiar with the
matter. The New Canaan Soci-
will be a deliberative one.
Latham takes a democratic ap-
proach to leadership roles,
Up, but
law firm, Latham said in a ing the last leadership election herit a firm that recently ceded ety describes itself as a place holding elections for the exec-
statement. Some employees
have been told that a perma-
nent successor will be in place
as a bridge candidate between
Mr. Dell and the next generation
of lawyers in their 40s, and said
its top spot to Kirkland & Ellis
LLP after three years of being
the world’s highest-grossing
for men to find friendship and
faith and support each other
through regular gatherings.
utive committee and other key
positions. By contrast, many of
its peers typically have leaders
No Snacks
by summer, according to a per- at the time he planned to serve law firm, according to legal In the course of facilitating handpick their close advisers. BY ALISON SIDER

It isn’t only the auto indus-

Short-Term Lending Spigot Is Poised to Open


try that could be upended by
the rise of electric vehicles. It
could threaten the gasoline
station as we know it, too.

.
BY LALITA CLOZEL EVs would mean big

ly
changes for refiners that pro-
WASHINGTON—Consum- cess oil into fuel and retailers
ers could find it easier to get who sell it at the pump. But
small loans for emergency car on companies that make ciga-
repairs and other unplanned rettes, energy drinks and
expenses under Trump admin- other convenience-store items
istration plans to prod more could also be forced to find
banks to make short-term new sales outlets.
us l,

loans. Owning gas stations has


“We have a big market, we long been about more than
al a
e
have a market that is unful- selling fuel: They make almost
MELANIE STETSON FREEMAN/THE CHRISTIAN SCIENCE MONITOR/ASSOCIATED PRESS

filled,” said Comptroller of the as much money selling Slim


Currency Joseph Otting in an Jims and Red Bull as they do
ci on

interview. “When you don’t gasoline. Gas stations account


have an alternative in that for 75% of cigarette sales and
space, what happens is people 60% of sales of energy drinks,
have a tendency to fall to the according to a recent Morgan
lowest common denominator,” Stanley report.
er rs

such as check-cashers, pawn- “A major distribution chan-


shops and liquor stores, he nel for these products could
said. be disrupted,” the analysts
The move signals a shift said.
m e

from the Obama administra-


tion, which earlier this decade

75%
pressured banks to scrap
m rp

short-term lending programs.


Those regulators viewed small
loans by banks with suspicion
because of concern about high Share of cigarette sales
interest rates and perceived accounted for by gas stations
co Fo

repayment risks.
The Office of the Comptrol-
ler of the Currency, which Regulators plan to make it easier for banks to offer short-term loans for unplanned expenses like emergency car repairs.
oversees national banks, will Companies such as Altria
clarify its position on install- the underwriting process is courage banks to make more rates in the triple digits. less for consumer loans. Group Inc., which owns Philip
ment loans that can help con- too costly given the small of these loans, Mr. Abernathy In 2013, banking regulators Lauren Saunders, associate Morris USA, Monster Bever-
sumers with immediate cash profit they make on each loan. said. “We know these people, cracked down on deposit-ad- director at the National Con- age Corp. and PepsiCo Inc.
needs such as buying “a piece “You have a very small op- because we have ongoing rela- vance loans made by a handful sumer Law Center, said banks could all be affected to some
of equipment [or] a family portunity to cover your costs,” tionships,” he said. of large and regional banks should be able to afford to degree, the analysts said.
emergency,” Mr. Otting said. said Wayne Abernathy, execu- Before the Obama adminis- that virtually eradicated the make the loans at lower rates, To be sure, there is a wide
The announcement, ex- tive vice president of finan- tration, some banks offered a products. gaining goodwill with custom- range of opinions about how
pected within the next two cial-institutions policy and different type of short-term But under President Donald ers in the process. popular electric vehicles will
months, will focus on 45- regulatory affairs at the Amer- loan called deposit-advance Trump, financial regulators “Are they going to make become. Morgan Stanley ana-
to-90-day loans, rather than ican Bankers Association trade products. Like payday loans, have sharply reversed course gobs of money out of it? No, lysts believe adoption is going
n-

payday loans, which typically group. these typically were deducted on short-term lending. not unless they’re charging to climb; their base case is
are repaid in a lump sum in a Easing underwriting expec- automatically from a bor- Consumer groups worry the high rates,” Ms. Saunders said. that EVs will account for 70%
few weeks or by the bor- tations—for instance, allowing rower’s next paycheck, but regulators’ new attitude could But “banks can make small- of U.S. light-vehicle sales and
rower’s next paycheck. banks to rely more on a bor- they tended to be more pre- allow predatory actors to dollar loans with fewer over- 48% of U.S. miles driven by
no

Banks say that small-dollar rower’s financial history, dictable and less costly than reach more consumers. The head costs than other compa- 2040.
consumer loans are difficult to rather than a full credit check, payday loans, though both groups typically advise an an- nies that don’t know their It isn’t clear whether the
make on a large scale, because to evaluate risk—could en- could carry annual interest nual percentage rate of 36% or customer.” solution for gas stations is as
simple as adding charging ca-
pability. The vast majority of

TAXES For those making quar-


terly payments of estimated
taxes, it is also important to
EV owners—some 80%—
charge from the comfort of
their homes, often at night. It
Continued from page B1 see where you stand. See the is a slow process that takes
federal borrowing. IRS’s new Form 1040-ES for several hours but is cheaper
A host of online calcula- 2018. than charging up at a public
tors can estimate how you  Rethink charitable de- station, and a single charge
will fare, including one from ductions: The overhaul can often get a typical driver
The Wall Street Journal. If made landmark revisions to through the day.
your income won’t vary too exemptions, deductions and That could change if more
much, plug in the informa- credits. public stations for rapid
tion from your 2017 return. In particular, the number charging are built and if costs
Many tax preparers are also of filers who benefit from come down. Restaurants could
providing clients with pro- deducting charitable dona- be “ideally positioned” to take
jections. tions on Schedule A will advantage of 10- to 30-minute
 Check 2018 withhold- drop from about 36 million charging times by adding sta-
ing and estimated pay- for 2017 to about 16 million tions, the analysts say.
ments: To put tax cuts into for 2018, according to the But it isn’t all bad news for
CHIP SOMODEVILLA/GETTY IMAGES

workers’ pockets faster, U.S. Tax Policy Center. convenience stores and the
officials have revised the ta- Donors who want a tax products they sell. Even today,
bles that employers use to break for their donations only about half of in-store
withhold taxes from pay- should determine the new sales at gas stations come
checks. Millions of workers law’s effect on them. Those from customers stopping for
have seen a bump up in pay. who won’t be filing Schedule gas.
But these broad-based A every year may want to While suburban and neigh-
changes are imprecise. They bunch two or more years of borhood gas stations could
raise take-home pay too gifts into one to surmount struggle to coax EV drivers
much in some cases, espe- the higher hurdle to a write- Changes to withholding taxes may be imprecise, so checking with the IRS calculator is advised. from home chargers, drivers
cially if the filer had prior off. might need to charge (and buy
large deductions for state  Tax-cutting moves for Health Savings Accounts ment penalties, filers must with a shortfall to file on snacks) at stations along in-
and local taxes. If withhold- 2017: There still are a few made by April 17, but only if pay 90% of their total tax time and pay as much as terstates and highways. Sta-
ing isn’t adjusted, some peo- ways to cut last year’s taxes. the account was set up by bill by April 17. Underpay- possible. Also consider filing tions in urban areas could still
ple will owe large balances Many savers can open or the end of 2017. ments incur an interest IRS Form 9465 to request a get foot traffic and serve cab
due next spring even if they fund individual retirement  If you need extra time charge, which rises to 5% an- payment plan. According to and Uber drivers.
get an overall tax cut. accounts by April 17 and re- to file: Filing Form 4868 nually as of April 1. an IRS spokesman, rapid ap- And the analysts said most
To address this issue, the ceive a 2017 tax deduction by April 17 extends the filing  If you can’t pay: Don’t proval is highly likely if the smokers will probably find
Internal Revenue Service has for contributions up to deadline until Oct. 15. It can ignore this issue. Nonfilers amount owed is less than new places to buy cigarettes.
posted a new withholding $5,500 ($6,500 for those 50 be e-filed either through a owe interest plus a host of $50,000 and can be “Given the addictive nature
calculator. To use it, enter years and older). For more tax-prep service or the IRS’s penalties that mount rapidly. paid within six years. The re- of cigarettes and prior experi-
information from your most details on contribution limits, website, or filed on paper. The statute of limitations quest can be filed online. ence, we would not expect a
recent paycheck and tax re- see IRS Publication 590-A. But remember: An exten- usually doesn’t begin until a Penalties will still be due, meaningful impact on overall
turn. Then adjust take-home Taxpayers can also deduct sion to file isn’t an extension return is filed. but they will be far smaller tobacco-industry volumes,”
pay if necessary. allowable contributions to to pay. To avoid late-pay- The IRS advises taxpayers than those for nonfilers. Morgan Stanley analysts said.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | B5

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Track the Markets: Winners and Losers
Last Year ago Last Year ago
A look at how selected global stock indexes, bond ETFs, currencies and
commodities performed around the world for the week.
24103.11 s 569.91, or 2.42% last week Trailing P/E ratio 25.46 21.15 2640.87 s 52.61, or 2.03% last week Trailing P/E ratio * 24.51 24.52
P/E estimate * 16.24 17.72 P/E estimate * 16.85 18.27 Stock Currency, Commodity, ETF
High, low, open and close for each of High, low, open and close for each of Index vs U.S. dollar traded in U.S*
Dividend yield 2.22 2.35 the past 52 weeks Dividend yield 1.95 1.97
the past 52 weeks
All-time high 26616.71, 01/26/18 All-time high 2872.87, 01/26/18 Nymex Natural Gas 5.48%
Nikkei 225 4.06
Current divisor 0.14523396877348 S&P 500 Consumer Staples 3.50
25900 2800
S&P 500 Real Estate 3.19
Week's high
S&P 500 Telecom Svcs 3.11
DOWN UP 2700
24700 S&P 500 Utilities 2.96
t

Monday's open Friday's close


Corn 2.78
Friday's close Monday's open
t

23500 2600 S&P 500 Financials Sector 2.67


65-day moving average Dow Jones Industrial Average 2.42
Week's low
2500
Dow Jones Transportation Average 2.29
22300
IBEX 35 2.21
S&P MidCap 400 2.14
21100 2400
South Korean Won 2.13
65-day moving average 200-day moving average S&P 500 2.03
19900 2300 S&P 500 Industrials 2.03
Mexico peso 2.01
200-day moving average 18700 2200 S&P 500 Health Care 1.95
FTSE 100 1.95
Bars measure the point change from Monday's open
DAX 1.77
17500 2100
MA M J J A S O N D J F M MA M J J A S O N D J F M S&P 500 Information Tech 1.71
S&P SmallCap 600 1.66
Primary
NYSE weekly volume, in billions of shares market Composite Soybeans 1.60
t
t

iShJPMUSEmgBd
30 Notice to Readers S&P 500 Materials
1.56
1.51
20
10 U.S. financial markets were closed Euro Stoxx 1.47
0
Good Friday, March 30.
iShiBoxx$InvGrdCp 1.44
MA M J J A S O N D J F M They resume Monday, April 2. iSh 20+ Treasury 1.44
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
CAC-40 1.41
Stoxx Europe 600 1.38
Major U.S. Stock-Market Indexes Nasdaq Composite
Russell 2000 1.28
Latest Week 52-Week % chg s 70.78, or 1.01% Kospi Composite 1.20
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann.
Dow Jones last week Sao Paulo Bovespa 1.17
Industrial Average 24446.22 23708.73 24103.11 569.91 2.42 20404.49 l 26616.71 16.3 -2.5 10.8 Comex Copper 1.16
Transportation Avg 10480.51 10109.47 10396.56 233.24 2.29 8783.74 l 11373.38 13.6 -2.0 6.1 S&P BSE Sensex 1.14
7300
Utility Average 696.80 674.55 692.63 18.95 2.81 647.90 l 774.47 -0.4 -4.2 6.1 Nasdaq 100 1.12
Total Stock Market 27717.94 26896.69 27383.00 509.64 1.90 24125.20 l 29630.47 11.6 -1.0 8.2 S&P 500 Consumer Discr 1.12
Barron's 400 718.60 698.99 711.59 12.04 1.72 610.89 l 757.37 13.3 0.1 8.1 7150 Nasdaq Composite 1.01
S&P 500 Energy 1.01
Nasdaq Stock Market
l
7000 S&P/TSX Comp 0.94
Nasdaq Composite 7255.54 6901.07 7063.44 70.78 1.01 5805.15 7588.32 19.4 2.3 13.0

.
l
iShiBoxx$HYCp 0.85
Nasdaq 100 6793.50 6410.04 6581.13 73.04 1.12 5353.59 7131.12 21.0 2.9 14.9

ly
6850 FTSE MIB 0.55
S&P 22 23 26 27 28 29 VangdTotalBd 0.52
500 Index 2674.78 2593.06 2640.87 52.61 2.03 2328.95 l 2872.87 11.5 -1.2 8.6 March
Shanghai Composite 0.51
MidCap 400 1888.61 1844.00 1878.77 39.30 2.14 1681.04 l 1995.23 9.3 -1.1 7.6 DJ US TSM Nymex ULSD 0.50
SmallCap 600
Other Indexes
946.34 924.90 938.46 15.34
on
1.66 815.62 l 979.57 11.4 0.2 9.5 s 509.64, or 1.90%
last week
iSh 7-10 Treasury
WSJ Dollar Index
0.48
0.42
Russell 2000 1543.81 1505.64 1529.43 19.34 1.28 1345.24 l 1610.71 10.6 -0.4 7.2 iSh TIPS Bond 0.42
us l,

NYSE Composite 12517.26 12241.48 12452.06 274.36 2.25 11324.53 l 13637.02 8.1 -2.8 4.6 Chinese Yuan 0.39
Value Line 550.47 537.92 546.67 8.75 1.63 503.24 l 589.69 5.2 -2.8 2.5 27850 iShNatlMuniBd 0.32
0.19 l VangdTotIntlBd 0.31
al a

NYSE Arca Biotech 4644.95 4438.03 4504.23 8.48 3449.61 4939.86 26.6 6.7 3.8
e
NYSE Arca Pharma 532.78 514.02 528.95 12.64 2.45 498.46 l 593.12 3.6 -2.9 -2.7 27500 Indonesian Rupiah 0.28
KBW Bank 108.32 103.87 106.50 2.56 2.47 88.02 l 116.52 14.5 -0.2 14.3 Russian Ruble 0.28
ci on

PHLX§ Gold/Silver 82.77 79.32 81.12 -0.39 -0.47 76.42 l 93.26 -2.6 -4.9 6.2 iSh 1-3 Treasury 0.07
27150
PHLX§ Oil Service 139.51 131.87 135.69 -1.10 -0.80 117.79 l 171.55 -19.6 -9.3 -10.6 -0.06 Canada dollar
PHLX§ Semiconductor 1391.01 1294.31 1328.90 4.98 0.38 960.01 l 1445.9 31.3 6.1 24.2 -0.10 Indian Rupee
19.97 l 26800
CBOE Volatility 24.94 19.60 -4.90 -19.70 9.14 37.32 73.1 80.9 9.8 -0.21 Australian dollar
22 23 26 27 28 29
 Nasdaq PHLX March -0.26 Euro area euro
er rs

Sources: SIX Financial Information; WSJ Market Data Group


-0.49 S&P GSCI GFI
International Stock Indexes Commodities and
-0.70 Swiss Franc
-0.71 Hang Seng
Region/Country Index Close
Latest
Net chg % chg
YTD
% chg Currencies -0.77 Nymex Rbob Gasoline
m e

Last Week YTD


World The Global Dow 3023.53 2.30 0.08 –2.0 Close Net chg %Chg % chg -0.82 UK pound
DJ Global Index 392.07 0.33 0.08 –1.3 DJ Commodity 631.07 0.55 0.09 0.91 -0.82 South African Rand
m rp

DJ Global ex U.S. 262.74 0.45 0.17 –1.5 TR/CC CRB Index 195.36 -0.90 -0.46 0.77 -0.84 IPC All-Share
Crude oil, $ per barrel 64.94 -0.94 -1.43 7.48 -1.05 S&P/ASX 200
Americas DJ Americas 634.00 ... unch. –1.3
Closed Natural gas, $/MMBtu 2.733 0.100 3.80 -7.45
-1.08 Norwegian Krone
Brazil Sao Paulo Bovespa 85365.56 … 11.7
Canada Closed Gold, $ per troy oz. 1322.80 -27.10 -2.01 1.26 -1.42 Japan yen
S&P/TSX Comp 15367.29 … –5.2
Mexico S&P/BMV IPC 46124.85 Closed –6.5
-1.43 Nymex Crude
… U.S. Dollar Index 90.15 0.71 0.80 -2.14
co Fo

Chile Santiago IPSA 4173.22 … Closed –0.9 -1.86 Comex Silver


WSJ Dollar Index 83.75 0.35 0.42 -2.59
-1.96 Comex Gold
EMEA Stoxx Europe 600 370.87 … Closed –4.7 Euro, per dollar 0.8115 0.0021 0.26 -2.60
-2.01 Wheat
Eurozone Euro Stoxx 373.99 … Closed –3.0 Yen, per dollar 106.24 1.51 1.44 -5.73
-2.01 Lean Hogs
Belgium Bel-20 3857.10 … Closed –3.0 U.K. pound, in dollars 1.40 -0.0116 -0.82 3.73
*Continuous front-month contracts
Denmark OMX Copenhagen 888.52 … Closed –4.2 52-Week Sources: SIX Financial Information (stock indexes), Tullett Prebon (currencies), WSJ Market
France CAC 40 5167.30 … Closed –2.7 Low Close(l) High % Chg Data Group (bond ETFs, commodities).
Germany DAX 12096.73 … Closed –6.4 THE WALL STREET JOURNAL
DJ Commodity 532.01 l 645.87 11.34
Israel Tel Aviv 1436.22 … Closed –4.9 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
TR/CC CRB Index 166.50 l 200.52 5.31 and commodities at WSJ.com/TrackTheMarkets
Italy FTSE MIB 22411.15 … Closed 2.6
Netherlands AEX 529.52 Closed –2.8
Crude oil, $ per barrel 42.53 l 66.14 28.98

Russia RTS Index 1249.41 2.43 0.19 8.2 Natural gas, $/MMBtu 2.55 l 3.63 -14.35 Currencies
South Africa FTSE/JSE All-Share 55474.52 Closed –6.8 Gold, $ per troy oz. 1208.60 l 1362.40 6.25

Spain Closed U.S.-dollar foreign-exchange rates in late New York trading
IBEX 35 9600.40 … –4.4
n-

U.S. Dollar Index 88.59 l 101.13 -10.36 US$vs, US$vs,


Sweden SX All Share 559.67 … Closed –1.6 Fri YTDchg Fri YTDchg
Switzerland Closed WSJ Dollar Index 82.70 l 90.93 -7.34 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Swiss Market 8740.97 … –6.8
Turkey BIST 100 114930.22 85.66 0.07 –0.3 Euro, per dollar 0.80 l 0.94 -13.54 Americas Vietnam dong .00004387 22794 0.4
U.K. FTSE 100 7056.61 Closed –8.2 Yen, per dollar 104.73 l 114.29 -4.62 Argentina peso .0497 20.1150 8.1 Europe

no

Closed l Brazil real .3026 3.3051 –0.2 Czech Rep. koruna .04861 20.571 –3.3
U.K. FTSE 250 19460.47 … –6.1 U.K. pound, in dollars 1.24 1.43 11.71
Canada dollar .7753 1.2898 2.6 Denmark krone .1653 6.0484 –2.5
Asia-Pacific Chile peso .001656 603.90 –1.9 Euro area euro 1.2324 .8115 –2.6
Australia S&P/ASX 200 5759.40 … Closed –5.0 Real-time U.S. stock Ecuador US dollar 1 1 unch Hungary forint .003942 253.71 –2.0
China
Hong Kong
Shanghai Composite
Hang Seng
3168.90
30093.38
8.37

0.26
Closed
–4.2
0.6 WSJ
.COM
quotes are available on
WSJ.com. Track most-
active stocks, new
Mexico peso
Uruguay peso
.0551 18.1614 –7.7
.03522 28.3900 –1.4
Venezuela b. fuerte .00002049600.0001 479504.7
Iceland krona
Norway krone
Poland zloty
.010142 98.60
.1275 7.8420
.2924 3.4199
–4.8
–4.4
–1.7
India S&P BSE Sensex 32968.68 … Closed –3.2 Russia ruble .01749 57.180 –0.9
highs/lows, mutual Asia-Pacific
Japan Nikkei Stock Avg 21454.30 295.22 1.40 –5.8 Sweden krona .1199 8.3420 1.9
funds and ETFs. Australian dollar .7682 1.3017 1.7
Singapore Straits Times 3427.97 … Closed 0.7 Switzerland franc 1.0482 .9540 –2.1
China yuan .1590 6.2911 –3.3
0.39 Plus, get deeper money-flows data and Turkey lira .2528 3.9552 4.2
South Korea Kospi 2445.85 9.48 –0.9 Hong Kong dollar .1274 7.8489 0.5
Ukraine hryvnia .0377 26.4915 –5.9
Taiwan Weighted 10906.22 60.30 0.56 2.5 email delivery of key stock-market India rupee .01537 65.079 1.9
UK pound 1.4017 .7134 –3.6
Thailand SET 1776.26 9.34 0.53 1.3 data. Indonesia rupiah .0000727 13748 2.0
Middle East/Africa
Japan yen .009412 106.24 –5.7
Sources: SIX Financial Information; WSJ Market Data Group All are available free at Kazakhstan tenge .003132 319.28 –4.0 Bahrain dinar 2.6522 .3771 –0.01
WSJMarkets.com Macau pataca .1235 8.0970 0.6 Egypt pound .0566 17.6620 –0.6
Malaysia ringgit .2589 3.8625 –4.9 Israel shekel .2865 3.4906 0.3
Consumer Rates and Returns to Investor Benchmark Yields and Rates
New Zealand dollar
Pakistan rupee
.7242 1.3808
.00864 115.710
–2.1
4.6
Kuwait dinar
Oman sul rial
3.3379 .2996 –0.6
2.5980 .3849 –0.01
U.S. consumer rates Selected rates Philippines peso .0192 52.173 4.4 Qatar rial .2746 3.642 –0.2

A consumer rate against its Money market accounts


Treasury yield curve Forex Race Singapore dollar .7631 1.3104 –2.0 Saudi Arabia riyal .2666 3.7503 ...
Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. South Korea won .0009423 1061.28 –0.6 South Africa rand .0845 11.8335 –4.3
benchmark over the past year major U.S. trading partners Sri Lanka rupee .0064251 155.64 1.4
Bankrate.com avg†: 0.35% notes and bonds Close Net Chg % Chg YTD%Chg
Taiwan dollar .03450 28.988 –2.3
Barclays 1.50% Thailand baht .03207 31.180 –4.3 WSJ Dollar Index 83.75 –0.09–0.11 –2.59
1.60% Wilmington, DE 888-720-8756 3.75% 15%
Federal-funds s Sources: Tullett Prebon, WSJ Market Data Group
target rate Capital One 360 1.50% 3.00 10 Euro
1.20
t Glen Allen, VA 877-464-0333 Thursday
0.80 Discover Bank 1.50% t 2.25 5 Borrowing Benchmarks | WSJ.com/bonds
Yen
s

Money market
account yields
Riverwoods, IL 877-505-4051 1.50 0 Money Rates March 30, 2018
t 0.40 Goldman Sachs Bank USA 1.50% t
0.75 –5 Key annual interest rates paid to borrow or lend money in U.S. and
New York, NY 855-730-7283 s
0.00 One year ago
0.00 WSJ Dollar index international markets. Rates below are a guide to general levels but
AM J J A S O N D J FM MyeBanc,ADivisionofBACFloridaBank 1.50% –10
don’t always represent actual transactions.
2017 2018 Coral Gables, FL 855-512-0989 1 3 6 1 2 3 5 710 30 2017 2018
month(s) years Week —52-WEEK—
Inflation Latest ago High Low
Yield/Rate (%) 52-Week Range (%) 3-yr chg maturity Feb. index Chg From (%)
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Switzerland 0.50 0.50 0.50 0.50
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) level Jan. '18 Feb. '17 Britain 0.50 0.50 0.50 0.25
Federal-funds rate target 1.50-1.75 1.50-1.75 0.75 l 1.50 1.50 Australia 1.50 1.50 1.50 1.50
Prime rate* 4.75 4.75 4.00 l 4.75 1.50
Corporate Borrowing Rates and Yields U.S. consumer price index
All items 248.991 0.45 2.2 Secondary market
Libor, 3-month 2.31 2.29 1.15 l 2.31 2.04 Spread +/- Treasurys, Core 255.783 0.45 1.8
Yield (%) in basis pts, 52-wk Range Total Return Fannie Mae
Money market, annual yield 0.35 0.35 0.25 l 0.36 -0.07 Bond total return index Last Wk ago Last Low High 52-wk 3-yr International rates 30-year mortgage yields
Five-year CD, annual yield 1.66 1.65 1.29 l 1.66 0.17
10-yr Treasury, Ryan ALM 2.741 2.826 -0.63 -0.44 30 days 4.012 4.068 4.109 3.253
30-year mortgage, fixed† 4.40 4.43 3.73 l 4.49 0.50 Week 52-Week
60 days 4.041 4.100 4.139 3.281
DJ Corporate 3.703 3.785 2.44 2.20 Latest ago High Low
15-year mortgage, fixed† 3.85 3.91 2.99 l 3.95 0.60 Notes on data:
Aggregate, Barclays Capital 3.120 3.170 41 34 45 1.19 1.24 U.S. prime rate is the base rate on corporate
Jumbo mortgages, $424,100-plus† 4.66 4.74 4.21 l 4.96 0.31 Prime rates
High Yield 100, Merrill Lynch 6.265 6.269 363 304 376 2.743 3.495 loans posted by at least 70% of the 10 largest
Five-year adj mortgage (ARM)† 4.13 4.39 3.20 l 4.50 0.76 U.S. 4.75 4.75 4.75 4.00 U.S. banks, and is effective March 22, 2018.
Fixed-Rate MBS, Barclays 3.300 3.360 29 20 34 0.86 1.18 Canada 3.45 3.45 3.45 2.70 Other prime rates aren’t directly comparable;
New-car loan, 48-month 3.67 3.63 2.85 l 3.67 0.70
Muni Master, Merrill 2.491 2.504 13 5 18 2.008 1.820 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest Complete Money Rates table appears Monday
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan n.a. 6.104 n.a. n.a. n.a. n.a. n.a. Policy Rates through Friday.
Sources: Bureau of Labor Statistics; SIX Financial
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Euro zone 0.00 0.00 0.00 0.00 Information
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS


YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. 7.27 52.88 33.95 FlirSystems FLIR 1.3 64 50.01 0.84 -10.93 22.16 16.62 ManulifeFin MFC 3.8 25 18.58 0.27 -0.82 55.36 36.34 ServiceMaster SERV ... 13 50.85 0.54
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX 10.78 62.09 37.04 Fluor FLR 1.5 42 57.22 1.37 -4.73 19.52 10.55 MarathonOil MRO 1.2 dd 16.13 0.81 26.89 176.56 84.03 ServiceNow NOW ... dd 165.45 5.77
BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. -2.63 103.82 84.32 FomentoEconMex FMX 1.5 30 91.43 0.99 10.81 74.92 47.78 MarathonPetrol MPC 2.5 11 73.11 1.29 -15.64 23.44 18.50 ShawComm B SJR 5.0 23 19.26 0.03
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -11.29 13.48 10.14 FordMotor F 5.4 6 11.08 0.22 2.73 1194.98 936.95 Markel MKL ... 45 1170.25 15.57 -4.37 435.15 306.05 SherwinWilliams SHW 0.9 21 392.12 6.87
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 22.64 55.34 35.44 Fortinet FTNT ...315 53.58 1.30 7.78 229.84 171.45 MarketAxess MKTX 0.8 56 217.44 4.46 -8.62 50.37 40.02 ShinhanFin SHG ... 4 42.40 0.33
-7.91 38.24 31.41 Fortis FTS 4.0 19 33.77 0.09 0.18 149.21 90.00 Marriott MAR 1.0 38 135.98 2.08 -3.69 192.15 123.73 Shire SHPG ... 11 149.39 4.86
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 7.15 80.31 59.38 Fortive FTV 0.4 26 77.52 0.87 1.47 86.54 71.79 Marsh&McLen MMC 1.8 29 82.59 0.70 23.36 154.82 67.05 Shopify SHOP ... dd 124.59 2.99
-13.95 73.62 57.75 FortBrandsHome FBHS 1.4 19 58.89 0.59 -6.22 244.32 191.09 MartinMarietta MLM 0.8 18 207.30 5.51 3.42 161.92 116.68 SignatureBank SBNY ... 20 141.95 0.79
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -14.46 86.06 64.62 Franco-Nevada FNV 1.3 65 68.39 1.38 -2.19 25.18 14.58 MarvellTech MRVL 1.1 25 21.00 0.48 -10.13 176.17 147.28 SimonProperty SPG 5.1 25 154.35 -1.56
s-New 52-week high. standards vj-In bankruptcy or receivership or -19.96 47.65 33.58 FranklinRscs BEN 2.7 30 34.68 0.57 -7.97 46.45 32.97 Masco MAS 1.0 24 40.44 0.61 16.42 6.62 4.73 SiriusXM SIRI 0.7 48 6.24 0.07
t-New 52-week low. lf-Late filing being reorganized under the -7.33 20.25 11.05 FreeportMcM FCX ... 15 17.57 0.82 15.72 183.73 111.01 Mastercard MA 0.6 48 175.16 4.81 2.77 42.73 22.64 SkechersUSA SKX ... 34 38.89 0.53
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -2.80 57.94 41.46 FreseniusMed FMS 1.0 22 51.08 0.60 41.94 47.10 16.06 MatchGroup MTCH ... 37 44.44 1.28 5.59 117.65 93.05 Skyworks SWKS 1.3 23 100.26 1.39
four quarters. requirements. assumed by such companies. 15.19 74.94 43.35 MaximIntProducts MXIM 2.8 45 60.22 1.27 3.77 68.39 49.48 SmithAO AOS 1.1 37 63.59 1.07
FD-First day of trading. t-NYSE bankruptcy GHI 4.40 111.46 90.25 McCormick MKC 2.0 17 106.39 0.44 8.97 40.43 30.73 Smith&Nephew SNN 2.4 22 38.15 -0.30
-9.14 178.70 128.60 McDonalds MCD 2.6 25 156.38 -2.03 -0.19 134.12 99.56 Smucker SJM 2.5 11 124.01 0.71
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -12.53 24.37 18.83 GGP GGP 4.3 30 20.46 -0.09 -9.67 178.86 133.82 McKesson MCK 1.0 6 140.87 0.21 8.62 23.57 11.28 Snap SNAP ... dd 15.87 -0.08
8.61 72.77 54.50 Gallagher AJG 2.4 27 68.73 0.53 -0.66 89.72 76.41 Medtronic MDT 2.3 40 80.22 1.76 -15.35 185.47 140.83 SnapOn SNA 2.2 15 147.54 0.32
-9.54 39.32 32.51 Gaming&Leisure GLPI 7.5 19 33.47 -0.20 -0.21 30.49 18.21 MelcoResorts MLCO 1.9 41 28.98 0.84 -17.21 64.20 32.38 SOQUIMICH SQM 1.8 30 49.15 2.25
Thursday, March 29, 2018 YTD 52-Week Yld Net -8.40 35.68 21.02 Gap GPS 3.1 15 31.20 0.30 13.26 417.91 210.78 MercadoLibre MELI 0.21114 356.39 15.17 7.54 53.91 31.32 Sony SNE ... 13 48.34 0.26
% Chg Hi Lo Stock Sym % PE Last Chg -9.58 38.00 19.91 GardnerDenver GDI ... dd 30.68 0.63 -3.20 66.41 52.97 Merck MRK 3.5 63 54.47 -0.62 -7.13 53.51 42.38 Southern SO 5.2 53 44.66 0.02
YTD 52-Week Yld Net -1.07 65.96 48.50 Garmin GRMN 3.5 16 58.93 0.72
-12.08 46.00 30.81 CadenceDesign CDNS ... 50 36.77 0.63 -9.24 55.91 43.38 MetLife MET 3.5 13 45.89 -0.01 14.18 56.61 32.63 SoCopper SCCO 2.2 57 54.18 1.75
% Chg Hi Lo Stock Sym % PE Last Chg -4.49 142.16 107.13 Gartner IT ...3921 117.62 0.81 -7.18 697.26 472.44 MettlerToledo MTD ... 40 575.03 3.13 -12.48 66.98 49.76 SouthwestAir LUV 0.9 10 57.28 1.03
-11.07 14.50 9.20 CaesarsEnt CZR ... dd 11.25 0.35
-6.74 11.00 9.01 Gazit-Globe GZT 4.0 4 9.82 0.22 -1.38 69.95 32.38 MichaelKors KORS ... 18 62.08 0.87 -14.92 46.47 32.12 SpectraEnerPtrs SEP 8.8 43 33.64 0.70
ABC -8.56 96.39 78.19 CamdenProperty CPT 3.7 40 84.18
-9.98 59.14 40.99 CampbellSoup CPB 3.2 12 43.31
0.12
-0.10 8.58 230.00 185.64 GeneralDynamics GD 1.7 23 220.90 3.62 -58.20 36.21 12.67 MicroFocus MFGP ... 22 14.04 -0.10 -4.07 105.20 51.85 SpiritAeroSys SPR 0.5 28 83.70 1.13
-9.37 100.01 77.20 CIBC CM 4.8 11 88.28 0.92 -22.75 30.54 12.73 GeneralElec GE 3.6 dd 13.48 -0.20 3.96 101.48 71.40 MicrochipTech MCHP 1.6 94 91.36 0.20 18.77 112.66 54.17 Splunk SPLK ... dd 98.39 2.45
-11.48 28.67 22.04 ABB ABB 3.5 23 23.74 0.18
-11.36 85.73 70.59 CanNtlRlwy CNI 2.0 21 73.13 1.56 -24.00 60.69 43.96 GeneralMills GIS 4.3 12 45.06 0.71 26.80 63.42 26.36 MicronTech MU ... 6 52.14 0.65 -17.15 9.22 4.81 Sprint S ... 3 4.88 0.02
... 13.02 7.51 ADT ADT ... ... 7.93 0.33
-11.90 37.63 27.52 CanNaturalRes CNQ 3.4 20 31.47 0.96 -11.34 46.76 31.92 GeneralMotors GM 4.2 dd 36.34 0.87 25.30 67.52 46.09 Microsemi MSCC ... 37 64.72 0.41 41.91 58.46 16.66 Square SQ ... dd 49.20 1.81
4.99 12.05 9.87 AES AES 4.6 dd 11.37 0.14
-3.43 188.80 144.77 CanPacRlwy CP 1.0 14 176.50 2.14 0.79 34.79 23.34 Genpact G 0.8 24 31.99 0.40 6.70 97.24 64.85 Microsoft MSFT 1.8 63 91.27 1.88 -9.72 176.62 130.04 StanleyBlackDck SWK 1.6 19 153.20 2.36
-0.30 45.88 35.73 Aflac AFL 4.8 8 43.76 0.21
-2.54 40.67 30.79 Canon CAJ 3.9 18 36.45 0.17 9.88 24.07 16.59 Gentex GNTX 1.9 16 23.02 0.42 -9.27 110.95 85.16 MidAmApt MAA 4.0 32 91.24 0.30 0.80 64.87 52.58 Starbucks SBUX 2.1 19 57.89 -0.01
-6.29 22.34 17.84 AGNC Invt AGNC 11.4 10 18.92 0.11
-3.78 106.50 76.05 CapitalOne COF 1.7 28 95.82 1.55 -5.44 107.75 79.86 GenuineParts GPC 3.2 21 89.84 1.16 -8.27 142.00 107.53 Middleby MIDD ... 24 123.79 0.33 2.17 114.27 76.95 StateStreet STT 1.7 19 99.73 1.87
29.83 15.77 10.24 ANGI Homesvcs ANGI ... dd 13.58 0.05
2.30 82.80 54.66 CardinalHealth CAH 3.0 11 62.68 0.58 25.27 5.32 2.60 Gerdau GGB 0.8 dd 4.66 0.21 -8.67 8.11 5.94 MitsubishiUFJ MTU ... 10 6.64 0.02 10.41 24.47 16.18 Statoil STO 3.7 17 23.65 0.38
6.17 171.92 104.65 Ansys ANSS ... 52 156.69 1.82
-8.13 119.21 92.09 Carlisle CSL 1.4 18 104.41 1.18 -10.56 34.19 26.09 Gildan GIL 1.6 18 28.89 0.29 1.65 4.00 3.37 MizuhoFin MFG ... 9 3.70 0.03 2.53 50.70 32.15 SteelDynamics STLD 1.7 13 44.22 1.52
14.23 216.00 126.03 ASML ASML 0.9 ... 198.56 4.03
-6.77 25.90 15.60 Carlyle CG 6.2 9 21.35 0.35 5.23 89.54 63.76 GileadSciences GILD 3.0 22 75.39 0.61 11.78 12.80 7.76 MobileTeleSys MBT 6.3 12 11.39 0.12 2.06 25.30 14.07 STMicroelec STM 1.1 24 22.29 0.14
-8.31 41.89 32.55 AT&T T 5.6 7 35.65 0.09
-3.41 77.64 54.29 CarMax KMX ... 17 61.94 1.30 10.15 44.53 34.52 GSK GSK 6.5 50 39.07 -0.31 -15.83 286.85 226.57 MohawkInds MHK ... 18 232.22 3.33 3.93 170.00 129.82 Stryker SYK 1.2 60 160.92 2.95
4.99 64.60 42.31 AbbottLabs ABT 1.9223 59.92 0.69
11.25 118.94 76.47 GlobalPayments GPN 0.0 37 111.52 1.44
-2.13 125.86 63.12 AbbVie ABBV 4.1 29 94.65 0.38 -1.19 72.70 57.39 Carnival CCL 2.7 18 65.58 0.94 -8.21 97.50 72.07 MolsonCoors B TAP 2.2 12 75.33 -0.08 -2.19 9.67 6.93 SumitomoMits SMFG ... 8 8.50 0.03
-1.18 72.29 56.79 Carnival CUK 2.7 18 65.50 0.81 22.16 64.49 36.02 GoDaddy GDDY ...161 61.42 2.49 52.70 46.69 22.49 Momo MOMO ... 24 37.38 1.77 -1.52 96.08 78.90 SunComms SUI 3.1107 91.37 0.32
55.27 304.28 117.36 Abiomed ABMD ...147 290.99 8.00
-6.47 173.24 91.00 Caterpillar CAT 2.1117 147.38 8.22 15.63 11.64 Goldcorp GG 0.6 18 13.82 0.31 -2.50 47.23 39.19 Mondelez MDLZ 2.1 22 41.73 1.14 -0.34 44.50 32.22 SunLifeFinancial SLF 3.5 15 41.12 0.53
0.27 165.58 114.82 Accenture ACN 1.7 27 153.50 6.09 2.22
-8.42 138.54 78.83 CboeGlobalMkts CBOE 0.9 32 114.10 -1.14 275.31 209.62 GoldmanSachs GS 1.2 29 251.86 2.49 -0.08 124.20 113.15 Monsanto MON 1.9 22 116.69 -0.06 -5.94 38.39 27.96 SuncorEnergy SU 3.3 17 34.54 0.61
6.54 79.63 48.41 ActivisionBliz ATVI 0.5153 67.46 1.49 2.19
-17.73 36.74 26.26 Goodyear GT 2.1 20 26.58 0.22 -9.61 70.22 44.35 MonsterBev MNST ... 40 57.21 0.97 5.34 73.37 51.96 SunTrustBanks STI 2.4 15 68.04 1.48
-20.91 209.18 131.64 AcuityBrands AYI 0.4 19 139.19 2.18 -6.42 114.00 83.34 Celanese A CE 1.8 16 100.21 0.47
-14.52 147.17 84.95 Celgene CELG ... 25 89.21 1.11 49.69 30.80 Graco GGG 1.2 31 45.72 1.13 9.27 171.68 110.82 Moody's MCO 1.1 31 161.30 2.36 -7.88 34.20 24.94 Symantec SYMC 1.2 17 25.85 0.21
23.31 231.34 128.21 AdobeSystems ADBE ... 57 216.08 3.54 0.80
-11.73 10.37 6.45 Cemex CX 19.48 298.14 155.00 Grainger GWW 1.8 28 282.27 4.79 2.84 59.38 40.43 MorganStanley MS 1.9 17 53.96 1.05 -13.16 40.59 26.01 SynchronyFin SYF 1.8 14 33.53 0.42
18.92 151.72 78.81 AdvanceAuto AAP 0.2 18 118.55 2.57 ... 12 6.62 0.10
-6.46 11.89 6.76 CenovusEnergy CVE 1.9 5 8.54 -1.40 34.72 27.60 GreatPlainsEner GXP 3.5 dd 31.79 0.46 -5.38 29.56 19.23 Mosaic MOS 0.4 dd 24.28 0.71 -2.35 94.80 70.55 Synopsys SNPS ...308 83.24 0.94
-2.24 15.65 9.70 AdvMicroDevices AMD ...335 10.05 0.24 0.36
5.94 112.42 69.20 Centene CNC ... 23 106.87 -7.50 25.18 18.47 Grifols GRFS 2.0 23 21.20 0.18 16.56 110.29 79.63 MotorolaSol MSI 2.0 dd 105.30 1.34 4.17 53.14 39.07 SynovusFin SNV 2.0 23 49.94 0.58
12.04 7.52 5.86 AdvSemiEngg ASX 3.1 17 7.26 -0.04 6.52
-3.39 30.45 25.84 CenterPointEner CNP 4.1 7 27.40 41.32 112.41 32.43 GrubHub GRUB ... 91 101.47 2.36 89.08 44.58 19.40 MuleSoft MULE ... dd 43.98 0.28 -1.27 64.27 48.85 Sysco SYY 2.4 27 59.96 0.59
7.46 7.03 4.73 Aegon AEG 5.2 8 6.77 0.01 0.45
11.40 7.86 3.49 CentraisElBras EBR ... dd 6.35 -2.24 9.51 7.76 GpoAvalAcc AVAL 4.2 13 8.31 -0.03 -2.69 47.82 29.39 Mylan MYL ... 32 41.17 0.67
-3.59 55.66 42.35 AerCap AER ... 9 50.72 0.55 0.04
-6.31 194.40 125.53 Aetna AET 1.2 29 169.00 -0.43 -1.50 27.61 13.16 CenturyLink CTL 13.1 9 16.43 0.22 -0.14 73.45 36.09 GpoFinGalicia GGAL 0.0 18 65.76
-14.52 27.37 14.20 GrupoTelevisa TV 0.6 41 15.96
0.66
0.15
7.20 31.14 14.52 NRG Energy NRG 0.4 dd 30.53 0.26 TUV
-7.63 217.00 148.81 AffiliatedMgrs AMG 0.6 16 189.58 4.58 -13.93 73.86 56.49 Cerner CERN ... 23 58.00 -0.64 7.57 26.14 22.58 NTTDoCoMo DCM ... 15 25.57 0.22
8.85 92.65 55.26 Guidewire GWRE ... dd 80.83 1.62 -13.66 3700.00 2028.99 NVR NVR ... 24 3029.08 51.19 24.84 41.75 16.75 TAL Education TAL ...131 37.09 0.21
-0.10 75.00 52.26 AgilentTechs A 0.9113 66.90 0.50 t -7.36 408.83 303.78 CharterComms CHTR ... 9 311.22 4.96
10.43 106.84 71.18 HCA Healthcare HCA 1.4 16 97.00 -0.15 -0.08 125.93 103.14 NXP Semi NXPI ... 18 117.00 0.74 15.84 63.01 36.12 TD Ameritrade AMTD 1.4 34 59.23 2.00
-8.90 51.86 37.35 AgnicoEagle AEM 1.0 40 42.07 0.65 -4.13 119.20 95.03 CheckPoint CHKP ... 21 99.34 0.30 5.11 108.23 71.93 TE Connectivity TEL 1.6 29 99.90 3.56
-3.08 175.17 134.09 AirProducts APD 2.8 34 159.03 1.95 -2.70 58.08 34.70 Chemours -10.93 33.67 21.48 HCP HCP 6.4 27 23.23 -0.16 12.22 87.00 65.98 Nasdaq NDAQ 2.0 20 86.22 2.73
CC 1.4 12 48.71 2.51 -2.85 110.77 73.73 HDFC Bank HDB 0.5 ... 98.77 1.93 -7.16 38.50 32.06 Telus TU 4.6 19 35.16 0.36
9.13 78.28 44.65 AkamaiTech AKAM ... 57 70.98 0.93 -0.72 60.22 40.36 CheniereEnergy LNG ... dd 53.45 1.15 -4.05 75.24 51.44 NationalGrid NGG 3.6 12 56.43 -0.26
-5.22 42.25 28.97 HD Supply HDS ... dd 37.94 0.47 21.47 53.57 31.57 NatlInstruments NATI 1.8130 50.57 1.32 2.85 39.48 22.78 Ternium TX 3.4 8 32.49 1.08
-15.71 95.75 59.25 AlaskaAir ALK 2.1 7 61.96 0.39 -1.82 33.47 26.41 CheniereEnerPtrs CQP 6.9 dd 29.10 0.59 12.22 22.73 13.63 TIM Part TSU ... 27 21.67 0.73
-27.48 144.99 89.28 Albemarle ALB 1.4 21 92.74 3.18 -0.29 29.73 24.00 CheniereEnHldgs CQH 7.4 54 27.61 0.13 4.33 24.75 17.10 HP HPQ 2.5 10 21.92 0.23 2.19 40.90 29.90 NatlOilwell NOV 0.5 dd 36.81 0.88
-7.69 55.89 39.63 HSBC HSBC 8.8 19 47.67 -0.06 -8.97 45.63 36.25 NatlRetailProp NNN 4.8 33 39.26 0.28 6.67 84.79 66.44 TJX TJX 1.5 20 81.56 0.87
-16.54 57.50 29.55 Alcoa AA ... 39 44.96 0.54 -8.91 133.88 102.55 Chevron CVX 3.9 24 114.04 1.94 -3.89 68.88 54.60 T-MobileUS TMUS ... 12 61.04 0.17
-4.36 134.37 109.16 AlexandriaRlEst ARE 2.9 79 124.89 1.33 1.83 45.33 24.44 ChinaEastrnAir CEA ... 12 36.80 1.47 -3.95 57.86 38.18 Halliburton HAL 1.5 dd 46.94 0.89 77.93 111.36 17.33 NektarTherap NKTR ... dd 106.26 1.25
-11.91 25.73 18.27 Hanesbrands HBI 3.3123 18.42 0.04 11.51 65.58 37.43 NetApp NTAP 1.3 dd 61.69 2.22 2.90 120.07 67.60 TRowePrice TROW 2.6 18 107.97 2.18
-6.80 149.34 96.18 AlexionPharm ALXN ... 57 111.46 0.85 -10.38 17.85 13.76 ChinaLifeIns LFC 1.2 17 13.99 0.07 16.79 87.60 48.66 TableauSftwr DATA ... dd 80.82 1.62
6.44 206.20 106.76 Alibaba BABA ... 48 183.54 4.63 -8.81 166.19 57.89 ChinaLodging HTHT ... 52 131.71 5.91 -15.72 62.95 41.33 HarleyDavidson HOG 3.5 14 42.88 0.20 -18.74 377.64 253.20 Netease NTES 0.5 24 280.39 5.85
13.86 164.58 106.18 Harris HRS 1.4 38 161.28 1.50 53.86 333.98 138.66 Netflix NFLX ...236 295.35 9.58 10.37 46.57 31.49 TaiwanSemi TSM 2.6 20 43.76 1.07
13.02 287.32 113.40 AlignTech ALGN ... 88 251.13 6.71 -9.48 56.93 44.55 ChinaMobile CHL ... 11 45.75 0.10 -10.93 129.25 57.36 TakeTwoSoftware TTWO ... 60 97.78 0.32
5.90 71.22 46.42 Alkermes ALKS ... dd 57.96 -1.27 20.59 89.68 69.60 ChinaPetrol SNP 11.5 13 88.48 2.76 -8.46 59.20 46.69 HartfordFinl HIG 1.9184 51.52 -0.21 6.88 92.98 39.21 Neurocrine NBIX ... dd 82.93 0.10
-7.25 116.20 83.56 Hasbro HAS 3.0 27 84.30 0.48 -6.76 108.40 58.47 NewOrientalEduc EDU ... 49 87.65 1.40 18.95 53.57 38.47 Tapestry TPR 2.6 47 52.61 0.10
3.08 639.42 521.07 Alleghany Y ...115 614.44 9.48 1.56 70.52 32.14 ChinaSoAirlines ZNH 1.4 12 52.63 2.34 -9.13 60.62 39.59 TargaResources TRGP
7.20 89.81 73.93 Allegion ALLE 1.0 30 85.29 2.16 -6.30 53.77 41.28 ChinaTelecom CHA 3.0 13 44.48 0.81 12.19 75.55 45.50 Heico A HEI.A 0.2 36 70.95 0.20 0.08 14.53 11.67 NY CmntyBcp NYCB 5.2 14 13.03 0.08 8.3 dd 44.00 0.26
15.01 91.34 53.85 Heico HEI 0.2 45 86.81 -0.17 -17.54 55.08 23.85 NewellBrands NWL 3.6 5 25.48 0.20 6.41 78.70 48.56 Target TGT 3.6 13 69.43 0.25
2.88 256.80 142.81 Allergan AGN 1.7 dd 168.29 2.64 -5.17 16.55 11.87 ChinaUnicom CHU 0.6127 12.83 0.29 -22.29 37.62 24.85 TataMotors TTM 0.1 10 25.70 0.28
t -16.02 278.33 205.61 AllianceData 11.79 499.00 247.51 Chipotle CMG ... 52 323.11 3.60 2.97 75.02 42.16 Helm&Payne HP 4.2 18 66.56 1.98 4.13 42.04 31.42 NewmontMin NEM 1.4 dd 39.07 0.68
ADS 1.1 15 212.86 -9.04 -3.82 93.50 62.56 HenrySchein HSIC ... 25 67.21 0.94 -5.94 35.00 24.53 TechnipFMC FTI 1.8 46 29.45 0.76
-4.11 45.55 36.84 AlliantEnergy LNT 3.3 21 40.86 0.24 -6.41 157.50 133.82 Chubb CB 2.1 17 136.77 -1.49 -3.01 17.70 12.60 NewsCorp B NWS 1.2 dd 16.10 0.30
43.93 100.45 56.81 Herbalife HLF 1.2 41 97.47 0.30 -2.53 17.29 12.19 NewsCorp A NWSA 1.3 dd 15.80 0.37 -1.57 30.80 14.56 TeckRscsB TECK 0.6 8 25.76 1.18
-9.46 105.36 79.09 Allstate ALL 1.9 11 94.80 0.19 s 9.65 38.93 33.00 ChunghwaTel CHT 4.2 24 38.86 0.36 -14.47 40.19 21.66 TelecomArgentina TEO 2.5 13 31.33 0.24
-6.89 31.29 18.11 AllyFinancial -12.82 116.49 95.21 Hershey HSY 2.7 27 98.96 0.71 4.57 164.41 127.09 NextEraEnergy NEE 2.7 14 163.33 1.06
ALLY 1.9 13 27.15 0.56 0.38 54.18 43.21 Church&Dwight CHD 1.7 17 50.36 1.12 10.89 10.83 7.57 TelecomItalia TI
6.64 55.48 37.25 Hess HES 2.0 dd 50.62 1.89 6.22 70.25 50.35 Nike NKE 1.2 63 66.44 1.00 2.7 ... 9.57 ...
-6.26 153.99 46.90 AlnylamPharm ALNY ... dd 119.10 -10.77 -17.41 227.13 146.49 Cigna CI 0.0 19 167.74 -0.58 15.12 8.87 6.27 TelecomItalia A TI.A 3.7 ... 8.30 0.04
-1.40 1186.89 817.02 Alphabet C GOOG ... 57 1031.79 27.23 22.14 19.48 12.70 HewlettPackard HPE 1.7 19 17.54 -0.12 -6.86 27.76 22.44 NiSource NI 3.3 61 23.91 0.19
-23.37 130.16 89.49 CimarexEnergy XEC 0.7 18 93.50 0.75 3.32 201.40 121.58 TeledyneTech TDY ... 30 187.17 3.58
-1.54 1198.00 834.60 Alphabet A GOOGL ... 58 1037.14 31.96 4.43 69.52 49.20 Hexcel HXL 0.8 21 64.59 0.43 3.98 35.74 22.98 NobleEnergy NBL 1.3 dd 30.30 0.94
-0.95 81.98 68.49 CincinnatiFin CINF 2.9 12 74.26 0.40 2.48 288.78 191.04 Teleflex TFX 0.5 79 254.98 1.88
6.00 80.56 45.96 Altaba AABA ... 3 74.04 1.40 3.22 91.11 69.47 Hill-Rom HRC 0.9 30 87.00 1.10 17.38 6.65 4.51 Nokia NOK 4.3 dd 5.47 0.04
9.47 178.34 119.54 Cintas CTAS 0.9 28 170.58 1.53 3.57 17.33 13.06 TelefonicaBras VIV ... 17 15.36 0.53
-12.95 35.29 17.58 AlticeUSA ATUS ... 9 18.48 0.29 -1.38 88.11 55.91 Hilton HLT 0.8 20 78.76 0.45 0.52 6.83 5.28 NomuraHoldings NMR ... 9 5.85 0.08
11.98 46.16 30.36 CiscoSystems CSCO 3.1 dd 42.89 1.23 1.96 11.64 8.99 Telefonica TEF 4.8 14 9.87 0.09
-12.73 77.79 59.07 Altria MO 4.5 12 62.32 -0.13 -4.61 53.21 23.46 HollyFrontier HFC 2.7 11 48.86 1.30 -6.87 151.84 107.16 Nordson NDSN 0.9 23 136.34 2.34
-9.29 80.70 57.55 Citigroup C 1.9 dd 67.50 -0.76 -18.00 36.19 25.96 TelekmIndonesia TLK 2.8 16 26.42 0.18
-22.36 23.54 11.01 AlumofChina ACH ... 41 13.92 0.48 -12.61 46.80 35.33 Hologic HOLX ... 10 37.36 -0.03 2.17 54.00 37.79 Nordstrom JWN 3.1 19 48.41 0.51
... 48.23 31.51 CitizensFin CFG 2.1 13 41.98 0.43 8.82 37.56 25.91 Tenaris TS 1.5 57 34.67 1.11
-5.96 207.60 144.25 HomeDepot HD 2.3 24 178.24 3.48 -6.29 157.15 111.07 NorfolkSouthern NSC 2.1 7 135.78 1.81
23.76 1617.54 871.66 Amazon.com AMZN ...236 1447.34 15.92 5.45 96.96 73.33 CitrixSystems CTXS ... dd 92.80 1.10 9.17 50.68 29.68 Teradyne TER 0.8 36 45.71 0.88
12.54 7.43 5.30 Ambev ABEV ... 50 7.27 0.16 1.91 37.29 27.05 HondaMotor HMC ... 7 34.73 0.31 3.24 110.81 84.93 NorthernTrust NTRS 1.6 21 103.13 2.00
-10.51 150.40 123.64 Clorox CLX 2.9 22 133.11 2.80 t -14.52 389.61 248.21 Tesla TSLA ... dd 266.13 8.35
1.89 71.72 60.30 Amdocs DOX 1.5 22 66.72 0.53 -5.77 165.13 122.40 Honeywell HON 2.1 69 144.51 1.25 13.75 359.43 235.16 NorthropGrum NOC 1.3 30 349.12 4.41
-5.34 48.62 42.19 Coca-Cola KO 3.6161 43.43 0.11 -9.82 33.82 10.85 TevaPharm TEVA 2.0 dd 17.09 0.05
-8.68 400.99 326.30 Amerco UHAL ... 9 345.10 2.32 -5.69 38.00 29.75 HormelFoods HRL 2.2 20 34.32 0.66 -0.53 61.18 51.30 NorwegCruise NCLH ... 16 52.97 0.49
4.54 44.75 36.17 Coca-Cola Euro CCE 3.1 30 41.66 0.23 -0.53 120.75 75.92 TexasInstruments TXN 2.4 29 103.89 1.98
-4.00 64.89 51.89 Ameren AEE 3.2 26 56.63 0.69 -14.16 53.32 31.98 DR Horton DHI 1.1 16 43.84 0.56 -3.70 94.19 72.67 Novartis NVS 3.7 25 80.85 -0.40
-4.58 91.84 63.90 Coca-Cola Femsa KOF 2.6 dd 66.43 0.84 4.21 62.19 45.00 Textron TXT 0.1 52 58.97 1.37
11.31 19.52 14.09 AmericaMovil AMX 1.6 45 19.09 0.25 -6.10 21.53 17.26 HostHotels HST 4.3 25 18.64 0.07 -8.24 58.37 33.78 NovoNordisk NVO 1.6 21 49.25 0.13
-14.99 72.99 39.73 Cognex CGNX 0.3 53 51.99 1.22 s 5.99 139.62 114.28 HowardHughes HHC ... 36 139.13 8.73 226.44 151.74 ThermoFisherSci TMO 0.3 37 206.46 0.54
11.73 19.46 13.89 AmericaMovil A AMOV 1.6 45 19.00 0.17 2.79 -3.92 70.48 51.67 Nucor NUE 2.5 15 61.09 1.77
13.35 85.10 57.50 CognizantTech CTSH 1.0 32 80.50 0.83 -11.33 48.61 38.22 ThomsonReuters TRI 3.6 20 38.65 0.12
-0.13 59.08 40.82 AmerAirlines AAL 0.8 13 51.96 1.11 7.40 31.85 23.64 HuanengPower HNP 6.2 38 26.85 0.24 39.20 55.25 14.38 Nutanix NTNX ... dd 49.11 1.17
-5.00 77.91 67.86 ColgatePalm CL 2.3 31 71.68 0.88 -23.59 161.48 87.96 ThorIndustries THO 1.3 14 115.17 2.78
-6.77 78.07 63.32 AEP AEP 3.6 18 68.59 -0.07 -10.02 149.03 109.31 Hubbell HUBB 2.5 28 121.78 1.91 ... 56.18 40.41 Nutrien NTR 3.4 ... 47.26 1.45
-14.68 44.00 32.74 Comcast A CMCSA 2.2 7 34.17 0.89 -6.73 259.77 188.62 3M MMM 2.5 28 219.52 2.98
-6.07 102.39 75.51 AmerExpress AXP 1.5 32 93.28 1.07 8.37 293.35 205.19 Humana HUM 0.7 16 268.83 1.28 19.68 254.50 95.49 NVIDIA NVDA 0.3 48 231.59 10.24
10.51 102.66 64.04 Comerica CMA 1.3 23 95.93 1.66 -6.05 111.44 84.15 Tiffany TIF 2.0 33 97.66 -0.37
3.39 121.69 93.25 AmericanFin AFG 1.2 21 112.22 0.03 1.89 126.49 83.35 JBHunt JBHT 0.8 19 117.15 2.23
7.29 61.88 49.43 CommerceBcshrs CBSH 1.6 21 59.91 0.70 3.40 103.90 85.88 TimeWarner TWX 1.7 14 94.58 0.38
3.71 16.60 12.14 HuntingtonBcshs HBAN 2.9 15 15.10 0.08 OPQ

.
-8.06 23.83 18.39 AmerHomes4Rent AMH 1.0 dd 20.08 0.30 5.66 42.75 30.95 CommScope COMM ... 41 39.97 1.32 -9.93 52.73 34.99 Toll Bros TOL 1.0 12 43.25 0.58
-8.66 67.30 53.34 AIG AIG 2.4 dd 54.42 -0.10 9.36 276.69 183.42 HuntingIngalls HII 1.1 25 257.76 4.58
1.34 11.96 8.15 SABESP SBS ... 9 10.59 0.27 -0.43 37.32 29.59 OGE Energy OGE 4.1 11 32.77 0.44 -7.21 93.59 73.99 Torchmark TMK 0.8 7 84.17 0.47
-12.14 36.09 23.12 Huntsman HUN 2.2 11 29.25 0.36

ly
1.87 155.28 120.17 AmerTowerREIT AMT 2.1 54 145.34 1.04 -2.10 41.03 32.16 ConagraBrands CAG 2.3 17 36.88 0.56 6.49 61.36 47.14 ONEOK OKE 5.4 43 56.92 1.29 -4.26 73.86 58.39 Toro TTC 1.3 28 62.45 1.99
-10.23 92.37 74.63 AmerWaterWorks AWK 2.0 35 82.13 0.94 3.70 83.02 52.72 HyattHotels H ... 39 76.26 -0.41
0.07 162.91 106.73 ConchoRscs CXO ... 23 150.33 7.08 2.84 279.23 169.43 OReillyAuto ORLY ... 20 247.38 4.66 -2.95 61.06 45.18 TorontoDomBk TD 3.7 14 56.85 0.75
-12.70 183.90 118.84 Ameriprise AMP 2.2 16 147.94 0.98 27.89 166.64 72.84 IAC/InterActive IAC ... 50 156.38 2.27
8.02 61.31 42.27 ConocoPhillips COP 1.9 dd 59.29 0.56 -11.81 78.09 57.20 OccidentalPetrol OXY 4.7 38 64.96 1.81 4.36 59.57 48.15 Total TOT 5.3 16 57.69 1.49
-6.11 106.27 71.90 AmerisourceBrgn ABC 1.8 19 86.21 1.10 -9.04 11.26 7.48 ICICI Bank IBN 0.9 21 8.85 0.14
-8.25 89.70 73.73 ConEd ED 3.7 16 77.94 0.38 11.72 152.50 80.56 OldDomFreight ODFL 0.4 26 146.97 4.86 9.07 90.74 51.88 TotalSystem TSS 0.6 27 86.26 1.41
22.39 207.14 146.09 IdexxLab IDXX ... 65 191.39 2.60
4.83 79.32 53.19 Ametek AME 0.7 26 75.97 1.02 s 0.94 230.55 162.28 ConstBrands B STZ.B 0.8 31 229.65 10.44 0.33 22.34 17.91 OldRepublic ORI 3.6 11 21.45 0.04 2.52 140.99 103.62 ToyotaMotor TM ... 9 130.37 1.00
-1.97 201.23 152.16 Amgen AMGN 3.1 66 170.48 0.02 6.84 50.00 41.17 IHSMarkit INFO ... 34 48.24 0.29
-0.28 231.83 160.53 ConstBrands A STZ 0.9 27 227.92 7.43 -0.22 86.71 65.32 Omnicom OMC 3.3 16 72.67 0.03 -15.69 82.68 49.87 TractorSupply TSCO 1.7 19 63.02 3.02
-1.90 93.62 68.56 Amphenol APH 0.9 42 86.13 1.28 -8.29 20.58 14.55 ING Groep ING 6.3 12 16.93 0.01
11.29 59.90 29.08 ContinentalRscs CLR ... 28 58.95
on 1.64 16.81 27.10 13.65 ON Semi ON ... 13 24.46 0.65 -15.07 51.85 40.02 TransCanada TRP 5.3 16 41.31 1.06
12.62 64.15 39.96 AnadarkoPetrol APC 1.7 dd 60.41 1.51 -12.40 38.43 30.02 Invesco IVZ 3.6 12 32.01 0.53
5.02 260.26 194.29 Cooper COO 0.0 66 228.81 3.66 -2.44 40.31 30.88 OpenText OTEX 1.5 49 34.80 0.76 11.77 321.38 217.41 TransDigm TDG ... 25 306.94 6.15
2.36 98.38 74.65 AnalogDevices ADI 2.1 44 91.13 1.22 8.99 264.11 116.82 IPG Photonics IPGP ... 37 233.38 7.60
17.92 51.77 28.89 Copart CPRT ... 36 50.93 1.10 -3.24 53.48 43.60 Oracle ORCL 1.7 56 45.75 0.77 3.31 61.42 37.64 TransUnion TRU ... 24 56.78 0.26
-12.05 121.71 75.11 Andeavor ANDV 2.3 10 100.56 1.53 0.21 110.67 78.07 IQVIA IQV ... 16 98.11 -0.51
-12.85 35.10 26.32 Corning GLW 2.6 dd 27.88 0.53 -1.84 18.57 14.94 Orange ORAN 3.4 24 17.08 0.09 2.37 150.55 113.76 Travelers TRV 2.1 19 138.86 0.07
-2.99 55.79 42.17 AndeavorLog ANDX 8.9 20 44.81 1.15 -21.24 64.68 42.48 IRSA Prop IRCP 5.5 12 44.50 ...
22.14 378.57 197.55 CoStar CSGP ...100 362.68 6.65 0.84 134.59 93.50 OrbitalATK OA 1.0 25 132.61 0.09 -11.71 45.70 30.45 Trimble TRMB ... 76 35.88 1.11
-1.45 126.50 101.21 AB InBev BUD 3.4 27 109.94 0.31 7.62 62.79 47.06 IcahnEnterprises IEP 12.3 4 57.04 -0.13
1.24 199.88 150.00 Costco COST 1.1 28 188.43 4.82 5.99 100.03 73.70 Orix IX ... 8 89.86 1.42 18.66 50.95 29.50 TripAdvisor TRIP ... dd 40.89 0.28
-12.28 12.73 10.00 AnnalyCap NLY 11.5 8 10.43 0.12 5.34 124.65 76.45 Icon ICLR ... 23 118.14 -0.22
-7.99 21.68 14.24 Coty COTY 2.7 dd 18.30 0.05 -14.99 100.26 61.74 Oshkosh OSK 1.2 18 77.27 1.03 -6.27 11.29 7.79 TurkcellIletism TKC 1.3 15 9.56 0.41
4.47 23.56 16.31 AnteroResources AR ... 10 19.85 0.64 7.99 150.72 91.60 IDEX IEX 1.0 33 142.51 1.99
9.45 237.99 150.71 Credicorp BAP 2.1 14 227.04 2.39 -12.55 96.52 59.26 OwensCorning OC 1.0 32 80.40 -1.20 -10.50 3.59 2.44 TurquoiseHill TRQ ... 34 3.07 0.05
us l,

-2.36 267.95 163.87 Anthem ANTM 1.4 15 219.70 -1.78 -6.11 179.07 130.17 IllinoisToolWks ITW 2.0 32 156.66 2.80
2.14 377.82 182.50 CreditAcceptance CACC ... 14 330.41 5.80 8.21 256.64 167.16 Illumina ILMN ... 48 236.42 1.43 -2.01 71.57 37.30 PG&E PCG ... 14 43.93 0.69 6.26 39.13 24.81 21stCenturyFoxA FOXA 1.0 17 36.69 0.81
4.72 152.78 117.00 Aon AON 1.0 ... 140.33 0.87 -5.94 19.98 13.28 CreditSuisse CS 4.3 dd 16.79 0.21 -5.68 38.54 26.97 PLDT PHI 3.8 23 28.37 0.32 6.59 38.56 24.30 21stCenturyFoxB FOX 1.0 17 36.37 0.87
-8.86 54.64 33.60 Apache APA 2.6 11 38.48 1.13 t -15.04 32.81 25.91 ImperialOil IMO 2.0 59 26.50 0.34
-1.26 114.97 93.14 CrownCastle CCI 3.8107 109.61 -1.27 -12.02 144.32 80.85 Incyte INCY ... dd 83.33 -1.63 4.82 163.59 115.45 PNC Fin PNC 2.0 15 151.24 1.79 20.82 36.80 14.12 Twitter TWTR ... dd 29.01 0.56
-6.77 46.72 37.97 ApartmtInv AIV 3.7886 40.75 0.17 -9.78 62.27 48.27 CrownHoldings CCK ... 22 50.75 0.60 0.92 93.12 56.48 POSCO PKX ... ... 78.85 1.54 19.15 214.33 152.00 TylerTech TYL ... 51 210.96 4.69
10.05 18.71 13.88 Infosys INFY 2.2 17 17.85 0.16
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-11.50 37.35 23.44 ApolloGlbMgmt APO 8.9 10 29.62 ... 5.71 60.65 42.65 Ctrip.com CTRP ... 81 46.62 0.45 -4.47 122.07 100.45 PPG Ind PPG 1.6 18 111.60 1.63 -9.72 84.65 57.20 TysonFoods TSN 1.6 9 73.19 0.26
e
-0.86 183.50 140.06 Apple AAPL 1.5 17 167.78 1.30 -4.13 97.67 79.58 Ingersoll-Rand IR 2.1 17 85.51 1.56
12.07 111.10 81.09 Cullen/Frost CFR 2.1 19 106.07 1.38 -7.78 146.28 113.42 Ingredion INGR 1.9 18 128.92 2.37 -8.59 40.20 27.08 PPL PPL 5.8 17 28.29 0.12 -3.97 20.89 15.10 UBS Group UBS 3.8 61 17.66 0.07
8.78 62.40 37.41 ApplMaterials AMAT 1.4 21 55.61 1.55 -8.24 194.18 143.83 Cummins CMI 2.7 27 162.09 2.42 28.37 81.72 51.00 PTC PTC ...312 78.01 0.97 -7.53 40.71 32.88 UDR UDR 3.6129 35.62 0.02
0.17 96.91 61.53 Aptiv APTV 1.0 17 84.97 2.15 12.82 53.78 33.23 Intel INTC 2.3 26 52.08 2.48
10.85 140.07 82.77 CurtissWright CW 0.4 28 135.07 3.54 13.56 74.11 33.01 InteractiveBrkrs IBKR 0.6 62 67.24 1.52 10.36 157.96 96.85 PVH PVH 0.1 23 151.43 7.41 -5.39 52.00 42.51 UGI UGI 2.3 14 44.42 0.24
-13.18 39.55 31.18 AquaAmerica WTR 2.4 25 34.06 0.47 11.29 18.87 12.50 CypressSemi CY 2.6 dd 16.96 0.34 -6.91 79.69 61.93 Paccar PCAR 2.63 35.10 25.43 US Foods USFD
ci on

2.78 76.30 57.91 ICE ICE 1.3 17 72.52 1.07 1.5 14 66.17 1.67 ... 17 32.77 -0.17
-7.44 46.09 36.06 Aramark ARMK 1.1 18 39.56 -0.12 -6.51 131.13 89.73 PackagingCpAm PKG 2.2 16 112.70 1.52 4.82 41.18 25.60 USG USG ... 63 40.42 0.04
-3.62 69.23 49.03 InterContinentl IHG 2.3 20 61.21 0.09
-1.55 37.50 19.59 ArcelorMittal
-5.71 102.60 83.16 ArchCapital
MT ... 5 31.81 1.45
ACGL ... 21 85.59 -0.21
DEF 0.01 176.33 139.13 IBM IBM 3.9 25 153.43 0.91 -1.73 54.86 43.08 PacWestBancorp PACW 4.0 17 49.53 0.62 -8.67 314.86 187.96 UltaBeauty ULTA ... 23 204.27 -0.84
-20.65 66.50 36.00 DISH Network DISH ... 9 37.89 0.45 -10.29 157.40 128.42 IntlFlavors IFF 2.0 37 136.91 1.85 s ... 39.97 26.78 PagSeguroDig PAGS ... ... 38.32 1.22 11.67 257.93 181.59 UltSoftware ULTI ...508 243.70 6.06
8.21 46.33 38.59 ArcherDaniels ADM 3.1 15 43.37 0.57 25.24 191.53 107.31 PaloAltoNtwks PANW ... dd 181.52 4.62 -4.88 26.48 20.60 UltraparPart UGP 2.5 24 21.62 0.61
-15.45 31.17 21.75 Arconic ARNC 1.0 dd 23.04 0.34 -4.62 116.74 97.66 DTE Energy DTE 3.4 17 104.40 0.40 -7.78 66.94 49.60 IntlPaper IP 3.6 10 53.43 1.05
5.93 107.85 67.76 DXC Tech DXC 0.7 33 100.53 -0.07 14.24 26.01 18.30 Interpublic IPG 3.6 16 23.03 0.18 -14.31 212.80 151.17 ParkerHannifin PH 1.5 27 171.03 2.88 13.31 23.46 11.40 UnderArmour A UAA ... dd 16.35 0.02
8.37 311.67 128.66 AristaNetworks ANET ... 48 255.30 10.16 -1.53 33.07 21.12 ParsleyEnergy PE ... 64 28.99 1.65 7.73 21.80 10.36 UnderArmour C UA ... dd 14.35 0.16
-4.22 87.26 69.67 ArrowElec ARW ... 17 77.02 1.29 5.48 104.82 78.97 Danaher DHR 0.7 28 97.91 1.39 9.87 179.30 114.80 Intuit INTU 0.9 48 173.35 2.42
-11.22 100.11 76.27 Darden DRI 3.0 20 85.25 0.87 13.12 452.00 251.13 IntuitiveSurgical ISRG ... 73 412.83 10.44 -9.53 73.10 54.20 Paychex PAYX 3.2 25 61.59 0.99 0.12 61.62 49.27 Unilever UN ... 23 56.39 0.58
0.78 36.70 28.43 AstraZeneca AZN 5.4 29 34.97 -0.16 33.69 115.48 56.45 PaycomSoftware PAYC ... 95 107.39 2.21 0.40 60.13 48.91 Unilever UL 3.2 23 55.56 0.46
7.51 158.66 95.01 AthenaHealth ATHN ...110 143.03 2.27 -8.73 80.71 52.51 DaVita DVA ... 19 65.94 -0.06 -3.14 24.30 20.25 InvitatHomes INVH 1.9 dd 22.83 0.16
-0.76 175.26 107.04 Deere DE 1.5 36 155.32 3.84 -12.37 65.51 37.26 IonisPharma IONS ... dd 44.08 -1.85 3.06 86.32 42.06 PayPal PYPL ... 52 75.87 0.81 0.25 143.05 101.06 UnionPacific UNP 2.2 10 134.43 3.67
-7.54 55.22 45.15 Athene ATH ... 7 47.81 0.26
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-9.93 92.40 59.92 DellTechs DVMT ... dd 73.21 1.11 -12.91 41.53 30.78 IronMountain IRM 7.2 48 32.86 0.15 7.23 10.80 7.62 Pearson PSO 3.2 16 10.53 ... 3.07 83.04 56.51 UnitedContinental UAL ... 10 69.47 1.56
18.45 62.25 29.56 Atlassian TEAM ... dd 53.92 1.76 -13.68 36.99 30.17 PembinaPipeline PBA 5.3 22 31.23 0.64 8.37 2.73 1.89 UnitedMicro UMC 3.2 21 2.59 ...
-1.92 93.56 76.46 AtmosEnergy ATO 2.3 16 84.24 0.54 -2.12 60.79 43.81 DeltaAir DAL 2.2 11 54.81 0.88 4.95 4.95 3.85 IsraelChemicals ICL ... 4 4.24 0.08
t -23.58 68.98 49.60 DentsplySirona XRAY 0.7 dd 50.31 0.36 20.00 16.98 10.02 ItauUnibanco ITUB 0.3 14 15.60 0.38 -3.53 74.84 59.13 Pentair PNR 2.1 26 68.13 0.24 -12.16 135.53 101.45 UPS B UPS 3.5 19 104.66 1.98
19.79 141.26 82.70 Autodesk ADSK ... dd 125.58 1.03 -0.21 20.26 15.96 People'sUtdFin PBCT 3.7 19 18.66 0.20 0.48 190.74 100.62 UnitedRentals URI ... 11 172.73 3.62
32.89 92.65 28.63 Autohome ATHM ... ... 85.94 2.59 -26.54 20.23 13.67 DeutscheBank DB 1.4 dd 13.98 0.22
14.84 152.57 96.08 Autoliv ALV 1.7 30 145.94 3.82 -23.21 45.16 28.79 DevonEnergy DVN 1.0 12 31.79 0.59 JKL -8.98 122.51 105.94 PepsiCo
3.56 84.49 56.21 PerkinElmer
PEP
PKI
3.0 32 109.15
0.4 70 75.72
-0.03
0.85
-5.75 58.50 49.15 US Bancorp
... 47.64 18.55 US Steel
USB
X
2.4 14 50.50
0.6 16 35.19
0.43
1.65
-3.17 125.24 95.50 ADP ADP 2.2 29 113.48 1.72 29.22 85.67 42.62 DexCom DXCM ... dd 74.16 0.88 -2.25 50.68 31.09 JD.com JD ... dd 40.49 0.48
-7.27 147.62 113.67 Diageo DEO 2.1 20 135.42 0.31 -4.38 95.93 63.68 Perrigo PRGO 0.9 99 83.34 0.74 -1.37 139.24 109.10 UnitedTech UTX 2.2 22 125.82 1.37
-8.81 797.89 491.13 AutoZone AZO ... 14 648.69 11.44 2.83 119.33 81.64 JPMorganChase JPM 2.0 17 109.97 1.97 -0.29 82.33 60.69 PetroChina PTR 1.1 37 69.74 -0.10 -2.93 250.79 163.46 UnitedHealth UNH 1.4 20 214.00 -4.50
0.21 134.60 82.77 DiamondbkEner FANG ... 25 126.52
m e

-7.82 199.52 152.65 Avalonbay AVB 3.6 26 164.46 0.41 1.85 3.41 127.31 91.50 JackHenry JKHY 1.2 27 120.95 1.41
-7.48 127.23 96.56 DigitalRealty DLR 3.8104 105.38 0.34 37.41 14.93 7.61 PetroleoBrasil PBR ... dd 14.14 0.38 4.46 128.15 95.26 UniversalHealthB UHS 0.3 15 118.41 -2.97
1.07 53.46 42.42 Avangrid AGR 3.4 42 51.12 0.37 -10.32 72.18 49.31 JacobsEngg JEC 1.0 31 59.15 2.28 32.15 13.92 6.96 PetroleoBrasilA PBR.A ... dd 12.99 0.29 -13.26 58.73 43.55 UnumGroup UNM 1.9 11 47.61 0.32
-7.50 123.67 79.13 AveryDennison AVY 1.7 34 106.25 2.20 -6.49 81.93 57.50 DiscoverFinSvcs DFS 1.9 13 71.93 1.65 1.53 18.79 13.55 JamesHardie JHX 1.1 31 17.88 0.45
-7.79 29.18 14.99 DiscovComm C DISCK ... dd 19.52 0.25 -2.02 39.43 31.67 Pfizer PFE 3.8 10 35.49 0.19 -10.65 8.94 6.62 VEREIT VER 7.9 dd 6.96 0.03
-6.71 38.20 27.77 AxaltaCoating AXTA ...232 30.19 0.03 -13.51 41.64 30.24 JanusHenderson JHG 3.9 10 33.09 0.62 -5.92 123.55 95.51 PhilipMorris PM 4.3 26 99.40 -0.39 0.16 84.38 51.22 VF VFC 2.5 46 74.12 0.45
4.67 56.31 41.17 BB&T BBT 2.5 19 52.04 0.51 49.19 38.00 19.25 DiscovComm B DISCB ... dd 37.00 1.05 12.14 163.75 128.58 JazzPharma
m rp

JAZZ ... 19 150.99 3.33 -5.17 107.47 75.14 Phillips66 PSX 2.9 10 95.92 1.59 t -10.63 22.99 17.86 VICI Prop VICI ... 96 18.32 0.05
-10.35 49.06 42.14 BCE BCE 5.6 18 43.04 0.29 -4.24 30.25 15.99 DiscovComm A DISCA ... dd 21.43 0.26 -9.04 24.13 18.05 JetBlue JBLU ... 6 20.32 0.15
-6.58 116.10 96.20 Disney DIS 1.7 14 100.44 1.90 -20.77 38.39 20.28 PilgrimPride PPC ... 9 24.61 -0.29 4.91 126.88 88.13 Visa V 0.7 41 119.62 2.63
-3.39 50.79 33.37 BHPBilliton BHP 5.0 25 44.43 0.94 -8.28 148.32 120.95 J&J JNJ 2.6329 128.15 0.70 -9.03 66.67 52.30 PinnacleFoods PF 2.4 12 54.10 0.31 4.34 237.77 186.44 VailResorts MTN 2.7 28 221.70 -2.03
-1.41 45.43 28.73 BHPBilliton BBL 5.5 22 39.73 0.94 2.52 74.29 48.00 DolbyLab DLB 1.0101 63.56 0.81 -7.53 44.37 33.89 JohnsonControls JCI 3.0 22 35.24 0.95
0.58 105.82 65.97 DollarGeneral DG 1.2 17 93.55 0.61 -6.32 92.48 73.81 PinnacleWest PNW 3.5 18 79.80 0.33 4.01 14.67 7.47 Vale VALE ... 12 12.72 0.27
7.22 107.00 74.48 BOK Fin BOKF 1.8 19 98.99 0.87 17.26 178.75 101.83 JonesLang JLL 0.4 31 174.64 1.20 -0.62 192.93 125.46 PioneerNatRscs PXD 0.2 35 171.78 4.26 0.94 99.95 60.69 ValeroEnergy VLO 3.4 10 92.77 2.49
-3.55 44.62 33.83 BP BP 5.9 39 40.54 0.94 -11.56 116.65 65.63 DollarTree DLTR ... 13 94.90 0.99 -14.63 30.96 23.84 JuniperNetworks JNPR 3.0 31 24.33 0.28
-16.81 85.30 66.99 DominionEner D 5.0 14 67.43 -0.36 6.73 31.93 18.38 PlainsAllAmPipe PAA 5.4 23 22.03 0.42 10.35 130.29 87.49 VarianMed VAR ... 99 122.65 1.12
-11.31 21.16 15.41 BT Group BT 4.2 15 16.16 0.17 7.31 56.75 40.27 KAR Auction KAR 2.6 21 54.20 0.38 -0.91 32.24 18.98 PlainsGP PAGP 5.5 dd 21.75 0.33 -15.65 21.99 13.78 Vedanta VEDL ... 14 17.57 0.34
5.03 67.69 45.79 BWX Tech BWXT 1.0 44 63.53 -0.97 23.60 236.00 166.74 Domino's DPZ 0.9 40 233.56 -0.31 -0.97 63.96 41.10 KB Fin KB ... 8 57.94 1.51
-7.97 52.20 42.59 Donaldson DCI 1.6 44 45.05 1.34 -7.64 137.66 77.91 PolarisIndustries PII 2.1 43 114.52 1.82 32.09 78.28 49.90 VeevaSystems VEEV ... 79 73.02 1.55
-4.71 274.97 171.17 Baidu BIDU ... 29 223.19 0.09 -3.61 24.50 16.77 KKR KKR 3.3 10 20.30 0.10 12.78 150.26 97.25 Pool POOL 1.0 32 146.22 2.46 -17.46 72.36 47.80 Ventas VTR 6.4 28 49.53 -0.14
-12.23 40.82 25.53 BakerHughes BHGE 2.6 dd 27.77 -0.30 -10.47 41.59 34.72 DouglasEmmett DEI 2.7 64 36.76 -0.02 3.75 123.96 87.93 KLA Tencor KLAC 2.2 26 109.01 2.44
-2.74 109.06 76.47 Dover DOV 1.9 19 98.22 2.01 -6.71 166.95 117.11 Praxair PX 2.3 33 144.30 2.14 3.60 127.24 86.74 VeriSign VRSN ... 32 118.56 2.16
4.91 43.24 35.60 Ball BLL 1.0 35 39.71 0.52 -12.24 18.82 12.70 KT KT ... 16 13.70 0.29 -13.68 75.58 57.62 PrincipalFin PFG 3.3 8 60.91 1.51 8.33 106.07 75.60 VeriskAnalytics VRSK ... 32 104.00 2.24
co Fo

-7.06 9.54 7.22 BancoBilbaoViz BBVA 9.4 13 7.90 0.12 t -10.54 77.08 62.31 DowDuPont DWDP 2.4 41 63.71 1.30 4.40 114.85 84.92 KSCitySouthern KSU 1.3 12 109.85 2.26
21.97 126.65 83.23 DrPepperSnap DPS 2.0 20 118.38 0.02 -13.71 94.67 75.81 Procter&Gamble PG 3.5 21 79.28 0.44 -9.65 54.77 42.80 Verizon VZ 4.9 6 47.82 -0.18
4.20 106.50 69.60 BancodeChile BCH 3.1 19 100.58 1.59 -4.37 74.28 58.76 Kellogg K 3.3 18 65.01 1.11 8.19 62.74 38.61 Progressive PGR 1.8 22 60.93 0.49 8.75 178.25 106.52 VertxPharm VRTX ...157 162.98 3.40
-6.83 136.10 82.68 BancoMacro BMA 0.7 13 107.97 1.03 s ... 34.37 27.75 DropBox DBX ... ... 31.25 0.27 -3.07 22.40 16.28 KeyCorp KEY 2.1 17 19.55 0.28
-7.89 91.80 72.93 DukeEnergy DUK 4.6 18 77.47 0.05 -2.36 67.53 50.36 Prologis PLD 3.0 21 62.99 0.46 13.47 49.00 28.20 Viacom A VIA 2.0 8 39.60 0.70
7.16 34.98 23.16 BcoSantChile BSAC 3.1 19 33.51 0.57 25.94 55.21 35.05 KeysightTechs KEYS ...111 52.39 1.16 27.97 123.87 70.30 Proofpoint PFPT ... dd 113.65 1.35 0.81 46.72 22.13 Viacom B VIAB 2.6 6 31.06 0.58
-1.92 10.82 6.67 BcoSantMex BSMX ... 10 7.17 0.05 -2.68 30.14 24.30 DukeRealty DRE 3.0 35 26.48 0.21 -4.94 77.70 62.91 KilroyRealty KRC 2.4 47 70.96 -0.44
6.45 37.48 29.44 ENI E ... 16 35.33 0.51 -9.94 127.14 97.88 PrudentialFin PRU 3.5 6 103.55 0.65 41.81 19.14 7.79 Vipshop VIPS ... 35 16.62 0.42
0.15 7.57 5.74 BancoSantander SAN 4.6 13 6.55 0.08 -8.73 134.29 104.58 KimberlyClark KMB 3.6 17 110.13 0.67 0.69 55.36 41.12 Prudential PUK 3.5 21 51.13 -0.52 80.33 35.20 13.10 VirtuFinancial VIRT 2.9150 33.00 0.48
5.95 48.74 36.38 BanColombia CIB 3.4 11 42.02 0.43 -2.45 119.00 81.99 EOG Rscs EOG 0.7 24 105.27 1.45 -20.66 23.03 13.69 KimcoRealty KIM 7.8 29 14.40 -0.13
6.60 125.88 73.49 EPAM Systems EPAM ... 87 114.52 2.99 -2.45 53.28 41.67 PublicServiceEnt PEG 3.6 16 50.24 0.88 13.70 21.43 14.50 VistraEnergy VST ... dd 20.83 -0.30
1.59 33.05 22.07 BankofAmerica BAC 1.6 19 29.99 0.60 -16.66 21.91 14.76 KinderMorgan KMI 3.31506 15.06 0.25 -4.12 232.21 180.48 PublicStorage PSA 4.0 30 200.39 -1.73 -3.23 165.00 85.45 VMware VMW ... 90 121.27 1.32
-5.56 84.71 66.75 BankofMontreal BMO 3.9 14 75.57 0.91 -16.53 67.84 43.70 EQT EQT 0.3 7 47.51 0.92 5.24 51.94 27.61 Knight-Swift KNX 0.5 17 46.01 0.51
11.78 58.49 33.06 E*TRADE ETFC ... 26 55.41 1.81 -11.31 35.21 21.41 PulteGroup PHM 1.2 20 29.49 0.41 -12.79 32.75 25.54 Vodafone VOD 4.3 dd 27.82 0.15
-4.33 58.99 45.88 BankNY Mellon BK 1.9 14 51.53 0.92 20.80 69.48 35.16 Kohl's KSS 3.7 13 65.51 0.95 4.46 36.34 27.74 Qiagen QGEN ...208 32.31 0.15 -13.92 83.52 64.13 VornadoRealty VNO 3.7 80 67.30 -0.22
-4.39 66.78 53.86 BkNovaScotia BNS 4.2 12 61.70 0.97 2.81 69.25 48.76 EastWestBncp EWBC 1.3 18 62.54 0.72 1.35 42.35 31.40 KoninklijkePhil PHG 2.6 19 38.31 0.30
13.97 112.45 76.11 EastmanChem EMN 2.1 10 105.58 1.40 5.78 86.84 62.68 Qorvo QRVO ...352 70.45 1.91 2.08 54.87 33.53 VoyaFinancial VOYA 0.1 dd 50.50 0.43
-0.37 53.70 40.15 BankofOzarks OZRK 1.6 14 48.27 0.95 -13.10 20.92 14.12 KoreaElcPwr KEP ... 18 15.39 0.52 -13.45 69.28 48.92 Qualcomm QCOM 4.1 dd 55.41 0.71 -11.06 141.20 110.23 VulcanMatls VMC 1.0 26 114.17 2.87
8.44 12.47 9.29 Barclays BCS 1.9 dd 11.82 0.06 1.14 89.85 69.82 Eaton ETN 1.9 12 79.91 0.86 -19.89 93.88 59.95 KraftHeinz KHC 4.0 7 62.29 0.92
-1.28 60.95 42.20 EatonVance EV 2.2 22 55.67 1.17 1.84 112.97 90.10 QuestDiag DGX 2.0 18 100.30 0.79
-13.96 20.36 11.07 BarrickGold ABX 1.0 10 12.45 0.06 -12.79 31.45 19.69 Kroger KR 2.1 11 23.94 0.32 WXYZ
0.62 72.58 51.57 BaxterIntl BAX 1.0 50 65.04 1.19 6.62 46.99 31.89 eBay EBAY ... dd 40.24 0.13
1.23 248.39 175.66 BectonDicknsn BDX 1.4165 216.70 4.27 2.15 140.50 124.42 Ecolab ECL 1.2 27 137.07 1.76
-13.39 71.92 53.79 Kyocera KYO ... 19 56.74 0.57 RS -6.71 162.20 111.68 WABCO WBC ... 18 133.87 1.26
10.72 17.39 10.53 LATAMAirlines LTM 0.4 57 15.39 0.37
71.92 182.79 34.36 BeiGene BGNE ... dd 168.00 3.99 32.13 20.55 8.61 Ecopetrol EC ... 18 19.33 0.66 -36.55 63.10 35.00 L Brands LB 6.3 11 38.21 0.54 -9.88 23.30 18.45 RELX RENX 3.8 26 20.79 0.13 -5.61 70.09 58.92 WEC Energy WEC 3.5 17 62.70 0.42
1.47 74.43 62.00 Berkley WRB 0.8 17 72.70 0.09 0.66 83.38 57.63 EdisonInt EIX 3.8 37 63.66 0.59 -12.06 17.05 11.59 LG Display LPL ... 5 12.10 0.08 -11.86 24.03 19.64 RELX RELX 3.7 26 20.89 0.14 10.90 163.25 97.26 WEX WEX ... 42 156.62 4.05
0.64 217.62 160.93 BerkHathwy B BRK.B ... 11 199.48 2.81 23.79 143.22 92.44 EdwardsLife EW ... 52 139.52 2.75 -4.83 47.81 32.69 LINE -9.06 56.69 46.80 RPM RPM 2.7 18 47.67 0.26 -10.03 72.41 59.23 W.P.Carey WPC 6.5 37 61.99 -0.17
15.40 131.13 87.94 ElectronicArts EA ... 38 121.24 1.91
LN ...133 39.01 0.85
0.17 326350 242180 BerkHathwy A BRK.A ... 11 298110 3069.00 -6.69 43.86 27.85 LKQ LKQ ... 22 37.95 0.45 15.24 47.17 28.76 RSP Permian RSPP ... 32 46.88 1.88 -12.16 113.51 76.68 WPP WPP 6.5 9 79.55 -0.17
-6.58 61.71 47.24 BerryGlobal BERY ... 16 54.81 0.77 -1.99 74.45 56.77 EmersonElec EMR 2.8 28 68.30 1.00 5.13 218.71 159.43 L3 Tech LLL 1.5 24 208.00 5.36 7.82 119.33 66.06 RalphLauren RL 1.8 dd 111.80 1.76 -0.04 93.81 69.20 Wabtec WAB 0.6 30 81.40 1.37
2.22 78.59 47.63 BestBuy BBY 2.6 21 69.99 1.43 -30.20 19.64 9.05 EnbridgeEnPtrs EEP 14.5 19 9.64 0.28 1.40 181.72 134.19 LabCpAm LH ... 13 161.75 0.22 -15.83 108.29 79.17 RandgoldRscs GOLD 2.4 28 83.24 0.92 -9.85 87.79 63.82 WalgreensBoots WBA 2.4 16 65.47 -2.12
4.78 279.59 195.50 Bio-RadLab A BIO ... 66 250.08 2.46 -19.53 42.92 29.54 Enbridge ENB 6.7 24 31.47 1.11 10.37 234.88 124.91 LamResearch LRCX 1.0 22 203.16 6.95 0.12 99.26 71.35 RaymondJames RJF 1.1 22 89.41 1.90 -9.90 109.98 70.64 Walmart WMT 2.3 27 88.97 1.20
-14.05 370.57 244.28 Biogen BIIB ... 23 273.82 2.00 -17.48 14.31 8.01 Encana ECA 0.5 13 11.00 0.48 -14.25 79.17 62.45 LamarAdv LAMR 5.7 20 63.66 -0.50 14.89 222.82 149.70 Raytheon RTN 1.6 31 215.82 4.76 1.13 74.59 58.28 WasteConnections WCN 0.8 33 71.74 0.56
-9.08 100.51 77.05 BioMarinPharm BMRN ... dd 81.07 1.45 15.71 59.29 42.08 EncompassHealth EHC 1.7 21 57.17 0.34 -9.28 62.31 47.25 RealtyIncome O 5.1 47 51.73 0.19 -2.53 89.73 70.08 WasteMgt WM 2.2 19 84.12 0.94
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3.14 60.85 40.61 LambWeston LW 1.3 27 58.22 1.83


6.68 53.00 41.10 BlackKnight BKI ... 32 47.10 0.40 4.03 12.11 9.07 EnelAmericas ENIA 0.9 19 11.62 0.24 3.47 79.84 55.18 LasVegasSands LVS 4.2 20 71.90 1.12 24.49 167.36 84.16 RedHat RHT ...107 149.51 3.31 2.83 220.20 153.91 Waters WAT ...1046 198.65 0.08
2.95 14.55 6.83 BlackBerry BB ... 13 11.50 -0.70 s 12.68 6.55 5.03 EnelChile ENIC 1.9 12 6.40 0.04 0.11 60.00 40.50 Lazard LAZ 13.0 29 52.56 1.03 -14.74 70.64 54.87 RegencyCtrs REG 3.8 83 58.98 -0.04 6.43 183.84 134.08 Watsco WSO 2.8 32 180.97 4.88
5.45 594.52 375.51 BlackRock BLK 2.1 18 541.72 13.69 -11.59 29.41 21.65 EnelGenChile EOCC 2.1 10 23.79 -0.68 5.34 202.42 132.01 Lear LEA 1.5 10 186.09 5.43 -8.41 543.55 313.53 RegenPharm REGN ... 33 344.36 5.88 -15.87 100.14 39.80 Wayfair W ... dd 67.53 2.39
-0.22 37.52 28.85 Blackstone BX 10.6 15 31.95 0.43 s 9.19 63.29 46.16 Energen EGN ... 20 62.86 2.08 -7.06 54.97 41.25 Leggett&Platt LEG 3.2 21 44.36 0.46 7.52 20.21 13.00 RegionsFin RF 1.9 19 18.58 0.30 15.54 142.12 48.82 Weibo WB ... 76 119.54 4.45
21.41 40.15 21.51 BlueBuffaloPet BUFF ... 41 39.81 0.04 -17.67 19.82 12.80 EnergyTransferEq ETE 8.6 17 14.21 -0.04 1.29 70.11 49.84 Leidos LDOS 2.0 27 65.40 1.14 -1.24 165.12 121.92 ReinsGrp RGA 1.3 6 154.00 -0.77 -3.72 221.75 137.10 WellCareHealth WCG ... 23 193.63 3.36
-4.13 236.17 74.45 bluebirdbio BLUE ... dd 170.75 -1.40 -9.49 24.71 15.06 EnergyTransfer ETP 13.9 7 16.22 0.13 -6.80 72.17 48.50 Lennar A LEN 0.3 17 58.94 0.18 -0.06 95.97 68.46 RelianceSteel RS 2.3 10 85.74 2.61 -13.61 66.31 49.27 WellsFargo WFC 3.0 13 52.41 0.93
11.18 371.60 175.47 Boeing BA 2.1 24 327.88 7.86 -3.21 87.95 71.95 Entergy ETR 4.5 35 78.78 -0.22 -7.72 58.65 40.39 Lennar B LEN.B 0.3 14 47.69 0.24 -2.04 69.40 60.26 RepublicSvcs RSG 2.1 17 66.23 0.73 -14.65 78.17 51.63 Welltower WELL 6.4166 54.43 -0.43
no

19.72 2228.99 1630.56 BookingHldgs BKNG ... 45 2080.39 25.70 -7.66 29.51 23.10 EnterpriseProd EPD 6.9 19 24.48 0.42 -1.87 223.05 160.18 LennoxIntl LII 1.0 29 204.37 4.15 16.27 104.78 67.04 ResMed RMD 1.4 49 98.47 2.22 -10.52 103.36 77.97 WestPharmSvcs WST 0.6 44 88.29 1.79
-1.68 58.22 37.54 BorgWarner BWA 1.4 24 50.23 1.58 -0.09 147.02 89.59 Equifax EFX 1.3 24 117.81 -1.23 -14.19 28.30 21.72 LeucadiaNatl LUK 1.8 53 22.73 0.28 -7.42 68.89 54.00 RestaurantBrands QSR 3.2 35 56.92 1.31 -0.40 57.32 47.06 WestarEnergy WR 3.0 23 52.59 0.65
-5.24 137.35 111.57 BostonProps BXP 2.6 42 123.22 -0.18 -7.74 495.35 370.79 Equinix EQIX 2.2140 418.14 1.12 -0.29 104.35 80.39 LibertyBroadbandA LBRDA ... 8 84.80 1.84 -2.65 59.25 37.66 RioTinto RIO 7.0 10 51.53 1.33 2.63 62.49 44.64 WestAllianceBcp WAL ... 19 58.11 0.75
10.21 29.93 24.19 BostonSci BSX ...390 27.32 0.64 -1.40 91.94 75.91 EquityLife ELS 2.5 40 87.77 0.56 0.62 104.66 80.41 LibertyBroadbandC LBRDK ... 8 85.69 1.78 4.23 60.59 42.92 RobertHalf RHI 1.9 25 57.89 1.06 16.02 106.96 76.59 WesternDigital WDC 2.2 76 92.27 1.47
10.40 33.73 17.44 Braskem BAK 2.6 ... 28.99 2.13 -3.37 70.45 54.97 EquityResdntl EQR 3.5 53 61.62 0.07 -10.08 37.86 27.36 LibertyGlobal C LBTYK ... dd 30.43 -0.38 -11.28 210.72 148.31 Rockwell ROK 1.9 61 174.20 -0.50 -10.87 47.40 32.24 WesternGasEquity WGP 6.6 19 33.12 0.62
6.09 105.04 69.48 BrightHorizons BFAM ... 38 99.72 2.03 -4.19 7.47 5.52 Ericsson ERIC ... dd 6.40 0.04 -12.64 39.73 28.17 LibertyGlobal A LBTYA ... dd 31.31 -0.54 -0.57 139.63 96.13 RockwellCollins COL 1.0 25 134.85 -0.45 -11.27 61.78 40.44 WesternGasPtrs WES 8.6 29 42.67 1.15
-12.35 75.00 49.62 BrighthouseFin BHF ... dd 51.40 0.36 -0.29 270.04 214.03 EssexProp ESS 3.1 37 240.68 1.05 3.07 29.11 19.59 LibertyQVC A QRTEA ... 6 25.17 0.14 -12.27 54.95 43.11 RogersComm B RCI 3.4 17 44.68 0.41 1.16 22.21 18.39 WesternUnion WU 4.0 dd 19.23 0.01
3.21 70.05 51.56 Bristol-Myers BMY 2.5107 63.25 0.68 s 17.67 150.40 83.34 EsteeLauder EL 1.0 52 149.72 3.69 -9.69 41.14 30.14 LibertyFormOne C FWONK ... 33 30.85 -0.02 9.67 53.00 35.82 Rollins ROL 1.1 62 51.03 0.56 4.34 121.30 59.58 WestlakeChem WLK 0.8 11 111.15 3.14
-13.88 73.41 53.38 BritishAmTob BTI 4.7 1 57.69 0.36 16.07 277.17 208.81 EverestRe RE 2.0 23 256.82 -1.51 -10.48 39.37 28.78 LibertyFormOne A FWONA ... 31 29.29 0.06 8.37 292.97 204.62 RoperTech ROP 0.6 30 280.69 4.20 -9.02 27.05 21.83 WestpacBanking WBK 6.5 13 22.18 0.21
-8.27 285.68 208.44 Broadcom AVGO 3.0 13 235.65 -1.03 -6.74 66.15 55.93 EversourceEner ES 3.4 19 58.92 0.45 3.08 26.52 21.35 LibertyBraves A BATRA ...379 22.73 0.03 -2.83 85.66 52.85 RossStores ROST 1.2 22 77.98 1.82 1.52 71.55 49.23 WestRock WRK 2.7 9 64.17 1.01
s 21.10 110.05 66.49 BroadridgeFinl BR 1.3 35 109.69 2.55 -27.14 32.50 18.03 Exelixis EXEL ... 45 22.15 -0.21 2.70 26.20 21.53 LibertyBraves C BATRK ...380 22.82 0.03 -5.34 87.10 66.66 RoyalBkCanada RY 3.9 13 77.29 0.97 -0.74 37.89 30.95 Weyerhaeuser WY 3.7 45 35.00 -0.02
-10.43 44.33 35.70 BrookfieldMgt BAM 1.5 29 39.00 0.23 -1.01 42.67 33.30 Exelon EXC 3.5 10 39.01 0.47 3.63 46.43 36.33 LibertySirius A LSXMA ... 12 41.10 0.27 -3.14 8.74 5.66 RoyalBkScotland RBS ... 47 7.40 0.04 -7.95 22.72 18.32 WheatonPrecMet WPM 1.8157 20.37 0.30
-7.07 46.88 37.54 BrookfieldInfr BIP 4.5 dd 41.64 0.59 -7.81 161.00 98.52 Expedia EXPE 1.1 47 110.41 4.09 3.00 46.24 36.11 LibertySirius C LSXMK ... 12 40.85 0.14 -1.29 135.65 93.86 RoyalCaribbean RCL 2.0 16 117.74 1.21 -9.21 202.99 150.22 Whirlpool WHR 2.9 34 153.11 1.94
t -1.13 53.87 25.16 Brown&Brown BRO 2.4 9 25.44 -0.07 -2.15 67.63 51.96 ExpeditorsIntl EXPD 1.3 24 63.30 1.68 -7.63 45.40 37.76 LibertyProperty LPT 4.0 21 39.73 0.39 -4.35 72.43 51.08 RoyalDutchA RDS.A 5.9 20 63.81 0.73 t -18.47 33.67 24.59 Williams WMB 5.5 9 24.86 0.08
-0.98 56.81 36.33 Brown-Forman B BF.B 1.2 35 54.40 1.58 -7.45 85.07 55.80 ExpressScripts ESRX ... 9 69.08 -0.65 -8.39 89.09 73.69 EliLilly LLY 2.9 dd 77.37 0.36 -4.04 74.60 53.10 RoyalDutchB RDS.B 5.7 21 65.53 0.73 -11.22 44.06 32.74 WilliamsPartners WPZ 7.0 37 34.43 -0.01
6.69 56.10 34.34 Brown-Forman A BF.A 1.2 27 53.33 1.85 -0.10 88.56 71.34 ExtraSpaceSt EXR 3.6 23 87.36 ... -1.78 101.34 81.85 LincolnElectric LECO 1.7 24 89.95 1.16 17.91 127.61 81.66 Ryanair RYAAY ... 18 122.85 1.98 1.00 165.00 125.66 WillisTowers WLTW 1.6 36 152.19 0.90
-24.54 69.95 35.24 BuckeyePtrs BPL 13.5 11 37.39 -0.58 -10.80 89.30 72.67 ExxonMobil XOM 4.1 16 74.61 1.80 -4.96 86.68 62.67 LincolnNational LNC 1.8 8 73.06 1.05 -6.41 116.90 96.04 SAP SAP 1.3 27 105.16 1.18 -5.67 6.40 4.75 Wipro WIT 0.6 22 5.16 0.04
10.23 83.75 63.87 Bunge BG 2.5 83 73.94 0.88 10.20 153.91 114.63 F5Networks FFIV ... 22 144.61 2.00 -1.01 49.11 29.82 LiveNationEnt LYV ... dd 42.14 0.22 12.79 197.76 127.60 S&P Global SPGI 1.0 33 191.06 3.78 -7.43 53.50 35.01 WooriBank WF 3.1 8 41.37 0.54
s 8.23 133.91 79.07 BurlingtonStrs BURL ... 24 133.15 2.66 -19.11 98.70 61.25 FMC FMC 0.9 19 76.57 3.46 -0.80 4.21 3.15 LloydsBanking LYG 6.1 17 3.72 ... 4.63 177.67 118.21 SBA Comm SBAC ...199 170.92 0.46 24.94 140.00 80.76 Workday WDAY ... dd 127.11 3.34
1.86 37.25 30.45 CA CA 3.0 34 33.90 0.42 -9.45 195.32 138.81 Facebook FB ... 30 159.79 6.76 5.26 363.00 266.01 LockheedMartin LMT 2.4 49 337.93 2.60 4.24 78.35 49.45 SEI Investments SEIC 0.8 30 74.91 1.95 11.82 85.53 59.10 Worldpay WP ...104 82.24 1.80
-14.30 25.90 18.26 CBD Pao CBD ... 24 20.20 0.64 3.46 217.36 155.09 FactSet FDS 1.1 32 199.42 0.98 -0.60 53.59 45.01 Loews L 0.5 14 49.73 0.29 3.95 124.60 63.05 Sina SINA ... 50 104.27 4.54 -1.24 127.96 83.40 Wyndham WYN 2.3 14 114.43 1.64
9.03 48.39 32.30 CBRE Group CBRE ... 23 47.22 0.52 -0.18 58.73 39.79 Fastenal FAST 2.7 27 54.59 1.41 9.19 43.54 30.64 LogitechIntl LOGI 1.7 31 36.73 0.11 7.58 64.43 50.67 SINOPEC SHI 7.8 7 61.32 0.17 8.17 203.63 112.70 WynnResorts WYNN 1.1 25 182.36 6.32
-13.95 71.07 49.33 CBS A CBS.A 1.4 46 51.44 -0.52 -12.57 138.12 106.41 FederalRealty FRT 3.4 40 116.11 -0.55 0.92 134.80 95.60 LogMeIn LOGM 1.0 65 115.55 3.90 -13.40 28.97 23.01 SK Telecom SKM ... 7 24.17 0.42 11.16 106.20 44.85 XPO Logistics XPO ... 42 101.81 3.58
-12.90 70.09 49.24 CBS B CBS 1.4 46 51.39 -0.49 -3.78 274.66 182.89 FedEx FDX 0.8 15 240.11 5.31 -5.58 108.98 70.76 Lowe's LOW 1.9 21 87.75 1.87 -4.06 109.95 89.46 SLGreenRealty SLG 3.4110 96.83 -0.35 -5.47 52.22 41.51 XcelEnergy XEL 3.3 20 45.48 0.14
-11.14 76.04 59.33 CDK Global CDK 0.9 28 63.34 0.60 14.96 131.20 69.59 Ferrari RACE ... 38 120.52 0.90 s 13.40 89.54 47.26 lululemon LULU ... 47 89.12 3.16 32.51 53.99 34.75 SS&C Tech SSNC 0.5 35 53.64 2.10 -1.27 37.42 26.64 Xerox XRX 3.5 49 28.78 -0.07
1.18 76.73 55.80 CDW CDW 1.2 21 70.31 0.38 15.02 24.95 9.56 FiatChrysler FCAU ... 8 20.52 0.58 -4.21 121.95 78.01 LyondellBasell LYB 3.8 9 105.68 2.53 2.67 271.79 159.44 SVB Fin SIVB ... 26 240.01 4.20 7.15 78.02 54.99 Xilinx XLNX 1.9 38 72.24 0.89
-11.31 45.00 25.04 CF Industries CF 3.2 25 37.73 1.24 32.65 22.05 8.60 FibriaCelulose FBR ... 31 19.50 0.25 4.63 25.01 17.30 Sabre SABR 2.6 24 21.45 0.18 12.79 79.83 48.81 Xylem XYL 1.1 42 76.92 1.11
6.09 59.89 46.40 CGI Group GIB ... 21 57.64 0.94 1.99 42.52 27.52 FidNatlFin FNF 3.0 17 40.02 0.21 MN -2.21 195.97 59.57 SageTherap SAGE ... dd 161.07 2.26 -5.63 26.70 18.41 YPF YPF 0.9 12 21.62 0.21
5.19 100.18 63.41 CH Robinson CHRW 2.0 26 93.71 2.02 2.35 103.65 78.89 FidNatlInfo FIS 1.3 25 96.30 0.98 13.76 128.87 81.55 Salesforce.com CRM ...684 116.30 3.42 -6.95 142.97 42.90 YY YY ... 17 105.20 3.93
4.61 56.14 41.94 CIT Group CIT 1.2 30 51.50 -0.03 4.65 34.57 23.20 FifthThirdBncp FITB 2.0 11 31.75 0.19 7.82 197.37 141.12 M&T Bank MTB 1.6 21 184.36 3.77 -6.79 50.65 38.14 Sanofi SNY 4.6 24 40.08 0.12 20.46 44.49 21.40 Yandex YNDX ... 97 39.45 0.20
10.74 171.71 114.82 CME Group CME 1.7 14 161.74 2.90 11.58 87.65 34.55 58.com WUBA ... 62 79.86 2.26 4.88 38.41 27.01 MGM Resorts MGM 1.4 10 35.02 0.92 -12.46 19.02 11.12 SantanderCons SC 1.2 5 16.30 0.26 4.31 86.93 63.18 YumBrands YUM 1.7 22 85.13 0.88
-4.25 50.85 40.48 CMS Energy CMS 3.2 28 45.29 0.22 4.71 62.71 37.80 FirstAmerFin FAF 2.6 16 58.68 0.57 22.38 128.28 64.75 MKS Instrum MKSI 0.6 19 115.65 4.30 -0.53 38.75 26.92 Sasol SSL 2.4 16 34.03 1.01 3.70 48.75 26.33 YumChina YUMC 1.0 41 41.50 0.78
-6.97 55.62 43.03 CNA Fin CNA 2.4 15 49.35 -0.48 -4.25 19.23 14.67 FirstData FDC ... 10 16.00 0.17 -6.85 39.38 30.88 MPLX MPLX 7.4 22 33.04 0.42 -3.87 80.89 61.02 Schlumberger SLB 3.1 dd 64.78 1.57 -5.43 18.08 11.91 ZTO Express ZTO ... 30 14.99 0.35
3.00 166.23 108.05 CNOOC CEO 3.5 19 147.87 0.72 -5.80 20.86 15.84 FirstHorizonNatl FHN 2.5 27 18.83 0.21 18.12 159.98 95.01 MSCI MSCI 1.0 45 149.47 -1.08 1.65 58.11 37.16 SchwabC SCHW 0.8 32 52.22 1.32 -7.17 37.95 29.73 ZayoGroup ZAYO ...100 34.16 0.72
30.43 17.69 10.63 CPFLEnergia CPL 1.8 29 15.00 0.31 6.89 105.52 84.56 FirstRepBank FRC 0.7 21 92.61 1.10 -14.71 69.73 52.12 Macerich MAC 5.3 77 56.02 -0.89 39.87 61.19 30.60 Seagate STX 4.3 27 58.52 1.63 34.09 148.71 86.82 ZebraTech ZBRA ...447 139.19 3.24
-5.74 39.32 32.47 CRH CRH 3.5 13 34.02 0.24 5.12 76.61 25.56 FirstSolar FSLR ... dd 70.98 1.66 18.06 31.04 17.41 Macy's M 5.1 6 29.74 0.67 -13.20 49.94 40.76 SealedAir SEE 1.5 53 42.79 0.57 32.55 59.73 33.09 Zillow A ZG ... dd 54.00 0.59
37.80 41.60 27.38 CSRA CSRA 1.0 18 41.23 ... 11.07 35.22 27.93 FirstEnergy FE 4.2 dd 34.01 -0.38 16.58 254.50 189.96 MadisonSquGarden MSG ... 78 245.80 3.28 -2.17 71.31 45.31 SeattleGenetics SGEN ... dd 52.34 0.66 31.48 59.99 32.87 Zillow C Z ... dd 53.80 0.33
1.27 60.04 46.04 CSX CSX 1.6 9 55.71 1.40 8.76 74.45 57.48 Fiserv FISV ... 25 71.31 0.57 -17.75 78.00 54.82 MagellanMid MMP 6.3 15 58.35 1.19 -22.90 9.14 4.49 SemicondctrMfg SMI ... 35 6.60 0.16 -9.64 133.49 107.32 ZimmerBiomet ZBH 0.9 12 109.04 0.88
-14.19 84.00 60.14 CVS Health CVS 3.2 10 62.21 -0.50 5.23 213.74 121.52 FleetCorTech FLT ... 26 202.50 5.87 -0.56 59.99 39.50 MagnaIntl MGA 2.3 10 56.35 1.94 4.02 122.97 100.63 SempraEnergy SRE 3.2111 111.22 0.89 3.74 57.29 38.43 ZionsBancorp ZION 1.5 20 52.73 0.56
-16.15 29.57 21.40 CabotOil COG 1.0109 23.98 0.26 -9.23 19.71 14.70 Flex FLEX ... 16 16.33 0.02 -8.73 136.93 97.15 Manpower MAN 1.6 14 115.10 2.64 1.13 40.28 30.12 ServiceCorp SCI 1.8 13 37.74 0.17 15.92 85.73 52.25 Zoetis ZTS 0.6 48 83.51 2.51

Dividend Changes
Dividend announcements from March 30.
Amount Payable / Amount Payable / Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Increased Constellation Brands B STZ.B 1.2 .67 /.47 Q May24 /May10 Pathfinder Bancorp PBHC 1.6 .06 /.0575 Q May11 /Apr20
Eaton Vance FR NextShares EVFTC 0.4 .0325 /.0315 M Apr05 /Apr03 Reliant Bancorp RBNC 1.4 .08 /.06 Q Apr20 /Apr10 Foreign
Constellation Brands A STZ 1.3 .74 /.52 Q May24 /May10
Eaton Vance Oaktree Div OKDCC 0.3 .0287 /.0258 M Apr05 /Apr03
Reduced Alamos Gold AGI 0.4 .01 SA Apr30 /Apr16
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Glacier Bancorp GBCI 2.4 .23 /.21 Q Apr19 /Apr10
Movado Group MOV 2.1 .20 /.13 Q Apr25 /Apr11 Eaton Vance TABS 5-to-15Y EVLMC 0.2 .0161 /.0175 M Apr05 /Apr03 Luxfer Holdings LXFR 3.9 .125 Q May02 /Apr13
S2:1: stock split and ratio; SO: spin-off.

Global Government Bonds: Mapping Yields


Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
2.250 U.S. 2 2.266 l 2.266 2.250 1.290 2.250
0.050 U.S. 2 -0.326
Italy 2.266 l 2.266
-0.326 2.250
-0.195 1.290
-0.096 -259.2 -259.2 -138.5
2.750 10 2.739 l 2.739 2.862 2.421 2.000 10 1.792 l 1.792 1.975 2.144 -94.7 -94.7 -27.7
4.500 Australia 2 2.024 l 2.024 2.008 1.756 -24.3 -24.3 46.7 0.100 Japan 2 -0.136 s l -0.137 -0.159 -0.231 -240.2 -240.3 -152.1
2.250 10 2.608 l 2.608 2.794 2.700 -13.2 27.9 0.100 10 0.048 s l 0.041 0.052 0.064 -269.1 -269.8 -235.6
-13.2
1.400 Spain 2 -0.350 l -0.350 -0.370 -0.206 -261.6 -261.6 -149.6
0.000 France 2 -0.499 l -0.499 -0.453 -0.476 -276.5 -276.5 -176.6
1.400 10 1.163 l 1.163 1.461 1.624 -157.6 -157.6 -79.7
0.750 10 0.721 l 0.721 0.924 0.942 -201.8 -201.8 -147.8
2.000 U.K. 2 0.822 l 0.822 0.690 0.107 -144.5 -144.5 -118.2
0.000 Germany 2 -0.610 l -0.610 -0.596 -0.740 -287.6 -287.6 -203.0 4.250 10 1.353 l 1.353 1.504 1.120 -138.6 -138.6 -130.1
0.500 10 0.498 l 0.498 0.657 0.337 -224.1 -224.1 -208.4 Source: Tullett Prebon
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | B7

OPEC price impact by date


of quota reduction.

.
ly
on Crude oil implied volatility (VIX-equiva-
lent) hit a multi-year low, as OPEC pro-
us l,

vides the market with what is effectively


a put option.
al a
e
ci on

Natural gas has overtaken


coal as the dominant fuel
for electricity production.
er rs
m e
m rp

WSJ’S
co Fo

FASTEST
GROWING
NEWSLETTER Micro Trends,
Macro Context.
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In Minutes.
no

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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, March 31 - April 1, 2018 * ******* THE WALL STREET JOURNAL.

BANKING AND FINANCE

Bank’s Ex-CEO Sticks to Finance, Cricket


BY MIKE BIRD

A decade after the financial


crisis, The Wall Street Journal
has checked in on dozens of
the bankers, government offi-
cials, chief executives, hedge-
fund managers and others who
left a mark on that period to
find out what they are doing
now. Today, we spotlight the
former chief executive of
Northern Rock, Adam Apple-
garth, and former CEO of Mer-
rill Lynch, John Thain.
Adam Applegarth is playing
more cricket these days, now
that he is no longer running a
bank that for many symbolized
excesses of the financial crisis.
Mr. Applegarth was chief
executive of Northern Rock
PLC from 1996 to 2007, when
the bank, then one of the U.K.’s
biggest mortgage lenders,
nearly collapsed in Britain’s
first bank run in more than a
century, and was taken over by

MARK FLETCHER/SHUTTER PRESS


the government.
Northern Rock was one of
the first victims in the country
of the credit crisis and high-
lighted the dangers of banks’
overreliance on the markets
for funding.
Since the bank’s national-
ization, Mr. Applegarth has Throughout the financial crisis and its aftermath, Mr. Applegarth—shown batting in 2013—has played for Sunderland Cricket Club.
kept a low profile, giving no
interviews or making public vested in Belmont Green Fi- lightning rod for the unfolding U.K. retail banks. derland Cricket Club, an ama- cricket batting average—the
statements. nance Ltd., a mortgage lender financial crisis in the late sum- Following the credit crunch, teur cricket club in the north- average number of runs scored
Still, the 55-year-old hasn’t that is now offering mortgage mer of 2007, as money mar- which started in summer 2007, east of England, according to for each time the batsman has
left finance. In 2009, Mr. Ap- loans under the name Vida kets dried up and the bank he a run on Northern Rock began, the club’s website. After mak- been out—of 28.4 last year,

.
plegarth took a position as an Homeloans in the U.K., accord- ran was eventually national- with depositors lining up out- ing just seven games in 2008, down from a personal record

ly
adviser to the New York in- ing to Belmont Green. Earlier ized. side branches to withdraw he has notched up more in re- of 40.9 in 2012, according to
vestment firm Apollo Global this month, Vida Homeloans Under his leadership, the their money. The British gov- cent years, playing 17 in the Sunderland Cricket Club’s
Management LLC, a position announced a range of mort- bank’s business model shifted ernment took over the bank in 2016 season and 12 in the 2017 website. That is roughly equiv-
he held until 2013. gages for customers with on to wholesale markets to fund February 2008. season. alent to a Major League Base-
After that, he advised New “slightly impaired credit histo- mortgage lending, and it be- Throughout the crisis and He couldn’t be reached for ball player hitting .275, good
York-based private-equity firm ries.” came more active in securitiz- its aftermath, Mr. Applegarth comment. enough to crack the starting
Pine Brook Partners as it in- Mr. Applegarth became a ing its mortgages than other has continued to play for Sun- Mr. Applegarth had a lineup, perhaps, but no all-star.
us l,

Helping Companies After Crises BOARD


al a

ADVERTISEMENT
e

The Mart
ci on

BY MICHAEL WURSTHORN led since 2010. Mr. Thain Continued from page B1
To advertise: 800-366-3975 or WSJ.com/classifieds
helped the lender to small- Mr. Thain would bring a
John Thain still clings to his and midsize companies long history of experience in
BUSINESS OPPORTUNITIES roots as a corporate fix-it guy. emerge from bankruptcy pro- financial services, some of it
CHRIS GOODNEY/BLOOMBERG

The 62-year-old banking ex- tection, lowered its funding tumultuous.


er rs

ecutive has a history for leading costs and boosted returns. But Early in his career, he spent
 
     struggling businesses through he was criticized by CIT’s more than two decades at
   turbulent periods. Now, he has
taken on a new role as a direc-
board for failing to meet most
of the expectations for starting
Goldman Sachs, working his
way up the ranks to co-chief
  
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tor at Uber Technologies Inc. and closing the integration of operating officer and presi-
as the ride-hailing firm faces a OneWest Bank, and it opted to dent. In 2004, he became head
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to its corporate culture and companies through trying times. Taking over in December change. He then became chief
3. 44& 
"     &'5 treatment of employees. 2007, Mr. Thain, a former Gold- executive of Merrill Lynch in
His tenure as a board mem- for election at the bank’s annual man Sachs Group Inc. executive late 2007, when the invest-
ber got off to a rocky start last meeting in May, says a person who had risen through the ment bank was grappling with
fall. The firm’s former chief ex- familiar with the board’s plans. ranks to be president and co- debilitating mortgage-related
co Fo

ecutive, Travis Kalanick, ap- As chairman and CEO of operating chief, steered Merrill losses.
pointed Mr. Thain without con- Merrill Lynch & Co., Mr. Thain through mortgage-related He helped orchestrate Mer-
sulting the rest of the board, was perhaps best known for problems before helping to rill’s sale to Bank of America
surprising directors who finding a buyer for the troubled craft a sale to Bank of America Corp. at the height of the
weren’t pleased. Mr. Kalanick’s firm during the financial crisis. Corp. at the height of the crisis. 2008 financial crisis, then lost
power to appoint board mem- He has said he relishes the The deal helped save Mer- his job and was lambasted by
bers was the subject of a law- challenge of helping businesses rill’s brand, which lives on un- investors, regulators and poli-
suit that was settled last year regain their footing. “I enjoy der Bank of America today. But ticians for big bonuses paid to
after Uber agreed to add more fixing things that someone else Mr. Thain got flak for hefty bo- Merrill employees.
      !  "#  directors, limiting the former broke,” he said in 2015. nuses paid to Merrill employ- He later told the Journal
CEO’s influence. He couldn’t be reached for ees after the sale’s announce- that he regretted taking the
 
 
        Mr. Thain has been tapped to comment for this article. ment and a $1.2 million office job and having to sell Merrill
        

 
 
serve on the supervisory board His record since Merrill has redecoration amid mounting to Bank of America.
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of Deutsche Bank AG as the been mixed. Before joining losses. Three weeks after the Mr. Thain then earned
  
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      $""#  %&''('''  % (
&  ) ( *+    , NYSE Circles Over Chicago Stock Exchange
BY DAVE MICHAELS
AND ALEXANDER OSIPOVICH Mini Market
The Chicago Stock Exchange’s
The New York Stock Ex- share of U.S. stock-trading
change is in talks to buy the volume has dwindled to about
3 
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     1      8A;8@ '%1 B / after the recent collapse of a
two-year acquisition effort 6%
by a Chinese-led investor
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2@SFRCInc.Com Major Airlines, Corporate Travel operator by value of shares
Never Fly Coach Again! listed, which is well posi- approval to start a new ex- U.S. lawmakers had alleged them to become regulated ex-
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The NYSE has discussed NYSE—which owns four stock system. CHX and Chongqing do this, the cryptocurrency
     
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THE
"#  $ #  %   &    #
 
!  !  !     ! '   " (
the Chicago exchange, the exchanges—acquiring an ex- a Chinese conglomerate that form alliances with compa-

   "  &       people familiar with the situ- tra license can provide the would have acquired a 29% nies that already operate li-
MART
! '   " (  (         )
  & *   + ,     ation said. That would be opportunity to experiment stake in CHX, had said such censed stock exchanges.
 -       !!  !    
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more than triple the $20 mil- with new pricing strategies concerns were unfounded. NYSE is a minority investor
'      !      ADVERTISE TODAY lion price agreed on with the and other ways of targeting The Chicago exchange said in Coinbase, one of the
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01     2    (
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   © 2018 Dow Jones & Company, Inc. Analysts say CHX’s most over. The SEC rejected the able, due to the growth of NYSE, whose parent company
.33/ 145614 7  8 (  All Rights Reserved. valuable asset is its license to Chinese-led bid for the ex- unregulated platforms that Intercontinental Exchange
run a national securities ex- change in February, citing trade cryptocurrencies. The Inc. reported profit of $2.5
change. Getting regulatory regulatory deficiencies. government wants many of billion last year.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | B9

MARKETS

China to Its Tech Stars: List at Home


SHANGHAI—The Chinese four companies are domiciled innovative companies to list
government unveiled a pilot in the Cayman Islands. domestically through public
plan to encourage qualified Internet company Alibaba, share offerings or the issu-
companies in select industries which has a market value of ance of Chinese depositary
to float shares on its domes- $470 billion and went public receipts was approved by the
tic stock market, paving the on the New York Stock Ex- State Council, China’s cabinet,
way for the country’s big change in 2014, has been on March 22.
technology companies to list working on a plan to list in The plan could prove to be
at home. China as soon as this summer. a boon for Chinese companies
Overseas-listed Chinese A spokeswoman for the com- listed outside of China that
companies in advanced tech- pany previously said Alibaba qualify to list shares back
nology sectors with market has long considered listing its home. Stocks on the mainland
capitalizations of at least 200 shares domestically if regula- tend to trade at higher valua-
billion yuan ($31.8 billion) tions would permit it. Chinese tions than in other markets,
can return to China’s yuan- smartphone maker Xiaomi and access to domestic inves-
denominated stock market by Corp., meanwhile, is planning tors could also make it easier
selling shares or issuing fi- to go public in Hong Kong for the companies to raise ad-

VCG VIA GETTY IMAGES


nancial instruments called this year and may also list its ditional funds by selling
Chinese depositary receipts, shares in China via depositary shares.
according to the China Secu- receipts, the Journal previ- There are risks, however.
rities Regulatory Commission. ously reported. China’s stock market is
The announcement was made Chinese authorities are ea- largely driven by individual
after markets in China closed ger to welcome back home- investors and has been prone
on Friday. grown tech champions to give Alibaba, one of China’s largest companies with operations in e-commerce and logistics, is among to large swings during times
The plan is aimed at luring individual investors a chance other firms that have listed shares overseas. The government unveiled a plan to lure them back. of stress in previous years. In
companies such as Alibaba to tap into heady tech-stock addition, depositary receipts
Group Holding Ltd., Tencent profits. Shares of Tencent and week, according to data from said. This could include firms cuit, high-end manufacturing typically confer limited rights
Holdings Ltd., Baidu Inc. and Alibaba have risen 83% and Wind Information Co. that have yet to turn a profit. and biotechnology. to their holders.
JD.com Inc. back home. Ali- 68%, respectively, from a year Meanwhile, private tech The regulator said it would The pilot plan for allowing —Stella Yifan Xie
baba and other companies ago, while Baidu and JD.com companies with revenue of at set up a committee to select
were previously barred from have each increased over least 3 billion yuan in the qualified companies from sec-
listing their shares domesti- 22%. past year would also be al- tors that fit with national
cally because they were incor- A total of 15 overseas- lowed to go public on the strategies and possess core ADVERTISEMENT
porated overseas. Tencent is traded Chinese companies Shanghai and Shenzhen ex- technologies, including inter-
listed in Hong Kong, while
Alibaba, Baidu and JD.com
had valuations exceeding the
$31.8 billion market capital-
changes if their estimated
valuation is at least 20 billion
net, big data, cloud comput-
ing, artificial intelligence,
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
are listed in New York. The ization threshold as of last yuan, the securities regulator software and integrated cir-

PUBLIC NOTICES

Volatility in Natural Gas Vanishes            


       
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flooded the market with oil risks to supply have kept Yawger, director of the futures $2.7330 per million British
NOTICE OF SALE PUBLIC NOTICES
and gas years ago, increasing prices supported. Meanwhile, division at Mizuho Securities thermal units, although gas is
global fuel demand and re- U.S. production has repeatedly USA Inc. “Your upside and down 7.5% for the year to date.
  

      
 


  
       
 

 
    
  
  

    
 
       
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gist for Bank of Tokyo-Mitsub-
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
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NOTICES

      # !!!   
firms also logged solid gains. index rose 0.8% in the month,  !  
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The biggest risers in South which saw it gain trade conces- &'%()*+  ' !         
 !
  #  
      !
Korea were banks, electronics sions from the U.S. a