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What’s
News
Business & Finance
ayPal is in talks to buy
P social-media platform
Pinterest, a move that could
enable the payments giant to
play a bigger role in custom-
ers’ shopping experience. A1
 Exxon’s remade board
is debating whether to
continue with several ma-
jor oil and gas projects as
the company reconsiders
its investment strategy. A1
 Tesla notched a third
consecutive record quarterly
profit, thanks in part to its
ability to navigate global
supply-chain disruptions. B1
 Bitcoin’s price hit a re-
cord a day after the first U.S.
ETF linked to the cryptocur-
rency started trading. B1
 The S&P 500 and Dow
both rose 0.4%, while the
Nasdaq slipped 0.05%. B11
 China Evergrande
called off plans to sell a
majority stake in its prop-
erty-management unit. A10
 Activist investor Elliott
has a big stake in Canadian
National Railway, adding to
pressure on the railroad. B10
 IBM reported weaker-
than-expected revenue for
the third quarter. B6
 The District of Columbia’s
attorney general is seeking to
hold Facebook’s Zuckerberg
personally liable in a lawsuit
stemming from the Cam-
bridge Analytica scandal. A9
World-Wide
 U.S. health regulators
significantly widened the
nation’s Covid-19 booster
campaign, clearing use of
extra doses of Moderna and
J&J vaccines and saying
people can get a shot that
is different from what they
had previously received. A1
 Democrats in the Senate
are considering abandoning
central tax elements of their
social policy and climate pack-
age as Sen. Sinema contin-
ues to oppose any increase
in marginal rates for busi-
nesses, high-income individ-
uals or capital gains. A1, A4
 Senate Democrats’ lat-
est effort to overhaul elec-
tion rules nationwide was
blocked by Republicans,
leaving the effort at a
standstill and progressive
activists frustrated. A4
 Trump unveiled a new
digital media venture and
said it would go public by
merging with a special-pur-
pose acquisition company. A9
 Nikolas Cruz pleaded
guilty to killing 17 students
and staff members and at-
tempting to kill 17 others
in the 2018 school shoot-
ing in Parkland, Fla. A3
 A Brazilian Senate in-
vestigation into Bolsonaro
recommended that he face
criminal charges over his
handling of the coronavi-
rus pandemic. A11
CONTENTS
Arts in Review... A15
Business News...... B3
Crossword.............. A16
Equities....................... B8
Heard on Street. B12
Markets..................... B11
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
Stopping cyberattacks never makes
the front page. Until now.
* * * * * THURSDAY, OCTOBER 21, 2021 ~ VOL. CCLXXVIII NO. 95
NASDAQ 15121.68 g 0.05% STOXX 600 470.07 À 0.3%
Syrian Regime Shells Rebel-Held Province, Killing at Least 13
OMAR HAJ KADOUR/AGENCE FRANCE-PRESSE/GETTY IMAGES
DEADLY SCENE: A victim is carried at a hospital Wednesday in Ariha after Syria’s army shelled the city in Idlib, the last
major section of the country held by rebel forces. At least 13 people, including several children, were killed. A11
PayPal Pursues Pinterest Deal,
Opening Way Into Shopping
BY DANA CIMILLUCA
AND CARA LOMBARDO
PayPal Holdings Inc. is in
talks to buy social-media plat-
form Pinterest Inc., according
to people familiar with the
matter, a move that could en-
able the payments giant to play
a bigger role in customers’
shopping experience.
The talks are at an early
stage and might not lead to a
deal, some of the people cau-
tioned. If there is one, it would
Exxon
Debates
Scrapping
Projects
BY CHRISTOPHER M. MATTHEWS
AND EMILY GLAZER
Exxon Mobil Corp.’s remade
board of directors is debating
whether to continue with sev-
eral of its largest oil-and-gas
projects as the company re-
considers its investment strat-
egy in a fast-changing energy
landscape, according to people
familiar with the matter.
Members of the board—
which includes three directors
successfully nominated by an
activist investor in May and
two other new members—have
expressed concerns about cer-
tain projects, including a $30
billion liquefied natural-gas de-
velopment in Mozambique and
a multibillion-dollar gas proj-
ect in Vietnam, the people said.
Oil and gas prices are at mul-
tiyear highs, and the world is
experiencing a shortage of fossil
fuels as economies emerge from
the pandemic. But it takes years
for such energy megaprojects to
Opinion.............. A17-19
produce additional supplies,
and more years after that for
Personal Journal A13-14
Sports........................ A16 the investments to pay off.
Technology........... B4,6 Exxon is facing pressure
U.S. News............. A2-9 from investors to restrain fos-
Weather................... A16
World News... A10-11
sil-fuel investment to limit
carbon emissions and return
more cash to shareholders. En-
> vironmentalists and some gov-
ernment officials are also
pressuring the company to
produce less oil and gas.
The discussions are part of a
review of the oil company's
Please turn to page A9
goNETSCOUT.com
10-YR. TREAS.
be big, as Pinterest has a mar-
ket value of some $40 billion.
Pinterest is an online-shar-
ing platform on which users
share photos and links to reci-
pes and home-decor ideas. It
makes money from advertise-
ments that appear on the plat-
form, but e-commerce is in its
sights, too.
In April, Pinterest expanded
a partnership it struck in 2020
with e-commerce software pro-
vider Shopify Inc. to reach con-
sumers in 27 more countries,
INSIDE
HYATT CORPORATION
THE MIDDLE SEAT
Travel perks are
disappearing, from free
breakfasts to elite
lounges. A13
BUSINESS & FINANCE
Sales in China help
Tesla notch a third
consecutive record
quarterly profit. B1
Let’s Make a Deal—
Just Don’t Use That Word
i i
Private-equity firm bans the term
and fines those who use it $1,000
BY MIRIAM GOTTFRIED
At Partners Group Holding
AG, “deal” is a four-letter word.
David Layton, the Swiss
firm’s chief executive, banned
the term at a global town hall
meeting in early June.
Never mind that as a private-
equity firm with $119 billion in
assets, Partners Group exists to
do…deals. It has done $27 bil-
lion of them in the past 12
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FDA
Broadens
Use of
Covid-19
Boosters
Regulators back extra
doses of Moderna, J&J
shots as well as mixing
and matching vaccines
BY PETER LOFTUS
AND FELICIA SCHWARTZ
U.S. health regulators signif-
icantly widened the nation’s
Covid-19 booster campaign,
clearing use of extra doses of
Moderna Inc. and Johnson &
Johnson vaccines and also say-
ing people can get a shot that
is different from what they had
previously received.
The moves, announced by
the Food and Drug Administra-
tion on Wednesday, will make
boosters available to the major-
ity of adults who have been
fully vaccinated and have
passed the recommended wait-
ing period.
Now every Covid-19 vaccine
authorized in the U.S. also has
a booster. And people who took
one company’s shot to get vac-
up from just the U.S. and Can- ments volume. cinated could choose to get a
ada previously. “We have a huge road map booster dose made by a differ-
Best known for its checkout around shopping tool sets,” ent company.
button enabling consumers to PayPal Chief Executive Officer “Vaccines are one of our
easily pay for purchases on re- Dan Schulman said at an inves- greatest tools in the fight
tailers’ websites, PayPal re- tor conference last month. “I’m against the pandemic, and en-
cently set a strategy of being a quite excited by the early re- suring the availability of boost-
go-to service for not just pay- sults of that and what we can Please turn to page A6
ments and financial services, do when we become sort of a
but also e-commerce more destination.”  Shots for younger children to
broadly. Buying Pinterest could PayPal rode a wave of digi- be shipped widely................... A6
bring users to PayPal earlier in tal-payment adoption over the  Municipal workers face
their shopping experience and course of the coronavirus pan- mandate........................................ A6
help them discover new items demic to post record numbers  Novavax plunges on vaccine
to buy, leading to more pay- Please turn to page A8 report.............................................. B1
Taliban Commander Morphs
Into a Kabul Police Chief
Thousands of fighters are grappling with new lives in government
BY SAEED SHAH black beard, Mr. Mutmaeen didn’t see the
jarring change from his previous occupation
KABUL—Mawlawi Zubair Mutmaeen used as remarkable. In the past, Americans and
to run Taliban suicide-bombing squads in locals who worked with them were legiti-
Kabul. On a recent day, in his new role as mate targets as the Taliban sought to create
police chief for one of the Afghan capital’s a true Islamic order, he said. Today, he rea-
districts, he was busy mediating a marital soned, community policing serves the same
dispute. goal.
A woman clad in a burqa complained she “Previously I was serving Islam, and now
could no longer live with her interfering I’m also serving Islam. There is no differ-
mother-in-law. Clearly used to being in com- ence,” Mr. Mutmaeen, 39, said.
mand, Mr. Mutmaeen lectured the husband The Taliban-turned-cops under Mr. Mut-
that under Islamic law he must provide his maeen’s command aren’t being paid, and
wife with “shelter and other basic necessi- they haven’t received training in actual po-
ties.” lice work. It isn’t clear what laws they are
Mr. Mutmaeen’s solution was to have the enforcing, other than their understanding of
mother relocate to the home of her other the Islamic Shariah. The penal code of the
son. After some persuading, the husband re- Please turn to page A12
luctantly agreed.
His face framed by a black turban and  Taliban pressured at Russia forum.................... A11
Democratic Plan Hits Snag
With Dissension on Taxes
i
WASHINGTON—Senate Dem- byists that she is opposed to
ocrats are considering aban- any increase in those rates, ac-
doning central tax elements of cording to a person familiar
their social policy and climate with her remarks, but her
months, such as the $8.5 billion stance is now pushing Demo-
sale of software-engineering By Andrew Duehren, crats to plan more seriously for
firm GlobalLogic Inc. to Japan’s Richard Rubin a bill that doesn’t include those
Hitachi Ltd. and Kristina Peterson major revenue increases.
Mr. Layton said at the meet- Other planks of President Bi-
ing that the firm would make a package as a key senator con- den’s tax agenda, including
$10,000 donation to its charita- tinues to oppose any increase tightening the net on U.S. com-
ble arm and deduct $100 from in marginal rates for busi- panies’ foreign earnings and
that donation any time the word nesses, high-income individuals enhancing tax enforcement by
was written or uttered by a ju- or capital gains, according to Please turn to page A4
nior employee. Partners using people familiar with the matter.
the D-word would be fined, in Sen. Kyrsten Sinema (D.,  Community college proposal
Please turn to page A12 Ariz.) has previously told lob- likely cut from package....... A4
 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 | Thursday, October 21, 2021
CAPITAL ACCOUNT | By Greg Ip
Globalization Takes Hit From Supply Crunch
Nothing
embodied the
promise of
globalization
more than the
humble supply
chain. Thanks to the integra-
tion of production across and
within borders, consumers
have come to expect infinite
variety, instantly available.
That is now under siege.
The supply-chain crisis of
2021 is fueling the retreat
from globalization, much as
the global financial crisis of
2008 did.
Three big forces are driv-
ing this latest crisis: Covid-19,
climate and geopolitics. All
have played a part in the
semiconductor shortage that
has crippled automotive pro-
duction world-wide. Covid-19-
driven demand for consumer
electronics diverted chips
from car makers, and virus-
control measures interrupted
production in Malaysia. Ex-
treme weather idled chip fac-
tories in Texas and threat-
ened to do the same in
Taiwan. And U.S. tariffs and
export bans ran down chip in-
ventories in the U.S. while
prompting hoarding by Chi-
nese buyers, according to
Chad Bown of the Peterson
Institute for International
Economics.
Those forces also contrib-
Growth Slowed Amid
High Prices, Fed Says
BY DAVID HARRISON
U.S. economic growth
slowed to a modest to moder-
ate rate this fall as firms con-
fronted supply-chain disrup-
tions, elevated prices, a
shortage of available workers
and fears around the Delta
variant of Covid-19, the Fed-
eral Reserve said Wednesday.
Many businesses said they
expected higher prices and
supply shortages to last an-
other year or so. The report,
known as the Beige Book, col-
lects anecdotes from busi-
nesses in Fed districts around
the country.
“Outlooks for near-term
economic activity remained
positive, overall, but some dis-
tricts noted increased uncer-
tainty and more cautious opti-
mism than in previous
months,” the report said.
One bright spot in the re-
port was the continued rise in
consumer spending, which
grew in most parts of the
country. Manufacturing activ-
ity also increased and resi-
dential real estate spending
was flat.
Car sales were down, how-
ever, because of a shortage of
 
 
  
uted to Britain’s energy crisis.
Covid-19 and Brexit reduced
the number of truckers avail-
able to deliver fuel while a
lack of wind reduced renew-
able power at a time when
natural-gas reserves were low.
China’s economy has been
tripped up by shutdowns in-
tended to stamp out all
Covid-19 outbreaks or meet
carbon reduction goals, and
coal shortages were aggra-
vated by a punitive ban on im-
ports from Australia for de-
manding an inquiry into
Covid-19’s origins.
T
wo decades ago, inves-
tors and bankers took
for granted that credit
would always be available at
some price and built entire
businesses around that prem-
ise. The result was a tightly
interconnected financial sys-
tem with no margin for error
that seized up in the face of a
shock.
Similarly, the supply-chain
crisis was made possible by
how integrated and efficient
global production had be-
come. Businesses adopted
outsourcing and offshoring,
just-in-time inventories, and
“capital-light” models that
split design from production.
The share of world trade ac-
counted for by global value
chains—in which a product
computer chips that has held
down inventory and raised
prices.
The report is in line with
estimates that growth slowed
in the third quarter. Econo-
mists surveyed by The Wall
Street Journal earlier this
month estimate the economy
grew at a seasonally adjusted
annual rate of 3.1% in the
third quarter, down from 6.7%
in the second.
The Commerce Department
will release third-quarter data
on Oct. 28.
Employers continued to
struggle finding workers, the
report said, with many offer-
ing bonuses, higher wages and
more training. One retailer in
the St. Louis area has started
raffling off a car to employees
with good attendance.
Other firms have had to au-
tomate more tasks or reduce
hours due to a lack of avail-
able workers.
Businesses also said back-
ups along the supply chain had
made it difficult to get the in-
puts they need. One apparel
firm in the Boston region re-
sorted to moving goods by air,
which is more expensive than
other modes.
U.S. NEWS
crosses at least two borders—
rose from 37% in 1970 to 52%
in 2008, where it plateaued,
according to the World Bank.
Today, companies and gov-
ernments are waking up to
the risks of dependence on
far-flung suppliers and the
absence of shock absorbers in
vital links, from seaborne
freight to electricity transmis-
sion. For example, there are
more than 50 points in the
global semiconductor supply
chain “where one region
holds more than 65% of the
global market share,” accord-
ing to a report by Boston
Consulting Group and the
Semiconductor Industry Asso-
ciation. “These are potential
single points of failure that
could be disrupted by natural
disasters, infrastructure shut-
downs, or international con-
flicts.”
Covid-19 is the biggest
shock to this system, shutting
down production, closing bor-
ders and driving workers out
of the labor force. A mutating
virus, resistance to vaccines
and China’s zero-Covid-19 pol-
icy all mean Covid-19 remains
a threat to the supply chain.
But it should recede as natu-
ral immunity and vaccination
reduce the virus’s lethality
and governments outside
China conclude restrictions
and border closures are too
COVERED: A Confederate statue stood wrapped in plastic in Brunswick, Ga., where jury selection continued Wednesday in the trial of three
white men accused of killing Ahmaud Arbery. Authorities say Mr. Arbery, who was Black, was chased down and shot while out for a run.
WASHINGTON
Half of Afghans at U.S. Navy Engineer, Wife
Bases Are Children Plead Not Guilty
About half of the 53,000 Af-
ghan evacuees brought to the
U.S. and living at military instal-
lations are children, the Penta-
gon told lawmakers in a letter,
underscoring the variety of chal-
lenges facing officials trying to
resettle Afghans.
It was the first time the mili-
tary provided a breakdown of the
evacuees. It came in an Oct. 8 re-
sponse by Defense Secretary
Lloyd Austin to written questions
from Sen. James Inhofe (R., Okla),
the ranking member of the Sen-
ate Armed Services Committee.
According to the letter, which
was viewed by The Wall Street
Journal, about 22% of the evacu-
ees at U.S. military bases are fe-
male adults and 34% are male
adults. It didn’t address how
many of the children were unac-
companied by adult guardians.
Mr. Inhofe asked Pentagon
officials to provide a breakdown
of the 124,000 evacuated during
the rushed U.S. exit from Kabul’s
airport in August. Of that total,
85%, or 105,400, were Afghans,
according to the letter.
—Nancy A. Youssef
CORRECTIONS  AMPLIFICATIONS
California recorded its dri-
est year since 1924. A U.S.
Watch article on Tuesday about
data for the 12-month period
Share of world trade
accounted for by global
value chains in which
a product crosses at
least two borders
50%
45
40
35
1970 ’80 ’90 2000 ’10
Source: World Bank
costly a response.
C
limate risks are likely to
grow, because of both
more frequent extreme
weather and the transition to
renewable energy, which lacks
the capacity buffers of fossil
fuels. The oil market is global:
Supply in one place can meet
demand in another. While
oil’s price can gyrate, supply
almost never disappears
thanks to spare OPEC capac-
ity, private inventories and
government-maintained
emergency reserves. Though
U.S. WATCH
WEST VIRGINIA
A U.S. Navy employee and his
wife pleaded not guilty Wednes-
day to charges of trying to sell
nuclear-submarine secrets to a
foreign country.
Jonathan Toebbe and his wife,
Diana Toebbe, appeared in sepa-
rate hearings in federal court in
West Virginia after their arrest
this month on accusations that
Mr. Toebbe, a nuclear engineer,
had provided several sets of doc-
uments containing classified in-
formation about a nuclear-pow-
ered warship known as the
Virginia-class submarine to some-
one he believed to be from a for-
eign military intelligence service.
Mr. Toebbe agreed to be de-
tained before his trial. Prosecutors
sought Ms. Toebbe’s detention, ar-
guing that she had the incentive
to flee. Lawyers for Ms. Toebbe
argued that prosecutors had no
evidence she knew her husband
had been stealing documents
from the Navy, and said her fa-
ther is a Navy veteran and could
serve as her guardian. U.S. Magis-
trate Judge Robert Trumble didn’t
rule on whether to grant her bail.
—Aruna Viswanatha
cle about pizza incorrectly
said that solely the two au-
thors spent over 200,000
hours on the process.
* ***
less mobile than oil, natural
gas can still be stored and, in-
creasingly, exported in liquid
form.
By contrast, solar and wind
energy are generally con-
sumed as they are generated,
and can disappear altogether
if wind or sun are absent. “No
clean energy OPEC currently
holds spare renewable energy
capacity in reserve,” notes
Kevin Book, research director
of advisory ClearView Energy
Partners LLC, in a recent re-
port. This can be solved only
through investment in trans-
mission and battery storage,
which lags far behind invest-
ment in generation, the Inter-
national Energy Agency indi-
cated last week, even as
investment in fossil fuels flat-
tens. “Something has to
change quickly or global en-
ergy markets face a turbulent
period ahead,” it warned.
Protectionism has been in-
truding on supply chains at
least since 2008, when the
Doha Round of global trade
talks collapsed. The U.S.-
China trade war took those
frictions to a new level. In its
wake, the U.S., China and Eu-
rope are all pursuing self-suf-
ficiency in key sectors such as
semiconductors and batteries.
Other threats loom, such as
green tariffs on high-carbon
imports. Meanwhile, arbitrary
NEW YORK
Lawyers Admit Roles Possible Remains
In Molotov Attack Found in Search
Two New York lawyers
pleaded guilty in federal court
Wednesday to a charge related
to their participation in a Molotov
cocktail attack on an empty po-
lice car last year, resolving a case
that grew out of violence during
demonstrations over George
Floyd’s murder in police custody.
Urooj Rahman and Colinford
Mattis, both in their early 30s,
pleaded guilty to one count of
possessing and making an explo-
sive device, which carries a mini-
mum sentence of no prison term
and a maximum of 10 years. They
were among a handful of people
who face federal prosecution for
arson and use of explosive de-
vices during protests sparked by
the killing of Mr. Floyd.
Ms. Rahman, a human-rights
lawyer, and Mr. Mattis, a one-time
associate at Pryor Cashman LLP,
both said in court that they
deeply regretted their actions.
Prosecutors said they will seek
a terrorism enhancement to the
sentence, calling Mr. Mattis and
Ms. Rahman’s conduct “calculated
to retaliate against the NYPD.”
—Deanna Paul
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
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THE WALL STREET JOURNAL.
import bans and detentions
are now routine parts of
China’s foreign-policy tool kit,
as export controls are part of
the U.S.’s. Former President
Donald Trump’s regular
threat of sanctions and tariffs
to further domestic goals
ended when he left office, but
companies and trading part-
ners must plan for his possi-
ble return in a few years.
Not all the pressures on
supply chains are against
globalization. Technology con-
tinues to increase the poten-
tial to outsource, especially in
services. Nonetheless, compa-
nies are likely to revisit prac-
tices they once took for
granted such as holding mini-
mal inventories and sourcing
key components from politi-
cally risky places. In a report
this week, Bank of America
equity strategists found com-
panies in the S&P 500 index
had 2% more manufacturing
locations in the U.S. in 2000
compared with 2018, but 5%
fewer in Asia.
Just as the financial crisis
drove banks and regulators to
prioritize resilience over effi-
ciency, the supply-chain crisis
will likely result in production
networks more resilient to
surprises but less able to de-
light consumers with ever
more choice at ever lower
cost.
OCTAVIO JONES/REUTERS
FLORIDA
Potential human remains were
found Wednesday in a Florida wil-
derness area along with items be-
lieved to belong to Brian Laundrie,
whose girlfriend, Gabby Petito,
was found slain after he returned
home alone from their cross-
country road trip, according to the
Federal Bureau of Investigation.
Michael McPherson, chief of
the Tampa FBI office, said that it
will take time to identify the re-
mains, which forensic teams were
examining. He said they were
found near a backpack and a
notebook linked to Mr. Laundrie.
Mr. Laundrie’s parents took
part in the search Wednesday
with the FBI and police from
North Port, Fla., more than a
month after Mr. Laundrie was re-
ported missing after heading to
the vast Carlton Reserve park.
Mr. Laundrie, 23, is a person
of interest in the killing of Ms.
Petito, who was reported missing
Sept. 11 by her parents while the
couple was on a cross-country
trip. Her body was found Sept. 19
on the edge of Wyoming’s Grand
Teton National Park.
—Associated Press
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THE WALL STREET JOURNAL. Thursday, October 21, 2021 | A3

U.S. NEWS

Amherst Drops Admissions

Edge for Children of Alumni
BY MELISSA KORN

Amherst College is aban-

doning its policy of giving
preference to applicants
whose parents attended the
Massachusetts liberal-arts
school, placing it among the
first elite private colleges to
ditch legacy admissions.
Selective schools such as
Amherst have been under in-
tense scrutiny in recent years
for putting a thumb on the
M. SCOTT BRAUER FOR THE WALL STREET JOURNAL

scale for legacy applicants,

with critics arguing the pro-
grams do little more than ce-
ment the privilege of students,
and leave fewer slots for ap-
plicants from less-represented
backgrounds.
“We’re doing what we can
to examine where the barriers
are and change what we can
change” as the school pushes
forward on efforts to broaden
access, said Amherst President
Biddy Martin. Schools like Amherst have been under scrutiny for putting a thumb on the scale for legacy applicants.
The school, which this year
had an 8.5% acceptance rate, uates engaged in the school, burgeoning movement. The extent of the advantage
historically gave preference to and say those admitted as leg- Johns Hopkins University in that legacies may get was
any children of graduates who acies are often as qualified as Baltimore in 2014 began phas- highlighted in a 2018 civil trial
were academically qualified. others who get in. At some ing out legacy preference, for- against Harvard University, in
Dr. Martin said legacies are of- universities, legacies outnum- mally announcing the shift in which plaintiffs argued the
ten among the top applicants, ber those who are first-gener- 2019. Its share of accepted stu- school discriminated against
so many may still be admitted ation college students and are dents who had parents attend Asian-American applicants. In
without considering their fa- admitted at a rate at least two the school has fallen to 3.7% voluminous data reports en-
milial ties. to three times higher than the this year from 8.5% in 2013, tered into the court record, an
“They’ll stand on their own rest of the applicant pool. economist hired by the plain-
two feet,” said Matthew L. Mc- Forty-three percent of pri- tiffs found children of Harvard
Gann, the school’s dean of ad- vate, nonprofit colleges and College graduates got in at
missions and financial aid. 14% of public universities con-
The Massachusetts more than five times the rate
He said the move was “a sider legacy status in admis- school had an 8.5% of those who weren’t legacies.
natural extension” of the sions, according to a 2019 A Harvard spokeswoman
school’s prior efforts to in- study by the American Associ-
acceptance rate this said legacy status is “one fac-
COLLECTION

crease access, such as enroll-

ing more community college
ation of Collegiate Registrars
and Admissions Officers and
students and military veter- the National Association for
ans, and eliminating loans College Admission Counseling.
from its financial-aid pack- Seventy-three percent of
ages. In recent years roughly highly selective schools—those
11% of Amherst’s admitted stu- that admit less than one-quar-
dents were legacies; this year, ter of applicants—consider
18% of freshmen are first-gen- legacy status.
eration college students. Amherst, which has around
Few other schools have acted 1,850 undergraduates, likely
on the recent public pressure. won’t single-handedly change
Supporters of legacy poli- the state of selective college
cies say that the favor given to admissions. But its policy shift
children of alumni helps with on legacy admissions prefer-
fundraising and keeping grad- ences could help accelerate a
past year.
while the proportion of first-
generation college students
more than doubled, to 17.8%.
And in May, Colorado Gov.
Jared Polis, a Democrat, signed
a bill banning legacy admis-
sions preference in that state’s
public colleges and universities.
The California Institute of
Technology and Massachusetts
Institute of Technology also
don’t consider legacy status.
tor among many in our admis-
sions process,” and declined to Fifty Fathoms
comment further.
Dr. Martin said she wasn’t
concerned about alumni back-
lash against the school’s new
policy.
“There is a risk that there
will be some who feel offended
by it. But I believe over time
that the great majority of Am-
herst alumni are so focused on
fairness and opportunity that
it will work out,” she said.
“And it’s a risk that is impor-
tant to take at this point.”

Parkland Gunman Cruz Pleads Guilty

BY CAMERON MCWHIRTER maximum sentence of death. and a mask, Cruz kept his head
He had previously pleaded not down for much of Wednesday’s
©Photograph: Laurent Ballesta/Gombessa Project

Nikolas Cruz pleaded guilty
to killing 17 students and staff
members and attempting to kill
17 others in the 2018 school
shooting in Parkland, Fla.
On Feb. 14, 2018, Cruz
AMY BETH BENNETT/PRESS POOL
guilty. Prosecutors at the Bro-
ward State Attorney’s Office
have said they would seek the
death penalty.
Broward County Circuit
Judge Elizabeth Scherer asked
hearing, looking up at the
judge to answer simply, “Yes,
ma’am,” “Yes, I do” and
“Guilty.”
In a brief statement, Cruz
took off his mask to apologize

opened fire with a semiauto-
matic rifle at Marjory Stone-
man Douglas High School, a
school he once attended.
Cruz, 23 years old, will face
a jury to determine his sen-
tence, which would be a mini-
mum of life in prison without
Nikolas Cruz in court Wednesday the possibility of parole and a
Cruz numerous times if he un-
derstood the charges against
him and if he needed more
time to consult with his law-
yers before entering his plea.
He said he understood the pos-
sible sentence and each charge.
Wearing glasses, a blue
dress shirt, black sweater vest
and spoke against drug abuse
and violence. “I am very sorry
for what I did, and I have to
live with it every day,” he said.
At the hearing, a state pros- N E W YO R K · 6 97 F I F T H AV E N UE B E T WE E N
ecutor detailed Cruz’s actions 5 4 T H & 5 5 T H STREET · 212 396 1735
in the shooting, including the LAS VEGAS · THE FORUM SHOPS AT
names and ages of those he C A E S A R S PA L AC E · 70 2 3 6 9 1 7 3 5
killed or injured.

Bubble, designed by Sacha Lakic

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A4 | Thursday, October 21, 2021
ROD LAMKEY/PRESS POOL
Sen. Kyrsten Sinema (D., Ariz.) has told lobbyists she opposes increases on businesses, high-income people or capital gains.
Democratic
Tax Plan
Hits Snag
Continued from Page One
the Internal Revenue Service,
are still on the table, according
to one of the people.
Ms. Sinema’s office declined
to comment. Another person
familiar with the talks said that
how and whether to raise rates
remained unresolved because
of Ms. Sinema’s opposition.
Losing the rate increases
would punch a significant hole
in the Democrats’ plans for
funding the package, now ex-
pected to cost around $2 tril-
lion over a decade. The House’s
corporate tax rate increase was
projected to raise $540 billion
over a decade, while the tax
rate increases on ordinary in-
come and capital gains would
raise nearly $300 billion.
In the 50-50 Senate, Demo-
crats need every member of
their caucus to back the same
plan, meaning Ms. Sinema
could end up killing any at-
tempt to raise those taxes in
the current Congress. She has
held a series of meetings with
White House officials in recent
weeks over her concerns.
Democrats are hoping to
raise new revenues to pay for
the entirety of their social pol-
icy and climate bill to earn the
support of centrists who want
to avoid further deficit spend-
ing. Ms. Sinema’s position is in-
jecting further uncertainty into
the party’s push to unify be-
hind a proposal for the legisla-
tion, and her position may
drive Democrats to look for al-
ternative tax increases that
don’t raise top rates.
Andrew Bates, a White
House spokesman, said Mr. Bi-
den is still focused on raising
taxes on the richest Americans
and large corporations. “There
is an expansive menu of options
for how to finance the presi-
dent’s plan,” he said. “None of
them are off the table.”
Some Democrats—including
Sen. Joe Manchin (D., W.Va.),
another critical centrist—have
also seen raising taxes as an
important policy goal on their
own, hoping to pare back the
2017 GOP tax law.
In the House, Democrats
have proposed raising the cor-
porate tax rate to 26.5% from
21%, moving the top individual
rate to 39.6% from 37% and in-
creasing the top capital-gains
rate to 28.8% from 23.8%. Their
plan would also add a 3% sur-
tax on income above $5 million.
Rep. Richard Neal (D.,
Mass.), chairman of the House
Ways and Means Committee,
said he hoped to speak with
Ms. Sinema soon. “I hope that
we’re going to talk some of this
through,” he said. “The rates
that we came up with were not
punitive, and they allow us to
accomplish policy outcomes
that many of us agree on.”
Mr. Neal met virtually with
Senate Finance Committee
Chairman Ron Wyden (D., Ore.),
House Speaker Nancy Pelosi
(D., Calif.), Senate Majority
Leader Chuck Schumer (D.,
N.Y.) and White House officials
on Wednesday and discussed
revenue measures.
Democrats do have other
revenue-raising proposals they
could consider that wouldn’t
raise headline tax rates. For ex-
ample, the House bill would
limit deductions for business
losses, lower the estate-tax ex-
emption, restructure the tax
rules for U.S. companies’ for-
eign income and enhance ef-
forts to collect more taxes
owed but not paid.
The less that Democrats
can rely on tax-rate increases,
the more they might turn to
P W L C 10 11 12
more novel ideas such as an
excise tax on stock buybacks
proposed by Sen. Sherrod
Brown (D., Ohio).
Mr. Wyden, whose commit-
tee circulated a menu of tax-
raising options earlier this
year, has continued to push for
an annual tax on billionaires’
unrealized capital gains. That
idea, for which Mr. Biden re-
cently expressed support,
would affect a narrower group
of people than the capital-
gains changes that have al-
ready flopped among congres-
sional Democrats.
Still, other moderates favor
more straightforward tax rate
increases. “I know some folks
To fund the social-
policy package,
senators may turn to
more novel ideas.
want to take away rate in-
creases, it makes getting there
using more interesting ideas—I
want to get there, but I’ve got a
long way to go,” said Sen. Mark
Warner (D., Va.), a member of
the Senate Finance Committee.
The difficulty of raising
funds for the bill comes as Dem-
ocrats home in on cuts to the
proposed spending elements
from the larger version that got
through House committees.
Mrs. Pelosi said it was possible
that a framework would be
done by the week’s end.
After a series of meetings at
the White House on Tuesday,
Democratic lawmakers and
aides said the plan under nego-
tiation would likely wrap to-
gether a long list of their prior-
ities—but for shorter durations
—under a smaller price tag.
Mr. Biden had discussed a
one-year extension of the ex-
panded child tax credit with
Senate Republicans Block Voting Bill
BY SIOBHAN HUGHES
WAS H I N GT O N — S e n a te
Democrats’ latest effort to
overhaul election rules nation-
wide was blocked Wednesday
by Republicans, leaving the ef-
fort at a standstill and pro-
gressive activists frustrated.
All Democrats voted to cut
off debate and advance the
“Freedom to Vote Act,” but
Republicans were united in op-
position, leaving it short of the
60 required votes. Senate Ma-
jority Leader Chuck Schumer
(D., N.Y.) then changed his vote
to no, making the final tally 49
in favor and 51 opposed. His
parliamentary maneuver
would enable him to bring the
Trump Company Faces New Investigation
BY CORINNE RAMEY
Local prosecutors are inves-
tigating financial dealings at a
Trump Organization golf
course north of New York City,
according to people familiar
with the matter, compounding
the legal pressure on former
President Donald Trump’s
company, which is already un-
der indictment.
The criminal investigation,
conducted by the office of
Westchester County District
Attorney Miriam Rocah, a Dem-
ocrat, is examining whether the
Trump Organization made mis-
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
lawmakers on Tuesday, accord-
ing to lawmakers and aides.
Passed as part of the $1.9 tril-
lion coronavirus relief bill this
year, the expanded child tax
credit provides monthly pay-
ments to millions of Americans.
Many Democrats had initially
hoped to make it permanent.
That shorter extension drew
criticism from some key law-
makers, including Messrs.
Wyden and Neal. Other Demo-
crats who have pushed for a
longer extension of the child
tax credit said they were en-
couraged that the latest pro-
posal would make the credit
permanently refundable—
meaning people who pay little
or no income tax can receive
the benefit. “I’m pushing for as
large an extension as we can
possibly get,” Mr. Wyden said.
Democrats are also expected
to include funding for extending
expanded Affordable Care Act
subsidies and providing health-
care coverage for people with-
out any in states that didn’t ex-
pand Medicaid for a more
limited time than originally
hoped, according to lawmakers
and aides. And although Demo-
crats resisted chopping out a
new federal paid-leave pro-
gram, it was unlikely to stretch
for the full 12 weeks they had
planned. Instead, lawmakers
were considering four weeks of
paid leave for people making
less than $150,000 a year, ac-
cording to several people famil-
iar with the discussions.
Democratic leaders plan to
pass the package through a
process that will allow it to
pass the Senate with a simple
majority, rather than the 60
votes most bills need. Facing
unified GOP opposition in both
narrowly divided chambers,
that means they can afford to
lose no more than three Dem-
ocrats in the House and none
in the evenly split Senate.
—Natalie Andrews
contributed to this article.
bill up again at a later date.
Democratic lawmakers have
called their elections push a
priority, arguing it would pro-
tect and expand voter access
as many GOP-led states pursue
tighter laws and former Presi-
dent Donald Trump and his al-
lies continue to reject the
2020 election results. Republi-
cans have called the proposed
changes federal overreach that
could weaken the integrity of
elections and take rules out of
the hands of local officials.
The bill would make Election
Day a national holiday, require
states to allow voters to regis-
ter on the day of an election
starting in November 2022,
mandate 15 days of early vot-
representations to local offi-
cials related to the valuation of
Trump National Golf Club, a
private course in Briarcliff
Manor, N.Y., the people familiar
with the matter said.
The property’s tax assess-
ment has been the subject of
years of litigation between the
Trump golf club and the town
of Ossining, N.Y., which in-
cludes part of Briarcliff Manor.
Lawyers for the golf club have
repeatedly said as part of that
litigation that the property’s
tax assessment was too high.
Property owners often appeal
their tax assessments.
7 8 9 O I X X **** THE WALL STREET JOURNAL.
Community College
Proposal Likely Cut
From Budget Package
BY JULIE BYKOWICZ
AND DOUGLAS BELKIN
WASHINGTON—Six months
ago, President Biden told a
joint session of Congress that
providing two years of free
community college would help
“change the dynamic” for stu-
dents and the U.S. education
system. On Tuesday, as the fi-
nal elements of his social-pol-
icy package took shape, he told
Democratic lawmakers that his
community-college proposal
likely wouldn’t make the grade.
The ambitious plan that Mr.
Biden and then-President Ba-
rack Obama first pitched in
2015 as a way to increase U.S.
economic competitiveness and
decrease income inequality is
being sidelined amid negotia-
tions to bring down the overall
proposal’s $3.5 trillion price
tag. The White House didn’t re-
spond to a request to comment.
Free community-college tu-
ition is more vulnerable than
some other proposals because
it had relatively few champions
on Capitol Hill and faced oppo-
sition from several key Demo-
crats, some Republican gover-
nors and a handful of powerful
interest groups, aides to law-
makers and lobbyists said.
Some college advocacy
groups have urged lawmakers
to protect an expansion of Pell
awards for students in low-in-
come families instead of the
free-tuition plan, in part be-
cause four-year institutions
are fearful it will cut into their
bottom lines.
Lobbyists for public four-
year colleges have said states
might redirect funding from
their institutions. And stu-
dents who otherwise would
have attended four-year col-
leges might opt to attend com-
munity college for the first
two years, depriving those
campuses of a tuition source.
Barbara Mistick, president
of the National Association of
Independent Colleges and Uni-
versities, which represents
four-year private schools, said
that free community college is
First lady Jill Biden, shown at a community college in Ankeny,
Iowa, last month, has pitched the free-tuition program.
ing, restore voting rights to fel-
ons who have completed their
prison sentences, and force all
states to allow mail-in voting,
among other provisions.
“Senate Republicans block-
ing debate today is an implicit
endorsement of the horrid new
voter suppression and election
subversion laws pushed in
conservative states across the
country,” Mr. Schumer said.
The vote marks the second
time this year that Republi-
cans have filibustered an elec-
tions overhaul.
“The latest umpteenth itera-
tion is only a compromise in the
sense that the left and the far
left argued among themselves
about exactly how much power
A 2016 court filing shows
the town assessed the property
at $15.1 million. The golf club’s
“requested correct valuation”
was $1.5 million, the filing says.
The dispute was settled
earlier this year. A court filing
from August shows that as-
sessments dating back to 2015
were reduced. The 2016 as-
sessment was reduced to $11
million, the filing shows.
A Trump Organization
spokeswoman said various offi-
cials signed off on the tax-as-
sessment reductions, including
the town board, the town asses-
sor and a judge. “Accordingly,
untested federally and the
program’s bureaucracy would
have to be built from scratch,
whereas Pell, which is nearly
50 years old, is proven, effi-
cient and effective.
“If you want to have the
greatest impact, if you want to
touch students in every single
sector, the Pell program would
do that,” Dr. Mistick said. “You
don’t want to do something
that is going to take years.”
Community colleges saw
big declines in enrollment dur-
ing the pandemic. Last spring
there were 4.5 million stu-
dents enrolled in public com-
munity colleges, down nearly
12% from the spring of 2019,
according to the National Stu-
dent Clearinghouse Research
Center.
Supporters say tuition-free
community college would trans-
form higher education, making
it more accessible to all.
“What kind of world do we
want to live in?” asked Martha
Kanter, who leads College
Promise, a nonpartisan group
that advocates for free com-
munity college. “We need to
pay for what we value.”
Mr. Biden’s $109 billion 10-
year proposal, which House
Democrats advanced as a $45.5
billion five-year plan, would
waive tuition for two years of
public community college.
States would have to opt-in
to participate, and the federal
government would provide all
funding the first year and de-
crease its contribution each
subsequent year.
Republican leaders in con-
servative states may refuse to
get aboard the program. New
Hampshire Gov. Chris Sununu,
a Republican, has said he
doesn’t believe college should
be free and that his state
wouldn’t participate.
There are now 348 local
and 33 statewide programs
that offer funding for commu-
nity college, according to Col-
lege Promise. The cost of
higher education often exceeds
what’s available in state and
local programs.
EVELYN HOCKSTEIN/PRESS POOL
to grab and in which areas,”
said Senate Minority Leader
Mitch McConnell (R., Ky.). “This
body will continue to do the job
the framers assigned it and stop
terrible ideas in their tracks.”
With legislation stalled, lib-
eral activists are stepping up
their calls for President Biden
to use his political capital to
shake up the Senate and elimi-
nate the 60-vote threshold,
known as the filibuster, to
ease passage of bills.
Mr. Biden, in a statement
Wednesday, reiterated his sup-
port for the legislation and
criticized Republicans for
blocking the bill, but didn’t
address how Democrats could
overcome GOP opposition.
the suggestion that anything
was inappropriate is completely
false and incredibly irresponsi-
ble,” the spokeswoman said.
The Manhattan district at-
torney’s office unveiled an in-
dictment in July accusing the
company and its finance chief,
Allen Weisselberg, of a 15-year-
old scheme to evade taxes by
providing employees with cars,
apartments and other perks.
Both Mr. Weisselberg and
the company pleaded not
guilty. Mr. Trump has called
the Manhattan investigation,
also conducted by a Democrat,
a partisan witch hunt.
 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.
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A6 | Thursday, October 21, 2021 * * THE WALL STREET JOURNAL.

U.S. NEWS

Municipal Workers Face Mandate Shots for

Younger
Unions say many city
employees will quit
after New York mayor Kids to Be
requires vaccination
New York City Mayor Bill
Shipped
de Blasio announced an order
mandating that all municipal
workers must get vaccinated
against Covid-19, setting up a
Widely
conflict with unions that said BY SABRINA SIDDIQUI
they opposed the new rule. AND JARED S. HOPKINS

By Jimmy Vielkind, In a step to extend the

Christine Mai-Duc reach of its Covid-19 vaccina-
and Jon Kamp tion drive, the Biden adminis-
tration is preparing to distrib-
Mr. de Blasio’s move on ute shots to children at
Wednesday ended an existing doctors’ offices, pharmacies
option of weekly testing and and schools should federal reg-
means some 46,000 city work- ulators clear the inoculations
ers need to get their first shot for kids ages 5-11.
by Oct. 29 or potentially lose The Biden administration
their jobs, a spokeswoman for said it has procured enough
the Democrat said. The order doses to vaccinate the nation’s
MICHAEL NAGLE/BLOOMBERG NEWS

covers 160,500 workers, of children and will begin ship-

whom about 71% are partially ping supplies if and when the
or fully vaccinated, according shots are cleared for use. Offi-
to official estimates. The city cials aim to have a plan in
said 70% of police and 60% of place as soon as young chil-
fire department personnel dren are eligible in hopes of
have received at least one shot. getting as many as possible
Leaders of several unions vaccinated quickly.
representing affected New Rates of hospitalization
York City workers said they New York City police officers are among those who must get their first shot against Covid-19 by Oct. 29 or potentially lose their jobs. among children are higher
expected hundreds or thou- than earlier in the pandemic
sands of employees would that would follow. The city al- to maintain staffing levels at ernments, like private busi- of officers and civilian em- due to the highly transmissible
leave their jobs rather than ready requires vaccines for edu- its Rikers Island jail complex. nesses, are already struggling ployees, and 21 have been Delta variant, and public-
get vaccinated. cational and public healthcare The deadlines in some other to recruit and retain workers. placed on unpaid leave. health authorities plan to offer
“You’ll have police officers workers. Among the 167,000 states and cities that require Exemptions to the man- In San Francisco, Mayor shots in settings more familiar
walking off—firefighters, employees of the city’s school their employees to get vacci- dates are typically allowed for London Breed, a Democrat, for children than the mass
EMTs and paramedics walking system, 96% have complied. nated, without a testing op- medical or religious reasons. said Tuesday that 96% of
off. Who’s going to respond to A spokesman for the Police tion, have arrived in recent In Chicago, Superintendent 35,000 municipal workers are
these calls?” said Oren Bar- Benevolent Association of the days. Governments in those of Police David Brown said vaccinated and the city is con-
zilay, head of a union that rep- City of New York said it would places are now taking steps to Tuesday that 67% of the de- ducting hearings in the cases
Fifteen million doses
resents paramedics and emer- “proceed with legal action to deal with thousands of employ- partment’s employees had re- of 396 who haven’t complied could be shipped to
gency medical technicians protect our members’ rights.” ees who haven’t complied. ported whether or not they with the city’s mandate.
employed by the fire depart- During a news conference, Mr. Some have quit or been dis- were vaccinated by the city’s Los Angeles had required
states within days of
ment. “We are in for dark days de Blasio said he was confi- missed, some have been placed Oct. 15 deadline, compared that its 53,168 municipal em- an authorization.
in our city, and it’s crazy.” dent the city’s mandate would on leave, and some have been with 79% of workers citywide. ployees be vaccinated by
Mr. Barzilay said about half withstand any legal challenge, given monthslong extensions The deadline for Chicago em- Wednesday or seek an exemp-
of his union’s 4,100 members and that officials would use to get their shots. Many of the ployees to get vaccinated is tion. According to a proposal
are unvaccinated. overtime and redeploy work- unvaccinated work in law en- late December. released Tuesday, city officials sites used for many adults.
Noncompliant employees will ers to continue services. forcement, firefighting and City administrators were are considering extending the Pfizer Inc. and BioNTech SE
be placed on unpaid leave and New York City’s roughly correctional institutions. holding one-on-one meetings deadline to Dec. 18. submitted data to the Food
City Hall officials plan to nego- 8,000 correction officers will The question of whether to with workers who hadn’t com- —Kris Maher and Drug Administration this
tiate in the coming days with face a later deadline of Dec. 1. fire such employees is particu- plied, Mr. Brown said. So far, and Zusha Elinson month seeking emergency au-
labor unions about procedures The city has been struggling larly challenging as many gov- they have met with hundreds contributed to this article. thorization of their vaccine.
Some doctors’ offices have
been administering vaccines,

Hawaii to Welcome Back Tourists Beginning Nov. 1 and public-health experts have
said they can help people feel
more confident about the
shots, particularly for kids.
BY ALLISON POHLE David Ige, said Tuesday at a move forward with economic cording to Johns Hopkins Uni- ity workers saw reduced Some schools also are offering
news conference at Ellison recovery. versity data. The state has av- hours. Covid-19 vaccination clinics,
Hawaii will open itself to Onizuka Kona International Tuesday’s announcement eraged about 130 new cases a Mr. Ige said on Twitter that and the administration plans
travelers in November, after Airport. came about two months after day over the past seven days, the state continues to seek in- to provide funding to states to
being asked in August to post- Mr. Ige, a Democrat, noted Mr. Ige asked tourists to post- according to Johns Hopkins. formation from the federal expand those offerings.
pone their trips. the trend of decreasing pone their trips voluntarily Many tourists listened to government about plans for State and local officials de-
“Beginning Nov. 1, we want Covid-19 case counts and through the end of October. At the governor’s plea to put off international travel and will termine vaccination require-
to invite and encourage fully fewer patients in hospitals. He the time of that announce- trips to the islands. Hotels saw have measures in place prior ments for schools; California is
vaccinated visitors and resi- said that because the health- ment, Hawaii averaged about a steeper occupancy drop to Nov. 8, when the U.S. will the only state that has said all
dents to travel for business or care system has responded, 720 new Covid-19 cases a day than they typically do after open to international tourists eligible students would need to
leisure,” Hawaii’s governor, the state has the ability to over a seven-day period, ac- Labor Day, and many hospital- with proof of vaccination. be vaccinated against Covid-19
if the FDA grants full approval.
“Kids have different needs

Broadened Immunity Boost

The FDA came out with new recommendations for Covid-19 vaccines, allowing for boosters for all
three main vaccines for at least some people in the 18-64 age group.
Moderna’s original vaccine
regimen, authorized for U.S.
adults in December 2020, calls
than adults and our opera-
tional planning is geared to
meet those specific needs, in-

Booster Use AUTHORIZED FOR: Everyone

People who are immunocompromised, have underlying conditions,
for two doses given 28 days
apart. The Moderna booster
dose will be half the dosage of
cluding by offering vaccina-
tions in settings that parents
and kids are familiar with and

Authorized are in high-risk occupations or live in high-risk areas

PFIZER- MODERNA JOHNSON &

each of the first two shots.
About 15 million people in
the U.S. have received the J&J
trust,” White House Covid-19
coordinator Jeff Zients said
Wednesday.
vaccine since it was authorized Mr. Zients said that 15 mil-
Continued from Page One BIONTECH JOHNSON in late February as a single lion doses would be shipped to
ers for those who need them is First Additional/ First Additional/ First Additional/ shot. states within days of an autho-
one of our highest priorities,” doses booster doses booster dose booster The J&J booster shot has rization. The U.S. government
acting FDA Commissioner Janet the same dosage as the first bought 65 million pediatric
Woodcock said during a confer- Under age 11 dose. Pfizer-BioNTech doses, enough
ence call with reporters. The Biden administration to vaccinate all kids between 5
Who can get a booster—and Ages 12 to 17 has sought boosters to bolster and 11, according to a person
when—depends on the original vaccinated people’s immune de- familiar with the matter.
vaccine the person took. Ages 18 to 64 fenses, especially against the The Pfizer-BioNTech vac-
Any adult who got a J&J contagious Delta variant of the cine appeared to be safe and
Age 65 and older
vaccine may get a booster from coronavirus. After clearing the well-tolerated and generated a
Pfizer Inc. and partner BioN- original vaccine regimens last robust immune response in
Tech SE, Moderna or J&J at winter, the FDA has been evalu- children 5 to 11 in a late-stage
Number of people in the U.S. Vaccination doses administered*
least two months after the sin- ating applications to add extra trial, the companies said last
who have received a booster
gle-dose shot. 800 million Johnson doses. month. The vaccine generated
dose by vaccine type
People who were initially & Johnson In September, the FDA au- levels of antibodies that were
vaccinated with a Pfizer-BioN- Pfizer-BioNTech thorized a booster dose of the similar to those of younger
Tech or Moderna vaccine can 600 Moderna Pfizer-BioNTech vaccine for se- adults, meeting the study’s
9.6 million
get any booster at least six niors and adults at high risk of measurements of success, ac-
months after their second dose Moderna Covid-19 who have already re- cording to the companies.
so long as they are seniors or 400 ceived the shots and are at There appeared to be fewer
at high risk because of underly- 1.7 million least six months past their pri- side effects such as fever and
ing medical conditions or their mary vaccination. chills among younger children
Johnson & Johnson Pfizer
workplace. 200 The FDA also has authorized who got the vaccine compared
The FDA has already begun 11,397 boosters of the Pfizer-BioNTech with 16-to-25-year-olds, ac-
reviewing whether to expand and Moderna vaccines for cer- cording to Pfizer. The company
the booster authorizations to Unknown tain people with weakened im- didn’t find any cases of myo-
0
more people, senior FDA offi- mune systems. carditis, an inflammatory heart
5,186 Jan. 2021 Oct.
cials said. The expansion would Israel, the U.K. and other condition that has so far been
make the extra dose available *Does not include nearly 900,000 doses administered where the maker is unknown countries have also been mak- found to be a rare side effect
to anyone 40 years and older Sources: Food and Drug Administration; Centers for Disease Control and Prevention; Our World in Data (percentage who received a booster) ing boosters available. primarily in young men.
who got a Pfizer-BioNTech or Vaccine experts advising the The White House said the
Moderna vaccine, according to Some research indicates guidance to doctors, pharma- The U.S. should have enough FDA voted last week to recom- administration has been coor-
a person familiar with the mat- people who mix and match, es- cies and vaccination sites on vaccines to meet booster de- mend the third dose of Mod- dinating with state and local
ter. A decision could come in pecially if they got the J&J vac- how to use them and who mand, according to people fa- erna’s shot for older adults and leaders on plans to distribute
weeks, followed by further au- cine first, might get more pro- should get them. miliar with the matter. People others at risk of severe the vaccines. If authorized,
thorizations for younger ages, tection. Health officials say the The FDA, which regulates a could get them at doctors’ of- Covid-19. The panel also voted young children would receive
the person said. option might also ease the range of medical products, fices, pharmacies and other to recommend the second dose two injections of the vaccine,
The nation’s vaccine cam- minds of people who worry must authorize or approve a vaccination sites. of J&J’s vaccine for all adults three weeks apart, just like ad-
paign will also expand in the they could develop side effects vaccine before it can be used The new authorizations who received the first. olescents and adults do but at
coming weeks if the FDA green- if they got another dose of the outside clinical trials. Once a come amid debate among One issue observed in a a lower dosage.
lights Pfizer-BioNTech vaccines same vaccine. vaccine is authorized, the CDC health experts about whether small percentage of people, es- In addition to pediatricians,
for children ages 5 to 11. “There are people who do sets policies about whether many people really need to get pecially young adult men, who primary care offices and phar-
The permission to mix and not want to get the same vac- people should get it, which a booster, or whether two shots got Moderna’s two-dose regi- macies, the administration also
match vaccines and boosters cine they got before because groups, and on which schedule. provide sufficient protection, at men are inflammatory heart plans to set up vaccination
would help ensure doses are they had some sort of reac- The CDC is scheduled to is- least for the near future. conditions called myocarditis sites at hundreds of schools
available to anyone who wants tion,” Dr. Woodcock said. sue its decision after a panel of More than 69 million people and pericarditis. Some Euro- and community-based clinics
one, while also increasing op- The shots could become experts reviews the matter and in the U.S. have been vacci- pean countries have limited the with funding and support pro-
tions for fully vaccinated peo- available in the coming days, makes recommendations. The nated with two doses of Mod- use of Moderna’s vaccine in vided through the Federal
ple, according to health author- once the Centers for Disease CDC advisory panel is sched- erna’s vaccine, according to the younger age groups because of Emergency Management
ities. Control and Prevention offers uled to meet on Thursday. CDC. the potential risk. Agency.
 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. Thursday, October 21, 2021 | A7

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A8 | Thursday, October 21, 2021 THE WALL STREET JOURNAL.

U.S. NEWS

Viking Artifacts Pinpoint Europeans’ Crossing

New look at wooden
items shows presence
in North America as
far back as year 1021
BY ROBERT LEE HOTZ
A new look at wooden arti-
facts found amid the ruins of
an ancient homestead shows
that Vikings had crossed the
Atlantic Ocean and settled in
North America as far back as
1021—exactly 1,000 years ago
and almost five centuries be-
North America near the end growth rings of any tree alive
of the first millennium. In the at the time, like a time stamp
1960s, archaeologists working on a digital recording.
at L’Anse aux Meadows un- These charged particle
earthed the ruins of eight storms are so rare they make
wood-framed peat buildings for unambiguous dating. Only
built in a style common one other such event, called a
among the Norse of the Mid- Miyake event, has been de-
dle Ages, along with hundreds tected so far. That radiation
of wooden, bronze and bone burst, which seems to have
artifacts. hit between 774 and 775, pro-
No more than 40 people duced the largest and most
are believed to have lived rapid rise in carbon-14 ever
there, perhaps refitting the recorded, according to scien-
Viking long ships for voyages tists.
home. “Any tree growing in the
Until now, however, schol- world in 993 will have embed-

PETRA DOEVE (2)

fore Columbus’s famous voyage.
The finding represents “the
first, earliest evidence for Eu-
ropeans in the Americas and
the first evidence that the At-
lantic has been crossed in all
of human history,” said Mi-
chael Dee, an expert on dating
techniques at the University
of Groningen in the Nether-
lands and the senior author of
a paper about the finding
published Wednesday in the
journal Nature.
The artifacts—including a
tree stump, a branch and a
block of timber all splintered
by the swing of a metal ax—
were found at L’Anse aux
Meadows near the northern
tip of Newfoundland, Canada,
the only verified Viking set-
tlement on the continent, and
analyzed via a new radiocar-
bon dating technique.
Researchers have long
known that Vikings reached
ars could only make educated
guesses about when Vikings
first anchored in Vinland, as
the voyagers called the ver-
dant far shore of the Atlantic,
or how long they stayed. They
had to rely on Icelandic sagas,
which combine the exploits of
historical figures and mytho-
logical characters, as well as
conventional radiocarbon dat-
ing techniques that are accu-
rate only to within 200 to 300
years.
Efforts to reconstruct the
early Viking voyages have
also been dogged by hoaxes
and forgeries. For almost 50
years, for example, scholars
have debated the authenticity
of a chart of the North Ameri-
can coastline southwest of
Greenland that some said
dated to the 15th century and
that seemed to buttress the
idea that Vikings were the
first Europeans to reach
Microscopic images of wooden artifacts found at L’Anse aux Meadows in Newfoundland, Canada,
were analyzed via a new radiocarbon dating technique.
North America. Last month,
Yale University, which owns
the so-called Vinland Map,
announced that it is a 20th-
century fake.
The new research, con-
ducted by scientists in Canada
and Germany as well as the
Netherlands, may put to rest
lingering doubts about when
the Vikings arrived in North
America.
“It proves when they were
there,” said Anders Winroth,
a University of Oslo historian
and the author of “The Age of
the Vikings,” a book pub-
lished in 2014. “It is refresh-
ing and exciting to have an
exact date.” Dr. Winroth
wasn’t involved in the new
research effort.
To pinpoint the year that
Vikings occupied the site, the
‘Three wooden
artifacts from three
different trees ... all
give the same date.’
scientists scoured the ancient
settlement for wooden arti-
facts, hoping to find any made
from trees that had grown
during an unusually intense
burst of cosmic radiation
known to have occurred in the
year 993. The barrage of
charged particles, perhaps
triggered by a supernova or a
mammoth solar storm, flooded
Earth’s atmosphere with car-
bon-14, a radioactive isotope
commonly used in the dating
of ancient artifacts.
In normal times, carbon-14
is created in the upper atmo-
sphere at a fairly constant
rate and then absorbed by
plants growing on the ground
below. The flare in 993
caused a roughly 20-fold
spike in levels of the iso-
tope—evidence of which can
be detected in the annual
ded this rich carbon level,”
said Dr. Dee, who helped pio-
neer the use of the carbon-14
spikes for dating. “There will
be this jump.”
Dr. Dee and his colleagues
tested wood specimens that
showed the distinctive cut
marks left by a metal blade—
an implement unknown
among the indigenous people
of the era, who used only
stone tools.
Using the carbon spike as a
reference point, they counted
the tree rings in each speci-
men until they reached the
bark, indicating the year the
tree was cut down—in this
case 1021.
“We have three wooden ar-
tifacts from three different
trees and they all give the
same date,” Dr. Dee said.
“This is really a big change in
the precision that is achiev-
able with scientific dating.”

FROM PAGE ONE

PayPal, company a market value of

some $300 billion.
PayPal investors reacted
nesses. Last month, PayPal
agreed to acquire Japanese
buy-now-pay-later company
2019 and its shares have been
up and down over the past
year as its results have been a
role as chief design and cre-
ative officer to an advisory po-
sition and will remain on its
recovers from the Covid-19
pandemic have emboldened
companies to strike more than

Pinterest in coolly to the potential deal,

news of which was reported by
Bloomberg, sending the shares
Paidy Inc. for about $2.7 bil-
lion.
Pinterest would be PayPal’s
mixed bag. Its user growth had
soared in the early days of the
pandemic as Internet usage
board of directors. The com-
pany also said Mr. Sharp has
joined a creative firm led by
$2 trillion of deals in the U.S.
so far this year, more than
double last year’s pace, accord-

Deal Talks down more than 6% at one

Continued from Page One
of users and transaction vol-
umes. That has propelled the
stock, which would likely be
used to help pay for any Pin-
terest deal, and has given the
point Wednesday. The shares
closed down 4.9%. Pinterest
shares rose nearly 13%.
Under Mr. Schulman, who
was hired to run the company
in 2014 when it was still part
of eBay Inc., PayPal has looked
to deal making to branch out
into new geographies and busi-
biggest-ever acquisition by far.
To date, the largest deal the
company ever completed was
buying Honey Science Corp. in
2019 for about $4 billion. Not
that it doesn’t have the where-
withal: PayPal had more than
$19 billion in cash, equivalents
and investments as of June.
Pinterest went public in
surged more broadly. The com-
pany reported in July, however,
that its monthly average users
dropped 5% from a year earlier,
which initially sent its shares
down 14% in after-hours trad-
ing.
Last week, Pinterest said its
co-founder, Evan Sharp, is
transitioning from his full-time
former Apple Inc. design chief
Jony Ive. Pinterest’s other co-
founder, Ben Silbermann, is its
chief executive officer.
A deal for Pinterest would
be one of the biggest mergers
of the year, at a time when
deal activity is humming. Surg-
ing stock prices and easy ac-
cess to cash as the economy
ing to Dealogic.
Financial technology has
been a hotbed, as evidenced by
Square Inc.’s agreement this
summer to acquire Australia’s
Afterpay Ltd. for around $29
billion.
—Peter Rudegeair
and Sarah E. Needleman
contributed to this article.

A DV E RT I S E M E N T

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professional services in my career,
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Another area that has always
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organization was not involved
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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.

THE WALL STREET JOURNAL. * * * * * Thursday, October 21, 2021 | A9

U.S. NEWS

Deal for Giphy Brings

Nearly $70 Million Fine
D.C. Lawsuit Against Facebook
BY ANTHONY O. GORIAINOFF
AND SAM SCHECHNER

The U.K.’s competition reg-

company said it provided reg-
ular compliance statements to
the CMA, and that the regula-
tor was slow to grant standard
Adds Zuckerberg as Defendant
ulator fined Facebook Inc. exceptions to what Facebook BY RYAN TRACY documents disclosed by a for-
50.5 million British pounds, said was an overly broad com- mer employee, Frances Hau-
equivalent to $69.6 million, al- pliance order. WASHINGTON—The District gen, and reported on by The

HOUSE ENERGY AND COMMERCE COMMITTEE/ASSOCIATED PRESS

leging it breached reporting “We strongly disagree with of Columbia’s attorney general Wall Street Journal, that show
requirements during a con- the CMA’s unfair decision to is seeking to hold Facebook the company knows its plat-
tinuing review of its proposed punish Facebook for a best ef- Inc. Chief Executive Mark forms are riddled with flaws
takeover of Giphy, a provider fort compliance approach,” a Zuckerberg personally liable in that cause harm.
of animated images for use in Facebook spokesman said. The a lawsuit stemming from the Much of the new allegations
social media. company said it would review 2018 Cambridge Analytica against Mr. Zuckerberg is re-

MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
The Competition and Mar- the decision and consider its scandal, in what the district dacted due to a protective or-
kets Authority said Wednes- options. said was a novel legal action der in place in the litigation,
day that Facebook had failed Facebook bought Giphy in against the social-media giant. Mr. Racine said.
to provide required updates May 2020, paying $315 mil- Attorney General Karl Ra- Also Wednesday, Sen. Rich-
outlining its compliance with lion, according to documents cine said Wednesday he filed a ard Blumenthal (D., Conn.)
an interim order the watchdog published as part of the CMA’s motion to add Mr. Zuckerberg sent a letter to Mr. Zucker-
imposed in 2020, as part of its merger review. The CMA said as a defendant in a consumer- berg, inviting him to testify at
review of the Giphy deal. The Wednesday that it is still re- protection lawsuit originally a hearing on Instagram and
CMA said it had given Face- viewing the Giphy deal. In Au- filed in December 2018 accus- children. “Parents across
book multiple warnings to gust, it warned that it could ing Facebook of misleading its America are deeply disturbed
provide the required informa- require Facebook to unwind users about the privacy and D.C. Attorney General Karl Racine, left, and Mark Zuckerberg by ongoing reports that Face-
tion, and that it believes the the deal after provisionally security of their personal data. book knows that Instagram
company’s “failure to comply finding that it would harm His office said it was the first the decision after reviewing secure their data was,” he can cause destructive and last-
was deliberate.” competition. A final decision time a U.S. regulator has spe- company documents as part of said. ing harms to many teens and
“This should serve as a is due before Dec. 1. cifically named Mr. Zuckerberg discovery in the lawsuit. “It’s The Washington, D.C., law- children, especially to their
warning to any company that Giphy allows users to in a complaint. clear Mr. Zuckerberg know- suit was filed after the disclo- mental health and wellbeing,”
thinks it is above the law,’’ search for, create and share A Facebook spokesman ingly and actively participated sure that Cambridge Analytica, Mr. Blumenthal wrote. He indi-
said Joel Bamford, a senior di- animated images known as said the allegations are merit- in each decision that led to a now-defunct political con- cated that Adam Mosseri, the
rector of mergers at the CMA. GIFs. When Facebook bought less. “We will continue to de- Cambridge Analytica’s mass sulting firm, had improperly head of Instagram, could tes-
Facebook described the al- Giphy, the company said it fend ourselves vigorously and collection of Facebook user mined user data. tify instead.
legation of a deliberate failure planned to integrate it into In- focus on the facts,” he said. data and Facebook’s misrepre- More recently, officials have Facebook had no immediate
as a mischaracterization. The stagram and other apps. Mr. Racine said he made sentations to users about how been looking into company comment on the request.

Case Against Bannon Poses Test for Garland Trump

BY SADIE GURMAN
AND ANDREW RESTUCCIA
on his own,” said Barb Mc-
Quade, a former U.S. attorney
tice Department prosecute Mr.
Bannon and others.
Venture
WASHINGTON—A brief ex-
change between President Bi-
in Detroit who served on the Bi-
den transition team. “That’s re-
ally why it’s so damaging.”
Rep. Adam Schiff (D., Calif.),
a member of the Jan. 6 com-
mittee, said last month that
To List
den and Merrick Garland over
the prospect of prosecuting wit-
nesses who defy congressional
A Justice Department spokes-
man declined to comment.
White House officials said
Democrats “may have addi-
tional tools now that we didn’t
before, including a Justice De-
Via SPAC
subpoenas points to tension there wasn’t tension between partment that may be willing BY AMRITH RAMKUMAR
over the independence the pres- the Justice Department and the to pursue criminal contempt
ident promised the attorney White House, which recognizes when people deliberately flout Donald Trump unveiled a
general when he took the job. that an independent Justice a compulsory process.” new digital media venture on
Mr. Biden said Friday he Department will make certain The attorney general will Wednesday and said it would
thought those who refuse to decisions with which the White face questions from lawmak- go public by merging with a
comply with subpoenas from a House may not always agree. ers on Thursday during a special-purpose acquisition
House committee investigating “From even before he took of- House Judiciary Committee company.
the Jan. 6 assault on the U.S. fice, President Biden has had hearing about his plans for Mr. Trump Media & Technol-
ALEX BRANDON/ASSOCIATED PRESS

Capitol should be held ac- an ironclad commitment to Bannon and the DOJ’s broader ogy Group will create a so-
countable. Asked if he thought maintaining the independence approach to the more than cial network called Truth So-
the Justice Department should of the Department of Justice in 650 criminal cases stemming cial to fight companies such
prosecute them, the president the vital role they play in crim- from the attack. as Facebook Inc. and Twitter
said, “I do, yes.” inal and investigatory matters,” Mr. Biden has said he chose Inc., the Trump company said
Within an hour, Mr. Gar- White House spokesman Mi- Mr. Garland for his strong rep- in a news release. Mr. Trump
land’s spokesman said the de- chael Gwin said Tuesday. utation as a 1997 Clinton ap- had his access to several so-
partment would make “its own Mr. Garland has sought to pointee to the federal appeals cial-media platforms blocked
independent decisions in all preserve the department’s in- court in Washington and his re- following the Jan. 6 assault
prosecutions based solely on Attorney General Merrick Garland has a record of impartiality. dependence from influence cord of being impartial and on the U.S. Capitol.
the facts and the law. Period. from other parts of the execu- avoiding appearances of con- The former president has
Full stop.” criminal contempt for failing insulate the Justice Depart- tive branch. His efforts come flict of interest. held discussions with differ-
The White House then to comply with such a sub- ment from partisan influence, after Mr. Trump repeatedly Mr. Garland isn’t personally ent platforms throughout the
played down the president’s poena, setting up a vote in the hasn’t indicated whether he pressured his attorneys general close to the Biden family, a fact year to find a new online
remark, saying Mr. Biden un- full House that would hand the would authorize criminal to prosecute political rivals, administration officials consid- megaphone. Mr. Trump had
derstood that such a prosecu- matter to the Justice Depart- charges, and Mr. Biden’s com- show leniency to associates ered an asset given that he will nearly 89 million followers
torial decision rests with the ment for possible prosecution. ment puts him in a tight spot. and discredit the 2020 presi- have to weigh in on politically on Twitter.
Justice Department. Mr. Trump had called on If Mr. Garland declines to dential-election results. Mr. sensitive cases, including SPAC deals, such as the
That decision moved a step the protesters to walk to the pursue Mr. Bannon, “people will Trump’s interventions, though whether to charge Mr. Biden’s one Mr. Trump is doing, have
closer on Tuesday when the Capitol on Jan. 6 as Congress really say he is independent. If largely resisted, strained mo- son, Hunter, in a probe of his become popular alternatives
committee voted to recom- was gathered to certify Mr. Bi- he decides to charge, it will be rale among the workforce. business dealings. The younger to traditional initial public
mend holding Steve Bannon, a den’s 2020 election victory. difficult to avoid the criticism Mr. Garland also faces pres- Mr. Biden, who said he was un- offerings in the past year.
onetime adviser to former Mr. Garland, a former fed- that he is not independent, sure from some fellow Demo- der investigation in December, Trump Media & Technology
President Donald Trump, in eral judge who has sought to even if he reached that decision crats who want to see the Jus- has said he acted legally. will combine with a SPAC
called Digital World Acquisi-
tion Corp., valuing the Trump

Exxon venture at $875 million, in-

cluding debt, the release said.
The network will initially

Debates launch for invited users next

month and is expected to be
available nationwide in early

Projects 2022, the company said. It

also hopes to create a sub-
scription video-on-demand
service.
Continued from Page One “[Trump Media & Technol-
five-year spending plan, on ogy Group] was founded with
which the board is set to vote a mission to give a voice to
at the end of this month, the all,” Mr. Trump said.
people said. It isn’t clear Also called a blank-check
ADRIAN DENNIS/AGENCE FRANCE-PRESSE/GETTY IMAGES

whether the board will make a firm, a SPAC is a shell com-

final call on the Mozambique pany that lists on a stock ex-
or Vietnam projects during the change with the sole intent of
current review, according to merging with a private firm
the people. Both projects face to take it public. The private
potential political obstacles, company then gets the SPAC’s
and some Exxon board mem- place in the stock market.
bers have expressed concerns SPAC mergers have exploded
about whether they would re- in popularity in the past year
turn the billions of dollars in for many startups because
upfront investment they would they are allowed to make
require, some of the people projections about their busi-
said. The board meetings have ness. Those aren’t allowed in
been cordial, the people said. normal IPOs.
Exxon said it doesn’t discuss Abandoning the projects would represent a further pullback from previous plans by Exxon to boost spending to increase production. The Digital World Acquisi-
internal board deliberations. tion SPAC has about $290
“Any depiction of the board’s impact of Exxon’s most recent lacked energy expertise and several years. Exxon hasn’t dis- would represent a further million on hand. Mr. Trump’s
discussions as being less than emission-reduction plans and independence. closed an exact estimate of the pullback from previous plans firm could use the money
constructive in tone or sub- other post-Covid-19 changes. Gregory Goff, one of the En- project’s cost; Mozambique has by Exxon Chief Executive Dar- held by the SPAC to fund its
stance is wrong,” said Exxon The discussions over the gine No. 1 nominees, is among estimated it at $27 billion to ren Woods to boost spending growth, but that cash pile
spokesman Casey Norton. projects represent a new dy- the directors to raise doubts $33 billion. to increase production. Less could shrink. That is because
Exxon is analyzing the ex- namic for Exxon’s board, people about the Mozambique project, In Vietnam, Exxon and its than four years ago, Mr. SPAC investors have the right
pected carbon emissions from familiar with the matter said. people familiar with the mat- partners discovered a large gas Woods said the company to pull their money out of the
each project and how they Engine No. 1, the hedge fund ter said. field in 2011 in waters 50 miles would invest $230 billion to deal before it is completed.
would affect the company’s abil- that led a campaign that re- The Mozambique project, off the coast but have yet to de- pump an additional one mil- Such withdrawals have sky-
ity to meet pledges to reduce placed three Exxon board mem- called Rovuma, would tap vast velop it. Gas from the field, lion barrels of oil and gas a rocketed in recent months,
emissions, people familiar with bers, argued that Exxon was in- reserves of natural gas off the known as Ca Voi Xanh, would day by 2025. The company cut with shares of many SPACs
the matter said. The annual pro- vesting in low-return projects coast of the southern African be sent through a pipeline to spending after the pandemic falling after some companies
jected emissions from the Mo- and lacked a coherent strategy country. It is one of the largest planned onshore power plants. decimated demand for oil and that went public this way
zambique and Vietnam projects to chart a transition to lower- projects in Exxon’s portfolio, Vietnamese officials have said gas last year and has said it is struggled to meet their
were among the highest in carbon fuels amid growing con- and its proximity to India could the project would generate $20 pursuing higher returns in- growth targets.
Exxon’s planned pipeline of oil cerns about climate change. give Exxon an opportunity to billion in government revenue. stead of production growth. Asked whether the deal
and gas projects, according to a The activist won support export gas to a fast-growing The field is near contested wa- Exxon’s fortunes have im- would also include private in-
pre-pandemic internal analysis from some of the company’s market. But Mozambique lacks ters claimed by China in the proved this year along with vestment in public equity, or
by Exxon, which was viewed by largest investors, including infrastructure and is fighting South China Sea, and analysts rising oil and gas prices. Ana- PIPE, financing that often ac-
The Wall Street Journal. BlackRock Inc. and Vanguard an Islamic State-linked insur- said China is actively disrupting lysts expect Exxon to report companies such deals, a
Mr. Norton said the analysis Group. The asset managers gency. Exxon spent $2.8 billion Vietnam’s offshore oil-and-gas more than $6 billion in quar- spokesman for the SPAC said
of projected carbon emissions said one of the reasons they to acquire a stake in the Ro- industry, adding geopolitical terly profit later this month, it couldn’t provide more de-
the Journal viewed was several supported the Engine candi- vuma project but has delayed a complications to the project. after a loss of $680 million tails but would reveal more
years old and didn’t include the dates was that Exxon’s board final investment decision for Abandoning the projects during the year-earlier period. publicly soon.
 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.

A10 | Thursday, October 21, 2021 THE WALL STREET JOURNAL.

WORLD NEWS
Chinese Military Tests Hypersonic Missile
Launch could hold basically goes into orbit and
then de-orbits to a target,”
implications for nuclear, Mr. Kendall said.
nonnuclear applications, The bombardment system
was developed by the Soviet
U.S. officials say Union in the 1960s as a way
of evading U.S. early-warning
BY MICHAEL R. GORDON radars and antimissile sys-
tems by attacking from mul-
China tested a hypersonic tiple directions.
missile in August that or- It was called a “fractional”
bited the globe before head- system because it wasn’t de-
ing toward its target, adding signed to go into a full orbit
a new capability to Beijing’s of the earth. Moscow later
already sizable military abandoned the system.
buildup, U.S. officials said. During the Trump admin-
American officials and istration, the State Depart-
weapons experts outside gov- ment proposed talks with the
ernment have speculated the Chinese on strategic stability.
missile program might be in- They were intended to en-
tended as a way to evade courage Beijing to participate
U.S. missile defenses with a in negotiations limiting long-
nuclear-armed system. range nuclear arms, which
U.S. missile defenses China long has refused to do.
aren’t currently capable of The Chinese didn’t take
thwarting a substantial Chi- the U.S. up on that offer,
nese nuclear attack, but Bei- which also could have pro-
jing might be concerned the vided the two sides with an

GREG BAKER/AFP/GETTY IMAGES

U.S. antimissile capabilities opportunity to discuss nu-
might be expanded in the fu- clear doctrine and new
ture, said the officials and weapons systems.
experts. A State Department
Some U.S. officials say, spokesman said the U.S. is
however, that the new mis- still interested in beginning a
sile might be intended as a dialogue.
nonnuclear system that could “We are deeply concerned
be used to attack American Military vehicles carrying surface-to-air missiles participated in a military parade at Tiananmen Square in Beijing in October. about the rapid expansion of
ports or installations in the the PRC’s nuclear capabili-
Pacific. pressed concern that it could Times, which said the test Details about the Chinese U.S. Air Force Secretary ties, including its develop-
The system, if fully devel- at least double during the had missed its target by system are scant. But the Frank Kendall appeared to ment of novel delivery sys-
oped, would hardly be the next decade, and that Bei- more than 20 miles. system has been described as allude to China’s new hyper- tems,” the spokesman said,
most threatening weapon in jing’s ultimate objective is to U.S. officials confirmed a rocket that carries a glide sonic missile in a Sept. 20 using the acronym for the
China’s arsenal. Beijing also achieve parity with the U.S.’s that the missile had missed vehicle into a low earth or- speech in which he said that People’s Republic of China.
has been building silos for much larger triad of nuclear its target. bit. That glide vehicle sepa- China was developing the ca- If China were to agree to
intercontinental ballistic mis- forces. “This is part of a larger rates from the rocket and pability to launch “global such stability talks, the
siles, which experts say The Pentagon has declined buildup,” said Robert Soofer, maneuvers toward its target strikes from space.” spokesman continued, the
would be cheaper and much to comment on the test. who served as senior Defense on the ground at a high rate “There is a potential for format would be “tailored to
more accurate. A Chinese spokesman said Department official for nu- of speed, with a flight path weapons to be launched into the circumstances” and need
China has a small nuclear Beijing had carried out a clear and missile defense less predictable than that of space, then go through this not mirror those the U.S. has
arsenal of several hundred routine test of a space vehi- policy during the Trump ad- a typical ballistic missile. old concept from the Cold had with Russia on the fu-
warheads, say U.S. officials cle this past summer. ministration. “This is part of U.S. and Russia also are War called the Fractional Or- ture of arms control and the
and weapons experts. But The August test was ear- an effort to achieve military working on hypersonic weap- bital Bombardment Sys- definition of strategic stabil-
American officials have ex- lier reported by the Financial parity across the board.” ons. tem…which is a system that ity.

Cities Boost Flagging Housing Prices Beijing Revives Coal

BY STELLA YIFAN XIE To Tackle Power Crisis
HONG KONG—Officials BY CHUIN-WEI YAP mate summit that China
across China are moving to planned to limit coal-con-
stabilize housing prices as the HONG KONG—China is pull- sumption increases through
market starts to wobble amid ing out the stops to ease its 2025, and thereafter start re-
Beijing’s forceful clampdown worst power crunch in two de- ducing its consumption of the
on the real-estate sector. cades, reversing course on fuel. Last year, he said that
The interventions from lo- earlier ambitions to curb coal carbon emissions would begin
cal governments, which in- use as it sets new policies to to decline by 2030, and the
clude extending subsidies to revive production and loosen China would reach carbon
younger home buyers and ban- imports of the electricity-gen- neutrality by 2060.
ning developers from offering erating fuel. In mid-August, China’s state
“malicious price cuts” on new As winter nears, the na- planner said 20 provinces
homes, reflects the delicate tion’s top economic planner failed to meet a slate of cli-
balance that authorities are this week said it would use mate-related targets and or-
XIE JIANFEI/XINHUA/ZUMA PRESS

trying to strike in damping “all necessary means” to roll dered sharp cuts to coal-fired
runaway prices and reining in back record-high coal prices, power generation. The cuts,
developer debt—all without including by using domestic however, ate into factory pro-
sparking a wider panic in the laws that allow the govern- duction and now weigh on
critical market. ment to limit profit and prices economic growth, posing an-
Since August, government for key goods. It has ordered other challenge to Mr. Xi.
officials from more than a all coal mines to operate at Power restrictions became
dozen cities across the coun- full capacity even during holi- widespread by September,
try have introduced measures In Harbin, a city of 10 million people, authorities have eased real-estate developers’ access to capital. days, issued approvals for new with at least 18 provinces tak-
aimed at forestalling a free fall mines and ordered major coal ing measures to curb electric-
in home prices, according to a ming property agent. production bases in north and ity usage, including halting
Wall Street Journal tally of Evergrande Halts the city require a buyer of 30% Before the pandemic hit, northwestern China to lower some factory production and
written government notices or more of a public company Mr. Rong said he would typi- prices by 100 yuan ($15) a turning off traffic lights. China
and state-media reports. Plans to Sell Unit to make a takeover offer to all cally strike one deal for every metric ton from Tuesday. currently has coal inventories
The measures come even as its shareholders. six apartment tours he gave. China’s rollback of restric- of some 88 million metric
some of the country’s biggest Hopson, in a separate filing As conditions have tightened tions on mining and imports tons, enough to last 16 days at
and most expensive cities im- China Evergrande Group Wednesday, rebutted Ever- this year, he now takes poten- of coal might help stem soar- key power stations, the gov-
plement ceilings to keep home called off plans to sell a majority grande’s version of events. It said tial buyers on 15 home tours, ing global fuel prices that ernment said.
prices from rising too quickly. stake in its property-manage- it had been ready to buy the if not more, before closing a were driven up by factors in- The National Development
The divergent policies reflect ment unit for the equivalent of stake but the other parties to sale, he said. cluding a post-pandemic eco- and Reform Commission said
varied conditions across a vast $2.6 billion, a major setback in the deal had made unacceptable In Harbin, existing home nomic recovery, transport bot- Tuesday that coal prices had
country—and underscore the the real-estate giant’s attempts requests to change terms. It said prices similarly fell 0.7% in tlenecks and low stocks. “totally deviated from supply-
challenges for policy makers to ease its liquidity crunch. that included a demand that September from the previous Beijing’s push to meet tougher and-demand fundamentals,”
as home buyers question for The cash-strapped developer Hopson send all the funds di- month, Wednesday’s data environmental targets, and were still on an “irratio-
the first time long-held as- said Wednesday that it planned rectly to Evergrande, rather than showed. One real-estate agent stepped up this summer, ag- nal” upward trend.
sumptions that prices would to sell 50.1% of the profitable first depositing the payment surnamed Yang estimated that gravated the shortage of coal, The commission on Tues-
always rise. subsidiary, Evergrande Property with the property management one-third of new homes have of which the country con- day summoned key coal pro-
Regulators have long fret- Services Group Ltd., to a unit of unit, as the agreement stated. seen their prices fall by sumes half the world’s supply. ducers and industry associa-
ted publicly about runaway rival developer Hopson Devel- “The company is exploring roughly 10% this year. In some Beijing’s vacillating policies tions to discuss ways to deter
housing prices. But last year, opment Holdings Ltd. the options available to it for parts of town, he said, “sec- come ahead of a global climate prices. The commission also
China introduced strict new The deal was terminated the protection of its legitimate ondhand homes can’t be sold summit next month—Chinese sent a team to the Zhengzhou
limits on developers’ debt by Evergrande, which said in a interests,” Hopson added. without a price cut.” authorities haven't confirmed Commodity Exchange on Tues-
loads, and in March, the top regulatory filing that it “had Evergrande, China’s most Despite local governments’ if President Xi Jinping will at- day afternoon to inspect coal-
banking regulator warned reason to believe…that the pur- indebted developer, said it countermeasures, economists tend—and in part reflect the price movements since the
about a real-estate bubble that chaser had not met the pre- hasn’t made much progress and property analysts are difficulty in balancing the im- start of the year. Beijing often
he said had grown “very dan- requisite to make a general of- unloading its assets, aside skeptical they will do much to peratives of economic growth targets unspecified specula-
gerous.” fer for shares in Evergrande from a $1.55 billion deal last stanch the slide in home with climate goals. Mr. Xi in tors when it wants to cull
On Wednesday, official data Property Services.” The busi- month to sell most of its stake prices as long as Chinese April said at a separate cli- surging commodity prices.
from China’s National Bureau ness is listed in Hong Kong, in a Chinese commercial bank. leader Xi Jinping maintains The state planner set a tar-
of Statistics showed average and securities regulations in —Serena Ng the tight restrictions on prop- Coal Crunch get of daily coal output of 12
new home prices in 70 major erty developers’ debt levels million tons; the rate reached
Coal prices globally and in China
cities falling monthly in Sep- that have pushed some compa- the year’s high of 11.6 million
have been surging on a
tember for the first time in ates buying homes for the first warned against offering large nies to the brink of collapse. tons on Monday, up from
confluence of Chinese economic
more than six years. time. discounts that could disrupt China Evergrande Group, around 10.4 million in late
policy and supply shortages.
Only 27 of the 70 cities saw Authorities in the city, an market order by dragging one of the country’s largest September.
new home prices rise last aging industrial hub of 10 mil- down the broader market and developers and by far its most China Qinhuangdao thermal At ports, importers have
month compared with the pre- lion people that has seen its angering existing home- indebted, has about 800 proj- coal prices been able to unload Australian
vious month, the lowest such population shrink in recent owners. ects in progress, spread across coal—signaling a potential end
3,000 yuan a metric ton
number since February 2020, years, also have eased devel- The warning, made in an more than 200 cities. In recent to a yearlong ban on the
when the pandemic froze ac- opers’ access to capital. Ear- August meeting hosted by a weeks, it has skipped pay- trade—though the cargoes ha-
2,500
tivity across the country. lier rules had forced develop- government-backed real-estate ments on some of its dollar ven't yet cleared customs, ana-
Now that officials have suc- ers to park the proceeds from association, has done little to bonds and owes billions of lysts and shipping brokers
presales of apartments with prop up prices. dollars to its suppliers and 2,000 said. China began blocking
ceeded in tamping down froth
in the market, the concern has regulators; as developers’ li- Prices of new and existing contractors. Construction on coal shipments from Australia
quickly shifted in some cities quidity struggles have wors- homes in Kunming fell by 0.7% some of its developments has 1,500 fall last year as bilateral rela-
to ensuring that prices don’t ened, however, the local gov- in September after pulling been halted. tions soured after Canberra’s
fall too precipitously. ernment last week eased those back 0.5% in August, according “Policy makers in Beijing are 1,000 call for an independent probe
In Harbin, China’s most restrictions. to Wednesday’s official home- determined to avoid turning to into the origins of Covid-19.
northeasterly provincial capi- Some 2,000 miles to the price data release. the property market as a 500 Analysts expect the latest
tal, near the border with Rus- southwest, in the provincial “Chinese home buyers have growth engine,” said Ting Lu, measures to gradually revive
sia, local officials this month capital of Kunming, a city of a tradition of only buying chief China economist at No- 0 coal output, which might go
began offering subsidies 8.5 million people near China’s when prices go up, and stop mura. “The question is whether J F M A M J J A S O some way toward assuaging the
equivalent to between $3,100 border with Myanmar, prop- buying when the market goes China’s real economy can en- Note: 1,000 yuan = $156 shortages, though larger-scale
and $15,600 to college gradu- erty developers have been down,” said Rong Jing, a Kun- dure the pain as a result.” Source: Wind Info power shortages could recur.
 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. Thursday, October 21, 2021 | A11

WORLD NEWS

Panel Urges Bolsonaro

Be Criminally Charged
For Pandemic Actions
BY SAMANTHA PEARSON
AND LUCIANA MAGALHAES
SÃO PAULO—A Brazilian
Covid-19 to increase the coun-
try’s levels of natural immu-
nity against the virus.
The accusations have mobi-

RUSSIAN FOREIGN MINISTRY/AGENCE FRANCE-PRESSE/GETTY IMAGES

senate investigation into
President Jair Bolsonaro rec-
ommended that the ex-army
captain face criminal charges
over his handling of the pan-
demic, alleging he let
Covid-19 rage freely in the
country to test out herd im-
munity.
The accusations are un-
likely to reach the courts, po-
litical and legal experts said,
but the probe has already
taken a political toll on Mr.
Bolsonaro’s administration.
The 11-member panel of
senators, most of whom be-
long to parties that oppose
the president, released a re-
port Wednesday summarizing
lized opposition against the
president in the senate and
hampered his legislative
agenda. Mr. Bolsonaro had
been banking on senators’
support to pass changes to
Brazil’s tax code that would
help fund a new welfare pro-
gram.
The inquiry has also polar-
ized Brazil. The president’s
supporters see Mr. Bolsonaro
as a victim of a witch hunt by
the political left, with some
Bolsonaro backers calling for
the return of military rule in
Brazil. His critics hold him re-
sponsible for the deaths of
the more than 600,000 people Russia hosted talks in Moscow on Wednesday with Taliban officials and envoys from other countries.
who have died from Covid-19

Taliban Pressed at Russia Forum

their findings from the six-
month congressional inquiry
that has gripped the nation.
The panel, which called on
witnesses ranging from doc-
tors to businessmen, said Mr.
Bolsonaro should be charged
with crimes against humanity,
failing to prevent deaths from
an epidemic, and misuse of
public funds among several
other lesser crimes. They ac-
cused Mr. Bolsonaro, a vocal
critic of social-distancing
measures and face masks, of
carrying out a secret plan in
which as many Brazilians as
possible became infected with
JOEDSON ALVES/EPA/SHUTTERSTOCK
in Brazil—the world’s second-
highest death toll after the
U.S.
Mr. Bolsonaro denied
wrongdoing Wednesday dur-
ing a speech at a government
event in Brazil’s northeast.
“The probe hasn’t produced
anything,” he said, “apart
from hatred and resentment.”
The panel doesn’t have le-
gal powers to file criminal
charges. The report must now
go to the whole senate for ap-
proval. If approved, it will
then be up to the attorney
general to decide whether to
file charges.
BY ANN M. SIMMONS
MOSCOW—Taliban repre-
sentatives attended their first
international conference since
the movement took power in
Afghanistan in August, gather-
ing with senior officials from
Russia, China and other coun-
tries in Moscow, where they
came under pressure to form a
more inclusive government and
pursue a friendly policy toward
the country’s neighbors.
In a statement issued fol-
lowing Wednesday’s talks, the
participants expressed con-
cern about the manifestation
of activities by banned terror-
ist organizations in Afghani-
stan, but called for establish-
ing engagement with the
country regardless of whether
Iran, India, Kazakhstan, Kyrgyz-
stan, Tajikistan, Turkmenistan
and Uzbekistan—urged the in-
ternational community to mo-
bilize efforts to provide urgent
economic and humanitarian aid
to the conflict-ridden, cash-
strapped nation. The State De-
partment said the U.S. wouldn’t
attend for logistical reasons.
Amir Khan Muttaqi, Af-
ghanistan’s interim foreign
minister, said the Taliban is
committed to forming an in-
clusive government. “Changes
are coming in the govern-
ment,” Mr. Muttaqi said after
the talks, according to Russian
news agencies.
Russian Foreign Minister
Sergei Lavrov told the meeting
participants that Moscow rec-
ognizes the Taliban are work-
sian news agency, Interfax.
Russia has a fine line to
tread as it navigates how to
deal with the Taliban: Staying
on good terms with the new
regime in Kabul, while pre-
venting an influx of refugees
and a broader Islamist move-
ment gaining ground in what
used to be the Soviet Union.
From Eastern Europe to the
Central Asian republics to its
south, Russia has long tried to
exert its influence over the for-
mer Soviet space. But since the
Taliban seized control of Af-
ghanistan, coming up with a
strategy for engaging the new
leadership in Kabul has become
a priority for the Kremlin as it
tries to maintain political stabil-
ity in the region, analysts said.
The balancing act has taken
One complication is that
Russia officially lists the Tali-
ban as a terrorist group.
“What Russia wants to show
is that it does have a solid
working relationship with the
new authorities in Afghanistan,”
said Samuel Ramani, associate
fellow at the Royal United Ser-
vices Institute, a London-based
defense and security think tank.
“It’s a way of flattering them,
giving them legitimacy without
recognizing them.”
Russia aims to make itself
an effective conduit between
the Taliban and rival Afghan
factions, as well as other na-
tions, and slow the Islamists’
creep into Moscow’s traditional
sphere of influence, he said.
“Direct contacts are aimed
at better understanding what

the international community
recognizes the Taliban as the
new Afghan government.
“Further practical interaction
with Afghanistan must be built
taking into account the new re-
ality,” the statement said.
The conference partici-
pants—which also included se-
President Jair Bolsonaro faced criticism for his Covid-19 policies. nior officials from Pakistan,
ing to stabilize the situation in
the country and is “satisfied
with the level of practical in-
teraction with the Afghan au-
thorities,” which would ensure
the security of Russian citizens
living in Afghanistan and the
smooth functioning of Russia’s
embassy and other embassies
in Kabul, according to the Rus-
varying forms.
Moscow’s ambassador was
quick to meet with Taliban rep-
resentatives days after they
came to power. Russia also has
called on the international com-
munity to unfreeze more than
$9 billion in Afghan reserves
held in overseas accounts and to
fund humanitarian aid efforts.
is happening in this state,
what are the intentions of the
Taliban, what are their plans
for the medium and long
term,” said Russian presiden-
tial spokesman Dmitry Pesko.
A key concern for Moscow
remains preventing Afghani-
stan from becoming a base for
terrorist groups.

RUSSIA
Workers Told to Stay Bundesbank Chief
Home as Covid Grows Weidmann to Resign
Russian President Vladimir
Putin ordered people to stay
off work for at least a week as
deaths climb.
Mr. Putin signed a decree
Wednesday approving a period
of nonworking days, as the
government calls them, begin-
ning Oct. 30 and stretching to
Nov. 7 to encourage people to
stay home and slow the spread
of the virus. Regional govern-
ments where infection rates are
especially virulent can speed up
or prolong the measures, with
employers continuing to pay
their staff as they stay home.
Latvia, which until recently
had outperformed other Euro-
pean countries in containing
the virus, on Monday an-
nounced a slate of strict mea-
sures, including a nationwide 8
p.m. to 5 a.m. curfew and clo-
sures of schools and nonessen-
tial retail after the seven-day
average of deaths in the tiny
Baltic state more than doubled
last week.
In Russia, Covid-19 cases
have surged to more than
34,000 a day and daily deaths
from the virus have surpassed
1,000, a record high, according
to the government’s coronavi-
rus task force.
—Ann M. Simmons
WORLD WATCH
GERMANY
Jens Weidmann, the German
central-bank chief who made his
name by attacking the European
Central Bank’s crisis-fighting ef-
forts, said he would step down
from the Bundesbank in Decem-
ber, five years before his term
was due to end.
Mr. Weidmann’s departure
means the ECB will lose one of
its most hawkish policy makers
just as it ponders whether and
how to shift away from its ultra-
easy-money policies amid a
surge in eurozone inflation.
Economists said the move
was unlikely to substantially al-
ter the direction of monetary
policy in the currency area, how-
ever, since Mr. Weidmann’s
hawkish stance was already in a
minority at the bank.
Mr. Weidmann, 53 years old,
will leave the national stage at
around the same time as his
former boss, Chancellor Angela
Merkel, giving Germany’s next
government a chance to shape
the eurozone’s monetary policy.
The Bundesbank said in a
statement that Mr. Weidmann is
leaving for personal reasons,
without elaborating.
Mr. Weidmann’s successor is
now in the hands of the next
German government.
—Tom Fairless
SYRIA
Regime Shelling
Kills at Least 13
At least 13 people including
several children were killed
Wednesday when government
forces shelled a marketplace and
roads in Idlib, the last major sec-
tion of Syria held by rebels.
The shelling took place soon
after a roadside bombing in Da-
mascus killed at least 14 people.
No one has claimed responsibil-
ity for the attack.
It wasn’t immediately clear if
the attacks in Idlib and Damas-
cus were connected.
—Jared Malsin
UNITED KINGDOM
Queen Cancels Trip
On Medical Advice
Queen Elizabeth II canceled a
trip to Northern Ireland after
doctors advised her to rest for a
few days, a rare case in which
Britain’s longest-serving monarch
has had to step back from public
duties owing to ill health.
Buckingham Palace said the
95-year-old was in good spirits
and that she looked forward to
visiting Northern Ireland in the
future. She doesn’t have MYTHOLOGICAL MASTERPIECE
Covid-19 and isn’t seriously ill,
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RISING SMOKE: Warplanes struck Mekele, the capital of Ethiopia’s rebel Tigray region, on
Wednesday, injuring at least 14 people. Ethiopia’s government said it had targeted a rebel weapons
facility. A Tigray spokesman denied the target was military. The war has ground on for nearly a 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.
A12 | Thursday, October 21, 2021
Don’t Say
‘Deal’ at
This Firm
Continued from Page One
the form of a $1,000 donation to
the charity for each violation.
Enforcement would be based on
the honor system.
It wasn’t long before Mr. Lay-
ton had to prove he meant busi-
ness. A week later at Partners
Group’s annual retreat at Len-
zerheide, a mountain resort in
the Swiss Alps, co-founder Mar-
cel Erni said “deal” three times
during his opening remarks.
Mr. Layton fined him 3,000
Swiss francs, or about $3,000, to
go to the charity.
The CEO snapped a photo of
Mr. Erni, who, unlike Mr. Lay-
ton, sits on the firm’s board,
forking over three 1,000-franc
notes. Mr. Layton asked his as-
sistant to upload the photo to
Partners Group’s internal mes-
sage board, accompanied by a
reminder: “how we communi-
cate is how we behave.”
Taliban
Turns Into
Police Chief
Continued from Page One
U.S.-backed Afghan republic,
deposed by the Taliban on
Aug. 15, may or may not be in
force. The Taliban have said
they aim to bring back the
1964 constitution from the era
of King Zahir Shah—minus un-
specified clauses they see as
contradicting Islam.
The same haphazard ap-
proach permeates the rest of
Afghanistan’s government bu-
reaucracy, where thousands of
educated professionals aban-
doned their jobs or left the
country in August. The Taliban
appointed Islamic clerics with
little management experience
to run ministries and govern-
ment departments. As of this
month, the country’s electric
utility company, which hasn’t
paid its foreign power suppli-
ers or collected much revenue
at home since Aug. 15, is
headed by a mullah.
With Afghanistan’s harsh
winter approaching and eco-
nomic activity paralyzed after
the banking system seized up
in August, challenges are
mounting.
“There is no indication that
the Taliban has any idea how
to run a country,” said Asfan-
dyar Mir, a senior expert at
the United States Institute of
Peace, a bipartisan institution
established by Congress.
Even the Taliban’s main
strength—providing security—
is being tested by a ferocious
campaign of attacks by the re-
gional affiliate of the Islamic
State militant group, including
two bombings this month at
mosques used by the minority
Shiite Muslims, which killed
dozens.
Shadow courts
At Kabul’s new primary
court, housed in the former
ministry of public works, no
trials are taking place, accord-
ing to court staff. Instead, the
court is hosting mediation to
resolve disputes. If the parties
can’t reach a compromise, a
case file is prepared for a fu-
ture hearing before a judge.
The Taliban ran shadow
courts in areas they controlled
before seizing power. A 2020
study by the Overseas Devel-
opment Institute, a think tank
in London that does research
on global inequality, found
many locals believed these
Taliban courts delivered
swifter, fairer and less-corrupt
justice than the U.S.-backed
government system.
Shariah law, which derives
from the Quran and the say-
ings and deeds of the Prophet
Muhammad, covers both crim-
inal and civil cases, as well as
moral conduct. It has harsh
penalties for some misde-
meanors, including whipping
for adultery and cutting off a
hand for theft. The Taliban
gained notoriety for applying
these punishments when they
were last in power, between
1996 and 2001. Most Muslim-
majority countries today don’t
carry them out.
A guerrilla group number-
ing tens of thousands of fight-
ers, the Taliban governed only
remote rural areas until this
year. Foot soldiers were not
formally paid and war booty
Mr. Layton, 40 years old,
says he banned the word be-
cause he is trying to get his col-
leagues to shift from a transac-
tional mind-set to one he calls
“industrial.”
Two decades ago, Mr. Layton
says, the buyout business was a
$700 billion industry in which
firms made big money with a
simple formula: buy companies
using a large amount of debt,
make some cosmetic changes
and sell them off. These days,
it’s an $8 trillion industry, and if
firms want to make the double-
digit returns their investors ex-
pect, they have to think like en-
trepreneurs, he says.
“We want to act like found-
ers, not financiers,” Mr. Layton
says. “Do our customers love
us? Is our product resonating?”
He says the word “deal” re-
duces the ownership of a com-
pany—which has executives,
employees, a strategy and a
mission—to a one-time event.
He wants the employees of his
firm to act like they are owners
of businesses, not merely the
doers of deals.
Preferred vocabulary in-
cludes “stewardship, gover-
nance, strategy, culture, entre-
preneurship, operational
provided irregular earn-
ings. Fighters say they were
supported by other family
members who had paid em-
ployment.
Now the war is over, the
Taliban have to find a way to
add these men to the govern-
ment payroll at a time when
Afghan government coffers are
empty, most foreign aid is sus-
pended and some $9 billion in
Afghan central-bank assets are
frozen in the U.S.
No pay
The ousted administration
of President Ashraf Ghani
stopped paying salaries to
government employees nearly
two months before the Taliban
takeover. The Taliban have
since managed to pull together
enough funds to provide one
month’s salary to most of the
existing employees at minis-
tries in Kabul, said officials in
the education and finance
ministries.
The finance ministry is now
raising more than $2 million a
day in revenues, mostly from
customs duties, said Ahmad
Wali Haqmal, a spokesman for
the ministry and a member of
the Taliban who says he holds
a master’s degree in human
rights from Aligarh Muslim
University in India.
“We will stop the corrup-
tion that was previously tak-
ing money out of the system,
and we will have no war ex-
penses. That way, we will be
able to cover our costs,” he
said.
Most male workers at gov-
ernment ministries have
drifted back. Female employ-
ees have been told to stay
home, at least for now.
The Taliban’s new police
force in Kabul represents the
most visible change, with only
a few of the old cops returning
to service—and even then only
for back-office duty, without
their guns. On Aug. 15, as Mr.
Ghani surprised Afghans by
fleeing the country, police offi-
cers working for his govern-
ment took off their uniforms
and abandoned their duties.
The Taliban cited the unravel-
ing of public order as the rea-
son they entered Kabul, violat-
ing their promises of seeking a
negotiated settlement.
These days, heavily armed,
battle-hardened Taliban fight-
ers patrol the city of six mil-
lion, many in old police uni-
forms but with shoulder-
length hair and bushy beards
that indicate their true identi-
ties. They cruise around in
FROM PAGE ONE
excellence and sustainability,”
he says. Some employees have
resorted to using the word “in-
vestment” as a substitute for
the banned word.
The ban has elicited sighs
and eye-rolls from staffers, but
many say it’s in keeping with
the firm’s quirky culture.
Partners Group, which fin-
ished raising a $15 billion buy-
out fund in September, isn’t
alone in seeking to put a better
‘Please don’t roll
your eyes if I bust
you,’ Partners
Group’s CEO wrote.
face on the oft-maligned pri-
vate-equity industry. But it ap-
pears to be the first of its peers
attempting to do so by striking
a key word from its corporate
lexicon.
“People in our business are
called sharks, vultures,
wolves…in Germany they call us
locusts,” Mr. Layton says. “At
Partners, we’re like penguins.
When it gets cold they all hud-
U.S.-supplied Ford Rangers,
brandishing American M-16
assault rifles, and operate out
of sprawling police stations
built by American taxpayers.
Mr. Mutmaeen, who runs
the 9th police district in Ka-
bul, used to gather intelli-
gence, find weak spots in tar-
gets and order in suicide
bombings for the Haqqani Net-
work, the faction of the Tali-
ban designated by the U.S. as
a global terrorist organization
because of its close links to al
Qaeda. Mr. Mutmaeen said he
joined the insurgency at 17 in
his home province of Logar,
south of the capital. Living un-
der cover in Kabul, he oper-
ated a web of informers inside
the previous government.
The Haqqani Network hit
Taliban police, who not long ago were fighting the government, operate a checkpoint in Kabul
dle together to protect the
young penguins.”
The firm was founded in
Switzerland in 1996 by Mr. Erni,
Alfred Gantner and Urs Wietlis-
bach, who had worked together
as bankers at Goldman Sachs
Group Inc.
The trio made a point of giv-
ing employees time to recharge
every five years—a three-month
sabbatical for partners and five
additional weeks of vacation for
lower-level employees—a for-
eign concept in the work-ob-
sessed world of finance.
Partners Group was also the
first private-equity firm to go
public, in 2006, listing its shares
on the Swiss stock exchange.
“Maybe because we were in
the secluded Alps, we started to
do things our own way,” Mr.
Gantner says. “We didn’t
breathe the same air that every-
one else was breathing.”
In the early years, the three
founders would take a half-day
every four months and hike
Wildspitz, a peak near their of-
fice. Smaller teams still some-
times make that 6- or 7-mile
trek.
John Ivanac, a Partners
Group managing director, who
joined the firm from BlackRock
Kabul relentlessly, pulling off
many of the most lethal at-
tacks in the capital. Among
the assaults Mr. Mutmaeen
said he ordered were on the
presidential palace, a CIA of-
fice and the Kabul Serena ho-
tel, which was struck multiple
times over the years and
where much of the foreign me-
dia is currently staying, under
Taliban protection.
The bickering couple were
among a long line of residents
of Kabul’s 9th district who had
come to see their new police
chief. Mr. Mutmaeen called
them over one by one, asking
them to sit at the side of his
desk. They talked in low
voices, heads almost touching.
Then he made a phone call or
instructed one of his under-
* * THE WALL STREET JOURNAL.
Inc. in 2020, recently completed
a trek to the top of Wildspitz.
Some people struggled, he says,
“I didn’t want that hanging over
it.”
Instead, he chose Denver.
but their leader, who was previ-
ously the Swiss equivalent of a
Navy SEAL, got them to the top.
As for the “deal” ban, the
firm has regressed a bit of late.
On Sept. 16, Mr. Layton, who has
While at the summit, the group
did an exercise where each
member wrote behaviors they
personally fined one other se-
nior person besides Mr. Erni,
posted another message to the
were going to stop doing on a internal network, with the sub-
piece of paper and tossed it into ject line “no more deals.” He
a fire. Members of the group said the firm had made progress
now remind each other to abide in June, July and August, but
by their pledges by saying “wild the dreaded word had been
peak,” the translation of Wild- coming up again with greater
spitz, whenever a lapse occurs, frequency.
he says. “I love it,” he says, of Slippages have typically hap-
the “deal” word ban. pened in investment committee
Mr. Layton became co-CEO meetings or calls to discuss the
alongside André Frei in 2019 firm’s investment pipeline, for-
and has been sole CEO since merly known as “deal flow”
July 1, when Mr. Frei took on calls.
the newly created role of chair- Unless Mr. Layton or one of
man of sustainability. Mr. Lay- the founders happens to over-
ton works out of the firm’s new hear, it’s up to the partner to
U.S. headquarters, whose con- pay the fine. There are signs
struction he oversaw. In deter- that the honor system is work-
mining its location, he sought ing. Partners Group says dona-
out mountainous regions far tions to its charitable arm are
from Wall Street. One option up 65% so far this year, though
was Salt Lake City, but Mr. Lay- the firm doesn’t know if all the
ton, a Mormon, decided against donations were due to the
it after ribbing from his col- “deal” ban.
leagues. “Please don’t roll your eyes if
“They called it ‘Dave’s plan I bust you,” Mr. Layton wrote.
for mass conversion,’ ” he says. “I’m taking this seriously.”
notoriously corrupt, according
to reports of the Special In-
spector General for Afghani-
stan Reconstruction, a watch-
dog created by Congress, and
was also accused of wide-
spread human-rights abuses.
Mr. Mutmaeen said he’s keep-
ing the few members of the
old police who have returned
out of sight in the back of his
station. “The people really
hated the old police. If they
see them here, with me, they
will think that nothing has
PAULA BRONSTEIN FOR THE WALL STREET JOURNAL (2)
changed,” he said.
In Kabul’s 12th police dis-
trict, Mohammad Ibrahim had
been trying to collect an
$8,500 debt for three years.
He had supplied fuel to an in-
fluential local businessman,
who he said refused to pay. He
said he didn’t approach the
previous police given his op-
ponent’s connections with pol-
iticians in the fallen republic.
Last month, Mr. Ibrahim
went to the new Taliban cops,
who arrested the debtor, he
Police Chief Mawlawi Zubair said. Now the Taliban plan to
Mutmaeen, above, spends bring both parties together for
much of his day mediating arbitration. “I was sure the old
disputes in his office. Officers police would not care about
take an ice-cream break, left. my problem,” said Mr. Ibra-
him, who said he didn’t have a
lings to find a solution. prior relationship with the
At first, Kabul residents Taliban.
were nervous about approach-
ing the Taliban’s new police.
Now the office is crowded. ‘Forgive everyone’
Some want Taliban help to get A senior police officer in
debtors to pay up. Others the 12th district, Qari Fasi,
complain about stolen cars. said the Taliban weren’t seek-
Some are looking for a job. ing retribution against mem-
Invisible, of course, are the bers of the fallen regime and
many people of Kabul who are its security forces. “We forgive
hiding in their homes in dread everyone,” he said. “Our duty
of the Taliban. Many who is to protect everyone now.”
missed the U.S.-led airlift in Many residents say crime
August, which flew out more has gone down since the Tali-
than 120,000 people, are still ban takeover. Kabul residents
desperately seeking to escape said they have been able to
abroad. Fewer women are seen travel by road to parts of the
walking on the streets and country that were far too dan-
only a fraction of them have gerous before.
been able to return to work. Taliban fighter-turned-po-
liceman Hajji Naseem, who
comes from a rural area of
Cracking down Ghazni province, headed a ve-
Those disapproving of the hicle patrol on a recent day
Taliban hesitate to raise their with pickup trucks of his men
voices, including anyone criti- following. A subordinate used
cal of the group’s police. The Google Maps to navigate the
Taliban have cracked down on unfamiliar streets of Kabul.
small-scale demonstrations Coasting slowly in their
that have taken place in Kabul new uniforms, bristling with
and other cities, firing in the guns, the men stopped at a
air and hitting women who de- few places and jumped out.
manded equal rights. Two Some locals approached them
journalists working for Afghan gingerly to chat, already seem-
newspaper Etilaatroz, covering ingly adjusted to their pres-
a women’s protest in Kabul ence, while little kids ran for-
last month, were taken away ward, fascinated.
by the Taliban and severely Ehsanullah Hussainkhil, a
beaten in a police station. A youth organizer in Kabul,
Taliban official later visited hosted a lunch of kebabs and
the newspaper and promised rice for the Taliban police offi-
an investigation. cers in a local restaurant. Ini-
The police service of the tially, he said, he was scared
deposed Afghan republic was of them.
“There was a barrier. Be-
cause of their image, we were
terrified they will kill us,” he
said, as the Taliban seated at
the table looked on. “But as
we are gradually getting ac-
quainted with them, we see
that they are good.”
Police work, it turned out,
is more stressful than jihad—
and big-city problems aren’t
what Mr. Naseem’s men were
PAULA BRONSTEIN FOR THE WALL STREET JOURNAL
used to in the rural backwa-
ters.
“Jihad was a glorious time.
The fighting was hard, we ate
little, but we could become he-
roes,” said Mr. Naseem, the
administrative head of Kabul’s
8th police district. “Now I
can’t sleep through the night
because I am worrying that
maybe a robbery is happening
some place, or a woman is be-
ing beaten by a family mem-
ber.”
 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.

PERSONAL JOURNAL.
© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, October 21, 2021 | A13

Some hotels have cut back on their

hot buffets, left. Others, below, are
offering guests grab-and-go
breakfasts.

receive the experience and services

as advertised, they should contact
us and we will work with the hotel
to make it right.”
Some Staybridge managers
have responded to complaints on
Tripadvisor saying that full break-
FROM TOP: HYATT CORPORATION; JEFFREY GREENBERG/UNIVERSAL IMAGES GROUP/GETTY IMAGES

fast buffets and evening receptions

have been put on hold and will re-
turn. But they haven’t posted that
on their own booking site.
Traveler Laura S. was one of
many Tripadvisor users to call out
the lack of breakfast at the Stay-
bridge Suites Florence-Cincinnati
South: “There was no hot BFST at
all, no eggs, bacon, sausage,
nothing!!!!”

Hotels have suffered

from labor shortages that
have made it difficult to
supply services.

On IHG’s website, the page for

that hotel showing pictures, rates,
directions and amenities says, “En-
joy a complimentary hot breakfast

Travel Perks Are Disappearing

buffet every morning of your stay
and an evening social Monday-
Wednesday with light entree/appe-
tizer beer and wine in our Great
Room.” The top of the page carries
“Important Announcement. You
The free hotel breakfast and other amenities are harder to find—even when still advertised may experience modified ameni-
ties and services as each hotel
fully reopens.” An IHG spokes-
THE MIDDLE “We are now past the point woman says the company is trying
SEAT where the pandemic is a tempo- to restore hot breakfast where
SCOTT rary excuse,” says Jay Sorensen, a possible.
McCARTNEY consultant to travel companies on Hotel losses during the pan-

E
ighteen months into the
pandemic, travelers say
they keep encountering
misleading and false
promises on hotel web-
sites. They complain of
finding the elite-level lounges, free
breakfast or happy-hour recep-
tions with snacks unavailable—
sometimes even when hotels claim
they’ve been restored.
Some road warriors say they
routinely call ahead now to find
out what the hotel has cut. Guests
often see compensation for service
cuts only after complaining.
The biggest difference between
business-class rooms and regular
rooms at Radisson Hotels is break-
fast. It’s included with a business-
class booking but not when paying
regular rates. Except many U.S.
Radissons still haven’t reopened
restaurants, so every guest gets a
grab-and-go breakfast.
“Business class is for when the
restaurant is open and you get a
cooked breakfast, not for right
now,” says a front-desk clerk at
the Radisson Schaumburg, Ill.,
near Chicago.
Somebody ought to tell Radis-
son’s website and reservations de-
partment. The chain was still sell-
ing business-class rooms at higher
prices as of Tuesday afternoon. A
one-night stay this week costs $5
more. But book five mid-November
nights at the Schaumburg hotel
and a regular king-bed room costs
$94 a night, while a business-class
king is $219 for the same dates.
For that money, you’re basically
getting some bonus points and
drink vouchers.
Radisson didn’t respond to re-
quests for comment.
It isn’t always clear whether
service reductions are due to
Covid-19 safety precautions or
cost-cutting. Some hotels are of-
fering hot buffets on weekends,
when they’re full, but no hot
breakfast on weekdays, when occu-
pancy is lower because of weak
business travel.
Roger Hooson, a recently re-
tired urban planner from the San
Francisco Bay Area, called the
Hyatt Regency St. Louis. They told
him the restaurant had reopened
and he’d get free breakfast, since
he’s at a top tier of Hyatt’s loyalty
program. He arrived earlier this
month and was told yes, the res-
taurant had indeed reopened, but
not on the days of his visit.
“It’s a shifting target,” he says.
A spokesman for Hyatt says hotels
try to find alternatives for eligible
World of Hyatt members when
complimentary breakfast isn’t
available.
Hotel chains have almost uni-
versally posted notices on their
websites that some amenities may
not be available at some proper-
ties because of the pandemic. But
drill down to offerings at specific
hotels, and often nothing has been
updated.
branding and loyalty. “In today’s
environment, it should be so sim-
ple to effectively convey what is
happening or not happening on a
property-by-property basis, and
they are not.”
Mr. Sorensen thinks many ho-
tels are damaging the credibility of
their websites and apps as sources
of accurate information about
properties—and how people view
their brands, too. If your brand is
free hot breakfasts and you’re not
consistently providing them,
you’ve got a problem.
Mr. Sorensen found himself re-
cently at a Staybridge Suites hotel
near Minneapolis. The brand, a unit
of IHG, is known for a hot breakfast
buffet and an evening happy hour
with hors d’oeuvres that can pro-
vide a light dinner for guests. The
Social, as it’s called, is still touted
on Staybridge’s website, and still
listed as an amenity at the Stay-
bridge Suites Minneapolis-Bloom-
ington. Except it isn’t offered.
In a statement, IHG said it con-
tinues to work with hotel owners to
adjust services while following
Covid-19 restrictions, and marquee
programs do continue to be re-
stored. “The vast majority of our
hotels are independently owned and
operated, and we work with them
to ensure any offers or amenities
presented to guests booking via our
channels are accurate,” IHG said. “If
a guest ever finds that they do not
demic have been extreme. Proper-
ties have suffered from labor
shortages that have made it diffi-
cult to supply services such as
daily housekeeping or loyalty-
group lounges. The American Ho-
tel and Lodging Association esti-
mates the industry lost $49 billion
in business-travel revenue in 2020
compared with 2019. It’s also on
pace to finish with $10 billion less
in business-travel revenue this
year compared with 2020.
Frequent travelers worry many
of these standard amenities are
likely gone for good.
Karl Chang of Richmond, Va.,
who retired during the pandemic
but continues to travel frequently,
says he avoids full-service Mar-
riotts because his titanium status
no longer gets him any amenities
such as free breakfast or loyalty-
member lounges. Grab-and-go of-
ferings often amount to high-calo-
rie breakfast bars and other
processed foods.
Instead, he now gravitates to
limited-service hotels that still
have a free breakfast for everyone,
albeit with reduced offerings.
Some hotels will compensate
guests for reduced amenities by
offering bonus points or even gift
cards toward future stays.
“It’s something you have to ask
for,” Mr. Chang says. “Hotels may
not be volunteering these extra
benefits.”

users to reserve rental cars that

Plan Your Holiday are then delivered to them by a
driver.

Car Rentals Early With prices higher, don’t give up

on discounts
Costco, AAA, AARP and USAA are
a few entities offering programs
BY ALLISON POHLE Expect to pay more in New York that can provide members with
discounts when booking rental

A
mericans who plan to rent
cars for holiday travel this
year should book soon or
risk facing scarce options and high
prices.
Rental-car companies sold off
their fleets earlier in the Covid-19
pandemic. They have since strug-
gled to replace their inventories
because of the global computer-
chip shortage.
Now, those diminished fleets
are a potential problem for anyone
who expects to rent a car. Holiday
travel this season is expected to be
robust.
“Folks may get lulled into a
false sense of complacency that
the rental-car shortage is over, and
that’s definitely not the case,” says
Jonathan Weinberg, founder and
chief executive of AutoSlash, a
website that finds rental-car deals.
Here are some tips to help you
IVY CEBALLO/TAMPA BAY TIMES/ZUMA PRESS
and Hawaii (but less in California)
Rental-car prices fell from their
sky-high summer rates after the
Labor Day holiday, as demand
dropped. But prices are still higher
than they were pre-pandemic.
Rates are averaging $75 to $100 a
day for the Thanksgiving holiday
right now, compared with $40 to
$60 during this time in 2019, Mr.
Weinberg says, and prices are ex-
pected to increase, especially for
Christmas travel.
New York City is one of the most
popular rental-car markets for the
Thanksgiving holiday, and the most
expensive, with prices averaging
$135 a day, according to data from
the travel company Kayak.
Travelers to certain locations
will notice that some prices haven’t
budged much from earlier summer
highs. It cost $221 a day to rent a
car over Memorial Day weekend in
Bozeman, Mont., and now costs
cars. Some travel credit cards also
offer rental-car discounts.
Travelers can compare and con-
trast deals on their own, or try us-
ing a service such as AutoSlash,
which allows users to input any
club or association memberships,
as well as their travel cards, and
then finds deals.
Stay flexible
If you are flexible about the vehi-
cle you want, the dates and the
pickup location, you will have bet-
ter success securing a reservation,
says Greg Scott, spokesman for the
American Car Rental Association.
Some car companies will offer
discounts for prepaid rates, though
those rentals are often subject to
cancellation and change fees. Mr.
Weinberg recommends booking a
Prices for rental cars are higher than they were before the pandemic. pay-later rate, which doesn’t require
putting a credit card down. “A lot of

navigate holiday car rentals.
Don’t wait to book
The advice from earlier this year
to book a rental car as soon as
possible holds true now.
Many travelers typically book
flights or hotels before making
rental-car reservations. “Do it much
earlier than you normally would,”
says Mike Taylor, travel-intelligence
lead at research firm J.D. Power.
$229 a day to rent one over Christ-
mas, according to Kayak’s data.
Bozeman is the most expensive
rental-car destination this Christ-
mas, according to the company.
Rental cars are also projected
to be in high demand in Hawaii.
Lihue, on the island of Kauai, is
the second-most expensive rental-
car destination this Christmas, at
$186 a day, according to Kayak.
Travelers will find cheaper
rates in other areas of the country.
Many locations in California rank
among the cheapest for the Christ-
mas holiday, including Sacramento,
at $67 a day, Oakland at $80 a day
and San Diego at $82 a day, ac-
cording to Kayak.
Consider a peer-to-peer or alterna-
tive rental service
Peer-to-peer car-sharing services
have seen an increase in business
as travelers struggling to find
rental cars from bigger companies
have turned to their services. Turo
and Getaround allow car owners to
list their vehicles for rent on the
platforms.
On Turo, hosts set the daily
price for their cars, so users can
find rentals at a range of price
points, Chief Marketing Officer An-
drew Mok says.
Another service, Kyte, allows
our customers end up rebooking
two, three, four, five times any time
they’ll lower their rate,” he says.
Customers may encounter some
challenges when picking up rental
cars in some instances, says Neil
Abrams, president of Abrams Con-
sulting Group, a car-rental consult-
ing firm. “There will be customers
waiting for cars to show up in the
ready spaces even with a reserva-
tion,” he says.
 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 | Thursday, October 21, 2021 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

How ‘Dune’ (Sort of)

BY AARON BACK

“B
is mitigated by innovation, or pro-
ductivity in the parlance of econo-
egin selling spice mists, which enables growth by
reserves, but deriving more output from a given

Forecast the Economy

slowly,” the villain
of Denis Ville-
neuve’s “Dune”
commands an un-
derling. “We don’t want the price
to fall.”
In the story’s galaxy-
spanning civilization, set
tens of thousands of years
in the future, the basic
laws of economics still
apply. Scarcity of re-
sources isn’t just a fea-
ture of the 1965 novel, it’s
a main driver. This gives
its otherwise fantastical
plot a realist texture that
keeps echoing in the con-
temporary world, helping
it win converts with new
generations of readers.
In the new film star-
ring Timothée Chalamet
and Zendaya, and the
novel it faith-
fully adapts,
the galaxy’s ri-
valing noble
houses are ob-
sessed with
the accumula-
tion of wealth,
which they
view as the
main source of
political power
in the galaxy.
And the pri-
mary source of wealth is
the scarce commodity
of spice.
“Spice,” also called The movie ‘Dune,’ based on the 1965 book, is sci-fi with a realist take on wealth and power. ‘Spice,’ at left, is a crucial commodity.
“melange,” is an addictive
drug with psychoactive
properties—that for reasons bet-
ter elucidated in the book than in
the film—makes interstellar travel
possible. Demand for it is there-
fore vast and, in economic terms,
inelastic. Yet its supply is limited
and unstable, as it can only be
sourced from the perilous desert
planet of Arrakis, also known
as Dune.
Meanwhile, on Dune itself wa-
ter is the ultimate commodity in
scarce supply. Natives don “still-
suits” to constantly capture and
recycle their bodily fluids; to spit
WARNER BROS. (2)
some of the more optimistic sci-
ence fiction of its era. “Star Trek,” Mr. Herbert was remarkably pre-
for instance, which premiered just
a year later, posits a kind of post-
scarcity future of utopian abun-
dance.
For all its commercial success
though, “Star Trek” has never felt
prophetic, while “Dune” frequently
has, mostly notably anticipating
the oil crises of the following de-
cade. The planet Arrakis itself is
an obvious allegory for the Middle
East; author Frank Herbert draws
heavily on Arabic phrases and ref-
From the standpoint of 1965,
scient about how dependency on
such a commodity can create op-
portunities to upend the balance
of power, particularly in the latter
half of the first novel—which the
current film doesn’t cover.
“Imagine what would happen if
something should reduce spice
production,” the Duke Leto in-
structs his son early in the novel.
“Whoever had stockpiled melange
could make a killing,” the story’s
chief protagonist, Paul Atreides,
delayed timing—it was originally
scheduled to hit theaters in No-
vember last year—now looks for-
tuitous. In our world today, as the
global economy struggles to re-
cover from the pandemic, basic
building blocks of modern civiliza-
tion like semiconductors are sud-
denly in short supply. For some-
thing as elemental as winter
heating, there is now no guarantee
that Russia will supply enough gas
to Europe, causing turmoil in
global energy markets. In the
western U.S., partly due to climate
stock of inputs. That such a tech-
nologically advanced, distant-fu-
ture civilization would be so de-
pendent on a single natural
commodity might seem implausi-
ble. Yet in “Dune” the re-
liance on spice is actu-
ally because of
deliberate efforts to
avoid using alternative
technologies.
This is the one area
in which Mr. Villeneuve’s
film falls curiously short
in adapting the
novel. But key to under-
standing the universe of
“Dune” is that it was
rocked thousands of
years earlier by a war
with sentient machines.
This in turn gave rise
to one of the fundamen-
tal commandments that
is abided by in the uni-
verse of “Dune”: “Thou
shalt not make a ma-
chine in the likeness of
man’s mind.” In place of
computers, the Space
Guild, which enjoys a
monopoly on interstellar
travel, turned to the con-
sciousness-enhancing ef-
fects of spice to enable
them to perform the
needed calculations.
This again shows Mr.
Herbert to be ahead of
his time, anticipating so-
cial concerns around the
rise of artificial intelli-
gence, as well as many
subsequent works of sci-
ence fiction. And in at least one
more sense Mr. Herbert is again
proving prescient: The deliberate
avoidance of an available but feared
technology, nuclear power, is one
reason the global economy remains
so dependent on fossil fuels.
Even once the promise of re-
newable energy is fully realized,
power will remain scarce in one
way or another. Right now, solar-
panel production is being
hampered by shortages of solar-
grade polysilicon, a key input that
is overwhelmingly produced

on the ground serves as an honor-
ific greeting involving the sacrifice
of precious water.
This rather dismal backdrop
helps “Dune” stand apart from
erences to Islam in depicting its
native population of desert-roam-
ing Fremen. Meanwhile spice’s role
in enabling long-haul transit
makes it a clear allegory for oil.
replies. “Others would be out in change, even water is becoming in China.
the cold.” far more scarce. Scarcity, in short, will always
Profiteering on the scarcity of In economics, scarcity refers to be with us. That is one of the
needed resources wasn’t just a fea- limited resources coming up great insights of “Dune,” and of
ture of the 1970s. Indeed the film’s against unlimited human needs. It the discipline of economics.

WHAT TO STREAM “I smoked a lot of weed

back then,” Eve said with a

Three laugh in an interview.

These days, the rapper-

New Tales
turned-actress and former co-
host of “The Talk” says rather
than spend, say, Sunday morn-

To Sample ings hung over, she spends

them in bed with her husband
and dog trying to figure out
BY CHRIS KORNELIS who’s going to make breakfast.
In ABC’s new one-hour
IN “QUEENS,” Eve and drama, “Queens,” she plays a
Brandy look back at the ’90s; rapper whose life has taken a
in “The Boys,” Ron and Clint similarly domesticated turn.
Howard return to “Happy Eve’s Brianna is a former
Days”; and in “Invasion,” Si- member of a ’90s hip-hop
mon Kinberg (kind of) returns group, Nasty Bitches, who has
to “The War of the Worlds.” become a wife and mother.
Here’s where to stream it all: She and her band mates reas- who played Opie on “The
semble after a young rapper Andy Griffith Show” and later
NEW RELEASES samples one of their hits. directed films including “Co-
‘Invasion’ Eve says that when she coon” and “A Beautiful Mind,”
(Apple TV+) was considering the role, she and Clint Howard, a character
This new 10-part sci-fi drama had to remind herself that she actor who has appeared in
that premieres Friday is the would be portraying a charac- films including “Austin Pow-
story of an alien invasion ter, not herself. But sometimes ers” and “The Waterboy.”
that puts a microscope on on set, she says, she couldn’t Ron Howard said he
the lives of characters around shake the parallels between wanted to let readers in on
the world reacting to an exis- her life and the life of Brianna. his view of some of the ways
tential crisis. If that sounds “Some days when it does the industry has changed,
similar to H.G. Wells’s “The happen,” she says, “it is while also marveling at how
War of the Worlds,” well, pretty spooky.” much has stayed the same.
that’s no accident.
Simon Kinberg, writer, ex-
ecutive producer and co-cre-
ator of “Invasion,” says that
he originally sold the project
to Apple as an adaptation of
the book, famously brought
to radio by Orson Welles. But
he realized what he had in
mind was a new story with a
similar premise.
Mr. Kinberg has worked
with some of the biggest
pieces of intellectual property
in Hollywood, from “X-Men” to
“Star Wars.” But he felt that to
call his series “The War of the
Worlds” would be promising
something that it wasn’t. Plus,
ABC

he believes audiences are in

the mood for something new.
“I’ve made movies based
on comic books and bestsell-
ing books, and it’s a wonder-
ful sort of guarantee, to
some extent, as much as
anything can ever be guaran-
teed,” he says. “But I do think
that we are reaching maybe
a saturation point where peo-
ple want original material.”
‘Queens’
(ABC, Hulu)
There are parts of 1999, the
year Eve released her hit de-
but album “Let There Be Eve
... Ruff Ryders’ First Lady,”
that she doesn’t remember.
‘Queens’ stars Naturi Naughton, Eve, Brandy and Nadine
Velazquez as reuniting band mates from a ’90s hip-hop group.
‘The Boys’ “The angst around the cre-
(Amazon, Apple Books) ative decision-making, problem-
“The Boys” tells the story solving process, the goal of try-
of Rance and Jean Howard, ing to connect an idea…with an
an aspiring actor and his audience, these things have
wife, who leave the shrinking not really shifted,” he said in an
live-TV world of New York interview alongside his brother.
for Hollywood in 1958, hoping Clint Howard said the big-
to land roles in westerns and picture approach is one way
detective shows. In California, he and his brother differ.
the pair find themselves sup- “Ron, you always have been
porting their sons as their kind of a big-picture guy,” he
screen careers take off. The said, “and I just sort of said, No:
book is written—and the au- I think the reader of ‘The Boys’
diobook is read by—the boys wants to know about Clint, and
themselves: Ron Howard, I’m gonna give ’em Clint.”
 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.
ART REVIEW
‘Surrealism’:
Wide Reach,
Limited Scope
BY KAREN WILKIN
‘S
New York
urrealism Beyond Bor-
ders” at the Metropol-
itan Museum of Art is
surprising, enormous,
informative and con-
fusing. Trigger warn-
ing: It does not showcase the art-
ists that the word “surrealism”
conjures up. Anticipate emphasis
on Salvador Dalí, Max Ernst, René
Magritte or Joan Miró, and you
will be disappointed. Associate
Surrealism with Paris in the 1920s
and 1930s, and your expectations
will be seriously disturbed. The
movement’s fundamental aim, an-
nounced in the 1924 Surrealist
Manifesto by its pope, André
Breton, remains unchallenged:
“Pure psychic automatism, by
which one intends to express ver-
bally, in writing, or by any other
method, the real functioning of the
mind.” Also unchallenged is the
conviction that artists should re-
spond to promptings from the un-
conscious and from dreams, not
report on the visible and the ev-
eryday. Otherwise, abandon all
preconceptions.
The thesis of the curators—the
Met’s Stephanie D’Alessandro,
Matthew Gale of Tate Modern, and
their team—is that Surrealism, far
from being a Western European
aesthetic ideology of the past cen-
tury, as the history of modernism
maintains, has been an enduring
global movement, inextricably
bound up with what they call “a
struggle for political, social, and
personal freedom.” For artists
world-wide, they maintain, Surre-
alist ideas fueled resistance to re-
pression, offering a route to per-
sonal freedom. The evidence?
Fourteen galleries of paintings,
sculptures, drawings, photographs,
films and ephemera, produced
over nearly eight decades in 45
countries, by people beleaguered,
Giorgio de Chirico’s ‘Le reve de Tobie’ (The Dream of Tobias), 1917
ARTS IN REVIEW
displaced, or exiled. Men and
women who lived in places tainted
by colonialism and racism, or fled
them. (And that’s not to mention
that European Surrealism of the
1920s had tangential associations
with communism and anarchism.)
The breadth and scrupulousness
of the research underlying the exhi-
bition are impressive. So, on some
levels, are the stories revealed by
those immense efforts, through a
Thursday, October 21, 2021 | A15
CLOCKIWISE FROM TOP: ARS, NEW YORK/THE METROPOLITAN MUSEUM OF ART (4); MERIDIAN FINE ART
Eugenio Granell’s ‘El vuelo nocturno del pájaro Pi’ (The Pi Bird’s Night Flight), 1952, above; installation view of
‘Surrealism Beyond Borders’ at the Met, top; detail of ‘Long Distance’ (1976–2005), started by Ted Joans, left
wealth of works, mostly unfamiliar,
organized under such headings as
“The Uncanny in the Everyday,”
“The Body of Desire” and “Beyond
Reason.” Their authors come from
Africa, the Caribbean, Mexico,
South America, South East Asia,
Japan, Korea, the Middle East,
Australia, and occasionally from
Europe and North America. These
far-flung artists were connected
by Surrealist publications and ex-
hibitions, by direct contact, travel
and more. Their encounters,
termed “points of convergence
and relay” by the curators, are
anatomized in the dense, compre-
hensive catalog, a hard-to-navi-
gate volume with 47 contributors.
(Perhaps echoing Surrealism’s ori-
gins as a literary movement, text
seems to dominate images.)
Unfortunately, while the show’s
narrative is compelling, many of its
dauntingly large number of works
are not only obscure, but also pre-
dictable and generic. Did politics
and ideology overwhelm aesthet- Marcel Jean’s ‘Armoire surréaliste’ (Surrealist Wardrobe), 1941
ics? Sporadically encountering such
works as Alberto Giacometti’s po-
etic wooden “Cage” (1930-31), a sistence, at least away from its graphs”: meticulously rendered
mysterious relief by Picasso (1930), original turf. images of the grotesque, the erod-
Arshile Gorky’s seductive “Water of Much is made of collective ing and the spiky. Abstraction is
the Flowery Mill” (1944), or one of identity, most commonly mani- played down. Believing that the
Joan Miró’s crisp, staccato “Con- fested as the “exquisite corpse”—a source of art is the unconscious, as
stellation” series (1941), we cling to game in which participants add to the Abstract Expressionists did,
them like exhausted swimmers an image, usually a figure, without apparently didn’t guarantee inclu-
clutching floating logs, not because being able to see the previous por- sion. That may explain why Les
of their familiarity, but because of tion, drawn by someone else. Col- Automatistes, Canada’s first ab-
their excellence. lectivity, it was believed, could stract artists, led by the distin-
On the plus side, we learn surpass anything conceived by a guished painter Paul-Émile Bord-
about artists, like the Spanish- single mind. “Surrealism Beyond uas—daringly anticlerical
born Eugenio Granell and Reme- Borders” begins with some enter- Francophones who read Surrealist
dios Varo, who fled totalitarian Eu- taining exquisite corpses by theory—are represented not by
rope for Mexico, and others who Breton, Granell, Yves Tanguy, Frida paintings but only by photographs
went further afield, creating com- Kahlo, and their friends, and ends of Françoise Sullivan, a modern
munities and disseminating infor- with “Long Distance” (1976-2005), dancer associated with the group.
mation, provoking remote flower- a 36-foot-long extravaganza by 132 “Surrealism Beyond Borders”
ings of Surrealist ideas as international artists, writers and abounds in new information, but
challenges to convention. A beaky musicians, masterminded by Ted it’s ultimately more instructive
detail of Granell’s “The Pi Bird’s Joans—a peripatetic African-Amer- than visually exciting. Personal lib-
Night Flight” (1952) enlivens the ican musician, writer, artist and eration notwithstanding, maybe
catalog cover, while the installa- friend of Breton—as he shuttled Surrealism’s world-wide influence
tion reunites three long separated, among the U.S., Canada, Central wasn’t such a good thing.
related canvases by Varo (1961), America, Africa and Europe. Joans,
fantastic autobiographical images who said he traveled to escape Surrealism Beyond Borders
of schoolgirls and a young lover, American racism and inequity, de- The Met Fifth Avenue, through Jan.
with the wispy charm of children’s clared “Jazz is my religion, Surre- 30, 2022
book illustrations. The dates of alism is my point of view.”
these works are surprising but Many works are what Dalí Ms. Wilkin is an independent cura-
support claims of Surrealism’s per- called “hand-painted dream photo- tor and critic.
 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 | Thursday, October 21, 2021 THE WALL STREET JOURNAL.

SPORTS
FIFA Wants More World Cups.
ing along the same lines. “So good
luck with a World Cup like that.”
During the call, European offi-
cials pointed out that a more fre-

It Might Tear Soccer Apart Instead.

quent World Cup wouldn’t neces-
sarily mean a more diverse World
Cup.
Some 133 nations have never
qualified for the men’s tournament
at all. And for the first time, Infan-
A plan to make the tournament biennial has driven a wedge between the game’s powerful bodies tino said he might be open to hold-
ing World Cups every two years
featuring a different cast of teams,
without getting into any specifics.
“If FIFA is stronger,” he said, “ev-
eryone will benefit.”
FIFA has had final say over certi-
fying international soccer matches
ever since it was founded in Paris in
1904. For more than a century, it
has fended off legal challenges to
its authority and maintained its po-
sition in large part because of its
status as sole organizer of the
World Cup.
Making the tournament biennial,
however, is just one part of a larger
reorganization of the international
soccer calendar.
Under Wenger’s plan, the various
windows for national-team games
FROM TOP: MATTHIAS SCHRADER/ASSOCIATED PRESS; FIFA/EPA/SHUTTERSTOCK

would also be consolidated to re-

duce the number of days players
are away from their clubs and
lighten the travel burden. One op-
tion, for instance, would be to play
seven national-team matches in Oc-
tober over one continuous spell in-
stead of the current three.
In his presentation to national
federations, reviewed by The Jour-
nal, Wenger promised no overall in-
crease in the number of games per
year while also cutting the amount
of time players need to be released
from 50 days per season to around
30. The plan would also institute a
mandatory three-week break for
players at the end of the season.
“The current international match
calendar is outdated,” Wenger says.
“We want to reorganize it in a more
BY JOSHUA ROBINSON Cup-winning countries, are France, above, beat Croatia in efficient way.”
AND RACHEL BACHMAN forcefully against it. the 2018 World Cup final. Left, But an internal analysis by the
“The proposal made by FIFA president Gianni Infantino World Leagues Forum, which repre-

A
Paris FIFA is obviously harmful for and Arsene Wenger. sents the interests of 41 domestic
fter Arsene Wenger re- domestic football from top championships around the globe
tired from managing Ar- level to grass roots and commissioned on the financial found that the presentation omitted
senal in 2018 after 22 therefore cannot be sup- impact of the new calendar. key dates and the new calendar
years, he found himself ported,” English Premier The result, UEFA said, would would add between 8.5 and 11.5
in an unlikely second League chief executive Rich- be €2.5 billion to €3 billion days per year of national-team du-
act: reshaping the future of soccer. ard Masters said in a recent ($2.9 billion to $3.4 billion) in ties for players.
He joined FIFA with a broad re- meeting between Wenger and losses to UEFA and the mem- In women’s soccer, the debate is
mit, but his job soon boiled down to the heads of the top Euro- ber associations over a four- somewhat different, as national-
a single task, as ordered by FIFA pean championships, accord- year cycle. FIFA’s proposed team play drives the sport’s devel-
president Gianni Infantino. He was ing to an account of it ob- solution is simply to play the opment in 90% of the world, ac-
to sell the idea of playing the men’s tained by The Wall Street European Championship twice cording to Jill Ellis, who won two
and women’s World Cups every two Journal. as often too. World Cups as coach of the U.S.
years instead of every four. The pushback has quickly “I am not here to divide,” “Clearly, the World Cup has been
The thinking was that increasing put Infantino’s plan in limbo. Infantino said in a news con- the greatest accelerator of our
the frequency of the world’s most FIFA said on Wednesday that ference on Wednesday. “It’s sport in the landscape,” said Ellis,
popular sporting event would gen- it would schedule a vote on not always easy to be presi- who is leading a FIFA technical ad-
erate more money for all national the matter on Dec. 20, when the progress of professional leagues; dent of FIFA.” visory group on the future of the
federations and greater intrigue for measure would likely pass with a and make excessive physical de- The two organizations have had women’s game.
the international game, which can majority of the 211 national federa- mands of the top players (most of an uneasy relationship since Infan- But outside of FIFA, few interna-
often seem stale outside of major tions. But with so much opposition whom play for European clubs). tino, formerly a UEFA secretary- tional organizations are convinced.
tournaments. from powerful players, Infantino “For me, it is more of a political general, became the head of global The International Olympic Commit-
“There is not enough jeopardy in also struck a conciliatory tone in a project than a football project,” soccer in 2016. tee, which rarely comments on the
international football,” Wenger news conference on Wednesday, UEFA president Aleksander Ceferin Should the rift deepen, the Euro- moves of other sports federations,
says. suggesting other approaches could told Infantino during a closed meet- pean and South American bodies characterized the move as a money
Except the proposal inadver- be considered. ing with the heads of the European are considering a radical solution, grab. An IOC news release on Satur-
tently has created a new peril that The most vocal opponent since associations on Tuesday, according according to a person familiar with day said that a number of other
threatens to tear the sport’s leader- the start of the process has been to a recording obtained by The their thinking: seceding from FIFA sports federations and others “have
ship apart. UEFA, the governing body of Euro- Journal. “I’m seriously, seriously altogether. Several national federa- expressed strong reservations and
While Infantino and Wenger pean soccer. The organization has asking you and FIFA not to push for tion heads present on Tuesday’s call concerns regarding the plans to
boast broad support from the argued that the new calendar would a vote, because that could have ter- also raised that possibility. generate more revenue for FIFA.”
smaller nations that make up the crunch domestic league seasons; rible consequences for football in “We can decide not to play in it,” The IOC called for “a wider con-
FIFA membership, many of the render the quadrennial European general.” Ceferin told the Times of London sultation, including with athletes’
most powerful voices in the game, Championship irrelevant; harm During the tense call, UEFA also recently, adding that the South representatives, which has obvi-
including major leagues and World women’s football by halting the presented the results of a study it American confederation was think- ously not taken place.”

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
40s 50s Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 59 Transportation 20 He ruled a
0s secretary century before
Vancouver Calgary 13 14 15
30s Buttigieg 15-Across
10s
Seattle
Winnipeg 16 17 18 60 “Bodyrock” 23 Robed group
50s 20s
Portland musician 24 Cast member in
Helena Montreal 30s 19 20 21
70s Bismarck Ottawa 61 They’re usually “Sister Act”?
Billings Augusta 40s
Eugene
40s
22 23 24 25 26 closed at night 25 “Right away,
Boise Mpls./St. Paul Toronto Albanyy
50s Boston 50s 62 Home of boss!”
40s Hartford 27 28 29 30
Pierre Sioux Falls Milwaukee Detroit Buffalo 60s 60s Oliver Hazard
50s 50s w York
New 26 Hints of color
60s Chicago Cleveland Perry’s flagship
Reno Salt Lake Cityy Des Moines 70s 31 32 33 34
Cheyenne Omaha 70s Philadelphia 27 “Honey in the
Pittsburgh 80s Niagara Horn” musician
Sacramento
Denver Springfield Indianapolis 35 36 37
Washington D.C. Down
San Francisco Kansas 90s
Colorado Topeka
Cityy
Louisville
Charleston Richmond
28 Construction site
Las
Vegas
Springs 60s St. Louis 100+ 38 39 40 1 Flicker food machine
Wichita Nashville Raleigh
Los Angeles 70s
60s
Charlotte 41 42 43 44 2 Scuttle fill 29 Star
Santa Fe Memphis
80s Phoenix Albuquerque Oklahoma Cityy 70s Columbia 3 Mineral named 32 Goodyear’s home
San Diego Atlanta 45 46 47
Tucson
Little Rock
Warm Rain in honor of a city
Dallas Birmingham
El Paso Ft. Worth 48 49 50 51 “Star Wars”
90s
80s Jackson 80s 33 Under a parasol
Jacksonville Cold T-storms star?
20s Austin Mobile 52 53 54 55 56 36 Kit’s partner
Orlando
4 2016 Naomi
30s Houston New Orleans
Tampa
Stationary Snow Alderman sci-fi 37 “Barchester
80s San Antonio 57 58 59
Anchorage
Honolulu novel Towers” author
Miami
40s 90s Showers Flurries 60 61 62 42 Vigor
50s 70s 5 Cornet
composition 44 Not out
Ice
Forecasts and graphics provided by AccuWeather, Inc. ©2021 CHUCKLEHEADS | By Mike Shenk 6 Place name on 46 “I really didn’t
some euros need to know
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
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Tomorrow
Hi Lo W
Across 21 James Brown’s 41 Surrealist
7 Gap buy that!”
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Zwei cubed “___ Got Money” Magritte
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 59 38 pc 61 39 pc Frankfurt 55 37 r 52 41 s 8 Fan activity 47 Small
Orlando 88 70 s 89 69 pc Geneva 59 45 c 57 36 s 5 Letter ten 22 Sharks make 43 Move up and denominations?
Today Tomorrow Philadelphia 78 59 s 72 53 pc Havana 88 70 t 87 70 t them down 9 Except if
City Hi Lo W Hi Lo W before mu 49 Act the loving
Phoenix 88 63 pc 90 63 s Hong Kong 83 66 r 72 66 r
23 Perform 44 Adds to the 10 Maiden name
Anchorage 44 34 sh 43 36 c Pittsburgh 68 48 sh 57 45 c Istanbul 63 56 s 65 57 s 9 Dram or gram label parent
Atlanta 74 62 t 72 53 pc Portland, Maine 65 54 pc 67 44 pc Jakarta 90 77 t 91 77 t impressively family
13 “A just man and 11 Steamed state 50 Org. seeking “life
Austin 86 62 pc 86 66 s Portland, Ore. 66 53 sh 61 52 r Jerusalem 70 56 s 71 57 s 27 Utterly incorrect 45 U.S. capital for
Baltimore 79 56 pc 72 53 c Sacramento 72 59 sh 67 50 r Johannesburg 76 59 pc 76 55 pc perfect in his out there”
29 Letter ten 54 days in 1784 12 Pinnacle
Boise 75 55 s 66 44 c St. Louis 63 49 s 67 50 pc London 53 41 r 56 42 pc generations,” 51 Branching
Boston 74 62 pc 70 51 pc Salt Lake City 66 44 pc 70 46 pc Madrid 71 49 pc 68 41 s according to after mu 47 “Peachy keen!” 14 Protesters’ diagram
Burlington 67 53 sh 56 39 pc San Francisco 69 60 c 66 54 r Manila 89 80 t 90 80 pc Genesis 30 Reindeer-herding output
Charlotte 80 62 s 78 51 pc Santa Fe 70 38 s 70 39 pc Melbourne 73 58 c 75 54 r 48 Introspective 52 Subway option
14 Was in a blue people music 18 Longest-running
Chicago 58 42 c 56 40 c Seattle 64 52 sh 58 48 r Mexico City 75 54 t 74 54 t
show in the 53 Before now
Cleveland 65 49 sh 56 43 c Sioux Falls 52 31 pc 54 31 pc Milan 63 49 pc 66 48 s state, perhaps 31 Ditches 49 Trailing the field
Dallas 82 62 t 84 68 s Wash., D.C. 78 61 pc 70 55 c Moscow 54 50 c 53 41 pc “Law & Order” 54 Dollop
15 Emperor 32 Milliards of years 52 What keeps
Denver 68 40 s 72 40 pc Mumbai 92 77 s 92 76 s franchise 55 Put down
buried in the 34 Good for
Detroit
Honolulu
65 42 sh 53 43 pc
86 74 pc 87 74 pc
International Paris
Rio de Janeiro
59 37 sh
69 65 c
57 45 c
74 67 pc Mausoleum of Guillaume
students out of
the gamekeeper’s
Today Tomorrow Previous Puzzle’s Solution
Houston 88 69 pc 86 68 s Riyadh 96 71 s 93 71 s the Domitii cabin at
Indianapolis 62 48 pc 55 43 c City Hi Lo W Hi Lo W Rome 72 63 pc 72 58 t 35 Aid for S O F T C P L E A M O S

Kansas City 62 42 pc 68 47 pc Amsterdam 52 47 sh 53 46 sh San Juan 89 78 t 89 78 s

Ahenobarbi accentuating Hogwarts? I C I E R E E L S T A F T
G E E N A D A V I S I N F O
Las Vegas 77 56 s 81 61 pc Athens 70 60 s 73 61 s Seoul 58 38 pc 60 41 s 16 Not particularly millinery wares? 56 ___ and terminer H A R D W I R E N A D I R
Little Rock 78 50 s 76 58 s Baghdad 88 61 s 89 59 s Shanghai 63 53 c 67 57 pc N I B S L E A Z E R O C K
exciting 38 Promising words (criminal court) A M C D I WA L I
Los Angeles 78 54 pc 72 58 s Bangkok 91 78 t 90 77 t Singapore 87 77 sh 87 78 t I T P R O S A MO A I A N
Miami 87 76 t 84 76 t Beijing 66 38 s 64 36 s Sydney 70 61 r 72 61 pc 17 Bed activity for 39 Taken off the grill 57 On tenterhooks N A H N O T H I N G N T H
Milwaukee 57 40 c 54 41 c Berlin 60 42 c 48 39 r Taipei City 81 71 r 74 70 r concubines? sooner, perhaps 58 Beverage that A P E T A P I N E D S E L
Minneapolis 51 34 pc 51 34 pc Brussels 52 40 sh 53 43 c Tokyo 64 54 pc 59 54 c E R R A T A A Y E
Nashville 76 49 c 66 50 pc Buenos Aires 76 63 s 73 58 r Toronto 63 43 sh 51 41 pc 19 Box for a book 40 Bears cornerback may bear a E N O U G H T A L K V I M
trilogy, say Burns MA M I E N A I L E D I T
New Orleans 83 71 t 83 67 t Dubai 95 80 s 97 80 s Vancouver 58 51 r 56 48 sh foamy heart O D O N B I K I N I L I N E
New York City 74 61 s 70 52 pc Dublin 52 44 pc 53 46 c Warsaw 62 43 sh 51 40 s T E N S B O H R Z O N E S
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 74 52 s 78 61 t Edinburgh 49 45 pc 54 40 pc Zurich 58 44 c 53 33 s E S E C U S S A P A R T

 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. Thursday, October 21, 2021 | A17

OPINION
Thomas Jefferson, Still Standing BOOKSHELF | By Barton Swaim

The George
Floyd sum-
mer of 2020
want to banish
Jefferson solely
because of his
ment has created
a security crisis in
Seattle. Minneap-
The Tarnished
continues to
reverberate
t h r o u g h
American
slaveholding.
In the months
since last sum-
mer, leaders of
olis will vote Nov.
2 on a ballot mea-
sure that would
dismantle its po-
Silver Spoon
WONDER
LAND life.
The mass
museums, corpo-
rations and
lice department
and replace it
The 9.9 Percent
By Daniel
protests sub- sports leagues with a “compre- By Matthew Stewart

CARLO ALLEGRI/REUTERS
Henninger
sided, but have consented hensive public- (Simon & Schuster, 341 pages, $28)

many cities
are still unsettled. The store
lootings have given way to the
new organized crime of large-
scale shoplifting. Statues of
historical U.S. figures are no
longer being torn down in the
style of the Taliban destroying
religious monuments in 2001.
And of all places, New York
City may be showing some
light at the end of this tunnel:
Despite an organized effort to
remove him, Thomas Jefferson
is still standing inside the
chamber of the New York City
Council—temporarily.
It is progress that
New York City won’t
put out his statue
for trash collection.
It is a sign of our times that
one can describe as progress a
decision not to toss Jefferson’s
statue onto the curb for a sani-
tation pickup. But the details
of New York’s decision on the
Jefferson statue suggest—and
I wouldn’t push past “sug-
gest”—that still-serious people
recognize we need alternatives
to the American left’s French
Terror solution for every polit-
ical dispute.
A 7-foot statue of Thomas
Jefferson has stood in the City
Council chamber for more than
100 years. Single-party control
of New York ensured control of
the council by career progres-
sives, who naturally would
Y
to similar, reduc- health approach.”
tionist demands The road back ou wouldn’t know it from the bizarre overconfidence
that involve race. from this post-po- of today’s Democratic Party, but the ideas, policies
That didn’t quite lice world will be and attitudes of postwar American liberalism have
happen this week long and littered mostly failed. Liberalism’s one unquestionable triumph, the
when it came The Thomas Jefferson statue in the council’s chamber. with broken lives. abolition of Jim Crow, happened more than a half-century
time for New The same ten- ago. Otherwise its record is a catalog of disappointments
York’s Public Design Commis- legacy is weightier than the sion animates the struggles and unintended consequences.
sion to vote on Jefferson. single element of race. In ef- between parents and school The Great Society, affirmative action and regular expan-
The commission, made up fect, they argued that the re- boards over replacing estab- sions of the welfare state were supposed to achieve greater
of 11 members mostly from the moval alternative was self-de- lished curriculums with racial- parity between the races. They have not. The sexual revo-
city’s museum and architec- feating for everyone. ized historical narratives. The lution was supposed to bring about an era of cost-free erotic
tural communities, voted Raymond Lavertue of Ox- disputes are wrecking long- expressiveness. What we have are #MeToo revelations and
unanimously to remove the ford University called removal standing bonds between par- the destruction of working-class family life. The obliteration
statue from the council cham- “a very simple solution that ents and schools. The U.S. of cultural taboos and obscenity laws was supposed to yield
ber. But they also said Jeffer- will erase the debate.” Annette left’s sudden displacements of a world of robust debate and bracing artistic freedom.
son will stay where he is until Gordon-Reed of Harvard sug- history in public schools may Instead we have trigger warnings, no-platforming, a hope-
the commission finds a suit- gested to the New York Times even decide the outcome of the lessly coarsened public discourse, and a lot of bad art.
able place for him. that equating a Founder with Virginia governor’s race be- From the 1960s to the turn of the century, liberals valorized
The left went ballistic. For- the Confederacy dilutes a clear tween Republican Glenn individual autonomy and therapeutic self-actualization.
mer councilman and now state understanding of the crimes of Youngkin and Democrat Terry Now, appalled by the absence of shared assumptions in
Assembly member Charles the Confederacy. That strikes McAuliffe. national life, they long for a departed solidarity.
Barron said at the commis- me as a fundamental insight A question remains: Where Today’s American left shows no inclination to question
sion’s Monday hearing: “I by a largely sympathetic ob- should Thomas Jefferson’s the premises of its outlook. But there are signs that the
don’t think it should exist. I server into the unintended statue stand in New York City? nation’s elite realize that modern liberalism’s glorious
think it should be put in stor- consequences of cancel cul- If the fastidiously progressive legacy isn’t obvious to everyone. The last five years have
age or destroyed or whatever.” ture. Eventually, they also can- council doesn’t want him, seen a hail of books and essays
But Signe Nielsen, presi- cel their own point of view. that’s their business. But the by leftward-inclining writers
dent of the Public Design Similarly, Princeton’s Sean collection is growing of presi- seeking—if I could put it this
Commission, made a not-un- Wilentz wrote the commission, dents consigned to the dustbin way—to explain the failures of
reasonable point at the hear- “By removing his statue we by New York City. In June, the postwar American liberalism
ing: “There are 700 pieces of would forget how America’s design commission voted to without attributing any blame
art under our jurisdiction. We racist proslavery leaders came remove Theodore Roosevelt’s to postwar American liberalism.
cannot make a rash decision to repudiate Jefferson’s Decla- statue from its entrance of the What generated the hyper-
that will set a precedent for ration as a collection of ‘self- New York Museum of Natural individualism that fractured
the other 699 pieces of art- evident lies.’ ” History for its alleged offense American culture, according to
work that may also have chal- This is the “dialogue” the to black and native Americans. these accounts, wasn’t liber-
lenges from people or other left says it wants but more of- Here’s a thought: Donate alism’s innate anarchistic
groups of people.” The ten suppresses by intimidation the author of the Declaration tendencies but Reagan-era tax
chances of anyone in such a or coercion. The greater dan- of Independence to one of New cuts and deregulation. Similarly,
role making so sensible a ger of the cultural erasures the York’s inner-city Catholic the blame for economic regression
point out loud nine months left demands today is that the schools. Their leaders and in black communities doesn’t lie
ago were next to nothing. social arrangements they im- teachers will show you how to with the federal government’s massive, multitrillion-dollar
Some 17 historians sent the pose in time may be closer to build a curriculum around social-welfare apparatus; it lies with “systemic” racism,
commission a letter making “Lord of the Flies” than to the Thomas Jefferson that neither which conveniently blames everyone and no one.
the argument, however imper- Founding Fathers. dishonors nor ignores his past. Matthew Stewart’s “The 9.9 Percent: The New Aristocracy
missible now, that Jefferson’s The police defunding move- Write henninger@wsj.com. That Is Entrenching Inequality and Warping Our Culture” is
the latest in this series of backhanded apologias. The book’s
title refers to the nation’s top decile of income-earners, minus

Americans Still Believe in Powell’s Principles the uber-wealthy. The 9.9 percenters, Mr. Stewart contends,
have unintentionally rigged the economy to transfer wealth
from the poor and middle class to the wealthy. The book,
By Karl Rove Donald Rumsfeld. found a large reservoir of cen- America’s readiness to face though, isn’t really about any literal percentage of income-

F
ormer Secretary of State
Colin Powell’s memoir is
titled “An American
Journey.” It begins “I have had
a great life.” So he did; so it
was.
Powell’s death this week at
84 ended a quintessential
American story. The son of im-
migrants, he grew up in mod-
est circumstances in the
Bronx, gathered his “gang”—
which he described as two
blacks, two Lithuanians and a
Puerto Rican—and struggled
until he found his life’s course
by joining the Reserve Offi-
cers’ Training Corps at the
City College of New York.
What followed was a storied
career: two combat tours in
Vietnam, White House Fellow,
President Reagan’s national se-
curity adviser, the youngest
chairman of the Joint Chiefs of
Staff, and secretary of state
under President George W.
Bush. The former president re-
marked this week that Powell
was so respected that he was
given the Presidential Medal of
Freedom twice, a quip that has
the advantage of being true.
Powell’s death is also a re-
minder that a generation of
GOP foreign policy-titans is
passing. The procession was
led by Reagan in 2004, De-
fense Secretary Caspar Wein-
berger in 2006, President
George H.W. Bush, Sen. John
McCain and Defense Secretary
Frank Carlucci in 2018; na-
tional security adviser Brent
Scowcroft in 2020 and this
year Secretary of State George
Shultz and Defense Secretary
These Republicans often
differed on specific policies—
sometimes strongly—but they
shared a common outlook:
America is a force for good;
the world is a dangerous place
in which peace is maintained
through strength; U.S. leader-
ship is vital to peace; American
ideals are powerful assets; and
engagement in the global
economy is in our interest.
A new poll by the Vanden-
berg Coalition, a nonpartisan
center-right group, shows this
outlook endures: The elector-
ate is supportive of engaged
American global leadership.
(Full disclosure: I commented
on the draft survey.)
Even as a generation
of GOP foreign-policy
titans passes, their
ideas live on.
It’s important to remember
that while ordinary Americans
often pay attention to the spe-
cifics of economic or social
policy, their foreign-policy
views are drawn less from de-
tailed knowledge about spe-
cific matters and more from
underlying sentiments about
how the world works. Words
that resonate with these
deeply held attitudes—like
“peace through strength”—
have durability. Hence our
leaders’ rhetoric tends to mat-
ter more on international con-
cerns than on domestic ones.
The Vandenberg survey
ter-right internationalist feel-
ings. For example, 81% of
Americans “strongly” or
“somewhat agree” that “the
presence of U.S. troops in Eu-
rope and Asia has helped to
keep the peace since the end of
World War II and is a strong
deterrent to our enemies.”
Seventy-five percent con-
sider it an “extremely” or
“very high” priority to protect
America from terrorist threats,
74% to guard against cyberat-
tacks from adversaries and
criminal networks, 66% to en-
sure our military remains the
world’s strongest, and 65% to
stop Iran from getting a nu-
clear weapon. There are 60%
majorities for both “stopping
China from erecting unfair
trading practices” and “coun-
tering the growing military
threat from China by building
stronger alliances with coun-
tries like India, Japan, Austra-
lia, South Korea and other
countries in the Pacific.”
On trade, half agree “U.S.
involvement in the global
economy is a good thing be-
cause it provides U.S. compa-
nies and farmers with new
markets and opportunities for
growth and creates jobs here
at home,” while only 23% be-
lieve it’s a bad thing. Simi-
larly, 51% believe “trade
agreements and international
trade are beneficial and help
keep the United States safe
because countries with strong
economic ties with each other
are less likely to go to war”
while only 22% say they’re
“harmful.”
There is concern about
China, with 13% saying the U.S.
would “definitely” or “most
likely” lose a war with it today
and 17% believing that would
be the case in 10 years. Sup-
port for increasing U.S. de-
fense spending to counter Chi-
nese ambitions rises when
Americans are told Beijing has
a larger military, is increasing
its defense spending while
ours is flat, and is updating its
nuclear weapons while the U.S.
is largely dependent on tech-
nology from the 1960s, ’70s
and ’80s.
The survey reveals other
challenges. As is typical, a
quarter to a third of those in-
terviewed lacked definitive
opinions on important ques-
tions, such as whether the U.S.
should be a world leader or in-
stead focus on problems at
home. Respondents also worry
about the cost of our global
military presence and feel al-
lies don’t pay their fair share.
Yet Americans continue to
hold traditional conservative
views about the U.S. role in the
world like those espoused by
Powell—and they will look to
leaders who will express these
timeless principles with new
ideas that fit our changing
world. He may have passed,
but his legacy will live on as
new leaders admire and follow
his example. Requiescat in
pace, Gen. Powell.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of Wil-
liam McKinley” (Simon &
Schuster, 2015).
earners. The 9.9 percent, according to Mr. Stewart, is a “state
of mind,” a “way of thinking,” a “system of values.” The 9.9
figure, in other words, is a gimmicky way to headline a book
about the dreary topic of economic inequality.
Nearly everything wrong with America, Mr. Stewart thinks,
is a product of inequality. Fear of falling below drives wealthy
Americans to ensure that their children beat out other children
in the game of life; to spend ungodly sums on higher education;
to buy overpriced houses, thus sending home prices skyward
for everybody else; to work insane hours that increase pay but
reduce productivity; and to be racists without knowing it.
Mr. Stewart indicts one supposed convention of upper-
middle-class American life after another—helicopter parenting,
marrying for status, maniacal fitness regimes. Each one, he
contends, ultimately serves to keep the rich rich, and the poor
poor. His arguments are dizzyingly complex and rife with a
social-science-fueled inferentialism. He bombards you with
statistics and jumps from one point to the next with phrases
like “the data suggest” and “studies consistently show.” If
you’re not prepared to accept the author’s breezy interpre-
tation of each cited study, it’s hard to keep up.
You soon get the sense, though, that these indictments
are cleverly arranged to avoid blaming any individuals or
institutions associated with the political and cultural left.
Whatever your politics, that’s a tough sell. The nation’s
government agencies, news media, cultural institutions,
universities, school districts and C-suites haven’t been
dominated by Republicans all these years.
How to explain the failures of postwar
liberalism without attributing any fault
to postwar liberalism? Blame the rich.
In a chapter on higher education, for example, Mr. Stewart
inveighs against what he calls the “Great Reprivatization,”
in which private universities built up massive endowments
and legislatures cut funding for public universities, turning
higher education into a tool for the wealthy to duplicate
their privilege. I am sympathetic to this complaint, even if
Mr. Stewart uses the words “cuts” and “slashed” carelessly.
(State allocations to higher education have almost invariably
grown year over year but take up diminishing parts of state
and university budgets.) Somehow, though, the only people
specifically blamed for this trend are Republican politicians:
Ronald Reagan because he “set in motion” a “cycle of tax
cuts, university budget cuts, [and] tuition increases,”
whatever that means; and the “Koch brothers-backed”

Lessons From the School of Classic Rock Wisconsin governor Scott Walker, because in 2015 he tried to
make his state’s public universities responsive to Wisconsin’s
economic needs. The people who have actually run univer-
By Mike Kerrigan they realized they were bick- Girlfriends being largely a “Pancho and Lefty” wellness sities for the last 70 years, meanwhile, get a pass.

H
e who sings prays
twice, St. Augustine
said. Maybe that is
why music always has seemed
a great teacher to me, al-
though not every message
has been holy. In fact, the in-
strument I least enjoy hear-
ing at Catholic Mass, the
acoustic guitar, I most enjoy
hearing outside it, especially
in the breezy ballads of the
1970s.
The lyrical lessons those
songs taught were sometimes
indirect and often humorous.
I recall a childhood family
vacation in Arizona, listening
to Gordon Lightfoot, when
my parents sheepishly
stopped arguing the moment
ering while driving on the
actual Carefree Highway near
Phoenix.
Other lessons were more
purposeful—a kind of self-
care before I knew what that
was. Every mix tape I made in
Mr. Lightfoot and Mr.
Dylan were among my
favorite teachers.
the 1980s, my teen years, in-
cluded “Me and Julio Down
by the Schoolyard.” Burdens
felt lighter after hearing Paul
Simon’s song. Ask around, any
major dude will tell you. Bet-
ter yet, listen for yourself.
theoretical concept back then,
my high-school friend Tom
and I often drove around
Northern Virginia as an ex-
cuse to listen to music. An un-
written rule was never to stop
until “Tangled Up in Blue” fin-
ished. It was simply a matter
of respect for the great Bob
Dylan.
When I’m in a funk even
today, I know I’m only one
rendition of “Garden Party”
from feelin’ good again. The
Ricky Nelson song is about
growth through struggle, and
I’ve probably listened to it at
least once a week over the
past decade.
These days, I find myself
looking to the good doctor
Townes Van Zandt to fill my
prescription. Perhaps it is the
humbling realization how, like
Lefty, we all make mistakes
and, as the nearly perfect song
goes, need prayers, too.
Mr. Lightfoot showed
laughter is stronger than an-
ger. Mr. Simon taught me to
fix myself before trying to fix
others. Mr. Dylan made me
appreciate beauty. Mr. Nelson
convinced me that staying
true to yourself offers lasting
peace of mind. Mr. Van Zandt
preached forgiveness above
all. Maybe the peaceful, easy
feelings that inevitably follow
these listening sessions are
holier than I once thought.
Mr. Kerrigan is an attorney
in Charlotte, N.C.
Similarly, in a chapter on how American culture perpet-
uates a racist economy, Mr. Stewart proposes the existence
of what he calls the “race dividend”: the added income and
privilege a white person gets for being white. It’s a 30-page
chapter, laden with statistics and citations to studies, and
honestly I’m not sure I get it. He loses me with the obser-
vation “you can’t claim it [the dividend] just because you are
white.” What’s notable in the chapter is his conclusion that
the 9.9 percent aren’t themselves racists—their claims of an
“anti-racist mindset” are, Mr. Stewart concludes, “sincere.”
So he, along with his liberal well-to-do friends in Boston (he
lives in a “Silicon-ish neighborhood,” he says), aren’t actually
racists even if, against their will and through no fault of their
own, they end up perpetuating a bad system. The only actual
racists named in the chapter—I am not making this up—are
the Republican strategist Lee Atwater and Republicans
generally.
It’s a tricky business to arraign an entire society as
bigoted and repressive without in any way admonishing its
dominant class. Mr. Stewart has done it with élan.
Mr. Swaim is an editorial-page writer for the 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.

A18 | Thursday, October 21, 2021 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The $2 Trillion Is Phony Too Alumni Are Fed Up and Ready to Fight Back

D
emocrats say they’re working hard to So much for the good news. The bad is that Reflecting in 1818 on the success of and we were among the first univer-
pare back their $3.5 trillion tax and Democrats want to retain every other big-ticket the American fight for independence, sities to invite a controversial young
John Adams wrote, “The Revolution pastor, Martin Luther King, Jr., to
spending bill to $2 trillion to please entitlement in fiscal drag. The biggest trick is
was effected before the war com- share his inspiring message.
House and Senate dissenters, a false sunset. News reports menced. The Revolution was in the Freedom of speech and equal jus-
but don’t believe it. What Biden is bowing to the say the child allowance of minds and hearts of the people.” tice under the law are not rare favors
they’re really doing is working $3,000 or $3,600 will last for For years, we’ve witnessed a war that require our pleading and begging
hard to pack $4 trillion in new
left again by keeping only one year instead of five for the minds and hearts of students on bended knee. They are birthrights
programs into a $2 trillion entitlements and as in the House bill. This will in higher education. Unfortunately, fought for and hard won. To do noth-
disguise that sounds less radi- cost $120 billion instead of only one side has fought in earnest. ing while free speech is imperiled is to
cal than it is.
disguising their cost. $556 billion. Most alumni have sat quietly as the ensure a tragedy that will dishonor ev-
That’s the message from But the sunset is a ruse, left advances its agenda relentlessly, ery patriot who has sacrificed for us.
news reports that the White since Democrats plan to renew taking greater control of faculty, cur- For higher education, there is a
House on Tuesday offered Congressional Demo- the child allowance ad infinitum. Its real cost ricula, programs and campus life—as road map to higher ground: First,
the task of expanding minds gives unite and rally around the Chicago
crats a plan that retains nearly all of the entitle- over 10 years is $1 trillion and another trillion
way to the task of controlling minds. Principles. To date, 82 colleges and
ment programs they originally proposed. In- the decade after that. This is a huge addition to Occasionally, a few brave voices are universities have adopted or en-
stead of reducing this vast expansion of the the structural deficit—an entitlement for the raised to encourage greater debate. dorsed these principles, which ex-
welfare state, Democrats are merely increasing middle-class without a work requirement—that Too often, however, they are at- press a commitment to freedom of
their use of budget gimmicks to pretend to fit will eventually be financed by higher taxes. tacked, vilified and silenced. speech on campus.
them into a 10-year budget window. It’s still a The ObamaCare subsidy expansion would re- Many alumni, concerned yet feel- Second, fund credible initiatives to
mammoth fiscal confidence trick. portedly last three years, but that’s also a phony ing powerless, have walked away. But strengthen free speech and viewpoint
The leaks are piecemeal and the talks are sunset. Paid family leave might be cut to four not all (“Alumni Unite for Freedom of diversity. Words and deeds are
fluid. But so far it looks like the White House weeks from 12, but eventually it will grow to 12 Speech” by Stuart Taylor Jr. and Ed- needed to create real intellectual bal-
is continuing to accommodate progressive de- or more and extend beyond maternity and pa- ward Yingling, op-ed, Oct. 18). Per- ance. At Bucknell, full funding and
mands and then bludgeon swing-district Mem- ternity leave to elder care and more. haps the shock of seeing free speech recognition for BPAL are musts.
under siege has shaken their compla- Third, restore civility to campus
bers to go along. “Overall, almost every priority Another reported ruse would start Bernie cency and steeled a new resolve. In culture. While those on the left are
is included,” Rep. Ro Khanna (D., Calif.), a pro- Sanders’s Medicare expansion to cover dental the minds and hearts of increasing treated respectfully—as they should
gressive leader, was quoted as saying. President care as a pilot or more limited program. That numbers of alumni, the stakes are too be—others with different views are
Biden and Nancy Pelosi previously said they could pretend to save $260 billion. But do you high and their love for their alma often jeered, insulted and threatened.
preferred to fully fund fewer programs. But think a benefit provided to some seniors won’t maters too great to meekly surrender. The demonization must end.
they retreated, as usual, under progressive soon be provided to all? Any program would From Princeton to Davidson, they’re Fourth, hold academic leaders ac-
pressure. create a political lobby of dental groups and fed up and fighting back. countable. It won’t work to thank
Democrats appear to have dropped only two others to make it universal. At Bucknell University, we could no alumni for their financial generosity
programs from their original plan: an entitle- None of this is lost on close budget watchers. longer remain silent when funding for but continue to ignore their values and
ment for community college, and a nationwide Andy Laperriere of Cornerstone Macro figures the Bucknell Program for American views. A sleeping giant has awakened.
Leadership (BPAL), the university’s Americans are fair-minded and
renewable fuel mandate known as the Clean the full 10-year budget cost of the mooted
signature initiative to ensure view- wish to see discussions around diver-
Electricity Performance Program (CEPP). Com- White House proposal is $4 trillion. Maya point diversity, was cut off, its plans sity honor differences, not stir divi-
munity college is one of the least expensive at MacGuineas of the Committee for a Responsible severely restricted, and sympathetic sions. They believe the highest re-
some $120 billion over 10 years, and many Federal Budget says the child allowance and faculty targeted and bullied. Mean- sponsibility of educators is to set a
states already subsidize it. health subsidies alone in the bill would cost $3 while, funds remain abundant for standard of excellence and instruct
Killing CEPP is significant since it would trillion over 10 years. those who espouse critical race theory. students not what to think, but how
force all states to meet a renewable fuel stan- As the talks and leaks continue, our advice Numerous Marxist and radical speak- to think well. They agree that col-
dard whether they want it or not. It is expressly is to follow the programs more than the top-line ers have been invited to campus, most leges will benefit greatly from more
designed to eliminate coal and raise the cost of budget number that is sure to be phony. What notably an advocate of antifa who be- freedom of speech, not less. Let the
natural-gas electric power. It’s essentially a car- matter are the new entitlements that will grow lieves violence is justified against battle for minds and hearts be
bon tax disguised as regulation. Credit West future spending and corrode the incentive to whomever the left labels fascist. joined—and may the forces of free
Emeriti trustees wrote an open let- speech prevail!
Virginia Sen. Joe Manchin for slaying this mon- work, and the taxes that will reduce economic
ter to alumni appealing for help to SUSAN J. CRAWFORD
strosity, if it really is dead. growth. Most of the rest is spin. save the university. We recalled a Swanton, Md.
great heritage: Bucknellians volun- Judge Crawford is chair emerita of

Democracy Still Lives teered and fought bravely in the

great wars for freedom and equality.
Bucknell University’s board of trustees.

C
We stood with slaves, assisting their KENNETH G. LANGONE
ontrary to the claims of Democrats and This includes a federal right to a mail ballot, escapes through the Underground New York
nearly all of the media, democracy overturning laws in 16 states. There’s also the Railroad. As early as 1875, we Mr. Langone is a co-founder of
didn’t die on Wednesday when the Sen- not-so-small matter that the Constitution vests awarded a degree to our first African- Home Depot and an emeritus trustee
ate filibustered another effort state lawmakers, not Con- American student, Edward Brawley, of Bucknell University.
to nationalize the election The filibuster of the gress, with the “Manner” of
laws of 50 U.S. states. The U.S. Senate voting bill is a choosing presidential elec-
system was vindicated in that tors. The bill would unleash a
a narrow, partisan majority of victory for federalism. flood of constitutional litiga- New Social Programs Will Mean Higher Taxes
50 Senate Democrats wasn’t tion heading into an election Phil Gramm and Mike Solon’s op-ed (ranging from 13% to 25%) than U.S.
able to steamroll America’s year. “The Democrats’ Tax-the-Rich Ruse” state taxes (0 to 13%). More impor-
constitutional federalism. The bill’s failure is producing another round (Oct. 15) exposes a fallacy underpin- tant, the top Canadian tax rate kicks
The 49-51 Senate vote wasn’t close to break- of demands from the left that Democrats must ning the “Build Back Better” plan. But in at $216,511 CAD ($175,272 USD).
ing the 60-vote filibuster, as Republicans were eliminate the filibuster rule to save the right it is unlikely that these proposed Canadian taxpayers also have fewer
united against the Freedom to Vote Act that to vote. It’s all so overwrought. Americans can taxes will be confined to the rich. deductions (no mortgage-interest de-
was supposed to be a compromise intended to vote as easily and in as many ways as they ever We can learn from our neighbors ductibility) and far higher consump-
to the north, whose broad and expen- tion taxes (e.g., a harmonized sales
lure Republican votes. That it failed to get any have in history. Democrats are trying to pass
sive social programs require a redefi- tax of 13% to 15% on all goods and
is due to the 592-page bill’s overreach of at- the most radical agenda in decades with the nition of “high-income earner.” Al- services).
tempting to impose California-style progres- narrowest majorities in decades. That’s their though Canada’s top federal income- The progressive wish list of new
sive voting rules on all 50 states. real problem. tax rate (33%) is comparable to the and expanded social programs will
top U.S. rate (37%), Canada’s provin- have to be supported by significantly

Your New Woke 401(k) cial income-tax rates are much higher higher taxes on high-, middle- and
lower-income earners. There is no

W
free lunch.
hile Democrats in Congress negotiate performed better than broader stock indexes be- Viking Kept Us Safe, Happy, MICHAEL J. HOWCROFT
over trillions of dollars in new cause they are weighted heavily toward Big Tech Davenport, Iowa
Cruising on the Open Sea
spending, the Biden Administration companies whose stock values have soared. But
Regarding Katrina Gulliver’s op-ed In Mr. Biden’s pledge to “tax the
is quietly advancing its agenda these funds may also carry
“At Sea in the Age of Covid Anxiety” rich,” he sets the income threshold at
through regulation. Witness a Biden proposes to more financial risk. (Oct. 11): My wife and I were passen- $400,000. Coincidentally, that is the
little-noticed proposed rule rewrite Erisa to steer Asset managers like Black- gers on a Viking Ocean cruise with salary of the president of the United
last week by the Labor Depart- Rock are pushing to create ESG the same itinerary this past July. States. Apparently, Mr. Biden, like so
ment that will add new politi- investment choices. 401(k) funds in part because Whereas Ms. Gulliver’s experience many of us, defines the rich who need
cal directives to your retire- they can charge higher fees. Ac- was below her expectations, we thor- to pay more as “anyone who makes
ment savings. cording to Morningstar, the as- oughly enjoyed our cruise. Viking did more than I do.”
The Administration says the rule will make set-weighted average expense ratio of U.S. “sus- an exceptional job of jumping PETER COFFEY
it easier for retirement plans to offer 401(k) tainable” funds was 0.61% in 2020 compared to through the hoops of evolving regula- Madison, Conn.
funds focused on ESG (environmental, social and 0.41% for all open-ended mutual and exchange- tions associated with travel to multi-
ple countries. Although we did miss
governance) objectives. In fact, the rule will co- traded funds and 0.12% for passive funds. This dif-
erce workers and businesses into supporting ference can reduce retirement savings by tens of
the freedom of exploring port stops A President’s State of Mind
on our own, passengers were notified
progressive policies. thousands of dollars over a few decades. of these restrictions well in advance William Perry says Gen. Mark Mil-
An important Trump Labor rule last fall rein- The Biden rule would let plan sponsors enroll of their cruise dates. Viking’s enter- ley should be “praised . . . for seeking
forced that the Employee Retirement Income Se- workers in ESG 401(k) funds as the default, so tainment, guest lecturers, food and to avoid a nuclear holocaust” (“One
curity Act (Erisa) requires retirement plan fidu- workers could unknowingly end up paying attentive service were all superb. And Man Shouldn’t Control the Nuclear
ciaries to act “solely in the interest” of higher fees. It also threatens retirement plan their Covid testing and hygiene pro- Button,” op-ed, Oct. 5) Yet the gen-
participants. The rule prevented pension plans sponsors with legal liability if they don’t support cedures enabled everyone on board eral’s actions lacked any medical ba-
and asset managers from considering ESG fac- progressive shareholder resolutions, such as our cruise to return home Covid-free. sis. His was an unprofessional, pre-
tors like climate, workforce diversity and politi- those requiring companies to reduce CO2 emis- R.J. KERR sumptuous psychological analysis of
cal donations unless they had a “material effect sions or disclose political donations. Hilton Head Island, S.C. President Trump’s state of mind re-
garding world events. We can only
on the return and risk of an investment.” Many small pension plans abstain from
speculate as to the state of mind of
The Biden DOL plans to scrap the Trump rule proxy votes because performing the required Reality Will Not Be Denied Gen. Milley’s Chinese counterpart with
while putting retirement sponsors and asset man- due diligence would be inordinately expensive. the news the general had imparted.
agers on notice that they have a fiduciary duty to Some also want to avoid political controversy. Regarding Daniel Henninger’s “Bi- RANDAL S. SCOTT
include ESG in investment decisions. The pro- But DOL comes close to demanding that pen- den and Nothingness” (Wonder Land, Fairfax, Va.
posed rule “makes clear that climate change and sion funds pick a political side, and you know Oct. 14): Assertions that the $3.5 tril-
other ESG factors are often material” and thus in which side that is. lion spending bill will “cost nothing,”
many instances should be considered “in the as- “Voting proxies are a crucial lever in ensuring the border with Mexico is “closed” Pepper ...
sessment of investment risks and returns.” that shareholders’ interests, as the company’s and the evacuation of Kabul was a
“success” reflect more than wishful
And Salt
A fiduciary’s duty may “often require an eval- owners, are protected,” DOL says. “Abstaining
uation of the effect of climate change and/or from a vote is not a neutral act” since it “could thinking. They reflect the manipula- THE WALL STREET JOURNAL
tion of truth for the sake of power. In
government policy changes” such as electric ve- determine whether a particular matter or pro-
presidential politics, it’s not what’s
hicle mandates on an investment, the rule-mak- posal is approved.” true that matters. It’s what passes for
ing says. Retirement plan sponsors won’t merely DOL says small plans can reduce their costs true. That’s because the battle for the
be allowed to prioritize climate and social fac- by relying on the recommendations of proxy retention of power is seen as a battle
tors in how they invest. They could be sued if advisers that happen to be the left-leaning for control over the truth. This
they don’t. Workers won’t get much say because proxy duopolists Glass Lewis and Institutional should be cause for alarm. Reality,
plans won’t be required “to solicit preferences” Shareholder Services. Both also provide ESG the theologian Paul Tillich observed,
on ESG. research services, so the DOL rule will boost is what we have to adjust to because
The Biden DOL claims that ESG factors yield their business. we discover it will not adjust to us.
higher returns. “Many compelling studies show All of this amounts to a backdoor rewrite of WARNER DAVIS
Collierville, Tenn.
the material financial benefits of diverse and in- Erisa, one of the better laws of the last 50 years.
clusive workplaces,” DOL writes. But it also ac- Progressives are moving across the Biden Ad-
Letters intended for publication should
knowledges that “findings vary,” and theoretical ministration to steer private capital to imple- be emailed to wsj.ltrs@wsj.com. Please
ESG benefits don’t necessarily translate into ment an agenda they can’t pass through Con- include your city, state and telephone
better financial performance. gress. Your savings will be conscripted to number. All letters are subject to
Many positive ESG studies confuse correlation advance the progressive agenda, whether you editing, and unpublished letters cannot “No offense, but it seems
be acknowledged.
with causation. Some ESG funds have recently like it or not. kind of formulaic.”
 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.
How ‘Diversity’ Turned Tyrannical
By Lawrence Krauss
T
he Massachusetts Insti-
tute of Technology was
supposed to host Thurs-
day’s John Carlson Lec-
ture on climate. MIT’s de-
partment of earth, atmospheric and
planetary sciences canceled the
event because the speaker turned
out to have expressed a dissenting
opinion—though not about climate
science. University of Chicago geo-
physicist Dorian Abbot argued in a
Newsweek piece that universities’
obsession with “diversity, equity and
inclusion,” or DEI, “threatens to de-
rail their primary mission: the pro-
duction and dissemination of knowl-
edge.” If MIT wanted to prove Mr.
Abbot’s point, it could hardly have
done better. (His lecture will be
hosted instead by Princeton’s con-
servative redoubt, the James Madi-
son Program in American Ideals and
Institutions.)
What began as an effort
to hire more minorities has
turned into a demand for
ideological engagement.
DEI efforts have been under way
for decades, but recently they have
come to dominate teaching and re-
search agendas, including in the hard
sciences. Many scientific disciplines,
including my own area of physics,
had too few women and minorities in
the 1970s and ’80s. Newly estab-
lished diversity offices developed
procedures to counter the possibility
that underlying issues might inter-
fere with ensuring both excellence
It’ll Take More than American Military Might to Shore Up Taiwan
By John Bolton
C
hina’s threat to Taiwan is real,
not hypothetical, as recent in-
cursions into the island’s air-de-
fense zone demonstrate. To counter
Beijing’s renewed belligerence, a suc-
cessful strategy must go beyond elim-
inating the “strategic ambiguity” over
whether the U.S. will come to the is-
land’s defense. A successful strategy
will require clarifying Taiwan’s sta-
tus, its critical place in Indo-Pacific
politics, and its economic importance
globally. The U.S. military contribu-
tion to Taiwan’s security is crucial,
but it requires strong political sup-
port here and abroad.
It begins by affirming that Taiwan
is a sovereign, self-governing coun-
try, not a disputed Chinese province.
It meets international law’s criteria
of statehood, such as defined terri-
tory, stable population and the per-
formance of normal governmental
functions such as viable currency and
law enforcement. Washington, Tokyo
and others would be entirely justified
to extend diplomatic recognition, and
its attendant legitimacy, to Taipei.
The 1972 Shanghai Communiqué,
the foundational statement of current
U.S.-China relations, is effectively
dead. The communiqué says that “the
Climate Change Calls for Adaptation, Not Panic
By Bjorn Lomborg
Editor’s note: As November’s global
climate conference in Glasgow draws
near, important facts about climate
change don’t always make it into the
dominant media coverage. We’re here
to help. Each Thursday contributor
Bjorn Lomborg will provide some im-
portant background so readers can
have a better understanding of the
true effects of climate change and the
real costs of climate policy.
I
t’s easy to construct climate di-
sasters. You just find a current,
disconcerting trend and project it
into the future, while ignoring every-
thing humanity could do to adapt.
For instance, one widely reported
study found that heat waves could
kill thousands more Americans by the
end of the century if global warming
continues apace—but only if you as-
sume people won’t use more air con-
ditioning. Yes, the climate is likely to
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Neal Lipschutz Karen Miller Pensiero
Deputy Editor in Chief Managing Editor
Jason Anders, Chief News Editor
Thorold Barker, Europe; Elena Cherney, Coverage;
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Gerard Baker, Editor at Large
and diversity. As chairman of a phys-
ics department in the 1990s, I had to
write a statement justifying each ap-
pointment we made that went to a
white man.
Once entrenched, the DEI offices
began to grow unchecked. They be-
came huge and expensive offices not
subject to faculty oversight and now
work to impose “equity” not only by
discriminating in favor of female
and minority candidates but by de-
manding and enforcing ideological
commitments from new faculty.
Traditionally, applicants for a sci-
ence faculty position submit pub-
lished articles, recommendations
from mentors and colleagues, and a
statement of their proposed re-
search and teaching interests. Uni-
versity selection committees use
this information to assess their
qualifications for research and
teaching.
Several years ago, one began to
see an additional criterion in adver-
tisements for faculty openings. As a
recent Cornell ad puts it: “Also re-
quired is a statement of diversity, eq-
uity and inclusion describing the ap-
plicant’s efforts and aspirations to
promote equity, inclusion and diver-
sity through teaching, research and
service.” This sort of requirement
became more common and is now
virtually ubiquitous. Of the 25 most
recent advertisements for junior fac-
ulty that appeared in Physics Today
online listings as of Oct. 15—from re-
search institutions like Caltech to
liberal-arts colleges like Bryn Mawr,
and even in areas as esoteric as
quantum engineering and theoretical
astrophysics—24 require applicants
to demonstrate an explicit, active
commitment to the DEI agenda.
This isn’t merely pro forma; it’s a
real barrier to employment. The
United States acknowledges that all
Chinese on either side of the Taiwan
Strait maintain there is but one China
and that Taiwan is a part of China,”
and “doesn’t challenge that position.”
Beijing warped these words to mean
“one China run by Beijing,” a formu-
lation the U.S. never accepted.
The reality the U.S. acknowledged
in 1972 no longer exists. Taiwan’s Na-
tional Chengchi University has polled
the island’s people about their iden-
tity for 30 years. Between 1992 and
2021, those identifying as Taiwanese
rose to 63.3% from 17.6%; those iden-
tifying as Chinese fell to 2.7% from
25.5%; those identifying as both Tai-
wanese and Chinese fell to 31.4%
from 46.4%. (Some 2.7% didn’t re-
spond, down from 10.5%.) The “silent
artillery of time,” as Abraham Lin-
coln called it, will likely continue
these trends. Taiwan’s citizens have
made up their own minds: There is
no longer “one China” but “one
China, one Taiwan,” as Beijing has
feared for decades.
Broader recognition of Taiwan’s
status as an independent state would
be extremely helpful in expanding po-
litico-military alliances to buttress the
island’s defenses against China. Yet
Washington’s support may be insuffi-
cient to deter Beijing from attempting
change, but so is human behavior in
response.
Adaptation doesn’t make the cost
of global warming go away entirely,
but it does reduce it dramatically.
Higher temperatures will shrink har-
vests if farmers keep growing the
same crops, but they’re likely to
adapt by growing other varieties or
Catastrophic scenarios
presuppose people will
do nothing to adjust to
differences in the weather.
different plants altogether. Corn pro-
duction in North America has shifted
away from the Southeast toward the
Upper Midwest, where farmers take
advantage of longer growing seasons
and less-frequent extreme heat.
When sea levels rise, governments
Robert Thomson
Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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OPINION
life-sciences department at the Uni-
versity of California, Berkeley re-
ports that it rejected 76% of appli-
cants in 2018-19 based on their
diversity statements without look-
ing at their research records. A col-
league at a major research institu-
tion, who asked to remain
anonymous to protect her students,
wrote to me: “I have a student on
the market this year, agonizing
more on the diversity statement
than on the research proposal. He
even took training where they
taught them how to write one. It
breaks my heart to see this.” Other
colleagues relate that their white
male postdocs aren’t getting inter-
views or have chosen to seek jobs
outside academia.
This is happening not only in uni-
versities. Last week the Howard
Hughes Medical Institute, a biomedi-
cal research charity, announced a
$2.2 billion initiative aimed at reduc-
ing racial disparity, made possible by
to subjugate Taiwan (or near-offshore
islands like Quemoy and Matsu). For-
mal or informal alliances that include
Taipei would show Beijing that the
costs of belligerence toward Taiwan
are significantly higher than China
may expect.
One step would be forming an East
Asia Quad, consisting of Taiwan,
Japan, South Korea and America,
complementing the existing Japan-
India-Australia-U.S. Quad. Japan
Team Biden needs a fuller
strategy that includes
international recognition
and new regional alliances.
should welcome this development. Its
decision makers increasingly under-
stand that a Chinese attack on Tai-
wan is an attack on Japan. Both are
part of “the first island chain” sepa-
rating the mainland from the broader
Pacific, and their mutual security is
inextricable.
It would be harder to persuade
South Korea to join in such an effort
due to historical animosities toward
Japan and other factors, but its people
build defenses—like the levees, flood
walls and drainage systems that pro-
tected New Orleans from much of
Hurricane Ida’s ferocity this year.
Nonetheless, many in the media
push unrealistic projections of cli-
mate catastrophes, while ignoring ad-
aptation. A new study documents
how the biggest bias in studies on the
rise of sea levels is their tendency to
ignore human adaptation, exaggerat-
ing flood risks in 2100 by as much as
1,300 times. It is also evident in the
breathless tone of most reporting:
The Washington Post frets that sea
level rise could “make 187 million
people homeless,” CNN fears an “un-
derwater future,” and USA Today ag-
onizes over tens of trillions of dollars
in projected annual flood damage. All
three rely on studies that implausibly
assume no society across the world
will make any adaptation whatever
for the rest of the century. This isn’t
reporting but scaremongering.
You can see how far from reality
these sorts of projections are in one
heavily cited study, depicted in the
graph nearby If you assume no soci-
ety will adapt to any sea-level rise
between now and 2100, you’ll find
that vast areas of the world will be
routinely flooded, causing $55 trillion
in damage annually in 2100 (ex-
pressed in 2005 dollars), or about 5%
of global gross domestic product. But
as the study emphasizes, “in reality,
societies are likely to adapt.”
By raising the height of dikes, the
study shows that humanity can ne-
gate almost all that terrible projected
damage by 2100. Only 15,000 people
would be flooded every year, which is
a remarkable improvement compared
with the 3.4 million people flooded in
2000. The total cost of damage, in-
vestments in new dikes, and mainte-
nance costs of existing dikes will fall
a contraction in its funding of signifi-
cant research for senior investiga-
tors. The initiative includes $1.2 bil-
lion in grants for early-career
researchers. Science magazine re-
ports that because antidiscrimination
law prohibits disqualifying applicants
on the basis of race and sex, the re-
cipients will be chosen based on their
“commitment to diversity, equity, and
inclusion,” in the words of the insti-
tute’s president, Erin O’Shea. How?
“Diversity statements,” she says, are
“a very promising approach.”
The DEI monomania has contrib-
uted to the crisis of free speech on
campus. As Mr. Abbot’s cancellation
illustrates, even tenured senior fac-
ulty aren’t immune. Stephen Porter,
a North Carolina State education
professor, has sued the school, al-
leging that it “intentionally and
systematically excluded him from
departmental programs and activi-
ties that are necessary for him to
fulfill his job” for speaking out
are nonetheless aware of the conse-
quences of Taiwan falling to China.
The 2022 presidential election is an
opportunity to debate whether to
stand with its neighbors or risk even-
tually living under Greater China’s su-
zerainty. Vietnam, Singapore, Austra-
lia and Canada could join this Taiwan-
centric grouping in due course.
Taipei’s residual South China Sea
territorial claims could be bargaining
chips for closer relations with other
partners, especially littoral states like
Vietnam, the Philippines and Singa-
pore. At this southern end of the first
island chain, Taiwan’s navy could
make material contributions to free-
dom-of-navigation missions. Taiwan
is also developing increasingly im-
portant cyberwarfare capabilities and
artificial intelligence.
Similar cooperation with Pacific
island states would also enhance Tai-
wan’s reputation as a good neighbor.
In addition, American and Taiwanese
information statecraft in the Indo-Pa-
cific and globally should expose
China’s hypocritical behavior on cli-
mate change and Covid and its re-
pression of Uyghurs, Hong Kong and
religious freedom. Failure to counter
Beijing’s extensive influence opera-
tions hamstrings efforts to constrain
China and protect Taiwan.
The Climate Changes but So Can We
Annual global coastal flooding costs, with and without adaptation (2005 dollars)
200
150
100
2000
3.4 million people flooded
50 $11 billion flood cost
$13 billion dike cost
Totals 0.05% of GDP
0 Totals 0.008% of GDP
2000 ‘10 ‘20 ‘30 ‘40 ‘50
Source: Proceedings of the National Academy of Sciences of the United States of America
sixfold between now and 2100 to
0.008% of world GDP.
Adaptation is much more effective
than climate regulations at staving
off flood risks. Compare the two
types of policies in isolation. Without
any climate mitigation to help, dikes
would still safeguard more than
99.99% of the flood victims you’d see
if global warming continued on cur-
rent trends. Instead of 187 million
people flooded in 2100, there would
be only 15,000. Climate policy
achieves much less on its own. With-
out adaptation, even stringent regu-
lations that keep the global tempera-
ture rise below 2 degrees Celsius
would reduce the number of flood
victims only down to 85 million a
year by the end of the century.
Stringent climate policy still has
only a mild effect when used in con-
cert with dikes: Instead of the 15,000
Thursday, October 21, 2021 | A19
against the DEI agenda.
All this creates a climate of perva-
sive fear on campus and shuts down
what should be an important aca-
demic discussion. After I wrote an ar-
ticle in these pages about the intru-
sion of ideology into science, I heard
from faculty around the country who
wrote under pseudonyms that they
were afraid of being marginalized,
disciplined or fired if administrators
discovered their emails.
Beyond these fearful faculty mem-
bers, and talented would-be scien-
tists who will be dissuaded or ex-
cluded from academic research, DEI
offices are working to indoctrinate
incoming students. This year at
CHAD CROWE
Princeton, the New York Post reports,
freshmen were required to watch a
video promoting “social justice” and
describing dissenting debate as
“masculine-ized bravado.” If such ef-
forts succeed, a new generation of
students won’t have the opportunity
to subject their own viewpoints to
challenge—surely one of the benefits
of higher education.
Critics have likened DEI state-
ments to the loyalty oaths of the
Red Scare. In 1950 the University of
California fired 31 faculty members
for refusing to sign a statement dis-
avowing any party advocating the
overthrow of the U.S. government.
That violated their freedom of
speech and conscience, but this is
worse. Whereas a loyalty oath com-
pels assent to authority, a DEI state-
ment demands active ideological en-
gagement. It’s less like the excesses
of anticommunism than like commu-
nism itself.
Mr. Krauss, a theoretical physi-
cist, is president of the Origins Proj-
ect Foundation. His newest book is
“The Physics of Climate Change.”
Few Americans appreciate how
critical an economic partner Taiwan
is, especially its semiconductor man-
ufacturing industry and its extensive
trade links throughout the Indo-Pa-
cific, all of which could support en-
hanced politico-military ties. Eco-
nomic issues are important for
regional countries and Europeans,
who may be less willing to engage in
military action. These countries
should be reminded of China’s threat,
including Beijing’s weaponizing tele-
communications companies like Hua-
wei and ZTE and its brutality in tak-
ing Canadians hostage in retaliation
for the legitimate arrest of Huawei
CFO Meng Wanzhou.
More military assets supporting
Taiwan are critical but potentially fu-
tile without a fuller American strate-
gic vision, with buy-in from citizens
and other like-minded countries.
That vision must be broad, persua-
sive and implemented without de-
lay,to ensure the sustained popular
support needed to prevail.
Mr. Bolton is author of “The Room
Where It Happened: A White House
Memoir.” He served as the president’s
national security adviser, 2018-19,
and ambassador to the United Na-
tions, 2005-06.
2100 without adaptation
187millionpeopleflooded
$55 trillion flood cost
$24 billion dike cost
Totals 5.3% of GDP
2100 with adaptation
15,000 people flooded
$38 billion flood cost
$48 billion dike cost
‘60 ‘70 ‘80 ‘90 2100
flood victims you’d get with only adap-
tation, you’d have 10,000. And getting
there would cost hundreds of trillions
of dollars, which is hardly mitigated by
the $40 billion drop in total flood
damage and dike costs climate regula-
tions would achieve. As I’ve explained
in these pages before, this kind of pol-
icy has a high human cost: the tens of
millions of people pricey climate regu-
lations relegate to poverty.
You don’t have to portend doom to
take climate change seriously. Ignor-
ing the benefits of adaptation may
make for better headlines, but it
badly misinforms readers.
Mr. Lomborg is president of the Co-
penhagen Consensus and a visiting fel-
low at the Hoover Institution. His lat-
est book is “False Alarm: How Climate
Change Panic Costs Us Trillions, Hurts
the Poor, and Fails to Fix the Planet.”
 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.

A20 | Thursday, October 21, 2021 THE WALL STREET JOURNAL.

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TECHNOLOGY: BUYOUT GROUP BIDS FOR BROADBAND COMPANIES B4
BUSINESS & FINANCE
© 2021 Dow Jones & Company. All Rights Reserved.
S&P 4536.19 À 0.37% S&P FIN À 0.80% S&P IT g 0.29%
* * * **
Tesla Extends Run of Peak Profit
BY REBECCA ELLIOTT reduction in the average price
of the vehicles the company
Tesla Inc. notched a third sold in the period.
consecutive record quarterly
profit, thanks in part to the
electric-vehicle maker’s ability
The car maker reported a
$1.6 billion third-quarter profit,
up from $331 million a year
to navigate persistent global
supply-chain disruptions.
The strong earnings came
earlier, on record revenue of
$13.8 billion. The results beat
Wall Street expectations of a
after Tesla delivered roughly profit of around $1.3 billion
73% more vehicles than in the and $13.6 billion in revenue.
year-earlier period. Underpin- Tesla is more vertically inte-
ning that growth was an uptick grated than many auto makers,
in sales of vehicles made in helping the company navigate
China, now home to Tesla’s the chip shortage more
largest auto plant by output. smoothly than some of its
The company on Wednesday competitors, analysts said.
said it also benefited from cut- Supply-chain problems still
ting some expenses. The effi- took their toll.
ciency gains, combined with “Due to parts shortages and
greater vehicle output, more- logistics variability, we have
than offset higher supply costs not been able to run our facto-
and other factors, including a ries at full capacity,” Tesla
California Nestlé Buoyed by Coffee, Pet Food
Won’t Let BY NICK KOSTOV
BofA Out Nestlé SA raised its full-
year sales guidance for the
Of Jobless second straight quarter,
buoyed by strong demand for
coffee and pet food, despite
Contract the continuing challenges of
rising input costs and supply-
chain snags.
The world’s largest pack-
BY BEN EISEN aged-food company on
AND CHRISTINE MAI-DUC Wednesday reported a 6.5%
rise in third-quarter organic
Bank of America Corp. sales growth, with revenue for
thought helping California hand the first nine months of the
out unemployment benefits
would be good business. Then
millions of Americans lost their
year coming in at 63.29 billion
Swiss francs, equivalent to
$68.60 billion. Nestlé said it
jobs at once.
The bank is the longtime mid-
dleman for California’s unem-
now expected full-year growth
between 6% and 7%, up from
its previous guidance of be-
ployment program, loading job-
less benefits onto prepaid debit
cards. Normally the task is mun-
tween 5% and 6%.
The upbeat quarter provides
an early sign that consumer
dane, but that changed with the
pandemic last year. Unemploy-
ment claims surged, and so did
habits acquired during the
pandemic, such as drinking
more and better quality coffee
related fraud. at home, could continue to
To fight back, the state and benefit the company, even as
bank cut off benefits to hundreds virus-related restrictions re-
of thousands of recipients. Many ceded in some major mar-
were out-of-work Californians kets—a view expressed by
with legitimate claims, who soon Nestlé executives.
complained loudly about both While some analysts ques-
the government and the bank. tioned whether the coffee
Bank of America wants to boom would continue as lock-
stop distributing the benefits for down restrictions eased, Nestlé
California, but the state has told said the category was its larg-
it no, locking the two into an un- est contributor to growth, with
easy union. all three of its main brands—
The U.S. government re- Nescafé, Nespresso and Star-
sponded to the coronavirus pan- bucks—growing strongly.
Please turn to page B2 The Swiss company has
Please turn to page B2
INSIDE  Heard on the Street: Inflation
tests shopper loyalty.......... B12
PHILADELPHIA INQUIRER/TNS/ZUMA PRESS
After Lying Low, Jack Ma Ventures Out of China
BY KEITH ZHAI
SINGAPORE—Jack Ma, Ali-
baba Group Holding Ltd.’s
billionaire co-founder, is trav-
eling outside of China for the
first time since his business
empire came under regula-
BUSINESS NEWS tory scrutiny about a year
Blackstone buys ago, according to people fa-
miliar with the matter.
majority stake in Mr. Ma, who recently
women’s shapewear briefly spent time in Hong
firm Spanx. B3 Kong, is now in Europe to see
friends, taste wines and con-
duct business meetings, the
MEDIA people said. He arrived in
Protesters gather at Spain this week and boarded
a yacht from the Balearic Is-
Netflix office amid lands and is expected to
controversy over Dave travel to other European
Chappelle special. B6 countries, they said. While
Mr. Ma’s schedule is fluid, he
DJ TRANS À 1.03%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.17%
Chief Financial Officer Zachary
Kirkhorn said on an analyst
call, adding that customers are
waiting longer for vehicles.
Mr. Kirkhorn said the com-
pany needs to continue push-
ing to lower outlays given ris-
ing commodity and labor costs.
“We have to overcome cost in-
creases that are outside of our
control,” he said.
Analysts expect Tesla’s vehi-
cle deliveries to continue to
climb in the current quarter to
around 266,000, according to
FactSet—positioning the com-
pany to hand over nearly
900,000 vehicles to customers
in 2021. The company has said
it is aiming to increase deliver-
ies by more than 50% over last
year’s total of nearly half a mil-
lion vehicles.
The packaged-food company made coffee a priority in recent years. A Nespresso cafe in Milan.
Nestlé’s nine-month sales growth by product category*
Pet care
Confectionery
Powdered and liquid beverages
Prepared dishes and cooking aids
Milk products and ice cream
6.4
Water
4.3
Nutrition and health science
0.8
Total group
*Change from previous year; excludes currency changes, acquisitions and divestments
is expected to return to China
next month, according to one
of the people.
This is Mr. Ma’s first time
overseas after the govern-
ment suspended last Novem-
ber the blockbuster public of-
fering of Ant Group, the
financial-technology giant Mr.
Ma controls, the people said.
The trip suggests that Mr.
Ma is safe and that he isn’t
banned by Chinese authori-
ties from leaving the country.
Authorities often block indi-
viduals from leaving China, at
times to seek their help on
investigations, in a practice
called “exit ban” that has af-
fected government officials
and company executives.
The Jack Ma Foundation
and Alibaba didn’t immedi-
MAXIMIZE WAREHOUSE
PRODUCTIVITY WITH AUTOMATION
LIBOR 3M 0.128
Tesla aims to lay the
groundwork for further growth
by starting to produce vehicles
at two new factories by the
end of the year, one in the Aus-
tin, Texas, area, where the
company is moving its head-
quarters, the other outside
Berlin.
However, Mr. Kirkhorn said
Tesla doesn’t expect to deliver
vehicles produced at either fac-
tory to customers this year.
“It’s possible the stars align
and things move quickly. It’s
possible that we’re spending
the bulk of next year working
on ramping these factories. It’s
just very hard to say,” he said.
Tesla shares have soared in
recent weeks, closing Wednes-
day around $866, near their re-
cord close of $883.09 in Janu-
12.1%
9.5
9.3
7.5%
7.6
ately respond to requests for
comment. The trip was re-
ported earlier by the South
China Morning Post, which is
owned by Alibaba.
Mr. Ma has kept a low pro-
file since Ant called off its
initial public offerings in
Hong Kong and Shanghai that
were on track to raise more
than $34 billion. The cancel-
lation came after Mr. Ma’s
speech at a financial forum
drew the ire of regulators.
Regulators subsequently
launched a probe into Alibaba
for alleged anticompetitive
behaviors on its e-commerce
platform and later hit the
company with a record $2.8
billion fine.
Speculation has grown
Please turn to page B2
NIKKEI (Midday) 29162.27 g 0.32%
Thursday, October 21, 2021 | B1
See more at WSJ.com/Markets
Price of
ary. The stock fell 1.3% in after-
hours trading after the
Bitcoin
company posted results.
Chief Executive Elon Musk
suggested at the company’s an-
nual shareholders meeting this
Reaches
month that parts shortages
were contributing to Tesla
product delays. The company
Record
has postponed the rollout of its
Cybertruck pickup by about a Bitcoin’s price touched a re-
year. Production is likely to cord, powered by a wave of buy-
start in late 2022. Output of ing after the first U.S. exchange-
the company’s long-delayed traded fund linked to the
semitrailer truck, originally cryptocurrency started trading.
due in 2019, has been pushed
back even further, to 2023. By Paul Vigna,
“We were just basically lim- Elaine Yu
ited by multiple supply-chain and Caitlin Ostroff
shortages, like so many supply
chains of so many types, not Bitcoin traded as high as
just chips,” Mr. Musk said. $66,974.77 on Wednesday,
Please turn to page B6 passing the previous high of
$64,889 set in April, according
to CoinDesk. It fell to as low as
$29,608.60 in July before roar-
ing back on a series of develop-
ments that signal the digital
currency’s move from the shad-
owy fringes of the investing
world to the regulated main.
The latest of them was the
approval by the Securities and
Exchange Commission for the
first bitcoin-focused ETF, which
began trading on Tuesday and
rose 5% in its debut. Nearly $1
billion of shares changed hands
over the session, making it the
second-most highly traded ETF
debut ever. The fund extended
its gains on Wednesday.
The new fund, which holds
Please turn to page B11
PIAGGESIFOTOGRAMMA/ROPI /ZUMA PRESS
Novavax
Shares Fall
On Vaccine
Average pricing changes
Problems
2.0% 3Q 2021 BY OMAR ABDEL-BAQUI
+2.1%
Shares of Novavax Inc. fell
1.5 sharply on Wednesday after a
report said the pharmaceutical
company was running into dif-
1.0 ficulties manufacturing a
Covid-19 vaccine that met reg-
ulators’ quality standards.
The stock fell as much 24%
0.5
before trimming some losses
and closing the day down
0 14.8%, at $136.86.
Maryland-based Novavax
has a Covid-19 vaccine that it
reported in June was 90.4% ef-
–0.5
fective at preventing symp-
2019 ’20 ’21
Source: the company
tomatic disease in adults in a
Please turn to page B2
JAIME REINA/AGENCE FRANCE-PRESSE/GETTY IMAGES
Alibaba’s billionaire co-founder Jack Ma arrived in Spain this
week and is expected to travel to other European countries.
interlakemecalux.com
(877) 632-2589
 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 | Thursday, October 21, 2021
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Activate.......................B4
Alibaba........................B1
Alphabet....................B10
B
Bank of America.........B1
Biogen...........B2,B11,B12
BioNTech.....................A6
BlackRock....................A9
Blackstone...................B3
Bumble........................B3
C Johnson & Johnson....A1
Canadian National
Railway ................... B10
China Evergrande ..... A10
Credit Suisse.............B11
D Tesla............................B1
Daimler......................B11
Danone.................B2,B12
Deutsche Bank..........B11
DigitalBridge...............B4
E V
Elliott Management
............................. B4,B10
EQT..............................B4
Exxon Mobil................A1
F-G
Facebook................A9,B4
GlobalLogic..................A1
INDEX TO PEOPLE
B Hyman, Jennifer.......B12
Bell, Charlie.................B4
Bell, Lindsey ............. B11
Blakely, Sara...............B3
C S
Castro, Tatjana ......... B11
Chung, Ann ................. B3
E Schneider, Mark..........B2
Erck, Stanley...............B2
F Mehrotra, Sanjay........B3
Fang, Hong................B11
G ...................................B11
Ganesh, Kiran ........... B11
Gelsinger, Pat ............. B3
Guo, Sarah .................. B6
H P
Haefele, Mark...........B11
Jack Ma
Travels Out
Of China
Continued from page B1
over Mr. Ma’s safety, though
he has made several public
appearances in mainland
China. The 57-year-old has
exchanged a wall-to-wall
schedule of global business
travel and meetings with
world leaders for remaining
in China, playing golf and
learning oil painting, The
Wall Street Journal has re-
ported.
During a philanthropic
event with 100 teachers in
January, Mr. Ma said via a
video link that business en-
trepreneurs should “work
hard for rural revitalization
and common prosperity,” re-
ferring to a catchphrase of
President Xi Jinping’s plan to
promote social equality. Ali-
baba later said it would
spend 100 billion yuan, equiv-
alent to about $15.7 billion,
by 2025 in support of the
common-prosperity cam-
paign.
Alibaba also actively
opened up its services to ri-
vals after authorities urged
internet companies to stop
blocking app users from ac-
cessing others’ services. The
e-commerce giant started al-
lowing users to purchase
items on some of its apps via
Coffee, Pet
Food Buoy
Nestle
Continued from page B1
made coffee a priority in re-
cent years, including acquiring
the rights to sell Starbucks-
branded products in stores.
Nestlé said that while sales
growth for Nescafé and Ne-
spresso had slowed from its
pandemic highs, gains for the
brands were still strong and
followed a blockbuster com-
parative period last year.
Nestlé also said other prod-
ucts that have boomed during
the pandemic, such as pet food
and vitamins, minerals and
supplements, had continued to
perform well. It said e-com-
merce sales, another benefi-
ciary since Covid-19 struck,
were up 17% in the first nine-
months of the year, even as
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Goldman Sachs.........A12
Greylock Partners.......B6
Poshmark .................. B12
Procter & Gamble
Biogen Posts Weak Quarterly Sales
H
Hitachi.........................A1
Hopson Development
............................. B2,B12
R
Rent the Runway......B12
Of New Alzheimer’s Drug Aduhelm
...................................A10 S
I BY JOSEPH WALKER nue this year, but sales should protein called amyloid in the istered the drug to at least one
Samsung ..................... B3
AND MATT GROSSMAN start increasing in 2022, Biogen brain. patient.
Intel.............................B3 Shopify........................A1
said on Wednesday. The Food and Drug Adminis- Overall, Biogen’s sales de-
International Business SoftBank...................B10 Biogen Inc. reported slow up- “We are not panicking,” Chief tration based its approval on the clined to $2.78 billion for the
Machines...................B6 Spanx...........................B3 take of its new Alzheimer’s dis- Executive Michel Vounatsos said likelihood that reducing amyloid third quarter, from $3.38 billion
J Starbucks....................B1 ease drug Aduhelm in the third on a call with analysts to discuss would result in a slowing of cog- in the same three months of
Stitch Fix...................B12 quarter, as some doctors stayed the quarterly results. “The sys- nitive decline, though it acknowl- 2020. After stripping out one-
JPMorgan Chase.........B3 T on the fence about prescribing tem is not ready evidently, but edged that the benefit was uncer- time items, profit was $4.77 a
the drug and others struggled to it’s a long way to go.” tain. share, compared with $5.64 a
K Taiwan Semiconductor coordinate the complex process Mr. Vounatsos said the com- The approval was met with share a year ago. Analysts ex-
Manufacturing..........B3
Kansas City Southern of onboarding new patients for pany is working to improve doc- criticism from some doctors and pected sales of $2.67 billion and
Tencent........................B2 treatment. tors’ understanding of Aduhelm’s health economists worried the adjusted earnings of $4.09 a
...................................B10
Aduhelm sales totaled clinical-trial data, including by drug’s $56,000 annual cost per share, according to FactSet. The
M
TotalEnergies..............A9 $300,000 in the first full quarter submitting its clinical-trial results patient would add billions of dol- company expects full-year sales
Marathon Petroleum..A9
U since the drug was approved in for publication in a top-tier jour- lars in new healthcare spending to reach $10.8 billion to $10.9 bil-
Micron Technology......B3 June, falling short of the $12 mil- nal. for a treatment with uncertain lion, with a per-share profit of
Union Pacific.............B10
Microsoft.....................B4 lion projected by analysts, ac- Aduhelm is the first new drug effectiveness and the potential $18.85 to $19.35.
Uniti.............................B4 cording to FactSet. The Cam- for Alzheimer’s in nearly two de- for serious side effects.
Moderna......................A1
bridge, Mass., company continues cades, and the first drug of its Biogen said Wednesday that  Heard on the Street: Investors
N
Vanguard.....................A9
to expect minimal Aduhelm reve- kind approved to reduce a sticky 120 healthcare sites have admin- face waiting game................. B12
Nestlé...........B1,B11,B12
Verizon Communications
Netflix..................B6,B11
...................................B11
Novavax ............... B1,B11
P
PayPal ......................... A1
W
Windstream................B4
Novavax
Pfizer...........................A6
Pinterest.....................A1
Z
Zayo.............................B4
Shares
Plunge
Continued from page B1
R large clinical trial. But the
K Roger, François-Xavier company, which has never won
Kirkhorn, Zachary.......B1 .....................................B2 approval for a vaccine, has ex-
Krishna, Arvind...........B6 Ruest, Jean-Jacques.B10 perienced various delays in de-
veloping and manufacturing its
L
vaccine.
Layton, David..............A1 Sarandos, Ted ............. B6
A report in Politico cast fur-
M Schleif, Carol.............B11
ther doubt on the Novavax vac-
T.J. KIRKPATRICK FOR THE WALL STREET JOURNAL
Ma, Jack......................B1 cine’s effectiveness. Politico
Schulman, Dan............A1
McCarthy, Daniel......B12 said the methods the company
Smith, Brad.................B4
uses to test the purity of its
Mullin, John Patrick B vaccine have fallen short of
Vounatsos, Michel......B2 regulators’ standards, with the
Musk, Elon..................B1 W publication citing multiple peo-
N ple familiar with Novavax’s dif-
Wolf, Michael..............B4
ficulties.
Nadella, Satya ............ B4 Woods, Darren............A9
Novavax issued a statement
Z Wednesday saying it expects to
Patel, Nirvana...........B10 Zuckerberg, Mark.......A9 complete continuing regulatory
submissions over the next few
weeks in the U.K., Europe and
WeChat Pay, the payments
service run by its rival Ten-
cent Holdings Ltd.
Canada. It said it has already
filed for authorization in India
and for emergency use with
The government invested $1.6 billion in Novavax hoping it would be a Covid-19 vaccine supplier.
cant role in the global Covid-19 ecutive, said in a statement. Covax’s efforts to vaccinate
Meanwhile, Ant is also
working to transfer some of
its Alipay app-based financial
the World Health Organization.
The company said it plans to
file its vaccine for emergency-
vaccine arsenal, differentiated
by its potential to help address
two major issues slowing the
Novavax has previously
pledged to deliver about 1.1 bil-
lion doses of the vaccine glob-
large swaths of the emerging
world.
The federal government in
services to another of its
apps, called Ant Fortune, af-
ter regulators asked financial
use authorization in the U.S.
by the end of 2021.
“We are confident that our
world’s ability to end the pan-
demic: global distribution chal-
lenges and vaccine hesitancy,”
ally through Covax, the world’s
primary effort to supply
Covid-19 vaccines to poorer
2020 invested $1.6 billion in
Novavax in hopes it would be a
leading Covid-19 vaccine sup-
technology companies to vaccine will soon play a signifi- Stanley Erck, Novavax chief ex- nations. Delays could crimp plier.
delink their broader suites of
financial products and ser-
vices from core payments
platforms, the Journal has re-
ported.
California year for California’s Employment
Development Department. State
auditors said that swindlers si-
who targeted the new program
geared toward providing quick
assistance to the self-employed.
California pocketed $3.6 million.
But the bank said it lost about
$178 million last year, far more
On Tuesday, a senior Chi-
nese central bank official was
quoted as saying by state me-
Holds BofA phoned billions of dollars from
the program. In some cases, peo-
ple used stolen identities to get
Californians whose benefits
were erroneously frozen com-
plained of being ping-ponged be-
than any previous year, after
beefing up call-center staff and
spending more on fraud preven-
dia that about half of the
roughly 1,000 financial prob-
lems that authorities have
To Contract unemployment benefits from the
agency. In other cases, workers
applied for their benefits law-
tween the EDD and Bank of
America call centers. Those who
visited bank branches found that
tion.
The bank told the state that it
wanted to stop administering the
found at 14 internet plat- fully, then found that their Bank tellers had only minimal access program when its contract was
forms—including Ant—have Continued from page B1 of America cards had been to the system that administers up for renewal this year. The
already been resolved. demic quickly last year, amping hacked. A state auditor’s report the cards. EDD said the state exercised its
Guo Shuqing, Communist up unemployment benefits and in January said that by the EDD’s Bank of America collects fees right to renew the contract for
Party chief of the People’s making them available to work- own estimate, as much as $10.4 from merchants when a person two more years “to help ensure
Bank of China, said authori- ers who wouldn’t usually qualify. billion of the roughly $111 billion swipes a benefits card. It shares continued service to claimants.”
ties have received mostly The aid helped ward off a long- it paid out between March and some revenue with California. In A spokesman said the bank
positive responses from com- term recession, but many states December 2020 was potentially July, the bank took in $14.7 mil- has advised California “that we
panies dealing with the is- and their financial partners fum- lost to fraud. In one case, the re- lion from swipe fees, according would like to exit this business
sues, according to reports by bled with distributing so much port said, more than 1,700 unem- to data provided by the EDD. as soon as possible.”
Xinhua News Agency and money in such a short time. ployment claims came from a
other media. Some overpaid benefits, others single address.
“More significant substan- struggled to reach the right peo- Afterward, the EDD flagged
tive progress will be made ple. nearly 1.5 million claims for re-
before the end of this year,” “The pandemic radically al- view. It eventually disqualified
Mr. Guo, also China’s top tered the underlying economics about half of them. Additionally,
Body balm.
banking and insurance regu- of unemployment programs for the bank froze about 450,000
lator, was quoted as saying in service providers like Bank of cards, most at the direction of Mind medicine.
an interview. America,” a bank spokesman the state agency. Many legiti-
Alibaba’s Hong Kong-listed
shares jumped 6.7% on
said. “Nonetheless, we will con-
tinue to devote the resources
mate recipients were furious to
find that their weekly benefits
Soul salve.
Wednesday to their highest necessary to properly serve the had stopped.
closing level in two months, agency and California unemploy- An EDD spokeswoman attri-
according to FactSet. The ment benefit recipients.” buted the jump in fraud to “so-
Hangzhou-based company’s The bank doled out more than phisticated scammers sitting on
shares are down 24% in the eight million cards with more a treasure trove of stolen per-
year to date. than $100 billion in benefits last sonal identifying information”
deep pockets and sprawling
global operations to keep sales
growing. Like its competitors,
non yogurt, said it expected in-
flation from material, logistics
and manufacturing to rise to
Nestlé is using the power of its around 9% in the second half
STEFAN WERMUTH/BLOOMBERG NEWS
more popular brands to push of the year, up from around 7%
through price increases to help in the first half of the year.
offset rising commodity prices
and higher freight costs.
Nestlé said it increased
P&G, maker of Tide
detergent and Crest tooth-
paste, said it would start
prices by an average of 2.1% in charging more for razors and
the third quarter. François-Xa- certain beauty and oral care
vier Roger, Nestlé’s finance products as costs for every-
chief, told analysts the com- thing from warehouse space to
pany expected prices to rise raw materials rose faster than
Nestlé said sales gains for further in the fourth quarter the consumer-products com-
Nespresso were still strong. and into next year as input pany expected. We invite you to try our finest massage chair.
costs continue to get more ex- On Wednesday, Nestlé said
Immersive massage choreography by shiatsu
out-of-home sales rose 23%. pensive. Mr. Roger said Nestlé its North American business
“People are returning back to had increased prices of dairy had posted midsingle-digit sensei Akira Okabayashi. Designed by the
traveling for business and vaca- and pet-care products, and ex- growth in the context of sig- legendary Ken Okuyama. Made in Japan.
tion and yet at the same time pected to do the same with nificant supply-chain con-
there’s also more working for coffee products next year. straints during the first nine
home, more in home consump- Still, the company said its months of the year, while its OHCOMassage.com
tion,” Nestlé Chief Executive Of- underlying trading operating- China business posted low sin- 888-351-4902
ficer Mark Schneider said. profit margin is expected to be gle-digit growth, affected by Model shown: The M-Series | $9,499 to $15,000
The results, following around 17.5% for the full year, lower sales of infant nutrition
Procter & Gamble Co. numbers reflecting an initial delay be- products.
Tuesday, provide further evi- tween the rise in input costs Nestlé shares rose 2.7% Available
dence that the world’s biggest and Nestlé’s ability to raise Wednesday and are up about from:
consumer-goods companies are prices. 11% for the year to date.
successfully navigating the sup- On Tuesday, Danone SA, the —Giulia Petroni
ply-chain crisis, using their owner of Evian water and Dan- contributed to this article.
 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. NY Thursday, October 21, 2021 | B3

BUSINESS NEWS

Micron Plans to Expand Chip Production

Boise, Idaho, company
to boost investment
to more than $150
billion over decade
BY ROBERT WALL
AND ALEX LEARY
The memory-chip maker
Micron Technology Inc. plans
to boost investment to more
than $150 billion over the
coming decade to cater to
booming demand and is urg-
ing Congress to pass legisla-
tion that would aid domestic
plant expansion.
Micron Chief Executive Of-
ficer Sanjay Mehrotra said
some of the planned spending
would go toward expansion of
existing chip-production facili-
ties and potential construction
of new ones. “We will be en-
gaging with the governments
around the globe, including in
the U.S., to address our needs
for growing our supply in line
with our demand expectations
for the 2030 era,” he said.
A global semiconductor
shortage has spurred chip
makers around the world to
plan factory expansions. Intel
Corp. in September pledged up
to around $95 billion for more
chip-making capacity in Eu-
rope, after detailing U.S. ex-
pansion plans earlier this year.
Taiwan Semiconductor Manu-
facturing Co., the world’s lead-
ing contract chip maker, said
this month it would build a
chip manufacturing plant in
Japan. Samsung Electronics
Co. and GlobalFoundries Inc.
announced capital investment
plans this year.
The chip shortage high-
lighted to governments how
semiconductors have become
more critical to their econo-
mies, spurring them to try to
assure supply, often by offer-
ing subsidies to lure invest-
ments. Chip companies are
seizing the moment, urging
governments to invest.
Intel CEO Pat Gelsinger has
been knocking on the doors of
government officials around
the world, making the case for
government inducements to
land chip factories. Executives
from TSMC, GlobalFoundries
and others also are making the
rounds.
Mr. Mehrotra said he was
supportive of U.S. government
proposals from the Biden ad-
ministration and lawmakers to
boost domestic chip produc-
tion, including bills in Con-
gress that would provide
grants for plant investments
and long-term tax incentives.
“The economics needs to
work,” he said, adding that
U.S. factories can be 35% to
45% more expensive than in
low-cost countries.
The chip industry has long
said that higher costs of oper-
ating in the U.S. have driven
chip-making abroad, lured by a
combination of factors such as
lower labor costs and often big
subsidies. The U.S. and Europe
produced more than three-
quarters of the world’s semi-
conductors in 1990. Now, they
produce less than a quarter.
The Senate in June passed
legislation to increase govern-
ment spending on technology
research and development, and
it includes $52 billion to en-
courage semiconductor produc-
tion. The House hasn’t yet
taken up the measure while ne-
gotiations on broader legisla-
tion are ongoing. The semicon-
ductor industry is also lobbying
for investment tax credits.
Mr. Mehrotra said Boise,
Idaho-based Micron is urging
clarity on U.S. financial incen-
tives soon. “The decisions re-
garding investments will need
to be made in the coming
years, and it takes a while be-
fore all that planning can be
put in place,” he said.
The company has spelled
out plans for up to $12 billion
in capital expenditure in the
current fiscal year, above its
historical average, and targets
around $3 billion in research-
and-development outlays.
Mr. Mehrotra said he is see-
ing signs that the worst chip-
supply bottlenecks are starting
to ease.
“The supply crunch that the
industry has been experienc-
ing is already improving some
and will continue to improve,”
he said, though some short-
ages might last into 2023.

Blackstone Buys
Control of Spanx
Shapewear Firm
BY MIRIAM GOTTFRIED colored pants.
She cut the legs off a pair

MARTHA ASENCIO RHINE/TAMPA BAY TIMES/ZUMA PRESS

Blackstone Inc. is buying a
majority stake in Spanx Inc.,
becoming the first outsider to
put money into a company
that shook up women’s
shapewear.
The deal values Spanx at
$1.2 billion, the companies
said. Spanx founder Sara
Blakely will maintain a signifi-
cant stake in the company and
will continue to oversee oper-
ations. She will become the
company’s executive chair-
woman when the deal closes.
Ms. Blakely, who founded
the company in 2000 with
$5,000 she earned from selling
fax machines in her hometown
of Clearwater, Fla., was in-
spired to create shapewear
made from comfortable ho-
siery material when she
couldn’t find anything that
would conceal her undergar-
ments under a pair of cream-
of control-top pantyhose, and
the idea for Spanx was born.
The product was an immediate
hit with women, becoming a
well-known brand despite not
advertising for the first 16
years of its existence.
The company now makes
other forms of apparel and ac-
tivewear, in addition to its
shapewear. Ms. Blakely said
she wanted to join with Black-
stone to continue to expand
that product line and to push
further into global markets.
“People have been asking Sara Blakely, the company’s founder, said she wanted to continue to expand that product line and to push further into global markets.
me for 20 years when I will
sell Spanx, and for 20 years I Managing Director Ann Chung. we consider to be a household tal prowess—the company gets stone’s latest move to back a
have said I’ll just know,” Ms. The lawyers who worked on brand,” said Ms. Chung, who two-thirds of its sales through woman-run business. The firm
Blakely said. “I operate very the deal also were women, as oversees consumer deals for its website—and to the value invested in Bumble Inc., run
much based on instinct.” were the bankers from JPMor- Blackstone’s growth business. of the technology it uses to by Whitney Wolfe Herd, which
Ms. Blakely, who years ago gan Chase & Co., and the com- “Most women in the U.S. today make its products. She said went public earlier this year. It
pledged to “advocate for pany has pledged to appoint have some Spanx in their there was a significant oppor- also backed Reese Wither-
women through products,” an all-women board. closet.” tunity to expand the business spoon’s media company Hello
worked with an all-female deal “Sara is an iconic founder Ms. Chung said Blackstone by ramping up marketing. Sunshine in a deal announced
team at Blackstone, led by and has built this brand that was attracted to Spanx’s digi- The deal for Spanx is Black- in August.

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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.

B4 | Thursday, October 21, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Microsoft Boss Stresses Security Broadband

Companies
Company president Microsoft employee Carol Ann

calls for sector to back

government in fighting
Browne, about cybersecurity
and digital privacy further
built him up as a thought
Targeted in
and reporting hacks
leader in technology.
At the Journal’s conference,
he said that Microsoft has en-
Buyout Bid
BY AARON TILLEY dorsed legislation that would
impose an obligation for com- BY CARA LOMBARDO
Microsoft Corp. President panies, including Microsoft, to AND MIRIAM GOTTFRIED
Brad Smith said governments report cyberattacks.
and companies are at last “The tech sector needs to A consortium including Zayo
starting to cooperate to ad- move beyond just generalized Group LLC is trying to buy
dress the mounting cybersecu- endorsements of the new reg- broadband network owner
rity issues facing the world. ulation, and be prepared to Uniti Group Inc. and its pri-
“It’s critical that the U.S. and lean in on specifics and actu- mary client, Windstream Hold-
other governments lead the ally identify things it’s pre- ings II LLC, according to peo-

THE WALL STREET JOURNAL

way, and it’s vital that we in the pared to help advance,” Mr. ple familiar with the matter.
tech sector play the roles that Smith said. The talks with real-estate
we need to play to support Cybersecurity is an emerg- investment trust Uniti started

WSJ
this,” Mr. ing big business for Microsoft. in June, when the parties dis-
LIVE

Smith said at
The Wall Street
Journal’s Tech
TECH Live conference
Wednesday.
There are three main types
of cyberattacks, Mr. Smith
said—ransomware, nation-
state-sponsored attacks and
disinformation campaigns—and
often these three types blend.
Microsoft in August partici-
pated alongside other firms in
a meeting with President Biden
at the White House focusing
on cybersecurity, where the
company committed to invest-
Brad Smith noted that ransomware, state-sponsored hacks and disinformation campaigns often blend.
ing $20 billion over the next
five years to build up more ad-
vanced security tools. It also
said it would invest $150 mil-
lion to help agencies in the
U.S. government upgrade their
security protections.
The insurance industry also
took part in the White House
meetings, which is important
for motivating businesses to
start adopting better proce-
dures around their security
operations, Mr. Smith said.
A lawyer by training, Mr.
Smith took over duties in re-
solving antitrust cases against
the company across the globe
when he was picked as general
counsel in 2002. His role in-
side the company has grown
in recent years. He was ele-
vated to the role of president
in 2015 soon after Satya Na-
In January, the company said
it surpassed $10 billion in rev-
enue in its security business,
up more than 40% annually. In
August, Microsoft hired long-
della took over as chief execu- time Amazon.com Inc. cloud
tive. Last month, he was executive Charlie Bell to run a
named vice chair of Microsoft. new security division.
In recent years, Mr. Smith In conversations with cus-
has positioned himself as a tomers, Mr. Smith said he has
sort of elder statesman of heard that companies can’t
tech. He frequently makes ap- hire the right cybersecurity
pearances at congressional professionals to implement
hearings related to issues such strong security. There are
as cybersecurity and antitrust 462,000 job openings in the
in tech. His 2019 book “Tools U.S. that require cybersecurity
and Weapons,” co-written with skills, he said.
cussed a price of around $15 a
share, or some $3.5 billion, for
it, but they recently stalled
over price, the people said.
Uniti said in a presentation ac-
companying its second-quarter
earnings call in August that it
believes the stock, which
closed at $13.01 on Wednes-
day, should trade at closer to
$20 to $30 a share.
Zayo is owned by digital-in-
frastructure investment firm
DigitalBridge Group Inc. and
private-equity firm EQT AB,
which agreed to take it private
in 2019 in a $8 billion deal.
The exact structure and
terms of the potential deal

Activate Chief Outlines Metaverse Criteria

BY MEGHAN BOBROWSKY
Tech companies aiming to
build the new virtual commu-
nities known as metaverses
will first have to master all as-
pects of videogaming and po-
tentially pursue acquisitions,
said Michael Wolf, co-founder
and chief executive of consult-
ing firm Activate Inc.
Metaverses are emerging as
possibly the next dominant in-
change the way people interact
with each other,” he said. “Ev-
erything you can do in the digi-
tal and virtual worlds…you will
be able to do inside of gaming.”
The metaverse—a concept
rooted in science-fiction nov-
els like “Snow Crash” and
“Ready Player One”—refers to
an extensive online world that
is tied to several tech plat-
forms, not just one. People
will be able to hang out in im-
soft Corp., and others have
spoken publicly about their
ideas for the metaverse. Many
of them also have growing
gaming operations.
Mr. Wolf said companies
would likely need to make addi-
tional moves to round out their
gaming content on their path to
the metaverse. “We expect the
technology giants are going to
pursue acquisitions of the top
gaming companies,” he said.
couldn’t be learned, but it
would be substantial given
Uniti recently had about $5 bil-
lion of debt and Windstream
software giant has done sev-  Audio will be one of the has about $2 billion of net debt.
eral gaming deals, closing its fastest-growing media formats Uniti was once part of Wind-
$7.5 billion purchase of video- with users estimated to spend stream, which continues to
game company ZeniMax Media nearly three hours a day lis- make lease payments to the fi-
Inc. this year. tening to either podcasts or ber-optic company that account
Mr. Wolf predicts a compet- radio by 2025, up from 2½ for nearly 70% of its revenue.
itive future of metaverses. hours in 2018. Windstream, which offers
“There’s not going to be one  The global audience for broadband services in rural ar-
big metaverse or one big plat- esports is expected to surpass eas, recently completed a bank-
form,” he said. “The metaverse 700 million viewers by 2025. ruptcy restructuring.
is going to be for everyone.” The projected viewers for 2021 Zayo’s owners and Wind-
Other forecasts from Mr. is 557 million. stream believe bringing the
Wolf’s presentation: two businesses back together

WSJ
novation altering how people mersive, shared digital spaces Facebook in 2019 agreed to  Time spent watching dig- would accelerate the build-out
LIVE

interact online and in person,
and “videogames are morphing
into metaverse platforms,” Mr.
Wolf said on Wednesday at
The Wall Street Journal’s Tech
Live conference.
“It will fundamentally
using avatars that allow them
to virtually attend concerts or
try on clothes in stores, just
like they would do offline in
the real world.
Major tech companies in-
cluding Facebook Inc., Micro-
acquire PlayGiga, a company
in Madrid that specializes in
cloud-based gaming. Microsoft
was previously in talks to buy
chat startup Discord Inc., pop-
ular with gamers, before the
discussion was halted. The
ital videos will increase over of broadband to as many as a
the next four years and sur- million more households.
pass time spent watching tele- Privately held Windstream
vision by 2025. TECH is owned by hedge fund Elliott
 The shift to e-commerce For more on The Wall Street Management Corp. and other
will accelerate as more car Journal’s virtual conference, former creditors. Elliott also
buying moves online. visit techlive.wsj.com has a stake in Uniti.

Insights
From a Time
Of Business
Disruption
NOVEMBER 1 , 2021 | ONLINE

Live, in-person business has come roaring back as Covid-19 Donald Chesnut Kelsey Robinson
Chief Experience Officer Partner
vaccination spreads around much of the globe, but it follows General Motors McKinsey & Co.
a transformative shift to e-commerce and remote working.
The Forum will surface the learnings from the disruption
of the pandemic and its aftermath, identify where digital
experiences have eclipsed physical models and explore the
promise of hybrid models. Leading corporate thinkers will
Liraz Margalit Marissa Andrada
share their lessons through interviews, discussions, case
Digital Psychology & C hief People Officer
studies and presentations. Behavioral Design Lecturer Chipotle
IDC Herzliya

R E G I S T E R T O DAY
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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.

THE WALL STREET JOURNAL. Thursday, October 21, 2021 | B5

His first football season, Isaiah

told us, ‘Wear a jersey with my
name on it. I want everyone to
know you’re here for me.’
Darnell and Denna, adopted 16-year-old Isaiah

LEARN ABOUT ADOPTING A TEEN

YO U C A N ’ T I M A G I N E T H E R E WA R D
A D O P T U S K I D S .O R G
 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 | Thursday, October 21, 2021
Protesters
Gather at
Netflix Office
Los Angeles rally and
employee walkout are
spurred by anger
at Chappelle special
BY JOE FLINT
A group of protesters gath-
ered outside one of Netflix
Inc.’s Los Angeles offices
Wednesday to express anger
over the streaming giant’s
Dave Chappelle comedy spe-
cial, as some employees re-
leased demands for manage-
ment and staged a walkout.
In the special, “The Closer,”
Mr. Chappelle made jokes and
remarks regarding gender that
many in the transgender com-
munity, including some Netflix
staffers, found offensive. The
company has defended the
special, citing reasons includ-
ing the company’s commit-
ment to artistic freedom.
Carrying signs that read
“Transphobia Isn’t Funny” and
“Trans Lives Matter,” protest-
ers demanded that Netflix of-
Greylock’s Guo Sounds Alarm on Higher Cyber Risk
BY HEATHER SOMERVILLE
Changes wrought by the
pandemic, including the
large-scale shift to remote
WSJ
work and
LIVE
rapid growth
of new tech-
nology prod-
TECH ucts, have
contributed to
a dire escalation in cyberat-
tacks, venture capitalist
Sarah Guo said.
“I am fundamentally very,
very worried that the prob-
lem has both gotten worse
and individual consumers and
businesses are not necessar-
ily taking it as seriously as
IBM Revenue Disappoints,
As Cloud, Client Spending Lag
BY MARIA ARMENTAL
International Business
 
* * THE WALL STREET JOURNAL.
TECHNOLOGY
fer more inclusive program-
ming and be more sensitive to
the effect its content can have
on certain communities.
Some Netflix employees at-
tended the event, but didn’t
speak. Supporters of the come-
dian also showed up and tried
to disrupt the proceedings.
The event was organized by
MARIO ANZUONI/REUTERS
Ashlee Preston, a trans activ-
ist. “If your satire is punching
down, you are being a bully,”
Ashlee Preston said. “I’m tired
of companies like Netflix mak-
ing money off of trauma to my
community.”
The extent of the walkout Trans activist Ashlee Preston, speaking at the rally, said, ‘I’m tired of companies like Netflix making money off of trauma to my community.’
wasn’t clear. Many employees
are working remotely. etc. as required.” stand the deep hurt that’s in his communications with view, B. Pagels-Minor acknowl-
In a list of demands sent to The employees wrote that been caused. We respect the staff over the controversy. edged sharing documents inter-
Netflix management, a group those changes and others were decision of any employee who Also in attendance at nally but denied providing the
of transgender employees necessary “to avoid future in- chooses to walk out, and rec- Wednesday’s protest was B. information to media outlets. “I
called on the company to cre- stances of platforming trans- ognize we have much more Pagels-Minor, who doesn’t categorically deny leaking in-
ate a new fund to develop phobia and hate speech, and work to do both within Netflix identify as male or female and formation,” B. Pagels-Minor
trans and nonbinary talent, re- to account for the harm we and in our content.” uses they as a pronoun. said. “Netflix was my family, I
cruit more trans people into have caused and will continue A Netflix spokeswoman de- B. Pagels-Minor said they have no desire to hurt them.”
leadership roles, and add a to cause until the below mea- clined to comment on the spe- were fired by Netflix last week Netflix said in the state-
disclaimer “before transphobic sures are put in place.” cific demands. for disclosing sensitive infor- ment, “This employee admitted
titles that specifically flag Netflix said in a statement: In an interview Tuesday, mation outside the company sharing confidential informa-
transphobic language, misog- “We value our trans col- Netflix co-chief executive Ted that ended up appearing in a tion externally from their Net-
yny, homophobia, hate speech, leagues and allies, and under- Sarandos said he “screwed up” Bloomberg story. In an inter- flix email on several occasions.”
they need to,” said Ms. Guo, grappling with an increase in quickly, and not all of it is safe three countries, which just a
who is a partner at firm cybercrime, particularly ran- from hackers. couple of years ago would
Greylock Partners and spoke somware attacks. Each new feature or line of have been abnormal.
on Wednesday at The Wall The White House this code added to software po- Companies need to adjust
Street Journal’s Tech Live month met with representa- tentially creates a new vul- to their workers moving to
conference. tives from some other gov- nerability, she said. other cities away from the
As employees took their ernments to coordinate their “Insecure computing is company headquarters, hiring
work home, outside the pro- response to the ransomware growing faster than security,” workers who want more flexi-
tection of corporate net- boom. said Ms. Guo. “For society bility, instituting an interna-
works, cyber attackers gained The growth of the technol- this is a really fundamental tional payroll system and de-
more targets and have used ogy industry because of the problem.” veloping better human
corporate email and software pandemic, which drove most She also said that the resources and administrative
THE WALL STREET JOURNAL
systems to carry out their at- business and social interaction changes the pandemic has functions to handle this all,
tacks. online, has prompted a surge brought to the global labor Ms. Guo said.
More-devastating attacks in the writing of new software. market are evident even in Anyone who “thinks that
have hit energy and technol- The problem, Ms. Guo said, small startups and here to we are returning to some sort
ogy companies, upending op- is that some companies, from stay. of normal that is very similar
erations and supply chains, the largest tech companies to Ms Guo said she works with to the old normal I think is
Ms. Guo said. small startups, are writing and startups of fewer than 20 em- fooling themselves,” Ms. Guo
Companies have been shipping software code very ployees who have workers in said. Sarah Guo cited new software.
The Marketplace
ADVERTISEMENT
To advertise: 800-366-3975 or WSJ.com/classifieds
BANKRUPTCIES
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Musk’s leadership. years but that nobody should parked emergency vehicles.
 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. Thursday, October 21, 2021 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. BookingHldgs BKNG 2384.18 -78.92 Carvana CVNA 289.03 -1.82 ConstBrands B STZ.B 217.03 2.03 DollarGeneral DG 215.23 1.44 EPAM Systems EPAM 627.90 -6.26 Entegris ENTG 130.83 1.58
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. BoozAllen BAH 81.15 0.18 Catalent CTLT 131.78 -1.44 ContinentalRscs CLR 51.39 -0.13 DollarTree DLTR 101.34 1.06 s EastWestBncp EWBC 85.78 1.46 Entergy ETR 104.05 1.99
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four BorgWarner BWA 45.78 -0.04 Caterpillar CAT 204.19 3.05 Cooper COO 410.60 8.40 DominionEner D 76.59 1.37 EastmanChem EMN 108.25 1.01 EnterpriseProd EPD 24.69 0.22
that include primary market trades as well as quarters. BostonProps BXP 119.05 2.92 Celanese CE 166.56 1.95 Copart CPRT 149.48 1.35 Domino's DPZ 458.58 -6.79 Eaton ETN 163.20 1.72 Equifax EFX 269.74 -3.44
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. BostonSci BSX 44.47 0.34 Cemex CX 7.17 0.11 Corning GLW 38.33 0.42 DoorDash DASH 215.68 2.35 eBay EBAY 75.97 1.25 Equinix EQIX 793.84 14.17
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing BrightHorizons BFAM 158.03 -1.76 CenovusEnergy CVE 11.64 0.06 Corteva CTVA 44.13 0.50 Dover DOV 168.85 0.94 Ecolab ECL 220.64 1.11 s Equinor EQNR 28.26 0.43
Nasdaq ISE. standards BristolMyers BMY 58.07 0.48 Centene CNC 68.09 3.38 s CoStar CSGP 96.82 0.30 Dow DOW 59.89 0.70 Ecopetrol EC 15.55 -0.09 Equitable EQH 33.86 0.90
The list comprises the 1,000 largest companies lf-Late filing Doximity DOCS 72.68 1.18 EdisonInt 58.95 1.43 EquityLife ELS 86.04 1.62
BritishAmTob BTI 36.38 0.28 CenterPointEner CNP 26.63 0.47 s Costco COST 469.77 2.69 EIX
based on market capitalization. q-Temporary exemption from Nasdaq s DrReddy'sLab RDY 63.09 -0.75 EdwardsLife EW 115.60 0.60 EquityResdntl EQR 85.24 1.24
Broadcom AVGO 509.39 -1.00 CentraisElBras EBR 6.89 -0.17 CoterraEnergy CTRA 21.41 0.55
Underlined quotations are those stocks with requirements. s DraftKings DKNG 49.09 0.25 ElancoAnimal ELAN 33.66 1.02 ErieIndemnity A ERIE 198.71 1.90
large changes in volume compared with the t-NYSE bankruptcy BroadridgeFinl BR 181.30 0.37 s CeridianHCM CDAY 124.11 -0.60 CoupaSoftware COUP 254.94 -1.00
s BrookfieldMgt BAM 59.69 1.03 Cerner CERN 72.06 0.65 Coupang CPNG 28.83 0.40 Dropbox DBX 30.01 -0.21 Elastic ESTC 168.73 -2.25 EssentialUtil WTRG 47.30 0.23
issue’s average trading volume. v-Trading halted on primary market. DukeEnergy DUK 102.23 1.10 ElectronicArts EA 139.20 2.45 EssexProp ESS 333.21 3.13
BrookfieldInfr BIP 58.20 0.85 CharlesRiverLabs CRL 421.43 8.91 Credicorp BAP 131.61 -1.12
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s DukeRealty DRE 54.86 1.05 EmersonElec EMR 97.27 0.85 EsteeLauder EL 304.25 -8.18
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, BrookfieldRenew BEPC 40.36 0.08 CharterComms CHTR 734.01 16.10 CreditAcceptance CACC 622.03 7.73
s CreditSuisse CS 10.46 -0.14 DuPont DD 73.26 1.02 s Enbridge ENB 43.18 0.29 Etsy ETSY 233.12 6.71
previous closing price was $2 or higher. or securities assumed by such companies. Brown&Brown BRO 64.57 0.48 CheckPoint CHKP 122.65 0.87
CROX 135.93 -6.47 s DutchBros BROS 61.42 -3.31 Endeavor EDR 24.82 -0.14 EverestRe RE 279.01 2.37
Brown-Forman B BF.B 69.95 -0.07 Chegg CHGG 61.53 -1.27 Crocs
CrowdStrike CRWD 283.33 0.98 Dynatrace DT 76.58 -0.40 EnelAmericas ENIA 6.05 -0.04 Evergy EVRG 64.35 0.71
Brown-Forman A BF.A 65.88 0.23 CheniereEnergy LNG 104.15 -4.14
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s ENI E 28.78 0.37 EnergyTransfer ET 10.19 0.12 EversourceEner ES 86.30 0.14
Bruker BRKR 78.75 0.97 CheniereEnerPtrs CQP 44.49 0.41 CrownCastle CCI 175.00 2.12
s EOG Rscs EOG 93.10 2.94 EnphaseEnergy ENPH 180.10 -6.96
changes in the closing prices from 4 p.m. the previous day. s BuildersFirst BLDR 58.29 0.77 s Chevron CVX 113.16 1.46 CrownHoldings CCK 105.38 1.89 Continued on Page B10
Bumble BMBL 52.34 0.82 Chewy CHWY 65.90 -0.44 CubeSmart CUBE 52.74 0.60
Wednesday, October 20, 2021 Net Net Bunge BG 87.58 1.11 ChinaEastrnAir CEA 20.03 -0.24 Cummins CMI 242.83 2.71

Stock
Net
Sym Close Chg
Stock Sym Close Chg Stock Sym Close Chg BurlingtonStrs BURL 275.96 3.25
CBRE Group CBRE 102.20 0.26
ChinaLifeIns LFC 9.06
ChinaPetrol SNP 51.17 -0.81
... CyrusOne CONE 81.50 4.28
Borrowing Benchmarks
Amazon.com AMZN 3415.06 -29.09 ADP ADP 213.05 -0.93 CDW CDW 188.39 0.76 ChinaSoAirlines ZNH 30.83 0.15 D E F wsj.com/market-data/bonds/benchmarks
Ambev ABEV 2.73 0.06 s AutoZone AZO 1769.05 4.84 60.42 -0.14
A B C Amcor AMCR 12.04 0.02 Avalara AVLR 176.76 -0.96 s
CF Industries CF
CGI GIB 92.97 1.02
Chipotle
Chubb
CMG 1823.09 -18.05 DISH Network DISH 44.48
CB 185.48 3.29 DTE Energy DTE 115.47
0.29
1.00
ABB
AECOM
ABB 35.04 0.50
ACM 65.23 0.85
Amdocs
Amerco
DOX 80.62 0.85
UHAL 728.30 7.79
Avalonbay
Avangrid
AVB 233.00 4.50
AGR 52.81 1.25
CH Robinson CHRW 98.35 0.79
CME Group CME 214.17 -3.39
ChunghwaTel CHT 39.56 -0.27 Danaher
Church&Dwight CHD 83.60 0.27 Darden
DHR 314.82
DRI 143.19
6.34
-3.31
Money Rates October 20, 2021
AES AES 25.03 0.88 Ameren AEE 84.35 0.84 Avantor AVTR 38.58 0.35 CMS Energy CMS 60.79 0.55 ChurchillDowns CHDN 255.41 0.97 DarlingIngred DAR 77.34 -0.02
Aflac AFL 56.44 0.65 AmericaMovil A AMOV 17.73 -0.22 AveryDennison AVY 214.67 3.39 CNA Fin CNA 46.01 0.81 Cigna CI 214.76 8.13 Datadog DDOG 158.85 0.91 Key annual interest rates paid to borrow or lend money in U.S. and
AGCO 131.12 1.53 AmericaMovil AMX 17.69 -0.28 s AvisBudget CAR 160.30 1.40 CNH Indl CNHI 17.13 0.18 CincinnatiFin CINF 119.78 1.96 DaVita
AGCO
AMC Ent AMC 40.88 0.08 AmerAirlines AAL 19.52 -0.01 AxonEnterprise AXON 179.05 -6.22 CRH CRH 48.20 0.49 s Cintas
DVA 114.11
CTAS 423.70 -0.20 DeckersOutdoor DECK 359.27
1.21 international markets. Rates below are a guide to general levels but
-3.12
Ansys ANSS 365.65 -0.38 AEP AEP 84.90 1.10 BCE BCE 51.27 0.05 CSX CSX 34.46 0.35 CiscoSystems CSCO 56.20 0.46 Deere DE 344.05 0.96 don’t always represent actual transactions.
APA APA 27.45 0.59 s AmerExpress AXP 179.60 2.29 BHP Group BHP 58.01 -0.07 CVS Health CVS 86.55 1.66 Citigroup C 71.82 0.06 s DellTechC DELL 111.63 0.82
ASETech ASX 6.98 -0.08 AmericanFin AFG 136.16 2.18 BHP Group BBL 55.78 -0.06 CableOne CABO 1778.84 6.85 CitizensFin CFG 50.88 1.78 DeltaAir DAL 40.30 -0.15 Week —52-WEEK—
ASML ASML 767.70 -33.26 AmHomes4Rent AMH 39.57 0.07 s BP BP 30.13 0.27 CadenceDesign CDNS 160.09 1.26 CitrixSystems CTXS 99.28 -1.04 DentsplySirona XRAY 58.17 0.62 Inflation Latest ago High Low
AT&T T 25.91 0.32 s AIG AIG 59.61 0.97 Baidu BIDU 180.96 1.96 CAE CAE 30.44 0.14 Clarivate CLVT 22.23 0.36 DeutscheBank DB 13.50 0.14 Sept. index Chg From (%)
AbbottLabs ABT 123.31 3.97 AmerTowerREIT AMT 276.04 3.14 BakerHughes BKR 25.35 -1.52 CaesarsEnt CZR 113.53 -0.40 Cleveland-Cliffs CLF 21.69 0.67 DevonEnergy DVN 40.91 0.61
AbbVie ABBV 108.41 0.96 AmerWaterWorks AWK 173.97 1.32 Ball BLL 92.58 1.94 CamdenProperty CPT 157.97 1.97 Clorox CLX 161.04 2.05 DexCom DXCM 556.54 6.49
level Aug. '21 Sept. '20 Other short-term rates
Abiomed ABMD 346.42 -2.99 s Ameriprise AMP 296.73 3.55 BancoBilbaoViz BBVA 6.81 0.09 Cameco CCJ 26.87 0.25 Cloudflare NET 175.45 2.56 Diageo DEO 201.63 1.66
AcceleronPharma XLRN 172.51 -1.23 AmerisourceBrgn ABC 122.25 2.41 BancoBradesco BBDO 3.37 0.09 CampbellSoup CPB 41.28 0.46 Coca-Cola KO 54.63 0.48 DiamondbkEner FANG 111.15 0.21 U.S. consumer price index Week 52-Week
Accenture ACN 345.80 -3.94 Ametek AME 130.29 0.15 BancSanBrasil BSBR 6.80 0.16 CIBC CM 120.66 1.13 Coca-ColaEuro CCEP 54.09 0.64 Dick's DKS 118.95 -1.78 All items 274.310 0.27 5.4 Latest ago high low
ActivisionBliz ATVI 78.08 0.90 Amgen AMGN 209.66 2.88 BancoSantander SAN 3.95 0.03 s CanNtlRlwy CNI 130.79 6.50 Cognex CGNX 84.78 -1.46 DiDiGlobal DIDI 8.62 0.06
s Amphenol APH 78.35 0.52 s BankofAmerica BAC 47.09 0.61 CanNaturalRes CNQ 42.81 0.10 CognizantTech CTSH 79.16 -0.63 DigitalRealty DLR 153.16
Core 279.884 0.13 4.0
Adobe ADBE 632.37 -3.70 3.25 Call money
s AdvanceAuto AAP 226.66 2.52 AnalogDevices ADI 176.92 0.29 s BankofMontreal BMO 109.30 1.59 CanPacRlwy CP 74.67 1.19 CoinbaseGlbl COIN 314.71 9.08 DigitalTurbine APPS 87.05 0.28
AdvMicroDevices AMD 116.39 0.06 Anaplan PLAN 65.79 -0.37 s BankNY Mellon BK 59.31 1.66 Canon CAJ 25.37 0.29 ColgatePalm CL 75.10 0.77 DigitalOcean DOCN 90.35 -1.31
International rates 2.00 2.00 2.00 2.00
Aegon AEG 5.17 -0.01 AB InBev BUD 56.45 0.53 BkNovaScotia BNS 66.42 1.00 CapitalOne COF 173.25 3.46 Comcast A CMCSA 54.71 0.47 DiscoverFinSvcs DFS 132.99 1.82
AffirmHldgs AFRM 147.64 -7.71 AnnalyCap NLY 8.73 0.07 s Barclays BCS 11.24 0.03 CardinalHealth CAH 49.26 0.63 s Comerica CMA 86.93 2.89 DiscoveryB DISCB 43.08 0.03 Week 52-Week Commercial paper (AA financial)
AgilentTechs A 157.59 1.97 s Anthem ANTM 424.05 30.30 BarrickGold GOLD 19.42 0.11 Carlisle CSL 218.10 2.59 ConagraBrands CAG 33.70 0.48 DiscoveryA DISCA 25.33 0.43 Latest ago High Low
s Aon AON 313.89 4.37 Bath&BodyWks BBWI 67.73 1.63 s s
90 days n.a. 0.10 0.25 0.04
agilon health AGL 24.00 0.43 Carlyle CG 53.50 0.49 Concentrix CNXC 184.27 -0.47 DiscoveryC DISCK 24.60 0.40
AgnicoEagle AEM 57.34 0.60 ApolloGlbMgmt APO 74.30 1.12 BauschHealth BHC 28.70 0.22 CarMax KMX 138.56 0.06 Confluent CFLT 66.66 ... Disney DIS 170.55 -0.63 Prime rates
AirProducts APD 293.70 -0.79 Apple AAPL 149.26 0.50 BaxterIntl BAX 81.25 1.57 Carnival CCL 22.44 0.10 s ConocoPhillips COP 76.02 0.70 dLocal DLO 52.71 -1.90
Libor
Airbnb ABNB 169.76 -0.98 ApplMaterials AMAT 133.98 -0.62 BectonDicknsn BDX 246.90 4.17 Carnival CUK 20.61 0.01 ConEd ED 75.51 1.78 DocuSign DOCU 271.26 -1.63 U.S. 3.25 3.25 3.25 3.25 One month 0.08575 0.09025 0.15863 0.07263
AkamaiTech AKAM 108.08 0.16 s Applovin APP 93.33 -2.33 BeiGene BGNE 372.60 -3.40 CarrierGlobal CARR 54.02 0.05 ConstBrands A STZ 218.15 1.91 DolbyLab DLB 92.08 -0.68 Canada 2.45 2.45 2.45 2.45 Three month 0.12825 0.12375 0.25388 0.11413
Albemarle ALB 235.17 -0.78 Aptiv APTV 168.98 2.40 BentleySystems BSY 57.79 -0.10 Japan 1.475 1.475 1.475 1.475
Albertsons ACI 28.91 0.61 Aramark ARMK 36.07 -0.42 Berkley WRB 78.48 1.01 Six month 0.17050 0.15675 0.26663 0.14663
Alcoa AA 52.51 -1.17 ArcelorMittal MT 32.83 0.44 BerkHathwy B BRK.B 287.49 2.66 Policy Rates One year 0.29675 0.26575 0.34238 0.21950
Alcon ALC 81.40 0.24
AlexandriaRlEst ARE 205.75 2.59
ArchCapital ACGL 42.64 0.57
ArcherDaniels ADM 64.84 0.30
BerkHathwy A BRK.A 4324954390.00
BestBuy BBY 114.53 0.59 Dividend Changes Euro zone 0.00 0.00 0.00 0.00 Euro Libor
Alibaba BABA 177.18 0.18 AresMgmt ARES 79.67 1.11 Bilibili BILI 82.41 1.65 Switzerland 0.00 0.00 0.00 0.00
ALGN 608.20 13.93 arGEN-X ARGX 296.02 0.44 Bill.com BILL 295.76 -1.74 Dividend announcements from October 20. One month -0.574 -0.572 -0.562 -0.607
AlignTech Britain 0.10 0.10 0.10 0.10
Alleghany Y 665.80 1.50 AristaNetworks ANET 394.71 5.07 Bio-Techne TECH 507.33 7.71 Three month -0.572 -0.569 -0.520 -0.574
ARVL 14.94 -0.28 Bio-RadLab A BIO 747.06 14.30 Amount Payable / Australia 0.10 0.10 0.25 0.10
Allegion ALLE 136.85 2.13 Arrival Six month -0.544 -0.541 -0.505 -0.548
AlliantEnergy LNT 56.45 0.78 Asana ASAN 129.78 2.13 Biogen BIIB 266.57 -1.56 Company Symbol Yld % New/Old Frq Record
Allstate ALL 128.34 1.84 AspenTech AZPN 161.89 -1.57 BioMarinPharm BMRN 75.15 1.01 Overnight repurchase One year -0.485 -0.486 -0.453 -0.511
AllyFinancial ALLY 55.81 1.15 Assurant AIZ 164.89 1.48 BioNTech BNTX 269.42 6.57 Increased U.S. 0.01 0.04 0.12 -0.04
AlnylamPharm ALNY 203.82 -2.77 AstraZeneca AZN 60.63 0.46 BlackKnight BKI 70.92 -0.98 American Elec Power AEP 3.7 .78 /.74 Q Dec10 /Nov10 Secured Overnight Financing Rate
Alphabet A GOOGL 2835.38 -29.36 s Athene ATH 83.75 1.58 BlackRock BLK 902.93 1.28 U.S. government rates 0.03 0.05 0.11 0.01
Permianville Royalty Tr PVL 3.2 .027 /.021 M Nov15 /Oct29
Alphabet C GOOG 2848.30 -28.14 Atlassian TEAM 409.69 -0.77 Blackstone BX 128.69 1.90
Altria MO 48.43 0.53 AtmosEnergy ATO 94.52 1.64 BlueOwlCapital OWL 16.92 0.18 PermRock Royalty Trust PRT 6.0 .0534 /.05011 M Nov15 /Oct29 Value 52-Week
S&T Bancorp STBA 3.8 .29 /.28 Q Nov18 /Nov04 Discount
AlumofChina ACH 18.00 -0.55 Autodesk ADSK 298.64 1.95 Boeing BA 216.17 0.20 Latest Traded High Low
San Juan Basin Royalty Tr SJT 8.4 .0677 /.037 M Nov15 /Oct29 0.25 0.25 0.25 0.25
DTCC GCF Repo Index
IPO Scorecard Reduced Federal funds
Treasury 0.017 51.450 0.132 -0.008
Cross Timbers Royalty Tr CRT 7.3 .067 /.16257 M Nov15 /Oct29 Effective rate 0.0800 0.0800 0.1000 0.0500
Performance of IPOs, most-recent listed first MBS 0.019 31.850 0.143 0.002
Permian Basin Royalty Tr PBT 2.4 .0224 /.02312 M Nov15 /Oct29 High 0.0900 0.0900 0.2000 0.0700
% Chg From % Chg From Low 0.0500 0.0500 0.0900 0.0000
Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Initial
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
Bid 0.0700 0.0700 0.7000 0.0300 Notes on data:
Silvergate Cap Pfd. A SIpA 6.1 .377 Nov15 /Oct29
Offer 0.0900 0.0900 0.1200 0.0500 U.S. prime rate is the base rate on corporate
Athena Consumer Acquisition 10.07 0.7 ... Stronghold Digital Mining 28.90 52.1 ... Foreign loans posted by at least 70% of the 10 largest
ACAQ.UT Oct. 20/$10.00 SDIG Oct. 20/$19.00 Treasury bill auction U.S. banks, and is effective March 16, 2020.
Banco Bradesco Ord ADR BBDO 4.6 .0031 M Dec08 /Nov04 Other prime rates aren’t directly comparable;
Context Thera 5.10 2.0 ... Worldwide Webb Acquisition 9.94 –0.6 ... Banco Bradesco Pref ADR BBD 4.3 .00341 M Dec08 /Nov04 4 weeks 0.035 0.035 0.090 0.000 lending practices vary widely by location;
CNTX Oct. 20/$5.00 WWACU Oct. 20/$10.00 Canadian Natl Railway CNI 1.5 .4977 Q Dec30 /Dec09 13 weeks 0.055 0.050 0.100 0.015 Discount rate is effective March 16, 2020.
Cyngn 7.40 –1.3 ... Sportsmap Acquisition 10.06 0.6 0.1 Canadian Pacific Railway CP 0.8 .1536 Q Jan31 /Dec31 26 weeks 0.060 0.055 0.115 0.030 Secured Overnight Financing Rate is as of
CYN Oct. 20/$7.50 SMAPU Oct. 19/$10.00 Cervecerias Unidas ADR CCU 3.9 .30921 SA /Oct22 October 19, 2021. DTCC GCF Repo Index is
Coca-Cola Femsa ADR 4.5 1.24401 Nov15 /Nov01 Depository Trust & Clearing Corp.'s weighted
ESGEN Acquisition 10.05 0.5 ... Fintech Ecosystem Development 10.12 1.2 0.4
KOF SA Secondary market average for overnight trades in applicable
ESACU Oct. 20/$10.00 FEXDU Oct. 19/$10.00 Fomento Econ Mexicano ADR FMX 1.7 .5677 SA Nov15 /Nov04 CUSIPs. Value traded is in billions of U.S. dollars.
Granite REIT GRP.U 3.0 .2021 M Nov15 /Oct29 Fannie Mae Federal-funds rates are Tullett Prebon rates as
Newcourt Acquisition 10.05 0.5 ... Enterprise4.0TechnologyAcquisition 10.08 0.8 0.2 Harmony Gold Mining ADR HMY 1.9 .01838 SA Oct25 /Oct15 30-year mortgage yields of 5:30 p.m. ET.
NCACU Oct. 20/$10.00 ENTFU Oct. 19/$10.00 Sources: Federal Reserve; Bureau of Labor
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 30 days 2.599 2.591 2.626 1.836
Statistics; DTCC; FactSet;
Sources: Dow Jones Market Data; FactSet spin-off. 60 days 2.638 2.628 2.674 1.875 Tullett Prebon Information, Ltd.

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B8 | Thursday, October 21, 2021 * THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
35609.34 s 152.03, or 0.43% Trailing P/E ratio 23.43 26.49 4536.19 s 16.56, or 0.37% Trailing P/E ratio * 30.49 38.21 15121.68 t 7.41, or 0.05% Trailing P/E ratio *† 35.41 36.72
High, low, open and close for each P/E estimate * 19.07 24.32 High, low, open and close for each P/E estimate * 21.87 25.90 High, low, open and close for each P/E estimate *† 28.25 32.15
trading day of the past three months. Dividend yield 1.80 2.14 trading day of the past three months. Dividend yield * 1.32 1.72 trading day of the past three months. Dividend yield *† 0.69 0.74
All-time high 35625.40, 08/16/21 All-time high 4536.95, 09/02/21 All-time high: 15374.33, 09/07/21

Current divisor 0.15188516925198

35750 4600 15500

35250 4525 15200

34750 4450 14900

Session high 34250 4375 14600

DOWN UP
65-day
t

Session open Close

moving average 33750 4300 14300
Close Open
t

Session low 65-day moving average 65-day moving average 14000

33250 4225

Bars measure the point change from session's open

32750 4150 13700
July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 733,890,183 24,366,503
Industrial Average 35669.69 35465.71 35609.34 152.03 0.43 35625.40 26501.60 26.2 16.3 11.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 537,284,900 20,549,841
Transportation Avg 15472.53 15295.16 15461.68 157.20 1.03 15943.30 10945.62 31.9 23.6 14.0 Most-active issues in late trading Decl. volume* 187,638,076 3,629,913
Utility Average 919.23 904.17 916.16 13.91 1.54 952.62 795.61 4.5 6.0 7.1 Volume After Hours Issues traded 3,442 277
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 47137.83 46961.03 47083.90 179.12 0.38 47089.89 33541.92 33.7 20.1 18.2 Advances 2,241 163
Nuveen Growth Opps ETF NUGO 7,904.2 25.26 0.02 0.09 25.26 25.26
Barron's 400 1060.28 1050.34 1059.26 8.93 0.85 1059.26 719.73 41.2 24.3 14.8 Declines 1,044 98
SPDR S&P 500 SPY 5,333.1 451.96 -0.45 -0.10 452.59 451.84
Unchanged 157 16
Nasdaq Stock Market Transocean RIG 4,955.2 4.10 … unch. 4.10 4.07 New highs 185 5
Nasdaq Composite 15178.39 15071.15 15121.68 -7.41 -0.05 15374.33 10911.59 31.7 17.3 26.6 Just Eat Takeaway.com ADR GRUB 3,748.1 16.62 -0.04 -0.24 16.66 16.62 New lows 17 1
Nasdaq-100 15457.11 15333.43 15388.71 -22.01 -0.14 15675.76 11052.95 31.9 19.4 29.4 Alibaba Group Holding ADR BABA 3,277.0 177.10 -0.08 -0.05 185.12 176.92 Closing Arms† 0.77 0.17
Xiaobai Maimai ADR HX 2,741.3 19.05 0.18 0.95 21.45 17.05 Block trades* 4,191 234
S&P
0.37
Ford Motor F 2,298.2 16.09 0.05 0.31 16.10 16.00
500 Index 4540.87 4524.40 4536.19 16.56 4536.95 3269.96 32.0 20.8 17.9 Nasdaq NYSE Arca
Invesco QQQ Trust I QQQ 2,236.9 374.32 -0.66 -0.18 375.10 374.22
MidCap 400 2789.74 2762.18 2784.20 21.44 0.78 2784.20 1895.57 41.3 20.7 14.1 Total volume*4,082,598,987 195,467,104
SmallCap 600 1380.41 1365.06 1378.31 9.50 0.69 1414.12 874.84 50.6 23.2 12.7 Percentage gainers… Adv. volume*2,302,837,517 149,462,420
InnSuites Hospitality IHT 370.5 4.20 0.68 19.32 4.95 3.54 Decl. volume*1,724,299,997 44,850,753
Other Indexes
Qualtrics International XM 171.5 46.80 2.59 5.86 48.91 44.21 Issues traded 4,694 1,604
Russell 2000 2294.92 2271.84 2289.77 13.85 0.61 2360.17 1538.48 42.8 15.9 14.1
Advances 2,570 1,134
NYSE Composite 17111.21 16988.16 17099.21 111.05 0.65 17099.21 12415.42 31.1 17.7 11.1 Hanmi Financial HAFC 128.7 21.21 0.91 4.48 21.21 20.30
Declines 1,874 429
Value Line 677.37 671.43 675.93 4.19 0.62 685.08 459.74 40.0 18.8 7.8 SLM Corp SLM 96.3 18.60 0.74 4.14 18.60 17.86
Unchanged 250 41
NYSE Arca Biotech 5632.44 5586.62 5602.38 15.76 0.28 6319.77 5212.89 5.7 -2.4 4.7
HP HPQ 630.9 29.70 1.11 3.88 30.46 28.40
New highs 148 176
NYSE Arca Pharma 758.50 748.69 756.53 7.84 1.05 811.41 613.07 18.0 9.7 8.9 ...And losers New lows 58 32
KBW Bank 141.59 138.26 141.56 2.71 1.95 141.56 74.79 82.7 44.6 12.4 Patterson Cos PDCO 84.6 30.65 -1.60 -4.96 32.25 30.65 Closing Arms† 1.03 0.91
PHLX§ Gold/Silver 134.88 132.23 133.78 1.51 1.14 166.01 117.06 -9.7 -7.2 24.0 TechnipFMC FTI 423.8 7.70 -0.39 -4.82 8.15 7.66 Block trades* 26,887 977
PHLX§ Oil Service 66.28 64.78 66.27 0.50 0.76 69.77 26.30 130.5 49.5 -21.6 IBM IBM 1,321.9 135.91 -5.99 -4.22 142.42 131.15 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3387.98 3363.34 3374.22 -7.23 -0.21 3473.60 2222.98 42.5 20.7 40.1 Pitney Bowes PBI 164.8 7.07 -0.29 -3.94 7.39 7.07 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 15.89 15.29 15.49 -0.21 -1.34 40.28 15.07 -45.9 -31.9 -8.0 Iovance Biotherapeutics IOVA 100.4 25.00 -0.81 -3.14 27.00 25.00 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 742.08 2.84 0.38 14.8 Xiaobai Maimai ADR HX 18.87 9.36 98.42 19.49 1.23 731.3 ATI Physical Therapy ATIP 2.86 -0.79 -21.64 13.05 2.81 -71.0
MSCI ACWI ex-USA 350.58 1.47 0.42 7.4 Stronghold Digital Mining SDIG 28.90 9.90 52.11 31.90 19.00 ... Vinco Ventures BBIG 6.38 -1.40 -17.99 12.49 1.11 268.8
MSCI World 3147.70 11.51 0.37 17.0 Shapeways SHPW 10.83 3.68 51.47 11.87 6.75 9.9 Grove GRVI 6.46 -1.18 -15.45 9.37 3.86 ...
MSCI Emerging Markets 1301.13 6.56 0.51 0.8 X Financial ADR XYF 6.46 1.48 29.72 17.88 1.45 141.9 HCW Biologics HCWB 2.74 -0.48 -14.91 7.78 2.51 ...
Americas MSCI AC Americas 1763.04 6.59 0.38 20.1 Puhui Wealth Invt Mgmt PHCF 2.49 0.46 22.66 9.10 1.65 -46.5 Novavax NVAX 136.86 -23.69 -14.76 331.68 76.59 50.1
Canada S&P/TSX Comp 21188.19 101.20 0.48 21.5 China Finance Online ADR JRJC 7.55 1.27 20.22 17.90 3.52 -24.1 Healthcare Services Group HCSG 20.02 -3.25 -13.97 35.80 19.71 -18.5
Latin Amer. MSCI EM Latin America 2228.97 1.01 0.05 –9.1 Valneva ADR VALN 41.99 6.59 18.62 59.15 24.16 ... Kaival Brands Innovations KAVL 1.96 -0.29 -12.89 43.80 1.21 -57.0
Brazil BOVESPA 110786.43 113.67 0.10 –6.9 Canaan ADR CAN 8.72 1.33 18.00 39.10 1.85 289.3 Guardforce AI GFAI 2.40 -0.35 -12.73 7.65 2.32 ...
Chile S&P IPSA 2657.39 18.46 0.70 –7.0 Cipher Mining CIFR 8.73 1.28 17.18 15.39 5.13 ... Aerie Pharmaceuticals AERI 11.60 -1.56 -11.85 21.30 9.01 26.8
Mexico S&P/BMV IPC 52298.20 –104.53 –0.20 18.7 SOS ADR SOS 2.76 0.40 16.95 15.88 1.21 8.2 OLB Group OLB 5.00 -0.61 -10.87 16.40 3.26 18.2
EMEA STOXX Europe 600 470.07 1.49 0.32 17.8 Radius Health RDUS 17.99 2.53 16.36 26.16 11.95 35.6 Brinker International EAT 44.21 -4.74 -9.68 78.33 40.73 -2.0
Eurozone Euro STOXX 466.02 1.10 0.24 17.2 KULR Technology Group KULR 2.43 0.34 16.27 3.19 1.01 73.6 Alpine 4 Holdings ALPP 4.07 -0.43 -9.56 9.49 0.04 9234.9
Belgium Bel-20 4221.06 20.50 0.49 16.6 DICE Therapeutics DICE 31.41 4.36 16.12 40.50 23.16 ... Digital Media Solutions DMS 6.39 -0.67 -9.49 15.27 6.22 -12.1
Denmark OMX Copenhagen 20 1797.15 8.76 0.49 22.7 Gambling.com GAMB 12.69 1.69 15.36 14.73 6.56 ... Progenity PROG 2.72 -0.28 -9.33 8.57 0.66 -66.0
6705.61 0.54 20.8 Clearwater Paper CLW 41.69 5.42 14.94 45.81 27.30 4.7 Getnet Adquirencia ADR GETVV 3.00 -0.30 -9.09 4.32 2.92 ...
France CAC 40 35.76
Germany DAX 15522.92 7.09 0.05 13.2
Israel Tel Aviv 1851.76 8.16 0.44 23.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 26581.77 248.78 0.94 19.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 805.47 2.98 0.37 29.0
Russia RTS Index 1904.77 4.73 0.25 37.3 Camber Energy CEI 261,926 40.0 1.81 7.10 4.85 0.33 CN Energy Group CNEY 6,079 23690 7.99 4.31 9.75 4.02
South Africa FTSE/JSE All-Share 66894.79 118.64 0.18 12.6 Sesen Bio SESN 205,712 872.2 1.27 25.74 6.04 0.70 Radius Health RDUS 56,345 13978 17.99 16.36 26.16 11.95
0.24 ContextLogic WISH 124,947 234.5 6.09 14.47 32.85 4.61 Corner Growth Acqn 2 Cl A TRON 2,020 11325 9.84 -0.10 10.74 9.61
Spain IBEX 35 9017.90 21.60 11.7
966.99 0.18 25.8 Pinterest PINS 113,067 1058.7 62.68 12.77 89.90 48.29 Shapeways SHPW 9,133 10800 10.83 51.47 11.87 6.75
Sweden OMX Stockholm 1.75
0.59 12.2
Ford Motor F 104,512 70.7 16.04 4.02 16.46 7.61 China Finance Online ADR JRJC 6,094 9870 7.55 20.22 17.90 3.52
Switzerland Swiss Market 12013.15 70.41
Turkey BIST 100 1432.80 2.95 0.21 –3.0 Vinco Ventures BBIG 84,852 53.5 6.38 -17.99 12.49 1.11 Xiaobai Maimai ADR HX 57,357 8535 18.87 98.42 19.49 1.23
U.K. FTSE 100 7223.10 5.57 0.08 11.8 Sundial Growers SNDL 80,747 -3.4 0.68 -1.36 3.96 0.14 Kernel Group KRNLU 702 8114 10.00 0.00 10.58 9.76
U.K. FTSE 250 22966.67 –87.42 –0.38 12.1 ProSh UltraPro Shrt QQQ SQQQ 73,686 -20.0 7.43 0.13 25.78 7.16 PIMCO Dyn Mult EM MFEM 1,912 7430 29.77 -0.28 31.44 22.33
Progenity PROG 71,424 65.2 2.72 -9.33 8.57 0.66 Consumer Portfolio Svcs CPSS 2,009 6890 6.27 0.16 6.55 3.39
Asia-Pacific MSCI AC Asia Pacific 200.94 0.84 0.42 0.5
Farmmi FAMI 65,338 -41.3 0.33 -2.45 2.47 0.20 Group Nine Acqn Cl A GNAC 519 4895 9.70 -0.51 10.48 9.62
Australia S&P/ASX 200 7413.70 38.85 0.53 12.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3587.00 –6.15 –0.17 3.3 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 26136.02 348.81 1.35 –4.0
61259.96 28.3
Track the Markets
India S&P BSE Sensex –456.09 –0.74
Japan NIKKEI 225 29255.55 40.03 0.14 6.6
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3198.08 –0.93 –0.03 12.5 currencies and commodities at
South Korea KOSPI 3013.13 –15.91 –0.53 4.9 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 16887.82 –12.85 –0.08 14.6 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1637.55 7.16 0.44 13.0 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004394 22756 –1.4
CREDIT MARKETS Argentina peso .0101 99.3551 18.1 Europe
Brazil real .1786 5.5984 7.8 Czech Rep. koruna .04565 21.906 2.0
Canada dollar .8117 1.2320 –3.3 Denmark krone .1566 6.3863 4.8
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001228 814.05 14.6 Euro area euro 1.1651 .8583 4.8
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000265 3768.09 10.1 Hungary forint .003218 310.75 4.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007768 128.74 0.7
A consumer rate against its New car loan Mexico peso .0495 20.2033 1.6 Norway krone .1204 8.3070 –3.2
benchmark over the past year 2.50% Uruguay peso .02285 43.7650 3.3 Poland zloty .2543 3.9328 5.3
Bankrate.com avg†: 3.58% 10% Asia-Pacific Russia ruble .01411 70.859 –4.3
Truist 2.40% 2.00 Sweden krona .1164 8.5922 4.4
Australian dollar .7515 1.3307 2.4
4.00% Charlotte, NC 844-487-8478 Tradeweb ICE 5 Euro Switzerland franc 1.0885 .9187 3.8
China yuan .1564 6.3939 –2.1
t

t s
Wednesday Close 1.50 Turkey lira .1085 9.2133 23.9
New car loan First Command Bank 2.49% Hong Kong dollar .1286 7.7736 0.3
3.75 0 Ukraine hryvnia .0381 26.2500 –7.4
1.00 India rupee .01337 74.808 2.4
Fort Worth, TX 888-763-7600 UK pound 1.3825 .7233 –1.2
Indonesia rupiah .0000710 14076 0.2
3.50 First Savings Bank of Hegewisch 2.75% One year ago 0.50 –5 s Japan yen .008747 114.32 10.7 Middle East/Africa
Chicago, IL 773-646-4200 s Kazakhstan tenge .002345 426.53 1.2 Bahrain dinar 2.6525 .3770 –0.01
Prime rate t WSJ Dollar Index Yen
t 3.25 0.00 Macau pataca .1248 8.0110 0.3 Egypt pound .0637 15.6981 –0.3
PNC Bank 2.97% –10
Malaysia ringgit .2403 4.1615 3.5 Israel shekel .3114 3.2114 –0.05
Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021
3.00 New Zealand dollar .7202 1.3885 –0.2 Kuwait dinar 3.3164 .3015 –0.9
Chase Bank 3.14% month(s) years
N D J FMAM J J A S O Pakistan rupee .00576 173.600 8.2 Oman sul rial 2.5974 .3850 unch
Houston, TX 800-CHA-SE24 maturity Philippines peso .0197 50.787 5.8 Qatar rial .2733 3.659 0.5
2020 2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7443 1.3435 1.7 Saudi Arabia riyal .2666 3.7509 –0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008505 1175.84 8.3 South Africa rand .0694 14.4024 –2.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0049878 200.49 8.2
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.00 Taiwan dollar .03587 27.875 –0.8
Yield (%) 52-Week Total Return (%) Thailand baht .02997 33.370 11.1 WSJ Dollar Index 88.03 –0.15–0.17 3.56
Prime rate* 3.25 3.25 3.25 l 3.25 -2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.13 0.12 0.11 l 0.25 -2.35 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2379.290 1.140 1.070 1.140 0.540 –3.211 4.911
Money market, annual yield 0.07 0.07 0.07 l 0.21 -0.34
Five-year CD, annual yield 0.41 0.41 0.41 l 0.61 -1.46 U.S. Treasury Long, Bloomberg 4315.130 2.100 2.000 2.400 1.390 –8.938 9.884 Commodities
30-year mortgage, fixed† 3.21 3.23 2.83 l 3.37 -1.72 Aggregate, Bloomberg 2242.250 1.680 1.610 1.680 1.120 –1.165 5.477 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.47 2.46 2.28 l 2.64 -1.85 Fixed-Rate MBS, Bloomberg 2208.760 1.910 1.870 1.910 1.180 –0.611 4.054
Jumbo mortgages, $548,250-plus† 3.22 3.27 2.85 l 3.41 -1.84 DJ Commodity 972.68 11.10 1.15 972.68 629.15 48.28 32.95
High Yield 100, ICE BofA 3447.344 3.683 3.818 4.823 3.162 7.928 5.860 Refinitiv/CC CRB Index 240.35 2.10 0.88 240.35 144.73 59.13 43.24
Five-year adj mortgage (ARM)† 2.90 2.88 2.83 l 3.43 -1.78
Muni Master, ICE BofA 597.615 0.960 0.959 1.157 0.687 2.134 4.976 Crude oil, $ per barrel 83.87 0.91 1.10 83.87 35.79 109.52 72.86
New-car loan, 48-month 3.58 3.58 3.58 l 4.14 -0.93
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 915.713 4.913 4.919 5.068 4.295 2.665 6.043 Natural gas, $/MMBtu 5.170 0.082 1.61 6.312 2.305 71.02 103.62
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1784.10 14.40 0.81 1952.70 1677.70 -7.30 -5.76
 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. * Thursday, October 21, 2021 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, October 20, 2021
Metal & Petroleum Futures March'22 2,599 2,606 2,557 2,561 –50 73,008 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Dec 205.20 207.00 203.50 205.55 1.30 124,337 months.
Open High hi lo Low Settle Chg interest
March'22 208.00 209.75 206.30 208.35 1.35 76,701
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Wednesday Wednesday Wednesday
Oct 4.6500 4.7685 4.6500 4.7560 0.0420 787 Iron Ore, 62% Fe CFR China-s 124.5 Wheat,No.2 soft red,St.Louis-u n.a.
March 19.01 19.11 18.84 18.97 .10 399,265 Energy
Dec 4.6875 4.7490 4.5935 4.7345 0.0315 131,780 Shredded Scrap, US Midwest-s,m n.a. Wheat - Hard - KC (USDA) $ per bu-u 7.8575
May 18.83 18.86 18.63 18.73 .04 139,128
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 75.500 Steel, HRC USA, FOB Midwest Mill-s 1900 Wheat,No.1soft white,Portld,OR-u 10.6250
Oct 1774.60 1785.60 1774.00 1784.10 14.40 430 Jan 36.01 37.00 36.01 37.00 … 1,523 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.250 Battery/EV metals
Nov 1768.50 1789.00 1768.40 1784.40 14.50 926 35.80 36.50 s 35.80 36.45 … 3,229
Dec 1769.40 1789.60 1767.10 1784.90 14.40 392,104
March
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 28675 Food
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Feb'22 1771.50 1791.10 1770.30 1786.80 14.40 55,803 Dec 107.35 111.00 106.50 110.73 2.90 113,920
BMI Lithium Hydroxide, EXW China, =56.5% -v,k 28400 Beef,carcass equiv. index
April 1776.30 1791.70 1772.40 1788.40 14.30 12,345 March'22 105.21 108.89 104.50 108.63 2.79 94,015 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 12400 choice 1-3,600-900 lbs.-u 222.10
June 1777.40 1793.80 1774.20 1789.90 14.10 15,708 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Engelhard industrial 1785.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5658 select 1-3,600-900 lbs.-u 203.32
Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 122.85 123.00 120.70 121.70 –1.30 2,571 Handy & Harman base 1778.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 530 Broilers, National comp wtd. avg.-u,w 1.0388
Oct 2085.20 –18.50 1 Jan'22 124.45 124.55 122.20 122.80 –1.65 8,224 Handy & Harman fabricated 1973.58
Dec 2112.50 2122.50 2029.00 2082.40 –18.50 8,363 Fibers and Textiles Butter,AA Chicago 1.8000
LBMA Gold Price AM *1779.40 Cheddar cheese,bbl,Chicago 181.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Burlap,10-oz,40-inch NY yd-n,w 0.8000
Oct 1041.10 1054.10 1041.10 1050.20 5.60 397
LBMA Gold Price PM *1779.55 Cheddar cheese,blk,Chicago 175.00
Jan'22 1043.40 1058.00 1036.70 1052.30 5.20 55,951 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Krugerrand,wholesale-e 1855.98 Cotton,1 1/16 std lw-mdMphs-u 1.0948 Milk,Nonfat dry,Chicago lb. 152.00
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 191-040 191-140 189-110 190-090 –24.0 1,216,406 Maple Leaf-e 1873.83 Cotlook 'A' Index-t *116.20 Coffee,Brazilian,Comp 2.0372
Oct 24.424 0.562 103 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% American Eagle-e 1873.83 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY 2.6055
Dec 23.710 24.495 23.615 24.445 0.562 117,277 Dec 158-070 158-150 157-180 158-040 –5.0 1,185,963 Mexican peso-e 2159.69 Wool,64s,staple,Terr del-u,w n.a.
March'22 156-190 –4.0 590
Eggs,large white,Chicago-u 0.9150
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Austria crown-e 1752.26 Grains and Feeds Flour,hard winter KC 21.75
Nov 83.34 84.25 s 81.30 83.87 0.91 17,295 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 130-165 130-240 130-080 130-205 2.5 4,092,208
Austria phil-e 1873.83 Hams,17-20 lbs,Mid-US fob-u 0.49
Dec 82.46 83.65 s 80.78 83.42 0.98 482,107 Barley,top-quality Mnpls-u n.a.
Jan'22 81.48 82.48 s 79.96 82.38 0.88 293,274 March'22 129-200 129-280 129-130 129-250 2.5 3,092 Silver, troy oz. Hogs,Iowa-So. Minnesota-u 82.66
Bran,wheat middlings, KC-u 155
March 79.48 80.34 s 78.12 80.30 0.84 136,584 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Engelhard industrial 24.1500 Pork bellies,12-14 lb MidUS-u 2.3201
121-277 122-015 121-227 121-307 1.5 3,637,698
Corn,No. 2 yellow,Cent IL-bp,u 5.0900
June 76.98 77.88 s 75.84 77.83 0.81 177,197 Dec Handy & Harman base 24.3180 Pork loins,13-19 lb MidUS-u 1.0284
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Corn gluten feed,Midwest-u,w 159.0
Dec 72.76 73.63 71.80 73.57 0.83 209,404 Handy & Harman fabricated 30.3980 Steers,Tex.-Okla. Choice-u 123.00
Dec 109-237 109-255 109-225 109-248 .6 1,991,687 Corn gluten meal,Midwest-u,w 530.9
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. LBMA spot price *£17.1600 Steers,feeder,Okla. City-u,w 161.88
Nov 2.5658 2.5932 2.5170 2.5923 .0316 71,237 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Cottonseed meal-u,w 295
(U.S.$ equivalent) *23.7300
Dec 2.5569 2.5849 2.5090 2.5838 .0321 99,433 Oct 99.9225 99.9275 99.9225 99.9225 124,385 Hominy feed,Cent IL-u,w 155 Fats and Oils
99.9200 99.9300 99.9200 99.9250 117,011 Coins,wholesale $1,000 face-a 20121
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Nov Meat-bonemeal,50% pro Mnpls-u,w 240
Nov 2.4818 2.5112 2.4263 2.5084 .0329 70,680 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Other metals Oats,No.2 milling,Mnpls-u 6.2900 Degummed corn oil, crude wtd. avg.-u,w 55.2500
Dec 2.4235 2.4507 s 2.3690 2.4469 .0293 117,644 Dec 100-140 –5.0 173,254 LBMA Platinum Price PM *1047.0 Rice, Long Grain Milled, No. 2 AR-u,w 27.75 Grease,choice white,Chicago-h 0.6100
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Eurodollar (CME)-$1,000,000; pts of 100% Platinum,Engelhard industrial 1047.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Nov 5.066 5.221 4.912 5.170 .082 60,164 Nov 99.8400 99.8525 99.8400 99.8500 .0100 205,466 Palladium,Engelhard industrial 2070.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 327.10 Soybean oil,crude;Centl IL-u,w 0.7189
Dec 5.329 5.483 5.194 5.447 .097 161,994 Dec 99.8050 99.8200 99.8000 99.8150 .0100 1,260,817
Aluminum, LME, $ per metric ton *3176.0 Soybeans,No.1 yllw IL-bp,u 12.1000 Tallow,bleach;Chicago-h 0.6900
Jan'22 5.451 5.598 5.308 5.562 .097 232,103 Dec'22 99.2850 99.3400 99.2550 99.3150 .0100 1,360,550
Dec'23 98.5700 98.6250 98.5200 98.6050 .0250 1,182,065
Copper,Comex spot 4.7560 Wheat,Spring14%-pro Mnpls-u 10.9975 Tallow,edible,Chicago-u n.a.
March 5.086 5.204 4.958 5.171 .076 151,464
April 3.955 4.023 3.907 3.978 .002 115,031
May 3.854 3.906 3.811 3.867 –.005 112,740 Currency Futures KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Japanese Yen (CME)-¥12,500,000; $ per 100¥ K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence;
Agriculture Futures W=weekly; Z=not quoted. *Data as of 10/19
Nov .8729 .8767 t .8721 .8759 .0009 177 Source: Dow Jones Market Data
Corn (CBT)-5,000 bu.; cents per bu. Dec .8748 .8769 t .8722 .8760 .0009 265,706
Dec 530.00 540.00 528.50 539.25 9.00 602,920
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Dec .8089 .8125 .8084 .8120 .0029 150,374
March'22 539.00 548.75 537.25 547.75 8.75 331,887
Oats (CBT)-5,000 bu.; cents per bu. March'22 .8091 .8124
British Pound (CME)-£62,500; $ per £
.8085 .8119 .0028 1,840
Bonds | wsj.com/market-data/bonds/benchmarks
Dec 656.00 668.50 650.00 667.00 11.00 3,363
Nov 1.3809 1.3834 1.3743 1.3833 .0034 673
March'22 635.00 649.25 635.00
Soybeans (CBT)-5,000 bu.; cents per bu.
649.00 9.00 1,218
Dec 1.3795 1.3833 1.3741 1.3831 .0033 155,228 Tracking Bond Benchmarks
Swiss Franc (CME)-CHF 125,000; $ per CHF
Nov 1227.75 1249.50 1224.75 1245.50 17.50 231,299 Dec 1.0849 1.0900 1.0822 1.0896 .0043 55,252 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Jan'22 1237.00 1258.75 1234.00 1255.00 18.00 217,446 March'22 1.0873 1.0928 1.0853 1.0925 .0042 313 highs and lows for different types of bonds
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD Total Total
Dec 322.70 329.40 321.70 328.40 5.80 164,766 Nov .7477 .7523 s .7467 .7523 .0043 193 return YTD total return YTD total
Yield (%) Yield (%)
Jan'22 322.40 328.60 321.70 327.30 4.90 88,640 Dec .7475 .7525 .7467 .7524 .0043 158,069 close return (%) Index Latest Low High close return (%) Index Latest Low High
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec 62.41 64.90 62.30 64.70 2.31 134,016 Nov .04901 .04936 .04914 .04936 .00018 9 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Jan'22 62.02 64.30 61.92 64.07 2.05 88,232 Dec .04897 .04918 .04887 .04914 .00019 164,140 -1.0
2242.25 -2.1 U.S. Aggregate 1.680 1.120 1.680 2208.76 Mortgage-Backed 1.910 1.180 1.910
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per €
Nov 13.71 13.72 13.61 13.61 –.11 3,683 Nov 1.1639 1.1664 1.1623 1.1662 .0016 1,675 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2147.41 -1.4 Ginnie Mae (GNMA) 1.960 0.680 1.960
Jan'22 13.99 13.99 13.87 13.88 –.11 4,666 Dec 1.1645 1.1671 1.1629 1.1668 .0017 659,323
Wheat (CBT)-5,000 bu.; cents per bu. 3392.87 -1.9 U.S. Corporate 2.250 1.740 2.320 1306.32 -0.8 Fannie mae (FNMA) 1.900 1.230 1.900
Dec 737.00 750.00 736.50 749.25 13.25 194,315 Index Futures 3080.21 -1.1 Intermediate 1.650 1.080 1.650 2003.45 -0.9 Freddie Mac (FHLMC) 1.910 1.210 1.910
March'22 749.00 761.75 749.00 761.25 12.75 96,877 Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu. Dec 35355 35541 s 35272 35477 154 105,375 5022.29 -3.2 Long term 3.200 2.780 3.580 597.62 0.3 Muni Master 0.960 0.687 1.157
Dec 748.50 760.75 747.75 759.75 11.50 122,548 March'22 35251 35445 s 35190 35384 151 663
683.18 -2.5 Double-A-rated 1.950 1.400 1.990 422.15 0.1 7-12 year 1.001 0.687 1.156
March'22 755.00 767.50 754.50 766.25 11.00 64,908 Mini S&P 500 (CME)-$50 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 4516.00 4532.25 4504.00 4528.00 16.75 2,313,548 911.85 -1.1 Triple-B-rated 2.470 2.010 2.570 485.42 0.6 12-22 year 1.336 1.000 1.663
Oct 155.300 156.050 155.075 155.925 .825 1,728 June'22 4493.00 4514.50 s 4488.50 4511.00 16.50 46,642
Jan'22 159.225 160.625 159.050 160.475 1.250 18,494 Mini S&P Midcap 400 (CME)-$100 x index High Yield Bonds ICE BofA 477.14 1.8 22-plus year 1.829 1.443 2.367
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2759.10 2785.40 s 2750.50 2779.20 21.50 40,081
517.87 4.5 High Yield Constrained 4.151 3.796 5.709 Global Government J.P. Morgan†
Oct 125.250 126.050 124.900 125.950 .950 3,647 March'22 2672.10 2772.70 2762.10 2788.20 21.50 1
Dec 129.875 130.600 129.725 130.525 .500 118,138 Mini Nasdaq 100 (CME)-$20 x index 503.37 10.2 Triple-C-rated 7.291 6.304 11.574 596.48 -3.1 Global Government 1.010 0.530 1.010
Dec 15411.00 15446.50 15319.00 15377.50 –21.00 235,870
Hogs-Lean (CME)-40,000 lbs.; cents per lb. 826.07 -4.4
March'22 15398.75 15445.00 15323.75 15378.75 –20.75 1,475 3447.34 3.5 High Yield 100 3.683 3.162 4.823 Canada 1.640 0.770 1.650
Dec 77.200 78.275 75.925 76.025 –1.375 99,735
Mini Russell 2000 (CME)-$50 x index
Feb'22 80.000 81.200 79.125 79.225 –1.225 48,386
Dec 2273.90 2294.10 2264.90 2287.50 14.70 457,022 459.50 2.7 Global High Yield Constrained 4.549 3.968 5.700 406.83 -3.3 EMU§ 0.460 0.010 0.579
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'22 2269.90 2291.10 2263.00 2285.20 14.90 339
Nov 689.90 700.10 675.00 676.30 –30.70 1,103 348.19 3.1 Europe High Yield Constrained 2.779 2.304 4.122 760.03 -4.2 France 0.370 -0.160 0.450
Mini Russell 1000 (CME)-$50 x index
Jan'22 751.80 768.10 736.00 750.00 –19.00 821 Dec 2543.90 2548.20 s 2535.60 2545.30 9.70 14,297 U.S Agency Bloomberg Fixed Income Indices 534.23 -3.3 Germany -0.090 -0.530 -0.010
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 17.91 17.96 17.88 17.96 .05 4,151 Dec 93.80 93.88 93.52 93.54 –.19 58,680 1843.81 -1.2 U.S Agency 0.970 0.460 0.970 294.25 -0.3 Japan 0.350 0.260 0.420
Nov 19.22 19.45 19.17 19.32 .10 4,533 March'22 93.74 93.80 93.50 93.49 –.19 1,980
Cocoa (ICE-US)-10 metric tons; $ per ton. 1611.74 -0.9 10-20 years 0.850 0.350 0.860 593.46 -4.0 Netherlands 0.060 -0.450 0.130
Dec 2,542 2,555 2,499 2,505 –54 77,713 Source: FactSet 4122.42 -3.6 20-plus years 2.270 1.520 2.460 1007.82 -8.0 U.K. 1.250 0.510 1.340
2879.07 -1.9 Yankee 1.850 1.370 1.850 915.71 -1.9 Emerging Markets ** 4.913 4.295 5.068
Macro & Market Economics *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Watching the Gauges: U.S. Supply and Demand
Inventories, imports and demand for the week ended October 15. Current figures are in thousands of barrels or Global Government Bonds: Mapping Yields
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import
and demand data are available monthly only. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Inventories, 000s barrels Imports, 000s barrels per day 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
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.250 U.S. 2 0.373 t l 0.391 0.214 0.145
1.250 10 1.635 s l 1.634 1.308 0.796
Crude oil and
petroleum prod 1,228,907 ... 1,239 1,395 1,234 1,302 7,719 ... 8,325 6,968 8,731 9,359 5.500 Australia 2 0.156 s l 0.156 0.018 0.141 -22.3 -23.9 -0.8
Crude oil 1.000 10 1.820 s l 1.737 1.316 0.769 18.3 9.8 -2.1
excluding SPR 426,544 700 427 488 423 459 5,825 ... 5,994 5,118 6,352 7,254 0.000 France 2 -0.661 t l -0.634 -0.698 -0.696 -104.0 -102.9 -84.6
Gasoline 217,739 ... 223 227 222 222 606 ... 543 509 807 499
0.000 10 0.214 t l 0.230 0.025 -0.321 -142.3 -140.9 -111.0
Finished gasoline 16,659 -1,100 16 24 17 23 164 ... 92 137 141 70
Reformulated 21 ... 0 0 0 0 0 ... 0 0 0 0 0.000 Germany 2 -0.659 t l -0.618 -0.713 -0.776 -103.8 -101.4 -92.5
Conventional 16,638 ... 16 24 17 23 164 ... 92 137 141 70 0.000 10 -0.124 t l -0.102 -0.318 -0.604 -176.1 -174.1 -139.3
Blend. components 201,080 ... 207 203 204 198 442 ... 451 372 665 429
0.600 Italy 2 -0.423 t l -0.419 -0.478 -0.323 -80.3 -81.4 -47.2
Natural gas (bcf) 3,369 ... 3 4 3 4 ... ... ... ... ... ... 0.600 10 0.920 t l 0.937 0.715 0.745 -71.7 -70.2 -4.4
Kerosene-type 0.005 Japan 2 -0.109 s l -0.113 -0.125 -0.140 -50.9 -28.9
-48.9
jet fuel 41,005 ... 41 38 42 41 174 ... 171 175 211 169
0.100 10 0.095 s l 0.090 0.050 0.024 -154.2 -154.9 -76.5
Distillates 125,394 -900 129 161 128 136 202 ... 190 152 248 168
Heating oil 8,377 ... 8 9 8 11 0 ... 0 3 0 13 0.000 Spain 2 -0.572 t l -0.558 -0.603 -0.546 -95.1 -95.3 -69.5
Diesel 117,017 ... 121 151 120 63 202 ... 190 150 248 155 0.500 10 0.509 t l 0.527 0.341 0.186 -112.8 -111.3 -60.3
Residual fuel oil 28,314 ... 29 33 29 32 85 ... 343 84 183 193
0.125 U.K. 2 0.696 t l 0.734 0.258 -0.065 31.7 33.8 -21.4
Other oils 296,209 ... 297 331 297 301 715 ... 994 811 838 926
4.750 10 1.149 t l 1.168 0.703 0.188 -48.7 -47.1 -60.1
Net crude, petroleum
products, incl. SPR 1,844,183 ... 1,856 2,035 1,851 1,962 394 ... 313 -1,060 1,266 2,034 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Corporate Debt
Weekly Demand, 000s barrels per day Natural gas storage Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals expectations
Current change week ago avg avg Investment-grade spreads that tightened the most…
Spread*, in basis points
Total petroleum Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
4250
product 21,832 ... 19,875 18,112 20,906 20,284 United Airlines Holdings UAL 3.650 3.62 Oct. 7, ’25 247 –20 n.a.
Natural gas,
t

Finished lower 48 states 3250 BMW US Capital BMW 0.750 0.76 Aug. 12, ’24 6 –9 n.a.
BPCE BPCEGP 5.700 0.99 Oct. 22, ’23 62 –9 67
motor gasoline 9,634 ... 9,186 8,289 9,412 9,247 –8 137
2250
ArcelorMittal MTNA 4.250 2.91 July 16, ’29 127
Kerosene-type t
American Honda Finance HNDA 1.300 1.39 Sept. 9, ’26 24 –7 34
jet fuel 1,414 ... 1,334 975 1,467 1,588 Five-year average Morgan Stanley MS 3.950 2.01 April 23, ’27 86 –6 88
1250
Distillates 4,278 ... 3,932 3,588 4,137 4,065 for each week Bank of America BAC 4.125 0.70 Jan. 22, ’24 0 –5 9
Residual fuel oil 361 ... 302 135 346 306 Walt Disney DIS 6.650 2.85 Nov. 15, ’37 74 –5 n.a.
250
Propane/propylene 1,088 ... 1,116 1,473 1,147 ... O N D J F M A M J J A S …And spreads that widened the most
Other oils 5,056 ... 4,006 3,653 4,398 ... 2020 2021
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Credit Agricole ACAFP 3.875 0.92 April 15, ’24 22 11 n.a.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Siemens Financieringsmaatschappij SIEGR 6.125 1.54 Aug. 17, ’26 39 10 n.a.
UBS UBS 5.125 1.54 May 15, ’24 84 9 82
3.500 1.08 March 15, ’25 –7 6 –4
Exchange-Traded Portfolios | WSJ.com/ETFresearch Medtronic MDT
Shell International Finance RDSALN 3.250 1.15 May 11, ’25 1 6 n.a.
Closing Chg YTD Sprint Spectrum SPRNTS 4.738 2.88 March 20, ’25 173 5 n.a.
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Alphabet GOOGL 3.375 0.67 Feb. 25, ’24 –3 4 n.a.
SPDR DJIA Tr DIA 356.03 0.44 16.4 National Australia Bank NAB 2.648 3.08 Jan. 14, ’41 101 4 n.a.
Wednesday, October 20, 2021 Closing Chg YTD
ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 507.29 0.78 20.8
Closing Chg YTD SPDR S&P 500 SPY 452.41 0.39 21.0
ETF Symbol Price (%) (%) iShMSCI EAFE EFA 80.40 0.35 10.2 SPDR S&P Div SDY 123.59 1.04 16.7 High-yield issues with the biggest price increases…
ARKInnovationETF ARKK 118.70 –0.75 –4.7 iShMSCI EAFE SC SCZ 76.47 0.26 11.9 TechSelectSector XLK 158.35 –0.28 21.8 Bond Price as % of face value
CommSvsSPDR XLC 81.88 0.20 21.3 iShMSCIEmgMarkets EEM 52.49 –0.02 1.6 VangdInfoTech VGT 426.85 –0.19 20.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsmrDiscSelSector XLY 190.64 –0.07 18.6 iShMSCIEAFEValue EFV 52.51 0.48 11.2 VangdSC Val VBR 178.72 1.05 25.7
EnSelectSectorSPDR XLE 58.49 0.81 54.3 iShNatlMuniBd MUB 115.79 –0.03 –1.2 VangdExtMkt VXF 192.32 0.45 16.8 Rite Aid RAD 7.700 9.59 Feb. 15, ’27 92.250 0.69 89.000
iSh1-5YIGCorpBd IGSB 54.36 0.04 –1.5 VangdSC Grwth VBK 291.86 0.23 9.0 0.31 101.420
FinSelSectorSPDR XLF 40.23 0.80 36.5 Ford Motor Credit … 3.350 1.62 Nov. 1, ’22 101.750
iShPfd&Incm PFF 39.17 0.53 1.7 VangdDivApp VIG 162.49 0.56 15.1
HealthCareSelSect XLV 130.61 1.43 15.1 5.875 Nov. 15, ’24 0.25 107.165
iShRussell1000Gwth IWF 289.56 –0.13 20.1 VangdFTSEDevMk VEA 52.22 0.35 10.6 Dish DBS … 3.36 107.250
IndSelSectorSPDR XLI 104.22 0.63 17.7
InvscQQQI QQQ 374.98 –0.13 19.5
iShRussell1000 IWB 255.03 0.37 20.4 VangdFTSE EM VWO 52.33 0.02 4.4 Teva Pharmaceutical Finance … 2.950 2.07 Dec. 18, ’22 101.000 0.25 100.950
iShRussell1000Val IWD 165.04 0.92 20.7 VangdFTSE Europe VGK 68.55 0.41 13.8
InvscS&P500EW RSP 157.87 0.77 23.8 0.23
iShRussell2000 IWM 227.37 0.66 16.0 VangdFTSEAWxUS VEU 63.23 0.32 8.3 Telecom Italia Capital TITIM 6.375 4.73 Nov. 15, ’33 115.000 115.500
iShCoreDivGrowth DGRO 52.89 0.82 18.0
iShRussell2000Val IWN 167.41 0.94 27.1 VangdGrowth VUG 306.11 –0.22 20.8 0.21 102.905
iShCoreMSCIEAFE IEFA 76.43 0.29 10.6 MGM Resorts International MGM 7.750 0.91 March 15, ’22 102.706
iShRussellMid-Cap IWR 82.86 0.61 20.9 VangdHlthCr VHT 252.77 1.24 13.0
iShCoreMSCIEM IEMG 64.35 –0.05 3.7
iShRussellMCValue IWS 120.06 0.92 23.8 VangdHiDiv VYM 108.77 0.85 18.9 American Airlines AAL 5.500 4.19 April 20, ’26 105.341 0.17 104.875
iShCoreMSCITotInt IXUS 73.68 0.30 9.7 78.01 22.2
iShS&P500Growth IVW –0.06 VangdIntermBd BIV 88.55 –0.03 –4.6
iShCoreS&P500 IVV 454.25 0.38 21.0
iShCoreS&P MC IJH 277.61 0.81 20.8
iShS&P500Value
iShShortTreaBd
IVE
SHV
152.96
110.46
0.87
0.01
19.5
–0.1
VangdIntrCorpBd
VangdLC
VCIT
VV
93.52
212.19
–0.06
0.40
–3.7
20.7
…And with the biggest price decreases
iShCoreS&P SC IJR 113.22 0.76 23.2
iShS&PTotlUSStkMkt ITOT 103.71 0.42 20.3
iShTIPSBondETF TIP 128.21 0.18 0.4 VangdMC VO 251.33 0.64 21.6 QVC QVCN 4.850 2.10 April 1, ’24 106.500 –0.74 107.125
iSh1-3YTreasuryBd SHY 85.95 0.03 –0.5 VangdMC Val VOE 147.72 1.13 24.2
iShCoreTotalUSDBd IUSB 52.89 –0.11 –3.1 iSh20+YTreasuryBd TLT 142.73 –0.68 –9.5 VangdMBS VMBS 53.07 ... –1.8 Lumen Technologies LUMN 6.875 4.72 Jan. 15, ’28 111.500 –0.60 111.770
iShCoreUSAggBd AGG 114.08 –0.07 –3.5 –0.50 n.a.
120.44 25.2
iShRussellMCGrowth IWP 118.55 0.17 15.5 VangdRealEst VNQ 108.38 1.57 27.6 Talen Energy TLN 6.000 14.91 Dec. 15, ’36 47.000
iShSelectDividend DVY 1.27 iShUSTreasuryBdETF GOVT 26.32 –0.13 –3.4 VangdS&P500ETF VOO 415.99 0.39 21.0
iShESGAwareUSA ESGU 103.92 0.35 20.8 JPM UltShtIncm JPST 50.64 –0.02 –0.3 VangdST Bond BSV 81.57 0.02 –1.6
Teva Pharmaceutical Finance Netherlands … 3.150 4.11 Oct. 1, ’26 95.750 –0.42 95.750
iShEdgeMSCIMinUSA USMV 76.85 0.55 13.2
186.46 15.6
PIMCOEnhShMaturity MINT 101.81 0.01 –0.2 VangdSTCpBd VCSH 81.99 0.02 –1.5 Sprint S 7.875 1.81 Sept. 15, ’23 111.268 –0.35 111.125
iShEdgeMSCIUSAMom MTUM 0.12 ProShUltPrQQQ TQQQ 142.40 –0.32 56.7 VangdShtTmInfltn VTIP 51.98 0.19 1.7
iShEdgeMSCIUSAQual QUAL 139.46 0.33 20.0 SPDR Gold GLD 166.90 0.88 –6.4 VangdSC VB 229.52 0.72 17.9 American Airlines AAL 11.750 4.68 July 15, ’25 123.938 –0.31 123.625
iShEdgeMSCIUSAVal VLUE 105.37 1.03 21.2 SchwabIntEquity SCHF 39.99 0.35 11.1 VangdTaxExemptBd VTEB 54.62 –0.05 –1.0 Occidental Petroleum OXY 7.500 3.82 Oct. 15, ’26 116.538 –0.29 n.a.
iShGoldTr IAU 33.98 0.89 –6.3 SchwabUS BrdMkt SCHB 109.51 0.40 20.4 VangdTotalBd BND 84.89 –0.12 –3.7
iShiBoxx$InvGrCpBd LQD 132.06 –0.24 –4.4 SchwabUS Div SCHD 78.18 0.97 21.9 VangdTotIntlBd BNDX 56.63 –0.02 –3.3
Netflix NFLX 4.875 2.40 April 15, ’28 114.750 –0.28 114.450
iShiBoxx$HYCpBd HYG 87.27 0.03 –0.0 SchwabUS LC SCHX 109.82 0.39 20.7 VangdTotIntlStk VXUS 65.67 0.26 9.2
iShJPMUSDEmgBd EMB 109.55 0.05 –5.5 SchwabUS LC Grw SCHG 156.80 –0.08 22.1 VangdTotalStk VTI 234.17 0.39 20.3 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShMBSETF MBB 107.79 0.02 –2.1 SchwabUS SC SCHA 104.36 0.68 17.3 VangdTotlWrld VT 106.68 0.37 15.2 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI ACWI ACWI 104.88 0.30 15.6 Schwab US TIPs SCHP 62.72 0.18 1.0 VangdValue VTV 143.06 1.01 20.3 Source: MarketAxess
 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.

B10 | Thursday, October 21, 2021 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

Elliott Has Big Stake in Railroad SoftBank-Backed Firm

BY CARA LOMBARDO place early next year.
TCI, which has a more than
tional, which has a market
value of more than $90 billion,
had already received the go-
ahead for a similar trust. Cana-
For Freight Wins Funds
Activist investor Elliott 5% stake and opposed the Kan- began when it made a topping dian National then stopped its BY LYDIA O’NEAL Alphabet Inc.’s GV investment
Management Corp. has a big sas City Southern bid, has bid for Kansas City Southern pursuit, saying the U.S. regula- arm, GLP Capital Partners LP
stake in Canadian National named Jim Vena, a former ex- after Canadian Pacific Railway tory landscape had become SoftBank-backed Flock and venture-capital firm Signal-
Railway Co., people familiar ecutive of railroad giant Union Ltd. had already clinched a $25 more challenging for major Freight Inc. raised $215 million Fire. This round also includes
with the matter said, adding to Pacific Corp., as its choice for billion deal for the railroad. railroad mergers. in a new funding round sup- Susquehanna Private Equity In-
pressure on the railroad after CEO. Elliott also supports Mr. That prompted Kansas City Canadian National said porting its load-matching tech- vestments LLLP and Eden
its CEO resigned following a Vena, who is being considered Southern to switch partners, Tuesday that Mr. Ruest would nology to help shippers pool Global Partners LLC.
failed bid for rival Kansas City by Canadian National’s board, before a regulatory panel that retire in early 2022 or at a later their goods on trucks to by- The Encinitas, Calif.-based
Southern. the people said. must bless railroad mergers de- time if it takes longer for a suc- pass freight hubs. business is competing for ship-
Canadian National, facing a Elliott, whose stake is nied Canadian National’s plans cessor to be appointed. The new funding, announced per customers in a crowded
proxy fight from another activ- smaller than TCI’s but still sub- to use a temporary voting trust, Company shares rose on the on Wednesday, will help the six- market, where startups are
ist, TCI Fund Management Ltd., stantial, has been in talks with a key element of its proposal. news of Mr. Ruest’s departure, year-old company hire 300 coming under pressure to show
said Tuesday that Chief Execu- Canadian National for weeks, In the wake of that decision, increasing 5.2% Wednesday be- more employees next year and profits in a freight-brokerage
tive Jean-Jacques Ruest is step- they said. Details of the discus- Kansas City Southern favored a fore The Wall Street Journal re- invest in its shipment-pooling sector dominated by estab-
ping down. TCI is seeking four sions couldn’t be learned. sweetened cash-and-stock offer ported on Elliott’s stake. They algorithm and machine-learning lished players building out their
board seats in a vote set to take The drama at Canadian Na- from Canadian Pacific, which rose further after hours. technology, increasing the num- own digital services.
ber of shipments it can process Flock Freight is targeting
per minute. the less-than-truckload seg-

Crypto Industry Gets Guide to U.S. Sanctions SoftBank Group Corp.’s Vi-
sion Fund 2, an earlier investor
in Flock Freight, led the new
ment, a piece of the broader
commercial trucking market in
which truckers carry ship-
BY DYLAN TOKAR best practices last week, a ment team to tackle helps organizations investigate round. The Japanese firm, ments from multiple customers
move that came after several investigations and prosecu- cryptocurrency-related fraud. which has made a series of bets on the same vehicle.
Virtual-currency companies other developments. In mid- tions of criminal misuses of In creating guidance for in the digital freight arena, also The company is focused on
now have a set of Treasury September, the Treasury for digital currencies. cryptocurrency companies, the led Flock’s $113.5 million Series avoiding transshipment
Department guidelines on how the first time sanctioned a vir- “This is the beginning of a Treasury’s Office of Foreign C funding round in late 2020, through hubs, where less-than-
to ensure they comply with tual-currency exchange, the concerted effort, a shock-and- Assets Control has taken sanc- which valued the company at truckload carriers consolidate
U.S. sanctions, the latest salvo Russian-owned SUEX OTC, for awe campaign around ransom- tions-compliance principles $500 million. The latest round and redirect shipments. Flock
in an effort by the Biden ad- allegedly helping launder ran- ware,” said Ari Redbord, a for- and practices that have long values the startup at $1.3 billion Freight claims its technology
ministration to combat ran- somware payments. In early mer senior Treasury adviser been the standard in other ar- and brings total funding for the reduces potential damage to
somware and other nefarious October, the Justice Depart- who now works as head of le- eas of business and tailored company to $399 million. cargo, cuts carbon emissions
uses of cryptocurrencies. ment said it was creating a na- gal and government affairs at them to the virtual-currency Also investing in the new and is faster than its estab-
The Treasury issued the tional cryptocurrency enforce- TRM Labs Inc., a company that sector, Mr. Redbord said. round were existing investors lished competitors.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Dillard's DDS 224.88 0.2 GlobalMedREIT GMRE 16.40 2.3 LendingClub LC 36.34 3.9 OaktreeSpec OCSL 7.46 0.5 SandySpringBncp SASR 48.40 2.1 WhitingPetrol WLL 70.28 1.9 GuardforceAI GFAI 2.32 -12.7
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE DukeRealty DRE 54.88 2.0 GraniteREIT GRP.U 79.00 1.6 LexingtonRealty LXP 14.84 0.5 OasisPetrol OAS 109.44 1.6 SchwabC SCHW 81.81 0.1 WillScotMobile WSC 34.47 0.4 GuardforceAIWt GFAIW 0.42 -13.1
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low DutchBros BROS 67.29 -5.1 GreenPlainsPtrs GPP 15.47 8.7 LibertyGlobal C LBTYK 30.49 0.5 OldDomFreight ODFL 314.00 1.7 Shapeways SHPW 11.87 51.5 WintrustFin WTFC 91.97 8.5 HealthcareSvcs HCSG 19.70 -14.0
in the latest session. % CHG-Daily percentage change from the previous trading session. ENI E 28.81 1.3 H&E Equipment HEES 43.70 5.9 LibertyFormOne A FWONA 50.85 0.4 Olin OLN 52.68 2.8 SiteOneLandscape SITE 215.66 -0.4 XiaobaiMaimai HX 19.49 98.4 HealthcrTriangle HCTI 2.75 -4.9
EOG Rscs EOG 93.43 3.3 HackettGroup HCKT 21.15 1.3 LincolnElectric LECO 144.92 3.2 OptimizeRx OPRX 93.63 4.9 SovosBrands SOVO 15.21 -1.0 Xilinx XLNX 172.87 0.1 Imara IMRA 3.60 -2.4
EsgenAcqn ESACU 10.38 0.5 HancockWhitney HWC 52.24 7.9 LincolnNational LNC 75.95 2.5 Oracle ORCL 97.97 -0.4 StateStreet STT 99.45 2.4 ZimmerEnergy ZTAQU 11.70 1.3 ItauCorpBanRt ITCBr 0.00 -35.0
Wednesday, October 20, 2021
EastWestBncp EWBC 85.79 1.7 HealthcareAmer HTA 33.84 0.5 Littelfuse LFUS 291.89 1.3 PHP Ventures Wt PPHPW 0.39 5.4 StewartInfo STC 70.53 0.6 ZionsBancorp ZION 65.13 2.9 KronosBio KRON 15.86 1.7
52-Wk % 52-Wk % 52-Wk % EastGroup EGP 189.16 2.6 HercHoldings HRI 190.55 3.0 LiveOakBcshs LOB 73.13 2.1 PJT Partners PJT 88.43 2.6 StifelFinancial SF 76.45 1.8 Zuora ZUO 20.87 -0.9 LiminalBioSci LMNL 1.88 -1.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Enact ACT 23.33 2.8 HomeDepot HD 359.57 0.1 Lowe's LOW 225.30 0.9 PNC Fin PNC 213.01 2.9 Stride LRN 38.33 3.1 LucidDiag LUCD 9.10 1.1
BOK Fin BOKF 99.65 5.0 CambridgeBncp CATC 89.87 1.2 EnantaPharma ENTA 72.19 3.2 HoulihanLokey HLI 105.30 -1.1 Luby's LUB
MBI
5.08
14.93
0.8
1.0
PPD PPD 47.11 -0.1 StrongholdDig SDIG
SunLifeFinancial SLF
31.90
56.66
52.1
1.1
Lows Natura&Co NTCO 14.08 -0.8
Highs BP
Balchem
BP 30.29
BCPC 154.97
0.9
0.7
CanNtlRlwy
CardiolTherap CRDL
CNI 132.82
4.96
5.2
6.8
Enbridge
EnergyFuels
ENB
UUUU
43.21
8.76
0.7
5.2
HowardBancorp HBMD
HuadiIntl HUDI
21.60
11.98
-0.9
10.7
MBIA
MPLX MPLX 31.52 1.6
PacWestBancorp PACW
PaloAltoNtwks PANW
48.39
519.45
0.5
-0.1 TC Energy TRP 55.20 1.3 ATIPhysTherapyWt ATIP.WS 0.35 -22.4
NerdyA
Nkarta
NRDY
NKTX
8.36 -1.6
16.73 -0.6
MainStreetCap MAIN 43.79 -0.2 TelusIntl TIXT 38.70 ... AckrellSPACPtrsIUn ACKIU 8.14 -0.6
AdvanceAuto AAP 229.24 1.1 Bladex BLX 19.17 1.3 Carlyle CG 53.99 0.9 EnerTransferPfdE ETpE 25.97 1.1 JBHunt JBHT 195.51 2.0 PampaEnergia PAM 21.10 2.1 Oblong OBLG 1.81 -6.1
ManhattanAssoc MANH 170.48 0.5 TargaResources TRGP 57.06 1.0 Afya AFYA 18.11 -4.3
AerCap AER 63.70 5.6 BankofAmerica BAC 47.24 1.3 CenovusEnergyWt CVE.WS 7.53 2.8 EnerTransferPfC ETpC 25.54 0.6 Huntsman HUN 33.03 0.8 Paychex PAYX 122.24 0.1 OntrakPfd OTRKP 13.34 -2.4
Marcus&Millichap MMI 45.57 2.2 TerrenoRealty TRNO 70.75 0.6 Akumin AKU 1.72 -8.4
AerSaleWt ASLEW 8.62 4.7 BankofMontreal BMO 109.37 1.5 CeridianHCM CDAY 126.60 -0.5 EnLinkMid ENLC 8.64 1.6 Hut8Mining HUT 13.19 3.0 PepsiCo PEP 161.88 0.8 OtonomoTechWt OTMOW 0.55 -4.4
Markel MKL 1329.98 1.0 TotalEnergies TTE 52.57 0.4 AppliedMolecular AMTI 20.50 6.1
Alexander&Baldwin ALEX 24.63 1.9 BankNY Mellon BK 59.66 2.9 Chevron CVX 113.17 1.3 EnovixWt ENVXW 12.70 16.1 ING Groep ING 15.33 0.9 PermianBasin PBT 8.75 14.5 Owlet OWLT 3.70 -1.0
Marsh&McLen MMC 166.83 0.7 Transalta TAC 11.61 3.1 AxonPrimeInfrWt APMIW 0.55 10.2
AlgomaSteel ASTL 12.00 4.3 Barclays BCS 11.26 0.3 ChimeraInvt CIM 15.78 0.4 Ent4.0TechAcqn ENTFU 10.10 0.2 IndepRealty IRT 22.04 2.8 PlymouthIndREIT PLYM 25.00 1.7 PCConnection CNXN 40.91 0.1
MeiraGTx MGTX 21.65 10.2 TriumphBancorp TBK 112.65 2.4 Bakkt BKKT 8.10 -3.8
AlgomaSteelWt ASTLW 4.02 7.1 Berry(bry) BRY 10.19 2.1 Cinedigm CIDM 2.95 8.0 Equinor EQNR 28.30 1.5 IndlHumanCap AXH.U 10.13 1.1 Pwr&DigitalA XPDI 11.00 3.6 PTC Therap PTCT 35.40 -1.1
MercantileBank MBWM 35.64 2.9 TruistFinl TFC 63.89 2.1 BeachbodyWt BODY.WS 1.06 -1.7
AllianceBernstein AB 53.65 0.8 BlackMountain BMAC.U 10.09 -0.2 CinerRscs CINR 16.97 2.5 EvercoreA EVR 163.19 2.8 IndLogistics ILPT 28.38 0.9 Pwr&DigitalWt XPDIW 3.66 11.9 PassageBio PASG 9.07 -1.0
MeridianBancorp EBSB 23.11 3.1 TylerTech TYL 513.49 1.2 BellicumPharm BLCM 2.20 0.4
AmerantBncpB AMTBB 25.35 0.1 BlockchainMoon BMAQU 10.19 ... Cintas CTAS 426.95 ... Exelon EXC 51.28 1.8 InMode INMD 91.00 -0.6 Premier PINC 40.71 0.4 BigCypress BCYP 9.51 -0.2 PumaBiotech PBYI 5.84 -0.3
Microsoft MSFT 309.70 -0.3 UBS Group UBS 17.48 0.9
AmerExpress AXP 179.77 1.3 BlueOwlCapWt OWL.WS 5.85 2.0 CleanHarbors CLH 112.22 0.2 ExtractionOil XOG 65.21 2.3 Innodata INOD 10.50 1.3 PrincipalFin PFG 69.96 1.1 BiomXWt PHGE.WS 0.19 -2.1 QuinStreet QNST 14.94 -1.0
MinorityEqualityA MEOA 10.04 -0.2 US Oil Fund USO 58.19 1.2
AIG AIG 59.76 1.7 BonanzaCreekEner BCEI 55.25 2.2 CoastalFinl CCB 35.46 2.7 FactSet FDS 424.79 -0.2 InnovativeIndProp IIPR 254.52 2.6 Prologis PLD 143.45 3.1 Biophytis BPTS 6.25 -1.6 ReproMedSys KRMD 2.53 -5.7
MolinaHealthcare MOH 293.58 2.9 USBrentOilFd BNO 22.65 1.0
Ameriprise AMP 297.38 1.2 BrighamMin MNRL 22.53 3.9 Cohen&Steers CNS 92.41 2.7 FalconMinerals FLMN 6.58 -0.6 ICE ICE 131.74 -0.5 PrudentialFin PRU 114.06 1.9 BiosigTech BSGM 2.26 -2.9 RhythmPharm RYTM 10.74 -0.1
Mosaic MOS 43.24 1.6 USComdtyIndxFd USCI 45.05 1.7
Amphenol APH 78.58 0.7 BrighthouseFin BHF 52.63 2.3 Comerica CMA 88.06 3.4 Fastenal FAST 56.59 -0.4 IntlGameTech IGT 30.44 2.9 Rapid7 RPD 125.99 0.5 BuildAcqnWt BGSX.WS 0.61 -1.6 SangamoTherap SGMO 8.22 -3.4
MrCooper COOP 44.66 1.5 US12moOilFd USL 29.75 1.2
Amplitude AMPL 65.62 1.6 Broadcom AVGO 513.43 -0.2 Concentrix CNXC 186.04 -0.3 FidNatlFin FNF 49.88 1.1 IntrepidPotash IPI 46.58 5.1 RaymondJames RJF 101.68 1.3 Calyxt CLXT 2.78 -4.3 ScionTechII Wt SCOBW 0.60 -0.3
MurphyUSA MUSA 174.64 1.9 UnitedHealth UNH 435.53 2.5
Anthem ANTM 425.44 7.7 BroadcomPfdA AVGOP1613.90 0.8 ConocoPhillips COP 76.10 0.9 FifthThirdBncp FITB 45.60 3.8 InvestorsBancorp ISBC 16.20 2.2 Nasdaq NDAQ 209.80 -4.6 RaytheonTech RTX 91.91 0.5 UraniumEner UEC 4.03 12.1 CatalystBiosci CBIO 3.25 -5.4 SiebertFin SIEB 3.04 -0.3
Aon AON 313.94 1.4 BroadridgeFinl BR 183.24 0.2 ContextTherap CNTX 5.50 2.0 FirstIndRlty FR 58.55 2.6 IsosAcqnWt ISOS.WS 1.89 2.9 NationalFuelGas NFG 58.85 1.5 RedwoodTrust RWT 14.08 1.2 UraniumRoyalty UROY 5.80 12.9 Clene CLNN 5.65 -2.9 SimonPropWt SPGS.WS 0.83 -0.1
Applovin APP 98.60 -2.4 BrookfieldMgt BAM 59.86 1.8 ConyersParkIII A CPAA 10.08 2.9 FirstRepBank FRC 213.49 0.7 JamfHolding JAMF 46.09 1.6 NaturalResPtrs NRP 31.75 6.1 ReliantBancorp RBNC 33.92 2.3 Valaris VAL 37.28 3.4 ConcertPharm CNCE 2.74 -0.7 SouthernStatesBcsh SSBK 18.90 ...
ArborRealty ABR 19.80 -0.1 Brown&Brown BRO 64.77 0.7 CoStar CSGP 97.25 0.3 FirstCash FCFS 90.62 0.4 KKR KKR 70.59 3.0 NatWest NWG 6.49 -0.2 RepublicBcpKYA RBCAA 53.17 1.8 ValarisWt VAL.WS 4.02 6.5 ContextTherap CNTX 4.32 2.0 SynchronossNts2026 SNCRL 23.80 -1.1
AresCapital ARCC 21.19 ... BrynMawrBank BMTC 49.98 2.7 Costco COST 472.50 0.6 FirstService FSV 200.17 1.3 KKR Pfd C KKRpC 89.56 2.8 NewMtnFin NMFC 14.10 0.1 RepublicSvcs RSG 129.81 0.9 VeriskAnalytics VRSK 212.68 -0.1 Cyngn CYN 7.05 -1.3 TCR2 Therap TCRR 7.09 -8.6
AsburyAutomotive ABG 219.15 0.9 BuildersFirst BLDR 58.81 1.3 CousinsProperties CUZ 40.66 2.2 Flagstar FBC 56.03 0.5 KeyCorp KEY 23.77 2.2 NewResidInvt NRZ 11.53 1.0 RexfordIndlRealty REXR 63.89 2.4 VistaOil&Gas VIST 6.99 4.5 DigitalMediaWt DMS.WS 0.52 -14.0 TMCtheMtlsWt TMCWW 0.62 -8.2
AshfordHospPfdD AHTpD 27.95 1.8 CBIZ CBZ 35.81 0.7 CovenantLogist CVLG 34.75 2.0 FocusFinPtrs FOCS 61.33 0.9 KimbellRoyalty KRP 15.53 1.2 NewResidentInvPfdD NRZpD 25.47 0.2 RothCHAcqnIV ROCGU 10.13 0.8 VividSeats SEAT 13.31 1.2 DigitalMedia DMS 6.22 -9.5 TalkspaceWt TALKW 0.63 ...
AshlandGlobal ASH 97.26 0.8 CenaqEnergyWt CENQW 0.38 -1.9 Cullen/Frost CFR 129.43 2.7 Fortinet FTNT 336.61 0.4 KimcoRealty KIM 23.25 2.7 NY CmntyBcp NYCB 14.15 -0.1 RoyalBkCanada RY 107.45 0.8 WNS WNS 86.58 3.3 DuckCreekTech DCT 32.60 -1.4 Tech&EnerA TETC 9.60 -0.5
AssuredGuaranty AGO 54.87 2.5 CGI GIB 93.93 1.1 CustomersBancorp CUBI 47.20 2.1 FrankBSP PfdE FBRTpE 25.18 ... Knight-Swift KNX 54.41 7.0 NewcourtAcqn NCACU 10.06 0.5 RoyalDutchA RDS.A 49.77 0.3 WSFS Financial WSFS 55.62 3.0 EnsysceBioWt ENSCW 0.21 -0.9 uCloudlink UCL 3.60 -2.1
AthenaConsumer ACAQ.U 10.09 0.7 CI Financial CIXX 22.73 0.8 Cyngn CYN 8.70 -1.3 GFLEnvironmental GFL 40.77 1.0 LPL Financial LPLA 175.31 0.4 NexPointResidentl NXRT 68.76 3.1 RoyalDutchB RDS.B 50.05 0.3 Wabtec WAB 93.97 1.6 FrankBSPRealty FBRT 16.70 -1.3 Volta VLTA 6.63 -1.6
Athene ATH 84.62 1.9 CN Energy CNEY 9.75 4.3 DCP Midstream DCP 33.85 1.9 GFL Env Un GFLU 93.31 0.8 L3HarrisTech LHX 245.07 0.5 Nordson NDSN 249.80 -0.7 STAG Indl STAG 43.69 1.4 WasteMgt WM 160.57 1.0 GH Research GHRS 13.78 -2.4 WD-40 WDFC 207.11 -8.8
Atlanticus ATLC 69.53 4.4 CVR Energy CVI 21.73 3.3 DT Midstream DTM 50.48 1.1 GalataAcqn GLTA.U 10.46 -3.7 LakelandFin LKFN 77.48 1.5 NorthernTrust NTRS 125.66 3.4 SVB Fin SIVB 705.71 0.8 WattsWater WTS 183.27 0.5 GSI Tech GSIT 4.70 -3.3 WinVestAcqnWt WINVW 0.19 -5.1
AutoZone AZO 1791.97 0.3 Cactus WHD 45.01 1.1 DellTechC DELL 111.97 0.7 GeneralDynamics GD 209.63 -0.1 Lantronix LTRX 7.37 2.1 NorthropGrum NOC 402.01 0.4 Saia SAIA 267.08 2.2 WescoIntl WCC 128.57 1.7 GetnetAdquirencia GETVV 2.92 -9.1 WinVestAcqnRt WINVR 0.21 -14.3
AvisBudget CAR 165.28 0.9 CaliforniaRscs CRC 45.42 4.6 DenisonMines DNN 1.96 6.5 GenieEnergyPfd GNEpA 9.95 1.7 Lazard LAZ 52.27 1.1 OReillyAuto ORLY 648.44 1.0 SanabyHealthI SANBU 10.10 ... WesternAlliancePfd WALpA 26.62 0.6 GrafAcqnIVWt GFOR.WS 0.75 -6.2 WorldwideWebb WWACU 9.90 -0.6

Biggest 1,000 Stocks | WSJ.com/stocks Stock

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Continued From Page B7 Net Net s Lowe's LOW 225.01 2.10 s NatWest NWG 6.47 -0.01 Penumbra PEN 273.78 1.45 SK Telecom SKM 28.03 -0.54 TRowePrice TROW 204.61 1.91 Vale VALE 13.85 -0.36
Net Stock Sym Close Chg Stock Sym Close Chg LufaxHolding LU 7.40 0.12 NetApp NTAP 90.70 -0.11 s PepsiCo PEP 161.31 1.21 SS&C Tech SSNC 73.86 0.45 TaiwanSemi TSM 115.59 -1.37 ValeroEnergy VLO 81.04 0.89
Stock Sym Close Chg GoDaddy GDDY 69.83 0.16 IronMountain IRM 45.54 0.59 lululemon LULU 414.40 -2.24 NetEase NTES 101.37 0.98 PerkinElmer PKI 176.58 4.96 StoreCapital STOR 34.62 0.70 TakeTwoSoftware TTWO 173.50 1.46 Vedanta VEDL 18.65 -0.77
GoldmanSachs GS 407.89 -4.27 ironSource IS 11.57 -0.13 LumenTech LUMN 12.68 0.40 Netflix NFLX 625.14 -13.86 PetroChina PTR 52.13 -0.56 s SVB Fin SIVB 705.27 5.35 TakedaPharm TAK 14.14 0.04 VeevaSystems VEEV 320.00 0.76
ExactSciences EXAS 95.69 -0.83
s Exelon GoodRx GDRX 46.10 1.59 ItauUnibanco ITUB 4.45 0.17 Lyft LYFT 49.41 -0.63 Neurocrine NBIX 103.37 0.24 PetroleoBrasil PBR 10.68 0.34 Salesforce.com CRM 290.09 -2.25 Tapestry TPR 38.63 0.25 Ventas VTR 56.90 1.00
EXC 51.21 0.89
Expedia EXPE 163.73 -2.47 Graco GGG 73.02 0.83 LyondellBasell LYB 99.46 0.85 NYTimes A NYT 54.43 0.17 PetroleoBrasilA PBR.A 10.27 0.25 Sanofi SNY 49.05 0.99 s TargaResources TRGP 56.77 0.57 VeriSign VRSN 214.24 -1.35
Grainger GWW 437.14 0.82 J K L NewellBrands NWL 23.05 0.22 Pfizer PFE 42.80 0.71 SantanderCons SC 41.81 0.15 Target TGT 251.83 -0.36 s VeriskAnalytics VRSK 211.93 -0.12
ExpeditorsIntl EXPD 119.06 0.32
ExtraSpaceSt EXR 184.99 1.53 Grifols GRFS 13.82 0.22 M N Newmont NEM 57.16 0.17 PhilipMorris PM 97.02 1.23 Sasol SSL 18.69 0.21 TataMotors TTM 32.36 0.36 Verizon VZ 53.61 1.26
GuardantHealth GH 106.44 1.38
JD.com JD 85.53 0.62 NewsCorp B NWS 24.19 0.22 Phillips66 PSX 83.32 0.54 Schlumberger SLB 34.74 0.20 TeckRscsB TECK 28.62 -0.48 VertxPharm VRTX 185.49 0.08
ExxonMobil XOM 63.85 0.35 M&T Bank MTB 160.41 8.77 NewsCorp A NWSA 23.80 0.10
Guidewire GWRE 121.70 0.26
JPMorganChase JPM 170.84 2.27 Pinduoduo PDD 99.40 1.88 s SchwabC SCHW 81.59 0.05 TeladocHealth TDOC 140.48 0.72 ViacomCBS B VIAC 38.87 -0.20
F5Networks FFIV 207.50 4.90 MGMGrowthProp MGP 40.82 0.35 NextEraEnergy NEE
HCA Healthcare HCA 250.86 2.18 Jabil JBL 60.94 -0.83 83.92 1.89 Pinterest PINS 62.68 7.10 Sea SE 360.60 -6.39 TeledyneTech TDY 439.58 2.85 ViacomCBS A VIACA 41.59 -0.17
FMC FMC 92.93 0.75 MGM Resorts MGM 47.07 -0.40 Nike
HDFC Bank HDB 77.57 -0.83 JackHenry JKHY 171.08 0.13 NKE 158.45 0.63 PioneerNatRscs PXD 192.05 1.16 Seagate STX 80.53 -0.59 Teleflex TFX 372.25 4.43 Viatris VTRS 13.99 0.42
Facebook FB 340.78 0.79 s MPLX MPLX 31.48 0.51 NiSource
JacobsEngg J 136.41 2.59 NI 24.91 0.27 PlainsAllAmPipe PAA 11.37 0.18 Seagen SGEN 174.85 0.66 Ericsson ERIC 11.84 0.10 Visa V 231.42 -2.10
s FactSet FDS 421.32 -1.03 HP HPQ 28.59 -0.27 MSCI MSCI 623.36 -7.60 Nokia
HSBC HSBC 29.94 0.08 JamesHardie JHX 38.48 0.50 NOK 5.92 0.07 PlainsGP PAGP 12.09 0.23 Sempra SRE 131.28 1.84 TelefonicaBras VIV 8.26 0.05 Vistra VST 19.31 0.10
FairIsaac FICO 410.64 -4.81 MagellanMid MMP 50.38 0.05 NomuraHoldings NMR 4.94 0.06
Halliburton HAL 26.46 0.36 JazzPharma JAZZ 145.67 1.67 Playtika PLTK 28.56 -0.59 SensataTechs ST 56.86 -0.14 Telefonica TEF 4.54 0.14 VMware VMW 163.24 1.43
Farfetch FTCH 40.16 0.10 MagnaIntl MGA 84.54 1.58 s Nordson
JefferiesFin JEF 42.05 0.04 NDSN 246.16 -1.73 PlugPower PLUG 32.92 -0.52 SentinelOne S 62.56 0.07 TelekmIndonesia TLK 26.82 0.20 Vodafone VOD 15.65 0.34
s Fastenal FAST 56.01 -0.25 HartfordFinl HIG 73.10 0.76 s ManhattanAssoc MANH 169.85 0.78 NorfolkSouthern NSC 279.26 4.28
Hasbro HAS 91.02 -2.27 J&J JNJ 163.78 -0.09 Pool POOL 463.84 -0.67 ServiceCorp SCI 62.29 0.45 TempurSealy TPX 46.88 0.77 VornadoRealty VNO 45.92 1.35
FederalRealty FRT 122.32 1.54 ManulifeFin MFC 20.34 0.10 s NorthernTrust NTRS 125.51 4.10 s PrincipalFin PFG 69.77
HealthpeakProp PEAK 34.88 0.44 JohnsonControls JCI 73.12 0.64 0.74 ServiceNow NOW 681.11 0.86 10xGenomics TXG 161.61 0.87 VulcanMatls VMC 185.71 5.84
FedEx FDX 231.30 1.98 MarathonOil MRO 16.49 0.10 s NorthropGrum NOC 400.88 1.58
Heico HEI 138.42 -1.87 JonesLang JLL 254.32 2.50 ProcoreTech PCOR 100.10 1.84 ShawComm B SJR 29.13 -0.12 Tenaris TS 23.59 0.38
Ferguson
Ferrari
FERG 148.20
RACE 223.04
1.91
-1.65 Heico A HEI.A 120.29 -1.66 JuniperNetworks JNPR 28.55 0.27 MarathonPetrol MPC 67.21 0.38 NortonLifeLock NLOK 26.13 0.31 Procter&Gamble PG 141.21 0.55 SherwinWilliams SHW 301.88 3.60 TencentMusic TME 8.56 0.14 W X Y Z
JustEatTakeaway GRUB 16.66 -0.02 MaravaiLifeSci MRVI 40.85 0.97 NorwegCruise NCLH 25.60 -0.02 Progressive PGR 94.50 1.88 ShinhanFin SHG 34.09 0.44 Teradyne TER 116.95 0.23
s FidNatlFin FNF 49.86 0.52 HenrySchein HSIC 78.47 1.51 s Markel MKL 1323.71 13.15 Novartis s Prologis WEC Energy WEC 91.06 1.20
Hershey HSY 180.19 0.49 KB Fin KB 47.92 0.57 NVS 84.47 1.32 PLD 143.42 4.30 Shopify SHOP 1487.47 1.73 Tesla TSLA 865.80 1.53
FidNatlInfo FIS 124.62 0.57 MarketAxess MKTX 405.69 -5.50 Novavax s PrudentialFin PRU 114.00 2.08 Sibanye-Stillwater SBSW 15.09 -0.05 TetraTech
W.P.Carey WPC 77.51 0.91
s FifthThirdBncp FITB 45.59 Hess HES 89.56 -0.54 KE Holdings BEKE 23.20 1.31 NVAX 136.86 -23.69 TTEK 161.92 -0.57 WPP WPP 67.61
1.66 Marqeta MQ 27.48 2.85 NovoNordisk NVO 104.55 -0.10 -0.84
HewlettPackard HPE 15.49 0.12 s KKR KKR 70.58 2.07 Prudential PUK 40.55 -0.40 SignatureBank SBNY 309.79 13.05 TevaPharm TEVA 10.13 0.06
s
FirstHorizon FHN 17.27 0.25 Marriott MAR 153.27 -1.75 Novocure PublicServiceEnt PEG 63.40 0.95 SimonProperty SPG 144.96 2.12 TexasInstruments TXN 199.38 1.15
Wabtec WAB 93.35 1.44
s FirstRepBank FRC 212.52 HighwoodsProp HIW 46.95 1.20 KLA KLAC 331.03 -1.11 NVCR 117.95 0.59 WalgreensBoots WBA 48.39 0.38
1.40 s Marsh&McLen MMC 165.85 1.19 NuanceComms NUAN 55.09 -0.20 PublicStorage PSA 322.44 1.44 SiriusXM
Hill-Rom HRC 150.70 -0.46 KSCitySouthern KSU 301.07 3.57 SIRI 6.20 0.18 TexasPacLand TPL 1270.92 18.55 Walmart WMT 146.00 1.31
FirstSolar FSLR 103.23 -5.05 MartinMarietta MLM 381.80 11.24 Nucor PulteGroup PHM 50.21 0.98 s SiteOneLandscape SITE 213.06 -0.79 Textron
Hilton HLT 140.24 -0.71 Kanzhun BZ 36.02 0.37 NUE 105.16 1.86 TXT 74.46 1.12 WarnerMusic WMG 48.09 0.08
FirstEnergy FE 37.33 0.46 MarvellTech MRVL 67.19 -0.66 Nutrien Qiagen QGEN 53.19 0.62 Skyworks
Fiserv FISV 110.11 -1.18 Hologic HOLX 72.93 2.00 Kellogg K 62.01 0.51 NTR 71.80 -0.02 SWKS 165.64 0.89 ThermoFisherSci TMO 605.60 13.50 WasteConnections WCN 131.00 0.71
KeurigDrPepper KDP 34.90 0.15 Masco MAS 60.60 0.75 Nuvei Qorvo QRVO 169.51 0.75 Smartsheet SMAR 71.39 0.06 ThomsonReuters TRI 118.01 0.27
FiveBelow FIVE 187.18 -1.31 s HomeDepot HD 358.23 0.24
Masimo MASI 280.78 -0.21 NVIDIA
NVEI 126.45 0.28
Qualcomm
s WasteMgt WM 160.50 1.66
HondaMotor HMC 30.46 -0.11 s KeyCorp KEY 23.72 0.52 NVDA 221.03 -1.87 QCOM 132.16 -0.34 SmithAO AOS 66.66 1.15 3M MMM 182.42 0.11 Waters WAT 356.05 6.51
Five9 FIVN 158.83 -0.94 Mastercard MA 356.77 -5.33 QualtricsIntl XM 44.21 0.79 Smith&Nephew SNN 35.67 0.17 Toast
FleetCorTech FLT 274.88 -0.53 Honeywell HON 223.64 1.86 KeysightTechs KEYS 174.13 -0.59 TOST 50.96 -1.58 Watsco WSO 289.65 3.12
Flex FLEX 18.81 -0.25 HorizonTherap HZNP 113.70 0.82 KimberlyClark KMB 131.63 1.86 MatchGroup MTCH 159.16
McAfee MCFE 22.27
-1.53 O P Q QuantaServices PWR 114.32
QuantumScape QS
1.07 Smucker SJM 121.76 0.82 Toro TTC 98.50 -0.56 Wayfair W 247.89 -1.14
HormelFoods HRL 41.88 0.23 s KimcoRealty KIM 23.24 0.60 0.40 25.14 -0.19 Snap SNAP 75.65 -0.78 TorontoDomBk TD 72.30 0.61 Weibo WB 50.88 1.74
Floor&Decor FND 128.34 0.69 McCormickVtg MKC.V 80.50 0.62 ONEOK OKE 65.13 -0.01 QuestDiag DGX 146.85 1.14
DR Horton DHI 89.52 1.23 KinderMorgan KMI 18.65 0.20 SnapOn s
SNA 228.02 2.73 TotalEnergies TTE 52.32 0.19 WellsFargo WFC 50.16 -0.18
FomentoEconMex FMX 83.51 -0.46 McCormick MKC 80.69 0.81 s OReillyAuto ORLY 644.41 6.17
HostHotels HST 16.72 0.14 KirklandLakeGold KL 45.52 -0.03 Snowflake SNOW 334.13 -5.61 ToyotaMotor TM 177.75 -0.92
FordMotor
s Fortinet
F 16.04 0.62
HowmetAerospace HWM 30.94 0.06 KoninklijkePhil PHG 46.65 1.71 McDonalds MCD 239.72 -3.05 OakStreetHealth OSH 44.41 2.20 R S SOQUIMICH SQM 54.78 0.09 TractorSupply TSCO 202.30 -1.23
Welltower WELL 84.58
WestFraserTimber WFG 88.29
0.51
1.01
FTNT 333.45 1.33 McKesson MCK 206.09 3.50 OccidentalPetrol OXY 33.36 0.42
Fortis FTS 45.01 0.19 HuanengPower HNP 20.20 0.25 KoreaElcPwr KEP 9.75 -0.02 RELX RELX 30.66 0.21 SoFiTech SOFI 21.05 0.83 TradeDesk TTD 79.56 -1.85 WestPharmSvcs WST 414.60 -2.97
KraftHeinz MedicalProp MPW 20.90 0.35 Okta OKTA 256.28 -1.43
Fortive FTV 74.42 0.57 Huazhu HTHT 49.20 0.23 KHC 36.92 0.11 RH RH 678.47 3.49 SolarEdgeTech SEDG 307.36 -9.86 Tradeweb TW 83.90 -0.23 WestAllianceBcp WAL 119.03 1.55
Hubbell HUBB 191.38 1.58 Kroger KR 39.32 0.25 Medtronic MDT 121.79 -0.41 Olaplex OLPX 26.50 0.59 TraneTech TT 176.51 0.94
FortBrandsHome FBHS 98.32 1.73 RLX Tech RLX 5.98 -0.02 Sony SONY 112.46 -0.03 WesternDigital WDC 56.41 0.76
LKQ MercadoLibre MELI 1604.01 12.75 s OldDomFreight ODFL 313.18 5.15
FoxB FOX 40.20 0.27 HubSpot HUBS 795.39 4.44 LKQ 55.49 0.38 RPM RPM 85.58 1.64 Southern SO 63.71 0.74 TransDigm TDG 643.35 -3.69 WesternMidstrm WES 23.64 0.45
Humana HUM 454.48 12.98 s LPL Financial LPLA 174.36 0.65 Merck MRK 81.07 1.58 Omnicom OMC 74.73 -1.74 s TransUnion TRU 115.84 -1.45
FoxA FOXA 43.21 0.18 RaymondJames RJF 101.67 1.30 SoCopper SCCO 65.70 -0.41 WestlakeChem WLK 101.76 1.06
s MetLife MET 66.60 0.91 OnHolding ONON 31.36 1.59
Franco-Nevada FNV 140.69 -0.18 s JBHunt JBHT 195.03 3.76 L3HarrisTech LHX 243.17 1.24 s RaytheonTech RTX 91.68 0.45 SouthwestAir LUV 49.47 0.09 Travelers TRV 158.69 3.30 WestpacBanking WBK 19.34 0.17
HuntingtonBcshs HBAN 16.70 0.36 LabCorp.ofAmerica LH 278.64 2.59 MettlerToledo MTD 1437.34 6.89 ON Semi ON 45.56 0.61 RealtyIncome O 71.36 1.32 Splunk SPLK 167.27 1.68 Trex TREX 96.77 -0.38 WestRock WRK 48.97 0.77
FranklinRscs BEN 30.45 0.52
MicrochipTech MCHP 74.88 0.03
HyattHotels H 82.96 -2.06 LamResearch LRCX 565.50 -5.33 OpenText OTEX 50.41 0.18 RegalRexnord RRX 149.55 3.73 Spotify SPOT 251.18 -4.43 Trimble TRMB 86.51 -0.53 Weyerhaeuser WY 37.31 0.54
FreeportMcM FCX 38.93 0.08
IAC/InterActive IAC 147.75 -0.63 LamarAdv LAMR 118.85 0.71 MicronTech MU 68.27 0.70 OpendoorTech OPEN 23.53 -0.49 RegencyCtrs REG 71.15 1.64 Square SQ 255.35 0.94 Trip.com TCOM 31.19 -0.09 WheatonPrecMet WPM 41.18 -0.07
FreseniusMed FMS 35.66 0.06 s s
FreshworksA FRSH 45.17 2.24 ICICI Bank IBN 19.97 -0.12 LasVegasSands LVS 39.52 -0.78 Microsoft MSFT 307.41 -0.82 Oracle ORCL 96.64 -0.42 RegenPharm REGN 562.71 10.60 StanleyBlackDck SWK 187.57 3.25 s TruistFinl TFC 63.88 1.31 Whirlpool WHR 209.24 3.60
ICL Group ICL 8.24 -0.03 LatticeSemi LSCC 67.84 0.02 MidAmApt MAA 199.65 2.44 Orange ORAN 11.17 0.18 RegionsFin RF 23.52 0.70 Starbucks SBUX 113.86 0.37 Twilio TWLO 366.59 1.56 Williams WMB 29.16 0.16
FullTruck YMM 16.86 0.30 Middleby MIDD 175.02 0.83
IdexxLab IDXX 642.20 1.21 Lear LEA 175.18 2.54 Organon OGN 35.76 0.70 RelianceSteel RS 149.36 1.79 s StateStreet STT 99.37 2.31 Twitter TWTR 65.80 -0.31 Williams-Sonoma WSM 187.13 1.84
Futu FUTU 66.96 0.46
IHS Markit INFO 122.89 -2.97 Leidos LDOS 100.31 0.62 MiratiTherap MRTX 176.30 4.38 Orix IX 96.10 -0.61 Repligen RGEN 268.25 5.60 SteelDynamics STLD 65.06 1.56 s TylerTech TYL 511.90 5.83 WillisTowers WLTW 244.14 -3.96
MitsubishiUFJ MUFG 5.86 0.06 OtisWorldwide OTIS 85.46 1.04
G H I s ING Groep ING 15.31 0.14 Lennar B LEN.B 83.54 1.77 s RepublicSvcs RSG 129.50 1.10 Stellantis STLA 19.58 0.10 TysonFoods TSN 81.23 1.13 Wipro WIT 9.75 -0.20
Invesco IVZ 25.42 0.42 Lennar A LEN 102.22 2.36 MizuhoFin MFG 2.74 0.08 Ovintiv OVV 39.84 0.57 ResMed RMD 261.45 1.29 Steris STE 226.11 -0.92 s UBS Group UBS 17.43 0.15 Wix.com WIX 197.35 1.08
GDS Holdings GDS 63.86 0.78 IPG Photonics IPGP 163.97 -0.17 LennoxIntl LII 311.02 1.81 Moderna MRNA 333.01 -0.60 OwensCorning OC 91.20 1.14 RestaurantBrands QSR 60.98 -0.15 STMicroelec STM 42.81 -0.35 UDR UDR 54.72 0.78 Wolfspeed WOLF 90.21 -3.15
s GFLEnvironmental GFL 40.43 0.42 IQVIA IQV 251.52 2.50 LeviStrauss LEVI 25.71 0.83 MohawkInds MHK 189.57 3.80 OzonHoldings OZON 48.22 -0.74 s RexfordIndlRealty REXR 63.83 1.50 StoneCo STNE 39.46 1.92 UGI UGI 44.91 0.25 Workday WDAY 277.26 -0.01
GXO Logistics GXO 85.61 0.62 IcahnEnterprises IEP 56.66 -0.73 LiAuto LI 31.22 0.10 s MolinaHealthcare MOH 290.10 8.18 PG&E PCG 11.51 0.33 RingCentral RNG 241.46 -2.15 Stryker UWM UWMC 7.23 0.06 WynnResorts WYNN 90.94 -0.68
SYK 273.76 2.90
Gallagher AJG 162.49 0.52 Icon ICLR 276.33 -1.25 LibertyBroadbandA LBRDA 172.60 2.59 MolsonCoorsB TAP 45.34 0.38 s PNC Fin PNC 212.80 5.97 RioTinto RIO 68.13 -2.76 SumitomoMits SMFG 6.87 0.04 Uber UBER 46.00 -1.05 XP XP 35.93 0.27
GameStop GME 184.52 -2.27 IDEX IEX 218.09 1.84 LibertyBroadbandC LBRDK 175.75 3.24 MolsonCoorsA TAP.A 58.00 -4.00 POSCO PKX 65.94 -1.64 RobertHalf RHI 109.25 0.03 SunComms SUI 200.22 3.72 Ubiquiti UI 324.71 3.13 XPO Logistics XPO 83.10 2.05
Gaming&Leisure GLPI 49.30 0.40 IllinoisToolWks ITW 223.67 0.43 LibertyGlobal A LBTYA 29.84 0.14 monday.com MNDY 367.63 6.13 s PPD PPD 46.97 -0.06 Robinhood HOOD 41.83 0.13 s SunLifeFinancial SLF 56.61 0.63 UiPath PATH 51.70 -0.02 XcelEnergy XEL 65.57 0.64
Garmin GRMN 162.31 2.78 Illumina ILMN 413.45 -0.63 s LibertyGlobal C LBTYK 29.95 0.15 Mondelez MDLZ 60.29 0.50 PPG Ind PPG 160.43 1.49 Roblox RBLX 78.58 -0.59 SuncorEnergy SU 23.16 ... UltaBeauty ULTA 358.15 -5.20 s Xilinx XLNX 170.37 0.13
Gartner IT 315.16 -4.80 ImperialOil IMO 34.90 0.57 s LibertyFormOne A FWONA 50.70 0.22 MongoDB MDB 504.50 -3.51 PPL PPL 29.22 0.33 RocketCos. RKT 16.98 0.16 SunRun RUN 51.72 0.10 UnderArmour A UAA 20.20 -0.18 XPeng XPEV 42.94 -0.21
Generac GNRC 458.22 LibertyFormOne C FWONK 54.66 MonolithicPower MPWR 500.97 4.90 PTC PTC 129.48 0.47
-4.62 Incyte INCY 65.65 0.18 0.27 Rockwell ROK 319.40 3.26 Suzano SUZ 8.77 0.02 UnderArmour C UA 17.71 -0.14 Xylem XYL 126.56 1.05
s GeneralDynamics GD 208.44 -0.18 Infosys INFY 24.13 -0.09 LibertyBraves A BATRA 27.30 -0.35 MonsterBev MNST 84.93 -0.07 Paccar PCAR 86.93 0.43 RogersComm B RCI 49.64 0.77 SynchronyFin SYF 51.94 -0.42 Unilever UL 52.80 0.29 Yandex YNDX 76.34 -0.76
GeneralElec GE 106.00 1.27 IngersollRand IR 53.56 -0.01 LibertyBraves C BATRK 26.70 -0.26 Moody's MCO 371.94 -7.02 PackagingCpAm PKG 135.54 2.68 Roku ROKU 338.93 -5.52 SyneosHealth SYNH 87.74 0.24 UnionPacific UNP 228.01 2.25 YumBrands YUM 125.88 0.17
GeneralMills GIS 62.71 1.02 Insulet PODD 298.69 -1.24 LibertySirius A LSXMA 49.28 0.90 MorganStanley MS 100.66 -1.09 PagSeguroDig PAGS 39.40 1.68 Rollins ROL 38.43 0.11 Synnex UnitedAirlines UAL 45.95 -0.27 YumChina YUMC 60.43 -0.63
SNX 105.19 -2.50
GeneralMotors GM LibertySirius C LSXMK 49.34 Morningstar MORN 284.60 3.15 PalantirTech PLTR 24.22 -0.47
57.67 0.82 Intel INTC 55.37 0.16 0.97 RoperTech ROP 474.94 0.81 Synopsys SNPS 315.50 4.50 UnitedMicro UMC 10.42 -0.20 ZTO Express ZTO 31.55 -0.16
Genmab GMAB 45.84 0.54 IntelliaTherap NTLA 129.14 -3.54 LifeStorage LSI 126.63 1.76 s Mosaic MOS 42.47 0.65 s PaloAltoNtwks PANW 511.92 -0.57 RossStores ROST 109.19 0.53 Sysco UPS B UPS 195.27 1.48 ZaiLab ZLAB 99.73 -1.49
SYY 79.82 -1.52
Genpact G 50.93 0.37 InteractiveBrkrs IBKR 75.00 1.27 Lightspeed LSPD 96.16 -1.01 MotorolaSol MSI 246.43 1.30 ParkerHannifin PH 300.34 4.10 s RoyalBkCanada RY 107.25 0.81 UnitedRentals URI 365.92 12.48 ZebraTech ZBRA 527.06 -1.57
GenuineParts GPC 129.65 1.86 s ICE ICE 130.22 -0.69 EliLilly LLY 243.72 1.41 NICE NICE 276.11 -0.17 s Paychex PAYX 121.89 0.08 RoyalCaribbean RCL 83.91 -0.56 T U V US Bancorp USB 62.58 1.23 Zendesk ZEN 128.41 0.40
GileadSciences GILD 66.86 -0.04 InterContinentl IHG 70.11 -0.37 s LincolnNational LNC 75.76 1.82 NIO NIO 39.78 -0.25 PaycomSoftware PAYC 512.63 -6.06 s RoyalDutchA RDS.A 49.44 0.15 s UnitedHealth UNH 435.09 10.71 Zillow C Z 88.61 1.02
GinkgoBioworks DNA 13.77 -1.04 IBM IBM 141.90 -0.08 Linde LIN 311.22 0.54 NRG Energy NRG 41.42 0.79 Paylocity PCTY 290.14 -0.97 s RoyalDutchB RDS.B 49.63 0.14 s TC Energy TRP 55.15 0.71 UnitySoftware U 142.33 -5.38 Zillow A ZG 89.61 0.75
GitLab GTLB 105.56 -2.16 IntlFlavors IFF 145.77 -1.24 LithiaMotors LAD 342.01 3.30 NVR NVR 5051.09 16.39 PayPal PYPL 258.36 -13.34 RoyaltyPharma RPRX 37.39 -0.31 TE Connectivity TEL 147.14 0.13 UniversalHealthB UHS 133.79 1.55 ZimmerBiomet ZBH 150.13 1.21
GSK GSK 39.46 0.29 IntlPaper IP 53.53 1.47 LiveNationEnt LYV 100.26 0.25 NXP Semi NXPI 197.52 0.57 Pegasystems PEGA 130.51 -0.20 Ryanair RYAAY 109.33 -2.49 Telus TU 22.56 0.04 Upstart UPST 355.82 -11.26 s ZionsBancorp ZION 65.10 1.85
Global-EOnline GLBE 64.85 2.31 Interpublic IPG 38.01 -0.25 LloydsBanking LYG 2.67 -0.04 s Nasdaq NDAQ 199.16 -9.70 Peloton PTON 90.65 2.46 SAP SAP 143.65 -0.77 s TelusIntl TIXT 38.03 0.01 VEREIT VER 50.14 0.93 Zoetis ZTS 206.31 1.87
GlobalPayments GPN 161.31 0.32 Intuit INTU 570.53 -2.27 LockheedMartin LMT 371.13 0.06 Natera NTRA 112.43 -1.24 PembinaPipeline PBA 34.35 0.37 S&P Global SPGI 440.56 -10.53 TFI Intl TFII 113.53 1.77 VF VFC 73.93 0.42 ZoomVideo ZM 275.71 -0.69
Globant GLOB 308.48 -2.35 IntuitiveSurgical ISRG 339.80 3.50 Loews L 58.08 0.61 NationalGrid NGG 63.07 0.65 PennNational PENN 78.19 -3.15 SBA Comm SBAC 336.31 4.13 TJX TJX 63.86 -0.04 VICI Prop VICI 30.25 0.13 ZoomInfoTech ZI 68.30 -1.26
GlobeLife GL 98.48 1.00 InvitatHomes INVH 40.48 0.29 LogitechIntl LOGI 89.96 ... t Natura&Co NTCO 14.29 -0.12 Pentair PNR 73.64 0.98 SEI Investments SEIC 63.04 0.57 T-MobileUS TMUS 121.94 3.38 VailResorts MTN 345.82 -4.30 Zscaler ZS 297.67 -0.36

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.46 ... ... ContraK 19.88 +0.01 21.0 Guggenheim Funds Tru PIMCO Fds Instl EqIncAdml 94.90 +0.90 21.9 WelltnAdml 86.69 +0.23 14.8 IdxIntl 21.07 +0.05 10.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti CpInc r 11.42 +0.01 10.7 TotRtnBdFdClInst 28.78 -0.02 -0.8 AllAsset 13.06 +0.05 NA ExplrAdml 139.59 +0.52 16.6 WndsrAdml 89.04 +0.88 25.8 MdCpGrAdml108.45 +0.25 19.1
EdgewoodGrInst 64.53 -0.37 24.6 GroCo 39.77 -0.11 21.0 Harbor Funds ShortT 9.81 ... 0.3 ExtndAdml 145.78 +0.66 17.7 VANGUARD FDS MdCpVlAdml 76.45 +0.77 25.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Fidelity GrowCoK 39.89 -0.11 21.0 CapApInst 121.60 -0.56 16.7 TotRt 10.30 ... -1.2 GNMAAdml 10.58 ... -0.8 DivdGro 38.68 +0.29 17.9 SmValAdml 76.69 +0.76 27.0
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r 500IdxInstPrem157.46 +0.58 22.1 InvGrBd 11.62 -0.01 -0.9 Harding Loevner PIMCO Funds A GrwthAdml 157.51 -0.30 21.2 INSTTRF2020 28.15 +0.04 NA TotBd2 11.05 -0.01 -2.2
Contrafund K6 22.78 +0.01 20.7 LowP r 54.63 +0.35 21.9 IntlEq 30.56 +0.09 7.5 IncomeFd 12.03 +0.01 2.2 HlthCareAdml r 99.55 +1.19 11.2 INSTTRF2025 29.85 +0.05 NA TotIntlInstIdx r140.97 +0.35 10.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Invesco Funds Y HYCorAdml r 5.96 ... 3.1 TotItlInstPlId r141.01 +0.35 10.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; ExtMktIdxInstPre 92.52 +0.43 17.7 Magin 14.97 -0.02 20.2 PIMCO Funds I2 INSTTRF2030 31.00 +0.07 NA
FidSerToMarket 15.60 +0.06 21.3 NASDAQ r 190.70 -0.09 17.9 DevMktY 53.74 +0.08 0.5 Income 12.03 +0.01 2.5 InfProAd 28.59 +0.05 4.1 INSTTRF2035 32.08 +0.07 NA TotSt 113.89 +0.44 21.3
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. John Hancock Instl IntlGrAdml 169.82 +0.04 5.9
GrowthCompanyK6 23.19 -0.07 20.6 OTC 19.87 -0.05 23.3 PIMCO Funds Instl INSTTRF2040 33.22 +0.09 NA VANGUARD INSTL FDS
IntlIdxInstPrem 50.69 +0.18 11.4 Puritn 26.83 +0.02 15.4 DispValMCI 29.17 +0.28 25.1 IncomeFd 12.03 +0.01 2.6 ITBondAdml 12.01 ... -2.8 INSTTRF2045 34.27 +0.10 NA BalInst 48.75 +0.10 11.6
Wednesday, October 20, 2021 MidCpInxInstPrem 32.80 +0.20 21.9 SrsEmrgMkt 25.48 -0.02 2.1 JPMorgan I Class Price Funds ITIGradeAdml 10.05 ... -1.6 INSTTRF2050 34.43 +0.10 NA DevMktsIndInst 16.80 +0.06 12.0
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 21.71 +0.08 22.1 SrsGlobal 15.71 +0.05 9.6 CoreBond 11.91 -0.01 -1.5 BlChip 197.33 -0.70 19.2 LTGradeAdml 10.96 -0.05 -4.3 INSTTRF2055 34.53 +0.11 NA DevMktsInxInst 26.25 +0.08 12.0
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesBondFd 10.41 -0.01 -2.2 SrsGroCoRetail 27.73 -0.08 21.8 EqInc 23.77 +0.19 21.9 DivGro 71.11 +0.43 19.3 MidCpAdml 311.18 +1.85 22.4 IntlVal 44.25 +0.19 9.9 ExtndInst 145.77 +0.66 17.7
23.2 MuHYAdml 11.99 23.58 +0.02 NA GrwthInst 157.52 -0.30
JPMorgan R Class ... 2.6 21.2
American Century Inv IntlVal Inst 46.16 +0.26 15.8 DivIncom I 30.71 +0.23 20.4 SeriesOverseas 14.47 +0.02 16.7 SrsIntlGrw 20.34 -0.03 14.4 EqInc 37.99 +0.40 LifeCon
SmCpIdxInstPrem 29.09 +0.17 16.7 SrsIntlVal CoreBond 11.93 -0.01 -1.4
Growth 116.76 -0.42 20.4 MuIntAdml 14.68 ... 0.5 InPrSeIn 11.65 +0.02 4.1
Ultra 91.11 -0.26 20.0 Baird Funds Dimensional Fds 11.72 +0.04 16.2 LifeGro 45.10 +0.11 NA
TMktIdxInstPrem130.52 +0.50 21.3 TotalBond 11.06 -0.01 -0.7
Lord Abbett A
HelSci 111.52 +1.15 12.8 MuLTAdml 12.11 ... 1.1
LifeMod 34.23 +0.06 NA
InstIdx 396.49 +1.45 22.1
American Funds Cl A AggBdInst 11.38 -0.01 -2.0 5GlbFxdInc 10.81 ... -0.7 ShtDurIncmA p 4.18 ... NA MuLtdAdml 11.19 ... 0.4 InstPlus 396.51 +1.45 22.1
AmcpA p 45.63 +0.12 21.0 CorBdInst 11.76 -0.01 -1.5 EmgMktVa 32.34 -0.01 15.1 USBdIdxInstPrem 11.97 -0.01 -2.2 Fidelity SAI LgCapGow I 74.71 -0.15 22.1 PrmcpCor 35.10 +0.12 21.1
Lord Abbett F MuShtAdml 15.90 ... 0.3 InstTStPlus 88.98 +0.35 21.4
AMutlA p 52.51 +0.40 19.2 BlackRock Funds EmMktCorEq 25.79 -0.02 NA Fidelity Advisor I TotalBd 10.47 -0.01 -0.5
ShtDurIncm 4.18 ... NA
MidCap 128.97 +0.65 14.1 STAR 34.03 +0.05 NA
PrmcpAdml r182.74 +0.53 18.8 MidCpInst 68.74 +0.41 22.4
BalA p 33.44 +0.10 12.4 HiYldBd Inst 7.87 ... 4.9 IntlCoreEq 16.42 +0.04 14.7 GrOppI 181.38 -0.23 16.9 U.S.TreBdIdx 10.00 -0.01 -3.1 Lord Abbett I NHoriz 97.80 -0.03 18.9 TgtRe2015 16.50 +0.02 NA MidCpIstPl 339.02 +2.01
RealEstatAdml153.54 +2.30 30.0 22.4
BondA p 13.40 -0.01 -1.6 BlackRock Funds A IntSmCo 23.43 +0.02 16.1 NwInsghtI 44.69 +0.01 21.3 Fidelity Selects ShtDurInc p 4.17 ... NA R2020 25.02 +0.05 10.0 TgtRe2020 36.74 +0.05 NA SmCapInst 109.92 +0.72
SmCapAdml 109.93 +0.72 18.8 18.8
CapIBA p 69.22 +0.38 11.8 GlblAlloc p 21.82 +0.07 6.6 IntSmVa 22.36 -0.01 17.6 Fidelity Freedom Softwr r 32.41 -0.20 21.3 Metropolitan West R2025 21.56 +0.05 11.3
SmGthAdml 102.52 +0.22 9.3 TgtRe2025 23.40 +0.04 NA STIGradeInst 10.88 ... ...
CapWGrA 66.01 +0.18 12.4 BlackRock Funds III TAUSCoreEq2 27.95 +0.15 22.6 FF2020 17.82 +0.03 8.7 Tech r 30.00 -0.12 18.1 TotRetBdI 10.90 -0.01 -1.5 R2030 32.15 +0.08 13.0
STBondAdml 10.70 +0.01 -0.6 TgtRe2030 44.65 +0.09 NA STIPSIxins 26.08 +0.05 4.7
EupacA p 71.02 +0.11 6.8 iShS&P500IdxK536.84 +1.97 22.1 US CoreEq1 36.00 +0.18 22.5 FF2025 16.35 +0.03 9.9 First Eagle Funds TRBdPlan 10.22 -0.01 -1.5 R2040 35.29 +0.11 16.0 STIGradeAdml 10.88 ... ... TgtRe2035 28.14 +0.06 NA TotBdInst 11.19 -0.02 -2.2
FdInvA p 79.34 +0.33 18.7 BlackRock Funds Inst US CoreEq2 32.96 +0.18 23.3 FF2030 20.59 +0.04 11.3 GlbA 68.84 +0.36 12.4 Northern Funds Schwab Funds STIPSIxAdm 26.06 +0.05 4.6 TgtRe2040 50.06 +0.13 NA TotBdInst2 11.05 -0.01 -2.1
GwthA p 79.65 -0.02 17.9 StratIncOpptyIns 10.29 ... 1.1 US Small 48.22 +0.35 26.4 FF2035 18.12 +0.05 14.3 FPA Funds StkIdx 50.78 +0.19 22.0 1000 Inv r 101.30 +0.36 21.2 TotBdAdml 11.19 -0.02 -2.2 TgtRe2045 32.30 +0.09 NA TotBdInstPl 11.19 -0.02 -2.2
ICAA p 52.62 +0.18 20.6 Bridge Builder Trust US SmCpVal 46.83 +0.58 37.0 FF2040 13.05 +0.04 16.4 NwInc 10.03 +0.01 1.1 Nuveen Cl I S&P Sel 70.12 +0.26 22.1 TotIntBdIdxAdm 22.66 ... -2.5 TgtRe2050 52.17 +0.15 NA TotIntBdIdxInst 34.01 +0.01 -2.5
IncoA p 26.23 +0.15 13.5 CoreBond 10.44 -0.01 -1.6 US TgdVal 31.95 +0.38 36.7 Freedom2025 K 16.34 +0.04 10.1 Franklin A1 HYMunBd 18.25 ... 7.6 TSM Sel r 80.61 +0.31 NA TotIntlAdmIdx r 35.25 +0.08 10.3 TgtRet2055 56.64 +0.16 NA TotStInst 113.94 +0.44 21.4
N PerA p 69.87 -0.01 15.5 CorePlusBond 10.34 -0.01 -0.9 USLgVa 46.46 +0.53 25.4 Freedom2030 K 20.58 +0.04 11.4 IncomeA1 p 2.54 +0.02 14.8 Old Westbury Fds VANGUARD ADMIRAL TotStAdml 113.92 +0.43 21.4 TgtRetInc 15.42 +0.02 NA ValueInst 55.80 +0.57 22.3
NEcoA p 67.02 +0.04 12.6 Intl Eq 14.95 +0.03 11.9 Dodge & Cox Freedom2035 K 18.10 +0.05 14.3 FrankTemp/Frank Adv LrgCpStr 20.01 +0.06 16.7 500Adml 418.97 +1.53 22.1 TxMCapAdml238.22 +0.85 21.6 TotIntBdIxInv 11.33 ... -2.6 WCM Focus Funds
NwWrldA 94.56 +0.06 7.5 LargeCapGrowth 24.97 ... 21.4 Balanced 118.66 +0.48 19.4 Freedom2040 K 13.05 +0.04 16.4 IncomeAdv 2.51 +0.01 14.6 Parnassus Fds BalAdml 48.74 +0.09 11.6 TxMIn r 16.77 +0.05 11.9 WellsI 29.76 +0.07 7.0 WCMFocIntlGrwIns 28.66 -0.03 15.8
SmCpA p 91.09 +0.23 14.5 LargeCapValue 17.91 +0.15 23.2 Income 14.20 -0.01 -1.0 Fidelity Invest FrankTemp/Franklin A ParnEqFd 64.45 +0.11 20.5 CAITAdml 12.18 ... 0.2 USGroAdml 197.22 -0.72 16.0 Welltn 50.20 +0.13 14.8 Western Asset
TxExA p 13.55 -0.01 1.1 Calamos Funds Intl Stk 49.84 +0.30 14.1 Balanc 29.94 +0.06 15.2 DynaTech A p165.55 -0.38 18.5 PGIM Funds Cl Z CapOpAdml r213.01 +0.35 20.0 ValAdml 55.80 +0.57 22.3 WndsrII 48.43 +0.33 25.8 CoreBondI 13.10 -0.01 -2.3
WshA p 58.59 +0.38 21.7 MktNeutI 14.44 +0.01 4.3 Stock 249.82 +1.59 31.7 BluCh 183.18 -0.66 20.7 Growth A p 160.04 +0.02 18.2 HighYield 5.57 ... 5.4 DivAppIdxAdm 44.08 +0.24 16.4 WdsrllAdml 85.93 +0.57 25.9 VANGUARD INDEX FDS CorePlusBdI 11.98 -0.01 -2.1
Artisan Funds Columbia Class I DoubleLine Funds Contra 19.82 +0.01 20.9 RisDv A p 95.77 +0.33 20.0 TotalReturnBond 14.45 -0.03 -2.2 EMAdmr 43.34 +0.02 5.6 WellsIAdml 72.10 +0.18 7.0 ExtndIstPl 359.74 +1.62 17.7 CorePlusBdIS 11.97 -0.01 -2.2
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THE WALL STREET JOURNAL.
Treasury bill yield, by maturity
0.10%
Dec. 30, 2021
0.08 March 3, 2022
0.06
0.04
0.02
0
Sept. 2021 Oct.
Note: Data are through Tuesday
Source: Tradeweb
Debt Deal
Eases
Treasury
Instability
BY SAM GOLDFARB
Congress’s recent deal to
lift the government borrowing
limit eased distortions in the
short-term Treasurys mar-
ket—a partial reprieve that is
likely to prove fleeting, ac-
cording to investors and ana-
lysts.
Before lawmakers reached a
stopgap deal to lift the debt
ceiling earlier this month,
their standoff over the issue
skewed the bond market in
two ways.
First, yields climbed on a
handful of
CREDIT Treasurys be-
MARKETS cause inves-
tors were ner-
vous that the government
would run out of cash and not
be able to repay them on
schedule. Second, yields fell on
other bonds because the Trea-
sury Department had slowed
its short-term borrowing to
push off hitting the ceiling.
That created a shortage of
short-term Treasurys relative
to the tremendous demand for
the securities.
Now, the market is less dis-
torted but still not normal, in-
vestors and analysts said.
Typically, investors demand
higher yields for Treasurys
with longer maturities to com-
pensate for the risk that infla-
tion could accelerate or that
the Federal Reserve could
raise interest rates. This ap-
plies even to the shortest-term
debt—securities known as bills
that carry maturities of one
year or less.
As of Tuesday, a bill due on
Dec. 30 was yielding 0.096%.
That was higher than the
yields on bills maturing as
much as eight months later, if
not quite as high as the 0.15%
level that some bills maturing
in October reached before the
debt-limit agreement.
Meanwhile, the Treasury
has already boosted its short-
term borrowing, increasing
the supply of bills and easing
the downward pressure on
bills that are considered less
at risk of default. In late Sep-
tember, a bill due on March 3,
2022 yielded 0.030%, which is
extremely low given that in-
vestors can earn a 0.05% rate
from the Fed through its over-
night reverse repo facility. On
Tuesday, the bill was back to
yielding 0.053%.
Some analysts warn that net
new supply of Treasury bills is
likely to start falling again in a
matter of weeks and turn neg-
ative by December, reducing
the outstanding volume of bills
and squeezing investors.
The debt-limit agreement
that President Biden signed
into law on Oct. 14 increased
the government’s borrowing
limit by $480 billion. That
would allow the U.S. to pay its
bills through Dec. 3, according
to the Treasury, though many
analysts think the government
wouldn’t run out of cash until
at least a few weeks later.
Political machinations over
the debt ceiling have only
added to the pressure on in-
vestors and managers of funds
that buy Treasury bills, such
as money-market funds.
Demand for Treasury bills
was strong before the pan-
demic—partly thanks to Secu-
rities and Exchange Commis-
sion regulations that caused
many businesses and individu-
als to effectively shift their
cash from short-term corpo-
rate debt securities into gov-
ernment debt. Massive
amounts of bond buying by
the Federal Reserve since the
pandemic began has further
added to demand by pumping
trillions of dollars into the fi-
nancial system.
* * * * *
S&P, Dow Just Miss Record Closes
Broad index notches
sixth straight day of
gains, but Nasdaq
drops slightly
BY ANNA HIRTENSTEIN
AND PAUL VIGNA
Stocks rose, with the S&P
500 and Dow Jones Industrial
Average stopping just short of
records.
The S&P 500 added 16.56
points, or 0.4%, to 4536.19.
That marked its sixth straight
MARKETS
session
WEDNESDAY’S gains. The Dow
rose
of
152.03
0.4%, to 35609.34.
points,
The tech-heavy Nasdaq
or
Composite Index bucked the
trend, slipping 7.41 points, or
0.1%, to 15121.68.
Investors are parsing corpo-
rate results for insight into the
effects of inflation and supply-
chain disruptions. Shares of
Verizon Communications
climbed 2.4%, or $1.26, to
$53.61 after the telecommuni-
cations company raised its full-
year outlook.
Biogen fell 0.6%, or $1.56, to
$266.57 even after the pharma-
ceutical company increased its
full-year sales and earnings
guidance.
Stocks have gained in recent
days on strong earnings re-
ports. Problems like labor
shortages and higher prices for
raw materials haven’t eaten
much into profits.
That is giving investors rea-
son to look past supply-chain
issues and seize on the
strength of these corporations,
said Carol Schleif, deputy chief
investment officer for BMO
Family Office.
What the numbers show, she
said, is the resiliency of compa-
nies despite the demands of the
past year and a half. “It’s not
something we step back and
celebrate very often,” she said.
Green Bonds’
Allure Declines
Amid Scrutiny
BY ANNA HIRTENSTEIN
Rising regulatory scrutiny
is damping investor appetite
for sustainable bonds, espe-
cially those issued by riskier
companies.
Bonds sold to fund environ-
mentally friendly projects and
companies generally fetch
higher prices and lower yields
than conventional bonds. This
“greenium,” though, has been
shrinking in recent weeks as
global regulators forge ahead
on new disclosure rules and
investors start to look more
closely at companies’ claims
about sustainability.
The selloff is sharpest for
high-yield sustainable bonds,
whose price premium over
comparable conventional
bonds has nearly halved since
early September, dropping to
0.17 percentage point from
0.30, according to ICE bond in-
dexes. The yield on a broad in-
dex of sustainable junk-rated
bonds has risen to 3.82% from
3.33% over the same period.
Yields rise when prices fall.
The greenium for invest-
ment-grade bonds has shrunk,
too, though more slowly, halv-
ing since April to 0.03 percent-
age point.
Sustainable investing—also
known by the acronym ESG for
its environmental, social and
governance factors—has at-
tracted hundreds of billions of
Price of
Bitcoin
Hits High
Continued from page B1
bitcoin futures contracts
rather than the coins them-
selves, makes it easier for reg-
ulated institutions to get expo-
sure to bitcoin and the
broader crypto market.
“Crypto is finding its foot-
ing as an investment vehicle,
and the rollout of ETFs could
be a big step in that direc-
tion,” said Lindsey Bell, the
chief investment strategist at
MARKETS
A scene from ‘Squid Game.’ Netflix shares fell 2.2% a day after the company reported results.
Index performance, Wednesday
0.6%
0.4
0.2
0 that meets regulators’ quality
–0.2
Five-minute intervals
–0.4
9:30 10 11 noon
Source: FactSet
For tech companies in par-
ticular, investors are watching
for updates on the global chip
shortage and the ability of
large firms to raise prices on
consumers, said Kiran Ganesh,
a multiasset strategist at UBS
Global Wealth Management.
dollars, but until recently
there has been little consensus
about what qualifies as a green
asset. Money managers are in-
creasingly worried about being
duped by companies exagger-
ating their sustainability bona
fides. They are also having to
prove the claims they make to
their investors about how they
evaluate green investments.
In a bellwether case, the Se-
curities and Exchange Commis-
sion is investigating whether
Deutsche Bank AG’s asset-man-
agement arm lived up to claims
it made about its ESG investing
criteria. A whistleblower and
internal emails say that only a
fraction of its assets went
through a sustainability assess-
ment, contrary to the firm’s
public statements. DWS has
said it stands by its disclosures.
This new scrutiny is
prompting some investors to
be more careful when assess-
ing sustainable bonds, particu-
larly those sold by lower-rated
issuers, which tend to be
smaller and disclose less about
their businesses, said Tatjana
Greil Castro, a credit portfolio
manager at Muzinich & Co.
“There is definitely an un-
derstanding that you cannot
just slap on your tick-box ap-
proach,” she said.
Market dynamics may be
partly to blame, too. Inflows
into sustainable-investment
funds haven’t kept pace with a
Ally Invest. She said the fund
moves may not closely track
price changes in bitcoin, mak-
ing the ETF an imperfect
proxy for investors.
Other bitcoin futures ETFs
are expected to start trading
in the coming weeks. They
should open up a new way
into crypto markets for inves-
tors who “have long been de-
terred by regulatory uncer-
tainty and risk” of buying
bitcoin directly, said Hong
Fang, the chief executive of
crypto exchange OKCoin.
While bitcoin can be used as
currency—most notably in El
Salvador, which declared it le-
gal tender this summer—its
appeal is almost entirely as a
speculative financial invest-
ment. It has been a favorite
Dow industrials
S&P 500
Nasdaq Composite
1 2 3 4
“Earnings are very good so
far across a pretty broad
range” of companies, Mr. Ga-
nesh said.
Netflix shares fell 2.2%, or
$13.86, to $625.14. The com-
pany said it added more new
users than expected in the last
Difference between yields for green bonds versus conventional
bonds in high yield and investment grade markets*
0.5 percentage points
0.4
0.3
0.2
0.1
0
Feb. 2021
Yields on Daimler bonds*
0.6%
0.4
0.2
0 0
Feb. 2021
*Data are through Oct. 14 †Due in 2030 and have a 0.75% coupon.
Sources: ICE (difference between yields); FactSet (yields); Morningstar (inflows)
flood of new issuances.
Investors put $95 billion into
ESG funds in the second quar-
ter, down from $142 billion in
the first, according to the latest
available data from Morning-
star. Meanwhile, issuance of
sustainable bonds stayed rela-
tively stable, with $295 billion
in the second quarter and $299
billion in the first, according to
Bloomberg New Energy Finance.
With less money earmarked
for green assets spread across
more deals, investors can be
among the meme-stock, Red-
dit-wired crowd of younger in-
vestors, who see cryptocurren-
cies like bitcoin and the joke-
inspired dogecoin as a ticket to
wealth and a thumb in the eye
of the financial establishment.
Like other fad investments,
bitcoin’s price has been wildly
volatile. Action by China
against bitcoin, as well as
heightened regulatory scrutiny
around digital assets and peo-
ple taking profit on gains have
hampered bitcoin’s price in re-
cent months.
A website called alterna-
tive.me maintains a “fear and
greed” index for bitcoin, com-
bining measures of price
swings, trading volumes, and
social media and search
trends. The index on Wednes-
Thursday, October 21, 2021 | B11
quarter, but its co-chief execu-
tive apologized for defending a
comedy routine on Netflix by
Dave Chappelle that has
sparked protests among some
employees and transgender
people.
Novavax fell 15%, or $23.69,
to $136.86 after a report that
the pharmaceutical company is
running into difficulties manu-
facturing a Covid-19 vaccine
standards.
The yield on the benchmark
10-year Treasury note settled
at 1.635%, up slightly from
1.634% Tuesday. Yields rise
when bond prices fall.
Higher bond yields make
stocks less attractive, especially
at their current rich valuations,
Mr. Ganesh said. “It under-
mines the ‘no alternatives’ ar-
gument for stocks if bonds
start to yield something mean-
ingful.”
“We’re not near that point
yet, but if we incrementally
move up, investors will start to
grow a little more concerned,”
he added.
High yield
Investment grade
June
Green bond†
Regular bond†
June
choosier about which to buy
and can negotiate higher yields.
Sustainable debt sold by
higher-rated issuers are still
finding strong demand. The
yield on the European Union’s
first-ever common green bond
has fallen from 0.45% when it
was issued Oct. 12 to 0.37% as
of Wednesday. Investors piled
into the U.K.’s debut green
bond in September, which
priced at a yield of 0.87%.
But corporate borrowers, es-
pecially those with lower credit
day stood at 82 out of 100, in-
dicating “extreme greed.”
Despite the latest rally, there
are still questions about bitcoin
and cryptocurrencies in gen-
eral, UBS analyst Mark Haefele
said. Regulatory risk is still
real, he said, and wild price
swings make cryptocurrencies
a “questionable value” as a way
to hedge portfolio risk.
At the same time, some
pressure has been lifted off
bitcoin as regulators started to
move their target from the
cryptocurrency to fast-grow-
ing decentralized finance proj-
ects and stablecoins, said John
Patrick Mullin, co-founder of
decentralized finance platform
Mantra Dao. The Biden admin-
istration is now considering
ways to impose banklike regu-
Bitcoin hit a record. At 5
p.m. in New York, the crypto-
currency traded at $65,971.14,
up 2.9% on the day, and it has
climbed 52% this month. The
first bitcoin futures exchange-
traded fund began trading
Tuesday.
Oil prices reversed a morn-
ing selloff, and U.S. crude-oil
rose 1.1% to $83.87 a barrel.
That was its fifth straight gain
and the highest settlement
value in seven years. Many
traders are betting on energy
supply shortages, which is
pushing oil prices to multiyear
highs.
The dollar fell against the
euro, British pound and Japa-
nese yen. The WSJ Dollar Index
fell 0.2%.
Overseas, the pan-continen-
NETFLIX
tal Stoxx Europe 600 advanced
0.3%. Nestlé shares climbed af-
ter the Swiss food company up-
graded its full-year sales out-
look. Credit Suisse shares
declined after the bank admit-
ted defrauding investors about
a Mozambican deal.
Also Tuesday, Switzerland’s
financial regulator said the
bank’s efforts to spy on execu-
tives were broader than previ-
ously known and broke super-
visory law.
In Asia, major benchmarks
were mixed at the close. Early
Thursday, Japan’s Nikkei was
down 0.3%, Hong Kong’s Hang
Seng Index was up 0.2% and
the Shanghai Composite was
up 0.4%. U.S. stock futures were
down less than 0.1%.
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auction. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
difference between that price and the face value.
19-YEAR, 10-MONTH BONDS
Applications $56,531,059,700
Accepted bids $26,439,990,100
" noncompetitively $6,241,700
" foreign noncompetitively $0
Auction price (rate) 94.354444
(2.100%)
Interest rate 1.750%
Bids at clearing yield accepted 97.19%
Cusip number 912810TA6
The bonds, dated Nov. 1, 2021, mature on Aug. 15,
2041.
Inflows into sustainable
funds, quarterly
$140 billion
120
100
80
Oct. 60
40
20
Oct. 2019 ’20 ’21
ratings, are finding less appetite
for their debt in the secondary
market. A green bond issued by
Daimler AG was yielding 0.51%
on Wednesday, compared with
0.52% for the German auto
maker’s comparable conven-
tional bond. In February, the
green bond was yielding 0.16
percentage point less.
A green junk bond issued
by Ardagh Metal Packaging SA
was yielding 2.20% on
Wednesday, up from 1.81% in
mid-September.
lation on the cryptocurrency
companies that issue stable-
coins, digital currencies de-
signed to combine the speed
of bitcoin with the stability of
the dollar, the Journal re-
ported this month.
Institutions now seeing bit-
coin as legitimized by the ETF
listing will still take time to
buy into the market, given a
need to get clients on board
and potentially alter their
mandates, said Chris Bendik-
sen, bitcoin research lead at
London-based asset manage-
ment firm CoinShares.
“This is going to be a bit of
a slow process,” he said. “We
might break through all-time
highs but I’m not sure this will
be some explosion of price
right now.”
 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.

B12 | Thursday, October 21, 2021 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Rent the Runway’s Listing Bears Caution

Company is the latest to file for a public offering employing both technology and creative accounting

Leave it to a fashion company to

dress itself up for the big show.
Ahead of its public offering next
week, Rent the Runway Inc. said
in a securities filing Monday that it
is seeking a valuation of as much
as $1.5 billion on a fully diluted ba-
sis—roughly half a billion dollars
more than where it was valued in
March 2019 before the pandemic
temporarily kiboshed the need for
any kind of wardrobe other than
sweatpants.
KELLY SULLIVAN/GETTY IMAGES FOR RENT THE RUNWAY

Like so many companies going

public these days, Rent the Runway
is either profitable or unprofitable,
depending on which equation you
use. In its prospectus, it cites
“gross profit excluding product de-
preciation.” The company says the
metric is used as an indicator of
the cash gross profit available to
cover its costs, expenses and capi-
tal expenditures.
Conveniently, the calculation is
flattering for all seasons. For the
fiscal year ended Jan. 31, 2021,
Rent the Runway’s prospectus The company had fewer than 144,000 subscribers—both active and paused—as of Sept. 30. Above, its flagship store in San Francisco in 2019.
shows a gross profit margin exclud-
ing product depreciation of 54%. to be physically worn. An essential scriptions, when it went public new clothing, boasts more than With offices opening back up,
Meanwhile, on the basis of adjusted cost to such a closet, then, is de- back in 2002. While its discs depre- four million active clients, Rent the Rent the Runway, which offers ev-
earnings before interest, taxes, de- preciation—assets that physically ciated with each change of hands, Runway says it has served 2.5 mil- erything from sweatshirts to blaz-
preciation and amortization, the e- fly across time zones and experi- its S-1 filing shows only unadjusted lion customers across all its offer- ers and trench coats, is likely to be
commerce company hasn’t made ence physical wear and tear. Hems gross profit, which grew 31% from ings in its lifetime. a beneficiary. But the prospect of
money since spring 2019. get stepped on at work. Sequins 2000 to 2001. One issue could be a lack of burgeoning growth could present
Rent the Runway, which makes fall off at weddings. Red wine By contrast, Rent the Runway is marketing. The company says it something of a Catch-22 for the
money through subscription and pretty much always stains. going public on the heels of a has spent less than 10% of its total company. There are likely only so
one-time fashion rentals in addition Furthermore, Rent the Runway’s tough year, asking investors to revenue on marketing since its many people who crave designer
to a newer resale offering, de- assets also arguably depreciate in consider what it can be, rather founding, signaling mostly organic fashion, but adding more reason-
scribes its business as a “closet in terms of style. Once an outfit is than what it recently has been. growth. It notes an unaided brand ably priced styles risks turning off
the cloud.” While it is true that déclassé, it likely can’t be rented For the year ended Jan. 31, 2021, awareness of just 20% among U.S. those who specifically came to the
most of that model allows women or resold for as much. Inventory is revenue fell nearly 39% and active women ages 18 to 45 with a platform to “rent the runway.”
to wear what they want without key to Rent the Runway’s busi- subscribers by nearly 59% versus household income of $50,000 or Meanwhile, investors this year
having to own any of it, this de- ness: The company says it has the prior year, largely because of more. That suggests a sizable op- haven’t been universally excited
scription has a lot of stretch. The 18,000 styles across more than the pandemic. portunity, assuming there is broad about resale. Poshmark, the newly
fashion company uses technology 750 designers in sizes ranging So is this business fashion-for- interest. public social resale platform, is
and data to better personalize from 00 to 22. ward or out-of-style? Founded over Positively, Chief Executive Jenni- down 75% from where it closed on
styles for its customers, inform de- Somewhat similar businesses ha- a decade ago, Rent the Runway has fer Hyman said in a LinkedIn post its trading debut back in January,
mand for its brands, and augment ven’t felt the need to add filtered an appeal that has been relatively in late May that active subscribers for example. One key difference, of
lifetime value and return on invest- metrics. Consider Netflix, a com- limited. The company had fewer were up 93% from the company’s course, is that Rent the Runway
ment for its own business. The pany that Daniel McCarthy, assis- than 144,000 subscribers—both ac- Covid-19 low in May 2020. As of physically owns inventory, while
business itself exists beyond the tant professor of marketing at Em- tive and paused—as of Sept. 30, ac- Sept. 30, active subscriptions still Poshmark doesn’t.
confines of the internet, though. ory University’s Goizueta Business cording to an amended S-1 filing remain down about 16% from Rest assured, investors will
Ultimately, Rent the Runway School, reminds us dealt in physical published Monday. While Stitch where they ended fiscal 2019, Mon- eventually account for that.
deals in physical clothing that has DVDs, rather than streaming sub- Fix, a younger company that sells day’s amended prospectus showed. —Laura Forman

Inflation Approaches
A Tipping Point
At the Grocery Store
Once supermarket prices rise more than 5%,
consumer buying habits may start to change
Confident consumers have swal- ing more sensitive levels in the
lowed higher supermarket prices U.S., where prices for food con-
BRIAN SNYDER/REUTERS

so far this year, but the risk of in-
digestion is growing. For compa-
nies that make staple goods, ask-
ing for more money is delicate.
On Wednesday, the world’s big-
gest food company Nestlé said
For the company’s stock to claw back its losses, investors need to believe Biogen still has a blockbuster Alzheimer’s drug. sales increased by an impressive
6.5% in the third quarter compared
with the same period last year. De-
sumed in the home increased 4.5%
in September compared with the
same month of 2020. In the euro
area, prices for food, tobacco and
alcohol were 2% higher, according
to Eurostat. One reason why store
prices haven’t risen as much in
Europe is because negotiations
between manufacturers and gro-

Biogen Shareholders Face mand for its products is strong

and Nestlé has been able to pass
on the higher cost of inputs such
as plastic and transport to shop-
cers happen later there. Nestlé re-
cently increased prices by 5% in
the U.S., but is still in negotiations
with supermarkets on the other
Waiting Game on Alzheimer’s Drug pers, a sign of healthy pricing
power. The company’s shares rose
2.7% on Wednesday.
side of the Atlantic. Europeans can
expect to pay more from the be-
ginning of next year.
Nestlé’s costs of goods sold will Staples companies have ways to
For the time being, sales of Bio- Biogen share price it. Medicare administrators will set increase by around 4% this year, shield shoppers from the full im-
gen’s would-be blockbuster Alzhei- parameters for the government in- meaning it will shell out an extra pact of rising commodity costs, by
$425
mer’s disease treatment Aduhelm surer to cover expenses for 1.8 billion Swiss francs, equivalent running their factories more effi-
are stuck in the mud. Until that Aduhelm and similar drugs under to $1.95 billion, on everything ciently, for example. Consumers
changes, investors shouldn’t expect 400 development by next spring. from packaging to trucking. Dan- have also accumulated savings
the biotech giant’s share price to A favorable ruling there would non yogurt maker Danone said during the pandemic so may be
look much different. 375 likely make the drama of this past Tuesday that its input costs will willing for now to pay more than
Its third-quarter results were summer a distant memory on Wall be 8% higher this year. The differ- they usually would. But bosses at
better than most expected. Sales of 350 Street, since private insurers ence can probably be explained by consumer-goods manufacturers ex-
$2.8 billion and adjusted earnings might well follow their lead. Bio- what the two companies sell. pect more inflation in their cost
of $4.77 a share topped analyst es- gen also has other Alzheimer’s Nestlé has a big coffee business base next year. Shoppers’ brand
325
timates, and Biogen raised its sales treatments under development, where hedges have protected it loyalty will be tested.
and profit outlook for 2021. Its and success in the clinic could from spiraling commodity costs, —Carol Ryan
shares fell slightly on Wednesday. 300 yield a more effective option that although these will roll off soon.
Not all beat-and-raise quarters physicians readily embrace. Inflation is now so hot that sta- Components of Nestlé’s
are created equal. Aduhelm sales in 275 Meanwhile, the bottom isn’t ples companies feel they have no quarterly sales growth*
the first full quarter since receiving likely to fall out on Biogen stock: option but to pass it on. Nestlé,
8%
regulatory approval reached just 250 the company spent $750 million on Danone and Procter & Gamble all
$300,000, and the company said stock buybacks in the third quarter, said this week that consumers can Real internal growth†
May 2021 Oct.
revenue from the drug is expected and has board authorization to re- expect higher bills at the grocery 6 Pricing
to be “minimal” for the remainder Source: FactSet purchase an additional $2.8 billion. store. The question is how far they
of the year. Total shares outstanding fell nearly can push before shoppers defect to
For now, Wall Street isn’t as- What is more, there are concerns 6% from a year earlier in the third cheaper brands or buy fewer items. 4
suming that will change: the stock about Biogen’s legacy business: quarter. An already-modest valua- As a rule of thumb, price in-
price is down about a third from sales of the company’s multiple tion helps: the stock now trades at creases above 5% are harder to im-
2
its post-approval high and now sclerosis drugs topped analyst esti- about 14 times this year’s adjusted plement without changing buying
trades below where it was on June mates in the quarter, but also fell earnings forecast. patterns, according to supermarket
4, the last trading day before 18% from a year earlier due to more Still, for the stock to claw back and consumer-goods executives. 0
Aduhelm received approval amid competition from generic drugs. its losses, investors need to believe There are caveats: Companies that
controversy over the drug’s effi- There is reason to believe Biogen still has a blockbuster Alz- make more premium brands, such
cacy. A panel of outside experts Aduhelm can begin to reach more heimer’s drug on its hands. Unfor- as Nestlé’s Nespresso coffee, have –2
had recommended the FDA with- patients, but investors will need to tunately for current shareholders, extra wiggle room. And consumers 2019 ’20 ’21
hold approval, and several panel be patient until insurers decide even the best-case scenario will re- are less reactive to price changes *Excluding exchange-rate and portfolio changes
members resigned in protest after whether to pay for it and doctors quire a good bit of patience. in some countries than in others. †Measures volume and mix
the drug received the green light. become more willing to prescribe —Charley Grant Still, food inflation is approach- Source: the company