For personal, non-commercial use only. Do not edit, alter or reproduce.
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DJIA 32653.20 g 79.75 0.2%
What’s
News
Business & Finance
T raders are betting
higher interest rates will
drag into the next decade,
with the Fed poised on
Wednesday to approve its
fourth consecutive 0.75 per-
centage point increase. A1, A2
 Musk is looking to quickly
boost Twitter’s revenue by
embracing subscriptions,
aiming to make it less depen-
dent on digital ads as Madi-
son Avenue signals a cautious
stance toward the site. A1
 J&J agreed to acquire
Abiomed in a $16.6 billion
deal the health-products
giant hopes will accelerate
its overhaul into a leaner,
faster-growing company. B1
 Uber reported gains in
revenue and adjusted earn-
ings for the latest quarter as
its customers spent more on
rides and food delivery. B1
 Job openings rose in Sep-
tember as demand for work-
ers continued to far outpace
the number of unemployed
people looking for work. A2
 U.S. stocks fell, with the
S&P 500, Nasdaq and Dow
retreating 0.4%, 0.9% and
0.2%, respectively. B15
 Aramco posted a 39%
jump in quarterly profit,
as high oil prices boosted
the company’s earnings. A8
 BP reported robust nat-
ural-gas trading profits and
said it would buy back an-
other $2.5 billion in shares. B7
 Fox Corp. CEO Lachlan
Murdoch touted the value of
scale on a call with analysts
about the firm’s results. B4
 Chip maker AMD issued
a glum sales outlook for
the current quarter. B4
World-Wide
 The U.A.E. sent its national
security adviser to Riyadh in
September on a secret mis-
sion to dissuade Saudi Ara-
bia’s crown prince from push-
ing an oil-production cut that
would anger the U.S. and risk
painting oil producers as
Russian allies, people fa-
miliar with the trip said. A1
 Saudi Arabia has shared
intelligence with the U.S.
warning of an imminent
attack from Iran on targets
in the kingdom, said Saudi
and U.S. officials. A8
 Utility crews across
Ukraine were working to re-
store water and electricity
supplies after Russian
strikes a day earlier knocked
out service to hundreds of
thousands of people. A9
 The man accused of at-
tacking Pelosi’s husband
pleaded not guilty to charges
including attempted murder,
assault with a deadly
weapon, and elder abuse. A3
 Voters are giving Repub-
licans a late boost in sup-
port just ahead of the mid-
term elections, a new Wall
Street Journal poll found. A4
 Pennsylvania’s high court
ordered election officials to
disallow mail-in ballots if
voters neglect to put the cor-
rect date on the envelope. A5
 The Supreme Court de-
nied Sen. Graham’s emer-
gency plea to avoid coopera-
tion with a Georgia grand
jury investigating possible pro-
Trump interference in the
state’s 2020 vote count. A5
 Chief Justice Roberts
temporarily blocked a House
committee from obtaining
Trump’s tax returns. A5
CONTENTS
Arts in Review.... A13
Business News B3,6-7
Crossword.............. A14
Heard on Street. B16
Markets.................... B15
Opinion.............. A15-17
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * WEDNESDAY, NOVEMBER 2, 2022 ~ VOL. CCLXXX NO. 105 WSJ.com HHHH $5.00
NASDAQ 10890.85 g 0.9% STOXX 600 414.61 À 0.6% 10-YR. TREAS. À 5/32 , yield 4.052% OIL $88.37 À $1.84 GOLD $1,645.00 À $9.10 EURO $0.9874 YEN 148.24
Bolsonaro Clears Way for Presidential Transition in Brazil Traders
Expect
Higher
Rates
To Linger
Wagers on Fed
benchmark remaining
elevated for longer are
nearing record levels
EVARISTO SA/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY ERIC WALLERSTEIN
Traders are betting higher
interest rates will drag into
the next decade with the Fed-
eral Reserve poised on
Wednesday to approve its
fourth consecutive 0.75 per-
centage point increase.
Even as Wall Street pre-
pares to parse Chairman Je-
rome Powell’s statements for
signs of whether the central
bank might slow rate increases
RESULTS: Brazilian President Jair Bolsonaro, at Alvorada Palace in Brasilia on Tuesday, made his first public statement at its next meeting in Decem-
about Sunday’s election, authorizing the transition of power to winner Luiz Inácio Lula da Silva. A7 ber, derivatives markets show
.
the federal-funds rate sitting
at around 3.5% for the long
ly
run. That is a full percentage
Twitter Advertisers Hesitate,
point higher than the central
bank’s latest forecast.
on Those wagers have crept
higher throughout most of the
year and are now nearing lev-
Musk Looks to Subscriptions
els not seen since the 2013
bond-market rout known as
us ,
the “Taper Tantrum.”
l
A long period of higher
e
al a
rates could upend markets,
BY MEGHAN BOBROWSKY competitors have considered Both Interpublic Group of meetings for Mr. Musk this which have been rebounding
AND SUZANNE VRANICA or dabbled with subscriptions Cos. and Havas Media have week, according to some of in recent weeks, partly be-
ci on
as an additional revenue urged their clients to tempo- the people. cause of hopes the Fed will
Elon Musk is looking to source, but they haven’t yet rarily pause their Twitter ads Since the acquisition closed pursue a less-aggressive
quickly boost Twitter Inc.’s amounted to sizable income because of concerns about the last week, Mr. Musk and the course. Once-highflying tech-
revenue by embracing sub- for most companies. company’s ability to monitor lieutenants advising him have nology stocks suffered this
scriptions, aiming to make the Mr. Musk signaled in sev- its content, according to peo- emphasized the idea of charg- year after reaping the benefits
er s
social-media company less de- eral tweets that he was leaning ple familiar with the situation. ing for Twitter’s user-verifica- of near-zero borrowing costs.
pendent on digital ads as Mad- to a $8-per-month subscrip- Mr. Musk has begun meet- tion process. A longer-term transition to
m er
ison Avenue signals a cautious tion offering. Subscriptions ing with top advertising exec- That service, which adds a higher rates could mean
stance toward the site after would help make Twitter less utives to try to reassure them blue check mark on the ac- weaker valuations for the tech
the billionaire’s takeover. ad reliant, he said. about the direction of Twitter counts of those who are veri- sector, along with others
Mr. Musk has been saying This week, two large adver- and has offered to meet with fied, is currently free but only where investors expect profits
since before completing his tising companies recommended clients directly, according to accounts deemed “notable” by Please turn to page A2
m rp
$44 billion takeover of Twitter that their clients temporarily people familiar with the mat- Twitter can get it.
that it needs to rely less on hold off on advertising on ter. Twitter staffers reached “Twitter’s current lords &  Fed to offer clues on pace of
the digital advertising dollars Twitter, adding urgency to Mr. out to several top advertising peasants system for who has or rate increases............................ A2
that account for nearly 90% of Musk’s efforts to identify alter- holding company executives doesn’t have a blue checkmark  Job openings for September
its total sales. Twitter and its native revenue sources. over the weekend to set up Please turn to page A4 show still-tight market........ A2
co Fo
INSIDE U.A.E. Envoy Secretly Urged
Saudis Not to Cut Oil Output
RONALDO SCHEMIDT/AFP/GETTY IMAGES
BY SUMMER SAID Prince Mohammad bin Salman cut spread in late September.
AND DION NISSENBAUM and echoed Washington’s view Washington—contending
that reducing output wasn’t with high inflation and eager
n-
ABU DHABI—The United economically necessary and to starve Russia of income
RINGO CHIU/ZUMA PRESS
Arab Emirates sent its na- warned of geopolitical fallout, from petroleum, a critical ex-
tional security adviser to Ri- the people said. port—made clear its displea-
yadh in September on a secret Prince Mohammad was un- sure. President Biden warned
no
mission to dissuade Saudi Ara- moved, they said. of unspecified consequences.
bia’s crown prince from push- Saudi Arabia persuaded the An Emirati spokesperson
ing an oil-production cut that OPEC+ group of 23 oil-produc- said the information about
would anger the U.S. and risk ing countries at an Oct. 5 meet- Sheikh Tahnoun, the Saudis and
PERSONAL JOURNAL WORLD NEWS painting oil producers as Rus- ing to slash the amount of production cuts wasn’t accurate.
Hybrid work schedules Netanyahu sian allies, people familiar crude it pumps by 2 million Please turn to page A8
with the trip said. barrels a day starting this
help travelers get holds slim edge in The Emirati official, Sheikh month. Oil prices rose to $97 a  Saudis warn that Iran is
cheaper holiday Israeli vote, according
Tahnoun bin Zayed Al Nahyan, barrel. On Tuesday, they traded poised to attack....................... A8
flights. A11 to exit polls. A7 a brother of the U.A.E.’s presi- around $94, about 15% higher  High oil prices lift Aramco’s
dent, met with Saudi Crown than before news of the planned profit 39%.................................... A8
Professional Russian Retreat
Cornhole Gets
A Scandal
Exposes Collaborators
i i i Ranked #1 for CRM Applications based on
BagGate sparks Tensions flare as Ukrainian villagers who IDC 2022 H1 Revenue Market Share Worldwide.
aided occupation fall under investigation
a frenzy at world
BY YAROSLAV TROFIMOV ing military might, would
championships stay here forever.
SHEVCHENKOVE, Unwilling to work under
BY JOHN CLARKE Ukraine—When Russian ar- Russian authority, Mr. Pryk-
mored columns drove into hodko tried for a time to re-
Perhaps the greatest con- this rural community of sist orders, then fled to
troversy in the history of the 20,000 people on the first Ukrainian-controlled territo-
sport of cornhole unfolded in day of the invasion, Mayor ries. But the municipality’s
August at the 2022 American Valeriy Prykhodko tried to second-in-command, Execu-
Cornhole League World Cham- count the tanks, artillery tive Secretary Nadiya She-
Personal Journal. A11-12 pionships, in Rock Hill, S.C. pieces and fighting vehicles luh, stayed on the job even
Property Report... B6
Sports....................... A14 Was the No. 1 ranked dou- that rolled past his windows. once the Russians raised
Technology............... B4 bles team using illegal bean- After the first few hun- their red-blue-white flag
U.S. News............. A2-6 bags? dred, he gave up. “It was too over the building.
Weather................... A14 Source: IDC, Worldwide Semiannual Software Tracker, October 2022.
World News. A7-9,18
“I thought the bags were big for counting,” Mr. Pryk- Mr. Prykhodko, who is
too thin,” recalls Devon Har- hodko said. “The horror.” now back in office, recalls
baugh, who lodged a com- Located some 35 miles being surprised and out-
> plaint against rivals Mark from the Russian border, raged. But he also acknowl-
Richards and Philip Lopez. Shevchenkove fell without a Please turn to page A10
At stake was a $15,000 fight the afternoon of Feb.
prize in a game where players 24. In the six months of Rus-  Ukraine races to restore salesforce.com/number1CRM
toss bags of resin beads into a sian rule that followed, many water and power..................... A9 CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
small hole in slanted boards locals came to believe that  Defying Moscow’s threat, Kyiv Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2022 Salesforce, Inc. All rights reserved. Various trademarks held by their respective owners.
Please turn to page A5 Moscow, with its awe-inspir- keeps shipping grain.............. A9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Wednesday, November 2, 2022 * * THE WALL STREET JOURNAL.

U.S. NEWS
Fed to Offer Clues on Pace of Rate Rises
BY NICK TIMIRAOS until March. Debate over how commitment. That’s because
much more to raise rates could the decision does need to be
Wall Street analysts will be intensify as they reach levels data determined,” wrote for-
focused Wednesday on what more likely to restrain spend- mer Fed governor Laurence
Federal Reserve Chairman Je- ing, hiring and investment. Meyer, who runs economic-
rome Powell says about The fed-funds rate influences forecasting firm LH Meyer
whether the central bank other borrowing costs in the Inc., in a recent report.
might slow down interest-rate economy, including rates on Some economists say the
rises at its next policy meeting credit cards, mortgages and Fed will have to raise the fed-
in December. car loans. funds rate higher than 4.6%
Fed officials have indicated “They do need to slow the next year because of the resil-
that they are likely to raise pace. Let’s keep in mind, 50 ience of consumer spending
their benchmark federal-funds basis points is fast; 75 basis and domestic demand to
rate by 0.75 percentage point points is really fast,” said El- higher rates so far.
this week to a range between len Meade, an economist at Strategists at FHN Financial
3.75% and 4%. That would Duke University who is a for- expect the Fed to raise its pol-
mark their fourth consecutive mer senior adviser at the Fed. icy rate to about 6% by June.
increase of that size as they December would be a natu- After this week’s increase, the
seek to reduce inflation by ral time to slow the pace of Fed could accomplish that
slowing the economy. Some of rate increases because officials without another 0.75-point
the officials recently began could use new projections at rate rise.
signaling their desire to start that meeting to show they ex- “The obvious dilemma for
reducing the size of increases pect to reach a higher peak or financial markets is many
after this week and to poten- terminal interest rate than things can be true simultane-
tially stop lifting rates early they had previously antici- ously, and a lot of them pull in
JIM LO SCALZO/EPA/SHUTTERSTOCK

next year so they can see the pated, she said. The debate different directions. The Fed
effects of their moves. over the speed of increases could slow in December, but
Those officials and several could obscure a more impor- then still get to the 6% in our
private-sector economists have tant one around how high forecast,” said Jim Vogel of
warned of growing risks that rates ultimately rise. “Going FHN Financial, in a note to cli-
the Fed will raise rates too faster now is about raising the ents Monday.
much and cause an unneces- terminal rate,” Ms. Meade Many investors this year
sarily sharp slowdown. Until said. have been eager to interpret
June, the Fed hadn’t raised in- But some analysts say it signs of a less aggressive rate-
terest rates by 0.75 point, or will be difficult for the Fed to The Fed, led by Chairman Jerome Powell, is expected to again raise rates by 0.75 point on Wednesday. rise pace as a sign that a
75 basis points, since 1994. dial back the pace of rate in- pause in rate increases isn’t
“They have to think about creases in December because meeting projected that they to follow this week’s 0.75-point ket is entering a sharp down- far off, but a sustained market
calibration at this meeting. they expect inflation to con- would need to raise the rate to rate rise with an increase of turn, the job market has re- rally risks undoing the Fed’s
You’re trying to cool down an tinue to run hotter than other at least 4.6% by early next the same size in December. mained strong and inflation work of slowing the economy.
economy, not throw it into a analysts forecast. Fed officials year. “If you have broad agree- Meanwhile, analysts at Bank of pressures have stayed ele- Any discussion by Mr. Pow-
deep freeze,” said Diane had expected inflation to de- ment on that and inflation America, Goldman Sachs, Mor- vated. Recent earnings reports ell about how officials see the

.
Swonk, chief economist at cline this year, but that out- keeps coming in higher than gan Stanley, and Evercore ISI have shown strong consumer potential for a higher rate
KPMG. look has been in vain so far. expected, it makes sense to see the Fed dialing back the demand and pricing increases. path could temper any market

ly
Fed officials widely sup- They responded by targeting a get to that peak rate sooner,” pace of rate rises in December Officials will see two more exuberance about a slower
ported the supersize rate in- higher destination for the fed- said Matthew Luzzetti, chief with a half-point increase. months of economic reports pace of increases, economists
creases this summer because funds rate than they projected U.S. economist at Deutsche Economic data released before their mid-December said. “It is now about the des-
they were playing catch-up. In-
flation has been running close
to 40-year highs, but interest
rates were pinned near zero
earlier in the year, resulting in
the longer-than-anticipated
string of 0.75-point rate rises.
Officials at their September
on Bank.
Analysts at Deutsche Bank,
UBS, Credit Suisse and No-
mura Securities expect the Fed
since the Fed’s September
meeting have been mixed.
While domestic demand has
slowed and the housing mar-
meeting, including on hiring
and inflation. “Even if Powell
provides guidance at his press
conference, it won’t involve a
tination, not the journey,” said
Michael Gapen, chief U.S.
economist at Bank of America,
in a report Monday.
us ,

Job Openings for September Show a Still-Tight Market

l
e
al a
ci on

BY BRYAN MENA Reserve is expected to in- Job openings continue to exceed the number openings drove the September veys of purchasing managers
crease interest rates again this of unemployed people looking for work. increase, the Labor Depart- by the Institute for Supply
Job openings rose in Sep- week as it attempts to cool the ment said. Manufacturing and Management and S&P Global
tember from the prior month economy and tame inflation. financial activities were released Tuesday. However,
in a still-tight labor market Employers’ total job open- 20 million among a handful of industries S&P noted that “cost-cutting
er s

where demand for workers ings increased 437,000 to a that saw a decline. measures, uncertainty regard-
continued to far outpace the seasonally adjusted 10.7 mil- Sept. 2022 “Some sectors are going ing future demand, and lower
Job openings
m er

number of unemployed people lion in September from an up- 15 through a period of retrench- production requirements led
looking for work. wardly revised 10.3 million 10.7 million ment while others are still try- to only a modest rise in em-
The increase in openings openings the prior month, the ing to bounce back from the ployment.”
and other figures in the Labor Labor Department said Tues- 10 pandemic,” said Nick Bunker, Employers in industries
Department’s report on hiring day. September openings were an economist at jobs site In- that typically struggle to hire
m rp

demand and job turnover well above the 5.8 million un- deed. “By all the key metrics enough workers, such as
added to signs of a healthy la- employed people seeking 5 in this report, the labor mar- healthcare and education, will
bor market that has cooled work—an imbalance that is ket is resilient.” continue to add jobs but even-
slightly compared with the putting pressure on wages and Unemployed but seeking work Indeed estimated that open- tually slow the pace of hiring
first half of the year. Payroll overall inflation. 0
5.8 million ings totaled around 10 million if the economy weakens fur-
co Fo

growth slowed in September Job openings peaked in in mid-October, a decline from ther, said Gregory Daco, chief
but was still strong. Pay and March at 11.9 million and have 2019 '20 '21 '22 September’s level. Indeed data economist at consulting firm
benefits increases rose rapidly since declined in four of the Note: Seasonally adjusted show that roles in the technol- EY-Parthenon.
in the third quarter but at a past six months through Sep- Source: Labor Department ogy industry, such as in soft- “There’s unlikely to be a
similar pace as the prior quar- tember. Openings remain ele- ware development and market- sector in which employment
ter. Jobless claims have re- vated compared with a 7.2 mil- ber of times workers quit their million, the department said, a ing, saw postings decline the will continue to grow very
mained low as employers hold lion average in 2019 ahead of jobs remained elevated in Sep- total that was below the 2019 most this year through the strongly. It may still see
on to workers. the pandemic. tember but fell slightly to average. middle of last month. growth, but at a more subdued
The overall economy, while Other figures in the Labor 4.1 million from a 4.5 million Food services, entertain- Hiring was stable in the pace,” Mr. Daco said. He added
losing some momentum, is Department report pointed to peak in November 2021. ment, education, healthcare manufacturing sector, accord- that labor demand has shown
also still growing. The Federal a tight labor market. The num- Layoffs edged down to 1.3 and federal government job ing to separate October sur- early signs of softening.

CORRECTIONS  AMPLIFICATIONS
n-

the central bank now diving the policy rate now show fed nances, bolstered by pan-
Traders See into another round of those ef-
forts, traders are reupping
funds peaking at about 5%
around May or June, and re-
demic-driven stimulus. A
historically hot labor market
The environmental group Rhode Island and Utah in that their wagers. maining lofty from there. Ear- fuels inflation through wage-
High Rates
no

Earthworks sent workers to category, and incorrectly omit- The yield on the 10-year lier in the year, traders cen- increases. With little signs of
state land in Armstrong ted Delaware, Kansas, Maine, Treasury has risen to about tered around the idea that economic or financial unease,
County, Pennsylvania, with an Minnesota, New Jersey, New 4% from 1.6% in January, help-
infrared camera that can spot
hydrocarbon emissions. A U.S.
Mexico, North Carolina, Ohio,
Oklahoma, Pennsylvania, Ver-
Lingering ing pull down the benchmark
Bloomberg U.S. Aggregate
rates would peak in March, to
be followed by significant rate
cuts.
the Fed might have more room
to run.
“If nothing is going to
News article on Saturday mont, Washington and West bond index by over 15% on the Smaller rate increases from break in the financial markets,
about methane leaks incor- Virginia. A corrected version Continued from Page One year. The 10-year yield is up the Fed might not actually it’s going to take some time to
rectly said the workers had of the graphic is available at further down the road. over 1.4 percentage points mark a pivot in policy, said generate enough destruction
multiple infrared cameras. WSJ.com/Corrections. Some worry the Fed will since August, its largest three- Nomura managing director in the employment landscape
raise rates too much and spark month gain since 1984. to bring down consumer de-
The following states, as Accounting regulator Erica an unnecessarily sharp slow- Many investors keep hoping mand,” said Bryan Whalen, co-
well as the District of Colum- Williams said she would sup- down. Until June, the Fed for central banks to slow infla- chief investment officer of
bia, had a drop of 10 or more port changing the law to make hadn’t raised rates by 0.75 tion-fighting efforts. After the
Futures contracts fixed income at TCW.
points in eighth-grade math the Public Company Account- percentage point since 1994. European Central Bank lifted show fed funds A recent survey from the
scores from 2019 to 2022: Col- ing Oversight Board’s disci- Stocks fell on Tuesday rates by 0.75 percentage point New York Fed showed Ameri-
orado, Connecticut, Delaware, plinary proceedings public. A alongside bond yields. The at its latest meeting—and sev-
peaking at about 5% cans’ median inflation expec-
Kansas, Maine, Maryland, Mas- Business & Finance article on Dow Jones Industrial Average eral officials expressed desire around May or June. tations over the next year are
sachusetts, Minnesota, New Monday about the board in- lost about 80 points, or 0.2%, for a less aggressive move— continuing to fall, but longer-
Jersey, New Mexico, North correctly referred to her as he while the yield on the 10-year bond and futures markets term expectations for the next
Carolina, Ohio, Oklahoma, in one instance. Treasury fell to 4.052% from quickly adjusted for a slower three years ticked higher to
Pennsylvania, Vermont, Wash- 4.074%. pace of tightening. Charlie McElligott in a Mon- 2.9%. The latest consumer
ington and West Virginia. A Benjamin Tee is an associ- The market bearing these Those moves reversed after day note. The more important survey from the University of
graphic with an Oct. 24 U.S. ate professor at the National interest-rate bets—the five- several European nations re- shift is “a lengthening-out of Michigan showed similar ex-
News article about schools’ University of Singapore. A year, five-year overnight in- ported stubbornly high infla- the hiking horizon,” he wrote. pected price changes, but
math and reading scores incor- Journal Report article on Mon- dexed swap rate—is set by tion and policy makers pushed Major drivers of the re- over the next five to 10 years.
rectly included Arizona, Arkan- day about giving robots a sense market participants either back against the idea that eas- newed tight monetary policy Swap contracts tied to the
sas, Florida, Georgia, Hawaii, of touch incorrectly said Prof. hedging interest-rate exposure ing was on the table. expectations include the un- consumer-price index don’t
Idaho, Michigan, North Dakota, Tee is an assistant professor. or betting on where the fed- Futures contracts tied to usual strength of household fi- show headline inflation
funds rate will be over the breaking below 2.6% at any
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Suspect Pleads Not Guilty U.S. Space Force Payload Launched
In Attack on Pelosi Spouse
BY JIM CARLTON
AND NATALIE ANDREWS
SAN FRANCISCO—The man
accused of attacking House
Speaker Nancy Pelosi’s hus-
band at their home pleaded
not guilty to charges including
attempted murder, assault
with a deadly weapon, and el-
der abuse Tuesday in San
Francisco Superior Court.
David DePape, who alleg-
edly broke into the residence
and beat Paul Pelosi with a
hammer, was ordered held
without bail pending another
court date Friday. The charges
carry a penalty of 13 years to
life in prison.
Dressed in an orange jump-
suit from the San Francisco
County Jail, Mr. DePape said
little in court beyond telling
the judge how to pronounce
his name. He nodded when the
judge asked if he understood
the charges against him.
Mr. DePape wore a sling for
a dislocated shoulder. His pub-
lic defender Adam Lipson said
the 42-year-old was injured
when arrested by San Fran-
cisco police.
In addition to the state
charges, Mr. DePape faces fed-
Trainer for ISIS Is Sentenced to 20 Years
BY ARUNA VISWANATHA
ALEXANDRIA, Va.—Allison
Fluke-Ekren was sentenced
Tuesday to 20 years in prison
for working with Islamic State
after an emotional court hear-
ing that explored how a
mother of 12, who grew up on
a Kansas farm, came to run a
women’s brigade for the mur-
derous terrorist group in Syria.
“Even terrorists are telling
her she is too extreme,” First
Assistant U.S. Attorney Raj
Parekh said, describing how
Fluke-Ekren worked with sev-
eral terrorist groups and
trained more than 100 women
and girls for Islamic State on
using assault rifles, grenades
and suicide belts in 2017.
He laid out how she aspired
to commit an attack at a shop-
ping mall or college in the U.S.
and moved her children
through war zones for a de-
Demand Surges for Mail-Ordered Abortion Pills
BY LAURA KUSISTO
The Supreme Court’s deci-
sion overturning Roe v. Wade
in June appears to be driving
an increase in demand for
abortion-inducing drugs ad-
ministered outside of the for-
mal medical system, according
to a study released Tuesday.
The study, led by a professor
at the University of Texas at
no
* * * * Wednesday, November 2, 2022 | A3
U.S. NEWS
eral charges in connection suspect gained control of it, he
with the break-in, to which au- allegedly struck Mr. Pelosi in
thorities said he brought a roll the head at full force, knock-
of tape, white rope, zip ties, ing him unconscious. The offi-
two hammers and a journal. cers rushed into the house,
The San Francisco District tackled the suspect, and dis-
Attorney’s office offered the armed him, according to the
most detailed account of the motion. Mr. Pelosi remained
attack yet in its motion to de- unresponsive for about three
tain Mr. DePape filed Tuesday. minutes, waking up in a pool
After Mr. DePape broke in of blood.
through a sliding-glass door “I came here to have a little
and rousted Mr. Pelosi from chat with his wife,” Mr. De-
his sleep around 2 a.m., ask- Pape told officers, according
ing, “Where’s Nancy?” Mr. to the motion. “I didn’t really
Pelosi asked why he wanted to want to hurt him, but you
talk with her, according to the know this was a suicide mis-
motion. “Well, she’s number sion.”
two in line for the presidency, After he was arrested, Mr.
right,” Mr. DePape allegedly DePape allegedly said he had
SPACEX/AGENCE FRANCE-PRESSE/GETTY IMAGES
said, adding that “we’ve got to come to take the House
take them all out.” speaker hostage and “break
After Mr. Pelosi called 911 her knee caps.” He said he had
from the bathroom, two San other targets too, including
Francisco police officers ar- several prominent state and
rived. federal politicians, the motion
Officers saw the suspect said.
holding the bottom handle of a The assault left Mr. Pelosi
hammer with one hand, while with skull fractures and other
Mr. Pelosi’s hand was on the serious injuries. Mrs. Pelosi,
top, the motion said. One offi- who was in Washington at the
cer ordered, “Drop the ham- time of the attack, said Mon-
mer!” Mr. DePape raised the day that her husband was look- FIRED UP: SpaceX’s largest rocket took off Tuesday for the first time in three years on a job for the
hammer and said, “Um, nope.” ing at a long recovery process. U.S. Space Force. The Falcon Heavy rocket lifted off from the Kennedy Space Center in Florida.
The two men struggled —Zusha Elinson
over the hammer and after the contributed to this article.
.
ly
terrorist group review U.S. again, a request the judge
government documents seized granted.
ALEXANDRIA SHERIFF’S OFFICE/AFP/GETTY IMAGES
on by one of her ex-husbands
from the 2012 attack on a U.S.
diplomatic compound in Beng-
hazi, Libya.
Fluke-Ekren spoke for al-
most an hour, choking up as
she denied the allegations of
abuse and tried to explain
On Tuesday, one of her what she did in Syria.
us ,
daughters told the court about “The vast majority of my
l
abuse she said she faced at her time, I spent taking care of my
e
al a
mother’s hands while they children,” she said, character-
lived in Syria—and described izing comments she made
how her mother married her about wanting to engage in
ci on
off to an Islamic State fighter U.S. attacks as empty threats
when she was 13, soon after made in anger about the
her father, the emir of the “senseless violence” she said
Allison Fluke-Ekren group’s snipers in Syria, had she witnessed there.
been killed. One of Fluke- U.S. District Judge Leonie
er s
cade. She “brainwashed young Ekren’s sons read from a 2014 Brinkema imposed the maxi-
girls and trained them to kill,” email exchange he had with mum sentence allowed under
m er
Mr. Parekh said. her, after he left the family and the charge to which Fluke-
Fluke-Ekren pleaded guilty returned to the U.S. “You made Ekren pleaded guilty: conspir-
in June to her work for Islamic me give up everything just so ing to provide material sup-
State, in one of the first cases you could go on your next ad- port to a foreign terrorist
to detail an American woman’s venture,” he quoted one of his group. “You knew you were as-
m rp
extensive operational role in messages as saying. Both sisting ISIS, and you didn’t co-
the terrorist group. She also asked the court to ensure their operate with the U.S. govern-
admitted to helping another mother never contacted them ment,” the judge said.
co Fo
Austin, found a 158% increase in period from September 2021 to accurate way to track them, as
requests for abortion pills to the May 2022, before the unauthor- they are expected to occupy a
organization Aid Access, a non- ized leak of an early draft of the larger share of abortions in the
profit based in Austria that pro- Supreme Court ruling. future. The study data include
vides mail-order abortion pills More than a dozen states more than 42,000 requests for
in the U.S. and worldwide after have banned or heavily re- pills in 30 states. Aid Access is
a telemedicine consultation with stricted abortion since the Su- the only provider of medication
a physician. preme Court decision. abortion outside the formal
The study examined daily re- Because self-managed abor- medical setting via telehealth,
quests to Aid Access following tions occur outside of formal and thus a rare source of data
n-
the release of the Supreme medical channels, researchers on what is otherwise a largely
Court decision compared with a are still struggling to find an informal underground market.
LARGER JET TECHNOLOGY
SMALLER CARBON FOOTPRINT
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Wednesday, November 2, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

GOP Prospects Rise as Economy Takes Focus

BY JOSHUA JAMERSON nus 2.5 percentage points, it
also marks a meaningful im-
Voters are giving Republi- provement for the GOP since
cans a late boost in support just the Journal’s latest survey, in
ahead of the midterm elections, August, when Democrats held a
as pessimism about the econ- three-point advantage on which
omy and the direction of the party voters would back for
country jump to their highest Congress. Republican voters
levels of the year, a new Wall also show more enthusiasm to
Street Journal poll finds. vote than do Democrats, the
The survey, conducted about survey finds.
two weeks before Election Day, The shift in preference for
suggests that abortion rights the GOP comes as views of the
are less im- economy have turned more
portant in dour than at any point in the
voting de- past year. Only 19% say the
cisions economy is headed in the right
than voters direction, down 11 percentage
indicated points from August, while 71%
in the summer, after the Su- say the economy is on the
preme Court in June ended the wrong track.
federal constitutional right to Voters lack confidence in
abortion. Republicans have re- President Biden’s economic
gained momentum since then leadership, with only 27% say-
and now hold a slight edge over ing his policies have had a posi-
Democrats, 46% to 44%, when tive impact on the economy and
voters are asked which party 54% saying they have had a
they would support in their negative impact. A majority of
congressional district if the voters—55%—disapprove of Mr.
election were held today. Biden’s overall job performance,
“The focus on the economic compared with 43% who ap-
stuff, particularly inflation, is prove.
helpful to the GOP headed into The GOP has seen a shift in
the final stretch,” said Republi- its favor among several voter
can pollster Tony Fabrizio, who groups, including Latino voters
conducted the survey with and women, and particularly
Democratic pollster John An- white suburban women. That
zalone. Mr. Fabrizio said that group, which the pollsters said
voters who haven’t decided makes up 20% of the electorate,
which party to back for Con- shifted 26 percentage points
gress show high levels of con- away from Democrats since the
cern about the economy and Journal’s August poll and now
Would you say that the
economy is going in the right
direction or headed in the
wrong direction?*
Wrong direction
80%
60
40
Right direction
20
0 Don’t know/refused 10%
Nov. March
2021 ’22
*WSJ poll results most recently of 742 voters reached by phone and text from Oct. 22-26, 2022; margin of error +/- 3.6 pct. pts.
†Does not include those who are undecided; WSJ poll results most recently of 1,500 voters reached by phone and text from Oct. 22-26, 2022;
margin of error +/- 2.5 pct. pts.
Source: Wall Street Journal polls
bers of Congress and the White
House.
Mr. Anzalone said the most
concerning matter for Demo-
crats is that independent voters
don’t trust the party to handle
rising prices. Whichever party
is in power, he said, finds that
independent voters “break
against the party when you
have economic diagnostics like
we’re seeing. End of story,
done.” He added, “Voters trust
the Republicans on that, right
now. That’s tough sledding for
us.”
Jennifer Hackworth is a stay-
at-home mother of three from
Cranberry Township, Pa., out-
If the election for Congress were held today, would you be more
likely to vote for the Republican candidate or the Democratic
candidate for Congress?†
50%
71%
45
19%
40
35
Aug. Oct. Nov.
2021
haven’t been able to make a
change with [inflation]. It’s just
gotten worse in the last couple
of years,” said Ms. Hackworth.
Ms. Hackworth, 39 years old,
said she typically leans Republi-
can but had considered voting
for Democrat John Fetterman
in the state’s hotly contested
Senate race. While still unde-
cided, she is leaning toward the
GOP’s Mehmet Oz, despite feel-
ing more aligned on abortion
rights with Mr. Fetterman, who
supports legalized abortion.
“While I would want to support
the right for a woman to
choose, I also want to support
our economy getting better, be-
Republican
46%
Democrat
44%
March Aug. Oct.
’22
they thought congressional Re-
publicans were best able to get
inflation under control—the
largest share in Journal polling
this year. By comparison, 27%
said congressional Democrats
were best able to rein in infla-
tion. Democrats were viewed as
the party best able to handle
abortion policy, lower prescrip-
tion drug prices and improve
education.
In other signs of concern
about the economy, 64% of poll
respondents said that inflation
is rising and straining their fi-
nances, including 36% who de-
scribed those strains as major.
Both figures are the highest in
more motivated to vote than
Democrats, the poll found.
Some 68% of Black voters and
64% of Hispanic voters—groups
that favor Democrats—rated
themselves at the highest level
of motivation to vote, far below
the 83% of white voters and
79% of voters overall.
Survey participants also
rated the GOP as the party best
able to reduce crime. Republi-
can ad makers have flooded
competitive House districts and
Senate races with a barrage of
attacks focused on voters’ in-
creased fears about violent
crime.
Ashley Smith, a supermarket
worker in Brooklyn, said that
crime is at the top of mind for
her this year, in addition to the
economy. Still, Ms. Smith, a
self-described liberal, said she
was leaning toward backing
Democratic Gov. Kathy Hochul
for re-election over her GOP
challenger Lee Zeldin. That race
has gotten unexpectedly com-
petitive in recent weeks, with
Mr. Zeldin putting an emphasis
on cutting crime in New York
City.
“The crime is always going
to be there. It’s New York,’’ said
Ms. Smith. “It’s just a point of
keeping it at a steady level so
that we don’t have to feel terri-
bly scared to walk outside.”
Ms. Smith, 32, said that de-
spite a spike in crime at a time
when Democrats lead local gov-

.
“look more likely to break Re- favors the GOP by 15 percent- side of Pittsburgh. She has no- cause it’s not right now,” Ms. the Journal’s polling this year. ernment, she trusted Demo-
publican than they do Demo- age points. ticed her children’s clothes get- Hackworth said, adding later: Only 27% of respondents rate crats more to address the issue

ly
crat, if they vote.” Midterm elections are gener- ting more expensive, as well as “Give the Republicans a chance the economy as excellent or and thought Mr. Zeldin was un-
While the two-point Republi- ally considered a referendum rising prices for milk and other in Congress. See what they can good, down from 35% in Au- likely to come to New York City
can lead is within the poll’s on the party in power, and grocery staples. “The Dems do.” gust. communities if elected gover-
margin of error of plus or mi- Democrats control both cham- on
have kind of proved that they Some 48% of voters said Republicans say they are nor.

In Kansas Governor Race, All Politics Is National

us ,
l
e
al a

BY ELIZABETH FINDELL

TOPEKA, Kan.—One of the

ci on

nation’s tightest gubernatorial

races is taking place in Kansas,
where the incumbent Demo-
crat is focusing on her record
against a Republican trying to
er s

tie her to President Biden.

To win re-election in a state
m er

where Donald Trump beat Joe

Biden 56% to 41% in 2020,
Gov. Laura Kelly is attempting
J. SCOTT APPLEWHITE/ASSOCIATED PRESS

to replicate the coalition of

voters she drew four years ago
m rp

that included Democrats, inde-

JOHN HANNA/ASSOCIATED PRESS

pendents and a slice of defec-

tor Republicans. She is one of
four Democratic governors in
states that voted for Mr.
co Fo

Trump.
Her GOP opponent, Attor-
ney General Derek Schmidt, is
seeking to galvanize the
state’s conservatives to vote Gov. Laura Kelly, left, is trying to replicate the coalition of voters she drew four years ago in this year’s race against Republican Derek Schmidt.
for him as part of a broader
rejection of Democrats. As early voting was under Mr. Schmidt, who has fo- Florida Republican Gov. Ron competitive suburbs of Kansas tions on schools sooner.
“There’s two races going way last week, Ms. Kelly par- cused on campaigning in rural DeSantis and posted a video City, several registered Repub- Several voters said they
on,” said Bob Beatty, a politi- ticipated in a roundtable at a areas, has sought to convince endorsement from Mr. Trump. licans said they had cast votes supported Mr. Schmidt based
cal-science professor at Wash- National Guard station in To- Republicans and moderates Ms. Kelly has touted bipar- for Ms. Kelly. on opposition to abortion. “I
burn University in Topeka. peka to discuss strategies to that his opponent is too liberal tisan endorsements, including “She’s had to negotiate to like the governor, don’t like
“Laura Kelly wants voters to ease the struggles of military for the state of three million. from two former Republican bring people together, and I her stance on abortion. Other-
walk in on Election Day and families moving between “We have a Joe Biden Dem- governors. One of her cam- think that’s a good skill,” said wise, I would have voted for
n-

think about her. Republicans states. ocrat in the governor’s office paign ads shows her meeting Charles Bartlow, a retired fed- her,” said William Sherrill, a
want those voters thinking “Since I ran for governor here,” he said Friday. “It’s the with then-President Trump. eral government manager. nurse practitioner in Law-
about Joe Biden.” the first time, I have been la- philosophy…for overspending, Others have her standing in Some Kelly supporters cited rence. His wife, Regina Sher-
A poll released in Septem- ser-focused on certain issues— overregulation, failure to back the middle of roadways and the budget cuts that accompa- rill, said the results of the Au-
no

ber by Emerson College education, infrastructure,” she law enforcement and a heavy- sipping coffee in the middle of nied Mr. Brownback’s tax cuts gust vote made the couple
showed Ms. Kelly leading 45% said after the event. “It’s not handedness in dealing with is- diner counters declaring, “The as something they don’t want more motivated to cast ballots
to 43%, a difference within the that I ignore national is- sues.” middle is the best place to be.” to revisit. in this election.
margin of error. sues…but I think Kansans want Mr. Schmidt has criticized While Mr. Schmidt has In Lawrence, a city of a lit- The election’s outcome
Kansas voters have shown a me to focus on the things I ac- Ms. Kelly for closing schools sought to tie Ms. Kelly to Mr. tle under 100,000 people that could depend on how many
willingness this year to move tually have control over.” at the start of the pandemic Biden, she has tried to connect is home to the University of votes go to Dennis Pyle, an in-
away from the right. In Au- She has emphasized eco- and for not cutting more taxes him to former Republican Gov. Kansas, restaurant-operations dependent state senator con-
gust, a proposed state consti- nomic-development projects, amid high inflation. In his ads, Sam Brownback, who left of- company manager Mike Mann sidered one of the most con-
tutional amendment to end school funding and an elimina- he pledges to support stricter fice in 2018 as one of the na- said he was voting for Mr. servative lawmakers in
protections for abortion rights tion of the state sales tax on security at the Mexican border tion’s least-popular governors. Schmidt because of the state Kansas. He garnered 3% sup-
lost 59% to 41%, a little over a food she signed in May after it and oppose what he calls the In Johnson County, the of the economy and because port in the Emerson poll and
month after the U.S. Supreme had passed the Republican- transgender agenda. state’s most populous county, he believed Ms. Kelly should could reduce support on the
Court overturned Roe v. Wade. controlled Legislature. He has campaigned with which includes the politically have lifted pandemic restric- right for Mr. Schmidt.

Musk Looks in that tweet on Tuesday, that

the cost would vary by country.
The Musk team has pro-
pricing, prompting Mr. Musk
to respond in a tweet with his
explanation why a cost was
since the company hasn’t re-
leased any numbers. Twitter,
which had about $2.2 billion
features they desire. Microsoft
Corp.’s LinkedIn offers pre-
mium membership services
viewed by the Journal. “At this
moment, we cannot confi-
dently state that Twitter is a

For Twitter posed a range of possible

prices. Jason Calacanis, a
longtime startup investor who
necessary and asking how the
author might feel about an $8
monthly fee. Mr. King later
in ad sales in the first six
months of the year, reported
$195 million in subscription
that can cost more than
$1,000 a year, though those
are mainly targeted at profes-
safe place for brands.”
A Twitter spokeswoman de-
clined to comment.

Revenue encouraged Mr. Musk’s initial

bid to buy Twitter, tweeted a
poll Sunday that asked users
how much they would pay to
Continued from Page One be verified by the app and get
is bullshit,” Mr. Musk tweeted. a blue check mark on their ac-
The Musk team’s proposals count. The poll options in-
have generated pushback from cluded: wouldn’t pay, $5 a
some users, prompting Mr. month, $10 a month and $15 a
Musk to tweet late Monday: month.
“We need to pay the bills Mr. Musk appeared to be
somehow! Twitter cannot rely intrigued by the idea, replying
entirely on advertisers.” to the post with the comment
Twitter currently offers a “interesting.” He had previ-
subscription called “Twitter ously said the verification pro-
Blue,” that lets users test new cess was being revamped.
features before they are re- As of Tuesday morning, 1.9
leased to all users. The sub- million Twitter users had
scription—which doesn’t in- voted in the weeklong poll.
clude blue-check verification “Wouldn’t pay” commanded a
at this time—charges $4.99 a big lead with more than 80%
month, giving Twitter Blue of the votes cast. The second
subscribers the ability to edit most popular option was $5 a
tweets 30 minutes after post- month, which garnered a little
ing them. over 10% of votes.
Hours later, Mr. Musk Author Stephen King on
tweeted “Power to the people! Monday spoke out on Twitter
Blue for $8/month.” He added, against some of the proposed
tweeted: “It ain’t the money,
it’s the principle of the thing.”
Mr. Musk said he would ex-
and other non-ad revenue over
the period.
In the Tuesday tweet
sional users. Twitter-rival
Snap Inc., which recently
launched a paid subscription
On Tuesday, a coalition of
more than 40 self-described
civil-society groups published
plain the reason and suggested thread, Mr. Musk said that option that gives users access an open letter to the 20
it had to do with defeating bot subscribers would get priority to new and exclusive features brands that spend the most on
accounts he has long said are in replies, mentions and for $3.99 a month, has also Twitter. The letter called on
a problem on the platform. gained a following. them to suspend their ad
Twitter currently has about Snap introduced the service spending if Mr. Musk “follows
423,700 verified users, accord- in June and it has grown to through on his plans to under-
ing to its own figures. If
‘We need to pay the more than 1.5 million sub- mine brand safety and com-
around 10% of currently veri- bills somehow!’ scribers. Features include cus- munity standards including
fied Twitter users paid $8 a tom app icons and a black star gutting content moderation.”
month, the company would
Elon Musk tweeted label to identify the Snapchat Twitter’s head of safety and
generate an additional $4.1 late Monday. user as a subscriber to the integrity, Yoel Roth, wrote in a
million in revenue a year. At paid service. series of Monday evening
the higher price point of $15 a Potentially adding urgency tweets that the company was
month that Mr. Calacanis also to such efforts at Twitter is focused on addressing what he
suggested in his poll, the same search, the ability to post long the concern among some ad- described as a surge in hateful
take-up rate would amount to video and audio and half as vertisers about how Twitter conduct on Twitter.
more than $7.5 million a year. many ads. The company also is might evolve under Mr. Musk, New revenue sources would
Twitter generated around $4.5 ending the ability of subscrib- a self-proclaimed free-speech help Twitter deal with stalled
billion in ad revenue last year. ers to access ad-free articles absolutist. revenue growth and swelling
The updated version of verifi- from publishers, The Wall “The current situation is debt under the takeover deal.
cation potentially could be Street Journal reported. unpredictable and chaotic, and Twitter sales edged up 1% in
open to all of Twitter’s more Rich Greenfield, an analyst bad actors and unsafe behav- the second quarter.
than 237 million users. at Lightshed Partners, said iors can thrive in such an envi- —Alyssa Lukpat
It is unclear how many peo- there is evidence users are ronment,” Interpublic wrote in and Alexandra Bruell
ple subscribe to Twitter Blue, willing to pay for social-media an email Monday that was contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Justices Turn Down Graham
BY JESS BRAVIN
WASHINGTON—The Su-
preme Court denied Sen. Lind-
sey Graham’s emergency plea
to avoid cooperation with a
Georgia grand jury investigat-
ing possible pro-Trump inter-
ference in the state’s 2020
vote count, but it reiterated
lower-court rulings that the
South Carolina Republican
could assert a privilege to de-
cline to answer specific ques-
tions he argues involve legis-
lative activity.
The Fulton County, Ga., dis-
trict attorney, Fani Willis, had
a special-purpose grand jury
convened to investigate al-
leged efforts to subvert Presi-
dent Biden’s victory by pres-
suring state officials to falsify
the outcome in Donald
Trump’s favor.
Among other matters, Ms.
Willis, a Democrat, is investi-
gating at least two phone calls
Mr. Graham made to Brad
Raffensperger, Georgia’s Re-
publican secretary of state
and chief elections official, af-
ter the November 2020 elec-
tion.
Former President Trump
also telephoned Mr. Raffen-
sperger, and in a taped Jan. 2,
2021, call told the state elec-
tions official that “I just want
to find 11,780 votes,” the
amount necessary to convert
defeat into victory. Mr. Gra-
ham, like Mr. Trump, denies
wrongdoing.
Mr. Graham has fought the
Yellowstone Road Offers Lifeline After Flood
BY JIM CARLTON
The communities north of
Yellowstone National Park that
were hurt by a significant
flood in June have a new life-
line to the park by way of an
1879 stagecoach line.
That flood, which federal
officials described as a once-
in-a-1,000-years event, caused
the Yellowstone River to over-
flow and destroy sections of
the park’s main highway en-
trance from the north. The
shut-off of visitors in commu-
nities along that route in Park
County, Mont., erased most of
their summer business.
On Sunday, a new highway
built on the former stage line
opened to the public. Known
as the Old Gardiner Road, it
previously consisted of a sin-
gle lane with few guard rails
and was used mainly by bicy-
clists and occasional four-
wheel drive vehicles.
The route, built with emer-
gency federal funding, had to
be widened and paved to high-
way specifications to accom-
modate the hundreds of thou-
sands of visitors each summer
who enter Yellowstone
through its historic Roosevelt
Arch, a stone landmark built
in Gardiner, Mont., in 1903.
Gardiner and other gateway
communities in Park County
no
(population 17,000) provide
hotels, restaurants and other
services for Yellowstone trav-
elers.
The new road is designed to
Cornhole
Gets a
Controversy
Continued from Page One
placed 27 feet apart.
With the cornhole world
watching live on ESPN, offi-
cials inspected the bags with
the solemnity required for
such a grave complaint. Then
they huddled near sponsor
banners for Johnsonville sau-
sage products and Bush’s
baked beans.
It was true—the bags
weren’t regulation size.
“They’re too small,” color
commentator Mark Pryor ex-
claimed to viewers. “That’s go-
ing to create some drama.”
Drama? That is only half of
it.
Messrs. Lopez and Richards
asked officials to check their
opponents’ bags, too. Turns
out, they weren’t compliant,
either.
This now infamous incident
is known to fans as BagGate
and it has sparked a frenzy in
the game that started in the
backyard, enjoyed between
swigs of beer.
New regulations are brew-
ing and there is talk of a
* * * *
Sen. Lindsey Graham (R., S.C.) made at least two phone calls to
Georgia’s top elections official.
grand jury from the outset,
claiming he is shielded from
cooperation by the Constitu-
tion’s Speech or Debate
Clause, which conveys a privi-
lege to lawmakers against ar-
rest or questioning on matters
regarding their legislative
acts, except in cases of “Trea-
son, Felony and Breach of the
Peace.”
Lower courts acknowledged
that some of Mr. Graham’s
postelection inquiries poten-
tially could relate to his legis-
lative role as chairman of the
Senate Judiciary Committee,
which he held in the previous
Republican-majority Senate.
But they concluded that his
claim for blanket immunity
from cooperation with law en-
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
A new highway built on a former stagecoach line to Yellowstone National Park just opened to the public.
allow as many as 3,000 vehi-
cles a day through the north
entrance, helping to restore
$236 million in estimated an-
nual spending by visitors to
Park County.
Local businesses lost as
much as 90% of their revenue
after the flooding, as few tour-
ists had a reason to come to
n-
the area, said Bill Berg, a com-
missioner in Park County.
Mr. Berg praised federal of-
ficials for creating a highway
essentially from scratch. “I
would say it’s nothing short of
heroic what they have done,”
he said of the speed at which
the federal government built
crackdown to root out iffy
bags. The evolving sport is
proving it’s never just fun and
games when money is tossed
in the mix.
“I think it’s funny that any-
one believed it would be all
friendships and rose petals
forever in cornhole,” wrote
one commenter on the Ad-
dicted to Cornhole Facebook
page, which has 85,000 mem-
bers. “Now the dirty under-
belly is being exposed.”
Cornhole is growing
quickly, with big-name spon-
sors and serious athletes. The
ACL boasts about 155,000
members, up from 125,000 in
2021. The total number of
events tops 22,000, from
about 14,000 last year. Top
ACL players can make up to
$250,000 a year from win-
nings, endorsements and
sponsorship deals.
Since a lighter, thinner bag
could provide an advantage,
some players are boiling bags
or washing them with vinegar
to try to make them more pli-
able and slick. Others are
bringing out the sandpaper,
hammers and rubber mallets.
“You have the average play-
ers that try everything to
make the bag do different
things,” says Nate Voyer, a
cornhole professional who
prefers to wash his bag with a
little fabric softener and let it
air dry.
Wednesday, November 2, 2022 | A5
U.S. NEWS
Access to Trump’s
nity,” Mr. Graham’s office said
in a statement on Tuesday.
Ms. Willis’s office didn’t re-
Taxes Is Blocked
spond to a request for com- BY JESS BRAVIN followed by every major-party
ment. AND RICHARD RUBIN presidential nominee since 1976
The special grand jury and resumed by President Bi-
doesn’t have the authority to WASHINGTON—Chief Justice den. After Democrats took the
return an indictment, but it John Roberts temporarily House majority in 2018, the
could make recommendations blocked a House committee from Ways and Means Committee re-
regarding criminal prosecu- obtaining Donald Trump’s tax re- quested the records under a
tion, Ms. Willis has said. turns, issuing an administrative statute allowing its chairman to
There is dispute over what order Tuesday suggesting the obtain such records.
Mr. Graham sought from Geor- Supreme Court won’t act on the Under the tax code, the
gia election officials. former president’s emergency Treasury Department is re-
TOM BRENNER/REUTERS
Mr. Raffensperger and his plea to shield his finances from quired to provide the commit-
aide Gabriel Sterling said congressional investigators until tee chairman with any tax-
“Senator Graham brought up after next week’s midterm elec- payer’s returns upon request.
Georgia’s signature verifica- tions. But Mr. Trump and the Trea-
tion process on the call in or- Tuesday’s order gives the sury Department under his ad-
der to explore the viability of House Ways and Means Com- ministration argued that the
a ‘potential court challenge’ or mittee until noon on Nov. 10 to committee didn’t have a legiti-
ways to ‘help defend’ Presi- file its response, after which mate legislative need for the in-
dent Donald Trump,” accord- the chief justice or the full formation, triggering years of
forcement went too far. In Oc- ing to the district attorney’s court could act on Mr. Trump’s litigation.
tober, Mr. Graham brought an court filings. request. Lower courts generally have
emergency claim to the Su- In his brief, Mr. Graham, That time schedule effec- sided with the House commit-
preme Court, aiming to stymie represented by former Trump tively postpones the handover of tee, and last week the full U.S.
the grand jury from taking his White House counsel Donald tax records from the Internal Court of Appeals for the Dis-
testimony as scheduled on McGahn, said that the senator Revenue Service to the commit- trict of Columbia Circuit re-
Nov. 17. was on a fact-finding mission tee following a lower court’s de- fused Mr. Trump’s request to
The Supreme Court, in an before ultimately casting his cision. Mr. Trump’s lawyers said review a three-judge panel de-
unsigned order, found no jus- vote to certify Mr. Biden’s that action was expected Thurs- cision requiring that the re-
tification for Mr. Graham’s re- election at a special session of day if the Supreme Court didn’t cords be turned over.
quest for blanket immunity Congress on Jan. 6, 2021. do anything. Tuesday’s order from Chief
and said the senator could re- “Senator Graham’s phone The Ways and Means Com- Justice Roberts, who handles
turn to district court “should calls—investigating facts and mittee will file a timely re- such requests from the D.C. Cir-
disputes arise regarding the allegations before his certainly sponse, said Dylan Peachey, cuit, doesn’t necessarily foretell
application of the Speech or impending Electoral Count Act spokeswoman for Chairman the court’s decision on the is-
Debate Clause immunity to vote and exercising his over- Richard Neal (D., Mass.), who sue, but it does suggest it won’t
specific questions.” sight responsibilities as then- she said “looks forward to the come until after the midterm
“The Senator’s legal team Chair of the Senate Judiciary Supreme Court’s expeditious elections on Nov. 8.
intends to engage with the Committee—readily qualify as consideration.” Mr. Trump’s lawyers say the
.
District Attorney’s office on constitutionally protected Mr. Trump never delivered committee should be blocked
next steps to ensure respect ‘Speech or Debate,’ ” Mr. Mc- on his 2016 campaign pledge to from obtaining the records while
ly
for this constitutional immu- Gahn’s brief said. release his tax returns, a custom he pursues further legal appeals.
Pennsylvania
another flood-damaged high- Court Puts
way that goes into Yellow-
Curb on
stone from the northeast side
of the park. It reopened on
Oct. 15.
The former main route ran Accepting
along the Yellowstone River,
which burst out of its banks
during the flood and took big
Mail Votes
chunks of the highway with it.
Yellowstone managers deter- BY LAURA KUSISTO
mined that rebuilding under
JANIE OSBORNE FOR THE WALL STREET JOURNAL
the same high cliffs it had run Pennsylvania’s highest
through might prove too pre- court on Tuesday ordered
carious and that it could take election officials to disallow
years to permanently re-con- mail-in ballots if voters ne-
tour the road. glect to put the correct date
So they turned to a tempo- on the envelope, which could
rary solution: improving the affect thousands of ballots in
unmaintained Old Gardiner the hotly contested state.
Road that ran over higher The Pennsylvania Supreme
ground between Gardiner and Court cited state law in a two-
park headquarters. “We are page order requiring local
really fortunate that the road counties “to refrain from
was there,” said Yellowstone counting any absentee and
Superintendent Cam Sholly. mail-in ballots” with undated
the new road. “It’s a lifeline ing on the road. They paid “We wouldn’t have had as or incorrectly dated enve-
economically and culturally.” $500 a month, compared with good an alternative.” Mr. lopes. The court ordered that
Many hotels and restau- the normal rate of $175 a night Sholly said officials are work- such ballots be set aside and
rants, however, make most of during the peak season. ing on a more permanent solu- preserved.
their money during the sum- “It’s going to take us a cou- tion for visitor access from the The court’s six justices,
mer tourist season that re- ple of years to rebuild from north. however, said they were split
cently ended. “Unfortunately, this one,” she said. Like the one it is replacing, on whether excluding such
for most of us, the road re- Three of the five entrances the new four-mile road pro- ballots violates a provision of
opening is too late this year,” to Yellowstone have remained vides access from the north to federal voting law that says
said Chelsea DeWeese, who open. Mammoth Hot Springs, home ballots shouldn’t be disquali-
helps run her family’s Yellow- The total number of visitors to Yellowstone headquarters fied for trivial errors that are
stone River Motel in Gardiner, to Yellowstone through Sep- and the routes to popular at- immaterial to determining
population 900. tember was down 32% from tractions such as the Old whether a voter is eligible.
Occupancy rates at the 38- last year, at three million, ac- Faithful geyser. Three of the court’s justices
room inn went from 90% pre- cording to the National Park Mr. Sholly said challenges who were elected as Demo-
flood to less than 15% in July Service. included widening the road to crats said they believed the
and August, Ms. DeWeese said. The new road is part of a two lanes and straightening exclusion violated federal law,
Many of the people who $60 million federal project curves to accommodate big while one justice elected as a
stayed were contractors work- that also includes repairs to vehicles. Democrat and two who were
elected as Republicans said
they believed it didn’t. The re-
violations had taken place and
opted to continue the contest.
Was there cheating? “It’s pos-
the Original and Official Gov-
erning Body of Cornhole, Pres-
ident Eric Marvin compares
cent chief justice of the Penn-
sylvania Supreme Court died
this fall, creating a short-
sible, but I’m pretty confident
that it wasn’t intentional,”
says ACL spokesman Trey
cornhole’s growth to that of
pickleball. That sport was a
sleeping giant until leaders
handed court with an even
number of justices. The court
said it would issue full written
Ryder.
It absolutely wasn’t cheat-
ing, the players say. Mr. Har-
took it mainstream, he says.
The ACA says it expects to
release new team rules and
opinions later.
The ruling came in a case
brought by state and national
baugh says he doesn’t know regulations for the game by Republicans.
how his team’s bags shrunk the end of the year. “You’re “This is a milestone in Re-
AMERICAN CORNHOLE LEAGUE
below the legal limit. “Hon- going to see some big shifts publicans’ ongoing efforts to
estly it could be anything,” he and movements in the infra- make it easier to vote and
says. “Definitely uninten- structure of the sport,” Mr. harder to cheat in Pennsylva-
tional.” Marvin says. “This is when nia and nationwide,” Republi-
On the other side, Mr. Lo- sports evolve.” can National Committee Chair-
pez says, “I don’t know how Cornhole professional Jay woman Ronna McDaniel said.
they became illegal-sized. We Corley, from Virginia, says the A spokeswoman for Penn-
did not boil the bags.” sport’s rapid growth points to sylvania’s Acting Secretary of
Mark Richards tosses a bag The ACL is now introducing one thing: “I think we’re going the Commonwealth Leigh
during this year’s American more structure into the sport. to have to go to having a ref- Chapman said voters “should
Cornhole League World “We’ve really had to crack eree just like any other sport.” carefully follow all instruc-
Championships. down to make sure that all Mr. Corley, once an ama- tions on their mail ballot and
these bags are to spec,” says teur, now competes around his double-check before return-
He knows a player who lays Mr. Ryder. “Internally we’ve job in licensing at the Virginia ing it.”
plywood over his bag and had to invest more into our Department of Health. He The case has been one of
drives a car over it. That compliance.” studies the philosophies of fel- the most closely watched vot-
crosses into a gray area in Mr. He says the ACL upped the low athletes Michael Jordan ing-law battles heading into
Voyer’s view because it could rigor of testing for the types and Derek Jeter, and no longer the midterm elections. More
crush the resin beads into of bags that will be allowed in drinks when he plays. “I want than 1.4 million voters in
smaller pieces. Cornhole pros 2023 and rejected more bags to take care of my body as a Pennsylvania have applied to
are generally good people, he than ever for this coming sea- professional athlete,” he says. vote by mail or absentee ballot
adds, “but all it takes is one son. The organization also Mr. Voyer, another profes- this election. Experts on vot-
bad apple.” plans random bag checks at sional, left a school adminis- ing said the decision could af-
Cornhole bags, according to tournaments, he says, and is trator job to teach in Stockton, fect tight races, including the
ACL regulations, must be 6 by “exploring infrastructure for Calif. That gives him time to U.S. Senate contest between
6 inches when laid flat, and automated bag testing” to cut play the pro tour all summer, Democrat John Fetterman and
weigh 16 ounces—with slight down on guesswork. where he is sponsored by a lo- Republican Mehmet Oz, which
specified variations tolerated. “We believe we are taking a cal Mercedes dealer. could determine control of the
After a one-hour delay, offi- major step,” Mr. Ryder adds. “Now, I get money to play a chamber. Some 70% of mail-in
cials at the world champion- At the American Cornhole backyard game,” he says. “Are ballot requests as of Nov. 1
ships decided no intentional Association, which calls itself you kidding me?” were from Democrats.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Wednesday, November 2, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS U.S. WATCH

Democrats Push
Message on
Entitlements
BY ANDREW RESTUCCIA
AND LINDSAY WISE
WA S H I N G T O N — D e m o -
crats are pushing an economic
message in an 11th-hour pitch
to older voters in next week’s
elections: Republicans will
put entitlements at risk if
they take control of Congress.
President Biden made that
argument Tuesday outside
Fort Lauderdale, Fla., describ-
those who retire early and
earn above a certain limit.
The group said its plan would
cut spending by $16.6 trillion
over 10 years.
At campaign events across
the country and in official
speeches at the White House,
Mr. Biden has said that Re-
publicans’ ideas would under-
mine the programs.
“These are more than gov-
ernment programs,” he said

ANDREW HARNIK/ASSOCIATED PRESS

ing the programs as under
siege by the GOP. Republi-
cans in the House and the
Senate have called for a range
of changes to Medicare and
Social Security, which they
say would ensure the pro-
grams’ future and curb fed-
eral spending.
Social Security and
Medicare face long-
term financial
challenges.
House Minority Leader
Kevin McCarthy (R., Calif.)
at the Florida event. “They’re
a promise.”
Mr. Biden’s approval rat-
ings have been hampered by
inflation and voters’ views of
the economy ahead of the
midterms. Democrats have
run on protecting and ex-
panding government health-
care programs for years, and RESPECT: White House staff observe Día de los Muertos, or Day of the Dead, honoring the lives of loved ones, in the Palm Room Tuesday.
they have frequently warned
that Republicans would HEALTHCARE WASHINGTON, D.C. HOUSTON CHICAGO
threaten Social Security and
Medicare. RSV Vaccine Shown ACA Sign-Up Begins, Rapper Takeoff of Up to 14 People Hit
Social Security and Medi- To Protect Infants More Aid Available Migos Shot to Death In Drive-By Shooting
care face long-term financial
challenges as the population An experimental vaccine from The open enrollment period The rapper known as Takeoff, As many as 14 people on a
ages and begins tapping the Pfizer Inc. significantly reduced that began Tuesday under the part of the Georgia-based hip- street corner were shot and
programs, while a compara- the risk of infants developing se- Affordable Care Act is likely to hop trio Migos, was killed in an wounded Monday night when a
tively smaller share of the vere cases of a respiratory virus see a brisk pace of sign-ups, overnight shooting at a Houston car pulled up and fired randomly
population will be working that kills hundreds of children public-health officials say, with bowling alley, Houston authori- into the crowd, authorities said.
and paying in. each year, according to the com- consumers getting more federal ties said. Chicago Police Department

.
said in a platform he released Social Security’s reserves, pany. financial help to buffer them Takeoff, whose name was Superintendent David O. Brown
in September that House Re- which pay for retiree and dis- Among mothers who received from higher premiums next year. Kirsnick Khari Ball, was 28 years

publicans would “save and
strengthen Social Security
and Medicare” without giving
details. He separately indi-
cated in the past month that
his party could demand policy
changes in exchange for rais-
ing the federal debt ceiling,
ability benefits, are projected
to be depleted in 2035, ac-
cording to a government re-
port this year. Once Social Se-
curity’s reserves run out,
revenue will pay for roughly
80% of scheduled benefits, ac-
on
cording to the report, unless
us ,
the vaccine for the respiratory
syncytial virus, their infants had
an 81.8% lower risk of develop-
ing severe lower respiratory
tract infections requiring medical
attention within three months of
birth than infants whose moth-
ers received a placebo, Pfizer
The enrollment season in the
33 states that rely on the fed-
eral marketplace HealthCare.gov
will run from Nov. 1 through Jan.
15, while sign-up periods vary in
states that run their own ex-
changes.
Consumers must enroll by
ly
old. Migos was nominated for
best rap performance and best
rap album at the 2018 Grammys
and has been one of the most
commercially successful rap
groups of recent years. No ar-
rests have been announced. The
shooting occurred at about 2:30
said the drive-by shooting lasted
three seconds on the city’s West
Side. At least two shooters in an
SUV took aim at the intersec-
tion of California Avenue and
Polk Street, he said.
Among the victims were
three children in serious condi-
tion: an 11-year-old girl, a 13-

but he wouldn’t predict Congress steps in. A parallel said Tuesday. midnight on Dec. 15 for cover- a.m. Tuesday, after a private year-old boy and a 3-year-old
l

whether Republicans might report on Medicare found that Within the first six months of age that starts Jan. 1 on the party at 810 Billiards and Bowl- boy who was shot in both legs,
e
al a

seek cuts to government ben- reserves for its hospital insur- life, the risk was reduced by federal exchange, where people ing in the city’s downtown. police said.
efit programs. ance fund are forecast to run 69.4%, according to the com- can go to obtain coverage and The three members of Migos None of the victims had died,
The Republican Study Com- out in 2028. pany, which reported the results learn about eligibility for subsi- were family members who grew and they were all taken to hos-
ci on

mittee, a group of more than
160 GOP House members, re-
leased a budget proposal this
summer that called for raising
eligibility ages for both pro-
Mr. Biden’s political advis-
ers believe criticizing Repub-
licans for aiming to revamp
the retirement and healthcare
programs will resonate with
er s
in a press release and said it in-
tends to submit them for publi-
cation in a peer-reviewed scien-
tific journal. The RSV shot didn’t
reduce the risk of nonsevere
dies. Enrollment in ACA plans
has surged under President Bi-
den.
The administration and con-
gressional Democrats have
up together in suburban Atlanta,
according to a Rolling Stone pro-
file. Quavo, the group’s leader,
was Takeoff’s uncle, who hosted
the group’s early sessions in the
pitals in conditions ranging from
critical to non-life-threatening,
Mr. Brown said at a news brief-
ing. One woman was shot in the
head and was in critical condi-

grams, means-testing for older voters, who tend to vote cases by a statistically signifi- taken a number of steps to ex- basement of his mother’s house, tion, while the rest were shot in
Medicare, and withholding in larger numbers than young cant amount. pand eligibility and subsidies. it said. the leg or torso, police said.
m er

Social Security payments to people. —Joseph Walker —Stephanie Armour —Elizabeth Findell —Alyssa Lukpat
m rp

RISE?
co Fo

RECOVER?
RECESSION?
n-

Complexity deserves clarity.

no

wsj.com/midterms

© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ9140
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Bolsonaro Says He Will Leave Office
Brazil’s president
vows to respect the
constitution after he
lost Sunday’s election
BY SAMANTHA PEARSON
AND LUCIANA MAGALHAES
SÃO PAULO—Brazil’s Presi-
dent Jair Bolsonaro on Tues-
day vowed to respect the con-
stitution after he lost the
presidential election to Luiz
Inácio Lula da Silva, ending a
tense silence of 45 hours in
which he had refused to ac-
knowledge the results even as
his allies urged him to do so.
Mr. Bolsonaro didn’t com-
ment on his loss in Sunday’s
runoff vote during a news con-
ference in Brasília. His chief of
staff, Ciro Nogueira, told report-
ers the president authorized
him to begin the transition pro-
cess that would end with Mr. da
Silva’s inauguration on Jan. 1.
Mr. Bolsonaro thanked the
more than 58 million people
who voted for him, saying that
protests by truckers across the
country Tuesday in support of
his government were the re-
sult of “indignation and feel-
ings of injustice over the elec-
toral process.”
“I will continue complying
with the orders of the constitu-
tion—it’s an honor to be the
leader of millions of Brazilians
who, like myself, believe in eco-
nomic freedom, religious free-
Denmark’s Prime Minister Is Poised for Re-Election
BY SUNE ENGEL RASMUSSEN
C O P E N H AG E N — D a n i s h
Prime Minister Mette Freder-
iksen looked poised to win re-
election by a razor-thin mar-
gin Tuesday in an election
dominated by a cost-of-living
crunch and a disruption in gas
supplies from Russia.
The government was al-
ready under fire for its order
to cull millions of mink during
the Covid-19 pandemic.
Exit Polls Indicate Netanyahu
Holds Slim Edge in Israeli Vote
BY DOV LIEBER
AND AARON BOXERMAN
TEL AVIV—Former Israeli
Prime Minister Benjamin Netan-
yahu was holding onto an edge
over his rivals in exit polls for
Israel’s fifth election in four
years, but the projections
showed his lead as marginal and
the outcome could change as
more votes are tallied.
According to figures from
an exit poll by Israel’s public
RONEN ZVULUN/REUTERS
broadcaster Kan, updated
slightly before 1 a.m. Wednes-
day Israel time, Mr. Netan-
no
yahu’s Likud party was pro-
jected to win 30 seats in
Israel’s parliament, or Knesset.
His bloc of right-wing and reli-
gious allies was projected to
win 62 seats out of the 120-
seat Knesset.
That gives him an advan-
tage over Israel’s current cen-
trist prime minister, Yair
Lapid, who has vowed to form
a government without Mr. Ne-
tanyahu and whose Yesh Atid
party was projected to have
won 23 seats, according to
Kan. Mr. Lapid’s bloc was pro-
jected to win 54 seats, accord-
ing to the latest exit poll.
About 71.3% of eligible vot-
ers headed to the ballot box,
the highest tally since 2015, ac-
cording to Israel’s Central Elec-
tions Committee.
Mr. Netanyahu has promised
voters he would form what
would be the country’s most
right-wing and religious coali-
tion in its history. It would in-
clude an alliance of far-right
and religious lawmakers pro-
posing tough measures to quell
Palestinian unrest in the West
Bank and pass legislation to
weaken Israel’s judiciary. The
joint leader of that alliance is
far-right lawmaker Itamar Ben-
Gvir, whose Religious Zionism
party received 15 seats, accord-
ing to Kan, making it the third-
largest party in the Knesset.
Mr. Netanyahu has vowed to
make Mr. Ben-Gvir a minister if
he forms a government. Mr.
Ben-Gvir is requesting control
of the public-security ministry,
which would give him control
of the country’s police force.
Mr. Ben-Gvir, who was con-
victed in 2007 of incitement to
* * * *
President Jair Bolsonaro thanked the more than 58 million people who voted for him at a news conference on Tuesday in Brasília.
dom, free speech, honesty and
the green and yellow colors of
our national flag,” he said.
Mr. Bolsonaro has spent
much of the past few years rais-
ing allegations of fraud in Bra-
zil’s electronic-voting system
and warned that this year’s elec-
tion could be stolen from him,
without presenting evidence.
The 67-year-old former army
on
Ms. Frederiksen’s Social
us ,
Democrats won 27.5% of the
l
vote, making it by far the larg-
e
al a
est of the 14 parties on the
ballot. The center-left coali-
tion backing her had gained 87
ci on
of the 90 mandates needed to
win a majority after all the
votes had been counted in
Denmark proper.
The result depended on the
er s
four seats allocated to the
Faroe Islands and Greenland,
m er
which were expected to hand
m rp
co Fo
n-
An Israeli woman votes in a Jewish West Bank settlement.
racism and supporting a terror-
ist organization, was best known
in Israel for defending Israelis
accused of violent attacks
against Palestinians in court, be-
fore rising to prominence over
the past year on a law-and-order
campaign. He has told voters he
hopes to make Israelis safer by
deporting people who he be-
lieves undermine the Jewish
state, executing terrorists and
giving immunity to Israeli troops
and police who shoot and kill Ar-
abs who are seen holding stones
or Molotov cocktails before they
throw them.
Israelis are split on
whether the former
premier should
return to power.
At Mr. Ben-Gvir’s election-
night party in Jerusalem, ac-
tivists enthusiastically cheered
the exit-poll results.
“It feels like Independence
Day,” said Alon Hazon, 47
years old, from Holon in cen-
tral Israel. “We’re ready to
take our country back.”
Arab citizens of Israel have
expressed fear over Mr. Ben-
Gvir. Riham Abu Nar, 19, who
works at a kindergarten in
Jaffa, said she was voting for
the Arab-led Hadash-Ta’al
party to prevent Mr. Ben-Gvir
WORLD NEWS
captain lost the election to Mr.
da Silva, a leftist former presi-
dent, in the closest presidential
race in Brazil’s history. In the fi-
nal tally, Mr. da Silva, a 77-year-
old former trade-union leader
who served two terms as presi-
dent ending in 2010, garnered
50.9% of the vote, 2.1 million
more votes than Mr. Bolsonaro,
who got 49.1%, according to the
three of their four seats to the
center-left bloc. The last votes
were expected early in the
morning local time.
“It looks like the green ma-
jority Denmark got in the last
election remains intact,” Ms.
Frederiksen told supporters in
a late-night speech in Parlia-
ment promising to accelerate
Danish initiatives against cli-
mate change.
The win came as a surprise,
as Ms. Frederiksen’s coalition
from gaining power.
“Itamar is really racist,” said
Ms. Abu Nar, who is an Arab
citizen of Israel. “He’s obsessed
with Arabs. Our lives will be in
danger if he’s in government.”
Mr. Ben-Gvir has denied he
is a racist.
The Islamist Ra’am party,
which broke a taboo to join the
previous government, received
five seats in the Kan poll, while
the Arab-led alliance of Ha-
dash-Ta’al received four seats.
Mr. Netanyahu’s apparent
parliamentary majority could
be lost if the Palestinian na-
tionalist Balad party crosses
the electoral threshold of 3.25%
of the total vote. According to
Kan’s exit poll, Balad has 3.1%
of the total vote.
Israelis remain split over
whether Mr. Netanyahu—who
was the nation’s longest-serv-
ing prime minister and was
ousted last year—should re-
turn to power. He is beloved by
a large number of Israelis,
many of whom refer to him as
“the King of Israel.” But he has
been unable to lead his Likud
party to a decisive victory
since 2015, as Israelis on both
the right and the left remain
torn over whether he should
serve as prime minister while
on trial for corruption.
“Our previous good and
strong governments were led
by Bibi,” said Likud voter Avi-
gayil Neuman, 28, from Jerusa-
lem, referring to Mr. Netan-
yahu by his nickname.
Wednesday, November 2, 2022 | A7
country who blocked major
highways in a show of support
for the president.
As of midday Tuesday,
truckers had erected more
than 200 blockades across
Brazil, the federal traffic police
said, including at São Paulo’s
international airport, where
flights were canceled after the
main access road was blocked.
The authorities said they had
cleared hundreds of others.
Riot police were deployed
across several states, firing
rubber bullets and tear gas, to
disperse crowds of people who
joined the truckers, some of
whom had been calling for the
return of Brazil’s 1964-85 dic-
tatorship, under which Mr.
Bolsonaro served in the army.
The protests brought back
memories of a 2018 truckers
ADRIANO MACHADO/REUTERS
strike over diesel prices that
led to shortages of food and
medicine across Latin Amer-
ica’s biggest country, which is
heavily dependent on trans-
porting goods on long-haul rigs.
Truckers are largely loyal to
the president after he offered a
flurry of perks and payouts to
country’s electoral court. of São Paulo state, Rodrigo them during his administration
Though Mr. Bolsonaro Garcia, became one of the lat- to offset higher fuel prices.
pledged shortly before the Oct. est to call for the president to “The truckers out there
2 first round of voting that he concede. “The elections are want to show they that don’t
would only accept the outcome over, we live in a democratic back Lula…they have doubts
if the vote was clean, promi- country,” he told reporters. that it was a fair result,” said
nent allies quickly recognized Mr. Bolsonaro’s short Edson Elias Celestino, head of
the result after electoral au- speech came as politicians a truckers association in Cu-
.
thorities counted the more called on him to acknowledge batão, an industrial city on the
than 120 million ballots Sunday. the outcome to help tame pro- highway from São Paulo to
ly
On Tuesday, the governor tests by truckers across the Santos.
fended off opposition from The move toward the center off the assumption that Russia
several new parties challeng- by many of the 14 political was behind the blasts. Moscow
ing the traditional power bro- parties on the ballot is accen- has denied responsibility.
kers with calls for a new cen- tuated by a broad consensus Among the new parties en-
trist coalition that would on foreign and security policy, tering Parliament is former
break with the left-wing and driven by Russia’s invasion of Prime Minister Lars Løkke
right-wing blocs that have Ukraine and the recent explo- Rasmussen’s recently formed
dominated for decades. sions that damaged the Nord center-right party, the Moder-
Ms. Frederiksen herself Stream pipelines off Den- ates, which came in third with
proposed forming a centrist mark’s coast. Investigators 9.3% of the vote.
government, under her leader- have concluded they were A new far-right party, the
ship, and said she would dis- most likely the result of sabo- Denmark Democrats, entered
solve the current government tage, with some German offi- Parliament with 8.1% of the
to enter into such talks. cials saying they are working ballot.
appendix letter from the AGL to explain its exceptional qualities. In
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Wednesday, November 2, 2022 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Saudis Warn Iran Poised to Attack High Oil

Prices Lift
Officials say Tehran legedly violating Iran’s strict

aims to strike the

kingdom and Erbil in
rules on how women dress in
public. More than 200 have been
killed and over 1,000 arrested in
Aramco
Iraq; U.S. on high alert
the government’s response to
demonstrations that began as a
defiant call for women’s rights
Profit 39%
BY DION NISSENBAUM and have transformed into a BY SUMMER SAID
movement demanding the AND NIKHIL LOHADE
Saudi Arabia has shared in- downfall of the Islamic Republic.
telligence with the U.S. warn- As the unrest spread, Iranian Saudi Arabia’s national oil
ing of an imminent attack from officials have blamed Iran’s company posted a 39% jump in
Iran on targets in the kingdom, foes for inciting the unrest. quarterly profit on Tuesday, as
putting the American military Such unsupported claims are a high oil prices boosted earn-
and others in the Middle East familiar tactic for the regime, ings that help the kingdom

AGENCE FRANCE-PRESSE/GETTY IMAGES

on an elevated alert level, said which has blamed Iran’s adver- pay for an ambitious economic
Saudi and U.S. officials. saries during previous domes- transformation plan at home
In response to the warning, tic protests against the regime. and expand its diplomatic in-
Saudi Arabia, the U.S. and sev- The U.S. and Saudi Arabia fluence in the region.
eral neighboring states have accused Iran of carrying out a Aramco, officially named
raised the alert level for their drone and missile attack on the Saudi Arabian Oil Co., said its
military, the officials said. kingdom in 2019 that targeted net income amounted to
They didn’t provide more de- the country’s oil industry. Iran $42.43 billion in the three
tails on the Saudi intelligence. denied carrying out the attack. months ending in September,
Saudi officials said Iran is The latest threat to Saudi up from $30.43 billion in the
poised to carry out attacks on A grab from a video reportedly shows protesters fleeing projectiles at the University of North Tehran. Arabia comes amid strained same period a year earlier,
both the kingdom and Erbil, ties between the Biden admin- driven by higher crude-oil
Iraq, in an effort to distract partners in the region.” commander of Iran’s Islamic involved in this matter and istration and Riyadh over the prices and volumes sold.
attention from domestic pro- Iran has attacked northern Revolutionary Guard Corps know that you are vulnerable.” kingdom’s recent moves on oil The third-quarter profit
tests that have roiled the Iraq with dozens of ballistic publicly warned Saudi Arabia Iran’s state news agency production. The Saudi-led was lower than what the oil
country since September. missiles and armed drones to rein in coverage of the pro- IRNA called Iran International OPEC+ decided to cut oil pro- company made in the previous
The White House National since late September, one of tests in Iran by Farsi-language “a network formed by Saudi duction last month, raising quarter, when it reported its
Security Council said it was which was shot down by a U.S. satellite news channels, in- Arabia in 2017 in London” that crude prices at a time of high highest quarterly net income
concerned about the warnings warplane as it headed toward cluding Iran International, a “adopts a completely anti-Iran inflation and just before the since it started trading its
and ready to respond if Iran the city of Erbil, where Ameri- Saudi-backed satellite televi- approach.” The channel has U.S. midterm elections, despite shares on the Saudi stock ex-
carried out an attack. can troops are based. Tehran sion channel based in London used social media and its satel- U.S. pleas to hold off. change in 2019. Aramco said
“We are concerned about has publicly blamed what it popular with many Iranians. lite broadcasts to show videos The U.S. is unlikely to aban- the decrease in profit was be-
the threat picture, and we re- calls Iranian-Kurdish separat- “This is our last warning, of Iranian protests and the po- don Saudi Arabia as it would cause of lower oil prices com-
main in constant contact ist groups based there for fo- because you are interfering in lice crackdown since the wide- also risk Washington’s coun- pared with the second quarter
through military and intelli- menting the unrest at home. our internal affairs through spread unrest in Iran began. terterrorism operations, ef- and a decline in refining and
gence channels with the Sau- Iranian authorities have these media,” Maj. Gen. Hos- Authorities have struggled to forts to contain Iran and Is- chemicals margins.
dis,” said a National Security also publicly accused Saudi sein Salami said in remarks re- quell the unrest that has oc- rael’s deeper integration into “While global crude oil

.
Council spokesperson. “We Arabia, along with the U.S. and ported in state media at mili- curred almost daily since the the region. prices during this period were
will not hesitate to act in the Israel, of instigating the dem- tary drills in Iran’s East death on Sept. 16 of a young —Summer Said affected by continued economic

ly
defense of our interests and onstrations. Last month, the Azerbaijan province. “You are woman in police custody for al- contributed to this article. uncertainty, our long-term
view is that oil demand will
continue to grow for the rest of

U.A.E. on the decade,” Aramco Chief Ex-

ecutive Amin Nasser said.
The company is one of the

Opposed most valuable globally, briefly

taking the top spot in May. Its
us ,

performance has helped boost

l

Oil Cuts Saudi economic growth even

e
al a

as the U.S. and Europe worry

about recession.
The war in Ukraine and the
ci on

Continued from Page One resulting surge in energy

BANDAR AL-JALOUD/SAUDI ROYAL PALACE/AGENCE FRANCE-PRESSE/GETTY IMAGES

The divide between the Emi- prices have boosted pet-

ratis and Saudis, who have long rostates that just a few years
cooperated closely on energy ago were struggling with a de-
and security, is a sign of dis- pressed oil market and a
er s

comfort among some members world that was transitioning

of the Organization of the Pe- to cleaner fuels.
m er

troleum Exporting Countries The International Monetary

who worry the cut will damage Fund expects Saudi Arabia to
their own relations with the U.S. be one of the world’s fastest-
Sheikh Tahnoun’s trip also growing economies this year,
shows the rising ambition of the expanding by 7.6%, the quick-
m rp

U.A.E. as an oil producer that est growth in almost a decade.

can challenge the Saudis on pol- Saudi Arabia, the world’s
icy, if not always successfully. largest oil exporter, is using the
Saudi officials have said the money to boost its economy
production cut wasn’t political and jump-start development
co Fo

but was an economic necessity, projects proposed by Crown

not just for Saudi Arabia but Prince Mohammed bin Salman,
for the global energy market. who runs the kingdom’s day-to-
With the global economy day affairs for his father, King
sputtering over inflation and a Salman. Though the kingdom is
China slowdown, the An Emirati official tried to dissuade Saudi Crown Prince Mohammad bin Salman, above, from pushing an oil production cut. trying to diversify away from
Saudi energy minister, Prince oil by creating new industries
Abdulaziz bin Salman, said vate relations with U.S. rivals with Washington as a result. ergy minister, Prince Abdu- Dhabi has long pushed for a such as tourism, mining and
any delay in making the pro- like Russia and China. The Emi- In an effort to stave off a laziz, that warned oil could higher OPEC quota, only to be auto manufacturing, oil remains
duction cut would have been ratis also have moved more production cut and assuage fall below $50 a barrel, imper- rebuffed by the Saudis, OPEC the engine of the economy.
wasted time, citing his experi- quickly than the Saudis to Saudi fears of a sharp drop in iling the kingdom’s expansive delegates have said. While oil prices have cooled
ence in previous market patch up regional relationships petroleum prices, U.S. officials budget and an ambitious slate Last year, the country was since a peak in March following
crashes in 2008 and 2020. with Iran, Turkey and Syria. had told the Saudis they of economic overhauls aimed the lone holdout on a deal to Russia’s invasion of Ukraine,
n-

“When you forfeit that op- The two countries have also would buy oil on the market to at freeing the country from its boost crude output in OPEC+, they remain high. Brent crude,
portunity, you lose time, you become economic rivals in re- replenish Washington’s strate- dependence on oil revenue. saying it would agree only if the global oil benchmark, priced
lose chances,” Prince Abdulaziz cent years, as Prince Moham- gic stockpiles if the price of Saudi officials told their allowed to raise its production at an average of $70.86 a barrel
told a conference last week. med tries to lure more foreign Emirati and U.S. counterparts much more than other mem- last year and was at $41.96 a
no

As Western criticism of the companies away from the re- that they believed the oil mar- bers. The public standoff was year earlier. It last traded at
production cut mounted, and gion’s international finance ket could collapse if they the first sign the U.A.E. has $94.09 a barrel on Tuesday.
word that there was dissen- hub, Dubai, in the U.A.E., to Ri-
The ramifications didn’t act, people familiar with adopted a new strategy: Sell Aramco, majority-owned by
sion within OPEC, Saudi Ara- yadh and eventually to Neom, a of the dispute are the matter said. as much crude as possible be- the Saudi government, said it
bia pressed the U.A.E. and oth- futuristic city the Saudi crown This isn’t the first time the fore demand dries up. would pay its shareholders
ers to issue statements prince is building in the desert.
likely to play out U.A.E. has clashed with Saudi For years, the region’s oil- $18.8 billion as cash dividends
backing the production cut. The ramifications of the for months. Arabia over oil policies. Under producing governments have for the third quarter. Its free
The Emiratis publicly de- dispute are likely to play out OPEC’s complex quota system, said they aren’t worried about cash flow increased to a record
clared their support for the for months. The Biden admin- the U.A.E. is obligated to hold finding crude buyers far into $45 billion for the quarter, up
deal. But Emirati officials also istration is consulting with its crude production to no the future. The U.A.E., which from $28.7 billion in the same
have indicated to Washington U.S. lawmakers as it considers Brent, the main international more than 3.018 million bar- holds some of the world’s larg- quarter last year, it noted.
that they could supply the mar- what steps it should take to benchmark, fell to $75 a bar- rels a day. State-owned Abu est untapped crude reserves, is
ket with more crude, if needed. reshape its relationship with rel, according to U.A.E. and Dhabi National Oil Co., which breaking from that orthodoxy,
U.A.E. President Sheikh Mo- Saudi Arabia. U.S. officials and people inside produces the vast majority of people familiar with the strat- Watch a Video
hammed bin Zayed al Nahyan Saudi officials expressed the Saudi government. the U.A.E.’s output, has an egy said. The country wants to Scan this code
has tried to chart a less con- shock at the Biden administra- People inside the Saudi output capacity of 4.45 million pump and sell as much as it can for a video on a
frontational posture with the tion contention that they were government said Prince Mo- barrels a day and plans to ac- now, when demand and prices loophole letting
U.S. than his counterpart in Ri- siding with Moscow and vowed hammed was alarmed by an celerate its goal of reaching 5 are strong. Proceeds will help it Russian crude
yadh, even as both men culti- to reassess their relationship economic analysis from his en- million barrels by 2025. Abu wean its economy off oil. fuel U.S. cars.

Colombia, Venezuela Hold First Meeting in Six Years as Relations Thaw

BY KEJAL VYAS paign that unsuccessfully
sought to oust Venezuela’s au-
BOGOTÁ, Colombia—The thoritarian President Nicolás
leaders of Colombia and Vene- Maduro.
zuela met Tuesday for the first Colombian President Gus-
time in six years, the latest tavo Petro, a former guerrilla
sign of how new leftist gov- who once held close ties to
ernments in Latin America are Venezuela’s ruling socialist
breaking from a U.S.-led cam- party, traveled to Caracas to
have lunch with Mr. Maduro
and discuss bilateral trade. Mr.
Petro said he would also call
on Mr. Maduro to commit to
promoting democracy in the
region and ending political
persecution.
The meeting comes weeks
after the countries restored
diplomatic relations and re-
opened their border.
of economic sanctions. elect Luiz Inácio Lula da Silva, events in Caracas, especially
Venezuelan state television whose leftist government ear- for oil interests,” Mr. Torre-
called it a historic moment as lier in the 2000s had cozy ties alba said. “Today, Maduro’s re-
Messrs. Petro and Maduro, with Caracas. gime is a weakness for the
both dressed in white ceremo- “Imagine that, a summit continental left.”
nial shirts, smiled and walked with Petro, Lula, Maduro,” said Juan Guaidó, the Venezue-
side-by-side into the Mira- Diosdado Cabello, a senior lan congressional leader who
flores presidential palace. One leader in Venezuela’s socialist the U.S. recognizes as that
top Maduro aide called it a party. “That’s going to give country’s legitimate president,
“meeting of love.” hives to a lot of people.” said Mr. Petro’s visit “could
Mr. Petro’s visit is a nod to Venezuela was once a pillar dangerously normalize human

BIG DIAMONDS DIRECT Countries across the Ameri-

cas are considering how to
Mr. Maduro after Colombia
and dozens of other U.S. allies
of a so-called pink tide around
Latin America, but its reputa-
rights violations” in Venezuela.
In September, a United Na-

SAVE BIG SSS deal with Venezuela’s political

stalemate and economic col-
lapse that has led more than
Wholesale Dealer Pricing seven million Venezuelans to
leave the country during Mr.
Tiffany Quality Maduro’s tenure. The Biden
3-10ct GIA Certified administration says it is work-
ing to encourage negotiations
877-804-7400 between Mr. Maduro and the
opposition to set a timeline for
BigDiamondsDirect.com presidential elections, moving
away from a Trump-era policy
had deemed the leader illegiti-
mate for alleged election rig-
ging and dissolving congress.
tion has been soiled by allega-
tions of human rights abuses
and rampant corruption, as
tions committee said in a re-
port that it found ample evi-
dence that the Venezuelan
But now with friendlier gov- well as the demise of an oil- government committed grave
ernments in the region, Ma- rich economy that had once crimes against humanity to
duro allies see a possible eas- showered ideological allies in crush dissent, detailing how
ing of international pressure.
Mr. Maduro applauded Mr.
the region with cheap loans
and political contributions,
Mr. Maduro and his top aides
have been personally involved
Petro’s electoral victory in
June. On Sunday, many of his
said Venezuelan political activ-
ist Jesús Torrealba.
in ordering the arrests and
torture of their adversaries.
supporters also celebrated the
triumph of Brazilian President-
“The Latin American left
used to line up to come to
—Juan Forero
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, November 2, 2022 | A9

WORLD NEWS

Ukraine Races
To Restore
Power, Water
BY IAN LOVETT provide consumers with energy.”
AND GEORGI KANTCHEV The missile assault on Mon-

SERGEI SUPINSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES

Utility crews across Ukraine
were working to restore water
and electricity supplies after a
barrage of Russian missiles a
day earlier knocked out ser-
vice to hundreds of thousands
of people, while Russian au-
thorities expanded the move-
ment of civilians out of the
southern Kherson region.
Kyiv Mayor Vitali Klitschko
said the water supply in the city
was fully restored and the elec-
trical system was repaired, but
added that rolling blackouts
would continue Tuesday. Ukren-
ergo, Ukraine’s electricity-trans-
mission-system operator, said
power would be limited in seven
regions, including Kyiv and the
northeastern Kharkiv region.
The restrictions “are neces-
sary to reduce the load on the
networks” after the recent at-
tacks, Ukrenergo wrote on Tele-
gram. “This enables energy
companies to restore damaged
energy facilities as quickly as
possible, balance the system and
day was the latest Russian at-
tack on Ukraine’s energy sys-
tem, which has become the
Kremlin’s foremost target re-
cently. More than a third of
Ukraine’s power-generation ca-
pacity had been destroyed be-
fore Monday’s attack. Though
Ukrainian officials said 45 of
the 55 missiles Moscow
launched were shot down, the
country’s energy system has
continued to sustain damage.
Ukrainian President Volod-
ymyr Zelensky, in a meeting
Tuesday with European Com- The mayor of Kyiv on Tuesday said the electrical system in the Ukrainian capital has been repaired, but rolling blackouts would continue.
missioner for Energy Kadri
Simson in Ukraine, called on Putin said the Monday assault bilized 300,000 men, some of have been largely cut, and two could blow up the Kakhovka
the commission to help secure was in response to a drone whom are in training. weeks ago Russian-installed dam and flood the region. Mil-
assistance from EU member strike in Crimea on Saturday. Many of the mobilized sol- authorities in the region began itary analysts have said it is
states to restore Ukraine’s en- Russia’s Defense Ministry has diers have been deployed to moving civilians east across unlikely Ukraine would attack
ergy infrastructure. Ms. Sim- blamed that attack on Ukraine, the Kherson region, according the river into territory that the dam, a move that would
son said on Twitter that with the help of the U.K. to residents and military ana- Moscow more firmly controls. make reclaiming territory in
Ukraine needs equipment and Russian Defense Minister lysts. Ukrainian forces have On Monday, the Russian-in- the region more difficult.
tools to repair the damage, Sergei Shoigu said Tuesday been closing in on the city of stalled head of the Kherson re- Civilians relocated deeper
and that she assured Mr. Zel- that Russia sent 87,000 newly Kherson, the only regional gion, Volodymyr Saldo, an- into Russian-held territory
ensky that “we are reaching mobilized men to fight in capital that Moscow has nounced an expansion of the would receive a one-time pay-
out to partners to help with Ukraine, up from the 82,000 seized this year. Supply lines evacuation. The move was ment of 100,000 rubles, equiv-
the dedicated support needed.” figure he reported Friday. In into the city, which sits on the necessary, he said, because of alent to about $1,600, as well
Russian President Vladimir total, Moscow says it has mo- west bank of the Dnipro River, a threat that the Ukrainians as a housing stipend, he added.

.
Kyiv Defies Moscow’s Threat, Keeps Shipping Grain
ly
BY JARED MALSIN

ISTANBUL—Three more
ships carrying grain left Ukrai-
nian ports despite threats by
tempering global prices.
Russian President Vladimir
Putin said the pact was benefit-
ing Western buyers at the ex-
onthreatened to board ships that
pense of the developing world.
us ,
didn’t request permission from
Russia before leaving Ukraine.
So far, though, those threats
haven’t deterred shipowners. If
Russia’s threats could still rat-
tle shipowners, and their in-
surers, in the future. Some
shipping companies have al-
ready expressed concern about
Russia’s harsh rhetoric,” said
Ulrik Uhrenfeldt Andersen,
chief executive of Golden
Ocean Group Ltd., which
the grain corridor for armed at-
tacks, the Kremlin said. The U.N.
has said the Russian accusations
are false because no military
shipped grain cargoes in the vessels are allowed to approach

the Kremlin to stop such traf- Russian officials have com- voyages continue without inter- whether insurers will offer Black Sea before the war. the shipping lane, which is mon-
l

fic in the Black Sea. plained that Western promises ference from Russia, Moscow’s protection. A withdrawal of in- Turkish and U.N. officials itored by the U.N. and Turkey.
e
al a

Since Russia over the week- to buy Russian agricultural perceived leverage over global surance could stymie the trade. continued diplomatic efforts A U.N. spokeswoman for the
end pulled out of a deal to products as part of the deal have grain markets could wane. In So far, companies have been on Tuesday to try to bring Joint Coordination Center,
safeguard Ukrainian grain fallen short. Moscow said it de- the early days of the war, the able to insure ships and cargo Russia back into cooperating which monitors the grain deal,
ci on

shipments, Turkey and the
United Nations have worked
closely with Kyiv to keep a so-
called grain corridor, opened
in the summer, running
cided to pull out after attacks on
Russian-occupied Crimea.
Grain traders and U.N. offi-
cials feared that if Russia with-
drew from the deal, ships would
er s
West accused Russia of using
food as a weapon by bottling
up Ukrainian grain exports.
Grain prices rose Monday,
the first day of trading after
on the route, even if at higher
rates. Ships running cargo in
and out of Ukraine in recent
days likely would already have
prearranged coverage.
with the agreement, with Tur-
key’s President Recep Tayyip
Erdogan discussing the matter
with Mr. Putin.
During a call, Mr. Putin reit-
said Tuesday three vessels be-
gan their trip from Ukraine’s
ports toward a corridor
through which they transit to
international waters in the Black

smoothly. The deal has allowed stop coming, worried they could Russia suspended its participa- “Going forward, I think few erated Moscow’s reasons for Sea. Ukrainian, Turkish, and
millions of tons of Ukrainian be targeted by the Russian mili- tion in the deal. On Tuesday, owners would have the appe- suspending involvement in the U.N. officials agreed on the plan
m er

grain to reach world markets, tary. Late Monday, Moscow they were modestly lower. But tite to call [into] Ukraine with deal, accusing Ukraine of using and informed Russia, she said.
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Wednesday, November 2, 2022
Retreat
Exposes
Fault Lines
Continued from Page One
edged that many in Shevchen-
kove think his former
colleague did the right thing
by helping keep basic services
functioning through the occu-
pation. “Our people are split
about her,” he said. “Old ladies
here say they are thankful to
her, that she helped them and
fed them.”
Ukrainian forces came back
to Shevchenkove in Septem-
ber, as part of their rapid of-
fensive in the eastern Kharkiv
region. Now, like other towns
and villages in recently liber-
ated parts of Ukraine,
Shevchenkove is torn from
within by tensions between
those who escaped or opposed
the Russians—and those who
are viewed as having accom-
modated the enemy.
The delicate task of sorting
out one from the other falls on
investigators from the Secu-
rity Service of Ukraine, or
SBU, and the National Police,
who are collecting evidence in
recently retaken territories
and in large parts of the coun-
try that remain under Mos-
cow’s rule.
In Shevchenkove, a few citi-
zens tried to resist the occu-
pation, scribbling anti-Russian
graffiti on walls and passing
intelligence to Ukrainian
troops. Others enthusiastically
embraced the invaders, taking
government positions and
joining the Russian-created se-
curity forces. The majority in
Shevchenkove, as in other oc-
cupied areas, tried to survive.
As time went by, they were in-
creasingly forced to make
compromises with the occupi-
ers, accepting Russian human-
itarian aid, pensions or jobs.
Prison terms
At the outset of the war,
Ukraine sought to undermine
Russia’s hold over occupied ar-
eas with strict anti-collabora-
tion laws. Voluntarily joining
Russia’s education system on
occupied territories can be
punished with up to three
years’ imprisonment. Taking a
managerial role in the Rus-
sian-created administrations
can mean up to 10 years in
prison. Participation in Rus-
sian-created law-enforcement
and security structures can be
punished with up to 15 years
behind bars—life imprison-
ment if it caused the death of
a Ukrainian citizen.
Dozens of presumed collab-
orators have been gunned
down by unknown assailants
in occupied areas in recent
months, mostly in the south of
the country. Now that many of
the formerly Russian-occupied
areas are back under Kyiv’s
control here in the east, Ukrai-
nian authorities say they are
taking a measured approach.
“We don’t work like the
Russians. We don’t keep peo-
no
ple in torture chambers,” said
Serhiy Bolvinov, head of the
investigations department of
Ukraine’s National Police in
the Kharkiv region. “It’s not
enough that someone comes
to us and points a finger at
someone else to say, ‘This is a
collaborator.’ We need to in-
vestigate according to the law
and to look for solid evidence
that will stand up in court.”
In the first month since the
Ukrainian offensive reclaimed
occupied parts of Kharkiv, he
said, law-enforcement agen-
cies opened a total of 132
criminal investigations, with
21 people formally notified of
suspicions against them and
four others indicted and sent
to court.
An SBU investigator in
Kharkiv added that rounding
up everyone who collaborated
with the Russians one way or
another would be impossible
because of the sheer number
of people who broke the Ukrai-
nian law to survive. “In every
village here, they tell us that
everyone in their own village
resisted, but that the next vil-
lage over is full of collabora-
tors,” the investigator said.
While the Russian-ap-
pointed mayor and a few other
collaborators fled Shevchenk-
ove alongside Russian forces,
many others who worked in
the occupation administration
and education systems, such
as Ms. Sheluh, remain here,
free to roam the streets after
their initial questioning by
Ukrainian authorities.
Ms. Sheluh, a former radio
broadcaster who speaks flaw-
less literary Ukrainian in a
town where most speak either
Russian or a mixed dialect
known as surzhyk, once unsuc-
cessfully ran for the district
legislature on a pro-Western
list and showed no pro-Rus-
sian inclinations before the
war, according to villagers.
on
Interviewed in her home,
us ,
Ms. Sheluh said she never ac-
l
cepted pay from the occupiers
e
al a
and worked with the Russians
only because she sought to
help Shevchenkove’s people in
ci on
their darkest hour. “I was de-
fending the interests of our lo-
cal citizens,” she said. “Mostly
old people and children stayed
here, and they needed the
er s
baby formula, the diapers,”
she said.
m er
Some in Shevchenkove de-
fend her; others are furious,
demanding swift punishment
for Ms. Sheluh and anyone
else who helped the Russian
m rp
occupation machine. “Why are
our boys dying out there? Why
has my grandson not seen his
father for seven months? So
that we forgive all these peo-
co Fo
ple as if nothing had hap-
pened?” asked Olha Usyk, a
school director whose son-in-
law serves in the Ukrainian
military.
Reopening schools
Ms. Usyk was especially an-
gry that Ms. Sheluh ordered
schools to reopen under Rus-
sian authority. Russia has
sought to erase Ukrainian
n-
identity by teaching in Russian
and implementing that coun-
try’s curriculum, part of Mos-
cow’s plan to annex the con-
quered areas.
Speaking at an improvised
gathering on Shevchenkove’s
leafy main square, Ms. Usyk
and other educators com-
plained that the returning
Ukrainian authorities were
slow to weed out Russian col-
laborators. “What’s scary is
that, on the front line, it’s
clear who is the enemy. But
here, it’s murky, a real
swamp,” said Maria Danylova,
a teacher. “Everyone who col-
laborated with the Russians
here was making their own
choices. Nobody put guns to
their heads.”
In the first days of Russian
occupation, Shevchenkove—
named after Ukraine’s national
poet who spent a decade in
penal exile for his opposition
to Russian imperial rule—was
largely left alone.
Still, residents faced
wrenching decisions. Serhiy
Kovshar, a former police lieu-
tenant whose son was killed
fighting Russian proxies in the
Donbas region in 2015, quietly
removed a commemorative
plaque on his house. By May,
he had joined the new occupa-
tion police force, say local res-
idents who saw him at check-
points and on patrols.
At the community’s 73-bed
hospital, Russian soldiers ar-
rived with one of their men,
with an inflamed appendix,
and demanded at gunpoint
that doctors operate on him,
said Natalia Nesvoyeva, who
served as acting director.
Over the course of the oc-
cupation, more than 100 Rus-
sian soldiers ended up at the
Shevchenkove hospital, usually
FROM PAGE ONE
for conditions that weren’t
life-threatening, according to
Ms. Nesvoyeva. “They had
shot themselves in the foot, or
had hypertension crises after
an overdose of something, or
frostbite,” she said.
Ukrainian officials say that
providing urgent medical care
to Russian soldiers is pro-
tected under international hu-
manitarian law and thus isn’t
considered collaboration.
Meanwhile, Mayor Pryk-
hodko and other officials
worked on their own to secure
supplies, bake bread, and keep
basic services running.
On March 5, agitated Rus-
sian soldiers arrived at Mr.
Prykhodko’s office, he said. As
soldiers pointed guns at the
mayor, their commander de-
manded that he hand over
lists of locals who served in
the military, that he take down
the Ukrainian flag that still
flew over the municipality, and
that he write a letter to Vladi-
mir Putin welcoming the Rus-
sian takeover.
“I will throw a hand gre-
nade if you don’t,” the Russian
officer threatened. Mr. Pryk-
hodko, surrounded by some 15
staff members, decided the
threat was empty and stood
his ground. The Russians
ended up driving away and the
Ukrainian flag kept flying.
Initially, Russia’s presence
in Shevchenkove mostly con-
sisted of ill-equipped troops
from the Russian-controlled
statelets of Donbas. They de-
manded that Mr. Prykhodko
allocate them housing. When
he refused, he said, they set-
tled in vacant homes and
started looting. “They were
dirty and stinky,” Mr. Pryk-
hodko said. “We knew they
just drank all night, and didn’t
do much else.”
Ms. Danylova, a teacher of
Ukrainian and one of the most
passionate pro-Ukrainian ac-
tivists in Shevchenkove, had
spent decades collecting arti-
facts for the museum of Ukrai-
nian traditional culture that
was housed in the high school.
Having heard about how
the Russians burned a mu-
seum containing the paintings
of naïve-style folk artist Maria
Prymachenko near Kyiv, she
decided to rescue the century-
old embroidered towels, shirts
and wedding dresses and hid
them in her cellar and in
Mayor Prykhodko is back in charge of Shevchenkove, a rural community near the Russian border.
Nadiya Sheluh, upper left, remained at the Shevchenkove municipality even after the mayor refused
to work with the occupiers, while Serhiy Kovshar, above, whose son died fighting Russian proxies,
briefly joined the police force. Maria Danylova, lower left, a teacher of Ukrainian, shows one of the
traditional embroideries she says she managed to save from destruction by hiding it away.
friends’ homes.
“There is no doubt that
they would have destroyed
these items if they had caught
us—they were burning every-
thing Ukrainian. The only
question is what they would
have done to us,” Mr. Shokirov
said. All the artifacts survived.
On April 27, a different kind
of Russian security force, well-
equipped and in modern vehi-
cles, arrived. “Run away, they
are hunting for you,” Mr. Pryk-
hodko said he was told by col-
leagues. The Russians spread
word they wanted him to start
working under their authority.
Unwilling to collaborate, Mr.
Prykhodko fled.
In his place, the Russians
installed a local horse breeder,
Andrey Stryzhko, who never
hid his sympathies for Mos-
cow. Usually dressed in black
and wearing the woolen hat of
Russian Cossacks, Mr. Stry-
zhko used to hang the red So-
viet flag outside his home
even before the war. One of
‘On the front line,
it’s clear who is the
enemy. But here, it’s
murky, a real swamp.’
his first steps was to have
himself filmed stripping away
the Ukrainian coat of arms on
Shevchenkove’s main square.
He also ordered the removal of
a monument to Ukrainian vet-
erans of the war in Donbas.
Unlike Mr. Prykhodko, Ms.
Sheluh, the community’s sec-
ond-in-command, remained on
her job. She played down her
contact with the Russians. “I
was in my office downstairs
and they and their authority
was upstairs,” she said. “I just
worked in my own place.”
Ms. Sheluh sat in on meet-
ings with the new Russian au-
thorities. Some were filmed
for Russian propaganda chan-
nels. Mr. Prykhodko said he
terminated Ms. Sheluh’s em-
ployment and stopped her
Ukrainian salary payments
once he learned about her
work with the Russians.
While most Shevchenkove
police withdrew to govern-
ment-held areas in February,
some officers joined the new
THE WALL STREET JOURNAL.
Russian-run force that de-
ly
tained curfew breakers and
put them to work sweeping
streets and picking weeds. The
villagers learned a new verb—
“to kadyrov”—which meant
beating inmates with a large
wooden pole, a practice intro-
duced by troops loyal to
Chechen strongman Ramzan
Kadyrov, a key Putin ally.
“It was a bad time. I was
afraid to walk on the street
alone,” said Yana Holoboyko, a
high-school student.
On Ukraine’s constitution
day in late June, block-length
graffiti appeared on one
street. “Shevchenkove is
Ukraine. Death to occupiers.
Stryzhko—you’ll kick the
bucket,” it said. Nobody both-
ered to paint it over.
Around the same time,
Aleksandr Sidyakin, head of
the executive committee of
Russia’s ruling party, came to
nearby Kupyansk to announce
that locals could now start re-
ceiving Russian passports.
“Russia is here for eternity!”
he proclaimed to applause.
In the Shevchenkove hospi-
tal, doctors and nurses did
what they could, treating civil-
ians and Russian soldiers
alike. “The Russians always
came here with guns. We were
afraid of them, and they were
afraid of us. You never knew
what they could do,” said the
head nurse, Olha Kokhan.
Gradually, pressure to work
with the Russians became
hard to resist. A few of the fe-
male staff started dating Rus-
sian soldiers and officers.
Russian textbooks
Russia paid more attention
to schools. The occupation ad-
ministration’s building in
Kupyansk is still packed with
Russian textbooks, teaching
aids and educational posters.
Ukrainian books and materials
were removed and destroyed.
In August, Ms. Sheluh, the
Shevchenkove executive secre-
tary, called schoolteachers and
directors, as well as the staff
of the local kindergarten, de-
manding they reopen on Sept.
1. While all the school direc-
tors refused, the local kinder-
garten director agreed.
Teacher Ludmyla Zdorovko
said Russian-appointed offi-
cials in Shevchenkove told her,
“Go to work or you will remain
MANU BRABO FOR THE WALL STREET JOURNAL (4)
.
jobless forever.”
Ms. Sheluh said no Ukrai-
nian books were destroyed in
the community’s schools, and
no Russian symbols displayed.
Her decision was driven by pa-
triotism, she said. “I asked our
teachers to go to work and
teach the Ukrainian language
because I didn’t want them to
bring outsiders to schools.”
On Sept. 5, senior hospital
staff were summoned to
Kupyansk for a meeting with
the occupation administration.
“They asked that we collabo-
rate and told us that we have
no other choice,” Ms. Kokhan
said. “And we almost agreed.
Six months had gone by. It’s a
very long time.”
If they had signed on to the
Russian health system, as they
planned to do days later, they
would have been considered
collaborators under Ukrainian
law. But the following day, the
Ukrainian offensive in the
Kharkiv region began.
Russian soldiers disap-
peared from Shevchenkove’s
hospital before dawn. Then, a
few hours later, on Sept. 7,
Ukrainian forces showed up on
the street outside.
Sympathizers
Unlike Kupyansk, severely
damaged in fighting,
Shevchenkove survived the oc-
cupation largely intact and
with few casualties. Mr. Stry-
zhko, the Russian-appointed
mayor, and a handful of other
Russian-appointed officials es-
caped with the last Russian
troops. Many other Russian
sympathizers remain.
“There are still people here
in town who wait for the Rus-
sians to return,” said Yulia Fe-
dorova, a paramedic.
Soon after the Russian re-
treat, Mr. Prykhodko returned
to his duties in the municipal-
ity. Ukrainian security authori-
ties set up an office, too, look-
ing for collaborators.
Mr. Kovshar, the former po-
liceman, was detained for a
couple of hours, and then re-
leased. Interviewed in his
home, he acknowledged that
he briefly joined the Russian-
led police but said he did it
only to steal the list of local
hunters who owned rifles, so
that the Russians wouldn’t
have it. He said he passed in-
telligence to Ukrainian forces
all along. The plaque com-
memorating his son’s heroism
in Donbas is now affixed again
on his home, a Ukrainian flag
flying above it.
Mr. Prykhodko, the mayor,
said there was no legally ad-
missible evidence of collabora-
tion by Mr. Kovshar.
Ms. Sheluh, the municipal-
ity secretary, said she was re-
peatedly interrogated, her
phone and her passport taken
away. She remains in her
home, waiting to see how the
inquiry progresses.
In the Shevchenkove hospi-
tal, the staffers who dated
Russian soldiers remain on
their jobs, even though many
colleagues no longer socialize
with them. “They wanted to
fix their personal lives, but
chose the wrong men. Now,
they are despised by the entire
staff,” said Ms. Nesvoyeva.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
© 2022 Dow Jones & Company. All Rights Reserved.
BY JACOB PASSY
T
here’s a trick to saving
money and avoiding air-
port crowds around the
holidays. You’ll just have
to spend more time with
the in-laws.
Flights around Thanksgiving,
Christmas and New Year’s Day are
expensive this year. Some travelers
are planning extended trips
around the holidays to avoid peak
travel days and peak prices.
While the busiest travel days
ahead of Thanksgiving are still the
Tuesday and Wednesday before the
holiday, according to an analysis
from Priceline, the next two most
popular days are Thursday and Fri-
day Nov. 17 and 18. The Sunday fol-
lowing Thanksgiving is the most
popular date for return trips.
A separate analysis from flight-
search company Skyscanner indi-
cated that people have shifted
their travel plans earlier. In 2022,
more people are flying days in ad-
vance of Thanksgiving, whereas
last year, the most popular days to
fly were all closely clustered
around the holiday.
Hybrid work arrangements
make extended trips easier to
swing for many. A recent report
Returning
Stuff Is Now
no
A Lot Harder
BY RACHEL WOLFE
S
hoppers became accustomed to
using their homes as dressing
rooms during the pandemic, as
retailers let them buy several items
online and then decide what to keep.
Stores are now trying sharp mea-
sures to curb that habit.
Retailers bent over backward to
make returns easy so that people
would keep shopping through
Covid-19 shutdowns, says Erin Halka,
a retail strategist at supply-chain
consulting firm Blue Yonder. But that
fed a pattern of buying and return-
ing that grew costly for companies.
Now, as e-commerce remains
healthy, retailers from Athleta to
Zara are shortening refund and ex-
change windows and charging cus-
tomers restocking fees.
Retailers expect their customers
to send back about 17% of the total
merchandise they purchased in
PHOTO ILLUSTRATION BY CHAYA HOWELL/THE WALL STREET JOURNAL|, ISTOCK
2021, adding up to $761 billion, ac-
cording to the National Retail Fed-
eration. That is up from 11% in
2020. About 10% of these returns
are fraudulent, says NRF, including
returns of shoplifted merchandise
and items purchased with the goal
of using and then returning.
Many of those items can’t be re-
sold, analysts say, costing compa-
nies billions and creating waste.
Bracket buying, or ordering items
in multiple styles, colors and sizes
with the intent of keeping one and
sending back the others, has driven
the return trend, Ms. Halka says.
The tactic cost her extra in re-
cent months when she tried and
failed to return clothing to the Gap
that she had purchased in multiple
PERSONAL JOURNAL.
Want Cheaper Flights?
on
Stay Longer at Mom’s
us ,
l
e
al a
ci on
Travelers are expanding the dates of their Thanksgiving
and Christmas trips to avoid the worst airfares and crowds
from Deloitte based on a survey
er s
conducted in September found
that “laptop luggers” were plan-
m er
ning to travel more than a week
during the holiday season this
year since they can work remotely.
More than a quarter of travel-
ers said they plan to work during
m rp
their longest trip this holiday sea-
son, according to Deloitte.
“Laptop luggers are able to leave
the weekend before” a major holi-
day such as Thanksgiving, says Mike
co Fo
Daher, a vice chairman at Deloitte
who leads the consulting firm’s U.S.
transportation, hospitality and ser-
vices division. “With a wider book-
ing window, they can spend more
time with loved ones and they can
go further distances,” he says.
Choosing to fly well ahead of a
n-
sizes, not realizing the return win-
dows were shorter than before.
She gave a shirt that didn’t fit to
her sister. “She loved it,” Ms. Halka
says. “But I didn’t mean to buy my
sister a shirt.”
Returns are especially challenging
for stores that already have too
much stuff. With returns piled to the
ceilings and clogging warehouse
aisles, businesses are working hard to
dissuade their customers from bring-
ing items back, says Thomas Borders,
general manager at data and technol-
ogy company Inmar Intelligence.
The items stores are already heav-
ily discounting—apparel, home goods
and electronics, for example—are the
ones consumers will have the hard-
est time returning, Mr. Borders says.
When a pair of pants is sold at an al-
ready discounted price, “there’s even
less margin for them to play with if
that item gets returned,” he says.
In June, the Gap Inc. shortened
THE WALL STREET JOURNAL.
holiday can save on airfares. On
average, domestic airfares are
around $80 cheaper on the Mon-
day before Thanksgiving compared
with the Wednesday, says Laura
Lindsay, destination and trends
lead at Skyscanner.
Search carefully, though. Flights
the Sunday before Thanksgiving are
27% more expensive on average
than flights the next day. “Avoiding
the weekends makes a massive dif-
ference,” Ms. Lindsay says.
Theresa Lewis, a 61-year-old in
Georgetown, Fla., is having her 83-
year-old mother fly down from
Baltimore for Thanksgiving. Ms.
Lewis bought her mother’s tickets
for Nov. 16, over a week before the
holiday, returning the Wednesday
after the holiday.
the window for customers to take
apparel back to its Athleta, Gap, Ba-
nana Republic and Old Navy brands
from 45 to 30 days. J.Crew, too,
halved its return window from 60
to 30 days and Zara instituted a
$3.95 fee for online orders returned
by mail this past summer.
In 2021, 18% of retailers didn’t of-
fer free shipping on returns; this
year, twice as many don’t offer free
return shipping, according to a sur-
vey of 300 retailers conducted by
Inmar Intelligence.
Starting in November, PayPal will
no longer provide free return ship-
ping labels or refunds for return
shipping costs. “PayPal is constantly
evolving the post-purchase experi-
ence for its 429M global customer
accounts,” a PayPal spokesman said
in an email.
Mr. Borders says retailers are
more inclined to offer store credit
for returns instead of cash back.
Wednesday, November 2, 2022 | A11
Ms. Lewis, who works as an in-
dependent contractor in the rail lo-
gistics industry, opted for the lon-
ger stay to avoid having her mother
travel when airports are packed.
She’s also hopeful the timing will
help her mother avoid flight cancel-
lations or catching an illness.
Ms. Lewis, who works from
home, will have flexibility to spend
that extra time doing activities
with her mother, including visiting
state parks and antique shops. Still,
she’s girding herself for spending
such a long stretch together.
“God help me, I hope I survive
this two-week visit with my
mother,” Ms. Lewis jokes.
School schedules still hold
many families back, Deloitte’s Mr.
Daher notes. Still, enough people
AVOID THE HOLIDAY RETURN BLUES
A s you are buying gifts this
season, some tips for making
sure nobody is stuck with things
they don’t want:
 Focus on flexibility. Target re-
cently announced its 30-day re-
fund period will start on Dec. 26
from purchases made starting
Oct. 6 out of recognition that
people are starting their holiday
shopping earlier this year. At
Walmart, most items purchased
from Oct. 1 through Dec. 31 are
returnable until Jan. 31.
 Leverage loyalty. Many com-
panies are more likely to be lax
with returns for longtime cus-
In the case of seasonal, fast-fash-
ion items, once an item is purchased
it is unlikely to be processed, re-
stocked and resold, Mr. Borders says.
“So it makes sense why a retailer
would charge for that.”
Longtime customers say they
feel snubbed by stores’ changes.
Katie Weisman, a Gap shopper for
decades, says she was shocked when
the retailer wasn’t willing to work
with her on a return five days after
the window, 30 days from when the
item leaves the warehouse. Losing
the $121 on three long-sleeved knit
shirts and a striped button-
down “that made me look like a
clown” was less upsetting to her
than the lack of flexibility, she says.
“This experience makes me not
want to shop there anymore,” says
Ms. Weisman, a 59-year-old free-
lance writer in Rye, N.Y. Gap de-
clined a request for comment.
Growing up in New York City, she
says she remembers when it felt
like you could bring something back
ILLUSTRATION BY TIM ROBINSON
.
ly
are deciding to travel earlier that
airlines are responding. Airlines
have added more capacity on a
percentage basis on the Saturday
before Thanksgiving this year than
they had in 2019, according to an
analysis from travel-data company
OAG. The moves suggest that trav-
elers are interested in booking
trips for nonpeak flying dates, says
Becca Rowland, an OAG analyst.
Booking early is crucial to score
the benefits of longer trips, though.
Kevin Lum and his wife had planned
to spend nearly two weeks with his
family in Hobe Sound, Fla., around
Christmas to make a holiday visit
more affordable.
The couple originally planned to
travel with their 6-year-old daughter
from Los Angeles to Florida almost
a week before Christmas and return
around New Year’s. Doing that
would have cost them only around
$1,500, Mr. Lum says.
By the time the family got
around to purchasing their tickets,
the prices had jumped. Now, they
are flying out on Dec. 23. Their ba-
sic-economy tickets, which cost the
family more than $2,000, don’t in-
clude the ability to stow carry-on
luggage or choose seats in advance.
“It was the most I’ve ever paid
for domestic travel,” Mr. Lum says.
tomers, Ms. Halka says. Don’t be
afraid to (nicely) speak up to a
customer service representative,
and try asking for a store credit
rather than a refund if you are
outside the return window.
 Return in person. Stores in-
cluding Abercrombie & Fitch and
Anthropologie charge for return
shipping, but let you return prod-
ucts in person free. “Stores love
that walk-in customer,” Ms. Halka
says. “I went to return something
to Anthropologie because I didn’t
want to pay the $7.50 and I
found another item to buy while
I was there,” she says.
to Bloomingdale’s years later and
they would take it. The department
store now offers returns within 90
days of purchase, joining the ranks
of retailers with famously lenient or
unlimited policies that have recently
tightened them up, citing customer
misuse and growing volume.
Stores can no longer afford to be
that generous, says Andrew Ho-
genson, global managing partner of
retail, consumer goods and logistics
for Infosys Consulting.
Some companies are trying new
strategies to help consumers buy
less of what they don’t want in the
first place. Nordstrom has invested in
better imagery and product descrip-
tions, he says. Others are experi-
menting with virtual try-on options.
For now, Mr. Hogenson says, re-
tailers are stuck walking a narrow
line without permanently alienating
their customers. “If consumers get
burned by unclear or costly return
policies, there is a very high probabil-
ity they won’t come back,” he says.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Wednesday, November 2, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
Stature self-doubt can spur
ON TREND
JACOB
GALLAGHER
Rishi Sunak and the drastic measures: A few American
doctors have advertised they will
surgically add length to one’s
bones to make patients taller. One,

Rise of the ‘Short King’ Shahab Mahboubian, recently

W
posted a video on Instagram (his
ith inflation rising account is titled, of course,
and energy prices @heightlengthening) showing a
climbing, Brits cer- patient who was 5’7”—and had
tainly have a lot on surgery to become 5’10”.
their mind. Yet for Less drastically, rumors often
some in the Commonwealth the stir about shorter stars and politi-
topic of conversation last week cians wearing lifted dress shoes to
was not their wallets, but the stat- appear that much taller in photo
ure of their new prime minister, ops. A photo from last week show-
Rishi Sunak. ing Mr. Sunak meeting King
“Rishi Sunak has not addressed Charles III caused amused chatter
the public because he is simply too in the U.K. as the two leaders ap-
short to see over the lectern,” of- peared at eye level—though the
fered one tweet. “Rishi Sunak re- king is a few inches taller than the
ally showing 2022 is the year for new PM. In 2019, when President
Short Kings,” read a softer missive. Macron appeared to stand on his
(“Short king” is internet slang for a tiptoes to greet slightly taller Bo-
not-quite-towering individual who ris Johnson, the Telegraph news-
nonetheless exudes confidence.) paper dedicated an article to how
Many tweets conveyed pure be- the French leader tried to go “eye-
fuddlement, such as: “I can’t be- to-eye” with the British PM.
lieve Rishi Sunak is short???” Of course, the unelected fret over
To be clear, the Tory pol is not their height insecurities, as well. De-
pint-size—estimates clock him at a spite discussing heights of stars at
respectable 5’7”—but Mr. Sunak is length on his podcast, Mr. Aronow-
shorter than, say, Boris Johnson, itz sheepishly refused to disclose his
who once said, “I’m only about 5- exact stature in an interview.
foot-10,” or Joe Biden, who per While an imposing stature may
presidential health records lands help a leader get elected, that’s
just north of 5’11”. where the advantages may end.
The new PM’s stature, however, “There are very few occupations—
puts him in surprisingly good com- the NBA or football or tennis—
pany—particularly in Europe. If he where you can say height is a le-
were alive today, Napoleon Bona- gitimate advantage,” said Mr.
parte, who most historians believe Judge. Over time, the public is
was actually around 5’6”, would fit more interested in how many bills
right in on the world stage. Esti- you pass, not how many inches
mates place Indian Prime Minister you clock in at.
Narendra Modi, Russian President And so, some political experts
PHOTO ILLUSTRATION BY JULIA DUARTE FOR WSJ. MAGAZINE; PHOTO: GETTY IMAGES

Vladimir Putin, French President consider the proportional brou-

.
Emmanuel Macron, German Chan- ther clicking required. to handshakes between presidents haha a short-term distraction. “For
cellor Olaf Scholz and Ukrainian “The fact that you can go to a can be code. “Often we judge our me it’s equivalent to tabloid media

President Volodymyr Zelensky all
in the mid-5-feet range. If not for
Mr. Biden and Canadian Prime
Minister Justin Trudeau, the G-7
could well be renamed the 5’7”.
Over the weekend, the cohort
of compact world leaders added a
new member: Estimates say Brazil-
website and look up how tall a ce-
lebrity is makes people more clued
in to” the dimensional discourse,
on
said Louie Aronowitz, 34, a musi-
cian, actor and writer in New York.
“It enables the obsession.”
He knows of what he speaks:
Mr. Aronowitz is the co-host of
us ,
5’7”
Mr. Rishi’s estimated height, on par
with that of many other world leaders
ly
leaders, and frankly other people
in general, more by appearances
than we ever realized,” said Timo-
thy Judge, executive director of
the Fisher Leadership Initiative at
the Ohio State University.
Mr. Judge published an oft-
cited study in 2004 that found
talking about handbags or makeup
or hairdos of a female politician,”
said Bart Cammaerts, professor of
politics and communication at the
London School of Economics and
Political Science. Female politi-
cians rarely face as much intrigue
over their height; Mr. Judge noted

ian President-elect Luiz Inácio Lula “Height of Entertainment,” a pod- Tall Is Rishi Sunak?” that taller people on average earn that his study found a stronger
l

da Silva clocks in around 5’6”, sev- cast dedicated to scrutinizing ce- Our preoccupation with stature more money than their shorter correlation between height and
e
al a

eral inches shorter than the outgo- lebrity stature from Martin Short is lifted by the notion that taller peers. Though nearly 20 years old, earnings for men than for women.
ing President Jair Bolsonaro. to Chris Pratt. Last week, he had people exude more power. “Being the study continues to draw inter- Prof. Cammaerts believes the
In the scrutiny of appearances— just recorded an episode on Brit- tall has this way of commanding est, particularly around election height headlines will be washed
ci on

which female politicians in particu-
lar have faced—celebrity heights
are a public fixation now enhanced
by the internet. If you google most
any star’s height, the search engine
ain’s new prime minister. Mr.
Aronowitz said he knew nothing
about the former hedge-fund man-
ager beforehand, but felt com-
pelled to discuss the Brit after see-
er s
respect,” said Mr. Aronowitz. “It
makes you the alpha, it establishes
dominance.”
No wonder that height is often
a topic in politics, where every-
season when people probe power
dynamics between candidates. Mr.
Judge noted that coverage of
Pennsylvania senatorial candidate
John Fetterman rarely overlooks
out as Brits fret over substantive
issues like rising energy costs. “It
will be more about those everyday
struggles in terms of surviving and
inflation,” he said. And that’s price

auto-populates an answer, no fur- ing an article online titled “How thing from seating arrangements that he’s a gargantuan 6’8”. inflation, not height.
m er
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co Fo

FROM TOP: ALAMY STOCK PHOTO; CBS VIA GETTY IMAGES

n-

Why Restaurant Bans Are Rare

no

BY ASHLEY WONG Dyke, maître d’ at French- McNally made an abrupt

B
y now the world knows
the story: James
Corden, comedian and
host of “The Late Late
Show” on CBS, was banned
(then un-banned) from the
Manhattan brasserie Baltha-
zar by its owner, Keith Mc-
Nally, last month in a series
of events that allegedly be-
gan with an egg-yolk omelet.
But just how often does
banning happen? Removing
the occasional customer for
disruptive behavior such as
excessive drunkenness—
“86’ing,” in hospitality par-
lance—is part of the job.
Blacklisting a customer al-
together, however, is ex-
tremely rare.
Gabé Doppelt, maître d’ at
the Tower Bar in Los Ange-
les, said being rude to serv-
ers could be grounds for
banning a customer. In her
nearly six years there, she
has taken such action only a
few times.
“We have 86’d people, but
never a celebrity,” Ms. Doppelt
said. “I don’t think we’d have a
problem 86’ing one. But it’s
just not our experience that
they come in and are rude to
servers, or entitled.”
The most common rea-
sons for removing or ban-
ning customers are rudeness
toward waitstaff, physical
grabbing of servers or re-
peated failure to pay the
check, restaurateurs said.
Even then, said Spanky Van
ette in New York City, the
decision to ban a customer
entirely is unusual. In his en-
tire career, he’s banned only
one or two people, he said.
“Taking photos of other
customers against their will?
Like, I would kick you out
immediately,” he said, noting
an incident where a wealthy
customer was told to leave
after relentlessly asking a
James Corden was banned
and then un-banned from
Balthazar in Manhattan.
celebrity for selfies (though
the customer wasn’t imme-
diately banned).
Mr. Van Dyke described
86’ing as a last resort: “You
do not want to do that if
you can help it.”
Mr. McNally of Balthazar
made waves on Oct. 17
when he posted on his very
active Instagram page that
Mr. Corden had been banned
from Balthazar for multiple
incidents of rude behavior
toward his staff, calling him
“the most abusive customer”
his restaurant has ever had.
Several hours later, Mr.
about-face, declaring Mr.
Corden un-banned after the
comedian called him to apol-
ogize. But the restaurateur
was aggravated once more
after the New York Times
published an interview with
Mr. Corden, in which the late
night host said he hadn’t
“done anything wrong, on
any level.”
“Was he joking? Or was
he denying being abusive to
my servers?” Mr. McNally
wrote on his Instagram.
By the following week, Mr.
Corden appeared more con-
trite and addressed the inci-
dent in an Oct. 24 episode of
his show, saying he became
frustrated after the restau-
rant messed up an order for
his wife, who has a severe
food allergy. When the order
was delivered wrong a third
time, he said he made “a sar-
castic, rude comment” that he
should cook the food himself.
He said he didn’t shout or use
any derogatory language.
“I also hate, as I said to
the owner that day, that I’ve
ever upset anybody ever,”
Mr. Corden said on the show.
“It was never my intention.”
The next day Mr. McNally,
seemingly mollified, wrote on
Instagram that he had lifted
his ban on Mr. Corden.
Representatives for Mr.
Corden couldn’t be reached
for comment. Mr. McNally
and representatives at Balth-
azar didn’t respond to multi-
ple requests for comment.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
PEACOCK (2)
Wrestling for the White House
John Cena plays a wild-card presidential candidate in ‘The Independent,’ a muddled conspiracy thriller on Peacock
’TIS THE SEASON for election-
conspiracy thrillers and cam-
paign-finance mysteries, though
the time might never be ripe
enough for the likes of “The Inde-
pendent,” an undercooked serving
of political skulduggery that nev-
ertheless provides a showcase for
the magnetic Jodie Turner-Smith.
Like most of the cast, she’s better
than the material.
“Your writing—it’s got punch,”
says Nicholas Booker (Brian Cox),
weathered dean of Washington po-
litical columnists. “It’s raw—but
there’s something there.” He
might have been reviewing “The
Independent.” Instead, he’s ap-
praising the work of Elisha “Eli”
James (Ms. Turner-Smith), fledg-
ling investigative journalist.
Booker likes the cut of her jib, as
he and his fellow ink-stained
wretches might have said while
standing around the AP teletype
machine during the Nixon admin-
istration. She has had the nerve to
stand up to their mutual tyrant of
an editor, the ferocious Gordon
White (Stephen Lang, being fero-
cious), who insists he wants to
save his failing Washington Chron-
icle but shoots down every idea
his browbeaten staff comes up
MUSIC REVIEW
Coming Home and
no
Coming to Terms
BY BARRY MAZOR
E
xperienced performing song-
writers may come to assume
some givens in their working
lives are set—where the music they
make, the audiences for it, and their
next paychecks will be coming from,
for example. But they are no more
exempt from the common career
disruptions of this era than anyone
else; the changes in music distribu-
tion and formats and the Covid-19
pandemic’s blows to touring
changed the careers of many. In the
cases of Caleb Caudle and Alex Wil-
liams—two quite different but
equally accomplished singer-song-
writers—those disruptions have led
After turbulent years,
two singer-songwriters
return with mature,
reflective albums.
to fresh musical starts, as they have
come to grips with who they are
and what they have to say, as re-
flected in two strong new albums
out this month.
Mr. Caudle, 36 years old, originally
from the Winston-Salem, N.C. area,
has recorded roots rock and alterna-
JOSEPH CASH
tive country for small independent
labels since 2007, while gathering a
following through constant touring.
ARTS IN REVIEW
TELEVISION REVIEW | JOHN ANDERSON
on
with, while also belittling them
personally. (“The Independent”
us ,
isn’t really a story about newspa-
l
pers—which is fine, because its
e
al a
portrayal of the newspaper world
is a caricature.)
Eli has a couple of hot tips
ci on
burning a hole in her laptop: One,
West Virginia is about to go to a
four-day school week because of
budget cuts. Two, Nate Sterling
er s
m er
m rp
co Fo
Jodie Turner-Smith and Brian Cox, above, and John Cena, top
n-
He’s won considerable praise for
thoughtful lyrics, notably melodic
songs and, for the field, his unusu-
ally honeyed voice. He relocated to
Nashville in 2019 and quickly found
enthusiastic support from the musi-
cal community for his developing al-
bum “Better Hurry Up.” That title
was too prescient, however; that al-
bum was readied for release just as
a tornado damaged much of Music
City and the pandemic reached the
region days later. Unable to promote
it, he and his wife moved back to ru-
ral North Carolina, thinking his tour-
ing-dependent career might be over.
Extended quiet time there has re-
sulted in the wise and winning origi-
nal songs for his newest album,
“Forsythia” (Soundly). Produced by
John Carter Cash, with such Nash-
ville heavyweights as Jerry Douglas
and Sam Bush eagerly providing in-
strumental backing and Carlene
Carter and Elizabeth Cook providing
backup vocals, the new music is at
times as quietly contemplative as
much of Guy Clark’s best (“Red Bank
Road”); at others it rides Mr. Doug-
las’s patented liquid yet rhythmic do-
bro groove (“Texas Tea”) and some-
times summons the spooky sounds
of heirloom folk tunes (“The Gates”).
The album reflects and makes
good use of that “out of the rat
race, into the woods” circumstance
it was created in. There’s some bla-
tant autobiography. (“I’m driving
home through Tennessee / Pockets
full of memories / I belong back by
the creek / The ones I love within
(John Cena), an Olympic athlete
turned civic-minded philanthropist,
is about to enter the presidential
race as an independent candidate.
Gordon doesn’t care about the
“banjo-pickers” who don’t read his
paper anyway. But Sterling? There
might just be a story there. He
promptly gives the assignment to
one of his male reporters.
The indignation the movie
Caleb Caudle’s new record, ‘Forsythia,’ is out now on Soundly.
my reach,” that “Texas Tea” song
goes.) The gist of the opener, “I
Don’t Fit In,” is self-explanatory, but
Mr. Caudle takes this odd-man-out
theme to the stories of several ec-
centric hometown characters in
their 80s who are abiding well, sug-
gesting a possible promising future
for the narrator. The displacement
songs lead to tentatively sunnier
ones; “bright as a forsythia bush in
bloom,” the title song has it. Bless-
ings are counted. This sweet and ar-
resting record should appeal to a
widening audience for this artist:
those who have found some calm,
and those who wish they could.
Alex Williams, 31 years old, origi-
nally from Pendleton, Ind., was per-
Wednesday, November 2, 2022 | A13
wants to generate is drawn from
two reliable sources of villainy,
the media and Washington. Eli,
whose big story will involve lot-
tery money being funneled into a
political campaign, has had her
budding journalistic career almost
derailed by an untrustworthy
source. (It’s a familiar trope, recy-
cled not very creatively here.) But
she’s a never-say-die kind of jour-
nalist, even as all those around
her are ready to lay down and ex-
pire. Or at least euthanize their
standards. “We’ve got to get down
in the mud with the pigs,” says
Gordon; it is unclear whether he’s
referring to the competition, or
the readers.
Eli, who has leaked the Sterling
tip she got in confidence from her
romantic partner, Lucas (Luke
Kirby), isn’t very ethical either,
but her audit of financial records
seems to indicate that lottery czar
Tom Mayfield (a very bow-tied
Timothy Busfield) is in bed, figu-
ratively, with the Republican pres-
idential candidate, Tennessee Sen.
Patricia Turnbull (Ann Dowd),
whose chief selling point for her-
self is that she’d be America’s first
woman president. Surveying the
boxes of documents she and
forming in Nashville’s Lower Broad-
way bars by age 18, intent on
building a country-music career, if
with an unusual working band be-
hind him that fused hard country
and vaudeville-era jazz. With his
deep baritone voice and strong
rhythm sense, there were inevitable
comparisons to Waylon Jennings.
Generationally, he was more of a
piece with Jamey Johnson, Sturgill
Simpson and Chris Stapleton, who
had similar traditionalist ideas and
rich singing voices.
After contributing to some demo
records with producer Julian Ray-
mond, who had worked with every-
one from Glen Campbell to Cheap
Trick, his sound and songs attracted
.
ly
Booker eventually collect, Eli con-
cludes, “Somewhere in that pile is
the story of a lifetime.” She might
also have been reviewing “The In-
dependent.”
Turnbull’s Democratic oppo-
nent is the incumbent and a non-
entity—intentionally, it seems. Her
real rival is Sterling, whom Mr.
Cena, in his rather naïve acting
style, portrays as the kind of naïve
political neophyte who is sup-
posed to inspire a populace worn
out by professionals. But his spiel
on the debate stage has more than
a trace of the huckster. “Washing-
ton’s got one foot so far left and
one foot so far right it can’t stand
up straight,” Sterling says. “Con-
gress is doing a split in the quick-
sand. I’m the only one who can
pull us out of this partisan quag-
mire.” He might want to consult
with Gordon White about mud and
pigs. Screenwriter Evan Parter
might have consulted with “Meet
John Doe,” “The Candidate” and
maybe even “Election.”
The Independent
Wednesday, Peacock
Mr. Anderson is the Journal’s TV
critic.
the attention of the head of the Big
Machine label, Scott Borchetta, who
signed him, making him a stable-
mate of Taylor Swift. Mr. Williams
toured widely, publicized as a new
country “Outlaw,” whatever that now
suggests, and his 2017 debut, “Bet-
ter Than Myself,” was marketed as
such. Sales turned out not to meet
huge major-label expectations, and
neither the artist nor the record
company was happy. His lifestyle
came to mirror his song “Hellbent
Hallelujah” too closely for his own
comfort. The label and singer-song-
writer parted company. A full five
years later, after considerable rumi-
nation, and, again, touring nixed by
the pandemic, he’s delivered the
more mature, independent follow-up,
“Waging Peace” (Lightning Rod). The
title refers to his coming to terms
with himself, not to world politics.
While consistently rugged and
twangy, the songs’ titles play out
like an introspective novel, rising in
affirmation against the odds—“Rock
Bottom,” “Confession,” “Old Before
My Time,” “Higher Road” and “Wag-
ing Peace”—though they’re well or-
dered for listenability, not chronol-
ogy. (“It’s a long hard lesson to
remember what’s done is done,” that
title song says.) Collaborative writ-
ers on several numbers include star
Nashville songwriter Mando Saenz
and Willie Nelson’s harmonica-wield-
ing buddy Mickey Raphael.
Mr. Williams’s vocals manage to
be even more emotionally evocative
than previously, and work well with
production styles that range from
stripped-down to relatively elaborate
for rocking. These variations, and
those in the rhythms and emotional
tones, make this an exciting record.
Confessional albums can rarely be
described as invigorating; this one is.
Mr. Mazor reviews country and
roots music for the Journal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Wednesday, November 2, 2022 THE WALL STREET JOURNAL.

SPORTS
Whatever is wrong JASON GAY
with the Brooklyn Nets,

The Brooklyn Nets Reboot. Again.

and there is plenty—di-
saster doesn’t feel like
an adequate rendering
for this chronically chaotic profes-
sional basketball outfit, 2-5 enter-
ing Tuesday’s play—it is not prin-
cipally the doing of Steve Nash.
A chronically chaotic basketball franchise confronts turmoil once more after firing Steve Nash
But because these are impatient
times, and a scapegoat must be of-
fered, and players are expensive
and/or immovable, it is Nash on
his way out of town after a Tues-
day uncoupling charitably re-
branded as a parting of the ways.
Surely Nash, a former two-time
NBA MVP known for his court vi-
sion, sensed it was coming. The
job he took at the beginning of the
2020-21 season bears no resem-
blance to the shamble to be inher-
ited by Brooklyn’s next hire, per-
haps Ime Udoka—yes, that’s right,
the Nets are reportedly interested
in the head coach the Boston Celt-
ics suspended in September for an
entire season for what was murk-
ily described as “violations of team
policies.” Confronting crisis with
crisis! You couldn’t make this team
up if you tried.
Not long ago, the Nets gig had
impressive upside: superstar free-
agent signees Kevin Durant and
Kyrie Irving, a rotation of amena-
ble role players, and, by midseason

FROM TOP: AARON GASH/ASSOCIATED PRESS; DUSTIN SATLOFF/GETTY IMAGES

2020-21, the addition of hirsute
scoring savant James Harden.
When assembled at full strength,
these Nets looked like an all-star
team unto themselves, an almost
unfairly electric offense, and an
obvious favorite to make the Fi-
nals.
Trouble was, they barely assem-

.
bled. Durant, Irving and Harden
played only 16 games together, ow-

ly
ing to injuries and Irving’s deci-
sion to not get vaccinated against
Covid-19, which, because of a NYC
vax mandate, kept him off the
court…until the Nets started let-
ting Irving come back to play
games on the road. Harden seemed
on
put off by the arrangement, and
us ,

after what looked like an on-court

l

effort strike, he got him-

e
al a

self traded to Philadelphia The Nets fired coach Steve Nash, above. Left, Kevin Durant and Kyrie Irving.
for Ben Simmons, a fading
young star playing even basketball virtuoso who does at arena, a bunch of reboots, and
ci on

less basketball than Irving. least one or two things a month on acres of no-frills merchandise.
Even still, the Nets the court that are difficult to de- They are now the city’s most be-
managed to make a run. scribe. The problem is, Irving also wildering sports franchise, a re-
Their defenders (they ex- does one or two inexplicable markable accomplishment in a
ist) will point to the fact things a month off the court, too, town that also contains the New
er s

that they were a couple most recently his disgraceful social York Knicks. Think about that:
centimeters of a Durant media amplification of a documen- How hard did the Nets have to
m er

footprint from sinking the tary with anti- work to out-

Bucks in Game 7 of the Semitism screwball the
themes (“He-
2021 Eastern Conference
semifinals. Put those Nets brews to Ne-
A team that abandoned Knicks? This is no
up against the Atlanta groes: Wake Up Jersey for Brooklyn in longer Steve
m rp

Black America”)
Hawks in the conference
finals and next, the Phoe- which drew him
2012 has little to show Nash’s headache.
Nobody wants to
nix Suns, and Brooklyn a deserved and after 10 years. leave a job this
may have been fitted for a swift rebuke way, especially a
ring, not Milwaukee. If you from a “disap- former star ad-
co Fo

are looking to place a pair pointed” Tsai. mired for his

of rose-colored Elton John Now, possibly, comes Udoka to professional levelheadedness. But
sunnies upon the Nash calm the turmoil—if that’s a thing these Nets have problems on top
Nets era, this is indeed a that can possibly be said about a of problems, very few of them
thing that almost happened. one didn’t materialize, petitioned agreed to move forward with our coach who still hasn’t adequately quickly rectifiable—we haven’t
It hasn’t felt close since then. franchise owner Joe Tsai to re- partnership,” it read. Who wasn’t explained why he got a very public even gotten the flurry of early sea-
Instead the Nash Nets have mostly move Nash and GM Sean Marks. fired up for the 2022-23 Nets sea- benching from his last job. son losses, or the on-court travails
seemed a step away from unravel- Tsai, knowing the under-con- son after reading that sizzling Such is life with the Nets, a of Simmons.
ing, whether during Harden’s Bar- tract Durant had scant leverage, pledge? team that happily abandoned Jer- I suspect Brooklyn’s ex-coach
tleby homage or Durant’s Summer demurred, and the team and its We haven’t even gotten to Kyrie. sey for hipper Brooklyn in 2012, isn’t merely feeling the sting walk-
2022 Rumspringa in which he re- principal star put out a joint state- Please know: I am in the camp of but has little to show after 10 ing out that door. He probably also
portedly sought a trade, and, when ment of reconciliation. “We have people who believe that Irving is a years besides a hulking metal feels relief.
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
40s 40s 30s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 63 Cash in Cologne 25 Classical roofed
no

Edmonton
30s 30s colonnade
Vancouver r
Calgary 0s 14 15 16 64 Parts of hearts
20s 40s 10s 65 Map app 26 Newsworthy
Winnipeg 50s 17 18 19
Seattle 60s 50s 20s facilitator, for 27 “Roger” follower
Portland 40s 20 21 22 23 short
Helena 50s
Montreal Augusta 30s 28 Sites with rails
Eugene Bismarck
40s Billings Ottawa
40s 66 “Goosebumps” and posts
60s 60s 24 25 26
Boise 30s 70s Mpls./St. Paul Toronto Albany Boston 50s
author 29 Starting point
30s
30s 40s Buffalo Hartford 27 28 29 30 31 32 67 Granular
60s Pierre Sioux Falls Milwaukee Detroit 60s 30 Steakhouse
30s Cleveland New York
50s Reno 30s Des Moines Chicago 70s 33 34 35 Down choice
Cheyenne 70s Philadelphia
Sacramento Salt Lake City Omaha
Springfield
Indianapolis Pittsburgh
Washington D.C.
80s 36 37 38 39 1 Remove 31 Geriatrics focus
Denver
San Francisco 80s
50s Topeka
Kansas
City
Charleston Richmond 90s 2 Largest of a 32 Ripped
40s 60s 40 41 42 43
60s Las
Colorado
Springs
St. Louis Louisville 60s 100+ certain septet 33 Stated
Wichita Raleigh
Vegas
Los Angeles Nashville 44 45 46 47 3 Video 37 Catchall category
60s Santa Fe Memphis Charlotte
Phoenix Oklahoma City 70s Atlanta Columbia surveillance
San Diego Albuquerque 48 49 39 Dierks Bentley’s
80s Tucson
Little Rock
Birmingham Warm Rain letters
El Paso Ft. Worth Dallas
50 51 52 53 54 55 56 57 “Am ___ Only
70s 80s Jacksonville
4 State whose One”
Jackson Cold
-0s 70s Austin Mobile
T-storms
58 59 60 61
flag includes
0s 80s Houston
Orlando the Union Jack 42 Titan condemned
New Orleans Stationary
10s 80s San Antonio Tampa Snow 62 63 64 to hold up the
Anchorage
5 LAX info heavens
Honolulu 80s Miami
30s Showers Flurries 65 66 67 6 Marked by 45 Obliterates
40s 70s
speculative
investing 46 Obliterate
Forecasts and graphics provided by AccuWeather, Inc. ©2022
Ice
THERE’S NOTHING LEFT | By Geoff Brown 47 Light
7 River to the
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 24 Believer’s suffix 41 Insinuate Rhine 50 Antlered animal
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 76 58 pc 75 55 pc Frankfurt 57 41 s 57 48 c
1 Russian retreat 26 Frère du père 43 Vacation spot 8 Baseball’s 51 Hoofbeat
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 87 70 pc 85 65 s Geneva 59 44 pc 59 45 sh 6 Best man’s best 27 Advice from an 44 Advice to have “Master Melvin” 52 Before long, to a
Today Tomorrow Philadelphia 72 50 pc 69 50 s Havana 88 71 t 87 69 pc
City Hi Lo W Hi Lo W
man accountant to a a formal church 9 Position bard
Phoenix 79 56 pc 62 45 sh Hong Kong 74 71 r 78 73 r
Anchorage 34 26 sn 32 19 c Pittsburgh 64 45 pc 66 48 s Istanbul 66 58 s 68 57 s 11 Cries of baseball wedding
ceremony? 10 Stand-up person 53 Store stock: Abbr.
Atlanta 75 57 pc 76 56 s Portland, Maine 64 35 s 57 45 s Jakarta 92 78 c 91 78 t comprehension memorabilia
Austin 77 64 pc 82 69 c Portland, Ore. 50 39 pc 50 44 r Jerusalem 68 51 pc 70 51 s collector? 11 Always in one’s 55 Tourist city of
Baltimore 73 47 pc 69 48 s Sacramento 60 41 c 63 38 s Johannesburg 62 53 t 73 55 pc 14 Letter between 48 Any “Cheers”
episode, now thoughts India
Boise 49 25 sh 45 30 pc St. Louis 76 55 s 75 62 s London 59 50 pc 53 43 sh November and 33 “Cheap Thrills”
Boston 66 48 s 63 48 s Salt Lake City 53 32 sh 43 27 c Madrid 68 49 pc 62 42 sh Papa singer 12 Gordie with 56 Golf’s Mickelson
49 Relay segment
Burlington 57 37 pc 63 47 s San Francisco 57 45 sh 59 46 s Manila 87 78 t 87 77 sh 801 goals 57 Stick around
Charlotte 73 52 pc 74 52 pc Santa Fe 62 41 pc 55 28 sh Melbourne 58 46 c 61 46 c 15 Unconventional 34 Mitt succeeded 50 Egyptian
Chicago 70 51 s 72 56 s Seattle 48 37 pc 47 44 r Mexico City 76 50 s 76 55 pc him 13 Winter blanket? 60 Geller known for
16 Denial from emblem of
Cleveland 65 47 pc 67 53 s Sioux Falls 74 56 pc 70 36 pc Milan 64 49 c 61 54 r rebirth 18 Lay to rest spoon bending
Dallas 76 64 s 81 68 c Wash., D.C. 72 53 pc 70 52 pc Moscow 35 21 pc 33 23 pc
Deneuve 35 Ship bound for
Denver 71 40 s 53 22 c Mumbai 93 74 pc 96 74 pc 17 Advice to see Colchis 52 Dr.’s org. 23 Uncontaminated 61 Zodiac animal
Detroit
Honolulu
65 47 pc 68 52 s
85 73 sh 87 75 pc
International Paris
Rio de Janeiro
60 50 c
68 63 r
56 45 r
67 62 r
Fallingwater as 36 Metals company 54 Refreshing
Previous Puzzle’s Solution
Houston 75 64 pc 80 68 pc Today Tomorrow Riyadh 92 67 pc 91 61 s part of an headquartered in breaks I M P H O S T E D O K A Y
Indianapolis 70 49 pc 72 53 s City Hi Lo W Hi Lo W Rome 71 55 s 71 62 r architectural Pittsburgh D O A E N T I R E P A R E
Kansas City 75 59 s 76 63 pc Amsterdam 57 50 s 58 48 r San Juan 88 76 c 86 75 t tour? 58 Pampering, A M I R E A D O N A L M S
Las Vegas 63 44 c 56 40 pc Athens 78 62 s 79 60 s Seoul 64 41 s 59 32 pc 38 U.N. workers’ briefly H O N O R A R Y T I T L E
Little Rock 78 54 s 80 59 pc Baghdad 86 62 s 81 55 s Shanghai 70 55 s 69 55 pc 19 First prime agency O A T H I R A S P A
59 “Seems correct,” M O R A L C OM P A S S
Los Angeles 66 49 pc 63 46 pc Bangkok 91 71 s 92 70 s Singapore 84 77 sh 85 77 sh 20 Bean variety I R S L O C O A L A S
Miami 88 76 sh 86 72 t Beijing 59 44 pc 55 32 s Sydney 68 50 s 68 55 pc
39 “...the bombs and a hint to 17-, F A H R E N H E I T S C A L E
Milwaukee 66 52 s 67 57 c Berlin 57 42 s 57 46 pc Taipei City 78 73 sh 80 72 c 21 Negative bursting ___” 27- and O B O E WN E T D M S
44-Across L I V I N G L E G E N D
Minneapolis 74 59 pc 73 47 pc Brussels 58 49 s 60 46 r Tokyo 70 58 s 74 60 pc conjunction 40 “Rhyme Pays” D D E F E E Y AM S
Nashville 73 48 pc 76 54 s Buenos Aires 73 62 s 73 62 s Toronto 59 45 pc 60 50 pc A L L O V E R T H E MA P
New Orleans 79 61 pc 79 64 s Dubai 93 76 pc 96 78 s Vancouver 48 34 pc 45 43 r 22 Renounce rapper 62 Hunky-dory K I W I R E T I R E B R O
New York City 70 53 s 65 50 s Dublin 56 40 r 52 40 pc Warsaw 57 40 pc 53 38 pc E D AM G R A T E R E R R
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 71 59 s 74 64 sh Edinburgh 52 42 r 51 37 s Zurich 58 41 pc 56 48 c Y O Y O E S S A Y S R Y E

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Good Climate News Is Fit to Print
Call it the
calamity of
climate jour-
nalism. After
40 years,
writers are
still serving
BUSINESS
WORLD up a binary
issue, with
By Holman W.
idiotic back-
Jenkins, Jr.
and-forths
over who is
a denier in ways that work,
sometimes deliberately, to un-
dermine clear thinking and
any concession to the chang-
ing science.
Better can be done and last
weekend a newish New York
Times writer, David Wallace-
Wells, in his customary excess
of words, reprised his own
concession since writing a
2017 New York Magazine arti-
cle titled “The Uninhabitable
Earth.” He now says: “Just a
few years ago climate projec-
tions for this century looked
quite apocalyptic.” He ac-
knowledges a new consensus
that had reduced expected
warming to “between two and
three degrees” Celsius, or less
than half the forecast of, say,
the 2018 U.S. National Climate
Assessment.
If the name Wallace-Wells
is familiar, almost three years
ago, when he was writing for
a different publication, this
column welcomed him aboard
the successful effort to junk a
worst-case emissions fore-
cast, known as RCP 8.5, that
everywhere was presented as
the objective climate future.
Now I can offer concessions
of my own. I once complained
the term RCP 8.5 never ap-
peared in the Times’s print
edition. Now it has. I said it
might be five years before the
paper recognized the less-
dire warming consensus. It’s
America Wants a Centrist Party—in Theory
The Public
Religion Re-
search Insti-
tute and the
Brookings In-
stitution last
POLITICS week released
the 13th an-
& IDEAS
nual Ameri-
By William
can Values
A. Galston
Survey. This
year, for the
first time, we probed Ameri-
cans’ attitudes about potential
third parties and independent
candidacies. (I’m a longtime
member of the Brookings
team.)
We asked respondents to
choose among four options:
candidates from a new party
to the left of the Democrats,
to the right of the Republi-
cans, between the Democrats
and the Republicans, or none.
Three in 10 rejected third-
party and independent candi-
dacies. One in 10 preferred
candidates to the right of the
Republicans, and an equal
number wanted candidates to
the left of the Democrats. But
no
42% said they would support
a candidate between the two
major parties.
In one respect, this isn’t
surprising. An annual Gallup
survey has long shown a solid
majority of Americans open to
third-party and independent
efforts. What is surprising is
that so many of these voters
opted for a new party of the
center. Previous studies (in-
cluding one in which I partici-
pated) suggested that support
for such a party was much
smaller than what the PRRI-
Brookings survey found.
The IRS and the Eighth Amendment
By Travis Nix
And Tyler Martinez
N
avigating the labyrinth responsibility and had his
that is the U.S. tax code certified public accountant
can already feel like file these forms to the IRS.
punishment for ordinary tax-
payers. But the real punish-
ment comes when Americans The Supreme Court
face oppressive penalties from
the Internal Revenue Service takes up a case of a
for innocent filing mistakes. $2.72 million fine for
That may be about to change.
The Supreme Court hears oral a taxpayer’s error.
arguments Wednesday in Bitt-
ner v. U.S., a case that could
ease excessive punitive mea- The IRS responded by impos-
sures from the IRS.
Alexandru Bittner, a Roma- even though there were no al-
nian-American dual citizen, legations of tax fraud or any
nonwillfully failed to file five additional taxes owed.
foreign bank account reports,
or FBARs, with the IRS while have to determine how much
living in Romania between in penalties Mr. Bittner must
2007 and 2011. Taxpayers fill pay. The tax code imposes a
out annual FBAR forms if $10,000 penalty per nonwillful
they have “foreign financial violation of this statute. Mr.
been less than two.
One of my snarks still holds
up, though. I said when the
predicted climate catastrophe
fails to materialize, activists
would credit themselves. Mr.
Wallace-Wells attributes half
of the improved picture to
abandonment of the faulty
RCP 8.5 and half to technolog-
ical advance, but this is prob-
lematic at the very least.
Technological advance is usu-
ally assumed. A quirk of RCP
8.5 was that it specified stag-
nating technology except,
strangely, for the technology
to allow a sextupling of global
coal consumption.
He also leaves out a sec-
ond reason that, again, has
nothing to do with climate
activists and everything to
do with science correcting its
errors. The consensus-bear-
ing U.N. climate panel, after
40 years, modified its all-im-
portant “climate sensitivity”
estimate, using real-world
temperature trends to corral
its discordant and unreliable
computer simulations. Result:
lower expected warming and
lower estimated risk of
worst-case warming.
All of this is so completely
the opposite of new or news
that you can only roll your
eyes, but at least the truth is
reaching Times readers.
Which brings us to a sec-
ond lengthy and instructive
rumination in the Times, by a
former Journal colleague who
stands on a Greenland glacier
and discovers himself moving
along some nonspecific spec-
trum from less worried to
more worried.
I’ve stood on glaciers in
Alaska and Iceland but doing
so left my climate questions
us ,
unanswered. Already known
l
for decades was that faster
e
al a
ci on
One possible explanation is
that in recent years, hyperpo-
larized politics have driven
er s
more voters toward the cen-
ter. Another possibility is that
m er
the way we asked the ques-
tion somehow encouraged the
answer we received. But fine-
grained examination of voters
who support a new center
m rp
party casts doubt on the latter
explanation by showing that
they have strong reasons for
their announced preference.
On the one hand, these vot-
co Fo
ers reject many of the posi-
tions of the Republican base.
They don’t believe that the
2020 election was stolen, that
whites, Christians and men
are singled out for discrimina-
tion, or that immigrants pose
a threat to Americans’ culture
and way of life. On the other
hand, they part ways with key
tenets of the contemporary
Democratic Party. Even
though they endorse abortion
n-
rights and same-sex marriage,
they do not believe—as more
than 7 in 10 Democrats do—
that generations of slavery
and discrimination have made
it difficult for black Ameri-
cans to work their way out of
poverty. They do believe that
there are only two genders, a
proposition rejected by 62% of
Democrats.
For the coming midterm
elections, these centrist
Americans place issues that
Republicans emphasize—es-
pecially immigration—far
down on their list of con-
cerns. Nor do they share
Democrats’ focus on matters
such as climate change and
the gap between rich and
accounts exceeding $10,000.”
When Mr. Bittner moved back
to the U.S., he discovered this
ing a $2.72 million penalty
In Bittner, the court will
warming was observed at the
pole. For as long, scientists
worried that poorly under-
stood processes might cause
faster-than-expected melting
and sea-level rise.
But his piece is timely and
significant for a different rea-
son. With the consensus that
modeled outcomes won’t be as
bad as previously thought, re-
searchers are already shifting
their concern to the possibil-
ity of unexpected, low-proba-
bility, high-consequence tip-
ping points and doom loops.
Slowly it’s percolating
into the journalistic
mind that recent
research is upbeat.
Rapid ice-cap melting is
one such speculative scenario.
Thermohaline inversion as
dramatized in a mediocre
2004 Hollywood blockbuster
is another. A dangerous per-
mafrost-methane feedback re-
sponse is a third.
For years the late Martin
Weitzman of MIT and Harvard
insisted the known unknowns
were our real concern. The
problem with outlier climate
scenarios, however, is the
problem with all uncertain
end-of-the-world scenarios,
like those usefully listed by
Richard Posner in a 2004
book that reports that “the
number of extreme catastro-
phes that have a more than
on
negligible probability of oc-
curring in this century is
alarmingly great, and their va-
riety startling.”
Which of these low-proba-
bility, high-consequence disas-
ters should we spend resources
poor. Their top issues are in-
flation and the health of
American democracy (which
both parties care about),
crime (which preoccupies Re-
publicans), and abortion,
which the Supreme Court de-
cision pushed to the center of
Democrats’ concerns.
These voters place them-
selves on the political spec-
trum just about where one
might expect them to. Fifty-
eight percent of self-identified
moderates say they would
support candidates between
More than 4 in 10
in a new survey say
they’re open to a
moderate alternative.
the Democrats and the Repub-
licans, as do 57% of indepen-
dents. Forty percent of Demo-
crats (including 53% of those
calling themselves “not strong
Democrats”) would support
such candidates, compared
with 34% of Republicans. In
2020, 40% of this potential
third force voted for Joe Bi-
den, 27% for Donald Trump.
(The rest voted for other can-
didates or didn’t vote.)
These voters aren’t pleased
by the prospect of a 2024
presidential election that is a
rematch of 2020. Only 29%
want Mr. Trump to be the Re-
publican nominee, and even
fewer—23%—want Mr. Biden
to be renominated. If a re-
match happens, it is likely
that centrists would be even
Bittner argues he had five vio-
lations—one for each missed
FBAR—bringing him to
$50,000 in fines. The govern-
ment wants more, arguing he
had 272 violations, one for
each unreported account dur-
ing the five-year period.
The consequence of ruling
in favor of the government
would be severe. Roughly nine
million U.S. citizens live
abroad and another 45 million
are foreign-born. Any of these
Americans could hold foreign
bank accounts for a variety of
reasons: to send money back
to their family, to give them-
selves easier access to funds
when visiting or to hold the
inheritance of a deceased fam-
ily member. The IRS’s stan-
dard $10,000 penalty has the
potential to ruin these Ameri-
cans’ financial lives.
But Mr. Bittner’s case has a
good chance at changing the
preparing for at the expense of
things people need and want
now?
A sign of the conversation
shifting from climate certi-
tudes to climate uncertainties
is a new paper from Cam-
bridge’s Luke Kemp and col-
leagues. It offers a recommen-
dation about “bad-to-worst-
case” climate scenarios: Study
them more.
In a countering article,
Matthew G. Burgess, Roger
Pielke Jr. and Justin Ritchie
also endorse more research
but warn against marching
such low-probability scenarios
to the center of the conversa-
tion to mislead voters and
policy makers.
This brings us to a third,
epic-length piece of climate-
related journalism, posted on
Substack by the liberal politi-
cal analyst Ruy Teixeira. He
touches on all the same mat-
ters and mentions many of
the same names, on the way
to describing the political and
policy disaster his fellow
Democrats created for them-
selves by adopting the over-
done and unscientific “climate
crisis” stylings of Greta Thun-
berg.
Call it progress. I won’t re-
hearse why a carbon tax that
was simultaneously pro-
growth and anti-carbon would
have best served global soci-
ety in adapting to an uncer-
tain climate future. From any
kind of politics, authoritarian
or democratic, it’s unrealistic
to expect ideal policy out-
comes. Yet I can’t help but
wonder how events might
have been different if climate
news coverage over these
many decades had not veered
into moronic nonsense, from
which it is only fitfully start-
ing to emerge.
more open to a third-party
candidate.
It is easy to be skeptical of
these findings. After all, large
shares of Americans perenni-
ally say they want new elec-
toral choices, but such candi-
dacies have always fallen
short. No third force has ever
gotten close to the 42% who
say they want a centrist can-
didate in 2024—unless you
count the Republicans, who
succeeded only by displacing
one of the two major parties
during the 1850s and edging
Abraham Lincoln into the
presidency with less than 40%
of the vote in 1860.
There’s a gap between be-
ing open to a certain kind of
candidate in principle and
voting for one. To have a
chance in 2024, a centrist ef-
fort would need to recruit a
candidate with national stat-
ure and immediate credibility.
If not, voters would do what
they’ve always done—flirt
with the independent candi-
dacy during the spring and
summer and then return home
to their party in the fall.
The PRRI-Brookings survey
makes clear that a center op-
tion is more attractive to
Democrats than to Republi-
cans. This makes sense: Fully
half of Democrats identify as
moderate or conservative,
while just one quarter of Re-
publicans call themselves
moderate or liberal. If an in-
dependent candidacy doesn’t
win outright in 2024 but
draws more support from
Democrats than Republicans,
it could end up returning Don-
ald Trump to the Oval Office.
standard. The Eighth Amend-
ment prohibits the govern-
ment from imposing “exces-
sive fines.” A $2.72 million
fine for a nonwillful mistake is
the definition of excessive.
Any vagueness on the penalty
standard should be decided in
favor of the taxpayer and
against the government since
the government wrote the
law.
Not every foreign bank ac-
count is a vehicle for tax eva-
sion, and the IRS shouldn’t be
able to impose huge fines for
honest mistakes. Instead, the
agency should collect the tax,
plus interest, and move on.
The Supreme Court can bring
some sanity to an already-be-
wildering tax code.
Mr. Nix is a law clerk and
Mr. Martinez a senior attor-
ney for the National Taxpay-
ers Union Foundation.
Wednesday, November 2, 2022 | A15
BOOKSHELF | By Frank Rose
Telling Ourselves
Another Story
The Self Delusion
By Gregory Berns
(Basic, 291 pages, $30)
O
ne day when he was 16, Gregory Berns was riding
his bike on a road parallel to an interstate highway
when a tractor-trailer suddenly veered off course
and came straight at him. The driver swerved at the last
moment, which is how young Gregory lived to talk about it.
In his latest book, “The Self Delusion,” he tells us how he
saw himself on his bike from above, then saw the truck
jackknife in slow motion, slamming the cab into a hillside
and ejecting the driver and another man. He doesn’t know
if they lived or died. What he remembers is that he felt
disembodied, watching it all happen as if to someone else.
He was having what is known as an out-of-body experience,
a state that has often been considered evidence of the
paranormal.
Feelings of dissociation are among the stranger sensa-
tions the brain can generate—but there’s nothing particu-
larly unusual about them, and as Mr. Berns points out in
this intelligent and provocative book, they are hardly the
only delusions we experience.
Memories are not the faithful
playbacks we assume they
are. To store them, the brain
has to compress the actual
sequence of events, losing
detail in the process. Later we
reconstruct them on the fly,
with a lot of input from the
imagination. Little wonder
then that the stories that
result from this process of
.
memory and compression—
stories we tell ourselves about
ly
ourselves and the world around
us—should be suspect. Are you
who you say you are? Are you
even who you think you are? Mr. Berns—having grown up
to become a neuroeconomist at Emory University in Atlanta
as well as the author of four previous books on neuro-
science, two of them involving dogs—makes a convincing
case that the answer is no.
This may seem startling, but Mr. Berns is not the first
to point out that our sense of self is a construct made up
of narratives we tell ourselves and others, jumbled up with
scenarios we consume from TV, online and the movies.
Like the MP3, stories are a “lossy” format: They leave a
lot out. Much as the brain fills in the missing data in a
digitally compressed music file with its own approximation
of what the song should sound like, it fleshes out a story
retrieved from memory with its best approximation of
what happened in the spaces that didn’t get saved.
The technical term for this is “confabulation.” In “The
Man Who Mistook His Wife for a Hat,” Oliver Sacks
describes a patient with a severe memory disorder who
covers his confusion with endless confabulations, nimbly
bridging the enormous gaps in his memory without the
slightest awareness that he’s making it all up. But it’s
not just people in mental institutions who confabulate;
we all do it, and for much the same reason—to bring
some sense of order to our existence. As Mr. Berns puts
it, the stories we tell ourselves and others are “the glue
linking together what would otherwise be a frighteningly
random world.”
Little wonder, then, that we rely on these stories so
heavily. As Mr. Berns puts it, we apprehend what we call
reality “through a shared understanding of the world. . . .
Is reality, then, just a shared delusion? To some degree,
yes.” Of course, some delusions are more widely shared
than others: Mr. Berns describes a former college student
who thinks his brain has shrunk to half its normal size.
An MRI says otherwise, but the patient remains convinced.
Not until an antipsychotic medication blocks certain neuro-
transmitters does he stop talking about having half a brain.
Other, garden-variety delusions are shared by more people,
but you might be surprised at how common some of the
more extreme ones are: A national survey completed in
1992 and again in 2002 suggests that nearly one person in
eight thinks people are following or spying on them.
Even our most vivid memories are less like
photographs than sketches. Between the lines,
imagination fills in much of what’s missing.
Which brings us to the ease with which we share our
delusions on social media. Mr. Berns focuses on the anti-
vaxxers, starting with the notorious “Plandemic” video
that surfaced shortly after the coronavirus hit the U.S. in
early 2020. The 26-minute video showcased a discredited
virologist as she made a series of bizarre and unfounded
claims—that the coronavirus was “manipulated” in the
laboratory, that wearing a face mask somehow “activates”
the virus and that the vaccines are going to kill millions
of people.
Mr. Berns focuses on “Plandemic” in hopes of providing
“a form of inoculation” (maybe not the ideal term in this
instance) against conspiracy theories. It’s unlikely to be
effective, however, for reasons he lays out in the same
chapter: Such theories are seductive because they provide
an explanation for the otherwise unexplainable, which is
exactly what stories are supposed to do. And once such a
tale gains traction in a certain community our social
instincts kick in, leading us to accept a questionable if not
ludicrous conclusion because everybody else does.
But there can also be an upside to delusional thinking
of the less virulent sort, Mr. Berns maintains. If we invent
ourselves through stories, then surely we can reinvent
ourselves the same way? And so we enter the realm of the
counterfactual—what might have happened, what hasn’t
happened, what could happen still.
Counterfactuals are narratives of possibility. Revisiting
the memory of his narrow escape at 16, Mr. Berns can
vividly see himself splattered across the grille of the
truck—“a powerful counterfactual,” he calls it, that has
kept him hyperalert to trucks ever since. Can other
counterfactuals spur us to lead more rewarding lives by
minimizing our chances of regret—by, for example, en-
couraging us to take chances in life that we would later be
sorry we passed up? That’s the upside of delusion, Mr.
Berns suggests. Because the story of your life isn’t just
what happens. Your story is what you say it is—unless that
truck driver fails to swerve, in which case it gets taken out
of your hands.
Mr. Rose is a senior fellow at the Columbia University
School of the Arts and the author, most recently, of “The Sea
We Swim In: How Stories Work in a Data-Driven World.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Wednesday, November 2, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

California’s Democratic Tax Revolt On Navies, Anti-Navies and Defense of Taiwan

T
he internecine Democratic brawl over a lion to convince California voters to soak the Rep. Mike Gallagher (“The ‘Anti- Liberation Army is untested in war
California ballot measure to raise the rich some more to subsidize EVs even more. Navy’ the U.S. Needs Against China,” and, because of counting rules, the
op-ed, Oct. 26) is correct in advancing size of its navy has been exaggerated
top income-tax rate would be comic if Money for wildfires is a political sweetener in-
a mobile maritime, or porcupine, de- considerably. Its capability has also
the potential result wouldn’t tended to broaden public sup- fense that, in the event of war with been exaggerated.
be so tragic for the state. Here The left hand fights the port. China, would prevent its military from The truly bad news is that U.S.
are progressives who support other left hand over the port While green groups sup- breaking out beyond the first island military power is eroding. Beyond a
high taxes and electric-vehicle Prop. 30, Gov. Gavin chain running from the Sea of Japan flawed strategy, the current force is
subsidies fighting other pro- spoils of higher taxes. Newsom and the California to the Tonkin Gulf with a layered de- unaffordable and may not be sustain-
gressives who want to raise Teachers Association oppose fense. The other part of this defense able given recruiting and retention is-
taxes to subsidize EVs. it, ostensibly on the political would be to deny Chinese access to all sues. But beyond Mr. Gallagher, who
California has been swimming in tax reve- principle that Democrats in Sacramento seaborne imports, as Japan was block- is listening? Who is taking action?
nue thanks to strong capital gains and federal should decide how to spend tax revenue. Prop. aded during World War II, and to take The answer is no one.
pandemic largesse. As is their habit, Demo- 30’s proceeds would go into a special fund that out all major Belt-and-Road projects HARLAN ULLMAN
with mobile forces, imposing huge Senior adviser, Atlantic Council
crats spent this year’s $100 billion budget sur- politicians couldn’t raid. It would also end-run
economic costs and depriving China Washington
plus buying votes. Some 23 million California a state constitutional provision setting mini- this access to overseas resources.
residents last month started receiving up to mum funding levels for public schools. The obstacles for change, however, Mr. Gallagher’s article focused my
$1,050 checks from the state, though Califor- Perhaps the Governor and teachers union are great. They may be impossible to thoughts following Ukraine’s sinking
nians now paying $6 a gallon for gas may not also recognize that the tax hike would endanger overcome. First, all the U.S. military of Russia’s Black Sea flagship. I still
feel richer. their tax-and-spend machine. The top 0.5% of services are platform-centric. For the remember the chill I felt, as a young
Whether or not it’s raining revenue, the fore- taxpayers pay 40% of state income tax. Studies Navy, this goes back to fixation on Navy lieutenant aboard a destroyer in
cast in California always calls for higher taxes. have found that the state’s 2012 voter-approved battleships. It is the weapons, sensors the Gulf of Tonkin during the Vietnam
Ride-hailing company Lyft is bankrolling an ini- income tax increase and the 2017 deduction and C4I systems that are the strate- War, when our ship’s electronic coun-
tiative (Prop. 30) that would raise the top in- limit on state-and-local taxes resulted in more gic center of gravity in war today, not termeasures confirmed that Chinese
the traditional platforms. radar on Hainan island was locked on
come-tax rate by 1.75 percentage points to high earners fleeing the state.
Second, the National Security our ship. That was 55 years ago.
15.05% on Californians making more than $2 If Prop. 30 passes, California’s highest earn- Strategy and National Defense Strat- The vulnerability of today’s surface
million a year. California’s 13.3% top rate on mil- ers will pay 14% more of their income in federal egy need to be changed fundamentally warships has increased dramatically.
lionaires is already the second highest in the and state tax than they did before the 2012 tax if the Gallagher plan is to be adopted. Brig. Gen. Billy Mitchell long ago
country after New York City’s (14.8%). hike took effect. Meantime, GOP-run states have Only Congress can mandate change by prophesied the demise of battleship-
Eighty percent of the $3.5 billion to $5 bil- spent the last decade cutting income taxes. Ari- law, but it is highly doubtful that Con- dominated naval engagements. It isn’t
lion that the tax increase is expected to raise zona, a popular destination for California emi- gress will cooperate on much. just about a 300-ship Navy but what
annually would subsidize EVs and charging sta- gres, is moving to a flat 2.5% tax rate. These Third, Taiwan must be convinced it type of ships and weapons. The ships
tions. The other 20% would fund wildfire miti- states will become even more attractive for needs a porcupine defense to make a that won World War ll won’t likely be
gation. Democrats in Sacramento have already businesses and investors. Chinese amphibious assault a suicidal the ones needed in this century.
committed $10 billion for EVs over the next six Prop. 30 also exposes the folly of California proposition. That hasn’t occurred. RAE BURTON
The good news is that the People’s Upper St. Clair, Pa.
years. Lower- and middle-income Californians businesses—we’ll be kind by not naming them—
can now get $4,500 rebates to buy EVs on top that helped finance Democrats’ 2012 tax cam-
of a $7,500 federal tax credit. paign, hoping it would ease budget pressure

.
But Lyft doesn’t believe these subsidies will and buy them good will in Sacramento. Wrong
A Pilot Explains UFOs—for the Last Time

ly
be enough to meet a California mandate that on both counts. The pressure from progressive
EVs account for 90% of ride-hailing vehicle special interests to raise taxes is relentless. I’ve had enough of UFOs (“UFO western Nebraska. I’d like to talk with
miles by 2030. Ergo, it has spent some $45 mil- Prop. 30 won’t end it. ‘Mystery’ Shouldn’t Drag On” by Hol- an alien, too. I’ve got questions, like,

Energy Policy for Dummies

on man Jenkins, Jr., Business World, Oct.
29). After 45 years as an aviation
professional, with thousands of hours
piloting various aircraft, I am both-
do they have lavatories on board, or
is their waste invisible, too?
Well, I’ve had it, and I’m bringing
the entire issue to a halt. The public

P
ered that everyone else seems to persists in pushing the UFO phenome-
us ,

resident Biden has the worst energy pol- how he defines “windfall,” but he did say he be-
know they exist except me. And after non through these imagined sightings,
l

icy since Jimmy Carter, so it was proba- lieves companies are entitled to a “fair return” associating all these years with so I’m reversing that by declaring
e
bly inevitable that he would disinter one on innovation and hard work. Fair is in the eye
al a

countless numbers of fellow pilots, they don’t exist simply because my

of Mr. Carter’s worst ideas—a of progressive beholders. I’ve found that they’ve never seen pilot friends and I haven’t seen them.
“windfall profits” tax on oil Biden goes from bad to “Oil companies’ record any either. When pilots gather, we Are we aviation professionals all
ci on

companies. Doesn’t he know worse with a windfall they’re today

that when you tax something,
you get less of it?
Sorry, rhetorical question.
“Their profits are a windfall of
profits are not because just don’t talk about them. What’s the wrong, while a few quirky nonaviators
doing something new point? If you can’t see them, there’s who mostly enjoy recreational mari-
profits tax on oil. or innovative,” Mr. Biden said. not much to say, is there? juana are all right? I don’t think so.
Does he think companies stick I admit, however, to having some Besides, all these UFO sightings
a rig in the ground and oil au- envy. It would sure be nice to capture are easily explained, and I’m sur-
er s

war—the windfall from the brutal conflict that’s tomatically pours out? Producers have invested and fly an object that never runs out prised no one has ever hit on the an-
of fuel, never has to land and is visi- swer before: cataracts. Floaters, too.
ravaging Ukraine and hurting tens of millions huge sums on oil exploration and technologies ART SABOSKI
m er

ble only to nonaviation people who

of people around the globe,” Mr. Biden said that improve recovery from marginal fields and think aliens are eating the cattle in Prescott Valley, Ariz.
Monday of oil companies reporting strong earn- make operations more efficient.
ings this year. Imposing another tax on oil-company prof-
The reality is that their profits owe more to its on top of the 21% corporate tax rate will dis- Barr Beats Soros on Incarceration and Crime
m rp

his Administration’s war on fossil fuels than courage companies from increasing produc-
Vladimir Putin’s Ukraine invasion. Oil prices tion. That's what happened in the 1980s when The difference between William cuses for keeping them there. It isn’t
surged at the start of the war amid uncertainty Mr. Carter imposed the tax after OPEC’s oil Barr’s op-ed “Rising Crime Rates Are even close. Mr. Barr wins.
about the impact of Western sanctions on Rus- embargo. The Congressional Research Service a Policy Choice” (Oct. 27) and George BILL WADDELL
sian supply. But prices have moderated as China estimated the tax may have reduced U.S. oil Soros’s op-ed “Why I Support Reform Pismo Beach, Calif.
co Fo

Prosecutors” (Aug. 1) is that Mr. Barr

and India have continued to buy Russian crude production by between 1.2% and 8% from 1980
provides empirical evidence that sup- One letter writer (Oct. 31) respond-
at a discount, while markets have downgraded to 1988 and raised only $80 billion in revenue ports taking repeat offenders off the ing to Mr. Barr comments that since
global economic forecasts amid central-bank compared to the $393 billion that was pro- streets. Mr. Soros provided only ex- the U.S. has the highest incarceration
tightening and Chinese lockdowns. jected. Congress repealed the windfall tax in rate, it should be the safest country
But gasoline prices remain relatively ele- 1988 because it made the U.S. more dependent on earth if incarceration reduced
vated because production, especially in the U.S., on foreign oil. U.S. Diplomats Gave Short crime. From this data, the writer con-
isn’t keeping up with demand. Recent refinery Mr. Biden knows this history, so the windfall cludes, “Incarceration doesn’t deter
shutdowns in the U.S. and Europe have created tax has to be one more political gambit to blame
Shrift to Soviet Dissidents nor reduce crime.”
a supply bottleneck, boosting refiners’ normally others for high gas prices. Yet it underscores that Martha Bayles’s review of Mark The U.S. also spends more money
narrow margins. It’s no small irony that govern- he’s not serious about increasing U.S. oil produc- Pomar’s book “Cold War Radio” (Oct. per pupil on education than nearly
ment policies and investor pressure to reduce tion. If he were, he’d call off his Administration’s 24) mentions that, in 1984, Voice of any country on earth and yet it does
America was keeping its distance poorly on achievement tests. Using
production have inflated Big Oil’s profits. war on the industry and encourage his friends
n-

from Alexander Solzhenitsyn because the same logic, one would conclude
Yet even as his Administration dawdles on in the climate lobby to do the same. the State Department was still pursu- that spending money on education
issuing federal leases and permits, Mr. Biden is The windfall tax proposal repudiates every- ing detente with the Soviet Union. doesn’t deter nor reduce ignorance.
threatening to tax windfall profits if companies thing Mr. Biden says about wanting lower en- This triggered a memory. The main logical fault is in not con-
don’t raise production pronto. He didn’t say ergy prices.
no

In 1981, I was one of the first polit-
ical appointees at the U.S. Informa-
tion Agency, under whose aegis the
Now They Want a Pandemic ‘Amnesty’ Voice of America then operated. At a
senior staff meeting, director Charles
sidering the counterfactual. What
would be the crime rate—in our
country, not somewhere else—if we
didn’t incarcerate criminals?
With the latest progressive experi-

B
elieve it or not, American Federation of them closed and succeeded in far too many Wick suggested running a line from ment testing common sense, we are
Teachers chief Randi Weingarten on places where they dominate local and state poli- VOA to Solzhenitsyn’s house in Ver- beginning to learn the answer to that
mont to broadcast him to the Soviet question.
Monday tacitly acknowledged that keep- tics. Many big city school districts didn’t reopen Union at least on a weekly basis. The RICHARD F. SPAIDE
ing schools closed during the until spring 2021. Chicago senior Foreign Service Officer of the New York
pandemic was a mistake. Mira- The school shutdown didn’t offer full in-person agency, Jock Shirley, objected by say-
cles happen, apparently. But lobby now want voters to learning until last fall. The re- ing that the Soviet people have a
she also now wants parents— sults in lost learning have lockstep mentality and consider any Ronald Reagan vs. the GOP
especially if they’re voters forgive them. Not so fast. been catastrophic. outlier a traitor. Therefore, he said,
While I agree with much of what
next week—to forgive her and Ms. Oster pardons Ms. “It would be counterproductive to
Rep. Dan Crenshaw says about Presi-
her political allies without Weingarten because “on ev- broadcast Solzhenitsyn.” I countered
dent Ronald Reagan in “A Time for
seeking an apology or holding them accountable. ery topic, someone was eventually proved by saying, “Jock, if Solzhenitsyn is so
Choosing for Republicans” (op-ed,
Sorry, that lets them off way too easy. right, and someone else was proved wrong” unpopular, why is he so powerful?”
Oct. 28), Reagan had integrity. That’s
He had no answer.
“I agree,” Ms. Weingarten tweeted a link to and “in some instances, the right people were something sorely lacking in the elec-
Wick had the right instinct and fi-
a piece in The Atlantic by Emily Oster, “Let’s right for the wrong reasons.” You can guess nally got it done.
tion-denying factions of the GOP. Sec-
Declare a Pandemic Amnesty.” The article ar- who the right people are. ond, Reagan favored investing in a
ROBERT R. REILLY
gues that Americans should forgive experts This plea for forgiveness would be more strong national defense. Every recent
Vienna, Va.
and government leaders for their mistakes plausible if the shutdown lobby had shown administration and lawmakers of
Mr. Reilly was director of Voice of
both parties have failed to give prior-
during the pandemic. more willingness during the pandemic to lis- America.
ity to our national defense, leaving
Ms. Oster cites school closures as one ex- ten to other arguments that proved to be our Navy and Air Force ill prepared.
ample: “There is an emerging (if not univer- right. Instead they dismissed and tried to dis- RICHARD SCHECHTER
sal) consensus that schools in the U.S. were credit the authors of the Great Barrington There Will Always Be a Cynic Wellington, Fla.
closed for too long: The health risks of in- Declaration who argued for focused protection David Barash’s “Unintelligent De-
school spread were relatively low, whereas the of the most vulnerable while opening schools. sign” (Bookshelf, Oct. 26) reminds me
costs to students’ well-being and educational Tech platforms censored them. of the story about the cynical hunter
progress were high.” Ms. Oster says “most errors were made by who went duck hunting with a friend.
Pepper ...
However, she adds, “in spring and summer people who were working in earnest for the The friend spoke of his special dog And Salt
2020, we had only glimmers of information. good of society.” But the teachers unions in- and wanted to show it off, so he shot
THE WALL STREET JOURNAL
Reasonable people—people who cared about tentionally misled the public by hyping the vi- a duck and sent the dog to retrieve it.
The dog leapt from the boat and ran
children and teachers—advocated on both rus risks for children. They did this to extort
across the water, retrieving the duck.
sides of the reopening debate.” more money from Congress to “safely reopen” Upon reflection, the cynical hunter
That’s awfully generous to Team Shutdown, and compensate for learning losses from the commented: “Can’t swim, can he?”
which included all of the progressive great shutdowns. Democrats gave them $122 billion RICHARD BREWSTER
and good and nearly all of the media. Yet it last March, only about 15% of which was spent Cutchogue, N.Y.
was clear by summer 2020 that children were during the 2021-22 school year.
at extremely low risk for severe illness. They “Getting something wrong wasn’t a moral
Letters intended for publication should
were also struggling with remote learning, as failing,” Ms. Oster writes. But in Ms. Wein- be emailed to wsj.ltrs@wsj.com. Please
were their parents. All efforts should have garten’s case, it was. include your city, state and telephone
been made to reopen schools, as Florida did One certainty: The left will never forgive number. All letters are subject to
in August 2020, and to keep them open. the shutdown dissenters, notably Florida Gov. editing, and unpublished letters cannot “Says he won’t leave the nest
be acknowledged.
But the teachers’ unions lobbied hard to keep Ron DeSantis, for being right. until he has a full-time job.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
The Feds Don’t Want You Betting on Elections
By Donald Luskin
T
he Commodity Futures
Trading Commission has
moved to shut down Pre-
dictIt, an online market-
place for futures contracts
on the outcomes of political events,
effective Feb. 15, 2023. This is a blow
to investors in these contracts, such
as those on the presidential election
of 2024, who are left uncertain as to
how their positions will be unwound.
And it’s a blow to the public at large,
because political futures have proven
to have better predictive power than
polls.
Say you wanted to invest based
on your prediction that a Republican
will be elected president in 2024.
Right now, you could buy a “Yes Re-
publican” PredictIt contract for 56
cents. If a Republican is elected,
your contract will settle at $1, and
you’ll have a profit of 44 cents for
each contract you bought. If a Re-
publican isn’t elected, the contract
will settle at zero and you will lose
your 56-cent investment.
Regulators shut down an
online market for futures
contracts related to
political outcomes.
Investors are prohibited from
staking more than $850 in any con-
tract. This and other investor pro-
tections were enshrined in a “no-ac-
tion letter” issued by the CFTC on
Oct. 24, 2014, allowing PredictIt to
operate. Since then, PredictIt has
listed contracts on more than 29,000
political events and served more
than 175,000 investors.
Yet on Aug. 4, 2022, the CFTC
withdrew the no-action letter and or-
dered PredictIt to close in February.
The reason? Only that it “has not op-
erated its market in compliance with
Lee Zeldin’s New York Republicans Party Like It’s 1994
Success can lead to
overconfidence, if
not arrogance, and
political success is
no exception. If Re-
publican Lee Zeldin
wins his race for
UPWARD
MOBILITY New York governor
against incumbent
By Jason L.
Kathy Hochul, it
Riley
may be the biggest
upset of 2022, and
aloof Democratic officials will have
only themselves to blame.
So dominant are Democrats in the
Empire State that Republicans ha-
ven’t won a statewide race in 20
years. Since 2008, the Democratic
presidential candidate has carried
New York by an average of 25 points.
The last Republican to represent
New York in the U.S. Senate was Al-
fonse D’Amato, who left office in
1999, when Bill Clinton was presi-
dent and Beyoncé was a member of
Destiny’s Child.
That political track record has led
state Democrats to believe they could
do as they pleased without conse-
quence. In 2014, New York voters
amended the state constitution and
set up an independent commission to
no
By Karen Elliott House
S
ilence is golden. Said to be an
old Arab proverb, this is good
advice to both the U.S. and
Saudi governments if they are to
preserve any possibility of salvaging
a security relationship more impor-
tant now than when it began eight
decades ago.
The West is invested in the war in
Ukraine and could easily become em-
broiled in new hot conflicts with
China and Iran before President Bi-
den’s term ends. Oil prices in the
U.S. are roughly $90 a barrel and
could double if Russia decides to
stop pumping oil or if Europe carries
out its threat to ban imports of Rus-
sian crude by sea after Dec. 5.
Even as this global nightmare
lurks, Mr. Biden and Crown Prince
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
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Thorold Barker, Europe; Elena Cherney, Coverage;
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Investigations
Paul A. Gigot
Editor of the Editorial Page
Gerard Baker, Editor at Large
the terms” of the letter.
There was nothing more
specific than that, giving
PredictIt no way to address
the issue and stay open.
There also wasn’t a
word—from an agency that
exists to protect investors—
about how to liquidate
fairly 75 open contracts ex-
piring after February 2023
and apportion gains and
losses among their almost
15,000 holders.
PredictIt officials guess
that the CFTC’s objection is
the scope of contracts of-
fered. In the 2014 letter,
permissible scope is defined
to “include” contracts on
presidential primaries, the
popular and electoral vote,
vice-presidential nominees
and congressional control.
“Include” is the key word
here. It isn’t “limited to.”
The enumerated examples
would seem to leave the
door open to other events, such as
gubernatorial elections, Supreme
Court nominations and whether
President Biden will resign. Such a
variety of contracts have been “in-
cluded” for most of PredictIt’s eight-
year life, with only a tiny number of
CFTC objections.
One perhaps significant objection
came in early 2020, when PredictIt
listed a contract on whether the
World Health Organization would
declare Covid-19 a pandemic. Ac-
cording to John Phillips, chief execu-
tive of Aristotle, the firm that oper-
ates PredictIt, the CFTC telephoned
to complain about that contract, say-
ing it was in poor taste. The contract
had already expired.
on
Later in 2020, when President
Trump was promising speedy devel-
opment of Covid vaccines, PredictIt
reached out to the CFTC to see if
there would be objection to a con-
us ,
tract on whether the first jab would
l
be approved by the U.S. government
e
al a
ci on
ensure that new congressional and
state legislative districts aren’t
“drawn to discourage competition or
er s
for the purpose of favoring or disfa-
voring incumbents or other particu-
m er
lar candidates or political parties.”
Ignoring public will, Democrats this
year proposed new maps that would
have gerrymandered Republicans al-
most out of existence. The GOP sued,
m rp
and the state’s top court eventually
appointed a special master to draw
competitive maps in line with the
constitution.
Republican John Faso, a former
co Fo
New York congressman and lawyer
who was involved in the litigation
that got the Democratic gerryman-
der tossed, told me the episode is
emblematic of Democratic overreach
that could backfire this year. “Kathy
Hochul and the Albany Democrats
made assumptions that they could
just rig the electoral districts to
eliminate any viable Republican op-
position,” he said. “They arrogantly
assumed the courts would let them
do whatever they wanted. It’s sort
n-
of like their assumption that be-
cause they’ve won every governor’s
race since 2006, that they could
pass anything they wanted and that
Both Sides Lose in the U.S.-Saudi Feud
Mohammed bin Salman are engaged
in a public brawl over oil that en-
dangers the security of both the
U.S. and Saudi Arabia. What began
as political posturing by Candidate
Biden—who vowed to make the
kingdom a “pariah state” because
he believed the crown prince was
complicit in the murder of Jamal
Khashoggi—has become a bitterly
personal feud between the two
leaders. And as they engage in new
rounds of retribution, enemies like
Iran are taking notice. A U.S. Na-
tional Security Council spokesman
confirmed Tuesday that the mili-
tary is on high alert for a possible
imminent Iranian attack on Saudi
Arabia.
Saudi Oil Minister Prince Abdul
Aziz bin Salman, a half-brother of
the crown prince, issued a chilling
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
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OPINION
before the presidential election. The
commission said no—PredictIt could
not issue such a contract—and
would give no reason.
At the same time, the commission
complained about PredictIt contracts
on how many tweets Mr. Trump
would post over various periods. So
PredictIt discontinued these con-
tracts, though they had been popu-
lar. At that point it seemed as
though the commission’s objections
were an expansion of its own regula-
tory scope, from investor protection
to guardian of good taste in political
discourse.
Those incidents had a chilling ef-
fect on contract innovation, with
PredictIt self-censoring and intro-
ducing only conventional election
contracts as needed. There matters
stood for almost two years, until in
June the CFTC telephoned PredictIt
and ordered it to shut down imme-
diately. Only strenuous pleadings
got the execution date moved to
it wouldn’t affect their electoral
prospects.”
Enter Mr. Zeldin, whose situation
today bears more than a passing re-
semblance to that of the last Repub-
lican governor of New York, George
Pataki. Mr. Pataki ousted three-term
Democratic Gov. Mario Cuomo in
1994, which turned out to be a wave
Democrats acted as if they
were unopposed. They may
end up paying the price
in the governor’s race.
year for the GOP. The party gained
54 seats in the House and eight in
the Senate. The previous year, Re-
publicans George Allen and Christine
Todd Whitman won the governor-
ships of Virginia and New Jersey, re-
spectively, and a crime-fighter
named Rudy Giuliani was elected
mayor of New York.
Last year, Virginia elected Repub-
lican Gov. Glenn Youngkin. New York
City replaced its progressive mayor,
Bill de Blasio, with Democrat Eric
Oct. 25 warning about the future of
oil: “It is my profound duty to make
clear to the world that using emer-
gency stocks may become painful in
the months to come.” He was allud-
ing to Mr. Biden’s continued draw-
down of the U.S. strategic petroleum
reserve in a vain effort to reduce
gasoline prices and win votes for
Democrats in next week’s midterm
elections. The stockpile, created in
1975 to protect the U.S. against sud-
den supply disruptions, is at its low-
est volume in 40 years. In recent
months the president has withdrawn
nearly a third of what it contained
when he took office.
Exactly what the Saudis are plan-
ning isn’t clear. But early December
will be a decisive moment for global
supplies as the oil cartel, led by
Saudi Arabia and Russia, meets
again Dec. 4—the day before Eu-
rope’s threatened bans on importing,
financing or insuring Russian oil
shipments, even to third countries
like China and India, go into effect.
The U.S. and Saudi Arabia now
are like a furious couple in the
midst of a divorce. The misunder-
standings are so deep and public
that their feud isn’t likely to heal
until a new president moves into
the White House. Both nations con-
tinue to air their grievances, which
stir up the U.S. and Saudi publics.
The Saudis insist they were pre-
pared to overlook Mr. Biden’s pariah
talk during the campaign. But once
in office, he continued to accuse the
crown prince. Worse, Mr. Biden cut
arms sales to the Saudis even as he
removed their Iran-backed Houthi
attackers in Yemen from the U.S.
Wednesday, November 2, 2022 | A17
February 2023. Nothing came from
the CFTC in writing until the no-ac-
tion letter was withdrawn in August.
What changed? PredictIt says
nothing did. The CFTC has refused to
respond to PredictIt’s inquiries. The
five-member commission is now made
up entirely of Biden’s appointees.
Aristotle and several individual
PredictIt investors have filed a law-
suit seeking declaratory judgment
and injunctive relief in federal court
in Texas. The plaintiffs argue that
the CFTC hasn’t provided any spe-
cific reasons for the shutdown in
writing so the decision is arbitrary
and capricious and thus prohibited
under the Administrative Procedure
Act. The plaintiffs seek an injunction
to allow existing contracts to play
out until their natural conclusion.
This would protect investors.
The CFTC argues that there is
nothing for the court to rule on, be-
cause there is no “final agency ac-
tion” here—only the withdrawal of a
Adams, a former police officer who
campaigned on stronger law en-
forcement. And New Jersey Demo-
crat Phil Murphy, who won his first
election as governor in 2017 by a 14-
point margin, was re-elected by only
3 points in a state that Joe Biden
carried by almost 16 points. Is New
York state history about to repeat
itself?
It’s not uncommon for races to
tighten down the stretch, but Demo-
crats fear something more may be
going on. Barack Obama is cutting
ads for Ms. Hochul and planning a
rally with Hillary Clinton on the gov-
ernor’s behalf. The Democratic Gov-
ernors Association is scrambling to
funnel more money into the New
York contest. Last week, prognosti-
cators at the Cook Political Report
changed their rating of the race from
“solid Democrat” to “likely Demo-
crat.”
Mr. Zeldin, a congressman from
Long Island, has been gaining
steadily on the governor by talking
primarily about the economy and
crime. He’s hit Ms. Hochul especially
hard for siding with progressives in
her party who passed disastrous
criminal-justice “reforms” that have
terrorist list. Things went downhill
from there.
In July, with oil prices and infla-
tion rising precipitously in the U.S.,
Mr. Biden visited Saudi Arabia. Al-
though he denied that he was look-
ing for additional oil production, ev-
eryone knew that was simply spin.
The State Department confidently
told skeptics like me that the Saudis
would raise production in the fall.
But the president emerged from his
meeting to brag that he had accused
Crown Prince Mohammed to his face
of approving Khashoggi’s murder.
Washington and Riyadh
need each other and would
benefit if their leaders
quieted down for a while.
Rather than increase production,
the kingdom on Oct. 5 agreed with
the oil cartel to cut it. U.S. officials
accused the Saudis of reneging on a
deal. Mr. Biden loudly and publicly
promised “consequences,” including
a review of arms sales. Things esca-
lated further when the Journal re-
ported last week that the crown
prince has privately been making fun
of Mr. Biden’s gaffes and questioning
his mental acuity.
The U.S.-Saudi leadership war has
gotten out of hand. Even during the
1973 embargo, the kingdom made
sure the U.S. military had all the oil
it needed. After the 9/11 attack on
the World Trade Center, President
George W. Bush and King Abdullah
no-action letter. The com-
mission says it needs to
provide no reasons—it’s
merely exercising “prosecu-
torial discretion.” Its de-
mand to liquidate all posi-
tions, the CFTC says, is
merely a suggestion for
what PredictIt “should” do,
as though a diktat from a
regulator is nothing more
than friendly advice.
Most Kafkaesque is the
CFTC’s claim that the with-
drawal of its no-action let-
ter need not result in the
end of PredictIt. It could
simply apply to be regu-
lated as a designated con-
tract market, a type of
commodity contract ex-
change that the CFTC per-
mits to operate. The com-
mission seems to have
CHAD CROWE
forgotten its April 2012 or-
der that prohibits such
markets from listing elec-
tion contracts. Kalshi, a
new exchange in event-related fu-
tures contracts, petitioned the CFTC
in July for relief from the 2012 or-
der, which would allow it for the
first time to list such contracts on
election results. Kalshi expected a
decision from the commission last
week, but it hasn’t come, with re-
ports of a divide between staff and
the commissioners. If the Biden
CFTC turns down Kalshi after shut-
ting PredictIt, it will be saying it
wishes to exterminate financial mar-
kets in political opinions.
.
That would be unfortunate for lib-
erty. If investors can express their
ly
opinions on the future prices of corn
and pork bellies, surely the First
Amendment also protects their abil-
ity to do the same on elections and
other political matters. It’s a matter
of free speech that you can put your
money where your mouth is.
Mr. Luskin is chief investment of-
ficer of TrendMacro.
undermined law enforcement and di-
minished public safety. For her part,
the governor has lackadaisically
echoed many other Democrats run-
ning this year in trying to keep the
focus on abortion and Donald
Trump, even though abortion rights
aren’t under threat in the state and
Mr. Trump doesn’t live there any-
more. In an August poll, Mr. Zeldin
was trailing by 24 points. Two sur-
veys released on Friday—one by lib-
eral polling firm Slingshot Strategies
and another by Emerson College—
had him down by only 6.
Mr. Zeldin’s surge notwithstand-
ing, Ms. Hochul still has plenty going
in her favor. Democrats in the state
outnumber Republicans by more
than 2 to 1, and their voter-registra-
tion advantage has grown in recent
decades. The governor, a Buffalo-
nian, has a natural base in upstate
New York, where Republicans tradi-
tionally need to overperform to win
statewide. Win or lose, however, Mr.
Zeldin has performed a public ser-
vice if only by putting a good scare
into a complacent and self-dealing
Democratic establishment that
thinks it can run the state as if its
political opponents didn’t exist.
worked to keep the vital relationship
on track. A similar attitude is
needed now.
The Saudi government has the
right to make a priority of high oil
revenue, which funds its expensive
economic reform plans. But the king-
dom’s leaders shouldn’t be surprised
if some Americans see that decision
as unmindful—if not ungrateful. Af-
ter all, the U.S. literally saved the
Saudi oil fields from Saddam Hus-
sein during the first Gulf War.
It was also in America’s interest
not to have Saddam controlling the
Middle East’s oil resources. But
that’s the point: The U.S. and Saudi
Arabia shared—and still share—an
interest in Mideast security and oil
supplies. With Russia, China and
Iran all plotting how to take advan-
tage of the U.S., which they view as
a declining power, it’s imperative
that Riyadh and Washington try to
restore their relationship through
quiet and wise diplomacy. If the U.S.
wants more Saudi oil, it must ad-
dress Saudi security concerns about
Iran and stop courting Tehran.
The kingdom can’t possibly be-
lieve that closer relations with China
and Russia will guarantee its secu-
rity. And the U.S. can’t seriously
think green energy is ready to re-
place oil. The Bible and the Quran
both extol the virtue of silence. Joe
Biden and Mohammed bin Salman
would both be wise to go quiet for a
while.
Ms. House, a former publisher of
The Wall Street Journal, is author of
“On Saudi Arabia: Its People, Past,
Religion, Fault Lines—and Future.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A18 | Wednesday, November 2, 2022
Seoul Stampede Videos Rattle Nation
Hyperconnectivity in
South Korea led to the
fast spread of the raw
imagery of suffering
SEOUL—At 4 a.m. on Sun-
day, Jung Hyeon-ji woke up to
grab some water and scrolled
through news about the
deadly night in Seoul’s club
district of Itaewon. What she
saw still terrorizes her.
By Jiyoung Sohn,
Timothy W. Martin
and Dasl Yoon
The 21-year-old university
student had taken to Twitter,
where she encountered a bar-
rage of raw footage from the
cramped alleyway where hun-
dreds of Halloween revelers
were fatally crushed and se-
verely injured. She saw police
yanking people from a mound
of tangled bodies. Others
screamed for help. Ms. Jung
said she could even make out
faces—with some having
turned pale or blue.
“I didn’t want to watch
them, but they kept popping
up across different social-me-
dia platforms,” said Ms. Jung,
who still finds herself rising at
4 a.m. each day, jolted awake
by anxiety and the images re-
playing in her mind. “It feels
like I’m in a blank state.”
South Korea finds itself par-
ticularly distressed by Satur-
day’s horrific Halloween acci-
dent, which got livestreamed,
tweeted and uploaded. With
ubiquitous smartphone adop-
tion and hyperconnectivity, the
country was in many ways
predisposed to consume—and
propagate—the horrific scenes
online. That wrung out even
more dread from one of South
Korea’s greatest tragedies in
years.
Many locals remain in a state
of shock after encountering
U.S.-Canada Border Spat Widens Hong Kong Editors
BY PAUL VIEIRA
OTTAWA—A disagreement
between the U.S. and Canada
over border security, which
has simmered for months be-
hind the scenes, has escalated
into a public diplomatic spat
that is disrupting plans for
business travelers who fre-
quently cross the border.
The snarl revolves around
the U.S.-Canada trusted-trav-
eler program, called Nexus,
that expedites entry of previ-
ously screened passengers into
either country. Nexus centers
in Canada haven’t reopened
since they were closed at the
start of the pandemic, because
COLE BURSTON/REUTERS
the U.S.—which has long
wanted more legal protection
for American border agents
working at Canadian centers—
hasn’t sent its agents back.
The holdup has added to
the backlog of applications
no
and renewals that officials say
affects about 330,000 would-
be or current program mem-
bers. U.S. Nexus processing
centers reopened in April.
Before sending back its Cus-
toms and Border Protection of-
ficers, the U.S. says it wants
more legal protection for
them. The U.S. border agents
working at Canada-based
Nexus processing centers help
interview prospective card-
holders and those seeking re-
newal to determine eligibility.
Under a U.S.-Canada treaty
negotiated by the Obama ad-
CHINA
Final Module Docked
To Space Station
China has successfully docked
the final module to its space
station, marking a milestone in
Beijing’s long-coveted ambition
of becoming a world-leading
space power.
The 23-ton module, dubbed
Mengtian, or “Dreaming of the
Heavens,” lifted off from the
Wenchang Spacecraft Launch
Site on China’s southern island
province of Hainan on Monday,
according to China’s National
Space Administration. It docked
13 hours later to the first two
modules—the core module,
Tianhe (“Harmony of the Heav-
ens”), and the first research
module, Wentian (“Quest for the
Heavens”).
Mengtian is designed to pri-
marily study fundamental physics
Mourners pay tribute at a makeshift memorial for the victims of the deadly Halloween crowd surge in the Itaewon district of Seoul.
endless imagery of the Itaewon
disaster, which has claimed at
least 156 lives and left 151 in-
jured. The victims were largely
young and mostly female.
“Not only bereaved families
were saddened by the acci-
dent, but also many people
who were at the scene or
heard the news were trauma-
tized,” South Korean Prime
Minister Han Duck-soo said.
The accident in Itaewon oc-
curred on a short, sloping alley-
way that connects a row of
bars, clubs and restaurants to
on
the district’s main road. A
us ,
larger-than-expected turnout
l
came for Halloween bashes, the
e
al a
first year most Covid-19 restric-
tions had been relaxed. Police
haven’t pinpointed what caused
ci on
a sudden crush of bodies.
er s
m er
m rp
co Fo
n-
Throngs of travelers waited in a security line at Toronto Pearson International Airport in May.
ministration and a former Ca-
nadian conservative govern-
ment and completed in 2015,
Ottawa extended broad au-
thority to U.S. border agents
working at preclearance oper-
ations at Canadian airports to
question, search, detain and
arrest travelers without fear
of legal repercussions.
Canada says it won’t extend
any extra legal protections to
them because it isn’t part of
the current cross-border secu-
rity accord.
Nearly 80% of the active 1.6
WORLD WATCH
and microgravity—the condition
in which objects and people, un-
der extremely tiny gravitational
pull, appear to be weightless.
The chief designer of the
Mengtian Space Application Sys-
tem, He Yufeng, told state me-
dia the module could also be
used to develop quantum tech-
nologies—a field of research in
which China has rapidly ad-
vanced and, in some areas, has
become a world leader.
—Karen Hao
ALGERIA
Arab League Holds
First Talks Since 2019
Arab leaders met in Algeria
at the 31st summit of the larg-
est annual Arab conference to
seek common ground on divisive
issues in the region. The meet-
ing comes against the backdrop
of rising inflation, food and en-
WORLD NEWS
South Korea’s national po-
lice chief apologized on Tues-
day, acknowledging shortfalls
in the law-enforcement re-
sponse and creating an inde-
pendent committee to investi-
gate what may have gone
wrong. Witnesses have said
there was a dearth of police
crowd control.
Police also released 11
emergency-call transcripts
warning of dangerous over-
crowding in the alleyway. The
earliest came nearly four
hours before first responders
were dispatched to the scene
after the crowd crush and
drew assurances that someone
would be sent to investigate.
“No one’s taken control.
The police should come clear
the area then let people in-
million Nexus cardholders are
Canadians, and senior Cana-
dian business leaders say
holding a card is essential to
conducting commerce with the
country’s neighbor and largest
trading partner. The card al-
lows travelers in the U.S. and
Canada to mostly bypass the
main lineups at airport secu-
rity—which were at times
monster-sized this summer
due to staffing shortages and a
surge in postpandemic travel.
The same goes for U.S. cus-
toms preclearance at Canada’s
ergy shortages, drought and
soaring cost of living across the
Middle East and Africa.
The event provides an oppor-
tunity for Algeria—Africa’s larg-
est country by territory—to
showcase its leadership in the
Arab world. Algeria is a major oil
and gas producer and is per-
ceived by European nations as a
key supplier amid the global en-
ergy crisis that stems from Rus-
sia’s war in Ukraine.
The 22-member Arab League
last held its summit in 2019, be-
fore the Covid-19 pandemic. In the
years since, new challenges have
drastically reshaped the region’s
agenda—the establishment of dip-
lomatic ties between Israel and
four Arab countries, as well as
the fallout of the war in Ukraine.
The summit’s discussions are
focusing on the food and energy
crises that have had devastating
consequences for Egypt and Tu-
nisia, among other Arab coun-
side,” the caller said. “We
can’t exit right now. People
are just pouring in.”
One call came minutes be-
fore first responders arrived at
10:17 p.m. “I think we’re going
to get crushed here,” the caller
said. “Everyone’s going crazy.”
Grim scenes emerged online
almost immediately after police
arrived late Saturday. Photos
showing rows of bodies covered
in blue sheets went viral. Vid-
eos circulated showing emer-
gency responders and volun-
teers performing CPR on scores
of the unconscious. Gratuitous
content of partially nude vic-
tims was also uploaded.
A friend warned Esther
Hwang not to watch footage
from Itaewon, though she en-
countered it on her Twitter
biggest airports, among them
Toronto, Montreal and Van-
couver.
Kirsten Hillman, Canada’s
ambassador to the U.S., said at
a trade event organized by the
Canadian Embassy in Wash-
ington in October that the
two-decade-old Nexus pro-
gram “is being held hostage”
by the Biden administration.
“We can’t have the whole pro-
gram sort of on its knees until
we work this through because
it is going to take some time,”
she said.
tries. Deepening the crisis is the
worst drought in decades that
has ravaged swaths of Somalia.
—Associated Press
NORTH KOREA
Missile Spurs Alarm
On Offshore Island
North Korea fired more than 10
missiles off its eastern and west-
ern coasts on Wednesday, Seoul’s
military said, with one missile trig-
gering an air raid warning for resi-
dents on Ulleung Island, off the
east coast of South Korea.
The South Korean military said
the North launched different kinds
of missiles but didn’t give details.
Earlier, the South Korean mili-
tary said three North Korean
short-range ballistic missiles were
fired around 8:51 a.m. local time
from near the North’s eastern
coastal city of Wonsan.
—Dasl Yoon
* **** THE WALL STREET JOURNAL.
mation Protection Commission
and the government’s top inter-
net watchdog on Tuesday said
they would vigorously search
for online content that didn’t
blur a person’s face, a violation
of local laws that require con-
sent. They said they would
work in coordination with ma-
jor social-media platforms.
The tragedy has brought a
sense of collective anxiety to
South Korea, in part because
the fatal crush happened in
the highly familiar neighbor-
hood of Itaewon and because
of the sheer number of people
who witnessed or provided
help at the scene, said Paik
JUNG YEON-JE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Jong-woo, a psychiatry profes-
sor and chairman of the Ko-
rean Society for Traumatic
Stress Studies. Post-traumatic
stress doesn’t only affect those
directly involved, he said.
“Witnessing tragic deaths at
an unexpected location, even
through pictures and videos,
can cause immense trauma
and stress,” Prof. Paik said.
South Korean officials said
they would offer mental-
health care through the Na-
tional Center for Disaster and
Trauma, as well as through
feed. She unfollowed those the Seoul city government.
Twitter accounts soon after. Since watching videos from
Ms. Hwang, a 36-year-old of- the Itaewon accident and scan-
fice worker, said she refrained ning malicious comments made
from further reading about the about the victims, Yoo Ji-yoon
accident, too. “I think that’s has been unable to get more
the reason why I feel OK now,” than two hours of sleep a night.
.
she said. Her heart starts pounding
South Korea has had some whenever she closes her eyes,
ly
of the world’s fastest internet as she recalls the images of the
speeds for decades, enabling dead bodies. The hurtful online
swaths of life to move online. remarks make her feel as if she
Robust digital ecosystems
have emerged from the wide-
spread connectivity.
While news outlets largely
is staring at the “bottom of hu-
man depravity,” said Ms. Yoo, a
31-year-old freelancer who
helps businesses manage their
edited video footage and social-media accounts.
blurred its content, the videos She struggles to concen-
and photos taken by those ini- trate on work and is even cau-
tially at the scene and shared tious in talking about her
across many social-media plat- emotional state with friends.
forms came in uncensored. “I know it will be painful for
South Korea’s Personal Infor- them, too,” Ms. Yoo said.
Are Tried for Sedition
BY SELINA CHENG thorities, prosecutors said.
Defense lawyer Audrey Eu
HONG KONG—Two former argued on Monday that the
editors of a Hong Kong news charges were unconstitutional
outlet went on trial for sedi- and that the media has a duty
tion over articles prosecutors as the fourth estate to report.
say promoted pro-democracy If someone “reported on a
activists and attacked the gov- murderer [that] does not mean
ernment, a key case in author- he agreed with his actions,”
ities’ national security crack- she said. “If being a little criti-
down on the city’s once cal is a crime, then the media
relatively free press. would have nothing to do.”
Two top editors for the now- Stand News was a small on-
defunct online news website line news outlet that came to
Stand News, Chung Pui-kuen prominence in 2019, when its
and Patrick Lam Shiu-tung, constant video live streams
were arrested in December af- and close coverage of the anti-
ter hundreds of national secu- government protests became
rity police raided their news- hugely popular in Hong Kong,
room. The duo, who have been drawing to it hundreds of
detained for almost a year, have thousands of viewers and
pleaded not guilty to a charge readers.
of conspiring to publish or re- The site shut its operation
produce seditious publications. hours after it became the sec-
If convicted, the editors could ond newsroom raided by na-
face up to two years in prison. tional security police. That op-
The charges were brought eration came six months after
under the city’s British colonial- pro-democracy newspaper Ap-
era laws against sedition, rather ple Daily was raided and exec-
than the National Security Law utives at the paper were ar-
imposed by China in June 2020 rested on national security
to stifle pro-democracy voices charges that year. Its founder,
that had fueled mass unrest in Jimmy Lai, is currently in jail,
the city. Authorities have in- awaiting trial for allegedly
creasingly used sedition laws to conspiring to collude with for-
prosecute opponents. eign forces to endanger na-
In a 53-page opening state- tional security. He denies the
ment read out in court on charge.
Tuesday, prosecutors alleged Prosecutors on Tuesday
that Stand News’ former edi- said Stand News deleted some
tor in chief, Mr. Chung, and of the articles from its website
acting editor in chief, Mr. Lam, months before charges were
conspired together to publish issued, indicating the editors
17 seditious articles between knew these ran the risk of vio-
July 2020 and December last lating the law.
year. They included interviews Prosecutors said the activ-
with high-profile pro-democ- ists had illegally lobbied for-
racy activists Nathan Law and eign governments to impose
former lawmaker Ted Hui, who sanctions on Hong Kong, and
are both living in exile, as well the interviews promoted them
as opinion articles. The arti- as people “who fought for
cles were published with the Hong Kong’s core values such
intention to incite hatred and as freedom and human rights
contempt toward the city’s au- out of their own conscience.”
VINCENT YU/ASSOCIATED PRESS
Patrick Lam Shiu-tung, center, was arrested in December.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 3856.10 g 0.41% S&P FIN À 0.41%
Higher Ride Prices Bolster Uber
BY PREETIKA RANA
Uber Technologies Inc.’s
shares soared after the com-
pany announced revenue and
adjusted earnings gains for
last quarter as its customers
spent more on rides and food
delivery.
The ride-hailing company
said Tuesday that revenue for
the three months through Sep-
tember was up 72% from a
year earlier, to $8.34 billion.
Adjusted earnings—a figure
that excludes some expenses—
hit $516 million, its strongest
ever. Both were above Wall
Street expectations.
Chief Executive Dara Khos-
rowshahi told analysts he was
“confident in our ability to de-
liver healthy top and bottom
line growth” despite “the un-
certain global economic envi-
ronment.”
Uber shares shot up 12% in
Tuesday trading.
While revenue took a hit
from the stronger dollar, Uber
was bolstered by high ride
prices in the U.S. and the ac-
quisition of Transplace, a lo-
gistics service provider.
By standard accounting
measures, Uber still posted a
Please turn to page B2
 Heard on the Street: Uber
earns 5-star rating............... B16
Ad Tech Is
Small but
Google
Fights to
Keep It
Google Chief Executive Sun-
dar Pichai met in Washington
several months ago with Sen.
Mike Lee, a Utah Republican
By Keach Hagey,
Sam Schechner and
Miles Kruppa
who sponsored legislation that
would require a breakup of the
tech giant’s advertising-technol-
ogy business.
Mr. Pichai’s message in op-
posing the bill was one that has
been a common refrain for the
company in the face of concerns
about its dominance in the sec-
tor: Ad technology is a small
part of what Google does, he
said, and doesn’t make up a sig-
nificant share of the company’s
no
revenue, according to people fa-
miliar with the meeting.
As Google faces years of reg-
ulatory scrutiny over whether it
has abused its market power in
ad tech—from the European
Union and U.K. to the U.S. De-
partment of Justice and a coali-
tion of states led by Texas—the
message that it’s a small share
of the company’s revenue
stands in contrast to its deter-
mination to hang onto the busi-
ness.
Google parent Alphabet Inc.
says its “Network” business—
the parts that mostly relate to
Please turn to page B2
INSIDE
AUTOMOBILES
Toyota lowers some
production targets as
chip supply problems
persist. B3
PROPERTY REPORT
Work begins on a 100-
story Miami tower
designed to withstand
hurricanes. B6
TECHNOLOGY: CHIP MAKER AMD FORECASTS PC SLUMP DEEPENING B4
S&P IT g 0.86%
Uber’s quarterly profit/loss
$1 billion
0
–1
–2
–3
–4
–5
–6
2019
Revenue
$8 billion
6 12
4 8
2 4
0
2019 ’20
*Earnings before interest, taxes, depreciation and amortization
Banks, Investors Pressed on Green Promises
ci on
BY AMRITH RAMKUMAR
The Biden administration is
starting to dole out billions of
er s
dollars for nascent climate in-
dustries such as battery met-
m er
als. That is putting pressure
on banks and investors to step
up with additional funds to
make good on their climate
promises.
m rp
This cash is coming from
last year’s bipartisan infra-
structure bill. The federal gov-
ernment granted about 20
producers of raw materials
co Fo
that power rechargeable bat-
teries a total of nearly $3 bil-
lion. The goal is to kick-start a
domestic supply chain for big
auto makers and combat
China’s dominance of battery
materials.
There is a lot more money
where that came from. Addi-
tional infrastructure-bill fund-
ing is expected to go to up-
starts and established
companies in areas such as
n-
clean hydrogen, carbon cap-
ture and electric-vehicle
charging in the months ahead.
Financing could also come
through the Inflation Reduc-
tion Act, the Energy Depart-
ment’s loan program and from
a separate investment fund
known as a green bank.
New York Law Sheds
Light on Pay Scales
BY CHIP CUTTER
Want to make more than
$200,000 a year in New York?
The options may be more
plentiful than you think.
From content director at
Colgate-Palmolive Co. to the
diversity, equity and inclusion
business manager at Macy’s
Inc., the list of jobs offering
the chance to make over
$200,000 includes careers in a
a range of industries, one of
the early revelations from New
York City’s new salary-trans-
parency law.
The measure, which took
effect Tuesday, requires nearly
all New York employers to list
pay on job postings, along
with internal transfer or pro-
motion opportunities. Compa-
nies hiring for remote posi-
tions that could conceivably
be done from New York must
also comply with the law and
list minimum and maximum
salary ranges, city officials
have said.
The result is a trove of up-
dated job listings at some of
the nation’s most prominent
employers, providing job seek-
ers, existing employees and
* * * **
DJ TRANS g 0.46%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.13%
Adjusted Ebitda*
’20
$8.3 billion Gross bookings
$16 billion
’21
on ’22
0
2019 ’20
Sources: S&P Capital IQ, the company (profit/loss, ebitda, revenue, gross bookings); FactSet (performance)
us ,
l
e
al a
A worker for Piedmont Lithium, which produces battery metals, operates a rig in Bessemer City, N.C.
The flood of money and
similar funding from govern-
ments in Europe and Asia has
been structured to provide an
incentive to private invest-
ment and lending by reducing
some of the risk of these
young companies.
It is still too soon to tell if
the merely curious with a rare
glimpse at the pay practices of
major companies.
Some employers, like Ama-
zon.com Inc., have dozens of
jobs with maximum pay of
more than $200,000, accord-
ing to listings. An opening for
principal product manager in
the company’s Amazon Music
division lists a base salary of
$197,900 to $267,800 a year in
New York. A head of leader-
ship and organizational devel-
opment can make a salary of
as much as $321,700.
An Amazon spokesman, Au-
gust Aldebot-Green, said the
company is committed to pay
equity and lists the pay for
some roles even when not re-
quired.
The listed ranges, which
companies had to post as of
12:01 a.m. Tuesday, can help
shed light on how companies
set pay, a process that has
long baffled both job seekers
and employees.
The salary data also are
likely to raise questions
among workers about why
some jobs pay so much more
than others, compensation
Please turn to page B15
2–YR. TREAS. yield 4.538%
Net profit/loss
’21
Performance year to date
10%
Delivery
–10
–20
–30
Mobility
–40
’21 ’22
–50
Jan. 2022
banks, businesses and investors
will seize those incentives.
Many have made promises to
boost green investments, in-
cluding ahead of last year’s
United Nations climate confer-
ence in Glasgow.
Some of the government
support that many asked for
Wednesday, November 2, 2022 | B1
NIKKEI (Midday) 27686.05 À 0.03% See more at WSJ.com/Markets
J&J
To Buy
–$1.2 billion
$516 million
Abiomed
For About
$17 Billion
BY PETER LOFTUS
Johnson & Johnson agreed
to buy heart-device maker
Abiomed Inc. in a $16.6 billion
deal that the health-products
’22 giant hopes will accelerate its
overhaul into a leaner, faster-
growing company.
Under the terms, J&J
agreed to pay $380 a share
upfront and would pay an ad-
0 ditional $35 a share if certain
milestones are met. Abiomed
Nasdaq shares rose 50% to $377.82 on
Composite Tuesday. J&J shares fell 0.5%
to $173.09.
J&J, the world’s largest
.
maker of healthcare products
by sales, is pursuing its big-
ly
gest deal in several years as it
adapts to a changing health-
care market.
Uber
The company plans next
year to separate its consumer-
products unit, which sells Ty-
lenol and Band-Aids, into a
Please turn to page B7
Mindy Lubber, CEO of sustain-
ability nonprofit Ceres. “We
are all running out of excuses
and running out of time.”
Companies are on track to
raise about $1 trillion in green
and sustainability-linked
bonds this year, down from a
record of roughly $1.3 trillion
last year, Dealogic data show.
The ratio of fossil-fuel to
green debt financing has
stayed steady recently.
Equity financing for climate
startups in private markets is
CLARK HODGIN FOR THE WALL STREET JOURNAL
also below 2021’s record but
still well ahead of figures from
2019 and 2020, according to
PitchBook.
Most of the recent federal-
grant funding is for startups
such as Piedmont Lithium Inc.
that are years away from sup-
plying auto makers with large
amounts of material. Existing
producer Albemarle Corp. was
one of the few established com-
panies to receive funding.
This year’s U.N. climate
at the time to reduce the risk conference begins Sunday in
of these investments has ap- the Egyptian resort town of
peared. Still, the growth in Sharm El Sheikh. For the big
green financing has slowed alliance of banks and inves-
this year, though market vola- tors launched last year, the
tility and the war in Ukraine lead-up to the conference has
take some of the blame. been marked not by new
“The traditional arguments promises but by infighting
are no longer acceptable,” said Please turn to page B7
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Wednesday, November 2, 2022
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Abiomed......................B1
Advanced Micro Devices
.....................................B4
Airbnb..........................B4
Albemarle....................B1
Alphabet ................ B1,B6
Amazon.com
.....................B1,B2,B3,B6
American International
Group.......................B14
Apple.................B2,B3,B6
Aurora Innovation.......B2
B L
Bank of America.........B7
BioNTech.....................B4
Borealis.......................B7
BP................................B7
C-H
Cain International.......B6
Chevron ....................... B7
CIFI ............................ B14
Colgate-Palmolive.......B1
Country Garden.........B14
CVS Health................B15
Deloitte ..................... B15
DiDi Global..................B2
DoorDash...................B16
INDEX TO PEOPLE
A-J
Auchincloss, Murray...B7
Boston, Nancy...........B15
Bowen, Alisa...............B3
Breivik, Rasmus..........B7
Bunker, Nick................A2
Butcher, Billy.............. B6
Cardinale, Gerry........B14
Casale, Andrew...........B2
Chapek, Bob................B3
Chung, Kenny............B14
Curro, Jeana..............B16
Daco, Gregory.............A2
Denton, David.............B4
Duato, Joaquin............B7
Ek, Daniel....................B2
Elhedery, Georges.....B14
Gapen, Michael...........A2
Google
Fights for
Ad Tech
Continued from page B1
brokering the buying and sell-
ing of ads on other websites—
generated about $31.7 billion
last year, or about 12% of its
revenue. Analysts say it is one
of the least profitable areas of
Google’s business.
But Google’s ad tools also
play a larger role in the com-
pany’s overall $209 billion ad
business. They steer a large
chunk of money toward Google-
owned properties such as You-
Tube and Search, and supply
data on web users that help
those properties refine their
pitches to advertisers, ad-indus-
try executives and analysts say.
“We have no plans to sell or
exit this business,” a Google
spokeswoman said in a state-
ment.
The company has contem-
plated other changes. When
Google negotiated this summer
with the Justice Department
over a possible resolution that
would avoid litigation, it offered
to put some of its ad-tech as-
sets in a separate division of
parent company Alphabet, The
Wall Street Journal previously
reported. That was a far cry
from the structural changes de-
partment officials had been
seeking.
Higher
Prices Give
Uber Lift
Continued from page B1
$1.2 billion net loss driven by
the falling value of its stakes in
two overseas counterparts—
China’s Didi Global Inc. and
Southeast Asia’s Grab Hold-
ings Inc.—and self-driving
startup Aurora Innovation Inc.
The company posted a loss of
$2.42 billion a year earlier.
Uber’s gross bookings—the
value of transitions made on
the app—grew 26% to $29.12
billion, below the $29.63 bil-
lion predicted by analysts sur-
veyed by FactSet.
Uber forecast slower book-
ings growth. It said it expects
bookings in the current quar-
ter of between $30 billion and
$31 billion, short of Wall
Street’s forecast of $32 billion.
That translates to year-over-
year growth of 16% to 20%,
compared with the 56% it
posted during the same quar-
ter last year.
One of its closest-watched
financial metrics, adjusted
earnings before interest, taxes,
depreciation and amortization,
should come in between $600
million to $630 million this
quarter, Uber said, better than
the $568 million Wall Street
had been projecting. This fig-
ure strips out some expenses,
such as stock-based compen-
sation, that executives con-
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Exxon Mobil................B7
Fenix Metal.................B7
Fox...............................B4
General Motors...........B3
PepsiCo........................B6
Pfizer ..................... A6,B4
Piedmont Lithium.......B1
Ping An Insurance....B14
Amazon Adds More Ad-Free
Music and Podcasts to Prime
Grab.............................B2 PricewaterhouseCoopers
HSBC ......................... B14 ...................................B15
J Prudential Financial..B14
Jefferies Financial......B7 R
Johnson & Johnson....B1 RedBird Capital Partners
JPMorgan Chase.........B7 ...................................B14
K Roku ............................ B6 BY ANNE STEELE through its Prime subscription
S service and voice-activated
KKR..............................B6
Shell ............................ B7 Amazon.com Inc. is making Echo speakers, analysts and ex-
Sony...........................B16 more ad-free music and pod- ecutives say. Listeners can also
Longfor......................B14 Spotify.........................B2
Lyft.......................B2,B16 STMicroelectronics.....B3 casts available to Prime mem- access music and podcasts
M-P Swire Properties.........B6 bers, sweetening its offering as through the Amazon Music app.
Macy’s ......................... B1 T-Y competitors increasingly bun- The new music and podcasts
Marathon Petroleum B16 Texas Instruments ..... B3 dle entertainment with other for Prime members mark an-
Meta Platforms Toyota Motor.........B3,B4 services. other challenge to music
........................ B2,B4,B16 Twitter........................A1
Microsoft..........A4,B2,B4 Uber Technologies Amazon Music will extend a streaming competitors such as
Mondelez International ...................... B1,B15,B16 full catalog of music and pod- Apple Inc.’s Apple Music, which
.....................................B6 Valero Energy ........... B16 casts without ads to its mem- raised its monthly subscription
Morgan Stanley..........B7 Walt Disney ..... B3,B4,B6 bers under the existing $139 fee by a dollar last week, and
Netflix.........................B6 Warner Bros. Discovery
News Corp ............. B2,B4 ...................................B15 annual Prime membership fee, Spotify Technology SA, whose
OKO ............................. B6 Yara International.......B7 the company said, seeking to Chief Executive Daniel Ek said
draw more customers to its au- last week that it would likely
dio services. raise prices in 2023.
Starting Tuesday, Prime By offering the music to
ANDREW HARRER/BLOOMBERG NEWS
members, who have so far been Prime members without ads,
able to listen to about 2 million Amazon will have to shoulder a
Green, Jeff..................B2 Murdoch, Rupert.........B4 songs for free, have access to potentially higher cost of pay-
Greenfield, Andrew .... B7 Musk, Elon..................A1 100 million songs—the same ments to record labels depend-
Goel, Rajeev................B2 Pichai, Sundar.............B1
Gorder, Joseph..........B16 Pirondini, Marco........B15 full catalog offered on paid ing on how much more users
Hennigan, Michael....B16 Put, Dirk Van de.........B6 streaming audio services. stream.
Innes, Stephen..........B15 Quinn, Noel...............B14 The tech giant is essentially Amazon also is rolling out
Jacobson, Paul............B3 S-Z offering its Prime members the free access for members to a
K-Q Schroeder, Susan......B15 full functionality of Spotify’s selection of podcasts, ad-free,
Khosrowshahi, Dara ... B1 Seshadri, Naveen........B3 free tier but without ads. While Amazon Music is the third-largest music service by subscriptions. including most of its Wondery
Kumakura, Kazunari...B3 Shultz, Jeff.................B6
Lawson, Chris ............. B7 Simmons, Gary.........B16 paid tiers allow users to select catalog of premium shows as
Lizardi, Rafael.............B3 Stevenson, Ewen......B14 any specific song on demand, cess playlists to which they can service by subscriptions, be- well as top shows from the
Lowrey, Charles........B14 Swonk, Diane..............A2 free tiers are more limited in listen to on demand. hind Spotify and Apple Music, New York Times, Barstool
Lubber, Mindy.............B1 Thomson, Mark...........B6 that users can only listen by Amazon Music has long ben- Amazon has drawn a diverse Sports, NPR, Slate, ESPN and
Luzzetti, Matthew ..... A2 Vogel, Jim...................A2
Maloney, Kevin...........B6 Wise, Rick...................B7
shuffling albums, playlists and efited from its placement under and older listening base across other major publishers.
Minogue, Michael.......B7 Young, Liz..................B15 artists’ catalogs. Amazon also its Prime membership um- the U.S.—many of them first- —Sebastian Herrera
Murdoch, Lachlan ....... B4 Zucker, Jeff...............B14 offers Prime users a few all-ac- brella. The third-largest music time streamers—in large part contributed to this article.
.
In the European Union, the
company offered to address a
Google Ad Manager is generally
for large online publishers.
web, while also giving them the
ability to place ads on Google’s
the chief executive of PubMatic,
a rival ad-tech firm. Reason 4: The Web
ly
common complaint from com- Google has said it pays out own industry-leading proper- Mr. Taylor said that “by and
Needs Google
petitors that YouTube ads can
only be purchased using
Google’s buying tools. The com- on more than 69% to publishers
who use Google Ad Manager
when ads are placed through its
ties.
Mr. Taylor said Google’s buy-
ing tools are engineered to de-
large,” Google didn’t use data
from its third-party ad business
to make its owned properties
Google has told advertising
executives that its ad technol-
pany promised to build tools al-
lowing rivals to broker YouTube
purchases, the Journal re-
buying tools.
Those ad-tech tools, though,
can also decide to take the
liver the best return on invest-
ment for advertisers. “We’re
not putting our thumb on the
better, with the exception of
features like ad preferences, an-
tifraud protections and tools to
ogy plays a vital role in helping
the web thrive. Google’s ad
tools allow virtually any web-
ported. money advertisers are pouring scale with this,” he said. help advertisers understand site to make money by selling
us ,
Dan Taylor, vice president of in and direct it to Google’s own their return on investment. ads, ad executives say. Ensuring
l
global ads for Google, said help- properties, where the company Google’s help pages for ad- that websites have that finan-
e
Reason 2: The Data
al a
ing websites sell ads is key to collects a higher share of reve- vertisers say the user data for cial support is an existential is-
Google’s mission of making “in- nue, on average, industry execu- Several ad industry execu- the ads shown on its own prod- sue for Google, because the
formation universally accessible tives and analysts say. tives said Google’s third-party ucts is “based primarily on [us- more sites there are, the more
ci on
and useful.” He said the com- “It’s going to pick itself all advertising-technology business ers’] activity on these prod- there is for users to search, and
pany also has a business inter- day long,” said Dina Srinivasan, supplies valuable data that pro- ucts,” but the company doesn’t the more valuable Google’s core
est in helping ad-supported a lawyer and academic who vides a more complete picture rule out using data from their Search business is, they say.
websites and apps. of an online consumer’s journey. activity on other sites and “Google’s nightmare scenario
“Without websites to be Google can see when a user apps. is that the only way to make
er s
searchable and discoverable searched for a product—say, money is to publish everything
content, people would have less
Ad tools play a larger shoes—and then bought it. The on Facebook and monetize ev-
role in the company’s Reason 3: Borg
m er
need for search engines like third-party ad products allow erything on Facebook,” said Ari
ours,” he said in an interview. the company to see that an ad Google and its rivals in the Paparo, a former DoubleClick
“In that way our interests are
overall $209 billion on a sports-website is what set ad-tech industry agree that and Google employee.
really aligned with supporting ad business. the user on that path. That breaking off parts of the ad- Some executives within
publishers through ads.” gives the advertiser a better technology business would in- Google say that there would be
m rp
Some explanations for why idea of the value of the ad. volve substantial logistical chal- lower quality ads on websites
Google considers its ad-tech “If you just have the search lenges. and more advertising fraud if
business valuable: published a 2020 paper saying piece of that, you only have a After acquiring ad-tech firm the company withdrew from the
that Google’s ad-tech business small sliver of visibility into a DoubleClick in 2008 and other ad-tech business—making it
abused its monopoly power. She consumer’s path,” said Andrew firms subsequently, Google inte- harder for websites to survive.
Reason 1: It Helps
co Fo
has previously consulted for Casale, chief executive of Index grated them into company sys- “They really believe they’re
News Corp, the owner of the Exchange, a rival ad-tech com- tems, including one that some the good guys in ad-tech and
YouTube and Search Journal. pany. employees refer to as “Borg.” the rest of the ecosystem are
The Google Network busi- In her research, Ms. Srini- That understanding of cus- “Logistically, it would be a bad guys that just want to make
ness earns fees from brokering vasan found that the percentage tomer behavior could be dis- nightmare for Google because money,” Mr. Paparo said. “It’s
the buying and selling of ads of Google ad revenue that was rupted if Google were required Google has integrated all those sort of true.”
placed on third-party web- going to Google’s own proper- to divest or break up its third- companies so tightly into their Some ad-tech executives say
sites—those the company ties steadily increased from party ad business, ad-industry infrastructure—they all run on that is a paternalistic stance.
doesn’t own, such as news, around 50% in 2004 to 84% in executives said. Borg,” said Tom Kershaw, a for- “There was an open web before
sports or lifestyle sites. The 2019. “The breadth of the data col- mer Google advertising technol- Google owned DoubleClick, and
company’s major ad-tech tools Competitors say Google is lection that Google is able to ogy executive. it was growing like a weed,”
facilitate these transactions. Its attractive partly because it is a get through the third-party “I don’t know how they eas- Mr. Casale said. “The notion
AdMob product is used for mo- one-stop shop for digital ads. It business is so valuable that ily untangle it,” said Jeff Green, that if they weren’t the defend-
n-
bile sites, while Google AdSense can offer advertisers access to they are putting up a fight chief executive of The Trade ers of it, it would cease to be,
specializes in small sites and thousands of sites across the around this,” said Rajeev Goel, Desk, another Google rival. “ is ignorant.”
no
has pushed ride prices to re-
cord highs.
Fares remain elevated de-
JOURNALISTS DON’T
‘JUST WRITE STORIES.’
spite better driver numbers.
Nationwide prices in Septem-
ber for a standard Uber and
Lyft were 36% higher than in
September 2019, according to
market-research firm YipitData.
THEY RECORD HISTORY.
Neither Uber nor Lyft re-
SCOTT OLSON/GETTY IMAGES
leases pricing data, and neither
has said how many more driv-
ers are needed to meet de-
mand.
Analysts don’t expect fares
to return to prepandemic lev-
els even after the driver short-
Travelers wait for an Uber ride at Midway airport in Chicago. age eases. That is because
Uber and Lyft are under pres-
sider to be outside core opera- was slower than the rest of sure from investors to squeeze
tions. Uber has long pointed to the world. more profit out of each ride.
it to signal a path to profits. A looming question for The companies have re-
It has been a tough quarter Uber is whether consumers, sponded to inflation by tack-
for many tech giants. Shares squeezed by inflation and wor- ing on new charges. Earlier
of Facebook parent Meta Plat- ried about a possible economic this year, they imposed a tem-
forms Inc., Amazon.com Inc., downturn, will continue to pay porary fuel surcharge on rid-
Microsoft Corp. and others a premium for food delivery ers to make up for high gaso-
have been pummeled after and accept high ride prices. line prices. Last month, Lyft
weaker-than-expected results. Mr. Khosrowshahi said peo- imposed another rider charge
Companies that flourished ple’s delivery bills were rising to offset rising insurance pre-
during the pandemic as life and the company is still seeing miums that it pays for drivers.
and work shifted more to the strong demand for rides even Uber is also cutting costs,
internet now project slow- from its customers in lower- with a hiring freeze and
downs, spooking investors. income groups. scaled-back marketing.
Sales of personal computers “At this point, we’re not see- A new Biden administration
and other gadgets are falling. ing weakness, we’re definitely proposal could reignite a long-
Consumers, hit by inflation, watching out for it,” he said. standing debate over how
are trimming their spending, One upside: The company ride-drivers should be classi-
and business customers are has said that the tough envi- fied, and potentially boost
tightening their budgets. ronment is drawing more driv- Uber’s costs if it has to change
Growth has cooled in recent ers. For the first time since its gig-worker model.
quarters for the company’s de- the pandemic struck, Uber Mr. Khosrowshahi said he
Learn more about the impact your
livery arm, Uber Eats, which said it ended the last quarter was confident that even if the
journalism career can have on the world.
did brisk business during the with the number of active law changes Uber won’t need Wall Street Journal reporter Erin Ailworth
pandemic. Third-quarter reve- ride-share drivers back to to upend its labor model, and others share career advice at
nue was up 24% year-over- 2019 levels. Uber and its ride- pointing to states such as Cali- dowjonesnewsfund.org/careers.
year, after nearly doubling in share rival Lyft Inc. have grap- fornia and Washington, where
the year-earlier quarter. pled with a yearlong driver Uber had won similar reclassi-
Growth in the U.S. and Canada shortage, an imbalance that fication battles.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, November 2, 2022 | B3

BUSINESS NEWS

Chip Shortages Hurt Toyota Disney+ App to

BY RIVER DAVIS

TOKYO—Overall demand for

Sell Merchandise
semiconductors may be soft-
ening, but the world’s biggest
auto maker says it still can’t
get its hands on enough chips.
In Test Program
Toyota Motor Corp. on
Tuesday lowered its Toyota BY ROBBIE WHELAN exploring developing a mem-
and Lexus production target bership program that would
for the current fiscal year Walt Disney Co. is launch- offer exclusive benefits for
through March to 9.2 million ing a pilot program to test members, but the merchan-
units from a previous goal of how streaming subscribers dise feature being tested this
9.7 million, citing the risk of respond to deals to buy exclu- week isn’t part of that effort,
chip-supply issues. sive toys and apparel related according to a person famil-
The situation reflects pro- to some of its most popular iar with the matter.
longed underinvestment in shows, movies and charac- Disney is under pressure
certain older types of chips ters—all offered through the from investors to both add
that are particularly needed by Disney+ app. subscribers and increase rev-
car makers. While slowing de- Starting Tuesday, subscrib- enue, especially from its
mand for smartphones and ers were able to visit the streaming businesses, which
personal computers has eased ShopDisney.com website or include Disney+, Hulu and
shortages of memory and scan a QR code found on the ESPN+.
other chips and sparked fears menu screen of Disney+ Mr. Chapek has said that
of a glut, pockets of con- streaming titles and purchase one of the company’s goals is
strained supply remain. limited-edition merchandise. to increase cross-selling op-
Analysts and chip execu- Items featured in the test in- portunities and better under-
AKIO KON/BLOOMBERG NEWS

tives say the supply-demand clude replicas of Marvel su- stand consumer preferences
mismatch could drag on for perhero Dr. Strange’s cloak, a by tracking what shows and
years. Black Panther mask, and a movies they watch as well as
“If we look at each type of Darksaber toy weapon from what theme-park attractions
semiconductor, the supplies “The Mandalorian.” are their favorites.
haven’t recovered to a satis- The test is part of a
factory level,” said Kazunari broader effort at Disney to in-
Kumakura, Toyota’s head of The auto maker says that semiconductor demand is down, but its supply problem is far from over. tegrate the company’s two
purchasing. main business lines via Dis-
The company
Auto makers globally have pressed optimism about the developing more advanced Some Japanese auto-indus- ney+, which so far has func- recently raised
been grappling with a short- chip situation in recent quar- chips. try executives have high- tioned only as a platform for
age of semiconductors since terly reports. “Overall, I would A McKinsey & Co. report in lighted the Dallas-based com- streaming video. Disney’s op-
prices on some of its
late 2020, when a rebound in say chips are getting better October said that while manu- pany as a source of current erations are divided into two streaming offerings.
auto sales took companies by than certainly where they facturers are trying to squeeze supply bottlenecks. A Texas segments: media, entertain-
surprise after they had previ- were a year ago,” General Mo- out more production of the Instruments representative ment and distribution and

.
ously moved to reduce chip or- tors Co. Chief Financial Officer legacy semiconductors, they said the company was working parks, experiences and prod-
ders. Auto makers competed Paul Jacobson said last week. are unlikely to keep up with closely with customers to get ucts. Competitors such as Ama-

for limited supply against elec- Still, analysts say the auto
tronics companies that saw industry isn’t yet near the end
demand bolstered by stay-at- of its problems, and some
home consumers.
That demand has now
eased, and smartphone sales
are falling. The car market,
might even worsen.
The problems particularly
involve analog chips, which
use older technology process-
on
meanwhile, has remained rela- ing information with grada-
us ,
demand through 2026. That is
partly because of the rise of
electric and hybrid vehicles
that rely more on the chips,
McKinsey said.
One of the biggest analog
chip makers, STMicroelec-
tronics NV, said late last
them the parts they need and
had a road map to build semi-
conductor capacity for de-
cades to come.
Toyota’s current shortages
are caused by chip makers
having failed to increase capi-
tal investment in certain prod-
ly
By connecting merchandise
sales to the streaming experi-
ence, Disney is taking the
first step toward developing
Disney+ into what Chief Exec-
utive Bob Chapek has de-
scribed as a lifestyle brand
app.
zon.com Inc. and Apple Inc.
have bundled together ser-
vices including retail dis-
counts, streaming video and
access to extensive streaming
music libraries in an effort to
grow market share.
Disney recently raised

tively strong. tions, unlike digital chips that month that its backlog of au- ucts, Mr. Kumakura said, with- “It’s the physical and the prices on some of its stream-
l

Toyota’s Mr. Kumakura said differentiate only between on tomotive orders remains well out naming specific suppliers digital aspects of your Disney ing subscriptions and on cer-
e
al a

supply conditions have relaxed and off signals. Executives at above current and planned or types of chips. Due to the lifestyle coming together,” tain theme-park perks in an
for certain types of chips that other Japanese auto makers manufacturing capacity nature of vehicles today, “even Mr. Chapek said last week at effort to boost revenues. In
are used by both the automo- also have said they are grap- through 2023. if it’s just one type of semicon- The Wall Street Journal’s December, the company plans
ci on

tive and consumer-electronics pling with a tight supply of
industries. “Overall, we have legacy chips.
emerged from the worst of the Cars use hundreds of ana-
situation,” he said. The fore- log semiconductors for pur-
cast of 9.2 million vehicles poses such as moderating how
er s
Another analog chip giant,
Texas Instruments Inc., is
working to add capacity, yet
inventory has been increasing
slowly and still stands below
ductor that’s in short supply, a
car can’t be built,” Mr. Ku-
makura said.
Toyota said last month it
would temporarily give buyers
Tech Live conference, de-
scribing the effort to inte-
grate consumer data across
the two divisions and use in-
formation about consumer
to launch a lower-priced, ad-
supported tier of Disney+.
The retail pilot program is
being led by Alisa Bowen, the
new president of Disney+,

would represent an annual re- much power is drawn from a desired levels, Chief Financial of some models in Japan one habits to create more custom- and Naveen Seshadri, Dis-
cord if achieved. battery, yet new investment Officer Rafael Lizardi said in smart key instead of two to ized products. ney’s executive vice president
m er

U.S. auto makers also ex- has largely been funneled into an earnings call last week. help ration supplies. Separately, Disney is also for retail.

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

B4 | Wednesday, November 2, 2022 * *** THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

AMD Sees PC Slump Deepening Fox Posts

Increased
Chip maker’s glum amid the shift toward learning

outlook reflects turn

in demand after
and working remotely at the
outset of the pandemic.
Intel last week said it was
Revenue,
Covid-fueled surge
cutting costs aggressively to
cope with the downturn, in-
cluding through targeted lay-
Lower Net
BY ASA FITCH offs. The company reported a BY DEAN SEAL AND JOE FLINT
20% drop in third-quarter
Chip maker Advanced Mi- sales and forecast even weaker Fox Corp. Executive Chair-
cro Devices Inc. issued a glum revenue in the fourth quarter. man and Chief Executive
sales outlook for the current Microsoft Corp., Ama- Lachlan Murdoch touted the
quarter and said it would cut zon.com Inc., Google parent value of scale on a call with an-
spending as it responds to a Alphabet Inc. and Facebook alysts Tuesday to discuss re-
deep slump in demand for parent Meta Platforms Inc. all sults for the company’s most
consumer products. gave worse-than-expected out- recently completed quarter.
CHEN YUYU/VCG/GETTY IMAGES

AMD Chief Executive Lisa looks last week, although Ap- “Our peers are getting big-
Su said the company was cut- ple Inc. bucked declines in ger,” Mr. Murdoch said. Scale,
ting expenses in businesses global smartphone sales this he added, lends flexibility in
that weren’t doing as well to year, reporting record revenue many ways.
adapt to the soft demand out- for the third quarter. Mr. Murdoch made his com-
look. She didn’t quantify the Tech companies have been ments on the importance of size
amount of the cuts on a call hardest hit in arenas most amid the backdrop of a poten-
with analysts Tuesday after sensitive to consumer demand, tial merger of Fox with News
the company issued third- Sales in the AMD division that includes chips for PCs fell by 40% to $1 billion in the third quarter. like PCs for AMD and Intel. Corp, the other media company
quarter earnings. Sales in the AMD division that controlled by Mr. Murdoch’s fa-
AMD said it expected and reduced its revenue guid- ers of servers were being come of $66 million, down includes chips for PCs fell by ther, Rupert Murdoch.
around $5.5 billion of revenue ance. Ms. Su said that the PC more cautious about building 93% from the prior-year’s fig- 40% to $1 billion in the third The comments came after
in the current quarter, up by market could fall by close to out their computing infra- ure to reflect accounting quarter, the company said. But Fox’s earnings report, in which
14% but below what analysts 20% this year. structure. changes from a recent acquisi- the datacenter division, which the company posted a 5% climb
forecast in a FactSet survey. The company also expects “We have seen customers tion and higher research and houses its server chips, posted in revenue for its fiscal first
The subdued outlook re- global economic weakness to taking longer to make deci- development spending. a 45% sales rise to $1.6 billion, quarter as political advertising
flected a challenged market affect its business supplying sions and perhaps being a lit- The muted outlook for the about what analysts expected. for the midterm elections
for personal computers that chips for servers that go into tle bit more conservative” on fourth quarter comes as many The company’s gaming divi- ramped up.
its chips feature in and follows datacenters. That business has capital spending, she said. tech companies get stung by sion—AMD sells chips that go Last month, the two compa-
a warning last month for the been a strong point for AMD, AMD reported third-quarter slowing consumer spending, into popular videogame con- nies said they were exploring a
third quarter, when AMD, a driven partly by demand from results Tuesday, including rising interest rates and soar- soles and for PC gaming—rose possible combination nearly 10
competitor to Intel Corp., told fast-growing cloud-computing sales of $5.6 billion, which ing inflation. The turnabout 14% to $1.6 billion of revenue. years after their split in 2013.
investors that the market was companies in North America. were in line with that warning. follows a long-running surge AMD’s stock rose by over The version of Fox that split off
declining faster than expected But Ms. Su said corporate buy- The company posted net in- in demand for technology 4% in aftermarket trading. from News Corp was bigger
than the company as it stands
today after the sale of Fox’s ma-

Airbnb Books First Billion-Dollar Quarterly Profit

.
jor entertainment properties to
Walt Disney Co. in 2019.

ly
The Wall Street Journal is a
unit of News Corp, which also
BY DENNY JACOB higher bookings in cities, revenue. July through Septem- company forecast fourth-quar- ture results,” the company said owns other publishing opera-

Airbnb Inc. posted its first

profit of more than $1 billion
in the latest quarter, with re-
stronger cross-border travel
and longer stays. Airbnb said
booked third-quarter nights
and experiences, or activities
on
cord revenue bolstering the reserved through the platform,
us ,
ber is typically Airbnb’s busiest
period, because of summer va-
cations.
Airbnb said it expects reve-
nue growth to continue in the
ter revenue between $1.8 bil-
lion and $1.88 billion. Analysts
polled by FactSet expected
$1.87 billion before the issued
outlook.
in a letter to shareholders.
Shares in Airbnb fell more
than 4% in after-hours trading
Tuesday. The stock closed at
tions in the U.K. and Australia.
Fox Corp. is the parent of Fox
News, the Fox Broadcasting
company and Fox Sports.
$109.05, up 2%, during the Mr. Murdoch declined to dis-

case that travel demand re- were its highest yet, with a current quarter, citing a back- “As the impact of the pan- regular trading session. cuss any specifics of a possible
l

mains strong despite continu- 25% increase. log of future bookings and demic recedes but macro con- Airbnb recorded a profit of deal, which the companies have
e
al a

ing challenges from rampant The company posted $2.88 coming bookings being can- ditions persist, we expect a $1.21 billion, its largest since confirmed, and said that there
inflation. billion in revenue for the quar- celed with less frequency— continued, albeit choppy, re- going public in 2020, topping is no guarantee it would come
The home-sharing company ter ended Sept. 30. Analysts among other factors—four covery of cross-border travel analysts’ estimates of $1.03 to fruition.
ci on

said its results were driven by had expected $2.85 billion in weeks into the period. The to be a further tailwind to fu- billion. “We don’t know if there is a
deal or if there will be a deal.
We don’t know what that deal
ADVERTISEMENT
Covid Vaccine Lifts would look like,” he said, citing
the work being done by inde-
er s

Showroom pendent committees formed by

the boards of the two compa-

Pfizer Revenue View

m er

To advertise: 800-366-3975 or WSJ.com/classifieds nies to evaluate the proposal

from Rupert Murdoch and the
Murdoch family trust.
BMW BY JARED S. HOPKINS growth. The company expects There could be takeover in-
AND SABELA OJEA to receive regulatory approv- terest in the two media proper-
m rp

als for up to 19 new products ties, deal makers in the industry

Pfizer Inc. raised its reve-
nue outlook for the year even
as overall demand for its
Covid-19 vaccine declines.
co Fo
or additional indications for have said. The family trust has
existing products over the large voting stakes in each com-
next 18 months. pany: about 39% in News Corp
Third-quarter sales fell 5.8% and 42% in Fox Corp. Rupert

The New York-based drug
company on Tuesday said it
now expects to end the year
WE’RE DRIVING EXCITEMENT! with revenue in the range of
$99.5 billion to $102 billion, as
NO PAYMENTS FOR 90 DAYS its operations improved de-
spite a hit from a stronger
dollar. It had previously fore-
AND UP TO $1,000 OWNER LOYALTY cast revenue of $98 billion to
$102 billion.
ON ALL 2018-2020 BMW CERTIFIED MODELS** The raised outlook reflects
about $2 billion in higher-
than-expected sales this quar-
2019 BMW 330i xDive Sedan
n-
to $22.6 billion, due to an 87% Murdoch, 91 years old, now ef-
drop in Covid-19 vaccine sales fectively controls the trust, but
outside the U.S., Pfizer said.
The decline was driven, the
company said, by a change to
‘We don’t know if
a supply agreement Pfizer and
partner BioNTech SE signed there is a deal or if
with the European Union that
is delaying shipments and sim-
ilar changes in scheduled de-
there will be a deal,’
Fox’s CEO said.
liveries in other countries, as
well as slowing demand in
emerging markets.

ter from the Covid-19 vaccine
Comirnaty, which Pfizer now
expects to generate about $34
BLACK SAPPHIRE METALLIC, billion in revenue for the fiscal
no
Sales for some of the com- when he dies his four adult chil-
pany’s other products also de- dren, who each have votes,
clined, contributing to the would have substantial say in
quarter’s downward trend. the companies’ future.

year. Revenue for breast cancer Ultimately, a deal depends on

STK #BB8076, 37,484 MILES However, global sales for
the vaccine were down signifi-
SMART $
34,998*
cantly, at $4.4 billion, from
nearly $13 billion a year ago.
PRICE Wall Street analysts had ex-
pected $2.6 billion, according
to FactSet.
2019 BMW X7 xDrive40i In turn, Pfizer is looking to
ramp up other areas for
ARCTIC GREY METALLIC,
STK #BB7948, 37,909 MILES
treatment Ibrance dropped 7%
to roughly $1.3 billion, while
rheumatoid arthritis drug Xel-
janz fell 18% to $502 million.
Pfizer expected a decline in
revenue given the changing
schedule of deliveries for the
Covid-19 vaccine, Chief Finan-
cial Officer David Denton said.
For more information:
the approval from a majority of
non-Murdoch-family sharehold-
ers.
Mr. Murdoch warned that
the weakening of the advertis-
ing market will have an adverse
impact on some of Fox’s hold-
ings, particularly the Fox Broad-
casting network, which is strug-
gling in the ratings. However,
the digital ad strength driven
by online streaming service
Tubi is expected to offset the

SMART
In Memoriam wsj.com/inmemoriam softness at Fox, he said.

61,998*
Revenue totaled $3.19 billion
$ for the third quarter, up from
PRICE $3.05 billion last year and
Al F. Ehrbar
above Wall Street analyst ex-
October 17, 2022
pectations, according to Fact-
2022 BMW ALPINA B7 xDrive NEW YORK, N.Y. - Al F. Ehrbar, former
senior economics writer for the Wall
Set. The top-line growth was
driven by an 8% jump in adver-
IN
Street Journal, senior editor for Fortune
magazine, editor and publisher of Corpo- tising revenue thanks to higher
rate Finance, partner at Stern Stewart political advertising sales at
BLACK SAPPHIRE, and president of the EVA Institute, died
on October 17, 2022 after an eight-and-a- MEMORIAM Fox’s television stations and
higher advertising prices across
STK #BB41658A, 8,568 MILES half-year battle with lung cancer. He was
76 years old. its news and sports brands,
Born in Evanston, IL, to Eugene Honor your loved one’s life along with continued growth at
SMART *
PRICE
$
129,798 and Dorothy Ehrbar, he spent a happy
childhood in Wilmette, IL before attending
Kenyon College and receiving a Bachelor
of Science and Masters in journalism from
in The Wall Street Journal Tubi and Fox Nation, the direct-
to-consumer streaming plat-
form of Fox News.
the Medill School of Journalism at North- Share your loved
The gain was partially offset
western University and an MBA from one’s story with an
the University of Rochester. Mr. EHRBAR by lower ratings at Fox Net-
announcement in the
Herb Chambers BMW of Boston began his career at the City News Bureau
in Chicago and was the recipient of nu- pages of The Wall Street
work, the company said.
While sales rose, Fox’s bot-
1168 Commonwealth Avenue Boston
merous awards for journalistic excellence. Journal, either in our tom line declined to $605 mil-
He was also an accomplished sailer, diver,
golfer and world traveler. national or regional lion, or $1.10 a share, from $701
877-283-4516 • herbchambersbmw.com Mr. Ehrbar is survived by his loving
wife of nearly 26 years, Marina, of New
editions. Our In Memoriam million, or $1.21 a share, in the
York, NY, and his sons Eugene (Nicole) of
notices provide a dignified same quarter last year. The
*Pricing excludes tax, title, registration and doc fee. Must qualify with BMW Financial Serviced to be eligible.
Rebate varies by model and years. Please contact dealer for details. ** Interest will accrue during 90-day Portland, OR, John (Kathleen) of Atlanta, way for friends, family and drop is largely attributable to
period to first payment and will be due prior to maturity of the contract. This offer is available on select
GA, and Edward (Matthew) of Brooklyn, colleagues to pay tribute. the recognition of higher gains
NY, as well as five adoring grandsons, in a revenue category for the
model-year 2018-2020 CPO BMW models with 36-to-72 month retail contracts financed through BMW three nephews and their families and
Financial Services NA, LLC, excluding Select contracts. To be eligible, qualified customers must have many cousins. prior year’s third quarter, Fox
excellent credit history and meet BMW Financial Services’ credit requirements. Not all customers will Access to education for everyone was To learn more, visit said. On an adjusted basis, earn-
qualify. Other rates and terms available. All offers subject to vehicle availability. From 2.99% APR up to always Mr. Ehrbar’s great passion. In lieu
36 months at $29.08 per month per $1,000 financed applies to all 2018–2020 BMW Certified Pre-Owned of flowers, the family requests that those WSJ.com/InMemoriam ings were $1.21 a share, topping
who feel so inclined make donations to analyst expectations of $1.14 a
models. No down payment is required. Qualified customers with excellent credit history who meet BMW
Financial Services NA, LLC credit requirements. Valid through 10/31/2022. the Inner-City Scholarship Fund in New share, according to FactSet.
York, NY. © 2022 Dow Jones & Company, Inc. Shares in Fox were up 5.2%
All Rights Reserved.
at $28.62 Tuesday.
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THE WALL STREET JOURNAL. Wednesday, November 2, 2022 | B5

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B6 | Wednesday, November 2, 2022
KKR Pays Record
Price for Housing
In Philadelphia
BY WILL PARKER
The investment firm KKR &
Co. is raising its bet on the
apartment market with the
$357 million purchase of a
Philadelphia housing complex,
the most expensive apartment
property sale in the city’s his-
tory.
KKR’s acquisition of Presi-
dential City, which consists of
four 12-story buildings on the
edge of Philadelphia, was
more than $100 million higher
than the previous top price
paid for an apartment complex
in the city.
The sale comes as the mul-
tifamily market is showing
signs of cooling after nearly
two years of blistering perfor-
mance that drove rents to re-
cords. Rents are now falling
from their peaks.
Demand is easing and va-
cancies are rising amid grow-
ing concerns about affordabil-
$1,800
Starting rents for one-bedroom
apartments at Presidential City
ity and the economy, leading
some renters to take on room-
mates or move in with family.
Still, KKR said the renters at
the Philadelphia complex are
primarily well-paid profession-
als who spend less as a per-
centage of their income on rent
compared with similar tenants
living in properties closer to
downtown. That leaves their fi-
nances in better shape to navi-
gate a recession. “It provides a
lot of stability,” said KKR chief
operating officer Billy Butcher.
Rents for one-bedroom
apartments at Presidential City
start around $1,800, compared
with a high-end building in the
city’s center where one-bed-
room rents can start above
$3,000, according to real-es-
tate services company JLL.
KKR said it also was able to
make the Presidential City
YouTube Offers Streaming Feature
BY MILES KRUPPA
YouTube on Tuesday
launched an online marketplace
for streaming services with
more than 30 offerings, another
step in the Google unit’s bid to
become a one-stop shop for
video entertainment.
The new feature, called
Primetime Channels, will allow
no
viewers in the U.S. to subscribe
to individual streaming services
including Showtime, Para-
mount+ and Starz directly
through YouTube. The National
Basketball Association has also
agreed to add its NBA League
Pass package of games to the
platform at a later date.
ADVERTISEMENT
Business Real Estate & Auctions
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
AUCTIONS
real estate
auctions
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Sells to the Highest Bidder at
Auction At or Above $450,000
BEDFORD, VA
• 106 Market Square &
101 North Bridge Street
Former Bank building and
noncontiguous parking lot on a
total of 0.19+/- acres.
Open Public Inspections:
11-2pm Nov 4
Auctions: 1pm, Wed Nov 16
on site or bid live online at
auctionnetwork.com
Addt’l Branches in:
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918.509.4908
williamsauction.com/Banks
VA WILLIAMS & WILLIAMS MARKETING SERVICES
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AUC LIC #2908-000778. 5% BUYER’S PREMIUM.
THE PROPERTY REPORT
numbers work because it as-
sumed the existing fixed-rate
mortgage held by Post Broth-
ers, a loan that was issued
when interest rates were much
lower. “Without that financing
in place, this would not have
been a possible transaction,”
Mr. Butcher said.
In July, KKR purchased a
365-unit apartment building
in downtown Brooklyn for
$190 million, and it bought a
multifamily project last year
in Jacksonville, Fla. Overall,
the KKR fund that bought the
apartments has 19% of its eq-
uity in residential buildings.
The Philadelphia market in
recent years hasn’t been con-
sidered a primary target of in-
stitutional investors. Such
buyers have tended to gravi-
tate toward higher-growth cit-
ies in the Sunbelt, where costs
can be lower and there is more
opportunity to raise rents.
Compared with some other
large cities, Philadelphia also
has fewer of the newly built,
glass-facade luxury apartment
towers that are popular with
large investment funds.
As the economy shows signs
of weakness, however, invest-
ments such as Presidential City
are getting a second look be-
cause they have high occu-
pancy levels with regular cash
flow and the prospect of grow-
ing rents at a steady pace, said
Mark Thomson, a broker at JLL
who represented the apartment
complex’s seller, local real-es-
on
tate developer Post Brothers.
us ,
Multifamily has been one of
l
the most popular sectors in
e
al a
commercial real estate, thanks
to soaring rents. But higher
mortgage interest rates and
ci on
fears of a recession have
pushed many investors to the
sidelines, real-estate investors
and brokers said.
Nationwide, $74 billion of
er s
apartment buildings sold in the
third quarter, down 17% from
m er
the year-earlier quarter, ac-
cording to MSCI Real Assets.
Many purchases no longer pen-
cil out because of the higher
cost of debt and the expecta-
m rp
tions of slower rent growth,
brokers and investors said.
co Fo
YouTube is joining a
crowded market of big players,
such as Apple Inc., Roku Inc.
and Amazon.com Inc., which
are all offering a range of
streaming services in efforts to
provide simplicity, and in some
n-
cases, cost savings for consum-
ers.
No company yet has been
able to get all major streaming
services on board. Most nota-
bly, Netflix Inc. hasn’t made its
streaming platform available
for major marketplaces offered
by Apple and Amazon.
YouTube, the world’s most
popular video platform, said
the feature would be inte-
grated alongside user-uploaded
MASSACHUSETTS
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ROSLINDALE, MA
DEVELOPMENT
OPPORTUNITY
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Industrial Property & Adjacent Home
on .55± Acres
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Close to Forest Hills MBTA Station
Wed., Nov. 16 at 11am On-site
Open House: Wed., Nov. 9 (11am-1pm)
Info, Full Terms, Broker Reg & More at:
JJManning.com
800.521.0111 Lic# 111
A rendering of Miami’s Waldorf Astoria residential tower, which will rise 100 stories by the time it is completed, slated for around 2027.
Construction Starts for Miami’s
First Supertall Skyscraper
BY DEBORAH ACOSTA
Miami’s Waldorf Astoria
residential tower, poised to be
South Florida’s tallest sky-
scraper, is a test case for new
techniques meant to enable
the more-than-1,000-foot-tall
building to withstand hurri-
cane-force winds and remain
stable near sea level.
Developers broke ground on
the building’s foundation in
downtown Miami in October.
The 100-story tower, which re-
sembles a series of glass cubes
stacked on top of each other,
will feature 205 hotel guest
rooms and 360 luxury condo
residences. It would be the
city’s first supertall structure,
and the tallest residential
building in the U.S. south of
New York City when com-
pleted around 2027, according
to the development team.
Supertall towers, which ar-
chitects tend to define as
buildings that rise at least 300
meters, or 984 feet, have been
common in cities such as New
York and Chicago. But no one
has built one in Miami.
A major challenge has been
to create a tower that could rise
BUSINESS NEWS
content, allowing viewers to
easily transition from watching
a trailer to purchasing access
through a streaming service.
Viewing patterns on Primetime
Channels will also inform the
kinds of videos the YouTube
algorithm presents for users.
The services are generally
priced the same on YouTube as
subscribing directly via the
providers. The streaming pro-
viders and YouTube will split
revenues from any subscrip-
tions and advertising sales
gained through the feature. A
YouTube spokeswoman de-
clined to comment on the de-
tails of the agreements.
For the streaming services,
NEW YORK
SULLIVAN CO.
TAX FORECLOSURE AUCTION
300+ NY Properties
November 16 & 17 @ 9:30AM
ONLINE ONLY AUCTION
@ NYSauctions.com
800-243-0061
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prOpErTiEs
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PrOPErTy TODAy
(800) 366-3975
sales.realestate@wsj.com
Place an ad at:
wsj.com/classifieds
© 2022 Dow Jones & Company, Inc.
All Rights Reserved.
that high on land near sea level,
which requires digging deep
into the earth, past the porous
limestone and water table and
into the more-stable rock below
it. Buildings must not tremble
under the force of hurricane
gales that are increasingly com-
mon in the area. Developers
also had to secure permission
from Miami International Air-
port since the building would
be in the flight path.
PMG, which is developing
the Waldorf tower, said the
structure will require Miami’s
first tuned mass damper,
which is like a pendulum, to
be installed at the top of the
building to keep it from sway-
ing in the wind.
Developers also are using a
specialized technology called
deep soil mixing to strengthen
the ground beneath the tower,
which they say will cause min-
imal vibrations to the adjacent
buildings during construction.
“Where other buildings
might have taken four months
of foundation, it’s going to take
us a year to get all that struc-
ture underground just to sup-
port this building,” said Kevin
Maloney, PMG’s chief executive.
the new hub gives them deeper
exposure to YouTube’s millions
of users. The partnership
“gives us the opportunity to
expand our presence on You-
Tube, broadening our reach
and giving consumers even
more choice,” said Jeff Shultz,
chief strategy officer at Para-
mount Streaming, in a state-
ment.
A division of Alphabet Inc.’s
Google, YouTube has increas-
ingly leaned on subscriptions
as advertising spending has
taken a hit from the economic
slowdown, resulting in the
first annual drop in ad sales on
the platform last quarter.
YouTube TV, a $64.99-a-
month online package of cable
channels introduced in 2017,
crossed more than five million
subscriptions and trial ac-
counts in June, a comparable
figure to Walt Disney Co.’s
Hulu + Live TV offering.
Subscription revenues from
YouTube’s ad-free Premium of-
fering and YouTube TV are ex-
pected to reach about $9.1 bil-
lion this year, according to
Credit Suisse estimates. Google
doesn’t report financial details
for the individual subscription
businesses.
Google executives have
pitched YouTube as a growing
presence on television screens,
making it at times both a direct
competitor and potential part-
ner for traditional entertain-
ment companies. The platform
in September captured the larg-
est share of streaming viewer-
ship on TVs for the first time,
according to Nielsen data.
“I think this can be as big or
even bigger of an opportunity
for us than what we’ve built
with YouTube TV today,” said
Christian Oestlien, vice presi-
dent of product management
at YouTube.
The Wall Street Journal pre-
viously reported YouTube had
renewed talks with entertain-
ment companies about partici-
pating in the streaming mar-
ketplace.
* *** THE WALL STREET JOURNAL.
The Waldorf building is so
heavy and so large that the
150-knot or 200-knot hurri-
cane-strength winds wouldn’t
affect it, said Mr. Maloney.
Developers OKO Group and
Cain International also uti-
lized the same foundation
ly
technology in a nearby 47-
story luxury condo develop-
ment. During the deep soil
mixing process last year, water
shot up into the foundation,
creating what looked like a la-
goon. The flooding concerned
nearby residents and caused
construction delays.
A spokesman for OKO Group
and Cain International pointed
to the recent $17.75 million sale
of a trilevel penthouse at the
building, and confirmed that
construction has now passed
the tower’s fifth level.
The technology also caused
hiccups at Miami’s Brickell
City Centre development years
ago. A spokesman for the de-
veloper, Swire Properties,
said that while some adjust-
ments had to be made because
of the new technique, the team
felt the outcome was success-
ful overall.
Mr. Maloney said that when
Mondelez says demand for its brands supports its outlook.
Mondelez Raises 2022
Outlook, Posts Lower
Profit for the Quarter
BY KATHRYN HARDISON
Mondelez International
Inc. raised its full-year outlook
as consumers continue to ab-
sorb higher prices for its
snacks, though extra costs took
a chunk out of its bottom line
in the third quarter.
The Chicago-based maker of
Oreo cookies and Triscuit
crackers said sales rose 8.1% to
$7.76 billion in the latest quar-
ter, driven by higher pricing
and volume.
It also started to log sales
following its acquisitions of en-
ergy-bar marker Clif Bar & Co.
and baked-goods company
Chipita Global SA, deals valued
at $2.9 billion and $2 billion,
respectively.
Chief Executive Dirk Van de
Put said the third-quarter re-
sults show that demand for
Mondelez’s familiar brands,
which include Sour Patch Kids
candy, Cadbury Dairy Milk, To-
blerone and Trident gum, sup-
port its higher outlook, even as
the company tacks on higher
prices.
“Consumers in developed
markets continue to prioritize
groceries over other forms of
spending, and they continue to
view our brands as affordable
ARX SOLUTIONS
deep soil mixing caused issues,
the technology was “very new,
and untried.” He said that it
has improved since then and
that PMG is already using it in
another development.
.
About 87% of the condo
space in the Waldorf tower
has been sold, Mr. Maloney
said. Condo units that start at
$2 million are sold out, while
the units in the two cubes at
the top of the building are still
on the market, with prices
starting at $10 million, he
said. Buyers put down 30% of
their purchase.
Those sales help to finance
construction during a difficult
time to build, with interest
rates rising and Florida insur-
ance costs shooting up in re-
sponse to the recent prolifera-
tion of insurance claims after
storms.
“There’s no question the
economy is in a dark place and
financing is difficult, but you
have to understand also that
it’s going to take all of 48 to
probably 55 months to build
this thing,” said Mr. Maloney,
at which point he expects a
completely different economic
situation.
CHRISTOPHER DILTS/BLOOMBERG NEWS
indulgences,” Mr. Van de Put
said during an earnings call.
The company now expects
sales to rise organically by 10%
for the year, up from its prior
view of 8% organic revenue
growth.
Mondelez has continued to
raise prices for its cookies and
candies as it pays more for in-
gredients, transportation and
labor. Other major consumer
product companies, such as
PepsiCo Inc., have boosted
prices this year to offset higher
costs. Many have said consum-
ers are shrugging off increased
costs for staple products at the
grocery store amid inflation
pressures for nearly all goods
and services.
The company plans to raise
prices again in December in the
U.S., as costs remain inflated
for ingredients such as wheat,
dairy and oils. Energy, trans-
portation and packaging costs
are also higher. Mr. Van de Put
said the company is reviewing
its pricing in Europe for the
start of next year.
Profit fell to $532 million, or
39 cents a share, from $1.26
billion, or 89 cents a share, a
year ago. Adjusted per-share
earnings came to 74 cents,
ahead of analysts’ expectations.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
BP Profit Is Lifted by
Natural-Gas Trading
BY JENNY STRASBURG
LONDON—BP PLC reported
robust natural-gas trading prof-
its and said it would buy back
another $2.5 billion in shares,
the latest mark of a year that
has rained cash on oil giants
while consumers and busi-
nesses struggle to pay energy
bills.
The London-based company
didn’t give an exact figure for
its gas-trading haul, but called
the performance “exceptional”
and said it helped offset weaker
refining margins.
A big clue behind BP’s trad-
ing gains came from the under-
lying profit in its gas and low-
carbon segment, which totaled
$6.2 billion in the third quarter
before interest and taxes. That
was more than BP’s profit from
the same segment in the first
nine months of 2021.
High natural-gas prices have
been core to Europe’s energy
woes, but are also producing
record profits for the world’s
largest energy companies. As
Russia’s war against Ukraine
rages on, an energy crisis
threatens to throw the bloc into
recession.
The profits are drawing po-
litical scrutiny from both sides
of the Atlantic, with politicians
in the U.S. calling for a wind-
fall-profits levy on the industry
similar to the one implemented
in the U.K. earlier this year.
On a conference call Tuesday
morning, BP Chief Financial Of-
ficer Murray Auchincloss re-
Banks
Pressed
On Climate
Continued from page B1
and miscommunication.
Banks say that as highly
regulated financial intermedi-
aries, they are limited in
what they can do to increase
green financing. Even with
government support and tax
credits, many climate start-
ups don’t meet their lending
Johnson & Johnson’s
segment revenue
$25 billion
Consumer health
20
Medtech
15
10
5 –30
no
Pharmaceutical
0 –40
2020 ’21 ’22
Sources: S&P Capital IQ; the company (revenue); FactSet (share performance)
J&J
To Buy
Abiomed
Continued from page B1
stand-alone company. The
move will leave J&J more con-
centrated in its remaining two
units, pharmaceuticals and
medical devices.
Chief Executive Joaquin Du-
ato has emphasized strength-
ening the medical-device unit
through deals. It has, like the
rest of the industry, struggled
to find new, substantial
sources of growth. Once J&J’s
largest business by sales, med-
ical devices have been eclipsed
by the company’s pharmaceu-
ticals division.
“This acquisition is consis-
tent with that strategy, ex-
panding J&J med tech into
high-growth markets, and ac-
celerating revenue growth
while advancing the standard
of care,” Mr. Duato said.
Abiomed, and its fast-grow-
ing Impella heart pump, could
provide a boost. The heart
pump is used to treat condi-
tions including a heart attack,
heart failure and clogged ar-
teries. J&J expects to close the
deal by the end of the first
sisted calls from multiple ana-
lysts to be more specific about
the gas-trading profit. “Who do
you fear? Why not make that
more transparent? Is it the po-
litical environment?” Bank of
America Corp. analyst Christo-
pher Kuplent asked.
Mr. Auchincloss declined to
confirm Mr. Kuplent’s estimate
of $3 billion from gas trading.
BP’s overall third-quarter
earnings beat analyst expecta-
tions. Flush with cash, BP said
Oil-company profits
are drawing political
scrutiny from both
sides of the Atlantic.
it plans to boost its oil-and-gas
production both onshore and
offshore in the U.S. and the
North Sea, with as many as
seven new drilling rigs planned
across those regions.
“The case for a bigger,
bolder windfall tax is now over-
whelming,” environmental cam-
paigning group Friends of the
Earth, a frequent critic of oil-
company profits and expanded
fossil-fuel production, said
Tuesday in response to BP’s
earnings.
BP’s earnings come after
Exxon Mobil Corp., Chevron
Corp. and Shell PLC, the three
largest Western oil companies,
last week reported around $40
criteria and will struggle to
turn a profit for many years.
Backlash from Republican
politicians against climate in-
vesting practices is also pres-
suring Wall Street.
Banks including JPMorgan
Chase & Co., Morgan Stanley
and Bank of America Corp.
have balked at what they
er s
thought were efforts by a key
U.N. body to reduce their fi-
m er
nancing of fossil-fuel produc-
ers and audit their climate
progress. Some regret joining
the coalition, the Glasgow Fi-
nancial Alliance for Net Zero.
m rp
The alliance in recent
weeks has taken steps to reas-
sure the upset banks that the
co Fo
Share performance year to date
10%
0
–10
–20
n-
Jan. 2022
quarter of 2023.
The bet could face chal-
lenges, however, if Impella
sales don’t increase as much
as J&J expects.
Abiomed has been testing
new uses for Impella that
could furnish new revenue, but
it isn’t guaranteed the studies
will be positive or that regula-
tors would clear new uses on
the timetables that J&J envi-
sions, Stifel analyst Rick Wise
said.
J&J, New Brunswick, N.J.,
has tried for years to increase
sales growth of its medical-de-
vice unit. The pressure for a
turnaround has grown as the
company prepares to hive off
its business selling Tylenol,
Listerine and other consumer-
health products.
The unit, which sells artifi-
cial knees, contact lenses and
surgical products, had sales of
$27.06 billion in 2021, up 18%
from 2020. Sales had re-
bounded from the Covid-19
pandemic. In previous years,
however, the unit had moder-
ate growth and sometimes
sales declines.
Abiomed, of Danvers, Mass.,
is in one of the fastest-grow-
ing areas of the medical-de-
vice industry.
The company’s sales rose
22% last fiscal year ending
March 31 to $1.03 billion. It
would bring about $937 mil-
lion of cash, cash equivalents
Wednesday, November 2, 2022 | B7
BUSINESS NEWS
SAMEER AL-DOUMY/AGENCE FRANCE-PRESSE/GETTY IMAGES
billion in collective profits in
the third quarter.
BP said it expects to pay
around $800 million as a result
of a new U.K. windfall-profits
levy this year. That will be part
of a projected $2.5 billion in
overall 2022 taxes linked to its
U.K. North Sea business, the
company said.
On Monday, President Biden
called on Congress to penalize
oil-and-gas companies if they
don’t use their profits to help
lower energy costs for consum- Yara said it was operating at 65% of its European ammonia capacity after having slashed output.
ers. But the proposal, which
comes before next week’s U.S.
midterm elections, faces hur-
dles from lawmakers.
For the third quarter, BP
Fertilizer Makers Boost Output
said its underlying replace- BY YUSUF KHAN rapidly earlier this year, many Another challenge for fertil-
ment-cost profit, a metric simi- AND JENNY STRASBURG producers slashed output or izer makers and other indus-
lar to the net income that U.S. shut down production to pre- tries hoping to take advantage
oil companies report, came in European fertilizer produc- vent steep profit-margin de- of the recent gas-price weak-
at $8.2 billion. That beat the ers are restarting production clines or losses. ness: Amid fears of a reces-
$6.1 billion average projection across the continent, spurred Gas prices fell sharply in re- sion, demand has petered out.
of 29 analysts compiled by BP on by the recent fall in natu- cent weeks, thanks in part to Austrian chemical firm Borea-
and the $3.3 billion it reported ral-gas prices, though other milder temperatures across lis AG, which produces fertiliz-
a year earlier. energy-intensive industries are the continent and fuller-than- ers, said because of low de-
BP’s reported net result for taking a wait-and-see ap- average gas storage facilities. mand in Europe, it hasn’t been
the third quarter, which takes proach to capacity cuts. European benchmark gas able to reinstate capacity de-
into account certain accounting Norway’s Yara Interna- prices today are sitting at spite lower gas prices.
effects related to inventory val- tional ASA, one of the world’s around €125 a megawatt hour, Borealis said it was fulfill-
uations amid price volatility, as largest fertilizer companies, or around $124, down from al- ing its customer’s needs, but
well as legal costs from the said it was operating at 65% of most €350 in late August. That the company is expecting
2010 Deepwater Horizon disas- its European ammonia capac- wreaked havoc on balance higher gas prices this winter
ter and other adjustments, was ity—having slashed output to sheets. Many manufacturers and so is continuing to pro-
.
a $2.2 billion loss. However, just over a third of its total ca- couldn’t pass on the price to duce at reduced levels.
that reported result mostly re- pacity for much of the second customers, so they just Fenix Metals Ltd., a Danish
ly
flected the accounting treat- half of this year. Commodity stopped making things. recycler of tin, anticipates be-
ment of whipsawing natural- research firm CRU Interna- That was especially the ing able to increase produc-
gas prices, and was tional Ltd. said Yara’s moves case in the fertilizer trade. tion as a result of a fall in the
on
overshadowed by the more tell-
ing $8.2 billion replacement-
cost profit.
are in line with other produc-
ers. Overall, European fertil-
izer output is at about 63% of
total capacity, having previ-
Farmers refused to pay the
higher prices being asked and
opted simply to go without.
While some production is
energy costs, though it hasn’t
yet done so. Electricity and
gas take up as much as 70% of
the company’s total costs, up
ously stood at around 37% at coming back online, gas prices from around 20%, said Rasmus
us ,
U.N. can’t set binding climate the start of October, CRU said. are much higher than before Breivik, its managing director.
l
criteria without their input. Many producers are holding the war in Ukraine, threaten- Fenix reduced production by
e
al a
The infighting mimics what back. Natural gas is one of the ing to keep a lid on production 15% to 20%.
has occurred in the world this
year. The energy crisis caused
key raw materials for products
such as fertilizer and other
for some time to come.
“We’re now back to [price]
“High costs meant we were
just surviving,” Mr. Breivik
ci on
by the Ukraine war has made chemicals. It is used as an en- levels seen at the same time said. Today’s falling energy
clear how difficult and volatile
the transition from fossil fuels
will be. Banks have been caught
ergy source in heat-intensive
industries as varied as steel,
industrial glass and textiles.
last year, but they’re still well
above historical norms,” said
Chris Lawson, head of fertiliz-
costs help Fenix, with plants
in Dubai and Poland, “because
now we can start to, hopefully,
in the middle, defending their When prices started to rise ers at CRU. earn money,” he said.
funding for fossil fuels as nec-
essary while remaining under
ADVERTISEMENT
pressure to fund clean energy.
“People are now doing their
homework and realizing how
hard it is,” said Aniket Shah,
Business Real Estate & Services
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
global head of environmental,
social and governance—or
ESG—strategy at Jefferies Fi-
nancial Group Inc.
Abiomed
Johnson & Johnson
and marketable securities to
J&J.
Founded in 1981, Abiomed
acquired the Impella pump
with its purchase of Germany’s
Impella CardioSystems in
2005. The pump was intro-
duced first in Europe and got
U.S. Food and Drug Adminis-
tration clearance in 2008.
Abiomed bills Impella as
the world’s smallest heart
pump. For many patients, it is
placed in the heart via a cath-
eter inserted into a leg artery,
to temporarily assist the
heart’s pumping function
while patients undergo other
procedures to treat underlying
cardiovascular disease.
It can also be implanted
during surgery.
J&J executives expect to
further accelerate Impella
sales by introducing it in more
countries and expanding the
approved uses for the pump.
The deal “will enable us to
leverage Johnson & Johnson’s
global scale, commercial
strength and clinical expertise
to accelerate our mission of
making heart recovery the
global standard of care,”
Abiomed Chief Executive Mi-
chael Minogue said.
Mr. Minogue, who has led
Abiomed since 2004, will re-
tire upon the deal’s closing.
Chief Commercial Officer An-
drew Greenfield will serve as
president, J&J said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Wednesday, November 2, 2022 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Wednesday, November 2, 2022 | B9

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ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors,
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This communication is not intended to be an investment recommendation or investment
United States: State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641.
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To obtain a prospectus or summary prospectus, which contains this and other information, SPDR® S&P MidCap 400® ETF Trust, a unit investment trust, is listed on NYSE Arca, Inc. advice and should not be relied upon as such.

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

B10 | Wednesday, November 2, 2022 NY THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. ChunghwaTel CHT 33.30 -1.11 Ecolab ECL 142.98 -14.09 HP HPQ 27.85 0.23 LasVegasSands LVS 38.64 0.63 PPL PPL 26.57 0.08 SunComms SUI 134.38 -0.47
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Church&Dwight CHD 73.64 -0.49 Ecopetrol EC 10.19 0.33 HSBC HSBC 26.44 0.53 LatticeSemi LSCC 52.58 4.07 PTC PTC 118.02 0.19 SunLifeFinancial SLF 42.29 -0.16
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ChurchillDowns CHDN 210.84 2.93 EdisonInt EIX 60.51 0.47 H World HTHT 30.00 2.92 Lear LEA 133.56 -5.15 Paccar PCAR 96.95 0.12 SuncorEnergy SU 35.04 0.65
that include primary market trades as well as quarters. Ciena CIEN 47.96 0.06 EdwardsLife EW 72.59 0.16 Haleon HLN 6.14 0.02 LegendBiotech LEGN 51.01 1.19 PackagingCpAm PKG 120.59 0.38 Suzano SUZ 10.27 -0.02
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s Cigna CI 325.12 2.06 ElbitSystems ESLT 201.73 -1.01 Halliburton HAL 36.50 0.08 Leidos LDOS 103.55 1.96 PalantirTech PLTR 8.65 -0.14 Switch SWCH 33.99 -0.06
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CincinnatiFin CINF 99.22 -4.10 ElectronicArts EA 126.27 0.31 HalozymeTherap HALO 48.28 0.47 Lennar B LEN.B 66.57 1.35 PaloAltoNtwks PANW 170.77 -0.82 SynchronyFin SYF 35.90 0.34
Nasdaq ISE. standards Cintas CTAS 428.27 0.72 ElevanceHealth ELV 544.53 -2.24 HartfordFinl HIG 73.74 1.33 Lennar A LEN 81.62 0.92 ParamountB PARA 19.17 0.85 Synopsys SNPS 291.17 -1.38
The list comprises the 1,000 largest companies lf-Late filing CiscoSystems CSCO 45.46 0.03 EmersonElec EMR 85.85 -0.75 Hasbro HAS 65.05 -0.20 LennoxIntl LII 234.74 1.17 ParamountA PARAA 22.07 0.99 Sysco SYY 84.11 -2.45
based on market capitalization. q-Temporary exemption from Nasdaq Citigroup C 46.22 0.36 Enbridge ENB 38.92 -0.03 HealthcareRealty HR 20.34 0.01 LiAuto LI 14.56 0.94 ParkerHannifin PH 288.94 -1.68
Underlined quotations are those stocks with requirements. CitizensFin CFG 40.44 -0.04 Endeavor EDR 21.96 0.12 s HealthEquity HQY 78.50 0.59 LibertyBroadbandA LBRDA 84.05 -1.27 Paychex PAYX 118.06 -0.25 T U V
large changes in volume compared with the t-NYSE bankruptcy Clarivate CLVT 10.44 0.11 s EnergyTransfer ET 12.75 -0.02 HealthpeakProp PEAK 23.80 0.07 LibertyBroadbandC LBRDK 83.50 -0.93 PaycomSoftware PAYC 342.71 -3.29
issue’s average trading volume. v-Trading halted on primary market. CleanHarbors CLH 121.47 -0.99 EnphaseEnergy ENPH 299.48 -7.52 Heico PCTY 224.89 -6.90 TC Energy TRP 43.76 -0.16
HEI 161.49 -1.15 LibertyGlobal C LBTYK 17.85 0.19 Paylocity
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ClearwayEnergyC CWEN 35.04 0.30 PYPL 83.11 -0.47 TD Synnex SNX 92.34 0.83
Entegris ENTG 80.36 1.12 Heico A HEI.A 126.06 -1.24 LibertyGlobal A LBTYA 17.02 0.16 PayPal
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, TE Connectivity TEL 123.44 1.21
ClearwayEnergyA CWEN.A 32.51 0.18 Entergy ETR 108.32 1.18 HenrySchein HSIC 71.74 3.28 LibertyFormOne A FWONA 51.24 -0.78 s Pearson PSO 11.06 -0.06
previous closing price was $2 or higher. or securities assumed by such companies. Cleveland-Cliffs CLF 13.35 0.36 Telus TU 20.79 -0.10
EnterpriseProd EPD 25.10 -0.15 Hershey HSY 237.76 -1.01 LibertyFormOne C FWONK 56.75 -0.98 PembinaPipeline PBA 32.69 -0.32
CLX 146.67 0.63 TelusIntl TIXT 24.62 -0.26
Clorox Equifax EFX 168.99 -0.55 Hess HES 143.30 2.22 LibertyBraves A BATRA 32.04 0.15 PenskeAuto PAG 114.63 3.01
NET 55.58 -0.74 PNR 42.40 -0.55 TFI Intl TFII 92.70 1.67
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Cloudflare Equinix EQIX 554.51 -11.93 HessMidstream HESM 29.12 0.18 LibertyBraves C BATRK 31.56 0.40 Pentair
59.64 -0.21
TJX TJX 71.76 -0.34
changes in the closing prices from 4 p.m. the previous day. Coca-Cola KO Equinor EQNR 37.20 0.92 HewlettPackard HPE 14.36 0.09 LibertySirius C LSXMK 42.37 0.18 Penumbra PEN 161.85 -9.62 s T-MobileUS TMUS 152.28 0.72
Coca-ColaEuro CCEP 47.37 0.32 Equitable EQH 30.92 0.30 Hilton HLT 133.74 -1.52 LibertySirius A LSXMA 42.55 0.11 PepsiCo PEP 180.76 -0.82
CGNX 45.46 -0.77 TPG TPG 31.72 0.97
Cognex EquityLife ELS 64.05 0.09 Hologic HOLX 74.13 6.33 LifeStorage LSI 110.27 -0.34 PerformanceFood PFGC 52.67 0.63
Tuesday, November 1, 2022 Net Net CognizantTech CTSH 62.53 0.28 TRowePrice TROW 106.69 0.53
EquityResdntl EQR 63.25 0.23 HomeDepot HD 296.06 -0.07 EliLilly LLY 352.58 -9.51 PerkinElmer PKI 136.57 2.99
Stock Sym Close Chg Stock Sym Close Chg CoinbaseGlbl COIN 63.29 -2.96 s TaiwanSemi TSM 61.58 0.03
Net ErieIndemnity A ERIE 255.00 -2.01 HondaMotor HMC 22.97 0.15 LincolnElectric LECO 142.90 0.90 PetroleoBrasil PBR 13.03 0.21 TakeTwoSoftware TTWO 116.31 -2.17
Stock Sym Close Chg ColgatePalm CL 73.74 -0.10 EssentialUtil WTRG 44.14 -0.08 Honeywell HON 203.10 -0.92 LincolnNational LNC 53.96 0.09 PetroleoBrasilA PBR.A 11.68 0.17
ApolloGlbMgmt APO 57.17 1.81 BostonProps BXP 72.20 -0.50 TakedaPharm TAK 13.28 0.06
Comcast A CMCSA 31.56 -0.18 EssexProp ESS 221.39 -0.85 HorizonTherap HZNP 63.18 0.86 Linde LIN 298.17 0.82 Pfizer PFE 48.01 1.46
Apple AAPL 150.65 -2.69 BostonSci BSX 42.76 -0.35 Tapestry TPR 32.16 0.48
A B C ApplMaterials AMAT 89.79 1.50 BristolMyers BMY 77.70 0.23
Comerica CMA 70.33 -0.17 EsteeLauder EL 206.76 6.27 HormelFoods HRL 46.45 ... LiveNationEnt LYV 79.43 -0.18 PhilipMorris PM 91.72 -0.13
TargaResources TRGP 68.50 0.13
CommerceBcshrs CBSH 71.09 0.25 Etsy ETSY 91.43 -2.48 DR Horton DHI 77.37 0.49 LloydsBanking LYG 1.93 0.02 Phillips66 PSX 107.38 3.09
Target TGT 164.59 0.34
ABB ABB 28.09 0.25 Aptargroup ATR 97.22 -1.93 BritishAmTob BTI 39.69 0.07 s SABESP SBS 11.69 0.13 s EverestRe RE 316.03 -6.63 HostHotels HST 18.86 -0.02 s LockheedMartin LMT 485.63 -1.05 Pinduoduo PDD 53.89 -0.94
APTV 91.59 0.52 BrixmorProp BRX 21.47 0.16 TataMotors TTM 25.65 0.64
ADT ADT 8.45 -0.01 Aptiv ConagraBrands CAG 36.34 -0.36 Evergy EVRG 61.16 0.03 HowmetAerospace HWM 36.49 0.94 Loews L 56.49 -0.53 PinnacleFinPtrs PNFP 83.31 0.32
ARMK 36.34 -0.16 AVGO 467.90 -2.22 TeckRscsB TECK 31.35 0.91
AECOM ACM 75.73 0.45 Aramark Broadcom Concentrix CNXC 122.22 -0.01 EversourceEner ES 76.98 0.70 Hubbell HUBB 239.37 1.89 LogitechIntl LOGI 50.21 0.57 PinnacleWest PNW 67.81 0.60
ArcelorMittal MT 22.66 0.21 BroadridgeFinl BR 149.60 -0.46 TeledyneTech TDY 400.96 2.98
AES AES 26.34 0.18 Confluent CFLT 25.74 -1.14 Exelon EXC 38.76 0.17 HubSpot HUBS 290.18 -6.38 Lowe's LOW 193.55 -1.40 Pinterest PINS 24.20 -0.40 Teleflex TFX 219.24 4.68
Aflac AFL 66.81 1.70 ArchCapital ACGL 55.44 -2.06 BrookfieldMgt BAM 40.02 0.41 ConocoPhillips COP 127.78 1.69 Expedia EXPE 95.66 2.19 Humana HUM 554.49 -3.59 Lucid LCID 13.62 -0.67 PioneerNatRscs PXD 252.93 -3.48
ArcherDaniels ADM 97.53 0.55 BrookfieldInfr BIP 36.51 0.13 Ericsson ERIC 5.57 ...
AGCO AGCO 116.86 -7.31 ConEd ED 88.02 0.06 ExpeditorsIntl EXPD 98.84 0.99 JBHunt JBHT 172.62 1.55 lululemon LULU 330.36 1.32 PlainsAllAmPipe PAA 12.23 0.26
ARES 78.09 2.26 BrookfieldRenew BEPC 31.09 0.06 TelefonicaBras VIV 7.99 ...
Ansys ANSS 219.24 -1.92 AresMgmt ConstBrands A STZ 243.44 -3.64 ExtraSpaceSt EXR 177.89 0.45 HuntingtonBcshs HBAN 15.28 0.10 LumenTech LUMN 7.43 0.07 PlainsGP PAGP 12.90 0.36
Telefonica TEF 3.47 0.02
APA APA 45.79 0.33 arGEN-X ARGX 379.57 -8.36 Brown&Brown BRO 58.65 -0.02 ConstBrands B STZ.B 304.75 19.84 ExxonMobil XOM 111.91 1.10 s HuntingIngalls HII 256.84 -0.23 PLUG 15.69 -0.29
LyondellBasell LYB 78.47 2.02 PlugPower TelekmIndonesia TLK 27.87 0.05
ASETech ASX 5.13 0.04 AristaNetworks ANET 127.71 6.85 Brown-Forman A BF.A 68.17 -0.60 s ConstellationEner CEG 95.52 0.98 F5 FFIV 144.54 1.63 HyattHotels H 93.91 -0.30 PolestarAuto PSNY 4.64 0.18
102.77 1.51 Brown-Forman B BF.B 67.44 -0.56 Tenaris TS 31.64 0.22
ASML ASML 475.38 2.96 ArrowElec ARW
BRKR 62.97 1.13
ContinentalRscs CLR 73.94 -0.03 FMC FMC 119.58 0.68 ICICI Bank IBN 22.04 ... M N Pool POOL 305.73 1.50 Teradyne TER 82.22 0.87
AT&T T 18.35 0.12 AscendisPharma ASND 116.71 1.71 Bruker Cooper COO 279.00 5.61 FactSet FDS 426.25 0.76 ICL Group ICL 9.14 0.12 s PrincipalFin PFG 88.32 0.19
AspenTech AZPN 240.97 -0.48 BuildersFirst BLDR 61.58 -0.08 M&T Bank MTB 168.10 -0.27 ProcoreTech PCOR 53.89 -0.77 Tesla TSLA 227.82 0.28
AbbottLabs ABT 99.31 0.37 Copart CPRT 115.10 0.08 FairIsaac FICO 476.12 -2.72 IdexxLab IDXX 394.93 35.25 TetraTech TTEK 141.78 0.50
AbbVie ABBV 146.91 0.51 Assurant AIZ 134.70 -1.16 Bunge BG 99.77 1.07 CorebridgeFin CRBG 22.74 0.07 Fastenal FAST 48.83 0.50 ING Groep ING 9.96 0.14 MGM Resorts MGM 35.94 0.37 Procter&Gamble PG 134.88 0.21
BurlingtonStrs BURL 140.11 -2.85 TevaPharm TEVA 9.12 0.20
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Connector, Linux, SQL, or Shell scripting; and BW, Novartis NVS 81.06 -0.07 ShockwaveMed SWAV 292.05 -1.10 WestPharmSvcs WST 229.50 -0.60
Jumbos 0.00 0.00 0.00 0.00 0.05 0.04 0.05 0.06 0.01 Shopify SHOP 34.79 0.56 WestAllianceBcp WAL 68.23 1.06
You Benefit. Others Benefit. SAP Business Suite in HA and DR environments. NovoNordisk NVO 106.43 -2.41
Novocure NVCR 73.20 2.54 Sibanye-Stillwater SBSW 9.51 0.12 WesternDigital WDC 35.70 1.33
BizSuccessBooks.com Staff Solutions Consultant (New York, NY) NuHoldings NU 5.09 0.09 SignatureBank SBNY 160.01 1.48 WesternMidstrm WES 28.30 -0.41

LegaciesandMemories.com Ensure that the technical aspects of Google

programs satisfy the business needs of Google’s
Consumer Savings Rates Nucor
Nutanix
NUE 134.50 3.12 SignifyHealth SGFY 29.22 -0.01
NTNX 28.17 0.77 SimonProperty SPG 113.84 4.86
Westlake
WestRock
WLK 98.10 1.45
WRK 34.05 -0.01
NTR 85.78 1.28 SiriusXM SIRI 6.06 0.02 Weyerhaeuser WY 30.39 -0.54
(904) 293-9893 * Since 1999 clients and users. Job Code: 1615.71648 Exp Inc:
System Design, workflow process design, and
Below are the top federally insured offers available nationwide according to Bankrate.com's Nutrien
NVIDIA NVDA 135.43 0.46 Skyworks SWKS 86.42 0.41 WheatonPrecMet WPM 33.00 0.31
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please SmithAO AOS 54.60 -0.18 Whirlpool WHR 137.37 -0.87
architecture; program management of technology
based products, including coordination of technical
visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. O P Q Smith&Nephew SNN 23.87 -0.22
Smucker SJM 149.31 -1.35
Williams WMB 33.44 0.71
Williams-Sonoma WSM 124.80 0.97
BUSINESS OPPORTUNITIES projects or programs and presentation of technical
subject matter to non-technical audiences; bug
High yield savings OGE Energy OGE 36.92 0.29 Snap SNAP 10.25 0.34 WillisTowers WTW 221.20 2.99
ONEOK OKE 60.06 0.74 SnapOn SNA 221.87 -0.18 WillScotMobile WSC 43.02 0.49
escalation, triage, and prioritization; information Bank Yield Bank Yield OReillyAuto ORLY 834.00 -3.17 Snowflake SNOW 159.50 -0.80 Wipro WIT 4.73 0.03
A well established... gathering, information retrieval, data mining,
statistical analysis, qualitative analysis, and
Phone number Minimum (%) Phone number Minimum (%) OccidentalPetrol OXY 73.80 1.20 SOQUIMICH SQM 93.76 0.08
Okta OKTA 55.00 -1.12 SolarEdgeTech SEDG 225.25 -4.78
Wolfspeed WOLF 76.79 -1.96
WoodsideEnergy WDS 23.78 0.61
Growing, organic recycling, mulch and soil object oriented programming; business process Money market and savings account Six-month CD OldDomFreight ODFL 272.87 -1.73 Sony SONY 74.01 6.54 Workday WDAY 151.60 -4.22
manufacturing company located in Ct. is improvements, customer service operations CFG Community Bank $1,000 3.55 Merrick Bank $25,000 3.60 OldRepublic ORI 23.29 0.08 SouthState SSB 90.65 0.22 WyndhamHtls WH 75.13 -0.80
seeking an investor of 5-6 million dollars and strategy for large organizations; technical Olin OLN 54.44 1.49 Southern SO 65.53 0.05 WynnResorts WYNN 67.86 3.96
(888) 205-8388 (866) 638-6851 OmegaHealthcare OHI 31.87 0.09 SoCopper SCCO 50.01 3.04 XP XP 19.46 1.13
to invest in future growth opportunities. sales support; and SQL, HTTP, JavaScript, HTML,
Cookies, and XML.
DollarSavingsDirect $1 3.50 Popular Direct $10,000 3.40 Omnicom OMC 73.10 0.35 SouthwestAir LUV 36.94 0.59 XcelEnergy XEL 65.90 0.79
n-

The company will also sell 10% blocks (866) 395-8693 (800) 274-5696 ON Semi ON 61.74 0.31 SouthwesternEner SWN 6.80 -0.13 Xylem XYL 105.54 3.11
of stock for $1.25 million dollars that Positions report to the Google New York, NY office OpenText OTEX 29.40 0.45 Splunk SPLK 82.85 -0.26 YumBrands YUM 118.15 -0.10
& may allow for partial telecommuting
UFB Direct $0 3.16 Luana Savings Bank $1,000 3.20 Oracle ORCL 77.11 -0.96 Spotify SPOT 80.17 -0.41 YumChina YUMC 43.06 1.71
pay 5% monthly dividends. (877) 472-9200 (800) 666-2012 Orange ORAN 9.55 0.03 StanleyBlackDck SWK 76.59 -1.90 ZTO Express ZTO 17.77 0.88
OGN 26.39 0.21 Starbucks SBUX 87.10 0.51 t ZebraTech ZBRA 238.30 -44.92
Serious inquiries only One-month CD One-year CD
Organon
Orix IX 73.26 0.03 StarwoodProp STWD 20.81 0.15 Zendesk ZEN 76.72 0.03
Call Lawrence @ 203-943-2239 or State Bank of India California $1,000 0.50 CFG Community Bank $500 4.10 OtisWorldwide OTIS 71.51 0.87 StateStreet STT 74.40 0.40 Zillow C Z 30.98 0.12
no

Ovintiv OVV 51.27 0.62 SteelDynamics STLD 96.71 2.66 Zillow A ZG 30.96 0.03
Email - ljgrillo@gmail. (877) 707-1995 (888) 205-8388

SHOWROOM
OwensCorning OC 85.48 -0.13 Stellantis STLA 13.73 0.21 ZimmerBiomet ZBH 111.84 -1.51
Colorado Federal Savings Bank $5,000 0.50 Capital One $0 4.00 PDC Energy PDCE 72.49 0.35 Steris STE 172.87 0.29 ZionsBancorp ZION 51.61 -0.33
(877) 484-2372 (877) 514-2265 PG&E PCG 15.31 0.38 StifelFinancial SF 62.84 0.97 Zoetis ZTS 152.72 1.94
Investment Opportunity Lone Star Bank $1,000 0.20 Merrick Bank $25,000 4.00 PNC Fin PNC 161.81 -0.02 STMicroelec STM 31.32 0.20 ZoomVideo ZM 82.89 -0.55
Don’t miss the next big Tech Company. POSCO PKX 44.74 1.36 Stryker SYK 220.09 -9.15 ZoomInfoTech ZI 43.50 -1.03
(800) 366-3975 (713) 358-9400 (866) 638-6851 PPG Ind PPG 114.00 -0.18 SumitomoMits SMFG 5.62 0.02 Zscaler ZS 150.39 -3.71
Deliver the world with green liquid Hydrogen. sales.showroom@wsj.com
Sustainable and affordable Two-month CD Two-year CD
energy for every country. For more information visit: State Bank of India California $1,000 0.50 Merrick Bank $25,000 4.11
Onestone Holdings innovative solution that will
transform the world energy market.
wsj.com/classifieds (877) 707-1995 (866) 638-6851 New Highs and Lows
Colorado Federal Savings Bank $5,000 0.50 Capital One $0 4.10
Visit: www.1stone.org © 2022 Dow Jones & Company, Inc. (877) 484-2372 (877) 514-2265
(647) 248 3280 All Rights Reserved.
Lone Star Bank $1,000 0.20 Popular Direct $10,000 3.97
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
(713) 358-9400 (800) 274-5696 session. % CHG-Daily percentage change from the previous trading session.
Three-month CD Five-year CD Tuesday, November 1, 2022
Luana Savings Bank $1,000 2.94 CFG Community Bank $500 4.30 52-Wk % 52-Wk % 52-Wk %
(800) 666-2012 (888) 205-8388 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Goldwater Bank $5,000 2.75 Capital One $0 4.25 AmplifyEnergy AMPY 10.38 3.2 Blucora BCOR 27.50 6.1

THEMARKETPLACE
(480) 281-8200 (877) 514-2265 Highs AppliedIndlTechs
ArdmoreShipping
AIT
ASC
130.34 4.3 BurTechAcqnA BRKH
14.03 2.0 CCNeubergerIII A PRPC
10.05 0.1
10.01 ...
Merrick Bank $25,000 2.45 Merrick Bank $25,000 4.25 AGBAAcquisition AGBA 11.55 0.2 10.01 ...
BWX Tech BWXT 58.11 1.1 CovaAcqnA COVA
(866) 638-6851 (866) 638-6851 AP Acqn A APCA 10.22 0.2
ByteAcqnA BYTS 9.98 0.1 Cadre CDRE 31.37 3.7
Abiomed ABMD 381.99 49.9
BadgerMeter BMI 115.70 2.3 CampbellSoup CPB 53.28 -0.6
AccelerateA AAQC 9.95 0.1
High yield jumbos - Minimum is $100,000 AccretionAcqn ENER 9.98 0.1
BankFirst
Banner
BFC
BANR
88.33 1.6 CarneyTechII A CTAQ
75.72 -1.1 CarterBkshrs CARE
10.01 0.1
18.65 1.3

ADVERTISE TODAY
AceGlblBus ACBA 10.53 0.2
BelongAcqnA BLNG 10.01 0.6 CascadiaAcqnA CCAI 9.91 0.2
Money market and savings account Six-month CD ActiniumPharm
Adeia
ATNM
ADEA
14.30
11.65
-2.1
3.1 BerensonAcqnI BACA 9.93 0.2 CatchaInvtA CHAA 9.98 0.1
42.75 -0.1 Berkley WRB 75.51 1.2 CentraisElBras EBR 9.85 1.0
CFG Community Bank 3.55 Merrick Bank 3.60 AdtalemGlbEduc ATGE
BigSkyGrowthA BSKY 9.90 0.1 CentraisElBrasPf EBR.B 10.78 ...
AerojetRocket AJRD 49.90 -0.4
(888) 205-8388 (866) 638-6851 AgileGrowthA AGGR 9.97 ... Biogen BIIB 286.82 -1.2 ChampionX CHX 30.27 3.5

(800) 366-3975 UFB Direct

(877) 472-9200
3.16 Popular Direct
(800) 274-5696
3.40 Agilysys
AllisonTransm
AGYS
ALSN
65.31
42.80
-2.5
0.9
Biohaven
BlackMountainA
BHVN
BMAC
17.39 1.1 ChartIndustries GTLS
10.09 0.2 CheniereEnergy LNG
231.08 2.8
179.97 2.0
AlphaStarAcqn ALSA 10.14 0.1 BlackStoneMin BSM 19.46 2.2 Continued on Page B14
Sallie Mae Bank 2.70 Luana Savings Bank 3.30
For more information visit: (877) 346-2756 (800) 666-2012
wsj.com/classifieds One-month CD One-year CD
Dividend Changes
State Bank of India California 0.50 CFG Community Bank 4.10
(877) 707-1995 (888) 205-8388
Amount Payable /
Colorado Federal Savings Bank 0.50 Capital One 4.00 Company Symbol Yld % New/Old Frq Record
(877) 484-2372 (877) 514-2265
Lone Star Bank 0.20 Merrick Bank 4.00 Increased
(713) 358-9400 (866) 638-6851 AbbVie ABBV 4.0 1.48 /1.41 Q Feb15 /Jan13
Community Healthcare Tr CHCT 5.2 .445 /.4425 Q Nov25 /Nov10
Two-month CD Two-year CD Customers Bancorp Pfd. F CUBIpF 8.1 .509 /.42108 Q Dec15 /Nov30
State Bank of India California 0.50 Merrick Bank 4.11 Customers Bncp Pfd. E CUBIpE 8.4 .5329 /.44523 Q Dec15 /Nov30
(877) 707-1995 (866) 638-6851 Emerson Electric EMR 2.4 .52 /.515 Q Dec09 /Nov11
Colorado Federal Savings Bank 0.50 Capital One 4.10 Entergy ETR 4.0 1.07 /1.01 Q Dec01 /Nov14
(877) 484-2372 (877) 514-2265 Gorman-Rupp GRC 2.5 .175 /.17 Q Dec09 /Nov15
Lone Star Bank 0.20 Popular Direct 3.97 Hartford Financial HIG 2.3 .425 /.385 Q Jan04 /Dec01
(713) 358-9400 (800) 274-5696 Macerich MAC 5.8 .17 /.15 Q Dec02 /Nov09
Three-month CD Five-year CD Taitron Components TAIT 5.0 .05 /.045 Q Nov30 /Nov11
Tompkins Financial TMP 2.9 .60 /.57 Q Nov15 /Nov08
Luana Savings Bank 3.05 CFG Community Bank 4.30
(800) 666-2012 (888) 205-8388 Vistra VST 3.4 .193 /.184 Q Dec29 /Dec20
Goldwater Bank 2.75 Capital One 4.25 Stocks
(480) 281-8200 (877) 514-2265 Quotient QTNT 1:40 /Nov02
Merrick Bank 2.45 Merrick Bank 4.25
(866) 638-6851 (866) 638-6851 Foreign
Adecoagro AGRO 3.7 .1602 SA Nov17 /Nov02
Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Imperial Oil IMO 1.9 .32257 Q Jan01 /Dec02
compounding and rate stated for the lowest required opening deposit to earn interest. CD TFI International TFII 1.5 .35 Q Jan13 /Dec30
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
Sources: FactSet; Dow Jones Market Data
which may be checks. Rates are subject to change.
© 2022 Dow Jones & Company, Inc. Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
All Rights Reserved. spin-off.
Internet: www.bankrate.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, November 2, 2022 | B11

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

B12 | Wednesday, November 2, 2022 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32653.20 t 79.75, or 0.24% Trailing P/E ratio 20.22 22.49 3856.10 t 15.88, or 0.41% Trailing P/E ratio * 18.68 29.27 10890.85 t 97.30, or 0.89% Trailing P/E ratio *† 23.35 34.75
High, low, open and close for each P/E estimate * 17.47 18.80 High, low, open and close for each P/E estimate * 17.03 22.37 High, low, open and close for each P/E estimate *† 21.14 29.41
trading day of the past three months. Dividend yield 2.18 1.78 trading day of the past three months. Dividend yield * 1.75 1.31 trading day of the past three months. Dividend yield *† 0.99 0.65
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

34000 4300 12900

33000 4150 12400

65-day moving average 65-day moving average

32000 4000 65-day moving average 11900

31000 3850 11400

Session high
DOWN UP
t

Session open Close 30000 3700 10900

Close Open
t

29000 3550 10400

Session low
Bars measure the point change from session's open
28000 3400 9900
July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 928,097,637 10,253,490
Industrial Average 32975.48 32485.23 32653.20 -79.75 -0.24 36799.65 28725.51 -9.4 -10.1 6.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 593,123,536 5,838,157
Transportation Avg 13710.17 13321.67 13520.95 -62.84 -0.46 17039.38 11999.40 -20.6 -17.9 8.0 Most-active issues in late trading Decl. volume* 313,527,195 4,377,490
Utility Average 918.78 906.89 913.87 0.43 0.05 1071.75 838.99 -1.0 -6.8 1.7 Volume After Hours Issues traded 3,343 297
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 39437.47 38770.83 38891.85 -114.90 -0.29 48929.18 36056.21 -19.0 -20.0 7.4 Advances 1,890 185
Advanced Micro Devices AMD 9,174.8 61.92 2.26 3.79 63.90 57.10
Barron's 400 942.09 930.77 937.40 6.50 0.70 1127.20 825.73 -13.6 -15.3 10.4 Declines 1,315 103
SPDR S&P 500 SPY 8,161.4 384.25 -0.27 -0.07 386.52 383.60
Unchanged 138 9
Nasdaq Stock Market Amazon.com AMZN 5,912.8 96.70 -0.09 -0.09 103.46 96.26 New highs 98 4
Nasdaq Composite 11156.35 10881.19 10890.85 -97.30 -0.89 16057.44 10321.39 -30.4 -30.4 9.1 Enbridge ENB 5,787.6 38.76 -0.16 -0.42 39.10 38.76 New lows 89 9
Nasdaq-100 11574.39 11278.28 11288.95 -116.62 -1.02 16573.34 10692.06 -29.3 -30.8 11.4 Airbnb ABNB 4,880.3 101.47 -7.58 -6.95 112.33 98.06 Closing Arms† 0.71 1.57
Apple AAPL 4,010.9 150.31 -0.34 -0.23 153.27 150.10 Block trades* 5,019 91
S&P

.
Direxion Dly SCOND 3 BL SOXL 3,390.8 9.20 0.10 1.10 9.27 8.91
500 Index 3911.79 3843.80 3856.10 -15.88 -0.41 4796.56 3577.03 -16.7 -19.1 7.9 Nasdaq NYSE Arca

ly
iShares China LC ETF FXI 3,229.5 21.76 -0.08 -0.37 21.91 21.76
MidCap 400 2458.74 2429.92 2442.53 9.48 0.39 2910.70 2200.75 -14.5 -14.1 7.2 Total volume*4,677,524,140 311,639,217
SmallCap 600 1207.49 1195.68 1200.94 5.37 0.45 1466.02 1064.45 -14.7 -14.3 7.0 Percentage gainers… Adv. volume*2,311,332,463 237,852,867
Benefitfocus BNFT 72.3 10.37 3.38 48.35 10.40 6.99 Decl. volume*2,289,547,597 72,173,814
Other Indexes
Russell 2000
NYSE Composite
Value Line
1868.75 1845.93
14921.48 14725.09 14790.71
547.26 540.51
1851.39

542.65
4.53
43.68
2.14
on
0.25
0.30
0.40
2442.74 1649.84
17353.76 13472.18
696.40 491.56
-21.6
-13.6
-20.3
-17.5
-13.8
-19.2
5.2
3.6
0.7
Chegg Inc.
Bandwidth Cl A
Match Group
CHGG
BAND
MTCH
194.0
131.0
1,619.7
25.05
14.51
51.01
3.94
2.21
7.11
18.66
17.97
16.20
25.40
14.68
51.50
21.00
12.30
43.40
Issues traded
Advances
Declines
Unchanged
4,972
2,641
2,041
290
1,735
1,229
488
18
NYSE Arca Biotech 5000.37 4900.15 4967.15 67.00 1.37 5815.27 4208.43 -13.7 -10.0 3.1
Frequency Therapeutics FREQ 69.4 2.01 0.22 12.29 2.12 1.79
New highs 140 20
us ,

NYSE Arca Pharma 808.01 792.94 803.01 -1.87 -0.23 887.27 737.84 2.0 -2.9 9.7 ...And losers New lows 162 27
l

KBW Bank 105.35 104.16 104.85 0.73 0.70 147.56 94.66 -25.0 -20.7 -0.3 173.7 128.75 -100.74 -43.90 229.49 123.00 Closing Arms† 1.28 0.85
e
Rogers Corp ROG
al a

PHLX§ Gold/Silver 107.44 105.26 105.43 2.12 2.06 167.76 91.40 -18.9 -20.4 3.2 ZoomInfo Technologies ZI 958.3 34.70 -8.80 -20.23 43.50 33.41 Block trades* 25,912 1,391
PHLX§ Oil Service 83.79 82.21 82.25 -0.06 -0.07 88.37 49.14 33.0 56.0 6.4 Enovix ENVX 430.6 16.65 -1.34 -7.45 18.75 16.49 * Primary market NYSE, NYSE American NYSE Arca only.
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PHLX§ Semiconductor 2439.44 2390.27 2402.75 18.30 0.77 4039.51 2162.32 -32.3 -39.1 12.4 Airbnb ABNB 4,880.3 101.47 -7.58 -6.95 112.33 98.06 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 26.35 25.66 25.81 -0.07 -0.27 36.45 15.10 61.0 49.9 28.0 Pitney Bowes PBI 56.0 3.22 -0.17 -5.01 3.39 3.07 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

er s

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
m er

World MSCI ACWI 587.47 1.10 0.19 –22.2 Abiomed ABMD 377.82 125.74 49.88 381.99 219.85 8.0 Varonis Systems VRNS 17.27 -9.50 -35.49 65.71 17.01 -72.3
MSCI ACWI ex-USA 257.19 2.92 1.15 –25.3 Mill City Ventures III MCVT 2.73 0.53 24.09 11.36 1.81 -69.7 SatixFy Communications SATX 11.51 -4.80 -29.43 52.59 8.27 ...
MSCI World 2546.40 –1.32 –0.05 –21.2 Harsco HSC 6.48 1.19 22.50 17.69 3.73 -55.3 Catalent CTLT 49.53 -16.20 -24.65 140.56 47.60 -63.7
MSCI Emerging Markets 867.58 19.42 2.29 –29.6 Anebulo Pharmaceuticals ANEB 2.90 0.49 20.33 7.89 1.77 -58.7 Selina Hospitality SLNA 9.94 -2.95 -22.89 49.49 7.85 2.1
m rp

Americas MSCI AC Americas 1469.12 –4.24 –0.29 –19.6 Tarena International ADR TEDU 5.49 0.85 18.32 8.25 1.46 24.7 SeaStar Medical Holding ICU 8.48 -2.40 -22.06 22.00 5.72 -15.5
Canada S&P/TSX Comp 19517.71 91.57 0.47 –8.0 Pharming Group ADR PHAR 11.40 1.71 17.65 12.98 6.10 28.2 Coeptis Therapeutics COEP 5.11 -1.39 -21.38 21.42 4.75 -48.8
Latin Amer. MSCI EM Latin America 2315.70 64.17 2.85 8.7 Huadi International HUDI 25.43 3.43 15.59 68.00 8.95 4.6 Instil Bio TIL 2.63 -0.67 -20.30 23.22 2.46 -87.8
Brazil BOVESPA 116928.66 891.58 0.77 11.5 Strattec Security STRT 29.89 3.89 14.96 45.21 20.65 -18.9 Solaris Oilfield A SOI 10.92 -2.70 -19.82 14.61 6.11 35.7
Chile S&P IPSA 3175.48 … Closed 13.2 ATAI Life Sciences ATAI 3.38 0.43 14.58 17.81 2.60 -80.1 Laird Superfood LSF 1.70 -0.40 -19.05 19.80 1.56 -90.7
co Fo

Mexico S&P/BMV IPC 50864.85 942.55 1.89 –4.5 Ignyte Acquisition IGNY 13.05 1.65 14.47 15.00 8.62 33.0 Tetra Technologies TTI 4.04 -0.90 -18.22 5.82 2.32 11.6
EMEA STOXX Europe 600 414.61 2.41 0.59 –15.0 Harmony Biosciences HRMY 59.26 7.26 13.96 59.27 31.54 41.9 Perfect PERF 9.02 -1.97 -17.93 21.03 7.44 -7.7
Eurozone Euro STOXX 396.27 2.76 0.70 –17.2 Community Health Systems CYH 3.26 0.39 13.59 15.29 1.88 -75.1 Cardio Diagnostics Hldgs CDIO 2.35 -0.49 -17.25 10.25 2.18 ...
Belgium Bel-20 3589.65 22.22 0.62 –16.7 Intercept Pharm ICPT 15.73 1.86 13.41 21.25 10.81 -9.9 Clearwater Paper CLW 37.00 -7.48 -16.82 46.48 25.07 -9.0
Denmark OMX Copenhagen 20 1647.03 –15.15 –0.91 –11.6 NaaS Technology ADR NAAS 4.79 0.56 13.24 22.45 2.08 28.6 Zebra Technologies Cl A ZBRA 238.30 -44.92 -15.86 615.00 237.28 -59.3
0.98 –11.5 Carvana Cl A CVNA 15.28 1.75 12.93 307.11 12.90 -94.9 Myriad Genetics MYGN 17.50 -3.24 -15.62 32.00 15.94 -43.2
France CAC 40 6328.25 61.48
Germany DAX 13338.74 85.00 0.64 –16.0
Israel Tel Aviv 1943.87 … Closed –1.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 22795.64 143.53 0.63 –16.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 673.32 2.70 0.40 –15.6
0.59 –29.9 ProShares UltraPro QQQ TQQQ 213,667 7.7 20.30 -3.10 91.68 16.32 RXO RXO 3,534 13067 19.06 -9.24 25.50 18.52
Russia RTS Index 1118.19 6.51
1.11 Mullen Automotive MULN 182,867 51.5 0.40 -16.67 15.90 0.21 Amer Cent Divrs Corp Bd KORP 486 7826 44.45 0.29 52.32 43.90
South Africa FTSE/JSE All-Share 67414.27 742.62 –8.5
n-

Spain IBEX 35 7999.00 42.50 0.53 –8.2 SoFi Technologies SOFI 158,385 260.6 5.73 5.33 24.65 4.77 Frazier Lifesciences A FLAC 2,901 7819 10.05 0.30 10.40 9.72
0.78 Amazon.com AMZN 152,184 157.6 96.79 -5.52 188.11 96.06 VicSh US Small MC Val Mom USVM 547 7719 64.64 0.37 77.95 56.90
Sweden OMX Stockholm 756.29 5.87 –27.1
ProSh UltraPro Shrt QQQ SQQQ 118,114 -14.8 53.49 3.06 69.55 28.15 DHB Capital Cl A DHBC 2,324 5765 10.00 0.91 10.01 9.65
Switzerland Swiss Market 10783.65 –44.28 –0.41 –16.2
Turkey BIST 100 4054.67 75.71 1.90 118.3 Sonnet BioTherapeutics SONN 115,657 5950.9 2.83 46.63 9.59 1.10 Integrated Rail Rscs A IRRX 1,004 4609 10.13 0.00 10.14 9.80
no

U.K. FTSE 100 7186.16 91.63 1.29 –2.7 Meta Platforms META 109,698 209.9 95.20 2.19 353.83 92.60 BlackRock Interm Muni INMU 864 4112 22.74 0.82 25.62 22.59
1.71 –22.5 Direxion Dly SCOND 3 BL SOXL 106,825 6.3 9.10 2.02 74.21 6.21 Crixus BH3 Acqn Cl A BHAC 801 3238 10.05 0.70 10.40 9.71
U.K. FTSE 250 18195.90 305.97
Uber Technologies UBER 87,815 213.1 29.75 11.97 48.74 19.90 Z-Work Acquisition Cl A ZWRK 874 2714 10.00 0.50 10.01 9.68
Asia-Pacific MSCI AC Asia Pacific 138.88 2.70 1.98 –28.1
SPDR S&P 500 SPY 83,421 -0.8 384.52 -0.44 479.98 348.11 Avantis Core Fixed Incm AVIG 1,405 2652 40.05 0.37 49.58 39.42
Australia S&P/ASX 200 6976.90 113.44 1.65 –6.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2969.20 75.72 2.62 –18.4 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 15455.27 768.25 5.23 –33.9
0.62 4.9
Scan this code
India S&P BSE Sensex 61121.35 374.76
Japan NIKKEI 225 27678.92 91.46 0.33 –3.9 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3130.50 37.39 1.21 0.2 and track most-active stocks,
South Korea KOSPI 2335.22 41.61 1.81 –21.6 new highs/lows, mutual funds Currencies
Taiwan TAIEX 13037.21 87.46 0.68 –28.4 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1625.73 16.97 1.05 –1.9
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004022 24865 8.8
CREDIT MARKETS Argentina peso .0064157.2750 53.2 Europe
Brazil real .1944 5.1441 –7.7 Czech Rep. koruna .04037 24.769 13.2
Canada dollar .7336 1.3632 7.8 Denmark krone .1327 7.5378 15.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001060 943.44 10.7 Euro area euro 0.9874 1.0128 15.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000200 5004.00 23.1 Hungary forint .002429 411.62 26.8
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .006882 145.30 12.0
A consumer rate against its Five-year ARM, Rate Mexico peso .0506 19.7449 –3.7 Norway krone .0965 10.3576 17.6
benchmark over the past year 5.00% Uruguay peso .02475 40.4000 –9.7 Poland zloty .2100 4.7614 18.2
Bankrate.com avg†: 5.50% 28% Asia-Pacific Russia ruble .01619 61.750 –17.4
t
5-year Raymond James Bank, NA 3.00% 4.00 WSJ Dollar Index Sweden krona .0907 11.0204 21.7
s Australian dollar .6395 1.5637 13.6
adjustable-rate 5.00% St. Petersburg, FL 800-718-2265 Tradeweb ICE 14 Switzerland franc .9998 1.0002 9.6
China yuan .1374 7.2774 14.5
mortgage (ARM) Tuesday Close 3.00 Turkey lira .0538 18.5843 39.5
t

Florence Savings Bank 4.00% Hong Kong dollar .1274 7.8499 0.7
4.00 0 Ukraine hryvnia .0271 36.9500 35.1
2.00 India rupee .01210 82.667 10.9
Florence, MA 800-644-8261 Euro UK pound 1.1482 .8709 17.8
s Indonesia rupiah .0000640 15628 9.6
Clinton Savings Bank 4.38% One year ago Middle East/Africa
t

t 3.00 1.00 –14 Japan yen .006746 148.24 28.8

Clinton, MA 888-744-4272 s Kazakhstan tenge .002161 462.65 6.3 Bahrain dinar 2.6532 .3769 –0.01
5-year Treasury 2.00 0.00 Yen Macau pataca .1236 8.0890 0.7 Egypt pound .0413 24.2012 54.0
note yield The Torrington Savings Bank 4.63% –28
Malaysia ringgit .2111 4.7365 13.7 Israel shekel .2827 3.5367 13.8
Torrington, CT 860-496-2152 1 3 6 1 2 3 5 7 10 20 30 2021 2022
1.00 New Zealand dollar .5841 1.7120 17.1 Kuwait dinar 3.2256 .3100 2.5
Star One Credit Union 5.00% month(s) years
N D J F MA M J J A S O N Pakistan rupee .00454 220.450 25.1 Oman sul rial 2.5971 .3850 0.01
Sunnyvale, CA 408-742-2801 maturity Philippines peso .0172 58.135 14.0 Qatar rial .2747 3.641 –0.03
2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7066 1.4152 4.9 Saudi Arabia riyal .2661 3.7582 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007057 1417.08 19.2 South Africa rand .0550 18.1892 14.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027248 367.00 80.9
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 3.00-3.25 3.00-3.25 0.00 l 3.25 1.50 Taiwan dollar .03108 32.177 16.1
Yield (%) 52-Week Total Return (%) Thailand baht .02648 37.760 13.6 WSJ Dollar Index 103.61 –0.14–0.13 15.69
Prime rate* 6.25 6.25 3.25 l 6.25 1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.46 4.36 0.14 l 4.46 2.57 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2044.430 4.400 4.390 4.540 1.060 –13.916 –3.480
Money market, annual yield 0.24 0.24 0.07 l 0.25 -0.47
Five-year CD, annual yield 2.35 2.26 0.41 l 2.35 0.86 U.S. Treasury Long, Bloomberg 3021.670 4.310 4.410 4.570 1.720 –30.974 –9.504 Commodities
30-year mortgage, fixed† 7.27 7.31 3.09 l 7.38 3.42 Aggregate, Bloomberg 1889.050 5.020 5.040 5.210 1.580 –15.429 –3.658 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.52 6.49 2.42 l 6.52 3.25 Fixed-Rate MBS, Bloomberg 1868.890 5.110 5.190 5.380 1.810 –14.840 –4.155
Jumbo mortgages, $647,200-plus† 7.27 7.35 3.09 l 7.43 2.99 DJ Commodity 1038.77 9.06 0.88 1264.48 893.10 7.75 9.78
High Yield 100, ICE BofA 3075.344 8.199 8.296 8.753 3.669 –10.664 –0.492 Refinitiv/CC CRB Index 276.34 2.21 0.81 329.59 218.39 15.53 18.92
Five-year adj mortgage (ARM)† 5.50 5.45 2.82 l 5.53 1.33
Muni Master, ICE BofA 534.128 3.893 3.936 3.936 0.895 –10.608 –1.736 Crude oil, $ per barrel 88.37 1.84 2.13 123.70 65.57 5.32 17.50
New-car loan, 48-month 6.11 6.10 3.41 l 6.11 1.55
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 718.800 8.654 8.920 9.159 4.744 –21.680 –6.125 Natural gas, $/MMBtu 5.714 -0.641 -10.09 9.680 3.561 3.10 53.19
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. 1645.00 9.10 0.56 2040.10 1623.30 -8.03 -9.99
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, November 2, 2022 | B13

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 Jan'23 16.99 17.74 16.95 17.65 .66 7,716 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Euro (CME)-€125,000; $ per €
Wheat (CBT)-5,000 bu.; cents per bu. Sept 96.5225 96.5250 96.5200 96.5225 –.0025 618,014 Nov .9894 .9963 .9863 .9892 –.0006 7,073
Contract Open Dec 878.50 904.00 867.75 902.50 20.25 134,913 March'23 95.0550 95.1250 t 94.9850 94.9950 –.0650 1,155,366 Dec .9917 .9990 .9888 .9918 –.0006 644,531
Open High hi lo Low Settle Chg interest March'23 896.75 920.75 886.00 919.00 19.75 79,730 Eurodollar (CME)-$1,000,000; pts of 100%
Copper-High (CMX)-25,000 lbs.; $ per lb. Wheat (KC)-5,000 bu.; cents per bu. Nov 95.3050 95.3400 95.2975 95.3025 … 139,890 Index Futures
Nov 3.4945 3.5230 3.4795 3.5095 0.0960 1,910 Dec 979.00 991.00 960.75 990.00 11.25 65,088 Dec 94.8850 94.9400 94.8600 94.8800 –.0100 1,530,414
Dec 3.3800 3.5015 3.3780 3.4725 0.0975 102,708 March'23 974.25 987.50 958.00 986.50 12.25 47,230 March'23 94.7450 94.8150 t 94.6700 94.6850 –.0650 925,780 Mini DJ Industrial Average (CBT)-$5 x index
Gold (CMX)-100 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 95.2100 95.3200 95.1350 95.1500 –.0500 921,662 Dec 32769 33026 32510 32685 –90 74,932
Nov 1630.80 1653.70 1630.80 1645.00 9.10 2,716 Nov 177.250 178.150 176.675 176.925 –.700 6,637 March'23 33020 33246 32751 32920 –89 1,224
Dec 1636.10 1660.30 1633.60 1649.70 9.00 358,108 Jan'23 179.400 180.300 178.075 178.200 –1.250 25,059 Currency Futures Mini S&P 500 (CME)-$50 x index
Jan'23 1660.60 1665.50 s 1656.00 1656.90 9.50 2 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 3884.00 3928.00 3852.50 3866.00 –17.00 2,293,422
Feb 1649.90 1674.30 1648.80 1663.80 8.90 71,644 Dec 152.600 152.675 151.900 151.950 –.525 120,118 Japanese Yen (CME)-¥12,500,000; $ per 100¥ March'23 3916.00 3959.25 3885.00 3898.25 –16.75 55,047
April 1668.60 1687.80 1666.80 1678.50 9.00 17,702 Feb'23 155.850 156.150 155.175 155.250 –.575 70,448 Nov .6746 .6812 .6729 .6759 .0019 749
Mini S&P Midcap 400 (CME)-$100 x index
June 1681.40 1702.80 1681.20 1693.40 9.30 8,804 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec .6759 .6840 .6755 .6786 .0020 261,224
Dec 2441.00 2470.40 2434.80 2449.10 9.50 48,561
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 84.650 85.850 84.650 85.200 .275 85,413 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Nov … … … 1874.40 45.30 March'23 2450.50 10.40 1
Feb'23 88.175 89.350 88.150 88.450 … 47,563 Nov .7340 .7391 .7317 .7343 .0004 328
Dec 1843.00 1945.00 1838.00 1877.00 45.30 6,489 Mini Nasdaq 100 (CME)-$20 x index
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec .7344 .7393 .7318 .7345 .0004 138,809
Dec 11455.00 11619.00 11288.75 11332.00 –115.25 278,378
Platinum (NYM)-50 troy oz.; $ per troy oz. Nov 460.10 469.00 457.40 457.60 –4.00 440 British Pound (CME)-£62,500; $ per £
Nov 959.80 20.40 1 Jan'23 458.20 459.00 449.00 449.50 –4.50 1,420 Nov 1.1544 1.1569 1.1443 1.1489 .0014 1,627 March'23 11594.75 11733.50 11406.25 11447.50 –116.25 4,334
Jan'23 931.40 963.00 930.80 950.50 20.40 52,451 Milk (CME)-200,000 lbs., cents per lb. Dec 1.1483 1.1581 1.1452 1.1499 .0013 244,246 Mini Russell 2000 (CME)-$50 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. Oct 21.82 21.82 21.81 21.82 .01 4,525 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 1852.90 1876.40 1848.10 1856.60 3.60 505,444
Nov 19.125 19.690 19.125 19.673 0.548 202 Dec 19.00 19.30 18.80 19.10 .10 5,463 Dec 1.0039 1.0139 1.0030 1.0053 .0012 49,424 March'23 1889.00 1892.50 1865.00 1872.70 3.50 287
Dec 19.110 20.040 19.085 19.667 0.548 106,248 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini Russell 1000 (CME)-$50 x index
March'23 1.0147 1.0242 1.0141 1.0155 .0014 326
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 2,339 2,354 2,317 2,348 13 115,319 Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 2151.50 2155.90 2118.90 2126.50 –8.40 10,857
Dec 86.43 89.45 85.92 88.37 1.84 297,784 March'23 2,343 2,359 2,329 2,352 9 92,205 U.S. Dollar Index (ICE-US)-$1,000 x index
Nov .6441 .6466 .6381 .6402 .0007 163
Jan'23 85.20 88.27 84.84 87.19 1.79 152,279 Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec .6406 .6474 .6387 .6408 .0007 169,095 Dec 111.44 111.66 110.57 111.36 –.06 54,718
Feb 84.04 86.87 83.61 85.82 1.72 72,913 Dec 177.85 180.60 173.80 174.60 –3.10 71,702
March 82.62 85.55 82.49 84.53 1.65 97,493 Mexican Peso (CME)-MXN 500,000; $ per MXN March'23 111.04 111.21 110.18 110.95 –.07 1,064
March'23 175.35 177.00 169.80 170.20 –3.85 84,568 Nov .05060 .00025 8
June 80.04 82.39 79.69 81.43 1.43 124,427 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Dec 76.36 78.46 76.26 77.51 1.07 164,896 Dec .05004 .05039 s .05001 .05029 .00025 278,014 Source: FactSet
March 18.05 18.50 18.05 18.43 .46 333,533
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 16.96 17.43 16.95 17.39 .50 152,099
Dec 3.6817 3.7728 3.6128 3.6211 –.0530 72,879 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Jan'23 3.5050 3.5777 3.4550
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
3.4691 –.0314 44,019 Jan
March
34.67
35.01
.50
.50
2,059
2,817
Bonds | wsj.com/market-data/bonds/benchmarks
Dec 2.5159 2.6165 2.5093 2.5945 .0688 87,844 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Jan'23 2.4422 2.5431 2.4405
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
2.5249 .0660 48,088 Dec
March'23
72.15
71.95
75.00
74.64
72.00
71.69
75.00
74.64
3.00
3.00
99,711
80,217
Tracking Bond Benchmarks
Dec 6.270 6.309 5.614 5.714 –.641 102,841 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Jan'23 6.561 6.584 6.007 6.080 –.527 139,615 209.00 209.00 207.20 207.70 1.35 200
Feb 6.320 6.359 5.848 5.899 –.480 59,752
Nov highs and lows for different types of bonds
Jan'23 201.80 205.95 201.15 204.20 3.10 9,674
March 5.675 5.675 5.330 5.375 –.342 97,267 Total Total
April 4.770 4.771 4.582 4.630 –.163 78,231 return YTD total Yield (%) return YTD total Yield (%)
May 4.691 4.720 4.547 4.585 –.143 86,044
Interest Rate Futures close return (%) Index Latest Low High close return (%) Index Latest Low High
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Agriculture Futures Dec 128-110 130-290 127-310 129-130 1-24.0 1,453,774 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
March'23 129-200 131-000 129-120 129-300 1-30.0 n.a. 1868.89 -14.7 Mortgage-Backed 5.110 1.810 5.380
Corn (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 1889.05 -15.5 U.S. Aggregate 5.020 1.580 5.210
Dec 689.00 698.50 687.25 697.75 6.25 603,945 Dec 121-000 122-280 120-250 121-010 17.0 1,208,924 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1851.77 -13.1 Ginnie Mae (GNMA) 5.090 1.840 5.370
March'23 694.00 703.00 692.50 702.50 5.75 374,060 March'23 120-300 122-190 120-240 120-270 21.0 2,696
Oats (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2745.42 -19.2 U.S. Corporate 5.910 2.130 6.130 1096.07 -14.9 Fannie mae (FNMA) 5.120 1.800 5.390
Dec 390.75 400.00 386.00 399.50 10.50 2,870 Dec 110-235 111-205 110-155 110-185 –.5 3,956,820
March'23 399.75 407.00 395.00 406.75 8.75 1,194 March'23 111-000 111-305 110-250 110-280 … 15,304 2696.80 -12.1 Intermediate 5.830 1.570 6.050 1680.11 -15.4 Freddie Mac (FHLMC) 5.110 1.800 5.370
Soybeans (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Nov 1405.50 1436.50 1403.75 1435.75 28.75 4,458 3546.58 -30.3 Long term 6.050 2.940 6.370 534.13 -11.3 Muni Master 3.893 0.895 3.936
Dec 106-222 107-077 106-150 106-170 –2.0 4,118,104
Jan'23 1417.00 1449.00 1414.25 1447.75 28.25 247,860 March'23 106-282 107-155 106-230 106-245 –1.7 7,079
528.77 -20.6 Double-A-rated 5.140 1.840 5.320 380.55 -10.5 7-12 year 3.750 0.918 3.794
Soybean Meal (CBT)-100 tons; $ per ton. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec 427.10 431.00 423.30 424.80 –3.30 140,384 420.35 -14.5 12-22 year 4.389 1.180 4.428
Dec 102-070 102-118 102-023 102-031 –3.0 2,235,165 721.81 -19.5 Triple-B-rated 6.210 2.340 6.440
Jan'23 418.10 421.80 416.00 417.80 –1.30 90,383 March'23 102-151 102-187 102-088 102-096 –3.0 2,255
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. High Yield Bonds ICE BofA 386.32 -20.4 22-plus year 5.041 1.673 5.131
Dec 73.18 74.57 72.74 73.37 .16 120,444 Nov 96.2175 96.2175 96.2150 96.2150 –.0025 383,661
Jan'23 70.56 71.89 70.38 71.06 .45 95,864 458.44 -12.2 High Yield Constrained 9.074 4.086 9.623 Global Government J.P. Morgan†
Jan'23 95.5600 95.5950 95.5500 95.5600 .0000 271,623
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 423.28 -16.0 Triple-C-rated 16.294 7.298 16.779 521.70 -13.0 Global Government 3.060 0.840 3.250
Nov 16.53 17.16 16.53 17.23 .67 499 Dec 89-300 88-210 88-260 1.5 16,286
760.45 -9.3 Canada 3.380 1.430 3.780

.
3075.34 -11.5 High Yield 100 8.199 3.669 8.753
341.45 -15.9 2.881 0.271 3.215

ly
393.90 -14.4 Global High Yield Constrained 9.415 4.601 9.945 EMU§
Cash Prices | wsj.com/market-data/commodities Tuesday, November 1, 2022 301.05 -13.7 Europe High Yield Constrained 7.884 2.731 8.508 636.75 -16.2 France 2.680 0.150 2.980
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— U.S Agency Bloomberg Fixed Income Indices 455.43 -15.2 Germany 2.100 -0.370 2.400
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.

Energy
Tuesday
Iron Ore, 62% Fe CFR China-s
Shredded Scrap, US Midwest-s,m
onTuesday
80.2
n.a.
Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-u
11.8975
8.1500
Tuesday
1661.83
1473.16
3073.39
-9.3
-7.8
-26.4
U.S Agency
10-20 years
20-plus years
4.770 0.900 4.840
4.750 0.790 4.820
5.060 2.010 5.240
282.27
493.02
800.03
-4.2
-17.3
-22.9
Japan
Netherlands
U.K.
0.810 0.310 0.910
2.380 -0.200 2.720
3.520 0.720 4.690
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 182.100 Steel, HRC USA, FOB Midwest Mill-s 740 Wheat - Hard - KC (USDA) $ per bu-u 10.5500 2432.73 -15.4 Yankee 5.700 1.790 5.840 718.80 -21.8 Emerging Markets ** 8.654 4.744 9.159
us ,

Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 17.150 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 9.2250

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
75125
l

BMI Lithium Carbonate, EXW China, =99.2%-v,w Food

Metals ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 74575
e
al a

Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 8494 Beef,carcass equiv. index
1655.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5480 choice 1-3,600-900 lbs.-u 237.51
Engelhard industrial
Handy & Harman base 1645.25 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 765 select 1-3,600-900 lbs.-u 208.12 Global Government Bonds: Mapping Yields
Broilers, National comp wtd. avg.-u,w 1.2145
ci on

Handy & Harman fabricated 1826.23

LBMA Gold Price AM *1638.85
Fibers and Textiles Butter,AA Chicago-d 2.7000 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Cheddar cheese,bbl,Chicago-d 196.00
LBMA Gold Price PM *1639.00 Burlap,10-oz,40-inch NY yd-n,w 0.7475
Cheddar cheese,blk,Chicago-d 196.00
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Krugerrand,wholesale-e 1721.01 Cotton,1 1/16 std lw-mdMphs-u 0.7700
Maple Leaf-e 1762.18
Milk,Nonfat dry,Chicago lb.-d 139.50 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Cotlook 'A' Index-t *89.50 Coffee,Brazilian,Comp-y 1.7561
American Eagle-e 1762.18 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.3603
Mexican peso-e 2124.66 Wool,64s,staple,Terr del-u,w n.a. 4.375 U.S. 2 4.538 s l 4.499 4.206 0.513
Eggs,large white,Chicago-u 3.2550
1617.29
er s

Austria crown-e 2.750 10 4.052 t l 4.074 3.802 1.573

Grains and Feeds Flour,hard winter KC-p 25.35
Austria phil-e 1729.25
Hams,17-20 lbs,Mid-US fob-u 1.08 0.250 Australia 2 3.207 t l 3.243 3.316 0.557 -133.0 -124.3 5.1
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 90.80
Engelhard industrial 20.1000 225 1.750 10 3.774 s l 3.765 3.899 1.919 -28.2 -28.9 35.7
m er

Bran,wheat middlings, KC-u,w Pork bellies,12-14 lb MidUS-u 1.4426

Handy & Harman base 19.6750 Corn,No. 2 yellow,Cent IL-bp,u 6.7400 Pork loins,13-19 lb MidUS-u 1.1967
Handy & Harman fabricated 24.5940 Corn gluten feed,Midwest-u,w 203.6 0.000 France 2 2.036 t l 2.055 1.805 -0.625 -250.1 -243.2 -113.0
Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price *£16.6100 Corn gluten meal,Midwest-u,w 659.8 Steers,feeder,Okla. City-u,w 188.50 2.000 10 2.667 t l 2.691 2.725 0.275 -138.9 -136.3 -128.7
(U.S.$ equivalent) *19.1650 Cottonseed meal-u,w 433
Coins,wholesale $1,000 face-a 20735 Hominy feed,Cent IL-u,w 215 Fats and Oils 0.400 Germany 2 1.935 t l 1.942 1.756 -0.603 -260.1 -254.4 -110.9
m rp

Other metals Meat-bonemeal,50% pro Mnpls-u,w 368 Degummed corn oil, crude wtd. avg.-u,w 67.5000 1.700 10 2.131 t l 2.143 2.111 -0.099 -192.5 -191.1 -166.1
LBMA Platinum Price PM *935.0 Oats,No.2 milling,Mnpls-u 4.3950 Grease,choice white,Chicago-h 0.7250
Platinum,Engelhard industrial 970.0 Rice, Long Grain Milled, No. 2 AR-u,w 36.13 Lard,Chicago-u n.a. 0.000 Italy 2 2.714 t l 2.743 2.850 -0.025 -182.3 -174.3 -53.0
Palladium,Engelhard industrial 1980.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7554 2.500 10 4.257 t l 4.320 4.514 1.226 20.1 26.5 -33.6
Aluminum, LME, $ per metric ton *2197.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 450.40 Tallow,bleach;Chicago-h 0.7400
Copper,Comex spot 3.5095 Soybeans,No.1 yllw IL-bp,u 14.0000 Tallow,edible,Chicago-u n.a. 0.005 Japan 2 -0.043 t l -0.040 -0.040 -0.099 -457.9 -452.7 -60.4
0.200 10 0.252 s l 0.245 0.252 0.097 -380.4 -380.9 -146.5
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;
co Fo

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 0.000 Spain 2 2.161 t l 2.204 2.097 -0.547 -237.6 -228.2 -105.2
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 10/31
Source: Dow Jones Market Data 2.550 10 3.201 t l 3.234 3.303 0.650 -85.6 -82.0 -91.2
0.125 U.K. 2 3.145 t l 3.266 3.917 0.694 -139.2 -122.1 18.9
4.250 10 3.464 t l 3.510 4.149 1.067 -59.2 -54.4 -49.5
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

Money Rates November 1, 2022 Corporate Debt

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
guide to general levels but don’t always represent actual transactions. expectations
Week —52-WEEK— Week —52-WEEK— Investment-grade spreads that tightened the most…
Inflation Latest ago High Low Latest ago High Low Spread*, in basis points
Sept. index Chg From (%) Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
n-

level Aug. '22 Sept. '21 Federal funds Libor

Effective rate 3.0900 3.1000 3.1000 0.0800 One month 3.84157 3.59643 3.84157 0.08088 HSBC Holdings HSBC 3.900 6.62 May 25, ’26 235 –26 208
U.S. consumer price index High 3.3300 3.3000 3.3500 0.0900 Three month 4.45971 4.35800 4.46029 0.13975
Credit Suisse CS 4.550 8.66 April 17, ’26 441 –21 395
All items 296.808 0.22 8.2 Low 3.0600 3.0700 3.0700 0.0200 Six month 4.91857 4.91557 4.93186 0.21325
Core 298.442 0.43 6.6 Bid 3.0800 3.0800 3.0800 0.0600 One year 5.44543 5.39971 5.47557 0.34975 Florida Power & Light … 5.690 5.72 March 1, ’40 134 –17 n.a.
3.1200 3.1200 3.1200 0.0800
no

Offer
International rates Secured Overnight Financing Rate Lloyds Banking LLOYDS 4.582 7.43 Dec. 10, ’25 299 –16 276
Treasury bill auction 3.05 3.01 3.05 0.04
Week 52-Week Telefonica Emisiones TELEFO 4.895 7.22 March 6, ’48 310 –15 n.a.
4 weeks 3.600 3.430 3.600 0.020 Value 52-Week
Latest ago High Low
13 weeks 4.070 4.000 4.070 0.045 Latest Traded High Low ENEL Finance International ENELIM 6.000 7.87 Oct. 7, ’39 349 –14 n.a.
26 weeks 4.440 4.390 4.440 0.065
Prime rates DTCC GCF Repo Index 4.375 5.99 Jan. 22, ’47 186 –13
Morgan Stanley MS 209
U.S. 6.25 6.25 6.25 3.25 Secondary market Treasury 3.064 51.040 3.065 0.023
Canada 5.45 5.45 5.45 2.45 MBS 3.107 28.600 3.175 0.032 Verizon Communications VZ 4.862 6.02 Aug. 21, ’46 189 –13 192
Japan 1.475 1.475 1.475 1.475 Fannie Mae Notes on data:
Policy Rates
30-year mortgage yields U.S. prime rate is the base rate on corporate
…And spreads that widened the most
30 days 6.409 6.605 6.812 2.452 loans posted by at least 70% of the 10 largest
37
Euro zone 1.25 1.25 1.25 0.00 U.S. banks, and is effective September 22, 2022. HSBC Holdings HSBC 4.300 6.65 March 8, ’26 238 181
60 days 6.482 6.763 6.988 2.477
Switzerland 1.00 1.00 1.00 0.00 Other prime rates aren’t directly comparable; 22
lending practices vary widely by location; Credit Suisse CS 3.750 8.71 March 26, ’25 423 385
Britain 2.25 2.25 2.25 0.10 Other short-term rates Discount rate is effective September 22, 2022.
Australia 2.60 2.60 2.60 0.10 Wells Fargo WFC 3.550 5.74 Sept. 29, ’25 125 20 129
Secured Overnight Financing Rate is as of
Week 52-Week October 31, 2022. DTCC GCF Repo Index is
Bank of Montreal BMO 1.850 5.63 May 1, ’25 114 19 91
Overnight repurchase Latest ago high low Depository Trust & Clearing Corp.'s weighted
average for overnight trades in applicable
U.S. 3.06 3.00 3.09 0.01 Westpac Banking WSTP 2.350 5.04 Feb. 19, ’25 64 14 54
Call money CUSIPs. Value traded is in billions of U.S. dollars.
Federal-funds rates are Tullett Prebon rates as
U.S. government rates 5.00 5.00 5.00 2.00 of 5:30 p.m. ET. Banco Santander SANTAN 2.749 7.97 Dec. 3, ’30 393 12 n.a.
Discount Commercial paper (AA financial) Sources: Federal Reserve; Bureau of Labor International Business Machines IBM 3.300 5.26 May 15, ’26 100 9 97
Statistics; DTCC; FactSet;
3.25 3.25 3.25 0.25 90 days 4.25 4.00 4.25 0.11 Tullett Prebon Information, Ltd. 7
Walt Disney DIS 3.150 5.06 Sept. 17, ’25 58 68

High-yield issues with the biggest price increases…

Exchange-Traded Portfolios | WSJ.com/ETFresearch Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Liberty Interactive LINTA 8.250 17.12 Feb. 1, ’30 63.920 1.18 n.a.
Closing Chg YTD SPDR S&P 500 SPY 384.52 –0.44 –19.0
Tuesday, November 1, 2022 1.15
ETF Symbol Price (%) (%) SPDR S&P Div SDY 122.90 –0.07 –4.8 Ford Motor Credit … 3.370 5.48 Nov. 17, ’23 97.900 97.125
Closing Chg YTD TechSelectSector XLK 126.80 –0.84 –27.1
ETF Symbol Price (%) (%) iShMSCIEAFEValue EFV 41.72 1.04 –17.2 UtilitiesSelSector XLU 67.04 0.39 –6.3 Transocean RIG 6.800 12.36 March 15, ’38 62.125 1.15 58.250
CnsmrDiscSelSector XLY 142.57 –1.01 –30.3 iShNatlMuniBd MUB 101.71 0.39 –12.5 VangdInfoTech VGT 327.65 –0.77 –28.5
CnsStapleSelSector XLP 72.51 –0.32 –6.0 iSh1-5YIGCorpBd IGSB 48.94 1.00 –9.2 Nokia Oyj NOKIA 6.625 7.44 May 15, ’39 92.330 1.10 90.660
VangdSC Val VBR 161.21 0.37 –9.9
DimenUSCoreEq2 DFAC 24.43 ... –15.7 iShPfd&Incm PFF 30.25 –0.30 –23.3 VangdExtMkt VXF 138.45 0.33 –24.3
EnSelSectorSPDR XLE 90.87 0.97 63.7 iShRussell1000Gwth IWF 220.47 –0.95 –27.9
VangdDivApp VIG 148.30 –0.22 –13.7 FirstEnergy FE 7.375 5.59 Nov. 15, ’31 112.500 1.03 108.500
FinSelSectorSPDR XLF 34.07 0.26 –12.8 iShRussell1000Val IWD 150.06 0.21 –10.6
VangdFTSEDevMk VEA 38.90 0.86 –23.8 0.86
HealthCareSelSect XLV 132.83 0.06 –5.7 iShRussell2000 IWM 183.58 0.14 –17.5
VangdFTSE EM VWO 36.04 1.66 –27.1
Dish DBS … 5.125 12.20 June 1, ’29 68.614 64.642
InvscQQQI QQQ 275.11 –1.02 –30.9 iShRussellMid-Cap IWR 67.86 0.37 –18.3
iShRussellMCValue IWS 105.36 0.30 –13.9
VangdFTSE Europe VGK 50.42 0.76 –26.1 Navient NAVI 6.750 8.31 June 15, ’26 95.205 0.83 n.a.
InvscS&P500EW RSP 139.90 0.24 –14.0 VangdFTSEAWxUS VEU 46.37 1.09 –24.3
113.21 –0.14 –12.0 iShRussell1000 IWB 212.10 –0.39 –19.8
iSh3-7YTreaBd IEI
iShS&P500Growth IVW 59.78 –1.04 –28.6
VangdGrowth VUG 220.54 –0.99 –31.3 ZF North America Capital ZFFNGR 4.750 7.20 April 29, ’25 94.500 0.72 94.905
iSh0-5YTIPSBd STIP 97.17 –0.04 –8.2 VangdHlthCr VHT 243.22 0.08 –8.7
iShCoreDivGrowth DGRO 49.01 ... –11.8 iShS&P500Value IVE 143.50 0.12 –8.4
VangdHiDiv VYM 106.78 0.28 –4.8
iShCoreMSCIEAFE IEFA 56.21 0.88 –24.7 iShShortTreaBd
iShTIPSBondETF
SHV
TIP
109.76
106.37
0.03
–0.02
–0.6
–17.7
VangdIntermBd BIV 72.71 0.08 –17.0 …And with the biggest price decreases
iShCoreMSCIEM IEMG 43.08 1.72 –28.0
VangdIntrCorpBd VCIT 75.15 0.27 –19.0
iShCoreMSCITotInt IXUS 53.36 0.96 –24.8 iSh1-3YTreasuryBd SHY 80.78 –0.10 –5.6
VangdLC VV 175.74 –0.41 –20.5 Howmet Aerospace HWM 5.900 6.51 Feb. 1, ’27 97.750 –1.51 98.125
iShCoreS&P500 IVV 386.25 –0.40 –19.0 iSh7-10YTreaBd IEF 94.19 –0.02 –18.1
VangdMC VO 204.71 0.35 –19.6
iShCoreS&P MC IJH 243.42 0.37 –14.0 iSh20+YTreaBd TLT 96.77 0.93 –34.7 Ford Motor F 4.750 7.87 Jan. 15, ’43 68.723 –0.92 67.500
iShUSTreasuryBd GOVT 22.38 0.04 –16.1 VangdMC Val VOE 134.79 0.59 –10.3
iShCoreS&P SC IJR 98.31 0.40 –14.1
iShCoreS&PTotUS ITOT 85.66 –0.33 –19.9 JPMEquityPrem JEPI 53.91 –0.10 –14.7 VangdMBS VMBS 44.37 0.28 –16.0
Intesa Sanpaolo ISPIM 5.017 8.23 June 26, ’24 95.129 –0.81 93.353
JPM UltShIncm JPST 50.00 0.05 –1.0 VangdRealEst VNQ 82.95 –0.04 –28.5
iShCoreTotalUSDBd IUSB 43.87 0.16 –17.1
iShCoreUSAggBd AGG 94.86 0.19 –16.8 SPDRBlm1-3MTB BIL 91.39 0.01 –0.04 VangdS&P500ETF VOO 353.52 –0.40 –19.0 American Airlines AAL 3.750 9.89 March 1, ’25 87.500 –0.75 86.500
iShSelectDividend DVY 118.63 0.41 –3.2 SPDR Gold GLD 153.46 1.02 –10.2 VangdST Bond BSV 74.42 –0.04 –7.9
iShESGAwareUSA ESGU 85.42 –0.38 –20.8 SPDRPtfS&P500 SPLG 45.22 –0.44 –19.0 VangdSTCpBd VCSH 73.87 0.04 –9.1
Occidental Petroleum OXY 7.500 6.37 May 1, ’31 107.358 –0.66 106.500
iShEdgeMSCIMinUSA USMV 71.11 –0.11 –12.1 SPDRS&P500Growth SPYG 51.80 –1.07 –28.5 VangdShtTmInfltn VTIP 47.71 –0.08 –7.2
iShEdgeMSCIUSAQual QUAL 112.52 –0.04 –22.7 SchwabIntEquity SCHF 30.06 0.91 –22.7 VangdShortTrea VGSH 57.51 –0.07 –5.5 Nordstrom JWN 6.950 8.78 March 15, ’28 92.300 –0.56 93.010
iShGoldTr IAU 31.29 1.00 –10.1 SchwabUS BrdMkt SCHB 45.28 –0.26 –19.9 VangdSC VB 188.48 0.34 –16.6
iShiBoxx$HYCpBd HYG 73.59 0.60 –15.4 SchwabUS Div SCHD 74.07 0.26 –8.4 VangdTaxExemptBd VTEB 47.63 0.41 –13.3 Royal Caribbean RCL 7.500 12.02 Oct. 15, ’27 83.500 –0.51 n.a.
iShiBoxx$InvGrCpBd LQD 101.77 0.72 –23.2 SchwabUS LC SCHX 45.52 –0.33 –20.0 VangdTotalBd BND 70.26 0.10 –17.1
iShJPMUSDEmgBd EMB 80.03 1.93 –26.6 SchwabUS LC Grw SCHG 57.64 –1.12 –29.6 VangdTotIntlBd BNDX 47.91 0.05 –13.1 Telecom Italia Capital TITIM 7.200 10.13 July 18, ’36 78.493 –0.51 78.500
iShMBSETF MBB 90.35 0.23 –15.9 SchwabUS SC SCHA 41.95 0.26 –18.1 VangdTotIntlStk VXUS 47.85 1.10 –24.7
iShMSCIACWI ACWI 82.85 0.10 –21.7 Schwab US TIPs SCHP 52.18 0.08 –17.0 VangdTotalStk VTI 193.43 –0.31 –19.9 *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.
iShMSCI EAFE EFA 59.78 0.79 –24.0 SPDR DJIA Tr DIA 326.41 –0.31 –10.2 VangdTotWrldStk VT 84.08 0.20 –21.7 Note: Data are for the most active issue of bonds with maturities of two years or more
iSh MSCI EM EEM 34.82 1.84 –28.7 SPDR S&PMdCpTr MDY 445.59 0.41 –13.9 VangdValue VTV 138.25 0.20 –6.0 Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B14 | Wednesday, November 2, 2022 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

HSBC CFO Sought Top Job Prudential, AIG

Before Surprise Resignation Results Get Hit BY LESLIE SCISM were stung by “the impact of
market conditions, including
LONDON—HSBC Holdings banking giant. HSBC has cy- Rising interest rates and the variability in alternative in-
PLC’s chief financial officer cled through senior staff since volatile stock markets battered vestment returns and lower fee
decided to leave after becom- Chairman Mark Tucker started insurer Prudential Financial income.” He added that higher
ing impatient with the timeta- in 2017. Mr. Tucker named a Inc. in the third quarter while interest rates “will economi-
ble for the chief-executive job new CEO, John Flint, in 2018, American International Group cally benefit our business over
to open up, said people famil- leading to the departure of the Inc. was stung by claims from time.”
iar with the matter. last CFO, who also wanted the Hurricane Ian in Florida, the AIG said its property-casu-
CEO job. companies said. alty insurance operations,
By Josh Mitchell, In 2019, Mr. Tucker said Mr. The two big insurers faced which insure companies world-
Margot Patrick Flint wasn’t moving fast different challenges in the diffi- wide and protect the property
and Julie Steinberg enough on strategy and re- cult quarter. Prudential’s so- of wealthy homeowners,
placed him with Mr. Quinn as called adjusted operating in- among other businesses, deliv-
Ewen Stevenson, 56 years CEO designate. For seven come slid 46% to $803 million ered higher underwriting
old, in recent months told months, Mr. Quinn fended off from $1.49 billion, and it swung profit. Its life-and-retirement

PAUL YEUNG/BLOOMBERG NEWS

board members he wanted to other candidates before the to a loss of $284 million on a unit, which is being gradually
be HSBC’s CEO and didn’t job became permanent in net basis, from net of $1.53 bil- divested, enjoyed robust sales
want to wait too long, the peo- 2020. An old guard of execu- lion in the year-earlier period. of annuities.
ple familiar with the matter tives and some board mem- The insurer largely blamed But those highlights were
said. bers have departed since. rising interest rates for $1.46 offset by a 28% decline in net
The board was unwilling to HSBC announced Mr. Ste- billion of pretax net realized in- investment income, to $2.67
provide timing for a change or venson’s planned departure on vestment losses and related billion, last year’s heady alter-
an assurance that Mr. Steven- Oct. 25 alongside the com- charges and adjustments. native investments didn’t re-
son would get the job, the Ewen Stevenson is leaving at a tumultuous time for HSBC. pany’s third-quarter results. About $100 million of pretax peat their gains.
people said. CEO Noel Quinn Mr. Quinn said the company losses came from divested and AIG’s adjusted income,
has said he plans to stay for the bank. HSBC is Europe’s HSBC’s executives have re- was nearly three years into a runoff businesses. which excludes items consid-
several more years. biggest bank by market value. sisted such a move, which they broad restructuring and that Assets under management ered non recurring, fell 39% to
The London bank surprised Though based in London, it say would undermine its strat- now was the time to start at Prudential’s global invest- $509 million. Its net income
investors last week when it earns most of its profit in Asia egy as a bank that connects planning for who would even- ment-management unit, known jumped 63% to $2.7 billion,
said Mr. Stevenson would step and has been caught in the regions around the world. tually succeed him as CEO. Mr. as PGIM, fell 20% to $1.206 driven by net realized gains in
down as CFO at the end of the middle of geopolitical tensions HSBC hired Mr. Stevenson Quinn, 60, didn’t specify when trillion as a result of higher in- derivatives tied to a divested
year. The bank said it made between the West and China. as CFO in January 2019 after he might step down but said terest rates, declines in equi- unit in which it continues to
the change after reviewing its Earlier this year its top he served in the same role at he plans to remain in his role ties and declines in riskier own a stake.
executive committee with a fo- shareholder, China’s Ping An NatWest, formerly Royal Bank for at least several more years. bonds. It also cited third-party AIG said its underwriting
cus on succession planning. Insurance, launched a cam- of Scotland. He spent the bulk To fill the CFO job, HSBC net outflows—the opposite of profit included $600 million in
HSBC’s stock dropped 5% after paign to revamp the com- of his career at Credit Suisse named veteran investment the year-earlier quarter when estimated catastrophe costs
the announcement. pany—perhaps by splitting it Group AG as a banker advising banker Georges Elhedery, it announced record assets of from Hurricane Ian, which
Mr. Stevenson, well liked by up—to boost its shares in Asia financial companies. starting Jan. 1. He is now seen $1.514 trillion. struck southwest Florida in

.
investors and analysts, is leav- and make the bank less be- His exit is the latest sign of as the likeliest candidate for Prudential Chief Executive late September, and other
ing at a tumultuous time for holden to U.K. regulators. executive upheaval at the the CEO job when it opens up. Charles Lowrey said the results weather events.

ly
Chinese Property Bonds Set New Lows Former CNN Boss Zucker
Is in Talks to Join RedBird
on
BY REBECCA FENG Bid price of selected contracted sales, were being property sector.
bonds this year quoted below 8 cents on the Longfor Group Holdings BY JESSICA TOONKEL dinale, specializes in sports-
us ,

HONG KONG—The bottom dollar Tuesday, Tradeweb Ltd. was part of that select AND MIRIAM GOTTFRIED and media-related invest-
l

100 cents on the dollar

has fallen out of the market showed. The company hasn’t group. Its dollar bonds are ments. The firm, which man-
e
al a

for bonds from Chinese prop- defaulted on any public debt. trading at around 20 cents on Former CNN President Jeff ages about $7 billion in assets,
erty developers. 80 The slide in the value of the dollar. Its shares fell more Zucker is in talks with private- according to its website, owns
The dollar bond prices of bonds issued by these compa- than 70% this year, including a equity firm RedBird Capital a minority stake in Fenway
ci on

real-estate companies in China nies means they are trading 24% slide at the start of the Partners to run a roughly $1 Sports Group, the owner of the
plummeted to new lows, with 60 close to the levels of China Ev- week after the company’s billion fund investing in sports Boston Red Sox and the Liver-
some trading below 10 cents ergrande Group, once a lead- founder and chairwoman re- and media, according to peo- pool Football Club. Last year,
on the dollar. That reflects a ing developer but now the signed Friday. The shares re- ple familiar with the matter. RedBird led an investor group
loss of confidence in the sec- 40 highest-profile casualty of the covered about 8% on Tuesday. The move would mark Mr. to take a stake in LeBron
er s

tor, after a series of bond de- sector’s problems. Most bonds “Everyone is scared,” said Zucker’s return to the business James’s entertainment com-
faults that shortchanged inter- issued by Evergrande, which is Kenny Chung, executive direc- world since he resigned from pany, SpringHill Co.
20
m er

national investors, and a Country Garden in the midst of a complex debt tor and portfolio manager of CNN in February after he In 2020, the firm an-
unrelenting downturn in the bond due 2026 workout, were recently quoted fixed-income hedge-fund man- failed to disclose a consensual nounced an investment in Sky-
country’s property market. 0 CIFI bond due 2028 at around 4 cents on the dol- ager Astera Capital Partners. relationship with a colleague. dance Media, the entertain-
The latest market setback lar, according to FactSet. He said even though dollar While Mr. Zucker is known ment company started by film
Jan. 2022 June Nov.
came this week, after a mid- Just two months ago, CIFI bonds from Chinese property as a news executive—having producer David Ellison. Red-
m rp

size developer, CIFI Holdings Sources: Tradeweb and Country Garden were companies are cheap, “there is run CNN for nine years—he Bird in 2019 teamed up with
(Group) Co., said Tuesday it among the property compa- nothing positive to bet on yet.” oversaw WarnerMedia’s sports the players associations for
was suspending all payments that comes due in 2028 is bid nies considered “model devel- New home sales in China properties, which included Major League Baseball and the
on its offshore debt after fail- at around 6 cents on the dol- opers” by Chinese authorities. continued to slide on a yearly Turner’s deal with the Na- National Football League to
ing to strike a deal with credi- lar, according to Tradeweb. Its They were included in a group basis in October. Sales at the tional Basketball Association. form athlete-licensing and
co Fo

tors. The Shanghai company shares lost a quarter of their of at least six developers that country’s 100 largest property Before he joined CNN, he was marketing company OneTeam
said it was no longer in dis- value on Tuesday, taking their were offered domestic bond developers fell 28.4% from Oc- chief executive of NBCUniver- Partners LLC.
cussions with those creditors year-to-date decline to 91%. guarantees by a government- tober 2021 to the equivalent of sal. The discussions between
about debt repayments. Its Several bonds issued by backed insurer, under a pilot $76.7 billion, according to data RedBird, founded in 2014 Mr. Zucker and RedBird are
bonds collapsed in the second- Country Garden Holdings Co., program designed to limit the released Monday by China by former Goldman Sachs continuing and no deal has
ary market. A CIFI dollar bond China’s largest developer by fallout from defaults in China’s Real Estate Information Corp. Group Inc. partner Gerry Car- been signed.

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
Continued From Page B10 52-Wk % 52-Wk % RaymondJames RJF 120.56 -0.3 Z-WorkAcqnA ZWRK 10.01 0.5 CanoHealth CANO 3.30 -7.0 GaotuTechedu GOTU 0.64 -1.6 NeuroBoPharm NRBO 7.07 -7.0 SciStratWt SSAAW 0.00 -45.5
RegenPharm REGN 764.59 1.5 CardioDiag CDIO 2.18 -17.3 GenerationsBncp GBNY 10.85 -0.3
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg NeuroMetrix NURO 1.60 -1.8 SealedAir SEE 42.87 -6.7
Stock Sym Hi/Lo Chg GSRIIMeteora GSRMU 11.40 -0.1 KairosAcqnA KAIR 10.03 ...
Renasant
Rollins
RNST
ROL
40.82
42.60
-1.0
0.3
Lows Catalent
Centerspace
CTLT
CSR
47.60
62.79
-24.6
-3.2
GeniusGroup
GladstonePfdE GOODN
GNS 0.90
19.00
-15.1
-0.2
NewellBrands
NexaResources NEXA
NWL 13.36 -3.3
4.75 -4.6
SempraNts79
ShuttlePharm
SREA
SHPH
21.22
2.43
-2.0
-7.3
GSquaredIIA GSQB 10.03 0.3 KinsaleCapital KNSL 325.27 2.5 S&T Bancorp STBA 38.21 -0.1 AT&T Nts 2066 TBB 21.21 -0.7 Check-Cap WtC CHEKZ 0.01 -5.8 GlenfarneMergerWt GGMCW 0.02 -49.9 NexPtDivRlEstPfdA NXDTpA 14.95 -1.0 SignalHillWt SGHLW 0.02 -59.8
Chevron CVX 184.50 0.7
GenuineParts GPC 179.97 0.8 LCattertonA LCAA 9.99 0.2 SCP&COHlthcrA SHAC 9.97 0.1 AXIS CapPfdE AXSpE 19.52 -1.1 CheetahMobile CMCM 1.72 -5.5 GoresTechII Wt GTPBW 0.02 -64.2 NorthAtlAcqnWt NAACW 0.00 -61.0 SimonPropPfdJ SPGpJ 59.76 ...
Cigna CI 326.32 0.6
n-

GlenfarneMergerA GGMC 9.92 0.1 LPL Financial LPLA 264.09 1.6 SDCLEDGEAcqn SEDA 9.95 0.5 AccelerateWt AAQC.WS 0.02 -43.1 ChurchillV Wt CCV.WS 0.03 -26.3 GreenidgeGen GREE 0.87 -8.5 NuvveHolding NVVE 0.95 -6.8 SoYoungIntl SY 0.50 1.1
ComfortSystems FIX 124.17 -1.9
GoldenArrowA GAMC 9.96 0.1 LandcadiaIV A LCA 9.95 0.1 SP Plus SP 37.52 0.4 AcelRxPharm ACRX 2.40 -6.4 ClarimAcqnWt CLRMW 0.00 -42.9 GroveCollab GROV 1.15 -13.5 OmniAb OABIV 6.30 -3.0 SocketMobile SCKT 1.88 -0.9
SABESP SBS 11.92 1.1
GoldenstoneAcqn GDST 10.09 0.6 LatAmGrowth LATGU 10.18 0.2 ScienceApplicat SAIC 109.35 0.1 AchillesTherap ACHL 1.75 -4.7 CN Finance CNF 1.48 -12.9 GrowthforGoodWt GFGDW 0.02 -49.0 180LifeSci ATNF 0.44 0.1 SolenoTherap SLNO 0.97 ...
ConstellationEner CEG 96.24 1.0
GoresTechII A GTPB 9.93 0.1 LazardGrowthI LGAC 9.99 0.1 ScorpioTankers STNG 52.14 7.5 Aditxt ADTX 2.42 -9.3 CoeptisTherap COEP 4.75 -21.4 GuardforceAI GFAI 0.21 -3.9 OnionGlobal OG 0.23 -1.0 Sono SEV 1.31 -2.9
CorazonV838 A CRZN 9.98 0.2
Grainger GWW 595.39 1.4 LimestoneBncp LMST 26.00 -0.2 SeaDrill SDRL 34.53 5.9 AllstatePfdG ALLpG 21.62 0.6 Collplant CLGN 6.00 -4.0 HainanManasWt HMACW 0.02 -61.7 OnyxAcqnIWt ONYXW 0.03 -36.0 SouthernNts20 SOJD 18.95 -0.5
CorceptTherap CORT 30.13 4.8
GrandCanyonEduc LOPE 102.59 0.5 LockheedMartin LMT 491.16 -0.2 SelectiveIns SIGI 98.80 -2.6 Alphabet A GOOGL 90.37 -4.3 ComeraLifeWt CMRAW 0.03 -28.6 HighlandTranIWt HTPA.WS 0.01 -67.0 OrionAcqnWt OHPAW 0.00 345.5 Staffing360 STAF 2.37 -7.0
CornerGrowthA COOL 10.04 ...
GreenVisorI A GVCI 10.21 ... Macatawa MCBC 11.36 5.7 SendasDistrib ASAI 19.76 1.6 Alphabet C GOOG 90.43 -4.4 ConstellationI Wt CSTA.WS 0.02 -7.0 HomeFedBncpLA HFBL 16.92 -2.7 OrthoPediatrics KIDS 36.36 -10.7 StarryGroup STRY 0.17 -18.6
CorpAmAirports CAAP 8.09 2.2
no

GreenlightCapRe GLRE 8.56 -0.6 MagellanMid MMP 54.40 -0.7 7AcqnA SVNA 10.15 ... Amazon.com AMZN 96.06 -5.5 CorazonV838 Wt CRZNW 0.01 -49.8 HomeStreet HMST 24.80 -4.3 Owlet OWLT 0.84 9.7 StewartInfo STC 38.29 -0.8
Corteva CTVA 67.20 2.7
GroupNineA GNAC 9.98 0.3 MaquiaCapital MAQC 10.39 ... SilverSpikeII A SPKB 9.99 0.1 AmbrxBio AMAM 0.90 -7.4 DHB Capital Wt DHBCW 0.00 -64.4 HothTherap HOTH 5.15 -7.3 PacGE pfB PCGpB 18.79 -1.1 StryveFoods SNAX 0.22 -4.6
CresceraCapA CREC 10.13 0.1
GrAeroportuario OMAB 64.96 1.1 MarathonPetrol MPC 119.84 4.9 SimonPropA SPGS 9.95 0.3 AIG PfdA AIGpA 21.65 -1.6 D-WaveQuantumWt QBTS.WS 0.22 -7.0 IPG Photonics IPGP 79.88 -0.2 PanbelaTherap PBLA 0.12 -0.4 SunlinkHealth SSY 0.80 -0.9
Cullen/Frost CFR 157.01 1.0
248.40 0.9 GpoAeroportSur ASR 237.71 0.3 McGrathRent MGRC 97.42 2.6 SlamA SLAM 9.97 0.1 AmVirtualCloud AVCT 1.12 -2.5 D-WaveQuantum QBTS 2.74 2.4 IberePharmWt IBER.WS 0.01 -49.2 PardesBiosci PRDS 1.11 -5.0 Supernova III Wt STRE.WS 0.04 -24.5
Cummins CMI
CyclacelPharmPfd CYCCP 9.55 9.0 GulfIslandFab GIFI 4.98 2.3 MetLife MET 74.33 1.0 SportsVenturesA AKIC 10.03 0.1 AnghamiWt ANGHW 0.08 -52.2 DigitalBrands DBGI 0.06 -4.6 IconicSportsWt ICNC.WS 0.03 -36.8 PatriaLatAmWt PLAOW 0.05 -16.7 Swvl SWVL 0.49 -1.1
DHB Capital A DHBC 10.01 0.9 Haemonetic HAE 85.97 -1.2 ModineMfg MOD 18.30 1.5 SpringValleyII SVIIU 10.35 -0.1 Apexigen APGN 2.18 3.3 DigitalBrdgPfdH DBRGpH 18.44 -2.5 IkenaOncology IKNA 2.55 -4.7 PaxMedica PXMD 1.94 -7.6 Synlogic SYBX 0.83 -0.1
DT Midstream DTM 60.89 1.6 HainanManaslu HMACU 10.20 -0.4 MonumentCircleA MON 10.01 0.4 StellarBancorp STEL 34.09 2.8 ArgoBlockchain ARBK 0.88 -18.0 DigitalBrdgPfdJ DBRGpJ 18.30 -0.7 Imax IMAX 12.37 ... PA Reit Pfd D PEIpD 1.85 1.0 System1 SST 4.85 -5.0
Disruptive I A DISA 9.98 -0.1 HainanManaslu HMAC 10.06 0.4 MoringaAcqnA MACA 9.99 0.1 SunOpta STKL 11.67 2.6 AscentSolar ASTI 2.50 -1.1 DigitalBrdgPfdI DBRGpI 18.55 -2.4 ImmixBiopharma IMMX 0.92 5.0 PennREITPfdC PEIpC 1.94 8.7 TCR2 Therap TCRR 1.51 -2.5
DorianLPG LPG 18.71 2.8 HalladorEnergy HNRG 8.33 3.0 MurphyOil MUR 50.19 2.8 T-MobileUS TMUS 154.14 0.5 Atento ATTO 2.69 -3.5 EPR PropPfdG EPRpG 16.77 0.3 IndependenceWt ACQRW 0.03 -0.2 Pharvaris PHVS 4.07 -9.7 Talkspace TALK 0.66 -4.0
DycomInds DY 121.99 2.5 HarleyDavidson HOG 44.50 2.5 NBT Bancorp NBTB 48.24 0.7 TailwindIntlA TWNI 9.98 ... AthlonAcqnWt SWETW 0.01 -61.9 EdocAcqnRt ADOCR 0.05 -19.4 InozymePharma INZY 1.58 -6.8 PhaseBioPharm PHAS 0.08 -8.1 The9 NCTY 0.70 -6.4
EDAP TMS EDAP 9.71 -0.5 Harmonic HLIT 15.80 -10.2 Neurocrine NBIX 123.47 3.7 TargetGlbl I A TGAA 10.13 -0.1 ATRenew RERE 1.52 -3.0 EnergyVault NRGV 2.92 -8.4 InspiratoWt ISPOW 0.17 7.4 PolyPid PYPD 0.85 -6.0 ThredUp TDUP 1.14 -6.5
elfBeauty ELF 44.23 1.0 HarmonyBio HRMY 59.27 14.0 NorthAtlAcqnA NAAC 10.02 0.1 TaylorDevices TAYD 12.94 1.5 AustinGold AUST 0.70 -3.0 EnsysceBio ENSC 2.88 3.4 InstilBio TIL 2.46 -20.3 PontemWt PNTM.WS 0.02 -7.2 TimberPharm TMBR 0.06 -3.1
EMCOR EME 144.63 2.3 HaynesIntl HAYN 51.45 3.6 NortheastCmBncp NECB 13.49 2.3 Teekay TK 4.20 6.9 AvalonGloboCare AVCO 0.38 -4.1 EntergyBds66 EAI 20.52 -1.7 IntegratedRailWt IRRX.WS 0.06 -46.9 Premier PINC 31.00 -8.9 TonixPharm TNXP 0.44 -0.2
EQ Health A EQHA 9.96 0.1 HealthEquity HQY 78.96 0.8 NorthernStrIII A NSTC 9.95 0.1 10XCapVentureIII VCXB.U 10.21 ... Avinger AVGR 0.99 ... EntergyLA Bds66 ELC 21.21 -1.6 IntelligentMedWt IQMDW 0.01 19.3 Prenetics PRE 2.78 1.0 TransCodeTherap RNAZ 0.56 -3.8
EmbraceChangeRt EMCGR 0.15 32.3 HelixEnergy HLX 7.18 -0.9 NorthViewAcqn NVAC 10.00 0.5 Tenneco TEN 19.89 0.9 AvistaPublicII AHPAU 6.16 -19.6 EntergyMS Bds EMP 20.74 -1.1 InterPrivateIII Wt IPVF.WS 0.00 -60.4 PriveterraAcqnWt PMGMW 0.03 -24.8 Tricida TCDA 0.30 -5.4
EM Horizon A HORI 10.11 0.3 HeritageFin HFWA 33.79 -1.0 NorwoodFin NWFL 29.50 2.0 TexasPacLand TPL 2373.23 1.7 AvistaPubII A AHPA 5.83 -9.3 EnvericBiosci ENVB 3.32 -2.1 Iridex IRIX 2.19 -0.9 ProvidentFin PROV 13.50 0.9 TrinityCapital TRIN 11.78 2.0
EmployersHldgs EIG 45.74 0.3 HuntingIngalls HII 260.02 -0.1 Old2ndBcp OSBC 16.50 2.7 ThirdHarmonic THRD 24.60 -3.5 Aware AWRE 1.56 -2.5 EquitablePfdC EQHpC 16.16 -1.0 JianzhiEduc JZ 1.60 ... PrudentialNt58 PRS 22.84 -0.5 TruistFinPfdI TFCpI 17.58 1.8
EnergyTransfer ET 12.95 -0.2 IXAcqnA IXAQ 10.03 0.4 OmniLitAcqnA OLIT 10.11 ... TidewaterWt TDW.WS 2.00 -4.3 AxcellaHealth AXLA 1.05 -7.9 EquityCommonPfdD EQCpD 24.75 -1.5 KaixinAuto KXIN 0.47 -2.1 PyrophyteAcqnWt PHYT.WS 0.09 -40.9 US BancorpPfdB USBpH 17.53 -1.3
EnLinkMid ENLC 12.17 0.8 IberePharmA IBER 9.96 0.1 ParabellumAcqn PRBM 10.00 0.2 TimberlandBncp TSBK 30.62 2.2 B.RileyNts2026 RILYK 20.73 -1.1 EternaTherapeutics ERNA 3.00 -0.9 Kaspien KSPN 0.90 -12.1 QCR Holdings QCRH 50.08 -0.9 USCellularNts2069 UZD 18.19 -1.0
Ennis EBF 22.88 0.6 IconicSportsA ICNC 10.21 0.2 ParkNational PRK 149.10 ... TishmanSpeyII A TSIB 10.02 0.1 BRileyFinlNt2026 RILYG 19.09 -3.3 Exagen XGN 2.35 -0.4 KaziaTherap KZIA 0.65 -15.3 QualigenTherap QLGN 0.21 ... USCellularNts2070 UZF 15.78 -0.8
EnterpriseFinSvcs EFSC 54.27 0.2 Imara IMRA 5.08 11.9 Parsons PSN 47.41 -0.5 TransportadGas TGS 9.13 4.7 Babcock&Wilcox BW 4.01 -4.8 ExelaTech XELA 0.23 -3.2 KearnyFinancial KRNY 9.90 -2.2 QuanergySystems QNGY 0.96 -6.1 USCellular5.5%SrNt UZE 15.88 -0.6
EquityBcshs EQBK 36.09 -0.1 IndustrsBachoco IBA 49.85 1.0 PeapackGladFinl PGC 39.87 -1.1 TreaceMed TMCI 25.02 -4.2 BeardEnerWt BRD.WS 0.06 -3.9 Express EXPR 1.05 -7.4 Kingstone KINS 2.11 -0.5 Quhuo QH 1.19 -2.4 UnumNts061558 UNMA 22.32 -0.6
ErieIndemnity A ERIE 258.75 -0.8 InnovativeIntl IOACU 10.24 1.1 Pearson PSO 11.18 -0.5 TriCoBancshares TCBK 58.62 -0.5 BerkshireGrey BGRY 1.22 -7.5 FG Merger Wt FGMCW 0.01 -87.4 Lensar LNSR 4.75 2.0 Quotient QTNT 0.07 -10.0 VahannaTechI Wt VHNAW 0.01 -85.3
EsquireFinancial ESQ 46.92 1.9 IntegratedRailA IRRX 10.14 ... PeriphasCapA PCPC 24.92 0.2 TrustcoBank TRST 37.47 -0.6 BeyondSpring BYSI 0.70 2.5 FTACZeusAcqnWt ZINGW 0.05 -34.2 LandosBio LABP 0.30 -5.4 RMGAcqnIIIWt RMGCW 0.02 3.5 ValleyNatlPfdA VLYPP 22.13 1.2
EverestRe RE 324.92 -2.1 IntegratedWellA WEL 10.19 0.2 PermianRscs PR 10.27 3.8 Trustmark TRMK 36.82 0.3 Biolase BIOL 1.76 -8.7 FaZe FAZE 2.95 -8.3 LendingClub LC 10.25 -2.8 RXO RXO 18.52 -9.2 VaronisSystems VRNS 17.01 -35.5
EvergreenA EVGR 10.16 0.1 IntlBcshs IBOC 50.34 0.1 Plexus PLXS 101.26 2.6 UnitedBkshrsWV UBSI 43.30 1.9 BioraTherap BIOR 0.37 -2.4 FedAgriMtgPfdF AGMpF 18.42 -0.4 LoopMedia LPTV 3.85 -5.7 RXR Acqn Wt RXRAW 0.03 -0.8 VerbTechWt VERBW 0.06 -10.5
ExlService EXLS 184.74 1.3 IntlMoneyExpress IMXI 27.81 -1.0 PlumAcqnI PLMIU 9.96 0.1 UnumGroup UNM 46.17 0.2 Blackboxstocks BLBX 0.45 5.9 FifthThirdPfdK FITBO 18.92 -1.3 LuciraHealth LHDX 0.91 -4.2 RaMedicalSys RMED 3.42 7.6 VisionSensingWt VSACW 0.03 -11.6
ExtremeNetworks EXTR 18.44 1.8 IntlSeaways INSW 44.28 3.5 PontemA PNTM 10.01 0.1 Valaris VAL 68.87 -6.0 bleuacaciaWt BLEUW 0.05 -16.7 FinchTherap FNCH 1.26 ... MaidenPfdD MHpD 2.21 -21.9 RedCat RCAT 1.26 -5.9 VoltaWt VLTA.WS 0.25 1.6
Ezcorp EZPW 9.79 -0.6 InterPrivateII A IPVA 9.90 0.3 PopulationHlthA PHIC 10.05 ... ValarisWt VAL.WS 12.00 -6.6 BoneBiologics BBLG 0.32 -11.1 FirstHorizonPfdB FHNpB 23.89 -0.6 MaidenPfdA MHpA 2.21 -13.9 RelianceGlobal RELI 0.58 -0.8 VyantBio VYNT 0.35 -18.8
FtacHeraA HERA 9.99 0.1 IridiumComm IRDM 52.08 -0.4 PostHoldings POST 92.26 0.9 ValmontInds VMI 321.43 0.6 BoneBiologWt BBLGW 0.09 ... FirstHorizonPfdE FHNpE 23.75 -0.6 MedigusWt MDGSW 0.05 -58.2 Rezolute RZLT 1.63 -2.1 WebsterPfdF WBSpF 19.06 -2.0
FirstBusFinSvcs FBIZ 39.27 1.5 IrisAcqn IRAA 9.92 0.2 PrimeMedicine PRME 21.53 12.2 Vaxcyte PCVX 46.03 3.2 Boxed BOXD 0.47 -4.8 FirstSavingsFin FSFG 22.29 -1.6 MicrobotMed MBOT 3.70 -7.3 RiverNorthPfdA OPPpA 16.80 -1.4 WiSA Tech WISA 0.47 -14.5
FstCmntyBcsh FCBC 37.74 0.4 J.Jill JILL 21.11 0.2 PrincipalFin PFG 89.18 0.2 WabashNational WNC 22.09 2.0 BrighthouseDeb58 BHFAL 21.15 -0.2 FirstWaveBio FWBI 0.93 -13.2 MidSouthBncp MSVB 12.67 -0.2 RiverNorthPfdB OPPpB 17.93 0.8 WrapTech WRAP 1.15 -2.1
FirstHorizon FHN 24.55 -0.4 JackCreekA JCIC 9.98 0.1 Progressive PGR 129.91 0.5 WarburgPincusI-B A WPCB 10.00 ... BrookfieldDTLAPf DTLAp 6.70 -2.9 FuryGoldMines FURY 0.34 0.6 MizuhoFin MFG 2.13 -0.9 RockleyPhotonicsWt RKLY.WS 0.06 -9.1 XAIOctagonPfd XFLTpA 24.53 -0.1
FirstSolar FSLR 149.56 2.1 JacksonAcqnA RJAC 10.02 0.3 PropSolnsII A PSAG 9.95 0.3 WashingtonFederal WAFD 38.95 -0.3 BuildAcqnWt BGSX.WS 0.02 -6.7 FutureHealthWt FHLTW 0.02 -77.1 MobileGlbEsports MGAM 1.05 0.9 RothCHAcqnIVWt ROCGW 0.03 -53.4 XortxTherap XRTX 0.75 -10.1
FirstCash FCFS 100.00 -1.6 JiyaAcqnA JYAC 10.04 0.1 Prothena PRTA 65.35 3.3 WeatherfordIntl WFRD 42.68 -0.4 CHS Pfd CHSCP 27.06 -0.2 GMedInnov GMVD 0.13 -12.2 Mobileye MBLY 25.37 -1.8 SLGreenRealtyPfd SLGpI 19.30 -1.0 Y-mAbsTherap YMAB 3.32 -7.2
Flex FLEX 19.95 1.5 JohnMarshallBncp JMSB 29.91 3.0 RLI RLI 133.96 2.2 WesBanco WSBC 40.95 0.5 CMSEngyPfdC CMSpC 16.18 -1.5 GSI Tech GSIT 1.79 0.5 MyriadGenetics MYGN 15.94 -15.6 SVB Fin SIVB 227.08 -0.9 Z-WorkAcqnWt ZWRKW 0.00 -82.8
FrontierAcqnA FRON 9.99 0.1 KLX Energy KLXE 16.20 -1.1 RaveRestaurant RAVE 2.17 10.2 YPF YPF 8.34 8.1 CamberEnergy CEI 0.14 -2.7 Gaming&HospWt GHACW 0.01 -9.9 NSTS Bancorp NSTS 10.55 -0.6 SVB Fin PfdA SIVBP 17.79 -1.6 ZebraTech ZBRA 237.28 -15.9

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
Dodge & Cox Idx2030InsPre 16.65 +0.04-19.3 RisDv A 82.88 -0.19-13.9 StkIdx 42.28 -0.18-18.1 EqIdxInst 27.81 -0.09-18.7 TotIntBdIdxAdm 19.17 +0.03-12.4 IdxIntl 15.37 +0.17-23.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Balanced 96.72 +0.40 -9.6 Fidelity Invest Guggenheim Funds Tru Old Westbury Fds VANGUARD ADMIRAL TotIntlAdmIdx r 25.72 +0.29-23.4 MdCpGrAdml 78.38 +0.08-28.1
GblStock 12.90 +0.10-10.7 Balanc 22.86 -0.06-18.8 TotRtnBdFdClInst 22.62 +0.06-18.3 LrgCpStr 14.38 +0.02 NA 500Adml 356.13 -1.47-18.1 TotStAdml 94.16 -0.28-19.0 MdCpVlAdml 69.80 +0.36 -9.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Income 11.87 +0.03-13.9 BluCh 117.62 -0.65-35.6 Harbor Funds Parnassus Fds BalAdml 39.75 -0.04-17.5
TxMCapAdml199.47 -0.64-18.7 SmValAdml 69.25 +0.27 -8.6
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CapApInst 66.20 -0.49-34.3 ParnEqFd
Intl Stk 40.53 +0.44-14.3 Contra 13.30 -0.09-28.2 50.45 -0.18-20.2 CAITAdml 10.74 +0.03-10.3 TxMIn r 12.49 +0.12-22.7 TotBd2 9.15 +0.01-15.6
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Stock 221.63 +0.95 -8.1 Harding Loevner CapOpAdml r157.23 +0.02-18.8 TotIntlInstIdx r102.84 +1.16-23.4
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not ContraK 13.35 -0.09-28.2 PGIM Funds Cl Z USGroAdml 107.04 -0.35 NA
DoubleLine Funds CpInc 9.10 ...-11.4 IntlEq 21.67 +0.25 NA TotalReturnBond 11.58 +0.02 NA DivAppIdxAdm 40.24 -0.08-12.4
ValAdml 53.93 +0.10 NA TotItlInstPlId r102.86 +1.16-23.4
available due to incomplete price, performance or cost data. NE-Not released by Lipper; TotRetBdI 8.66 +0.02-14.2 Invesco Funds A EMAdmr 29.89 +0.50-25.4 TotSt 94.14 -0.28-19.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. GroCo 25.06 -0.18-31.3 PIMCO Fds Instl WdsrllAdml 69.80 -0.09-14.1
Edgewood Growth Instituti InvGrBd 9.63 +0.02-15.2 EqIncA 10.32 +0.03 -8.0 AllAsset 10.60 +0.04 NA EqIncAdml 88.12 +0.27 -2.4 WellsIAdml 60.34 +0.18-12.1 VANGUARD INSTL FDS
EdgewoodGrInst 35.15 -0.27-41.9 LowP 45.76 +0.22 -8.6 Invesco Funds Y ShortT 9.54 ... NA ExplrAdml 92.90 +0.11 NA WelltnAdml 68.88 -0.06-16.6 BalInst 39.76 -0.04-17.4
Tuesday, November 1, 2022 Fidelity Magin 10.75 -0.08-27.3 DevMktY 31.83 +0.84-32.3 TotRt 8.35 +0.01 NA ExtndAdml 105.03 +0.35-23.8WndsrAdml 76.95 +0.28 -4.9 DevMktsIndInst 12.51 +0.12-22.6
Net YTD Net YTD Net YTD 500IdxInstPrem133.88 -0.55-18.0 NASDAQ 138.22 -1.23-29.8 JHF III DispVal PIMCO Funds A GNMAAdml 8.97 +0.01-13.3 VANGUARD FDS DevMktsInxInst 19.55 +0.18-22.6
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Contrafund K6 16.98 -0.09-26.9 OTC 12.96 -0.10-31.4 DispValMCI 25.41 +0.11 -8.2 IncomeFd 10.26 +0.02 NA GrwthAdml 113.52 -1.14 NA DivdGro 34.96 -0.18 -8.0 ExtndInst 105.02 +0.35-23.8
ExtMktIdxInstPre 66.17 +0.22-23.8 Puritn 20.41 -0.03-17.9
John Hancock PIMCO Funds I2 HlthCareAdml r 88.31 +0.18 -4.5
IntlVal 33.32 +0.36-19.9 GrwthInst 113.53 -1.14 NA
American Century Inv WshA 51.86 -0.03-10.7 LargeCapGrowth 17.35 -0.15-26.2 FidSerToMarket 12.88 -0.04-19.0 BondR6 13.03 +0.03-16.9 Income HYCorAdml r 5.10 +0.01 NA InPrSeIn 9.62 ...-12.4
Ultra 62.07 -0.43-29.1 Artisan Funds LargeCapValue 15.81 +0.02 -7.3 SAIUSQtyIdx 15.20 -0.01-19.2 10.26 +0.02 NA LifeCon 18.90 +0.03 NA
GrowthCompanyK6 15.92 -0.06-30.4 JPMorgan I Class PIMCO Funds Instl InfProAd 23.62 +0.01-12.3 InstIdx 326.82 -1.34-18.1
American Funds Cl A IntlVal Inst 35.46 +0.24-15.9 MunicipalBond 9.37 +0.02-11.4 SrsEmrgMkt 14.46 +0.29-31.2 LifeGro 35.44 +0.08 NA
InflPrBdIndInsPr 9.76 +0.01-12.5 CoreBond 9.89 +0.01 NA
IncomeFd 10.26 +0.02 NA IntlGrAdml 88.98 +1.42 NA InstPlus 326.81 -1.35-18.0
AmcpA 29.79 -0.15-29.5 Baird Funds Calamos Funds SrsGlobal 11.56 +0.13-23.2
EqInc LifeMod 27.19 +0.06 NA
IntlIdxInstPrem 38.23 +0.37-22.4 22.58 +0.05 NA
Price Funds ITBondAdml 9.85 ...-15.6 InstTStPlus 68.52 -0.20 NA
AMutlA 48.97 ... -6.7 AggBdInst 9.34 +0.02-16.2 MktNeutI 13.67 ... -5.6 LgCpGwId InstPre 21.51 -0.20-27.3 SrsGroCoRetail 14.29 -0.08-30.0 LgCpGwth 47.01 -0.35 NA PrmcpCor 28.94 +0.01-13.9
BlChip 112.09 -1.81-37.0
ITIGradeAdml 8.07 +0.02-16.9 MidCpInst 56.00 +0.18-18.8
BalA 28.17 -0.01-14.4 CorBdInst 9.60 +0.02-15.8 Columbia Class I MidCpInxInstPrem 26.27 +0.09-17.2 SrsIntlGrw 13.84 +0.09-27.6 JPMorgan R Class LarCapAd STAR
88.74 -0.35-19.4
25.32 +0.09 NA
MidCpIstPl 276.19 +0.89-18.8
BondA 11.10 +0.01-15.2 ShtTBdInst 9.13 -0.01 -5.1 DivIncom I 28.70 +0.02 -7.9 SrsIntlVal 9.33 +0.09-16.5 CoreBond 9.91 +0.02 NA
DivGro 64.61 -0.03-12.1 TgtRe2020 26.02 +0.04 NA
SAIUSLgCpIndxFd 17.40 -0.08-18.1 LTGradeAdml 7.40 +0.07-29.9 RealEstaInstl 18.19 -0.01-26.8
CapIBA 60.70 +0.23-11.8 BlackRock Funds Dimensional Fds SeriesBondFd 8.66 +0.01-15.4 TotalBond 9.16 +0.03-15.2 CorePlusBd 6.99 +0.01 NA Growth 66.52 -1.15-37.4
MidCpAdml 253.51 +0.82-18.8TgtRe2025 16.74 +0.04 NA SmCapInst 90.29 +0.28-15.9
CapWGrA 49.04 +0.25-21.9 HiYldBd Inst 6.63 +0.01-11.7 5GlbFxdInc 9.89 -0.01 -7.2 SeriesOverseas 10.15 +0.05-29.5 Fidelity SAI Lord Abbett A HelSci 90.56 +0.13-13.0 TgtRe2030 31.30 +0.07 NA
MuHYAdml 9.79 +0.03-16.2 STIGradeInst 9.79 ... -7.6
EupacA 46.25 +0.47-28.2 BlackRock Funds A EmgMktVa 24.33 +0.26-18.9 SerLTTreBdIdx 5.68 +0.05-31.9 TotalBd 8.68 +0.02-14.8 ShtDurIncmA p 3.81 ... -6.1 LgCapGow I 49.31 -0.82-32.9
MuIntAdml 12.89 +0.02-10.5 TgtRe2035 19.31 +0.04 NA STIPSIxins 23.93 -0.02 -3.1
FdInvA 60.03 +0.02-18.7 GlblAlloc 16.03 +0.02-18.3 EmMktCorEq 18.41 +0.28-24.2 SmCpIdxInstPrem 23.01 +0.06-16.5 U.S.TreBdIdx 8.53 +0.01-14.1 Lord Abbett I MidCap 89.13 -0.10-24.0 MuLTAdml 10.07 +0.03-15.0 TgtRe2040 33.85 +0.07 NA TotBdInst 9.26 +0.02-15.6
GwthA 52.48 -0.18-29.4 BlackRock Funds III IntlCoreEq 12.34 +0.12-21.3 TMktIdxInstPrem108.20 -0.31-19.0 First Eagle Funds ShtDurInc p 3.80 -0.01 -6.0 NHoriz 50.70 -0.33-34.0 MuLtdAdml 10.48 +0.01 -5.0 TgtRe2045 22.73 +0.06 NA TotBdInst2 9.15 +0.01-15.6
HI TrA 9.02 ...-10.5 iShS&P500IdxK452.59 -1.86-18.1 IntSmCo 16.06 +0.13-25.2 TotalMarketIndex 13.64 -0.04-18.7 GlbA 56.78 +0.21-12.0 Metropolitan West R2020 18.52 +0.02-16.6 MuShtAdml 15.44 TgtRe2050 37.48 +0.09 NA
... -1.9 TotBdInstPl 9.26 +0.02-15.6
ICAA 41.36 -0.08-18.2 BlackRock Funds Inst IntSmVa 16.97 +0.16-19.4 USBdIdxInstPrem 9.94 +0.02-15.5 FPA Funds TotRetBdI 8.81 +0.01-17.5 R2025 16.08 +0.03-17.6 TgtRe2060 38.40 +0.10 NA
PrmcpAdml r141.51 -0.11-16.5 TotIntBdIdxInst 28.77 +0.05-12.3
IncoA 22.85 +0.09 -9.7 EqtyDivd 18.73 +0.07 -6.0 LgCo 27.44 -0.11-18.1 Fidelity Freedom NwInc 9.41 -0.01 -4.2 TRBdPlan 8.26 +0.01-17.4 R2030 23.88 +0.03-19.0 TgtRet2055 41.73 +0.10 NA
RealEstatAdml117.56 -0.03-26.8 TotStInst 94.17 -0.29-19.0
IntBdA 12.25 ... -9.3 StratIncOpptyIns 9.19 ... -7.3 US CoreEq1 30.67 -0.03-14.9 FF2020 12.81 +0.05-18.7 Franklin A1 MFS Funds R2040 25.93 +0.03-20.8 SmCapAdml 90.30 +0.29-15.9 TgtRetInc 12.20 +0.01 NA ValueInst 53.93 +0.10 NA
N PerA 47.63 +0.13-28.3 TotRet 9.62 +0.02 NA US CoreEq2 28.01 ...-14.2 FF2025 11.75 +0.06-19.3 IncomeA1 2.22 ... -8.2 IIE 25.96 +0.16-22.4 Schwab Funds SmGthAdml 73.59 +0.16-25.4 WellsI 24.91 +0.07-12.1 WCM Focus Funds
NEcoA 43.01 -0.04-30.5 Bridge Builder Trust US Small 41.23 +0.17-11.7 FF2030 14.67 +0.07-19.7 FrankTemp/Frank Adv MFS Funds Class I 1000 Inv r 83.76 -0.27 NA STBondAdml 9.76 -0.01 -6.9 Welltn 39.89 -0.03-16.6 WCMFocIntlGrwIns 18.47 +0.04-33.3
NwWrldA 63.20 +0.70-26.5 CoreBond 8.60 +0.01-15.8 US SmCpVal 42.22 +0.21 -2.0 FF2035 12.61 +0.07-20.5 IncomeAdv 2.20 ... -8.1 GrowthI 133.78 -1.36-31.2 S&P Sel 59.77 -0.25 NA STIGradeAdml 9.79 WndsrII
... -7.6 39.34 -0.05-14.1 Western Asset
SmCpA 55.23 +0.33-31.0 CorePlusBond 8.52 +0.01-16.2 US TgdVal 28.90 +0.16 -3.3 FF2040 8.91 +0.05-21.1 FrankTemp/Franklin A ValueI 49.16 +0.08 -8.8 TSM Sel r 66.63 -0.19 NA STIPSIxAdm 23.92 -0.01 -3.1VANGUARD INDEX FDS CorePlusBdI 9.06 +0.03 NA
TxExA 11.58 +0.03-13.0 Intl Eq 9.97 +0.10-25.5 USLgVa 42.53 +0.25 -6.2 Freedom2030 K 14.67 +0.07-19.6 Growth A 111.87 -1.06-25.6 Northern Funds TIAA/CREF Funds TotBdAdml 9.26 +0.02-15.6 ExtndIstPl 259.18 +0.86-23.8 CorePlusBdIS 9.06 +0.04 NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Stocks Decline as Policy Makers Meet
Uber shares rise 12%
after ride-sharing
company reports
robust revenue growth
BY WILL HORNER
AND HANNAH MIAO
Stocks slipped as investors
considered the trajectory of in-
terest-rate increases ahead of
the Federal Reserve’s policy
decision on
TUESDAY’S Wednesday.
MARKETS The S&P
500 eased
15.88 points, or 0.4%, to
3856.10 after opening the ses-
sion higher. The Dow Jones In-
dustrial Average lost 79.75
points, or 0.2%, to 32653.20.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
52-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated Nov. 3, 2022, mature on Nov. 2, 2023.
Salary
Ranges
Unveiled
Continued from page B1
specialists say.
Pay “is going to be all over
the map,” said Susan Schroe-
der, a partner at Compensa-
tion Advisory Partners LLC.
“All of this has been done be-
hind the scenes for years.”
How pay is determined has
also become more complex,
executives and advisers say.
Many large companies have
roughly 15 salary grades, or
broad pay bands internally.
Human-resources staffers then
try to match similar roles
* * * * *
The Nasdaq Composite shed
97.30 points, or 0.9%, at
10890.85.
The Fed’s quest to tame in-
flation by rapidly lifting inter-
est rates has bruised stocks for
much of the year. The S&P 500
is down 19% in 2022, while the
Dow industrials have lost
about 10%.
In recent weeks, however,
the major indexes have re-
bounded due in part to hopes
that the Fed could begin eas-
ing its monetary tightening
into the end of the year. The
Dow closed out October with
its best monthly performance
since 1976. It rose 14% during
the month, while the S&P 500
ended 8% higher.
A tight labor-market read-
ing in the morning clouded the
outlook. The major averages
turned lower after the latest
numbers on job openings came
in higher than expected, stok-
ing fears that the Fed will keep
raising interest rates aggres-
$101,626,451,700 sively due to the hot labor
$39,255,251,700 market. U.S. job openings
$1,665,644,100
jumped to 10.7 million in Sep-
$0
95.444944 tember, the Labor Department
(4.505%) reported. “These days, good
4.730%
66.73%
news is bad news. We probably
912796YT0 would prefer to see some slow-
down in the economy in order
across departments to each of
those levels, Ms. Schroeder
said.
Companies often then buy
data sets listing salaries at ri-
vals or in an industry as a
whole to benchmark pay to
others.
New York’s law doesn’t re-
on
quire companies to include in-
formation on benefits, bonuses
or additional stock-based com-
pensation. Many employers
us ,
note on listings that base pay
l
can vary by location, skills and
e
al a
other factors.
Though the law requires
employers to post good-faith
ci on
ranges, what that means in re-
ality is up to some interpreta-
tion, executives say.
Among the listings posted
so far, lower-level jobs tend to
er s
have fairly narrow ranges. By
contrast, some companies list
m er
salaries for senior positions
m rp
co Fo
n-
no
MARKETS
1.50%
1.25 Index performance Tuesday
1.00 Dow Jones Industrial Average
S&P 500
0.75
Nasdaq Composite
0.50
0.25
0
–0.25
–0.50
–0.75
–1.00
10 a.m. 11 noon
Source: FactSet
for inflation to start to come
down and for the Fed to be
able to slow down its actions
and rhetoric,” said Marco
Pirondini, head of equities and
portfolio manager at Amundi
US.
The central bank is expected
to announce another 0.75-per-
centage-point rate increase at
the end of its two-day mone-
tary-policy meeting. Some Fed
officials have signaled they
that vary by more than
$200,000. An assistant vice
president position involving
machine learning platforms at
CVS Health Corp., for exam-
ple, has a posted range of
$189,400 to $416,700. A CVS
Health spokeswoman declined
to comment.
Some ranges can be so
broad they are essentially
meaningless for workers, some
employment attorneys say.
Employers posting wide
ranges may be aiming to re-
flect that a broad array of can-
didates could potentially fill
the role, including those who
are very senior, said Nancy
Boston, director of compensa-
tion at payroll processor Auto-
matic Data Processing Inc.
“You want to ensure if a
company needs to recruit
somebody who’s really highly
an expert in that area, they’re
1 p.m. 2 3 4
could consider a smaller, half-
point, rate lift in December.
Comments from Federal Re-
serve Chairman Jerome Powell
following the end of the meet-
ing Wednesday could offer
clues about whether the cen-
tral bank will adjust its course
on monetary policy.
“This recent rally sets us up
for a bit of a disappointment if
we don’t get language on a
pivot. There’s a good chance
able to attract that level of tal-
ent,” she said.
The position of global con-
tent director at Colgate, which
seeks 10 years of experience,
includes a range of $172,000
to $253,050. The position fo-
cuses on content “through the
entire marketing funnel,” a
‘All of this has been
done behind the
scenes for years,’ a
pay consultant says.
posting notes. A research and
innovation director position in
skin health and personal care
comes with a top salary of
$225,750.
Some companies are also
Wednesday, November 2, 2022 | B15
that we end up down on Pow-
ell’s statements tomorrow,”
said Liz Young, head of invest-
ment strategy at SoFi.
Bond yields, which move in-
versely to prices, eased
slightly. The 10-year U.S. Trea-
sury yield slipped to 4.052%
from 4.074% Monday.
Investors also parsed the
latest corporate earnings up-
dates. Uber rose $3.18, or 12%,
to $29.75 after the ride-sharing
company reported that reve-
nue climbed last quarter.
Overall, third-quarter earn-
ings of companies in the S&P
500 are set to grow by 3%
from the year before, accord-
ing to FactSet figures blending
actual results and estimates
for firms yet to report. With
about 62% of index constitu-
ents having reported earnings
as of Tuesday’s close, 72% have
posted results that beat ana-
lyst estimates, compared with
the five-year average of 77%.
Analysts are marking down
their estimates for fourth-
quarter and 2023 profits as
the business environment gets
tougher. Consensus fourth-
quarter earnings growth ex-
pectations fell from around 9%
at the end of June to less than
1%, according to FactSet.
spelling out the differences in
pay between locations on job
listings. A position for a tax
director at accounting and
consulting giant Pricewater-
ly
houseCoopers LLP said that
the base pay ranges between
$144,000 and $368,000 in Col-
orado; in New York, that sal-
ary is listed at between
$158,400 and $434,000. A PwC
spokeswoman didn’t comment.
Cost-of-living differences
can account for variations in
pay between states, compensa-
tion specialists say. Colorado’s
salary-transparency law took
effect last year, while salary
ranges will be required in
states such as California and
Washington beginning in Jan-
uary. Companies that fail to
comply with New York City’s
law could face fines or other
penalties.
Pay matters have become
Optimism for a loosening of
restrictions and rising Chinese
demand also boosted oil prices
and energy stocks. Brent crude
oil gained 2% to $94.65 a bar-
rel. The energy sector led the
S&P 500, rising 1%.
The pan-continental Stoxx
Europe 600 gained 0.6%.
Early Wednesday, Hong
Kong’s Hang Seng Index was
up 0.1% after jumping 5.2% on
Tuesday. Also early Wednes-
day, the Shanghai Composite
Index was up 0.5% and Japan’s
Nikkei 225 edged up less than
0.1%. Speculation swirled that
China was considering relaxing
its strict Covid-19 policies,
which have crimped growth in
the world’s second-largest
economy.
“I think you can’t ignore ru-
mors like this because it is
such a big theme that the mar-
ket has been worrying about
for so long,” said Stephen
Innes, managing partner at SPI
Asset Management.
Listen to a Podcast
Scan this code
for a podcast on
two bank CEOs’
views on odds
for a recession.
so complex that those who ad-
vise on it typically earn six-
figure salaries, too, postings
.
show.
A position for a job archi-
tecture manager, advising cli-
ents on compensation strate-
gies, at Deloitte has a posted
salary range of $145,000 to
$268,000. The posting notes
that at Deloitte, “it is not typi-
cal for an individual to be
hired at or near the top of the
range.”
A compensation consultant
at Warner Bros. Discovery,
owner of CNN and HBO, can
earn as much as $187,460.
Other workplace-related
roles also come with salaries
topping $100,000. At Macy’s,
the diversity and inclusion
role, supporting the company’s
chief diversity officer, lists a
base salary of $142,080 to
$237,000.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B16 | Wednesday, November 2, 2022
Uber Earns a 5-Star Rating
Even as its rivals struggle, the ride-share company is managing its expenses and investors well
Wall Street is a tough customer
these days, but Uber Technologies
just scored a big tip.
While much of the tech sector has
sunk so far this earnings season due
to macroeconomic pressures, cur-
rency exchange and—in Meta Plat-
forms’ case—heavy investments
even in the face of a contracting
economy, Uber is bucking the trend.
Despite reporting that trips per
monthly active platform consumer
were still below prepandemic levels,
higher prices and lower costs helped
drive third-quarter revenue and ad-
justed earnings before interest, taxes,
depreciation and amortization above
Wall Street forecasts.
The company’s fourth-quarter
outlook also was better than
feared, with Uber giving earnings
guidance well above consensus
forecasts.
In recent months, Uber has shifted
its priorities from growth to profits
and cash flow. In February, it said it
expected to turn free cash flow posi-
tive—an ambitious goal for a com-
pany that burned through $2 billion
just a few years earlier. After report-
ing its first-ever quarter of positive
free cash flow in the second quarter,
Uber said Tuesday it has generated
nearly $700 million in free cash flow
so far this year, giving credit to its
America’s Refiners Are Running on Premium
It is a great time to be an Amer-
ican refiner.
Marathon Petroleum Corp. on
Tuesday said its refining and market-
ing segment generated $4.6 billion in
segment income from operations—
nine times what it did a year earlier.
Its shares rose nearly 2% on the day.
Valero Energy Corp., which reported
last week, saw its net profit swell to
$2.9 billion in the third quarter from
just over half a billion a year earlier.
While margins have come down since
the records set in the second quarter,
they are multiples of prepandemic
norms.
Marathon’s gross profit for the
quarter more than doubled year
over year to $30.21 a barrel. Valero’s
was $21.34 a barrel, also more than
doubling. In the five years leading
DAVID RYDER/REUTERS
up to 2019, the average gross profit
for Valero’s third quarter was less
than $11 a barrel. Despite complaints
about pump prices from the White
House, refiners are running full tilt
in such business conditions. Mara-
thon’s and Valero’s utilization rates
were 98% and 95% in the quarter,
respectively.
And they have some tailwinds
working in their favor. One is that a
significant input cost—natural gas—
remains much cheaper in the U.S.
than in Europe. Even though a warm
start to winter helped natural-gas
prices descend from their peak in Eu-
no
rope, the Dutch benchmark price is
roughly six times as expensive as
that of the U.S. High natural-gas
prices are “setting a higher floor on
margins,” Valero Energy Chief Execu-
tive Joseph Gorder said in the com-
pany’s earnings call last Tuesday.
Furthermore, the price U.S. refin-
ers pay for the heavy, sour crude for
which many refineries are optimized
has been decreasing relative to light,
sweet varieties. Part of that is be-
cause sanctions on Russia caused a
It makes sense that mortgage
rates are up. But by this much?
That requires some explanation.
Freddie Mac’s weekly average
30-year fixed mortgage rate has
cracked 7% for the first time in two
decades, a rise just shy of 4 per-
centage points from the end of last
year. By contrast, benchmark 10-
year U.S. Treasury yields are up
around 2.5 points. What this means
is that the gap—or spread, in finan-
cial lingo—between mortgage rates
and Treasury yields has ballooned.
For the past decade, the spread
between a measure of average na-
tional mortgage rates and 10-year
Treasury yields has averaged 1.8
points, according to figures
tracked by Autonomous Research.
This year began right around that
level. But with Treasurys yielding
over 4%, the spread now at
roughly 3 points is about as high
as it has been this century.
Other times that the spread has
seen comparable widening were in
late 2008 and March 2020, when
the financial crisis and pandemic,
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
Share-price performance
over the past six months
Uber Technologies
10%
DoorDash
0 Lyft
–10
–20
–30
–40
–50
–60
–70
June 2022 Nov.
Sources: FactSet
global scale and network effects.
Uber shares rose 12% Tuesday fol-
lowing its third-quarter report.
The bottom-line focus already was
paying off for investors: As of Mon-
day’s market close, Uber’s stock had
fallen just 15% in the past six months.
Over that period, ride-share competi-
tor Lyft lost more than half its mar-
ket value, while food-delivery com-
petitor DoorDash has shed nearly
50%. Both of those companies have
historically been more U.S.-focused,
which, given the strong dollar right
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
Marathon’s gross profit for the latest quarter more than doubled year over year. Its oil refinery in Anacortes, Wash.
reshuffling: Indian and Chinese refin-
ers are using up heavily discounted
Urals oil from Russia in lieu of other
n-
heavy varieties. That “backed up
Mars and heavy Canadian [crude]”
into the Gulf Coast, according to
Valero. Mars is a sour grade of crude
produced in the U.S.
Higher-than-expected mainte-
nance at U.S. refiners—some of
which deferred maintenance in the
second quarter—contributed to the
glut.
There are some additional factors
adding to the sulfur-heavy sour crude
discount: High natural-gas prices
spurred European refiners to buy
light, sweet crude oil, which is less
energy-intensive and less hydrogen-
intensive to process than sour crude.
Why Mortgage Rates Are So Darn High
respectively, were driving inves-
tors to the haven of Treasurys. In
both cases, the Federal Reserve
stepped up to buy more mortgage
bonds, bringing spreads and mort-
gage rates down, as spreads on
mortgage bonds are a key compo-
nent in the mortgage rates ulti-
mately charged to borrowers.
This time, that isn’t happening:
The Fed this year, as part of its plan
to shrink its balance sheet, has
stopped purchases of agency mort-
gage-backed securities. Those are
packages of mortgage loans issued by
government-sponsored enterprises
such as Freddie and Fannie Mae.
On top of that, the Fed’s overall
tightening of policy has contrib-
uted to a reduced appetite for
bond buying by banks. As rates
have risen, drastically fewer peo-
ple are refinancing their mort-
gages and paying them off early.
That increases the expected
lifespan of mortgages and MBS.
But the appeal of a longer-dura-
tion asset diminishes when banks’
deposits are more prone to quickly
ON
THE
now, should have been working in
their favor. Uber, for example, cited a
$380 million foreign-currency head-
wind to its own gross bookings in the
third quarter. It also said its delivery
gross bookings in the U.S. and Can-
ada were up 19% year over year last
quarter on a constant-currency basis,
but up just 8% year over year in all
other markets.
Uber can keep outperforming
those rivals. The company said rev-
enue significantly outpaced gross
bookings in the third quarter, up
72% year over year. Wall Street is
estimating Lyft, which is set to re-
port its own third-quarter results
on Nov. 7, and DoorDash, set to re-
port Thursday, grew third-quarter
revenue around just 22% and 28%,
respectively, over the same period.
True, these revenue comparisons
are far from apples to apples. Uber
disclosed, for example, $1.1 billion
in top-line benefits in the third
quarter from U.K. business-model
changes for its mobility business
and called out sizable benefits
from last year’s acquisition of lo-
gistics technology company Trans-
place. Excluding just the U.K. busi-
ness-model changes, Uber’s
mobility revenue would have
grown around 23% in the period.
Separately, delivery revenue grew
IMO 2020, an international rule that
limits sulfur content in marine fuels,
compounds that effect by raising de-
mand for lower-sulfur fuel.
An economic downturn could ruin
the party for refiners. Gary Simmons,
chief commercial officer at Valero,
said last week that petroleum-prod-
uct demand was hit twice as hard as
gross domestic product in prior re-
cessionary periods. But he noted two
“unique situations” will prop up fuel
demand. First, jet fuel demand is re-
covering. The U.S. Energy Informa-
tion Administration figures show U.S.
jet fuel demand is 19% lower than
what it was in 2019. Second, Chinese
oil demand, which has been down by
one-fifth, should bounce back once
the country comes out of the pan-
Spread between average 30-year
fixed mortgage rates and 10-year
Treasury yields
3.5 percentage points
3.0
2.5
2.0
1.5
Jan. 2022 June Oct.
Note: Data through Oct. 25
Sources: Autonomous Research
reprice in response to higher rates.
Together, banks and the Fed
own about 75% of the agency MBS
market, according to Bank of
America strategists. Without those
buyers, there has been more vola-
tility in that market, which also
contributes to widening spreads
24%, including foreign exchange.
But it isn’t growth that is buoy-
ing Uber’s stock—it is how the
company has managed it. Uber said
on Tuesday adjusted Ebitda for its
mobility business benefited from a
“meaningful reduction” in driver-
supply investments, while its deliv-
ery margins benefited from a push
toward higher-margin ads revenue
as well as network efficiencies. De-
spite the cutback, Uber’s wait
times and pricing for its mobility
business have been improving at a
faster clip than Lyft’s, according to
a report by Gordon Haskett’s Rob-
ert Mollins.
Impressively, Uber achieved this
even while adding more taxi book-
ings to its app. The company said
taxis on Uber already are tracking at
a $1 billion annualized gross book-
ings run rate. Uber said adding more
modes of transportation to the plat-
form doesn’t just bring in new con-
sumers, but also increases per-rider
spend and overall retention.
Uber wants to become a so-called
super app, offering an increasing ar-
ray of services across mobility and
delivery. While “super” may be a lit-
tle far-fetched, Wall Street at least
seems to have settled on superior for
now.
—Laura Forman
demic. Marathon Chief Executive Mi-
chael Hennigan reminded investors
on Tuesday that roughly 4 million
barrels a day of refining capacity was
shut down globally over the past
couple of years.
Winter should continue to be
supportive. Distillate demand tends
to move higher in the winter as
power plants in Europe and the
U.S. Northeast switch from expen-
sive natural gas to heating oil. U.S.
diesel inventories for October were
the lowest seen in that month since
1951, per EIA data, at about one-
fifth below the five-year average.
A downturn is always a risk, but
U.S. refiners look better equipped
than ever to power through it.
—Jinjoo Lee
between MBS and Treasurys.
Though investors could be
tempted by wide spreads on MBS,
one concern holding buyers back is
that the gap could possibly widen
even further as the Fed fights in-
flation, says Jeana Curro, head of
agency MBS strategy at Bank of
America. “Over the past few ses-
sions, there’s enough investor in-
terest to keep spreads contained,
but not enough to drive them
tighter,” she said. “The risk is that
without that demand, spreads
could get wider.”
Another component of mortgage
rates is what mortgage originators
can earn for selling mortgages into
the market. A proxy for this is the
spread between rates charged to
borrowers and the yield on current
MBS. As volumes have plunged and
volatility has jumped, originators
are often not in a position to offer
lower mortgage rates to entice bor-
rowers, as they have needed to pro-
tect their own economics.
Analysts at Morgan Stanley in
late October noted that spreads on
THE WALL STREET JOURNAL.
Sony Is
Surging on
Weak Yen
For Now
Currency conversion
powered latest results
The weak yen has lifted Sony’s
earnings. But the darkening clouds
over the global economy will still
weigh on the stock. The coming
holiday season is what investors
should really pay attention to.
The Japanese technology giant
on Tuesday reported a 16% year-
over-year increase in revenue for
the quarter ended in September,
while operating income grew 8%.
Sony’s sales fell short of analysts’
estimates but its operating profit
was better than expected. Analysts
anticipated a decline in operating
income, according to estimates on
S&P Global Market Intelligence.
Sony raised its operating profit
forecast for the fiscal year ending
in March, after adjusting it lower
just three months earlier.
.
The main factor is the weak
yen, which depreciated against the
ly
dollar by 22% this year, flattering
what would otherwise have been
disappointing results. Sales on a
constant-currency basis would
have risen only 1% from a year
earlier. Sony reports earnings in
yen but most of its revenue and
profit come from abroad.
The yen’s slide against
the dollar flatters what
would have been a
disappointing report.
The company’s image sensor
business, in particular, benefited
from the currency depreciation as
those manufacturing plants are
based in Japan. More than half of
that segment’s operating profit
came from the currency impact.
The business would have reported
a profit decline excluding such for-
eign-exchange effects. The overall
smartphone market—the main
source of demand for image sen-
sors—is facing a sharp slowdown.
Global smartphone shipments fell
9.7% year over year last quarter,
according to industry tracker IDC.
Sony’s core game segment also is
still suffering from a hangover after
the pandemic boom. The segment
didn’t get a lift from the weak yen
since many of its costs come from
outside Japan. Operating profit for
the game business fell 49%. Partly
that is because of expenses related
to Sony’s $3.6 billion purchase of
game studio Bungie. But the seg-
ment’s operating income still would
have dropped even without ac-
counting for the acquisition costs.
The good news is that Sony
should be able to produce enough
PlayStation 5s to meet demand in
the coming holiday season; supply-
chain shortages have started to
ease. The question now is whether
consumers will cut back on spend-
ing on games.
Sony got an unexpected power
up from the weak yen last quarter,
but the level ahead looks rather
challenging. —Jacky Wong
agency MBS were closer to their
widest post-Covid levels than
spreads for corporate credit, which
were in about the middle of their
range since May 2020. The differ-
ence, the analysts said, is that banks
have been major MBS purchasers
but aren’t generally big buyers of
corporate credit. The relative
spread widening in MBS is a conse-
quence of banks trying to manage
their balance sheets, they said.
One form of a possible silver lin-
ing for mortgage bonds—and in
turn, mortgage borrowers—is that
agency MBS may outperform other
credits during recessions. The fact
that MBS spreads are currently
wider relative to recent history
than corporate credit spreads,
which generally suffer in recessions,
might even accelerate that effect.
Yet with the Fed both raising
rates and no longer buying mortgage
bonds, and with home prices gener-
ally in the central bank’s crosshairs,
it is no wonder that few are step-
ping up so far to help keep mortgage
rates in check. —Telis Demos