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 31499.62 À 417.06 1.3%
What’s
News
U
Business & Finance
.S.-listed Chinese stocks
lost tens of billions of
dollars in market value as in-
vestors weighed the outcome
of the Chinese Communist
Party’s congress meeting
over the weekend. A1
 Twitter’s annual interest
burden will climb to more
than $1 billion from $51 mil-
lion in 2021 under Musk’s
deal to buy the social-media
platform, analysts say, add-
ing pressure to grow sales. A1
 Juul is in talks with two of
its biggest investors on a bail-
out to help the e-cigarette
maker stave off a bankruptcy
filing, according to people fa-
miliar with the matter. B1
 Credit Suisse is racing to
complete the sale of a key
unit, days before the belea-
guered Swiss bank is set to
give details of a revamp of its
big Wall Street division. B1
 Telehealth startup Cere-
bral told staffers it is cut-
ting jobs and restructuring
its operations in moves
that will affect about 20%
of its employees. B1
 Signs that the Fed might
soon slow the pace of its inter-
est-rate increases have helped
calm Treasury yields. B1
 Philips said it would cut
4,000 jobs as it grapples with
supply-chain challenges and
the fallout from a huge recall
of sleep-apnea devices. B2
 The Dow rose 1.3% to its
highest closing level in six
weeks while the S&P 500
and Nasdaq gained 1.2%
and 0.9%, respectively. B11
 Warner Bros. Discovery
expects up to $4.3 billion
in pretax restructuring
charges through 2024. B3
World-Wide
 Former Chancellor Rishi
Sunak, who warned that Liz
Truss’s economic plans for
Britain were a “fairy tale,”
won the contest to succeed
her as prime minister, tak-
ing over the world’s sixth-
biggest economy at a time
of deep financial and politi-
cal turbulence. A1
 An unwritten pact binding
the U.S. and Saudi Arabia that
has survived 15 presidents
and seven kings is fracturing
under two leaders who don’t
like or trust each other. A1
 Two Chinese intelligence
officers tried to bribe a U.S.
law-enforcement official to
obtain what they believed
was inside information about
the U.S. criminal case against
Chinese telecom giant Hua-
wei, prosecutors alleged. A3
 A woman and a teenage
girl were fatally shot at a
St. Louis high school, and
the shooter died in an ex-
change of gunfire with re-
sponding police officers. A3
 Men died of Covid-19 at
a higher rate than women in
both rural and urban parts
of the U.S. during the first
year of the pandemic. A3
 Justice Thomas tempo-
rarily blocked a Georgia
grand jury from compel-
ling Republican Sen. Gra-
ham to testify in its probe
of efforts to subvert Bi-
den’s 2020 election vic-
tory in the state. A3
 Russian-installed officials
in Kherson said they are
forming territorial-defense
units as Ukraine pushes to
recapture the occupied re-
gional capital before the on-
set of winter. A6
CONTENTS
Arts in Review.... A11
Business News B3,5-6
Crossword............... A11
Equities....................... B8
Heard on Street. B12
Markets..................... B11
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * TUESDAY, OCTOBER 25, 2022 ~ VOL. CCLXXX NO. 98
NASDAQ 10952.61 À 0.9% STOXX 600 401.84 À 1.4%
ABERTO PEZZALI/ASSOCIATED PRESS
Rishi Sunak at the Conservative Party headquarters Monday after winning the leadership vote.
us ,
Musk Deal
e
al a
To Swell
ci on
Twitter’s
Debt Load
er s
m er
BY ALEXA CORSE
Twitter Inc. has struggled
for most of its history to make
m rp
a profit. If Elon Musk com-
pletes his $44 billion acquisi-
tion of the social-media plat-
form, one factor will make that
harder: the money he borrowed
co Fo
to fund the transaction.
As part of the deal, Twitter
will add about $13 billion of
debt. Analysts estimate, based
on terms previously laid out in
documents related to the trans-
action, that Twitter would be on
the hook for annual interest pay-
ments of more than $1 billion,
compared with some $51 million
in 2021. Twitter has posted av-
erage annual earnings before in-
terest, taxes, depreciation and
n-
amortization of about $700 mil-
lion over the past five years.
That interest burden means
Twitter will need to find ways
no
to make revenue grow and ex-
pand profit margins, said Jor-
dan Chalfin, a senior analyst at
credit-research firm Credit-
Sights. “They’ll probably burn
a significant amount of cash,”
he said.
Because some of the buyout
debt is expected to be a float-
ing rate, Twitter could end up
Please turn to page A2
Lego Fans
Snap Over
New Boxes
i i i
Devotees fear loss
of mystery bags
for minifigures
BY TELIS DEMOS
There is trouble in Lego
land and things are in pieces.
Lego A/S, the Danish com-
pany, plans to switch how it
packages collectibles known as
Opinion.............. A13-15
Personal Journal A9-10
Sports........................ A12
minifigures from crinkly plas-
tic bags to recyclable card-
Technology............... B4 board boxes.
U.S. News............. A2-5 “It’s changing the culture,”
Weather................... A11
laments Jay Ong, the author of
World News....... A6-8
Jay’s Brick Blog, a Lego news
hub where many fans panned
> the shift:
“Nooooooooo!” wrote one.
“TERRIBLE,” another
vented.
Understanding the angst
requires some assembly. Best
Please turn to page A9
10-YR. TREAS. g 4/32 , yield 4.231%
on
China Stocks Fall After Xi’s Moves
l
BY VICKY GE HUANG
AND MICHELLE CHAN
U.S.-listed Chinese stocks
plunged to their lowest level
in nearly a decade, losing tens
of billions of dollars in market
value on Monday, one day af-
ter President Xi Jinping se-
cured a third term as leader of
the Communist Party.
The Nasdaq Golden Dragon
China Index, which tracks doz-
ens of Chinese companies
listed on American exchanges,
fell more than 14% to its low-
est close since April 2013,
INSIDE
JASON GAY
Sports’ ageless icons
are playing on
borrowed time, and
time is wasting. A12
Builders Prepare for
Housing Slowdown
After ruinous bust of 2007-09, they have
less debt and land; ‘I’ve learned my lesson’
BY NICOLE FRIEDMAN
NORTH LAS VEGAS,
Nev.—A year ago, business
was booming for Touchstone
Living Inc. The Nevada
builder had a list of 639
qualified buyers who wanted
homes in its development
about 15 miles north of the
Las Vegas Strip.
Today, that list has shriv-
eled to about 30. Many
would-be buyers are unable
to qualify for loans since
mortgage rates have surged
to 6.94%, their highest level
since 2002 and more than
double the rate of a year ago.
Little of this is good news
for Touchstone or its owner,
Tom McCormick. That said,
in a potential indicator for
WSJ.com
OIL $84.58 g $0.47 GOLD $1,648.70 g $2.30
Sunak Wins
Race for U.K.
Prime Minister
Former Treasury chief,
first person of Indian
heritage to lead nation,
faces dire fiscal woes
BY MAX COLCHESTER
AND PAUL HANNON
LONDON—Former Chancel-
lor of the Exchequer Rishi Su-
nak, who warned that Liz
Truss’s economic plans for
Britain were a “fairy tale,”
won the contest to succeed
her as prime minister on Mon-
day, taking over the world’s
sixth-biggest economy at a
time of deep financial and po-
litical turbulence.
Mr. Sunak prevailed after
his only remaining rival for
the job, former Defense Minis-
ter Penny Mordaunt, said she
would drop out of the contest.
Mr. Sunak is expected to meet
with King Charles III to be for-
ly
mally appointed prime minis-
ter on Tuesday, government
officials said.
Mr. Sunak’s rise to the top
job in the U.K. marks a historic
moment. The grandson of In-
erasing $73.4 billion in market The Dow Jones Industrial Av-
cap since Friday’s close
through Monday, according to
Dow Jones Market Data.
erage rose more than 400
points, or 1.3%, to its highest
level in six weeks. The S&P
The selloff followed a rout 500 gained 1.2%, while the
in Chinese stocks in Hong technology-heavy Nasdaq
Kong and mainland China added 0.9%.
overnight with the Hang Seng The frantic selling came af-
Index recording its biggest ter Mr. Xi consolidated his
one-day decline since the control over the ruling Com-
global financial crisis. munist Party, stacking the
Stocks in the U.S., by con- leadership ranks with loyalists
trast, continued to rally on en- and clinching a convention-de-
couraging corporate earnings fying third term.
results and the hope the pace Foreign investors dashed
of Federal Reserve rate in- for the exit. The American de-
creases will soon moderate. pository receipts of the five
Animosity Strains
U.S.-Saudi Ties
RIYADH, Saudi Arabia—An
unwritten pact binding the U.S.
and Saudi Arabia has survived
ARND WIEGMANN/REUTERS
15 presidents and seven kings
through an Arab oil embargo,
By Stephen Kalin,
Summer Said
and Dion Nissenbaum
two Persian Gulf wars and the
BUSINESS & FINANCE Sept. 11 terrorist attacks. Now,
Credit Suisse is racing it is fracturing under two lead-
ers who don’t like or trust each
to sell a key unit to other.
help pay for a strategy
Saudi Crown Prince Moham-
change. B1 med bin Salman, the kingdom’s
37-year-old day-to-day ruler,
how this slowdown could
play out, it isn’t looking like
the last time the Las Vegas
market melted down.
Mr. McCormick said his
new company has less debt
and fewer lenders than his
former company did heading Designed for security.
into the 2007-09 recession,
and has grown more slowly
and bought less land.
Built for resiliency.
“I’ve learned my lesson,” From products with built-in security
he said. Still, he said, “I’ve
never seen it change this
to solutions and services that cut
fast,” referring to the rapid complexity, we have what you need
decline in sales. to help protect your business.
After a pandemic-fueled
buying spree that unleashed
the most powerful U.S. hous-
ing boom in 15 years, de-
mand has plummeted as
Dell.com/SecuritySolutions
mortgage rates have risen.
Please turn to page A5
HHHH $5.00
EURO $0.9875 YEN 149.01
dian immigrants to Britain, the
42-year-old will be the first
Hindu and the first person who
isn’t white to lead the U.K. He
will also be the youngest prime
minister since Robert Banks
Jenkinson, Earl of Liverpool, in
1812. But his success will be
determined by how well he
manages the growing chal-
lenges to the U.K.’s economy as
high inflation and a looming
recession create a sense of
growing despair.
“There is no doubt that we
face profound economic chal-
lenges,” Mr. Sunak said after
his victory. “We now need sta-
bility and unity.”
The former hedge-fund
manager arrives with a man-
date to bring calm to the rul-
ing Conservative Party follow-
ing a period of unparalleled
chaos that will see the country
run by three prime ministers
.
in seven weeks. On Sunday
night, his main rival for the
job, former leader Boris John-
son, pulled out of the leader-
Please turn to page A8
 Inflation, rising rates weigh
on global growth..................... A2
largest Chinese stocks lost
more than $52 billion in com-
bined market value.
Chinese internet and tech-
nology stocks were hit espe-
cially hard. Alibaba’s ADRs
traded below $68, the price at
which the e-commerce giant
went public in its blockbuster
2014 initial public offering.
Baidu, JD.com and Pinduoduo
Please turn to page A7
 Xi’s slate reflects harder line
toward West............................... A7
 Heard on the Street: Leadership
reshuffle unnerves stocks.... B12
mocks President Biden in pri-
vate, making fun of the 79-
year-old’s gaffes and question-
ing his mental acuity, according
to people inside the Saudi gov-
ernment. He has told advisers
he hasn’t been impressed with
Mr. Biden since his days as vice
president, and much preferred
former President Donald
Trump, the people said.
Mr. Biden said on the cam-
paign trail in 2020 that he saw
“very little social redeeming
value in the present govern-
ment in Saudi Arabia.” He re-
fused to talk to Prince Moham-
Please turn to page A8
 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 | Tuesday, October 25, 2022
Inflation, Rising Rates Weigh
On Global Economic Growth
Business activity in
U.S., Europe slowed in
October and warning
signs flash for China
BY PAUL HANNON
AND AUSTEN HUFFORD
Fresh economic data
pointed to a slowdown in U.S.
and global growth, as higher
prices and interest rates weigh
on consumer demand, Europe
enters a critical phase of its
economic conflict with Russia,
and China faces headwinds.
U.S. and European business
activity fell in October, accord-
ing to new surveys released
Monday. A sharp slowdown in
services activity, the biggest
driver of the world’s largest
economy, led the U.S. decline.
In Europe, German factories
made the biggest output cuts
JANE ROSENBERG/REUTERS
TRUMP ORGANIZATION TRIAL: Judge Juan Manuel Merchan, seen in an artist’s sketch, oversaw jury selection Monday in Manhattan
for the criminal tax-fraud trial against former President Donald Trump’s business. The judge said the trial would last about six weeks.
MICHIGAN
School Shooter
Pleads Guilty
A Michigan teenager accused
of killing four fellow students
and injuring seven others in a
school shooting last year pleaded
guilty to charges including homi-
cide and terrorism Monday.
Ethan Crumbley, who is 16
years old and being charged as
an adult, is accused of opening
fire at Oxford High School, about
40 miles north of Detroit, in No-
vember. He pleaded guilty to all
24 felony counts brought by
prosecutor.
There were no plea negotia-
tions, plea offers, reductions or
sentencing agreements involved
in the guilty plea, prosecutors
said. A lawyer representing Mr.
no
Scan for
more details
- Available at: -
Whittens Fine Jewelry Wilmington, DE | Worthmore Jewelers Atlanta, GA |
Chadwick's Jewelers Simons Island, GA | Exquisite Timepieces Naples, FL | The
Watch & Jewelry Hospital Port St. Lucie, FL | Old Northeast Jewelers - St. Pete &
Tampa, FL | Your Favorite Jeweler Tallahassee, FL | Orlando Watch Company
Winter Park, FL | Joseph Gann Jewelers Boston, MA | Little Treasury Jewelers
Gambrills, MD | Danson Jewelers Allendale, NJ | Aaron Faber Gallery NYC, NY |
Bassano Jewelry NYC, NY | Joseph Edwards NYC, NY |State Street Jewelers
Greensboro, NC | Garrick Jewelers Hanover, PA | Martin Pulli Philadelphia, PA |
Radisson Jewels Maho, Sint Maarten | Brentwood Jewelers Brentwood, TN
MeisterSinger USA | 727-896-4278
www.meistersinger.us
since the early part of the pan-
demic, according to the surveys
by S&P Global. Europe is grap-
pling with the fallout from Rus-
sia’s decision to throttle energy
supplies in response to sanc-
tions over the war in Ukraine.
China’s economy rebounded
in the three months through
September as factory output
rose on the easing of Covid-19
lockdowns. However, the
world’s second-largest econ-
omy faces slowing export
growth, softening consumer
demand and a downturn in the
housing market. “There are
significant global growth chal-
lenges,” said Ryan Wang, U.S.
economist at bank HSBC.
S&P Global said its composite
output index for the U.S., which
includes services and manufac-
turing activity, fell to 47.3 in Oc-
tober from 49.5 in September,
its second-fastest pace of decline
since 2009 excluding early 2020
U.S. WATCH
on
us ,
l
e
al a
ci on
er s
m er
Crumbley didn’t respond to a re-
quest for comment.
Prosecutors’ decision to in-
clude a charge of terrorism
m rp
causing death was unusual. Oak-
land County Prosecutor Karen
McDonald said Monday said she
wasn’t aware of any other case
in the U.S. in which a mass
co Fo
shooter was convicted on state
terrorism charges.
Mr. Crumbley, who was a
sophomore at the high school at
the time, fired 15 to 20 shots
from a 9mm semiautomatic
handgun, police said.
Prosecutors have charged his
parents with involuntary man-
slaughter. Prosecutors said the
parents’ interaction with their son
in the days before the shooting
made them criminally liable. The
n-
parents pleaded not guilty.
—Jennifer Calfas
Edition 50
U.S. Exclusive
Based on the award
winning Perigraph
model. The Edition 50
is limited to 50 pieces.
* *** THE WALL STREET JOURNAL.
U.S. NEWS
Composite purchasing managers indexes
U.S. U.K. EUROZONE
70
Oct. Oct. Oct.
47.3 47.2 47.1
65
60
at the start of the pandemic. An banks for now are raising inter- 55
index below 50 signals contract- est rates to lower inflation by
ing economic activity. slowing economic growth. 50 EXPANDING
PA
U.S. firms reported that the The European Central Bank NT
CONTRACTING
strong dollar and challenging is expected to raise its key in-
economic conditions in export terest rate to 1.50% from 0.75% 45
markets weighed on demand when it meets Thursday. The
from foreign customers, S&P Federal Reserve meets next 40
Global said. “The U.S. eco- week and is expected to ap- 2021 ’22 2021 ’22 2021 ’22
nomic downturn gathered sig- prove another interest-rate
Note: Seasonally adjusted. The composite PMI measures activity in both the manufacturing
nificant momentum in October, rise of 0.75 percentage point. and services sectors.
while confidence in the outlook Consumption of natural gas Source: S&P Global Market Intelligence
also deteriorated sharply,” said in Europe usually rises sharply
Chris Williamson, chief busi- with the onset of cooler turing and services sectors— were locked down.
ness economist at S&P Global. weather, and authorities have was 47.1 in October, down Signs are emerging that
The U.S. and European sur- warned that without substantial from 48.1 in September—the some of the drivers behind the
veys showed that inflationary cuts in consumption this year, fourth consecutive month to surge in global inflation rates
pressures remained strong. they may be forced to ration indicate a contraction. are easing as the economy
U.S. firms reported an acceler- the fuel. Even in the absence of Across the eurozone, manu- cools. Prices of some metals
ation in input-cost increases in rationing, any rebound in en- facturing suffered the largest and other commodities have
October, citing higher interest ergy prices coinciding with the declines in activity, particularly fallen sharply from this year’s
rates, supply shortages and seasonal rise in demand could in energy-intensive sectors peaks, while freight costs are
wage pressures. further weaken the economy. such as chemicals and plastics. tumbling and logjams at ports
The combination of strong S&P Global’s composite pur- Germany suffered a sharp have almost cleared.
inflation and weakening growth chasing managers index for fall. Its composite PMI fell to its
presents global policy makers the eurozone—which measures lowest level since May 2020,  Heard on the Street: GDP data
with difficult calls, but central activity in both the manufac- when large parts of its economy won’t tell the full story....... B12
Twitter’s offs could have a self-fulfilling
effect, Mr. Kulkarni said.
“That could lead to more or-
Debt Is Set ganic churn and save them
from paying large amounts of
money to employees on sever-
To Swell ance,” he said.
Earlier this year, Twitter
.
said it was looking for ways to
cut costs because of economic
ly
Continued from Page One uncertainty, adding that it had
paying more, analysts said, significantly slowed hiring in
based on the details previously the second quarter, according
laid out in the documents. The
Federal Reserve has raised
rates this year and is expected
to do so again in November.
to a Securities and Exchange
Commission filing in July. Twit-
ter has posted a loss in eight of
its past 10 fiscal years, accord-
Meanwhile, the broader ing to FactSet.
business environment has got- Mr. Musk told employees in
ten more challenging, particu- June that he believed costs
larly for social-media compa- were “not a great situation” at
nies because of headwinds in Twitter, according to people
the digital advertising industry. who viewed the virtual meeting.
Snap Inc. shares fell sharply He didn’t rule out layoffs, add-
last Friday, before rebounding ing that anyone who is a signifi-
by 7% on Monday, after the cant contributor shouldn’t
company reported slower sales worry, according to the people.
growth. Mr. Musk’s lawyers have also
Those factors could help ex- hinted at potential layoffs, writ-
plain why Mr. Musk, who plans ing in a court filing that eco-
to take the company private nomic uncertainty could “po-
MINNEAPOLIS associates charged in the Jan. 6, with the acquisition, has said tentially require head count
2021, attack on the U.S. Capitol he is concerned about costs ex- reductions to control costs.”
Ex-Officer Admits was delayed on Monday after ceeding revenue at Twitter. Twitter had more than 7,500
Charge in Floyd Death the Oath Keepers leader tested Amid the uncertainty, employ- employees at the start of this
positive for the coronavirus. ees have wondered for months year. In April, as Mr. Musk was
A former Minneapolis police Jurors were supposed to begin about potential layoffs. moving to buy Twitter, entre-
officer pleaded guilty Monday to hearing the fourth week of testi- Twitter declined to com- preneur and Musk supporter
state charges in the murder of mony in the case against Stewart ment. Representatives for Mr. Jason Calacanis suggested cut-
George Floyd, which sparked a Rhodes and four others accused Musk didn’t respond to re- ting the number of Twitter em-
summer of racial unrest across of plotting to stop the transfer of quests for comment. ployees to about 3,000, accord-
the U.S. in 2020. power from Republican Donald While Mr. Musk’s specific ing to messages between him
J. Alexander Kueng, a rookie Trump to Democrat Joe Biden. plans for Twitter remain un- and Mr. Musk.
officer on the day of Mr. Floyd’s The judge told lawyers and clear, he has indicated he would The private messages were
arrest and murder in May 2020, jurors to return Tuesday, but it make a number of changes, in- released as part of a court case
pleaded guilty to aiding and abet- was unclear when they will be cluding limiting content moder-
ting second-degree manslaughter, able to proceed with the case. ation and shifting away from
according to a spokesman for —Associated Press Twitter’s heavy reliance on ad-
Minnesota Attorney General vertising. Advertising ac-
Twitter this year said
Keith Ellison, whose office is OBITUARY counted for more than 90% of it was looking to cut
prosecuting the case. In ex- Twitter’s revenue in the second
change, the state agreed to drop Comedic Actor quarter.
costs amid economic
the higher charge of aiding and Leslie Jordan, 67 The billionaire entrepreneur uncertainty.
abetting second-degree murder. has overcome long odds before,
Another officer, Tou Thao, and Leslie Jordan, a comedic actor turning Tesla Inc. into the
prosecutors agreed to a stipu- who starred in TV’s “Will & world’s most valuable car com-
lated bench trial, in which a judge Grace” and gained social-media pany and Space Exploration over Mr. Musk’s efforts to back
will hear evidence on the charge fame during the Covid-19 pan- Technologies Corp., better out of the deal. A Delaware
of aiding and abetting second-de- demic with witty video dis- known as SpaceX, into the judge paused the case earlier
gree manslaughter. patches from lockdown, has world’s busiest rocket-launch this month, after Mr. Musk
A third officer, Thomas Lane, died. He was 67 years old. operation. Several analysts said again changed his position and
had earlier pleaded guilty to the Mr. Jordan was involved in a they expect Mr. Musk could gal- said he intended to proceed at
reduced state charge. All three car crash in Los Angeles, said vanize Twitter’s business pros- the deal’s original price.
were convicted earlier this year Don LeClair, a booking agent for pects, though they expect a A staff of 3,000 would repre-
of federal charges of violating the actor. He didn’t have addi- bumpy transition and said it sent the lowest number since
Mr. Floyd’s civil rights. tional details. The Los Angeles could take years. 2013, the year Twitter went
Former officer Derek Chauvin, police said a car crashed into a “There’s a real possibility public, when the platform had
who knelt on Mr. Floyd’s neck building Monday and a person that, given this pretty large in- about 2,700 employees and its
and back for 9½ minutes, is serv- died, but didn’t name the victim. terest burden, they’re going to revenue was roughly 13% of its
ing a sentence of more than 20 Mr. Jordan had roles in TV need additional capital over the level last year.
years in federal prison after being shows and movies, including next two years or so,” said Mr. It isn’t unusual for a new
convicted of second-degree unin- “Desperate Housewives,” “Ameri- Chalfin, the CreditSights ana- owner to look for ways to cut
tentional murder in state court can Horror Story” and “The Help.” lyst. costs and make other changes
and pleading guilty to federal He won a 2006 Emmy Award A number of other tech com- after a leveraged buyout, said
civil-rights charges. for his role in “Will & Grace” panies recently have cut jobs or Steven Hunter, chief executive
—Joseph Pisani playing Beverley Leslie, the short slowed hiring because of con- at 9fin, a leveraged-finance
socialite who traded insults with cerns about the economy. data and research company.
WASHINGTON, D.C. his rich nemesis Karen Walker, If Mr. Musk completes the “If you’ve got a large
played by Megan Mullally. takeover, “I wouldn’t be sur- amount of debt in your busi-
Oath Keepers’ Trial During the pandemic, Mr. Jor- prised if there’s greater focus ness, then that’s consuming
Delayed by Covid dan took to Instagram in dis- on efficiency,” said Rohit your cash flows and your earn-
patches from quarantine that Kulkarni, an analyst at MKM ings,” he said. “That’s less
The trial of a far-right ex- made him a social-media star. Partners. money that you have for invest-
tremist group leader and four —Joseph Pisani Raising the prospect of lay- ing in the business.”
CORRECTIONS  AMPLIFICATIONS
Twitter’s Ebitda* and net profit/loss
Ebitda Net profit/loss
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
$1.5 billion
1.0
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
0.5
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays.
Periodicals postage paid at New York, N.Y., and other mailing offices.
0
Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which 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 an advertisement shall –0.5
constitute final acceptance of the advertiser’s order.
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
–1.0
Need assistance with your subscription?
By web: customercenter.wsj.com; By email: wsjsupport@wsj.com | By phone: 1-800-JOURNAL (1-800-568-7625)
Reprints & licensing: By email: customreprints@dowjones.com | By phone: 1-800-843-0008
WSJ back issues and framed pages: wsjshop.com –1.5
Our newspapers are 100% sourced from sustainably certified mills. 2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS *Earnings before interest, taxes, depreciation and amortization
Source: S&P Capital IQ
 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.
Chinese Spies Charged in Huawei Case
BY SADIE GURMAN
AND DUSTIN VOLZ
WASHINGTON—Two Chi-
nese intelligence officers tried
to bribe a U.S. law-enforcement
official to obtain what they be-
lieved was inside information
about the U.S. criminal case
against Chinese telecommuni-
cations giant Huawei Technol-
ogies Co., prosecutors alleged
in a case unsealed Monday.
The defendants, Guochun He
and Zheng Wang, were charged
in a federal criminal complaint
filed in Brooklyn last week and
made public on Monday. The
charging papers don’t name
Huawei, instead referring to an
unnamed telecommunications
company based in China. Peo-
ple familiar with the case said
it concerns Huawei.
Messrs. He and Wang are
believed to reside in China and
couldn’t be reached. The two
are described in the complaint
as Chinese intelligence officers
Georgia
Subpoena
Of Graham
Blocked
BY JESS BRAVIN
WASHINGTON—Justice
Clarence Thomas on Monday
temporarily blocked a Georgia
grand jury from compelling
Republican Sen. Lindsey Gra-
ham to testify in its probe of
efforts to subvert President
Biden’s 2020 election victory
in the state, while the Su-
preme Court considers the
South Carolina lawmaker’s
claim that he has congressio-
nal immunity from the investi-
gation.
The district attorney in Ful-
ton County, Ga., which in-
cludes the state capital of At-
lanta, has been investigating
alleged efforts by former Pres-
ident Donald Trump and his
allies to reverse Mr. Biden’s
victory by pressuring election
officials to alter the vote
count. Mr. Graham, who like
Mr. Trump denies wrongdoing,
telephoned Georgia Secretary
of State Brad Raffensperger at
least twice following the elec-
tion.
District Attorney Fani Wil-
lis, a Democrat, had a special
grand jury convened to inves-
tigate the allegations and sub-
poenaed Mr. Graham to testify.
Mr. Graham maintains he is
shielded from cooperation by
the Constitution’s Speech or
Debate Clause, which conveys
a privilege to lawmakers for
their legislative acts.
Mr. Graham has said he
made the phone calls to gather
information related to his
roles as then-chairman of the
Senate Judiciary Committee
and as a senator tasked with
no
certifying the 2020 presiden-
tial election, arguing that
those were legislative efforts
that the Constitution pro-
tected him as a lawmaker from
being questioned about.
Lower courts rejected Mr.
Graham’s claim for blanket im-
munity from cooperation with
the grand jury but said he
could object to specific ques-
tions he believes impinge on
his constitutional privilege.
Mr. Graham, represented by
former Trump White House
counsel Don McGahn, filed an
application with the Supreme
Court on Friday seeking to
block the lower-court direc-
tives.
The Constitution states that
for “any Speech or Debate in
either House,” members of
Congress “shall not be ques-
tioned in any other Place.”
Mr. Graham has fought the
subpoena from the outset, but
lower courts have rejected his
claims for absolute immunity.
On Thursday, a three-judge
panel of the 11th U.S. Circuit
Court of Appeals, in Atlanta,
said there was genuine dispute
over whether Mr. Graham’s
contacts with Mr. Raffen-
sperger qualified as a form of
congressional investigation
qualifying for constitutional
immunity.
The Fulton County district
attorney’s office didn’t imme-
diately respond to a request
for comment on Justice
Thomas’s action on Monday.
Justice Thomas, who over-
sees emergency matters from
the 11th Circuit, ordered the
prosecutor to respond to the
filing by Thursday.
* * * * Tuesday, October 25, 2022 | A3
U.S. NEWS
who are conducting foreign in- emerges from a congress of the government threatening estab- with sweeping allegations that The U.S. complaint unsealed
telligence operations against Communist Party that ex- lished democratic norms and Huawei engaged in a racketeer- on Monday alleged Messrs. He
the U.S. on behalf of the Chi- tended his rule. The moves also the rule of law as they work to ing conspiracy and conspiracy and Wang began attempting in
nese government to benefit come just weeks before Mr. Xi undermine U.S. economic secu- to steal trade secrets. early 2017 to cultivate a rela-
Huawei. is expected to see President Bi- rity and fundamental human The bulk of the activity out- tionship with a U.S. law-en-
Federal law-enforcement of- den in Asia for what would be rights, including those of lined in the new case is alleged forcement official who “subse-
ficials have for years warned of their first face-to-face meeting Americans,” FBI Director Chris- to have occurred after prosecu- quently began working as a
national-security threats posed as heads of state and amid topher Wray said. China’s Com- tors unveiled that 2020 indict- double agent for the U.S. gov-
by China, including human and damaged bilateral relations on munist Party “claims to stand ment, which came against the ernment” and was supervised
cyber-enabled espionage, the many fronts. for sovereignty and noninter- backdrop of a Trump adminis- by the Federal Bureau of Inves-
theft of corporate intellectual Western intelligence offi- ference in other states of af- tration effort to persuade allies tigation. The official received
property, and efforts to influ- cials have for many years ac- fairs but what the Chinese gov- to lock the telecom giant out of thousands of dollars in pay-
ence U.S. policy-making through cused Huawei of being a partic- ernment actually does is their next generation of mobile ments in the form of bitcoin,
overt and covert means. ularly notable threat that could interfere with sovereign gov- networks. cash and $600 in jewelry for
The Huawei-related indict- be weaponized by the Chinese ernments around the world The Biden administration sharing purportedly confiden-
ment was one of three the Jus- government for cyber-espio- whenever doing so suits Bei- has largely continued the pres- tial information about the gov-
tice Department outlined Mon- nage or potentially disruptive jing,” he said. sure campaign against Chinese ernment’s case against Huawei,
day alleging nefarious hacking operations. Mr. Wray didn’t link the technology it believes could according to the complaint.
activities in the U.S. by Chinese The Chinese Embassy in timing of the cases to the start pose a security risk in the The alleged Chinese spies
government actors. Nearly a Washington didn’t respond to a of Mr. Xi’s third term, saying: event of a conflict, and West- sought to collect a range of
dozen people, including mem- request for comment. A “We bring cases when they are ern allies have also adopted sensitive information in the
bers of China’s security and in- spokesman for Huawei didn’t ready.” darker views of Beijing’s ambi- continuing Huawei racketeer-
telligence operations, have respond to a request for com- U.S. prosecutors first un- tions. In a speech earlier this ing case, including details
been charged in those cases, ment. Huawei and China have sealed charges against Huawei month in London, U.K. spy about witnesses, potential new
officials said. both repeatedly denied earlier in 2019, portraying the com- chief Jeremy Fleming said charges and trial evidence, the
The legal actions were an- allegations of wrongdoing. pany as a serial violator of U.S. China’s efforts to exert global complaint said.
nounced at a delicate time in “In all three of these cases, laws and global business prac- control over technology was —Aruna Viswanatha
the Chinese political calendar and frankly in thousands of tices. In February 2020, prose- “the national security issue and James T. Areddy
as President Xi Jinping others, we found the Chinese cutors expanded on that case that will define our future.” contributed to this article.
.
ly
on
JORDAN OPP/ST. LOUIS POST-DISPATCH/ASSOCIATED PRESS
us ,
l
e
al a
ci on
er s
m er
People comforted each other outside Central Visual and Performing Arts High School in St. Louis after a gunman began shooting on Monday morning.
Two Victims, Gunman Dead in School Shooting
m rp
BY SCOTT CALVERT didn’t name either of the de- prompting some school dis- an active shooter at approxi- that left 21 victims dead at an
ceased victims or describe tricts to beef up security. mately 9:11 a.m., and the first elementary school in Uvalde,
A 61-year-old woman and a their connection to the two The commissioner didn’t officers arrived on scene and Texas, officers waited outside
16-year-old girl were fatally schools that share the campus say what kind of gun the went inside the school building the doors of a classroom for
co Fo
shot Monday morning inside a where the shooting occurred. shooter used, but said he had at 9:15 a.m., Commissioner Sack more than an hour while teach-
St. Louis high school, and the The commissioner identi- almost a dozen high-capacity said. By 9:23 a.m., he said, offi- ers and students died inside.
suspected shooter died in an fied the suspected gunman as magazines. He credited a quick cers had located the gunman The St. Louis school build-
exchange of gunfire with re- 19-year-old Orlando Harris, a police response with prevent- and begun exchanging gunfire ing where the shooting took
sponding police officers, au- graduate of the high school ing more casualties. with him on the third floor. place has metal detectors, and
thorities said. with no criminal record. Detec- The shooting began around He described the eight min- on Monday had seven security
Four teenagers sustained tives were still trying to deter- 9 a.m. at a brick building in utes from arrival to engage- officers on duty, said St. Louis
nonfatal gunshot injuries or mine a motive, he said, adding, south St. Louis that houses ment as “very quick” consider- Public Schools Superintendent
graze wounds and were in sta- “There’s suspicions that there two public schools: Central Vi- ing the size of the school and Kelvin Adams. Not all of the
ble condition, St. Louis Interim may be some mental illness sual and Performing Arts High the flow of students and staff security officers are armed, of-
Police Commissioner Michael that he was experiencing.” School, and Collegiate School out of the building. ficials said. Commissioner
Sack said at a news conference Monday’s shooting comes of Medicine and Bioscience. Police response has Sack said the school’s exterior
Monday evening. Two other amid an increase this year in About 700 students attend emerged as a major issue after doors were locked at the time
n-
teens had abrasions, and one gun-related incidents at school school there, officials said. some past school shootings. of the incident but declined to
had a broken ankle, he said. He campuses across the country, Police received a call about During last spring’s shooting say how the shooter got inside.
Men Died From Covid in 2020
At Rate Higher Than Women
BY TALAL ANSARI
AND JENNIFER CALFAS
Men died of complications
from Covid-19 at a higher rate
than women in both rural and
urban parts of the U.S. during
the first year of the pandemic,
according to a new report.
SHANNON STAPLETON/REUTERS
The report, published Tues-
day by the National Center for
Health Statistics, examined
Covid-19 deaths by sex and
age group for 2020, when the
virus became the third leading
cause of death in the U.S. and
before vaccines against it be-
came widely available. Death rates from Covid-19 were at least 50% higher for men
Data revealed death rates compared with women in 2020, according to a federal report.
were at least 50% higher for
males compared with females. also identified potential biologi- underlying risk for dying from
The greatest difference be- cal factors, including women’s Covid-19, we can expect to con-
tween the genders was found more able immune systems. Re- tinue to see differences in
in so-called large central met- search has shown men are more Covid-19 mortality by sex.”
ropolitan areas, where prone to lax mask-wearing hab- The study classified U.S.
Covid-19 death rates were 78% its and delaying medical care. counties in six categories DOUBLE WAVE PENDANT EARCLIPS
higher for males, according to While the report Tuesday ranging from the most ur- 22K “VIRGIN” GOLD AND PEARL, $21,500
the report from the NCHS, focused on Covid-19 deaths in ban—what researchers called
part of the Centers for Disease 2020, there may be similar large central metropolitan—to
Control and Prevention. differences in Covid-19 death the most rural.
Researchers previously have rates between the sexes in the Among people living in
.
noted the higher rate of years that followed, said Ajay large central metropolitan ar-
s re se rv ed
Covid-19 deaths among men Sethi, an associate professor eas, the Covid-19 death rate in
compared with those experi- of population health sciences 2020 for males under the age
Al l rig ht
enced by women. Scientists say at the University of Wisconsin- of 65 was close to twice that
there are many reasons for the Madison focused on epidemi- for females, Tuesday’s report
disparity, including health prob- ology and infectious diseases. said. The death rate for males MY STYLE IS MY SIGNATURE
on , LLC.
lems such as high blood pres- “What continues to be worri- aged 65 and older living in
sure and diabetes that men some is that males are on aver- large central metropolitan ar- 745 FIFTH AVENUE, SUITE 1210, NYC
©B el pe rr
tend to have more often, which age less likely to be up to date eas was about 50% higher than 212 702 9040 • BELPERRON.COM
could lead to worse Covid-19 on Covid-19 vaccination,” Dr. for females in the same age
outcomes. Researchers have Sethi said. “Given their greater group and area, they 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.
A4 | Tuesday, October 25, 2022
HANNAH BEIER FOR THE WALL STREET JOURNAL (2); RACHEL WISNIEWSKI FOR THE WALL STREET JOURNAL (CARTWRIGHT)
The Multicultural Parade & Festival in Wilkes-Barre, Pa., in September. The city’s Hispanic population has grown in recent years.
Far From Border, Immigration
Dominates Key House Race
BY TARINI PARTI
AND PAUL OVERBERG
WILKES-BARRE, Pa.—More
than a thousand miles from the
southern U.S. border, the ripple
effects of an influx of immi-
grants into this former coal-
mining city could help decide
one of the most competitive
congressional races in the
country next month.
Jim Bognet, a political ap-
pointee in the Trump adminis-
tration and the Republican
nominee for this area’s House
seat, is making the case that
the surge in illegal immigration
under President Biden has
brought
crime and
drugs to
Pennsylva-
n i a ’ s
Eighth
Congressional District. There is
little evidence connecting the
issues, according to research
from the Federal Reserve and
academic studies, though many
voters echo similar concerns.
Mr. Bognet is trying to un-
seat five-term Rep. Matt Cart-
wright, the only Democrat run-
ning for re-election in the
House who has won in a dis-
trict carried by former Presi-
dent Donald Trump in 2016 and
2020 as well as in the 2018
election. Mr. Cartwright has
broken with his party on immi-
gration and supported building
a wall along some parts of the
border.
Their race, considered a tos-
sup by political analysts, shows
how immigration is a resonant
issue in areas far from tradi-
tional immigrant gateways this
year. A wave of migration that
started at the turn of this cen-
tury has transformed once pri-
marily white communities in
the Midwest and Rust Belt into
racially mixed towns where res-
idents are grappling with the
no
ensuing change.
A Wall Street Journal analy-
sis of census data found that
Luzerne County, where Wilkes-
Barre is located, diversified
faster than any other large
county in the U.S. during the
first two decades of this cen-
tury. Latinos from Mexico and
the Dominican Republic, as well
as from Puerto Rico, have
moved here, many after living
in New York and New Jersey.
They are drawn by the area’s
Florida’s DeSantis Is Set to Send More Migrants to Northern States
BY JON KAMP
AND ARIAN CAMPO-FLORES
Florida officials plan to con-
tinue transporting migrants to
Northern states to protest fed-
eral border policies and might
restart flights by December,
according to a spokeswoman
Democratic Rep. Matt Cartwright, left, and Republican nominee
Jim Bognet are vying for a House seat that is seen as a tossup.
Share of 2020 presidential vote
al a
DEM. PERCENTAGE POINTS
< +20 +10
ci on
Pa.
Area of detail
er s
Luzerne Co.
m er
m rp
11
co Fo
80
Source: Pennsylvania Department of State
affordable housing and jobs in
warehouses that line the high-
way just outside the city.
In the last decade, the share
of the population in Wilkes-
Barre that is Hispanic has more
n-
than doubled and now accounts
for a quarter of the city’s in-
habitants, census figures show.
The non-Hispanic white share
fell to 55% from 75% during
that time.
The census doesn’t distin-
guish between residents who
are in the U.S. legally and those
who aren’t. While Mr. Bognet
and other Republican candi-
dates have targeted their criti-
cism at those here illegally,
some members of immigrant
families say the message un-
fairly paints them in a negative
light regardless of their immi-
gration status.
for Gov. Ron DeSantis and
emails from a contractor.
Florida hasn’t flown more
migrants since it chartered
two planes to send 49 people
from Texas to Martha’s Vine-
yard in Massachusetts on
Sept. 14, a surprise move that
generated controversy, a crim-
inal investigation and lawsuits.
Mr. DeSantis, a Republican,
has said the flights were in-
tended to spread the burden
of caring for migrants who en-
ter the U.S. illegally to places
where more officials support
Biden administration immigra-
tion policies. Though Florida
isn’t a border state, he has
said the flights were needed
because migrants travel there.
Mr. DeSantis’s communica-
tions director, Taryn Fenske,
said the migrant transport cam-
paign is still in place. Publicly
released communications from
Vertol Systems Co. Inc., the con-
tractor that arranged the earlier
flights, indicated more trips
P W L C 10 11 12
on
us ,
l
e
Same +10 +20 +30
Scranton
Pittston
Wilkes-Barre
476
81
Hazleton
The GOP’s focus on immigra-
tion this fall is a key part of its
campaign to regain control of
the House. Nonpartisan ana-
lysts say Republicans are fa-
vored to win the majority, and
the party in power usually
loses seats in midterms.
Mr. Bognet, who lost to Mr.
Cartwright in 2020, said in an
interview that illegal immigra-
tion is one of the top concerns
he hears from voters. “They’ve
seen a surge in drug crime, and
they’ve seen a surge in assaults.
People aren’t stupid,” he said.
“They tie the two together. And
they say, ‘When you have folks
who their first act of coming
here was breaking the law, how
can we expect them to respect
our other laws?’ ”
Research from the Federal
Reserve Bank of Dallas, the Uni-
might occur later this year.
“While Florida has had all
hands on deck responding to
the catastrophic Hurricane
Ian, the immigration reloca-
tion program remains active,”
said Ms. Fenske. She didn’t
comment on when the state
might restart any flights.
Vertol Chief Executive
James Montgomerie proposed
in a letter to Florida’s trans-
portation department earlier
this month that his company
arrange to transport about 100
migrants who entered the U.S.
illegally to Delaware, Illinois
or other states by Dec. 1,
rather than a previously sug-
gested date of Oct. 3.
The letter, released as part
of a public-records request,
was sent shortly after Hurri-
cane Ian caused billions of dol-
lars of damage in Florida and
killed at least 114 people. Flor-
ida has paid Vertol $950,000
for the proposed additional
flights, on top of $615,000 for
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
versity of Wisconsin and the
Cato Institute, a libertarian
think tank, has found that im-
migrants in the U.S. illegally are
much less likely to commit
crimes than native-born citi-
zens.
Dana Wexler, 31, who re-
cently moved to Wilkes-Barre
from Brooklyn, N.Y., and works
as a sales agent, said she be-
lieved immigrants had the right
to try to come to the U.S., but
she was growing concerned
about what she said were mi-
grants coming into the country
without criminal background
checks and health screenings.
The Biden administration has
GOP said it began vaccinating asy-
lum seekers taken into custody
> against Covid-19 earlier this
year. “They’re making us have
more problems in life, and we
already have enough prob-
lems,” said Ms. Wexler, who
said she previously voted for
Mr. Obama and Mr. Trump. She
said she would likely vote for
Mr. Bognet in November.
Mr. Cartwright, who backs a
comprehensive overhaul of the
immigration system, has taken
a tougher stance on immigra-
tion than most House Demo-
crats. Under the Trump admin-
istration, he was one of three
Democrats to vote for legisla-
tion taking away some federal
grants from cities with policies
that restrict assistance with the
enforcement of federal immi-
gration law. “I believe in the
rule of law,” Mr. Cartwright
said of his views on immigra-
tion. “We have to do our dead-
level best to see that the laws
are enforced in every aspect.”
Mr. Bognet said he thinks le-
gal immigrants make important
contributions, but that those
who come illegally cause “pro-
found cultural and law-and-or-
der repercussions.”
Noemi Galeno, 20, a daugh-
ter of immigrants who works in
child care, said she is feeling
pressure to vote for the first
time to push back on Republi-
can efforts to tie immigrants to
crime. She said she is con-
cerned about public safety but
said GOP politicians are un-
fairly targeting immigrants for
the problem. “They use us as
an excuse for their failure,” she
said. “They’ll blame us for any-
thing.”
—Daniella Cheslow
contributed to this article.
the flights to Massachusetts,
according to state records.
Mr. Montgomerie didn’t re-
spond to requests for comment.
Democrats and immigrant-
rights groups have condemned
Florida’s flights, calling them a
political stunt, while Republi-
cans and advocates for tighter
border control say the flights
have brought needed attention
to the strains Southern states
face from an influx of unau-
thorized migrants.
The migrants flown to Mar-
tha’s Vineyard, mostly from
Venezuela, were told by re-
cruiters that they were headed
to Boston or Washington, D.C.,
and would receive jobs, hous-
ing, educational opportunities
and other help at their desti-
nation, attorneys representing
them said. Some of the mi-
grants and Alianza Americas,
an advocacy group for Latino
immigrants, filed a lawsuit in
Massachusetts against Mr. De-
Santis and others claiming
7 8 9 O I X X THE WALL STREET JOURNAL.
Senate Hopefuls
Emphasize Base
In North Carolina
BY JOSHUA JAMERSON
GREENSBORO, N.C.—In one
of the closest Senate contests
in the country, both political
parties have emphasized ener-
gizing their bases more than
trying to persuade a shrinking
pool of undecided voters
ahead of midterm elections.
The race between Democrat
Cheri Beasley, a former chief
justice of the North Carolina
Supreme Court, and Rep. Ted
Budd, a Republican backed by
former President Donald
Trump, has been close for
months, as many elections in
North Carolina have been in
recent years. Mr. Budd holds a
roughly 2.6 percentage-point
edge, according to polling ag-
gregator FiveThirtyEight.
“This is the closest race in
the country nobody’s talking
about,” said Morgan Jackson, a
Democratic strategist in the
state.
The slice of the state’s elec-
torate that is seen as persuad-
able is getting smaller, strate-
gists from both parties said. In
North Carolina, where the
state’s voter-registration sys-
tem allows for voters to be un-
affiliated with either party,
strategists say even those vot-
ly
ers typically lean heavily to
one side of the aisle.
“It just feels like there are
fewer and fewer people who
are gettable, and more and
more people who put their jer-
seys on at the beginning of the
cycle,” said Jordan Shaw, a
GOP strategist in North Caro-
lina and a former top aide to
GOP Sen. Thom Tillis.
Both candidates in recent
weeks held events in places
where they expected to find
their strongest supporters. Ms.
Beasley rallied voters at a
brewery in downtown Ashe-
ville, a Democratic stronghold
in the western part of the
state. Mr. Budd held a rally
with Donald Trump Jr., the
former president’s son and a
celebrity on the right.
Mr. Jackson, the Democratic
strategist, said Ms. Beasley
was unlikely to win many rural
counties but said she could
convince enough Democrats
there to show up to eat into
Mr. Budd’s margins. Mr. Shaw,
the GOP strategist, said Mr.
Budd had an advantage in that
Republicans are motivated to
vote this year in a bad national
environment for Democrats.
Many North Carolinians
split their tickets in 2020,
when former President Trump
and Gov. Roy Cooper, a Demo-
crat, both won the state. But
nationally, 2020 marked a 20-
year low for ticket-splitting,
according to Republican poll-
ster Bill McInturff. Some 11%
of the electorate were ticket-
Rep. Ted Budd, left, and Cheri Beasley are locked in a tight race.
they were induced to travel by
fraud and misrepresentation.
Mr. DeSantis’s office didn’t
respond to a request for com-
ment on the allegations. The
governor previously said that
the migrants flown to Martha’s
Vineyard weren’t duped or
given false information and
that they went there volun-
tarily. The aim of the relocation
program, he has said, is to in-
terdict migrants intending to
go to Florida and to offer them
free transportation to what he
called “sanctuary jurisdictions.”
Lawyers for the migrants
said they have been trying to
learn more about a woman
their clients say played a key
role in recruiting them onto
the Massachusetts-bound
flights. Two of the migrants,
speaking through immigration
attorney Susan Church, identi-
fied the woman in photos
posted on social-media ac-
counts belonging to a person
known as Perla Huerta.
splitters in 2020 versus 20% in
2016 and 36% in 2000.
North Carolina has backed
Republicans for president
since 2012 and Senate since
2014, but voters here twice
picked Mr. Cooper for gover-
nor, giving Democrats hope
that Ms. Beasley has a path to
an upset victory.
The candidates in North
Carolina say they could per-
suade some voters outside
their camps. Mr. Budd told re-
porters that the economy was
front of mind for voters and
that he thought high prices
would persuade some Demo-
crats and independents to vote
for him.
Ms. Beasley said some vot-
ers who aren’t registered Dem-
ocrats, especially women,
would be persuaded to vote
for her because of Mr. Budd’s
opposition to abortion. He
supports a bill introduced by
Sen. Lindsey Graham (R., S.C.)
that would limit abortions na-
tionwide after 15 weeks of
pregnancy.
Both Democratic and Re-
publican voters in North Caro-
lina said they liked their
.
The slice of the
electorate that is
seen as persuadable
is getting smaller.
party’s candidates, but they
loathed the opponent just as
much if not more.
“If she gets in, I think that
our situation here in North
Carolina would be awful. I re-
ally do,” Janet Macrae, a
homemaker from just outside
Greensboro, said of Ms. Beas-
ley.
Leslie Carey, a mother of
four in Hendersonville, said
that she typically votes Demo-
cratic and that the Supreme
Court’s decision this year elim-
inating the constitutional right
to an abortion made her want
to double down on Democrats.
For the first time, the stress-
management consultant is
knocking on doors to encour-
age people to vote in her com-
munity, which backed Mr. Bi-
den in 2020 and is surrounded
by rural neighborhoods that
backed Mr. Trump, according
to a WSJ analysis of Census
Bureau data.
“I thought [abortion] was
just used to raise money. I
didn’t really believe that they
would take that away,” Ms.
Carey said. “Because I was
feeling so helpless, the only
way I sought to control the sit-
uation was to go and talk to
people on my side.”
MELISSA SUE GERRITS/GETTY IMAGES (2)
Separately, a person who
met Ms. Huerta identified her
as someone who visited the
Texas border in August with
Florida officials and asked
questions about the state’s mi-
grant busing program.
Ms. Huerta didn’t respond
to requests for comment.
Florida’s program is funded
by $12 million that the legisla-
ture set aside this year from
interest earnings on federal
coronavirus recovery funds.
The U.S. Treasury Depart-
ment’s inspector general’s of-
fice is looking into whether
coronavirus recovery funds can
be used for immigration mat-
ters and what limitations apply
to Florida’s use of the interest
earned on those funds, accord-
ing to a letter the office sent
to Massachusetts lawmakers.
The sheriff’s office in Bexar
County, Texas, is conducting a
criminal investigation into the
flights and those who orga-
nized them.
 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.
Trump Ally Testifies
In Own Lobbying Trial
BY JAMES FANELLI
Thomas Barrack, a close
Donald Trump ally accused of
illegally lobbying on behalf of
the United Arab Emirates, tes-
tified at his own trial Monday,
telling a federal jury in Brook-
lyn that his association with
the former president proved
disastrous for his investment
business.
Mr. Barrack, former chair-
man of investment firm Col-
ony Capital Inc., is accused of
using his ties to push Mr.
Trump’s campaign and admin-
istration toward policies that
benefited the U.A.E.
Mr. Barrack, who has
pleaded not guilty, testified
that Mr. Trump’s rhetoric and
policy proposals while cam-
paigning for the presidency
alarmed leaders in the Middle
East and institutional share-
Deadly Fungal Infections Are Hard to Treat and on the Rise
BY DOMINIQUE MOSBERGEN
It wasn’t the cancer or
rounds of chemotherapy and
radiation that almost killed
David Erwin. It was a fungus
most people inhale every day.
Fungal infections kill more
than 1.6 million people yearly,
according to Global Action for
Fungal Infections, a research
and fundraising organization.
The toll is climbing. Fungi are
adapting to rising tempera-
tures in ways that may make
them better suited to thrive in
the human body, researchers
said. And more people under-
Builders
Prepare for
Slowdown
Continued from Page One
Finished homes are sitting on
the market, hundreds of thou-
sands of new ones are ex-
pected to be completed in the
coming months, and many
builders are cutting prices. Ex-
isting-home prices are declin-
ing from their springtime
peaks, and single-family home
construction in September fell
18% from a year earlier.
During the earlier housing
downturn, which was triggered
in part by the collapse of the
subprime-mortgage market,
about half of all home builders
disappeared. Home builders
that lived through that said
they learned some hard les-
sons, and that the current
slowdown won’t lead to an-
other industry implosion. Also,
mortgage lenders have tight-
no
ened underwriting standards
in recent years, reducing the
risk of a wave of foreclosures.
Mr. McCormick’s former
home-building company
stopped construction in 2009
after losing projects to foreclo-
sure. Home builders have been
more conservative in recent
years about taking on debt and
owning a lot of land, industry
analysts said. Some home
builders have increased their
use of land banks or other
third-party arrangements that
give them the option to buy
land only when they need it.
Some home builders who
have completed single-family
homes but not yet sold them
have turned to the rental mar-
ket to bring in revenue, and
others are selling them in bulk
to investors at discounted
prices to use as rentals.
This year’s rising mortgage
rates, said Mr. McCormick,
slashed the number of would-
be buyers for his homes. “They
still had the good credit, they
still had the good job,” he said.
But rising home prices and
rates, he said, “just squeezed
them out of the market.”
Other prospective buyers
have backed away from buying
anything now because of eco-
nomic uncertainty, real-estate
agents said. Consumer senti-
ment toward the housing mar-
ket fell in September to the
lowest level since 2011, accord-
ing to Fannie Mae.
“How rapidly things have
deteriorated is pretty remark-
able,” said Ivy Zelman, chief
executive of real-estate re-
search and advisory firm Zel-
man & Associates, a unit of
* *
holders in his publicly traded
company.
“A lot of these institutional
shareholders were upset I was
friends with the president,” he
said.
Mr. Barrack is charged with
acting as an agent of a foreign
government without prior no-
tification to the U.S. attorney
general.
Federal prosecutors allege
he provided nonpublic infor-
mation about foreign policy
positions and decisions of the
Trump campaign to U.A.E. of-
ficials. At the same time, Mr.
Barrack solicited and received
hundreds of millions of dollars
in investments from U.A.E.
sovereign funds, prosecutors
said.
Mr. Barrack, 75 years old,
said he didn’t do the bidding
of U.A.E. officials and was act-
ing on his own business and
going treatments that weaken
their immune systems means a
larger population vulnerable
to severe fungal infections.
Immunocompromised peo-
ple are at particular risk of se-
vere fungal infections, infec-
tious-disease experts said.
The overuse of antibiotics
is also contributing to the bur-
geoning threat of fungal infec-
tions, infectious-disease ex-
perts said.
At least 7,000 people died
on
in the U.S. from fungal infec-
us ,
tions in 2021, the Centers for
l
Disease Control and Preven-
e
al a
tion said. In 1969, the CDC re-
ci on
er s
m er
m rp
co Fo
A new Touchstone Living development in North Las Vegas. The company’s list of qualified buyers shriveled as mortgage rates rose.
n-
Walker & Dunlop Inc. But
“there’s a huge difference from
the go-go days of exotic mort-
gage products and no money
down,” she said, referring to
the loose lending environment
before the 2007 crisis.
During the first two years
of the Covid-19 pandemic,
home builders couldn’t build
homes fast enough to meet de-
mand. Supply-chain issues and
labor shortages slowed the
pace of construction. Builders
limited sales so they didn’t sell
more homes than they could
build, and selected buyers off
wait lists or through lotteries.
Prices soared, and builders
ramped up construction as
much as they could.
Now that new-home sales
have slowed, the risk of a glut
is rising. About 800,000 sin-
gle-family homes were under
construction in September, on
a seasonally adjusted basis, up
11% from a year earlier and
52% from September 2019, ac-
cording to the Census Bureau.
Many of those homes were
started before the market
slowed.
Some are already sold, but
not all. In an effort to lure re-
luctant buyers or keep others
from canceling, builders are
paying upfront fees to mort-
gage lenders to reduce buyers’
mortgage rates and offering
other incentives, such as long-
term rate locks. Builders also
are canceling deals to acquire
land.
There was an 8.1-month
supply of new homes on the
market at the end of August,
according to the Census Bu-
reau.
“They are sitting on a lot of
inventory that’s under con-
struction, and that’s the stuff
U.S. NEWS
political interests.
He told the jury that he
built Colony from the ground
up, cultivating relationships
with investors and govern-
ment leaders around the
world, including officials in
the U.A.E., Qatar and Saudi
Arabia.
With his connections in
Arab states and to Mr. Trump,
Mr. Barrack said, he thought
he could be “some tiny prod in
weaving that web of tolerance
between these countries and
America.”
Arab leaders grew con-
cerned by some of Mr.
Trump’s policies, including a
proposed ban on Muslims
from entering the U.S. and a
plan to build a wall on the U.S.
southern border, Mr. Barrack
said.
Mr. Barrack, who had been
an adviser and fundraiser for
ported 450 such deaths. Cur-
rent cases are likely
undercounted because of mis-
diagnoses, the agency said.
“Public awareness of fungal
infections is abysmal,” said
Peter Pappas, an infectious-
disease specialist at the Uni-
versity of Alabama at Birming-
ham. “They think of toenail
fungus or jock itch. They don’t
understand that with some of
these invasive fungal infec-
tions, if left untreated or even
when they are treated, they
can often lead to death.”
Mr. Erwin, a 60-year-old
former manager at a trucking
that they’d like to move,” said
Carl Reichardt, a home-build-
ing analyst at financial-ser-
vices firm BTIG. “I think it’s
going to get worse before it
gets better.”
Lennar Corp., the nation’s
second-biggest builder by vol-
ume, said in a September earn-
ings call that new sales orders
fell 12% in the third quarter
from a year earlier. Its average
sales price for new orders rose
1% from a year earlier, but fell
9% from the second quarter.
“It’s clear that there’s going
to be more increase in interest
rates that we’re going to be
Owner Tom McCormick struggled during the 2007-09 downturn.
Thomas Barrack is accused of illegal lobbying on behalf of the United Arab Emirates.
the Trump campaign, recalled
how in 2016 he met with
Sheikh Tahnoun bin Zayed Al
Nahyan, a potential business
partner and the U.A.E.’s na-
tional security adviser, to dis-
cuss investments and help the
sheikh understand Mr.
Trump’s point of view.
company, hadn’t heard of the
fungus Aspergillus until the
spring of 2021, when a neuro-
surgeon dug out a colony of it
from his brain.
Mr. Erwin, who lives in Jo-
liet, Ill., had completed chemo-
therapy for throat cancer in
2020. He said he continued to
experience symptoms that
flummoxed physicians. He lost
the use of his right arm and
leg and developed debilitating
back pain. The mass the sur-
geon removed helped confirm
that Aspergillus had colonized
his brain, lungs and spine. The
common mold can grow on
dealing with,” said Stuart
Miller, Lennar’s executive
chairman, on the call. Builders
will need to cut prices and of-
fer incentives, he said, or sales
would decline.
Rising rates have hit the ex-
isting-home market, too. Be-
tween January and September,
sales activity declined 27% on
a seasonally adjusted annual-
ized basis, a faster decline
than during the subprime cri-
sis.
Even so, existing-home
prices are up from a year ago
on a national basis. The num-
ber of existing homes for sale
Tuesday, October 25, 2022 | A5
MARY ALTAFFER/ASSOCIATED PRESS
Mr. Barrack said he told least create a dialogue,” he
Sheikh Tahnoun that Mr. said, adding that Sheikh Tah-
Trump needed to talk to rep- noun never asked him to act
resentatives of Arab countries as an agent of the U.A.E.
and offered to arrange a meet- A meeting between the two
ing with the then-presidential men never occurred, he said.
candidate. Prosecutors will have an
“I thought it would be ben- opportunity to cross-examine
eficial for all of them to at Mr. Barrack later this week.
carpets, pillows and in air tion said it plans this year to
conditioners. release a list of priority fungal
More than 75,000 people diseases that it hopes will
are hospitalized in the U.S. ev- spur funding for research and
ery year with fungal infec- drug development.
.
tions, one-fifth of which are The Food and Drug Admin-
caused by Aspergillus, the CDC istration has approved four
ly
said. Fatality rates associated classes of antifungal medica-
with some fungal infections tions for invasive infections. A
including severe cases involv- new class to treat severe dis-
ing Aspergillus can exceed
50%, research shows.
The CDC last month urged
patients and healthcare pro-
eases hasn’t been approved in
over two decades. Most anti-
fungals for serious infections
are toxic, some even at low
viders to consider fungi a po- doses. Several antifungal
tential culprit if an infection drugs are in development and
isn’t responding to treatments. researchers are probing po-
The World Health Organiza- tential vaccines.
settling them.
Some home builders were
so shell-shocked by the crisis
that they were hesitant to in-
crease their building for years.
“The great financial crisis,
even though that was 15, 16
years ago, still feels very cur-
rent and very raw to the build-
ers in Las Vegas, because they
took it on the chin as much as
anybody in the country,” said
Ken Perlman, managing princi-
pal at Irvine, Calif.-based John
Burns Real Estate Consulting.
MIKAYLA WHITMORE FOR THE WALL STREET JOURNAL (2)
As a result, the supply of
new homes isn’t as excessive
as it was before the housing
crisis.
Nationwide, the number of
residential builders declined
by 50% between 2007 and
2012, according to the National
Association of Home Builders.
Single-family housing starts, a
measure of new-home con-
struction, fell from 1.7 million
in 2005 to 445,000 in 2009,
according to the Census Bu-
reau. Builders didn’t exceed
one million single-family starts
remains well below historical in a year again until 2021.
levels, and millions of millen- By 2012, Mr. McCormick
nials are moving into their was ready to dip his toes back
prime home-buying years— in. He expected Las Vegas’s
both factors that could limit population to keep growing
price declines, economists and home prices to rebound.
said. He started buying land that
New-home construction, year, and Touchstone sold its
which accounts for about 10% first home in 2014. It is the
of overall home sales, faces a largest Nevada-based privately
bigger risk of slowing sales owned builder, and it had
and price declines in the near about 4.8% market share in the
term because new homes typi- Las Vegas area last year, ac-
cally are more expensive than cording to Builder Magazine.
existing homes, and because The S&P Homebuilders Se-
the supply is continuing to lect Industry stock index is
grow. down 36% this year, outpacing
For Mr. McCormick, the the S&P 500’s 20% decline. A
summer’s slowdown was a measure of U.S. home-builder
scary reminder of how easily confidence fell for the 10th
the market can turn. straight month in October to
He was the owner of Astoria the lowest level since May
Homes, one of the biggest pri- 2020, according to the NAHB.
vately owned home builders About one-quarter of builders
based in Nevada during the surveyed by the association in
early 2000s housing boom. At September said they had re-
its peak in 2004 and 2005, As- duced prices in the prior
toria built about 1,000 homes a month.
year. In the Las Vegas area, new-
“It was so good for so long,” home sales have slid from
Mr. McCormick said. “I just be- more than 1,000 a month in
came overconfident.” the first quarter to 488 in Au-
When the subprime-mort- gust, said Andrew Smith, pres-
gage crisis erupted in 2007, ident of Las Vegas-based Home
the housing market collapsed Builders Research Inc.
and many builders went out of Most Las Vegas-area build-
business. Las Vegas became ers surveyed in September had
one of the faces of the national reduced prices that month
foreclosure crisis. Home build- from their August levels, once
ers, who had built a surplus of incentives such as interest-rate
homes during the boom, buydowns were factored in,
couldn’t compete with existing Mr. Perlman said.
homes that were selling for far In September, Touchstone
less than new ones. decided to start renting out
Astoria shrank from 170 em- some of its properties because
ployees to three, including Mr. it expects home-buying de-
McCormick. A few of its lend- mand to stay low.
ers were taken over by the “People still want to own
Federal Deposit Insurance homes, but they simply can’t
Corp. Mr. McCormick, who had afford it,” Mr. McCormick said.
made personal guarantees on “So the business plan has to
Astoria’s debts, spent years change.”
 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 | Tuesday, October 25, 2022 * **** THE WALL STREET JOURNAL.

WORLD NEWS
Russia Moves to Defend Kherson Allegation
Moscow is building
Of ‘Dirty
territorial-defense units
to battle Ukrainians in
Bomb’ Plot
occupied southern city Met With
BY MATTHEW LUXMOORE

KYIV, Ukraine—Russian-in-
Skepticism
stalled officials in Kherson BY ALAN CULLISON
said they are forming territo- AND LAURENCE NORMAN
rial-defense units on Monday
as Ukraine pushes to recapture Senior U.S. officials said
the occupied regional capital Monday they saw no evidence
before the onset of winter. Russia was preparing to de-
The announcement of the ploy a so-called dirty bomb in
units, which will help Russia Ukraine, but threatened conse-
defend the city, comes amid an quences if Moscow did so after
organized evacuation of resi- the Kremlin falsely accused
dents from Kherson using boats Kyiv of preparing one.
to transfer them to other parts The remarks came a day af-
of the southern Kherson region ter an unusual round of tele-
and to cities in Russia, said phone calls between Russian
ALEXEY PAVLISHAK/REUTERS

Moscow’s officials in the region. Defense Minister Sergei

Kirill Stremousov, the Rus- Shoigu and his U.S., French,
sian-appointed deputy head of U.K. and Turkish counterparts.
the Kherson region, hailed the Mr. Shoigu told them that
success of the city’s defense in the war in Ukraine is moving
a Monday video address where toward a more dangerous
he sat against the backdrop of phase, and that Kyiv might
a map dated March 18. The Civilians evacuated from Ukraine’s Kherson region arrived at a railway station in the town of Dzhankoi, Crimea, on Monday. soon deploy a dirty bomb,
map showed the extent of Rus- which combines conventional
sia’s occupation of Ukraine be- among troops, diminish the ef- cide drones deployed by Rus- become a substitute weapon of TV channel RT announced it explosives with radioactive ma-
fore it was driven out of the fectiveness of weapons and in- sia on the battlefield, and in choice in its attacks on infra- suspended cooperation with terials such as cesium or cobalt,
country’s north. telligence gathering, and multi- its campaign to sap Ukrainian structure because they are one of its most prominent and would contaminate terri-
“Everything is under con- ply the logistical difficulties of morale with strikes on critical cheap, and Moscow has a hosts, Anton Krasovsky, after tory without immediately kill-
trol,” he said, adding that Rus- keeping soldiers in the field. infrastructure far from the dwindling supply of high-preci- he called for Ukrainian chil- ing a large number of people.
sia would soon recapture ter- As it moves to strengthen front lines. Ukrainian officials sion missiles. “Russia is likely dren who say their parts of Western officials sought
ritory. “Whoever doesn’t like its defenses in the east and previously said that 85% of the expending a high number of Ukraine are occupied by Russia Monday to decipher Russia’s
our map, get used to it.” south of Ukraine, Russia has drones were being shot down. Iranian Shahed-136 UAVs in or- to be drowned in a river or motives in making the allega-

.
The southern military cam- opened up a second arena in The campaign also doesn’t der to penetrate increasingly burned alive in wooden houses. tion, and dismissed it as absurd
paign has become the main fo- the war by attacking Ukraine’s appear to be achieving its effective Ukrainian air de- Margarita Simonyan, the and false. Ukraine denied the

cus of Kyiv’s forces as Russia energy infrastructure with
withdraws elite troops from drones and missiles that are
Kherson and brings in sizable leaving large parts of major
reinforcements largely compris-
ing mobilized soldiers, say
Western and Ukrainian officials.
There is a sense of urgency
cities without power for long
stretches, and prompting au-
thorities to urge residents to
limit their consumption.
onfound that 86% of Ukrainians
for Ukraine as temperatures Ukraine’s military intelli-
us ,
aims. A new survey published
Monday by the Kyiv Interna-
tional Institute of Sociology
believe their country should
continue its armed struggle
instead of negotiating with
Russia, even if Moscow contin-
ly
fenses,” the ministry said. editor of RT and a supporter claim, and officials in the U.S.
As Russia’s invasion has of the war, said Mr. Kras- and Ukraine warned that Rus-
stalled and Ukraine has seized ovsky’s comments were “wild sia could be signaling that it is
the initiative on the battle-
field, rhetoric on Russian state
television has taken an in-
creasingly aggressive tone,
and sickening.”
“At the moment I am sus-
pending our cooperation be-
cause neither I nor the rest of
preparing to use such weapons
itself in a false-flag operation
and then use it as an excuse for
deploying a nuclear weapon.
with some pundits advocating the RT team can allow for any- “We have seen in the past

drop. Both armies are girding gence chief, Maj. Gen. Kyrylo ues to attack its cities. a no-mercy approach to Ukrai- one to even suspect that one that the Russians have, on oc-
l

for the unforgiving weather and Budanov, said Monday that The U.K.’s Defense Ministry nian soldiers and civilians who of us is capable of supporting casion, blamed others for
e
al a

shorter days of winter, which the country has shot down on Monday said Shahed-136 oppose Moscow. such nonsense,” she wrote on things that they were planning
will affect health and morale 222 of 330 Iranian-made sui- drones in use by Russia have On Monday, Kremlin-funded Telegram. to do,” said National Security
Council Coordinator for Strate-
ci on

gic Communication John Kirby.

Moscow Seeks Two-for-Two Swap to Free Griner

Gen. Mark Milley, the chair-
man of the Joint Chiefs of Staff,
discussed the claim with his
Russian counterpart on Mon-
er s

BY LOUISE RADNOFSKY as a “substantial proposal” for his value is rapidly diminish- day, U.S. defense officials said.
Ms. Griner and Paul Whelan, a ing, since he is on track for re- Secretary of State Antony
m er

WASHINGTON—Ahead of former Marine who was con- lease in five years after spend- Blinken spoke with his Ukrai-
Brittney Griner’s Tuesday ap- victed of espionage in 2020 ing around 14 years in prison. nian counterpart, Dmytro
peal hearing of a nine-year sen- and sentenced to 16 years. The Mr. Zissou also now says the Kuleba, and reaffirmed U.S.
tence on drug charges, the U.S. offered to release Viktor U.S. should accept that his cli- support for Ukraine “in the
EVGENIA NOVOZHENINA/REUTERS

women’s basketball star’s Bout, a Russian convicted of ent can only be traded for one face of continued Russian ag-
m rp

hopes of returning soon to the arms dealing, in order to se- American, not two. gression, atrocities, and rheto-
U.S. still hinge on a prisoner cure the freedom of Ms. Griner There is a growing sense of ric surrounding so-called ‘dirty
exchange, not the legal process. and Mr. Whelan, people famil- urgency from Ms. Griner’s sup- bombs’ in Ukraine,” the State
And Ms. Griner isn’t the iar with the matter said. porters, who have described Department said.
most important person for Russians, though, have re- her struggles in detention and Western experts said using
co Fo

closing that deal. peatedly signaled that a two-
Instead, negotiations for for-one swap is insufficient.
her return to the U.S. turn on That has been acknowledged
several other people. One is a explicitly by Bill Richardson, the
second American to whom her former New Mexico governor
prospects are closely tied. The and diplomat who now heads a
identity of the other isn’t private foundation advocating
known—U.S. officials appear to for the release of Americans
have a lone Russian they are held overseas. Mr. Richardson
willing to include in an agree- has said he met with Russian
ment, but Russia has indicated officials in September. “I think
it wants at least one more per- it’s going to be a two-for-two,”
son returned as part of any he said on CNN this month.
n-
Brittney Griner is serving a nine-year sentence in a Russian prison.
ures have been deemed by the
U.S. to be wrongfully detained.
Mr. Whelan, a Michigan man,
has been held since 2018 and
was left behind in a one-for-
one exchange of prisoners this
year. Both are now regularly
mentioned in the same breath
by U.S. officials, as well as Ms.
highlighted her case, most re- a dirty bomb would make little
cently around her 32nd birth- sense for Ukraine. It would
day on Oct. 18. cause a relatively low level of
Ms. Griner’s lawyers, Maria
difficulties. Blagovolina and Alexander
The Department of Justice is Boykov, on Monday said her
reflexively opposed to all pris- appeal would likely be heard
Kremlin’s claim
oner exchanges. The U.S. seems in a single court sitting, with a against Kyiv viewed
to have overcome that reluc- verdict coming the same day.
tance only for Mr. Bout, whose The appeal court can leave
as brinkmanship to
sentencing judge has made the the verdict as is, meaning Ms. end faltering war.
case for his release by high- Griner’s nine-year sentence
lighting that he was charged as will stand, or overrule the ver-

trade for two Americans. The U.S. decision to tie to- Griner’s supporters. part of a sting operation. A dict and send it back to the
Top U.S. officials have gether Ms. Griner and Mr. But agreeing on a second Justice Department spokesman original court where the case destruction that wouldn’t alter
openly pressed Russia to ac- Whelan has sidestepped one of Russian to trade, or some declined to comment. was heard, which could reduce the shape of the conflict, and
cept what Secretary of State the thorniest aspects of the other way of making the deal Mr. Bout’s lawyer, Steve the term of imprisonment, the would risk a far more devastat-
no

Antony Blinken has described situation, in which both fig- more enticing, brings other Zissou, has pointed out that lawyers said. ing Russian nuclear response.
“A dirty bomb is a crude de-

WORLD WATCH
vice that seeks to spread radio-
active contamination over a
relatively small area of land—
several small blocks,” said
IRAN GERMANY Scott Roecker, vice president
for nuclear materials security
Tehran Charges 516 Activists Target at the Nuclear Threat Initiative,
For Joining Protests Monet Painting a nonprofit global-security
think tank. “A dirty bomb is
Iranian officials announced In what has become a famil- more a psychological weapon.”
charges against hundreds of iar scene, two climate protesters Lacking an easy off-ramp
people in Tehran in connection splattered a gooey substance on from the war, Russian Presi-
with the protests that have a famous piece of art, this time dent Vladimir Putin has
swept across the country, the defacing a roughly $110 million sought to buy time and under-
first major legal action by au- Claude Monet painting in Ger- mine Western support for
thorities to suppress the unrest. many with mashed potatoes. Ukraine by threatening apoca-
BIJU BORO/AGENCE FRANCE-PRESSE/GETTY IMAGES

Judicial officials said that 516 As visitors milled around Mo- lyptic escalation.
people who had key roles in the net’s “Grainstacks” painting Sun- Russia has since the begin-
protests would be brought to day, a man and woman in or- ning of its invasion in February
trial starting this week, including ange vests hurled containers of made accusations against Kyiv
315 in Tehran and 201 in a mashed potatoes onto the can- that the U.S. and its allies have
nearby province, according to of- vas, according to a video taken dismissed as Moscow’s attempt
ficial Iranian news agencies. Four at the scene. They had set off to deflect attention from its
defendants are charged with alarms to distract the staff at own brutality. Those include al-
“war against God,” an offense the Museum Barberini in Pots- legations that Ukraine is trying
that carries the death penalty. dam, where the artwork was to acquire nuclear warheads,
“These individuals will be displayed, the museum said. that it is preparing chemical
punished and this punishment “We are in a climate catastro- weapons and that the U.S. and
will be a disincentive,” Iran’s judi- phe,” the woman said in Ger- Kyiv have been operating bio-
ciary chief, Gholam Hossein FESTIVAL OF LIGHTS: Earthen lamps were lighted in Guwahati, India, for Diwali, the Hindu festival man, as a yellow goop dripped weapon laboratories in Ukraine.
Mohseni Ejei, was quoted as symbolizing spiritual victory of light over darkness, good over evil and knowledge over ignorance. onto the floor. “Does it take Western officials say that
saying at a meeting of the coun- mashed potatoes on a painting the Moscow signaling Sunday is
try’s judicial council. NICARAGUA which has dismantled virtually activities,” the White House said. to make you listen?” ominous because it was phoned
Iranian authorities have ar- all political opposition. The executive order allows the The 19th-century frame sus- in by Russia’s defense minister,
rested an unknown number of U.S. Issues Sanctions Stepped-up actions by the U.S. to identify other areas of tained damage, but the canvas who has seldom engaged with
people since the protests began On Gold Industry Ortega government against civil the Nicaraguan economy that itself was unharmed because it the U.S. or its allies.
Sept. 19, filling already over- society groups, its increasing se- could be subjected to sanctions. was covered with protective Western defense ministers
crowded jails with prisoners. On President Biden increased the curity cooperation with Russia, In July, the U.S. removed Nica- glass, according to the museum. appeared to take seriously the
Oct, 11, judicial authorities an- pressure on Nicaragua’s authori- and its silencing of independent ragua from the list of countries “Grainstacks” was set to be back threat of an escalation in
nounced 1,700 people detained in tarian regime Monday, sanction- voices has compelled the U.S. to that can export sugar to the U.S. on display on Wednesday. Ukraine, said Andrew Weiss,
the protests had been released. ing the country’s gold industry act, Secretary of State Antony with reduced import tariffs. In London, two climate protest- vice president at the Carnegie
The protests were sparked by and imposing visa restrictions on Blinken said. Mr. Ortega’s wife, Rosario ers earlier this month threw to- Endowment for International
the death of Mahsa Amini, who more than 500 key supporters A new executive order signed Murillo, who serves as vice pres- mato soup on a famous Vincent Peace in Washington. “Is it
was detained for allegedly vio- of President Daniel Ortega. by Mr. Biden targets Nicaragua’s ident and acts as the Nicaraguan Van Gogh painting called “Sun- simply another Russian ruse or
lating the country’s strict dress The sanctions are the latest thriving gold sector, which the government’s spokeswoman, de- flowers.” That painting also was is Russia foreshadowing some-
code for women. round of U.S. moves directed Ortega government uses to fund clined to comment. protected by glass, officials said. thing that previously seemed
—David S. Cloud against Mr. Ortega’s government, “authoritarian and destabilizing —José de Córdoba —Alyssa Lukpat unthinkable?” he asked.
 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.
Xi’s Slate Reflects Harder Line Toward West
BY LINGLING WEI
The changing of the guard in
China will likely alter how Bei-
jing interacts with the rest of
the world, especially the West.
Gone from the new leader-
ship are the pro-market prag-
matists who for decades helped
pilot the country’s integration
into the global economy. In-
stead, Xi Jinping is starting his
third term in power with a slate
of senior Communist Party ap-
paratchiks known for their loy-
alty to the supreme leader.
Officials who combined polit-
ical standing with technocratic
skills, a mix that gave them
global market credibility—such
as Liu He, Mr. Xi’s economic ad-
viser who negotiated a trade
deal with the Trump adminis-
tration; Guo Shuqing, for de-
cades a banker and financial
Stocks Dive
After China
Party Move
Continued from Page One
also suffered double-digit per-
centage losses.
“The risk premium of China
increased tremendously
among the minds of global in-
vestors,” said Vivian Lin
Thurston, a portfolio manager
at William Blair Investment
Management. She said the
selloff on Monday reflects in-
vestors’ skepticism over
China’s future economic poli-
cies under the rule of Mr. Xi
and his party loyalist allies,
whom some analysts deem
less pro-business.
The absence of Chinese
Premier Li Keqiang and other
pro-growth technocrats in the
seven-person Politburo Stand-
ing Committee, China’s key
decision-making body, has
also disappointed many West-
ern investors, according to Ja-
son Hsu, the chief investment
officer at Rayliant Global Ad-
no
* *
regulator; and Yi Gang, the U.S.-
trained central-bank governor—
are no longer in the upper eche-
lons of the party.
The generational change in
the makeup of China’s manda-
rins reflects how Mr. Xi’s em-
phasis on ideological purity,
national security and party
control has prevailed over the
kind of pragmatism that had
been a hallmark of China’s pol-
icy for decades.
Previous Chinese leaders
such as Deng Xiaoping em-
braced capitalist forces, built
relations with the U.S. and
other developed economies,
and put economic develop-
ment at the center of the
party’s task. Mr. Xi puts poli-
tics first, even when it hurts
China’s growth, upending the
calculation for the West of
what to expect from Beijing.
visors, which manages multi-
ple active exchange-traded
funds that focus on Chinese
investment.
“Now that President Xi is
completely in charge, his ac-
tual policy priorities remain a
mystery,” Mr. Hsu said. Mr.
Hsu said he is now investing in
Chinese shares that have expo-
sure to state-owned enter-
prises, which are expected to
receive government stimulus.
China’s heavy emphasis on
national security during the
party congress, and its firm
opposition to Taiwanese inde-
pendence, have led to a more
gloomy outlook for cross-
strait relations that is reminis-
cent of the Ukraine-Russia
war, said Dan Niles, a senior
portfolio manager at hedge
on
fund Satori Fund.
us ,
The congress meeting came
l
after a punishing year for the
e
al a
Chinese economy. While
China’s gross domestic prod-
uct grew more strongly than
ci on
expected in the third quarter,
Mr. Xi’s strict zero-Covid con-
trols have led to city lock-
downs and factory shutdowns.
Last year, a series of regula-
er s
tory crackdowns targeting sec-
tors from technology to for-
m er
profit tutoring caused
m rp
co Fo
n-
NY
WORLD NEWS
In a speech on Oct. 16 as he
opened the just-concluded Com-
munist Party congress, Mr. Xi
indicated a main development
goal for the next five years
amid rising tensions between
China and the West is to build a
The shake-up of
Beijing’s economic
team is more radical
than many expected.
geopolitically resilient economy
that is much less reliant on for-
eign markets and technology.
He has signaled his quest
for China to be self-sufficient
before. But notably, Mr. Xi
dropped from his latest politi-
widespread investor losses.
And a move to deleverage the
property sector has spurred a
yearslong downturn in the
real-estate sector, compound-
ing investors’ financial pain
and the country’s economic
problems.
Investors had been hoping
for a potential relaxation of
Beijing’s restrictive zero-Covid
policy, which has taken a toll
on Chinese companies and
crippled economic activities.
Now, they must readjust for a
leader that gives priority to
Communist ideology and na-
tional security above economic
growth, according to Leland R.
Miller, chief executive of China
Beige Book International.
“And if that means continu-
ing tech-sector crackdowns, so
be it. If that means continuing
at lower levels of growth and
not stimulating the economy,
so be it,” Mr. Miller said.
One hedge-fund manager
who has been bearish on
China attributed the selloff to
the hard-line makeup of the
Standing Committee and the
lack of diversity of views
among the party’s leadership.
He and other investors also
cited as a reason for concern
the unceremonious departure
cal report a key phrase used
by the party leadership for the
previous two decades, that
China was in a “period of im-
portant strategic opportunity.”
Minxin Pei, editor of quar-
terly journal China Leadership
Monitor, said that phrase had
represented Beijing’s signaling
that it would aim to keep its
relations with the rest of the
world—the U.S. in particular—
on an even keel and focus on
expanding the economy.
“Xi is basically saying China
is not afraid of fighting a Cold
War with the U.S.,” Mr. Pei said.
The gathering economic
gloom this year had created an
opening for Mr. Xi’s No. 2, the
departing Premier Li Keqiang,
who helped roll back some of
Mr. Xi’s initiatives including a
near-blanket ban on private
technology firms. People close
Nasdaq Golden Dragon China Index, past 10 years
$20000
18000
16000
14000
12000
10000
8000
6000
4000
2013
Source: FactSet
’14
Weekly
’15 ’16
of Hu Jintao, Mr. Xi’s prede-
cessor, during the closing
session of the congress on
Saturday, when he was helped
out of his chair and led out of
the hall.
Taken together, the man-
ager said, “this moment will
be marked very negatively in
Chinese history.” He also said
he has sold short more off-
shore renminbi—yuan that cir-
culates outside of mainland
Tuesday, October 25, 2022 | A7
to decision-making said Mr. Li
had been trying to influence
the decision on who would
succeed him. The lineup un-
veiled on Sunday indicates he
failed.
Both candidates the people
said Mr. Li backed—Wang
Yang, a moderate seen as one
of the few remaining torch
bearers of Deng’s “reform and
opening” policy, and Hu Chun-
hua, a vice premier in charge
of trade and foreign invest-
ment—were shut out of the
new lineup of the Politburo,
the senior leadership.
Instead, Mr. Xi’s desired
candidate, Shanghai party sec-
retary Li Qiang, is going to get
the job.
Mr. Li’s main value to Mr.
Xi is as a loyal executor of his
vision. Importantly, Mr. Li fits
the bill of someone Mr. Xi
ly
’17 ’18 ’19 ’20 ’21 ’22
China—and increased bets
against Hang Seng-listed com-
panies and H shares, the
shares of mainland Chinese
companies that are listed on
the Hong Kong stock exchange
and denominated in Hong
Kong dollars.
Shares of casino operators,
many of which hold properties
in Macau, also suffered sharp
losses. In 2019, Macau sup-
plied nearly 70% of the reve-
could rely on to gird for inten-
sifying competition with the
U.S.
The overall shake-up of Bei-
jing’s economic team is more
radical than many China ob-
servers had expected, throw-
ing management of several key
institutions into uncertainty.
Neither Mr. Guo, the top
banking regulator who has
overseen an initiative to fend
off financial risks in the past
few years, nor Mr. Yi, gover-
nor of the People’s Bank of
China who has led an effort to
make China’s financial markets
more accessible to foreign in-
vestors, are at the retirement
age informally observed for
officials. Nonetheless, both
were dropped from the party’s
elite Central Committee, which
mean they will step down
from their positions.
nue for Wynn Resorts and Las
Vegas Sands Corp.
Some investors are betting
that prices will recover. Op-
tions bets on the KraneShares
CSI China Internet ETF
surged, with many placing
bullish wagers that give trad-
ers the right to buy the ETF at
$27 by Dec. 16. The China in-
ternet fund fell more than 14%
on the day to $18.41, according
to FactSet data.
BlackRock Inc., the world’s
.
biggest investor, said that it
believes China is entering a
lower growth phase and that
Chinese assets will now war-
rant a higher risk premium,
while staying neutral on Chi-
nese equities and bonds. The
asset manager predicts the
Chinese government will be-
come more assertive in build-
ing out its own technology and
imposing greater scrutiny on
companies.
“The congress brought little
evidence to change our view of
a sluggish near-term growth
backdrop,” the firm wrote in a
paper released Monday.
—Angel Au-Yeung, Juliet
Chung, Hannah Miao,
Alexander Osipovich
and Eric Wallerstein
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.
A8 | Tuesday, October 25, 2022
Sunak
Picked to
Lead U.K.
Continued from Page One
ship race, saying he couldn’t
unite the party.
On Monday, Mr. Sunak ad-
dressed Conservative Party
lawmakers during a private
meeting in the House of Com-
mons and pledged to unify the
party. He warned them that
they faced “an existential
threat” and would lose the
next election if they didn’t
unite, said Simon Hoare, a
Conservative lawmaker who
was present. “There are no
second chances,” Mr. Sunak
told his party, Mr. Hoare said.
Mr. Sunak takes over from
Ms. Truss, who became the
shortest-serving prime minis-
ter in British history after in-
vestors rejected her flagship
economic program to stimulate
the economy with tax cuts at a
time of high inflation, causing
the pound to sink to a record
low and the Bank of England to
Animosity
Strains
Saudi Ties
Continued from Page One
med for over a year, and when
they finally did meet in Jeddah
in July, Saudi officials present
felt that Mr. Biden was uninter-
ested in the policy discussions,
the people said. U.S. officials
said Mr. Biden devoted signifi-
cant time and energy to the
meetings.
Geopolitical and economic
forces have been driving
wedges into the relationship
between America and Saudi
Arabia for years. But the en-
mity between Mr. Biden and
Prince Mohammed has deep-
ened the tension.
“Rarely has the chain of bro-
ken expectations and perceived
insults and humiliations been
greater than they are now,”
said Aaron David Miller, a vet-
eran U.S. diplomat in the Mid-
dle East now at the Carnegie
Endowment for International
Peace. “There’s almost no trust
and absolutely no mutual re-
spect.”
The decision by Saudi-led
OPEC+ to cut oil production—
raising crude prices at a time of
high inflation just before an
American election and despite
U.S. pleas to hold off—has ce-
mented both leaders’ resolve to
reconsider a strategic relation-
ship that has underpinned the
global economy and Middle
East geopolitics for almost 80
years, with once-unthinkable
retaliatory measures now on
the table. The White House has
said Mr. Biden wants to review
whether the Saudi relationship
is serving U.S. national security
interests, on top of an adminis-
no
tration reassessment last year.
Saudi officials say it may now
be time for them to reassess
the U.S. relationship, too.
Choosing sides
The Russian invasion of
Ukraine and the West’s re-
sponse have exacerbated ten-
sions, since the production cut
propped up oil prices that help
fund President Vladimir Putin’s
war effort and undermined
U.S.-led sanctions on Moscow.
In the Biden administration’s
view, the Ukraine war is a deci-
sive historical moment that re-
quires countries to choose a
side, with the OPEC+ cut put-
ting the Saudis closer to the
Russians. The Saudis see an op-
portunity to assert their own
interests in a world where the
U.S. isn’t the undisputed super-
power, saying they can support
Ukraine and work with Russia
in OPEC+ at the same time.
Saudi officials say they are
frustrated the relationship is
still viewed through the narrow
lens of oil and security. Riyadh
has framed the recent OPEC+
decision as vital to its core na-
tional interests, a technical de-
cision that they say was needed
to prevent a precipitous drop in
crude prices. Prince Moham-
med now sees high oil prices as
perhaps his last shot to use the
kingdom’s natural resources to
modernize the Saudi economy
and build a post-oil future.
Saudi Arabia plans to high-
light that effort this week in Ri-
yadh, with its Future Invest-
ment Initiative conference.
Organizers said they didn’t in-
vite U.S. officials, who have
intervene in bond markets to
stabilize the price of U.K. gov-
ernment debt.
On Monday, financial mar-
kets reacted positively to Mr.
Sunak’s victory. The pound
rose slightly against the dollar,
and yields on the govern-
ment’s benchmark 10-year
debt fell sharply—down 0.30
percentage point to 3.75%—as
investors bet that Mr. Sunak,
an experienced Treasury offi-
cial, will oversee cuts to public
spending to shore up the na-
tion’s finances.
The victory caps Mr. Sunak’s
second attempt to secure his
place as prime minister. He
campaigned over the summer
to become U.K.’s leader but
lost to Ms. Truss. During the
campaign, Mr. Sunak criticized
Ms. Truss’s plan to borrow
funds to cut taxes immediately.
He said the U.K.’s inflation,
which is currently at 10.1%,
needed to be tackled first be-
fore any taxes were cut.
“Liz’s plans are promising
the Earth to everybody. I don’t
think you can have your cake
and eat it,” he said in August.
Mr. Sunak lost, but his argu-
ments later won the day. Ms.
Truss was forced to roll back
her plan to use unfunded tax
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
previously attended at the cabi-
net level, after the Biden ad-
ministration weighed with-
drawing from participating.
“Our economic agenda is
critical to our survival. It’s not
just about energy and defense,”
the Saudi foreign minister,
Prince Faisal bin Farhan, said in
an interview. “It may have been
50 years ago but that certainly
is not the case today.”
Prince Faisal denied that
Prince Mohammed had pri-
vately derided Mr. Biden or told
aides he was unimpressed by
him and favored Mr. Trump.
“These allegations made by
anonymous sources are entirely
false,” said Prince Faisal. “The
kingdom’s leaders have always
held the utmost respect for U.S.
presidents, based on the king-
dom’s belief in the importance
of having a relationship based
on mutual respect.”
U.S. officials said Mr. Biden
has pushed the relationship be-
yond oil by working to deepen
ties between Saudi Arabia and
Israel, two countries that drew
closer under Mr. Trump and
are aligned in their view of Iran
as the region’s biggest threat.
Though Israel and Saudi Arabia
have no formal diplomatic rela-
tions, they have been secretly
expanding their security coop-
eration with White House help.
Adrienne Watson, spokes-
woman for the White House
National Security Council, said
Mr. Biden “has engaged with
leaders from across the region”
to establish “a more stable and
integrated Middle East.”
The path ahead is likely to
be rocky. At risk for Washing-
ton are counterterrorism oper-
ations, efforts to contain Iran
WORLD NEWS
cuts to spur economic growth.
His government will face
tough and unpopular decisions
on spending. The U.K. Treasury
is expected to outline plans on
Oct. 31 to cut spending and po-
tentially raise taxes to fill an es-
timated £40 billion ($45.2 bil-
lion) deficit in public finances.
His fiscal caution is likely to
ease pressure on the Bank of
England to raise its key inter-
est rate sharply from 2.25%.
Market expectations for the
peak in the BOE’s interest rate
next year fell to 5% from 6% in
the days after Ms. Truss’s eco-
nomic plan was axed.
The broader outlook, how-
ever, is grim. Mr. Sunak will
likely face a winter of discon-
tent as inflation, fueled by ris-
ing energy costs from the war
in Ukraine, increases faster
than wages, and a possible re-
cession takes hold that econo-
mists think could last a year.
The early stages of his tenure
are likely to be punctuated by
worker strikes and questions
about whether electricity
blackouts will be needed as
Russia restricts gas exports to
Europe.
In contrast to most other
rich countries, the U.K.’s econ-
omy has yet to return to its
and Israel’s deeper integration
into the region. For the Saudis,
a breakdown with the U.S.
would jeopardize its national
security and ambitious eco-
nomic reforms. Mutual trade
and investment worth hun-
dreds of billions of dollars are
also on the line.
The next big test comes in
early December, when three
events with major significance
for global energy markets are
set to collide: another OPEC+
meeting and plans by the Euro-
pean Union for an embargo of
Russian oil and by the Group of
Seven wealthy nations to cap
the price of Russian crude.
The Saudis have signaled
‘There’s almost no
trust and absolutely
no mutual respect’
between the leaders.
that they could raise oil pro-
duction in December if the
market loses Russian oil be-
cause of the EU embargo or the
G-7 price cap, according to peo-
ple inside the Saudi govern-
ment. U.S. officials, skeptical
that Riyadh would or could do
that, say this will be a key lit-
mus test for where the king-
dom stands: with Ukraine and
its Western backers or with
Russia.
Mr. Biden and Prince Mo-
hammed tried to build a per-
sonal rapport during the presi-
dent’s trip to Jeddah in July,
where they fist-bumped ahead
of a three-hour meeting. But
THE WALL STREET JOURNAL.
telligence.
Mr. Sunak also faces an-
other potentially more intrac-
usual mix of continuity and
newness at the top of British
politics. He grew up in South-
table challenge: uniting a party
that has been at war with it-
self for years and has damaged
ern England to parents of In-
dian origin, his father was a
doctor and his mother ran a
its brand. The Conservative
Party is at a record low in the
polls against the opposition
pharmacy. Mr. Sunak attended
the University of Oxford, then
found a job at Goldman Sachs.
Labour Party. A recent poll by He married Akshata Murty, the
Opinium has 23% of Britons daughter of an Indian billion-
HENRY NICHOLLS/REUTERS
voting for the Conservatives aire businessman. The pair
versus 50% for Labour. Poll- met while Mr. Sunak was
sters think the scale of that studying for an M.B.A. at
deficit, combined with the fact Stanford University. He co-
that the Tories will seek a re- founded a hedge fund called
cord fifth term in office in the Theleme Partners.
next election in 2024, is po- As the wealthiest member
Rishi Sunak faces a challenge of tentially insurmountable. of the House of Commons, Mr.
uniting his Conservative Party. In the wake of the U.K.’s de- Sunak could find himself in the
parture from the European uncomfortable position of ex-
prepandemic size. The U.K. Union, conservative lawmakers plaining support for spending
economy grew very slightly in have been split between em- cuts that could make life
the three months through bracing low regulation, a harder for the working classes.
June, leaving it 0.2% smaller smaller government and free Backers say he will argue that
than in the final quarter of trade, or protectionism and sound finances will allow Brit-
2019, the last before the more state intervention as an ain’s economy to improve com-
Covid-19 virus began to spread. aging population puts more petitiveness to create broader
“The heightened political strain on public services. prosperity down the road.
and economic uncertainty has On Monday, Mr. Sunak
caused business activity to fall pledged to listen to views from
at a rate not seen since the all wings of the party. One of Watch a Video
global financial crisis in 2009 Ms. Truss’s senior ministers Scan this code
if pandemic lockdown months privately said he had no choice for a video on
are excluded,” said Chris Wil- but to back Mr. Sunak “or its the challenges
liamson, chief business econo- oblivion for the party.” facing the U.K.
mist at S&P Global Market In- Mr. Sunak represents an un- economy.
concessions on a topic Mr. Bi-
den had campaigned on—hu-
man rights—including the
eventual release of Loujain al-
Hathloul, a prominent
women’s-rights campaigner
who says she was tortured in
detention, and two Saudi-
.
American prisoners. And they
patched up a feud with Qatar
ly
after leading an economic boy-
cott against it which Mr. Trump
had initially supported.
Mr. Biden’s response
shocked Prince Mohammed, the
people said. In his first weeks
in office, the president froze
Saudi arms sales, reversed a
last-minute Trump administra-
tion decision to label Yemen’s
Houthi rebels a foreign terror-
ist organization, and published
SAUDI ROYAL COURT/REUTERS
the intelligence report on Mr.
Khashoggi’s killing which Mr.
Trump had dismissed.
For the Biden administra-
tion, these steps were a neces-
sary correction. To the Saudis,
Mr. Biden’s early moves were a
slap in the face.
President Biden and Saudi In a relationship that has
Crown Prince Mohammed bin historically been steered by
Salman, above, tried to build a presidents and kings them-
rapport when they met in selves, the White House handed
Jeddah in July. Left, a Saudi the Saudi file to Brett McGurk
oil-processing plant. of the National Security Council
and Amos Hochstein at the
oil interests in the kingdom and State Department, who, despite
launched an oil embargo that extensive diplomatic experi-
ushered in crippling inflation. ence, carry little of the clout or
FAYEZ NURELDINE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Yet President Richard Nixon policy mandate of officials who
met King Faisal and toasted his handled the relationship in pre-
wisdom during a state dinner vious administrations.
in Jeddah in 1974. The pair communicated
“When you’re dealing with a mainly with two of Prince Mo-
country that’s basically run by hammed’s brothers: Prince Ab-
five people, it has to be on a dulaziz, the oil minister, and
personal level,” said Steven Prince Khalid bin Salman, who
Cook, a Middle East expert at was recently elevated to de-
the Council on Foreign Rela- fense minister. The two Ameri-
tions. cans lobbied hard inside the
Since the 1940s, Washing- administration for engagement
ton’s relationship with this in- with the Saudis, and when the
sular monarchy grew around an Saudis bucked the U.S. on oil
implicit understanding that the production over the summer,
U.S. would ensure Saudi Ara- Mr. Hochstein sent Prince Ab-
the president angered the royal bia’s territorial integrity and dulaziz a note suggesting he
by immediately raising human- the kingdom would keep oil felt betrayed, The Wall Street
rights allegations, people close flowing to a global economy Journal has reported.
to the talks said, including the dominated by America. The White House is wary of
2018 death of Jamal Khashoggi, blowing up the relationship,
a Saudi journalist based in which could jeopardize sensi-
Washington who was killed and New calculations tive security operations. Mr.
dismembered by a team of Those calculations have Sullivan said the president
Saudi agents inside the king- changed over time. The Saudis would consult with members of
dom’s Istanbul consulate. once sold the U.S. over 2 mil- both parties—some of whom
The killing of Mr. Khashoggi lion barrels of oil every day, but are vowing dramatic action—
remains the most important that’s fallen to less than about how to respond to Saudi
flashpoint between the two 500,000 barrels a day, accord- Arabia, including potential
men. Among Mr. Biden’s first ing to the U.S. Energy Informa- changes to U.S. security assis-
acts as president was releasing tion Administration. The U.S. tance, when Congress recon-
an American intelligence report grew to become the world’s venes after the midterm elec-
concluding that the crown biggest oil producer, and China tions next month.
prince had ordered the opera- is now the biggest buyer of Shortly after the meeting in
tion to capture or kill Mr. Saudi oil, followed by India. Vienna, Saudi officials met with
Khashoggi, an allegation the After decades of war, Wash- think tanks and lower-level U.S.
Saudi government denies. ington has sought to reduce en- officials to make their case.
The disagreement reflects tanglements in the Middle East They said Washington has un-
Prince Mohammed’s sense that to focus on a rising China and derestimated how much Saudi
it is unacceptable to keep rais- resurgent Russia. The main Arabia has helped Ukraine and
ing the killing and Mr. Biden’s American initiative in the re- they were surprised by the
sense that U.S. values demand gion—the Obama-era nuclear- American reaction to the
it not be glossed over, said Jon containment deal with Iran— OPEC+ decision, meeting at-
Alterman, director of the Mid- has also strained relations with tendees said.
dle East program at the Center Saudi Arabia, which opposes One drastic option: Saudi of-
for Strategic and International lifting sanctions unless Tehran ficials have said privately that
Studies. also reins in its support for re- the kingdom could sell the U.S.
“The American bet is that gional militias and the prolifer- Treasury bonds it holds if Con-
the Saudis need the United ation of ballistic missiles that gress were to pass anti-OPEC
States and will come around, threaten Riyadh. The Saudis legislation, according to people
and the Saudi bet is the oppo- were irked by the Obama ad- familiar with the matter. Saudi
site,” Mr. Alterman said. ministration negotiating with holdings of U.S. Treasurys in-
In the past, Saudi kings and Iran about national security is- creased to $119.2 billion in June
American presidents were able sues without consulting them. from $114.7 billion in May, ac-
to smooth out turbulent peri- “Oil-for-security is dead,” cording to U.S. Treasury data.
ods with strong personal rela- said Ayham Kamel, head of Saudi Arabia is the 16th largest
tions. In 2005, just a few years Middle East and North Africa at holder of U.S. Treasurys, ac-
after 15 Saudis participated in political-risk advisory firm Eur- cording to federal data.
the Sept. 11, 2001, terrorist at- asia Group. “It’s hard to imagine either
tacks, President George W. When Mr. Biden was elected, side saying ‘All right, let’s put
Bush had hosted Crown Prince Prince Mohammed huddled this back together,’ ” said Mr.
Abdullah at his Texas ranch, with advisers at a seaside pal- Cook of the Council on Foreign
where the two men were pho- ace to complete a plan to woo Relations.
tographed holding hands. the new president, according to —Benoit Faucon, Nancy A.
In the early 1970s, Saudis people familiar with the matter. Youssef and Michael Amon
partially nationalized American The Saudis delivered a few 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. Tuesday, October 25, 2022 | A9

One study is testing to see if

brexanolone, an injectable drug
used to treat postpartum depres-
sion, may help alleviate depression
in perimenopausal women.
The drug, marketed under the

Drugs Studied to Ease brand name Zulresso and made by

Sage Therapeutics, doesn’t contain
estrogen, a hormone that can in-
crease the risk of uterine cancer

Midlife Mood Swings

and cardiovascular disease. So
while it may have an effect on
mood, it wouldn’t have the poten-
tial negative side effects of estro-
gen, researchers say. The study is
being led by Hadine Joffe, director
Transition to menopause of the women’s hormones and ag-
often brings depression ing research program at Brigham
and Women’s Hospital and profes-
and anxiety for women sor of psychiatry in women’s
health at Harvard Medical School.

Research is beginning to
uncover a better
understanding of the
symptoms.

Other researchers are studying

Pfizer’s drug Duavee, which is
FDA-approved for hot flashes and
bone-density loss.
Duavee combines estrogen with
a drug that can block the effect of
estrogen on certain parts of the
body while turning it on for oth-
ers. The blocking may help the es-
trogen alleviate mood changes in
the brain without raising the risk

.
of cancer in other parts of the
body, says Crystal Schiller, an as-

ly
sociate director of behavior ther-
apy and reproductive science in
PHOTO ILLUSTRATION BY NADIA RADIC; ISTOCK (3)

the Center for Women’s Mood Dis-

on orders at University of North Caro-
lina School of Medicine, who is
leading the research.
Pfizer voluntarily recalled Dua-
vee in 2020 due to a packaging is-
us ,

sue that the company is working

l

to resolve, a spokesman says. Dr.

e
al a

Schiller says her preliminary data

finds the drug works just as well
as hormone therapy in managing
ci on

mood changes during perimeno-

pause. She is writing a pilot study
for publication and says the drug
had a “rapid antidepressant effect”
YOUR therapy used for menopause symp- decade as fluctuating hormone lev- few days before traveling, bring similar to hormone therapy.
er s

HEALTH toms can help, but women who els can trigger hot flashes, night her anxiety down a notch but In a separate study, NIH re-
SUMATHI have had breast cancer and other sweats, and mood changes, among don’t make it go away, she says. searchers are testing an experi-
m er

REDDY conditions aren’t advised to try other symptoms. She says she wishes she could mental Lilly compound in women

R
esearchers are testing
several new drugs to
that option.
Now scientists are studying
medications that may help combat
perimenopausal mood changes in
m rp
try hormone therapy, which has with past perimenopausal depres-
Looking for options been shown in several studies to sion to see if two doses—one low
Lori Kingsley, a 51-year-old in Se- help treat perimenopausal depres- and one high—can relieve the ef-
attle who has had breast cancer, sion and anxiety, in addition to fects of reduced estrogen levels,

treat depression and
anxiety symptoms that
women frequently ex-
perience during peri-
menopause, the years leading up
different ways. Some of these
drugs are already approved for
other health issues. Doctors are
also hopeful that some new drugs
aimed at treating hot flashes may
co Fo
has limited options for treating re-
cent mood changes.
Ms. Kingsley used to fly planes,
go skydiving and love traveling.
But for the past year she has suf-
other perimenopause symptoms,
like hot flashes and irritability.
“I would love to have some-
thing else,” she says.
Testing other treatments
whose fluctuations are believed to
trigger symptoms of perimeno-
pause.
Some drugs that have been
tested for other menopausal symp-

to menopause.
Mood changes are a common
symptom of perimenopause, a
transition before the last men-
strual period that typically begins
during a woman’s 40s. As many as
one-third of women experience de-
pressive symptoms during this
time, research has found.
Antidepressants are often pre-
scribed to women for midlife de-
pression, but the drugs don’t work
for everyone and can have side ef-
also help with mood changes.
Women are starting to seek
more answers about perimeno-
pause, an oft-neglected life stage
that doctors receive little training
on. Research is beginning to un-
cover a better understanding of
the symptoms but the science has
yet to change the treatment that
many women receive.
Perimenopause starts when a
woman’s menstrual cycle becomes
irregular. The transition can range
n-
fered severe panic attacks when
she travels. She says her doctor at-
tributes the newfound anxiety to
hormone fluctuations that occur
during perimenopause.
“I never associated mental con-
cerns or issues with menopause,
always more physical symptoms,”
says Ms. Kingsley.
Unable to try hormone therapy,
she takes anti-anxiety medication
as needed and has learned medita-
tion and mindfulness techniques.
Most of these drugs are in the
early stages of testing and far off
from being approved for treating
mood disorders in perimeno-
pause. One is approved by the U.S.
Food and Drug Administration for
postpartum depression, and doc-
tors sometimes prescribe drugs
off-label if research indicates
promise. At least one other medi-
cation is under FDA review for hot
flash treatment. It might prove
toms may also help with mood,
scientists say.
Pauline Maki, a professor of
psychiatry, psychology and obstet-
rics/gynecology at the University
of Illinois in Chicago, is on the ad-
visory boards of two companies in
the final stages of testing new
treatments for hot flashes that in-
volve targeting neurons that regu-
late body temperature, she says.
The treatments appear to improve
sleep; she’s hopeful they may help

fects. Some doctors say hormone from three years to more than a The pills, which she usually takes a useful for mood changes, too. with mood, too.
no

Lego Fans next year, probing for minifigures

may be moot. How do you feel a
shape through a box?
Houston-area
mart. Using a feel
Wal-

guide, the pair prod-

Come Apart Jeremy Herbert, 46 years old,

who lives in the north of England
and works in marketing, is part of a
ded blind bags and
left with an almost-
complete series of

Over Boxes cottage industry of Lego devotees

Continued from Page One
known for producing billions of toy
bricks, Lego also draws legions of
fans who love its minifigures. The
tiny toy people with detachable
legs, torsos and heads were once
simple, with bland smiles and two
dots for eyes. Now, there are thou-
sands of varieties, from a character
dressed as a giant slice of pizza to
a banjo-toting Kermit the frog.
Some minifigures come in collect-
ible series, and determined enthu-
siasts aim to gather them
all. Lego sells these min-
ifigures and their ac-
cessories in opaque
plastic mystery
packages often
known as “blind
bags.” That means
fans may have to
buy multiple bags,
guessing at what’s
inside, to complete
each series.
Lego die-hards had
found a workaround. Many
AFOLs—adult fans of Lego—mas-
tered a very particular skill: feeling
blind bags to determine which min-
ifigures are inside. For collectors, it
JEREMY HERBERT (2)
who produce “feel guides” to help
fans pick the right blind bags.
In one of his tutorials, on You-
Tube, Mr. Herbert talks over a video
of his fingers pinching and twisting
a plastic bag. He explains how to
identify a minifigure that is feeding
a carrot to a baby horse.
“We have a very distinctive foal
element,” he says. “You’ve just got to
be careful this is not the dog.” He
pokes and prods, and describes what
he is sensing: “This feels bigger than
the dog. I’m kind of leaning toward
the horse.”
“If I have a feel around a little
bit more,” he adds. “I should
be able to find an actual
carrot element.”
Mr. Herbert’s ex-
citement dates to
childhood, when to
his delight, his par-
ents would buy him
an inexpensive Lego
set at the mall to get
their parking vali-
dated. He drifted away
from Lego as a young
adult, a period grown Lego
fans dub their “dark ages,” and then
re-embraced the hobby with his own
children.
One of their favorite pastimes was
buying blind bags at a Lego store
Muppets minifigures.
At a recent meeting
of the TFOL Group—
Teen Fans of Lego—at
Brick House Resellers,
a store in New York’s
Hudson Valley, attend-
ees said they’d miss
being able to guess
what’s in blind bags.
Cost is a concern.
Lego’s recommended
retail price for mystery
bags is $4.99. “I’m on
a fixed Lego budget,”
said Paige Brooks, who
is 14. “I don’t want du-
plicates.”
Jeremy Herbert makes YouTube videos to help fans identify minifigures through bags. The teens still hope
for a compromise, per-
haps hybrid paper-plastic packaging.
ate the feel guides with boxes. He of the minifigure series. With that in “For Pete’s sake, they’re a billion
doesn’t expect shaking the box and mind, the company said it did look at dollar company, they can figure some-
listening for sounds will reveal much various packaging, including paper thing out,” said Wesley Harvey, 14.
usable information. He says when the bags, but found them not durable Lukas Kurth, founder of the Lego
packaging changes, he’d probably re- enough for probing. “We will con- blog StoneWars, tried using a scale
tire the feel guides and focus on an- tinue to listen to all points of view that measures in 0.01 gram incre-
other interest, making videos about from our fans.” ments to weigh the difference be-
Harry Potter-themed Lego sets. So far, Lego hasn’t said it plans to tween minifigures in a Lego collec-
Lego, like many companies, has add ways for fans to identify charac- tion, called Vidiyo Bandmates, that
faced challenges trying to seamlessly ters inside boxes. That leaves some came in boxes last year.
adopt sustainable materials, such as feeling pulled apart. Mr. Kurth could tell if a box didn’t
a new Lego brick. Only about 7% of “People understand the need for contain the lightest-weight minifigure
Lego packaging these days isn’t switching away from single-use plas- and accessories, the Discowboy Singer,
made of sustainable materials, and tic,” says Mr. Ong, the Lego blogger. or the heaviest, the Shark Singer, but
that portion includes the plastic “It’s more to do with the fact that it he had less luck identifying characters

is akin to possessing X-ray vision to
know if a pack of baseball cards
contains superstar rookies or jour-
neymen.
With the packaging set to change
and then going to a nearby pizzeria
to feel and guess the contents. “It
was a great family bonding experi-
ence,” he says.
Mr. Herbert doubts he can re-cre-
bags for collectible minifigures, ac- becomes a [truly] blind box, pseudo- in between. Variables in packaging
cording to the company. gambling toy.” also stymied the strategy.
In a written statement, Lego said, Arden Trevino, who is 22 and “That didn’t really work as we
“We know that some fans feel the whose mother adores the Muppets, hoped,” he says. “We will certainly
plastic bags to identify the contents,” spent Mother’s Day this year at a try again in 2023.”
 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 | Tuesday, October 25, 2022
BY RACHEL WOLFE
T
his winter is set to be
one of the most expen-
sive in recent history to
heat a home.
For the roughly half
of U.S. households that
rely on gas furnaces, heating costs
are estimated to rise 28% to an av-
erage of $931 this winter, accord-
ing to the U.S. Energy Information
Administration.
Energy costs have been climb-
ing across the board. Natural-gas
prices have more than doubled in
three years. And for the 12% of
Americans who use propane, kero-
sene or firewood to heat their
homes, heating costs are up 43%
over the past three years, accord-
ing to the consumer-price index.
Heat pumps are a potential so-
lution. President Biden’s Inflation
Reduction Act recently thrust the
devices into the spotlight as part
of a string of clean-energy invest-
ments, promising rebates and tax
breaks to help offset the cost of
installation. One portion of the bill
offers as much as $8,000 to low-
income homeowners for swapping
their furnaces for qualifying heat
pumps. (States will need time to
roll out these incentive programs.)
We asked home-efficiency pros,
engineers and scientists to assess
the pluses and minuses of making
the switch to a heat pump.
What is a heat pump?
In cooling mode, a heat pump
works just like your air conditioner,
using a refrigerant to absorb heat
from your room and moving it out-
side. When heating, the pump does
the opposite, moving heat from the
outside to the inside.
PHOTO ILLUSTRATION BY CHAYA HOWELL/THE WALL STREET JOURNAL, ISTOCK
The systems often have three
main components: an outdoor unit,
an indoor unit and an air handler or
ductwork to move the temperature-
controlled air around your house.
(One version, called a split, doesn’t
require a separate air handler.) If
you already have central air condi-
tioning, you probably won’t need to
install new ductwork.
How much will installing one cost?
Heat pumps are available at a
range of prices.
The least expensive cost
roughly as much as installing a
central-air-conditioning system
plus a furnace, says Ben Schoen-
bauer, assistant director of re-
search at the Center for Energy
no
PERSONAL JOURNAL.
What to Consider Before
Upgrading to a Heat Pump
and Environment, an energy-effi-
ciency nonprofit. Think about
$10,000 for an average-size house,
he says, for a heat pump likely to
last about 15 years.
Higher-end models capable of
operating in extreme cold can run
as much as $20,000, with a more
typical cost around $15,000, Mr.
on
Schoenbauer says. One option,
known as a geothermal heat pump,
costs in the $20,000-to-$30,000
range to install, but promises to
slash electric bills down the line.
us ,
These models rely on a tube that
l
runs deep into the ground, rather
e
al a
than drawing on the variable out-
side air. The Inflation Reduction
Act provides a tax break of as
ci on
much as 30% of the cost to install
this type of heat pump.
Can I get one by this winter?
Many heat pumps are manufac-
er s
tured domestically, says Parth
m er
m rp
co Fo
n-
NY THE WALL STREET JOURNAL.
were the same, it would be a no-
brainer,” he says.
Then why all the hoopla?
Higher efficiency means that heat
pumps are much better for the en-
vironment than other options—es-
pecially if your electricity comes
from solar or another green alter-
native, researchers say. Heat
pumps can also give homeowners
more control over their air quality
and indoor climate, Mr. Dymond
says, and can be considerably qui-
eter than furnaces.
Heat pumps can save home-
owners more money in moderate
climates. The colder it is outside,
the more energy they use to warm
the air.
In places where the weather
rarely dips below freezing, swap-
ping an outdated air conditioner
for a heat pump is almost guaran-
teed to save you money, Mr.
Dymond says.
Should I get a heat pump if I live
somewhere colder?
A heat pump could still make
sense in a northern city, but you
might want to consider a dual-fuel
option that switches to gas when
the temperature drops below 40
degrees. (Or keep your furnace and
supplement with your heat pump
during the spring and fall.)
If not, energy experts suggest
springing for a top-of-the-
line model that can still warm
efficiently at below-freezing
temperatures.
Vaishnav, assistant professor of than 100% of the heat that was When is a heat pump worth the
sustainable systems at the Univer- originally contained in the fuel investment?
sity of Michigan, so you shouldn’t that produced the electricity,” Dr. For homeowners who heat with
have too much trouble getting one. Vaishnav says. The energy effi- electric baseboards, oil or propane,
.
Labor shortages might make it ciency depends on factors such as upgrading could save a lot of
difficult to get a contractor in outside air temperature and qual- money. Replacing your air-condi-
ly
time. Many contractors outside of ity of the unit. tioning system with a heat pump
the South are still ramping up and using it for heating in spring
their heat-pump installation opera- Does higher efficiency mean and fall will also save money virtu-
tions, says Dr. Vaishnav.
What powers a heat pump?
The biggest difference between a
lower cost?
Not exactly. In much of the coun-
try, natural gas is significantly
less expensive than electricity.
ally everywhere, says Abigail Daken,
heating and cooling product man-
ager for the Environmental Protec-
tion Agency’s Energy Star program.
heat pump and a furnace is their Even though heat pumps require Whether the devices lead to a
energy source. Heat pumps use less energy to produce the same lower bill than with natural gas,
electricity, and furnaces burn nat- amount of heat, the difference however, depends on factors such
ural gas. Furnaces are 80% to 90% isn’t necessarily enough to offset as the current state of your sys-
efficient in converting the energy the higher baseline price of elec- tem, your area’s climate and local
in the natural gas into heat. tricity, says Christopher Dymond, prices for electricity compared
A heat pump uses electricity to a senior product manager for the with natural gas.
move heat that already exists in Northwest Energy Efficiency In most cases, energy experts
the outside air, so you get two to Alliance, which represents say you are likely fine sticking
four units of heat for every unit of utilities and energy-efficiency with your current setup until it is
electricity supplied. “This means organizations. time to upgrade your furnace or
that heat pumps give you more “If the energy costs of your fuel air-conditioning system.
iPad Software Touts Multitasking
Only newer, pricier tablets benefit from the best features
PERSONAL your model, check Settings > iPad Pro models with Face
TECHNOLOGY General > About. You can ID and the newer no-home-
NICOLE look for the update in Set- button design.
NGUYEN tings > General > Software Enable Stage Manager in
Update. Settings > Home Screen &
No, there’s still no Calcu- Multitasking. Eligible iPads
“SHOULD I GET an iPad or lator app like the iPhone’s, also have a Stage Manager
a Mac?” People often ask but there is finally a fancy icon in the Control Center.
me this question and, with new Weather app. The new (Swipe down from the top
the latest iPad software up- iPadOS also brings a hand- right corner.)
date, the answer is a bit writing straightener to fix Now you can start adding
complicated. droopy penmanship and the windows to your workspace.
Apple has added more ability to hand off a Face- If you have a docked or Blu-
laptop-like productivity fea- Time call from the iPad to etooth keyboard, use the
tures to the iPad over the an iPhone. search keyboard shortcut
past several years, such as Many iOS 16 updates are (Command + Space) to find
mouse support and a file on the iPad—hallelujah, edit- the app you want. Once its
manager. There’s even more able messages!—but lock- icon appears, drag it to your
in iPadOS 16, which became
available Monday. The most
PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL, ISTOCK; APPLE; NICOLE NGUYEN
visible change is a multitask-
ing system called Stage
Manager, which lets you re-
size app windows and simul-
taneously view more win-
dows on screen.
There’s a catch, though.
There are limitations to how
you can display and resize
the windows. And the new
iPad software is compatible
with some older models, but
many of the best features
are reserved for newer, pric-
ier iPads.
With iPadOS 16, it’s clear
that Apple now has two
classes of tablets: The Pros
and the M1 Air get more ad-
vanced features, while Minis
and basic iPads—even the
newest ones—are stuck with
a traditional iPad experience. An iPad workspace adds windows, thanks to Stage Manager.
I’ve been using the public
beta version of the software screen widgets, the best screen and the app will open
for a few weeks. As a long- new feature, are only on as a window.
time iPad worker, I had high iPhones. And you still can’t Also, some apps let you
expectations for iPadOS 16. get multiple user profiles, open more than one window.
Stage Manager won’t con- which would help if you You can view multiple Safari
vince Mac die-hards that an share your iPad with your websites side by side, for ex-
iPad can replace their laptop. kids, for instance. ample, but only one Google
But for people who already If you’ve got a high-end Docs page at a time.
work on iPads, the new sys- iPad, there’s a lot more to get
tem is an improvement. And used to with this upgrade.  Use the side dock to store
better support for external Here are a couple of the high- different workspaces. When
monitors, which Apple has lights: Stage Manager is enabled,
unveiled but isn’t yet rolling there’s a new side dock. On
out, could unlock even more  Open multiple, resizable the left side of the screen,
productivity. windows. Before iPadOS 16, swipe right or move your cur-
These models can down- you could view only two apps sor to that side to expand
load the update: All iPad Pro side by side—with a third the dock. This is where you
models, iPad Air (3rd gener- floating on top. Now, Stage can store different groups of
ation or later), iPad Mini Manager allows you to view windows. You can also add
(5th generation or later) and four apps simultaneously. windows to your current
iPad (5th generation or It’s only available for the workspace by dragging them
later). If you’re unsure of newest iPad Air and for the from your side dock.
 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. Tuesday, October 25, 2022 | A11

ARTS IN REVIEW

S
omeday it will be inter-
esting to revisit albums
released in 2020 to see if
the finest of them were
as good as we remember.
In a time when movie
theaters were closed and people
hunkered down due to the
Covid-19 pandemic, a new release
from a favorite artist felt like a
gift, something designed explicitly
to carry listeners through an im-
possibly difficult period. Taylor
Swift released two such collections
that year—“Folklore” in July and MUSIC REVIEW | MARK RICHARDSON
“Evermore” in December—and

‘Midnights’:
they were rapturously received by
critics and fans alike. She laid
aside the radio-ready sound of her
previous three LPs in favor of
songwriting and production collab-
orations with Aaron Dessner of the
moody indie band the National,
and Ms. Swift used the earthy folk-
rock setting to experiment with
narrative storytelling. Everything
Taylor Swift
clicked, and her pivot fit the mo-
ment perfectly. “Folklore” was the
bestselling full-length record of
2020, and it won Album of the
After Dark
Year at the Grammys. Extending
her hot streak, last year Ms. Swift
issued re-recorded versions of her
albums “Fearless” and “Red” to

The star’s new release

is framed as a concept
album about insomnia-
fueled rumination.

FROM TOP: BETH GARRABRANT; REPUBLIC RECORDS/ASSOCIATED PRESS

gain full control of the rights to

.
her music, and the extended ver-
sion of the latter’s “All Too Well”

ly
topped the Billboard Hot 100.
It’s clear that her folky sojourn
is over, at least for now. On “Mid-
nights” (Republic), out now, she’s
back working more fully with her
frequent songwriting and produc-
tion collaborator Jack Antonoff—
on
he contributed to both of her two
us ,

Taylor Swift’s new album

previous records, but is on every was just released.
l

song here—though they explore

e
al a

subtly different sonic territory this

time out. Drawing from gloomy
synth-pop and melancholy R&B,
ci on

the record is framed as a concept lower register to sound like a hip- tonoff give us too much of a good ble-time bridges that it ends up less, amply using space and leav-
album about late-night, insomnia- hop sample, explores a youthful thing. On “You’re on Your Own, feeling overly busy and ultimately ing out the curlicue melodic
fueled rumination. romance where a lover wants to Kid,” she offers typically vivid im- tedious. Album single “Anti-Hero” shapes.
The first track, “Lavender settle down in his hometown while agery (“from sprinkler splashes to is musically overstuffed and has There are seven bonus tracks on
Haze,” opens with a snaking Ms. Swift wants to escape and fireplace ashes”) in a story about awkwardly overwritten lyrics to the “3 a.m. edition” of “Mid-
er s

bassline and the pitched-up yelps make something of herself. “And wanting desperately to fit in, to match. It’s posited as a number nights,” which veer slightly from
of processed vocals, two qualities he never thinks of me / Except for that tackles depression and self- the more uniform feel of the al-
m er

drawn from the arty end of con- when I’m on TV,” she sings, before loathing, and Ms. Swift has held it bum proper and include contribu-
temporary R&B. The mood on the adding “And I never think of him / up as unusually revealing about tions from Mr. Dessner. These
tune is both glamorous and down- Except on midnights like this.” her insecurities. But the bright ar- songs neither add much nor de-
cast. Lyrically, it’s one of several Two tracks later, the spare and rangement undercuts the senti- tract significantly, beyond making
songs here in part about not car- smoky “Vigilante S—” has lines ment and Ms. Swift’s syllable- one of Ms. Swift’s most succinct
m rp

ing what others say about you and that suggest a narrator caught in a dense words—“Did you hear my releases feel a little bloated. In the
living and enjoying your life any- plot out of film noir, but it could covert narcissism I disguise as al- end, “Midnights” feels a little safe,
way—dressing up, looking good, also be about showing the world truism / Like some kind of con- never going too far in any one di-
going out, being a boss. The tough why you should be taken seriously. gressman?”—feel more like a writ- rection. It lacks the grand romance
exterior of this pose stands in And the following “Bejeweled” is ing exercise than an emotional of the best moments on “Lover”
co Fo

sharp contrast to more introspec- about getting over a relationship exorcism. and it’s hard not to miss the fresh
tive tunes later on, and this push by hitting the town looking your The strongest work on “Mid- arrangements and third-person
and pull between what we want to best, walking into a room and nights” holds something back and storytelling of her 2020 records.
present to people and who we re- making “the whole place shim- allows the music to breathe. The Instead, it occupies an accom-
ally are—one of the great subjects mer.” These are solid if unexcep- best of these is the second cut, plished but ultimately unsatisfying
of the social-media era—is a core tional songs that, shadowy synths the point of self-destruction (“I “Maroon,” which unfolds gradually middle ground, never reaching for
theme. aside, break no new ground for hosted parties and starved my and hits an exciting peak where anything truly new and never risk-
Other songs on the record build Ms. Swift, though the craft of her body”). But she and her co-writer, words and tune are precisely ing failure.
on the vibe-heavy synth sound of songwriting remains at a high both of whom have enviable gifts matched. Late in the record, both
“Lavender Haze.” Track six, “Mid- level. in terms of musical structure, pack the patiently building “Labyrinth” Mr. Richardson is the Journal’s
night Rain,” which features Ms. On some of the more uptempo the song with so many miniature and the touchingly simple “Sweet rock and pop music critic. Follow
Swift’s voice pitched down into a material, Ms. Swift and Mr. An- hooks, melodic inversions and dou- Nothing” similarly do more with him on Twitter @MarkRichardson.
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.
1 2 3 4 5 6 7 8 9 10 11 12 61 Some people 26 Hoedown
no

30s Edmonton <0

born in July and partners
Vancouver Calgary 0s 13 14 15
30s 50s August
10s 28 Bar bill
Winnipeg 16 17 18 62 Peculiar
Seattle 20s 29 Blubbered
Portland 40s Montreal 60s 30s 19 20 21 22 Down
Helena
Billings
Ottawa 31 ___ a soul
Eugene Bismarck 50s Augusta 40s 23 24 25 26 1 Art board
50s
Boise
30s 50s Mpls./St. Paul Toronto Albany Boston 50s 33 Arboreal trunk
60s 27 28 29 2 Event of
Hartford
Pierre Sioux Falls Milwaukee Detroit Buffalo 60s 2003-11 34 Yoga asana
Cleveland New York
Salt Lake City Des Moines
Chicago 70s 30 31 32 done standing
Reno
Cheyenne Omaha Indianapolis Pittsburgh
h
Philadelphia 3 Real on one leg
60s Springfield 80s 33 34 35
Sacramento Denver Washington D.C. 4 Sends out
San Francisco St. Louis Charleston 90s 35 Corn unit
Topeka
Kansas
Richmond 36 37 38 39 40 41 42
70s Colorado Louisville 100+ 5 Cause of great
Las Springs City
Nashville Raleigh 36 Sonic maker
Vegas Wichita Charlotte 43 44 45 46 annoyance
Los Angeles Santa Fe Memphis 37 Agonizing
Phoenix Albuquerque 70s C b
San Diego 80s
Oklahoma City
Little Rock Atlanta Columbia 47 48 49 6 Off brand
Tucson Birmingham Warm Rain product? 38 Wilbur’s brother
El Paso Ft. Worth Dallas Jackson 50 51 52 53
80s 40 Board quickly,
Mobile Jacksonville Cold T-storms 7 Small drink
10s Austin New Orleans 54 55 56 as a bus
0s Orlando 8 Having the
Stationary Snow 41 Made plain to
20s 0s 80s San Antonio Houston Tampa 57 58 59 willies
30s Honolulu
80s Miami see
Anchorage Showers Flurries 60 61 62 9 “Why don’t we!”
70s 42 Visibly tired or
40s
10 “Spare me the sad
Forecasts and graphics provided by AccuWeather, Inc. ©2022
Ice
STAIRING CONTEST | By Azriel Wasser gory details!”
44 Cases for
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Across 24 Spitting sound 43 Stair that 11 Some retired dermatologists
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Glutton comes sooner professors
Omaha 60 36 s 60 45 s Frankfurt 63 49 pc 65 51 sh 26 Great Pyramid than expected? 45 Science sch.
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 86 63 s 86 66 t Geneva 66 53 c 71 54 pc 4 Falls back site 12 Drags a PC
Today Tomorrow Philadelphia 70 62 sh 73 58 pc Havana 87 65 s 86 65 pc 46 Valentine window corner, 46 Former Italian
City Hi Lo W Hi Lo W Phoenix 77 55 s 82 56 s Hong Kong 78 71 c 79 72 pc 8 Modify 27 Fail utterly verb currency
Anchorage 30 25 sn 34 24 sn Pittsburgh 74 54 pc 63 43 r Istanbul 71 59 s 70 58 s say
Atlanta 78 56 pc 70 51 pc Portland, Maine 64 56 c 61 56 r Jakarta 86 78 c 86 76 t 13 “___ we there 28 Spill on the 47 Donate 49 Some turns
stairs? 17 Disagreeably
Austin 79 42 s 82 47 s Portland, Ore. 57 46 r 57 45 c Jerusalem 78 58 c 74 57 pc yet?”
Baltimore 71 57 pc 75 53 pc Sacramento 73 45 pc 70 44 s Johannesburg 82 57 s 84 56 pc 48 Starting stake damp 51 “Yikes!”
Boise 53 37 c 50 30 sh St. Louis 66 46 t 63 44 s London 64 56 pc 66 54 c 14 Haleakala 30 Palindromic
Boston 67 58 c 64 57 sh Salt Lake City 51 39 r 51 31 sh Madrid 74 53 c 73 55 c preposition 49 Fatty acid 18 Diego’s thirst 53 Should that be
National Park
Burlington 72 61 pc 70 55 c San Francisco 62 50 c 63 49 s Manila 87 78 t 88 77 c quencher the case
setting 31 Pita’s Indian 50 Singer DiFranco
Charlotte 78 56 pc 76 52 pc Santa Fe 56 31 s 58 33 c Melbourne 73 62 c 69 59 r
Chicago 63 47 r 59 39 pc Seattle 52 43 r 53 46 c Mexico City 79 56 t 78 55 t cousin 22 In the 55 Hostel
15 “Cherchez la ___” 51 Twisty shape
Cleveland 74 55 pc 63 45 r Sioux Falls 58 30 s 56 41 s Milan 69 58 pc 71 56 pc altogether
Dallas 70 47 pc 75 50 s Wash., D.C. 74 58 pc 72 56 pc Moscow 40 29 s 42 40 r 16 Celebrations on 32 Dedicatee of a 56 Mineo of “Rebel
Denver 60 35 pc 54 31 pc Mumbai 90 73 pc 90 73 pc 52 Sister brand of 25 Least relaxed Without a Cause”
the stairs? Beethoven
Linens ’n Things
Detroit
Honolulu
73 57 pc 60 38 r
88 76 s 86 74 sh
International Paris
Rio de Janeiro
66
76
57 c
68 t
73 57 pc
80 70 s 19 Emphasizes the
bagatelle
Previous Puzzle’s Solution
Houston 76 47 s 78 50 s Today Tomorrow Riyadh 93 65 s 92 64 s 54 Stairs in a
similarities of 33 Stairs for a N EW S C H R OM E T I L
Indianapolis 73 52 sh 57 38 c City Hi Lo W Hi Lo W Rome 76 58 pc 77 57 pc dream house? I D O L P A U P E R O N E
Kansas City 57 40 c 63 43 s Amsterdam 61 50 sh 66 54 pc San Juan 86 77 t 83 75 c
tot? N AM E C A L L I N G P D A
20 Brake’s 57 Bones near the A M B E R F E U D I B I S
Las Vegas 72 51 s 74 52 s Athens 80 64 s 79 64 s Seoul 62 41 s 64 45 c neighbor 36 Trackable scent T A C T M E S S I A H
Little Rock 66 46 t 72 44 s Baghdad 90 62 pc 91 67 s Shanghai 67 58 pc 68 62 c radii S C I S S O R S L U L L
Los Angeles 76 56 s 72 54 s Bangkok 92 79 pc 91 78 t Singapore 85 77 t 85 78 t 21 Part of a ship’s 39 Quod ___ C U R S O U P S MA L T S
Miami 85 70 sh 86 69 s Beijing 70 50 pc 64 47 pc Sydney 80 65 t 81 65 pc 58 Helper: Abbr. A T OM S T R U T M I R O
framework demonstrandum B E N I N H I R E D N I L
Milwaukee 61 46 r 57 42 pc Berlin 60 47 pc 63 52 pc Taipei City 76 67 c 78 69 pc
Minneapolis 53 38 pc 53 36 s Brussels 60 53 c 68 54 pc Tokyo 58 53 r 65 49 s 59 Simple top F L A N G R E E K G O D
23 Target Field 40 Pronoun paired R A I N B OW E D I E
Nashville 76 51 t 62 48 c Buenos Aires 74 62 pc 75 59 r Toronto 66 54 c 61 43 r I D L E B O R N F E L O N
New Orleans 80 55 t 76 56 s Dubai 92 75 s 93 77 s Vancouver 51 43 r 49 45 pc
baseballers with she 60 Extends credit P O I B L O O D T Y P I N G
New York City 69 62 sh 70 59 c Dublin 59 53 sh 59 50 pc Warsaw 62 48 r 57 45 pc U R N R E D S E A O S L O
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Zurich 66 52 pc 70 52 pc P E G A S S E R T N A Y S
Oklahoma City 66 42 pc 70 47 s Edinburgh 57 50 c 60 48 pc
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Tuesday, October 25, 2022
Glum Days for the Geezer Greats
It’s been a tough season so far for Tom Brady and Aaron Rodgers—and it’s looking shaky for LeBron James and the Lakers
These are trying times
for sports’s geezer leg-
ends.
There’s handsome
Tom Brady, aging 1,000
years as he watches a
perfect touchdown pass bonk help-
lessly off a wide-open receiver’s
fingers.
There’s LeBron James, surely
wondering why he’s not back in
the driveway playing H-O-R-S-E
with sons Bronny and Bryce, as he
watches Laker teammate Russell
Westbrook brick another hopeless
shot off the rim.
There’s an exasperated Aaron
Rodgers, face pressed to the turf
after a Packers loss to the lowly
Commanders, aka Dan Snyder’s
Washington Sadness Machine.
I suspect that last scene played
out something like this:
Aaron, do you need a hand?
I just want to lie here a little
longer. Did we really just lose to
these guys? Oh hey, an earth-
worm.
An overdue reckoning is here.
The sad trombones are trombon-
ing and father time is in the bull-
pen, warming up. Sports’ ageless
icons are playing on borrowed
time, and time is wasting.
These guys are too good, too
old and too tired for this…stuff.
They have spoiled us. A genera-
tion of athletes have pushed their
careers far beyond the typical
dates of expiration. We used to
wave farewell to our
favorite stars as their
mid-30s approached.
Now that’s barely
midcareer.
Rodgers is 38, but
he’s fresh off his sec-
ond consecutive NFL
Most Valuable Player
award.
The 37-year-old
James, who broke
into the NBA as a
teenage wonder, is
now in his 20th sea-
son, still a conse-
quential presence.
Then there’s
Brady, slinging it,
coming out of a hi-
lariously brief retire-
ment to chase after
an eighth Super Bowl
at the age of…
Wait, how old is
Tom Brady?
I believe he is 45.
But after the way the
Bucs played Sunday
in losing 21-3 to the
previously 1-5 Caro-
lina Panthers, I bet
he doesn’t feel a day
older than 3,096.
To be clear: Brady, Rodgers and
James remain talented and com-
petitive. This isn’t Willie Mays’s
sad sunset with the Mets; these
guys are hardly playing out the
string. There’s a chance the Bucs,
Packers and Lakers could reverse
course and come back to life.
But it’s getting bleaker by the
week.
no
The Only Problem
With Giants’ Hot Start
BY ANDREW BEATON
WHEN THE NEW YORK GIANTS
used the No. 6 pick in the draft on
quarterback Daniel Jones in 2019,
they thought they had found their
successor to Eli Manning. Then af-
ter a few seasons of middling play,
two canned head coaches, in addi-
tion to the firing of the general
manager who drafted him, a new
regime came in before this season
and indicated it might be ready to
move on without Jones.
That seemed perfectly reason-
able. Entering his fourth season,
Jones hadn’t played particularly
well and the Giants were among
the NFL’s worst teams every year
with him under center. Nobody
was shocked when new general
manager Joe Schoen and coach
Brian Daboll declined to pick up
the option on Jones’s contract for
2023.
Every week of this season, that
decision is looking costlier and
costlier. But the Giants aren’t ex-
actly upset about it. That’s be-
cause Jones is leading the NFL’s
most shocking run of the year.
JOHN RAOUX/ASSOCIATED PRESS
The Giants are 6-1 after yet an-
other win, this time a 23-17 tri-
umph over the Jacksonville Jag-
uars on Sunday. This one may have
been Jones’s most impressive yet:
He threw for more than 200 yards
and ran for over 100—just the
29th such performance in the Su-
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
Brady’s title hopes in Tampa
Bay are evaporating, and his per-
sonal life has become tabloid fod-
der. He’s gotten flak for taking off
Wednesdays—I thought we were
all cool with remote work now?—
and for attending the wedding of
Patriots owner Robert Kraft the
Friday before the Bucs lost to
n-
Pittsburgh. Brady was caught on
camera during that game going
per Bowl era.
It was a taste of what once
made Jones an intriguing pros-
pect. He can throw. He can run.
And now he can go and get paid.
NFL teams have the capacity to
keep their first-round picks under
contract for five years, with the
fifth year coming on a team op-
tion. It’s an opportunity to either
lock in a promising player for one
more year—or cut bait if he’s not
panning out. The catch is that
teams need to make that call for
year five after a player’s third sea-
son, and the option is fully guar-
anteed.
With a franchise-caliber quar-
terback, exercising that option is a
no-brainer. Jones’s was worth
about $22 million, which is rela-
tive pennies at a position where
players are now striking deals
worth over $40 million annually.
Jones, though, had done little to
prove he should be the Giants’
quarterback of the future. The
team passed on his option this off-
season. In parliamentary terms, it
was the football version of a vote
of no confidence in their own
quarterback.
“That was certainly out of my
control, out of my hands, and
that’s the business part of it,”
Jones said about it during the off-
season. “It is what it is.”
What nobody seemingly ex-
pected was for Jones to serve up a
SPORTS
JASON GAY
Clockwise from top: Tom Brady, Aaron Rodgers and LeBron James remain
competitive. But it’s getting bleaker by the week for their teams.
nuclear on his underperforming
offensive line, looking like a
cranky guy who couldn’t believe
his 5:15 p.m. restaurant reserva-
tion wasn’t ready at 5:15 p.m.
Brady could be on a couch right
now, hand in a bag of gluten-free
cauliflower chips. In February, he
walked away after 22 seasons and
a rollicking NFC playoff game in
which he very nearly almost
shocked the Los Angeles Rams.
As exits go, it wasn’t a ring, but
it wasn’t bad, either. A departure
now would feel considerably
worse.
Quarterback Daniel Jones has led the Giants to a stunning 6-1 start.
tailgate-sized serving of crow.
The Giants weren’t the only
ones who lacked belief in Jones.
Prognosticators expected the team
to be bad enough again that they
would be in position to pick early
enough in next year’s NFL draft to
potentially select a prized quarter-
back prospect. The expectation
from oddsmakers was that the Gi-
ants would win about seven
games.
They’re now one win away from
that just seven weeks into the
season.
There are plenty of reasons for
the Giants’ unexpectedly hot start.
The early performance of
Daboll, previously the offensive co-
ordinator for the Buffalo Bills, in
ly
Rodgers, too, flirted with retire-
ment before reuniting with the
Packers for the 2021 season. He
led Green Bay to a 13-4 campaign
before another cheesehead playoff
collapse. He came back with a big-
money deal and a roster that
doesn’t include talented target Da-
vante Adams, who uprooted to get
his own big deal with the Las Ve-
gas Raiders.
Now the Packers have lost three
in a row—and head off to jugger-
naut Buffalo for a Sunday night
game. Rodgers may wish he’d
stayed prone on the Washington
his first stint as a head coach has
earned rave reviews. Saquon Bark-
ley, after a couple of years dashed
by injury, has re-emerged as a
wrecking ball at running back.
Other young players have stepped
up to build an increasingly solid
core. (Their skeptics might also
note that all of their wins have
been within one score, so they’re
not too far away from being 0-7.)
But perhaps the biggest devel-
opment for the club has been
Jones’s growth. He has made big
plays when needed—the win Sun-
day marked the team’s fourth
comeback in the fourth quarter al-
ready this season.
Even more importantly, though,
he has cut down on the critical
THE WALL STREET JOURNAL.
.
turf.
With James and the
Lakers, it’s early. Los An-
geles has played only
three of its 82 games—
but they have lost all
three, hampered by a thin
roster, terrible shooting
and their inability to co-
here with the high-priced,
low-percentage West-
brook.
After Los Angeles’s
FROM TOP CLOCKWISE: RUSTY JONES/ASSOCIATED PRESS, SCOTT TAETSCH/GETTY IMAGES, EZRA SHAW/GETTY IMAGES
first loss, to defending
champion Golden State,
James gave a candid
postgame chat in which
he acknowledged the Lak-
ers’s bricklaying bona fi-
des:
“It’s not like we’re sit-
ting here with a lot of la-
sers on our team,” James
said dryly.
Heh.
James has shown no
indication he’s considering the
end.
On the contrary, he has been
public about his desire to stay in
the league until the hoped-for ar-
rival of his teenage son Bronny,
and perhaps another son, Bryce.
He’s eager to be the NBA’s version
of Ken Griffey Sr. It’s never hap-
pened before.
But if the Lakers don’t make
moves, it could make a long wait
longer. Retirement may remain un-
thinkable, but it looks more at-
tractive.
Palm trees, pickle ball and a pot
belly? What’s not to like?
mistakes that held him back dur-
ing his first few years in the
league.
As a rookie in 2019, Jones led
the NFL in fumbles. That remained
a problem for the next couple of
seasons, while he completed a be-
low average percentage of his
passes and struggled to consis-
tently move the offense down the
field.
While he hasn’t produced gaudy
passing totals in 2022, he has
demonstrated significant improve-
ment in key areas: He has fumbled
only twice, his completion percent-
age (67%) is a career high, and his
three-to-one touchdown-to-inter-
ception ratio would be his best
yet. He’s also on track to smash
his career high in rushing yards
and has already rushed for more
scores than in any other season.
“He just tries to play within the
things we ask him to do,” Daboll
said last week.
How Jones plays over the rest
of this season, and whether he
keeps this up, could have enor-
mous financial implications for
him and the Giants.
They could still retain him with
the franchise tag, a one year deal
that for quarterbacks last year
cost nearly $30 million and is ex-
pected to rise next season. The al-
ternative, if they want to keep
him, would be trying to lock him
up with a longer deal—an increas-
ingly expensive proposition in the
modern NFL.
So it could turn out to be an ex-
pensive miscalculation by the Gi-
ants, not that they’re likely upset
with the outcome. That’s because
Jones has helped make them the
biggest surprise in football.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Tim Ryan’s ‘Moderate’ Con
Of all political
species, few
receive more
coverage than
the moderate
Democrat. Like
the elusive
MAIN
STREET yeti of the Hi-
malayas, there
By William
McGurn
are plenty of
claimed sight-
ings—but little
in the way of hard evidence.
Right now the one exciting
the most attention is Rep. Tim
Ryan, a Democrat from Ohio’s
13th Congressional District. He
is running for U.S. Senate
against J.D. Vance, the Donald
Trump-endorsed author of
“Hillbilly Elegy.” Most polls
show Mr. Vance ahead but also
within the statistical margin of
error.
Sightings of these
Democrats are
frequent but, like the
yeti, evidence is thin.
Mr. Ryan’s strategy is plain.
As the Washington Post ob-
served in its roundup of last
Monday’s debate between the
two candidates, Mr. Ryan
sought to frame the race as “a
choice between a moderate
and an extremist.”
If that sounds familiar, it is
the same way Joe Biden now
casts himself against those
who voted for Mr. Trump. You
could even say Mr. Ryan, 49, is
his generation’s Mr. Biden.
Both claim their values were
forged by the old industrial
towns where they grew up—
Scranton, Pa., for Mr. Biden,
Britain’s Decline From Winston to Liz
London
Queen Eliza-
beth II’s first
prime minis-
ter was Win-
ston Churchill.
Her last was
GLOBAL
Liz Truss. This
VIEW
isn’t what
By Walter
most people
Russell Mead
call progress.
The serial
implosions of four Tory prime
ministers—David Cameron,
Theresa May, Boris Johnson
and Ms. Truss—made a laugh-
ingstock of what was once the
most successful political party
in the Western world. The La-
bour Party, for its part has,
thankfully, freed itself from the
shackles of Corbynism, but af-
ter 12 years in the wilderness
its capacity for government re-
mains open to doubt. Untested
in office and divided by Brexit,
Labour is better placed to win
the next general election than
to provide coherent leadership
in difficult times.
It is easy to overstate Brit-
ain’s decline. The country may
be floundering economically
and failing politically, but be-
no
yond the corridors of Parlia-
ment, Britain stands tall. Cul-
turally, from the Beatles and
the Rolling Stones to the hob-
bits of Middle-Earth, Elizabe-
than Britain punched well
above its weight. British uni-
versities and science remain at
the head of the class. The Brit-
ish financial industry recovered
from the shocks of World War
II to emerge as the leading in-
novator in the most sophisti-
cated and integrated financial
markets in history. British au-
The Bivalent Vaccine Boondoggle
By Joel Zinberg
T
he public-health bureau-
cracy is adopting yet
another excessive vacci-
nation policy. On Oct. 12 the
Food and Drug Administration
authorized bivalent Covid-19
boosters from Pfizer and
Moderna for use in children as
young as 5 and 6, respectively.
The same day, the Centers for
Disease Control and Preven-
tion recommended the vac-
cines for children 5 to 11. Nei-
ther shot is likely to find
many takers, but that won’t
stop the Biden administration
from wasting billions of dol-
lars buying them.
Since Covid shots first be-
came available, the federal
government has purchased
and distributed them instead
of relying on the market to
match supply with demand.
The result has been colossal
waste. Between December
2020 and mid-May 2022, the
and around Youngstown,
Ohio, for Mr. Ryan. Both
men also have Irish-Catho-
lic roots, and both clearly
enjoy retail politics.
One more thing. Both
men have abandoned a key
position that once helped
define moderate Democrats:
pro-life on abortion. De-
scribing Mr. Biden’s switch-
eroo in 2019, the New York
Times acknowledged his
claim that he had evolved
morally but noted “his
shifting views also reflect a
political calculation about
the changing mores of his
party.”
Ditto for Mr. Ryan, who was
even more pro-life than Mr. Bi-
den was when he wrote a Jan-
uary 2015 op-ed for the Akron
Beacon Journal announcing he
was now against any limits. No
doubt Mr. Ryan’s shifting
views also reflected the party’s
changing mores—especially in
Washington, where pro-life
Democrats are going the way
of the dodo.
It’s true that Mr. Ryan’s
tone is far more affable and
reasonable than that of Nancy
Pelosi or Bernie Sanders. Like
the president, Mr. Ryan appre-
ciates that Republicans have
poached the allegiance of
many working class voters
who see today’s Democratic
Party as hostile to their values
and interests—and he says he’s
the man to get them back. He’s
also complained he hasn’t re-
ceived the support from the
national party he needs to pull
it out in Ohio.
Knowing he will need the
votes not only of Ohioans who
voted for Mr. Trump in 2020
but those who will vote for
popular GOP Gov. Mike DeWine
us ,
l
e
al a
ci on
thors and journalists are read
around the world. The British
monarchy occupies a unique
place in the global imagination.
Fans everywhere cheer British
er s
soccer teams, follow the deni-
zens of “Downton Abbey” and
m er
are in thrall to Harry Potter
and James Bond. In perhaps
the most extraordinary devel-
opment, British chefs and bak-
ing shows have found interna-
m rp
tional success.
Britain isn’t failing, but its
politicians and diplomats are.
For all the dynamism of its en-
trepreneurs, bankers, artists
co Fo
and academics, Britain has
steadily lost ground to Euro-
pean and Asian economic com-
petitors. According to the Or-
ganization for Economic
Cooperation and Development,
the U.K.’s 2021 per capita gross
domestic product, adjusted for
purchasing power, trailed
those of Germany, France and
Ireland and was slightly below
the average for OECD member
countries.
n-
Genteel economic decline
(and a corresponding decline
in international power and in-
fluence) may not be what
most Brits want, but it is the
natural and inevitable out-
come of the policies they pre-
fer. This mismatch between
Britain’s international ambi-
tions and its domestic policy
preferences has haunted the
country ever since Clement
Attlee’s Labour government
introduced major socialist
changes to the British econ-
omy while attempting to keep
Britain a global power.
The Thatcher years were an
exception, not a turning point.
U.S. wasted 82.1 million doses.
Some expired on pharmacy
shelves before they could be
used; others were discarded
after remaining unclaimed in
opened multidose vials.
The FDA authorized biva-
lent vaccines at the end of
August for people who had
received their primary dose
series or their most recent
booster shot at least two
Washington spends
billions on shots
nobody wants.
months prior. The CDC’s Advi-
sory Committee on Immuni-
zation Practices ratified the
recommendation, despite con-
cerns among some members
that the vaccines didn’t have
enough testing on human
subjects and that two months
wasn’t long enough between
in November (up 18 points in
the RealClearPolitics polling
average), Mr. Ryan says he has
taken on his own party
throughout his career. But
there is less here than meets
the eye. True, he opposed
some of Barack Obama’s trade
deals and supported Mr.
Trump’s protectionist policies.
But Democrats aren’t exactly
pushing free trade, and Mr.
Vance has almost identical
views on these issues.
Perhaps Mr. Ryan’s greatest
claim to being a moderate is
his run for House minority
leader against Nancy Pelosi in
2016. Again he touts it as his
willingness to buck his own
party leaders. But when it
comes to actual votes, he
hasn’t done much bucking,
voting with Mrs. Pelosi—and
Mr. Biden—100% of the time.
These votes are a telling
measure. Because where Mr.
Ryan has come out in opposi-
tion to Mr. Biden, it’s almost
always where it makes no dif-
on
ference because Mr. Biden and
Mrs. Pelosi don’t need his vote.
Mr. Ryan, for example, has
criticized Mr. Biden’s student-
loan forgiveness. But because
The minority of British conser-
vatives who embrace Thatcher’s
economic and social views are
not strong enough to control
their own party, much less to
impose their policies on a skep-
tical society.
Brexit sharpened the di-
lemma. Leaving the European
Union could work only if Brit-
ain returned to an even more
radical version of Thatcher’s
free-market policies, becoming
what proponents called a
Its domestic politics
aside, England has
never been more
formidable.
“Singapore on Thames,” a de-
regulated, hard-charging econ-
omy unshackled from EU regu-
lation and restraint. But that
wasn’t what most Brexit voters
wanted.
For many Tory and Labour
voters, voting for Brexit was a
vote against change. They
wanted less immigration, less
development and disruption in
the English countryside, and
less control over British life by
officious EU bureaucrats and
the metropolitan London elite.
They were hobbits voting to
preserve the Shire as it was,
not radicals voting to trans-
form it root and branch.
With the collapse of the
Truss premiership, the hobbits
have decisively beaten the
Thatcherites. This will likely
mean a shift from the “hard
Brexit” that Boris Johnson
shots. The Biden administra-
tion announced on Sept. 8
that it had secured 170 mil-
lion of the updated doses. It
is still seeking an additional
$22 billion from Congress to
buy more.
Only 19.4 million Americans
have received bivalent boost-
ers to date—only 8.6% of the
number who completed their
primary two-dose vaccine se-
ries. The reason for low de-
mand is simple. People re-
spond to risk. Daily new Covid
cases have been declining for
three months. Daily deaths
with Covid have been low and
stable since May. Unsurpris-
ingly, the number of vaccines
administered daily has fallen
from its latest peak in Decem-
ber 2021, when Omicron was
surging, and has remained low
ever since.
Demand for bivalent vac-
cines will be even weaker for
children, whose risk of severe
Covid is extremely low. As of
this was done by executive
action, not legislation, Mr.
Ryan’s objection is cost-free.
In like manner, Mr. Ryan has
called for Mr. Biden not to
run again and declined to
have the president appear
with him on the campaign.
PHIL LONG/ASSOCIATED PRESS
But again he’s not bucking
his party; most Democrats
don’t want Mr. Biden on the
2024 ballot.
The American people
have seen the moderate
Democrat act before. Re-
member Bart Stupak and
other moderates holding up
ObamaCare in 2010—until they
folded?
Or Rep. Conor Lamb, who
won in 2018 as an anti-Pelosi
Democrat but who now votes
100% with Mr. Biden (Five-
ThirtyEight.com) and 100%
with Mrs. Pelosi (ProPublica).
Or Sens. Joe Manchin and
Kyrsten Sinema, who mounted
a brave effort against Presi-
dent Biden’s spending only to
capitulate in the end.
This is the reality of moder-
ate Democrats. In the end, if
the party needs their votes,
they cave. Mr. Ryan is a reli-
able yea on the Biden agenda,
voting for every bit of the
president’s trillions in spend-
ing. And he’s promising to vote
to kill the filibuster if he
makes it to the Senate, hardly
a moderate position.
In a recent interview with
Politico, Mr. Ryan promised
that as a senator “he would be
a royal pain in the a—” for
Chuck Schumer. But if Mr.
Ryan’s record with Mrs. Pelosi
is any guide, the Senate major-
ity leader doesn’t have any-
thing to worry about. It’s just
for show.
Write to mcgurn@wsj.com.
fought for to a softer form
with Britain staying more
closely aligned to EU regula-
tions in exchange for more ac-
cess to the European market.
This isn’t a propitious path for
economic or diplomatic re-
vival, but, pending a long, ago-
nized debate over a possible
“Breturn” to the EU, it’s the
path British voters appear to
have chosen.
This fundamental impasse
in British life has accompanied
a long-term decline in the
quality of British political
leadership. A country that
once produced a cavalcade of
political stars seems doomed
to cough up mediocre light-
weights. Margaret Thatcher
and Tony Blair aside, few post-
war leaders inspire or impress.
Britain’s best shun politics
these days.
Perhaps the problem is that
the rewards of a political ca-
reer in the U.K. have dimmed
with the country’s diminished
role in the world, while oppor-
tunities in business, culture
and sports are as bright as
they were at the height of the
Victorian age. British bankers,
musicians, entrepreneurs and
soccer stars can become as
rich and as globally celebrated
as their Victorian predeces-
sors, while booze-guzzling
British politicians fight over
scraps in the shadows of van-
ished greatness.
Sixty years ago, Dean Ache-
son observed that Britain had
lost an empire but not yet
found a role. The long search
continues as Rishi Sunak pre-
pares for his meeting with
King Charles.
Oct. 19, only 31.6% of 5- to 11-
year-olds had completed the
primary vaccine series. That
means more than two-thirds
of American children in this
age range aren’t even eligible
for the bivalent booster. And
some parents remain wary of
the bivalent vaccine’s evolving
safety profile.
Americans’ demand for
vaccines is lower than the
government’s arbitrary tar-
get—and for good reason. It’s
time for the government to
release its monopoly on the
purchase and distribution of
vaccines and let the private
market do what it does best:
aligning supply with the
American people’s demand for
goods they will actually use.
Dr. Zinberg is a senior fel-
low at the Competitive Enter-
prise Institute and director of
the Paragon Health Institute’s
Public Health and American
Well-Being Initiative.
Tuesday, October 25, 2022 | A13
BOOKSHELF | By Richard Lea
The Liar Inside
Our Own Heads
Nineteen Ways of Looking at
Consciousness
By Patrick House
(St. Martin’s, 257 pages, $26.99)
A
ccording to the writer and neuroscientist Patrick
House, his specialism is a frustrating field. We all
know what consciousness feels like, but, despite
centuries of reflection and experiment, we have no idea
how it works or even what it is.
Inspired by “Nineteen Ways of Looking at Wang Wei,”
Eliot Weinberger’s 1987 study of 19 different translations
of a short Tang-dynasty Chinese poem, Mr. House offers a
selection of scientific approaches to subjective experience in
“Nineteen Ways of Looking at Consciousness.” He begins from
first principles, with what he calls the “most literal transla-
tion of consciousness . . . that there is something that it is like
to be us.” Noting the “simple, physical, and verifiable fact
that a human brain’s only outputs are the muscles it connects
to,” he argues that “the brain evolved for . . . and will always
be dedicated to movement.”
A discussion of an Isaac
Asimov short story, where a
thief is revealed because his
muscles are attuned to gravity
on the moon instead of on
the earth, leads to the thought
that “the only goal of con-
sciousness is the simplification
of movements.” Mr. House
expands on this insight to
suggest that, in the same way
“modern mammalian reproduc-
.
tion is just the process of laying
and fertilizing eggs in a make-
ly
shift ocean,” maybe “thinking
[is] just moving without motion.”
A visit to the rotating restaurant at the Tyholttårnet
tower in Trondheim, Norway, where the inner circle moves
at a different speed than the outer, offers a “peek behind
the curtain of the brain.” The disorientation of crossing
from one circle to another reveals that our unconscious
is constantly making maps of its surroundings, leading
Mr. House to suggest that “what you experience are the
brain’s deductions about the relevance of objects or a
room’s layout to you, to your survival, and to your goals.”
His conclusion leans boldly into that evolutionary scenario:
“A cat one hundred feet away is not actually smaller than a
cat nearby at your feet. Your brain simply chooses to depict
it as smaller because things farther away are, literally and
figuratively, less likely to harm you.”
When you simultaneously present separate pictures to
each eye, the brain flicks between the images every couple
of seconds—a laboratory result that means, according to
Mr. House, that there can be “only one show on at any given
time.” Perhaps consciousness exists “to make information
broadly available to wide swaths of the brain that need it.
The act of projection is not just the onstage mise-en-scène
but is consciousness itself.”
As Mr. House himself flicks between different conceptions
of consciousness, he returns again and again to an operation
conducted in the mid-1990s during which—as often happens
in neurosurgery—the patient stayed awake. When the sur-
geons stimulated a small patch on the top of her brain with
an electric current, she laughed. Not only did this artificially
induced laughter produce “a sensation of merriment or
mirth,” but the patient gave a different justification each
time: “the horse is funny,” “you guys are just so funny . . .
standing around.” “Any attempt to explain consciousness,”
Mr. House argues, “should be able to fully explain the
events of that day.”
This episode is one of the many repetitions that toll
through the book, from James Joyce comparing his mind
to “a grocer’s assistant” to a saying that “the difference be-
tween physics and biology is the difference between Galileo
dropping both a bowling ball and a pigeon off the top of the
Tower of Pisa.” Not content with this arresting thought, Mr.
House goes on to suggest that “all”—all—“of biology can be
reduced to a simple question . . . What, exactly, is different
about the configuration of atoms in the pigeon that gives it
the freedom to break the pull of gravity, flap its wings, and
rise against the air in a way the bowling ball cannot?”
Your brain has evolved to handle countless
sensory impressions. To do so, it decides
what’s important to you, and what isn’t.
Here, as elsewhere, the striking phrase tips over beyond
sweeping generalization to land askew. Can it really be true
that “the first time your brain lied to you was the second
time you opened your eyes”? Even if you allow that infer-
ences made by vision systems are so far away from the
reality of the world that they are deceitful, is Mr. House
really suggesting that infants receive no sensory input until
they look around the room? The flipper in a pinball machine
is undoubtedly a marvelous innovation, but it doesn’t entail,
“contra Newton, that entropy could be slowed and maybe
even reversed.” Since entropy doesn’t move, it can’t really
be “slowed,” let alone “reversed,” not that Newton—who
died more than 100 years before Rudolf Clausius coined the
term—would have had an opinion either way.
When Eliot Weinberger chose 19 different translations
of Wang Wei’s poem he also added his own trenchant com-
mentary. Mr. House prefers to riff off the “various and some-
times contradictory theories” he presents without offering
much in the way of critique, making it sometimes hard to
tell whether the author really buys the ideas he’s selling.
Mr. House seems both definitive and radically unsure, as
when he declares that today’s artificial intelligences “will
never be conscious for the same reason a computerized
weather simulation will never be ‘wet’—or, maybe, they just
haven’t learned enough yet.” But perhaps this is just a reflec-
tion of the current state of neuroscience, which he compares
to Babylonian astronomy, whose practitioners knew that
the planets moved but had no idea how or why.
Mr. House argues that one day we’ll be able to explain the
mystery of consciousness, assembling his 19 fragments into
an evolutionary story told from the cell’s perspective, one that
takes us from the origin of life to the suggestion that our
conscious experience is defined by what our brains leave out.
(On that day, he says, we’ll be “more than pursuers of ele-
gance,” we’ll be “elegance itself.”) The compressions and eli-
sions of “Nineteen Ways of Looking at Consciousness” are
sometimes exhilarating and at other times exasperating, but
this stylish, witty and insightful introduction to a frustrating
discipline whets the appetite for more.
Mr. Lea is the editor of Fictionable.
 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 | Tuesday, October 25, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Kathy Hochul Is No Crime Fighter Illinois Unions and Democrats Entrench Power

W
hat a difference a competitive elec- Hmmm. New York has a state budget that’s Regarding Ted Dabrowski and John Messrs. Dabrowski and Klingner
tion makes. For months New York twice as big as Florida’s, despite a smaller popu- Klingner’s op-ed on the Illinois Work- shed light on the Illinois Democratic
ers’ Rights Amendment (“Unions Ask Party’s attempt to embed double-
Gov. Kathy Hochul failed to address lation. Yet it’s failing its most basic duty, to pro-
Illinois Voters to Sign Over Control of dealing in the state constitution. Un-
seriously the crime and disor- tect citizens from a Hobbesian the State,” Oct. 22): Do union leaders like in the private sector, where fed-
der that her constituents are She’s scared straight by state of nature. “This isn’t understand that the citizens of Illi- eral laws prohibit collusion between
seeing in the streets. But now Lee Zeldin, but too late brain surgery,” Ray Kelly, the nois are free to leave when unions ex- unions and management and ensure
that Lee Zeldin is rising in the former longtime commis- tract too much from taxpayers? that the two parties are on opposing
polls and giving voters a credi- to change her record. sioner of the New York Police Even gangsters know that you sides of the bargaining table, public-
ble GOP alternative, suddenly Department, told a radio host can’t demand too much protection sector unions take full advantage of a
Ms. Hochul is jumping out of a recently. “You go back and money, or else you drive businesses legal right they shouldn’t have to
phone booth wearing a Superman Halloween look at the things we were doing then and you out of the area. This seems like an- bribe “management”—elected offi-
costume. re-implement them.” other instance of progressives not cials—via campaign contributions.
Ms. Hochul is now running an ad that says The state’s 2019 bail “reform” is a particular thinking two steps ahead to appreci- This corrupt arrangement, which
ate the likely long-term consequences blossomed in the late 20th century,
she’s trying to guarantee “a safe walk home at point of contention. Ms. Hochul’s campaign ad
of very bad policy. costs Americans billions of dollars
night, a subway ride free of fear.” For the grim says she signed a bill that “toughens bail laws DANA R. HERMANSON annually. Here’s hoping that enough
reality, read the New York Post, where America’s to keep repeat offenders off our streets.” Her Marietta, Ga. Prairie State voters recognize this
hardest working police reporters cover America’s deal allows cash bail for career shoplifters and proposed amendment for what it re-
hardest working criminals. “A 62-year-old was more gun offenders, but it isn’t a wholesale re- Boeing, Citadel, Caterpillar and Ty- ally is—a move to cement one-party
punched in the face during an unprovoked attack versal of the 2019 law. Far more substantial son Foods have already left Illinois. Democratic rule—and vote it down. If
at a Bronx subway station on Sunday night and changes are needed. The only good news is that if you not, it won’t be long before the Illi-
tumbled onto the tracks,” the paper reported A disturbed man this summer who broke a move out of state, you escape Illi- nois Democratic Party achieves its
early in the a.m. Monday. “Luckily there was no subway worker’s collarbone had 41 prior arrests, nois’s looming debt and unfunded goal of being referred to simply as
train pulling into the station.” including after he randomly punched an Asian pension liability. “the party.”
CHARLES E. CAMPBELL JOHN FAURE
On Friday afternoon, “a man was pushed onto woman in the face last year. A woman with a his-
Flossmoor, Ill. Birmingham, Ala.
the tracks at a Brooklyn subway station.” The tory of brandishing blades finally earned a
surveillance tape shows the attacker sprinting $500,000 bail last month that will presumably
across the platform and clocking the unsuspect- take her off the streets. All she needed to do was
ing victim. Another man was pushed onto the attack an 82-year-old man with a machete and
tracks in the Bronx at about noon on Oct. 15. Last fracture his skull. Some of these people probably
Progressives, Reaganites and Contested Labels
month a father of two was stabbed to death on belong in mental institutions, not prisons, but Kudos to Kenneth Khachigian for Yes, but only if one considers hon-
a Brooklyn train. The alleged perpetrator, a either way the system doesn’t work. calling out the intellectual dishonesty esty as a major convention of the
homeless man, had been arrested in 2021, also Mr. Zeldin has put crime on the agenda, in- in the “progressive” moniker (“In Ari- past. As a denier of the 2020 election
for a subway stabbing, but he was out on super- cluding by holding a news conference at the site zona, a Wave Rises From a Lake,” op- results (in lockstep with a dishonest
vised release. of a Bronx subway attack. Don’t forget the crazy ed, Oct. 21). I have long wondered ex-president), Ms. Lake fails the char-
why conservatives and independent acter test. She and Donald Trump in
This weekend Ms. Hochul and New York City moment this summer when Mr. Zeldin, a sitting
media so unquestioningly participate no way emulate Reagan.
Mayor Eric Adams announced a plan to add “ap- Member of Congress, was almost stabbed at a in the use of that term. The politi- DAN LANGDON
proximately 1,200 additional overtime officer campaign rally. State authorities let the attacker

.
cians who describe themselves and Newport News, Va.
shifts each day on the subway.” Better late than go, until he was picked up by the feds. Mr. Zeldin their policies that way are progres-

ly
never, but try telling that to the people who were wants to repeal cashless bail, and he promises sive only in the same sense as a per- I wish all Republicans were as ar-
assaulted last week. Nicole Gelinas, a senior fel- to fire local prosecutors if they refuse to enforce son who leaps off a tall building is ticulate and had the same command-
low at the Manhattan Institute, writes that the the law as written. One polling average puts him “progressing” toward his ultimate ing presence as Ms. Lake. As an Ari-
on
transit police forces have a head count on paper down by only 6.1 points, which is remarkable
of about 4,000, so it would be “a big deal” to add given New York’s liberal tilt.
1,200 extra daily shifts. When Ms. Hochul replaced Gov. Andrew
destination of hitting the ground at
terminal velocity.
TIMOTHY BROWN
Davis, Calif.
zona resident, I see her ads and the
way she deals with a hostile press
that wants to misrepresent her poli-
cies and paint her as nothing more
Yet how long can New York keep up a surge Cuomo last year, she could have switched direc-
than an election denier. Our state has
us ,

that’s built on overtime? Ms. Hochul requires tions on crime. She didn’t, maybe fearing a pro-
Mr. Khachigian describes Kari been badly affected by the border cri-
l

only two weeks, enough to get her past the Nov. gressive primary challenge from Attorney Gen- Lake, the Republican candidate for sis and we are now overrun with
e
8 election. Sorry to be cynical, but this isn’t a so- eral Letitia James. Ms. Hochul can’t change her
al a

governor of Arizona, as a Reaga- homeless people and crime. While her

lution built for the long term. The joint press re- record two weeks before Election Day. nesque candidate, “standing for cer- opponent would like to ignore the is-
lease mentions some money coming “from the “You deserve to feel safe,” she says in her tain values which will not be im- sue and duck tough questions, Ms.
ci on

state’s public emergency fund,” with a further campaign ad, “and as your Governor, I won’t stop paired,” in the former president’s Lake faces them head on.
commitment “to work with the city on a dedi- working until you do.” Maybe what New Yorkers phrase. “Ms. Lakes’s popularity is Other Republican candidates have
cated revenue source to support additional po- need to feel safe is exactly that: for Ms. Hochul booming,” comments Mr. Khachigian, a lot to learn from Ms. Lake.
lice presence.” to stop working as their Governor. because she has left behind the con- ROBERT M. SUSSMAN
ventions of the past. . . .” Paradise Valley, Ariz.
er s

‘I Got It Passed by a Vote or Two’ Censorship Can’t Fit Under ‘Consumer Harm’
m er

P
resident Biden’s unscripted public ap- The only “vote” was Mr. Biden’s, as he unilater- As a defender of the consumer- But would this work? Antitrust le-
pearances aren’t that frequent, but ally declared the debt forgiven. His diktat was welfare standard in antitrust, I was at gal and economic experts can decide
when they occur they are often an ad- an extraordinary usurpation of Congress’s first taken with Michael Faulkender whether the merger of two shoe com-
m rp

venture. Take his entirely fan- power of the purse, which is and Stephen Miran’s argument in panies is or isn’t a harm to consum-
ciful comment in an interview Biden seems not to know why several states are suing in “Censorship Is a Consumer Harm” ers. How would an antitrust regulator
released this weekend about federal court to stop it. (op-ed, Oct. 12). apply law and market metrics to the
his $426 billion student loan
how student-loan As he nears his 80th birth- The authors’ argument is simple: anti-Semitic-tinged tweets of Kanye
forgiveness plan. forgiveness happened. day on Nov. 20, Mr. Biden has For almost half-a-century, courts have West? The ravings of Alex Jones?
co Fo

applied antitrust remedies when busi- Posts that may be too “edgy”?
The President sat down a tendency to imagine that
ness practices harm consumers. The You can argue that consumers
with some young liberal activ- things happened even if they censorship of (usually conservative) would be better off with completely
ists from NowThis News who asked him a ques- didn’t. The White House scrambled on Monday content by big social-media platforms open platforms, and that we should
tion about student loans. While explaining the to say Mr. Biden was really referring to the In- degrades the value of social media to trust the good sense of people to re-
details about the forgiveness, Mr. Biden flation Reduction Act, which did pass Congress. consumers. Therefore, the skewed ject anti-Semitism and the belief that
claimed that “It’s passed. I got it passed by a But mixing up the two is hardly better. content-moderation decisions should the Sandy Hook parents are actors.
vote or two.” Mr. Biden was clearly confused about a basic be treated as antitrust violations. Fine. But courts would likely rule that
Huh? You never know for sure what this question of law with major fiscal and constitu- social-media executives have a First
President is thinking, but he seemed to be say- tional implications. It’s disconcerting that he Amendment right not to be associ-
ing that loan forgiveness had passed Congress. doesn’t even seem to know how major policy There Is Never a Good Time ated with vile statements.
A better approach is in the Pact
Yet there never was a vote, or even an attempt decisions were made in his own Administration For the Military to Slip Up Act, sponsored by Sens. Brian Schatz
to get legislative approval for the cancellation. only weeks ago.
n-

America’s military is in decline for (D., Hawaii) and John Thune (R., S.D.),
three critical reasons (“The U.S. Mili- which would continue to give plat-

The School Lockdown Catastrophe tary’s Growing Weakness,” Review & forms immunity in exchange for clear
Outlook, Oct. 18). First, many generals content standards and due process

T
no

aren’t world-class field officers but in- for users. But using antitrust experts
he pandemic lockdowns were a policy unexplained reasons. Some 200,000 children experienced desk jockeys who rose to to regulate content? That’s like asking
blunder for the ages, and the economic, were chronically absent from L.A. schools last star status with keen politics. Second, brain surgeons to build a rocket ship.
social and health consequences are still year, which makes the results even odder. our brass is too socially savvy, con- ROBERT H. BORK JR.
playing out. But the worst ca- But more often students in cerned with matters of race, gender President, Antitrust Education Project
tastrophe was visited on The awful NAEP scores districts that struggled before and Washington politics, rather than Washington
with winning wars of consequence,
America’s children, as Mon- show damage from the pandemic and had some of
which we’ve not done in 75 years.
day’s release of the latest Na- the most stringent lockdowns
tional Assessment of Educa- closing classrooms. had some of the worst learning
Third, our servicemen are underpaid, Biden Taps Wrong Reserves
undereducated and underappreciated.
tional Progress shows. loss. In Detroit the average President Biden plans to keep tap-
These are tragic mistakes given
The 2022 NAEP test, often fourth-grade math scores fell ping our Strategic Petroleum Reserve
our volunteer military and the multi-
called the nation’s report card, found a record 12 points to 194—20 points below basic mastery (“Biden’s Oil Price Machinations,” Re-
ple threats we face today. The mili-
view & Outlook, Oct. 20). If only he
drop in learning across the U.S. since the last test of fundamentals. The data-analytics company tary runs on pride and poor leaders.
would resort to tapping more of our
in 2019. The tests measured proficiency in math Burbio says Detroit students had access to in- Political game-playing and public in-
oil and gas reserves in Texas, Okla-
and reading for fourth and eighth graders, and person education only 51.2% of the 2020-2021 difference are hard to overcome.
homa, Louisiana, Pennsylvania, the
the harm from closed schools and online-only in- school year. In a world where Russia puffs,
Dakotas and Alaska. Then, the West
struction is severe and depressing. The NAEP results support the case for school China snorts and Iran wants to blow us
wouldn’t be facing an energy crisis
to bits, we are playing Russian roulette
America’s schools weren’t doing all that well choice. Charter school performance was un- today. The U.S. has more readily re-
with our children’s future by experi-
before the pandemic, but the lack of in-school even, but in at least 11 states charter fourth encing declines in weaponry, prepared-
coverable oil and gas in the ground
learning made them worse. Eighth graders lost graders outperformed their non-charter coun- than any other nation on earth.
ness and battlefield leadership. That is
eight points on math since 2019, falling to an av- terparts in math in 2022, including in Alaska ERIK H. SCHOT, PH.D.
one game we can’t ever afford to lose.
erage 274 out of a possible 500. Fourth graders (+16 points), Nevada (+12 points) and North Lauderdale-by-the-Sea, Fla.
CAPT. RICHARD KLITZBERG, USA (RET.)
lost five points to an average of 236 in 2022. Not Carolina (+21 points). NAEP says reporting Princeton, N.J.
a single state or large school district showed bet- standards were not met for a charter compari-
ter math performance. son in 22 states. Pepper ...
The news is little better on reading, with the Catholic schools tended to stay open during Smuggle Kegs the Right Way And Salt
average score for fourth and eighth graders the pandemic, and on average their fourth and “The Great Notre Dame Keg Caper”
THE WALL STREET JOURNAL
dropping by three points. Nationwide only 33% eighth graders scored higher in reading and (Review, Oct. 15) reminds me of the
of fourth graders and 31% of eighth graders read math than public-school students. Department time our gang was able to bring a
at or above grade proficiency. of Defense schools performed even better. Stu- quarter keg of suds into a Villanova
It’s hard to understate the human damage dents deserve an escape route from schools that football game. No ropes or grand plan
that these dry statistics represent. The learning can’t prepare them for life and work. were necessary, as we simply pur-
loss is considerable and will take years to make These learning losses didn’t need to be as se- chased a ticket for Mr. Keg and used
our persuasive talents to gain entry
up, if it ever is. Children who fall behind in read- vere as they are because the school lockdowns
to the stadium. Paying attention in
ing skills have difficulty learning other subjects. didn’t have to continue as we learned more logic class certainly paid off!
The numbers also mean that millions of young about Covid’s relatively small risk for children. ROBERT CONOVER
Americans don’t know even the basics of writing Sweden kept its schools open and avoided the Marietta, Ga.
and arithmetic. catastrophic learning loss of the U.S. Villanova University ’74
The NAEP breaks down scores by states and The school closures were a political decision,
school districts, though it is hard to compare typically influenced by teachers unions. The po-
Letters intended for publication should
scores by the degree of lockdowns. Every state litical consequences now should be a backlash be emailed to wsj.ltrs@wsj.com. Please
lost ground to some extent, and different school against the politicians who let the unions close include your city, state and telephone
districts across states often had different lock- the schools for so long. For starters, that means number. All letters are subject to “Well, I would have my people
down policies. There were also surprises, like a anyone endorsed by American Federation of editing, and unpublished letters cannot get in touch with your people,
be acknowledged.
relatively small learning loss in Los Angeles, for Teachers chief Randi Weingarten. but I no longer have any people.”
 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.
Why We’re Bullish on Energy Stocks
By Vivek Ramaswamy
And David Sokol
S
ome investments are suit-
able for the fearful, others
for the greedy. U.S. energy
stocks may be a rare fit for
both. The sector is an infla-
tion hedge and also has home-run
growth potential if liberated from
shareholder-imposed mandates to
abide by environmental, social and
governance constraints. Energy
stocks should continue to outper-
form as capital rotates from technol-
ogy to energy.
Record low interest rates from
2009 through 2021 led investors to
embrace risk by valuing uncertain
cash flows in the distant future rela-
tive to low-yielding cash in the bank.
That fueled a 12-fold appreciation in
U.S. technology stocks, as the sec-
tor’s average price-earnings ratio
rose to 34 from 13. (The S&P 500 in-
dex increased fourfold and multiples
expanded from 14 to 25.) Pandemic
policies in 2020-21 supercharged
this trend. Unprecedented fiscal
stimulus left consumers and states
flush with cash that fueled even
greater risk-taking, while lockdowns
and remote work favored tech.
The ESG bubble has begun
deflating, and high interest
rates make technology
companies less attractive.
U.S. energy stocks charted a dif-
ferent course. Low interest rates en-
couraged oil companies to overlever-
age and overinvest in low-returning
projects. In late 2014, the Organiza-
tion for the Petroleum Exporting
Countries Plus boosted production,
leading to a supply glut that caused
oil prices to collapse by 70% and en-
ergy stocks to plummet.
Poor returns made it easy for div-
idend-hungry short-term investors
to embrace ESG mandates for re-
duced fossil-fuel production and net-
zero emissions targets. Long-term
investors usually serve as a check
against short-termism, but the ESG
movement applied a veneer of pru-
dence and moral virtue.
Populism Is Behind the British Conservative Party’s Downfall
FREE
EXPRESSION
By Gerard Baker
I
t is hard to fathom right now but
the British Conservative Party is
the most successful political
party in democratic history. It has
been ideologically nimble enough to
navigate two centuries of change and
govern Britain for almost two-thirds
of that time, but steadfast enough in
defense of its core values that it can
claim a unique status in the endeavor
of preserving of Western civilization,
with leaders of statuesque author-
ity—Robert Peel, Benjamin Disraeli,
Winston Churchill, Margaret
Thatcher—to bear witness to its his-
toric greatness.
So the spectacle in London over
no
the last few months summons bewil-
derment and demands an explana-
tion. The party that won world wars
and faced down revolutionary ideolo-
gies, the people who kept alive the
flame of freedom in some of its dark-
est moments, has been transformed
into a parodic model of misrule, a
ballet of buffoonery, its so-called
Uncle Sam Wants You for a Military Job That Matters
By Christine Wormuth,
Frank Kendall
And Carlos Del Toro
A
n all-volunteer military has de-
fended the U.S. for nearly 50
years. America’s soldiers, sail-
ors, airmen, Marines and guardians
stand shoulder to shoulder with al-
lies and partners to defeat tyranny,
prevent war and defend the freedom
that allows democracy and prosper-
ity to thrive.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Karen Miller Pensiero, Managing Editor
Jason Anders, Deputy Editor in Chief
Neal Lipschutz, Deputy Editor in Chief
Thorold Barker, Europe; Elena Cherney, Coverage;
Andrew Dowell, Asia; Brent Jones, Culture,
Training & Outreach; Alex Martin, Print &
Writing; Michael W. Miller, Features & Weekend;
Emma Moody, Standards; Shazna Nessa, Visuals;
Matthew Rose, Enterprise; Michael Siconolfi,
Investigations
Paul A. Gigot
Editor of the Editorial Page
Gerard Baker, Editor at Large
Thus over the same period that in-
vestors ascribed rich value to uncer-
tain future profits in tech stocks, they
abandoned their willingness to do so
for energy stocks. As their cost of
capital declined, tech companies were
free to invest in valuable long-term
projects if it meant trading off short-
term profitability, while energy com-
panies were under pressure to do the
opposite. Merrill Lynch aptly declared
energy “arguably . . . the biggest loser
of a rise in ESG investing.”
Three things changed this year.
Soaring inflation provided a tailwind
for U.S. energy stocks that benefit
from higher oil and gas prices. Ris-
ing interest rates reduced investors’
risk appetite, which disfavored tech
on
stocks. Most important, Russia’s in-
vasion of Ukraine exacerbated oil
and gas shortages and highlighted
the long-run risks of underinvest-
ment in energy. These factors show
us ,
that a global transition from fossil
l
fuels won’t happen on the time hori-
e
al a
zon implied by the prevailing ESG
investment consensus.
U.S. energy is positioned for
ci on
growth. It still trades at historically
depressed valuations: Since June
2018, it has underperformed the
market even as profits have overper-
formed. From June 2018 through
er s
m er
leaders performing a bad slapstick in
which the characters are locked for-
m rp
ever in a futile struggle to escape
from a revolving door.
This descent may have reached its
nadir last week with the tragicomic
collapse of the government of the
co Fo
shortest-serving prime minister in
the country’s history, a woman so
manifestly out of her depth, a politi-
cian with ambition so far exceeding
her meager ability, that she couldn’t
even outlast a lettuce.
It’s easy to laugh at Liz Truss, a
name destined to be the answer to
the trivia question everyone forgets.
But she represents only the most ex-
treme symptom of the underlying un-
seriousness that defines a once-great
political institution.
n-
How bad is it? A party that one
month ago announced its commit-
ment to restoring economic growth
through deficit-risking tax cuts is
now preparing to impose a new era
of austerity with tens of billions of
dollars worth of tax increases and
deficit reductions.
Three months ago, Jeremy Hunt, a
perennial also-ran in the party’s up-
per ranks, finished eighth out of eight
candidates in the race to become
prime minister. Now he is the man
As the U.S. refocuses on rising
challenges from China and Russia,
the armed forces are confronting a
generational recruiting shortfall. As
global threats loom, our respective
services face a shrinking pool of
qualified and willing applicants. Mili-
tary communities are increasingly
isolated. A strong U.S. job market in
which there are nearly two open po-
sitions for every person seeking
work increases the difficulty of at-
tracting recruits. But the nation
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Daniel Bernard, Chief Experience Officer;
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
Counsel, Chief Compliance Officer; Dianne DeSevo,
Chief People Officer; Frank Filippo, EVP, Business
Information & Services, Operations; Robert Hayes,
Chief Business Officer, New Ventures;
Elizabeth O’Melia, Chief Financial Officer;
Josh Stinchcomb, EVP & Chief Revenue Officer,
WSJ | Barron’s Group; Jennifer Thurman, Chief
Communications Officer; Sherry Weiss, Chief
Marketing Officer
EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
OPINION
June 2022, earnings per share for
the energy sector rose 93%. Stock
prices dipped 3%. In the tech sector,
earnings rose only 73%, yet stock
prices rose 82%. U.S. energy stocks
would have to appreciate 3.5 times to
achieve their historical relative value
versus technology stocks since 1990.
Add potential for increased earnings
by meeting supply shortages, and the
potential for P/E expansion as inves-
tors ascribe greater terminal value to
fossil-fuel producers, and there is
still ample room to run.
U.S. energy indexes have already
caught the beginnings, appreciating
58% year to date, but stocks haven’t
yet priced in the potential scale of a
looming supply-demand imbalance
for oil and gas. Global demand has
been artificially suppressed by
China’s zero-Covid policies and the
Biden administration’s tapping the
U.S. Strategic Petroleum Reserve,
now at its lowest inventory since
1984. The European Union’s ban on
Russian oil is due to take effect in
December, creating the potential for
a global supply shock. OPEC produc-
ers have already signaled they are
producing oil at near-maximum ca-
pacity, presenting an opportunity for
U.S. energy to fill the vacuum.
Some investors may be deterred
supposedly tasked with rescuing Brit-
ain from the costs of Ms. Truss’s
failed fiscal experiment.
Then there was Boris Johnson.
Deemed unfit for office and dumped
three months ago by his fellow Con-
servative members of Parliament, he
came close to being resurrected this
past weekend. In the end he lost out
to Rishi Sunak, the new prime minis-
ter, a rather staid former banker who
Working-class and free-
market supporters had
irreconcilable differences.
Republicans, take note.
makes up in accounting expertise
what he lacks in Mr. Johnson’s cha-
risma and Ms. Truss’s recklessness.
Britain may now get a little stability
and some fiscal prudence—long after
the damage has been done.
How did this happen? There are
proximate, local factors. Some ob-
servers are tempted to put it down to
a pathology in which the combina-
tion of post-Brexit psychosis and
post-pandemic anomie has sapped all
needs defending, even when the job
market is historically strong.
As the civilian leaders of the
Army, Navy and Air Force, we join to
ask every young American to con-
sider serving in the U.S. military. If
you seek a life of purpose and pas-
sion, if you hope to invest your tal-
ents in a cause bigger than yourself,
if you want to belong to a community
of people who also choose to serve,
you can find that connection and
more in the armed forces.
This is an exciting time to serve.
Since the end of the draft gave way
to the all-volunteer military in 1973,
new technologies have emerged that
shape how we engage with those
who seek to do us harm. Today more
than ever, the armed forces need
data scientists, coders and engineers
as much as we need pilots, submari-
ners and infantry. If you join, you’ll
get the chance to change lives, use
technology and develop skills that
the private sector can’t match. You’ll
serve in every part of the world, pro-
tecting freedom and responding to
crises with the skills to make a dif-
ference. Our goal is to recruit and
build a force that looks like America,
and so we are working to strengthen
and support diversity, equity and in-
clusion for all who serve. Whether
you serve three years or 20 years,
Tuesday, October 25, 2022 | A15
PHIL FOSTER
by regulatory headwinds, but policy
changes are quietly shifting in favor
of the sector. In June the Supreme
Court held in West Virginia v. Envi-
ronmental Protection Agency that
the EPA exceeded its statutory au-
thority in forcing coal and gas pro-
ducers to subsidize renewables, a
decision that could neuter broader
regulations on oil and gas. The Biden
administration appears to be loosen-
ing restrictions and softening its
posture on drilling permits in re-
sponse to political pressure.
A key obstacle: ESG-linked asset
managers remain the largest share-
ly
holders of publicly traded U.S. energy
companies. They have imposed scope
3 emissions caps (Chevron) and cli-
mate-change strategies (Exxon) that
constrain U.S. energy companies
from making necessary investments
in fossil-fuel production. JP Morgan
estimates by 2030 oil and gas com-
panies will require an additional $1.2
trillion to $1.3 trillion in capital ex-
penditures to meet demand. Chronic
underinvestment in production now
leaves the world at risk of sustained
oil and gas shortages. In the name of
minimizing negative externalities,
these ESG investors have created ex-
ternalities of their own by encourag-
ing decarbonization in the absence of
reason and purpose from those who
govern. But there are also some char-
acteristics that resonate in American
conservatism.
I have said this before, but part of
the reason is a dizzying collapse in
the quality of our leaders. Across the
West, we are led by too many inferior
people who shouldn’t be left in
charge of a Lego set, let alone the en-
tire edifice of national government.
Governing has become a heavily per-
formative exercise played increas-
ingly by a cast of professional politi-
cal figures who never made a payroll,
donned a uniform or created any-
thing other than a sharply worded
press release. All this is exacerbated
by the unseriousness of a media and
political culture in which the demand
for constant gratification is met by
“owning” your opponent, always on
the lookout to exploit some alleged
grievance.
But there is one deeper, substan-
tive problem that afflicts conserva-
tives especially. It helps explain the
chaos in Britain but also describes
the developing debate in the U.S.
Having delivered Brexit by cleverly
channeling the modern populist de-
mand for more national self-determi-
nation, the Conservatives are split on
there are ample opportunities for
tailored professional and personal
development. You’ll do work that
matters.
We know that there are misper-
ceptions about the military that
might keep people from joining. We
are providing unparalleled training
and educational opportunities for our
We need data scientists,
coders and engineers as
much as we need pilots,
submariners and infantry.
service members and investing bil-
lions of dollars in housing and qual-
ity of life, while also changing poli-
cies that are more in step with what
this generation has come to expect
from the best institutions. We are
finding new ways to help young
Americans meet our necessarily high
standards.
To do all these things, we are
counting on policy makers, schools,
religious institutions, and families to
reinforce the importance of service
and the opportunities it provides.
Members of Congress, we ask for
your support as we work on solutions
feasible alternatives.
If post-ESG investors deliver a dif-
ferent shareholder mandate—to in-
vest in greater production and meet
long-run demand—U.S. energy com-
panies can outperform. Warren Buf-
fett, who last year criticized Black-
Rock-backed ESG mandates at
Berkshire Hathaway as “asinine,” has
quietly amassed U.S. energy exposure,
going from no reported publicly
traded holdings at the start of this
year to a 20.9% stake in at least one
large publicly traded U.S. energy com-
pany as of late September. One of us
(Mr. Sokol) served as CEO of Berk-
shire Hathaway Energy, with an eq-
uity value of approximately $90 bil-
lion today and widely regarded as one
of Mr. Buffett’s best acquisitions. The
other founded a new asset manager
that mandates energy companies to
focus exclusively on long-run profit-
ability over ESG factors.
If other market participants de-
fect from the ESG-driven consensus,
that will drive energy-sector outper-
formance. Trends already point in
that direction: May 2022 marked the
first month in three years that ESG
funds saw their inflows decline. As
Mr. Buffett wrote during the early
stages of U.S. stock-price recovery
after the 2008 crisis, “if you wait for
the robins, spring will be over.”
As the season of the tech giants
fades to winter, the resurgence of
energy may bound into spring—es-
pecially if investors sow the seeds by
delivering a new shareholder man-
date to the sector. Four of the five
largest companies in the world by
.
market capitalization are U.S. tech
companies (the fifth is an oil com-
pany, Saudi Aramco). Only one U.S.
energy company, Exxon Mobil,
cracks the top 10. As recently as
2013, Exxon was the largest company
in the world. It could be again.
Mr. Ramaswamy is executive
chairman of Strive Asset Manage-
ment and author of “Woke, Inc.: In-
side Corporate America’s Social Jus-
tice Scam” and “Nation of Victims:
Identity Politics, the Death of Merit,
and the Path Back to Excellence.”
Mr. Sokol is chairman and CEO of
Teton Capital and a co-author of
“America in Perspective: Defending
the American Dream for the Next
Generation.”
how to make it work. One vision is of
a dynamic neoliberal nirvana, “Singa-
pore on Thames,” in which Britain re-
gains its global competitiveness by
cutting taxes, shrinking government,
opening itself to immigration. This
was the short-lived Truss experiment.
It collapsed on collision with market
reality, but it is also at odds with the
sentiments of many Brexit and Con-
servative voters. These are working-
class former Labour supporters who
in their vision of an independent Brit-
ain seek the security of a strong state
defined by a more powerful sense of
community, in which the government
provides a strong welfare safety net
and public services.
There are strong echoes in U.S.
politics in the rise of a national popu-
list conservatism backed by working-
class voters who have been left be-
hind. They too see in a stronger
national identity an opportunity for a
more cohesive community and are
skeptical of free trade, immigration
and tax cuts for businesses.
Britain’s attempt to reconcile
these two strands has produced ab-
ject chaos—and the inevitability of a
left-wing government. Even as they
prepare to resume their place in
power, Republicans should take heed.
to the recruiting challenge. We ask
civic leaders and educators to open
your communities to active-duty mil-
itary and veterans, especially in
places where we haven’t adequately
invested in the past. To parents and
families, we ask that you give us the
opportunity to share all that we’re
doing to make the military even more
of a place for the next generation to
grow and thrive, including our un-
precedented commitment to making
the military a place where all who
serve can be free from harassment,
discrimination or abuse.
To our veterans, we ask that you
tell your stories of service to the
greatest nation in the world. Most of
all, we ask young Americans to join
us—and to write your own stories of
service to our nation.
The military can and must do
more to recruit and retain America’s
finest, but we need America behind
us. We must ask ourselves how we
can help ensure that there is a new
generation able and inspired to carry
on the nation’s proud, selfless and
distinguished legacy of service. You
can write your own story of service
to the country.
Ms. Wormuth, Mr. Kendall and
Mr. Del Toro are, respectively, secre-
tary of the Army, Air Force and Navy.
 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 | Tuesday, October 25, 2022 THE WALL STREET JOURNAL.

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
TECHNOLOGY: INTEL CEO SAYS CURBS ON CHINA CHIP EXPORTS WERE INEVITABLE B4
BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 3797.34 À 1.19% S&P FIN À 1.35%
Credit Suisse Pushes to Sell Unit
Credit Suisse Group AG is
racing to finalize the sale of a
key unit, days before the be-
leaguered Swiss bank is set to
give details of a revamp of its
big Wall Street division.
The Swiss bank is selling
billions of dollars worth of as-
sets to help pay for a strategy
change after a series of finan-
cial losses and scandals. It
may still need additional capi-
tal to show investors that it
can carry out plans to retreat
from some businesses and
countries that are no longer
deemed core, analysts say.
The biggest disposal, now
close to being completed, ac-
cording to people familiar
Brokered
Deposit
Rates
Hit 4.5%
BY RACHEL LOUISE ENSIGN
JPMorgan Chase & Co. of-
fers most of its customers a
one-year certificate of deposit
paying a 2% interest rate. The
bank recently offered clients
of broker Fidelity Invest-
ments a nearly identical
product—at 4.5%.
Banks are selectively rais-
ing interest rates on deposits
following the Federal Re-
serve’s steep rate increases
this year. Many are paying
their best rates on brokered
CDs, which well-off customers
buy through brokerage firms.
The offers are helping CDs—
deposits that are locked up
for a set period—regain popu-
larity after falling out of favor
in the era of low rates that
followed the financial crisis.
The percentage of deposits
tied up in CDs reached an all-
time low of 6.3% in the first
quarter of 2022, according to
Federal Deposit Insurance
Corp. data. The metric ticked
up to 6.8% in the second
quarter.
Brokered CDs make up as
much as half of the CD mar-
ket, according to an analysis
of federal banking data by
consulting firm Curinos.
A range of banks offer bro-
kered CDs through brokerage
firms’ websites. The products
typically carry many of the
same features as traditional
CDs, including minimum de-
no
posit amounts and the back-
ing of federal deposit insur-
ance.
There are some differ-
ences. Customers who want
to get out of a brokered CD
Please turn to page B10
Telehealth Startup Cerebral to Shrink Staff
BY KHADEEJA SAFDAR
AND ROLFE WINKLER
Telehealth startup Cerebral
Inc. told staffers it is cutting
jobs and restructuring its oper-
ations in moves that will affect
about 20% of its employees,
shrinking the company to
match patient demand and
lower growth targets.
In a memo to staff on Mon-
day, Chief Executive David Mou
said the changes would be
spread across all divisions, in-
MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com
S&P IT À 1.38%
* * * **
DJ TRANS À 2.94%
with that effort, is Credit
Suisse’s New York-based secu-
ritized-products group. The
bank said in July it would sell
all or part of the unit, which
lends and trades in asset-
backed financing markets.
Two bidding groups have
emerged as the favorites for
the business. One consortium
includes bond manager Pacific
Investment Management Co.
and buyout firm Apollo Global
Management Inc. In the sec-
ond group, Centerbridge
Partners has teamed with
Martello Re Ltd., a life and re-
insurance company, according
to some of the people familiar
with the effort.
on
us ,
l
e
al a
ci on
er s
Lumicera Health Services ships 250,000 packages of medications yearly to 30,000 patients across the U.S. A site in Madison, Wis.
m er
High Shipping Costs Spur Change
m rp
BY ESTHER FUNG
Rising shipping costs are
primed to squeeze profits for
businesses of all sizes this hol-
co Fo
iday season.
Entrepreneurs and execu-
tives say that to cope they are
buying their own delivery vehi-
cles, pleading with customers
for patience and changing the
products they sell. The moves,
they say, are in response to
carriers such as FedEx Corp.
and United Parcel Service Inc.
continuing to pass along price
increases for service.
Staff at specialty pharmacy
n-
Lumicera Health Services
looks at seven-day weather
forecasts and calls patients
ahead of time to ask if they
need to replenish their supply
soon or if they can wait, in
some cases, for a bad weather
event to pass. For medications
that need to be refrigerated,
the Madison, Wis., company
uses pricier next-day air or ex-
cluding headquarters, clinical-
care teams and support staff.
He said employees would be no-
tified over the course of the
week, according to the memo,
which was viewed by The Wall
Street Journal.
“These are challenging times
for many companies,” Dr. Mou
wrote. “In order to continue to
work towards our mission, we
have a duty to our patients to
ensure our business is healthy
and sustainable throughout
challenging economic times.”
(877) 632-2589
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.39%
By Justin Baer,
Julie Steinberg
and Margot Patrick
Allianz SE owns Pimco,
while Massachusetts Mutual
Life Insurance Co. is a minor-
ity investor in Martello Re.
Centerbridge helped create the
reinsurer and has an agree-
ment to help manage its assets.
It couldn’t be learned
whether the winning bidders
would take over the entire
unit with employees attached
or take a majority stake in the
business, for example, or what
they might pay. Credit Suisse
is updating investors on the
Average revenue per package, quarterly
FedEx*
$25
20
15
10
5 5
0 0
FY2021 ’22
Note: For the U.S. *Latest quarter reported ended Aug. 31 †Latest quarter reported ended June 30
Source: the companies
press-delivery services.
“I’m training my pharma-
cists to be amateur meteorolo-
gists,” said Ben Heiser, vice
president of operations and
A Cerebral spokesman said
the moves are part of the com-
pany’s efforts to streamline op-
erations while giving priority to
clinical quality and safety. He
declined to say how many jobs
were being eliminated from the
San Francisco-based company.
Cerebral, which publicly
launched its services in 2020,
added hundreds of thousands of
patients with social-media ads
and quick prescriptions for at-
tention-deficit hyperactivity
disorder and other mental-
2–YR. TREAS. yield 4.498%
transaction and other strate-
gic measures on Thursday,
when it will also report third-
quarter results.
The bank has been trying
to find the right mix for a de-
cade. It clung to a large Wall
Street arm through earlier re-
structurings to avoid losing
needed revenue. In July, amid
a drought in deal making and
other client transactions, new
executives at the bank said it
was time for hard decisions.
They have been carving out
units to sell and said costs
must come down.
On Friday, Credit Suisse
sold an 8.6% stake in funds
distributor Allfunds Group for
UPS†
Express $25 Next Day Air
$22.36
20
15
10
Ground
$11.48
’23 2020 ’21
business development at Lu-
micera, which ships 250,000
packages of medications yearly
to 30,000 patients across the
U.S.
health conditions, the Journal
has reported. It raised hundreds
of millions of dollars in venture
capital and hired hundreds of
nurse practitioners as contract
workers to see clients.
Some of Cerebral’s practices
have become the subject of in-
vestigations by the Federal
Trade Commission and Justice
Department. Cerebral has said
it is cooperating with the inves-
tigations and has stopped pre-
scribing most controlled sub-
Please turn to page B2
Tuesday, October 25, 2022 | B1
NIKKEI (Midday) 27201.37 À 0.84% See more at WSJ.com/Markets
Juul
$327 million and raised addi-
tional cash from a 30% stake
In Talks
in a fund manager. It put the
Savoy Hotel in Zurich up for
sale to raise potentially half a
billion dollars.
With
Credit Suisse has been talk-
ing to investors about whether
it needs additional capital.
Large
Among those considering in-
vesting are Saudi Arabia’s sov-
ereign-wealth fund and some
existing Credit Suisse share-
Investors
holders, according to people BY JENNIFER MALONEY
familiar with the matter.
Credit Suisse’s restructur- Juul Labs Inc. is in talks
ing is taking a page from other with two of its biggest inves-
banks’ playbooks a decade tors on a bailout that could
ago, following the global fi- help the e-cigarette maker
Please turn to page B10 stave off a bankruptcy filing,
according to people familiar
with the matter.
Hyatt Hotels heir Nick
Pritzker and California inves-
tor Riaz Valani are considering
putting up money to cover the
vaping company’s operations
and near-term legal liabilities,
the people said. Messrs. Pritz-
ker and Valani were early in-
.
vestors in Juul, have been
longtime directors and are
ly
among the company’s largest
shareholders.
The goal of the bailout
would be to put Juul on firmer
financial footing so it can stay
in business and pursue a dis-
Please turn to page B6
DAVID KASNIC FOR THE WALL STREET JOURNAL
Signs of
Shift by
Fed Lift
Treasurys
BY SAM GOLDFARB
Signs that the Federal Re-
serve might soon slow the pace
During the early days of the of its interest-rate increases
pandemic, shippers, or compa- have helped calm Treasury
nies that use shipping services, yields for the moment, offering
said they were price takers, ac- some hope to investors that a
$21.73
cepting higher rates and condi- more-stable bond market could
tions that their carriers pro- ease pressure on stocks.
posed. In 2022, FedEx and UPS U.S. Treasury yields, which
raised rates an average of 5.9%, move in the opposite direction
which was the first time in of bond prices, edged higher
eight years that either strayed Monday but still closed well be-
above 4.9%. low their intraday peaks on Fri-
Shippers say those rate in- day. Yields largely declined Fri-
creases are actually higher day after The Wall Street
when including extra fees, such Journal reported that Fed offi-
Ground as those for making residential cials were poised to raise inter-
$10.89 deliveries, oversize items and est rates by 0.75 percentage
fuel surcharges. Some compa- point at their Nov. 1-2 meeting
nies are leasing more ware- but were also likely set to de-
houses around the country to bate shifting to a smaller in-
shorten the length of costlier crease in December.
’22 final-mile deliveries to their In recent weeks, investors
customers. began betting that the Fed
Shipping costs are primed would raise rates by three-quar-
to increase, too. Last month, ters of a percentage point not
FedEx and UPS said they just in November but in Decem-
would raise their shipping Please turn to page B2
rates by an average of 6.9%
across most of their services  Dow industrials close at
Please turn to page B5 highest level in 6 weeks.... B11
INSIDE
AUTOS HEARD ON THE
Prices in China for STREET
Tesla’s popular Models Wealthy consumers
Y and 3 are cut by as are still in a spending
much as 9.4%. B3 boom. B12
 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 | Tuesday, October 25, 2022
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Adidas ....................... B12
Adobe ........................ B10
Alibaba.................B3,B11
Allianz ......................... B1
Alphabet......................B4
Altimeter Capital........B2
Altria...........................B6
American Airlines.....B12
Apollo Global
Management.............B1
AstraZeneca................B6
B
Baidu....................B3,B11
Bed Bath & Beyond....B5
Blackstone...................B6
Boeing ......................... B3
C Lennar.........................A5
CDP Investissements
...................................B11
Celsius Network ....... B11
Centerbridge Partners B1
Cerebral.......................B1
Charles Schwab ........ B10
Credit Suisse...............B1
D Macy's.........................B5
Deutsche Lufthansa.B12
Discover Financial
Services...................B10
F Northrop Grumman....B3
FedEx...........................B1
Fender Musical
Instruments............B12
INDEX TO PEOPLE
A Hsu, Jason..................A7
Ankers, Mat................B5
C Jakobs, Roy.................B2
Carter, Richard..........B10
Chalfin, Jordan ........... A1
D Koester, Wolfgang....B10
Dunham, Josh.............B5
Durn, Dan..................B10
G Mawakana, Tekedra....B4
Gelsinger, Pat ............. B4
Gerstner, Brad ............ B2
Gove, Sue....................B5
H-J
Hand, Fred...................B5
Heiser, Ben..................B1
Treasury
Bonds Get
Some Relief
Continued from page B1
ber. That was the latest escala-
tion in interest-rate wagers that
have pummeled bonds and
stocks for months.
The idea that the central
bank might move by just 0.5
percentage point in December
sparked an immediate rally Fri-
day in shorter-term Treasurys
in particular, given their sensi-
tivity to the near-term interest-
rate outlook. The surge in prices
gained momentum later Friday,
when Federal Reserve Bank of
San Francisco Fed President
Mary Daly made comments that
investors interpreted as signal-
ing concern about raising rates
too quickly.
Stocks joined bonds in their
rally, with the S&P 500 notching
a weekly gain of 4.7% and climb-
ing an additional 1.2% Monday.
Investors started this week pre-
paring for earnings from tech
companies including Alphabet
Inc., Amazon.com Inc. and Mi-
crosoft Corp., along with data
on economic growth and the
Fed’s preferred inflation gauge.
Taken together, recent events
suggest that “the debate is
shifting towards talking about
how to get the market prepared
for smaller rate hikes,” said
Thomas Simons, a money-mar-
ket economist in the fixed-in-
come group at Jefferies.
Despite Friday’s move, lon-
ger-term Treasury yields still
ended last week significantly
higher than seven days earlier,
extending a historically bad year
for bond returns that has had
broad repercussions across fi-
nancial markets.
The yield on the benchmark
10-year U.S. Treasury note,
which is especially influential in
determining borrowing costs
throughout the economy,
climbed for a 12th consecutive
week to finish at 4.212% Friday.
It settled Monday at 4.231%, its
highest close since June 2008.
Yields were fairly stable early
last week. But without much of
a catalyst, they climbed steeply
DAVID PAUL MORRIS/BLOOMBERG NEWS
San Francisco Fed President Mary Daly expressed concern on rates.
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Fidelity Investments..B1
H
Pinduoduo ................... B3
R
Meta Investor Wants Zuckerberg
To Trim Staff and Pare Ambitions
Hermès......................B12 Ralph Lauren.............B10
H&M Hennes & Mauritz Royal Philips...............B2
...................................B12 S
Huawei Technologies . A3
Salesforce ................. B10
I Samsung Electronics
Intel.............................B4 ...................................B12 BY MEGHAN BOBROWSKY
InterContinental Hotels Schlumberger..............B3
...................................B12
SK Hynix ..................... B4 An investment firm said in
J Snap............................A2 an open letter to Mark Zucker-
JD.com.........................B3 SpaceX...................A2,B3 berg on Monday that Meta
JMB Capital Partners.B6 T Platforms Inc. should slash
JPMorgan Chase.........B1
Target..........................B5 staff and pare back its meta-
Juul Labs.....................B1 Tencent......................B12
verse ambitions, in a sign of
L Tesla...............A2,B3,B11
rising discontent among share-
Las Vegas Sands ...... B11 Touchstone Living ...... A1 holders.
Tuesday Morning........B5
Altimeter Capital Chief Ex-
Lockheed Martin.........B3 Twitter...................A1,B2
Lumicera Health ecutive Brad Gerstner wrote
U
Services.....................B1 that Mr. Zuckerberg needs to
Uber Technologies ...... B4 take drastic steps to streamline
LVMH Moët Hennessy
Unilever.......................B6
Louis Vuitton..........B12 Meta’s operations and address
Lyft..............................B4 United Airlines..........B12
United Parcel Service
a steep drop in the share price.
M “Like many other companies
.....................................B1
W
in a zero-rate world—Meta has
Martello.......................B1 drifted into the land of ex-
Meta Platforms..........B2 Warner Bros. Discovery
cess—too many people, too
BENOIT TESSIER/REUTERS
.....................................B3
N many ideas, too little urgency,”
Waymo........................B4
Wells Fargo...............B10 Mr. Gerstner said in the letter.
P WestCap Management “Meta needs to get its mojo
PhaseBio ...................................B11 back.”
Pharmaceuticals.......B6 Whirlpool...................B12 Meta shares are down more
than 50% in the past 18
months, slicing more than Altimeter owned about 2.5 million Meta shares at the end of the second quarter.
$600 billion from the com-
pany’s market value. Meta re- “get fit and focused.” mode for months as it con- users can work, shop and play.
ports earnings after the bell on Mr. Gerstner wrote that fronts slowing growth and in- Its flagship metaverse offering
Pritzker, Nick..............B1 Wednesday. Meta should cut head count ex- creased competition. for consumers, called Horizon
Hunter, Steven...........A2 R Meta declined to comment penses by 20%, echoing the Mr. Gerstner also recom- Worlds, is reaching fewer than
Robertson, Kyle..........B2 on the letter. Altimeter didn’t views of others who have re- mended that the company dial 200,000 monthly active users,
Jermiin, Martin...........B5
S immediately respond to a re- cently argued that tech compa- back its investment in the The Wall Street Journal re-
K Senyek, Chris............B11 quest to comment. nies have become bloated with metaverse, which Mr. Zucker- ported earlier this month.
Simons, Thomas.........B2 Altimeter, which has almost too many employees after berg has touted as the com- “People are confused by
Kulkarni, Rohit............A2 Stockton, Adam........B10 $18 billion under management, years of expansion. pany’s future and said would what the metaverse even
M Streeter, Susanna.....B11 owned about 2.5 million Meta “It is a poorly kept secret in require more than $10 billion means,” Mr. Gerstner wrote.
V
.
shares at the end of the second Silicon Valley that companies in annual investment. Mr. Ger- Mr. Gerstner closed by say-
Valani, Riaz.................B1 quarter, according to FactSet. ranging from Google to Meta stner recommended the com- ing he wasn’t making demands
ly
Mooney, Andy...........B12
Mou, David..................B1 W That holding, valued at roughly to Twitter to Uber could pany limit that investment to and that he continues to be-
Musk, Elon.............A1,B3 Weaver, Amy ............ B10 $320 million, doesn’t rank in achieve similar levels of reve- $5 billion annually, calling lieve in Meta’s future.
N-P Z the top 15 of Meta’s institu- nue with far fewer people,” he Meta’s commitment “super-
Nielsen, Jane ............ B10
Peuch, Olivier Le.........B3
Zimmer, John..............B4
Zuckerberg, Mark ....... B2
on tional shareholders. Mr. Gerst-
ner said the firm, which is
based in Boston and has offices
in Meta’s home of Menlo Park,
said.
Meta reported having
83,553 employees at the end of
the second quarter, up 32%
sized and terrifying, even by
Silicon Valley standards.”
Despite the significant in-
vestment so far, the company
Listen to a Podcast
Scan this code
for a podcast on
U.S. Treasury yields Calif., was a longtime share- from a year earlier. is behind on its goals for the glitches and
us ,
holder of the company but that Like many tech companies, metaverse, which is an immer- missed goals in
l
4.5%
he now believes it needs to Meta has been in cost-cutting sive online experience where the metaverse.
e
al a
4.0
3.5
Two-year
Philips to Cut 4,000 Jobs Amid Recall
ci on
3.0
2.5
BY DENISE ROLAND Philips said third-quarter sales compared with its previous particles are released by af-
2.0 10-year
fell 5% to €4.3 billion. forecast of sales growth of 1% fected devices, although test-
er s
1.5
Royal Philips NV said it “Although Philips’ strategy to 3%. It also said its profit ing isn’t yet complete.
would cut 4,000 jobs in a bid and solutions resonate with margin would likely be weaker Most of the affected devices
m er
1.0 to turn around its embattled our stakeholders, we have not than expected. are CPAP and BiPaP machines,
business, as it grapples with lived up to their expectations Philips said it would take typically used to treat sleep
0.5 supply-chain challenges and in recent years,” said Chief Ex- action to strengthen its supply apnea, although some ventila-
0 the fallout from a huge recall ecutive Roy Jakobs. The long- chain and overhaul its research tors are also included in the
of devices used to treat sleep time Philips employee took the and development strategy to recall. The recall began in June
m rp
Jan. 2022 Oct.
apnea. top job on Oct. 15, succeeding focus on fewer, bigger projects. of last year and the company
Source: Tradeweb The Dutch healthcare con- Frans van Houten. Philips’s struggles with sup- said it had so far repaired or
glomerate said Monday that Philips, which sells products ply-chain disruption and a replaced around 4 million af-
on Wednesday and Thursday. the job cuts, which amount to including MRI scanners and ul- weakening economic outlook fected units.
That presented a setback for about 5% of its 80,000-strong trasound machines, said sales come as the company contends The recall led to inspections
co Fo
stocks, which are sensitive to workforce, would simplify its had been hit by persistent sup- with a huge recall of breath- from the Food and Drug Ad-
rising yields because that in- operations and save about 300 ply issues stemming from the ing-aid machines. It is in the ministration, whose findings
creases the return investors million euros, equivalent to pandemic and more recently, midst of recalling 5.5 million suggested that Philips had for
earn risk-free by holding Trea- about $296 million, a year. Russia’s war in Ukraine. devices following reports that years taken inadequate action
surys to maturity. News of the cuts came as The company said it ex- an internal sound-damping in response to complaints re-
Some analysts said that Trea- Philips swung to a net loss of pected prolonged operational foam could degrade. That lating to foam degradation.
surys were still being pressured €1.3 billion in the third quar- and supply challenges, a wors- spurred concerns that the de- Philips said that in July it
by the previous week’s inflation ter, mainly driven by a previ- ening economic environment graded foam could release entered discussions with the
data, which continued to show a ously disclosed write-down of and continued uncertainty re- harmful gases or particles into U.S. Department of Justice on
rapid rise in consumer prices. its sleep and respiratory-care lating to Covid-19 measures in the lungs of users. behalf of the FDA and that the
Stubbornly high inflation has business. That compares with China. Subsequent testing, span- recently disclosed €1.3 billion
led to a readjustment in inves- a profit of almost €3 billion in Consequently, Philips low- ning devices with and without write-down included the com-
tors’ expectations for short- the same period last year, ered its full-year outlook, say- visible foam degradation, has pany’s latest assumptions re-
n-
term interest rates set by the boosted by the sale of its do- ing it now expects sales to de- found no evidence that danger- lating to a potential settlement
Fed—the trajectory of which mestic appliances business. cline in the mid-single-digits, ous levels of harmful gases or arising from those talks.
plays a critical role in determin-
ing the level of Treasury yields.
no
On Wednesday, interest-rate
derivatives for the first time
this year showed a better than
STEPHANIE AARONSON/THE WALL STREET JOURNAL
50% chance that the Fed would
raise its benchmark federal- Protecting Seniors
funds rate above 5% in 2023,
though that percentage was
down to about 45% on Monday.
with Coverage Beyond
The fed-funds rate is set at a
range of 3% to 3.25% after start-
ing the year near zero.
Medicare Supplement.
Investors also remain on
edge about the potential for
shrinking foreign demand for
Treasurys, as central banks ag-
gressively raise interest rates
and, in some cases, intervene in The company has been making changes and scaling back.
the foreign-exchange market to
support their currencies. On Fri- tioners, earlier this summer, ac-
day, momentum toward lower
yields was partially offset by
Cerebral cording to documents viewed
by the Journal. In recent
signs that Japan had intervened months, the company termi-
to strengthen the yen for at
least the second time in two
To Reduce nated scores of support staffers
and shifted duties to a firm
months. The yen surged called ResolvedCX employing
abruptly Friday morning a day
after the currency had breached
Workforce workers in the Philippines. The
spokesman said Cerebral has
150 per dollar, its weakest level been working with ResolvedCX
in decades. Continued from page B1 since June 2020.
stances to new patients. Earlier this month, Dr. Mou
The company has been mak- told staff the company would
ing changes and scaling back in stop offering its care-counseling
recent months. In May, Cerebral services to new patients. Dr.
parted ways with Kyle Robert- Mou said a minority of patients
son, its chief executive, and pro- with access to care counselors
moted Dr. Mou, its chief medi- are scheduling appointments
cal officer, to lead the company. with them, according to a
In an email sent to employ- memo reviewed by the Journal.
ees in August, Dr. Mou said the He said the company would
company was reducing its mar- continue to offer the service to
keting budget and shifting existing patients, but wouldn’t Medicare Supplement,
funding to improve clinical enroll new patients for the ser- Annuities,
quality and safety. He said the vice as of the end of October.
company has been experiencing The company has been em- Dental/Vision/Hearing,
a reduction in patient appoint- ploying care counselors to serve Home Health Care,
ments as the number of new as something akin to wellness Cancer/Heart/Stroke
patients declines. coaches or case managers. They
Cerebral cut some contract aren’t required to have ad-
workers, including nurse practi- vanced degrees.
 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.
Tesla Lowers Prices of Models in China
Move comes as Musk
says material costs are
dropping, and with
rivals gaining in market
BY SELINA CHENG
HONG KONG—Tesla Inc.
has lowered prices for vehicles
sold in China, days after Chief
Executive Elon Musk said most
materials costs are falling and
amid growing competition
from local rivals.
Prices for Tesla’s popular
Models Y and 3 sold in China,
the world’s biggest electric-ve-
hicle market, have been cut by
as much as 9.4%, according to
a social-media post by the
company Monday. A standard
Model Y now costs the equiva-
lent of $39,880, down from
about $43,750, while the long-
range version has an even big-
ger discount. A standard
Model 3 fetches about $36,710,
down by about $1,930.
The company has overcome
production glitches and is see-
ing lower input costs but is
facing greater competition
amid a gloomy global eco-
nomic outlook. Surging sales
of new-energy vehicles are
also driving intense competi-
tion for lithium, the key ingre-
dient in vehicle batteries.
The discounts restore the
models’ price ranges closer to
Contractors Prepare New Hardware for Moon Mission
BY MICAH MAIDENBERG
Companies behind NASA’s
Artemis moon program—in-
cluding SpaceX, Boeing Co.
and Lockheed Martin Corp.—
are working on future mis-
sions as the agency prepares
to try to get its first lunar
rocket off the ground next
month.
Lockheed Martin said last
week that the National Aero-
nautics and Space Administra-
tion ordered three more of the
Orion spaceship it has devel-
Warner
Discloses
$4.3 Billion
In Charges
BY JOE FLINT
Warner Bros. Discovery
Inc. said it expects to incur as
much as $4.3 billion in pretax
restructuring charges through
2024, the result of an exten-
sive cost-cutting effort follow-
ing the combination earlier
this year of Discovery Inc. and
AT&T Inc.’s WarnerMedia
unit.
no
The majority of those
charges—between $2 billion
and $2.5 billion—are tied to
restructuring the company’s
content operations, including
writing down the value of
some content and killing off
projects that were in develop-
ment, Warner Bros. Discovery
said in a securities filing Mon-
day. The company is expected
to report third-quarter earn-
ings on Nov. 3.
The cuts and restructuring
comes as new management
tries to make good on a prom-
ise to Wall Street to find $3
billion in cost savings through
the combination of Discovery
with WarnerMedia. The com-
pany is also wrestling with a
heavy debt load. At the end of
the second quarter, the com-
pany had debt of $53 billion.
Among the projects that
have been scratched was a
nearly completed “Batgirl”
movie being made for HBO
Max. A project from producer
J.J. Abrams called “Demi-
monde” was also cut and is
now being shopped elsewhere.
Several HBO Max animated
projects aimed at children
have also been scrapped, in-
cluding “Batman: Caped Cru-
sader,” an animated series
from Mr. Abrams. A new “Loo-
ney Tunes” movie called “Bye
Bye Bunny: A Looney Tunes
Musical’’ was canceled as well.
Earlier this month, about
26% of all positions at Warner
Bros. Television were elimi-
nated in cost-cutting moves.
Cuts have also been made at
HBO as well as the Warner
and Discovery cable networks
including TBS, TNT and CNN.
* *
The prices of the standard Models Y and 3 were cut as much as 9.4%, restoring their price ranges closer to levels seen in March.
levels in early March. Tesla
and other car manufacturers
in China raised prices several
times in the past year to ad-
just for increases in costs as
the price of lithium almost tri-
pled and they were ensnared
by supply-chain delays. Tesla
also raised prices for cars sold
in the U.S. several times this
on
oped, and the agency plans to
use them for the sixth through
eighth Artemis missions. The
us ,
latest order amounted to
l
about $2 billion, according to
e
al a
Lockheed, which is now build-
ing Orions for the second
through fifth Artemis flights.
ci on
Separately, a joint venture
between Boeing and Northrop
Grumman Corp. is in line to
win a NASA contract to build
at least five more Space
er s
Launch System rockets for fu-
ture launches, according to a
m er
recent procurement document
m rp
co Fo
n-
The company founded in France in 1926 by brothers Conrad and
Marcel Schlumberger has grown aggressively in recent years.
Schlumberger Takes
A New Name: SLB
BY WILL FEUER
AND BENOÎT MORENNE
Schlumberger Ltd. is
changing its name to SLB,
dropping the family name of
the brothers who founded the
oil-field services company
nearly a century ago.
The company said the
shorter moniker, which is ef-
fective Monday, is meant to
embrace its focus on newer
energy services, such as clean
hydrogen and carbon-capture
technology.
The rebranding includes a
new logo and comes as the
company said it would focus
on creating and scaling new
energy systems such as car-
bon solutions, hydrogen, geo-
thermal and geoenergy, en-
ergy storage and critical
minerals.
“It’s simple, it’s bold, it’s
still related to our heritage,”
Chief Executive Olivier Le
Peuch said. “We have to find a
path to keep this heritage and,
at the same time, [it’s] an op-
portunity to draw a new north
for the company.”
Brothers Conrad and Marcel
Schlumberger founded the pre-
decessor to the company that
would carry their family name
in France in 1926, when they
created the Société de Prospec-
tion Électrique, or the Electric
Prospecting Company, accord-
ing to the company website.
NY Tuesday, October 25, 2022 | B3
BUSINESS NEWS
that the company was watch-
ing its costs closely. Lithium
prices remained “crazy expen-
sive,” he said.
Production conditions for
China’s car makers have re-
turned to normal in recent
months as delays in the supply
chain caused by Beijing’s strin-
gent Covid-19 controls were
smoothed out. Demand, how-
ever, remained weak, with retail
car sales from August to Sep-
tember growing at their slow-
est pace in decades, according
to the China Passenger Car As-
sociation’s monthly release.
Tesla’s Shanghai plant
broke delivery records in Sep-
tember. The world’s leading
EV maker by units sold faces
stiff competition from China’s
QILAI SHEN/BLOOMBERG NEWS
biggest EV car maker, BYD Co.
The Shenzhen-based company
in the past six months has
outsold Tesla in its home mar-
ket and is targeting global ex-
pansion as it pivots away from
traditional internal combus-
tion engines to focus solely on
new-energy vehicles.
Tesla delivered more than
year, citing inflationary pres- fell by double-digit percent- which would lower costs, and 83,000 vehicles from its factory
sure in materials and logistics. ages following Xi Jinping’s warned of a “brutal recession” in China last month, up 8%
Tesla didn’t respond to a deepening his control over the ahead. Prices for steel and alu- from August. Globally, the com-
request for further comment. world’s second-largest econ- minum have dropped while pany sold 908,600 over the first
Shares of Tesla closed down omy this past weekend. shipping container rates from nine months of this year after
1.5% to $211.25 on Monday. Mr. Musk, during a call with Shanghai have collapsed, other ramping up production at its
The drop comes as the stocks analysts last week to discuss company executives added. Shanghai factory in July. The
of U.S.-listed Chinese tech the company’s earnings, said Still, when asked whether factory in Shanghai accounted
companies such as Alibaba, that prices of most commodi- Tesla would adjust its prices for more than half of its global
Baidu, JD.com and Pinduoduo ties are set to fall next year, globally, Mr. Musk said only production during this period.
.
ly
from the agency. ful lift during the initial stage NASA astronauts to the Orion ship on top for the inau-
NASA proposed to award of a flight. moon’s surface. gural Artemis next month af-
the contract to the Boeing- On Monday, a SpaceX exec- That move would allow the ter two previous efforts were
Northrop venture in part be- utive said the company has company to “incrementally called off because of technical
cause of the companies’ been working on a series of build up the capabilities that it problems. Artemis is NASA’s
knowledge about how to man- ground tests that would pre- takes [to] safely land humans program to return astronauts
ufacture SLS rockets, accord- cede the first orbital test on the moon,” she said. The to the surface of the moon for
ing to the agency’s procure- flight of Starship. operation would be the third the first time since 1972,
ment document. Boeing’s Jessica Jensen, a Space Ex- flight for Artemis. among other goals, using
responsibilities for SLS in- ploration Technologies Corp. The Elon Musk-led company space vehicles developed by a
clude building the main part vice president, said at an in- hasn’t conducted an orbital gaggle of large aerospace com-
of the rocket, which contains dustry event that the company test flight of Starship yet, a panies and smaller suppliers.
huge tanks for fuel. Northrop plans to first launch its own flight that Mr. Musk has said NASA earlier this month
has created the boosters in- Starlink satellites using Star- is one of his top priorities. said it would try again to
stalled on the rocket that are ship as it works to deliver a NASA is planning to blast blast off the first SLS rocket
designed to provide a power- vehicle capable of transporting off its SLS rocket with the on Nov. 14.
F. CARTER SMITH/BLOOMBERG NEWS
MORE PLANT
BIOLOGISTS.
Throughout the 1930s, the
company grew rapidly and es-
LESS OVERHEAD.
tablished international busi-
ness units bearing the
Schlumberger name. In 1940,
the company moved its head-
quarters to Houston, the bur-
geoning center of the U.S. oil
drilling industry.
Over the past century, the
Find all your business needs in
company has evolved from its Middlesex County, New Jersey.
roots doing surface prospect-
ing for the metal-ore mining
industry. By the 1960s, its Learn how a deep commitment from
deep-sea drilling equipment
was used in the search for local government and the community
sunken vessels and the com-
pany began providing high-
has created the perfect ecosystem where
precision sensors to the Na- food innovation businesses can thrive.
tional Aeronautics and Space
Administration.
The company has since
grown aggressively through
acquisitions, cementing its
lead as the world’s largest oil-
field services company
through its 2010 acquisition
of Smith International for
over $11 billion.
More recently, Schlum-
berger has expanded into re-
newable-energy services along
with the broader oil-and-gas
industry. In 2020, Schlum-
berger launched a business
unit to explore low-carbon and
carbon-neutral technologies.
The following year, the
company said it wanted to
achieve net-zero greenhouse DiscoverMiddlesex.com/Biz
gas emissions by 2050, with
minimal reliance on offsets.
 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 | Tuesday, October 25, 2022
NIKKI RITCHER FOR THE WALL STREET JOURNAL
Since Pat Gelsinger took over at Intel, the company has announced plans for new facilities in Ohio, Germany and elsewhere.
Intel CEO Says China Chip
Export Curbs Were Inevitable
BY TIM HIGGINS AND ASA FITCH
LAGUNA BEACH, Calif.—In-
tel Corp. Chief Executive Pat
Gelsinger said that recently
imposed U.S. restrictions on
semiconductor-industry ex-
ports to China were inevitable
as America seeks to maintain
technological leadership in
competition with China.
Speaking at The Wall Street
Journal’s annual Tech Live
conference, Mr. Gelsinger said
the restrictions, which require
chip companies to obtain a li-
cense to export certain ad-
vanced artificial-intelligence
and supercomputing chips as
well as equipment used in ad-
vanced manufacturing, are
part of a necessary shift of
chip supply chains.
“I viewed this geopolitically
as inevitable,” Mr. Gelsinger
said. “And that’s why the re-
balancing of supply chains is
so critical.”
Our Insight,
Your Advantage
no
The Wall Street Journal’s Pro Venture Capital
provides news coverage on the latest global trends,
along with high-quality data to give professionals
an overview of the entire venture capital space.
G E T S TA R T E D AT
WSJPro.com/Venture-Capital
© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ9110
His comment followed
high-profile public lobbying of
Congress to pass the biparti-
san Chips and Science Act,
which extends nearly $53 bil-
lion in subsidies for research
and development and to build
or expand manufacturing facil-
ities in the U.S., in July. Mr.
Gelsinger was a leading advo-
cate for the legislation.
Mr. Gelsinger has embarked
on a expansion of chip plants,
referred to as fabs. The com-
pany has announced plans to
us ,
erect new facilities in Ohio,
Germany and elsewhere since
al a
Mr. Gelsinger took over last
year at a combined cost poten-
tially topping $100 billion.
ci on
“Where the oil reserves are
defined geopolitics for the last
five decades. Where the fabs
are for the next five decades is
more important,” Mr. Gel-
er s
singer said Monday.
Mr. Gelsinger said the am-
m er
bition for efforts to boost do-
m rp
co Fo
n-
Our data sets provide hard-to-
ind, high-level information for
venture capital professionals,
such as total annual funding,
number of deals, trends, top
deals, exits and more.
TECHNOLOGY
mestic chip manufacturing in
Western countries was to shift
from about 80% in Asia to
about 50% by the end of the
decade, with the U.S. taking
30% and Europe the remaining
20%. “We would all feel so
good” if that were to happen,
he said.
Intel on Monday also
on
launched an alliance to sup-
port manufacturing of cutting-
edge chips in the U.S. for na-
t i o n a l - s e c u r i t y- s e n s i t i v e
applications. As the U.S. ri-
valry with China has intensi-
l
fied in recent years, the U.S.
e
government and defense in-
dustry have placed growing
emphasis on having advanced
chips made on U.S. soil.
Mr. Gelsinger’s support
comes despite Intel’s large in-
volvement in China, both
through customers and manu-
facturing operations. The com-
pany produces memory chips
at a plant in northeast China,
Curated daily brieings
from our expert journalists
and real-time alerts
keep you updated before
your competitors.
although it is transferring
those operations to South Ko-
rea’s SK Hynix Inc. Its sales to
China last year topped $21 bil-
lion, although many Chinese
electronics manufacturers that
buy Intel’s chips sell their end
products in other countries.
While the chip industry is
showing signs of shakiness af-
ter a boom at the start of the
pandemic, Mr. Gelsinger justi-
fied his spending on manufac-
turing growth by pointing to a
strong long-term outlook. He
expects global revenue across
the chip industry to nearly
double from about $600 bil-
lion now to $1.1 trillion at the
end of the decade.
WSJ
LIVE
TECH
For more on The Wall Street
Journal’s virtual conference,
visit techlive.wsj.com
* * THE WALL STREET JOURNAL.
Lyft Leader Sees
Strength in Core
Ride Business
BY PREETIKA RANA
Lyft Inc.’s co-founder and
President John Zimmer said
the company’s focus on trans-
portation will pay off in a re-
cessionary environment, cush-
ioning it from risks of
diversifying into food delivery.
Food delivery “seemed like
a really good idea in a pan-
demic,” Mr. Zimmer said at
The Wall Street Journal’s Tech
Live conference, but “getting a
$30 salad is going to be less
likely” during a tougher eco-
nomic environment. Rival
Uber Technologies Inc.’s
bookings exploded during the
early part of the pandemic, as
its food-delivery business ben-
efited from people sheltering
in place.
Lyft’s stock has been under
pressure for several months.
Its share price is down more
Waymo Seeks Time for
Autonomous Vehicles
BY SEBASTIAN HERRERA
Safety and scale remain two
ly
of the biggest challenges in
building out an autonomous
vehicle fleet, according to
Tekedra Mawakana, co-chief
executive of autonomous vehi-
cle company Waymo, who
spoke at The Wall Street Jour-
nal’s Tech Live conference on
Monday.
Ms. Mawakana said the
backing of parent company Al-
phabet Inc. will allow Waymo
to build out its fleet, even
though challenges persist and
the company will need part-
ners in critical functions such
as automation. Waymo has
been building out safety fea-
tures such as collision avoid-
ance and quick response
times.
Powerful search
functionality to ind
articles by sector, category,
date, company or relevance,
going back to 2018.
WSJ.com/Tech
than 80% since its initial pub-
lic offering in 2019. Uber’s
stock is down more than 30%
from its IPO debut the same
year.
“We’ve had a few twists and
turns,” Mr. Zimmer said, but
“I’m confident that, as we get
through these recessionary
pressures, Wall Street will fix’’
its pessimism on the stock.
The Lyft president said the
company has a “very big op-
portunity to differentiate over
the next few months,” includ-
ing expanding the business us-
ing people’s personal vehicles
in the near term and, in the fu-
ture, by deploying other com-
panies’ autonomous vehicles
on its app.
Earlier this month, the com-
pany began testing a feature
that lets people search and re-
serve parking spots in certain
markets.
“This really about being pa-
.
tient in the learning but being
precise in our execution,” Ms.
Mawakana said, “This is a re-
ally long term opportunity.”
Ms. Mawakana said that
lower levels of automation
could be achieved in upcoming
years but that the “level four”
autonomy – where cars don’t
need assistance by human driv-
ers, could still be years away.
Many of the predictions
made by prominent tech exec-
utives and analysts about how
soon autonomous vehicles
would be mainstream have
been wrong. The technology
has been beset by high costs,
regulatory hurdles and slower
advancements than expected.
Now, experts aren’t sure when
people will be able to purchase
autonomous vehicles
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Holiday
Stress Test
Awaits
Troubled
Retailers
BY SOMA BISWAS
The coming holiday season
is likely to test a number of
midsize retailers that have seen
sales slump as inventory piles
up, a crux that could leave the
most seriously stressed light on
the cash needed to stay afloat.
Home-goods and furniture
chains Bed Bath & Beyond Inc.,
Tuesday Morning Corp. have
secured additional capital to
help them survive what could
be a rocky holiday season.
Retailers that enjoyed robust
sales last year as customers re-
turned to in-store shopping
were caught off guard as infla-
tion kicked in and sales quickly
eroded. Americans also shifted
more of their spending to ser-
vices and travel. At the same
time, retailers from Macy’s to
Target Corp. have been dis-
counting furiously to work off a
glut of merchandise—undercut-
ting smaller retailers.
“Not only are many retailers
overextended on inventory, but
now they are facing softening
demand,” said Tero Janne,
managing director and co-head
Some retailers have
secured more capital
to help them survive
the holiday season.
of debt advisory services at
Solomon Partners.
For struggling midsize
chains, the next few months
could determine whether they
flirt with bankruptcy next year
or are able to steady them-
selves. The big question they
face is how consumer spending
plays out over the next few
months, and whether the
chains have enough capital if
end-of-year sales disappoint.
Bed Bath & Beyond and
Tuesday Morning are among
those most at risk of running
short of cash without stellar
holiday sales, analysts say. Both
companies survived the worst
of the 2020 downturn and had
stabilized their businesses for
the pandemic economy.
After cutting its guidance on
sales and earnings for the year,
Tuesday Morning lined up $35
million in financing last month
from Retail Ecommerce Ven-
tures LLC, owner of the Pier 1
Imports brand, and its manage-
ment team. The lifeline helped
the company avoid a return to
bankruptcy, according to people
familiar with its financial con-
ditions. Tuesday Morning ex-
ited chapter 11 last year.
Tuesday Morning, which op-
erates 489 stores, expects its
no
comparable-store sales to
worsen to a drop of 10% to 12%
for the quarter ending in Octo-
ber, compared with an 8% drop
last quarter.
Since its fiscal year began in
July, the “ongoing difficult con-
sumer environment” has pres-
sured the business, said Chief
Executive Fred Hand in the
company’s earnings report in
September.
Tuesday Morning said the
partnership with Retail Ecom-
merce Ventures will help drive
sales and the new loans will
provide enough capital for its
obligations to suppliers and
creditors. As part of the deal,
Tuesday Morning will start car-
rying Pier 1 Imports merchan-
dise. The company expects
same-store losses of up to 3%
in the current fiscal year.
Bed Bath & Beyond lined up
a new loan and persuaded lend-
ers to increase its credit line
last month, bringing its total li-
quidity to nearly $1 billion,
enough to cover its cash needs
this year, according to analysts
at Morgan Stanley.
S&P cut the retailer’s rating
to just one notch above its “de-
fault imminent” level after Bed
Bath reported a 28% drop in
sales in its latest quarter. And
cash was running out faster
than analysts had expected,
with $800 million used up over
the six months ended Aug. 27.
Interim Chief Executive Sue
Gove said the latest results
didn’t reflect the changes the
company has made. The com-
pany expects to become cash-
flow neutral by the end of the
year after cutting costs and
closing stores.
Discounters Thrive in EU Crisis
Bargain stores lure
shoppers eager to
spend less as prices
for goods keep rising
BY TREFOR MOSS
LONDON—Cash-strapped
European consumers are flock-
ing to discount stores, com-
pany executives say, as the
prices of many goods, from
food and clothing to electricity
and gasoline, keep rising.
Discount stores across the
region have reported rising
sales in recent months and say
they plan to open more stores
to lure middle-class consumers
who are suddenly eager to
economize.
“We’ll be accelerating our
store openings,” said Mat Ank-
ers, interim chief financial of-
ficer of Pepco Group NV, which
runs nearly 4,000 discount
stores across Europe. “Price
and value have always been
important to customers, but
now it is more important than
ever.”
Pepco, which sells a range
of items from clothing and
toys to cosmetics and snacks,
plans to open at least 550
stores in the coming financial
year, having opened a net 516
stores in the past year—signif-
icantly more than the com-
pany had originally planned.
Consumers are changing
their shopping habits as they
grapple with rampant infla-
tion—which stood at 10.1% in
the U.K. and 10% in Germany
in September—stoked partly
by the fallout from Russia’s in-
vasion of Ukraine.
Consumer confidence
on
across Europe is at a record
us ,
low, according to Eurostat, the
l
European Commission’s statis-
e
al a
tics agency, which started
measuring consumer confi-
dence in 1985. Retail sales in
ci on
the eurozone declined 2%
year-over-year in August, the
most recent data available,
and could slow further if the
region slides into recession in
er s
the coming months, as some
economists expect.
m er
The economic outlook is
m rp
co Fo
n-
Carriers like UPS continue to pass along price increases.
Shipping
Costs Press
Companies
Continued from page B1
starting in January and late
December, respectively.
Additional fees on shipping
have helped carriers mitigate
rising costs through the pan-
demic and after Russia’s inva-
sion of Ukraine, which sent
fuel prices soaring. Though
U.S. diesel prices are down
from their June peak, they are
still up about 47% a gallon
from the end of last year, fed-
eral data show.
Fuel surcharges have been a
pain point among companies
that need shipping services,
and these companies say that
surcharges haven’t declined in
conjunction with energy
prices. Carriers are in control
of their own fuel-surcharge
rates and can change them to
increase their margins, said
Josh Dunham, chief executive
of Reveel, a shipping intelli-
gence platform.
Carriers say their fuel sur-
charges can adjust up or down
each week based on diesel and
jet-fuel prices.
The fuel surcharges for
FedEx Ground and FedEx Ex-
press have dropped from their
June peak, said company
spokeswoman Jenny Robert-
son.
UPS spokesman Glenn Zac-
cara said the company seeks to
ensure overall pricing is com-
Tuesday, October 25, 2022 | B5
BUSINESS NEWS
Consumer confidence for the
European Union
0
–5
–10
–15
UTRECHT/ACTION PRESS/ZUMA PRESS
–20
–25
Sept.
–29.7
–30
2015 ’20 ’22
Note: Not seasonally adjusted
Sales at discount supermarket Aldi were up 19% year-over-year in the 12 weeks to Sept. 4. Source: Eurostat
particularly uncertain in Brit- “We’re cutting down on ev- For Pepco, whose costs in- gin side,” Mr. Jermiin ac-
ain, where a botched tax-cut- erything,” said mother-of- creased roughly 7% in the last knowledged. “With sales mo-
ting plan caused turmoil in fi- three Zoe Fall, who spent financial year, that has meant mentum like we’re seeing now,
nancial markets. The moves about £10 on essential food taking a 4% margin hit to hold we want to make sure we capi-
have contributed to rising items and Christmas gifts. down prices, Mr. Ankers said. talize” by attracting new cus-
mortgage rates, which are set The 33-year-old bartender The strategy should pay divi- tomers “and then making sure
to further erode disposable in- said her family planned to give dends in the long run because we get them back.”
comes. Average annual U.K. up pricier snacks and drinks, “we’re winning customers now Discount supermarkets are
mortgage repayments are turning instead to low-cost al- and maintaining their trust by also cashing in, as households
forecast to rise by 5,100 Brit- ternatives at Poundland and being stable on price,” Mr. attempt to reduce their gro-
ish pounds, equivalent to discount supermarket Aldi. Ankers said. cery bills. In the U.K., Lidl
$5,772, within two years, ac- Pepco recently reported a Danish variety store opera- sales were up 21% year-over-
cording to the Resolution 17.4% rise in group revenue to tor Flying Tiger Copenhagen, year in the 12 weeks to Sept.
Foundation, a think tank. €4.8 billion, equivalent to $4.7 which is owned by holding 4, while sales at fellow dis-
In response, Britons are ex- billion, in the year ended Sept. company Zebra AS, faces a counter Aldi rose 19%, accord-
pected to slash their Christ- 30, compared with the previ- similar balancing act, said ing to Kantar, a data provider.
mas spending by nearly a ous 12 months. Over the year Martin Jermiin, its chief exec- Their combined market
.
quarter this year on average ahead, “market volatility of- utive. “We are seeing many share has risen to 16.4% from
relative to 2021, according to people trading down,” Mr. Jer- 14.2% a year earlier, as the
ly
Retail Economics, a data pro- miin said, with sales at Flying German pair lures shoppers
4,000
vider. Retail executives say the Tiger’s roughly 900 stores— away from established super-
outlook is nearly as bleak in most of them in Europe—up market chains such as Tesco
many other European markets.
That is potentially disas-
trous for mainstream retailers,
that depend on a yearly shop-
Number of discount stores
Pepco runs across Europe
23% in September year-over-
year. It, too, is expanding, in-
cluding in the U.K., where it
recently opened new stores in
PLC.
“Especially in times of price
volatility, many customers
trust the discount principle,”
ping spike in the run-up to the northern cities of Leeds Aldi South Group, which oper-
Christmas—but not for dis- and Manchester. ates Aldi stores in the U.K.,
count stores that are gearing Flying Tiger sells household said. “We can already see
up to capitalize as consumers fers a significant opportunity goods as well as specializing growing customer footfall and
hunt for bargains. to grow our market share,” the in quirky products for holidays demand—and therefore in-
A Pepco-owned Poundland company said. like Halloween, with most creasing sales.”
store in the northern English However, the company items priced at €1 or €2, Mr. In September, Aldi overtook
town of Harrogate was bus- faces challenges as it looks to Jermiin said. The company has Wm Morrisons Group, which a
tling one recent lunchtime capitalize on surging demand. increased prices by a few per- consortium led by U.S. buyout
with shoppers buying budget Discount-store customers cent this year but below the firm Clayton, Dubilier & Rice
cosmetics, snacks, toys and won’t tolerate price rises, Mr. rate of inflation, reducing its acquired for $9.4 billion last
household essentials. Most Ankers said, posing a dilemma profit margin, Mr. Jermiin year, as the U.K.’s fourth-larg-
items in the store cost under at a time when the company said. “It is a trade-off between est supermarket chain by
£5. itself faces steep inflation. the volume side and the mar- sales.
This Lamp Is A Sight For Sore Eyes!
Last year, my father actually gave up on ht source designed
reading – the eyestrain was just over- for lamps
whelming. But now, with this lamp, Dad This revolutionary lighting solution will deliver
DAVID KASNIC FOR THE WALL STREET JOURNAL
can even read his newspaper again. up to 10 times more light than the single bulb
Thanks for delivering on everything you are now using – for only 32 watts!
stated in your ads and restoring my Its patented LED bulb array may appear
father’s favorite hobby – reading!” to be “upside
upsid down”– but the 4 bulb
– Sara H. spread
p of lig
ght is actually down and out,
Arling
gton, Va.
perfect for task light.
THE
KEEP IT SIMPLLE! 6”
KIS Lamp
11”
MyLight has combined
classic lamp design
mensurate with the value it with a revolutionary
provides and adjusts prices, in- TThe Lamplight light
cluding fuel surcharges, based
light source.
s
source focuses light
on changes in its network, mix The combination exactly where it’s 15”
of customers and products and delivers needed. 
exponentially T
Ta
Table Lamps
the market.
available in
Sellers of bulky items such more light for SATIN
AT BRASS
as auto parts, sports equip- reading or any The
e (shown) Light Source
ment and furniture have also other task.
seen steep increases in fees to K
KIS TM or
BRUSHED  Table lamp height adjusts
handle deliveries, said Mr. Underlighting L
Lamp SILVER
L from 27” to 32”
Dunham. He advises shippers is overrated KIS is also the perfect desk lamp for
to analyze products individu- glare and brightness control.
ally to figure out which items In your lamps, the new
are unprofitable to ship. “retrofit” CFL and LED
FedEx is keeping some sur- bulbs do not produce
charges it introduced at the
the same amount of task Seeing is Believing
start of the pandemic in place, 100% risk free trial and 3 year
including a $1 surcharge for light as ordinary bulbs.
Just as we’ve gotten older
guarantee
Ground economy packages, as
inflation persists, said Ms. and our eyesight has declined
d, The patented KIS lamp and Lamplight
Robertson. projects a massive amount of
OUR LIGHT HAS FAILED US.
“I have a lot of disgruntled illumination on your reading material.
customers,” said Nancy Mad- YOU NEED:  Swing arm Reader bulbs and all components are
extends 6”.
sen, owner of Oh My Goodness • A quantity and quality unconditionally guaranteed for 3 years.
Boutique, a vinyl and craft of light geared to
store in Corpus Christi, Texas.  Floor Lamps
Take advantage of our 30 day risk free
better contrast available in trial and see what you’ve been missing.
Many shoppers have aban-
doned their online carts at and clarity for US PATENTS Gun Metal
Satin Brass
checkout after seeing how older eyes. 10,378,698 Brushed Silver
much they have to pay for 10,422,488
• Less glare in your $50 off with coupon –
shipping, she said.
field of vision  Lamp’s height
Ms. Madsen started tweak- adjusts from Table lamp $375 now $325
ing in late 2020 how weight is Only 32 WATTS 43” to 58”.
measured for items in her on-
line store so as to better esti- Compare to any lamp Soft linen Floor lamp $425 now $375
lampshade
mate the weight of orders. at any price. diffuses Sale ends Dec. 31, 2022
Each print, which is like a ambient
piece of paper, is treated as Also Includes light for order now
full range LED
less glare.
one ounce in the cart, but if a Dimmer
Use coupon code TF29
customer buys 13 prints, it
wouldn’t add up to 13 ounces, SPECIAL OFFER
she said. includes KIS lamp, (5) bulbs,
She has also removed lampshade and LED Dimmer. Visit us online at morelamplight.com
heavier items from her online Easy assembly. Lamp column or call 1-888-211-6305
store, such as cotton shirts. simply screws into the base.
“Shipping used to be around
$2, but now, the cheapest ship- © 16776 West Park Circle Dr. | Chagrin Falls, Ohio 44023
ping price I get is around $4
per package,” said Ms. Madsen
 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 | Tuesday, October 25, 2022
Juul
Talks to
Investors
Continued from page B1
pute with federal regulators
over whether its products can
remain on the U.S. market, one
of the people said. Terms on
the investment couldn’t be
learned.
The deal hasn’t been final-
ized and Juul could decide not
to pursue it. The company also
has been preparing for a po-
tential chapter 11 filing and re-
cently added two restructur-
ing experts to its board. Mr.
Pritzker declined to comment
and Mr. Valani didn’t respond
to a request for comment.
Mr. Valani and Mr. Pritzker
were Juul’s largest sharehold-
ers before Altria Group Inc. in
2018 bought a 35% stake in
the company for $12.8 billion,
the people said.
Almost all of that cash was
paid out in employee bonuses
and shareholder dividends, in-
cluding more than $2 billion
to Mr. Valani and more than $1
billion to Mr. Pritzker, the peo-
ple said.
The Food and Drug Admin-
istration in June ordered
Juul’s products off the market,
then paused the ban pending
Juul’s appeal.
Since then, the company’s
sales have slowed. It faces
thousands of lawsuits alleging
that it marketed to children
and teenagers. The first trial—
a case brought by the San
Francisco Unified School Dis-
trict—is set to begin next
month. Other cases are set to
go to trial next year. Juul has
said it never targeted under-
age users.
The uncertainty around the
FDA ban has made it difficult
for Juul to secure financing
for legal settlements. Juul has
been searching for an alterna-
tive—such as a sale, invest-
ment or loan—that could
avoid a bankruptcy filing. Ear-
lier this month, Juul began
discussions with lenders for fi-
nancing that would carry the
company through a potential
chapter 11 filing.
no
Dry-Shampoo Products Recalled
Unilever cites cancer
risk from potentially
elevated levels of
benzene in spray cans
BY JOSEPH DE AVILA
Unilever U.S. has voluntarily
recalled several dry-shampoo
aerosol products because of
potentially elevated levels of
benzene, a chemical that can
cause cancer.
The company produced the
dry-shampoo products before
October 2021 and sold them
under the brands of Dove,
Nexxus, Suave, Rockaholic, Bed
Head and TRESemmé, Unilever
said.
The U.S. subsidiary of Uni-
lever PLC said it recalled a to-
tal of 19 dry-shampoo prod-
ucts.
Unilever sold the products
nationwide and informed re-
tailers to remove the recalled
products from their shelves,
the company said.
No other Unilever products
PhaseBio Files for Bankruptcy After Suit
BY JODI XU KLEIN
AND BECKY YERAK
PhaseBio Pharmaceuticals
Inc., a publicly traded heart-
disease drug developer, filed
for chapter 11 bankruptcy pro-
tection weeks after being sued
for breach of contract by a
Blackstone Inc. portfolio com-
pany.
The chapter 11 filing follows
the breakdown in a three-year
partnership between PhaseBio
us ,
and Blackstone’s SFJ Pharma-
l
ceuticals X Ltd. to develop
e
al a
Bentracimab, a treatment that
helps prevent major bleeding
for patients on a blood thin-
ci on
ner.
PhaseBio said in March
there was substantial doubt it
could continue as a going con-
cern.
er s
After PhaseBio failed to im-
prove on its cash position
m er
within six months, SFJ sued
m rp
co Fo
n-
BUSINESS NEWS
Nexxus, TRESemmé, Rockaholic and Bed Head were among the dry-shampoo products Unilever recalled.
are affected by the recall.
Daily exposure to benzene in
the recalled products at the
levels detected in testing
wouldn’t be expected to cause
adverse health consequences,
Unilever said, citing an inde-
pendent health-hazard evalua-
tion.
“Unilever U.S. is recalling
these products out of an abun-
dance of caution,” the company
said. “Unilever has received no
reports of adverse events to
two weeks ago, accusing the
Malvern, Pa., company of
breaching the co-development
agreement, according to a fil-
ing with the U.S. District Court
of Eastern District of Pennsyl-
vania.
PhaseBio filed for chapter
11 on Sunday, pressured by the
on
lawsuit.
It said in its filings it se-
cured $15 million in loans
from JMB Capital Partners to
see it through bankruptcy and
that it has lined up a strategic
buyer to acquire its lead pro-
gram.
The unnamed bidder would
make an upfront payment of
$40 million in cash to Phase-
Bio and up to $60 million
upon the achievement of cer-
tain regulatory milestones re-
lated to Bentracimab, accord-
ing to a news release.
PhaseBio said it expects to
complete the bidding process
date relating to this recall.”
The company didn’t re-
spond to a request for com-
ment on Monday.
An internal investigation
by Unilever identified the
products’ propellant as the
source. Unilever said it is
working with its propellant
suppliers to address this is-
sue.
Benzene can cause harmful
effects on bone marrow and
can cause a decrease in red
and auction in December.
PhaseBio said it saw
“mounting evidence that SFJ
had been acting in bad faith”
to run out the going-concern
cure period so that the com-
pany could seize control of the
program.
An SFJ spokesperson said
the agreement lays out SFJ’s
rights to the program in case
of a breach of contract and
SFJ will seek to enforce those
rights.
SFJ has spent about $100
million on Bentracimab and it
is looking to claim the assets
associated with the program,
the company said in the filing.
SFJ is being advised by
Theatine Partners, according
to people with knowledge of
the matter.
SFJ proposed a number of
options to help with Phase-
Bio’s liquidity, but the two
businesses failed to strike a
“The heart of the Jenni Kayne
The Perfect
Fall Wardrobe
* * THE WALL STREET JOURNAL.
FDA
blood cells, leading to anemia,
according to the Centers for
Disease Control and Preven-
tion. It can also cause exces-
sive bleeding and can weaken
the immune system, according
to the CDC.
Federal health officials also
said long-term exposure to
high levels of benzene can
cause leukemia.
Consumers can get infor-
mation about reimburse-
ments for these recalled
new funding agreement, the
filing shows.
PhaseBio enters bankruptcy
with $589,135 in cash, accord-
ing to a sworn declaration
filed Sunday in the U.S. Bank-
ly
ruptcy Court in Wilmington,
Del., by Chief Restructuring
Blackstone’s SFJ
sued PhaseBio two
weeks ago, alleging
breach of contract.
Officer Lawrence Perkins.
PhaseBio said it lost $27.8 mil-
lion in the first half of 2022.
PhaseBio, which counts
New Enterprise Associates
and AstraZeneca PLC among
its equity owners, has roughly
$45 million in debt, of which
is pure California.”
jennikayne.com/wjoct
products by visiting Unilever-
Recall.com.
Unilever’s American depos-
itary receipts slipped 0.25%
Monday to $44.45.
Other aerosol products have
been recalled in the past due
to the possible presence of
benzene.
Johnson & Johnson re-
called most of its Neutrogena
and Aveeno spray sunscreens
from U.S. stores in July 2021
after detecting the cancer-
causing chemical in some
samples.
Procter & Gamble Co. re-
called some Old Spice and Se-
cret antiperspirant sprays af-
ter detecting benzene in
some of its products in No-
vember.
Edgewell Personal Care Co.
also issued a voluntary recall
in July of one of its Banana
Boat sunscreen spray prod-
ucts after finding trace levels
of the carcinogen in some
samples.
Both companies said the
benzene came from propel-
lant used in the spray cans.
$36 million is owed to trade
creditors, Mr. Perkins said in
the filing.
PhaseBio acquired the
.
worldwide rights to develop
and commercialize Bentraci-
mab in 2017 through a licens-
ing agreement with AstraZen-
eca unit MedImmune Ltd.
PhaseBio estimated that it
has invested $192.9 million to
develop and commercialize
Bentracimab, separate from
what SFJ has invested.
Representing PhaseBio in
its bankruptcy are law firms
Richards Layton & Finger PA
and Cooley LLP.
SierraConstellation Part-
ners LLC is providing restruc-
turing services. Miller Buckfire
& Co. is its investment banker.
The case, number 22-10995,
has been assigned to Judge
Laurie Selber Silverstein.
—Colin Kellaher
contributed to this article
— VOGUE
Enjoy 15% off
online or
in-store with
WJOCT
*Limited time offer
expires 11/4/22
 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. Tuesday, October 25, 2022 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg 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. Cooper COO 258.58 -1.41 FTI Consulting FCN 185.28 -0.53 ICICI Bank IBN 22.83 0.82 OpenText OTEX 27.91 -0.02 SherwinWilliams SHW 212.53 4.71
Market listed securities. Prices are composite dd-Indicates loss in the most recent Copart CPRT 111.14 1.51 FactSet FDS 410.17 3.08 ICL Group ICL 8.98 0.13 M N OptionCare OPCH 34.01 0.53 R S ShinhanFin SHG 24.87 -0.82
s CorebridgeFin CRBG 22.07 0.43 FairIsaac FICO 415.88 6.22 IdexxLab IDXX 344.94 7.29 Oracle ORCL 72.92 0.22 ShockwaveMed SWAV 278.52 1.82
quotations that include primary market trades four quarters.
Corning GLW 32.33 0.14 Fastenal FAST 46.79 0.70 ING Groep ING 9.75 0.19 M&T Bank MTB163.14 1.37 Orange ORAN 9.39 0.13 RBC Bearings RBC 239.15 4.10 Shopify SHOP 28.75 -1.00
as well as trades reported by Nasdaq BX FD-First day of trading. RELX 25.66 0.37
0.16 MGM Resorts MGM 33.97 0.05
Corteva CTVA 63.36 0.48 FederalRealty FRT 92.90 0.63 Invesco IVZ 15.05 Orix IX 70.82 -0.06
RELX Sibanye-Stillwater SBSW 9.45 -0.18
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing MPLX 32.77 -0.55 R1 RCM RCM 16.34 -0.38
Cboe, NYSE National and Nasdaq ISE. standards Cosan CSAN 12.73 -0.54 FedEx FDX 154.76 1.53 IQVIA IQV 179.56 1.41 MPLX OtisWorldwide OTIS 67.08 0.29 SignatureBank SBNY 148.19 5.88
CoStar CSGP 71.39 -0.41 Ferguson FERG 106.04 2.35 IcahnEnterprises IEP 54.25 0.42 MSCI MSCI 412.15 10.67 Ovintiv OVV 49.70 -1.30 RPM RPM 90.12 1.39 SignifyHealth SGFY 29.17 -0.09
The list comprises the 1,000 largest lf-Late filing MagellanMid MMP 50.47 -0.03 RalphLauren RL 89.16 -1.55
companies based on market capitalization. q-Temporary exemption from Nasdaq Costco COST 496.97 18.79 Ferrari RACE 191.73 3.36 Icon ICLR 178.91 0.92 OwensCorning OC 86.91 0.96 SimonProperty SPG 102.39 1.35
CoterraEnergy CTRA 30.28 0.61 FidNatlFin FNF 37.02 0.54 IDEX IEX 207.10 3.15
MagnaIntl MGA 52.51 0.82 PDC Energy PDCE 70.16 0.30 RangeResources RRC 26.52 0.67 SiriusXM SIRI 6.23 0.04
Underlined quotations are those stocks with requirements. ManhattanAssoc MANH 128.50 0.97 RaymondJames RJF 102.20 1.21
t-NYSE bankruptcy Coupang CPNG 15.56 -0.43 FidNatlInfo FIS 78.00 0.17 IllinoisToolWks ITW 200.78 5.16 PG&E PCG 14.73 0.23 Skyworks SWKS 84.96 0.82
large changes in volume compared with the BAP 134.49 1.34 FifthThirdBncp FITB 34.37 1.35 ILMN 220.57 0.56
ManulifeFin MFC 16.10 -0.08 RaytheonTech RTX 89.73 1.19 SmithAO AOS 50.80 0.67
v-Trading halted on primary market. Credicorp Illumina PNC Fin PNC 160.44 4.07
issue’s average trading volume. MarathonOil MRO 29.47 0.32 RealtyIncome O 59.01 1.38 Smith&Nephew SNN 23.21 0.05
vj-In bankruptcy or receivership or CreditSuisse CS 4.74 0.02 FirstCitizBcshA FCNCA 847.46 0.95 ImperialOil IMO 48.66 -1.14 POSCO PKX 42.45 -2.49
MarathonPetrol MPC 111.46 0.08 RegalRexnord RRX 146.81 -0.69
Boldfaced quotations highlight those issues being reorganized under the CrowdStrike CRWD 157.97 1.65 s FirstHorizon FHN 24.20 0.01 Incyte INCY 72.47 1.89 PPG Ind PPG 111.95 -0.64 Smucker SJM 145.08 2.27
t CrownCastle CCI 122.45 -1.14 FirstRepBank FRC 113.87 1.52 Markel MKL 1147.69 14.37 RegencyCtrs REG 56.25 0.58 SNAP 8.31 0.55
whose price changed by 5% or more if their Bankruptcy Code, or securities Informatica INFA 18.90 -0.32 PPL PPL 25.46 -0.23 Snap
MarketAxess MKTX 241.87 -1.15 RegenPharm REGN 737.15 23.24 SNA 212.72 4.97
previous closing price was $2 or higher. assumed by such companies. CrownHoldings CCK 85.01 1.07 FirstSolar FSLR 124.57 1.97 Infosys INFY 18.44 0.14 PTC PTC 112.18 -0.21 SnapOn
Marriott MAR 154.98 1.49 RegionsFin RF 20.55 1.03 Snowflake SNOW 174.77 -2.33
CubeSmart CUBE 37.70 -0.52 FirstEnergy FE 36.88 0.47 IngersollRand IR 47.79 1.00 Paccar PCAR 92.02 1.85
Marsh&McLen MMC 156.45 1.52 s ReinsGrp RGA 141.86 2.54 SOQUIMICH SQM 91.78 -2.30
Cullen/Frost CFR 141.35 -0.73 Fiserv FISV 97.35 0.61 Insulet PODD 230.62 3.62 PackagingCpAm PKG 116.28 -0.66
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and MartinMarietta MLM 316.94 1.63 RelianceSteel RS 187.69 1.72 SolarEdgeTech SEDG 203.74 1.08
Cummins CMI 233.56 0.77 FiveBelow FIVE 138.78 0.51 Intel INTC 27.18 0.21 PalantirTech PLTR 8.27 -0.02
MarvellTech MRVL 38.39 -1.15 RentokilInit RTO 28.71 0.42
changes in the closing prices from 4 p.m. the previous day. s Curtiss-Wright CW 165.80 1.17 FleetCorTech FLT 173.79 3.32 InteractiveBrkrs IBKR 76.16 -0.51 PaloAltoNtwks PANW 161.34 -0.69 SonocoProducts SON 62.26 0.04
Masco MAS 47.08 0.69 Repligen RGEN 167.94 0.91 Sony SONY 65.14 0.10
CyberArkSoftware CYBR 148.77 -1.35 Flex FLEX 18.32 0.36 ICE ICE 93.24 0.19 ParamountB PARA 19.09 -0.13
Masimo MASI 136.00 0.04 RepublicSvcs RSG 134.56 1.02 SouthState SSB 85.77 0.49
Net Net Floor&Decor FND 69.41 2.17 InterContinentl IHG 51.96 0.27 ParamountA PARAA 22.00 -0.16
Monday, October 24, 2022 Mastercard MA 305.60 3.23 RMD 225.63 3.35
Net Stock Sym Close Chg Stock Sym Close Chg D E F FomentoEconMex FMX 68.47 2.26 IBM IBM 132.69 2.79
s MatadorRscs MTDR 66.71 -0.61 ParkerHannifin PH 277.09 7.70
ResMed
RestaurantBrands QSR 56.65 -0.06
Southern SO 64.59 0.09
FordMotor F 12.48 0.29 IntlFlavors IFF 94.11 0.04 Paychex PAYX 114.15 1.99 SoCopper SCCO 45.82 -2.96
Stock Sym Close Chg s DCP Midstream DCP 38.69 -0.70 Fortinet MatchGroup MTCH 42.54 -0.46 RexfordIndlRealty REXR 50.19 0.34
arGEN-X ARGX 382.09 5.39 CME Group CME 172.01 2.02 FTNT 54.90 1.15 IntlPaper IP 32.97 -0.11 PaycomSoftware PAYC 324.02 1.01 SouthwestAir LUV 33.72 0.62
DISH Network DISH 14.07 -0.03 Fortis Mattel MAT 19.68 -0.14 RioTinto RIO 54.09 -1.47
AristaNetworks ANET 110.74 0.22 CMS Energy CMS 54.62 0.19 FTS 37.65 0.08 Interpublic IPG 29.15 0.91 Paylocity PCTY 216.01 1.30 SouthwesternEner SWN 6.57 0.35
A B C ArrowElec ARW 98.61 -0.14 CNA Fin CNA 40.39 0.02 DTE Energy DTE 107.50 0.05 Fortive FTV 62.76 1.31 Intuit INTU 417.76 0.58
McCormick MKC 74.50 0.66
McCormickVtg MKC.V 78.00 1.73 PayPal PYPL 83.32 -0.62
RitchieBros RBA 63.70 0.66 Splunk SPLK 79.00 -0.20
AspenTech AZPN 249.77 -3.86 CNHI 12.49 -0.19 DXC Tech DXC 28.78 -0.19 FortBrandsHome FBHS 55.66 0.54 Rivian RIVN 31.34 -0.58 SPOT 94.66
CNH Indl IntuitiveSurgical ISRG 220.27 1.78 Pearson PSO 10.85 0.89 Spotify 5.96
ABB ABB 27.48 0.07 Danaher DHR 251.67 7.08 FoxA McDonald's MCD 255.32 0.77 RobertHalf RHI 72.23 -0.78
Assurant AIZ 150.61 3.70 CRH CRH 34.57 0.61 FOXA 29.62 0.19 InvitatHomes INVH 32.88 -0.22 s PembinaPipeline PBA 31.76 -0.50 StanleyBlackDck SWK 75.94 1.99
ADT ADT 8.53 -0.27 Darden DRI 134.00 0.68 FoxB McKesson MCK 379.11 8.47 Robinhood HOOD 10.21 0.07
AstraZeneca AZN 55.18 0.21 CSX CSX 28.16 0.62 FOX 27.73 0.12 IonisPharma IONS 44.75 -0.20 PenskeAuto PAG 100.80 3.35 Starbucks SBUX 83.76 -4.85
AECOM ACM 71.90 0.31 DarlingIngred DAR 77.01 -0.74 Franco-Nevada FNV 120.49 -0.70 MedicalProp MPW 10.39 0.17 Roblox RBLX 41.85 -0.96
Atlassian TEAM 194.85 0.75 CVS Health CVS 94.80 2.08 IronMountain IRM 47.69 0.62 Pentair PNR 40.78 1.16 StateStreet STT 70.52 1.40
AES AES 24.60 0.12 Datadog DDOG 82.43 0.28 FranklinRscs BEN 22.82 0.29 Medtronic MDT 83.88 0.62 RocketCos. RKT 6.36 0.04
AtmosEnergy ATO 101.35 -0.39 CadenceDesign CDNS 160.22 1.88 ItauUnibanco ITUB 5.56 -0.43 MercadoLibre MELI 827.16-17.74 Penumbra PEN 171.50 0.27 SteelDynamics STLD 96.26 3.34
Aflac AFL 61.88 0.91 Autodesk ADSK 207.09 5.70 CaesarsEnt CZR 41.42 1.81 DaVita DVA 92.71 2.72 FreeportMcM FCX 31.05 -0.98 Rockwell ROK 235.27 3.40
s Merck MRK 97.37 1.70 PepsiCo PEP 177.68 4.62 Stellantis STLA 13.41 0.37
AGCO 115.69 -0.02 RogersComm B RCI 38.78 0.07
AGCO
Ansys ANSS 216.07 1.92
Autoliv ALV 79.19 2.50 CamdenProperty CPT 113.00 -0.89 DeckersOutdoor DECK 361.62 -1.66 FreseniusMed FMS 13.66 0.01
Deere DE 385.89 2.83 FullTruck
J K L MetaPlatforms META129.72 -0.29 PerformanceFood PFGC 48.05 0.55 t Roku ROKU 50.62 0.47
Steris STE 169.73 2.51
ADP ADP 236.91 4.17 Cameco CCJ 23.87 0.07 YMM 4.76 -0.77 PerkinElmer PKI 132.72 2.17 STMicroelec STM 33.64 0.33
APA APA 43.76 0.57 s AutoZone AZO 2407.52106.49 DellTechC DELL 37.28 0.43 t JD.com JD 36.66 -5.49 MetLife MET 69.38 1.32 Rollins ROL 36.28 -0.15
CampbellSoup CPB 50.60 0.35 PetroleoBrasil PBR 14.19 -1.86 Stryker SYK 220.50 2.19
ASETech ASX 5.12 0.04 Avalonbay AVB 173.20 -1.69 CIBC CM 43.49 -0.09 DeltaAir DAL 33.27 0.69 G H I JPMorganChase JPM 122.38 0.15 MettlerToledo MTD 1197.14 22.76 RoperTech ROP 372.75 2.02
SumitomoMits SMFG 5.58 0.02
ASML ASML472.97 10.74 DentsplySirona XRAY 29.51 0.45 Jabil JBL 62.88 0.34 MicrochipTech MCHP 62.43 0.58 PetroleoBrasilA PBR.A 12.96 -1.72 RossStores ROST 87.09 2.02
Avangrid AGR 39.83 0.40 CanNtlRlwy CNI 113.43 0.61 Pfizer PFE 45.54 0.59 SunComms SUI 118.38 -0.57
AT&T T 17.51 0.41 Avantor AVTR 19.94 0.31 CanNaturalRes CNQ 58.63 -0.02 DeutscheBank DB 9.06 0.14 GFLEnvironmental GFL 26.05 -0.06 JackHenry JKHY 189.14 1.82 MicronTech MU 56.24 0.19 RoyalBkCanada RY 90.81 0.09
SunLifeFinancial SLF 41.34 0.07
AbbottLabs ABT 98.29 3.23 DevonEnergy DVN 75.24 0.95 GSK GSK 31.76 -0.11 JacobsSolns J 110.85 -4.17 Microsoft MSFT 247.25 5.13 PhilipMorris PM 87.19 0.68 RoyalCaribbean RCL 49.73 0.53
AveryDennison AVY 173.62 2.58 CanPacRlwy CP 70.95 0.09 Phillips66 PSX 100.40 -0.04 SuncorEnergy SU 33.12 -0.26
AbbVie ABBV 150.89 3.83 AvisBudget CAR 220.83 31.48 Canon CAJ 22.52 -0.01 DexCom DXCM 98.97 3.29 Gallagher AJG 179.15 3.78 JamesHardie JHX 21.12 0.37 MidAmApt MAA 148.46 -1.07 RoyalGold RGLD 94.43 -0.87 Suzano SUZ 9.65 -0.01
Abiomed ABMD 260.28 4.06 Diageo DEO 165.83 1.62 GameStop GME 24.71 -0.59 JazzPharm JAZZ 134.79 -0.22 Middleby MIDD 131.37 2.97 Pinduoduo PDD 44.46-14.51 RoyaltyPharma RPRX 41.27 0.25
AxonEnterprise AXON 137.87 7.27 CapitalOne COF 97.56 1.31 PinnacleFinPtrs PNFP 79.26 -0.56 Switch SWCH 33.99 0.06
AcadiaHealthcare ACHC 78.48 0.97 BCE BCE 43.30 0.10 Capri CPRI 43.19 -0.80 DiamondbkEner FANG 153.26 0.94 Gaming&Leisure GLPI 45.95 -0.46 JefferiesFin JEF 33.20 0.35 MitsubishiUFJ MUFG 4.73 ... RyanSpecialty RYAN 43.08 0.51 SynchronyFin SYF 33.07 0.66
Accenture ACN 275.31 5.74 Dick's DKS 114.32 4.39 Garmin GRMN 82.66 -0.11 J&J JNJ 170.98 2.27 MizuhoFin MFG 2.21 -0.01 PinnacleWest PNW 64.61 0.43 Ryanair RYAAY 63.43 0.02
BHP Group BHP 49.01 -1.25 s CardinalHealth CAH 73.80 0.77 Pinterest PINS 21.98 0.48 Synopsys SNPS 301.68 5.18
ActivisionBliz ATVI 72.51 -0.20 DigitalRealty DLR 97.44 0.58 Gartner IT 294.27 4.52 JohnsonControls JCI 54.95 1.91 Moderna MRNA 133.02 4.70 SAP SAP 91.01 0.13
BJ'sWholesale BJ 71.72 0.52 Carlisle CSL 277.16 3.28 PioneerNatRscs PXD 268.62 4.27 Sysco SYY 81.51 1.46
Adobe ADBE 316.22 9.85 BOK Fin BOKF 98.25 2.80 Carlyle CG 26.49 0.09 DiscoverFinSvcs DFS 95.86 1.18 t Generac GNRC 113.28 3.80 JonesLang JLL 159.21 0.21 s MolinaHealthcare MOH 364.59 4.21 S&P Global SPGI 300.39 4.45
JuniperNetworks JNPR 28.49 -0.27 MolsonCoorsB TAP 49.80 0.64 PlainsAllAmPipe PAA 11.83 0.03 SBA Comm SBAC 247.34 -0.86
AdvanceAuto AAP 176.62 5.28 BP BP 31.80 0.44 t CarMax KMX 58.23 2.54 Disney DIS 101.72 -0.32 GeneralDynamics GD 243.81 1.21
PlainsGP PAGP 12.41 0.03 T U V
AdvDrainageSys WMS 121.58 1.66 t Baidu BIDU 79.75-11.48 Carnival CCL 8.22 0.02 dLocal DLO 20.73 -0.05 GeneralElec GE 73.36 0.54 KB Financial KB 31.64 -1.06 Mondelez MDLZ 58.74 1.39 SEI Investments SEIC 48.66 0.66
AdvMicroDevices AMD 58.70 -0.12 DocuSign DOCU 48.47 0.66 GeneralMills GIS 77.62 0.58 KBR KBR 48.52 0.37 MongoDB MDB 181.91 -6.99 PlugPower PLUG 15.73 -0.76 SK Telecom SKM 18.94 -0.40 TC Energy TRP 42.45 -0.62
BakerHughes BKR 26.13 -0.54 Carnival CUK 7.33 0.03 t PolestarAuto PSNY 4.17 -0.32
Aegon AEG 4.27 0.12 Ball BALL 49.39 0.19 CarrierGlobal CARR 35.85 0.66 DolbyLab DLB 65.00 -1.37 GeneralMotors GM 35.72 0.72 KE Holdings BEKE 9.77 -1.88 MonolithicPower MPWR 330.99 -1.84 SS&C Tech SSNC 48.36 0.33 TD Synnex SNX 87.73 1.09
AerCap AER 50.60 -0.47 DollarGeneral DG 244.98 5.61 Genmab GMAB 37.66 0.74 KKR KKR 46.26 -0.08 MonsterBev MNST 90.11 2.52 Pool POOL 292.83 8.00 StoreCapital STOR 31.67 -0.02 TE Connectivity TEL 115.48 0.59
BancoBilbaoViz BBVA 5.14 0.17 CaseysGenStores CASY 218.43 3.90 s PrincipalFin PFG 80.03 1.19
AgilentTechs A 132.30 2.42 DollarTree DLTR 149.00 5.39 Genpact G 47.07 0.83 KLA KLAC 295.39 4.76 Moody's MCO 244.98 2.95 SVB Fin SIVB232.01 1.98 Telus TU 20.46 0.02
BancoBradesco BBDO 3.12 -0.20 Catalent CTLT 69.00 1.37
ProcoreTech PCOR 52.11 -1.34
agilon health AGL 19.99 -0.16 BancodeChile BCH 17.51 -0.54 Caterpillar CAT 191.30 1.08 DominionEner D s
66.01 0.48 GenuineParts GPC 170.55 8.20 t Kanzhun BZ 11.00 -3.23 MorganStanley MS 79.43 0.21 Salesforce CRM 160.65 0.48 TelusIntl TIXT 25.18 -0.45
AgnicoEagle AEM 42.34 -0.73 Domino's DPZ 323.16 1.60 Gerdau GGB 5.08 -0.12 KarunaTherap KRTX 212.02 1.85 Morningstar MORN 214.64 0.54 Procter&Gamble PG 129.37 0.79 Sanofi SNY 40.82 0.38 TFI Intl TFII 96.68 3.43
BancSanBrasil BSBR 5.72 -0.41 Celanese CE 93.10 -1.54
Progressive PGR 123.26 0.81
AirProducts APD 243.92 2.63 Donaldson DCI 54.54 1.37 GileadSciences GILD 69.00 1.21 Kellogg K 73.16 0.92 Mosaic MOS 52.49 -0.61 SareptaTherap SRPT 110.60 -2.10 TJX TJX 69.18 1.57
BcoSantChile BSAC 13.69 -0.34 CelsiusHldg CELH 84.21 -1.45
PLD 103.37 0.29
Airbnb ABNB 116.39 -3.56 BancoSantander SAN 2.68 0.06 CenovusEnergy CVE 19.09 0.20 t DoorDash DASH 44.43 -0.80 GitLab GTLB 48.87 0.87 KeurigDrPepper KDP 38.44 0.82 MotorolaSol MSI 235.05 8.67 Prologis Sasol SSL 16.23 -0.14 T-MobileUS TMUS 139.32 2.86
AkamaiTech AKAM 86.39 0.51 Dover DOV 126.15 1.30 GlobalPayments GPN 115.66 1.41 KeyCorp KEY 17.73 0.83 s MurphyOil MUR 47.76 0.34 ProsperityBcshs PB 73.50 1.20 s Schlumberger SLB 52.15 1.74 TPG TPG 28.50 0.54
t BanColombia CIB 24.12 -0.78 Centene CNC 75.81 1.96
Albemarle ALB 270.57 0.56 BankofAmerica BAC 35.07 0.12 CenterPointEner CNP 27.21 0.20 Dow DOW 47.04 0.17 GlobalFoundries GFS 58.76 3.48 KeysightTechs KEYS 169.40 0.44 MurphyUSA MUSA 295.10 11.92 PrudentialFin PRU 100.12 1.83 SchwabC SCHW 70.70 0.38 TRowePrice TROW 104.40 1.88
Albertsons ACI 20.79 -0.29 DrReddy'sLab RDY 52.55 -0.03 Globant GLOB 178.00 4.33 KilroyRealty KRC 40.92 -0.10 NICE NICE 192.93 1.21 t Prudential PUK 18.39 -2.20 t Sea SE 47.01 0.83 t TaiwanSemi TSM 61.29 -2.46
BankofMontreal BMO 89.86 -0.01 CentraisElBras EBR 9.13 -0.16
Alcoa AA 39.17 -1.89 BankNY Mellon BK 40.84 0.61 CeridianHCM CDAY 59.99 2.08 DraftKings DKNG 13.07 -0.14 s GlobeLife GL 115.07 1.57 KimberlyClark KMB 115.86 1.90 t NIO NIO 9.45 -1.76 PublicServiceEnt PEG 55.22 0.92 Seagate STX 56.31 0.60 TakeTwoSoftware TTWO 123.11 -2.44
Alcon ALC 58.63 0.40 Dropbox DBX 21.63 0.21 GlobusMedical GMED 64.64 1.26 KimcoRealty KIM 19.90 0.21 NOV NOV 22.05 0.39 PublicStorage PSA 291.34 -1.34 Seagen SGEN 129.06 0.22 TakedaPharm TAK 12.59 -0.09
BkNovaScotia BNS 47.13 -0.42 CharlesRiverLabs CRL 200.85 0.67
AlexandriaRlEst ARE 132.80 0.75 Barclays BCS 6.82 0.16 ChartIndustries GTLS 202.11 -0.49 DukeEnergy DUK 88.69 0.23 GoDaddy GDDY 77.18 0.42 KinderMorgan KMI 17.28 -0.24 NRG Energy NRG 42.99 0.63 PulteGroup PHM 37.96 0.47 SealedAir SEE 47.13 0.27 Tapestry TPR 30.35 -0.92
t Alibaba BABA 63.15 -9.03 DuPont DD 56.01 0.43 GoldFields GFI 7.83 -0.21 KinsaleCapital KNSL 275.01 -1.73 NVR NVR 4047.04 0.39 PureStorage PSTG 28.63 -0.18 Sempra SRE 144.14 1.86 TargaResources TRGP 66.27 -1.52
BarrickGold GOLD 15.05 0.04 CharterComms CHTR 337.07 6.67
AlignTech ALGN 211.39 3.72 Bath&BodyWks BBWI 32.44 -1.27 CheckPoint CHKP 114.69 0.38 Dynatrace DT 33.74 0.34 GoldmanSachs GS 328.70 3.60 Knight-Swift KNX 48.44 1.03 NXP Semi NXPI 144.94 -0.31 Qiagen QGEN 42.40 0.23 SensataTechs ST 41.62 -0.07 Target TGT 161.82 2.63
Allegion ALLE 94.36 1.57 EMCOR EME 128.09 1.41 t Grab GRAB 2.31 -0.05 t KoninklijkePhil PHG 12.89 -0.18 Nasdaq NDAQ 58.77 1.03 Qorvo QRVO 86.01 0.52 SentinelOne S 22.36 -0.28 TataMotors TTM 24.51 0.41
BaxterIntl BAX 56.43 ... Chemed CHE 450.71 7.80
AlliantEnergy LNT 49.81 0.05 BectonDicknsn BDX 225.21 1.61 CheniereEnergy LNG 168.89 -6.90 ENI E 24.32 0.47 Graco GGG 63.73 0.89 t KoreaElcPwr KEP 5.80 -0.14 NationalGrid NGG 51.97 1.07 Qualcomm QCOM 116.38 0.64 ServiceCorp SCI 58.52 -0.07 TeckRscsB TECK 34.27 -0.94
Allstate ALL 124.87 4.79 EOG Rscs EOG 134.66 -0.34 Grainger GWW 525.11 5.43 KraftHeinz KHC 36.52 1.31 NatlRetailProp NNN 40.31 0.65 QualtricsIntl XM 10.48 -0.10 ServiceNow NOW 366.56 5.89 TeledyneTech TDY 357.15 6.67
BeiGene BGNE 155.82-13.55 CheniereEnerPtrs CQP 55.72 -1.38
NWG 5.46 0.10
AllyFinancial ALLY 26.58 0.51 BentleySystems BSY 34.57 0.37 ChesapeakeEner CHK 96.71 -0.31 EPAM Systems EPAM 332.07 0.68 GraphicPkg GPK 21.51 0.29 Kroger KR 43.99 0.36 NatWest QuantaServices PWR 137.41 4.00 ShawComm B SJR 24.69 -0.17 Teleflex TFX 196.37 -1.30
AlnylamPharm ALNY 195.85 -3.03 EQT 38.33 0.45 GpoAeroportuar PAC 145.75 3.93 NetApp NTAP 66.34 0.74 QuestDiag DGX 138.96 2.21 Shell SHEL 52.94 -0.05 Continued on Page B9
s Berkley WRB 72.57 1.22 Chevron CVX 173.13 -0.06 EQT LKQ LKQ 52.74 1.25
t NTES 56.28 -6.15
Alphabet A GOOGL 102.52 1.39 BerkHathwy B BRK.B 287.48 4.97 ChewyA CHWY 38.20 0.82 EastWestBncp EWBC 67.36 0.66 GpoAeroportSur ASR 227.06 6.64 LPL Financial LPLA 240.66 2.14 NetEase
Alphabet C GOOG 102.97 1.49 EastGroup EGP 144.24 0.77 HCA Healthcare HCA 210.36 13.70 L3HarrisTech LHX 248.11 0.91 Netflix NFLX 282.45 -7.12
BerkHathwy A BRK.A 4325005330.01 t ChinaEastrnAir CEA 16.34 -1.84
Altria MO 45.41 0.93 BestBuy BBY 63.80 0.03 ChinaSoAirlines ZNH 26.54 -2.02 EastmanChem EMN 73.98 -0.33 HDFC Bank HDB 60.44 0.29 LabCorp.ofAmerica LH 214.71 3.00 Neurocrine NBIX 110.11 -0.83
LamResearch LRCX 373.96 4.67 NewFortressEner NFE 51.23 0.50
Amazon.com AMZN 119.82 0.50
Ambev ABEV 2.83 -0.11
Bill.com BILL 126.50 -1.88
Bio-Techne TECH 283.78 0.49
Chipotle CMG 1545.84
ChoiceHotels CHH 123.60
-3.98
...
Eaton
eBay
ETN 141.57 2.24 HF Sinclair DINO 58.94 -0.33
EBAY 38.68 0.27 HP HPQ 27.06 0.27 LamarAdv LAMR 88.63 0.02 NewellBrands NWL 15.31 0.29 Dividend Changes

.
Amcor AMCR 11.30 ... Bio-RadLab A BIO 377.94 -0.27 ChordEnergy CHRD 152.11 -2.60 Ecolab ECL 148.43 2.52 HSBC HSBC 26.94 -0.28 LambWeston LW 82.73 1.01 Newmont NEM 42.08 -0.29
Amdocs DOX 83.54 1.44 Biogen BIIB 274.62 7.01 Chubb CB 203.38 5.59 Ecopetrol EC 9.32 -0.25 H World HTHT 25.82 -4.38 LasVegasSands LVS 35.05 -4.02 NewsCorp B NWS 17.01 -0.33 Amount Payable /

ly
UHAL 545.04 10.69 EIX 55.77 0.13 Haleon NewsCorp A NWSA 16.92 -0.28
Amerco BioMarinPharm BMRN 89.87 -0.14 t ChunghwaTel CHT 33.05 -0.42 EdisonInt HLN 6.18 0.08 LatticeSemi LSCC 49.51 ... Company Symbol Yld % New/Old Frq Record
AEE 77.87 0.29 EdwardsLife EW 84.91 0.10 Halliburton HAL 34.58 0.70 NexstarMedia NXST 185.95 1.77
Ameren BioNTech BNTX 134.99 3.35 Church&Dwight CHD 74.17 0.98 Lear LEA 132.03 2.96
AmericaMovil AMX 17.60 0.54 ElbitSystems ESLT200.83 -3.92 HalozymeTherap HALO 46.56 0.50 NextEraEnergy NEE 73.28 1.63
BlackKnight BKI 62.09 1.82 ChurchillDowns CHDN 205.70 2.37 LegendBiotech LEGN 46.97 -0.66 Increased
AmericaMovil A AMOV 17.38 0.67 ElectronicArts EA 125.67 0.68 HartfordFinl HIG 69.33 2.14 Nike NKE 88.01 -0.49
BlackRock BLK 611.44 14.18 Ciena CIEN 43.69 0.61 Leidos LDOS 96.08 0.69
NiSource NI 24.67 0.18 Dorchester Minerals DMLP 9.5 1.135 /.96901 Q Nov10 /Oct31
AmerAirlines AAL 14.10 0.39 Blackstone BX 86.27 0.84 s Cigna CI 306.95 5.61 ElevanceHealth ELV 526.50 15.46 Hasbro HAS 65.61 0.12 Lennar B LEN.B 59.80 0.89
AEP 86.00 0.37 EmersonElec EMR 83.89 0.73 HashiCorp HCP 30.92 0.34 Nokia NOK 4.29 0.06 Green Plains Partners GPP 13.8 .455 /.45 Q Nov14 /Nov04
AEP BlockHR HRB 41.55 0.53 CincinnatiFin CINF 99.66 0.42 Lennar A LEN 74.44 1.01
AmerExpress AXP 141.63 1.59
AmericanFin AFG 132.87 3.17
AmHomes4Rent AMH 31.70 -0.30
AIG AIG 54.35 1.10
AmerTowerREIT AMT 185.40 -2.16
AmerWaterWorks AWK 135.96 3.20
Block SQ 56.99 1.00
BlueOwlCapital OWL 9.01 0.07
Boeing BA 142.05 0.73
BookingHldgs BKNG 1808.56-14.23
s BoozAllen BAH 100.56 -0.47
BorgWarner BWA 35.64 1.10
Cintas CTAS 406.32
CiscoSystems CSCO 43.54
Citigroup C
CitizensFin CFG 39.39
Clarivate
44.41

CLVT 9.29
CleanHarbors CLH 118.50
6.38
0.74
0.15
1.45
0.10
-0.05
on Enbridge
Endeavor
ENB 37.69 -0.19 HealthcareRealty HR 18.89 -0.03
EDR 21.77 0.11 s HealthEquity HQY 75.55 -0.07
EnergyTransfer ET 12.07 -0.02 HealthpeakProp PEAK 22.23 -0.21
EnphaseEnergy ENPH 253.30 1.30 Heico A
Entegris
Entergy
ENTG 77.25 -0.03 Heico
HEI.A 124.59 4.41
HEI 157.06 5.36
ETR 102.34 0.05 HenrySchein HSIC 70.31 0.07
t
LennoxIntl LII 227.38 2.82
LiAuto LI 14.68 -3.09
LibertyBroadbandA LBRDA 77.37 2.10
LibertyBroadbandC LBRDK 77.00 1.93 s
LibertyGlobal C LBTYK 17.62 0.11
LibertyGlobal A LBTYA 16.60 0.09
NomuraHoldings NMR 3.24 -0.02
Nordson NDSN 218.86 2.33
NorfolkSouthern NSC 213.23 5.19
NorthernTrust NTRS 79.98 0.31
NorthropGrum NOC 525.96 3.30
NortonLifeLock NLOK 22.00 0.20
Hubbell
IDACORP
Murphy USA
PermRock Royalty Trust
Pinnacle West Capital
HUBB
IDA
MUSA
PRT
PNW
2.0
3.2
0.5
12.5
5.4
1.12 /1.05
.79 /.75
.35 /.32
.0934 /.09307
.865 /.85
Q
Q
Q
M
Q
Dec15 /Nov30
Nov30 /Nov02
Dec01 /Nov08
Nov15 /Oct31
Dec01 /Nov01
NorwegCruise NCLH 15.31 0.38
Ameriprise AMP 271.65 4.64 BostonProps BXP 72.82 0.32 ClearwayEnergyA CWEN.A 29.96 0.51 EnterpriseProd EPD 24.85 -0.16 Hershey HSY 231.96 3.74 LibertyFormOne C FWONK 58.07 -0.94 San Juan Basin Royalty SJT 13.1 .3491 /.12432 M Nov15 /Oct31
us ,

Novartis NVS 77.71 0.61

AmerisourceBrgn ABC 150.10 2.37 BostonSci BSX 40.98 0.41 ClearwayEnergyC CWEN 32.40 0.46 Equifax EFX 157.00 4.98 HertzGlobal HTZ 18.40 0.50 LibertyFormOne A FWONA 52.38 -0.86 SB Financial Group SBFG 2.9 .125 /.12 Q Nov25 /Nov10
NovoNordisk NVO 106.54 2.32
Ametek AME 120.45 1.27 BristolMyers BMY 72.99 0.78 Cleveland-Cliffs CLF 15.53 -0.81 Equinix EQIX 531.16 -3.44 s Hess HES 136.26 0.68 LibertyBraves A BATRA 30.90 0.13 Novocure Via Renewables Pfd A 11.1 .6661 /.56813 Jan17 /Jan01
l

NVCR 63.98 -8.63 VIASP Q

s Amgen AMGN 261.32 9.38 BritishAmTob BTI 38.23 0.73 Clorox CLX 138.55 2.30 Equinor EQNR 33.97 -0.46 HessMidstream HESM 26.89 -0.36 LibertyBraves C BATRK 30.49 0.14
NuHoldings NU 4.30 -0.23
e
Amphenol APH 71.64 0.09 Broadcom AVGO 456.52 6.79 Cloudflare NET 53.92 -0.46 Equitable EQH 28.91 0.74 HewlettPackard HPE 13.66 0.19 LibertySirius B LSXMB 42.06 0.25 Reduced
al a

Nucor NUE 134.75 -0.81

AnalogDevices ADI 144.53 -2.06 BroadridgeFinl BR 142.40 1.41 Coca-Cola KO 57.57 1.61 EquityLife ELS 58.36 -0.01 Hilton HLT 130.63 -0.60 LibertySirius C LSXMK 42.00 0.42
Nutanix NTNX 26.91 0.04 Cross Timbers Royalty Tr CRT 8.2 .1491 /.2004 M Nov15 /Oct31
AB InBev BUD 46.90 0.66 BrookfieldMgt BAM 38.10 -0.15 Coca-ColaEuro CCEP 46.77 1.09 EquityResdntl EQR 64.15 -0.06 Hologic HOLX 63.60 1.09 LibertySirius A LSXMA 42.21 0.48
s ErieIndemnity A ERIE 242.41 4.06 HomeDepot HD 283.26 7.73 Nutrien NTR 79.02 -3.86 Mesa Royalty Trust MTR 9.9 .1818 /.18664 M Jan31 /Oct31
AnnalyCap NLY 16.69 -0.13 BrookfieldInfr BIP 33.85 0.31 Cognex CGNX 43.61 -0.09 LifeStorage LSI 101.17 -1.06
s NVIDIA NVDA 125.99 1.33
AnteroResources AR 33.09 -0.38 BrookfieldRenew BEPC 29.04 -0.25 CognizantTech CTSH 60.76 0.48 EssentialUtil WTRG 41.32 0.43 HondaMotor HMC 22.02 0.02 EliLilly LLY 347.90 7.13 Permian Basin Royalty Tr PBT 4.7 .2086 /.22365 M Nov15 /Oct31
ci on

Aon AON 284.51 4.39 Brown&Brown BRO 63.08 1.55 CoinbaseGlbl COIN 66.39 0.01 EssexProp ESS 227.64 -0.14 Honeywell HON 186.90 4.09 LincolnElectric LECO 132.99 1.66 O P Q VOC Energy Trust VOC 14.1 .365 /.38 Q Nov14 /Oct31
ApellisPharm APLS 58.45 -1.37 Brown-Forman B BF.B 64.47 0.57 ColgatePalm CL 72.02 0.55 t EsteeLauder EL 196.79 -5.01 HorizonTherap HZNP 63.42 -0.26 LincolnNational LNC 51.46 1.08
ApolloGlbMgmt APO 51.73 0.53 Brown-Forman A BF.A 65.35 0.71 Comcast A CMCSA 31.08 0.60 Etsy ETSY 102.07 1.16 HormelFoods HRL 45.15 0.18 Linde LIN 278.12-10.20 OGE Energy OGE 35.03 0.06 Foreign
Apple AAPL 149.45 2.18 Bruker BRKR 58.65 0.73 Comerica CMA 67.40 2.06 EverestRe RE 284.39 4.51 DR Horton DHI 71.17 1.42 LiveNationEnt LYV 78.66 -0.87 ONEOK OKE 56.31 -0.29
ApplMaterials AMAT 84.94 2.52 BuildersFirst BLDR 57.76 1.44 CommerceBcshrs CBSH 68.35 -0.36 Evergy EVRG 58.43 0.27 HostHotels HST 17.84 ... LloydsBanking LYG 1.92 0.04 s OReillyAuto ORLY 768.46 24.39 Capital Product Partners CPLP 4.0 .15 Q Nov10 /Nov02
Applovin APP 17.67 0.15 Bunge BG 91.11 0.31 SABESP SBS 11.02 -0.32 EversourceEner ES 72.77 0.18 HowmetAerospace HWM 35.40 0.03 LockheedMartin LMT 457.46 2.85 OccidentalPetrol OXY 70.83 -0.43 Coca-Cola Femsa ADR KOF 4.4 1.33977 SA Nov14 /Nov01
Aptargroup ATR 97.89 0.37 BurlingtonStrs BURL 125.15 5.85 ConagraBrands CAG 35.00 0.31 Exelon EXC 36.87 0.15 Hubbell HUBB 223.21 6.37 Loews L 55.85 0.35 Okta OKTA 54.71 -0.30 Fomento Econ Mex ADR FMX 2.1 .84695 SA Nov17 /Nov04
Aptiv APTV 88.58 1.54 CACI Intl CACI 271.18 -1.91 Confluent CFLT 26.06 0.71 Expedia EXPE 95.86 -1.41 HubSpot HUBS 265.01 -0.46 LogitechIntl LOGI 45.61 0.99 OldDomFreight ODFL 269.22 8.79 Southern Copper SCCO 7.6 .50 Q Nov23 /Nov09
er s

Aramark ARMK 35.32 -0.11 CBRE Group CBRE 69.82 0.51 s ConocoPhillips COP 125.14 0.65 ExpeditorsIntl EXPD 93.62 0.67 s Humana HUM 521.94 11.40 Lowe's LOW 187.61 5.24 OldRepublic ORI 23.05 0.16
ArcelorMittal MT 23.02 -0.37 CDW CDW 164.70 2.27 ConEd ED 84.69 -0.18 ExtraSpaceSt EXR 165.01 -0.95 JBHunt JBHT 166.24 0.92 Lucid LCID 12.80 -0.51 Olin OLN 47.95 -1.54 Sources: FactSet; Dow Jones Market Data
ArchCapital ACGL 49.34 1.11 CF Industries CF 104.13 -3.24 ConstBrands A STZ 229.74 4.59 s ExxonMobil XOM 106.60 0.74 HuntingtonBcshs HBAN 14.85 0.40 lululemon LULU 297.68 -0.95 OmegaHealthcare OHI 31.03 0.38
ArcherDaniels ADM 89.28 -0.41 CGI GIB 79.01 1.40 ConstellationEner CEG 87.58 0.30 F5 FFIV 148.58 0.96 s HuntingIngalls HII 252.08 2.19 LumenTech LUMN 6.75 0.09 Omnicom OMC 71.34 1.16 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
m er

AresMgmt ARES 68.93 0.56 CH Robinson CHRW 94.44 0.36 ContinentalRscs CLR 73.90 -0.10 FMC FMC 115.70 -1.50 HyattHotels H 88.05 -0.54 LyondellBasell LYB 81.29 -0.87 ON Semi ON 65.35 -0.33 ratio; SO: spin-off.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
m rp

DanimerScientific DNMR 2.10 -2.7 HutchmedChina HCM 7.39 -9.2 OaktreeCapPfdA OAKpA 22.38 -0.4 SharpLink SBET 0.60 -3.3 TPG RE FinPfdC TRTXpC 16.45 -1.8 VascularBiogenics VBLT 0.13 -2.9
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American DermTech DMTK 2.81 -2.9 HUYA HUYA 1.64 -4.9 Oatly OTLY 1.95 -2.0 ShiftTech SFT 0.47 -1.9 TPIComposites TPIC 8.62 -8.0 Vaxart VXRT 1.56 -3.6
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest DiamondrockPfd DRHpA 23.59 -1.0 HallofFameResort HOFV 0.51 1.4 OceanPal OP 0.21 -7.5 ShoulderUpTechWt SUAC.WS 0.05 ... TaiwanSemi TSM 59.68 -3.9 Vaxxinity VAXX 1.40 -6.6
session. % CHG-Daily percentage change from the previous trading session. DieboldNixdorf DBD 1.92 -1.4 HannonArmstrong HASI 21.56 -2.5 Olaplex OLPX 3.80 -0.7 Shutterstock SSTK 45.72 -4.4 TakungArt TKAT 0.68 0.3 VenusConcept VERO 0.21 -10.0
DiffusionPharm DFFN 4.66 -7.1 HealthCatalyst HCAT 8.36 0.9 Oncorus ONCR 0.66 -9.9 ShuttlePharm SHPH 2.44 -2.7 TattooedChef TTCF 3.90 -5.3 Vimeo VMEO 3.39 -1.1
Monday, October 24, 2022 DigitalAlly DGLY 0.36 -8.8 HeartcoreEnts HTCR 0.90 -1.1 OncoSecMedical ONCS 0.40 -4.9 Sientra SIEN 0.24 -11.6 10xGenomics TXG 23.81 -5.0 ViomiTech VIOT 0.70 -11.9
DigitalRealtyPfK DLRpK 21.41 -0.7 HelenofTroy HELE 82.94 -3.0 OneConnectFin OCFT 0.47 -18.1 SierraMetals SMTS 0.19 -1.4 TVA Parrs TVE 19.81 0.2 VirtusCvPfdA NCVpA 21.56 -0.4
52-Wk % 52-Wk % 52-Wk % DigitalRealtyPfdL DLRpL 19.05 -0.4 HelloGroup MOMO 4.10 -4.4 OneWaterMarine ONEW 28.23 -0.4 SiliconMotion SIMO 52.07 -7.2 TVA Bds D TVC 20.16 ... ViveveMedical VIVE 0.55 3.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DigitalBrdgPfdH DBRGpH 19.13 -1.8 Hempacco HPCO 1.78 -7.8 Ontrak OTRK 0.36 -5.3 SilvergatePfdA SIpA 14.10 -1.7 Tesla TSLA 198.59 -1.5 VivoPowerIntl VVPR 0.44 -14.2
co Fo

56.34 1.6 15.50 -0.4 DillardsCapPfd DDT 25.08 -0.7 HershaHospPfdE HTpE 18.30 -2.3 OntrakPfd OTRKP 0.98 -2.0 SingularityFut SGLY 2.01 -4.1 The9 NCTY 0.70 -8.8 Volta VLTA 0.94 -7.2
Sanmina SANM BancCalifornia BANC
Highs Schlumberger
ScienceApplicat
SLB
SAIC
52.51
100.72
3.5
1.0
BanColombia
BankOZKPfdA
CIB 23.87 -3.1
OZKAP 16.10 -0.5
Dingdong
DoorDash
DDL
DASH
2.43 -16.7 HighlandTranIWt HTPA.WS
41.37 -1.8 Hippo HIPO
0.02 -27.8 OnyxAcqnIWt
13.42 -4.4 Opera
ONYXW
OPRA
0.03
3.92
-49.8
-3.6
SizzleAcqnWt SZZLW
SmileDirectClub SDC
0.04
0.70
-3.6
-8.6
Theratechnologies THTX
TherivaBio TOVX
1.78 -3.3 VornadoPfdO
0.70 -19.6 VoyaFinlPfdB
VNOpO 13.23 -0.8
VOYApB 20.95 -1.9
AF Acqn A AFAQ 9.89 0.1 DormanProducts DORM 79.64 -6.8 HomeFedBncpLA HFBL 17.69 2.8 OpGen OPGN 0.16 0.8 SoYoungIntl SY 0.51 -7.9 360DigiTech QFIN 9.47 -22.6 Vroom VRM 0.90 -2.3
SimonPropA SPGS 9.93 0.2 BankofAmNt66 MERpK 24.62 -0.2
AchariVenturesI AVHI 10.08 0.3 DriveShackPfdC DSpC 12.20 -2.3 HuizeHolding HUIZ 0.45 -14.7 OportunFin OPRT 4.04 0.5 SocietyPass SOPA 1.33 11.3 TrajectoryWt TCOA.WS 0.06 -42.1 WD-40 WDFC 145.16 -2.1
TCW Spac TSPQ.U 10.26 -0.1 BankofHawaii BOH 70.15 -6.2
AkeroTherap AKRO 44.14 3.6 DriveShackPfdD DSpD 12.43 -1.9 Humanigen HGEN 0.14 -6.3 Oragenics OGEN 0.20 -2.6 Soluna SLNH 0.86 -33.3 TreasureGlobal TGL 1.59 -11.1 BerkleyDeb60 WRBpG 16.01 -0.1
TargetGlbl I A TGAA 10.10 0.3 BankHawaiiPfdA BOHpA 16.56 0.8
Amgen AMGN 261.59 3.7 Dun&Bradstreet DNB 11.23 0.3 Hyperfine HYPR 0.79 -21.8 Organovo ONVO 1.60 -0.6 SolunaPfdA SLNHP 3.52 -29.9 WalkMe WKME 7.51 1.0
TexasPacLand TPL 2185.84 1.5 Baozun BZUN 3.88 -5.3 Tri-Cont Pfd TYp 44.55 -0.9
AmpriusTechWt AMPX.WS 0.76 10.2 DynexCapital DX 10.92 -6.1 IHS Holding IHS 4.91 -1.9 OricPharm ORIC 2.51 -0.8 SONM 0.40 -4.5 WarburgPinI-A Wt WPCA.WS 0.00 210.8
TexasRoadhouse TXRH 97.86 0.2 Beachbody BODY 0.91 -9.0 SonimTech Tricida TCDA 0.56 -94.5
AmylyxPharm AMLX 37.29 1.8 EBET EBET 0.77 -2.0 I-Mab IMAB 3.25 -9.1 OstinTech OST 0.90 -0.6 WearableDevices WLDS 0.87 -2.2
Tidewater TDW 30.13 2.6 BeamGlobal BEEM 8.90 12.4 SonnetBio SONN 1.11 -2.6 TritiumDCFC DCFC 2.03 -6.4
AutoZone AZO 2423.80 4.6 E-HomeHousehold EJH 0.87 -20.8 IN8bio INAB 1.42 8.8 Otonomy OTIC 0.10 -7.4 Weber WEBR 4.82 -4.0
TootsieRoll TR 39.16 2.1 BeardEnerWt BRD.WS 0.07 -1.7 SoteraHealth SHC 6.35 -2.9 TritonIntlPfdA TRTNpA 24.00 -1.8
AziyoBiologics AZYO 8.23 11.7 EPR PropPfdG EPRpG 17.09 -4.3 IZEA IZEA 0.64 1.2 OxfordLaneNts2031 OXLCL 21.94 -0.6 WebsterPfdF WBSpF 19.25 -1.4
Torm TRMD 25.55 -0.8 BedBath BBBY 4.26 -8.8 SouthernNts20 SOJD 19.11 0.5 TritonIntlPfdD TRTNpD 20.51 -0.4
BelFuse B BELFB 30.73 4.2 EaglePointNts29 ECCV 20.71 -2.3 iBio IBIO 2.01 -3.3 OxfordSquareNt24 OXSQL 23.96 0.3 Weibo WB 10.02 -12.6
TuanChe TC 8.43 -1.5 BenessereCapRt BENER 0.00 -96.4 SpirePfdA SRpA 22.56 0.5 TriumphBancorp TBK 46.03 -4.0
Berkley WRB 73.20 1.7 EaglePointNts31 ECCW 21.09 -0.8 iClickInteract ICLK 0.24 -8.8 OxfordSquareNt26 OXSQZ 22.74 0.2 WerewolfTherap HOWL 3.38 -6.3
UnumGroup UNM 44.41 1.3 BenessereCapWt BENEW 0.00 -90.2 SportsVenturesWt AKICW 0.02 -50.1 TriumphBncpPfdC TBKCP 22.40 -2.8
Biohaven BHVN 15.45 3.3 EaglePointPfdD ECCpD 18.94 -1.4 Immunic 1.65 -18.3 OxfordSquareNt28 OXSQG 20.71 3.0 WiMiHologram WIMI 1.03 -8.3
VOC Energy VOC 9.05 6.1 BenitecBiopharm BNTC 0.17 -6.5 IMUX SpringBigWt SBIGW 0.03 ... TurtleBeach HEAR 6.22 2.8
BiteAcqn BITE 9.94 0.1 WorldQuantumWt WQGA.WS 0.00 16.7
ValmontInds VMI 301.75 2.1 BerkeleyLights BLI 1.83 -3.6 Eargo EAR 0.63 -9.3 ImpelPharm IMPL 3.90 -2.3 OysterEntsWt OSTRW 0.06 -15.1 SpruceBio SPRB 0.96 -1.8 TuSimple TSP 5.33 -2.1
BlackSpadeA BSAQ 9.91 0.7 WrapTech WRAP 1.17 -3.2
Vaxcyte PCVX 36.10 60.3 BerkshireGrey BGRY 1.27 ... EbangIntl EBON 0.28 -8.0 Infobird IFBD 0.86 -12.4 PSBusParksPfdX PSBpX 13.19 -1.6 StandardLithium SLI 3.16 -7.7 Tuya TUYA 0.77 -13.5 XAIOctagonPfd XFLTpA 24.62
BlueOceanAcqn BOCNU 10.11 0.3 ...
VertexPharm VRTX 312.27 3.5 BeyondMeat BYND 11.90 -1.3 EdibleGarden EDBL 0.49 11.7 InMedPharm INM 3.83 -17.4 PSBusParksPfdY PSBpY 13.27 -1.2 StarryGroup STRY 0.49 -40.6 TwoHarborsPfdC TWOpC 16.11 -0.4 XL Fleet
BoozAllen BAH 102.08 -0.5 XL 0.69 -7.1
VistaEnergy VIST 12.90 1.7 BeyondSpring BYSI 0.74 -1.3 EHang EH 3.32 -5.1 InozymePharma INZY 2.19 1.4 PSBusParksPfdZ PSBpZ 12.80 -0.7 StarryGroupWt STRY.WS 0.07 -25.9 2U TWOU 4.70 -6.7 XomaPfdA
10.04 ... XOMAP 22.14 0.9
CONX CONX 89.30 1.2 BigLots BIG 15.16 -4.3 eHealth EHTH 2.67 -1.4 Inpixon INPX 3.36 -5.4 PagayaTech PGY 1.15 -2.5 SteakholderFds STKH 1.45 0.7 US BancorpPfdB USBpH 17.68 -0.7 XcelBrands
WeisMarkets WMK XELB 0.80 ...
Cadre CDRE 29.69 2.1 BigBear.aiWt BBAI.WS 0.05 12.0 EksoBionics EKSO 1.27 -6.5 InspiratoWt ISPOW 0.17 -4.2 PainReform PRFX 0.55 1.7 Stereotaxis STXS 1.55 -5.5 UltragenyxPharm RARE 36.67 -3.5 XPeng
WW Ent WWE 79.83 -0.8 XPEV 6.25 -11.9
CardinalHealth CAH 74.52 1.1 Bilibili BILI 8.23 -16.8 ElectraVehicles SOLO 1.01 5.8 InterPrivateIII Wt IPVF.WS 0.02 -33.0 PanbelaTherap PBLA 0.15 -14.8 StifelFinlPfdB SFpB 21.87 -1.2 UniqueFabricating UFAB 0.45 -7.8 Yalla
YPF YPF 7.61 3.1 YALA 3.03 -8.1
n-

CECO Env CECE 12.00 9.6 Biocept BIOC 0.70 -2.1 ElevateCredit ELVT 0.93 -4.7 Invacare IVC 0.53 -6.1 PatriaInvts PAX 12.25 -3.5 StifelFinlPfdC SFpC 21.36 -0.4 UnitedInsurance UIHC 0.42 -2.9 Youdao DAO 3.56 -14.4
Cigna
CityHolding
CI
CHCO
308.28
102.90
1.9
1.3
Lows Biodesix
Biolase
BDSX
BIOL
0.98 -4.7
1.86 -4.6
ElysGameTech ELYS
EnduranceAcqn EDNCU
0.32 -0.1 InvestorsTitle
8.73 -10.0 iQIYI
ITIC
IQ
125.80 -0.2 PebblebrookPfdH PEBpH
1.65 -1.0 PegasusDigWt PGSS.WS
15.73
0.08
0.7
-12.0
StitchFix
StryveFoods
SFIX
SNAX
3.09
0.34
-3.5
-5.9
UnityBiotech
UnitySoftware
UBX
U
2.49 -14.7 ZimIntShipping ZIM
26.92 -1.8 ZK Intl
22.53 2.1
ZKIN 0.54 -4.4
ComfortSystems FIX 109.71 1.6 ACCO Brands ACCO 4.27 ... BirdGlobalWt BRDS.WS 0.03 -5.1 EnduranceAcqnA EDNC 8.84 -13.2 IrisEnergy IREN 2.80 -3.6 PerceptionCapII PCCTU 9.69 -1.2 SurfaceOncol SURF 0.92 -5.4 UplandSoftware UPLD 6.58 -1.1 ZTO Express ZTO 16.28 -21.6
ConocoPhillips COP 126.40 0.5 ACM Research ACMR 5.46 -5.2 Blackboxstocks BLBX 0.50 -8.4 EnergyFocus EFOI 0.39 -12.3 iStarPfdI STARpI 21.99 -1.6 PeriphasCapWt PCPC.WS 0.04 -66.6 Swvl SWVL 0.52 -1.1 Upstart UPST 20.12 -2.7 ZaiLab ZLAB 20.98 -19.6
CorebridgeFin CRBG 22.08 2.0 AGNC InvtPfdF AGNCP 16.79 -0.9 BlendLabs BLND 1.78 -3.6 EnergyVault NRGV 3.51 -4.0 iSun ISUN 1.89 -5.4 Personalis PSNL 2.19 1.7 SynovusFinPfdE SNVpE 21.85 0.2 Urstadt Pfd H UBPpH 19.68 ... ZeppHealth ZEPP 1.05 -4.3
CovenantLogist CVLG 38.39 9.4 A SPAC I Wt ASCAW 0.03 -3.9 12.66 -2.4 EnteraBio ENTX 0.69 -10.4 JD.com JD 33.17 -13.0 PetcoHealth WOOF 9.14 3.0
no

BlinkCharging BLNK SyrosPharm SYRS 3.92 -6.3 Uxin UXIN 0.34 0.5 Zhihu ZH 0.97 -4.7
CresceraCapA CREC 10.12 0.2 AT&T Nts 2066 TBB 21.25 0.2 BlinkChargingWt BLNKW 8.94 -3.5 EntergyBds66 EAI 21.36 -0.6 JE Cleantech JCSE 0.74 -6.6 PhaseBioPharm PHAS 0.12 -28.9 TFF Pharm TFFP 2.42 -13.4 ViaOptronics VIAO 1.25 2.4 Zhongchao ZCMD 0.97 -10.0
CrossCtyHlthcr CCRN 38.46 1.7 AT&T PfdA TpA 17.94 0.8 BlockchainMoonWt BMAQW 0.01 -5.0 EntergyMS Bds EMP 21.55 -0.4 Joyy YY 21.38 -10.7 Phunware PHUN 1.00 -0.9 TH Intl THCH 2.98 -15.7 ValleyNatlPfdA VLYPP 22.83 -1.6 ZimVie ZIMV 6.67 -3.0
CrucibleAcqnA CRU 10.02 0.2 Aaron's AAN 7.65 -7.0 BlueWaterVac BWV 1.17 -6.4 EntergyBds66 ENO 21.90 -0.4 JX Luxventure JXJT 0.61 -5.3 PierisPharm PIRS 0.96 1.0
Curtiss-Wright CW 166.09 0.7 Absci ABSI 2.58 -7.7 BluegreenVac BVH 16.24 -2.3 EntergyNOLA Bds ENJ 22.07 4.1 JaguarHealth JAGX 0.14 -2.3 PineTechWt PTOCW 0.00 75.2
DCP Midstream DCP 39.65 -1.8 AcerTherap ACER 1.11 -6.6 BoltBiotherap BOLT 1.35 -2.8 Ent4.0TechAcqnWt ENTFW 0.05 -16.7 JasperTherap JSPR 0.71 -1.1 PivotalInvtIII Wt PICC.WS 0.01 -65.4
EastStoneRt ESSCR 0.57 39.2 AchieveLifeSci ACHV 2.26 -4.3 EnvirotechVeh EVTV 3.02 -12.2 JawsHurricaneWt HCNEW 0.07 -14.4 PolestarAutoWt PSNYW 0.61 -2.1
EdifyAcqnA EAC 9.95 0.1 Adagene ADAG 1.01 -14.2
BoneBiologics BBLG 0.47 -5.3
EosEnergyWt EOSEW 0.24 -17.7 JianzhiEduc JZ 1.69 -15.3 PolestarAuto PSNY 4.00 -7.1
ADVERTISEMENT
Boxed BOXD 0.62 -4.7
Empower&IncA EPWR 9.96 0.1 Addentax ATXG 2.02 -8.2 Boxlight BOXL 0.45 -7.4 Equillium EQ 1.56 -2.3 JounceTherap JNCE 1.80 ... PolyPid PYPD 0.88 -3.0
EnerpacTool EPAC
ErieIndemnity A ERIE
EverestConsolA MNTN
ExxonMobil XOM
24.77
242.52
10.10
107.68
2.1
1.7
0.3
0.7
AddexTherap
ADialPharm
AdvHumanImaging AHI
AetheriumWt
ADXN
ADIL

GMFIW
0.64
0.27
0.38
0.02
-5.4
-1.5
-3.8
-22.5
BrighthouseDeb58 BHFAL 21.29 -1.3
BrighthousePfdB BHFAO 22.20 -1.1
BrookfldBRP4.875Nt BEPI
BrookfldInfrPfdA13 BIPpA
14.28 -1.3
15.20 0.2
EquitablePfdA
EsteeLauder
EuropeanWax
EverCommerce EVCM
EQHpA 18.45 -0.8 JPMorganPfdDD JPMpD 23.19 -0.4 PorchGroup
EL
EWCZ
193.48 -2.5 KaixinAuto
12.72 -7.5 KalaPharm
7.31 2.1 KaleraWt
KXIN
KALA
KALWW
PRCH
0.53 -6.7 PowerbridgeTech PBTS
6.66 -15.5 PraxisPrecision PRAX
0.05 -37.4 PrestoTech PRST
1.30
0.14
1.48
1.72
-2.1
-12.3
-2.5
-2.2
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
FNB FNB 14.20 1.6 AethlonMedical AEMD 0.49 -14.0 BrookfieldPropPfd BPYPP 15.54 1.1 EverQuote EVER 5.23 -0.9 Kalera KAL 0.22 -19.6 PrimeMedicine PRME 14.52 -3.6
FTACEmeraldA EMLD 9.93 0.1 Agora API 2.53 -18.7 BPP 5.75%Pfd3A BPYPN 14.35 0.1 EvolveTransit SNMP 0.25 -7.0 Kanzhun BZ 9.74 -22.7 PriorityIncmPfdF PRIFpF 22.86 -1.5
FibroGen FGEN 17.81 6.5 AgriforceWt AGRIW 0.16 -18.7 BrookfieldPropPf2A BPYPO 15.00 -1.4 ExcelFinAcqnWt XFINW 0.05 -20.2 KaratPkg KRT 13.18 -1.5 PriorityIncmPfdG PRIFpG 22.01 -1.5
FirstHorizon FHN 24.28 ... Agrify AGFY 1.64 -25.2 BrookfdRenewPfdA17 BEPpA 15.67 0.2 ExelaTech XELA 0.25 -7.5 KaziaTherap KZIA 0.92 -1.9 PriveterraAcqnWt PMGMW 0.04 -12.6
1stSource SRCE 57.89 3.0 Ainos AIMD 1.15 -2.4 Exicure XCUR 1.22 -0.7 Kidpik PIK 1.28 -2.3 ProfoundMed PROF 3.17 -5.0
FortressValueIV FVIV.U 10.25 2.5 AkariTherap AKTX 0.38 -15.9
BrunswickNts2049 BCpB 24.15 -0.5
Expensify EXFY 12.07 -4.1 KimcoRealtyPfdL KIMpL 19.15 -1.2 Prudential PUK 18.20 -10.7
BUSINESS OPPORTUNITIES
BullHorn BHSE 8.18 -8.7
ForumMergerIV A FMIV 9.91 0.1 AkebiaTherap AKBA 0.24 -2.8 BullpenParlayWt BPACW 0.04 -42.9 Exscientia EXAI 6.55 -4.5 KimcoRealtyPfdM KIMpM 19.76 -1.0 PublicStoragePfdR PSApR 15.56 -0.5
GenuineParts GPC 170.61 5.1 AksoHealth AHG 0.53 -5.1 BurgerFiIntl BFI 1.75 -8.2 Figs FIGS 6.34 -2.6 KoninklijkePhil PHG 12.74 -1.4 PublicStoragePfdS PSApS 16.00 -0.9

12% FIXED RATE RETURNS

GlobeLife GL 115.35 1.4 Alfi ALF 0.11 -54.3 BurningRockBio BNR 1.70 -18.4 FOXOTechnologies FOXO 0.72 -4.5 KoreaElcPwr KEP 5.76 -2.4 PublicStoragePfF PSApF 20.09 -0.1
GoldenFalconA GFX 10.00 0.1 Alibaba BABA 58.01 -12.5 CASI Pharm CASI 1.84 -3.8 FtacHeraWt HERAW 0.03 -15.0 KronosBio KRON 2.42 -7.8 PublicStoragePfH PSApH 22.34 0.3
GoresIX A GHIX 10.20 0.1 AllarityTherap ALLR 0.68 -8.1 CMSEnerNts2078 CMSC 21.57 0.3 FTC Solar FTCI 1.81 -12.8 LairdSuperfood LSF 1.56 -7.1 PublicStoragePfI PSApI 19.08 -0.5
Greif B GEF.B 72.13 1.7 AllegoWt ALLG.WS 0.25 -9.2 CactusAcqn1 Wt CCTSW 0.03 -30.3 FangddNetwork DUO 0.60 -2.7 LandosBio LABP 0.38 -9.0 PublicStoragePfK PSApK 18.60 0.3
Harmonic
HealthEquity
HLIT
HQY
15.25
76.60
1.6
-0.1
Allego
AllstatePfdG
ALLG
ALLpG
3.23
21.86
-5.4
0.1
Calyxt
CapStarFin
CLXT
CSTR
0.14 ...
16.02 -12.1
FaradayFuture
FastRadius
FFIE
FSRD
0.46 -13.1 LeapTherap
0.34 -12.5 LexinFintech
LPTX
LX
0.83 -1.1 PublicStoragePfJ PSApJ
1.29 -13.2 PublicStoragePfM PSApM
18.34
16.09
-0.5
-0.2
Financial Company In Business 22 years
HeritageFin HFWA 32.17 1.9 AlpineImmune ALPN 4.82 -5.1 12.80 -3.2 FaZe FAZE 3.41 -5.8 LiAuto LI 12.52 -17.4 PublicStoragePfdN PSApN 15.12 -0.5
Hess
HostessBrands TWNK
HES 138.00
25.47
0.5
2.1
AmFinDeb2059 AFGB
AmFinDeb AFGE
21.29
17.80
-0.3
-0.7
CarGurus
CarMax
Carvana
CARG
KMX
CVNA
54.85 4.6
12.90 -6.1
FedRealtyInvPfdC FRTpC
FifthThirdPfdB FITBP
19.10 0.2 LianBio
22.30 -0.3 LightInTheBox
LIAN
LITB
1.07 -17.4 Pulmatrix
0.73 -23.9 QVC Nts2067
PULM
QVCD
3.17
14.84
-4.5
-0.9
Now Offering 12% annual interest paid monthly
Humana
HuntingIngalls
HUM
HII
524.79
259.47
2.2
0.9
AmHomes4RentPfdG AMHpG
AmHomes4RentPfdH AMHpH
20.53
22.34
-2.3
-2.2
Cazoo
CazooWt
CZOO
CZOO.WS
0.29 -6.2
0.02 -35.9
FinTechEvolWt FTEV.WS
FinWiseBancorp FINW
0.01 -90.0 Lizhi
8.20 -1.9 LoopIndustries
LIZI
LOOP
0.38 -17.5 QVC Nts 2068 QVCC
2.70 -15.5 QuanergySystems QNGY
15.08
1.08
-1.4
-17.0 This Is A Private Placement Opportunity
ICF Intl ICFI 116.74 0.8 AIG PfdA AIGpA 21.88 0.1 CentralPacFin CPF 19.52 -10.0 FirstEagleNts26 FCRX 21.87 1.3 LoyaltyVentures LYLT 0.71 -12.8 QuanergySysWt QNGY.WS 0.01 -23.2
Imara
Immunovant
IMRA
IMVT
4.76
10.95
15.3
6.0
AmericanRebel AREB
Amesite AMST
0.23
0.21
11.3
-2.8
Certara CERT 10.88 -2.1
ChathamLodgPfd CLDTpA 18.10 -1.0
FirstFinBkshs
First HS Educ
FFIN
FHS
36.50 -5.7 LufaxHolding
0.38 -22.6 LuokungTech
LU
LKCO
1.30 -1.8 QuantumScape QS
0.15 -3.8 Quhuo QH
7.60
1.24
-0.2
-11.4
Available Only To Accredited Investors
IntlBcshs IBOC
IntlMoneyExpress IMXI
48.72
26.81
0.7
4.3
Angi
AngioDynamics ANGO
ANGI 2.00
12.87
...
-1.8
CheckpointTherap CKPT
CheetahMobile CMCM
0.86 -6.4
1.82 -6.3
FirstHorizonPfdC FHNpC 23.83 -1.4 LytusTech
FirstNatlVA FXNC 13.45 -0.4 Mytheresa
LYT
MYTE
1.00 ... QuinceTherap
8.91 1.5 Quotient
QNCX
QTNT
0.86
0.13
-3.7
1.7 Minimum Investment Level Is 100,000
IntlSeaways INSW 40.99 1.2 AnnalyCapPfdG NLYpG 19.27 -0.8 ChembioDiagn CEMI 0.25 6.4 Flexsteel FLXS 13.56 -1.0 MagicEmpireGlobal MEGL 2.36 -12.2 Qutoutiao QTT 0.42 -9.3
KKR AcqnI A KAHC 10.00 0.6 AnnalyCapPfdI NLYpI 18.75 -1.5 ChinaEastrnAir CEA 15.54 -10.1 FordMotor6%Nts FpC 21.54 0.5 Magnachip MX 9.48 -0.8 QwestNts2056 CTBB 16.39 -2.1
KLX Energy KLXE 13.75 0.2 Anterix ATEX 29.74 -0.9 ChinaSXTPharm SXTC 0.60 -3.9 ForzaX1 FRZA 1.53 -7.6 ManaCapAcqn MAAQ 7.78 -2.5 QwestNts2057 CTDD 16.90 -1.7
KairosAcqnA
LandcadiaIV A
KAIR
LCA
10.01
9.92
0.1
0.1
AnywhereRealEst HOUS
Aptorum APM
6.87
0.61
-2.9
-9.9
ChunghwaTel CHT
ChurchillVII Wt CVII.WS
32.90 -1.3
0.05 -13.5
FreightTech FRGT
FusionFuelGreen HTOO
0.31 1.3 Matterport
3.40 -6.6 MayvilleEngg
MTTR
MEC
3.22 -4.1 RLX Tech
5.95 -3.4 RaMedicalSys
RLX
RMED
0.90
4.50
-1.0
-6.5
Headquartered
EliLilly
LongviewII A
LLY
LGV
351.77
10.00
2.1
0.1
AptoseBiosci APTO
ArborRealtyPfdD ABRpD
0.46
16.00
-3.1
-0.3
CipherMining
CitigroupPfdJ
CIFR
CpJ
0.76 1.1
24.88 ...
GAN
GDS Holdings
GAN
GDS
1.87 -1.0 MedicennaTherap MDNA
9.39 -17.4 Medigus MDGS
0.69 -6.3 RadiusGlbInfr
0.40 -2.1 RamacoNts2026 METCL
RADI 7.97
25.20
0.6
0.5
In Los Angeles
MasonIndlTechA MIT 9.95 0.4 ArborRealtyPfdE ABRpE 15.88 -0.1 CitizensHolding CIZN 14.41 -0.7 GT Biopharma GTBP 1.46 6.5 IndxPlus 03-1 IPB 24.28 -0.1 RaniTherap RANI 6.17 -10.0
MatadorRscs
McKesson
MTDR
MCK
68.36
381.53
-0.9
2.3
ArcadiaBiosci
Arcimoto
RKDA
FUV
0.35
0.70
-2.7
-6.8
Clarus
CleanSpark
CLAR
CLSK
11.36 -1.5
2.75 ...
GabelliEqPfdG
GabelliEqPfdH
GABpG 21.15 -0.9 Metacrine
GABpH 21.05 -2.0 MetalsAcqnWt MTAL.WS
MTCR 0.30 -9.9 Reading A
0.22 -8.0 ReadyCapPfdC
RDI
RCpC
3.15
18.00
-1.6
1.4
E: markc@afincen.com
MerchantsBncpPfdD MBINM 26.04 0.4 ArgoBlockchain ARBK 1.37 -9.8 Clene CLNN 1.09 -20.9 GabelliMultPfdE GGTpE 22.15 -1.0 Metlife pfA METpA 20.03 0.3 RedCat RCAT 1.37 -1.4
Merck MRK
MolinaHealthcare MOH
98.42
368.86
1.8
1.2
ArgoGoupPfdA ARGOpA
ArgusCapitalWt ARGUW
19.79
0.06
-1.5
-14.2
CleverLeavesWt CLVRW
CocrystalPharma COCP
0.05 -3.7
2.05 -6.8
GabelliUtilPfdC GUTpC
Gaia GAIA
24.00 -0.8 MidAmerAptPfdI MAApI
2.16 -0.5 MindMed MNMD
54.18 -1.8 RegionalHlthPfdA RHEpA
2.58 -4.6 ReinsuranceGrpDeb RZB
2.12
23.10
-0.5
...
Cell: (310) 308-6466
MurphyOil MUR 48.13 0.7 ArlingtonAsstNt26 AAIN 22.37 ... Codexis CDXS 4.81 4.1 GaotuTechedu GOTU 0.65 -13.5 Mobilicom MOB 1.31 7.1 RelianceGlobal RELI 0.66 -1.8
MusicAcqnA TMAC 9.99 0.7 ArmadaHofflerPfA AHHpA 19.00 0.7 CodiakBioSci CDAK 0.59 3.4 GasLogPtrsPfdA GLOPpA 22.45 0.3 MoleculinBiotech MBRX 0.88 -2.8 RenttheRunway RENT 1.60 -2.3
MyovantSciences MYOV
NBT Bancorp
NightDragonA
NBTB
NDAC
26.84
43.42
10.01
9.2
1.5
0.1
ArqitQuantumWt ARQQW
ArqitQuantum
Arrival
ARQQ
ARVL
0.46
3.80
0.62
5.7
0.5
-2.0
CoffeeHolding
CompassPfdA
JVA 2.23 -3.0
CODIpA 20.50 -4.9
GauchoGroup
Gelesis
Generac
VINO
GLS
GNRC
0.15 -9.6 MomentusWt
0.47 -1.8 MondeeWt
MNTSW
MONDW
105.87 3.5 MorganStanleyPfdO MSpO
0.10 -21.1 Repay RPAY
0.02 -51.8 RexfordIndPfdB REXRpB
16.28 -0.4 RexfordIndPfdC REXRpC
5.75
20.61
19.59
-3.1
1.1
-3.0
Americanfinancialcenterinc.com
CompassPfd CODIpB 22.82 -1.2
NobleRockA NRAC 9.99 0.1 ArteloBiosci ARTL 2.71 -2.8 CompassPfdC CODIpC 22.22 -3.4 GettyImages GETY 4.51 -2.9 MorganStanleyPfdK MSpK 22.79 -0.5 Rezolute RZLT 1.84 -6.6
NorthernStrIII A NSTC 9.93 0.3 Atento ATTO 3.55 1.6 Compass COMP 2.21 -7.3 GigaCloudTech GCT 4.30 -8.5 MusicAcqnWt TMAC.WS 0.00 -97.8 RithmCapPfdB RITMpB 16.77 -1.0
NorthropGrum NOC 534.64 0.6 AthenePfdC ATHpC 23.82 -0.1 Comstock LODE 0.39 ... GladstonePfdE GOODN 20.07 -0.1 NIO NIO 8.38 -15.7 RivernorthOppsRt RIVr 0.00 -48.0
OReillyAuto ORLY 770.08 3.3 AtlanticusNts26 ATLCL 19.01 -6.2 ConcordAcqnIIIWt CNDB.WS 0.09 -6.0 GladstonePfdG GOODO 17.02 -1.6 NanoLabs NA 1.01 -10.1 RockwellMedical RMTI 0.92 -13.4 ANNOUNCEMENTS
OakValleyBncp OVLY 20.10 0.8 AtlanticusPfdB ATLCP 19.15 0.5 Conformis CFMS 0.11 -4.5 GlenBurnieBncp GLBZ 9.18 -0.2 NanoStringTech NSTG 9.00 2.4 Roku ROKU 47.27 0.9
OysterEntsA OSTR 9.96 0.1 AtlasNts2027 ATCOL 23.50 -2.8 CorazonV838 Wt CRZNW 0.02 14.8 GlenfarneMergerWt GGMCW 0.05 ... NanoVibronix NAOV 0.41 -2.0 Root ROOT 6.26 -4.4
PWP Forward I A FRW
ParPacific PARR
10.00
23.69
-0.1
...
Atreca
ATRenew
BCEL
RERE
1.39
1.70
-2.7
-6.2
CoreScientific CORZ
CoreScientificWt CORZW
0.86 -9.6
0.20 -14.3
GlobalBlueWt
Gogoro
GB.WS
GGR
0.12 ... NatlCineMedia NCMI 0.39 -1.0 RubiconTechWt RBT.WS
2.83 -4.4 NatlStoragePfdA NSApA 21.33 -0.4 RubiusTherap RUBY
0.08
0.31
-5.0
-6.7 THE We Write & Publish
MARKETPLACE
Parsons PSN 44.18 1.3 aTyrPharma LIFE 2.34 -4.8 CorEnergyInfrPf CORRpA 8.60 21.4 GogoroWt GGROW 0.38 -13.0 NecessityPfdC RTLPO 18.82 -0.2 SCE II Pfd SCEpG 18.01 -0.1

Your Book
PermianRscs PR 9.80 0.7 AuroraInnovWt AUROW 0.26 -6.2 CornerGrowth2Wt TRONW 0.01 51.0 GoGreenInvtsWt GOGN.WS 0.04 -2.5 NeoGenomics NEO 6.00 1.2 SCE V Pfd SCEpK 18.70 1.1
PontemA PNTM 10.00 ... AvalonHoldings AWX 2.52 -1.2 CosmosHoldings COSM 0.07 4.1 GoresTechII Wt GTPBW 0.08 -19.8 NetEase NTES 53.09 -9.9 SachemNts2027 SCCG 19.90 -1.3
PrincipalFin PFG 80.39 1.5 AytuBioPharma AYTU 0.15 4.7 CostamarePfdE CMREpE 23.56 -0.9 Grab GRAB 2.19 -2.1 NeuroMetrix NURO 1.69 -7.0 Safe-T SFET 0.36 -12.9
ProspectorCapA PRSR 10.03 0.2 B&G Foods BGS 13.83 2.0 CrownCastle CCI 121.71 -0.9 GranitePointPfdA GPMTpA 18.78 -2.5 NeuroPace NPCE 2.99 -0.7 SarcosTech&Robotic STRC 1.73 -2.2
ADVERTISE TODAY Retired or in Business, We
PyxisTankers PXS 4.91 14.5 BEST BEST 0.53 -10.8 CrownCrafts CRWS 5.72 -0.3 Graphex GRFX 1.00 -10.3 NexPtDivRlEstPfdA NXDTpA 15.00 -4.6 SaulCentersPfdD BFSpD 19.55 -0.8 Feature Your Story, Business
PyxisTankersWt PXSAW 0.75 34.7 BIMI Intl BIMI 0.26 -9.3 CrownPropWt CPTK.WS 0.01 -59.6 GreenidgeGenNt GREEL 6.10 -5.4 NextCure NXTC 2.35 5.9 SaulCentersPfdE BFSpE 19.16 -0.4 (800) 366-3975 Philosophy, Best Practices,
RCF Acqn RCFA.U 10.17 0.7 BitMining BTCM 0.21 ... Cryo-Cell CCEL 4.80 -4.4 GreenidgeGen GREE 0.94 -5.4 NightHawkBio NHWK 1.53 -4.3 Sea SE 42.71 1.8
RLI RLI
RaveRestaurant RAVE
124.26
1.86
0.5
-5.1
BRileyFinlNt2026 RILYG
B.RileyNts2024 RILYO
21.02
24.09
-1.1
-0.8
Cryptyde
Cuentas
TYDE
CUEN
0.61 -6.4
0.35 -9.6
GreenlandTech GTEC
GreenTree GHG
1.90 -4.4 9MetersBiopharma NMTR
2.36 -10.3 NiuTech NIU
2.11 0.9 SecurityNatFin SNFCA
2.66 -14.9 SelectiveInsPfdB SIGIP
5.77
15.92
0.8
0.9
For more information visit: Success Principles & Advice.
ReinsGrp RGA 142.11 1.8 B.RileyNts2028 RILYT 20.00 -1.3 Culp CULP 4.00 ... Groupon GRPN 6.38 -6.7 NoahHoldings NOAH 11.78 -15.4 SelectQuote SLQT 0.51 0.5 wsj.com/classifieds You Benefit. Others Benefit.
RichardsonElec RELL
S&T Bancorp STBA
24.13
35.97
4.4
2.7
BRileyFin6.50%SrNt RILYN
B.RileyPrin250Wt BRIVW
21.44
0.07
-1.2
-12.5
CureVac CVAC
CuriosityStream CURI
6.95 -0.7
1.12 -5.7
GroveCollabWt GROV.WS
GrowGeneration GRWG
0.11 -8.2 Nogin
2.92 -7.7 NoginWt
NOGN
NOGNW
0.83 -8.0 SenmiaoTech AIHS
0.03 -19.7 SenseiBiotherap SNSE
0.70
1.40
-1.3
-3.4
BizSuccessBooks.com
SCP&COHlthcrA SHAC
ShuaaPtrsI A SHUA
9.95
10.18
...
0.4
ByteAcqnWt BYTSW
BabcockWilcoxNts BWNB
0.03
21.07
-53.2
-2.2
CyxteraTech
D-WaveQuantum QBTS
CYXT 2.46 -3.1
4.20 1.7
GpoAvalAcc
Gyrodyne
AVAL
GYRO
2.23 -0.4 NomadFoods NOMD
9.31 -3.5 NorthernStrIII Wt NSTC.WS
12.50 -1.0 SensientTech
0.02 -6.5 Sentage
SXT
SNTG
63.17
2.06
-5.4
-5.5
© 2022 Dow Jones & Company, Inc. LegaciesandMemories.com
SandbridgeX2 A SBII 9.99 0.7 Baidu BIDU 73.58 -12.6 DadaNexus DADA 3.02 -14.5 HCI Group HCI 27.65 -2.8 OFSCapNts2028 OFSSH 19.65 -1.8 17Educ&Tech YQ 0.66 -10.2
All Rights Reserved. (904) 293-9893 * Since 1999
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Tuesday, October 25, 2022 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
31499.62 s 417.06, or 1.34% Trailing P/E ratio 19.59 23.07 3797.34 s 44.59, or 1.19% Trailing P/E ratio * 18.27 30.45 10952.61 s 92.90, or 0.86% Trailing P/E ratio *† 23.07 35.47
High, low, open and close for each P/E estimate * 16.77 18.93 High, low, open and close for each P/E estimate * 16.57 22.17 High, low, open and close for each P/E estimate *† 20.97 28.95
trading day of the past three months. Dividend yield 2.29 1.81 trading day of the past three months. Dividend yield * 1.79 1.32 trading day of the past three months. Dividend yield *† 0.99 0.68
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

33900 4300 12900

33000 4150 12400

65-day moving average
65-day moving average
32100 4000 11900

Session high 31200 65-day moving average 3850 11400

DOWN UP
t

Session open Close

30300 3700 10900
Close Open
t

Session low 29400 3550 10400

Bars measure the point change from session's open

28500 3400 9900
July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 977,694,869 9,472,331
Industrial Average 31603.63 31161.41 31499.62 417.06 1.34 36799.65 28725.51 -11.9 -13.3 5.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 570,538,869 1,988,993
Transportation Avg 13099.63 12728.12 13066.16 373.41 2.94 17039.38 11999.40 -17.7 -20.7 7.0 Most-active issues in late trading Decl. volume* 394,528,715 7,244,830
Utility Average 878.66 863.67 872.10 7.63 0.88 1071.75 838.99 -5.0 -11.1 -0.3 Volume After Hours Issues traded 3,343 292
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 38226.39 37543.97 38102.83 395.38 1.05 48929.18 36056.21 -19.6 -21.7 7.4 Advances 1,835 110
SPDR S&P 500 SPY 7,276.3 378.64 -0.23 -0.06 378.89 377.65
Barron's 400 901.89 888.86 899.68 8.75 0.98 1127.20 825.73 -16.2 -18.7 9.5 Declines 1,347 165
iShares China LC ETF FXI 5,991.6 21.60 0.07 0.33 21.60 21.45
Unchanged 161 17
Nasdaq Stock Market Philip Morris Intl PM 4,220.1 87.21 0.02 0.02 88.03 86.80 New highs 66 0
Nasdaq Composite 10983.52 10713.33 10952.61 92.90 0.86 16057.44 10321.39 -28.1 -30.0 10.2 iShares iBoxx $ HY Cp Bd HYG 3,495.9 72.49 -0.05 -0.07 72.58 72.49 New lows 333 32
Nasdaq-100 11468.18 11166.49 11430.26 119.93 1.06 16573.34 10692.06 -26.3 -30.0 12.8 iSh Core MSCI Total Intl IXUS 3,474.0 51.19 -0.65 -1.25 51.87 51.15 Closing Arms† 1.20 2.33
Boston Scientific BSX 3,059.5 41.22 0.24 0.58 41.22 40.91 Block trades* 4,993 90
S&P

.
Invesco QQQ Trust I QQQ 2,819.9 278.10 -0.35 -0.13 278.67 267.04
500 Index 3810.74 3741.65 3797.34 44.59 1.19 4796.56 3577.03 -16.8 -20.3 8.0 Nasdaq NYSE Arca

ly
iShares Russell 2000 ETF IWM 2,672.5 173.50 0.06 0.03 173.62 173.36
MidCap 400 2332.94 2303.01 2327.12 14.91 0.65 2910.70 2200.75 -17.2 -18.1 6.1 Total volume*4,808,717,452 363,621,348
SmallCap 600 1138.86 1123.06 1137.03 9.49 0.84 1466.02 1064.45 -18.4 -18.9 5.7 Percentage gainers… Adv. volume*2,505,018,876 165,177,310
Weber WEBR 277.7 6.22 1.19 23.66 7.00 4.96 Decl. volume*2,244,852,842 196,295,592
Other Indexes
Russell 2000
NYSE Composite
Value Line
1751.44 1727.20
14269.34 14085.42 14226.11
518.97 511.61
1748.40

517.95
6.16
82.05
3.05
on
0.35
0.58
0.59
2442.74 1649.84
17353.76 13472.18
696.40 491.56
-24.4
-17.1
-23.8
-22.1
-17.1
-22.9
4.1
2.7
-0.3
Qualtrics International XM
Apollo Comml R E Fin
DigitalBridge Group
ARI
DBRG
455.1
54.3
54.6
11.59
10.50
13.05
1.11
0.97
0.61
10.59
10.18
4.90
11.98
10.89
13.06
10.43
9.43
12.44
Issues traded
Advances
Declines
Unchanged
4,862
2,323
2,249
290
1,732
993
707
32
NYSE Arca Biotech 4739.21 4642.87 4709.69 27.67 0.59 5815.27 4208.43 -16.8 -14.7 2.6
Masimo MASI 293.7 142.40 6.40 4.71 142.40 133.00
New highs 68 16
us ,

NYSE Arca Pharma 787.12 771.49 783.48 12.00 1.55 887.27 737.84 2.8 -5.3 9.9 ...And losers New lows 443 154
l

KBW Bank 100.98 98.98 100.58 1.74 1.76 147.56 94.66 -29.2 -23.9 -1.0 181.6 75.51 -9.50 85.01 71.00 Closing Arms† 0.93 1.69
e
Crown Holdings CCK -11.18
al a

PHLX§ Gold/Silver 102.67 100.56 102.38 -1.31 -1.26 167.76 91.40 -25.1 -22.7 3.6 Illinois Tool Works ITW 52.6 180.79 -19.99 -9.96 200.78 180.79 Block trades* 31,809 1,689
PHLX§ Oil Service 77.63 75.70 77.41 1.13 1.49 88.37 49.14 19.1 46.8 5.1 Heidrick Struggles HSII 239.9 26.38 -2.21 -7.73 28.59 25.35 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 2360.46 2294.31 2351.55 14.86 0.64 4039.51 2162.32 -30.7 -40.4 13.3 WR Berkley WRB 188.7 68.98 -3.59 -4.95 76.20 65.78 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 30.95 29.78 29.85 0.16 0.54 36.45 15.10 95.9 73.3 29.6 Enhabit EHAB 67.3 12.58 -0.63 -4.77 13.21 12.58 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 574.70 4.77 0.84 –23.9 Vaxcyte PCVX 33.00 12.42 60.35 36.10 16.78 45.6 Tricida TCDA 0.60 -10.28 -94.48 13.85 0.56 -87.1
MSCI ACWI ex-USA 249.24 0.90 0.36 –27.6 Direxion China Bear 3X YANG 35.94 8.23 29.70 48.44 10.07 144.5 Huadi International HUDI 33.00 -25.92 -43.99 68.00 8.95 99.2
MSCI World 2493.06 30.64 1.24 –22.9 Novonix ADR NVX 7.57 1.37 22.10 24.00 4.40 ... Missfresh ADR MF 1.69 -0.83 -32.94 165.00 1.52 -98.5
MSCI Emerging Markets 842.76 –22.28 –2.58 –31.6 SOBR Safe SOBR 3.90 0.68 21.12 15.00 0.80 -62.3 Direxion China Bull 3X YINN 21.99 -9.32 -29.77 260.60 19.66 -91.5
m rp

Americas MSCI AC Americas 1443.03 14.44 1.01 –21.0 BYND Cannasoft Ents BCAN 2.89 0.49 20.60 16.38 2.16 ... Direxion CSI China Int CWEB 20.76 -8.10 -28.07 241.50 17.55 -91.3
Canada S&P/TSX Comp 18918.40 57.45 0.30 –10.9 ProSh Ult FTSE China 50 FXP 71.38 11.91 20.03 74.30 29.99 122.0 Ascent Solar Technologies ASTI 3.42 -1.16 -25.33 94.00 2.53 -95.2
Latin Amer. MSCI EM Latin America 2205.05 –79.06 –3.46 3.5 Avis Budget Group CAR 220.83 31.48 16.63 545.11 131.83 25.0 Agrify AGFY 1.66 -0.56 -25.23 235.50 1.64 -99.0
Brazil BOVESPA 116012.70 –3916.09 –3.27 10.7 Zevia PBC ZVIA 4.78 0.67 16.30 12.42 1.86 -59.3 Pinduoduo ADR PDD 44.46 -14.51 -24.61 102.02 23.21 -55.8
Chile S&P IPSA 3123.12 –25.21 –0.80 11.3 Imara IMRA 4.52 0.60 15.31 4.76 0.97 24.5 Kanzhun ADR BZ 11.00 -3.23 -22.70 43.22 9.75 -70.2
co Fo

Mexico S&P/BMV IPC 47765.24 645.16 1.37 –10.3 Sutro Biopharma STRO 6.47 0.83 14.72 23.70 3.33 -66.1 360 DigiTech ADR QFIN 9.71 -2.83 -22.57 28.49 9.47 -59.4
EMEA STOXX Europe 600 401.84 5.55 1.40 –17.6 Pyxis Tankers PXS 4.83 0.61 14.45 4.91 1.41 51.7 ZTO Express (Cayman) ADR ZTO 16.80 -4.64 -21.64 34.82 16.28 -45.9
Eurozone Euro STOXX 384.50 5.73 1.51 –19.7 AXS Sh China Internet SWEB 36.40 4.40 13.76 36.66 21.31 ... VNET Group ADR VNET 4.26 -1.08 -20.22 18.55 3.51 -76.7
Belgium Bel-20 3495.19 46.56 1.35 –18.9 BK Technologies BKTI 2.65 0.32 13.73 3.08 1.59 -12.3 ProSh FTSE/Xinhua Ch 25 XPP 12.71 -3.11 -19.63 57.45 12.00 -77.8
Denmark OMX Copenhagen 20 1609.59 33.01 2.09 –13.6 Green Giant GGE 2.57 0.31 13.72 3.80 0.66 39.7 Zai Lab ADR ZLAB 23.06 -5.63 -19.62 105.85 20.98 -77.8
1.59 –14.3 SELLAS Life Sciences SLS 2.87 0.33 12.99 9.78 1.77 -67.2 Agora ADR API 2.57 -0.59 -18.67 27.63 2.53 -90.5
France CAC 40 6131.36 95.97
Germany DAX 12931.45 200.55 1.58 –18.6
Israel Tel Aviv 1905.80 17.85 0.95 –3.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 21982.95 415.40 1.93 –19.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 653.54 1.08 0.17 –18.1
1.15 –33.4 Mullen Automotive MULN 486,251 403.5 0.50 32.94 15.90 0.21 Osiris Acquisition OSI 1,601 16241 9.93 1.33 10.00 9.63
Russia RTS Index 1062.66 12.09
ProShares UltraPro QQQ TQQQ 272,211 44.6 21.27 3.40 91.68 16.32 Tricida TCDA 89,897 10201 0.60 -94.48 13.85 0.56
South Africa FTSE/JSE All-Share 64975.95 –563.29 –0.86 –11.8
n-

Spain IBEX 35 7680.50 134.90 1.79 –11.9 NIO ADR NIO 166,004 274.4 9.45 -15.70 44.27 8.38 SilverSPAC Cl A SLVR 2,203 7558 9.83 -0.40 10.89 8.71
2.05 –29.2 Snap SNAP 161,053 180.0 8.31 7.09 57.18 7.33 Glass Houses Acqn Cl A GLHA 1,340 6830 9.88 0.00 10.30 9.65
Sweden OMX Stockholm 733.83 14.78
1.70 –17.7
Direxion Dly SCOND 3 BL SOXL 146,227 55.7 8.68 1.17 74.21 6.21 OceanTech Acqns I Cl A OTEC 354 6423 10.24 0.05 10.24 9.93
Switzerland Swiss Market 10595.53 176.93
Turkey BIST 100 3977.51 42.89 1.09 114.1 ProSh UltraPro Shrt QQQ SQQQ 145,331 6.8 52.24 -3.40 69.55 28.15 Perception Capital II PCCT 2,452 3744 10.19 -0.10 10.23 9.82
no

U.K. FTSE 100 7013.99 44.26 0.64 –5.0 iShares China LC ETF FXI 101,502 224.5 21.53 -9.99 42.39 20.94 Vaxcyte PCVX 14,471 3001 33.00 60.35 36.10 16.78
U.K. FTSE 250 17337.55 130.99 0.76 –26.2 Alibaba Group ADR BABA 100,744 418.4 63.15 -12.51 178.28 58.01 Powered Brands Cl A POW 1,829 2753 10.00 0.10 10.03 9.73
Tesla TSLA 100,056 36.7 211.25 -1.49 414.50 198.59 Pono Capital Cl A PONO 761 2345 10.20 0.00 10.21 9.87
Asia-Pacific MSCI AC Asia Pacific 134.30 –1.51 –1.11 –30.5
Tricida TCDA 89,897 10201.1 0.60 -94.48 13.85 0.56 PWP Forward Acqn I Cl A FRW 1,050 2317 9.99 -0.10 10.00 9.67
Australia S&P/ASX 200 6779.40 102.65 1.54 –8.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2977.56 –61.37 –2.02 –18.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 15180.69 –1030.43 –6.36 –35.1
0.88 2.7
Scan this code
India S&P BSE Sensex 59831.66 524.51
Japan NIKKEI 225 26974.90 84.32 0.31 –6.3 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 2969.95 … Closed –4.9 and track most-active stocks,
South Korea KOSPI 2236.16 23.04 1.04 –24.9 new highs/lows, mutual funds Currencies
Taiwan TAIEX 12856.98 37.78 0.29 –29.4 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1591.32 … Closed –4.0
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004023 24855 8.8
CREDIT MARKETS Argentina peso .0065154.6913 50.7 Europe
Brazil real .1886 5.3032 –4.8 Czech Rep. koruna .04034 24.789 13.3
Canada dollar .7297 1.3705 8.4 Denmark krone .1327 7.5331 15.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001013 986.75 15.8 Euro area euro 0.9875 1.0127 15.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000200 4990.00 22.7 Hungary forint .002385 419.36 29.2
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .006924 144.42 11.3
A consumer rate against its New car loan Mexico peso .0502 19.9336 –2.8 Norway krone .0951 10.5146 19.4
benchmark over the past year 5.00% Uruguay peso .02426 41.2150 –7.8 Poland zloty .2063 4.8481 20.4
Bankrate.com avg†: 6.02% 28% Asia-Pacific Russia ruble .01613 62.000 –17.1
t
First Savings Bank of Hegewisch 3.40% 4.00 WSJ Dollar Index Sweden krona .0896 11.1562 23.2
s Australian dollar .6314 1.5838 15.1
6.00% Chicago, IL 773-646-4200 Tradeweb ICE 14 Switzerland franc .9992 1.0008 9.7
China yuan .1377 7.2630 14.3
Monday Close 3.00 Turkey lira .0537 18.6052 39.7
First Command Bank 4.24% Hong Kong dollar .1274 7.8501 0.7
5.25 0 Ukraine hryvnia .0271 36.8500 34.7
2.00 India rupee .01208 82.754 11.1
Fort Worth, TX 888-763-7600 Euro UK pound 1.1279 .8866 19.9
s Indonesia rupiah .0000642 15587 9.4
New car loan Third Coast Bank, SSB 4.25% One year ago Middle East/Africa
t

4.50 1.00 –14 Japan yen .006711 149.01 29.5

t

Prime rate Humble, TX 281-446-7000 s Kazakhstan tenge .002123 470.95 8.2 Bahrain dinar 2.6525 .3770 0.01
t

3.75 0.00 Yen Macau pataca .1236 8.0890 0.7 Egypt pound .0509 19.6568 25.1
Cambridge Savings Bank 4.99% –28
Malaysia ringgit .2111 4.7380 13.7 Israel shekel .2814 3.5538 14.3
Cambridge, MA 888-418-5626 1 3 6 1 2 3 5 7 10 20 30 2021 2022
3.00 New Zealand dollar .5696 1.7556 20.1 Kuwait dinar 3.2206 .3105 2.6
Frost Bank 4.99% month(s) years
N D J FMAM J J A S O Pakistan rupee .00452 221.025 25.4 Oman sul rial 2.5974 .3850 unch
Houston, TX 800-513-7678 maturity Philippines peso .0170 58.864 15.4 Qatar rial .2745 3.643 0.01
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7032 1.4221 5.5 Saudi Arabia riyal .2661 3.7584 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0006921 1444.94 21.5 South Africa rand .0543 18.4033 15.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027248 367.00 80.9
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 3.00-3.25 3.00-3.25 0.00 l 3.25 1.25 Taiwan dollar .03092 32.341 16.7
Yield (%) 52-Week Total Return (%) Thailand baht .02619 38.180 14.9 WSJ Dollar Index 104.26 0.40 0.39 16.43
Prime rate* 6.25 6.25 3.25 l 6.25 1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.33 4.23 0.13 l 4.36 2.39 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2020.910 4.490 4.350 4.540 1.060 –14.502 –3.744
Money market, annual yield 0.25 0.24 0.07 l 0.25 -0.48
Five-year CD, annual yield 2.29 2.17 0.41 l 2.29 0.76 U.S. Treasury Long, Bloomberg 2889.640 4.570 4.230 4.570 1.720 –32.867–10.549 Commodities
30-year mortgage, fixed† 7.26 7.24 3.09 l 7.38 3.30 Aggregate, Bloomberg 1858.790 5.160 5.010 5.210 1.580 –16.366 –4.046 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.49 6.47 2.42 l 6.51 3.15 Fixed-Rate MBS, Bloomberg 1830.210 5.320 5.120 5.380 1.810 –16.256 –4.692
Jumbo mortgages, $647,200-plus† 7.28 7.27 3.09 l 7.43 2.92 DJ Commodity 1018.57 -1.76 -0.17 1264.48 893.10 4.74 7.64
High Yield 100, ICE BofA 3021.882 8.501 8.542 8.753 3.669 –12.187 –1.087 Refinitiv/CC CRB Index 271.82 -0.54 -0.20 329.59 218.39 12.99 16.98
Five-year adj mortgage (ARM)† 5.46 5.38 2.82 l 5.46 1.08
Muni Master, ICE BofA 532.614 3.898 3.624 3.898 0.895 –10.696 –1.745 Crude oil, $ per barrel 84.58 -0.47 -0.55 123.70 65.57 0.98 12.46
New-car loan, 48-month 6.02 5.99 3.41 l 6.02 1.52
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 699.135 9.098 8.906 9.159 4.744 –23.631 –6.915 Natural gas, $/MMBtu 5.199 0.240 4.84 9.680 3.561 -11.85 39.38
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. 1648.70 -2.30 -0.14 2040.10 1623.30 -8.71 -9.78
 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. Tuesday, October 25, 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 Jan'23 181.000 182.375 180.925 181.950 1.575 24,946 March'23 1.0200 1.0202 1.0139 1.0153 –.0016 312 March'23 3807.00 3853.00 3768.00 3841.00 46.25 49,023
Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index
Contract Open Oct 150.250 151.725 s 150.250 151.600 1.125 1,902 Nov .6378 .6414 .6276 .6313 –.0056 208 Dec 2329.10 2346.50 2299.10 2332.90 14.80 54,203
Open High hi lo Low Settle Chg interest
Dec 152.475 154.200 s 152.275 154.125 1.700 112,051 Dec .6407 .6420 .6281 .6318 –.0056 162,514 March'23 2333.90 14.80 1
Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Nasdaq 100 (CME)-$20 x index
Oct 3.4930 3.4930 3.4930 3.4795 –0.0435 748 Dec 88.525 88.900 87.675 87.925 –1.200 95,380 Nov .04999 .00002 4 Dec 11393.75 11530.25 11207.75 11478.75 120.25 280,205
Dec 3.4850 3.5045 3.4225 3.4305 –0.0440 108,812 Feb'23 89.925 90.700 89.225 90.450 –.075 45,283 Dec .04970 .04973 .04946 .04965 .00002 232,884 March'23 11515.75 11641.75 11325.75 11596.75 123.25 4,152
Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index
Oct 1662.70 1662.70 1648.70 1648.70 –2.30 530 Nov 528.70 541.50 502.70 506.50 –32.50 1,092 Nov .9906 .9915 .9822 .9890 .0030 3,062 Dec 1752.60 1769.80 1729.50 1754.20 7.30 534,999
Nov 1662.00 1666.30 1643.60 1649.20 –2.30 3,630 Jan'23 526.20 541.00 505.00 508.60 –29.40 1,130 Dec .9921 .9941 .9848 .9917 .0030 627,762 March'23 1780.80 1783.00 1746.60 1769.00 7.40 239
Dec 1662.90 1675.50 1648.00 1654.10 –2.20 358,480 Milk (CME)-200,000 lbs., cents per lb. Mini Russell 1000 (CME)-$50 x index
Feb'23 1676.50 1687.20 1662.00 1668.10 –2.10 49,326 Oct 21.84 21.84 21.78 21.80 –.02 4,589 Index Futures Dec 2073.50 2096.40 2058.70 2089.50 22.50 9,210
April 1695.10 1701.60 1676.80 1682.40 –2.00 17,287 Nov 21.05 21.30 21.00 21.17 .03 5,341
Cocoa (ICE-US)-10 metric tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index
June 1711.80 1716.00 1691.40 1697.00 –2.10 7,044 Dec 111.61 112.47 111.34 111.91 –.07 59,804
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 2,320 2,348 2,317 2,337 31 114,246 Dec 31190 31640 30922 31545 422 68,597
March'23 2,328 2,348 2,322 2,337 25 83,015 March'23 31549 31860 31144 31779 439 872 March'23 111.12 112.01 111.00 111.51 –.05 830
Oct 1958.00 –37.70 1
Dec 2017.00 2067.00 1960.00 1967.80 –37.70 6,197 Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Dec 190.05 194.15 188.90 190.40 –.50 79,035 Dec 3771.00 3822.00 3736.50 3809.25 45.25 2,296,708 Source: FactSet
Platinum (NYM)-50 troy oz.; $ per troy oz.
Oct 949.80 947.30 –7.30 75 March'23 185.00 188.50 183.45 184.95 –.85 72,491
Jan'23 935.10 949.80 922.90 926.60 –7.30 52,214 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 18.32 18.37 18.10 18.13 –.25 333,687
Oct 19.190 19.190 19.185 19.174 0.131 239
May 17.40 17.46 17.18 17.20 –.28 145,057 Bonds | wsj.com/market-data/bonds/benchmarks
Dec 19.395 19.675 18.985 19.189 0.123 110,637
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Jan 35.00 … 2,185
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Dec 85.24 85.92 82.63 84.58 –0.47 312,600
Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks
Dec 79.40 80.80 76.13 76.13 –3.00 101,640
Jan'23 84.05 84.80 81.60 83.59 –0.36 135,539
March'23 78.93 79.99 t 75.55 75.74 –2.81 69,874 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Feb 82.60 83.52 80.38 82.39 –0.26 71,656 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds
March 81.40 82.29 79.22 81.25 –0.18 92,503 Nov 210.40 218.75 s 210.40 217.95 8.15 1,733 Total Total
June 78.65 79.44 76.55 78.53 … 121,493 Jan'23 197.95 203.95 197.95 202.80 5.80 8,355 return YTD total Yield (%) return YTD total Yield (%)
Dec 75.25 75.81 73.38 75.12 0.08 161,272
close return (%) Index Latest Low High close return (%) Index Latest Low High
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Interest Rate Futures
Nov 3.8394 3.9684 3.8000 3.9201 .0878 29,683 Mortgage-Backed Bloomberg Fixed Income Indices
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Broad Market Bloomberg Fixed Income Indices
Dec 3.5440 3.6452 3.5222 3.5672 .0140 65,677
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 124-180 126-120 123-070 124-160 –29.0 1,446,457 1858.79 -16.8 U.S. Aggregate 5.160 1.580 5.210 1830.21 -16.3 Mortgage-Backed 5.320 1.810 5.380
Nov 2.6472 2.7546 2.5775 2.7302 .0682 45,694 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec 118-300 120-020 117-190 118-100 –26.0 1,223,778 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1812.62 -14.8 Ginnie Mae (GNMA) 5.300 1.840 5.370
Dec 2.4588 2.5221 2.3964 2.4984 .0236 81,744
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'23 119-090 119-270 117-140 118-020 –27.0 992
2689.29 -20.8 U.S. Corporate 6.100 2.130 6.130 1072.81 -16.5 Fannie mae (FNMA) 5.340 1.800 5.390
Nov 4.970 5.259 4.750 5.199 .240 30,169 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 109-250 110-150 109-130 109-235 –2.0 3,830,980 -12.9 1645.15 -17.0 Freddie Mac (FHLMC) 5.320 1.800 5.370
Dec 5.464 5.844 5.345 5.753 .281 96,654 2672.25 Intermediate 5.960 1.570 6.050
Jan'23 5.794 6.119 5.645 6.034 .280 135,988 March'23 110-050 110-240 109-235 110-010 –2.5 6,018
March 5.059 5.341 4.994 5.312 .226 93,041
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3396.05 -33.2 Long term 6.370 2.940 6.370 532.61 -11.6 Muni Master 3.898 0.895 3.898
Dec 106-067 106-205 105-307 106-052 .5 4,034,445
April 4.447 4.596 4.375 4.576 .128 76,027 379.79 -10.7 7-12 year 3.758 0.918 3.758
March'23 106-080 106-262 106-047 106-107 .5 2,913 515.19 -22.3 Double-A-rated 5.320 1.840 5.320
May 4.396 4.547 4.344 4.527 .110 85,210
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 418.70 -14.9
Dec 102-072 102-121 102-046 102-065 .1 2,088,894 705.17 -21.1 Triple-B-rated 6.410 2.340 6.440 12-22 year 4.380 1.180 4.380
Agriculture Futures March'23 102-121 102-171 102-095 102-117 1.1 1,881 -21.1
High Yield Bonds ICE BofA 382.99 22-plus year 5.101 1.673 5.101
Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec 682.25 686.50 677.25 681.50 –2.75 621,455 Oct 96.9175 96.9200 96.9175 96.9175 391,649 450.27 -13.7 High Yield Constrained 9.420 4.086 9.623 Global Government J.P. Morgan†
March'23 688.00 692.25 683.50 687.75 –2.75 339,483 Nov 96.2100 96.2100 96.2000 96.2000 –.0050 368,471
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 416.22 -17.4 Triple-C-rated 16.529 7.298 16.779 514.96 -14.1 Global Government 3.220 0.840 3.250
Oats (CBT)-5,000 bu.; cents per bu.
t 355.50 Dec 87-155 88-105 87-085 87-245 –5.5 15,693 745.37 -11.1 Canada 3.710 1.430 3.780
Dec 380.50 384.25 362.25 –14.00 3,047 3021.88 -13.0 High Yield 100 8.501 3.669 8.753
March'23 383.50 383.50 t 363.75 370.00 –12.50 961 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 96.5175 96.5175 96.5050 96.5075 –.0100 607,705 387.20 -15.9 Global High Yield Constrained 9.826 4.601 9.945 336.09 -17.2 EMU§ 3.102 0.271 3.215
Nov 1393.00 1393.00 1368.25 1372.00 –23.50 157,027 March'23 95.1700 95.2200 95.0750 95.1000 –.0500 1,143,742
Eurodollar (CME)-$1,000,000; pts of 100% 294.15 -15.7 Europe High Yield Constrained 8.417 2.731 8.508 627.14 -17.5 France 2.880 0.150 2.980
Jan'23 1402.75 1402.75 1377.75 1381.25 –23.25 225,402
Nov 95.3075 95.3250 95.2800 95.2825 –.0175 147,031
Soybean Meal (CBT)-100 tons; $ per ton. U.S Agency Bloomberg Fixed Income Indices 448.90 -16.4 Germany 2.310 -0.370 2.400
Dec 94.9200 94.9500 94.8750 94.8850 –.0350 1,580,938
Dec 417.90 418.40 406.50 408.70 –9.20 148,869
March'23 94.8400 94.9050 94.7750 94.8000 –.0400 966,240 1656.64 -9.5 U.S Agency 4.770 0.900 4.840 279.38 -5.2 Japan 0.910 0.310 0.910
Jan'23 410.40 410.40 400.30 402.40 –7.90 85,675
Dec 95.1700 95.2650 95.1200 95.1650 .0150 939,209
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Dec 71.60 72.56 70.52 71.87 .37 127,124
1470.52 -8.0 10-20 years 4.740 0.790 4.820 483.65 -18.8 Netherlands 2.620 -0.200 2.720
Jan'23 69.01 69.73 68.07 69.16 .19 88,887 Currency Futures
3000.20 -28.1 20-plus years 5.240 2.010 5.240 782.23 -24.6 U.K. 3.750 0.720 4.690

.
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov 16.39 16.46 16.23 16.24 –.13 3,015 Nov .6771 .6875 .6695 .6735 –.0067 1,506 2401.45 -16.5 Yankee 5.800 1.790 5.840 699.14 -24.0 Emerging Markets ** 9.098 4.744 9.159

ly
Jan'23 16.68 16.78 16.56 16.58 –.11 4,719 Dec .6797 .6918 .6722 .6762 –.0067 281,801
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Wheat (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Dec 853.75 856.50 833.50 838.75 –12.00 132,890 Nov .7348 .7348 .7260 .7290 –.0029 364 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March'23 873.00 875.75 853.25 858.25 –11.25 74,270 Dec .7338 .7350 .7260 .7291 –.0029 138,657
Wheat (KC)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £
Dec 951.00 953.25
March'23 948.75 951.75

Oct 175.150 175.775

931.50
930.50
938.00
937.00
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
175.125 175.675
–10.25
–9.50

.400
71,512
42,249

1,782
Nov
Dec
on
1.1395
1.1403
1.1412
1.1425
Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec 1.0100 1.0117
1.1265
1.1273

1.0027
1.1286
1.1296
.0008

1.0046 –.0017
1,576
.0009 252,347

46,946
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
us ,

Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Cash Prices |
l

wsj.com/market-data/commodities Monday, October 24, 2022 4.250 U.S. 2 4.498 s l 4.489 4.212 0.464
e
2.750 10 4.231 s 4.212 3.695 1.654
al a

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— l

separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.250 Australia 2 3.517 s l 3.477 3.214 0.111 -97.1 -102.8 -34.7
months. 1.750 10 4.156 t l 4.212 3.923 1.813 -7.8 -1.7 17.7
ci on

Monday Monday Monday

0.000 France 2 2.081 s l 2.067 1.869 -0.654 -240.7 -243.8 -111.2
Iron Ore, 62% Fe CFR China-s 93.0 Wheat,Spring14%-pro Mnpls-u 11.4775
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 7.5375 2.000 10 2.873 t l 2.995 2.601 0.246 -136.1 -123.3 -139.1
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 176.650 Steel, HRC USA, FOB Midwest Mill-s 740 Wheat - Hard - KC (USDA) $ per bu-u 10.0300
0.400 Germany 2 2.009 t l 2.035 1.910 -0.648 -247.8 -246.9 -110.5
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 17.450 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 8.9500
BMI Lithium Carbonate, EXW China, =99.2%-v,w 73525 1.700 10 2.330 t l 2.420 2.025 -0.100 -190.4 -180.8 -173.6
Metals Food
er s

BMI Lithium Hydroxide, EXW China, =56.5% -v,w 72825 0.000 Italy 2 2.917 t l 3.031 3.038 -0.415 -157.1 -147.3 -87.3
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 8601 Beef,carcass equiv. index
Engelhard industrial 1649.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5464 choice 1-3,600-900 lbs.-u 233.54 2.500 10 4.591 t l 4.778 4.354 0.968 35.7 55.0 -66.9
1649.15 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 770 select 1-3,600-900 lbs.-u 202.88
m er

Handy & Harman base 0.005 Japan 2 -0.001 t l 0.000 -0.056 -0.107 -448.8 -450.5 -56.4
Handy & Harman fabricated 1830.56 Broilers, National comp wtd. avg.-u,w 1.2145
LBMA Gold Price AM *1624.55
Fibers and Textiles Butter,AA Chicago-d 3.1900 0.200 10 0.257 s l 0.256 0.245 0.098 -397.7 -397.2 -153.9
LBMA Gold Price PM *1643.25 Cheddar cheese,bbl,Chicago-d 206.00
Burlap,10-oz,40-inch NY yd-n,w 0.7475 0.000 Spain 2 2.289 t l 2.306 2.153 -0.605 -219.9 -219.8 -106.3
Krugerrand,wholesale-e 1724.15
Cheddar cheese,blk,Chicago-d 206.00
Cotton,1 1/16 std lw-mdMphs-u 0.7913 Milk,Nonfat dry,Chicago lb.-d 142.00 2.550 10 3.433 t l 3.561 3.149 0.533 -66.7 -110.4
Maple Leaf-e 1765.39 Cotlook 'A' Index-t *95.00 -80.1
1.8309
m rp

Coffee,Brazilian,Comp-y
American Eagle-e 1765.39 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.4899 0.125 U.K. 2 3.376 t l 3.670 3.911 0.671 -111.2 -83.5 21.4
Mexican peso-e 2128.53 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.8850
Austria crown-e 1620.23 4.250 10 3.740 t l 4.050 3.827 1.149 -49.4 -17.9 -48.7
Grains and Feeds Flour,hard winter KC-p 24.10
Austria phil-e 1732.40
Hams,17-20 lbs,Mid-US fob-u 1.11 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 92.79
Engelhard industrial 19.3000 Bran,wheat middlings, KC-u,w 225 Pork bellies,12-14 lb MidUS-u 1.5974
Handy & Harman base 19.2250 Corn,No. 2 yellow,Cent IL-bp,u 6.5900 Pork loins,13-19 lb MidUS-u 1.0655 Corporate Debt
co Fo

Handy & Harman fabricated 24.0310 Corn gluten feed,Midwest-u,w 197.8 Steers,Tex.-Okla. Choice-u 146.00
LBMA spot price *£16.5200 Corn gluten meal,Midwest-u,w 659.3
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Steers,feeder,Okla. City-u,w 176.50
(U.S.$ equivalent) *18.3850 Cottonseed meal-u,w 450 expectations
Coins,wholesale $1,000 face-a 20157 Hominy feed,Cent IL-u,w 205 Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 368
Investment-grade spreads that tightened the most…
Degummed corn oil, crude wtd. avg.-u,w 65.6500 Spread*, in basis points
LBMA Platinum Price PM *905.0 Oats,No.2 milling,Mnpls-u 4.1225 Grease,choice white,Chicago-h 0.7250 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Platinum,Engelhard industrial 933.0 Rice, Long Grain Milled, No. 2 AR-u,w 34.25 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 2025.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7475 Delta Air Lines DAL 7.000 6.40 May 1, ’25 186 –29 190
Aluminum, LME, $ per metric ton *2155.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 476.90 Tallow,bleach;Chicago-h 0.7400 Pacific Life Global Funding PACLIF 1.600 5.74 Sept. 21, ’28 138 –27 n.a.
Copper,Comex spot 3.4795 Soybeans,No.1 yllw IL-bp,u 13.1600 Tallow,edible,Chicago-u n.a. Motiva Enterprises MTVD 6.850 7.49 Jan. 15, ’40 290 –16 n.a.
Toronto–Dominion Bank TD 4.108 5.65 June 8, ’27 129 –15 139
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
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 Goldman Sachs GS 6.750 7.04 Oct. 1, ’37 280 –14 293
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 10/21 Marathon Oil MRO 6.600 7.04 Oct. 1, ’37 280 –14 292
Source: Dow Jones Market Data
Credit Suisse CS 4.550 8.28 April 17, ’26 395 –12 425
HCA HCA 5.375 6.09 Feb. 1, ’25 157 –12 165
n-

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks …And spreads that widened the most

4.000 5.58 July 23, ’25 105 15 97
Money Rates October 24, 2022 Morgan Stanley
KeyCorp
MS
KEY 4.150 5.61 Aug. 8, ’25 109 13 98
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a HSBC Holdings HSBC 4.375 7.01 Nov. 23, ’26 265 12 279
no

guide to general levels but don’t always represent actual transactions. ENEL Finance International ENELIM 6.800 6.85 Oct. 14, ’25 231 7 250
Goldman Sachs GS 4.250 5.83 Oct. 21, ’25 130 6 127
Week —52-WEEK— Week —52-WEEK— 5
Inflation Latest ago High Low Latest ago High Low Bank of Montreal BMO 1.250 5.68 Sept. 15, ’26 135 n.a.
Sept. index Chg From (%) CNO Global Funding … 1.750 5.91 Oct. 7, ’26 157 5 n.a.
Policy Rates High 3.3000 3.2500 3.3000 0.0900 5 220
level Aug. '22 Sept. '21 Deutsche Bank DB 5.371 6.81 Sept. 9, ’27 244
Low 3.0700 3.0600 3.0700 0.0200
Euro zone 1.25 1.25 1.25 0.00
Bid 3.0800 3.0700 3.0800 0.0600
U.S. consumer price index Switzerland 1.00 1.00 1.00 0.00
Offer 3.1200 3.0900 3.1200 0.0800
High-yield issues with the biggest price increases…
All items 296.808 0.22 8.2 Britain 2.25 2.25 2.25 0.10 Bond Price as % of face value
Core 298.442 0.43 6.6 Australia 2.60 2.60 2.60 0.10 Treasury bill auction Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Overnight repurchase 4 weeks 3.430 3.250 3.430 0.020 Sprint Capital … 8.750 6.57 March 15, ’32 115.089 1.05 115.000
International rates 13 weeks 4.000 3.820 4.000 0.045 American Airlines AAL 3.750 10.53 March 1, ’25 86.210 1.00 84.250
U.S. 3.00 3.04 3.09 0.01
26 weeks 4.390 4.245 4.390 0.060 OneMain Finance OMF 6.875 9.56 March 15, ’25 94.375 0.94 95.048
Week 52-Week
Latest ago High Low U.S. government rates Secondary market Dish DBS … 7.750 14.86 July 1, ’26 80.350 0.90 79.375
Discount Prime Security Services Borrower PRSESE 5.750 6.94 April 15, ’26 96.375 0.51 95.250
Prime rates Fannie Mae
3.25 3.25 3.25 0.25 Bath & Body Works BBWI 6.875 9.02 Nov. 1, ’35 83.750 0.50 83.675
U.S. 6.25 6.25 6.25 3.25 30-year mortgage yields
Telecom Italia Capital TITIM 6.000 9.93 Sept. 30, ’34 72.850 0.35 74.250
Canada 5.45 5.45 5.45 2.45 Federal funds 30 days 6.617 6.448 6.812 2.452
Hat Holdings … 3.750 9.30 Sept. 15, ’30 69.460 0.32 70.919
Japan 1.475 1.475 1.475 1.475 Effective rate 3.0900 3.0900 3.0900 0.0800 60 days 6.780 6.599 6.988 2.477

Other short-term rates …And with the biggest price decreases

Telecom Italia Capital TITIM 6.375 9.74 Nov. 15, ’33 77.500 –0.68 78.250
Key Interest Rates Latest
Week
ago
52-Week
high low Ball BALL 5.250 6.23 July 1, ’25 97.600 –0.35 97.750
Data are annualized on a 360-day basis. Treasury yields are per annum, Dish DBS … 5.875 11.03 Nov. 15, ’24 90.750 –0.27 92.250
on actively traded noninflation and inflation-indexed issues that are Call money OneMain Finance OMF 7.125 10.43 March 15, ’26 90.750 –0.22 92.333
adjusted to constant maturities. Data are from weekly Federal Reserve 5.00 5.00 5.00 2.00
Bath & Body Works BBWI 6.950 10.03 March 1, ’33 80.440 –0.13 82.000
release H.15. Commercial paper (AA financial) Occidental Petroleum OXY 6.950 5.44 July 1, ’24 102.384 –0.12 n.a.
Week Ended 52-Week Week Ended 52-Week 90 days 4.19 3.58 4.19 0.10 FirstEnergy FE 7.375 6.24 Nov. 15, ’31 107.750 –0.01 109.125
Oct 21 Oct 14 High Low Oct 21 Oct 14 High Low
6-month 4.43 4.24 4.43 0.06 Libor *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.
Federal funds (effective) 1-year 4.57 4.38 4.57 0.11 One month 3.57643 3.47986 3.58557 0.08088 Note: Data are for the most active issue of bonds with maturities of two years or more
3.08 3.08 3.08 0.08 2-year 4.51 4.38 4.51 0.44 Three month 4.32686 4.22657 4.35843 0.12863 Source: MarketAxess
Commercial paper 3-year 4.52 4.38 4.52 0.73 Six month 4.87700 4.67371 4.87700 0.17625
5-year 4.32 4.18 4.32 1.14 One year 5.36600 5.31243 5.47557 0.32275
Nonfinancial
1-month 3.31 3.16 3.31 0.05
7-year
10-year
4.23
4.12
4.09
3.95
4.23
4.12
1.36
1.43 Secured Overnight Financing Rate Biggest 1,000 Stocks | WSJ.com/stocks Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
2-month 3.59 3.44 3.59 0.05 20-year 4.39 4.22 4.39 1.85
3-month 3.87 3.74 3.87 0.06 3.02 3.04 3.05 0.04 Continued From Page B7 Net Net Whirlpool WHR 132.90 1.68
Financial Value 52-Week Net Stock Sym Close Chg Stock Sym Close Chg W X Y Z Williams WMB 31.10 -0.42
Treasury yields (secondary market) Stock Sym Close Chg Williams-Sonoma WSM116.70 -0.91
1-month 3.39 3.20 3.39 0.07 Latest Traded High Low Tradeweb TW 53.09 -1.04 UnitedRentals URI 290.73 6.05 WEC Energy WEC 86.76 0.11
WillisTowers WTW 212.15 1.43
2-month 3.62 3.45 3.62 0.11
1-month 3.25 3.06 3.25 0.02 TraneTech TT 147.28 2.42 US Bancorp USB 41.13 0.62 WEX WEX 143.84 1.06
Ericsson ERIC 5.52 -0.02 WillScotMobile WSC 40.87 1.12
3-month 4.02 3.65 4.02 0.11 3-month 3.89 3.60 3.89 0.05 DTCC GCF Repo Index TelefonicaBras VIV 7.51 -0.29 TransDigm TDG 542.58 4.70 UnitedTherap UTHR 222.09 2.79 W.P.Carey WPC 71.09 0.24
Wipro WIT 4.64 -0.01
6-month 4.29 4.10 4.29 0.06 TransUnion TRU 56.70 0.89 UnitedHealth UNH 541.60 7.87 WPP WPP 42.94 0.66
Treasury 3.036 23.810 3.065 0.023 Telefonica TEF 3.22 0.02 Wolfspeed WOLF 103.02 -2.75
Discount window primary credit Travelers TRV 179.79 3.56 t UnitySoftware U 28.63 -0.51 Wabtec WAB 88.33 1.76
TelekmIndonesia TLK 28.25 0.55 WoodsideEnergy WDS 22.65 -0.19
TIPS MBS 3.080 43.800 3.175 0.032 Tenaris TS 30.10 0.36 Trimble TRMB 56.10 0.22 s UnumGroup UNM 44.14 0.55 WalgreensBoots WBA 34.69 0.39
Workday WDAY 147.95 -1.53
3.25 3.25 3.25 0.25 Trip.com TCOM 20.36 -3.58 VF VFC 27.86 0.17 Walmart WMT 139.41 2.61
5-year 1.78 1.81 1.81 -1.88 Notes on data: TencentMusic TME 3.64 -0.19 WarnerBrosA WBD 13.18 -0.31 WyndhamHtls WH 70.60 0.43
TER 77.46 0.19 TruistFinl TFC 42.66 1.15 VICI Prop VICI 29.89 -0.16 WynnResorts WYNN 56.53 -2.27
Treasury yields at constant 7-year 1.70 1.69 1.70 -1.47 Teradyne
VailResorts MTN 215.11 3.15 WarnerMusic WMG 25.81 1.96
U.S. prime rate is the base rate on corporate t Tesla TSLA 211.25 -3.19 Twilio TWLO 74.01 -1.44 XP XP 17.85 -0.20
maturities 10-year 1.66 1.62 1.66 -1.14 loans posted by at least 70% of the 10 largest TetraTech TTEK 134.25 0.20 Twitter TWTR 51.52 1.63 Vale VALE 13.50 -0.83 WasteConnections WCN 131.91 1.27
XcelEnergy XEL 61.58 0.68
1-month 3.40 3.20 3.40 0.03 20-year 1.70 1.64 1.70 -0.72 TylerTech TYL 337.98 2.03
WasteMgt WM 162.69 2.86
U.S. banks, and is effective September 22, 2022. TevaPharm TEVA 8.44 ... ValeroEnergy VLO 129.22 1.48 t XPeng XPEV 7.16 -0.97
Waters WAT 287.41 5.29
3-month 4.05 3.74 4.05 0.05 Long-term avg 1.94 1.91 1.94 -0.60 Other prime rates aren’t directly comparable; TexasInstruments TXN 161.65 1.93 TysonFoods TSN 65.12 ... s ValmontInds VMI 301.75 6.14
Watsco WSO 252.38 4.05 Xylem XYL 96.00 2.14
lending practices vary widely by location; s TexasPacLand TPL 2170.36 32.40 UBS Group UBS 15.18 0.25 VeevaSystems VEEV 158.40 0.77 YumBrands YUM 108.77 -2.26
WebsterFin WBS 52.23 1.36
Notes on data: Discount rate is effective September 22, 2022. s TexasRoadhouse TXRH 95.63 0.17 UDR UDR 39.02 -0.18 Ventas VTR 37.14 0.01 WellsFargo WFC 45.20 0.37 YumChina YUMC 38.84 -6.30
Secured Overnight Financing Rate is as of Textron TXT 63.34 0.40 UGI UGI 32.84 0.04 VeriSign VRSN 182.20 3.05 Welltower WELL 57.51 -0.37 t ZTO Express ZTO 16.80 -4.64
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
October 21, 2022. DTCC GCF Repo Index is ThermoFisherSci TMO 505.01 8.27 US Foods USFD 28.02 0.07 VeriskAnalytics VRSK 169.46 2.47 WescoIntl WCC 130.73 3.77 ZebraTech ZBRA 265.72 2.68
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by ThomsonReuters TRI 102.49 0.02 Uber UBER 27.65 -0.37 Verizon VZ 35.97 0.62 Zendesk ZEN 76.14 -0.26
Depository Trust & Clearing Corp.'s weighted WestFraserTimber WFG 74.02 1.25
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window 3M MMM 118.38 1.57 Ubiquiti UI 324.14 2.15 s VertexPharm VRTX 310.50 10.50 WestPharmSvcs WST 236.62 3.74 Zillow C Z 29.12 -0.17
average for overnight trades in applicable
primary credit rate is charged for discounts made and advances extended under the Federal Toast TOST 20.62 -0.16 UiPath PATH 11.69 -0.06 Viatris VTRS 9.53 0.15 WestAllianceBcp WAL 65.68 3.68 Zillow A ZG 29.19 -0.18
CUSIPs. Value traded is in billions of U.S. dollars.
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Toro TTC 98.35 2.19 UltaBeauty ULTA 384.63 1.82 Visa V 190.71 0.34 WesternDigital WDC 34.92 0.06 ZimmerBiomet ZBH 109.03 1.64
Federal-funds rates are Tullett Prebon rates as UL 44.45 -0.11 VST 21.49 -0.26
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid TorontoDomBk TD 63.09 -0.11 Unilever Vistra WesternMidstrm WES 27.74 -0.37 ZionsBancorp ZION 49.78 1.96
of 5:30 p.m. ET. TotalEnergies TTE 52.69 0.51 UnionPacific UNP 193.49 2.96 VMW 110.61 0.97 ZTS 149.37
VMware Westlake WLK 94.74 0.69 Zoetis 2.16
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor ToyotaMotor TM 134.74 0.98 UnitedAirlines UAL 41.88 1.44 Vodafone VOD 11.43 0.12 ZoomVideo ZM 80.61 -0.37
WestRock WRK 33.10 0.24
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; TractorSupply TSCO 207.83 10.46 UnitedMicro UMC 6.16 -0.08 VoyaFinancial VOYA 65.47 2.23 Weyerhaeuser WY 30.06 0.10 ZoomInfoTech ZI 44.45 -0.42
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. TradeDesk TTD 55.67 -1.26 UPS B UPS 167.55 2.00 VulcanMatls VMC 155.92 0.49 WheatonPrecMet WPM 32.67 -0.02 Zscaler ZS 148.67 -1.81
 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 | Tuesday, October 25, 2022 * THE WALL STREET JOURNAL.

BANKING & FINANCE

Dollar Impact Played Down Brokered

than those of regular custom-
ers lately, said Adam Stock-
ton, a director at Curinos who

More companies strip

Deposit hedging program includes the
advises banks on deposit
pricing.
“Most banks three to six

out effect of strong

currency on earnings
British pound, euro, Australian
dollar and Japanese yen, ac-
cording to Mr. Durn.
In its most recent earnings
to soothe investors release, Salesforce said it gen-
erated $7.72 billion in revenue
BY KRISTIN BROUGHTON during the fiscal quarter ended
July 31, up 22% on a reported
More U.S. companies are basis and 26% on a constant-
drawing investors’ attention to currency basis. The company
earnings figures that strip has a goal of reaching $50 bil-
away the negative impact of lion in annual revenue on a re-
foreign-currency rates as the ported basis by its 2026 fiscal
strong dollar continues to year.
pinch quarterly results. Foreign-exchange rates are
Reporting results on a con- imposing an incremental $2
stant-currency basis can bene- billion headwind on the San
fit global companies whose re- Francisco-based company’s
sults have been hit by swings long-term revenue target com-
in foreign-exchange rates. Such pared with last year, said Amy
figures show what a company’s Weaver, the company’s CFO,
financials would have been if during an earnings day last
the company didn’t experience month. “Now at some point,
Rates Rise months ago were in the posi-
tion of, ‘We have too many
deposits.’ There’s now a more
balanced view of, ‘Hey, we
Continued from page B1 don’t want to go crazy but we
before the term ends must would like to retain deposits
sell the product on a second- and relationships to the ex-
ary market, said Richard tent that we can,’” Mr. Stock-
Carter, vice president of fixed ton said. Banks were flooded
income at Fidelity. Some also with deposits in the early
have a feature where a bank months of the pandemic,
can choose to return a cus- largely due to government
tomer’s money, with interest, stimulus.
before the end of the term, he On Friday, banks were of-
said. fering one-year brokered CDs
Leigh Gathright was scan- on Fidelity and Schwab yield-
ning the investment options ing up to 4.5% and six-month
in her Charles Schwab Corp. CDs at up to around 4.1%. The
brokerage account earlier this national average for a tradi-
year when the CD rates tional one-year CD was about
caught her eye. Ms. Gathright, 1%, according to Bank-
61 years old, last purchased a rate.com.
CD in the 1990s. The rates of- Some of the largest na-

currency fluctuations.
Constant-currency figures,
which aren’t governed by gen-
erally accepted accounting
principles, can help companies
communicate to investors that
their underlying business is
strong, even if exchange rates
crimped revenue.
Companies are displaying
these figures more promi-
nently in their releases. During
the quarter ended Sept. 30, 26
companies in the S&P 500, in-
cluding software maker Sales-
force Inc. and fashion firm
Ralph Lauren Corp., used the
phrase “constant currency” in
ADOBE
that’s got to turn. But right fered on Schwab were about tional banks, which have been
now, if that continues to go double what her local bank’s. slow to raise rates on depos-
CFO Dan Durn says Adobe reports on constant-currency basis. down, that would put a lot of A retiree who lives in Dal- its for regular customers, are
pressure on that number,” Ms. las, Ms. Gathright in July put offering generous terms on
The U.S. dollar index, which don’t fundamentally produce Weaver said. $10,000 into a nine-month CD brokered CDs. Wells Fargo &
tracks the dollar against a bas- value for the company, Mr. Ralph Lauren Corp. said in yielding 3.9% from Discover Co. on Friday offered a 4.35%
ket of other currencies, had in- Durn said. The company de- August that its fiscal first- Financial Services. Best rate on a one-year CD through
creased 16% this year as of Fri- clined to disclose details about quarter revenue grew by 8% on known for its credit cards, Schwab. It offered retail cus-
day. That is putting pressure on the current size of its hedging a reported basis and 13% on a Discover typically offers its tomers a “special” 13-month
companies that generate a program. constant-currency basis. Re- customers higher CD rates CD at a rate around 2.75%.
chunk of their revenue overseas “That is why we started re- ported profit declined 25% on a than other banks, though they The interest differential
and consolidate it in the U.S. porting on constant currency— reported basis to $123.4 mil- are still below the rates it of- adds up. A customer buying
North American and Euro- so that people can see the true lion. The company provides fers through brokerage firms. JPMorgan’s recent offer at Fi-
pean companies during the underlying performance of the both reported and constant- Customers buying directly delity would earn around
second quarter reported a total business and the reported currency figures to investors from Discover recently could $2,500 more on a $100,000
negative impact of $37.27 bil- numbers,” Mr. Durn said. Dur- “so it is clear that investors get 3.25% for a 12-month CD. CD than on the similar prod-
lion due to foreign-exchange ing the quarter ended Sept. 2, understand what is the under- Ms. Gathright has since uct purchased directly from
rates, Kyriba said. That is up Adobe earned $1.14 billion, lying business trend and what bought five additional CDs the bank.

.
the first 50 words of a press from $4.25 billion a year ear- down 6% from the prior year. is foreign-currency impact, and is considering buying
release, according to Sentieo, a lier. Some companies also re- Revenue was $4.43 billion, up which is largely out of our con- even more if rates keep ris-

ly
CDs as a share of total
subsidiary of market-data firm ported a tailwind from curren- 13% year over year on a re- trol,” a spokeswoman said. ing. “Never did I ever suspect bank deposits, quarterly
AlphaSense Inc. That’s up from cies, totaling $11.82 billion ported basis and 15% on a con- Ralph Lauren expects, on a I’d be buying CDs again,” she
50%
14 mentions during the second during the second quarter, stant-currency basis. constant-currency basis, to re- said.
quarter and 16 a year earlier,
Sentieo said. So far, just over
20% of companies in the index
have reported during the cur-
compared with $23.62 billion a
year earlier.
Software firm Adobe Inc.
began reporting its financial
on The company last week said
it expects foreign-exchange ef-
fects to reduce its revenue
growth rate by 4% during the
port fiscal 2023 revenue
growth in the high-single-digit
percentages, around 8%, com-
pared with 2022. On a re-
Charles Schwab is seeing
an uptick in interest broadly.
Traffic to the part of its web-
site where customers buy CDs
40

rent quarterly earnings season, results using constant-currency 2023 fiscal year. That is up ported basis, it expects reve- rose 54% in September from a 30
us ,

which means the tally for fu- figures in December, said Chief from a projected 1% headwind nue growth of around 2%. month earlier, a spokesman
l

ture months could go higher. Financial Officer Dan Durn. this year. Adobe expects to “We were pleased with the said.
e
al a

“It’s information to calm in- Providing constant-currency generate between $19.1 billion performance this quarter, and Even when rates are low, 20
vestors down,” said Wolfgang figures helps the company and $19.3 billion in total reve- it really helped us to maintain brokered CDs tend to carry
Koester, senior strategist at show investors the underlying nue during fiscal 2023. our full year constant-currency higher rates than those the
ci on

10
FX-service provider Kyriba. earnings power of the busi- During the latest quarter, guidance in the context of a lot banks offer directly to their
To report on a constant-cur- ness. It also helps the company Adobe generated 59% of its to- of macro choppiness out customers. Now that rates are
rency basis, companies must control how much money it de- tal revenue in the Americas; there,” said Jane Nielsen, the rising, though, banks are us- 0
have a full understanding of votes to hedges, which can off- 26% in Europe, the Middle East company’s chief financial and ing them to hang onto the de-
1984 ’90 2000 ’10 ’20
their exposure to foreign-ex- set the impact of currency and Africa and 15% in the Asia- operating officer, during an posits of wealthy customers,
er s

change rates, Mr. Koester said. swings but require capital and Pacific region. The company’s August earnings call. which have been less sticky Source: Federal Deposit Insurance Corp.
m er

Credit Private Equity Races to Comply With SEC Rule

Suisse Unit
m rp

BY CHRIS CUMMING new marketing rule is changing most firms are not going to 2020, firms have moved beyond investments that haven’t been
how they describe the perfor- fully comply with this part of opposing it and are now trying sold yet—requiring private-eq-

Sale Nears Private-equity firms are rac-

ing to adapt to new rules about
marketing funds to prospective
mance of past investments in
pitching new funds. Firms usu-
ally present fund returns with-
the rule,” he said.
The American Investment
Council, private equity’s main
to adapt to it, people who ad-
vise them on regulation and
compliance said. For most
uity managers to estimate their
cut of deal profits before they
know exactly how much the in-
co Fo

investors, anticipating a sweep out deducting fees and ex- lobbying body, in a letter to the firms, that entails changing all vestment will earn, said Mike
Continued from page B1 by regulators to check compli- penses. Now, the SEC will SEC said it had “significant their marketing and fundraising Hardy, a partner at law firm
nancial crisis. ance when the directive takes require that they show returns concerns” about the rule. The materials. Duane Morris LLP who co-
Its main rival, UBS Group effect next month. net of expenses. “Depending on the firm and chairs the firm’s private-equity
AG, pared back to be a wealth The Securities and Exchange While that requirement the volume of their marketing division.
manager with a smaller in- Commission’s marketing might seem straightforward, it materials, it can be a heavy Amy Lynch, founder and
vestment bank competing in rule—430 pages of instructions presents a few challenges, said
Most firms will need lift,” said Nicole Krea, a partner president of consulting firm
targeted areas. Now a group of intended to prevent investment Igor Rozenblit, managing part- to change all their at law firm Ropes & Gray LLP, FrontLine Compliance LLC and
former UBS executives are advisers from misleading cli- ner of compliance consulting which advises private funds. a former SEC examiner, thinks
helping with the Credit Suisse ents—is set to take effect Nov. firm Iron Road Partners and a
fundraising and It also requires judgment. the industry will be only par-
cleanup, including Credit 4, nearly two years after it was former head of private-fund ex- marketing materials. The SEC didn’t provide a for- tially compliant by Nov. 4.
Suisse’s chairman and chief issued. aminations at the SEC. “It’s im- mula to firms showing how to She doesn’t expect the SEC
executive. They said earlier re- Many investment firms have possible to calculate net perfor- calculate net returns in a way to immediately start issuing
n-

structurings didn’t go deep begun taking steps related to mance for every deal with that could be used to properly sanctions and fines to laggard
enough. the rule only recently, putting rocket-science precision,” he Institutional Limited Partners describe fund performance, firms. “By announcing a target-
Credit Suisse will exit from them at risk of not being in said. “There will always be esti- Association, a lobbying group leaving firms to make their ing sweep like this, the SEC is
more than two dozen smaller compliance when it takes ef- mates and assumptions.” for private-equity investors, own decisions on how to ac- not saying they will come right
no

wealth markets and put some
assets in a resolution unit.
—Ben Dummett
and Summer Said
contributed to this article.
fect, people who work with Mr. Rozenblit said much of also raised concerns, writing to complish the task. out with enforcement, unless
firms on regulatory compliance the private-equity industry re- the SEC the rule “may have a Presenting performance net there’s an egregious marketing
said. mains behind the curve in chilling effect” on investment. of expenses is particularly error,” she said. “What I think
The biggest issue for pri- adapting to these new require- But following the issuance of tricky for unrealized invest- will come out of this is more
vate-equity firms raised by the ments. “As far as I can tell, the final rule in December ments—or potential gains from guidance for the industry.”

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)
iShMBSETF MBB 88.67 –0.21 –17.5 iSh1-3YTreasuryBd SHY 80.92 –0.02 –5.4 SPDR S&PMdCpTr MDY 424.37 0.66 –18.0 VangdLC VV 172.96 1.19 –21.7
Monday, October 24, 2022 Closing Chg YTD
ETF Symbol Price (%) (%) iShMSCIACWI ACWI 81.07 0.30 –23.4 iSh7-10YTreaBd IEF 93.02 –0.13 –19.1 SPDR S&P 500 SPY 378.87 1.22 –20.2 VangdMC VO 195.35 0.87 –23.3
Closing Chg YTD iShMSCI EAFE EFA 58.00 0.02 –26.3 iSh20+YTreaBd TLT 92.40 –0.83 –37.6 SPDR S&P Div SDY 118.04 1.16 –8.6 VangdMC Val VOE 128.16 0.98 –14.7
ETF Symbol Price (%) (%) iShCoreS&P500 IVV 380.43 1.23 –20.2 iSh MSCI EM EEM 33.93 –3.80 –30.5 iShUSTreasuryBd GOVT 22.18 –0.20 –16.9 TechSelectSector XLK 126.06 1.38 –27.5 VangdMBS VMBS 43.59 –0.18 –17.5
CnsmrDiscSelSector XLY 142.99 0.41 –30.1 iShCoreS&P MC IJH 231.85 0.68 –18.1 iShMSCIEAFEValue EFV 40.42 0.10 –19.8 JPMEquityPrem JEPI 52.98 1.05 –16.2 UtilitiesSelSector XLU 63.84 0.84 –10.8 VangdRealEst VNQ 78.14 –0.01 –32.6
CnsStapleSelSector XLP 70.15 1.80 –9.0 iShCoreS&P SC IJR 93.04 0.87 –18.7 iShNatlMuniBd MUB 101.54 –0.57 –12.7 JPM UltShIncm JPST 50.09 –0.04 –0.8 VangdInfoTech VGT 324.17 1.18 –29.2 VangdS&P500ETF VOO 348.09 1.22 –20.3
DimenUSCoreEq2 DFAC 23.75 1.15 –18.0 iShCoreS&PTotUS ITOT 83.94 1.04 –21.5 iSh1-5YIGCorpBd IGSB 48.85 ... –9.3 SPDRBlm1-3MTB BIL 91.55 –0.01 0.1 VangdSC Val VBR 153.28 0.76 –14.3 VangdST Bond BSV 74.35 0.03 –8.0
EnSelSectorSPDR XLE 87.34 0.47 57.4 iShCoreTotalUSDBd IUSB 43.32 –0.18 –18.2 iShPfd&Incm PFF 30.10 0.30 –23.7 SPDR Gold GLD 153.65 –0.32 –10.1 VangdExtMkt VXF 131.83 0.23 –27.9 VangdSTCpBd VCSH 73.69 –0.01 –9.3
FinSelSectorSPDR XLF 32.62 1.34 –16.5 iShCoreUSAggBd AGG 93.64 –0.14 –17.9 iShRussell1000Gwth IWF 220.71 1.17 –27.8 SPDRPtfS&P500 SPLG 44.52 1.16 –20.3 VangdDivApp VIG 143.44 1.34 –16.5 VangdShtTmInfltn VTIP 47.69 ... –7.2
HealthCareSelSect XLV 128.98 1.93 –8.5 iShRussell1000Val IWD 144.76 1.03 –13.8 SPDRS&P500Growth SPYG 52.44 1.22 –27.6 VangdFTSEDevMk VEA 37.62 –0.16 –26.3 VangdShortTrea VGSH 57.59 –0.02 –5.3
iShSelectDividend DVY 113.60 1.17 –7.3
InvscQQQI QQQ 278.45 1.10 –30.0 iShRussell2000 IWM 173.44 0.43 –22.0 SchwabIntEquity SCHF 29.11 –0.03 –25.1 VangdFTSE EM VWO 35.32 –3.89 –28.6 VangdSC VB 179.04 0.52 –20.8
iShESGAwareUSA ESGU 84.00 1.16 –22.2
InvscS&P500EW RSP 134.35 1.11 –17.5 iShRussellMid-Cap IWR 64.79 0.86 –21.9 SchwabUS BrdMkt SCHB 44.38 1.09 –21.5 VangdFTSE Europe VGK 48.79 0.70 –28.5 VangdTaxExemptBd VTEB 47.61 –0.63 –13.3
iShEdgeMSCIMinUSA USMV 68.93 1.34 –14.8
iSh3-7YTreaBd IEI 112.81 –0.02 –12.3 iShRussellMCValue IWS 100.53 0.88 –17.9 SchwabUS Div SCHD 71.35 1.78 –11.7 VangdFTSEAWxUS VEU 45.05 –1.10 –26.5 VangdTotalBd BND 69.40 –0.14 –18.1
iShEdgeMSCIUSAQual QUAL 110.07 1.22 –24.4 iShRussell1000 IWB 208.46 1.13 –21.2 SchwabUS LC SCHX 44.74 1.18 –21.4 VangdGrowth VUG 0.99 VangdTotIntlBd BNDX 0.47
iSh0-5YTIPSBd STIP 97.19 0.08 –8.2 222.07 –30.8 47.30 –14.2
iShCoreDivGrowth DGRO 47.32 1.35 –14.9 iShGoldTr IAU 31.32 –0.35 –10.0 iShS&P500Growth IVW 60.51 1.20 –27.7 SchwabUS LC Grw SCHG 58.21 1.15 –28.9 VangdHlthCr VHT 235.56 1.62 –11.6 VangdTotIntlStk VXUS 46.52 –1.11 –26.8
iShCoreMSCIEAFE IEFA 54.44 –0.07 –27.1 iShiBoxx$HYCpBd HYG 72.54 0.07 –16.6 iShS&P500Value IVE 137.85 1.17 –12.0 SchwabUS SC SCHA 39.76 0.51 –22.3 VangdHiDiv VYM 102.64 1.23 –8.4 VangdTotalStk VTI 189.51 1.08 –21.5
iShCoreMSCIEM IEMG 41.91 –3.57 –30.0 iShiBoxx$InvGrCpBd LQD 99.43 –0.05 –25.0 iShShortTreaBd SHV 109.95 ... –0.4 Schwab US TIPs SCHP 51.93 0.27 –17.4 VangdIntermBd BIV 71.95 –0.01 –17.9 VangdTotWrldStk VT 82.12 0.20 –23.6
iShCoreMSCITotInt IXUS 51.84 –0.96 –26.9 iShJPMUSDEmgBd EMB 77.89 –0.06 –28.6 iShTIPSBondETF TIP 105.58 0.24 –18.3 SPDR DJIA Tr DIA 315.05 1.34 –13.3 VangdIntrCorpBd VCIT 74.08 0.08 –20.1 VangdValue VTV 133.05 1.33 –9.6

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Dodge & Cox Idx2030InsPre 16.29 +0.02-21.0 RisDv A 80.74 +0.89-16.1 StkIdx 41.63 +0.49-19.4 EqIdxInst 27.26 +0.29-20.3 TotIntBdIdxAdm 18.89 +0.09-13.7 IdxIntl 14.93 -0.14-25.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Balanced 94.09 +0.38-12.1 Fidelity Invest Guggenheim Funds Tru Old Westbury Fds VANGUARD ADMIRAL TotIntlAdmIdx r 24.98 -0.23-25.6 MdCpGrAdml 75.12 +0.58-31.1
GblStock 12.55 -0.08-13.1 Balanc 22.61 +0.17-19.7 TotRtnBdFdClInst 22.28 -0.04-19.6 LrgCpStr NA ... NA 500Adml 350.65 +4.12-19.3 TotStAdml 92.23 +0.96-20.7 MdCpVlAdml 66.37 +0.65-13.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Income 11.69 ...-15.2 BluCh 118.31 +0.57-35.3 Harbor Funds Parnassus Fds BalAdml 39.03 +0.23-19.0
TxMCapAdml195.87 +2.11-20.2 SmValAdml 65.88 +0.51-13.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CapApInst 66.03 +0.57-34.5 ParnEqFd
Intl Stk 39.32 -0.51-16.9 Contra 13.58 +0.12-26.7 49.11 +0.59-22.3 CAITAdml 10.72 -0.04-10.5 TxMIn r 12.08 -0.01-25.2 TotBd2 9.03 -0.01-16.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Stock 213.47 +2.09-11.5 Harding Loevner CapOpAdml r153.48 +0.95-20.7 TotIntlInstIdx r 99.87 -0.94-25.6
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not ContraK 13.63 +0.12-26.6 PGIM Funds Cl Z USGroAdml 105.98 +0.69-37.1
DoubleLine Funds CpInc 8.94 +0.02-13.1 IntlEq NA ... NA TotalReturnBond 11.40 -0.01 NA DivAppIdxAdm 38.92 +0.51-15.3
ValAdml 51.89 +0.67 -7.9 TotItlInstPlId r 99.90 -0.93-25.6
available due to incomplete price, performance or cost data. NE-Not released by Lipper; TotRetBdI 8.61 -0.01-15.0 Invesco Funds A EMAdmr 29.37 -1.03-26.7 TotSt 92.22 +0.96-20.7
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. GroCo 24.88 +0.17-31.8 PIMCO Fds Instl WdsrllAdml 68.43 +0.78-15.8
Edgewood Growth Instituti InvGrBd 9.48 -0.01-16.5 EqIncA 10.03 +0.07-10.6 AllAsset 10.32 +0.03 NA EqIncAdml 84.87 +0.86 -6.0 WellsIAdml 58.91 +0.22-14.1 VANGUARD INSTL FDS
EdgewoodGrInst 34.39 +0.19-43.1 LowP 44.19 +0.25-11.7 Invesco Funds Y ShortT 9.56 ... -1.0 ExplrAdml 88.57 +0.47-25.6 WelltnAdml 67.65 +0.49-18.0 BalInst 39.04 +0.24-18.9
Monday, October 24, 2022 Fidelity Magin 10.62 +0.14-28.2 DevMktY 30.24 -1.31-35.7 TotRt 8.25 -0.01 NA ExtndAdml 100.01 +0.28-27.4WndsrAdml 74.03 +0.76 -8.5 DevMktsIndInst 12.10 -0.01-25.2
Net YTD Net YTD Net YTD 500IdxInstPrem131.81 +1.55-19.3 NASDAQ 138.98 +1.18-29.4 JHF III DispVal PIMCO Funds A GNMAAdml 8.82 -0.02-14.8 VANGUARD FDS DevMktsInxInst 18.91 -0.01-25.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Contrafund K6 17.19 +0.15-26.0 OTC 13.11 +0.12-30.6 DispValMCI 24.27 +0.29-12.3 IncomeFd 10.17 -0.01-11.7 GrwthAdml 114.29 +1.10-30.5DivdGro 33.94 +0.40-10.7 ExtndInst 100.01 +0.29-27.4
ExtMktIdxInstPre 63.01 +0.17-27.4 Puritn 20.17 +0.13-18.9
John Hancock PIMCO Funds I2 HlthCareAdml r 84.94 +0.88 -8.1
IntlVal 32.50 -0.41-21.8 GrwthInst 114.30 +1.11-30.5
American Century Inv WshA 50.54 +0.58-12.9 LargeCapGrowth 17.23 +0.17-26.7 FidSerToMarket 12.62 +0.14-20.6 BondR6 12.83 -0.01-18.2 Income HYCorAdml r 5.02 +0.02-12.2 InPrSeIn 9.55 +0.02-13.0
Ultra 61.70 +0.63-29.6 Artisan Funds LargeCapValue 15.29 +0.15-10.3 SAIUSQtyIdx 15.09 +0.24-19.8 10.17 -0.01-11.4 LifeCon 18.56 +0.03 NA
GrowthCompanyK6 15.61 +0.10-31.8 JPMorgan I Class PIMCO Funds Instl InfProAd 23.45 +0.07-13.0 InstIdx 321.78 +3.78-19.3
American Funds Cl A IntlVal Inst 34.20 -0.10 NA MunicipalBond 9.34 -0.05-11.7 SrsEmrgMkt 14.02 -0.55-33.3 LifeGro 34.67 +0.08 NA
InflPrBdIndInsPr 9.69 +0.03-13.2 CoreBond 9.80 -0.01 NA
IncomeFd 10.17 -0.01-11.4 IntlGrAdml 85.32 -1.12-38.8 InstPlus 321.77 +3.78-19.3
AmcpA 29.47 +0.22-30.2 Baird Funds Calamos Funds SrsGlobal 11.21 -0.13-25.6
EqInc LifeMod 26.65 +0.05 NA
IntlIdxInstPrem 37.03 -0.01-24.9 21.85 +0.25 NA
Price Funds ITBondAdml 9.74 ...-16.6 InstTStPlus 67.11 +0.69-20.6
AMutlA 47.56 +0.47 -9.4 AggBdInst 9.23 -0.01-17.4 MktNeutI 13.57 -0.03 -6.3 LgCpGwId InstPre 21.52 +0.25-27.3 SrsGroCoRetail 14.10 +0.10-30.9 LgCpGwth 46.83 +0.63 NA PrmcpCor 28.09 +0.30-16.5
BlChip 115.01 +1.05-35.3
ITIGradeAdml 7.94 +0.01-18.3 MidCpInst 53.45 +0.47-22.5
BalA 27.64 +0.17-16.1 CorBdInst 9.49 ...-17.0 Columbia Class I MidCpInxInstPrem 25.08 +0.20-21.0 SrsIntlGrw 13.39 +0.04-30.0 JPMorgan R Class LarCapAd STAR
87.32 +0.98-20.7
24.72 +0.04 NA
MidCpIstPl 263.59 +2.32-22.5
BondA 10.95 -0.01-16.4 ShtTBdInst 9.15 +0.01 -5.1 DivIncom I 27.85 +0.32-10.7 SrsIntlVal 9.01 +0.01-19.3 CoreBond 9.82 -0.01 NA
DivGro 62.55 +0.72-14.9 TgtRe2020 25.58 +0.04 NA
SAIUSLgCpIndxFd 17.14 +0.21-19.3 LTGradeAdml 7.11 -0.01-32.7 RealEstaInstl 17.14 -0.01-31.0
CapIBA 58.94 +0.27-14.3 BlackRock Funds Dimensional Fds SeriesBondFd 8.54 -0.01-16.6 TotalBond 9.01 ...-16.6 CorePlusBd 6.93 -0.01 NA Growth 67.69 +0.55-36.3
MidCpAdml 241.95 +2.14-22.5TgtRe2025 16.42 +0.03 NA SmCapInst 85.80 +0.46-20.0
CapWGrA 47.90 +0.11-23.7 HiYldBd Inst 6.54 +0.02-13.1 5GlbFxdInc 9.87 +0.01 -7.4 SeriesOverseas 9.88 +0.04-31.4 Fidelity SAI Lord Abbett A HelSci 86.93 +0.95-16.5 TgtRe2030 30.66 +0.06 NA
MuHYAdml 9.74 -0.07-16.7 STIGradeInst 9.76 ... -7.9
EupacA 44.89 -0.31-30.3 BlackRock Funds A EmgMktVa 24.24 -0.61-19.2 SerLTTreBdIdx 5.44 -0.04-34.8 TotalBd 8.54 ...-16.3 ShtDurIncmA p 3.81 ... NA LgCapGow I 50.24 +0.48-31.7
MuIntAdml 12.87 -0.05-10.7 TgtRe2035 18.91 +0.04 NA STIPSIxins 23.93 +0.01 -3.1
FdInvA 58.66 +0.48-20.6 GlblAlloc 15.79 +0.02-19.6 EmMktCorEq 18.12 -0.46-25.4 SmCpIdxInstPrem 21.73 +0.08-21.2 U.S.TreBdIdx 8.43 -0.02-15.2 Lord Abbett I MidCap 86.14 +0.64-26.6 MuLTAdml 10.03 -0.06-15.4 TgtRe2040 33.12 +0.08 NA TotBdInst 9.13 -0.01-16.8
GwthA 52.07 +0.30-29.9 BlackRock Funds III IntlCoreEq 11.96 ...-23.7 TMktIdxInstPrem105.98 +1.10-20.7 First Eagle Funds ShtDurInc p 3.81 +0.01 NA NHoriz 48.17 +0.38-37.3 MuLtdAdml 10.48 -0.01 -5.0 TgtRe2045 22.22 +0.06 NA TotBdInst2 9.03 -0.01-16.7
HI TrA 8.89 +0.02-11.9 iShS&P500IdxK445.62 +5.23-20.3 IntSmCo 15.56 -0.02-27.5 TotalMarketIndex 13.36 +0.14-20.4 GlbA 55.64 +0.10-13.8 Metropolitan West R2020 18.18 +0.04-18.1 MuShtAdml 15.44 -0.01 -1.9 TgtRe2050 36.63 +0.09 NA TotBdInstPl 9.13 -0.01-16.8
ICAA 40.82 +0.38-19.3 BlackRock Funds Inst IntSmVa 16.46 -0.03-21.8 USBdIdxInstPrem 9.80 -0.01-16.7 FPA Funds TotRetBdI 8.69 -0.01-18.7 R2025 15.76 +0.03-19.3 TgtRe2060 37.52 +0.09 NA
PrmcpAdml r138.12 +1.20-18.5 TotIntBdIdxInst 28.35 +0.13-13.7
IncoA 22.13 +0.11-12.6 EqtyDivd 18.05 +0.16 -9.9 LgCo 27.02 +0.32-19.4 Fidelity Freedom NwInc 9.43 ... -4.2 TRBdPlan 8.15 -0.01-18.6 R2030 23.38 +0.06-20.7 TgtRet2055 40.79 +0.10 NA
RealEstatAdml110.77 -0.01-31.0 TotStInst 92.25 +0.96-20.6
IntBdA 12.20 ... -9.7 StratIncOpptyIns 9.16 ... -7.7 US CoreEq1 29.90 +0.33-17.0 FF2020 12.53 -0.01-20.5 Franklin A1 MFS Funds R2040 25.34 +0.08-22.6 SmCapAdml 85.80 +0.46-20.1 TgtRetInc 12.02 +0.01 NA ValueInst 51.89 +0.67 -7.9
N PerA 46.63 +0.08-29.8 TotRet 9.48 -0.02 NA US CoreEq2 27.24 +0.32-16.6 FF2025 11.48 -0.01-21.2 IncomeA1 2.17 ...-10.3 IIE 25.26 +0.01-24.5 Schwab Funds SmGthAdml 69.81 +0.13-29.3 WellsI 24.32 +0.09-14.2 WCM Focus Funds
NEcoA 42.54 +0.18-31.2 Bridge Builder Trust US Small 39.22 +0.30-16.0 FF2030 14.32 -0.02-21.6 FrankTemp/Frank Adv MFS Funds Class I 1000 Inv r 82.23 +0.89 NA STBondAdml 9.74 Welltn
... -7.1 39.18 +0.29-18.1 WCMFocIntlGrwIns 17.94 +0.10-35.2
NwWrldA 61.71 -0.74-28.3 CoreBond 8.49 -0.01-16.9 US SmCpVal 40.32 +0.38 -6.4 FF2035 12.29 -0.01-22.5 IncomeAdv 2.15 ...-10.2 GrowthI 134.57 +1.70-30.8 S&P Sel 58.85 +0.69 NA STIGradeAdml 9.76 WndsrII
... -8.0 38.57 +0.44-15.8 Western Asset
SmCpA 53.08 +0.04-33.7 CorePlusBond 8.41 -0.01-17.2 US TgdVal 27.56 +0.26 -7.8 FF2040 8.67 -0.01-23.2 FrankTemp/Franklin A ValueI 47.48 +0.63-11.9 TSM Sel r 65.26 +0.68 NA STIPSIxAdm 23.91 +0.01 -3.1VANGUARD INDEX FDS CorePlusBdI 8.84 -0.01 NA
TxExA 11.55 -0.06-13.3 Intl Eq 9.64 -0.03-28.0 USLgVa 40.90 +0.46 -9.8 Freedom2030 K 14.31 -0.02-21.5 Growth A 110.06 +1.06-26.9 Northern Funds TIAA/CREF Funds TotBdAdml 9.13 -0.01-16.8 ExtndIstPl 246.80 +0.70-27.4 CorePlusBdIS 8.84 -0.01 NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Dow Reaches Highest Level in 6 Weeks
Investors prepare for
quarterly results from
Apple, Amazon.com
and Boeing
BY CAITLIN MCCABE
AND ALEXANDER OSIPOVICH
Stocks gained as investors
focused on encouraging signs
from corporate earnings and
hopes that the Federal Reserve
would slow the pace of inter-
est-rate increases.
The Dow Jones Industrial
Average climbed
MONDAY’S 417.06 points, or
MARKETS 1.3%, to 31499.62,
its highest clos-
ing level in six weeks.
The S&P 500 advanced
44.59, or 1.2%, to 3797.34. The
technology-heavy Nasdaq Com-
posite rose 92.90, or 0.9%, to
10952.61, bouncing back after
starting the day in the red.
Last week, the Dow notched
its best three-week stretch
since November 2020, offering
investors a reprieve from the
selling pressure that has whip-
sawed portfolios this year. The
rally was kicked off, in part, by
a batch of corporate earn-
ings—particularly from banks
and airlines—that offered an
encouraging outlook on the
U.S. economy. Stocks then
raced higher on Friday after
The Wall Street Journal re-
ported that Fed officials are
likely to consider the possibil-
Celsius Shareholders Dealt Blow in Bankruptcy Court
BY SOMA BISWAS
A bankruptcy judge declined
to grant Celsius Network LLC
shareholders an official com-
mittee to battle the company’s
customers over assets in chap-
ter 11, finding no strong likeli-
hood that equity holders will
recoup any of their investments
in the business.
Equity holders including
CDP Investissements Inc. and
WestCap Management LLC,
which together led a $400 mil-
no
* * * * *
Index performance Monday
1.5%
1.0
0.5
0 chief, won the contest to suc-
–0.5
–1.0
–1.5
10 a.m. 11 noon
Source: FactSet
ity of shifting to smaller inter-
est-rate increases in December.
“Market participants are
desperately looking for a Fed
pause or pivot,” said Chris Se-
nyek, chief investment strate-
gist at Wolfe Research.
Investors are looking ahead
to a busy week of earnings.
Quarterly reports are due this
week from tech giants Apple,
Amazon.com and Google par-
ent Alphabet as well as blue-
chip companies such as Coca-
Cola and Boeing. Despite some
early reports that have shown
signs of optimism, fewer com-
panies than usual are beating
Wall Street’s earnings expecta-
tions.
on
lion investment round in Cel-
sius last year, failed to show a
us ,
substantial likelihood the cryp-
l
tocurrency lender is still sol-
e
al a
vent after its chapter 11 filing,
U.S. Bankruptcy Judge Martin
Glenn ruled Monday. The inves-
ci on
tors had sought official status
in the chapter 11 case, which
would have allowed them to bill
their legal fees to the bank-
ruptcy estate.
er s
The investment round in
Celsius that was led by CDP, a
m er
big Canadian pension fund, and
m rp
co Fo
n-
MARKETS
Dow Jones
Industrial Average
S&P 500
Nasdaq Composite
1 p.m. 2 3 4
U.S. investors largely
shrugged off geopolitical jit-
ters from China, where Xi Jin-
ping cemented his control over
the ruling Communist Party by
securing a third term and ap-
pointing loyalists to the party’s
most powerful decision-mak-
ing body.
The news sent Hong Kong’s
benchmark Hang Seng Index
tumbling 6.4%, its biggest one-
day decline since the global fi-
nancial crisis, amid fears that
Mr. Xi would continue to pur-
sue zero-Covid policies and a
hard line in foreign policy.
U.S.-listed shares of Chinese
tech giants Alibaba and Baidu
both dropped 13%. The selloff
WestCap, an investment firm,
valued the business at $3 bil-
lion. In July, the cryptocurrency
lender filed for chapter 11 in
New York with a $1.2 billion
hole in its balance sheet in the
wake of a collapse in crypto
prices, which made its business
model unsustainable. Users de-
posited their cryptocurrencies
on the platform in exchange for
high yields, and Celsius lent out
and invested user deposits.
While stockholders are typi-
cally wiped out in bankruptcy,
U.S.-listed shares of China’s Baidu fell 13%. A Baidu EV, above.
wiped out around $52 billion
of market capitalization from
the five largest U.S.-listed Chi-
nese companies.
Casino operator Las Vegas
Sands, which owns properties
in Macau, slid $4.02 a share, or
10%, to $35.05, making it the
worst performer in the S&P
500. Tesla shares fell $3.19, or
1.5%, to $211.25 after the com-
pany lowered prices for vehi-
cles sold in China, the world’s
biggest electric-vehicle market.
“There is concern about the
direction of U.S.-Chinese rela-
tions, and I think that will con-
tinue to ripple through the
market,” said Susannah
Streeter, senior investment
CDP and WestCap have argued
they hold shares in Celsius
units that own valuable crypto
mining and storage assets over
which the company’s customers
have no claims. Celsius opposed
the investors’ request for offi-
cial committee status, arguing
that depositors and other cus-
tomers have claims against all
Celsius entities in bankruptcy.
Judge Glenn said in his rul-
ing the holders of preferred
shares already have adequate
legal representation, as they
Tuesday, October 25, 2022 | B11
the course of interest rates, on
Monday afternoon showed a
43% chance that the central
bank raises interest rates by a
smaller 0.5 percentage point in
December, up from 34% last
week, CME Group data show.
Overseas, the FTSE 100
gained 0.6% after Rishi Sunak,
NOEL CELIS/AGENCE FRANCE-PRESSE/GETTY IMAGES
the U.K.’s former Treasury
ceed Liz Truss as prime minis-
ter, reassuring investors after a
volatile period for British mar-
kets. U.K. government bond
prices rallied, sending yields
sharply lower. The yield on the
U.K.’s 10-year gilt fell to 3.74%
from 4.05% Friday, according
to Tullett Prebon.
The pan-continental Stoxx
Europe 600 gained 1.4%. Early
Tuesday, Japan’s Nikkei 225
was up 0.8%, Hong Kong’s
and markets analyst at Har- Hang Seng Index was down
greaves Lansdown. But, she 1.3% and the Shanghai Com-
added, “As far as Wall Street is posite was down 0.8%. S&P
concerned, it’s still fixated on 500 futures fell 0.1%.
what the Fed is doing.”
Yields on U.S. government
bonds continued to march AUCTION RESULTS
higher. The yield on the 10- Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
year U.S. Treasury note rose to clearing yield. Rates are determined by the difference
between that price and the face value.
4.231%—its highest closing
level since June 2008—from
13-Week 26-Week
4.212% Friday. Applications $152,442,273,900 $120,317,130,000
Many investors expect the Accepted bids $63,358,610,400 $50,019,995,000
" noncomp $1,702,976,700 $1,878,311,900
Fed to raise interest rates by " foreign noncomp $1,000,000,000 $1,000,000,000
0.75 percentage point for a Auction price (rate) 98.988889 97.780611
fourth consecutive time next (4.000%) (4.390%)
4.097% 4.552%
month. Most are now focused Bids at clearing yield accepted 97.41% 58.51%
on what will happen in Decem- 912796S34 912796YV5
.
Both issues are dated Oct. 27, 2022. The 13-week bills
ber. Federal-funds futures, mature on Jan. 26, 2023; the 26-week bills mature on
used by traders to wager on
ly
April 27, 2023.
have hired two prominent law to the decision.
firms—Jones Day and Milbank The equity holders have ar-
LLP. The Celsius board and the gued that they have sole and
official committee of unsecured valid claims over Celsius’s bit-
creditors also will look out for coin mining operations, its GK8
the interests of shareholders, crypto storage business and its
according to the decision. institutional lending business,
The judge said there are and that Celsius’s retail cus-
signs that Celsius is likely in- tomers can’t lay claim to those
solvent, which weighs against assets or the proceeds from
the appointment of an equity their potential sale. They have
committee. The company’s lat- criticized Celsius for focusing
est monthly operating report on customer recoveries “with-
showed liabilities exceeding as- out regard” for equity holders,
sets by $329 million, according according to court documents.
 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 | Tuesday, October 25, 2022
Xi’s Dream Team Unnerves Stocks
The leadership reshuffle eliminates several politicians seen as more favorable to market-friendly changes
Chinese leader Xi Jinping deliv-
ered a show of force over the week-
end—unveiling a new Chinese lead-
ership team completely devoid of
rivals. Markets delivered a harsh
verdict on Monday, and unfortu-
nately that may be justified.
Mr. Xi’s consolidation of the top
leadership caught markets off
guard, even after The Wall Street
Journal’s report last week predict-
ing his clean sweep of the Politburo
Standing Committee, China’s top po-
litical body. The release of China’s
third-quarter economic figures Mon-
day morning probably wasn’t the
key factor driving the selloff since
3.9% growth actually exceeded most
economists’ expectations.
The leadership reshuffle elimi-
nated several key politicians seen as
more favorable to market-friendly
changes, including the current pre-
mier Li Keqiang and Wang Yang,
formerly the party chief of Guang-
dong province. Li Qiang, the party
secretary of Shanghai and a close
ally of Mr. Xi, looks poised to be-
come China’s new premier—despite
his handling of the disastrous
Covid-19 lockdown of Shanghai.
Hu Chunhua, a vice premier who
rose through the Communist Youth
Another Gas Glut
Could Be on Horizon
Don’t be fooled by tight markets
and high prices for liquefied natural
gas. The outlook for new LNG in-
vestments is cloudier than it seems.
The spot price for natural gas
delivered to Europe has retrenched
from summer highs but remains
around €100 a megawatt-hour,
equivalent to about $99. Prices
were hovering near €20 only 18
months ago following a yearslong
glut. The recent mood has been
enough to prompt a wave of com-
mitments to build LNG liquefaction
facilities. Deals for annual produc-
tion of more than 50 million metric
tons have been signed this year, ac-
cording to consulting firm Rystad
Energy.
However, lower prices could
spell disappointment for any LNG
suppliers and marketers who are
counting on the spot market to
boost returns. The current buildup
of LNG ships waiting in European
waters to unload their cargo has
started to push prices down, hint-
ing at how quickly the market can
shift. Over the longer term, high
prices will shift demand as well as
supply during the years new plants
take to build, particularly if Russian
gas finds a way back to the market.
European buyers pushed LNG
prices to the stratosphere this sum-
no
Wealthy Consumers Are Still in a Spending Boom
Wealthier households own most
of the stock market. They may also
hold the keys to a stock-market re-
bound—in the form of their own
spending.
In recent weeks, many consumer-
facing companies have warned of
lower sales and earnings than Wall
Street expected. Examples include
KitchenAid owner Whirlpool, Ko-
rean electronics manufacturer Sam-
sung and apparel labels Adidas and
KEVIN DIETSCH/GETTY IMAGES
H&M.
This shouldn’t be too surprising
given soaring inflation. Globally, re-
tail sales are tepid. On Monday, Pur-
chasing Managers’ Index indicators
suggested that activity in the euro-
zone’s services sector contracted in
October at a pace consistent with a
recession.
Other parts of the consumer
economy, however, don’t agree. Lux-
ury companies like LVMH and Her-
mès keep defying market pessi-
mism, and network carriers such as
United Airlines, American Airlines
and Lufthansa all have confirmed
over the past week that demand for
flying is booming. Britain’s Inter-
Continental Hotels Group said last
week that hotel-room revenues are
now above pre-Covid-19 levels.
Or take the craze in private jets
while travel was restricted. It has
barely eased: Only 3% of used jets
are currently available for sale,
compared with 10% to 12% histori-
cally, according to Bernstein Re-
search. Manufacturers report that
customers keep shifting to larger,
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
League faction (which is seen as al-
lied with Li Keqiang and former
leader Hu Jintao), was considered a
potential candidate for the premier-
ship, and his elevation might have
signaled some resistance within the
party to Mr. Xi’s agenda. Yet Hu
Chunhua not only failed to make the
Standing Committee, he was also
bumped from the larger 24-man Po-
litburo, signaling a huge loss of
standing.
What was most striking about
Monday’s market reaction was how
broad it was. Internet tech firms
that were the focus of last year’s
rectification campaign championed
by Mr. Xi dropped—Alibaba and
Tencent shares both fell 11%.
But even some state-owned firms
favored by Mr. Xi’s administration,
like China’s leading chip making
firm Semiconductor Manufacturing
International Corp. and battery
champion Contemporary Amperex
Technology Co. Ltd fell 3.6% and
2.2% respectively. Of the top 10 con-
stituents of Goldman Sachs’s “Little
Giants” portfolio—featuring small-
and-medium cap Chinese firms in
favored sectors such as semiconduc-
tors and specialty chemicals se-
lected by the bank—only three actu-
on
us ,
l
e
al a
mer as they outbid each other to
ci on
refill storage. Rates would have
risen even higher if Chinese de-
mand hadn’t been limited by Bei-
jing’s zero-Covid policy. European
Union politicians are working on
er s
ways to temper costs, particularly
for next year, which is expected to
m er
be even more competitive.
Still, new LNG commitments
have been stacking up after years
of little investment. An additional
105 million metric tons of produc-
m rp
tion capacity are expected to come
online by 2026, a significant in-
crease given global LNG trade was
380 million metric tons in 2021.
Many forecast rising demand from
co Fo
growth and coal-to-gas switching in
developing nations, as well as Euro-
pean utilities and industries seek-
ing to replace Russian gas.
But Russia is still producing that
gas, for now. In the near term, it
may have to be flared or have its
production capped, although that
could damage the wells. Eventually,
in seven to 10 years, it might flow
down a new pipeline from Western
Siberia to China. In the medium
term, LNG seems the most likely
n-
route to market. Russia already has
some facilities and plans to build
more, although sanctions against
Western technology and coopera-
Sales for used private jets have barely eased since the end of travel curbs.
more expensive aircraft.
The common factor here is that
wealthier consumers, for whom es-
sentials make up a smaller percent-
age of their spending baskets, are
still shelling out on luxury and nice-
to-have goods and services.
U.S. data by the Federal Reserve
shows that, unusually, the largest
percentage increase in net wealth
during the pandemic was among
the bottom 50% of households, but
that a lot of it happened in the form
of real estate. By contrast, the
wealthy built up enormous cushions
of currency and checkable deposits.
Luxury goods and services have
historically been less affected by re-
cessions than their mainstream
ON
THE
ally managed to eke out a gain.
One possible explanation: Mr. Xi’s
uncompromising stance on relations
with the West means more financial
support for sectors favored by Bei-
jing’s drive for self-reliance, but
probably also more Western restric-
tions such as those rolled out by the
Biden administration in mid-Octo-
ber, designed to hobble China’s chip
making companies. Another: Mr. Xi’s
further concentration of power, and
his favored policies, are so negative
for overall growth that even favored
sectors face diminished prospects
over the long term.
On this latter point, there are ba-
sically two concerns. The first is
that under Mr. Xi, China’s economy
has tilted back toward state-domi-
nance and productivity growth has
weakened. From mid-2021 to
mid-2022, state firms’ share of the
total market value of China’s top
100 listed firms rose by nearly 11
percentage points, according to the
Peterson Institute for International
Economics. Nearly all of that was
due to the crash of private sector in-
ternet platform stocks like Alibaba.
The second concern is that Mr. Xi
will now have even fewer counter-
weights when he overreaches—and
Dutch TTF Gas Monthly,
continuous contract
€350 a megawatt hour
300
250
200
150
100
50
0 0
2020 ’21 ’22
*Sanctions could delay some projects Note: €1=99 cents
Sources: FactSet (continuous contract); Rystad Energy (liquefaction capacity additions)
tion could slow progress. The gas
might even start to flow into Eu-
rope again.
High prices also are affecting de-
mand. The International Energy
Agency recently reduced its fore-
cast for medium-term growth in
global gas demand by 60%. Most
economies are struggling with in-
flation and looming recessions.
Growth in the developing nations
that LNG projects count on could
falter.
European nations want to do
much more to build energy security
than just switch gas suppliers. Ef-
forts to increase efficiency should
reduce demand, eventually, much
like the fuel-efficiency standards af-
ter the 1970s oil crisis. Renewables
and battery storage are accelerat-
ing. A solar farm in Germany,
France, Italy or the U.K. pays back
counterparts. Still, there are signs
that this bifurcation is starker than
in a typical slowdown, which could
suggest that the better-off aren’t
done spending.
Data by Airbus-owned startup
Skytra shows that in Europe, where
the energy crisis is hitting house-
holds harder, economy-class vol-
umes for the fourth quarter relative
to three years ago are down 21%,
whereas business-class ones are up
28%. Bookings for these expensive
fares are happening far ahead of
the normal pattern for business fli-
ers, which suggests that families
are planning their vacations and
splurging on fares.
It isn’t just travel. California-
fewer underlings willing to commu-
nicate frankly how much damage his
initiatives cause. A charitable view
of recent policy paralysis is that Mr.
Xi, having now completely cowed
his opponents, will feel comfortable
easing off a bit on some signature
policies. Some relaxation of Covid
controls and more support for
China’s property sector do seem in-
evitable at some point.
The reality is that even before
the Party Congress, a fearful bu-
reaucracy had already demonstrated
a tendency to take Mr. Xi’s initia-
tives too far. In late 2017, many
northern Chinese found themselves
without heat in the dead of winter
as local governments struggled to
hit pollution targets. The crackdown
on shadow banking in 2018 caused
enormous collateral damage to pri-
vate sector firms. And those cam-
paigns look tame in comparison
with what happened to the internet
platform economy in 2021, or the
property sector over the past year.
This weekend’s shakeout leaves
no doubt that Mr. Xi is firmly in
control. Markets are rightly nervous.
But in Beijing, that may not carry as
much weight as it used to.
—Nathaniel Taplin
Expected global LNG liquefaction
capacity additions*
175 million metric tons
150
125
100
75
50
25
2022 ’23 ’24 ’25 ’26 ’27 ’28 ’29 ’30
in 12 months or less at recent spot
power prices, according to Rystad.
European companies’ unwillingness
to sign decadeslong LNG deals indi-
cates their intention to shift energy
sources.
Also, this year’s energy crunch is
due to much more than Moscow
turning off the taps. On top of
missing pipeline Russian gas, unex-
pected outages have cut the year-
to-date output of Europe’s nuclear
fleet by nearly 15% and drought has
reduced hydropower production by
20%, according to Rystad.
The high prices that have enticed
investors into backing new LNG
projects are encouraging others to
make changes, too. The world will
look different when new LNG facili-
ties come online, and another gas
glut is a distinct possibility.
—Rochelle Toplensky
based Fender Musical Instruments
estimates that 30 million people
picked up music as a hobby during
the pandemic, lifting its sales to al-
most $1 billion last year, compared
with $430 million in 2015. Suddenly,
a big drop in demand has left the
company grappling with a glut of
entry-level guitars made abroad,
which are piling up at discounted
prices. At the high end, though, it
seems like many of the new bed-
room rock stars are now treating
themselves to more expensive gear.
“We are completely sold out for
every guitar made in the U.S. for
this year and the remainder of next
year,” said Fender Chief Executive
Andy Mooney.
Legacy airlines and musical-in-
strument companies, like many
other consumer-facing businesses,
make a lot of sales at the mass end
of the market, but most of their
earnings are generated through pre-
mium offerings. That might help ex-
plain why margins across the cor-
porate economy are so far resisting
this bout of inflation far better than
they did in the 1970s and 1980s.
Investors remain skeptical this
can last: They have punished the
stocks of sectors such as airlines
and luxury retailers far more
harshly than their recent earnings
trends can explain. It could be a
buying opportunity—as long as in-
vestors also remember to book ex-
pensive holidays and upgrade to a
custom-made Fender Stratocaster.
—Jon Sindreu
THE WALL STREET JOURNAL.
Quarterly change in U.S. GDP
at an annualized rate
40%
30
20
10
0
–10
–20
–30
2019 ’20 ’21 ’22
Note: Third quarter 2022 is an estimate.
Sources: Commerce Department (actual figures);
The Wall Street Journal (estimate)
GDP Data
Won’t Tell
Full Story
On the
Economy
Third-quarter report is
.
likely to skew sanguine
ly
The read on the economy that
gross domestic product provided
for the first half of the year was
worse than reality.
For the third-quarter GDP re-
port, the opposite will probably be
true.
Economists polled by The Wall
Street Journal estimate that the
Commerce Department’s GDP re-
port on Thursday will show the
economy grew at an inflation-ad-
justed 2.3% annual rate in the
third quarter from the prior quar-
ter, after contracting in both the
first and second quarters.
That would count as quite a
bounce back during a quarter when
the Federal Reserve kept pushing
rates higher, inflation kept running
hot, stocks fell sharply and the
housing market got hammered.
But a look under the hood of
the GDP figures will probably tell a
different story.
The 1.6% annualized contraction
in GDP in the first quarter was
driven by a rising trade deficit and
reduced government spending. The
second quarter’s 0.6% decline
came about largely because of a
swing in inventories and, again,
lower government spending.
Meanwhile, final sales to private
domestic purchasers, which better
reflect underlying demand in the
economy, rose at a 2.1% annual
rate in the first quarter and a 0.5%
rate in the second.
It is this dynamic that helps un-
derscore why, despite many peo-
ple’s belief that two consecutive
quarters of GDP contraction repre-
sent a recession, the National Bu-
reau of Economic Research, which
has been calling U.S. recessions
since before GDP was a thing,
wasn’t about to pronounce a
downturn.
Conversely, in the third quarter
it looks as if GDP has received a
massive boost from trade—data
for July and August show the
trade deficit narrowed, which ef-
fectively means that more demand
was met by domestic production.
A widely followed tracking esti-
mate from the Federal Reserve
Bank of Atlanta puts third-quarter
GDP growth at 2.9%, with a 2.2-
percentage-point contribution
coming from trade. But it shows
the growth rate for final sales to
private domestic purchasers slow-
ing to just 0.2%.
And another widely followed
tracking estimate, from S&P
Global, forecasts the underlying
demand measure contracting at a
0.4% rate.
So might the recession that
didn’t start in the first half of the
year have started in the third
quarter?
Probably not. The array of indi-
cators the NBER’s business-cycle
dating committee follows suggests,
on balance, that the U.S. economy
is still expanding.
Consumer spending has contin-
ued to grow, for example, albeit at
a slower pace. Plus the U.S. added
a seasonally adjusted 1.1 million
jobs over the course of the third
quarter.
Which isn’t to say a recession
can’t be on its way. The Federal
Reserve is on course to keep rais-
ing rates, and the higher it takes
them, the more likely the economy
will keep weakening.
The GDP report shouldn’t be
taken as an all-clear signal, but as
a warning.
—Justin Lahart