***** TUESDAY, JANUARY 31, 2023 ~ VOL. CCLXXXI NO. 24
Edition
DJIA 33717.09 g 260.99 0.8%
What’s
News
Business & Finance
A federal appeals court
rejected Johnson &
Johnson’s use of chapter 11 to
freeze roughly 40,000 law-
suits linking its talc products
to cancer, blunting a strategy
J&J and a handful of other
profitable companies have
used to sidestep jury trials. A1
 India’s Adani Group re-
leased a 413-page rebuttal
to claims made by Hinden-
burg Research but couldn’t
stop the free fall in its
shares and bonds set off
by the U.S. short seller. A1
 Ford cut the price on a
key electric-vehicle model as
the deep discounts enacted
by Tesla ripple through the
auto market and spark com-
plaints by some owners of
the EV maker’s cars. A1
 Samsung Electronics’ op-
erating profit slumped as the
company’s memory-chip and
smartphone businesses grap-
pled with a drop-off in de-
mand and high inventories. B1
 Major U.S. stock indexes
posted declines, with the
S&P 500, Nasdaq and Dow
retreating 1.3%, 2% and
0.8%, respectively. B11
 FTX’s founder attempted
to stall bankruptcy proceed-
ings in the U.S. in order to
transfer assets from his
crypto exchange to foreign
regulators, the DOJ said. B2
 Unilever appointed
Hein Schumacher, the head
of a European dairy coop-
erative, to succeed Alan Jope
as its chief executive. B1
 Nissan and Renault said
they agreed to reorganize
their alliance in a deal that
includes reducing Re-
nault’s stake in Nissan. B3
World-Wide
 The Biden administration
is considering entirely cut-
ting off Chin‘s Huawei from
U.S. suppliers over national-
security concerns by tighten-
ing export controls targeting
the firm, according to people
familiar with the matter. A3
 The DOJ declined to
provide Congress with ad-
ditional information about
classified documents
found at Biden’s home in
Delaware and a Washing-
ton office he once used. A4
 Three Memphis, Tenn.,
emergency medical techni-
cians were fired and two ad-
ditional police officers have
been relieved from duty as
investigations continue into
the death of Tyre Nichols. A3
 Biden will end a national
emergency and public-
health emergency declara-
tion for Covid-19 on May 11,
the White House said, sig-
naling a shift in the nation’s
approach to the pandemic. A3
 The Manhattan DA’s of-
fice is moving to present ev-
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
idence to a grand jury about
hush money Trump alleg-
edly steered to Stormy Dan-
iels, according to people fa-
miliar with the matter. A4
 Zelensky called for the
West to accelerate deliver-
ies of weapons to Kyiv, as
Ukrainian forces battled to
keep Russian troops from
encircling Bakhmut. A6
 Blinken met with Israel’s
Netanyahu in Jerusalem
and planned to meet with
the Palestinian Authority’s
Abbas on Tuesday. A7
 Died: Bobby Hull, 84,
hockey’s “Golden Jet.” A12
CONTENTS
Arts in Review.... A11
Banking & Finance B10
Business News...... B3
Crossword............... A11
Equities....................... B7
Heard on Street. B12
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
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Suspected Suicide Attack Kills at Least 59 in Pakistan Court
Rejects
J&J Plan
To Freeze
Lawsuits
Talc cancer claims can’t
be pulled into new unit
in bankruptcy, blunting
an emerging legal tactic
BY JONATHAN RANDLES
AND PETER LOFTUS
A federal appeals court in
Philadelphia rejected Johnson
& Johnson’s use of chapter 11
bankruptcy to freeze roughly
40,000 lawsuits linking its talc
products to cancer, blunting a
strategy the consumer health
giant and a handful of other
profitable companies have used
FAYAZ AZIZ/REUTERS
to sidestep jury trials.
The Third U.S. Circuit Court
of Appeals dismissed on Mon-
day the chapter 11 case of J&J
subsidiary LTL Management
SHATTERED: Rescue workers and bystanders look through the rubble after a suspected suicide blast targeted a mosque in LLC, which the company cre-
a police compound in Peshawar, Pakistan, on Monday, killing at least 59 people and injuring more than 160. A16 ated in 2021 to move the talc
injury lawsuits to bankruptcy
court and freeze them in place.
J&J is now exposed once again
India’s Adani Struggles to Stop
to talc-related cancer claims
that have cost the company’s
consumer business $4.5 billion
in recent years and are ex-
pected to continue for decades.
Slide From Short Seller Claims
J&J tried to stanch those
costs through an emerging cor-
porate restructuring strategy
that offered J&J and other
companies the protections of
A giant Indian conglomerate the trading week began in companies was in the midst of the pandemic. Shares of Adani bankruptcy, despite their sol-
couldn’t stop the free fall in its Asia. Investors weren’t con- selling shares when the short Enterprises rose 3,000% in the vent balance sheets and solid
shares and bonds set off by a vinced and dumped shares of seller report hit. On Monday, past five years, pushing valua- credit ratings, and put more
U.S. short seller in what has the company on Monday, International Holding Co., an tions to extreme levels. than 250,000 injury lawsuits
grown into a bitter fight over bringing the total value lost to Abu Dhabi-based conglomerate, “Clearly there’s a discon- against the businesses on hold.
$64 billion since last week. said it would purchase $400 nect between valuations and Monday’s decision marks the
By Weilun Soon, The fight could have wide million worth of shares in the fundamentals,” said James first time a federal appeals
Dave Sebastian implications for India’s power public offering. That amounts Thom, senior investment di- court has disapproved of the
and Ben Foldy industry and for its transition to about 16% of the total deal. rector of Asian equities at in- bankruptcy strategy, known in
to clean energy. It has also IHC invested $2 billion last vestment firm Abrdn. legal circles as the Texas Two-
the empire created by one of caused billions of dollars in year in three Adani companies, Short seller Hindenburg Re- Step.
India’s richest and most politi- losses for Indian investors including Adani Enterprises search pricked the bubble with A Johnson & Johnson
cally connected businesspeople. who have helped drive up the Ltd., the group’s flagship. claims of stock-market manip- spokeswoman said the com-
Adani Group, an energy and company’s share price to The company, the namesake Please turn to page A6 pany would challenge Monday’s
infrastructure company, re- stratospheric levels. of India’s richest man, Gautam ruling and that it put its sub-
leased its 413-page rebuttal to Investors in Adani are rush- Adani, looked a lot like the U.S.  Heard on the Street: For sidiary LTL into bankruptcy to
the short seller’s claims just as ing to its aid. One of Adani’s tech stocks that soared during India, a credibility test........ B12 Please turn to page A2
INSIDE EV Rivalry Heats Up as Ford
Joins Tesla in Cutting Prices
DIMITRIOS KAMBOURIS/GETTY IMAGES
JASON SZENES/EPA/SHUTTERSTOCK
BY NORA ECKERT which executives said were The Dearborn, Mich., auto
aimed at making Teslas more maker said its supply chain for
Ford Motor Co. cut the affordable and qualifying its electric vehicles is coming
price on a key electric-vehicle some models for a $7,500 fed- online and it is seizing on
model Monday as the deep eral tax credit. streamlined costs to lower
discounts enacted by Tesla The cuts, though, also have prices. Ford also said the price
Inc. ripple through the auto sparked a backlash from some cuts are a part of the com-
market and spark complaints customers who bought Teslas pany’s plan to keep the vehicle
by some owners of the EV in the weeks before the price competitive in a rapidly
maker’s cars. reductions and paid thousands changing market.
JASON GAY BUSINESS & FINANCE Tesla slashed prices nearly of dollars more for their vehi- “We are not going to cede
The Eagles are a slight Celebrity crypto 20% on some vehicles in mid- cles. In addition, Tesla’s moves ground to anyone,” said Marin
January, an unusually steep have put pressure on rivals Gjaja, chief customer officer of
betting favorite to win endorsers named as markdown. Chief Executive like Ford, which said it was Ford’s electric-vehicle busi-
the Super Bowl, but defendants in suits by
Elon Musk highlighted last cutting prices of its electric ness. He said that the com-
don’t tell them that. A12 burned investors. B1 week how demand has surged Mustang Mach-E SUV by up to pany is keeping its pricing
following the price reductions, 8.8% on some versions. Please turn to page A4
When the Dog U.S. Consumers
Eats Your
Apple AirTag
Start to Slow Down
i i i
Pups are beeping, The end of flush savings accounts
and cheap credit bring down spending
landing at vets;
BY HARRIET TORRY the economy out of a pan-
Luna unperturbed AND JOE PINSKER demic downturn, helping the
U.S. avoid what many econo-
BY DALVIN BROWN The engine of the U.S. mists worried would be a
economy—consumer spend- prolonged slump. Consumers
Colin Mortimer knew there ing—is starting to sputter. snapped up exercise bikes,
was trouble when his dog Sassy
started beeping.
He’d been trying to locate a
Retail purchases have
fallen in three of the past
four months. Spending on
televisions and laptop com-
puters for schoolchildren
during lockdowns. When re-
The future of
Markets..................... B11
Opinion.............. A13-15
lost AirTag, the $29 Bluetooth
device designed by Apple Inc. to
services, including rent, hair-
cuts and the bulk of bills,
strictions were lifted, they
rushed back to their favorite multicloud data
help people keep tabs on their was flat in December, after restaurants and travel desti-
Personal Journal A9-10
Sports........................ A12
Technology............... B4
U.S. News............. A2-4
keys, luggage and other per-
sonal items. This particular
adjusting for inflation, the
worst monthly reading in
nations.
And they kept spending,
protection is here.
World News. A6-7,16
AirTag normally attaches to his nearly a year. Sales of exist- helped by government stimu- Protect your business with modern,
other dog’s collar, letting him ing homes in the U.S. fell last lus, flush savings accounts
keep track of her location. year to their lowest level and cheap credit, even as in- simple and resilient solutions.
> After looking under the since 2014 as mortgage rates flation picked up. Faced with
couch and table and enlisting rose. The auto industry Please turn to page A8
his girlfriend to help search posted its worst sales year
their two-bedroom house in in more than a decade.  Impact of earlier rate Learn More
Washington, D.C., Mr. Mortimer It’s a stark turnaround increases weighs on Fed.... A2 Dell.com/DataProtection
turned to his iPhone. from the second half of  Banks brace for increase in
Please turn to page A8 2020, when Americans lifted delinquent loans.................... B10
A2 | Tuesday, January 31, 2023
Impact of Earlier Hikes Weighs on Fed
Key question is how
much more will prior
rate increases slow
economy this year
BY NICK TIMIRAOS
Federal Reserve officials’ de-
liberations this week over how
much more to raise interest
rates will hinge on how much
they expect the economy to
slow this year.
Key to those discussions at
their two-day policy meeting
will be estimating how much
their previous rate increases
will cool growth and inflation
over time, or what Nobel Lau-
reate Milton Friedman called
the “long and variable” lags of
monetary policy.
“There will be a lot of think-
ing about ‘Are the effects we’re
getting about on the track that
we expected? Are they coming
sooner, or are they coming big-
ger?’ ” said William English, a
former senior Fed economist
who is a professor at the Yale
School of Management.
Quarter likely this week
Fed officials are lifting rates
to lower inflation by restrain-
ing growth. They are likely to
raise their benchmark federal-
funds rate on Wednesday by a
quarter percentage point to a
range between 4.5% and 4.75%,
extending the most rapid ad-
justment in interest rates since
the early 1980s.
If the lags are long, last
IMF Forecasts a Sunnier 2023 for Global Economy
BY YUKA HAYASHI
WASHINGTON—Resilient
demand, easing inflation and
China’s reopening should allow
the global economy to grow a
bit faster than previously ex-
pected, the International Mon-
etary Fund said.
In its latest World Economic
Outlook, released Monday
Washington time, the IMF sees
the global economy growing
2.9% this year, up from its Oc-
tober projection of 2.7%. The
IMF expects growth to acceler-
ate to 3.1% in 2024, still less
than last year’s 3.4%.
“The year ahead will still be
challenging,” said Pierre-Oliv-
ier Gourinchas, the IMF’s chief
economist. “But it could well
represent the turning point,
with growth bottoming out and
inflation declining,” he said.
The IMF’s view, while still
cautious, marks a notable shift
in tone from October, when its
economists warned global re-
J&J Can’t
Freeze Talc
Lawsuits
Continued from Page One
equitably resolve the talc litiga-
tion for current and future in-
jury claimants.
J&J’s share price fell 3.7%
on Monday, closing at $162.
The court’s decision could
mark tougher scrutiny of the
legal tactic, which would make
it harder for big companies to
move past potentially costly
and time-consuming personal-
injury litigation. For J&J, the
ruling means the talc litiga-
tion—and the billions of dol-
lars in potential liabilities—
could hang over the company
for years, even after it hives
off the consumer-products
business that was home to the
baby powder.
Bankruptcy allows compa-
nies swamped by lawsuits to
drive settlements of legal lia-
bilities through a chapter 11
plan and stop litigation from
advancing in the civil justice
system. But J&J and others in-
cluding Georgia-Pacific LLC,
U.S. units of Ireland’s Trane
Technologies PLC and France’s
Cie. de Saint-Gobain SA have
gotten access to those benefits
in recent years without filing
bankruptcy themselves. They
created new subsidiaries with
limited operations under Texas
law, filled them with tort lia-
bilities and placed them in
chapter 11.
Personal injury claimants
and other critics have argued
these solvent businesses
shouldn’t get the reprieve from
litigation without subjecting
their core businesses to bank-
The Fed raised its benchmark rate last year at the most rapid pace since the early 1980s.
Effective federal-funds rate
20%
RECESSION
15
10
5 0.25
0 0 Units in buildings with five units or more
1980 ’90 2000 ’10
*Seasonally adjusted †Six-month moving average
year’s rate increases are just
beginning to work their way
through the economy and will
strongly curb economic activity
in the year ahead. That implies
the Fed doesn’t have to raise
rates much more or keep them
high for very long.
But if the lags are shorter,
the previous hikes have largely
taken effect already and the
central bank could decide it has
to raise rates higher or hold
them high for longer to achieve
the desired effect.
Moderating the pace of rate
rises would give the Fed more
time to study the effects of its
moves. A quarter-point in-
crease this week would slow
them for a second consecutive
meeting after officials raised
rates by a half point last month
and by 0.75 point at four con-
secutive previous meetings.
cession was a significant risk.
“With a global growth rate
at 2.9%, we are well away from
any sort of global recession
marker,” Mr. Gourinchas said
during a press briefing. None-
theless, he warned of downside
risks to the outlook, such as re-
bounding inflation and the war
in Ukraine.
Several developments in the
past few months contributed to
the shift in the IMF’s views, its
economists explained. Eco-
nomic growth proved surpris-
ingly resilient in the third
quarter of last year, helped by
tight labor markets, stronger-
than-expected spending by
households and businesses,
and Europe’s swift adaptation
to the energy crisis caused by
the war in Ukraine.
Responding to policy tight-
ening by central banks, infla-
tion is beginning to ease
around the world, with head-
line consumer price inflation
now declining in many coun-
J&J has decided to stop selling baby powder containing talc globally this year.
ruptcy-court oversight.
Consumers who have sued
J&J celebrated Monday’s rul-
ing. Willie Gregory, who said
his wife, Sonna Gregory, died in
2021 from ovarian cancer at
age 59, said the ruling was a
relief because he was worried
J&J would be able to use its
substantial resources to stop
the talc lawsuits and “sweep it
under the rug.”
“It makes me feel like there
is a sense of justice,” Mr. Greg-
ory said. “There are a lot of
folks just like me who have lost
loved ones because of this.”
J&J has denied liability in
Mr. Gregory’s case. J&J, which
has long maintained its talc
products are safe, can request
that all judges on the Third
Circuit review Monday’s deci-
sion, and it could later petition
for review by the U.S. Supreme
Court.
Unless overturned on fur-
U.S. NEWS
Privately owned housing
units under construction*
1.00 million
Single-family units
0.75
0.50
’20 1980 ’90
Sources: Federal Reserve via St. Louis Fed (federal-funds rate); U.S. Census Bureau via St. Louis Fed (units under construction, permits)
Many investors think the
lags are long: They anticipate
the Fed will cut rates later this
year and through 2024 because
they think it has already lifted
them to levels likely to cause a
recession. As a result, medium-
and longer-term interest rates
that are determined by mar-
kets, including for most U.S.
mortgages, have stopped rising
or have fallen even though the
Fed has continued raising
short-term rates.
Economists at Goldman
Sachs see shorter lags. They
say markets’ pessimism is over-
done, and they are among
those who think the economy
will prove more resilient than
anticipated, which could call for
a longer period of higher rates.
“While the consensus wor-
ries that the lagged effect of
rate hikes will cause a recession
IMF projections for the global economy
8%
World
6 less of a drag this year, with its
4 last year.
2 at 1.2% this year, up 0.1 per-
0 from 2.7% for 2022.
2021 ’22 ’23 ’24 ’21
*Includes China
tries, including the U.S.
In 2022, China’s economy
sagged under ever stricter
lockdowns to suppress the
spread of Covid-19, which
weighed on global growth. Bei-
jing eventually gave up and has
largely reopened its economy,
which is expected to give a sig-
nificant boost to global
ther appeals, the appellate rul-
ing could pose challenges for
J&J as it is preparing to sepa-
rate the consumer-health busi-
ness that sells Johnson’s Baby
Powder into a standalone com-
pany to be called Kenvue.
J&J has decided to stop sell-
ing baby powder containing
talc globally this year, and in-
stead will sell only powder
made out of cornstarch. It pre-
viously stopped talc powder
sales in the U.S. and Canada,
citing lower demand amid
safety concerns.
After the separation, the re-
maining J&J, which will con-
sist of pharmaceutical and
medical-device units, will re-
tain the talc-related liabilities
for products sold in the U.S.
and Canada. Kenvue will be re-
sponsible for liability arising
from products sold outside the
U.S. and Canada, according to
a Kenvue securities filing. J&J
2000 ’10 ’20
this year, our model says the
opposite—the drag on [gross
domestic product] growth from
monetary policy tightening will
diminish substantially in 2023,”
said David Mericle, chief U.S.
economist at Goldman Sachs.
Some Fed officials say inter-
est-rate moves influence the
economy faster because they
communicate their policy inten-
tions far more explicitly than in
the past. Thirty years ago, for
example, the Fed didn’t tell the
public whether it had made any
rate changes at its meetings.
“The market had to go figure
out that the Fed was in there
doing something. In that world,
policy takes a while” to influ-
ence the economy, Fed gover-
nor Christopher Waller said
earlier this month. By contrast,
today’s Fed provides guidance
about its coming moves, short-
April 2022
U.S. Euro area
’22 ’23 ’24 ’21 ’22 ’23
growth. China’s economy is
projected to expand 5.2% this
year, up from 3% in 2022, and
significantly faster than the
4.4% expansion the IMF had
projected in October.
As inflation pressures
started to ease, so did financial
conditions. For instance, long-
term interest rates have
expects to complete the sepa-
ration of Kenvue this year.
J.P. Morgan analyst Chris
Schott estimates J&J’s liabili-
ties for talc could end up in
the range of $8 billion to $10
billion. Monday’s ruling, if up-
held, could prolong by several
years the time it takes for J&J
to resolve the talc litigation
CORRECTIONS 
AMPLIFICATIONS
Clothing company Tove
is based in the U.K. An Off
Duty article on Saturday
about white shirts incor-
rectly called it a Danish la-
bel.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
****
New privately owned housing units
authorized in permit-issuing places†
2.0 million
1.5
1.0
0.5
0 rope in them.”
1980 ’90 2000 ’10
ening the lags. “I think we’re
seeing a lot of the impact for
monetary policy coming
through in the next quarter,”
Mr. Waller said.
Economists split on lags
Others say this overlooks im-
portant changes that have ex-
tended the lags. Even if Fed offi-
cials have shortened the time it
takes between changing its
benchmark rate and influencing
financial conditions, they ha-
ven’t shortened the time it takes
financial markets to influence
economic activity. Those sec-
ondary effects may be taking
longer now than in the past be-
cause of pandemic-fueled dis-
tortions, said Aneta Markowska,
chief economist at Jefferies LLC.
In 2020-2021, the govern-
ment’s response to the pan-
demic—showering cash on
July 2022 October 2022 January 2023
Emerging market/
developing* China
’24 ’21 ’22 ’23 ’24 ’21 ’22 ’23
Source: International Monetary Fund
dropped, which helped some
economic activity such as U.S.
new home sales. The dollar’s
retreat after last year’s steep
ascent provided some relief to
emerging economies by lower-
ing the prices of imported
food, fuel and debt payments.
Emerging market and devel-
oping economies are leading
because the claims won’t be in
a consolidated bankruptcy
proceeding, Mr. Schott said in
a research note.
The court ruling could also
affect 3M Co., according to le-
gal observers. The company is
using a similar plan to attempt
to resolve about 230,000 per-
sonal injury claims involving
its military earplugs through
an affiliate’s bankruptcy case. A
3M spokesman said it contin-
ues to support its bankrupt
earplug unit, Aearo Technolo-
gies LLC, in a confidential me-
diation process.
J&J agreed to fund any set-
tlement reached in LTL’s bank-
JUSTIN SULLIVAN/GETTY IMAGES
ruptcy case to resolve claims
that Johnson’s Baby Powder
and Shower to Shower caused
ovarian cancer or contained as-
bestos. Because of that back-
stop, the appeals court said the
LTL subsidiary wasn’t in finan-
cial distress, a requirement for
accessing the powerful legal
tools of chapter 11.
The company has argued
that resolving the lawsuits in
a chapter 11 plan is more effi-
cient and fair for injury
claimants than litigating or
settling each claim one by
one. The judge overseeing
LTL’s bankruptcy case agreed
last year, saying that the J&J
subsidiary acted in good faith
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THE WALL STREET JOURNAL.
households with stimulus
spending and reducing borrow-
ing costs for consumers and
businesses—prevented the
usual crisis pattern of rising
joblessness that amplifies de-
clines in income and spending,
triggering a recession. That left
private-sector balance sheets in
a historically sturdy position.
“We’re in a different world
from the last several business
cycles,” said Donald Kohn, a
former Fed vice chairman. “The
last several cycles haven’t had
pandemics and land wars in Eu-
The Fed’s rate moves didn’t
’20
slow the economy as much
last year as might have been
anticipated because the econ-
omy was still buoyed by fiscal
and monetary stimulus that
was supporting activity, Fed
Vice Chair Lael Brainard said
in a speech this month.
“It is likely that the full ef-
fect on demand, employment,
and inflation of the cumulative
tightening that is in the pipe-
line still lies ahead,” she said.
The construction sector of-
fers a clear example. Strong
demand for housing during
the pandemic, together with
ultralow borrowing costs, ig-
nited a building boom. The
Fed’s rate increases crimped
demand, but supply-chain bot-
tlenecks and a burst of apart-
ment-home construction,
which is at a 50-year high and
takes longer to complete than
single-family housing, means
the construction industry
hasn’t had to lay off workers.
the improved global outlook.
Their growth is projected at
4% this year and 4.2% in 2024,
compared with 3.9% in 2022.
Russia is also expected to be
economy expected to grow
0.3% after contracting 2.2%
Growth in advanced econo-
mies will be relatively subdued
centage point from the IMF’s
October forecast but a slowing
’24
U.S. growth is expected to
slow from 2% in 2022 to 1.4%
this year and 1% next year.
Euro-area growth is expected
to decelerate from 3.5% last
year to 0.7% this year, before
rebounding to 1.6% in 2024.
The U.K., after putting in solid
4.1% growth last year, will see
its economy contract 0.6% this
year. It is the only major ad-
vanced economy the IMF ex-
pects to experience negative
growth.
and for a valid purpose when
it filed for chapter 11.
Judge Thomas Ambro, writ-
ing for the Third Circuit panel,
said the evidence showed that
LTL was “highly solvent” by
virtue of its funding agree-
ment with J&J and had access
to enough capital to meet any
potential talc liabilities for the
foreseeable future. Ignoring
the “safety net” of a parent
company like J&J “would al-
low tunnel vision to create a
legal blind spot. We will not
do so,” he said.
Judge Ambro said the fund-
ing agreement gave LTL access
to as much as $61.5 billion at
the time it filed for chapter 11
as well as direct access to J&J’s
“exceptionally strong balance
sheet.” That value far exceeded
approximately $4.5 billion in
aggregate costs J&J accumu-
lated in the talc litigation over
the past five years, he said.
Judge Ambro, considered a
leading authority on bank-
ruptcy law, said the funding
agreement meant LTL wasn’t
in immediate financial dis-
tress, which would necessitate
a bankruptcy filing. Dismissing
the chapter 11 case would en-
sure that injury claimants’
rights to a jury trial “are dis-
rupted only when necessary,”
he said.
THE WALL STREET JOURNAL.
U.S.
Weighs
Halt of
Huawei
Exports
BY IAN TALLEY
AND SABRINA SIDDIQUI
WASHINGTON—The Biden
administration is considering
entirely cutting off Chinese
telecommunications giant Hua-
wei Technologies Co. from
U.S. suppliers over national-se-
curity concerns by tightening
export controls targeting the
company, according to people
familiar with the matter.
The proposal—should the
administration move forward—
would mark the latest salvo in
the high-stakes clash between
the world’s two largest econo-
mies as U.S. policy makers seek
to counter China’s industrial
policy, which they say threat-
ens Western interests.
The Trump administration
in 2019 added Huawei to the
Commerce Department’s “En-
tity List,” a roster of foreign
companies deemed to be na-
tional-security threats. How-
ever, the Commerce Depart-
ment later agreed to grant
licenses to U.S. companies al-
lowing them to sell technology
to Huawei as long as it
wouldn’t put national security
at risk.
The Biden administration is
now considering no longer
granting such licenses, al-
though no decision has been
made, the people familiar said.
The deliberations were previ-
ously reported by Bloomberg
and the Financial Times.
The U.S. items exempted
from the Huawei blacklist in-
clude less advanced chips used
in the company’s lineup of
smartphones and computers.
Huawei declined to com-
ment. The company, the world’s
largest maker of telecom equip-
ment, has said its products
aren’t a national-security risk.
Officials have signaled to
Qualcomm Inc. and Intel Corp.,
which continue to supply Hua-
wei, that this is a good time to
wind down sales to the Chinese
company, said one of the peo-
ple familiar with the matter.
Intel and Qualcomm declined
to comment.
A Commerce Department
spokeswoman said that the
department doesn’t comment
on deliberations about specific
companies.
—Dan Strumpf
and Robert Wall
contributed to this article.
Birth
Control
Curb
Targeted
BY STEPHANIE ARMOUR
The Biden administration
proposed an end to an exemp-
tion allowing health plans to
exclude coverage of no-cost
birth control on moral grounds,
part of work to protect access
to contraception since Roe v.
Wade was overturned.
The rule proposed on Mon-
day would retain an exemption
allowing private health plans
and insurers to exclude con-
traception coverage based on
religious exemptions. The
Trump administration in 2018
allowed the exemptions on re-
ligious or moral grounds.
“This rule would remove a
big potential loophole for con-
traceptive coverage created by
the Trump administration,”
said Larry Levitt, executive
vice president for health pol-
icy at the Kaiser Family Foun-
dation.
The rule would set up a new
pathway called an individual
contraception arrangement for
people enrolled in health plans
at companies or organizations
that object to birth control to
receive no-cost contraception
through a provider. Organiza-
tions and employers that object
to contraception on religious
grounds wouldn’t be involved
in directly providing birth con-
trol, according to the Centers
for Medicare and Medicaid Ser-
vices, a federal agency.
*****
EMTs Are Fired in Nichols Death
Two more Memphis
officers relieved of duty
amid investigation into
traffic-stop beating
BY SURYATAPA BHATTACHARYA
AND JOSEPH DE AVILA
Three Memphis, Tenn.,
emergency medical technicians
were fired Monday and two
additional police officers have
been relieved from duty as of-
ficials continue investigations
into the death of Tyre Nichols.
The three EMTs were let go
after an internal investigation
into their actions at the scene
of Mr. Nichols’s Jan. 7 encoun-
ter with police following a
traffic stop, the Memphis Fire
Department said.
The review showed they
“failed to conduct an adequate
patient assessment of Mr.
Nichols,” the department said.
The Memphis Police Depart-
ment, meanwhile, said Officer
Preston Hemphill and a second
unnamed officer were relieved
from duty. The two officers’
actions and inactions continue
to be the subject of an internal
investigation, it said.
Police said Officer Hemphill
and the unnamed officer were
relieved from duty at the be-
ginning of the investigation, on
the same date that five other
officers, who have now been
charged in Mr. Nichols’s death,
were suspended.
Officer Hemphill, who par-
ticipated in the initial traffic
stop and the use of a Taser,
will remain on administrative
leave pending the outcome of
its investigation, the depart-
ment said. The department de-
clined to say whether Officer
Hemphill, who has been on the
force since 2018, is being paid.
News of the disciplinary ac-
tion comes after the release of
footage of the Jan. 7 traffic
stop that led to the death of
Mr. Nichols, a 29-year-old
FedEx worker and father.
The footage showed Mem-
phis police officers pulling Mr.
Nichols over and forcing him
from his car. Though Mr. Nich-
ols appears to be subdued at
one point, an officer deploys a
Taser on him and a commo-
May 11 Set as End Date
For Pandemic Emergency
BY SABRINA SIDDIQUI
AND MICHELLE HACKMAN
President Biden will end a
national emergency and pub-
lic-health emergency declara-
tion for Covid-19 on May 11,
the White House said Monday,
signaling a shift in the nation’s
approach to a pandemic that
has claimed more than 1.1 mil-
lion lives in the U.S.
The public-health emer-
gency was first declared in
January 2020, under the
Trump administration, and has
been renewed by 90 days ev-
ery time it was due to expire.
The national health emer-
gency and the public-health
emergency are now set to ex-
pire on March 1 and April 11,
respectively, but the White
Court Rules Drugmakers Potential Fraud Eyed in
Can Put Limit on Discounts $5 Billion in Covid Aid
Pharmaceutical companies
shouldn’t have to send feder-
ally discounted drugs to an
unlimited number of pharma-
By Anna Wilde
Mathews,
Joseph Walker
and Melanie Evans
cies, a federal appeals court
ruled, in a major win for the
drugmakers and a blow to
hospitals and clinics that re-
ceive the low-price medicines.
The ruling Monday, by a
three-judge panel of the Phila-
delphia-based Third Circuit
Court of Appeals, would allow
pharmaceutical companies to
curtail the volume of drugs
they must sell at the dis-
counted rates required under
the federal program, because
they wouldn’t have to apply
the low prices to medications
dispensed by all of the outside
pharmacies contracting with
hospitals and clinics.
In the cases that led to the
U.S. NEWS
Sierra Rogers, a friend of Tyre Nichols, on Monday at a Memphis memorial to the motorist. Below: Officer Preston Hemphill, who with a
second unnamed officer was relieved of duty in the case; and fired EMTs Lt. Michelle Whitaker, Robert Long and JaMichael Sandridge.
tion ensues. Mr. Nichols
breaks free and runs off. After
officers catch up to him, sev-
eral policemen repeatedly hit
and kick Mr. Nichols, including
while he is lying on the
ground and defenseless.
Mr. Nichols died three days
after the encounter.
The Memphis Fire Depart-
ment said its investigation
showed the three fired EMTs
found Mr. Nichols handcuffed
on the ground and leaning
against a police vehicle.
EMTs Robert Long and JaMi-
House said the administration
planned to extend the decla-
rations to May 11 and then
“end both emergencies on that
date.”
The announcement comes
as House Republicans are
poised to vote on a number of
pandemic-related measures,
including a pair of bills that
would terminate both emer-
gency declarations.
Rep. Brett Guthrie (R., Ky.),
the author of one of the mea-
sures, said legislation was nec-
essary because an end to the
emergency was long overdue
and the administration’s “inac-
tion and lack of transparency
on this are unacceptable.”
The GOP-led Covid-19 pro-
posals would face an uphill
battle in the Senate, which re-
decision, drugmakers Astra-
Zeneca PLC, Sanofi SA and
Novo Nordisk A/S had chal-
lenged the Health Resources
and Services Administration,
or HRSA, which oversees the
federal drug-discount program
known as 340B.
The agency had sought to
stop drugmakers from cutting
off supplies of discounted
drugs to certain outside phar-
Program requires
drugmakers to sell
medicines to some
at a steep discount.
macies that contract with the
nonprofit hospitals and clinics
that qualify for the federally
mandated drug markdowns. In
blunt language, the court said
that HRSA and its parent, the
Department of Health and Hu-
chael Sandridge and Lt. Mi-
chelle Whitaker “violated nu-
merous MFD policies and
protocols,” the department said.
Attempts to reach Lt. Whita-
ker and Messrs. Long and San-
dridge were unsuccessful.
Mr. Nichols’s family said he
was fatally beaten. The medical
examiner’s office hasn’t re-
leased autopsy results.
Memphis police officials
fired five officers earlier this
month. The men, all of whom
are Black, have been charged
with second-degree murder,
mains under Democratic con-
trol.
The White House said the
Biden administration “strongly
opposes” an abrupt end to the
Covid-19 emergency status,
and that doing so “would have
two highly significant impacts
on our nation’s health system
and government operations.”
The public-health-emer-
gency designation allows for
certain Covid-19 measures,
such as the suspension of eli-
gibility renewals for people on
Medicaid and the prescription
of controlled substances via
telehealth.
Ending the public-health
emergency also means that Ti-
tle 42, the pandemic-era tool
that has formed a major pillar
of Mr. Biden’s enforcement
man Services, overreached, and
that their effort was unlawful.
The federal agency “claims
that drugmakers must deliver
certain discounted drugs wher-
ever and to whomever a buyer
demands,” the court said. “But
the relevant law says nothing
about such duties.”
A spokeswoman for HRSA
said the agency was reviewing
the opinion. The American
Hospital Association said it
disagreed with the decision
and expected two other fed-
eral appeals courts to agree
with its position.
The decision could poten-
tially be appealed, either to
the full circuit court or the Su-
preme Court.
Under the program, drug-
makers must sell their medi-
cines to certain nonprofit hos-
pitals and clinics at a steep
discount.
The hospitals and clinics
can sell the drugs at a higher
price to patients and their in-
surers.
Tuesday, January 31, 2023 | A3
among other offenses. Mr.
Nichols was also Black.
Lee Gerald, a lawyer for Offi-
cer Hemphill, said his client
was the third officer at the ini-
tial stop of Mr. Nichols.
Officer Hemphill was never
present at the second scene, Mr.
Gerald said. He is cooperating
with the investigation, he said.
Ben Crump and Antonio Ro-
manucci, lawyers for Mr. Nich-
ols’s family, said the Memphis
police owe the public answers
regarding Officer Hemphill.
“Why is his identity and the
The public-health emergency that President Biden plans to end
was declared under the Trump administration in January 2020.
strategy at the southern bor-
der, will end on May 11. Ad-
ministration lawyers believe
removing the underlying basis
for the border policy means it
must end even despite a pend-
ing Supreme Court case on the
policy. That case hinges on a
technical issue—whether Re-
publican-led states have the
right to intervene in a lawsuit
over the policy’s legality.
The administration has
BY AUSTEN HUFFORD
The U.S. government likely
awarded more than $5 billion
in emergency pandemic loans
to applicants that used ques-
tionable and unverified Social
Security numbers, a govern-
ment watchdog said, in the lat-
est example of potential fraud
from Covid-19 relief initiatives.
The Pandemic Response Ac-
countability Committee, an
oversight panel that monitors
pandemic-related government
spending, said Monday that it
had identified 69,323 loan re-
ceivers who had used Social
Security numbers that weren’t
issued legitimately or didn’t
match other information.
That is a sign, the panel
said in a report, that the gov-
ernment loans might have
gone to organizations that
didn’t deserve them or had re-
quested aid fraudulently, a
finding that a House oversight
panel might discuss at a
Wednesday hearing about
waste and fraud in pandemic
spending.
CLOCKWISE FROM TOP: GERALD HERBERT/ASSOCIATED PRESS; MEMPHIS FIRE DEPARTMENT (3); MEMPHIS POLICE DEPARTMENT/REUTERS
role he played in Tyre’s death
just now coming to light?” the
lawyers said in a joint state-
ment. “It certainly begs the
question why the white officer
involved in this brutal attack
was shielded and protected
from the public eye, and to
date, from sufficient discipline
and accountability.”
The Shelby County District
Attorney’s office said Monday
more charges may be forthcom-
ing in the case.
—Ginger Adams Otis
contributed to this article.
CHIP SOMODEVILLA/GETTY IMAGES
started planning in earnest for
the policy’s sunset, moving to
begin rapid asylum adjudica-
tions at the border that could
be completed in a matter of
days and preparing to issue a
new policy, colloquially known
as the transit ban, which
would make migrants who
cross the border illegally ineli-
gible for asylum if they fail to
ask for protection in a country
along their journey first.
The report released on
Monday focused on two pro-
grams aimed at providing as-
sistance to small businesses.
The Small Business Admin-
istration provided nearly $1.2
trillion in assistance to small
businesses and their employ-
ees through two efforts, the
Economic Injury Disaster Loan
program and the Paycheck Pro-
tection Program, the watchdog
said. Many of the loans don’t
have to be paid back if certain
benchmarks are met, such as
keeping workers employed.
The committee worked with
the Social Security Adminis-
tration to analyze Social Secu-
rity numbers from more than
33 million applicants to the
two programs. It found that
$5.4 billion in loans were given
to 69,323 applicants whose in-
formation didn’t match gov-
ernment data. That amounts
to 0.45% of the total amount of
loans that were given out.
The Small Business Admin-
istration said it was commit-
ted to tackling identity theft
and other types of fraud.
A4 | Tuesday, January 31, 2023
House’s Document-Probe Request Denied
DOJ says disclosure of
records in Biden papers
investigation would
violate its policy
BY C. RYAN BARBER
The Justice Department de-
clined Monday to provide Con-
gress with additional informa-
tion about classified
documents found at President
Biden’s home in Delaware and
a Washington think-tank office
he once used, laying the
groundwork for expected
clashes with House Republi-
cans as they mount a wide-
ranging investigation into fed-
eral law enforcement.
In a request earlier this
month, House Republicans set
a Jan. 27 deadline for the de-
partment to turn over commu-
nications and other records
related to the discovery of the
documents at the president’s
residence and an office he
once used at the Penn Biden
N.Y. Grand Jury
Will Hear Trump
Hush-Money Case
BY CORINNE RAMEY
The Manhattan district attor-
ney’s office is moving to present
evidence to a grand jury about
hush money Donald Trump al-
legedly steered to adult-film ac-
tress Stormy Daniels, according
to people familiar with the mat-
ter, raising the prospect the for-
mer president could face crimi-
nal charges in New York.
The hush-money investiga-
tion began under the prior ad-
ministration of Cyrus Vance Jr.
but went largely dormant be-
fore the current district attor-
ney, Alvin Bragg, took office. It
gained steam under Mr. Bragg
recently after Mr. Trump’s fam-
ily business, the Trump Organi-
zation, was convicted of crimi-
nal tax fraud and other
offenses late last year, The Wall
Street Journal has reported.
Mr. Bragg’s office is pursu-
ing a separate line of inquiry
related to potential insurance
fraud by the Trump Organiza-
tion, according to people fa-
miliar with that investigation.
The status of that part of the
probe couldn’t be learned.
A spokeswoman for the dis-
trict attorney’s office and Ronald
Fischetti, a lawyer for Mr.
Trump, declined to comment. Mr.
Trump has denied wrongdoing.
A spokeswoman for the
Trump Organization noted that
federal prosecutors hadn’t
charged Mr. Trump after previ-
ously examining the hush-
money allegations. “This is just
the latest act by the Manhattan
DA in their never ending, polit-
ically motivated witch hunt,”
the spokeswoman said.
The grand-jury presentation
was earlier reported by the
New York Times. It couldn’t be
determined whether the district
attorney’s office was pursuing
charges against Mr. Trump, the
company or others involved in
EV Makers
Step Up
Price War
Continued from Page One
competitive and reducing cus-
tomer wait times.
Analysts had been antici-
pating a response from legacy
auto makers, some of which
had recently raised prices on
their EVs to offset rising ma-
terials costs. The price reduc-
tions are the latest sign of in-
tensifying competition in the
electric-vehicle market, which
has grown rapidly in recent
years, fueled by both Wall
Street money and government
subsidies.
“Price really matters,” Mr.
Musk said during the com-
pany’s earnings call last week.
“There’s just a vast number of
people that wanted to buy a
Tesla car but can’t afford it.”
Mr. Musk said the company
nudged up the price of a
Model Y by about $500 be-
cause of strong demand fol-
lowing the mid-January price
cut.
Center in Washington.
House Judiciary Committee
Chairman Rep. Jim Jordan (R.,
Ohio) also requested records
regarding Attorney General
Merrick Garland’s appointment
of a special counsel to oversee
an investigation into the clas-
sified documents, along with
any communications between
the White House, Justice De-
partment and Mr. Biden’s per-
sonal attorneys.
The outside prosecutor,
Robert Hur, a former U.S. at-
torney during the Trump ad-
ministration, is expected to
start work this week. His in-
vestigation into how and why
classified documents followed
Mr. Biden, who was then the
vice president, to his home
and think-tank office could
take months.
On Monday, the Justice De-
partment’s top legislative liai-
son said longstanding policy
prevented the disclosure of
“non-public information that is
central to the ongoing Special
Counsel investigation” into the
the hush-money payment.
In 2018, Michael Cohen, Mr.
Trump’s former personal law-
yer, pleaded guilty to campaign-
finance violations and other of-
fenses, telling a judge that
during the 2016 presidential
campaign, Mr. Trump directed
him to pay off one woman and
arrange payment for another
who said they had affairs with
the former president. Federal
prosecutors in 2019 told the
judge overseeing the case that
they had wrapped up the cam-
paign-finance part of that probe.
Shortly afterward, Mr.
Vance, subpoenaed documents
from the Trump Organization
about the payment to Ms.
Daniels involving an alleged
sexual encounter with Mr.
Trump. He denied the encoun-
ter occurred. That aspect of
the probe faded as Mr. Vance’s
office shifted to an examina-
tion of whether Mr. Trump
and his company falsely val-
ued assets to gain benefits on
insurance, taxes and loans.
The district attorney’s of-
fice hasn’t brought a criminal
case on that issue, though New
York Attorney General Letitia
James, a Democrat, brought
similar civil charges last year
against Mr. Trump, his com-
pany and three of his children.
They denied wrongdoing.
A former top Manhattan
prosecutor, Mark Pomerantz,
stepped down last year amid
the inaction, saying in a resig-
nation letter that Mr. Bragg in-
structed prosecutors not to
seek charges related to the as-
set valuations, despite a previ-
ous authorization by Mr. Vance.
Mr. Pomerantz is set to re-
lease a book about his account of
the investigation next week. Mr.
Bragg’s office has said the book
could hinder its investigation.
—Alex Leary
contributed to this article.
Ford said it was cutting prices up to 8.8% on some versions of its
electric Mustang Mach-E SUV, a competitor to Tesla’s Model Y.
The cuts irritated people
who bought a Tesla right be-
fore the discounts.
The operator of one Tesla-
focused YouTube channel or-
ganized a petition asking that
customers who purchased cars
before the lower prices took
effect get free or discounted
software downloads. It has re-
ceived more than 6,000 signa-
tures.
Tesla didn’t respond to re-
quests to comment about the
customer reaction to the cuts.
Vikas Khanna, a 48-year-old
healthcare executive, paid
HK JP TU ML SI
U.S. NEWS
Special counsel Robert Hur, pictured in 2019, is expected to start work
this week on the classified documents probe of President Biden.
handling of those documents.
“Disclosures to Congress
about active investigations risk
jeopardizing those investiga-
tions and creating the appear-
ance that Congress may be ex-
erting improper political
pressure or attempting to in-
An officer greeted students Monday as they returned to Richneck Elementary in Newport News, Va., weeks after a student shot a teacher.
WASHINGTON, D.C.
TikTok CEO to Appear
Before House Panel
TikTok’s chief executive has
agreed to appear before a con-
gressional committee as House
Republican lawmakers step up
scrutiny of the Chinese-owned
video-sharing app.
Shou Zi Chew will appear be-
fore the House Energy and Com-
merce Committee on March 23,
a committee spokesman said, in
what would be the first appear-
ance of a TikTok CEO before a
congressional panel.
The hearing will give lawmak-
ers an opportunity to explore a
range of concerns over the app.
Those include alleged sharing of
U.S. users’ data with China, as
well as risks that the app could
be used for propaganda or ma-
nipulation of U.S. users.
TikTok, owned by Beijing-
based ByteDance Ltd., has said
around $65,000, excluding
sales tax, in late December for
a Model Y SUV, which included
a $7,500 discount offered by
Tesla at the time. The price
cut would have saved him
about $5,000, taking into ac-
count fees and upgrades, ac-
cording to a review of his pur-
chase order.
“It just reminded me and
solidified why Tesla, as an or-
ganization, is one that I can no
longer trust,” said Mr. Khanna,
who had bought two Teslas
over the years before his re-
cent purchase.
IN UK FR MN PR **** THE WALL STREET JOURNAL.
the exclusive responsibility of
the Department.”
A copy of Mr. Uriarte’s let-
ter was viewed by The Wall
Street Journal.
A spokesman for Mr. Jor-
dan, Russell Dye, said it was
“concerning, to say the least,
that the department is more
interested in playing politics
than cooperating.”
A senior Democratic aide
STEVE RUARK/ASSOCIATED PRESS
involved in the House investi-
gations described Mr. Jordan’s
request as a political ploy and
suggested the GOP lawmaker
should “actually sit down and
work with a department that
seems willing to give him at
least some of the information
he has requested.”
Mr. Uriarte’s letter echoed
one he sent days earlier to
fluence department decisions leaders of the bipartisan Sen-
in certain cases,” wrote Assis- ate Intelligence Committee, the
tant Attorney General Carlos membership of which is evenly
Uriarte, head of the Justice divided between the two par-
Department’s Office of Legisla- ties. That committee, led by
tive Affairs. “Judgments about Sen. Mark Warner (D., Va.),
whether and how to pursue a has been pressing the Biden
matter are, and must remain, administration to provide the
U.S. WATCH
that it would never allow inter- for June 2, he could face 25
ference by the Chinese govern- years to life in prison on five
ment. TikTok said it would use convictions related to selling and
the March hearing to “set the distributing drugs that led to the
record straight about TikTok, deaths and using firearms to
ByteDance, and the commit- protect the operation. A lawyer
ments we are making to ad- representing Mr. Ortega said he
dress concerns about U.S. na- plans to appeal the verdict.
tional security.” The 36-year-old was charged
—John D. McKinnon with causing the deaths of Ross
Mtangi, Julia Ghahramani and
NEW YORK Amanda Scher, three New Yorkers
who ordered cocaine from him on
Man Guilty in Drug the same day and died of over-
Deaths of 3 People doses because the cocaine was
laced with toxic doses of fentanyl.
A New Jersey man was con- The deaths of Mr. Mtangi, a
victed of causing the deaths of Wall Street trader, Ms. Ghahra-
three New Yorkers to whom he mani, a first-year lawyer and Ms.
sold cocaine laced with fentanyl, Scher, a social worker, were
a spate of poisonings that The among more than 18,000 over-
Wall Street Journal reported on dose deaths in 2021 in which
last year. people had both cocaine and a
Billy Ortega was found guilty synthetic opioid—a category
Monday of all charges by a fed- dominated by fentanyl—in their
eral jury in U.S. District Court in systems, according to govern-
the Southern District of New ment data.
York. At a sentencing scheduled —Margot Patrick
Mr. Khanna said he under-
stands that companies have
the leeway to adjust pricing,
on EVs and will have to seek
ways to build these models
even more efficiently.
but he sees a distinction be-
tween fluctuations on a car
price and other goods, such as
“These price cuts are likely
to make business even more
difficult, just as they are at-
mobile phones.
“You don’t take out a loan
for an iPhone,” he said.
tempting to ramp production
of EV offerings,” he said ear-
lier this month.
JIM LO SCALZO/EPA/SHUTTERSTOCK
Such a groundswell of cus- Shares of Ford fell 2.9% to
tomer angst about a price cut $12.89 Monday. Tesla shares
is uncommon in the auto in- dropped 6.3% to $166.66.
dustry, where car companies Tesla has more flexibility
frequently discount models to and ease in lowering prices
stimulate sales—albeit in a because its operating margins
more selective way. Tyson are larger than most car com-
Jominy, vice president of data panies. Plus, the company sells
and analytics at research firm directly to customers, com-
J.D. Power, said he has never pared with legacy auto makers
seen an auto maker make such that sell through dealerships.
an immediate, deep cut across Adjusting the manufac-
multiple models. turer’s suggested retail price
Tesla’s Model Y starting overnight would be costly and
price now is around $53,000, cumbersome for traditional
down from about $66,000. car makers, Mr. Jominy said.
Ford’s competitor is the Mach- Instead, car companies typi-
E, which now has a starting cally set pricing for a specific
price tag of about $46,000 but model year and adjust by of-
some fully loaded versions can fering discounts, cash-back of-
sell for over $60,000. fers or other incentives on a
John Murphy, an auto ana- month-to-month basis.
lyst for Bank of America Mer- Kapil Sharma, an industrial
rill Lynch, said Tesla’s mark- consultant who lives outside
downs create the risk of Atlanta, asked his Tesla ser-
triggering a broader EV price vice center about the possibil-
war in the auto industry. Mr. ity of a refund after the com-
Murphy has said many car pany slashed prices. He had
companies are losing money taken delivery of a new Model
panel access to classified docu-
ments found at the president’s
home and think-tank office and
those discovered at former
President Donald Trump’s resi-
dence in South Florida.
The Justice Department
said providing the Senate In-
telligence Committee with
nonpublic information about
the classified materials could
complicate the special counsel
investigations into the Biden
and Trump documents.
Mr. Uriarte’s letter to House
Republicans on Monday quoted
from the speech Mr. Garland
gave upon appointing Mr. Hur
as special counsel, in which
the attorney general said the
selection underscored the de-
partment’s commitment to in-
dependence and accountability
in particularly sensitive inves-
tigations. “The department’s
policies regarding disclosures
of information regarding open
investigations serve the same
ends,” Mr. Uriarte wrote.
—Sadie Gurman
contributed to this article.
BILLY SCHUERMAN/THE VIRGINIAN-PILOT/ZUMA PRESS
VIRGINIA
Principal in New Role
Following Shooting
The principal of the Virginia el-
ementary school where a 6-year-
old boy allegedly shot and injured
a teacher is no longer in that role,
according to the school district.
Michelle Price, a spokeswoman
for Newport News Public Schools,
said Monday that Karen Lynch
was named administrator of the
school and would take over some
of the principal’s duties.
The former principal, Briana
Foster Newton, is still employed
by the school district but not at
Richneck Elementary School in
Newport News, Va., where the
shooting took place, Ms. Price
said.
On Monday, Richneck Ele-
mentary students returned to
school for the first time since
the shooting.
—Joseph Pisani
Y, his first Tesla, two weeks
earlier.
“We do not have a return
policy and we do not price
match or price adjust com-
pleted orders,” the company
told him in a text message ex-
change reviewed by The Wall
Street Journal.
Ford said current Mach-E
customers who are awaiting
delivery will automatically re-
ceive the reduced price.
“We want our customers to
know they made the right de-
cision by choosing a Mustang
Mach-E,” Mr. Gjaja said.
Ford became the No. 2 EV
seller in the U.S. last year, al-
though it still trails Tesla by a
wide margin.
Tesla accounted for about
65% of all electric vehicles
sold in the country last year,
according to market research
firm Motor Intelligence. Ford’s
EV market share in the U.S.
was about 7.6% last year.
—Will Feuer
contributed to this article.
Watch a Video
Scan this code
for a video on
how Ford and
Rivian boosted
EV production.
A6 | Tuesday, January 31, 2023
Zelensky Is Pressing for Weapons Faster
Moscow intensifies
attacks, seeking
breakthrough before
Western tanks arrive
BY IAN LOVETT
AND ISABEL COLES
BAKHMUT, Ukraine—Ukrai-
nian President Volodymyr Zel-
ensky called for the West to
accelerate deliveries of weap-
ons to Kyiv, as Ukrainian forces
battled to keep Russian troops
from encircling Bakhmut, a city
in eastern Ukraine where the
fiercest fighting is under way.
Russian forces recently have
battered Ukrainian positions in
the east, pushing for a break-
through before tanks pledged
by Kyiv’s partners begin to ar-
rive on the battlefield. In the
eastern Donetsk region, Ukrai-
nian troops are coming under
constant attack from Russian
forces, Mr. Zelensky said.
“The speed of supply has
been and will be one of the key
factors in this war,” he said.
“Russia hopes to drag out the
war, to exhaust our forces.”
Soldiers fighting around
Bakhmut say they are strug-
gling to hold back the Russians,
as months of grinding battle
erodes the Ukrainians’ man-
power and weaponry. The U.S.,
Germany and other European
countries committed last week
to supply Kyiv with battle tanks,
but it will be months before
they can be deployed in combat.
During a visit to South Korea
Russia Increases Trade With China
BY GEORGI KANTCHEV
AND CHELSEY DULANEY
Trade between China and
Russia boomed last year, provid-
ing a lifeline to Russia’s belea-
guered economy and showing
the limits of Western sanctions,
according to a new report.
Moscow boosted imports of
technologies critical to its war
in Ukraine including semicon-
ductors and microchips from
China, the report by the Wash-
ington-based nongovernmental
organization Free Russia Foun-
dation said. China’s increased
purchases of Russian exports,
driven by energy sales, more
than offset the declines from
major Western trading partners.
“As the U.S., EU, the U.K.
have all scaled back operations
with Russia, China has
emerged, by a wide margin, to
be Russia’s most important
trade partner,” the report says.
Based on 40 million entries
of customs records obtained by
the Free Russia Foundation, the
report offers a granular view of
Russia’s trade, which was ob-
scured after the imposition of
Western sanctions. In April,
Russian customs authorities
suspended their monthly publi-
cation of data on exports and
imports, among other statis-
tics, saying at the time that it
wanted to avoid “incorrect es-
timates, speculations and dis-
crepancies in terms of import
deliveries.” Its January 2022
data are the latest available.
Russian and Chinese trade
authorities didn’t respond to
requests to comment.
China has become a sup-
Short Seller
Challenges
India Giant
Continued from Page One
ulation and questionable busi-
ness and accounting practices.
Hindenburg, founded by Na-
than Anderson, hoped to
profit by betting against Adani
companies’ U.S.-traded bonds
and derivatives that aren’t
traded in India.
Hindenburg alleges that
Adani has been able to manipu-
late the price of its shares by
owning them in offshore enti-
ties, it says the stocks are over-
valued and debt levels too
high, and it says that a large
number of Adani family mem-
bers are working for the com-
pany’s various branches.
Adani Group has fought
back, calling the short seller’s
report “nothing but a lie.” The
company called it “a calcu-
lated attack on India, the inde-
Ukrainian infantry combat vehicles traveled in a convoy Monday down an icy road in the Donetsk region. Russian forces are battering Ukrainian positions in the east.
on Monday, North Atlantic
Treaty Organization Secretary-
General Jens Stoltenberg urged
Seoul to provide military sup-
port to Ukraine, saying the
country is in urgent need of
ammunition. South Korea has
sent materials such as gas
masks, bulletproof vests and
medical supplies to Ukraine, but
hasn’t provided lethal weapons.
Russia has slammed West-
ern pledges to supply tanks as
an escalation in the war, while
playing down the likely impact
on the battlefield.
After months of failed as-
saults on Bakhmut, Russian
forces are moving to encircle
Buyers of Russian exports, by share of total
0% 5 10
China
Netherlands
Germany
Turkey
U.S.
U.K.
South Korea
Italy
Poland
Japan
plier of some key technologies
that can have a military pur-
pose despite the Western sanc-
tions. China sold $3.3 million
worth of unmanned aerial ve-
hicles, or drones, to Russia last
year, the data show. The report
noted that drone deliveries to
Russia continued in November
and December from the United
Arab Emirates, Hong Kong,
China and Singapore.
Russia last year increased
its imports of semiconductors
and microchips by about 34%,
with China emerging as the
major source. That has helped
Russia increase its overall im-
port of chips to $2.45 billion
in 2022 from $1.82 billion in
2021, despite Western sanc-
tions targeting that trade.
Russia and China have spent
years forging stronger eco-
nomic ties, including a $55 bil-
lion gas pipeline and Russia’s
increased usage of China’s
yuan. The economic relation-
ship has deepened even as long-
simmering concerns remain
pendence, integrity and qual-
ity of Indian institutions, and
the growth story and ambition
of India.” It said most of the
88 questions raised by Hin-
denburg had already been ad-
dressed through public disclo-
sures, and it included answers
to each of them.
Hindenburg responded
within hours, saying that
Adani Group’s rebuttal stoked
nationalist sentiment and
failed to adequately address
the issues it had raised.
Shares of six of the seven
companies bearing Adani’s
name extended their losses on
Monday on India’s domestic
market. Adani Total Gas Ltd.
and Adani Green Energy Ltd.
each fell 20%—the maximum
single-day decline permitted
by the exchange for those
stocks. The seven companies
have now lost the equivalent of
around $64 billion in market
value since last Tuesday’s close
and are now worth $153 bil-
lion, according to FactSet data.
Adani Enterprises, which is
pushing ahead with plans to
sell new shares, bucked the
trend with a 4.2% gain, but its
WORLD NEWS
the city, which sits at the inter-
section of several major roads.
Control over Bakhmut would
help Russia advance on other
cities in Ukraine’s eastern Don-
bas area, which President Vladi-
mir Putin has identified as the
primary objective of his cam-
paign in Ukraine. It also would
be a major symbolic prize after
months of grinding combat.
Denis Pushilin, head of a
part of eastern Ukraine that
Moscow cleaved from the coun-
try in 2014, said Russian forces
were advancing in the main ar-
eas of Bakhmut, but that it was
too soon to say that they encir-
cled the city. Cutting off the
15 20
2021
2022
Note: From March to September
Source: Free Russia Foundation
among officials in Moscow that
Russia could become captive to
China’s economic orbit.
The Free Russia Foundation
obtained the data in coordina-
tion with Madrid-based IE Uni-
versity from a third-party data
provider that offers value-chain
analysis to companies. The
team that worked on the report
included Russian economists
and former Russian officials
based outside Russia, including
Sergey Aleksashenko, a former
central-bank deputy chairman,
and Vladimir Milov, a former
deputy energy minister and an
opposition politician.
To verify its validity, the
authors compared the data set
with official Russian trade sta-
tistics published up to January
2022 and Russia’s trade part-
ners’ 2022 data. One of the
limitations of the data set, the
report says, is that the records
are partially redacted for mili-
tary transactions.
Trade between Russia and
China rose by roughly $27 bil-
FROM PAGE ONE
shares remained below the
price floor for the deal. Retail
subscriptions for the offering,
which the company is hoping
will raise the equivalent of
$2.5 billion, are scheduled to
close on Tuesday.
Adani Group plays a major
role in India’s economy as an
important coal supplier, a big
developer of renewable energy
and generator of electricity.
Bid prices of two closely
watched U.S. dollar bonds is-
sued by Adani companies fell
to about 73 cents on the dollar
on Monday, reflecting growing
concerns among investors that
the company couldn’t pay off
its debt. The yield on an Adani
Green bond with a 4.375% cou-
pon that comes due in 2024
soared above 20%, according
to Tradeweb data.
In an interview with an In-
dian television network shown
on Monday, Adani Group Chief
Financial Officer Jugeshinder
Singh said the conglomerate
hasn’t seen any large, strategic
investors exiting their posi-
tions in its listed companies.
“We believe that this vola-
tility will pass,” he said, add-
road that is used to supply
Ukrainian forces in Bakhmut
from Chasiv Yar, which is due
west, is a priority, he said.
Meanwhile, Ukrainian
forces appeared to have at-
tacked supply lines to the Rus-
sian-occupied Crimean Penin-
sula over the weekend. A
railway bridge near the city of
Melitopol in the occupied part
of the southern Zaporizhzhia
region was hit by Ukraine, the
Russian-backed governor, Yev-
geniy Balitsky, said Sunday.
Four civilians were killed
and five were injured in the
strike by a U.S.-made multiple-
rocket launcher known as a
lion between March and Sep-
tember of last year compared
with the period in 2021, ac-
cording to the report, to reach
$99 billion. Much of the
growth was because of higher
sales of crude, which Russia
began diverting to China and
other markets such as India
and Turkey as Western coun-
tries restricted purchases of
Russia’s energy products.
Russia also grew more de-
pendent on Chinese goods.
About 36% of its imports were
from China in the period from
March to September. That is
up sharply from 21% in 2021 in
that period.
After Russia’s invasion, the
U.S., South Korea and Japan all
banned the sales of high-tech
products including semicon-
ductors on which Russia relies.
As some of Russia’s tradi-
tional suppliers of high-tech
goods, such as Germany, the
Netherlands and South Korea
scaled back their shipments,
imports from China more than
doubled. In the March to Sep-
tember period, the value of
Chinese semiconductor ex-
ports to Russia jumped from
$200 million in 2021 to more
than $500 million last year.
“China is capable of pro-
ducing many types of lower-
tech chips domestically,” said
Chris Miller, associate profes-
sor at Tufts University who
wasn’t involved in the re-
port. “Military systems use a
wide array of chips and so
they could be facing shortages
for specific chips even if
they’re able to buy large vol-
umes of other chips.”
ing that the group will release
its quarterly results in about a
week.
Mr. Anderson has likely al-
ready made a solid profit on
his investment. In just a few
years, Hindenburg has notched
a string of victories against
highflying companies.
In 2020, Hindenburg scored
a win after publishing re-
search on hydrogen-truck
Hindenburg
questioned Adani’s
stock value and its
business practices.
company Nikola Corp. and its
founder Trevor Milton.
Nikola’s shares had skyrock-
eted that summer, driven in
part by claims Mr. Milton
made about the company and
its products on social media.
Hindenburg alleged that Mr.
Milton had misrepresented the
company’s technology on sev-
eral occasions, most memora-
**** THE WALL STREET JOURNAL.
Himars, Mr. Balitsky said.
The recent push comes as
Russia seeks to build momen-
tum after seizing the town of
Soledar, just outside Bakhmut,
earlier in January in its first
significant success for months.
In the south, Russian forces
also are pressing an offensive
in the Zaporizhzhia region,
also claimed by Moscow.
An influx of Russian
troops—many of them con-
victs who have joined the Rus-
sian paramilitary group Wag-
ner, as well as soldiers
recently mobilized by the reg-
ular army—has given Moscow
a manpower advantage.
WORLD WATCH
SOMALIA
U.S. Seeks More Aid
To Prevent Famine
The U.S. is pressuring wealthy
Persian Gulf states, as well as
Europe, to boost humanitarian
assistance to Somalia before a
food crisis becomes a famine.
In a speech in the Somali cap-
ital, Linda Thomas-Greenfield, the
U.S. ambassador to the United
Nations, accused rich countries—
both American allies and adver-
saries—of failing in their moral
obligation to feed the starving.
Ms. Thomas-Greenfield de-
clined to publicly name the coun-
tries the U.S. believes have failed
to step up. U.S. officials said pri-
vately that she was referring pri-
marily to Saudi Arabia, Qatar and
the United Arab Emirates, as well
as the European Union, China
and Russia. The U.S. has so far
contributed two out of every
three dollars donated for the re-
cord drought that is devastating
swaths of Somalia, Ethiopia and
Kenya, according to American of-
ficials.
—Michael M. Phillips
JAPAN
American Pro Skier
Dies in Avalanche
Former world champion skier
Kyle Smaine was one of two
people who died in an avalanche
in Japan, according to a photog-
rapher who accompanied him on
the trip and the U.S. Ski &
Snowboard Team.
Mr. Smaine, 31 years old from
Salt Lake City, was skiing in
Japan for a marketing trip, ac-
bly in a video where an un-
drivable truck was rolled
down a Utah hillside to appear
as if it was driving.
Nikola paid $125 million to
settle an investigation with
the Securities and Exchange
Commission. Mr. Milton
stepped down from his role at
the company and was con-
victed last year on three
counts of fraud. Lawyers for
Mr. Milton have said he is in-
nocent and will continue fight-
ing the charges.
It is not the first time that
Hindenburg has built a trade
around one of the world’s rich-
est men. Last year, Hindenburg
said it shorted shares in Twit-
ter Inc. thinking Elon Musk
would try to back out of his
proposed acquisition of the
company after a market swoon
made his offer price seem quite
rich. The firm said it then went
long, anticipating that court
proceedings in Delaware would
force Mr. Musk to close the
deal. Both trades were success-
ful, Mr. Anderson told The Wall
Street Journal at the time.
Hindenburg also bet against
another Indian business last
YASUYOSHI CHIBA/AGENCE FRANCE-PRESSE/GETTY IMAGES
The U.K.’s Ministry of De-
fense said Russian authorities
likely are leaving the door open
to further rounds of mobiliza-
tion. Russian presidential
spokesman Dmitry Peskov said
last week that a decree on “par-
tial mobilization” remained in
force to support the work mili-
tary. He declined to say
whether more people would be
drafted soon. “The Russian
leadership highly likely contin-
ues to search for ways to meet
the high number of personnel
required to resource any future
major offensive in Ukraine,
while minimizing domestic dis-
sent,” the defense ministry said.
cording to the Mountain Gazette,
an outdoor cultural magazine.
Mr. Smaine was accompanied
by another professional skier
from Washington, D.C., and
Grant Gunderson, said a photog-
rapher, the publication.
In an Instagram post, Mr. Gun-
derson said Mr. Smaine was
thrown about 160 feet Sunday by
the impact of the avalanche, was
buried in the snow and died.
Mr. Smaine won a gold medal
at the 2015 International Ski and
Snowboard Federation’s world
championships at the age of 23.
He said he learned how to ski
when he was 2 years old.
The other skier with Mr.
Smaine was buried in the snow
for 25 minutes but survived, Mr.
Gunderson said. Another man
who was with a separate ski
party also died in the avalanche,
he said.
—Joseph De Avila
MADAGASCAR
Tropical Storm Kills
At Least 30 People
Flooding and landslides caused
by the passage of tropical storm
Cheneso across Madagascar
caused 30 deaths, left 20 people
missing and affected tens of thou-
sands across the Indian Ocean is-
land nation, according to a provi-
sional assessment. The storm
made landfall Thursday and af-
fected about 89,000 people, said
Madagascar’s National Office for
Risk and Disaster Management.
The nation’s meteorological agency
said the storm saw winds gusting
up to about 105 miles an hour and
unleashed torrential rains.
—Associated Press
year, payments company Ebix
Inc., publishing a critical re-
port in June that sent its
shares diving. Ebix said Hin-
denburg’s report was “grossly
misleading and erroneous”
and filed defamation claims
against Mr. Anderson in a
Delhi court. The company also
had a judge ban the report’s
dissemination within India.
“Until Ebix responds sub-
stantively to the issues we
raised, a prospect that seems
to be dimming by the day,
we’ll keep posting our re-
search regardless of how many
times they complain to Indian
courts about it,” Mr. Anderson
said last year.
Mr. Adani hasn’t made any
public comments about Hin-
denburg’s allegations. The 60-
year-old industrialist, who is
known to be well-connected
politically in India, has accu-
mulated tremendous wealth
over the past few decades
through companies that own
coal mines, ports, cement pro-
ducers and other assets.
—Krishna Pokharel
and Rory Jones
contributed to this article.
THE WALL STREET JOURNAL.
Israeli Drone Strike Blinken Visits Israel Amid Tensions
Said to Be Broader
Than Iran’s Account
An Israeli drone strike inside
Iran hit an advanced weapons-
production facility in an attack
Israel believes achieved its
goals, said people familiar with
talks about the operation.
By Dov Lieber in Tel
Aviv, Benoit Faucon in
London and Aresu
Eqbali in Tehran
The operation early Sunday
was executed by Israel’s intelli-
gence agency, the Mossad, and
targeted a Ministry of Defense
site in Isfahan in central Iran,
hitting a building in four areas
with precision strikes, they said.
Satellite photos showed what
appeared to be minor damage
to the site’s roof, but the people
called the mission successful.
The account contradicts
Iranian officials who have said
the country’s air defenses
fended off an attempted attack
on an ammunition depot that
caused minimal damage.
The attack marked another
chapter in the long-running
conflict between Israel and
Iran, with Israel using sabotage,
assassination and drone strikes
to target Iran’s nuclear program
and its conventional weapons
capabilities, and Iran arming
U.S. Pushes for Four Military Sites in Philippines to Counter China
BY NANCY A. YOUSSEF
AND VIVIAN SALAMA
WASHINGTON—The U.S. is
hoping to reach an agreement
this week to open as many as
four U.S. military sites at Phil-
ippine bases in Washington’s
latest push to expand its stra-
tegic footprint across the re-
gion to counter threats from
China, U.S. officials said.
Defense Secretary Lloyd
Austin is meeting later this
week with recently elected
Philippine President Ferdinand
Marcos Jr. in Manila and
The Quality of Life Plus Program brings together America’s brightest students at leading
universities to create life-transforming, assistive technology for our country’s wounded heroes.
Please help support us so we can continue to help them. www.qlplus.org
****
militias along Israel’s borders.
The people said the Ministry
of Defense site that was targeted
Sunday was a weapons-produc-
tion facility. It stands across the
street from a site belonging to
the Iran Space Research Center,
which is under U.S. sanctions for
its work on Iran’s ballistic-mis-
sile program. The space-re-
search center houses the Insti-
tute for Materials and Energy,
which conducts research that
could be used in the develop-
ment of drones, missiles, satel-
lites and for testing metals for
the nuclear project, said Ronen
Solomon, an independent intelli-
gence analyst in Israel.
On Monday, Iranian state me-
dia displayed fragments of the
small drones used in the strike.
If authentic, the depicted drones
are most likely Chinese-made
quadcopter drones with limited
range that may have been
launched from within Iran,
given their small size and Is-
fahan’s location hundreds of
miles from its country’s borders,
said Tal Beeri, head of the Alma
Center Research Department in
Israel and a former Israeli mili-
tary-intelligence officer.
Israel’s strike hasn’t been
publicly acknowledged by the
country’s leadership.
hopes to secure the deal,
which would rotate groups of
U.S. forces to sites in the
country, U.S. officials said.
Two of the sites could be on
the northern island of Luzon
and in the southwest province
of Palawan, the officials said.
It is unclear where the other
two sites would be or how
many U.S. troops would be in-
volved.
In return, the U.S. has of-
fered Manila military assis-
tance, including drones, so
that Filipino forces could mon-
itor activity in the South China
THE BRAVEST HEARTS
DESERVE THE HELP OF THE
BRIGHTEST MINDS.
WORLD NEWS
BY WILLIAM MAULDIN
JERUSALEM—Secretary of
State Antony Blinken met with
Israeli Prime Minister Benjamin
Netanyahu amid rising violence
and underscored the two coun-
tries’ shared commitment to
combating Iran while calling on
Israel to avoid taking steps that
would complicate a two-state
solution with Palestinians.
Mr. Blinken said both Israe-
lis and Palestinians should be
“enjoying equal measures of
freedom, security, opportunity,
justice and dignity.”
He reiterated the Biden ad-
ministration’s vision of a
peace process that could result
in an independent Palestinian
state alongside Israel. “Any-
thing that moves us away from
that vision is, in our judgment,
detrimental to Israel’s long-
term security and its long-
term identity as a Jewish and
democratic state,” he said.
Mr. Blinken’s visit follows
several bloody days in Israel.
The attacks came after a mili-
tary raid aimed at capturing
militants Thursday at the
Jenin refugee camp in the oc-
cupied West Bank left 10 Pal-
estinians dead. The attacks
were praised by the Palestin-
ian leadership.
Mr. Blinken will meet Pales-
tinian Authority President
Mahmoud Abbas on Tuesday.
The visit comes at a low point
in relations between Israel and
the Palestinian Authority,
Sea, the officials said.
The deal is part of a
broader U.S. effort to position
smaller groups of forces
across the Asia Pacific, rein-
force old alliances and form
new ones to counter China’s
rising influence in the region.
Having smaller footprints of
troops rotating across the Phil-
ippines could give U.S. forces
more logistical support over a
wider area if conflict were to
erupt, defense officials say.
There are currently about
500 rotating U.S. military per-
sonnel in the Philippines, said
Secretary of State Antony Blinken, left, and Israeli Prime Minister Benjamin Netanyahu met Monday in
Israel and discussed keeping Iran in check and easing violence that has erupted with the Palestinians.
which said after the Jenin raid
that it would stop security co-
ordination with Israel.
Mr. Blinken’s meeting with
Mr. Netanyahu was the first
since the Israeli politician
formed his new government,
considered the most right-
wing and religious in Israel’s
history. Powerful members of
Mr. Netanyahu’s cabinet op-
pose a Palestinian state, sup-
port annexing the West Bank
and want to dissolve the Pal-
estinian Authority.
The peace process that be-
gan in 1993 with the signing of
the Oslo Accords, and which
a spokesman for U.S. Indo-Pa-
cific Command, which is re-
sponsible for U.S. military op-
erations in the Asia-Pacific.
The movement of U.S.
troops in the Philippines spe-
cifically would put them in
proximity to counter threats
to Taiwan or if China carries
out more aggressive maneu-
vers in the South China Sea.
Securing a deal with the
Philippines has been a
monthslong effort, com-
pounded by Manila’s compli-
cated relationship with China,
U.S. officials said.
Tuesday, January 31, 2023 | A7
many believed would end in an
independent Palestinian state,
has been dormant since 2014.
U.S. officials are emphasiz-
ing that the longstanding se-
curity relationship with Israel
doesn’t depend on any specific
U.S. president or Israeli prime
minister. Still, Mr. Blinken and
his staff have concerns about
Israel besides the violence in
the West Bank and Jerusalem,
including a proposed judicial
overhaul and moves from Is-
raeli right-wing cabinet mem-
bers to change the status quo
at contested holy sites.
The visit comes as the U.S.
And even this week, de-
fense officials said the two na-
tions still had details to iron
out.
China is one of the Philip-
pines’ largest trading partners,
while the U.S. is a longstanding
security ally, making the Phil-
ippine government reluctant to
take sides against either.
The U.S. push for smaller
groups of rotating forces in
the region is also intended to
avoid an escalation with Bei-
jing, which could view larger
bases as direct provocation of
its maritime claims in the
DEBBIE HILL/PRESS POOL
and Israel are cooperating on
efforts to establish ties be-
tween Israel and Arab govern-
ments, contain Iran’s nuclear
program after Mr. Blinken’s
bid to re-enter the 2015 nu-
clear deal froze, and support
Ukraine during its war with
Russia, which has been as-
sisted by Iranian drones.
Messrs. Netanyahu and
Blinken said they shared the
goal of preventing Iran from ob-
taining a nuclear weapon. “The
fact that we and the United
States are working together is
important for this common
goal,” Mr. Netanyahu said.
South China Sea, and a step
too far for countries such as
the Philippines that see them-
selves as having no choice but
to maintain relations with
both Beijing and Washington.
In the South China Sea,
where the Philippines and four
other governments are locked
in territorial and maritime dis-
putes with China, Beijing has
built military bases on artifi-
cial islands in the strategic
waterway, and its navy and
coast guard maintain a strong
presence in areas that are
highly contested.
A8 | Tuesday, January 31, 2023
Jazzlyn Millberry, with her family at left, has been visiting multiple grocery stores to look for the best deals. Mikhail Andersson, right, has seen signs of weakening demand at his shop.
Consumers
Start to
Slow Down
Continued from Page One
four-decade-high inflation last
year, Americans outspent it.
Through most of 2022, con-
sumer spending growth ex-
ceeded price increases by
about 2 percentage points.
Now the forces that helped
keep spending high are unwind-
ing, while inflation remains ele-
vated. The share of monthly in-
come Americans set aside for
savings was 3.4% in December,
down from 7.5% a year earlier
and from a record high in April
2020. Credit-card interest rates
have been rising, and Federal
Reserve officials have signaled
that they plan an additional
quarter-percentage point in-
crease to the central bank’s
benchmark rate this week. That
would bring the rate to between
4.5% and 4.75%, from near zero
at the start of last year.
Annual inflation, as mea-
sured by the consumer-price
index, remained above 5% in
December for the 19th straight
month, the longest such streak
since the early 1980s.
Recession
Consumer spending accounts
for roughly 70% of the econ-
omy. A downshifting consumer
is a key reason that business
and academic economists
polled by The Wall Street Jour-
nal, on average, put the proba-
bility of a recession in the next
12 months at 61%. However,
many economists say, the U.S.
might avoid a recession entirely
if spending patterns stabilize.
One factor making forecast-
ing more difficult: While un-
employment is trending at a
half-century low, big compa-
nies including Amazon.com
Inc., Goldman Sachs Group
Inc., and Microsoft Corp. have
begun to cut jobs.
“The last bastion of
strength is the labor market,
but I don’t think it can with-
stand all these other forces,”
said Nationwide Chief Econo-
mist Kathy Bostjancic.
Recent layoff trends worry
Benjamin DeLong, a 32-year-old
customer-account manager at
an industrial manufacturer in
southern Minnesota. His sav-
ings rose to $3,700 during the
The Dog
Ate My
AirTag
Continued from Page One
The 25-year-old fired up Ap-
ple’s Find My app, which
showed that the white, bottle-
cap-size disc was still in his
home. He tapped a button on his
iPhone to trigger the AirTag to
beep. That’s what he heard com-
ing from the belly of Sassy, a
50-pound Labrador retriever
foster pup.
“I was like ‘Oh my God,’ ” said
Mr. Mortimer, director of a pub-
lic policy organization. “Luckily,
we got her to throw it up.”
The AirTag, which was per-
sonalized with a puppy emoji,
has a few bite marks but still
works. He bought a new, $7
plastic holder from Amazon,
and reattached the tracker to
the collar of his older Lab, So-
pandemic, thanks in part to
government stimulus. He is
now down to about 3 cents.
Mr. DeLong said he had to
dip into his savings to cover the
rising costs of his groceries,
utilities and car insurance. He
has found some relief in his
grocery bills since he and his
partner decided last year to
purchase some pigs, jointly
with other families, to be raised
on a relative’s farm. Their por-
tion of meat yielded nearly 150
pounds, saving them about
$500 on groceries, Mr. DeLong
estimated.
The possibility of layoffs, he
said, is “part of the crunch that
I’m having to consider now.
What’s going to happen if I no
longer have an income?”
So far, jobs have remained
plentiful and wages continued
to rise in the face of Federal
Reserve tightening. Unemploy-
ment was a low 3.5% in Decem-
ber. Hourly wages were up a ro-
bust 4.6% year-over-year. There
were about 10.5 million unfilled
jobs available in November, ac-
cording to the Labor Depart-
ment, a sign that demand for
labor remained strong.
“Households had a ton of
comfort they don’t normally
have about their job prospects,”
said Marianne Wanamaker, an
economist at the University of
Tennessee. “They knew they
could get a job tomorrow if
they wanted to, and that re-
mains mostly true.”
Still, there are signs of la-
bor-market weakness. Employ-
ers are shedding temporary
workers at a fast rate, and peo-
ple who lose their jobs are tak-
ing longer to find new ones.
Meanwhile, the number of
hours worked a week has de-
clined for two straight months,
according to the Labor Depart-
ment, resulting in a slowdown
in workers’ take-home pay.
Mikhail Andersson, owner of
First Class Tattoo in New York
City, has seen signs of weaken-
ing demand. After it was
cleared to reopen from lock-
downs in the summer of 2020,
his business was slammed by
customers flush with unem-
ployment insurance payments
and stimulus checks.
In mid-November of last
year, Mr. Andersson started
getting calls from clients who
had booked daylong tattoo ses-
sions, saying they could only
afford shorter ones or pulling
out altogether. Mr. Andersson,
who specializes in tattoo proj-
ects that often take five or six
all-day sessions to complete,
had 15 cancellations for full-day
phie, he said.
In the two years since Apple
began selling AirTags, the de-
vices have helped countless peo-
ple find their lost belongings.
Apple doesn’t advertise or
recommend AirTags for pet
tracking, but many people have
attached them to dogs’ collars.
They’re dust proof and water
resistant and have replaceable
batteries that last a year.
They’re also the right size for
bigger dogs to swallow whole.
Vets have warned people of
the hazards, posting X-rays on-
line of AirTags inside dogs. Of-
ten, dogs can vomit them up or
poop them out with no major
complications. Sometimes, they
get stuck and require minor sur-
gery. If they remain lodged long
enough, the batteries can leak
and cause complications, such
as damage to organs.
“You want to get the AirTag
out as quickly as possible,” said
Ann Hohenhaus, senior veteri-
narian at the Schwarzman Ani-
mal Medical Center in New
York. “Pronto.”
Sarah Dwight, 24, and her fi-
FROM PAGE ONE
slots in December.
“In my 15 years doing this,
I’ve never seen that—people
calling up and saying they don’t
have the money to spend right
now or can only afford an hour
because their current situation
is pretty bad,” he said. For now,
First Class Tattoo isn’t likely to
slash prices because the base-
line level of demand remains
strong. Some 250 clients are
still on the wait list.
Also weighing on many con-
sumers: The rapid increase in
rates in the past year, tied to
Fed tightening, has pushed the
cost of all types of debt higher.
Mortgage rates reached a
20-year high last fall. Some
57% of consumers were con-
cerned about making housing
payments in the fourth quarter,
according to a survey by Fred-
die Mac, up from 48% in the
third quarter.
The increases are gradually
starting to slow down con-
sumer spending, though it
might take a while before the
effect is fully realized.
Slowdown
Consumer spending surged after Covid lockdowns eased, but has fallen in recent months
in the face of high inflation—while savings have dropped from pandemic highs.
Change from January 2020
Seasonally adjusted
30%
RECESSION
Retail sales
15
0 20
-15
-30
2020 ’21
Share of U.S. adults whose monthly expenses were more than their income, by household income
$100,000 or more
30%
Change from
20
December 2021
+1.7 pct. pts.
10
December 2021 level
0 minimum required payment on
Jan. 2022 Dec.
Sources: Census Bureau via St. Louis Fed (retail sales); Labor Department via St. Louis Fed (CPI); Commerce Department via St. Louis Fed (saving rate);
Morning Consult online panels, latest of 2,207 adults conducted Jan. 3–6; margins of error: +/–6 pct. pts. ($100,000 or more income), +/–4 pct. pts.
($50,000–$99,999) and +/–3 pct. pts. (less than $50,000)
ancé, Justin Lackey, 24, of Phoe-
nix, returned home from the
gym in December 2021 and no-
ticed small bits of plastic and
metal strewn around their dog’s
cage, where the couple put her
while they were out to keep her
out of trouble.
This time, while they were
away, the Flat-coated retriever
named Rose pawed off her
leather AirTag holder, tore it up
and gnawed through parts of
Apple’s tracker.
The couple rushed Rose and
the AirTag pieces to a nearby
clinic, where a vet performed an
X-ray. That showed fragments
Rose likely could throw up, Ms.
Dwight said. Luckily, the battery
was eventually found in parts of
the AirTag the pup didn’t ingest.
“We got the AirTag thinking
it was a really awesome idea to
be able to find the dog if it were
to get out,” Ms. Dwight said.
“But we didn’t stop and ques-
tion: What are the drawbacks?”
The dog never showed signs
that anything out of the ordi-
nary had happened, Ms. Dwight
said. “If you asked Rose, she’d
“We’re probably going to
have higher interest rates
around for quite a while. You
would think eventually that
would dampen consumption,
although that we haven’t had
the full effect yet,” said Har-
vard University economist Ken-
neth Rogoff.
Credit-card balances were
up 15% on the year in the third
quarter, according to the Fed-
eral Reserve Bank of New York,
the largest increase in more
than two decades.
Additionally, tens of millions
of Americans are set to start or
resume making payments on
student loans later this year, af-
ter the Supreme Court rules on
President Biden’s student-debt
cancellation plan. Payments
have been frozen since March
2020, and are scheduled to be-
gin again 60 days after litiga-
tion is resolved or the program
is implemented.
Many taxpayers will get
smaller refunds when they file
their returns in the coming
months because Congress didn’t
Personal saving rate
Seasonally adjusted annual rate
40%
30
Consumer-
price index
10
0
’22 2020
$50,000–$99,999
+2.6
Jan. 2022
probably say that night was a
great time. She got carried
around, got to meet people at
the vet. She got lots of kisses
and lots of attention,” Ms.
Dwight added.
Dogs of all sizes chew house-
hold items for a range of rea-
sons, including curiosity, bore-
dom and loneliness, vets say.
David Hood, owner of St.
Bernard Veterinary Hospital in
Chalmette, La., said a 25-pound
French bulldog was among six
dogs he treated after swallow-
ing AirTags over the past 18
months.
Younger pups are more prone
to eating odd objects, Dr. Ho-
henhaus said, but even old dogs
ingest items they shouldn’t. Vets
also say dogs that nibble on
other items with batteries, such
Chew
toy
extend the breaks put in place
at the height of the pandemic.
Most Americans who lose
their jobs can expect unem-
ployment payments for six
months or less, at a fraction of
their former paychecks, the
same as before pandemic pro-
grams kicked in. Pandemic pro-
grams allowed Americans to re-
ceive unemployment payments
for as long as 18 months, and in
some cases paid workers more
than their paychecks.
Saving less
The previously generous job-
less benefits and direct federal
payments to households caused
the share of income Americans
save every month to hit new
highs in 2020. Since then, the
saving rate has fallen to
roughly 3% of monthly income,
from more than 30% at the
start of lockdowns. In 2019, the
year before the pandemic, the
rate was 8.8%.
The large stock-market de-
clines over the past year also
First round of
stimulus checks
Second
Third
December
2022
3.4%
’21 ’22
Less than $50,000
+7.2
Dec. Jan. 2022
Kara Dapena/THE WALL STREET JOURNAL
as remotes and gaming control-
lers, or small objects like coins
might find an AirTag appealing.
“There is something about
some dogs’ personalities that
makes them want to eat non-
food items,” Dr. Hohenhaus said.
Minutes before leaving for
vacation, Yvohn Rohas, 34, no-
ticed the AirTag she had at-
tached to her 6-month-old
puppy’s collar the previous
week was missing.
“I thought, ‘My God, I hope
she didn’t eat it,’ ” Ms. Rohas
said of her Belgian Malinois
named Luna.
The family took Luna with
them on their drive to Orlando.
Ms. Rohas tried locating the
AirTag using Apple’s Find My
app, but its location wasn’t up-
dating and she couldn’t make it
beep, she said.
While on the weeklong trip,
the puppy ate, drank and be-
haved normally, so Ms. Rohas
assumed the AirTag was possi-
bly left back home, or came out
in Luna’s poop somewhere.
Finally, during the 90-minute
drive back home to Oldsmar,
THE WALL STREET JOURNAL.
FROM LEFT: ANDREW SPEAR FOR THE WALL STREET JOURNAL; GABBY JONES FOR THE WALL STREET JOURNAL
alarmed consumers, including
Scottsdale, Ariz.-based Sara
Laor, who is 57 years old. Ms.
Laor said the declines depleted
the holdings in her 401(k) and
IRA accounts by nearly 40%.
Over the past year, her fam-
ily has had to dip into their
savings to pay for essential car
and plumbing repairs. They are
putting off other expenses, like
buying a new car, and have
given up ordering in meals.
She’s trying to spend more
cautiously, shunning recipes in-
volving pricey eggs and buying
more canned food.
“Everything I do just feels
like I’m a lot poorer: Can I do
this or can I do that?” she said.
U.S. factories, shippers and
importers are pulling back, a
sign they anticipate less de-
mand from Americans in the
months ahead.
Inbound volumes at the
ports of Los Angeles and Long
Beach in California were down
20.1% in December from a year
earlier, and have been behind
2019 levels since August. A lit-
tle over a year ago, backlogs at
ports were drawing President
Biden’s attention.
Nicholas Hobbs, chief oper-
ating officer of J.B. Hunt Trans-
port Services Inc., which man-
ages truck and rail shipments,
said the company has seen de-
mand fall off for big and bulky
products, including appliances,
furniture and exercise equip-
ment—although off-price retail-
ers with discounted inventory
are shipping more.
Jazzlyn Millberry, 33, has
been looking for big ways to
make cuts. One day last fall, her
banking app informed her that
the cost of one month’s grocer-
ies and household goods for
her family of four had risen to
$900, from about $600 or
$700. “I find myself now going
to three or four different gro-
cery stores just to get the best
deals on things to save on
costs,” said Ms. Millberry, a
health-insurance claims analyst
in Pickerington, Ohio.
On one recent outing, she
stopped at Kroger for eggs and
meat, Aldi for produce, Sam’s
Club for her children’s snacks,
and Target for toilet paper.
Even as she has cut back on
groceries, restaurants, hairstyl-
ing and facials, her credit-card
balances have grown in the
past several months. She said
she started making only the
Dec. her credit cards.
—Gwynn Guilford and
Paul Page contributed
to this article.
Fla., she realized something was
amiss when an iPhone notifica-
tion said the Luna tracker was
on Interstate 4 with them.
Ms. Rohas took the dog to
the vet the next day, where an
X-ray revealed the AirTag inside
Luna’s stomach. Induced vomit-
ing didn’t get it out. Surgery
didn’t either, because the vet
couldn’t find the AirTag.
“Sometime between the X-
ray and the surgery, the AirTag
had moved inside her stomach,”
Ms. Rohas said. The vet stitched
up Luna and sent her home.
About six weeks later, after
Luna recovered and as her own-
ers prepared for a second at-
tempt at surgery, they got an-
other shock.
“In the middle of the night I
heard her start going
‘Gulp…gulp,’ ” Ms. Rohas said. “I
shook my husband, ‘Babe, wake
up! She’s about to…’ And sure
enough, she threw it up.”
Luna went on as if nothing
ever happened. The AirTag still
works. Ms. Rohas now uses it to
track her purse. “It’s a souvenir
at this point,” she said.

© 2023 Dow Jones & Company. All Rights Reserved.
BY TE-PING CHEN
A
t first, Jeremy Joslin
thought the email an-
nouncing his layoff
was a phishing at-
tempt. It was 5:30
a.m. in California
when he saw it, and with so many
technology job cuts afoot, the
Google software engineer thought
a scammer was trying to capital-
ize on the news.
The message, sent to his per-
sonal inbox, directed him to a
website for newly laid-off Google
employees and told him to set up
an account. He went to check his
work email and found he was
locked out. The news was real:
Mr. Joslin, a 20-year company
veteran, had been laid off with a
template email, one of roughly
12,000 workers Google’s parent,
Alphabet, said this month it was
letting go.
Covid-19 has rewritten many
work norms, and moved even
more on-the-job communications
to email, Slack and other messag-
ing tools. Yet layoffs via email
still come as a shock.
After a pandemic hiring spree
in which big-tech firms such as
Meta Platforms Inc. and Ama-
zon.com Inc. recruited tens of
thousands of new
hires via LinkedIn,
Zoom interviews and
other virtual means,
many of those same
companies are turn-
ing to email to con-
duct the biggest
wave of industry lay-
offs in years.
Human-resources
managers say the
speed at which email
layoffs can deliver
difficult news to
many workers at
once can limit confu-
sion and the dread
of waiting for a fate-
ful call or meeting
invite. And some
workers say that be-
ing able to absorb
the decision in writ-
ten form, privately,
can help soften the
blow.
Many others,
though, say cuts via
inbox feel cold and unkind.
The email’s generic tone felt
“like a slap in the face,” Mr. Jos-
lin says, after his two decades at
the company.
Afterward, he says, neither his
now-former manager nor HR con-
tacted him for follow-up conver-
sations. He has contacted col-
leagues via LinkedIn to say
goodbye and “get some closure,”
he says.
A Google spokesperson de-
clined to comment, but cited an
email to employees from CEO
Sundar Pichai, in which Mr. Pichai
announced the news and said the
impact on Googlers “weighs heav-
ily on me” and thanked those
leaving for their contributions.
A spokesperson for Ama-
zon.com Inc., which recently laid
off more than 18,000 people, con-
firmed that the company con-
Not All Theme-Park Rides
Welcome Plus-Size Guests
BY JACOB PASSY
T
he newest ride at Universal
Studios Hollywood, Mario Kart:
Bowser’s Challenge, takes visi-
tors into the classic Nintendo game
using augmented reality and anima-
tronics. It also warns that they might
not be allowed to ride if their waist-
line measures 40 inches or more.
The ride, one of several at the
California park with that admoni-
tion, illustrates how navigating
theme parks has grown tougher for
plus-size visitors as parks balance
accessibility with heightened safety
requirements.
Universal Studios, SeaWorld and
others are equipping rides with
tighter restraints to ensure that
small children and others can’t wrig-
gle out from seats. The new seats
can be a tight squeeze for some visi-
tors, and riders have said that staff
have declined to seat them on some
rides because of their size.
“Our first priority is always the
safety of the guests and the em-
CHRIS DELMAS/AGENCE FRANCE-PRESSE/GETTY IMAGES
ployees,” says Jim Seay, president
of the ride manufacturer Premier
Rides, which has built roller coast-
ers for the Six Flags, SeaWorld and
Universal Studios parks. “We bal-
ance that with a very focused effort
to make the rides as accessible as
possible.”
Universal has drawn criticism on-
line from theme-park fans who say
the design of the slow-moving ride is
exclusionary when, according to gov-
ernment statistics, the average waist
circumference measures 40.5 inches
PERSONAL JOURNAL.
Unkind Cuts?
Layoff Notices
Sent by Email
Delivering bad
news broadly
limits suspense
but can seem
impersonal
67%
of survey respondents said they
would prefer in-person notification
ducted layoffs via email to ensure
quick notification, but that work-
ers who were emailed were given
the opportunity to have a direct
conversation with their manager
and HR that same day.
Even in a hybrid work world,
most workers say they prefer to
be laid off in person. In a January
survey of more than 9,800 work-
ers conducted by SurveyMonkey
on behalf of The Wall Street Jour-
nal, 67% of workers said they
would prefer to be laid off via an
in-person meeting, while 11% said
for men and 38.7 inches for women.
The park faced similar criticism in
2021 because seats on its The Secret
Life of Pets: Off the Leash ride had
dividers making it difficult for some
larger people to fit.
Universal’s warnings, as well as
test seats outside rides, are intended
to help visitors, says Jeff Polk, senior
vice president of resort operations at
Universal Orlando Resort.
“We want our guests to know
what they should expect and what
they should look for when they get
to one of these attractions,” Mr.
Polk says.
Several social-media groups offer
advice on navigating theme parks
for plus-size visitors.
Dean Paris, a Facebook group
moderator and insurance under-
writer from central Illinois, scours
YouTube videos to see how people
get on the vehicles and negotiate
the restraints. “If it looks like it’s
just absolutely not going to work, I
don’t waste my time,” he says.
Travel agent Sarah Goff says she
has been on several rides in which
she might not have fit were she a
few pounds heavier.
“It seemed like the theme-park
ride vehicles were getting smaller,
and I was getting bigger,” she says.
Mrs. Goff, who lives in Lima, Ohio,
says she feared embarrassing her
family if park staff told her she
couldn’t fit on a ride. In March, she is
launching a website with advice for
plus-size visitors to Universal parks.
Mrs. Goff, 47, says she wears
compression leggings at theme
THE WALL STREET JOURNAL.
 Jeremy Joslin said Google’s
layoff email felt like a ‘slap in
the face.’
 During the pandemic, Erica
McDonnell was laid off once in
person and once via email.
they would want the news by
email, and fewer still, 7%, via a
virtual meeting. Even the majority
of full- and part-time remote
workers said they’d want the
news delivered face-to-face.
Erica McDonnell, an acupunc-
turist, has been laid off twice dur-
ing the pandemic from clinics that
closed—in person in August 2020,
and via email the following year.
The note was tersely written, she
says, and, accordingly, felt like a
poor delivery method, especially
given that she had been at work
the previous day: “We could’ve
just talked about this.”
Yet in-person meetings can be
difficult, as can processing highly
The Mario Kart ride at Universal Studio’s Super Nintendo World warns
patrons with 40” waists or larger that they might not be allowed on.
parks, partly because their texture
allows her to sit farther back in
rides’ seats, giving her more room
for safety restraints. Other strate-
gies travelers use to fit on rides in-
clude pulling seat belts out before
sitting down, or pulling down on a
ride’s lap bar as they sit to improve
their leverage.
Before joining the line for a ride,
park visitors can try test seats
placed at ride entrances to check
whether the restraints will accom-
modate them.
Visitors say the tryouts can be
awkward, and some told The Wall
Street Journal that the models can
be less forgiving than the actual
emotional news in front of your
boss, some people say. Phoebe
Gavin, who has been public about
her own layoff this month on so-
cial media, says she was grateful
to learn she’d been let go from
her job as an executive director of
talent and development at Vox,
the news site owned by Vox Me-
dia, via a regularly scheduled
video call with her boss.
“There was no awkwardness,”
says Ms. Gavin, whose job was cut
as part of a layoff round affecting
7% of Vox Media’s workforce. “I
could press the red button, close
my laptop and get under my blan-
kets for a couple hours.”
The vast majority of Ms.
Gavin’s colleagues were informed
of their layoffs via email. Ms.
Gavin says she was grateful
for the “gentler experience” of a
conversation.
Harvard Business School pro-
fessor Sandra Sucher, who studies
layoffs, says emails can play a
useful role in terminations, espe-
cially as workforces become more
far-flung. Ideally, she says, a top
leader should personally commu-
nicate news about impending lay-
offs to the company—while also
taking responsibility, apologizing
and explaining the rationale.
Then, that leader can say that
anyone affected will receive an
email in a few minutes. Simulta-
neous emails, she says, prevent
workers from having to wait
hours in suspense.
But those emails also need to
also let workers know their man-
agers will quickly follow up for a
direct conversation, she says, of-
seats on the ride. Universal says
differences can be a result of wear
and tear on test vehicles, and adds
that it is exploring ways to provide
testers with more privacy.
While Disney classics such as Pi-
rates of the Caribbean or It’s a Small
World have no restraints, rides today
are often designed for what ride ex-
perts call “100% containment,” mean-
ing there is no way for a person to
exit or be injured midride.
Stricter safety standards re-
quested by insurers and worries
about visitor lawsuits influence ride
design, says Jason McManus, a
principal at Thinkwell Group, an ex-
perience design company.
Tuesday, January 31, 2023 | A9
FROM TOP: PHOTO ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL|, ISTOCK (2); KELLY JOSLIN; LEAH RICHARD
fering workers a chance to be
heard and ask questions.
“The enemy is not the tool, the
enemy is how the tool gets used,”
she says.
Phyllis Hartman, president of
PGHR Consulting Inc., a Pittsburgh-
based HR consulting firm, says any
insensitivity during a layoff in-
creases the likelihood that disgrun-
tled employees will legally chal-
lenge their terminations.
“You’re setting yourself up for
trouble,” she says. “If they’re an-
gry, they’re going to look for a
reason to get back at you.”
What matters isn’t how the
news is delivered, but what is
said, says James Abele, a former
senior solutions engineer at
cloud-services company Akamai
Technologies Inc., who lost his job
last year after 17 years at the
company. Mr. Abele was informed
of his termination via a video call,
during which an HR representa-
tive made an offhand remark that
stung, he says.
“It made the moment hurt more
than it would have otherwise,” he
says. A banal email would have
been preferable, he adds. Akamai
declined to comment.
Youyou Zhou recently learned
via email while vacationing with
friends in Aruba that she had lost
her job as a Vox senior data editor.
She says she was comforted by be-
ing surrounded by beauty there,
plus having a follow-up video call
with HR and the editor in chief.
That she was notified by email
didn’t perturb her. “I felt like
layoffs never happen happily,”
she says.
“What might seem like a fairly be-
nign ride still has to take into consid-
eration that a very young child might
need to be contained,” Mr. Seay says.
Children might not understand the
risks of exiting a ride in motion, and
even a slow ride involves complex
and potentially dangerous machinery.
There is also the problem of people
trying to jump off rides in an at-
tempt to film a video for TikTok.
Yet rides with full containment
might not fit larger adults. “If you
size every seat for the largest pos-
sible person, you’re guaranteeing
that a smaller child cannot ride,”
says Jim Shull, who worked for
over 30 years as a Disney Imagi-
neer, a term for Walt Disney Co.’s
theme-park designers.
NBCUniversal, part of Comcast
Corp., says it is looking at ways to
update rides to fit more guests.
Retrofitting a ride to accommo-
date more riders must be done care-
fully. After a 14-year-old boy from
Missouri died after falling off a ride
at a Florida entertainment complex
last March, an autopsy found that he
exceeded the ride’s weight limit. An
investigation found that adjustments
made to the ride’s safety harness
contributed to the accident.
Some rides, such as the Incredible
Hulk Coaster at Universal’s Islands of
Adventure park in Florida, have some
seats designed for larger-size guests.
And other recent attractions at
theme parks stand out for fitting
people with different body sizes,
such as a new roller coaster based
on the Guardians of the Galaxy film
franchise at Disney’s Epcot park. Dis-
ney declined to comment.
“It is the most comfortable ride
vehicle I’ve ever seen, and it accom-
modates a lot of people,” Think-
well’s Mr. McManus says.
A10 | Tuesday, January 31, 2023 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
Rick Steiner, 65, a retired engi-
neer living in Tucson, Ariz., on his
1955 Ford Thunderbird, as told to
A.J. Baime.

M
y grandmother was a
World War II Gold Star
wife. What that means
is, she was the wife of
a soldier killed while
serving his country. My grandfa-
ther died in Normandy, just after
the invasion. My grandmother
raised four children and put them
all through college, through engi-
neering school, law school, dental
school and nursing school. She
was a middle-school algebra

MATT MARTIAN FOR THE WALL STREET JOURNAL (3)

teacher. When she finally got her
last child through school, she
bought this 1955 Thunderbird,
which was a shock to everybody.
The Thunderbird made its de-
but in model year 1955 and was a
smash hit. It was a pretty snazzy
car for an algebra teacher. Accord-
ing to our family research, this car
was built in November 1954 as a
1955 model, so it was among the
early Thunderbirds. It was origi-
nally delivered from the Ford fac-
tory to a dealership in Des Moines,
Iowa. My grandmother bought the MY RIDE | A.J. BAIME
car in San Diego when it was one
year old. She died when I was 3,
but I still remember riding in this
car with her.
An aunt of mine inherited the
Grandma’s T-Bird Took 40 Years to Restore
car, but she couldn’t keep it up.
When I was 14, my mother said to
me, “Hey, you know, your aunt is
selling this Thunderbird. I have
some money stowed away. I’m go-
ing to buy that car for you.” And
she did. I didn’t even have my li-
cense yet.
I was obsessed with this car. It
was barely running and I took it
to my high-school auto shop to
pull the motor out. But things did
not go well. I had no resources. I
had nowhere to put the car. It
ended up parked behind our fam-
ily house in Whittier, Calif. People
started stealing parts off of it. I
sold it to an uncle eight years af- ‘It’s not a show car,’ says Rick Steiner. ‘It’s a driver, and it’s just intended
ter I bought it. It was one of the to be fun.’ The model year 1955 was the debut of the iconic Thunderbird.
biggest disappointments of my
life because the car was in worse
shape when I sold it than when I owned it. He said to me, “Rick, was in his late 20s at the time, when I was in high school. Now put modern disc brakes in it. I
bought it. that’s great that you got this car and an uncle of mine, we got to here I was, putting it back in. changed some minor things, but it
About 40 years later, in 2011, I back. I expect you to take me for a work. My uncle knew the best I was able to finish the car still looks pretty stock. It’s not a
ended up buying this car back ride.” He had a prognosis of about painters, the chrome guys, the enough so that I could give my fa- show car. It’s a driver, and it’s just
from a cousin of mine, and right at six months. The car was in pieces mechanics. A whole network of ther a ride. I have a picture of that intended to be fun.
that time, my father was diag- in my garage. The motor wasn’t people came out to help. We put day in 2012. It was a sweet experi- Now, when I look at it, I get a
nosed with cancer. My father could even in it. I thought: I better get the motor back together in my ga- ence. He died soon after. tear in my eye. When I drive it, I
remember this car, because his hopping! rage. Forty years earlier, I had I kept working on the car after think to myself: God has been re-
mother had owned it, and I had With the help of my son, who taken this motor out of the car, that. I wanted it to be safe, so I ally good to me.

How to Spot Fake Apple AirPods

Demand for pricey earbuds spurs increase in knockoffs
BY DALVIN BROWN terfeit products from the form as expected and recom-
market, a spokesman said. mends not connecting them.

M
any people hoping to
score a deal on Ap-
ple Inc.’s top-of-the-
line wireless earbuds are
winding up with something
far less valuable: counterfeit
AirPods.
Caroline Ballard, 26 years
old, was perusing Facebook
Marketplace when she came
across a pair of new AirPods
Pro for $80, less than a third
of the $249 list price.
She arranged to meet the
seller at a nearby Wal-
greens parking lot the
same day, a move that
isn’t unusual for transac-
tions made via Meta
Platforms Inc.’s online
More than one million listings
for fake Apple products are
removed each year, he added.
To be on the safe side, it is
probably best to avoid third-
party sellers and buy directly
from Apple or its authorized
partners. Though AirPods are
discounted on occasion, a
deal that looks too good to
be true probably is.
Counterfeit buds sometimes
come in boxes that resemble
Apple’s packaging, though
This warning appears only for
earbuds it detects are mim-
icking real AirPods.
Apple has a support page
for checking product warran-
ties. It also provides clues to
the authenticity of your de-
vice. Enter the serial number
written inside your AirPod
case. If you get an info page
with a purchase date, the
AirPods are probably real. If
you see, “We’re unable to
check coverage for this se-
PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL, SHUTTERSTOCK

market. The man pulled

up and handed her a
small plastic-wrapped
white box with a photo
of two AirPods on the
top. The seller took her
$80 and drove off.
“I felt like something
was off almost immedi-
ately,” she said. She no-
ticed some of Apple’s
branding missing from
the packaging and
quickly realized she had
been scammed.
It didn’t take long for
Apple’s white earbuds,
which first hit the mar-
ket in 2016, to go from
an internet joke to a ubiqui- some details can be off. The rial number,” your AirPods
tous status symbol. Demand box that came with the pair are probably fake.
for AirPods has spurred Ms. Ballard bought was People looking for AirPod
counterfeits designed to fool missing the Apple logo on deals often turn to person-
buyers into thinking they are the side, though a booklet to-person sales sites, such
getting the real thing. Until inside read, “Designed by as Facebook Marketplace or
recently, some could even Apple in California.” eBay. These digital market-
pair with iPhones the way Replicas might not come places allow users who buy
real AirPods do. with serial numbers written counterfeit goods to report
Some buyers of counter- outside the box and inside the issue and request a re-
feit AirPods initially believe the charging case, like real fund. You’re in a better posi-
they have lucked into a deal, AirPods do. tion if you paid for the item
despite Apple’s famous con- Apple’s latest iPhone soft- on Marketplace or eBay; re-
trol over its prices and retail- ware, iOS 16, can notify users funds for cash transactions
ers. Others are paying close attempting to pair inauthen- are more complicated.
to full price, buying from tic AirPods. When setting up Ms. Ballard, who paid
third-party sellers on the Apple’s earbuds, you open the cash, reported the seller to
websites of major retailers. case and hold them near your Facebook. She never heard
The latest edition of Ap- iPhone, and a setup anima- back or got a refund, but the
ple’s iOS tells users when tion appears on screen. In iOS seller no longer has items
their wireless white earbuds 16, with a counterfeit pair, the listed, she said. Meta said
may be inauthentic. Apple same action can trigger a flagging counterfeit products
also works with vendors, so- “Cannot Verify AirPods” helps Facebook block or re-
cial networks and law en- warning. The message says duce the visibility of other
forcement to remove coun- the earbuds might not per- possibly counterfeit products.
 THE WALL STREET JOURNAL. Tuesday, January 31, 2023 | A11

ARTS IN REVIEW
BY LAURA JACOBS EXHIBITION REVIEW

F Homes in High Style

New York
ashion designers
love the jump from
homo sapiens to
home, which liber-
ates them from A show of art, photographs and couture looks at the close relationship between fashion and decor
necklines, hem-
lines, and everything in be-
tween. One thinks of the
über-modernist Halston, the
floors and furniture in his
Paul Rudolph townhouse
sheathed in lean industrial
gray, flocks of white orchids
sailing in the stillness. Or of
the changeless Bill Blass, the
masculine classicism of his
poised Sutton Place living
room an escape from the
WASP shmattes demanded
by his East Side clientele. Or
of the quixotic Karl Lager-
feld, chasing one period vi-
sion after another through
serial homes decorated to
the nth degree, costly state-
ments of style that bored
him once done. These post-
war men were actually fol-
lowing in female footsteps.
In the Museum at FIT’s
exhibition “Designing
Women: Fashion Creators &
Their Interiors,” the mu-
seum’s deputy director Patri-
cia Mears, who organized the
show, proposes a connection
between female fashion de-
signers—specifically those
who used their salons and
personal spaces as embodi-
ments of their brand—and
the rise of interior decora-
tion as a field, one that was
Installation view of ‘Designing Women: Fashion Creators & Their Interiors’ with a black dress and pink chiffon cape, right, both by Jeanne Paquin
particularly welcoming to
women. As Ms. Mears ex-
plains in her opening text, moves through five sections, the grandeur of Louis XIV to Michel Frank and their peers apartment is a continuing who in turn influenced men.
“Beginning in the late nine- beginning with at-home draw from the more livable at Maison Jansen. A surprise project of reinvention. Some This surge of convergence
teenth century, an increasing dresses and nightgowns from designs of Louis XV and XVI are the mesmerizingly avant- of these interiors you may and emergence is captured in
number of women founded the late 1700s to the late styles. No doubt these rooms, garde interiors of two milli- already know. Mollie Parnis’s dashing original illustrations
important couture houses in 1800s, all containing ele- with their crystal chandeliers ners—Jeanne Tachard, blush-pink living room, de- by Bil Donovan, created for
Paris, London, and New York. ments of either Rococo or and conservatory windows, whose decorator was Pierre signed by the great Billy the exhibition. He takes three
At the same time, interior Neoclassical design. A copy impressed clients for whom Legrain, and Agnès Rittener, Baldwin. Pauline de Roth- of the interiors and imagines
decoration became a viable of a painting by Jean-Fran- the Age of Absolutism was who worked with the lacquer schild’s enchanted chinoise- them draped on a dress form.
profession thanks to female çois de Troy, “La Lecture de the fount of all fashion. artist Jean Dunand. rie bedroom. Before she was We don’t just live in our
innovators on both sides of Molière” (c. 1728), pictures In the early 1900s we In the back gallery the ex- a baroness she was Pauline rooms, we wear them too.
the Atlantic.” attentive women cozy and meet Lucile, a British de- hibition leads up to the pres- Potter, a dress designer at
It’s a fascinating thesis, relaxed, reclining on up-to- signer otherwise known as ent, covering more than 20 Hattie Carnegie. Her decorat- Designing Women: Fashion
an early history of Lady Duff Gordon. designers, among them Eliz- ing taste and chic had an Creators & Their Interiors
female achievement Along with gowns, abeth Hawes, Lily Daché, enormous impact on Bald- Museum at FIT, through
and influence, but she promoted linge- Sybil Connolly, Pauline win, a friend who always May 14
it’s not easy to illus- rie, racy pieces that Trigère, Elsa Peretti, Bonnie gave her credit.
trate. The interiors were presented in Cashin and ending with Anna So the connections go Ms. Jacobs is the Arts Intel
no longer exist, ex- her private Rose Sui, a magpie of historicism round and round, a swirl of Report editor for the weekly
cept for a handful Rooms—curtained whose Greenwich Village clothes, rooms and women, newsletter Air Mail.
preserved in muse- boudoir settings
ums—the Jeanne complete with day-
Lanvin rooms, for bed and dressing
instance, at the Mu- table, a mise en
sée des Arts Déc- scène that allowed The WSJ Daily Crossword | Edited by Mike Shenk
oratifs, Paris. Intro- clients a “virtual” 1 2 3 4 5 6 7 8 9 10 11 12 13 29 Falco of “The
ducing pivotal experience of their Sopranos”
fashion designers potential purchase. 14 15 16
chronologically, the Lucile’s London
30 Blend
exhibition presents fashion house, dis- 17 18 19 together
examples of relevant tinctively painted 32 Paper piece
clothing along with with pale gray walls 20 21
photographs of inte- (Christian Dior 33 Old Germanic
riors, sleuthed from would do the same 22 23 24 25 26 letter
many sources. This when he launched 34 Problem in
works well enough, in 1947), was for- 27 28 29 30
Hamelin
but inevitably leaves mative inspiration
one wanting more (a for her close friend 31 32 33 34 37 “Patton” and
book, perhaps?). Elsie de Wolfe, the “Gandhi”
A dominant note first professional 35 36
sounds at the en- “lady decorator.” De 38 Bummer
trance. Just inside Wolfe, however, 37 38 39 40 41 42 43 39 Like sheep’s
the Fashion & Textile History Boué Soeurs evening dress never acknowledged Lucile’s wool,
Gallery, an intimate L-shaped (c. 1919) and Jeanne Lanvin influence. 44 45 46 47
compared
space, a small platform holds evening dress (winter 1928), The fourth and fifth sec- with alpaca’s
a Belle Époque afternoon above; dress (1997), kaftan tions move into the 1920s 48 49 50 51
wool
dress from 1892. It’s a black ensemble (2012) and a photo and ’30s with renowned
silk hourglass with an under- of Anna Sui, who designed women (and their interiors) 52 53 54 55 40 Song sung by
skirt and sleeves of celadon both, below such as Jeanne Lanvin (that Lancelot in
silk damask, the kind of purply-blue bedroom with 56 57 58 59 60 “Camelot”
18th-century fabric that Deco-ish white traceries!),
would be at home on a fau- the-minute upholstered Madeleine Vionnet (her Mod- 61 62 63 41 Charged
teuil or the walls of a Paris chairs, an innovation, along erne living room of bur- atom
drawing room. “Rather than with sofas and small tables, nished geometries) and Coco 64 65 66
42 Pool tool
espouse masculine modern- that changed the way women Chanel (gold accents, brown
ism,” Ms. Mears writes, used their interiors. velvet, dark lacquer—a fire 43 No-win
“these ‘great lady decorators’ The next section looks at in a forest). These women DOUBLE STANDARD | By Annemarie Brethauer situation?
appropriated the refined aes- the late 1800s. The couture collaborated with male deco- Across 31 Rule limiting 57 Has a 8 Prohibition 44 Confront
thetics of eighteenth-century houses of Jeanne Paquin and rators to achieve their unfor- use of a sneaking gangster
French interiors.” Callot Soeurs established gettable rooms—respectively, 1 Periscope aggressively
woodwind suspicion Bugs
From here the exhibition neo-Rococo salons, bypassing Armand-Albert Rateau, Jean- part 45 “Poor baby,
instrument?
61 “Total 9 Oil org. wah-wah!”
5 Newsstand awww!”
35 Short-
buy, for short 10 It’s history 49 Lode-bearing
muzzled
62 Billion years sites
8 Powered pooch 11 Globe divider
bikes 63 “Sleepless in 50 Cloth scrap
36 Feel poorly 12 Pleasing to
Seattle”
14 Make an the ear 51 “Dallas” family
37 Rule requiring writer/
impression? director 13 Take what’s name
casting
15 Foul up Cumberbatch Ephron offered 53 “No More
in everything? 64 Cornhole 18 Conciliatory I Love ___”
16 Hard to
grasp 44 Put up with tries gift (Annie
Lennox song)
17 City down 46 Major hwys. 65 Divested (of) 21 Game with
the coast mallets 54 Size up
47 Affirmative in 66 Use one’s
from Tampa incisors 22 Leb. neighbor 55 Touch down
Arles
19 Upshot Down 23 Driver’s prop 58 Antonym of
48 Dove sound
20 Rule 47-Across
49 Ventura 1 Guitar great 24 List-ending
regarding Paul abbr. 59 Pitching stat
exercises that runners
put minimal 50 Zellweger of 2 Seventh 28 Inside track 60 Toothed tool
stress on the “Judy” Greek letter
Previous Puzzle’s Solution
body? 3 ATM co. F I R E V A P I D C A S T
52 Author’s
A R E A A C H O O A L MA
22 Exorbitant protection, 4 Rock formed T O P R A N K I N G S L I M
25 “Hurry it up!” and a hint to from S N O B S I S R A E L I
20-, 31- and compressed U P S R A P U N Z E L
G R A D H E E A D O
26 ___Aviv 37-Across mud A I M A U D I T E I V A N
27 To date S T E A L I N G A G L N A C E
56 Grant, Hayes, 5 Cat call?
THE MUSEUM AT FIT (3)

H E N C E A N N O Y T E A
Garfield, C P U E G O C O S T
28 Airline since 6 Paper piece
Harrison, E Q U I P P E D F R O
1948 R U N D OWN U N Z I P
McKinley, Taft 7 Language
V I B E I N S I D E J O K E
29 Ham it up or Harding system I T O N N U E V A O N E S
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. N E X T D I C E D B E A T
 A12 | Tuesday, January 31, 2023
Philadelphia
The Philadelphia Ea-
gles are a slight bet-
ting favorite to win the
Super Bowl, but under
no circumstance should
you tell them this.
Far better if no one thinks they
have a shot. The whole of Philadel-
phia prefers it that way. The Ea-
gles want to march into Super
Bowl LVII in Glendale, Ariz., on
Feb. 12 as an unglamorous chal-
lenger to the shiny, media darling
Kansas City Chiefs. They’ll be
happy to take any skepticism—real
skepticism, perceived skepticism,
skepticism I totally made up for
the purposes of writing this col-
umn—and let it ripple through
their extremities like an electrical
charge.
Think Philadelphia isn’t all that?
Think they’re untested in the play-
offs? Think Jalen Hurts’s, uh, soar-
ing post-NFC championship ver-
sion of “Fly Eagles Fly” shouldn’t
win multiple Grammys?
Underestimate the Eagles at
your peril. And to their benefit. It’s
what they desire. It’s the organiz-
ing principle of a franchise that
feeds off faint praise, in a proud
city sandwiched between the me-
dia-hoarding hamlets of New York
and Washington, D.C.
They want you to think they’re
a bunch of noisy pole-climbers
who only had to beat the JV 49ers
and will be turned to rubble by far
superior K.C.
Don’t tell the Eagles the truth:
that they’re currently favored by
two points by most betting estab-
lishments, especially with Patrick
Mahomes gritting through an obvi-
ously painful ankle injury.
Don’t tell them that this 2022
team (now 16-3 including playoffs)
has earned the respect of everyone
who has been following football
this season. Don’t tell Philadelphia
this Eagles team is actually
pretty…likable. Maybe even lov-
able.
And for the Love of Randall
Cunningham, don’t tell Philadel-
phia that they lit the Empire State
Building in New York Flippin’ City
in Eagles green and white Sunday
night.
(Quick sidebar: Who thought
that was a good idea? Bathing the
Empire State Building in Eagles
ASSOCIATED PRESS
Bobby Hull led the Chicago Blackhawks to a Stanley Cup win in 1961.
1939 - 2023
Bobby Hull, Hockey’s
Golden Jet, Dies at 84
BY LAINE HIGGINS
BOBBY HULL, the scoring dynamo
of the 1960s who won a Stanley Cup
with the National Hockey League’s
Chicago Blackhawks before causing
a stir by defecting for a big contract
in the upstart World Hockey Associ-
ation, has died. He was 84.
The National Hockey League
Alumni Association announced
Hull’s passing on Monday. No cause
of death was given.
“Hull was a driven player who al-
ways gave fans a memorable experi-
ence at every game and brought
them to their feet,” the organiza-
tion wrote on Twitter. “In his retire-
ment, ‘The Golden Jet’ was never in
a rush to sign every autograph.”
Hull’s accomplishments on the ice,
however, were undercut by domestic
violence allegations against him and
an infamous 1998 interview in which
he was quoted saying that “Hitler, for
example, had some good ideas.”
Hull began his career in 1957 with
the Chicago Blackhawks, thus begin-
ning an era of points-scoring explo-
sion the likes of which professional
hockey had never seen. Over the
course of his 16-year NHL career, and
a seven-year stint playing in the now-
defunct WHA, Hull rewrote records—
and rulebooks—with his uncanny
ability to find the back of the net.
Hull helped deliver Chicago a
Stanley Cup in 1961, his fourth sea-
son in the league, and led the NHL
in scoring seven times during the
1960s. He was a jovial skater with
deep family ties to hockey—his
younger brother Dennis played
alongside him with the Blackhawks
for eight seasons and his eldest son,
Brett Hull, went on to become a
JASON GAY
These Eagles Have an Edge
Favorites? No way. It’s far better if no one thinks they have a shot to win the Super Bowl.
Philadelphia Eagles quarterback Jalen Hurts, left, sang the ’Fly Eagles Fly’ song during the trophy presentation.
colors is like painting Yankee pin-
stripes on the Liberty Bell. What’s
next, putting a Celtics jersey on
the Statue of Liberty? I can only
assume that the Empire State
Building had been drinking all day
Sunday, and don’t be surprised if
you see it hitchhiking south on 95
this week. (How does it show its
face in Midtown?)
The most foolish part of that
skyscraper stunt: Philadelphia
doesn’t care what anyone in New
York City thinks, even a sentient
building!
The Eagles don’t seek to im-
press New Yorkers, or anybody
else in America. This is Philly’s
team, a vessel of regional attach-
prolific NHL scorer in his own right.
Hull’s penchant for points and
breakaway speed, combined with
his blond hair, earned him the nick-
name “the Golden Jet.”
Hull was born in Point Anne, On-
tario, on Jan. 3, 1939, as the eldest
of 11 brothers and sisters. Like gen-
erations of young Canadians before
and since, hockey became an inte-
gral part of the Hull clan’s upbring-
ing. By the time he was a teenager,
Hull had earned acclaim in hockey’s
minor leagues and made his debut
in Chicago at age 18.
Across 15 seasons in Chicago,
Hull earned All Star honors 12
times. He twice won the Hart Tro-
phy, awarded to the most valuable
player in the NHL.
Simmering frustrations over
compensation with the Blackhawks
prompted Hull to leave for the Win-
nipeg Jets, then part of the soon-to-
launch WHA. It was nothing short
of scandalous for one of the NHL’s
biggest stars to defect for a rival
league in its debut season.
It was also the perfect leverage
for what was then a massive pay-
day. The Jets signed Hull to a $1.75-
million, 10-year deal that came with
a $1 million signing bonus.
Hull went on to have the most
productive season of his career with
Winnipeg, scoring a professional
hockey single-season record of 77
goals in 78 games in the 1974-75 sea-
son. His record would stand for
nearly a decade until another Cana-
dian hockey prodigy named Wayne
Gretzky came along and broke it. In
2023, Hull’s 77-goal season remains
fifth all time behind Gretzky, Mario
Lemieux and his son, Brett, a deco-
rated former NHL All Star.
SPORTS
ment with rabbit ears for the
slights of outsiders.
So repeat after me: Nobody
thinks you can do this, Eagles. The
rest of the country is all Mahomes,
Mahomes, Mahomes. They want
Travis Kelce to get a second ring,
not Jason. America wants the
Andy Reid Revenge Bowl.
Again, it’s ridiculous because
these Eagles are indeed good. This
isn’t some Cinderella that has
bumbled its way to Arizona on
some lucky bounces. This is a bal-
anced team with good coaching, an
excellent defense and a born win-
ner in third-year quarterback
Hurts. The Eagles went wire to
wire as the class of the NFC. In
Mahomes’s Ankle and the Forces
That Will Shape the Super Bowl
BY ANDREW BEATON
Kansas City, Mo.
P
atrick Mahomes didn’t expect
to run on the play that would
send the Kansas City Chiefs to
the Super Bowl.
“At some points in games,
you’ve got to just put it all on the
line,” he said afterward.
Mahomes’s ankle injury, which
he suffered a week earlier, clearly
bothered him more and more as
the AFC Championship against the
Cincinnati Bengals wore on. He
tried to sneak past defenders at a
couple points during the game,
only to get wrapped up by de-
fenders and discover that he
didn’t have the same burst
he usually has.
Then with seconds
left, Mahomes darted
to his right and
gained not just the
first down—but
also an addi-
tional 15 yards
thanks to a pen-
alty the Bengals
were flagged for
when he was hit after going
out of bounds. The combina-
tion set up Harrison Butker’s
game-winning field goal for
the 23-20 win—and added
to the legend of Mahomes.
How exactly Mahomes
recovers over the next two
weeks will be one of the
biggest questions that de-
fines the upcoming Super
Bowl, where the Chiefs will
take on Philadelphia Ea-
gles after they easily
dispatched the 49ers
in an NFC Champion-
ship where both San Francisco
quarterbacks got hurt. Mahomes
was able to play, and do so at a
high level, on Sunday. He also was
obviously limited and came up
short on plays he routinely makes.
Next Mahomes will be tested by
the team that had the best pass
rush in the entire NFL this sea-
son.
This championship weekend
demonstrated Mahomes’s grit as
he fought through obvious pain.
But what the two games also re-
flected is how there will be other
external factors that can help de-
cide this game even beyond one
man’s angle.
NFL refereeing is in the
spotlight again
two playoff games, nobody’s laid a
mitt on ‘em.
And OK, yes, fine, they beat the
discount brand 49ers Sunday. San
Francisco lost two quarterbacks to
injury and were all but on their
phones scouring LinkedIn for back-
ups. They actually had to put one
of their injured quarterbacks back
in the game, even though he
couldn’t throw, because they had
nobody left.
The Eagles didn’t get the Niners
at their best. But it’s like Rocky
said at the end of Rocky I: You can
only fight who you fight, Mr. Wall
Street Journal sports columnist!
OK, Rocky didn’t say that at the
end of Rocky I, or even Rocky V.
The championship games
weren’t the best moments for
clean, uncontroversial officiating
in the NFL—and somehow that
doesn’t have anything to do with
the penalty that helped decide
Bengals-Chiefs.
In the NFC Championship, a key
early completion for the Eagles—a
fourth-down strike for 29 yards
from Jalen Hurts to DeVonta
Smith—clearly should
have been negated.
Even Smith after-
ward seemed to
know it wasn’t a
catch, when after-
ward he exhorted
his offense to
quickly get off
another snap.
The Niners
didn’t challenge
the play, with
coach Kyle Shana-
han saying after-
ward that his
team didn’t
get a good
enough look
at it before the
next snap.
Shortly after-
ward, replays
showed it to
be an obvi-
Patrick ous in-
Mahomes
completion. It
didn’t end up matter-
ing when both of Shana-
han’s quarterbacks got
hurt and turned the game
into a wipeout, but it’s also
the sort of missed call that
could swing a Super Bowl.
There was also a bizarre mo-
ment of officiating in Philadelphia,
when it appeared to the Eagles
that a poor punt of theirs was due
to the ball hitting the wire that
holds a camera over the field. It
wasn’t exactly reassuring after a
delay when the referee told an au-
dience of tens of millions of peo-
ple: “We cannot confirm whether
the ball hit the wire or not.”
Somehow that wasn’t even the
strangest officiating gaffe Sunday.
On a third down in the fourth
quarter, the Chiefs came up short
and sent their punting unit onto
the field.
Only afterward, the referee said
the play had been blown dead—
which wasn’t apparent to anyone
on the field—because of a clock is-
sue. On the next play, Mahomes
THE WALL STREET JOURNAL.
But you know what I mean.
The case against the Eagles
come down to this:
They have not had a single ner-
vous moment in these playoffs, not
even a mild whiff of dread. It isn’t
enough of a case. They’re too tal-
ented. The Eagles are going to be
getting a Chiefs team that is good,
but not the highflying juggernaut
that’s dominated the NFL in recent
seasons.
The case for the Chiefs is:
They’re the Chiefs. That’s Patrick
Mahomes.
Then again, you saw how happy
the Chiefs were to escape with a
narrow win over the Bengals. You
saw how close and contentious
that game was. K.C. is suddenly a
team with its own rabbit ears for
disrespect. (The Chiefs had clearly
had it with all the Bengals/Joe
Burrow hype; Travis Kelce is going
to wind up running for mayor of
Cincinnati.)
This disrespect thing cuts both
ways, of course. Kansas City is go-
ing to be telling itself that all of
America thinks they’re lucky to be
there, that they got help from the
referees, and the Eagles are going
to roll.
We can be certain of this: This
isn’t like how it was the last time
the Eagles were in the Super Bowl,
against the Patriots for the 2017
season, when all the pregame hype
was about Tom Brady and the
Grumpy Lobster Boat Captain, dy-
nasties and dominance.
You remember how that turned
out. Brady threw for 505 yards,
but Nick Foles unleashed the Philly
Special.
This motivational technique
BILL STREICHER/USA TODAY SPORTS
works.
Don’t tell the Eagles you like
them. Don’t even tell them you
even care. Philadelphia has a good
chance to prevail in two weeks, but
they want a chip on their shoul-
ders in the desert. Same for the
Chiefs. They wouldn’t have it any
other way. It is the football life.
was sacked but got a first down
anyway because a flag was
thrown.
When this Super Bowl is ex-
pected to be ultra close—the Ea-
gles are favored by a couple of
points right now—these are the
types of moments that can tilt the
balance of the game.
Mahomes isn’t the only
injured Chiefs player
Chiefs owner Clark Hunt said
that it felt like his team has suf-
fered a season’s worth of injuries
in the span of a week. He wasn’t
exaggerating too much.
Beyond Mahomes, his star tight
end Travis Kelce was questionable
to play at all on Sunday with a
back injury that popped up last
Friday. Then came another rash of
injuries that, in particular, gutted
Kansas City’s passing weapons. Re-
ceivers Kadarius Toney, JuJu
Smith-Schuster and Mecole Hard-
man all are now battling ailments,
including ones suffered or aggra-
vated Sunday, that could dramati-
cally change how the Chiefs of-
fense looks in a couple of weeks.
The Eagles, on the other hand,
have emerged through two easy
playoff wins relatively unscathed.
The Eagles are favored.
Does that favor K.C.?
After the confetti fell at Arrow-
head Stadium, one thing was clear:
The Chiefs were the No. 1 seed in
the AFC, and they were still some-
how motivated by slights.
The buzz before the game was
about the Bengals dubbing the sta-
dium Burrowhead because of quar-
terback Joe Burrow’s prior domi-
nance over Kansas City. Even the
mayor of Cincinnati, Aftab Pureval,
used the moniker.
The Chiefs had the last laugh af-
ter the game.
“Is this thing still called Arrow-
head?” Mahomes said on the field
as fans cheered during the trophy
ceremony. “What does it sound
like out there?”
“I’ve got some wise words for
that Cincinnati mayor,” Kelce
screamed on the field. “Know your
role and shut your mouth.”
EVIN C. COX/GETTY IMAGES
After a half decade of dominat-
ing the NFL, the Chiefs clearly
didn’t mind having some bulletin-
board material.
“Yeah,” Pureval tweeted after
the game, along with a video of
Kelce. “Deserved that.”
THE WALL STREET JOURNAL.
Justice for Mark Houck
Is Mark Houck
a dangerous
criminal, or a
man targeted
by Merrick
Garland’s Jus-
tice Depart-
MAIN
ment to score
STREET
political
By William
points?
McGurn
Mr. Houck,
48, has been
on trial for violating the Free-
dom of Access to Clinic En-
trances, or the Face Act—for
shoving a patient escort out-
side an abortion clinic in
2021. If convicted he faced 11
years in prison. On Friday the
jury deadlocked, but on Mon-
day it returned its verdict: not
guilty.
This was a case that never
should have been brought. U.S.
District Judge Gerald Pappert
suggested as much when he
asked the prosecutor whether
federal law didn’t “seem to be
stretched a little thin here.”
The FBI’s decision to arrest
Mr. Houck as though he were
John Dillinger also suggested a
political stunt.
Mr. Houck is a pro-life
“sidewalk counselor” who for
years has prayed and pro-
tested outside the Elizabeth
Blackwell Health Center, a
Planned Parenthood clinic in
Philadelphia. His goal is to try
to persuade women entering
the clinic not to go through
with their abortions. That is
also his constitutional right.
But in 1994 Congress
passed the Face Act, which
makes it a crime to intimidate
or use force to interfere with
Why China Will Never Lead on Tech
By Simone Gao
C
hina recently pulled up
short in its race with the
U.S. for dominance in
chip manufacturing. While the
U.S. has strengthened its com-
mitment to rebuilding its do-
mestic production through the
passage of the Chips Act this
past summer, spurring nearly
$200 billion in private invest-
ment in manufacturing proj-
ects, China has abruptly
paused its investment of 1 tril-
lion yuan (about $148 billion)
in the industry.
August reports from the
Chinese government revealed
a flurry of antigraft probes
that investigated many of the
industry’s top figures, includ-
ing Ding Wenwu, general man-
ager of the China Integrated
Circuit Industry Investment
Fund. This $45 billion fund,
known as the “Big Fund” in
the industry, is the Chinese
government’s official vehicle
for managing its colossal in-
vestments in the chip industry.
The fund invested in a host of
companies, including China’s
largest chip-makers, Semicon-
ductor Manufacturing Interna-
tional Corp. and Yangtze Mem-
ory Technologies Co., both of
which have been crippled by
U.S. sanctions.
According to Bloomberg,
Chinese officials “are now ask-
ing local semiconductor mate-
rial suppliers to cut prices to
provide support to their domes-
tic customers,” and “China may
also choose to divert its limited
state capital toward selective
areas . . . that are relatively na-
scent, and where no one nation
One Small Step for Social Security
By Andrew G. Biggs
S
ocial Security remains
the largest federal
spending program. After
Medicare, it’s the second-larg-
est driver of long-term defi-
cits. As the new Republican
House majority looks to rein
in the budget, Social Security
reforms could be on the table.
Though vital to addressing
the national debt, getting a
comprehensive reform pack-
age—or any major entitlement
reform—through Congress will
be tough. Instead, lawmakers
might consider a simple but
meaningful start: capping the
maximum retirement benefit. A
cap would put a dent in Social
Security’s 75-year funding gap
of more than $20 trillion and
send a message that govern-
ment benefits to high-income
retirees can’t be unlimited.
Social Security is often de-
scribed as a safety net against
poverty in old age. But if every
senior simply received a bene-
fit equal to the 2022 poverty
threshold—just over $14,000
for a single retiree and about
OPINION
an abortion provider or a
woman seeking an abortion.
Prosecutors allege Mr. Houck
violated the act when, in two
separate instances on Oct. 13,
2021, he shoved volunteer
clinic escort Bruce Love.
That much everyone agreed
on. But in court, Messrs. Love
and Houck offered different
versions of events. Mr. Love,
now 73, claimed he was twice
shoved to the ground without
any provocation. Mr. Houck
said he pushed Mr. Love be-
cause he was harassing his 12-
year-old son, Mark Jr., saying
crude things to him.
The dispute cut to the
heart of intent. If Mr. Houck
shoved Mr. Love to interfere
with the provision of an abor-
tion, he violated the Face Act.
But if Mr. Houck shoved Mr.
Love because he was harass-
ing his son, it was a street-
side altercation that never
should have become a federal
case.
In this light, it’s worth not-
ing last week’s admission by
the CEO for Planned Parent-
hood Southeast Pennsylvania,
Dayle Steinberg. Ms. Steinberg
testified that she’d sent an
email about a week after the
incident recommending that
Mr. Love not serve as an escort
“while this case is in litigation.”
She noted that Mr. Love had a
problem following the clinic’s
“non-engagement” policy—
even though he was spoken to
“on numerous occasions.”
The federal intervention
was also messy. Local police
filed no charges against Mr.
Houck. Mr. Love then filed a
can claim dominance.”
With this retreat, China is
quietly admitting the failure
of its whole-of-government
approach to developing ad-
vanced technologies that can
compete internationally.
America’s ban on exporting
advanced chipmaking tech-
nologies to China has pre-
vented key partners, includ-
ing the Netherlands and
Japan, from exporting such
technology to China, smother-
ing China’s emerging semi-
conductor industry.
Communism is
incapable of nurturing
the curiosity that
leads to innovation.
But there is a bigger reason
that China’s ambitious tech-
nology endeavors are failing:
Its communist system stifles
innovation. In China, all major
funding is controlled and dis-
tributed by the Communist
Party. Top scientists must be
in the party system to advance
their careers and get funding.
The higher they rank within
the party, the more funding
they can receive. They can also
make fortunes steering proj-
ects and government funds to
companies owned by their as-
sociates and earning huge
kickbacks. The recent corrup-
tion investigations have impli-
cated key Big Fund officials
and executives of companies
that have received the most
funding, raising speculation
$17,600 for couples—Social Se-
curity’s $1.3 trillion annual
cost for 2023 would be nearly
cut in half.
Social Security is expensive
because it’s more than a
safety net: The average new
retiree in 2021 received an an-
nual benefit of nearly $21,000,
1.5 times the poverty thresh-
old without counting their
own savings. And the highest-
earning Americans receive
Capping the maximum
benefit is a promising
step toward solvency.
even more than that, with the
maximum benefit at the nor-
mal retirement age of 67 com-
ing in at $42,238 in 2023. This
blows through any reasonable
idea of a safety net: It’s more
than three times the federal
poverty threshold and about
5% higher than the median
employee’s salary in the U.S.
It’s also two to three times
higher than the maximum
private criminal complaint,
which was ultimately not pur-
sued by Philadelphia District
Attorney Larry Krasner’s office.
“The case was disposed of
locally so the DOJ could as-
sume and lead the investiga-
tion,” Jane Roh, a spokes-
woman for Mr. Krasner, told
the Bucks County Courier
Times in September. “It is in-
correct to say that we declined
this case.”
A pro-life father is
acquitted on charges
that he interfered
with abortion access.
Whatever the reason Mr.
Krasner’s office didn’t prose-
cute, the FBI didn’t arrest this
public enemy until Sept. 23,
2022—almost a full year after
the altercation.
The FBI came to Mr.
Houck’s home as though he
were a violent gangster. His
wife, Ryan-Marie, said a SWAT
team of about 25-30
armed agents arrived around 7
a.m. The FBI disputes details
of her account. They deny it
was an actual SWAT team and
insist that Mrs. Houck’s esti-
mate of the number of agents
is an “overstatement.” But the
bureau also refused to say ex-
actly how many armed agents
there were.
And whether these armed
agents were a SWAT team is be-
side the point. The question is:
Was this show of force justified
that the fund’s leaders may
have taken kickbacks from
these companies.
Before the investment
pause, chip startups that were
linked to the local government
officials tasked with recom-
mending and verifying candi-
dates were capturing subsi-
dies. According to an analysis
by the South China Morning
Post, 15,700 new Chinese semi-
conductor companies were
registered from January to
May 2021. A Chinese media
outlet, Sing Tao Global, re-
ported that many companies
in industries ranging from
construction and cement to
garments and pharmaceuticals
had switched, at least on pa-
per, to chip manufacturing, re-
sulting in unfinished projects
and frequent shutdowns. But
even without this poor re-
source allocation, China’s chip
development still would be
hindered by the country’s lack
of long-term vision.
In 2019 I interviewed a data
and AI scientist at Huawei,
China’s largest and most pow-
erful telecommunications com-
pany, which at the time was
poised to take over the global
rollout of 5G. He told me that
despite Huawei’s achieve-
ments, a hunger for quick suc-
cess pervaded the company.
While Ren Zhengfei, the com-
pany’s founder and CEO,
would publicly encourage new
research, he was likely to cut
off funding if there were no
notable achievements within a
project’s first two years. This
pattern has led to the most
consistent innovation at Hua-
wei taking place only at the
benefit paid in the United
Kingdom, Canada, Australia
and New Zealand.
Social security’s maximum
benefit increases every year. In
2000 it was about $28,300 in
inflation-adjusted dollars, about
a third less than today. By 2035
the maximum Social Security
benefit will reach $49,825 and
by 2050 it will rise to $59,234.
For a single, high-income
retiree $42,238 should be
more than enough to get by in
most parts of the country.
That’s why, in future years,
the maximum Social Security
retirement benefit should be
capped at the 2023 value, ad-
justed for inflation. Retirees
entitled to less would receive
their benefit as promised, but
those entitled to more would
be limited to that amount.
To receive the top benefit,
a person must have worked 35
years or more at the maxi-
mum salary taxable by Social
Security, which would have
averaged to about $117,000 a
year for someone retiring to-
day. It’s likely that these
Americans are already saving
for a man who was never a
threat or flight risk? On top of
it all, one of Mr. Houck’s team
of lawyers at the Thomas More
Society, Matt Heffron, had
emailed the assistant U.S. attor-
ney in June saying Mr. Houck
would accept a summons to
surrender himself.
On the evidence, the raid
appeared calculated to send a
political message. It was less
than two months before the
midterm elections. Many saw
it that way. In October 2022, 11
U.S. senators and 29 members
of Congress sent a letter to FBI
Director Chris Wray asking if
the raid on Mr. Houck was an
example of “weaponiz[ing] the
power of federal law en-
forcement . . . against pro-life
Americans based solely on
their beliefs.”
Good question. Ever since
Joe Biden’s victory speech in
2020 promising to “heal” and
“unify” America, he has called
his political opponents “ex-
tremists” and accused them of
being a “threat to democracy.”
Recall the letter he got from
the National School Boards As-
sociation equating angry par-
ents with “domestic terror-
ism.” Mr. Biden didn’t dismiss
the letter as he should have.
Instead he had Mr. Garland ask
the FBI to look into the sup-
posed threats.
Mark Houck’s position on
abortion makes him unwel-
come at the commanding
heights of American culture.
But it is precisely the unpopu-
lar defendant that is most at
risk of political prosecution.
Write to mcgurn@wsj.com
application level. The company
rewards innovations that can
make money immediately, but
long-term research that might
lead to world-changing inno-
vation isn’t being done.
This isn’t unique to Huawei.
It is the norm of Chinese soci-
ety under communist control.
Great innovation comes from
free and curious minds. Such
minds need nurturing, and, de-
spite all its dazzling skyscrap-
ers and smart cities, China to-
day is incapable of doing so.
China’s test-oriented educa-
tion discourages creativity and
independent thinking. The
Communist Party uses propa-
ganda to instill a sense of loy-
alty and gratitude in the peo-
ple, to the detriment of faith,
which encourages broader in-
quiry. All this, combined with
a sense of achievement de-
rived from China’s recent eco-
nomic successes, has caused
the Chinese to become en-
tirely focused on attainment.
The goal is always to achieve
the greatest benefit at the
least cost. Dreams and pas-
sions are impractical and ex-
pensive, even silly. They must
be discarded.
If China can’t cultivate free
thinkers, it will always be a
follower and never a leader as
the West imagines and invents
the future.
Ms. Gao is a journalist and
host of “Zooming In With Si-
mone Gao,” an online current-
affairs program.
Walter Russell Mead is
away.
for retirement on their own,
with total national retirement
savings having more than dou-
bled in the past two decades.
Would capping the maxi-
mum benefit be enough to fix
Social Security? Not even close.
I estimate that by 2050, aver-
age benefits for new retirees
would be about 12% lower,
driven entirely by reductions
for retirees with the highest
benefits without changing ben-
efits for typical retirees.
Though a move in the right di-
rection, further changes are
needed to guarantee the pro-
gram’s solvency.
A better approach would not
merely cap the maximum bene-
fit, but boost benefits for low
earners and provide every
worker access to a retirement
plan. But after nearly four de-
cades of congressional neglect,
a journey of $20 trillion can
start with one small step.
Mr. Biggs is a senior fellow
at the American Enterprise In-
stitute. He has been nomi-
nated to serve on the Social
Security Advisory Board.
Tuesday, January 31, 2023 | A13
BOOKSHELF | By Andrew Stark
Everyday
Epiphanies
Awe
By Dacher Keltner
(Penguin Press, 309 pages, $28)
W
e’ve all had the experience in one form or another:
I stopped in for a coffee at my local establishment.
“I’ll have a medium dark roast please,” I said to
the barista. “Awesome!” she replied cheerily as she rang up
the order. At the time, I wondered whether her response
was perhaps just a bit over the top.
According to Dacher Keltner, it might have been right
on target. Awe, he says, is an “everyday” experience. We can
find it “anywhere,” in incidents large and small. In “Awe:
The New Science of Everyday Wonder and How It Can
Transform Your Life,” Mr. Keltner, a psychology professor
at the University of California, Berkeley, recounts stories
that people around the world have told him about moments
of awe in their lives, supplemented by his own experiences.
Far from being your grand-
father’s notion of awe—an
“extreme, once-in-a-lifetime
experience” that can leave
you trembling—awe is some-
thing we often feel, Mr. Kelt-
ner says, in a range of mostly
pleasant circumstances.
Encounters with what Mr.
Keltner calls “moral beauty,”
for example, such as wit-
nessing brave first responders
in a crisis or parents raising a
child with major health prob-
lems, or even—as a woman
from Sweden told Mr. Keltner—
watching one’s obliging husband
move heavy objects around the house, induce feelings of
awe. So do episodes of what Émile Durkheim called “collec-
tive effervescence”: dancing, chanting or attending sports
matches where we feel a jubilant closeness with others.
The same feeling can arise in the natural world, as when
we find ourselves mesmerized by the play of light and
shadow under a leafy tree. Even Edmund Burke, for whom
awe was “tranquility shadowed with horror,” saw the plea-
sure to be had in our awareness of terrible dangers from
which, for the moment, we feel safe.
Other awe-elicitors include musical and visual art—here
Mr. Keltner mentions everything from the songs of Aretha
Franklin to the paintings of Goya—and epiphanies, in which
a pattern suddenly becomes clear to us and we see what
Walt Whitman called the “scheme” of things: say, in the
unfolding of history or the relation of motifs in Gaudí’s
cathedral in Barcelona. And then there is that old stand-by,
the feeling of spirituality and transcendence that can
envelop us when we pray, fast or meditate.
If we add all this up, Mr. Keltner says, it becomes evi-
dent that awe is—or at least can be—a regular occurrence
in our lives. And that’s great news, because awe is good
for us. What’s common to these experiences, Mr. Keltner
observes, is that they release pleasure chemicals in the
brain, getting our oxytocin going and our vagus nerve
thrumming. For a healthy mind, he concludes, we should
make time to tap into the sources of awe that lie all
around us.
It is enlightening to follow Mr. Keltner’s arguments and
uplifting to read the awe-filled tales he tells. He is aware,
however, that we need something more than a physio-
logical means of understanding awe. We need a conceptual
definition. And he offers one: Awe “is the emotion we
experience when we encounter vast mysteries that we
don’t understand.”
Nature’s wild beauty, with its ‘forms most
beautiful,’ can be awe-inspiring. But daily life
also offers up precious moments of awe.
The difficulty is that this definition fails to match many
of the stories Mr. Keltner documents. If doing the wave at
a baseball game or witnessing one’s husband move large
objects is an awesome experience, then awe is not a
response to vast mystery. And if awe is indeed a response
to vast mystery, then many of the stories people tell Mr.
Keltner, however much they might have provoked a certain
chemical reaction in the brain, are not tales of awe.
Is there another way of understanding awe? Here Mr.
Keltner’s own language suggests one. Three words—
“good,” “true” and “beautiful”—braid together, in different
combinations, throughout his book.
For music or visual art to inspire awe, Mr. Keltner’s
discussion implies, it must be more than simply beautiful.
An awesome song is one that, through its melodic beauty,
transports us to a moment of “truth”—even if, as the cellist
Yumi Kendall tells Mr. Keltner, any such truth might lie
“beyond language.” Awesome epiphanies, too, combine the
beautiful and the true. Why does the theory of evolution,
for instance, strike some people as awesome? Perhaps
because, as Mr. Keltner says, in the moment when we
grasp its truth we also see that it consists, in Darwin’s
words, of “forms most beautiful.”
Other awesome experiences combine truth not so much
with beauty as with goodness. An awesome spiritual
encounter might stir in us the sense that we are sur-
rounded by a “gentle, kind force,” as a woman at the
Gandhi Ashram in western India tells Mr. Keltner. But it
must do more than that. It must make us feel that its
existence is no illusion. In the same way, communal
events—think of thousands of fans rising in unison as their
team scores a touchdown—certainly feel good. But to be
awesome they must also hit us with an underlying truth:
the truth that we are connected in our common humanity.
Mr. Keltner’s use of the term “moral beauty” suggests
that we feel awe when our fellow human beings perform
acts not only that are good—helpful, beneficent—but that
require such extraordinary courage or impressive strength
that they become beautiful as well. He gives Mother Teresa
as an example. And when moments in nature strike us
with awe, it’s because their beauty conveys a further sense
of sustaining goodness: of “benevolence and blessedness”
as Mr. Keltner puts it, quoting Wordsworth.
The good, the true, the beautiful—those perennials—
create a through-line in many of Mr. Keltner’s wonderful
stories. Any one by itself is always welcome, of course, but
by itself not necessarily awesome. Find all three together
and you might have yourself one of those once-in-a-lifetime
experiences of yore. Awe resides in the sweet spot among
these qualities—and, yes, as Mr. Keltner says (and my
barista implied), it’s all around us.
Mr. Stark is the author of “The Consolations of Mortality:
Making Sense of Death.”
A14 | Tuesday, January 31, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The State Tax-Cut Movement Free Speech on Campus and in the Real World

G
ood news for taxpayers, or at least some Flat-rate tax reforms are also spreading. Last As a member of the Cornell Free During the 2019 protests in Hong
of you: Statehouses across the country year Georgia, Iowa, Mississippi and Arizona Speech Alliance, I share Daryl Mo- Kong, Mr. Morey, then the general
rey’s concerns about the threats to manager of the Houston Rockets bas-
are continuing to cut taxes in a move- joined Idaho in enacting one. That brings the na-
open inquiry in U.S. higher education ketball team, posted a seven-word
ment that shows no sign of tionwide total to 13, after pub- (“The Numbers Show That MIT Has a tweet heard around the world: “Fight
slowing down. By year-end, By year-end, about half lic-employee unions finally won Free-Speech Problem,” op-ed, Jan. for Freedom, Stand with Hong Kong.”
nearly half of all states will
have cut their income-tax
of the states will have achusetts’s
referendum that nixed Massa-
flat 5% income-tax
24). As at the Massachusetts Institute
of Technology, at Cornell students
After censure by Chinese officials,
National Basketball Association exec-
rates within a three-year pe- cut rates on income rate last year. Now the top Bay and faculty report a high degree of utives distanced themselves from Mr.
riod. The good results so far State rate is 9%, an invitation to self-censorship and a chill on aca- Morey, who deleted his tweet. His ac-
confirm that we’re in a virtu-
within three years. move to Nashua, N.H. Flat rates demic freedom. The nation needs quiescent follow-up tweet wasn’t a
ous economic-political cycle. on income help restrain the up- more alumni like Mr. Morey and more profile in courage either, stating in
At least six states have ward creep of taxes by forcing business leaders, who will go on to part: “I have had a lot of opportunity
kicked off their 2023 legislative sessions with politicians to raise rates on everyone in order to employ the graduates of these since that tweet to hear and consider
schools, to demand a strong commit- other perspectives,” as if the fight for
income-tax cut proposals. Newly inaugurated reach for more revenue.
ment to free expression. freedom were debatable.
Governors in Arkansas and Nebraska cam- Tax-cut critics always predict that a revenue A university policy statement is a It’s ironic, then, that Mr. Morey is
paigned on rate cuts and are asking legislators bust is around the corner, pointing to disap- good start for the other changes that now pressing MIT in his op-ed for
to follow through. Leaders in Virginia and Mon- pointing results after Kansas cut taxes in 2012. will be necessary on campus. Univer- more robust free-speech policies.
tana want to cut rates modestly with bipartisan Yet Governors of late have moved carefully, of- sity administrations should maintain While “a culture of open inquiry” and
support. Large GOP majorities in West Virginia ten cutting less than official revenue estimates institutional neutrality on controver- free expression on campus is vital,
and Utah are considering significant cuts after would allow. sial topics and enforce discipline on “embarrassing incidents regarding
hesitating last year. Leaders in Mississippi and West Virginia re- those who would disrupt speakers. free speech” in the real world, such
Each of these states has at least one neigh- jected optimistic budget projections and opted We support civil-discourse training as Mr. Morey’s deleted tweet about
bor where tax rates have dropped recently, and for more limited cuts than were originally pro- for each student as part of orienta- Hong Kong, teach students that can-
tion, so students can practice engag- cel culture awaits those who express
competition is sustaining the trend. “We were posed. States such as Iowa and Montana have
ing openly and collegially on campus “controversial speech.”
the cool kid on the block 15 years ago when we reduced taxes in phases spread out over years, and in their careers. Mr. Morey could set a courageous
moved to 5% flat,” said Rusty Cannon, president while rate cuts in states like Kentucky and Indi- For faculty that feel stifled by “set- example by championing free speech
of the Utah Taxpayers Association, referring to ana kick in only when certain revenue levels are tled” conclusions, the university must for Hong Kong’s freedom-loving peo-
his state’s flat income-tax rate this month. But exceeded. These phased cuts blunt the immedi- eliminate ideological-belief tests and ple and speaking truth in the woke
in the past two years Colorado has adopted a ate economic benefit of lower rates, but they should pursue viewpoint diversity. NBA.
4.4% top rate on income, and Arizona dropped help allay political fears that budgets will spon- ROBERT SHWAB CHARLES D. EDEN
its rate to 2.5%. “We’re no longer the cool kid taneously combust years after the cuts. Cleveland Heights, Ohio Atlanta
on the block at all,” said Mr. Cannon. States that don’t cut taxes in times of surplus
The tax-cutting trend took off in 2021 as invariably spend more, often building commit-
state revenues boomed, driven by postpan- ments that are hard to sustain and lead to pres-
demic reopening, rising stock prices and capital sure to raise taxes in the lean economic years. Tencent Replies on Censorship and Propaganda
gains, and federal aid. By September 2022, 31 That’s what happened last year in California, In “TikTok is Bad, but WeChat is American businesses reach partners
states were outperforming their prepandemic where Gov. Gavin Newsom followed a $97 bil- Worse” (op-ed, Jan. 25), Seth Kaplan in China or elsewhere in the world.
revenue trajectories, according to Pew Re- lion surplus with a $300 billion budget, includ- fails to understand how WeChat actu- Banning WeChat would only result in
search. Twenty-one states have cut their in- ing new climate spending and expanded Medic- ally works. At its core, WeChat (along a less connected digital environment
come taxes in this period, according to the Tax aid for illegal migrants. This month the state with its sister app, Weixin, in China) that harms us all.
Foundation, and they’re betting that returning announced a $23 billion deficit. allows users to communicate and BRENT IRVIN
revenue to taxpayers will spur faster economic The tax-cutting spree is increasing the tax connect directly with each other, pri- President, Tencent America
growth. divide between GOP-led and progressive Demo- marily through person-to-person text Mercer Island, Wash.
The results so far vindicate these choices. cratic states. This in turn contributes to more communication. These chat messages
Many states that cut taxes in the early stage of cross-state migration. From Florida to Texas are among friends and are private. No Mr. Kaplan is rightly concerned
content is pushed to users, and Ten- about TikTok and WeChat’s censor-
the revenue boom have sustained or expanded and Idaho, the states that draw the most new
cent exercises no editorial control. ship and efforts to propagandize. But
their surpluses. That’s what happened in Idaho, residents from other states tend to have much The official accounts referenced by the tea almost blew out of my nose
which boasts one of the best-performing state lower tax rates. Population losers like New Jer- Mr. Kaplan aren’t pushed to users but when I read his statement that the
budgets according to Pew. In May 2021 Gov. sey, New York and California are among the rather are public-facing accounts to U.S. should ban WeChat if “it can’t
Brad Little cut the top rate on income to 6.5% most punitive taxers. which users may choose to affirma- ensure American standards of free
from 6.93% amid a $900 million surplus. The Competition is moving states toward better tively subscribe. Official accounts are expression and privacy.”
state’s surplus grew by more than 50% the next tax codes, and the trend is compounding. Amer- also part of a larger ecosystem—cen- America-based social-media plat-
year, and Gov. Little followed up by reducing the icans in states that haven’t joined the tax cut- tered on chat—that allows for robust forms like Twitter have been shown
income tax to a flat 5.8%. ters at least have more places to move to. communication and sharing of infor- to routinely ban users whose writings
mation. As a recent study by the aren’t fancied by them or the govern-
Lowy Institute found, WeChat’s “in- ment. My privacy is invaded con-
The Second Battle of the Alamo formation environment was far richer,
and the topics discussed on the plat-
stantly by Google or Facebook ads di-
rectly at me because of a web search

T
form were far more diverse than of- I did. China has a valid point when it
he badly outnumbered men who made own price for selling. He says the $17 million ten recognized by commentators.” points the finger right back at us on
their final stand against the Mexican price he thinks fair includes a million for each WeChat brings tremendous value censorship and privacy issues.
Army in 1836 made the Alamo a symbol year he has had to put up with the city’s efforts to its users, whether that be helping JACK WISSNER
of Texas freedom. Today the to seize his property. It also families and friends keep in touch, or Atlanta
Alamo is again the setting for San Antonio votes to includes projected income
a battle over liberty. Last permit eminent domain from the city’s planned devel-
week San Antonio’s City
against a bar owner.
opment that he would be giv- Mitigating the Problems of Social-Media Use
Council voted 9-2 to autho- ing up. The question is
There is a glaring omission in Su- forms use them. Critical analysis of
rize the use of eminent do- whether it’s right for the gov-
zanne Nossel’s list of possible solu- the algorithms and economic struc-
main to take a bar owner’s ernment not only to take a tions for the dilemmas caused by so- tures can help citizens become active,
property because the city wants it for a $400 person’s property but to set the price and ne- cial-media use (“There’s No Quick Fix empowered users rather than victims
million makeover of the Alamo mission and gotiate with the threat of eminent domain for Social Media,” Review, Jan. 21). of harassment and disinformation.
battle site. hanging in the background. Rather than depending on lawmakers These conversations should happen in
The bar is called the Moses Rose’s Hideout, The Supreme Court’s misguided 5-4 deci- or platforms to change, media-liter- classrooms and at kitchen tables. We
named for the man who is said to have de- sion in Kelo v. New London (2005) expanded acy education has been shown to help may not be able to outlaw social-me-
serted his comrades at the Alamo to save him- the Fifth Amendment’s requirement of “public people understand how they use dia platforms, but media literacy can
self. The owner, Vince Cantu, has rejected of- use” to include economic development, and not these platforms and how the plat- help us outsmart them.
fers to buy him out, the most recent at $3.5 only public works. In her dissent Justice San- JULIE SMITH
million. The latest appraisal projects the bar’s dra Day O’Connor wrote that, under Kelo’s St. Louis
value in 10 years at $2.8 million, so San Anto- logic, “nothing is to prevent the State from re- Social Security’s Return Is
Might part of the issue be that
nio thinks its offer is more than generous. placing any Motel 6 with a Ritz-Carlton.” That Good Enough for Retirees people now go to church, seek infor-
But this gets it backward. The bar is Mr. it exactly what San Antonio is doing to Mr. Jason’s Riley’s attempt to piggy- mation about knitting, form groups
Cantu’s property to sell or not, and to set his Cantu’s Moses Rose’s Hideout. back on Rep. Byron Donalds’s astute and seek pornography all from the
assessment of Social Security’s prob- same place? Imagine trying to set
lems falls flat when he compares its unified governing rules for a church,
California Loses on Medical Censorship returns with that of the S&P 500
(“Byron Donalds Schools Joy Reid on
a group of grandmas, the Federalist
Society and an explicit-video store.

G
ov. Gavin Newsom boasts that Califor- True, but that isn’t what the state’s medical Social Security,” Upward Mobility, That is what Meta, Reddit and the
nia is the land of the free, yet courts enforcers really have in mind. Under the law, Jan. 25). like have become. Perhaps we need
With significantly lower volatility, more competition in the name of spe-
keep rebuking state lawmakers for vio- doctors could be punished for contradicting the
returns uncorrelated to the market, cialty community platforms.
lating individual liberties. A public-health orthodoxy on caps and floors on returns and infla- CHRISTINA MONIODIS
federal judge did so again last A federal judge blocks a Covid vaccines for children or tion protection, Social Security much Miami
week in enjoining a new state law punishing doctors for booster shots. As the judge more resembles a bond than stocks. In
law that threatened to punish notes, Covid is “a disease that that light, a long-term return of “less
doctors accused of promulgat- for ‘misinformation.’ scientists have only been than 6%,” assuming an unchanging ‘My Condolences’ Is Enough
ing Covid “misinformation.” studying for a few years, and normal yield curve, is fine.
I’d like to say thank-you to Meghan
Democrats last year passed about which scientific conclu- Those looking to amp up every last
Cox Gurdon for her op-ed “Simple
legislation empowering the state medical board sions have been hotly contested,” and a dollar of wealth can adjust their non-
Condolences Are Underrated” (Jan.
to discipline doctors licensed in the state who “quickly evolving area of science that in many Social Security assets to reflect its
26). I, too, have struggled with find-
“disseminate misinformation or disinforma- aspects eludes consensus.” fixed-income characteristics in their
ing the perfect, creative thing to say
portfolio. The tens of millions relying
tion” that contradicts the “contemporary scien- He also points out that the “so-called ‘con- to someone who has suffered a loss,
on Social Security as their only re-
tific consensus” or is “contrary to the standard sensus’ has developed and shifted, often within tirement asset, however, can take
forgetting that when I’ve been told
of care.” The law’s goal is to enforce a public- mere months, throughout the COVID-19 pan- “I’m sorry” or “my condolences,” it
comfort in the program’s steady pay-
health orthodoxy among doctors and silence demic.” He adds: “Certain conclusions once was perfectly enough.
ments, which help keep them from
dissenters. considered to be within the scientific consen- Ms. Gurdon reaffirms that we don’t
starving in the cold and dark—Social
have to sound like a greeting card.
But as federal Judge William Shubb explains, sus were later proved to be false.” The elite Security’s original reason for existing.
We just have to care and put that
the law’s definitions of “misinformation” and consensus to close schools to prevent virus MARK MAISONNEUVE, C.F.A.
into words.
“contemporary scientific consensus” are un- transmission is a case in point. Berkley, Mich.
MISTY DAILEY
constitutionally vague under the Due Process The judge didn’t need to rule on the plain- Spring Branch, Texas
Clause of the Fourteenth Amendment. Doctors tiffs’ First Amendment challenge, but he sug-
have no way of knowing how the law will be ap- gested in a footnote that they have a strong Hide and Seek: Tax Edition
plied by the board or interpreted by courts, case. He cites the Supreme Court’s NIFLA v. Illinois state Rep. Will Guzzardi
which chills their practice of medicine. Becerra (2018) decision striking down a Cali- wants an unrealized-capital-gains tax
Pepper ...
“Who determines whether a consensus ex- fornia law that compelled family planning clin- “to send a message [to the wealthy] And Salt
ists to begin with? If a consensus does exist, ics to provide information to patients about that there is nowhere to hide” (“The
THE WALL STREET JOURNAL
among whom must the consensus exist (for ex- publicly funded abortions and contraception. State Wealth-Tax Alliance,” Review &
Outlook, Jan. 25). Does he not realize
ample practicing physicians, or professional In that majority opinion, Justice Clarence
there are around 25 red states where
organizations, or medical researchers, or pub- Thomas noted that speech by medical provid- the rich and even the not-so-rich can
lic health officials, or perhaps a combina- ers is not “exempt from ordinary First Amend- do exactly that?
tion)?” Judge Shubb wrote. He also asked what ment principles” and that governments RAVI MOONKA
sources doctors should consult to determine throughout history have manipulated the con- Mercer Island, Wash.
the consensus. tent of doctor-patient discourse to increase
The state argued that while scientific con- state power.
Letters intended for publication should
sensus can sometimes be difficult to define, Judge Shubb’s ruling is a warning to law- be emailed to wsj.ltrs@wsj.com. Please
there is clear consensus on certain issues such makers in other progressive states contemplat- include your city, state and telephone
as that apples contain sugar, measles is caused ing similar legislation. Then again, Mr. Newsom number. All letters are subject to
by a virus, and Down syndrome is caused by a should have known the law was unconstitu- editing, and unpublished letters cannot
be acknowledged.
chromosomal abnormality. tional, but he signed it anyway. “Are we still middle class?”
THE WALL STREET JOURNAL.
Lina Khan Goes Back to the Antitrust Future
By Timothy J. Muris
P
resident Biden rejects the
economics-driven anti-
trust policies of the past
40 years. Flanked by his
White House competition
adviser and his new Federal Trade
Commission chair, Lina Khan, in
July 2021, he asserted that the “ex-
periment failed” and promised to
return to earlier antitrust “tradi-
tions.” In a new report for the
American Enterprise Institute, I
show that those traditions were
abandoned for a reason: They
harmed consumers.
Consider the Robinson-Patman
Act of 1936, which reflected a
theme of Mr. Biden’s enforcers: Big
is bad. The “bigness” under attack
was the new chain retailers, most
notably the Great Atlantic & Pa-
cific Tea Co. A&P, which closed the
last of its stores in 2015, was
America’s largest retailer from the
1920s until the mid-1960s. It and
its imitators used vertical integra-
tion, economies of scale and
greater reliance on data to provide
attractive products at lower prices,
especially benefiting the less
wealthy. Traditional retailers and
the middlemen who supplied them
suffered, and became huge sup-
porters of Robinson-Patman.
Biden’s reactionary FTC
head seeks to resurrect
precedents that were out
of date 40 years ago.
Sen. Joseph T. Robinson (D.,
Texas) and Rep. Wright Patman (D.,
Ark.) failed to enact their original
draft inspired by industry-written,
government-endorsed codes de-
signed to raise prices. So they re-
sorted to language that is vague,
frequently self-contradictory, and
subject to varying interpretations.
For decades, the FTC interpreted
the statute aggressively, reflecting
antipathy toward chain stores and
the growing number of large suppli-
ers. The prices those suppliers and
Tyre Nichols’s Death Raises Hard Questions About Race and Policing
FREE
EXPRESSION
By Gerard Baker
I
t feels callous and opportunistic
to turn a man’s death into a
moment for political and social
commentary. Ghoulish pundits with
tendentious takes are a staple of
the 24-hour social media and cable
news circus. A mother has lost a
son. A young man, by all accounts,
wholly innocent of any crime, has
lost his life in a most degrading
and brutal way. The decent, imme-
diate human response is emotional:
grief, sympathy, anger.
But just as the conscience cries
out for retribution, the mind calls
for some understanding, some
larger meaning in the anguish. We
look for cause and consequence in
our wider society and legitimately
ask what we can learn.
One understandable but inade-
quate take on the killing of Tyre
Nichols is the idea that we should
feel some satisfaction that justice
works. Five police officers beat a
young black man to a pulp, render-
ing him lifeless on the street and he
dies three days later. The men are
Savers Will Benefit From A Return to Sound Money
By Joe Davis
I
t shouldn’t come as a surprise
that financial markets expect the
Federal Reserve to cut its fed-
eral-funds-rate target before the end
of 2023. The inversion of the Trea-
sury yield curve suggests such an
outcome. The financial media is
filled with assessments that rates
are too tight, not too easy.
But what’s more deserving of at-
tention is the bond-market signal
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brokers charged became a major
FTC focus, and Robinson-Patman
was the FTC’s major antitrust tool
through the 1960s.
The enforcement of Robinson-
Patman raised costs and otherwise
hurt the low-priced chains that
were its intended targets, harming
consumers. After decades of wither-
ing criticism, first from the acad-
emy and the practicing bar, courts
rejected some of the FTC’s posi-
tions, a trend that accelerated as at-
tacks grew, including from a minor-
ity within the FTC itself in the
1960s. A 1969 American Bar Associ-
ation panel excoriated FTC enforce-
ment. The commission eased off on
the statute in the 1970s and has vir-
tually abandoned it since.
The Justice Department issued a
devastating report in 1977 detailing
the many follies of FTC enforce-
ment and the significant costs for
businesses and consumers alike.
Since the 1970s, court decisions
have significantly, albeit incom-
pletely, interpreted Robinson-Pat-
man consistent with the pro-com-
petitive economic purpose of the
all quickly fired, arrested and
charged with murder. Thus, the
panglossian says, the majesty of the
law at work. Awful as it was, there
is no larger lesson here beyond
man’s unending capacity for inhu-
manity to man. A terrible crime is
committed, quickly investigated and
resolved, and the wheels of justice
are swiftly set in motion.
There are so many things wrong
with this take but worst of all is
that it mistakes justice for right.
Justice is only ever retrospective. It
is the redress of a wrong. It can
never right a wrong. Even if, as we
hope, it can help deter future
crime, it doesn’t even purport to
address the causes and conditions
that lead to criminal acts. For that
we have to examine individual, so-
cial and institutional characteris-
tics—and, if we can, correct them.
From what we know already of
the Nichols case, graphically and
painfully underscored by the hour-
long video released by the Memphis
Police Department, we can say,
once again, that the quality of po-
licing in some jurisdictions in this
country needs reform.
The police do a courageous and
indispensable job in protecting the
rest of us. They deserve our un-
stinting support. But we also have
suggesting that the return to sound
money and a more stable long-run
economy has begun. Indeed, the so-
called real yield on the 10-year Trea-
sury inflation-protected securities
now sits above 1%, up from negative
1% about one year ago. With the
highest real yield since 2011, savers
can expect short-term rates to ex-
ceed the rate of long-run inflation
for the next decade.
For years, economists have strug-
gled to explain why real yields and
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OPINION
rest of antitrust law. Yet Ms. Khan
praises the law as a means of con-
trolling what she calls the excessive
power of modern retailers.
Biden enforcers also have made
clear they intend to abandon the
economic standards used to evaluate
mergers, exemplified in the Obama
administration’s 2010 guidelines. In
1950 Congress revised the statute
prohibiting anticompetitive mergers.
As the Supreme Court read the legis-
lative history, Congress in part
feared rising concentration from
mergers, as claimed in a 1948 FTC
study. Today’s enforcers similarly
fear bigness, and they cite that old
FTC report. But it was known by
1950, and widely within the academy
since, that the FTC study was wrong,
as its authors quietly admitted a few
years after its publication. Modern
claims of increasing concentration
are similarly inaccurate.
In seeking comments on the ap-
propriate analysis to use for merg-
ers, the Biden antitrust agencies re-
lied almost exclusively on decisions
and concepts before the last 40
years, especially from the Warren
a right to expect accountability
when things go badly wrong. In
Memphis, it seems many things—
police recruitment, training and su-
pervision—may have helped to pro-
duce the grotesque outcome.
Memphis is unlikely to be alone.
But of course the largest ques-
tion, whenever a black man dies at
the hands of law enforcement, is
swirling around race.
The Memphis officers
almost certainly would
have behaved differently
had Nichols been white.
For many conservatives, in this
case it is a self-evidently absurd
question. Five black cops kill a
black man and the left immediately
insists it is racism at work. But you
don’t have to believe that the black
officers were somehow acting as
unwitting agents of white suprema-
cism, or subscribe to the canon of
critical race theory, to ponder how
the race of suspects affects how
they are treated by police.
The right question to ask is:
Would the Memphis officers have
“r-star” estimates—a thriving econ-
omy’s real equilibrium rate—were
so low. Some argued that the world
was succumbing to secular stagna-
tion, a pessimistic view that savings
chronically exceeded investment.
The low-rate environment came at
the expense of savers, whose assets
struggled to keep up with low levels
of inflation. Other economists attri-
buted the low yield to such secular
forces as demographics and aging,
although the magnitude of these
factors has been ambiguous and
their consistency over time uneven.
Such forces, moreover, don’t change
overnight and are unlikely explana-
tions for the recent rise in the real
yield.
But there are two policy-based
factors that may explain the change.
The first is the significant expansion
of anticipated U.S. fiscal deficits over
the next decade, as projected by the
Congressional Budget Office. The
Federal Reserve reported in a 2007
paper that every percentage-point
increase in U.S. structural deficits—
except during recessions, such as the
one brought on by Covid—increased
long-term borrowing costs by about
0.25%. That relation suggests that
some of the recent rise in the real
yield is due to the expectation of
higher government debt burdens.
Tuesday, January 31, 2023 | A15
DAVID GOTHARD
court. Ms. Kahn recently called
those cases “controlling precedents.”
That case law was anticonsumer,
incoherent and illogical, condemn-
ing bigness for its own sake—even
when the mergers weren’t particu-
larly large. The Supreme Court in-
validated multiple mergers with
combined market shares under 10%,
as low as 4.5%, often in industries
with numerous competitors. After
stating that the relevant statute
protected “competition, not compet-
itors” the justices infamously pro-
ceeded to do exactly the opposite,
favoring inefficient competitors and
thereby harming consumers. The
court was so keen to support gov-
ernment challenges, even inventing
arguments the prosecutors hadn’t
used, that Justice Potter Stewart
stated that the only consistency in
the case law was that “the govern-
ment always wins.”
Ms. Khan notwithstanding, these
precedents are hardly controlling.
As long ago as the Carter adminis-
tration, courts rejected merger
challenges with stunning frequency.
Between 1977 and 1983, the FTC
behaved as they did if the man they
were pursuing had been white? We
can’t know the answer. But we can
frame the question differently: Is it
less probable that a confrontation
between these officers and a sus-
pect would have resulted in his vio-
lent death if he had been, let’s say,
a middle-aged white man rather
than a 29-year-old black man?
There is still much room for uncer-
tainty but I think the answer here
is clearly yes.
This, in itself, of course doesn’t
prove some wider social or sys-
temic racism. The problem, as well
documented in studies of police
shootings, is that young black men
are disproportionately more likely
to be involved in serious crime—
and in encounters with police—than
are other demographics. This inevi-
tably results in a greater suspicion
in the minds of police officers (and
the rest of us) that a young black
man may pose a greater risk.
This is rational and not primal
bigotry. But at what point does this
rational, inference-making blur into
a set of unworthy assumptions
about the behavior of all young
black men, even—perhaps espe-
cially—among other black men?
There’s a darker question about
race in this case which comes to
This rise would be consistent with a
lower global savings glut as govern-
ment deficits have persisted since
the onset of Covid.
The second potential cause is that
many central banks around the
world have leaned against inflation-
ary pressures by raising short-term
rates even in the face of weakening
A signal in the bond
market suggests the return
to a more stable long-run
economy may be upon us.
growth. This dynamic suggests the
eventual return to a more stable
economy, which is a welcome devel-
opment for savers, who have lost out
relative to debtors for nearly two de-
cades as short-term rates have often
failed to keep up with the rising cost
of living.
Our company’s economic and
market outlooks in recent years have
documented our concern about nega-
tive real interest rates driving price-
to-earnings ratios artificially high.
We warned more than a year ago of
a reckoning coming for growth
stocks, especially for unprofitable
won only eight of 22 merger deci-
sions, an historically abysmal re-
cord. (The Reagan FTC team didn’t
initiate the cases involved.) Al-
though the Supreme Court hasn’t
spoken substantively about a
merger for nearly 50 years, it has
issued decision after decision to
demonstrate that it now rejects the
antitrust populism of 1960s law in
favor of economically-based anti-
trust founded on the welfare of
consumers.
Renewed interest in predatory
pricing is another problem. In-
spired by Utah Pie Co. v. Continen-
tal Baking Co. (1967), in which the
high court protected a dominant
regional manufacturer from na-
tional competitors that cut their
prices selectively to compete, the
1970s FTC filed multiple cases to
expand the doctrine. Fortunately,
the law was reformed, led by the
seminal 1975 article by two Har-
vard law professors. Their test,
widely used today, states that low
prices are legal unless they are be-
low an appropriate level of cost
and the alleged predator could suc-
cessfully raise prices in the future
to recoup losses.
Predatory-pricing law changed to
protect one of the main benefits of
competition to consumers, low
prices—particularly important in
times of high inflation. This success,
implemented during the so-called
failed experiment, is another target
of antitrust’s new revolutionaries.
These mistakes—Robinson-Pat-
man, merger law based on long-
abandoned populist norms, re-
newed attacks on low prices,
hostility to bigness for its own
sake—result from animus to the
idea of applying economics that al-
low business practices that benefit
consumers. Antitrust has tried pop-
ulism, now resurfacing among pro-
gressives and in the Biden adminis-
tration. That was the experiment
that failed.
Mr. Muris is a professor at An-
tonin Scalia Law School, a senior
counsel at Sidley Austin, and a
visiting senior fellow at the Amer-
ican Enterprise Institute. He
served as FTC chairman, 2001-04.
mind as you watch the video of the
assault.
The initial phase of the interac-
tion is a depressing picture of in-
competent policing. Five burly offi-
cers are unable to restrain a single
unarmed, underweight man, and he
somehow fleetingly escapes the on-
slaught of arms, fists, batons,
tasers they bring to the unequal
struggle.
The most disturbing part is what
happens when they catch up with
him.
The depravity of the cops doing
the beating is hard to watch and al-
most impossible to fathom. Nichols
is treated as an object, a punching
bag. He is in this moment, dehu-
manized, in the way we have seen
countless victims of official vio-
lence dehumanized through history.
And the uncomfortable thought sur-
faces: Is this dehumanization some-
thing that the mind does more eas-
ily when the object is a black man?
Fixing the deep social problems
that result in higher crime rates,
and sometimes tragic encounters
with police, among blacks is a con-
tinuing task for policy makers. But
fixing in our own minds—of blacks
and whites alike—lingering stereo-
types of particular demographics is
an urgent task for all of us.
companies in technology-heavy sec-
tors. That reckoning has occurred as
real rates have risen, and it may not
be finished yet. But we believe the
removal of such market excesses will
benefit investors in the long term.
House-flippers, special-purpose
acquisition companies and dabblers
in crypto and collectibles will no
doubt be saddened by the end of
easy money. Governments around
the world will have to pay more in
the years ahead if they are to con-
tinue to expand their debt levels. But
the rest of us should be heartened by
the prospect of an era of sound
money and a return to positive real
rates. By Vanguard’s calculations,
long-term investors globally have
seen 10-year return forecasts in-
crease by some 2 percentage points
annualized for both equities and
fixed income since last year.
That is the power of higher infla-
tion-adjusted interest rates and com-
pounding. Positive real rates make
for more balanced trade-offs be-
tween all types of investments. With
their return, financial markets once
again stand on a solid foundation.
Mr. Davis is the Vanguard Group’s
global chief economist and global
head of the investment strategy
group.
A16 | Tuesday, January 31, 2023 ***** THE WALL STREET JOURNAL.

WORLD NEWS

Bombing Targets Pakistan Mosque Cesium

Capsule
Suspected suicide the bomber to enter.

attack on house of
worship in Peshawar
Chatter in militant Telegram
channels suggested the attack
may have been carried out by
Vanishes in
leaves at least 59 dead
Pakistani Taliban militants, but
the group was reluctant to
take responsibility because of
Australia
BY SAEED SHAH the high death toll and public BY RHIANNON HOYLE
AND WAQAR GILLANI revulsion over the attack.
The Pakistani Taliban, ADELAIDE, Australia—In the
ISLAMABAD, Pakistan—A which are separate from the Australian Outback, authorities

ABDUL MAJEED/AGENCE FRANCE-PRESSE/GETTY IMAGES

suspected suicide bombing at Afghan Taliban, have carried are engaged in an unusual
a mosque within a police com- out frequent attacks in Pesha- search-and-recovery effort.
pound in northwestern Paki- war. The leadership of the Gone missing is a capsule less
stan killed at least 59 people, Pakistani Taliban is now based than an inch long of radioac-
authorities said. in Afghanistan, Pakistan offi- tive material that can burn or
The blast took place in a cials say. A string of recent at- sicken anyone who touches it.
high-security zone in the city tacks Pakistan blames on the Their problem is that it could
of Peshawar on Monday, in a militant group has been a ma- be anywhere along a 900-mile
crowd of worshipers gathered jor cause of rising tension be- stretch of highway connecting
for lunchtime prayers, causing tween Islamabad and the Tali- a Rio Tinto PLC mine to Perth,
part of the structure to col- ban regime in Kabul—despite Western Australia’s state capi-
lapse. Authorities said most of Pakistan’s longstanding ties to tal, a route featuring small
those killed were police and the Afghan Taliban. towns and communities in an
estimated that more than 160 The Taliban, which seized arid landscape. The capsule,
people were injured. Rescue workers in Peshawar on Monday carried out victims of the deadly attack on a mosque. power in Kabul in 2021, have which is about 5/16s of an inch
Rescuers used their hands said they wouldn’t allow Af- long and contains a small
and heavy machinery to re- Prime Minister Shehbaz stan. The nation is over- minister, called it a suicide ghan soil to be used as a base quantity of radioactive Ce-
move rubble to get to the in- Sharif, who traveled to Pesha- whelmed by a deep sense of bombing. “This happened in for carrying out attacks sium-137, worked its way loose
jured, local television news war after the blast, vowed to grief,” he wrote on Twitter. God’s house. They murdered against other countries. But from a piece of equipment that
footage showed. The death toll take action against those be- A faction of the Pakistani people as they bowed their Pakistan says Afghanistan’s Rio Tinto had sent to Perth by
rose through the afternoon hind the attacks and said ter- Taliban, which is also known as heads in prayer,” he said. rulers are turning a blind eye truck for repair.
and evening, as more bodies rorism was the country’s big- the Tehreek-e-Taliban Pakistan Khawaja Muhammad Asif, to the Pakistani Taliban, which Complicating the search ef-
were recovered. Fleets of am- gest security challenge. “The or TTP, claimed responsibility. the defense minister, said the hosted the Afghan Taliban for fort is a gap of nearly two
bulances took victims away, sheer scale of the human trag- The main group late Monday attacker was standing in the the two decades in Pakistan weeks between when the
with the city’s main hospital edy is unimaginable. This is no denied authorizing the attack. first row of worshipers. He when they fought the U.S.- equipment left Rio Tinto’s Gu-
appealing for blood donations. less than an attack on Paki- Rana Sanaullah, the interior said a security lapse allowed backed government in Kabul. dai-Darri mine on Jan. 12 and
when the capsule was discov-
ered to be missing on Jan. 25.

Peru Protests Hit Business, Impede Exports

While Western Australia is
sparsely populated outside of
Perth, authorities worry the
capsule could have become
BY RYAN DUBE lodged in a tire of any of the
vehicles that use the highway,
LIMA, Peru—After nearly potentially exposing their oc-
two months and dozens of cupants to radiation levels
deaths, Peru’s political up- that they compare to receiving
heaval is battering industries around 10 X-rays in an hour.
that once powered one of Exposure could cause radiation
Latin America’s fastest-grow- burns or severe illness, said
ing economies. Andrew Robertson, Western
Amid violent antigovern- Australia’s chief health officer.
ment protests that show little “Our concern is that some-
sign of easing, foreign-owned body will pick it up, not know-
mines that have made Peru ing what it is, think ‘Oh, this is
the world’s second-biggest something interesting’ and
copper producer have halted keep it…not knowing what
operations. Hotels and restau- they are actually dealing
rants in the tourism hub of with,” Dr. Robertson said.
Cusco are nearly empty, leav- Authorities say they are
ing thousands of people with- working their way down a list
out work as demonstrators of places to look, including
battle police on streets nor- where the truck was loaded and
ANTONIO MELGAREJO/EPA/SHUTTERSTOCK

mally full of tourists. On the by analyzing its Global Position-

southern coast, farmers say ing System to pinpoint where
they can’t transport crops to it stopped during the journey.
the U.S. and China as protest-
ers choke off roads.
Protests have caused about
$1.3 billion in damage to infra-
structure and lost production,
Bolsonaro
President Dina Boluarte’s ad-
ministration said. A majority
of Peruvians say the protests
Applies for
have had a big impact on their
economic livelihoods, accord-
ing to a Sunday poll by the In-
Antigovernment demonstrators clash with police in Lima, part of months of protests have damaged infrastructure and cut output.

ing Peru’s sixth president in
stitute of Peruvian Studies.
The Lima Chamber of Com-
merce estimates that 1.1 mil-
five years.
The social explosion that fol-
lowed began in poor and largely
lion jobs could be lost. indigenous Andean communi-
“The outlook is not good,” ties, where Mr. Castillo is from,
said Alonso Segura, a former before spreading to Lima. Forty-
finance minister. “If this con- seven civilians have been killed
tinues we might even experi- in clashes between protesters
ence a recession.” and law-enforcement officers,
Peru’s crisis underpins the with human-rights groups ac-
costs of growing political in- cusing police of using excessive
stability in Latin America that force by firing live ammunition
is fueled by anger over corrup- at demonstrators. A mob killed
tion, weakening economies one police officer who was
and grinding inequality, econ- burned alive. Ten other people,
omists say. including an infant boy, have
Protests here were trig- died due to road blockades that
gered on Dec. 7 when then- kept them from reaching medi-
President Pedro Castillo tried cal assistance, the national om-
to close Congress in what con- budsman’s office said.
stitutional lawyers call an an- Many protesters say they
tidemocratic power grab. Law- want Ms. Boluarte to resign,
makers quickly impeached Mr. Congress to be closed and early
Castillo, who was arrested on elections to be held. Some also
rebellion charges. His vice want a new constitution that
president, Ms. Boluarte, took increases the state’s role in the
over as head of state, becom- free-market economy.
Protesters have set govern-
ment buildings on fire and tried
to take over airports, forcing
flights to be canceled. They
have set up 65 road blockades,
causing shortages of fuel, medi-
cine and food in southern cit-
ies, and blocking commerce.
“This is the high season for
grapes, and we can’t harvest
them. The fruit is rotting in
the fields,” said Fernando Cil-
loniz, an agricultural business-
man and former governor of
Ica, an agro-export hub south
of Lima.
Demonstrators have also
targeted mines. On Jan. 20,
Glencore PLC said protesters
broke into its Antapaccay cop-
per mine, demanding the com-
pany stop operations and call
for Ms. Boluarte’s resignation.
Before leaving, they looted
workers’ housing and set fire
to buildings, the company said.
“We strongly condemn
these acts of violence,” Glen-
core said. “We call on the so- majority of innocent people
Longer
cial leaders to engage in dia-
logue with the national
authorities to put an end to
affected,” he said.
While polls showed Mr. Cas-
tillo wasn’t popular nationally,
U.S. Stay
the wave of violence that is some protesters from the An- BY MICHELLE HACKMAN
shaking the country at an un- des say politicians from the
fortunate cost of human lives.” capital never gave him a chance Former Brazilian President
A day earlier, Toronto-based to govern. They feel people Jair Bolsonaro, who narrowly
Hudbay Minerals Inc. said pro- from the highlands have long lost re-election last year and
testers broke into its copper been discriminated against. has been vacationing in Flor-
mine and burned equipment While Ms. Boluarte has ida since the beginning of this
and vehicles. Vancouver, Brit- urged Congress to approve month, has applied for a tour-
ish Columbia-based Bear Creek early elections to reduce ten- ist visa to prolong his stay in
Mining Corp. sent workers at sions, an immediate challenge the United States.
its silver project home early as for her administration is to Mr. Bolsonaro’s immigra-
a precaution when protesters clear the roads. The interior tion lawyer, Felipe Alexandre,
tried to set fire to a court- and defense ministries said confirmed the former leader’s
house and police station in a last week that soldiers will intention to remain in the U.S.
town more than an hour away. work with police to lift block- at least temporarily. He said
Anthony Hawkshaw, Bear ades. Ms. Boluarte has said the U.S. government received
Creek’s chief executive, said she won’t resign. Mr. Bolsonaro’s application for
the violence has blemished “What should we do when a six-month tourist visa on
Peru’s reputation abroad after faced by these threats? Let Friday and should provide an
years of promoting a stable in- them burn us alive?” she said answer within several months.
vestment climate. in a recent press conference. The Financial Times earlier
“Events like this, caused by “We have to protect the lives reported Mr. Bolsonaro’s visa
a very small minority, disrupt and tranquility of 33 million request to the U.S. Citizenship
the lives and livelihoods of the Peruvians.” and Immigration Services.
Mr. Bolsonaro entered the
U.S. on Jan. 1 using a diplo-

Sprawling Maya Kingdom Is Uncovered in Guatemala matic visa, which remained

valid for only 30 days after he
left public office. He has been
staying in Orlando, Fla., where
BY AYLIN WOODWARD also detailed in a paper pub- one of the largest in the world he has been seen wandering
FDN. FOR ANTHROPOLOGICAL RESEARCH AND ENVRNMNTL. STUDIES

lished in December in the
Nestled in the jungle of journal Ancient Mesoamerica,
northern Guatemala, a vast were made possible by air-
network of interconnected borne laser-mapping technol-
Maya settlements built millen- ogy that can penetrate the
nia ago has been mapped in jungle canopy. They challenge
unprecedented detail. some previously held ideas
The civilization featured that this part of Mesoamerica,
towering pyramids, palaces, ter- which archaeologists call the
races, ball courts and reservoirs Maya lowlands, was sparsely
connected by a sprawling web populated during that period.
of causeways, an international “We had no idea of the con-
group of archaeologists re- centration and density of an-
ported during a presentation at cient cities out there,” said
Francisco Marroquín University Richard Hansen, an Idaho State
in Guatemala City this month. University archaeologist and
Their findings reveal a lead author of the study. He is
“level of infrastructure that is also the director of the Mira-
just mind-boggling,” said dor Basin Project, a Guatemala-
Timothy Beach, a professor of based group studying and pro-
geography at the University of tecting the area. The findings,
Texas at Austin who wasn’t in- Dr. Hansen said, “tell a story of
volved in the research. the rise and precocious devel-
The archaeologists identi- opment of an incredibly orga-
fied nearly 1,000 Maya settle- nized, sophisticated society.”
ments, which they said were Beginning in 2015, scientists
mostly built between 1,000 from the U.S. and Guatemala
B.C. and 150 A.D. The findings, spent years using a plane
by volume, constructed more
than 2,000 years ago.
Some places mapped by Dr.
Hansen’s group had been ex-
amined on the ground, said
Billie Turner, an Arizona State
University professor of envi-
ronment and society who
wasn’t involved in the study.
Those include El Mirador, Na-
kbe and Tintal. Yet the new
data, Dr. Turner said, help
“confirm the phenomenal ex-
tent of landscape change un-
dertaken by the Maya.”
The lidar data, which took
years to analyze, revealed the
The La Danta pyramid was built more than 2,000 years ago. existence of previously un-
identified canals, dams, ter-
equipped with sophisticated from northern Guatemala into races, quarries, causeways,
light-detection and ranging, or southern Campeche, Mexico. temples and ceremonial com-
lidar, equipment to map a 700- Over the past five decades or plexes. The researchers also
square-mile area in and around so, archaeologists have discov- identified ball courts once
what is known as the Mirador- ered many Maya settlements in used for competitive sports.
Calakmul Karst Basin. This 1.6- the basin, including the ancient The new lidar data revealed
million-acre area of tropical city of El Mirador, which in- how much previous excava-
forest, peppered with swamps cludes the roughly 230-foot-tall tions and explorations had
and bordered by hills, extends pyramid known as La Danta, missed, Dr. Hansen said.
local supermarkets and sam-
pling fried chicken, The Wall
Street Journal has reported.
Switching to a tourist visa
will buy him time in the U.S. to
apply for political asylum or
another form of protection if
he wishes. Asked if Mr. Bolson-
aro intends to apply for asy-
lum, Mr. Alexandre said that
“everything is on the table.”
The U.S. government has
fairly wide discretion to ap-
prove or deny visas.
Mr. Bolsonaro, a right-wing
populist, lost re-election last
October to the leftist former
President Luiz Inácio Lula da
Silva. A mob of Bolsonaro sup-
porters ransacked government
buildings on Jan. 8, a week af-
ter Mr. da Silva was inaugu-
rated, demanding that the re-
sults of the election be
overturned. The Brazilian gov-
ernment is investigating
whether Mr. Bolsonaro played
any role in inciting the riots.
 TECHNOLOGY: TRUCK-STOP NETWORK TRAVELCENTERS TO ADD FAST EV CHARGERS B4

BUSINESS & FINANCE

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DJ TRANS g 2.25%
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WSJ $ IDX À 0.26%

Tuesday, January 31, 2023 | B1

2–YR. TREAS. yield 4.259% NIKKEI (Midday) 27429.59 g 0.01% See more at WSJ.com/Markets

Samsung Posts 69% Drop in Profit Bed

BY JIYOUNG SOHN
Landlords
SEOUL—Samsung Electron-
ics Co.’s fourth-quarter operat-
ing profit slumped as the com-
pany’s mainstay memory-chip
and smartphone businesses
grappled with a sharp drop-off
in demand and high invento-
ries.
On Tuesday, the South Ko-
rean tech giant reported a 69%
drop in operating profit in the
fourth quarter from the prior
year due to a decline in de-
Bath
mand for tech products includ- industry peers such as Intel demand by a large margin. to multitask, and NAND flash
ing personal computers and Corp. which reported a net loss Samsung’s operating profit that provides storage on de-
smartphones and the semicon-
ductors that go inside them.
The company’s net profit for
for the October-December
quarter last week.
Global demand for tech
for the fourth quarter came to
4.31 trillion won. Revenue for
the three-month period fell
vices.
Industry analysts expect av-
erage contract prices of both
Gird for
the last three months of 2022
rose 119.9% to 23.84 trillion
won, or roughly $19.4 billion,
products by consumers and
companies dropped steeply in
the second half of 2022,
roughly 8% from a year ago to
70.5 trillion won.
Samsung’s full-year net
types of memory to keep fall-
ing through the first half of the
year, as demand remains slug-
Closings
reflecting a one-time tax gain prompting big profit falls at profit for 2022 totaled 55.6 tril- gish and inventory levels high BY KATE KING
from a recent change in South semiconductor firms that had lion won, a 39.5% rise from a amid continued macroeco-
Korean tax laws regarding divi- enjoyed a boom at the outset of year earlier. nomic challenges and widening Bed Bath & Beyond Inc.’s
dends from subsidiaries, Sam- the pandemic. Memory chips, Samsung is the world’s larg- recessionary fears. slide toward a potential bank-
sung said. Samsung’s cash-cow business, est producer of two major Samsung’s semiconductor ruptcy filing threatens to flood
The weakness follows disap- have seen prices fall signifi- types of memory chips called business led by memory-chip the retail real-estate market
pointing earnings from other cantly as supply has exceeded DRAM, which enables devices Please turn to page B4 with hundreds of vacant stores
after the company said last
week it would close about 90

Memory-Chip
additional locations.
But landlords who own big-
box space occupied by the trou-
bled home-goods retailer are

Makers Face
more confident about finding
new tenants than they would
have been in years past, ac-
cording to property owners and

Prolonged Slump retail analysts.

BY JIYOUNG SOHN
SEOUL—Memory-chip prices,
which dropped steeply over the
past year, are expected to keep
One of the bigger Bed Bath
& Beyond landlords has re-
ceived commitments from ten-
cron Technology said it would ants to fill all 12 locations if
cut jobs and spending for the and when they close, according
year to reduce costs after report- to a person familiar with the
ing a loss for its most recent matter, including Sephora,
quarter. Trader Joe’s, Dick’s Sporting
STEVE HELBER/ASSOCIATED PRESS

falling in the first half of 2023,
putting more pressure on an in-
dustry that has already cut in-
vestments and jobs.
Average prices for the two
main types of memory chips
used in everyday electronics—
from smartphones to personal
computers and TV sets—are pro-
jected to experience double-digit
percentage declines this quarter,
industry analysts say. That
Memory chips are considered Goods Inc., T.J. Maxx, Ross
a bellwether for the semiconduc- Stores Inc. and HomeGoods.
tor industry because they are After years of shrinking
largely commoditized and sensi- Please turn to page B2
tive to shifts in supply and de-
mand.  What lies ahead for retailer
Samsung Electronics Co., the with bankruptcy looming.... B2
world’s largest producer of mem-
ory chips, reported Tuesday that
its operating profit for the Octo-
ber-to-December quarter
dropped 69% from a year earlier.
Micron Technology is cutting jobs and spending for the year. A Micron plant in Virginia.

Quarterly change in the average price Global semiconductor revenue,

comes after prices dropped more
than 20% in the last three
months of 2022 from the previ-
ous quarter, according to analyst
data.
Memory-chip makers, many
saddled with large inventories,
also have issued grim outlooks as
the slump in demand for gadgets
persists after a pandemic boom.
Micron Technology Inc., SK
Hynix Inc., Western Digital
Corp. and Kioxia Holdings Corp.
have unveiled plans to reduce
their investments aimed at ca-
pacity expansion or to reduce
output to address a glut that is
getting worse. Last month, Mi-
INSIDE
AUTOS
Nissan and Renault
agree to restructure
their alliance.
B3
HEARD ON THE
STREET
U.S.’s trilateral chip
alliance should
worry China. B12
Bitcoin
SK Hynix, which reports earn-
ings Wednesday, is expected to
report a fourth-quarter loss of
for two major types of memory chips
10%
DRAM*
change from a year earlier‡
30% Trust
around 812 billion won, accord-
ing to analyst projections by
FactSet. 0
NAND flash†
20 Trades at
Companies making other
types of semiconductors are also
caught up in the downturn. On –10
10
Discount
Thursday, Intel Corp. reported a 0 BY VICKY GE HUANG
fourth-quarter loss and said poor FORECASTS
market conditions would persist –20 For many years, individual
–10
through the first half of the year. investors used Grayscale Bit-
Memory prices peaked during coin Trust as a way to bet on
–30 –20
the early Covid-19 pandemic bitcoin in their retirement ac-
due to strong demand for tech 2022 ’23 2018 ’19 ’20 ’21 ’22 counts. Now they are paying
products, and they began falling *DDR4 8GB †512GB TLC wafer ‡As of November 2022 Note: 1Q 2023 prices are estimates the price.
Please turn to page B4 Sources: Trendforce (prices); World Semiconductor Trade Statistics (revenue) The $14.6 billion trust,
known by its ticker GBTC, was
one of the few options for indi-
Unilever Taps Dairy Chief for CEO
vidual investors to get expo-
sure to bitcoin without having
to purchase the cryptocurrency
directly.
BY PETER STIFF ceeds Alan Jope, who the com- Netherlands that operates in Mr. Schumacher said Mon- But GBTC doesn’t have a re-
pany said in September would over 40 countries. He joined day he would be “focused on demption program like an ex-
LONDON—Unilever PLC ap- retire in 2023. Unilever’s board as a nonexec- working with the Unilever change-traded fund. GBTC in-
pointed Hein Schumacher as The CEO change comes as utive director in October. team to deliver a step-up in vestors can sell their shares on
its new chief executive, tap- Unilever looks to boost sales Unilever said Mr. Schu- business performance.” the open market but they can’t
ping the head of a European across its sprawling portfolio, macher had delivered signifi- The news was welcomed by redeem their shares for bit-
dairy cooperative to lead its while grappling with rising cant portfolio and organiza- activist investor Nelson Peltz, coin, resulting in the fund’s
effort to reinvigorate growth input costs, changing con- tional change at Royal who said he strongly sup- shares trading at a premium or
and navigate economic chal- sumer trends and economic FrieslandCampina, and had ported Mr. Schumacher’s ap- a discount to the underlying
lenges. uncertainty. previously worked for Heinz, pointment. Mr. Peltz himself value of the bitcoin it holds.
The owner of Ben & Jerry’s Mr. Schumacher, 51 years leading a turnaround of its was added to Unilever’s board When George Bodine, a 66-
ice cream and Dove soap said old, is CEO of Royal Fries- Asia-Pacific operations. Mr. last year after his Trian Fund year-old retired airline captain
Mr. Schumacher would be- landCampina, a dairy and nu- Schumacher started his career Management LP took a stake in Covington, Ky., bought five-
come CEO on July 1. He suc- trition business based in the in finance at Unilever. Please turn to page B2 Please turn to page B10

Celebrity Crypto Endorsers Face Suits

Madonna sang the praises ties are facing civil lawsuits the same thing,” said Tibor filed several proposed class-ac-
of nonfungible tokens, or from investors who suffered Nagy Jr., an attorney who rep- tion suits, said celebrities
FREDY BUILES/AGENCE FRANCE-PRESSE/GETTY IMAGES

NFTs, depicting cartoon por-
traits of apes. Tampa Bay Buc-
caneers quarterback Tom
By Corinne Ramey,
James Fanelli
and Imani Moise
Brady appeared in commer-
cials endorsing crypto ex-
change FTX, which collapsed
in November. And Kim Kar-
dashian gushed about EMAX
tokens on Instagram.
Madonna and other celebrities are being sued for promoting NFTs. Now they and other celebri-
losses on virtual assets, as well
as scrutiny by regulators for
allegedly duping the investing
public. The legal actions, which
have prompted some agents to
caution their clients against fi-
nancial endorsements, could
clarify the ground rules for
crypto promotions, as well as
the hurdles investors must
clear to hold promoters liable
when investments go south.
“Promoting a company and
promoting a security issued by
a company are not necessarily
resents both plaintiffs and de-
fendants in the cryptocurrency
space. “We should expect judi-
cial guidance and clarity on
the rules of the road for celeb-
rities in the next few months.”
The use of celebrity promot-
ers heated up in 2021 during
the massive bull run in crypto.
Last year, celebrity crypto ads
filled prominent slots in the Su-
per Bowl, the largest marketing
event of the year.
Lawyer Sean Masson of law
firm Scott + Scott, who has
found they could be compen-
sated simply for touting a to-
ken, without realizing their le-
gal obligations under federal
and state rules governing en-
dorsements and compensation.
“All that fast, easy money
swirling around attracts peo-
ple,” Mr. Masson said.
In December, one of his law-
suits targeted technology com-
pany Yuga Labs, which devel-
ops nonfungible tokens. The
suit also names Madonna and
Please turn to page B10

interlakemecalux.com
MAXIMIZE WAREHOUSE
PRODUCTIVITY WITH AUTOMATION (877) 632-2589
B2 | Tuesday, January 31, 2023
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
Adani.........................B12
Adani Enterprises
............................. A1,B12
Adani Green Energy
............................. A6,B12
Adani Power..............B12
Adani Total Gas..........A6
Adani Transmission..B12
Ally Financial............B10
Alphabet .............. B4,B11
Amazon.com ............. B11
AMC Entertainment...B3
American Express.....B10
Apple............A1,A10,B11
Arrival ......................... B5
ASML.........................B12
AstraZeneca................A3
B-F
Baidu ........................... B4
Bed Bath & Beyond
............................... B1,B2
Blackstone.................B10
Burlington Stores.......B2
Capital One Financial
...................................B10
Comcast ...................... A9
Dick's Sporting GoodsB1
INDEX TO PEOPLE
A Jominy, Tyson.............A4
Adani, Gautam....A1,B12
Anderson, Nathan......A6
B Schumacher, Hein.......B1
Bankman-Fried, Sam..B2
Bostjancic, Kathy ....... A8
C McShane, Chuck..........B2
Cassidy, Gerard.........B10
D-L
Diebel, Charles..........B11
Fairbank, Richard......B10
Gjaja, Marin................A1
Hobbs, Nicholas..........A8
Hochschild, Roger.....B10
Hooker, Tim...............B10
Jakobs, Roy.................B5
Jin-man, Han .............. B4
Unilever
Names Its
New CEO
Continued from page B1
in the company.
Mr. Peltz, who was previ-
ously a director at Heinz, said
he first met Mr. Schumacher
at the ketchup maker and was
impressed by his leadership
skills and business acumen.
Unilever’s share price has
underperformed that of rivals
Nestlé SA and Procter & Gam-
ble Co. over the past five
years, putting the company
under pressure from some an-
alysts and investors. It faced
additional criticism last year
after a botched multibillion-
dollar bid for the consumer-
healthcare business now
known as Haleon PLC. The
emergence of Mr. Peltz’s Trian
as one of Unilever’s largest
shareholders further ratcheted
up pressure on the company’s
management.
Under Mr. Jope, Unilever
has already taken steps to im-
prove its performance. The
company has sold off slow-
growing businesses like tea
and initiated a sweeping reor-
ganization aimed at making it
more responsive to trends.
Unilever has also indicated it
could sell off more businesses
to shift toward higher-growth
categories such as health. Ana-
FTX Founder Tried to Stall Bankruptcy
In U.S. to Shift Assets Abroad, DOJ Says
BY JAMES FANELLI
AND VICKY GE HUANG
FTX founder Sam Bankman-
Fried attempted to stall bank-
ruptcy proceedings in the U.S.
in November in order to trans-
fer assets from his crypto ex-
change to foreign regulators,
the Justice Department said
on Monday.
Mr. Bankman-Fried hoped
foreign regulators would treat
him leniently and eventually
allow him to regain control of
FTX, federal prosecutors said.
FTX’s lawyers wanted to se-
cure the assets for bankruptcy
at the time he was trying to
move the money, the prosecu-
tors said.
He made the statements to
Gary Wang, an FTX co-founder
and the former chief technol-
ogy officer, the filing said.
Mr. Wang pleaded guilty to
federal fraud charges and is
cooperating with prosecutors.
The Manhattan U.S. attor-
ney’s office charged Mr. Bank-
man-Fried in December with
stealing billions of dollars
from FTX customers and mis-
leading investors.
He pleaded not guilty and
was released on a $250 million
bond. He is currently under
court-ordered confinement in
his parents’ Palo Alto, Calif.,
home.
Last week, Mr. Bankman-
Digital Currency........B10
Discover Financial
Services...................B10
Nissan Motor..............B3
Novo Nordisk..............A3
OpenAI ........................ B4
Electrify America........B4
First Reserve ............ B11
Ford Motor .......... A1,B11
G
Owl Rock Capital......B11
Party City....................B2
R
Reliance Industries...B12
Renault ................ B3,B12
Geely Automobile.....B12
GE Healthcare Rio Tinto...................A16
Technologies...........B11 Robinhood ................... B2
H Ross Stores.................B1
Royal Philips...............B5
Hindenburg Research
...................................B12
S Bed Bath & Beyond Inc.
Samsung Electronics..B1
Huawei Technologies . A3
Sanofi..........................A3
I SK Hynix ..................... B1
Intel.............................B1 Snap...........................B11
J Spotify.......................B11
Johnson & Johnson....A1 T ing it with dwindling options
K Tesla...............A1,B4,B11
Kioxia...........................B1 TravelCenters of
America.....................B4
M-P
U
Meta Platforms...B4,B11
Unilever.......................B1
Micron Technology......B1
Microsoft.....................B4 W
Nikola Motors ..... A6,B12 Western Digital..........B1
Nikon.........................B12 Whirlpool.....................B5
Quealy, John.............B11
Katz, Stuart..............B11 Ramsey, Doug...........B12
Kesner, Matt.............B11 S
Li, Robin......................B4
M Schwegman, Adam.....B2
Markowska, Aneta.....A2 Shah, Seema.............B11
Silbert, Barry............B10
Meo, Luca de ............ B12 Singh, Jugeshinder.....A6
Mericle, David.............A2 Sonnenshein, Michael
Murphy, John..............A4 ...................................B10
Musk, Elon ............ A1,A6 Soo-kyoum, Kim ......... B4
P-R T-W
Palazzo, Giovanni........B4 Torgov, Igor.................B5
Peltz, Nelson...............B1 Tsui, David .................. B4
Pertchik, Jon...............B4 Wang, Gary.................B2
Peters, Jim..................B5 Wold, Eric....................B3
Pittman, Jim.............B10 Wu, Avril.....................B4
UNILEVER/FRIESLANDCAMPINA/REUTERS
Hein Schumacher.
lysts have suggested that po-
tential divestitures could in-
clude the company’s food
brands or ice-cream business.
The task of whether to con-
tinue to pursue that strategy
now falls to Mr. Schumacher.
Martin Deboo, an analyst at
Jefferies, said he welcomed
the appointment of an exter-
nal candidate. He said his im-
mediate question was where
Mr. Schumacher stood on the
relative attractiveness of Uni-
lever’s foods business and the
merits of a potential separa-
tion of those operations from
the company’s home and per-
sonal-care divisions.
Whether Unilever should
continue to own a food busi-
ness alongside its high-end
skin-care, laundry-detergent
and vitamins brands has long
been a source of debate for
analysts. Unilever declined to
comment on its portfolio.
Sam Bankman-Fried is accused of stealing billions of dollars.
Fried’s lawyers asked a judge
to remove bail conditions that
prohibit him from accessing
assets held by FTX and his in-
vestment firm Alameda.
Mr. Bankman-Fried’s al-
leged misuse of FTX and
Alameda funds in November
were a reason for denying his
lawyer’s request, prosecutors
said in the Monday filing.
“Because FTX’s and
Alameda’s remaining assets
may include stolen customer
funds, fraud proceeds, or as-
sets that are otherwise recov-
erable by FTX’s creditors,
there is no justifiable basis for
the defendant to access these
assets,” prosecutors said.
A spokesman for Mr. Bank-
**** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
What Lies Ahead for Bed Bath
With Bankruptcy Filing Looming
BY SUZANNE KAPNER
AND ANDREW SCURRIA
The clock is ticking for
The home-goods chain’s
lenders have cut off credit
and it hasn’t secured a buyer
to acquire its business, leav-
to avoid a bankruptcy filing.
With chapter 11 looking in-
creasingly likely, the focus
shifts to what’s next for the
retailer and what shape it
might take coming out of a
MATTHEW HATCHER/BLOOMBERG NEWS
restructuring.
Here is what we know.
What is the state of Bed
Bath & Beyond’s finances?
The company’s banks have
determined it has defaulted
on its credit lines and are
calling for immediate repay-
ment of all loan outstanding.
Companies in Bed Bath’s sit- Empty shelves at a Bed Bath & Beyond location last year in Michigan.
uation often reach agree-
ments with their lenders on outstanding debt Feb. 1 but is What does a bankruptcy fil- creditors in bankruptcy and
plans to file for bankruptcy widely expected among indus- ing mean for the business? they could be wiped out in
protection that put a pause try observers and investors to Filing for bankruptcy pro- the event of a liquidation.
on the requirement to repay skip them. tection doesn’t mean the
debt. Skipping the payments company is going out of What about store closures?
The default notice the doesn’t automatically trigger business. In a potential chap- The chain last week said it
chain said it received last bankruptcy but it typically ter 11 filing, the company was closing an additional 87
week triggers an increase in starts a grace period, a time would likely seek financing of its flagship stores and its
its interest rate and a re- in which companies discuss that would see it through entire Harmon chain of drug-
quirement to put up cash repayment options or seek al- the bankruptcy process or stores.
collateral to back letters of ternate arrangements before look to sell assets to repay Those closings are in ad-
credit.
The Union, N.J., company
has $550 million in loans
bondholders and other credi-
tors can take legal action.
It also has to fund payroll
debts.
However the company’s fi-
nancial troubles are already
dition to a plan announced
in August to shut 150 lower-
performing Bed Bath & Be-
outstanding from banks led
by JPMorgan Chase & Co.
and another $375 million
at the end of this week for
employees’ checks.
The company is expected
leading to empty shelves.
Many of the chain’s vendors
have stopped shipping goods
yond locations.
If the company doesn’t get
access to financing, it might
from a facility provided by
Sixth Street Partners, ac-
to file for chapter 11 bank-
ruptcy soon, The Wall Street
in recent weeks because they
are worried the retailer
need to close all or most of
its remaining stores.
cording to a recent securities Journal has reported, citing might not be able to repay As of late November, the
filing. people familiar with the them. Empty shelves portend company had 949 stores, in-
As of late November, it matter. store closures. cluding 762 Bed Bath & Be-
had $154 million in unre- In the event of store clo- Shares in Bed Bath & Be- yond stores in all 50 states,
stricted cash and equiva- sures, property owners and yond also could continue to Washington, D.C., Puerto
lents. retail analysts say that they trade through a bankruptcy Rico and Canada. It also op-
are more confident about reorganization but their fu- erates Buybuy Baby stores.
What happens next? finding new tenants for ture value is uncertain. Eq- The company said it was
Bed Bath & Beyond has to those spaces than in years uity holders typically are at closing five of those loca-
make interest payments on its past. a lower priority than other tions.
Retailer’s recovery from the Covid-19
pandemic persisted in 2022 as
shoppers continued to spend in
in December, with U.S. house-
holds pulling back on the pur-
chase of goods even as infla-
that it would close 87 more
Bed Bath & Beyond locations,
five Buybuy Baby stores and all
Landlords person. Nationwide, retailers
opened 2,400 more stores than
they closed last year, marking
tion cooled. Corporate layoffs
are spreading beyond the tech
sector, and wage growth
of its remaining Harmon stores.
“It’s a big waiting game out
there right now between Party
Face Exits the largest net expansion in a
decade, according to commer-
cial real-estate services firm
slowed last month even though
overall unemployment remains
low.
City and Bed Bath,” said
Spence Mehl, partner at RCS
Real Estate Advisors, who led a
Cushman & Wakefield. Several large retailers have team hired by Bed Bath & Be-
Continued from page B1 Demand was particularly filed for bankruptcy or have yond to evaluate and improve
their real-estate footprints, big- strong for shopping centers, warned that they might, includ- its real-estate strategy from the
box retailers such as bookseller where vacancy declined to 5.7% ing Bed Bath & Beyond and end of 2018 through 2021. “It’s
Barnes & Noble and discount- in the fourth quarter, the low- Party City Holdco Inc. Bed a lot of stores that could be-
clothing store Burlington have est level since at least 2007, Bath & Beyond said last week come vacant.”
shown signs of expanding while asking rents increased. that it had defaulted on its Landlords have been scram-
again. Demand for larger retail “We have not seen any indi- credit lines after previously bling over the past six months
spaces is particularly strong in cation of a slowdown,” said warning that it was exploring to line up potential tenants to
the Sunbelt region, where the Adam Schwegman, senior vice filing for bankruptcy protec- fill the vacancies if Bed Bath &
population has grown signifi- president of leasing for North tion. The company, which had Beyond closes and so far seem
cantly over the past decade but American Properties, which 950 locations across the coun- optimistic that the past two
very little new retail has been owns about 3 million square try as of late November be- years of strong leasing activity
built since the 2008 financial feet of retail across eight prop- tween the flagship chain and will continue, Mr. Mehl said.
crisis, said Chuck McShane, Co- erties. “Our properties all saw its Buybuy Baby and Harmon Working in their favor, Bed
Star Group Inc. director of mar- a really good fourth quarter.” banners, previously said it Bath typically leased in domi-
ket analytics for the Carolinas. Plenty of challenges lie would close 150 stores. nant shopping centers in the
Retail’s surprisingly strong ahead. Consumer spending fell On Friday, the company said suburbs.
Listening Closely.
Responding Quickly.
deeply sorry about this
mess.”
Prosecutors also said that
Delivering Consistently.
in December Mr. Bankman-
Fried moved to take control of
a nearly $500 million stake in
Robinhood. The U.S. govern-
ment later seized the shares,
saying they were bought with
misappropriated customer
SETH WENIG/ASSOCIATED PRESS
funds. Messrs. Bankman-Fried
and Wang bought their Robin-
hood stake with borrowed
funds from Alameda Research,
The Wall Street Journal previ-
ously reported.
The ownership of the
shares is disputed by FTX’s
current management team and
bankrupt crypto lender
man-Fried didn’t respond to a BlockFi.
request for comment. Last week, federal prosecu-
Prosecutors said Mr. Bank- tors also sought to prevent
man-Fried allowed Bahamian Mr. Bankman-Fried from con-
customers to withdraw mil- tacting current and former
lions of dollars after FTX froze FTX and Alameda employees
customer accounts. without his lawyer present af-
Mr. Bankman-Fried wrote to ter they accused him of reach-
the Bahamas attorney general ing out to the general counsel
that FTX would make an ex- of the crypto exchange’s U.S.
ception for the country’s cus- operation. His lawyers have
tomers as a thank-you. said the government was mis-
FTX’s international opera- characterizing innocuous con-
tion had its headquarters in duct by their client in an ef- Because your needs
the country. fort to portray him in a really are important to us.
“We are deeply grateful for negative light. They proposed
what The Bahamas has done that Mr. Bankman-Fried be Let us prove it.
for us, and deeply committed prohibited from contacting
to it,” Mr. Bankman-Fried certain limited witnesses, not
wrote in the letter, according all of FTX’s current and for-
to prosecutors. “We are also mer employees.
THE WALL STREET JOURNAL.
Nissan, Renault
Agree to Revamp
Their Partnership
Nissan Motor Co. and its
French partner, Renault SA,
said Monday they have agreed
to reorganize their alliance,
more than two decades old, in
By River Davis in
Tokyo
and Nick Kostov in
Paris
a deal that includes reducing
Renault’s stake in Nissan.
The Japanese auto maker
achieved its long-sought goal
of limiting its partner’s con-
trol over its management,
while the French company got
an investment in its electric-
vehicle business, as it had
wanted. The amount of the in-
vestment wasn’t disclosed.
Under the agreement,
which requires approval from
the two companies’ boards,
Renault will eventually reduce
its 43% stake in Nissan to 15%,
to match the stake Nissan
holds in Renault.
Top executives from Nissan
and Renault have been work-
ing for months to hammer out
a deal. The companies said
their goal was to “strengthen
the ties of the alliance and
maximize value creation for
all stakeholders.”
Share-price performance over
the past year
10%
Renault SA
0
–10
–20
–30
Nissan
–40
Motor
Feb. 2022 ’23
Source: FactSet
Uncontrolled Substances:
A New Series From The Journal.
What happens when patient care collides with growth?
Over four episodes, we tell the story of Cerebral, a Silicon
Valley startup disrupting the mental-health care industry
and how it found itself at the center of federal investigations.
L I S T E N N O W W H E R E V E R YO U G E T YO U R P O D C A S T S
**
Nissan and Renault had ini-
tially hoped to announce the
restructuring as early as No-
vember, but snags emerged.
One issue was the treatment
of intellectual property jointly
developed by the companies
over the past two decades.
The companies made prog-
ress with discussions recently.
Earlier this month, Nissan’s
independent directors sig-
naled support for a deal, peo-
ple familiar with the matter
said. The Wall Street Journal
reported its outlines last
week.
The companies said that to
reduce its Nissan stake to 15%,
Renault would transfer the ex-
cess shares into a French
trust.
Voting rights tied to those
shares would be neutralized
for most decisions, but divi-
dends and other proceeds will
continue to go to Renault un-
til the shares are sold, the
companies said.
The trustee designated by
Renault to sell Nissan shares
will do so “if commercially
reasonable for Renault,” with
no obligation to sell within a
specific period, the companies
said.
Under French law, Nissan
hasn’t been able to vote its
longstanding 15% stake in the
French company because Re-
nault holds a stake in Nissan
greater than 40%.
The deal announced Mon-
day means Nissan will now be
able to vote its Renault
shares, although the compa-
nies said the Japanese car
maker’s voting rights would
be capped at 15%.
Assuming approval from
the companies’ boards, as an-
ticipated, a formal announce-
ment of the deal is slated for
Feb. 6, people familiar with
the companies’ plans have
said.
 Heard on the Street: Deal fixes
one problem, leaves others. B12
©2023 Dow Jones & Co, Inc. All rights reserved. 4DJ9260
BUSINESS NEWS
AMC’s Two Equity Securities
Begin to Converge in Price
AMC’s ‘Ape’ units rise,
common shares
decline as shareholder
vote approaches
BY ALEXANDER GLADSTONE
AMC Entertainment Hold-
ings Inc.’s two classes of eq-
uity securities came closer to
converging Monday after the
movie-theater company dis-
closed details of the proposals
shareholders will vote on at
its next shareholder meeting.
AMC Preferred Equity
Units, or “Apes,” closed Mon-
day at $2.33, up 21%, while
the company’s common
shares closed at $5.01, down
9%, after the company said
that on March 14 it plans to
hold votes on proposals to
convert all outstanding Ape
units into common shares, do
a 10-for-1 reverse stock split
and substantially increase the
number of common shares it
will be able to issue in the fu-
ture.
The proposed transactions
could provide a potential life-
line for AMC by giving the
company more options to
raise cash. AMC has been
struggling with weak box-of-
fice results affecting the cin-
ema industry, while its shares
have sunk close to where they
were trading before the com-
pany caught fire as a meme
stock in early 2021.
Since AMC emerged as a
fan favorite among individual
investors, some of whom refer
to themselves as “apes,” the
company tried twice to get
shareholder approval to en-
able it to issue more common
shares but failed both times
due to shareholders’ concerns
regarding dilution.
The company created the
Ape units, each amounting to
one-hundredth of a preferred
share, as a workaround to this
constraint. In August, AMC
gave one Ape unit for each
common share as a special
Tuesday, January 31, 2023 | B3
JUSTIN SULLIVAN/GETTY IMAGES
A picture of Marilyn Monroe is posted in the lobby of an AMC theater in Emeryville, Calif.
dividend, while launching a Share prices of AMC’s two equity securities
program to sell additional
$10
Ape units.
In the coming shareholder
meeting, each Ape unit and 8
each common share will be
entitled to exactly one vote. MONDAY
The Ape units have always 7
AMC
traded lower than the com- Entertainment
mon shares, reflecting inves- 5 $5.01
tor uncertainty about the new
equity class.
–9.07%
Certain traders have tried 3
AMC Preferred
to take advantage of this dis-
crepancy through an arbitrage Equity Units
in which they purchase the 2 $2.33
Ape units and short the com- +21.35%
mon shares, expecting that 0
the prices of the two securi-
Sept. 2022 Oct. Nov. Dec. Jan. ’23
ties will ultimately converge
if the shareholders vote in fa- Source: FactSet
vor of converting the Ape
units into common shares in could sell or use for other other chance to extract value
March. purposes. from those units, we expect
For AMC, the primary ben- It would still also have the two proposals to pass and
efit of the shareholder pro- roughly 4 billion Ape units it for this vote to open the door
posals, if passed, would be to could sell. to a massive equity raising
allow it to issue more com- “Given that Ape unit hold- opportunity for the company
mon shares in the future, giv- ers essentially control the in the coming years,” said
ing it a new basket of 405 vote at 64% of combined Eric Wold, an analyst at B.
million common shares it holdings and may not get an- Riley Securities.
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B4 | Tuesday, January 31, 2023
Truck-Stop Network to Add Fast Chargers
TravelCenters plans to
build 1,000 units with
Electrify America for
its TA, Petro stations
BY JENNIFER HILLER
TravelCenters of America
Inc. and Electrify America
LLC plan to build around 1,000
electric-vehicle fast chargers
across the U.S. starting this
year, the latest matchup that
would boost the amount of
equipment available to Ameri-
can EV drivers who need a jolt
of power on road trips.
The partnership aims to
add fast-charging stalls to
around 200 of TravelCenters’
TA and Petro Stopping Cen-
ters. Fast chargers available to
drivers of any kind of electric
vehicle are in short supply
across U.S. highways, where
their presence is considered
key to greater EV adoption as
auto makers convert fleets to
electric.
Many fuel retailers have
been reluctant to invest in
chargers because there aren’t
enough EVs on the road yet
for most locations to turn a
profit, but U.S. electric-vehi-
cle sales jumped in 2022
while the broader auto mar-
ket contracted.
The TravelCenters-Electrify
America investment repre-
China’s Baidu Joins Global AI Race
By Developing Its Own ChatGPT
BY KAREN HAO
AND RAFFAELE HUANG
China’s Baidu Inc. has
thrust itself into a global race
to commercialize the next gen-
eration of artificial-intelli-
gence technologies like Chat-
GPT that could transform the
internet.
The company is developing
an AI-powered chatbot similar
to OpenAI’s popular ChatGPT
and plans to integrate it into
its main search engine in
March, people familiar with
the matter said.
The move would place Bei-
jing-based Baidu among a few
tech companies globally to
have its own version of the
technology, which has gener-
ated buzz among consumers
and businesses, and placed
pressure on incumbents, which
have started to update their
product-development strate-
gies.
Baidu is set to be the first
to bring the technology to
consumers in China, where the
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Fast chargers available to drivers of any kind of EV are in short supply across U.S. highways.
sents one of the largest EV
fast-charging build-outs in the
U.S. today.
Ohio-based TA operates one
of the nation’s largest full-ser-
vice truck-stop networks, sell-
ing diesel and gasoline and of-
fering restaurants and stores
along highways.
Jon Pertchik, chief execu-
tive of TravelCenters of Amer-
ica, said increasing EV adop-
state censors the internet and
access to ChatGPT is blocked.
Baidu’s plans come as com-
petition heats up between
Washington and Beijing to bol-
ster their respective countries’
leadership in strategic emerg-
ing technologies.
They also highlight the
fluid, cross-border nature of
AI research, where open-
source is the norm. OpenAI
built ChatGPT atop a core
breakthrough that Alphabet
Inc.’s Google developed in
2017—an algorithm that Baidu
also adapted and is now using
as the foundation for its chat-
bot, according to some of the
people.
Baidu Chief Executive Robin
Li touched on ChatGPT in a
late-December speech to some
employees, saying it repre-
sents new opportunities, ac-
cording to a transcript on
Baidu’s internal website that
was seen by The Wall Street
Journal.
“We have such cool technol-
ogy, but can we turn it into a
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TECHNOLOGY WSJ.com/Tech
pected driver use region-by- ada. The 200 locations with
region. TravelCenters of America will
The Biden administration add to that target, Mr. Palazzo
has started giving states $7.5 said.
billion to fund charging build- TravelCenters locations will
outs, money included in the $1 be included on the Electrify
trillion infrastructure bill America network, and drivers
passed by Congress in 2021. could pay for charging
Tax credits for installing EV through the company’s app,
chargers also were approved though credit-card readers
as part of last year’s Inflation will also be available, Mr. Pa-
Reduction Act, and budget es- lazzo said.
timators expect around $1.7 While most EV charging
billion in tax credits for char- takes place at home over a pe-
gers or other alternative-fuels riod of several hours, fast
equipment to be claimed over chargers can repower a car
CLARK HODGIN FOR THE WALL STREET JOURNAL
a 10-year period. battery in about 30 minutes.
TravelCenters of America The government wants more
plans to purchase chargers of them along major thorough-
from Electrify America, which fares to address “range anxi-
will manage the design, per- ety”—EV drivers’ fear that
mitting and build-out of the they will run out of power.
stations as well as mainte- While market leader Tesla Inc.
nance, warranty and support built a fast-charger network
for drivers who have trouble for its own drivers, the U.S.
charging. has around 5,200 locations
Fast-charger build-out is with 11,000 individual fast
complex because of the large chargers that anyone can use,
electric load and amount of in- according to government data.
frastructure needed. The in- General Motors Co. and Pi-
tion and incentives from the dollar amount on the invest- dustry also faces supply-chain lot Co. last year said they
federal government and many ment, which will happen over backlogs and a potentially would add 2,000 fast-charging
states are spurring the com- a period of about five years, long process to connect to the stalls to 500 Pilot and Flying J
pany’s investment. but he said each location could grid. locations, with most com-
“We’re past an inflection cost “anywhere from a couple Still, Giovanni Palazzo, chief pleted by sometime in 2025.
point,” Mr. Pertchik said. For of hundred thousand to executive of Electrify America, Car-rental company Hertz
passenger vehicles, “EV is the around a million dollars,” add- said the first chargers should Global Holdings Inc. and BP
thing, no question about it.” ing “That’s a wide swath.” open at TravelCenters loca- PLC last year signed a deal to
TravelCenters of America has Many sites are likely to qualify tions this year. Electrify Amer- develop and manage a net-
around 280 locations in 44 for various federal or state in- ica has nearly 800 locations work of electric-vehicle charg-
states. centives. The pace of the now and had aimed for 1,800 ing stations across North
Mr. Pertchik didn’t put a build-out will depend on ex- by 2026 in the U.S. and Can- America.
product that everyone needs?” breakthrough, which it has
Mr. Li said, referring to AI- used to improve its search re-
driven technologies including sults, including to make them
the chatbot. “This is actually more relevant. The company
the hardest step, but also the has since developed dozens
ALY SONG/REUTERS
greatest and most influential.” more Ernie models and ex-
Bloomberg earlier reported tended their capabilities to in-
on Baidu’s plans. clude image and art genera-
Baidu, whose growth hasn’t tion, similar to those of
kept up with that of its Chi- OpenAI’s Dall-E.
nese internet peers, has been Baidu is now using Ernie as Baidu has been pushing to refashion itself into an AI company.
pushing to refashion itself into the foundation for its chatbot,
an AI company, investing bil- and is training it on both Chi- puts in an effort to avoid toxic where its conversational abili-
lions of dollars in technologies nese- and English-language hate speech and politically ties are seen to have the most
including self-driving cars and sources inside and outside sensitive topics. potential to upend the status
chips designed to power AI China’s firewall, some of the Trained on vast amounts of quo.
applications. people said. In the past, Baidu text data from the internet, Microsoft, which invested
Using its vast repository of has trained Ernie using ChatGPT is capable of answer- in OpenAI in 2019 and 2021,
text data from its search-en- sources that include Wikipe- ing all manner of user ques- announced fresh backing—as
gine business, it has focused dia, BookCorpus, Reddit and tions in fluent conversational much as $10 billion, the Jour-
in particular on an area of AI Baidu’s ecosystem of prod- prose. But the chatbot can’t nal reported—to infuse Chat-
research known as natural-lan- ucts—such as Baidu Baike and guarantee accurate answers GPT into its product lines, in-
guage processing, which has Baidu News—according to the and at times has delivered cluding its search engine Bing.
experienced major leaps in ad- company’s open-source re- sexist or racist comments, in- A similar Google technology
vancement in the past few search papers. dustry researchers have said. known as LaMDA made its de-
years and led to the recent Baidu plans to limit its Tech giants including Mi- but in 2021, and Meta Plat-
surge of AI technologies, in- chatbot’s outputs in accor- crosoft Corp. and Google are forms Inc. released a chatbot
cluding ChatGPT. dance with the state’s censor- hurrying to mature the tech- known as BlenderBot in 2020,
In 2019, Baidu developed a ship rules, one of the people nology underlying ChatGPT but neither has revealed plans
deep-learning model known as said. OpenAI also applies re- and integrate it into their to integrate the technology
Ernie, based on Google’s strictions to ChatGPT’s out- products—including search, into their platforms.
Memory Samsung
Chips Profit
SEONGJOON CHO/BLOOMBERG NEWS
Slump Declines
Continued from page B1 Continued from page B1
in late 2021. Quarter-on-quarter sales saw operating profit for
declines got steeper through the the October-December quarter
second half of last year as mac- drop 97% from the prior year
roeconomic woes and rising in- to 270 billion won. Semicon-
terest rates collided with geopo- SK Hynix on Wednesday is expected to report a fourth-quarter ductor revenue for the quarter
litical uncertainties due to the loss, according to FactSet. declined 24% from last year to
Russia-Ukraine war and China’s 20.07 trillion won.
Covid-19 lockdowns. prices during the same time structure investments “that are The global smartphone in-
The memory-chip industry frame are projected to drop essential to respond to mid- to dustry, too, is in a slump,
started 2023 with high invento-
ries, said Kim Soo-kyoum, asso-
about 10% and 3%, respectively.
Inflation, high interest rates
long-term demand,” Kim Jae-
june, executive vice president of
prompting profit to sink at
Samsung, the world’s largest
ciate vice president covering and weak economies are ex- global sales and marketing for smartphone maker by ship-
memory semiconductors at In- pected to continue to drive pull- memory at Samsung, said on an ments. The company’s mobile-
ternational Data, a tech-market- backs in corporate and con- earnings call Tuesday. and-networks division logged
research firm. With demand still sumer spending on products Samsung, however, is opti- fourth-quarter operating profit
sluggish, memory prices are ex- including smartphones, PCs and mizing its production lines of 1.7 trillion won, a 36% de-
pected to keep declining data servers that are the biggest through steps including equip- cline from a year earlier.
throughout this year, though users of memory chips, Trend- ment maintenance and pursuing Global smartphone ship-
the quarterly drops could nar- Force said. shifts to more advanced produc- ments during the fourth quar-
row or flatten in the second half DRAM prices are expected to tion technologies that may have ter, typically a strong quarter
depending on how soon buyers continue dropping through the a meaningful near-term impact aligned with the holiday sea-
come back, Mr. Kim said. second half of this year, and on production, Mr. Kim said. son, declined 18% from the
Average contract prices for production cuts on a massive Global tech demand could re- prior year to 300.3 million
the two main types of memory scale would be needed to shore cover later this year, aided by units in the largest-ever decline
chips, DRAM and NAND flash, them up, said Avril Wu, a factors like China’s reopening in a single quarter, according to
dropped roughly 23% and 28%, TrendForce senior vice presi- after a period of strict Covid re- International Data Corp.
respectively, during the Octo- dent. strictions, which could revive Rising inflation and growing
ber-to-December period from Prices of NAND flash, how- consumer spending on products macroeconomic concerns have
the prior quarter, according to ever, could start to rebound like smartphones, said David stunted consumer spending
TrendForce, a Taiwan-based starting in the second half as Tsui, senior credit analyst at more than expected, weighing
market researcher that tracks steeper price falls in recent S&P Global Ratings. down global demand for smart-
memory prices. months had prompted vendors For now, it isn’t clear how phones, IDC said. This year’s
DRAM memory enables de- to pursue more aggressive sup- quickly and to what extent con- global smartphone shipments
vices to multitask, while NAND ply cutbacks for 2023, Ms. Wu sumer behavior would change in are expected to grow by 2.8%,
flash memory provides storage
capacity on devices.
said.
Samsung, the biggest pro-
the country, he said. though could be adjusted down
further given the grim outlook,
Prices for both will likely
keep falling through the first
ducer of both types of memory
chips, plans to keep investing Watch a Video
according to IDC’s forecasts.
While tough market condi-
half of this year, TrendForce despite the current downturn. Scan this code tions continue, Samsung is
said. DRAM prices are expected Capital-expenditure plans for for a video on scheduled to launch its new
to drop quarterly by 20% in the 2023 are expected to be similar the war for Galaxy S23 smartphone series
first quarter and 11% in the sec- to last year’s, and the company dominance in this week in the industry’s first
ond quarter, while NAND flash will continue to make infra- computer chips. major launch of this year.
THE WALL STREET JOURNAL.
Whirlpool Posts Loss, Seeks Cuts EV Maker
Arrival
Appliance maker says
supply problems are
resolved, sees demand
rebounding later in ’23
BY JOHN KEILMAN
Whirlpool Corp. reported a
$1.6 billion quarterly net loss
after divesting its European
business, as the appliance
maker said it was working to
reduce costs and move past a
supply-chain disruption.
Whirlpool said net sales for
the quarter ended Dec. 31 de-
clined 15% year-over-year to
$4.9 billion, weighed down by
what the company said was
softening demand and a “sig-
nificant” supply chain problem.
Jim Peters, the company’s
chief financial officer, said the
“one-off” incident with a sup-
plier involved a “very simple
type of part…for multiple plat-
forms of appliances and multi-
ple factories throughout North
America.”
The problem, now resolved,
meant the company couldn’t
produce enough units to meet
the sales it had, he said.
After adjusting the results
for one-time items, Whirlpool
said ongoing earnings per
Philips to Slash 6,000 Additional Jobs by 2025
BY IAN WALKER
Royal Philips NV said it
would cut an extra 6,000 jobs
by 2025, including 3,000 this
year, as part of a reorganiza-
tion aimed at improving its
performance, adding to a wave
of corporate layoffs in recent
weeks.
The Dutch health-technol-
ogy company said on Monday
that a simplified operation
model would help make it
more agile and competitive
while reducing costs. The job
cuts are in addition to 4,000
roles it said in October that it
would eliminate.
A string of big companies
have outlined plans to cut
Whirlpool’s quarterly revenue,
change from a year earlier
$30
20
10
0 BY ELIOT BROWN
–10
–20
–30
2020 ’21
Sources: S&P Capital IQ; the company
share for the quarter came in
at $3.89, above analysts’ ex-
pectations of $3.23, according
to FactSet. The Michigan-
based appliance maker said it
expects 2023 revenues to
reach $19.4 billion, down 1% to
2% from the prior year, and
for earnings per share to reach
$16 to $18, ahead of the
roughly $15 forecast by ana-
lysts, according to FactSet.
Whirlpool shares climbed
1.3% in after-hours trading.
Mr. Peters said he expects
demand to be down about 5%,
thousands of jobs so far this
year as they adjust to slowing
growth or respond to weaker
demand for their products.
The cuts at Philips, which
sells products including MRI
scanners and ultrasound ma-
chines, come as the Dutch
company has grappled with
supply-chain challenges, lower
sales in China and the fallout
from the Russia-Ukraine war.
Philips also has had to con-
tend with the consequences of
a huge recall of devices used
to treat sleep apnea.
Philips disclosed the job
cuts as it reported a swing to
a net loss for the fourth quar-
ter amid higher costs. Its net
loss for the period came in at
**
BUSINESS & FINANCE
4Q 2022
–15.3%
’22
LUKE SHARRETT/BLOOMBERG NEWS
The company’s $1.6 billion net loss in the quarter came as it divested its European business.
though it should recover later
in the year. The company has
managed its production to keep
inventory “in a good place,” he
said, and no extra incentives to
move appliances out the door
are under consideration.
€106 million, equivalent to
$115 million, compared with a
profit of €157 million for the
fourth quarter of 2021, the
company said.
3%
Decline in full-year sales on a
comparable basis.
Sales for the quarter rose
to €5.42 billion from €4.94 bil-
lion in the same period last
year as the supply of compo-
nents improved.
The company said it expects
to save $800 million to $900
million this year. Mr. Peters
said some of that will come
from the easing cost of materi-
als, and some from company
cost-cutting, which he said has
For the full year, sales fell
3% on a comparable basis to
€17.8 billion.
Philips reported a net loss
for the year of €1.6 billion,
compared with a €3.3 billion
profit the prior year, hurt by a
previously disclosed write-
down of its sleep and respira-
tory-care business. The prior
year’s profit was boosted by
the sale of the company’s do-
mestic appliances business.
“2022 has been a very diffi-
cult year for Philips and our
stakeholders, and we are tak-
ing firm actions to improve
our execution and step up per-
formance with urgency,” Chief
Executive Roy Jakobs said.
Monday’s cuts mark the
Tuesday, January 31, 2023 | B5
relied on attrition, not layoffs.
Whirlpool has $2 billion of
cash on hand. Mr. Peters said
its focus is paying down debt
from its $3 billion purchase of
the InSinkErator garbage dis-
posal brand last year.
second time Mr. Jakobs has
announced layoffs since the
longtime Philips employee
took the top job in October.
The “difficult but necessary
further reduction” is part of a
broader plan to reinvigorate
the company’s performance
while strengthening patient
safety and quality manage-
ment and enhancing supply-
chain reliability.
Philips said it expects low-
single-digit comparable sales
growth for this year. The com-
pany said it anticipates a slow
start to the year, considering
the slowing of consumer de-
mand, but expects a gradual
improvement in order-book
conversion during 2023.
Plans to
Halve Its
Workforce
U.K.-based Arrival, the
electric-vehicle upstart that
went public with a surge of in-
vestor enthusiasm and a rich
valuation, said Monday it
plans to cut its workforce by
roughly 50%. The company
also said that it is appointing
financial advisor Teneo to
evaluate “strategic alterna-
tives.”
Arrival said that it plans to
begin producing its delivery
van from a Charlotte, N.C., fac-
tory in 2024—a year later
than it had said a few months
ago.
And Igor Torgov, who has
been the company’s executive
vice president of digital, was
named its new CEO.
The cascade of news marks
a major turnaround from
March 2021, when Arrival
listed publicly after a merger
with a SPAC. At that time, it
had a market capitalization of
more than $13 billion, more
than half the valuation of Nis-
san.
Delays and higher-than-ex-
pected costs followed. The
company initially had expected
to have more than $1 billion in
revenue in 2022.
Last fall, however, Arrival
executives said that they ex-
pected the company wouldn’t
produce revenue in 2022, or
2023.
Its arc mirrors the experi-
ence of numerous electric-ve-
hicle and autonomous-driving
companies that went public
through SPAC mergers and a
wave of investor enthusiasm.
Stocks have since plum-
meted, revenue targets have
largely been missed and sev-
eral companies have disclosed
investigations by the U.S. Se-
curities and Exchange Com-
mission.
THE WALL STREET JOURNAL. * Tuesday, January 31, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33717.09 t 260.99, or 0.77% Trailing P/E ratio 22.25 19.95 4017.77 t 52.79, or 1.30% Trailing P/E ratio * 19.72 25.96 11393.81 t 227.90, or 1.96% Trailing P/E ratio *† 26.36 33.75
High, low, open and close for each P/E estimate * 18.13 18.41 High, low, open and close for each P/E estimate * 18.29 19.72 High, low, open and close for each P/E estimate *† 23.08 23.89
trading day of the past three months. Dividend yield 2.04 1.97 trading day of the past three months. Dividend yield * 1.67 1.40 trading day of the past three months. Dividend yield *† 0.91 0.70
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21
65-day moving average
Current divisor 0.15172752595384
34700 4100 11500

34000 4025 11275

33300 3950 11050

32600 3875 10825

Session high
65-day
moving average DOWN UP
31900 3800 10600
t

Session open Close

65-day
Close Open moving average
t

31200 3725 10375

Session low
Bars measure the point change from session's open
30500 3650 10150
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
*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* 787,069,534 12,720,188
Industrial Average 34055.29 33695.18 33717.09 -260.99 -0.77 35768.06 28725.51 -4.0 1.7 5.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 182,240,398 7,061,794
Transportation Avg 14475.05 14139.29 14157.09 -326.24 -2.25 16718.54 11999.40 -7.4 5.7 9.3 Most-active issues in late trading Decl. volume* 593,156,391 5,319,683
Utility Average 974.28 963.27 964.11 -3.71 -0.38 1071.75 838.99 1.0 -0.3 0.7 Volume After Hours Issues traded 3,212 295
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40993.70 40497.04 40516.74 -548.66 -1.34 46941.20 36056.21 -11.3 5.2 6.5 Advances 981 101
Energy Transfer ET 18,124.1 13.16 0.06 0.46 13.18 13.10
Barron's 400 993.08 978.30 978.45 -14.63 -1.47 1051.05 825.73 -3.8 6.3 10.6 Declines 2,092 181
SPDR S&P 500 ETF Trust SPY 8,379.8 401.20 0.61 0.15 402.75 392.87
Unchanged 139 13
Nasdaq Stock Market iSh Core Dividend Growth DGRO 6,118.8 51.00 0.33 0.65 51.15 50.50 New highs 64 3
Nasdaq Composite 11553.31 11388.54 11393.81 -227.90 -1.96 14619.64 10213.29 -20.0 8.9 7.0 BigBear.ai BBAI 6,064.7 3.75 -0.23 -5.78 4.40 3.13 New lows 8 2
Nasdaq-100 12087.68 11906.11 11912.39 -254.21 -2.09 15239.32 10679.34 -20.2 8.9 9.2 Apple AAPL 4,775.5 143.01 0.01 0.01 144.92 142.99 Closing Arms† 1.29 0.26
Cisco Systems CSCO 4,474.5 48.22 … unch. 48.45 48.17 Block trades* 4,082 102
S&P
-1.30
Amazon.com AMZN 4,396.8 100.52 -0.04 -0.03 100.94 100.01
500 Index 4063.85 4015.55 4017.77 -52.79 4631.60 3577.03 -11.0 4.6 7.0 Nasdaq NYSE Arca
Opendoor Technologies OPEN 3,858.6 2.09 0.02 0.97 2.10 2.06
MidCap 400 2625.00 2589.77 2590.67 -28.80 -1.10 2773.72 2200.75 -1.7 6.6 8.2 Total volume*5,122,326,100 270,338,765
SmallCap 600 1249.59 1234.70 1235.07 -13.52 -1.08 1357.33 1064.45 -4.9 6.7 7.2 Percentage gainers… Adv. volume*1,462,616,744 38,760,135
Sanmina SANM 52.2 59.13 3.59 6.46 59.38 55.54 Decl. volume*3,605,075,728 230,394,491
Other Indexes
Comstock Resources CRK 94.7 12.45 0.71 6.05 12.95 11.74 Issues traded 4,843 1,779
Russell 2000 1909.34 1885.43 1885.72 -25.74 -1.35 2133.10 1649.84 -7.0 7.1 4.6
Advances 1,505 209
NYSE Composite 15974.40 15813.23 15818.90 -143.68 -0.90 17069.66 13472.18 -5.0 4.2 4.5 Li-Cycle Holdings LICY 79.1 5.68 0.32 5.97 5.88 5.35
Declines 3,121 1,554
Value Line 584.58 577.85 577.99 -6.59 -1.13 653.15 491.56 -8.6 7.8 2.2 Genius Group GNS 1,646.9 5.17 0.26 5.30 5.31 4.61
Unchanged 217 16
NYSE Arca Biotech 5591.90 5487.86 5503.36 -88.55 -1.58 5591.90 4208.43 8.4 4.2 4.0
BuzzFeed BZFD 956.7 2.88 0.14 5.11 3.00 2.72
New highs 89 14
NYSE Arca Pharma 841.31 828.48 829.96 -5.12 -0.61 887.27 737.84 4.1 -4.4 8.3 ...And losers New lows 20 10
KBW Bank 111.88 110.94 111.05 -1.02 -0.91 143.90 94.66 -17.7 10.1 1.2 iShares MSCI ACWI ETF ACWI 882.9 77.14 -13.13 -14.55 90.34 77.14 Closing Arms† 1.19 0.52
PHLX§ Gold/Silver 134.89 132.86 132.86 -1.93 -1.43 167.76 91.40 6.3 9.9 8.7 Harmonic HLIT 189.1 12.95 -1.25 -8.80 14.99 12.56 Block trades* 37,690 1,217
PHLX§ Oil Service 93.00 91.53 91.92 -1.11 -1.20 93.94 56.08 42.9 9.6 12.6 BigBear.ai BBAI 6,064.7 3.75 -0.23 -5.78 4.40 3.13 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2920.11 2865.02 2866.69 -78.58 -2.67 3653.72 2162.32 -17.7 13.2 15.6 Deciphera Pharm DCPH 63.0 16.35 -0.69 -4.05 17.56 16.35 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 20.25 19.54 19.94 1.43 7.73 36.45 18.35 -19.7 -8.0 8.8 DCP Midstream DCP 920.6 40.51 -1.51 -3.59 42.02 40.51 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 643.95 –5.99 –0.92 6.4 G Medical Innovations GMVD 5.41 2.41 80.33 192.50 1.94 -96.9 CN Energy Group CNEY 0.59 -1.58 -72.86 2.91 0.46 -69.3
MSCI ACWI ex-USA 305.50 –0.87 –0.28 8.6 BigBear.ai BBAI 3.98 1.56 64.46 16.12 0.58 -22.1 Brera Holdings BREA 3.24 -1.58 -32.78 5.40 2.81 ...
MSCI World 2759.32 –26.52 –0.95 6.0 WiSA Technologies WISA 13.15 3.95 42.93 149.00 8.45 -88.9 FiscalNote NOTE 3.46 -1.60 -31.62 12.30 3.41 -65.1
MSCI Emerging Markets 1044.00 –7.19 –0.68 9.2 Carvana Cl A CVNA 10.00 2.23 28.70 167.00 3.55 -93.8 BuzzFeed BZFD 2.74 -1.13 -29.20 5.71 0.64 -31.3
Americas MSCI AC Americas 1531.61 –20.23 –1.30 5.1 Genius Group GNS 4.91 0.96 24.30 36.75 0.30 ... Bridger Aerospace BAER 9.31 -3.13 -25.16 25.90 8.81 -4.2
Canada S&P/TSX Comp 20572.11 –142.37 –0.69 6.1 Freightos CRGO 10.00 1.80 21.95 31.15 7.10 3.1 Orchestra BioMed Holdings OBIO 8.97 -2.53 -22.00 13.80 7.49 -9.0
Latin Amer. MSCI EM Latin America 2320.22 –4.10 –0.18 9.0 Nuvectis Pharma NVCT 9.41 1.43 17.92 20.92 3.08 ... UTStarcom Holdings UTSI 4.09 -0.81 -16.53 5.03 2.44 18.9
Brazil BOVESPA 112273.01 –43.15 –0.04 2.3 Sunlands Technology ADR STG 13.49 2.02 17.61 13.93 2.16 221.2 Sonoma Pharmaceuticals SNOA 1.69 -0.33 -16.34 4.25 1.00 -55.4
Chile S&P IPSA 3216.36 –8.07 –0.25 1.4 Coffee Holding JVA 2.66 0.36 15.65 4.68 1.73 -39.5 Dada Nexus ADR DADA 12.78 -2.40 -15.81 15.59 2.98 17.0
Mexico S&P/BMV IPC 54521.43 –253.48 –0.46 12.5 ProSh UltSh Bbg Nat Gas KOLD 55.49 7.26 15.05 153.60 9.06 -51.5 AppHarvest APPH 2.23 -0.41 -15.53 7.05 0.47 -25.4
EMEA STOXX Europe 600 454.40 –0.77 –0.17 6.9 Galera Therapeutics GRTX 2.44 0.30 14.02 2.85 1.12 -10.9 Abcam ADR ABCM 13.89 -2.54 -15.46 19.39 12.54 -22.4
Eurozone Euro STOXX 447.45 –1.72 –0.38 9.1 Oblong OBLG 2.99 0.36 13.69 14.48 1.64 -71.4 Longboard Pharm LBPH 4.40 -0.79 -15.22 6.47 2.70 4.8
Belgium Bel-20 3854.26 –8.85 –0.23 4.1 Chemomab Therap ADR CMMB 2.35 0.27 12.98 5.56 1.75 -52.0 Digihost Technology DGHI 1.79 -0.32 -15.17 4.65 0.31 -50.6
Denmark OMX Copenhagen 20 1850.94 17.90 0.98 0.9 Annovis Bio ANVS 17.22 1.97 12.92 23.91 8.39 13.5 I-Mab ADR IMAB 5.78 -1.02 -15.00 29.60 3.19 -77.1
France CAC 40 7082.01 –0.21 9.4 Bed Bath Beyond BBBY 2.87 0.32 12.55 30.06 1.27 -82.3 Silicom SILC 41.37 -7.16 -14.75 50.00 31.30 -7.1
–15.20
Germany DAX 15126.08 –23.95 –0.16 8.6
Israel Tel Aviv 1777.86 31.04 1.78 –1.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 26335.98 –99.77 –0.38 11.1 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 744.83 –5.84 –0.78 8.1
Norway Oslo Bors All-Share 1360.42 –5.88 –0.43 –0.2 Tesla TSLA 229,409 71.9 166.66 -6.32 384.29 101.81 Putnam BDC Income ETF PBDC 340 5402 29.03 -1.30 29.45 24.77
Exela Technologies XELA 179,384 158.8 0.06 -4.47 19.11 0.06 Mountain Co. I Cl A MCAA 3,006 4747 10.49 0.38 10.66 9.96
South Africa FTSE/JSE All-Share 80324.86 –466.50 –0.58 10.0
ProShares UltraPro QQQ TQQQ 172,740 -14.9 21.93 -6.00 65.37 16.10 Valuence Merger I Cl A VMCA 1,026 4333 10.44 0.19 10.65 9.97
Spain IBEX 35 9049.30 –10.90 –0.12 10.0
Sweden OMX Stockholm 846.61 –0.45 8.3 SoFi Technologies SOFI 163,659 279.6 6.68 12.46 13.55 4.24 Twin Ridge Cap Acqn Cl A TRCA 2,549 4240 10.17 0.20 10.17 9.67
–3.86
Helbiz HLBZ 146,463 184.3 0.25 -12.59 4.42 0.11 Denali Cap Acqn Cl A DECA 261 3087 10.35 ... 10.60 9.82
Switzerland Swiss Market 11379.64 47.34 0.42 6.1
Turkey BIST 100 5096.29 –95.54 –1.84 –7.5 ProSh UltraPro Shrt QQQ SQQQ 119,368 1.3 41.20 6.05 69.55 31.17 ExcelFin Acquisition A XFIN 1,192 3055 10.31 0.05 10.75 9.83
U.K. FTSE 100 7784.87 19.72 0.25 4.5 Mullen Automotive MULN 116,575 -48.2 0.33 -0.12 4.18 0.18 Edoc Acquisition Cl A ADOC 162 2779 10.69 0.19 11.60 10.00
U.K. FTSE 250 19937.20 –98.19 –0.49 5.8 Powerbridge Technologies PBTS 114,120 1377.9 0.14 5.34 2.21 0.08 AltShares Merger Arb ARB 771 2629 25.53 -0.21 27.80 24.59
Genius Group GNS 113,900 755.1 4.91 24.30 36.75 0.30 Cactus Acqn 1 Cl A CCTS 1,178 2419 10.35 ... 10.70 9.84
Asia-Pacific MSCI AC Asia Pacific 169.57 –0.97 –0.57 8.9
Lucid Group LCID 113,680 280.3 11.75 -8.70 30.85 6.09 SilverSPAC Cl A SLVR 1,027 2199 10.10 ... 10.11 9.57
Australia S&P/ASX 200 7481.70 –12.13 –0.16 6.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3269.32 4.50 0.14 5.8 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 22069.73 –619.17 –2.73 11.6
India S&P BSE Sensex 59500.41 0.29 –2.2
Scan this code
169.51
Japan NIKKEI 225 27433.40 50.84 0.19 5.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3378.29 –15.92 –0.47 3.9 and track most-active stocks,
South Korea KOSPI 2450.47 –33.55 –1.35 9.6 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15493.82 560.89 3.76 9.6 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1681.22 –0.08 –0.005 0.8
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004260 23473 –0.7
CREDIT MARKETS Argentina peso .0054185.5511 5.0 Europe
Brazil real .1954 5.1166 –3.2 Czech Rep. koruna .04550 21.979 –2.6
Canada dollar .7470 1.3388 –1.2 Denmark krone .1459 6.8552 –1.3
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Chile peso .001238 807.50 –4.8 Euro area euro 1.0852 .9215 –1.4
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000217 4602.18 –5.1 Hungary forint .002782 359.49 –3.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007096 140.92 –0.4
A consumer rate against its Five-year ARM, Rate Mexico peso .0533 18.7666 –3.7 Norway krone .1003 9.9736 1.7
benchmark over the past year 5.00% Uruguay peso .02588 38.6450 –3.3 Poland zloty .2303 4.3415 –0.9
Bankrate.com avg†: 5.37% 28% Asia-Pacific Russia ruble .01430 69.915 –5.2
t
5-year Raymond James Bank, NA 3.00% 4.00 Sweden krona .0962 10.3955 –0.4
WSJ Dollar Index Australiadollar .7059 1.4166 –3.5
adjustable-rate Tradeweb ICE 14
s Switzerland franc 1.0808 .9252 0.01
t

5.00% St. Petersburg, FL 800-718-2265 China yuan .1482 6.7488 –2.2

mortgage (ARM) Monday Close 3.00 Turkey lira .0532 18.7901 0.5
RTN Federal Credit Union 4.63% Hong Kong dollar .1276 7.8355 0.4
4.00 0 Ukraine hryvnia .0272 36.7500 –0.3
Waltham, MA 2.00 India rupee .01226 81.578 –1.4
781-736-9900 Euro UK pound 1.2352 .8096 –2.1
s Indonesia rupiah .0000668 14970 –3.8
Clinton Savings Bank 5.00% One year ago Middle East/Africa
t

3.00 1.00 –14 Japan yen .007666 130.45 –0.5

t
Clinton, MA 888-744-4272 s Kazakhstan tenge .002176 459.65 –0.7 Bahrain dinar 2.6525 .3770 –0.01
5-year Treasury 2.00 0.00 Yen Macau pataca .1239 8.0730 0.3 Egypt pound .0332 30.0826 21.5
Grow Financial FCU 5.00% –28
note yield Malaysia ringgit .2356 4.2440 –3.7 Israel shekel .2889 3.4619 –1.8
Hillsborough, FL 800-839-6328 1 3 6 1 2 3 5 7 10 20 30 2022 2023
1.00 New Zealand dollar .6470 1.5456 –1.9 Kuwait dinar 3.2744 .3054 –0.2
Hanscom Federal Credit Union 5.00% month(s) years
FMAM J J A S O N D J Pakistan rupee .00380 263.050 16.0 Oman sul rial 2.5974 .3850 unch
Hanscom AFB, MA 800-656-4328 maturity Philippines peso .0183 54.545 –2.0 Qatar rial .2746 3.642 –0.7
2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7609 1.3143 –2.0 Saudi Arabia riyal .2664 3.7541 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008118 1231.88 –2.4 South Africa rand .0575 17.3983 2.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027329 365.91 –0.4
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.25-4.50 4.25-4.50 0.00 l 4.50 2.75 Taiwan dollar .03322 30.101 –1.8
Yield (%) 52-Week Total Return (%) Thailand baht .03051 32.780 –5.3 WSJ Dollar Index 95.19 0.25 0.26 –1.42
Prime rate* 7.50 7.50 3.25 l 7.50 2.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.81 4.82 0.30 l 4.83 3.05 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2135.000 3.930 3.890 4.560 1.580 –8.941 –2.656
Money market, annual yield 0.38 0.35 0.07 l 0.38 -0.12
Five-year CD, annual yield 2.74 2.78 0.43 l 2.78 1.34 U.S. Treasury Long, Bloomberg 3340.240 3.760 3.780 4.570 2.140 –22.305 –7.652 Commodities
30-year mortgage, fixed† 6.48 6.56 3.74 l 7.41 2.69 Aggregate, Bloomberg 2004.060 4.340 4.330 5.210 2.110 –8.720 –2.419 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 5.67 5.63 3.16 l 6.53 2.40 Fixed-Rate MBS, Bloomberg 1995.200 4.250 4.310 5.380 2.250 –7.785 –2.470
Jumbo mortgages, $726,200-plus† 6.52 6.60 3.75 l 7.44 2.45 DJ Commodity 1041.74 -7.99 -0.76 1264.48 990.27 1.77 -0.66
High Yield 100, ICE BofA 3229.933 7.464 7.434 8.753 4.621 –4.277 0.445 Refinitiv/CC CRB Index 274.43 -3.24 -1.17 329.59 255.12 7.57 -1.20
Five-year adj mortgage (ARM)† 5.37 5.33 2.86 l 5.60 1.96
Muni Master, ICE BofA 571.939 2.785 2.830 3.936 1.424 –2.469 –0.182 Crude oil, $ per barrel 77.90 -1.78 -2.23 123.70 71.02 -11.63 -2.94
New-car loan, 48-month 6.57 6.56 3.51 l 6.69 2.09
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 792.155 7.410 7.349 9.159 5.284 –11.294 –4.025 Natural gas, $/MMBtu 2.677 -0.172 -6.04 9.680 2.677 -45.08 -40.18
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. 1922.90 -6.50 -0.34 2040.10 1623.30 7.13 5.67
B8 | Tuesday, January 31, 2023 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 1.2401 1.2429 1.2348 1.2358 –.0047 189,911 Mini S&P 500 (CME)-$50 x index
March 183.250 184.750 183.150 183.925 .450 26,181 Swiss Franc (CME)-CHF 125,000; $ per CHF March 4077.00 4086.00 4029.50 4032.50 –51.75 2,036,445
Contract Open 1.0855 –.0051
April 187.450 188.850 187.450 188.275 .725 7,898 March 1.0908 1.0941 1.0853 35,137 June 4114.25 4120.75 4065.25 4068.00 –52.00 13,175
Open High hi lo Low Settle Chg interest
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 1.0970 1.1051 1.0967 1.0963 –.0053 447 Mini S&P Midcap 400 (CME)-$100 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Feb 157.050 158.875 s 157.050 158.750 2.025 38,746 Australian Dollar (CME)-AUD 100,000; $ per AUD March 2632.40 2635.90 2599.20 2601.00 –28.30 42,802
Feb 4.2345 4.2365 4.1755 4.2035 –0.0180 1,820 April 160.950 163.475 s 160.950 163.350 2.525 126,030 Feb .7114 .7124 .7005 .7062 –.0054 159 June 2620.80 –28.30 n.a.
March 4.2300 4.2490 4.1680 4.2020 –0.0205 129,305 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March .7113 .7133 .7064 .7070 –.0054 134,770 Mini Nasdaq 100 (CME)-$20 x index
Gold (CMX)-100 troy oz.; $ per troy oz. Feb 75.625 75.825 t 75.075 75.150 –.725 26,534 Mexican Peso (CME)-MXN 500,000; $ per MXN March 12212.50 12252.00 11960.00 11968.00 –254.25 268,349
Feb 1928.30 1933.60 1920.30 1922.90 –6.50 29,100 April 86.300 88.000 85.000 86.525 .075 92,427 Feb .05313 –.00004 64 June 12361.75 12378.00 12087.50 12094.25 –256.25 3,409
March 1936.20 1940.80 1927.30 1930.20 –6.40 1,864 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March .05289 .05294 .05277 .05286 –.00004 276,765
March 496.00 516.50 496.00 516.50 24.00 1,917
Mini Russell 2000 (CME)-$50 x index
April 1944.00 1950.10 1936.20 1939.20 –6.40 380,184 Euro (CME)-€125,000; $ per €
Milk (CME)-200,000 lbs., cents per lb. March 1916.80 1919.90 1891.90 1893.50 –26.00 423,463
June 1962.00 1966.60 1952.90 1956.00 –6.30 37,074 Feb 1.0877 1.0924 1.0851 1.0857 –.0023 1,689
Jan 19.47 19.47 19.45 19.45 –.03 3,635 Mini Russell 1000 (CME)-$50 x index
Aug 1978.60 1983.00 1969.60 1972.70 –6.30 11,902 March 1.0898 1.0945 1.0869 1.0877 –.0024 774,035
March 18.09 18.09 t 17.75 17.81 –.20 5,795 March 2238.00 2245.70 2217.50 2218.60 –30.80 12,687
Oct 1997.80 1998.60 1988.40 1989.70 –6.10 4,216
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 2,627 2,656 2,591 2,611 –16 99,539 Index Futures March 101.75 102.13 101.46 102.09 .36 41,980
Feb 1622.00 26.80
May 2,651 2,689 2,635 2,653 –7 70,706 Mini DJ Industrial Average (CBT)-$5 x index June 101.37 101.77 101.15 101.75 .36 825
March 1600.00 1646.00 1600.00 1628.00 28.30 9,003 Coffee (ICE-US)-37,500 lbs.; cents per lb. March 34014 34123 33762 33785 –261 78,546
Platinum (NYM)-50 troy oz.; $ per troy oz. March 168.00 171.65 s 167.05 170.40 .50 85,458 June 34249 34374 34029 34045 –257 728 Source: FactSet
Feb 1011.40 3.80 144 May 168.05 171.60 s 167.35 170.55 .50 61,502
April 1017.70 1025.80 1011.50 1020.60 3.80 67,491 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 21.01 21.33 s 20.89 21.21 .25 339,172
Feb
March
23.695
23.675
23.790
23.920
23.680
23.630
23.645 0.111
23.733 0.111
131
107,431
May 19.66 19.94 s 19.53 19.90
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
.29 250,572 Bonds | wsj.com/market-data/bonds/benchmarks
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 37.10 .25 1,179
March 80.04 80.49 77.66 77.90 –1.78 299,802 May
Cotton (ICE-US)-50,000 lbs.; cents per lb.
36.90 … 2,704 Tracking Bond Benchmarks
April 80.12 80.78 77.96 78.18 –1.78 158,384
May 80.50 80.90 78.16 78.37 –1.77 115,019 March 87.25 87.40 84.50 85.10 –1.79 84,443 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
May 87.48 87.94 85.13 85.74 –1.71 52,500 highs and lows for different types of bonds
June 80.19 80.86 78.11 78.34 –1.74 207,422
Sept 79.31 79.43 76.97 77.17 –1.62 91,165
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March 205.85 211.40 205.75 209.30 3.55 9,835
Total Total
Dec 77.17 77.74 75.35 75.57 –1.50 192,623 return YTD total Yield (%) return YTD total Yield (%)
May 200.80 205.80 200.50 204.05 3.50 1,939
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. close return (%) Index Latest Low High close return (%) Index Latest Low High
Feb 3.2816 3.2920 3.1000 3.1108 –.1547 11,153
Interest Rate Futures Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
March 3.2000 3.2137 3.0534 3.0598 –.1254 82,257
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1995.20 3.0 Mortgage-Backed 4.250 2.250 5.380
March 142-180 142-290 141-100 141-270 –19.0 1,448,065 2004.06 2.7 U.S. Aggregate 4.340 2.110 5.210
Feb 2.5860 2.6028 2.4930 2.4989 –.0897 10,413
March 2.5866 2.6087 2.4990 2.5058 –.0877 114,126 June 142-070 143-110 141-310 142-120 –19.0 46 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1963.08 3.0 Ginnie Mae (GNMA) 4.280 2.260 5.370
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
March 130-090 130-160 129-120 129-250 –12.0 1,221,292 2972.56 3.5 U.S. Corporate 5.040 2.760 6.130 1175.09 3.0 Fannie mae (FNMA) 4.240 2.250 5.390
March 2.720 2.773 t 2.612 2.677 –.172 290,870
June 131-190 131-300 130-280 131-080 –12.0 2,538
April 2.750 2.807 t 2.661 2.731 –.147 98,856
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2845.02 2.2 Intermediate 4.960 2.300 6.050 1793.76 2.7 Freddie Mac (FHLMC) 4.220 2.250 5.370
May 2.845 2.893 t 2.766 2.821 –.145 117,759
March 114-210 114-250 114-055 114-090 –10.5 4,191,694
Sept 3.198 3.218 t 3.114 3.178 –.106 64,520 4032.46 6.2 Long term 5.180 3.490 6.370 571.94 2.8 Muni Master 2.785 1.424 3.936
June 115-065 115-105 114-245 114-265 –11.0 21,115
Oct 3.269 3.293 t 3.192 3.252 –.104 77,393 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2.9 7-12 year 2.421 1.442 3.794
576.32 3.3 Double-A-rated 4.510 2.430 5.320 409.63
Jan'24 4.309 4.363 t 4.256 4.314 –.068 53,479 March 109-107 109-127 108-315 109-010 –9.0 4,173,732
June 109-207 109-285 109-157 109-165 –9.5 17,945 790.28 3.7 Triple-B-rated 5.290 2.990 6.440 457.78 3.4 12-22 year 3.289 1.668 4.428
Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
March 102-270 102-273 102-226 102-233 –3.4 2,409,537
High Yield Bonds ICE BofA 431.78 4.8 22-plus year 4.083 2.139 5.131
Corn (CBT)-5,000 bu.; cents per bu. June 103-078 103-083 103-033 103-038 –4.1 2,649
March 685.00 687.25 678.50 683.75 .75 479,989 480.77 3.8 High Yield Constrained 8.192 5.106 9.623 Global Government J.P. Morgan†
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
May 681.25 684.00 676.50 681.25 1.25 269,941 1.9 Global Government 2.890 1.190 3.250
Jan 95.6700 95.6725 s 95.6700 95.6700 ... 372,544 445.95 6.1 Triple-C-rated 13.952 8.619 16.916 531.37
Oats (CBT)-5,000 bu.; cents per bu. Feb 95.4200 95.4225 95.4175 95.4175 –.0075 515,459
March 387.75 396.00 s 387.75 391.50 3.25 2,414 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3229.93 3.8 High Yield 100 7.464 4.621 8.753 781.81 2.4 Canada 3.050 1.740 3.780
May 381.50 388.75 s 381.50 387.25 5.75 709 March 104-010 104-100 103-285 104-030 –8.0 17,770
Soybeans (CBT)-5,000 bu.; cents per bu. 420.73 3.7 Global High Yield Constrained 8.190 5.270 9.945 340.51 2.2 EMU§ 3.028 0.628 3.308
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
March 1516.25 1538.00 1516.25 1535.25 25.75 300,862 Dec 95.5450 95.5475 s 95.5450 95.5450 .0025 762,258 318.74 3.2 Europe High Yield Constrained 6.936 3.354 8.508 633.59 2.2 France 2.840 0.500 3.110
May 1510.50 1532.00 1510.50 1529.50 25.00 157,301 June'23 95.1100 95.1150 95.0700 95.0800 –.0300 1,395,488
Soybean Meal (CBT)-100 tons; $ per ton. Eurodollar (CME)-$1,000,000; pts of 100% U.S Agency Bloomberg Fixed Income Indices 452.16 2.0 Germany 2.280 -0.140 2.540
March 475.80 490.30 s 475.30 488.70 15.20 172,285 Feb 95.1125 95.1225 s 95.1100 95.1175 .0050 86,764
March 95.0100 95.0150 s 95.0000 95.0000 –.0050 861,434 1712.02 1.3 U.S Agency 4.400 1.520 4.910 277.35 -0.2 Japan 1.010 0.430 1.060
May 461.30 473.10 s 461.30 471.90 12.50 138,596
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 94.9250 94.9250 94.8850 94.8950 –.0250 761,754
1512.08 1.0 10-20 years 4.390 1.430 4.890 491.18 2.4 Netherlands 2.520 0.100 2.800
March 60.67 61.67 60.67 61.32 .70 125,560 Dec 95.3300 95.3400 95.2550 95.2750 –.0550 678,759
May 60.89 61.85 60.87 61.55 .73 111,909 3348.03 4.9 20-plus years 4.440 2.410 5.240 805.36 2.9 U.K. 3.550 1.260 4.690
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Currency Futures
2602.03 2.7 Yankee 4.870 2.410 5.840 792.15 3.1 Emerging Markets ** 7.410 5.284 9.159
March 18.25 18.34 18.00 18.12 –.19 5,939 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Sept 16.99 16.99 16.99 16.90 –.09 1,389 Feb .7701 .7754 .7674 .7675 –.0039 554 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Wheat (CBT)-5,000 bu.; cents per bu. March .7745 .7784 .7704 .7704 –.0039 165,252 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March 753.00 762.50 743.50 752.50 2.50 151,303 Canadian Dollar (CME)-CAD 100,000; $ per CAD
July 763.50 771.25 754.75 763.50 3.50 70,708 Feb .7507 .7520 s .7470 .7473 –.0044 103
Wheat (KC)-5,000 bu.; cents per bu.
March 871.00 883.50 869.00 873.75 4.50 85,634
March .7515 .7521 s
British Pound (CME)-£62,500; $ per £
.7470 .7474 –.0044 134,506 Global Government Bonds: Mapping Yields
May 865.50 877.00 862.50 867.25 4.75 40,859 Feb 1.2394 1.2420 1.2342 1.2350 –.0047 1,590 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/ Spread Under/Over U.S. Treasurys, in basis points
Cash Prices | wsj.com/market-data/commodities Monday, January 30, 2023 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3
Yield (%)
4 5 Previous Month ago Year ago Latest Prev Year ago
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 4.125 U.S. 2 4.259 s l 4.205 4.399 1.170
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 4.125 10 3.550 s l 3.517 3.826 1.779
months. 0.250 Australia 2 3.187 t l 3.196 3.411 0.956 -107.8 -100.3 -20.8
Monday Monday Monday 1.750 10 3.558 t l 3.571 4.061 1.935 1.0 5.9 16.4
Iron Ore, 62% Fe CFR China-s 129.8 Wheat,Spring14%-pro Mnpls-u 11.2150
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 7.6250 0.000 France 2 2.764 s l 2.660 2.842 -0.662 -150.1 -153.9 -182.7
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 142.250 Steel, HRC USA, FOB Midwest Mill-s 780 Wheat - Hard - KC (USDA) $ per bu-u 9.3375 2.000 10 2.779 s l 2.709 3.103 0.371 -77.0 -80.3 -140.1
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.450 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 8.4750
BMI Lithium Carbonate, EXW China, =99.2%-v,w 71950 2.200 Germany 2 2.682 s l 2.586 2.725 -0.606 -158.3 -161.3 -177.0
Metals Food
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 73500 2.300 10 2.319 s l 2.244 2.570 -0.043 -123.0 -126.8 -181.4
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 7488 Beef,carcass equiv. index
Engelhard industrial 1930.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5688 choice 1-3,600-900 lbs.-u 244.93 2.500 Italy 2 3.167 s l 3.076 3.244 -0.110 -109.8 -112.3 -127.4
1924.10 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 813 select 1-3,600-900 lbs.-u 227.06 4.192 s -49.3
Handy & Harman base 2.500 10 l 4.101 4.696 1.278 64.4 58.9
Handy & Harman fabricated 2135.75 Broilers, National comp wtd. avg.-u,w 1.2105
LBMA Gold Price AM *1928.25
Fibers and Textiles Butter,AA Chicago-d 2.3525 0.005 Japan 2 -0.002 t l 0.006 0.035 -0.051 -426.7 -419.3 -121.6
*1923.05 Cheddar cheese,bbl,Chicago-d 158.00
LBMA Gold Price PM Burlap,10-oz,40-inch NY yd-n,w 0.7225
Cheddar cheese,blk,Chicago-d 188.00
0.500 10 0.481 t l 0.485 0.416 0.169 -306.8 -302.7 -160.3
Krugerrand,wholesale-e 2010.27 Cotton,1 1/16 std lw-mdMphs-u 0.8460
Maple Leaf-e 2058.36
Milk,Nonfat dry,Chicago lb.-d 115.25 0.000 Spain 2 2.929 s l 2.811 2.912 -0.515 -133.6 -138.8 -167.9
Cotlook 'A' Index-t *102.40 Coffee,Brazilian,Comp-y 1.8451
American Eagle-e 2058.36 Hides,hvy native steers piece fob-u n.a. 2.550 10 3.299 s l 3.226 3.621 0.704 -25.0 -28.6 -106.7
Coffee,Colombian, NY-y 2.2993
Mexican peso-e 2481.76 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 3.0450 0.125 U.K. 2 3.457 s l 3.430 3.564 0.968 -80.8 -76.9 -19.7
Austria crown-e 1888.61
Grains and Feeds Flour,hard winter KC-p 22.40
Austria phil-e 2019.89 4.250 10 3.338 s l 3.323 3.667 1.249 -18.9 -52.3
Hams,17-20 lbs,Mid-US fob-u 0.75 -21.1
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 78.53
Engelhard industrial 23.8000 Bran,wheat middlings, KC-u,w 235 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 23.6860 Corn,No. 2 yellow,Cent IL-bp,u 6.7300 Pork loins,13-19 lb MidUS-u 1.0550
Handy & Harman fabricated
LBMA spot price
29.6080
*£19.1800
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
213.8
667.0
Steers,Tex.-Okla. Choice-u
Steers,feeder,Okla. City-u,w
156.00
195.88
Corporate Debt
(U.S.$ equivalent) *23.7250 Cottonseed meal-u,w 393 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Coins,wholesale $1,000 face-a 20963 Hominy feed,Cent IL-u,w 220 Fats and Oils expectations
Other metals Meat-bonemeal,50% pro Mnpls-u,w 385 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *1010.0 Oats,No.2 milling,Mnpls-u 4.2150 Grease,choice white,Chicago-h 0.6400
Investment-grade spreads that tightened the most…
Platinum,Engelhard industrial 1020.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 Lard,Chicago-u 0.8700 Spread*, in basis points
Palladium,Engelhard industrial 1642.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6437 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Aluminum, LME, $ per metric ton *2597.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 476.50 Tallow,bleach;Chicago-h 0.6750
Copper,Comex spot 4.2035 Soybeans,No.1 yllw IL-bp,u 15.2000 Tallow,edible,Chicago-u n.a. Blackstone Private Credit Fund BCRED 7.050 6.54 Sept. 29, ’25 229 –27 288

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Banco Santander SANTAN 5.179 5.41 Nov. 19, ’25 115 –12 128
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 1/27 Caterpillar Financial Services … 3.400 4.45 May 13, ’25 20 –11 21
Source: Dow Jones Market Data
NextEra Energy Capital Holdings … 4.450 4.74 June 20, ’25 48 –11 n.a.
–9
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Southern California Edison … 4.200 4.78 June 1, ’25 52 51
Citigroup C 4.400 4.78 June 10, ’25 53 –7 59
Money Rates January 30, 2023
Credit Suisse CS 5.000 6.35 July 9, ’27 268 –7 296
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Sumitomo Mitsui Financial SUMIBK 3.352 4.71 Oct. 18, ’27 104 –7 117
guide to general levels but don’t always represent actual transactions.

Inflation Week
Latest ago
—52-WEEK—
High Low
Week
Latest ago
—52-WEEK—
High Low
…And spreads that widened the most
Dec. index Chg From (%)
High 4.6500 4.6500 4.6500 0.1000 Royal Bank of Canada RY 4.900 4.93 Jan. 12, ’28 125 13 116
level Nov. '22 Dec. '21 Policy Rates
Low 4.3200 4.3100 4.3200 0.0500
Euro zone 2.50 2.50 2.50 0.00 Westpac Banking WSTP 3.735 4.70 Aug. 26, ’25 49 13
U.S. consumer price index Bid 4.3300 4.3200 4.3300 0.0700 27
Switzerland 1.50 1.50 1.50 0.00
Offer 4.3700 4.3700 4.3700 0.0800
All items 296.797 –0.31 6.5 Britain 3.50 3.50 3.50 0.25 Citigroup C 3.700 4.69 Jan. 12, ’26 73 10 67
Core 300.113 0.17 5.7 Australia 3.10 3.10 3.10 0.10 Treasury bill auction
National Australia Bank NAB 4.966 4.60 Jan. 12, ’26 64 9 71
Overnight repurchase 4 weeks 4.500 4.480 4.500 0.020
International rates 13 weeks 4.595 4.575 4.595 0.240
U.S. 4.34 4.30 4.36 0.01 Nomura Holdings NOMURA 5.709 5.33 Jan. 9, ’26 138 9
26 weeks 4.680 4.685 4.710 0.500 147
Week 52-Week
Latest ago High Low U.S. government rates Secondary market Sumitomo Mitsui Financial SUMIBK 3.446 4.85 Jan. 11, ’27 118 8 122
Prime rates Discount Fannie Mae 7
Australia and New Zealand Banking … 6.742 5.96 Dec. 8, ’32 241 244
4.50 4.50 4.50 0.25
U.S. 7.50 7.50 7.50 3.25 30-year mortgage yields
Paramount Global PARA 4.375 6.81 March 15, ’43 302 7 295
Canada 6.45 6.45 6.45 2.45 Federal funds 30 days 5.554 5.560 6.812 3.038
Japan 1.475 1.475 1.475 1.475 Effective rate 4.3500 4.3400 4.3500 0.0800 60 days 5.568 5.577 6.988 3.084
High-yield issues with the biggest price increases…
Other short-term rates
Bond Price as % of face value
Key Interest Rates Latest
Week
ago
52-Week
high low
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Data are annualized on a 360-day basis. Treasury yields are per annum, CSC Holdings CSCHLD 5.250 7.45 June 1, ’24 97.250 0.50 95.750
on actively traded noninflation and inflation-indexed issues that are Call money
6.25 6.25 6.25 2.00 NAC Aviation 29 DAC NACAVI 4.750 8.99 June 30, ’26 87.750 0.50 n.a.
adjusted to constant maturities. Data are from weekly Federal Reserve
release H.15. Commercial paper (AA financial) Nokia NOKIA 6.625 6.56 May 15, ’39 100.600 0.45 99.485
Week Ended 52-Week Week Ended 52-Week 90 days 4.71 4.60 4.71 0.22
Jan 27 Jan 20 High Low Jan 27 Jan 20 High Low Telecom Italia TITIM 5.303 7.61 May 30, ’24 97.125 0.38 97.500
6-month 4.81 4.80 4.81 0.41 Libor
Federal funds (effective) 1-year 4.69 4.66 4.76 0.69 0.14
One month 4.56557 4.50586 4.56971 0.10686 Topaz Solar Farms BRKHEC 5.750 6.07 Sept. 30, ’39 96.641 95.941
4.33 4.33 4.33 0.08 2-year 4.16 4.12 4.61 1.09 Three month 4.81357 4.81771 4.82971 0.30271
3-year 3.87 3.79 4.54 1.35 5.09157 OneMain Finance OMF 7.125 7.39 March 15, ’26 99.250 0.13 99.130
Commercial paper Six month 5.09843 5.22529 0.52314
5-year 3.59 3.52 4.32 1.60 One year 5.32600 5.34229 5.66643 0.92971
Nonfinancial 3.54 0.12
7-year 3.48 4.23 1.75 Ford Motor Credit … 4.389 5.94 Jan. 8, ’26 95.875 96.063
1-month 4.39 4.36 4.39 0.07 10-year 3.49 3.44 4.12 1.79 Secured Overnight Financing Rate
2-month 4.48 4.47 4.48 0.12 20-year 3.76 3.73 4.44 2.17 Bath & Body Works BBWI 6.950 8.42 March 1, ’33 90.125 0.08
3-month 4.60 4.57 4.60 0.15 4.30 4.30 4.32 0.04 n.a.
Financial Treasury yields (secondary market) Value 52-Week
1-month 4.52 4.47 4.52 0.10 Latest Traded High Low …And with the biggest price decreases
1-month 4.48 4.44 4.48 0.03
2-month 4.68 4.49 4.68 0.19
3-month 4.63 4.54 4.67 0.26 3-month 4.57 4.56 4.57 0.20 DTCC GCF Repo Index Teva Pharmaceutical Finance Netherlands … 3.150 6.45 Oct. 1, ’26 89.385 –0.62
6-month 4.67 4.66 4.67 0.41
89.500
Discount window primary credit Treasury 4.320 40.478 4.365 0.026
TIPS MBS 4.390 43.500 4.403 0.042 Intelsat Jackson Holdings INTEL 6.500 8.35 March 15, ’30 90.192 –0.56 90.500
4.50 4.50 4.50 0.25
5-year 1.29 1.34 1.81 -1.55 Notes on data: Occidental Petroleum OXY 6.450 5.91 Sept. 15, ’36 104.982 –0.52 104.365
Treasury yields at constant 7-year 1.23 1.29 1.70 -1.24
U.S. prime rate is the base rate on corporate
maturities 10-year 1.19 1.26 1.66 -0.95 loans posted by at least 70% of the 10 largest –0.51
1-month 4.66 4.64 4.66 0.03 20-year 1.26 1.34 1.70 -0.48 Dish DBS … 5.125 14.00 June 1, ’29 63.500 65.750
U.S. banks, and is effective December 15, 2022.
3-month 4.72 4.71 4.72 0.19 Long-term avg 1.42 1.50 1.94 -0.30 Other prime rates aren’t directly comparable;
lending practices vary widely by location; Howmet Aerospace HWM 5.900 5.48 Feb. 1, ’27 101.500 –0.47 101.625
Notes on data: Discount rate is effective December 15, 2022.
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Ford Motor F 7.450 6.37 July 16, ’31 107.000 –0.44 106.545
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by January 27, 2023. DTCC GCF Repo Index is
Depository Trust & Clearing Corp.'s weighted –0.40
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
average for overnight trades in applicable
Navient NAVI 6.750 7.05 June 25, ’25 99.350 98.372
primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars.
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Prime Security Services Borrower PRSESE 5.750 6.32 April 15, ’26 98.375 –0.39 98.850
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET.
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *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.
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Source: MarketAxess
THE WALL STREET JOURNAL. * Tuesday, January 31, 2023 | B9

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. Evergy EVRG 61.69 -0.05 Insulet PODD 286.20 0.70 MohawkInds MHK 115.67 -2.29 RPM RPM 87.70 -0.29 Starbucks SBUX 108.40 -0.62 UPS B UPS 176.97 -5.12
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EversourceEner ES 81.37 0.43 Intel INTC 27.95 -0.21 MolinaHealthcare MOH 302.69 2.28 RalphLauren RL 121.86 -0.96 StateStreet STT 90.15 -0.58 UnitedRentals URI 429.04 -5.05
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four
that include primary market trades as well as quarters. ExactSciences EXAS 66.21 -1.27 InteractiveBrkrs IBKR 77.74 0.23 MolsonCoorsB TAP 51.23 -0.07 RaymondJames RJF 111.75 -0.02 SteelDynamics STLD 119.09 0.16 US Bancorp USB 48.80 -0.06
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Exelon EXC 41.75 0.06 ICE ICE 106.66 -1.28 Mondelez MDLZ 64.84 0.12 RaytheonTech RTX 98.71 -0.89 Stellantis STLA 15.10 -0.44 UnitedTherap UTHR 258.71 -0.97
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Expedia EXPE 115.56 -0.62 InterContinentl IHG 70.58 -1.16 MongoDB MDB 210.41 -13.60 RealtyIncome O 67.77 -0.53 Steris STE 203.23 -2.87 UnitedHealth UNH 485.79 -0.26
Nasdaq ISE. standards ExpeditorsIntl EXPD 105.52 -2.20 IBM IBM 135.30 0.91 MonolithicPower MPWR 407.62 -17.45 RegalRexnord RRX 136.18 -1.93 StifelFinancial SF 66.21 -0.16 UnitySoftware U 33.43 -2.86
The list comprises the 1,000 largest companies lf-Late filing ExtraSpaceSt EXR 153.00 -4.59 IntlFlavors IFF 111.23 -0.62 MonsterBev MNST 102.37 -0.42 RegencyCtrs REG 65.73 -1.42 STMicroelec STM 46.93 -0.86 UniversalHealthB UHS 145.16 -0.05
based on market capitalization. q-Temporary exemption from Nasdaq ExxonMobil XOM 113.56 -2.05 IntlPaper IP 37.79 -0.32 Moody's MCO 314.20 -5.38 RegenPharm REGN 736.46 -6.37 Stryker SYK 249.54 -4.63 UnumGroup UNM 41.10 -0.46
Underlined quotations are those stocks with requirements. F5 FFIV 145.69 -2.08 Interpublic IPG 35.95 0.16 MorganStanley MS 95.96 -0.13 RegionsFin RF 23.20 -0.20 SumitomoMits SMFG 8.90 0.01 VF VFC 30.12 -0.33
large changes in volume compared with the t-NYSE bankruptcy
issue’s average trading volume. v-Trading halted on primary market. FMC FMC 130.29 -1.93 Intuit INTU 416.45 -6.17 Morningstar MORN 238.09 -3.35 ReinsGrp RGA 149.48 -0.77 SunComms SUI 147.64 -2.51 VICI Prop VICI 33.88 -0.26
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FactSet FDS 420.62 -4.82 IntuitiveSurgical ISRG 242.23 -5.03 Mosaic MOS 48.50 -1.01 RelianceSteel RS 222.25 -4.44 SunLifeFinancial SLF 49.42 -0.42 VailResorts MTN 257.54 0.19
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, FairIsaac FICO 644.28 -15.97 InvitatHomes INVH 31.80 -0.75 MotorolaSol MSI 252.24 -2.16 RenaissanceRe RNR 192.60 -2.41 SuncorEnergy SU 34.04 -0.58 Vale VALE 18.51 -0.15
previous closing price was $2 or higher. or securities assumed by such companies. Fastenal FAST 49.43 -0.82 IridiumComm IRDM 58.52 -0.53 MurphyOil MUR 43.09 -1.36 RentokilInit RTO 30.84 -0.41 Suzano SUZ 9.05 0.17 ValeroEnergy VLO 140.19 -3.02
FederalRealty FRT 109.97 -1.41 IronMountain IRM 54.46 -0.61 NICE NICE 206.33 -7.22 Repligen RGEN 180.17 -14.98 SynchronyFin SYF 36.15 -0.91 ValmontInds VMI 319.53 -6.08
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FedEx FDX 184.08 -6.48 ItauUnibanco ITUB 4.83 -0.02 NIO NIO 12.02 -0.69 RepublicSvcs RSG 124.12 0.27 Synopsys SNPS 349.88 -7.39 VeevaSystems VEEV 170.54 -0.91
changes in the closing prices from 4 p.m. the previous day. Ferguson FERG 139.55 -0.77 NOV NOV 23.74 -0.21 ResMed RMD 222.71 -1.88 Sysco SYY 78.10 0.21 Ventas VTR 51.28 -0.34
Ferrari RACE 251.25 -2.47 J K L NRG Energy NRG 33.55 -0.20 RestaurantBrands QSR 66.59 -0.40 VeriSign VRSN 216.19 -2.33
Monday, January 30, 2023 Net Net FidNatlFin FNF 42.90 -0.62 JD.com JD 59.83 -3.91 NVR NVR 5021.42-100.59 RexfordIndlRealty REXR 62.27 -0.91 T U V VeriskAnalytics VRSK 179.41 -0.74
Net Stock Sym Close Chg Stock Sym Close Chg FidNatlInfo FIS 74.39 -0.94 JPMorganChase JPM 139.13 -1.19 NXP Semi NXPI 179.48 -2.06 RioTinto RIO 78.93 -0.68 TC Energy TRP 42.42 -0.93 Verizon VZ 41.05 0.41
Stock Sym Close Chg FifthThirdBncp FITB 35.80 -0.30 Jabil JBL 76.80 -0.40 Nasdaq NDAQ 59.65 -0.85 Rivian RIVN 18.04 -1.79 TD Synnex SNX 100.43 -1.02 VertexPharm VRTX 319.98 -1.47
BankofAmerica BAC 35.30 -0.15 CleanHarbors CLH 128.27 0.88 FirstCitizBcshA FCNCA 760.50 -9.02 NationalGrid NGG 63.87 0.23 RobertHalf RHI 82.47 -2.73 TE Connectivity TEL 125.50 0.15 Viatris VTRS 11.94 0.05
JackHenry JKHY 179.08 -1.43
A B C BankofMontreal BMO 99.01 -1.24 Cleveland-Cliffs CLF 21.22 -0.40 FirstHorizon FHN 24.64 -0.03 NatlInstruments NATI 54.25 -0.26 Robinhood HOOD 10.15 -0.24 Telus Vipshop VIPS 14.90 -0.54
JacobsSolns J 121.00 -0.91 TU 21.33 -0.01
BankNY Mellon BK 49.77 -0.29 Clorox CLX 142.15 1.65 FirstIndRlty FR 52.42 -0.78 JamesHardie JHX 22.00 -0.58 NatlRetailProp NNN 46.89 -0.24 Roblox RBLX 35.53 -2.22 Ternium Visa V 229.10 -2.34
TX 39.70 -0.55
ABB ABB 34.40 -0.24 BankNovaScotia BNS 53.06 -0.25 Cloudflare NET 49.97 -3.14 FirstRepBank FRC 140.16 -0.85 NatWest NWG 7.72 -0.02 RocketCos. RKT 9.27 -0.09 TFI Intl Vistra VST 22.37 -0.30
JazzPharm JAZZ 153.77 -1.80 TFII 107.24 -1.90
ADT ADT 8.61 0.01 Barclays BCS 9.27 -0.03 Coca-Cola KO 60.64 0.15 FirstSolar FSLR 170.78 -8.57 JefferiesFin JEF 38.72 -0.41 NetApp NTAP 65.51 -0.03 Rockwell ROK 278.50 -7.96 TJX VMware VMW 121.80 -2.60
TJX 81.51 -0.38
AECOM ACM 85.64 -0.31 BarrickGold GOLD 19.48 -0.19 Coca-ColaEuro CCEP 55.32 0.23 FirstEnergy FE 41.30 0.07 J&J NetEase NTES 89.58 -2.07 RogersComm B RCI 48.17 -0.39 T-MobileUS TMUS 146.98 0.25 Vodafone VOD 11.62 0.01
JNJ 162.00 -6.23
AES AES 26.45 -0.52 Bath&BodyWks BBWI 44.06 -0.59 Cognex CGNX 52.18 -0.56 Fiserv FISV 105.75 -0.74 JohnsonControls JCI Netflix NFLX 353.11 -7.66 Roku ROKU 54.00 -2.04 TPG VoyaFinancial VOYA 68.79 -0.95
68.26 -0.59 TPG 31.43 -0.88
Aflac AFL 73.04 0.13 BaxterIntl BAX 45.14 -0.86 CognizantTech CTSH 65.27 -0.44 s FiveBelow FIVE 193.09 -2.14 JonesLang Neurocrine NBIX 108.29 0.04 Rollins ROL 35.68 -0.34 T.RowePrice TROW 113.46 -2.83 VulcanMatls VMC 178.38 -0.12
JLL 179.84 -1.46
AGCO AGCO 137.35 -1.41 BectonDicknsn BDX 250.13 -1.69 CoinbaseGlbl COIN 56.16 -5.21 FleetCorTech FLT 201.01 -3.34 NewFortressEner NFE 37.25 -0.92 RoperTech ROP 423.48 -10.63 TaiwanSemi TSM 93.13 -0.17
JuniperNetworks JNPR 32.13 0.12
Ansys ANSS 261.56 -5.11 BeiGene BGNE 256.15 -3.65 ColgatePalm CL 72.88 1.29 Flex FLEX 23.03 -0.51 KB Financial KB 46.85 -0.14
NewOrientalEduc EDU 42.12 -1.81 RossStores ROST 119.00 -0.48 TakeTwoSoftware TTWO 112.66 -1.62 W X Y Z
APA APA 44.16 -1.57 BentleySystems BSY 38.80 -0.36 Comcast A CMCSA 39.24 -0.36 Floor&Decor FND 85.27 -1.56 Newmont NEM 52.74 -0.58 RoyalBkCanada RY 100.87 -0.26 TakedaPharm TAK 15.89 -0.14
KBR KBR 50.12 0.14 WEC Energy WEC 92.62 -0.15
ASE Tech ASX 7.37 -0.12 Berkley WRB 69.78 0.56 Comerica CMA 71.40 -1.17 FomentoEconMex FMX 86.03 -0.27 KE Holdings BEKE 18.44 -0.35 NewsCorp B NWS 20.36 -0.35 RoyalCaribbean RCL 63.01 -0.80 s Tapestry TPR 44.12 ... WEX WEX 180.30 -1.57
ASML ASML 650.31 -17.08 BerkHathwy A BRK.A 465039-4960.02 CommerceBcshrs CBSH 65.19 -0.23 FordMotor F 12.89 -0.38 KKR NewsCorp A NWSA 20.17 -0.35 RoyalGold RGLD 127.85 -0.31 TargaResources TRGP 73.84 -1.16
KKR 54.43 -1.07 W.P.Carey WPC 84.76 -0.79
AT&T T 20.16 0.21 BerkHathwy B BRK.B 307.33 -1.84 SABESP SBS 10.52 0.02 Fortinet FTNT 51.05 -1.65 KLA NexstarMedia NXST 201.48 -2.87 RoyaltyPharma RPRX 38.64 -0.26 Target
KLAC 387.68 -11.69 TGT 168.68 0.17 WPP WPP 58.26 -0.58
AbbottLabs ABT 109.81 -0.14 BerryGlobal BERY 59.95 0.07 ConagraBrands CAG 36.97 0.51 Fortis FTS 40.84 -0.28 Kanzhun NextEraEnergy NEE 75.05 -0.53 RyanSpecialty RYAN 42.00 0.28 TeckResourcesB TECK 41.34
BZ 25.25 -0.47 ... Wabtec WAB 102.87 -0.26
AbbVie ABBV 145.65 -0.63 BestBuy BBY 86.38 1.20 Concentrix CNXC 140.25 1.28 Fortive FTV 66.23 -0.78 Kellogg Nike NKE 126.37 -1.16 Ryanair RYAAY 91.68 -4.01 TeledyneTech TDY 418.86 -3.46
K 68.09 0.49 WalgreensBoots WBA 36.53 -0.64
AcadiaHealthcare ACHC 81.79 -2.89 Bilibili BILI 25.32 -2.46 ConocoPhillips COP 120.53 -3.08 FortuneBrandsInnov FBIN 61.27 -1.79 NiSource NI 27.55 0.03 SAP SAP 116.09 2.88 Teleflex
KeurigDrPepper KDP 34.72 0.02 TFX 241.04 -2.82 Walmart WMT 142.15 -1.15
Accenture ACN 274.32 -2.95 Bill.com BILL 113.29 -6.62 ConEd ED 95.05 0.14 FoxA FOXA 33.66 -0.19 KeyCorp Nokia NOK 4.74 0.03 S&P Global SPGI 366.14 -7.25 Ericsson
KEY 18.76 -0.23 ERIC 5.75 -0.07 WarnerBrosA WBD 14.38 -0.53
ActivisionBliz ATVI 75.96 -0.65 Bio-Techne TECH 78.68 -2.51 ConstBrands A STZ 226.36 -2.43 FoxB FOX 31.41 -0.21 KeysightTechs KEYS 176.91 -0.54 Nomura NMR 4.02 -0.03 SBA Comm SBAC 290.20 1.17 TelefonicaBras VIV 7.85 -0.01 WarnerMusic WMG 36.11 0.34
Adobe ADBE 363.42 -7.29 Bio-RadLab A BIO 464.26 -14.70 ConstellationEner CEG 82.40 -4.18 Franco-Nevada FNV 145.00 -1.87 Nordson NDSN 235.97 -3.61 SEI Investments SEIC 61.72 -0.36 Telefonica
KimberlyClark KMB 128.99 0.07 TEF 3.84 ... WasteConnections WCN 131.00 -0.28
AdvanceAuto AAP 149.88 2.44 Biogen BIIB 285.94 -4.14 Cooper COO 340.85 -3.63 FranklinRscs BEN 31.26 0.54 KimcoRealty KIM 22.11 -0.54 NorfolkSouthern NSC 238.21 -0.60 SK Telecom SKM 21.32 -0.06 TelekmIndonesia TLK 26.50 0.11 WasteMgt WM 153.10 0.49
AdvDrainageSys WMS 94.70 -0.96 BioMarinPharm BMRN 114.70 -2.57 Copart CPRT 66.29 -0.79 FreeportMcM FCX 43.98 -0.84 KinderMorgan KMI 18.04 -0.34 NorthernTrust NTRS 95.38 -1.82 SS&C Tech SSNC 58.92 -0.73 TempurSealy TPX 39.66 -0.20 Waters WAT 324.32 -8.81
AdvMicroDevices AMD 72.45 -2.95 BioNTech BNTX 140.49 -3.17 CorebridgeFin CRBG 21.39 -0.19 FreseniusMed FMS 18.87 0.13 NorthropGrum NOC 439.28 1.63 StoreCapital STOR 32.21 0.01 Tenaris
Knight-Swift KNX 57.43 -1.69 TS 35.17 -0.23 Watsco B WSOB 274.75 -0.60
Aegon AEG 5.43 -0.07 BlackKnight BKI 60.67 -0.22 Corning GLW 36.39 -0.41 FrontierComms FYBR 29.27 -0.34 Philips Novartis NVS 89.64 0.15
PHG 17.99 1.00 SVB Fin SIVB 293.96 -8.48 TencentMusic TME 8.32 -0.35 Watsco WSO 275.50 -6.73
AerCap AER 62.80 -1.14 BlackRock BLK 747.86 -11.32 Corteva CTVA 62.53 -1.30 FullTruck YMM 8.16 -0.54 KoreaElcPwr KEP NovoNordisk NVO 139.06 0.97 Saia SAIA 264.41 -8.34 Teradyne
8.17 -0.10 TER 100.17 -3.27 Wayfair W 58.68 -5.06
AgilentTechs A 151.74 -3.95 Blackstone BX 94.90 -0.96 CoStar CSGP 77.90 0.12 Novocure NVCR 90.74 -0.16
KraftHeinz KHC 40.37 0.68 Salesforce CRM 164.75 0.23 Tesla TSLA 166.66 -11.24 WebsterFin WBS 50.25 -0.59
agilon health AGL 20.61 0.06 Block SQ 79.79 -4.04 Costco COST 503.28 -0.01 G H I Kroger KR 44.21 -0.84
NuHoldings NU 4.40 0.03 Samsara IOT 13.46 -0.30 TetraTech TTEK 152.24 -1.64 WellsFargo WFC 46.29 0.17
AgnicoEagleMines AEM 55.98 -0.89 BlueOwlCapital OWL 12.26 -0.35 CoterraEnergy CTRA 24.66 -0.67 Nucor NUE 166.37 -0.50
s GE HealthCare GEHC 71.50 1.42 LKQ LKQ 57.88 0.26 Sanofi SNY 48.57 0.08 TevaPharm TEVA 10.26 -0.12 Welltower WELL 74.52 -0.67
AirProducts APD 313.90 -0.25 Boeing BA 209.67 -1.50 Coty COTY 9.83 -0.03 Nutrien NTR 79.67 -1.14
GFLEnvironmental GFL 30.83 -0.66 LPL Financial LPLA 232.45 0.45 SareptaTherap SRPT 120.86 -2.03 TexasInstruments TXN 173.13 -0.87 WescoIntl WCC 144.05 -1.41
Airbnb ABNB 109.48 -6.46 BookingHldgs BKNG 2436.98 -27.53 Coupang CPNG 16.48 -0.23 NVIDIA NVDA 191.62 -12.03 Sasol SSL 18.25 -0.11 TexasPacLand TPL 1987.79 -58.83
GSK GSK 35.12 -0.18 L3HarrisTech LHX 211.91 -0.19 WestFraserTimber WFG 86.20 -0.77
AkamaiTech AKAM 87.34 -0.08 BoozAllen BAH 93.50 0.77 Credicorp BAP 133.59 -7.14 Schlumberger SLB 56.34 -0.63 Textron
Gallagher AJG 195.30 1.49 LabCorp.ofAmerica LH 251.12 -3.18 O P Q TXT 70.60 -1.68 WestPharmSvcs WST 261.82 -6.80
Albemarle ALB 271.98 -9.74 s BorgWarner BWA 46.16 0.19 CreditSuisse CS 3.43 -0.13 SchwabC SCHW 75.50 0.81 ThermoFisher TMO 564.29 -9.34
Albertsons ACI 21.17 -0.02 BostonProps BXP 72.19 -1.51 Crocs GameStop GME 21.25 -1.57 LamResearch LRCX 478.63 -4.25 WestAllianceBcp WAL 71.46 -2.90
CROX 118.08 -3.24 LamarAdv LAMR 103.48 -1.12 OGE Energy OGE 39.03 -0.20 Sea SE 64.61 -3.94 ThomsonReuters TRI 117.79 -0.24 WesternDigital WDC 44.24 -0.73
Alcoa AA 50.34 -2.41 BostonSci BSX 45.81 -0.10 CrowdStrike CRWD 101.37 -2.98 Gaming&Leisure GLPI 52.62 -0.33
Alcon ALC 74.24 -0.56 BristolMyers BMY 72.03 -0.42 CrownCastle CCI 144.75 -1.32 Garmin GRMN 97.36 -1.33 LambWeston LW 98.55 0.24 ONEOK OKE 67.28 -0.96 Seagate STX 66.76 -2.23 3M MMM 112.58 -2.67 WesternMidstrm WES 27.60 -0.60
Gartner IT 333.22 1.60 LasVegasSands LVS 57.88 -1.04 OReillyAuto ORLY 789.63 18.46 Seagen SGEN 139.98 -0.69 Toast TOST 22.04 -0.73 Westlake WLK 119.45 -1.24
AlexandriaRlEst ARE 157.38 -3.30 BritishAmTob BTI 38.07 0.52 CrownHoldings CCK 86.34 -2.11
Alibaba BABA 111.20 -7.18 BrixmorProp BRX 22.87 -0.48 CubeSmart CUBE 44.21 -0.50 GenDigital GEN 22.69 -0.15 LatticeSemi LSCC 73.83 -1.76 OakStreetHealth OSH 28.30 -0.25 SealedAir SEE 52.97 -0.59 Toro TTC 108.67 -1.11 WestRock WRK 37.40 -0.62

AlignTech ALGN 265.82 -3.38 Broadcom AVGO 581.45 -9.54 Cullen/Frost CFR 126.33 -1.12 Generac GNRC 113.14 -4.56 Lear LEA 138.90 -1.60 OccidentalPetrol OXY 64.13 -2.41 Sempra SRE 161.24 -0.59 TorontoDomBk TD 67.70 -0.97 Weyerhaeuser WY 33.80 -0.52

Allegion ALLE 114.45 0.17 BroadridgeFinl BR 149.97 0.51 Cummins GeneralDynamics GD 228.07 0.58 LegendBiotech LEGN 50.13 -2.58 Okta OKTA 69.21 -2.17 SensataTechs ST 45.88 -0.91 TotalEnergies TTE 62.55 -0.70 WheatonPrecMet WPM 45.14 -0.52
CMI 246.82 -1.87 Leidos LDOS 97.31 0.82 OldDomFreight ODFL 321.88 -11.91 ServiceCorp SCI 72.22 -0.60 ToyotaMotor TM 145.18 -1.98 Whirlpool WHR 153.54 -0.56
AlliantEnergy LNT 53.65 -0.32 Brookfield BN 36.68 -1.03 GeneralElec GE 80.83 -2.40
Allstate ALL 128.00 0.17 BrookfieldInfr BIP 34.92 -0.22 D E F GeneralMills GIS 78.21 0.32 s Lennar B LEN.B 83.81 -0.75 OldRepublic ORI 26.02 0.05 ServiceNow NOW 442.57 -16.29 TractorSupply TSCO 222.79 -2.88 Williams WMB 31.03 -0.48
AllyFinancial ALLY 31.60 -0.73 BrookfieldRenew BEPC 31.20 0.05 GeneralMotors GM 36.29 -1.66 s Lennar A LEN 99.22 -1.39 Olin OLN 62.73 0.09 ShawComm B SJR 29.50 -0.28 TradeDesk TTD 49.22 -2.73 Williams-Sonoma WSM 129.62 2.95
DCP Midstream DCP 42.02 ... Genmab GMAB 38.53 -0.34 LennoxIntl LII 245.17 -3.97 OmegaHealthcare OHI 29.09 0.03 Shell SHEL 58.41 -0.10 Tradeweb TW 74.38 -1.60 WillisTowers WTW 249.81 -0.80
AlnylamPharm ALNY 225.40 -5.97 Brown&Brown BRO 57.46 -0.14
Alphabet C GOOG 97.95 -2.76 Brown-Forman A BF.A 65.67 -0.74
DISH Network DISH 13.96 -0.44 Genpact G 46.90 ... LeviStrauss LEVI 17.78 -0.01 Omnicom OMC 84.84 -0.44 SherwinWilliams SHW 230.88 2.34 TraneTech TT 175.15 -1.88 WillScotMobile WSC 47.56 -0.31
DTE Energy DTE 114.33 0.74 GenuineParts GPC 166.61 0.67 LiAuto LI 24.51 -0.46 OnHolding ONON 22.89 0.01 ShinhanFin SHG 35.30 -0.92 TransDigm TDG 707.25 -3.44 Wipro WIT 4.93 0.03
Alphabet A GOOGL 96.94 -2.43 Brown-Forman B BF.B 66.00 -0.84
Altria MO 44.50 0.36 Bruker BRKR 69.80 -1.85 Danaher DHR 262.75 -3.23 Gerdau GGB 6.34 -0.01 LibertyBroadbandC LBRDK 90.68 -0.84 ON Semi ON 71.02 -2.65 ShockwaveMed SWAV 184.35 -3.48 TransUnion TRU 69.59 -2.02 Wolfspeed WOLF 73.76 -5.16
Amazon.com AMZN 100.55 -1.69 BuildersFirst BLDR 76.72 -0.61 Darden DRI 146.92 -1.45 GileadSciences GILD 83.35 -0.38 LibertyBroadbandA LBRDA 90.76 -0.96 OpenText OTEX 33.12 -0.84 Shopify SHOP 47.19 -2.89 Travelers TRV 187.91 -0.85 WoodsideEnergy WDS 25.55 -0.51
Ambev ABEV 2.62 -0.03 Bunge BG 97.07 -0.53 DarlingIngred DAR 65.17 -0.19 GitLab GTLB 48.63 -3.17 LibertyGlobal C LBTYK 22.03 -0.11 Oracle ORCL 87.35 -1.64 Sibanye-Stillwater SBSW 10.68 -0.10 Trimble TRMB 57.09 -0.92 WooriFin WF 32.96 0.02
Amcor AMCR 11.78 -0.17 BurlingtonStrs BURL 229.36 2.98 Datadog DDOG 73.84 -3.39 GlobalPayments GPN 110.29 -2.42 LibertyGlobal A LBTYA 21.34 -0.05 Orange ORAN 10.50 0.10 SignatureBank SBNY 122.44 -4.95 Trip.com TCOM 37.45 -1.96 Workday WDAY 176.48 -1.18
Amdocs DOX 91.20 0.82 CACI Intl CACI 301.95 6.86 DaVita DVA 80.90 -0.25 GlobalFoundries GFS 57.51 -1.73 LibertyFormOne C FWONK 69.73 -0.47 Organon OGN 29.57 -0.37 SimonProperty SPG 125.95 -2.66 TruistFinl TFC 48.45 -0.39 WyndhamHtls WH 75.96 -0.85
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AEE 86.91 -0.27 CBRE Group CBRE 83.67 -0.79 DeckersOutdoor DECK 420.35 -6.16 Globant GLOB 160.24 -3.70 LibertyFormOne A FWONA 62.69 -0.53 Orix IX 87.13 -0.59 SiriusXM SIRI 5.87 -0.05 Twilio TWLO 57.98 -2.41 WynnResorts WYNN 99.36 -3.63
AmericaMovil AMX 21.15 0.01 CDW CDW 194.03 0.74 Deere DE 420.60 2.42 GlobeLife GL 119.86 0.21 LibertyBraves A BATRA 34.82 -0.22 OtisWorldwide OTIS 80.96 -0.24 SkechersUSA SKX 47.65 0.17 TylerTech TYL 317.35 -10.12 XP XP 17.97 -0.14
AmericaMovil A AMOV 21.05 0.14 CF Industries CF 82.70 -0.38 DellTechC DELL 40.01 -0.30 GlobusMedical GMED 73.88 -1.98 LibertyBraves C BATRK 34.42 -0.14 Ovintiv OVV 48.99 -2.33 Skyworks SWKS 108.58 -2.58 TysonFoods TSN 64.10 -1.62 XcelEnergy XEL 68.10 -0.33
AmerAirlines AAL 15.96 -0.47 CGI GIB 85.10 0.16 DeltaAir DAL 38.40 -0.33 GoDaddy GDDY 81.33 -0.87 LibertySirius C LSXMK 40.13 -0.28 OwensCorning OC 91.59 -0.52 SmithAO AOS 59.56 -0.50 UBS Group UBS 21.28 -0.16 XPeng XPEV 10.02 -0.67
AEP AEP 92.87 -0.20 CH Robinson CHRW 96.61 -1.39 DentsplySirona XRAY 36.53 -0.47 GoldFields GFI 11.62 -0.18 LibertySirius A LSXMA 40.28 -0.27 PG&E PCG 15.85 -0.21 Smith&Nephew SNN 27.87 -0.28 UDR UDR 41.36 -0.61 Xylem XYL 101.10 -1.32
AmerExpress AXP 172.66 0.35 CME Group CME 175.96 0.28 DeutscheBank DB 13.29 -0.14 GoldmanSachs GS 357.46 3.76 LifeStorage LSI 104.44 -1.56 PNC Fin PNC 162.86 -0.31 Smucker SJM 151.60 1.58 UGI UGI 39.10 -0.71 YPF YPF 11.15 -0.39
AmericanFin AFG 140.74 0.54 CMS Energy CMS 62.67 0.18 DevonEnergy DVN 62.34 -2.93 Grab GRAB 3.71 ... EliLilly LLY 340.50 -1.60 POSCO PKX 62.04 -0.70 Snap SNAP 11.09 0.18 U-Haul UHAL 65.59 -1.61 Yum!Brands YUM 129.04 0.91
AmHomes4Rent AMH 33.35 -0.38 CNA Fin CNA 43.00 -0.15 DexCom DXCM 105.49 -1.23 Graco GGG 66.57 -0.64 LincolnElectric LECO 162.79 -0.31 PPG Ind PPG 127.65 0.30 Snap-On SNA 242.51 -1.94 U-Haul N UHAL/B 60.50 -1.72 YumChina YUMC 61.51 -0.71
Diageo DEO 171.08 -1.13 Linde LIN 325.03 0.33 PPL PPL 29.45 -0.18 Snowflake SNOW 152.92 -6.44 US Foods USFD 37.17 -0.50 ZTO Express ZTO 28.60 -0.51
AIG AIG 63.17 -0.16 s CNH Indl CNHI 17.63 0.05 Grainger GWW 575.32 3.53
LithiaMotors LAD 251.98 1.76 PTC PTC 133.28 -1.81 SOQUIMICH SQM 95.65 1.04 UWM UWMC 4.52 -0.03 ZebraTech ZBRA 309.03 -8.07
AmerTowerREIT AMT 218.06 -2.73 CRH CRH 46.25 -0.22 DiamondbkEner FANG 145.34 -5.62 GraphicPkg GPK 23.17 -0.59
Dick's DKS 126.93 0.70 Grifols GRFS 9.01 -0.22 LiveNationEnt LYV 79.44 -0.92 Paccar PCAR 108.78 -1.85 SolarEdgeTech SEDG 301.87 -4.57 Uber UBER 29.63 -0.73 Zillow A ZG 42.18 -1.07
AmerWaterWorks AWK 155.00 -2.02 CSX CSX 29.88 -0.20
LloydsBanking LYG 2.58 -0.02 PackagingCpAm PKG 138.69 0.28 Sony SONY 89.33 -1.28 Ubiquiti UI 284.11 -8.56 Zillow C Z 43.37 -1.19
AmericoldRealty COLD 31.03 -0.80 CVS Health CVS 87.05 -0.73 DigitalRealty DLR 111.03 -0.28 GpoAeroportuar PAC 173.83 -5.14
LockheedMartin LMT 460.59 0.99 PalantirTech PLTR 7.37 -0.18 Southern SO 67.43 -0.57 UiPath PATH 14.57 -0.71 ZimmerBiomet ZBH 125.83 -0.05
Ameriprise AMP 343.46 -0.99 CadenceDesign CDNS 180.74 -4.29 DiscoverFinSvcs DFS 114.44 -3.13 GpoAeroportSur ASR 273.35 -8.26
Disney DIS 107.59 -1.95 HCA Healthcare HCA 253.30 -1.47 Loews L 60.42 -0.57 PaloAltoNtwks PANW 157.63 -2.15 SoCopper SCCO 74.59 0.01 s UltaBeauty ULTA 507.97 2.30 ZionsBancorp ZION 52.23 -1.14
AmerisourceBrgn ABC 165.31 1.15 CAE CAE 22.08 -0.26
Ametek AME 142.31 -1.59 CaesarsEnt CZR 50.62 -1.79 DocuSign DOCU 58.29 -0.96 HDFC Bank HDB 66.00 0.23 LogitechIntl LOGI 58.11 -1.18 ParamountB PARA 22.61 -0.46 SouthwestAir LUV 35.47 -0.77 Unilever UL 50.23 0.41 Zoetis ZTS 164.70 -0.48
Amgen AMGN 251.59 -2.06 CamdenProperty CPT 119.78 -1.87 DolbyLab DLB 78.06 -1.72 HF Sinclair DINO 55.92 -1.04 Lowe's LOW 201.91 -0.58 ParamountA PARAA 26.13 -0.66 Splunk SPLK 93.65 -1.63 UnionPacific UNP 200.20 -2.19 ZoomVideo ZM 73.50 -0.65
DollarGeneral DG 232.89 -3.22 HP HPQ 28.82 -0.41 Lucid LCID 11.75 -1.12 ParkerHannifin PH 317.30 -2.50 Spotify SPOT 100.00 -2.24 UnitedAirlines UAL 48.21 -0.52 ZoomInfoTech ZI 27.39 -0.22
AmkorTech AMKR 28.90 -0.80 Cameco CCJ 27.81 0.18
HSBC 37.06 -0.09 LufaxHolding LU 2.96 -0.28 Paychex PAYX 114.69 1.66 StanleyBlackDck SWK 84.77 -1.39 UnitedMicro UMC 7.92 0.08 Zscaler ZS 122.60 -4.92
Amphenol APH 78.29 -0.36 CampbellSoup CPB 51.90 0.77 DollarTree DLTR 148.85 -1.52 HSBC
DominionEner D 62.69 0.24 H World HTHT 48.75 -1.48 lululemon LULU 302.59 -8.26 PaycomSoftware PAYC 315.76 -6.48
AnalogDevices ADI 168.93 -1.90 CIBC CM 44.56 -0.07
8.00 -0.03 LyondellBasell LYB 94.46 -1.09 Paylocity PCTY 202.09 -4.53
AngloGoldAsh AU 21.12 0.10 CanNtlRlwy CNI 117.40 -0.89 Domino's DPZ 348.49 -6.68 Haleon HLN
PayPal PYPL 79.64 -2.19
AB InBev BUD 58.74 0.09 CanNaturalRes CNQ 60.43 -1.70 Donaldson DCI 60.98 -0.70 Halliburton HAL 40.34 -0.18
M N
AnnalyCap NLY 22.90 -0.44 CanPacRlwy CP 77.31 -0.16
CAJ 21.27 -1.45 Dover
DoorDash DASH 56.56 -2.07 HalozymeTherap HALO 51.12 0.41
DOV 143.31 -1.67 HartfordFinl HIG 76.55 -0.08 M&T Bank MTB 153.49 -1.49
Pearson PSO 11.38 0.02
PembinaPipeline PBA 35.24 -0.35 Dividend Changes
AnteroResources AR 28.18 -1.10 Canon
PenskeAuto PAG 124.61 -0.08
Aon AON 317.54 -1.76 CapitalOne COF 115.00 -2.58 Dow DOW 57.95 -1.02 Hasbro HAS 58.94 0.33 MGM Resorts MGM 39.86 -1.15
Pentair PNR 50.70 -0.83 Amount Payable /
ApolloGlbMgmt APO 69.26 -1.56 Capri CPRI 64.41 -0.23 DrReddy'sLab RDY 53.52 0.18 HealthcareRealty HR 21.10 -0.43 MKS Instrum MKSI 98.63 -6.61
Penumbra PEN 250.00 -0.44 Company Symbol Yld % New/Old Frq Record
Apple AAPL 143.00 -2.93 CardinalHealth CAH 77.24 0.76 DraftKings DKNG 14.65 -0.39 HealthpeakProp PEAK 27.14 -0.39 MPLX MPLX 34.67 -0.18
DBX 22.95 -0.44 s Heico PepsiCo PEP 169.48 -0.14
ApplMaterials AMAT 108.20 -4.30 Carlisle CSL 244.67 -3.80 Dropbox HEI 169.31 -0.89 MSCI MSCI 506.56 -13.36 Increased
PerformanceFood PFGC 59.97 0.10
Aptargroup ATR 113.25 0.52 Carlyle CG 35.16 -0.27 DukeEnergy DUK 101.64 0.06 s Heico A HEI.A 132.85 -1.15 MagellanMid MMP 53.49 -0.80
PerkinElmer PKI 135.28 -3.28 Alliant Energy LNT 3.4 .4525 /.4275 Q Feb15 /Jan31
Aptiv APTV 109.83 -0.76 CarMax KMX 69.04 -0.06 DuPont DD 72.65 -0.90 HenrySchein HSIC 85.29 -0.85 MagnaIntl MGA 63.44 -0.45
CCL 10.64 -0.38 Dynatrace DT 38.03 -0.21 Hershey HSY 223.19 4.43 ManhattanAssoc MANH 126.75 -0.93 PetroleoBrasil PBR 11.28 -0.01 Archrock AROC 6.3 .15 /.145 Q Feb14 /Feb07
Aramark ARMK 43.70 -0.62 Carnival
PetroleoBrasilA PBR.A 10.04 0.01 Blackstone BX 5.2 .91 /.90 Q Feb13 /Feb06
ArcelorMittal MT 31.32 -0.60 Carnival CUK 9.59 -0.36 EMCOR EME 145.45 -1.13 Hess HES 151.77 -4.48 ManulifeFin MFC 19.51 -0.14
Pfizer PFE 43.55 -0.24 Booz Allen Hamilton Hldg BAH 2.0 .47 /.43 Q Mar01 /Feb10
ArchCapital ACGL 63.99 -0.07 CarrierGlobal CARR 43.58 -0.04 ENI E 30.55 -0.32 HessMidstream HESM 30.54 -0.63 MarathonOil MRO 27.09 -1.22
PhilipMorris PM 103.83 0.07
ArcherDaniels ADM 82.25 -1.38 CaseysGenStores CASY 230.38 2.32 EOG Rscs EOG 132.10 -2.56 HewlettPackard HPE 16.01 -0.13 MarathonPetrol MPC 129.14 -3.71 CB Financial Services CBFV 4.5 .25 /.24 Q Feb28 /Feb15
Phillips66 PSX 106.42 -2.31
AresMgmt ARES 81.18 -1.72 Catalent CTLT 52.58 -1.07 EPAM Systems EPAM 334.89 -6.54 Hilton HLT 142.92 -1.79 Markel MKL 1395.21 -1.34 Charles Schwab SCHW 1.3 .25 /.22 Q Feb24 /Feb10
CAT 261.50 -3.04 EQT EQT 32.15 -0.78 Hologic HOLX 82.15 -0.64 MarketAxess MKTX 367.16 -5.21 Pinduoduo PDD 97.15 -7.53
arGEN-X ARGX 375.78 -5.12 Caterpillar Colony Bankcorp CBAN 3.4 .11 /.1075 Q Feb23 /Feb09
CE 121.95 1.45 EastWestBncp EWBC 75.15 -0.79 HomeDepot HD 314.24 -2.45 Marriott PinnacleWest PNW 74.01 -0.06
AristaNetworks ANET 123.84 -2.22 Celanese MAR 171.20 -3.13 Community West Bncshrs CWBC 2.1 .08 /.075 Q Feb28 /Feb10
Pinterest PINS 25.92 -0.82
ArrowElec ARW 115.59 -1.72 CelsiusHldg CELH 97.73 -1.30 EastGroup EGP 166.47 -2.30 HondaMotor HMC 24.34 -0.25 Marsh&McLen MMC 171.93 -0.20
PioneerNatRscs PXD 229.83 -4.56 GATX GATX 2.0 .55 /.52 Q Mar31 /Mar03
AscendisPharma ASND 120.80 -1.70 Cemex CX 5.29 -0.08 EastmanChem EMN 86.34 -0.48 Honeywell HON 205.78 -2.35 MartinMarietta MLM 347.37 -0.45
AspenTech AZPN 195.71 4.96 CenovusEnergy CVE 19.76 -0.64 Eaton ETN 160.87 -1.37 HorizonTherap HZNP 110.05 -0.58 MarvellTech MRVL 41.99 -2.26 PlainsAllAmPipe PAA 12.41 -0.28 HCA Healthcare HCA 0.9 .60 /.56 Q Mar31 /Mar17
CNC 74.70 -0.55 eBay EBAY 48.89 -0.11 HormelFoods HRL 44.78 -0.11 Masco PlainsGP PAGP 13.01 -0.26 Hilltop Holdings HTH 2.0 .16 /.15 Q Feb24 /Feb10
Assurant AIZ 130.55 0.20 Centene MAS 50.40 -0.64
PlanetFitness PLNT 82.48 0.14 MidWestOne Fincl Group MOFG 3.2 .2425 /.2375 Q Mar15 /Mar01
AstraZeneca AZN 65.84 0.31 CenterPointEner CNP 29.84 0.10 Ecolab ECL 150.46 -1.87 DR Horton DHI 94.83 -1.69 Masimo MASI 170.07 -1.32
7.93 -0.21 Ecopetrol EC 11.12 -0.16 HostHotels HST 18.53 -0.10 MasTec PlugPower PLUG 15.71 -0.15 Nexstar Media Cl A NXST 2.7 1.35 /.90 Q Feb24 /Feb10
Atlassian TEAM 156.94 -7.31 CentraisElBras EBR MTZ 96.40 -0.23
PolestarAuto PSNY 5.62 -0.46
AtmosEnergy ATO 115.53 -0.42 CeridianHCM CDAY 70.59 -2.13 EdisonIntl EIX 68.14 -0.60 HowmetAerospace HWM 40.19 -0.21 Mastercard MA 371.12 -2.91 NiSource NI 3.6 .25 /.235 Q Feb17 /Feb07
Pool POOL 376.48 -2.91
Autodesk ADSK 209.12 -1.76 CharlesRiverLabs CRL 239.77 -5.32 EdwardsLife EW 76.06 -2.08 Hubbell HUBB 229.89 -1.14 MatadorRscs MTDR 64.32 -2.96 NuSTAR Energy Pfd. A NSpA 11.4 .7189 /.64059 Q Mar15 /Mar01
PrincipalFinl PFG 93.39 0.34
Autoliv ALV 91.01 -1.77 CharterComms CHTR 390.94 -3.47 ElbitSystems ESLT 164.64 -0.37 HubSpot HUBS 348.99 -9.85 MatchGroup MTCH 52.40 -1.26 NuSTAR Energy Pfd. B NSpB 11.2 .6487 /.5704 Q Mar15 /Mar01
ProcoreTech PCOR 54.67 -2.66
ADP ADP 222.35 1.55 CheckPoint CHKP 126.29 -2.74 ElectronicArts EA 128.99 0.12 Humana HUM 484.91 3.22 Mattel MAT 20.34 0.18
Procter&Gamble PG 141.01 0.44 NuSTAR Energy Pfd. C NSpC 11.4 .726 /.5625 Q Mar15 /Mar01
AutoZone AZO 2428.58 59.24 Chemed CHE 498.18 -0.76 ElevanceHealth ELV 489.08 -3.45 JBHunt JBHT 185.79 -5.82 McCormickVtg MKC.V 74.17 0.69
Avalonbay AVB 173.27 -4.25 CheniereEnergy LNG 148.71 -1.55 EmersonElec EMR 89.69 0.26 HuntingtonBcshs HBAN 14.84 -0.17 McCormick MKC 74.68 0.24
Progressive PGR 135.40 0.33 Republic Bancorp KY Cl A RBCAA 3.4 .374 /.341 Q Apr21 /Mar17
Prologis PLD 127.79 -2.05 SmartFinancial SMBK 1.2 .08 /.07 Q Feb27 /Feb10
Avangrid AGR 42.10 -0.06 CheniereEnerPtrs CQP 53.82 -1.24 Enbridge ENB 40.53 -0.31 HuntingIngalls HII 216.67 -1.55 McDonald's MCD 270.89 -1.57
ProsperityBcshs PB 74.23 -0.41 Wintrust Financial WTFC 1.8 .40 /.34 Q Feb23 /Feb09
Avantor AVTR 23.52 -0.58 ChesapeakeEner CHK 86.24 -1.40 Endeavor EDR 22.05 -0.04 HyattHotels H 108.92 -3.32 McKesson MCK 378.69 -0.51
CVX 174.20 -5.25 EnergyTransfer ET PrudentialFin PRU 103.25 -0.25
AveryDennison AVY 185.63 -1.82 Chevron 13.10 -0.26 ICICI Bank IBN 20.24 0.13 MedicalProp MPW 12.76 -0.30
AvisBudget CAR 190.59 -5.10 ChewyA CHWY 43.26 -2.65 EnphaseEnergy ENPH 212.22 2.13 ICL Group ICL 7.72 -0.29 Medpace MEDP 214.84 -8.84
Prudential PUK 33.00 -1.21 Stocks
s AxonEnterprise AXON 191.46 -0.15 ChinaEastrnAir CEA 19.14 -1.69 Entegris ENTG 77.31 -3.51 IdexxLab IDXX 482.95 -4.05 Medtronic PublicServiceEnt PEG 61.10 0.47 Cazoo Group CZOO 1:20 /Feb09
MDT 82.58 ...
PublicStorage PSA 298.89 -0.43 WiSA Technologies WISA 1:100 /Jan27
BCE BCE 46.94 0.12 ChinaSoAirlines ZNH 33.31 -1.15 Entergy ETR 107.69 -1.02 ING Groep ING 14.07 -0.15 MercadoLibre MELI 1161.80 -59.47
PulteGroup PHM 51.99 -0.63
BHP Group BHP 69.67 -0.21 Chipotle CMG 1609.86 -3.92 EnterpriseProd EPD 25.59 -0.45 Invesco IVZ 18.08 -0.22 Merck MRK 106.09 0.71
BJ'sWholesale BJ 69.82 0.12 Chubb CB 226.07 -1.26 Equifax EFX 217.35 -0.89 IQVIA IQV 226.28 -3.19 MetaPlatforms META 147.06 -4.68 PureStorage PSTG 28.32 0.02 Foreign
Qiagen QGEN 48.82 -0.48 Capital Product Partners CPLP 4.2 .15 Q Feb10 /Feb07
BP BP 36.17 -0.15 ChunghwaTel CHT 38.21 0.01 Equinix EQIX 724.86 -5.36 ITT ITT 89.31 -1.95 MetLife MET 72.16 0.12
Qorvo QRVO 107.69 -3.92 Methanex MEOH 1.5 .175 Q Mar31 /Mar17
Baidu BIDU 138.48 -0.56 Church&Dwight CHD 80.59 1.04 Equinor EQNR 30.06 -0.32 IcahnEnterprises IEP 53.71 -0.14 Mettler-Toledo MTD 1507.41 -22.34
Qualcomm QCOM 131.63 -1.77 Navios Maritime Ptrs NMM 0.7 .05 Q Feb14 /Feb10
BakerHughes BKR 31.02 -0.28 ChurchillDowns CHDN 244.31 -4.16 Equitable EQH 30.98 -0.25 Icon ICLR 223.99 -4.25 MicrochipTech MCHP 75.68 -2.00
QualtricsIntl XM 15.74 0.31
Ball BALL 57.44 -0.19 Ciena CIEN 50.71 -0.32 EquityLife ELS 67.65 -1.35 IDEX IEX 232.99 -5.74 MicronTech MU 61.71 -2.16
BancoBilbaoViz BBVA 6.95 -0.02 Cigna CI 310.36 2.06 EquityResdntl EQR 62.06 -1.30 IllinoisToolWks ITW 229.95 -0.72 Microsoft MSFT 242.71 -5.45
QuantaServices PWR 149.10 -0.90 Special
QuestDiag DGX 145.76 0.13 Cheniere Energy Ptnr CQP 5.8 .295 Feb14 /Feb06
BancoBradesco BBDO 2.40 -0.03 CincinnatiFin CINF 111.52 6.08 ErieIndemnity A ERIE 240.38 -2.52 Illumina ILMN 210.10 -3.93 MidAmApt MAA 161.75 -3.20
BancodeChile BCH 21.33 -0.14 Cintas CTAS 436.04 -1.23 EssentialUtil WTRG 46.10 -0.96 ImperialOil IMO 52.71 -1.85 Middleby MIDD 150.86 -3.50 Weyerhaeuser WY 10.7 .90 Feb27 /Feb15
BancSanBrasil BSBR 5.53 -0.04 CiscoSystems CSCO 48.22 -0.29 EssexProp ESS 219.54 -3.88 Incyte INCY 83.65 -2.05 MitsubishiUFJ MUFG 7.54 ...
R S
Sources: FactSet; Dow Jones Market Data
BcoSantChile BSAC 16.37 -0.05 Citigroup C 51.75 -0.11 EsteeLauder EL 271.21 0.42 Infosys INFY 18.69 0.03 MizuhoFin MFG 3.20 -0.05 RBC Bearings RBC 237.02 -10.37
BancoSantander SAN 3.41 ... CitizensFin CFG 42.29 -0.58 Etsy ETSY 134.70 -3.10 IngersollRand IR 55.31 -0.35 Mobileye MBLY 36.12 0.33 RELX RELX 29.64 0.23 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BanColombia CIB 29.68 -0.73 Clarivate CLVT 11.05 0.05 EverestRe RE 346.92 -4.07 InspireMedical INSP 250.80 -2.44 Moderna MRNA 180.87 -8.48 RH RH 305.52 -5.13 spin-off.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
CoreMoldingTech CMT 15.34 1.7 GSquaredI A GSQD 10.18 ... LeadEdgeGrowth LEGAU 10.76 -0.4 PineTechA PTOC 10.10 ... Tapestry TPR 44.49 ... CatalystPtrs CPARU 9.57 1.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American CorsairPtrA CORS 10.50 ... GX Acqn II GXIIU 10.80 0.5 Lennar A LEN 101.70 -1.4 PrimeImpactI A PIAI 10.69 -0.2 TaylorDevices TAYD 16.25 2.9 ContraFect CFRX 0.06 -10.4
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest CresceraCapAcqnUn CRECU 10.97 ... GX Acqn II A GXII 10.10 0.1 Lennar B LEN.B 85.47 -0.9 Primerica PRI 160.26 0.6 Terex TEX 50.87 0.1 DTRTHealthWt DTRTW 0.00 -79.5
session. % CHG-Daily percentage change from the previous trading session. CymaBayTherap CBAY 8.46 6.5 GettyRealty GTY 36.48 -0.9 LibertyRscsA LIBY 10.36 0.1 ProfDiversity IPDN 4.90 2.1 Timken TKR 82.38 -0.8 ExelaTech XELA 0.06 -4.5
DataKnightsA DKDCA 10.62 0.2 GlobalPtrs GLP 37.00 -0.5 LifeTime LTH 19.01 1.4 ProspectorCap PRSRU 10.20 0.5 TioTechA A TIOA 10.14 0.1 FaZe FAZE 0.71 -3.8
Monday, January 30, 2023 DeckersOutdoor DECK 430.72 -1.4 GlblTechAcqnIWt GTACW 0.56 -28.9 LionheartIII LIONU 11.00 3.5 QuantumFin QFTA.U 10.77 -0.5 TitanMachinery TITN 44.85 1.5 FaZeWt FAZEW 0.10 -1.7
DenaliCapAcqnWt DECAW 0.20 -9.1 GreenlightCapRe GLRE 9.60 2.4 LionheartIII A LION 14.00 1.4 QuantumFin QFTA 10.18 0.1 TristarAcqnI TRIS 10.24 0.1 FiscalNoteWt NOTE.WS 0.45 -55.3
52-Wk % 52-Wk % 52-Wk % RONI.U 11.11 -0.8 TwelveSeasII
Dillard's DDS 390.91 1.8 HCM Acqn HCMAU 10.48 0.1 MinisoGroup MNSO 15.51 0.1 RiceAcqnII TWLVU 10.12 0.1 FiscalNote NOTE 3.41 -31.6
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DonnelleyFin DFIN Heico HEI 172.09 -0.5 M3-BrigadeIII A MBSC 10.25 0.3 RigelResourceA RRAC 10.34 0.1 TwinRidgeCap TRCA.U 10.17 0.2 GeneticTech
45.40 -0.6 GENE 0.83 -7.3
AndrettiAcqnA WNNR SDCLEDGEAcqnUn SEDA.U 10.22 0.1 TwinRidgeCapA TRCA 10.17 0.2
10.37 ... BK Tech BKTI 3.80 1.1 EsgenAcqn ESACU 10.53 0.3 Heico A HEI.A 135.83 -0.9 MercatoPtrsAcqn MPRAU 10.40 -0.2 GlacierBancorp GBCI 44.38 -2.0
Highs AnthemisDigA ADAL
AppliedIndlTechs AIT
10.35 0.2 BeardEnerA BRD 10.50 0.6 ESM Acqn A ESM 10.17 0.2 Hexcel HXL 69.14 1.5 MetalSkyStar MSSAU 12.56 -0.8
SLM Pfd B
ST Ener I
SLMBP 65.02 1.8 UltaBeauty
STET.U 10.33 0.4 VSE
ULTA
VSEC
512.69 0.5 GraniteRidge
53.70 -0.4 IMV
GRNT 7.00 -6.7
142.46 -2.2 BelFuse A BELFA 38.45 3.5 ElliottOppIIA EOCW 10.40 0.1 IXAcqnA IXAQ 10.20 0.1 MountainIAcqn MCAAU 10.52 0.7 IMV 2.00 -6.0
AMCIAcqnII AMCI 10.80 0.5 SciPlay SCPL 17.09 -0.4 VectorAcqnIIA VAQC 10.16 0.1 Inpixon
AppTech APCX 5.37 9.2 BlackSpadeA BSAQ 10.13 0.1 EncoreWire WIRE 160.86 ... IconicSportsA ICNC 10.41 0.1 MountainI A MCAA 10.66 0.4 INPX 1.05 -6.0
AP Acqn Un APCA.U 10.50 1.9 SculptorAcqnIA SCUA 10.36 ... ViemedHealthcare VMD 8.47 0.8
AppTechWt APCXW 0.90 28.9 BlockchainCoinIA BCSA 11.40 1.0 EverestConsolA MNTN 10.33 ... InnovativeIntl IOACU 10.81 ... NOW DNOW 13.72 -1.0 KenonHoldings KEN 30.24 -1.7
AxiosSustGrwA AXAC 10.39 -0.1 SeaportCalibre SCMAU 10.81 4.8 VisionSensingA VSAC 10.41 0.3
APxAcqnI APXIU 10.96 ... BorgWarner BWA 46.53 0.4 FS Bancorp FSBW 35.17 3.7 IntegralAcqn1 INTEU 10.30 0.6 NatlResearch NRC 46.43 2.1 MGO Global MGOL 2.35 -7.4
AestherHlthcrA AEHA 11.02 -0.6 SeaportCalibre SCMA 11.61 3.6 WaverleyCap1 A WAVC 10.11 0.1
Arcellx ACLX 35.16 -3.2 BowmanConsult BWMN 25.76 -0.2 FtacHeraA HERA 10.16 ... IntegratedWellA WEL 10.36 ... NaviosMariPfdH NMpH 22.00 8.9 ShoulderUpTechUn SUAC.U 10.28 0.2 OpGen OPGN 1.76 -7.8
AimfinityInvtI AIMAU 10.15 0.3 ArmadaAcqnIUn AACIU 10.82 -0.5 BridgetownUn BTWNU 10.48 ... FederalSignal FSS 54.01 -2.3 JawsJuggernaut JUGGU 10.46 3.0 NewVistaAcqn NVSAU 10.15 ... SilverSpikeII PrimisFinl FRST 11.61 -1.4
AlphaTimeAcqn ATMC 10.60 -0.2 ArmadaAcqnI AACI 12.20 -1.0 CNH Indl CNHI 17.75 0.3 FirstEagleAltCap FCRD 4.69 0.9 JawsMustangA JWSM 10.25 2.8 NewAmstPharmaWt NAMSW 1.67 18.7 SilverSpikeII A
SPKBU
SPKB
10.16 0.2
10.65 -0.2
Lows ProcessaPharm PCSA 0.82 -1.1
AlphaVestAcqn ATMV 10.26 -1.1 AsburyAutomotive ABG 219.92 -0.3 CVD Equipment CVV 14.82 8.1 FirstResSustGrw FRSGU 10.71 0.1 KensingtonCapV A KCGI 10.29 0.1 NorthernGenIII NGC 10.11 0.2 SilverspacA 19.71 -0.9 SHF SHFS 0.85 9.1
SLVR 10.11 ... AlerusFinancial ALRS
AlpineIncmProp PINE 20.39 0.5 AtheneHldgPfd ATHpE 26.43 -0.1 Cars.com CARS 16.89 1.0 FirstReserveA FRSG 10.12 0.1 Kernel KRNLU 10.20 0.1 NorthViewAcqn NVAC 10.23 ... SpreeAcqn1Un SHAP.U 10.36 0.2 AuraFatProjectsWt AFARW 0.03 -24.1 SidusSpace SIDU 0.87 -16.0
AltisourceAsset AAMC 36.45 -1.2 Atkore ATKR 129.50 0.1 CarticaAcqn CITEU 10.43 1.0 FiveBelow FIVE 197.00 -1.1 KeyCorpPfdH KEYpL 25.70 0.7 NuSTAR PfdB NSpB 23.34 -0.2 StreamlineHlth STRM 2.19 12.5 BM Tech BMTX 4.51 -11.6 SouthJerseyNts2079 SJIJ 15.70 -0.8
AmEqtyLf AEL 47.74 -0.6 AuroraAcqnA AURC 10.17 0.1 ChinaAutoSys CAAS 8.18 12.0 FreightosWt CRGOW 0.84 -4.9 KismetAcqnTwo KAIIU 10.15 ... OilDriAmerica ODC 36.04 1.0 SunlandsTech STG 13.93 17.6 BM Tech Wt BMTX.WS 0.40 -21.5 TXO Energy TXO 21.50 -2.3
AmRltyInv ARL 27.79 -2.9 AxonEnterprise AXON 198.40 -0.1 ChurchillCapV A CCV 10.06 ... FusionAcqnIIA FSNB 10.12 -0.1 LCattertonA LCAA 10.15 0.1 PatriaLatAm PLAOU 11.02 0.8 TLGY Acqn TLGYU 10.91 -3.4 Brera BREA 2.81 -32.8 US NatGas UNG 9.09 -7.0
AmylyxPharm AMLX 41.93 -5.5 AxonPrime APMIU 10.62 ... ClimateRockA CLRC 10.26 0.6 GE HealthCare GEHC 73.95 2.0 LFCapitalAcqnIIUn LFACU 10.33 0.1 PerionNetwork PERI 33.97 0.6 TPGPaceBenII YTPG 9.96 -0.1 CadrenalTherap CVKD 2.53 -1.9 VerticalAerospace EVTL 1.99 -5.1

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
GblStock 13.60 -0.21 7.9 Idx2040InsPre 20.14 -0.22 6.2 CapApInst 68.45 -1.31 9.1 LrgCpStr 15.31 -0.21 5.0 IntlEqIdxInst 20.62 -0.14 8.0 TotIntBdIdxAdm 19.37 -0.07 2.3 IdxIntl 17.99 -0.18 8.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Income 12.60 -0.04 3.4 Fidelity Invest Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 30.09 -0.31 8.0 MdCpGrAdml 82.69 -1.40 6.9
Intl Stk 46.58 -0.53 8.0 Balanc 24.10 -0.22 5.1 IntlEq 25.41 -0.24 NA ParnEqFd 48.83 -0.45 4.1 500Adml 370.91 -4.84 4.7 TotStAdml 97.95 -1.32 5.2 MdCpVlAdml 73.90 -0.65 5.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Stock 226.62 -2.40 5.1 BluCh 124.46 -2.86 10.7 Invesco Funds A PGIM Funds Cl Z BalAdml 41.33 -0.39 4.2 TxMCapAdml207.98 -2.84 5.1 SmValAdml 72.66 -0.75 6.5
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA
DoubleLine Funds Contra 12.76 -0.18 5.5 10.20 -0.07 3.9 TotalReturnBond 12.09 -0.03 3.4 CAITAdml 11.39 ... 2.5 TxMIn r 14.60 -0.13 8.0 TotBd2 9.61 -0.03 2.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI 9.06 -0.01 3.3 CpInc 9.32 -0.03 3.7 Invesco Funds Y CapOpAdml r155.95 -2.51 6.7 USGroAdml 110.88 -2.45 TotIntlInstIdx r120.34 -1.21 8.0
PIMCO Fds Instl 9.4
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not GroCo DevMktY
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
Edgewood Growth Instituti 24.50 -0.53 8.8 38.62 -0.15 10.5 AllAsset 11.02 -0.07 NA DivAppIdxAdm 41.83 -0.32 1.5 ValAdml 55.58 -0.44 1.5 TotItlInstPlId r120.37 -1.21 8.0
EdgewoodGrInst 34.52 -0.67 NA InvGrBd 10.14 -0.03 3.3 JHF III DispVal TotRt 8.70 -0.03 3.1 EMAdmr 35.02 -0.49 8.1 WdsrllAdml 69.59 -0.75 5.2 TotSt 97.93 -1.32 5.2
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Fidelity LowP 48.03 -0.45 4.0 DispValMCI 25.90 -0.24 6.1 PIMCO Funds A EqIncAdml 86.10 -0.64 1.7 WellsIAdml 60.80 -0.26 VANGUARD INSTL FDS
2.6
500IdxInstPrem139.44 -1.82 4.7 Magin 11.27 -0.13 5.4 John Hancock IncomeFd 10.63 -0.03 3.2 ExplrAdml 93.71 -1.38 7.9 WelltnAdml 68.11 -0.45 2.7 BalInst 41.34 -0.38 4.2
Monday, January 30, 2023 Contrafund K6 17.76 -0.25 5.5 NASDAQ 143.61 -2.87 8.9 BondR6 13.75 -0.04 3.4 PIMCO Funds I2 ExtndAdml 109.16 -1.71 8.2 WndsrAdml 72.46 -0.66 6.1 DevMktsIndInst 14.62 -0.13 8.1
Net YTD Net YTD Net YTD ExtMktIdxInstPre 68.23 -1.07 8.3 OTC 13.83 -0.23 7.8 JPMorgan I Class Income 10.63 -0.03 3.2 GNMAAdml 9.41 -0.05 2.6 VANGUARD FDS DevMktsInxInst 22.85 -0.20 8.0
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret FidSerToMarket 13.30 -0.18 5.3 Puritn 21.43 -0.20 4.5 CoreBond 10.37 -0.02 NA PIMCO Funds Instl GrwthAdml 119.11 -2.27 8.6 DivdGro 34.91 -0.21 -0.9 ExtndInst 109.15 -1.71 8.2
GrowthCompanyK6 16.69 -0.36 8.4 SAIUSQtyIdx 15.77 -0.17 3.0 EqInc 22.85 -0.14 NA IncomeFd 10.63 -0.03 3.2 HlthCareAdml r 88.77 -0.81 -1.2 IntlVal 39.06 -0.43 9.3 GrwthInst 119.12 -2.27 8.6
American Century Inv WshA 52.70 -0.50 1.4 MunicipalBond 9.93 ... 2.5 InflPrBdIndInsPr 9.21 -0.04 2.1 SrsEmrgMkt 17.32 -0.34 10.9 LgCpGwth 46.68 -0.72 NA Price Funds HYCorAdml r 5.29 -0.02 3.2 InPrSeIn 9.64 -0.04 2.2
Ultra 59.47 -1.13 7.8 Artisan Funds Calamos Funds LifeCon 19.87 -0.13 4.1
IntlIdxInstPrem 44.50 -0.28 8.0 SrsGlobal 13.38 -0.13 8.3 JPMorgan R Class
BlChip 111.51 -2.28 7.7 InfProAd 23.65 -0.12 2.1 InstIdx 336.89 -4.39 4.7
American Funds Cl A IntlVal Inst 41.98 -0.23 8.8 MktNeutI 14.04 -0.02 2.0 LifeGro 38.05 -0.39 5.6
LgCpGwId InstPre 22.19 -0.37 6.6 SrsGroCoRetail 14.92 CoreBond 10.39 -0.02 NA
2.0 IntlGrAdml InstPlus
-0.31 8.4 101.02 -1.97 11.7 336.89 -4.39 4.7
AmcpA 32.27 -0.48 7.3 Baird Funds Columbia Class I DivGro 65.40 -0.55 LifeMod 28.77 -0.24 4.8
MidCpInxInstPrem 27.55 -0.33 6.3 SrsIntlGrw 15.53 -0.13 8.9 CorePlusBd 7.33 -0.01 NA ITBondAdml 10.35 -0.03 2.9 InstTStPlus 70.53 -0.95 5.2
AMutlA 48.99 -0.30 1.2 AggBdInst 9.87 -0.02 3.0 DivIncom I 29.06 -0.23 0.4 Growth 66.45 -1.26 7.9 PrmcpCor 28.51 -0.35 4.9
SAIUSLgCpIndxFd 17.60 -0.23 4.7 SrsIntlVal 10.82 -0.07 7.9 Lord Abbett A ITIGradeAdml 8.58 -0.03 3.4 MidCpInst 59.18 -0.75 6.1
BalA 29.65 -0.22 3.1 CorBdInst 10.14 -0.03 3.0 Dimensional Fds HelSci 89.12 -0.96 -0.8 STAR 25.66 -0.27 6.2
SeriesBondFd 9.10 -0.03 2.8 TotalBond 9.61 -0.03 3.3 ShtDurIncmA p 3.87 ... 1.1 LarCapAd 92.27 -1.24 4.9 MidCpIstPl 291.87 -3.68 6.1
LgCapGow I 48.88 -0.85 6.4
BondA 11.67 -0.04 2.8 BlackRock Funds 5GlbFxdInc 9.90 -0.01 0.7 SeriesOverseas 11.76 -0.07 8.3 Fidelity SAI Lord Abbett I LTGradeAdml 8.27 -0.03 6.4 TgtRe2020 26.37 -0.18 4.0 RealEstaInstl 19.56 -0.25 8.1
CapIBA 64.92 -0.33 3.1 HiYldBd Inst 6.86 -0.03 3.8 EmgMktVa 28.22 -0.32 6.7 SerLTTreBdIdx 6.21 -0.03 6.2 TotalBd 9.09 -0.03 3.3 ShtDurInc p 3.86 -0.01 1.1 MidCap 94.41 -1.42 6.4
MidCpAdml 267.90 -3.38 6.1 TgtRe2025 17.45 -0.14 4.6 SmCapInst 94.54 -1.23 7.5
CapWGrA 54.69 -0.48 6.0 BlackRock Funds A EmMktCorEq 21.81 -0.30 8.3 SmCpIdxInstPrem 23.26 -0.31 7.2 U.S.TreBdIdx 8.85 -0.01 2.5 Metropolitan West NHoriz 49.85 -1.19 7.6
MuHYAdml 10.61 -0.01 3.8 TgtRe2030 32.95 -0.29 5.0 SmCapIstPl 272.87 -3.56 7.5
EupacA 53.26 -0.52 8.6 GlblAlloc 17.19 -0.16 5.4 IntlCoreEq 14.56 -0.13 7.8 TMktIdxInstPrem111.58 -1.50 5.3 First Eagle Funds TotRetBdI 9.32 -0.03 3.4 R2020 17.43 -0.13 4.1 MuIntAdml 13.67 ... 2.5 TgtRe2035 20.38 -0.19 5.3 STIGradeInst 10.06 -0.01 1.3
FdInvA 63.37 -0.72 5.2 BlackRock Funds III IntSmCo 18.70 -0.20 7.3 TotalMarketIndex 14.05 -0.19 5.2 GlbA 61.46 -0.47 6.0 TRBdPlan 8.74 -0.03 3.4 R2025 15.27 -0.12 4.4 MuLTAdml 10.90 ... 3.5 TgtRe2040 35.89 -0.36 5.6 STIPSIxins 23.59 -0.05 0.6
GwthA 53.50 -0.90 8.1 iShS&P500IdxK471.31 -6.15 4.7 IntSmVa 20.20 -0.21 7.4 USBdIdxInstPrem 10.44 -0.04 2.8 Franklin A1 MFS Funds R2030 22.93 -0.21 4.9 MuLtdAdml 10.81 +0.01 1.5 TgtRe2045 24.15 -0.26 5.8 TotBdInst 9.72 -0.03 2.8
HI TrA 9.28 -0.03 2.9 BlackRock Funds Inst LgCo 27.39 -0.36 4.7 Fidelity Freedom IncomeA1 2.34 -0.02 3.6 IIE 30.41 -0.11 8.1 R2040 25.80 -0.28 5.7 MuShtAdml 15.66 ... 0.7 TgtRe2050 40.06 -0.44 6.0 TotBdInst2 9.61 -0.03 2.8
ICAA 43.05 -0.47 4.3 EqtyDivd 19.13 -0.11 4.6 US CoreEq1 31.32 -0.38 5.1 FF2020 13.42 -0.12 5.2 FrankTemp/Frank Adv MFS Funds Class I Putnam Funds Class A PrmcpAdml r138.41 -2.02 5.8 TgtRe2060 41.15 -0.46 6.0 TotBdInstPl 9.72 -0.03 2.8
IncoA 23.18 -0.11 2.4 StratIncOpptyIns 9.36 -0.02 2.1 US CoreEq2 28.53 -0.32 5.1 FF2025 12.38 -0.11 5.6 IncomeAdv 2.32 -0.01 3.6 GrowthI 140.69 -1.94 6.1 PutLargCap p 29.10 -0.25 3.2 RealEstatAdml126.39 -1.61 8.1 TgtRet2055 44.69 -0.49 6.0 TotIntBdIdxInst 29.08 -0.09 2.3
IntBdA 12.60 -0.03 1.5 Bridge Builder Trust US Small 41.08 -0.41 6.1 FF2030 15.49 -0.15 5.9 FrankTemp/Franklin A ValueI 48.54 -0.32 1.6 Schwab Funds SmCapAdml 94.54 -1.23 7.5 TgtRetInc 12.66 -0.07 3.4 TotStInst 97.97 -1.31 5.2
N PerA 50.76 -0.53 7.3 CoreBond 9.07 -0.02 2.8 US SmCpVal 41.64 -0.40 6.0 FF2035 13.39 -0.14 6.4 Growth A 106.98 -1.59 4.7 Neuberger Berman Fds 1000 Inv r NA ... NA SmGthAdml 76.86 -1.30 9.0 WellsI 25.10 -0.11 2.6 ValueInst 55.57 -0.45 1.5
NEcoA 46.43 -0.68 6.7 CorePlusBond 8.96 -0.02 3.0 US TgdVal 29.18 -0.30 6.5 FF2040 9.52 -0.11 7.1 RisDv A 83.17 -0.83 0.7 LCVal Inst 43.78 -0.36 1.7 S&P Sel NA ... NA STBondAdml 9.96 -0.01 1.1 Welltn 39.45 -0.25 2.7 WCM Focus Funds
NwWrldA 71.12 -0.77 7.0 Intl Eq 11.69 -0.09 9.0 USLgVa 43.38 -0.45 4.5 Freedom2030 K 15.48 -0.15 5.9 Guggenheim Funds Tru Northern Funds TSM Sel r NA ... NA STIGradeAdml 10.06 -0.01 1.3 WndsrII 39.23 -0.42 5.2 WCMFocIntlGrwIns 21.24 -0.19 8.0
SmCpA 60.71 -0.78 8.2 LargeCapGrowth 18.18 -0.24 6.4 Dodge & Cox Idx2030InsPre 17.68 -0.16 5.2 TotRtnBdFdClInst 24.03 -0.05 3.9 StkIdx 42.75 -0.56 NA TIAA/CREF Funds STIPSIxAdm 23.57 -0.05 0.6 VANGUARD INDEX FDS Western Asset
TxExA 12.37 ... 3.0 LargeCapValue 15.60 -0.12 3.9 Balanced 97.61 -0.83 4.6 Idx2035InsPre 19.79 -0.20 5.7 Harbor Funds Old Westbury Fds EqIdxInst 28.56 -0.38 5.2 TotBdAdml 9.72 -0.03 2.8 ExtndIstPl 269.37 -4.21 8.2 CorePlusBdI 9.76 -0.05 NA
B10 | Tuesday, January 31, 2023 ** THE WALL STREET JOURNAL.

BANKING & FINANCE

Banks Brace for Bad Loans Private-Equity

Managers Reluctant
Delinquencies are Percentage of auto loans past Credit-card loans 30+ days Total credit-card balances,
due at Ally Financial, quarterly delinquent, quarterly quarterly
rising, prompting
lenders to add to
rainy-day funds
4% 4% $140 billion

BY GINA HEEB
U.S. banks dusted off their
recession-ready playbooks at
the end of 2022.
Regional lenders and banks
with big credit-card busi-
nesses continued to profit
from borrowers who ran up
credit balances at higher inter-
est rates in the fourth quarter.
But many tightened their lend-
ing standards and set aside
more money to cover potential
loan losses, signs that they
don’t expect the good times to
last.
Capital One Financial
Corp. set aside roughly $1 bil-
lion to cover potential loan
losses in the fourth quarter, a
33% increase from the previ-
ous quarter. American Ex-
press Co. increased its re-
serves by more than 25%,
setting aside nearly half a bil-
lion dollars. Both had drawn
down those rainy-day funds a
year earlier.
“We have, of course, a very
vigilant eye on the economic
environment that we’re mov-
ing into,” Capital One Chief
Executive Richard Fairbank
said on a call with analysts
this past week.
Consumers have been a
bright spot in the economy.
They continue to spend at a
solid clip in the face of higher
30+ days delinquent
3 3
2 2
1 1
60+ days delinquent
0 0
2019 ’20 ’21
Source: the companies
inflation, though they cut back
during the holidays and added
to their savings. And unem-
ployment remains at its lowest
level in decades.
But there are signs that
some households are coming
under pressure. Borrowers
have put more purchases on
credit cards, but they chipped
away at balances at a slower
rate. Delinquency rates on
credit cards and consumer
loans in the fourth quarter ap-
proached or hit levels they
were at before the pandemic,
when stimulus and lower
spending on services allowed
consumers to bulk up their
savings and pay down debt.
Delinquency rates have sur-
passed prepandemic levels in
some corners of the con-
sumer-lending business.
At Ally Financial Inc., the
Capital One
Discover
American Express
’22 2019 ’20 ’21
percentage of car loans that
were more than 60 days past
due rose to 0.89% in the
fourth quarter from 0.48% a
year earlier. Discover Finan-
cial Services reported that
more than 2% of its private
student loans were 30 or more
days delinquent, an increase of
half a percentage point from a
year earlier. Both of those
rates were higher than in
2019.
“I think there are certainly
a lot of concerns about what
may come with the economy
and the potential for a reces-
sion in 2023,” Discover Chief
Executive Roger Hochschild
said in an interview. “But
where we sit right now, the
consumer is still doing pretty
well supported by a very
strong employment market.”
He added that a rise in de-
Capital One
120
100
80
60
40 American Express
’22 2019 ’20 ’21
mand for products used to
consolidate debt could suggest
borrowers are more stressed.
Discover’s personal-loan bal-
ances grew 14% in the fourth
quarter from a year earlier.
“We definitely have been
tightening our credit stan-
dards,” Mr. Hochschild said.
“We’re always looking for
pockets of stress.”
The process is a delicate
balance for lenders, who can
hurt their bottom line if they
tighten too much.
“It can almost be viewed as
a high-wire act,” said Gerard
Cassidy, an analyst at RBC
Capital Markets. “On the one
hand, you don’t want to be
overconservative and shut
down lending, but at the same
time you don’t want your
lending standards to fall by
the wayside like in 2006.”
To Cut Valuations
BY ROD JAMES
Private-equity managers are
using all the tools at their dis-
posal to avoid marking down
Discover the value of their assets, caus-
ing consternation among some
of their investors and hamper-
ing some limited partners’ abil-
ity to make new investments in
the alternative asset class.
Private-equity firms over the
past year have endured a con-
’22
vergence of factors that
threaten to make businesses
they own less profitable and
less valuable, including a steep
rise in interest rates, higher in-
flation and a decline in the
value of public equities. How-
ever, many general partners
have written down the value of
their assets only slightly, kept
them flat quarter-on-quarter or
marked them up, according to
several institutional investors
and advisers.
For institutional investors in
private-equity funds, this cre-
ates dissonance between the
data that firms are providing
and what the investors feel is
happening in their portfolios
and in the wider economy, ac-
cording to Jennifer Choi, chief
executive of the Institutional
Limited Partners Association.
“For the purposes of internal
reporting, do investors take the
marks as written, make adjust-
ments or do they do something
even more comprehensive?”
asked Ms. Choi, whose organi-
will be ready.
For some fund backers, an
unwillingness of managers to
write down assets is causing
portfolio construction head-
aches, said Jim Pittman, global
head of private equity at Cana-
dian pension manager British
Columbia Investment Manage-
ment Corp., or BCI. The decline
of public stocks has caused pri-
vate equity to become an over-
size part of many investor port-
folios, restricting their ability to
make new investments at a
time when more managers are
seeking capital for new funds.
The refusal to write down
asset values blunts another tool
that LPs could employ to free
up capital—the market for sec-
ondhand fund positions. Last
year, average pricing of stakes
sold on the secondary market
hit a 10-year low of 87% of net
asset value, The Wall Street
Journal reported. Selling LPs
have to take a steep discount to
the reported value of a stake to
get a deal done, indicative of
the mismatch between how as-
sets are being valued and what
buyers are willing to pay for
them.
There are several reasons
why managers aren’t writing
down the value of their assets.
It can take time for manag-
ers to mentally process that
their portfolio companies are
worth less than they were a
year ago, said several investors,
pension consultants and place-

Celebrity curities must disclose the na-

ture, scope and amount of
compensation they receive. But
zation represents nearly 600 in-
stitutions with combined pri-
vate equity assets of more than
ment agents. Those seeking
capital for new funds may also
be reluctant to mark down cur-

Endorsers outside of case-by-case en-

forcement actions, the commis-
sion hasn’t specifically articu-
$2 trillion. “It’s challenging to
operate in a place of limbo
where there’s a lack of consis-
rent investments for fear it will
make their new fund offerings
less attractive.

Face Suits lated its views on what digital

assets fall under these obliga-
tions, leaving the legal land-
scape uncertain, lawyers say.
Continued from page B1 An SEC spokesman pointed
a half-dozen other celebrities to the agency’s publicly avail-
as defendants, accusing them able framework for determin-
of violating California state ing whether digital assets are
consumer protection statutes securities.
and federal securities laws by Most suits, filed relatively
JULIO AGUILAR/GETTY IMAGES
tency, so there’s a desire for
more transparency into manag-
ers’ assumptions and methodol-
ogies.”
The way private-equity firms
value their portfolio companies
is as much art as science, giving
managers a lot of leeway. Typi-
cally firms use three main
methods: comparing their com-
Some managers and inter-
mediaries contend that private-
equity firms aren’t writing
down portfolios because many
of those portfolios are holding
up well even as public stocks
have declined. Blackstone Inc.,
for one, said in its most recent
earnings report that the value
of its corporate private equity

inducing investors to purchase
Bored Ape Yacht Club NFTs—
at artificially inflated prices—
without disclosing they had
been compensated for their
promotions.
In March, Madonna posted
on Twitter pictures of an ape
NFT and herself, saying, “I fi-
nally entered the MetaVerse.”
Two months later, she received
a Bored Ape Yacht Club NFT
valued at nearly a half-million
dollars as compensation, the
lawsuit alleges. Later she pro-
moted the NFTs in media in-
terviews, saying she “was hell-
recently, have yet to produce
notable rulings. But a federal
judge in California dismissed a
proposed class-action lawsuit
against Ms. Kardashian and
other celebrities, saying the
plaintiffs hadn’t sufficiently
made allegations that celebrity
Tom Brady is among the endorsers of FTX who are named in a suit. promoters had conspired with
others to pump up the value of
alleges celebrity promotion of promotion. They are also ac- digital tokens.
defunct crypto exchange FTX cused of failing to perform due Michael Rhodes, Ms. Kar-
by Mr. Brady and others drove diligence ahead of promoting dashian’s lawyer, said he was
consumers to invest in unreg- FTX products. A lawyer for Mr. pleased with the “well-rea-
istered securities sold on the Brady declined to comment. soned ruling.”
company’s platform. “This was Plaintiffs in the new batch Some defendants had argued
something where, in part be- of cases make a mix of claims, the suit didn’t show that inves-
panies with similar publicly
traded businesses, comparing
them with similar companies
that have recently been sold, or
using discounted cash-flow, or
DCF, models to estimate the
current value of the business
based on expected future cash
flows. In most cases, manag-
ers are allowed to change the
emphasis they place on each of
the methodologies if they be-
lieve it gives a truer picture of
value, and the fund’s advisory
board and auditor agrees.
After the financial crisis of
2008 and 2009, when compara-
portfolio rose by 3.8% in the
fourth quarter of 2022. Of a
sample of more than 4,500
fourth-quarter private company
valuations worked on by invest-
ment bank Lincoln Interna-
tional, 85% of European compa-
nies saw revenue increases and
62% saw increases in earnings
before interest, taxation, depre-
ciation and amortization.
BRYAN VAN DER BEEK/BLOOMBERG NEWS

bent on getting an Ape,” the
lawsuit said.
A representative for Ma-
donna said she paid for her
ape NFT. A spokesman for
Yuga Labs said in a statement
that the lawsuit’s allegations
were without merit. “We have
never paid anyone, famous or
not, to join the club,” the
spokesperson said.
In Florida, a federal lawsuit
cause of the promotions, ev-
erybody thought it was safe,”
said lawyer David Boies, who
is representing the plaintiffs.
The defendant celebrities
disclosed their FTX partner-
ships but the lawsuit alleges
they violated Florida securities
and consumer-protection laws
by failing to provide specific
information on their compen-
sation in exchange for their
some under federal law and tors had relied on celebrity pro- ble transactions dried up and
others brought under state motion. “Crucially, no named public market equivalents
laws that impose a range of le- Plaintiff alleges that they in crashed, many managers shifted
gal requirements on the pro- fact viewed either Instagram to the more speculative DCF
motion of financial products. post before purchasing Tokens valuation model, much to the
Some lawsuits also have cited during the relevant time pe- consternation of their investors,
state laws prohibiting unfair riod,” lawyers for Ms. Kar- said Brad Young, global chief in-
business practices. dashian wrote in a court brief. vestment officer, private mar-
The U.S. Securities and Ex- With the judge’s permission, kets, at pension consultant Mer-
change Commission has said the plaintiffs filed an amended cer. That hasn’t been
that celebrities who promote complaint refining their allega- widespread this time around,
virtual tokens it considers se- tions. but if it becomes so, investors Jim Pittman

Bitcoin his shares now, he would net

half of the money he spent on
acquiring them, he said. While
ments, said the firm always
“envisioned GBTC would
evolve into an ETF, believing
Tim Hooker, co-founder of
Dynamic Wealth Solutions in
Southfield, Mich., is among
folios in 2019. He picked GBTC
because it was the only bitcoin
fund available for individual
Grayscale’s sister company,
crypto lender Genesis Global
Capital, gave him cause for

Trust Mr. Bodine remains in the fund

in hopes that its value rises, he
continues to be on the hook for
that the continued maturation
of the U.S. regulatory environ-
ment for bitcoin would result
those advocating for GBTC’s
transformation into an ETF.
His registered investment-ad-
retirement accounts. The fund
was trading at a 15% to 20%
premium to net asset value at
concern.
Genesis filed for bankruptcy
this month after pausing with-

Locked In a lofty 2% annual fee.

Continued from page B1
figures worth of GBTC shares
for his retirement account in
2020, the fund was trading at
a 10% premium. At the time,
bitcoin was rising rapidly
alongside other risky asset
classes. The premium flipped
to a discount in February 2021,
partly in response to the
launch of the first spot bitcoin
ETF in Canada.
On Friday, GBTC traded at a
41% discount to bitcoin’s price
of around $23,000.
If Mr. Bodine were to sell
Digital Currency Group
Chief Executive Barry Sil-
bert launched GBTC in 2013
with the look and feel of an
ETF, meaning that shares of
the fund could be created and
redeemed simultaneously to
keep pace with market de-
mand. GBTC halted its redemp-
tion program in 2014 after the
Securities and Exchange Com-
mission deemed that it vio-
lated financial regulations. The
trust received a cease-and-de-
sist order related to the re-
demption program from the
SEC in 2016.
Michael Sonnenshein, chief
executive of Grayscale Invest-
in crypto-based ETFs.”
As an ETF, market makers
known as authorized partici-
visory firm, which manages
$58 million in assets, owns
the time, he said.
If GBTC fails to transform
the trust into an ETF, Gray-
drawals on Nov. 16. The move
froze about $900 million of re-
tail funds lent to Genesis by
pants could create and redeem scale’s Mr. Sonnenshein has crypto exchange Gemini’s
GBTC shares to ensure that said the firm would explore a “earn” program.
they reflect the underlying
The SEC has so far tender offer for up to 20% of “We’ve seen so many bad
value of the bitcoin it holds. rejected Grayscale’s the fund’s shares outstanding. things happen over the past
The SEC has so far rejected Daniel Sangyoon Kim, 28, a year,” Mr. Kim said. “FTX’s
Grayscale and others’ spot bit-
spot bitcoin ETF software-startup founder in user agreement literally says
coin ETF applications on the application. San Francisco, bought five fig- they wouldn’t touch your
grounds that such products are ures worth of GBTC shares in funds. If you already see these
vulnerable to fraud and market his IRA in 2020. He sold them sketchy things, how can you
manipulation. The regulator all at a discount after the col- feel safe about anything?”
has allowed only ETFs tracking about $266,000 of GBTC lapse of crypto exchange FTX Grayscale’s Mr. Sonnenshein
bitcoin futures to come to mar- shares spread across 22 client in November, losing more than said that Genesis is an affiliate
ket. In June, Grayscale sued accounts. $10,000, he said. firm to Grayscale and not a
the SEC. The District of Colum- Mr. Hooker, 32 years old, Mr. Kim, who worked at counterparty or service pro-
bia Court of Appeals is sched- said he acquired these GBTC venture capitalist Tim Draper’s vider for GBTC. Genesis “does
uled to hear oral arguments in shares for clients who wanted eponymous firm, said the fi- not impact any of our prod-
Grayscale’s lawsuit on March 7. bitcoin exposure in their port- nancial troubles brewing at ucts’ operations,” he said.

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 iSh MSCI EM EEM 41.45 –2.01 9.4 iSh0-5YTIPSBd STIP 97.63 –0.19 0.7 SPDR S&PMdCpTr MDY 472.37 –1.11 6.7 VangdLC VV 182.68 –1.34 4.9
Monday, January 30, 2023
ETF Symbol Price (%) (%) iShMSCIEAFEValue EFV 49.40 –0.52 7.7 JPMEquityPrem JEPI 55.02 ... 1.0 SPDR S&P Div SDY 127.18 –0.55 1.7 VangdMC VO 216.28 –1.27 6.1
Closing Chg YTD iShNatlMuniBd MUB 107.89 –0.07 2.2 JPM UltShIncm JPST 50.34 0.02 0.4 VangdMC Val VOE 142.64 –0.89 5.5
TechSelectSector XLK 134.09 –1.91 7.8
ETF Symbol Price (%) (%) iShCoreS&P MC IJH 258.17 –1.08 6.7 iSh1-5YIGCorpBd IGSB 50.47 –0.14 1.3 SPDRBbg1-3MTB BIL 91.72 ... 0.3 VangdMBS VMBS 46.96 –0.55 3.2
UtilitiesSelSector XLU 68.58 –0.45 –2.7
CnsStapleSelSector XLP 72.95 0.12 –2.1 iShCoreS&P SC IJR 101.09 –1.11 6.8 iSh1-3YTreaBd SHY 81.65 –0.10 0.6 SPDR DJIA Tr DIA 337.06 –0.75 1.7 VangdRealEst VNQ 89.19 –1.27 8.1
VangdInfoTech VGT 345.14 –1.95 8.1
DimenUSCoreEq2 DFAC 25.52 –1.20 5.1 iShCoreS&PTotUS ITOT 89.25 –1.36 5.2 iShRussMC IWR 71.70 –1.19 6.3 SPDR Gold GLD 178.76 –0.26 5.4 VangdS&P500ETF VOO 368.21 –1.25 4.8
VangdSC Val VBR 169.16 –1.01 6.5
EnSelSectorSPDR XLE 89.14 –2.29 1.9 iShCoreTotalUSDBd IUSB 46.22 –0.30 2.9 iShRuss1000 IWB 221.10 –1.32 5.0 SPDRPtfDevxUS SPDW 32.20 –0.80 8.5 VangdST Bond BSV 76.02 –0.14 1.0
VangdExtMkt VXF 143.92 –1.48 8.3
FinSelSectorSPDR XLF 36.07 –0.50 5.5 iShCoreUSAggBd AGG 99.81 –0.27 2.9 iShRuss1000Grw IWF 228.33 –1.67 6.6 SPDRS&P500Value SPYV 41.02 –0.94 5.5 VangdSTCpBd VCSH 76.15 –0.13 1.3
VangdDivApp VIG 154.13 –0.75 1.5
HealthCareSelSect XLV 131.66 –0.90 –3.1 iShESGAwareUSA ESGU 88.90 –1.31 4.9 iShRuss1000Val IWD 157.27 –0.97 3.7 SPDRPtfS&P500 SPLG 47.11 –1.28 4.7 VangdShtTmInfltn VTIP 47.02 –0.19 0.7
iShEdgeMSCIMinUSA USMV 72.35 –0.48 0.3 VangdFTSEAWxUS VEU 54.27 –1.08 8.2
IndSelSectorSPDR XLI 100.15 –0.98 2.0 iShRussell2000 IWM 186.94 –1.39 7.2 SPDRS&P500Growth SPYG 52.76 –1.55 4.1 VangdShortTrea VGSH 58.16 –0.10 0.6
iShEdgeMSCIUSAQual QUAL 120.11 –1.35 5.4 VangdFTSEDevMk VEA 45.48 –0.83 8.4
InvscQQQI QQQ 290.27 –2.02 9.0 iShS&P500Grw IVW 60.89 –1.54 4.1 SPDR S&P 500 SPY 400.59 –1.25 4.7 VangdSC VB 197.28 –1.32 7.5
–1.06 iShGoldTr IAU 36.44 –0.30 5.3 VangdFTSE EM VWO 42.12 –1.80 8.1
InvscS&P500EW RSP 149.20 5.6 iShS&P500Value IVE 152.98 –0.96 5.5 SchwabIntEquity SCHF 34.93 –0.71 8.4 VangdTaxExemptBd VTEB 50.77 0.02 2.6
iShCoreDivGrowth DGRO 50.67 –0.84 1.3 iShiBoxx$HYCpBd HYG 75.74 –0.55 2.9 iShSelectDiv DVY 124.05 –0.48 2.9 SchwabUS BrdMkt SCHB 47.16 –1.32 5.2 VangdFTSE Europe VGK 60.31 –0.61 8.8 VangdTotalBd BND 73.88 –0.28 2.8
iShCoreHiDiv HDV 104.09 –0.88 –0.1 iShiBoxx$InvGrCpBd LQD 110.08 –0.38 4.4 iSh7-10YTreaBd IEF 98.71 –0.31 3.1 SchwabUS Div SCHD 76.05 –0.41 0.7 VangdGrowth VUG 231.37 –1.86 8.6 VangdTotIntlBd BNDX 48.41 –0.41 2.1
iShCoreMSCIEAFE IEFA 66.72 –0.67 8.2 iShJPMUSDEmBd EMB 87.48 –1.28 3.4 iShShortTreaBd SHV 110.27 0.01 0.3 SchwabUS LC SCHX 47.40 –1.31 5.0 VangdHlthCr VHT 242.74 –1.03 –2.1 VangdTotIntlStk VXUS 55.93 –1.04 8.1
iShCoreMSCIEM IEMG 50.84 –1.93 8.9 iShMBS MBB 95.56 –0.43 3.0 iShTIPSBondETF TIP 108.61 –0.49 2.0 SchwabUS LC Grw SCHG 60.02 –1.90 8.0 VangdHiDiv VYM 109.49 –0.70 1.2 VangdTotalStk VTI 201.21 –1.34 5.2
iShCoreMSCITotInt IXUS 62.69 –1.01 8.3 iShMSCIACWI ACWI 90.27 –1.20 6.4 iSh20+YTreaBd TLT 106.32 –0.37 6.8 SchwabUS SC SCHA 43.70 –1.33 7.9 VangdIntrCorpBd VCIT 80.20 –0.36 3.5 VangdTotWrldStk VT 91.72 –1.22 6.4
iShCoreS&P500 IVV 402.47 –1.27 4.8 iShMSCI EAFE EFA 71.14 –0.64 8.4 iShUSTreasuryBd GOVT 23.24 –0.17 2.3 Schwab US TIPs SCHP 52.83 –0.49 2.0 VangdIntermTrea VGIT 59.64 –0.22 2.0 VangdValue VTV 142.49 –0.74 1.5
THE WALL STREET JOURNAL. **** Tuesday, January 31, 2023 | B11

MARKETS

Pipeline Index performance Monday

0%

Inspector

KAMIL KRZACZYNSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Files for –0.5

Dow Jones

Chapter 11 –1.0
Industrial
Average
BY ALEXANDER SAEEDY

Cleveland Integrity Ser- S&P 500

vices, a provider of inspection –1.5
services to oil and gas pipe-
lines, filed for bankruptcy, cit-
ing the impact of a decline in
Nasdaq
capital spending at oil-and-gas –2.0 Composite
companies that began during
10 a.m. 11 noon 1 p.m. 2 3 4
the pandemic.
The Cleveland, Okla., com- Source: FactSet GE Healthcare gained 2% after its first earnings report as a stand-alone company.
pany said in court filings on

Stocks Fall Ahead of Fed, Earnings

Monday that it struggled to
recover from a drying-up in
capital spending at oil-and-gas
companies that began in 2020.
It has around $160 million in
debt in a single term loan
mostly held by Owl Rock Cap-
ital Corp., now the leading
bidder to buy the company out
of bankruptcy, according to
court papers and public fil-
ings.
Owl Rock has offered to for-
give $30 million in debt to ac-
quire the business, which is
owned by private-equity firm
First Reserve Corp. Any re-
structuring deal would require
bankruptcy court approval to
take effect and could be sub-
ject to competing bids.
Despite the rebound in en-
ergy prices since Russia’s inva-
sion of Ukraine last year,
Cleveland Integrity’s customer
spending and demand haven’t
returned to pre-2020 levels,
Matt Kesner, chief operating
officer, said in a declaration to
the U.S. Bankruptcy Court in
Houston.
The company has faced a
number of lawsuits that allege
it underpaid its pipeline in-
spectors, some of which were
settled out of court. The litiga-
tion-related costs hit the com-
pany as it was coping with a
decline in its business, accord-
ing to court papers.
Cleveland Integrity wasn’t
able to refinance the loan fa-
cility held by Owl Rock, which
originally matured last Sep-
tember and was subsequently
extended.
Investors brace for big
week for tech sector,
with earnings due
from Alphabet, Apple
BY WILL HORNER
AND HARDIKA SINGH
Stocks fell, with investors
growing cautious at the start
of a bumper week of central-
bank meetings and corporate
earnings.
The S&P 500 fell 52.79
points, or 1.3%, to 4017.77,
while the Dow Jones Industrial
Average fell 260.99 points, or
0.8%, to 33717.09.
MONDAY’S The Nasdaq Com-
MARKETS posite declined
227.90 points, or
2%, to 11393.81.
Stock markets have been
volatile in recent weeks, driven
by signs of softening inflation
and hopes that the Federal Re-
serve will continue to moder-
ate—and eventually halt—its
interest-rate increases. U.S. in-
dexes registered solid weekly
gains last week, with the S&P
500 adding 2.5%, Nasdaq Com-
posite jumping 4.3% and Dow
industrials rising 1.8%.
In the S&P 500, 48 of last
year’s 50 worst-performing
stocks are up this year, notch-
ing an average gain of 17%
through January, according to
Dow Jones Market Data. In
comparison, 30 of last year’s
50 best-performing S&P 500
stocks are up, posting an aver-
age advance of less than 1%.
“You’re seeing a lot of them
come back powerfully in the
month of January,” said John
Quealy, chief investment offi-
cer at Trillium Asset Manage-
ment. Mr. Quealy said he has
recently added to tech posi-
tions in some strategies.
Investors are gearing up for
another important week of
corporate results, with earn-
ings due from more than 100
members of the S&P 500 in-
dex. In tech, Spotify and Snap
report Tuesday, Facebook par-
ent Meta Platforms follows
Wednesday, and the sector gi-
ants Amazon, Google parent
Alphabet and Apple are all set
to report Thursday.
“The market has had a fly-
ing couple of weeks. But as we
get closer to the Fed meeting,
cautiousness is something that
is certainly going to creep in,”
said Seema Shah, chief global
strategist at Principal Asset
Management. “We will likely
see Powell re-emphasizing that
they are not at the end yet.”
Of the 11 sectors in the S&P
500, 10 posted declines to
start the trading week. Energy,
information technology and
communication services were
the biggest laggards. Only con-
sumer staples ended in the
green.
Fed officials are broadly ex-
pected to raise interest rates
by a quarter of a percentage
point when their two-day
meeting concludes Wednesday,
lowering the size of the in-
crease for a second straight
meeting. Officials are also
likely to debate how much fur-
ther they need to go in taming
inflation before pausing rate
rises.
Despite that, investors re-
main cautious about the econ-
omy. The Fed, under Chair Je-
rome Powell, is determined to
tame inflation, and many be-
lieve the Fed is unlikely to
quickly begin lowering interest
rates as it has done in the
past. Some investors worry
that sustained high rates could
drag the economy into reces-
sion.
Markets believe that “the
bleak period of 2022 could
quickly be going into the
rearview mirror,” said Stuart
Katz, chief investment officer
at Robertson Stephens. Mr.
Katz said that optimism is pre-
mature, citing the disconnect
between investors and the Fed
over when to pivot to milder
interest-rate increases.
Shares of several major
auto makers fell Monday after
Ford Motor said it would cut
prices and boost production of
its Mustang electric crossover.
Ford’s stock declined 38 cents,
or 2.9%, to $12.89.
Tesla shares fell $11.24, or
6.3%, to $166.66, the worst
performer in the S&P 500.
Deep price cuts across the
company’s U.S. lineup this
month sparked a backlash
from customers, many of
whom paid thousands of dol-
lars more for their vehicles
just weeks earlier.
GE Healthcare Technolo-
gies shares gained $1.42, or
2%, to $71.50, one of the top
five performers in the S&P
500, after the company re-
ported its first quarter as a
stand-alone publicly traded
company.
The yield on the benchmark
10-year Treasury note climbed
to 3.550% from Friday’s
3.517%. Bond yields and prices
move in opposite directions.
A surprisingly strong infla-
tion reading from Spain mud-
died the outlook for interest
rates in the eurozone. The Eu-
ropean Central Bank and Bank
of England are expected to
raise interest rates this week,
with policy decisions from
both due on Thursday. Infla-
tion in Europe has yet to show
the sustained decline that has
been witnessed in the U.S.
“There is an emerging di-
vergence between the Fed and
the ECB,” said Charles Diebel,
head of fixed income at Medio-
lanum International Funds.
“The forward-looking inflation
data continues to move south
in the U.S. In Europe, it is
clear that the data isn’t yet do-
ing the same.”
In commodity markets, oil
prices fell. Brent crude, the in-
ternational oil benchmark,
dropped $1.76, or 2%, to
$84.90 a barrel.
In Europe, the Stoxx Europe
600 fell 0.2%, led by losses for
technology companies.
Markets in mainland China
and Taiwan reopened follow-
ing the Lunar New Year holi-
day. Early Tuesday, the
Shanghai Composite was down
0.15% and Hong Kong’s Hang
Seng Index was down 0.1%.
South Korea’s Kospi was down
0.3% after Samsung reported a
decline in operating income.
S&P 500 futures rose 0.15%.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-Week 26-Week
Applications $156,699,586,600 $147,417,594,200
Accepted bids $68,544,876,600 $54,836,455,200
" noncomp $1,779,171,500 $1,986,066,200
" foreign noncomp $127,000,000 $100,000,000
Auction price (rate) 98.838486 97.634000
(4.595%) (4.680%)
4.714% 4.860%
Bids at clearing yield accepted 94.34% 58.83%
912796YW3 912796Y37
Both issues are dated Feb. 2, 2023. The 13-week bills
mature on May 4, 2023; the 26-week bills mature on
Aug. 3, 2023.

March 14, 2023 | 8:00 a.m.–5:00 p.m. PT | Palo Alto, California

SPEAKERS OVERVIEW

Sunny Bedi The Wall Street Journal CIO Network will meet on March 14 following a
Chief Information and Data Officer bracing year for many technology stocks and executives. Calls to cut costs
Snowflake
and seek greater efficiencies across the enterprise present a challenge and
Martin Casado an opportunity for CIOs. This comes as they find themselves working
General Partner more collaboratively—and often commercially—than ever before with other
@a16z
business executives.
Rumman Chowdhury
Co-Founder and General Partner
At the CIO Network’s first in-person summit since 2019, we’ll hear from
Parity Responsible Innovation Fund leading technology CEOs, corporate CIOs and investors. We’ll discuss the
technologies they’re still investing in—including cloud computing, artificial
Jae Evans
CIO
intelligence, machine learning and cybersecurity—and the steps they’re
Oracle taking to cut costs elsewhere.

Matthew Prince
Co-Founder and CEO
Cloudflare Membership is by invitation: CIONetwork@wsj.com. Learn more at CIONetwork.wsj.com/inquire

Founding Sponsor

Presenting Sponsors Contributing Sponsor

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B12 | Tuesday, January 31, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Adani Saga Is a Credibility Test Thank

Calendar
How New Delhi reacts will greatly affect foreign investors’ perception of the country’s attractiveness
The sprawling conglomerate
For Stocks’
built by Gautam Adani is under at-
tack by short seller Hindenburg
Research, which successfully de-
Bounce
flated electric-vehicle maker
Nikola Motors in 2020. At stake is
both Mr. Adani’s empire and, po- Season, election cycle
tentially, India’s own ambitions to have predicted rallies
position itself as a credible alter-
native to China—as a manufactur-
ing giant and a must-have part of Instead of “Ode to Joy,” inves-
an emerging-markets portfolio. tors opening their 401(k) state-
U.S.-based Hindenburg Research, ments this week might consider
SUJIT JAISWAL/AGENCE FRANCE-PRESSE/GETTY IMAGES

which last week said it held short humming “Sweater Weather” or

positions in Adani Group through “Hail to the Chief.”
its U.S.-traded debt and offshore de- Pundits have no shortage of af-
rivatives, has accused the conglom- ter-the-fact explanations for why
erate of accounting fraud and stock stocks have bounced back so
manipulation through opaque off- sharply over the past few months.
shore entities. Adani Group denies They include receding inflation,
the allegations and says the short bets that the Federal Reserve will
seller is trying to smear its reputa- halt its hiking cycle and companies
tion and derail a public stock offer- exceeding analysts’ earnings ex-
ing. Shares of the group’s companies pectations. One you probably
have plunged since Hindenburg’s re- won’t hear is that it is winter and
port, wiping out nearly $64 billion there is a presidential election
in market value. Hindenburg’s re- next year.
port comes amid a $2.5 billion sec- People walk past an electronic sign displaying news on the company at the Stock Exchange building in Mumbai. There are two enduring pat-
ondary share sale by Adani Enter- terns for American and even
prises that closes on Tuesday. lic-sector banks and insurers might to data from CLSA, while earnings came from foreign-currency bonds. global stock returns that work
Reuters reports that India’s mar- end up holding the bag: Brokerage before interest, taxes, depreciation Mr. Adani, the Adani Group magnificently but really shouldn’t.
kets regulator is already looking CLSA estimates, for example, that and amortization is up 120%. Flag- chairman, is from the same state The first is the adage to “sell in
into Hindenburg’s allegations as an state-controlled banks have lent ship firm Adani Enterprises’ ratio as Prime Minister Narendra Modi May and go away,” and the other
extension of its own previously Adani companies the equivalent of of net debt to trailing Ebitda is 5.8, and has frequently appeared with is the “Presidential Stock Market
stalled investigation. Foreign inves- about 6% of their fiscal year 2024 according to FactSet. That is much him, which could put pressure on Cycle.” Put the two together and
tors, who hold a large chunk of the net worth. And Adani Group is a higher than peer Reliance Indus- the government to back a robust the difference between the best
conglomerate’s sizable debt, may be major part of the effort to upgrade tries, which stands at 1.5. And regulatory probe—especially when and worst times to be in the mar-
reluctant to keep financing it until India’s chronically poor infrastruc- Adani Enterprises shares fetch 112 there is a little over a year to go ket are almost too good to believe.
they are confident that the regulator ture and thus its competitiveness. times prospective earnings. before national elections. Calculations done in October by
has thoroughly assessed Hinden- Infrastructure is a capital-inten- Foreign investors also have The stakes could hardly be higher Doug Ramsey at Leuthold Group
burg’s claims. Yields on the group’s sive business, so it is little surprise played an increasing role in fi- for both India and Adani Group. show that over the past 96 years,
dollar bonds have leapt: An Adani that Adani Group has a heavy debt nancing Adani Group’s expansion, Even after the selloff, Adani’s group the returns for small-capitalization
Ports & Special Economic Zone load. Still, the group’s debt has leaving it vulnerable to a change in companies account for about 5% of stocks starting in May of a mid-
Ltd. dollar bond maturing in 2027 risen precipitously in recent years. sentiment. CLSA calculates that the total market capitalization of all term year through the same Octo-
was yielding 12% on Monday, ac- Net debt sits at 1.6 trillion Indian 29% of total debt at five major listed firms on the Bombay Stock ber averaged minus 2.3%. The re-
cording to FactSet, up from less rupees, equivalent to $19.63 billion, group companies—Adani Power, Exchange. Riding out the uproar turn over the following six months
than 7% in mid-January. Yields on while consolidated gross debt is 1.9 Adani Green, Adani Ports, Adani and hoping for the best will be has been 19.2%. Those numbers
an Adani Green Energy Ltd. bond trillion Indian rupees, or $23.31 bil- Enterprises and Adani Transmis- tempting for the government. But aren’t even annualized.
maturing in 2024 have risen to 15%. lion, according to Jefferies. Total sion—is in foreign-currency bonds. the cost to India’s and Adani According to investor Jeremy
On the other hand, if a govern- debt at five major Adani companies But the brokerage estimates that Group’s credibility—and ability to Grantham, founder and investment
ment investigation were to unearth rose about 76% from fiscal year 49% of the debt increase from fis- keep raising foreign capital—might strategist at money manager GMO,
real financial problems, India’s pub- 2019 to fiscal year 2022, according cal year 2019 to fiscal year 2022 be steep. —Megha Mandavia the chances of this being an acci-
dent are less than one in a million.
The traditional explanations for
both seasonal patterns are a lot

Chip Alliance Should Spook China

less convincing than they used to
be, yet they are no less potent.
Back when society was largely
agrarian, farmers in the Northern
Hemisphere soaked up limited
The Biden administration’s suc- may also be some remaining dis- funds to buy seeds and equipment
cessful effort to bring Japan and agreements with the U.S. on how from banks in spring and summer,
the Netherlands on board with its far restrictions should go. making money tight. Then they de-
chip-sector export restrictions to The initial effect will likely be posited their earnings after the au-
China is a victory for U.S. diplo- limited—although it could seri- tumn harvest.
macy. But sustaining the strategy ously complicate efforts to build Likewise, presidents might
will require serious work. new facilities near the cutting break bad news such as tax in-
Japan and the Netherlands edge, and might also pose a chal- creases when they were safely be-
agreed Friday to join the U.S. in lenge for servicing some existing tween elections and then unleash
limiting exports of advanced chip- parts. pork-barrel spending or make an-
ALEXANDER POHL/ALTO PRESS/ZUMA PRESS

manufacturing equipment to But unlike previous unilateral nouncements likely to juice stock-
China. The three countries domi- fusillades, the U.S. has finally man- market optimism as the next one
nate the manufacturing of equip- aged to persuade its allies to sign drew closer. Now farmers are a
ment for advanced semiconduc- up for its strategy to contain tiny part of the population, print-
tors, so the plan could make it China’s chip ambitions. That in it- ing presses make all the dollars,
even harder for China to develop self is notable, especially as Eu- euros and yen we want, and Wash-
its own chip industry. rope and the U.S. are embroiled in ington gridlock makes such tar-
Japan and the Netherlands are a separate dispute over the Biden’s geted largess tricky.
particularly dominant in a manu- administration’s green technology To the extent one believes that
facturing process called lithogra- subsidies. history will rhyme, there might be
phy: using light to print tiny cir- Instead of fighting a unilateral even more good news from market
cuits on silicon wafers. Dutch The deal includes the Netherlands, home of equipment maker ASML. technology Cold War with China, numerology: Last year’s bear mar-
manufacturer ASML essentially the U.S. is wise to ask its allies for ket low could prove enduring. The
monopolizes the production of older Dutch and Japanese technol- strict Japanese and Dutch compa- help. These latest restrictions “Decennial Pattern” supposedly
equipment needed for the process ogies may also need to be re- nies from shipping at least some won’t completely hamstring shows that major bear-market bot-
called extreme ultraviolet lithogra- stricted to make the U.S. measures models of DUV machines. China’s chip industry, but they toms have been made over the
phy, or EUV, used to make the effective—and avoid forcing U.S. The silence from the Dutch and send a strong signal and could same period in years ending with
most cutting-edge chips. It has al- companies to absorb the impact Japanese governments so far even presage further measures to 2—1932, 1942, 1962, 1982 and
ready stopped shipping EUV ma- alone. Japan’s Nikon competes about the actual details of the deal come. For Beijing and China’s chip 2002. A couple of years are con-
chines to China. with ASML in supplying parts for a is telling, though. The two coun- aspirants, that may be the most spicuously absent from that list—
But since the Biden administra- technological process called deep tries likely fear blowback from worrying aspect of this latest notably 1972 when Richard Nixon
tion expanded its chip-related ultraviolet lithography, or DUV. China, which has been a big cus- salvo. won a landslide re-election victory
curbs on China in October, some Friday’s agreement likely will re- tomer of chip-making tools. There —Jacky Wong but saw his second term dogged
by the Watergate scandal.
Like the mutual fund boilerplate
says, “past performance may not
be indicative of future results.” If
Nissan and Renault Fix One Problem, Leave Others one truly believes that history will
rhyme, though, then one bet to
avoid is this season’s rally saying
anything about the rest of 2023.
A new era for the unhappy mar- Share-price performance, san has been reluctant to cede any- nault Group in a coordinated and Leuthold’s figures show that in 15
riage of Nissan and Renault brings past six months thing outside the alliance. This orderly process,” with no deadline. of 25 instances, the subsequent re-
hope but also complications. 40% could hamstring Ampère, which Re- That means there is no end in turns from May through October
On Monday, the two auto makers nault Chief Executive Luca de Meo sight for the overhang that has of the third presidential year were
WSJ reports
announced a shake-up of the cross- 30 wants to spin off through an initial made Nissan one of the worst-per- negative, no matter how good the
Alliance talks*
shareholdings that underpin their public offering later this year. It forming auto stocks globally in re- preceding six months were.
beleaguered global alliance. Renault 20 Renault ADR also could be a problem for another cent months. The Japanese com- —Spencer Jakab
will transfer most of its stake in its Renault project involving shifting pany could buy the shares back and
Japanese peer to a trust for even- 10 combustion-engine assets into a cancel them, but that would be ex- Small-capitalization stock returns
tual sale, where it won’t carry vot- joint venture with China’s Geely. pensive and the companies would 1926-October 2022, by year
ing rights. The companies will have 0 Instead, Nissan and Renault said need to agree on timing. Reducing November-April May-October
15% effective stakes and 15% voting they had agreed on “reloading the the number of Nissan shares in is-
rights in each other, redressing an –10 partnership with high-value-cre- sue also would mechanically in- 11.1%
imbalance that has upset Nissan for ation operational projects” in Latin crease Renault’s 15% active stake, Postelection
–20 4.3%
years and held back cooperation America, India and Europe. These reopening the old wound.
since unifying former boss Carlos –30 Nissan Motor ADR sound like efforts to show that the As Nissan’s shares have strug-
9.0
Ghosn was arrested in 2018. alliance can still generate valuable gled, Renault’s have soared since Midterm
Sept. 2022 Jan. ’23
Renault didn’t want to reduce its synergies, rather than simply hold- the beginning of October as inves- –2.3
shareholding in Nissan for the sake *Nissan presses partner Renault to sell down its stake ing up decision-making and dis- tors have anticipated a more effi-
of improving company relations Source: FactSet tracting management at a challeng- cient use of capital once the com- 19.2
Pre-election
alone. In exchange, it wanted an in- ing time for the whole industry. pany sells its Nissan stake and Mr. 4.4
vestment by Nissan in its electric- gain from being a junior partner in For investors, perhaps the big- de Meo restructures the business. It
vehicle carve-out, Ampère. Accord- a mainly European EV business; it gest question is what will happen to is certainly good news that the Presidential 8.7
ing to Monday’s statement, the needs a global EV strategy. the 28.4% stake in Nissan, currently companies are patching up their re- election 6.4
Japanese company will indeed in- There also was no mention Mon- worth about $3.9 billion, that Re- lationship, but investors need to
vest in Ampère, but no amount was day of how the companies would nault will place into a trust. The brace for bumps on the road. The Note: November-April begins previous calendar year;
given, suggesting it could turn out deal with shared intellectual prop- partners said it would be sold “if price of peace now may be argu- not annualized; calculations as of Oct. 7, 2022
to be a token. Nissan has little to erty, another stumbling block. Nis- commercially reasonable for Re- ments ahead. —Stephen Wilmot* Source: Leuthold Group