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.
DJIA 33596.34 g 350.76 1.0%
What’s
News
Business & Finance
E U privacy regulators
have ruled that Meta
shouldn’t require users to
agree to personalized ads
based on their online activity,
according to people familiar
with the decision, a ruling that
could limit the data that Meta
can access to sell such ads. A1
 Meta has long given un-
fair deference to VIP users of
its Facebook and Instagram
services under a program
called “cross check” and has
misled the public about the
program, the company’s over-
sight board concluded. B1
 A potential deal between
the Biden administration and
TikTok has run into more de-
lays, according to people fa-
miliar with the situation, as
worry grows over national-
security concerns that U.S.
officials say the app poses. A1
 Investors are lining up to
pull money from real-estate
funds, the latest sign that
the surge in interest rates
threatens to upend the com-
mercial-property sector. A1
 Major U.S. stock indexes
extended their declines, with
the S&P 500, Nasdaq and
Dow losing 1.4%, 2% and 1%,
respectively. Oil prices fell. B1
 Juul reached a settlement
covering more than 5,000
lawsuits, resolving much of
the legal uncertainty that had
pushed the e-cigarette firm
to the brink of bankruptcy. B1
 Airbus said it would
likely miss its key delivery
target this year as the plane
maker continues to encoun-
ter supply-chain issues. B1
World-Wide
 Democratic Sen. Warnock
won re-election in a Georgia
runoff contest, defeating Re-
publican challenger Walker,
who had been backed by
Trump. Warnock’s victory
means that Democrats will
hold a 51-49 majority in the
Senate starting in January. A1
 Trump’s family business
was convicted of criminal
tax fraud, with a New York
jury finding that the Trump
Organization engaged in an
off-the-books compensa-
tion scheme to pay some
executives in car leases,
apartments and cash. A3
 Local officials in at least
four battleground states said
they have received subpoenas
from the Justice Department
that appear to be part of an
expanding probe into efforts
by Trump and his surrogates
to reverse the outcome of the
2020 presidential election. A5
 The House committee in-
vestigating the attack on the
U.S. Capitol plans to recom-
mend that the Justice Depart-
ment make criminal charges
tied to the assault, according
to the panel’s chairman. A5
 Russia said drones struck
an airfield in the city of Kursk,
igniting a fuel-storage facility,
in what Moscow said was
the third long-range attack
by Ukrainian forces on its
air bases in two days. A7, A8
 House and Senate negotia-
tors agreed to rescind the re-
quirement that members of the
military be vaccinated against
Covid-19, in a move to secure
Republican support for the
annual defense-policy bill. A4
JOURNAL REPORT
Cybersecurity: Keeping
aging parents’ phones
safe from hackers. R1-8
CONTENTS
Arts in Review.... A13
Business News.. B3,5
Crossword................. A9
Heard on Street. B14
Markets.................... B13
Opinion.............. A15-17
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * WEDNESDAY, DECEMBER 7, 2022 ~ VOL. CCLXXX NO. 134
NASDAQ 11014.89 g 2.0% STOXX 600 438.92 g 0.6%
JIM LO SCALZO/EPA/SHUTTERSTOCK
The victory of Sen. Raphael Warnock, speaking to supporters Tuesday night, gives Democrats a 51-49 Senate majority.
Democrats’ Warnock Wins
Tight Georgia Senate Race
us ,
BY CAMERON MCWHIRTER
e
al a
ATLANTA—Democratic Sen.
Raphael Warnock won re-elec-
tion in a Georgia runoff con-
ci on
test Tuesday, defeating Repub-
lican challenger Herschel
Walker, who had been backed
by former President Donald
Trump.
er s
The Associated Press called
the race for Mr. Warnock
m er
Tuesday night. With 96% of
the vote counted, Mr. Warnock
had 50.8% to 49.2% for Mr.
Walker.
m rp
Security Concerns
About TikTok Slow
co Fo
Deal With the U.S.
WASHINGTON—A potential
deal between the Biden admin-
istration and TikTok—once ex-
pected around year-end—has
run into more delays, accord-
ing to people familiar with the
situation, as worry grows over
n-
national-security concerns that
U.S. officials say the popular
app poses.
no
By John D. McKinnon,
Aruna Viswanatha
and Stu Woo
The review has dragged on
amid a range of concerns, in-
cluding how TikTok might
share information related to
the algorithm it uses to deter-
mine which videos to show us-
Sprinkles,
Icing and
Litigation
i i i
Cookie fight
heats up between
rival chains
BY JAMES FANELLI
Utah is big business for the
dessert trade, with many resi-
dents favoring sweets and
soda shops to a bar or cafe. It
is also home to a legal battle
over the state’s latest craving,
Personal Journal. A11-12
Property Report... B6
gourmet cookies, a food fight
Sports....................... A14 that has turned uglier than a
Technology............... B4 burned batch of snickerdoo-
U.S. News............. A2-6 dles. Dubbed #UtahCook-
Weather..................... A9
World News. A7-9,18
ieWars on social media, intel-
lectual-property litigation
between two cookie chains has
> spilled into the public square.
Crumbl Cookies, a company
started in Logan, Utah, in 2017
that has expanded to over 575
franchise stores, filed a federal
lawsuit against more-recent
Please turn to page A10
10-YR. TREAS. À 24/32 , yield 3.512%
on
The contest was being
l
watched closely by both par-
ties. Tuesday’s result offers
more clues to Georgia’s politi-
cal direction after a series of
hard-fought contests for gov-
ernor, senator and president in
recent election cycles.
Mr. Warnock’s victory means
that Democrats will hold a
51-49 majority in the Senate
starting in January, slightly in-
creasing their hold on the
chamber they have controlled
since early 2021, when Mr.
Warnock was first elected,
ers, and the level of trust
Washington would need to
place in the company, these
people said.
U.S. officials haven’t re-
turned to TikTok with addi-
tional demands to address the
recent concerns, some of the
people said, leaving the path
forward unclear.
A TikTok spokeswoman said
the company is looking for-
ward to a “timely conclusion to
our agreement with the U.S.
government, much of which we
have already started imple-
menting in earnest, so that we
can put these concerns to
rest.” She said the government
hasn’t shared any remaining
Please turn to page A5
Investors Yank Money
From Property Funds
BY KONRAD PUTZIER
AND PETER GRANT
Big and small investors are
lining up to pull money out of
real-estate funds, the latest
sign that the surge in interest
rates threatens to upend the
commercial-property sector.
Blackstone Inc. last week
said it would limit the amount
of money investors could
withdraw from its $69 billion
flagship real-estate fund fol-
lowing a surge in redemption
requests. Starwood Capital
Group shortly after notified
investors that it was also re-
stricting withdrawals in a
$14.6 billion fund, said a per-
son familiar with the matter.
The Blackstone and Star-
wood funds are the two larg-
est nontraded real-estate in-
vestment trusts, a popular
investment structure with
wealthy individuals.
Other private real-estate
funds in the U.K. targeting in-
stitutions managed by compa-
WSJ.com HHHH $5.00
OIL $74.25 g $2.68 GOLD $1,769.30 À $1.90 EURO $1.0466 YEN 137.06
Meta’s
Targeted
Ads Face
Curbs in
Europe
Privacy regulator’s
ruling threatens a key
source of revenue
for Facebook parent
BY SAM SCHECHNER
European Union privacy
regulators have ruled that
Meta Platforms Inc. shouldn’t
require users to agree to per-
sonalized ads based on their
online activity, according to
people familiar with the deci-
sion, a ruling that could limit
the data that Meta can access
to sell such ads.
A board representing all EU
privacy regulators approved
Monday a series of decisions
ruling that EU privacy law
.
doesn’t allow Meta platforms,
such as Instagram and Face-
ly
book, to use their terms of ser-
vice as a justification for al-
lowing such advertising, the
people said.
The new EU decisions can
be appealed, which could lead
to their being suspended pend-
ing potentially lengthy litiga-
along with his Georgia Demo- The people have spoken,” Mr. tion. If upheld, though, they
cratic colleague Sen. Jon Ossoff. Warnock said to a cheering could make it harder for Meta
Democrats will also have crowd at his victory party. and other platforms to show
control of Senate committees Mr. Walker conceded the users ads based on what they
outright and will no longer race in brief remarks to sup- tap and watch within those
have to adhere to a power- porters, and urged people to platforms’ own apps.
sharing agreement with the continue to vote in elections The company’s stock closed
GOP. Mr. Warnock was the first and support elected officials. down 6.8% Tuesday, as the
Black senator ever elected He didn’t mention Mr. War- technology-heavy Nasdaq in-
from Georgia. His opponent, nock by name. dex dropped 2%.
Mr. Walker, is also Black. “There are no excuses in Meta has for years allowed
“After a hard-fought cam- life and I’m not going to make users to opt out of personaliz-
paign—or should I say cam- any now because we put up Please turn to page A9
paigns—it is my honor to utter one heck of a fight,” he said.
the four most powerful words Democrat John Fetterman’s  Panel finds Meta gave unfair
ever spoken in a democracy: Please turn to page A4 deference to VIP users......... B1
INSIDE
Russians Seize
Ukraine Farmland
TED SHAFFREY/ASSOCIATED PRESS
Local growers say they lost 400,000 acres
to an oligarch’s family firm
BY ALISTAIR MACDONALD The Ukrainian firms say
AND OKSANA PYROZHOK that his company, Agrocom-
plex, seized the rights to
U.S. NEWS Soon after Russian tanks some 400,000 acres, becom-
Former President rolled into eastern Ukraine, ing one of largest farm opera-
three of that country’s big- tors in Ukraine. Ukraine’s mil-
Trump’s family gest farming operators lost itary and civilian intelligence
business convicted of tracts of land equivalent to agencies and its public prose-
criminal tax fraud. A3 more than twice the area of cutors’ office are investigat-
New York City. ing the alleged expropriation,
It wasn’t taken by the mili- according to documents re-
SPORTS tary. In all three cases, lead- viewed by The Wall Street
ers of the Ukrainian farming Journal.
Morocco stuns Spain
operations say, the land In the area of eastern
in penalty kicks to ended up in the hands of the Please turn to page A10
advance to the World family company of a former
Cup quarterfinals. A14 Russian agriculture minister,  Moscow says drones hit third
Alexander Tkachev. airfield............................................ A7
We take pride in being a
nies including BlackRock Inc.
and CBRE Investment Man-
cybersecurity leader.
agement recently took similar
steps to stem outflows, ac- When we’re #1,
cording to the companies.
Some U.S. pensions are also our customers win.
starting to yank money out of
real-estate funds, some advis-
ers to these investors say.
The rise in cash-out re-
#
1
quests comes as more inves-
tors and financial firms turn
their back on real estate. Ris-
ing interest rates threaten to
push down property values in
this debt-laden industry.
Meanwhile, concerns grow XDR | EDR | MDR
about weak demand for office
space and slowing rent Incident Response
growth for apartments.
Commercial real-estate val-
ues “need to come down,”
said Joe Gorin, head of U.S.
real-estate acquisitions at the
financial firm Barings, refer-
ring especially to office build-
Please turn to page A2
CrowdStrike is continually recognized as a leader by analysts, evaluators
 Costs of rental housing and customers. Learn more at crowdstrike.com/leader.
appear poised to ease.......... A2
 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, December 7, 2022 * *** THE WALL STREET JOURNAL.

Housing Costs Appear Poised to Ease
Measures of new rents, of itself is the driver of inflation
which tend to lead
official inflation data,
is a little overstated,” said Ste-
ven Blitz, chief U.S. economist
at TS Lombard. Wages will con-
have been softening
tinue to put pressure on other
service prices as the labor mar-
ket remains tight, he said.
BY GWYNN GUILFORD Annual wage growth rose to
5.1% in November from 4.9% in
The end is in sight for one of October, the Labor Department
the biggest sources of inflation. reported Friday. That is one
Surging housing costs helped factor likely to lead the Fed to
keep inflation high this year but keep raising interest rates into
have likely already swung into next year.
reverse, economists say. Surging prices for autos, fur-
The signal comes from pri- niture and other goods drove
vate-sector indexes of rents on the initial wave of inflation that
new leases, which tend to lead began last year, as strong con-
the consumer-price index mea- sumer spending—fueled by low
sures by a little less than a year, interest rates, government
said Alan Detmeister, economist stimulus and a reopening econ-
at UBS. omy—collided with snarled
“Last year we saw huge in- supply chains. Russia’s invasion
creases in these market rent of Ukraine this year further
measures in June, July and Au- whipped up prices for food, en-
gust, but they’re now coming in ergy and other commodities.
at or below their prepandemic Those forces have ebbed in
pace,” he said. “That suggests recent months. Meanwhile,
we should now be past the peak though, housing costs have
for monthly CPI rent increases.” risen. Shelter inflation acceler-
As a result, he predicted, infla- ated from an annual pace of
tion could be below the Federal 3.5% in October 2021 to 6.9% a
Reserve’s 2% target by 2024. year later. In the six months
The Fed is aware of the dy- ended October, it hit an annual-
namics. Chairman Jerome Pow- ized rate of 8.2%, the fastest
ell in a speech on Nov. 30 since 1982.
said, “As long as new lease in- Housing is influential be-
flation keeps falling, we would cause it is the largest compo-
expect housing services infla- nent of the CPI: Tenants’ rent
tion to begin falling sometime made up 7.4% of the CPI in Sep-
next year. Indeed, a decline in tember, and owners’ equivalent
U.S. NEWS
Contributions to monthly change in consumer prices The way the Bureau of La-
1.25 pct. pts. Rent and OER (owners’
equivalent rent)
bor Statistics calculates the
shelter index contributes to
the lag, because it surveys
1.0
Other core
Food and energy
each cohort of properties at
six-month intervals, then cal-
culates the price change using
0.75
a six-month moving average. A
jump in rent, therefore, takes
nearly a year to show up, said
0.5 Jake Oubina, senior economist
at Piper Sandler.
Private-sector measures of
0.25 mostly rents in new leases fell
in the months after the pan-
0 demic hit, as many renters
moved in with family and
landlords were less likely to
-0.25 raise rent. The Zillow Ob-
served Rent Index plunged at
an annual rate of 5% from
-0.5 March to June 2020, while the
2021 '22 CPI shelter component rose
1.2% on the same basis. Then
Feed-through to CPI rent Monthly change in CPI rent vs. falling unemployment, federal
measures after hypothetical Zillow Observed Rent Index* income support and the re-
5% increase in market rent opening of the economy
CPI-tenants’ rent and spurred demand for rental
owners’ equivalent rent
6% 2.0% units and homes. Higher house
Zillow index prices made it harder for ten-
Actual rents ants to buy, enabling landlords
5 1.5
to raise rents, Mr. Detmeister
4 1.0 said. In September 2021, Zil-
low’s rent index peaked at a
3 C rent/
CPI 0.5 three-month annualized rate
owners’ of 25.5%, while CPI shelter
2 equivalent 0 rose 4.2%.
rent level
Now, with stimulus ex-
1 -0.5 hausted, inflation eroding pur-
chasing power and working
0 -1.0 from home on the wane, rent
U.S. Trade
Deficit
Widened
In October
BY YUKA HAYASHI
WASHINGTON—Softer de-
mand for U.S. energy and con-
sumer goods abroad contrib-
uted to a bigger trade deficit
in October.
The trade gap in goods and
services expanded in October
to a seasonally adjusted $78.2
billion, the Commerce Depart-
ment said Tuesday, up from a
revised $74.1 billion in Sep-
tember.
Exports fell 0.7% to $256.6
billion, reflecting reduced
shipments of natural gas, pe-
troleum and consumer goods
such as pharmaceuticals. En-
ergy prices have declined from
highs earlier in the year re-
lated to Ukraine war-related
supply disruptions.
Imports continued to ex-
pand due in part to higher U.S.
purchases of energy products,
vehicles and pharmaceuticals,
rising 0.6% to $334.8 billion.
Consumers increased spending
in October ahead of the holi-
day season, despite high infla-
tion and economic uncertainty.
“The pattern may be set for
the near-term trade outlook,

.
this inflation underlies most rent (OER), which measures -1 0 2 4 6 8 10 12 2017 '18 '19 '20 '21 '22 increases are decelerating. Zil- with waning global demand
forecasts of declining inflation.” homeowners’ costs, made up MONTHS low’s measure rose just 0.3% for U.S. goods weighing more

If shelter inflation does drag 24%. Shelter’s share of the core
overall inflation closer to 2%, CPI, which strips out volatile
that doesn’t mean the inflation energy and food prices, was an
problem is over. Economists as-
sume increases in rents and
home prices will remain sub-
dued, given the slowing econ-
even larger 41.7%. As core infla-
tion rose from 4.6% in October
2021 to 6.3% in October 2022,
shelter inflation contributed
on
omy and high mortgage rates. If around 1.4 points of the accel-
us ,
*Seasonally adjusted
Sources: Labor Department (contributions; monthly change in CPI rent); Piper Sandler (hypothetical
5% increase in market rent); Zillow (Observed Rent Index)
reau of Labor Statistics. OER
isn’t based on home prices or
mortgage payments because
home purchases are an invest-
ly
in October from September, heavily on exports relative to
3.7% annualized, slightly less improved imports,” said Mat-
than the monthly average in thew Martin, U.S. economist
Meanwhile, most tenants’
rents change just once a year,
and therefore don’t respond
the three years before the
pandemic. CPI shelter rose
0.8% the same month, or 9.4%
annualized.
for Oxford Economics, a U.K.
research firm. Mr. Martin said
factors supporting U.S. import
demand included “a strong
immediately when rents on new dollar and resilient consumer

instead they rebound, so, even- eration. ment, not just a commodity. In- units increase. To capture what spending.”
l

tually, will shelter inflation. Shelter inflation tends to be stead, the Bureau of Labor Sta- the typical tenant experiences, Watch a Video He added the widening
e
al a

Furthermore, more persistent “sticky,” meaning that once tistics bases OER on what an the CPI measure of tenant rent Scan this code trade deficit will modestly re-
inflation pressures outside shel- moving in any direction, it is owner would have to pay to includes new and existing for a video on duce U.S. economic growth in
ter might be at work beneath slow to change. This has much rent her own home, drawn from leases, and thus will tend to lag how housing the fourth quarter.
ci on

the surface. to do with how it is calculated rents in high homeownership behind measures of new leases can skew —Anthony DeBarros
“The idea that shelter in and by the Labor Department’s Bu- areas. only. inflation data. contributed to this article.

The U.S. trade deficit in goods

Property Washington state Investment and services

er s

Board, said James Aber, the

director of institutional rela- $100 billion
m er

Funds See tions for the board. The state

pension fund reported that
real estate made up 22.4% of 80
Oct. 2022
$78.2B

Outflow its portfolio as of Sept. 30,

but its target was 18%.
m rp

Big institutional investors 60

are shifting instead to the
Continued from Page One lower-risk strategy of making
ings. “The question is by how loans or simply stockpiling 40
much.” cash for the bargains that in-
co Fo

The FTSE Nareit All Equity evitably crop up during a

REITs Index, which tracks downturn.
20
publicly traded landlords, is In the U.K., property funds
down more than 20% this with over £15 billion, equiva-
year, and office owners have lent to $18.3 billion, in assets
seen far steeper declines. have blocked redemptions 0
Banks are issuing fewer com- from institutions this fall, cit- 2019 '20 '21 '22
ANDREW KELLY/REUTERS

mercial mortgages than last ing such needs as preserving

Note: Seasonally adjusted
year, brokers say, and the vol- cash and avoiding forced Source: Commerce Department
ume of building sales is down sales. Managers of these
as buyers balk at prices no funds—including BlackRock,
longer in line with a worsen- M&G Group, Schroders PLC,
ing outlook. CBRE Investment Manage-
Arizona Chip
n-

The rise in redemption re- Blackstone last week limited the amounts investors could withdraw from its flagship property fund. ment and Legal & General—
quests is still relatively small, confirmed they had taken gat-
and it could prove to be
short-lived. At the height of
Unlike 2020, individual in-
vestors are also rushing for
$4.0 billion Business School who has ad-
vised pension funds on real-
ing measures.
Real-estate funds are still
Plant Raises
3.5
Investment to
no

the pandemic in 2020, a num- the exits. Nontraded REITs Withdrawals from estate investments. Real-es- raising money but less than
ber of pension funds asked to paid out $3.7 billion in re- nontraded REITs, tate funds typically base their before. U.S.-focused property
3.0
pull their money out of in- demptions in the third quar- valuations on appraisals that funds raised $15.6 billion in
vestment vehicles, but many
changed their minds when the
ter. While they were still rais-
ing more new funds from
2.5
quarterly
can be slow to adapt to
changing markets. That has
the third quarter, according to
Preqin—the lowest quarterly
$40 Billion
real-estate market’s outlook investors than they were los- 2.0 kept fund valuations high figure since 2020. BY YANG JIE AND KEN THOMAS
brightened the following year. ing to withdrawals, that even as the real-estate market Higher interest rates have
Still, if the number of in- marked the highest with- 1.5 has deteriorated. But eventu- also made nontraded REITs President Biden visited a Tai-
vestors asking for their drawal figure in years and a ally, reality will catch up. less appealing to new inves- wan Semiconductor Manufac-
money back keeps growing, it 12-fold increase from the 1.0 “Appraisals look back- tors. When rates were low, turing Co. site in Arizona, where
would likely become a prob- third quarter of 2021, accord- wards, and markets look for- nontraded REITs were appeal- the company plans to build a
0.5
lem for the real-estate mar- ing to Robert A. Stanger & ward, and people are trying to ing because they offered a second factory and increase its
ket. That is because funds Co., an investment-banking 0 arbitrage and get their money much higher yield than bonds. investment to $40 billion.
that need to raise cash to pay firm that tracks the market. out before the write-down oc- But now bonds are paying TSMC, the world’s largest
2018 ’19 ’20 ’21 ’22
back their investors often These funds typically allow curs,” Ms. Lietz said. much higher returns and are contract chip maker, is step-
have no other choice but to investors to withdraw money Source: Robert A. Stanger & Co. Pension funds typically set more liquid and less risky ping up its plans for U.S. man-
sell buildings. each month or quarter but a target for what percentage than nontraded REITs, advis- ufacturing. That investment
“That puts pressure on only up to a set limit. Black- Blackstone’s shares fell 7% of their assets should be held ers say. follows the passage of a law
prices overall,” said Nat Kel- stone’s $69 billion fund, the day it announced the re- in real estate. Because real-es- Kelly Nilsson, founder of this year designed to boost
logg, president and director known as the Blackstone Real demption limitations. Star- tate fund valuations have re- Brava Financial LLC, a San Di- U.S. semiconductor produc-
of manager search at invest- Estate Income Trust Inc., or wood’s nontraded REIT put on mained high while stocks and ego financial-planning firm, tion, reflecting Washington’s
ment adviser Marquette Asso- Breit, has a quarterly redemp- similar limitations as Breit other markets are down, pri- asked why investors would concerns about reliance on
ciates. tion limit of 5% of the fund’s did, a person familiar with the vate real estate’s share of lock up their money in a real- Asia for critical chip making.
Mr. Kellogg said a growing net assets. Last week, Black- matter said. pension-fund assets relative estate fund that offers only a “This is going to be an in-
share of the pension funds stone said redemption re- Individual investors are to stocks has gone up. That slightly higher return credible asset to the state of
and university endowments quests exceeded the cap, pulling their money out in creates pressure to sell out of than some government bonds Arizona,” Mr. Biden said dur-
his firm advises are looking to meaning some investors won’t part because they expect fu- property funds to restore bal- paying 4.5% or 5%. ing remarks following a tour
pull money out of real-estate be allowed to cash out before ture losses, said Nori Lietz, a ance, Mr. Kellogg said. “It’s not a fair trade off,” of the site Tuesday. “American
funds. next year. senior lecturer at Harvard That was the case for the she said. manufacturing is back.”
Under a previously dis-
closed $12 billion investment
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
CORRECTIONS  AMPLIFICATIONS plan, TSMC is already building
its first factory in Arizona.
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
The White House released
Published daily except Sundays and general legal holidays.
Proposed regulations to in- The amount of an estate view article on Saturday about details of a second factory
Periodicals postage paid at New York, N.Y., and other mailing offices. crease the volumes of renew- that can be shielded from Thomas Zacharia incorrectly planned for the site, saying
Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. able fuel that refiners are re- federal estate taxes is set to said it is on the southeast construction would start in the
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which quired to blend would reduce decline in 2026. A headline coast. coming year and production
are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas,
New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of
U.S. oil imports by as much as with a Journal Report article would begin in 2026. It would
an advertisement shall constitute final acceptance of the advertiser’s order. 180,000 barrels a day between on Monday about family lim- Rep. Ken Buck is a Republi- make chips equal to the tiniest
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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. * * Wednesday, December 7, 2022 | A3

U.S. NEWS
Give her holiday
Trump Organization Found a splash of
color.
Guilty of Criminal Tax Fraud
BY CORINNE RAMEY

Former President Donald

Trump’s family business was
convicted of criminal tax
fraud, with a New York jury
finding the Trump Organiza-
tion engaged in an off-the-
books compensation scheme
to pay some executives in car
leases, apartments and cash.
The jury Tuesday found two
Trump Organization corporate Rainbow Pendant
entities guilty of all criminal with Multicolor Inlay and Diamonds
counts they faced, including in 14K Yellow Gold
conspiracy, criminal tax fraud
JULIA NIKHINSON/ASSOCIATED PRESS

and falsifying business re-

$1,799
cords. The two entities could Chain included
face a total of more than $1.6
million in fines. Matching Earrings available
The guilty verdict is a blow
to Mr. Trump who, while fac-
ing civil lawsuits and criminal
investigations, declared his
third consecutive presidential
bid last month. The conviction Manhattan District Attorney Alvin Bragg, center, surrounded by his legal team, said Tuesday that
OAHU • MAUI • KAUAI • BIG ISLAND OF HAWAII
could compound the weariness the verdict holds the Trump business accountable for a long-running criminal scheme.
from some Republicans who BOSTON • CHICAGO • DALLAS • DENVER • LAS VEGAS
want to move on to other Mr. Trump relied on an out- turns is simply preposterous,” compensation extended be- NEW YORK • ORLANDO • PHILADELPHIA • PLEASANTON
party leadership. side accountant who never the spokeswoman said. yond Mr. Weisselberg to other PORTLAND • ROSEVILLE • SAN DIEGO • SAN FRANCISCO
SAN JOSE • SEATTLE • WASHINGTON, D.C.
A judge set the company’s told him the perks in question During the trial, which began executives.
sentencing for Jan. 13. were illegal. in late October, jurors heard The verdict largely turned NaHoku.com • 1-866-296-9374
Manhattan District Attor- “Mr. Trump and his family testimony from Trump Organi- on the question of whether
ney Alvin Bragg said the ver- are not here on trial before zation employees, a longtime Mr. Weisselberg intended to FREE FEDEX SHIPPING ON ALL ORDERS OF $200 OR MORE
dict holds the Trump business you,” the judge instructed the Trump accountant and Mr. commit tax crimes to help not
accountable for a long-running jury on Monday. Weisselberg, the company’s for- only himself, but also his em-
criminal scheme. “This was a Mr. Trump said in a state- mer chief financial officer and ployer. Under a New York law

.
case about greed and cheat- ment that he was disappointed star prosecution witness who defining corporate criminal li-
ing,” Mr. Bragg said. “In Man- with the verdict. “This case is pleaded guilty to 15 felonies for ability, jurors were required to

ly
hattan, no corporation is unprecedented and involved no his role in the scheme. find a high-ranking officer
above the law.” monetary gain to these two cor- Under an agreement with acted “in behalf of” his em-
Mr. Trump wasn’t charged porations,” he said. A lawyer for prosecutors, Mr. Weisselberg ployer, or with an intent that
in the case, but his presence
loomed over the trial. Prosecu-
tors said that Mr. Trump sanc-
tioned the tax-free benefits,
the Trump Organization said
the company would appeal.
A company spokeswoman
said Mr. Weisselberg testified
on
is expected to be sentenced to
five months in jail, and likely
serve just a portion of that, so
long as he testified truthfully
there could be some benefit to
the Trump Organization.
Defense attorneys cast Mr.
Weisselberg as a rogue em-
and personally signed some that he acted for his own per- at trial. He is scheduled to be ployee who sought to save
us ,

checks for private-school tu- sonal gain. “The notion that a sentenced on Dec. 19. money on his personal taxes.
l

ition for former finance chief company could be held re- Prosecutors portrayed the “Weisselberg did it for Weis-
e
al a

Allen Weisselberg’s grandchil- sponsible for an employee’s Trump Organization as foster- selberg,” Trump attorney Mi-
dren. During closing argu- actions, to benefit themselves, ing a culture of fraud and de- chael van der Veen repeatedly
ments, a defense attorney said on their own personal tax re- ception, where off-the-books told the jury.
ci on

Colorado Suspect Faces 305 Charges

er s

BY ALICIA A. CALDWELL ter being subdued and beaten case and didn’t respond to a without the possibility of pa-
m er

by club goers who intervened
The person accused of kill- to stop the shooting. During a
ing five and injuring 19 others brief remote first hearing last
in a mass shooting at an LGBT month, Mx. Aldrich sat
nightclub last month was for- slumped in a chair inside the
m rp
request for comment Tuesday.
Colorado Springs District
Attorney Michael Allen de-
clined to discuss specifics of
the case, including evidence
role if convicted of the murder
charges. Colorado abolished
the death penalty in 2020.
A preliminary hearing in the
case has been scheduled for

mally charged with 305 crimi- jailhouse, their face visibly his office believes supports the late February.
nal counts, including first-de- bruised, only briefly answering bias-crime charges, which are Many of the documents in
gree murder, attempted Colorado’s version of hate the case have been sealed by
murder, assault and crimes of crimes. the court, but a judge on Tues-
bias, Colorado prosecutors said “We are going to prosecute day said he would unseal an
The counts include
co Fo

in court Tuesday. this case to the fullest extent arrest affidavit in the case
Anderson Lee Aldrich, who first-degree murder, of the law,” Mr. Allen said in a later this week.
according to court documents press conference following the Law-enforcement officials
identifies as nonbinary and
attempted murder morning’s 30-minute hearing. have said Mx. Aldrich walked
uses the pronouns they and and crimes of bias. “We are not going to tolerate into the club just before mid-
them, is accused of opening actions against community night and opened fire with an
fire inside Club Q just before members because of their sex- AR-15-style semiautomatic ri-
midnight on Nov. 19. Prosecu- ual identity. Members of that fle. They carried a second
tors said during Mx. Aldrich’s a judge’s questions about their community have been ha- weapon, a handgun, which a
second court appearance that name and whether they under- rassed, intimidated and abused club goer was able to wrest
the charges could be amended stood their rights. for too long and it’s not going from them and use to stop
as more victims are identified. Mx. Aldrich hasn’t entered a to occur in the Fourth Judicial them, officials said.
Mx. Aldrich, who didn’t plea in the case and their pub- District.” Mx. Aldrich remains jailed
n-

speak during Tuesday’s hear- lic defenders have previously Mr. Allen said Mx. Aldrich and is being held without
ing, was arrested at Club Q af- declined to comment on the could face up to life in prison bond.
no

North Carolina Sees

Third Day of Outages
BY ALYSSA LUKPAT safely restore power to the grid
as we work to get everyone
Residents in Moore County, back on,” Jeff Brooks, a spokes-
N.C., went a third full day man for Duke Energy, said at a
without power Tuesday as the news briefing Tuesday.
outages continue to upend Schools will be closed until
daily life, forcing schools and Thursday, but aim to resume
businesses to remain closed. full operations on Friday, said
Paige Loyd, who lives in the Tim Locklear, the county’s
town of Southern Pines, hasn’t school superintendent.
had heat or a working stove Officials said one person
since Saturday night. Authori- died in recent days but it
ties say vandals in Moore wasn’t yet known whether the
County disabled two substa- death was a direct result of
tions that evening with gunfire. the widespread power outage.
Ms. Loyd, 29 years old, is Questions have swirled
pregnant with her first child about who targeted the sub-
and needs to eat nutritious stations and about Moore
meals, she said. Instead, she’s County’s vulnerable power in-
been eating Lay’s chips, Ritz frastructure.
Crackers and other nonperish- The attack came at a time
able foods. “I feel like I’m liv- when temperatures have dipped
ing in an apocalypse,” said Ms. in Moore County and residents
Loyd, a front-desk associate at have slept without heat on
a golf resort. freezing nights. At Red’s Corner,
She and about 35,000 other a food-truck park in the town of
customers in the area have no Southern Pines, locals have
power, according to Duke En- come for a warm meal cooked
ergy, the region’s power pro- with a generator.
vider. Moore County declared a Food-truck owners have
state of emergency and ordered taken donations from locals to
a nightly curfew on Sunday. give free meals to people who
Authorities are scrambling need it, said Rachel Jurgens,
to repair the substations. who owns the park.
Crews were making good Ms. Jurgens, 52 years old,
progress, Duke Energy said said this has been a tough
Tuesday afternoon, and power time for the community but
could come back on Wednes- they have rallied around each
day, just before midnight. other. “An act of hate, which is
The process will roll out in what we all think it is, created
phases. “You will see waves of so much love,” she said.
customers coming on a few —Suryatapa Bhattacharya
thousand at a time, so we can 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.

A4 | Wednesday, December 7, 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

Warnock Defense
Wins Race Bill Drops
In Georgia Vaccine
Continued from Page One
victory over Republican Meh-
Mandate
met Oz in Pennsylvania in No- BY LINDSAY WISE
vember flipped a GOP seat and AND KATY STECH FEREK
FROM TOP: ELIJAH NOUVELAGE/BLOOMBERG NEWS; JIM LO SCALZO/EPA/SHUTTERSTOCK

gave Democrats control of the

chamber with at least a 50-50 WASHINGTON—House and
party split, thanks to the tie- Senate negotiators agreed to
breaking vote of Vice President rescind the requirement that
Kamala Harris. Mr. Warnock’s members of the military be
win gives the Democratic lead- vaccinated against Covid-19, in
ership a bit of breathing room a move to secure Republican
and more power. support for the annual de-
Under the current power- fense-policy bill that autho-
sharing agreement, Democrats rizes spending for new weap-
have been prevented from is- ons and pay increases for
suing subpoenas without GOP troops.
support. Now, committee The compromise National
chairmen will be able to issue Defense Authorization Act an-
subpoenas and provide a coun- nounced Tuesday would in-
terbalance to a GOP-led House, crease America’s total national
which plans aggressive investi- security budget for fiscal year
gations of President Biden, his 2023 to $857.9 billion. That is
family and administration. $45 billion more in military
Senate committees are cur- spending than President Biden
rently split evenly, making the had requested, and a big in-
process slower for moving Mr. crease from the $778 billion
Biden’s nominees out of com- Voters wait in line at a polling location in Atlanta during the runoff election on Tuesday. Below, Herschel Walker campaigns. total national security budget
mittees and onto the chamber passed by Congress last year.
floor. Mr. Warnock’s victory law after neither candidate him is stopping illegal immi- This year’s NDAA would ap-
will give Democrats a narrow won more than 50% of the gration, and he believed Mr. prove a 4.6% pay raise for mil-
majority on each panel. vote in the Nov. 8 election. In Walker would work to do that. itary service members and De-
Democrats will also have that contest, a Libertarian won In Conyers, Ga., Darryl Jen- fense Department civilians,
slightly more flexibility on pass- about 2% of the votes cast. Mr. kins, 57, who is retired from and increase the housing al-
ing legislation. In the last two Warnock, a pastor, won the Army, spent several min- lowance for service members
years, lawmakers maneuvered slightly more votes than Mr. utes in a church to cast his by 2%. The bill, which typically
partisan bills through the Walker in November, but less ballot for Mr. Warnock. Rock- passes with bipartisan sup-
evenly divided Senate, but pass- than 50%, forcing the runoff. dale County, where Conyers is port, also would authorize

.
ing legislation required all Dem- For months polls showed located, voted overwhelmingly funding for the State Depart-
ocrats to agree if Republican the race close between Mr. for Mr. Warnock in November. ment and intelligence agen-

ly
were united in opposition. That Warnock, 53 years old, and Mr. “The Republican Party right cies, and for new aircraft,
gave leverage to centrist Sens. Walker, 60, who was a star now is just a lot of divisive- ships and vehicles for combat,
Joe Manchin and Kyrsten player for the University of ness,” Mr. Jenkins said, adding while budgeting for newer
Sinema, who forced the party to
make major changes and cuts to
its tax, healthcare and climate
law originally dubbed Build
Georgia and the National Foot-
ball League.
Mr. Warnock heavily out-
spent Mr. Walker, had more
on that he felt Mr. Walker, who
has never held office before,
would just be “somebody’s
puppet” if elected.
technologies such as micro-
electronics and hypersonic
weapons.
The legislation must pass
Back Better. One more seat paid staff than the Republican Mr. Biden and Mr. Trump the House and Senate before
us ,

gives each individual senator and brought in big-name poli- both backed their candidates heading to Mr. Biden’s desk for
l

less leverage over the agenda. ticians to support him, includ- on the day before the runoff his signature.
e
al a

Well over 1 million people ing former President Barack election. Republicans had pushed for
cast ballots Tuesday as voting Obama. Mr. Walker had na- In a Monday interview with the bill to end the Defense De-
went smoothly with few tionally known Republicans residents were subjected to a Mitchell, a 69-year-old retired an Atlanta radio station, Mr. partment’s Covid-19 vaccine
ci on

problems across the state, ac- like South Carolina Sen. Lind-
cording to Gabriel Sterling, sey Graham campaigning with
chief operating officer of the him. Republican Gov. Brian
Georgia Secretary of State’s Kemp, who handily won re-
Office, which oversees elec- election this fall, didn’t cam-
er s
tsunami of political ads, flyers small-business owner, spent a Biden said getting out to vote rule from August 2021, argu-
in their mailboxes and volun- few minutes at a community for Mr. Warnock “is critical be- ing that it would help recruit-
teers knocking on their doors. center voting for Mr. Walker. cause, look, all the things that ment. Roughly 3,400 U.S. mili-
Ads for the race took a sharply Walton County voted over- Reverend Warnock has sup- tary members have been
negative tone, with the cam- whelmingly for Mr. Walker on ported are things that the peo- discharged for refusing to get

tions. Election day followed paign for Mr. Walker in the paigns and groups supporting Nov. 8, and he would have ple of Georgia care a great deal the vaccine as of April, accord-
record-breaking early voting general election, but did so in them blasting the candidates needed a strong turnout here about.” He cited Mr. Warnock’s ing to a letter that 13 Senate
m er

in the runoff in which about the runoff.
1.85 million in-person and Even before the runoff, the
mail-in votes had been tallied Georgia Senate race already
by Dec. 2, the last day of was one of the most expensive
early voting. congressional races of all time,
m rp
over allegations of mistreating and in other rural areas to efforts to cut healthcare costs. Republicans sent to party
women, past statements and counter votes from Democratic Mr. Trump posted on Truth leaders on the issue last week.
other issues. strongholds in metro Atlanta. Social, a Trump-backed social- House Minority Leader
Runoffs are not uncommon “I’d hate to see another six media platform, that he urged Kevin McCarthy (R., Calif.)
in Georgia elections. That is years with the Democrats in “all MAGA Voters” to back Mr. hailed the revocation of the

Mr. Warnock’s win comes with about $250 million spent
after four weeks of intense on political ads by both parties
campaigning in the runoff, just in the general election.
which was required by Georgia Georgia’s roughly 11 million
co Fo
how Mr. Warnock was elected control,” Mr. Mitchell said, re- Walker. “Herschel was a Great vaccine mandate as a victory
in 2021. ferring to the length of the Athlete, and he will be an even for the military and common
In Social Circle, a town in next senator’s term. Mr. greater United States Sena- sense. But the policy change
rural Walton County, Clyde Mitchell said a key issue for tor!” he posted. doesn’t reinstate troops dis-
charged for refusing the vac-

cine, as Mr. McCarthy and

Allies Seek to Solidify Backing for McCarthy

other Republicans had wanted.
Administration officials ac-
knowledged this week the pos-
sibility that the Pentagon’s
BY NATALIE ANDREWS tee positions after she was month, against Arizona Rep. vacate the chair, which allows vaccine mandate could be re-
AND ELIZA COLLINS kicked off them last year for Andy Biggs. for easier ousting of a speaker. pealed in the defense bill, but
past comments about conspir- But his opponents appeared Mr. McCarthy hasn’t agreed to said they continued to believe
WASHINGTON—House Re- acy theories. unmoved. Mr. Biggs, a former back such a motion. the vaccine saves lives.
publicans across the ideologi- “Kevin won the primary. He chairman of the conservative Mr. Roy said he was skepti- Talks over the NDAA had
cal spectrum implored some is our candidate. That already House Freedom Caucus, said cal any moderate Republican bogged down earlier Tuesday
conservative members to drop happened,” she said, referring Tuesday he was continuing his would be willing to make a as congressional leaders wran-
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK

their efforts to tank GOP to a recent party vote to pick long-shot bid. At least four deal with Democrats to choose gled over provisions unrelated
n-

leader Kevin McCarthy’s bid the next leader. other House Republicans have the next speaker, a scenario
for speaker, warning that Ms. Mace said: “I hope I said they would oppose Mr. Mr. McCarthy has warned of.
Democrats could end up se- don’t spontaneously combust McCarthy: Matt Gaetz of Flor- Those backing Mr. McCar-
lecting the next speaker if the when I say this, but the gentle- ida, Bob Good of Virginia, Ralph thy, who has led House Repub-
Negotiators added
$45 billion more in
no

party didn’t unify behind him. woman from Georgia and I are Norman of South Carolina and licans for years in the minor-
In a closed-door meeting on the same page,” according Montana’s Matt Rosendale. Mr. ity, chided the opponents in a
Tuesday, lawmakers lined up to to the two people in the room. Norman said he doesn’t feel Mr. closed-door meeting Tuesday.
spending than what
voice support for the California The opposition from a small McCarthy has an aggressive- “They don’t have an alter- Mr. Biden sought.
Republican. Rep. Marjorie Tay- group of conservatives has enough plan to combat the na- native, bottom line, and that
lor Greene of Georgia, an out- continued uncertainty into the Rep. Marjorie Taylor Greene tion’s debt, according to a GOP hurts their argument,” said
spoken populist ally of former start of the next Congress, aide. Mr. Gaetz has long been a Rep. Don Bacon of Nebraska, a
President Donald Trump, en- with Republicans’ narrow ma- call vote on Jan. 3. Because critic of the GOP leader. McCarthy ally, after the meet- to the U.S. military. In the end,
thusiastically backed Mr. jority creating hurdles for Mr. House Republicans are ex- Others have declined to com- ing. “This is unacceptable and lawmakers didn’t include lan-
McCarthy’s bid, as did Rep. McCarthy’s ambitions to be- pected to have a majority of mit. Rep. Chip Roy of Texas, we’re not going to play nice guage that would have over-
Nancy Mace of South Carolina, come speaker. It also means 222-212, with one absence, Mr. who voted against Mr. McCar- guy on this.” hauled energy permitting, en-
who occasionally crosses party likely headaches for GOP lead- McCarthy can’t lose more than thy in the internal GOP vote, Mr. McCarthy has been abled banks to do business with
lines and has regularly sparred ers down the road in keeping four from his conference, if all said in a podcast interview with meeting with House Republi- marijuana companies and cre-
with Mrs. Greene. the caucus in line on such is- Democrats back their leader- conservative Ben Domenech cans and backed rules changes ated a process for publishers of
Mrs. Greene gave a fervent sues as government funding. ship, as they traditionally do. that he would need the person to the conference that would smaller news outlets to negoti-
defense of the minority leader, To be elected speaker, a Mr. McCarthy was chosen who earns his vote to promise help individual members get ate for pay when technology gi-
according to two people in the candidate needs at least 218 by the GOP conference to be changes to the congressional amendments to legislation, if ants such as Facebook and
room. Mr. McCarthy has prom- votes, or the majority of those their speaker candidate in an process, including a commit- they are backed by a signifi- Google use their content.
ised to restore her to commit- present and voting in a roll- internal vote of 188 to 31 last ment to allow for the motion to cant share of the conference. Senate Minority Leader
Mitch McConnell (R., Ky.) had
criticized Democrats for trying

IRS Proposes New Rules on Land-Conservation Deals to include nondefense provi-

BY RICHARD RUBIN deals after losing several court
decisions.
WASHINGTON—The Inter- The agency on Tuesday pro-
nal Revenue Service moved to posed regulations that would
shore up its ability to attack require participants and pro-
aggressive land-rights tax moters of so-called syndicated
conservation easement trans-
actions to disclose those deals
to the government, with steep
penalties for omissions. The
move would help the IRS iden-
Order
by12/21for tify and audit the easement
Christmas!
deals, which senior IRS offi-
cials say are tax shelters that
deprive the government of bil-
lions of dollars in revenue.
The regulations would re-
store a virtually identical 2016
IRS disclosure requirement
that was effectively struck
Your Children’s Names hand-crafted in down by the U.S. Tax Court
sterling silver with brilliant Swarovski crystals
set in solid gold - $390 to $450 last month, following a similar
JOHN-CHRISTIAN.COM 888.646.6466 decision earlier this year by
the Sixth U.S. Circuit Court of
sions, calling them a “grab bag
of miscellaneous pet priori-
ties.” Senate Majority Leader
Appeals. The tax court said In a conservation easement, arguments about deed require- Chuck Schumer (D., N.Y.) had
that the 2016 IRS requirement landowners make a binding, ments and valuation tech- defended the proposals.
didn’t follow the required for- permanent pledge to prevent niques in court cases, though “We’ve been working with
mal procedures for regula- development on a piece of the IRS also has notched vic- Republicans,” he said. “It’s a
tions, including public notice property, donating the ease- tories. priority for me.”
and opportunity for comment. ment to a nonprofit entity, The 2016 notice applied to The NDAA is one of two ma-
Tuesday’s formal proposed typically a land trust. Taxpay- deals where the claimed de- jor initiatives that Congress is
regulation follows those pro- ers claim a charitable deduc- duction was at least 2.5 times trying to finish by the end of
cedures that the 2016 notice tion equal to the decline of the the original investment. It re- the year, along with a bill that
didn’t. The IRS will accept value of the property. quired taxpayers and promot- would fund the operations of
public comments through Feb. The syndicated versions of ers to file special forms with the U.S. government. Negotia-
6 and scheduled a hearing for easements proliferated over their tax returns. The IRS then tors need to reach a deal on
March 1. the past decade, particularly used those filings to begin funding by Dec. 16 to avoid a
The IRS says that it is con- in the Southeast. The transac- hundreds of audits, though the partial government shutdown.
tinuing to defend the 2016 no- tions are organized by pro- agency has had mixed success Mr. McConnell had ques-
tice in litigation and that tax- moters who identify property, in dozens of court cases as tioned whether Congress had
payers outside the Sixth organize the transaction and taxpayers have challenged the time to finish the bill funding
Circuit must still comply with market the opportunity to government. the government for the full
that notice. However, the high-income investors. The IRS said Tuesday that year, saying that lawmakers
agency said the proposed reg- Deal promoters say that it was considering going a might have to push any deal
ulations would “eliminate any they are conserving ecologi- step beyond the 2016 notice into next year, when Republi-
confusion and ensure consis- cally sensitive land as Con- and imposing taxes on the cans take control of the House.
tent enforcement of the tax gress intended. They have nonprofit land trusts for par- —Andrew Tangel
laws throughout the nation.” been able to defeat some IRS ticipating in tax shelters. 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.
DOJ Subpoenas Congress Honors Officers Who Defended U.S. Capitol
Officials in States
Targeted by Trump
BY BYRON TAU
WASHINGTON—Local offi-
cials in at least four critical
battleground states said they
have received subpoenas from
the Justice Department that
appear to be part of an ex-
panding investigation into ef-
forts by former President Don-
ald Trump and people
representing him to reverse
the outcome of the 2020 pres-
idential election.
Five counties in Arizona,
Michigan, Pennsylvania and
Wisconsin received federal
grand jury subpoenas, officials
there said. The counties—Mar-
icopa, Ariz., Wayne, Mich., Al-
legheny, Pa., and Dane and
Milwaukee, Wis.—are all in
swing states targeted by Mr.
Trump and his allies in the af-
termath of his loss in the No-
vember 2020 election.
Copies of the subpoenas
sent to Dane and Milwaukee
counties, shared with The Wall
Street Journal, showed they
were sent in late November by
newly appointed special coun-
sel Jack Smith and seek com-
munication between election
officials and Mr. Trump, his
campaign and a broad group
of his allies. Madison, Wiscon-
sin’s capital, is the seat of
Dane County.
The subpoena seeks docu-
ments related to conversations
between county officials and
Mr. Trump, his campaign com-
mittee and a variety of advis-
ers, lawyers and activists.
Investigators want commu-
nications records between lo-
cal officials and advisers of
Mr. Trump, including Rudy
Giuliani, Joe DiGenova, Victo-
ria Toensing, Sidney Powell,
Lin Wood and John Eastman.
All were in Mr. Trump’s inner
circle in the aftermath of the
2020 election and were among
those urging him to find a way
to stay in power despite his
TikTok’s
U.S. Pact
Is Delayed
Continued from Page One
unmet concerns with the com-
pany.
The delay is raising political
risks for TikTok and its owner,
Beijing-based ByteDance Ltd.,
as both Biden administration
officials and newly empowered
congressional Republicans amp
up their rhetoric on the com-
pany.
ByteDance has spent around
$9 million lobbying in Wash-
ington over the past two years,
according to disclosure reports.
no
The company had reached a
tentative deal with the U.S.
government this summer, but
senior U.S. officials, including
at the Justice Department,
don’t believe that proposed
agreement is adequate, accord-
ing to people familiar with the
matter.
The U.S. side of the negotia-
tions is being led by the Com-
mittee on Foreign Investment
in the U.S., a secretive govern-
ment panel that reviews busi-
ness deals for security con-
cerns. The talks have been
aimed at reducing Chinese gov-
ernment influence on the U.S.
operation without completely
severing TikTok’s Chinese ties,
according to people familiar
with the discussions.
Both sides had broadly
agreed that TikTok’s data on
U.S. users would be stored on
Oracle Corp. servers in the U.S.,
people familiar with the deal
said. TikTok has said it expects
to delete U.S. users’ private
data from its own data centers
in Virginia and Singapore as it
pivots to fully store data with
Oracle cloud infrastructure.
It also has said that access
to U.S. data by anyone outside
of a newly set-up division that
governs U.S. data security
would be limited by and sub-
ject to its protocols, monitored
and overseen by Oracle.
TikTok’s defenders say the
agreement would give the U.S.
government control of and ac-
cess to much more information
about TikTok than it has with
any U.S. social-media company.
But some administration of-
ficials have sought to make any
TikTok security agreement
* * * * *
loss in the 2020 campaign.
Representatives for Mr.
Trump didn’t respond to re-
quests for comment. The for-
mer president has denied any
wrongdoing in the aftermath
of the 2020 election and has
said investigations into his ac-
tions are politically moti-
vated.
The subpoenas, reported
earlier by the Washington
Post, are the latest indication
that the department’s probe
into efforts by Mr. Trump and
his allies to overturn his elec-
tion loss is escalating. Attor-
ney General Merrick Garland
last month appointed Mr.
Smith, a former federal and
international war-crimes pros-
ecutor, to oversee that investi-
gation as well as a separate
probe into the handling of
classified documents at Mr.
Trump’s Mar-a-Lago resort in
Florida.
The Justice Department
earlier served dozens of sub-
poenas on people associated
with Mr. Trump’s attempt to
overturn the 2020 presidential
election, including by sending
fake slates of electors from
several battleground states to
Congress, and with planning
the Washington rally that pre-
ceded the Jan. 6 attack on the
Capitol, according to people
familiar with the matter.
A spokesman for Maricopa
County said the county in-
tended to comply with the
subpoena and referred other
questions to the Justice De-
partment, which declined to
comment. Officials in Dane
al a
and Milwaukee counties in
Wisconsin and Allegheny
County, Pa., confirmed receipt
ci on
of subpoenas, and Michigan
officials said Wayne County,
home of Detroit, received a
subpoena.
—Alexa Corse
er s
and Sadie Gurman
contributed to this article.
m er
TikTok annual installs from
the App Store and Google Play
m rp
store in the U.S.
As of Dec. 5
80 million
co Fo
60
40
20
0
2018 ’19 ’20 ’21
n-
Source: SensorTower
tougher in some respects in re-
sponse to what they say are
growing concerns over Tik-
Tok’s access to consumer data
and its potential use for influ-
ence operations, according to
the people familiar with the
matter. Republicans, mean-
while, have begun pushing to
ban the app altogether.
TikTok says it doesn’t col-
lect search and browsing his-
tory outside the TikTok app,
according to the spokeswoman.
The company does collect in-
formation within the app so it
functions correctly, she said,
The U.S.’s review
has dragged on amid
a range of national
security concerns.
like returning relevant search
results and ensuring a user
isn’t served up the same videos
repeatedly.
Former Republican Presi-
dent Donald Trump sought to
ban TikTok unless it was put
under U.S. ownership. Presi-
dent Biden, a Democrat, re-
scinded those orders after tak-
ing office, saying they were
unenforceable in the wake of
successful legal challenges.
The president then prom-
ised a plan to address the secu-
rity risk from TikTok and other
apps based in adversarial na-
tions. The deal being hashed
out between TikTok and the
administration is part of that
broader plan. Another piece—
the administration’s release of
Wednesday, December 7, 2022 | A5
U.S. NEWS
SHAWN THEW/EPA/SHUTTERSTOCK
WASHINGTON—The law-en- Capitol Police Chief Thomas Jan. 6, the medals, Congress’s Brian Sicknick declined to shake
forcement officers who de- Manger, above left, is shown with highest honor, will be placed in hands with the Republican lead-
fended the U.S. Capitol on Jan. House Speaker Nancy Pelosi (D., four locations—U.S. Capitol Police ers. His mother had lobbied for
6, 2021, were honored Tuesday Calif.), Senate Majority Leader headquarters, the Metropolitan the formation of an independent
with Congressional Gold Medals Chuck Schumer, Senate Minority Police Department, the Capitol commission to investigate the
and praised for securing democ- Leader Mitch McConnell and and the Smithsonian Institution. attack. Messrs. McConnell and
racy when they fought off an at- House Republican Leader Kevin In an illustration of the fallout McCarthy voted against the
tack by supporters of then-Pres- McCarthy. To recognize the hun- from the riots, representatives commission.
ident Donald Trump. dreds of officers at the Capitol on of the family of fallen officer —Associated Press
Jan. 6 Panel Will Make Criminal Referrals
.
BY SCOTT PATTERSON dent Donald Trump. could act regardless of what Rhodes, founder of the far-
ly
“We’ve not made a decision referrals the panel makes. right militia group the Oath
WASHINGTON—The House as to who, but we have made Mr. Raskin has previously Keepers, and another member
select committee investigating decisions that criminal refer- said the committee is looking of the group of seditious con-
on
the Jan. 6, 2021, attack on the
Capitol plans to recommend
that the Justice Department
make criminal charges tied to
rals will happen,” he said.
The Jan. 6 committee met
Friday to discuss the matter
and review recommendations
at criminal and civil referrals.
Reps. Liz Cheney (R., Wyo.),
vice chairwoman of the Jan. 6
committee, Zoe Lofgren (D., Ca-
spiracy by plotting to force-
fully disrupt the peaceful
transfer of power after the
2020 election.
the assault, according to panel made by a subcommittee, led lif.) and Adam Schiff (D., Calif.) The committee, which is set
us ,
Chairman Bennie Thompson by Rep. Jamie Raskin (D., also are on the subcommittee. to wind down after the current
l
(D., Miss.). Md.), formed to look into the “The committee has deter- Congress ends, is expected to
e
Mr. Thompson, speaking to matter of criminal referrals mined that referrals to outside release its final report on its
reporters at the Capitol on and other outstanding issues entities should be considered year-and-a-half investigation
Tuesday, said a formal deci- facing the committee in its fi- as a final part of its work,” a this month. Mr. Thompson
sion hadn’t yet been made, nal weeks. The committee is committee spokeswoman said said the committee is still
and that the committee hadn’t expected to meet late Tuesday Tuesday. Mr. Trump has said he working to complete the re-
decided on a range of details to further discuss the refer- did nothing wrong and has ac- port, which he said currently
surrounding the referral, in- rals, Mr. Thompson said. cused the Jan. 6 committee of includes eight chapters, and
cluding whom it planned to re- The Justice Department has being a partisan witch hunt. that it is “in the process of
fer and whether the referrals been pursuing its own investi- In a related matter, a jury adding and deleting materials
would include former Presi- gation related to Jan. 6 and last week convicted Stewart as we speak.”
more-general rules for data-
handling by apps based in po-
tentially hostile countries—
could happen soon, according
to some people familiar with
the matter.
Deputy Attorney General
Lisa Monaco recently said that
Chinese companies connected
to the country’s intelligence
bureaucracy “shouldn’t be
trusted to securely handle our
sensitive personal data and
communications.”
Recently, senior government
officials have voiced strong
concerns over security issues
associated with TikTok.
“We, the FBI, do have na-
tional-security concerns about
the app,” Federal Bureau of In-
’22
vestigation Director Christo-
pher Wray said at the Univer-
sity of Michigan on Friday. He
cited the possibility the Chi-
nese government could use it
to collect data on U.S. users, or
manipulate its recommenda-
tion algorithm to serve up pro-
paganda or influence users
more broadly. It could also be
used to access other software
on users’ devices and compro-
mise them, he said.
Any deal the Biden adminis-
tration reaches with TikTok is
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Republican lawmakers have
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the mechanism Mr. Trump
tried to use. They have vowed
to conduct rigorous oversight
of the Biden administration’s
actions.
Reps. James Comer (R., Ky.)
and Cathy McMorris Rodgers
(R., Wash.), two influential in-
coming committee chairs,
launched an investigation into
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—Raffaele Huang
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.
A6 | Wednesday, December 7, 2022
Bidding Begins for California Offshore Wind Rights
BY JENNIFER HILLER
The U.S. launched the sale
of offshore California wind
rights on Tuesday, a first for
the West Coast that would
bring a new technology to the
U.S. to try to shore up Califor-
nia’s power supplies.
This week’s auction is part
of an ambitious schedule by
the Biden administration to
parcel out ocean blocks for
new wind farms to ring the
nation’s coastlines. But devel-
opers in California face a com-
plex regulatory landscape, ris-
ing costs and project technical
and financial risk that is con-
sidered greater than on the
East Coast—all factors that
could suppress auction prices,
according to analysts.
FDA
Outside Panel Calls
For Agency Overhaul
The Food and Drug Adminis-
tration needs to overhaul its
structure so that a single per-
son is clearly in charge of its
food programs, an independent
panel said in a report released
Tuesday.
The report from the Reagan-
Udall Foundation for the FDA, a
nonprofit created by Congress
and funded largely by the FDA,
also recommended that the
agency boost the visibility of its
food programs and create a new
center focused on nutrition to
elevate its role.
FDA Commissioner Robert
Califf ordered the review in July
after the agency came under
heavy criticism for shortages of
baby formula across the nation.
Much of the report focused
on ways to create a more
straightforward leadership struc-
ture at the FDA.
Mr. Califf said the FDA would
provide details of a “new vision
and structure” for its food pro-
grams in public comments by
the end of January.
—Kristina Peterson
and Jesse Newman
Our Insight,
Your Advantage
no
WSJ Pro Bankruptcy is an exclusive suite of
proprietary news, analysis and data provided
by The Wall Street Journal to elevate business
professionals above their competition.
G E T S TA R T E D AT
WSJPro.com/Bankruptcy
© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ9121
Turbines can be bolted to
the ocean floor in shallower
waters off states such as New
York and Massachusetts, but
deep waters off California re-
quire turbines to be attached
to the seabed by cables. Such
projects are a newer technol-
ogy, making California one of
the first places globally they
could be launched at commer-
cial scale.
Massive equipment—some
current offshore turbines
stand 850 feet—would need to
be assembled along the West
Coast, and a supply chain would
need to be developed to support
the industry. “It puts California
on a path to be a global hub
for offshore wind technology,”
said J.C. Sandberg, interim
chief executive of the Ameri-
us ,
UNEARTHED: Beach erosion from two late-season hurricanes helped to uncover what appears to be
al a
a wooden ship dating from the 1800s. Archaeologists studied the structure on Tuesday.
MEDICINE
ci on
Gut Bacteria Are
Linked to Depression
New research has bolstered
er s
the theory that bugs in the di-
gestive system may play a role
m er
m rp
co Fo
n-
Two databases to
identify companies
showing signs of distress
for advisory work, trading
and investing.
U.S. NEWS
can Clean Power Association.
The Interior Department’s
Bureau of Ocean Energy Man-
agement plans a lease sale of
two offshore regions, one
north of Santa Barbara near
Morro Bay and another more
remote site off Humboldt
County, just south of the Ore-
gon border. The projects on
more than 370,000 acres
would generate over 4.5 giga-
watts of electricity, enough to
power more than 1.5 million
homes, U.S. officials estimate.
Forty-three bidders quali-
fied for the auction, including
Ørsted North America Inc., BP
US Offshore Wind Energy, EDF
Renewables Development Inc.,
Shell New Energies US LLC,
TotalEnergies Renewables USA
and Invenergy California Off-
U.S. WATCH
on
l
e
in depression.
Two studies published Tues-
day in the journal Nature Com-
munications found a link be-
tween several types of bacteria
in the gut and depressive symp-
toms. Trillions of microorganisms
including bacteria, fungi and
Curated daily brieings
from expert journalists,
and timely alerts that
keep you up-to-date on
bankruptcy.
* *** THE WALL STREET JOURNAL.
shore LLC. large commercial floating proj-
A California law passed in ects yet globally.
2018 requires the state to de- Soaring project costs have
carbonize its power grid by bedeviled the wind industry,
2045, but it faces potential but a major challenge on the
supply shortfalls while it waits West Coast is the lack of avail-
for more renewable power and able port space, where wind
battery storage to be installed. project equipment will need to
It targets as much as 5 giga- be built and staged, said Noé
watts of offshore wind power Rouxel at DNV, a Norway-based
by 2030. forecaster and data provider.
President Biden has a goal Floating turbines also will
of bringing online 30 giga- have to share California’s coast
watts of offshore wind power with commercial fishing boats,
in the U.S. by 2030. This is the the shipping industry, marine
third federal offshore wind researchers, tourists and the
auction this year. The other U.S. military. Onshore, the
two were on the East Coast, Humboldt County area wind
while the first Gulf Coast auc- blocks has raised alarm among
tion could come next year. some groups worried about the
The U.S. has trailed Europe transmission line build-out and
in developing fixed offshore necessary port infrastructure
wind projects, but there are no expansion.
largest to date demonstrating po-
tential associations between gut
microbiota and mental health.
“Ten years ago if you’d said
there was something linking de-
pression and the microbiome,
you’d be carried out with a
straitjacket,” said Jos Bosch, an
associate professor of psychol-
ogy at the University of Amster-
dam who co-wrote both studies.
“Now absolutely, it’s very clear
there’s a link.”
—Dominique Mosbergen
Gun-Clip Restriction
CONGRESS
Cawthorn Told to Pay Is Cleared by Judge
ly
JOHN RAOUX/ASSOCIATED PRESS
For Ethics Violation A federal judge in Portland
Rep. Madison Cawthorn (R.,
N.C.) was ordered by the House
Ethics Committee to make a do-
nation to charity after it found he
violated House rules by promot-
ing a cryptocurrency that could
have led to his own financial gain.
The seven-month investiga-
tion concluded that the 27-year-
yeast live in the digestive tract. old lawmaker used social media
Research exploring whether they to promote the “Let’s Go Bran-
might affect an array of diseases don” cryptocurrency that he also
has increased in recent years. said he owned, meaning he had
The new studies, conducted financial interest when the value
among thousands of people in of the currency increased. The
Amsterdam and Rotterdam in name of the digital currency is
the Netherlands, are among the borrowed from a vulgar slogan
Access a weekly list of
Chapter 11 ilings, irm
retention summaries and
an archive of stories going
back to 2018.
Northern California
lease areas
Eureka
CALIFORNIA
Average annual
P a
offshore wind
c
speeds
i f
i
4 10 meterss
c
secondd
per secon
San Francisco
O
c
e
n
a
50 miles Southern
50 km California
lease areas
Note: Offshore winds are measured 80 meters
above the ground.
Sources: Bureau of Ocean Energy Management
(wind leases); National Renewable Energy
Laboratory (offshore wind speeds)
Carl Churchill/THE WALL STREET JOURNAL
insulting President Biden.
Mr. Cawthorn, who lost his
primary and is leaving Congress,
must give $14,237.90 to a charity
and pay $1,000 for late disclo-
sures, the Ethics Committee said
in a report released Tuesday.
A spokesman for Mr. Caw-
thorn didn’t respond to a request
for comment. It’s unclear if he
profited from the investment.
—Natalie Andrews
OREGON
.
ruled that Oregon’s new voter-
passed ban on high-capacity gun
magazines can go into effect
Thursday, but placed a 30-day
hold on a permit-to-purchase re-
quirement after local and state
law-enforcement agencies said
they couldn’t have a permitting
system ready in time.
U.S. District Judge Karin Im-
mergut didn’t prevent the per-
mit-to-purchase mandate from
taking effect once the permit-
ting system was worked out.
Gun-rights groups have sued,
saying the law violates the con-
stitutional right to bear arms.
—Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, December 7, 2022 | A7

WORLD NEWS
Moscow Says Drones Hit Third Airfield
Strike follows similar
attacks on Russian
bases hundreds of miles
from Ukrainian border

ADMINISTRATION OF THE KURSK REGION OF RUSSIA/ASSOCIATED PRESS

BY YAROSLAV TROFIMOV

KYIV, Ukraine—Russia said

drones struck an airfield in
the city of Kursk on Tuesday,
igniting a fuel-storage facility,
in what Moscow said was the
third long-range attack by
Ukrainian forces on its air
bases in two days.
The attack on the Kursk air-
port, which was closed to civil
aviation after Russia invaded
Ukraine in February, followed
Monday’s strikes on Russian
strategic-bomber bases in En-
gels and Diagilevo. Both bases
are hundreds of miles from Smoke rises from an airfield in the Russian city of Kursk in this photo from the local government. The airport was closed to civil aviation after Russia invaded Ukraine.
Ukrainian-controlled territory.
Kursk is about 65 miles from “internal security,” according day’s attacks on Engels and Di- two schools in the area, said the attempt to create a humanitar- day blackout caused by the
the Ukrainian border. to state media. agilevo were carried out with region’s governor, Roman Staro- ian crisis and force Kyiv into barrage on Nov. 23.
The Ukrainian government While Kyiv lacks the kind of Soviet-designed jet drones, voyt. There were no casualties peace talks that would leave Britain’s Ministry of Defense
usually refrains from claiming long-range missiles Moscow has without providing more de- from Tuesday’s strike, he said. Moscow in control of occupied said Tuesday that the attacks on
attacks on Russian territory, and rained on Ukraine, Western offi- tails. Tu-141 Strizh reconnais- Russian news channels and Ukrainian territory, analysts Engels—the main operating base
hasn’t commented on this cials say that Kyiv has partially sance drones, designed in the military analysts said Russian say. Monday’s strikes came of long-range aviation in west-
week’s strikes. On Monday, offset that asymmetry with at- 1970s and originally manufac- air defenses Tuesday repelled just hours before the latest ern Russia—and on Diagilevo
Ukrainian officials hinted that tacks on strategic targets deep tured in Ukraine, have a range another Ukrainian drone at- such barrage of more than 70 would be considered by Moscow
their weapons were capable of in Russian territory. Those in- of hundreds of miles. If outfit- tack on the Belbek military air cruise missiles launched by as “some of the most significant
reaching that far. Russia’s Minis- clude the October strike against ted with a modern warhead base in occupied Crimea. Russia’s strategic bombers and failures of force protection since
try of Defense said Monday’s at- the bridge linking Russia to Cri- and navigation system, they es- There was no independent evi- from Black Sea Fleet vessels. its invasion of Ukraine.”
tacks killed three service mem- mea and the August destruction sentially function like a cruise dence of that incident. Ukraine said that it inter- Meanwhile, 60 Russian sol-
bers and damaged two aircraft. of several military aircraft at missile, military analysts say. Russia has relied heavily on cepted more than 60 of those diers and 60 Ukrainian sol-
Russian President Vladimir the Saki air base. In Kursk, firefighters were its strategic aviation to lob missiles, which killed four diers were exchanged Tuesday,
Putin on Tuesday gathered his It couldn’t be established trying to extinguish the blaze at cruise missiles at Ukrainian people, and that the impact on said Russia’s defense ministry

.
national security council for a what weapons were used in the airfield Tuesday, and classes cities, targeting the country’s its electricity supply was lim- and the chief of Ukraine’s
meeting on how to guarantee these raids. Russia said Mon- were canceled for the day at electricity infrastructure in an ited compared with the multi- presidential staff.

Hungary Blocks Plan to Raise $18.9 Billion for Ukraine
BY LAURENCE NORMAN contribution to help Kyiv pay
for basic services. The EU
us ,
ly
on
raise the funding itself, rather and failure to properly audit tied the unfreezing of some of over backing for Ukraine. Mr.
than canvass member states, and oversee EU money. its money to approving the Orban has maintained cordial

European Union finance min- came under U.S. and Ukrainian an approach that would make Hungary has said it has no commission’s plan. On Tuesday, ties with Russian President
l

isters failed to agree on provid- pressure to increase its eco- regular bloc payments easier. objection in principle to the the finance ministers postponed Vladimir Putin.
e
al a

ing $18.9 billion of vital eco- nomic assistance and ensure The push to increase EU as- loan for Ukraine but argued votes on the Ukraine funding German Finance Minister
nomic assistance for Ukraine the consistency of its aid. sistance to Ukraine has become that assistance should be pro- and on freezing €7.5 billion in Christian Lindner said the 26
next year, with Hungarian Prime EU member states’ squab- embroiled in the fight between vided by individual EU mem- regular EU budget money for other EU nations and the Euro-
ci on

Minister Viktor Orban’s govern- bles over who should provide
ment for now stymieing efforts Ukraine with loans and grants
to secure the loan through com- mean the bloc is likely to fall
mon EU debt issuance. billions short of its promised
The promised assistance of help. The European Commis-
er s
Brussels and Hungary over fro-
zen EU funding for Mr. Orban’s
government. The EU has halted
or proposed freezing more
than €13 billion in cash for
ber states, as was the case this
year. Hungarian officials say
they object to the EU raising
the funds by issuing common
debt in the financial markets.
Budapest and giving provisional
approval for Hungary to even-
tually access nearly €11 billion
in pandemic-recovery funds.
The spat with Hungary
pean Commission should look at
their options. One possibility,
diplomats said, would be for the
26 nations to agree to national
guarantees to underpin the loan,

18 billion euros is envisioned sion, the EU’s executive body, is Hungary because of concerns EU officials and diplomats comes amid growing tensions which could remove Hungary’s
as a critical part of the West’s seeking approval for a plan to about democratic backsliding say Hungary unofficially has between Budapest and Brussels ability to block the decision.
m er

Blinken Says Goal Is to Push

m rp

Russia Back to Prewar Lines Luxe Links

for Your Wish List
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BY WILLIAM MAULDIN

WASHINGTON—The U.S.
priority is helping Kyiv drive
Russian forces out of Ukrainian
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the invasion in February, Sec-
retary of State Antony Blinken
said, leaving to Kyiv a future
decision on whether to press
the fight on to the Russian-oc-
cupied Crimean Peninsula and
eastern Donbas region.
n-

“Our focus is on continuing

RALPH ALSWANG FOR THE WALL STREET JOURNAL

to do what we’ve been doing,

which is to make sure that
Ukraine has in its hands what
no

it needs to defend itself, what

it needs to push back against
the Russian aggression, to
take back territory that’s been
seized from it since Feb. 24, to
make sure as well that it has
the support economically and
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withstand what’s happening in
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Mr. Blinken told the WSJ CEO Secretary of State Blinken says Kyiv can press for more territory.
Council Summit late Monday.
The chief U.S. diplomat was On Tuesday, Mr. Zelensky Ukrainian ground forces reach
referring to the current battle visited troops fighting in the Crimea or the eastern Donbas
over territory taken from Donbas region and once again regions occupied by Russia
Ukraine since Feb. 24, a senior pledged to retake the territory and separatist leaders in 2014.
State Department official said, from Russia along with Cri- A separate issue under de- Handcrafted in textured and
adding that how far Ukraine mea. But Mr. Zelensky hasn’t bate is whether Ukraine
pushes south and east is a fu- discounted the possibility of should attack Crimean or Rus- polished 14kt yellow gold with
ture decision for Kyiv. taking back Crimea by diplo- sian targets with missiles in
“For us, the No. 1 principle matic means. Asked in an in- an effort to destroy Russian a stylishly oversized springring
is nothing about Ukraine with- terview with Reuters on Sept. vehicles, planes and materiel, clasp, our 1⁄2" wide oval-link bracelet
out Ukraine,” Mr. Blinken told 17 whether Ukraine can retake or to apply military pressure
Wall Street Journal Editor in the peninsula, he said “there’s on Russian territory after makes a gorgeous holiday gift for
Chief Matt Murray at the no other way.” Moscow’s widespread attacks
event. “And that means that “It may turn out that Crimea on Ukrainian infrastructure. yourself or someone special.
fundamentally Ukrainians are will be returned by diplomatic Ukrainian drones hit two
making the decisions about means. It is clear that people in Russian air bases on Monday,
where they want to go.” Ukraine prefer diplomatic ways Russia’s Defense Ministry said, Available in 7" $1,195 and 8" $1,350
Ukraine has insisted from of solving this question,” he while Ukrainian officials hinted
the outset of the war that it said. “What circle of people at a capability to strike deeper Shown larger for detail.
will recapture all of the terri- will discuss this question and within Russian territory. The
tory it has lost to Russia, in- when this will happen, I can’t U.S. secretly modified the ad-
cluding parts of the Donbas tell you right now.” vanced Himars rockets it gave
region controlled by Moscow The debate over what Kyiv Ukraine so they can’t be used
since 2014 and Crimea, an- should retake is largely aca- to fire long-range missiles into
nexed the same year. demic now. Though Ukrainian Russia, U.S. officials said.
“Russia began its crazy ag- forces have recaptured the re- Some Western officials said
gression in 2014 specifically gional capital Kherson and ter- Tuesday that the status of Cri-
from Crimea. It was the pro- ritory in western Donbas, mea and the Donbas should be
logue to full-scale war,” Ukrai- without an effective navy or up for negotiation in eventual
nian President Volodymyr Zel-
ensky told the Crimea Platform
dominant air force they won’t
be able to reoccupy Crimea
talks between Moscow and
Kyiv. The U.K. feels the abso-
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when the Ukrainian flag is once Only after recovering the it to withdraw to positions that Item #952753
again in its lawful spot: in the recently conquered territory it occupied on Feb. 23, before
towns and villages of Crimea.” south and east of Kyiv could the reinvasion, officials 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.
A8 | Wednesday, December 7, 2022
Putin Mobilizes Economy for War Oil Cap
Leads to
As battle losses mount,
Russian president
enlists more private
companies to aid effort
After a string of battlefield
losses in Ukraine in recent
months, President Vladimir
Putin faces a big test at home:
mobilizing Russia’s economy
to feed the war effort.
By Georgi Kantchev,
Yuliya Chernova
and Stephen Fidler
Russian officials have criss-
crossed the country to increase
production and replenish dwin-
dling stockpiles of missiles and
other munitions. State budget
data from the Russian Ministry
of Finance shows defense ex-
penditures rising this year by
around 30% compared with
SPUTNIK/EPA/SHUTTERSTOCK
2021 to around $78 billion and
increasing further next year to
around $82.5 billion.
As the contours of Russia’s
war economy take shape, the
state has compelled some pri-
vate enterprises to take part.
Mr. Putin established a special
council made up of top tech-
nocrats with broad powers to
require private businesses to
produce equipment for the
army. Napkin makers and up-
holstered-furniture producers
are now making balaclavas,
boots and first-aid kits.
But increasing military out-
put—and quickly—is difficult,
analysts and Western officials
say. The efforts have taken on
outsize importance as Russia’s
key source of revenue, oil
sales, has become imperiled by
low prices, Western embar-
goes and a new price cap on
Russian crude.
“It is impossible to increase
arms manufacturing for the
Russian armed forces signifi-
cantly,” said Pavel Luzin, an
expert on Russia’s military and
a visiting scholar at Tufts Uni-
versity.
Western sanctions have cut
limited access to some key high-
technology weapons compo-
Supply-Chain Issues Slow Global Arms Sales
BY DOUG CAMERON
Supply-chain snarls are
threatening to break a seven-
year run of rising global arms
sales, even with increasing de-
mand from the war raging in
Ukraine and simmering Tai-
wan-related tensions.
Sales by the world’s 100
largest defense companies
rose 1.9% last year to $592 bil-
lion, slowing from prepan-
demic levels and led by gains
among suppliers in Europe and
Asia, according to the Stock-
holm International Peace Re-
search Institute, a think tank.
U.S. companies fill the first
no
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Russian officials in October visited the Uralvagonzavod, the country’s largest tank manufacturer, to discuss speeding up production..
nents, and military analysts say
Russia has had only limited suc-
cess in developing domestic
production to substitute for im-
ports. Manufacturers in other
industries can’t quickly retool
supply chains and production
lines to make military hardware.
At the same time, the coun-
try’s demographic crisis and a
post-invasion exodus to other
countries means weapons fac-
tories are short of workers.
Russia has lost thousands
of tanks and armored vehicles
in the fighting and has turned
us ,
to Iran and North Korea for
l
help with armaments and am-
e
al a
munition.
“It takes a while to ramp up
production, even if you have a
ci on
hot production line,” said John
Parachini, a senior international
defense researcher at Rand
Corp. “What they’re producing
at the moment is not what’s
er s
proving to be successful on the
m er
m rp
five spots in the top 10 rank-
ing, with China taking four
spots, a sign of the latter’s
crash military modernization
as well as consolidation
co Fo
among its state-controlled
suppliers. Sales at Norinco,
China’s biggest defense com-
pany, rose 11% last year.
Revenue at the largest U.S.
companies in the ranking fell
last year as parts and labor
shortages started to bite in the
fall, challenges that many ex-
ecutives expect to linger well
into 2023.
The slowdown in sales amid
an increase in demand illus-
n-
trates the paradoxical nature of
SICapitalGroup.com
NY
WORLD NEWS
battlefield, which is short-range
missiles and drones.”
The conflict in Ukraine pres-
ents “an additional burden to
some of our military producers,”
a spokesman for the Kremlin
said. “But all the requests of the
Russian Ministry of Defense are
Moscow has lost
on
thousands of tanks
and armored
vehicles in battle.
being fulfilled 100%,” he said.
“We don’t see any problems.”
Russia’s defense industry
was shattered after the collapse
of the Soviet Union in 1991. Mr.
Putin has tried to rebuild it
since the mid-2000s. He rena-
tionalized enterprises and
the current arms market, and
speaks to the larger challenges
of an industrial base geared to
peacetime production. While
Ukraine’s allies have pumped
billions of dollars of existing
arms stocks into the country,
worker and supply-chain chal-
lenges, as well as obsolete
components, are hampering ef-
forts to refill inventories.
Sales among North Ameri-
can defense companies fell
0.9% last year from a year ear-
lier, according to Sipri. Lock-
heed Martin Corp., the
world’s biggest defense con-
tractor by sales, doesn’t ex-
pect its annual revenues to
Relentless Strikes Rattle Kherson Residents
BY YAROSLAV TROFIMOV
KHERSON, Ukraine—Like
many of her neighbors, Yanina
Deychenko was thrilled when
Ukrainian forces returned to
Kherson on Nov. 11, ending a
nine-month Russian occupation.
But the Russians didn’t go
very far. Operating from posi-
tions across the wide Dnipro
River, they have started to
shell Kherson’s residential ar-
eas, inflicting the worst dam-
age that the southern city has
suffered since the war began.
On Saturday, a Russian pro-
jectile wrecked Ms. Dey-
chenko’s home. Another sev-
ered her neighbor’s legs.
Eight months pregnant, Ms.
Deychenko headed to the rail-
way station, waiting for an
train to central Ukraine. “We’ve
held out here long enough, but
now the jokes are over,” she
said. “Delivering the baby here,
in these conditions? No way.”
Anna Nazarova’s high-rise
apartment block also was dam-
aged in shelling over the week-
end. “My whole body is shak-
ing, and I’ve even started to
stutter,” she said as she sat at
the train station. Nearby, ambu-
lance workers carried stretch-
ers with residents too sick or
too old to move on their own.
“It’s scary. There are only two
families left in my entire nine-
story apartment tower. Kherson
is becoming a ghost town.”
Home to 300,000 people be-
fore the Russian invasion,
Kherson fell without much of a
fight in the first days of the
brought the industry under the
control of a major holding com-
pany called Rostec, which con-
trols more than 800 companies.
Ramping up military output
and helping the army has now
become a national goal.
There are signs that produc-
tion for the military has in-
creased this year.
But the industry faces a
manpower problem. The mili-
tary-production complex,
which employs around two
million people, lacks 400,000
people, Deputy Prime Minister
Yuri Borisov said in June,
state newswire TASS reported.
Russia’s defense industry,
meanwhile, struggles with cor-
ruption and inefficiencies. In
October, the head of the anti-
corruption committee and the
chairman of the defense com-
mittee in Russia’s Duma sent a
request to the country’s prose-
cutor general to investigate
rise until 2024 as it works
through logistics and worker
challenges.
“Increasing output takes
time,” said Diego Lopes da
Silva, a senior researcher at
Sipri. “If supply-chain disrup-
tions continue, it may take
several years for some of the
main arms producers to meet
the new demand created by
the Ukraine war.”
Lockheed and second-
ranked Raytheon Technolo-
gies Corp. jointly produce in-
demand Javelin antitank
missiles, but they expect it
will take two years to double
output that is now at around
A woman collects items from her destroyed home in Kherson.
war, and was spared the kind
of destruction that Moscow
visited on cities that have re-
mained under Ukrainian con-
trol. As Ukraine fought back
for Kherson, it hit Russian tar-
gets with high-precision Hi-
mars artillery systems, focus-
ing on logistics chokepoints.
That squeeze forced the Rus-
sian military to withdraw with-
out urban combat last month.
On the way out, the Rus-
sians looted broadly from the
Kherson museum collection to
nozzles at gas stations. They
blew up the electricity infra-
structure, leaving the city
without power or water.
Moscow, which declared
Kherson to be part of Russia
two months ago, pressed civil-
ians to relocate to Russia, an
offer most residents declined.
In recent days, as Ukraine
gradually restored services in
* *** THE WALL STREET JOURNAL.
Tanker
Traffic Jam
BY JULIE STEINBERG
AND COSTAS PARIS
More than a dozen massive
oil tankers were stuck near the
exit to the Black Sea, the first
noticeable disruption to global
energy markets after the West
imposed a price cap on Rus-
sian crude.
The bottleneck in the Turk-
ish Straits, a chokepoint in
global shipping, stemmed from
a dispute between a group of
maritime insurers and Turkish
authorities. It illustrates the
potential snags caused by
novel sanctions that came into
effect this week, even though
the sanctions were designed to
keep Russian oil flowing to the
global market. For now, trad-
ers say the backup isn’t suffi-
ciently large or long lasting to
affect broader oil markets.
Traders and shipowners
said the blockage could boost
oil prices and shipping rates if
the dispute isn’t resolved
why the Defense Department soon. The blockage is tying up
couldn’t properly outfit the shipping capacity when tanker
mobilized troops given it was markets are already stretched.
fully financed to do so, state The rewiring of Russian oil
media reported. flows recently contributed to a
The Kremlin spokesman surge in the cost of moving
.
said the military-production crude between continents.
complex has the strictest anti- The sanctions order Western
ly
corruption measures of any insurers not to cover Russian oil
sector of the economy. cargoes if the price is above $60
Russia’s drive to publicly a barrel. In the run-up to their
put the economy on a war
footing marks a shift. The
Kremlin initially sought to
shield the domestic population
imposition, Turkey demanded
that a key group of insurers
guarantee coverage through its
waters, according to insurers
from events in Ukraine. But and a copy of the notice seen by
Mr. Putin’s decision to mobi- The Wall Street Journal.
lize some 300,000 men was The dispute revolves around
marred by complaints of short- a form of cover known as pro-
ages of weapons, clothes and tection and indemnity insur-
lack of provisions. Mr. Putin ance. P&I covers against liabil-
himself has acknowledged the ity from third parties, as in the
shortcomings and has asked cases of collision or pollution,
the Ministry of Defense and and is vital to the movement
other agencies to solve them. of tankers around the world.
—Kate Vtorygina Russia has long relied on
contributed to this article. European insurance and rein-
surance to move its oil.
Turkey’s Ministry of Trans-
port and Infrastructure in mid-
November sent a notice to P&I
clubs saying ships moving
crude oil through the Turkish
400 a month. straits from the beginning of
Defense companies are December would be asked to
seeking more certainty that present letters from their in-
increasing production now surers. The Turkish govern-
won’t leave them with excess ment wanted the letters to con-
capacity at a later date. firm that insurance cover
Jim Taiclet, Lockheed Mar- would still apply in case of an
tin’s chief executive, said at a accident, even if sanctions were
recent industry conference breached by the ships, said
that munitions production people familiar with the dis-
needs to rise by two standard pute. The International Group
deviations—effectively dou- of P&I Clubs said clubs
ble—from peacetime levels. shouldn’t issue such letters, ac-
Greg Hayes, chief executive cording to Gard P&I (Bermuda)
at Raytheon, said Ukraine has Ltd., a Norway-based P&I club.
burned through five years of Turkey’s Ministry of Trans-
Javelin production since Feb- port and Infrastructure didn’t
ruary and 13 years worth of respond to a request to com-
Stinger antiaircraft missiles. ment.
than one-quarter of the prewar
population, many of them re-
cent refugees from villages that
were flattened by fighting, Mr.
Samoylenko said. The river that
divides the city from its suburbs
MANU BRABO FOR THE WALL STREET JOURNAL
has become an impassable fron-
tier between the two worlds,
separating countless families.
While Kherson officials es-
timate that thousands of city
residents escaped to safer
parts of Ukraine or to Europe
in recent weeks, some locals
are determined to stay even
after a close brush with death.
Two Russian projectiles hit
on both sides of Viktoria
Ivanova’s home last month,
one jolting her son Askold in
Kherson, including electricity, his room and another causing
mobile internet, banking and the ceiling to collapse onto her
scheduled passenger trains, bed. Ms. Ivanova, a pediatri-
Russian forces intensified their cian and amateur pianist, said
shelling of the city, aiming to she was saved by a piano that
render it unlivable. At least 19 prevented the ceiling from
people have been killed and 39 crushing her. On Sunday, they
injured since Nov. 11, according searched for valuables in the
to the Ukrainian regional admin- rubble of their former home.
istration. The sound of artillery “This is all we have left,”
and multiple-launch rocket sys- said Ms. Ivanova, 65 years old.
tems is heard nearly constantly. She and her son now live as
“The aim of these criminals guests in a friend’s apartment.
is to hurt as much as possible “We’re not going anywhere
our people, people who refused from Kherson. This is my home-
to submit to them and who town, I was born here, and I
showed that they want to be will always stay here,” she said.
part of Ukraine. They are try- Resident Dima Pshenychny
ing to force as many people as has mixed feelings about Kher-
possible to leave their homes,” son’s future. “It’s very pleas-
said Oleksandr Samoylenko, ant to see our own boys, our
the head of the Kherson re- own government and the fa-
gional council, which was miliar faces back in town,” he
elected before the war. said. “But it is also clear that
Between 60,000 and 70,000 the enemy won’t relent. And
people remain in Kherson, less that is frightening.”
 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, December 7, 2022 | A9

WORLD NEWS

Indonesia Bans
Sex Outside
Of Marriage
Overhaul of criminal nal term ends in 2024. Indone-
sia’s minister for law and hu-
code also empowers man rights, Yasonna Laoly,
state to punish people said Tuesday that Mr. Widodo
supports the legislation. Mr.
for blasphemy Laoly said it could take up to
three years for the new rules
JAKARTA, Indonesia—Law- to take effect.
makers approved an overhaul Under the new rules, au-
of Indonesia’s criminal code thorities will recognize cus-
that gives the state sweeping tomary laws, which human-
new powers to punish people rights advocates say could be
interpreted as officially legiti-

WILLY KURNIAWAN/REUTERS
By Feliz Solomon mizing the strict Shariah law
and Ismira Lutfia observed in some areas of In-
Tisnadibrata donesia. A section on blas-
phemy was also broadened,
for offenses such as blasphemy giving authorities more scope
and sex outside of marriage, in to prosecute people on reli-
the latest sign of a conserva- gious grounds. The revised
tive shift in the world’s most code will criminalize apostasy, Indonesian Minister of Law and Human Rights Yasonna Laoly, right, receives the new criminal code report Tuesday in Jakarta.
populous Muslim nation. or the renunciation of religion,
Parliament unanimously ap- while also making it a crime to itation will be banned. The remotely. Indonesia’s gross do- pact,” Mr. Kim said. ernment. The group lobbied for
proved a bill on Tuesday that instigate or force another per- rules state that unmarried mestic product shrank by 2.1% Efforts to revise Indonesia’s an even stricter version of the
replaces parts of the country’s son to denounce their faith. people who live together as in 2020 and grew by 3.7% in criminal code have been under current bill, calling in October
existing code, created under “Most countries in the couples could face up to six 2021, much slower than its way for decades but gained for harsher punishments for
Dutch colonial rule in the early world are either not enforcing months in prison for cohabita- prepandemic trajectory. momentum in recent years cohabitation and adultery. The
1900s. The new rules, which ap- or scrapping blasphemy laws, tion and up to a year for con- U.S. Ambassador to Indone- amid lobbying by influential group has also lobbied to crim-
ply to Indonesians and foreign- but Indonesia is expanding sensual sex, according to a sia Sung Kim said the criminal religious groups. According to inalize homosexuality.
ers, also make it a crime to in- them,” said Andreas Harsono, draft of the bill published on- code would “loom large within Mr. Harsono, Indonesian Vice Human-rights groups have
sult the country’s head of state the Indonesia researcher for line. It limits who can make ac- the decision matrix” of compa- President Ma’ruf Amin was in- said the new rules could po-
and government institutions. Human Rights Watch. He said cusations to family members. nies considering investing in strumental in moving the bill tentially be used to target the
Supporters of the move say the government and the public With the new rules applying the country. Speaking at a forward after the government’s lesbian, gay, bisexual and
revising the code was long over- have become increasingly con- to foreigners, the changes U.S.-Indonesia investment attempts to pass a similar draft transgender community. Same-
due, while critics say the provi- servative as the country has could put a damper on the summit as the bill’s passage in 2019 triggered mass protests sex marriages aren’t recog-

.
sions themselves risk undermin- democratized over the past country’s slow recovery from was unveiled, Mr. Kim said the led by student activists. nized in Indonesia, ostensibly
ing the country’s efforts to be two decades. “The thing is, the Covid-19 pandemic, which rules could result in less in- Before becoming vice presi- making gay acts illegal by vir-

ly
seen as a moderate Muslim-ma- these kinds of laws can’t be devastated tourist hubs such vestment and tourism. dent, Mr. Amin served as chair- tue of being extramarital. Lon-
jority democracy and a destina- enforced broadly, but they as the resort island of Bali. The “We remain concerned that man of the Indonesian Ulema don-based advocacy group
tion for global investment. provide avenues for selective government has said it wants morality clauses attempting to Council, an influential group of Amnesty International also
The bill awaits the signa-
ture of President Joko
Widodo, whose second and fi-
enforcement, for instance to-
wards political opponents.”
Extramarital sex and cohab-
on to rebuild its tourism industry
and become a home for “digital
nomads,” or people working
regulate what happens in a
household between consenting
adults can have a negative im-
Islamic clerics that operates
independently but was created
by and is funded by the gov-
warned that the rules could be
used against victims of sexual
assault.
us ,

Meta Ads mission to issue public orders Facebook's quarterly daily sent from users for targeted and data privacy at Mayer sions is a concept called con-
l

that reflect its decisions, along active users ads, or to offer them a chance Brown. “What we’re seeing tractual necessity. The GDPR
e
al a

with significant fines, the peo- to opt out. The company de- now is a more sharpened ap- mostly forbids companies from
2.0 billion

Face Curbs ple added. Ireland is Meta’s

main privacy regulator in the
clined to say what it might do.
Any impact of the decision
proach from regulators toward
behavioral tracking,” Ms. Shel-
forcing users to turn over per-
sonal information in order to
ci on

U.S./Canada
bloc because it is the site of would come on top of the hit ton Leipzig said last month. use their services. One excep-

In Ruling Meta’s European headquarters.

Meta will also be able to
appeal the Irish decision, as
1.5
Europe Meta took when Apple Inc. last
year required iPhone app de-
velopers to ask users whether
The EU’s General Data Pro-
tection Regulation started be-
ing enforceable in 2018, and
tion is when that information is
necessary to execute a con-
tract: A food-delivery app
well as the EU decision. they want their usage to be enforcement has ramped up in needs your home address to
er s

Continued from Page One “This is not the final deci- Rest of world tracked. Many iPhone users de- the past year and a half. Ama- deliver that pizza you ordered.
ing ads based on data from sion, and it is too early to 1.0 clined that tracking, cutting off zon.com Inc. was fined about Meta decided to rely on that
m er

other websites and apps. But it speculate,” a Meta spokesman Meta from a significant source $786 million last year in Lux- contractual provision of the
hasn’t given any such option said. “We’ve engaged fully of data it used to target ads. embourg for violations related GDPR when it went into effect
for ads based on data about with the DPC on their inqui- The company said the change to its advertising, a decision it in 2018, leading to complaints
user activity on its own plat- ries and will continue to en- 0.5 cut its revenue 8% in 2021. is appealing. from Austrian privacy activist
forms—such as which videos gage with them as they final- The EU decisions showcase Ireland, for its part, has Max Schrems. The Irish pri-
m rp

an Instagram user watches. ize their decision.” Asia-Pacific what privacy lawyers describe fined Meta more than vacy regulator initially agreed
If any significant portion of The company has previ- as a growing willingness by $900 million in four other with Meta that the company
its users opts out of such tar- ously argued that tailoring the 0
the bloc’s regulators to curb cases in the past 15 months, can use that provision of the
geting, Facebook and Insta- ads it sells based on data it what is often called “behav- and it currently has 10 addi- GDPR, according to a copy of
gram would end up with less has about users’ online behav- 3Q 2020 ’21 ’22 ioral advertising.” That busi- tional inquiries into the com- one of its draft decisions that
co Fo

information with which to ior is a necessary part of the Source: the company ness, worth tens of billions of pany. Meta is still appealing was leaked last year.
build audiences for the per- personalized service it offers. dollars a year, entails showing two of those decisions and con- But at least 10 EU privacy
sonalized ads that analysts It has also said it has options senting all EU privacy regula- users digital ads that are tar- sidering an appeal in the most regulators had objections to
and people close to the com- for users to control how it tors, confirmed that the board geted based on profiles and in- recent. The company’s Irish its decisions. Their disputes
pany say make up the bulk of uses their data. made decisions Monday, but ferences drawn from those us- subsidiary had as of Dec. 31, ended up before the European
its revenue. A spokesman for Ireland’s declined to comment on their ers’ digital activity. 2021, allotted nearly 3 billion Data Protection Board, of
The board’s rulings Monday, Data Protection Commission substance. A new privacy law in Cali- euros, or about $3.15 billion, which all EU privacy regula-
which haven’t yet been dis- said it would be inappropriate An eventual decision from fornia also allows users to opt for privacy fines in the EU, up tors are members. The board
closed publicly, don’t directly to comment on the content of the Irish DPC likely wouldn’t out of what it calls cross-con- by €1.97 billion from a year overruled Ireland’s position
order Meta to change prac- the decisions. A spokeswoman specify how Meta has to com- textual behavioral advertising, earlier, according to a recent and ordered it to issue dissua-
tices, but rather call for Ire- for the European Data Protec- ply. But if the ruling is upheld, said Dominique Shelton Leip- Irish corporate filing. sive fines, the people familiar
land’s Data Protection Com- tion Board, the body repre- it could lead Meta to seek con- zig, partner for cybersecurity At issue in the Meta deci- with the decisions said.
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.
Edmonton 10s <0 1 2 3 4 5 6 7 8 9 10 11 61 Vetoes, as a 24 16:9 displays
10s 30s -0s 20s deletion 25 Cornflower kin
no

Vancouver 10s 0s 0s 0s 12 13 14 15
20s Calgary
r 30s 62 Fourth person
Winnipeg
10s
16 17 18
26 Hit from a spray
40s Seattle 20s 40s
20s 63 Match makeup hitter
Portland Montreal 19 20 21 22
Helena 30s 64 Owns 27 Not divided into
Bismarck 30s
30s Billings
0s 10s Ottawa Augusta 40s 23 24 parts
Eugene
Boise
Down
20s 30s Toronto Albany Boston 50s 28 “The Candy
Pierre Mpls./St. Paul
30s
Buffalo 50s 25 26 27 28 29 30 31 32 1 Yachting danger
Milwaukee Detroit Hartford 60s House” novelist
Sioux Falls
40s Cleveland w York
New 33 34 35
2 Staff leader Jennifer
50s Reno 20s Salt Lake City Des Moines 70s
Cheyenne 50s
Sacramento
Omaha Chicago Pittsburgh Philadelphia 80s 3 Remote location? 29 Mill into lumber
Denver 40s Springfield 36 37 38
San Francisco 30s Kansas Indianapolis Charleston Washington D.C.
90s 4 Preferred
Colorado
Springs
Topeka
City Richmond 39 40 41
31 Nap time
20s St. Louis Louisville 100+ candidate for a nuisance
Las 40s Wichita 50s 60s
Los A
Angeles Vegas Santa Fe
50s Raleigh
42 43 44
state delegation
Oklahoma City
i Nashville Charlotte 32 Quito location
Phoenix 60s Memphis Atlanta Columbia 5 Wipe out
San Diego 60s 50s Albuquerque 45 46 47 35 Emergency
Tucson
Little Rock 70s Warm Rain 6 Season in Savoie
Dallas Birmingham chopper trip
El Paso Jackson 48 49 50 51 52 53 54
60s Ft. Worth Jacksonville 7 Throw some
80s Mobile
70s
Cold T-storms 38 They’re really
0s
70s Austin
Houston Orlando 55 56 57 58 back outstanding
New Orleans Stationary
20s 10s 80s
80s San Antonio Tampa 80s
Snow 59 60 61 8 It might involve 40 Runs in
Anchorage Honolulu Miami a battering ram
30s 70s Showers Flurries 62 63 64 43 Tiger tot
40s 9 Ingredient for
cooks and 44 Safari runner
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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.
A10 | Wednesday, December 7, 2022
Cookie
Fight
Heats Up
Continued from Page One
cookie startup Dirty Dough in
May, alleging the rival ripped
off the whimsical designs of
its cookies and packaging.
As proof, Crumbl inserted
side-by-side photos of its
cookies and Dirty Dough’s, in-
cluding ones showing similar
icing swirls and sprinkle ar-
rangements. It also alleged
Dirty Dough copied the look of
its logo, which includes a
cookie with a bite out of it. In
a subsequent filing, Crumbl al-
leged Dirty Dough got a hold
of its secret cookie recipes.
Companies typically take a
more discreet—dare say,
cookie-cutter—approach to lit-
igation, with public statements
kept to a minimum. Bennett
Maxwell, owner of Dirty
Dough, said he scrapped that
playbook when he saw the
Russians
Take Farms
In Ukraine
Continued from Page One
Ukraine that Russia’s military
occupies, Russia has moved to
consolidate control, pushing its
currency and school curriculum
onto the local populace. At the
same time, politically con-
nected Russian oligarchs and
companies have quietly moved
in to make money.
“Russia is taking over the
economy in occupied territories
and using that control to help
control the whole area,” said
Dmitry Skorniakov, CEO of
Ukrainian agricultural company
HarvEast Holding.
HarvEast land became the
focus of a feud in May between
armed groups, including one
from the Russia-backed local
administration and one from
Agrocomplex, Mr. Skorniakov
said farm employees told him.
They described shots being
fired in the air.
In the end, workers told Mr.
Skorniakov, HarvEast’s land
was split into three tranches,
with 100,000 owned or rented
acres in Donetsk province
handed over to Agrocomplex.
Another Ukraine farming
company, Nibulon Ltd., has lost
50,000 acres to land seizures,
according to its chief executive,
Andriy Vadaturskyy. He said he
believes that Agrocomplex now
farms this land.
A third Ukrainian company,
Agroton Public Ltd., accused
Agrocomplex of taking 250,000
acres.
Agrocomplex didn’t return
repeated emails and calls seek-
ing comment. Mr. Tkachev
couldn’t be reached.
Land seizures threaten to
put a large portion of one of
no
the world’s biggest grain har-
vests under Russian control.
The moves stand to in-
crease Moscow’s global eco-
nomic leverage, particularly in
developing nations that have
long relied on Ukrainian and
Russian grain for food.
Kremlin spokesman Dmitry
Peskov said in a telephone
press conference in October
that assets in regions where
Russia has taken control could
be transferred to Russian juris-
diction. The Kremlin press ser-
vice said in an emailed reply to
questions that eastern Ukrai-
nian areas now are part of Rus-
sia. Farm owners can claim
their rights according to the
laws of Russia, it said.
The taking of farmland—as
described by Ukrainian intelli-
gence, executives at agriculture
companies and workers who
said they witnessed it—began
soon after Moscow established
civil administrations in occu-
pied parts of eastern Ukraine,
and has unfolded in a consis-
tent, systematic way.
First to lose their land were
owners who served in Ukraine’s
military or civil service and
owners who lived outside of
the region.
The initial step was a visit
from officials connected to the
Donetsk People’s Republic or
the Luhansk People’s Repub-
lic—proxy statelets established
when a Russia-backed separat-
ist movement took control of
some areas of Ukraine in 2014.
Starting around March, invad-
ing Russian forces expanded
those proxy statelets, which
Moscow has since declared to
be part of Russia.
cookie photos in the com-
plaint. “That was the thing
that stuck out,” he said, accus-
ing Crumbl of being a bully. “I
was like, ‘Are you kidding me?
They think they own the
cookie with sprinkles?’ ”
Dirty Dough put up bill-
boards in Salt Lake City pok-
ing fun at the lawsuit. “Cook-
ies so good we’re being sued!”
one said. In the summer, the
company started posting satir-
ical videos online depicting
the greedy executives of a fic-
titious cookie corporation that
tries to wipe out competition
with legal action. In one, the
executives issue a cease-and-
desist order to kids selling
baked goods in a makeshift ki-
osk outside their home.
The lawsuit and responding
media blitz have helped Dirty
Dough sell franchises, Mr.
Maxwell said. Crumbl isn’t
laughing. Its lawyer told a
judge in a filing that Dirty
Dough has “spent their time
and resources making videos
mocking and disparaging
Crumbl and this lawsuit.”
“Defendant’s cavalier ap-
proach must stop,” the lawyer
added.
on
us ,
l
e
al a
ci on
Politically connected Russian oligarchs and businesses have moved into occupied Ukrainian territory to make money. Ukrainian farm operators say they have lost some
400,000 acres of farmland to Agrocomplex, the family company of a former Russian agriculture minister, Alexander Tkachev, below.
Donetsk and Luhansk offi-
cials, sometimes in groups car-
er s
rying guns, would visit local
farms with a message: They
m er
were in charge now.
In some cases, farmers were
threatened if they didn’t con-
tinue working. Representatives
of the occupation government
m rp
coerced Ukrainian landowners,
sometimes at gunpoint, to re-
write contracts, including own-
ership deeds, to conform with
Russian, not Ukrainian, law,
co Fo
said those familiar with the
process.
In certain cases, landowners
were allowed to keep their
farms, but new contracts said
70% of the harvest would go to
Russia or to Donetsk People’s
Republic or Luhansk People’s
Republic authorities. On other
farms, land was re-registered,
sometimes bundled with other
operations nearby.
The Ukrainian companies
n-
and farmers that had land and
farm equipment taken haven’t
been compensated, they say.
A representative for the Do-
netsk People’s Republic
couldn’t be reached for com-
ment. An official of the Lu-
hansk People’s Republic said by
email that there had been no
land expropriation.
A big chunk of the land at is-
sue now is farmed by Agrocom-
plex, according to Ukrainian in-
telligence and farm owners.
The firm has been involved in
ensuring Russia’s “control over
agricultural production,” Ukrai-
nian military intelligence said
in a document reviewed by the
Journal.
Agrocomplex documents list
Mr. Tkachev as a director and
chairman of the annual share-
holders’ meeting. He is de-
scribed as chairman of the
board and the company’s bene-
ficial owner in accounts filed
with SPARK-Interfax, a Russian
corporate data company.
Part of the elite
A member of Russia’s busi-
ness and political elite, Mr.
Tkachev has frequently been
photographed with Russian
President Vladimir Putin, par-
ticularly when Russia prepared
to host the 2014 Winter Olym-
pics in Sochi, in a region Mr.
Tkachev then governed.
After serving as governor of
Russia’s Krasnodar province,
Mr. Tkachev was Russia’s min-
ister of agriculture from 2015
to 2018. In Moscow, his wealth
was notable even among the
political elite, said Alexandra
Pokopenko, a former adviser to
the Bank of Russia.
Through Agrocomplex, Mr.
Tkachev owns a large, turreted
holiday villa and outbuildings
FROM PAGE ONE
In filings, Crumbl has ac-
cused Mr. Maxwell’s brother, a
former Crumbl employee, of
taking electronic files contain-
ing 66 recipes—some spanning
10 pages—as well as statistics
on sales and information on
internal cookie experiments.
The brother provided the in-
formation to Dirty Dough,
Crumbl has claimed.
A former Dirty Dough em-
ployee blew the whistle about
the allegedly stolen files to
Crumbl after it filed the suit,
Crumbl said in court papers.
“Crumbl’s recipes are
among its most prized assets
and Crumbl carefully guards
their secrecy to protect them
from falling into competitors’
hands,” a lawyer for the com-
pany said in a filing. Dirty
Dough denied stealing trade
secrets from Crumbl. Mr. Max-
well’s brother declined to
comment.
Crumbl said “all brands
have the right and responsibil-
ity to protect their intellectual
property.” The company is
separately suing another
startup, Crave Cookies, claim-
ing it copied Crumbl’s cookie
presentation and packaging.
on the Black Sea coast, accord-
ing to local activists who pro-
tested its construction inside a
conservation area. It is in a re-
gion that houses the dachas of
several leading members of the
Russian establishment. In Geor-
gia, according to the local press
there, Mr. Tkachev owns the
onetime holiday home of
Lavrentiy Beria, who ran Sta-
lin’s secret police.
Mr. Tkachev’s wife founded a
large vineyard in Krasnodar
province, according to SPARK-
Interfax. In a video on the vine-
yard website, Mr. Tkachev is
seen toasting guests who in-
clude Moscow celebrities.
The European Union, U.K.
and Australia sanctioned Mr.
Tkachev in 2014 for what they
said was his support of the
Russian annexation of Ukraine’s
Crimea region. The U.S. hasn’t
sanctioned him.
While he was in government
and head of Agrocomplex, the
family company became a field-
to-shelf food giant producing
and processing grain, livestock
and dairy products for sale in
Russia and parts of Europe
Grain storage at the Mariupol seaport in eastern Ukraine, a site for exporting wheat and other crops.
Where will the chips fall?
Crave has denied the allega-
tions, but hasn’t mounted a
public countercampaign.
“Our focus has been trying
to just put our noses down
and focus on our own business
and let the legal system play
out,” said Crave co-founder
Trent English.
Utah residents have a soft
spot for sugar. A 2015 Hershey
Co. study found the state
buys candy at a higher rate
than any other in the U.S.
Some attribute Utah’s affec-
tion for confection to its large
Mormon population, which
avoids alcohol and coffee.
Sweets, though, are accept-
able. “We have a cookie and
soda shop on every corner,”
said Kaylynn Young, a Utah-
based food blogger.
where it is sanctioned. It tri-
pled its land holdings over the
period. Agrocomplex now con-
trols more than two million
acres of farmland in Russia,
said BEFL, a Russian corporate
advisory.
Its holdings in Russia, equal
to almost twice the size of the
U.S. state of Delaware, make
Agrocomplex that country’s
third-largest farmland owner. It
reported revenue equal to
about $1.16 billion last year. Its
full name is “JSC Agrocomplex
Named After N.I. Tkachev,” a
reference to its founder, Mr.
Tkachev’s father.
Agrocomplex has followed in
the wake of Russian soldiers
before. After Russia annexed
Crimea, an Agrocomplex affili-
ate bought a Crimean farm en-
terprise once owned by a
Ukrainian business rival. Mr.
Putin has praised Agrocom-
plex’s work in Crimea.
Ukrainian businessman Yuriy
Zhuravlev, chief executive and
majority shareholder of the
publicly held farming company
Agroton, said that in May, he
took a call from a man who
* *** THE WALL STREET JOURNAL.
Ms. Young said the cookie
fight has divided dessert fans.
She is on team Crumbl, wait-
ing breathlessly with her
daughters every Sunday eve-
ning for the chain to announce
the coming week’s cookies. Re-
cent offerings included Buck-
eye Brownie, Blue Monster
and a Strawberry Limeade
cookie featuring Nerds candy.
Crumbl changes the menu
weekly and has accused Dirty
Dough of copying its rotation
schedule. Dirty Dough says
that isn’t the case.
Kendra Rohrbach said she
used to make weekly visits to
the Crumbl store near her Salt
Lake City home and even con-
sidered trying to open a fran-
chise. The lawsuit, however,
turned her off. “For me, it’s
kind of about principle,” she
said. “I’m with the underdog.”
Ms. Rohrbach said she has
driven to the nearest Dirty
Dough store, 40 minutes away,
to support the business. She
appreciates how the startup
has handled the spat. “Dirty
Dough approaches it with hu-
mor,” she said. “That’s how I
live my life.”
Benjamin Lee, a Utah des-
ly
identified himself as the agri-
culture minister of the Luhansk
People’s Republic. It had laid
claim to civil administration in
Luhansk, and the caller told Mr.
Zhuravlev that Agroton wasn’t
registered there.
Mr. Zhuravlev said the caller
told him that 250,000 acres
Agroton owned or rented in Lu-
hansk now belonged to Agro-
complex. About 350,000 metric
tons of wheat and sunflower
seeds, including crops in the
ground, were also taken, Mr.
Zhuravlev said.
"They wanted to rob the en-
terprise,” he said.
A few days later came more
bad news. Mr. Zhuravlev said he
obtained a document showing
that a man named Alexei Mel-
nikov had registered himself
and a new company, Luhansk
Agro-Industrial Company LLC,
as operator of the farmland.
Mr. Melnikov was an official
in Russia’s Krasnodar province
when Mr. Tkachev governed it,
according to press reports at
the time. On May 17, Mr. Mel-
nikov registered himself and
the new company as a taxpayer
in Luhansk, a tax registration
document shows.
Two days later, Mr. Melnikov
sat down for a meeting with the
general director of Agrocom-
plex and the Luhansk People’s
Republic’s agriculture minister,
according to Ukraine’s domestic
intelligence service, known as
the SBU. The agency described
the meeting in a Nov. 3 letter to
Mr. Melnikov informing him he
was under investigation for al-
leged war crimes and participa-
tion in organized crime.
A few days after the meet-
ing, a Luhansk People’s Repub-
lic official asked Russia’s dep-
uty prime minister for a permit
for Agrocomplex to work in Lu-
ASSOCIATED PRESS
sert critic, said the state’s en-
trepreneurial spirit has fueled
the rise of small-business
sweet shops, and when a busi-
ness catches hold, others try
to grab a piece of the market.
That has led other dessert
trends to crash, he said, add-
ing, “I think this lawsuit could
be a catalyst for this cookie
trend ending.”
Mr. Lee is the co-founder of
the Sugar High festival in
Sandy, Utah. More than 4,000
people attended the October
event and more than 70 ven-
dors set up booths. Crumbl
and Dirty Dough were there,
but he told them ahead of
time there would be no funny
business. “We also placed
them in different places so
there wouldn’t be a direct in-
teraction,” Mr. Lee said.
Jason Sanders, an intellec-
tual-property lawyer repre-
senting Dirty Dough, said the
suit has given him a good
topic of conversation at social
events. “It can be kind of bor-
ing going to parties talking
about IP law, which is for the
most part mundane,” he said.
“But everyone likes to talk
about cookies.”
FROM TOP: MIGUEL MEDINA/AFP/GETTY IMAGES; DMITRY AZAROV/KOMMERSANT/SIPA/AP
.
hansk, the SBU said. Mr. Mel-
nikov couldn’t be reached for
comment. He said in a TV in-
terview in July he was buying
wheat from farmland that had
been abandoned.
Back at Agroton, four offi-
cials paid a visit as part of a
group with guns that threat-
ened to kill managers who re-
fused to work with them, Mr.
Zhuravlev said he was told by
farm employees.
He said the party included
Valery Pakhnyts, a Luhansk
People’s Republic official. The
U.S. government sanctioned Mr.
Pakhnyts in September, alleging
that he oversaw the theft of
Ukrainian grain.
Mr. Pakhnyts said by email
there was no land expropriation.
He said that operating on farm-
land is secured by registration
with the state, which any legal
entity can do. He said Russian
companies weren’t involved.
According to Mr. Zhuravlev,
the farm visitors included a
Crimean official named Pavlo
Kharlamov. Mr. Kharlamov said
in an interview that he had an
indirect role in uniting agricul-
tural assets on behalf of the Lu-
hansk People’s Republic.
Differing with Mr. Pakhnyts,
he said Russian companies
were involved in the process.
He said that farmland wasn’t
being expropriated because it
already belonged to the people
of Luhansk. He denied that
weapons were involved.
In July, a fleet of combines
bearing the Agrocomplex logo
showed up on Agroton’s land
and began harvesting the
wheat Agroton planted, farm
workers told Mr. Zhuravlev.
The following month, em-
ployees of Agroton and Nibu-
lon, along with landowners
from whom the Ukrainian
firms rented land, were in-
vited to a presentation in the
city of Bilovodsk in Luhansk.
In a hall called the House of
Culture, an executive who said
she worked with Agrocomplex
made the case for cooperating
with the Russian company, ac-
cording to a recording of the
meeting.
Agroton and Nibulon had
“abandoned their enterprises
and their people,” the executive
told the group. She said Agro-
complex had paid 4 billion ru-
bles, about $65 million, for the
businesses’ assets. “Nothing
was given for free,” she said.
Agroton and Nibulon say
they didn’t receive compensa-
tion. On Aug. 8, Agroton issued
a statement saying that Agro-
complex has “seized all assets”
in the Luhansk region.
—Kate Vtorygina and Sergii
Bosak 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.

PERSONAL JOURNAL.
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, December 7, 2022 | A11

The Hot City Restaurants

BY ALINA DIZIK

S
took over the Milton Inn, a 1740s-
era stone house in Sparks Glencoe,
uburbanites have long Md., that closed under previous
trekked downtown to ownership during the pandemic.

Want to Conquer the Burbs

dine at buzzy city res- The restaurant, reimagined as a
taurants. Now some of French hunting lodge, now offers a
those restaurants are $55 roasted guinea fowl and a $42
coming to them, while grilled venison leg. “It’s a bit more
trying to keep that sophisticated and a
urban feel intact. little less typical,”
To attract diners Mr. Foreman says.
who work increasingly Dennis O’Neill is
from home or who a 49-year-old attor-
have moved out of the ney who lives in
city, some destination nearby Phoenix, Md.
restaurants are plant- He says he was a
ing flags in the sub- regular at some of
urbs to offer a more Mr. Foreman’s Balti-
polished dining expe- more restaurants for
rience without the years, but has
parking hassles or stopped most visits
long trips home. They because he no longer
aim to offer serious works downtown.
wine lists and pricey Mr. O’Neill says the
ingredients that stand options near home
out against competi- have gotten better in
tion often consisting the past few years,
of chains or more ca- including the Milton
sual dining. Inn.
“There’s a lot of “I’m thrilled that
pent-up demand,” there are these nicer
says David Rekhson, options,” he says.
co-founder of Larger, city-based
DineAmic Hospitality, restaurant groups
a Chicago-based res- say there is a learn-
taurant group that Chicago’s Bar Siena has a second location ing curve with oper-
opened its first two in Skokie, Ill. The Milton Inn outside ating in the suburbs.
suburban offerings Baltimore offers a $55 roasted guinea fowl. With 23 restau-
this year. He esti- rants mostly around
mates that a quarter New York, Jacopo
of diners to his 10 city restaurants nard this year in Oregon City, Ore., who works in construction, lives to get off the ground due to staff- Giustiniani, chief operating officer
come from the suburbs. as an offshoot of his nearby Port- near Canard’s suburban location. ing constraints, he adds. of SA Hospitality Group, opened a
This past summer, Mr. Rekhson land brasserie. Mr. Daugherty He says visiting the restaurant has The 10 fastest-growing areas for location of his Tuscan restaurant

.
FROM LEFT: LUCY HEWETT FOR THE WALL STREET JOURNAL; FOREMAN WOLF

opened Bar Siena in Skokie, Ill., a wanted to expand to a suburban turned into a weeknight ritual for dining in the U.S. are smaller cities Felice in Roslyn, N.Y. This marks
second location for his Italian res- location that offers an outdoor his family, including two teenag- or suburbs—including Doral, Fla.; the first suburban Felice location

taurant that launched in Chicago’s
West Loop in 2015. He followed
with Violi, a Greek restaurant in
Oak Brook, Ill., this fall. Its sister
restaurant is year-old Lyra, also in
Chicago’s West Loop. At Violi, the
lights dim and the restaurant turns
area with a quality wine list.
He tweaked the menu to offer
what he calls “heartier, homier por-
on
tions” while using larger serving
plates. He also swapped out an ad-
venturous duck dish for a more ca-
sual Salisbury steak. To make local
ly
ers. His children often have the Carlsbad, Calif.; New Haven, Conn.; for the company, which has restau-
burger and fries while Mr. Brenner and Ontario, Calif.—according to rants in Manhattan and Brooklyn,
orders Champagne and oysters as restaurant-reservation company Mr. Giustiniani says.
an appetizer. “For me, it’s like eat-
ing in Paris,” he says.
Even before the pandemic, re-
nowned chefs were thinking about
OpenTable, which compared data

2019. The company says it analyzed

into a supper club each evening
“seated diners from online, phone,
While the food is mostly the
this year with prepandemic levels in same, Mr. Giustiniani is still learn-
ing the particular demands of his
Long Island diners. More requests
families feel welcome, a kids’ sec- how to appeal to suburbanites, and walk-in reservations by city” for larger parties require more ta-
us ,

around 10:30 p.m., a tradition that tion is now printed on the front of says Mark Brandau, associate di- from January through October. bles seating six and eight. Cocktails,
l

also happens at Lyra in the city. each menu. Business is comparable rector of research and insights at The latest eatery Tony Foreman vodka and tequila tend to be more
e
al a

“Even though we have a little to the Portland location, he says. Datassential, a food-industry mar- opened of the six he now runs with popular than wine. And he has no-
bit of a larger footprint, we’ve There is less dining competition ket-research firm in Chicago. the restaurant group Foreman Wolf ticed that some visitors can spend
chosen to emulate that downtown in the new location, and it draws “A lot of those folks who move was his first in the suburbs, outside up to four hours at the restaurant
ci on

feel,” he says.
The suburban version, which sits
in a mall, includes a D.J. booth, va-
let parking and a large bar area.
Taylor Daugherty opened Ca-
families from a larger geographic
area, he says, adding, “Sometimes
when you open in the city, it can
feel like a flash in the pan.”
Mike Brenner, a 49-year-old
er s
m er
to the suburbs are bringing their
expectations and their tastes with
them,” Mr. Brandau says. These
moves aren’t always easy: Some
suburban locations can be difficult
Baltimore. With some customers
working from home and others hes-
itant to visit the city, Mr. Foreman
felt he needed to diversify.
His restaurant group in 2021
on a given evening, which makes it
necessary to adjust the service so
other diners can get seated on time.
“They are even more demand-
ing—in a good way,” he says.

Are Edibles Healthier Than Alcohol?

m rp

YOUR ers are still studying long- if that is associated with car-
HEALTH term effects of edibles, diovascular events like heart
SUMATHI including the possible risk of attacks, says Jeff Chen, co-
REDDY chronic mental-health issues. founder and Chief Executive
co Fo

of Radicle Science, a startup

M
y friend made a bold
declaration recently:
She was going to
stop drinking alcohol at home
and take cannabis edibles in-
stead because she thinks
they’re healthier.
Are edibles better for you
than alcohol—or at least less
bad? More people are asking
the question as edible prod-
Cannabis basics
To assess the health impact
of edibles, it helps to under-
stand that there’s a differ-
ence between two compo-
nents of the cannabis plant.
THC, or tetrahydrocannabi-
nol, is the main psychoactive
component of marijuana and
is what causes the high. Can-
nabidiol, or CBD, used as a
remedy for pain, sleep and
n-
running crowdsourced clinical
trials on nonpharmaceuticals
and former executive director
of the UCLA Cannabis Re-
search Initiative.
“If you have a pre-existing
heart condition, anything that
artificially elevates your heart
rate could put more strain on
the heart,” says Dr. Chen.
Psychosis

ucts containing cannabis, of-
ten in gummy form, become
widely available. Cannabis
aficionados say that com-
no
other health issues, doesn’t The main known risk of edi-
produce the high that THC bles with high amounts of
does, doctors say. THC is short-term psychosis,
Many edibles contain both including feelings of para-

pared with alcohol, edibles THC and CBD. Potential noid delusions, suspicious-
have fewer calo- ness and possi-
ries, don’t dis- bly
rupt sleep and hallucinations,
aren’t linked to researchers say.
diseases like Short-term psy-
cancer. chosis can hap-
Making accu- pen when peo-
rate compari- ple take too
sons between much THC,
the vices is which is easy to
complicated by do inadvertently
the fact that with edibles be-
one has been cause the active
around (and le- ingredients can
gal) for much take some time
longer than the to kick in, doc-
other. We have tors and re-
decades of re- searchers say.
search on alco- Unlike alcohol, it
hol and a grow- Both alcohol and edibles can impair users’ judgment. can take up to
ing body one or two
of research is showing the health risks for the most part hours for someone to feel
health risks of smoking mar- come from the THC. How- the effect of THC edibles.
ijuana. Less well-studied are ever, CBD can interact with Because edibles don’t
the health impacts of taking prescription drugs in ways take effect immediately,
edibles. that can be dangerous. some people consume more
Both alcohol and edibles than they should. That in-
containing the psychoactive Cancer and heart risks creased dosage of THC
ingredient THC can impair Smoking marijuana delivers raises the risk of short-term
your judgment, attention toxins and carcinogens to the psychosis, says Nora Volkow,
span and coordination. That body, which are harmful to director of the National In-
impairment can harm your the lungs and cardiovascular stitute on Drug Abuse.
ability to drive and raise system, according to the U.S.
your risk for other accidents. Centers for Disease Control Prescription drugs
Alcohol and THC both carry and Prevention. There is no Both THC and CBD affect an
KELSEY MCCLELLAN FOR THE WALL STREET JOURNAL

a risk of addiction.
The vices differ in other
ways. Alcohol has well-re-
searched links to cancer and
heart disease. Cannabis edi-
bles don’t have known links
to such diseases, although
some can temporarily ele-
vate your heart rate. Edibles
can cause short-term psy-
chosis, raising the risk that
users could harm them-
selves or others. Research-
concrete evidence so far indi-
cating that cannabis edibles
are linked to cancer, re-
searchers and doctors say.
Alcohol consumption is
responsible for an estimated
5% of new cancer diagnoses
and 5.8% of cancer deaths
worldwide, according to the
National Cancer Institute.
The THC in a gummy can
elevate your heart rate for
several hours, but it is unclear
enzyme system in the liver
that is responsible for me-
tabolizing drugs. This means
they can interact with other
medications you might be
taking. Alcohol can also in-
teract with medications.
Drug interactions can be
a big issue for elderly peo-
ple, a fast-growing group of
cannabis consumers, who of-
ten take many prescription
medications.

A12 | Wednesday, December 7, 2022
CAM POLLACK/THE WALL STREET JOURNAL (2)
A Real Horse Opera at the Met
Hoofers are in their last season in long-running production of ‘Aida’
BY GINGER ADAMS OTIS
H
air, makeup, wardrobe
and hoof picking—it’s
all in a night’s work
for the horses who are
part of the cast in the
Metropolitan Opera’s
long-running opera “Aida.”
Live horses have appeared in
the show since it opened in 1988—
and their final curtain call will
come at the end of this season on
May 18. A new staging of “Aida”
directed by Michael Mayer is
planned for the season
after next, said Peter
Gelb, The Met’s general
manager.
“It will be on an epic
scale, utilizing modern
stage projection tech-
nology to animate the
scenery,” Mr. Gelb said.
It won’t include the
four-legged thespians
who have been bit play-
ers with notable roles in
the pivotal Triumphal
March from Giuseppe
Verdi‘s famous opera, he
said.
But for this season, George arrived in style for opening night. Top, George
the horses are still on and Frodo stepped out with plumes on their heads.
stage in all their plume-
waving glory—and on Friday, open-
ing night for “Aida,” four of them
made their Verdi debut at Lincoln
Center in New York.
George and Frodo, two big rid-
ing horses, clatter across the stage
carrying two Egyptian soldiers
into a celebration of warrior Rad-
amès’s military victory.
Sandy and Sunny, two large po-
nies, pull a chariot driven by the
triumphant Radamès, who returns
to Egypt with the spoils of war.
All four horses had to audition
for the roles. George was a shoo-
in, given that he had prior opera
experience with a role in
“Rodelinda.” Frodo, Sandy and
Sunny had to prove their mettle
through rigorous rehearsals.
One competitor—a high-stepper
with eye-catching good looks—got
excused for diva-like behavior.
“Temperament is everything,”
said Nancy Novograd, the owner of
Manhattan-based All-Tame Animals
Inc., which provides nonhuman ac-
GUEST HOW
PERSONAL JOURNAL.
tors for stage, television, movies
and live events. Ms. Novograd, who
sources talent from a national net-
work of animal trainers, has sup-
plied all kinds of winged, fur- and
scale-covered creatures to The Met
since the late ’90s.
Like many background actors,
George, Frodo, Sandy and Sunny
have day jobs. The Met, with 14
“Aida” performances between De-
cember and May, is a side hustle.
Ms. Novograd declined to give
specifics on what pay the horses
command per show, but said they
make enough hay for everyone—
including the horses’ owner and
their handlers—to be happy.
And, working at the Met comes
with a little star treatment, too.
On opening night, the horses
rolled up to Lincoln Center, half-
asleep in their trailer, a few minutes piece of scenery—the ponies took it
after the curtain went up at 7 p.m.
With some hair and makeup—a
brushing and hoof-manicure, with
an application of glittery oil—the
horses moseyed over to the Met’s
underground horse door, tucked in
the corner of a parking garage.
George, Frodo, Sandy and Sunny
got into wardrobe in front of the ex-
tra-wide entrance—along with their
four handlers. The handlers are all
friends and family of the horses’
owner, Marcy Brennen, and they go
onstage with them, she said.
Veteran actor George, eager for
a chance to chew the scenery,
worked through some opening-
night excitement with a few trots
around the garage. The other
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.
BY CHAVIE LIEBER
B
horses stood by, waiting for Act I to
end and intermission to begin.
When it did, the horse door
swung open: Showtime.
They don’t have to worry about
flubbing any lines, said Ms. No-
vograd.
“We don’t want anyone making
any vocalizations. That competes
with the human talent, and that is
a no-no,” she said. “We are all si-
lent when the singers are singing.”
In less than a minute, the
horses were inside and a few feet
from the audience, waiting in the
darkened wings. Even
the sizable George was
dwarfed by the towering
sets of ancient statues.
As spear-carrying ex-
tras rushed to their
marks and tunic-clad
dancers took a few final
practice turns, George
and Frodo got feathery
plumes attached to their
heads. Sandy and Sunny
were hooked into the
chariot’s traces.
When the trumpets
sounded, George and
Frodo stepped out to an
appreciative ripple of in-
terest from the crowd.
“He definitely put a
little extra pep in his step when he
got in front of the audience,” said
Angelo Iodice, who was riding
George.
Sandy and Sunny followed a few
minutes later. Despite a minor hic-
cup—Radamès’ chariot bumped a
in stride. Sandy added some plume-
waving head tosses and mane
shakes for dramatic effect.
Within 40 minutes of entering
The Met, all four horses were back
outside, out of costume, and ready
to return to their stables in the
Bronx.
Come May, when this version of
“Aida” ends, Frodo, Sandy and
Sunny will return to the equine
equivalent of summer stock: riding
lessons, trail rides and proces-
sional carriage pulls.
George, however, already has
another gig lined up.
He’ll be playing for horse laughs
in the comedic opera “Falstaff” that
opens March 12 at The Met.
YOU GUEST
* ***
Fashion Detectives Can
Find Anything, for a Price
y the time Monika Bolkun
decided to splurge on the
Bottega Veneta earrings, it
was too late. The $1,200 teardrop-
shaped baubles had completely
sold out, and Bottega boutiques
said it could be a while before
they came back in stock.
Desperate to get her hands on
them, Ms. Bolkun sent an Insta-
gram message to Gab Waller, a
personal shopper in Los Angeles.
“You call Gab for items that are
nowhere to be found,” she said.
“She has her ways.” Within days,
the earrings were hers.
Ms. Waller, 28 years old, is
what you might call an elite fash-
ion detective. She tracks down
luxury goods that are nearly im-
possible to find—sunglasses from
Balenciaga, sequin shoulder bags
from Fendi, rain boots from Cha-
nel and sandals from Hermès—for
a finder’s fee of $200 per item.
This year, she took out a billboard
in West Hollywood that read:
“Sold out? Just ask Gab.”
Personal shoppers like Ms. Wal-
ler—or “sourcers,” as they call them- erts, a sourcer in Boca Raton, Fla.,
selves—have long been used in
fashion. Some have cultivated spe-
cialist appeal,
focusing on
one marquee
item such as
Hermès Birkin
bags. Now,
shoppers say
the need for
sourcing ser-
vices is
greater than
ever—and
spans a wider Chanel has limited sales of some items. more expen-
breadth of la-
bels than before. Sourcers now go
far beyond luxury stalwarts Chanel
and Hermès to include midmarket
brands such as Ugg and Adidas.
Even with a possible recession
looming, some customers are
clamoring for luxury goods, which
can cost several thousand dollars
apiece, and that’s before personal-
shopper rates that can run higher
than sales tax. For the high-end
consumer, it’s worth the price.
“I don’t have time to track
something down,” said Griselda
Kreitzman, a 43-year-old stay-at-
home mother in Scottsdale, Ariz.,
who recently had Ms. Waller find
a sold-out Valentino coat.
Luxury fashion has long relied
on limited distribution to elevate
m rp
and preserve its reputation, but al- are 30 classic flap bags that they
ready hard-to-get items are get-
ting more difficult to procure. In
2021, Chanel began limiting cus-
co Fo
Gab Waller
sources luxury
items for clients.
n-
no
THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Wednesday, December 7, 2022 | A13
ARTS IN REVIEW
tomers in the U.S. to two “Time-
less Classic” quilted leather bags a
year, and this May it instituted a
monthly limit of one bag per cus-
tomer. A Chanel representative
said that the brand takes “appro-
priate measures” to keep up with
demand in certain markets. At
Hermès, which sells the highly
covetable Birkin and Kelly bags in
limited quantities, some shoppers
say they try to advance on wait
lists for the handbags by purchas-
ing other items from the brand.
Jewelry, belts, blankets and
scarves that some shoppers call
“Birkin bait” may be held for VIPs.
“At Hermès, the new stuff
doesn’t even hit the floor. It just
sells out,” said Monique DeShields,
a 35-year-old real-estate broker in
Sunny Isles Beach, Fla. An Hermès
representative said that the com-
pany “is strictly against company
policies to link sales of products.
We prohibit and condemn the sale
of certain products as a condition
to the purchase of others.”
Adabelle Buntrock, an influ-
encer in Atlanta, said she started
buying Chanel through Ilana Rob-
NETFLIX (2)
after disliking the customer expe-
rience at her local boutique. She
A
recalled look-
ing for Chanel
earmuffs and s a founding document TELEVISION REVIEW | JOHN ANDERSON
said the sales of modern Italian liter-
ature, children’s litera-
A Fairy Tale Amid
associate
laughed at her ture and the Disney an-
request. Ms. imation catalog,
.
Roberts, who “Pinocchio” must have
presented an irresistible challenge
ly
charges $100
Fascism
per item, in to an iconoclast like Guillermo del
addition to a Toro, Oscar-winning Mexican di-
10% fee for rector and mixologist of the tender
on
and grotesque (“Pan’s Labyrinth,”
sive items, “The Shape of Water”). A wooden
found the earmuffs at a different boy who longs to be real? Hold my
Chanel boutique. “The stores only cerveza. Mr. Del Toro likely looked
go the extra mile for their top cus- at timber the way Michelangelo
us ,
tomers,” Ms. Buntrock said. Chanel gazed at marble. laugh at in this ad-
l
declined to comment on its in- But for all its anti-tradition- aptation of a fan-
e
al a
store customer experience. alist, antifascist and maybe tasy classic, what
Luxury sourcers work directly even anti-Disney attitude, the writers have also
what “Guillermo del Toro’s delivered is poi-
ci on
with retail associates at brand bou-
tiques and department stores who Pinocchio” leaves on one’s gnancy, the nature of
are eager to earn a commission. palate is sweetness—bit- which Collodi might
“They see us as a moneymak- tersweetness, at times, never have dreamed of:
ing machine,” Ms. Waller said. “It’s though the stop-motion the war experiences of
100% built on relationships.” film is melancholic and Pinocchio and Candlewick
er s
Ms. Roberts built her connec- sentimental without (Finn Wolfhard of “Stranger
tions as a shopper, buying hand-
m er being cloying; goofy Things”), for instance, or Pinoc-
bags and shoes for herself and her but intelligent; en- chio’s comment after he and Gep-
loved ones before turning her ac- chantingly musical Geppetto (voiced by petto repair the crucifix in their
cess into a business. and moralistic with- David Bradley) and village’s ruined church. “He’s made
“I can walk into a Chanel today out preachments. It is Pinocchio (voiced by of wood, too,” Pinocchio says,
and open their cabinets, and there also a paean to the love Gregory Mann), above; looking up. “Why do they like
of fathers and sons: The puppe- a scene from the new him and not me?”
say are sold out,” Ms. Roberts said. teer Geppetto is, after all, Pinoc- animated movie, top, If “Ciao Papa” is a nominee
“They hide it and stash it.” Chanel chio’s father, though it takes the which arrives on for Best Song next Oscar
declined to comment on this. old man a while to let that sink in. Netflix this Friday night, the Academy will
Co-directed with Mark have to find a boy soprano
Gustafson and far more faithful to like Mr. Mann to do it jus-
the 1883 Carlo Collodi book than tice. By the time the la-
the 1940 Disney movie ever was, ment is sung—and Pinocchio is
the Del Toro-Patrick McHale which he does, to numerous ad- it creating chaos. The initial en- trols you, wooden boy?” Pinocchio preparing to save Geppetto from
screenplay presents a Geppetto in ventures in cruelty, brutality, self- counters between Geppetto and his sassily responds, “Who controls Count Volpe (Christoph Waltz) by
mourning. During World War I, sacrifice and love. creation are fraught with confu- you?!” only to be muffled by a rejoining the carnival, where he is
planes accidentally drop their pay- The incongruously English-ac- sion and anger—from Geppetto at fearful Geppetto: Mr. Del Toro tormented by the monkey Spaz-
load on his alpine Italian town, cented Pinocchio (Gregory Mann, himself for making a Carlo substi- used the Spanish Civil War as the zatura (Cate Blanchett, spewing
bombing the village church just as who also voices Carlo) is no sac- backdrop of “Pan’s Labyrinth”; simian gibberish)—we know what
Geppetto’s beloved son, Carlo, runs charine cartoon character: Parents here it’s the rise of Italian fascism kind of boy he is. Not one made of
back in to retrieve his “perfect” of children with ADHD might find that casts the shadow, evil and op- the “flesh and bone and meaty
pinecone. Driven to drink, Gep- themselves rendering a similar di-
Guillermo del Toro sets pression being facilitated by the bits” he claims to have, making
petto (David Bradley, of “Harry agnosis, as the rough-cut puppet the story of Pinocchio in likes of the local priest (Burn Gor- his nose grow as long and leafy as
Potter” fame) goes into a stark if arrives in the sentient world man), Podesta himself and his son, an oak branch. Or the boy whom
very slow decline and years later, knowing nothing, wanting to know
1930s Italy in this Pinocchio’s nemesis Candlewick. Geppetto can’t appreciate until
still in a furious rage, he hacks the everything at once and not waiting bittersweet film. (“A model fascist youth. Perfect late in the game. But a memorable
AMANDA HAKAN FOR WSJ. MAGAZINE (2)
offending tree to pieces. Using the for an answer to any of his ques- teeth. And no signs of jaundice!”) one, who can tell a chastising
trunk—which has, by happen- tions. In one of the more memora- Il Duce—or Il Dolce, as Pinocchio Cricket, “But I don’t want to
stance, become the home of our ble numbers in Alexandre Desplat’s keeps saying—is Mussolini as jaw- obey!” and not really inspire any
narrator, Sebastian J. Cricket score for the film (lyrics by Roe- tute and from the local villagers, jutting half-pint; some may find argument why he should.
(Ewan McGregor)—he fashions a ban Katz and Mr. Del Toro) Pinoc- after Pinocchio decides to follow themselves thinking of Lord Far-
wooden marionette that in his stu- chio sings, “What do you call it Geppetto to church. quaad in “Shrek.” That Tom Kenny, Guillermo del Toro’s Pinocchio
por he imagines to be Carlo. As call it? / What do you do with it “Demon!” “Abomination!” of “SpongeBob SquarePants,” is Friday, Netflix
happens in all “Pinocchios,” the with it?”—the questions being ap- “Witchcraft!” they cry, while the Mussolini’s voice doesn’t make
Blue Fairy answers Geppetto’s plea plied to everything in Geppetto’s local fascist magistrate, Podesta him more dignified. Mr. Anderson is the Journal’s
for the “boy” to come to life, shop as Pinocchio careers around (Ron Perlman), asks, “Who con- But while there is plenty to TV critic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A14 | Wednesday, December 7, 2022
Portugal Benches Ronaldo
The 37-year-old wasn’t in the starting lineup for his team’s 6-1 over Switzerland at the World Cup
JEWEL SAMAD/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY JONATHAN CLEGG
AND JOSHUA ROBINSON
C
Lusail, Qatar
ristiano Ronaldo has
made the point, over
and over, that he isn’t
done with top-level soc-
cer. But the reality
emerging at this World Cup is that
top-level soccer may be done with
him.
Ronaldo, technically the most fa-
mous unemployed person currently
in Qatar, was let go by Manchester
United last month and cuts an in-
creasingly peripheral figure for the
Portuguese national team. On Tues-
day, he was benched for the team’s
6-1 win over Switzerland in the
round of 16, the first time he didn’t
start a major-tournament match for
his country since 2008.
This tournament no longer
seems like just the final World Cup
of a glittering career. It could mark
Ronaldo’s de facto exit from the
global stage altogether.
The most alarming part for him
on Tuesday was that Portugal
looked substantially better and
more fluid without him. His re-
Morocco
Stuns Spain
In Shootout
BY ANDREW BEATON
Al Rayyan, Qatar
FOR A YOUNG SPANISH TEAM
reeling from a shocking loss to
no
Japan at the end of a group stage,
Morocco provided a nasty test in
the Round of 16. The Moroccans
dominated qualifying in Africa,
emerged first from a group here
that included 2018 semifinalists Bel-
gium and Croatia, and brought a
sea of fans in red with green stars.
Education City Stadium, inside a
development that houses satellite
campuses for international universi-
ties, sounded like it was smack dab
in the middle of Casablanca.
And after the two sides were still
level 0-0 through extra time, the
rumpus turned into absolute may-
hem. Morocco is headed to the
quarterfinals.
With a dominant showing in pen-
alty kicks, when goalkeeper Yassine
Bounou—who goes simply by
Bono—didn’t allow a single one to
pass him, Morocco took down Spain
to go further in this tournament
than the country ever had. Mo-
rocco, the last Arab nation left in-
side the first World Cup within the
Arab world, will go on to play the
winner of Portugal and Switzer-
land.
The win immediately became one
of the biggest knockout-round up-
sets in recent World Cup history.
Spain, ranked No. 7 in the world, is
flush with some of the most prized
players in the world and expects
regularly to compete for trophies in
events like this one. Morocco,
ranked 22nd, had exited the group
stage just once before this edition.
ROBERT MICHAEL/DPA/ZUMA PRESS
While the Spanish players were
left in tears afterward, the Moroc-
cans celebrated in front of a jubi-
lant crowd that refused to leave the
stadium for long after the final
whistle.
From the start of the game, the
imbalance in supporters here was
clear not just because of the fans
placement, the 21-year-old striker
Gonçalo Ramos, scored a hat trick,
overtaking Ronaldo’s tally for the
tournament in the space of an hour.
And still, fans inside Lusail Iconic
on
Stadium chanted Ronaldo’s name.
When Ronaldo finally entered
the game, met with the biggest roar
of the night in the 73rd minute, it
was in an unfamiliar new role for
us ,
Portugal: luxury substitute. The
l
closest he came to scoring was a
e
al a
late strike that ended up in the net,
only to be ruled out for offside.
Now, even after the World Cup,
ci on
his prospects for relevance are dim-
ming. Though Ronaldo desperately
wants to continue playing, the list
of places willing to pay him to do
that is currently the shortest it’s
er s
ever been. As he took his place on
the bench against Switzerland, he
m er
was mulling a contract offer not
from a top team in Spain or Italy or
even Major League Soccer, but from
the Saudi Arabian club Al Nassr.
Unless another suitor emerges,
m rp
just three months after a summer
transfer window in which Ronaldo
and his agent Jorge Mendes were
unable to find a landing spot at a
major club, Al Nassr appears to be
co Fo
n-
Yassine Bounou saved Morocco.
who made the trek from North Af-
rica, but from other Muslim fan
bases—Saudi Arabian and Palestin-
ian flags, for instance, were waved
in support of Morocco.
And for those throngs of sup-
porters, Bono will go down in the
country’s history as an instant hero,
both because of his performance
that helped keep Spain scoreless
through 120 minutes of tense action
and also what he did during the
shootout.
The Moroccans shot first, and
when Abdelhamid Sabiri nailed the
first one, the pressure was instantly
on the Spanish. The roaring Moroc-
can fans didn’t relent when Pablo
Sarabia doinked the first one off the
right post.
Just one round later, the Atlas
Lions were up 2-0. Hakim Ziyech,
one of the team’s stars, had little
trouble putting his attempt home
while Bono followed that with a
save of Carlos Soler. The score re-
mained 2-0 after the next round
when Morocco missed—but Bono
earned another save off the Spanish
attempt.
In the fourth round, Achraf Ha-
kimi, a defender who was born and
raised in Spain, sealed it to go up
3-0 in the shootout.
No matter what happens next, a
couple of things are guaranteed for
Morocco. A raucous band of sup-
porters will be behind the country
in the quarterfinals. And this is al-
ready the best run in the nation’s
soccer history.
In other words, they’ll always
have Doha.
SPORTS
in the lead for his signature. The
switch would reportedly make Ron-
aldo the highest paid athlete in the
world. It would also erase him from
the top level of the game.
“What the press keep saying, the
garbage, is that nobody wants me,
which is completely wrong,” Ron-
aldo said in an explosive interview
on British television on the eve of
the tournament. “They continue to
repeat that nobody wants Cristiano.
How they don’t want a player who
scored 32 goals last year, [includ-
ing] with the national team?”
Somebody does want Cristiano.
They just happen to play in a
league few people pay any attention
outside the Gulf—and Cristiano
isn’t used to being ignored.
The only human with more than
500 million Instagram followers, he
has spent two decades building
himself into one of the most recog-
nizable athletes ever to compete.
But even his global appeal and im-
mense marketing power no longer
seem enough for major European
clubs to justify the salary and spe-
cial treatment demanded by a wilt-
ing 37-year-old. By the end of Ron-
aldo’s time in Manchester, United
Kings Seek to Snap Playoff Drought
BY ROBERT O'CONNELL
A
Sacramento Kings win al-
ways ends the same way,
with 1,000 watts of RGB la-
sers converging in a purple column.
Installed at the Golden 1 Center be-
fore the season, the light shines up
from the roof and dissipates some-
where past the Northern California
stratosphere. The hope is that every
Sacramento resident can see it—
along with whatever extraterrestri-
als are passing by, Kings owner
Vivek Ranadivé has joked.
Less predictable but equally re-
splendent, for the “Beam Team,”
are the scoring displays that occa-
sion the postgame spectacles. “We
played pretty good offensively,”
first-year Kings coach Mike Brown
said in a room-for-improvement
tone after his club heaped 137
points atop the Detroit Pistons in a
recent victory. That evening, his
players had flipped the court’s usual
logic: the 6-foot-3-inch point guard
De’Aaron Fox careening to the rim
while the 7-foot-1-inch center Do-
mantas Sabonis measured angles
and passed out seven assists, tied
for the team high.
Brown matched cliché to decor:
“The sky’s the limit for us on that
side of the floor.”
Two months ago, when the Seat-
tle Mariners clinched a berth in the
MLB postseason, the Kings inher-
ited a different sort of superlative.
Sacramento’s only franchise among
the major pro men’s leagues be-
came the owner of North America’s
longest pro-sports playoff drought,
spanning 16 years of doomed
trades, sorry drafts and a steady cy-
cle of coach hirings and firings.
But over this season’s first quar-
ter, they have turned into one of the
NBA’s happiest surprises and gaudi-
est shows, leveraging a deftly as-
sembled young core into the
league’s fourth-highest offensive
rating. Entering Tuesday, their 13-9
record has them fifth in the West-
ern Conference and represents their
best winning percentage since
2004-05. If they break the streak
that no team would wish for, it will
be because, with the ball in their
coach Erik ten Hag saw him only as
a late-game option off the bench.
ly
“The coach didn’t have respect
for me,” Ronaldo said in the TV in-
terview. “If you don’t have respect
for me, I’m never going to have re-
spect for you.”
In Saudi soccer, money and adu-
lation were never going to be a
problem. Al Nassr isn’t bound by
the financial structures of European
teams. The club’s longtime presi-
dent was a grandson of the king-
dom’s founder, Ibn Saud. And the
league, where foreign players are
mostly unheralded journeymen, is
prepared to roll out the red carpet
for Ronaldo.
The problem for Ronaldo is that
Saudi soccer is basically invisible
outside of the Gulf. While Manches-
ter United might be the most fa-
mous team in any sport in the
world, matches in Ronaldo’s poten-
tial new home garner no global at-
tention. Plenty of superstars have
made late-career stops in leagues
outside the European heartland on
their way to retirement, but the
MLS and Japan’s J-League still gen-
erate more highlights than any soc-
cer ever played in the kingdom.
Domantas Sabonis, left, and De’Aaron Fox have formed a connection.
hands, they can suddenly do any-
thing they like.
“Ball movement, our screening,
cutting—we’re getting a lot of qual-
ity shots,” Fox said last month, try-
ing to explain how a club that last
season finished 24th in offensive
rating (measured by points scored
per 100 possessions) among 30
teams was now averaging 131.5
points across six consecutive wins.
“I feel like I get any shot I want,
honestly,” Fox said.
Regarding the question of what
to credit for the Kings’ surge—per-
sonnel versus design—the answer is
a bit of both. Over his six years in
Sacramento, Fox has always been a
blur, but in seasons past, defenses
saw his straight-line sprints coming
and erected barricades.
That’s why Sacramento general
manager Monte McNair spent the
past 10 months finding decoys and
dance partners. In February, the
team traded a package of players
centered on second-year guard
Tyrese Haliburton, a ball handler
whose style of play overlapped with
Fox’s, to the Indiana Pacers for one
centered on Sabonis, an interior
bruiser who can nevertheless shoot
and distribute ably from the perim-
eter, opening space in the lane.
During the 2022 offseason, the
team aerated the offense further
THE WALL STREET JOURNAL.
Cristiano Ronaldo, second from
left, was benched for Portugal’s 6-1
win over Switzerland in the World
Cup’s round of 16 on Tuesday.
In Qatar, Ronaldo is less the in-
spirational leader of the Portuguese
team, and more like a passenger.
He scored once here against Ghana
and then tried to claim another
goal against Serbia, only for replays
to show that the ball didn’t actually
graze his hair. It was telling that
when Portugal coach Fernando San-
tos fielded a second-choice lineup
for the team’s final group-stage
match and Ronaldo wasn’t one of
the key players he rested.
He was, however, substituted.
When Santos decided to remove
him after 65 minutes, the Portu-
guese captain looked visibly frus-
trated, and then got into a spat
with South Korea defender Cho
Gue-Sung as he left the field. Cho
told Ronaldo to get a move on.
Ronaldo told Cho to be quiet.
Santos took a dim view of Ron-
aldo’s annoyance about being taken
out of the game. “I didn’t like it,”
he said on Monday.
The bizarre sequence of events
that put Ronaldo at odds with his
own national team and on the road
to soccer obscurity began with the
best of intentions. When he moved
to Manchester United from Juven-
tus last year, it was billed as an
emotional homecoming. The club
that had first propelled him to su-
perstardom during an unstoppable
spell from 2003 to 2009 was bring-
ing him back for a Michael Jordan-
style last dance—one more shot at
glory before calling it a career.
Instead, it wound up looking
.
more like Jordan’s forgettable spell
on the Washington Wizards.
Though Ronaldo was United’s
top scorer last season, he was
clearly diminished. The turn of
pace was gone. He no longer ma-
rauded through defenses the way
United fans remembered. Even his
touch was beginning to let him
down.
Perhaps no player in soccer his-
tory has been as acutely aware of
his own legacy during his own ca-
reer. This is a man who built a mu-
seum in his hometown on Madeira
to memorialize his accomplish-
ments, and then built a new one
because he decided the first wasn’t
big enough.
But he’s also aware of his own
worth. And that is at the heart the
dilemma facing Ronaldo as he maps
out the coda to his career: Will he
choose a club befitting his status as
one of the best players in history—
if he can find one—or will he pick a
club matching his status as one of
the best-paid athletes in history?
“[In] the last years, football
changed,” Ronaldo said in the Brit-
ish TV interview. “I see football
now as a business to be honest.”
KYLE TERADA/USA TODAY SPORTS
still, trading for Atlanta sometimes-
starter Kevin Huerter. Stepping into
the wake of Fox’s drives, Huerter
has made 66 3-pointers, the 11th
most in the league entering Mon-
day’s play, at a 42% clip. In May, Ra-
nadivé hired Mike Brown as the
Kings’ 12th coach in 16 years. Brown
had served as a Golden State War-
riors assistant during their last
three title runs, and he brought
with him a copy of the blueprint
that accommodated approaches as
distinct as those of Stephen Curry
and Draymond Green.
“You’re looking for good, quick
shots,” Brown told a reporter with
the Boston Globe in November. “Are
you willing to as a team embrace
whatever role that your team needs
you to do?”
What has resulted is not only
Sacramento’s most potent attack
since the release of the first
iPhone—the team last finished in
the top 10 in offensive rating in the
2004-05 season—but a recipe for
quick-bake modern basketball. The
Kings work at the league’s sixth-
fastest pace without sacrificing effi-
ciency (115.9 points per 100 posses-
sions). They share the ball with
something like Golden State’s gusto,
averaging the seventh-most passes
and second-most assists in the
league.
 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, December 7, 2022 | A15

OPINION
Twitter and Disinformation Wars BOOKSHELF | By Andrew Nagorski

Each day the

world throws
up a novel
Just out of sight re-
mains the elephant on the
sofa, the intervention of
The alleged Russian
meddling of 2016 was al-
ready a drop in the ocean
Truth and Lies
set of facts
that beg to
be
stood
under-
on
Obama-era intelligence of-
ficials to promote the lie
that the laptop was a Rus-
sian intelligence opera-
compared with the flog-
ging of Russian meddling
by domestic agents trying
to influence our politics.
After the Battle
BUSINESS
their own tion. Their intervention This column got inter-
WORLD
terms, and may well have changed the ested in UFOs for one rea-
The Lighthouse of Stalingrad
By Holman W.

DIMITRIOS KAMBOURIS/GETTY IMAGES

each day the election, decided by a son: the intelligence com- By Iain MacGregor
Jenkins, Jr.
press shoves mere 44,000 votes in the munity report of June 25, (Scribner, 355 pages, $30)

them into a
familiar formula.
It ought to be with some
chagrin, though, that where
we once expected the press to
keep the government honest,
we’ve had to rely on civil ser-
vants like Justice Department
inspector general Michael Hor-
owitz and special counsel John
Durham to do the job because,
to put an indelicate point on it,
the press has been part of the
coverup. That coverup con-
cerns perhaps the most impor-
tant trend of our age—the en-
try of U.S. spy agencies and
their disinformation as a fac-
tor in our domestic politics.
Intelligence-agency
meddling in elections
is no Trump-era
aberration.
Those who appreciate a
complete record can now in-
M
Electoral College, less even 2021, when officials with
than the 2016 margin, access to classified infor- ost Russians need no convincing that the Red
which was also influenced mation told us what they Army’s grueling victory at Stalingrad was the most
by a late intervention of might believe about UFOs important event of World War II. Many Western
the intelligence commu- if they didn’t have access historians concur that it was the turning point of the war
nity in the person of then- to classified information, on the Eastern Front, which means its significance can
FBI chief James Comey. a situation that can only hardly be overstated. “The Battle of Stalingrad in my
In a practical sense, lead to mischief, and has, opinion is quite simply the most staggering feat of human
2016 and 2020 are the Elon Musk which smarter officials, endurance, sacrifice, and arms in the history of warfare,”
same story. In 2016, proto- especially at NASA, are writes British historian Iain MacGregor.
col and procedure left the calculated effort at deceit, trying to fix. But in his carefully researched new book “The Light-
Obama Justice Department no which eventually involved 51 Our media needs to up its house of Stalingrad: The Hidden Truth at the Heart of the
way to finesse the Hillary Clin- former officials, how it came own game; from personal Greatest Battle of World War II,” Mr. MacGregor points out
ton email matter, until Mr. to be organized, by whom, etc. knowledge, public servants in- that “the mythologizing of the struggle for Stalin’s city can
Comey invented a solution by The reason is obvious. The volved in exposing FBI mis- sometimes distort the true history, which in itself is un-
citing secret “Russian intelli- press itself is implicated. deeds during the 2016-19 era ambiguously heroic.” Particularly at a time when Vladimir
gence” in a way that still frus- Disinformation doesn’t have and who are by no means Putin is invoking the cult of the Great Patriotic War, as
trates accountability today. to be persuasive. It only has to Trumpistas are nevertheless World War II is called in Russia, to justify his disastrous
In 2020, intelligence veter- confuse. In 1941 how did Stalin appalled by the media’s refusal invasion of Ukraine, Mr.
ans again used their presumed miss 151 divisions massing on to acknowledge reality, and MacGregor argues that it is
access to secret knowledge to his border? He didn’t. He was rightly so. vital to separate fact from
protect Joe Biden from the swamped with intelligence Which brings us to Matt propagandistic fiction.
laptop revelations. saying the Germans were Taibbi, the independent re- The ferocious fighting
The story applies to 2017 about to invade—and also in- porter selected to receive the for control of the city on the
and 2018, when the FBI and telligence that the Germans gift of the Twitter files. He Volga, now known as Volgo-
Robert Mueller used their con- thought Stalin was about to in- never struck me as a journalis- grad, lasted from early Sep-
trol of secret information to vade, and intelligence that the tic lion, but I happily named tember 1942 to Feb. 2, 1943.
hide for two years the fact that Germans were trying to trick him in several columns for be- Troop losses on both sides
no real evidence of collusion Stalin into invading. ing a rare scribe willing, amid numbered in the hundreds of
existed. This is your model of how the febrile, herd-like embrace thousands; official statistics
There’s a pattern here. You disinformation operated in the of the Steele dossier, to say the tally 64,224 civilian deaths

.
clude thanks to Elon Musk in- might tell yourself it’s a laptop smokescreen too, which emperor had no clothes. in the fighting, with most
ternal Twitter deliberations on Trump-era aberration. Get wasn’t even slightly credible to Mr. Musk would have done buildings reduced to rubble.

the Hunter Biden laptop, which
produced an unexpected hero
in Democratic Rep. Ro Khanna.
Twitter is seen, meanwhile,
straining to justify its censor-
ship under its “hacked materi-
als” policy, despite having re-
ceived no complaint from
ly
ready to be disappointed. The anybody who thought about it better to release the Twitter But Stalingrad, Mr. MacGregor
genie won’t be stuffed back for a moment. But it worked documents widely, not least to maintains, “broke the cycle of
into the bottle, especially and now will come the deluge. provoke a healthy variety of continual German victories,
when no one is trying. on
The technological moment
Lately the media have guarantees it. The sudden, dra-
sought to recover their virtue matic increase in the geopoliti-
by acknowledging that the lap- cal stakes guarantees it. Our
reactions. But at least he
picked a reporter who has
been generous in his contempt
for Rachel Maddow, which
thus ensuring that it was now a case of when and not if
the Allies would eventually defeat the Nazis.”
Arguably, the battle for Moscow, which was even
larger in terms of the number of troops involved and the
top exists, in the form of be- information environment will ought to be a requirement for scale of the casualties, had broken that cycle earlier.
us ,

Hunter Biden or the Biden lated reporting from the fill with the disinformation of employment in the news or- (Full disclosure: I made that case in “The Greatest Battle:
l

campaign that the material Washington Post, the New intelligence agencies, ours in- ganizations we’re going to Stalin, Hitler, and the Desperate Struggle for Moscow
e
al a

was either hacked or illegiti- York Times and CBS. Nowhere cluded, which won’t be able to need in the future, equipped That Changed the Course of World War II.”) Nonetheless,
mate (because of course, it seen, though, is the journalis- leave these opportunities with nonconformist spine and Mr. MacGregor is correct in pointing out why the German
wasn’t). tic curiosity to investigate the alone. conviction. drive on Moscow—which fell just short of its goal, stalling
ci on

out as advance units reached the city’s outskirts—was far

from a decisive win for Stalin. In fact, it highlighted many

The Urgency of Leaving Trump Behind of his initial mistakes, starting with his refusal to believe
that Hitler was about to break the Nazi-Soviet Pact by
invading the U.S.S.R., which allowed the Wehrmacht to
er s

I’ve never met normal. To make sure that from a polling booth to an- and deeds over the past two score the early victories that sparked panic in the capital.
Rep. David readers understand the nounce that he couldn’t bring years, would it be reasonable By contrast, Stalingrad was a more impressive triumph,
m er

Joyce, a mod- stakes, here is a post from himself to vote for Herschel to believe him if he uttered this making it “the ultimate touchstone for any Russian leader,”
erate Republi- Mr. Trump on Truth Social Walker, his party’s senatorial oath on Jan. 20, 2025? This is Mr. MacGregor writes. Yet what actually happened was
can from from over the weekend: candidate, and left his ballot the real issue, and it is dis- never enough for Soviet propagandists: they felt compelled
Ohio, but he “So, with the revelation of blank. In a subsequent inter- tressing that so many honor- to spin an unabashedly heroic narrative that overlooks
POLITICS seems to be MASSIVE & WIDESPREAD view, he described Mr. Walker able Republicans have thus far inconvenient truths. This valuable addition to the body of
m rp

an honest and FRAUD & DECEPTION in work- as “one of the worst candi- failed to face it. work about Stalingrad goes a long way toward righting the
& IDEAS
honorable ing closely with Big Tech Com- dates in our party’s history.” Edmund Burke once re- balance between myth and reality.
By William
man. In a re- panies, the DNC, & the Demo- Mr. Duncan added that some marked that “when bad men Mr. MacGregor vividly describes the frantic Soviet
A. Galston
cent inter- crat Party, do you throw the of his children could “articu- combine, the good must asso- efforts to beat back Field Marshal Friedrich Paulus’s Sixth
view, he Presidential Election Results late the conservative platform ciate; else they will fall, one by Army as it reached the city. House-to-house, factory-to-
co Fo

talked frankly about the mid-
term elections. “We lost,” he
said. “And we lost because of
some of the arguments that
were being made and some of
the candidates that we had.”
Mr. Joyce heads the Repub-
lican Governance Group, which
consists of nearly 50 House
Republicans who believe that
Congress should be a function-
ing institution. He views this
group as a counterweight to
of 2020 OUT and declare the
RIGHTFUL WINNER, or do you
have a NEW ELECTION? A
Massive Fraud of this type and
magnitude allows for the ter-
mination of all rules, regula-
tions, and articles, even those
found in the Constitution. Our
great ‘Founders’ did not want,
and would not condone, False
& Fraudulent Elections!” He
also wrote: “UNPRECE-
DENTED FRAUD REQUIRES
n-
better than some of the candi-
dates that Donald Trump and
his group supported all across
the country.”
He has crossed a new
line with his talk
of suspending the
Constitution.
one.” I can’t think of a better
description of the 2016 Repub-
lican primary contest. It could
happen again.
Honorable conservatives
have spent years hoping that
Mr. Trump would go away
without a fight. The strategy
hasn’t worked so far, and
there is no guarantee it will. If
all the Republican officials
now considering their pros-
pects enter the race, the for-
factory fighting became the order of the day, and Gen. Vasily-
Chuikov, the commander of the 62nd Army, quickly adopted
the tactic of “hugging the enemy,” positioning his troops as
close as possible to the Germans, then striking with small
mobile groups.
To illustrate his point about the mix of fact and fiction,
Mr. MacGregor zeroes in on one of Stalingrad’s most
legendary episodes: the Red Army’s push to take control of
a strategic building codenamed “The Lighthouse.” In the
official version, Sgt. Yakov Pavlov led a small band of men,
representing a symbolic mix of Soviet nationalities, as they
charged into the house and wiped out its German occu-
pants. Subsequently, “Pavlov’s House,” as it became known,

some of the more extreme ele-
ments of the Republican cau-
cus, such as Colorado Rep.
Lauren Boebert. Moderate
no
UNPRECEDENTED CURE!”
Here is Mr. Joyce’s re-
sponse: “Well, he says a lot of
things, but that doesn’t mean
Mr. Trump’s policies aren’t
the issue. It was perfectly le-
gitimate for him to question
mer president could win the
nomination with less than
40% of the primary vote. And
if the fight against inflation
was hailed by the 62nd Army’s newspaper as “a symbol of
the heroic struggle of all defenders of Stalingrad.”
The battle for Stalingrad was a critical victory

Democrats see him as some-
one with whom they can do
business.
Still, Mr. Joyce cannot
bring himself to break with
Donald Trump, despite the
former president’s recent din-
ner with two notorious anti-
Semites and his remarkable
demand to suspend the Con-
stitution. “I will support who-
ever the Republican nominee
is,” Mr. Joyce told George
Stephanopoulos.
In ordinary circumstances,
this statement would be unre-
markable. But current cir-
cumstances are anything but
that it’s ever going to happen.”
Perhaps so, though few
imagined that Jan. 6 would
happen. Could someone of Mr.
Trump’s views and tempera-
ment be fit to return to the
Oval Office? It speaks volumes
when decent men such as Mr.
Joyce can’t bring themselves
to say no.
They can do so without
crossing the aisle. Larry Ho-
gan, Maryland’s Republican
governor, refused to vote for
Mr. Trump in 2020 and wrote
in Ronald Reagan instead. Last
week, Georgia’s Republican Lt.
Gov. Geoff Duncan emerged
Republican orthodoxy on
globalization, trade, immigra-
tion, entitlements and much
else and to appeal more di-
rectly to the interests and sen-
timents of working-class vot-
ers than his predecessors. Nor
is the issue Mr. Trump’s re-
cord, which includes some
genuine accomplishments, for-
eign and domestic.
Before assuming the office
of president, every president-
elect is required to take an
oath swearing to “preserve,
protect, and defend the Consti-
tution of the United States.”
Considering Mr. Trump’s words
plunges the economy into a
recession, states that flipped
for Joe Biden in 2020 could be
back in play, meaning that Mr.
Trump could win the general
election without even a plural-
ity of the popular vote, as he
did in 2016 and nearly did
again in 2020.
At some point, the Republi-
can Party’s David Joyces
(there are tens of millions of
them) must make it clear that
they won’t take another step
with the former president and
won’t support him if he is—for
the third consecutive time—
their party’s nominee.
for Soviet forces—but its ugly realities were
obscured by the mythmaking that followed.
Investigating these events, Mr. MacGregor combed the
records and interviewed Pavlov’s son and Chuikov’s grand-
son. While he does not doubt Pavlov was a fierce combatant,
he discovered contradictory evidence about who really took-
command of the lighthouse—and whether the legend of
the battle comes close to matching what really happened.
He concludes that “the imagined storyline was deemed
more important than the actual truth.”
The official Soviet histories also bypassed the terror
tactics Stalin employed against his own troops to enforce
his “Not a step back!” order. The NKVD, the KGB’s prede-
cessor, set up “blocking detachments” behind the front
lines to shoot any soldiers who tried to retreat. Hitler did
not spare his men either. Once his forces were clearly

When Accurate Data Are ‘Bad PR’ defeated, Paulus pleaded for Hitler’s permission to sur-
render. The response: “The Army is to hold its position to
the last man and to the last bullet.—Adolf Hitler.”
By Robert Bryce form, its data can be easily huge company can be cowed combined grew nearly five While Mr. MacGregor focuses on setting the record

R
euters recently re-
ported that energy gi-
ant BP is “considering
ending the publication of its
Statistical Review of World
Energy, over 70 years after it
first published the benchmark
report.” The reason? The re-
port’s numbers are suppos-
edly undermining the com-
pany’s rhetoric about its
pursuit of alternative energy.
To give in to such claims and
cancel the Statistical Review—
one of the most reliable en-
ergy resources in the world—
would be an egregious
mistake.
The review is a benchmark
report. No other entity, corpo-
rate or public, publishes such
a wide variety of data. Be-
cause the Statistical Review is
published in spreadsheet
used to detect and illustrate
trends in everything from coal
use in Vietnam (it’s soaring)
to the electricity generated
annually by America’s nuclear
reactors (it’s falling).
BP considers ending
its statistical review
because it makes
greens look bad.
I look at the review almost
daily, as do many people in
the media, energy and govern-
ment sectors. That BP would
even consider halting publica-
tion—the cost of which
amounts to decimal dust amid
the company’s 2021 revenue
of $164 billion—shows how a
by fashion and fleeting politi-
cal considerations.
The Reuters report says
that the review “has been
seen by some BP executives
as detrimental to the com-
pany’s new direction.” It adds
that BP has in recent years
“sought to raise its profile as
a clean energy provider.” The
article then quotes a company
source saying: “Put simply, it
is bad PR.”
The only way the report
could be “bad PR” or “detri-
mental” to the company’s
“new direction” is if its data
show exactly how much—or,
more accurately, how little—
progress is being made on the
much-hyped “energy transi-
tion.” In a recent article, I used
Statistical Review numbers to
show that in 2021 the global
use of coal, oil and natural gas
times as fast as wind and solar
energy. In the U.S., domestic
oil use grew four times as fast
as wind and solar combined in
2021.
Now more than ever, global
policy makers need consistent
and trustworthy numbers they
can use to guide their deci-
sions on energy and climate
policy. BP should stick to its
guns and show some corpo-
rate responsibility. Whatever
the status of the energy tran-
sition, the world needs accu-
rate energy and power data.
Mr. Bryce is host of the
“Power Hungry Podcast,” ex-
ecutive producer of the docu-
mentary “Juice: How Electric-
ity Explains the World,” and
author of “A Question of
Power: Electricity and the
Wealth of Nations.”
straight about the Red Army, he also emphatically dis-
misses a popular German myth that the Wehrmacht had
nothing to do with the Holocaust. He notes that by the
time of the battle for Stalingrad, more than two million
Jews in occupied territories had already died, with the
Sixth Army and other military units serving as “willing
enablers” of mass executions.
For all their similarities, Stalin and Hitler proved to be
very different wartime leaders. Confronted by mounting
setbacks, Hitler always blamed his generals, not admitting
his own misjudgments. Dismissing Gen. Franz Halder, the
chief of the general staff, he declared: “We need National
Socialist ardor now, rather than professional ability, to
settle matters in the East.”
Stalin demanded ideological ardor as well, but Mr.
MacGregor makes a compelling case that he had begun to
learn from his mistakes. He accepted some of the recom-
mendations of his top generals, and even junior officers
were allowed “a modicum of initiative in the field to make
their own decisions.” All of which contributed to the vic-
tories that turned the tide.
Stalingrad was the most spectacular.
Mr. Nagorski is the author, most recently, of “Saving Freud:
The Rescuers Who Brought Him to Freedom.”
 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, December 7, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Supreme Court’s Elections Opening Eastman on America’s ‘Constitutional Crisis’

T
he Supreme Court’s argument Wednes- The panicked reaction to Moore v. Harper is Your editorial “John Eastman’s reverse the 2020 election” is also a
day in Moore v. Harper is being called a unconvincing. A legislature is the most demo- Sorry Excuse for Jan. 6” (Nov. 21) distortion. Mr. Pence acknowledged
presents a distorted version of the in his Dear Colleague letter that there
case that will determine the fate of de- cratic branch of government. How is it vital for
conversations that occurred on Jan. 4 were “numerous instances of officials
mocracy. In reality it’s a case democracy to let a state court
that asks that most basic of Moore v. Harper is about rewrite a voting law passed by
and 5, 2021. Memories aren’t perfect, setting aside state election law.”
but the discussion on Jan. 4 has al- Those actions violated the Constitu-
questions for a constitutional democracy, but not in elected legislators? No matter ready been publicly confirmed to be tion’s assignment of power exclu-
republic: Who decides? Do the outcome in this case, there contrary to what Greg Jacob, legal sively to the state legislators to direct
state legislatures, under fed- the way critics claim. are federal guardrails, because counsel to Mike Pence, has con- the manner for choosing presidential
eral supervision, set the rules state election laws must follow tended. As the New York Times re- electors. No one knew at the time, or
for Congressional elections? the U.S. Constitution and acts ported (citing a “person close to Mr. now, whether these known and ac-
Or can state courts do it? of Congress. The right to vote, for example, is Pence”), I didn’t argue that outright knowledged unconstitutional prac-
The dispute in Moore v. Harper involves a protected by the 14th and 15th Amendments, rejection of electors would be “legally tices had changed the outcome of the
House redistricting plan passed in 2021 by the plus the federal Voting Rights Act. viable.” Rather, I stated during the election. That was the constitutional
meeting that, although it was an open crisis facing the country on Jan. 6—
North Carolina Legislature. That map was invali- Critics even claim that Moore v. Harper could
question and certainly one of the ar- and still facing the country today.
dated by the state Supreme Court, which said it let a state legislature reverse the results of its guments that had been floated by My advice to delay wasn’t so the
was a partisan gerrymander and therefore pro- presidential popular vote. But the U.S. Constitu- others, even if the vice president had state legislatures could simply re-
hibited under the state constitution. The North tion says Congress “may determine the Time of such power, it would be foolish to ex- verse the election, but so that they
Carolina constitution says nary a word about chusing the Electors,” and federal law says that’s ercise it absent certification by state could assess the effect of the ac-
partisan gerrymandering. Election Day. A state legislature can’t take back legislatures of the alternate electors. knowledged illegality and take what-
The state Justices instead cited clauses that presidential electors after the fact. Any attempt As for the further discussion on ever steps were warranted to remedy
guarantee “free elections,” “a right to assemble,” would be a loser in federal court. Despite what Jan. 5, I am aware of Mr. Jacob’s tes- the unconstitutional conduct.
“freedom of speech,” and “equal protection of you might hear, Moore v. Harper has nothing to timony and his handwritten note. Hu- JOHN EASTMAN
the laws.” The Pennsylvania Supreme Court did do with Donald Trump. man beings aren’t infallible or incor- Senior fellow, Claremont Institute
ruptible, even under oath. He either Upland, Calif.
a similar trick in 2020, when it extended a dead- The partisan implications also cut both ways.
misconstrued something I said (in a
line for mail ballots, citing a promise of “free and Upholding the North Carolina Legislature’s re- meeting several hours long covering I am no constitutional law profes-
equal” elections. But what’s unfree about a dead- districting map would help the GOP. But the re- many complex issues) or bore false sor, but I do know history. Since 1960,
line? And if state judges can rewrite the election verse scenario played out this year in New York. witness. There is some evidence that six vice presidents, including Mr.
code like this, where does it end? Democrats drew a gerrymander, but the state ju- the former vice president’s team be- Pence, have had to certify the defeat
According to the U.S. Constitution, the details diciary threw it out and created its own map. If gan working on his Jan. 6 “Dear Col- of their own ticket. Three of those
of Congressional elections “shall be prescribed the Legislature’s plan had stuck, Republicans league” letter the morning of Jan. 5, oversaw their own defeat in the elec-
in each State by the Legislature thereof.” The might have won several fewer House seats, and before my meeting later that morning toral count: Richard Nixon in 1960,
North Carolina Legislature “prescribed” a dis- Nancy Pelosi might be Speaker again. with Mr. Jacob. By then Mr. Pence ap- Hubert Humphrey in 1968 and Al
trict map, and state judges devised their own re- This is a pregnant moment for the Supreme pears to have decided to break with Gore in 2000. Many of these were
placement. The Pennsylvania Legislature passed Court to consider Moore v. Harper, because re- President Trump, and crafted a let- close elections. If what Mr. Eastman
ter—relaying that “some” believe he had suggested were possible, it would
a mail-voting law that balanced access and secu- cent years have brought a flood of lawsuits chal-
should have been able to reject elec- have been tried before. Fortunately,
rity, which state judges willfully ignored. lenging state election laws. If the Justices give toral votes unilaterally—to put him- Mr. Pence had the strength of charac-
We have great respect for federalism and the license to state courts to overrule legislators,

.
self in the best light. ter and common sense to resist such
right of states to write their own constitutions, 2024 will be a legal free-for-all. Your claim that my advice for Mr. foolishness. I wish others had.

ly
which is why Moore v. Harper isn’t an easy case. The lack of clarity could have led to disaster Pence was “to stall the Electoral Col- LEE TEAGUE
But the Elections Clause is an exception, because in 2020. Pennsylvania received 10,097 late mail lege, so that state legislatures could Raleigh, N.C.
its delegation of federal authority to state legis- ballots, which were set aside and not counted.
on
latures is explicit. This is what Chief Justice Wil- If the presidential outcome had been closer, all
liam Rehnquist, joined by Justices Antonin Sca- hell would have broken loose. The High Court
lia and Clarence Thomas, was getting at when ducked the Pennsylvania case. North Carolina of- Military Mission Creep at the End of History
he wrote, in a 2000 concurrence to Bush v. Gore, fers another chance to reaffirm the plain lan-
Regarding your editorial “Ameri- lar military. Enter the opportunists.
us ,

that the Constitution limits the power of state guage of the Constitution in time to prevent
cans Are Losing Trust in the Military” Along the way, politicians and special
l

judges over federal elections. greater legal mayhem in 2024. (Dec. 1): In the early 1990s, with the interests have ignored that the sole
e
al a

Cold War over and spectacular suc- purpose of our military is to deter and,

Chuck Schumer’s Marijuana Defense Bill cesses showcased during the Gulf War,
our military enjoyed admiration and
if necessary, fight and win wars. The
mission boils down to “ordnance on
ci on

L
egislation that ends up adorned with unre-
lated giveaways is known in Congress as
a Christmas tree. Behold the spectacle as
Democrats in the festive spirit try to hang every-
bill that would make it easier for banks to do
business with marijuana outfits. Democrats
have also been threatening to attach a bill that
purports to reform permitting for new infra-
er s
popular support unseen since before
the Vietnam War. An opportunity
quickly presented itself: Social griev-
ances with little traction in society
could gain ground in the newly popu-
target.” As Manfred von Richthofen,
Germany’s Red Baron of World War I,
once said, “Anything else is rubbish.”
LT. COL. JAMES H. BARRY, USAF (RET.)
Bedford, N.H.

thing from marijuana financing to antitrust policy structure projects, to buy back the good graces
on the annual defense policy bill. of Sen. Joe Manchin. Another potential ride-
What Kind of Regulation Is Fit for Crypto?
m er

The national defense authorization for 2023 along is Sen. Amy Klobuchar’s antitrust exemp-
is expected to add $45 billion to President Bi- tion for newspapers to negotiate with tech
den’s request for the Pentagon, and the outline companies.
has been known for months. One priority is These “miscellaneous pet priorities,” as GOP
m rp
Sen. Elizabeth Warren’s skepticism U.S. consumers. The current strategy
of crypto is well-documented and my- is “regulation by enforcement,” pursu-
opic (“Regulate Crypto or It’ll Take ing enforcement actions that make

more arms for Ukraine and backfilling U.S.
weapons stocks that are being depleted. An-
other is a 4.6% pay raise for military members,
which is only half the rate of inflation but will
be helpful as the force struggles to recruit.
co Fo
Leader Mitch McConnell described them on the
Senate floor Tuesday, have nothing to do with
military spending. Mr. McConnell also noted
that the defense authorization could have been
done months ago. In 2017 the Senate wrapped
Down the Economy,” op-ed, Nov. 23).
While those who flagrantly disregard
corporate governance norms and un-
dermine basic consumer protection
must be rooted out, it is inaccurate to
headlines but do little to protect mil-
lions of U.S. consumers.
Crypto is here for good. Innova-
tions won’t be uninvented. We ask
Ms. Warren and her colleagues to

There’s money for the Pacific Deterrence Initia-
tive and more.
Americans watching the war in Europe might
think building up national defense is an urgent
task. But they have underestimated the political
cynicism of Democratic Senate leader Chuck
Schumer, who is trying to load ideas he couldn’t
pass by themselves, or could have tried to pass
earlier in the year, onto the defense bill.
Among the heavy, unnecessary baggage: a
John Eastman’s Bad Defense Gets Worse
n-
up the bill by Thanksgiving, and in 2018 the
work was finished by early August.
The obvious answer is to pass the defense
policy bill without Mr. Schumer’s legislative fa-
vors to his party’s campaign donors. If Mr.
Schumer thinks easier financing for New York
skunk-weed businesses is a pressing national
priority, then he can set aside some of the Sen-
ate’s time to debate the merits and vote on it.
But take care of defense now.
use the downfall of one company as il-
lustrative of an entire industry.
The industry agrees that new rules
from Congress—fit for purpose and
crafted for this new technology—
would help address policy questions
and provide a measure of clarity for
A Policy Proposal for RMDs
And Retirement Planning
Regarding “How to Be Smart
work with industry, not against it, to
ensure America will lead the world in
this technology and usher in the next
generation of the internet.
KRISTIN SMITH
Exec. director, Blockchain Association
Washington
Though I departed from Ms. War-
ren’s politics some time ago, her op-ed
is a necessary wake-up call. My for-
mer neighbor was a forensic accoun-
tant. I asked him one day what he

About RMDs” (Journal Report, Nov. thought of cryptocurrency. He replied

28): Congress should consider enact- that it exists for two reasons only: tax

J
ing a provision similar to the repatri- evasion and money laundering. De-
ohn Eastman took the Fifth Amendment his head, it is hard to get him to change course.” ation-of-foreign-profits tax enacted spite the touting of the merits of
100 times when he was before the House Hmmm . . . who put that idea in Mr. Trump’s
no

Jan. 6 committee, per a hearing this sum-
mer. Given Mr. Eastman’s reluctance to discuss
his role in those events, his letter to the editor
nearby adds to the public record, and it’s worth
a final word.
Start with the insinuation of perjury. Mr.
Eastman denies advising that Vice President
Mike Pence could reject electoral votes on Jan.
6, 2021. Mr. Pence’s legal counsel, Greg Jacob,
testified under oath that on Jan. 5 Mr. Eastman
explicitly asked for the VP to do that. Mr. East-
man now says Mr. Jacob “either misconstrued
something I said (in a meeting several hours
long covering many complex issues) or bore
false witness.”
Mr. Jacob tells us he stands by his testimony.
His notes taken that day read: “John Eastman
meeting 1/5/21,” and “Requesting VP reject.” Mr.
Jacob helped Mr. Pence uphold the Constitution,
so he has reason to be proud. Mr. Eastman took
the Fifth, and he reportedly sought clemency.
“I’ve decided that I should be on the pardon list,”
he wrote Rudy Giuliani, according to an email
quoted by the Jan. 6 committee.
Marc Short, the VP’s former chief of staff, was
also in these meetings with Mr. Eastman. His full
testimony to the Jan. 6 inquiry isn’t public, and
we hope the committee will publish transcripts.
But for now, Mr. Short tells us: “My sworn testi-
mony to the Jan. 6 committee under oath matches
Greg’s testimony, that the original request was for
the Vice President to reject electors.”
What makes Mr. Eastman’s continued denials
so bizarre is they’re contradicted by the record.
In the run-up to Jan. 6, he wrote two memos, both
of which suggest Mr. Pence might outright reject
electors. At some point, he relented on this.
Here’s an email exchange that took place while
the Capitol was being ransacked. Mr. Jacob: “Did
you advise the President that in your professional
judgment the Vice President DOES NOT have the
power to decide things unilaterally?”
“He’s been so advised,” Mr. Eastman replied.
“But you know him—once he gets something in
head in the first place?
Months later, however, Mr. Eastman was but-
tered up at a gala by a woman with a hidden
camera. “They’re already anticipating Trump
winning in 2024,” he said. “They’re using my ar-
guments from that memo, that they all said had
no credibility, to argue that Kamala Harris can
block Trump’s electoral votes.” Then his memo
was correct? Mr. Eastman: “Exactly, except
they’re not saying that, right?”
Even taking Mr. Eastman at face value that he
merely wanted Mr. Pence to delay, it was terrible
advice. Mr. Trump’s term was constitutionally
over in 14 days. Courts had rejected his legal
challenges. Political leaders in Michigan, Ari-
zona, Wisconsin and Georgia had rejected the
idea of attempting to appoint electors. “Trump,
Giuliani and me met with 300 legislators on Jan.
2 via Zoom conference call,” Mr. Eastman said
on that undercover video, “and they all spine-
lessly wouldn’t do anything.”
If they had tried, it would have been a consti-
tutional crisis. Imagine: Amid mass protests, the
Democratic House refuses to convene in joint
session to tally new Trump electors. What then?
Does the Supreme Court get involved? Does
Speaker Nancy Pelosi become President Pelosi
on Jan. 20? Mr. Eastman still hasn’t articulated
an answer that doesn’t end with a bang.
Republicans rightly complain that state elec-
tion laws were stretched too far in 2020, but the
time to challenge that is before ballots are cast.
When the GOP did so, it often succeeded. Yet Mr.
Trump “did not have a legal team prepared to go
and fight around the country,” former Attorney
General Bill Barr said this summer. “So a lot of
these, bending of the playing field, were his own
fault.” Mr. Trump lost by thousands of votes in
three states.
Providing awful legal counsel isn’t a crime.
But as Mr. Jacob wrote in an email as the riot
raged, Mr. Eastman’s advice “functioned as a
serpent in the ear of the President of the United
States.” That is what the history books will say.
under the Tax Cuts and Jobs Act of blockchain tracking. a friend has only
2017. This would allow a one-time op- been able to watch helplessly as the
portunity for a taxpayer to terminate money stolen from him trickles away.
an individual retirement account at a JACK KNUTSON
reduced rate of tax, perhaps 15% for Pebble Beach, Calif.
cash or equivalents and 10% for non-
cash assets. The taxpayer could elect
to pay the tax interest-free in equal Where Readers Find News
installments over a five-year period.
The readers of this paper again
Many would use this, particularly
have to depend on the editorial page
those already receiving required min-
and columnists to get all the news
imum distributions, bringing in sig-
(“The Twitter Censorship Files,” Re-
nificant revenues that might not oth-
view & Outlook, Dec. 5). The Twitter
erwise be collected.
reveals from Elon Musk, showing the
ROBERT E. PANOFF
Biden campaign and former intelli-
Pinecrest, Fla.
gence officials working to suppress
Mr. Panoff was chairman of the tax
the Hunter Biden laptop story at a
section of the Florida Bar (1994-95).
key moment in the 2020 election
campaign, are evidence of clear viola-
Judge Based on Law Alone tions of free speech. Why is this not
front-page news? If the story were re-
Your editorial “Trump Strikes Out versed and the Trump campaign had
Before His Judges” (Dec. 3) suggests succeeded in suppressing a negative
that when Trump-appointed judges story about Don Jr., the media would
vote against the former president, cover the story ad nauseam.
they are putting the law above poli- DENNIS A. HEMAUER
tics. In other words, those jurists have Fond du Lac, Wis.
an incentive to rule against the for-
mer president, no matter the law, lest
they be accused of political loyalty.
How is this fair? This line of thinking
Pepper ...
corrodes judicial independence. And Salt
YOSSI GESTETNER
THE WALL STREET JOURNAL
New Hempstead, N.Y.
CORRECTION
England’s King Edward VIII abdi-
cated the throne in 1936. He was mis-
identified in “When Time’s ‘Man of the
Year’ Meant Something” (Dec. 3, op-ed).
Letters intended for publication should
be emailed to wsj.ltrs@wsj.com. Please
include your city, state and telephone
number. All letters are subject to
editing, and unpublished letters cannot “I felt I could make more
be acknowledged.
of a difference within the system.”
 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.
Judges Aren’t Part of the ‘Legislature’
By David B. Rivkin Jr.
And Andrew M. Grossman
T
he Supreme Court consid-
ers on Wednesday whether
the Constitution’s Elec-
tions Clause means what it
says—that “the times,
places and manner of holding elec-
tions for senators and representa-
tives, shall be prescribed in each
state by the legislature thereof.” That
question arises from a litigation blitz
seeking to override state election
laws. Unless the justices get the an-
swer right, elections for Congress
and president could become a free-
for-all with judges being the ultimate
deciders.
At issue in Moore v. Harper is
North Carolina’s congressional map.
In 2021 the state legislature—the
General Assembly—enacted a redis-
tricting plan. Lawmakers expressly
rejected partisan considerations in
drawing district lines. Nonetheless,
groups aligned with the Democratic
Party sued, arguing that the map was
a partisan gerrymander and violated
the state constitution.
The Constitution is clear:
The power to govern
federal elections belongs
to state lawmakers.
The precise nature of that violation
is an interesting question. Unlike
some state constitutions, North Caro-
lina’s doesn’t forbid partisan redis-
tricting. Lacking any textual hook for
their claim, the challengers cited a
potpourri of state constitutional
clauses, including ones guaranteeing
“free elections,” equal protection and
even free speech. The North Carolina
Supreme Court ruled in their favor,
despite having rejected a similar claim
a few years earlier, and ultimately a
court-imposed congressional map was
used for this year’s elections.
The U.S. Supreme Court’s task in
Moore is straightforward. The Elec-
tions Clause directs “the legislature”
to regulate congressional elections,
which includes drawing district
maps. State courts aren’t part of the
legislative process, and thus the
North Carolina Supreme Court was
Who’s Afraid of Randi Weingarten?
If former Secretary
of State Mike
Pompeo is serious
about seeking the
Republican nomina-
tion for president in
2024 and about
UPWARD
MOBILITY making education
reform his signature
By Jason L.
issue, it’s hard to
Riley
think of a better
fight to pick than
the one he has chosen with Randi
Weingarten, president of the Ameri-
can Federation of Teachers.
Ms. Weingarten is the face of pub-
lic education in the U.S. and a domi-
nant force in Democratic politics.
The AFT, along with the National Ed-
ucation Association and their thou-
sands of state and local affiliates,
has for decades maintained a vise
grip on the traditional public schools
no
that educate more than 80% of K-12
students.
During the pandemic, the AFT
shaped the guidelines used by the
Centers for Disease Control and Pre-
vention to slow the full reopening of
schools. Teachers unions leveraged
the Covid crisis to demand higher
pay and better benefits for their
members. In Los Angeles, where the
Los Angeles Times reported before
the pandemic that only 42% of stu-
dents could read at grade level and
that math proficiency was only 32%,
the local teachers union requested
free child care for its members as a
condition for returning to the class-
room. Combined, the AFT and NEA
spent more than $40 million to elect
Democrats in 2020. Three months af-
ter taking office, President Biden re-
paid them by signing Covid-relief
legislation that allocated $123 billion
for public schools without any re-
quirement that districts reopen for
in-person instruction.
In an interview last month with
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Rupert Murdoch
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Paul A. Gigot
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obligated to uphold
the General Assem-
bly’s map.
It really is that
simple. Many other
constitutional clauses
refer to a “state,” but
the Elections Clause
singles out a state
“legislature.” In so
doing, it conveys a
unique legislative
power to make a type
of federal law. Like all
federal laws, these
can’t be trumped by
state constitutional
provisions. State
courts have the
power to interpret
election regulations,
but they can’t over-
ride the legislature’s
handiwork unless it
conflicts with the U.S.
Constitution or a
statute enacted by Congress.
The historical record of litigation
involving federal election laws is
straightforward, too. Of the bushels
of briefs supporting the Moore plain-
tiffs, not one identifies a state-court
decision striking down a law govern-
ing federal elections until 70 years
after the founding. When disputes
arose during the Civil War over
whether state legislatures could per-
mit absent Union soldiers to vote by
mail despite in-person voting re-
quirements in state constitutions,
state supreme courts split on the
question. The U.S. Supreme Court
never heard an appeal in these cases.
Not until this century did state
judges presume to override federal-
election legislation when it violated
their notions of how best to conduct
on
“free,” “fair” or “equal” elections, in
litigation brought mostly by Demo-
crats. The Pennsylvania Supreme
Court, for instance, in 2018 imposed
its own congressional redistricting
us ,
plan (drawn in secret) and held in
l
2020 that a Tuesday statutory ballot-
e
al a
receipt deadline could become a Fri-
day deadline, viewing Friday as more
“free” and “equal” than Tuesday.
ci on
The Moore plaintiffs cite Supreme
Court precedents that read “the leg-
islature” to mean “the state’s law-
making process.” In Smiley v. Holm
(1932), the justices held that a con-
er s
gressional redistricting plan didn’t
m er
two journalists, David Weigel and
m rp
Shelby Talcott, Mr. Pompeo de-
scribed Ms. Weingarten and the pub-
lic-education establishment as a
threat to the country. “I tell the story
often—I get asked ‘Who’s the most
co Fo
dangerous person in the world? Is it
Chairman Kim, is it Xi Jinping?’ ”
said Mr. Pompeo, who served as di-
rector of the Central Intelligence
Agency before becoming the nation’s
top diplomat under Donald Trump.
Not Mike Pompeo, who
calls the teachers union
head ‘dangerous’ but has
challenged her to a debate.
n-
“The most dangerous person in the
world is Randi Weingarten. It’s not a
close call. If you ask, ‘Who’s the most
likely to take this republic down?’ It
would be the teacher’s unions, and
the filth that they’re teaching our
kids, and the fact that they don’t
know math and reading or writing.”
Ms. Weingarten responded by de-
flecting. “What he’s doing is making
it harder for teachers all across
America to teach kids. To bring par-
ents and teachers together,” she told
MSNBC. “He knows better, but he’s
doing this to try to win a Republican
primary, and he’s hurting kids.” Last
week, Mr. Pompeo doubled down on
his remarks and challenged Ms.
Weingarten to a public debate. “Her
personal venom evidences an unwill-
ingness to defend what she has
wrought on our children and our na-
tion,” Mr. Pompeo wrote in a New
York Post op-ed. “I am prepared to
debate her and to present to the
American people my case for the
risks she presents to our republic
and our nation’s future.”
Robert Thomson
Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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OPINION
take legal effect without the gover-
nor’s signature because the governor
had “a part in the making of state
laws” through the veto power. In Ari-
zona State Legislature v. Arizona In-
dependent Redistricting Commission
(2015), the court approved of an in-
dependent redistricting commission
adopted in a ballot initiative by the
people as citizen-legislators.
Yet neither of these cases read the
word “legislature” as a mere syn-
onym for “state.” While the former
term may be broader than state
houses and senates, it is narrow
enough to encompass only those peo-
ple and institutions involved in mak-
ing laws. The job of North Carolina’s
courts is to interpret the laws; they
have no role in the legislative process.
The Moore plaintiffs also argue
that Election Clause legislation is
subject to state-court review because
Congress is subject to federal judicial
review when it acts under the Elec-
tions Clause to “make or alter” con-
gressional election laws. That’s a
faulty analogy. Acts of Congress are
always subject to review for compli-
ance with the U.S. Constitution, but
never under state constitutions. The
U.S. Constitution’s Supremacy Clause
privileges the Constitution over fed-
eral statutes and federal statutes over
all state laws, including state consti-
tutions. Importantly, that clause de-
fines “the laws of the United States”
So far, Ms. Weingarten has de-
clined Mr. Pompeo’s offer, dismissing
it as an effort to use teachers as “a
prop for his pathetic presidential
ambitions.” She has called him a
“childish,” “petty” and spiteful “bully
boy.” This response is beneath Ms.
Weingarten, who ought to recon-
sider. Mr. Pompeo graduated first in
his class from West Point and earned
a law degree from Harvard. He’s cer-
tainly capable of having a substan-
tive back-and-forth with her about
education reform, and it would be a
public service besides. If Ms. Wein-
garten doesn’t have the courage of
her convictions, maybe she could
muster the courage of her legendary
predecessor, Albert Shanker.
Shanker led the AFT from 1974 to
1997 and was invited to debate school
choice on William F. Buckley’s PBS
program “Firing Line” in 1986. He
gamely accepted, and with all due re-
spect to Mr. Pompeo, Shanker faced
somewhat tougher opponents than
Ms. Weingarten likely would encoun-
ter. The lively, two-hour event was
hosted by the University of California,
A Bipartisan Schedule
For Presidential Primaries
By Michael Segal
D
emocrats have proposed to
make the South Carolina pri-
mary the first contest in their
presidential nomination process, sup-
planting Iowa and New Hampshire.
The problem is that they plan to do
so using racial criteria, to “ensure
that voters of color have a voice in
choosing our nominee much earlier
in the process,” as President Biden
put it in a letter to the Democratic
National Committee last week: “You
cannot be the Democratic nominee
and win a general election unless you
have overwhelming support from
voters of color.”
Since that isn’t true of the Repub-
licans, they’re unlikely to use the
same criteria or the same schedule.
This would be a logistical problem,
especially in states that allow inde-
pendent or crossover voting, where
voters can choose on Election Day in
which primary to cast a ballot.
Democrats have a point that the
process could benefit from some up-
dating, but how about using a rules-
based approach? The first primary
could go to the state with the closest
race in the previous presidential elec-
tion. In 2024 that would be Georgia,
where Mr. Biden won by 0.2% in
2020. Next could be Arizona, where
Wednesday, December 7, 2022 | A17
as those “made in
pursuance” of “this
Constitution,” which
includes the Elections
Clause and its delega-
tion to “the Legisla-
ture” of each state. By
logical consequence,
the U.S. Constitution
constrains state legis-
latures exercising
their authority under
the Elections Clause,
but state constitu-
tions don’t.
The Moore plain-
tiffs also make politi-
cal arguments. They
contend that a plain-
text reading of the
Elections Clause
DAVID GOTHARD
would be “damaging
for American democ-
racy.” Legal commen-
tators pillory state
legislatures as parti-
san bodies and lionize state courts as
guardians of democracy—even in
states like North Carolina and Penn-
sylvania, where judges are selected in
partisan elections. They also insist
that it would jeopardize minority
voting rights, which are protected
under federal law that won’t be af-
fected by Moore.
The core of American democracy is
rule by the people through their
elected representatives—not by
judges, whether elected or appointed.
Legislation can be good, and court de-
cisions can be bad, as easily as the re-
verse. No one would contend that leg-
islation permitting deployed Union
soldiers to vote in federal elections
was harmful to democracy, yet fidelity
to the Elections Clause made that pos-
sible in some states while a theory of
state-court supremacy disfranchised
them in others. Those who loudly pro-
fess the need to “save” democracy are
dead-set against it when it stands in
the way of their partisan objectives.
Mr. Rivkin served at the Justice
Department and the White House
Counsel’s Office in the Reagan and
George H.W. Bush administrations.
Mr. Grossman is a senior legal fellow
at the Buckeye Institute. Both prac-
tice appellate and constitutional law
in Washington. They filed an amicus
brief on behalf of state legislators
supporting Moore challengers.
Davis, and was moderated by a grad-
uate-school dean. In addition to the
TV audience, more than a thousand
people watched in person. Shanker’s
debate partners were Paul Starr, a so-
ciologist at Princeton, and Bill Honig,
California’s superintendent of public
education. Their opponents were
Buckley, Milton Friedman and
Thomas Sowell.
The debate can be streamed on
YouTube, and regardless of which
side the viewer thinks prevailed, the
reality is that education policy in
2022 continues to favor the tradi-
tional public-education model. It’s
hard to hold school-choice propo-
nents responsible for the problems
that continue to plague K-12 school-
ing today. Shanker at least under-
stood that the unions that control
the education status quo owe taxpay-
ers an explanation for its shortcom-
ings, and he was willing to make his
case publicly against the leading
public intellectuals of his day. Ms.
Weingarten, by contrast, behaves as
though debating her detractors is
beneath her.
Mr. Biden won by 0.3%, or North Car-
olina, where Donald Trump won by
1.3%.
Letting these states go first would
satisfy the concerns of Democrats but
do so in a way that would be accept-
able to Republicans as well, thereby
keeping the contests on the same day
for each state. (I live in Massachusetts,
which hasn’t been close since 1984, so
I don’t expect my state to get any ad-
vantage from this proposal.)
The primacy of New Hampshire
and Iowa lasted for decades because
it made sense. Both states were often
competitive in presidential elections,
so their nomination contests offered
the promise of favoring candidates
who would appeal to swing voters in
the November election. Spending lots
of money in such states also held the
hope of a good payoff in the general
election. But in 2020 New Hampshire
was only 11th closest and Iowa 13th.
Mr. Biden argues that it is impor-
tant to “review the calendar every
four years.” The best way to do so is
a rules-based process allowing for a
bipartisan schedule. Such a reform
would improve the degree to which
presidential elections are tuned to
current realities.
Dr. Segal is a neurologist and neu-
roscientist.
Blockchain
Is Much More
Than Crypto
By David Solomon
I
t took six days for a cryptocur-
rency exchange to go from a li-
quidity crunch to the throes of
bankruptcy. The swift collapse raised
doubts about cryptocurrencies and
blockchain technology, the software
behind crypto assets.
As a longtime participant in fi-
nancial markets, I still see block-
chain as a promising technology if
allowed to innovate under the right
conditions. Under the guidance of a
regulated financial institution like
ours, blockchain innovations can
flourish.
Unlike other waves of innovation,
blockchain technology came in and
disrupted heavily regulated indus-
tries. The invention of email didn’t
make FedEx or UPS obsolete. But
blockchain technologies such as
peer-to-peer payments and the to-
kenization of traditional assets are
changing corporations, from how
they raise money to how investors
trade stocks. This has far-reaching
implications for the global economy.
Regulated financial
institutions are well
positioned to harness the
revolutionary technology.
.
ly
Blockchain developers who un-
derstand those implications have
an advantage. If you are going to
upend the industry that moves cap-
ital around the world and face scru-
tiny from dozens of regulators, it
isn’t enough to invent a popular
app or raise tons of venture-capital
money. You need to know how to
mitigate risk and build proper con-
trols. You need to build strong rela-
tionships with government and pol-
icy stakeholders.
Although some blockchain start-
ups are calling for regulatory over-
sight, not all have the capability to
meet such requirements because
they are young organizations.
That’s especially true for cryptocur-
rencies, but that’s no reason to
write off blockchain. Cryptocurren-
cies are only one of blockchain’s
many applications, so we shouldn’t
miss the forest for the trees. Used
correctly, blockchain can support
responsible innovation across the
financial industry.
The technology is already making
our own work more efficient. Using
blockchain, we’ve been building
trading platforms where clients can
trade with each other in minutes. By
cutting down each trade’s processing
time from hours or even days, we’re
freeing up capital that would other-
wise be locked in limbo. Last week,
using our new tokenization platform,
we arranged a €100 million two-year
digital bond for the European Invest-
ment Bank with two other banks, all
based on a private blockchain. Typi-
cally, a bond sale like this takes
about five days to settle. Ours set-
tled in 60 seconds. By reducing set-
tlement times, we are lowering costs
for issuers, investors and regulators.
Using blockchain, we can extend
these benefits more broadly in fixed-
income markets and across other as-
set classes.
We also are exploring how to
make the financial system more
transparent. We are using self-exe-
cuting or “smart” contracts, whose
trade terms and settlement instruc-
tions are written directly into the
program code. It’s true that smart
contracts are a double-edged sword:
Since they are automatic, they can’t
be easily changed. But if used re-
sponsibly, they can reduce the risk
that either party won’t hold up its
end of the bargain and build even
more confidence in the financial
system.
Blockchain can also make the fi-
nancial system more accessible. Say
you are a small, individual investor
and you want to participate in a
real-estate investment fund. Today,
there are considerable barriers to
getting involved, such as minimum
investment amounts to get in and
long waiting periods to get out. With
tokenization, you could buy fractions
of individual buildings and sell them
whenever you wanted. No longer
would real-estate investing be the
preserve of the ultrawealthy.
This is the benefit of having regu-
lated financial institutions develop
blockchain applications. Because we
are accustomed to high standards of
regulatory oversight, we can work
with regulators and policy makers to
find the right balance between regu-
lation and innovation.
The excitement of the past weeks
shouldn’t distract us from the op-
portunity at hand. Investors large
and small stand to gain with block-
chain innovations that are guided by
established, experienced institutions.
Mr. Solomon is chairman and CEO
of Goldman Sachs.
 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, December 7, 2022 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Israel’s Left Wing Licks Wounds Hong Kong

Election losses, rise mediately rejected by the Pal-
Anthem Is
of conservatives put
Palestinian two-state
estinian leadership as favoring
Israel.
Support for the Israeli gov-
A Problem
plan on back burner
ernment to pursue a two-state
solution has fallen signifi-
cantly just in the past year.
For Google
BY DOV LIEBER Polling by the Jerusalem- BY NEWLEY PURNELL
based think tank Israel Democ-
KIBBUTZ TZUBA, Israel— racy Institute found that sup- HONG KONG—Google is un-
For decades, Israel’s left wing port among Israeli Jews for a der fire from officials and leg-
championed a Palestinian state two-state solution fell to 31% islators in Hong Kong over a
side by side with a Jewish na- in September from 44% last pro-democracy song that is
tion, keeping alive the idea February. For left-wing Israe- showing up in search results
even as it declined in popular- lis, support fell to 69% from for the national anthem, rais-
ity. Now, the left’s crushing 85% over the period. ing tensions between Ameri-

ABIR SULTAN/EPA/SHUTTERSTOCK
defeat in November’s election Left-wing party leaders and can tech giants and authorities
has dealt a punishing blow to activists are now debating as Beijing tries to spread pa-
those still committed to the how to move forward, with triotism in the city.
so-called two-state solution. factions split over how to re- Two members of Hong
This kibbutz, or collective build. Kong’s pro-Beijing legislative
community, located on the In the absence of progress council in recent days have
lush hills outside Jerusalem, is with the Palestinians, many on joined the city’s chief secre-
still a bastion of support for the left have shifted their fo- tary in criticizing the Alpha-
the socialist ideals of Israel’s cus on social justice and bet Inc. unit for showing the
founders. But even here, sup- Voters in November handed a mandate to the right-wing former premier, Benjamin Netanyahu, center. equality issues within Israel. song, “Glory to Hong Kong,”
port for left-wing parties has Some are working to create among its top results.
plummeted, a decline many and he is now on the cusp of or international support for said that after the Second Inti- a Jewish-and-Arab-led party Hong Kong’s official anthem
residents attribute to the fail- creating what could be the solving Israel’s longstanding fada and subsequent failed that would place cooperation has been China’s “March of
ure of previous Israeli govern- most right-wing and religious conflict with the Palestinians. peace talks, he came to believe and equality at its core. Others the Volunteers” since Beijing
ments to achieve a solution to government in the country’s The U.S., Israel’s most impor- that Palestinians are unwilling said they want to create one regained sovereignty over the
the longstanding conflict with history. tant ally, remains committed to accept the legitimacy of a large Jewish center-left party former British colony 25 years
the Palestinians. Mr. Netanyahu’s coalition to a two-state solution and has Jewish state in part of what that would be closer to the ago. Antigovernment protest-
“The left is now fading allies oppose an independent warned Israel that it would was once Palestine, and that U.S. Democratic Party, with a ers in 2019 adopted “Glory to
away because it had the cour- Palestinian state and instead fight against any attempts to therefore, “it’s impossible to range of left-wing and centrist Hong Kong”—before the impo-
age to fulfill their ideology support annexing some, most annex the occupied West Bank. end the conflict.” elements under one umbrella.
and it turned out to be unsuc- or all of the occupied West The Labor Party, which was Mr. Lapid said he was still Arab citizens of Israel, who
cessful,” said Reuven Kalifon, Bank. Mr. Netanyahu, who in set up by the nation’s found- committed to a two-state solu- make up 21% of the population
a 70-year-old retired resident the past said he supported a ing generation and dominated tion in an address to the and many of who identify as
Antigovernment
of Kibbutz Tzuba. Mr. Kalifon Palestinian state, has more re- Israeli politics for decades, United Nations in September. Palestinian citizens of Israel, protesters in 2019
was one of many on the kib- cently said he would accept a won four seats in November’s Mr. Netanyahu has said he still have long argued they face
butz who switched their votes Palestinian state only if the Is- election. Labor’s more left- believes in a negotiated settle- systematic discrimination
adopted ‘Glory to

.
in the recent elections from raeli military controlled its wing partner, Meretz, a key ment with the Palestinians, from the state, leading to Hong Kong.’
left-wing parties to departing borders and has become a vo- backer of the Israeli peace but argues peace talks with poorer towns with higher

Prime Minister Yair Lapid’s cal supporter of annexing Is-
centrist Yesh Atid party. He rael’s West Bank settlements
said he was impressed by Mr. in recent years.
Lapid’s ability to form a coali-
tion after elections in 2021.
November’s election results
left Israel’s left-wing parties
The defeat of the left in No-
vember’s elections and the as-
cendancy of ultranationalist
and religious parties follows a
on
with just four seats in the 120- 20-year decline in support for
us ,
ly
movement that rose to power the current Palestinian leader- crime rates and a feeling of
in the 1990s, will now be out ship would be futile because it alienation from the Jewish
of parliament for the first rejects Israel’s definition as a majority. sition of a national security
time since its founding.
It was Yitzhak Rabin, a La-
bor prime minister, who
signed the 1993 Oslo peace ac-
Jewish nation state.
Mr. Netanyahu was the last
Israeli leader to conduct peace
talks with the Palestinians,
Joan Yogev, 59, a Hebrew
teacher on the Tzuba kibbutz,
said she isn’t ready to move
on from traditional Zionism.
law—and it has featured
prominently on Google and
YouTube since then.
That has led to confusion in
cords with the Palestinians. In which fell apart in 2014 under “I’m not at the point yet recent weeks at sporting events

seat parliament, or Knesset, the left among Israelis, after a 2000, Labor Prime Minister the Obama administration. Mr. where I can say we don’t need when the protest anthem was
l

marking the nadir of their violent Palestinian uprising Ehud Barak and Palestinian Netanyahu accepted a peace to be a Jewish state and we played, angering local officials
e
al a

power in the country’s 74-year known as the Second Intifada Authority President Yasser proposal, put forward by the can just be a democratic and triggering an investigation
history. Instead, voters handed that lasted from 2000 to 2005. Arafat failed to finalize a deal Trump administration, that state,” said Ms. Yogev. “But by the Hong Kong police’s or-
former Prime Minister Benja- Despite that, there remains no for a Palestinian state. would include a Palestinian maybe that would be a natural ganized-crime bureau.
ci on

min Netanyahu a clear victory, popular alternative with local Tzuba resident Mr. Kalifon state. That proposal was im- development for a country.” A Google spokeswoman de-
clined to comment, though the
company has said its search re-
Late Leader sults are determined by algo-
rithms—not by human cura-
er s

Is Mourned as tion—and that results some

might find objectionable can oc-
‘Great Marxist’
m er

cur when search queries match

text on webpages. The company
HONG KONG—China bade a says it only removes content
somber farewell to late former that violates Google’s policies
leader Jiang Zemin, with authori- or specific legal obligations.
m rp

ties projecting an air of national Last week, a third lawmaker

grief and unity. staged a protest with several
Across the country, horns and people at Google’s Hong Kong
sirens blared for three minutes office. It was a rare show of an-
Tuesday in tribute to Mr. Jiang, ger against an American tech
co Fo

who served as party chief for 13 firm in a city where access to

years until 2002, and died of leu- the internet—unlike in main-
kemia on Nov. 30 at the age of land China—has remained
96. In a televised memorial ser- mostly unfettered. That is a
vice at Beijing’s Great Hall of the key reason why global compa-
People, seen in photo, Chinese nies operate in the city.
leader Xi Jinping and thousands Hong Kong’s No. 2 official,
of others paid their respects. Chief Secretary Eric Chan
CNS/AGENCE FRANCE-PRESSE/GETTY IMAGES

In his eulogy, Mr. Xi praised Kwok-ki, told media outlets in

Mr. Jiang as a “great Marxist recent weeks that the govern-
and a great proletarian revolu- ment was discussing the
tionary” who “devoted his entire search results with Google and
life and energy to the Chinese its video platform, YouTube.
n-

people.” He urged citizens to “It’s about dignity and re-

“turn grief into strength,” by ral- spect,” said one of the law-
lying around his own leadership makers, Duncan Chiu. He said
and pursuing his agenda with Hong Kong’s judicial system
no

greater fervor. could determine whether the

—Chun Han Wong protest song’s presence on
Google represents a violation
of the National Security Law.

WORLD WATCH
ARGENTINA MEXICO voted 269-225 for the presi- charge of organizing elections. The verdicts, which came a the near term and the medium
dent’s bill, falling short of the Mr. López Obrador said the pro- day before a planned mass rally term,” World Bank President Da-
Vice President Gets Leader’s Electoral two-thirds majority needed to posal aimed to guarantee true in Tehran called by protesters, vid Malpass said Tuesday.
6 Years in Fraud Case Plan Fails in Congress make constitutional changes. democracy in Mexico and lower brings the number of people But the debt load has eased
The bill was supported by Mr. the cost of elections. sentenced to death in connec- slightly from 2020, when it
A federal court convicted Vice Mexican President Andrés López Obrador’s Morena party Mr. López Obrador’s defeat in tion with the recent protests to reached 29% of gross national
President Cristina Kirchner of Manuel López Obrador suffered and two smaller allies, while all Congress comes after tens of at least 10, according to judiciary income while the pandemic held
fraud and sentenced her on a major legislative defeat on four opposition parties voted thousands of Mexicans marched statements. Human-rights down economic output even as
Tuesday to six years in prison Tuesday as Congress rejected a against the proposal. in cities across the country on groups said scores more could countries borrowed heavily to
for embezzling money through flagship constitutional bill to Opponents said the bill would Nov. 13 to protest against the be facing death. fight the spread of Covid-19.
public-construction contracts, a overhaul the electoral system have given Mr. López Obrador’s plan, cementing legislative oppo- Iran has been convulsed by —David Harrison
blow for a leftist government that opponents said undermined government control over the Na- sition to the bill. In response, Mr. nationwide protests since the
grappling with soaring inflation Mexico’s democracy. tional Electoral Institute, or INE, López Obrador organized an- death in police custody of 22- CANADA
and one of the worst economic The lower house of Congress the autonomous agency in other large demonstration in the year-old Mahsa Amini, who was
crises in two decades. capital in support of his plan detained in September for alleg- Economists Divided
A three-judge panel said Mrs. two weeks later. edly violating the dress code. On Interest-Rate Rise
Kirchner, along with several other —Juan Montes —David S. Cloud
former aides, would be perma- Economists are evenly split
nently banned from holding public IRAN WORLD BANK on how big a rate increase the
office, capping a long-running Bank of Canada will deliver on
graft case against Argentina’s Five Protesters Are Developing Countries Wednesday, with the debate fo-
EMMANUEL DUNAND/AGENCE FRANCE-PRESSE/GETTY IMAGES

most prominent and polarizing Sentenced to Death Hit With High Debt cused on whether inflation and
politician. She served as president consumer demand have slowed
for two terms from 2007 to 2015. Iran’s judiciary announced Developing countries have sufficiently to allow the central
Mrs. Kirchner denied the accu- Tuesday that it had sentenced amassed high levels of debt that bank to ease off tightening.
sations and is expected to appeal. five defendants to death and 11 could be difficult to repay as the In a survey of a dozen econo-
She might never serve jail time others, including three minors, to global economy slows and inter- mists conducted by The Wall
because the law prohibits prison prison in the killing of a paramili- est rates rise, the World Bank Street Journal, half of analysts
time for people over 70 years old. tary member, widening its use said in a new report. predicted the Bank of Canada
She turns 70 in February. of capital punishment and By the end of 2021, developing would raise its benchmark inter-
“This sentencing, my compa- lengthy jail sentences against countries owed about $9.3 trillion est rate by a half-percentage
triots, is not one based on the antigovernment protesters. in external debt, more than twice point, to 4.25% from 3.75%. The
laws of the constitution,” Mrs. The unidentified defendants what they owed in 2010, accord- other half expected a smaller
Kirchner said after the court’s were convicted of involvement in ing to the World Bank’s interna- quarter-point increase, to 4.0%.
decision. Though in the past she the death of Ruhollah Ajamian, a tional debt report released Tues- Regardless, the economists
left open another possible run, member of Iran’s elite paramili- day. That represents about 26% surveyed indicate the Bank of
she said Tuesday: “I won’t be a tary Basij unit who is said to of their gross national income, up Canada is near the end of its
candidate for anything, not pres- HEAVY LIFT: Apollo’s Chariot Fountain was hoisted from its base have been killed last month in a from 22% in 2010. The figures rapid tightening phase, one of the
ident, not senator.” Tuesday in the Palace of Versailles outside Paris. The gilded lead Tehran suburb, according to a aren’t adjusted for inflation. quickest in the developed world.
—Kejal Vyas sculpture of the Greek god will undergo an 18-month restoration. spokesman for the judiciary. “This is a grim outlook, both in —Paul Vieira
 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 3941.26 g 1.44% S&P FIN g 0.86%
Oil Prices, Energy Stocks Diverge
BY DAVID UBERTI
AND BOB HENDERSON
Worries about slowing global
growth are eating into demand
for oil, lowering prices and cre-
ating a divide between the com-
modity and other asset classes
traded on Wall Street.
While recent hopes that in-
flation has peaked sparked
sharp gains in stocks and bonds,
oil prices have floundered amid
worries about slowing global
growth eating into demand for
fuel. The prospect that tighten-
ing by the Federal Reserve could
ripple across commodity mar-
kets helped pull U.S. crude fu-
tures Tuesday to their lowest
price of the year.
The divide is especially
stark between oil prices and
shares of energy producers—
the stock market’s brightest
performers in a tough year. En-
ergy shares are up almost two-
thirds this year and have con-
tinued climbing even as U.S.
crude futures slid roughly 40%
from their high point after
Russia’s invasion of Ukraine.
Last month marked the first
time since 2006 that the S&P
500 energy sector has traded
within 3% of a 12-month high
while the price of West Texas
Intermediate retreated more
than 25% from its respective
one-year peak, according to Be-
spoke Investment Group.
The divergence has surprised
some on Wall Street, where
shares of drillers and miners
tend to rise and fall with the
prices of the commodities they
produce. Many expect a rebound
in oil prices to narrow the gap,
allowing companies such as
Exxon Mobil Corp. and Chev-
ron Corp. to boost dividends
Airbus to Miss
Delivery Target
BY BENJAMIN KATZ
LONDON—Airbus SE, the
world’s biggest plane maker,
said it would likely miss its
key delivery target this year
after the company’s chief ex-
ecutive warned that supply-
chain woes were still at least
six months away from normal-
izing.
The European manufacturer
said on Tuesday that due to a
“complex operating environ-
ment,” Airbus’s previously
forecast goal of achieving
around 700 deliveries this
year is “out of reach.”
no
Juul Reaches Settlement of Over 5,000 Suits
BY JENNIFER MALONEY
Juul Labs Inc. reached a
sweeping legal settlement
Tuesday covering more than
5,000 lawsuits and about
10,000 individual plaintiffs, re-
solving much of the legal un-
certainty that had pushed the
e-cigarette company to the
brink of bankruptcy.
Juul said that it had se-
INSIDE
FASHION
Prada names a former
LVMH executive
as its next chief
executive. B3
AUTOS
Reports of Honda
SUV engine failure
spur federal
investigation. B5
TECHNOLOGY: MUSK’S DOCUMENT RELEASE SPURS TWITTER LAWYER’S EXIT B5
S&P IT g 2.14%
Index and futures-price performance over the past year
70%
60
50
40
30
20
10
0 crude oil
–10
Jan. 2022 March
Speculative net positions in U.S. crude futures and options, weekly*
300,000 contracts
200,000
100,000
0
March 2022
*West Texas Intermediate, each contract is for 1,000 barrels
Sources: FactSet (performance); Commodity Futures Trading Commission (net positions)
and stock buybacks, along with
capital investments that are key
for future oil production. A fur-
ther decline could undermine
producers’ banner profits—and
the backstop they have provided
to stock indexes.
Stock investors are betting
er s
that recent moves by the Or-
m er
m rp
Such a miss is rare in the
co Fo
commercial jet-making busi-
ness, where annual deliveries
offer bragging rights between
Airbus and rival Boeing Co.
but also go directly into cash
flow. Much of a plane’s cost is
only paid for after delivery.
But the pandemic has
played havoc on both Airbus’s
and Boeing’s ability to gauge
their once highly orchestrated
supply lines. Meanwhile, Boe-
ing’s woes with its 737 MAX
n-
jet have hit its deliveries hard.
That has all made the usual
sprint between the two to rack
Please turn to page B2
cured an equity investment to
cover the cost of the settle-
ment. Financial terms weren’t
disclosed. Juul has been in
talks with early investors in-
cluding two of its longtime
board members, Hyatt Hotels
heir Nick Pritzker and Califor-
nia investor Riaz Valani, to
fund a bailout that would
cover legal liabilities, The Wall
Street Journal previously re-
FDA Fast-Tracks Over-the-Counter Narcan Spray
BY JULIE WERNAU
Emergent BioSolutions Inc.,
maker of Narcan, a nasal-spray
form of naloxone, said Tuesday
that the U.S. Food and Drug Ad-
ministration fast-tracked an ap-
plication it submitted for an
over-the-counter version of its
widely used opioid-reversal na-
sal spray.
The company said it had
been working on the applica-
tion for several months. Emer-
gent said the FDA’s priority re-
view gives the drug an
expected approval date of
March 29, 2023, putting it first
in line for approval ahead of
competitors that have an-
nounced their planned foray
into the market.
The FDA has encouraged
pharmaceutical companies to
apply for approval for over-the-
* * * **
DJ TRANS g 1.07%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.28%
June Sept.
April
on May June July Aug.
us ,
l
e
al a
ganization of the Petroleum
Exporting Countries and its
Russian-led allies to keep pro-
ci on
duction quotas unchanged, as
well as Western governments’
$60-a-barrel price cap on Rus-
sian crude, will keep global
supplies tight.
Futures contracts for U.S.
GRAHAM HUGHES/BLOOMBERG NEWS
The European plane maker and Boeing rival continues to encounter supply-chain issues.
ported.
“In our ongoing fight for
our company and mission, to-
day’s news represents yet an-
other significant step to se-
cure our path forward,” Juul
Chief Executive K.C. Crosth-
waite wrote in a memo to
staff. He said the settlement
“addresses the vast majority
of outstanding litigation facing
our company.”
counter versions of overdose-
reversal medications such as
Narcan to help confront a
swelling overdose crisis from
bootleg versions of the power-
ful opioid fentanyl.
Last week, FDA Commis-
sioner Robert Califf said nalox-
one—which binds to opioid re-
ceptors to reverse the effects of
opioids—should be as ubiqui-
tous as defibrillators. “Any ap-
plication we get, this is a high
priority. They will get looked at
as quickly as we can,” he said.
Pressure from new would-be
competitors and the FDA meant
Emergent would need to make
the switch to over-the-counter.
In November, the FDA told pre-
scription drugmakers that once
it has sufficient data to support
approval of a nonprescription
naloxone product, any naloxone
products marketed as prescrip-
2–YR. TREAS. yield 4.358%
S&P 500
energy
sector
+51%
WTI
+3.1%
Dec.
Sept. Oct. Nov.
crude closed Tuesday at $74.25
a barrel, pulling the benchmark
down 1.3% in 2022.
“In the oil market, do we
know prices are going to go
higher? No,” said Cole Smead,
president of Smead Capital
Management. “But we see in-
credible tension between the
Juul in 2018 became a teen
status symbol when sales of
its sleek vaporizers surged,
upending the tobacco market.
Lawmakers, regulators and
parents blamed the company
for fueling a surge in teen vap-
ing. Many of the lawsuits ac-
cused Juul of marketing to
children and teens. Juul has
said it never targeted young
people but has been working
The FDA has encouraged applications for nonprescription versions
of overdose treatments such as Emergent BioSolutions’ Narcan.
tion-only without clinically
meaningful difference from
nonprescription products will
be considered misbranded.
In its application to switch
to over-the-counter status,
Wednesday, December 7, 2022 | B1
NIKKEI (Midday) 27756.94 g 0.46% See more at WSJ.com/Markets
supply the market wants and
S&P, Dow
Fall After
the price producers think they
can get oil to market.”
Lower crude prices can
New Data
boost profits at nonoil compa-
nies by reducing costs and eas-
ing inflationary pressure. But
Increase
some analysts also view lower
oil prices as a sign of a slowing
economy—and bad news for
Rate Fears
the broader stock market’s
prospects. BY WILL HORNER
In four of five other major AND JACK PITCHER
splits between oil prices and en-
ergy stocks since 1990, oil ral- Stock indexes extended de-
lied over the following 12 clines Tuesday as investors
months, Bespoke says. weighed fears about the out-
In November 2006, oil com- look for interest rates against
panies were in the midst of a optimism surrounding China’s
yearslong bull run, and global reopening.
crude inventories were high. The S&P 500 dropped 57.58
The S&P 500 energy sector rose points, or 1.4%, to 3941.26,
27% over the next year while oil while the Dow Jones Indus-
prices surged 69%, said Paul trial Average fell 350.76
Hickey, co-founder of Bespoke. points, or 1%, to 33596.34, and
During that and other peri- the technology-heavy Nasdaq
ods, however, energy stocks Composite slid 225.05 points,
hadn’t seen two-year rolling re- or 2%, to 11014.89.
turns that Bespoke said touched It was the fourth consecu-
an unprecedented 227% in No- tive day of losses for the S&P
.
vember. That adds to worries 500, after stronger-than-ex-
that stocks’ hottest sector could pected U.S. economic data on
ly
be due to cool off. Friday and Monday raised
“This pace of gains for a fears that the Federal Reserve
sector can’t last forever, espe- will keep interest rates higher
cially when one of the key
commodities driving its profits
has been declining,” Mr. Hickey
wrote in a note.
for longer to cool the econ-
omy and bring down inflation.
The index has shed 3.4% in
December.
Some structural factors are Please turn to page B13
weighing on crude prices. One
impediment to an oil rebound:
traders who have responded to
a year of exceptionally high vol-
atility by taking their chips off
Meta Panel
the table.
Fund managers trading oil
Please turn to page B12
Finds VIPs
 Natural-gas prices fall in Received
unseasonal slump................. B12
Unfair Lift
BY JEFF HORWITZ
Meta Platforms Inc. has
long given unfair deference to
VIP users of its Facebook and
Instagram services under a
program called “cross check”
and has misled the public
about the program, the com-
pany’s oversight board con-
cluded in a report issued
Tuesday.
The report offers the most
detailed review to date of
cross check, which Meta has
billed as a quality-control ef-
fort to prevent moderation er-
rors on content of heightened
public interest. The oversight
board took up the issue more
than a year ago in the wake of
a Wall Street Journal article
based on internal documents
that showed that cross check
was plagued by favoritism,
mismanagement and under-
staffing.
The board’s report doesn’t
take issue with the value of a
secondary review system for
to regain the public’s trust. moderating posts from high-
The settlement covers two profile or sensitive accounts.
pending bellwether trials that But the board said the pro-
were set to go to court early gram in practice has put
next year and four broad Meta’s business interests
groups: personal-injury plain- over the program’s stated
tiffs, Juul consumers, govern- goals of protecting public
ment entities such as school discourse, and it noted that
districts and Native American the highest levels of protec-
tribes. tion are generally reserved
“The scope of these suits is for accounts that might stir
Please turn to page B2 Please turn to page B2
aging and administer the drug
without the aid of a prescriber.
Robert Kramer, president
and chief executive of Emer-
gent, said the company hasn’t
determined what the price
would be for the over-the-
counter drug. The average cash
SPENCER PLATT/GETTY IMAGES
price of a box of prescription-
only Narcan was $152 in No-
vember, according to GoodRx,
versus about $137 for generic
competitors in the market.
Two other companies seek-
ing over-the-counter versions
of naloxone are likely to pres-
sure prices further, as they
have said their goal is to slash
prices for wider availability.
Emergent isn’t changing the Pocket Naloxone Corp. and
formulation of Narcan. The FDA Harm Reduction Therapeutics
asked only that Emergent test Inc., a nonprofit with funding
whether people attempting to from now-bankrupt Purdue
use the product could under- Pharma LP, both say they aim
stand instructions on the pack- Please turn to page B2
 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, December 7, 2022 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople

Lawmakers Want Answers From

in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Duke Energy ............... A3 Nissan Motor..............B5

Activision Blizzard......B5 Eisai...........................B14 NRG Energy.........B4,B13

Silvergate About FTX Transfers

Agrocomplex...............A1
Agroton Public..........A10
Airbus..........................B1
Air Lease.....................B2
Alibaba......................B12
Alphabet....................A18
Amazon.com ............... B4
Ambi Robotics ............ B5
Antero Resources.....B12
Apple...........................A2
B ...................................B12
Biogen ....................... B14
Blackstone .................. A1
Blue Origin..................B4
Boeing....................B1,B4
Boots UK.....................B5
ByteDance...................A1
C-K
CanSino Biologics.....B14
CBRE Investment
Management ............ A1
Ceva Logistics.............B5
Chevron ....................... B1
Clearlake Capital.........B3
Coterra Energy..........B12
Deutsche Post.............B5
INDEX TO PEOPLE
A-K
Augustine, John........B12
Baker, Jim...................B5
Bankman-Fried, Sam..B2
Bezos, Jeff..................B4
Cappelli, Louis.............B6
Chernofsky, Ethan......B6
Cohen, Marshal...........B6
Cook, Tim....................A2
Crosthwaite, K.C.........B1
Dimon, Jamie............B13
Donabedian, David....B13
Egelanian, Nick...........B6
Faulk, Rick...................B5
Faury, Guillaume.........B2
Eli Lilly...................... B14
Elliott Management ... B4
Emergent BioSolutions
.....................................B1
EQT............................B12
Exxon Mobil................B1
Fanatics.......................B3
FanDuel ....................... B3
Geodis..........................B5
Goldman Sachs.........B13
Haidilao International
HarvEast...................A10
Honda Motor...............B5
Juul Labs.....................B1
Kering..........................B3
L-P
LionTree.......................B3
Lockheed Martin...A8,B4
Locus Robotics............B5
LVMH Moët Hennesy
Louis Vuitton............B3
Meituan.....................B12
Meta Platforms.....A1,B1
Microsoft.....................B5
Nibulon......................A10
Nintendo......................B5
Ghali, Daniel ............. B12
Gorin, Joe....................A1
Guerra, Andrea ........... B3
Hickey, Paul ................ B1
Kassam, Altaf...........B13
King, Matt...................B3
Kramer, Robert ........... B1
L-U
Lane, Alan...................B2
Lang, Stephanie........B13
Larsson, Johan..........B14
Ma, Stephen................B5
Miller, Sally.................B5
Minter, Robert..........B12
PepsiCo......................B14
Pfizer.........................B14
Ping An Healthcare &
Technology..............B12
Pinterest ..................... B4
Pocket Naloxone.........B1
Prada ........................... B3
R-S
Raytheon Technologies
.....................................A8
RXR Acquisition..........B6
Silvergate Capital.......B2
SoftBank.....................B3
Sony.............................B5
Space Exploration
Technologies.............B4
Starwood Capital........A1
T-Z
Tesla..........................B14
Textron......................B13
TSMC...........................A2
Twitter ........................ B5
Vivint Smart Home....B4
Volvo..........................B14
Warner Bros. Discovery
.....................................B4
Musk, Elon..........B5, B14
Naito, Haruo ............. B14
Nilsson, Kelly..............A2
Peretti, Jonah.............B4
Pritzker, Nick..............B1
Ready, Bill...................B4
Rechler, Scott ............. B6
Rubin, Michael............B3
Smead, Cole................B1
Solomon, David.........B13
Stadelman, Matthew
...................................B13
Steinberg, Marc..........B4
Udvar-Házy, Steven....B2
Valani, Riaz.................B1
BY DAVID BENOIT
Lawmakers are demanding
information from Silvergate
Capital Corp. about transfers
of customer funds between
Sam Bankman-Fried’s col-
lapsed trading firm, Alameda
Research, and his cryptocur-
rency exchange, FTX.
In a letter to the bank Mon-
day, Republican Sens. John
Kennedy of Louisiana and
Roger Marshall of Kansas,
along with Democratic Sen.
Elizabeth Warren of Massa-
chusetts, said an Alameda de-
pository account at Silvergate
“appears to be at the center”
of the transfer of FTX cus-
tomer funds to the trading
firm. Failure to detect this
“scheme,” the senators said,
could mean the bank broke
anti-money-laundering laws.
Silvergate had no comment
Tuesday. On Monday, Chief Ex-
ecutive Alan Lane said the
bank did “extensive due dili-
gence” on FTX and Alameda
before taking them on as cus-
tomers.
“By performing our risk
management procedures and
fulfilling our regulatory obli-
role in helping law enforce-
ment identify bad actors,” Mr.
Lane said. “We take this re-
sponsibility seriously.”
Mr. Bankman-Fried’s cryp-
tocurrency empire collapsed
last month after it came to
light that Alameda used FTX
customer money to fund risky
bets. Mr. Bankman-Fried has
blamed the use of customer
funds on outdated systems
and risk-management failures.
In its early days, he has said,
FTX didn’t have a bank ac-
count, so customers looking to
trade on the exchange wired
money to Alameda’s bank ac-
counts. Some of that money
appears to have been trans-
ferred to an account at Silver-
gate.
“Your bank’s involvement in
the transfer of FTX customer
funds to Alameda reveals what
appears to be an egregious
failure of your bank’s respon-
sibility to monitor for and re-
port suspicious financial activ-
ity carried out by its clients,”
the senators wrote. “The pub-
lic is owed a full accounting of
the financial activities that
may have led to the loss of bil-
lions in customer assets, and
Silvergate Capital share price of the wire and industry prac-
tice,” he wrote Monday.
$150
Silvergate shares lost 4.7%
Tuesday. The stock is down
125 more than 80% so far this
year.
The bank last month said
100
its average daily deposits were
down to about $9.8 billion fol-
75 lowing FTX’s collapse. It has
kept most of its deposits in
50 short-term securities it could
quickly sell or use to borrow
from the Federal Reserve’s dis-
25
count window.
The bank has said its rela-
0 tionship with FTX and Mr.
Bankman-Fried’s broader em-
Jan. 2022 June Dec.
pire was limited to deposit-
Source: FactSet taking. FTX and related com-
panies had about $1 billion in
have played in these losses.” deposits at Silvergate.
Silvergate’s stock price has The senators asked for
fallen sharply since FTX filed more information about the
for bankruptcy. Mr. Lane has broader relationship and
tried to reassure investors, whether the bank ever flagged
saying the bank’s processes any irregularities to regula-
would have flagged any irregu- tors.
larities to the relevant au-
thorities.
“When Silvergate received Watch a Video
payments directed to Alameda Scan this code to
Research and credited it to the see an interview
account of the same name, with FTX
this was consistent with the founder Sam

Airbus Corp., said at an industry con-

ference last month that its or-
ders for Airbus’s biggest nar-
gations, Silvergate plays a key any role that Silvergate may instructions from the sender Bankman-Fried.

.
Deliveries row body—the A321neo—were
about six months or more be- Narcan

ly
hind schedule. “Every plane

Lagging last year and this year is de-

layed,” he said.
Airbus Chief Executive Guil- on Version Is
Continued from page B1
up more deliveries than the
laume Faury told reporters
last week that he didn’t see
any easing in delivery delays
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES
Expedited
other less of a contest this until at least the middle of
us ,

year. next year. He said he expected Continued from page B1

l

Analysts estimate that Boe- it would take until the end of to make the drug cheap and
e
al a

ing, which hasn’t outlined its 2023 for the supply chain to widely available.
own full-year delivery target, catch up and start delivering Mr. Kramer said the com-
will hand over 471 aircraft this on time. The energy crisis pany’s strategy is to invest in
ci on

year, according to a consensus arising from the war in public-private partnerships that
compiled by FactSet. The U.S. Ukraine, rising inflation and earn it the reputation and rela-
plane maker is set to outline continuing shutdowns at some tionships to manage long-term
its order and delivery figures of its suppliers in China were health threats.
for the year through Novem- among issues holding up pro- Drug-overdose deaths top-
er s

ber early next week. duction, Mr. Faury said. ped 108,000 last year, fueled by
Despite lower deliveries, It is just such a bottleneck illicit fentanyl, which is also
m er

Airbus still expects to meet its Mr. Faury had hoped to avoid. making its way into other
adjusted earnings goal of He fought to keep his produc- drugs, including cocaine and
around €5.5 billion, or about tion lines ticking through the Juul in 2018 became a teen status symbol when sales of its sleek vaporizers surged. fake pills, killing people who
$5.77 billion, and free cash first year of the pandemic, in unknowingly consumed opioids.
flow of €4.5 billion in the full anticipation of a rapid bounce-
Juul and tribal entities prevent gan exploring a possible chap- In April, a bipartisan group
m rp

year. back in demand once travel re- youth use of e-cigarettes ter 11 filing in June, shortly af- of legislators sent letters to
Airbus and Boeing have strictions were lifted and air- across the U.S.” ter the FDA announced its ban. seven major manufacturers of
been retooling their supply
chains after both companies
slashed production at the start
lines returned to the sky.
That strategy has been pay-
ing off, with the company
Reaches Lawsuits brought by several
attorneys general are pend-
ing.
Last month, Juul announced
plans to lay off about a third
of its staff and secured financ-
naloxone, including Emergent,
urging them to apply for over-
the-counter status.
co Fo

of the pandemic. Airlines,

which all but stopped flying
for a period, are back in the
snatching up critical market
share from its U.S. rival, espe-
cially in the key segment for
Settlement The Food and Drug Admin-
istration in June ordered Juul
to halt U.S. sales of all of its e-
ing from some of its early in-
vestors to stave off bank-
ruptcy.
“As the mental health and
addiction crisis continues to
plague our nation, this is a
air and ordering new jets. But single-aisle jets. Airbus says cigarettes, saying the company That investment deal, in- monumental step forward for
they have struggled to get its availability is more or less Continued from page B1 hadn’t submitted sufficient ev- tended to cover the company’s the expansion of more accessi-
planes delivered on time from sold out through 2028 for its enormous,” Sarah R. London, idence that its devices were operating costs, was the first ble treatments for Americans
both manufacturers. They flagship A320neo model. co-lead counsel for plaintiffs safe. The agency then put the piece of a broader bailout seeking help,” said Rep. Brian
have also had problems get- The company downgraded in the multidistrict litigation, ban on hold while the com- package under discussion with Fitzpatrick (R., Pa.), part of a
ting spare engines and spare its delivery guidance Tuesday said. “These settlements will pany appealed the decision. two of Juul’s biggest investors, group that spearheaded the ef-
parts needed to keep flying after handing over 68 com- put meaningful compensation The uncertainty around Mr. Pritzker and Mr. Valani. A fort and co-chair of the Biparti-
the aircraft already in their mercial aircraft to airline cus- in hands of victims and their Juul’s ability to keep its prod- second part of the bailout to san Addiction and Mental
fleets. tomers in November. families, get real funds to ucts on the market made it cover legal liabilities was also Health Task Force.
Steven Udvar-Házy, execu- —Doug Cameron schools for abatement pro- difficult to raise money to under discussion, the Journal —Stephanie Armour
n-

tive chairman of Air Lease contributed to this article. grams and help government cover legal liabilities. Juul be- reported last month. contributed to this article.

Meta Panel some level of enforcement terms. In an interview on report states.

no

protections and because of Monday, oversight board Because the company takes
understaffing, allegations of member and British journalist on average five days to re-

Criticizes misconduct by those ac-

counts were routinely never
reviewed, the Journal re-
Alan Rusbridger said Meta
had declined to provide that
information.
view content from cross
check protected accounts, the
board noted, the program

VIP Boost ported.

“We are not actually doing
what we say we do publicly,”
“We were sort of operating
in the dark without having a
clear idea of who was in the
fails to stop harmful content
from going viral in a relevant
time frame.
an internal review of the pro- program and who wasn’t,” he In some instances, the re-
Continued from page B1 gram stated in 2019, the said, noting that Meta ac- view process takes weeks or
up trouble for Meta’s senior Journal reported last year. knowledged there were 5 mil- even months.
leadership. That review declared the lion accounts. “I personally “Delaying any enforcement
“Cross check is currently company’s actions “not pub- felt they could have gone fur- while taking weeks to reach a
neither designed nor imple- licly defensible.” ther.” decision results in function-
mented in a manner that Meta executives last year The oversight board cred- ally exempting entitled enti-
meets Meta’s human rights said criticism of cross check ited Meta with making im- ties from the rules,” the re-
responsibilities and company was fair but that the com- provements to the program port stated.
values,” the report said. “De- pany was working to address since its details were re- The oversight board urged
spite significant public con- issues with the program and vealed last year. During the Meta to make 32 changes to
cern about the program, Meta that much of the material the program. One suggested
has not effectively addressed cited by the Journal was out- improvement would be to

every
problematic components of dated. separate the process of
its system.” “There’s no news here, de-
Company claims of granting protections on pub-
In response to the report, spite how much the WSJ an equal set of user lic interest grounds from the
Meta noted that it had al- wants to make it seem like process of granting protec-

one
ready made some changes in there is,” the company’s vice
policies were called tions to Meta advertisers. An-
line with the board’s recom- president of integrity wrote misleading. other would be to prevent
mendations and that it had on Twitter at the time. likely violating content from
sought the board’s advice on Still, Meta asked the over- high-profile accounts from
additional improvements. The sight board to review cross going viral before Meta re-
company has agreed to pro- check last October and com- period of its review, the views it. A third would be to
vide a more robust response mitted to addressing the board noted, Meta committed insulate the program from
within 90 days.
The Journal article last
group’s questions.
The board is a group of
to performing annual reviews
of cross check, created a ver-
the influence of Meta’s public
policy team and other execu-
deserves a decent
year found that under the
cross check program, also
professors, lawyers, human-
rights activists and others
sion that wasn’t exclusive to
public figures and drafted
tives.
Mr. Rusbridger said he place to live.
known as “XCheck,” some VIP from around the world that clearer rules for how protec- doesn’t expect Meta to accept
users were “whitelisted,” Facebook created to evaluate tions are added and removed. all of the board’s recommen-
meaning they were exempted cases that have the potential But the board’s opinion dations and considers the
from some or all penalties for to guide future content deci- faulted the company for the current program’s emphasis
violating platform rules. sions and rules. program’s continued under- on heading off reputation-
Other accounts were given Meta says the board’s con- staffing, opacity and unfair- damaging moderation errors
“remediation windows” in tent decisions are binding, ness. to be understandable. But Learn more at
which they could remove vio- but it isn’t obligated to follow “Meta has repeatedly told given the board’s stated pur-
lating posts without penalty its recommendations more the board and the public that pose of holding Meta ac- habitat.org.
or received watered-down generally. the same set of policies apply countable to its own values,
punishments for misconduct. The board’s report doesn’t to all users. Such statements he said, a failure to signifi-
In total, more than five discuss the entities that re- and the public-facing content cantly alter cross check
million accounts received ceived protection in specific policies are misleading,” the would be worrying.
 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.
Former LVMH Executive to Lead Prada
Andrea Guerra to run
Milan-based fashion
house as part of plan
to groom family scion
BY NICK KOSTOV
Prada SpA is tapping for-
mer LVMH Moët Hennessy
Louis Vuitton SE executive An-
drea Guerra as its next chief
executive, setting in motion a
long-awaited succession that
scales back the role of Miuccia
Prada and her husband, Pa-
trizio Bertelli, in running the
Milan-based fashion house.
Mr. Guerra’s nomination as
chief executive officer will be
voted on at the next board
meeting on Jan. 26, the com-
pany said. Ms. Prada and Mr.
Bertelli said Mr. Guerra is ex-
pected to help groom the cou-
ple’s son, Lorenzo Bertelli, to
one day take the reins.
“This is a fundamental step
we have decided to undertake,
while completely engaged in
the company,” the couple said.
Succession is a challenging
step for fashion houses that
are closely linked to namesake
designers. Many have ended
up selling their business to gi-
ant luxury conglomerates such
as LVMH and Kering SA after
Sports Merchandiser Fanatics Raises $700 Million
BY MIRIAM GOTTFRIED
Fanatics Inc. has raised
about $700 million from a
group of investors, pushing the
sports-merchandising com-
pany’s valuation to $31 billion,
according to people familiar
with the matter.
About two-thirds of the new
money came from parties that
hadn’t previously invested in
the company, including pri-
vate-equity firm Clearlake
Capital Group LP, which led
the round, and investment and
merchant-banking firm Lion-
Tree LLC, the people said.
Prior Fanatics investors such
no
Winter has arrived.
When will you?
thebreakers.com | 855-318-0628
* * * *
Prada has grown into a business with a market value of $15 billion and more than 13,000 employees.
struggling to develop a new
generation of leaders and in-
vestors to helm their houses.
Mr. Guerra is expected to
run the company with Mr. Ber-
telli, 76 years old, and Ms.
Prada, 73, still deeply involved.
The company said Mr. Bertelli
is expected to become chair-
man of the board at the com-
pany’s annual general meeting
as Silver Lake, Fidelity Man-
agement & Research Co. and
SoftBank Group Corp. also
were among the participants,
they said.
Proceeds from the invest-
on
ment, which comes in the form
us ,
of common stock, will be set
l
aside for strategic M&A, the
e
al a
people said. The goal is to help
Fanatics grow across its divi-
sions, including its soon-to-be
ci on
launched sports-betting and
gaming business, and won’t be
used to fund its day-to-day op-
erations, they said.
Fanatics’ latest valuation
er s
marks a relatively modest step
up from March, when it raised
m er
m rp
co Fo
n-
Once you stay, you’ll understand ®
NY
BUSINESS NEWS
in April. Ms. Prada, mean-
while, will continue as creative
director of the Miu Miu brand
as well as Prada, for whom she
designs alongside Raf Simons.
She also sits on Prada’s board.
Ms. Prada and Mr. Bertelli
cited Mr. Guerra’s long profes-
sional experience as well as his
“skills in businesses where the
founders are present and en-
$1.5 billion at a $27 billion val-
uation. Still, it stands out as
one of the few instances of a
big company raising money at
a higher valuation during the
market turmoil of 2022.
The company expects to
eventually complete an initial
public offering but plans to
wait until the new-issue mar-
ket reopens and some of its
newer business lines are more
established, the people said.
Under Chief Executive Mi-
chael Rubin, Fanatics has tried
to expand into areas beyond its
core business of providing
merchandise and memorabilia
for professional sports teams.
Wednesday, December 7, 2022 | B3
government before being ap-
pointed executive chairman of
the Italian-marketplace chain
Eataly in 2015.
In January 2020, Mr.
Guerra was named CEO of a
newly created LVMH Hospital-
ity Excellence division, which
encompasses Belmond and the
Cheval Blanc hotel. He stepped
down from that role to be-
come a senior adviser at the
luxury behemoth this year.
“Andrea has significant ex-
perience talking to financial
markets and articulating very
complex businesses effi-
ciently,” Bernstein analyst
BRENT LEWIN/BLOOMBERG NEWS
Luca Solca said.
Founded in Milan in 1913 by
Ms. Prada’s grandfather and
his brother, Prada has grown
into a business with a market
value of $15 billion and more
than 13,000 employees at the
end of last year. The group’s
brands also include Church’s
footwear.
gaged, blending their culture The elder Mr. Bertelli, a col-
and the needs of a company lege dropout who got his start
continuously evolving and ac- selling belts in his native Ar-
tive on international markets.” ezzo, owned a modest leather-
Mr. Guerra, who started his goods business in the
career in hotel management, mid-1970s, when he met de-
was CEO of Luxottica, the eye- signer Ms. Prada at a trade
wear giant that merged with fair. The two later married.
French rival Essilor, for a de- The mix of Ms. Prada’s cut-
cade. He then served as senior ting-edge aesthetic and Mr.
strategic adviser to the Italian Bertelli’s sharp commercial
ly
That business still accounts for ing-card business the company
the bulk of the company’s rev- launched last year, as well as a
enue—close to $6 billion in smaller one offering sports-re-
lated nonfungible tokens, or
NFTs. The unit is on track to
post about $1 billion in sales
The company this year, a figure that is ex-
expects to pected to increase as more of
its exclusive trading-card deals
eventually complete
with players’ unions and
an IPO. leagues such as the National
Football League and the Na-
tional Basketball Association
kick in over the next few years,
2022 out of an expected total the people said.
of nearly $7 billion, the people A $350 million funding
said. round valued the trading-card
Another division, Fanatics business at $10.4 billion in
Collectibles, includes the trad- September 2021. In January,
alexa
FREE INSIDE THE
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THE
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Shay Mitchell
rings in
the season
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eye transformed a company
with €40 million, around $42
million, of sales in 1990 to one
with €1.6 billion 10 years later.
Mr. Bertelli’s knack for sin-
gling out winning products
and devising innovative mar-
keting helped translate his
wife’s designs into commercial
successes.
Today, the husband-and-
Succession is a
challenge for fashion
houses linked to
namesake designers.
wife duo own almost 80% of
Prada, which has been listed in
Hong Kong since 2011. Execu-
tives at the company are ex-
ploring whether it is possible
to also list the company in
Milan.
A former rally driver,
Lorenzo Bertelli is 34 years
old. He retired from race-car
driving in 2017 to take over
the group’s digital-communi-
cation strategy. He joined
Prada’s board last year and to-
day serves as marketing direc-
tor and head of corporate so-
cial responsibility.
.
Fanatics said it was buying
Topps Co., the dominant player
in baseball cards. The purchase
price was $500 million, The
Wall Street Journal reported.
Mr. Rubin has said Fanatics’
third division—its sports-bet-
ting business—will launch in
the spring of 2023 and will be
in more than 15 states by the
beginning of the next football
season. Its launch would be the
culmination of a monthslong
effort by the company to enter
the rapidly expanding market.
Last year Fanatics hired Matt
King, the former CEO of on-
line-betting platform FanDuel
Group, to run the unit.
 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, December 7, 2022
BuzzFeed Plans to Lay Off 12%
BY ALEXANDRA BRUELL
BuzzFeed Inc. plans to cut
about 12% of its workforce as
a result of worsening eco-
nomic conditions and chal-
lenges in the digital-media
business, the company said in
a securities filing Tuesday.
The cuts will affect just un-
der 180 employees primarily
across sales, tech, studio pro-
duction and BuzzFeed.com, as
well as Complex Networks, ac-
cording to a person familiar
with the matter. BuzzFeed
News and HuffPost won’t be
affected.
WARNER BROS. DISCOVERY
HBO Max Comes
Back to Amazon
Warner Bros. Discovery Inc.
is bringing HBO Max back to
Amazon.com Inc.’s streaming
portal, reversing a decision made
last year by HBO’s previous
owner to reduce its reliance on
third-party platforms for sub-
scribers.
As a result of the agreement
between Amazon and Warner
HBO/EVERETT COLLECTION
Bros. Discovery, HBO Max will
be offered on Amazon’s Prime
Video Channels platform for
$14.99 a month, the same price
it is available to consumers via
other distribution platforms.
The pact will extend to a re-
vamped streaming service War-
ner Bros. Discovery is planning
to launch next year that will
comprise both HBO and Discov-
ery content.
WarnerMedia—a unit of AT&T
Inc. that merged earlier this year
with Discovery Inc. to create
Warner Bros. Discovery—had
ended its distribution deal with
Amazon in the fall of 2021. At
the time, about five million peo-
ple were subscribing to HBO
Max through Prime Video Chan-
nels and were dropped as a re-
sult, people familiar with the
matter said at the time.
The move by Warner Bros.
Discovery to return to Prime
Video Channels comes as the
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“In order for BuzzFeed to
weather an economic down-
turn that I believe will extend
well into 2023, we must adapt,
invest in our strategy to serve
our audience best, and read-
just our cost structure,” Chief
Executive Jonah Peretti wrote
in a memo to affected staffers,
according to the filing.
BuzzFeed, which went pub-
lic late last year through a
merger with a special-purpose
acquisition company, said it
increased revenue 15% in the
September quarter, while re-
porting a loss of $27 million.
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BUSINESS WATCH
HBO Max content such as ‘The White Lotus’ will be offered on Amazon for $14.99 a month.
company looks to increase reve-
nue at a time when the advertis-
ing market has slowed and cord-
cutting is on the rise. In addition,
Warner Bros. Discovery—whose
holdings include movie and televi-
sion studios and cable channels
including CNN, HBO, Food Net-
work and HGTV—has $50.1 billion
of debt as of Sept. 30.
The Amazon pact will allow
ci on
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Warner Bros. Discovery Chief
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A variety of forces have
propelled layoffs across the
media landscape, from cable
news channels to Hollywood
studios to news publishers.
BuzzFeed has focused more
on its creator network in re-
cent quarters, as people spend
less time with the company’s
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services. The price marks a 33%
premium to Vivint’s closing price
on Monday of $8.99 a share. In-
cluding debt, the companies put
the total deal value at $5.2 bil-
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* *** THE WALL STREET JOURNAL.
WSJ.com/Tech
Bezos Bids Again
properties and other digital
platforms.
Beyond the economic chal-
For Moon Lander
lenges, BuzzFeed also sees op-
portunities to reduce duplicate BY MICAH MAIDENBERG version of the Elon Musk-led
staff following its acquisition company’s planned Starship
of Complex Networks last Jeff Bezos’s space company vehicle to handle that task, on
year, Mr. Peretti said. said it is making another run a mission set for 2025.
In a securities filing earlier at the moon, after NASA chose NASA’s decision to issue a
this year, BuzzFeed said it had rival SpaceX to handle a high- single contract for that lander
1,522 employees as of Dec. 31, profile lunar mission last year. drew a protest and a lawsuit
2021. Blue Origin LLC, the space from Blue Origin, both of
The company in March an- company Mr. Bezos founded which were unsuccessful. It
nounced buyouts at its news and has backed, said Tuesday also prompted Mr. Bezos to
division and said it planned to in a tweet that it is part of a write a letter to NASA’s ad-
cut approximately 25 jobs group that submitted a bid to ministrator, Bill Nelson. “In-
elsewhere, or 1.7% of Buzz- develop a lunar lander capable stead of investing in two com-
Feed’s overall workforce. of transporting NASA astro- peting lunar landers as
nauts to the surface of the originally intended, the agency
moon on future missions for chose to confer a multi-year,
Artemis, the agency’s space- multi-billion-dollar head start
exploration program. Blue Ori- to SpaceX,” his letter from
gin’s partners on its bid in- July of last year said.
clude Lockheed Martin Corp. NASA also agreed to award
and Boeing Co. SpaceX additional work using
Last year, the National its Starship lander. The agency
Aeronautics and Space Admin- recently tasked the company
istration awarded SpaceX, with handling another moon
known formally as Space Ex- landing in 2027.
ploration Technologies Corp., — Doug Cameron
a $2.9 billion contract to use a contributed to this article.
Pinterest Board Adds
Official From Elliott
BY SARAH E. NEEDLEMAN built and led I’ve seen really
great value from having the
Pinterest Inc. is adding an right thoughtful investor per-
executive from Elliott Man- spective at the table.”
.
agement Corp. to its board of After giving up 5% in regu-
directors, part of a commit- lar trading Tuesday, Pinterest
ly
ment the social-media com- shares rose close to 3% in af-
pany reached with the activist ter-hours trading, following
lion. The combination will allow investor to help it grow. the announcement of the deal.
Houston-based NRG to integrate
its home-energy services into
Vivint’s home system. NRG will
get Vivint’s back-end technology,
Marc Steinberg, a senior
portfolio manager at Elliott,
will be the eighth independent
director on Pinterest’s board,
Mr. Ready joined Pinterest in
June from Alphabet Inc.’s
Google, where he had been
president of commerce. The
which includes an app for smart- effective Dec. 16, bringing its move drew praise from Elliott,
phones, as well as a chance to total to 11 members, the social- Pinterest’s largest shareholder
expand its product offerings to media company said Tuesday. and one of Wall Street’s tough-
include home security. It has also agreed to nominate est activist investors. Last quar-
Shares of NRG fell 15% on Mr. Steinberg for re-election at ter, Elliott increased its stake in
Tuesday, closing at $34.68. It its 2023 annual meeting for a Pinterest threefold, buying
was the stock’s largest one-day term expiring in 2026. shares valued at $350 million.
percentage point decline since “I view this as an extraordi- “Over the past several
March 2021. For the year, NRG’s narily positive collaboration,” months, we’ve forged a pro-
stock fell 19.5%. Vivint shares said Pinterest Chief Executive ductive partnership and the
rose 32% to $11.90, up 21.7% Bill Ready in an interview. company has made significant
this year. “Throughout my career across progress on its strategic objec-
—Will Feuer several businesses that I’ve tives,” Mr. Steinberg said.
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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.
Musk Document Release Spurs Exit
BY ALEXA CORSE
AND TIM HIGGINS
Elon Musk said one of
Twitter Inc.’s top lawyers
“was exited,” part of the fall-
out from the billionaire’s un-
usual efforts to release inter-
nal communications to
criticize prior practices at the
company he bought almost
six weeks ago.
Mr. Musk announced in a
tweet Tuesday the departure
of Deputy General Counsel
Jim Baker, who had been with
the company since 2020.
Since completing the $44 bil-
lion acquisition, Mr. Musk has
fired several company lead-
ers, including Mr. Baker’s im-
mediate boss.
Mr. Baker didn’t respond
to a request for comment
Tuesday.
Mr. Musk’s tweets Tuesday
linked the departure to a
project he has dubbed the
“Twitter Files”—the release
of internal communications
that he has characterized as
showing biased decisions by
previous management bene-
fiting Democrats. Mr. Musk
said he gave journalists Matt
Taibbi and Bari Weiss access
to company documents in an
effort to rebuild public trust
in Twitter. Both publish on
Substack, which lets writers
publish and monetize their
newsletters.
“Why should people be-
lieve Twitter in the future if
Twitter does not come clean
about the past?” Mr. Musk
has said.
Releasing in-house mes-
sages to outside scrutiny is
another example of the un-
orthodox measures taken by
Mr. Musk in his management
of Twitter. Employees have
faced weeks of turmoil, in-
cluding the firing of half of
Twitter’s staff and abrupt de-
cisions about product plans.
Silicon Valley has seen nu-
merous leaks of internal com-
pany information, but gener-
ally from employees unhappy
with management. Mr. Musk
has turned that on its head.
The initial batch of docu-
ALLISON DINNER/ASSOCIATED PRESS
The move is aimed at convincing antitrust regulators to sign off on its $75 billion deal for Activision.
Microsoft Promises to Put
no
‘Call of Duty’ Game on Switch
BY SARAH E. NEEDLEMAN
Microsoft Corp. has
pledged to give Nintendo Co.
access to the popular “Call of
Duty” games for a decade if its
$75 billion deal to buy the
game’s developer, Activision
Blizzard Inc., gets approved,
the software giant’s latest
move to head off possible U.S.
regulatory action to block the
acquisition.
The offer follows a similar
pledge that Microsoft made to
Sony Group Corp., maker of
PlayStation, the bestselling
videogame console. Sony has
been the loudest of critics of
the planned Activision deal,
arguing that it could hurt
competition if Microsoft re-
stricts access to Activision
games. Sony has also said that
Microsoft could get in the way
of competition in the global
videogame industry if it were
to gain ownership of “Call of
Duty.”
“Microsoft is committed to
helping bring more games to
more people however they
choose to play,” said Micro-
soft’s videogaming boss, Phil
Spencer.
Regulators around the
globe, including the U.S. Fed-
eral Trade Commission and
the U.K.’s Competition and
Markets Authority, have been
investigating Microsoft’s deal
for Activision, which was an-
* * * * *
Elon Musk’s tweets Tuesday linked the departure to a project he has dubbed the ‘Twitter Files.’
ments made public Friday re-
vealed the names of rank-
and-file employees involved
in content moderation, which
Twitter’s former head of trust
and safety, Yoel Roth, warned
“puts them in harm’s way and
is a fundamentally unaccept-
able thing to do.”
Mr. Musk afterward said
email addresses should have
been excluded.
In recent days, Mr. Musk
has said he was motivated to
buy Twitter over concerns
that its content moderation
silenced voices. Mr. Musk has
said he thinks of Twitter as
the digital town square. Since
taking over the platform, he
has pulled several levers to
make sure the conversation
on Twitter is also about Twit-
ter. He reinstated the account
of former President Donald
onmer government officials
Trump, urged users to flock
us ,
to Twitter to follow the
l
World Cup and, at least for a
e
al a
brief period, picked a fight
with Apple Inc.
“So many interesting posts
ci on
on Twitter these days!” he
tweeted Monday to his
roughly 120 million followers.
Mr. Musk publicized the
exit of the deputy general
er s
counsel on Tuesday, express-
ing “concerns about Baker’s
m er
m rp
co Fo
n-
nounced in January. At issue
for regulators is whether Mi-
crosoft would gain an unfair
competitive advantage over its
rivals and hurt consumers by
limiting their ability to access
Activision’s games.
The FTC said this year said
it was reviewing the deal.
While it hasn’t said how it
plans to rule on the matter,
the possibility of an interven-
tion has already alarmed Mi-
crosoft executives.
Brad Smith, vice chairman
and president of Microsoft,
said in an opinion article in
The Wall Street Journal on
Monday that an FTC suit to
block the Activision deal
“would hurt competition, con-
sumers and thousands of game
developers.”
“The main supposed poten-
tial anticompetitive risk Sony
raises is that Microsoft would
stop making ‘Call of Duty’
available on the PlayStation.
But that would be economi-
cally irrational,” he said. “A vi-
tal part of Activision Blizzard’s
‘Call of Duty’ revenue comes
from PlayStation game sales.
Given the popularity of cross-
play, it would also be disas-
trous to the ‘Call of Duty’ fran-
chise and Xbox itself,
alienating millions of gamers.”
Microsoft said it doesn’t
plan to deny Sony and others
access to Activision games and
that the deal wouldn’t douse
BUSINESS NEWS
possible role in suppression
of information important to
the public dialogue,” without
providing more details. Mr.
Taibbi said Mr. Baker was
vetting documents given to
himself and Ms. Weiss. Twit-
ter didn’t respond to a re-
quest for comment.
Before Twitter, Mr. Baker
held various roles at the Jus-
tice Department, including as
general counsel for the Fed-
eral Bureau of Investigation
from 2014 to 2018.
There is some precedent
for companies that are deal-
ing with controversy to per-
form high-profile self-exami-
nations, though they usually
hire outside law firms or for-
rather than tapping journal-
ists to review the materials.
In 2014, General Motors
Co. Chief Executive Mary
Barra hired a former U.S. at-
torney to chronicle why it
took the auto maker 11 years
to recall cars equipped with
defective ignition switches.
The more-than-300-page re-
port was made public and
named names, including lev-
eling blistering criticism
against a midlevel engineer.
Mr. Musk approached the
matter in his own way, teas-
competition, as even after a
deal it would still only be the
third-largest videogame con-
sole maker after Sony and
Nintendo.
In addition to its videogame
business, Microsoft is also one
of the world’s largest cloud-
computing service providers
and has been a leader in the
cloud-gaming market through
its Game Pass subscription
service. The technology makes
it possible for people to play
games on just about any inter-
net-connected device, and
while it is still in its infancy, it
could one day make consoles
obsolete.
Sony offers cloud gaming
through its PlayStation Plus
subscription.
Microsoft said in its opin-
ion piece in the Journal that
acquiring Activision would en-
able it to compete against
Sony and Nintendo through in-
novation, a reference to its
cloud-gaming feature within
Game Pass, to the benefit of
consumers.
Activision, the videogame
industry’s largest pure-play
developer by market capital-
ization, also owns hit fran-
chises such as “World of War-
craft” and “Candy Crush
Saga.” To date, “Call of Duty”
games haven’t appeared on
the Switch, which came out in
2017, though some were on
older Nintendo systems.
TESLA/REUTERS
ing the Twitter Files to his
followers ahead of time.
On Friday, he pointed read-
ers to a string of tweets by
journalist Mr. Taibbi, who
spent about two hours post-
ing about records that dealt
with Twitter’s decision
shortly before the 2020 U.S.
presidential election to curb
sharing of New York Post ar-
ticles about Hunter Biden,
son of now-President Joe Bi-
den. The tweets included
screenshots of what Mr. Tai-
bbi said were internal com-
munications in which execu-
tives including Mr. Baker
deliberated over that deci-
sion. Facebook also initially
limited the distribution of the
New York Post articles.
The Post and The Wall
Street Journal are both
owned by News Corp.
In explaining its handling
of the Post story, Twitter ini-
tially cited a potential viola-
tion of its rules regarding
hacked materials. Within two
days, it reversed itself and
was allowing the story to be
linked in tweets. Twitter
later unlocked the Post’s ac-
count after a two-week
standoff, and executives have
since said the initial decisions
were wrong. Asked about the
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Hunter Biden story while tes-
tifying before Congress last
year, Jack Dorsey, CEO at the
time of the decision, said
Twitter didn’t base its poli-
cies on any political leanings,
though he also said the com-
pany made a “total mistake”
regarding the Post articles.
Twitter’s and Facebook’s
restrictions reduced the
spread of the articles but
didn’t stop links to them from
reaching an audience on their
platforms outright. Some
data scientists have sug-
gested the bans helped draw
more attention to the Post
article.
The Biden campaign said
at the time that the New York
Post never asked the cam-
paign about the critical ele-
ments of the story before
publishing and that investiga-
tions found no wrongdoing by
Joe Biden.
The internal exchanges re-
leased Friday appeared to
some people involved in con-
tent moderation as typical
discussions between employ-
ees racing to figure how to
handle a difficult policy issue.
Some conservatives, such
as Rep. Kevin McCarthy (R.,
Calif.), embraced Friday’s
document release as evidence
for claims that major social-
media platforms are biased
against the political right.
Twitter’s own researchers
said in a report last year that
the platform’s algorithms am-
ly
plified voices on the political
right in several countries, in-
cluding the U.S.
Mr. Taibbi said in a tweet
on Tuesday that more infor-
mation from the data Twitter
has handed over would be re-
leased. He has said he “had to
agree to certain conditions”
in exchange for the opportu-
nity to write about the Twit-
ter documents but didn’t
elaborate. Mr. Taibbi couldn’t
be reached for comment
Tuesday.
Mr. Musk has suggested he
might provide “a data dump”
to the public at some point
after the “critical stories”
have been told.
Honda
SUVs Face
Recall
Inquiry
BY RYAN FELTON
The top U.S. auto-safety
regulator is investigating
whether 1.7 million SUVs made
by Honda Motor Co. should be
recalled, after receiving sev-
eral reports of vehicles losing
power at high speeds.
The National Highway Traf-
fic Safety Administration said
in a filing made public this
week that it was launching the
probe in response to several re-
ports filed by Honda of vehicles
allegedly losing power at high-
way speed without warning.
The examination covers 1.72
million Honda CR-V and HR-V
vehicles, including model
years 2018-2022, the NHTSA
said.
The field reports allege that
the vehicles experienced a rear
differential lockup as a result
of leakage, which caused the
drive shaft to fracture, the
NHTSA said. The safety regu-
lator said it was opening the
investigation to determine the
scope and severity of the po-
tential problem and to assess
possible safety-related issues.
Honda said Tuesday that it
is aware the NHTSA is looking
.
into reports related to the rear
differentials of CR-V and HR-V
vehicles equipped with all-
wheel drive. The auto maker
said it would cooperate with
the investigation as it contin-
ues its own review.
The number of incidents
that were reported or when
they might have occurred
couldn’t be learned. The auto
maker declined to say how
many reports it has filed re-
lated to the alleged problem.
Federal law requires manu-
facturers to submit field re-
ports and complaints to the
NHTSA about incidents involv-
ing their vehicles.
An NHTSA spokesperson
didn’t respond to a request for
comment Tuesday.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6 | Wednesday, December 7, 2022
Replacing Dead Malls Can Be a Struggle
BY KATE KING
The long-decaying White
Plains Mall is dead and buried,
with developers set to break
ground this week on the first
phase of a $650 million proj-
ect to build hundreds of apart-
ments in its place. It is an out-
come that is widely welcomed,
but has taken years to come to
fruition.
There is no shortage of dy-
ing malls in the U.S., where
aging shopping centers, in
particular, have declined due
to changing shopping habits,
e-commerce and competition
from newer malls. These large,
well-located properties attract
interest from developers, and
town officials are typically ea-
ger to see them revitalized.
But converting enclosed
shopping centers remains a
difficult feat. About one-fifth
of the malls that have fully
closed since 1992 remain
standing without a redevelop-
ment plan in place, according
to Green Street, a commercial
real-estate analytics firm.
In White Plains, N.Y., a sub-
urb of New York City, the for-
mer owner of the White Plains
Mall, several developers and
the city’s elected leaders long
wanted to tear it down and
build housing. The 170,000-
square-foot, two-level shop-
ping center was built in the
early 1970s and sat on prime
real estate two blocks from
the city’s Metro-North train
station, which delivers com-
muters to Manhattan in about
half an hour.
Nick Egelanian, president of
retail advisory firm SiteWorks,
which tracks U.S. mall perfor-
mance, said cost and compli-
cated ownership structures
are the main impediments to
redeveloping dying malls. Ten-
ants operating in the malls
need to be bought out, an ex-
pensive and lengthy process,
and securing ownership of the
property often involves nego-
tiation with multiple parties.
MATTHEW HATCHER/BLOOMBERG NEWS
Bricks-and-mortar sales in the week ended Nov. 26 declined 5% from last year, a trade group said.
Black Friday Status Dims
no
As Stores’ Sales Fall Short
BY KATE KING
Sales at bricks-and-mortar
stores over Thanksgiving
weekend fell short of prepan-
demic levels and were behind
last year’s totals, another sign
that Black Friday is losing its
status as the crucial kickoff to
the holiday-shopping season.
Unlike in previous years,
when shoppers would rush out
after Thanksgiving dinner to
start deal hunting, most retail-
ers didn’t offer significant pro-
motions pegged to Black Friday
this year, said Marshal Cohen,
chief industry adviser for retail
at the NPD Group Inc., a global
market-information company.
Instead, retailers tried to lure
shoppers with discounts earlier
in the season.
“It used to be people would
wait in line from midnight for
the stores to open at 4 or 5
a.m.,” Mr. Cohen said. “When
that’s gone, that creates a
more civilized shopping expe-
rience, but it doesn’t create
the urgency factor.”
This year also featured
fewer must-have toys and
THE PROPERTY REPORT
A rendering of apartments RXR plans to build on the former site of the White Plains Mall in White Plains, N.Y. The project took two years to obtain zoning approvals.
Many communities are ea-
ger to see malls redeveloped
into housing, but building resi-
dential units is expensive, par-
ticularly now as interest rates
rise, Mr. Egelanian said.
“I think if you blink and
open your eyes in 20 years,
most of these malls will be
gone, redeveloped into projects
with a heavy emphasis on
housing,” he said. “But it will
be like watching paint dry be-
onWhite Plains Mall suffered due
tween now and then. It’s a slow
us ,
and expensive, halting process.”
l
The White Plains Mall was
e
al a
built with the intention of re-
turning retail to the city’s
downtown, where major devel-
ci on
opment in the 1960s pushed
out mom-and-pop businesses
and apartments to make way
for large office towers, the
mayor said. Many of these dis-
er s
m er
m rp
co Fo
n-
were flocking to stores and re-
cent data showed strong con-
sumer spending heading into
the holiday season. The Na-
tional Retail Federation sur-
veyed roughly 3,300 people
about their shopping plans be-
tween Nov. 23 and Nov. 27 and
estimated that in-store shop-
ping this year far exceeded
last year’s turnout.
As more precise figures
emerged, however, the bricks-
and-mortar picture looked less
rosy. Foot traffic to all types of
bricks-and-mortar stores was
down more than 10% this year
compared with 2019, according
to Placer.ai, an analytics firm
that tracks mobile data.
Retail sales were similarly
lower, according to the NPD
Group, which tracks point-of-
sale data from a panel of par-
ticipating retailers. Sales reve-
nue during the week that
ended Nov. 26 underper-
formed last year by 5% and
2019 by 9%.
The glum store sales stand
in contrast with robust retail
activity online. Cyber Monday
sales were up 5.8% over last
placed small businesses moved
into the mall after it opened,
including a hardware store, a
shoe repair shop and an opti-
cian. A midsize supermarket
and restaurant that drew af-
ter-work crowds later opened.
But two other malls were
later built nearby, and the
to competition and age. In re-
cent years, the mall’s owner
brought in a dialysis center
and the Department of Motor
Vehicles, but the property was
plagued by increasing vacancy,
mold and other maintenance
issues, White Plains Mayor
Thomas Roach said.
“It was past its useful life,”
he said. “It was fading.”
Eon Nichols, an attorney
who represents the owner, a
family company doing busi-
“It’s just not as much of a
single peak as it was in the
past,” said Ethan Chernofsky,
vice president of marketing
for Placer.ai.
Malls, which were already
struggling before the pandemic,
took a beating when Covid-19
hit. Foot traffic has been recov-
ering this year, however, reach-
ing about 90% of 2019 levels,
according to Placer.ai.
A less frantic Thanksgiving
weekend isn’t necessarily bad
for retailers, as long as the
overall holiday season doesn’t
disappoint, said Mr. Cohen,
the adviser at the NPD Group.
“Gone are the days of the
stampede where people are
getting trampled on,” he said.
“Gone are the days of running
out of product.”
Broadly speaking, in-person
retail has rebounded strongly
from the pandemic as shop-
pers, flush with cash from gov-
ernment stimulus programs,
showed an eagerness to return
to stores and in-person dining.
Far more stores have opened
than closed this year, according
to global market-research firm
ness as W.P. Mall Realty LLC,
said his client ran the mall
with the goal of keeping ten-
ants happy and took care of
the building’s repair and main-
tenance needs.
Recognizing that the prop-
erty was outdated and that the
property was better suited to
housing, its owner proposed in
2016 razing the mall and build-
ing hundreds of apartments as
well as street-level retail and
restaurants. It took two years
to obtain zoning approvals
from the city and payment-in-
lieu-of-taxes agreements with
the county’s industrial develop-
ment agency, Mr. Nichols said.
W.P. Mall Realty then em-
barked on figuring out the
project’s debt and equity struc-
ture.
Westchester developer
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THE WALL STREET JOURNAL.
MDEAS ARCHITECTS
Louis Cappelli got involved million and includes two of
with the project in mid-2020 four planned residential build-
and brought RXR on board ings. The first phase is sched-
soon after. The partners made uled to wrap up in early 2025,
.
the development economically according to the developer.
feasible by breaking it into The full development plan
ly
two phases, with RXR acquir- calls for 860 multifamily units,
ing the land for the first phase 80,000 square feet of retail and
for $40 million and Mr. Cap- commercial space and publicly
pelli buying the land for the
second phase for $28 million.
This year, the state of New
York approved the project for
accessible open space.
RXR was interested in the
project in large part because of
the property’s proximity to the
at least $10 million in tax cred- train station, Chief Executive
its given to developers that Scott Rechler said. The devel-
clean up formerly contaminated oper has worked extensively in
properties known as brown- the New York City suburbs but
fields. The tax credit was criti- said this marks his first rede-
cal to advancing the project, velopment of a former mall due
RXR said, and demolition of the to the high costs involved.
mall wrapped up last month. “You really want to be able
On Thursday, RXR will break to buy this for almost the
ground on the project’s first equivalent of land cost,” Mr.
phase, which will cost $350 Rechler said.
AUCTIONS
real estate
auction
Multifamily Near
UNA Campus
FLORENCE, AL
• 425 W Tennessee Street
17 unit multifamily in the historic
district of downtown steps from the
corner of Florence & Tennessee St.
On-site laundry facilities.
Auctions: 11am, Fri Dec 16
on site or bid live online at
auctionnetwork.com
See Web for
More Properties in
AR & OK
918.509.4908
williamsauction.com/Portfolio
AL WILLIAMS AND WILLIAMS MARKETING SERVICES,
INC., LIC. NO. 76699. EMERSON JERRY KING, LIC. NO.
136434. WILLIAMS & WILLIAMS MARKETING SERVICES,
INC., LIC. NO. C-6. JERRY KING, LIC. NO.
5126. 5% BUYER’S PREMIUM.
real estate
auction
44+/- ac Industrial
Complex
Open Public Inspection 11-2pm
Friday December 9
ELECTRA, TX
• 1910 East Front Street
5 buildings totaling 140,000+/- sf
with heavy electric, bus bars,
heaters, and multiple cranes (jib
and bridge), rail car doors.
Bid Online Only Dec 13 - 15 at
auctionnetwork.com
918.509.4908
• Consists of 2 parcels totaling 89+/- acres:
williamsauction.com/TX
Main Parcel 88 +/- acres
Utility Parcel 1 +/- acre TX JUSTIN TUNNELL MORRIS, RE LIC. 98388; TREVOR
HALL, AUC. LIC. 17308, 918-362-7325.
  
 
   5% BUYER’S PREMIUM.
electronics to draw people out. year to $11.3 billion, according Coresight Research Inc., con-   
   
 
Inflation, meanwhile, has to Adobe Analytics. The figure tinuing a turnaround that &.;70. 0$;7,& >.  !" 
 #
 $ % %% "
driven up prices for necessi-
ties such as groceries, leaving
shoppers with lower budgets
for holiday-season purchases.
Stores’ performance was
was the biggest for that day
since the data company began
tracking e-commerce transac-
tions in 2012.
Despite losing some of its
started in 2021 after years of CALIFORNIA
net closures.
Mr. Cohen said he expects ' .&, $0'3.4$0
the overall holiday season to log
minimal sales growth of 2.5% to
&
' 
(
)
"* D

particularly disappointing
given that surveys of shoppers
legendary stature, Black Fri-
day remains a high point of
3%, indicating shoppers are re-
turning to historic patterns of
'
, %%
 ) "*
conducted during Thanksgiv- the year for bricks-and-mortar spending after a surge in pur- 55 " 
 #6 % 7)) ;
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ing weekend indicated crowds retailers. chases during the pandemic.
 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, December 7, 2022 | B7

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co Fo

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B8 | Wednesday, December 7, 2022 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. EssentialUtil WTRG 47.96 -0.08 Incyte INCY 82.54 -1.54
Market listed securities. Prices are composite dd-Indicates loss in the most recent EssexProp ESS 211.08 -3.30 Infosys INFY 19.41 -0.34
quotations that include primary market trades four quarters. EsteeLauder EL 237.05 5.58 IngersollRand IR 52.73 -0.59
as well as trades reported by Nasdaq BX FD-First day of trading. Etsy ETSY 135.01 -2.20 Ingredion INGR 97.95 -1.56
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing EverestRe RE 336.76 6.17 InspireMedical INSP 230.92 -4.04
Cboe, NYSE National and Nasdaq ISE. standards Evergy EVRG 58.47 0.31 Insulet PODD 299.96 -2.47
The list comprises the 1,000 largest lf-Late filing EversourceEner ES 84.36 0.71 INTC 28.60 -0.57
PUT THE HAPPINESS BACK INTO DRIVING.
Intel
companies based on market capitalization. q-Temporary exemption from Nasdaq
ExactSciences EXAS 46.18 0.63 InteractiveBrkrs IBKR 78.72 1.06
Underlined quotations are those stocks with requirements.
t-NYSE bankruptcy Exelon EXC 42.87 1.12 ICE ICE 105.74 -1.35
large changes in volume compared with the

NO PAYMENTS FOR 90 DAYS

v-Trading halted on primary market. Expedia EXPE 96.91 -3.75 InterContinentl IHG 58.81 0.10
issue’s average trading volume. ExpeditorsIntl EXPD 110.19 -1.63 IBM 147.50 0.09
vj-In bankruptcy or receivership or IBM
Boldfaced quotations highlight those issues being reorganized under the ExtraSpaceSt EXR 156.04 -0.81 IntlFlavors IFF 104.95 -1.84
whose price changed by 5% or more if their Bankruptcy Code, or securities ExxonMobil XOM 103.88 -2.97 IntlPaper 36.42 -0.10

AND UP TO $500 OWNER LOYALTY

IP
previous closing price was $2 or higher. assumed by such companies. F5 FFIV 149.26 -1.58 Interpublic IPG 32.68 -0.35
FMC FMC 127.94 -2.79 Intuit INTU 389.78 -5.36
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FactSet FDS 454.15 -4.94 IntuitiveSurgical ISRG 266.31 -3.41
changes in the closing prices from 4 p.m. the previous day.
ON ALL 2018-2020 BMW CERTIFIED MODELS**
FairIsaac FICO 609.61 -2.49 InvitatHomes INVH 31.66 -0.49
Fastenal FAST 50.14 -0.75 IronMountain IRM 54.67 -0.32
Tuesday, December 6, 2022 Net Net FederalRealty FRT 106.73 -0.28 ItauUnibanco ITUB 4.94 0.14
Net Stock Sym Close Chg Stock Sym Close Chg FedEx FDX 173.05 -3.55
Stock Sym Close Chg BancSanBrasil BSBR 5.27 0.14 CiscoSystems CSCO 48.59 -0.74 Ferguson FERG 122.08 6.43 J K L
BcoSantChile BSAC 15.91 0.36 Citigroup 44.98 -0.66 Ferrari RACE 221.10 -2.58

2019 BMW X7 xDrive40i

C JD.com JD 60.35 1.17
A B C BancoSantander SAN 2.93 0.02 CitizensFin CFG 39.32 -0.16 FidNatlFin FNF 36.81 -0.65
JPMorganChase JPM 131.59 0.22
BanColombia CIB 26.30 1.14 Clarivate FidNatlInfo FIS 69.73 -3.14
ABB ABB 30.95 -0.21 CLVT 9.10 -0.50 Jabil JBL 70.78 -0.10
BankofAmerica BAC 33.00 -1.47 ClearwayEnergyC CWEN 33.69 -0.47 FifthThirdBncp FITB 32.24 -0.71
ADT ADT 9.60 0.13 JackHenry JKHY 183.49 -5.44
BankofMontreal BMO 94.55 -3.29 ClearwayEnergyA CWEN.A 31.17 -0.49 FirstCitizBcshA FCNCA 782.50-14.56
AECOM ACM 85.24 0.55 JacobsSolns J 121.89 0.01
BankNY Mellon BK 42.84 -1.20 Cleveland-Cliffs CLF 16.12 0.34 FirstHorizon FHN 24.50 0.01
AES 28.13 -0.24 JamesHardie JHX 19.22 -0.96
ARCTIC GREY METALLIC AES
Aflac AFL 71.09 0.05 BankNovaScotia BNS 50.06 0.09 Clorox CLX 146.95 -2.07
FirstIndRlty FR 49.49 -0.41
JazzPharm JAZZ 149.93 -1.04
Barclays BCS 7.81 0.11 Cloudflare NET 43.60 0.35 FirstRepBank FRC 118.71 -1.26
AGCO AGCO 132.91 1.02 JefferiesFin JEF 35.91 -0.18
STK # BB8019XX, Ansys ANSS 243.90 -5.39 BarrickGold GOLD 16.45 -0.07 Coca-Cola KO 63.44 -0.03 FirstSolar FSLR 157.47 -9.67
J&J JNJ 176.10 -2.68
Bath&BodyWks BBWI 42.63 -1.20 Coca-ColaEuro CCEP 52.49 -0.75 FirstEnergy FE 41.57 0.24
APA APA 43.87 -1.84 JohnsonControls JCI 66.10 -1.11
33,069 MILES ASETech ASX 6.66 -0.07 BaxterIntl BAX 51.51 0.21 Cognex CGNX 48.46 -1.39
Fiserv FISV 100.35 -1.84
JonesLang JLL 161.78 -0.14
BectonDicknsn BDX 244.39 -1.82 CognizantTech CTSH 59.64 -0.81 FiveBelow FIVE 180.59 -2.77
ASML ASML 593.05 -7.74 JuniperNetworks JNPR 32.15 -0.38
BeiGene BGNE 187.58 -1.13 CoinbaseGlbl COIN 42.41 -3.59 FleetCorTech FLT 185.38 -5.87
AT&T T 19.17 0.42 KB Financial KB 39.30 -0.24
BentleySystems BSY 38.24 -1.33 ColgatePalm CL 77.21 0.09 Flex FLEX 21.17 -0.09
KBR KBR 52.84 -0.47
SMART PRICE
AbbottLabs ABT 103.86 -1.55
Berkley WRB 75.41 1.08 Comcast A CMCSA 34.77 -0.38 Floor&Decor FND 72.04 -2.28
AbbVie ABBV 163.72 -0.22 KE Holdings BEKE 17.03 0.60
BerkHathwy B BRK.B 307.78 -2.79 Comerica FomentoEconMex FMX 76.38 -0.18
Abiomed ABMD 377.95 -0.27 CMA 65.65 -0.87 KKR KKR 49.05 -0.52
13.28 -0.10

58,798*
FordMotor F
$ AcadiaHealthcare ACHC 84.71 -0.95
Accenture ACN 285.41 -7.33
ActivisionBliz ATVI 76.11 -0.22
BerkHathwy A BRK.A 464837-3862.50 CommerceBcshrs CBSH 67.79 -0.64
BerryGlobal BERY 61.47 0.62 SABESP
BestBuy
SBS 10.80 -0.37
BBY 83.28 -1.04 ConagraBrands CAG 37.56 -0.69
Fortinet
Fortis
FTNT 50.85 -0.82
FTS 39.96 0.07
KLA
KT
Kanzhun
KLAC 383.24 -5.33
KT 14.16 -0.22
BZ 19.51 -0.03
Bilibili BILI 20.56 0.87 ConocoPhillips COP 115.61 -3.76 Fortive FTV 66.53 -0.69
Adobe ADBE 331.15 -2.94 KarunaTherap KRTX 200.79-26.16
Bill.com BILL 106.67 -3.78 ConEd FortBrandsHome FBHS 60.81 -0.66
t AdvanceAuto AAP 145.53 -2.83 ED 97.56 0.19 Kellogg K 73.07 -0.28
Bio-Techne TECH 80.67 -1.93 ConstBrands A STZ 247.62 -7.24 FoxA FOXA 31.00 -1.01
AdvDrainageSys WMS 90.08 0.08 KeurigDrPepper KDP 37.67 -0.29
Bio-RadLab A BIO 399.59 -6.20 ConstellationEner CEG 90.78 0.72 FoxB FOX 29.23 -0.92
AdvMicroDevices AMD 70.27 -3.35 KeyCorp KEY 17.16 -0.29
Biogen BIIB 291.47 -1.28 Cooper Franco-Nevada FNV 141.95 -1.08
Aegon AEG 4.85 -0.01 COO 313.10 -8.46 KeysightTechs KEYS 176.83 -1.73

2022 BMW ALPINA B7 xDrive BioMarinPharm BMRN 102.22 -1.31 Copart FranklinRscs BEN 26.60 -0.51
AerCap AER 60.00 -0.24 CPRT 64.24 -1.46 KilroyRealty KRC 39.29 -1.01
BioNTech BNTX 161.62 -5.09 CorebridgeFin CRBG 20.66 -0.56 FreeportMcM FCX 38.46 -0.40
AgilentTechs A 151.35 -1.35 KimberlyClark KMB 136.01 -1.16
BlackKnight BKI 59.29 -0.68 Corning FreseniusMed FMS 15.58 -0.63
agilon health AGL 17.78 0.06 GLW 33.28 -0.22 KimcoRealty KIM 22.09 -0.02
BlackRock BLK 710.29 2.41 Corteva FullTruck YMM 8.70 0.20
AgnicoEagle AEM 50.79 0.44 CTVA 63.66 -0.70 KinderMorgan KMI 18.10 -0.46
t Blackstone BX 78.73 -3.24 CoStar Futu FUTU 67.22 1.59
AirProducts APD 312.10 -2.87 CSGP 80.96 -0.82 KinsaleCapital KNSL 290.57 1.33
BlockHR HRB 41.52 -0.73 Costco
BLACK SAPPHIRE, Airbnb ABNB 93.12 -5.39
AkamaiTech AKAM 89.81 -1.79 Block
COST 481.16 -7.50
SQ 61.30 -1.84 CoterraEnergy CTRA 25.80 -0.40
G H I Knight-Swift KNX 55.56 0.02
Philips PHG 14.20 -0.74
BlueOwlCapital OWL 10.70 -0.12 Coty GFLEnvironmental GFL 28.08 -0.59
STK # BB41658A, Albemarle ALB 257.99 -7.24
Albertsons ACI 21.07 0.11 Boeing BA 178.43 -6.67 Coupang
COTY 7.95 0.05
CPNG 18.00 0.09 GSK GSK 37.92 2.76
KoreaElcPwr KEP 7.49 -0.15
KraftHeinz KHC 39.42 -0.20
BookingHldgs BKNG 2042.19-14.33 Credicorp Gallagher AJG 195.98 -0.85 KR 46.33 0.26
8,568 MILES Alcoa
Alcon
AA 48.31 1.79
ALC 67.12 -1.18 BoozAllen BAH 107.61 0.10 CreditSuisse CS
BAP 148.29 -0.78
3.22 -0.12 GameStop GME 23.39 -2.17
Kroger
LKQ LKQ 53.72 -0.21
AlexandriaRlEst ARE 146.49 -4.09 BorgWarner BWA 41.00 -0.91 CrowdStrike CRWD 113.83 -4.50 Gaming&Leisure GLPI 52.40 0.04 LPL Financial LPLA 227.05 3.63
Alibaba BABA 91.45 0.93 t BostonProps BXP 65.34 -2.51 CrownCastle CCI 137.27 -1.35 Garmin GRMN 94.50 0.60 L3HarrisTech LHX 218.76 -5.95

SMART PRICE AlignTech ALGN 186.04 -1.87 BostonSci BSX 45.16 -0.26 CrownHoldings CCK 82.29 -0.29 Gartner IT 347.80 -2.66 LabCorp.ofAmerica LH 234.15 -2.24
Allegion ALLE 109.17 -1.85 BristolMyers BMY 79.92 -0.78 CubeSmart CUBE 41.82 -0.53 GenDigital GEN 23.13 -0.47 LamResearch LRCX 443.09 -9.51
AlliantEnergy LNT 55.31 0.77 BritishAmTob BTI 42.10 -0.25 Cullen/Frost CFR 138.30 0.37 GeneralDynamics GD 248.28 -2.63 LamarAdv LAMR 92.88 -2.50

$
129,798*
Allstate ALL 130.31 1.87 BrixmorProp BRX 22.53 -0.04 Cummins CMI 245.78 0.43 GeneralElec GE 85.28 0.62 s LambWeston LW 86.29 -1.39
t AllyFinancial ALLY 25.36 0.26 Broadcom AVGO 525.82 -4.82 Curtiss-Wright CW 174.73 -2.11 GeneralMills GIS 85.38 -0.92 LasVegasSands LVS 46.80 -0.90
AlnylamPharm ALNY 219.64 -6.56 BroadridgeFinl BR 143.33 -1.65 GeneralMotors GM 38.02 -0.77 LatticeSemi LSCC 68.87 -1.44

.
Alphabet A GOOGL 96.98 -2.50 BrookfieldMgt BAM 43.35 -0.80 D E F Genmab GMAB 45.29 -0.75 Lear LEA 135.01 0.88
Alphabet C GOOG 97.31 -2.56 BrookfieldInfr BIP 33.88 -1.05 Genpact G 45.09 -0.05 LegendBiotech LEGN 53.96 2.97

ly
Altria MO 46.21 -0.98 BrookfieldRenew BEPC 30.84 -1.73 DCP Midstream DCP 38.73 -0.54 Gentex GNTX 27.46 -0.53 Leidos LDOS 109.49 -0.16
Amazon.com AMZN 88.25 -2.76 Brown&Brown BRO 57.97 -1.08 DISH Network DISH 14.45 -0.02 GenuineParts GPC 182.66 -2.26 Lennar B LEN.B 71.02 -1.05
Ambev ABEV 3.00 -0.01 Brown-Forman B BF.B 73.65 -0.37 DTE Energy DTE 115.87 1.81 Gerdau GGB 5.93 0.08 Lennar A LEN 85.90 -1.45

2020 BMW X6 xDrive40i Sport Brown-Forman A BF.A 73.27 -0.39 Danaher DHR 265.35 -2.62
Amcor AMCR 12.15 -0.12 GileadSciences GILD 87.96 -0.02 LennoxIntl LII 256.02 -3.99
BRKR 66.46 -0.59 Darden DRI 142.86 -0.68
Amdocs DOX 88.93 -0.68 Bruker GlobalPayments GPN 97.65 -3.78 LeviStrauss LEVI 16.29 -0.11
on
RIVERSIDE BLUE METALLIC,
Amerco
AmercoN
Ameren
UHAL 63.67 -0.34
UHALB 61.10 -0.38
AEE 87.29 0.63
AmericaMovil A AMOV 18.43
AmericaMovil AMX 18.60 -0.03
...
BuildersFirst BLDR 62.18 0.85
Bunge
BurlingtonStrs BURL 199.65 -0.61
CACI Intl CACI 311.02 -1.93
CBRE Group CBRE 76.84 -0.89 Deere
DarlingIngred
BG 95.47 2.15 Datadog
DaVita
DeckersOutdoor
DAR 62.42 1.34
DDOG 68.58 -1.68
DVA 73.83 0.38
DECK 376.33 -0.77
DE 438.25 1.36
GlobalFoundries GFS 60.81 -1.33
Globant
GlobeLife
GLOB 171.71 -7.41
GL 119.21 0.42
GlobusMedical GMED 68.95 -3.33
GoDaddy GDDY 73.88 -1.91
LiAuto LI 23.10 0.99
LibertyBroadbandA LBRDA 84.84 -3.82
LibertyBroadbandC LBRDK 85.50 -3.89
LibertyGlobal B LBTYB 19.01 -0.59
LibertyGlobal C LBTYK 19.77 -0.41
STK # BB8105XX, AmerAirlines AAL 14.33 0.22 CDW CDW 184.74 -2.19 DellTechC DELL 42.47 -0.60 GoldFields GFI 11.08 0.15 LibertyGlobal A LBTYA 19.06 -0.40
DeltaAir DAL 35.91 0.12
us ,

AEP AEP 96.37 1.85 CF Industries CF 101.50 -1.98 GoldmanSachs GS 362.91 -8.63 LibertyFormOne A FWONA 53.08 -1.61
GIB 85.07 -1.77 DentsplySirona XRAY 30.11 -0.51
13,871 MILES AmerExpress AXP 154.70 -1.38 CGI Grab GRAB 3.01 -0.09 LibertyFormOne C FWONK 59.40 -1.61
l

AmericanFin AFG 139.01 1.89 CH Robinson CHRW 95.39 -0.03 DeutscheBank DB 10.46 -0.14 Graco GGG 67.43 -1.42 LibertyBraves A BATRA 33.61 0.57
CME Group CME 179.89 -0.49 DevonEnergy DVN 64.13 -2.42
e
AmHomes4Rent AMH 32.07 -0.48 Grainger GWW 580.34 -6.11 LibertyBraves C BATRK 33.20 0.50
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CMS Energy CMS 61.04 1.11 DexCom DXCM 116.83 0.27 GraphicPkg GPK 22.76 0.29
AIG AIG 61.69 0.16 LibertySirius A LSXMA 41.86 -0.61
DEO 188.89 0.42
SMART PRICE AmerTowerREIT AMT 212.52 -3.09
AmerWaterWorks AWK 154.68 1.50
CNA Fin
CNH Indl
CNA 41.65 0.16 Diageo
CNHI 16.17 -0.19 DiamondbkEner FANG 138.21 -3.79
Grifols GRFS 8.05 -0.42
GpoAeroportuar PAC 158.55 4.54
LibertySirius C LSXMK 41.77 -0.58
LifeStorage LSI 104.53 -0.44
CRH 39.63 -0.23 Dick's DKS 116.57 1.34
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AmericoldRealty COLD 28.96 -0.39 CRH GpoAeroportSur ASR 250.22 9.23 LLY 368.54 -0.75

67,798*
EliLilly
$ Ameriprise AMP 321.80 0.63
AmerisourceBrgn ABC 169.32 -1.96
CSX CSX 31.16 -0.19 DigitalRealty DLR 108.05 -1.11
CVS Health CVS 101.19 -0.82 DiscoverFinSvcs DFS 103.87 0.36
DIS 92.29 -3.64
HCA Healthcare HCA 236.62 1.27
HDFC Bank HDB 68.22 -0.17
LincolnElectric LECO 143.82 -2.77
Linde LIN 331.50 -2.76
Ametek AME 139.82 -2.04 CadenceDesign CDNS 163.66 -2.80 Disney HF Sinclair DINO 51.29 -1.20 LiveNationEnt LYV 70.91 -2.97
Amgen AMGN 283.29 -1.62 CAE CAE 20.62 -0.30 DocuSign DOCU 41.83 -0.61 HP HPQ 28.31 -0.90 LloydsBanking LYG 2.24 0.01
AmkorTech AMKR 26.39 -0.80 CaesarsEnt CZR 48.71 -1.08 DolbyLab DLB 74.15 -1.50 HSBC HSBC 30.37 -0.03 LockheedMartin LMT 484.00 -6.67
Amphenol APH 78.27 -1.21 CamdenProperty CPT 114.63 -1.76 DollarGeneral DG 245.45 -0.48 H World HTHT 42.75 0.68 Loews L 57.12 0.79
AnalogDevices ADI 166.51 -1.33 Cameco CCJ 21.78 -0.87 DollarTree DLTR 145.09 -2.75 Haleon HLN 7.70 0.55 LogitechIntl LOGI 59.98 -1.34
er s

AngloGoldAsh AU 18.55 0.13 CampbellSoup CPB 52.99 -0.31 t DominionEner D 58.25 -1.02 Halliburton HAL 36.20 -0.62 Lowe's LOW 201.91 -4.27

2018 BMW X6 M SAV AB InBev BUD 59.02 -0.43 CIBC CM 43.12 -0.16 Domino's DPZ 369.36-11.90 HalozymeTherap HALO 56.38 0.44 t Lucid LCID 8.65 -0.78
AnnalyCap NLY 20.98 -0.28 CanNtlRlwy CNI 125.50 -1.20 Donaldson DCI 59.23 -0.32 HarleyDavidson HOG 46.46 -0.34 lululemon LULU 370.00-11.13
CanNaturalRes CNQ 55.42 -1.71 DoorDash DASH 52.71 -0.52
m er

AnteroResources AR 30.98 -0.86 HartfordFinl HIG 75.04 0.36 LyondellBasell LYB 82.30 -1.17
Aon AON 307.96 -0.78 CanPacRlwy CP 78.92 -1.27 Dover DOV 139.77 -1.24 Hasbro HAS 60.57 -2.67
ApolloGlbMgmt APO 63.24 -1.26 Canon CAJ 22.51 0.09 Dow DOW 51.05 -0.20 HealthcareRealty HR 19.64 -0.22 M N
Doximity DOCS 33.79 -1.59
DONINGTON GRAY, Apple AAPL 142.91 -3.72
ApplMaterials AMAT 104.71 -1.72
CapitalOne COF 94.03 -0.99
Capri CPRI 57.90 -0.39 DrReddy'sLab RDY 53.24 -1.55
HealthpeakProp PEAK 25.81 -0.22
Heico HEI 159.38 -2.98 M&T Bank MTB 160.35 -0.96
CardinalHealth CAH 79.40 -0.08 DraftKings DKNG 14.20 -0.63 MGM Resorts MGM 37.32 -0.48
STK # BP1511XX, Aptargroup ATR 107.00 0.30 Heico A HEI.A 124.43 -1.81
MPLX MPLX 32.65 -0.69
m rp

Aptiv APTV 99.71 -1.92 Carlisle CSL 252.05 -3.67 Dropbox DBX 22.32 -0.15 HenrySchein HSIC 80.64 -0.83
CG 30.15 -0.51 DukeEnergy DUK 100.51 1.38 MSCI MSCI 499.90 -4.59
46,012 MILES Aramark ARMK 41.06 -0.30
ArcelorMittal MT 26.67 0.17
Carlyle
CarMax KMX 65.59 -1.80 DuPont DD 69.97 -0.45
Hershey
Hess
HSY 232.56 -0.69
HES 135.61 -4.98 MagellanMid MMP 50.82 -0.83
ArchCapital ACGL 60.54 1.37 Carnival CCL 9.30 -0.38 Dynatrace DT 36.01 -1.55 HessMidstream HESM 29.40 -1.00 MagnaIntl MGA 58.74 -0.51
ArcherDaniels ADM 90.85 0.08 Carnival CUK 8.34 -0.32 EMCOR EME 148.98 -0.13 HewlettPackard HPE 16.27 0.06 ManhattanAssoc MANH 117.01 -4.42
28.40 -0.25 ManulifeFin MFC 17.69 -0.12
SMART PRICE CarrierGlobal CARR 43.02 -0.74 ENI
AresMgmt ARES 72.25 -0.17 E Hilton HLT 137.57 -1.57
arGEN-X ARGX 385.54 -7.72 CaseysGenStores CASY 229.96 -0.69 EOG Rscs EOG 127.79 -6.35 Hologic HOLX 74.22 -0.89 MarathonOil MRO 27.45 -1.07
AristaNetworks ANET 129.04 -3.79 Catalent CTLT 48.22 -2.55 EPAM Systems EPAM 340.15 -7.37 HomeDepot HD 317.45 -2.63 MarathonPetrol MPC 109.29 -3.16

$
62,998*
MKL 1315.34 10.72
co Fo

ArrowElec ARW 105.82 -0.24
AscendisPharma ASND 120.66 1.24
AspenTech AZPN 220.19 -9.66
Assurant AIZ 129.31 -0.24
AstraZeneca AZN 68.56 0.14
Atlassian TEAM 124.96 -8.65
AtmosEnergy ATO 117.44 1.58
Autodesk ADSK 194.61 -3.78
Caterpillar CAT 228.29 -4.28 EQT EQT 36.91 -0.16 HondaMotor HMC 23.70 -0.09 Markel
Celanese CE 104.81 -3.57 EastWestBncp EWBC 64.97 1.01 Honeywell HON 213.19 -2.41 MarketAxess MKTX 285.05 0.27
CelsiusHldg CELH 113.96 0.54 EastGroup EGP 151.80 -1.48 HorizonTherap HZNP 96.85 -1.63 Marriott MAR 160.47 -1.57
CenovusEnergy CVE 18.43 -0.73 EastmanChem EMN 85.11 -0.97 HormelFoods HRL 46.84 -0.35 Marsh&McLen MMC 171.95 0.28
Centene CNC 85.93 -0.42 Eaton ETN 157.81 -2.55 DR Horton DHI 83.91 -0.81 MartinMarietta MLM 349.99 -3.28
CenterPointEner CNP 30.82 0.37 eBay EBAY 43.35 -0.59 HostHotels HST 17.41 -0.27 MarvellTech MRVL 41.09 -1.88
CentraisElBras EBR 8.23 0.13 Ecolab ECL 148.43 -2.02 HoulihanLokey HLI 97.51 0.01 Masco MAS 48.42 -0.99
CeridianHCM CDAY 62.75 -1.78 Ecopetrol EC 9.27 0.09 HowmetAerospace HWM 37.87 -0.67 Masimo MASI 138.65 -3.90

2020 BMW 330i xDrive Autoliv ALV 84.01 0.05 CharlesRiverLabs CRL 211.21 -3.90 EdisonInt EIX 66.02 0.90 Hubbell HUBB 245.42 -0.84 MasTec MTZ 86.64 0.08
ADP ADP 258.53 -5.86 CharterComms CHTR 371.17-16.62 EdwardsLife EW 72.27 -1.58 HubSpot HUBS 270.26-10.84 Mastercard MA 347.53 -8.56
AutoZone AZO 2456.92-70.00 CheckPoint CHKP 131.51 -0.15 ElbitSystems ESLT 170.03 -5.83 Humana HUM 546.35 -1.07 MatadorRscs MTDR 59.29 -2.17
Avalonbay AVB 166.89 -3.41 Chemed CHE 519.75 -2.49 ElectronicArts EA 127.41 -3.01 JBHunt JBHT 177.69 0.05 MatchGroup MTCH 43.33 -2.45
Avangrid AGR 42.89 ... CheniereEnergy LNG 163.73 -8.61 ElevanceHealth ELV 528.40 6.06 HuntingtonBcshs HBAN 14.68 -0.21 Mattel MAT 17.72 -0.35
ALPINE WHITE, Avantor AVTR 21.61 -0.74 CheniereEnerPtrs CQP 57.00 -2.29 EmersonElec EMR 94.35 -0.80 HuntingIngalls HII 235.71 -0.13 McCormickVtg MKC.V 84.17 0.01
McCormick MKC 84.38 0.33
AveryDennison AVY 190.98 0.37 ChesapeakeEner CHK 93.72 -2.10 Enbridge ENB 39.39 -0.53 HyattHotels H 96.45 -1.47
STK # BP1588, AvisBudget CAR 194.07 -2.38 Chevron CVX 172.01 -4.55 Endeavor
EnergyTransfer
EDR 21.31 -0.55
ET 11.94 -0.24
ICICI Bank IBN 22.57 -0.29 McDonald's MCD 271.77 0.18
McKesson MCK 378.04 -4.40
AxonEnterprise AXON 169.43-14.58 ChewyA CHWY 41.72 -1.59 ICL Group ICL 8.36 -0.19
38,560 MILES BCE BCE 46.69 -0.37 ChinaEastrnAir CEA 19.08 0.33 EnphaseEnergy ENPH 309.73-26.09 IdexxLab IDXX 415.39 -6.91 MedicalProp MPW 12.53 -0.19
Medpace MEDP 203.72 -1.78
ChinaSoAirlines ZNH 30.18 1.03 Entegris ENTG 69.60 -5.27 ING Groep ING 11.80 -0.06
n-

BHP Group BHP 62.74 0.26

BJ'sWholesale BJ 69.75 0.11 Chipotle CMG 1508.40-62.21 Entergy ETR 117.08 1.68 Invesco IVZ 18.51 -0.08 Medtronic MDT 77.08 -1.71
BOK Fin BOKF 103.06 0.85 Chubb CB 217.63 2.20 EnterpriseProd EPD 24.22 -0.25 IQVIA IQV 209.87 -2.06 MercadoLibre MELI 863.09-18.81

SMART PRICE BP
Baidu
BP 34.37 -0.63
BIDU 117.33 0.41
ChunghwaTel CHT 36.50 -0.07 Equifax
Church&Dwight CHD 80.44 0.05 Equinix
EFX 194.06 0.38
EQIX 686.87 2.60
ITT ITT 80.30 -2.45
IcahnEnterprises IEP 50.27 -0.06
Merck MRK 108.93 -1.08
MetaPlatforms META 114.12 -8.31
BakerHughes BKR 28.38 -0.34 ChurchillDowns CHDN 220.53 0.67 Equinor EQNR 35.96 -0.47 Icon ICLR 200.31 -4.45 MetLife MET 75.28 -0.12

$
36,998*
MettlerToledo MTD 1453.80 -0.57
no

Ball BALL 54.80 0.45 Ciena CIEN 44.33 -0.69 Equitable EQH 30.52 -0.51 IDEX IEX 233.78 -3.09
BancoBilbaoViz BBVA 5.76 ... s Cigna CI 329.64 2.25 EquityLife ELS 63.93 -0.68 IllinoisToolWks ITW 221.59 -2.60 MicrochipTech MCHP 75.14 -1.44
BancoBradesco BBDO 2.55 0.05 CincinnatiFin CINF 106.94 -0.93 EquityResdntl EQR 61.70 -1.27 Illumina ILMN 205.98 -7.88 MicronTech MU 53.68 -0.36
BancodeChile BCH 19.14 0.34 Cintas CTAS 452.62 -6.79 ErieIndemnity A ERIE277.94 6.02 ImperialOil IMO 51.80 -1.59 Continued on Page B10

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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. NY Wednesday, December 7, 2022 | B9

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 Feb 1780.80 1793.20 1779.10 1782.40 1.10 361,711 Silver (CMX)-5,000 troy oz.; $ per troy oz. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
April 1796.30 1808.20 1794.50 1797.60 1.10 29,452 Dec 22.225 22.480 22.000 22.123 –0.076 2,188 Jan 205.80 208.95 205.50 208.50 2.85 7,745
Contract Open 1813.60 1823.20 1810.00 1813.20 1.00 14,524 201.25 203.00 199.55 202.50 2.65 2,635
June March'23 22.435 22.780 22.190 22.335 –0.082 108,676 March
Open High hi lo Low Settle Chg interest 1830.00 1838.90 1827.30 1829.40 0.90 5,024
Aug Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Copper-High (CMX)-25,000 lbs.; $ per lb. Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan 77.35 77.88 73.41 74.25 –2.68 262,445 Interest Rate Futures
Dec 3.7860 3.8575 3.7860 3.8115 0.0220 3,610 Dec ... ... ... 1829.10 –10.50 10 Feb 77.46 78.05 73.62 74.46 –2.62 133,416
March'23 3.7915 3.8635 3.7845 3.8180 0.0230 104,474 March'23 1886.00 1898.50 1844.50 1851.50 –9.80 7,648 March 77.56 78.16 73.83 74.63 –2.57 142,003
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Gold (CMX)-100 troy oz.; $ per troy oz. Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 141-170 143-060 141-000 143-050 2-10.0 5,049
June 77.82 78.34 74.27 74.91 –2.48 125,643
Dec 1768.60 1779.40 1767.50 1769.30 1.90 6,976 Dec ... ... ... 1008.40 –12.10 1 March'23 141-260 143-120 141-050 143-090 2-07.0 1,420,374
Dec 76.32 76.74 73.11 73.66 –2.30 167,781
Jan'23 1775.30 1786.00 1772.50 1775.50 1.20 1,501 Jan'23 1006.60 1013.30 991.50 995.40 –12.10 51,537 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec'24 72.51 72.86 70.08 70.47 –1.82 63,222 Dec 129-080 130-150 128-270 130-150 1-19.0 4,126
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'23 129-050 130-150 128-240 130-130 1-19.0 1,164,064
Jan 3.0001 3.0300 2.8777 2.9155 –.0843 65,373 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Bonds | wsj.com/market-data/bonds/benchmarks March 2.9146 2.9438 2.8068 2.8351 –.0801
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
36,999 Dec 113-235 114-040 113-175 114-030 16.0 17,624
March'23 113-315 114-130 113-250 114-115 16.0 3,781,952
Jan 2.2223 2.2340 2.1288 2.1491 –.0528 95,280 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Tracking Bond Benchmarks Feb 2.2324 2.2428 2.1400 2.1606 –.0516 36,368 Dec 108-182 108-210 108-112 108-205 7.7 9,223
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'23 108-245 108-317 108-202 108-302 8.2 4,150,889
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Jan 5.642 5.674 5.337 5.469 –.108 159,665 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
highs and lows for different types of bonds Feb 5.542 5.587 5.256 5.378 –.106 68,349 Dec 102-133 102-161 102-122 102-151 1.9 14,182
Total Total March 5.095 5.095 4.831 4.943 –.081 119,978 March'23 102-213 102-243 102-195 102-231 2.2 2,108,042
return YTD total Yield (%) return YTD total Yield (%) April 4.618 4.619 4.445 4.521 –.099 105,768 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
close return (%) Index Latest Low High close return (%) Index Latest Low High May 4.578 4.600 4.431 4.502 –.100 97,197 Dec 95.8800 95.8825 95.8775 95.8825 .0025 250,287
Oct 4.795 4.796 4.634 4.704 –.090 50,154 Jan'23 95.6450 95.6500 95.6450 95.6500 .0050 385,400
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec 93-205 94-040 93-205 94-020 28.5 15,941
1955.50 -10.9 Mortgage-Backed 4.550 1.960 5.380 Agriculture Futures
1977.54 -11.8 U.S. Aggregate 4.490 1.720 5.210 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Corn (CBT)-5,000 bu.; cents per bu. Sept 96.5225 96.5275 96.5225 96.5275 .0050 619,376
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1924.99 -9.8 Ginnie Mae (GNMA) 4.630 1.990 5.370
March'23 95.0400 95.0750 95.0250 95.0700 .0250 1,130,490
Dec 630.75 635.50 623.00 625.50 –3.25 2,647
2924.80 -14.2 U.S. Corporate 5.180 2.310 6.130 1150.60 -11.0 Fannie mae (FNMA) 4.520 1.950 5.390 March'23 640.50 645.50 635.75 637.25 –3.25 592,080 Eurodollar (CME)-$1,000,000; pts of 100%
Dec 95.1725 95.1825 95.1650 95.1775 .0025 1,343,743
Oats (CBT)-5,000 bu.; cents per bu.
2799.13 -8.9 Intermediate 5.150 1.810 6.050 1761.49 -11.5 Freddie Mac (FHLMC) 4.540 1.950 5.370 Dec 355.00 355.50 353.75 340.50 1.25 3
March'23 94.8250 94.8600 94.8100 94.8500 .0100 826,038
Sept 94.9000 94.9750 94.8850 94.9650 .0550 683,333
560.24 -7.0 Muni Master 3.122 0.895 3.936 March'23 338.25 346.75 t 330.50 337.00 1.25 3,246
3968.18 -22.3 Long term 5.240 3.040 6.370 Dec 95.2300 95.3050 95.2100 95.2900 .0600 766,545
Soybeans (CBT)-5,000 bu.; cents per bu.
572.27 -15.1 Double-A-rated 4.520 2.000 5.320 399.19 -6.1 7-12 year 2.882 0.918 3.794 Jan 1437.50 1472.50 1437.00 1455.00 17.25 221,403
March 1444.50 1477.75 1444.50 1461.50 16.50 168,938
Currency Futures
774.38 -14.3 Triple-B-rated 5.470 2.540 6.440 447.50 -9.0 12-22 year 3.610 1.180 4.428 Soybean Meal (CBT)-100 tons; $ per ton. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec 439.50 452.80 s 439.50 449.20 17.20 784 .7326 .7366 .7288 .7316 –.0014 211,603
High Yield Bonds ICE BofA 418.59 -13.8 22-plus year 4.344 1.673 5.131 Dec
March'23 430.50 449.30 s 430.50 445.90 15.40 130,191 March'23 .7409 .7453 .7374 .7402 –.0015 10,493
468.35 -10.3 High Yield Constrained 8.611 4.198 9.623 Global Government J.P. Morgan† Soybean Oil (CBT)-60,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Dec 65.11 65.33 63.45 63.87 –1.03 544 Dec .7359 .7369 .7313 .7319 –.0038 127,674
425.10 -15.6 Triple-C-rated 15.333 7.617 16.916 535.81 -10.6 Global Government 2.730 0.870 3.250 March'23 62.40 63.10 60.78 61.00 –1.27 131,925 March'23 .7372 .7380 .7324 .7330 –.0039 9,208
3143.49 -9.5 785.14 -6.4 Canada 2.910 1.430 3.780 Rough Rice (CBT)-2,000 cwt.; $ per cwt. British Pound (CME)-£62,500; $ per £
High Yield 100 7.914 3.669 8.753 17.02 17.23 16.71 16.85 –.19 6,046
Jan Dec 1.2200 1.2274 1.2131 1.2149 –.0030 215,120
408.49 -11.2 Global High Yield Constrained 8.664 4.601 9.945 352.44 -13.2 EMU§ 2.485 0.271 3.215 March 17.49 17.49 17.06 17.20 –.17 1,505 March'23 1.2230 1.2302 1.2160 1.2178 –.0031 10,248
Wheat (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
312.55 -10.4 Europe High Yield Constrained 7.127 2.822 8.508 657.70 -13.5 France 2.300 0.150 2.980 Dec 715.75 715.75 t 702.50 705.50 –10.00 305 Dec 1.0630 1.0675 1.0590 1.0630 .0006 38,254
March'23 739.00 743.50 t 723.50 729.00 –10.00 178,647 March'23 1.0737 1.0783 1.0698 1.0739 .0007 729
U.S Agency Bloomberg Fixed Income Indices 468.52 -12.7 Germany 1.740 -0.360 2.400 Australian Dollar (CME)-AUD 100,000; $ per AUD
Wheat (KC)-5,000 bu.; cents per bu.
1694.33 -7.6 U.S Agency 4.460 1.090 4.910 281.65 -4.4 Japan 0.840 0.310 0.910 Dec 850.75 850.75 844.00 845.75 –9.00 110 Dec .6704 .6748 .6684 .6690 –.0010 144,652
March'23 843.25 845.25 821.75 830.00 –11.75 86,759 March'23 .6730 .6772 .6709 .6716 –.0011 12,473
1497.19 -6.4 10-20 years 4.450 0.990 4.890 510.38 -14.4 Netherlands 1.980 -0.200 2.720 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Jan 182.975 183.150 180.300 181.800 –1.975 23,055 Dec .05057 .05082 .05023 .05043 –.00012 296,678
3291.13 -21.3 20-plus years 4.540 2.070 5.240 820.09 -21.0 U.K. 3.310 0.720 4.690 March 185.625 185.750 183.025 184.150 –2.225 11,383 March'23 .04981 .05007 .04950 .04969 –.00012 868
-11.2 Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
2559.02 Yankee 5.030 1.950 5.840 772.28 -16.0 Emerging Markets ** 7.619 4.892 9.159 Dec 1.0507 1.0544 1.0470 1.0474 –.0031 656,425
Dec 152.950 152.950 151.375 151.550 –1.675 15,182
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Feb'23 155.350 155.500 153.500 153.625 –2.200 132,473 March'23 1.0572 1.0612 1.0538 1.0542 –.0031 43,464
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec 81.525 82.900 81.150 82.275 .200 19,829 Index Futures
Feb'23 89.625 90.000 86.525 86.925 –3.600 81,199 Mini DJ Industrial Average (CBT)-$5 x index
Global Government Bonds: Mapping Yields Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 34007 34084 33452 33633 –353 77,020

.
Jan 405.20 415.10 398.60 415.10 24.00 2,304 March'23 34260 34330 33692 33876 –359 4,068
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in March 411.80 421.60 404.00 412.50 14.90 605 Mini S&P 500 (CME)-$50 x index

ly
Milk (CME)-200,000 lbs., cents per lb. Dec 4005.75 4014.75 3921.50 3945.00 –58.25 2,164,954
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Dec 20.40 20.60 20.31 20.47 .06 4,801 March'23 4038.75 4047.50 3952.75 3976.50 –59.50 130,440
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Jan'23 19.93 20.25 19.83 20.04 .05 3,784 Mini S&P Midcap 400 (CME)-$100 x index
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 2511.90 2517.10 2460.20 2482.20 –29.00 43,627
Dec ... ... ... 2,437 5 110 March'23 2500.10 2528.60 2478.20 2499.80 –28.70 21
4.500 U.S. 2 4.358 t l 4.392 4.652 0.633
4.125
0.250
1.750
Australia 2
10 3.512 t

10
3.072 s
3.410 s
l

l
l
3.598
2.994
3.374
4.157
3.286
3.862
on
1.433
0.348
1.594
-129.0
-10.9
-133.9
-21.1
-23.9
15.9
March'23 2,479 2,509

March'23 163.25 166.65

2,475
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec ... ... ...
162.50
2,487

161.05
163.50
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
8

.90
.90
125,079

1,313
109,830
Mini Nasdaq 100 (CME)-$20 x index
Dec 11812.00 11846.25
March'23 11928.00 11957.50
11502.00 11566.00
11614.00 11677.75
Mini Russell 2000 (CME)-$50 x index
Dec 1842.40 1847.50 1803.10 1814.10
–239.75 237,884
–242.00 8,305

–27.80 467,638
March 19.54 19.68 19.36 19.39 –.16 386,473 March'23 1858.00 1862.20 1818.00 1828.80 –28.30 5,901
0.000 France 2 2.072 t l 2.125 2.234 -0.770 -229.0 -220.9 -135.8
us ,

May 18.41 18.52 18.26 18.28 –.15 192,554 Mini Russell 1000 (CME)-$50 x index
2.000 10 2.258 t l 2.326 2.833 -0.028 -126.0 -125.9 -146.3 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Dec 2172.50 2195.70 2150.00 2162.50 –33.20 10,931
l

Jan ... ... ... 36.73 –.12 1,175 U.S. Dollar Index (ICE-US)-$1,000 x index
e
2.200 Germany 2 2.065 t l 2.115 2.129 -0.725 -229.8 -221.9 -131.2
al a

May ... ... ... 36.90 … 2,864 Dec 105.10 105.59 104.85 105.54 .30 43,213
1.700 10 1.804 t l 1.883 2.302 -0.387 -170.2 -182.2 Cotton (ICE-US)-50,000 lbs.; cents per lb. March'23 104.77 105.24 104.52 105.20 .32 2,116
-171.5
Dec 85.28 86.06 85.28 85.39 .45 79
0.000 Italy 2 2.551 t l 2.612 2.875 -0.248 -181.2 -172.2 -83.6 83.60 86.39 83.24 84.59 .73 105,649 Source: FactSet
ci on

March'23
2.500 10 3.660 t l 3.748 4.458 0.884 14.1 16.4 -55.1
0.005 Japan 2 -0.015 s l -0.016 -0.040 -0.115 -437.7 -434.9 -70.2
0.200 10 0.253 t l 0.258 0.257 0.041 -326.6 -332.7 -139.4 Borrowing ADVERTISEMENT
0.000 Spain 2 2.275 t l 2.323 2.339 -0.601 -208.8 -201.1 -118.9 Benchmarks
2.807 t
The Marketplace
er s

2.550 10 l 2.885 3.362 0.337 -71.2 -70.0 -109.8

Money Rates Dec. 6, 2022
0.125 U.K. 2 3.245 t l 3.288 3.016 0.461 -111.8 -104.6 -12.6
To advertise: 800-366-3975 or WSJ.com/classifieds
4.250 10 3.081 t l 3.103 3.535 0.735 -43.8 -48.2 -70.0 Key annual interest rates paid to
m er

borrow or lend money in U.S. and

Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
international markets. Rates below are
a guide to general levels but don’t BUSINESS OPPORTUNITIES CAREERS
Corporate Debt always represent actual transactions.
m rp

Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Inflation
expectations Oct. index Chg From (%) Financial Services
Investment-grade spreads that tightened the most… level Sept. '22 Oct. '21 INVEST IN SECURED, Morgan Stanley & Co., LLC hiring for following
roles thruout facilities in NY, NY: Vice President
Spread*, in basis points COLLATERALIZED to work w/ wide range of complex transactions
U.S. consumer price index
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
All items 298.012 0.41 7.7
FIRST LIEN incl acquisitions, divestitures, mergers, joint
ventures, corp restructurings, recapitalizations,
Banco Santander SANTAN 5.179 5.63 Nov. 19, ’25 152 –22 159 299.315 0.29 6.3 MORTGAGES leveraged buyouts, strategic advisory assign-
co Fo

Core
ments & executions of public & private capital
Caterpillar Financial Services … 3.650 4.37 Aug. 12, ’25 25 –18 n.a. International rates mrkt transactions (3215253, salary range:
$275,000 to $275,000); Vice President, Fixed
Blackstone Private Credit Fund BCRED 7.050 6.85 Sept. 29, ’25 275 –16 n.a. Income to provide Emerging Mrkts fixed income
Week 52-Week sales coverage for institutional investors
Daimler Truck Finance North America DTRGR 3.500 5.10 April 7, ’25 98 –15 n.a. Latest ago High Low (3215444, salary range: $225,000 and
$250,000); & Vice President to determine & cre-

9-10%
Volkswagen Group of America Finance VW 4.750 5.20 Nov. 13, ’28 n.a. –14 n.a. Prime rates ate valuation & risk mgmt. models that will feed
Firm’s books & records for bank’s retail holdings
–13 U.S. 7.00 7.00 7.00 3.25
UBS UBS 4.125 4.98 Sept. 24, ’25 86 131 (3209632, salary range: $190,000 to
Canada 5.95 5.95 5.95 2.45
3.550 4.73 Sept. 29, ’25 61 –13 1.475 1.475 1.475 1.475
ANNUAL RETURNS* $190,000). All positions req rel degree &/or exp
Wells Fargo WFC 60 Japan
— MONTHLY DIVIDENDS —
&/or skills. Multiple open positions at various
prof’l levels. For more info & to apply, visit
Bank of America BAC 3.500 4.79 April 19, ’26 102 –11 101 Policy Rates https://ms.taleo.net/careersection/2/jobsearch.
Euro zone 2.00 2.00 2.00 0.00
InvestWithLYNK.com ftl?lang=en Scroll down to “Join our team”
…And spreads that widened the most Switzerland 1.00 1.00 1.00 0.00 (410) 258-3903 heading & search for these opp’tys. No calls
please. EOE
Britain 3.00 3.00 3.00 0.10 *For Accredited Investors only. Past performance is no guarantee
Blackstone Private Credit Fund BCRED 4.700 6.35 March 24, ’25 224 49 n.a. Australia 2.85 2.85 2.85 0.10
of future results. Visit website for details and disclosures.
n-

Citigroup C 5.500 5.11 Sept. 13, ’25 102 21 80 Financial Services

Overnight repurchase Morgan Stanley Smith Barney, LLC hiring for
Wells Fargo WFC 4.100 4.97 June 3, ’26 124 10 114 U.S. 3.82 3.82 3.85 0.01 following role in NY, NY: Assistant Vice Presi-
alliance mortgage fund dent to contribute to evolution of strategic
Hess HES 5.600 5.75 Feb. 15, ’41 199 8 n.a. U.S. government rates roadmap to build client 360 profile. Salary range

7%-8% $154,000 to $154,000. Position req’s rel degree

no

Paramount Global PARA 4.375 7.03 March 15, ’43 323 8 317 Discount Return &/or exp &/or skills. For more info & to apply,
visit https://ms.taleo.net/careersection/2/
4.00 4.00 4.00 0.25
Morgan Stanley MS 4.000 4.76 July 23, ’25 67 7 67 REAL ESTATE SECURED jobsearch.ftl?lang=en Scroll down & enter
3209631 as “Job Number” & click “Search jobs.”
AstraZeneca AZN 3.375 4.50 Nov. 16, ’25 38 5 39 Federal funds FIXED INCOME FUND No calls pls. EOE

Bank of America BAC 4.000 4.98 Jan. 22, ’25 86 5 82

Effective rate 3.8400 3.8400 3.8400 0.0800 SEEKING RIA’S &
High 4.0500 4.0500 4.1000 0.0900
Low 3.8100 3.8100 3.8200 0.0500 ACCREDITED INVESTORS COMMERCIAL REAL ESTATE
High-yield issues with the biggest price increases… Bid 3.8300 3.8300 3.8300 0.0600 CALL:
866-700-0600
Offer 3.8500 3.8700 3.8800 0.0800
Bond Price as % of face value FLORIDAPROPERTY/BIZ-AllHigh&Dry
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Orlando North Airport (FA83), Paved Runway
Treasury bill auction
0.87 3.950 3.970 3.970 0.020 ALLIANCE PORTFOLIO 25 Hangars, Ops & Security, Fuel, On 130 ac,
Nokia NOKIA 6.625 6.72 May 15, ’39 99.027 n.a. 4 weeks
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
13 weeks 4.270 4.285 4.285 0.055 Options for up to 1,000 ac, Land Use Ind &
0.76 www.AlliancePortfolio.com
Owens–Brockway Glass Container … 6.375 7.70 Aug. 15, ’25 96.831 n.a. 26 weeks 4.570 4.550 4.570 0.105 RE Broker • CA DRE • 02066955 Broker License ID Manuf. / Relocate your company here $9.4M,
Hat Holdings I … 3.750 8.45 Sept. 15, ’30 73.604 0.56 72.000 + $45K/ac up to 900 acres.
Secondary market 75ACCommLandPrimeFrontageUSHWY1Daytona
Rakuten RAKUTN 10.250 8.78 Nov. 30, ’24 102.610 0.35 99.000 $175K/ac OR $150K/ac for 45-day close.
Fannie Mae PRIME COSTA RICA!
0.25 Flooring Biz $750K, Turn Key, w/Property + $1.75M
Dish DBS … 5.875 8.44 Nov. 15, ’24 95.500 93.750 30-year mortgage yields
247 Oceanview Beach Lots Style & Trim Biz $4.2M Business & Property
0.22 30 days 5.789 5.932 6.812 2.518
QVC QVCN 4.850 7.91 April 1, ’24 96.245 n.a.
60 days 5.809 5.957 6.988 2.556
Hot Springs Hotel Spa ContactWatsonRealtyCorpTextorCall
American Airlines AAL 4.375 7.29 June 15, ’24 95.875 0.13 n.a. + 85 Lots Bob Brewster (386) 341-0423
Other short-term rates Offers Welcome
…And with the biggest price decreases Week 52-Week +1-856-318-6027 NOTICE OF SALE
Latest ago high low
Telecom Italia Capital TITIM 7.200 9.56 July 18, ’36 82.250 –2.97 82.736
Call money NOTICE OF PUBLIC SALE OF COLLATERAL
Liberty Interactive LINTA 8.250 21.67 Feb. 1, ’30 52.250 –1.65 49.375
5.75 5.75 5.75 2.00 INVESTMENT OPPORTUNITY PLEASE TAKE NOTICE, that in accordance with
Ford Motor F 4.750 7.07 Jan. 15, ’43 75.294 –1.58 74.652 Prestigious Limestone Mansion off Fifth applicable provisions of the Uniform Commercial Code
Commercial paper (AA financial) as enacted in New York, Notice is hereby given that DW
–1.47 Avenue, Manhattan, NY. Marcy, LLC (“Secured Party”) will sell all of the limited
Transocean RIG 6.800 12.24 March 15, ’38 62.780 62.500 90 days 4.29 4.56 4.63 0.13 Income Producing, Annual Returns of $1 Million. liability company interests held by 415 Marcy Avenue
–0.75 LLC (“Debtor”) in 425 Marcy Avenue LLC (“Pledged
CSC Holdings CSCHLD 5.250 9.50 June 1, ’24 94.250 96.599 Libor Live with Income or Easy Single Family. Entity”) to the highest qualified bidder at a public
sale in accordance with the provisions of the Uniform
Venture Global Calcasieu Pass VENTGL 4.125 5.99 Aug. 15, ’31 87.520 –0.73 86.010 One month 4.22143 4.12014 4.22143 0.10125 $25,750,000. Mint Condition, Prime Location.
Commercial Code as in effect in the State of New York.
Three month 4.73457 4.76057 4.77857 0.19825 lmcnichol@elliman.com 917.822.8280 The sale will take place beginning at 10:00a.m. on Friday,
Nokia NOKIA 4.375 5.71 June 12, ’27 94.750 –0.64 94.100 Six month 5.20200 5.20886 5.22529 0.28338 January 6, 2023, in satisfaction of an indebtedness in
the approximate amount of $31,529,488.74, via the
Bath & Body Works BBWI 6.875 8.00 Nov. 1, ’35 91.031 –0.56 90.125 One year 5.56414 5.55343 5.66643 0.48250
Cisco WebEx Platform or web-based video conferencing
and/or telephonic conferencing program selected by
*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.
Secured Overnight Financing Rate MEDICAL DEVICE/WOMEN’S HEALTH Secured Party. Online bidding will be made available via
Note: Data are for the most active issue of bonds with maturities of two years or more 3.81 3.80 3.82 0.04 PATENTED | DISRUPTIVE | UNIQUE Cisco WebEx Remote Meeting, Meeting link: https://bit.
ly/415Marcy; Access Code: 2555 904 2720, Password:
Source: MarketAxess
Value 52-Week GLOBAL MARKET POTENTIAL Bi7Uq (24787 from phones and video systems). Join
Latest Traded High Low INVESTMENT/BUSINESS OPPORTUNITY by video system: Dial 25559042720@webex.com. You
can also dial 173.243.2.68 and enter your meeting
DTCC GCF Repo Index STARTUP KNOWN EFFECTIVENESS number. Join by phone: +1-650-479-3208 United States
Dividend Changes Treasury 3.806 33.950 3.842 0.023 775-291-3191 • NO TEXT MESSAGES Toll. Secured Party’s understanding is that the principal
asset of Pledged Entity is the parcels of real property
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. MBS 3.880 30.270 3.895 0.032 OPPORTUNITY@BECI-ONLINE.COM located at 415-425 Marcy Avenue, Brooklyn, New York
and also known as 427 Marcy Avenue, Brooklyn, New
Amount Amount Notes on data: York. The Collateral will be sold to the highest qualified
Payable / Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record U.S. prime rate is the base rate on corporate bidder; provided, however, that Secured Party reserves
loans posted by at least 70% of the 10 largest the right to cancel the sale in its entirety, or to adjourn
Increased Initial U.S. banks, and is effective November 3, 2022.
CAREERS the sale to a future date. The sale will be conducted
Other prime rates aren’t directly comparable; by Mannion Auctions, LLC, by Matthew D. Mannion,
ABM Industries ABM 1.9 .22 /.195 Q Feb06 /Jan05 Brookdale Sr Living 7% Un BKDT 6.6 .8166 Q Feb15 /Feb14 Auctioneer, NYC DCA License No. 1434494, with offices
lending practices vary widely by location;
AES AES 2.4 .1659 /.158 Q Feb15 /Feb01 Discount rate is effective November 3, 2022. at 305 Broadway, Suite 200, New York, New York. The
Alexandria Real Estate ARE 3.3 1.21 /1.18 Q Jan13 /Dec30 Stocks Collateral will be sold as a block, and will not be divided
51Talk Online Educ ADR COE 1:4 /Dec15
Secured Overnight Financing Rate is as of Financial Services or sold in any lesser amounts. Interested parties who
Brookdale Sr Living 7% Un BKDT 6.6 .875 /.8166 Q May15 /May12 December 5, 2022. DTCC GCF Repo Index is Morgan Stanley Investment Management Inc.
Global Water Resources GWRS 2.2 .0248 /.02458 M Dec29 /Dec15 Checkpoint Therapeutics CKPT 1:10 /Dec06 hiring for following role in NY, NY: Vice Presi- intend to bid on the above Collateral must contact
Depository Trust & Clearing Corp.'s weighted Brock Cannon of NEWMARK at (212) 372-2066, brock.
PNM Resources PNM 3.0 .3675 /.3475 Q Feb17 /Feb03 average for overnight trades in applicable dent to manage fixed income portfolios w/ focus
Foreign CUSIPs. Value traded is in billions of U.S. dollars. on US & global investmt grade corporate bonds. cannon@nmrk.com, to receive the Terms of Public Sale
PotlatchDeltic PCH 4.0 .45 /.44 Q Dec30 /Dec14 Salary range $200,000 to $250,000. Position and bidding instructions. Upon execution of a standard
Pyxis Tankers Pfd. A PXSAP 7.6 .1615 M Dec21 /Dec14 Federal-funds rates are Tullett Prebon rates as
Sabine Royalty Tr UBI SBR 9.9 1.0679 /.58255 M Dec29 /Dec15 req’s rel degree &/or exp &/or skills. For more non-disclosure agreement, additional documentation
of 5:30 p.m. ET. info & to apply, visit https://ms.taleo.net/ and information will be available. Interested parties
Reduced Special who do not contact the Secured Party and qualify prior
Sources: Federal Reserve; Bureau of Labor careersection/2/jobsearch.ftl?lang=en Scroll
PotlatchDeltic PCH 4.0 .95 Dec30 /Dec21 Statistics; DTCC; FactSet; down and enter 3215425 as the “Job Number” to the sale will not be permitted to enter a bid.
SL Green Realty SLG 9.1 .2708 /.3108 M Jan17 /Dec30
Sources: FactSet; Dow Jones Market Data Tullett Prebon Information, Ltd. and click “Search jobs.” No calls pls.
 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, December 7, 2022 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Continued From Page B8 Net Net Net Net Net Net Net Net Net
Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
Stock Sym Close Chg NexstarMedia NXST 179.72 -1.66 Ovintiv OVV 50.60 -0.91 Polaris PII 111.09 0.43 ResMed RMD 217.73 -1.62 Sempra SRE 165.35 1.66 Stryker SYK 235.54 -2.36 TevaPharm TEVA 8.55 -0.07 UnitedRentals URI 347.29 1.62 Watsco WSO 253.91 -3.15
Microsoft MSFT 245.12 -5.08 NextEraEnergy NEE 85.18 0.03 OwensCorning OC 88.74 -0.14 PolestarAuto PSNY 5.67 -0.51 RestaurantBrands QSR 65.50 -1.06 SensataTechs ST 43.95 -0.64 SumitomoMits SMFG 6.72 0.04 TexasInstruments TXN 174.34 -3.05 US Bancorp USB 42.94 -0.97 WebsterFin WBS 47.95 -1.87
MidAmApt MAA 157.19 -2.21 Nike NKE 107.93 -1.69 PG&E PCG 15.43 0.11 Pool POOL 317.99 -2.12 RexfordIndlRealty REXR 53.44 -0.68 ServiceCorp SCI 69.57 0.21 SunComms SUI 141.21 -0.58 TexasPacLand TPL 2472.73-65.27 UnitedTherap UTHR 276.60 2.88 WellsFargo WFC 43.40 -0.26
Middleby MIDD 137.42 -2.96 NiSource NI 27.84 0.33 PNC Fin PNC 151.86 -1.25 PrincipalFin PFG 89.79 -0.13 ReynoldsCnsmr REYN 31.59 0.09 ServiceNow NOW 389.15 -3.11 SunLifeFinancial SLF 46.32 -0.38 TexasRoadhouse TXRH 95.57 -0.59 UnitedHealth UNH 539.32 4.28 Welltower WELL 68.20 -1.99
MitsubishiUFJ MUFG 5.40 0.02 Nokia NOK 4.87 -0.07 POSCO PKX 54.52 -1.16 ProcoreTech PCOR 46.76 -0.79 RioTinto RIO 70.34 0.88 ShawComm B SJR 26.96 -0.17 SuncorEnergy SU 29.97 -1.08 Textron TXT 73.57 3.67 UnitySoftware U 34.32 -3.76 WestFraserTimber WFG 74.97 -0.80
MizuhoFin MFG 2.40 0.02 NomuraHoldings NMR 3.57 -0.04 PPG Ind PPG 132.04 -2.55 Procter&Gamble PG 149.28 0.19 Rivian RIVN 27.89 -1.64 Shell SHEL 56.68 -0.72 SunRun RUN 29.36 -1.71 ThermoFisher TMO 550.53 -6.68 UniversalHealthB UHS 127.95 0.59 WestPharmSvcs WST 234.99 -4.45
Mobileye MBLY 30.49 -1.01 Nordson NDSN 233.59 -4.75 PPL PPL 29.30 0.22 Progressive PGR 130.97 -0.29 RobertHalf RHI 73.85 -1.71 SherwinWilliams SHW 253.46 -0.13 Suzano SUZ 10.09 0.25 ThomsonReuters TRI 114.17 -2.53 UnumGroup UNM 41.98 0.39 WestAllianceBcp WAL 60.94 -1.31
Moderna MRNA 173.54 -2.39 NorfolkSouthern NSC 242.55 -4.76 PTC PTC 121.26 -2.07 Prologis PLD 114.60 0.34 Robinhood HOOD 9.39 -0.28 ShinhanFin SHG 28.62 -0.30 SynchronyFin SYF 34.64 0.25 3M MMM 124.58 -0.05 VF VFC 29.39 -0.12 WesternDigital WDC 33.89 -0.90
MolinaHealthcare MOH 335.63 0.52 NorthernTrust NTRS 88.57 -0.86 Paccar PCAR 103.67 0.31 ProsperityBcshs PB 71.71 -0.64 Roblox RBLX 30.65 -0.59 ShockwaveMed SWAV 232.70-10.41 Synopsys SNPS 328.02 -3.25 Toast TOST 16.72 -0.03 VICI Prop VICI 33.54 0.24 WesternMidstrm WES 26.71 -0.82
MolsonCoorsB TAP 53.26 -1.24 NorthropGrum NOC 531.81 -9.62 PackagingCpAm PKG 134.83 -0.75 PrudentialFin PRU 103.29 -1.45 RocketCos. RKT 8.26 0.01 Shopify SHOP 38.97 -1.82 Sysco SYY 84.26 -0.87 Toro TTC 109.78 -0.18 VailResorts MTN 246.68 -3.45 Westlake WLK 106.35 -1.01
MolsonCoorsA TAP.A 72.04 1.03 NorwegCruise NCLH 15.83 -0.38 PalantirTech PLTR 6.99 -0.20 Prudential PUK 26.26 -0.23 Rockwell ROK 256.77 -5.90 Sibanye-Stillwater SBSW 10.83 ... TorontoDomBk TD 66.03 -1.13 Vale VALE 16.76 0.30 WestRock WRK 36.45 -0.20
Mondelez MDLZ 67.29 -0.14 Novartis NVS 90.74 -0.22 PaloAltoNtwks PANW 166.69 -3.30 PublicServiceEnt PEG 60.60 0.33 RogersComm B RCI 45.81 -0.65 t SignatureBank SBNY 118.86 -7.02 T U V TotalEnergies TTE 60.12 0.35 ValeroEnergy VLO 118.86 -2.10 Weyerhaeuser WY 31.02 -0.50
MongoDB MDB 144.69 -4.03 NovoNordisk NVO 125.79 -1.29 ParamountB PARA 18.15 -1.36 PublicStorage PSA 288.99 -0.46 Roku ROKU 51.20 -5.22 SignifyHealth SGFY 28.69 0.04 TC Energy TRP 42.56 0.09 ToyotaMotor TM 141.09 -2.10 ValmontInds VMI 331.96 2.71 WheatonPrecMet WPM 38.81 -0.07
MonolithicPower MPWR 363.86-11.20 Novocure NVCR 73.48 -4.52 ParamountA PARAA 20.57 -1.43 PulteGroup PHM 43.38 -0.33 Rollins ROL 39.21 -0.39 SimonProperty SPG 118.26 0.57 TD Synnex SNX 97.40 -1.03 TractorSupply TSCO 217.13 -3.82 VeevaSystems VEEV168.53 1.29 Whirlpool WHR 141.86 0.40
MonsterBev MNST 101.44 -0.73 NuHoldings NU 4.06 ... ParkerHannifin PH 290.09 -2.78 PureStorage PSTG 29.02 -0.26 RoperTech ROP 434.06 -2.76 SiriusXM SIRI 6.15 -0.03 TE Connectivity TEL 120.83 -3.12 TradeDesk TTD 47.45 -3.39 Ventas VTR 45.03 -0.43 Williams WMB 33.47 -0.70
Moody's MCO 292.60 1.30 Nucor NUE 152.98 1.97 Paychex PAYX 120.63 -2.56 Qiagen QGEN 48.70 -0.48 RossStores ROST 116.53 -0.83 SkechersUSA SKX 42.94 1.19 Telus TU 20.98 -0.37 Tradeweb TW 64.75 0.79 VeriSign VRSN 197.45 0.16 Williams-Sonoma WSM 111.71 -1.71
MorganStanley MS 87.51 -2.30 Nutanix NTNX 30.43 0.21 PaycomSoftware PAYC 312.67 -2.80 Qorvo QRVO 95.70 -1.86 RoyalBkCanada RY 96.85 -1.41 Skyworks SWKS 92.24 -1.50 TFI Intl TFII 101.18 -0.77 TraneTech TT 173.12 -2.89 VeriskAnalytics VRSK 182.04 -1.11 WillisTowers WTW 246.80 0.14
Morningstar MORN 235.11 -5.83 Paylocity PCTY 200.86 -3.44 RoyalCaribbean RCL 57.63 -1.79 SmithAO AOS 59.37 -0.45 TJX TJX 79.36 -0.10 TransDigm TDG 607.45 -9.40 Verizon VZ 36.89 -0.18 WillScotMobile WSC 46.99 -0.39
Nutrien NTR 77.42 -1.18 Qualcomm QCOM 119.78 -3.52
Mosaic MOS 47.71 -0.48 nVentElectric NVT 38.98 -0.25 PayPal PYPL 72.23 -1.39 QuantaServices PWR 149.59 -1.23 RoyalGold RGLD 110.67 0.20 Smith&Nephew SNN 26.49 -0.28 T-MobileUS TMUS 149.39 -1.23 TransUnion TRU 58.66 -1.87 VertexPharm VRTX 311.81 -5.79 Wipro WIT 4.92 -0.12
MotorolaSol MSI 266.17 -2.06 Pearson PSO 11.35 -0.04 RoyaltyPharma RPRX 41.93 -1.08 Smucker SJM 153.55 -0.47 TPG TPG 31.66 0.14 Travelers TRV 188.50 1.29 Viatris VTRS 10.93 0.01 Wolfspeed WOLF 80.77 -1.77
NVIDIA NVDA 159.87 -6.23 QuestDiag DGX 148.97 0.05
MurphyOil MUR 43.00 -1.26 PembinaPipeline PBA 34.35 -0.83 RyanSpecialty RYAN 41.09 -0.55 Snap SNAP 9.42 -0.68 TRowePrice TROW 121.33 -2.30 Trimble TRMB 58.54 -1.31 s Vipshop VIPS 12.78 0.40 WoodsideEnergy WDS 23.93 0.05
MurphyUSA MUSA 285.28 -0.49 O P Q PenskeAuto PAG 126.03 2.38 R S Ryanair RYAAY 76.07 -1.28 SnapOn SNA 237.10 -2.58 TaiwanSemi TSM 79.56 -2.06 Trip.com TCOM 33.11 0.41 Visa V 209.08 -4.60 WooriFin WF 28.79 -0.29
NICE NICE 193.83 -2.81 Pentair PNR 44.72 -0.53 SAP SAP 107.77 -2.50 Snowflake SNOW 136.73 1.10 TakeTwoSoftware TTWO 101.27 -5.71 TruistFinl TFC 41.89 -0.70 Vistra VST 23.72 0.28 Workday WDAY 161.36 -3.25
NIO NIO 13.24 0.44 OGE Energy OGE 39.90 0.40 Penumbra PEN 216.01 4.01 RBC Bearings RBC 219.87 -5.34 S&P Global SPGI 351.69 1.38 SOQUIMICH SQM 94.03 -1.11 TakedaPharm TAK 14.56 Twilio TWLO 45.58 -0.51 VMware VMW 118.62 -1.03 WynnResorts WYNN 85.41 -0.36
...
NOV NOV 20.98 -0.31 ONEOK OKE 63.60 -1.71 PepsiCo PEP 181.63 -1.49 RELX RELX 28.32 -0.08 SBA Comm SBAC 288.68 -4.84 SolarEdgeTech SEDG 298.98-15.08 Tapestry TPR 37.29 0.14 TylerTech TYL 314.07 -9.44 t Vodafone VOD 10.86 -0.20 XP XP 16.94 -0.50
t NRG Energy NRG 34.68 -6.16 OReillyAuto ORLY 829.66-13.44 PerformanceFood PFGC 60.10 -0.16 RPM RPM 102.72 -0.29 SEI Investments SEIC 61.77 -0.04 Sony SONY 79.47 -2.14 TargaResources TRGP 69.65 -2.35 TysonFoods TSN 64.15 -0.62 VulcanMatls VMC 177.95 -1.05 XcelEnergy XEL 69.32 0.64
NVR NVR 4600.00-49.98 OccidentalPetrol OXY 64.14 -2.22 PerkinElmer PKI 137.29 0.35 RalphLauren RL 110.82 -0.19 SK Telecom SKM 21.08 -0.32 Southern SO 68.48 1.00 Target TGT 155.05 0.12 UBS Group UBS 18.29 -0.19 XPeng XPEV 11.69 0.35
NXP Semi NXPI 163.08 -5.29 Okta OKTA 61.89 -0.05 PetroleoBrasil PBR 11.09 0.01 RaymondJames RJF 116.07 -0.10 SS&C Tech SSNC 50.70 -1.59 SoCopper SCCO 60.86 0.22 TataMotors TTM 25.19 -0.36 UDR UDR 39.55 -0.70
W X Y Z Xylem XYL 110.81 -1.23
Nasdaq NDAQ 67.01 -0.85 OldDomFreight ODFL 287.12 -2.34 PetroleoBrasilA PBR.A 9.74 0.05 RaytheonTech RTX 98.73 -1.95 StoreCapital STOR 31.88 0.04 SouthwestAir LUV 39.68 0.18 TeckRscsB TECK 36.73 0.54 UGI UGI 38.54 -0.06 WEC Energy WEC 95.42 1.17 YumBrands YUM 130.62 -0.29
NationalGrid NGG 62.20 -0.40 OldRepublic ORI 23.89 0.12 Pfizer PFE 49.71 -1.02 RealtyIncome O 62.71 0.47 t SVB Fin SIVB 200.26 -8.98 SouthwesternEner SWN 6.00 -0.09 TeledyneTech TDY 413.26-10.27 US Foods USFD 35.52 -0.07 WEX WEX 160.62 -5.36 s YumChina YUMC 57.02 1.55
NatlRetailProp NNN 45.92 0.17 Olin OLN 54.96 -0.07 PhilipMorris PM 101.63 -1.85 RegalRexnord RRX 120.17 -1.19 t Salesforce CRM133.27 -0.66 Splunk SPLK 84.60 -0.83 Teleflex TFX 235.97 0.19 UWM UWMC 4.73 0.18 W.P.Carey WPC 79.65 -0.09 ZTO Express ZTO 25.63 0.75
NatWest NWG 6.38 0.03 OmegaHealthcare OHI 29.94 0.30 Phillips66 PSX 103.08 -1.07 RegencyCtrs REG 65.39 0.57 Sanofi SNY 48.55 3.62 Spotify SPOT 75.16 -3.15 Ericsson ERIC 6.38 -0.09 Uber UBER 26.92 -0.78 WPP WPP 51.79 -0.68 ZebraTech ZBRA 254.21 -7.59
NetApp NTAP 63.08 -1.58 Omnicom OMC 76.13 -1.07 Pinduoduo PDD 86.91 -0.89 RegenPharm REGN 747.47 -7.98 SareptaTherap SRPT 120.10 -2.86 StanleyBlackDck SWK 77.73 -0.89 TelefonicaBras VIV 7.26 0.01 Ubiquiti UI 285.28 -7.77 Wabtec WAB 100.43 -1.31 Zillow A ZG 36.36 -0.70
NetEase NTES 68.21 -0.81 ON Semi ON 69.74 -1.83 PinnacleWest PNW 78.06 0.20 RegionsFin RF 21.60 -0.38 Sasol SSL 15.93 0.01 Starbucks SBUX 102.08 -1.47 Telefonica TEF 3.67 0.01 UiPath PATH 12.44 -0.77 WalgreensBoots WBA 40.59 -0.62 Zillow C Z 36.92 -0.62
Netflix NFLX 305.56 -7.03 OpenText OTEX 27.91 -0.29 Pinterest PINS 22.72 -1.21 ReinsGrp RGA 146.06 6.83 Schlumberger SLB 50.88 -0.32 StateStreet STT 74.36 -1.88 t TelekmIndonesia TLK 23.37 -1.30 UltaBeauty ULTA 465.58 -6.94 Walmart WMT 149.89 -1.76 ZimmerBiomet ZBH 121.39 -0.89
Neurocrine NBIX 120.21 -3.79 Oracle ORCL 78.91 -0.52 PioneerNatRscs PXD 226.14 -4.23 RelianceSteel RS 208.49 -0.24 SchwabC SCHW 80.59 -0.65 SteelDynamics STLD 108.27 1.53 Tenaris TS 32.60 0.08 Unilever UL 51.17 0.18 WarnerBrosA WBD 10.61 -0.54 ZionsBancorp ZION 47.14 -1.28
NewFortressEner NFE 46.06 -1.75 Orange ORAN 9.95 0.14 PlainsAllAmPipe PAA 11.93 -0.24 RenaissanceRe RNR 188.85 2.46 Sea SE 59.76 0.74 Stellantis STLA 15.17 -0.08 s TencentMusic TME 7.62 0.23 UnionPacific UNP 211.14 0.08 WarnerMusic WMG 33.25 -0.50 Zoetis ZTS 153.05 -2.28
Newmont NEM 47.12 -0.35 Organon OGN 26.15 -0.20 PlainsGP PAGP 12.62 -0.26 RentokilInit RTO 32.55 -0.32 Seagate STX 52.20 -0.05 Steris STE 183.57 -1.90 Teradyne TER 90.39 -3.00 UnitedAirlines UAL 45.92 0.89 WasteConnections WCN 140.92 -2.13 ZoomVideo ZM 71.47 -1.43
NewsCorp B NWS 18.73 -0.23 Orix IX 78.65 0.31 PlanetFitness PLNT 75.57 -1.84 Repligen RGEN 169.13 -9.48 Seagen SGEN 117.91 -3.31 StifelFinancial SF 61.13 -0.42 Tesla TSLA 179.82 -2.63 UnitedMicro UMC 7.18 -0.19 WasteMgt WM 165.56 -2.23 ZoomInfoTech ZI 27.97 -0.73
NewsCorp A NWSA 18.48 -0.24 OtisWorldwide OTIS 79.19 0.71 PlugPower PLUG 13.82 -1.14 RepublicSvcs RSG 136.90 -2.21 SealedAir SEE 52.76 -0.53 STMicroelec STM 37.76 -0.72 TetraTech TTEK 153.15 -0.20 UPS B UPS 175.10 -6.06 Waters WAT 337.59 -2.70 Zscaler ZS 115.97 -4.82

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
Blackstone BX 78.63 -4.0 DuluthHoldings DLTH 6.02 -4.0 HothTherap HOTH 3.39 -9.3 NautilusBiotech NAUT 1.69 -2.8 QualTekSvcs QTEK 0.73 -1.9 TattooedChef TTCF 1.29 -8.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American BlendLabs BLND 1.00 -11.8 DuosTechs DUOT 2.01 -19.4 HumacyteWt HUMAW 0.72 -11.2 NaviosMaritime NM 1.66 -4.4 Qumu QUMU 0.48 -9.1 Tech&EnerWt TETCW 0.02 -6.4
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest BlueApron APRN 0.78 -22.0 Durect DRRX 3.42 -8.2 Hut8Mining HUT 1.07 -2.6 Nayax NYAX 18.09 -4.1 Quotient QTNT 0.66 -7.5 TelekmIndonesia TLK 23.05 -5.3
session. % CHG-Daily percentage change from the previous trading session. BlueWhaleAcqnIWt BWCAW 0.05 -26.6 DyadicInt DYAI 1.30 -1.4 InsuAcqnIII Wt IIIIW 0.00 -55.6 NeptuneWellness NEPT 0.60 -8.3 3.22 -21.8
QurateRetailPfd QRTEP 36.95 -4.4 TempoAutomation TMPO
BorqsTechs BRQS 0.35 -16.6 EBET EBET 0.55 -4.3 InvoBioScience INVO 0.38 -35.6 Netcapital NCPL 1.16 -4.9 RadianGroup RDN 17.84 -1.3 TextainerPfdA TGHpA 21.91 -0.7
Tuesday, December 6, 2022 BostonProps BXP 65.14 -3.7 E-HomeHousehold EJH 0.50 -5.7 Identiv INVE 7.63 -0.9 NewYorkCityReit NYC 1.91 -2.9 Rallybio RLYB 4.82 -9.3 Theratechnologies THTX 1.12 -4.7
52-Wk % 52-Wk % 52-Wk % Boxed BOXD 0.30 2.2 ENDRA LifeSci NDRA 0.16 -3.3 Immunic IMUX 1.23 -7.5 NewcourtAcqnWt NCACW 0.00 120.0 Reading A RDI 3.00 -3.2 TimberPharm TMBR 1.25 -13.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Boxlight BOXL 0.29 -13.1 EudaHealth EUDA 2.30 -1.1 Incannex IXHL 3.21 -19.1 Nextdoor KIND 1.98 -1.5 RedHillBio RDHL 0.24 -10.1 TownsquareMedia TSQ 7.05 1.4
BridgeInvt BRDG 13.61 -4.3 Ecoark ZEST 0.50 -7.1 InMedPharm INM 2.32 -6.2 NextPlayTech NXTP 0.14 -11.1 Redwire RDW 1.85 -1.5 TrinityCapital TRIN 10.31 -1.2
LarkspurHealth LSPRU 10.70 -4.7 ADialPharm ADIL 0.23 -6.0
Brightcove BCOV 5.16 -1.7 EditasMedicine EDIT 9.50 -2.2 InnovativeEyewr LUCY 0.90 -16.6 DCFC 1.19 -3.9
Highs LatAmGrowth LATGU 10.25 0.1 AditEdTech ADEX.U 9.04 0.5
BrightView BV 6.53 -1.0 ElectraBatteryMtls ELBM 2.17 -3.5 InnSuitesHosp IHT 1.52 -5.0
NiaMoPwr pfC NMKpC
NightHawkBio NHWK
79.91 -1.4
1.05 -8.9
RekorSystems
RelmadaTherap RLMD
REKR 0.77 -6.3 TritiumDCFC
4.18 -5.6 TritiumDCFC Wt DCFCW 0.29 -14.4
LegatoMergerII LGTO 10.16 0.2 AdTheorent ADTH 1.50 -2.4
AceGlblBus ACBA 10.60 0.1 BroadmarkRealty BRMK 3.76 -2.3 EmbarkTech EMBK 3.69 -7.5 Inpixon INPX 2.11 -11.1 908Devices MASS 8.76 -5.9 Remark MARK 0.22 -4.1 TRxADEHEALTH MEDS 0.45 -15.0
LibertyRscsA LIBY 10.23 ... AdvanceAuto AAP 143.72 -1.9
AditEdTechA ADEX 10.05 -0.1 BroogeWt BROGW 0.13 -0.1 Emcore EMKR 1.30 -4.4 InstilBio TIL 1.09 -7.4 NovaBayPharm NBY 1.79 -8.6 ReneoPharm RPHM 1.90 ... TuanChe TC 0.89 -4.2
LiveOakMobilityA LOKM 9.99 0.1 AdvEmissions ADES 2.62 -4.0
AdvancedMerg AMPI.U 10.06 0.1 BrookfieldBus BBUC 19.68 -2.4 EmersonRadio MSN 0.51 -2.2 IntegralAcqn1Wt INTEW 0.02 -59.5 NuvveHolding NVVE 0.52 -1.8 RepublicFirstBncp FRBK 2.38 0.4 TuSimple TSP 1.80 -19.0
LogisticsInnovA LITT 9.90 0.2 AffirmHldgs AFRM 11.90 -8.0
AnzuSpecialI A ANZU 10.00 ... BrookfieldBusPtr BBU 17.66 -4.2 EnergyVault NRGV 2.68 -15.0 InVivoTherap NVIV 1.86 -7.3 OLB Group OLB 0.71 -4.8 RubiconTech RBCN 1.76 -3.8 US Cellular USM 19.80 0.5
MacondrayCapI DRAYU 10.65 0.1 AgileThought AGIL 3.40 -1.1
ApolloStratII A APGB 10.03 0.1 BrookfieldWi BNw 35.26 -2.0 EngageSmart ESMT 15.27 -4.5 Invivyd IVVD 1.92 -8.5 OPYAcqnI OHAAU 9.60 -3.3 RubiusTherap RUBY 0.18 -1.4 USCellularNts2069 UZD 17.50 -1.2
MonumentCircleA MON 10.05 0.2 AileronTherap ALRN 2.51 -9.0
APxAcqnI APXIU 10.30 0.7 BrookfieldDTLAPf DTLAp 4.89 -6.9 EnzoBiochem ENZ 1.74 -5.3 IronNet IRNT 0.35 -10.6 Oatly OTLY 1.48 -3.2 Ryvyl RVYL 0.57 -7.4 USCellularNts2070 UZF 15.60 -2.5
MountRainier RNER 10.25 0.3 AirNetTech ANTE 0.56 -8.1
ArenaFortify AFACU 10.42 -0.2 BurgerFiIntlWt BFIIW 0.08 -18.5 EveHoldingWt EVEX.WS 0.21 -14.8 IsoPlexis ISO 1.16 -10.1 Ocugen OCGN 1.39 -6.7 SLGreenRealty SLG 35.28 -6.6 USCellular5.5%SrNt UZE 15.70 -2.7
NewVistaAcqn NVSAU 10.08 0.5 Akanda AKAN 0.19 -9.5 2.44 -2.8
AresAcqn AAC.U 10.19 1.2 CASI Pharm CASI 1.80 -6.2 Everi EVRI 14.95 -3.6 iSun ISUN 1.61 -1.2 Olo OLO 6.67 -2.9 SQZ Biotech SQZ 1.29 -7.8 US Energy USEG
NorthernStrIV A NSTD 10.01 ... AlgonquinPwrUn AQNU 24.61 -2.0
AresAcqnA AAC 10.08 0.4 CCNeubergerIII Wt PRPC.WS 0.05 -30.0 ExcellonRes EXN 0.26 -0.2 JaguarHealth JAGX 0.11 -0.9 OncologyInst TOI 1.25 -6.0 Ultralife ULBI 3.78 -1.0
NorthernStarIV NSTD.U 10.00 ... AlgonquinPwr AQN 7.07 -2.2 SVB Fin SIVB 198.32 -4.3

.
AstreaAcqnA ASAX 10.05 0.1 CFSB Bancorp CFSB 8.55 -0.5 ExelaTech XELA 0.15 -11.6 JasperTherap JSPR 0.56 0.5 OncoSecMed ONCS 2.40 -0.8 UnicoAmerican UNAM 1.12 0.8
OneEquityPtrsIA OEPW 10.55 ... Alico ALCO 26.35 -10.4 SalariusPharm SLRX 1.63 -1.5
AthenaTechII A ATEK 10.06 ... CNS Pharm CNSP 2.39 -1.2 Exicure XCUR 0.95 -4.7 JawsJuggernautWt JUGGW 0.03 -30.2 UpHealth UPH 0.23 -28.8
OrrstownFinSvcs ORRF 27.75 4.0 AlimeraSciences ALIM 180LifeSciWt ATNFW 0.02 -39.9 SalemMedia SALM 1.23 -4.7
3.22 -6.0

ly
ADRT 10.18 0.3 CovaAcqn COVAU 9.59 0.1 Expensify EXFY 8.08 2.0 JianzhiEduc JZ 1.12 -6.7 UplandSoftware UPLD 6.42 -7.6
AultDisruptive PacificoAcqnRt PAFOR 0.75 48.9 AllegoWt OntrakPfd OTRKP 0.62 -10.2 Salesforce CRM 130.91 -0.5
ALLG.WS 0.14 -6.3 CS Disco LAW 6.68 -4.7 Exscientia EXAI 4.90 -9.6 Jiuzi JZXN 0.13 -17.2 Upwork UPWK 10.84 -6.4
AuroraAcqnA AURC 10.01 0.3 ParabellumAcqn PRBM 10.16 0.1 AllyFinancial OpendoorTech OPEN 1.40 -8.4 SarcosTech&Robotic STRC 0.97 -6.5
ALLY 24.57 1.0 Caesarstone CSTE 6.03 -0.5 FtacAthenaWt FTAAW 0.01 -64.9 JuniperII Wt JUN.WS 0.03 3.7 VBI Vaccines VBIV 0.45 -4.8
AuroraTechA ATAK 10.18 ... PatriaLatAm PLAOU 10.29 0.2 AlterityTherap OpGen OPGN 0.13 -6.6 Schrodinger SDGR 15.85 -1.5
ATHE 0.35 -3.4 CalitheraBiosci CALA 1.77 -2.7 FTACEmeraldWt EMLDW 0.01 -83.4 KinsTech KINZU 9.79 -0.7 VyneTherap VYNE 0.20 -2.9
BlackMountainA BMAC 10.16 0.1 PerceptionCapII PCCT 11.01 0.1 Alteryx PacificoAcqn PAFOU 6.56 40.3 SciStratAcqn SSAAU 9.67 -0.2
AYX 40.30 -2.5 CamberEnergy CEI 0.09 -9.0 FarPeakAcqnWt FPAC.WS 0.07 -7.9 KKR RealEstFin KREF 15.49 -1.4 Vacasa VCSA 1.29 -4.4
BlueRiverA BLUA 10.03 0.1 PeriphasCapA PCPC 25.09 ... AlticeUSA PagayaTech PGY 0.80 -4.6 SelinaHosp SLNA 2.68 -8.3
ATUS 3.68 -5.5 CardiolTherap CRDL 0.47 2.4 FaradayFuture FFIE 0.25 -13.3 KKRRealEstFinPfdA KREFpA 16.76 -1.8 Vaxart VXRT 1.07 -7.7
BroadscaleAcqnA SCLE
Build-A-Bear
BurTechAcqnA BRKH
CF Acqn IV A

CatchaInvt
BBW

CFIV
CarneyTechII A CTAQ
10.07 0.2
25.70 -0.2
10.31 -0.4
10.05

CHAA.U 10.05 0.5

...
10.07 0.1
PivotalInvIII

RXR Acqn
SVF Invt 2
PICC.U
PowellIndustries POWL
10.07 0.6 AltoIngred
32.75 19.8 Amplitude
PyxisTankersPfdA PXSAP 25.75
RXRAU 10.05
SVFB
SalisburyBancorp SAL
... AngelOakMtg
... AngioDynamics ANGO
10.07 0.1 Apexigen
32.79 -0.1 Applovin
ALTO
AMPL
AOMR

APGN
APP
on
3.12 -3.6
12.00 -3.9
5.63 -6.6
11.71 0.8
1.21 -6.2
10.79 -13.5
CareMax
CarLotz
Cazoo
CenntroElec
CMAX
LOTZ
CZOO
CENN
Charles&Colvard CTHR
3.16 -6.9
0.16 -4.7
0.23 -11.2
0.52 -10.1
0.86 -2.3
Farfetch
Ferroglobe
FirstFinBkshs
5EAdvMatls
ForwardPharma FWP
FTCH
GSM
FFIN
FEAM
5.01
4.09
35.10
8.35
2.40
-7.4
1.2
-1.2
-8.0
13.5
KalaPharm

Knightscope
KronosBio
LakeshoreI A
KALA
KeyarchAcqnWt KYCHW
KSCP
KRON
LAAA
4.67
0.00
2.07
1.62
8.40
-1.4
-78.5
-2.8
-5.6
-4.1
PagSeguroDig
PainReform
PalatinTech
PAGS
PRFX
PTN
PanbelaTherap PBLA
ParamountGroup PGRE
PartyCity PRTY
8.73 -1.5
0.38 -4.8
3.45 -4.7
0.09 -13.6
5.53 -4.6
0.60 -5.3
Sema4
Semantix
SenstarTech
ShiftTech
SignatureBank
SMFR
STIX
SNT
SFT
SBNY
SilvergateCapital SI
0.28 -21.1
0.75 -11.8
1.32 -4.3
0.24 -2.4
118.50 -5.6
21.81 -4.7
VenatorMaterials VNTR
VerbTech
VerbTechWt
VersusSystems VS
ViantTech
VERB
VERBW

DSP
VicariousSurgical RBOT
0.49
0.13
0.04
1.41
3.40
2.69
-7.4
-7.5
11.8
-2.6
-7.7
-0.4
CheckpointTherap CKPT 3.83 -22.8 ForzaX1 FRZA 1.27 -13.8 LatAmGrowthWt LATGW 0.00 -53.8
Cigna CI 331.95 0.7 SeniorConnectI A SNRH 10.09 0.2 Appreciate SFR 5.01 -14.7 PassageBio PASG 1.07 -5.2 SilverspacWt SLVRW 0.08 73.2 VincoVentures 0.57 -6.1
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ChurchillV Wt CCV.WS 0.01 69.3 FreshTracks FRTX 1.66 -7.8 LeapTherap LPTX 0.49 -1.7 BBIG
Colicity COLIU 10.05 ... 7GC A VII 10.05 ... AquaMetals AQMS 0.70 -2.5 PegasusDigWt PGSS.WS 0.02 -46.7 SingularGenomics OMIC 1.80 -5.2 ViraxBiolabs
CityOfficePfdA CIOpA 18.30 -0.4 GMedInnov GMVD 2.52 -24.3 Leslie's LESL 12.72 -3.2 VRAX 1.23 -5.1
Colonnade II A CLAA 10.05 0.1 SilverspacA SLVR 9.99 0.4 Arcimoto Perma-Fix PESI 3.47 -1.4 SmartRent SMRT 2.14 -5.2 VisionSensingWt VSACW
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FUV 6.07 -17.3 ClassAccelWt CLAS.WS 0.00 100.0 GRAVITY GRVY 40.10 0.1 Lightng eMotors ZEV 0.50 -3.8 0.03 -10.0
CommercialMetals CMC 49.80 1.1 Slam SLAMU 10.06 0.3 ArgoBlockchain ARBK 0.67 -4.4 Perrigo PRGO 31.01 -0.3 SmileDirectClub SDC 0.49 -4.6 VivosTherap VVOS 0.39 -10.6
CleanSpark CLSK 2.00 -1.4 GT Biopharma GTBP 1.27 -5.0 LightningWt ZEV.WS 0.04 -3.3
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DHBCU 10.15 -0.8 3.20 -12.3
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DHB Capital SocCapSuvrettaII DNAB 10.00 -0.1 ArmstrongWorld AWI 71.24 -2.3 PetrosPharm PTPI SoFiTech SOFI 4.26 -4.6 Vodafone VOD 10.80 -1.8
ClearSignTech CLIR 0.55 -9.2 Galapagos GLPG 38.05 -1.7 LisataTherap LSTA 3.19 -8.5
DPCapAcqnIA DPCS 10.23 0.1 SpringValleyII A SVII 10.46 0.1 Arrival ARVL 0.28 -7.1 Phenixfin PFX 31.00 -0.5 SolidPowerWt SLDPW 0.40 -3.3 Volta VLTA 0.44 -2.9
CleneWt CLNNW 0.04 -20.9 GamidaCell GMDA 1.30 -5.6 Lucid LCID 8.54 -8.3
DTRT HealthA DTRT 11.34 1.6 TLG Acqn One TLGA.U 10.56 -0.1 Arteris AIP 4.07 -7.0 PhioPharm PHIO 0.38 -1.3 SolidPower SLDP 2.72 -7.3 VoltaWt VLTA.WS 0.11 -23.9
CloverHealth CLOV 1.16 -5.6 Generac GNRC 92.78 -2.4 Lulu'sFashion LVLU 3.20 -7.2
ESM Acqn A ESM 10.05 ... TZP Strategies A TZPS 10.06 ... Asana ASAN 13.14 -6.2 PiedmontOfficeA PDM 9.05 -4.1 Soluna SLNH 0.50 -3.6 Waitr ASAP 0.69 -2.3
CodexDNA DNAY 1.21 -9.0 GeniusGroup GNS 0.36 -11.3 LumenTech LUMN 5.11 3.8
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EM Horizon A HORI 10.19 0.2 10XCapVentureIII VCXB.U 10.23 0.1 AspenGroup ASPU 0.31 -4.2 Playtika PLTK 8.36 -6.7 SomaLogic SLGC 2.59 -2.6 Wallbox WBX 4.88 -9.6
CoeptisTherap COEP 1.60 2.2 GinkgoBioworksWt DNA.WS 0.26 -6.7 LumentFinance LFT 1.91 -1.5
EpiphanyTechA EPHY 10.07 ... TencentMusic TME 7.70 3.1 AssemblyBiosci ASMB 1.17 -10.0 PlumAcqnIWt PLMIW 0.03 -1.8 SorrentoTherap SRNE 1.10 -5.5 Wejo WEJO 0.77 -7.1
Cohen COHN 8.06 -2.5 GinkgoBioworks DNA 1.70 -5.0 Lumentum LITE 52.10 -3.2
Ezcorp EZPW 10.68 2.0 Tiptree TIPT 14.49 3.0 AstraSpace ASTR 0.46 -7.3 PLxPharma PLXP 0.28 -8.1 Sphere3D ANY 0.27 -7.1 WerewolfTherap HOWL 1.56 -6.9
Colonnade II Wt CLAA.WS 0.02 -66.5 GlbBlockchainWt GBBKW 0.01 -9.1 LutherBurbank LBC 11.16 1.0
FinTechEvolA FTEV 10.06 0.1 TwelveSeasII A TWLV 10.01 0.1 AstreaAcqnWt ASAXW 0.00 -50.0 PowerREIT PW 4.24 -13.2 StrongholdDig SDIG 0.51 -25.4 WideOpenWest WOW 9.65 -1.0
CompoSecure CMPO 4.40 -5.6 GlbBlockchainRt GBBKR 0.04 -33.9 Lyft LYFT 10.31 -3.4
FirstReserveA FRSG 10.00 ... TwinRidgeCapA TRCA 10.05 0.1 Atomera ATOM 7.07 -8.4 PowerREIT PfdA PWpA 17.34 -3.7 SurfaceOncol SURF 0.86 -3.0 Winc WBEV 0.10 -15.5
Comstock LODE 0.32 -6.9 GlblConsumerA GACQ 8.48 -10.3 MEI Pharma MEIP 0.23 -33.5
FocusImpact FIACU 10.15 0.1 US Lime&Min USLM 146.78 2.2 AtossaTherap ATOS 0.67 -2.3 PresidioPropPfdD SQFTP 17.50 -1.3 Surrozen SRZN 0.48 -7.4 WolverineWwide WWW 10.24 -2.3
CounterPressWt CPAQW 0.01 -70.2 GlobalinkInvtRt GLLIR 0.01 ... MVB Financial MVBF 23.02 0.3
ForbionEuro FRBNU 10.26 0.4 UTStarcom UTSI 4.89 0.5 Atreca BCEL 0.90 -2.1 PrimaveraCapA PV 8.96 -5.0 Synchronoss SNCR 0.79 -6.5 Worksport WKSP 1.45 2.7
Crexendo CXDO 1.95 -5.3 GlobusMaritime GLBS 1.10 -3.4 MagicEmpire MEGL 1.90 -9.5
FortistarSustA FSSI 10.08 0.2 VectoIQ II VTIQU 10.07 0.1 aTyrPharma LIFE 2.02 -9.6 ProvidentBncp PVBC 6.10 1.1 SynchronossNts26 SNCRL 15.00 2.2 XosWt XOSWW 0.05 7.0
CrownElectrokin CRKN 0.13 -12.7 GoldenMatrix GMGI 2.17 -3.5 MaravaiLifeSci MRVI 12.19 -6.3
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GX Acqn II A GXII 9.93 0.1 VectorAcqnIIA VAQC 10.05 0.1 Auddia AUUDW 0.13 0.1 Psychemedics PMD 5.53 -0.2 SyrosPharm SYRS 3.37 -11.0 Yellow YELL 2.81 -4.4
Cryo-Cell CCEL 4.28 2.8 GoldenSunEduc GSUN 1.22 -8.8 MarkforgedWt MKFG.WS 0.13 -9.3
GettyRealty GTY 33.54 1.0 Vipshop VIPS 12.78 3.2 AuraFatProjectsWt AFARW 0.03 -4.6 PurpleBiotech PPBT 1.81 1.1 TMCtheMtlsWt TMCWW 0.09 -0.9 Yield10Bio YTEN 1.75 -10.0
Cryptyde TYDE 0.25 -8.8 GoresVIII Wt GIIXW 0.00 -96.5 Markforged MKFG 1.02 -3.7
GlblBlockchain GBBK 10.00 0.4 ViscogliosiBros VBOC 10.05 0.2 AvidityBio 9.89 -10.0 PyxisOncology PYXS 1.25 -2.3 T2Biosystems TTOO 1.50 -5.0 ZimIntShipping ZIM 18.97 -1.9
RNA Cybin CYBN 0.33 -4.6 GossamerBio GOSS 2.15 -74.6 MasonIndlTech MIT.U 9.52 0.4
GlbPtrII A GPAC 10.08 ... ViveonHealth VHAQ 10.59 ...
BKYI 0.91 -4.5
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Bio-key CyclacelPharm CYCC 0.72 -5.2 GraniteRidge GRNT 8.01 -8.0 Materialise MTLS 8.95 -5.3
HH&L Acqn HHLA 10.07 0.2 VivintSmartHome VVNT 11.93 32.4
BM Tech BMTX 4.80 -1.4 CyteirTherap CYT 1.33 -2.2 GraybugVision GRAY 0.60 -3.7 Matson MATX 60.32 ...
HealthcareAIAcqn HAIAU 10.24 0.5 WillisLease WLFC 51.64 4.4
BRF BRFS 1.52 ... DSS DSS 0.19 -6.0 GreenidgeGen GREE 0.48 -11.3 McLarenTechWt MLAIW 0.01 -16.7
IBEX
IberePharmA
IBEX
IBER
27.00 0.4
10.04 0.1
YumChina
Z-WorkAcqnA
YUMC
ZWRK
57.68 2.8
10.07 ...
BarfreshFood BRFH
Barnes&NobleEduc BNED
1.02 -5.5
1.51 -27.5
DuetAcqnWt DUETW
D-WaveQuantumWt QBTS.WS
0.02 -25.4
0.12 19.4
GroveCollab
GrupoTelevisa
GROV
TV
0.51
5.01
-6.2
-1.2
mCloudTechWt MCLDW
MedalistDivREIT MDRR
0.13
0.71
0.1
-2.3
BANKRATE.COM® MMA, Savings and CDs
IconicSportsA ICNC 10.29 ... BaudaxBio BXRX 3.32 -6.2 52.00 -2.0 0.86 -5.3 1.15 -6.2
InFinTAcqnA IFIN 10.36 ... Lows BayFirstFinancial BAFN 15.41 -3.1
Danaos DAC
DanimerScientific DNMR 2.00 -9.5
Hookipa
HTG Molecular HTGM
HOOK
0.23 -8.4
MediWound
MetropolitanBk MCB
MDWD
55.30 -1.0 Average Yields of Major Banks Tuesday, December 06, 2022
m rp

InsightAcqnA INAQ 10.05 0.4 AGBA AGBA 2.35 -6.9 BeardEnerWt BRD.WS 0.03 -23.7 DeltaApparel DLA 12.00 -4.8 HallmarkFin HALL 0.60 -2.9 MolecularTemp MTEM 0.47 1.6
InterPrivateIV IPVIU 10.05 0.1 AMC Ent Pfd A APE 0.88 -6.5 BerkshireGrey BGRY 0.86 -9.1 DermataTherapWt DRMAW 0.01 -81.8 Hanesbrands HBI 6.22 -0.6 Momentus MNTS 1.02 -4.5 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Intevac IVAC 6.13 1.7 Ammo POWW 1.96 -4.8 BerkshireGreyWt BGRYW 0.07 6.9 DermataTherap DRMA 0.20 -22.2 HarborCustom HCDI 0.55 3.4 MoneyLion ML 0.62 -10.2 National average
ItiquiraAcqnA ITQ 10.07 ... AST Space ASTS 4.66 -12.7 BetterChoice BTTR 0.64 -6.1 DesignerBrands DBI 10.42 5.0 HarborCustomPfdA HCDIP 6.44 -2.3 MonumentCircle MONCU 9.04 0.2
JoffFintech JOFFU 10.07 -0.2 ATIPhysTherapyWt ATIP.WS 0.02 -41.2 BetterwaredeMexico BWMX 6.39 -2.6 Despegar.com DESP 4.83 -1.4 Heliogen HLGN 0.85 -1.8 MotorcarParts MPAA 10.90 3.9
Savings 0.24 0.18 0.17 0.44 0.62 1.00 0.98 0.89 0.94
JawsMustang JWSM.U 10.08 0.3 AcastiPharma ACST 0.37 -4.6 BilanderAcqn TWCBU 9.33 -0.5 DieboldNixdorf DBD 1.90 -2.5 Hempacco HPCO 1.31 1.4 MotusGI MOTS 1.19 -1.6 Jumbos 0.61 0.18 0.17 0.70 0.65 1.05 1.07 0.91 1.01
JawsMustangA JWSM 10.07 ... AchillesTherap ACHL 1.50 -12.3 BirdGlobal BRDS 0.19 -9.6 DigitalAlly DGLY 0.30 -2.2 Herbalife HLF 12.89 -25.4 MountainCrIV Rt MCAFR 0.08 5.3 Weekly change
LavaMedtech LVAC 10.20 0.1 Aclarion ACON 0.56 -24.6 BitDigital BTBT 0.78 -10.1 DominionEner D 57.40 -1.7 HertzGlobalWt HTZWW 7.95 -1.5 MyMD Pharm MYMD 1.66 -9.7
Savings 0.00 0.00 0.00 0.00 0.02 0.02 0.00 0.01 0.01
co Fo

LambWeston LW 88.63 -1.6 AcriCapitalUn ACACU 9.92 0.1 Bitfarms BITF 0.50 -7.4 DouglasEmmett DEI 15.37 -3.7 HiveBlockchain HIVE 1.92 -5.4 NRG Energy NRG 33.85 -15.1
LandcadiaIV A LCA 10.07 0.3 AdaraAcqnWt ADRA.WS 0.02 -34.6 BitNile NILE 0.12 -5.5 DuPont pfB CTApB 82.74 -2.0 HoeghLNG PfdA HMLPpA 12.82 -25.8 NaturalGrocers NGVC 9.61 -0.9 Jumbos 0.02 0.00 0.00 0.00 0.03 0.02 0.02 0.01 0.01

Consumer Savings Rates

Cash Prices | wsj.com/market-data/commodities Tuesday, December 06, 2022 Below are the top federally insured offers available nationwide according to Bankrate.com's
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate from the futures price on an weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
exchange, which reflects what the commodity might be worth in future months.
Tuesday Tuesday Tuesday Tuesday
High yield savings
Bank Yield Bank Yield
Handy & Harman base 1773.80 Austria phil-e 1859.51 Hominy feed,Cent IL-u,w n.a.
Energy Handy & Harman fabricated 1968.92 Meat-bonemeal,50% pro Mnpls-u,w 365 Phone number Minimum (%) Phone number Minimum (%)
Silver, troy oz.
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 193.450 LBMA Gold Price AM *1794.35 Engelhard industrial 22.5000 Oats,No.2 milling,Mnpls-u 4.2200 Money market and savings account Six-month CD
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.850 LBMA Gold Price PM *1776.80 Handy & Harman base 22.2280 Rice, Long Grain Milled, No. 2 AR-u,w 36.13 CFG Community Bank $1,000 4.00 Merrick Bank $25,000 4.40
Krugerrand,wholesale-e 1850.65 Handy & Harman fabricated 27.7850 Sorghum,(Milo) No.2 Gulf-u n.a.
(888) 205-8388 (866) 638-6851
Metals Maple Leaf-e 1894.93 LBMA spot price *£18.7200 SoybeanMeal,Cent IL,rail,ton48%-u,w 445.50
American Eagle-e 1894.93 UFB Direct $0 3.91 Lone Star Bank $1,000 4.25
*22.9850 Soybeans,No.1 yllw IL-bp,u 14.4200
n-

(U.S.$ equivalent)
Gold, per troy oz Mexican peso-e 2284.71 Wheat,Spring14%-pro Mnpls-u 11.2600 (877) 472-9200 (713) 358-9400
Coins,wholesale $1,000 face-a 22048
Engelhard industrial 1780.00 Austria crown-e 1738.89 Wheat,No.2 soft red,St.Louis-u 6.9150 BaskBank,adivofTexasCapitalBank,NA ... 3.85 Live Oak Bank $2,500 4.25
Other metals (877) 839-2265 (866) 518-0286
LBMA Platinum Price PM *1014.0 Wheat - Hard - KC (USDA) $ per bu-u 8.8500
Platinum,Engelhard industrial 1006.0 Wheat,No.1soft white,Portld,OR-u 8.7000 One-month CD One-year CD
Palladium,Engelhard industrial 1892.0 Food VirtualBank $10,000 2.48 CFG Community Bank $500 4.65
no

“The Best Solution to Hearing What People Say on TV” Newsweek Aluminum, LME, $ per metric ton *2485.0 (877) 998-2265 (888) 205-8388
Copper,Comex spot 3.8115 Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u 230.80 Colorado Federal Savings Bank $5,000 0.75 Merrick Bank $25,000 4.65
Iron Ore, 62% Fe CFR China-s 109.7 (877) 484-2372 (866) 638-6851
Shredded Scrap, US Midwest-s,m n.a. select 1-3,600-900 lbs.-u 207.97
Broilers, National comp wtd. avg.-u,w 1.2529 State Bank of India California $1,000 0.50 First Internet Bank of Indiana $1,000 4.59
660

SAVE
Steel, HRC USA, FOB Midwest Mill-s
Butter,AA Chicago-d 2.9000 (877) 707-1995 (888) 873-3424
Battery/EV metals
REG $24999 BMI Lithium Carbonate, EXW China, =99.2%-v,w 79650
Cheddar cheese,bbl,Chicago-d 192.00 Two-month CD Two-year CD

50
Cheddar cheese,blk,Chicago-d 211.00
$ SALE $19999 BMI Lithium Hydroxide, EXW China, =56.5% -v,w
BMI Cobalt sulphate, EXW China, >20.5% -v,m
79025
8190
Milk,Nonfat dry,Chicago lb.-d
Coffee,Brazilian,Comp-y
137.25
1.6471
VirtualBank
(877) 998-2265
$10,000 2.74 Merrick Bank
(866) 638-6851
$25,000 4.65

BMI Nickel Sulphate, EXW China, >22%-v,m 5635 Colorado Federal Savings Bank $5,000 0.75 Popular Direct $10,000 4.60
Coffee,Colombian, NY-y 2.2056
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 813 (877) 484-2372 (800) 274-5696
Eggs,large white,Chicago-u 4.2950
Fibers and Textiles Flour,hard winter KC-p 20.95 State Bank of India California $1,000 0.50 HSBC Direct $1,000 4.50
Hams,17-20 lbs,Mid-US fob-u 0.93 (877) 707-1995 (844) 867-5750
Burlap,10-oz,40-inch NY yd-n,w 0.7400 Hogs,Iowa-So. Minnesota-u 81.83
Cotton,1 1/16 std lw-mdMphs-u 0.8534 Pork bellies,12-14 lb MidUS-u 2.6077 Three-month CD Five-year CD
Cotlook 'A' Index-t *101.35 Pork loins,13-19 lb MidUS-u 1.1162 Popular Direct $10,000 3.25 CFG Community Bank $500 4.60
Hides,hvy native steers piece fob-u n.a. Steers,Tex.-Okla. Choice-u n.a. (800) 274-5696 (888) 205-8388
Wool,64s,staple,Terr del-u,w n.a. Steers,feeder,Okla. City-u,w 194.25 Luana Savings Bank $1,000 3.20 Merrick Bank $25,000 4.60
(800) 666-2012 (866) 638-6851
Grains and Feeds Fats and Oils Merrick Bank $25,000 3.20 Sallie Mae Bank $2,500 4.55
Barley,top-quality Mnpls-u n.a. Degummed corn oil, crude wtd. avg.-u,w 60.0000 (866) 638-6851 (877) 346-2756
Bran,wheat middlings, KC-u,w 253 Grease,choice white,Chicago-h 0.7250
Corn,No. 2 yellow,Cent IL-bp,u 6.2500 Lard,Chicago-u n.a. High yield jumbos - Minimum is $100,000
Corn gluten feed,Midwest-u,w 204.4 Soybean oil,crude;Centl IL-u,w 0.7016
Corn gluten meal,Midwest-u,w n.a. Tallow,bleach;Chicago-h 0.7150 Money market and savings account Six-month CD
Cottonseed meal-u,w 393 Tallow,edible,Chicago-u 0.7850
CFG Community Bank 4.00 Merrick Bank 4.30
(888) 205-8388 (866) 638-6851
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & UFB Direct 3.91 Live Oak Bank 4.25
Brookes; H=American Commodities Brokerage Co;
(877) 472-9200 (866) 518-0286

Can’t Hear K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy;
S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International
Coffee Organization; Z=not quoted. *Data as of 12/5
Source: Dow Jones Market Data
First Internet Bank of Indiana
(888) 873-3424
3.87 Lone Star Bank
(713) 358-9400
4.25

Voices On TV? One-month CD

VirtualBank
(877) 998-2265
2.48
One-year CD
CFG Community Bank
(888) 205-8388
4.65

The AccuVoice® AV157 Speaker

uses patented hearing aid technology Costa Rica Choose a Guided Tour + tax, fees
Costa Rica 8 days $ 895
Colorado Federal Savings Bank
(877) 484-2372
State Bank of India California
0.75

0.50
Merrick Bank
(866) 638-6851
First Internet Bank of Indiana
4.65

4.59
to create 12 levels of dialogue clarity. 8 Days 895 $
+ tax, fees Panama 8 days $995 (877) 707-1995 (888) 873-3424

Flat-screen TVs use tiny speakers with tinny sound.So many Fully Guided Tour. Guatemala 8 days $995 Two-month CD Two-year CD
people have to use closed-captioning to watch a movie or Includes All Meals, All Hotels Mexico VirtualBank 2.74 Merrick Bank 4.65
(877) 998-2265 (866) 638-6851
sporting event. Our patented hearing aid technology lifts and All Activities. - Ancient Civ. 9 days $995
Colorado Federal Savings Bank 0.75 Popular Direct 4.60
voices out of the soundtrack and clarifies them. The result Hike in jungle rainforests, view - Copper Canyon 8 days $1295 (877) 484-2372 (800) 274-5696
is remarkable. The AV157 has 12 levels of voice boost volcanoes, soak in hot springs, State Bank of India California 0.50 HSBC Direct 4.50
– in case you need extra clarity. Only 17" wide, it fits just (877) 707-1995 (844) 867-5750
cruise through biological reserves “Brilliant, Affordable Pricing”
about anywhere. Hookup is simple – one connecting cord.
and relax on tropical ocean Arthur Frommer, Three-month CD Five-year CD
Travel Editor Luana Savings Bank 3.30 CFG Community Bank 4.60
beaches. Join the smart shoppers (800) 666-2012 (888) 205-8388
and experienced travelers. Popular Direct 3.25 Merrick Bank 4.60
1-800-CARAVAN (800) 274-5696 (866) 638-6851
Great Sound. Made Simple. Book Online Now at Caravan.com Merrick Bank 3.20 Sallie Mae Bank 4.55
(866) 638-6851 (877) 346-2756
866-367-9869 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
60-Day Home Trial | Free Shipping compounding and rate stated for the lowest required opening deposit to earn interest. CD
® ZVOX & AccuVoice are registered trademarks of ZVOX Audio. figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
which may be checks. Rates are subject to change.
AVAILABLE AT ZVOX.COM, AMAZON AND WALMART.COM Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
THE #1 VALUE—FULLY GUIDED TOURS SINCE 1952
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, December 7, 2022 | B11

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33596.34 t 350.76, or 1.03% Trailing P/E ratio 20.91 22.23 3941.26 t 57.58, or 1.44% Trailing P/E ratio * 19.65 28.06 11014.89 t 225.05, or 2.00% Trailing P/E ratio *† 24.98 34.63
High, low, open and close for each P/E estimate * 18.83 17.74 High, low, open and close for each P/E estimate * 18.36 21.42 High, low, open and close for each P/E estimate *† 23.15 29.75
trading day of the past three months. Dividend yield 2.04 1.93 trading day of the past three months. Dividend yield * 1.66 1.31 trading day of the past three months. Dividend yield *† 0.93 0.66
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

34100 4150 65-day moving average 12100

33050 65-day moving average 4025 11750

65-day moving average

32000 3900 11400

Session high 30950 3775 11050

DOWN UP
t

Session open Close

29900 3650 10700
Close Open
t

Session low 28850 3525 10350

Bars measure the point change from session's open

27800 3400 10000
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
*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* 969,965,743 11,283,628
Industrial Average 34006.63 33418.59 33596.34 -350.76 -1.03 36799.65 28725.51 -5.9 -7.5 6.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 281,158,629 1,324,845
Transportation Avg 14067.76 13748.58 13898.10 -150.08 -1.07 16718.54 11999.40 -15.0 -15.7 9.1 Most-active issues in late trading Decl. volume* 676,801,258 9,585,024
Utility Average 979.28 969.35 978.96 8.73 0.90 1071.75 838.99 4.8 -0.2 4.6 Volume After Hours Issues traded 3,275 297
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40147.04 39302.81 39540.13 -588.01 -1.47 48929.18 36056.21 -17.7 -18.7 7.1 Advances 906 88
Summit Therapeutics SMMT 7,776.4 2.54 0.23 9.96 2.78 2.07
Barron's 400 958.52 937.45 944.03 -12.19 -1.27 1111.54 825.73 -13.4 -14.7 9.7 Declines 2,231 195
SPDR S&P 500 SPY 4,467.4 393.89 0.06 0.01 410.04 379.52
Unchanged 138 14
Nasdaq Stock Market Ferguson FERG 3,877.9 122.00 -0.08 -0.07 122.08 120.00 New highs 37 2
Nasdaq Composite 11241.42 10956.20 11014.89 -225.05 -2.00 15871.26 10321.39 -29.8 -29.6 8.4 SoFi Technologies SOFI 3,734.6 4.32 … unch. 4.32 4.31 New lows 114 22
Nasdaq-100 11790.93 11488.60 11549.69 -237.11 -2.01 16567.50 10690.60 -29.3 -29.2 11.2 Amazon.com AMZN 3,266.6 88.49 0.24 0.272 88.52 88.21 Closing Arms† 0.88 2.29
Apple AAPL 2,275.1 143.00 0.09 0.06 150.57 135.17 Block trades* 4,881 144
S&P

.
-1.44
eBay EBAY 2,194.6 43.50 0.15 0.35 43.50 43.30
500 Index 4001.51 3918.39 3941.26 -57.58 4796.56 3577.03 -15.9 -17.3 7.8 Nasdaq NYSE Arca

ly
Invesco QQQ Trust I QQQ 2,086.9 281.79 0.11 0.04 281.95 281.54
MidCap 400 2511.59 2459.14 2481.53 -27.60 -1.10 2865.54 2200.75 -11.4 -12.7 7.1 Total volume*4,713,331,628 269,960,204
SmallCap 600 1212.20 1192.55 1199.54 -11.33 -0.94 1426.13 1064.45 -14.0 -14.4 6.2 Percentage gainers… Adv. volume* 926,111,532 91,724,241
MongoDB MDB 1,375.3 183.31 38.62 26.69 185.00 142.30 Decl. volume*3,754,332,752 173,756,141
Other Indexes
Russell 2000
NYSE Composite
Value Line
1839.53 1802.95 1812.58 -27.65
15499.00 15240.86 15328.44 -146.35
558.29 547.37 550.87 -7.26
-1.50
-0.95
-1.30
on 2272.56 1649.84
17353.76 13472.18
680.36 491.56
-19.6
-9.0
-17.1
-19.3
-10.7
-18.0
3.5
4.1
0.8
Summit Therapeutics
Avadel Pharm ADR
EQRx
SMMT 7,776.4
AVDL
EQRX
87.4
93.7
2.54
8.77
3.36
0.23
0.42
0.16
9.96
5.03
5.00
2.78
8.77
3.36
2.07
8.35
3.20
Issues traded
Advances
Declines
Unchanged
4,894
1,382
3,235
277
1,743
402
1,319
22
NYSE Arca Biotech 5326.96 5195.44 5233.24 -93.72 -1.76 5649.54 4208.43 -2.6 -5.2 1.0
IVERIC bio ISEE 52.1 22.16 1.02 4.82 22.16 20.55
New highs 68 0
us ,

NYSE Arca Pharma 867.87 855.14 863.82 -3.21 -0.37 887.27 737.84 12.2 4.4 11.1 ...And losers New lows 312 21
l

KBW Bank 102.16 99.06 100.07 -1.66 -1.63 147.56 94.66 -25.8 -24.3 -3.4 76.0 6.39 -0.66 -9.36 7.07 6.21 Closing Arms† 1.73 0.55
e
Uniti Group UNIT
al a

PHLX§ Gold/Silver 122.35 119.16 119.41 -0.78 -0.65 167.76 91.40 -7.1 -9.8 7.6 ADMA Biologics ADMA 330.6 2.88 -0.29 -9.15 3.49 2.61 Block trades* 34,183 1,246
PHLX§ Oil Service 82.14 79.25 79.81 -1.49 -1.83 88.37 50.23 48.1 51.4 3.8 Smith Wesson Brands SWBI 51.2 10.77 -1.03 -8.73 12.11 10.55 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 2736.56 2650.60 2673.53 -64.52 -2.36 4039.51 2162.32 -33.0 -32.2 15.7 Amerco Series N UHALB 58.2 58.00 -3.10 -5.07 61.10 57.51 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 22.60 20.38 22.17 1.42 6.84 36.45 16.60 1.3 28.7 17.6 Kelly Services Cl A KELYA 81.9 16.25 -0.85 -4.97 17.10 16.25 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 618.82 –7.87 –1.26 –18.0 Pacifico Acquisition PAFO 8.03 2.98 59.01 10.43 4.90 -19.1 Gossamer Bio GOSS 2.36 -6.93 -74.60 15.20 2.15 -78.9
MSCI ACWI ex-USA 285.62 –2.61 –0.91 –17.0 Eterna Therapeutics ERNA 4.46 1.36 43.87 127.60 2.74 -96.2 China Automotive Systems CAAS 5.64 -2.22 -28.24 8.13 2.20 93.2
MSCI World 2662.07 –34.23 –1.27 –17.6 Ra Medical Systems RMED 5.55 1.38 33.09 102.00 2.03 -94.0 Barnes Noble Education BNED 1.85 -0.70 -27.45 7.74 1.51 -74.7
MSCI Emerging Markets 972.93 –11.33 –1.15 –21.0 Vivint Smart Home Cl A VVNT 11.90 2.91 32.37 11.93 3.26 13.4 Herbalife Nutrition HLF 13.06 -4.45 -25.41 45.80 12.89 -66.3
m rp

Americas MSCI AC Americas 1495.97 –22.45 –1.48 –18.1 Studio City Intl ADR MSC 4.29 1.00 30.44 7.48 1.52 -28.5 G Medical Innovations GMVD 2.55 -0.82 -24.33 235.90 2.52 -96.6
Canada S&P/TSX Comp 19990.17 –252.09 –1.25 –5.8 Tantech Holdings TANH 3.22 0.61 23.37 154.70 1.82 -97.7 AdvisorShares MSOS 2x Dly MSOX 20.90 -6.26 -23.05 34.63 13.09 ...
Latin Amer. MSCI EM Latin America 2185.35 16.48 0.76 2.6 DoubleDown Inter ADR DDI 10.61 1.91 21.95 16.00 8.11 -31.4 Mirati Therapeutics MRTX 71.52 -21.23 -22.89 154.17 32.96 -48.0
Brazil BOVESPA 110188.57 787.16 0.72 5.1 SAI.TECH Global SAI 3.02 0.53 21.29 12.60 2.03 -69.1 Checkpoint Therapeutics CKPT 4.05 -1.20 -22.84 32.71 3.83 -86.1
Chile S&P IPSA 3189.85 –29.44 –0.91 13.7 Signet Jewelers SIG 69.54 11.71 20.25 98.67 48.31 -22.1 Shuttle Pharma SHPH 2.34 -0.66 -22.00 126.26 1.35 ...
co Fo

Mexico S&P/BMV IPC 51020.65 221.19 0.44 –4.2 Powell Industries POWL 32.34 5.34 19.78 32.75 18.81 26.8 Tempo Automation Holdings TMPO 3.34 -0.93 -21.78 15.15 3.22 -66.4
EMEA STOXX Europe 600 438.92 –2.55 –0.58 –10.0 Pulse Biosciences PLSE 2.65 0.42 18.83 19.65 1.18 -85.7 Hydrofarm Holdings Group HYFM 2.42 -0.62 -20.39 31.02 1.88 -91.8
Eurozone Euro STOXX 423.32 –2.17 –0.51 –11.6 Collplant BioTech CLGN 8.76 1.37 18.54 18.30 4.27 -47.1 Duos Technologies Group DUOT 2.18 -0.53 -19.41 6.50 2.01 -49.9
Belgium Bel-20 3731.20 –2.79 –0.07 –13.4 Astronics ATRO 10.40 1.40 15.56 14.87 7.46 -3.7 Peak Bio PKBO 5.25 -1.26 -19.35 15.00 3.80 -46.4
Denmark OMX Copenhagen 20 1805.09 –14.25 –0.78 –3.2 Niu Technologies ADR NIU 5.05 0.65 14.77 20.38 2.57 -74.0 Incannex Healthcare ADR IXHL 3.26 -0.77 -19.11 90.00 3.21 ...
6687.79 –0.14 –6.5 NWTN NWTN 11.37 1.37 13.70 26.27 2.06 -4.9 TuSimple Holdings TSP 1.83 -0.43 -19.03 41.44 1.80 -95.4
France CAC 40 –9.17
Germany DAX 14343.19 –104.42 –0.72 –9.7
Israel Tel Aviv 1851.41 –18.80 –1.01 –6.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24265.45 –282.39 –1.15 –11.3 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 723.68 –3.41 –0.47 –9.3
Oslo Bors All-Share 1376.76 5.3 ComSovereign COMS 237,610 355.3 0.13 -12.85 1.03 0.04 Pacifico Acquisition PAFO 8,173 19411 8.03 59.01 10.43 4.90
Norway –12.56 –0.90
ProShares UltraPro QQQ TQQQ 168,005 -27.1 20.82 -6.34 87.49 16.32 Mercato Ptrs Acqn Cl A MPRA 1,258 10057 10.13 -0.39 10.50 9.60
South Africa FTSE/JSE All-Share 74557.31 –136.11 –0.18 1.2
n-

Summit Therapeutics SMMT 147,745 39925.8 2.31 194.27 5.30 0.66 Learn CW Investment Cl A LCW 896 7042 10.05 0.10 10.18 9.61
Spain IBEX 35 8331.90 –38.20 –0.46 –4.4
Mullen Automotive MULN 108,689 -35.2 0.19 -2.92 7.50 0.18 Mount Rainier Acqn RNER 1,186 6970 10.24 0.29 10.25 9.84
Sweden OMX Stockholm 807.28 –13.93 –1.70 –22.2
ProSh UltraPro Shrt QQQ SQQQ 107,469 -23.1 46.58 6.23 69.55 28.15 Gores Holdings VIII Cl A GIIX 7,823 6820 9.99 0.45 10.40 9.82
Switzerland Swiss Market 11109.33 –85.34 –0.76 –13.7
Turkey BIST 100 5000.14 42.37 0.85 169.2 Tesla TSLA 91,898 16.8 179.82 -1.44 402.67 166.19 Vivint Smart Home Cl A VVNT 27,217 5886 11.90 32.37 11.93 3.26
no

U.K. FTSE 100 7521.39 –46.15 –0.61 1.9 Direxion Dly SCOND 3 BL SOXL 86,167 -28.8 11.72 -6.91 74.21 6.21 Roth CH Acquisition IV ROCG 2,108 4558 10.22 0.39 12.76 9.81
U.K. FTSE 250 19100.08 –229.50 –1.19 –18.7 Cosmos Holdings COSM 85,990 82.2 0.47 -17.39 4.45 0.07 TCV Acquisition TCVA 2,452 4165 10.00 -0.15 10.34 9.65
Bank of America BAC 83,327 103.0 33.00 -4.26 50.11 29.31 Gossamer Bio GOSS 56,090 3811 2.36 -74.60 15.20 2.15
Asia-Pacific MSCI AC Asia Pacific 157.66 –1.45 –0.91 –18.4
SPDR S&P 500 SPY 76,711 -15.9 393.83 -1.44 479.98 348.11 Noble Rock Acqn Cl A NRAC 1,487 3464 10.05 0.10 10.06 9.62
Australia S&P/ASX 200 7291.30 –34.30 –0.47 –2.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3212.53 0.72 0.02 –11.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19441.18 –77.11 –0.40 –16.9
62626.36 –0.33 7.5
Scan this code
India S&P BSE Sensex –208.24
Japan NIKKEI 225 27885.87 65.47 0.24 –3.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3252.37 –15.16 –0.46 4.1 and track most-active stocks,
South Korea KOSPI 2393.16 –26.16 –1.08 –19.6 new highs/lows, mutual funds Currencies
Taiwan TAIEX 14728.88 –251.86 –1.68 –19.2 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1632.97 –8.66 –0.53 –1.5
All are available free at WSJMarkets.com US$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 .00004167 24000 5.0
CREDIT MARKETS Argentina peso .0059169.4761 65.1 Europe
Brazil real .1910 5.2356 –6.0 Czech Rep. koruna .04304 23.234 6.2
Canada dollar .7324 1.3654 8.0 Denmark krone .1407 7.1067 8.7
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001137 879.25 3.2 Euro area euro 1.0466 .9555 8.7
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000207 4831.00 18.8 Hungary forint .002548 392.42 20.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007028 142.29 9.6
A consumer rate against its Money Market/Savings Accts Mexico peso .0506 19.7600 –3.6 Norway krone .0997 10.0312 13.9
benchmark over the past year 5.00% Uruguay peso .02543 39.3250 –12.1 Poland zloty .2232 4.4810 11.2
Bankrate.com avg†: 0.31% 28% Asia-Pacific Russia ruble .01577 63.400 –15.2
t
First Internet Bank of Indiana 3.04% 4.00 WSJ Dollar Index Sweden krona .0960 10.4190 15.1
s Australian dollar .6687 1.4954 8.6
3.00% Indianapolis, IN 888-873-3424 Tradeweb ICE 14 Switzerland franc 1.0610 .9425 3.3
China yuan .1429 6.9960 10.1
Federal-funds Tuesday Close 3.00 Turkey lira .0537 18.6322 39.9
t

TAB Bank 3.64% Hong Kong dollar .1286 7.7765 –0.3

target rate 2.00 0 Ukraine hryvnia .0271 36.9500 35.1
2.00 India rupee .01214 82.370 10.5
Money Ogden, UT 800-355-3063 Euro UK pound 1.2130 .8244 11.5
s Indonesia rupiah .0000640 15618 9.6
3.75% One year ago
t

market account 1.00 BrioDirect –14 Japan yen .007296 137.06 19.1 Middle East/Africa
1.00
t yields Montebello, NY 877-369-2746 s Kazakhstan tenge .002124 470.90 8.2 Bahrain dinar 2.6525 .3770 0.01
0.00 0.00 Yen Macau pataca .1248 8.0130 –0.3 Egypt pound .0406 24.6020 56.6
UFB Direct 3.83% –28
Malaysia ringgit .2275 4.3950 5.5 Israel shekel .2919 3.4256 10.2
San Diego, CA 877-472-9200 1 3 6 1 2 3 5 7 10 20 30 2022
–1.00 New Zealand dollar .6319 1.5825 8.2 Kuwait dinar 3.2562 .3071 1.5
CFG Community Bank 3.85% month(s) years
D J FMAM J J A S ON D Pakistan rupee .00445 224.625 27.5 Oman sul rial 2.5976 .3850 –0.01
Baltimore, MD 888-205-8388 maturity Philippines peso .0179 55.898 9.6 Qatar rial .2747 3.641 –0.04
2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7358 1.3591 0.8 Saudi Arabia riyal .2660 3.7595 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007575 1320.17 11.0 South Africa rand .0577 17.3390 8.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027211 367.50 81.1
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 3.75-4.00 3.75-4.00 0.00 l 4.00 2.25 Taiwan dollar .03266 30.617 10.5
Yield (%) 52-Week Total Return (%) Thailand baht .02847 35.120 5.7 WSJ Dollar Index 98.38 0.28 0.28 9.86
Prime rate* 7.00 7.00 3.25 l 7.00 2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.73 4.76 0.20 l 4.78 2.84 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2120.700 3.970 4.170 4.560 1.170 –11.604 –2.205
Money market, annual yield 0.31 0.31 0.07 l 0.31 -0.26
Five-year CD, annual yield 2.62 2.56 0.42 l 2.62 1.21 U.S. Treasury Long, Bloomberg 3338.730 3.730 4.000 4.570 1.820 –26.577 –6.143 Commodities
30-year mortgage, fixed† 6.72 6.88 3.21 l 7.41 2.83 Aggregate, Bloomberg 1977.540 4.490 4.680 5.210 1.720 –12.022 –2.211 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.04 6.14 2.53 l 6.53 2.74 Fixed-Rate MBS, Bloomberg 1955.500 4.550 4.690 5.380 1.960 –10.865 –2.787
Jumbo mortgages, $647,200-plus† 6.75 6.91 3.21 l 7.44 2.56 DJ Commodity 1013.67 -9.35 -0.91 1264.48 904.89 10.73 7.13
High Yield 100, ICE BofA 3143.487 7.914 8.017 8.753 3.669 –8.954 0.053 Refinitiv/CC CRB Index 267.45 -2.90 -1.07 329.59 221.84 18.48 15.10
Five-year adj mortgage (ARM)† 5.44 5.47 2.82 l 5.60 1.19
Muni Master, ICE BofA 560.244 3.122 3.231 3.936 0.895 –6.900 –0.247 Crude oil, $ per barrel 74.25 -2.68 -3.48 123.70 68.23 3.05 -1.28
New-car loan, 48-month 6.46 6.44 3.41 l 6.69 2.04
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 772.284 7.619 7.806 9.159 4.892 –16.032 –3.758 Natural gas, $/MMBtu 5.469 -0.108 -1.94 9.680 3.561 47.49 46.62
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1769.30 1.90 0.11 2040.10 1623.30 -0.75 -3.18
 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, December 7, 2022 * *** THE WALL STREET JOURNAL.

FINANCE & MARKETS

Natural-Gas Prices
Are Pressured by
Unseasonal Slump
BY RYAN DEZEMBER market with fuel.
TPH & Co. predicts robust
The most volatile year for supply will outstrip demand
natural-gas prices in the mod- and send gas prices down to-
ern trading era has taken an- ward $3 in the second half of
other sharp turn, this time a next year. That outlook
counterseasonal tumble. prompted the energy-focused
U.S. natural-gas futures investment bank to downgrade
have shed 25% since Thanks- shares of gas producers An-
giving, including an 11% de- tero Resources Corp., EQT

WU HAO/EPA/SHUTTERSTOCK
cline on Monday, at a time of Corp. and Coterra Energy Inc.
year when to hold from buy.
COMMODITIES prices for the Those companies have been
heating and some of the market’s top per-
power-generation fuel usually formers this year—up 77%,
rise with demand to warm 69% and 36%, respectively.
businesses and homes. Lower gas prices would come
Monday’s big move was the at their expense. Shares of Haidilao International Holding, the operator of China’s biggest hot-pot chain, surged 87% since the end of October.
39th time this year that prices But cheaper fuel would im-

China Easing Fuels Market Swings

rose or fell at least 7% in a prove manufacturers’ margins
day, the most in data going and leave more money in the
back to 1992, according to pockets of American consumers,
Dow Jones Market Data. Fu- who are shouldering a greater
tures trading launched in 1990 share of heating and power ex-
following the deregulation of penses than they did before the BY REBECCA FENG Index performance Share-price performance of the most talked-about
natural-gas markets. work-from-home era. trades.
10% 175%
Futures for January deliv- Predictions for cheaper gas Chinese stocks have re- China was once the hottest
ery fell another 1.9% on Tues- next year don’t rule out the cently been whipsawed by the Hang Seng Index Alibaba Health ticket in town. Investors were
day to settle at $5.469 per potential for big swings before country’s struggles to move 150 burned by regulatory clamp-
CSI 300 Haidilao
0
million British thermal units. then. Spikes are still possible past the pandemic. Meituan downs that caused a selloff in
That is more than 50% higher if temperatures plunge. Investors say it is only the 125 technology, education and
than a year ago, but down Meanwhile, the natural-gas beginning of what is likely to –10
property stocks, and the zero-
more than $4 from the highs market has been whipsawed be a long and tumultuous pe- 100 Covid policy—which crimped
reached this summer when in- by the situation on a Texas riod, as Beijing tries to pivot consumer demand and slowed
ventories were alarmingly low from a zero-tolerance Covid –20
75 economic growth. With many
and surging energy costs policy characterized by lock- Chinese stocks trading at their

.
helped drive inflation to the downs to living with the virus. 50 cheapest valuations in years,
highest levels in decades.
Monday was the 39th Economists and strategists say foreign investors are wonder-

ly
–30
Since then, domestic drillers time this year that China’s path to reopening in 25 ing if and how they should
have notched daily output re- the coming year is littered jump back in.
cords, heating season was de-
prices rose or fell at with hurdles that make it diffi- Shares of Haidilao Interna-
–40 0
layed by mild weather and a lot
of gas that would have other-
wise been liquefied and shipped
abroad via a fire-damaged LNG
least 7% in a day. on cult for investors to predict
the impact on domestic spend-
ing, corporate earnings and
the country’s stock market.
Jan. 2022
Sources: FactSet
June Dec. Nov. 2022 Dec.
tional Holding Ltd., the opera-
tor of China’s biggest hot-pot
chain, surged 87% since the
end of October. Last year, the
export terminal was socked barrier island where Freeport At the start of last week, toward Chinese companies, soared again after two major Hong Kong-listed company
us ,

away for winter instead. LNG’s export facility has been stocks sold off after protests climbed more than 30% since cities, Shanghai and Hang- was one of the worst-perform-
l

The U.S. gas-inventory defi- shut down since a fire in by Chinese citizens frustrated the start of November, when zhou, lifted some curbs on ers in the Hang Seng Index.
e
al a

cit last week was 2.4% below June. by the pandemic rules. The rumors that Beijing was mak- people’s movements. Shares of internet compa-
normal levels for this time of The facility is one of the market rebounded after Chi- ing plans to end its zero-Covid Reported Covid cases in nies, including Alibaba Group
year, compared with a double- country’s largest, with capac- nese health officials acknowl- policy began percolating in the China recently hit highs, and Holding Ltd. and food-delivery
ci on

digit deficit earlier this year ity to export enough gas each edged the Omicron variant is market. On Nov. 11, China economists are divided over leader Meituan—both proxies
that lingered into September. day to power metropolitan less deadly than other Covid eased its zero-Covid rules and the pace of the country’s re- for domestic consumption in
Forecasts for warmer weather San Antonio. Every day since variants. Such seesaw price issued new pandemic-control opening. Some expect a re- China—have swung widely in
in December have analysts the fire, that much gas has movements have become com- measures. The benchmark is bound in domestic consump- recent months. Operators of
penciling in a surplus to the backed up into the domestic monplace, as some local Chi- down nearly 17% this year. tion as soon as the second online-healthcare platforms
er s

five-year average by the mid- market, helping to ease supply nese governments moved ag- Mainland China’s CSI 300 In- quarter of 2023, while others soared. Shares of Alibaba
dle of the month. worries and push down gressively to curb outbreaks dex has risen 13% from its think limits on people’s move- Health Information Technol-
m er

“We have plenty of gas and prices. while others lifted some re- 2022 low, and is down by ments could be in place for at ogy Ltd. more than doubled
prices are going to roll down,” The latest leg down in price strictions. about a fifth in the year to least another year. That has since Oct. 31, while those of ri-
said Francisco Blanch, a com- has coincided with Freeport’s Hong Kong’s Hang Seng In- date. made investors unsure of how val Ping An Healthcare &
modity and derivative strate- extending its timeline to re- dex, which is heavily weighted On Monday, Chinese stocks to position themselves for one Technology Co. nearly doubled.
gist at BofA Securities. sume exports.
m rp

The bank expects natural- Freeport received permis-

gas prices to average $4.50
per million British thermal
units next year, and possibly
sion from regulators to begin
certain repairs last week and
aims to resume operations
Oil and 30% of trading volumes but
have an outsize influence driv-
ing trading flows once the mar-
UBS.
Traders are now more reluc-
tant to place new bets, brokers
world is ending,” said Robert
Minter, director of ETF invest-
ment strategy at fund manager
drop below $4, where they around the end of the year in-
Stocks ket finds a direction, said TD say, and that reluctance could Abrdn.
co Fo

spent much of the previous stead of the middle of this Securities’s senior commodity compound existing volatility. Still, many economists expect
decade thanks to the shale- month, spokeswoman Heather strategist, Daniel Ghali. “Their time horizons are very further interest-rate increases in
drilling boom that flooded the

Natural-gas futures price,

Browne said.

Number of trading days

Diverge “They are, by far, the most
dominant speculative force in
commodities,” Mr. Ghali said.
short,” said John Augustine,
chief investment officer for
Huntington National Bank.
the U.S., Europe and other large
economies may spark recessions
and crimp demand for products
front-month contract natural-gas futures rose Oil sales by banks and trad- U.S. crude prices have hov- such as diesel and gasoline.
or fell by 7% or more* Continued from page B1 ing houses accelerated in recent ered near their 2022 lows de- That leaves many investors
futures based on systematic weeks as Covid outbreaks called spite Chinese oil imports rising with the tricky task of forecast-
$10 per million British thermal units 40 trading days
trend-following strategies have Beijing’s reopening schedule for four consecutive months ing when China reopens its
been selling their positions for into question, spurring protests. since stringent second-quarter economy in earnest, said Ro-
8 32 months, according to a TD Secu- Financial investors reduced lockdowns, according to com- han Reddy, director of research
rities model of their activities, the net length of their positions modity analytics firm Kpler. at Global X ETFs. “Projecting
as their algorithms signaled in Brent and West Texas Inter- The global need for oil is go- which way China can go is an
6
n-

24
higher risk and lower rewards. mediate crude to their lowest ing to recover to prepandemic art rather than a science,” he
Such funds constitute about levels since 2020, according to levels “unless you think the said.
4 16

Exchange-Traded Portfolios | WSJ.com/ETFresearch

no

2 8
Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

0 0 Closing Chg YTD iSh20+YTreaBd TLT 106.95 1.29 –27.8 VangdFTSEDevMk VEA 42.79 –0.67 –16.2
Tuesday, December 6, 2022
ETF Symbol Price (%) (%) iShUSTreasuryBd GOVT 23.13 0.41 –13.3 VangdFTSE EM VWO 40.29 0.07 –18.5
2021 ’22 Closing Chg YTD –0.63
1992 2000 ’10 ’20 ETF Symbol Price (%) (%)
JPMEquityPrem JEPI 55.57 –12.1 VangdFTSE Europe VGK 56.52 –0.65 –17.2
iShGoldTr IAU 33.62 0.33 –3.4 0.04
JPM UltShIncm JPST 50.16 –0.6 VangdFTSEAWxUS VEU 51.26 –0.43 –16.4
CnsmrDiscSelSector XLY 139.54 –1.56 –31.7 iShiBoxx$HYCpBd HYG 74.57 –0.36 –14.3
–2.10
SPDRBlm1-3MTB BIL 91.48 0.03 0.1 VangdGrowth VUG 223.66 –30.3
U.S. natural-gas inventories versus 5-year rolling average CnsStapleSelSector XLP 75.75 –0.62 –1.8 iShiBoxx$InvGrCpBd LQD 108.82 0.30 –17.9
SPDR Gold GLD 164.84 0.27 –3.6 VangdHlthCr VHT 250.54 –0.97 –6.0
DimenUSCoreEq2 DFAC 24.96 –1.30 –13.8 iShJPMUSDEmgBd EMB 85.62 –0.55 –21.5 VangdHiDiv VYM 109.90 –1.01 –2.0
SPDRS&P500Value SPYV 39.60 –1.00 –5.7
10% EnSelSectorSPDR XLE 85.32 –2.64 53.7 iShMBSETF MBB 94.06 0.28 –12.4 VangdIntrCorpBd VCIT 78.93 0.24 –14.9
SPDRPtfS&P500 SPLG 46.30 –1.49 –17.1
FinSelSectorSPDR XLF 34.73 –0.88 –11.1 iShMSCIACWI ACWI 87.25 –1.07 –17.5 VangdIntermTrea VGIT 59.26 0.30 –10.8
SPDRS&P500Growth SPYG 52.81 –1.91 –27.1
HealthCareSelSect XLV 137.39 –0.76 –2.5 iShMSCI EAFE EFA 66.53 –0.45 –15.4 VangdLC VV 179.52 –1.51 –18.8
5 iSh MSCI EM EEM 39.04 –0.13 –20.1
SchwabIntEquity SCHF 33.15 –0.54 –14.7
IndSelSectorSPDR XLI 99.43 –1.18 –6.0 VangdMC VO 209.27 –1.24 –17.9
SchwabUS BrdMkt SCHB 46.15 –1.47 –18.3
InvscQQQI QQQ 281.68 –2.07 –29.2 iShMSCIEAFEValue EFV 46.13 –0.11 –8.5 VangdMC Val VOE 138.89 –0.74 –7.6
0 SchwabUS Div SCHD 76.72 –1.20 –5.1
InvscS&P500EW RSP 144.46 –1.10 –11.2 iShNatlMuniBd MUB 106.25 0.08 –8.6 VangdMBS VMBS 46.14 0.24 –12.7
SchwabUS LC SCHX 46.48 –1.48 –18.3
iShCoreDivGrowth DGRO 50.77 –1.09 –8.7 iSh1-5YIGCorpBd IGSB 49.93 0.08 –7.3 VangdRealEst VNQ 85.22 –0.94 –26.5
iShPfd&Incm PFF 31.66 –0.28 –19.7 SchwabUS LC Grw SCHG 58.23 –1.87 –28.9
–5 iShCoreMSCIEAFE IEFA 62.46 –0.51 –16.3 VangdS&P500ETF VOO 362.03 –1.45 –17.1
iShRussell1000Gwth IWF 224.02 –1.80 –26.7 SchwabUS SC SCHA 41.73 –1.44 –18.5
iShCoreMSCIEM IEMG 48.02 –0.19 –19.8 VangdST Bond BSV 75.46 0.08 –6.6
iShRussell1000Val IWD 153.96 –1.16 –8.3 Schwab US TIPs SCHP 53.25 –0.08 –15.3
iShCoreMSCITotInt IXUS 58.88 –0.52 –17.0 VangdSTCpBd VCSH 75.39 0.05 –7.2
–10 iShCoreS&P500 IVV 395.61 –1.43 –17.1 iShRussell2000 IWM 180.07 –1.53 –19.1 SPDR DJIA Tr DIA 336.46 –1.05 –7.4
VangdShtTmInfltn VTIP 47.92 –0.10 –6.8
iShCoreS&P MC IJH 247.68 –1.21 –12.5 iShRussellMid-Cap IWR 69.23 –1.31 –16.6 SPDR S&PMdCpTr MDY 453.07 –1.17 –12.5
VangdShortTrea VGSH 57.88 0.12 –4.8
–15 iShCoreS&P SC IJR 98.33 –0.96 –14.1 iShRussellMCValue IWS 107.99 –1.10 –11.8 SPDR S&P 500 SPY 393.83 –1.44 –17.1
VangdSC VB 188.63 –1.45 –16.5
iShCoreS&PTotUS ITOT 87.30 –1.48 –18.4 iShRussell1000 IWB 216.59 –1.50 –18.1 SPDR S&P Div SDY 128.35 –0.67 –0.6
VangdTaxExemptBd VTEB 49.87 0.08 –9.2
Weekly iShCoreTotalUSDBd IUSB 45.69 0.22 –13.7 iShS&P500Growth IVW 60.92 –1.99 –27.2 TechSelectSector XLK 130.26 –2.14 –25.1 VangdTotalBd BND 73.16 0.33 –13.7
–20 –1.04 UtilitiesSelSector XLU 71.07 0.62 –0.7
iShCoreUSAggBd AGG 98.80 0.29 –13.4 iShS&P500Value IVE 147.57 –5.8 VangdTotIntlBd BNDX 49.31 0.33 –10.6
2021 ’22 iShSelectDividend DVY 122.09 –0.80 –0.4 iShShortTreaBd SHV 109.89 0.02 –0.5 VangdInfoTech VGT 333.20 –2.17 –27.3 VangdTotIntlStk VXUS 52.85 –0.45 –16.9
iShESGAwareUSA ESGU 87.35 –1.49 –19.0 iShTIPSBondETF TIP 109.03 –0.02 –15.6 VangdSC Val VBR 163.46 –0.84 –8.6 VangdTotalStk VTI 196.98 –1.50 –18.4
*Front-month contracts, 2022 is through Dec. 6 iShEdgeMSCIMinUSA USMV 73.84 –0.79 –8.7 iSh1-3YTreasuryBd SHY 81.27 0.11 –5.0 VangdExtMkt VXF 136.86 –1.60 –25.2 VangdTotWrldStk VT 88.50 –1.06 –17.6
Sources: Dow Jones Market Data (futures, trading days); Energy Department (inventories) iShEdgeMSCIUSAQual QUAL 117.24 –1.63 –19.5 iSh7-10YTreaBd IEF 98.28 0.61 –14.5 VangdDivApp VIG 154.67 –0.94 –9.9 VangdValue VTV 142.30 –0.88 –3.3

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
GblStock 13.74 -0.09 -4.8 Fidelity Invest TotRtnBdFdClInst 23.70 +0.09-14.0 LrgCpStr 14.93 -0.18-20.8 EqIdxInst 28.33 -0.42-17.1 TotIntBdIdxAdm 19.75 +0.08 -9.6 IdxIntl 16.98 -0.09-15.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Income 12.43 +0.03 -9.9 Balanc 23.54 -0.21-16.4 Harbor Funds Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 28.41 -0.15-15.4 MdCpGrAdml 79.40 -1.54-27.1
Intl Stk 44.41 +0.11 -6.1 BluCh 118.68 -2.83-35.1 CapApInst 65.76 -1.15-34.7 ParnEqFd 48.16 -0.56-16.6 500Adml 364.82 -5.32-16.1 TotStAdml 95.92 -1.42-17.5 MdCpVlAdml 71.99 -0.45 -6.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Stock 227.48 -2.57 -5.7 Contra 13.57 -0.24-26.7 Harding Loevner PGIM Funds Cl Z BalAdml 40.90 -0.29-15.1
TxMCapAdml203.73 -2.98-17.0 SmValAdml 70.23 -0.61 -7.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, IntlEq
DoubleLine Funds ContraK 13.62 -0.24-26.7 24.35 -0.26-19.0 HighYield 4.64 -0.01-10.6 CAITAdml 11.19 +0.01 -6.3 TxMIn r 13.75 -0.08-14.9 TotBd2 9.53 +0.03-11.9
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI 8.94 +0.04-11.2 CpInc 9.20 -0.03 -9.3 Invesco Funds A CapOpAdml r164.75 -1.87-14.9 TotIntlInstIdx r113.61 -0.59-15.4
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not TotalReturnBond 12.05 +0.03-13.9 USGroAdml 106.08 -2.11-37.0
Edgewood Growth Instituti GroCo 25.38 -0.54-30.4 EqIncA 10.48 -0.08 -6.6 PIMCO Fds Instl DivAppIdxAdm 41.97 -0.39 -8.7
ValAdml 55.50 -0.50 -1.5 TotItlInstPlId r113.64 -0.59-15.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; EdgewoodGrInst 36.69 -0.64-39.3 InvGrBd 10.04 +0.04-11.2 Invesco Funds Y EMAdmr 33.41 -0.07-16.6 TotSt 95.89 -1.42-17.6
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. AllAsset 11.10 -0.03 NA WdsrllAdml 71.60 -0.89-11.8
Fidelity LowP 47.22 -0.30 -5.7 DevMktY 36.05 -0.08-23.3 TotRt 8.69 +0.03-13.2 EqIncAdml 91.01 -0.95 0.8 WellsIAdml 63.34 -0.06 -7.7 VANGUARD INSTL FDS
500IdxInstPrem137.15 -2.00-16.0 Magin 11.17 -0.16-24.4 JHF III DispVal PIMCO Funds A ExplrAdml 93.06 -1.53-21.8 WelltnAdml 71.97 -0.41-12.8 BalInst 40.90 -0.30-15.1
Tuesday, December 6, 2022 Contrafund K6 17.29 -0.29-25.6 NASDAQ 139.97 -2.86-28.9 DispValMCI 26.07 -0.22 -5.8 IncomeFd 10.53 ... -7.9 ExtndAdml 103.88 -1.69-24.6WndsrAdml 79.31 -0.89 -2.0 DevMktsIndInst 13.76 -0.09-14.9
Net YTD Net YTD Net YTD ExtMktIdxInstPre 65.45 -1.06-24.6 OTC 13.45 -0.28-28.8 John Hancock PIMCO Funds I2 GNMAAdml 9.29 +0.01-10.0 VANGUARD FDS DevMktsInxInst 21.51 -0.14-14.9
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret FidSerToMarket 13.12 -0.20-17.5 Puritn 20.96 -0.18-15.7 BondR6 13.59 +0.04-13.0 Income 10.53 ... -7.6 GrwthAdml 115.15 -2.44-30.0DivdGro 36.35 -0.34 -4.4 ExtndInst 103.87 -1.69-24.6
GrowthCompanyK6 16.13 -0.34-29.5 SAIUSQtyIdx 15.81 -0.25-15.9 JPMorgan I Class PIMCO Funds Instl HlthCareAdml r 91.89 -0.92 -0.6
IntlVal 36.97 -0.13-11.1 GrwthInst 115.15 -2.44-30.0
American Century Inv WshA 53.68 -0.53 -7.5 MunicipalBond 9.76 ... -7.3 InflPrBdIndInsPr 10.02 ...-10.2 SrsEmrgMkt 16.21 -0.01-22.9 CoreBond 10.28 +0.05-10.9 HYCorAdml r 5.21 -0.02 -8.3 InPrSeIn 9.88 ...-10.0
Ultra 62.49 -1.28-28.7 Artisan Funds Calamos Funds IncomeFd 10.53 ... -7.5 LifeCon 19.76 -0.04-13.2
IntlIdxInstPrem 42.55 -0.17-13.7 SrsGlobal 12.81 -0.05-14.9 EqInc 23.19 -0.28 -1.1 Price Funds InfProAd 24.26 ...-10.0 InstIdx 334.79 -4.88-16.1
American Funds Cl A IntlVal Inst 38.52 -0.22 -7.0 MktNeutI 13.83 -0.05 -4.5 LifeGro 37.20 -0.30-15.5
LgCpGwId InstPre 21.85 -0.39-26.2 SrsGroCoRetail 14.47 -0.30-29.1 LgCpGwth 47.78 -0.72-22.8 IntlGrAdml 99.60 -0.85-28.5 InstPlus 334.80 -4.87-16.1
AmcpA 30.72 -0.44-27.3 Baird Funds Columbia Class I BlChip 113.89 -2.15-36.0 LifeMod 28.48 -0.15-14.4
MidCpInxInstPrem 26.81 -0.34-15.5 SrsIntlGrw 15.18 -0.11-20.6 JPMorgan R Class
DivGro 67.09 -0.63 -8.7
ITBondAdml 10.26 +0.04-11.9 InstTStPlus 69.80 -1.03-17.4
AMutlA 50.73 -0.43 -3.3 AggBdInst 9.76 +0.04-12.2 DivIncom I 29.75 -0.29 -4.6 SAIUSLgCpIndxFd 17.83 -0.26-16.1 CoreBond 10.29 +0.04-10.9 PrmcpCor 30.41 -0.29 -9.6
SrsIntlVal 10.33 -0.02 -7.5 ITIGradeAdml 8.47 +0.04-12.4 MidCpInst 57.27 -0.71-17.0
BalA 29.30 -0.19-11.0 CorBdInst 10.02 +0.04-11.9 Dimensional Fds CorePlusBd 7.26 +0.02-11.3 Growth 66.90 -1.32-37.1 STAR 26.59 -0.15-16.2
SeriesBondFd 9.03 +0.04-11.6 TotalBond 9.53 +0.03-11.4 LarCapAd 90.68 -1.35-17.6 MidCpIstPl 282.44 -3.52-17.0
BondA 11.57 +0.04-11.4 BlackRock Funds 5GlbFxdInc 9.98 +0.01 -6.4 HelSci 92.42 -1.12-11.2 TgtRe2020 27.11 -0.09-12.6
SeriesOverseas 11.26 -0.07-21.8 Fidelity SAI Lord Abbett A LTGradeAdml 8.21 +0.08-21.9 RealEstaInstl 18.70 -0.16-24.7
CapIBA 64.16 -0.32 -6.7 HiYldBd Inst 6.74 -0.01 -9.5 EmgMktVa 27.04 -0.15 -9.9 SerLTTreBdIdx 6.24 +0.07-25.0 ShtDurIncmA p 3.84 ... -5.0 LgCapGow I 49.62 -0.94-32.5 TgtRe2025 17.50 -0.08-14.0
TotalBd 9.02 +0.03-11.2 MidCpAdml 259.24 -3.23-17.0 SmCapInst 90.42 -1.27-15.7
CapWGrA 52.54 -0.46-16.3 BlackRock Funds A EmMktCorEq 20.54 -0.14-15.4 SmCpIdxInstPrem 22.57 -0.35-18.1 U.S.TreBdIdx 8.81 +0.03-11.2 Lord Abbett I MidCap 92.97 -1.19-20.8
MuHYAdml 10.38 TgtRe2030 32.79 -0.19-14.7
...-10.8 SmCapIstPl 260.98 -3.67-15.7
EupacA 50.44 -0.41-21.7 GlblAlloc 16.69 -0.09-14.9 IntlCoreEq 13.55 -0.07-13.6 TMktIdxInstPrem110.24 -1.63-17.5 First Eagle Funds ShtDurInc p 3.84 +0.01 -4.6 NHoriz 49.02 -1.11-36.2 MuIntAdml 13.44 +0.01 -6.5 TgtRe2035 20.26 -0.14-15.0 STIGradeInst 9.97 +0.01 -5.7
FdInvA 62.40 -0.75-15.5 BlackRock Funds III IntSmCo 17.55 -0.17-18.3 TotalMarketIndex 13.90 -0.21-17.2 GlbA 57.64 -0.33 -7.0 Metropolitan West R2020 19.26 -0.09-13.3 MuLTAdml 10.67 TgtRe2040 35.54 -0.28-15.4
... -9.6 STIPSIxins 24.06 -0.02 -2.6
GwthA 53.11 -0.84-28.5 iShS&P500IdxK463.63 -6.77-16.1 IntSmVa 18.51 -0.15-12.1 USBdIdxInstPrem 10.36 +0.04-11.7 FPA Funds TotRetBdI 9.21 +0.03-13.5 R2025 16.74 -0.09-14.2 MuLtdAdml 10.70 +0.01 -2.8 TgtRe2045 23.88 -0.21-15.9 TotBdInst 9.65 +0.04-11.8
HI TrA 9.16 -0.03 -8.6 BlackRock Funds Inst LgCo 28.11 -0.41-16.1 Fidelity Freedom NwInc 9.48 +0.01 -3.2 TRBdPlan 8.63 +0.03-13.5 R2030 24.92 -0.16-15.5 MuShtAdml 15.59 TgtRe2050 39.42 -0.37-15.9
... -0.8 TotBdInst2 9.53 +0.03-11.8
ICAA 43.08 -0.52-14.8 EqtyDivd 18.48 -0.15 -2.9 US CoreEq1 31.32 -0.41-13.1 FF2020 13.49 -0.04-14.4 Franklin A1 MFS Funds R2040 27.09 -0.24-17.3 TgtRe2060 40.38 -0.38-15.9
PrmcpAdml r148.68 -1.55-12.3 TotBdInstPl 9.65 +0.04-11.8
IncoA 23.79 -0.14 -6.0 StratIncOpptyIns 9.34 ... -5.4 US CoreEq2 28.63 -0.37-12.3 FF2025 12.39 -0.05-14.9 IncomeA1 2.29 ... -4.2 IIE 28.88 -0.16-13.7 Putnam Funds Class A TgtRet2055 43.89 -0.41-16.0
RealEstatAdml120.82 -1.05-24.8 TotIntBdIdxInst 29.64 +0.12 -9.6
IntBdA 12.49 +0.01 -7.3 Bridge Builder Trust US Small 41.40 -0.41-11.3 FF2030 15.49 -0.06-15.2 FrankTemp/Frank Adv MFS Funds Class I PutLargCap p 30.23 -0.41 -2.1 SmCapAdml 90.42 -1.27-15.7 TgtRetInc 12.67 -0.02-11.2 TotStInst 95.94 -1.42-17.5
N PerA 50.60 -0.59-23.8 CoreBond 8.96 +0.03-11.8 US SmCpVal 42.58 -0.25 -1.2 FF2035 13.32 -0.08-16.0 IncomeAdv 2.26 -0.01 -4.5 GrowthI 137.91 -2.25-29.1 Schwab Funds SmGthAdml 72.34 -1.59-26.7 WellsI 26.14 -0.03 -7.8 ValueInst 55.50 -0.50 -1.5
NEcoA 44.22 -0.52-28.5 CorePlusBond 8.89 +0.03-12.0 US TgdVal 29.20 -0.17 -2.3 FF2040 9.42 -0.08-16.6 FrankTemp/Franklin A ValueI 51.14 -0.46 -5.1 1000 Inv r 85.49 -1.26-17.4 STBondAdml 9.90 +0.02 -5.4 Welltn 41.67 -0.24-12.9 WCM Focus Funds
NwWrldA 67.87 -0.52-21.1 Intl Eq 11.09 -0.05-17.1 USLgVa 43.08 -0.51 -4.9 Freedom2030 K 15.48 -0.07-15.1 Growth A 115.52 -1.79-23.2 Northern Funds S&P Sel 61.23 -0.89-16.1 WndsrII
STIGradeAdml 9.97 +0.01 -5.7 40.35 -0.50-11.9 WCMFocIntlGrwIns 20.32 -0.20-26.6
SmCpA 57.14 -0.81-28.6 LargeCapGrowth 17.69 -0.26-24.8 Dodge & Cox Idx2030InsPre 17.54 -0.08-15.0 RisDv A 87.02 -1.06 -9.6 StkIdx 43.31 -0.63-16.1 TSM Sel r 67.89 -1.00-17.5 STIPSIxAdm 24.04 -0.02 -2.6VANGUARD INDEX FDS Western Asset
TxExA 12.14 ... -8.6 LargeCapValue 16.31 -0.18 -4.3 Balanced 100.30 -0.44 -6.3 Idx2040InsPre 19.74 -0.17-16.5 Guggenheim Funds Tru Old Westbury Fds TIAA/CREF Funds TotBdAdml 9.65 +0.04-11.8 ExtndIstPl 256.34 -4.17-24.6 CorePlusBdI 9.60 +0.02-17.0
 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.
Goldman CEO Is Preparing for a Recession
Solomon expects
stocks to be lower
a year from now; 35%
chance of soft landing
BY ANNAMARIA ANDRIOTIS
Goldman Sachs Group Inc.
Chief Executive David Solomon
signaled that the firm will
likely have to trim its opera-
tions as it deals with a slowing
economy.
Mr. Solomon, speaking Tues-
day at The Wall Street Jour-
nal’s CEO Council Summit, said
the idea shouldn’t come as a
surprise given how closely the
firm’s growth is correlated with
the global economy. He also
noted that the banking industry
hired aggressively during the
pandemic deal-making boom of
2020 and 2021.
“It’s a natural phenomenon
that you therefore have to trim
in some areas and pull back,
Stocks
Move
Lower
Continued from page B1
The stock market rallied
throughout November on
signs that the Fed was win-
ning the fight against infla-
tion, which lifted hopes that
TUESDAY’S
MARKETS
interest-rate
increases
would slow.
December has
gotten off to a rockier start as
investors have been con-
fronted with an unusual prob-
lem: The U.S. economy is
stronger than expected.
U.S. economic data have
tended to beat expectations, a
strength that could exacerbate
inflation and, in turn, prompt
Fed officials to raise interest
rates to higher-than-expected
levels and keep them there for
longer.
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© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8922
* * * *
and so we’re going through the
process of thinking about how
we’re going to do that,” Mr. Sol-
omon said. “But for sure, we’ll
have to narrow our footprint a
little bit.”
A foundering stock market,
the war in Ukraine and the
Federal Reserve’s rate-hiking
campaign against inflation
have pushed many corporate
chieftains to the sidelines this
year. Many who were thinking
about acquisitions or IPOs
when they entered 2022 are
now waiting to see what the
next months bring.
The deal-making slump has
sent profits down across the
board at banks, including
Goldman. The Wall Street gi-
ant in October announced a
broad restructuring intended
to make the firm less reliant
on the boom-and-bust busi-
nesses of deal making and
trading.
Mr. Solomon said Tuesday
that he expected stocks and
“The economy continues to
show a degree of strength
that I think was not ex-
pected,” said David Don-
abedian, chief investment offi-
cer at CIBC Private Wealth US.
“The consumer is hanging in
there quite well, jobs continue
to be added, wage growth is
significant and consumers are
still spending.”
Oil prices continued falling
as well. Brent crude oil, the
international oil benchmark,
dropped 4% to $79.35 a barrel
after shedding 3.4% in the
previous session. Brent is now
at the lowest level since early
January.
In bond markets, the yield
on the U.S. 10-year Treasury
note fell to 3.512% from
3.598% on Monday. The
al a
benchmark note’s yield has
largely trended lower over the
past month as the Fed has
ci on
signaled its intention to ease
the size of its interest-rate
rises.
“It’s yet another day of
choppiness,” said Matthew
er s
Stadelman, chief investment
officer of Diamond Hill Capital
m er
m rp
co Fo
n-
Wednesday, December 7, 2022 | B13
FINANCE & MARKETS
residential real estate to be
lower a year from now. He
gave a 35% chance of a “soft
landing,” in which the Fed can
curb inflation without pushing
the U.S. into recession.
But there is also “a very,
very reasonable possibility
that we could have a recession
of some kind,” he said.
Mr. Solomon also cited
growth in government debt
around the world as a poten-
tial risk.
In October, third-quarter
RALPH ALSWANG FOR THE WALL STREET JOURNAL
results across the banking in-
dustry showed that individuals
and businesses are still bor-
rowing at a healthy rate—for
now.
But Mr. Solomon and other
bank chiefs, including JPMor-
gan Chase & Co. CEO Jamie
Dimon, sounded a warning
then that things could get
worse. Goldman officials cau-
tioned then that they were
seeing cracks in consumers’
ability to handle their debts. Goldman Sachs CEO David Solomon at The Wall Street Journal CEO Council in Washington, D.C.
Index performance
0%
“China reopening I thought
was a head fake, but it feels
like this time it’s for real,”
one talks about the lag,” said
Stephanie Lang, chief invest-
ment officer at Homrich Berg.
Dow industrials
said Altaf Kassam, head of in-
vestment strategy for Europe,
the Middle East and Africa at
“Even though they’ve been
hiking for a while, we are just
getting to the point where it’s
–1.0 S&P 500
State Street Global Advisors. going to really impact the
Nasdaq Composite
“They are putting their ducks broader economy.”
in a row. It isn’t going to hap- Every sector in the S&P
–2.0 pen tomorrow, it isn’t going 500 except utilities traded
to happen this year, but when lower Tuesday. NRG Energy
.
it comes, it could be very led declines, tumbling $6.16,
powerful” for equity markets. or 15%, to $34.68 after the
ly
–3.0
The Commerce Department company said it agreed to buy
reported Tuesday that the U.S. Vivint Smart Home for $2.8
trade deficit widened sharply billion.
–4.0 on in October as exports fell
amid slowing global demand
for U.S. energy goods such as
petroleum and natural gas.
Textron was the best large-
cap performer. The industrial
firm rose $3.67, or 5.3%, to
$73.57 after winning a U.S.
–5.0
The trade gap in goods and Army helicopter contract.
us ,
Monday Tuesday services expanded to a sea- In Europe, indexes mostly
l
Source: FactSet sonally adjusted $78.2 billion, edged lower. The pan-conti-
e
up from a revised $74.1 billion nental Stoxx Europe 600 fell
Management. “Each data growth—are spurring opti- in September. 0.6%.
point is being extrapolated mism that has lifted Asian Some investors still stress Early Wednesday, Japan’s
and the signal-to-noise ratio stock indexes. patience regarding when the Nikkei 225 was down 0.5%,
is much higher than normal.” Chinese cities have begun Fed’s aggressive rate in- Hong Kong’s Hang Seng Index
Meanwhile, signs that easing some lockdown mea- creases are going to start af- was down 0.2%, the Shanghai
China is moving toward re- sures, while Communist Party- fecting closely watched jobs Composite was down 0.6% and
opening its economy—follow- linked media has acknowl- data. South Korea’s Kospi was down
ing years of Covid-19 lock- edged protests against the “When you look at what 0.3%. S&P 500 futures rose
downs that have weighed on unpopular measures. the Fed’s trying to do, every- 0.2%.
 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, December 7, 2022
Tesla’s New EV Will Fill Up on Subsidies
The 500-mile Semi may be too expensive even with incentives, but there is a place for shorter-range electric trucks
Do people buy Teslas because
they are cool or because they are
efficient? The answer matters for
the rollout of the electric-vehicle
maker’s heavy-duty truck.
The company’s latest product is
a Class 8 electric big rig. It will be
competing in a very different mar-
ket to the one for passenger cars
that Tesla is used to. Truck buyers
normally choose products follow-
ing rigorous “total cost of owner-
ship” calculations that combine
the vehicle price with estimates of
running expenses. There isn’t
much room for branding and aes-
thetics in the low-margin logistics
business.
Tesla must know this, but that
hasn’t stopped it promoting its
Semi as if it were a consumer
product. “If you’re a trucker and
you want the most badass rig on
the road, this is it,” said Chief Ex-
ecutive Elon Musk at a launch
event last week. The first perfor-
mance detail of the Semi you come
across on the company’s website is
its acceleration—not something
corporate fleet buyers traditionally
care about.
There may be method in this
apparent madness: Truck drivers
in the U.S. are in short supply, and
a truck with an easy-to-drive elec-
tric powertrain and consumer ap-
peal just might help companies re-
cruit. But Tesla still needs to tick
the total-cost-of-ownership box,
and electric big rigs are even
harder to make add up financially
than electric sedans, given the in-
herent inefficiency of heavier,
more powerful EVs.
When it first revealed the Semi
five years ago, the company said
the vehicle would cost $150,000
for a version with a 300-mile
range and $180,000 for a 500-mile
version. At the time, a combus-
tion-engine Class 8 truck would
have cost roughly $120,000, with
lower running costs expected to
Alzheimer’s Drug Thrills Street
As Doctors Debate Effect
In a news release in late Sep-
tember announcing that Eisai Co.’s
experimental Alzheimer’s drug had
significantly slowed progression of
the memory-robbing disease, the
company’s chief executive, Haruo
Naito, was anything but circum-
spect. The results from the late-
stage study, he said, “prove the
amyloid hypothesis.”
The announcement, which said
the drug lecanemab reduced cogni-
tive and functional decline by 27%
compared with placebo, surprised
investors and scientists alike. It
helped add more than $30 billion
in combined market value for the
stock of Biogen—which shares
economic rights to the drug—and
Eli Lilly, which is testing another
closely watched antiamyloid.
So there was much riding on the
detailed study results, which were
presented at an Alzheimer’s re-
search conference alongside an arti-
cle published in the New England
Journal of Medicine last week.
Perhaps unsurprisingly for a
theory that has led to much debate
in the scientific community for
years, the results didn’t quite put
the controversy to rest. In recent
days, reports of two patient deaths
had fueled concern over the medi-
cation’s safety, especially for those
on blood thinners.
Just as crucially, though, experts
are at odds over whether the ef-
fects touted by the drugmakers are
significant enough to make an ac-
tual difference in patients’ lives. A
piece in medical journal The Lancet
Stock performance for partners in new Alzheimer's medication
40%
20
Biogen
0 that many of the experts who say
–20
Eisai
–40
Jan. Feb. March April
Source: FactSet
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
TESLA/REUTERS
State-level incentives will likely be needed on top of Washington’s tax breaks to make the Semi cost-competitive.
on
make up the difference. But Tesla
hasn’t updated those prices, and
both its passenger cars and the av-
erage diesel truck have gotten
more expensive amid pandemic-
us ,
era parts shortages.
l
In the absence of fresh purchase
e
al a
prices, a more useful way to com-
pare the two technologies is to
look at the cost of the battery,
ci on
which is the key additional compo-
nent in an EV. Tesla still advertises
a 500-mile range for its Semi, and
Mr. Musk said on Twitter on Fri-
day that its battery used 1.7 kilo-
er s
watt-hours of stored power per
mile, implying a gargantuan 850
m er
kilowatt-hour battery overall. Con-
m rp
co Fo
argued that a 0.45-point difference
on an 18-point scale in the cogni-
tive score of patients taking
lecanemab versus those on placebo
“might not be clinically meaning-
ful.” Matthew Schrag, a neurologist
focused on Alzheimer’s, took to
Twitter to argue the data doesn’t
prove the drug is “disease-modify-
ing.” Given that 21% of patients de-
n-
veloped brain swelling, Dr. Schrag
argued that he would advise his pa-
tients to keep waiting.
“This ‘positive’ result is paradox-
no
ically a blow to the amyloid-cascade
hypothesis,” he wrote in a scathing
conclusion that ran opposite to Mr.
Naito’s claims. “Twenty + years of
clinical trials showed amyloid-low-
ering therapy at best produces a
barely detectable clinical effect.”
The debate over amyloid can be
roughly boiled down to two camps.
Some, like Dr. Schrag, argue that
while the buildup of amyloid plaque
might be closely associated with
Alzheimer’s, removing it doesn’t
necessarily improve patient out-
comes. Think of amyloid like smoke
in a house fire, argues the drug-dis-
covery chemist Derek Lowe. It is a
component of a house fire, but
purging the smoke wouldn’t put out
the fire because it isn’t what causes
the blazes to begin with.
Then there is another camp that
chalks up dozens of previous,
failed antiamyloid trials to poor
trial designs and other mistakes.
Lecanemab’s success is modest,
they acknowledge, but it is an en-
couraging sign that the idea is
May June July Aug. Sept. Oct. Nov.
ON
THE
sulting firm BloombergNEF’s an-
nual survey of battery prices, pub-
lished Tuesday, found a cost of
roughly $151 a kilowatt-hour this
year, including the battery pack.
Add all this together and the cost
of the Semi’s battery would come
in at well over $100,000.
Even with the lower running
costs of EVs, such calculations may
explain why Tesla’s Semi project
was stalled for so long. It was only
in August, when President Biden’s
Inflation Reduction Act was ap-
proaching ratification, that Mr.
Musk announced the start of Semi
shipments this month. Beginning
in January, businesses will be able
starting to bear out.
Dr. Reisa Sperling, director of
the Center for Alzheimer Research
and Treatment at Mass General
Brigham, is in the latter camp. She
is conducting a trial of lecanemab
in presymptomatic individuals to
see if starting the treatment ear-
lier on could have a stronger im-
pact. She sees these therapies as
having the potential to do for Alz-
heimer’s what statins have done to
prevent strokes or heart attacks.
“I think amyloid builds up in the
brain 10 to 20 years before people
have dementia,” she says. “To me,
these results are clear evidence
that lowering amyloid can have an
effect on clinical outcomes.”
So where does that leave inves-
tors? Biogen’s stock has maintained
a roughly 50% gain since the late
September news release. That is de-
spite the underwhelming clinical ef-
fect, the safety concerns and the
very real debate over whether the
Centers for Medicare and Medicaid
Services will decide the data are
strong enough to override a prior
stance on amyloid treatments. The
CMS made a rare decision this year
not to pay for Biogen’s earlier anti-
amyloid, Aduhelm.
Driving the hype on Wall Street
is an awareness that despite bil-
lions of dollars and decades of re-
search, not a single treatment is
available to cure or slow disease
progression. So while experts will
continue debating the clinical
meaningfulness of a 0.45-point
move on an 18-point scale, Wall
Street wants to know two things:
Will the government pay for the
drug, and will doctors prescribe
it?
In the days after the conference,
numerous analysts published notes
citing discussions with top doctors
in the field, known as key opinion
leaders. Some are more excited
than others. But what stood out is
they are underwhelmed by the
data have nonetheless told Wall
Street analysts that they are likely
to put some of their patients on
the drug.
How much of a difference pre-
scribing the drug will make for
those patients remains a mystery.
Dec.
For Wall Street, it makes all the
difference. —David Wainer
to claim a tax credit of up to
$40,000 to bring the purchase
price of an electric medium or
heavy-duty truck in line with a
combustion-engine equivalent.
California, where Tesla is mak-
ing its first deliveries to PepsiCo,
offers additional subsidies to
trucking companies that buy elec-
tric. State-level incentives will
likely remain necessary on top of
Washington’s tax breaks to narrow
the cost gap, according to one in-
cumbent truck manufacturer.
Shorter-range trucks also will
be easier to justify than 500-mile
ones. Tesla’s Semi will compete
with rival products that typically
As the country reopens, changes in health-related spending are expected.
China’s Health Industry
Faces Titanic Shift
China is finally edging away
from zero-Covid policies that sup-
pressed the virus for much of the
past three years. What that will
mean for the economy remains un-
certain, but one thing is for sure:
The healthcare industry will need
to scramble to adapt. A more per-
missive stance toward Covid-19
will create big winners and losers.
With a large dollop of luck and
an aggressive campaign to vacci-
nate the elderly and stockpile anti-
viral treatments, China may escape
a wave of fatalities on the scale
that most Western countries expe-
rienced in 2020 and 2021. But
even under the rosiest assump-
tions, the shift toward living with
the virus will entail a sea change
in health-related spending from
testing and quarantine to vaccina-
tion and treatment.
Markets are beginning to price
that in: Shares of Ping An Health-
care & Technology, which pro-
vides remote healthcare services,
rose by close to 50% in Hong Kong
since the end of November.
China’s very high number of cit-
izens over 80—only around half of
whom received a booster shot—
makes time of the essence. But
there are some potential “magic
bullets” within China’s reach that
could help mitigate the collateral
damage from the disease’s spread
this winter and next year.
The first is Pfizer’s anti-viral
drug Paxlovid, which has been
shown to be highly effective at
heading off severe cases, and
which China began importing this
THE WALL STREET JOURNAL.
Average battery cost
$800 a kilowatt-hour
600
Pack
Cell
400
200
0
2013 ’15 ’20
Note: Values in real 2022 dollars
Source: BloombergNEF
have smaller batteries: The latest
version of Volvo’s flagship VNR
Electric boasts a range of 275
miles with a 565 kilowatt-hour
battery, for example. The 500-mile
version of the Semi, which Tesla
.
tested on a drive from its Fremont,
Calif., base to a PepsiCo bottling
ly
factory in Lakeside near San Di-
ego, made a nice publicity stunt,
but a cheaper 300-mile version, or
smaller, is probably where the
market is.
There is plenty of work for
Class 8 trucks to do at shorter
ranges, particularly in Europe. Jo-
han Larsson, head of heavy-elec-
tric-truck business development in
Europe for Volvo, points out that
45% of all the goods transported
on European roads travel less than
300 kilometers, or about 186
miles.
There is a place for electric big
rigs, but it is one constrained for
now by the need for large subsi-
dies and small distances. Tesla’s
cool factor won’t take the Semi
very far. —Stephen Wilmot
AGENCE FRANCE-PRESSE/GETTY IMAGES
spring. A study published in Na-
ture Medicine in May indicated
that if all of China’s symptomatic
Covid patients were treated with
Paxlovid in a hypothetical uncon-
trolled Omicron outbreak, inten-
sive-care admissions and fatalities
could be cut by 89%.
The nation likely has a long way
to go to achieve such an impres-
sive firewall—the first Paxlovid
shipment to arrive in China this
March was 21,200 boxes, according
to state media. But Pfizer and
companies such as Shanghai-listed
Zhejiang Huahai Pharmaceutical,
which is authorized to make Pax-
lovid in China, seem likely to see a
substantial surge of orders in the
coming weeks and months.
Another company to watch is
CanSino Biologics—the maker of
one of the world’s first inhaled
Covid vaccines, which received an
emergency-use authorization in
China earlier this year and is being
rolled out as a booster in Shanghai
and some other cities. Scientists
say inhaled vaccines could offer an
improved layer of protection by di-
rectly training the point of infec-
tion—the respiratory tract—to rec-
ognize Covid-19. That could be a
big deal for the elderly, who are
more at risk of severe disease once
the virus gains a foothold.
China is finally edging away
from testing and quarantining as
its primary methods for dealing
with Covid-19. The rest of its
healthcare infrastructure will have
to gear up quickly.
—Nathaniel Taplin
 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.

CYBERSECURITY
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, December 7, 2022 | R1

Eight
Questions
To Ask
Your Aging
Parents
(and Yourself)
To Keep

.
ly
on Their
Phones
us ,
l
e

Safe From
al a
ci on

Hackers
er s
m er
m rp
co Fo
n-

People over 60 lose a lot of money

to phone scams. Some simple steps
no

can make them more secure.

BY DALVIN BROWN
JON KRAUSE

S
CAMMERS have a lot of op-
portunities to bilk people dur-
ing the holiday season. How
do you make sure they aren’t
tricking someone you love—
particularly someone who is
especially vulnerable to scams?
While swindlers will target people of all
ages, older Americans have become the fa-
vored mark. Adults 60 and over lose the
most money to fraud each year, and phone
scams do the most financial damage, ac-
cording to a Federal Trade Commission re-
port released in October 2022.
So, it is vital to make sure your older
family members know how to keep their
phones safe. The best way to start is by
looking in the mirror. Figure out what se-
curity steps you take—or should take—
with your own phone and how you could
protect yourself better, and then help your
relatives tighten up their defenses. Re-
member, age might make some people
Please turn to page R4

Beware of Scams Aimed at College Inside

Students Among them: ‘help’ with student-loan
forgiveness and fake scholarship applications
Eagle Eye
BY CHERYL WINOKUR MUNK Phishing emails can be hard to
detect. Cybersecurity experts

C
OLLEGE students
and other young
adults are a ripe tar-
get for online scams.
There are bogus
loan-forgiveness and fake schol-
arship “opportunities.” There are
online-shopping and credit-card
scams. There are cons related
to jobs, housing and nonexis-
tent goods and services. There
is social-media account take-
over fraud. And now, with the
Biden administration’s student-
loan cancellation program mak-
ing headlines, officials worry
young people are becoming
even bigger targets.
Scammers like to prey on
young adults because they are
digital natives and often treat
information received via text,
email or social media as trust-
worthy. Indeed, people age 20
to 29 reported losing money in
41% of the fraud cases they
self-reported to the Federal
Trade Commission last year. By
contrast, individuals age 70 to
79 reported losing money in
18% of the cases they reported,
though their dollar losses
tended to be greater than those
reported by younger people.
“Scammers are becoming
more sophisticated in the tac-
tics that they use to get people
to reveal information,” says
Lynn Pasquerella, president of
the American Association of
Colleges and Universities, a
global membership organization
of higher-learning institutions,
Please turn to page R6
NO RESPECT explain how they do it. R7
Many chief information security
officers are excluded from
strategic decision-making. Here
is what some security leaders do
to be seen and heard. R2
Scan this code to see how
Facebook parent Meta quietly
took on a PARENTS WHO OVERSHARE
reputational risk:
that the most
Posting things about
popular posts on its your children online is
platform were trash. fun. It also is risky. R8
 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.
R2 | Wednesday, December 7, 2022
CISOs Get Little Respect From Company
Leaders. It Doesn’t Have to Be That Way.
M
ANY chief in-
formation se-
curity offi-
cers, or
CISOs, seem
to be strug-
gling with the
same di-
lemma: They get no respect.
They may have the word
“chief” in their title, and play a
critical role in the security of
companies in an increasingly
digital economy, but they gener-
ally aren’t considered peers of
the board or C-suite. As a result,
they are often excluded from
strategic decision-making.
“If you’re not in the CEO staff
meeting, then the ‘C’ in front of
your name is for marketing. It
isn’t real,” a former CISO with
over a decade of experience in
the role at S&P 500 companies
said in an interview collected as
part of an in-depth field study
on how boards conduct cyberse-
curity oversight.
This lack of credibility is dam-
no
aging, security chiefs say, be-
cause they need to collaborate
with the senior leadership team
to ensure cybersecurity remains
a priority and the organization is
adequately protected.
To promote greater engage-
ment with CISOs, the Securities
and Exchange Commission ear-
lier this year proposed rules that
would require public companies
to specify whether they have a
CISO, to whom the CISO reports
and how frequently the CISO
meets with the board. The Fed-
eral Trade Commission adopted
a similar rule applicable to fi-
nancial institutions that goes
into effect next year.
Our research suggests that
these rules are just a first step.
We found that many security
chiefs are frustrated about being
excluded from high-level strat-
egy sessions and having little
meaningful interaction with
boards beyond, say, delivering an
annual report. Some report be-
ing sidelined by other execu-
tives—or worse, fired because
their work conflicts with the
other executives’ priorities. Spe-
cifically, CISOs often seek to
slow down technical deploy-
ments to address security con-
cerns. As one security chief put
it: “Executives still think of [the
security department] as the
place where things go to get ‘no,’
and they look at me as Dr. No.”
The extent of CISOs’ dissatis-
faction can be seen in a global
survey conducted by Ponemon
Institute, in which 51% of secu-
JOURNAL REPORT | CYBERSECURITY
on
us ,
l
e
al a
ci on
Chief information security officers are often excluded from strategic decision-making.
That puts companies at risk from hackers.
er s
BY ANTHONY VANCE AND MICHELLE LOWRY
m er
rity executives say they lack ex-
ecutive support, 53% claim that
senior leadership doesn’t under-
m rp
stand their role and 63% believe
that their budget is insufficient.
In addition, 64% report being
three or more reporting levels
below the CEO. As such, it isn’t
co Fo
surprising that CISOs have an
average tenure of only about 26
months, according to a separate
study by Nominet.
However, based on our inter-
views with CISOs, directors and
cybersecurity consultants who
advise boards, we found that
“If you’re not in the CEO staff
n-
meeting, then the ‘C’ in front of
your name is for marketing,” a
former CISO told researchers.
CISOs can improve their stand-
ing by engaging with board
members in incremental but
meaningful ways. And if they can
win over directors, CISOs likely
will gain clout with the C-suite
as well, resulting in more power
and resources flowing their way.
“All of a sudden, our senior
executives, the CEO and his di-
rect reports started taking more
interest in cybersecurity because
they’re getting asked questions
Lack of Influence
Less than half of cybersecurity
leaders in a survey say they report
directly to the board. Among those
who do, the frequency of their
briefings is as follows:
Annually 13%
Bi-annually 15
Quarterly 30
Only when
a security
41
incident
occurs
Note: Ponemon Institute surveyed 1,426 cybersecurity
professionals in the U.S., EMEA and Asia-Pacific.
Source: LogRhythm
by the board,” one CISO told us.
Here are some specific steps
our interviewees said CISOs can
take to become trusted, indis-
pensable partners to the C-suite
and board.
Be proactive
Too many CISOs wait to be
called upon before engaging with
the board. This is a mistake, the
people we interviewed said, be-
cause the annual reporting cycle
is too limited of a window to dis-
cuss all that is necessary to ad-
vance a company’s security pro-
gram. Instead, CISOs should look
for opportunities to engage with
directors throughout the year.
Some of the approaches they
suggested include:
Get to know your directors.
Talk to security teams at each
director’s home company or
other companies where they
serve on boards to get a better
understanding of what motivates
or interests them and what secu-
rity incidents they may have al-
ready experienced. Understand-
ing those perspectives can help
CISOs create messages that reso-
nate.
Check in with directors out-
side of the usual reporting cycle.
With permission from the CEO,
security chiefs might contact di-
rectors individually when, say, a
high-profile cyber incident ap-
pears in the news that might
pique their attention or concern.
Doing so gives a CISO an oppor-
tunity to explain how the inci-
dent does or doesn’t relate to
the organization before the
board has a chance to ask.
Make the security team the
board’s personal “Geek Squad.”
One consultant we spoke with
suggested that CISOs contact di-
rectors and say, “‘I’m the new
CISO to the company, and I
would like to send in a couple of
people from my team to just
THE WALL STREET JOURNAL.
ly
check the security of everyone’s
social-media accounts.’ Or, ‘Are
all of your board members using
two-factor authentication with
their social media?’” While this
might seem to be too menial of a
task for a security chief, it can
be valuable if it leads to direc-
tors viewing the CISO as a re-
source who can fix problems.
This trust will carry forward to
more substantive issues.
Offer “Security 101” training
sessions to board members.
Many directors might be open to
receiving training from the CISO
60%
of chief information security offi-
cers and other security profes-
sionals believe CISOs should re-
port directly to the CEO.
7%
of cybersecurity chiefs actually do
report directly to the CEO.
43%
of security professionals say their
organizations value and leverage
the expertise of their cybersecu-
rity chief.
Source: LogRhythm, based on a survey of
1,426 cybersecurity professionals in the U.S.,
EMEA and APAC by Poneman Institute.
designed to raise their cyber IQ,
especially if it coincides with
regular reports.
Communicate clearly
In addition to engaging more
regularly with the board, CISOs
must speak in terms directors
understand. That means commu-
nicating how security initiatives
align with business priorities.
For example, “Does this risk
matter?” should always be in the
context of “How could it hurt the
company?”
Among the other suggestions
we heard:
Avoid providing granular de-
.
JON KRAUSE
tail. Typical industry threat re-
ports are full of statistics, but
this level of detail isn’t normally
what boards want. That’s be-
cause they operate at a gover-
nance level, not an operational
level. One CISO observed, “It
took me a long time to [realize],
‘OK, the board doesn’t care
about my vulnerability manage-
ment project. They really don’t.’”
Instead, the board wants to
know: Is the security program
under control? Is it maturing? Is
the CISO accomplishing the goals
on his or her road map?
Don’t use fear as a lever.
Avoid the temptation to use fear
to grab the board’s attention—
for example, by describing the
worst possible outcomes. Instead
use rational, clearheaded discus-
sions to cultivate within your
board a stronger understanding
of cybersecurity risks and what
your team is doing to assess and
neutralize those threats.
A virtuous cycle
Through purposeful and proac-
tive engagement, boards can
lend their power to security
teams when disagreements or
conflicts with top executives
emerge. One security chief told
us of an experience in which an
executive decided to disregard
the CISO’s concern about a pre-
mature product launch and to in-
stead “accept the risk.” The CISO
presented the same issue to
board members, who told the ex-
ecutive, “We don’t care about
your release schedule. Go fix the
vulnerability.”
When the board sides with
the security chief, it sends a
powerful message to the C-suite.
The CISO reflected that after the
board backed him on this issue,
it elevated his role with the C-
suite. “Other executives all of a
sudden recognized that I’m not
in my own little technical bub-
ble. There is a larger lens that I
can look through as CISO to
[promote] the company’s long-
term value.”
Dr. Vance is a professor of
business information technology
and a Commonwealth Cyber
Initiative fellow at Virginia Tech.
Dr. Lowry is an assistant
professor of accounting at
Virginia Tech. Email them at
reports@wsj.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.

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R4 | Wednesday, December 7, 2022
Questions To
Ask Seniors
About Their
Phones
Continued from page R1
more susceptible to these risks,
but anybody can miss key secu-
rity strategies. And no criminals
will check your age before they
hack you.
The holiday season—with its
heightened spending and ten-
sion—is a prime time to think
about smartphone
fraud, says Mark Ostrowski, head
of engineering at Check Point
Software Technologies, an inter-
net-security firm.
“Around this time, emotions
run high,” he adds. “And that’s
exactly what scammers want.
They want an emotional re-
sponse because that causes you
to overlook something or make a
bad decision.”
So how do you make sure
your relatives are as safe as pos-
sible from hackers? You don’t
want to be condescending. In-
stead, talk to them about their
concerns, and yours. And during
the discussion, make sure to ask
them the following questions.
Is your phone password
protected?
It may be tempting to not bother
A Growing Target
Adults age 60 and over most frequently report losses to online fraud, but
among individual fraud categories, phone scams do the most financial damage.
Number of frauds by type
35 thousand
30
Online Phone
25
20
15
10
5
0 0
2018 ’19 ’20
Total loss, 2021
Phone call
Social media
Website or app
E-mail
Online ad or pop-up
Text
Mail
Source: Federal Trade Commission
JOURNAL REPORT | CYBERSECURITY
adding a lock screen to your
smartphone, so you can bypass
the hassle of punching in a num-
ber to get access. But having a
four- or six-digit passcode is the
first line of defense against
hackers: If someone physically
steals your phone, they won’t be
able to get into the device easily
without knowing your code.
Still, there are alternatives to
PINs if those feel too cumber-
some. Fingerprint scanning and
Apple Inc.’s Face ID let you ac-
cess your phone quickly without
any codes, and some Android de-
vices let you create a
unique pattern on the screen
that you then trace when you
want to unlock the device. (Re-
member, though, that even if you
have these types of defenses, you
will still have to type in your PIN
when the phone restarts.)
“You would be surprised how
many seniors don’t lock their de-
on
us ,
l
e
al a
ci on
er s
m er
m rp
vice because of the inconve-
nience,” says Danielle Deibler,
founder and chief security offi-
co Fo
cer of Quad9, an online service
that blocks cyber threats. “Make
it so that they have to give con-
sent for another person to get
into their device.”
Do you update your phone’s
software?
Smartphone software updates of-
ten include security patches to
close loopholes that are poten-
n-
tially accessible to hackers.
Third-party apps send out these
types of changes, too. Make sure
your loved ones—and you—know
no
how to update their smart-
Aggregate reported losses by type
$350 million
300
Online Phone
250
200
150
100
50
’21 2018 ’19 ’20
$280 million
$164
$136
$90
$41
$41
$21
phone’s operating system and
apps when prompted. And show
them where to find and down-
load the updates in their settings.
“There’s always security good-
ies embedded inside of those up-
dates,” says Karim Toubba, chief
executive of password-manage-
ment service LastPass. “You
would be surprised at how much
value you get out of something
that simple.”
Also remember that apps fre-
quently offer multifactor authen-
tication, providing more security
than websites on mobile brows-
ers, says David Nuti, senior vice
president at Nord Security, an
internet-privacy company. That
means to log in, you must pro-
vide at least two distinct forms
of identification—such as a pass-
word and confirmation code via
text—to gain access to an ac-
count. Help your loved ones set
this up for banking and other
apps, and be sure to do it
for your own.
Keeping up with passwords is hard.
Do you have spam
filters set up?
Turning on spam-protec-
tion software can prevent
your loved ones from fall-
ing prey to phone scams.
Apple devices running iOS
13 and later and Android
phones running Android
6.0 or later can automati-
cally silence unknown call-
ers, and mobile providers
can add another layer of
protection: AT&T, T-Mo-
bile and Verizon all offer
features for detecting robocalls.
Do you get alerts from your
bank?
Many banking apps offer text
alerts for transactions when
money enters or leaves an ac-
count, so you can tell immedi-
ately if you are being robbed.
Ask if your family members need
help navigating their mobile-
banking apps to set those up.
But you shouldn’t rely solely
on text messages for security.
Scammers can send phishing
texts posing as a bank to steal
personal and financial informa-
tion, for instance. So, remind
your relatives to not click any
text-message links that seem-
ingly come from banks, and to
not share sensitive information
with someone who says they are
calling or texting from a bank.
Instead, instruct them to call
the number on the back of their
’21 card if they have questions. They
can also run any suspicious texts
Median or emails by you.
loss
“Make yourself a firewall for
$1,500 online activity they’re unsure
about,” Mr. Nuti says.
460
300
Have you added a trusted
846 backup contact?
Find out if your relatives have
200 named people to help them ac-
cess their online accounts if they
1,000
forget their password. You don’t
903 have to know their password,
and security experts say it is of-
ten best that you don’t because
THE WALL STREET JOURNAL.
61%
of adults age 65 and older say
they own a smartphone.
45%
of adults age 65 and older say
they use social media.
75%
of adults age 65 and older report
using the internet.
Sources: Pew Research survey of 1,502 U.S.
adults from Jan. 25 to Feb. 8, 2021.
ly
For some people, a pencil-and-
paper record, stored
somewhere safe, is the best
option. For others, a reputable
digital password manager
might be a better solution.
shared passwords carry more se-
curity risks than private ones.
With Apple’s recovery con-
tacts, for instance, you can help
validate your parents’ or grand-
parents’ identities to regain ac-
cess to their iPhone and iCloud
accounts. When they are locked
out, they can follow the steps on
their devices to share on-screen
instructions with a recovery con-
tact; the contact will get a six-
digit code that will unlock the
device and let them reset their
Apple ID password.
For Google accounts, people
can add your email address as a
backup recovery option. If they
get locked out of their Gmail ac-
count, they can have Google send
you a verification code. Give
them the code, and they can re-
set their passwords.
How do you track your
passwords?
Keeping up with passwords can
be a challenge for people of all
ages. For some, pencil-and-paper
records stored somewhere safe
can be the best option, but pass-
word managers can also help.
Reputable digital password
managers can be simple to set
up and use. Apple’s iCloud Key-
chain for iOS and Google’s Pass-
word Manager for Android offer
free, built-in options that store
your passwords and sometimes
other information such as ad-
dresses and credit cards. Both
work in apps and web browsers.
Third-party password manag-
ers are solid options, too, with
many offering additional fea-
tures such as support across
multiple operating systems. You
have to remember only one pass-
word—the one for the password
manager itself. Then, when log-
ging into a website, the pass-
word manager automatically fills
in your credentials, similar to
the Apple and Google offerings.
What do you want to
happen to your tech when
you die?
No one wants to think about
their loved ones dying—let alone
themselves—but it is smart for
them to have a plan about what
will happen to their various ac-
counts and devices.
Apple’s Legacy Contacts gain
access to photos, contacts, docu-
ments, notes and more, all of
which would be inaccessible
.
JON KRAUSE
without knowing their relative’s
iCloud password.
Google offers an Inactive Ac-
count Manager, which will notify
designated contacts if an ac-
count hasn’t been used for a set
period ranging from three to 18
months. Facebook‘s Memorializa-
tion Settings let users choose
someone to look after their pro-
file when they die. The desig-
nated custodian can’t log into
that account directly but can re-
quest that it be either “memori-
alized” or deleted.
Does anything concern
you?
To make sure you haven’t missed
anything, it’s helpful to find out
if there are concerns that your
relatives have but never men-
tioned. After all, scammers are
evasive and find new ways to de-
ploy old tricks.
Ask your family members if
they have come across any mes-
sages on social media, shopped
on new websites or gotten phone
calls asking for their banking in-
formation that made them feel
uncomfortable.
“Find out if they’re noticing
new types of offers in their
emails, or anything concerning,”
Ms. Deibler says. “It can be a
positive thing to reinforce things
they’ve been skeptical about.”
Mr. Brown is a Wall Street
Journal reporter in New York. He
can be reached at
dalvin.brown@wsj.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, December 7, 2022 | R5

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R6 | Wednesday, December 7, 2022
Beware of
Scams That
Target College
Students
Continued from page R1
affiliated individuals and state
agencies. College students don’t
always realize “the extent to
which people will go to take ad-
vantage of them,” she says.
Here’s a look at top scams that
target college students and young
adults:
Federal student-loan
forgiveness scams
With news percolating about
President’s Biden’s plan to cancel
$10,000 to $20,000 in federal stu-
dent loans for millions of borrow-
ers, cybercriminals and other
scammers are pouncing. The FBI
issued an alert in October, warn-
ing consumers to be on alert for
fraudulent websites, emails, texts
or phone scams related to federal
student-loan forgiveness. For
years, scammers seeking to steal
personal information have been
targeting student-loan borrowers
by pretending to be with the gov-
ernment or associated with it. But
more recently, they have focused
on the Biden plan, offering to help
borrowers with the application
process or promising to expedite
the debt relief.
Students should be on the
lookout for anyone asking them to
pay up front for debt relief of any
kind or touting offers that seem
better than what is on the table
from the federal government, says
K. Michelle Grajales, a lawyer in
the FTC’s division of financial
practices.
“It’s illegal to collect money up
front in advance of providing
debt-relief services,” she says.
Borrowers should be especially
wary of anyone offering to help
with President Biden’s plan, con-
sidering the program is being
challenged in the courts and appli-
cations are no longer being ac-
cepted—at least for now.
Don’t give anyone your FSA
ID—the email and password com-
bination that allows entry to your
federal student-loan profile—or
share your date of birth or con-
firm anything, even if someone
from a debt-relief agency seems
to have pieces of information
about you, experts say. Borrowers
who have questions about their
loan-forgiveness options should
go directly to the source. For the
Biden program, that’s the Educa-
tion Department. For other types
of student loan or financial-aid
questions, studentaid.gov is an in-
formation treasure trove.
Tuition and scholarship
scams
Many scams aimed at students
involve tuition repayment or
scholarships. Students may re-
ceive an email, text or phone call,
no
purporting to be from a univer-
sity-affiliated office. Often the cor-
respondence claims a bill is due
What to Know About Cybersecurity Jobs
There are plenty of
openings. But much of
the field is a mystery.
BY LISA WARD
F
OR job seekers, the field
of cybersecurity can
seem like a gold mine. It
has more than 750,000
job openings, and the
pay can go from around $86,000
for an entry-level position to more
than $160,000 for a senior one, a
scan of job postings shows.
But the field is so new that
many job seekers don’t know
what kinds of skills or degrees are
required or what kinds of jobs are
out there.
To find out more, The Wall
Street Journal interviewed Sandra
Blanke, an associate professor and
the director for cybersecurity edu-
cation and cyber intelligence at
University of Dallas’s Satish and
Yasmin Gupta College of Business.
Edited excerpts follow:
JOURNAL REPORT | CYBERSECURITY
and students are urged to act
quickly or their enrollment could
be affected. Don’t respond
through any link, email address or
phone number you’re given; in-
stead contact your school’s finan-
cial-aid office directly to see if you
have any charges outstanding.
Scholarship scams, in which a
student is asked for personal data
such as a Social Security number,
birthday, driver’s license number
or bank-account information, also
are prevalent. Some scammers
even ask for this type of sensitive
information about a parent or
guardian. “That’s Christmas to a
scammer,” says Kelly Richmond
Pope, an accounting professor at
DePaul University in Chicago, who
wrote a book on financial crimes.
Before applying for a scholar-
on
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ship, research the provider, its
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past awardees and sponsors. Be
wary of scholarship emails that
come from a nonbusiness account
such as Gmail or Yahoo.
co Fo
Online shopping scams
Online shopping has been the No.
1 type of fraud loss reported to
the FTC’s Consumer Sentinel Net-
work by 20- to 29-year-olds since
at least 2018.
Students are prime targets be-
cause they are open to buying
things in unconventional ways
such as through social-media
sites, says John Buzzard, lead
n-
fraud and security analyst at Jav-
elin Strategy & Research, a pro-
vider of research and insights on
the financial-services industry.
When purchasing anything
through a social-media market-
place, make sure the transaction
Where the jobs are
• WSJ: How can people find
out what types of cyber jobs
are available and how much
they pay?
• PROF. BLANKE: CyberSeek [a
website supported by the U.S.
Commerce Department’s National
Initiative for Cybersecurity Educa-
tion] shows the total number of
job openings in the U.S. and how
much cyber jobs pay. It also
shows what skills and education
credentials are needed for certain
jobs, and what institutions provide
cyber certifications and degrees.
• WSJ: Do you need a bachelor’s
degree to work in cybersecurity?
• PROF. BLANKE: Small companies
with fewer resources may hire
someone without a two- or four-
year degree, but the candidate
would likely still need to have
some sort of training or certifica-
tions and hands-on experience.
Large companies are going to look
for someone with a two- or four-
year degree, plus hands-on experi-
ence and certifications.
is completed within the platform
and check beforehand to under-
stand the platform’s policies with
respect to fraud-related reim-
bursements, Mr. Buzzard says. Be
sure to compare the payee’s email
address and name to the one on
the social-media platform, and if
there are great variances walk
away, even if the seller offers ex-
cuses that seem legitimate, he
says, adding to be wary of sellers
that ask for your home address or
cellphone number ahead of an ac-
tual purchase.
College students, especially,
should be on the lookout for on-
line-textbook scams, where crimi-
nals advertise discounts for non-
existent textbooks or as a
pretense for stealing sensitive in-
formation, says John Breyault,
vice president of public policy,
telecommunications and fraud at
the National Consumers League.
The same goes for ads that offer
free or discounted laptops, cell-
phones or other electronics.
Online income scams
Job scams rank No. 4 among the
top scams reported this year by
people in their 20s, according to
the FTC.
In October, FBI New Haven
published a warning to college
students and professors about a
scam in which swindlers post on-
line job advertisements soliciting
college students for administra-
tive positions. Instead, the stu-
dents are duped into becoming
“money mules,” receiving counter-
feit checks in the mail or via
email, depositing them into their
personal accounts and then wiring
Centers of Excellence
• WSJ: How does someone find
the best school when it comes to
cyber degrees and credentials?
• PROF. BLANKE: The National Se-
curity Agency and the Cybersecu-
rity and Infrastructure Security
Agency have designated several
hundred colleges and universities
THE WALL STREET JOURNAL.
$363 million
in total losses from fraud were re-
ported by U.S. consumers age 20
to 29 in 2021.
$500
was the median loss from fraud
reported by people in their 20s.
14%
of overall fraud cases in 2021 were
reported by consumers in their
20s.
Sources: Federal Trade Commission, Con-
sumer Sentinel Network database, 2021
ly
the funds to someone else under
the pretense that it’s going to a
vendor for job-related equipment,
materials or software. Once the
checks are deemed fraudulent, the
student is responsible for reim-
bursing the bank, the FBI says.
Students also often fall prey to
work-from-home opportunities, in
which they may be asked for an
upfront deposit, purportedly for
equipment. Students also may be
asked to provide their Social Secu-
rity number and bank routing in-
formation when applying for an
online position, another red flag,
says Mike Steinbach, head of
global fraud prevention at Citi and
a former federal law-enforcement
officer.
Before you leap at an opportu-
nity, thoroughly investigate the
company on job sites such as
Glassdoor or Indeed. The Better
Business Bureau is another re-
as National Centers of Academic
Excellence in Cybersecurity.
• WSJ: What about working
professionals looking to get into
or advance in the field?
• PROF. BLANKE: There are cyber-
security certifications that allow
professionals with an IT or cyber
source to help determine whether
the company is legitimate, says
Eva Velasquez, president and chief
executive of the Identity Theft Re-
source Center, a nonprofit organi-
zation.
Social-media-account
takeover
Young people are particularly at
risk for social-media account take-
over because of their heavy reli-
ance on this medium. “This type
of scam has ballooned in the last
18 to 24 months,” Ms. Velasquez
says, adding that it has been the
dominant scam in the organiza-
tion’s contact center since 2021.
Here’s how it works. After
someone in your network has al-
ready had his or her account
.
JON KRAUSE (2)
hacked, the scammer contacts
others in the network, pretending
to be that person. Often the
scammer will ask for money, and
because it is coming from some-
one who appears to be a friend,
students might find the request
plausible. To pull in more victims,
the scammer pretending to be a
friend might claim to be locked
out of his or her account and ask
for permission to have a code
sent to the student. Once the stu-
dent shares that code, the swin-
dler can reset the student’s pass-
word and usurp the account, Ms.
Velasquez says.
“The level to which scammers
are using social engineering is be-
yond what I’ve ever seen in my
decades of experience.”
Ms. Winokur Munk is a writer in
West Orange, N.J. Email her at
reports@wsj.com.
background to retool their skills
and apply for high-level jobs
within or outside their organiza-
tion. Boot camps can help profes-
sionals review material for the
certification exam and help them
find additional work experience if
needed. Many companies are will-
ing to pay for boot camps and
certifications since it’s difficult to
find skilled cyber professionals.
Other professionals looking to
make a career change might want
to explore certifications, like
CompTIA Security+, or even a
graduate degree.
• WSJ: Is technical expertise re-
quired to work in cybersecurity?
• PROF. BLANKE: Not necessarily.
Professionals are needed to keep
up with the latest trends in cyber-
security and cybercrimes, and
make sure company procedures
are up-to-date. For these types of
positions, hiring managers might
look for professionals with busi-
ness, marketing or human-re-
sources backgrounds, or even a
background in education.
Ms. Ward is a writer in Vermont.
She can be reached at
reports@wsj.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.
JON KRAUSE
How the Pros Detect Phishing Emails
We can learn a lot by looking at how cybersecurity experts read their emails
BY RICK WASH
P
HISHING is a
maddeningly
effective
threat to cor-
porate cyber-
security. Em-
ployees are
routinely
warned of the danger, and
yet the tactic works again
and again. One-third of
corporate cybersecurity
breaches in 2018 were due
to phishing.
Why does phishing
work so well? Largely be-
cause it isn’t easy for
most people to detect that
an email they receive isn’t
what it says it is. Even
when we know that phish-
ing is a huge problem, we
don’t think about mail in a
way that makes the suspi-
cious ones stand out.
To try to help people
recognize emails from
hackers, I’ve interviewed
cybersecurity profession-
no
als about what runs
through their minds as
they read the emails they
receive, and compared
their responses to those of
nonexperts.
The good news: The ex-
perts rely more on intu-
ition and experience to de-
tect phishing than they do
on technical or cybersecu-
rity expertise. Anyone can
learn from their approach.
With that in mind, here
are the stages of reading
an email—from initial im-
pressions to a determina-
tion of whether it is legiti-
mate or a fake—that
emerged from my inter-
views with the cybersecu-
rity experts.
1. Making sense of the
message
As the experts start read-
ing an email, they begin to
think about how it relates
to their work or their per-
sonal life. Is this about
some work project? Is it
an email from their boss
asking them to do some-
thing? Is it an invitation
from a friend to a week-
end get-together?
At this point, the ex-
perts generally aren’t
making any judgments
about the email’s legiti-
macy, because that usually
isn’t clear at first. Rather,
they are taking the time to
JOURNAL REPORT | CYBERSECURITY
on
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read the whole message
and be sure it makes some
kind of sense in the con-
text of their work or per-
sonal lives. For instance,
er s
an email from a retailer
that the recipient recently
m er
bought something from
would make sense, but a
message from a store that
the recipient hadn’t had
m rp
any interaction with in a
very long time wouldn’t.
2. Noticing weird things
co Fo
about the email
As they read an email, the
experts mentally compare
it with past emails they
have received. For exam-
ple, when one expert re-
ceived an email suppos-
edly from a major retailer,
she compared it against
previous emails from that
retailer: Did it have a
logo? Was there a legal
n-
disclaimer and contact in-
formation at the bottom?
Was it addressed to her by
name?
As they did this com-
parison, the experts would
sometimes notice differ-
ences that felt odd. In the
retailer email, the expert
noticed a typo, which she
had never seen in an email
from that company before.
Another expert received
an email supposedly from
his bank saying his ac-
count was hacked and he
needed to log in to verify
his account. He felt this
was unusual because pre-
vious emails from the
bank had simply told him
he had a message waiting
for him and hadn’t told
him what the message was
about. In another case,
email addresses at the or-
ganization an expert
works for normally start
with the employee’s last
name, then first name, so
he noticed it was weird
when he got an email sup-
posedly from someone in
his organization with an
address that started with
a first name and then a
last name.
3. On alert
Noticing these weird
things wasn’t usually
enough for an expert to
decide that an email was
phishing; sometimes, for
instance, even messages
from major companies will
have a typo. But they
would usually become un-
comfortable with the
email, and they didn’t try
to brush off that feeling. It
made them open to the
possibility of fraud.
When people explain
away the weird things
they notice in an email in-
stead of letting those
things make them feel un-
comfortable, they are
much more susceptible to
phishing. One expert re-
ceived an email from a
friend inviting him to a
party. He thought this
was strange; the friend
had always invited him to
parties verbally. But he ex-
plained this weirdness
away, guessing that the
friend might be trying out
a new system for organiz-
ing parties. Similarly,
when he typed the link
into his browser to RSVP
and got an error message,
he assumed he had mis-
typed it. He only discov-
ered the email was fake
when he called his friend
and she said there was no
party. Typing the link
rather than clicking on it
is a standard safety pre-
caution this expert fol-
lows; many others in a
similar situation would
click on a link that would
take them to a bogus page
designed to steal pass-
words or other informa-
tion.
4. Phishing strategies
come to mind
Even though they felt un-
comfortable about an
email, the experts would
keep reading. But now,
with their suspicions
raised, they become more
sensitive to some of the
common signs of phishing.
For example, many fake
emails try to get the recip-
ient to click on a link. See-
ing such a link—whether
it’s legitimate or not—re-
minds many experts at
this stage that some
emails are fake. Two ex-
perts I talked to were re-
minded about fake emails
when they noticed that an
email was sent to a large
number of people. Another
was reminded by clickbait
in a subject line.
If they see telltale signs
like this earlier in the pro-
cess, before they are un-
comfortable, then they ig-
nore it. But once they are
uncomfortable, these
warning signs trigger a
change.
5. Investigating the email
Once an expert is re-
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Wednesday, December 7, 2022 | R7
.
ly
minded in this way that
some emails are fake, ev-
erything changes. The ex-
pert feels the need to in-
vestigate the legitimacy of
this new email.
Experts tend to do this
differently than nonex-
perts. This is where their
technical expertise comes
into play. For instance,
they can trace the route of
an email back to its origin
by examining the header—
a string of code normally
hidden from email recipi-
ents—to determine
whether the email actually
came from the purported
sender.
Fortunately, my re-
search found that nonex-
perts can effectively inves-
tigate emails without such
expertise. One way they
do this is by simply con-
tacting the supposed
sender of the email and
asking if they really sent
it. This works almost as
well as an expert investi-
gation, though it tends to
take longer.
Once the experts inves-
tigate, they decide
whether the email is fake
or not. If they decide it is
fake, they either delete it
or send it to the appropri-
ate IT person to deal with.
If not, then they do what
the email is asking them
to do.
In my research, the
most common reasons
nonexperts fall for phish-
ing is that they don’t no-
tice weird things or don’t
recall that fake emails ex-
ist while they are reading
an email. So the best way
to improve people’s ability
to detect and stop phish-
ing is to help them spend
more time noticing things
that are odd about an
email by comparing it
with emails they’ve gotten
in the past, and helping
them to remember that
phishing might explain
those weird things.
Dr. Wash is an associate
professor in the
department of media and
information at Michigan
State University. He can be
reached at
reports@wsj.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.
R8 | Wednesday, December 7, 2022
Cybersecurity Risks When Parents
Share Information About Their
It’s adorable to hear about a child’s
accomplishments. Identity thieves love it, too.
BY CHELSEA JARVIE AND
KAREN RENAUD
T
HERE are few
things more heart-
warming than see-
ing parents posting
about their chil-
dren on social me-
dia. Their names,
their pictures,
their birthdays, their accom-
plishments, their teachers, their
pets. What parents wouldn’t
want the world to know how
wonderful their child is?
In recent years, however, such
“sharenting” has gotten some
pushback for violating children’s
privacy, and depriving them of
choices about their online identi-
ties. How, some people are ask-
ing, will my 21-year-old daughter
feel one day about what I’m
sharing now?
But what has gotten little at-
tention is how sharenting also
should raise concerns about
their children’s future online se-
curity.
Starts before birth
It all, of course, seems so innoc-
uous and precious, and starts
even before birth. Parents post
images of their scans, with due
dates included, to social-media
sites. Both parents are usually
tagged. The follow-up is a birth
announcement, which normally
includes the child’s full name,
date of birth, time of birth,
weight and hospital. Milestones
are next: the child’s first steps,
first holiday, first pet, first word,
no
THE WALL STREET JOURNAL.
JOURNAL REPORT | CYBERSECURITY
line found that 46% of them felt
anxious and out of control of
their information when they dis-
Kids
covered posts about themselves
online that they hadn’t been
aware of. A further 44% felt an-
gry, with only 15% seemingly be-
ing indifferent.
The pandemic has com- posting information about their
pounded this issue. One study children to a worldwide fan base Coming explosion
found that many schools encour- completely unknown to them, It’s clear that this information is
aged parents to post videos to with unknown trustworthiness. a ticking time bomb, and likely
social media to keep children An emerging threat to chil- to result in an explosion of em-
best friend, favorite food. connected, increasing the volume dren is the use of AI technology barrassment and angst for our
If these milestones sound fa- of personal information about used to create deep fakes: im- children as they grow up, as well
miliar, it is because they are rou- children’s home lives being ages, videos, GIFs, sounds or as exposing them to identity
tinely used as answers to the se- shared online. voices manipulated to look or theft.
curity “challenge” What can we do about
questions that we use it? For one thing, parents
to get into online ac- should be aware that
counts when we for- their shout-outs about
get our passwords. their children—however
One survey on pass- well-meaning—could
word choice found cause real long-term
that 42% of British damage to the people
people use either a they most love.
pet’s name, a family In addition, our social-
member’s name or a media privacy settings
significant date as can help control the audi-
their password. You ence that sees our posts.
want to hack into Ensuring we are comfort-
somebody’s account able with which social-
10 years from now? media platforms we use,
Just look back online how our profiles are set
and see the name of a up, how public our posts
first pet or a first- are, and what informa-
grade teacher. It’s all tion we are giving away
probably going to be can help us make in-
there for the taking. formed choices on how
Barclays Bank our children’s digital
warned that by 2030, footprints are shaping
after another decade up.
.
of parents gleefully Understanding the
ly
and unknowingly real-world consequences
sharenting at current of sharenting allows us
rates, 7.4 million iden- all to make better-in-
tity-theft cases could on formed choices on our
occur a year. The decision to post or not to
Identity Theft Resource Center Thousands of photos sound like someone else. Given post. We all want to give our
warns that by combining infor- By their fifth birthday, the aver- the vast volume of children’s im- children the best lives they can
us ,
mation from social media, such age child will have around 1,500 ages and videos posted online by possibly live. Let’s not under-
as name, date of birth and ad- photos of themselves shared on- their parents, malicious creation mine it by constantly telling the
l
e
dress, along with the troves of line. This means that by the age of deep fakes could be used by world how wonderful they are.
al a
hacked personal data available to of 13, when children are allowed cyberbullies or school bullies.
buy cheaply on the dark web, to use social-media sites them- When posting information on- Dr. Renaud is a chancellor’s
ci on
such as Social Security numbers, selves, there could already be al- line, parents don’t normally ask fellow at the University of
a scammer has all the details most 4,000 photos depicting their children for their consent. Strathclyde in Glasgow, Scotland.
JON KRAUSE
needed to open up a bank ac- them online. Those figures don’t Yet consider this: The U.K. Safer Ms. Jarvie is a Ph.D student at
count or take out a loan in a include children of parent influ- Internet Centre’s survey on the university. They can be
child’s name. encers, who build careers around young people’s experiences on- reached at reports@wsj.com.
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