* * * * * FRIDAY, FEBRUARY 18, 2022 ~ VOL. CCLXXIX NO. 40
00
DJIA 34312.03 g 622.24 1.8%
What’s
News
Business & Finance
.S. stocks slid amid in-
U tensifying geopolitical
tensions and the prospect
of tighter monetary policy,
with the S&P 500, Nasdaq
and Dow losing 2.1%, 2.9%
and 1.8%, respectively. A1
 Tesla accused the SEC of
harassing Musk over his com-
pliance with a regulatory set-
tlement that sought to restrict
his use of social media. A1
 NHTSA is investigating
Tesla over customer com-
plaints that its most popu-
lar vehicles brake for un-
expected reasons. B5
 Fed nominee Raskin is
struggling to overcome re-
sistance from Republicans on
a Senate panel for which she
once served as a lawyer. A2
 Walmart reported
stronger sales over the
winter holiday shopping
season and said it is largely
absorbing higher costs. B1
 Federal and state regula-
tors have widened their
probes into how Activision’s
leadership handled work-
place misconduct claims. B1
 Federal prosecutors
charged former Infinity Q in-
vestment chief James Velissa-
ris with securities fraud and
obstruction of justice. B10
 Amazon.com and Visa
reached an agreement allow-
ing customers to use Visa
credit cards across Amazon’s
websites and shops. B3
 Airbus posted a record
profit while tempering expec-
tations for sharply boosting
production of its A320 jet. B3
 Brazilian meatpacker JBS
said it scrapped plans to
buy the rest of U.S. chicken
processor Pilgrim’s Pride. B5
World-Wide
 Violence escalated in
eastern Ukraine on Thurs-
day, with Russian-backed
separatists and authorities
in Kyiv trading accusations
over cease-fire violations
along the front line, as Biden
said Moscow was fabricating
a pretext to invade its neigh-
bor and warned the threat
of a Russian incursion re-
mained “very high.” A1, A7, A8
 A New York judge ruled
that Trump and two of his
adult children must testify
under oath as part of the New
York attorney general’s civil-
fraud probe into the former
president and his company. A5
 The Senate passed a stop-
gap bill keeping the govern-
ment funded beyond Friday
after Democrats beat back
measures related to drug
paraphernalia and Covid-19
vaccine mandates. A4
 Newly reported Covid-19
deaths are starting to decline
in the U.S., driven by drops
in the Northeast and Mid-
west, offering the latest sign
that the surge fueled by the
Omicron variant is fading. A3
 Officials are considering
citywide Covid testing in Hong
Kong, adopting a strategy used
in mainland China after Bei-
jing demanded more be done
to control an Omicron surge. A9
 House Minority Leader
McCarthy endorsed a Repub-
lican challenger to incumbent
Rep. Cheney of Wyoming af-
ter breaking with her over
her criticism of Trump. A4
 FERC voted to give more
weight to environmental con-
cerns over new natural-gas
pipeline projects in deciding
whether to approve them. A4
CONTENTS
Arts in Review A11-12
Business News B3,5-6
Crossword.............. A12
Equities....................... B9
Heard on Street. B12
Mansion.............. M1-12
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
NASDAQ 13716.72 g 2.9% STOXX 600 464.55 g 0.7%
Ottawa Police Begin to Arrest Protesters, Organizers
COLE BURSTON/THE CANADIAN PRESS/ASSOCIATED PRESS
OFF THE STREET: Ottawa police arrested a man Thursday as they moved to end a weekslong blockade protesting Covid-19
mandates. Two of the organizers of the protest group, called the Freedom Convoy, were among those arrested. A9
Dow Falls Over 600 Points,
Turning in Worst Day of 2022
European crisis,
prospect of higher
rates trigger steep,
broad-based losses
BY GUNJAN BANERJI
AND ANNA HIRTENSTEIN
The Dow Jones Industrial
Average dropped more than
600 points Thursday, its steep-
est one-day loss of 2022, as
geopolitical tensions and the
prospect of tighter monetary
policy roiled markets.
The blue-chip index slid
Mortgage
Average rate on 30-year fixed mortgage
4.0%
Rates at
3-Year
High 3.5
The average rate
for a 30-year
fixed-rate home
mortgage 3.0
increased to 3.92%
for the week
ended Thursday,
according to
Freddie Mac, up 2.5
from 3.69% a week
earlier. Mortgage
rates have now
climbed for three Weekly rate
straight weeks and 2.0
are at their
2020
highest level since
May 2019. A2 Source: Freddie Mac
Mystery of Italy’s Crown Jewels
Is Who Gets to Keep Them
i i
The government says the treasure
belongs to the nation, not the ex-royals
BY GIOVANNI LEGORANO
ROME—The crown jewels
usually bring to mind kingly
treasures. Yet for the past 75
years, Italy’s own glittery
trove was largely forgot-
ten.
In the aftermath of
World War II, Italy’s
last king and his fam-
Markets..................... B11 ily left Rome in a
Opinion.............. A15-17
Sports................ A13-14 hurry after Italians
Technology............... B4 voted to dump them
U.S. News............. A2-6 for a republic in June
Weather................... A12
World News..... A7-10
1946.
A few days after
the referendum, a rep-
> resentative of the No,
ousted family stashed
the crown jewels in a deposit
box at the Bank of Italy, where
they remain.
Over decades, neither the
ownership of the crown jewels
HHHH $5.
10-YR. TREAS. À 21/32 , yield 1.972%
622.24 points, or 1.8%, to
34312.03, its worst session on
a points and percentage basis
since November. The S&P 500
fell 94.75 points, or 2.1%, to
4380.26. The tech-focused
Nasdaq Composite Index
dropped 407.38 points, or
2.9%, to 13716.72.
The losses were broad
based. Tesla fell 5.1%, Morgan
Stanley dropped 4.9% and
Meta Platforms Inc. slid 4.1%.
Thursday’s drop in the
shares of Facebook’s parent
pushed the company out of the
ranks of the 10 largest global
companies by market value.
3.92%
’21 ’22
i Investigation of Musk
nor their fate was ever estab-
lished. Nobody bothered to as-
sess their worth. Then last
year, the descendants of Um-
berto II, Italy’s last king, de-
cided they wanted them back.
“They have to be re-
turned to the royal
family. They are pri-
vate jewels,” said Ser-
gio Orlandi, the law-
yer for the former
royal dynasty, the
House of Savoia.
The government
refused, saying the
crown jewels belong
to the Italian state.
mine. But unlike other
royal assets seized in
Italy, including villas and pal-
aces, no postwar government
ever got around to confiscat-
ing the jewels.
Please turn to page A10
OIL $91.76 g $1.90
The stock is down 46% from
its September peak.
Nine of the 11 sectors in the
S&P 500 declined, led by the
technology and communica-
tion-services groups, which
both fell about 3%.
Stocks have come under
pressure in recent sessions
from the escalation in tensions
between Russia and Western
allies over Ukraine. The White
House warned that a Russian
invasion could be imminent,
and diplomatic efforts have so
far been inconclusive.
The geopolitical tensions
come as investors have already
Americans Start Splurging
On Travel and Experiences
BY WILL FEUER
More people in the U.S. are
satisfying their wanderlust
and spending big to do it,
companies say.
With daily new Covid-19
cases falling, restrictions eas-
ing and the strongest con-
sumer finances in recent his-
tory, people are finally
emerging from the pandemic
eager to splurge on everything
from travel and sports events
to restaurants, cruises and
theme parks, executives said.
Companies including Mar-
riott International Inc., Expe-
Tesla Criticizes SEC’s
BY DAVE MICHAELS
Tesla Inc. accused U.S. regu-
lators of harassing Chief Exec-
utive Elon Musk over his com-
pliance with a 2018 regulatory
settlement that sought to re-
strict his use of social media.
In a letter filed Thursday
with a federal judge who over-
saw that settlement, attorneys
for the company charged that
the Securities and Exchange
Commission is conducting un-
founded investigations of Mr.
Musk and Tesla. Earlier this
month, the electric-car maker
disclosed that regulators sent
a subpoena last year that
sought information showing
how the company and its CEO
complied with the terms of the
deal.
The SEC hasn’t distributed
$40 million in fine money to
shareholders allegedly hurt by
Mr. Musk’s 2018 tweets that he
planned to take Tesla private,
GOLD $1,900.70 À $30.50
been grappling with high infla-
tion and preparing for the Fed-
eral Reserve to raise interest
rates this year. These shifts
have whipsawed the stock and
bond markets for much of the
year.
“The absolute key factor for
this year is going to be infla-
tion and monetary policy,” said
David Spika, chief investment
officer of GuideStone Capital
Please turn to page A4
 Crisis is boon to U.S. natural-
gas industry................................ B1
 Streetwise: Don’t expect Fed
help on Ukraine impact..........B1
dia Group Inc., Coca-Cola Co.
and MGM Resorts Interna-
tional told analysts recently
that business is already im-
proving from an Omicron dip
and indications point to peo-
ple eager to live large.
“Premium customers, who
after being cooped up for
2020 and the first part of
2021, are traveling and spend-
ing again with a vengeance,”
Wynn Resorts Ltd. Chief Exec-
utive Craig Billings said Tues-
day of the latest quarter.
As more people travel, Mar-
riott is seeing greater demand
for its high-end properties,
according to the letter. The
SEC alleged that Mr. Musk’s
statements weren’t truthful.
The regulator’s 2018 lawsuit
eventually led to an unusual
agreement that Tesla lawyers
would preclear certain of the
CEO’s tweets and other public
statements.
In December, U.S. District
Judge Alison Nathan in Man-
hattan found that a company
appointed to distribute money
to shareholders hadn’t sent re-
quired status reports and
quarterly accounting state-
ments to the court about its
efforts. The company, Rust
Consulting Inc., told the judge
in January that it was still
working with the SEC on the
distribution plan.
Please turn to page A6
 Musk tweet compares
Trudeau, Hitler.......................... A6
 Tesla investigated over
reports of brake problem.... B5
EURO $1.1362 YEN 114.93
Ukraine
Violence
Raises
Prospect
Of War
Moscow, Kyiv trade
accusations of attacks
on front line, as Biden
cites ‘very high’ threat
Violence escalated in east-
ern Ukraine on Thursday, with
Russian-backed separatists and
authorities in Kyiv trading ac-
cusations over cease-fire viola-
tions along the front line, as
President Biden said Moscow
By Yaroslav Trofimov
in Kyiv, Ukraine, Ann
M. Simmons in Moscow
and William Mauldin
in Washington
was fabricating a pretext to in-
vade its neighbor and warned
the threat of a Russian incur-
sion remained “very high.”
Adding to the tension, the
Kremlin threatened in a letter
to the U.S. to resort to unspec-
ified “military-technical mea-
sures” if it didn’t receive from
the U.S. and its allies legally
binding guarantees of its secu-
rity, which include a pledge
from the North Atlantic Treaty
Organization that it will never
allow Ukraine to join, as well
as curbs on troop deployments
in Eastern Europe.
At the United Nations,
meanwhile, Russia formally
leveled allegations that Rus-
sian leaders have repeated in
recent weeks—that Ukraine is
pursuing a “genocide” against
Russian speakers. Western of-
ficials dismissed those accusa-
tions as a disinformation ef-
Please turn to page A8
 Blinken challenges Russia
over Ukraine............................... A7
 Biden relies on allies after
early missteps........................... A8
 In war, Ukrainian women
would be on front lines....... A8
CEO Anthony Capuano said on
a conference call with analysts
Tuesday.
At Walt Disney Co.’s theme
parks, business came roaring
back in the most recent quar-
ter, with revenue from both
domestic and international
parks more than doubling
year-over-year. Attendance is
still short of pre-pandemic
levels, but those who are
showing up are spending as
much as 40% more per capita
than in 2019, Chief Financial
Officer Christine McCarthy
said last week.
Please turn to page A6
INSIDE
MANSION
Luxury home sales in
Charleston, S.C., are
booming, fueled by
young families. M1
FABRIZIO BENSCH/REUTERS
SPORTS
Russian figure-skater
Kamila Valieva finishes
fourth in mistake-
laden free skate. A13
A2 | Friday, February 18, 2022
Raskin’s Bid for Fed Post Is Stalled
GOP resistance to her
climate views and
business ties has a
Biden nominee in limbo
BY ANDREW ACKERMAN
AND NICK TIMIRAOS
WAS H I N G T O N — S a ra h
Bloom Raskin, the Biden ad-
ministration’s nominee for a
top regulatory post at the Fed-
eral Reserve, is struggling to
overcome resistance from Re-
publicans on a Senate commit-
tee for which she once served
as a lawyer.
This week, Republicans law-
makers united in opposition to
Ms. Raskin refused to attend a
crucial committee vote. That
deprived Democrats of a quo-
rum needed to advance her
along with four other Fed nom-
inees to the full Senate, includ-
ing Chairman Jerome Powell.
Republicans, especially from
energy-producing states such
as Pennsylvania and Wyoming,
are opposed to Ms. Raskin in
part because of her 2020 criti-
cism of the Treasury Depart-
ment and Fed providing broad-
based emergency-lending
backstops to assist businesses
during the pandemic. She said
the backstops should have
been designed to avoid lending
to highly indebted fossil-fuel
companies.
Her nomination followed ag-
gressive lobbying by progres-
Biden State
Of Union
To Stress
Inflation
BY NATALIE ANDREWS
WASHINGTON—President
Biden will emphasize his efforts
to curb inflation in a State of
the Union speech before law-
makers, who will be required to
wear masks.
The text of the speech and
visuals will highlight the ad-
ministration’s challenges on the
economy and Covid-19.
The March 1 prime-time ad-
dress will be Mr. Biden’s next
big effort to rally support for
his agenda with lawmakers and
voters heading into the mid-
term elections.
Some Democratic allies have
been pushing him to more
forcefully tackle rising prices
and signal a new phase in the
fight against Covid-19, as many
states continue to lift restric-
tions.
Every member of Congress
will be invited to Mr. Biden’s
State of the Union speech. All
attendees, in addition to wear-
ing a mask, will have to show
proof of a negative Covid-19
test, the House sergeant at
arms announced Thursday.
If the more than 500 mem-
bers of the House and Senate
attend, Mr. Biden will speak to
a much fuller room than he did
last year, where attendance was
limited to just 200 people in
the House chamber. To allow
for social distancing, lawmak-
ers will spread out over the
House floor and gallery above.
Lawmakers won’t be allowed to
bring guests. It wasn’t immedi-
ately known if Supreme Court
justices or cabinet officials will
be allowed to attend.
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U.S. NEWS
New filings for jobless benefits
800,000
Week ended Feb. 12
248,000
sive Democrats, including Sen. Ben Ray Luján from par-
600,000
many climate-focused policy ticipating in Senate business
activists who frequently cited for several weeks. That means
Ms. Raskin’s recent public re- Democrats are short of votes
marks calling for federal regu- to advance any nominees that 400,000
lators to use their administra- lack Republican support or to
tive powers to pursue stiffer change Senate rules that would
curbs on climate change. The allow them to advance Ms.
200,000
White House continues to back Raskin’s nomination if Republi-
Ms. Raskin’s nomination, and cans don’t participate in the
Senate Banking Committee committee vote.
Chairman Sherrod Brown (D., Ms. Raskin previously 0
Ohio) has indicated she would served on the Fed and as a top Jan. Jan.
advance out of committee if a Treasury Department official 2021 ’22
quorum was reached. during the Obama administra- Note: Seasonally adjusted
Republican lawmakers more tion. Before that, she was Source: Labor Department via the St. Louis Fed
recently said they want more Maryland’s state commissioner
information about Ms. Raskin’s
work as a board member at an
of financial regulation. She is a
law professor at Duke Univer-
Weekly
BILL CLARK/PRESS POOL
obscure financial technology sity and is married to Rep. Ja-
payments firm, Reserve Trust. mie Raskin (D., Md.).
The GOP officials, led by Penn-
sylvania Sen. Pat Toomey, say
they are perturbed by what
Ms. Raskin has become a
darling of progressive Demo-
crats for statements such as a
Jobless
they perceive as insufficient
candor about her role as a di-
rector at the company.
Sarah Bloom Raskin has been nominated to serve as Federal
Reserve vice chairwoman for bank supervision.
New York Times opinion article
in May 2020 that criticized
emergency-lending backstops
Claims
The impasse comes amid
philosophical fissures between
some progressive Democrats,
with all of the Fed nominees
except Ms. Raskin, and that he
and say Mr. Brown never
agreed to an additional brief-
created by the Fed to thaw fro-
zen corporate-bond markets.
“There is no indication that
Edge Up,
who want the central bank to
play a more aggressive role ad-
dressing climate change and
other social issues, and Repub-
wanted a follow-up briefing
with her to discuss her tenure
at Reserve Trust, a GOP Senate
aide said.
ing. Michael Gwin, a White
House spokesman, said Ms.
Raskin already engaged in back
and forth with Senate lawmak-
the value of fossil fuel assets is
ever going to return. It’s one of
the worst investments there is,
and yet this is one that the Fed
Stay Low
licans who fear the Fed is Mr. Brown said he would try ers, including one-on-one has picked,” said Ms. Raskin in BY SARAH CHANEY CAMBON
straying beyond its dual man- to set up an additional brief- meetings with lawmakers and a video produced by the Years
date of stable prices and full ing, according to the GOP aide. responding to nearly 200 ques- Project, an advocacy group Jobless claims rose last
employment. That briefing, tentatively tions after her Feb. 3 hearing. that calls for more action to week but remained historically
Senate aides described a planned for Feb. 11, didn’t take He described the latest re- address climate change. low, indicating the labor mar-
tense lead-up to Tuesday’s place after the White House in- quests as a delay tactic. At her confirmation hearing, ket is on strong footing as
scheduled vote, and subse- tervened to block it, the aide Republicans have extra le- Ms. Raskin said she wouldn’t Covid-19 cases of the Omicron
quent postponement. Mr. said. verage now. While Democrats use her Fed position to restrict variant decline.
Toomey told Mr. Brown that he Democrats dispute that an- control the Senate, a stroke lending to the oil-and-gas in- Initial jobless claims, a proxy
was willing to move forward other meeting was in order has prevented New Mexico dustry. for layoffs, increased to a sea-
sonally adjusted 248,000 last
week from 225,000 a week ear-
Price Pressures Expected to Ease
lier, the Labor Department said
Thursday. The four-week mov-
ing average, which smooths
BY AMARA OMEOKWE
volatility, fell slightly to
243,250.
President Biden’s top eco-
nomic adviser on Thursday
New filings for unemploy-
ment benefits have largely
stayed below 250,000 a week
sought to ease lawmakers’ con-
cerns about elevated inflation,
since mid-November.
Continuing claims, a proxy
saying that several factors in for the total number of people
coming months should help receiving unemployment bene-
slow a steep rise in consumer fits through regular state pro-
prices. grams, declined to 1.59 million
“We expect inflation to for the week ended Feb. 5 from
moderate over the coming 1.62 million a week earlier. Con-
year, because we believe that tinuing claims are reported
the factors that have been with a one-week lag.
causing high inflation will be- Millions of workers called in
gin to ease as Covid cases sick and businesses temporarily
gradually decrease,” Cecilia shut down last month because
Rouse, chairwoman of the of Omicron outbreaks. Jobless
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
White House Council of Eco- claims spiked in mid-January
nomic Advisers, said during a but have since declined along
Senate Banking Committee with an easing pandemic.
hearing. Economists expect claims to
Inflation in January ad- drift further downward as em-
vanced at its fastest pace in ployers cling to workers in a
nearly 40 years, as the con- tight labor market.
sumer-price index—a measure “Overall, we expect the labor
of what consumers pay for market will remain on a robust
goods and services—rose 7.5% trajectory this year,” said Lydia
from a year earlier. Boussour, lead U.S. economist
Republicans on the commit- Cecilia Rouse, President Biden’s top economic adviser, testified Thursday before a Senate committee. at Oxford Economics, in a note.
tee pressed Ms. Rouse and other The labor market and
White House economists about tions. Meanwhile, U.S. consum- Ms. Rouse also called on the rejected it. broader economy largely pow-
how the rise in prices is affect- ers during the pandemic committee to advance the “To suggest that the way ered through the surge in Omi-
ing everyday Americans’ buying boosted purchases of goods, nominations of President Bi- that we’re going to fix the in- cron cases. U.S. employers
power, while arguing that the while pulling back on services, den’s five picks for the Federal flation problem is to get these hired at a robust pace in Janu-
Biden administration’s spending further straining supply chains, Reserve. Senate Republicans board members confirmed, re- ary, adding 467,000 jobs. Wages
proposal for education, climate she said. U.S. employers have earlier this week refused to at- ally either they don’t under- rose in January from the year
and social programs would fur- also reported difficulties at- tend a committee vote on the stand that we have a function- prior by 5.7%, well above the
ther fuel inflation. tracting workers, as Americans nominees because of their con- ing board that can take action average of about 3% before the
“It’s just really important have dealt with limitations on cerns with Sarah Bloom Raskin, today, or they don’t want to ac- pandemic.
that we not engage in yet an- their ability to work, including Mr. Biden’s nominee for a top knowledge that fact because of Retail sales, a measure of
other spending spree, which illness and child-care con- regulatory post at the Fed. an agenda,” said Sen. Thom spending at stores, online and
will only make it worse,” Sen. straints. The confirmation process Tillis (R., N.C.). restaurants, rose solidly in Jan-
Pat Toomey (R., Pa.), the com- “We expect that as people for all five, including Fed The pending nominations uary as consumers snatched up
mittee’s ranking member, said come back into the workforce Chairman Jerome Powell, has aren’t expected to affect the vehicles, furniture and building
of inflation. as the pandemic is under con- stalled as a result. Fed’s monetary policy deci- materials.
Ms. Rouse said the accelera- trol, that will ease some con- “In the short term, [infla- sions. Two of the nominees are Still, consumer inflation,
tion in inflation reflected a straints. Getting people back to tion] really is in the purview of currently on the board. Mr. which climbed at its fastest
mismatch between supply and work will help on the supply the Federal Reserve, which is Powell’s four-year term as pace in nearly 40 years last
demand during the pandemic. side,” Ms. Rouse said. “And as why confirming the nominees chairman expired this month, month, is eroding consumers’
Global economies, including the pandemic is addressed is so very important,” she said. and he has been serving as spending power because wages
the U.S., have been dealing around the world, in particular, Other committee Democrats “chair pro tempore” until the are rising more slowly than the
with supply-chain bottlenecks that will help bring more goods during the hearing echoed that Senate votes on his confirma- price of most goods and ser-
because of Covid-19 disrup- as well.” sentiment, while Republicans tion. vices.
Mortgage Rates Hit Highest Level in Nearly Three Years
BY ORLA MCCAFFREY according to mortgage-finance Treasury. The yield on the A year ago, the rate on Amer- cording to the Federal Reserve
giant Freddie Mac, up from benchmark note traded near a ica’s most popular home loan Bank of Atlanta.
Mortgage rates hit their 3.69% a week earlier. That is the recent high of 2% Thursday. At was 2.73%, just above its record Rates have risen faster than
highest level in almost three highest level since May 2019. their meeting last month, offi- low of 2.65%. Still, rates remain some economists predicted. At
years, further straining afford- Expectations that the Fed- cials at the central bank dis- near historic lows. the end of 2021, the Mortgage
ability in a market where prices eral Reserve will raise interest cussed accelerating the pace of When borrowing costs in- Bankers Association predicted
have risen steeply. rates several times this year to planned rate increases if infla- crease, home buyers are faced rates would reach 4% in De-
The average rate for a 30- control inflation are driving up tion doesn’t subside. with a choice: pay more or find cember 2022.
year fixed-rate loan was 3.92% mortgage rates, which are Mortgage rates have now less-expensive homes. Less- Higher rates have already
for the week ended Thursday, closely tied to the 10-year U.S. risen for three straight weeks. costly homes are hard to find in started to reduce demand for
many places; the median sales refinancings. Rising borrowing
price of an existing home rose costs shrink the pool of home-
CORRECTIONS  AMPLIFICATIONS close to 20% last year.
Higher rates, coupled with
owners who can reduce their
mortgage payments with a
continued growth in prices, are lower interest rate. That group
Planted soybean acreage in A Heard on the Street column didn’t make clear that either li- pushing some would-be home has fallen to 3.8 million home-
the U.S. exceeded that of corn in on Wednesday about telecom- queur can be used. buyers to the sidelines. owners from 11 million at the
1983 and 2018. A U.S. News arti- munications companies incor- “As rates and home prices start of the year and close to
cle on Wednesday about infla- rectly said it used to own 45% Notice to readers rise, affordability has become a 20 million in 2020, according
tion’s effects on American farm- of Verizon Communications. Some Wall Street Journal substantial hurdle for potential to mortgage-data firm Black
ers incorrectly said 2018 was staff members are working re- homebuyers,” Sam Khater, Fred- Knight Inc.
the only time that happened. Three tablespoons of crème motely during the pandemic. die Mac’s chief economist, said. A red-hot housing market
de framboise or crème de cas- Please send reader comments Mortgage applications fell fueled close to $3.99 trillion in
Vodafone Group PLC used to sis can be used in the recipe for only by email or phone, using 5.4% from a week earlier last originations in 2021, just off a
own 45% of Verizon Communi- coeur à la crème. A Feb. 5 Off the contacts below, not via U.S. week, according to Mortgage record high of $4.11 trillion in
cations Inc.’s wireless business. Duty article about the dessert Mail. Bankers Association data. 2020. That figure is expected to
Mortgages are less affordable decline to $2.6 trillion in 2022,
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling relative to income than at any according to the Mortgage
888-410-2667. time since the fall of 2008, ac- Bankers Association.
THE WALL STREET JOURNAL.
Virus Deaths Drop
As Omicron Fades
BY JON KAMP
Newly reported Covid-19
deaths are starting to decline
in the U.S., driven by drops in
the Northeast and Midwest,
offering the latest sign that
the surge fueled by the highly
transmissible Omicron variant
is fading.
Cases and hospitalizations
have already fallen sharply
from record-breaking peaks,
including in places like New
York, New Jersey and Illinois
where Omicron spread widely
late last year. Deaths, which
tend to follow cases by several
weeks, appear to be following
the same pattern by declining
in the places hit hard early on.
“I think we’re coming
down,” said Beth Blauer, the
data lead for the Johns Hop-
kins University Coronavirus
Resource Center, which com-
piles pandemic data.
The seven-day average for
reported deaths in the U.S.
was 2,212 on Wednesday,
Johns Hopkins data show. Ear-
lier this month, that number
briefly topped 2,500, the high-
est level since early last year.
Similar numbers tracked by
the Centers for Disease Con-
trol and Prevention show the
average number of deaths has
fallen about 9% since last
Lead Poisoning Poses Threat to Eagle Population
BY AYLIN WOODWARD
The U.S. government re-
moved bald eagles from the
Endangered Species list in
2007, but new research sug-
gests their population growth
is held back by high incidence
of lead poisoning.
Across North America, bald
eagle population-growth rates
are being suppressed by 3.8%
due to lead exposure, accord-
ing to a study published
Thursday in the journal Sci-
ence. Continentwide, golden
eagles’ population growth, too,
is being stunted by almost 1%.
“Previous research has
shown this effect in individu-
als or in local areas, but
there’s never been a nation-
wide study like ours,” said
Todd Katzner, a U.S. Geologi-
cal Survey research wildlife bi-
ologist and co-author of the
new paper.
He and more than two
dozen researchers analyzed
data collected across 38 U.S.
states between 2010 and 2018.
The group sampled blood,
feathers, liver tissue and bone
from more than 1,200 live and
dead eagles to identify in-
stances of short-term and
chronic lead poisoning.
Though eagle species hunt,
the birds are opportunistic
Ex-Angels Executive
Guilty in Skaggs Case
BY JARED DIAMOND
Former Los Angeles Angels
communications executive Eric
Kay was found guilty on Thurs-
day of supplying the opioid
drugs that killed Tyler Skaggs, a
pitcher on the team, in 2019.
After a deliberation of less
than 90 minutes, a federal jury
in Fort Worth, Texas, convicted
Mr. Kay on two felony charges:
providing Mr. Skaggs with
counterfeit oxycodone pills
laced with fentanyl that re-
sulted in his death and conspir-
acy to possess with intent to
distribute.
Mr. Kay, 47 years old, faces a
minimum of 20 years in prison
and up to life. Sentencing is
scheduled for June 28.
For a guilty verdict, the gov-
ernment needed to convince ju-
rors beyond a reasonable doubt
that Mr. Skaggs wouldn’t have
died if not for the fentanyl, and
that only Mr. Kay could have
given him the drugs. Addition-
ally, there needed to be a pre-
ponderance of evidence that the
transaction took place in Texas,
where the Angels were visiting
for a series against the Rangers.
“We’re obviously disap-
pointed in the verdict. We
thought there were many rea-
sons to doubt the government’s
case,” Reagan Wynn, one of Mr.
Kay’s attorneys, said after the
verdict was read, according to
the Associated Press. “This is a
* *
week, CDC Director Rochelle
Walensky said Wednesday.
Mortality data can be
choppy, affected in part by re-
porting delays among the
states. Rapidly falling case and
hospitalization numbers indi-
cate the recent decline in
deaths could accelerate, too.
The seven-day average for new
cases was about 129,000 on
Wednesday, down from a mid-
January peak above 800,000,
Johns Hopkins data show.
The fast-falling numbers
have led to a flurry of moves to
dial back restrictions like mask
mandates, many affecting
school-age children, in places
including Massachusetts, New
Jersey and Los Angeles County
that maintained restrictions
through the recent surge. New
York has dropped indoor-mask
requirements for businesses.
Though Omicron has shown
signs of being less virulent
than earlier variants, the re-
cord-shattering number of
Omicron cases still triggered a
surge in deaths.
The seven-day average for
confirmed and suspected
Covid-19 hospitalizations slid
to about 78,200 by Thursday,
federal data show, down about
51% from a record high seven-
day average above 159,000
reached on Jan. 20.
The U.S.’s bald eagle population is growing 10% annually.
scavengers—feeding on dead
animals and bits of carcass, in-
cluding those sometimes shot
and left behind by human
hunters. Most hunting ammu-
nition is made of lead, and
these bullets can fragment
when entering an animal’s
body.
That means any leftovers an
eagle eats, including the inter-
nal organs hunters remove
tragedy all the way around. Eric
Kay is getting ready to do mini-
mum 20 years in a federal peni-
tentiary, and it goes up from
there. And Tyler Skaggs is
gone.”
Mr. Skaggs was found dead
hours before a game in his hotel
room in Southlake, Texas, after
choking on his vomit with oxy-
codone, fentanyl and alcohol in
his system at the age of 27. In a
statement Thursday, his family
said it was “grateful to the gov-
ernment and the jury for seeing
this important case through to
the right verdict,” adding, “We
are relieved that justice was
served, although today is a
painful reminder of the worst
day in the life of our family.”
Five players—Cam Bedro-
sian, C.J. Cron, Matt Harvey,
Mike Morin and Blake Parker—
testified this week that they
had received oxycodone from
Mr. Kay during their tenure
with the Angels.
“The players’ testimony was
incredibly difficult for our or-
ganization to hear, and it is a
reminder that too often drug
use and addiction are hidden
away,” Angels President John
Carpino said in a statement
Thursday.
The Centers for Disease
Control and Prevention esti-
mates there were 75,673 over-
dose deaths from opioids in
the U.S. in the 12-month pe-
riod ended in April 2021.
U.S. NEWS
The CDC hasn’t released
data thus far comparing death
rates by vaccination status dur-
ing the Omicron surge. But pre-
viously, data have shown the
risk of dying from Covid-19 is
many times higher for unvacci-
nated people. Unvaccinated
people with Covid-19 are also
significantly more likely to end
up hospitalized.
In the nine-state Northeast
region, the seven-day death av-
erage is down about 51% from a
late-January peak, a Wall Street A Covid-19 patient was treated in an intensive-care unit in Hartford, Conn., earlier this month.
Journal analysis of Johns Hop-
kins data shows. Regionally, day, California Health and Hu-
death numbers for the Midwest man Services Agency Secre-
are also heading lower. tary Mark Ghaly said case
“We have some very, very numbers and hospitalizations
promising numbers on Covid,” are falling in the state.
New York Gov. Kathy Hochul “We anticipate in the com-
said Tuesday, while highlight- ing weeks that deaths should
ing in particular the tumbling decline as well,” he said.
case and hospitalization num- The nation’s most populous
bers in the state. state has lost more than
In the South, the average 80,000 people to the disease,
still appears near the peak for though it has a lower death
the Omicron wave. rate than other large-popula-
In the West, death counts in tion states, Dr. Ghaly said.
California have recently been Nationally, the Covid-19
on the rise, while the data in- death toll has eclipsed
dicate Nevada may have re- 928,000. The first Omicron
cently crested. This reflects case was reported in the U.S.
the pace of Omicron’s ramp-up on Dec. 1. By Christmas it was
around the country, with some the dominant variant, the CDC
places peaking later than oth- estimates.
ers, Ms. Blauer said. —Ian Lovett
At a news conference Mon- contributed to this article.
Erica Tergeson, director of
hunting policy at the National
Rifle Association, said the NRA
encourages means of educat-
ing hunters on ways to mini-
mize lead exposure in wildlife.
“Often overlooked in these
discussions is the simple fact
that hunters, by nature, are
outdoorsmen and -women who
love and respect wildlife and
the great outdoors,” she said.
The researchers looked at
more than 100 studies that an-
ANGELA OWENS/THE WALL STREET JOURNAL
alyzed eagles’ reproductive ac-
tivity between about 1997 and
2016. They input that data,
along with eagle survival data,
into a model that estimated
the species’ resulting popula-
tion-growth rates year to year.
Then, after removing the num-
ber of lead-poisoning fatalities
for each species based on field
data collected for the new
study, the authors recalculated
those growth rates.
when field-dressing carcasses, The U.S.’s bald eagle popu-
can be contaminated by lead. lation—which numbers around
Across the U.S., eagles scav- 316,000 in the Lower 48
enge on deer, elk and moose, states—is growing 10% annu-
among other animals. ally, so the 4% growth-rate
“A lead fragment the size of suppression shown in the new
a grain of rice is enough to kill study isn’t as concerning as
an eagle,” said Krysten the trend noted in golden ea-
Schuler, a Cornell University gle populations, according to
wildlife disease ecologist who Vince Slabe, a research wildlife
wasn’t involved in the new biologist at Conservation Sci-
study. ence Global, a New Jersey-
NO WAIT LISTS,
NO WAY
Fly the largest, fastest-growing
Gulfstream & Challenger fleet in America
O N LY W I T H J E T E D G E
RESERVE MEMBERSHIP
8 5 5 J E T E D G E
Friday, February 18, 2022 | A3
Confirmed Covid-19 deaths in the U.S.,
7-day moving average
3,000 deaths
2,500
2,000
1,500
1,000
500
0
Jan. 2020
Note: For all 50 states and D.C., U.S. territories and cruises.
Source: Johns Hopkins University
based nonprofit, and co-author
of the new study.
“Golden eagles are not obvi-
ously increasing by any means,
so any level of population sup-
pression in that species is
alarming,” Dr. Slabe said.
The researchers said there
are roughly 36,000 golden ea-
gles in the Lower 48 states.
Lead, a known neurotoxin
for people and animals, has
many sublethal effects, Dr.
Katzner said. An eagle might
get lethargic and have trouble
eating, become unable to fly or
defend its territory, or produce
fewer eggs. Lead exposure can
harm the birds’ gastrointesti-
nal and neurological systems
and might affect their repro-
ductive success.
Blood, feathers and liver
samples are indicators of acute
exposure, meaning an eagle
has encountered a high-level
dose of lead at some point in
roughly the last week to
month, Dr. Katzner said. The
researchers classified eagles
with more than 40 micro-
grams of lead per deciliter of
blood as being poisoned, a
threshold veterinary patholo-
gists developed for birds of
prey.
After eagles ingest lead,
acid in their stomachs breaks
the neurotoxin down: The lead
F LYJ E T E D G E .C O M
ALLISON DINNER/BLOOMBERG NEWS
Feb. 16, 2022
2,212
’21 ’22
moves into the bloodstream,
then into soft tissues like the
liver and finally accumulates
in the animals’ bones. Bone
samples, collected from the fe-
murs of dead eagles, can re-
veal chronic lead poisoning
that recurs throughout an ani-
mal’s lifetime.
The study authors found
that up to 33% of the bald ea-
gles and up to 35% of the
golden eagles they looked at
showed signs of acute poison-
ing. Almost 50% of the 448
dead bald and golden eagles
they sampled had bone lead
concentrations above the
threshold that veterinary pa-
thologists classify as indicative
of clinical poisoning.
Both eagle species tended
to be more acutely poisoned in
the winter months, the study
found. Dr. Katzner said that
tends to be the time of year
when the birds switch to scav-
enging, as live prey is more
scarce.
But by the time winter sets
in, “the preponderance of
high-traffic hunting for ani-
mals like deer is over in most
states,” according to Mark Ol-
iva, public affairs director for
the National Shooting Sports
Foundation, a Connecticut-
based trade association for the
U.S. firearms industry.
 A4 | Friday, February 18, 2022
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
Senate Majority Leader Chuck Schumer on Capitol Hill on Thursday. The bill passed by the Senate late in the day funds the government through March 11.
Senate Passes Stopgap Funding Bill
BY SIOBHAN HUGHES
WASHINGTON—The Senate
passed a stopgap bill keeping
the government funded beyond
Friday after Democrats beat
back measures related to drug
paraphernalia and Covid-19
vaccine mandates, paving the
way for President Biden to
sign the measure into law.
The continuing resolution
approved Thursday would fund
the government through
March 11.
The passage of the bill now
frees appropriators to put
their full attention on ham-
mering out a deal on an omni-
bus spending bill to fund the
government through the re-
mainder of fiscal 2022. Interim
spending bills keep the gov-
ernment funded at levels in
place for the prior fiscal year
and maintain spending priori-
ties, preventing agencies and
Gas Pipelines Face Tougher Federal Reviews
BY KATY STECH FEREK
The Federal Energy Regula-
tory Commission voted Thurs-
day to give more weight to the
environmental concerns over
new natural-gas pipeline proj-
ects when deciding whether to
approve them.
In a 3-2 vote along party
lines, commission members
changed the policy that lays
out the process for reviewing
and approving applications for
new natural-gas pipeline proj-
ects to take into consideration
a project’s environmental im-
pact and the steps a developer
has taken to limit that impact.
It marked the first policy up-
date since 1999.
In a separate 3-2 vote, the
commission voted to take a
project’s estimated green-
house-gas emissions into con-
sideration during approvals. It
doesn’t require mitigation but
encourages it, according to
commission staffers.
Commission Chairman Rich-
ard Glick, a Democrat, said the
changes will provide more clar-
ity to pipeline developers on
how the commission will bal-
Dow Sinks
More Than
600 Points
Continued from Page One
Management. “The Ukraine is-
sue is a short-term blip.”
The developments have in-
jected volatility across mar-
kets throughout the week.
Moscow said it had pulled
back some troops, which
spurred a rally in markets ear-
lier in the week. Western offi-
cials said that Russia was con-
tinuing its military buildup.
All three major stock in-
dexes are on track to notch
weekly losses.
The Dow is off 6.8% from its
record set in early January,
and the S&P 500 and Nasdaq
have suffered even steeper
departments from allocating
money to new programs and
filling related positions.
The 65-27 vote ended a
drama that started when some
Republicans threatened to delay
the vote on the spending bill
unless the Senate held amend-
ment votes on policy priorities.
In the absence of an agreement,
the Republicans could have pre-
vented Senate Majority Leader
Chuck Schumer (D., N.Y.) from
speeding up the process to en-
sure passage before govern-
ment funding expired at 12:01
a.m. on Saturday.
Democrats defeated a mea-
sure from Sen. Mike Lee (R.,
Utah) barring the enforcement
of vaccine mandates for the
federal workforce and military,
with 46 senators in favor and
47 opposed. An amendment
from Sen. Ted Cruz (R., Texas)
to cut off federal funding for
schools or child-care centers
Federal Energy Regulatory Commission Chairman Richard Glick, a
Democrat, said the change will give pipeline developers more clarity.
ance the need to expand afford-
able natural gas to customers
against environmental inter-
ests. “If we were to continue
[turning] a blind eye to climate
change and greenhouse-gas
emissions, it would simply be
adding to the legal uncertainty”
around project approvals, Mr.
Glick said during a meeting.
losses in 2022.
“We’ve got to put more fo-
cus on what’s being done on
the ground, rather than what’s
being said,” said Paul Jackson,
global head of asset allocation
research at Invesco. “My pre-
sumption is that this will be
sorted out diplomatically. If
markets go down a lot more,
then I would think it would be
an opportunity to buy.”
Mr. Jackson said he doesn’t
expect a major change from
Russia while its ally, China,
hosts the Winter Olympic
Games. The Games conclude
this weekend, so “we still have
a little while to go before we
can feel things have really dis-
sipated on a permanent basis,”
Mr. Jackson said. “In the in-
terim, it’s a propaganda game.”
Some investors have said
they expect inflation and mon-
etary policy to stay center
stage in the coming months.
“High and rising inflation
has justly become the key pre-
P W L C 10 11
that enforce vaccine mandates
on children was also defeated.
Sen. Marco Rubio (R., Fla.)
failed to pass through unani-
mous consent a measure to
block funding for both pipes
and mouthpieces used to smoke
GOP amendments
to block federal
vaccine mandates
were defeated.
illicit drugs. A balanced-budget
measure from Sen. Mike Braun
(R., Ind.) was also voted down.
Both sides in the 50-50 Sen-
ate had depleted ranks headed
into the votes, fueling the day’s
uncertainty.
Sens. Ben Ray Luján (D.,
N.M.), Dianne Feinstein (D., Ca-
Republican Commissioners
James Danly and Mark Chris-
tie voted against the changes
and said the guidance on what
developers should now submit
is unclear. “I don’t think this
will help the industry at all,”
Mr. Danly said.
The new rules were being
closely watched by pipeline
0% Index performance Thursday
Dow Jones Industrial Average
–0.5 S&P 500
Nasdaq Composite
–1.0
–1.5
–2.0
–2.5
–3.0
10 a.m. 11
Source: FactSet
occupation of investors,” JP-
Morgan Chase & Co. strate-
gists wrote in a note to clients.
“It is affecting consumer
spending, business outlook,
12 H T G K R F A M 1 2 3 4 5 6 7 8
U.S. NEWS
lif.) and Mark Kelly (D., Ariz.)
were out for health and family
reasons. Among Republicans,
Sen. Lindsey Graham (R., S.C.)
and Sen. Richard Burr (R., N.C.)
were absent.
Democratic leaders calcu-
lated they would have the votes
needed to reject the amend-
ments and pass the bill late
Thursday because some GOP
lawmakers were scheduled to
fly out of town. That calcula-
tion paid off, with Sens. Mitt
Romney (R., Utah) and James
Inhofe (R., Okla.) absent, al-
though it did delay a congres-
sional delegation scheduled to
board a flight for a security
conference in Munich.
Messrs. Cruz and Lee had
urged GOP colleagues to stay in
the Capitol to give the amend-
ments a shot at passing.
The House last week passed
the short-term funding bill, an
extension intended to give ne-
developers, who already face
permitting court challenges,
and the U.S. natural-gas export
industry, which is eager to ex-
pand to send cheap and abun-
dant gas from shale drilling
overseas, including to supply-
squeezed Europe amid Russian
hostilities toward Ukraine.
Sen. John Barrasso (R.,
Wyo.), a member of the En-
ergy and Natural Resources
Committee, said Thursday’s
ROD LAMKEY/CNP/ZUMA PRESS
decision could stifle develop-
ment of natural-gas resources.
“The Federal Energy Regu-
latory Commission is deter-
mined to make it nearly im-
possible for Americans to
maintain or improve access to
abundant and affordable sup-
plies of natural gas,” he said.
The American Petroleum In-
stitute, the top oil and gas lob-
bying voice, and other industry
groups had discouraged the
commission from making policy
changes and said it already
takes a project’s environmental
footprint into consideration.
Under the National Gas Act,
commission members weigh a
project’s benefits to customers
who get more access to natural
noon 1 p.m. 2 3
politics and, most importantly,
the direction of monetary pol-
icy.”
Shares of big tech compa-
nies have been particularly
9 O I X X **** THE WALL STREET JOURNAL.
gotiators time to pass an omni-
bus spending bill to fund the
government through the re-
mainder of fiscal 2022.
Mr. Schumer waited until
Tuesday to begin the process
for bringing the spending bill
to the Senate floor, giving Re-
publicans an opening to de-
mand amendment votes in ex-
change for agreeing to vote
early on the spending bill.
“We’re not going to leave
until we get this done, and
we’re not going to let a few
outliers shut the government
down,” Mr. Schumer told re-
porters Thursday afternoon.
A shutdown would have
triggered furloughs for hun-
dreds of thousands of federal
workers, but critical functions
including military operations
and benefits payments would
have continued.
—Lindsay Wise
contributed to this article.
gas. But developers have to
prove that they made efforts to
eliminate or minimize any ad-
verse effects the project might
have on communities that lie in
a pipeline’s path.
Environmental and social-
justice groups led by the Natu-
ral Resources Defense Council
said the commission’s scrutiny
on climate considerations and
air quality isn’t strong enough.
Pipeline opponents have
pressured the commission to
revisit the policy as part of
their effort to transition the
U.S. energy infrastructure away
from fossil fuels and toward
more climate-friendly systems.
Most U.S. natural gas moved
through pipelines is burned, re-
leasing greenhouse gases.
The five-member commis-
sion regulates wholesale elec-
tricity markets, high-voltage
electricity transmission lines
and pipeline infrastructure. It
agreed to revisit its gas infra-
structure policy statement in
February 2021. The policy state-
ment guides the commission’s
decisions and can be reviewed
by judges when those decisions
are challenged in court.
sensitive to the prospect of
rising interest rates.
Fresh data showed that
weekly U.S. jobless claims, a
proxy for layoffs, came in at
248,000, up from the previous
week. Economists had ex-
pected claims to continue edg-
ing down, given the tight labor
market.
The yield on the benchmark
U.S. 10-year Treasury note
edged down to 1.972% from
2.044% Wednesday. Gold
prices rose 1.6% to $1,900.70 a
troy ounce.
In corporate news, Walmart
shares rose $5.35, or 4%, to
$138.88 after the retailer re-
ported a profit that beat esti-
mates and increased its divi-
4
dend. The country’s largest
retailer by sales indicated it
has been able to navigate
higher supply-chain and wage
costs, labor shortages and ris-
ing prices.
DoorDash shares surged
$10.14, or 11%, to $105.03 after
McCarthy
Endorses
Cheney
Challenger
BY NATALIE ANDREWS
AND LINDSAY WISE
House Minority Leader
Kevin McCarthy endorsed a
Republican challenger to in-
cumbent Rep. Liz Cheney of
Wyoming, a former member of
his leadership team, after
breaking with her over her
criticism of former President
Donald Trump.
Mr. McCarthy (R., Calif.)
said in a statement that he
was proud to endorse Ms.
Cheney’s opponent Harriet
Hageman.
Asked about the endorse-
ment, Ms. Cheney’s spokesman
Jeremy Adler said, “Wow, she
must be really desperate,” re-
ferring to Ms. Hageman.
In a statement, Ms. Hage-
man criticized Ms. Cheney for
“actively damaging the Repub-
lican Party.’’
It is unusual for a party
leader to back a primary oppo-
nent over an incumbent run-
ning for re-election. The
House seat in conservative
Wyoming is expected to stay
Republican, regardless of
which Republican wins the
primary. Mr. Trump has also
backed Ms. Hageman.
Ms. Cheney has clashed
with Mr. McCarthy and other
senior Republicans by pushing
back aggressively and publicly
on Mr. Trump’s false claims
that the 2020 election was
stolen from him. She was one
of 10 House Republicans who
voted to impeach Mr. Trump
after the Jan. 6, 2021, breach
of the Capitol by pro-Trump
rioters. House Republicans
ousted Ms. Cheney from party
leadership last year, in an ef-
fort to unify their conference
as the GOP works to win back
the House in the midterm
elections.
Her acceptance of an ap-
pointment by House Speaker
Nancy Pelosi (D., Calif.) to a
select committee investigating
the Jan. 6 attack has further
outraged many of her fellow
House Republicans.
Ms. Cheney has raised $7.1
million for the 2022 election
cycle, compared with Ms.
Hageman’s $745,382.
The contest has become a de
facto race between Trumpism,
which Ms. Hageman says she
represents, and the pre-Trump
Republican Party of which Ms.
Cheney speaks often.
JOSH GALEMORE/THE CASPER STAR-TRIBUNE/AP
JIM BOURG/PRESS POOL
Harriet Hageman, top, is
challenging Rep. Liz Cheney.
the food-delivery company re-
ported a jump in revenue. Pal-
antir Technologies declined
$2.20, or 16%, to $11.77 after
posting a wider loss.
Nvidia declined $20.04, or
7.6%, to $245.07 despite re-
porting record sales, making it
one of the worst performers in
the S&P 500. It said its auto-
motive segment saw a sharp
drop in revenue due to supply-
chain issues.
At 5 p.m. in New York, bit-
coin traded at $40,707.99,
down $3,382.91, or 7.7%, on the
day.
The dollar rose against the
euro but fell against the pound
and the yen.
Overseas, the pan-continen-
tal Stoxx Europe 600 fell 0.7%.
The selling continued early
Friday. Japan’s Nikkei 225,,
Hong Kong’s Hang Seng Index,
Australia’s S&P ASX 200 and
South Korea’s Kospi were each
down 0.5%. S&P 500 futures,
however, were up 0.5%.
THE WALL STREET JOURNAL.
U.S. NEWS
Trump Is Ordered to
Testify in New York
Civil-Fraud Probe
BY CORINNE RAMEY
AND DEANNA PAUL
A New York judge ruled
Thursday that Donald Trump
and two of his adult children
must testify under oath as
part of the New York attorney
general’s civil-fraud investiga-
tion into the former president
and his company.
The office of New York At-
torney General Letitia James
sent subpoenas in December
to Mr. Trump and two of his
adult children, Ivanka Trump
and Donald Trump Jr., seeking
testimony from all three, as
well as documents from the el-
der Mr. Trump.
State Supreme Court Justice
Arthur Engoron denied the
Trumps’ bid to block or delay
the subpoenas and ordered
them to appear for depositions
Ivanka Trump and
Donald Trump Jr.
must also comply
with subpoenas.
within three weeks. He ordered
Mr. Trump to hand over docu-
ments within two weeks.
“A State Attorney General
commences investigating a
business entity, uncovers copi-
ous evidence of possible finan-
cial fraud, and wants to ques-
tion, under oath, several of the
entities’ principals, including
its namesake,” Justice En-
goron wrote in the eight-page
ruling. “She has the clear right
to do so.”
The judge rejected the
Trumps’ argument that the
subpoenas would be used to
improperly gather evidence for
a separate criminal investiga-
tion by the Manhattan district
attorney. The civil probe, he
said, was spurred not by Ms.
James’s campaign promises, as
the Trumps had claimed, but by
“Since joining Peloton, I realized the
‘cult’ was a supportive community and
the ‘exercise fanatics’ were people of
all ages, income levels, and stages of
fitness. Simply put. It’s a family. I have
never met any of the instructors in real
life. I work out in my house, alone.
* *
previous congressional testi-
mony from former Trump law-
yer Michael Cohen.
The judge said it would
“have been a blatant derelic-
tion of duty” for the attorney
general not to investigate the
allegations or subpoena the
Trumps.
Ronald Fischetti, a lawyer
for the former president,
pledged to appeal. “This is a
case of first impression, and I
think we are going to win,”
Mr. Fischetti said.
Alan Futerfas, a lawyer for
Ivanka Trump and Donald
Trump Jr., also said his clients
would likely appeal.
“Today, justice prevailed,”
Ms. James said, adding “No
one is above the law.”
During oral arguments ear-
lier Thursday, Ms. James’s of-
fice urged Justice Engoron to
order the Trumps to comply,
saying it had uncovered evi-
dence during its nearly three-
year investigation that Mr.
Trump and his company
falsely valued assets to obtain
loans, insurance coverage and
tax deductions.
The Trumps have disputed
the allegations and accused
Ms. James of political motiva-
tions.
The judge said the “800-
pound gorilla in the room”
was that one of the subpoenas
was directed to the former
president of the U.S. “To me,
he’s a citizen,” said Justice En-
goron. “He’s a respondent.”
The judge suggested any of
the Trumps could just decline
to answer questions if called
in for a deposition. “Doesn’t
that give them all the protec-
tion that the law provides?”
he asked.
If Mr. Trump didn’t answer
questions during a deposition,
it could hurt him in a potential
criminal case, said Mr. Fisch-
etti. “It’ll be on every front
page of the newspaper in the
world, and how can I possibly
pick a jury in that case?” he
told the judge.
“A cult of elitist, exercise fanatics.”
I never feel alone.”
DESTRUCTION: A fire tore through the clubhouse at Oakland Hills Country Club in Bloomfield Township, Mich., on Thursday. The building,
constructed in 1922, contained memorabilia from many professional golf tournaments held at the course. No injuries were reported.
MISSOURI
U.S. Sues State Over
Gun-Rights Law
The U.S. government sued Mis-
souri over a state law that it says
invalidates federal firearms laws.
The Second Amendment
Preservation Act was signed into
law last year in Missouri, making
it illegal for state or local offi-
cials to cooperate with federal
officials to enforce orders, rules
or laws that go against the Sec-
ond Amendment, which protects
“the right of the people to keep
and bear arms.”
The law also says that any-
one who prevents Missourians
from utilizing their right to bear
arms will be liable for $50,000
in damages.
The Justice Department filed
the lawsuit Wednesday in the
U.S. District Court for the West-
ern District of Missouri Central
Division. Attorney General Mer-
rick Garland said the law im-
pedes criminal law-enforcement
operations in the state.
Missouri Attorney General
Eric Schmitt, a Republican, said
the Justice Department’s lawsuit
Jennifer
Florence, Nov 2018
Jennifer
Florence, Feb 2022
U.S. WATCH
was “another partisan lawsuit
that seeks to attack Missouri-
ans’ Second Amendment rights.”
—Allison Prang
WASHINGTON
FBI Unit to Go After
Illicit Cryptocurrencies
The Federal Bureau of Inves-
tigation is launching a unit dedi-
cated to tracking and seizing il-
licit cryptocurrencies as part of a
broader shift in focus toward
disruption of international crimi-
nal networks rather than just
their prosecution.
Deputy Attorney General Lisa
Monaco said Thursday that the
new team, called the Virtual As-
set Exploitation Unit, will cen-
tralize the law-enforcement
agency’s cryptocurrency exper-
tise and provide blockchain anal-
ysis, virtual asset seizure and
training to the rest of the FBI.
A February report issued by
blockchain analysis company
Chainalysis Inc. estimates that
around $11 billion in cryptocur-
rency holdings at the end of
2021 had illicit sources.
—James Rundle
Friday, February 18, 2022 | A5
NEW YORK
States, Opioid Maker Candidate Condemns
Still Haven’t Settled Release of Assailant
OxyContin maker Purdue
Pharma and a group of states
haven’t been able to agree on a
multibillion-dollar settlement of
lawsuits over the drug’s role in
the opioid crisis after more than
a month of mediation.
A mediator could call for still
more talks between the parties,
Purdue lawyer Marshall Huebner
said at a hearing Thursday.
At the hearing, conducted by
videoconference from his White
Plains, N.Y., courtroom, U.S.
Bankruptcy Judge Robert Drain
extended until March 3 legal
protections for the company and
its owners that had been set to
expire Thursday to allow more
time for a deal.
Purdue filed for bankruptcy
protection in 2019. Last year, law-
yers for local governments and
most states agreed to a deal to
settle all the claims against the
company. The attorneys general
for eight states and the District
of Columbia refused to sign on.
—Associated Press
DAVID GURALNICK/DETROIT NEWS/ASSOCIATED PRESS
LOUISVILLE, KY.
A mayoral candidate said
Thursday that he was “trauma-
tized” by the news that the man
charged with drawing a gun and
firing at him earlier this week
was placed on home incarceration.
Quintez Brown, 21, was ar-
rested and charged with at-
tempted murder shortly after
Monday’s shooting in Louisville.
The Democratic candidate, Craig
Greenberg, wasn’t shot but said
a bullet grazed his sweater.
“Our criminal justice system is
clearly broken. It is nearly impos-
sible to believe that someone
can attempt murder on Monday
and walk out of jail on Wednes-
day,” Mr. Greenberg said. “If
someone is struggling with a
mental illness and is in custody,
they should be evaluated and
treated in custody.”
A judge has ordered Mr.
Brown to have no contact with
Mr. Greenberg or his campaign
staff and said Mr. Brown can’t
possess firearms.
—Associated Press
A6 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

U.S. NEWS

Sweet Success:
Stolen Pickle
Mascot Found
Portland businesses missing on Jan. 31. Mr. Camp-
bell was flying home from a
offered rewards after baseball series in the Domini-
team’s 7-foot Dillon can Republic with Dillon, who
was stuffed in a black canvas
costume was snatched bag and checked in as luggage.
The bag didn’t make it on a
BY JOSEPH PISANI connecting flight from New
York to Portland.
A sour tale has a sweet end- A week later, Delta Air Lines
ing: Dillon The Pickle is back Inc. delivered the bag to the
home. team’s office, but it was
The 7-foot mascot costume snatched off the porch in the
for collegiate baseball team the early hours of Feb. 8. A pickle
Portland Pickles was returned hunt ensued.
after it had gone missing for “We looked in every back al-

PORTLAND PICKLES
two weeks. A man dropped it ley in southeast Portland that
off at a Voodoo Doughnut shop we could,” Mr. Campbell said.
in Portland, Ore., saying he “We looked in dumpsters.”
saw kids playing with the cos- The missing pickle drew
tume on a bus, according to widespread attention. Sports
the doughnut chain. mascots across the country Dillon The Pickle at Walker Stadium, home of the Portland Pickles, in 2018. The costume’s disappearance drew widespread attention.
The Dillon costume is intact tweeted about Dillon. Local
and in good shape, said Ross businesses offered rewards for an employee he had heard the Mr. Campbell. In a press release, the team about that,” said Mr. Campbell.
Campbell, the team’s general Dillon’s return, including free shop was giving a reward of a “I called Ross and asked him called the man who returned “I was just focused on getting
manager. It does smell like cig- meals or jars of pickles. Talk dozen free doughnuts for its if he was sitting down,” she the costume a “world hero.” Dillon.”
arette smoke and needs a thor- show host Kelly Ripa men- return, said Shaina Hill, Voo- said. Going forward, Mr. Camp- Over the years, Dillon had
ough cleaning, he said. tioned Dillon on her show. doo Doughnut’s marketing di- The team had a news con- bell said, tracking devices will traveled to Mexico, Monaco,
“He’s been through a lot the “Let’s bring that pickle rector. He didn’t ask for the re- ference at the Voodoo Dough- be hidden in the costume. Spain and other destinations
last couple of days,” Mr. Camp- home,” she said on Wednes- ward or leave his name. A nut shop where the mascot Still missing: Mr. Campbell’s without incident. His latest
bell said about Dillon. “We’re day’s episode of “Live with manager recognized Dillon in was returned. Dillon made an clothing and shoes that he mishap won’t keep him
just happy that everything Kelly and Ryan.” the bag and whisked it away to appearance, wearing his Port- wore in the Dominican Repub- grounded: Dillon is expected to
worked out. This is the ending A man walked into the Voo- Voodoo Doughnut’s corporate land Pickles uniform and hat. lic, which were stuffed in the head to Austin, Texas, next
that we all wanted.” doo Doughnut with the bag office. He waved at the media, but bag with Dillon. month to party at the SXSW
The costume first went Wednesday morning and told Ms. Hill broke the news to didn’t speak. “I couldn’t really care less Music Festival.

Americans games throughout the season

was strong. The company is
gearing up for attendance to
U.S. consumer sentiment is down, but so far it hasn't shown up in
how people are spending.
this year. “We’re really opti-
mistic about cross-border
travel rebounding and urban
evolved were really issues of
inconvenience,” he said last
week about the rapid spread

Splurge on surpass pre-pandemic levels Index of consumer Personal consumption travel rebounding,” Airbnb CEO of the Omicron variant and its
during the Major League Base- sentiment* expenditures† Brian Chesky told analysts on a effect on travel in the fourth
ball season, CEO John Zillmer 110 $17 trillion conference call Tuesday. quarter. “There were border

Experiences said last week.

“There is a lot of pent-up
demand for baseball. We think
100 16
The company has 25% more
nights booked for this summer
season than it did in 2019,
shutdowns, there were planes
out of service because pilots
and crew were sick, things of
it will perform well this year,” 90 15 CFO David Stephenson said. that nature, but there was far
Continued from Page One Mr. Zillmer told analysts, “We’re just seeing strong less consumer fear over trav-
“We’ve got really strong do- though he noted a successful 80 14 demand for travel. People are eling, and really, it was an is-
mestic demand,” CEO Bob season is contingent on the ready to travel this summer,” sue of the inconvenience of
70 13
Chapek told analysts. league resolving its months- he said. the health issues.”
Some venues are dropping long labor dispute with play- 60 12 Companies reported that Airlines recently reported
mask requirements and other ers before the season is sched- people are eating out at res- that despite a temporary set-
Covid-19 restrictions. Disney uled to begin. RECESSION taurants as restrictions are re- back with Omicron’s spread,
50 11
said that as of Thursday, There are signs that people moved and daily Covid-19 demand for air travel in the
2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 2015 ’16 ’17 ’18 ’19 ’20 ’21
masks are now optional for could begin to ease up on cases fall. PepsiCo Inc. CEO U.S. remains strong.
*1966 = 100 †Seasonally adjusted annual rate
fully vaccinated visitors at Dis- spending in the coming Sources: University of Michigan (sentiment); Commerce Department via St. Louis
Ramon Laguarta said that “We don’t view demand as
ney’s outdoor and indoor loca- months. Fed (consumption) while at-home consumption anything more than delayed—
tions, except for enclosed The University of Michi- has remained high, business at we don’t think it’s dimin-
transportation. gan’s consumer sentiment in- Fla., said he and his husband, dance of key conferences like restaurants is accelerating. ished,” American Airlines
Earlier this week, organiz- dex hit its lowest level in a de- a pet store manager, are on the CES tech conference in Coca-Cola’s volume of sales Group Inc. President Robert
ers for the 2022 Stagecoach cade during the first weeks of their first big vacation in six January was hurt by the Omi- at its away-from-home busi- Isom, who will take the reins
Festival said they would no February amid a historic rate years, a seven-night cruise cron variant, but after a short ness surpassed 2019 levels in as chief executive in March,
longer require negative of inflation. into the Caribbean with Royal drop, the company’s forward the latest quarter for the first told analysts last month.
Covid-19 tests or proof of vac- But consumers’ feelings Caribbean Cruises Ltd. hotel bookings are back above time since the pandemic Alaska Air Group Inc. said it
cination from attendees, and about their financial situation “Being able to work pre-pandemic levels. And started, the company said last expects to be at pre-pandemic
the organizers of the haven’t matched their strong through the pandemic made us MGM’s 65-and-over crowd has week. capacity by the summer. “I
Coachella Valley Music and level of spending throughout feel we could afford a real va- now reached pre-pandemic The hassles involved in know there’s inflation wor-
Arts Festival said they won’t the pandemic, and there is lit- cation. We are planning on levels in terms of room nights, traveling right now, rather ries,“ Alaska Air Group Chief
require masks, vaccinations or tle sign of the gap closing, ac- booking the next cruise while CFO Jonathan Halkyard said. than fear of falling ill, are Commercial Officer Andrew
negative tests at the event. cording to Robert Frick, cor- we’re on this one,” he said, The company said it sees more weighing on the demand for Harrison said last month. “But
Aramark, which helps run porate economist at Navy adding that they would like to domestic visitors coming in travel, according to Expedia it didn’t have the dampening
sports stadiums and other ma- Federal Credit Union. take another cruise before the the year ahead. Group Inc. CEO Peter Kern. effect on the economy of de-
jor venues, said attendance at Travis Berninger, a 31-year- end of 2022. Airbnb Inc. said it expects “What we observed most mand that we may have origi-
National Football League old pharmacist from Orlando, MGM Resorts said atten- international travel to pick up notably is that the issues that nally feared.”

Tesla Takes man in addition to agreeing to

the Twitter policy. But he con-
tinued to antagonize the SEC,
Musk Tweet Compared
Aim at tweeting in July 2020: “SEC,
three letter acronym, middle
word is Elon’s.”
Justin Trudeau, Hitler
Regulators Mr. Spiro’s letter suggests
that Tesla and Mr. Musk regret
settling and agreeing to the
BY OMAR ABDEL-BAQUI suffered, were humiliated, tor-
tured & murdered by the total-
social-media oversight policy, Elon Musk tweeted and itarian regime of Nazi Ger-
Continued from Page One which Judge Nathan approved. later deleted a meme compar- many created by him is sad &
The SEC typically distrib- The judge, not the SEC, should ing Canadian Prime Minister disturbing,” the Auschwitz
utes 80% of the funds available determine whether Mr. Musk Justin Trudeau to Adolf Hitler. Memorial wrote on Twitter. “It
in a case to shareholders and Tesla violated the policy The Tesla Inc. chief execu- disrespects the memory of all
within two years of the distri- or other terms of the settle- tive’s tweet came in response victims & hurts many people.”
bution plan being approved, ment, according to Mr. Spiro. to a CoinDesk article about the Mr. Musk’s now-deleted
according to the latest SEC an- The letter alleges there are Canadian government sanc- tweet wasn’t the first time he
MIGUEL ROBERTS/THE BROWNSVILLE HERALD/ASSOCIATED PRESS

nual report. serial investigations, including tioning dozens of cryptocur- posted something that refer-
“The SEC seems to be tar- one instance of the SEC closing rency wallets tied to funding enced Hitler. In January, he
geting Mr. Musk and Tesla for one probe only to open a new trucker protests in the coun- tweeted a photo that appears
unrelenting investigation one at almost the same time. try. to look like a book cover with
largely because Mr. Musk re- The company decided to re- Mr. Musk, the world’s rich- an illustration of Hitler that
mains an outspoken critic of solve the lawsuit because it est person, tweeted a meme of said, “Everyone I Don’t Like is
the government,” attorney believed that fine money the Nazi leader with text that Hitler…A child’s guide to on-
Alex Spiro wrote in the letter would go to Tesla sharehold- said, “Stop comparing me to line political discussion.”
to Judge Nathan. ers, it said. Justin Trudeau. I had a bud- In 2018, Mr. Musk tweeted
Mr. Musk frequently ridi- “When Mr. Musk and Tesla get.” a scene from the 2004 film
cules government officials de- agreed to the consent decrees Tesla didn’t respond to a “Downfall” in which Hitler
spite his need to work with in 2018, Tesla was a less ma- request for comment. A repre- goes on an angry tirade. The
regulators who play a role ture company,” Mr. Spiro sentative for Mr. Trudeau scene had subtitles changed so
overseeing both Tesla and wrote. “Mr. Musk and Tesla didn’t respond to a request for that it portrayed Hitler talking
SpaceX, the rocket company he understood that settling with comment. about Tesla. “Dang, turns out
founded. He has taken aim at the SEC would at last end the Responding to the since-de- even Hitler was shorting Tesla
the SEC, highway safety regu- SEC’s harassment and, impor- leted tweet, the American stock,” Mr. Musk tweeted. He
lators and the Federal Aviation Elon Musk frequently ridicules government officials. tantly, make this court, and Jewish Committee condemned has a history of taking aim at
Administration, whose space not the SEC alone, the monitor Mr. Musk and demanded an investors that bet on Tesla’s
division he has called “funda- Judge Nathan previously public company on a day-to- over any perceived compliance apology. “He must stop this stock falling.
mentally broken.” Mr. Musk declined to do that in 2019 day basis.” issues going forward.” unacceptable behavior,” the Mr. Musk has previously
has also criticized public poli- when the SEC told her that Mr. An SEC spokesman declined The letter isn’t the first in- group said in a statement. criticized government health
cies such as financial incen- Musk should be held in con- to comment. dication of friction over how “Musk may believe posting a policies regarding the Covid-19
tives to spur electric-vehicle tempt over tweets that vio- Mr. Musk landed in trouble Mr. Musk and Tesla follow the meme comparing Justin vaccine. Early in the pan-
adoption. lated the rules. The judge told in 2018 over a tweet that said social-media policy. SEC attor- Trudeau to a genocidal dicta- demic, as governments im-
The SEC will have to re- the two sides to “put their rea- he had “funding secured” to neys informed Tesla in 2020 tor who exterminated millions posed measures to stem the
spond to Tesla’s letter but “has sonableness pants on” and find take Tesla private at $420 a that Mr. Musk’s use of Twitter is an appropriate way to criti- spread of Covid-19, he said:
every reason to keep pursuing a way to settle the dispute. share. The SEC alleged that had twice violated the preap- cize policies he disagrees with. “Give people back their god-
him,” said Adam Pritchard, a “At some point the court Mr. Musk had never discussed proval policy, The Wall Street It is not. It never is. Musk damn freedom.”
law professor at the University may say, ‘this was a mistake. such a going-private deal and Journal reported last year. must apologize and find other He has since said he is in
of Michigan who specializes in We should not have done this that his statement, which Of concern were tweets in- ways to voice his displeasure.” favor of people taking the vac-
securities regulation. because the parties are unable caused Tesla’s stock to sky- cluding a May 1, 2020, post in The Auschwitz Memorial cines, though he says he is op-
Regulators could ask Judge to agree on whether the terms rocket, constituted fraud. which Mr. Musk said, “Tesla’s also responded to Mr. Musk’s posed to vaccine mandates. He
Nathan to find that Mr. Musk of the order are being satis- Mr. Musk and Tesla settled stock price is too high imo,” tweet in condemnation. has also expressed support for
violated the agreement and fied,’” Mr. Pritchard said. “The the SEC lawsuit by each agree- using an abbreviation for “in “Using the image of Adolf the truckers in Canada who
seek sanctions until he com- court cannot be in the business ing to pay $20 million, and Mr. my opinion.” Tesla’s shares fell Hitler & therefore exploiting have been protesting against
plies, Mr. Pritchard said. of supervising this officer of a Musk stepped down as chair- after that tweet. the tragedy of all people who vaccine mandates.
THE WALL STREET JOURNAL.
Blinken Challenges Russia Over Ukraine
Secretary of State
urges commitment to
not invade, plans a
last-ditch meeting
WASHINGTON—Secretary
of State Antony Blinken
warned of a looming Russian
offensive against Ukraine and
proposed a last-ditch diplo-
matic meeting with his Rus-
sian counterpart next week
that he said could lead to a
summit of key leaders.
By William Mauldin,
Michael R. Gordon
and Courtney McBride
Mr. Blinken spoke at a
United Nations Security Coun-
cil meeting Thursday, hours af-
ter Russia told the U.S. in a
formal document that it might
resort to “military-technical
measures” if it didn’t receive
legally binding security assur-
ances.
Russia said it had expelled
the No. 2 U.S. diplomat at the
embassy in Moscow. The State
Department on Thursday said
Deputy Chief of Mission Bart
Gorman had departed Russia
last week, and it said it was
weighing a response.
The Kremlin has been seek-
ing a formal guarantee that the
North Atlantic Treaty Organi-
zation will never admit
Ukraine and other former So-
viet states as members and
will roll back troop deploy-
ments on the eastern flank of
alliance members to the status
quo in 1997, before the alliance
admitted Eastern and Central
European states.
The U.S. and NATO have
said that membership in the
alliance will remain open to
any country that can meet its
criteria for inclusion. The Bi-
den administration has also of-
fered to conclude an agree-
ment that would ban the
deployment of offensive mis-
siles and the permanent sta-
tioning of combat troops in
Ukraine if Russia would agree
to similar steps.
“This is a moment of peril
“It has been a life changer, a connection
maker, a mindset shifter, a saving grace.
I have transformed myself from the
inside out while making lifelong friends.
didn’t think existed. Every preconceived
squashed, and Peloton has proven to
be the best investment I could have
* * * *
U.S. Secretary of State Antony Blinken tells the United Nations Security Council that he has proposed further meetings to de-escalate
the Russia-Ukraine crisis. Below, members of a joint committee survey a crater from an artillery shell that landed near a Ukrainian school.
for the lives and safety of mil-
lions of people, as well as for
the foundation of the United
Nations charter and the rules-
based international order that
preserves stability world-
wide,” Mr. Blinken said.
Mr. Blinken said he had in-
vited Russian Foreign Minister
Sergei Lavrov to meet next
week in Europe, and proposed
further meetings of the NATO-
Russia Council, a forum for
talks between the alliance and
Moscow, as well as the Organi-
zation for Security and Coop-
eration in Europe, a grouping
that includes both Russia and
Ukraine.
“These meetings can pave
the way for a summit of key
leaders, in the context of de-
escalation, to reach under-
standings on our mutual secu-
rity concerns,” Mr. Blinken
added.
Afterward, State Depart-
ment spokesman Ned Price
said Messrs. Blinken and Lav-
“It’s an investment worth nothing.”
I have made time for myself that I
notion and skepticism I had was
possibly made.”
WORLD NEWS
rov would meet late next week,
“provided there is no further
Russian invasion of Ukraine.”
“If they do invade in the
coming days, it will make clear
they were never serious about
diplomacy,” Mr. Price said in a
statement.
Russia, which is presiding
over the Security Council this
month, used the forum to sub-
Gretchen
Conshohocken, Mar 2019
Gretchen
Conshohocken, Feb 2022
mit a report accusing Ukraine
of pursuing the “genocide of
the Russian-speaking popula-
tion of Donbas.”
Russian Deputy Foreign
Minister Sergei Vershinin dis-
puted that Russia is preparing
to invade Ukraine. “The day
before yesterday, some of the
units, after their exercises,
were returning to their home
Friday, February 18, 2022 | A7
ing to a security meeting in
Munich, repeated U.S. concerns
that Russia could fabricate a
provocation that it could use
as a pretext for a military at-
tack that could take place “in
the coming days.”
Facing Mr. Vershinin across
the Security Council table, Mr.
Blinken challenged Moscow to
commit to de-escalation.
FROM TOP: JUSTIN LANE/EPA/SHUTTERSTOCK; VADIM GHIRDA/ASSOCIATED PRESS
“State it clearly, state it
plainly to the world, and then
demonstrate it by sending
your troops, your tanks, your
planes back to their barracks
and hangars and sending your
diplomats to the negotiating
table,” Mr. Blinken said.
Russia billed the U.N. meet-
ing as an annual review of the
Minsk agreements, a pair of
deals that sought to bring an
end to fighting between
Ukraine and Russia-backed
separatists in Donbas.
Yet on Wednesday, Russia
passed a report about the al-
leged crimes committed by the
Ukrainian military to Secre-
tary-General António Guterres,
who circulated it to Security
Council members, a spokesman
for Mr. Guterres said.
A senior U.S. official ac-
bases in Russia,” Mr. Vershinin cused Russia of spreading dis-
said. information and said the plan-
Russian forces near Ukraine ning for Thursday’s meeting is
include well-trained ground “part of a larger picture” that
troops, warplanes, surface-to- suggests Russia could be fabri-
surface missiles and amphibi- cating a pretext for deeper in-
ous vessels in the Black Sea. volvement in eastern Ukraine.
Defense Secretary Lloyd Kyiv dismissed the allega-
Austin said at NATO headquar- tions of war crimes. “Russia
ters on Thursday that Russia’s pulled another propaganda ace
military preparations were up its sleeve, blaming Ukraine
moving ahead. “We see them for ‘genocide’ in the occupied
fly in more combat and sup- territories,” said Ukraine’s am-
port aircraft. We see them bassador to the U.N., Sergiy
sharpen their readiness in the Kyslytsya.
Black Sea,” Mr. Austin said. “These are fake and irre-
“We even see them stocking up sponsible allegations by Russia
their blood supplies.” at hiding its responsibility for
“I was a soldier myself not the occupation of the Ukrai-
that long ago,” added Mr. Aus- nian territories and subse-
tin, a retired Army general. “I quent human-rights violations
know firsthand that you don’t there,” Mr. Kyslytsya said.
do these sorts of things for no Mr. Blinken said a Russian
reason. And you certainly attack could follow a manufac-
don’t do them if you’re getting tured pretext in the form of a
ready to pack up and go terrorist bombing on Russian
home.” territory, a staged chemical-
Mr. Blinken, who addressed weapons attack or another sce-
the Security Council before fly- nario.
A8 | Friday, February 18, 2022
Biden Relies on Allies
After Early Missteps
BY KEN THOMAS
AND GORDON LUBOLD
WASHINGTON—President
Biden’s response to Russia’s
military aggression along the
border with Ukraine is testing
whether his career-long reli-
ance on alliance-building can
help avert a potential catas-
trophe in Europe, and so far
he has avoided the diplomatic
mistakes that dogged his first
year in office.
Mr. Biden has deployed U.S.
troops to strengthen America’s
defense of NATO nations and
stepped up intelligence-shar-
ing about Russia’s activities
near Ukraine to keep European
allies on board with his strat-
egy of threatening severe eco-
nomic sanctions on Moscow in
the event of an invasion. Rus-
sia has kept in place a force
estimated to be as much as
150,000, and expelled the No.
2 U.S. diplomat from Moscow.
Mr. Biden on Thursday said
the threat of an invasion was
very high, though he remained
hopeful that a diplomatic
pathway still existed.
European officials have
praised Mr. Biden’s approach, a
In War, Ukrainian Women Would Be on Front Lines
BY MATTHEW LUXMOORE
KYIV, Ukraine—Iryna Rybak-
ova, a former public-relations
manager at Transparency Inter-
national who serves as a junior
sergeant in the Ukrainian
armed forces, is preparing for a
possible Russian invasion at her
military base in east Ukraine.
Ms. Rybakova, 37 years old,
spent December on the front
lines of Ukraine’s conflict with
Russian-backed forces and was
due to attend a veterans’ fel-
lowship in the U.S. alongside
other Ukrainian women. Now,
she and others have been
called back to their bases for
emergency drills aimed at
staving off a Russian advance.
“Enemy aggression is making
us more united,” she said of the
Russian buildup on Ukraine’s
borders, which is estimated to
number 150,000 troops. “Every
one of us is ready.”
Ms. Rybakova is one of
some 32,000 women serving in
Ukraine’s military. In the eight
years since the pro-Russian in-
surgency in Ukraine’s east
sparked a military conflict and
prompted a rejuvenation of the
country’s decrepit army, the
role of women has undergone
a sea change. While previously
there had been formal limits
on what they could do, women
now serve in a variety of com-
bat roles, accounting for some
15% of total military personnel.
Their number could soon
grow. In December, Kyiv issued
a decree requiring able-bodied
women working in a range of
professions and between the
Violence
Escalates
On Border
Continued from Page One
fort to justify military action
against Kyiv.
Russia also said it had ex-
pelled the No. 2 diplomat at
the U.S. Embassy in Moscow,
and the State Department said
it was weighing a response.
“Every indication we have
is they’re prepared to go into
Ukraine,” Mr. Biden, a Demo-
crat, said at the White House.
“My sense is this will happen
within the next several days.”
In Ukrainian-held towns of
the Donbas region on Thurs-
day, a kindergarten and a
school were hit by mortar
shells fired by Russian-backed
forces, the Ukrainian army and
local residents said. Authori-
ties in Russian-controlled ar-
eas said mortar attacks had
also damaged several buildings
there. No fatalities were re-
ported on either side.
President Volodymyr Zel-
ensky of Ukraine, who was vis-
iting front-line troops in the
Donbas, described the damage
to the kindergarten, which res-
idents said had 20 children in-
side during the attack, as a
“big provocation” by pro-Rus-
sian forces. The U.S. Embassy
change from last year, when
they faulted the administra-
tion’s chaotic handling of the
withdrawal of U.S. troops from
Afghanistan. Mr. Biden also
struck a submarine deal with
Australia and the U.K. that in-
furiated France, causing a rift
that took months to repair.
The administration has
sought to keep Russian Presi-
dent Vladimir Putin off-bal-
ance, releasing information
about potential Russian mili-
European officials
last year criticized
the president’s
Afghan withdrawal.
tary tactics, troop movements
and even suspected invasion
plans. The administration has
scrambled to bolster military
aid to Kyiv, while taking pains
to say no U.S. troops would
enter Ukraine.
Mr. Biden has said he would
use economic sanctions
against Russia to “put intense
Andriana Susak, a junior sergeant, donned a black balaclava to hide her gender during an operation to retake a Ukrainian town in 2014.
ages of 18 and 60 to register for
the draft and be ready for mobi-
lization if full-scale war erupts.
Broader access to combat
roles for women follows a pat-
tern seen in many Western na-
tions, but reflects the danger-
ous reality of Ukraine’s
standoff with Russia.
“When you open up military
service to women, it’s like say-
ing times are really desperate:
Even the women have to fight,”
said Jenny Mathers, a senior
in Ukraine condemned the kin-
dergarten strike as a “heinous
Russian violation” of cease-
fire agreements that “again
demonstrates Russia’s disre-
gard for Ukrainian civilians on
both sides of the conflict.”
Pro-Russian authorities in
the Donbas accused Kyiv of
staging the kindergarten at-
tack. In Moscow, Kremlin
spokesman Dmitry Peskov was
quoted by Russian state news
agency TASS blaming Kyiv for
increasing tensions. “It’s clear
that the situation in the Don-
bas is ramping up,” he was
quoted as saying. “The situa-
tion at the borders of Russia
may ignite at any moment.”
Russia has amassed more
than 150,000 troops along
Ukraine’s borders, according
to U.S. estimates. Moscow said
it has begun pulling back these
troops, but Western officials
said a Russian buildup contin-
ues and that Moscow has the
forces it would need for an in-
vasion. Russia has denied it
intends to attack.
Ukraine, whose president
comes from a Russian-speaking
family, has denied it discrimi-
nates against its Russian-
speaking citizens and has
blamed Moscow for igniting
the Donbas conflict that has
killed some 14,000 people since
2014 and forced millions of
residents to flee to other parts
of Ukraine, Russia or the West.
“Reports of alleged abnor-
mal military activity by
Ukraine in Donbas are a bla-
WORLD NEWS
pressure on their largest and
most significant financial in-
stitutions and key industries”
if Mr. Putin attacks Ukraine.
Senate Minority Leader
Mitch McConnell (R., Ky.) and
other Republicans have urged
Mr. Biden to impose pre-emp-
tive sanctions ahead of any inva-
sion, saying the administration
has the ability to act quickly.
The administration says that
wouldn’t serve as a deterrent.
“He was right to emphasize
that the world will not shrug or
stand idly by if Vladimir Putin
tries to invade his neighbor,”
Mr. McConnell said Wednesday
in response to remarks Mr. Bi-
den made Tuesday.
After failing to reach an
agreement on sanctions, sena-
tors passed a bipartisan resolu-
tion by voice vote Thursday, en-
couraging unity among North
Atlantic Treaty Organization al-
lies and stating support for im-
posing “significant costs” on
Russia should an invasion occur.
Senate Majority Leader
Chuck Schumer (D., N.Y.) said
the resolution sends a mes-
sage to Mr. Putin that the Sen-
ate and both parties “are
united in defending Ukraine in
lecturer at Aberystwyth Univer-
sity in Wales who studies gen-
der and war. “That’s a psycho-
logical and symbolic change.”
As U.S. officials say a Rus-
sian invasion could come within
days, Ukraine’s female troops
are set to play a key role in the
nation’s defense, be it in the
regular military or the new ter-
ritorial defense units staffed by
part-time soldiers. After eight
years of conflict, they say they
are more prepared than ever.
Controlled by or allied to Russia
Kharkiv
KHARKIV
DONETSK
DNIPROPETROVSK
Area of detail
Kyiv
UKRAINE
CRIMEA
Source: Organization for Security and Co-operation in Europe
tant attempt by the Russian
government to fabricate pre-
texts for invasion,” said U.K.
Foreign Secretary Liz Truss,
who visited Kyiv on Thursday.
“This is straight out of the
Kremlin playbook.”
Foreign Minister Sergei
Lavrov of Russia denied that,
saying: “Attempts to shift all
the blame for what is happen-
ing around Ukraine onto Rus-
sia will not succeed.”
At the U.N. Security Coun-
cil, U.S. Secretary of State Ant-
ony Blinken warned of a loom-
ing Russian offensive against
Ukraine and proposed a last-
President Biden spoke with the press Thursday at the White House about the situation in Ukraine.
the ways that the administra-
tion sees fit.”
Mr. Biden arrived at the
White House more than a year
ago determined to reset rela-
tions with America’s allies fol-
lowing former President Don-
ald Trump’s more strained
relationship with allies such as
Germany and France.
Yet some allies, including the
U.K., expressed dismay that Mr.
Biden made a unilateral decision
to leave Afghanistan last year,
and the ensuing withdrawal left
many angry at the U.S. Some of-
ficials have said the instinct by
the Biden administration to
share intelligence and informa-
tion with them about Ukraine
“On the front line, it makes
no difference if you’re a man or
a woman,” said Oksana Kuzma,
a soldier with a rank equiva-
lent to private first class.
Female combatants such as
Ms. Kuzma, who said she spent
four years as the only woman
in her unit, have played a vital
role in Ukraine’s conflict with
Russian-backed forces that
seized parts of the eastern
Donbas region in 2014. Thou-
sands mobilized when the
RUSSIA
Severodonetsk
LUHANSK
Slovyansk
Luhansk
DONBAS
Donetsk
50 miles
Sea of
Azov 50 km
ditch diplomatic meeting with
his Russian counterpart next
week that could lead to a sum-
mit of key leaders. State De-
partment spokesman Ned Price
said later Thursday that Messrs.
Blinken and Lavrov would meet
in Europe late next week, “pro-
vided there is no further Rus-
sian invasion of Ukraine.”
Exchanges between Ukrai-
nian forces and Russian-armed
fighters in the Donetsk and
Luhansk regions of Donbas
have occurred regularly in the
years since conflict began
there in 2014, despite a cease-
fire agreed to a year later.
* *** THE WALL STREET JOURNAL.
PATRICK SEMANSKY/ASSOCIATED PRESS
was in contrast to the period tus as the U.S.’s closest ally in
leading up to the decision to Europe. On Wednesday, the
leave Afghanistan. European of- government said it was dou-
ficials also say they appreciate bling the number of personnel
that the Biden administration in Estonia starting on Wednes-
has reached out to European day—joining the U.S. in bol-
Union officials in Brussels, as stering defenses in nearby
well as to the national capitals. NATO countries—and sending
In recent days, Mr. Biden has additional military equipment.
held calls with French President Mr. Biden’s decision to de-
Emmanuel Macron, British classify information about Rus-
Prime Minister Boris Johnson sia’s potential use of fake
and German Chancellor Olaf Ukrainian provocations and
Scholz, who met with Mr. Putin disinformation to justify an at-
on Tuesday in Moscow. The tack, and the movement of Rus-
president spoke with Mr. Putin sian troops, has been an impor-
last weekend, warning of “swift tant element of the
and severe costs” of an invasion. administration’s attempt to
Britain has used the tension prevent an invasion, said White
with Russia to reaffirm its sta- House officials.
mission to fight. By the time
she returned home to western
Ukraine a year later, she was a
battle-hardened veteran. But
in documents issued by the
Ukrainian military after her
service ended, she was listed
as a seamstress.
After a tentative cease-fire
in Donbas in 2015, a few of the
women who served there were
celebrated nationwide and fea-
tured on billboards branding
them “heroes of Ukraine.”
Most were treated as curiosi-
ties among a broader pool of
war veterans complaining of
paltry state support.
ARTHUR BONDAR FOR THE WALL STREET JOURNAL
It wasn’t until 2017, after a
three-year battle waged by
women’s veterans movements,
that the Ukrainian armed forces
allowed women to officially en-
list in 62 combat positions. Un-
til then, soldiers like Ms. Susak
formed what they call an “in-
visible battalion”—vital to the
country’s war effort but over-
looked by its military elite.
“If a woman goes to war and
makes a military career for her-
self while her child is at school,
some idiot will invariably tell
Ukrainian military was weak the child his mother abandoned
and needed all the help it could him, a neighbor will describe
get. They served as assault her as a failed mother, or her
troops, combat medics and lonely husband will be ridiculed
snipers, and bolstered the war as being under the thumb,”
effort as civilian volunteers said Kateryna Pryimak, a 28-
bringing supplies to the front. year-old who served as a para-
Andriana Susak, a junior medic on the front line in 2014.
sergeant, said she donned a Thanks to lobbying by the
black balaclava to hide her veteran movement that Ms.
gender during an operation to Pryimak co-founded, women are
retake the Ukrainian town of now admitted as fully fledged
Shchastia in 2014, after com- students at military academies
manders had refused her per- where they train to be officers.
Shelling on Thursday in
Stanytsia Luhanska, a town in
the east of the Ukrainian-con-
the Luhansk People’s Militia,
the military force of the Rus-
sian-backed Luhansk statelet,
trolled Luhansk region just
across the bridge from the re-
gion’s Russian-held capital
said Kyiv manufactured the at-
tack on the kindergarten.
In Luhansk city, seven resi-
Stanytsia
Luhanska
city, Luhansk, was the worst
since 2015, said local entrepre-
neur Aleksey Chernikov.
dential buildings as well as a
gas pipeline and power line
were damaged by shelling from
“Many locals are in panic, Ukrainian-controlled areas, au-
some are trying to flee, others thorities there said. There was
are trying to hide,” he said. no independent confirmation.
Power was knocked out by the Usually, the Organization
shelling but then returned, he for Security and Cooperation
said. Shelling resumed Thurs- in Europe monitors document
day night, with impact near a cease-fire violations in the
post office, he said. Donbas. That work has be-
A shell hit the local kinder- come more challenging after
garten just after 9 a.m., Stany- the U.S. and the U.K. pulled
tsia Luhanska residents said. their staff from the mission in
Some 20 children were in a recent days amid fears of inva-
corridor in a different part of sion. Mr. Zelensky said that
the building at the time, all the recent uptick in violence
dressed up and ready for a showed the need for these
walk, and weren’t hurt, said monitors to return.
Ekaterina Artemova, a local Officials in Kyiv and the
nongovernment-organization West have warned for weeks
worker who visited the scene. that Moscow could use fighting
Three kindergarten staff in the Donbas as a reason to in-
were treated for concussions, vade. Russia has distributed
officials said. Images shared by passports to residents of Rus-
local residents showed a recre- sian-controlled areas of Do-
ation room with a gaping hole netsk and Luhansk, and said it
in a brick wall. is now duty-bound to protect
In another town along the its citizens there. The Russian
front line, Vrubivka, a shell parliament voted this week to
Thursday morning hit the urge President Vladimir Putin
courtyard of an elementary of Russia to recognize the Rus-
school, according to local resi- sian-created Donetsk and Lu-
dents reached by phone. “All hansk “people’s republics” as
the children were terrified, cry- independent states.
ing and screaming,” said Olena —Michael R. Gordon,
Makarenko, the grandmother Courtney McBride and Vivian
of a first-grader at the school. Salama in Washington
Yan Leshchenko, head of contributed to this article.
 THE WALL STREET JOURNAL.
Hong Kong Weighs
Citywide Covid Tests
BY NATASHA KHAN
AND KEITH ZHAI
HONG KONG—Officials are
considering citywide coronavi-
rus testing in Hong Kong,
adopting a strategy used in
mainland China after Beijing
demanded more be done to
control an Omicron surge that
has quickly overrun the city’s
health system.
Under the plan, all 7.4 mil-
lion residents would be tested
from early March with Chinese
authorities sending health ex-
perts and medical workers to
help carry out the mammoth
task, people familiar with the
matter said.
Some tests would be sent
across the border to Shenzhen
for results to be processed
quickly, one person said.
A day after Chinese leader
Xi Jinping called on the city to
bring the outbreak to heel,
mainland authorities have be-
gun stepping up plans to send
help to the city.
Hong Kong has quickly be-
come the center of the worst
outbreak in Chinese territory
since the coronavirus emerged
in Wuhan more than two years
ago, presenting a major test
for the country’s so-called dy-
namic clearing policy, which
aims to eliminate clusters
whenever they appear.
While such plans have been
successful in containing out-
breaks on the mainland, local
health experts said Hong Kong
ANTHONY KWAN/GETTY IMAGES
A Covid-19 testing site at a residential building was busy Thursday.
“The Peloton content is killer!
The instructors are in a league
of their own, and I always feel
like I’m getting an amazing
workout… whether that’s a ride,
boot camp, outdoor run, core
* * * * *
faced several obstacles, includ-
ing a spiraling number of in-
fections.
They questioned how effec-
tive it would be without a si-
multaneous lockdown to slow
the virus’s spread.
Some called on officials to
relax a policy that has re-
quired anyone who tests posi-
tive to be isolated in commu-
nity facilities even if they are
asymptomatic or show mild
symptoms, and allow people to
quarantine at home instead.
The policy has led to bottle-
necks for those who really
need care.
The number of patients in
critical condition was 16 on
Wednesday, according to offi-
cial figures, out of more than
4,600 people in hospital or
isolation.
Scenes of patients on gur-
neys and in tents in lots out-
side overflowing hospitals,
however, showed the city’s
health system is unable to
cope with the numbers of pa-
tients seeking treatment.
Officials have struggled to
keep track of rising infections
that are doubling every few
days and hit more than 6,000
daily cases on Thursday, a re-
cord for the city.
The city’s chief executive,
Carrie Lam, said the govern-
ment was still formulating
plans, and that testing the en-
tire population was an action
that would involve a host of
logistical considerations.
“I’m an outdoor runner.”
workout… all of it.”
WORLD NEWS
Police in Ottawa carried a man away Thursday as officers began arresting protesters who have blockaded the streets of Canada’s capital.
Ottawa Police Start Arresting Protesters
BY KIM MACKRAEL
AND PAUL VIEIRA
OTTAWA—Police began ar-
rests of people protesting
against Covid-19 mandates, in-
cluding two organizers, after
promising imminent action to
remove a weekslong encamp-
ment from the streets of Can-
ada’s capital city.
The arrests Thursday eve-
ning came after multiple
warnings from police to those
involved in the blockade—
known as the Freedom Convoy
and now in its third week—
that they would face severe
penalties if they didn’t leave
the area voluntarily. Two of
the protest group’s organizers,
Chris Barber and Tamara Lich,
were among those arrested.
A lawyer for the group, Keith
Wilson, said Mr. Barber was ar-
rested on allegations that in-
cluded counseling to commit
mischief and obstruction of jus-
tice. Ms. Lich was charged with
counseling mischief, he said.
Mr. Barber and Ms. Lich were
two of the high-profile public
faces of the protest group. They
often posted video messages on
Marc
Manasquan, June 2020
Marc
Manasquan, Feb 2022
social media, urging protesters
to keep their resolve.
Ottawa police declined to
comment on the arrests of Mr.
Barber and Ms. Lich. A repre-
sentative said it didn’t have a
number for total arrests re-
lated to the protest.
On Thursday evening, after
the arrests began, hundreds of
protesters remained in the en-
campment area. Some waved
Canadian flags attached to
hockey sticks, while others
dropped by food tents, where
people were cooking meals of
chicken and rice and grilling
hamburger patties. One group
built a snowman.
Police on Thursday also set
up almost 100 checkpoints in
downtown Ottawa, with the
goal of preventing people from
entering the core to join the
encampment, and continued
handing out fliers to protest-
ers warning them to leave the
area. They also installed addi-
tional fencing near Parliament
Hill and concrete barriers in
some areas of the city and
blocked off exits from the
main highway into the city’s
downtown core.
Friday, February 18, 2022 | A9
The blockade had fueled
further frustration for Ottawa
residents who are fed up with
the noise and clogged traffic
downtown.
Steve Bell, the city’s interim
police chief, told a news con-
ference that “I can tell you it
will be a very different picture
in the downtown core this
Those arrested
include two of the
public faces of the
protest group.
weekend than it has been in
the previous three weekends.”
The increased police pres-
ence is meant to signal that
“we are at the end of this pro-
test,” Chief Bell said. “We will
take what action we need to
deliberately, safely, lawfully
end these demonstrations.”
Many of the officers arrived
on city buses and wore bright
yellow vests on top of their
uniforms. Police walked di-
SHANNON STAPLETON/REUTERS
rectly through the encampment
in groups of about a dozen.
Stephen Pender-Ness, a pro-
tester, said earlier Thursday
he had no immediate plans to
leave. The suburban Toronto
trucker said he doesn’t see
how police can arrest him for
participating in what he said
was a peaceful protest. “If
they start pointing guns at me,
then I will probably leave. But
until that point, I am not go-
ing anywhere,” he said.
Also Thursday, lawmakers
began debating the govern-
ment’s controversial decision
to invoke emergency powers
allowing authorities to desig-
nate certain areas as no-pro-
test zones where people could
be subject to arrest.
Speaking in the House of
Commons, Canadian Prime
Minister Justin Trudeau said
the emergency powers—which
at least two civil-liberties
groups intend to challenge in
court—represent a proportional
response to blockades that
have stymied the capital and
disrupted cross-border trade.
—Vipal Monga
contributed to this article.
A10 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

WORLD NEWS

Indian Officials Conduct Tax Raids at Huawei Offices

BY VIBHUTI AGARWAL
AND DAN STRUMPF
NEW DELHI—Indian au-
thorities raided the offices of
Chinese tech giant Huawei
Technologies Co. over sus-
pected tax evasion, triggering
a protest from Beijing, in the
latest sign that border ten-
sions between the two coun-
tries are spilling into commer-
cial ties.
Searches are being con-
ducted at the company’s prem-
ises in the city of Gurgaon,
just outside the capital, New
Delhi, and in the southern tech
hub of Bangalore, an Indian
tax official told The Wall
Street Journal on Thursday.
“The searches are still on.
We are looking at their finan-
cial books and records,” she
said.
Evita Cao, Huawei’s spokes-
woman, said the company is
confident its operations in In-
dia “are firmly compliant to all
laws and regulations.”
Ms. Cao said the company
had been informed about the
visit of the income-tax team,
and of its meeting with some
Huawei personnel.
“We will approach related
government departments for
more information and fully co-
operate as per the rules and
regulations, and follow the
right procedure,” she said.
Gao Feng, a spokesman for
China’s commerce ministry,
told a news conference in Bei-
jing on Thursday that Indian
authorities had taken mea-
sures against Chinese enter-
prises and products in India
that he said gravely damaged
the rights and interests of
China businesses.
“China is seriously con-
cerned about this,” Mr. Gao
said, according to a transcript
provided by the ministry.
Mr. Gao said foreign inves-
tors, including Chinese enter-
prises, have created many jobs
in India and made positive
contributions to its economic
development, but are increas-
ingly worried about its invest-
ment environment.
“It is hoped that India will
improve its business environ-
ment and treat all foreign in-
vestors, including Chinese en-
terprises, in a fair, transparent
and nondiscriminatory man-
ner,” he said.
The tax raids on Huawei are
the latest sign the Indian gov-
ernment is taking a tougher host of other popular short-
stance toward Chinese compa- video apps from China, saying
nies following an uptick in ten- they threatened the country’s
sions over the two countries’ sovereignty and integrity. This
disputed Himalayan border, week, New Delhi banned 54
where a bloody clash in 2020 Chinese apps.
left troops on both sides dead. India has defended its ac-
The raids follow similar op- tions against Chinese compa-
erations last year at the Indian nies, citing security and pri-
premises of ZTE Corp., an- vacy concerns. New Delhi also
other Chinese telecommunica- has kept Huawei out of trials
tions equipment maker, as for the coming 5G mobile-tele-
well as Chinese-origin handset communications network.
companies Oppo Mobile Tele- Still, the company built a
communications Corp. and Xi- sizable share of the country’s
aomi Corp. 4G infrastructure, with con-
In 2020, the Indian govern- tracts from operators Bharti
ment banned TikTok and a Airtel and Vodafone Idea.

WORLD WATCH
TURKEY BRAZIL
Central Bank Leaves Torrents of Mud Kill
Rates Unchanged At Least 105 People
Turkey’s central bank left its Landslides killed more than
key interest rate unchanged for 100 people and left dozens more
a second consecutive month, missing this week in the historic
pausing the government’s policy mountain city of Petrópolis, Bra-
of interest-rate cuts that trig- zil, sending distraught relatives
gered a chaotic slide in the value and emergency crews on a des-
of the lira last year. perate search Thursday for sur-
The bank’s monetary-policy vivors in deep mud that covered
committee said Thursday that it entire neighborhoods.
left the benchmark interest rate The region’s heaviest rainfall in
on hold at 14%, in line with mar- 90 years triggered mass mud-
ket expectations. The bank cited slides in the picturesque city,
“increasing geopolitical risks” in a crushing homes, toppling buses
possible reference to the crisis and sending massive rocks the
concerning nearby Ukraine. size of cars hurtling down hill-
Under pressure from President sides. Police recovered 105 bodies,
Recep Tayyip Erdogan, the cen- and have reports that 134 people

RALPH TEDY EROL/REUTERS

tral bank cut interest rates four
times in a row last year despite
rapid inflation, moves that caused
the country’s currency to lose as
much as 45% of its value in the
last quarter of 2021. Mr. Erdogan
holds the unorthodox view that
lower interest rates can reduce
inflation, while encouraging eco-
nomic growth, contrary to what
economies throughout history
have experienced.
The collapse of the lira last
year pushed millions of Turkish
citizens closer to poverty and
undermined public support for
Mr. Erdogan, threatening his
hold on power. He has ruled Tur-
key for nearly two decades as
prime minister and president.
—Jared Malsin
IN THE STREETS: Haitians in Port-au-Prince continued protests Thursday for higher wages amid the country’s economic crisis.
JAPAN
Ban on Foreigners’
Entry to Be Eased
Japan said Thursday that it
would reopen its border to a
limited number of overseas stu-
dents, workers and business
travelers after a three-month
ban that left scars on the coun-
try’s relations with foreigners.
The ban has been popular
among voters, and helped Prime
Minister Fumio Kishida maintain
healthy poll ratings during an
Omicron infection wave. Oppo-
nents included Japanese business
leaders and foreign students.
The ban took effect on Nov. 30
and prevented almost all foreign-
ers from newly entering the coun-
try. Even before that, it had been
difficult since early in the pan-
demic for people to go to Japan
for work or study. Foreigners who
already have residence permits
have been permitted to re-enter.
Under the plan released Thurs-
day, Japan would in principle allow
non-Japanese workers, students
and business travelers to enter
the country starting March 1. The
quarantine for arrivals would be
reduced to three days or elimi-
nated in certain cases.
are missing in Petrópolis, located
north of Rio de Janeiro.
Deadly landslides have
wreaked havoc across south-
eastern Brazil since the begin-
ning of this year, sparking anger
about a lack of oversight by au-
thorities concerning the make-
shift homes that poor families
Tourists remain banned, and build on dangerously steep
the government is keeping a cap scraps of land.
of 5,000 on the total number of About 40 people died in the
daily entrants, both Japanese and states of São Paulo and Minas
foreigners. That is more than the Gerais in January, after torrential
current cap of 3,500 but a fraction rains triggered landslides, bury-
of those waiting. The immigration ing many victims alive.
agency says that more than In 2011, more than 900 peo-
400,000 foreigners have prelimi- ple died in Petrópolis and the
nary approval to reside in Japan surrounding region when storms
and haven’t been able to enter. caused flooding and landslides.
—Miho Inada —Samantha Pearson

FROM PAGE ONE

“This Lamp is a Sight For Sore Eyes
Ex-Royals Mr. Orlandi said the family
has an inventory list, but they
aren’t sure what they will find
stolen. It was the only time
the treasure chest was opened
since going into hiding. Mr.
Last year, my father actually gave up
on reading – the eyestrain was just
The first light source designed
for lamps Claim a at the bank. “We’ll go to court
also to find out what’s actually
inside the treasure chest,” he
Bulgari couldn’t be reached for
comment.
The former royals aren’t

Treasure
overwhelming. But now, with this lamp, This revolutionary lighting solution will deliver said. finding a lot of supporters in
Dad can even read his newspaper again. up to 10 times more light than the single The Bank of Italy has a list, their quest.
too, but hasn’t revealed it and “I would have liked to hear
Thanks for delivering on everything bulb you are now using – for only 32 watts! said it doesn’t know the mar- the former royal family say
stated in your ads and restoring my Its patented LED bulb array may Continued from Page One ket value of the jewels. the jewels belong, with no ifs
father’s favorite hobby – reading!” appear to be “upside down”– but
Last week, the ex-royal Italian media reports say and buts, to the Italian peo-
family sued the government the crown jewels include a di- ple,” said Guido Germano Pet-
– Sara H. the 4 bulb spread of light is actually and the Bank of Italy. The fam- adem, necklaces and brooches tarin, a centrist member of It-
Arlington, Va.
down and out, perfect for task light. ily is ready to fight all the way decorated with thousands of aly’s Parliament.
THE to the European Court of Hu- diamonds and other precious Even the Italian Monarchist

KEEP IT SIMPLE! 5” man Rights, Mr. Orlandi said.

The government and the
stones, with guesses of its to-
tal value as high as 300 mil-
Union, a group that wants to
restore Italy’s monarchy,
KIS Lamp 11”
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classic lamp design The Lamplight light custodian.
No one has yet “They don’t belong to the
with a revolutionary source focuses light Male descendants of the established family,” said Alessandro Sac-
exactly where it’s former royal family have long chi, president of the Monar-
light source.
needed.
 Swing arm
been banned from Italy. Um-
ownership of Italy’s chist Union.
The combination extends 6”.
15” berto II’s father, Vittorio crown jewels. He said Umberto II gave the
delivers Emanuele III, was condemned jewels to the Bank of Italy be-
exponentially for his inaction during the rise cause he knew they belonged
more light for The of fascism under Benito Mus- to the royal family for only as
reading or any
other task.
KISTM
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After Mussolini’s fall, the
lion euros, about $342 million.
One of the few people who
long as there was one.
Britain’s crown jewels, dis-
Lamp king stepped aside for his son have seen the crown jewels in played in the Tower of Lon-
in 1944. By then, it was too the past 75 years is jeweler don, don’t belong to Queen
Underlighting late to save the monarchy. and designer Gianni Bulgari. Elizabeth or her heirs but to
is overrated  Tablee lamp height adjusts In recent decades, the fam- He wasn’t impressed. the U.K., Mr. Sacchi said.
US PATENTS Introductory Offer from 27” to 32” ily made headlines chiefly over “They were objects of sur- The family isn’t sure what
In your lamps, the new 10,378,698 on desk/table lamps Umberto II’s son, Vittorio prisingly modest quality and they will do with the crown
“retrofit” CFL and LED Tablee lamps available in
10,422,488 Save $50 satin brass or brushed silver Emanuele IV, bickering with value,” he said recently in a jewels should they win cus-
bulbs do not produce everyday price $375 members of another branch of letter to Italian daily Corriere tody, according to Mr. Orlandi,
the same amount of task now only $325* the family, the Savoia Aosta, della Sera. the ex-royals’ lawyer.
*use coupon code TF29 over which male descendant is In his view, the whole kit “I like the idea of placing
light as ordinary bulbs. the rightful pretender to the and caboodle was worth them in a museum, but they
Just as we’ve gotten older nonexistent throne of Italy. maybe a few million euros. have to be returned to the le-
 Lamp’s height Vittorio Emanuele IV and Mr. Bulgari was allowed to gitimate owners first,” said
and our eyesight has declined, adjusts from
43” to 58”. his three sisters—Maria Gabri- inspect the box’s contents in Giuliano Scandella, 61, from
OUR LIGHT HAS FAILED US.  Seeing is Believing ella, Maria Pia and Maria Bea- 1976, with a judge present, to Nuoro, Italy. “And these are
YOU NEED: Available in Soft linen trice—have recruited Vittorio make sure nothing had been the House of Savoia.”
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at any price. D’Acierno, a nurse from Milan,

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© 16776 West Park Circle Dr. | Chagrin Falls, Ohio 44023 None of the former royal fam-
ily has seen them. Few living In 1955, from left, Maria Pia, fiancé Prince Alexander; Marie
people have. Gabriella; unknown; Umberto II, wife, Marie José; Maria Beatrice.
 THE WALL STREET JOURNAL.
FILM REVIEW | JOE MORGENSTERN
A Throwback
Documentary
Smorgasbord
Looking at a democratic restaurant chain
W
hen a relatively
unheralded docu-
mentary contains
interviews with
Mel Brooks, Ruth
Bader Ginsburg,
Elliott Gould, Colin Powell, Carl
Reiner and Howard Schultz,
chances are it’s something special,
and Lisa Hurwitz’s “The Automat”
certainly is. Those illustrious par-
ticipants are all there to recall the
glory days of a vanished, cherished
and singularly democratic institu-
tion, and to share their own mem-
ories of breakfasts, lunches and
dinners at a chain of restaurants
where anyone from any stratum of
society could put nickels in a slot,
turn a knurled brass knob, lift a
little door with a rectangular win-
dow and withdraw a generous por-
tion of remarkably good food.
The first course of discourse
has a strong meta flavor. Mel
STAN WAYMAN/THE LIFE PICTURE COLLECTION/GETTY IMAGES
FILM REVIEW
JOE MORGENSTERN
‘Ted K’:
Cold Soul
Of a Killer
S
ight unseen, “Ted K” might
seem like a movie to skip.
It’s another account of Ted
Kaczynski, the infamous hermit,
known as the Unabomber, whose
homemade bombs killed three
people and injured 23 between
1978 and 1995, and whose exploits
have been chronicled by a long
succession of TV films, documen-
taries and at least one play. This
one is different, though—an en-
thralling, even visionary drama
that regards its subject with em-
pathy and horror, locates him on
the actual piece of land he once
owned in Montana and portrays
him through a stunning perfor-
mance by Sharlto Copley, who
finds emotional mercury in Kac-
zynski’s boiling cauldron of rage.
The director was Tony Stone,
working from a screenplay he
wrote with Gaddy Davis and John
Rosenthal, and making extensive
use of Kaczynski’s own writings.
Mr. Stone’s 2007 fiction film,
“Severed Ways: The Norse Discov-
ery of America,” was also off the
beaten path, to say the least; it
concerns a couple of Norsemen
ARTS IN REVIEW
Brooks starts his discursive
schmooze by wondering if the
filmmaker behind the camera
knows what she’s doing. “Where
would you show this?” he asks.
“There are film festivals all over,
but do they show this kind of
thing? It’d have to be over an
hour for it to be a documentary
in a theater.” Film festivals do
show this kind of thing—I saw it
at Telluride last year, and loved it
for its mixture of fragrant recol-
lections and astute social history.
And yes, it will be playing in the-
aters around the country, starting
this week in New York, since it
runs an hour and 19 minutes—
and ends with a stirring anthem
that Mr. Brooks wrote and sings
for the occasion, “(There Was
Nothing Like the Coffee) At the
Automat.”
Why such affection for the New
York and Philadelphia eateries—
stranded in 1007 when their expe-
dition is attacked. Nine years
later he made “Peter and the
Farm,” a fine documentary that is
closer in substance to his new
film since its subject, a Vermont
farmer, is a loner who has iso-
lated himself from his family. Iso-
lation is the spiritual weather of
“Ted K.” Kaczynski is an intellec-
tual, however thwarted; a
charmer on occasion, and a cold-
souled killer who may or may not
suffer from paranoid schizophre-
nia. Before and after everything
else, though, he is a man with a
ferocious determination to isolate
himself from technological soci-
ety, which he considers to be
toxic to the planet.
Mr. Stone uses his skills as a
documentarian to re-create Kac-
zynski’s physical life in his tiny
cabin in the pristine woods,
where he types out his angry mis-
sives on a little Corona portable.
In the seemingly pristine woods,
that is. We see the natural world
through Kaczynski’s eyes, and he
is ceaselessly enraged by the in-
cursions of feckless hunters, glee-
ful snowmobilers, loggers and
their machinery, herbicide-spray-
ers from the power company,
even jet planes; he’s Thoreau with
a rifle, shooting at contrails
35,000 feet above him. (All of that
plus his reaction to reports of the
epic Exxon Valdez oil spill that
reach Kaczynski via the technol-
ogy of a battered radio, which he
seems to exempt from his loath-
ings as indispensable.) The direc-
Friday, February 18, 2022 | A11
ROM LEFT: A SLICE OF PIE PRODUCTIONS (2)
An Automat at 1557 Broadway in New York, c. 1930s, above; Mel Brooks drinking coffee at an Automat in a
1950s photograph by Carl Reiner, above left; students at an Automat in 1964, below left
later augmented by bakeries—that airy, Automats were Art Deco ca- fast-food chains. (Automats never
a Philadelphian named Joseph thedrals where immigrants could claimed to be fast, only good.)
Horn and a German-born New Or- dine thriftily without having to What’s surprising in the ex-
leanian, Frank Hardart, founded know a word of English, and rich treme is how moving the film can
toward the end of the 19th cen- or once-rich New Yorkers could be in evoking those places of wel-
tury, and that reached their apo- fall in for a casual meal. (Irving come during an era of American
gee in the early 1950s? Berlin used an Automat-like set- optimism. Colin Powell’s family
Because of the ting for the “Let’s Have Another couldn’t afford to eat in formal
value they offered, Cup of Coffee” number in his 1932 restaurants in the South Bronx,
for sure, and the Broadway musical “Face the Mu- but he was thrilled whenever they
quality. Messrs. sic.” Doris Day’s Cathy ate there took him to the Automat. “It was
Brooks and Reiner and her roommate Connie, played sparkling. It shone. The Automat
ecstasize over the by Audrey Meadows, worked was where I learned to like
ham-and-cheese there in “That Touch of Mink.”) creamed spinach, macaroni and
sandwiches and the And they were marvels of mer- cheese.” The one he usually went
pies. Justice Gins- chandising efficiency. Mr. Schultz, to was in Manhattan, on 42nd
burg was a partisan the former chairman and CEO of Street. “I never even thought
of the creamed spin- Starbucks, had his first taste of about the fact that I’m a Black kid,
ach, plus the succo- them around the age of 10, an ex- should I go into Horn & Hardart, is
tash. “Everything perience he describes as seminal. it OK to go to the Automat? All the
was fresh,” Mr. “How do you create that level of Automats had that beautiful diver-
Gould says. “Every- theater, excitement, surprise and sity that didn’t exist in most of the
thing was made to delight? I became a merchant the rest of the country.”
order. It was breath- day I was in that Automat.” Justice Ginsburg frequented an
taking.” Ms. Hurwitz’s film, which was Automat on West 72nd Street. As
But also because, written by Michael Levine, is mod- a schoolgirl she would have lunch
as Ms. Hurwitz’s est in scale yet far-ranging. It there on Saturdays after her piano
film explains, of the traces Horn & Hardart’s rise lesson a block away. Examining a
beauty as well as through a wealth of clips, stills and photo of that very place at that
the novelty of the interviews with historians, former very time, she smiles fondly. “Yes,”
environments, and employees and the founders’ de- she says, “this is the great U.S.A.,
the populist nature scendants, and attributes its fall, with people of all different colors
of the enterprise. unsurprisingly, to urban decay, sub- and religions and manner of dress,
Spacious, clean and urban flight and the dominance of and yet we are all together.”
tor’s skills include using real-life South African white supremacist over the total amount of quarters
residents of the area as part of in Neill Blomkamp’s now-classic that he has lost to the company’s
his cast; they contribute strongly sci-fi thriller “District 9,” he allegedly defective payphones
to a sense of events discovered
rather than staged.
There’s reason to suspect that
evokes Kaczynski’s inner life with
a spellbinding mixture of manipu-
over the course of a single year;
it’s $5.75 by his reckoning.
lativeness, irony, flashes of humor, As a study of delusional think-
the film may be something special
from its opening sequence—a slo-
flickers of warmth and unquench-
able fury. In several memorable
ing, “Ted K” ranks with two of the
best I know, Henning Carlsen’s
1966 drama “Hun-
ger,” with a tower-
ing performance
by Per Oscarsson,
and Jeff Nichols’s
2011 “Take Shel-
ter,” with Michael
Shannon and Jes-
sica Chastain. Ev-
ery aspect of the
production is dis-
tinctive: the music
by Blanck Mass;
the production de-
sign by Kate Lind-
say and Audrey
Turner, the sound
design by Tim Ob-
zud. One can argue
with the way Kac-
zynski’s crimes are
depicted. The ex-
plosions aren’t re-
NEON
alistic, with appro-
priate bloodshed
Sharlto Copley plays Ted Kaczynski in Tony Stone’s new movie about the Unabomber.
and loss of life,
but somewhat ab-
mo ballet of six snowmobiles glid- scenes the camera circles around stract, in a style that bespeaks—le-
ing through the trees. (Nathan a phone booth while Kaczynski, on gitimately, I think—the perpetra-
Corbin was director of photogra- the line with his brother, David, tor’s flattened affect. There’s no
phy, which is first-rate through- obsesses about ancient hurts, flattening of his tortured psyche,
out.) Those suspicions are con- whether imagined or real. In an- though, and no comment offered,
firmed as soon as Mr. Copley other scene, an aria of seething or needed, on his view of indus-
comes on screen. Best known for animus, he confronts a clerk in a trial society as not only destruc-
his explosive starring role as a Montana Phone Company office tive and malign but unsustainable.
 A12 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

ARTS IN REVIEW

Mark Wahlberg and Tom Holland,

left, and Antonio Banderas, above,
in Ruben Fleischer’s ‘Uncharted’

lost, by the House of Moncada half

a millennium ago.
There’s no reason why fans of
the game shouldn’t pay their good
SONY PICTURES (2)

money to see the story—or stories,

since sequels are surely on the
way—in live action on a big
screen. But there’s also no reason
why movie lovers shouldn’t be
alerted to the nature of this
FILM REVIEW | JOE MORGENSTERN movie-like thing. The plot is both
labyrinthine and laborious, with

‘Uncharted’: Better Left in Beta twists you wouldn’t wish on a car-

nival contortionist and turns that
lead to truly dead ends. Each team
acquires a woman—Jo Braddock is
played by Tati Gabrielle, while
Tom Holland stars in a shambles of a movie based on the videogame series Chloe Frazer is played by Sophia
Ali—and either character could
IF LESS IS MORE, “Uncharted” with impressive acting chops. This sion, directed by Ruben Fleischer, treasure hunter named Victor reasonably be crowned Miss Ro-
must be a masterpiece. It’s blood- is a concatenation of digital effects the treasure-hunt story gets fully “Sully” Sullivan, is played by Mark botic 2022. As for the action, it’s
less, heartless, joyless, sexless and, dedicated to the proposition that under way when one thief recruits Wahlberg, who looks like he nothing if not extravagant—the cli-
with one exception, charmless. The Newton got his laws of motion all another. The recruit, Nathan Drake wishes he were elsewhere. The max involves ancient galleons
exception is Tom Holland, but wrong, and that physical objects, (Mr. Holland), is street-smart yet main action pits the two of them swinging wildly in the air beneath
what’s he doing in a slapdash ac- including human beings, can per- innocent, a combination that the against a team led by Santiago cargo helicopters—and totally pre-
tion adventure adapted from a vid- form whatever gyrations a com- actor actually pulls off. (Nathan Moncada (Antonio Banderas), a posterous, as befits a videogame.
eogame? Making money, of puter can concoct. and his brother, Sam, who’s pre- ruthless treasure hunter, in a A game played in this version by
course—gamers will flock. Still, The source in question is sumed to be dead, are descendants search for a legendary trove of no one but the producers, and
he’s a movie star for good reason, Sony’s videogame series of the of the English explorer Sir Francis gold that was amassed by Ferdi- playing in theaters that were built
a refreshingly earnest presence same name. In its theatrical ver- Drake.) The recruiter, a cheerful nand Magellan and acquired, then to show movies.

TELEVISION REVIEW ferson Davis, A scene from ‘Lincoln’s Dilemma,’

DOROTHY RABINOWITZ were building out Friday on Apple TV+
what they con-

The Great ceived of as

their own coun- Still, the docuseries is at its

Emancipator’s
try. In the eyes best, dramatically speaking, in its
of the white history of all that led to the out-
South, Lincoln break of the Civil War—a concise
Great Struggle was a threat. In
some parts of
narrative that succeeds in captur-
ing the tone and flavor of the

A
the white times, and, not least, the battles,
pple TV+’s “Lincoln’s Di- South, the se- including that of Fort Sumter. Here
lemma,” the four-part saga of ries reports, was a source of special outrage—
Abraham Lincoln’s efforts to people had secessionists had fired on the
deal with the issue of slavery, taken to calling American flag. When Lincoln called
comes richly detailed both in its Lincoln “The for 75,000 more men, the response
portrait of the president’s character Prince of Dark- was immediate.
and that of the nation itself. Lincoln ness.” What Lincoln’s life meant to the
had promised that, as president, he Some aboli- nation he led was never clearer
would not touch slavery, which did tionists, the doc- than in the raw grief that followed
APPLE TV+

not prevent a stream of Southern umentary sug- his death. The people had seen in
states from seceding upon his as- gests, saw him their better qualities incar-
cension to the office. Lincoln, in Lincoln as weak nated and glorified, a eulogizer de-
turn, announced his opposition to and insuffi- clared, and for this he was deeply
any compromise that permitted ciently committed to the cause. But ularly evident. There are the for-sale ers thought of themselves as mas- loved.
“the extension of the institution on we are also presented with a Lin- announcements: “A cargo of very ters of the skill of slaveholding, and
soil owned by the nation.” coln who was haunted by the sight stout men and women in good or- found ways to publish their wisdom
Meanwhile, the Confederate of shackled slaves. The series' ca- der and fit for immediate service on how to manipulate slaves so as Lincoln’s Dilemma
states, which were now led by Jef- pacity to deliver such scenes is reg- just imported . . . ” Some slave own- to improve production. Friday, Apple TV+

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
30s 1 2 3 4 5 6 7 8 9 1061 Freudian concept
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Vancouver
30s
Edmonton -0s -0s <0
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62 Starchy CONTEST
Calgary Thanksgiving
30s 0s 10s
Seattle
Winnipeg -0s 15 16 17 dish
20s 20s
Portland 40s 0s 20s 63 Her 2018 album 29 Melville’s
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Helena
Bismarck
10s Ottawa “Dancing Queen” “ungodly,
Eugene
Billings
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Boise
50s 20s Mpls./St. Paul 20s Toronto Albany Boston 50s of ABBA songs 30 BankAmericard’s
Hartford 24 25 26 27 28 64 100 sen modern name
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New York 60s
70s Reno Salt Lake City Des Moines Chicago Cleveland
50s 70s 29 30 31 32 33 Down 31 Assumed identity
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Sacramento 40s Indianapolis Pittsburgh 80s
Denver 50s 30s Washington D.C. 34 35 36 37
2 Norrköping losses
San Francisco Topeka Springfield Charleston 90s
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Colorado
Springs Kansas St. Richmond 38 39 40 native 35 Descend
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C y Raleigh 3 Bright spot? precipitously
Nashville
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40s Atlanta
San Diego
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Tucson
Ft. Worth Dallas Jackson
Birmingham 6 Out of bed 37 Judge
El Paso 50s 50 51 52 53 54 55
60s Mobile 70s Jacksonville Cold 7 Rx signers 43 Mass appeal?
T-storms
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Houston
56 57 58 8 Nothing to write 44 Apple precursors
Orlando home about to the Macintosh
0s New Orleans
Tampa 80s
Stationary Snow
10s 20s 80s San Antonio 59 60 61
Anchorage Honolulu 60s 9 Detergent brand 46 Finder of the
Miami
30s 70s Showers Flurries 62 63 64 phased out in conch in “Lord of
40s
2017 the Flies”
10 “Ah, gotcha” 47 Basic trick in
Forecasts and graphics provided by AccuWeather, Inc. ©2022
Ice
BACK AND FORTH | By Patrick Berry 11 Untidy jumble skateboarding
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
The answer to 19 Glowing write-up 40 Cuts off 13 Garnish amount 48 Dashboard
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest 20 Calls to mind 41 Club for a 14 Guys at Pearl device
Omaha 55 16 s 43 34 s Frankfurt 55 38 sh 47 40 pc crossword is a
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 86 65 pc 75 53 c Geneva 60 39 s 47 33 pc 21 In a slipshod way diamond Harbor 49 Company in a
Today Tomorrow Philadelphia 56 28 c 46 21 s Havana 86 66 s 85 67 s ten-letter word. 42 Function 17 First and only 1999 merger
City Hi Lo W Hi Lo W
24 Sport with
Phoenix 72 48 s 77 52 s Hong Kong 66 56 c 57 49 r Across female Speaker 50 Mud thrown onto
Anchorage 38 31 sn 35 28 pc Pittsburgh 30 23 pc 29 15 sf Istanbul 54 39 r 52 43 s
supine 43 Answered an
Atlanta 54 32 pc 59 36 s Portland, Maine 53 14 r 32 17 sf Jakarta 84 76 t 87 76 r 1 Sound of reproof competitors allegation of the House a wheel
Austin 58 31 s 66 37 s Portland, Ore. 53 38 c 48 40 c Jerusalem 58 42 s 49 42 r 4 Work in one’s 25 Computer 45 Likeness that 22 Filled with 51 Helen of Troy’s
Baltimore 58 25 c 49 20 s Sacramento 68 37 s 71 41 s Johannesburg 74 60 t 76 60 t field storage acronym reverses right greenery mother
Boise 50 28 s 53 33 pc St. Louis 40 25 s 35 28 s London 53 37 r 47 41 r 23 More loyal
Boston 54 22 r 40 21 sf Salt Lake City 49 29 s 54 35 s Madrid 67 43 s 53 28 sh 8 Do laps, maybe 26 Panhandle and left 52 What the Emmy
Burlington 26 8 sn 32 9 sf San Francisco 63 46 pc 63 48 s Manila 90 77 pc 92 78 pc 12 Tool similar to a 29 National rival 50 Gold rush filings 26 Line of reasoning statue’s winged
Charlotte 62 32 pc 60 31 s Santa Fe 45 20 s 50 23 s Melbourne 68 55 pc 72 55 s gimlet 54 “’Tis a pity!” leading nowhere woman is holding
Chicago 29 13 s 25 19 s Seattle 48 41 c 47 39 r Mexico City 75 50 s 75 50 pc
31 Noble reason to
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THE WALL STREET JOURNAL. Friday, February 18, 2022 | A13

The Skating Drama Nobody Expected

Kamila Valieva finished fourth after a mistake-laden free skate, clearing the way for Anna Shcherbakova to win the event

Beijing
Fifteen-year-old Kamila Valieva
stepped onto the ice here Thurs-
day night with the expectation
that she was about to enflame a
drama that had already grown to

By Georgi Kantchev, Louise

Radnofsky and Ben Cohen

Olympic proportions.
She was at the center of an in-
ternational doping scandal that
had roiled the Beijing Olympics,
and most of the world objected to
her presence in the Games’ mar-
quee figure-skating event. The In-
ternational Olympic Committee
had declared that it would give
her an asterisk, not a gold medal,
if she won—which everyone ex-
pected she would. U.S. athletes
and officials conspicuously walked
out as she was about to skate.
Then Valieva set off an entirely
different kind of drama—by stum-
bling in a competition she was
widely expected to dominate.
Her faltering performance in
the free skate, falling twice, in-
stead let her teammates and com-
patriots Anna Shcherbakova and
Alexandra Trusova take gold and
silver. Japan’s Kaori Sakamoto
won bronze. Valieva tumbled to
fourth.
The chaotic outcome was a
scorched-earth moment for
women’s figure skating, in which
concerns about drugs, allegedly
abusive training and judging were
laid bare in the days leading up to
Thursday’s free skate.
The outcome averted a podium

BERNAT ARMANGUE/ASSOCIATED PRESS

sweep by the Russian delegation
that would have represented an
extraordinary and bizarre outcome
for the International Olympic
Committee. The IOC said before
the event that if Valieva finished
among the top three, it would not
award medals in Beijing and
would place an asterisk next to
the results of the competition
while her doping case was pend- Kamila Valieva’s faltering performance in the free skate, falling twice, let her ROC teammates Anna Shcherbakova and Alexandra Trusova take gold and silver.
ing.
Instead two Russians—not five quadruple jumps, unleashed ing weight of a geopolitical storm. ure skater. in late 2020, the last images of
three—will actually stand on a her emotions in a different way. It began the day after the team In the cutthroat world of Rus- her performance being the grim
medal stand here on Friday to re- “I will never go out on the ice final, when it was revealed that sian skating, her compatriots and scenes of her gasping for air. A
ceive their reward. again in my life!” she told her she had tested positive for a training mates under polarizing few months later, she emerged
“I still can’t comprehend that it team in a distraught moment banned heart drug. It soon inten- coach Eteri Tutberidze were al- from a set of messy performances
happened,” Shcherbakova said. “I caught by TV cameras. “I hate this sified as she fought to lift a sus- ready lined up to replace her. on top of the 2021 world podium.
need to sit alone, in silence and sport, I hate it! You can not do it pension demanded by interna- Trusova, a 17-year-old skating After the event, flanked by two
understand it. I did my maximum this way! Everyone has a gold tional sports organizations and to the movie soundtrack of “Cru- ROC representatives, Valieva
at the right time, the right place.” medal, but I don’t!” was cleared to skate on the eve of ella,” had minutes earlier deliv- walked past reporters without
Trusova, who turned in an elec- It all transpired because the the individual competition. ered a raw, scrappy performance saying a word.
trifying performance in which she teenaged Valieva did not deliver She was also preparing to at- with five runs at quadruple jumps “About Kamila, I can only say:
attempted a boundary-breaking the automatic excellence that was tempt three ultra-difficult quadru- that might have secured the admi- poor child,” the president of the
expected of her. ple jumps and a triple axel while ration of the world, but for the Russian Olympic Committee Stan-
Valieva came into the Games as skating on the narrowest of edges. fact that the global love affair islav Pozdnyakov said.
Medal Count the heavy favorite after winning Meanwhile, Russian athletes and with four-rotation jumps being Hanging over the event won by
every major competition she en- officials and politicians were ex- performed by tiny teenage girls a Russian was another Russian
Country Gold Silver Bronze Total tered this season. She was still in horting her—some in her ear- crested days earlier, giving way to doping scandal.
Norway 14 7 8 29
that position after Tuesday’s short shot—not to bend in the face of suspicion about its toll. Since Russia was banned from
ROC 5 9 12 26 program, as she came into Thurs- the pressure. Shcherbakova, also 17, then de- major sporting competitions for
Germany 10 7 5 22 day’s free skate atop the leader- It was too much for a teenager. livered a more polished perfor- its state-sponsored doping scheme
U.S. 8 8 5 21 board and performing last. Valieva fell apart. She under-ro- mance with two quadruple flips at the Sochi Olympics, the more
Canada 4 5 11 20 On Thursday, she took the ice tated her quadruple salchow. She and a host of other high-tariff tri- than 200 Russian athletes at the
Austria 6 7 4 17 for a four-minute free skate to stepped out of her triple axel. She ple jumps. That it went on to yield Beijing Olympics are not permit-
Japan 3 5 9 17 “Bolero” that 10 days ago had fell twice, on her other quadruple her the Olympic title was shock- ted to represent the country’s
Italy 2 7 7 16 clinched a gold medal in the team jump elements. She botched the ing, but also entirely logical. name or flag and appear as ROC.
Sweden 7 4 4 15 event for the Russian Olympic landing of her final triple lutz-tri- Among the most loyal of Tut- When she receives her gold medal
Netherlands 6 5 4 15 Committee and won her plaudits ple toe loop combination and beridze’s students, Shcherbakova Friday, Shcherbakova will hear a
For the latest medal count, go to WSJ.com/Sports from around the globe. But this awaited her score, subsumed by skated through pneumonia to win fragment of a Tchaikovsky piano
time, she was bearing the crush- the worst kind of tears for a fig- the Russian national championship concerto, not the Russian anthem.

Mikaela Shiffrin Had Her Worst Olympics Ever

BY RACHEL BACHMAN skier’s total time from both the event, which would be her sixth at
downhill and slalom are added to these Games. That’s a schedule
Yanqing, China make her final time, so skidding only attempted by four alpine ski-
Mikaela Shiffrin entered the Bei- out of the slalom ended her day. ers, male or female, before this
jing Olympics as one of the most Thursday’s result only deepened year, according to Olympics histo-
accomplished alpine ski racers of the mystery of why she failed to rian Bill Mallon.
all time, a three-time Games med- finish three races in 11 days. Shiffrin That packed calendar is a re-
alist with a chance to eventually struggled the most with the events minder of Shiffrin’s ambition, and
match or surpass the best ever. in which she’s the most dominant. she had ample reason for confi-
Shiffrin will leave here with a She seemed to perform fine—or at dence. Shiffrin’s 73 World Cup
stunningly bare individual record: least finish—in her weakest disci- wins are second all-time among
five events, three failures to finish, plines. She finished ninth in super G women behind retired American
a ninth place and an 18th. The su- and 18th in downhill. Lindsey Vonn’s 82, and third
perstar of American racing, on What went wrong for Shiffrin at among all skiers behind the retired
whom nearly all hopes for single- these Games? It wasn’t the Ingemar Stenmark of Sweden’s 86.
athlete U.S. alpine medals rested, courses, which she’s consistently Her most telling insight into
will leave with none. praised even though she has al- these unexpected Games might
“I don’t really understand it, most no experience on them. It have come after Tuesday’s down-
and I’m not sure when I’m going to wasn’t the entirely man-made hill race.
LUCA BRUNO/ASSOCIATED PRESS

have much of an explanation,” she
said after skidding out early in
Thursday’s second portion of the
alpine combined event, the slalom.
“I can’t explain to you how frus-
trated I am to not know what I can
learn from the day.”
Shiffrin’s did-not-finish Thurs-
day followed her skiing out of her
first two races here—the giant sla-
lom and slalom, which are also her
strongest events.
The lack of a concrete explana-
tion for the sudden breakdown of a
skier who’s been a model of consis-
tency was confounding to those
watching, and even appeared that
way to Shiffrin herself. In a post-
race interview full of self-reflection
and raw feeling, Shiffrin searched
for answers in real time.
“People want to be able to say
Mikaela Shiffrin will leave the Beijing Games with a bare individual record.
it’s a pressure thing,” she said.
“There are certainly points during
the Games when I felt the weight
of pressure and expectations. But
in general, when I was racing, that
wasn’t something outrageous and
it certainly wasn’t more than I
ever experienced in my career be-
fore.”
On Thursday, Shiffrin passed the
slalom’s fifth gate—where she had
skied out in the first two races,
snow, which she and other skiers
raved about. She didn’t blame her
equipment, coaches or anyone
else.
When asked Thursday whether
she had any inkling about trouble
in the weeks approaching the
Games, Shiffrin spoke of her late-
December case of Covid-19. Being
in quarantine for 10 days was the
then had actual nightmares about longest stretch the 26-year-old had
it as she slept—and later said her ever taken away from snow during
turns felt great. a season.
But she faltered several gates “Today I felt that I had a pretty
later and skidded out once again. calm, solid mentality. Nothing too
She explained after the race that crazy,” she said. “I of course
she and other skiers had felt a hole wanted to win a medal, but before
in the course around where she en- that I just wanted to take the op-
countered trouble. portunity to see another run of
Shiffrin placed fifth in the first slalom on this hill.”
half of Thursday’s event, the down- Shiffrin still plans to race in
hill. But in the alpine combined, a Saturday’s mixed team parallel
“I tend to think way too much,
and that makes it hard to ski
freely,” she said.
Over-thinking in highly skilled
athletic pursuits often backfires
and actually impairs performance,
according to research about crack-
ing under stressful situations by
Sian Leah Beilock, who’s also Bar-
nard College’s president. That’s es-
pecially true when the world is
watching.
Looking ahead to the rest of the
World Cup season, Shiffrin said
she didn’t think she would fail to
finish every slalom—the event in
which she’s won a staggering 47
races—from now on.
“And if I do, I’m not going to
keep doing this for that long,” she
said.
Then she laughed.
A14 | Friday, February 18, 2022
The Key to
Norway’s
Biathlon
Success
BY STU WOO
Zhangjiakou, China
Not long after Norway won six
biathlon medals at the 2018 Win-
ter Games, Øyvind Sandbakk
looked four years ahead. The
sports-science professor and Team
Norway adviser noticed the alti-
tude for the Beijing Olympics
venue was more than a mile high,
a hair short of the competitive
limit of 5,900 feet.
As anyone who climbed stairs
after landing in Denver knows, the
body needs time to acclimate to
thin air. And Norway had an espe-
cially tall problem. “We have lots
of mountains, but they come di-
rectly from the fjords,” Sandbakk
said. In other words, Norwegian
peaks were too low for proper
preparation.
So Sandbakk teamed up with a
collaborator from its similarly ver-
tically challenged neighbor of Swe-
den to come up with a solution. It
came in the form of peer-reviewed
Scandinavian science.
Some results of the May 2021
study, “Preparing for the Nordic
Skiing Events at the Beijing Olym-
pics in 2022: Evidence-Based Rec-
ommendations and Unanswered
Questions,” are on display in the
mountains outside Beijing. After
nine events entering Thursday
evening, Norway has won the most
biathlon medals, with 10. Sweden
has three. Between them is the
Alps-blessed nation of France,
with six. Its star is Quentin Fillon
Maillet, who has won a medal in
all five of his individual and relay
races, including two golds. He
could break the record for most
medals at one Winter Olympics at
Friday’s 15-kilometer race.
The paper, intended also for
Olympians competing in cross-
country and Nordic skiing, was es-
After nine events,
Norway has won the
most biathlon medals at
the Games, with 10.
pecially relevant for biathlon, a
deeply Scandinavian sport be-
lieved to have held its first re-
corded competition among troops
along the Norway-Sweden border
in 1767.
Today’s biathletes cross-country
ski with a rifle slung on their
back, stopping to shoot at targets.
They are penalized for missing. To
steady their aim at targets as
small as 1.8-inches wide about 160
feet away, biathletes try to slow
their thumping hearts and pull the
trigger at a moment of calm near
the end of an exhale.
All of the above is harder up in
the mountains. In addition to ski-
ing, “biathletes must simultane-
ously optimize their shooting per-
formance, which is physiologically
more demanding at altitude com-
pared with sea level due to a more
pronounced increase in ventilation
and heart rate during training and
competition,” said the paper, pub-
lished in the Journal of Science in
Sport and Exercise.
Figuring out the scientific
method for maximizing Norway’s
medal haul fell to Sandbakk, a 40-
year-old former competitive cross-
country skier whose limited inter-
national success nudged him to
the sport’s academic side.
He estimates he has written
about 150 athletic-performance
papers over the past 15 years, of-
ten with his former Ph.D. adviser,
Hans-Christer Holmberg of Swe-
den’s Lulea University of Technol-
ogy. “I think the two of us are the
two most productive researchers
on skiing,” Sandbakk said.
They made recommendations:
In the year before the Olympics,
athletes should train for more
than 60 days and participate in
several competitions at such an al-
titude. And immediately before the
Olympics, they should spend 10 to
14 days somewhere that has a sim-
ilar altitude as the competition.
Sandbakk’s recommendations,
which also included ideas on ta-
pering, provided scientific backing
for the plans of Norwegian biath-
letes including Marte Olsbu Røise-
land. She has already won four
medals at these Olympics, includ-
ing three golds, with a shot at a
fifth on Friday.
“I had really good preparation
and I was looking forward to these
Olympics for a really long time,”
Røiseland said after winning her
fourth medal.
A Complicated Tie to China
The San Francisco-born freestyle skiing star Eileen Gu is widely adored in her adopted home
country, but more critical voices have emerged—and vanished
Eileen Gu’s message of bridging differences and breaking boundaries through sports has been cheered by fans in China during the Beijing Olympics.
BY ELAINE YU AND JING YANG
Beijing
On the ski slopes, she blasts
Lady Gaga and $uicideboy$ on her
headphones. After whizzing to the
bottom, she bites into a Chinese
pork bun, smiling for the cameras.
Eileen Gu, the San Francisco-
born freestyle skiing phenom com-
peting for Team China at the Bei-
jing Olympics, has won adoration
from China’s state-run media and
her fans here, who have thrilled to
her medal haul and her message of
bridging differences and breaking
boundaries through sports.
But as her popularity soars at
home, critical voices are starting
to emerge in China, with promi-
nent commentators wondering
aloud about her meaning to ordi-
nary Chinese people and more
skeptical perspectives vanishing
from the internet.
No sooner had Gu won her first
medal, a surprise gold in the free-
style skiing big air event, than one
viral online article posed a pointed
question in its headline—“What
does Eileen Gu’s success have to
do with ordinary people?”—that
appeared to strike a chord with
readers, and to have unnerved
government censors.
Canada Beats U.S. for Hockey Gold
BY LAINE HIGGINS
Beijing
The gold-medal women’s
hockey game between the U.S.
and Canada on Thursday show-
cased a debate about how to win
a big game: with a hail of shots
or a carefully selected few.
The U.S. fired a barrage of 40
shots at Canada goaltender Ann-
Renee Desbiens—but had trouble
slipping one by her. Canada took
about half as many—and made
them count.
The result was a 3-2 win for
Canada, its first gold medal in
women’s hockey since 2014 after
a blip in 2018, when the Ameri-
cans defeated them in a shootout
to win its first gold medal in 20
years. The Beijing gold is Can-
ada’s fifth since women’s hockey
was introduced to the Olympics
in 1998.
“We wanted to get high-[qual-
ity] scoring chances for our-
selves,” Canada’s Sarah Nurse
said. “I know that today the
Americans had a bunch of outside
shots, but I know we have the
best goaltender in the world in
Ann-Renee. They’re not going to
score from the outside very of-
ten.”
“This is redemption,” said
Team Canada captain Marie-
Philip Poulin. She added that get-
ting to the gold-medal game was
a “hell of an effort,” likely in ref-
erence to playing while wearing
KN95 masks during a group-stage
win over a Russian Olympic Com-
mittee that was battling a cascad-
ing Covid outbreak.
No skater exemplified the no-
tion of quality shot selection bet-
ter than Poulin, the 30-year-old
known as “Captain Clutch” for
her tendency to score during
high-stakes moments.
The article, published on
China’s ubiquitous WeChat mes-
saging app by an education-fo-
cused blog widely followed by elite
Chinese parents called Nuli She-
hui—loosely translated as “Slave
Society”—pointed out the lack of
any concrete evidence to show
that Gu had in fact renounced her
U.S. citizenship, and attributed
Gu’s success to her unique up-
bringing, which combined the free-
dom and education offered by the
U.S. with the rigors of China’s ex-
amination-oriented system.
After the post went viral, it was
quickly taken down by WeChat’s
owner, the internet giant Tencent
Holdings Ltd., sparking a familiar
game of whack-a-mole on China’s
internet: Each time the article was
taken down, it was republished by
other blogs and news outlets, in-
cluding Caixin, a respected Chi-
nese financial-news outlet known
for its often-daring reporting.
Some readers circulated new links
in subtle defiance of the apparent
censorship, only to see them dis-
appear hours later.
Tencent didn’t respond to a re-
quest to comment, and Gu’s agent
said she is competing and not cur-
rently taking interviews.
To be sure, much of the discus-
The Beijing gold is Canada’s fifth since women’s hockey was introduced to the Winter Olympics in 1998.
Poulin’s nickname is well-de-
served. At the 2014 Sochi Games,
she famously scored the equalizer
and overtime goal that completed
a stunning third-period comeback
for the Canadians in the gold-
medal game.
She was back at it on Thursday
afternoon at Wukesong Sports
Centre, where she scored unas-
sisted with just under five min-
utes left in the first period to put
Canada up by two goals heading
into the break. Later, about half-
way through the second period,
she rerouted a pass from Brianne
Jenner past U.S. goaltender Alex
Cavallini and into the net. It
made her the only woman in
Olympic hockey history to score
in four consecutive gold-medal
games.
“The elephant in the room is,
we can’t get down that many
sion around Gu on China’s internet
is glowing, particularly when it
comes to politically safe and up-
beat fare such as Gu’s favorite Bei-
jing delicacies.
When Gu was filmed eating a
chive pastry after her jump at the
slopestyle qualifier, her delighted
fans started a debate online over
how best to translate into English
the classic regional snack, making
it a top trending topic on China’s
Twitter-like Weibo platform.
On Douyin, the domestic Chi-
nese version of the short-video
platform TikTok, fans populated
the feed with videos on how to
cook Gu’s favorite dishes, including
dumplings and braised pork.
But an increasing proportion of
the discourse has moved beyond
what Gu likes to eat to explore her
place in China’s evolving view of
itself and its place in the world—
with conclusions that are more nu-
anced and potentially concerning
for Chinese authorities.
Zhang Cailing, a blogger with
more than 140,000 followers on
Xiaohongshu, a platform that is of-
ten likened to Instagram, directly
addressed the anxiety some Chi-
nese parents feel when comparing
themselves to the Olympian’s
mother, Yan Gu—a Beijing-born,
goals,” said U.S. forward Hilary
Knight of the 3-0 lead Canada
built.
Team USA never let up on its
relentless, if mostly futile, offen-
sive attack. The plan seemed to
be that the U.S. was hoping for
something to click if given
enough shots and enough time in
Canada’s zone. The U.S. twice got
close, hitting the post twice late
in the game.
“I don’t know if it’s tough luck
or what it is but it just seems like
any empty net, any bounce we
got, we weren’t really getting
them. We maybe got one bounce
all tournament and it just seemed
like that was the way it was go-
ing,” said U.S. veteran Amanda
Kessel.
Team USA’s shots on Thursday
came at inopportune moments.
The U.S. didn’t manage a single
THE WALL STREET JOURNAL.
MARCO BERTORELLO/AGENCE FRANCE-PRESSE/GETTY IMAGES
U.S.-educated former Wall Street
trader and venture capitalist, cred-
ited with overseeing Gu’s trans-Pa-
cific upbringing.
“Do you have the money to send
your daughter to private school?
Do you have the time to drive
eight hours on weekends to take
her skiing? If she falls, do you
have the money to pay for such ex-
pensive physiotherapy?” Zhang
said in her video, which was liked
32,000 times. Comparing Gu’s rar-
efied upbringing to those of many
in China, Zhang concluded: “We
belong to different worlds.”
Hu Xijin, the retired editor in
chief of Global Times, a state-run
tabloid, said that, in order to pro-
tect China’s reputation, Gu’s
achievements shouldn’t be tied too
closely to Chinese nationalism—
just in case Gu changes her mind
in the future.
“Gu just turned 18 and will very
likely live in the U.S. in the next
few years,” Hu wrote on Weibo
Sunday, referring to Gu’s plans to
enroll at Stanford University this
fall. “It’s still uncertain how she
will settle on her national affilia-
tion and national identity.”
—Qianwei Zhang, Zhao Yueling
and Stu Woo
contributed to this article.
ANTHONY WALLACE/AGENCE FRANCE-PRESSE/GETTY IMAGES
scoring chance during power
plays in the second and third pe-
riods. Yet Team USA’s first goal
came in the second period,
scored by Knight with just over
three minutes to play, while the
Americans were short-handed
and killing a penalty of their
own.
The U.S. tried one last desper-
ate attempt to overtake the Cana-
dians by pulling Cavallini with
just over three minutes to play.
That became a two-player advan-
tage with 1:25 to go when Poulin
was sent to the penalty box for
tripping. After 70 agonizing sec-
onds of 6-on-4 hockey, Kessel got
past Desbiens to narrow Canada’s
lead.
But at this point in the game,
there were just 12.5 seconds left.
Team USA needed a miracle. It
never came.
THE WALL STREET JOURNAL.
OPINION
Who Are Those ‘Techie’ Spies?
The usual
suspects are
already cir-
cling
w a g o n s
around the
the
POTOMAC techie “ex-
WATCH perts” who
spied on Don-
By Kimberley
ald Trump. If
A. Strassel
their defense
feels tired,
it’s because we’ve been
through it before. It’s Chris-
topher Steele all over again.
Special counsel John Dur-
ham destroyed the last
shreds of Mr. Steele’s credi-
bility last year, proving that
the paid-for-hire spook had
relied on fabrications for the
infamous dossier the Federal
Bureau of Investigation used
in its Trump probe. The spe-
cial counsel is now disman-
tling that other big claim of
Trump-Russia “collusion”—
the Alfa Bank narrative. The
wonder is that the press and
others are stepping up for
another humiliation—when
the disturbing actions of the
creators of the Alfa narrative
are already so easy to docu-
ment, and in their own
words.
The Alfa story came to life
in October 2016, when Frank-
lin Foer of Slate was gulled
into writing that a largely
anonymous “benevolent
posse” of “computer scien-
tists,” “spurred by a sense of
shared idealism,” had discov-
ered data showing secret
communications between the
Trump Organization and
Russia-based Alfa Bank. Cy-
bersecurity professionals in-
stantly ridiculed the data as
nonsense, and the FBI dis-
missed it, but the liberal me-
dia kept it alive. In October
2018, the New Yorker’s Dex-
ter Filkins devoted a 7,600-
Benedict, Sex Abuse and the Church’s Future
HOUSES OF Pope Emeri- there isn’t hard evidence to paign against his legacy. It’s church may have mishandled
WORSHIP tus Benedict prove it. The pope emeritus’s especially strange to view its response, but the crisis
By Roberto XVI has
Regoli come under
criticism for
his handling
of sexual abuse cases as an
archbishop more than 40
years ago. His lawyers con-
tested the inquiry’s charges,
and the discussion of whether
he did enough to stop sexual
predators in the Archdiocese
of Munich-Freising will con-
tinue. The matter is crucial
not only to the legacy of Pope
Benedict XVI but to the future
of the Catholic Church.
Intense internal debate has
been common throughout the
church’s 2,000-year history.
But the conflict over sexual
abuse is not simply about
rooting out a great evil; it
also has become a central fea-
ture of a more longstanding
conversation about the
church’s prospects. Any con-
versation about then-Arch-
bishop Ratzinger’s alleged
negligence must be consid-
ered with this in mind.
Episcopal conferences
around the world have
opened historical inquiries
into sexual abuse in recent
years, uncovering thousands
of cases of abuse. The Mu-
nich investigation, carried
out by the law firm Westp-
fahl Spilker Wastl, ultimately
alleged that the archbishop
mishandled four cases of sex-
ual abuse. In some of these
cases, the argument is simply
that he must have been
aware of them, even though
The First Black Business Titan
By Butch Meily
R
eginald Lewis was the
first black business-
man to pull off a bil-
lion-dollar leveraged buyout.
He ran the largest black-
owned U.S. company, the first
to generate sales of more
than a billion dollars a year.
A building at Harvard Law
School, his alma mater, is the
Reginald FB. Lewis Interna-
tional Law Center.
Yet today the public hardly
knows his name, and that’s a
shame. Lewis broke racial bar-
riers. Ken Frazier, executive
chairman of Merck, said, “Reg
Lewis opened up a world of
possibilities for an entire gen-
eration of black business lead-
ers.” Financier and philanthro-
pist Michael Milken called
Lewis “the Jackie Robinson of
American business.”
Lewis was born in Balti-
more and grew up in a tough
word panegyric to the “self-
appointed guardians of the
Internet” who continued to
flog the claims.
In recent court filings, Mr.
Durham explains that these
tech experts—including Rod-
ney Joffe, formerly of
Neustar, Inc.—were in ca-
hoots with the same crew as
Mr. Steele, using the same
playbook. They worked with
Democratic lawyers at Per-
kins Coie and opposition-re-
search firm Fusion GPS, with
the goal of dredging up “de-
rogatory” information on Mr.
Trump that would please
“VIPs” in the Clinton cam-
paign. The techies did so, the
Durham indictment says, in
part by mining protected in-
ternet data that had been
supplied to a government
contractor—allowing them to
snoop on the White House as
well as Trump Tower and
Mr. Trump’s Manhattan
apartment
Mr. Joffe’s legal team con-
tinues to insist he is “apoliti-
cal” and wasn’t aware his
lawyer, Michael Sussmann,
was billing Team Clinton. (A
grand jury impaneled by Mr.
Durham indicted Mr. Suss-
mann in September on a
charge of making a false
statement to the FBI. Mr.
Sussmann pleaded not
guilty.) The press initially
tried to ignore the story, then
resorted to parsing the defi-
nition of “spying,” justifying
the accused, and trashing Mr.
Durham.
The problem for the last-
gaspers is that the techies
they seek to defend have al-
ready put too much on the
record that suggests their
real concern was a President
Trump, not national secu-
rity. Start with the company
that the “apolitical” Mr.
legal team has argued rea-
sonably that Benedict hadn’t
been aware of their criminal
history.
The case of Father Peter
Hullermann received perhaps
the broadest coverage. From
the documentation published
so far, it appears that after
having committed abuse in
Rhineland, Father Hullerman
was sent by his bishop to a re-
habilitation facility in Munich
for therapy. It also emerged
that it was not long before he
was involved in pastoral work
that entailed contact with mi-
nors, giving to him the oppor-
tunity to perpetrate more
abuses in the following years.
As archbishop of Munich,
Benedict attended a meeting
regarding the priest’s transfer
to his diocese.
Based on his testimony, he
had no idea that the priest’s
move was related to sexual
abuse. What was known to
him was that the priest was
“at risk.” From the wit-
nesses’ accounts, the deci-
sion to involve the priest in
pastoral activities came not
from the archbishop but
from another official in the
archdiocese.
Why the international out-
cry? Benedict previously had
said he wasn’t present in the
meeting concerning the
priest’s transfer. The pope
emeritus has apologized for
the inaccuracy. Nevertheless,
this mistake has been the
foundation of a media cam-
neighborhood. He practiced at
a blue-chip Wall Street law
firm, was told he would never
make partner there, and left
to begin his own law firm. He
overcame racial discrimina-
tion and bought a condomin-
ium on Fifth Avenue in New
York, becoming the first Afri-
can-American to own a unit in
the luxury building.
Reginald Lewis
blazed a trail for
future executives.
In 1984 a $22.5 million lev-
eraged buyout brought him
the McCall Pattern Co. Within
three years the home-sewing
pattern maker was so profit-
able that Lewis sold it for a
total gain of $90 million. To
take over Beatrice Interna-
tional, a conglomerate with
Joffe kept. One of his col-
leagues involved in the proj-
ect and referenced in the
Sussmann indictment is Paul
Vixie, whose Twitter feed
sports a long record of lib-
eral, anti-Trump sentiments.
Another member of the cir-
cle—who took on the job of
publishing the Joffe data—is
L. Jean Camp, an Indiana
University computer-science
professor and Clinton sup-
porter who called on Ameri-
cans to join the “resistance”
against Mr. Trump. So much
for the media’s description
of a gang of politically inno-
cent nerds.
‘Benevolent posse’ or
partisans for Hillary
Clinton? John Durham
has the answer.
The researchers claim that
by July 2016 they were
alarmed by the security im-
plications of their data,
mined from government in-
formation. Yet they didn’t go
to the government. Mr. Joffe
instead went to Democrats—
namely Mr. Sussmann, the
Perkins Coie lawyer who in
the summer of 2016 was reg-
ularly identified in the press
as an attorney for the Demo-
cratic National Committee.
The Sussmann indictment
notes a meeting Mr. Joffe had
with Marc Elias, the Perkins
Coie attorney for the Clinton
campaign. And a deposition
by a Fusion GPS staffer as
part of continuing Alfa Bank
litigation says Mr. Joffe at-
tended a meeting with Peter
Fritsch, a co-founder of Fu-
sion GPS. Was he still con-
fused about the partisan na-
Benedict as an enabler of
abuse given his tough stance
against these crimes as pope.
Is this forgetfulness re-
proachable? Yes. Is it to be
imputed to Benedict XVI? No,
because it was a clerical error
made by his legal team. An
error that is understandable
given that his legal team was
not put in a position to work
properly. In fact, the Archdio-
cese of Munich-Freising al-
The criticism of the
retired pope is about
more than his record
as an archbishop.
lowed only one of his lawyers
to have access to 8,000 pages
of documentation, without the
possibility of making a copy.
Benedict XVI did not actively
keep a secret or mislead in-
vestigators but only inaccu-
rately reported an event, be-
cause the truth had already
been known to the public
since 2010.
What does all this have to
do with the conflict within the
church? There are two differ-
ent interpretations. On one
side, there are those—like the
pope emeritus—who attribute
the sexual-abuse crisis to the
moral liberalism of the second
half of the 20th century,
stressing the personal respon-
sibility for those crimes. The
64 operations in 31 countries,
he outwitted Citicorp and oth-
ers with a $985 million bid.
I worked as one of his ad-
visers. He demanded the best
from everyone around him
and would shout in your face
at the top of his lungs if you
came up short.
I saw, as a Filipino immi-
grant, what it meant to be
black in America in the late
20th century. Any perceived
slight on the basis of race en-
raged him. If a white execu-
tive patted him on the back in
a gesture he considered pa-
tronizing, he sometimes
would slap the executive on
the back hard enough to leave
him gasping for breath.
Lewis attributed his suc-
cess to his country. “I’m not a
black business story,” he once
told me. “I’m an American
business story.”
He even contemplated a
run for public office. “Once
ture of this project?
He certainly couldn’t have
been two years later. By that
point, the roles Perkins Coie
and Fusion played in funnel-
ing information to the FBI for
Clinton were well known,
while Fusion had gone on to
team up with former Demo-
cratic staffer Dan Jones to
keep advancing the claims.
Mr. Joffe sat for that October
2018 New Yorker piece that
pushed the Alfa claims, anon-
ymously calling himself
“Max” and admitting in the
piece that he’d continued to
help that effort long after the
election, providing Mr.
Jones’s team with 37 million
internet records to examine.
(A deposition in the Alfa liti-
gation identified Mr. Joffe as
Max.)
Here’s the most revealing
bit: “Max” also explained to
the New Yorker how vitally
important it was in 2016 to
make sure the threat his
team discovered was “known
before the election.” Which
was why he and his lawyer
first went with their informa-
tion to the press. The Suss-
mann indictment says Mr.
Sussmann tried peddling the
data to the New York Times
in late August 2016. He didn’t
approach the FBI until the
middle of September. Mr.
Joffe’s spokesperson declined
to comment.
The defenders of Mr.
Steele’s dossier also spent
years insisting that the oppo
researcher was nonpartisan
and his work beyond re-
proach—only to be humili-
ated. The media is stepping
out again at its peril. There’s
plenty to show an ugly tale
already—and Mr. Durham will
likely have plenty more to
come.
Write to kim@wsj.com.
was at its root a series of in-
dividual moral failings.
On the other side of the
spectrum, there are those
who attribute the abuses to a
systemic crisis and blame the
church as an institution. For
the latter, this crisis should be
a pretext to change essential
aspects of church. Notice the
requests of the German Syn-
odal Path or the Sauvé Com-
mission in France, framed as
solutions to this crisis, to re-
consider unrelated issues: the
division of power within the
church, the ordination of
women, the elimination of
priestly celibacy and much
more.
The furor is not really
about Benedict’s mistake in an
episode already known to the
public. Instead, it’s a question
of what model the church in-
tends to adopt for the future.
The pope emeritus is an icon
of one type of church, and
this controversy has been
used accordingly.
Sexual abuses should be
addressed for what they are:
grievous sins and crimes that
took far too long to address.
It would be an even greater
tragedy if factional squabbles
for power within the church
diminish the effectiveness of
the fight against abuse.
Father Regoli, a biographer
of Pope Benedict XVI, is a
professor of church history at
the Pontifical Gregorian Uni-
versity in Rome.
I’m in the Senate,” he told me
with characteristic bravado,
“lightning could strike.”
Shortly before Lewis
turned 50, he began an auto-
biography, mischievously ti-
tled “Why Should White Guys
Have All the Fun?” Sadly, he
died of a brain tumor a few
months later. The book was
published posthumously.
Race is no longer as much
a factor in U.S. business.
Lewis proved that people of
color can launch, lead and
own businesses. Blacks have
been the CEOs of Time War-
ner, American Express, Kaiser
Permanente and other global
companies. Lewis deserves
credit for blazing the trail.
Mr. Meily is president of
the Philippine Disaster Resil-
ience Foundation. He is at
work on a memoir about his
experiences with Reginald
Lewis.
Friday, February 18, 2022 | A15
BOOKSHELF | By Allan Massie
That’s No Lady,
That’s Their Wife
The Duchess Countess
By Catherine Ostler
(Atria, 417 pages, $30)
E
lizabeth Chudleigh may not be a familiar name from
history, but she was the central figure in a dramatic
scandal. Born in London in 1721, around the time of
the South Sea Bubble, and dying near Paris in 1788, a year
before revolution broke out, she played a notable, even
notorious, social role both in England and on the Continent.
She was a duchess and a countess—or perhaps neither.
Her first marriage, to a naval officer, was clandestine
and later denied by both parties. If it was legal—a matter
of some dispute—then her marriage more than 20 years
later to a rich aristocrat was bigamous. Indeed, she would
stand trial for bigamy in the House of Lords. In “The
Duchess Countess,” Catherine Ostler draws a vivid portrait
of this remarkable woman.
Elizabeth’s father, an army officer with a connection to
the Churchill family, died when she was only 5, but royal
favor provided for his widow and children. Elizabeth grew
up beautiful, intelligent and (as we might say) privileged.
Family influence helped her become a Maid of Honour to
Augusta, Princess of Wales,
the mother of the future
George III. Elizabeth seemed
set for a respectable, even
distinguished, future.
But in the summer of 1744,
when she was 23, she met
Augustus Hervey, a dashing
young lieutenant in the Royal
Navy. His father was Lord
Hervey, a favorite of the late
Queen Caroline and the author
of perhaps the best political
memoirs of the 18th century.
Augustus, a younger son with
neither property nor capital, had
joined the navy at the age of
11.By the time he met Elizabeth he had already distin-
guished himself in the West Indies.
What might have been a summer romance became more
than that. Urged on (it seems) by Elizabeth’s aunt, the couple
chose marriage, and a wedding took place at dead of night in
a half-ruined chapel. The service was conducted by the local
parson but was of dubious legality. (It would be some 10
years before English marital law was clarified.) In any case,
the couple soon parted, Augustus returning to the fleet.
Both had good reason for secrecy. Marriage would have
cost Elizabeth her position as Maid of Honour, and Hervey’s
family hoped for a more lucrative match. Both seem to have
regretted their folly. Hervey’s naval career flourished—he
would eventually become an admiral—and he enjoyed
several affairs. Elizabeth became a celebrity, famous, among
other extravagances, for appearing at a costume ball as
Iphigenia (Agamemnon’s ill-fated daughter) “ready for the
sacrifice.” One observer said she was “so naked the high
Priest might easily inspect the entrails of the victim.” Ms.
Ostler, who obviously feels affection for her heroine, opines
that she may have suffered from a “borderline personality
disorder” characteristic of “charismatic performer types.”
The marriage to Hervey—never quite admitted, never
dissolved—shadowed both their lives. Then, in middle age,
Elizabeth found herself being courted by the immensely
wealthy Duke of Kingston. He seems to have been a kind
man with few intellectual interests; “he chiefly amuses
himself with cricket,“ a neighbor said. Ms. Ostler is in no
doubt that they loved each other; the Duke even discarded
his French mistress. The relationship with Elizabeth soon
became a marriage—a few years ahead of Hervey inheriting
an earldom and making her, however tenuously, a countess.
She was well-connected, lived in high style,
became a social celebrity—and was tried
for bigamy in the House of Lords.
The marriage evoked grief and anger in the childless
Duke’s relations, who had expected to be his heirs. They
resented and hated Elizabeth. Ms. Ostler, a historian and
veteran journalist, regards them with severe disapproval.
One can’t help thinking that, though they may have been
selfish and greedy, their disappointed hopes were surely
reasonable.
Be that as it may, when the Duke died, leaving almost all
of his vast fortune to Elizabeth, they set out to challenge
the will and blacken her name. She told a friend that she
was determined “to quit this vile country and reside in
France.” In fact, she headed for Rome, where she was
welcomed by the anglophile Pope Clement XIV and made a
great show in society. In the meantime, her absence from
England made her enemies bolder. A civil suit was brought
against her in the Court of Chancery. She won that battle
but was soon charged in criminal court. Asserting her right
as a duchess, she asked for the case to be moved to the
House of Lords, and it was there that she was found guilty,
though no punishment was officially meted out. She lost
her case in the court of public opinion as well.
Still, Elizabeth did not repine. She set out on her travels
again: to Russia, where she formed an edgy friendship with
Catherine the Great; to Rome again; and finally to France.
Wherever she went, she was a center of attention, living in
high style even as the legal battles over her inheritance
continued.
Ms. Ostler has written a rich and compelling book, the
fruit of deep and assiduous research. She is often indignant
on her heroine’s behalf and decidedly indulgent when it
comes to Elizabeth’s greed, duplicity (a member of
Parliament said she was guilty of forgery) and delight in
her status as a scandalous figure. There are some grounds
for sympathy, of course: Elizabeth was forever having to
defend her position, not to mention her hard-won assets.
Thackeray took her as a model for his finest character,
the selfish and scheming but courageous Becky Sharp in
“Vanity Fair.” If Elizabeth Chudleigh seems more like
Becky than like a much-wronged heroine, well, biographers
should feel an affinity with their subjects and may quite
properly make the best case possible for them.
Mr. Massie is the author of “The Royal Stuarts: A History
of the Family That Shaped Britain.”
Coming in BOOKS this weekend
America’s bald eagle • Lincoln in the popular imagination
• Tuberculosis: The phantom plague • Life in a tidepool •
P.J. O’Rourke: An appreciation • After the Romanovs:
Russian exiles in Paris • Sam Sacks on fiction • & more
A16 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Calling Out ‘Emperor’ Larry Fink Who’s Paying Whom Welfare in California?

W
hen you’re 98 years old you can say outfit wants companies to report minutia Never has the editorial board been our Indianapolis home and our sec-
things others can’t, so bravo to Char- from how much plastic they use to sales from so wrong as when it characterizes ond, small vacation home in Califor-
rooftop solar with the “welfare” label nia. Since 2010 the cost for Indianapo-
lie Munger for daring to speak an im- sugary beverages.
(“California’s Solar-Power Welfare lis power has increased 5.3% yearly,
portant but too muffled truth In his annual letter this year, State,” Feb. 8). My solar panels power versus 10.3% for California PG&E
about today’s financial mar- Charlie Munger says Mr. Fink did have some nice my home during daylight and charge power. Our 2021 Indianapolis power,
kets. “We have a new bunch of what many CEOs think words about capitalism, which the battery. The battery powers my with taxes and fees, was 15.2 cents per
emperors, and they’re the peo- has been very, very good to home, except for the air conditioning, kWh, versus 24.6 cents per kWh for
ple who vote the shares in the but decline to say. him. But he also lectured CEOs during the night. Instead of electric- Northern California power. Subsidized
index funds,” Warren Buffett’s that “employees are increas- ity bills of $800 to $1,000 before pan- solar power for the wealthy should
Berkshire Hathaway partner ingly looking to their employer els were installed, my average end, since it increases electricity costs
said Wednesday. “I think the world of Larry Fink, as the most trusted, competent, and ethical monthly bill is below $50. for those least able to afford it.
but I’m not sure I want him to be my emperor.” source of information,” and “stakeholders” in- My panels generate excess electric- JOSEPH J. NEFF
Many CEOs no doubt privately agree. cluding employees, customers, communities, and ity, which is routed to the grid, and I Indianapolis
get paid for it—but at a severely dis-
As Americans have poured savings into ex- regulators “need to know where we stand on the
counted rate. Last year I sold electric- My solar array helps society by re-
change-traded and mutual funds, index provid- societal issues intrinsic to our companies’ long- ity to SoCalEd that would have cost ducing demand on the grid, helps the
ers have become the de facto largest sharehold- term success.” over $1,000, but I was compensated environment by producing pollution-
ers of public companies. Assets under Mr. Fink will also tell you what stand to take less than $100. That isn’t welfare. free electricity, and, yes, saves me
management by Mr. Fink’s company, BlackRock, on those issues. He and his allies have become California has to impose rolling money. I don’t think it steals from “the
have doubled to $10 trillion since 2016. major swing votes in proxy board battles and blackouts during the summer because poor”; there is plenty of free California
Asset managers, including BlackRock, Van- shareholder resolutions. Climate-focused activ- it has chosen to rely more on wind sunshine and many ways to access it.
guard and Fidelity, mostly invest their custom- ist fund Engine No. 1 held only 0.02% of Exxon- and solar to generate electricity. If The large utilities pursue a business
ers’ money in broad baskets of stocks that track Mobil shares, but it nonetheless managed to anything, my solar panels are welfare model that is increasingly obsolete
an index like the S&P 500. Index funds make oust three board members last summer with for the state. My home uses less of and now want the government to bail
sense for most retail investors who lack the the support of the Emperors’ club. the scarce electricity from the power them out. I’m not one of your “rich
grid and is a source of electricity for and powerful,” nor did I draft the net-
time and information to actively trade stocks. “Many savvy governance observers were that grid. Now the power companies metering agreement that I entered
But lately these so-called passive index provid- paying close attention to how Exxon’s top three want to make it more expensive for into with my local power company.
ers have themselves become activists, and not investors—Vanguard, BlackRock, and State people like me to purchase and use What’s so bad about self-reliance?
in a good way. Street, in that order—voted,” a Harvard Law rooftop solar panels. JOHN PLOETZ
Rather than push companies to pursue School Forum on Corporate Governance article IBM used to rely on massive main- Vista, Calif.
higher returns, they’re trying to impose their noted. “The Big Three, which own roughly frames until networks of many micro-
political agenda on corporate America. CEOs twenty percent of the S&P 500’s outstanding computers made the mainframe slow You are correct that net metering
and corporate boards can find themselves on shares, had made significant climate commit- and ineffective. The rooftop solar sit- of solar energy is regressive and
the wrong end of a shareholder vote if they re- ments over the past several years.” uation is similar. Millions of rooftop needs fixing. But the proposed fix, a
fuse to accommodate BlackRock’s policy prefer- Berkshire Hathaway makes selective invest- solar and storage battery installa- recurring charge based on the
tions, all paid with private funds, re- amount of installed PV capacity, in-
ences on climate and “stakeholder capitalism.” ments in companies, and with great success
duce demand on the grid and contrib- troduces other distortions.
Hail, Caesar, er, Larry. over decades. So Mr. Munger may have a philo- ute electricity to it. The correct fix lies in charging sep-
Two years ago Mr. Fink wrote a letter to sophical investing difference with index funds. STEVE SCHOLL arately for energy cost (including peak
CEOs threatening to vote against corporate But that doesn’t mean he’s wrong about Black- Palm Desert, Calif. surcharges) and grid connection cost.
managers if they didn’t follow environmental, Rock’s market power, which Mr. Fink is using The latter is largely independent of
social and governance (ESG) disclosures pre- for political purposes. We hope Mr. Munger’s Your editorial shows how subsidiz- whether energy flows in or out, or
scribed by the Sustainability Accounting Stan- comments trigger a larger debate about the ing the rich for rooftop solar panels whether it flows at all. Instead, it de-
dards Board. That Michael Bloomberg-backed Emperor and his commands. increases costs for the bottom 50%. If pends on the maximum power that
a homeowner wants solar panels, he can flow (thus owners of large houses
should absorb the full cost to install would pay more) and the distance to a
Catholic Schools’ Good Covid Year them and sell the excess power at the
4 to 5 cents per kilowatt-hour that
substation (thus urban dwellers would
not be forced to subsidize suburbs and

C
PG&E pays to generate the power. No country residents). This would ensure
atholic schools have educated millions sures and consolidations also fell to 71 last one should be paid the retail rate of that resources are allocated efficiently,
of Americans, and their decline in re- year, down from about 100 in prior years, NCEA 26 cents. We shouldn’t subsidize the and it would not discourage the bene-
cent decades has been a cultural and says. wealthy with metered power rates. ficial transition to solar power.
educational tragedy. But crisis Notably, about 7% of Cath- This past decade I have kept track LUIGI SEMENZATO
creates opportunity, and the Staying open during the olic school students and 20% of the cost of the power delivered to Oakland, Calif.
news is that Catholic schools pandemic paid off in of Catholic schools reported
staged a surprising enroll- using school-choice pro-
ment rebound during the pan- growing enrollment. grams. Those rates were high-
demic. Imagine that: Stay est in Arizona and Florida, Nursing Pay and Shortages During Covid-19
open to teach children, and which have generous educa-
The clamor and drama surrounding Covid-19 and the response to it
they will come. tion savings account and voucher offerings. travel nurses’ pay is indicative of a have worsened a critical shortage of
The National Catholic Educational Associa- Lawmakers in many states have been expand- larger issue: the unsustainable design nurses. Because unfilled positions
tion reports that enrollment in U.S. Catholic ing school choice, which could boost Catholic of our healthcare system and the un- place patients at risk, the federal gov-
schools increased by 62,000 students—3.8%— school enrollment in future years. due strain it places on healthcare ernment provided money to hospitals,
from fall 2020 to fall 2021. That’s the highest Public school enrollment tumbled 3% last workers (“Steep Nurse Pay Raises Irk allowing them to increase pay and
one-year increase the organization has re- year. In December, National Public Radio found Hospitals,” U.S. News, Feb. 9). entice nurses to work in locations
corded and the first enrollment upswing in two that most of the 600 districts it analyzed from As a nurse in this pandemic, I am and for durations that were other-
decades. across the country had a second year of de- disheartened see my travel-nurse col- wise unappealing.
Catholic secondary school enrollment de- clines. Many Catholic schools reopened while leagues make significantly more than Once those nurses who stayed on
clined by 0.4%, but elementary schools more public schools remained closed. In Arlington’s I do. But more disheartening is seeing throughout the pandemic become
hospitals and lawmakers focus only aware of the new “market-clearing
than made up for it with 5.8% more students. Catholic diocese, all 41 schools were in person
on capping travel-nurse pay instead wage,” hospitals might be forced to
“Increases in enrollment at the primary grade or hybrid by fall 2020. They were rewarded of seeking a way to bolster the raise salaries for all nurses, not only
levels is a positive sign for long-term second- with a 7% enrollment increase of more than strength of the nurse workforce as a those filling vacancies. But that is a
ary school viability,” the report notes. 1,100 students this year. whole. good thing, too: Higher pay will moti-
Two-thirds of the enrollment surge was The report doesn’t say this, but we wonder Senate Bill 1567 is the perfect re- vate more people to become nurses,
driven by a 34% jump in pre-school students, if the discovery by many parents of widespread sponse. Establish safe staffing ratios, work longer hours or defer retire-
which is a rebound from a steep decline in pre- and union-led political indoctrination in public provide better legal protection and ment. This will help alleviate the nurs-
school the year before. The NCEA estimates schools has also helped Catholic schools. The ensure proper compensation to pre- ing shortage that predates Covid-19.
that Catholic schools have nearly 40,000 more voter recall of three San Francisco school board vent nurses from flocking to travel Had there been caps on wages or
students than they would have had without the members this week showed that even liberals agencies or leaving the workforce al- other equally silly rules to prevent
pandemic. are revolting against radical progressivism in together. We need to focus on the “overcharging,” nursing vacancies
problem, not just the symptom. would have remained unfilled, and
Every grade from pre-K through sixth K-12 education. The solution is more education
LAUREN YELVERTON patients needing care wouldn’t have
gained students compared to the previous choice, whether in public charter, or secular or Durham, N.C. gotten it—a far worse outcome.
school year. The number of Catholic school clo- religious private schools. JOSEPH BERNSTEIN, M.D.
Haverford, Pa.
Why Lance Morrow Must Be
Congress Says the Check Is in the Mail Kept Out of the Twin Cities If Your Mommy Is a Commie

C
ongress is already congratulating itself is expected to be insolvent in 2026. Moving If Lance Morrow accepts the offer
Daniel Henninger laments that the
on a bipartisan “reform” of the U.S. USPS retirees to Medicare, as a writer at Reason from a Mankato resident to visit and
new names of the Washington Com-
Postal Service. The House bill passed quips, isn’t like rearranging the Titanic’s deck experience our signature Minnesota
manders and Cleveland Guardians do
342-92 this month, and it has nice (Letters, Feb. 14), he should avoid
chairs: “It’s more like moving not excite (“Let’s Turn Off the Olym-
Taxpayers, beware of a deck chairs from the Titanic to the Twin Cities metro area, where
good prospects in the Senate. around 60% of the state’s population
pics,” Wonder Land, Feb. 10). But do
Too bad this legislation is an the Lusitania.” such names as Yankees, Mets, Mariners
accounting shuffle that’s
bipartisan bill on the Congress also wants to tie
lives. The downtowns are quite differ-
and Royals thrill anybody? I am a fan
ent from Mankato and more in tune
comic in how much it misses U.S. Postal Service. the USPS’s hands by forcing it with Mr. Morrow’s description in “How
of two of those but it has nothing to
the point. to continue delivering mail “at do with names and, in one case, talent.
Minnesota Went From Tom Sawyer to
DWIGHT OXLEY
The USPS has lost money least six days a week.” But to- Huck Finn” (Cross Country, Jan. 22).
Wichita, Kan.
for 15 straight years, a total of $92 billion since tal mail volume is down 40% since 2006, lower If Mr. Morrow happens to see a
2007. This is often blamed on a 2006 law that than any time since 1983, with no sign of a mi- guy wearing his Paul Bunyan plaid
How long until enemy fans cheer
requires it to set aside money for retiree health raculous rejuvenation. Half of what’s left is wool coat, yes, that is our governor,
derisively at Commanders games for
benefits. Yet the mandate has turned into an “marketing mail.” Postmaster General Louis De- dressing up for another photo op.
the “Commies”? Tres apropos, per-
ED HOLTZ
accounting fiction because the USPS hasn’t Joy is adapting by slowing long-distance deliv- haps, but delicious revenge against
Minneapolis
made the payments since 2010. It’s $52 billion eries and raising prices. The House bill doesn’t the PC dictators.
in the hole. Congress’s solution is to throw out reverse such changes, as Democrats want, which ED REYNOLDS
the prefunding rule, so the USPS can adopt a is at least some good news. Ledyard, Conn.
Realism From Up in the Air
pay-as-you-go model. The fundamental problem is a broken busi-
Now retired, I fly frequently and
In other words, lawmakers want to give the ness model. Each year there are more ad-
happily on Frontier Airlines’ sky-based
USPS permission to quit making payments that dresses getting less overall mail. The USPS bus service, but I view with no enthu-
Pepper ...
it stopped making a decade ago. What an idea! can’t keep going like this forever, so it won’t, siasm the announced merger with And Salt
Perhaps the IRS, which failed to answer 250 mil- but Congress should be trying to arrest its fi- Spirit (“Frontier and Spirit to Form
lion incoming calls last year, could cut that to nancial fall to limit the collateral damage to Discount-Airline Juggernaut,” Page THE WALL STREET JOURNAL

zero calls by refusing to pay the phone bill. taxpayers. One way to start would be to give One, Feb. 8). In 40 years of business
Killing the prefunding rule would have no ef- the USPS a free hand to manage its business travel, I logged more than three mil-
fect on the USPS’s actual cash flow. Shifting re- with fewer post offices and less frequent de- lion miles in the air and witnessed
tiree funding off the annual books would make livery. Curtailing collective bargaining would dozens of airline mergers. Not a single
its finances look better year to year, but the un- also help. one turned out to be in the best inter-
funded liability would still loom. This is “re- Yet politicians treat the status quo as sacro- est of passengers. The benefits touted
to sell the mergers to regulators
form” in the sense of defusing a time bomb by sanct, as if the Bill of Rights guaranteed three-
seemed to vanish like a jet trail in the
silencing the ticking sound. day delivery of transcontinental birthday cards. wind once approval was given. This is
The bill would also push costs onto Medi- Democrats are pushing to get Mr. DeJoy fired about increasing profits, nothing more.
care. About 8% of postal retirees aren’t signed for his temerity to alter service. Even if they WILLIAM J. RESOP
up for Medicare Part A, and 24% aren’t on Part fail, his eventual successor might have a differ- Las Vegas
B, per a recent report by the Government Ac- ent vision.
countability Office. The House bill would force Congress is moving to pass a reform that
Letters intended for publication should
future retirees to join. The USPS argues that solves nothing while Democrats push for a new be emailed to wsj.ltrs@wsj.com. Please
it pays the same Medicare taxes on its workers Postmaster who would splurge on electric include your city, state and telephone
as does every business, and fair enough. trucks and help the unions turn the USPS into number. All letters are subject to “I want a facial recognition
Yet this is no fix from the taxpayer’s point of a bank. The Senate should say no to this case editing, and unpublished letters cannot system that will help me
be acknowledged.
view, since the Medicare trust fund for Part A of bipartisanship at its most dishonest. remember people’s names.”
THE WALL STREET JOURNAL.
Fighter Pilots Need More Time in the Air
By Kate Bachelder Odell
A
mericans are starting to
wonder if the U.S. could
win a war against a for-
midable adversary like
China. So here is an accu-
mulating risk that deserves more
attention: American military pilots
aren’t getting enough preparation
for high-end combat.
The armed services are still try-
ing to recover from sequester bud-
get cuts, which started in 2013 and
brutalized readiness. Many pilots
who came up in the aftermath of
those cuts haven’t had the flight
hours they need to perform su-
perbly in a fight with a near-peer
military. Cramped and inconsistent
budgets are compounding this skills
deficit, even as the world grows
more dangerous.
The U.S. military budget
doesn’t allow aviators
enough hours and sorties
to be ready for battle.
Congress has been funding the
government with patchwork mea-
sures known as continuing resolu-
tions, and the Pentagon could end
up stuck on a stopgap budget for
the remainder of the fiscal year,
though lawmakers are reporting
progress toward a spending deal.
The Air Force has said that un-
der a continuing resolution, it
would have to “execute a flying
hour program well below what is
required to maintain high levels of
proficiency.” The Navy told report-
ers it would “reduce the flying hour
Greenland’s Melting Ice Is No Cause for Climate-Change Panic
By Steven E. Koonin
O
ne of the most sacred tenets
of climate alarmism is that
Greenland’s vast ice sheet is
shrinking ever more rapidly be-
cause of human-induced climate
change. The media and politicians
warn constantly of rising sea levels
that would swamp coastlines from
Florida to Bangladesh. A typical
headline: “Greenland ice sheet on
course to lose ice at fastest rate in
12,000 years.”
The annual loss has been
decreasing in the past
decade even as the globe
continues to warm.
With an area of 660,000 square
miles and a thickness up to 1.9
miles, Greenland’s ice sheet cer-
tainly deserves attention. Its
shrinking has been a major cause of
recent sea-level rise, but as is often
the case in climate science, the
data tell quite a different story
from the media coverage and the
political laments.
India’s Hijab Debate Is Both Nuanced and Nasty
For almost 20 years,
Western Europeans
have wrestled with
the fraught question
of whether head-
scarves and other
forms of Islamic at-
EAST IS
tire should be toler-
EAST
ated or curbed. Now
By Sadanand
India is caught up in
Dhume
the same debate.
Indian courts will
soon determine whether government
schools have the authority to ban
the hijab, the Islamic headscarf. At
200 million, India’s Muslim popula-
tion is the world’s second-largest,
after Indonesia’s—roughly as many
Muslims as Iran, Egypt and Saudi
Arabia combined. The courts’ deci-
sions will influence the debate about
the hijab’s acceptability in public
spaces in other nations with Muslim
minorities.
The current controversy began in
January, when the parents of six
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Editor in Chief
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Gerard Baker, Editor at Large
accounts to all our pilots, Navy and
Marine Corps by 10 or 20% in the
last quarter and a half of the fiscal
year.” These hours are lucrative tar-
gets for penny pinchers given the
high costs of flying. At the same
time, inflation is crushing the Pen-
tagon’s purchasing power and fuel
prices are up.
Flying is often compared to sur-
gery: a skill that atrophies rapidly
without practice. John Venable,
who commanded the Air Force
Thunderbirds squadron and is now
at the Heritage Foundation, has
written that an Air Force fighter pi-
lot needs at least 200 hours of
flight time a year to stay sharp. An
average fighter pilot is developing
into a better one with four sorties
a week and holding steady at three.
At one or two, a pilot is deteriorat-
ing in ability and comfort in the
cockpit.
Air Force flight hours and sortie
rates for fighter pilots in 2020 “fell
to historic lows” amid the pan-
demic, Mr. Venable writes in Heri-
tage’s 2022 Index of U.S. Military
Strength, “as the average line com-
bat mission-ready fighter pilot re-
ceived less than 1.5 sorties a week
and 131 hours of flying time that
year.” This works out to 10.9 hours
a month, a level Mr. Venable says is
on par with the proficiency Russian
pilots had during the Cold War.
Training needs vary across ser-
vice and type of aircraft. But Rep.
Mike Garcia, a California Republi-
can and former naval aviator who
recently launched a caucus focused
on fighter aviation, tells me he flew
a healthy 25 to 30 hours a month
as a junior F/A-18 pilot in the early
2000s and up to 60 on deployment.
Pilots fly more on deployment, but
for decades mostly in environments
The chart nearby paints a bigger
picture that is well known to ex-
perts but largely absent from the
media and even from the most re-
cent United Nations climate report.
It shows the amount of ice that
Greenland has lost every year since
1900, averaged over 10-year inter-
vals; the annual loss averages about
110 gigatons. (A gigaton is one bil-
lion metric tons, or slightly over
2.2 trillion pounds.) That is a lot,
but that water has caused the
planet’s oceans to rise each year by
only 0.01 inch, about one-fifth the
thickness of a dime.
In contrast, the United Nations’
Intergovernmental Panel on Climate
Change projects that for the most
likely course of greenhouse-gas
emissions in the 21st century, the
average annual ice loss would be
somewhat larger than the peak val-
ues shown in the graph. That would
cause sea level to rise by 3 inches
by the end of this century, and if
losses were to continue at that rate,
it would take about 10,000 years
for all the ice to disappear, causing
sea level to rise more than 20 feet.
To assess the importance of hu-
man influences, we can look at how
the rate of ice loss has changed
over time.
Muslim girls petitioned a junior col-
lege—the equivalent of a U.S. high
school—in the southern state of
Karnataka to allow their daughters
to wear headscarves in the class-
room. As the issue spread to other
schools, the state government, led
by the Hindu nationalist Bharatiya
Janata Party, stepped in with a ban
in government educational institu-
tions on clothing that “disturbs
equality, integrity and public law
and order.” Since then hijab-wearing
girls and women have been barred
from attending classes at some in-
stitutions and denied entry alto-
gether to others.
The regulations have sparked pro-
tests across India and stirred a wider
debate about the place of Islamic
clothing in a Hindu-majority but os-
tensibly secular nation. With their
typical gift for understatement, In-
dian TV news channels have pro-
moted prime time debates on the is-
sue with hashtags like #NoHijabDay
Robert Thomson
Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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OPINION
An Air Force F-16 refuels over Estonia.
like the Middle East, where the U.S.
dominates the skies.
Chinese fighter pilots appear to
be flying 150 hours a year, Mr. Ven-
able estimates based on available
data and anecdotal reports from pi-
lots who have operated in the re-
gion. Caveats are in order—Chinese
pilots haven’t been tested in a
fight. But consistent hours, Mr. Ve-
nable explains, “translate directly
into combat capability.”
The risks aren’t confined to com-
bat. Congress in 2019 established a
commission to investigate military
aviation accidents, with 224 dead
and 186 aircraft destroyed from
2013 to 2020. The commission trav-
eled the country asking military pi-
lots: What will cause the next acci-
dent in your unit? Insufficient
flight hours, declining proficiency
and inconsistent funding were re-
peated answers across rank and
type of aircraft. Midcareer pilots
Annual Greenland Ice Loss (1900-2021)
300 Gigatons
250
200
150
100
50
0
-50
1900 ‘10 ‘20 ‘30 ‘40 ‘50
Source: Programme for Monitoring of the Greenland Ice Sheet (PROMICE)
In that regard, the graph belies
the simplistic notion that humans
are melting Greenland. Since human
warming influences on the climate
have grown steadily—they are now
10 times what they were in 1900—
you might expect Greenland to lose
more ice each year. Instead there
are large swings in the annual ice
loss and it is no larger today than
it was in the 1930s, when human
influences were much smaller.
Moreover, the annual loss of ice has
and #HijabAmbushPlot. In several
places in Karnataka, stone-throwing
protesters clashed with baton-wield-
ing police. Students as far apart as
Delhi, Maharashtra and West Bengal
have taken to the streets in favor of
the right to wear the hijab. Others
have mobilized against it, including
Hindu students who wore saffron
scarves—the color of Hinduism—as
a counterprotest. Last week, the Kar-
nataka government closed all schools
for three days to quell tensions.
The protests in India have re-
ceived international attention. “Re-
fusing to let girls go to school in
their hijabs is horrifying,” tweeted
the Pakistani Nobel laureate Malala
Yousafzai, whom the Taliban shot in
the head 10 years ago for champion-
ing female education. French soccer
player Paul Pogba, former tennis
champion Martina Navratilova and
Pakistani Foreign Minister Shah
Mahmood Qureshi have all chimed in
with criticism of Hindu nationalists
who back the ban.
The Biden administration waded
in as well. “Religious freedom in-
cludes the ability to choose one’s re-
ligious attire,” tweeted Rashad Hus-
sain, the State Department’s
ambassador for religious freedom.
“Hijab bans in schools violate reli-
gious freedom and stigmatize and
marginalize women and girls.”
For opponents of a ban, the argu-
ment is straightforward: It violates
both religious liberty and individual
rights. If some Muslim girls believe
their faith mandates that they cover
their heads, they should have the
right to wear the hijab without being
denied an education. In the U.S.,
prominent hijab-wearing activists
such as Dalia Mogahed and Linda
Sarsour have long portrayed the hi-
jab as a garment that allows women
INTS KALNINS/REUTERS
“reported having as many as 200
fewer career flight hours than pre-
vious generations,” the commission
said.
Some in the services want to rely
more on simulators: An hour in an
F-35 simulator in 2019 cost about
$600 compared with $17,000 to
$23,000 for an hour in the air. Sim-
ulator training can be valuable, Mr.
Garcia notes, but it can’t substitute
for giving tactical aviators the
“practical experience of hearing 50
people on the radio at one time or
seeing 60 to 80 planes in the sky”
in a large exercise. This is essential
to approximating “the nervousness”
that would accompany flying in
combat, say, over the Taiwan Strait.
Pilots also can’t fly more without
ready airplanes—and only roughly
half of the F-22 fleet is considered
mission capable, for example. The
Air Force’s fleet is about 30 years
old on average, and aging planes
‘60 ‘70 ‘80 ‘90 2000 ‘10 ‘20
been decreasing in the past decade
even as the globe continues to
warm.
While a warming globe might
eventually be the dominant cause
of Greenland’s shrinking ice, natural
cycles in temperatures and currents
in the North Atlantic that extend
for decades have been a much more
important influence since 1900.
Those cycles, together with the re-
cent slowdown, make it plausible
that the next few decades will see a
to be judged for their minds rather
than their looks. For others, donning
the hijab is an act of resistance
against anti-Muslim bigotry. Their
counterparts in India make similar
arguments.
For hijab skeptics the issue isn’t
quite as simple. They say the gar-
ment promotes an in-your-face reli-
giosity and fosters a sense of separ-
ateness among Muslims. In their
view, the headscarf represents the
oppression of women, not female
empowerment. Hijab proponents of-
ten place the burden of sexual mo-
rality on women rather than men.
Headscarf bans are a
fraught topic, but it’s hard
to argue Modi is merely
pushing secularism.
Hijab apologists have likened a
woman who chooses not to cover up
to an unwrapped lollipop that at-
tracts flies or a piece of meat left
out for scavenging cats. The same
Western liberals who defend the hi-
jab decry other faiths when they
treat female modesty this way.
Most Western commentators miss
an important nuance about Muslim
women’s dress, Sarah Haider, a Paki-
stani-American activist and writer,
points out. “The hijab isn’t just a
physical manifestation of Islam,” she
said in a recent YouTube video. “It is
a physical manifestation of conserva-
tive Islam.” Around the world those
who promote the hijab most ar-
dently—often using liberal argu-
ments rooted in the freedom to
choose—are Islamists who hold de-
cidedly illiberal views. The scholar
Friday, February 18, 2022 | A17
are expensive to maintain. To fly
more hours, the services need com-
mensurate resources for spare parts
and maintenance, and this money
needs to arrive predictably, not
halfway into the fiscal year. A con-
founding challenge is getting the
services to ask Congress for more.
The Air Force has cut its hours re-
quest in recent years, in part be-
cause operations in Afghanistan ta-
pered off. Mr. Venable says the Air
Force hasn’t made flight hours
enough of a priority even amid in-
creased operations funding.
At bottom, there simply hasn’t
been the real growth in military
spending that would allow the ser-
vices to be ready for a fight that
breaks out tonight while also field-
ing better equipment for a fight
that might arrive in the 2030s. The
House Appropriations Committee
offers $706 billion, and the Senate’s
draft is $725 billion. Mr. Garcia
says the defense top line needs to
be closer to $800 billion.
As Washington’s budget fights
drag on, a Navy F-35C sank into the
South China Sea in January after
crashing while trying to land on the
USS Carl Vinson. It was the aircraft
carrier’s fifth major flight mishap
in two months. Investigations are
under way, and the incidents may
merely reflect the risks of the un-
forgiving environment of carrier
aviation.
But five incidents in short order
on a deployed national asset could
be one more indication that Ameri-
can pilots don’t have the resources
they need to operate effectively in
peace and, if necessary, to dominate
in war.
Mrs. Odell is a member of the
Journal’s editorial board.
further, perhaps dramatic slowing
of ice loss. That would be inconsis-
tent with the IPCC’s projection and
wouldn’t at all support the media’s
exaggerations.
Much climate reporting today
highlights short-term changes when
they fit the narrative of a broken
climate but then ignores or plays
down changes when they don’t, of-
ten dismissing them as “just
weather.”
Climate unfolds over decades. Al-
though short-term changes might
be deemed news, they need to be
considered in a many-decade con-
text. Media coverage omitting that
context misleadingly raises alarm.
Greenland’s shrinking ice is a prime
example of that practice.
If Greenland’s ice loss continues
to slow, headline writers will have
to find some other aspect of Green-
land’s changes to grab our atten-
tion, and politicians will surely find
some other reason to justify their
favorite climate policies.
Mr. Koonin is a professor at New
York University, a senior fellow at
the American Enterprise Institute
and author of “Unsettled: What Cli-
mate Science Tells Us, What It
Doesn’t, and Why It Matters.”
Cheryl Benard likened the Islamist
promotion of the hijab to a junta tak-
ing over a radio station. Its preva-
lence signals that their side is win-
ning. Some 15 countries in Europe
have placed restrictions on Islamic
clothing in public spaces, though
these regulations are usually aimed
at the niqab, or face veil, or the
head-to-toe burqa. In 2017 the Euro-
pean Court of Human Rights ruled in
favor of a Belgian ban on the face
veil in public.
In India, the rise of Hindu nation-
alism under Prime Minister Narendra
Modi makes the debate even more
charged. Since 2014, state govern-
ments led by the BJP have passed a
raft of laws that critics say target
Muslims. These include draconian
penalties for eating beef or encour-
aging a spouse to convert from Hin-
duism to Islam, and a citizenship law
that pointedly allowed only non-
Muslims from Afghanistan, Pakistan
and Bangladesh to apply for fast-
track naturalization. Mobs have
lynched Muslims accused of killing
cows and driven Muslim vendors out
of Hindu neighborhoods, and ex-
tremist Hindu religious leaders have
called for violence against the Indian
Muslim community. On pro-govern-
ment TV channels, Hindu national-
ists constantly berate Muslims for
the alleged crimes of medieval Is-
lamic rulers.
When Mr. Modi himself has con-
ducted Hindu prayers on television,
the idea that his government or
party are interested in French-style
secularism is laughable. It comes
across as another attempt to brow-
beat the Muslim minority. Indians
have every right not to like the hijab.
But a ban will rightly be seen as an-
other step in the country’s slide to-
ward illiberalism.
A18 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

“Overpriced coat rack.”

Jared
Rockville Centre, Mar 2020

“Understand I’ve
never, ever stuck with
anything cardio related.
I love that Peloton
bike. I love how fit it
has made me. I love
how I keep myself
accountable with it.
My wife and I tell
everyone how much
we love it. She’s
a beast on it.”
Jared
Rockville Centre, Feb 2022
 TECHNOLOGY: GOOGLE’S TRACKING CURBS SEEN AS FRIENDLIER FOR ADVERTISERS B4
BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 4380.26 g 2.12% S&P FIN g 2.41%
Walmart Weathers Higher Costs
BY SARAH NASSAUER
For Walmart Inc., being the
country’s largest retailer by
revenue has helped it navigate
higher supply-chain and wage
costs, labor shortages and ris-
ing prices.
On Thursday Walmart re-
ported stronger sales over the
winter holiday shopping season
and said it is largely absorbing
higher costs. At the same time
it continues to try to create
new sources of profit beyond
its core retail business to help
fend off Amazon.com Inc.
Comparable U.S. sales,
those from stores and digital
channels operating for at least
12 months, excluding fuel
sales, rose 5.6% in the quarter
ended Jan. 28, compared with
the same period a year earlier.
Overall, Walmart’s U.S.
business benefited from its
stores being stocked and
stronger foot traffic. The gro-
cery and health and wellness
categories were standouts, the
company said, the latter of
which was helped by more
people filling prescriptions
and the company’s administra-
tion of the Covid-19 vaccine.
Transaction volume rose 3.1%
in the quarter.
“During periods of inflation
like this, middle-income fami-
lies, lower-middle-income fam-
ilies, even wealthier families
become more price-sensitive
and that’s to our advantage,”
said Walmart Chief Executive
Doug McMillon on a call with
analysts Thursday.
Walmart uses its scale to
muscle lower prices from its
suppliers and manufacturers,
while it has largely stuck to an
everyday-low-price ethos with
pricing for decades.
Retailers continue to bene-
fit from strong consumer
spending. January retail sales,
which reflect spending at
stores, online and in restau-
rants, rose at a seasonally ad-
Probe Widens Into Activision Workplace
BY KIRSTEN GRIND
Federal and state regulators
have widened their investiga-
tions into how Activision Bliz-
zard Inc.’s leadership handled
workplace misconduct claims,
according to documents and
people familiar with the probes,
as the videogame giant works to
complete a planned $75 billion
sale to Microsoft Corp.
Investors
Want More
Data on
Workforces
BY MATT WIRZ
AND PAUL KIERNAN
Two years into the pan-
demic, healthcare fund man-
ager Justin Segalini is trying
to keep track of staffing levels
at the hospitals, nursing com-
panies and pharmacies he in-
vests in. He peppers manage-
ment teams with questions
about quit rates, wages and
salaries—human-capital indi-
cators few companies report.
“I’m looking for these data
points and they’re not easy to
find,” said Mr. Segalini, man-
ager of a $1.2 billion health-
care-services stock fund at Fi-
delity Investments. “There’s
no requirement for the compa-
nies to report the data.”
Workers are increasingly
important to forecasting cor-
porate profitability, but inves-
tors receive little information
about them. More large com-
panies, such as General Mo-
tors Co., include some work-
force statistics in annual
sustainability reports, but the
data aren’t standardized. Al-
most none quantify such infor-
mation in quarterly or annual
financial statements.
Please turn to page B2
S&P IT g 3.06%
* * **
DJ TRANS g 1.93%
Walmart’s e-commerce sales growth slowed in the quarter as more sales happened in physical stores than earlier in the pandemic.
justed rate of 3.8% from the
prior month, according to the
Commerce Department. How-
ever, economists attributed a
chunk of that increase to con-
sumers paying higher prices.
The retailer, based in Ben-
tonville, Ark., said it faced
cost increases during the most
recent quarter, but kept prof-
its growing. Supply-chain
costs were over $400 million
higher than expected at the
start of the quarter, the com-
pany said.
Wage costs increased too.
Covid-19-specific paid-leave
costs were more than $400
million due to the Omicron
variant, $300 million more
than expected, the company
said. Walmart said last week it
would stop offering employees
paid-time off specifically
linked to Covid-19 by the end
of next month.
“This quarter’s Covid leave
peak was larger than anything
we had experienced in 2020 or
Please turn to page B2
The California Department of
Fair Employment and Housing
has subpoenaed Activision’s di-
rectors related to the company’s
handling of the workplace is-
sues, according to people famil-
iar with the matter. It also has
subpoenaed police departments
in the Los Angeles area for any
records they have related to
longtime Chief Executive Bobby
Kotick and 18 other current and
Gucci owner Kering, said its priority this year is to safeguard profitability gains made in 2021.
Luxury Brands Raise Prices
And Find Little Resistance
BY TREFOR MOSS
The world’s luxury-goods
giants are raising prices on
handbags, clothes, shoes and
jewelry—and facing little resis-
tance so far from shoppers.
LVMH Louis Vuitton Moët
Hennessy SE increased its
handbag prices globally this
week, in some cases by double-
digit percentages, according to
Bernstein Research. LVMH de-
clined to comment, but Bern-
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.04%
Share and index performance over the past year
20%
S&P 500
10
0 continent.
–10
March 2021
Walmart U.S. comparable-
store sales*
Change from a year earlier
2017 ’18
*For the sales quarter ended Jan. 28; excludes fuel Note: Fiscal year 2022 ended Jan. 31.
former Activision employees, ac-
cording to the people and to
documents viewed by The Wall
Street Journal.
The department’s move rep-
resents an escalation of its origi-
nal complaint against Activision,
which was made public in July.
That complaint alleged sexual
harassment and gender-pay dis-
parity across the company’s
roughly 10,000 employees, but
stein, which tracks the closely
followed industry proxy, esti-
mates that global handbag
price increases for the Louis
Vuitton brand came in on aver-
age at between 6% and 7%.
The price of some popular
handbags in some markets
rose by as much as 25%, Bern-
stein found. In China, a me-
dium Louis Vuitton Coussin
bag, for instance, rose from
30,000 yuan, about equal to
$4,730, to 37,500 yuan.
2–YR. TREAS. yield 1.477%
Walmart
2022
’19
didn’t specifically mention Mr.
Kotick, except regarding his sal-
ary, or Activision’s directors.
Activision has disputed the
department’s allegations and a
company spokeswoman called
the subpoenas to police depart-
ments an “extraordinary fishing
expedition.”
Separately, the Securities and
Exchange Commission has sent
an additional subpoena to Activ-
With affluent customers
who accept—and in some
cases seek—hefty price tags,
luxury brands are typically
able to raise prices without
affecting demand for their
products. That is in contrast
with many mass-market con-
sumer brands, which face
tricky decisions about
whether to pass costs on to
price-sensitive customers.
“We have an advantage on
Please turn to page B2
Friday, February 18, 2022 | B1
NIKKEI (Midday) 27108.91 g 0.46% See more at WSJ.com/Markets
Crisis Is
Boon to
U.S. Gas
Industry
U.S. natural-gas producers
and global commodity traders
are emerging as some of the
biggest beneficiaries of the
surging energy prices spread-
ing pain in Europe.
By Benoit Faucon,
MICHAEL CIAGLO/GETTY IMAGES
Collin Eaton
and Joe Wallace
Falling supplies from Russia
to Europe, as well as the threat
of a Russian invasion of
Ukraine, have elevated prices of
the coveted fuel used to heat
homes and generate electricity.
The rally has burned European
4Q FY2022 utilities including Électricité
5.6% de France SA and Germany’s
Uniper SE and put dozens of
British energy suppliers out of
business. It is also leading to
substantially higher bills for
8%
consumers, creating headaches
for governments across the
The price surge has been a
boon for American suppliers of
6
liquefied natural gas such as
Cheniere Energy Inc. and
Cameron LNG, which are sup-
plying record amounts of the
fuel to starved European mar-
4 kets. Also cashing in are trad-
ers who shipped the gas to Eu-
rope at historically high prices
and money managers profiting
from volatility in gas markets.
2 Europe’s gas crisis began to
unfold in the fall and led prices
to records on Dec. 21 of more
than €180 a megawatt-hour,
equivalent to $205. Vessels car-
0 rying American LNG to markets
around the world set a new
’20 ’21 ’22 course for Europe, and in De-
Sources: FactSet (share performance); the company (sales) cember the U.S. surpassed Qa-
tar on a weekly basis to be-
come the biggest LNG exporter
in the world for the first time.
In the following month, the
U.S. supplied almost half of the
record 11.7 million metric tons
of LNG delivered to Europe, ac-
ision as part of an investigation cording to market-intelligence
it launched last year into the firm Kpler.
company’s handling of sexual The crisis has also led Euro-
harassment allegations. The pean companies to reconsider
SEC, as part of that investiga- signing longer-term deals for
tion, subpoenaed several senior American gas, U.S. executives
Activision executives, the Jour- say, something many had es-
nal reported in September, in- chewed because the fuel was
cluding Mr. Kotick, who has led often more expensive than the
Activision for more than 30 competition. Such deals, if con-
years. Activision has said it is summated, could lock in de-
Please turn to page B4 Please turn to page B11
STREETWISE | By James Mackintosh
Don’t Expect Fed Help
With Ukraine Impact
Usually
when there is
a crisis, inves-
since the late 1990s, with pol-
icy makers slashing interest
rates—and since 2008, buying
tors can count bonds—whenever markets fall
on the Federal or the economy dives.
Reserve to This time, Fed support
come to the rescue. If Russian looks a lot less secure be-
troops poised on the border cause of inflation. Aside from
of Ukraine start a European fear, the main way that a Rus-
land war, the Fed may be less sian invasion of Ukraine
helpful to markets than nor- would feed into markets and
VCG/GETTY IMAGES
mal. Western economies is
To be clear: The Fed can’t through the price of world oil
do anything to help the casu- and European natural gas,
alties of war, the real victims which would surely soar. At a
if Russia invades. time the Fed is already
But investors have been scrambling to catch up with
schooled in the “Fed put” Please turn to page B11
INSIDE
CLODAGH KILCOYNE/REUTERS
ALYSSA SCHUKAR FOR WSJ
BUSINESS NEWS MARKETS
Amazon and Visa A fund’s ex-investment
resolve a dispute over chief is indicted on
fees on U.K.-issued charges of overstating
credit cards. B3 its value. B10
 B2 | Friday, February 18, 2022
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 General Motors ... B1,B10
Activision Blizzard......B1
Airbnb..........................A6
Airbus...................B3,B12
Alaska Air...................A6
Allianz ......................... B3
Alphabet......................B4
Amazon.com...B1,B3,B12
American Airlines.......A6
American Express.......B3
Apple...........................B4
Aramark......................A6
B JBS .............................. B5
Boeing ......................... B3
C Kering..........................B2
Cameron......................B1
Capri............................B2
Chanel..........................B2
Cheniere Energy..........B1
CME...........................B11
Coca-Cola .................... A1
Compagnie Financière
Richemont.................B2
D MGM Resorts
DoorDash........A4,B2,B12
E Morgan Stanley..........A1
Électricité de France...B1
Expedia..................A1,A6
F Nvidia.....................A4,B4
FedEx...........................B2
G PepsiCo........................A6
Gazprom....................B11
INDEX TO PEOPLE
A
Arnault, Bernard.........B2
B
Billings, Craig ............. A1
C
Capuano, Anthony......A1
Chapek, Bob................A6
Chesky, Brian..............A6
D Spencer, Phil...............B4
Duplaix, Jean-Marc.....B2
F Lynch, Roger...............B4
Faury, Guillaume . B3,B12
Finkelstein, Harley ... B12
Frick, Robert...............A6
G McMillon, Doug...........B1
Gelsinger, Pat ............. B4
H N
Halkyard, Jonathan.... A6
Harrison, Andrew.......A6
Prices Rise
For Luxury
Brands
Continued from page B1
quite a few other companies
and groups, which is that we
have a degree of flexibility on
our prices,” said Bernard Ar-
nault, LVMH’s chairman and
chief executive, on a January
earnings call. “In the face of
inflation, we have the ways
and means to react.”
On Thursday, Jean-Marc
Duplaix, chief financial officer
of Gucci owner Kering SA,
said the company’s priority
this year is to safeguard
profitability gains made in
2021, making price increases
an option.
Compagnie Financière
Richemont SA, whose luxury
brands include Cartier, has
also been raising the prices of
some of its watches and jew-
elry in recent months. Versace
and Jimmy Choo plan to raise
prices for those brands’
clothing and shoes, said John
Idol, chief executive of Capri
Holdings Ltd., the brands’
owner, on an earnings call ear-
lier this month.
Some price rises have faced
pushback. Chanel SA has
lifted prices for its handbags
sharply, The Wall Street Jour-
nal reported, triggering an
outcry from some shoppers.
The luxury sector is al-
ready flying high after a grim
2020, during which the pan-
demic hammered sales. De-
mand roared back last year,
with luxury consumers flock-
ing to stores as Covid-19 lock-
downs eased.
The industry is striving to
maintain that strong momen-
tum in 2022, said Kathryn
Parker, an analyst at Jefferies
Group. Part of the strategy is
higher prices, she said, since
most players have the luxury
of raising prices to maintain
margins without scaring cus-
NATHAN LAINE/BLOOMBERG NEWS
LVMH raised its handbag prices globally this week, in some cases
by double-digit percentages. An ad for its brand in Paris last year.
Pilgrim’s Pride.............B5
Goldman Sachs.........B10 Procter & Gamble.....B12
H R
Heineken ................... B12 Reckitt Benckiser
Huawei Technologies ............................. B6,B12
...................................A10 Royal Caribbean Cruises
I .....................................A6
Infinity Q Capital S
Management...........B10 Samsung Electronics
Intel.............................B4 .....................................B4
J Sanderson Farms........B5
Shopify.................B2,B12
K SpaceX ........................ A6
Starbucks....................B6
T
L
Tesla.................A1,A6,B5
LVMH Louis Vuitton
Trafigura....................B11
Moët Hennessy ........ B1
U
M
Marriott International Uber Technologies .... B12
.....................................A1 Unilever.....................B12
Mastercard..................B3 Uniper..........................B1
Meta Platforms..........A1 United Health ............. B2
V
International.............A1 Venture Global..........B11
Microsoft.....................B1 Verizon Communications
.....................................A2
N Visa..............................B3
Nestlé...................B6,B12 Vodafone.....................A2
W
P Walmart.................A4,B1
Walt Disney................A1
Palantir Technologies.A4 Wynn Resorts.............A1
I
Idol, John .................... B2
P
Parker, Kathryn...........B2
Isom, Robert...............A6
K
Kern, Peter..................A6
S
Sabel, Mike...............B11
Sandri, Fabio...............B5
Khater, Sam................A2 Schneider, Mark..........B6
Kotick, Bobby..............B1 Shah, Bhavin.............B12
L Solomon, David.........B10
Laguarta, Ramon........A6
Spika, David................A1
Lemarie, Chloe..........B12
Stephenson, David ..... A6
M V
Velissaris, James......B10
Mahaney, Mark.........B12
W nomenon some call the Great
McCarthy, Christine....A1
Ward, Tom...................B2
Musk, Elon ............ A1,A6 Wintour, Anna............B4
Z problem that has been build-
Narasimhan, Laxman..B6 Zillmer, John...............A6
Norris, Michael...........B6 Zinsner, Dave..............B4
Global personal-luxury sales
€300 billion
€283B*
250
200
150
100
50
0 points using standardized
2009 ’15
*Estimate
Note: €1 = $1.136
Source: Bain & Co.
tomers away.
“Luxury really is immune,”
said Ms. Parker, noting that
even during low inflation
periods many players raise
prices over and above rising
costs. “They have the pricing
power to offset any underly-
ing cost inflation.” Jefferies
expects global luxury revenue
to increase by around 15% this
year, despite inflation.
LVMH, Europe’s most valu-
able company by market capi-
talization, said last month
that 2021 was its best year
ever: Revenue came in at
€64.2 billion, or about $72.9
billion, up 20% relative to pre-
pandemic 2019. Profit in the
year rose 49%, to €17.2 billion,
from 2019.
Kering on Thursday re-
ported 2021 revenue of €17.6
billion, up 13% compared with
2019, while profit was up 38%
at €3.2 billion. Results pushed
Kering stock up 5% in Euro-
pean trading.
Gucci, Kering’s largest
brand but a relatively weak
performer recently in growth
terms, had a strong fourth
quarter of 2021, with sales up
18% compared with the same
period in 2019.
Analysts said that the
movie “House of Gucci,”
though disavowed by the Gu-
cci family, may have boosted
the brand’s profile and helped
its growth to rebound.
Maegan Olmstead and Michael Sullivan, a couple in their 20s living in Denver, quit their jobs during the pandemic.
Investors
Want Data
On Workers
Continued from page B1
Labor shortages, which hit
hospitals especially hard this
winter, also are affecting in-
dustries including retail, lei-
sure, education and technol-
ogy, forcing employers to
increase worker pay. The phe-
Resignation is contributing to
runaway inflation and forcing
Wall Street to reckon with a
ing for years.
“CEOs make these wonder-
ful flowery statements about
people being their greatest as-
sets,” said Jeff Higgins,
founder of workforce consult-
ing firm the Human Capital
Management Institute. “Why
aren’t people on the balance
sheet if they are the most im-
portant asset?”
Most public companies re-
port the value of their prop-
erty, accounts receivable and
inventory but not human capi-
tal—the worth of their work-
ers’ skills, loyalty, training and
other characteristics. Inves-
tors want employers to consis-
tently report specific data
’21 measurements so they can
compare companies.
Some fund managers are
using big data, scouring web-
sites such as Glassdoor and
LinkedIn to estimate work-
force trends in the companies
they cover and the economy as
a whole. Others are reiterating
longstanding calls for regula-
tion that would force compa-
nies to report employee data,
including pay, training, job
satisfaction, demographics and
hiring and promotion rates.
California Public Employ-
ees’ Retirement System, the
Walmart
Weathers
Inflation
Continued from page B1
previously in 2021,” said Mr.
McMillon. “We hired more as-
sociates than our plan called
for to help fill that gap, which
hurt expenses, but it was
clearly needed.”
The company swung to a
profit of $3.56 billion, or $1.28
a share. For the year-earlier
quarter, Walmart reported a
net loss of $2.1 billion, reflect-
ing losses tied to the then-
pending sales of its U.K. and
Japanese operations.
Excluding special items,
Walmart posted per-share
earnings of $1.53, ahead of the
$1.50 forecast by analysts
polled by FactSet. Overall rev-
enue rose less than 1% from a
year ago to $152.9 billion, in
part due to the sale of the in-
ternational units.
Shares in Walmart rose 4%
Thursday, while the Dow Jones
Industrial Average slid 1.8%.
While the pandemic
brought a dramatic boom to e-
commerce, that trend is re-
versing as health-related re-
strictions ebb and more
spending shifts to services.
Walmart’s e-commerce sales
growth slowed during the
quarter as more sales hap-
pened in physical stores than
earlier in the pandemic. Global
e-commerce sales were $73.2
BUSINESS & FINANCE
country’s largest pension plan,
is a leader of the campaign for
mandatory reporting. The pan-
demic has highlighted how
critical human-capital risks
are to companies and their in-
vestors, a Calpers spokes-
woman said.
Of the 100 largest U.S. em-
ployers, 58% don’t disclose the
salaries and benefits paid to
their workforce, 85% don’t dis-
close turnover and 97% don’t
disclose promotion rates, a
measure of job satisfaction,
according to nonprofit group
JUST Capital. The few compa-
nies that report human-capital
statistics often do so using in-
consistent methodologies that
prevent easy comparison.
The Securities and Ex-
change Commission is ex-
pected to unveil a rule in com-
ing months requiring
disclosure of standardized hu-
man-capital data.
“I think they have a strong
sense of urgency because of
the pandemic and also because
of the Great Resignation,” said
Mr. Higgins.
American workers quit at a
record pace in November, and
the high turnover could last
for years, forcing employers to
pay more to keep their staff.
Wages for Americans age 16 to
24 rose in December at the
fastest pace in records back to
1997, according to the Federal
Reserve Bank of Atlanta.
Maegan Olmstead and Mi-
chael Sullivan, a couple in
their 20s living in Denver, quit
their jobs during the pan-
demic. Mr. Sullivan left a cus-
tomer-service position at
money manager Janus Hen-
derson Investors in 2020 for a
medical-sales job with a better
salary and growth potential,
he said. Ms. Olmstead, a jour-
nalist, resigned in December
from a local newspaper be-
cause of the long hours and
low wages, she said. She
landed offers from three me-
dia companies in January, ac-
cepting one that will boost her
earnings, she said.
billion in the most recent fis-
cal year, nearly double 2020
levels but slightly below its
forecast of $75 billion.
Shopify Inc. shares fell
Wednesday after the e-com-
merce software provider said
it expected revenue growth to
moderate in 2022.
Walmart will soon turn to
longtime executive Tom Ward
to lead its U.S. e-commerce
business after the company re-
cently announced that the cur-
rent chief would leave after a
year in the job. The company
is focused on faster delivery
and increasing the volume of
products listed by third-party
sellers, executives have said in
recent months. For an online
retailer such as Amazon.com
or Walmart, sales by third
parties that list products on
its website are typically more
profitable than its direct sales.
The retail behemoth contin-
ues to operate with high in-
ventory levels to counteract
supply-chain snarls that have
challenged retailers.
For the current year, Wal-
mart predicted slower growth
compared to pandemic highs
and lower costs associated
with Covid-19. Comparable
U.S. sales are projected to rise
slightly more than 3%, with
earnings-per-share growth of
5% to 6% when excluding di-
vestitures.
Walmart is in the midst of
trying to build profit and reve-
nue from sources beyond its
traditional retail business, in-
cluding through advertising, a
financial technology startup,
healthcare and offering other
retailers delivery services
* *** THE WALL STREET JOURNAL.
RACHEL WOOLF FOR THE WALL STREET JOURNAL
“Over the last few months face of the pandemic,” the
I’ve been seeing a lot more job
openings and reading news
Calpers spokeswoman said.
Commission staff have been
about a lot of people quitting,” working on a rule that would
Ms. Olmstead said. “It was
such a weight off my shoul-
mandate additional disclo-
sures around human capital
ders when I walked away from
that job.”
Data scientists at Neu-
since SEC Chairman Gary Gen-
sler took office last April. The
new requirements would likely
berger Berman Group LLC be mandatory for public com-
have combed through 380 mil- panies and could touch on
lion employee profiles to as- turnover, skills and develop-
sess how well companies re- ment training, compensation,
tain employees, said portfolio benefits as well as workforce
manager Hari Ramanan. demographics including diver-
The data showed that food- sity, and health and safety, he
delivery company DoorDash has said.
Inc. retained drivers better Companies including FedEx
than competitors by giving Corp., GM and UnitedHealth
Group Inc. opposed such pre-
scriptive measures when the
SEC last contemplated them in
The pandemic has 2019, according to letters the
highlighted how companies sent the regulator.
With Congress struggling to
critical human- pass progressive legislation,
capital risks are. Mr. Gensler is using the SEC’s
authority to set disclosure re-
quirements for public compa-
nies and fund managers to
them more flexibility to work
for multiple employers, he
said. It also pinpointed unusu-
push forward several Demo-
cratic policy priorities. He is
under pressure to get politi-
ally high employee engage-
ment at Dutch chemicals dis-
tributor IMCD NV, information
cally sensitive rules out the
door soon with Democrats at
risk of losing their thin major-
he used to help forecast turn- ities in Congress after Novem-
over and profitability. ber’s midterm elections.
“For us it’s about figuring “You’re trying to force uni-
out which companies are bet- formity where there may not
ter positioned to handle em- be,” Republican SEC commis-
ployee turnover,” Mr. Ra- sioner Hester Peirce said, not-
manan said. ing that workforces vary based
The SEC has long required on industry and geographic lo-
companies to report their cation. The company “that
number of employees and in doesn’t fit within those nice
2020 instructed them to add little boxes we set out, can’t
human-capital measures they paint the picture of how it’s
deemed material to under- actually thinking about human
standing their businesses. capital,” she said.
Some companies define the For investors like Fidelity’s
broad financial relevance of Mr. Segalini, the prospect of
human capital but don’t mea- more-detailed disclosure is
sure it the way they account cause for excitement.
for property or equipment, “I’d love to know the break-
which are less important as downs of employee pay,” Mr.
the economy shifts to services Segalini said. “To be fair, a
from manufacturing. good starting point would be
The 2020 tweak “did not turnover across the entire
meaningfully increase com- workforce. I don’t want to get
pany disclosures even in the too greedy.”
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THE WALL STREET JOURNAL.
Amazon, Visa Resolve Fee Dispute Allianz
BY JULIE STEINBERG Legal Bill
Amazon.com Inc. and Visa
Inc. reached an agreement al-
lowing customers to use Visa
credit cards across the online
retailer’s websites and shops,
the companies said, resolving
a monthslong dispute.
Amazon in November told
customers it would stop ac-
cepting Visa credit cards is-
sued in the U.K. starting in
January because of the card
network’s high fees. Last
month, Amazon said it would
allow customers to keep using
their cards past that date
Airbus Warns of A320 Production Snags
BY BENJAMIN KATZ
Airbus SE tempered expec-
tations for sharply boosting
production of its bestselling
jet, blaming supply-line chal-
lenges that threaten its ambi-
tion to rapidly widen a mar-
ket-share advantage it opened
with Boeing Co. during the
pandemic.
The European plane maker
reported record profit Thurs-
day and said it would reinstate
its dividend, benefiting from
still-robust demand for its
commercial airliners. But it di-
aled back the likelihood of
dramatically boosting fu-
ture production rates for its
A320, the single-aisle rival to
Boeing’s 737 MAX.
The 737 MAX suffered a
long grounding after two
deadly crashes, forcing a
short-term halt to production.
Then, amid the pandemic, Air-
bus pressed airline customers
to honor contracts, further
boosting its share of the sin-
gle-aisle market.
Airbus has been bullish on
the aviation sector’s eventual
recovery, after pandemic
travel restrictions hobbled
many airlines. It told suppliers
last year to be ready for a
quick production ramp-up,
promising to push out 65
A320s a month by the summer
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while it negotiated an agree-
ment with Visa.
A Visa spokesman on
Thursday said the company
“was pleased to have reached
a broad, global agreement
with Amazon.” He said Visa
would be accepted at all Ama-
zon stores and sites, and that
the two companies would
work together on product and
technology initiatives related
to payments. An Amazon
spokesman said the retailer is
committed to offering custom-
ers a convenient payment ex-
perience that offers choice.
The companies didn’t pro-
of 2023. It also said it had
asked suppliers to explore
whether it could raise that to
75 a month by 2025.
Currently, Airbus manufac-
tures around 45 A320s a
month.
On Thursday, Airbus said
that demand remained prom-
ising, but that retooling its
supply chain after the pan-
demic slowdown, labor short-
falls and a surge in raw-mate-
rial and energy prices was
proving challenging. The com-
pany said it was working with
suppliers to “potentially en-
able an increase” over its pre-
viously stated goal of 65 a
month from the middle of next
year.
Airbus shares fell 1.3% in
Paris on Thursday.
“The demand is still very
strong and probably even
stronger than what we
thought a year ago on the sin-
gle aisle,” Airbus Chief Execu-
tive Guillaume Faury told re-
porters. But he said Airbus
needed “to look at the balance
between demand and supply
and the ability of the supply
chain to accelerate.” He said
Airbus was still considering
the possibility of producing 70
or 75 A320s a month.
Boeing said in January that
it was producing 26 737 MAX
jets a month and was on track
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vide specifics of the deal.
As part of the agreement,
Amazon will also drop sur-
charges it had imposed on
Visa credit-card purchases in
Singapore and Australia.
When a shopper pays with
a credit card, the merchant
pays a fee to the bank that is-
sued it. The fees, which can
often run 2% or more, are set
by card networks including
Visa, Mastercard Inc. and
American Express Co.
Amazon’s Singapore unit on
Nov. 1 last year began impos-
ing a 0.5% surcharge on pur-
chases made with Visa cards.
Airbus told suppliers last year of plans to push out 65 A320s a month by the summer of 2023.
to reach its target of 31 a
month by early 2022. But it
also cautioned that it was ex-
periencing labor and parts
shortages in its supply chain.
Airbus reported net income
of 4.2 billion euros, equivalent
to around $4.8 billion, for the
year, compared with a loss of
€1.13 billion the year before. It
said it would reinstate its divi-
dend, proposed at €1.50 a
share.
Friday, February 18, 2022 | B3
It had also told customers that fees. Card networks typically
to avoid the charge, they could impose higher fees on online
use debit cards or a non-Visa
credit card like Mastercard,
Amex or UnionPay—essentially
purchases because they are
deemed more vulnerable to
fraud.
Comes to
pointing shoppers to Visa’s di-
rect rivals. On Thursday, Ama-
zon informed customers that
Amazon has said higher in-
terchange fees on credit-card
transactions mean higher
$4 Billion
Visa credit-card purchases on prices for shoppers. The fees
its Singapore website would have stayed high or risen, Am- BY JUSTIN BAER
no longer incur a surcharge azon said in November, de-
and included a link for people spite technological advances Allianz SE set aside more
to add or manage their pay- that should have sent them than $4 billion for legal ex-
ment methods. lower. penses stemming from losses
Amazon and other retailers At the time, Visa said it was its investment funds racked up
rely on credit cards and other “disappointed that Amazon is during the March 2020 market
digital payments and are espe- threatening to restrict con- panic when their options trades
cially sensitive to interchange sumer choice.” went bad.
The German financial com-
pany said Thursday it ac-
counted for the €3.7 billion in
legal provisions, equivalent to
$4.2 billion, in its 2021 results.
As a result, Allianz’s net in-
come fell 2.6% to €6.6 billion.
The fund losses have drawn
probes from the Justice Depart-
ment and Securities and Ex-
change Commission as well as
several lawsuits from the funds’
investors.
Allianz had warned last year
that the legal fallout could hurt
its future earnings.
A group of funds managed
by one of Allianz’s investing di-
visions, Allianz Global Inves-
MORRIS MACMATZEN/ACTION PRESS/ZUMA PRESS
tors, had bet on stock options
that effectively sold insurance
against a market selloff to
other investors. The strategy
had been a profitable one for
the company while markets re-
mained calm.
The funds’ fortunes changed
in March 2020. Stocks tumbled
and volatility soared, triggering
losses for the Allianz funds and
forcing the company to shut
two of its most-aggressive
strategies.
Several investors in those
Airbus has emerged from and center for the first half of funds, including the Blue Cross
Boeing’s 737 MAX crisis and this year,” Mr. Faury told ana- Blue Shield Association and the
the pandemic as the world’s lysts. “This will be all about Arkansas Teacher Retirement
biggest plane maker by deliv- the balance between de- System, sued Allianz after the
eries, a title its rival has long mand—and the demand is very losses. The company also dis-
held. strong. We could go quite high closed that the Justice Depart-
Last year, Airbus delivered actually if we would just look ment and SEC were investigat-
611 commercial aircraft, com- at the demand—but we have ing the matter.
pared with around 280 pas- to balance it with the supply Allianz said it took the legal
senger-jet deliveries by Boe- and the supply capacity.” provisions “in anticipation of
ing. Airbus has said it expects settlements with major inves-
720 deliveries in 2022.  Heard on the Street: Airbus tors in the AllianzGI U.S. Struc-
“Production rates are front keeps expectations low..... B12 tured Alpha funds.
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B4 | Friday, February 18, 2022 * * THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

Google Curbs Seen as Friendlier Condé Nast Posts

Advertisers note a
different approach Profit, Breaking
than the one taken
before by Apple Yearslong Stretch
BY MEGAN GRAHAM BY ALEXANDRA BRUELL
AND ANN-MARIE ALCÁNTARA
Condé Nast said it turned a
Google’s promise to restrict profit last year for the first
consumer tracking on mobile time in years, a feat the
devices might represent an in- publisher of Vogue, Bon Appé-
dustry shift in the way adver- tit and the New Yorker attri-
tisers locate consumers online, butes to strong digital-revenue
but marketers said they expect growth and cost savings from
it to play out differently than reorganizing its global

LEON BENNETT/GETTY IMAGES

a similar move already made operations.
DAVID PAUL MORRIS/BLOOMBERG NEWS

by Apple Inc. The company recorded

Google said Wednesday that nearly $2 billion in revenue
it will develop more privacy- last year, a double-digit-per-
focused replacements for the centage increase from 2020,
alphanumeric identifiers asso- according to a person familiar
ciated with individual smart- with the matter. Condé Nast, a
phones used by certain apps unit of closely held Advance
to gather and share informa- Publications Inc., doesn’t make Condé Nast CEO Roger Lynch
tion about users. its financial results public. It
The Alphabet Inc. unit said declined to disclose the size of from digital paywalls had con-
it would support existing iden- Marketers say the company’s move to restrict consumer tracking can still allow personalized ads. its 2021 profit or say for how tributed to the company’s re-
tifiers for at least two years long it had been unprofitable. turn to profitability. Condé
and give substantial notice Google and Apple want to ing for personalized advertis- pretty sophisticated statistical Condé Nast Chief Executive Nast had a global digital audi-
ahead to the mobile industry signal to consumers that their ing on mobile apps. One would predictions of the lifetime Roger Lynch has led efforts to ence of 360 million monthly
of any changes. privacy is protected, but their help advertisers know which value of the user, and that is streamline the business, average readers last year, he
The news comes nearly a initiatives appear to have campaigns are working with- based on the ability to close which until recently was a said, a number that excludes
year after Apple started re- different motives, said Eric out relying on cross-app user the loop between how much it sprawling collection of inter- the Chinese market.
quiring iPhone apps to ask us- Seufert, an analyst at mobile- identifiers. costs me to acquire a user and national publications that es- The company’s consumer
ers whether they want to be industry website Mobile Dev Another would serve ads to how much revenue do I expect sentially operated indepen- business, which includes reve-
tracked, undermining the col- Memo. users based on whether they this user to deliver,” Mr. Co- dently from one another. nue from subscriptions and e-
lection of data that helps mar- Apple sells hardware, takes previously engaged with an hen said. “With the Apple so- When he took charge in 2019, commerce, currently accounts
keters target their ads. a cut of revenue from apps app, without sharing informa- lution, that loop was signifi- after running Pandora Media for about a quarter of its
Advertisers expected running on its devices, and of- tion about that interaction cantly challenged. Inc. and Dish Network Corp.’s global revenue, Mr. Lynch said.
Google to follow suit, but fers keyword-search advertis- with third parties. “Now there’s more statistical Sling TV, Mr. Lynch worked to The goal in the next four years
didn’t know when or how. ing in its App Store. Google, “That retargeting piece is data-science work that needs to merge the company’s U.S. and is for that unit to generate
“The announcement was among its various advertising something that Apple doesn’t be done in order to provide international businesses. The one-third of the company’s
inevitable, but the timing was offerings, operates an in-app provide,” Mr. Seufert said. He those assumptions,” Mr. Cohen moves included naming Anna revenue, he said. Condé Nast’s
uncertain,” said Matt Barash, advertising system, called Ad- added that Android’s planned added. “Whereas on the Google Wintour its first-ever global primary source of e-commerce
a former senior vice presi- Mob. Sales from AdMob last tools appear to be more effec- side, we don’t yet know what chief content officer, giving revenue is through an affiliate
dent of global strategy at mo- year helped increase annual tive than Apple’s in helping hoops data scientists need to her oversight of all world- model, meaning it makes
bile advertising platform Ad- revenue for Alphabet’s Google advertisers figure out which jump through in order to make wide brands owned or oper- money when consumers click
Colony. Network business by nearly campaigns are working or not those calculations.” ated by Condé Nast except the on links and purchase prod-
Google’s approach so far 40% to $31.7 billion. working. Apparel brand Lively re- New Yorker. ucts featured in its content.
seems to be more “empa- “It kind of highlights the Still, marketers are waiting sponded to earlier changes af- The overhaul made it pos- Condé Nast in recent years
thetic” to advertisers than Ap- difference in approach be- to see the technical details re- fecting consumer-data collec- sible for brands such as GQ has managed through some
ple’s, Mr. Barash said. “Google tween an advertising company, lated to Google’s changes. tion, such as General Data and Condé Nast Traveler to high-profile internal crises
sounds like they’ve committed which Google is, and more of a App advertisers grappling Protection Regulation, by al- create distinctive content lo- that tested its ability to navi-
to reasonable timelines to en- content platform company, with Apple’s changes will have tering its marketing strategies cally while also running sto- gate social change. The com-
sure that the marketers and which Apple is, because to work through another set of to focus on its work with in- ries that can resonate beyond pany last year parted ways
developers they service have Google’s not going to throw calculations once Google imple- fluencers, partnerships with their regional market in other with its incoming Teen Vogue
proper time to prepare an the baby out with the bath wa- ments its own, said Itai Cohen, bricks-and-mortar retailers editions, Mr. Lynch said in an editor, Alexi McCammond, fol-
open dialogue and a better un- ter, because it runs an ad net- vice president of marketing and such as Target Corp. and col- interview. lowing a backlash around
derstanding of what these work,” Mr. Seufert said. corporate strategy at Digital lecting information from con- “We were not structured to years-old racist and antigay
changes mean with respect to Google on Wednesday out- Turbine Inc.’s Fyber, a mobile sumers after a purchase, said take advantage of that,” he social-media messages. A year
personalized advertising— lined proposals for new tech- ad monetization platform. Michelle Cordeiro Grant, said of the company before earlier, Adam Rapoport, the
whereas Apple took a very am- nologies that would improve “They base their user ac- founder and chief executive of the overhaul. editor in chief of Bon Appétit,
biguous approach,” he said. user privacy while still allow- quisition advertising on some the company. For years, Condé Nast failed resigned after a photo of him
to turn a profit as print-adver- dressed in a mocking depic-
tising declines harmed a vital tion of Puerto Ricans resur-

Intel Aims for Double-Digit Sales Jump revenue source for publishers.
The company lost $120 million
in 2017, The Wall Street Jour-
nal reported several years ago.
faced and angered staffers.
The company resorted to
layoffs and furloughs early in
the pandemic, though Mr.
BY MEGHAN BOBROWSKY tifaceted, multiyear plan to re- This week, the company said dence in what we’re doing.” Condé Nast’s U.S. division had Lynch said Condé Nast’s total
vive Intel’s fortunes. The com- it planned to purchase Israeli Intel’s sales this year should a plan, under previous man- global head count grew by 3%
Intel Corp. Chief Executive pany ceded the title of most chip company Tower Semicon- reach around $76 billion, Intel agement, to become profitable last year.
Pat Gelsinger set a goal for the valuable U.S. chip company to ductor Ltd. The turnaround ef- Chief Financial Officer Dave by 2020 by diversifying its Mr. Lynch said Condé Nast
company to reach double-digit Nvidia Corp. in 2020 and that fort, Mr. Gelsinger has said, is Zinsner said at the event, revenue away from advertising plans to invest in or possibly
percent revenue growth in of biggest chip company by roughly a five-year assignment. slightly up from last year’s fig- and shedding certain maga- acquire companies that pro-
three to four years, as the revenue to Samsung Electronics “We are a bit ahead of ure and ahead of Wall Street zine titles. duce quality journalism, busi-
semiconductor maker detailed Co. last year. schedule,” Mr. Gelsinger said at expectations. With the heavy The publisher in recent nesses that complement its
the financial implications of a He is moving to restore the the company’s investor day, investments, the company said years expanded its digital- subscription offerings such as
multiyear turnaround plan. company’s ability to design while adding, “We still have a it expected negative adjusted video offerings and moved exclusive membership pro-
Mr. Gelsinger, just over a some of the most powerful lot of work to do.” cash flow this year. some of its titles, which in- grams, and technology that
year as CEO, on Thursday said chips and build a massive semi- The turnaround effort has Mr. Zinsner said the 2025 to clude Wired and Vanity Fair, supports video or e-commerce
top-line growth this year would conductor-production arm. In- received some investor skepti- 2026 time frame should also be behind digital paywalls to sup- capabilities.
be moderate and start to pick tel committed to more than cism, with shares lower than an inflection point for profit- plement falling print-advertis- “We are definitely starting
up next year. Around 2025 or $100 billion in chip-plant in- they were a year ago. Mr. Gel- ability and capital investments. ing revenue. to turn our sights externally
2026, sales should increase 10% vestments over the past year, singer said, “I want to double Gross margins will be around Mr. Lynch said subscrip- and consider M&A,” he said,
to 12% a year and remain at a including last month’s an- the earnings of this company 51% to 53% in the next few tions and memberships in- adding that the company
double-digit pace. nouncement to build a new and double the multiple of this years and rise to 54% to 58% creased by 14% last year from hasn’t allocated a specific
Mr. Gelsinger has set a mul- production site in Ohio. company, as you build confi- from 2025 onward. a year earlier and that growth amount of capital for deals.

“The Best Solution to Hearing What People Say on TV” Newsweek

Activision and Housing didn’t respond to a
request for comment on Activi-
sion’s assertion.
tion calling for Mr. Kotick to re-
sign, and a number of business
partners and shareholders ex-

SAVE Inquiry Spokesmen for the SEC and pressed concerns. By the time of
Microsoft declined to comment. the Microsoft deal announce-

$
50
Microsoft’s move to acquire ment, Activision’s stock price

Widens Activision will significantly ex-

pand the software giant’s video-
game capabilities. Mr. Kotick
had fallen over 30% since the
California regulator’s complaint
was made public in July.
DREW ANGERER/GETTY IMAGES

isn’t expected to remain at Mi- Ms. Klasky said in her state-

Continued from page B1
cooperating with the SEC probe.
The more recent subpoena,
viewed by the Journal, asked for
records and communications
Reg. $24999 | SALE $19999 from a much longer list of cur-
rent and former executives than
the SEC previously sought, and
dating back farther, to 2016.
Both regulatory moves ap-
pear to have come after Santa
Monica, Calif.-based Activision,
producer of hit game franchises
including World of Warcraft and
Candy Crush, struck a deal to be
crosoft after the acquisition
closes, which the companies an-
ticipated will be in 2023, the
Journal has reported, citing peo-
ple familiar with those plans.
The U.S. Federal Trade Commis-
sion will be reviewing the deal,
the Journal has reported.
The deal came together after
a November investigative article
in the Journal that reported Mr.
Kotick knew of sexual miscon-
duct allegations across the com-
pany and didn’t inform the
board of directors. The story
ment that “every single report
the company receives matters,
and we have significantly in-
creased the resources available
to ensure that we can quickly
and thoroughly look into each
one.”
CEO Bobby Kotick If the government investiga-
tions into Activision aren’t re-
Mr. Kotick said in a Novem- solved before the Microsoft deal
ber interview that he was trans- closes, Microsoft will then have
parent with his board of direc- to take them on, according to
tors. The board has publicly corporate governance and merg-
supported Mr. Kotick, as well as ers and acquisitions experts.
the deal with Microsoft. Asked about Activision’s

Can’t Hear acquired for $75 billion in cash

by Microsoft. The SEC subpoena
is dated Jan. 18, the day the two
Voices On TV? companies announced the deal.
A subpoena from the California
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12 levels of dialogue clarity. days later.
Activision has moved in Los
Flat-screen TVs use tiny speakers with tinny sound. So many people
Angeles County Superior Court
have to use closed-captioning to watch a movie or sporting event.
to quash the agency’s subpoenas
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just about anywhere. Hookup is simple – one connecting cord. spokeswoman, Helaine Klasky,
said those subpoenas are “calcu-
lated to harass, annoy and em-
barrass rather than serve any
legitimate purpose.” She de-
Great Sound. Made Simple. clined to comment on the Cali-
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® ZVOX & AccuVoice are registered trademarks of ZVOX Audio. SEC’s move.
AVAILABLE AT ZVOX.COM, AMAZON AND WALMART.COM A spokeswoman for the De-
partment of Fair Employment
also detailed a harassment alle-
gation against Mr. Kotick from
2006, when an assistant com-
plained that he had threatened
in a voice mail to have her killed.
In January, the Journal re-
ported that Activision had col-
lected about 700 reports of em-
ployee concern over misconduct
and other issues across the
company.
An Activision spokeswoman
has called the Journal’s report-
ing “misleading” and said Mr.
Kotick deeply regrets the inci-
dent with his assistant. She dis-
puted the 700 figure, saying
some of the issues were benign
and duplicate cases. Activision
has announced steps it says are
aimed at improving its work-
place and has fired or pushed
out dozens of employees as part
of an internal investigation.
Activision said in September
that it had reached an $18 mil-
lion settlement with the U.S.
workplace issues when the deal
was announced, Microsoft gam-
ing chief Phil Spencer told the
Equal Employment Opportunity
Commission to resolve a sepa-
Journal: “We see the progress
that they’re making that was
rate investigation by that agency pretty fundamental to us decid-
into workplace misconduct alle- ing to go forward here.”
gations. The settlement has yet Microsoft is required to pay
to be approved by a judge. Activision a breakup fee of
Activision and the Equal Em- about $3 billion after April 18,
ployment Opportunity Commis- 2023, if the company walks
sion have been locked in a away, securities filings show. Ac-
monthslong legal battle with the tivision has to pay $2.3 billion if
California Department of Fair it abandons the deal.
Employment and Housing over In the California probe, the
that settlement after the Califor- Department of Fair Employment
nia agency sought to block it, and Housing is looking into di-
saying the agreement could ruin rectors’ knowledge and handling
the state’s case. A judge ruled of the sexual harassment and
against the department, which is other allegations over the years,
appealing. according to the people familiar
After the Journal’s November with the investigation.
article, nearly a fifth of Activi- —Jim Oberman
sion’s employees signed a peti- contributed to this article.
 THE WALL STREET JOURNAL.
BUSINESS NEWS
DAVID PAUL MORRIS/BLOOMBERG NEWS
Some drivers have complained of rapid deceleration when the
Autopilot system is engaged. The Model 3 is part of the inquiry.
Tesla Probed
Over Reports of
Brake Problem
BY REBECCA ELLIOTT
The U.S. auto-safety regula-
tor is investigating Tesla Inc.
over customer complaints that
its most popular vehicles
brake for unexpected reasons,
the latest probe related to the
electric-vehicle maker’s ad-
vanced driver-assistance fea-
tures.
The National Highway Traf-
fic Safety Administration in-
vestigation, revealed Thurs-
day, covers roughly 416,000
Tesla Model 3 sedans and
Model Y compact sport-utility
vehicles from model years
2021 and 2022.
The agency said it has re-
ceived more than 350 com-
plaints alleging unexpected
brake activation, often re-
ferred to as “phantom brak-
ing.”
The braking occurs when
the vehicle’s advanced driver-
assistance features, part of a
system called Autopilot, are
engaged, the complaints al-
lege.
“Complainants report that
JBS Scraps Plan
To Buy Remainder
Of Pilgrim’s Pride
BY PATRICK THOMAS
Brazilian meatpacker JBS
SA said it scrapped plans to
buy the rest of Pilgrim’s
Pride Corp. in a deal that
had valued the U.S. chicken
processor at about $7 bil-
lion.
JBS, which already owns
about 80% of Pilgrim’s, said
in a securities filing on
Thursday that it was unable
to reach an agreement with
the Colorado-based company
over the terms of the deal.
Pilgrim’s, the second-larg-
est U.S. chicken company by
sales volume, said this
month that it rejected JBS’s
initial offer of $26.50 a
share in October 2021, say-
ing that JBS needed to in-
crease the purchase price.
Pilgrim’s rejected a second
offer of $28.50 a share and
The U.S. has
increased scrutiny
of meatpackers
amid rising prices.
said that the board believed
the purchase price doesn’t
fully value the company.
A Pilgrim’s spokesman de-
clined to comment. Shares of
Pilgrim’s fell 16% in after-
hours trading Thursday.
The discarded deal comes
as the White House has
ramped up scrutiny of meat-
packers. Food prices have
jumped for U.S. consumers in
recent months, while profit
margins among meat compa-
nies have climbed.
A separate big chicken
deal remains under review
by the Justice Department,
which has made a second re-
quest for information in its
review of Cargill Inc.’s and
Continental Grain Co.’s
planned $4.5 billion acquisi-
tion of Sanderson Farms
Inc., third-largest U.S.
chicken processor by volume.
* *
the rapid deceleration can oc-
cur without warning, at ran-
dom, and often repeatedly in a
single drive cycle,” NHTSA
said, noting that it aims to de-
termine the scope and severity
of the potential problem. Such
probes can lead to recalls.
Tesla didn’t respond to a
request for comment. The
company’s stock retreated
more than 4% in Thursday
trading.
NHTSA has been scrutiniz-
ing Tesla’s systems more
closely in recent months. The
agency opened a broader in-
vestigation into Autopilot last
summer after a series of
crashes involving Teslas and
one or more parked emer-
gency vehicles.
Tesla, meanwhile, has
agreed to perform 11 recalls in
the past six months, federal
data show, including to disable
a functionality that previously
allowed vehicles equipped
with certain software to travel
through an all-way stop inter-
section without coming to a
complete stop.
Pilgrim’s and other U.S.
meatpackers have said they
are under pressure to keep
up with demand from super-
markets and restaurants.
A nationwide labor short-
age has left many processing
plants understaffed and un-
able to keep up, leading to
higher prices and shortages
of some products, the com-
panies have said.
“Very strong consumer
demand supported market
pricing at high levels, as we
continue to work with our
customers to pass along the
inflationary input costs and
increased labor costs we’ve
experienced,” said Pilgrim’s
chief executive, Fabio Sandri,
on a recent earnings call
with analysts.
JBS struck a deal in 2009
to buy a majority stake in
Pilgrim’s, several months af-
ter the chicken company
filed for bankruptcy amid
volatile grain markets and a
heavy debt load.
JBS invested to update
Pilgrim’s operations and
push into foreign markets,
leading Pilgrim’s to record
profits.
Several former Pilgrim’s
executives have been
charged in the Justice De-
partment’s investigation into
alleged price-fixing among
chicken companies, including
two of the company’s former
chief executives.
The defendants have
pleaded not guilty.
The government’s case
against the former poultry
executives ended in a mis-
trial in December after ju-
rors failed to reach a verdict
following four days of delib-
erations.
Justice Department law-
yers decided to retry the de-
fendants in a new trial set to
begin next week.
In 2020, Pilgrim’s itself
agreed to a plea deal with
the Justice Department to
resolve price-fixing charges
against the company, paying
a roughly $110 million pen-
alty.
Friday, February 18, 2022 | B5
This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below), and the provisions herein are subject in their entirety to the
provisions of the Offer (as defined below). The Offer is made solely by the Offer to Purchase, dated February 18, 2022, and the related Letter of Transmittal and any
amendments or supplements thereto, and is being made to all holders of Shares. The Offer is not being made to (nor will tenders be accepted from or on behalf of) holders
of Shares in any jurisdiction in which the making of the Offer or the acceptance thereof would not be in compliance with the securities, “blue sky” or other laws of such
jurisdiction. In those jurisdictions where applicable laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of
Purchaser (as defined below) by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.
Notice of Offer to Purchase for Cash
All Outstanding Shares of Common Stock
of
BioDelivery Sciences International, Inc.
a Delaware corporation
at
$5.60 per share, in cash,
pursuant to the Offer to Purchase dated February 18, 2022
by
Bristol Acquisition Company Inc.
a wholly owned subsidiary of
Collegium Pharmaceutical, Inc.
Bristol Acquisition Company Inc., a Delaware corporation (“Purchaser”) and wholly owned subsidiary of Collegium Pharmaceutical, Inc., a Virginia
corporation (“Collegium”), is offering to purchase all of the outstanding shares of common stock, par value $0.001 per share (the “Shares”), of BioDelivery
Sciences International, Inc., a Delaware corporation (“BDSI”), at an offer price of $5.60 per Share, in cash, subject to any applicable withholding taxes and without
interest (the “Offer Price”), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated February 18, 2022 (the “Offer to Purchase”) and
in the related Letter of Transmittal (the “Letter of Transmittal” which, together with the Offer to Purchase and other related materials, as each may be amended
or supplemented from time to time, constitutes the “Offer”). Stockholders of record who tender directly to American Stock Transfer & Trust Company, LLC (the
“Depositary”) will not be obligated to pay brokerage fees, commissions or similar expenses or, except as otherwise provided in the Letter of Transmittal, stock
transfer taxes with respect to the purchase of Shares by Purchaser pursuant to the Offer. Stockholders who hold their Shares through a broker, dealer, commercial
bank, trust company or other nominee should consult with such institution as to whether it charges any service fees or commissions.
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT THE END OF THE DAY, ONE MINUTE
FOLLOWING 11:59 P.M., EASTERN TIME, ON MARCH 18, 2022 (THE “EXPIRATION DATE,” UNLESS
PURCHASER SHALLHAVE EXTENDED THE PERIOD DURING WHICH THE OFFER IS OPEN INACCORDANCE
WITH THE MERGER AGREEMENT, IN WHICH EVENT THE “EXPIRATION DATE” SHALL MEAN THE
LATEST TIME AND DATE AT WHICH THE OFFER, AS SO EXTENDED BY PURCHASER, SHALL EXPIRE).
The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of February 14, 2022 (as it may be amended from time to time, the “Merger
Agreement”), by and among Collegium, Purchaser and BDSI. The Merger Agreement provides, among other things, that following the consummation of the Offer
and subject to the satisfaction or waiver of certain conditions, Purchaser will be merged with and into BDSI (the “Merger”), with BDSI continuing as the surviving
corporation in the Merger and wholly owned subsidiary of Collegium. Because the Merger will be governed by Section 251(h) of the General Corporation Law of the
State of Delaware (“DGCL”), neither a meeting of BDSI’s stockholders nor a stockholder vote will be required to consummate the Merger. In the Merger, each Share
outstanding immediately prior to the effective time of the Merger (the “Effective Time”) (other than Shares held (i) by BDSI or any of its subsidiaries (including any
treasury shares) or by Collegium or Purchaser or any other direct or indirect wholly owned subsidiaries of Collegium, which Shares will be canceled and will cease to
exist or (ii) by any BDSI stockholders who properly exercise and perfect their appraisal rights under Delaware law with respect to such Shares) will be automatically
converted into the right to receive the Offer Price in cash, without interest and subject to any applicable withholding taxes. As a result of the Merger, BDSI will
cease to be a publicly traded company and will become wholly owned by Collegium. Under no circumstances will interest be paid on the purchase price for Shares,
regardless of any extension of the Offer or any delay in making payment for Shares. The Merger Agreement is more fully described in the Offer to Purchase.
In connection with the execution of the Merger Agreement, Collegium and Purchaser entered into Tender and Support Agreements (the “Support Agreements”)
with BDSI’s directors and executive officers or certain of their affiliates, including Broadfin Capital, LLC (“Broadfin”), one of BDSI’s existing 5% beneficial
holders (each, a “Supporting Stockholder” and, collectively, the “Supporting Stockholders”). Subject to the terms and conditions of the Support Agreements, the
Supporting Stockholders have agreed, among other things, to tender, pursuant to the Offer, Shares representing in the aggregate approximately 9.59% of the total
outstanding Shares as of February 14, 2022, vote their Shares in favor of the Merger, as applicable, and, subject to certain exceptions, not to transfer any of the
Shares that are subject to the Support Agreements.
The Offer is conditioned upon, among other things, (i) the absence of a termination of the Merger Agreement in accordance with its terms (the “Termination
Condition”), (ii) the number of Shares validly tendered (and not validly withdrawn) prior to the time that the Offer expires, when considered together with all other
Shares (if any) otherwise beneficially owned by Purchaser and its affiliates, representing at least one Share more than 50% of all issued and outstanding Shares as
of immediately after the consummation of the Offer (the “Minimum Condition”), (iii) the waiting period (or any extension thereof) applicable to the Offer and the
Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder, having expired or
been terminated without action by the Federal Trade Commission (“FTC”) or U.S. Department of Justice (“DOJ”) to prevent the consummation of the Offer or the
Merger or any action commenced by the FTC or DOJ in relation to the Offer or the Merger having been resolved in a manner that permits the consummation of the
Offer and the Merger (the “Regulatory Condition”), and (iv) there being no temporary, preliminary or permanent law or order issued by any governmental body of
competent jurisdiction that has the effect of restraining, enjoining or otherwise preventing the consummation of the Offer or the Merger (the “Order Condition”).
Neither the consummation of the Offer nor the Merger is subject to any financing condition. The Offer is also subject to other conditions as described in the Offer
to Purchase (collectively, the “Offer Conditions”). See Section 15—”Conditions to the Offer” of the Offer to Purchase.
The board of directors of BDSI, among other things, has unanimously (i) approved, adopted and declared advisable the Merger Agreement and the
transactions contemplated thereby, including the Offer and the Merger (together, the “Transactions”), (ii) determined that the Transactions, including
the Offer and the Merger, are in the best interest of BDSI and its stockholders, (iii) resolved that the Merger shall be governed by and effected under
Section 251(h) of the DGCL and (iv) resolved to recommend that the stockholders of BDSI accept the Offer and tender their Shares to Purchaser
pursuant to the Offer.
In certain circumstances, Purchaser is required by the terms of the Merger Agreement to extend the Offer beyond the initial Expiration Date. Subject to
Collegium’s, Purchaser’s and BDSI’s respective rights to terminate the Merger Agreement in accordance with its terms, Purchaser must extend the Offer from time to
time (i) as required by applicable legal requirements, any interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”), the staff thereof or
the Nasdaq Global Select Market applicable to the Offer and (ii) if any Offer Condition is not satisfied by the then-scheduled Expiration Date to permit satisfaction of
such Offer Condition(s) (subject to the right of Collegium or Purchaser to waive any Offer Condition, other than the Minimum Condition). However, in no event will
Purchaser be required to, and without BDSI’s prior written consent, will not be permitted to, extend the Offer beyond March 31, 2022, which date may be extended
pursuant to the terms of the Merger Agreement, as described in the Offer to Purchase, but in no event will such date be later than August 13, 2022 (the “Extension
Deadline”). Any extension, delay, termination or amendment of the Offer will be followed as promptly as practicable by public announcement thereof, and such
announcement in the case of an extension will be made no later than 9:00 a.m., Eastern Time, on the next business day after the previously scheduled Expiration Date.
Without limiting the manner in which Purchaser may choose to make any public announcement, it currently intends to make announcements regarding the Offer by
issuing a press release and making any appropriate filing with the SEC.
Subject to the terms and conditions of the Merger Agreement and applicable law, Purchaser expressly reserves the right to (i) increase the Offer Price,
(ii) waive any Offer Condition and (iii) make any other changes in the terms and conditions of the Offer that are not inconsistent with the Merger Agreement,
including the Offer Conditions (other than the Minimum Condition). However, notwithstanding the foregoing, without the prior written consent of BDSI,
Purchaser is not permitted to, among other things detailed in the Offer to Purchase, (i) decrease the Offer Price, (ii) change the form of consideration payable in
the Offer, (iii) decrease the maximum number of Shares sought to be purchased in the Offer, (iv) impose conditions or requirements to the Offer in addition to the
Offer Conditions, (v) amend or modify any of the Offer Conditions in a manner that adversely affect, or that would reasonably be expected to have an adverse
effect on, any holder of Shares or that would, individually or in the aggregate, reasonably be expected to prevent or materially delay the consummation of the Offer
or prevent, materially delay or materially impair the ability of Collegium or Purchaser to consummate the Offer, the Merger or the other Transactions, (vi) amend,
modify, change or waive the Minimum Condition or the Termination Condition, (vii) terminate the Offer or accelerate, extend or otherwise change the Expiration
Date except in accordance with the relevant provisions of the Merger Agreement or (viii) provide any “subsequent offering period” (or any extension thereof)
within the meaning of Rule 14d-11 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Acceptance and payment for Shares pursuant to and subject to the satisfaction or waiver of the Offer Conditions is expected to occur on March 21, 2022,
unless Purchaser extends the Offer pursuant to the terms of the Merger Agreement (the “Offer Acceptance Time”).
On the terms of the Merger Agreement and subject to the satisfaction or waiver of the Offer Conditions, Purchaser shall, and Collegium shall cause Purchaser
to, irrevocably accept for payment at the Offer Acceptance Time and pay for, all of the Shares validly tendered (and not validly withdrawn) pursuant to the Offer
at or as promptly as practicable after the Offer Acceptance Time. For purposes of the Offer, Purchaser will be deemed to have accepted for payment, and thereby
purchased, Shares validly tendered and not validly withdrawn as, if and when Purchaser notifies the Depositary of its acceptance for payment of such Shares
pursuant to the Offer. Upon the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to the Offer will be made by
deposit of the aggregate Offer Price for such Shares with the Depositary, which will act as paying agent for tendering stockholders for the purpose of receiving
payments from Purchaser and transmitting such payments to tendering stockholders whose Shares have been accepted for payment. If Purchaser extends the
Offer, is delayed in its acceptance for payment of Shares or is unable to accept Shares for payment pursuant to the Offer for any reason, then, without prejudice
to Purchaser’s rights under the Offer and the Merger Agreement, the Depositary may retain tendered Shares on Purchaser’s behalf, and such Shares may not
be withdrawn except to the extent that tendering stockholders are entitled to withdrawal rights as described in the Offer to Purchase and as otherwise required
by Rule 14e-1(c) under the Exchange Act. Under no circumstances will Collegium or Purchaser pay interest on the purchase price for Shares by reason of any
extension of the Offer or any delay in making such payment for Shares. No alternative, conditional or contingent tenders will be accepted. In all cases, payment
for Shares accepted for payment pursuant to the Offer will only be made after timely receipt by the Depositary of (i) certificates evidencing such Shares (the
“Share Certificates”) or confirmation of a book-entry transfer of such Shares (a “Book-Entry Confirmation”) into the Depositary’s account at The Depository Trust
Company (“DTC”) pursuant to the procedures set forth in the Offer to Purchase, (ii) the Letter of Transmittal (or a manually signed facsimile thereof), properly
completed and duly executed, with any required signature guarantees or, in the case of a book-entry transfer, an Agent’s Message (as described in the Offer to
Purchase) in lieu of the Letter of Transmittal and (iii) any other documents required by the Letter of Transmittal. Accordingly, tendering stockholders may be paid
at different times depending upon when Share Certificates or Book-Entry Confirmations with respect to Shares are actually received by the Depositary.
Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Date and, unless theretofore accepted for payment by Purchaser
pursuant to the Offer, may also be withdrawn at any time after April 19, 2022, which is the 60th day after the date of the commencement of the Offer. For a
withdrawal to be proper and effective, a written, telegraphic or facsimile transmission notice of withdrawal must be timely received by the Depositary at one of its
addresses set forth on the back cover page of the Offer to Purchase. Any such notice of withdrawal must specify the name of the person who tendered the Shares to
be withdrawn, the number of Shares to be withdrawn and the name in which the Share Certificates are registered if different from that of the person who tendered
such Shares. If Share Certificates evidencing Shares to be withdrawn have been delivered or otherwise identified to the Depositary, then, prior to the physical
release of such Share Certificates, the serial numbers shown on such Share Certificates must be submitted to the Depositary and the signature(s) on the notice
of withdrawal must be guaranteed by an Eligible Institution (as described in the Offer to Purchase), unless such Shares have been tendered for the account of an
Eligible Institution. If Shares have been tendered pursuant to the procedure for book-entry transfer as set forth in the Offer to Purchase, any notice of withdrawal
must also specify the name and number of the account at DTC to be credited with the withdrawn Shares. Withdrawals of Shares may not be rescinded. Any Shares
properly withdrawn will thereafter be deemed not to have been validly tendered for purposes of the Offer. However, withdrawn Shares may be re-tendered by again
following one of the procedures described in the Offer to Purchase at any time prior to the Expiration Date.
Purchaser will determine, in its sole discretion, all questions as to the form and validity (including time of receipt) of any notice of withdrawal and
Purchaser’s determination will be final and binding, subject to the rights of the tendering holders of Shares to challenge Purchaser’s determination
in a court of competent jurisdiction. Purchaser’s interpretation of the terms and conditions of the Offer (including the Letter of Transmittal and the
instructions thereto) will be determined by Purchaser in its reasonable judgement. None of Collegium, Purchaser, the Depositary, D.F. King & Co., Inc.
(the “Information Agent”) or any other person will be under any duty to give notice of any defects or irregularities in any notice of withdrawal or incur
any liability for failure to give any such notification.
BDSI has provided Collegium with BDSI’s stockholder list and security position listings for the purpose of disseminating the Offer to Purchase, the Letter
of Transmittal and other related materials to holders of Shares. The Offer to Purchase and Letter of Transmittal will be mailed to record holders of Shares whose
names appear on BDSI’s stockholder list and will be furnished to brokers, dealers, commercial banks, trust companies and similar persons whose names, or
the names of whose nominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agency’s security position listing for
subsequent transmittal to beneficial owners of Shares.
The receipt of cash by a U.S. holder in exchange for Shares pursuant to the Offer or the Merger will be a taxable transaction for U.S. federal income tax
purposes. See Section 5—”Material United States Federal Income Tax Consequences” of the Offer to Purchase for a more detailed discussion of the tax treatment
of the Offer and the Merger. Each holder of Shares should consult with its tax advisor as to the particular tax consequences to such holder of exchanging
Shares for cash in the Offer or the Merger.
The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 of the General Rules and Regulations under the Exchange Act is contained in the
Offer to Purchase and is incorporated herein by reference. The Offer to Purchase, the Letter of Transmittal and the other related tender offer documents contain
important information. Holders of Shares should carefully read such documents in their entirety before any decision is made with respect to the Offer.
Questions and requests for assistance may be directed to the Information Agent at its address and telephone numbers set forth below. Requests for copies of
the Offer to Purchase, the Letter of Transmittal, the notice of guaranteed delivery and other tender offer materials may be directed to the Information Agent. Such
copies will be furnished promptly at Purchaser’s expense. Stockholders may also contact brokers, dealers, commercial banks or trust companies for assistance
concerning the Offer. Except as set forth in the Offer to Purchase, neither Purchaser nor Collegium will pay any fees or commissions to any broker or dealer or any
other person for soliciting tenders of Shares pursuant to the Offer. Brokers, dealers, commercial banks, trust companies or other nominees will, upon request, be
reimbursed by Purchaser for customary mailing and handling expenses incurred by them in forwarding the Offer materials to their customers.
The Information Agent for the Offer is:
D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
Banks & Brokers May Call: (212) 269-5550
Stockholders may call toll free: (800) 859-8509
BDSI@dfking.com
February 18, 2022
B6 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

BUSINESS NEWS

Starbucks Increases
Its Prices in China,
Angering Customers
BY STELLA YIFAN XIE ers over an alleged incident Food prices have surged
this week in which staff from around the world amid higher
HONG KONG—A 30-cent one branch reportedly drove inflation, and companies have
price increase for a cup of away police officers eating at responded by raising prices on
Grande Americano by Star- the store’s outside dining area. their products.
bucks Corp. this week in China Some users on Weibo, a The public outcry against

SIPA ASIA/ZUMA PRESS

sparked an online uproar, the
latest setback that the coffee
brand faces in its largest mar-
ket outside of the U.S.
Seattle-based Starbucks on
Wednesday raised the prices
for some beverages and food in
China by 1 to 2 yuan, equiva-
lent to 16 to 32 cents, the first
time in more than three years,
following its increases in the
U.S. that it attributed to pan-
demic-induced cost pressures.
The price increase in China
came as sales there have
slowed in recent months. And
the U.S. coffee giant was al-
ready grappling with criticism
from Chinese social-media us-
Twitter-like social platform in
China, called for a boycott of
the American chain, while oth-
ers said they would switch to
cheaper local coffee brands.
“There are so many coffee
shops in China sourcing beans
from all over the world. Why
does one have to stick with
Starbucks?” wrote a user on
Weibo. Another comment that
labeled Starbucks as “garbage”
received more than 2,000 likes.
Starbucks said Thursday
that it raised prices on some
beverage and food products in
China and that its pricing de-
cisions are based on many fac-
tors, including operating costs.
Starbucks in China highlights a
mix of challenges that foreign
businesses increasingly face in
the country: A rise of nationalis-
tic sentiment among some con-
sumers and fierce competition
from up-and-coming local rivals.
Starbucks’s price bump in
China could also be a litmus
test of tolerance for higher
costs among consumers in the
country, where consumer infla-
tion has barely budged since
the start of the pandemic and
rose 0.9% last month. In the
U.S., prices of Starbucks coffee
and various other consumer
goods have been increasing,
with inflation soaring at an an-
The coffee chain’s increase on some items in China was the first in over three years. A Beijing store.
nual rate of 7.5% in January,
the highest level in 40 years.
Analysts said Starbucks’s
price increase in China came
as no surprise, given how the
coffee brand has recently
faced surging costs due to
supply chain disruptions and
pandemic-related labor short-
ages. Still, the timing could
drive some Chinese consumers
to re-evaluate their choice of
brand, they said.
“In perfect hindsight, Star-
bucks should have waited be-
fore announcing the price in-
crease,” said Michael Norris, a
Shanghai-based research and
strategy manager at Agency-
China, a consulting firm.
The U.S. coffee brand now
must contend with both blow-
back from the recent incident
involving the police officers
and consumers more closely
comparing its prices with local
rivals, he added.
For the three months ended
Jan. 2, same-store sales in
China fell 14% from the same
period a year earlier, while
global sales increased by 13%,
the company said.

Nestlé Lifted as Demand for Coffee Remains Strong

BY SAABIRA CHAUDHURI
Consumers are drinking
more coffee at home, even as
the pandemic ebbs, buoying
sales for the owner of Nescafe
instant coffee, Coffee-Mate
creamer and Nespresso pods.
Nestlé SA, the world’s larg-
est packaged-food maker, said
Thursday its coffee business
was the biggest contributor to
organic sales growth last year,
boosted by demand from con-
sumers continuing to work
from home.
“Even when you step away
from the pandemic, everyone
has learned a flexible work-life
pattern, everyone is working
from home more,” Chief Execu-
tive Mark Schneider said in an
interview, describing the trend
as an “at-home revolution.”
Coffee has been a top seller
for Nestlé throughout the pan-
demic, with its portfolio of
products predominantly con-
sumed at home, rather than
out and about. The 2018 pur-
chase of the rights to sell Star-
bucks Corp.’s coffee and tea in
grocery and other retail stores
has also benefited Nestlé since
Covid-19 struck.
Mr. Schneider said Nestlé
has been working to capitalize
on the continuing at-home
trend, in part by doubling down
on its Starbucks license. Nestlé
is now selling Starbucks-
branded coffee in pods for its
Nespresso machines in soluble
form, roast and ground and in
whole beans. The company is
also expanding its Starbucks
range to new regions including
Latin America and Southeast
Asia, where it will sell it in re-
tail stores and online.
Nestlé said strong demand
for its Starbucks-branded prod-
ucts, as well as a recovery in its
out-of-home offerings as restau-
rants and cafes reopened, drove
a 9.7% rise in full-year coffee
sales on an organic basis, which
strips out deal making and cur-
rency moves.
Overall organic sales growth
was 7.5% in the year, made up
largely of higher volume with
some price rises, with pet food
and health products also top
performers. Total sales rose
3.3% to 87.09 billion Swiss
francs, equivalent to around
$94.46 billion, and net profit
rose 38% to 16.91 billion Swiss
francs, boosted in part by Nestlé
sale of some of its stake in
French beauty giant L’Oréal SA.
However, like others in the
consumer-goods industry, Nestlé
said it was grappling with a sig-
nificant increase in costs.
Nestlé’s underlying trading
operating margin in the year
fell by 0.3 percentage point to
17.4%. Mr. Schneider said con-
tainer shipping rates in some
places were seven times higher
than they used to be, that
packaging was more expensive
and that rising labor and en-
ergy costs were affecting
trucking rates.
Mr. Schneider said Nestlé
planned to raise prices on pre-
mium products, but on more
everyday and nutrition-fo-
cused products in emerging
markets it would first look to
offset cost increases with in-
ternal savings. The company
forecast a margin of between
17% and 17.5% for 2022.
Elsewhere Thursday, Lysol
owner Reckitt Benckiser
Group PLC also flagged ram-
pant cost inflation. The London-
listed company said it had seen
rises in plastics, tin plate, dairy
products and many other com-
modities—and that it expects
costs to keep climbing.
To offset those increases,
Reckitt plans to raise some
product prices and seek cost
savings from improved produc-
tivity. It expects such measures
to boost its profit margin in
2022 after a dip last year.
Reckitt’s comment on costs
came as it reported a 3.3% rise
in comparable sales for the
fourth quarter, with strong de-
mand for cold and flu products
helping to offset a decline for
cleaning products like Lysol.
Reckitt CEO Laxman
Narasimhan said that while
consumers weren’t cleaning as
much as they were at the peak
of the pandemic, rates were still
higher than before Covid-19
struck—a trend he expects to
continue. “80% of consumers
globally are telling us they will
maintain their new hygiene
habits post-Covid,” he said.
Reckitt has launched Lysol
laundry sanitizer and begun
selling a new plant-based disin-
fectant under its Dettol brand.
While Dettol sales declined
sharply last year compared
with 2020, Mr. Narasimhan
said sales of the brand were
now stable at 40% over pre-
Covid levels.
 Heard on the Street: Inflation
sifts household brands........B12

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THE WALL STREET JOURNAL. Friday, February 18, 2022 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
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Metal & Petroleum Futures April 2.7288 2.7810 2.7017 2.7395 –.0506 86,053 Wheat (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 780.00 799.25 775.50 798.00 17.50 66,387 Feb 99.9175 99.9200 s 99.9150 99.9200 .0025 312,611
Contract Open March 2.6082 2.6710 2.5976 2.6486 –.0285 61,140 May 786.00 805.50 781.50 804.75 18.50 151,376 April 99.5550 99.6100 99.5500 99.5800 .0250 441,231
Open High hi lo Low Settle Chg interest
April 2.7593 2.8197 2.7515 2.7960 –.0323 119,692 Wheat (KC)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Copper-High (CMX)-25,000 lbs.; $ per lb. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 806.00 825.50 803.50 823.00 15.00 30,112 March 96-275 19.5 74,937
Feb 4.5185 4.5200 4.5185 4.5250 –0.0155 1,102 March 4.642 4.793 4.402 4.486 –.231 48,184
May 4.5450 4.5545 4.4690 4.5280 –0.0130 93,137
May 811.00 829.50 808.00 827.75 15.75 90,408 Eurodollar (CME)-$1,000,000; pts of 100%
April 4.532 4.645 4.343 4.430 –.142 135,636 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 99.3350 99.3725 99.3200 99.3500 .0175 941,288
Gold (CMX)-100 troy oz.; $ per troy oz. May 4.542 4.650 4.368 4.455 –.127 180,131
Feb 1876.30 1900.70 s 1876.20 1900.70 30.50 1,292 March 167.400 167.400 165.900 166.200 –1.250 12,148 June 98.7950 98.8550 98.7900 98.8200 .0350 987,437
June 4.600 4.687 4.415 4.501 –.122 70,570
March 1870.60 1902.30 s 1869.90 1901.00 30.50 4,242 April 171.925 172.150 170.825 171.150 –1.025 12,706 Dec 98.0900 98.1700 98.0900 98.1400 .0500 1,289,001
July 4.621 4.732 4.469 4.553 –.118 82,747
April 1872.00 1904.00 s 1869.70 1902.00 30.50 440,175 Oct 4.656 4.738 4.479 4.563 –.116 77,995
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec'23 97.6700 97.7650 97.6650 97.7400 .0750 1,213,260
June 1875.00 1906.70 s 1873.20 1905.30 30.40 71,236 Feb 143.600 143.900 143.125 143.400 .275 5,344
Aug 1878.50 1909.90 s 1878.50 1909.30 30.40 24,704 Agriculture Futures April 147.125 147.325 146.450 146.775 –.150 146,878 Currency Futures
Oct 1885.00 1913.60 1883.40 1913.60 30.30 6,568 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Palladium (NYM) - 50 troy oz.; $ per troy oz. Corn (CBT)-5,000 bu.; cents per bu. April 105.500 108.075 s 104.825 107.575 2.175 112,944
Japanese Yen (CME)-¥12,500,000; $ per 100¥
March 645.50 652.00 642.75 650.00 3.00 293,180 March .8663 .8710 .8657 .8707 .0040 191,903
Feb 2356.60 88.30 1 June 114.950 117.375 s 114.475 117.175 2.225 54,992
June 2282.50 2415.00 2282.50 2360.00 86.00 4,623 May 644.25 650.75 641.75 649.25 3.50 584,032 June .8687 .8728 .8677 .8725 .0039 2,749
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Platinum (NYM)-50 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. March 1301.00 1316.10 1290.40 1290.40 –30.00 1,082
Feb 1091.20 29.00 1 March 721.50 730.00 712.50 715.00 –4.25 1,285 March .7880 .7889 .7852 .7875 –.0013 130,450
May 1201.50 1218.40 1191.70 1191.70 –30.00 1,036
April 1063.40 1096.20 s 1057.80 1092.70 29.00 52,947 May 705.25 719.00 700.50 705.25 –2.25 1,650 June .7883 .7887 .7851 .7873 –.0013 8,080
Soybeans (CBT)-5,000 bu.; cents per bu. Milk (CME)-200,000 lbs., cents per lb. British Pound (CME)-£62,500; $ per £
Silver (CMX)-5,000 troy oz.; $ per troy oz. Feb 20.83 20.89 20.83 20.88 .13 4,232
Feb 23.874 0.273 291 March 1585.25 1606.00 1576.50 1592.00 4.50 155,684 March 1.3579 1.3636 1.3554 1.3620 .0023 188,798
May 1589.00 1609.75 1579.75 1596.00 4.75 258,888 March 22.07 22.63 21.88 22.35 .04 5,274 June 1.3571 1.3625 1.3545 1.3611 .0023 3,865
May 23.675 23.975 23.480 23.922 0.268 83,817
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Soybean Meal (CBT)-100 tons; $ per ton. Cocoa (ICE-US)-10 metric tons; $ per ton. Swiss Franc (CME)-CHF 125,000; $ per CHF
March 90.90 93.36 90.62 91.76 –1.90 103,461 March 449.30 455.50 446.30 449.20 –.20 76,088 March 2,605 2,644 2,584 2,589 –22 5,088 March 1.0848 1.0890 1.0841 1.0875 .0010 45,353
April 89.25 91.51 88.83 90.04 –1.79 327,802 May 446.90 453.30 444.20 447.50 .20 196,396 May 2,670 2,706 2,651 2,655 –16 95,665 June 1.0902 1.0928 1.0882 1.0915 .0010 389
May 87.50 89.51 87.10 88.19 –1.62 213,670 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Coffee (ICE-US)-37,500 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
June 85.75 87.57 85.23 86.35 –1.44 204,247 March 66.90 67.41 s 66.25 66.81 –.16 67,665 March 252.20 253.60 248.95 251.50 –.75 2,558 March .7197 .7218 .7150 .7194 –.0010 192,135
Dec 79.43 80.87 78.85 79.97 –0.85 252,851 May 66.97 67.48 s 66.34 66.88 –.16 149,167 May 253.45 254.50 249.20 250.65 –2.05 128,855 June .7205 .7227 .7161 .7203 –.0010 744
Dec'23 73.92 74.61 72.99 74.14 –0.37 121,323 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 14.88 15.00 14.80 14.91 .03 2,949 March 18.05 18.35 18.05 18.28 .21 96,511 March .04912 .04924 s .04895 .04905 –.00010 161,024
March 2.7940 2.8465 2.7481 2.7862 –.0713 60,565 May 15.15 15.26 15.08 15.18 .03 5,220 May 17.54 17.83 17.50 17.74 .18 317,338 June .04832 .04842 s .04816 .04824 –.00009 226
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
May 35.05 –.15 2,794 March 1.1380 1.1392 1.1329 1.1369 –.0027 684,167
Bonds | wsj.com/market-data/bonds/benchmarks Cotton (ICE-US)-50,000 lbs.; cents per lb.
March 122.26 122.72 121.43 121.93 .02 7,633
June 1.1425 1.1427 1.1364 1.1405 –.0028 7,420

May 119.66 120.34 119.03 119.52 .03 110,035 Index Futures

Tracking Bond Benchmarks Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
March 133.35 135.60 t 132.35 132.90 .35 3,544
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week May 134.40 137.45 t 133.90 134.60 .40 7,883
March 34842 34910 34171 34231 –620 79,162
June 34749 34807 34081 34139 –620 890
highs and lows for different types of bonds Mini S&P 500 (CME)-$50 x index
Total Total Interest Rate Futures March 4464.25 4474.75 4367.25 4374.50 –95.50 2,195,860
return YTD total Yield (%) return YTD total Yield (%) June 4463.00 4468.00 4361.25 4367.75 –96.25 69,395
close return (%) Index Latest Low High close return (%) Index Latest Low High Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
March 179-280 182-170 179-250 181-000 1-19.0 1,300,819
Mini S&P Midcap 400 (CME)-$100 x index
Mortgage-Backed Bloomberg Fixed Income Indices March 2695.70 2698.90 2636.80 2640.30 –58.80 46,759
Broad Market Bloomberg Fixed Income Indices June 182-040 1-21.0 20,613
June 2650.30 –58.80 n.a.
-3.0
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index
2164.39 -3.9 U.S. Aggregate 2.410 1.300 2.460 2138.79 Mortgage-Backed 2.590 1.420 2.600
March 150-300 152-170 150-290 151-310 1-04.0 1,210,368 March 14592.25 14619.50 14131.50 14164.75 –435.25 233,680
U.S. Corporate Indexes Bloomberg Fixed Income Indices 2091.18 -2.4 Ginnie Mae (GNMA) 2.570 1.340 2.600 June 152-200 154-050 152-190 153-190 1-07.0 30,630 June 14593.75 14621.75 14138.75 14169.25 –435.50 2,660
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini Russell 2000 (CME)-$50 x index
3217.22 -5.9 U.S. Corporate 3.110 1.910 3.130 1262.08 -3.1 Fannie mae (FNMA) 2.600 1.450 2.610 March 125-255 126-155 125-250 126-135 19.5 3,980,294 March 2073.10 2079.60 2020.80 2025.50 –52.00 492,631
1936.06 -3.2 Freddie Mac (FHLMC) 2.600 1.440 2.610 June 125-230 126-135 125-230 126-110 20.0 147,299 Mini Russell 1000 (CME)-$50 x index
2980.99 -3.2 Intermediate 2.670 1.210 2.700 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 2444.90 2473.10 2416.60 2419.90 –54.90 16,332
4612.16 -10.0 Long term 3.850 2.900 3.860 582.11 -3.3 Muni Master 1.713 0.687 1.730 March 117-187 118-000 117-185 117-305 11.0 3,896,078 U.S. Dollar Index (ICE-US)-$1,000 x index
June 117-190 11.2 220,787 March 95.81 96.12 95.68 95.80 .11 52,138
643.32 -6.1 Double-A-rated 2.720 1.650 2.760 409.59 -3.7 7-12 year 1.735 0.687 1.747 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 95.74 96.00 95.62 95.72 .10 2,106

472.89 -3.8 12-22 year 1.984 1.000 2.004 March 107-210 107-250 107-207 107-237 2.7 2,106,805
859.43 -6.0 Triple-B-rated 3.350 2.110 3.370 Source: FactSet
June 107-126 3.0 101,117
High Yield Bonds ICE BofA 463.46 -4.6 22-plus year 2.468 1.443 2.494
499.99 -4.2 High Yield Constrained 5.691 3.796 5.783 Global Government J.P. Morgan†
488.12 -3.1 Triple-C-rated 9.276 6.304 9.377 580.97 -3.1 Global Government 1.390 0.720 1.440 ADVERTISEMENT
3330.50 -4.1 High Yield 100 5.230 3.162 5.367 813.99 -3.0 Canada 1.970 1.190 2.020
441.98 -4.0 Global High Yield Constrained 5.823 3.968 5.880 392.22
735.89
-3.4
-3.2
EMU§
France
0.907 0.163 0.990
0.750 0.080 0.820
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
337.35 -3.3 Europe High Yield Constrained 3.922 2.304 4.018
U.S Agency Bloomberg Fixed Income Indices 521.89 -2.8 Germany 0.200 -0.410 0.270
1799.02 -2.2 U.S Agency 1.810 0.580 1.940 288.57 -2.0 Japan 0.550 0.260 0.550 CLASS ACTION
1574.18 -1.9 10-20 years 1.740 0.450 1.870 575.21 -3.5 Netherlands 0.400 -0.290 0.490
3969.82 -5.6 20-plus years 2.640 1.890 2.720 982.03 -5.4 U.K. 1.490 0.720 1.590

 
 

 

 

2767.00 -4.3 Yankee 2.730 1.510 2.790 878.66 -4.4 Emerging Markets ** 5.593 4.516 5.608  
 

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*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 <+ 5 $K$+5 $8 $8 <+3 5<8<5 E<8<9$8<+  +
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Global Government Bonds: Mapping Yields  

        
       

  

 

  
    
    

 
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in    

    
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

:   ! "#"# $% &'% !  "%$# '(&#! "% ')) "'* + !, ' &"  "-
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
'. /0 1"$ ,)1 23- 4526 ! &7&" 28- 4529- #'&#,:
0.875 U.S. 2 1.477 t l 1.527 0.965 0.109    
 
     
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1.875 10 1.972 t l 2.044 1.771 1.297  
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2.750 Australia 2 1.183 t l 1.231 0.782 0.123 -29.1 -29.2 1.8
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1.000 10 2.208 t l 2.235 1.909 1.408 23.3 19.3 13.4        
 
   
   
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0.000 France 2 -0.594 t l -0.569 -0.632 -0.631 -206.8 -209.2 -73.6   %      

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0.000 10 0.709 t l 0.744 0.360 -0.123 -126.6 -129.8 -139.7    !3     
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0.000 Italy 2 0.140 t l 0.199 -0.080 -0.348 -133.5 -132.4 -45.3   ) 
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0.950 10 1.845 t l 1.908 1.298 0.588 -13.4 -68.6 :-;0....     )  !3 < 
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0.005 Japan 2 -0.009 s l -0.018 -0.070 -0.121 -154.1 -22.5 $  &   )  = & !  "  
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0.100 10 0.224 s l 0.221 0.146 0.098 -175.1 -182.1 -117.6 5 ,;@.,
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0.000 Spain 2 -0.051 s l -0.419 -0.545 -0.470 -194.2 -57.5
 

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0.700 10 1.188 l 1.188 0.661 0.290 -78.7 -85.4 -98.4            %    "      
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0.125 U.K. 2 1.332 t l 1.419 0.842 -0.047 -14.3 -10.4 -15.2 
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4.750 10 1.465 t l 1.530 1.191 0.575 -50.9 -51.2 -69.9 = & & 2 & 
 
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+ ?&  ))1 + "%  - ?& #7%" $# 1 ++'"! 1? "% !#7 '"# ! "%
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JPMorgan Chase JPM 3.875 2.11 Sept. 10, ’24 61 66    
  
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Toronto–Dominion Bank TD 2.650 1.93 June 12, ’24 44 –14 46

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Bank of America BAC 4.000 2.50 Jan. 22, ’25 77 –11 79 < 2
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Verizon VZ 4.862 3.75 Aug. 21, ’46 142 –11 142     


  
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Morgan Stanley MS 3.875 2.62 Jan. 27, ’26 76 –8 66 $ 
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McDonald's MCD 3.250 1.83 June 10, ’24 35 –7 35 
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Mitsubishi UFJ Financial MUFG 2.193 2.36 Feb. 25, ’25 65 –7 67
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Cisco Systems CSCO 3.625 1.66 March 4, ’24 18 –6 13 
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Anheuser–Busch Inbev Worldwide ABIBB 6.625 3.61 Aug. 15, ’33 163 20 n.a.       )  
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Protective Life Global Funding … 1.618 2.63 April 15, ’26 78 20 n.a.  (   
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Southern Power … 5.250 4.32 July 15, ’43 196 17 201  
 

 



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Georgia–Pacific … 0.625 2.24 May 15, ’24 74 15 n.a. 33 ?
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J.M. Smucker SJM 3.500 2.36 March 15, ’25 63 14 n.a. ,#@//#@,;#.-.
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Paramount Global PARA 4.375 4.36 March 15, ’43 203 163 3$$   E & 
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ENEL Finance International ENELIM 4.750 4.18 May 25, ’47 188 12 n.a. $
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Goldman Sachs GS 4.000 2.09 March 3, ’24 61 12 n.a.  +) 5(3
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High-yield issues with the biggest price increases… @. A&
  


 $ ,;.@1
Bond Price as % of face value
/,.! //1#11./
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

H* )3
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MBIA MBI 6.625 6.02 Oct. 1, ’28 103.250 103.250
Bath & Body Works BBWI 6.694 4.19 Jan. 15, ’27 111.000 0.85 112.500 $85'  "2 ,@ . ?F 5  8=5 8
Ford Motor Credit … 4.389 4.01 Jan. 8, ’26 101.360 0.61 101.250        

 
  
Occidental Petroleum OXY 6.450 4.88 Sept. 15, ’36 116.250 0.39 118.000

Lumen Technologies LUMN 7.650 8.43 March 15, ’42 92.500 0.29 100.250 BUSINESS OPPORTUNITIES
Teva Pharmaceutical Finance Netherlands … 3.150 5.28 Oct. 1, ’26 91.400 0.28 91.602
Howmet Aerospace HWM 5.950 4.85 Feb. 1, ’37 111.553 0.25
0.16
113.816
      THE
Deutsche Bank 4.500 3.51 April 1, ’25 102.897 102.856
MARKETPLACE
DB

…And with the biggest price decreases   
 
–1.03
ADVERTISE TODAY
Rockies Express Pipeline ROCKIE 6.875 6.73 April 15, ’40 101.470 n.a.   

  
      
 

  
      
Bath & Body Works BBWI 6.875 5.81 Nov. 1, ’35 110.000 –0.88 112.875  
  
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6.800 13.10 March 15, ’38 58.150 –0.85

      
  # 
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Transocean RIG 58.500
$"  
            

Telecom Italia Capital TITIM 6.000 6.41 Sept. 30, ’34 96.500 –0.75 99.210    
 
 
  
 
  

 

For more information visit:

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Sprint Capital … 8.750 4.27 March 15, ’32 136.375 –0.63 138.000
–0.52   ' (
Intesa Sanpaolo ISPIM 5.017 3.80 June 26, ’24 102.700 103.500 )**"+ ,%$*-%*
.
  © 2022 Dow Jones & Company, Inc.
*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. All Rights Reserved.
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess
B8 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

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. BostonSci BSX 42.83 -1.36 CenterPointEner CNP 26.81 -0.07 CoterraEnergy CTRA 22.79 -0.08 DuPont DD 79.73 -2.39 Ferrari RACE 220.97 -3.10 s GoldFields GFI 12.79 0.71
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. BoydGaming BYD 69.26 -1.91 CentraisElBras EBR 6.77 -0.09 CoupaSoftware COUP 119.59 -9.20 DutchBros BROS 50.02 -3.64 FidNatlFin FNF 47.23 -1.46 GoldmanSachs GS 349.06 -10.99
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four BristolMyers BMY 67.39 -0.21 CeridianHCM CDAY 68.99 -2.07 Coupang CPNG 23.27 0.13 Dynatrace DT 41.76 -1.97 t FidNatlInfo FIS 97.57 -2.86 GoodRx GDRX 26.96 -1.93
that include primary market trades as well as quarters. s BritishAmTob BTI 47.18 0.25 Cerner CERN 91.71 -0.21 Credicorp BAP 154.80 -3.29 ENI E 30.29 0.12 FifthThirdBncp FITB 48.19 -1.32 Grab GRAB 5.81 -0.23
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Broadcom AVGO 579.00 -18.21 CharlesRiverLabs CRL 291.63 -13.65 CreditSuisse CS 8.97 -0.14 EOG Rscs EOG 112.60 0.83 FirstCitizBcshA FCNCA 766.02 -22.01 Graco GGG 71.73 -0.56
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing BroadridgeFinl BR 142.38 -3.59 CharterComms CHTR 597.83 -11.63 CrowdStrike CRWD 169.85 -13.43 EPAM Systems EPAM 440.99 -9.40 FirstHorizon FHN 17.81 -0.74 Grainger GWW 471.37 -3.43
Nasdaq ISE. standards BrookfieldMgt BAM 54.58 -1.86 s CheckPoint CHKP 132.43 -0.12 CrownCastle CCI 163.37 -1.30 EQT EQT 23.21 -0.21 FirstRepBank FRC 172.62 -2.51 Grifols GRFS 11.05 -0.20
The list comprises the 1,000 largest companies lf-Late filing BrookfieldInfr BIP 59.72 -0.04 CheniereEnergy LNG 115.88 0.99 s CrownHoldings CCK 121.63 -2.41 EastWestBncp EWBC 89.69 -3.36 FirstEnergy FE 41.12 0.04 HCA Healthcare HCA 250.80 -1.19
based on market capitalization. q-Temporary exemption from Nasdaq BrookfieldRenew BEPC 34.93 -0.14 CheniereEnerPtrs CQP 47.73 0.44 CubeSmart CUBE 48.41 -0.67 EastmanChem EMN 121.82 -2.45 Fiserv FISV 94.33 -2.48 HDFC Bank HDB 65.96 -1.56
Underlined quotations are those stocks with requirements. Brown&Brown BRO 65.63 -0.98 Chevron CVX 133.61 -0.69 Cullen/Frost CFR 141.67 -4.01 Eaton ETN 152.40 -4.63 FiveBelow FIVE 162.35 -7.57 HP HPQ 36.42 -1.47
large changes in volume compared with the t-NYSE bankruptcy Brown-Forman B BF.B 65.98 -0.62 ChewyA CHWY 45.66 -3.90 Cummins CMI 218.69 -3.17 eBay EBAY 55.76 -1.89 Five9 FIVN 122.70 -7.53 HSBC HSBC 36.50 -0.66
issue’s average trading volume. v-Trading halted on primary market. Brown-Forman A BF.A 61.37 -0.46 ChinaEastrnAir CEA 21.27 -0.06 CyrusOne CONE 89.88 0.03 t Ecolab ECL 178.38 -4.43 FleetCorTech FLT 235.39 -8.90 Halliburton HAL 32.97 -0.60
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Bruker BRKR 68.08 -0.83 ChinaLifeIns LFC 8.78 -0.23 Ecopetrol EC 15.33 0.01 Flex FLEX 17.19 -0.32 HartfordFinl HIG 70.62 -0.60
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, BuildersFirst BLDR 69.05 -2.12 ChinaPetrol SNP 52.12 0.22 D E F EdisonInt EIX 60.25 0.33 Floor&Decor FND 99.68 -6.65 Hasbro HAS 99.08 2.04
previous closing price was $2 or higher. or securities assumed by such companies. Bunge BG 100.00 -2.76 ChinaSoAirlines ZNH 33.92 0.05 EdwardsLife EW 106.88 -3.78 FomentoEconMex FMX 77.50 -0.82 HashiCorp HCP 58.51 -7.55
BurlingtonStrs BURL 217.52 -11.63 Chipotle CMG 1509.86 -65.57 DISH Network DISH 29.88 -1.71 ElancoAnimal ELAN 25.78 -0.11 FordMotor F 17.54 -0.47 HealthpeakProp PEAK 31.86 -0.16
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CBRE Group CBRE 99.80 -1.85 ChoiceHotels CHH 144.89 -2.22 DTE Energy DTE 118.55 2.06 Elastic ESTC 83.19 -8.33 Fortinet FTNT 310.54 -9.82 Heico A HEI.A 118.54 -0.06
changes in the closing prices from 4 p.m. the previous day. CDW CDW 182.28 -3.20 Chubb CB 203.63 -1.28 DXC Tech DXC 35.79 -1.56 ElectronicArts EA 130.40 -2.89 Fortis FTS 45.54 0.47 Heico HEI 143.75 -0.22
s CF Industries CF 76.19 1.77 ChunghwaTel CHT 43.77 0.08 Danaher DHR 269.27 1.58 EmersonElec EMR 93.19 -2.68 Fortive FTV 63.37 -1.99 HenrySchein HSIC 84.00 -0.23
CGI GIB 83.23 -1.86 Church&Dwight CHD 96.95 0.92 Darden DRI 142.85 -6.01 Enbridge ENB 41.51 -0.13 FortBrandsHome FBHS 89.37 -1.74 Hershey HSY 202.03 0.28
Thursday, February 17, 2022 Net Net CH Robinson CHRW 90.85 0.44 ChurchillDowns CHDN 223.27 -3.84 DarlingIngred DAR 67.35 -1.03
Stock Sym Close Chg Stock Sym Close Chg CME Group CME 238.85 -0.07 Ciena Endeavor EDR 30.76 -1.07 FoxA FOXA 42.91 -0.10 HertzGlobal HTZ 18.93 -0.52
Net CIEN 69.03 -0.33 Datadog DDOG 165.81 -8.11 EnelAmericas ENIA 5.78 -0.03 FoxB FOX 38.66 -0.25 Hess HES 94.20 -0.06
Stock Sym Close Chg Amdocs 227.11 -1.89 DaVita DVA 117.32 -2.68 EnergyTransfer ET
DOX 79.76 0.03 AveryDennison AVY 182.70 -1.97 CMS Energy CMS 62.40 0.48 Cigna CI 10.22 0.09 Franco-Nevada FNV 149.46 4.16 HewlettPackard HPE 17.24 -0.40
CNA Fin CNA 48.52 -0.45 s CincinnatiFin CINF 126.25 -1.89 DeckersOutdoor DECK 299.79 -24.79 EnphaseEnergy ENPH 148.37 -5.66 FranklinRscs BEN 30.11 -1.27 HighwoodsProp HIW 43.97 0.05
Amerco UHAL 590.11 -9.43 AvisBudget CAR 165.19 -9.61
A B C Ameren AEE 84.51 0.04 AxonEnterprise AXON 132.58 -8.83 CNH Indl CNHI 15.91 -0.43 Cintas CTAS 370.64 -7.93 Deere DE 380.53 -10.03 Entegris ENTG 133.50 -1.89 FreeportMcM FCX 43.21 -1.04 Hilton HLT 153.04 -3.30
CRH CRH 49.43 -1.40 CiscoSystems CSCO 55.77 1.52 DellTechC DELL 59.26 -1.03 Entergy ETR 104.95 0.99 FreseniusMed FMS 33.33 -0.61 Hologic HOLX 69.88 -1.16
ABB ABB 34.46 -0.87 AmericaMovil AMX 18.38 -0.53 BCE BCE 52.56 0.13
CSX CSX 35.10 -0.07 Citigroup C 64.71 -2.24 DeltaAir DAL 43.31 -1.10 EnterpriseProd EPD 23.76 -0.23 FullTruck YMM 9.61 -0.09 HomeDepot HD 347.94 -2.15
ACM 72.52 -1.25 AmericaMovil A AMOV 18.37 -0.48 BHP Group BHP 67.92 -0.81
AECOM CVS Health CVS 102.30 -1.64 CitizensFin CFG 53.09 -2.14 DentsplySirona XRAY 55.55 -1.08 Envista NVST 49.01 -0.74 HondaMotor HMC 31.56 -0.41
AES AES 21.47 -0.42 AmerAirlines AAL 18.22 -0.60 BJ'sWholesale BJ 65.93 1.38
CableOne CABO 1462.58 -44.03 CitrixSystems CTXS 101.67 -0.28 DeutscheBank DB 15.45 -0.32 Equifax EFX 212.00 -9.73 t HoneywellG H IHON 184.59 -4.47
Aflac AFL 63.20 -1.32 AEP AEP 85.49 0.08 BP BP 32.29 0.14 CLVT 15.92 -0.75 s DevonEnergy DVN 55.25 1.40 Equinix
CadenceDesign CDNS 138.22 -7.63 Clarivate EQIX 691.61 18.03 HorizonTherap HZNP 94.36 -3.34
AGCO AGCO 127.88 -4.05 AmerExpress AXP 195.71 -2.67 Baidu BIDU 166.40 -0.95
CAE CAE 25.79 -0.63 Cleveland-Cliffs CLF 19.18 -0.68 DexCom DXCM 387.25 -26.38 Equinor EQNR 30.04 0.59 GDS Holdings GDS 42.99 -1.51 HormelFoods HRL 47.31 0.20
AmericanFin AFG 135.62 -5.37 BakerHughes BKR 29.43 -0.28
AMC Ent AMC 18.94 -0.73 CaesarsEnt CZR 81.92 -3.50 Clorox CLX 146.01 4.73 Diageo DEO 198.55 -0.13 Equitable EQH 33.22 -1.37 GFLEnvironmental GFL 28.87 -0.59 DR Horton DHI 82.75 -2.55
Ansys ANSS 310.79 -12.81 AmHomes4Rent AMH 37.68 -0.66 Ball BLL 90.92 -1.12
CamdenProperty CPT 161.83 -1.94 Cloudflare NET 103.81 -8.18 DiamondbkEner FANG 129.69 -0.13 EquityLife ELS 75.66 -1.77 GXO Logistics GXO 84.22 -1.58 s HostHotels HST 19.30 -0.01
APA APA 32.39 -0.01 AIG AIG 61.38 1.04 BancoBilbaoViz BBVA 6.48 -0.13 62.12 1.22 Dick's DKS 104.78 -4.03 EquityResdntl EQR 84.93 -1.30 Gallagher AJG 153.50 -2.71 HowmetAerospace HWM 34.98 -0.75
Cameco CCJ 21.04 -0.49 Coca-Cola KO
ASETech ASX 7.38 -0.17 AmerTowerREIT AMT 228.67 -3.66 BancoBradesco BBDO 3.43 -0.07 CampbellSoup CPB 44.19 0.52 Coca-ColaEuro CCEP 55.76 -0.68 DiDiGlobal DIDI 4.26 -0.20 ErieIndemnity A ERIE 180.22 -4.24 GameStop GME 123.41 -4.92 HuanengPower HNP 21.32 0.16
ASML ASML 650.43 -13.43 AmerWaterWorks AWK 148.06 1.77 BancodeChile BCH 21.43 -0.25 CIBC CM 126.56 -1.92 t Cognex CGNX 61.65 -2.47 DigitalRealty DLR 137.76 3.16 EssentialUtil WTRG 45.93 0.74 Gaming&Leisure GLPI 44.32 -0.55 Huazhu HTHT 44.90 -0.51
AT&T T 23.76 -0.18 Ameriprise AMP 299.40 -12.71 BancSanBrasil BSBR 6.17 -0.16 t Garmin GRMN 113.32 -6.27 Hubbell
CanNtlRlwy CNI 126.17 -0.76 CognizantTech CTSH 85.92 -3.23 DiscoverFinSvcs DFS 123.08 -3.74 EssexProp ESS 314.60 -4.58 HUBB 180.90 -4.43
AbbottLabs ABT 120.58 -3.10 AmerisourceBrgn ABC 142.11 -0.62 BcoSantChile BSAC 19.30 -0.84 s CanNaturalRes CNQ 53.91 -0.16 CoinbaseGlbl COIN 191.92 -16.04 DiscoveryB DISCB 31.27 -0.24 EsteeLauder EL 304.29 -4.36 Gartner IT 286.50 -11.73 HubSpot HUBS 507.58 -35.22
ABBV 144.97 -0.90 Ametek AME 128.32 -3.48 BancoSantander SAN 3.79 -0.08 GNRC 302.80 -13.64 Humana
AbbVie CanPacRlwy CP 73.38 -1.15 ColgatePalm CL 79.15 0.81 DiscoveryA DISCA 29.87 0.49 Etsy ETSY 132.17 -8.24 Generac HUM 424.71 -4.06
ABMD 307.11 -18.31 Amgen AMGN 221.68 -0.98 BanColombia CIB 34.41 -0.25
Abiomed Canon CAJ 24.46 -0.24 Comcast A CMCSA 46.77 -1.32 DiscoveryC DISCK 29.76 0.48 EverestRe RE 302.76 -0.32 GeneralDynamics GD 214.40 -0.01 JBHunt JBHT 187.84 -3.16
Accenture ACN 322.91 -10.81 Amphenol APH 75.48 -1.47 BankofAmerica BAC 46.07 -1.61 CapitalOne COF 154.36 -4.50 Comerica CMA 96.79 -3.70 Disney DIS 152.95 -3.40 Evergy EVRG 61.05 -0.16 GeneralElec GE 98.46 -2.95 HuntingtonBcshs HBAN 15.87 -0.32
ActivisionBliz ATVI 80.97 -0.49 AnalogDevices ADI 160.43 -7.91 BankofMontreal BMO 115.66 -2.27 Capri CPRI 68.14 -2.62 CommerceBcshrs CBSH 70.90 -1.20 dLocal DLO 32.16 -1.27 EversourceEner ES 82.28 0.63 GeneralMills GIS 67.79 1.03 s Huntsman HUN 41.04 -0.12
Adobe ADBE 457.71 -19.99 AngloGoldAsh AU 22.26 0.82 BankNY Mellon BK 57.35 -5.15 DOCU 115.00 -5.14 ExactSciences EXAS 74.77 -3.61 GeneralMotors GM 48.82 -1.61 HyattHotels H
CardinalHealth CAH 54.51 -0.03 ConagraBrands CAG 35.88 0.45 DocuSign 102.10 -4.48
AdvanceAuto AAP 220.41 -1.98 AB InBev BUD 63.16 -1.06 BkNovaScotia BNS 72.42 -0.73 Carlisle CSL 235.18 -3.04 Concentrix CNXC 199.94 -4.91 DollarGeneral DG 197.12 -0.23 Exelon EXC 41.75 -0.25 Genmab GMAB 32.68 -0.86 t IAC/InterActive IAC 115.01 -5.87
t AnnalyCap NLY 7.08 -0.20 Barclays BCS 10.54 -0.24 43.12 -1.66 ICICI Bank
AdvDrainageSys WMS 118.79 -2.76 Carlyle CG 45.58 -2.31 Confluent CFLT 52.31 -5.64 DollarTree DLTR 135.75 -1.01 Expedia EXPE 209.31 -4.49 Genpact G IBN 19.72 -0.45
AdvMicroDevices AMD 112.37 -5.32 Anthem ANTM 451.34 -7.24 BarrickGold GOLD 23.23 1.00 CarMax KMX 107.48 -2.10 ConocoPhillips COP 91.16 0.95 DominionEner D 79.14 0.47 ExpeditorsIntl EXPD 106.06 -1.32 GenuineParts GPC 127.61 -2.35 ICL Group ICL 10.37 0.17
Aegon AEG 5.47 -0.13 Aon AON 281.04 -4.01 Bath&BodyWks BBWI 52.16 -3.09 Carnival CCL 22.42 -0.89 ConEd ED 81.45 0.37 Domino's DPZ 430.53 -2.81 ExtraSpaceSt EXR 188.73 -2.03 Gerdau GGB 5.02 -0.34 IdexxLab IDXX 493.35 -14.66
AerCap AER 65.55 -0.99 AptIncmREIT AIRC 51.70 -0.85 BauschHealth BHC 24.70 -0.76 Carnival CUK 20.76 -0.86 ConstBrands A STZ 218.87 -2.04 DoorDash DASH 105.03 10.14 ExxonMobil XOM 78.23 -0.12 GileadSciences GILD 61.29 -0.61 IHS Markit INFO 107.89 -1.46
t AffirmHldgs AFRM 37.67 -5.25 ApolloGlbMgmt APO 65.23 -2.33 BaxterIntl BAX 82.80 -2.33 CarrierGlobal CARR 44.58 -1.07 ContinentalRscs CLR 54.17 -0.02 Dover DOV 159.39 -3.56 F5 FFIV 200.65 -3.42 GinkgoBioworks DNA 4.94 -0.50 ING Groep ING 14.27 -0.44
AgilentTechs A 130.25 -4.90 Apple AAPL 168.88 -3.67 BectonDicknsn BDX 266.15 -4.98 Carvana CVNA 135.23 -3.39 Cooper COO 388.95 -12.34 Dow DOW 61.17 -0.91 FMC FMC 118.11 -1.48 GitLab GTLB 66.81 -6.10 Invesco IVZ 22.39 -1.19
agilon health AGL 20.17 -1.73 ApplMaterials AMAT 136.47 -4.49 BeiGene BGNE 205.19 -15.01 Catalent CTLT 97.97 -1.96 Copart CPRT 124.80 -2.07 Doximity DOCS 57.38 -0.06 FactSet FDS 405.68 -6.64 GSK GSK 43.32 -0.07 IQVIA IQV 226.36 -5.82
AgnicoEagle AEM 56.15 3.85 Applovin APP 64.13 -4.58 BentleySystems BSY 37.82 -2.30 Caterpillar CAT 194.74 -8.90 Corning GLW 41.36 -1.03 DrReddy'sLab RDY 56.13 -0.62 FairIsaac FICO 508.93 -2.63 GlobalPayments GPN 137.81 -6.48 IcahnEnterprises IEP 55.29 -0.31
t AirProducts APD 240.61 -4.73 Aptiv APTV 143.13 -3.13 Berkley WRB 89.76 -1.19 Celanese CE 152.93 -3.16 Corteva CTVA 51.27 -0.19 DraftKings DKNG 22.06 -0.93 Fastenal FAST 51.28 -1.06 GlobalFoundries GFS 48.95 -3.98 Icon ICLR 229.94 -10.59
Airbnb ABNB 183.60 -3.04 Aramark ARMK 37.60 -0.67 BerkHathwy A BRK.A 470655-3789.00 Cemex CX 5.63 -0.08 Cosan CSAN 17.59 -0.25 Dropbox DBX 23.58 -1.32 FederalRealty FRT 118.39 -1.32 Globant GLOB 258.73 -10.31 t IDEX IEX 188.71 -1.27
AkamaiTech AKAM 102.93 -1.93 ArcelorMittal MT 30.46 -1.30 BerkHathwy B BRK.B 313.55 -2.10 CenovusEnergy CVE 15.87 0.31 CoStar CSGP 65.65 -1.64 DukeEnergy DUK 98.73 0.20 FedEx FDX 224.37 -4.64 GlobeLife GL 104.64 -1.25 IllinoisToolWks ITW 217.16 -2.92
Albemarle ALB 197.02 -48.98 ArchCapital ACGL 46.97 -0.68 BerryGlobal BERY 62.73 -0.45 Centene CNC 82.81 -1.41 Costco COST 515.01 2.61 DukeRealty DRE 53.01 -0.86 Ferguson FERG 150.66 -1.10 GoDaddy GDDY 83.05 -1.21 Continued on Page B10
Albertsons ACI 28.75 -0.03 ArcherDaniels ADM 76.65 -0.25 BestBuy BBY 98.63 -1.00
Alcoa AA 76.47 -1.37 AresMgmt ARES 79.01 -3.40 Bilibili BILI 36.54 -1.30
Alcon ALC 77.45 -3.08 arGEN-X ARGX 287.89 -12.47 Bill.com BILL 232.04 -24.86
AlexandriaRlEst ARE 186.01 -1.08
Alibaba
AristaNetworks
BABA 124.43 -1.13 ArrowElec
ANET 129.23 -3.21 Bio-Techne TECH 398.19 -13.84
ARW 125.16 -2.54 Bio-RadLab A BIO 588.23 -24.46
Borrowing Benchmarks Cash Prices Thursday, February 17, 2022
AlignTech ALGN 501.76 -24.62 Asana ASAN 67.18 -6.95 t Biogen BIIB 210.60 -3.95 wsj.com/market-data/bonds/benchmarks
Alleghany Y 680.36 -13.09 AspenTech AZPN 141.03 0.42 BiohavenPharm BHVN 140.94 -1.98 These prices reflect buying and selling of a variety of actual or “physical”
Allegion ALLE 114.59 -0.65 Assurant AIZ 166.02 -1.18 BioMarinPharm BMRN 90.30 -2.39
AlliantEnergy LNT 56.62 0.29 AstraZeneca AZN 60.99 0.15 BioNTech BNTX 157.36 -8.13 Money Rates February 17, 2022 commodities in the marketplace—separate from the futures price on an
Allstate ALL 122.64 -0.84 Atlassian TEAM 304.00 -14.71 t BlackKnight BKI 57.81 -2.63 exchange, which reflects what the commodity might be worth in future
AllyFinancial ALLY 49.34 -1.10 AtmosEnergy ATO 106.66 1.25 BlackRock BLK 762.50 -20.92
AlnylamPharm ALNY 149.95 -3.33 t Autodesk ADSK 223.39 -10.35 Blackstone BX 122.63 -4.15 Key annual interest rates paid to borrow or lend money in U.S. and months.
Alphabet C GOOG 2646.17-103.58 Autoliv ALV 100.34 -2.84 Block SQ 104.02 -4.98 international markets. Rates below are a guide to general levels but
Alphabet A GOOGL 2650.78-103.98 ADP ADP 200.46 -3.78 BlueOwlCapital OWL 11.87 -1.39 Thursday Thursday
Altria MO 51.37 0.76 AutoZone AZO 1893.11 -34.36 Boeing BA 213.58 -5.35 don’t always represent actual transactions.
AlumofChina ACH 17.00 0.20 Avalara AVLR 96.57 -5.19 BookingHldgs BKNG 2623.95 -79.31 Energy Grains and Feeds
Amazon.com AMZN 3093.05 -68.96 Avalonbay AVB 236.14 -3.73 BoozAllen BAH 73.87 -0.10 Week —52-WEEK—
Ambev ABEV 2.86 -0.08 t Avangrid AGR 44.14 0.25 BorgWarner BWA 44.62 -0.60 Inflation Coal,C.Aplc.,12500Btu,1.2SO2-r,w 89.700 Barley,top-quality Mnpls-u n.a.
Latest ago High Low Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 23.900
Amcor AMCR 11.79 0.02 Avantor AVTR 34.40 -1.08 BostonProps BXP 122.02 -0.56 Jan. Index Chg From (%)
Bran,wheat middlings, KC-u 174
Low 0.0700 0.0500 0.0900 0.0000 Corn,No. 2 yellow,Cent IL-bp,u 6.3700
level Dec. '21 Jan. '21 Metals Corn gluten feed,Midwest-u,w 192.0
Bid 0.0700 0.0700 0.7000 0.0300
U.S. consumer price index Offer 0.0900 0.0900 0.1200 0.0500 Gold, per troy oz Corn gluten meal,Midwest-u,w 618.6
Dividend Changes All items 281.148 0.84 7.5 Treasury bill auction Engelhard industrial 1892.00 Cottonseed meal-u,w 340
Handy & Harman base 1893.45 Hominy feed,Cent IL-u,w 165
Core 285.996 0.74 6.0 4 weeks 0.080 0.020 0.125 0.000
Dividend announcements from February 17. Handy & Harman fabricated 2101.73 Meat-bonemeal,50% pro Mnpls-u,w n.a.
13 weeks 0.440 0.290 0.440 0.015 LBMA Gold Price AM *1854.40 Oats,No.2 milling,Mnpls-u 7.4550
Amount Payable / International rates 26 weeks 0.770 0.580 0.770 0.030 LBMA Gold Price PM *1862.60 Rice, Long Grain Milled, No. 2 AR-u,w 27.75
Company Symbol Yld % New/Old Frq Record
Week 52-Week Krugerrand,wholesale-e 1975.74 Sorghum,(Milo) No.2 Gulf-u n.a.
Increased Latest High Low
Secondary market Maple Leaf-e 1994.74 SoybeanMeal,Cent IL,rail,ton48%-u,w 474.60
ago
Acadia Realty Trust AKR 3.4 .18 /.15 Q Apr14 /Mar31 Fannie Mae American Eagle-e 1994.74 Soybeans,No.1 yllw IL-bp,u 15.7100
Analog Devices ADI 1.9 .76 /.69 Q Mar08 /Feb25 Prime rates Mexican peso-e 2298.53 Wheat,Spring14%-pro Mnpls-u 11.1475
30-year mortgage yields
Cowen Cl A COWN 1.5 .12 /.10 Q Mar15 /Mar01 U.S. 3.25 3.25 3.25 3.25 Austria crown-e 1865.13 Wheat,No.2 soft red,St.Louis-u 8.0250
Devon Energy DVN 3.6 .16 /.11 Q Mar31 /Mar14 30 days 3.478 3.329 3.504 2.182 Austria phil-e 1994.74 Wheat - Hard - KC (USDA) $ per bu-u 8.4200
Canada 2.45 2.45 2.45 2.45
Evans Bancorp EVBN 3.0 .62 /.60 SA Apr05 /Mar11 60 days 3.529 3.386 3.559 2.215 Silver, troy oz. Wheat,No.1soft white,Portld,OR-u 10.7500
Japan 1.475 1.475 1.475 1.475
Extra Space Storage EXR 3.2 1.50 /1.25 Q Mar31 /Mar15 Engelhard industrial 23.7000
First Financial Northwest FFNW 2.8 .12 /.11 Q Mar25 /Mar11 Policy Rates Other short-term rates Handy & Harman base 23.7950
Food
Global Industrial GIC 2.1 .18 /.16 Q Mar07 /Feb28 Handy & Harman fabricated 29.7440 Beef,carcass equiv. index
Euro zone 0.00 0.00 0.00 0.00 Week 52-Week
Healthcare Realty Trust HR 4.0 .31 /.3025 Q Mar15 /Feb28 LBMA spot price *£17.3300 choice 1-3,600-900 lbs.-u 232.08
Switzerland 0.00 0.00 0.00 0.00 Latest ago high low
Kinsale Capital Group KNSL 0.3 .13 /.11 Q Mar14 /Mar02 (U.S.$ equivalent) *23.5000 select 1-3,600-900 lbs.-u 225.47
Nu Skin Enterprises Cl A NUS 2.8 .385 /.38 Q Mar09 /Feb28 Britain 0.50 0.50 0.50 0.10
Australia 0.10 0.10 0.10 0.10 Call money Coins,wholesale $1,000 face-a 19982 Broilers, National comp wtd. avg.-u,w 1.2488
Pioneer Natural Resources PXD 1.0 .78 /.62 Q Mar14 /Feb28
Other metals Butter,AA Chicago 2.6900
Plymouth Industrial REIT PLYM 3.1 .22 /.21 Q Apr29 /Mar31 2.00 2.00 2.00 2.00
Overnight repurchase LBMA Platinum Price PM *1043.0 Cheddar cheese,bbl,Chicago 193.50
Sherwin-Williams SHW 0.9 .60 /.55 Q Mar11 /Feb28
U.S. 0.05 0.04 0.06 -0.04 Commercial paper (AA financial) Platinum,Engelhard industrial 1082.0 Cheddar cheese,blk,Chicago 198.75
Sonic Automotive Cl A SAH 1.9 .25 /.12 Q Apr14 /Mar15
Urban Edge Properties UE 3.5 .16 /.15 Q Mar31 /Mar15 90 days 0.36 n.a. 0.36 0.04
Palladium,Engelhard industrial 2380.0 Milk,Nonfat dry,Chicago lb. 187.00
Wabtec WAB 0.6 .15 /.12 Q Feb28 /Feb25 U.S. government rates Aluminum, LME, $ per metric ton *3282.0 Coffee,Brazilian,Comp 2.5066
Libor Copper,Comex spot 4.5250 Coffee,Colombian, NY 3.1261
Reduced Discount Iron Ore, 62% Fe CFR China-s 130.7 Eggs,large white,Chicago-u n.a.
One month 0.16171 0.12371 0.19114 0.07263
Morgan Stanley Pfd. A MSpA 4.5 .2417 /.26389 Q Apr15 /Mar31 0.25 0.25 0.25 0.25 Shredded Scrap, US Midwest-s,m n.a. Flour,hard winter KC 23.20
Three month 0.48100 0.39486 0.50643 0.11413
Steel, HRC USA, FOB Midwest Mill-s 1040 Hams,17-20 lbs,Mid-US fob-u n.a.
Initial Federal funds Six month 0.77357 0.66443 0.84043 0.14663
1.12457 1.39229 0.21950 Battery/EV metals Hogs,Iowa-So. Minnesota-u 93.76
Brighthouse Finl Pfd. D BHFAM ... .3951 Mar25 /Mar10 Effective rate 0.0800 0.0800 0.1000 0.0500 One year 1.28886
BMI Lithium Carbonate, EXW China, =99.2%-v,k 60600 Pork bellies,12-14 lb MidUS-u 2.2577
Foreign High 0.1500 0.1000 0.2000 0.0700 Secured Overnight Financing Rate BMI Lithium Hydroxide, EXW China, =56.5% -v,k 50675 Pork loins,13-19 lb MidUS-u 1.1944
Algonquin Pwr & Util Un AQNU 8.2 .96875 Q Mar15 /Mar01 0.05 0.04 0.06 0.01 BMI Cobalt sulphate, EXW China, >20.5% -v,m 16250 Steers,Tex.-Okla. Choice-u 142.00
Algonquin Pwr Nts 2079 AQNB 5.8 .3875 Q Apr01 /Mar15 Notes on data: BMI Nickel Sulphate, EXW China, >22%-v,m 5888 Steers,feeder,Okla. City-u,w 188.50
Argo Group 6.5% Nts 2042 ARGD 6.4 .40625 Q Mar15 /Mar01 U.S. prime rate is the base rate on corporate Value 52-Week BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 665
Brookfield Infr Nts 2081 BIPH 5.8 .3125 Q Mar31 /Mar16 loans posted by at least 70% of the 10 largest Latest Traded High Low Fats and Oils
DRDGOLD ADR DRD 3.4 .13278 Q Mar24 /Mar11 U.S. banks, and is effective March 16, 2020. Fibers and Textiles Degummed corn oil, crude wtd. avg.-u,w 59.0000
Other prime rates aren’t directly comparable; DTCC GCF Repo Index
Enbridge 6.375% Nts 2078 ENBA 6.0 .3984 Q Apr15 /Apr01 lending practices vary widely by location; Burlap,10-oz,40-inch NY yd-n,w 0.8375 Grease,choice white,Chicago-h 0.6800
Flex LNG FLNG 13.5 .75 Q Mar15 /Mar02 Treasury 0.055 10.850 0.075 -0.008
Discount rate is effective March 16, 2020. Cotton,1 1/16 std lw-mdMphs-u 1.2052 Lard,Chicago-u 0.8200
GFL Environmental Un GFLU 4.4 .75 Q Mar15 /Mar01 Secured Overnight Financing Rate is as of MBS 0.060 20.200 0.088 0.002
Cotlook 'A' Index-t *136.95 Soybean oil,crude;Centl IL-u,w 0.6797
GlaxoSmithKline ADR GSK 4.6 .62212 Q Apr07 /Feb25 February 16, 2022. DTCC GCF Repo Index is Hides,hvy native steers piece fob-u n.a. Tallow,bleach;Chicago-h 0.7113
Golden Ocean Group GOGL 18.0 .90 Q Mar10 /Mar03 Depository Trust & Clearing Corp.'s weighted Weekly survey
average for overnight trades in applicable Wool,64s,staple,Terr del-u,w n.a. Tallow,edible,Chicago-u 0.8000
Nexa Resources NEXA 3.0 .37753 A Mar25 /Mar11 Latest Week ago Year ago
CUSIPs. Value traded is in billions of U.S. dollars.
Niagara Mhwk Pwr 3.6% pfd NMKpB 3.6 .90 Q Mar31 /Mar17
Federal-funds rates are Tullett Prebon rates as Freddie Mac KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes;
Niagara Mhwk Pwr 3.9% pfd NMKpC 4.0 .975 Q Mar31 /Mar17 of 5:30 p.m. ET. H=American Commodities Brokerage Co;
Perrigo PRGO 2.8 .26 Q Mar17 /Feb28
Sources: Federal Reserve; Bureau of Labor
30-year fixed 3.92 3.69 2.81 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook
Scorpio Tankers Nts 2025 SBBA 7.1 .4375 Q Mar30 /Mar15 Statistics; DTCC; FactSet; 15-year fixed 3.15 2.93 2.21 Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Z=not quoted. *Data as of 2/16
SFL SFL 8.1 .20 Q Mar29 /Mar16 Tullett Prebon Information, Ltd. Five-year ARM 2.98 2.80 2.77 Source: Dow Jones Market Data
SiriusPoint 8% Pfd. B SPNTpB 7.4 .50 Q Feb28 /Feb25
West Fraser Timber WFG 1.0 .25 Q Apr05 /Mar18
Special
Devon Energy DVN 3.6 .84 Mar31 /Mar14
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
Pioneer Natural Resources PXD 1.0 3.00 Mar14 /Feb28 Garmin GRMN 112.75 -5.2 Lovesac LOVE 39.78 -8.7 RibbonComms RBBN 3.38 -22.7
ProPhase Labs PRPH ... .30 Mar10 /Mar01 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Gelesis GLS 2.64 -3.8 MaidenNts43 MHNC 20.25 -2.0 RingCentral RNG 154.12 -5.2
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest GencorIndustries GENC 10.40 0.8 Marchex MCHX 1.75 -0.5 RossStores ROST 91.35 -4.1
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: session. % CHG-Daily percentage change from the previous trading session. GenerationBio GBIO 4.55 -4.2 MarkerTherap MRKR 0.45 -26.0 RothCHAcqnIVWt ROCGW 0.41 10.8
GenesisUnicorn GENQU 9.98 -0.3 Matterport MTTR 6.20 -17.4 RubiusTherap RUBY 5.34 -5.4
spin-off. Genetron GTH 3.18 -8.8 MedAvail MDVL 1.14 -3.3 SCP&COHlthcrWt SHACW 0.30 -6.1
Thursday, February 17, 2022 GigIntl1 Wt GIWWW 0.25 -0.1 Medifast MED 184.00 -3.3 SQZ Biotech SQZ 6.00 -3.7
52-Wk % 52-Wk % 52-Wk % Glatfelter GLT 13.32 -3.8 MersanaTherap MRSN 3.81 -3.7 SageTherap SAGE 33.47 -6.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GlobalIndl GIC 29.76 -4.3 MetaPlatforms FB 207.16 -4.1 Salesforce.com CRM 199.50 -5.5
GlMedREIT PfdA GMREpA 25.04 -1.5 MiNK Therap INKT 2.55 -7.1 SanaBiotech SANA 6.23 -8.8
Allbirds BIRD 9.74 -10.6 ChainBridgeIWt CBRGW 0.37 -11.1 GlobalinkInvtRt GLLIR 0.20 -7.0 MinorityEqualWt MEOAW 0.12 -16.6 ScorpioTankersNts SBBA 24.42 -0.2
Highs AlliedHealthcare AHPI
AllogeneTherap ALLO
2.80 -7.1 ChannelAdvisor ECOM 16.88 -5.3
9.53 -5.8 ChathamLodgPfd CLDTpA 23.93 -1.5
GoldenFalconWt GFX.WS
GoldenPathWt GPCOW
0.30
0.08
-4.4
3.3
MissionAdvWt MACC.WS
Modiv MDV
0.27
20.55
-7.4
-19.8
SculptorCapMgmt SCU
SCWorx WORX
13.17
0.92
-13.5
-10.1
A SPAC I Acqn ASCAU 10.09 0.2 Allot ALLT 7.71 -2.5 ChemomabTherap CMMB 4.04 -5.0 GraybugVision GRAY 1.20 -6.9 SelectaBiosci SELB 2.01 -6.5
ModivCare MODV 104.06 -5.2
AxiosSustGrw AXAC.U 10.15 0.3 AltamiraTherap CYTO 1.13 -4.1 ChurchillVI Wt CCVI.WS 0.63 -1.5 GreencityAcqnWt GRCYW 0.08 -21.8 SeniorConnectI Wt SNRHW 0.35 -9.9
ModularMed MODD 3.20 -4.6
AhrenAcqn AHRNU 10.10 1.4 AlticeUSA ATUS 11.12 -17.8 CingulateWt CINGW 0.23 -10.9 Greenlane GNLN 0.59 -8.3 SeqLL Wt SQLLW 0.51 -14.8
MomentusWt MNTSW 0.34 -29.0
AlleghenyTechs ATI 25.29 2.1 AltimarIIIWt ATAQ.WS 0.56 -0.9 CipherMiningWt CIFRW 0.51 -22.0 GromSocialWt GROMW 0.22 -17.5 SharpsCompliance SMED 6.16 -7.7
Momentus MNTS 2.29 -13.1
AnghamiWt ANGHW 1.40 53.0 AmHomes4RentPfdH AMHpH 25.75 -0.5 ClarusTherapWt CRXTW 0.14 6.8 GromSocialEnts GROM 1.33 -6.7 ShattuckLabs STTK 4.61 -8.1
MoneyLion ML 2.24 -3.0
Anghami ANGH 33.13 161.4 AmericanRebel AREB 1.93 -10.5 ClassAccelWt CLAS.WS 0.20 -9.2 GuardionHlth GHSI 0.37 -34.1 Shopify SHOP 655.00 -11.6
MoneyLionWt ML.WS 0.35 -4.5
AppleHospREIT APLE 17.92 -0.8 AmerCarMart CRMT 87.93 6.8 ClearsideBiomed CLSD 1.57 -5.4 Guidewire GWRE 90.39 -5.2 SidusSpace SIDU 7.10 -8.0
MoringaAcqnWt MACAW 0.31 -10.7
AtlanticusNts26 ATLCL 25.30 ... Amplitude AMPL 16.66 -58.9 CleverLeaves CLVR 1.39 -3.4 HTG Molecular HTGM 2.11 -6.1 SigilonTherap SGTX 1.47 -6.9
MorphoSys MOR 6.86 -4.9
BRC BRCC 22.80 14.7 AmrytPharma AMYT 9.00 -2.1 ClimateReal II Wt CLIM.WS 0.48 -0.9 HavertyFurn HVT 26.51 -3.6 SigmaLabsWt SGLBW 0.01 -43.0
MotiveCapII MTVC.U 9.92 0.1
Blucora BCOR 20.45 0.2 Angi ANGI 6.40 -4.1 CloverHealth CLOV 2.12 -11.4 HavertyFurn A HVT.A 26.92 -7.3 SignalHillAcqn SGHLU 9.95 0.1
MudrickCapII Wt MUDSW 0.50 1.8
BritishAmTob BTI 47.24 0.5 AnnalyCap NLY 7.08 -2.7 Co-Diagnostics CODX 6.24 -5.7 HawksAcqnWt HWKZ.WS 0.26 -7.4 SilverbackTherap SBTX 3.77 -8.4
MullenAuto MULN 0.77 -11.0
CF Industries CF 77.27 2.4 Annexon ANNX 5.96 -8.7 CodereOnlineWt CDROW 0.49 -2.0 HealthAssurance HAACU 8.58 -0.3 Skillsoft SKIL 6.04 -3.4
MustangBio MBIO 0.93 -7.2
CanNaturalRes CNQ 54.73 -0.3 AnzuSpecial I Wt ANZUW 0.34 1.3 Cognex CGNX 61.59 -3.9 HealthcareCapWt HCCCW 0.18 42.8 SmartforLife SMFL 1.82 -31.3
NationalVision EYE 36.51 0.2
CenturyAluminum CENX 21.64 -0.5 AppliedMolecular AMTI 6.88 -11.6 ColiseumAcqnWt MITAW 0.32 -2.2 HealthcrTriangle HCTI 1.17 -2.4 SocialLvgI Wt SLAC.WS 0.41 ...
NaturalAlt NAII 12.03 -2.5
Cepton CPTN 80.16 343.5 AppliedTherap APLT 2.18 -5.2 ColombierAcqnWt CLBR.WS 0.40 -1.3 Heartbeam BEAT 1.59 -3.5 SolidBiosci SLDB 1.00 -4.8
Neenah NP 42.52 -9.0
CheckPoint CHKP 133.87 -0.1 AppTech APCX 1.41 -7.1 CompassDigitalAcqn CDAQ 9.59 ... HeartcoreEnts HTCR 2.55 -9.8 Sonder SOND 6.60 -3.0
NeoleukinTherap NLTX 2.65 -5.3
CincinnatiFin CINF 129.17 -1.5 ApreaTherap APRE 1.76 -5.8 Compugen CGEN 2.88 -6.8 HemisphereMedia HMTV 5.67 -4.8 SperoTherap SPRO 9.10 -4.8
NeuroSense NRSN 1.61 -8.5
CinCorPharma CINC 25.49 -4.8 ArbeRobotics ARBE 6.95 -5.1 Conduent CNDT 4.12 -1.1 HennessyCapInvVIWt HCVIW 0.61 -9.5 StitchFix SFIX 13.05 -5.0
NeuroSenseWt NRSNW 0.33 -18.1
ClearChannelOutdr CCO 3.74 -0.8 ArborRealtyPfdD ABRpD 22.75 -1.5 ConveyHealth CNVY 5.85 -3.8 HeritageInsurance HRTG 5.46 -1.8 StoneCo STNE 11.10 -9.4
NewYorkMtgPfdF NYMTL 23.01 -1.4
Copa CPA 97.63 -3.1 ArchCapitalPfdG ACGLN 22.01 0.3 ConyersParkIIIWt CPAAW 0.51 -5.4 Hibbett HIBB 51.39 -4.9 Stran STRN 1.52 -9.9
NexGel NXGL 1.89 -6.0
CrownHoldings CCK 124.58 -1.9 ArenaFortifyWt AFACW 0.33 -2.9 Cooper-Standard CPS 14.40 -4.1 HighlandTranIWt HTPA.WS 0.58 2.0 StranWt STRNW 0.28 -23.7
NextNav NN 6.10 -5.1
CyxteraTech CYXT 12.80 3.9 ArgoGroup ARGO 37.66 -3.7 Cortexyme CRTX 4.60 -8.2 HillstreamBio HILS 1.90 -19.9 StrategicEd STRA 49.06 -6.1
NextPlat NXPL 2.92 -1.9
DevonEnergy DVN 56.42 2.6 Arhaus ARHS 6.98 -6.2 CreatdWt CRTDW 0.37 -3.3 HomePlateAcqnWt HPLTW 0.27 -22.1 StratimCloudWt SCAQW 0.37 -6.3
NiaMoPwr pfC NMKpC 96.50 -0.5
EncoreCapital ECPG 71.95 0.4 ArmourRes ARR 8.46 -2.5 CreativeMedTech CELZ 1.32 5.4 Honeywell HON 184.30 -2.4 Strats Dom GJP GJP 22.85 -0.9
NielsenHoldings NLSN 17.69 -3.1
EnergyVault NRGV 14.10 13.6 ArmstrongFlooring AFI 1.38 -2.1 CresceraCapWt CRECW 0.42 -2.3 HourLoop HOUR 2.15 -1.7 SunshineBio SBFM 2.04 -0.2
NiSunIntlEntDevt NISN 0.91 -2.5
EnstarGroup ESGR 275.95 0.2 ArrowheadPharm ARWR 44.79 -8.3 DataKnightsWt DKDCW 0.18 -17.0 HudsonCapital HUSN 3.20 -3.0 SunshineBioWt SBFMW 0.38 -9.1
NorthernGenIII Wt NGC.WS 0.62 -12.0
FNCB Bancorp FNCB 9.55 0.3 ArtisanPtrsAsset APAM 38.33 -4.9 DecibelTherap DBTX 3.60 -7.1 HycroftMining HYMC 0.36 -4.5 SunstonePfdH SHOpH 24.76 -0.3
NorthernStrIII Wt NSTC.WS 0.48 -0.9
GoldFields GFI 12.86 5.9 AsensusSurg ASXC 0.72 -7.3 DigitalBrandsWt DBGIW 0.27 -21.2 Hyperfine HYPR 3.31 4.2 SuperGroup SGHC 7.08 -1.8
NorthernStrIV Wt NSTD.WS 0.42 -3.4
GoldenOcean GOGL 12.32 -0.2 AthlonAcqnWt SWETW 0.25 -1.9 DirectDigital DRCT 2.01 -14.0 HyreCar HYRE 2.68 -8.7 Supernova III Wt STRE.WS 0.43 0.8
Novonix NVX 15.70 -8.3
GoresIX GHIXU 11.08 -0.8 AtlStreetAcqnWt ASAQ.WS 0.25 -2.7 DivrsHlthcrNts46 DHCNL 20.10 -3.9 IAC/InterActive IAC 114.69 -4.9 SyrosPharm SYRS 1.45 -7.0
NurixTherap NRIX 15.29 -4.0
GraphicPkg GPK 21.76 4.7 Autodesk ADSK 222.19 -4.4 DolbyLab DLB 74.90 -1.1 IDEAYA Bio IDYA 13.71 -4.7 TCBioPharm TCBP 1.45 -13.7
NuvationBio NUVB 4.99 -4.9
GrindrodShipping GRIN 25.49 19.4 Avangrid AGR 43.21 0.6 DuckCreekTech DCT 22.44 -4.2 IMAC IMAC 1.00 1.9 TCR2 Therap TCRR 2.85 -3.3
Okta OKTA 171.51 -8.0
GrowthforGoodRt GFGDR 0.25 -2.9 AvantiAcqnWt AVAN.WS 0.30 -4.1 DukeEnergyPfdA DUKpA 25.88 0.1 IXAcqnWt IXAQW 0.33 -2.9 TCW Spac Wt TSPQ.WS 0.31 -0.1
OldNatlBncpPfdC ONBPO 25.85 0.1
Hawkins HWKN 43.82 3.3 Avinger AVGR 0.24 -7.7 ECMOHO MOHO 0.24 -1.5 IderaPharm IDRA 0.47 -9.5 TelusIntl TIXT 24.80 -5.2
OldNatlBncpPfdA ONBPP 25.76 -1.7
HealthcareCapA HCCC 10.40 1.7 AvistaPubII Wt AHPAW 0.41 -0.9 E-HomeHousehold EJH 0.65 -6.4 IDEX IEX 187.94 -0.7 TKBCriticalTech1Wt USCTW 0.35 5.7
Ollie'sBargain OLLI 40.97 -4.2
HomeFedBncpLA HFBL 21.50 1.9 AvitaMedical RCEL 8.63 -3.8 EQ Health Wt EQHA.WS 0.20 -12.1 IgnyteAcqnWt IGNYW 0.29 -45.8 TPG TPG 28.76 -7.0
Oncorus ONCR 2.49 -4.6
HostHotels HST 19.75 -0.1 Axogen AXGN 7.45 -9.6 EzgoTech EZGO 0.98 -3.8 Illumina ILMN 316.52 -4.8 TPG RE FinPfdC TRTXpC 22.55 -1.1
OneConnectFinTech OCFT 1.45 -4.5
Huntsman HUN 41.50 -0.3 AyalaPharm AYLA 4.74 -0.6 Ecolab ECL 178.37 -2.4 Immatics IMTX 8.66 -4.2 TabulaRasaHlth TRHC 6.51 -11.7
OpenText OTEX 43.22 -2.2
IncomeOppRealty IOR 16.40 7.3 BTBrandsWt BTBDW 0.38 -20.4 EdifyAcqnWt EACPW 0.30 -29.4 Immuneering IMRX 8.59 -5.7 10xGenomics TXG 75.87 -14.7
OptheaADR OPT 6.01 -0.7
Inspirato ISPO 108.00 648.4 ByteAcqnWt BYTSW 0.21 5.6 EditasMedicine EDIT 15.43 -6.2 Immunome IMNM 6.87 -12.3 TernsPharm TERN 3.52 -9.0
4.70 -7.3 eHealth 14.50 -3.3 OricPharm ORIC 8.14 -3.0
InspiratoWt ISPOW 2.88 252.9 Babylon BBLN EHTH InceptionGrowthWt IGTAW 0.17 -5.3 ThirdCoastBcshs TCBX 23.11 -3.1
BelongAcqnWt BLNGW 0.22 ... 89bio ETNB 4.44 -11.6 OsirisAcqnWt OSI.WS 0.37 -17.4
Intra-Cellular ITCI 58.22 3.0 InFinTAcqnWt IFIN.WS 0.18 -9.5 3M MMM 148.48 -3.6
BerensonAcqnIWt BACA.WS 0.35 -2.7 ElcLastMileWt ELMSW 0.25 -15.3 18.88 -28.3 OtonomoTech OTMO 1.48 -11.2 0.41 -8.0
MarathonOil MRO 22.56 3.9 Informatica INFA TishmanSpeyII Wt TSIBW
25.71 -2.4 BerkeleyLights BLI 6.81 -8.7 ElliottOppIIWt EOCW.WS 0.64 -8.2 INFU 10.14 -5.4 OtonomoTechWt OTMOW 0.20 ... TNXP 0.19 -4.7
Mattel MAT InfuSystems TonixPharm
78.76 2.8 BYSI 2.68 -7.2 EnduranceAcqnWt EDNCW 0.16 1.3 IINNW 0.52 -4.9 Owlet OWLT 1.63 -5.6 TRVI 0.48 -5.7
Nutrien NTR BeyondSpring InspiraTechWt TreviTherap
OldNatlBncpPfdC ONBPO 26.95 0.1 BigLots BIG 36.04 -1.4 Enservco ENSV 0.57 -6.4 IntegraResources ITRG 1.60 -2.1 PNC Fin PfdP PNCpP 25.16 -0.1 TristarAcqnIWt TRIS.WS 0.41 6.1
PattersonUTIEn PTEN 14.13 0.5 BioAtla BCAB 6.50 -5.6 EnsysceBioWt ENSCW 0.14 -1.0 Ipsidy AUID 5.21 -7.2 ProgHoldings PRG 36.35 -3.6 Twilio TWLO 167.63 -9.0
PhilipMorris PM 112.33 0.3 Biogen BIIB 209.07 -1.8 EnvericBiosci ENVB 0.30 -3.7 Iridex IRIX 4.68 -4.7 PagSeguroDig PAGS 16.13 -7.5 TwinRidgeCapWt TRCA.WS 0.37 -11.1
RepublicFirstBncp FRBK 5.57 2.0 BioLifeSols BLFS 23.34 -7.8 enVVenoMed NVNO 4.73 -4.8 IsleworthHlthWt ISLEW 0.34 -12.9 PalantirTech PLTR 11.70 -15.7 UcommuneIntl UK 0.50 -6.4
SFL SFL 10.09 1.2 BiomeaFusion BMEA 5.90 6.5 EveloBiosci EVLO 3.60 -9.3 iSpecimen ISPC 4.03 -6.9 PardesBiosci PRDS 8.42 -3.4 UnderArmour A UAA 16.52 -4.2
StarBulkCarriers SBLK 30.77 9.8 BiondVaxPharm BVXV 1.25 -3.8 FARO Tech FARO 48.18 -7.8 Itron ITRI 54.95 -4.3 PassageBio PASG 3.61 -10.3 UnderArmour C UA 14.47 -4.4
StoneX SNEX 76.87 -0.4 BlackKnight BKI 57.39 -4.4 Figs FIGS 17.08 -9.0 JackCreekWt JCICW 0.25 -15.7 PayPal PYPL 104.99 -4.8 UrbanOutfitters URBN 26.03 -2.7
TCBioPharmWt TCBPW 0.74 7.5 BlackBerry BB 6.83 -4.5 FtacParnassusWt FTPAW 0.53 -12.5 JaguarHealth JAGX 0.59 -4.9 Pegasystems PEGA 81.97 -15.6 UroGenPharma URGN 6.42 -5.5
USA Truck USAK 29.09 -1.3 BlackLine BL 74.80 -5.0 FTACZeusAcqnWt ZINGW 0.43 ... JawsMustangWt JWSM.WS 0.51 -7.9 PetIQ PETQ 18.35 -2.9 VBI Vaccines VBIV 1.42 -5.9
VOC Energy VOC 6.05 1.5 bleuacaciaWt BLEUW 0.31 -5.0 Farfetch FTCH 17.29 -7.8 JohnsonOutdoors JOUT 80.56 -2.3 PhaseBioPharm PHAS 1.36 -4.8 VF VFC 59.13 -3.0
VigilNeurosci VIGL 18.27 -1.0 BlueWhaleAcqnIWt BWCAW 0.52 ... Fastly FSLY 19.13 -33.6 JuniperII JUN.U 10.07 -0.1 PivotalInvtIII Wt PICC.WS 0.45 -14.5 Vapotherm VAPO 13.93 -5.7
ZimVie ZIMVV 50.40 63.4 bluebirdbio BLUE 6.09 -5.1 FateTherap FATE 33.19 -6.4 JupiterAcqnWt JAQCW 0.26 ... PliantTherap PLRX 10.12 -7.7 VentyxBiosciences VTYX 10.29 -12.3
BoltBiotherap BOLT 2.88 -5.6 FidNatlInfo FIS 97.36 -2.8 KB Home KBH 37.84 -3.3 PontemWt PNTM.WS 0.36 -1.3 Verastem VSTM 1.24 -7.4
Lows BoneBiologWt
BostonBeer
BBLGW
SAM
0.40 -2.4 FieldTripHealth FTRP
386.19 -2.7 FinStrategiesWt FXCOW
1.44 -8.2
0.16 -0.4
KL Acqn Wt
Kemper
KLAQW
KMPR
0.30
48.30
-13.0
-2.8
PoseidaTherap
Precigen
PSTX
PGEN
3.52
2.03
-15.2
-5.1
VerifyMeWt VRMEW
ViemedHealthcare VMD
0.70
4.02
-12.5
0.2
AF Acqn Wt AFAQW 0.31 -19.8 BridgeBioPharma BBIO 8.21 -5.4 FintechEcoRt FEXDR 0.17 -1.2 KemPharm KMPH 5.63 -6.0 PreformedLine PLPC 56.00 -4.2 VincerxPharma VINC 5.93 -5.2
AGNC Invt AGNC 13.42 -2.4 Brightcove BCOV 7.50 -13.9 FirsthandTechVal SVVC 3.61 -1.5 KernelWt KRNLW 0.18 -13.2 PriveterraAcqnWt PMGMW 0.41 -7.4 VirnetX VHC 1.81 -5.2
AccelerateDiag AXDX 2.51 -5.2 BrilliantAcqnWt BRLIW 0.06 -30.0 FirstService FSV 140.67 -5.6 Kidpik PIK 3.65 -3.2 PuhuiWealth PHCF 0.80 -10.2 VitalFarms VITL 14.21 -7.7
AceGlblBusWt ACBAW 0.10 -0.1 BroadmarkRltyWt BRMK.WS 0.06 -3.8 FluxPower FLUX 2.62 -1.5 KinnateBio KNTE 9.07 -12.7 PulseBiosciences PLSE 5.77 -8.0 Vivakor VIVK 2.30 -15.1
AcropolisInfrWt ACRO.WS 0.48 -9.6 BrooklineCapWt BCACW 0.21 -13.3 Forian FORA 7.50 -2.6 KiromicBiopharma KRBP 0.60 -9.5 PurpleInnovation PRPL 5.97 -5.3 Vontier VNT 24.20 -12.2
AcutusMedical AFIB 1.88 -7.8 BuildAcqnWt BGSX.WS 0.36 -7.6 FortressVal III Wt FVT.WS 0.50 -1.4 KismetThreeWt KIIIW 0.29 2.9 QualigenTherap QLGN 0.70 -4.6 VyGlblGrowthWt VYGG.WS 0.65 -11.3
AdtalemGlbEduc ATGE 20.27 -8.7 CCNeubergerIII Wt PRPC.WS 0.58 -9.4 ForumMergerIV Wt FMIVW 0.38 3.1 KubientWt KBNTW 0.42 -21.9 Quantum-Si QSI 3.95 -6.4 WW Intl WW 10.72 -1.0
AdvHumanImaging AHI 1.42 -8.6 CNS Pharm CNSP 0.33 -0.5 FounderSpacWt FOUNW 0.48 -5.6 Kyndryl KD 15.18 -3.2 Quidel QDEL 88.37 -4.4 Waitr WTRH 0.48 -4.4
AdventTech ADN 3.12 -5.6 CONXWt CONXW 0.35 -7.7 FoxWayneEntsWt FOXWW 0.18 -0.1 La-Z-Boy LZB 28.60 -4.4 Quotient QTNT 1.28 -9.8 WalkMe WKME 12.40 -25.5
AdverumBiotech ADVM 1.36 -3.5 CYREN CYRN 2.49 -6.8 FrankBSP PfdE FBRTpE 23.70 -1.0 LairdSuperfood LSF 5.85 -2.0 REE Automotive REE 3.17 -5.3 WarburgPinI-B Wt WPCB.WS 0.64 -13.8
AegleaBioTherap AGLE 3.16 -6.8 CabalettaBio CABA 2.50 -6.6 FrequencyTherap FREQ 4.00 -11.0 LandcadiaIV Wt LCAHW 0.41 ... RLI RLI 98.20 -2.1 WarbyParker WRBY 28.32 -2.4
AequiAcqnWt ARBGW 0.28 -6.7 Calyxt CLXT 1.36 -2.8 FusionAcqnIIWt FSNB.WS 0.31 -5.8 LandseaHomes LSEA 6.42 -0.3 RMGAcqnIIIWt RMGCW 0.44 -1.6 Winc WBEV 4.10 -13.1
AffirmHldgs AFRM 37.51 -12.2 CaraTherap CARA 9.90 -5.3 FutureTechII FTIIU 10.00 -0.1 Lazard LAZ 36.23 -3.9 Rafael RFL 3.24 -8.6 WinVestAcqnRt WINVR 0.12 -20.7
AfricanGoldWt AGAC.WS 0.32 -0.3 CardiffOncology CRDF 2.92 -5.8 GBS GBS 0.50 -14.8 LearnCWInvtWt LCW.WS 0.43 -12.0 RainTherap RAIN 6.93 -9.7 WISeKey WKEY 3.11 -4.0
AfterNextWt AFTR.WS 0.50 -4.8 CareTrustREIT CTRE 17.67 -7.0 GSquaredIIWt GSQB.WS 0.47 -2.6 LegatoMergerIIWt LGTOW 0.38 -6.0 RechargeAcqnWt RCHGW 0.24 -13.4 Workday WDAY 216.54 -5.1
AirProducts APD 239.71 -1.9 CascadeAcqnWt CAS.WS 0.30 -2.6 GTY Tech GTYH 4.30 -6.1 LennoxIntl LII 252.57 -3.5 Renalytix RNLX 10.25 -6.6 YumanityTherap YMTX 1.25 -28.8
AlfiWt ALFIW 0.30 -11.7 CatalystPtrsWt CPARW 0.52 -0.3 GX Acqn II Wt GXIIW 0.35 ... LibertyMediaAcqn LMACU 10.13 -0.1 RenewableEnergy REGI 34.28 -3.0 ZebraTech ZBRA 420.62 -1.7
AligosTherap ALGS 2.38 -5.9 cbdMD PfdA YCBDpA 4.15 -0.5 GabelliEqPfdH GABpH 24.65 ... Lilium LILM 4.06 -3.1 RenovareEnvl RENO 0.47 -2.9 ZeppHealth ZEPP 4.12 -6.5
AlkalineWater WTER 0.88 -8.7 CenntroElec CENN 1.25 -7.2 Gaia GAIA 6.50 -7.2 LixiangEduc LXEH 5.05 -15.7 RevelationBio REVB 1.56 -27.4 ZoomVideo ZM 128.93 -6.6
Allakos ALLK 5.89 -8.3 Cerence CRNC 39.86 -2.9 Galecto GLTO 1.98 -5.5 LongviewII LGV.U 9.68 -0.1 RevelationBioWt REVBW 0.15 -4.3 Zymeworks ZYME 7.02 -3.9
AllarityTherap ALLR 6.23 -6.4 Certara CERT 23.32 -9.6 Gap GPS 14.48 -5.3 LoopIndustries LOOP 6.79 -3.2 RibbitLeapWt LEAP.WS 0.62 -9.9 Zynex ZYXI 5.62 -14.9
THE WALL STREET JOURNAL. Friday, February 18, 2022 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34312.03 t 622.24, or 1.78% Trailing P/E ratio 19.20 32.24 4380.26 t 94.75, or 2.12% Trailing P/E ratio * 25.36 44.94 13716.72 t 407.38, or 2.88% Trailing P/E ratio *† 34.01 40.12
High, low, open and close for each P/E estimate * 18.74 20.75 High, low, open and close for each P/E estimate * 20.05 22.84 High, low, open and close for each P/E estimate *† 25.56 30.67
trading day of the past three months. Dividend yield 2.01 1.89 trading day of the past three months. Dividend yield * 1.36 1.49 trading day of the past three months. Dividend yield *† 0.70 0.72
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

36900 4800 16000

36250 4700 15500

65-day moving average

35600 4600 15000

65-day moving average

34950 4500 14500
Session high
DOWN UP 65-day moving average
14000
t

Session open Close 34300 4400

Close Open
t

33650 4300 13500

Session low
Bars measure the point change from session's open
33000 4200 13000
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
*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* 922,807,880 15,003,471
Industrial Average 34858.47 34246.23 34312.03 -622.24 -1.78 36799.65 30924.14 9.0 -5.6 9.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 198,556,215 7,984,001
Transportation Avg 15237.34 14982.27 14999.06 -295.46 -1.93 17039.38 13049.70 14.9 -9.0 12.4 Most-active issues in late trading Decl. volume* 719,117,892 6,962,704
Utility Average 918.67 902.30 915.00 1.96 0.21 980.78 795.61 6.6 -6.7 7.4 Volume After Hours Issues traded 3,488 279
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 45184.18 44400.35 44461.62 -1023.53 -2.25 48929.18 39614.97 7.5 -8.6 15.7 Advances 886 108
Old Natl Bancorp ONB 33,105.1 17.73 0.12 0.68 17.77 17.61
Barron's 400 1032.32 1007.40 1008.28 -24.04 -2.33 1127.20 904.45 9.0 -8.9 12.8 Declines 2,492 165
Itau Unibanco Holding ADR ITUB 20,019.5 5.01 … unch. 5.03 5.01
Unchanged 110 6
Nasdaq Stock Market Urban Edge Properties UE 12,995.1 18.31 … unch. 18.32 18.14 New highs 21 1
Nasdaq Composite 14020.82 13704.70 13716.72 -407.38 -2.88 16057.44 12609.16 -1.1 -12.3 22.4 VICI Properties VICI 8,267.0 28.00 0.09 0.32 28.16 27.91 New lows 156 9
Nasdaq-100 14497.46 14155.43 14171.74 -431.90 -2.96 16573.34 12299.08 3.9 -13.2 26.2 SPDR S&P 500 SPY 7,519.6 437.04 -0.02 unch. 437.58 436.37 Closing Arms† 1.16 0.31
Roku Cl A ROKU 7,194.2 117.40 -27.31 -18.87 151.79 116.48 Block trades* 4,310 147
S&P
-2.12
Corsair Gaming CRSR 3,118.1 22.79 -0.07 -0.31 22.99 22.63
500 Index 4456.06 4373.81 4380.26 -94.75 4796.56 3768.47 11.9 -8.1 16.4 Nasdaq NYSE Arca
Apple AAPL 2,987.1 168.98 0.10 0.06 179.14 168.77
MidCap 400 2690.84 2641.92 2644.93 -57.44 -2.13 2910.70 2453.30 5.9 -6.9 11.4 Total volume*4,296,399,742 299,650,734
SmallCap 600 1324.97 1300.65 1304.50 -25.19 -1.89 1466.02 1252.49 3.0 -6.9 10.2 Percentage gainers… Adv. volume* 774,013,977 88,907,951
Appian Cl A APPN 172.7 56.15 6.87 13.94 59.00 49.28 Decl. volume*3,488,440,787 210,271,927
Other Indexes
Livent LTHM 1,267.2 24.83 2.68 12.10 25.05 22.15 Issues traded 4,922 1,666
Russell 2000 2078.50 2025.12 2028.09 -51.22 -2.46 2442.74 1931.29 -8.6 -9.7 8.9
Advances 1,009 348
NYSE Composite 16770.36 16462.15 16492.05 -278.31 -1.66 17353.76 14959.41 7.9 -3.9 9.4 Realogy Holdings RLGY 69.0 19.50 1.64 9.18 19.50 17.86
Declines 3,701 1,300
Value Line 643.96 629.61 630.64 -13.32 -2.07 696.40 607.86 1.6 -6.1 5.3 Energy Vault Holdings NRGV 60.3 12.00 0.90 8.11 12.92 11.10
Unchanged 212 18
NYSE Arca Biotech 5129.36 4970.70 4976.28 -153.08 -2.98 6041.82 4790.85 -17.5 -9.8 -0.2
Sangamo Therapeutics SGMO 123.6 5.95 0.24 4.20 5.95 5.71
New highs 36 7
NYSE Arca Pharma 795.59 785.61 787.03 -8.56 -1.08 828.58 667.24 12.0 -4.9 10.2 ...And losers New lows 334 28
KBW Bank 141.60 137.34 137.79 -5.22 -3.65 147.56 111.30 23.8 4.2 11.5 Roku Cl A ROKU 7,194.2 117.40 -27.31 -18.87 151.79 116.48 Closing Arms† 1.23 0.51
PHLX§ Gold/Silver 144.41 139.99 143.50 4.00 2.87 166.01 117.06 5.7 8.3 23.8 Pilgrim's Pride PPC 331.7 23.26 -4.57 -16.42 27.83 22.72 Block trades* 20,379 1,236
PHLX§ Oil Service 69.19 67.49 68.20 -0.95 -1.38 69.77 48.31 33.8 29.4 -11.6 Redfin RDFN 592.1 24.65 -3.99 -13.93 30.68 24.26 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3512.04 3420.85 3422.60 -133.09 -3.74 4039.51 2762.75 8.8 -13.3 36.3 Doma Holdings DOMA 171.4 2.95 -0.42 -12.46 3.55 2.50 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 28.37 24.76 28.11 3.82 15.73 31.96 15.01 25.0 63.2 23.5 Shake Shack Cl A SHAK 173.6 67.59 -7.59 -10.10 77.77 65.70 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 709.39 –10.71 –1.49 –6.0 Inspirato ISPO 92.65 80.27 648.38 108.00 9.00 786.6 Amplitude AMPL 17.10 -24.51 -58.90 87.98 16.66 ...
MSCI ACWI ex-USA 337.55 –1.30 –0.38 –2.0 Cepton CPTN 42.00 32.53 343.51 80.16 6.85 ... Fastly Cl A FSLY 19.20 -9.73 -33.63 87.68 19.13 -76.1
MSCI World 3009.09 –51.20 –1.67 –6.9 Anghami ANGH 28.88 17.83 161.36 33.13 8.07 177.7 Smart for Life SMFL 1.84 -0.84 -31.34 3.25 1.82 ...
MSCI Emerging Markets 1242.92 –1.27 –0.10 0.9 ZimVie ZIMVV 45.75 17.75 63.39 50.40 25.00 ... Meihua Intl Medical Techs MHUA 9.00 -3.92 -30.34 14.80 8.42 ...
Americas MSCI AC Americas 1681.31 –37.08 –2.16 –8.0 Quanergy Systems QNGY 4.19 0.99 30.94 12.00 2.68 -64.3 Informatica INFA 20.18 -7.97 -28.31 40.13 18.88 ...
Canada S&P/TSX Comp 21176.33 –207.31 –0.97 –0.2 Nuvectis Pharma NVCT 6.75 1.18 21.18 10.35 3.08 ... Revelation Biosciences REVB 1.62 -0.61 -27.35 11.29 1.56 -84.4
Latin Amer. MSCI EM Latin America 2378.06 –41.04 –1.70 11.7 IBEX IBEX 16.57 2.70 19.47 25.50 10.77 -24.3 WalkMe WKME 12.73 -4.36 -25.51 34.42 12.40 ...
Brazil BOVESPA 113528.48 –1652.47 –1.43 8.3 Grindrod Shipping Hldgs GRIN 25.07 4.07 19.38 25.49 5.45 348.5 Ribbon Communications RBBN 3.50 -1.03 -22.74 10.69 3.38 -65.5
Chile S&P IPSA 2960.18 –67.65 –2.23 5.5 China HGS Real Estate HGSH 2.78 0.44 18.80 3.49 1.40 12.6 Paymentus Holdings PAY 23.87 -6.44 -21.25 39.23 22.28 ...
Mexico S&P/BMV IPC 52712.06 –968.80 –1.80 –1.1 U.S. Xpress Ents Cl A USX 4.11 0.64 18.44 12.33 3.07 -56.7 Hillstream BioPharma HILS 1.97 -0.49 -19.92 4.24 1.90 ...
EMEA STOXX Europe 600 464.55 –3.22 –0.69 –4.8 Kaival Brands Innovations KAVL 2.94 0.44 17.60 37.08 0.52 -91.3 Albemarle ALB 197.02 -48.98 -19.91 291.48 133.82 39.3
Eurozone Euro STOXX 455.95 –2.55 –0.56 –4.8 Fast Radius FSRD 3.80 0.55 16.92 16.00 2.52 ... Modiv Cl C MDV 20.62 -5.10 -19.83 89.99 20.55 ...
Belgium Bel-20 4069.47 –36.68 –0.89 –5.6 Rhythm Pharmaceuticals RYTM 7.70 1.07 16.14 29.43 6.02 -72.3 Bakkt Holdings BKKT 6.32 -1.52 -19.39 50.80 3.31 -66.7
Denmark OMX Copenhagen 20 1649.76 –12.05 –0.73 –11.5 Marin Software MRIN 3.76 0.49 14.98 27.26 1.34 36.2 Altice USA Cl A ATUS 11.83 -2.57 -17.85 38.19 11.12 -65.3
6946.82 –0.26 –2.9 Global-E Online GLBE 42.33 5.42 14.68 83.77 24.22 ... Matterport MTTR 6.54 -1.38 -17.42 37.60 6.20 -67.3
France CAC 40 –18.16
Germany DAX 15267.63 –102.67 –0.67 –3.9
Israel Tel Aviv 1979.84 –11.79 –0.59 0.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 26669.27 –300.05 –1.11 –2.5 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 751.20 –7.72 –1.02 –5.9
Russia RTS Index 1450.02 –74.49 –4.89 –9.1 Palantir Technologies PLTR 150,538 251.3 11.77 -15.75 30.19 11.70 Anghami ANGH 20,177 12437 28.88 161.36 33.13 8.07
South Africa FTSE/JSE All-Share 76154.69 –347.90 –0.45 3.3 Zomedica ZOM 137,019 864.3 0.40 5.26 2.72 0.27 Inspirato ISPO 12,545 10817 92.65 648.38 108.00 9.00
Spain IBEX 35 8671.10 –66.10 –0.76 –0.5 SPDR S&P 500 SPY 101,735 1.0 437.06 -2.14 479.98 371.88 Southern States Bcshs SSBK 424 4303 20.40 0.00 21.70 18.90
903.68 –12.9 Advanced Micro Devices AMD 97,621 30.8 112.37 -4.52 164.46 72.50 Endurance Acqn Cl A EDNC 760 3739 9.76 0.10 10.71 9.68
Sweden OMX Stockholm –18.17 –1.97
NVIDIA NVDA 80,525 56.9 245.07 -7.56 346.47 115.67 Old Natl Bancorp ONB 68,402 3640 17.61 -4.76 21.28 15.53
Switzerland Swiss Market 12075.27 –116.30 –0.95 –6.2
Turkey BIST 100 2009.99 –31.43 –1.54 8.2 ProShares UltraPro QQQ TQQQ 77,871 -31.7 52.21 -8.87 91.68 37.52 Urban Edge Properties UE 24,265 3017 18.31 -1.93 20.33 14.00
U.K. FTSE 100 7537.37 –66.41 –0.87 2.1 ProSh UltraPro Shrt QQQ SQQQ 77,526 50.2 41.89 8.86 83.90 28.15 Warrior Techs Acqn Cl A WARR 1,005 2740 9.86 0.05 10.00 9.55
U.K. FTSE 250 21557.59 –271.35 –1.24 –8.2 Direxion Dly SCOND 3 Bear SOXS 76,412 88.7 4.38 11.17 15.75 3.12 Advanced Merger Ptrs Cl A AMPI 753 2721 9.71 0.00 10.07 9.60
Marin Software MRIN 72,615 3297.4 3.76 14.98 27.26 1.34 Nocturne Acquisition Cl A MBTC 176 2509 10.01 -0.49 10.35 9.70
Asia-Pacific MSCI AC Asia Pacific 190.32 0.24 0.12 –1.4
Apple AAPL 69,357 -31.8 168.88 -2.13 182.94 116.21 Pono Capital Cl A PONO 220 2160 10.01 0.00 10.06 5.36
Australia S&P/ASX 200 7296.20 11.27 0.15 –2.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3468.04 2.20 0.06 –4.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 24792.77 73.87 0.30 6.0
57892.01 –0.18 –0.6
Track the Markets
India S&P BSE Sensex –104.67
Japan NIKKEI 225 27232.87 –227.53 –0.83 –5.4
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3441.57 2.27 0.07 10.2 currencies and commodities at
South Korea KOSPI 2744.09 14.41 0.53 –7.8 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 18268.57 37.10 0.20 0.3 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1711.58 10.13 0.60 3.3 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004388 22790 –0.3
CREDIT MARKETS Argentina peso .0094106.6800 3.9 Europe
Brazil real .1933 5.1723 –7.2 Czech Rep. koruna .04662 21.452 –1.9
Canada dollar .7869 1.2709 0.5 Denmark krone .1527 6.5477 0.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001257 795.25 –6.7 Euro area euro 1.1362 .8802 0.1
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000254 3944.50 –3.0 Hungary forint .003187 313.81 –3.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .008035 124.45 –4.1
A consumer rate against its 5-year CDs Mexico peso .0493 20.3045 –1.0 Norway krone .1121 8.9191 1.3
benchmark over the past year 2.50% Uruguay peso .02324 43.0350 –3.8 Poland zloty .2511 3.9833 –1.1
Bankrate.com avg†: 0.43% 14% Asia-Pacific Russia ruble .01311 76.259 2.0
Tradeweb ICE
t

Lone Star Bank 0.71% Thursday Close 2.00 Sweden krona .1071 9.3387 3.2
Australian dollar .7187 1.3914 1.1
0.75% Houston, TX 713-358-9400 7 WSJ Dollar Index Switzerland franc 1.0868 .9201 0.9
s China yuan .1578 6.3384 –0.3
1.50 Turkey lira .0737 13.5744 1.9
Five-year CD yields Presidential Bank, FSB 0.80% Hong Kong dollar .1282 7.7992 0.03
t 0.50 0 Ukraine hryvnia .0353 28.3500 3.7
1.00 India rupee .01331 75.105 0.8
Bethesda, MD 800-799-1424 Euro UK pound 1.3615 .7345 –0.6
s Indonesia rupiah .0000698 14318 0.5
0.25 TAB Bank 1.06% One 0.50 –7 s Japan yen .008701 114.93 –0.1 Middle East/Africa
t

Federal-funds Ogden, UT 800-355-3063 Yen Kazakhstan tenge .002332 428.80 –1.4 Bahrain dinar 2.6525 .3770 0.01
year ago
t target rate 0.00 0.00 Macau pataca .1244 8.0370 0.01 Egypt pound .0636 15.7325 0.1
Colorado Federal Savings Bank 1.07% –14
Malaysia ringgit .2388 4.1875 0.5 Israel shekel .3115 3.2105 3.3
Greenwood Village, CO 877-484-2372 1 3 6 1 2 3 5 7 10 20 30 2021 2022
–0.25 New Zealand dollar .6689 1.4950 2.2 Kuwait dinar 3.3066 .3024 –0.05
CFG Community Bank 1.15% month(s) years
MAM J J A S ON D J F Pakistan rupee .00568 176.100 –0.1 Oman sul rial 2.5976 .3850 –0.01
Baltimore, MD 888-205-8388 maturity Philippines peso .0195 51.309 0.6 Qatar rial .2747 3.641 –0.03
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7444 1.3434 –0.4 Saudi Arabia riyal .2665 3.7525 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008342 1198.76 0.8 South Africa rand .0667 14.9947 –5.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0049353 202.62 –0.1
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.25 Taiwan dollar .03588 27.872 0.6
Yield (%) 52-Week Total Return (%) Thailand baht .03114 32.110 –3.4 WSJ Dollar Index 89.60 –0.03–0.04 0.05
Prime rate* 3.25 3.25 3.25 l 3.25 -2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.48 0.39 0.11 l 0.51 -2.20 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2317.500 1.850 1.960 1.960 0.750 –3.552 2.768
Money market, annual yield 0.07 0.07 0.07 l 0.10 -0.56
Five-year CD, annual yield 0.43 0.43 0.41 l 0.48 -1.61 U.S. Treasury Long, Bloomberg 4156.660 2.340 2.370 2.410 1.720 –4.751 5.710 Commodities
30-year mortgage, fixed† 4.23 4.01 2.97 l 4.23 -0.17 Aggregate, Bloomberg 2164.390 2.410 2.460 2.460 1.300 –3.921 3.052 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.55 3.38 2.28 l 3.55 -0.26 Fixed-Rate MBS, Bloomberg 2138.790 2.590 2.600 2.600 1.420 –3.726 1.757
Jumbo mortgages, $647,200-plus† 4.25 4.03 3.02 l 4.25 -0.26 DJ Commodity 1060.23 -2.78 -0.26 1063.00 794.01 30.81 12.05
High Yield 100, ICE BofA 3330.498 5.230 5.010 5.367 3.162 –0.697 4.097 Refinitiv/CC CRB Index 263.68 -1.59 -0.60 265.43 184.08 39.76 13.47
Five-year adj mortgage (ARM)† 2.91 2.90 2.82 l 3.43 -1.36
Muni Master, ICE BofA 582.109 1.713 1.590 1.730 0.687 –2.518 2.905 Crude oil, $ per barrel 91.76 -1.90 -2.03 95.46 57.76 51.62 22.01
New-car loan, 48-month 3.52 3.51 3.41 l 4.12 -1.18
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 878.656 5.593 5.491 5.608 4.516 –4.254 2.974 Natural gas, $/MMBtu 4.486 -0.231 -4.90 6.312 2.456 45.55 20.27
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. 1900.70 30.50 1.63 1907.50 1677.70 7.18 4.01
B10 | Friday, February 18, 2022 * * THE WALL STREET JOURNAL.

BANKING & FINANCE

Ex-Fund Executive Indicted in Collapse

Infinity Q’s investment The U.S. attorney’s office in Investors in the mutual fund investments at Infinity Q with the firm’s derivatives portfolio mutual fund and hedge fund
Manhattan charged Mr. Velis- dealt with big losses after the the highest integrity in accor- and mismarked positions, lead- had diverging values.
chief charged with saris with securities fraud, fund was liquidated last year. dance with all applicable prin- ing to inflated positions at the When the SEC started inves-
inflating a portfolio that wire fraud, lying to auditors “James Velissaris violated ciples. We look forward to vin- mutual fund and hedge fund, tigating the matter, Mr. Velissa-
and obstruction of justice. He his obligation to put the inter- dicating James, who has been which claimed to oversee ris tried to cover it up, prosecu-
firm said held $3 billion faces up to 20 years in prison ests of his investors before his scapegoated by others who around $3 billion in assets. tors said. He allegedly provided
on each count. own profits,” said U.S. Attor- will have to answer in court The U.S. attorney’s office Infinity Q’s auditor with false
BY GUNJAN BANERJI Prosecutors said he orches- ney Damian Williams. “Velis- for their own compliance fail- said Mr. Velissaris overvalued documents and provided false
trated a massive scheme to in- saris lied about the indepen- ures and the losses incurred derivatives positions by tweak- information to regulators.
Federal prosecutors flate the value of securities in dence of the process that he by their irresponsible liquida- ing inputs to the Bloomberg Mr. Velissaris oversaw a
charged James Velissaris, the his portfolio at Infinity Q. The used to value fund assets, and tion of the portfolio.” Valuations Service, which was highflying mutual fund that at-
former chief investment offi- Securities and Exchange Com- he manipulated that process Mr. Velissaris surrendered used to calculate the positions’ tracted assets as volatility
cer of Infinity Q Capital Man- mission and Commodity Fu- to convince investors that the to Federal Bureau of Investiga- values. In some cases, Mr. Ve- roiled markets during the pan-
agement, on Thursday with tures Trading Commission also funds were performing much tion agents in Atlanta on lissaris made adjustments that demic. The SEC said Mr. Velis-
securities fraud and obstruc- filed civil complaints against better than they were. He then Thursday, prosecutors said. caused positions to have anom- saris overvalued assets in the
tion of justice following the Mr. Velissaris, saying he in- tried to cover his tracks.” The U.S. attorney’s office alous and “impossible valua- Infinity Q Diversified Alpha
collapse of the investment flated the value of assets at the A lawyer representing Mr. said Mr. Velissaris made false tions,” prosecutors said. In oth- mutual fund and the Infinity Q
firm. firm by more than $1 billion. Velissaris said he “managed statements to investors about ers, identical positions in the Volatility Alpha private fund.

Goldman Sachs’s Rosy Outlook Falls Shy of ’21 Performance

BY CHARLEY GRANT
Goldman Sachs Group Inc.
remains on track to exceed the
lofty financial targets it set
out two years ago, Chief Exec-
utive David Solomon said
Thursday, a sign that Wall
Street’s pandemic boom isn’t
over yet.
Key business lines such as
investment banking and trad-
ing are still going strong after
the bank set revenue and
profit records last year, Mr.
Solomon said at an investor
conference. And while a repeat
of 2021 is unlikely, he said,
Goldman should continue to
deliver shareholder returns at
levels unseen in more than a
decade.
The bank is now targeting a
return on equity, a measure of
how profitably the bank uses
shareholder money, of 14% to
16% within the next three
years. Goldman also boosted
the long-term outlook for its
asset management and con- Goldman Sachs since the start of 2020, top- consumer deposits to reach
sumer banking businesses. Annual return on equity Annual revenue* ping the KBW Nasdaq Bank In- $150 billion by 2024, and con-
Covid-19’s effects on supply dex and the S&P 500. But sumer loan and card balances
chains and consumers led 25% $60 billion Goldman shares have fallen 9% to reach $30 billion. At the
businesses to rethink their so far this year, a sign that in- 2020 investor event, Goldman
long-term strategy, which vestors expect operating con- said it would aim to increase
50
spurred a flurry of mergers 20 ditions to eventually revert to consumer deposits to $125 bil-
and acquisitions. Meanwhile, pre-pandemic norms. The lion and consumer loan and
emergency monetary stimulus 40 stock closed at $349.06 on card balances to $20 billion
from the Federal Reserve re- 15 Thursday. within five years.
sulted in volatile trading activ- Still, Wall Street is expect- Goldman last month said it
ity, and many companies chose 30 ing a strong year from Gold- plans to introduce a checking
to go public after a rapid re- man, even if pandemic-era re- account this year and unveiled
covery in capital markets. 10 turns aren’t realistic over the its new credit card with Gen-
Those factors allowed Gold- 20 long term. Analysts expect eral Motors Co.
man to post results that blew revenue of $48.9 billion and Goldman announced a $2.2
away its 2020 forecast. Return 5 earnings of $40.43 a share for billion deal to acquire spe-
10
on equity was 23% last year this year, according to FactSet. cialty lender GreenSky last
and 11.1% in 2020. The original That is down 18% and 32%, re- fall, which will boost the
forecast issued in January 2020 0 0 spectively, from 2021, but bank’s ability to help custom-
called for Goldman to surpass above pre-pandemic results. ers fund big purchases. Ana-
2018 ’19 ’20 ’21 2017 ’18 ’19 ’20 ’21 ’22
13% by the end of 2022. “In a more difficult environ- lysts polled by FactSet expect
Now, central banks have *2022 is analyst consensus forecast Sources: the company (ROE); FactSet (revenue) ment, I expect our bank to do Goldman’s consumer banking
signaled that easy-money poli- relatively well,” Mr. Solomon revenue to reach about $1.8
cies to support the economy rates next month, which could Thursday at an investor con- said. billion in 2022, which would
during the pandemic are com- chill a hot market for deals. ference. Goldman also offered inves- mark 23% growth from a year
ing to an end. Soaring infla- “We don’t believe last Goldman shares fell 3% on tors an update on its plan to earlier. Goldman expects that
tion has the Federal Reserve year’s ROE is sustainable in Thursday. become a bigger presence on business to reach $4 billion in
poised to start raising interest any way,” Mr. Solomon said The stock has returned 52% Main Street. The bank expects revenue by 2024.

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

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Continued From Page B8 Net Net NewsCorp B NWS 23.06 -0.90 Peloton PTON 30.59 -1.46 RioTinto RIO 76.68 -1.88 Sony SONY 104.81 -1.71 ThermoFisherSci TMO 540.54 -9.81 VoyaFinancial VOYA 69.11 -3.28
Net Stock Sym Close Chg Stock Sym Close Chg NextEraEnergy NEE 75.38 0.15 PembinaPipeline PBA 33.29 -0.30 Rivian RIVN 64.74 -1.51 Southern SO 64.79 -0.08 ThomsonReuters TRI 100.71 -1.92 VulcanMatls VMC 187.61 -4.11
Stock Sym Close Chg L3HarrisTech LHX 221.00 -0.62 MarketAxess MKTX 374.88 0.10 Nike NKE 142.80 -3.69 PennNational PENN 49.31 -0.75 RobertHalf RHI 121.13 -3.36 SoCopper SCCO 67.27 -1.36 t 3M MMM 148.64 -5.50
t Illumina ILMN 317.84 -16.02 LabCorp.ofAmerica LH 261.92 -7.70 Marriott MAR 178.17 -5.09 NiSource NI 28.57 0.17 PenskeAuto PAG 99.84 -2.87 Robinhood HOOD 12.25 -1.26 SouthwestAir LUV 46.38 -1.04 Toast TOST 21.67 -1.33 W X Y Z
Nokia NOK 5.65 -0.19 Pentair PNR 57.62 -1.65 Roblox RBLX 54.49 0.62 Splunk SPLK 117.54 -6.01 Toro TTC 98.35 -1.37
ImperialOil IMO 44.18 0.33 LamResearch LRCX 580.61 -10.86 Marsh&McLen MMC 151.15 -2.79 WEC Energy WEC 89.39 0.27
MartinMarietta MLM 385.02 -6.04 NomuraHoldings NMR 4.71 -0.09 Penumbra PEN 216.15 -11.72 RocketCos. RKT 12.81 -0.24 Spotify SPOT 159.22 -4.72 TorontoDomBk TD 83.90 -1.10
Incyte INCY 67.83 ... LamarAdv LAMR 111.00 -2.24 W.P.Carey WPC 76.07 -0.59
t Informatica INFA 20.18 -7.97 LambWeston LW 66.13 -1.00 MarvellTech MRVL 67.55 -4.55 Nordson NDSN 228.88 -6.26 People'sUtdFin PBCT 20.82 -0.52 Rockwell ROK 266.46 -6.55 StanleyBlackDck SWK 162.79 -4.38 TotalEnergies TTE 57.49 -0.60
MAS 57.75 -0.93 NorfolkSouthern NSC 273.23 -3.53 PepsiCo PEP 166.75 0.45 RogersComm B RCI 52.99 0.06 Starbucks SBUX 93.05 -2.13 ToyotaMotor TM 186.54 -3.76 WPP WPP 80.26 -2.31
Infosys INFY 22.43 -0.41 LasVegasSands LVS 47.06 -0.55 Masco Wabtec WAB 96.04 0.53
NorthernTrust NTRS 118.45 -7.83 PerformanceFood PFGC 52.79 -1.31 Roku ROKU 144.71 -16.74 StateStreet STT 93.65 -6.63 TractorSupply TSCO 213.48 -0.65
IngersollRand IR 53.31 -1.61 LatticeSemi LSCC 61.70 -3.21 Mastercard MA 373.70 -9.23 WalgreensBoots WBA 46.81 -0.59
LEA 172.40 -3.16 MatchGroup MTCH 111.88 -5.45 NorthropGrum NOC 398.11 4.45 PerkinElmer PKI 177.82 -4.10 Rollins ROL 31.19 -0.18 SteelDynamics STLD 63.24 -1.05 TradeDesk TTD 79.41 -1.50
Insulet PODD 240.81 -11.52 Lear Walmart WMT 138.88 5.35
LDOS 91.81 3.09 s Mattel MAT 24.97 -0.61 NortonLifeLock NLOK 28.19 -0.65 PetroChina PTR 52.27 0.14 RoperTech ROP 438.19 -6.81 Stellantis STLA 18.91 -0.76 Tradeweb TW 81.87 -2.07 WarnerMusic WMG
Intel INTC 47.57 -0.66 Leidos 36.31 -0.55
InteractiveBrkrs IBKR 71.16 -3.62 Lennar A LEN 89.33 -2.69 McAfee MCFE 25.81 -0.03 NorwegCruise NCLH 21.77 -0.98 PetroleoBrasil PBR 13.97 -0.24 t RossStores ROST 91.75 -3.95 Steris STE 226.70 -6.29 TraneTech TT 151.43 -1.20 WasteConnections WCN 120.46 0.94
ICE ICE 123.25 -2.47 Lennar B LEN.B 75.27 -2.02 McCormickVtg MKC.V 98.50 0.24 Novartis NVS 86.66 -1.28 PetroleoBrasilA PBR.A 12.68 -0.19 RoyalBkCanada RY 111.34 -2.98 StifelFinancial SF 76.00 -2.54 TransDigm TDG 657.80 -10.17 WasteMgt WM 143.06 0.49
Pfizer PFE 48.90 -0.78 RoyalCaribbean RCL 85.14 -1.92 STMicroelec STM 43.61 -2.25 TransUnion TRU 98.30 -3.54
InterContinentl IHG 69.15 -1.42 t LennoxIntl LII 252.74 -9.19 McCormick MKC 98.08 -0.31 NovoNordisk NVO 102.45 -0.72 s Waters WAT 314.98 -4.58
IBM IBM 124.97 -4.21 LeviStrauss LEVI 21.76 -0.96 McDonalds MCD 250.93 -2.16 Novocure NVCR 78.63 -4.28 PhilipMorris PM 111.90 0.33 RoyaltyPharma RPRX 39.68 -0.63 Stryker SYK 251.58 -8.01 Travelers TRV 170.59 -1.68 Watsco WSO 257.95 -4.95
MCK 273.35 -2.47 NuHoldings NU 10.09 1.04 Phillips66 PSX 87.04 -1.26 RyanSpecialty RYAN 39.29 -0.29 SumitomoMits SMFG 7.44 -0.13 Trex TREX 89.17 -2.46 Wayfair
IntlFlavors IFF 135.70 -1.78 LiAuto LI 29.63 -0.16 McKesson W 130.80 -5.74
LibertyBroadbandA LBRDA 146.37 -4.27 MedicalProp MPW 20.48 -0.17 NuanceComms NUAN 55.18 -0.10 Pinduoduo PDD 59.64 -0.56 Ryanair RYAAY 108.49 -7.26 SunComms SUI 187.74 -4.15 Trimble TRMB 68.06 -0.53 WebsterFin WBS 60.18 -1.80
IntlPaper IP 46.12 0.01
MDT 101.70 -1.45 Nucor NUE 120.94 -1.72 Pinterest PINS 24.69 -1.04 SAP SAP 117.84 -3.07 SunLifeFinancial SLF 53.75 -0.47 Trip.com TCOM 29.80 -0.21 WellsFargo WFC 56.15 -1.99
Interpublic IPG 36.12 -0.48 LibertyBroadbandC LBRDK 148.81 -4.59 Medtronic
Intuit INTU 496.18 -31.97 LibertyGlobal C LBTYK 28.17 -0.77 MercadoLibre MELI 1021.07-112.77 s Nutrien NTR 77.17 2.11 PioneerNatRscs PXD 230.13 7.65 S&P Global SPGI 381.49 -5.06 SuncorEnergy SU 29.66 0.03 TruistFinl TFC 62.55 -2.16 Welltower WELL 82.14 -1.75
IntuitiveSurgical ISRG 284.08 -7.06 LibertyGlobal A LBTYA 28.14 -0.85 Merck MRK 76.36 -0.86 Nuvei NVEI 56.29 -6.26 PlainsAllAmPipe PAA 10.20 -0.31 SBA Comm SBAC 295.98 -7.85 Suzano SUZ 11.16 -0.02 t Twilio TWLO 170.13 -16.86 WestFraserTimber WFG 97.32 -1.48
t MetaPlatforms FB 207.71 -8.83 NVIDIA NVDA 245.07 -20.04
PlainsGP PAGP 11.06 -0.37 SEI Investments SEIC 58.94 -1.61 Synaptics SYNA 224.43 -12.61 Twitter TWTR 35.43 -0.81
InvitatHomes INVH 39.28 -1.17 LibertyFormOne A FWONA 57.88 -0.34 WestPharmSvcs WST 387.30 7.98
PlanetFitness PLNT 92.87 -2.95 SK Telecom SKM 25.57 -0.28 SynchronyFin SYF 43.66 -1.19 TylerTech TYL 428.62 -41.12 WestAllianceBcp WAL 93.59 -4.29
IronMountain IRM 43.57 -0.44 LibertyFormOne C FWONK 62.98 -0.35 MetLife MET 69.81 -1.72
ItauUnibanco ITUB 5.01 -0.10 LibertyBraves A BATRA 26.58 -0.23 MettlerToledo MTD 1417.12 -45.08 O P Q PlugPower
Pool
PLUG 23.15 -0.75 SS&C Tech SSNC 74.69 -1.58 SyneosHealth SYNH 79.36 -4.01 TysonFoods TSN 93.21 -1.24
POOL 445.92 -14.26 StoreCapital STOR 30.60 -0.10 Synopsys
WesternDigital WDC 56.45 0.06
SNPS 293.31 -13.48 UBS Group UBS 20.19 -0.31 WesternMidstrm WES 26.15 0.17
LibertyBraves C BATRK 25.77 -0.24 MicrochipTech MCHP 71.17 -4.33 ONEOK OKE 62.60 -0.05 PrincipalFin PFG 72.82 -2.83 SVB Fin
J K L MicronTech MU 93.73 -2.33 SIVB 620.80 -33.34 Sysco SYY 84.26 -1.31 UDR UDR 54.23 -0.84 WestlakeChem WLK 109.74 -0.13
LibertySirius A LSXMA 51.19 -1.27
LibertySirius C LSXMK 51.11 -1.23 Microsoft MSFT 290.73 -8.77 OReillyAuto ORLY 674.94 -3.50 ProcoreTech PCOR 66.34 -2.99 t Salesforce.com CRM 200.03 -11.71 US Foods USFD 38.86 -0.42 WestRock WRK 46.51 -0.65
JD.com JD 74.55 -0.75 LifeStorage LSI 127.96 -2.00 MidAmApt MAA 205.09 -3.57 OccidentalPetrol OXY 39.86 0.21 Procter&Gamble PG 159.82 1.81 Samsara IOT 18.80 -2.16 T U V Uber UBER 35.71 -0.87 Weyerhaeuser WY 39.17 -1.24
JPMorganChase JPM 151.43 -3.57 EliLilly LLY 240.97 -4.61 Middleby MIDD 185.67 -6.90 t Okta OKTA 173.45 -15.10 Progressive PGR 105.23 -0.85 Sanofi SNY 52.87 -0.66 TC Energy TRP 52.41 -0.08 Ubiquiti UI 245.95 -2.35 WheatonPrecMet WPM 44.09 1.27
Jabil JBL 59.63 -1.52 LincolnNational LNC 70.32 -3.19 MitsubishiUFJ MUFG 6.38 -0.11 Olaplex OLPX 18.03 -1.39 Prologis PLD 143.28 -1.10 Sasol SSL 22.14 -0.28 TD Synnex SNX 104.55 -1.58 UiPath PATH 36.57 -1.32 Whirlpool WHR 204.93 -1.44
JackHenry JKHY 170.35 0.81 Linde LIN 298.97 -4.86 MizuhoFin MFG 2.83 -0.03 OldDomFreight ODFL 289.74 -7.53 PrudentialFin PRU 114.25 -3.91 Schlumberger SLB 41.11 -0.58 TE Connectivity TEL 144.30 -4.94 UltaBeauty ULTA 369.12 -12.48 Williams WMB 29.69 -0.32
JacobsEngg J 119.70 -1.96 LithiaMotors LAD 321.25 -2.64 Moderna MRNA 146.36 -5.45 OldRepublic ORI 26.23 -0.68 Prudential PUK 32.34 -0.90 SchwabC SCHW 86.02 -3.31 Telus TU 25.13 0.05 Unilever UL 51.69 -0.19 Williams-Sonoma WSM 142.58 -6.93
JamesHardie JHX 33.06 -0.87 LiveNationEnt LYV 116.48 -3.77 MohawkInds MHK 146.80 -3.37 Olin OLN 50.09 -2.43 PublicServiceEnt PEG 64.73 -0.06 Sea SE 137.65 -3.93 TFI Intl TFII 103.85 -1.38 UnionPacific UNP 250.99 -2.82 WillisTowers WTW 223.17 -2.62
JazzPharma JAZZ 140.90 -3.69 LloydsBanking LYG Omnicom OMC 84.46 -1.88 PublicStorage PSA 346.06 -5.66 Seagate STX 111.19 -0.66 TJX TJX 65.17 -1.93 UnitedAirlines UAL 48.36 -1.85 WillScotMobile WSC 37.46 -1.42
2.76 -0.05 MolinaHealthcare MOH 319.84 -2.59 PulteGroup PHM 47.95 -1.33
JefferiesFin JEF 36.67 -1.32 LockheedMartin LMT 388.77 1.87 MolsonCoorsB TAP 48.75 -0.69 OnHolding ONON 26.54 -1.78 Seagen SGEN 124.16 -4.51 T-MobileUS TMUS 124.55 -2.91 UnitedMicro UMC 9.52 -0.30 Wipro WIT 7.36 -0.09
J&J JNJ 166.19 -1.02 Loews ON Semi ON 60.19 -2.92 Qiagen QGEN 49.22 0.01 SealedAir SEE 67.35 3.21 TRowePrice TROW 143.42 -2.73 UPS B UPS 210.71 -4.60 Wolfspeed WOLF 100.05 -5.35
L 61.00 -1.06 MolsonCoorsA TAP.A 60.00 -5.00
JohnsonControls JCI 65.82 -1.67 LogitechIntl LOGI 75.48 -5.85 monday.com MNDY 204.65 -25.26 t OpenText OTEX 43.23 -0.97 Qorvo QRVO 133.04 -3.76 Sempra SRE 135.39 0.16 TaiwanSemi TSM 119.76 -3.84 UnitedRentals URI 314.21 -10.91 WooriFin WF 37.09 0.14
JonesLang JLL 245.10 -7.40 Lowe's MDLZ 66.06 0.35 Oracle ORCL 75.53 -3.66 Qualcomm QCOM 166.80 -5.80 SensataTechs ST 57.68 -1.50 TakeTwoSoftware TTWO 162.13 -3.96 US Bancorp USB 57.13 -1.47 t Workday WDAY 216.71 -11.60
LOW 223.79 -3.22 Mondelez
JuniperNetworks JNPR 34.38 -0.37 Lucid MDB 409.56 -26.57 Orange ORAN 12.38 0.04 QualtricsIntl XM 29.44 -1.51
SentinelOne S 41.26 -3.62 TakedaPharm TAK 15.26 ... UnitedTherap UTHR 199.91 -4.65 WyndhamHtls WH
LCID 28.11 -0.89 MongoDB QuantaServices PWR 102.98 -4.00
87.44 -2.82
JustEatTakeaway GRUB 8.68 -0.30 LufaxHolding LU Organon OGN 36.37 0.03 ServiceCorp SCI 58.12 -1.03 Tapestry TPR 39.85 -1.08 UnitedHealth UNH 470.34 -9.71 WynnResorts WYNN 93.87 -0.36
6.55 0.07 MonolithicPower MPWR 461.88 -25.69 QuestDiag DGX 129.12 -2.60
KB Fin KB 53.67 -0.40
lululemon LULU 310.03 -10.01 MonsterBev MNST 82.14 -1.08 Orix IX 102.36 -0.98 ServiceNow NOW 565.75 -25.14 TargaResources TRGP 62.46 -0.52 UnitySoftware U 102.27 -8.01 XP XP 34.58 -1.17
KE Holdings BEKE 20.77 0.24 LumenTech LUMN 9.78 -0.08 Moody's MCO 323.14 -7.48 OtisWorldwide OTIS 76.22 -2.41 R S ShawComm B SJR 29.43 -0.14 Target TGT 204.00 -3.81 UniversalHealthB UHS 136.36 -1.45 XPO Logistics XPO 70.96 -0.45
KKR KKR 58.41 -3.65 Lyft LYFT 42.90 -0.92 MorganStanley MS 96.15 -5.00 Ovintiv OVV 41.27 0.21 Shell SHEL 53.63 0.07 TataMotors TTM 32.97 -0.08 Upstart UPST 139.63 -8.38 XcelEnergy XEL 66.10 0.16
KLA KLAC 366.05 -19.60 LyondellBasell LYB 100.95 -2.20 Morningstar MORN 273.75 -6.75 OwensCorning OC 97.68 -3.12 RELX RELX 30.42 -0.42 SherwinWilliams SHW 267.22 -5.41 TeckRscsB TECK 35.98 -0.24 t VF VFC 59.15 -1.80 XPeng XPEV 39.36 0.21
Kanzhun BZ 34.14 0.14 Mosaic MOS 46.02 -0.27 PG&E PCG 11.59 -0.15 RH RH 402.53 -17.56 ShinhanFin SHG 34.02 -0.30 TeladocHealth TDOC 70.49 -3.28 VICI Prop VICI 27.91 -0.87 Xylem XYL 89.81 -0.86
Kellogg K 64.84 0.52 M N MotorolaSol MSI 215.91 -5.09 PNC Fin PNC 201.30 -7.29 RPM RPM 86.20 -0.49 t Shopify SHOP 660.00 -86.85 TeledyneTech TDY 419.98 -6.49 VailResorts MTN 266.29 -9.17 Yandex YNDX 48.94 -4.64
KeurigDrPepper KDP 37.92 ... NICE NICE 239.25 -22.37 POSCO PKX 58.50 -0.68 RalphLauren RL 126.70 -3.34 Sibanye-Stillwater SBSW 17.13 0.66 Teleflex TFX 317.99 -9.01 Vale VALE 16.60 -0.84 YumBrands YUM 123.48 0.70
KeyCorp KEY 25.73 -0.88 M&T Bank MTB 182.66 -3.44 NIO NIO 24.72 -0.89 PPG Ind PPG 149.05 -2.23 RaymondJames RJF 108.98 -3.81 SignatureBank SBNY 338.59 -11.27 Ericsson ERIC 10.31 -0.70 ValeroEnergy VLO 87.04 -1.00 YumChina YUMC 51.93 -0.47
KeysightTechs KEYS 165.50 -4.63 MGMGrowthProp MGP 37.98 -1.05 NRG Energy NRG 38.32 -0.77 PPL PPL 28.14 -0.09 RaytheonTech RTX 94.36 -0.39 SimonProperty SPG 143.67 -0.19 TelefonicaBras VIV 9.66 ... VeevaSystems VEEV 219.29 -10.07 ZimIntShipping ZIM 71.42 -0.52
KilroyRealty KRC 72.02 0.52 MGM Resorts MGM 43.68 -1.49 NVR NVR 5001.33-111.68 PTC PTC 109.54 -5.11 RealtyIncome O 67.12 -0.32 SiriusXM SIRI 6.03 -0.14 Telefonica TEF 4.89 -0.05 Ventas VTR 51.93 -0.49 ZTO Express ZTO 30.54 0.13
KimberlyClark KMB 131.63 0.61 MKS Instrum MKSI 152.28 -2.60 NXP Semi NXPI 187.61 -12.05 Paccar PCAR 93.64 -1.34 RegalRexnord RRX 157.63 -4.27 SiteOneLandscape SITE 169.85 -13.15 TelekmIndonesia TLK 30.47 -0.38 VeriSign VRSN 208.37 -3.88 t ZebraTech ZBRA 423.50 -7.47
KimcoRealty KIM 23.88 -0.39 MPLX MPLX 32.60 0.02 Nasdaq NDAQ 171.88 -2.78 PackagingCpAm PKG 148.53 0.04 RegencyCtrs REG 66.72 -0.55 Skyworks SWKS 136.42 -3.78 t 10xGenomics TXG 80.99 -13.99 VeriskAnalytics VRSK 190.30 -3.77 Zendesk ZEN 116.65 -1.35
KinderMorgan KMI 16.76 -0.37 MSCI MSCI 531.48 -11.08 NationalGrid NGG 73.63 0.04 t PalantirTech PLTR 11.77 -2.20 RegenPharm REGN 626.72 -4.18 SmithAO AOS 71.05 -1.27 Tenaris TS 26.23 -0.59 Verizon VZ 53.58 0.18 Zillow C Z 62.68 -1.34
Knight-Swift KNX 53.68 -0.39 MagellanMid MMP 47.96 -0.51 NatWest NWG 6.48 -0.18 PaloAltoNtwks PANW 499.14 -27.27 RegionsFin RF 23.90 -1.34 Smith&Nephew SNN 32.72 -0.46 TencentMusic TME 5.99 -0.18 VertxPharm VRTX 232.77 -3.00 Zillow A ZG 62.23 -1.08
Kohl's KSS 58.16 -1.04 MagnaIntl MGA 78.23 -1.56 NetApp NTAP 91.07 -0.48 ParamountB PARA 29.35 -0.23 RelianceSteel RS 173.74 5.54 Smucker SJM 138.33 2.61 TenetHealthcare THC 84.10 -3.30 Vertiv VRT 20.69 -1.27 ZimmerBiomet ZBH 119.97 -2.53
KoninklijkePhil PHG 33.66 -0.18 ManhattanAssoc MANH 128.75 -2.72 NetEase NTES 99.84 -0.37 ParamountA PARAA 33.00 0.17 Repligen RGEN 182.42 -1.61 Snap SNAP 39.45 -0.56 Teradyne TER 116.00 -3.00 Viatris VTRS 14.83 -0.42 ZionsBancorp ZION 71.22 -2.69
KoreaElcPwr KEP 9.23 -0.23 ManulifeFin MFC 21.23 -0.45 Netflix NFLX 386.67 -11.41 ParkerHannifin PH 303.02 -7.21 RepublicSvcs RSG 116.73 -0.82 SnapOn SNA 216.34 -2.02 Tesla TSLA 876.35 -47.04 Visa V 224.61 -4.21 Zoetis ZTS 193.07 -2.02
KraftHeinz KHC 37.79 1.17 s MarathonOil MRO 21.89 0.82 Neurocrine NBIX 84.68 -1.19 Paychex PAYX 116.35 -3.67 ResMed RMD 234.24 -3.33 Snowflake SNOW 286.28 -18.42 TetraTech TTEK 158.76 1.02 Vistra VST 21.49 -0.23 t ZoomVideo ZM 129.38 -9.13
Kroger KR 45.23 0.66 MarathonPetrol MPC 76.96 -1.10 NewellBrands NWL 25.92 -0.09 PaycomSoftware PAYC 327.72 -16.76 RestaurantBrands QSR 57.01 -1.56 SOQUIMICH SQM 62.96 -3.19 TevaPharm TEVA 8.32 -0.17 VMware VMW 124.40 -1.50 ZoomInfoTech ZI 53.30 -2.92
LKQ LKQ 47.64 -7.96 MaravaiLifeSci MRVI 31.94 -0.21 Newmont NEM 67.75 3.47 Paylocity PCTY 197.63 -10.28 RexfordIndlRealty REXR 69.99 -0.13 SoFiTech SOFI 12.18 -0.90 TexasInstruments TXN 164.65 -3.59 Vodafone VOD 18.69 -0.18 Zscaler ZS 261.94 -18.93
LPL Financial LPLA 182.58 -6.55 Markel MKL 1250.39 -24.67 NewsCorp A NWSA 22.76 -0.92 t PayPal PYPL 105.20 -5.34 t RingCentral RNG 156.31 -8.63 SolarEdgeTech SEDG 263.26 -3.46 Textron TXT 70.11 -2.09 VornadoRealty VNO 45.08 0.08 Zynga ZNGA 8.88 -0.02

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

Closing Chg YTD iShMSCI ACWI ACWI 99.29 –1.94 –6.1 iSh1-3YTreasuryBd SHY 84.46 0.06 –1.3 SPDR S&PMdCpTr MDY 482.01 –2.18 –6.9 VangdIntrCorpBd VCIT 88.53 0.20 –4.6
Thursday, February 17, 2022
ETF Symbol Price (%) (%) iShMSCI EAFE EFA 75.62 –1.61 –3.9 iSh7-10YTreasuryBd IEF 110.86 0.54 –3.6 SPDR S&P 500 SPY 437.06 –2.14 –8.0 VangdLC VV 201.78 –2.22 –8.7
Closing Chg YTD iShMSCI EAFE SC SCZ 68.37 –1.80 –6.5 iSh20+YTreasuryBd TLT 136.79 0.74 –7.7 VangdMC VO 231.73 –2.36 –9.0
SPDR S&P Div SDY 124.30 –0.96 –3.7
ETF Symbol Price (%) (%) iShCoreS&P MC IJH 263.63 –2.22 –6.9 iShMSCIEmgMarkets EEM 49.21 –1.16 0.7 iShRussellMCGrowth IWP 98.10 –3.22 –14.9 VangdMC Val VOE 145.77 –1.68 –3.0
TechSelectSector XLK 154.00 –2.99 –11.4
CnsmrDiscSelSector XLY 181.12 –2.68 –11.4 iShCoreS&P SC IJR 106.75 –1.89 –6.8 iShMSCIEAFEValue EFV 52.37 –1.19 3.9 iShUSTreasuryBdETF GOVT 25.56 0.31 –4.2 VangdMBS VMBS 51.25 0.25 –3.0
VangdInfoTech VGT 403.13 –3.29 –12.0
CnsStapleSelSector XLP 75.89 0.77 –1.6 iShS&PTotlUSStkMkt ITOT 98.04 –2.24 –8.4 iShNatlMuniBd MUB 112.68 0.34 –3.1 JPM UltShtIncm JPST 50.41 0.04 –0.1 VangdRealEst VNQ 102.63 –1.06 –11.5
VangdSC Val VBR 172.94 –1.92 –3.3
DimenUSCoreEq2 DFAC 27.03 –2.17 –6.7 iShCoreTotalUSDBd IUSB 50.84 0.16 –3.9 iSh1-5YIGCorpBd IGSB 52.72 0.06 –2.2 ProShUltPrQQQ TQQQ 52.21 –8.87 –37.2 VangdS&P500ETF VOO 401.86 –2.13 –8.0
VangdExtMkt VXF 163.03 –2.88 –10.8
EnSelectSectorSPDR XLE 68.47 –0.16 23.4 iShCoreUSAggBd AGG 109.64 0.21 –3.9 iShPfd&Incm PFF 35.95 –0.61 –8.8 SPDRBlm1-3MTB BIL 91.41 –0.01 –0.0 VangdST Bond BSV 79.34 0.11 –1.8
VangdSC Grwth VBK 241.59 –3.27 –14.3
FinSelSectorSPDR XLF 39.23 –2.49 0.5 iShSelectDividend DVY 123.64 –1.05 0.9 iShRussell1000Gwth IWF 266.93 –2.88 –12.7 SPDR Gold GLD 177.25 1.37 3.7 VangdSTCpBd VCSH 79.50 0.01 –2.2
iShESGAwareUSA ESGU 98.14 –2.26 –9.0 VangdDivApp VIG 158.73 –1.54 –7.6
HealthCareSelSect XLV 128.47 –1.61 –8.8 iShRussell1000Val IWD 162.21 –1.55 –3.4 SPDRS&P500Growth SPYG 63.37 –2.85 –12.6 VangdShtTmInfltn VTIP 50.98 0.22 –0.8
iShEdgeMSCIMinUSA USMV 73.56 –1.22 –9.1 VangdFTSEDevMk VEA 49.12 –1.52 –3.8
IndSelSectorSPDR XLI 99.16 –1.83 –6.3 iShRussell2000 IWM 201.20 –2.56 –9.6 SchwabIntEquity SCHF 37.55 –1.47 –3.4 VangdSC VB 208.25 –2.41 –7.9
–2.97 –13.2 iShEdgeMSCIUSAQual QUAL 129.17 –2.22 –11.3 VangdFTSE EM VWO 50.08 –1.30 1.3
InvscQQQI QQQ 345.45 iShRussell2000Val IWN 157.49 –1.77 –5.2 SchwabUS BrdMkt SCHB 103.53 –2.27 –8.4 VangdTaxExemptBd VTEB 53.06 0.11 –3.4
InvscS&P500EW RSP 154.13 –1.80 –5.3 iShEdgeMSCIUSAVal VLUE 105.73 –1.60 –3.4 iShRussellMid-Cap IWR 76.00 –2.34 –8.4 SchwabUS Div SCHD 77.27 –1.11 –4.4 VangdFTSE Europe VGK 65.09 –1.75 –4.6 VangdTotalBd BND 81.39 0.22 –4.0
iShCoreDivGrowth DGRO 52.64 –1.50 –5.3 iShGoldTr IAU 36.10 1.38 3.7 iShRussellMCValue IWS 116.40 –1.85 –4.9 SchwabUS LC SCHX 104.37 –2.22 –8.3 VangdFTSEAWxUS VEU 59.98 –1.36 –2.1 VangdTotIntlBd BNDX 53.42 0.17 –3.2
iShCoreMSCIEAFE IEFA 71.51 –1.56 –4.2 iShiBoxx$InvGrCpBd LQD 123.38 0.07 –6.9 iShRussell1000 IWB 242.53 –2.22 –8.3 SchwabUS LC Grw SCHG 142.44 –3.04 –13.0 VangdGrowth VUG 277.55 –2.93 –13.5 VangdTotIntlStk VXUS 61.93 –1.39 –2.6
iShCoreMSCIEM IEMG 60.01 –1.19 0.3 iShiBoxx$HYCpBd HYG 82.77 –0.42 –4.9 iShS&P500Growth IVW 73.16 –2.80 –12.6 SchwabUS SC SCHA 93.47 –2.48 –8.7 VangdHlthCr VHT 239.95 –1.87 –9.9 VangdTotalStk VTI 221.14 –2.27 –8.4
iShCoreMSCITotInt IXUS 68.95 –1.44 –2.8 iShJPMUSDEmgBd EMB 102.96 –0.46 –5.6 iShS&P500Value IVE 152.30 –1.39 –2.8 Schwab US TIPs SCHP 60.39 0.27 –4.0 VangdHiDiv VYM 110.46 –1.13 –1.5 VangdTotlWrld VT 100.99 –1.93 –6.0
iShCoreS&P500 IVV 439.10 –2.10 –7.9 iShMBSETF MBB 104.05 0.18 –3.1 iShTIPSBondETF TIP 123.73 0.23 –4.2 SPDR DJIA Tr DIA 343.68 –1.71 –5.4 VangdIntermBd BIV 84.27 0.27 –3.8 VangdValue VTV 144.10 –1.36 –2.0

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
Intl Stk 49.04 -0.62 3.7 Balanc 28.42 -0.46 -6.4 Harbor Funds PGIM Funds Cl Z CapOpAdml r177.69 -4.74 -8.2 USGroAdml 138.99 -5.38-17.5 MdCpVlAdml 75.50 -1.28 -3.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Stock 246.07 -5.63 0.3 BluCh 156.08 -5.72-15.0 CapApInst NA ... NA HighYield 5.23 ... -4.2 DivAppIdxAdm 43.07 -0.68 -7.6 ValAdml 56.21 -0.77 -2.0 SmValAdml 74.30 -1.38 -3.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
DoubleLine Funds Contra 16.12 -0.43-13.0 Harding Loevner TotalReturnBond 13.78 +0.03 -4.4 EMAdmr 41.52 -0.39 1.3 WdsrllAdml 78.19 -1.39 -4.5 TotBd2 10.60 +0.03 -3.8
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, TotRetBdI 10.11 +0.02 -2.5 ContraK 16.17 -0.43-13.0 IntlEq 27.98 -0.48 -7.0 PIMCO Fds Instl EqIncAdml 91.18 -1.09 -1.1 WellsIAdml 67.89 -0.19 -3.2 TotIntlInstIdx r133.20 -1.69 -2.6
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti CpInc r 10.61 -0.04 -4.9 Invesco Funds Y AllAsset NA ... NA ExplrAdml 105.69 -3.12-11.2 WelltnAdml 78.12 -1.01 -6.8 TotItlInstPlId r133.23 -1.70 -2.6
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst 49.33 -1.48-18.4 GroCo 31.18 -1.16-14.5 DevMktY 45.76 -0.76 -2.7 TotRt NA ... NA ExtndAdml 123.64 -3.71-10.9 WndsrAdml 82.91 -1.41 1.7 TotSt 107.56 -2.46 -8.5
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Fidelity GrowCoK 31.30 -1.16-14.5 John Hancock Instl PIMCO Funds A GNMAAdml 10.29 +0.02 -2.2 VANGUARD FDS VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem152.21 -3.28 -7.9 InvGrBd 11.18 +0.02 -3.5 DispValMCI 27.42 -0.52 -0.9 IncomeFd NA ... NA GrwthAdml 142.80 -4.35-13.5 DivdGro 37.07 -0.43 -5.6 BalInst 45.77 -0.58 -6.6
Contrafund K6 20.24 -0.54-12.9 LowP r 52.51 -0.68 -2.4 JPMorgan I Class PIMCO Funds I2 HlthCareAdml r 87.96 -1.58 -8.2 IntlVal 41.80 -0.60 0.5 DevMktsIndInst 15.81 -0.22 -3.9
ExtMktIdxInstPre 77.75 -2.33-10.8 Magin 13.08 -0.35-14.9 EqInc NA ... NA Income NA ... NA HYCorAdml r 5.67 ... -4.2 LifeCon 22.00 -0.13 -4.6 DevMktsInxInst 24.72 -0.34 -3.9
Thursday, February 17, 2022 FidSerToMarket 14.61 -0.34 -8.5 NASDAQ r 172.61 -5.21-12.3 JPMorgan R Class InfProAd 27.43 +0.07 -3.6 ExtndInst 123.63 -3.71-10.9
PIMCO Funds Instl LifeGro 41.90 -0.60 -5.7
Net YTD Net YTD Net YTD GrowthCompanyK6 19.51 -0.73-14.7 OTC 16.99 -0.55-13.3 CoreBond NA ... NA IncomeFd NA ... NA IntlGrAdml 121.83 -2.71-12.5 GrwthInst 142.81 -4.35-13.5
LifeMod 31.81 -0.32 -5.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlIdxInstPrem 47.42 -0.59 -3.8 Puritn 25.25 -0.40 -7.2 Lord Abbett A ITBondAdml 11.43 +0.04 -3.6 InPrSeIn 11.17 +0.02 -3.6
Price Funds PrmcpCor 31.74 -0.77 -5.6
MidCpInxInstPrem 29.30 -0.69 -8.4 SrsEmrgMkt 20.80 -0.27 -1.0 ShtDurIncmA p 4.09 ... -1.4 InstIdx
American Century Inv Artisan Funds MktNeutI 14.31 -0.07 -1.4 BlChip 150.25 -4.88-15.5 ITIGradeAdml 9.48 +0.02 -4.4 STAR 29.97 -0.42 -6.2
373.61 -8.04 -7.9
SAIUSLgCpIndxFd 20.93 -0.45 -8.0 SrsGlobal 14.72 -0.17 -2.3 Lord Abbett F LTGradeAdml 9.88 +0.01 -9.1 InstPlus 373.61 -8.06 -7.9
Ultra 76.04 -2.39-13.2 IntlVal Inst 42.70 -0.56 0.8 Columbia Class I DivGro 68.52 -1.04 -7.5 TgtRe2015 14.03 -0.06 -4.0
SeriesBondFd 10.01 +0.03 -3.7 SrsGroCoRetail 17.49 -0.64-14.3 ShtDurIncm 4.08 ... -1.4 InstTStPlus 80.73 -1.84 -8.5
American Funds Cl A Baird Funds DivIncom I 29.85 -0.41 -5.6 EqInc 36.61 -0.54 1.7 MidCpAdml 286.94 -6.91 -9.0 TgtRe2020 29.64 -0.21 -4.4
SeriesOverseas 12.79 -0.18-11.2 SrsIntlGrw 16.88 -0.33-11.7 Lord Abbett I MuHYAdml 11.51 +0.02 -3.7 MidCpInst 63.39 -1.52 -9.0
AmcpA p 39.39 -1.07-13.4 AggBdInst 10.91 +0.02 -3.9 Dimensional Fds Growth 89.49 -2.76-15.8 TgtRe2025 19.32 -0.18 -5.0
SmCpIdxInstPrem 24.93 -0.63 -9.5 SrsIntlVal 11.33 -0.16 1.4 ShtDurInc p 4.08 ... -1.4 MuIntAdml 14.21 +0.01 -3.1 MidCpIstPl 312.62 -7.52 -9.0
AMutlA p 51.23 -0.55 -3.6 CorBdInst 11.20 +0.02 -3.9 5GlbFxdInc 10.44 +0.02 -2.4 Metropolitan West HelSci 89.66 -2.07-13.9 TgtRe2030 36.40 -0.40 -5.3
TMktIdxInstPrem122.52 -2.80 -8.4 TotalBond 10.63 +0.01 -3.6 MuLTAdml 11.64 +0.01 -3.7 SmCapInst 99.78 -2.43 -7.9
BalA p 31.81 -0.32 -5.0 BlackRock Funds EmgMktVa 32.17 -0.23 3.7 TotRetBdI 10.47 +0.02 -3.8 LgCapGow I 62.54 -1.98-14.9 TgtRe2035 22.54 -0.29 -5.5
USBdIdxInstPrem 11.49 +0.02 -3.8 Fidelity SAI MuLtdAdml 10.96 +0.01 -1.7 SmCapIstPl 288.01 -7.01 -7.9
BondA p 12.88 +0.03 -3.6 HiYldBd Inst 7.47 -0.01 -4.1 EmMktCorEq 25.21 -0.20 0.7 TRBdPlan 9.82 +0.02 -3.8 MidCap 101.80 -2.66-13.2 TgtRe2040 39.66 -0.57 -5.6
Fidelity Advisor I TotalBd 10.05 +0.02 -3.4 MuShtAdml 15.75 +0.01 -0.7 STIGradeInst 10.53 +0.01 -2.0
CapIBA p 69.35 -0.62 -1.2 BlackRock Funds A IntlCoreEq 15.72 -0.22 -2.4
GrOppI MFS Funds NHoriz 63.03 -2.31-17.9 TgtRe2045 26.72 -0.43 -5.8
132.88 -4.67-16.1 Fidelity Selects PrmcpAdml r158.96 -4.16 -6.2 STIPSIxins 25.59 +0.06 -0.7
CapWGrA 60.12 -1.14 -5.6 GlblAlloc p 19.83 -0.27 -4.7 IntSmCo 20.80 -0.31 -4.5 NwInsghtI 35.82 -1.01-12.9 IIE 31.86 -0.28 -4.8 R2020 21.19 -0.19 -4.6 TgtRe2050 44.14 -0.72 -5.9
Softwr r 25.93 -0.95-13.5 RealEstatAdml145.52 -1.42-11.4 TotBdInst 10.73 +0.02 -3.9
EupacA p 59.14 -1.13 -8.7 BlackRock Funds III IntSmVa 21.51 -0.29 0.6 Fidelity Freedom Tech r 24.79 -0.89-14.8 MFS Funds Class I R2025 18.54 -0.19 -5.0
SmCapAdml 99.78 -2.43 -7.9 TgtRet2055 49.13 -0.81 -5.9 TotBdInst2 10.60 +0.03 -3.8
FdInvA p 70.57 -1.35 -7.1 iShS&P500IdxK516.07-11.09 -7.9 TAUSCoreEq2 NA ... NA FF2020 15.95 -0.13 -4.2 First Eagle Funds GrowthI 166.06 -4.94-14.6 R2030 27.83 -0.36 -5.6 SmGthAdml 84.90 -2.82-14.3 TgtRetInc 13.89 -0.06 -3.9 TotBdInstPl 10.73 +0.02 -3.9
GwthA p 64.56 -1.87-13.1 BlackRock Funds Inst US CoreEq1 33.99 -0.70 -6.7 FF2025 14.71 -0.14 -4.4 GlbA 64.55 -0.62 ... ValueI 51.26 -0.79 -6.3 R2040 30.62 -0.51 -6.5 STBondAdml 10.41 +0.01 -1.7 TotIntBdIxInv
10.68 +0.02 -3.1 TotIntBdIdxInst 32.04 +0.05 -3.1
ICAA p 47.99 -0.86 -7.4 StratIncOpptyIns 9.97 -0.01 -1.5 US CoreEq2 30.85 -0.63 -6.6 FF2030 18.46 -0.20 -4.6 Franklin A1 Northern Funds Schwab Funds STIGradeAdml 10.53 +0.01 -2.0 USGro 53.65 -2.08-17.5 TotStInst 107.62 -2.46 -8.5
IncoA p 25.32 -0.18 -2.1 Bridge Builder Trust US Small 43.82 -0.94 -6.9 FF2035 16.12 -0.22 -4.8 IncomeA1 p 2.49 -0.02 -0.5 StkIdx 48.07 -1.04 -7.9 1000 Inv r 94.82 -2.17 -8.4 STIPSIxAdm 25.57 +0.06 -0.7 WellsI 28.03 -0.07 -3.2 ValueInst 56.20 -0.77 -2.0
N PerA p 59.03 -1.45-11.1 CoreBond 10.01 +0.02 -3.8 US SmCpVal 42.88 -0.82 -1.4 FF2040 11.56 -0.19 -5.1 FrankTemp/Franklin A Nuveen Cl I S&P Sel 67.16 -1.45 -7.9 TotBdAdml 10.73 +0.02 -3.9 Welltn 45.24 -0.59 -6.8 WCM Focus Funds
NEcoA p 53.25 -1.42-13.9 CorePlusBond 9.94 +0.02 -3.5 US TgdVal 29.81 -0.57 -1.3 Freedom2025 K 14.69 -0.14 -4.4 DynaTech A p125.28 -5.15-19.2 HYMunBd 17.60 +0.02 -4.2 TSM Sel r 75.35 -1.73 -8.4 TotIntBdIdxAdm 21.35 +0.04 -3.1 WndsrII 44.07 -0.78 -4.5 WCMFocIntlGrwIns 23.25 -0.47-16.0
NwWrldA 79.82 -1.50 -7.2 Intl Eq 12.80 -0.18 -4.3 USLgVa 45.19 -0.80 -1.9 Freedom2030 K 18.45 -0.20 -4.5 Growth A p 131.21 -3.93-12.8 Old Westbury Fds VANGUARD ADMIRAL TotIntlAdmIdx r 33.31 -0.42 -2.6 VANGUARD INDEX FDS Western Asset
SmCpA p 69.30 -1.93-13.4 LargeCapGrowth 20.68 -0.53-12.1 Dodge & Cox Freedom2035 K 16.10 -0.23 -4.8 RisDv A p 87.86 -1.93 -9.4 LrgCpStr NA ... NA 500Adml 404.95 -8.72 -7.9 TotStAdml 107.60 -2.46 -8.5 ExtndIstPl 305.10 -9.16-10.9 CoreBondI NA ... NA
TxExA p 13.09 +0.01 -3.2 LargeCapValue 17.05 -0.28 -1.5 Balanced 108.97 -1.60 -0.4 Freedom2040 K 11.56 -0.19 -5.1 Guggenheim Funds Tru Parnassus Fds BalAdml 45.76 -0.58 -6.7 TxMCapAdml227.27 -5.15 -8.3 IdxIntl 19.91 -0.25 -2.6 CorePlusBdI NA ... NA
WshA p 57.05 -0.90 -5.7 Calamos Funds Income 13.56 +0.01 -3.6 Fidelity Invest TotRtnBdFdClInst 27.22 +0.05 -4.3 ParnEqFd 58.29 -1.19 -8.1 CAITAdml 11.78 +0.01 -3.2 TxMIn r 15.79 -0.22 -4.0 MdCpGrAdml 93.42 -2.97-14.7 CorePlusBdIS NA ... NA
THE WALL STREET JOURNAL.
Don’t
Expect
Fed Help
Continued from page B1
inflation far higher than it
predicted, it would be hard to
accept yet higher prices.
Economics and politics
would restrain the Fed.
Economically, central banks
typically ignore what they call
supply shocks, which a war-
driven rise in oil prices would
be. These are one-offs, and
while higher prices at the
pump may be painful, raising
interest rates wouldn’t help
drill more oil, merely slow the
economy and demand for oil.
The trouble is the Fed’s
just tried ignoring a one-off,
to disastrous effect. Wide-
spread post-Covid supply
problems are a big part of the
reason inflation is so high,
and the Fed initially did noth-
ing because it thought they
were “transitory.” Many of
the problems pushing up
prices are still transitory, to
the extent that they will go
away eventually as Covid re-
treats: shortages of micro-
chips, clogged-up Chinese
ports and sick workers,
among other issues. But they
have gone on so long that it
became untenable for the Fed
to keep insisting that prices
were going to come down by
themselves.
T
he danger to the Fed
harks back to the 1970s.
By disturbing workers’
and businesses’ inflation ex-
pectations, a one-off shock
can push up wage demands,
which push up prices as com-
panies pass through the costs,
back to wages, prices and so
on.
Sure enough, consumer in-
flation expectations are much
higher than they were,
though few expect the current
rate to continue for long. The
median consumer expects in-
flation still to be nearly 6% in
a year’s time, according to the
Federal Reserve Bank of New
York, down slightly on the
previous month, which was
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Complimentary Event
Percentage change from previous year
8%
6
RECESSION
4
2
Consumer prices
0 pacity.
–2
2000
Federal funds target rate†
6%
4 4
2 2
0 0
2000
*Weighted to population characteristics †Upper limit of range from Dec. 2008
Sources: Federal Reserve Bank of Atlanta; Refinitiv (wages, prices); Federal Reserve Bank of St. Louis
by far the highest since the
survey started in 2013. Con-
sumers expect longer-term in-
flation to fall back, though
still to be above the Fed’s 2%
target.
Labor unions have been
crushed since the last wage-
price spiral, making it harder
for one to take hold, even if
inflation expectations rise
further. But as inflation has
soared to 7.5%, the highest
since 1982, wages are rising
at their fastest rate in more
than 20 years—albeit still
slower than overall inflation.
W
ithout strong unions
a wage-price spiral
may not be sus-
tained. But we don’t know;
nor does the Fed.
The parallel with the
1970s isn’t only the risk of a
wage-price spiral. In every
recession since 1981, the Fed
has cut rates, even when, as
in 2008, inflation was rising.
In 1973-1974, the Fed didn’t
have this flexibility, because,
just as now, it had kept mon-
MARKETS
Wage Growth Tracker*
’10
’10
etary policy far too easy as
inflationary pressures built
(under pressure from Presi-
dent Richard Nixon to help
him win the 1972 election).
So when the Arab oil em-
bargo was imposed, the Fed
was still trying to deal with
inflation that had soared
above 7% even before fuel
prices leapt. Rates were
jacked up during the deep re-
cession that followed as stag-
flation took hold.
Disruption to fuel supply
from Russia would be far less
bad than the Arab embargo,
and unlike in 1974, recession
seems unlikely this year. But
the underlying problem is
the same—the Fed has fallen
behind the curve on infla-
tion, leaving it less flexibility
to change course to deal with
shocks.
Politically the Fed’s situa-
tion is even more difficult.
Concern about inflation has
gripped both parties and the
country, and there is much
more worry about price rises
than about jobs.
Barbara
Lavernos
Deputy CEO, Research
Innovation and Technology,
L’Oréal
The 1973-75 recession
was different than
most because the
Fed raised rates even
after the economy
hit the rocks.
Effective federal
funds rate
14%
12
10
’20 8 Russia for a
6 ance on coal and cut carbon
’20 1970 ’79
I
n this environment, it is
very hard to imagine the
Fed offering relief to Wall
Street if a Russian invasion
pushes up inflation even fur-
ther. It was able to cut rates
three times in 1998 when
Russia defaulted, to ease the
pain from a major hedge-fund
failure, because interest rates
were high and inflation was
below 2%. With inflation high
and interest rates low, the fo-
cus now is the other way
around.
Worse, the Fed has less
ability to help than in the
past, even if it wanted to. It
can’t cut rates because they
are already on the floor. It
could buy more bonds, but
that doesn’t do much. Its
most powerful tool would be
to reduce expectations for
rate rises this year from the
1.75 percentage points or
more CME Group calculates is
being priced by futures mar-
kets. That would help a bit,
but not raising rates is clearly
less powerful than cutting
rates when things get bad.
Diarrha
N’Diaye-Mbaye
Founder, Ami Colé
Friday, February 18, 2022 | B11
Crisis Is tional facility in Louisiana.
LNG producers rely on trad-
ers to guide their supercooled
Boon to gas around the world. As prices
in Europe shot above those in
other regions, these traders
U.S. Gas spotted opportunity.
A cargo owned by Trafigura
Group Pte. Ltd. was heading to
China when Russia’s Gazprom
Continued from page B1 PJSC cut its gas-transit capacity
mand and help American com- through Poland on Dec. 17, rais-
panies secure the financing to ing prices in the European mar-
build more gas-liquefaction ter- ket. The Swiss trader soon or-
minals, raising LNG export ca- dered the Hellas Diana, carrying
LNG picked up from Cheniere in
The Ukraine standoff has Texas, to leave the Pacific Ocean
helped propel the talks by ex- and cross the Panama Canal.
posing Europe’s dependence on “Trafigura ordered us to go to
the U.K.,” said a crew member.
COMMODITIES fuel Europe Four weeks later, the Malta-
views as cru- flagged vessel discharged its
cial to its efforts to reduce reli- cargo in Wales, according to
data from Kayrros, a market-in-
emissions while it builds renew- telligence firm. Trafigura de-
able-energy sources. The Euro- clined to comment.
pean Union’s top energy official, In all, at least 11 LNG tankers
Kadri Simson, met LNG execu- sailing from the U.S. to Asia
tives in Washington this month, changed direction to Europe be-
and the bloc has spoken to tween Dec. 17 and Jan. 10, ac-
countries including the U.S. cording to Kayrros. Six went to
about securing alternative de- the U.K., while others went to
liveries if Russian supplies are Spain, Poland, France and the
interrupted. “Russia doesn’t Netherlands. In addition, three
hesitate to use the significant vessels that held gas from Nige-
energy supplies to Europe as a ria and Equatorial Guinea were
leverage for geopolitical gains,” diverted to Europe during that
said EU High Representative Jo- period, according to Kayrros
sep Borrell after meeting Secre- and Kpler.
tary of State Antony Blinken in
Washington last week. “Our im-
mediate priorities are to diver- AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
sify the sources of energy, in All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
particular the gas flows.” between that price and the face value.
American executives said FOUR-WEEK BILLS
some European officials have Applications $177,373,972,700
Accepted bids $53,452,805,300
recognized a need to build facil- " noncompetitively $652,380,700
ities capable of receiving LNG " foreign noncompetitively $50,000,000
Auction price (rate) 99.993778
and turning the supercooled
(0.080%)
fuel back into gas to mitigate Coupon equivalent 0.081%
Bids at clearing yield accepted 52.72%
future price surges. They said Cusip number 912796S91
an EU proposal to classify cer- The bills, dated Feb. 22, 2022, mature on March 22,
tain gas investments as green 2022.
will help more buyers to EIGHT-WEEK BILLS
emerge. Applications $127,542,102,800
Accepted bids $42,761,813,300
“For the buyers in Europe to
" noncompetitively $187,194,000
feel like there’s policy support " foreign noncompetitively $100,000,000
Auction price (rate) 99.961111
and political support to do long- (0.250%)
term contracts for gas, that’s Coupon equivalent 0.254%
Bids at clearing yield accepted 49.85%
very positive,” said Mike Sabel, Cusip number 912796T90
chief executive of Venture The bills, dated Feb. 22, 2022, mature on April 19,
Global LNG Inc. 2022.
Since mid-2021, Cheniere 30-YEAR TIPS
Applications $21,101,451,400
and Venture Global have struck Accepted bids $10,541,851,400
LNG deals with more than half a " noncompetitively $13,990,800
dozen companies in China, Eu- Auction price (rate) 98.102682
(0.195%)
rope and elsewhere. A tanker is Interest rate 0.125%
slated to depart soon with the Bids at clearing yield accepted 60.32%
Cusip number 912810TE8
first cargo of LNG produced at The Treasury inflation-protected securities, dated
Venture Global’s newly opera- Feb. 28, 2022, mature on Feb. 15, 2052.
Katie
Sturino
Founder, Megababe
© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8776
 B12 | Friday, February 18, 2022
Shopify’s Clicks Need More Bricks
Plan to build warehouses to take on Amazon makes
sense but dents company’s asset-light model
Shopify’s investment mode is
going to be ugly. It was also
inevitable.
The Canadian e-commerce up-
start has found fortune by pulling
off the seemingly impossible task
of competing with Amazon.com,
but on its own terms. Shopify’s
business of helping merchants and
brands run their own online stores
was growing well before the pan-
demic and has positively blown up
during the outbreak. The company
closed 2021 with revenue of $4.6
billion, up 57% from the previous
year and nearly triple its 2019
level. And its asset-light model has
regularly kept gross margins above
50%, which is more than double
what Amazon managed in the
years before its cloud business
grew large enough to help offset
the low margins on its retail side.
But Amazon has hardly been sit-
ting still. The company has contin-
ued to pour billions into its al-
ready massive fulfillment network,
to the point that it now offers
same-day delivery in more than 90
metropolitan areas. That sort of
muscle puts the merchants who
elect to use Shopify at a serious
CARLO ALLEGRI/REUTERS
DoorDash’s loyalty program seems to be a large part of its success.
DoorDash Shows Rivals
What It Can Eat
After an underwhelming update
from Uber Eats parent Uber Tech-
nologies last week, U.S. food deliv-
ery market-share leader DoorDash
had investors eating out of its hand
on Wednesday evening.
The company said it boosted
gross order value for its Market-
place business, which includes de-
livery, by 70% in 2021, after more
than tripling it in each of the pre-
ceding three years. Fourth-quarter
results show it continues to domi-
nate the delivery space domesti-
cally and has big ambitions to con-
tinue its success abroad.
While Uber Eats’ business only
just turned profitable for the first
time in the fourth quarter on the
basis of adjusted earnings before
interest, taxes, depreciation and
amortization, DoorDash has been
profitable on that basis for seven
consecutive quarters now. Com-
pared with Uber Eats’ broad global
presence, DoorDash’s international
footprint is still small. But recent
moves from DoorDash, including its
November announcement that it
would spend $8.1 billion to buy Hel-
sinki-based delivery platform Wolt,
have been well received. Indeed, the
combination of continued gross or-
der value growth and aggressive in-
vestments in new categories and in-
ternational markets had investors
hungry, sending DoorDash shares
up 26% in after hours trading.
The global delivery market is no
doubt several times larger today
than it was just a few years ago,
but not all companies have capital-
ized as well. In its investor day pre-
sentation last week, Uber touted
the fact that its delivery business is
now three times as large as it was
when the pandemic began, compar-
ing annualized gross bookings as of
the fourth quarter of 2019 to those
of the same period last year. But
DoorDash’s gross order value on its
Marketplace business platform was
roughly 5.2 times higher last year
than it was in 2019.
In the U.S., at least, DoorDash
continues to outperform Uber
Eats on many measures. Data
from Bloomberg Second Measure
show DoorDash owned 58% of
meal delivery sales nationwide to
Uber Eats’ 24% as of January. The
data also show DoorDash’s cus-
tomers spent 9% more on average
than their counterparts at Uber
Eats over a one-week period in
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
disadvantage—even those with
compelling and well-known brand
identities. Amazon’s Prime service
now has 172 million members in
the U.S. alone, according to esti-
mates from Consumer Intelligence
Research Partners, most of whom
are paying specifically for the
privilege of free and fast shipping.
That surely is behind Shopify’s
plan to expand its own delivery net-
work, which the company spelled
out in detail in its fourth-quarter
call on Wednesday. President Harley
Finkelstein said the Shopify Fulfill-
ment Network—consisting of mostly
company-owned warehouses—will
be designed to deliver packages in
two days or less to more than 90%
of the U.S. population. The plan will
involve about $1 billion in capital
expenditures over a two-year period
beginning in 2023. That might
sound like a pittance considering
the game—Amazon spends about
that much every five days. But it is
a 10-fold surge compared with what
Shopify has invested on average
over the past three years.
Such a shift in the business model
is concerning to Shopify’s investors.
The stock is down nearly 26% since
late January on the companies’ re-
spective platforms.
DoorDash’s loyalty program
seems to be a large part of its suc-
cess. The company said Wednesday
it had over 10 million DashPass
members as of the fourth quarter,
up from over nine million a quarter
earlier. YipitData shows DashPass
subscribers are responsible for
more than half of DoorDash’s do-
mestic gross food sales and are
roughly 40% of its monthly active
users in the U.S. Some 90% of Dash-
Pass members joined by paying full
price on a monthly or annual basis
or by starting with a free trial,
while just 10% joined through a
credit-card loyalty program. Door-
Dash said Wednesday that DashPass
members have higher retention and
order frequency than nonmembers.
Data also show DoorDash has
been eating Uber’s lunch in related
U.S. markets as both platforms fu-
riously work to expand delivery
options from meals to grocery, al-
cohol and convenience. More than
12% of DoorDash’s monthly users
had placed a nonrestaurant order
as of January versus less than 6%
for Uber Eats users, according to
YipitData, which also shows Door-
Dash’s convenience business as a
percentage of gross food sales is
significantly higher than that of
Uber Eats.
For Uber, calling a delivery plat-
form “Eats” when its growth de-
pends upon its ability to also de-
liver things you can’t eat was
clearly a marketing error. It is one
the company paid millions to make
light of and try to rectify on Sunday
in a Super Bowl commercial jam
packed with celebrities attempting
to eat things like diapers, soap, can-
dles and lightbulbs. But Uber’s need
to spend massively on such a big
stage to promote newer verticals
isn’t merely an illustration of a
competitive shortcoming; it also
shows the significant growth the
industry has enjoyed over the last
two years is decelerating.
DoorDash’s full-year outlook im-
plies growth in gross order value
for Marketplace of less than 17% at
the midpoint, a further 19-percent-
age-point deceleration from the an-
nual growth rate it put up for the
segment in the fourth quarter.
Wednesday’s effusive investors
had better hope it can deliver.
—Laura Forman
ON
THE
Amazon has invested in its fulfillment network and offers same-day delivery in more than 90 metropolitan areas.
the results as of Thursday’s close,
adding to a loss that already clipped
more than one-third of its value
since the start of the year as inves-
tors have bailed out of previous pan-
demic darlings. Analyst Mark Mah-
aney of Evercore ISI kept his
“outperform” rating on the shares
Airbus Keeps Expectations Low
A move by Airbus to fly under
the radar could be a wise one.
Shares in the European plane
maker initially rose Thursday but
ended the day down 1.3%, after it
released encouraging financial re-
sults for the final quarter. Operat-
ing earnings were 11% above the
median analyst estimate. Free cash
flow, which is more important for
aerospace firms, was almost twice
as high as expected for the quarter,
and amounted to €3.5 billion,
equivalent to $4 billion, for 2021.
That echoes a better-than-expected
cash performance at Boeing.
Yet Airbus stock edged down as
European trading got under way.
The broader travel sector came un-
der pressure amid fresh jitters about
a potential war in Ukraine, but it
may also have to do with the com-
pany’s somewhat underwhelming
guidance. Targets for 2022 include
flat free cash flow and the delivery
of 720 commercial aircraft.
While these aren’t bad numbers,
some investors were expecting
more. Airbus managed to surpass its
2021 goal of 600 planes by 11 units,
and was delivering 860 planes be-
fore the pandemic. Executives
sounded cautious when addressing
analysts Thursday.
“We think it’s not going to be
easy,” Airbus Chief Executive Guil-
laume Faury said. “I would not bet,
if I were you, on significantly more
than 720.”
Prudence could end up paying off.
Airbus previously surprised the
aviation industry by suggesting it
wanted to build as many as 75 jets a
month from its A320 family by
2025, compared with 45 now and 60
before the Covid-19 crisis. That led
some aerospace suppliers to warn
about the dangers of overproduc-
Inflation Will Highlight Best Household Brands
If the pandemic was a tide that
lifted all boats in the consumer
staples business, inflation will
show which brands are really in
good shape.
Companies that make well-known
household essentials have reported
strong sales this earnings season.
On Thursday, Nespresso coffee
maker Nestlé said comparable sales
grew 7.2% for the three months
through December. Procter & Gam-
ble and Unilever increased sales by
6% and 4.9%, respectively, over the
same period. For both Nestlé and
Unilever, this was the fastest growth
rate in roughly a decade.
But this year will be tougher. All
the big consumer-staples companies
have warned that cost pressures will
be severe in 2022, but they don’t
agree on how this will hit profitabil-
ity. Brewer Heineken and Lysol dis-
infectant owner Reckitt still expect
to expand operating margins this
year. Nestlé said its margins could
be 0.4 percentage point lower than
the 17.4% the business managed in
2021. Big cuts are on the way for
others. Unilever’s operating margins
may be 2.4 percentage points lower
this year than last.
The differences can no longer be
fully explained by companies’ geo-
but noted that investors “will have
to trust that management is an effi-
cient allocator of capital” with the
new stepped-up investment levels.
Bhavin Shah of Deutsche Bank is
less sanguine. In a report Thurs-
day maintaining his “neutral” rat-
ing, he noted that while there is
tion. Indeed, plans by Boeing and
Airbus seem set to flood the market
with planes when competition with
secondhand planes parked during
the pandemic is likely to be intense,
potentially pressuring profit mar-
gins for all involved.
The plane maker confirmed
Thursday that the ramp-up is on
course to hit monthly rates of 65 by
the summer of next year, and reiter-
ated that market demand could po-
tentially support 70 or 75 planes be-
yond that. However, there appeared
to be more caution around this guid-
ance too, with Mr. Faury emphasiz-
ing that decisions pertaining to
2024 and 2025 are still being as-
sessed in conjunction with suppliers.
Ambitious mid-decade targets
might be best avoided, since a lot of
uncertainty remains around long-
haul travel, supply bottlenecks and
commodity prices. Airbus said that
it has now managed to place the
roughly 100 planes it has accumu-
Airbus free cash flow
Target
€4 billion
2 –10
0
–2
–4
–6
–8
2014 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22
Note: €1=$1.1375
Sources: the company; FactSet
graphic exposure, hedging policies
or the kind of products they sell. In-
flation is now affecting most coun-
tries and commodities, and hedges
that protected some companies last
year are coming to an end.
Unilever’s large emerging mar-
kets business should actually be an
advantage: It can be easier to pass
on higher prices in developing coun-
tries, where retailers often don’t
The health of
companies’ brands may
be starting to show in the
quality of their growth.
have the corporate muscle to push
back, though some consumers trade
down to cheaper alternatives. A big
portfolio of premium brands can
help. Nestlé now makes 35% of
group sales from expensive products
like San Pellegrino water that are
sold to wealthier and less price-con-
scious consumers.
Such portfolio differences aside,
the health of companies’ brands may
be starting to show in the quality of
THE WALL STREET JOURNAL.
CHET STRANGE/BLOOMBERG NEWS
risk that Shopify’s new plan “does
not improve the prior trajectory of
merchant adoption, we see greater
risk of merely $1 billion in capex
being insufficient to compete with
industry leaders such as Amazon.”
Shopify is stepping into a very
expensive game. —Dan Gallagher
lated as inventory during the pan-
demic, but they won’t be delivered
until a year or two from now.
Conversely, 2022 could also be the
year when the world finally moves
on from Covid-19. That should bring
catalysts to propel the stock higher,
as long as the bars are easy to clear.
The €3.5 billion cash flow guid-
ance for 2022 seems designed to be
beaten, given that the operating
earnings outlook is a much higher
€5.5 billion and that Airbus should
start receiving substantial predeliv-
ery payments from airlines, many of
which were deferred in 2021. The
company has restored dividends
and, as Jefferies analyst Chloe
Lemarie points out, higher interest
rates may have eased the firm’s pen-
sion obligations, paving the way for
returning more profit to investors.
If the market again starts looking
for ways to play the travel recovery,
Airbus is in a position to take off.
—Jon Sindreu
Cumulative stock-price change
since the start of the Covid-19 crisis
0%
Airbus
–20
–30
–40
Boeing
–50
–60
Weekly
–70
2020 ’21 ’22
their growth. Nestlé and Procter &
Gamble still look balanced. P&G’s
latest sales bump was evenly split
between higher prices and selling in
greater quantities. Unilever is al-
ready dependent on higher prices
for growth, after its volume turned
flat in the fourth quarter. And vol-
ume growth was negative in two of
Reckitt’s three product categories.
Companies with weak volumes are
more likely to lose market share
when they raise prices, which will be
expensive to win back in future.
After a decade of focus on cost
cutting, big consumer companies
will find it harder to offset inflation
with more efficient factories or dis-
tribution networks. Two places
where they might find savings are
automation and marketing budgets.
A shift to digital ad spending could
help companies to target customers
more precisely for less money.
Shoppers have swallowed higher
prices at the grocery store so far,
particularly in the U.S., where dis-
posable incomes got a boost from
government stimulus checks. But
weakening volumes at some compa-
nies suggest this may have run its
course. Investors will soon learn
which brands consumers can and
can’t live without. —Carol Ryan
 MANSION
Nana’s Girl $7.295 Million
Actress Christine A historic home
Baranski recalls with ties to
her grandmother. Ghislaine
M12 Maxwell lists. M3

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, February 18, 2022 | M1

$3.4 MILLION 1. Mark and Alex

1 Andrews bought
in the Crescent
area.
2. The home of
Paul and Page
Dicker.
3. Rainbow Row
on East Bay
Street.
4. The Pineapple
Fountain in
Waterfront Park.
5. Cate and
Hugh
Leatherman
bought in the
South of Broad
neighborhood.

5
Charleston: 2

Chic, Yet Chill

Luxury home sales in South Carolina’s port city
are booming, fueled by young families

BY BETH DECARBO

W
hen it comes hospitable people and neighbor-
down to it, a hoods filled with boutiques and
sixth-grader’s restaurants a short walk from
search for a new houses—compelled them to leave
school prompted Philadelphia and embrace Low
the entire Dicker family to move Country living.
$2 MILLION $2 MILLION
to Charleston, S.C., a historic In August 2020 they paid just
Southern seaport. under $2 million for an 1845

While living in Philadelphia,
Paul and Page Dicker had been
looking at schools for their young
daughter but were unhappy with
the options. Mrs. Dicker, unbe-
known to her husband, submitted
applications to schools in Charles-
ton, where some of her former
classmates were living.
Mr. Dicker learned of the secret
applications only after their
daughter was accepted to a pri-
vate school in the city. The family
flew down to Charleston for a
two-day school orientation, and
scouted out the rest of the Holy
City as well. The student loved
the school, and what the family of
three encountered of the city—
FROM TOP LEFT, CLOCKWISE: PETER FRANK EDWARDS FOR THE WALL STREET JOURNAL (6); JULIA LYNN PHOTOGRAPHY (2); JUSTIN ANFUSO/ANFUSO IMAGING (HISTORIC HOME)
house in Ansonborough, a historic
neighborhood on the east side of
Charleston’s peninsula, according
to public records. They then em-
barked on a massive renovation of
the four-bedroom, 3½-bathroom
property that included converting
the carriage house into a kitchen
and adding a swimming pool.
“Everything just came to-
gether,” says Mr. Dicker, 48 years
old, founder of a men’s custom-
clothing business.
Since moving there, the family
has been introduced to Southern
staples such as shrimp boils,
creamy grits and black-eyed peas.
“It wouldn’t have happened unless
Please turn to page M6

4 3

$1.055
MILLION
Median sales
prices of
Charleston homes
in 2021
Source: Charleston Trident
Association of Realtors

The Ghost Condos of Designed to capitalize on Lower Manhattan’s post-9/11

renaissance, these projects remain stalled or unfinished
due to a shifting market and other issues
NYC’s Financial District
BY KATHERINE CLARKE tower is leaning slightly to

IN OCTOBER 2018, Linda

Gerstman signed a contract
for her dream apartment, a
$4.6 million duplex spread
at One Seaport, a gleaming
new 57-story glass building
under construction along
the East River in the Finan-
cial District near the Brook-
lyn Bridge.
Ms. Gerstman took a
hard-hat tour of the con-
struction site. “I fell in love,”
she said. “The views were
ZACK DEZON FOR THE WALL STREET JOURNAL
6
The approximate
one side. Developer Fortis
Property Group has consis-
tently maintained that the
number of buyer building is safe.
contracts in place at One One Seaport was one of a
Seaport as of 2021. handful of condo skyscrap-
Previously, it had 99 ers conceived in the mid
buyers under 2010s, when the Manhattan
contract. condo market was booming.
They were designed to
bring a taste of Billionaires’
battle with the developers to Row to lower Manhattan, a
get back money she paid for neighborhood that had be-
upgrades to the unit. come an emblem of New
One Seaport, still unen- York’s resilience after 9/11.

insane.” Ms. Gerstman, 51,
an executive at a retail ser-
vices company, planned to
One Seaport, move into her new apart-
an unfinished ment within about a year
57-story luxury when the building was ex-
condo tower, pected to be completed. Four
allegedly leans years later, the building sits
3 inches from unfinished and although she
vertical. has gotten her deposit
money back, she’s in a legal
closed and open to the ele-
ments, is a concrete skeleton
of a skyscraper, the winter
wind ripping through orange
construction netting. Con-
struction halted at least 19
months ago, after the build-
ing’s developer and onetime
construction manager
started battling in court
over allegations that the
Supertall and slimline, they
were bold and architectur-
ally significant with prices
to rival those uptown.
Nearly a decade later, many
of these plans were
dropped or stalled, thanks
in large part to a subse-
quent decline in the New
York luxury market and, in
Please turn to page M4
M2 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Malibu Home With Minigolf Lists

An oceanfront estate in the ex- with a row of D-BOX seats that
clusive Malibu enclave of Paradise move along with the action on
Cove is coming on the market for screen. “You feel like you’re part of
$125 million. the movie,” Ms. Laughlin said.
The roughly 6.6-acre property In addition to the main house,
is located in a gated community the property has a two-bedroom
of about 10 estates owned by guesthouse where Ms. Laughlin, a
prominent business executives friend of the owners, has lived for
and celebrities. Perched on a bluff, the past eight years.
it has direct beach access with Ms. Laughlin said the infinity
roughly 340 feet of ocean front- pool has fountains that shoot wa-
age, said listing agent Lisa Laugh- ter into the air. Between the house
lin of Sotheby’s International Re- and beach, there is a landscaped
alty. The home has about 17,000 area with Redwood, Eucalyptus
square feet of living space be- and citrus trees as well as a rose
tween a main house and separate garden. Beach access is via a set
guest quarters. The property also of stairs, with a small observatory
contains a swimming pool, lighted about halfway down the bluff.
tennis court and 9-hole miniature Ms. Laughlin said Mr. Burton
golf course. and Ms. Musk decided to sell be-
The sellers are British video- cause they are now empty-nest-
game designer Jonathan Burton, ers. Ms. Musk has been living in
The couple paid $36.5 million in 2012.
52, and his ex-wife, Helen Musk, 45. the home, while Mr. Burton has
The couple bought the property for another home in the area, she
$36.5 million in 2012 from the es- ensure ocean views from almost said. Now that their children are
tate of Max Palevsky, a computer- every room. To reach the main in college, Ms. Musk plans to
technology pioneer, records show. residence, visitors pass through move as well.
Mr. Palevsky, who helped fund Intel two sets of gates: one to Over the past few
at its founding and was a noted art access the guesthouse, FOR SALE years, Malibu’s luxury

DANIEL TACCONELLI/SOTHEBY’S INTERNATIONAL REALTY (2)

collector, built the Spanish-style
house in the 1970s. He later com-
tennis court and golf
area, and another for the $125 market has exploded, re-
sulting in a string of big-
missioned Italian architect Ettore
Sottsass to renovate the interior,
primary residence and
pool.
MILLION ticket deals, Ms. Laugh-
lin said. Last year,
6.6 acres,
which has arched doorways and The main residence has venture capitalist Marc
guesthouse,
beamed ceilings, according to the a courtyard, said Ms. Andreessen and his wife,
pool, tennis
book “Three California Houses: The Laughlin, as well as ex- Laura Arrillaga-Andrees-
court, minigolf
Homes of Max Palevsky.” pansive decks and cov- sen, paid $177 million for
Mr. Burton founded U.K.-based ered patio areas. Upstairs, a compound less than a
TT Games and is now CEO of the primary bedroom suite has a mile away. In 2019 and 2021,
10:10 Games. He and Ms. Musk balcony with ocean views, a sitting WhatsApp co-founder Jan Koum
spent several million dollars reno- area and two offices. The house paid a combined $187 million for
vating, Ms. Laughlin said, opening has five additional en suite bed- neighboring properties.
up walls and adding windows to rooms, and a 14-seat media room —E.B. Solomont

David Koch’s Widow

Quietly Shops

ANDREW LAMBERSON FOR THE WALL STREET JOURNAL; PATRICK MCMULLAN/PMC (KOCH)
Park Avenue Home
Philanthropist Julia Koch, the The Story of the World’s Richest
widow of billionaire industrialist Apartment Building” by Michael
David Koch, is looking to sell the Gross. Mr. Koch paid about $17
couple’s Manhattan apartment for million in 2004, beating out bil-
roughly $60 million or more. lionaire Leonard Blavatnik, who
Mrs. Koch, 59, has been quietly had a contract on the property,
shopping the 18-room du- the book said. “I took it
plex at 740 Park Avenue, FOR SALE out from under his nose,”
one of New York’s most AROUND Mr. Koch told Mr. Gross.
exclusive addresses, her
spokesman said, because $60 Designed by architect
Rosario Candela, 740
she has been spending
more time at her homes
MILLION Park was built around
1930 and has about 30
18 rooms
in Southampton and Palm units. Jacqueline Ken-
Beach. nedy Onassis lived there
Mr. Koch paid about $17 million in 2004.
In 2018, the Kochs also pur- as a child; wealthy families like
chased a Manhattan townhouse the Vanderbilts, Rockefellers and
for $40.25 million, records show. Bronfmans have also lived there, Israel Englander owns a co-op he was an executive vice presi- vid H. Koch Foundation, a nonprofit
Mr. Koch, who died in 2019, according to Mr. Gross’s book. there, which he purchased for dent until his retirement in 2018. that supports medical research, ed-
bought the co-op at 740 Park from Last year, former Treasury sec- $71.3 million in 2014, according to He used his vast wealth to back ucation and the arts, according to
the Japanese government, which retary Steven Mnuchin sold an records. conservative political causes and the foundation’s website.
had used it as a residence for its apartment in the Upper East Side Mr. Koch’s fortune was tied to candidates, according to an obitu- Leighton Candler of the Cor-
United Nations representative, ac- building for $22.5 million to Lacey his family’s business, Wichita, ary in The Wall Street Journal. coran Group is marketing the
cording to the book “740 Park: Tisch, records show. Hedge-funder Kan.-based Koch Industries, where Mrs. Koch is president of the Da- property. —E.B. Solomont

“ Everything was always very tidy.

Then my family noticed how
disorganized I had become.”
—Theresa, living with Alzheimer’s

When something feels different,

it could be Alzheimer’s.
Now is the time to talk.

3255 Meeting Way

Visit
3 BEDROOMS • 4 FULL, 1 HALF BATHROOMS • PRICE: $2,595,000
Set between the Village Centre and the Clubhouse, this elegant home’s prime corner location
alz.org/ourstories
is just steps from dining and social amenities while its thoughtful architectural plan provides to learn more
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THE WALL STREET JOURNAL. NY / NE Friday, February 18, 2022 | M2A

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Boston (Back Bay), Massachusetts

1 Dalton Street #4203 | $6,875,000
Back Bay Office | 617.266.5200

Palm Beach, Florida Greenwich, Connecticut

299 Tradewind Drive | $19,500,000 969 North Street | $7,300,000
Palm Beach Office | 561.655.6570 Greenwich Office | 203.869.9263

Naples, Florida
209 Ridge Drive | $15,500,000
Naples 720 5th Ave Office | 239.231.3380

Lexington, Massachusetts Westport, Connecticut

85 Shade Street | $3,320,000 5 Stony Point Road | $9,495,000
Lexington Office l 781.861.9600 Darien Office | 203.655.5358

#1 Family-Owned Real Estate Company in the Northeast and Florida

Recognized as the 140 Offices

#1 Luxury Brokerage 4,400+ Sales Associates
by Luxury Portfolio International $21 Billion in Annual Sales
(2018) 8 States - CT, FL, MA, ME, NH, NY, RI, VT

*by Luxury Portfolio International, the luxury arm of the Leading RE Companies of the World, 2018. **William Raveis Real Estate exceeds all other brokers in Market Share in Port Royal, Jupiter Island and Hobe Sound according to the SWFLAMLS and the RAPB Beaches MLS for the time period 1/1/2021 -
11/31/2021. Non-MLS transactions, including non-MLS transactions of William Raveis, are not included in this tabulation. This information deemed reliable but not guaranteed.
M2B | Friday, February 18, 2022
NEW C ANA AN, C T · $12,000,000
Unparalleled beauty, sweeping acreage and an
incomparable retreat in New Canaan.
WEB# WS1693752 | M 203.644.0026
NEW C ANA AN, C T · $7,450,000
This historical New Canaan Manor is an
unsurpassed residence for today’s lifestyle.
WEB# WS1709334 | M 203.979.7609
SC AR SDALE, NY · $6,250,000
Fabulous, renovated 1.44 acre Fox Meadow
Estate with oversized pool and room for court.
WEB# WS2897112 | M 914.629.1940
SC AR SDALE, NY · $ 4,500,000
Stately, sun-entrenched, brick Colonial set on
0.87 acres in the Grange area of Greenacres.
WEB# WS2899482 | M M 914.450.9979
HARRISON, NY · $3,495,000
Striking Sterling Ridge home on 1.16 private
acres with a heated pool and modern interior.
WEB# WS2901832 | M 914.420.5461
IRVINGTON, NY · $2,950,000
Designed with impeccable attention to detail &
beautiful finishes. Beautifully set on 1.3 acres.
WEB# WS2898852 | M 914.261.7458
B RONX VILLE , NY · $2,300,000
Villa BXV 3 bedroom, 3 bath residence with
open plan,chef ’s kitchen, spa like master suite.
WEB# WS2878862 | M 914.262.7460
NE W ROCHELLE, NY · $1,595,000
Beautiful four-bedroom Colonial situated in a
gated community with stunning water views.
WEB# WS2877952 | M 914.424.4651
CORTL ANDT MANOR, NY · $1,350,000
Magnificent light filled Tudor home, with
exquisite style throughout. Original flooring.
WEB# WS2900562 | M 914.263.9108
NE W ROCHELLE, NY · $949,000
A sprawling, custom built 1974 home in the
sought-after Wykgall section of New Rochelle.
WEB# WS2896642 | M 914.548.1628
BALDWIN PL ACE , NY · $600,000
Set in a charming neighborhood with 4 bedrooms,
3 baths and almost an acre of land.
WEB# WS2900942 | M 914.588.5117
HOULIHANL AWRENCE @HOU LIHAN RE
H O U L I H A N L A W R E N C E . T H E P O W E R O F L E A D E R S H I P.
GREENWICH, CT · $10,488,000
Experience the best of the Greenwich lifestyle from this New Construction, Ultra-stylish modern Colonial by Hawthorne Development. A long driveway
leads you to this spectacular five plus acres with a salt-water pool and pool house with western views. WEB# WS2898532 | M 203.667.3887
WACC ABUC , NY · $5,950,000
Country estate on 44 acres located in historic
Waccabuc, “New York’s Secret Suburb”
WEB# WS2897832 | M 914.589.2178
RIV ER SIDE , C T · $ 4,500,000
Impeccably maintained 1930’s stone Manor set
high with winter water views in two directions.
WEB# WS2901402 | M 203.249.9978
B EDFORD CORNER S, NY · $3,495,000
Spectacular renovated classic, gated brick
Georgian Colonial.
WEB# WS2901182 | M 914.841.1919
WACC ABUC , NY · $2,850,000
A privacy-filled Waccabuc getaway, completely
turn-key with a pool and tennis court.
WEB# WS2841392 | M 914.806.5470
G REENWICH, C T · $2,295,000
Chic, contemporary living in coveted private
association minutes to downtown Greenwich.
GreenwichModernLiving.com | M 203.705.9680
POUND RIDG E , NY · $1,575,000
Remarkable Colonial on nearly four acres in a
desirable secluded location.
WEB# WS2900352 | M 631.680.2974
THORNWOOD, NY · $1,300,000
Grand Victorian on a lovely acre. Wrap-around
veranda, upgraded baths, marble fireplace.
WEB# WS2868492 | M 914.469.1156
RYE , NY · $939,000
Own a dream apartment with panoramic water
views in sought-after Milton Harbor House.
WEB# WS2894362 | M 914.879.9795
PAT TER SON, NY · $289,900
Enjoy indoors and out in this nicely terraced
property overlooking Putnam Lake.
WEB# WS2868022 | M 845.721.9405
@HOULIHAN L AWRENCE Source: OKMLS, MHMLS, SmartMLS, GRWMLS, 1/1/2021-12/31/2021, Westchester, Putnam, Dutchess Counties NY, Greater Greenwich, Darien, New Canaan, total dollar volume sold/rented combined.
NY
1
No.
ARMONK, NY · $5,789,000
Magnificent 12,827 square foot home on 2.42
acres with a pool, putting green and theater.
WEB# WS2842652 | M 415.272.8788
L ARCHMONT, NY · $3,999,000
This Hamptons-style shingle Colonial has six
bedrooms, 5.5 baths and close to 5500 square feet.
WEB# WS2902162 | M 917.658.5917
RYE , NY · $3,495,000
Hip, cool NYC living in the heart of Rye. The
only available flat in this enclave.
WEB# WS2884252 | M 914.393.0536
SLEEPY HOLLOW, NY · $2,700,000
Enjoy Hudson River views from this custom-built
home with proximity to train and Riverwalk.
WEB# WS2900532 | M 914.261.7458
B RIARCLIFF M A NOR , NY · $1,985,000
Stunning Contemporary on cul-de-sac, 1+ acre
property, over 6,200 square feet, free form pool.
WEB# WS2900692 | M 914.420.8155
PAWLING , NY · $1,549,000
Rare opportunity to own this nursery and
florist with single-family home on 3.9 acres.
WEB# WS2879782 | M 914.584.7665
L ARCHMONT, NY · $1,199,000
Utterly charming 5-bedroom staggered Tudor in
a little coveted, walk to all Larchmont neighborhood.
WEB# WS 2902452 | M 914.420.8665
CH APPAQUA , NY · $919,000
Gracious home with chef ’s kitchen, fireplace,
library/office, babbling brook with bridge.
WEB# WS2901432 | M 914.610.6334
OSSINING , NY · $119,900
Ideal second floor location allows the sun to
shine and provides lovely park-like views.
WEB# WS2889162 | M 914.522.1185
Real Estate
Brokerage
WESTCHESTER, PUTNAM, DUTCHESS
& FAIRFIELD COUNTIES
B RONX VILLE , NY · $5,480,000
This home promises the ideal blend of traditional
craftsmanship and luxurious comfort.
WEB# WS2863542 | M 914.715.6052
POUND RIDG E , NY · $3,950,000
Gated, private country compound redesigned
for today’s lifestyle of work and entertainment.
WEB# WS2890162 | M 914.393.2795
B EDFORD CORNER S, NY · $3,495,000
A perfect Bedford Estate setting with dual
offices, entertaining level and inviting pool.
WEB# WS2867942 | M 914.806.4222
C ARMEL , NY · $2,500,000
Design, materials and texture marry perfectly
creating luxury. Time to pick finishes.
WEB# WS2890242 | M 914.374.5852
RIVER SIDE , C T · $1,795,000
Charming and tastefully renovated five bedroom,
three bath oasis in the heart of Riverside.
WEB# WS2901142 | M 203.945.9006
GARRISON , NY · $1,495,000
Sited on 19.5 acres and almost 6000 square feet
of living space. Main floor primary suite.
WEB# WS2876312 | M 914.474.0111
COLD SPRING, NY · $1,100,000
A pristine home in Village setting offers access
to all, trains and the Hudson Valley.
WEB# WS2870692 | M 914.548.1843
PELHA M , NY · $875,000
This Side Hall Colonial has four bedrooms and
two baths on a cul-de-sac with views.
WEB# WS2901352 | M 914.552.1420
Warm Up
To Wonderful
E X P LO R E O U R
GALLERY of HOMES
TO F I N D YO U R H O M E N O R T H O F N YC
Simply activate the camera on your phone or tablet, and hold it over the QR code.
THE WALL STREET JOURNAL.
SC AR SDALE, NY · $8,800,000
Majestic Murray Hill Estate set on 4.12 manicured
park-like acres with pool and tennis court.
WEB# WS2878062 | M 914.523.0772
ARMONK , NY · $6,700,000
Luxurious amenities, beautiful finishes and
smart home technology in a great location.
WEB# WS2856592 | M 914.844.7259
DARIEN , C T · $ 4,575,000
Beautifully renovated, one-of-a-kind home
with pristine landscaped surroundings
WEB# WS2889072 | M 203.246.7518
B RONX VILLE , NY · $3,750,000
This magnificent French Normandy Tudor is a
spectacular find presiding over 1.5 acres.
WEB# WS2862772 | M 914.715.6052
G REENWICH, C T · $2,995,000
Classic white clapboard home has been renovated
like new in 2020 on coveted Park Avenue.
ParkAvenueinGreenwich.com | M 203.705.9680
ARMONK, NY · $2,395,000
Enjoy luxury resort-style living in your own
backyard with pool, patios, & formal rooms.
WEB# WS2857942 | M 914.450.6566
G R ANITE SPRINGS, NY · $1,600,000
Your dream house, your smart house with all
the bells and whistles, geothermal and solar.
WEB# WS2869392 | M 914.907.0881
MAMARONECK, NY · $1,399,900
Enjoy the ultimate seaside lifestyle on this direct
waterfront overlooking Guion Nature Creek Preserve.
WEB# WS 2902492 | M 914.420.8665
HUDSON, NY · $1,025,000
An impressive example of French Empire
architecture with a separate apartment.
WEB# WS2899182 | M 917.755.2640
B RONX VILLE , NY · $869,000
Updated kitchen with adjacent family room,
open living room & glass enclosed dining room.
WEB# WS2892212 | M 914.523.0824
THE WALL STREET JOURNAL.
FOR SALE
$7.295
MILLION
5 bedrooms,
6,100 sq. ft.,
1.5 acres
Ghislaine Maxwell’s Onetime
Home Goes on the Market
A secluded waterfront mansion
in Massachusetts where Ghislaine
Maxwell, the convicted sex traf-
ficker and longtime Jeffrey Ep-
stein confi-
dante, lived
before her ar-
rest is coming
on the market
for $7.295 mil-
lion.
Known as
the Phippen-
Smith house,
the beige clap- Ghislaine
board home is Maxwell in 2016.
in the town of
Manchester-by-the-Sea, about 25
miles north of Boston on Cape
Ann. The house is owned by Tide-
wood LLC, a limited liability com-
pany tied to Ms. Maxwell’s former
romantic partner Scott Borgerson,
according to property and court
records.
The couple lived together at
the home for a brief time before
Ms. Maxwell’s 2020 arrest in New
Hampshire, Mr. Borgerson con-
firmed, although he wouldn’t say
specifically when the British so-
cialite moved in. He also declined
to comment on media speculation
about whether he and Ms. Max-
well were ever legally married.
In December, Ms. Maxwell was
found guilty of sex trafficking mi-
nors, capping a push by federal
Tucson, Arizona
The Residences at The Ritz-Carlton Residences, Dove Mountain are not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C. Dove Mountain Investors, LLC uses The Ritz-Carlton marks under license from The Ritz-Carlton
Hotel Company, L.L.C. Access to and use of the recreational amenities of The Golf Club at Dove Mountain requires payment of monthly Club membership dues. This is not an offer of solicitation where prohibited by law. Prices, plans,
amenities, availability and improvements referenced herein are subject to change without notice. Sales are conditional upon buyer’s receipt and acceptance of the Arizona Subdivision Public Report.
Friday, February 18, 2022 | M3
PRIVATE PROPERTIES
The house was built circa 1660.
project costing an additional $2.5
million, he said. He made struc-
tural changes to make way for a
complete rejiggering of the floor
plan, making tiny rooms into large
ones. The home now has five bed-
rooms spread across roughly
6,100 square feet.
In 2019, Tidewood took the
Sharksmouth trustees to court af-
ter they opposed Mr. Borgerson’s
plan to construct a natural swim-
ming pool and a two-story garage
with an in-law apartment. The
trustees countersued, naming
both Mr. Borgerson and Ms. Max-
well as defendants.
A judge ultimately ruled in
Tidewood’s favor in 2020, court
records show. The trustees didn’t
respond to requests for comment.
While only about 1.5 acres, the
Borgerson property comes with
access to a coastal path that
Tidewood LLC paid $2.45 million in 2016.
winds around the 40-acre
Sharksmouth estate, Mr. Borger-
son said.
Manchester-by-the-Sea was
made famous by the 2016 film of
the same name. Starting in the
late 1800s, the area morphed from
JUSTIN ANFUSO/ANFUSO IMAGING (3); SYLVAIN GABOURY/PMC (MAXWELL); FRANK COUSINS COLLECTION/NEG. NO. 3060/PHILLIPS LIBRARY/PEABODY ESSEX MUSEUM (HISTORICAL)
small fishing village into a haven
for wealthy families from Boston,
Chicago and New York, who built
summer resi-
dences there to
escape the city
heat, according
to the Manches-
ter Historical
Museum.
Real-estate
agent Tracy
Campion of
Campion and
Company, who
has the listing
with Ryan Clu-
nan, said she
sold a $20 mil-
lion house on
to determine its provenance. the same street in 2020. She de-
While the home has been al- scribed the Borgerson property as
The renovation cost $2.5 million.
tered significantly since its origi- incredibly secluded. “You drive
nal construction, key pieces of the down a long driveway, and it’s all
prosecutors to bring her to justice situation from conduct decades original house still remain, he said. trees,” she said. “Then, it opens
for what they said was her role in ago,” said Mr. Borgerson, former The house is now part of an en- up on top of a bluff with mesmer-
helping Epstein sexually abuse un- CEO of CargoMetrics, a shipping clave known as the Sharksmouth izing views.”
derage teens. Her lawyers have data analytics company. Brian Estate, which includes several Ms. Campion and Mr. Clunan
asked a federal judge to grant her Basham, a friend of the Maxwell other homes owned by a trust tied said they don’t expect the Max-
a new trial, saying that a juror’s family who has served as their to descendants of former owners well connection to affect the sale-
responses to questions about sex- spokesman, confirmed that Ms. of the estate. Mr. Borgerson said ability of the home. “We believe
ual abuse violated her right to a Maxwell had no ownership stake he became aware of the Phippen- the beauty of the house and the
fair trial, The Wall Street Journal but declined to comment further. Smith house after renting another location will surpass or outweigh
reported. Attorneys for Ms. Max- The Phippen-Smith house has a house at Sharksmouth. He ran into the connection,” Mr. Clunan said.
well didn’t respond to requests dramatic history of its own. It is the former owner of the Phippen Mr. Borgerson resigned from
for comment. believed to have been built around house, who told him he would be CargoMetrics in 2020, and said he
Mr. Borgerson said he controls 1660 in Salem, Mass., then moved open to selling the property. Tide- is working on a new startup.
the Tidewood company and that by barge in 1917 and reconstructed wood LLC paid $2.45 million for —Katherine Clarke
Ms. Maxwell has no ownership on its current site in the 1930s, the house in 2016, records show.
stake. “She was here years ago, said Mr. Borgerson, who said he After buying the house, Mr. Jon Bon Jovi lists Manhattan
but actually left when this thing enlisted the help of a friend at the Borgerson embarked on an elabo- condo for $22 million. M10
started to rear its ugly head—her Peabody Essex Museum in Salem rate restoration and renovation
SUNSHINE
350
D A Y S
YEAR
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$3 million with custom home sites also available. Championship golf. 45 miles of trails. World-class spa and other services.
(877) 451-7205 | TheResidencesDoveMountain.com
M4 | Friday, February 18, 2022
Ghost Condos
Of NYC
Continued from page M1
some cases, construction difficul-
ties and developer infighting.
Here’s a look at some of the
projects that remain in limbo:
One Seaport
One Seaport, designed by Hill West
Architects, and developed by Fortis
Property Group, the company
known for the redevelopment of
Long Island College Hospital in
Brooklyn, was designed to have
custom-engineered glass walls, a
private, attended port cochere, and
a health club with a floating glass-
edged infinity pool. The 46th-floor
apartment that Ms. Gerstman
signed on to buy was a midrange
unit in the building, which had
prices starting at around $1.2 mil-
lion for studios and one-bedrooms,
and a four-bedroom penthouse
asking $18 million.
Ms. Gerstman learned some-
thing was amiss months after she
signed the contract when she spot-
ted a story in the press about a
lawsuit between the building’s de-
veloper and the company leading
construction. The construction
manager, Pizzarotti, filed suit
against Fortis in New York State
Supreme Court in March 2019 al-
leging that it was unable to pro-
ceed with construction of the
tower safely because the structure
was leaning roughly 3 inches from
vertical, a problem Pizzarotti al-
leged was due to Fortis’s decisions
regarding the site preparation. Piz-
zarotti did not respond to multiple
requests for comment.
In its lawsuit, Pizzarotti alleged
that leaning made it challenging
to install the building’s curtain
wall glass exterior, the lawsuit
said, with Pizzarotti warning that
the leaning could result in inoper-
able windows, improper water-
proofing and elevators that
couldn’t withstand high winds.
In a statement, a spokesman
for Fortis insisted that there was
‘This is going to
be hard to
overcome.
No one wants
to buy the
leaning tower
of Seaport.’
Donna Olshan,
Olshan Realty
Explore Your Membership
© 2020 Dow Jones & Company, Inc. All rights reserved. 4DJ7895
THE WALL STREET JOURNAL.
MANSION
no safety issue and blamed Piz-
zarotti for delays at the project.
“Pizzarotti’s lawsuit on the One
The tower was slated
to have yacht-like
interior finishes, but
Seaport project was a pre-emptive
strike to deflect from its fundamen-
tal inability to perform, and the an-
inside it remains a
shell amid a
foreclosure filing.
ticipated legal claims from Fortis,”
he said. He said the building’s
“minimal displacement” isn’t un-
common for buildings of this scale.
Fortis filed suit in August 2020
in New York State Supreme Court
against its lender, Bank Leumi,
which it accused of failing to pro-
vide promised loan payments for
the project. Bank Leumi re-
sponded that Fortis had missed
construction deadlines and peti-
tioned the courts in December
2020 for a judgment to foreclose
on financing attached to the proj-
ect citing unpaid loans, court re-
cords show. A spokesperson for
Bank Leumi declined to comment.
In April 2019, a year after the
scheduled completion date, the
project was only approximately
two-thirds complete, with large
portions of the building remaining
open and exposed to the elements,
Fortis said in court documents in
response to Pizzarotti’s suit. Most
of the contracts—at least 93 of the
99 contracts signed by buyers at
ZACK DEZON FOR THE WALL STREET JOURNAL (2); JASON LEE (MAP)
the building—have been canceled, a
lawyer from Bank Leumi said dur-
ing a court hearing in February
2021 pertaining to the 2020 fore-
closure case. Since May 2021, the
project has been under the care of
a receiver appointed by the court
to protect the property while the
litigation proceeds, the Fortis
spokesman said.
125 Greenwich Street
“Fortis is confident that it will
prevail in these matters and, once $4.63 Starting price
for 3-bedroom
they are resolved, complete the
project,” he said.
MILLION units in 2017
Ms. Gerstman said her deposit
has been repaid but she is fighting
to have an additional $300,000 she
paid for upgrades to the kitchen 125 Greenwich By December 2018, the sales
One World
and staircase returned. She worries To walk past 125 Greenwich Street Trade Center agents at real-estate brokerage
that Fortis could file for bank- these days, one might be forgiven MANHATTAN Douglas Elliman were requesting
ruptcy at the project before she for thinking that the building is permission to slash sales prices to
Hudson 125 Greenwich Street
gets her money back, she said. complete. Look a little closer and River
Brooklyn
meet the deadline, according to
The Fortis spokesman said the it is clear that the shiny glass fa- New York Bridge court documents. That came amid
Stock Exchange
company is engaged in mediation cade of the 912-foot-tall sky- a significant decline in activity in
in an effort to resolve the dispute. scraper hides an empty, unfin- the Manhattan luxury market due
45 Broad Street
A spokesperson for the city’s ished shell of an interior. One Seaport to issues of oversupply, tax policy
Department of Launched in 2017, the building changes and a drop in interna-
Buildings said the was designed as downtown’s an- NY
East River tional buyers as some countries
building’s construc- swer to 432 Park Avenue, the Bil- imposed capital controls.
tion permit has ex- lionaires’ Row megatower, and “[The construction] took a lit-
pired and the even had the same architect, Ra- tle bit longer than we expected
building is under fael Viñoly. The building, buyers by the partners after Mr. Shvo and we sort of missed the win-
stop work orders. were told in marketing materials, was indicted on criminal tax fraud dow,” said Michael J. Campbell,
Donna Olshan, a would have its amenity spaces on charges in 2016. He pleaded guilty chief executive of Carlton Group.
luxury real-estate the top levels of the tower, includ- to second- and third-degree crimi- The sales push wasn’t success-
broker with New ing a lap pool, a sauna and a mas- nal tax fraud in 2018 in New York ful. In July 2019, United Overseas
York-based Olshan sage room, and 273 apartments State Supreme Court, and subse- Bank filed to foreclose against the
Realty who is not below with designs inspired by the quently paid a fine. developers alleging that they had
involved in the interiors of superyachts. When it From the early days of the proj- breached the terms of the deal
project, said she launched in 2017, prices started at ect, there were clashes between Bi- and owed roughly $200 million in
doesn’t think the around $1.2 million for studios, zzi and Cindat, particularly over unpaid loans. Fortress Investment
project has much while three-bedroom units started timing, according to a person fa- Group has since purchased the
hope of luring buy- at around $4.63 million. miliar with the matter, and sales debt and inherited the right to the
ers as long as The original development team were slow. The partners were fac- foreclosure suit. A spokesman for
there are concerns was a partnership between the ing a deadline imposed by their Fortress declined to comment.
about leaning. company Bizzi & Partners Devel- lender, Singapore’s United Overseas Mr. Campbell said he and his
“This is going to opment, the Chinese firm Cindat Bank, that required that at least partners expect all their collective
be hard to over- and local players New Valley, the $100 million worth of apartments equity to be wiped out in a fore-
come,” she said. Carlton Group and Shvo, the New be sold within the first 15 months closure. Meanwhile, the building
“No one wants to York real-estate company led by of sales, according to the foreclo- sits empty. “It just needs a new
buy the leaning Israeli developer Michael Shvo. sure lawsuit filed by UOB in 2019 in parent,” Mr. Campbell said.
tower of Seaport.” Shvo was bought out of its stake New York State Supreme Court. Please turn to page M5
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THE WALL STREET JOURNAL. NY Friday, February 18, 2022 | M4A
M4B | Friday, February 18, 2022 NY THE WALL STREET JOURNAL.

1. Expansive Masterpiece on
the Hudson River
1
165 Charles St. 6BR 6.5 Bath
$53M. Web #19455532
Richard Ziegelasch 917-519-9111

2. 1,700FT Terrace and 8 Room Penthouse

4 East 95th St. 3BR. 3 Bath
$5.995M Web #21365657
Fern Hammond 917-363-1992

3. Terraced Six-Room Jewel

180 East 79th St. 3BR. 3 Bath
$3.7M Web #21485592
Simone Mailman 917-921-4545
Amanda S. Brainerd 917-494-8858

4. One of a Kind
15 Dairy Rd. Greenwich CT
$34.99M Web #170458246
Rob Johnson 203-979-2360

5. Sprawling Layout and Elegant

Details in Every Room
11 East 68th St. 3BR. 3.5 Bath
4 5 $10M Web #21448230
Maria Serena Torresy 917-576-9500
Julianna Simmons 917-913-1918

6. Exceptional Terraced Townhouse

Penthouse
205 East 68th St. 2BR 2 Bath
$3.6M Web #21513477
Bonnie Goldner 917-355-5386
Monika J. Ingram 212-588-5613
Paul Anand 917-207-7847

7. Perfectly Set Among Madison Avenue

172 Madison Ave. 2BR 2 Bath
$2.25M Web #21541688
Scott Harris 646-302-5710
Virtually Staged
6 Virtually Staged
7 8 Reginald Grayson 347-256-9406

8. Sweeping Views, Quiet Elegance

10 East 70th St. 2BR. 2.5 Bath
$2.25M Web #21568620
Rhea F. Stein 917-826-1773

9. Riverfront Village Masterpiece

165 Charles St. 3BR. 3 Bath
$8.8M Web #21517039
Mike Lubin 917-371-6723

10. Stunning Greenwich Village Loft

37 East 12th St. 2BR. 2.5 Bath
$7.65M Web #21346025
Douglas Schubert 646-255-4042
Christie LaRusso 732-233-0343
Ari Harkov 212-381-4246
Warner Lewis 212-381-6590

11. See Forever from the 50th Floor!

15 West 53rd St. 1BR. 2.5 Bath
$2.1M Web #20682883
9 10 Corinne Vitale Quinn 212-906-9249
Linda De Luca 212-906-9208

12. High Floor Corner Apt

with Open City Views
315 West 23rd St. 2BR. 1 Bath
$1.675M Web #21586873
Daniella G. Schlisser 212-906-9348

13. Space, Space and More Space

3725 Henry Hudson Parkway 5BR. 4 Bath
$1.175M Web #21316179
Andrew J. Kramer 212-317-3634
Tobias B. Schapiro 917-846-9846
Ann B. Schapiro 917-922-6817
11 12 Virtually Staged 13
14. Sunny and Historic Upper West Loft
100 West 72nd St. 2BR. 1 Bath
$1.1M Web #21530552
Anna Kahn 917-716-1046
Brandon Bonfils 609-325-0100

15. In the Heart of Historic Carnegie Hill

11 East 92nd St. 1BR. 1 Bath
$875K Web #21216179
Kathleen M. Sloane 212-906-9258
Curtis Sloane 212-906-9292

16. Elegant and Spacious

16 Park Ave. 1BR. 1 Bath
$699K Web #21572092
14 Virtually Staged
15 Virtually Staged
16
Olga Zoria 917-592-6810

All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.
 THE WALL STREET JOURNAL. NY Friday, February 18, 2022 | M5

MANSION
45 Broad Street
In April 2017, developer Madison
Equities, the firm behind 212 Fifth
Avenue, a NoMad condo tower
that drew buyers such as Jeff Be-
zos, hosted a groundbreaking cer-
emony for its latest project, a
roughly 1,115-foot tower it said it
was developing across from the
New York Stock Exchange at 45
Broad Street. The project would
be designed by architecture firm
CetraRuddy for a developer group
that also included Gemdale USA,
the arm of a major Chinese devel-
opment firm, and Pizzarotti, ac-
cording to the invitation.
The building would be an un-
usual addition to the downtown
skyline, with bronze aluminum
cladding and a distinctive crown,
renderings show. The partnership
hadn’t yet revealed the project’s
floor plans and pricing. At the
ceremony, Madison Equities chief
Robert Gladstone and his partners
thrust shovels into the ground,
marking the beginning of the con-
struction, then celebrated with
wine and hors d’oeuvres at the
nearby steakhouse Bobby Van’s.
Nearly five years later, the site
lies vacant. Despite having broken
ground, the developers never se-
cured a timely construction loan
to proceed with the tower.
Michael Daly, co-president of
Gemdale USA, said the company
paused the project before the
Covid-19 pandemic, citing an over-
supply of condos and wavering
demand. Mr. Daly said Madison
Equities and Pizzarotti have since
ZACK DEZON FOR THE WALL STREET JOURNAL (2)
exited the project, after Gemdale
bought the partners out of their
stakes in 2019, though he noted
that Madison stayed on as a con-
sultant for a time. Pizzarotti
didn’t respond to multiple re-
quests for comment.
“It’s smarter to wait for the
market to come back than to sit
with a tower that’s open and
empty for years,” Mr. Daly said.
He said that the company is eval-
uating the supply-and-demand dy-
namics downtown and might look
to tweak its unit mix to smaller
units, but doesn’t have a defini-
tive start date.
“We’re always confident that
we’re going to build this building,
eventually,” he said.
Meanwhile, Madison has re-
cently faced several lawsuits, in-
cluding one from its landlord and
another from an architect vendor,
over allegedly unpaid debts. Court
records show the company’s land-
lord, A & R Real Estate, was
granted a money judgment
against the developer in July 2021
over roughly $365,000 in unpaid
rent at its 105 Madison Avenue of-
fices. The company has since
moved out of their offices, their
lawyer confirmed, and a phone
number listed on Madison Equi-
ties’ corporate website is out of
service.
Christopher E. Chang, a lawyer
for Madison, said the company
was having financial difficulties
but wasn’t trying to shirk its re-
sponsibilities and was planning to
pay its debts.

45 Broad Street

1,115 ft.
The height of the
proposed 45 Broad
Street tower

The site above, located near the New York Stock Exchange, is the location where, nearly five years ago,
developers planned to build a dramatic condo tower. They did not secure a timely construction loan to proceed.

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M6 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

MANSION

Charleston: The Leatherman home was built in the 1930s. Behind

the traditional facade are bright interior spaces.

Chic, Chill

FROM TOP: JULIA LYNN PHOTOGRAPHY (3); KERRY HYNDMAN (MAP); DICKER FAMILY PHOTO
Continued from page M1
we wanted to find a school for
our daughter,” Mr. Dicker says.
The Dickers are among a wave
of buyers who have purchased
property in Charleston since the
onset of the pandemic.
Many fall into one of two cate-
gories, says Terri Lee London, a
real-estate agent with Century 21
Expert Advisors. Some are current
residents who want more square
footage for working from home.
Others have moved to Charleston
from out of state to enjoy a lower
cost of living, slower pace of life
and a family-focused atmosphere.
“If someone can make a Man-
hattan salary but work and live in
Charleston, it makes a lot of
sense,” Ms. London adds.
Overall sales of single-family with buyers. are moving here, and I see lots of
homes in downtown Charleston Cate Leather- kids out on their bikes.”
jumped 22.8% between 2019 and man, 36, grew The history comes with some
2020, and 71% between 2020 and up in the trade-offs because the city wants
2021, according to data from the South of Broad to preserve and protect its
Charleston Trident Association of neighborhood. streetscapes. The city’s Board of
Realtors. Median sales prices rose, She and her Architectural Review must ap-
too, from $975,000 in husband, Hugh prove renovations that alter the
2019 to $1.055 million
in 2021.
Sales of homes in
22.8% ton, S.C., you will have
plenty of company.
Increase in sales of There seems to be a lot
scores of tourists can be seen
snapping photos of the pastel-hue
houses on Rainbow Row that date
Leatherman, a business and real-
estate investor, have bought three
houses on the southern end of the
facades of homes in historic dis-
tricts. Submitted plans must show
that proposed changes match the
Charleston for $1 million single-family homes of interest in the area to the late 1700s. peninsula. period of the building. Ideally, de-
or higher more than in downtown right now,” she says. Still, the area remains popular The Leathermans paid $2 mil- teriorated architectural details,
doubled from January to Charleston between Luxury buyers typi- lion for their current home in May such as gingerbread trim, window
October 2021, the latest 2019 and 2020 cally want turnkey 2017 and moved in the next year shutters and balconies would be
data available, compared homes in the city’s after a renovation costing about repaired rather than replaced.
with the same period in iconic old neighbor- $1 million. Ms. Leatherman says When that isn’t possible, new fea-

71%
2020, according to an hoods, including South the family’s timing was perfect: tures must match the old in de-
analysis by Realtor.com. of Broad and the French Since their purchase, median sales sign, color, texture and materials.
(News Corp, owner of Increase in sales of Quarter, Ms. London prices of single-family homes Buyers should also know that
The Wall Street Journal single-family homes says. The Cannonbor- downtown have increased 27%, the city tends to flood, and not
also operates Real- in downtown ough Elliotborough according to Charleston Trident just during hurricane season. In
tor.com under license Charleston between neighborhood to the Association data. certain areas, flood insurance is
from the National Asso- 2020 and 2021 north also draws profes- Also changing is the character mandatory if homeowners carry a
ciation of Realtors.) Source: Charleston Trident
sionals and young fami- of the neighborhood—for the bet- mortgage. “Downtown is very
The rise is partly Association of Realtors lies. All are walkable to ter, says Ms. Leatherman, who close to water, and there are more
due to a shortage of culinary hot spots like with her husband has two young low-lying areas,” says Matthew
available homes on the market, Husk, Cru Cafe and F.I.G., which children. “There was a time when Fountain, director of the Storm-
which is driving up prices, says stands for Food Is Good. older people were buying homes water Management department.
Danielle Hale, chief economist But some streets can be and using it as their second home, Potential buyers should talk to
with Realtor.com. “If you’re look- crowded with people and cars. On Paul and Page Dicker and their so the streets were pretty sleepy,” neighbors and check flood maps
ing for luxury property in Charles- East Bay Street, for example, daughter moved from Philadelphia. she says. Now, “so many families Please turn to page M7

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 THE WALL STREET JOURNAL.
FROM TOP: PETER FRANK EDWARDS FOR THE WALL STREET JOURNAL (3); ELLIS CREEK PHOTOGRAPHY (2); KEEN EYE MARKETING
$2.65 million
7 bedrooms, 5½ baths
4,432 square feet
This property has an 1880 main
house and a duplex income prop-
erty.
Agent: William Means Real Estate,
Christie’s International Real Estate
AMAGANSETT LUXURY LIVING IN THE HAMPTONS
Being sold furnished and ready to go for Spring/Summer 2022. Situated on 2.44 acres of well landscaped privacy and located opposite South Fork Country Club
and convenient to both ocean, shops and transportation. There is approximately 6,000 sf of living and entertaining space covering 3 levels consisting of 5 bedrooms, 7
full baths, outdoor decks, gallery, open kitchen/dining area with granite countertops, living room with fireplace, office, wine room, game room, gym, sauna and more.
There is an outdoor kitchen with Al fresco dining, heated gunite salt water pool with spa, pool house with fireplace, all weather tennis /basketball court, 2 outdoor
showers and an attached 2-car garage and much more. web# 886136. EXCLUSIVE. $11,995,000. 68FreshPondRoad.com
WILLIAM R. STOECKER, Licensed Real Estate Salesperson I 516.818.4904 (c) I BStoecker@TCHamptons.com
EAST HAMPTON
631.324.8080
NY
MANSION
Mark and Alex Andrews updated the interiors of their home but kept much of the original
floor plan. The dining-room table once belonged to Mrs. Andrews’s grandmother.
FOR SALE IN CHARLESTON
$5.995 million
4 bedrooms, 4½ baths
5,276 square feet
This circa-1756 home
features an updated
kitchen and has histori-
cal details such as
etched-glass windows,
parquet floors and piaz-
zas. The property also
includes a guesthouse,
a swimming pool and a
garage.
Agent: Mary Lou Wertz,
Maison Real Estate
BRIDGEHAMPTON SOUTHAMPTON WESTHAMPTON BEACH MONTAUK MATTITUCK GREENPORT
631.537.3200 631.283.5800 631.288.3030 631.668.0500 631.298.0600 631.477.5990
Friday, February 18, 2022 | M7
maintained by the Federal Emer-
gency Management Agency to un-
derstand the risks, he says.
One of Mayor John Tecklen-
burg’s main initiatives has been to
alter the city’s infrastructure to
increase flood protection. Crews
are tackling 14 flood-relief proj-
ects, including heightening about
1 mile of the city’s battery, a sea
wall and promenade, Mr. Fountain
says. And a 10-year, $200 million
drainage-tunnel project is sched-
uled for completion in 2024.
Improvements like these should
help homeowners like the Leath-
ermans, who live at the southern
end of the peninsula, as well as
Mark and Alex Andrews, who live
just west of the peninsula. Lo-
cated in the Crescent neighbor-
hood, their 1950s house is new, at
least relative to homes downtown.
The Andrews purchased their
five-bedroom, 5½-bathroom home
in August 2020, paying $3.4 mil-
lion, according to public records.
Before moving in, they decided to
dial back on the home’s formal
Southern style inside. “I like a lot
of color—and bright colors,” says
Mrs. Andrews, 33. Mr. Andrews,
39, works in finance for liquor
companies and startups.
They commissioned designer
Stephanie Molster to make the
home more family-friendly for the
couple and their two young chil-
dren. Her challenge was to blend
some of the family’s heirloom furni-
ture with a more playful palette.
For example, the dining-room table,
chairs and rug once owned by Mrs.
Andrews’s grandmother are set off
with magenta grass-cloth wallpaper.
Mrs. Andrews also wanted to
honor family traditions, saying,
“We sit around the dining-room
table that I sat around when I was
a kid.” But she didn’t want any-
thing to be off limits. “I have kids
who eat pizza on the sofa.”
Mrs. Molster says many of her
clients are asking her to redesign
rooms and finishes so they can be
used by everyone in the family. “I
want to elevate spaces so they
don’t feel stuffy,” the Charleston-
based designer says of the new-
old Charleston look. “There are a
lot of people coming to Charles-
ton and starting families. They
want tradition with a youthful
vibe.”
$2.95 million
4 bedrooms, 3½ baths
4,203 square feet
This 1850 home has a second-level
den with a powder room and full
wet bar.
Agent: Ruthie Ravenel, Daniel Rav-
enel Sotheby’s International Realty
TOWNANDCOUNTRYHAMPTONS.COM
M8 | Friday, February 18, 2022
IN THE TRENCHES | AMY GAMERMAN
Agents Play
The Bouncer
Q Have you ever had to kick
someone out of an open house?
HOLLY BRAINERD
Associate broker, O’Dwyer-Brainerd
Team, Daniel Gale Sotheby’s Inter-
national Realty, Stony Brook, N.Y.
There was a line for this showing,
a five-bedroom with 2½ bathrooms
in Three Village, Long Island. I think
we had like 32 sets of buyers, each
with an agent, so easily 100 people.
It was in a very desirable neighbor-
hood, a great school district, and
the house had a lot of potential.
This was before Covid, so we didn’t
have restrictions on how many
people could go in at one time.
I had my associate Joe working
inside the house, trying to keep the
flow going. I was outside, meeting
and greeting and trying to keep ev-
erything peppy so no one’s an-
noyed they have to wait. Then Joe
came out and pulled me aside and
said, “We’ve got a problem. There’s
a woman inside who is refusing to
ROB JACKSON
Real-estate agent, the Corcoran
Group, New York City
I had a Sunday open house in Chel-
sea at a very cool floor-through loft
with a keyed elevator that opens
directly into the apartment—a very
sexy New York City bachelor pad.
The seller was a single man who
lived mainly in New Jersey. The
open house started at noon. I
showed up probably at 11:45 and
started doing the normal things
you do before an open house: turn-
ing on the lights, opening the
blinds, moving from room to room,
    
leave. She has parked herself on
the couch and is telling people that
this is her house.”
I went inside to find out what’s
going on. I can hear somebody with
a raised voice downstairs, where
the main living area is. I go down
and here’s this woman, just sprawl-
ing there, one arm up on the back
of the couch, legs crossed. She was
wearing, like, a muumuu. She re-
minded me of my mother.
People were asking her, “Are you
the owner?” And she was saying,
“No, but I’m gonna be.”
I catch her answering a question
about a feature of the house. It
was a teenage girl who was asking,
“Is this the only bathroom on this
floor?”
I hear this woman say, “Yes it is,
sweetheart, and it’s not enough for
you, you’re a teenager, you need
more bathrooms, you should look
somewhere else.”
just checking and prepping
everything. The door to the
primary bedroom was closed,
which was a little unusual. I
opened the door and there
are two women under the
covers in bed, sound asleep.
The homeowner is no-
where to be seen. After a mo-
ment of standing in the door-
way, I thought, “I have to
wake them up.” I start clear-
ing my throat. One of the
women opens her eyes and
sees me, a 6-foot-4 male
stranger standing in the door-
way and starts screaming.
MANSION
I walked up and said, “Hi, are
you OK?” She said, “Why would
you ask me that?”
I explained that I worked for the
seller and that normally people
don’t sit on the owners’ furniture
during an open house. It’s like using
the bathroom—you don’t do it. And
she says, “All these people are
wasting their time.” And then she
yells, “Because I will outbid you!”
ADVERTISEMENT
I said, “My job is to make sure
everyone has an opportunity to see
the house, and I think you might be
making some people feel uncom-
fortable.” She says, “No, I’m not.”
And then this guy who is also
there for the open house says,
“The hell you’re not, why don’t you
stop flapping your mouth!” Typical
New Yorker.
Joe, my associate, stuck his head
I start shouting, “I’m the
real-estate agent, I’m the real-
estate agent!” I apologized. I
said, “I’m so sorry, I don’t
know if the owner told you,
but we’re having an open
house and it starts in about
eight minutes.”
The women were whisper-
ing to each other in another
language that may have been
Russian. There was definitely
shock, maybe a little annoy-
ance. Once it got through to
them that I was the clearly ho-
mosexual Realtor, they calmed
down. I stepped out of the
THE WALL STREET JOURNAL.
KAGAN MCLEOD (2)
in the door and I told him not to
let anyone else in. I had to stop the
open house while I convinced this
woman to leave. I said, “Look, I
know you love this house, but you
don’t have an agent so you’re going
to have to put in your offer
through me. It’s in your best inter-
est to discreetly and quietly move
on.” She said fine, she would leave.
She never put in an offer.
room, just praying they would some-
how get themselves ready and out
of the apartment in eight minutes.
They washed their faces, picked up
their clothes from the night before,
got out the door, got in the keyed
elevator and waved goodbye. I made
the bed—not the first time I’ve had
to make a bed in my real-estate ca-
reer—and wiped down the wet
spots around the sink. Two minutes
later the first guests arrived.
I never said anything to my
owner and he never said anything
to me. It was almost like they were
never there.
—Edited from interviews

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THE WALL STREET JOURNAL. Friday, February 18, 2022 | M9

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M10 | Friday, February 18, 2022 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Listin’ on a Prayer: He bought the unit for

$18.94 million in 2017.

ANGELA WEISS/AGENCE FRANCE-PRESSE/GETTY IMAGES (BON JOVI); SHANNON DUPRÉ/COMPASS

Jon Bon Jovi to Sell
Manhattan Condo
of lower Manhattan and the Hud-
son River, according to the listing
from Leonard Steinberg of Com-
pass.
The “Livin’ on a Prayer” rocker,
59, purchased the unit for $18.94
million in 2017, records show. An
elevator opens directly into the
apartment, which has east, south
and west exposures and a 40-foot-
long living room with Juliet bal-
conies, according to the listing.
There are floor-to-ceiling
The show is over for FOR SALE windows and a private
Jon Bon Jovi’s Greenwich
Village apartment. The $22
terrace.
Mr. Bon Jovi declined
rocker is putting the
four-bedroom condomin-
MILLION spokeswoman. The New
to comment through a time, he sold a newly built man-
sion nearby for roughly $20 mil-
ment in the West Village for
around $15 million in 2018, re-
up rose for the 13th consecutive
month, according to appraisal
4,000 sq. ft.,
ium on the market for Jersey native also has lion, The Wall Street Journal re- cords show. firm Miller Samuel. Signed con-
4 bedrooms,
$22 million, according to homes in the Garden ported. The Bon Jovi 2022 Tour will tracts for condos $20 million and
river views,
people familiar with the State, the Hamptons and His 15-acre estate in Monmouth kick off this spring with shows up rose 150% year-over-year.
terrace
listing. Palm Beach. County, N.J., was listed for $20 across the country. —E.B. Solomont
Located at the Green- In 2020, Mr. Bon Jovi million in 2020 but is no longer Since the pandemic, Manhat-
wich Lane condo development, bought a waterfront estate in on the market, according to Zil- tan’s luxury market has re-  See more photos of notable
the corner unit spans about 4,000 Palm Beach, Fla., for $43 million, low. In New York City, Mr. Bon bounded. In January, contracts on homes at WSJ.com/RealEstate.
square feet with panoramic views records show. Around the same Jovi sold a three-bedroom apart- properties priced $4 million and Email: privateproperties@wsj.com

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THE WALL STREET JOURNAL. Friday, February 18, 2022 | M11

      


 
 
                 
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 M12 | Friday, February 18, 2022
HOUSE CALL | CHRISTINE BARANSKI
Her Nana’s
Influence
As a child, the actress roomed with
her Polish grandmother, a stage
performer and scriptwriter
M
y grandmother and I
shared a bedroom un-
til I was 8. Nana
moved in after my
grandfather died soon after I was
born. She and my late grandfather
had been actors in local Polish
theater. I became an actress be-
cause of her.
Nana was in her late 50s when
she moved in and spoke beautiful,
fluent Polish. She was no longer
performing on stage when she
CARA ROBBINS/GETTY IMAGES; CHRISTINE BARANSKI (FAMILY PHOTO); LA CORNUE
lived with us, but she co-wrote a
weekly comedy show for a Polish
radio show. I admired her.
In the back bedroom, we had
twin beds. If I woke up scared,
she’d come to my bed and run her
long fingers and fingernails across
my back. She had the most beau-
tiful sense of touch.
I grew up in Cheektowaga, a
suburb of Buffalo, N.Y., with a siz-
able Polish-American community.
Everybody on our street was Pol-
ish, including my best friend,
Suzy, who lived across the street.
Our two-story house had Tudor
touches. In the living room, we
had latticed windows. To this day,
I love that historic look.
Live Where You Deserve
East Dover, Vermont
Near Mt. Snow | $3,900,000 | Cooper Hill | 40.16± Acres
Dia Jenks • 802-238-1549 • djenks@landvest.com
Sudbury, Massachusetts | $5,250,000
999 Concord Road | 34.58± Acres
Abby Gurall White
617-851-0195 • awhite@landvest.com
HQ: Ten Post Office Square, Boston, MA | Phone: 617-723-1800
Christine Baranski with her
grandmother, right, and Mrs.
Seidel, her grandmother’s Polish
radio comedy partner. Top, Ms.
Baranski in Pasadena, Calif., 2020.
One of the perks of rooming
with Nana were her stories. They
opened an entire world for me.
She had wealthy friends who took
her to Europe each year. She’d
Woodstock, Vermont | $3,485,000
Echo Ledge Farm | 91.87± Acres
Story Jenks
802-238-1332 • sjenks@landvest.com
NY / NE
MANSION
come home with photos and tell
me about her visits there.
Nana was an emotionally gen-
erous woman and awakened in me
a love for performers. My father
enrolled me in ballet school when
I was 7. Nana came to my recitals
and critiqued what she saw.
After one girl danced a solo,
she said, “That young woman is
an artist.” I thought, “An artist—if
Nana thinks that, it must be spe-
cial to be an artist.”
I had the deepest love and re-
spect for my mother, Virginia, but
she was not as emotionally gener-
ous.
My father, Lucien, worked for a
Polish newspaper that wound up
going bankrupt. He then began
fundraising for Catholic churches
and schools, which forced him to
travel.
Dad was a big burly man, but
he had high blood pressure. When
I was 8, he died of an aortic aneu-
rysm. Our family was devastated.
Soon after my father died, we
moved to another section of Buf-
falo closer to my mother’s parents
and away from Nana and my be-
loved childhood home.
Gloucester, Massachusetts | $4,425,000 | 129 Atlantic Road | 1.09± Acres
Lanse L. Robb • 978-590-0056 • lrobb@landvest.com
New Marlborough, Massachusetts
$1,525,000 | Cassilis Farm Estate | 20± Acres
Cindy Welch
413-329-3999 • cwelch@landvest.com
Sound Advice, Exceptional Results
My mother’s father was an ar-
chitect who designed Buffalo
schools and churches. He bought
us a little house closer to his
home. Mom took a job in an air-
conditioning factory ordering
parts and I became a latchkey kid.
Nana eventually moved to Florida.
In high school, I kept up with
ballet and worked backstage on
school plays, avoiding auditioning.
I was terribly shy after my fa-
ther’s death.
Fortunately, I had this marvel-
ous drama teacher, Mrs. Miranda
CHRISTINE’S PLACE
Your apartment’s décor? It’s in-
spired by my favorite Paris hotel,
the Duc de Saint-Simon.
The look? The fabrics are rich in
warm, intense French Provencal
colors. My walls are mustard yel-
low, and I’ve got a gorgeous, or-
ange-coral sofa.
The kitchen? It’s perfect and very
French. A lot of blue and white tile,
Tremont, Maine | $1,300,000
Ralph’s Point | 1.9± Acres
Scott McFarland
207-266-4538 • smcfarland@landvest.com
| www.landvest.com
THE WALL STREET JOURNAL.
Curry. She nudged me to audition
for “A Connecticut Yankee in King
Arthur’s Court.” I got the part.
After spending summers in the
Buffalo Theatre Workshop and the
New York State Council on the
Arts program at the University at
Buffalo, I was determined to at-
tend Juilliard.
In the early spring of 1970, I
auditioned but was waitlisted. I
had this thick sibilant “s.” They
called me back and said if I
capped my front teeth to close the
gap and took speech therapy, that
might help. To her credit, my
mother came up with the $500
needed. Then I re-auditioned.
John Houseman, who headed the
drama division, saw my improve-
ment, and I was accepted.
One of the great moments of
my life was rushing downstairs at
Juilliard to tell my waiting mother
the good news.
Today, I’m a New Yorker. I kept
my Connecticut house, but I now
live full time on the Upper East
Side. It’s more convenient for me
given my work. The two-bedroom
apartment is close to Central Park
and my favorite museums.
I wish I still had Nana’s hand
fan, the one she said belonged to
Mae West. True or not, it doesn’t
matter. Nana said the fan did, and
it made for a great story.
—As told to Marc Myers
Christine Baranski, 69, is an
Emmy- and Tony-winning stage,
film and TV actress best known
for her roles in TV’s “Cybill,” “The
Good Wife” and “The Good Fight.”
She currently co-stars in the HBO
series “The Gilded Age.”
and a La Cornue range. 
No latticed windows? Not yet.