Professional Documents
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What’s
Islamic State Claims Deadly Pakistan Bombing China’s
News Recovery
Business & Finance Shows
Leading economic indica-
tors of manufacturing and
Signs of
services activity in China
were weak in July, evidence
the world’s second-biggest
economy is losing momen-
Stalling
tum even as authorities Manufacturing and
demonstrate limited appe- services sector data
tite to reverse the trends. A1
China’s tech sector is indicate post-Covid
showing the strain from last rebound is fading
year’s sweeping U.S. export
restrictions, which seek to
stall Beijing’s ambitions in BY STELLA YIFAN XIE
cutting-edge industries
such as artificial intelligence HONG KONG—Leading eco-
and supercomputing. A8 nomic indicators of manufac-
MOHAMMAD SAJJAD/ASSOCIATED PRESS
.
Shopping Malls Face Default,
ing monthly gains of 3.1%, 4% market slowdown. The broader
Chinese economy barely grew
ly
and 3.3%, respectively. B11
in the second quarter.
The extra reward for
Newly published data sug-
holding stocks instead of
gest the weakness continued
reduce costs as the retail phar- BY KATE KING “To look at it now, it’s dis- less than they were when mall mortgage-backed securities fell to its lowest level this
e
al a
macy giant sharpens its focus heartening,” said Waterford’s valuations peaked in late 2016, are underwater, meaning the year. The government also re-
on healthcare services. B1 WATERFORD, Conn.—Crys- top elected leader, First Se- said Vince Tibone, head of U.S. properties are worth less than ported disappointing readings
tal Mall’s parking lots used to lectman Rob Brule, who grew retail and industrial research the loans they back, said Kevin on employment, construction
ci on
Fox is closing Fox Bet, the Now, the vast stretches of value of America’s regional next 12 months, according to former owner, Simon Property boost to the consumer econ-
broadcaster’s sports-betting cracked pavement surrounding malls has deteriorated in re- Moody’s Analytics, struggling Group, stopped making pay- Please turn to page A8
m er
venture, after it failed to this 1980s-era regional mall on cent years due to changing malls are defaulting on their ments on $81 million in out-
grow as quickly as more dom- Connecticut’s coast have more shopping habits, competition debt. With mortgage rates up standing CMBS debt during Europe returns to slow
inant competitors in the U.S. weeds than cars. Valued by an from other retail and the rise sharply, refinancing that debt the pandemic and last year growth..................................... A7
online-gambling market. B3 appraiser at $153 million as re- of online shopping. will be more challenging and handed back the keys to the China’s tech woes grow
cently as 2012, Crystal Mall Older, low-end malls are expensive. property it had owned since amid U.S. curbs.................. A9
m rp
World-Wide sold in June for just over $9.5 worth at least 50% and in About one-fifth of all malls 1999. The loan—which was in- Heard on the Street: China’s
million in a foreclosure auction. some cases more than 70% financed through commercial Please turn to page A2 caution may be error.......B12
no
troversial intelligence trove of director friend tested out the replace jobs and produce low-
intercepted emails, texts and generative-AI tool ChatGPT a quality content.
other data should be curtailed few months ago over lunch, to Entertainment executives
after missteps that have dam- see whether it could write a say bots won’t be penning
aged public and congressional screenplay. scripts soon. But big compa-
trust in the surveillance tool, They asked it to write a nies including Warner Bros.
a White House panel of intel- scene about Ruck as a soldier Discovery, Paramount Global
ligence advisers concluded. A3 in basic training. “It was s—,” and NBCUniversal are using AI
Ruck said. “It was every cliché Please turn to page A7
Coup leaders in Niger ar-
and hackneyed idea you could
rested several ministers and
NEW LOOK: Workers remove the Soviet hammer and sickle from Kyiv’s Motherland Monument imagine.” Heard on the Street: A task
senior members of the party
on Monday. It will be replaced by Ukraine’s tryzub, in the center. For news on Ukraine, A7. The potential use of AI in for ‘Barbenheimer’.......... B12
of detained President Bazoum,
dealing a blow to efforts by
INSIDE
African nations to find a diplo-
matic solution to the crisis, as
Russia’s African allies declared
their support for the junta. A16
People Hire D-List Celebrities Miami Is Booming,
To Deliver Their Bad News
A former business associ-
ate of Hunter Biden testified
before a Republican-led
i i i But Population Falls
House committee investi- Personalized videos from actors aren’t
gating the business dealings BY KONRAD PUTZIER over a multiyear period since at
of the president’s son. A4 reserved just for happy birthday messages AND DEBORAH ACOSTA least 1970, according to the Fed-
eral Reserve Bank of St. Louis.
The Biden administration
Miami, a global hot spot The population loss in the
will keep the headquarters for
BY LINDSEY CHOO The message came via with ambitions to be a busi- state’s largest county stands JASON GAY
U.S. Space Command in Colo-
Cameo, an app on which ce- ness and financial hub, is driv- in contrast to the rest of Flor- Playoff fever beckons
rado, reversing a Trump-era plan
The morning of her wed- lebrities sell videos and mes- ing away more residents than ida, which added more people
to move it to Alabama. The de-
ding, Jessica Van Wagnen was sages tailored to fans, com- it is attracting. between 2021 and 2022 than
as the forlorn Orioles
cision is likely to complicate a dis- lift themselves from
primping in her bridal suite in monly for birthdays or other Surging housing costs and a any other state.
pute with a GOP senator over a
hold on military confirmations. A6
Scottsville, N.Y., when her sis- milestones. fickle labor market, which by Home prices in Miami have the basement. A12
ter interrupted to insist she In an era when it’s now one measure still hasn’t recov- soared 53% since June 2020,
Died: Paul Reubens, 70, watch a video right away. possible to out- ered from the pandemic, are according to online listing site
Pee-wee Herman creator. A2 Van Wagnen turned to source our most sending many locals packing. Zillow, the second most out of
her phone and saw sensitive commu- Miami-Dade lost 79,535 people the top 50 metropolitan hous-
CONTENTS Markets Digest...... B7 none other than her nications, such as through net migration to other ing markets after Tampa. The
BLOOMBERG NEWS
U.S. NEWS
Small-Business Loan System Streamlined
Overhaul eases the conduct annual stress tests of est rate. “The whole SBA pro-
licensed small-business lending cess is so time-consuming,” she
entry for nonbank companies, which aren’t over- said. “Much more so than what
lenders, prompting seen by federal banking regula- I have had to do for a tradi-
tors, and add guardrails and tional loan, for investors, for
worry about defaults speed bumps to the processing leases or anything.”
of loans by new nonbank licens- Thousands of banks and
BY RUTH SIMON ees. The legislation would also credit unions are certified to
AND PETER RUDEGEAIR make permanent a pilot pro- make SBA loans, but a small
gram aimed at helping under- group issues most of them.
The federal program for served borrowers secure small- Under the new SBA rules,
small-business lending is un- dollar loans. lenders can use their own
dergoing its biggest makeover SBA loans are crucial for standard credit policies to
in decades. many entrepreneurs, who gen- make SBA loans of as much as
The Small Business Adminis- erally can borrow as much as $500,000 instead of following
tration is simplifying loan re- $5 million to start, buy, expand government guidelines. Lend-
quirements, automating more or run a small business. Banks ers are encouraged to check a
of the process and expanding and other approved financial box to indicate why borrowers
the pool of nonbank lenders li- institutions make the loans. can’t get credit elsewhere, a
censed to issue SBA loans. The Typically, the SBA promises to crucial program requirement,
moves, many of which take ef- cover as much as 85% of losses. instead of providing a de-
fect Tuesday, will make it easier The SBA is authorized by tailed written explanation.
for financial-technology firms Congress to guarantee as much “What we are saying is do
to participate. as $34 billion in loans annually not make SBA loans that
SBA officials say they want through its main lending pro- wouldn’t otherwise fit your
to boost credit to small busi- gram. Lenders issued $26 bil- general underwriting and credit
nesses that have struggled to lion of these loans in the most criteria,” the senior SBA official
get financing as banks favored recent fiscal year, the SBA said. said. The SBA is taking over
bigger commercial borrowers. “There’s $8 billion that went some basic prescreening tasks,
But the changes—and the deci- underutilized,” at the same such as fraud checks.
sion to couple relaxed require- time small businesses often say Some changes could make it
ments with new lenders—have they can’t get a loan, said a se- easier for entrepreneurs to
drawn criticism from the indus- nior SBA official. The agency qualify for financing. For exam-
try and members of Congress, said the program hasn’t kept ple, lenders will be able to give
who say the revisions could pace with changes in how loans more weight to profit forecasts
jeopardize the program by in- are made and has missed the for younger, growing businesses
creasing loan defaults. opportunity to take in new and rely less on past perfor-
“These are the most sweep- types of lenders. mance on loans of as much as
ing changes I have seen in my To qualify for the SBA’s $500,000.
40-year career,” said Tony Wil- guarantee, lenders must adhere Other changes reduce or
.
kinson, chief executive of the to standards that can make the eliminate the down-payment
National Association of Govern- process cumbersome for bor- requirement for some borrow-
ly
ment Guaranteed Lenders, a rowers and unattractive to ers and cut the chances they
trade group for current SBA some lenders. will have to provide a lien on
lenders. One of lenders’ most Natalie Freihon, founder of their homes or other collateral.
on important jobs is to say no
when it is appropriate, he
added, rather than give small-
business owners loans they
Strange Bird Hospitality, turned
to the SBA for financing after
the costs of opening her fourth
restaurant in New York state
Lenders don’t have to deter-
mine whether borrowers can
draw on their own wealth or
that of family members to meet
can’t repay. were higher than she expected. their funding needs.
us ,
“Our system is not broken,” Freihon said she worked on her The SBA would add three
l
Wilkinson said. “I don’t know application with an adviser for nonbank lenders to the 14 al-
e
al a
what they are trying to fix.” three months before borrowing ready licensed to make SBA
Legislation sponsored by $350,000 from a high-cost loans above $350,000. Adding
STEVE FREIHON
Senate Small Business Commit- lender. new fintech and other nonbank
ci on
tee Chairman Ben Cardin (D., “I just ran out of time,” said lenders has drawn criticism
Md.) and co-sponsored by rank- Freihon, who still hopes to take from industry participants, who
Natalie Freihon of Strange Bird Hospitality, shown at one of her restaurants, in New York ing member Joni Ernst (R., out an SBA loan to pay off the say those lenders are under less
City, would like to take out an SBA loan to pay off a debt that carries a 28% interest rate. Iowa) would direct the SBA to debt, which carries a 28% inter- federal supervision than banks.
er s
BY JENNIFER CALFAS joyed making art for you.” Playhouse,” a CBS television se- The incident kept the ac-
Reubens apologized to his fans ries that ran for five years, from tor—and Pee-wee Herman—
Paul Reubens, the actor best for not sharing his cancer di- 1986 to 1991, and resulted in out of the public eye for some
co Fo
known for his popular chil- agnosis publicly. multiple Emmy awards. time. Reubens briefly made an
dren’s character Pee-wee Her- The comedian rose to fame Reubens told The Wall appearance as Pee-wee Her-
man, has died. He was 70. in the 1980s with his zany por- Street Journal in 2014 he de- man to open the MTV Video
Reubens died from cancer trayal of Pee-wee Herman. Reu- cided not to continue “Pee- Music Awards in September
Sunday night at Cedars-Sinai bens created the character wee’s Playhouse” because of 1991. “Heard any good jokes
Medical Center while a member of the Ground- exhaustion. “I loved doing it lately?” Reubens, in character,
OBITUARY in Los Angeles, lings, a famous Los Angeles im- but I literally couldn’t do it asked the audience.
PAUL after facing the prov group, and first performed any longer,” he said. In 2010, Reubens brought
REUBENS disease for “The Pee-wee Herman Show” at Reubens was arrested in “The Pee-wee Herman Show”
1952-2023 years “with his the Groundlings Theatre in 1991 for indecent exposure at a to Broadway. Pee-wee returned
trademark te- 1981. The show continued for Florida adult movie theater. to film with 2016’s “Pee-wee’s
nacity and five months at the Roxy Theatre He pleaded no contest and was Big Holiday,” produced by
MICHAEL OCHS ARCHIVES/GETTY IMAGES
wit,” according to a statement and led to a special on HBO. required to give 75 hours of Judd Apatow.
n-
from Kelly Bush Novak, his Reubens brought the charac- community service. “No expe- In a comment on the Insta-
longtime representative. ter to bigger audiences on film rience like this has a positive gram post with news of Reu-
“I have always felt a huge and television in the following impact on anyone, but this bens’s death, Apatow shared
amount of love and respect years. He starred in and co- was an excellent resolution, his experience seeing “his ge-
no
from my friends, fans and sup- wrote the 1985 comedy “Pee- very fair and very reasonable,” nius and kindness up close”
porters,” Reubens said in a wee’s Big Adventure,” which Richard E. Gerstein, Reubens’s while working on the film.
statement shared by Novak also served as Tim Burton’s fea- lawyer at the time, said in No- “He made the world so
following his death. “I have ture film directorial debut. Reu- vember 1991, the New York happy,” Apatow wrote. “He is
loved you all so much and en- bens then created “Pee-wee’s Times reported. irreplaceable.” Paul Reubens rose to fame in the 1980s with his zany character.
CORRECTIONS AMPLIFICATIONS
A ‘Death losses or had their values cut,”
said Manus Clancy, senior
managing director at Trepp.
Macy’s, Bon-Ton, JCPenney
and Sears closed about 875 de-
partment stores between 2018
comes only once a month.
“It’s not like before,” she
said.
Dr. Miriam Grossman is a
psychiatrist who served as an
expert witness for Republicans
Civil Liberties Union Foundation
and Funders for LGBTQ Issues. Spiral’ Hits Not all malls are on the
brink of disaster.
Newer, well-located proper-
and the end of 2020, according
to Green Street, compared
with a combined 175 in 2016
Christmas Tree Shops,
which shared an anchor space
with Bed Bath & Beyond, also
during congressional hearings
in June. A Page One article on
Monday about transgender
CVS Health’s pharmacy
and consumer-wellness seg-
ment’s revenue for the quarter
Local Malls ties with strong tenant rosters
are generating healthy foot
traffic and returns for inves-
and 2017.
“It really accelerated the
death spiral of the industry,”
is closing following bank-
ruptcy. Once those retailers
vacate, JCPenney will be the
youth incorrectly identified her ended March 31 rose 7.8% to tors. But even these high-qual- Tibone said. “You start losing only anchor tenant left at
as a psychologist. Also, in some $27.92 billion. A May 4 Busi- Continued from Page One ity malls have declined in department stores, that causes Crystal Mall.
editions the article misspelled ness & Finance article about cluded in the CMBX 6 index value by an estimated 50% sales and traffic at the center Brule, Waterford’s first se-
LGBTQ as LGTBQ in the names CVS’s financial results incor- shorted by famous investor since 2016, Tibone said, mak- to decline. Then more tenants lectman, said he would like to
of two organizations, the LGBTQ rectly said the segment’s reve- Carl Icahn—is expected to liq- ing malls one of the worst- leave. It starts this awful cy- see the property redeveloped
& HIV Project at the American nue rose 12% to $25.88 billion. uidate at a $70 million loss, or performing commercial real- cle.” into a mixed-use site. He envi-
about 87% of the outstanding estate sectors over that The death spiral at the sions a hotel for tourists visit-
Readers can alert The Wall Street Journal to any errors in news articles by balance, according to period. Crystal Mall started in 2018, ing nearby Mystic and housing
emailing wsjcontact@wsj.com or by calling 888-410-2667. Moody’s. Widespread department- when anchor tenant Sears de- for local firefighters and
Similar stories are playing store closures beginning in clared bankruptcy and an- teachers as well as employees
out across the country. In In- 2018 hastened malls’ decline. nounced plans to close. Macy’s of the local submarine manu-
THE WALL STREET JOURNAL diana, Muncie Mall backs a Large mall anchors like shut its location three years facturer, General Dynamics
(USPS 664-880) (Eastern Edition ISSN 0099-9660) $31 million loan but is worth later. Overall revenue at Crys- Electric Boat. Maybe a hockey
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Department store
only $6 million after a March tal Mall declined 39% between rink or a bowling alley, some-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 closures in U.S. malls
appraisal, according to data 2018 and 2022, while expenses where for the town’s teenagers
Published daily except Sundays and general legal holidays.
Periodicals postage paid at New York, N.Y., and other mailing offices.
provider Trepp. The 52-year- 400 fell only 10%, according to to gather.
Postmaster: Send address changes to The Wall Street Journal,
old mall was appraised at $73 Trepp. “That’s what this property
200 Burnett Rd., Chicopee, MA 01020. million nine years ago and “All the stores used to be could be,” Brule said.
All Advertising published in The Wall Street Journal is subject to the applicable rate card, nearly fully occupied as re- open, and everything used to It is unlikely these dreams
copies of which are available from the Advertising Services Department, Dow Jones & Co. cently as 2018. 300 be nice and beautiful,” said for Crystal Mall will be real-
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 constitute
Woodbridge Center, a 1.1- Melissa Rodriguez, 40 years ized under its new owner, New
final acceptance of the advertiser’s order. million-square-foot mall in old, standing outside the York-based investment firm
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com central New Jersey, was ap- 200 mall’s food court one recent Namdar Realty Group. A com-
Need assistance with your subscription? praised at $86 million earlier afternoon. pany executive told Brule dur-
By web: customercenter.wsj.com; By email: wsjsupport@wsj.com this year, a 76% drop from its Now, many of the shops ing an introductory call that it
By phone: 1-800-JOURNAL (1-800-568-7625)
last prepandemic appraisal in 100 have closed. One of her favor- doesn’t redevelop properties,
Reprints & licensing: 2014, according to Trepp. The ite stores, Bed Bath & Beyond, Brule said.
By email: customreprints@dowjones.com
By phone: 1-800-843-0008 mall is in foreclosure on two is shutting its location after Namdar Chief Executive
WSJ back issues and framed pages: wsjshop.com CMBS loans, with outstanding declaring bankruptcy earlier Igal Namdar said the company
balances totaling nearly a 0 this year. plans to implement an “ag-
Our newspapers are 100% sourced from sustainably certified mills.
quarter-billion dollars. 2016 ’20 ’23* Before the pandemic, Rodri- gressive leasing strategy to at-
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS “We’ve seen dozens and *Estimate guez said, she often visited the tract a mix of national and lo-
dozens of malls liquidated at Source: Green Street mall twice a week but now cal tenants” to Crystal Mall.
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.
U.S. NEWS
.
forced automakers to update
ly
tion and protect the privacy of
consumers.
Porsche provides a menu
on vehicle dashboards where
European drivers can give or
withdraw their consent for the
company to collect personal
BY DUSTIN VOLZ
on limited to foreign intelligence
purposes, as is the standard at
vital national security tools in
their possession, critical to
The board also urged the
administration to seek a new
data or share it with third- WASHINGTON—The Fed- other U.S. intelligence agen- preventing terrorism, thwart- certification from the Foreign
us ,
party suppliers. eral Bureau of Investigation’s cies that can access the inter- ing cyberattacks and under- Intelligence Surveillance Court
l
Regulators in Europe also access to a controversial intel- cepted data, and no longer al- standing the aims of adversar- for counternarcotics purposes,
e
al a
have opened investigations ligence trove of intercepted low hunts for evidence of a ies such as China and Russia. though the justification is
into how the auto industry emails, texts, and other elec- crime in non-national-security It allows the National Secu- largely redacted. The Biden ad-
uses personal information tronic data should be curtailed cases. rity Agency to siphon streams ministration has publicly dis-
ci on
from cars such as location following serial missteps that While critical of past FBI of electronic data from U.S. cussed Section 702’s value to
MICHAEL BROCHSTEIN/ZUMA PRESS
data. have damaged public and con- abuses of the database, the technology providers such as combating fentanyl trafficking,
In February, Tesla agreed to gressional trust in the surveil- board warned that not renew- Meta and Apple. The data, col- but a more explicit permission
offer a software update in Eu- lance tool, a White House ing the surveillance power, as lected in intelligence reposito- to use the tool for counternar-
rope to change camera settings panel of intelligence advisers some lawmakers have threat- ries, can then be searched cotics could broaden its utility,
er s
in cars after the Dutch privacy has concluded. ened, would be catastrophic without a warrant by spy officials say.
regulator investigated the The recommendation and by blinding intelligence agen- agencies including the FBI, The board was critical of
m er
company. Tesla disabled vehi- others made by the panel cies to myriad threats facing which has a robust counterin- the FBI’s history of wrongfully
cles’ external security cameras come as a challenge to the Bi- the U.S. “If Congress fails to telligence mission. plumbing American data in
by default until a driver turns den administration, which has reauthorize Section 702, his- FBI Director Christopher Wray Though intended for the the Section 702 trove, which
on the function to record activ- spent months aggressively tory may judge the lapse of communications of foreign na- have included improper
ity outside a car and changed lobbying lawmakers to pre- Section 702 authorities as one mendations for how we can tional-security suspects living searches of George Floyd pro-
m rp
the camera settings so they serve the spying program, of the worst intelligence fail- secure this critical national se- overseas, the database also testers and sitting lawmakers,
only save the last 10 minutes which is set to expire at the ures of our time,” it said. curity authority and to work- holds information about and said reforms needed to be
of footage recorded from out- end of the year. Democrats It wasn’t clear whether ing with Congress to ensure Americans, gathered, for ex- adopted and codified in law.
side the cars, compared with and Republicans have said the President Biden would embrace its reauthorization,” Biden’s ample, when a person living in The FBI has made signifi-
one hour of footage they previ- program, while valuable to na- the recommendation or the national security adviser Jake the U.S. communicates with an cant improvements in the past
co Fo
ously had saved. tional security, threatens others made by the board. A Sullivan and deputy national intelligence target living over- two years by adopting a series
The Dutch regulator also Americans’ privacy. senior administration official security adviser Jon Finer said seas. Searches of U.S. data are of internal changes, the board
said it was a privacy violation At issue is the FBI’s access said the White House received in a joint statement. the chief concern of lawmak- said, but those were “insuffi-
for the cameras to extensively to a cache of data collected the proposals within the past Section 702 is due to expire ers considering overhauls. cient to ensure compliance
record people outside of cars under what is known as Sec- few weeks and regarded them at the end of the year, unless Other recommendations and earn the public’s trust.”
without their knowledge. The tion 702 of the Foreign Intelli- as potentially acceptable—in- Congress renews it. Top Biden made by the board include cre- An FBI spokeswoman said
Tesla update also included gence Surveillance Act. The cluding the limit on non-na- administration officials have ating a requirement that the the bureau looked forward to
features to warn people inside President’s Intelligence Advi- tional-security searches, which said the program—classified FBI and other agencies adopt a engaging with Congress on
and outside of cars that the sory Board, which consists of typically occur fewer than a details of which were revealed rule that all searches of U.S. the substance of the board’s
external cameras are record- current and former officials couple dozen times a year. 10 years ago by former intelli- content be signed off by two report—but didn’t say
ing. Headlights blink if the and security experts, recom- “We look forward to re- gence contractor Edward individuals—a standard that whether it would accept the
cameras are recording, and a mended the FBI’s searches be viewing the board’s recom- Snowden—is among the most already exists at the NSA. recommended limitations.
message is displayed on a
n-
uate risk and gauge safe driv- Should she focus her essay dent to display all the struggles ence letters information about
ing behavior. instead on something tied to that they went through and re- students’ identities and experi-
It also can be used in urban her experience as a Black live that trauma of growing up ences the same way he did be-
planning and traffic studies; woman? Could she somehow in an underprivileged commu- fore the Supreme Court’s rul-
to help make real-estate deci- hurt her chances by doing so? nity or a marginalized commu- ing.
sions such as where to open a How will schools use the infor- The Supreme Court ruling curtailing how colleges can consider nity,” said Beamon, a Black “There’s so many question
franchise or outlet; or be used mation in that check box? Do race in admissions has left SirNira Davis-Burke with questions. woman aiming to study neuro- marks here,” Bigelow said. “I’m
in economic forecasting. In they still want someone who science at some of the nation’s eager for some nuts and bolts.”
some cases, data brokers make looks like her on campus? That leaves rising high- will keep an optional check box most selective colleges. Colleges issued a flurry of
vehicle data available for “Part of me wants to leave school seniors looking at the in which students can mark J.D. Ross, a rising senior at statements in the wake of the
sale—stripping it of personal race out of it. I want people to most selective schools in un- their race or ethnicity, but this West Potomac High School in Supreme Court ruling declar-
information such as names. know me outside the color of charted territory. Most college year offered to send schools Belle Haven, Va., is sticking to ing their continued commit-
Law-enforcement agencies my skin. The other part of me applications go live on Aug. 1. applications that omit that sec- a months-old plan of writing ment to diversity, but rising se-
also can now obtain the his- is kind of like, ‘Maybe you Yvonne Espinoza, an inde- tion, if so requested. his main essay about support- niors are worried they will
torical location of suspects, should write about this be- pendent college counselor in Admissions directors say ing a family member with men- show up on campus a year
usually with a warrant. The cause you are already at the Austin, Texas, said some of her that even though a school can’t tal-health and substance-abuse from now and see a very differ-
sensors on modern cars have lower end of the totem pole,’ ” clients of color initially thought consider race itself as a factor issues. He said that was a for- ent mix of students than they
raised national-security con- Davis-Burke said, referring to their applications would be to tip the scales on whether an mative experience. had hoped for.
cerns as well. the social and economic chal- dismissed by admissions of- applicant gets in, some essay Some schools, including the Beamon, the student from
China in 2021 banned cer- lenges faced by Black women fices if they mentioned their prompts not only allow but University of Virginia, Lehigh Kansas City, is rethinking her
tain officials from owning or in American society. race. “Like they needed to outright encourage more dis- University and University of list of target schools.
driving Tesla vehicles citing Colleges are scrambling somehow conceal that, or it cussion about their back- Vermont, are using optional She was heartened by the
concerns that data the cars this summer to respond to a would be a disadvantage to talk grounds, a nuanced way to give supplemental essays to invite messages from schools, but
gather could be a source of Supreme Court ruling that about their life experiences if it applicants an opportunity to further reflections on what she still is worried she will ar-
national-security leaks, The sharply curtails how they can related to culture or race,” she mention how their race shaped shaped an applicant’s identity rive at college and find
Wall Street Journal has re- consider an applicant’s race said. them. or how that identity can con- “there’s no one there that I
ported. in admission decisions. The Common Application “I don’t have a playbook, tribute to the campus commu- can relate to.”
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.
U.S. NEWS
CONCORD, N. H.—Republi-
also cited the effect the service
can have on children, calling it
that the president had the
power to do so. The Biden ad-
ministration withdrew Trump’s
flurry of stops in early-voting
states and has turned to re-
leasing policy proposals.
DeSantis also would seek to
bar companies from sharing
critical technologies with
Raise Cash
can presidential candidate Ron
DeSantis said that if elected he
would look at a national ban of
“very very toxic.” But he
stressed he wouldn’t go as far
as the Restrict Act, a biparti-
order while continuing to scru-
tinize the app.
DeSantis also said he would
His economic plan calls for:
Revoking China’s perma-
nent normal trade relations
China—which the Biden ad-
ministration already has taken
steps toward—and provide in-
By the Tens
TikTok, the widely popular
video sharing app, citing a
growing threat to the U.S. from
san measure introduced in the
Senate that would allow the
president to take action
support government aid for
critical sectors, again in the
context of growing competition
status.
Banning the import of
Chinese goods made from sto-
centives for the repatriation of
U.S. capital from China through
tax abatements and other mea-
Of Millions
China. against an array of foreign with China, singling out na- len intellectual property. sures to secure the supply
“I am inclined to not want software and services from tional security. Congress last Restricting pension-fund chain. BY JACK GILLUM
TikTok in the United States,” U.S. adversaries. year carved out $52 billion for managers from considering DeSantis has increasingly AND ANTHONY DEBARROS
DeSantis told The Wall Street “At the end of the day I the semiconductor industry factors such as climate change criticized the Federal Reserve
Journal in an interview here don’t want big brother to be and research. in investment decisions. and Powell, accusing it of fuel- Political groups supporting
following the release of his getting into everybody’s apps,” “I wouldn’t get carried Making universities re- ing inflation. Interest-rate Republican presidential con-
economic plan that identifies he said. “It’s about vulnerabili- away,” he said, saying the gov- sponsible for student loans and hikes, he has said, have hurt tenders on Monday reported
confronting Beijing as a lead- ties to our country.” ernment didn’t want to play allowing those loans to be dis- average Americans. having tens of millions of dol-
ing priority. “I think it’s creat- It isn’t clear whether the venture capitalists with future charged through bankruptcy. Last week, the Fed resumed lars in the bank to help their
ing a security vulnerability for U.S. government actually could technologies. “But I do think in The U.S.-China trade status interest-rate increases, bring- favored candidates, while also
us. I think they are mining a ban TikTok, which says it has things that are a matter of na- is rooted in a 1999 U.S.-China ing them to a 22-year high. In- footing the bill for expensive
lot of data.” roughly 150 million American tional survival we can be pact struck when Beijing pre- flation has retreated from a advertising, polling operations
The Florida governor also users. Lawmakers in both par- thoughtful of how we’re incen- pared to join the World Trade 40-year high hit last summer, and—in the case of former
said he would work to oust ties see the app as a danger tivizing these industries to be Organization, and it provides with the consumer-price index President Donald Trump—mil-
Federal Reserve Chairman Je- because of concerns that users’ here in the United States.” the most favorable trade terms climbing 3% in June from a lions more in legal fees.
rome Powell before his post data could be transferred to DeSantis is seeking to re- and tariff rates. Trump levied year earlier. That is well below Never Back Down, the super
expires in 2026 and said he the Chinese government. gain footing in the Republican huge tariffs on Chinese-made the June 2022 peak of 9.1%. PAC supporting Florida Gov.
would support rules governing In 2020, then-President presidential primary after goods in an attempt to gain le- Trump nominated Powell, Ron DeSantis, reported nearly
how the central bank sets in- Donald Trump tried to ban stumbles that have eroded his verage, but his trade deals who was given a second term $97 million on hand at the end
terest rates. TikTok by executive order. Two status as the top challenger to didn’t stimulate U.S. manufac- under President Biden. His of June. Make America Great
On TikTok, owned by federal judges expressed doubt Trump. DeSantis has added a turing in their first few years. chairmanship expires in 2026. Again, Trump’s super PAC, re-
ported cash of about $31 mil-
lion. The two super PACs
.
his son were in near daily the testimony. “It’s well Goldman also said that it expenditures on ads, are
communication and that the known that Hunter and his fa- wasn’t always clear that Joe among the biggest advantages
ly
ther speak daily,” said attor- Biden was aware that he was the GOP has in its effort to
By Simon J. Levien, ney Abbe Lowell. “What Mr. on speakerphone with Hunter win back the White House.
Annie Linskey and Archer confirmed today was Biden’s associates. But the former president’s
Byron Tau
in other situations, according was simply to phone. Still, PAC—collectively spent more
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
to lawmakers present for the exchange small Biggs said he than $100 million during the
e
al a
closed-door briefing. talk,” he said. was confident first half of the year, Federal
The associate, Devon Ar- The White GOP probes if that the testi- Election Commission data show.
cher, said Joe Biden and his House has de- president was mony impli- That figure can include trans-
ci on
son never discussed business nied that Presi- cated Biden in fers to other groups affiliated
on these calls, only engaging in dent Biden was involved in son’s his son’s busi- with Trump’s presidential run.
casual conversation about such a party to his ness activities. DeSantis’s Never Back Down
things as the weather. But the son’s business
business Archer’s tes- was the target of a complaint
testimony paints a more de- dealings. White dealings. timony covered by a campaign-finance watch-
er s
tailed picture of how Hunter Devon Archer told a House panel Joe Biden was on speakerphone House spokes- a period when dog, which argued DeSantis and
Biden may have highlighted his at his son’s business dinners but just made casual conversation. man Ian Sams he and Hunter a state group violated federal
m er
close relationship with his fa- said the GOP Biden served on law by transferring millions to
ther as part of his pitch to po- Archer appeared Monday in Committee on Oversight and probe amounted to an “evi- Burisma’s board of directors. it. Representatives for DeSantis
tential clients, and raises fresh front of a GOP-led panel prob- Accountability. dence-free wild goose chase” Comer said that Archer testi- and the PAC didn’t return in-
questions about how much Joe ing the business dealings of Comer said Archer testified and that the testimony Monday fied that Burisma’s owner quiries seeking comment.
Biden was aware of his son’s Biden’s son, the latest in a that there were about 20 didn’t show any wrongdoing. “placed constant pressure on Super PACs let individuals
m rp
overseas business ventures. long-running political drama phone calls including Joe Bi- While running for president, Hunter Biden” to “get help and corporations contribute
Republicans have been about the younger Biden’s den. The calls took place while Joe Biden said he had “never from D.C.” to tamp down Vik- unlimited sums to help a can-
probing whether Joe Biden globe-trotting consulting and Joe Biden was vice president spoken to my son about his tor Shokin, a Ukrainian prose- didate. They’re barred from
had any involvement in his investment work for Ukraine’s and included one during a overseas business dealings.” cutor who was investigating coordinating with the cam-
son’s business dealings. House Burisma energy company and dinner in Paris with a French Rep. Dan Goldman (D., N.Y.), Burisma for corruption. Joe paigns they support.
co Fo
Speaker Kevin McCarthy (R., a variety of foreign entities in energy company and another also on Oversight, said Repub- Biden had called for the A Trump political action com-
Calif.) said Republicans are set places including China. in China with Jonathan Li, the licans had failed to show any ouster of Shokin because he mittee spent at least $21 million
to pursue an impeachment in- Archer testified that Joe Bi- CEO of Chinese private-equity involvement by President Bi- and others thought that the on legal fees as of the end of
quiry of President Biden to den was put on the phone to firm BHR. den in his son’s activities. prosecutor wasn’t aggressive June, an initial review showed
boost their investigatory pow- help Hunter Biden sell what Archer’s testimony “con- “This investigation is a com- enough. Monday. Previously, people fa-
ers. The White House has said he called “the brand,” accord- firms Joe Biden lied to the plete waste of time,” he said. Archer didn’t respond to miliar with the matter said the
Biden was never in business ing to Rep. James Comer (R., American people when he said Archer’s testimony was questions on his way out of the former president’s group spent
with his son. Ky.), who chairs the House he had no knowledge about his “very, very consistent that hearing Monday afternoon. about $40 million. A Trump
campaign spokesman didn’t re-
turn a request for comment.
Shrinks as
West Palm Beach, Fla.
clogged roads also make it
Judge Calls
n-
It Booms 110
Maricopa County, Ariz.
Marico 6
below the skyline, can provide
a good quality of living,” Trump’s
no
Ilcheva said.
100
Miami-Dade County
5
4
Still, there are reasons for
optimism. The influx of wealthy
residents and rising property
Complaints
office towers have a lower va-
cancy rate than other major
U.S. cities. Miami-Dade 95 San Francisco County 2
3 New York- Newark-
Jersey City, N.Y.-N.J.-Pa.
prices are boosting tax reve-
nues and a recent surge in new
construction could bring down
Meritless
County’s unemployment rate is 2012 ’14 ’16 ’18 ’20 ’22 1990 ’95 2000 ’05 ’10 ’15 ’20 housing costs over time. Rent
well below the national aver- growth has slowed and wages BY JAN WOLFE
age and it is creating new busi- Mean hourly wage by metro area* have increased. AND CAMERON MCWHIRTER
nesses at its fastest pace ever. Foreign immigration in-
San Francisco-Oakland-Hayward $45.37
But Miami risks following creased in 2022 from pandemic A judge rejected Donald
the same path as New York New York-Newark-Jersey City 37.77 lows and helped offset some of Trump’s effort to halt the
City and San Francisco, the the American exodus, though criminal investigation he faces
country’s financial and tech
Austin-Round Rock, Texas 30.72 Miami-Dade county’s popula- in Georgia, saying the former
centers, where the growth of All U.S. 29.76 tion still shrank by 21,664 from president’s allegations of
high-paying white collar jobs 2020 to 2022 even with the rise prosecutorial misconduct are
raised the cost of living, send- Phoenix-Mesa-Scottsdale 28.86 in new residents from overseas. meritless.
ing many of those cities’ work- Miami-Fort Lauderdale- 28.36 Some Miami residents who The ruling Monday by a
ing and middle-class residents West Palm Beach left enjoy a lower cost of living state court judge, which fol-
searching for a more afford- *Data are as of May 2022
but have been forced to make lows a similar decision from
able place to live. Sources: Federal Reserve Bank of St. Louis, U.S. Census Bureau (population change); Harvard Joint Center for Housing Studies (ratio);
other trade-offs. Natalie Pena the Georgia Supreme Court in
Despite the economic boom, U.S. Census Bureau (hourly wage) and her husband sold their early July, ends a long-shot
Miami-Dade has experienced a 1,100 square foot home in Mi- bid by Trump to derail Fulton
bigger loss as a share of total self. He sold his Miami home est share of “cost-burdened nomic Opportunity. ami for $440,000. In June, they County District Attorney Fani
population than the city of Bal- for $800,000 and bought a renters” of any major metro- The area can’t match the moved with their son to a larger Willis’s investigation into in-
timore and Wayne County, comparable one in the central politan area: 61% of its rental diverse economic base of cit- home in Ocala, which they pur- terference in the November
Mich., which includes Detroit, Florida city Ocala for $297,000. population are spending 30% ies such as New York, and Mi- chased for about half the price. 2020 presidential election.
over the two-year period. His savings in insurance alone or more of household income ami also has struggled to Still, she’s had some trou- Monday’s ruling was issued
“It’s the middle class, it’s add up to $5,460 a year, he said. on housing, according to a re- match the success of sunbelt ble finding a job. Her husband, by Fulton County Superior
our talent base, it’s our college His property taxes went from port released this year by the boomtowns such as Phoenix a barber, commutes 4½ hours Court Judge Robert McBurney,
graduates moving out for bet- $7,000 to under $2,000 a year. Joint Center for Housing Stud- and Austin in attracting facto- to Miami early on Wednesdays who oversaw a special grand
ter opportunities elsewhere,” “Here you see you can get ies at Harvard University. ries and big corporate head- to service his clients through jury investigation used to ad-
said Maria Ilcheva, census in- so much more bang for your High rents sting because quarters, which bring with Friday night. vance Willis’s investigation.
formation center lead at Flor- buck,” said Perez, who now the area’s hourly wage, though them thousands of jobs. Miami-Dade County’s popu- A Willis spokesman de-
ida International University’s works for D.R. Horton, a na- rising, was below the national Miami is attracting plenty lation doubled between 1970 clined to comment on the rul-
Jorge M. Perez Metropolitan tional home builder. average as of 2022 and a far of new companies. In 2022, and 2010, but growth slowed ing. Willis, an elected Demo-
Center. Miami was already one of cry from earnings in New York 127,895 business applications over the past decade. crat in Atlanta, has been
Jose Perez, a real-estate the country’s least affordable and San Francisco. were made in Miami-Dade “The people who built this investigating alleged election
broker who was born and metropolitan areas before the While unemployment is low, County, according to the U.S. city cannot afford to live in interference by Trump and his
raised in Miami, is among pandemic, which helped drive the county’s labor market by Census Bureau. That was their own homes that they allies for more than two
those who felt priced out. prices up even more. The Mi- one measure lags behind the down slightly from the previ- spent their entire lives in,” years. She said in April that
More than half his clients left ami metro area posted an an- rest of the state. The total num- ous year, but well above pre- said Billy Corben, a local resi- she plans to announce charg-
the area when the cost of liv- nual consumer-price inflation ber of employed people in Mi- pandemic levels. dent and gadfly documentar- ing decisions this summer,
ing began to soar. With in- of 6.9% in June, according to ami-Dade County was slightly But many tech and finance ian who often criticizes local and has told local law-en-
comes of between $70,000 and the U.S. Bureau of Labor Sta- below 2019 levels in May while firms are opening small or politicians’ push for rapid forcement leaders to prepare
$150,000, they were living pay- tistics. That is more than dou- it has increased for Florida as a satellite offices that employ growth. “Once those people for the “significant public re-
check to paycheck, he said. ble the national inflation. whole, according to data from few people. Others are focused are gone, then what is Miami? action” her announcement
Perez soon moved out him- The city also has the high- the Florida Department of Eco- on cryptocurrencies, a market What is left of this place?” could trigger.
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.
Introducing investing
you can personalize
like your latte order.
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Schwab.com
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U.S. NEWS
Ultrasound Therapy
Can Aid Drug Delivery
BY DENISE ROLAND medicines have to travel area. One is ensuring that the
through the thin walls of the disruption doesn’t cause any
Ultrasound, the decades-old capillaries, the body’s smallest lasting damage to tissues. An-
technology known for giving blood vessels, and reach the other is figuring out how fre-
early glimpses of unborn ba- target cells. This is tougher in quently the procedure can be
bies, could hold a key to a some parts of the body than applied—and if there is a limit
problem that has long chal- others. Some tumors are sur- to the number of applications.
lenged drug developers: get- rounded by dense networks of The procedure takes place
ting medicines to hard-to- connective tissue that are hard during drug dosing or soon af-
reach places to treat diseases to penetrate. In the brain, the ter. Typically, the microbub-
CARTHERA (2)
like Alzheimer’s and cancer. capillary-wall cells are so bles are injected intravenously
A cutting-edge approach tightly packed that they form while ultrasound, similar to
that combines ultrasound a barrier that the vast major- the type used for fetal imag-
waves with tiny bubbles of in- ity of drugs can’t get through. ing, is applied at the target Carthera’s ultrasound-emitting device for the brain is
ert gas injected into the blood- The new approach relies on site for around five minutes. embedded in titanium mesh, above, and emits ultrasound
stream can get more chemo- targeted ultrasound waves In one cancer trial, for in- waves when connected to a power source via a syringe-
therapy to tumor cells and that cause vibrations in tiny stance, the microbubbles and like mechanism, shown at left.
enable drugs to breach the bubbles that are injected into ultrasound are administered
blood-brain barrier, one of the the bloodstream. The resulting around an hour after chemo- ducing encouraging results. In In the glioblastoma trial, a cal trial that were exposed to
most stubborn frontiers in the force—which some compare to therapy begins, so that the a small study of patients with small device developed by ultrasound plus microbubbles
human body. It is also being the way an opera singer’s drug is at a high concentration glioblastoma—a type of brain French company Carthera was during chemotherapy shrank
explored as a new way to de- voice can make in the blood at cancer—researchers found used to avoid the difficulty of more than those without the
liver gene therapy. a wine glass the time of the that using the technology in passing ultrasound through ultrasound. The trial is still
“There’s an extremely wide quiver and even procedure. treatment with carboplatin, a the skull bone, which weakens under way at the Royal Mars-
variety of where this sort of s h a tte r— d i s - Cutting-edge While the powerful chemotherapy, re- the power of the sound waves, den Hospital in London, and
drug delivery or augmentation rupts the sur- approach can microbubbles sulted in six times the amount according to the company’s the results haven’t yet been
with ultrasound and bubbles rounding capil- flow through- of the drug in brain tissue that chief scientific officer, Michael peer-reviewed.
can take us,” says Flemming lary walls and get more out the blood- was exposed to the targeted Canney. The ultrasound-emit- The company has devel-
Forsberg, professor of radiol- tissue, tempo- stream, the dis- ultrasound compared with un- ting device is embedded in ti- oped a formulation of mi-
ogy and director of ultrasound rarily creating
chemotherapy ruption in exposed brain tissue. In pa- tanium mesh used to recon- crobubbles mixed with tiny oil
physics at Thomas Jefferson microscopic to tumor cells. tissue only oc- tients treated with paclitaxel, struct a small gap in the skull droplets. When exposed to a
University in Philadelphia. The gaps that have curs in the part another cancer drug, levels after surgery to remove the particular frequency of ultra-
effectiveness of drugs in treat- been shown to of the body ex- were 3.7 times higher where tumor, and sits directly above sound, they combine to tem-
ing diseases like cancer, Alz- ease the pas- posed to the ul- the procedure was applied. the brain. It emits ultrasound porarily form slightly larger
heimer’s and Parkinson’s is of- sage of drugs in early human trasound wave. The effect is Under normal circumstances, waves when connected to a bubbles in capillaries near the
ten limited by poor studies. temporary, lasting for as little both drugs are seldom used to power source via a syringe- target tissue. They press di-
penetration into tissues, he Some key questions must as an hour, and the microbub- treat brain cancer because so like mechanism. The bubbles rectly against the capillary
.
says, whether in the brain or be explored as research pro- bles remain in the blood for little can get across the blood- and the drugs are injected into walls and stay there for lon-
in tumors in other parts of the gresses, says Seung-Schik only around five minutes. The brain barrier, according to the arm by intravenous infu- ger, strengthening and pro-
ly
body. Yoo, a researcher at Brigham tiny size of the bubbles means Adam Sonabend, associate sion. longing the disruptive effects
To get to the places they and Women’s Hospital and as- they don’t pose a risk of caus- professor of neurological sur- Exact Therapeutics, a Nor- that allow drugs to pass into
are needed, many drugs must sociate professor of radiology ing dangerous blockages in gery at Northwestern Univer- wegian company, recently told the target tissue, Exact Thera-
move from the bloodstream
into surrounding tissue. The
at Harvard Medical School
who has done work in this
on
blood vessels, researchers say.
Early human trials are pro-
sity, who was involved in the
trial.
investors that liver tumors in
two patients in a Phase 1 clini-
peutics Chief Executive Per
Walday says.
U.S.WATCH
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WASHINGTON PITTSBURGH
U.S. Space Command Jury to Deliberate
ci on
“Now I just find it to be like Gonzalez said the video was she hired me on Cameo to
the funniest thing in the the best $30 he’s ever spent. break the news, that would
world,” she said. “I just thought it would be hopefully hit a little softer.”
Cameo users can select such a weird, unconventional “Thanks for being a fan,
from a grab bag of celebrities, way to transition from a job,” man,” Myers wrapped up. “I
some famous, such as musi- he said. really hope that you find
cian Kenny G or “Succession” Fortunately, his co-work- somebody. Just not Morgan.
star Brian Cox, and others a ers—including his manager— Leave that girl alone.”
few paces from the limelight, found the video funny. From there, the requests
including former White House Launched in 2017, Cameo for him to do similar videos
press secretary Sean Spicer. was valued at more than $1 kept coming.
The talent set their own billion in 2021—though more “I hope that no one’s using
prices, which range from a recently a downturn has led to content creators to break up
dollar to as much as $2,000. significant layoffs. Competi- with someone they’ve been
Last year, Christopher Gon- tors include the U.K.-based with for like 10 years,” Myers
zalez, a 35-year-old motion- Thrillz, which offers personal- said. “But if they are, my
graphics designer, quit his job ized messages, and California- William Hung, center, formerly of ‘American Idol,’ helped someone quit a job. Cameo also Cameos are cheaper than
by dropping into a company- based Vidsig. features famous people such as singer LeAnn Rimes and Brian Cox of ‘Succession.’ counseling I guess.”
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.
CONGRATULATIONS
TO NEW YORK’S
FOUR #1 HOSPITALS.
U.S. News & World Report named NewYork-Presbyterian,
Mount Sinai, NYU Langone Health and North Shore University
Hospital at Northwell Health among the top 22 hospitals in
the nation, and #1 in New York. We are proud to be a part of
this group, delivering excellent care to all New Yorkers.
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
WORLD NEWS
Strikes Kill Six More Ukrainian Civilians
Residents are angry, slippers she had on when they
ran out of the building.
resilient as Russia They would stay with her
continues attacks mother tonight, they said, but
planned to move back when
far from front lines they could. “It’s our home,”
Kucher’s husband, Serhiy Ku-
BY IAN LOVETT kol, said. “It’s hard to think
about leaving home.”
KRYVIY RIH, Ukraine— Yana Panyuta suffered minor
When Tetiana Kucher heard injuries: The blast threw her
the first explosion Monday against the wall of her home,
morning, she stepped onto her located behind the apartment
balcony and snapped a photo building, and she was briefly
of the smoke billowing up knocked unconscious. When
about a mile away—the type she came to, she knew the drill.
.
missiles, which damaged its ca- and housing,” Ukrainian Presi- nian officials said. trying to get on with their lives. pink socks and blue plastic contributed to this article.
ly
GDP, annualized
quarterly change
8% Eurozone
Europe Returns to Slow Growth, but Headwinds Loom
on
BY PAUL HANNON the end of last year, the cur- the eurozone partly benefited weaker domestic demand,” In a separate release, Euro-
U.S. rency area’s economy returned from a freak 13.7% increase in European Central Bank Presi- stat said the annual rate of
6
Rising borrowing costs and to growth in the three months Ireland, whose GDP has gy- dent Christine Lagarde said consumer-price inflation fell
us ,
stagnating Chinese demand through June, show data re- rated following the fortunes of Thursday. “High inflation and to 5.3% in July from 5.5% in
l
4 for European goods could pave leased by the European large U.S. drug companies do- tighter financing conditions June to reach its lowest level
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the way for another miserable Union’s statistics agency Mon- miciled on the island. are dampening spending.” since the month before Rus-
economic winter for the euro- day. The combined gross do- The eurozone economy is Eurostat didn’t provide a sia’s invasion.
2
zone this year. mestic product of the 20 unlikely to return to the rates breakdown of the factors driv- With wages rising faster
ci on
These headwinds, which in- countries that use the euro of growth it recorded before ing the return to growth, but than in recent decades, some
0 clude the Ukraine war and grew at an annualized rate of Russia’s invasion of Ukraine figures from individual coun- parts of Europe may soon fol-
high inflation, mean the re- 1.1% in the second quar- sent energy and food prices tries indicate that consumer low the U.S. in seeing a return
gion is likely to keep under- ter. That modest pickup mir- surging and shattered business spending held up better than to growth in real wages. And
-2
performing the U.S. for now, rored an acceleration in U.S. and household confidence. during the winter months, despite unusually high temper-
er s
2021 ’22 ’23 according to fresh data and economic growth during the “The near-term economic when high energy bills left atures, southern Europe is see-
Note: Adjusted for inflation and seasonality recent sentiment surveys. same period, and contrasted outlook for the euro area has households with less to spend ing a return to prepandemic
m er
Sources: Commerce Department; Eurostat After briefly shrinking at with a slowdown in China. But deteriorated, owing largely to on other goods and services. levels of international tourism.
Several studio executives learning platform, according to Everywhere All at Once,” said
said AI tools could accelerate a job posting. he loves that these
storyboarding and set design. The unions in- tools allowed him
Producers could use a digital volved in the to reduce some te-
Hollywood
no
GET MIGHTY.
their lips accordingly. rise of AI tools. help illustrate a scene. “The
Some production workers “It isn’t just a danger for thing that sucks about the vi-
say this is all leading down a creative labor in Hollywood. sual-effects industry as op-
dangerous path. Harry Yoon, a It’s a danger for all labor ev- posed to writers or actors is
film editor who has worked on erywhere,” Ruck said. we don’t have a union,” said
such movies as “Minari” and AI company executives say Bilali Mack, a visual-effects su-
“Shang-Chi and the Legend of the point of their tools isn’t to pervisor who recently worked
the Ten Rings,” said he is wor- replace creators, but to allow with Brendan Fraser on the Os-
ried that AI models, if fed them to have more time doing car-winning movie, “The
enough data, could create a the creative parts of their jobs. Whale.”
decent first cut of a scene. “We only hear horror stories Mark Patch, a former visual-
“Pretty soon executives will and fairy tales,” said Cristóbal effects production worker, said
be asking, ‘Why do we need Valenzuela, chief executive of he is trying to organize people
three editors on a series? Why Runway. “It’s much more nu- in a union for entertainment
not two or one?’ ” he said. anced than that…you can’t just industry workers. #5 Business Incentives Program in U.S.
Yoon said there is a value in type in ‘make me a movie,’ and The Motion Pictures Editors
the slow process of humans it will create a movie.” Guild is addressing how AI #7 Overall Cost of Doing Business
watching daily footage and Chad Nelson, chief creative could affect its members in a
#4 Speed of Permitting
hearing lines over and over. coming report, according to a
Entertainment giants have letter the group sent to its mississippi.org
talked to a range of AI players, members earlier in July.
including OpenAI, text-to-video SAG says it wants to ensure
specialist Runway, image-gen- studios obtain “informed con-
erator Stability Diffusion and sent” from actors before using
Adobe, as they explore how to digital replicas of them, and of-
put the technology to use. En- fer talent fair compensation.
tertainment executives say The WGA has said it wants to
some jobs probably would be clearly define that “source ma-
VUK VALCIC/SOPA IMAGES/ZUMA PRESS
WORLD NEWS
Beijing’s Forbidden City Is Drenched With Heavy Rainstorms
.
ly
Export restrictions cess to the most advanced $0 10 20 30 40 50 60 70 ity to make the most advanced are facing challenges getting
semiconductors and the tools Taiwan chips, with key elements in parts. In late June, China’s
seek to stall Beijing’s to make them is starting to their supply chain controlled leading maker of memory
ambitions in AI and
supercomputing
bite, despite loopholes and
workarounds keeping some key
components flowing.
The restrictions also show
on South Korea
Malaysia
Japan
Value of chip imports to China, in billions
by the U.S. and its allies.
Japan on July 23 restricted
the export of crucial semicon-
ductor-manufacturing equip-
chips, Yangtze Memory Tech-
nologies, urged suppliers to
show “integrity” and deliver
machinery parts it had already
BY DAN STRUMPF the obstacles facing China in Vietnam January through May of each year ment, following curbs an- purchased.
us ,
AND CLARENCE LEONG developing domestic alterna- U.S. 2023 2022 nounced by the Netherlands. The U.S. export rules an-
l
tives for some of the most Last month, the largest nounced last Oct. 7 included
e
Philippines
al a
Singapore
export restrictions, which seek making it harder and costlier Ireland warning to investors: Citing as well as restrictions on the
to stall Beijing’s ambitions in for China to gain certain in- tight supply, the company said types of chip-making machin-
cutting-edge industries such as puts,” said Emily Benson, a se- All others it is struggling to get chips ery, components and software
artificial intelligence and su- nior fellow specializing in critical to powering its AI serv- China can import.
percomputing. trade and technology at the regions accounted for the lion’s panies that use U.S. chip- ers, the powerful machines While selling top-end chips
er s
Semiconductor imports to Center for Strategic and Inter- share of the decline in semi- making tools—which virtually used in laboratories and tech and tools to Chinese buyers
China are falling. Chinese com- national Studies think tank. conductor imports. Taiwan, all of them do. companies to develop ad- may no longer be an option,
m er
panies say they are struggling Customs data released by home to Taiwan Semiconduc- There are likely other fac- vanced AI. some Western companies are
to get key components and ma- Beijing in July highlighted the tor Manufacturing Co., the tors at play behind drooping Unable to access the latest benefiting from China’s accel-
chinery. And chipsets that have reality for Chinese buyers of world’s largest chip maker, ac- semiconductor imports. chips, China’s AI contenders erating buildup of domestic
been remodeled to make them high-end chips: Imports of counted for about 40% of the China’s economy is slowing risk falling behind in a sector chip capacity. ASML, the Dutch
less powerful so they fall semiconductors fell by 22% in drop in China’s chip imports amid weaker global demand. that Beijing has said it aims to maker of lithography machines
m rp
within U.S. rules are now value terms during the first six during the first five months of Beijing has also invested heav- lead the world in by 2030. UBS that are critical to chip mak-
threatened by the possibility of months of 2023 from a year the year. South Korea, home to ily in domestic technology in- said it expects global demand ing, posted a 27% rise in sec-
additional restrictions. earlier. Imports of chip-manu- Samsung, SK Hynix and other dustries in a push for greater for AI products to reach $300 ond-quarter revenue, driven in
The distress signals show facturing equipment dropped chip giants, accounted for al- self-reliance, though that will billion by 2027, up from $28 part by sales to China.
Washington’s nine-month-old by 23%. most one-third. The U.S. re- take time to bear fruit. In the billion last year. —Yoko Kubota in Beijing
co Fo
policy of denying Beijing ac- Leading chip-manufacturing strictions affect foreign com- meantime, China lacks the abil- Other Chinese companies contributed to this article.
Recovery Monday by China’s state plan- 60 products from China would cies viewed as necessary to other sharp fall in the nonman-
ning agency to build more appeal to consumers around generate the kind of consumer ufacturing PMI, which also
CONTRACTING EXPANDING
shopping malls in remote areas, 55 the world, deflation would power that might put expan- softened in July, could push it
Continued from Page One boosting investment when economists, reject notions that each month, the PMI is con- leadership is signaling more
omy in springtime has dissi- debt is a problem, as opposed the economy is on the brink of sidered a leading indicator. policy support in the pipeline,
pated in the face of challenges to measures like tax cuts or 40 deflation. After all, Beijing still Subindexes to the PMI though action has been piece-
like youth unemployment that subsidies that might put cash projects 5% expansion in the pointed to a fifth-straight meal. “So far, that has not
no
tops 21%. Along with more directly in the hands of con- 35 Manufacturing gross domestic product in month of contraction in em- translated into the sort of siz-
signs of weak construction sumers and spur more imme- Nonmanufacturing 2023, which would exceed ployment and the lowest read- able fiscal policy stimulus many
and real estate purchasing, diate consumer activity. 30 rates in most major nations. ing on business activity in ser- in the market have become
they are a reminder that China “Looking forward, policy 2020 ’21 ’22 ’23
Still, China’s string of dis- vices since December, when used to expecting,” Carnell said.
can’t be counted on to signifi- support is needed to prevent appointing economic statis- Beijing scrapped its draconian “We don’t think it is coming.”
cantly benefit a global econ- China’s economy from slipping Source: China's National Bureau of Statistics tics, and signs of waning con- Covid lockdown measures. A China’s top decision-making
omy concerned about sustained into a recession,” economists fidence in everything from subindex on construction body, the Politburo, last week
inflation and lower growth, in from London-based Capital Eco- The Wall Street Journal. home values to employment dropped to 51.2 in July—the acknowledged that housing
particular in Europe. nomics told clients in a note. More than a contrast to prospects, suggest to other lowest number since February policies need to be adjusted.
Authorities in China appear The primary data point U.S.’s performance following economists that after decades 2020—from 55.7 the previous China Real Estate Information
reluctant to intervene in sig- published Monday, China’s of- Covid, the sagging economy in of continued expansion the month. Corp., a private data firm, said
nificant ways, even as the pat- ficial manufacturing purchas- China poses risks within and country may be due for the Capital Economics predicts Monday that the 100 largest
tern of weakness saps per- ing managers index, edged up beyond its borders. That is par- kind of reckoning seen in global demand for Chinese- developers in the country sold
sonal and business confidence to 49.3 in July from 49 in ticularly true as deflation pres- other economies, including made goods will cool further $49 billion worth of private
in ways that risk worsening June—but remained below the sures become more apparent. Japan in the 1990s. and weaken the nation’s ex- housing in July, a third less
the downturn. 50 mark that separates expan- Falling prices, as weak cor- Debt fueled much of China’s ports. Monday’s data under- than June and the lowest
A 31-point plan published sion from contraction. The porate performance prompts growth in recent years be- scored that risk, as a PMI sub- monthly sum for three years.
earlier in July aimed at shoring number was slightly better competition and price cutting, cause the economy has pri- index of new export orders —Xiao Xiao,
up the private sector and im- than a reading of 49 expected would pull China’s economy marily been investment-led as dropped to a six-month low, Grace Zhu and Cao Li
proving business sentiment ap- by economists surveyed by lower still, as companies lose the government built bridges, though total new orders im- contributed to this article.
survivors. held every year and always in- take the self-ruled island un- Chinese invasion for decades,
A voice rang out through volve an element of theatrical- der their control, by force if doesn’t fully appreciate the in-
nearby loudspeakers to nar- ity, but this year’s were larger, necessary, despite having creased risk of conflict.
rate the scene for a crowd of louder and more coordinated. never ruled there. Chinese
assembled onlookers. The aim, participants and ana- leader Xi Jinping regards re-
“An assault carried by the lysts said, was to drive home a solving the Taiwan issue as Watch a Video
Chinese causes a bus to over- clear message: War could central to his so-called China Scan this code
turn, several buildings to tilt break out at any moment. Dream of national rejuvena- for a video on
and collapse, and many people It’s a sentiment Taiwan’s tion, saying it’s a task “that how Taiwan is
are trapped,” said the woman. President, Tsai Ing-wen, has should not be passed from preparing to Anti-landing drills were held near a major Taiwanese port on
“The city of Tainan suffers in- been cautious about delivering generation to generation.” defend itself. Thursday. This year’s drills were larger and more coordinated.
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.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, August 1, 2023 | A9
FAMILY
& TECH
JULIE
JARGON
A
pple’s Screen Time
controls are failing
parents.
The company’s
cloud-based Family
Sharing system is de-
signed in part for parents to re-
motely schedule off-limits time
and restrict apps and adult con-
tent on their children’s iPhones,
iPads and iPod Touch models.
Trouble is, parents are finding
that when they use their iPhones
to set restrictions on their kids’
devices, the changes don’t stick.
“We are aware that some users
may be experiencing an issue
where Screen Time settings are
unexpectedly reset,” an Apple
spokeswoman said. “We take these
reports very seriously and we have
been, and will continue, making
updates to improve the situation.”
Downtime, found in Settings un-
der Screen Time, is the tool par-
ents use to define the hours each
day that a kid’s device is limited or
completely unusable. But when
they check the setting lately, they
often see the times they scheduled
have reverted to a previous setting,
or they see no restrictions at all.
This can go unnoticed for days
or weeks—and kids don’t always
.
Apple previously acknowledged
the bug, calling it “an issue where
ly
Screen Time settings may reset or
not sync across all devices.” How-
ever, the company had reported Screen Time settings aren’t sticking; the company says it’s working ‘to improve the situation’
the issue fixed with iOS 16.5,
which came out in May. In
our testing, the bug per-
sists, even with the new
on Despite Apple’s stated fix for
iOS 16.5, lots of parents who are
The first two representatives
he spoke to didn’t offer a fix, he
public beta of iOS 17. running the latest software say said. The third suggested he fac-
us ,
they’re still having problems. The tory-reset his phone then restore
l
Baker family’s devices are all run- the apps and data from a backup.
Broken controls,
e
al a
ning the latest update, pushed out That seemed to do the trick—for a
broken promise last week. Baker has already had few days, then the problem re-
When Apple introduced to redo his Screen Time settings. turned. He finally gave up and be-
ci on
Screen Time in 2018, it My editor Wilson Rothman, gan using Qustodio, an app that
held the promise of an who oversees the Journal’s per- offers subscription plans starting
easy fix for parents’ de- sonal-tech coverage, has seen the at $54.95 a year.
vice-monitoring strug- problem firsthand. He checks While he says it works well, he
gles—no third-party soft- Downtime repeatedly when adjust- adds, “I am very disappointed that
er s
ware needed to set limits, ing hours for his kids, to make I had to spend money on a third-
no futzing with your sure the change takes hold. Now party solution.”
m er
router to shut off the in- running the public beta of iOS 17 Mark Rowe, a father of four and
ternet at night. The bug, on his iPhone, he says it took chief executive of a healthcare
however, is sending many three tries to change one of his company near Boston, had similar
parents in search of those children’s Downtime hours. trouble. He has been checking the
clunky alternatives, or settings closely since his kids have
m rp
considering a switch to Imperfect alternatives been out of school for the summer.
Android devices. Baker says he’s looking into third- When he checked the Family Shar-
Tim Baker, a marketing party apps to manage screen time, ing settings for his 15-year-old
executive in Nutley, N.J., but has privacy concerns with daughter last week, he saw the op-
discovered the problem late last I had to reset things two or three Tim Baker has had trouble getting non-Apple software and doesn’t tion to limit adult websites was
co Fo
FROM TOP: ILLUSTRATION BY KIERSTEN ESSENPREIS; TIM BAKER
year, after the release of iOS 16. times a week,” says Baker, a 25- Screen Time settings to stick for want to pay for something Apple unchecked. “I would never have
He typically got requests from his year Apple devotee. his kids, Daphne, left, and Knox. provides free. turned that off, and she doesn’t
two kids for extra time, and Baker echoes other parents, One workaround would be to have my passcode,” he says.
thought it was odd that he wasn’t saying he relied on Apple’s Screen set screen limits directly on the The problems have made him
hearing from them. He checked Time settings to keep his kids aren’t hacking the system. kids’ devices, which is what I do wonder whether he should switch
the kids’ Screen Time settings and away from age-inappropriate con- In one Apple discussion page, with my kids. But it can be annoy- to Android devices. His kids have
saw the Downtime limits he had tent and put a check on time spent more than 2,300 people indicated ing to set multiple devices for Chromebooks and he says he
established were gone. online. “I want them to get their they were having the same prob- multiple kids. hasn’t noticed problems with
Baker didn’t really think his dopamine hits from other things, lem as the person who posted Zhurang Zhao, an engineer in Google’s Family Link parental
kids, ages 10 and 13, could have and I don’t want to be grabbing about Screen Time limits not stick- San Diego, has encountered simi- controls.
guessed the passcode, but he their phones all the time,” he says. ing. Dozens of parents have also lar problems getting the controls “It’s frustrating that something
changed it anyway just to be sure. Enterprising kids have been complained about the problem on to stick for his 16-year-old daugh- that’s so simple and should work
The problem persisted. “Some- known to find ways around paren- a popular private parenting and ter. He says he contacted Apple doesn’t,” Rowe says. “How much
n-
times I could go for a couple of tal controls. Baker and other par- tech Facebook group. Many others tech support by phone three time can I spend on this every
weeks and be fine and other times ents I interviewed say their kids have emailed me about it lately. times, starting late last year. week?”
no
A
cal development in midlife and age- too old to start a business.
mericans want their midlife ism, which can cause people to be- She returned to Baja five
crisis to be more productive. lieve they are “irrelevant, over the times to attend workshops
This presents, for more com- hill, and that their best years are on entrepreneurship and
panies, coaches and consultants, a behind them,” said Conley. healthcare.
multimillion-dollar opportunity. He created MEA after working at For that first visit, she
Some programs are online and Airbnb, where the home-sharing received a scholarship for a
charge a couple of hundred dollars. company’s young founders dubbed seven-day stay that now
Others take place in exotic spots him a modern elder at age 52. The costs $4,000 to $5,500.
and feature luxury accommodations, workshops aim to help participants
yoga and surfing classes for thou- learn to better navigate stressful Finding a purpose
sands of dollars. Discounts are transitions, including layoffs, divorce Some programs explore
sometimes available. and the death of loved ones. the program consists of three 90- two weekend-long retreats this next acts or spirituality.
Fueling the businesses are longer minute online sessions for about 25 year, in Santa Fe, N.M., and Sag Dallas-based Halftime Institute’s
lifespans, leading more people to Space for self-reflection participants. Harbor, N.Y., for $1,895. Participants offerings include a two-day, $2,500
search for meaningful pursuits in Like the academic programs several “A lot of people suffer through visualize their perfect life and dis- couples retreat and a $25,000 year-
their 40s, 50s and 60s. Some psy- universities have launched for transitions on their own, as if this is cuss fears and motivations around long program. The latter features
chologists call this period a second adults nearing the end of careers, some terrible thing they are going change, said co-founder Jaye Smith. in-person and online sessions, as
adulthood when identity-shaping most midlife courses bring together through,” said Wittenberg-Cox. “Com- On an oceanfront campus in Mex- well as one-on-one coaching on re-
roles, from executive to full-time groups of eight to 50 people. munity is the key to helping people ico’s Baja California Sur, MEA lationships, health, faith and finding
parent to caregiver, can fall away, “These programs give people the realize it’s normal and fairly predict- teaches courses on re-creating ca- one’s calling.
causing some to re-evaluate. space and structure to consider not able at this age and stage to get reers, embracing midlife and optimiz- “Not everyone who goes through
“Transition is a skill we need to just what, but who they want to be restless” and crave change, she said. ing longevity. It also offers week- it is Christian but that’s the per-
master in an era of increased lon- at this stage,” said Barbara Wax- Al Yafai said an exercise that slong online programs on transitions, spective we come from,” said Co-
gevity and change,” said Chip Con- man, a gerontologist who teaches asked her to define what she wants purpose and reframing retirement Chief Executive Jim Stollberg. “We
ley, co-founder of Modern Elder at MEA. from the next seven years led her for $395 to $1,250. It plans to open a talk about a calling, rather than a
Academy, or MEA, which offers on- Nadia Al Yafai, 46, said she dis- to start a consulting business. campus in Santa Fe next year. purpose.”
line and in-person workshops. covered Midlife ReThink, a $385 on- “I went from feeling a bit lost at Lisa Fitzpatrick said MEA, which Consultant Carolyn Buck Luce
Some studies show life satisfac- line program, after being laid off not being part of my old world any- she first attended in 2019, helped leads a group of women through a
tion reaches a low point around the from a U.K. insurer. The program more to realizing there’s this new her face down barriers to success. weekslong online program called
mid-40s, perhaps because of stress proved transformational, she said, world of people doing really inter- Dr. Fitzpatrick, 55, was launching the Decade Game that costs
linked to the demands of work and adding that meeting others who felt esting things,” she said. Grapevine Health, which publishes $2,250. It challenges participants to
family. That juggle, coupled with lit- similarly unanchored comforted her. online health information for low-in- set goals to guide their next decade
tle time for self-reflection, leaves Started in 2020 by Avivah Wit- ‘We still have value’ come communities. She relished the in areas including education and
many people unsure how to ap- tenberg-Cox, a coach and consultant Reboot Partners, which provides opportunity to interact with Conley, purpose. “It’s about being able to
proach their next chapter. who specializes in gender and gen- workshops and coaching on career a veteran entrepreneur. declare the purpose you were called
ISTOCK
Instructors in midlife programs erational balance in the workforce, and other transitions, has organized The Washington, D.C., resident to,” Luce 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.
PERSONAL JOURNAL.
T
ing their batteries again and again
throughout the week, which can
wo years ago, an e-bike add to the stress.
became my de facto gro-
cery-run and commuting How to prevent fires
vehicle. I loved not wor- Protecting your home starts with
rying about gas or park- choosing an e-bike from a reputable
ing tickets. My parents brand with a well-designed safety
bought two of their own to ride system and safety certifications.
around town. Now, I’m concerned The New York City Council re-
about the uptick in battery fires. cently passed a law requiring all
Around the world, more e-bikes mobility devices sold in the city,
are bursting into flames. An apart- including electrified bikes and
ment building in San Francisco’s scooters, to meet Underwriters
Sunset District caught fire in May. Laboratories (aka UL) electrical
In June, flames spread from a and fire-safety standards. The
street-level bike-repair shop in New mandate takes effect in September.
York to upper-floor apartment Wherever you live, looking for
units, killing four people. Another certification—typically a UL logo
fire near Cambridge, England, killed on the underside of a removable
a woman and her two children. battery or charger—is a good idea.
Firefighters suspect these tragic It should have one of these rat-
blazes share the same cause: faulty ings: the UL 2849 standard for a
batteries in electric bikes. bike’s overall system, including
The pandemic and a drop in the battery, charger and drivetrain, or
prices of e-bikes and other battery- the UL 2272 standard for just the
powered vehicles have caused battery pack.
sales to surge. Between 2020 and A good battery system will shut
2022, the U.S. imported more than off charging if it detects something
twice as many e-bikes, from amiss in temperature, voltage or
.
450,000 to 1.1 million, according to current, said Kunal Kapoor, senior
the industry trade group Light manager for quality and compli-
ly
Electric Vehicle Association. People ance for Bosch, which provides UL-
similarly rushed to buy e-scooters, certified electric components to
which have also caused a number more than 100 e-bike brands.
of explosions.
The New York Fire
Department investi-
gated 30 e-bike fires
on In addition to
making sure your
bike meets safety
standards, Kapoor
CLOCKWISE FROM TOP: PHOTO ILLUSTRATION BY RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK (4); SPENCER PLATT/GETTY IMAGES; LONDON FIRE BRIGADE
in 2019. Last year, recommends these
us ,
to reduce the risk. more—than the ones in our per- aftermarket battery pack. A New common compared with e-bikes. flammable materials.
Cheap no-name batteries and sonal electronics, and pose a York City e-bike fire, right, killed four. Cars have cooling systems and It’s also important to read the
chargers pose a particular risk. greater risk. their batteries are more protected, safety manual for instructions. Rad
The charging environment’s tem- On May 20, a folding bike in a she said. (Any EV battery replace- Power, for example, recommends
perature also matters. Here’s why South London apartment began they can overheat, said Anna Ste- ments would also likely take place charging batteries only at temper-
battery fires are so dangerous and smoking, then within seconds an fanopoulou, professor of mechani- through an authorized facility.) atures between 41 and 77 degrees
how to protect yourself. inferno erupted. According to Dom cal engineering at the University E-bikes, on the other hand, Fahrenheit. That could be a chal-
Ellis, deputy commissioner for the of Michigan. don’t have temperature regulators lenge in some places.
Why batteries explode London Fire Brigade, the bike’s This kicks off a vicious cycle and their batteries are more ex- If your bike does catch on fire,
Most e-bikes have rechargeable owner purchased it secondhand to called thermal runaway. The melt- posed to the environment and pos- call emergency services immedi-
lithium-ion batteries, the same commute to work and bought an ing battery materials fuel the sible impact, so minor manufactur- ately. Don’t trust a household fire
that power smartphones and lap- aftermarket battery from an un- flames, emitting more heat, and ing flaws can become problems, extinguisher to do more than put
tops. All these batteries have the specified online marketplace. that heat also creates a flammable Stefanopoulou added. She said the out a small flame. And remember,
n-
potential to fail when damaged, Lithium-ion batteries are popu- gas, she said. In other words, when cheaper batteries can suffer from these fires can spread quickly, so
overcharged or operated in ex- lar because they’re easily re- a battery breaks down, the fire is defects and low quality control. evacuate and leave the firefighting
treme temperature conditions. E- chargeable. But if something fails, self-sustaining and hot. E-bike riders also tend to use to the professionals.
no
MY RIDE A . J. BAIME
A Buffalo Soldier’s
Harley Fits the Bill
Nathan “Motown” Mack, 58, of Soldiers on the road. The more I
El Paso, Texas, a retired U.S. Army learned about them, the more I liked
sergeant major and the president of what they did and what they stood
the National Association of Buffalo for. So after retiring from the mili-
Soldiers & Troopers Motorcycle Club, tary in 2008, I joined.
on his 2016 Harley-Davidson Road Founded in 1993, the Buffalo Sol-
Glide Ultra, as told to A.J. Baime. diers Motorcycle Club is composed
I
of over 5,000 men and women of
started riding motorcycles when I all races, but predominantly African-
was 16. When I joined the military American, who ride and like to do
and I could afford to have my own good in our communities. We call it
bike, I became fascinated with the “doing good in the hood.” We have
freedom that it gave me. One day, I law enforcement, retired law en-
was riding and I saw some Buffalo forcement, veterans, active-duty
military, dentists, teachers, doctors Soldier” regiments of African-Ameri- bike is very comfortable and set up Nathan ‘Motown’ Mack’s 2016
and lawyers, all like-minded people can soldiers formed as part of the for long distances. It has navigation Harley features navigation and a
dedicated to our mission—ride, edu- U.S. military in 1866. Some say the [GPS], a nice sound system and 103-cubic-inch V-Twin engine.
cate and serve. name came from their fierce fight- saddle bags for luggage. It is built
The club takes its name from the ing. Others say it was because these to ride long miles with not a lot of Maker” Thomas lives. From there, I
9th and 10th Horse Cavalry, “Buffalo soldiers had hair like the hide of a maintenance. Oil changes and tires, rode to Detroit to visit family. And
buffalo. As club mem- and that’s it—keep it rolling. from there, to Tampa, Fla., for the
bers, we call ourselves The bike is not just for traveling. Buffalo Soldiers Motorcycle Club’s
NOLIS ANDERSON FOR THE WALL STREET JOURNAL (3)
soldiers and troopers, we It is an attention getter, a conversa- national convention. (We partnered
ride iron horses, and we tion starter. It helps me to break the with Harley-Davidson on a program
like to educate people ice, so I can meet strangers in com- to bring 1,500 new backpacks
about that heritage. munities I go to and begin the work stuffed with school supplies to ele-
I have ridden motorcy- of making a difference for people. mentary-school kids in Tampa.)
cles in every state except A few weeks ago, I left my home- On that last trip, I rode 14 hours
Maine and Delaware. I town of El Paso and rode all the through the rain. One of the most
have ridden across Can- way to Ohio on this 2016 Harley. important things about this bike? It
ada and in Germany. I From there, I rode to Milwaukee to is reliable. It will not let me down.
have other bikes, but this take part in a 120th anniversary cel- I like riding now even more than I
summer I am riding my ebration of Harley-Davidson. From did when I first fell in love with mo-
2016 Harley-Davidson Milwaukee, I rode to Chicago, where torcycles. Because now, I can afford
Road Glide Ultra. This our club founder Kenneth “Dream to really ride. And that’s what we do.
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.
ARTS IN REVIEW
T
ravis Scott was a divi- lines like “Go Ted Bundy, then go
sive figure in the rap home and play Al Bundy” that are
world even before the both clumsy and mean nothing in
2021 tragedy at his Travis Scott particular.
hometown Astroworld performing in But while such groaners crop
Festival in Houston, in Miami in July up regularly on “Utopia,” the al-
which a crowd-crush incident dur- bum’s sonic wonders provide bal-
ing his set led to 10 deaths and ance. The gorgeous “My Eyes” fea-
hundreds of injuries. Though Mr. tures the voice and glitchy
Scott—born Jacques Webster in electronics of Justin Vernon of
1991—was enormously popular, Bon Iver and an equally great
with two No. 1 studio albums and cameo from soulful English singer
four No. 1 singles, his rapid rise Sampha on a song that conveys
was often greeted with skepticism mournful resignation. And the
by hip-hop aficionados, who felt
that his music was light on sub-
stance and that his lyrics had little
to say. He was further criticized The album features a
for his reaction to the concert di- psychedelic sound,
saster after he offered a jumbled
apology via video that didn’t seem his signature vocals
to match the gravity of the situa-
tion, and some believed that he
and major guests.
bore personal responsibility, given
his onstage encouragement of fan
intensity. Though the rapper was
never formally accused of wrong- menacing “Meltdown,” with an
doing, he’s mostly kept a low pro- opening rap by Drake, has a pro-
file in the two years since, con- gressive structure that feels like
tributing to a handful of singles by three tracks in one, as it moves
other artists. from eerie string samples to the
That all changed last week with thick bass growl of rap subgenre
the announcement and release of drill and ends with a coda of
“Utopia” (Cactus Jack/Epic), Mr. strummed acoustic guitar. Beyoncé
Scott’s fourth studio album and drops in for a fleet rap to open the
the follow-up to his smash 2018 LP brisk and jazzy “Delresto
“Astroworld.” His timing is good. (Echoes)” and then switches to
So far, 2023 has been short on singing as Mr. Scott joins her
“event” records in hip-hop, and as while Mr. Vernon once again con-
Rolling Stone reported early in tributes vocals.
July, it’s been a weak year for the One reason rap is faltering on
genre on the charts. Mr. Scott has the charts is because regional
a chance of single-handedly MUSIC REVIEW | MARK RICHARDSON scenes have been ascendant. Hip-
changing the narrative with a col- hop today is a fragmented and
.
cord—and its star-studded guest the music is created at home by
list. “Utopia” is deliberately the young. “Utopia” is fun in part
ly
framed as a blockbuster, the kind Travis Scott’s album is a genre highlight during an otherwise sleepy year because it pushes forcefully
of release every fan of the genre is against that lo-fi trend. It’s a
forced to engage with. And while highly polished and sophisticated
it won’t do anything to change the
minds of those who have ques-
tioned Mr. Scott’s writing skill, it’s
a consistently strong and occa-
on
dozens of producers, songwriters
and guest vocalists appear on the
record, Mr. Scott and studio col-
laborators, including Mike Dean
“Modern Jam,” is produced by
Guy-Manuel de Homem-Christo,
better known as one half of Daft
Punk, and the sleekly minimal
teller are clear, his voice is one of
the most distinctive in rap this
century. It’s gravelly and slightly
nasal at the same time, and it’s
production that probably involved
some expensive studio bills, never
mind the cost of features by big
names like the Weeknd, SZA and
sionally thrilling collection of (Kanye West, the Weeknd), have pulse is the perfect backdrop for both a deeply physical sound and 21 Savage. Yes, it’s too long and
us ,
songs. assembled the pieces into a coher- Mr. Scott’s melodic verses. The one that lends itself well to elec- ultimately doesn’t have a lot to
l
Mr. Scott’s two greatest assets ent whole. song is an “I’m back!” statement, tronic processing. This combina- say, but take a long drive with
e
al a
ALEXANDER TAMARGO/GETTY IMAGES
are his taste in production and the The first track, “Hyaena,” and he’s not saying anything par- tion gives Mr. Scott’s rapping a fu- “Utopia” turned up loud and you’ll
resonance of his voice. Since the opens the set with a quaking ticularly profound—“Know it’s turistic sheen, and he always understand why we’ll probably be
beginning of his career, he’s ex- bassline and drums that sound been a year since I seen the road / comes across as “new” even when hearing tunes from it in public
ci on
pressed admiration for rock and like a herd of cattle stomping over Had me inside like I’m on parole” you listen to tracks from several spaces for many months.
pop artists with an experimental a smashed steel gate, and after ef- is a representative couplet—but years ago. That said, he tends to
streak, such as Björk and Radio- fortless high-speed rapping from “Modern Jam” lives up to the bill- skim the surface when he raps and
head, and “Utopia,” like “Astro- Mr. Scott it concludes with a sam- ing of its title. frequently makes the most obvious Mr. Richardson is the Journal’s
world” before it, is packed with ple from Funkadelic’s “Maggot While Mr. Scott’s limitations as choices. On the fifth cut, “God’s rock and pop music critic. Follow
er s
lushly psychedelic beats. Though Brain.” Another early highlight, a line-by-line lyricist and story- Country,” that means delivering him on Twitter @MarkRichardson.
m er
chise. Jeff Rowe directs the cast that includes Rose Byrne, The Migos cofounder is of some
back with his second solo out- 45 46 recliners
ing, the first music he’s re- 40 Buildings
leased since the 2022 killing of 47 48 49 50 51 52 53
with haylofts
no
SPORTS
JASON GAY Top, Gunnar Henderson, right, and
A forlorn American League franchise lifts itself from the basement. Playoff fever beckons. year old former No. 1 pick called
up to great hype in 2022 and deliv-
ering ever since. He’s surrounded
by key contributors that Baltimore
developed like Anthony Santander
(18 home runs, including a walk-
off Friday), Cedric Mullins (out,
but due to come off the injured list
soon), Austin Hays and this year’s
dream, the Bunyanesque rookie
shortstop Gunnar Henderson. More
is to come; the Orioles system is
considered tops in the league.
Vibes abound. There’s dugout
fun with players drinking from a
celebratory (water!) funnel and a
“Bird Bath” in left field with nota-
ble guests dousing eager paying
fans with a hose. (Sunday’s Mr.
Splash: Maryland Gov. Wes
Moore.) There’s a lights-out closer,
Félix Bautista, who walks out of
the bullpen to a whistle of “Farmer
in the Dell,” famously deployed by
the vigilante Omar Little in the
Baltimore HBO saga “The Wire.”
It’s an upbeat story in a major-
league season that’s full of them.
FROM TOP: SCOTT TAETSCH/GETTY IMAGES, ROB CARR/GETTY IMAGES
.
Rays remains thin, and not a sin-
gle team in the division is under
ly
.500, not even the cellar-dwelling
Yankees. The Blue Jays
Baltimore a playoff town: When kids are imi- are the Blue Jays and
Good morning from
Baltimore, where the
mighty, mighty Ori-
oles own the best re-
on
tating batting stances, the local
club is actually an upbeat conver-
sation topic, games are nightly
theater, a glorious ballpark is fi-
Red Sox fans are starting
to get chatty. Baltimore’s
bullpen has been iffy
lately outside of Bautista,
cord in the American nally refilling and a hope that and they still need more
us ,
League, are now perched atop the flickered last season has grown quality starting pitching.
l
AL East, and may have drained the into a full-sized mania. Of course, few teams
e
al a
final puffs of East Coast media hub This baseball outfit was pure don’t.
entitlement out of the last-place misery not long ago—110 losses in Oriole madness has
New York Yankees. 2021, 108 in 2019 and 115 in 2018. reached the point where
ci on
The Yanks look like expensive The regal Ripken era was long there was genuine talk
duds, but the Birds are soaring. dead and gone. You could sit in a over whether prospect-
The tantalizing, maaaaybe jinx-y desolate Oriole Park, read a book, rich Baltimore should go
playoff ticket email arrived the hear the players sneeze, and have all-in for a Shohei Ohtani
other day—place your deposit for a choice of foul balls roll to your trade, even if it meant
er s
next year, if you want priority ac- toes. only two months of free-
cess to the 2023 postseason. ESPN But the Orioles finished the agent-to-be Ohtani at
m er
showed its makeup-powdered face 2022 season 83-79, flirting with Camden Yards. That’s
at Camden Yards on a Sunday wild-card scenarios into Septem- cooled off now that the
night for the first time in eons. ber. This year they have been star- Angels say Ohtani is no
The other day, my kid’s 94-degree tlingly consistent, opening the sea- longer on the market.
summer baseball practice broke son with a 5-for-5 Rutschman (It honestly wasn’t a
m rp
into a spontaneous chant in honor romp over Boston and hanging bad idea.)
of Baltimore’s second-year catcher with formerly first-place Tampa Barring a meltdown,
sensation: Bay all season before overtaking Baltimore should remain
Ad-ley Rutsch-man! the Rays a week ago. Orioles enjoyed complimentary roll barely a fifth of the $364 mil- a contender. September will be
Ad-ley Rutsch-man! This isn’t a fluke. The O’s are batting practice, scoring seven lion inferno the Mets may just cooking, Orioles orange will com-
co Fo
The same practice featured an happening. first-inning runs—gave Baltimore a dump onto eBay. Instead they have pete with all that Ravens purple,
8-year-old catcher teaching him- As of Monday morning, Balti- series win and sent a lot of visit- won via an innovative alternative, and those merry fans in left field
self to switch hit, just because more sits 64-41, tops in the AL and ing pinstripes home early in the novel to Major League Baseball will have to decide how they feel
Rutschman does it, too. (Did you the second-best record in all of Amtrak Sad Car. and professional sports in general: about getting doused when it’s 52
see the All-Star Home Run MLB, behind only the sizzling At- These Birds aren’t Goliaths. They kind of have a plan. degrees and windy.
Derby?) lanta Braves. A 9-3 rout Sunday They still occupy a discount nest, Specifically, they have youth, I think Baltimore will be OK
That’s when you know you’re in over the Yankees—in which the with a bottom-of-the-league pay- lots of it, led by Rutschman, a 25- with it. The Birds are real.
BY LAINE HIGGINS
no
Big 12 for the 2024-25 season. The deal that will generate upward of
Buffs’ move comes just a year af- $800 million annually, according
ter UCLA and Southern California to a person familiar with the 10-
announced their year deal, and
blockbuster depar- stands to bring in
160
tures from the even more when
Pac-12 for a much Texas and Okla-
richer future in the homa join the ros-
Big Ten. ter. The Big Ten Colorado last week said it would leave the Pac-12 Conference to join the Big 12 for the 2024-25 season.
In the span of a Number of Pac-12 titles made deals to add
year, the Pac-12 has cent school year marked the 17th
lost a quarter of its
across all sports since UCLA and USC, and
its latest broadcast consecutive year that the Pac-12
its annual television revenue, but
it did distribute an average of $58
traditional television and most im-
portantly digital media.”
members and is 2006-07 are the most deal is worth ap- has led or tied for the most NCAA million to its 14 members during In a statement Thursday night,
suddenly closer to of any Division I league proximately $7.5 championships across all sports that same period. The SEC gener- the Pac-12 said it was eyeing ex-
its roots as the billion over seven among Division I conferences. ated $540 million from television pansion. There’s just one problem:
Pac-8 than it is to years. But money matters more than and radio broadcast rights and There are few potential new mem-
the 16-team super George Kliavkoff, shiny trophies, which is a big rea- disbursed $49.9 million on average bers, like San Diego State or
conferences that the Big Ten and a media executive widely credited son why UCLA and USC bolted last to members. The figures for both Southern Methodist University,
SEC have built. for launching online streaming summer. Their exits destabilized the Big Ten and SEC will grow that could tangibly increase the
“Pac-12, Pac-10, whatever it is platform Hulu, who succeeded the Pac-12 and made it harder for substantially when the leagues’ size of the league’s media rights
in the future—all the best,” Colo- Scott in 2021, is left trying to ne- Kliavkoff to course correct with a new contracts take effect in 2024. pie.
rado regent Lesley Smith said af- gotiate a new broadcast deal at a favorable new media deal. Rather In February, the Pac-12 said in a Two weeks ago, Kliavkoff told
ter the board voted to rejoin the time when the conference is than extend the current contract, statement that a broadcast deal reporters that “the longer we wait
Big 12, the conference for which it shrinking and hasn’t announced a he opted to go to the open market would materialize in the “very for the media deal, the better our
competed from 1996-2010. plan to stop the bleeding. and has spent the better part of near future.” Five months later, options get.” That might not be
The Pac-12’s recent history has Kliavkoff has made a point of last year trying to strike a deal, a it’s still not done. true anymore.
been defined by the pursuit of noting that the conference’s strug- task that just got harder with the According to people familiar There may not be a scenario in
television revenue. Former com- gles come against a backdrop of Buffaloes’ defection. with the matter, Kliavkoff recently which the Pac-12 closes the reve-
missioner Larry Scott tried—and success. The league hasn’t won a The revenue gap the Pac-12 is planned to show definitive num- nue gap with its peers. A sports
failed—to expand to 16 members national title in football or men’s facing is also on the cusp of grow- bers to the Pac-12 CEO Group, media consultant with experience
in 2010. When he negotiated the basketball in years, but it has won ing larger. According to tax re- which includes presidents and negotiating collegiate contracts
conference’s current broadcast a lot of others. Even though it was cords, the Pac-12 brought in $385 chancellors from the member in- said that a broadcast deal that
deal with ESPN and Fox, the 12- in “last place with respect to reve- million in revenue from its televi- stitutions. He didn’t, though the pays out $30 million per school
year $3 billion deal was a high wa- nue across the Power Five,” he sion partners during the 2021-22 commissioner did tell reporters would constitute a major win.
ter mark for the industry. Like its noted, its 160 championships since fiscal year and disbursed an aver- that the Pac-12 had “significant in- That would keep the Pac-12 in last
competitors, the conference also 2006-07 are the most of any Divi- age of $37 million to each school. terest from potential partners in- place among major conference
created its own TV network to air sion I league. Indeed, the most re- The Big Ten doesn’t break out cluding both incumbents and new revenue-wise.
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.
OPINION
Devon Archer Throws a Curve BOOKSHELF | By James B. Meigs
Up to now the
big question
about Joe Biden
the very least, it exposes Mr.
Biden’s gaslighting of the
American people in 2020.
contrary to his father’s asser-
tions, he did receive a small
fortune from Ukrainian and
characteristics—four—five
former heads of the CIA, both
parties, say what he’s saying
The World
and 2024 has
been whether
he’ll be physi-
cally up for the
Hunter featured promi-
nently in both presidential de-
bates because Donald Trump
kept bringing him up. The first
Chinese firms.
Then there’s the $3.5 mil-
lion 2014 wire transfer from
Elena Baturina, widow of the
is a bunch of garbage.”
This was also untrue. The
“50 former national intelli-
gence folks” Mr. Biden invoked
In a Whirligig
MAIN
STREET debates.
former Hunter
But mention came in the Sept. 29
debate in Cleveland. After Mr.
former Moscow mayor, that
Mr. Trump harped on.
did suggest the laptop could
be Russian disinformation. But
The Science of Spin
By William
Biden business Biden criticized President Hunter’s lawyer has said his we now know the laptop was By Roland Ennos
McGurn
associate Devon Trump’s China policy, the in- client had no interest in and Hunter’s—and the former intel (Scribner, 271 pages, $28)
M
Archer’s closed- cumbent said: officials were the ones spread-
door testimony to the House “China ate your lunch, Joe. ing disinformation. ore than a few authors have found success with
Oversight Committee on Mon- And no wonder your son goes Joe Biden’s denials In short Mr. Biden wasn’t books that look at a broad swath of history, ideas
day, on the heels of Hunter’s in and, wha—he takes out telling the truth about Hunter or science through the lens of a single topic. The
failed plea, raises another billions of dollars. He takes about Hunter are now during the debates, and there trend might have begun with James Gleick’s “Chaos” (1987),
question: Will the president out billions of dollars to disproven. What will is no way to defend those an- which explored the surprising role of randomness in nature.
have to apologize for mislead- manage. He makes millions of swers today. In the runup to Less abstractly, Mark Kurlansky took a tight-focus approach
ing the public during the 2020 dollars. And also, while we’re he say in the debates? next year’s election, we are in “Cod” (1997) and Mary Roach in “Stiff” (2003), a book
debates, when he categorically at it, why is it just out of cu- likely to learn even more as about, of all things, cadavers.
denied his son’s influence-ped- riosity, the mayor of Mos- the congressional investiga- Roland Ennos elevates this approach to dizzying heights
dling overseas? cow’s wife gave your son 3½ wasn’t a co-founder of the re- tions continue. in “The Science of Spin.” The notion that lots of things
All this would have gone million dollars?” cipient firm. But Mr. Archer is Even the Biden White spin—everything from toy tops to hurricanes—might seem
away if Hunter’s plea agree- He then asked: “What did linked to the firm—and he also House recognizes that the pedestrian. But Mr. Ennos, a professor of biological sciences
ment hadn’t blown up in fed- he do with Burisma?” knows how Hunter’s deals president’s blanket denials are at the University of Hull, wants us to understand that spin
eral court. Prosecutors told Altogether Mr. Biden de- were structured. Maybe we’ll no longer credible. No doubt is fundamental. It plays a
the court that Hunter might clared “that is not true” or learn more from the tran- it’s why press secretary Karine part in the functioning of
still be charged with failing to words to that effect eight script. Jean-Pierre recently switched our bodies and the design
register as a foreign agent. times. He said seven times Mr. Biden continued issuing the official party line from of our infrastructure. It can
Then came Mr. Archer’s that Mr. Trump’s assertions absolute denials in the second “the president never discussed also, of course, be found in
Monday testimony. According were “discredited,” sometimes debate, on Oct. 22. Again Mr. his son’s business with him” to the orderly motion of our
to a statement by Chairman “totally discredited.” Near the Trump wouldn’t let it rest. “If “the president has never been planet and, indeed, of the
James Comer, Mr. Archer tes- end he added, “My son did this stuff is true about Russia, in business with him.” universe. Mr. Ennos hopes
tified that Joe Biden joined nothing wrong at Burisma.” Ukraine, China, other coun- The real danger for Mr. Bi- that “The Science of Spin”
phone conversations with Mr. Trump wouldn’t let it tries, Iraq—if this is true, then den in the 2024 debates is if will enable readers to “finally
Ukrainian energy giant Bu- rest: Hunter “made a fortune he’s a corrupt politician,” he the Republican candidate asks be able to understand what
risma, a Hunter client, to “sell in Ukraine, in China, in Mos- said. Mr. Trump then brought him the obvious: “Mr. Presi- really makes the world go
the brand.” Mr. Archer further cow and various other places.” up the “laptop from hell,” dent, we have learned since round.”
said that Burisma pressured Mr. Biden again denied it: prompting Mr. Biden to imply 2020 that almost everything He begins by recounting
Hunter to get help from “D.C.” “That is simply not true.” it wasn’t Hunter’s. you claimed about your son’s how British engineers under-
regarding prosecutor Viktor Mr. Biden counted on a com- “Look,” he said, “there are business overseas the last estimated the power of spin
Shokin, for whose firing Vice pliant press to move on, and it 50 former national intelli- time you were on this debate when designing the ground-
.
President Biden pushed. largely did. But then the Bidens gence folks who said that stage was untrue. Why should breaking Sopwith Camel biplane during World War I. In a
This doesn’t prove Joe Bi- came up against Judge Maryel- what this, he’s accusing me the American people believe traditional aircraft, the motor is mounted to the fuselage
ly
den discussed business terms len Noreika. She confirmed of, is a Russian plan. They anything you say now?” and spins a shaft with a propeller at one end. In the Camel,
or shared in any profits. But at with Hunter Biden himself that, have said that this has all the Write to mcgurn@wsj.com. the shaft was locked to the airframe while the entire
motor spun furiously, along with a conjoined propeller.
With India well-known think tank (Cen- keep the focus on the larger tionship will take at least as spin lightly, Mr. Ennos rewinds his story roughly to the
l
slated to pass tre for Policy Research) to interests that unite us. much work. While India al- beginning of time. We learn how the big bang “formed
e
al a
Germany and the BBC and limited the abil- This is where the scarcity ready sends hundreds of thou- huge swirls in the clouds of gas that it produced.” The
Japan to be- ity of Indian nongovernmen- of real Indian expertise in sands of students to American eddies acted as nuclei for the formation of stars, galaxies
come the tal organizations (including America creates problems. universities, and the Indian- and all the rest. “Spin,” he writes, “is the very reason our
ci on
world’s third Christian groups) to receive Hundreds of thousands of American community operates universe is here at all.”
GLOBAL
largest econ- money from abroad. Authori- young Americans have lived effectively as ambassadors Mr. Ennos endeavors to persuade us—the Sopwith
VIEW
omy by the ties have at times been slow and studied in China over the and interpreters between the Camel episode aside—to be thankful that our universe
By Walter
end of this de- to respond to complaints by past 30 years, but a relative two cultures, a much broader has so much spinning in it. The chaotic cloud of gas that
Russell Mead
cade, getting religious minorities about vi- handful went to India. An engagement is needed. evolved into our orderly solar system could have done so
er s
India right has olent attacks or discrimina- even smaller number studied Government can do its only by spinning. We are particularly blessed by the way
become a critical task for tory state legislation. Indian languages. While many part. Washington should step our home planet spins at just the right speed. Its rotation
m er
American policy makers. Government and party offi- up funding for the study of creates Earth’s magnetic envelope, which keeps us safe
But a week of talks with cials argue that Indian reali- Indian languages and history. from deadly solar radiation. On Earth’s surface it seems
political, religious and busi- ties are complicated. They The two very different It should simplify the process that everything from the atmosphere to ocean currents is
ness leaders aligned with the claim Mr. Gandhi’s forced exit for issuing visas to Indian in a state of spin, constant mixing and stirring processes
ruling Bharatiya Janata Party was a judicial matter, that democracies are only scholars, journalists and that moderate temperatures, reduce wind speeds and regu-
m rp
has reminded me how difficult state rather than federal au- partially united by a businesspeople and work late rainfall. In short, spin makes the world “a marvelous
this relationship can be. The thorities are responsible for with Indian officials to pro- place in which to live.”
U.S. and India are both de- many of the decisions that common language. mote cooperation between Mr. Ennos really gets rolling when he describes how
mocracies. They are both ea- trouble international human- universities and other civil- much of human flourishing through history has involved
ger to offset Chinese power in rights groups, and that past society groups in the two harnessing the power of spin. We learn how Paleolithic
co Fo
Asia without war. But the dif- governments under the BJP’s educated Indians speak Eng- countries. people used bow drills—wooden spindles that could be
ferences between the two so- political rivals have done the lish, a large majority do not But government action spun rapidly by a loosely strung bow—to start fires, drill
cieties are profound. It will same or worse. They make comfortably read or write in alone won’t be enough. A gen- the holes needed for making tools and even perform simple
take skill, patience and under- some valid points, but the it, and without access to the eration of young Americans dentistry. Finding new ways to spin things made early
standing to make the relation- chorus of criticism from vernacular press and public, needs to study and live in In- civilization possible: Winding cotton and wool fibers into
ship work. American human-rights or- American ideas about Indian dia, learning local languages thread allowed us to start wearing fabrics instead of animal
There is much about India ganizations continues to grow. politics and culture are inevi- and cultures. Programs bring- skins. Long before the Industrial Revolution, humanity’s
that most Americans don’t Unless handled intelligently tably skewed. ing young Americans to India crucial inventions usually involved rotation: grindstones,
understand, and few Ameri- on both sides, problems like During the Cold War, Amer- to teach English while learn- potter’s wheels, treadmills and all manner of pumps.
cans know India well enough this could throw a wrench icans and our principal allies ing about Indian culture and
to explain it to the rest of us. into diplomatic relations. The understood that the Atlantic history would help both coun-
Indian democracy is even reflexive American response Community and the U.S.- tries. Businesses should invest From early on, humanity’s key inventions involved
more complicated and messier to perceived democratic back- Japan relationship needed in deepening the ties that will rotation: grindstones, potter’s wheels, treadmills,
n-
than the American variety, sliding—a mix of high-minded people-to-people ties to be- enable the economic relation-
and elements of Indian life, lectures and threats of sanc- come enduring and strong. ship between the two coun- pumps. The wheel, though, has been overrated.
ranging from communal vio- tions—infuriates Indians, Governments funded lan- tries to reach its full poten-
lence to reflexive suspicion of whose skepticism about guage-study programs and tial. Philanthropy needs to
no
both capitalism and the U.S., American virtue has deep promoted exchanges. Civil-so- make the relationship a prior- Not that Mr. Ennos’s story is simple tech triumphalism.
anger, puzzle and frustrate roots. No Indian government ciety groups ranging from Ro- ity, providing universities and Contrarians especially will enjoy his account of what he
Americans trying to engage. can afford to be seen bowing tary clubs and local chambers think tanks with the resources calls “the underwhelming wheel.” People often regard the
Under the current BJP to foreign demands. of commerce to universities to build up their India-focused invention of the wheel as the paradigm of a world-changing
government, Indian authori- Indians are sometimes and foundations joined in a programs. innovation. In fact, Mr. Ennos says, wheels—at least the
ties have taken some contro- right about American hypoc- prolonged effort to build the Deepening our relationship kinds used for transportation—weren’t all that useful
versial steps. Opposition risy and arrogance; Ameri- West into a community. This with India enhances American through most of human history. Before the development of
leader Rahul Gandhi was de- cans are sometimes right wasn’t always easy in the security and promotes Ameri- engineered roads, the ground was just too rough to make
prived of his parliamentary about misguided Indian poli- wake of World War II—Ameri- can economic growth. Invest- wheeled transport much of an improvement over walking
seat following a relatively mi- cies. Even so, the two coun- can relationships with Ger- ing in that relationship should or riding on horseback. The Incas, Mayans and Aztecs
nor legal finding. Indian offi- tries must work together. We many and Japan were not ex- be one of our highest national created toys that rolled on four wheels, Mr. Ennos notes,
cials have used tax laws to need to find ways to address actly love matches. priorities. but they never created adult-size versions. Without metal
tools, it wasn’t possible to make durable wheels out of
wood.
FDR Made the Depression Great Again The pace of Mr. Ennos’s narrative quickens with the
advent of the Industrial Revolution. Water wheels power
cotton gins and weaving machines, and turbines spin faster
By Jason Taylor highway to recovery, largely were forced to raise hourly overwhelming the enforce- still. Steam engines evolve year by year as an increasingly
A
thanks to Roosevelt’s policies. wages. ment offices. mobile power source, until steam is supplanted by diesel
n exotic bird landed on But what good policy giv- The Blue Eagle insignia, By the time the Supreme and gasoline. Trying to keep up may leave some readers’
American soil 90 years eth, bad policy taketh away. In with its accompanying mes- Court ruled the NIRA uncon- heads, well, spinning.
ago Tuesday. At first June 1933 Roosevelt signed sage, “We do our part,” was stitutional in May 1935, even Mr. Ennos’s final chapters explore the ways in which
the public celebrated the Blue the National Industrial Recov- created to ensure compliance Roosevelt had acknowledged humans embody rotational mechanics in work and leisure.
Eagle emblem, symbol of ery Act (NIRA), which re- with the NIRA. Companies privately that this “whole We see how pitchers and golfers wind up before unspooling
President Franklin Roose- quired firms to meet with that violated the act’s labor or thing is a mess.” After the as much energy as possible into the balls they put in play.
velt’s ambitious agenda to competitors and construct a cartel rules were barred from Blue Eagle’s demise, the na- Mr. Ennos wants us to understand the human body as a
improve the economy. The ea- “code of fair competition.” publicly displaying the Blue tion’s recovery resumed and sort of machine, one with hinges and levers that amplify
gle became ubiquitous in Eagle. FDR urged Americans manufacturing output rose rotational forces. Our “complex jointed bodies,” he says,
store fronts, advertisements to boycott them. 50% over the next 18 months. are in many ways superior to mechanical systems.
and movie trailers. In Sep- How the blue eagle, Predictably, the NIRA was a While it’s impossible to say “The Science of Spin” moves too fast to spend much time
tember 1933, 1.5 million peo- symbol of a 1933 law, disaster. Companies re- exactly how the U.S. economy getting to know the people behind the story. When Mr.
ple lined the streets of New sponded to forced wage in- would have fared without the Ennos discusses figure skating, for instance—a sport that
York City for a nine-hour Blue had its wings clipped. creases by scaling back em- NIRA’s enactment, we do seems to be almost nothing but spin—he breaks down what
Eagle parade. ployment. And colluding firms know one thing: The Great De- happens when a skater pulls in her arms to accelerate
But few mourned when the did what cartels generally pression would’ve been a lot rotation. The physics are fascinating. But one wishes that
bird was scrapped after two Over two years, 557 codes do—they restricted output less depressing. As he signed he had interviewed a figure skater to ask: How does it feel?
years. Instead of working its were implemented in indus- and raised prices. the NIRA, FDR said it was Mr. Ennos closes by bemoaning the fact that many
promised wonders, that “buz- tries ranging from steel to While manufacturing out- “the most important and far- scientists lack an “intuitive feel for the science of spin.”
zard,” as Henry Ford called it, fishing tackle. put rose an unprecedented reaching legislation ever en- Too often, he says, they turn to equations to model the
helped put the “Great” in the These codes permitted col- 78% between March and July acted.” It was important, far- behavior of spinning objects when they should start with
Great Depression. lusive actions that would oth- 1933, it fell sharply after the reaching and disastrous. close observation. School children, he argues, should be
The tragedy is that during erwise violate antitrust law. Blue Eagle’s arrival. By No- given more time to experiment with tops and gyroscopes.
Roosevelt’s first months in of- Businesses that were found vi- vember two-thirds of the re- Mr. Taylor is an economic These simple toys can teach us about the beautifully
fice the U.S. economy made olating the codes—say, charg- covery gains were lost. Output professor at Central Michigan balanced, dynamic nature of our universe. And, whether
tremendous strides. Between ing a price below the code- didn’t pick up until a year University and author of “De- we are tossing a Frisbee or designing an airplane, that’s
March and July 1933, employ- specified one—could face hefty later, when business owners, constructing the Monolith: The something we should all take a little time to appreciate.
ment, production and spend- fines and imprisonment. For irritated by the Blue Eagle, Microeconomics of the Na-
ing all increased sharply. The their membership in govern- quit “doing their part” and tional Industrial Recovery Mr. Meigs is the former editor of Popular Mechanics and
nation seemed to be on a ment-enforced cartels, firms openly violated the codes, Act.” a senior fellow at the Manhattan Institute.
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.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
DeSantis’s Unstable Economic Fusion Racial Preferences Are Entrenched in U.S. Law
R
on DeSantis is trying to recharge his As for college, he wants to stop government There are reasons to be skeptical of the 1964 Civil Right Act’s Title VI
2024 campaign, and his economic subsidies for “useless degrees” by making “uni- Judge Glock’s claim that “Racial Pref- funding-cutoff threat, will now go
erences in Contracting Face Legal looking for “disparities” to “remedy.”
speech in New Hampshire on Monday versities, not taxpayers, responsible for the
Peril” (op-ed, July 26). First, Presi- Let’s be realistic. Someday, some-
was a reasonable place to loans their students accrue.” dent Lyndon Johnson’s Executive Or- one might write an accurate summary
start. Offering voters a sub- He wants 3% growth, Less helpfully, he’d make stu- der 11246 from 1965 created the Office of the status of affirmative action as a
stantive agenda, while talking but not all of his ideas dent loans dischargeable in of Federal Contract Compliance Pro- practical matter in America. The left
about Florida’s successes, is a bankruptcy. This looks de- grams. It explicitly calls for “affirma- won’t like it because it will show how
more presidential look than would help get there. signed to compete for the tive action” and has always been used big the left has won out, despite all
brawling with Disney. youth vote with Mr. Biden’s to push corporations to hire minori- its whining to the contrary. The right
Mr. DeSantis wants the U.S. debt forgiveness, but it would ties and women. Any GOP president won’t like it for the same reason.
to aim for 3% growth, which is a good and encourage more debt. since could have erased it; none did. PROF. THOMAS POWERS
achievable target, and his agenda lays out poli- Mr. DeSantis undercuts his growth message Second, Congress has supported Carthage College
cies to get there. The best way to help all Ameri- with other policies that appear driven by politics affirmative action by statute and in Kenosha, Wis.
budgetary provisions, using minority
cans, especially those with lower incomes, is instead of economics. While assailing carveouts
set-asides and creating Offices of Mr. Glock correctly notes that
with policies that support faster growth and sta- in the tax code, he calls for bringing U.S. capital Small and Disadvantaged Business “white contractors often use minority
ble prices, so that real incomes rise. President back from China with the help of “strategic tax Utilization that pervade the federal ‘front companies’ to win contracts.”
Biden’s failure on that front is one of his chief abatements.” Mr. DeSantis’s program also adopts government to help minorities garner Often, however, this works the other
vulnerabilities. Donald Trump’s unjustified alarmism about “our government contracts. (A recent way. After they win the contract, the
Mr. DeSantis’s economic plan calls for “ambi- ever-increasing trade deficits.” The trade deficit court case Mr. Glock mentions didn’t minority or “set aside” firms hire
tious tax and regulatory reform,” including mak- with China has been falling. undo these efforts.) nonminority firms to complete the
ing permanent “full immediate expensing” for He promises to “create a fair labor market,” Third, the federal government is work because they have superior ex-
businesses. Ditto for today’s tax rates on per- including by “limiting unskilled immigration.” an affirmative-action employer and perience and expertise.
sonal income. The 2017 tax law’s provisions on But unemployment is at record lows in many has been since 1971, when the Civil JOE C. FREEMAN
both are scheduled to expire during the next states. In New Hampshire, it’s 1.8%. The problem Service Commission caved to pres- West Lake Hills, Texas
sure from the Equal Employment Op-
President’s term. at the moment is too many unfilled jobs. By the portunity Commission. As to minority set-asides in gov-
To his credit, Mr. DeSantis doesn’t fall for the way, immigrants were “the sole source of growth Fourth, in 1979, the Supreme Court ernment contracts, the disparate im-
Beltway fad of right-wing income redistribution in the U.S. working-age population in 2021 and upheld affirmative action in private- pact is on taxpayers. With our pro-
via the tax code, such as child tax credits. This 2022,” according to a recent study. Good luck sector employment. gressive income tax, that group is
would do nothing for growth and cost hundreds getting to 3% economic growth if the workforce Fifth, this past February the Biden becoming an oppressed minority.
of billions of dollars. Instead he says he’d sim- is shrinking. administration added another layer. GREGORY MARSHALL
plify the tax code further, while purging “K Sometimes Mr. DeSantis sounds like an opti- “Agency Equity Teams,” relying on Marietta, Ga.
Street carveouts and loopholes.” This is the right mistic believer in economic freedom, arguing
instinct, though we await specifics. that the way to produce broad prosperity is to
The agenda assails “profligate federal spend- get government out of the way. With the next
ing that has inflated prices and plunged our na- breath, he’s a Trumpian who wants industrial Ohio’s Sen. Brown Replies on Tin-Mill Tariffs
tion to the brink of insolvency.” It says Mr. De- policy, speaks ominously of “large corpora- The editorial board’s devotion to merce Department investigate and
Santis’s appointee to lead the Federal Reserve tions,” and pits the middle class against “elites.”
.
fair economic competition apparently uncover illegal dumping of underval-
would “focus on maintaining a stable dollar in- The Governor is trying to advance conservative doesn’t extend to the steel industry, ued or subsidized products. The peo-
ly
stead of the political pressures of the day.” Sta- policy while simultaneously appealing to Mr. which we know has been on the re- ple whose livelihoods hang in the bal-
ble money is essential to rising incomes, and Trump’s base. It’s the kind of fusionism that ceiving end of unfair trade practices ance of these investigations aren’t
GOP candidates should make it the basis for any would have taxed Robert Oppenheimer. by foreign competitors that consis- U.S. senators. They are the steelwork-
economic program. on
The best of Mr. DeSantis’s agenda highlights
Mr. DeSantis wants to “mandate work re- his appeal as a successful Governor who knows
quirements for welfare programs,” which is es- good policy and can deliver results. But to sell
tently cheat our trade rules (“Tin-Foil
Logic for Tin-Mill Tariffs,” July 18).
There is nothing political about
our antidumping and countervailing-
ers Steubenville, Ohio, and Weirton,
W.Va., and all American workers, who
should be able to compete on a level
playing field.
pecially needed after the rolls multiplied during it he’ll have to focus more on growth than on
duty laws. Nonpartisan economists, SEN. SHERROD BROWN (D., OHIO)
us ,
Covid. He’d also unleash U.S. energy production, grievance. He needs a vision for American re-
attorneys and analysts at the Com- Cleveland
l
as all the GOP candidates would. Education is an- newal that transcends Mr. Biden’s plans to use
e
other strong point, one that resonates with his big government for income redistribution and
al a
record in Florida. The plan says he’d “support Mr. Trump’s desire to use it for political “retri-
school choice nationwide,” while focusing on vo- bution.” What made Florida’s economy great
How ‘DEI’ Is Used to Undermine Higher Ed
ci on
cational education and apprenticeships. wasn’t “strategic tax abatements.” As a retired California Community tem has lost the focus of what higher
Colleges (CCC) accounting professor, I education is supposed to provide. I
applaud the courage and integrity of hope Prof. Johnson’s bravery will mo-
Hunter Was Selling the Biden ‘Brand’ Prof. Daymon Johnson to stand
against the nonsensical regulations
tivate others to speak out and defend
academic integrity.
E
er s
veryone knows Hunter Biden wasn’t sell- been intimidated to mess with Burisma legally” imposed on him promoting the politi- MARK J. FRONKE
cized diversity agenda (“‘Antiracists’ Long Beach, Calif.
ing his expertise in energy markets when because of the Biden connection, Mr. Comer
m er
vided Monday by Hunter’s for- his connections to han- A, 80% = B) to “promote equity” and to amend the rules to require em-
mer business partner Devon was influence-peddling. dle an investigation into the accommodate students who weren’t ployees to promote certain ideologi-
Archer, was the Biden “brand.” company by former Ukrainian prepared for the rigors of the course. cal principles. Then they claim that
Mr. Archer testified behind prosecutor Viktor Shokin. Joe My standard response was to suggest academic freedom can only be under-
closed doors to the House Oversight Committee, Biden has publicly taken credit for getting Mr. that the American Institute of Certi- stood in light of their new rules, and
co Fo
fied Public Accountants and Califor- cite this new “understanding” to mar-
and we await the transcript to see his complete tes- Shokin fired—based on claims that the prosecutor
nia State Board of Accountancy aren’t ginalize dissenters like Prof. Johnson.
timony. But according to a summary released by investigating corruption was himself corrupt. likely to lower the standards required Cases like these also demonstrate
Oversight Chairman James Comer, Mr. Archer con- Mr. Comer says Mr. Archer also told the com- for licensure to “promote equity.” why state legislative efforts to limit
firmed that Hunter was promoting the Biden fam- mittee that Joe Biden attended other Hunter There were many other examples of the teaching of “divisive concepts”
ily name and the political access it implied. business meetings in person—in Beijing and in institutional efforts to support foolish are misguided. Such rules also limit
This is no great surprise given what we’ve al- Washington, D.C.—with Chinese and Russian notions of equity and inclusion that expression, abandon the best argu-
ready learned about Hunter Biden’s work with businesspeople. This runs against President Bi- clearly didn’t benefit student success. ments against campus activists, and
Burisma, the Ukrainian energy firm, and CEFC den’s claims that he never discussed those busi- Some were straightforwardly politi- alienate faculty who share concerns
China Energy. Mr. Archer told the committee ness dealings with his son. cal, such as encouraging faculty and about the politicization of higher ed-
that Hunter put his father, then serving as Vice Dan Goldman, a Democrat who heard the tes- staff to sign a statement supporting ucation. Organizations such as Het-
President, on speakerphone during business timony, says Mr. Archer told the committee that the Black Lives Matter movement. erodox Academy and FIRE, which
Now, it seems, the entire CCC sys- connect and support ideologically di-
meetings more than 20 times, in order to sell the Bidens never discussed business on those
n-
to Mr. Comer’s account. “People would have else we learn as the House keeps looking. Darcy Stamler (Letters, July 27) University of California Law, San Francisco
asks whether, in light of taxpayer-
funded support of private universities,
The Yellow Road to Bankruptcy their legacy admissions are “any easier
to defend.” The answer is yes, on
We’re Still Backed Up on TV
W
In “The Talent Strikes Back” (Dec-
grounds of history and the need to
hen struggling Yellow Corp. sought billions of taxpayer dollars and enormous dis- larations, July 22), Peggy Noonan
maintain cultural diversity. Institutions
financial concessions from its union cretion to hand them out, it is understandably such as Princeton retain at their core
quotes an unnamed studio executive
employees this year, Teamsters Pres- difficult for the Executive Branch to resist the who states, “The endgame is to allow
an older elite culture, which is a part
ident Sean O’Brien refused and urge to do so.” things to drag on until union mem-
of the founding heritage of this coun-
tweeted the image of a grave- High labor and debt Members of Congress who try, while at the same time creating
bers start losing their apartments and
stone in a cemetery with “Yel- lobbied for the loan worried losing their houses.” The guy must be
costs bring down the opportunities for the children of more
a real jerk. Another factor not in the
low” on it. Congratulations, that a Yellow bankruptcy recent arrivals to partake of this cul-
union’s favor is the high inventory of
Mr. O’Brien. The trucking firm venerable trucking firm. would accelerate a death spi- ture and thereby to experience social
shows. My wife and I still have two
said Sunday it is preparing to ral at the Teamsters’ Central mobility. (The education also helps.)
years’ worth of “Succession” to catch
file for bankruptcy, and some States multi-employer pen- Legacy admissions help maintain
up on, as well as a number of great
22,000 Teamsters could lose their jobs. sion fund. Yellow is one of the biggest employ- the original line of culture and permit
shows out there our friends have
alumni who have benefited from so-
The 99-year-old Yellow was the country’s ers in the plan. urged us to watch. It could be a cou-
cial mobility to pass on their legacy of
third largest less-than-truckload carrier, com- After Yellow secured the Treasury loan, the achievement to their progeny. There
ple of years before we would notice a
bining shipments from multiple customers on Teamsters blocked company efforts to reduce lack of entertainment opportunities.
is nothing wrong with tax dollars con-
a single trailer. Trucking competition heated up labor costs. As trucking volumes fell this year, I feel sorry for SAG-Aftra members.
tributing to this worthy project.
after Congress deregulated the industry in Yellow struggled to pay its health and pension They could be in for a long strike.
EM. PROF. ALBION M. URDANK
1980. Yet Yellow’s labor agreements with the obligations. It also has $1.75 billion in debt ma- RICH STANKO
University of California, Los Angeles
Omaha, Neb.
Teamsters have made it less competitive with turing over the next year and a half that would
non-union rivals. be difficult to refinance amid tighter credit con-
During the early 2000s, Yellow took advan- ditions. When the Teamsters threatened to Who Escapes Punishment?
tage of cheap financing to acquire competitors. strike in mid-July, Yellow customers bolted. Its Collier Gwin (“I Lost My Temper.
Pepper ...
But a heavy debt load nearly drove it bankrupt finances then rapidly deteriorated, and bank- San Francisco Has Lost Its Mind,” op- And Salt
during the 2008 financial panic. Creditors ex- ruptcy is the result. ed, July 20) is learning that the only
THE WALL STREET JOURNAL
changed debt for equity, but Yellow’s hefty la- Mr. O’Brien may have belatedly realized he way a civilized society’s laws work is
bor costs continued to drag it down. Losses overplayed his hand. Yellow’s troubles may if they are respected by the people.
mounted. Yellow restructured again in 2019 have played a role in his decision last week to We now seem to punish those who
with the help of a $600 million loan. cut a new deal to avoid a strike at United Parcel respect law and order, because they
are willing to be subjected to the law,
Then the pandemic hit. Yellow’s speculative Service. Despite Yellow’s failure, the Teamsters
while those with no respect for the
credit rating prevented it from tapping the Fed- pensions are secure thanks to the Biden Admin- law are permitted to flout it without
eral Reserve’s corporate credit facilities. Lob- istration’s $36 billion bailout last year of the consequences.
bied by Congress, the Trump Administration ex- Central States fund. One question is whether PAUL CRAVEN
tended Yellow a low-cost $700 million “national the pension rescue encouraged the Teamsters Greer, S.C.
security loan” to make pension and healthcare to give no quarter to Yellow.
payments and capital investments. The trucking firm’s collapse is another re-
Letters intended for publication should
Democrats now criticize the Trump Adminis- minder that mergers aren’t always successful, be emailed to wsj.ltrs@wsj.com. Please
tration for misusing the Cares Act’s national-se- especially those that pile up debt. While the include your city, state and telephone
curity loan program. But as a Congressional Fed’s normalizing of monetary policy may con- number. All letters are subject to
Oversight Commission report noted in June, tribute to corporate casualties, it will also steer editing, and unpublished letters cannot “Somehow I missed the orgy
be acknowledged.
“whenever Congress gives the Executive Branch investment to better-managed businesses. of reckless consumption.”
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.
OPINION
O
Global burned area 2001-22
from which covered large parts of erage burn in the 1930s and likely
3.2 %
ne of the most common the Northeastern U.S. Both the Cana- only one-tenth of what caught fire in
tropes in our increasingly dian prime minister and the White 3.0 the early 20th century.
alarmist climate debate is House have blamed climate change. When reading headlines about
that global warming has Yet the latest report by the United 2.8 fires, remember the other climate
set the world on fire. But Nations’ climate panel doesn’t attri- scare tactics that proved duds. Polar
it hasn’t. For more than two decades, bute the area burned globally by 2.6 bears were once the poster cubs for
satellites have recorded fires across wildfires to climate change. Instead, climate action, yet are now estimated
2.4
the planet’s surface. The data are un- it vaguely suggests the weather con- to be more populous than at any
equivocal: Since the early 2000s, ditions that promote wildfires are be- 2.2 time in the past half-century. We
when 3% of the world’s land caught coming more common in some "World on fire" were told climate change would pro-
fire, the area burned annually has places. Still, the report finds that the 2.0 duce more hurricanes, yet satellite
trended downward. change in these weather conditions 2001 '05 '10 '15 '20 data shows that the number of hurri-
In 2022, the last year for which won’t be detectable above the natural Source: NASA canes globally since 1980 has trended
there are complete data, the world noise even by the end of the century. slightly downward.
hit a new record-low of 2.2% burned The Biden administration and the smoke, which today likely prevents this study looked mostly at the two Global warming is a real chal-
area. Yet you’ll struggle to find that Times can paint a convincing picture almost 100,000 infant deaths annu- states with the highest burning, not lenge. Over the next century the
reported anywhere. of a fiery climate apocalypse because ally, according to a recent study by the rest of Australia. Nationally, costs associated will be the equiva-
they selectively focus on the parts of researchers at Stanford and Stock- wildfires likely killed or harmed six lent of one or two recessions. The
the world that are on fire, not the holm University. billion animals in 2019-20. That’s common-sense response would be to
It turns out the percentage much larger area where fires are less Likewise, while Australia’s wild- near a record low; in the early 2000s recognize that both climate change
prevalent. fires in 2019-20 earned media head- fires harmed or killed 13 billion ani- and carbon-cutting policies incur
of the globe that burns Take the Canadian wildfires this lines such as “Apocalypse Now” and mals annually. costs, then negotiate a balance that
each year has been summer. While the complete data “Australia Burns,” the satellite data It’s embarrassingly wrong to puts the most effective measures
aren’t in for 2023, global tracking up shows this was a selective narrative. claim, as climate scientist Michael first.
declining since 2001. to July 29 by the Global Wildfire In- The burning was extraordinary in Mann did recently, that climate pol- Surveys repeatedly show that
formation System shows that more two states but extraordinarily small icy is the “only way” to reduce fires. most voters are unwilling to support
land has burned in the Americas than in the rest of the country. Since the Prescribed burning, improved zoning the very expensive climate policies
Instead, the media acts as if the usual. But much of the rest of the early 2000s, when 8% of Australia and enhanced land management are activists and green politicians have
world is ablaze. In late 2021, the world has seen lower burning—Af- caught fire, the area of the country much faster, more effective and proposed. Overheated headlines
New York Times employed more rica and especially Europe. Globally, torched each year has declined. The cheaper solutions for fires than cli- about climate Armageddon are an at-
than 40 staff on a project called the GWIS shows that burned area is 2019-20 fires scorched 4% of Austra- mate policy. Environmental Protec- tempt to scare us into supporting
“Postcards from a World on Fire,” slightly below the average between lian land, and this year the burned tion Agency modeling showed that them anyway, at the cost of sensible
headed by a photorealistic animation 2012 and 2022, a period that already area will likely be even less. even with a drastic reduction in discussion and debate.
of the world in flames. Its explicit saw some of the lowest rates of That didn’t stop the media from emissions it would take 50 to 80
goal was to convince readers of the burned area. cherry-picking. They ran with a years before we’d see a small impact Mr. Lomborg is president of the
climate crisis’ immediacy through a The thick smoke from the Cana- study from the World Wildlife Fund in the area burned in the U.S. Copenhagen Consensus, a visiting fel-
series of stories of climate-change- dian fires that blanketed New York that found the 2019-20 fires im- In the case of American fires, low at Stanford University’s Hoover
related devastation across the world, City and elsewhere was serious but pacted—meaning took habitat or most of the problem is bad land Institution and author of “False
including the 2019-20 wildfires in only part of the story. Across the food from, subjected to heat stress, management. A century of fire sup- Alarm: How Climate Change Panic
Australia. world, fewer acres burning each year killed, or injured, among other pression has left more fuel for stron- Costs Us Trillions, Hurts the Poor,
.
This summer, the focus has been has led to overall lower levels of things—three billion animals. But ger fires. Even so, last year U.S. fires and Fails to Fix the Planet.”
ly
Alabama’s New Congressional Map Fits the Justices’ Ruling on
By Ilya Shapiro race—see Students for Fair Admis- violate traditional redistricting found to match that map on tradi- That satisfies both the Voting
T
sions v. Harvard—while Section 2 principles.” tional principles while increasing Rights Act and Constitution, even if
he legal left recently took a of the Voting Rights Act sometimes The chief justice further ex- black representation. When the it doesn’t satisfy Democrats.
break from assailing the Su- requires consideration of race, spe- plained that this “exacting” princi- state argued that the alternative The challengers’ only retort, am-
us ,
preme Court’s integrity to cifically to enable minority voters ple requires Section 2 plaintiffs to map broke up the Gulf Coast re- plified by media commentary, is to
l
defend its honor. After the high the ability to elect “candidates of show that the map they are chal- gion, the plaintiffs responded that demand racial spoils in redistrict-
e
al a
court invalidated Alabama’s con- their choice.” These competing re- lenging has produced discrimina- they instead kept together a differ- ing. Unlike in 2021, and despite the
gressional map, lawmakers re- quirements often put states in a tory effects “on account of race” ent community, known as the Black Supreme Court’s guidance, they no
sponded by drawing a new one that position where they risk being sued rather than on account of legiti- Belt. The “heart of their case” was longer try to show that there are
ci on
doesn’t include two majority-black for using race both too much and mate principles like drawing com- that the Legislature’s original map alternatives to the 2023 map that
districts, but instead reduces the not enough, often at the same time. pact districts and keeping together discriminated by prioritizing ma- match it on traditional principles
black majority in one district a few “communities of interest.” To do jority-white Gulf counties while while creating an additional major-
points and expands the minority in this, they must produce an alterna- breaking up the majority-black ity-minority district. Instead, they
another to about 40%. The media It’s the plaintiffs who are tive map that includes an addi- counties in the Black Belt. The Su- demand precisely what the court
er s
talking point is that the state is tional majority-minority district preme Court accepted that argu- made clear Section 2 “never re-
“defying” the justices. defiant. The court never while also following the traditional ment, finding that because both quires”—“adoption of districts that
ordered the creation of a
m er
This charge is a case of gaslight- principles at least as well as the maps were equivalent on tradi- violate redistricting principles.”
ing. It is also a remarkable act of challenged map does. tional principles, the challengers In short, contrary to the media’s
projection, because the challengers second black district. As the court explained, “devia- had met their burden in raising prevailing narrative, it is those who
to Alabama’s new map are asking a tion from” such a map “shows it is Section 2 suspicions. oppose the Alabama Legislature’s
federal district court to defy the possible that the State’s map has a The Legislature went back to the new maps who are defying the Su-
m rp
justices by ordering racially pro- Importantly, everyone agrees disparate effect on account of race” drawing board with that guidance. preme Court.
portionate redistricting, which the that there is no Section 2 violation (emphasis in original). But a state Its new map answers the plaintiffs’
Supreme Court rejected. merely because a districting map doesn’t have to split more county call to unite the Black Belt but also Mr. Shapiro is director of consti-
Allen v. Milligan, which the high doesn’t reflect the state’s racial de- lines or racially gerrymander cities, keeps the Gulf region together. It is tutional studies at the Manhattan
court decided June 8, wasn’t a mographics. Section 2 would vio- for instance, even if declining to do thus superior to both of the dueling Institute and author of “Supreme
co Fo
complete triumph for bright-line late the Constitution if applied that so makes it harder for candidates maps the Supreme Court consid- Disorder: Judicial Nominations and
rules in redistricting, but it did way, as Justice Brett Kavanaugh re- favored by minorities to win. ered, each of which broke up one the Politics of America’s Highest
bring clarity to a notoriously mud- inforced in his concurring opinion. The plaintiffs in Allen convinced community of interest. By respect- Court.” He writes the Shapiro’s
dled area of law. A key problem The majority, in an opinion by the justices that their challenge to ing neutral principles, the new map Gavel Substack newsletter.
here is that the 14th Amendment’s Chief Justice John Roberts, agreed Alabama’s previous map was likely produces districts that are fairer,
Equal Protection Clause frowns on with Alabama that Section 2 “never to succeed because they produced more sensible and more competi- Gerard Baker is away.
treating people differently based on require[s] adoption of districts that an alternative map that the court tive than they’ve been in decades.
‘B
The resulting surpluses meant aided that ethic and thankfully was mercial opportunities for American wouldn’t have survived without gov-
idenomics” will take us countless plywood bunkers full of amended when Congress passed the farmers. Those arrangements have ernment help. Economists have
back to the future, to hear rotting corn across the Midwest. We Freedom to Farm Act in 1996. borne great fruit: U.S. agriculture ex- found that the excess profits that
White House national secu- solved that problem in 1983, when Two years earlier, Congress re- ports stood at $196 billion in 2022, come from farm programs are bid
no
rity adviser Jake Sullivan tell it. In Uncle Sam paid us to leave as much formed the crop-insurance program. up from $62.8 billion in 1997. into land prices, artificially inflating
an April speech at the Brookings In- as 50% of our land idle in the infa- It did so by increasing subsidies in In his Brookings speech, Mr. Sulli- them and thus favoring established
stitution, Mr. Sullivan heralded a mous payment-in-kind program. the hope that insurance would help van lamented that this era of policy farmers over new entrants. Some ob-
“new Washington consensus” based Farm policy was a mess; we farmers prevent future ad hoc disaster pro- “championed tax cutting and deregu- servers complain that certain agri-
on a robust “vision of public invest- went fishing. grams and that subsidized insurance lation, privatization over public ac- cultural policies, like ethanol man-
ment” that rejects the mistaken be- That mess also was evident in tion, and trade liberalization as an dates, encourage demand, while
lief that markets always allocate how the government ran farm pol- end in itself.” Yet farm policy during others, like subsidized crop insur-
capital efficiently. icy elsewhere. Beginning with the I’ve spent half a century this time moved haltingly toward ance, increase supply.
Much of the public investment Great Depression, Washington paid letting farmers plant in response to The architects of government
that Mr. Sullivan fondly recalls from farmers not to sit idle but to farm in agriculture, and I’ve market signals, and the results were farm programs believed their efforts
America’s “postwar years” ended up crops that were already in excess. seen the benefits of respect quite positive. The changes ended were necessary for the common
in agriculture. Given the administra- The government doled out subsidies the half-century-long policy of pay- good. The policy mishmash they pro-
tion’s interest in reviving that tradi- for crops commensurate with their for the free market. ing farmers to store government- duced reveals how difficult it is both
tion, a recap of farm policy as I’ve acreage base—the historical average created surpluses of grain and led to to define the common good and craft
experienced it over the past 50 years of land planted for each crop. Even a massive increase in exports. We’ve policies that foster it.
might be helpful. though prices at the grain elevator would help support farm incomes hardly seen a return to the free mar- The recent past hasn’t been a tri-
I was in high school in 1973 when and in the futures market were tell- without distorting markets. That ket in agriculture, but attention to umph of free markets, but neither
President Richard Nixon embargoed ing us to stop farming certain hasn’t always been successful—gov- the market has led to a globally was the era of public investment for
soybean exports to slow the increase crops, no one dared heed the num- ernment is prone to a special kind of competitive and productive agricul- which Mr. Sullivan yearns. One thing
in food prices. Seven years later, I bers for fear of losing handouts. We generosity when droughts and floods tural sector. is certain: The experiences of farm-
had just begun to farm when Presi- therefore continued to plant exactly come in even-numbered years—but Government investment in agri- ers like me have been vastly im-
dent Jimmy Carter embargoed grain as much corn as we had the year crop insurance has become the ma- culture has invariably had unin- proved by respecting how markets
exports to the Soviet Union to pro- before. jor financial support the federal gov- tended consequences. Critics say allocate capital in a productive and
test its invasion of Afghanistan. As we say in Missouri, that was ernment offers farmers. federal programs often subsidize efficient manner.
President Ronald Reagan lifted that crazy as a bedbug. No matter how In January 1994, the North Ameri- successful farmers at the expense of
embargo but was faced with the con- much our families valued hard work can Free Trade Agreement went into taxpayers. Supporters say the pro- Mr. Hurst is a corn, soybean and
sequences of a farm policy that for and thrift, we always passed down effect, followed by other trade pacts, grams have saved family farmers, greenhouse farmer.
many years had held the price of the imperative of “protecting your
WORLD NEWS
.
ly
BY SUNE ENGEL RASMUSSEN mark and Sweden burn copies
AND HUMZA JILANI of the Quran outside the em-
BY DOV LIEBER rael’s minorities the most, legal ist ideals, portraying Israel as the protest movement follows bassies of Muslim nations in
AND ARI FLANZRAICH
TEL AVIV—Hundreds of
thousands of Israelis for
experts say, by paving the way
for legislation aimed at disen-
franchising Arab citizens.
Israel’s Arabs, though, say
on
the homeland for the Jewish
people.
Many Arab citizens argue
that the demonstrators’ chants
a longstanding policy of some
Arab citizens of Israel to boy-
cott the political process, part
of an antipathy to the idea of
LONDON—The world’s larg-
est grouping of Muslim na-
tions demanded that Sweden
and Denmark ban desecrations
recent days. The protests have
been sparsely attended. In
Sweden, several of the demon-
strations were staged by an
months have been taking to the that they have long felt alien- of democracy ring hollow be- a Jewish state. Historically, of the Quran, the latest stage Iraqi refugee who had his ap-
us ,
streets against Prime Minister ated from the state and that cause they don’t address Is- Arab citizens have voted at a in what is turning out to be a plication for residency denied.
l
Benjamin Netanyahu’s divisive the debates about the future rael’s occupation in the West much lower rate in national clash between the Scandina- But they have provoked uproar
e
al a
plans to curb the powers of the of the Jewish people don’t Bank, where two million Pales- elections than Jewish Israelis. vian countries’ free-speech in parts of the Islamic world,
country’s Supreme Court. have much to do with their tinians live under a mix of Is- Other Arab citizens say the principles and the West’s abil- opening a crack between the
Some call it a struggle for day-to-day problems, such as raeli military rule and the fal- protests don’t address their ity to build a broader coalition West and influential Muslim
ci on
the Jewish state’s soul, cast- crime and unemployment. tering Palestinian Authority. specific concerns, including to counter Russian aggression nations as Europe and the U.S.
ing the battle in almost cos- Many say they already feel like The weekly demonstra- high levels of poverty and after its invasion of Ukraine. look to build a wider alliance
mological terms as they fight second-class citizens. “Arabs tions, which have taken place crime in Arab towns. At an extraordinary summit, to minimize Russia’s influence.
to preserve what they say is don’t participate because they for 30 weeks straight, attract Israel’s Supreme Court has held virtually, the 57 members The incidents have
the only brake against an au- don’t feel a part of the state, a small crowd of anti-occupa- struck down laws aimed at of the Organization of Islamic prompted Stockholm and Co-
er s
thoritarian government. but more like an appendage,” tion protesters who wave Pal- limiting the rights of Palestin- Cooperation said recent burn- penhagen, both of which pride
The country’s two million said Abed Kaboub, a 41-year- estinian flags. The National ians and Arab citizens. Still, ings of the Quran in Scandina- themselves on free speech as
m er
Arab citizens—more than a old lawyer from the mixed Protest Movement, an um- groups fighting for equal via represent a “culture of ha- well as religious tolerance, to
fifth of the population—have Arab-Jewish city of Jaffa. brella organization for many rights for Arab citizens say tred and racism, and a say they would examine ways
largely kept out of it. Netanyahu’s government of the groups that have dem- they have lost the majority of manifestation of Islamopho- to ban Quran desecrations.
At first glance, their absence says the overhaul is needed to onstrated nationwide, said: cases brought before the bia.” While the group stopped Both countries outlaw hate
is curious. The Supreme Court recalibrate a judicial system “By recognizing the unique court. This includes a law to short of calling for a boycott of speech against specific indi-
m rp
has been one of the strongest that grabbed too much power challenges faced by different effectively allow small Jewish Danish and Swedish goods, the viduals and groups but con-
defenders of Arab civil rights. and leans too far to the left. communities and valuing di- communities in areas with OIC demanded the “criminal- sider Quran burnings to be le-
The government’s plan to limit Protesters often speak of verse perspectives, we strive large Arab populations to ban ization of such extremist pro- gal criticism of religion,
the power of the court and equality for all, including the to build bridges of trust and Arabs from moving in, on the vocative acts.” though they have been at
hand more control to elected country’s Arab population. But solidarity.” basis of preserving shared A wave of demonstrations pains to distance themselves
co Fo
officials could arguably hurt Is- they also play heavily off Zion- The lack of participation in communal values. has seen protesters in Den- from the desecrations.
WORLDWATCH
n-
no
TILES TO GO BEFORE SHE SLEEPS: Louise Brewis cleans the Minton floor at St. George’s Hall in Liverpool, England, before it goes on public display this summer for the first time in four
years. The handcrafted Victorian mosaic of 30,000 Minton tiles was laid in 1852 but has been hidden under a wood floor to preserve it against damage from use during events.
PAKISTAN Hours earlier, hundreds of LEBANON the narrow streets of the Ein UNITED KINGDOM maintained the government’s
mourners in the northwest- el-Hilweh camp in southern commitment to eliminate net-
Islamic State Claims ern town of Bajur carried cas-
Death Toll Hits 9 Lebanon.
North Sea Energy carbon emissions by 2050.
Deadly Bombing kets draped in colorful cloths In Clashes at Camp The violence began Satur- Leases Expanded Sunak said Britain would
Islamic State on Monday to burial sites following the The death toll rose to nine day when an unknown gun- Britain said it would grant still need fossil fuels even af-
claimed responsibility for a attack at an election rally for Monday in three days of man tried to kill Palestinian hundreds of new oil-and-gas li- ter the country reaches its
suicide bombing in Pakistan a pro-Taliban cleric. clashes between Palestinian militant Mahmoud Khalil but censes in the North Sea in a net-zero target. He said it
that killed at least 54 people Officials said the bombing factions at a refugee camp in instead fatally shot his com- bid for energy independence, was better to produce oil and
including five children at a also wounded nearly 200. Lebanon that have pitted panion. Full-blown clashes ignoring calls from environ- natural gas at home rather
pro-Taliban cleric’s rally in one The attack appeared to re- members of Palestinian Pres- erupted Sunday when Islamic mental campaigners and the than rely on foreign leaders.
of the worst attacks in the flect divisions between Islamist ident Mahmoud Abbas’ Fatah militants shot and killed a United Nations to stop the de- U.N. scientists and environ-
country in recent years. groups, which have a strong party against Islamist groups. Palestinian military general velopment of new fossil-fuel mental campaigners are call-
The Islamic State in Khor- presence in the district in Khy- A Lebanese lawmaker an- from the Fatah group, Abu projects. ing on governments to accel-
asan Province made the claim ber Pakhtunkhwa province that nounced a cease-fire agree- Ashraf al Armoushi, and The plans announced Mon- erate the transition away
on its Amaq website. It said borders Afghanistan. It tar- ment late Monday but some three escorts as they were day by Prime Minister Rishi from fossil fuels after a sum-
the Sunday attack was part geted the Jamiat Ulema Islam gunfire continued afterward, walking through a parking Sunak include a pledge to in- mer of record temperatures,
of the group’s continuing war party, which has ties to the Af- and earlier efforts to broker a lot, according to a Palestinian vest £20 billion pounds ($25.7 drought and floods linked to
against forms of democracy ghan and Pakistani Taliban. truce failed to stop the official. billion) in carbon capture and man-made climate change.
it deems to be against Islam. —Associated Press shooting and shelling through —Associated Press storage projects as Sunak —Associated Press
BUSINESS & FINANCE
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.
© 2023 Dow Jones & Company. All Rights Reserved. * * * * * THE WALL STREET JOURNAL. Tuesday, August 1, 2023 | B1
S&P 4588.96 À 0.15% S&P FIN À 0.44% S&P IT À 0.13% DJ TRANS g 0.47% WSJ $ IDX À 0.14% 2–YR. TREAS. yield 4.874% NIKKEI (Midday) 33418.53 À 0.74% See more at WSJ.com/Markets
.
The company is cutting
down on travel expenses and
ly
BY PHRED DVORAK its use of consultants and ven-
dors, the memo said. It is also
Of all the beneficiaries of stopping certain business ini-
the U.S.’s green-energy push,
few have hit the jackpot like
First Solar.
The Arizona-based solar-
on tiatives and using technology
to increase productivity. Em-
ployees affected will receive
Please turn to page B6
panel manufacturer expects to
us ,
decade.
First Solar expects to have Shrinking
m er
fortune to luck and sharp el- trillion in support for clean-en- And right now, that isn’t
bows as it pushed for policies ergy projects, largely through 50 much.
that would give it an advan- tax credits tied to benchmarks 50 The gap between the earn-
tage against low-cost competi- such as the amount of wind 0 ings yield of the S&P 500 and
no
tors from countries such as power generated or solar pan- the yield on the 10-year U.S.
S&P 500
China, which controls more els produced. So far, it has 0 government bond dropped to
–50
than 80% of the global supply helped spur around $110 billion around 1.1 percentage point
chain for solar panels. in announcements for factories last week, its narrowest since
First Solar Chief Executive and other facilities to make ev- –100 -50 2002. The spread to the yield
Mark Widmar credits persis- erything from wind turbines to 2019 ’20 ’21 ’22 ’23 2022 ’23 on the 10-year Treasury infla-
tence and smart strategy, say- Please turn to page B4 Sources: S&P Capital IQ (profit/loss); FactSet (performance) Please turn to page B2
so, many had to rely on depos- customer out of the transac- other direction.
its that flowed through third- tion. MEDIA The rugged American brand
party brokers. Many smaller banks had to Fox Corp. is that spawned the modern SUV
Brokered deposits are a lean more heavily on brokered has posted lower sales for
quick and easy way banks can deposits, compared with both
winding down its eight straight quarters. Since
bolster their balance sheets in the first quarter and a year sports-betting site. mid-2018, Jeep has surren-
a pinch. A bank can go to a ago, because higher interest B3 dered significant market share,
firm such as Morgan Stanley rates have given customers falling from sixth to ninth in
or Fidelity to find people to more places to earn good re- sales among top U.S. brands.
invest in its certificates of de- turns. The decline came as Jeep
posit, often for large amounts. The high-profile collapses pushed into new vehicle cate-
BRENDAN MCDERMID/REUTERS
But brokered deposits are this year of several midsize gories, including a pickup-
typically much more expen- lenders, starting in March, truck version of its popular The brand has logged lower sales for eight straight quarters.
sive for banks. They can come also scared some customers Wrangler and the Grand Wag-
with interest rates of 5% or away from all but the most oneer, a large, luxury SUV line. Like most major automak- market-share slide and vowed
more, putting pressure on mega of megabanks. The Fed- priced above $90,000. But Jeep ers, Jeep gave priority to out- to reverse it.
profit margins. eral Reserve last week raised has faced stiffer competition in put of its priciest, most-profit- “We need to do a better job
“Clearly, capital isn’t free,” rates again, to a 22-year high. its core markets, like compact able vehicles over the past in Jeep, mostly Jeep in the
KeyCorp Chief Executive Other regional banks that and midsize SUVs, as automak- three years as supply-chain U.S.,” Tavares said during a
Christopher Gorman said. The ramped up their use of bro- MARKETS ers target those categories disruptions left dealership lots conference call discussing the
Cleveland-based bank has re- kered deposits in the second The S&P 500 finishes with new offerings. near empty and consumers Netherlands-based auto-
cently increased its brokered quarter include Truist Finan- Amid the sales decline was spent record sums for new maker’s results for the first
deposits, though they remain cial and M&T Bank.
July with its fifth a bright spot for Jeep’s parent wheels. half of 2023.
a small portion of overall So did smaller banks that straight monthly company, Stellantis: The price Still, last week, Stellantis He said the brand slipped
funding. have been hit hard by the tur- increase. B11 customers paid for Jeeps has Chief Executive Carlos Tavares recently with ineffective mar-
Regulators are wary of Please turn to page B6 soared, helping the bottom expressed concern over Jeep’s Please turn to page B2
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A G R
Property The Nightingale deal for the
Atlanta Financial Center was
one of CrowdStreet’s largest
Adobe...............................................A7
Alkermes.....................................B12
Apple.................................................A9
GlassPoint....................................B4
Goldman Sachs........................B6
H
Reata Pharmaceuticals...B12
S
Schlumberger...........................B11
Deals Bite ever. Potential investors re-
ceived an email from Crowd-
Street’s chief investment officer
.
Fagan, Kevin................................A1 Namdar, Igal...............................A2 Valenzuela, Cristóbal...........A7
ect. Price Index. the deal recovered about one- benign and inessential and in-
Freihon, Natalie.......................A2 Nelson, Chad..............................A7 VanCronkhite, Bryant........B11
Little blamed the overruns In 2018, MG Capital Man- third of their money, according vestors were offered their
ly
G-I O-R Viehbacher, Chris.................B12
on materials, including lumber agement, which said it was to CrowdStreet. In 2021, the money back if they wanted it.
Gorman, Christopher............B1 O'Brien, Tom..............................B6 W prices that shot up during the “the largest owner-manager of SEC and Justice Department Steen told the Journal that
Hoi, Wong Kok........................B11 Rowe, Mark.................................A9 Widmar, Mark............................B1 pandemic. The company didn’t debt-free individual luxury charged MG Capital and its the company had analyzed the
on disclose the need for more
funds to complete repairs for
properties in Manhattan,”
pitched a new fund to Crowd-
manager with securities fraud.
MG Capital’s funds had falsified
undisclosed deals as part of its
process but didn’t think de-
Narrows rate earnings dim, not because Little declined to comment. work with leading sponsors on Capital’s chief executive, who CrowdStreet allowed inves-
l
investors get frightened by val- CrowdStreet marketing ma- commercial real estate offerings pleaded guilty to securities tors to fund the deal through
e
al a
uations on their own. terials provided rosy assump- that meet our strict market- fraud for the fundraising and February, but several say they
between the earnings yield investment trust run by the firm had overseen two funds with the SEC. and Nightingale.
relative to the 10-year Trea-
Continued from page B1 sury—whether it’s real or
tion-protected security, seen by
some analysts as the better
nominal—and future returns
over, say, a one- or three-year Jeep Aims Jeep brand share of vehicle
sales in the U.S.
Top 10 vehicle brands in the U.S., by 2023 unit sales*
er s
4
Honda
Nissan
557,890
447,885
m rp
ond half of last year. In that prices. Stoking this optimism, 3 4.1% Hyundai 394,613
period, stocks stabilized from many believe that the Fed is Continued from page B1
an early-year selloff, even as finally done raising short-term keting tactics and didn’t al- 2 Kia 394,333
bond yields kept climbing in interest rates. ways have the right versions of Tesla† 336,892
response to the Federal Re- Yields on U.S. Treasurys popular models available at 1
co Fo
serve raising interest rates to largely reflect investors’ ex- dealerships. The company in- Monthly
Jeep 335,487
fight inflation. This year, the pectations for short-term tends to gain back market 0
2018 '19 '20 '21 '22 '23 Subaru 304,089
premium has continued to rates over the life of a bond. share in the coming year, he
dwindle for slightly different Even if the Fed has reached added. *Through June †Estimate Source: Motor Intelligence
reasons: Bond yields haven’t the end of its tightening cam- Jeep’s decline in sales high-
risen as much, but stocks have paign, bond yields could rise lights a price-versus-growth Ivan Drury, an Edmunds ana- Factory constraints nar- improving, they can move
taken flight—lifted by inves- further if the central bank question facing many auto ex- lyst. rowed Wrangler availability, higher without resorting to big
tors’ growing optimism about keeps rates at current levels ecutives. As factory schedules Some dealers say the higher but sales have been trending discounts.
the economy. for longer than investors an- gradually return to normal, prices have left behind some higher recently, and the com- Stellantis Chief Financial
Whatever happens to ticipate. greater availability has begun Jeep customers, who are also pany expects that trend to Officer Natalie Knight said
change it, there is a consensus Still, the consensus is that to take the edge off those re- pressured by higher interest continue, said Jim Morrison, market share and pricing are
on Wall Street that the equity- both rates and bond yields cord prices. rates jacking up monthly pay- senior vice president for Jeep both important for the indus-
risk premium can’t stay this should eventually decline. Car companies are trying to ments. in North America. try. “It’s not an either-or,” she
n-
low forever. That view is embedded in find a sweet spot that pre- “The aggressive pricing that Executives say that while said. “It’s about finding a bal-
For stock prices relative to current bond yields. As of Fri- serves some of that pricing Stellantis has taken in the last Jeep sales are poised to keep ance.”
earnings to be back to where day, the yield on the benchmark power while also sustaining seven or eight months has
they were at 10-year Trea- healthy sales, analysts say. something to do with” the
no
the start of the sury inflation- Last decade, after then-par- market-share decline, said
2022 selloff protected secu- ent company Chrysler filed for Nyle Maxwell, a Texas-based
“when interest Analysts say rity was around bankruptcy, the brand’s popu- dealer and chairman of a Stel-
rates are 2x, 3x
higher than
risk premiums 1.6%, according
to Tradeweb.
larity soared as Jeep went lantis dealer-advisory council.
global, gobbling up market Jeep customers have histor- Products for
they were re- revert to However, the share as more consumers em- ically skewed toward lower
ally doesn’t add
up,” said Tim
average over five-year TIPS
yield was 1.9%,
braced its rugged off-road credit scores, analysts say, and
SUVs. many of those buyers have
Every Need.
Urbanowicz, time. implying that in- The average price paid for a been pushed out of the current
head of re-
search and in-
vestors expect
real short-term
Jeep also has surged, jumping new-car market. At the end of
36% over the past three years May, Jeep buyers who took out
And Everyone.
vestment strat- rates to be lower to around $55,000. The higher a car loan had an average rate
egy at Innovator ETFs. in the second half than in the price tag reflects the tight in- of 8.5%, higher than at com-
Investors and analysts also first half of the next 10 years. ventories during the pandemic petitors such as Ford Motor
tend to agree that an ultralow Meanwhile, most Fed offi- and the brand’s new higher- and Toyota Motor, according
risk premium doesn’t mean cials estimated in June that priced models. to Cox data.
that this year’s stock rally has real interest rates will eventu- Jeep inventories on dealer- “They had a high percent-
reached its conclusion. ally settle at a level no higher ship lots have built up in re- age of subprime buyers, and
For one thing, they point than 0.5%. cent months, though. The level those have gone away,” said
out, risk premiums have got- Jacobsen, of Annex Wealth of unsold Jeep supply is more Michelle Krebs, a Cox analyst.
ten much lower before—in Management, said he thinks than double the industry aver- Stellantis said it had no com-
the dot-com bubble of the the 10-year TIPS yield could fall age, according to research firm ment on its percentage of sub-
late 1990s. Back then, the gap to 0.75% or 1% over the next 12 Motor Intelligence. The brand prime customers.
between the S&P 500’s earn- to 18 months. That would mean started spending more to pro- Jeep’s status as an off-road-
ings yield and inflation-ad- investors are rewarded more vide discounts to customers in ing brand also has been chal-
justed Treasury yields briefly for owning stocks, assuming in- June, according to Cox Auto- lenged by new entrants into
collapsed entirely, according dexes don’t rally much further. motive. the market, particularly the
to some measures. But it would also mean that Stellantis says it has several Ford Bronco, which was re-
Looking back at history, an- bond prices have climbed. months of presold orders to fill launched in 2021 to compete
and, citing high demand, it is with the Wrangler SUV.
S&P 500 earnings yield premium cranking up factories that About 2.5% of Wrangler
over inflation-protected Treasurys make the Jeep Wagoneer, owners who traded in their ve-
10 percentage points Grand Wagoneer and Grand hicle in the first half of 2023
Cherokee to churn out more bought a Bronco, according to
vehicles seven days a week. Edmunds data, among the
8 Dealers and analysts say highest rates after Jeep and
loftier prices have contributed Stellantis’s Ram pickup-truck
6 to the sales slowdown. In the brand.
second quarter of this year, Wrangler’s sales fell 11% in
4 Jeep sold the Grand Cherokee 2022 and declined again in the
and Wrangler midsize SUVs for first half of this year, by about
several thousand dollars more 15%, to 84,642.
Individual & Worksite, Annuities,
2 than competitor models, ac- Bronco sales, mean- Stop Loss, Voluntary Benefits,
cording to data from Edmunds, while, jumped in 2022—its Medicare Supplement,
0 a car-shopping resource. first full year on the market—
“When it comes to midsize, and rose about 7% in the first and more.
2005 ’10 ’15 ’20 ’23
Note: Shows S&P 500 one-year forward earnings yield minus
really one of the most crucial half of this year, although they
yield on 10-year Treasury inflation-protected security components to their business, remain below that of Wrangler,
Sources: Factset (S&P 500); Tradeweb (TIPS yield) they’re very expensive,” said with 58,580 sold.
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.
.
tor some leverage against the public and ensure acquirers renamed it Verity Health Sys-
state’s attorney general, who would continue providing es- tem. The hedge fund in 2017
ly
has the authority to mandate sential healthcare services. sold its majority stake to health
prospective buyers to main- But critics say the irony is by entrepreneur Patrick Soon-
tain costly services such as enforcing these requirements, Shiong’s NantWorks, which
emergency and charity care,
and to accept patients covered
on sales have fallen through and
at least one hospital has had
placed the healthcare provider
under bankruptcy protection in
ASHLEY LANDIS/ASSOCIATED PRESS
by government-backed health- to shut down, causing patients 2018. The owner blamed the
care programs. to lose healthcare altogether. “cumulative effect of condi-
Such requirements had So far, Gudiksen said, Cali- tions” previously imposed by
us ,
stunted Beverly’s earlier sale fornia was the first state where the attorney general for locking
l
attempts. As its finances wors- the federal bankruptcy system the hospital system “into a fail-
e
al a
ened, the hospital faced the is being used to challenge the ing business model.”
rising possibility of shutting state’s review process. In bankruptcy, Verity man-
down, leaving tens of thou- But these legal challenges aged to sell its six nonprofit
ci on
sands of low-income patients The nonprofit Beverly Hospital outside Los Angeles filed for bankruptcy in April. could become more prevalent hospitals to different opera-
in the city of Montebello with- in the coming years as many tors in the following years af-
out healthcare services. profit hospital for $100 attorney general. lawyer for Beverly Hospital. hospitals struggle financially ter a California bankruptcy
About two months after million, keeping the 202-bed Bankruptcy has “facilitated a California is among 10 as a result of the Covid-19 judge ruled certain require-
Beverly filed for bankruptcy, facility open. And unlike pre- dynamic whereby the state At- states in the nation that have pandemic and may need res- ments from then-Attorney
er s
North Carolina-based Ameri- vious would-be buyers, AHS torney General’s Office had to established a review system, in cue mergers. To counter attor- General Xavier Becerra
can Healthcare Systems Foun- was able to swiftly negotiate come to the table to work with which attorneys general can neys general’s stringent re- shouldn’t be a liability as-
m er
dation agreed to buy the non- terms of conditions with the us,” said Justin Bernbrock, a impose conditions or block a view process, more nonprofit sumed by the buyers.
m rp
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X Sign Removed
From Twitter Site
BY LINDSEY CHOO done without a permit, ac-
cording to a complaint found
Workers dismantled an X on the city’s Department of
sign from the top of the San Building Inspection website. A
Francisco headquarters of the company representative told
company formerly known as the agency that the sign was
Twitter after residents com- temporary for an event, the
plained and the city issued a complaint shows.
violation notice for lacking a X didn’t comment on why
permit. the sign was being removed.
X, as the company is now It is the latest twist in
known, put up the sign Friday Musk’s overhaul of the name,
and drew complaints from res- logo and décor of the social-
idents over its brightness and media company since he an-
.
the soundness of the structure nounced the rebranding in re-
over the following days. The cent weeks. It is also the
ly
city said that it received 24 second time in a week the city
complaints related to the sign and X have clashed over sign-
after it was put up, citing the age on the building, emblem-
on lights and stability. The lack of
a permit could pose a risk to
public safety and historic
atic of a rebrand that was
abrupt and has been met with
a mixed response.
JUSTIN SULLIVAN/GETTY IMAGES
Workers dismantle a large X logo on the roof of the headquarters of the company formerly known as Twitter on Monday. the city. Work on the roof was said no crime was committed.
BY YULIYA CHERNOVA
m er
relaunched the business. on mirrors focusing sunlight tracts for the steam it gener- megawatts of solar heat for in- said, but both are undermined
The new version of Glass- onto pipes filled with water, ates. That will create recur- dustrial processes projects by the rising cost of money and
A solar startup that has Point has raised $8 million in a heating that water to make ring revenue. were installed worldwide, ac- rising costs in general.
gotten a second lease on life is Series A round led by new in- steam. Its technology is at the The company has expanded cording to the Solar Heat MacGregor acknowledged
back with a new strategy vestor 300PPM. Former Aus- heart of the Miraah in Oman, from a focus on oil and gas re- Worldwide report made in col- that costs are “moving in the
m rp
aimed at helping it better tralian Prime Minister Malcolm one of the largest solar ther- covery to selling steam for a laboration with the Interna- wrong direction,” but said the
cope with future downturns. Turnbull participated in the fi- mal plants in the world, pro- range of industrial uses. De- tional Energy Agency. Saudi project remains attrac-
GlassPoint, which sells so- nancing, along with Tomas ducing steam that helps re- mand would come from indus- The project would cost well tive. GlassPoint expects to de-
lar-generated steam for indus- Sigurdsson, former chief oper- cover heavy crude oil. trial conglomerates that are over $1 billion, MacGregor said. velop projects in the U.S. as
trial uses, is one of several ating officer of Alcoa. MacGregor ran GlassPoint under pressure to decarbonize Financing for large renew- well, he added.
co Fo
businesses chasing climate- GlassPoint’s current valua- through 2017, when he was their processes and would able-power projects, which GlassPoint’s supporters be-
tech ideas that struggled in the tion is a fraction of the com- asked by the board to step want steam from solar heat, typically involves debt, has be- lieve it will be able to raise
past, but now expect better re- pany’s peak of more than down, he said. In 2020, Glass- MacGregor said. come more expensive in the project financing, partly be-
sults amid greater focus on $400 million in 2017, accord- Point’s then-investors, among Last year, GlassPoint signed current environment of rising cause it has mature technol-
carbon-emissions reductions. ing to MacGregor. The com- them Royal Dutch Shell and the a memorandum of understand- rates, said Baysa Naran, a man- ogy, and also because greener
“The biggest thing that’s pany is smaller, with about a Oman Investment Authority, de- ing with the Saudi Arabia state ager at Climate Policy Initia- end products, such as alumi-
different is the macro environ- dozen employees, down from cided to fold the business, citing mining company, Ma’aden tive, a climate-change-focused num, used in electric cars and
ment. Decarbonization is on hundreds previously. low oil prices and the economic Group, to develop a 1.5-giga- analysis and advisory group. smartphones, may command a
everybody’s agenda,” said The new funding shows crisis sparked by the pandemic. watt project that would use so- “All sectors, including the so- premium.
GlassPoint Chief Executive New York-based GlassPoint’s A year later, MacGregor cooper- lar-generated steam for one of lar sector, are getting affected “There will be financing for
Rod MacGregor, a company progress. Yet new difficulties ated with BlackRock to buy the the intermediate products in by the high cost of capital,” said these projects. It’s not just
co-founder who was CEO in its stand in the way of its capital- company’s assets. aluminum production. That Naran. The U.S. and other gov- nice to have, it’s part of the
first iteration. intensive business. It must The rebooted GlassPoint project alone would exceed the ernments have introduced new goal of net zero,” said Howar
n-
Founded in 2009, Glass- fund ambitious future projects changed its business model. total global installed capacity policies to support renewable Talabany, founding partner
Point was liquidated in 2020. as the cost of capital is rising. Instead of selling equipment of solar heat projects for indus- energy, and subsidies such as and head of business develop-
MacGregor, with other inves- GlassPoint develops solar to customers, the company trial processes, a niche market tax credits under the U.S. Infla- ment at 300PPM, the firm that
tors, bought out its assets and thermal technology that relies plans to sell long-term con- right now. Last year, about 30 tion Reduction Act help, she led GlassPoint’s Series A.
no
eligible for the incentives. founded in 1999, makes solar ing First Solar could help boost
Subsidies “Lots and lots of companies
are trying to get on the gravy
panels using a technology
called thin-film, by which lay-
the company’s sales further,
because the company esti-
train—in the solar industry, in ers of photovoltaic chemicals mates 90% of the pieces that
Give Lift to the battery industry, in lithium
mining,” says Pavel Molchanov,
are spread onto glass in a pro-
cess that is faster, cheaper and
go into its newest panel are al-
ready made in America.
battery components, according Making solar panels, like a and their suppliers. tracts to stipulate that its pan-
to an analysis by The Wall lot of other clean-energy com- First Solar also changed els will be produced domesti-
Street Journal. ponents, is a commoditized, business models when needed, cally, charging a premium for
Most of those projects in- low-margin business in which says Widmar, who joined the that feature.
volve overseas clean-energy gi- companies vie to drive down company in 2011 and has It is pushing customers
ants; many won’t be finished prices. For years, that meant steered it through several hungry for panels to sign mul-
for years. First Solar is one of factories fled to low-cost slumps. tiyear contracts, accumulating
a handful of big U.S.-based places such as China or South- The company built factories an order backlog the company
manufacturers with sizable east Asia. in cheaper locations such as estimates at more than $20
U.S. factories that are already First Solar, which was Malaysia and Vietnam, where billion.
it hosted more than 80% of its The company also is invest-
manufacturing capacity as late Since the Inflation Reduction Act passed, First Solar has ing heavily in research into
as 2018. vowed to plow over $2.8 billion into new facilities in the U.S. new solar technologies, and it
ADVERTISEMENT
At the same time, the com- is building new factories rap-
The Marketplace
pany lobbied in the U.S. government considered green series of lucrative credits idly.
against cheap Asian imports, tax-credit details, the company linked to its U.S. panel produc- First Solar expects to have
To advertise: 800-366-3975 or WSJ.com/classifieds pushing to slap duties on solar spent $270,000 on lobbying— tion. more than 20 gigawatts of
components made by Chinese nearly 80% of its entire 2022 The credits could be valued global manufacturing capacity
companies. Some in the indus- spend, according to data col- at $11 billion over the next de- by the end of 2025, four times
AUCTIONS COMMERCIAL REAL ESTATE try say such policies have lated on OpenSecrets.org. cade, according to a report by what it had at the end of 2018
boosted solar costs in the U.S. First Solar’s lobbying efforts Philip Shen, managing partner and 1½ times the amount of
and could slow the rollout of have primarily been aimed at at boutique investment bank large-scale solar the U.S. in-
NOTICE OF PUBLIC AUCTION Business Park For Sale renewables. securing a level playing field Roth Capital Partners. That is stalled last year. Nearly half of
CERTAIN ASSETS OF HYLETE INC. Southern CA > 61 acres Those protectionist mea- versus cheap Chinese manufac- roughly equivalent to the last that will be in the U.S.
A DELAWARE CORPORATION
Zoned Indus.; 300MSF sures combined with pandemic turers that get subsidized by four years of sales. “It’s a moment of opportu-
The assets to be sold consist of certain buildings; outdoor shipping bottlenecks to boost their government, Widmar First Solar has yet to re- nity,” Widmar says.
intangible assets used in the business of
Hylete, Inc. a Delaware Corporation, trailer/container parking. First Solar’s U.S. sales. The says. The U.S. needs to focus ceive any credits, but it is al- —Scott Patterson
including patents, trademarks, domain name, Call 618-654-2161 x427 company is likely to provide on goals beyond lowering ready counting future credits’ contributed to this article.
website, customer list & other intangibles. wweder@highlandsupply.com more than half the panels sold panel costs, such as energy se- value on its books.
By Order of Secured Creditor
UCC 9-610 Foreclosure Auction for large-scale solar installa- curity, he says. “We believe A key question is the defini-
Location: Online via zoom
tions in the U.S. this year, com- that this should not be an envi- tion of a U.S.-made solar panel Watch a Video
Thursday, August 10, 2023 at 11:00am PDT
pared with around one-third ronment of solar at any cost.” for tax-credit purposes, which Scan this code
Call or email request for more information
Brian Testo, Brian Testo Associates, LLC THEMARKETPLACE before the pandemic, Widmar Rules governing the tax could unlock a lucrative incen- for a video on
(818) 592-6592 x 101 (800) 366-3975 estimates. credits are still being com- tive meant to spur renewables China’s clout in
or briantesto@gmail.com wsj.com/classifieds
www.btesto.com © 2023 Dow Jones & Company, Inc. During the first three pleted. First Solar says it developers to buy more home- the solar-panel
All Rights Reserved. months of this year, as the U.S. should be able to qualify for a made equipment. Rules favor- industry.
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.
This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares of common stock of TriNet Group, Inc. (the “Company”). The tender offer (as defined below) is made solely by the Offer to Purchase,
dated August 1, 2023, and the related Letter of Transmittal, as they may be amended or supplemented from time to time. The information contained or referred to therein is incorporated herein by reference. In making the
tender offer, the Company is not aware of any U.S. State where the making of the tender offer is not in compliance with applicable law. If, however, the Company becomes aware that the making of the tender offer or the
acceptance of shares pursuant to the tender offer is not permitted by administrative or judicial action pursuant to a U.S. State statute (“State Law”), the Company will make a good faith effort to comply with the
applicable State Law. If, after such good faith effort, the Company cannot comply with the applicable State Law, the tender offer will not be made to the holders of shares in that U.S. State. In making the tender offer,
the Company will comply with the requirements of Rule 13e-4(f)(8) promulgated under the Exchange Act (as defined below). In any U.S. State where the securities or Blue Sky laws require the tender offer to
be made by a licensed broker or dealer, the tender offer shall be deemed to be made by or on the Company’s behalf by one or more registered brokers or dealers licensed under the laws of such U.S. State.
THE TENDER OFFER, THE PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME,
AT THE END OF THE DAY ON AUGUST 28, 2023, UNLESS THE TENDER OFFER IS EXTENDED OR TERMINATED (THE “EXPIRATION DATE”).
The tender offer is not conditioned upon any minimum number of shares being tendered. The tender offer is, however, subject to other conditions, including the Financing Condition, as defined in
the Offer to Purchase.
On July 30, 2023, the Company entered into a repurchase agreement (the “Repurchase Agreement”) with AGI-T, L.P., a Delaware limited partnership, and A-A SMA, L.P., a Delaware limited partnership
(both affiliates of the Company’s largest stockholder, Atairos Group, Inc., and collectively, “Atairos”), which beneficially owned 21,450,259 shares of the Company’s common stock (representing approximately
36% of the Company’s outstanding shares) as of July 27, 2023. Pursuant to the Repurchase Agreement, the Company agreed to purchase for cash 3,364,486 shares, as such number may be increased pursuant to
the Repurchase Agreement, from Atairos at the Purchase Price (the “Share Repurchase”). If the tender offer is not fully subscribed, but at least 3,644,859 shares are properly tendered and not properly withdrawn
pursuant to the tender offer, the 3,364,486 shares to be repurchased from Atairos pursuant to the Repurchase Agreement will be increased such that the Company repurchases from Atairos an additional number of
shares equal to the difference between (i) 5,981,308 shares, which is the maximum number of shares the Company is offering to repurchase in the tender offer, and (ii) the number of shares the Company repurchases
pursuant to the tender offer; provided that such increase does not cause Atairos to beneficially own less than 33% of the Company’s outstanding shares immediately following the closing of the Share Repurchase
(taking into account the shares purchased in the tender offer), which percentage may be further reduced to 30% at Atairos’ sole discretion. If the Company decides to exercise the Two Percent Upsize Option (as
defined in the Offer to Purchase), Atairos has agreed to proportionally increase the number of shares it sells pursuant to the Share Repurchase, up to an additional 429,005 shares, so as to continue to beneficially
own approximately 36% of the Company’s outstanding shares immediately following the closing of the Share Repurchase (taking into account the shares purchased in the tender offer). If the tender offer is not fully
subscribed and fewer than 3,644,859 shares are properly tendered and not properly withdrawn pursuant to the tender offer, the Company will repurchase that number of shares properly tendered and not properly
withdrawn pursuant to the tender offer and the Company will repurchase only 3,364,486 shares from Atairos under the Repurchase Agreement. Pursuant to the Repurchase Agreement, Atairos has agreed that it will
not, directly or indirectly, purchase or sell shares from the date of the Repurchase Agreement until the 11th business day after the Expiration Date. The Share Repurchase is scheduled to close on the 11th business
day following the Expiration Date, or September 13, 2023. See Section 11 of the Offer to Purchase. The Share Repurchase is conditioned upon, among other matters, the completion of the tender offer, which, in
turn, is subject to certain conditions, including the Financing Condition.
Assuming that the conditions to the tender offer are satisfied or waived and the tender offer is fully subscribed, the Company would purchase 5,981,308 shares pursuant to the tender offer and 3,364,486 shares
pursuant to the Share Repurchase for an aggregate of 9,345,794 shares, representing approximately 16% of the Company’s outstanding shares as of July 27, 2023.
If more than 5,981,308 shares are properly tendered in the tender offer and not properly withdrawn, the Company reserves the right to exercise the Two Percent Upsize Option. The Company also expressly reserves
the right, in its sole discretion, to purchase additional shares of its common stock or to change the Purchase Price subject to applicable legal and regulatory requirements. See Section 1 of the Offer to Purchase.
The Company will pay the Purchase Price for shares properly tendered and not properly withdrawn pursuant to the tender offer, taking into account the total number of shares tendered. Upon the terms and subject
.
to the conditions of the tender offer, if less than 5,981,308 shares are properly tendered and not properly withdrawn prior to the Expiration Date, the Company will buy all shares properly tendered and not properly
ly
withdrawn.
If the conditions to the tender offer have been satisfied or waived and more than 5,981,308 shares have been properly tendered and not properly withdrawn prior to the Expiration Date, the Company will purchase
shares in the following order of priority:
on
• first, from all stockholders of “odd lots” (holders of fewer than 100 shares) who properly tender all of their shares, complete the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, the
Notice of Guaranteed Delivery and do not properly withdraw them prior to the Expiration Date;
• second, subject to the conditional tender provisions described in Section 6 of the Offer to Purchase, on a pro rata basis, with appropriate adjustments to avoid purchases of fractional shares, from all other
us ,
stockholders who properly tender shares and do not properly withdraw them before the Expiration Date; and
l
• third, if necessary to permit the Company to purchase 5,981,308 shares (or such greater amount as the Company may elect to purchase, subject to applicable law), from stockholders who have tendered shares
e
al a
conditionally (for which the condition was not initially satisfied) by random lot, to the extent feasible. To be eligible for purchase by random lot, stockholders whose shares are conditionally tendered must
have properly tendered all of their shares and not properly withdrawn them prior to the Expiration Date. See Section 6 of the Offer to Purchase.
ci on
All shares tendered and not purchased pursuant to the tender offer, including shares not purchased because of proration and conditional tender provisions of the Offer to Purchase, will be returned to the tendering
stockholders or, in the case of shares delivered by book-entry transfer, credited to the account at the Book-Entry Transfer Facility (as defined in the Offer to Purchase) from which the transfer had previously been
made, at the Company’s expense promptly following the Expiration Date and the guaranteed delivery period.
Assuming that the conditions to the tender offer are satisfied or waived and the tender offer is fully subscribed, the Company 5,981,308 shares pursuant to the tender offer, representing approximately 10% of its
outstanding shares as of July 27, 2023. If more than 5,981,308 shares are properly tendered in the tender offer and not properly withdrawn, the Company reserves the right to exercise the Two Percent Upsize Option.
er s
The Company also expressly reserves the right, in its sole discretion, to purchase additional shares of its common stock or to change the Purchase Price subject to applicable legal and regulatory requirements. See
Section 1 of the Offer to Purchase.
m er
The Company expressly reserves the right to extend the tender offer at any time and from time to time by oral or written notice to the Depositary (as defined in the Offer to Purchase) and by making a public
announcement of such extension, in which event the term “Expiration Date” shall mean the latest time and date to which the tender offer, as so extended by the Company, shall expire. During any such extension,
all shares previously tendered and not properly withdrawn will remain subject to the tender offer and to the right of the tendering stockholder to withdraw such stockholder’s shares.
m rp
Stockholders wishing to tender their shares must follow the procedures set forth in Section 3 of the Offer to Purchase and in the Letter of Transmittal. Stockholders wishing to tender their shares but who are
unable to deliver them physically or by book-entry transfer prior to the Expiration Date, or who are unable to make delivery of all required documents to the Depositary prior to the Expiration Date, may tender their
shares by complying with the procedures set forth in Section 3 of the Offer to Purchase for tendering by Notice of Guaranteed Delivery. The proration period is the period for accepting shares on a pro rata basis in
the event that the tender offer is oversubscribed. The proration period will expire at the Expiration Date.
Tenders of shares made pursuant to the tender offer may be withdrawn at any time prior to the Expiration Date, and unless previously accepted for payment as provided in the Offer to Purchase, may be withdrawn
co Fo
after 12:00 Midnight, New York City time, at the end of the day on August 28, 2023. To be effective, a written transmission notice of withdrawal must be timely received by the Depositary at one of its addresses set
forth on the back cover of the Offer to Purchase and must specify the name of the person who tendered the shares to be withdrawn, the number of shares to be withdrawn, and the name of the registered holder of
the shares, if different from that of the person who tendered such shares. If the shares to be withdrawn have been delivered to the Depositary, a signed notice of withdrawal with signatures guaranteed by an Eligible
Institution (as defined in the Offer to Purchase) must be submitted prior to the release of such shares. In addition, such notice must specify, in the case of shares tendered by delivery of certificates, the name of the
registered holder (if different from that of the tendering stockholder) and the serial numbers shown on the particular certificates evidencing the shares to be withdrawn or, in the case of shares tendered by book-entry
transfer, the name and number of the account at the Book-Entry Transfer Facility to be credited with the withdrawn shares.
For purposes of the tender offer, the Company will be deemed to have accepted for payment (subject to any “odd lot” (holders of fewer than 100 shares) priority, proration and conditional tender provisions of
the Offer to Purchase), shares that are properly tendered and not properly withdrawn, only when, as and if the Company gives oral or written notice to the Depositary of its acceptance of the shares for payment
pursuant to the tender offer.
Payment for shares tendered and accepted for payment pursuant to the tender offer will be made only after timely receipt by the Depositary of certificates for such shares (or a timely confirmation of a book-entry
transfer of such shares into the Depositary’s account at the Book-Entry Transfer Facility), a properly completed and duly executed Letter of Transmittal with any required signature guarantees, or an Agent’s Message
(as defined in the Offer to Purchase) in connection with book-entry delivery, and any other documents required by the Letter of Transmittal.
n-
The Company will announce the preliminary results of the tender offer, including price and preliminary information about any expected proration, on the business day following the Expiration Date. However,
the Company does not expect to announce the final results of any proration or the Purchase Price and begin paying for the tendered shares until at least three business days after the Expiration Date.
The purpose of the tender offer and the Share Repurchase is to repurchase shares at the same Purchase Price from stockholders that participate in the tender offer and from Atairos.
no
The Company’s Board of Directors, the Finance and Audit Committee and the Disinterested Directors (each defined in the Offer to Purchase) have each determined that it is in the best interests of the Company
and its stockholders (including stockholders other than Atairos) to deploy capital by repurchasing shares of its common stock pursuant to its share repurchase program, and that at this time, the tender offer described
in the Offer to Purchase, together with the Share Repurchase, is a prudent and effective way to do so and to provide value and increased liquidity to its stockholders. See Section 2 of the Offer to Purchase for
additional information on the purpose of the tender offer and the Share Repurchase.
The Company’s directors, executive officers and affiliates are entitled to participate in the tender offer on the same basis as all other stockholders. Certain of the Company’s directors and executive officers,
including the Chairperson of the Board of Directors and the Chief Executive Officer, have each advised the Company that they currently intend to participate in the tender offer, but none of the Company’s affiliates
currently intend to participate in the tender offer. See Section 11 of the Offer to Purchase. Each of them may change their intentions at any time and no assurance can be given that any of them will or will not
participate in the tender offer. The equity ownership of the Company’s directors, executive officers and affiliates who do not tender their shares in the tender offer, and the equity ownership of other stockholders
who do not tender their shares pursuant to the tender offer, will proportionately increase as a percentage of the Company’s issued and outstanding shares following the consummation of the tender offer. However,
pursuant to the Repurchase Agreement the Company entered into with Atairos (which is an affiliate of the Company and its director Michael J. Angelakis), assuming the tender offer is fully subscribed, the Company
will purchase 3,364,486 shares from Atairos on the 11th business day following the Expiration Date such that Atairos would continue to beneficially own approximately 36% of the Company’s outstanding shares
immediately following the closing of the Share Repurchase (taking into account the shares purchased in the tender offer). Pursuant to the Repurchase Agreement, Atairos has agreed that it will not, directly or
indirectly, purchase or sell shares of the Company’s common stock from the date of the Repurchase Agreement until the 11th business day following the Expiration Date. See Section 11 of the Offer to Purchase.
The receipt of cash for the tendered shares generally will be treated for U.S. federal income tax purposes either as (1) consideration received in a sale or exchange of the tendered shares or (2) a distribution in
respect of the stockholder’s shares. If stockholder is a U.S. Holder (as defined in Section 13 of the Offer to Purchase), generally, they will be subject to U.S. federal income taxation upon the receipt of cash in
exchange for the shares that you tender. See Section 13 for additional information.
The information required to be delivered by Rule 13e-4(d)(1) under the U.S. Securities Exchange Act of 1934, as amended, is contained in the Offer to Purchase and the Schedule TO, both of which are
incorporated herein by reference.
The Offer to Purchase and the related Letter of Transmittal contain important information that should be read before any decision is made with respect to the tender offer.
Questions or requests for assistance may be directed to D.F. King & Co., Inc., the Information Agent for the tender offer, at its telephone number and address set forth below. Requests for additional copies of the Offer to
Purchase, the related Letter of Transmittal, the Notice of Guaranteed Delivery or the other tender offer materials may be directed to the Information Agent at the telephone number and address set forth below. Stockholders
may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance concerning the tender offer. To confirm delivery of shares, stockholders are directed to contact the Depositary.
Morgan Stanley & Co. LLC BofA Securities, Inc. Truist Securities, Inc.
1585 Broadway One Bryant Park 3333 Peachtree Road NE, 11th Floor
New York, NY 10036 New York, NY 10036 Atlanta, GA 30326
Toll-Free: 855-483-0952 Toll-Free: (888) 803-9655 Toll-Free: (855) 382-6151
.
quarter compared with a year funding, the bank earned net Other bankers are skepti-
0.80
Deposits earlier—even at megabanks interest income by lending it cal. Tom O’Brien, CEO of Ster-
ly
and some of the big regional out at a higher rate. ling Bancorp in Southfield,
powerhouses. 0.60 “We monitor it closely, but Mich., said that years ago, his
Some regulators and bank- we don’t consider it to be a bank relied heavily on bro-
Continued from page B1
moil, such as Western Alli-
ance Bancorp, Zions Bancorp
and Comerica.
ers say brokered deposits can
encourage lenders to take ex-
cessive risks, such as issuing
nontraditional loans to make
on
0.40
0.20
failure of what we’re trying to
accomplish,” Cattanach said.
“We consider it another fund-
ing source of growth.”
kered deposits. It recouped
the higher interest cost by
making unconventional mort-
gages at lofty rates.
Banks collectively had more up for the high cost of this Lance Carter, CEO of After the bank got into reg-
us ,
than $1 trillion in brokered funding. 0 Bloomington, Ill.-based HBT ulatory trouble and brought in
l
deposits in the first quarter, The FDIC can charge higher 2006 ’10 ’15 ’20 ’23 Financial, parent company of O’Brien to turn things around,
e
al a
according to the latest avail- insurance premiums on bro- Note: Changes to FDIC rules in 2021 resulted in fewer deposits that
Heartland Bank & Trust, said he focused partly on building
able data from the Federal De- kered deposits, and banks that would have previously been considered ‘brokered’ being reported as such. his bank recently turned to liquidity. As a result, the bank
posit Insurance Corp. That fall below certain capital lev- brokered deposits as a fund- didn’t need to turn to high-
ci on
director of financial institu- probability of bank failures. brokered deposits and its bor- deposits in the second quar- sell securities on its balance cause they fund too expen-
tions research at S&P Global For some banks, the cost of rowings from the Federal ter, versus 7.2% in the first. sheet that have lost value due sively, they take too much risk
m er
Market Intelligence. brokered deposits can be Home Loan Bank system, an- CEO Scott Cattanach said to rising rates. on the assets.”
m rp
co Fo
n-
no
SUPERHERO CINEMA
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luck. Tune in to uncover the behind-the-scenes secrets.
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on
0.39
1.09 2021.35
0.75
1655.88
16427.29 13472.18
606.49 491.56
6.4
7.5
4.7
13.7
8.2
11.2
10.6
9.6
9.2
Emergent Biosoltns
SBA Communications SBAC
Tupperware Brands TUP
EBS 500.6
151.3 232.20
1,583.3
7.58
4.47
0.70
13.25
0.20
10.17
4.68
8.21
6.05 234.80 218.45
4.56
6.88
4.22
Issues traded
Advances
Declines
Unchanged
4,587
2,832
1,572
183
1,814
1,352
432
30
NYSE Arca Biotech 5348.37 5303.87 5326.48 -12.67 -0.24 5644.50 4390.11 12.7 0.9 -2.0
Nuveen Growth Opps ETF NUGO 688.0 24.66 1.10 4.67 24.66 23.53
New highs 142 198
us ,
NYSE Arca Pharma 879.06 872.03 875.61 -3.45 -0.39 892.45 737.84 6.6 0.9 10.1 ...And losers New lows 64 13
l
KBW Bank 89.87 88.80 89.34 0.32 0.36 115.55 71.96 -17.3 -11.4 6.2 2,482.8 21.07 -4.50 -17.60 25.57 18.50 Closing Arms† 0.48 1.02
e
ZoomInfo Technologies ZI
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PHLX§ Gold/Silver 128.00 124.80 127.06 2.79 2.25 144.37 91.40 17.7 5.1 -6.3 Harmonic HLIT 339.5 12.65 -2.27 -15.21 14.92 11.58 Block trades* 34,952 1,003
PHLX§ Oil Service 93.69 92.36 93.50 1.91 2.08 93.94 56.08 40.9 11.5 38.0 Rambus RMBS 187.4 57.50 -5.11 -8.16 63.50 53.39 * Primary market NYSE, NYSE American NYSE Arca only.
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PHLX§ Semiconductor 3875.17 3843.05 3861.63 9.87 0.26 3861.63 2162.32 29.7 52.5 21.8 DoubleVerify DV 104.4 38.74 -3.36 -7.98 42.49 38.23 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.09 13.57 13.63 0.30 2.25 33.63 12.91 -40.3 -37.1 -17.7 Comstock Resources CRK 82.2 11.82 -0.93 -7.29 12.75 11.70 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.
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 707.11 1.60 0.23 16.8 Symbotic SYM 63.54 21.36 50.64 64.14 8.75 240.7 View VIEW 10.40 -4.00 -27.78 152.40 6.08 -92.3
MSCI ACWI ex-USA 314.69 0.85 0.27 11.9 Archer Aviation ACHR 6.73 1.95 40.79 6.87 1.62 61.4 BioNexus Gene Lab BGLC 2.23 -0.77 -25.67 17.88 0.96 -81.9
MSCI World 3064.30 6.46 0.21 17.7 Tupperware Brands TUP 4.27 1.19 38.64 12.86 0.61 -43.3 Birks Group BGI 3.09 -1.06 -25.54 10.02 2.78 -40.0
MSCI Emerging Markets 1046.91 3.71 0.36 9.5 GoodRx Holdings GDRX 9.24 2.49 36.89 10.37 3.82 46.9 Silicom SILC 29.42 -9.63 -24.66 50.00 29.00 -26.5
m rp
Americas MSCI AC Americas 1742.64 4.12 0.24 19.6 Jin Medical International ZJYL 14.23 3.67 34.75 20.80 4.84 ... Alset Capital Acqn Cl A ACAX 5.77 -1.83 -24.08 12.27 5.50 -41.8
Canada S&P/TSX Comp 20626.64 107.27 0.52 6.4 XIAO-I ADR AIXI 9.19 2.04 28.53 9.20 4.30 ... Aptose Biosciences APTO 3.10 -0.94 -23.27 13.80 2.91 -71.7
Latin Amer. MSCI EM Latin America 2562.17 5.69 0.22 20.4 iClick Interactive ADR ICLK 3.07 0.68 28.45 7.07 1.36 -39.8 Marker Therapeutics MRKR 5.05 -1.42 -21.95 9.68 0.67 63.0
Brazil BOVESPA 121942.98 1755.87 1.46 11.1 Fifth Wall Acqn III Cl A FWAC 15.05 3.30 28.09 20.12 9.77 54.0 Surf Air Mobility SRFM 2.04 -0.51 -20.00 5.00 2.00 ...
Chile S&P IPSA 3608.03 31.24 0.87 13.7 Evelo Biosciences EVLO 10.47 1.88 21.89 65.80 0.49 -75.1 Apellis Pharmaceuticals APLS 25.75 -6.27 -19.58 94.75 24.97 -53.8
co Fo
Mexico S&P/BMV IPC 54819.05 –91.88 –0.17 13.1 AEON Biopharma AEON 7.85 1.35 20.77 14.68 5.64 -20.2 Bluejay Diagnostics BJDX 6.40 -1.43 -18.26 24.80 3.80 -71.2
EMEA STOXX Europe 600 471.35 0.57 0.12 10.9 Innoviz Technologies INVZ 4.10 0.69 20.23 6.21 2.09 2.5 Checkpoint Therapeutics CKPT 2.59 -0.51 -16.45 14.90 1.84 -76.2
Eurozone Euro STOXX 470.20 –0.18 –0.04 14.7 fuboTV FUBO 3.37 0.56 19.93 8.14 0.96 34.8 Territorial Bancorp TBNK 11.84 -2.31 -16.30 25.50 9.57 -47.1
Belgium Bel-20 3776.61 –11.78 –0.31 2.0 SoFi Technologies SOFI 11.45 1.90 19.90 11.70 4.24 80.0 Okyo Pharma OKYO 1.87 -0.33 -15.00 7.00 0.92 -21.1
Denmark OMX Copenhagen 20 2030.75 39.46 1.98 10.7 Foresight Autonomous ADR FRSX 3.15 0.52 19.77 5.88 1.75 -17.0 TeraWulf WULF 2.92 -0.50 -14.62 4.04 0.54 111.6
7497.78 0.29 15.8 Leju Holdings ADR LEJU 2.42 0.39 19.21 9.84 1.03 31.5 Genesis Unicorn Cap Cl A GENQ 8.34 -1.42 -14.55 13.38 7.25 -16.3
France CAC 40 21.31
Germany DAX 16446.83 –22.92 –0.14 18.1
Israel Tel Aviv 1871.26 2.70 0.14 4.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 29644.71 144.51 0.49 25.0 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 792.00 –2.27 –0.29 14.9
Oslo Bors All-Share 1417.75 0.86 4.0 Mullen Automotive MULN 238,357 10.6 0.13 4.17 23.98 0.10 iSh Curr Hdgd MSCI Japan HEWJ 6,862 4653 34.01 0.62 41.04 26.08
Norway 12.12
South Africa FTSE/JSE All-Share 78977.89 470.99 0.60 8.1 SoFi Technologies SOFI 209,997 281.6 11.45 19.90 11.70 4.24 Fifth Wall Acqn III Cl A FWAC 1,416 3426 15.05 28.09 20.12 9.77
n-
Spain IBEX 35 9641.50 –43.60 –0.45 17.2 Tupperware Brands TUP 171,729 1546.3 4.27 38.64 12.86 0.61 Silicom SILC 547 3387 29.42 -24.66 50.00 29.00
844.63 –0.14 8.0 Yellow YELL 148,841 5819.2 1.76 148.97 8.51 0.43 Franklin US Treasury Bd FLGV 1,087 3169 20.64 0.06 22.16 20.28
Sweden OMX Stockholm –1.16
5.4
Nikola NKLA 144,783 120.2 2.67 17.62 8.97 0.52 Global X E-commerce ETF EBIZ 303 3040 20.84 1.81 21.37 13.94
Switzerland Swiss Market 11309.25 –8.49 –0.08
Turkey BIST 100 7216.96 149.68 2.12 31.0 Palantir Technologies PLTR 140,868 77.7 19.84 11.40 20.00 5.92 MSG Sports MSGS 4,329 2813 212.75 0.24 215.79 136.61
no
U.K. FTSE 100 7699.41 5.14 0.07 3.3 NIO ADR NIO 116,284 96.0 15.30 3.80 22.74 7.00 Franklin US Core Bond FLCB 2,910 2017 21.30 0.06 22.63 20.35
19143.76 0.10 1.5 FOXO Technologies FOXO 100,042 8842.7 0.20 49.78 11.00 0.13 GoodRx Holdings GDRX 23,271 1673 9.24 36.89 10.37 3.82
U.K. FTSE 250 19.62
T2 Biosystems TTOO 93,481 73.8 0.15 27.16 15.00 0.05 Gl X FTSE Southeast Asia ASEA 225 1633 15.72 1.35 15.84 13.26
Asia-Pacific MSCI AC Asia Pacific 170.76 0.74 0.44 9.6
ProSh UltraPro Shrt QQQ SQQQ 85,732 -27.7 16.91 -0.29 69.55 16.38 Avista AVA 9,961 1534 38.64 -0.82 45.29 35.72
Australia S&P/ASX 200 7410.40 6.75 0.09 5.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3291.04 15.11 0.46 6.5 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20078.94 162.38 0.82 1.5
66527.67 0.56 9.3
Scan this code
India S&P BSE Sensex 367.47
Japan NIKKEI 225 33172.22 412.99 1.26 27.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3373.98 2.81 0.08 3.8 and track most-active stocks,
South Korea KOSPI 2632.58 24.26 0.93 17.7 new highs/lows, mutual funds Currencies
Taiwan TAIEX 17145.43 –147.50 –0.85 21.3 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1556.06 12.79 0.83 –6.7
All are available free at WSJMarkets.com US$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 .00004222 23688 0.2
CREDIT MARKETS Argentina peso .0037273.6463 54.8 Europe
Brazil real .2116 4.7258 –10.6 Czech Rep. koruna .04604 21.723 –3.7
Canada dollar .7581 1.3191 –2.7 Denmark krone .1476 6.7768 –2.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001189 840.73 –0.9 Euro area euro 1.0999 .9092 –2.7
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000256 3906.50 –19.4 Hungary forint .002841 352.03 –5.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007620 131.24 –7.3
A consumer rate against its Five-year ARM, Rate Mexico peso .0597 16.7454 –14.1 Norway krone .0987 10.1312 3.3
benchmark over the past year 5.00% Uruguay peso .02654 37.6800 –5.7 Poland zloty .2497 4.0046 –8.5
Bankrate.com avg†: 6.30% 12% Russia ruble .01094 91.435 24.0
Tradeweb ICE Asia-Pacific
t
COMMODITIES wsj.com/market-data/commodities
Metal & Petroleum Futures Sept 250.225 250.650 247.625 249.200 .225 17,885 Sept .05948 .05949 .05905 .05926 –.00015 232,891 Dec 2761.70 13.80 n.a.
Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Mini Nasdaq 100 (CME)-$20 x index
Contract Open
Aug 178.350 178.650 176.800 178.050 –.100 42,537 Aug 1.1027 1.1053 1.1002 1.1006 –.0026 2,769 Sept 15850.00 15917.00 15791.25 15857.50 10.00 255,857
Open High hi lo Low Settle Chg interest
Oct 179.925 180.125 177.925 179.525 –.075 140,017 Sept 1.1045 1.1073 1.1020 1.1025 –.0026 734,841 Dec 16042.75 16117.00 15994.50 16058.00 9.75 8,414
Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index
Aug 3.9210 4.0010 3.9210 3.9945 0.0775 2,031 Aug 102.700 104.275 102.175 104.125 .925 23,961 1992.70 2015.70 1985.40 2013.60 22.60 517,855
Sept 3.9300 4.0170 3.9080 4.0080 0.0815 121,855
Index Futures Sept
Oct 84.225 86.250 83.075 86.000 .975 81,802 Dec 2013.80 2035.80 2006.00 2033.80 22.40 1,998
Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Mini DJ Industrial Average (CBT)-$5 x index Mini Russell 1000 (CME)-$50 x index
Aug 1959.20 1971.60 1950.00 1970.50 10.10 9,856 Sept 514.50 517.00 507.00 511.50 –5.00 4,240 Sept 35598 35713 35511 35695 103 107,009
Sept 2534.00 2534.90 2523.70 2531.90 5.90 7,980
Sept 1967.90 1981.10 1958.00 1979.60 9.50 2,427 Nov 523.00 523.50 517.00 523.00 –2.00 1,514 Dec 35900 36045 35850 36029 100 523
U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 1978.00 1991.00 1967.20 1989.30 9.30 31,831 Milk (CME)-200,000 lbs., cents per lb. Mini S&P 500 (CME)-$50 x index Sept 101.46 101.67 101.30 101.63 .23 30,958
Dec 1997.90 2010.90 1986.70 2009.20 9.30 377,004 July 13.81 13.82 13.79 13.81 … 7,142 Sept 4608.75 4619.25 4595.25 4614.50 8.00 2,198,469
Dec 101.25 101.34 101.04 101.29 .23 509
Feb'24 2018.80 2031.20 2007.60 2029.70 9.10 14,331 Aug 17.35 17.99 17.25 17.69 .43 5,291 Dec 4660.00 4670.50 4647.25 4666.00 8.00 20,733
April 2036.10 2050.40 2026.80 2049.40 9.20 6,694 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini S&P Midcap 400 (CME)-$100 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 3,527 3,569 3,523 3,548 23 134,479 Sept 2730.00 2749.50 2725.90 2743.40 11.70 38,658 Source: FactSet
Aug 1264.70 36.00 Dec 3,521 3,564 3,519 3,543 22 127,861
Sept 1235.00 1284.00 1230.00 1275.60 36.00 15,383 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz.
Aug 952.60 949.70 12.10 2
Sept
Dec
157.90
158.15
166.00
165.90
157.90
158.15
164.65
164.55
6.75
6.35
85,597
61,785
Bonds | wsj.com/market-data/bonds/benchmarks
Oct 943.70 967.30 931.60 958.60 14.90 62,416 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. Oct
March'24
23.95
24.14
24.19
24.39
23.84
24.07
24.11
24.29
.19 396,035
.15 234,915
Tracking Bond Benchmarks
Aug 24.210 24.810 24.210 24.854 0.484 621
Sept 24.475 24.985 24.320 24.972 0.477 112,827 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 38.50 39.00 38.50 39.01 .72 820 highs and lows for different types of bonds
Sept 80.65 s 82.00
80.13 81.80 1.22 349,307 March'24 41.75 41.75 41.75 41.75 .71 2,783
Total Total
Oct 80.23 s 81.50
79.72 81.32 1.14 220,935 Cotton (ICE-US)-50,000 lbs.; cents per lb. YTD total YTD total
return Yield (%) return Yield (%)
Oct 85.04 87.20 84.50 85.44 .38 108
Nov 79.79 s 81.01
79.30 80.84 1.08 136,121 close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 84.01 86.31 83.75 84.72 .46 135,329
Dec 79.36 s 80.51
78.88 80.35 1.03 242,012
June'24 76.62 s 77.53
76.19 77.43 0.84 119,873
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Sept 317.75 319.40 s 310.10 316.20 –.65 7,972
Dec 74.25 s 74.96
73.79 74.86 0.69 127,133 1970.99 1.8 Mortgage-Backed 4.850 3.300 5.380
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Nov 303.75 305.00 s 297.10 299.55 –3.20 1,722 1990.07 2.0 U.S. Aggregate 4.850 3.370 5.210
Aug 2.9558 3.0041 s 2.9319 2.9909 .0323 3,150 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1945.74 2.1 Ginnie Mae (GNMA) 4.880 3.320 5.370
Sept 2.9548 3.0054 s 2.9222 2.9855 .0357 90,130
Interest Rate Futures
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2973.99 3.6 U.S. Corporate 5.450 4.280 6.130 1159.02 1.7 Fannie mae (FNMA) 4.840 3.300 5.390
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Aug 2.9380 2.9479 2.9126 2.9290 –.0268 4,937 Sept 132-090 132-260 131-150 132-070 9.0 1,514,883 1776.13 1.7 Freddie Mac (FHLMC) 4.920 3.300 5.370
2867.46 2.9 Intermediate 5.440 4.050 6.050
Sept 2.8815 2.9088 2.8494 2.8955 .0079 125,001 Dec 134-090 134-210 133-160 134-050 9.0 39
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3977.57 4.7 Long term 5.490 4.690 6.370 570.32 2.5 Muni Master 3.342 2.419 3.936
Sept 2.659 2.693 2.605 2.634 –.004 325,732 Sept 124-140 124-280 123-260 124-140 6.0 1,262,513
Dec 124-200 125-020 124-030 124-220 6.0 2,355 575.22 3.1 Double-A-rated 4.860 3.630 5.320 406.90 2.2 7-12 year 2.964 2.325 3.794
Oct 2.768 2.804 2.720 2.741 –.012 106,895
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Nov 3.183 3.213 3.133 3.143 –.033 108,073
Sept 111-150 111-200 111-020 111-130 2.0 4,823,387 792.71 4.0 Triple-B-rated 5.720 4.620 6.440 459.34 3.7 12-22 year 3.667 2.991 4.428
Jan'24 3.798 3.815 3.762 3.783 –.005 86,083
Dec 112-000 112-055 111-210 111-310 2.0 15,001 High Yield Bonds ICE BofA 433.39 5.1 22-plus year 4.299 3.700 5.131
March 3.441 3.459 3.410 3.441 –.005 73,556
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
April 3.140 3.167 3.120 3.152 –.006 68,169 Sept 106-272 106-307 106-195 106-262 2.0 5,477,880 495.44 6.9 High Yield Constrained n.a. 7.409 9.623 Global Government J.P. Morgan†
Dec 107-132 107-175 107-067 107-132 2.5 6,236
Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 473.18 12.6 Triple-C-rated n.a. 12.836 16.916 528.55 1.3 Global Government 3.190 2.010 3.250
Sept 101-165 101-185 101-142 101-165 1.0 3,651,524 0.6
Corn (CBT)-5,000 bu.; cents per bu. 3335.87 7.2 High Yield 100 n.a. 6.786 8.753 768.05 Canada 3.610 2.730 3.780
Dec 101-315 102-021 101-302 102-003 1.0 556
Sept 516.25 516.25 498.50 504.00 –17.00 375,478
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 430.58 6.1 Global High Yield Constrained n.a. 7.593 9.945 340.69 2.3 EMU§ 3.249 1.594 3.490
Dec 524.50 524.50 508.00 513.00 –17.25 607,036
July 94.8800 94.8825 94.8800 94.8800 ... 322,162
Oats (CBT)-5,000 bu.; cents per bu. Aug 94.6725 94.6750 94.6700 94.6725 .0025 393,665 325.97 5.5 Europe High Yield Constrained 7.313 5.952 8.508 629.56 1.6 France 3.130 1.410 3.310
Sept 422.00 438.00 412.75 436.25 11.50 1,319 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Dec 441.25 457.50 430.00 456.25 11.00 3,028 May 94.8575 94.8575 94.8550 94.8575 ... 27,604 U.S Agency Bloomberg Fixed Income Indices 448.98 1.2 Germany 2.550 0.770 2.760
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 94.6250 94.6350 94.6050 94.6250 .0050 1,265,601
Aug 1486.50 1486.50 1430.25 1445.75 –41.00 4,034
1721.57 1.8 U.S Agency 4.960 3.060 5.080 280.83 1.1 Japan 0.930 0.570 1.060
Nov 1375.50 1375.50 1322.75 1331.75 –50.75 324,002 Currency Futures 1522.70 1.7 10-20 years 4.980 3.020 5.100 486.02 1.3 Netherlands 2.810 1.080 3.000
Soybean Meal (CBT)-100 tons; $ per ton.
Aug 455.20 455.40 447.60 451.20 –4.00 5,262 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 3301.78 3.5 20-plus years 4.750 3.600 5.240 760.29 -2.8 U.K. 4.400 2.100 4.700
Dec 399.70 402.60 392.40 395.90 –9.90 206,252 Aug .7119 .7124 .7024 .7044 –.0065 648
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .7142 .7162 .7062 .7082 –.0066 223,588 2614.84 3.2 Yankee 5.300 3.970 5.840 810.38 5.5 Emerging Markets ** 7.495 7.084 9.159
Canadian Dollar (CME)-CAD 100,000; $ per CAD
.
Aug 67.75 67.75 64.55 65.58 –2.02 2,420 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Aug .7545 .7605 .7543 .7591 .0037 207
Dec 62.40 62.46 59.30 59.99 –2.41 193,615 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
.7552 .7609 .7545 .7595 .0037 154,413
ly
Sept
Rough Rice (CBT)-2,000 cwt.; $ per cwt. British Pound (CME)-£62,500; $ per £
Sept 15.58 15.58 15.36 15.47 –.15 8,487 Aug 1.2856 1.2873 1.2830 1.2839 –.0019 447
Nov 15.75 15.75
Wheat (CBT)-5,000 bu.; cents per bu.
15.55 15.67 –.15 1,357 Sept 1.2854 1.2876 1.2832 1.2841 –.0019 216,092 Global Government Bonds: Mapping Yields
Swiss Franc (CME)-CHF 125,000; $ per CHF
Sept 702.50 703.00 660.25 665.75 –38.50 133,307 Sept 1.1552 1.1601 1.1514 1.1532 –.0035 43,070 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Dec
Sept
Dec
725.25
857.50
867.75
726.75
Wheat (KC)-5,000 bu.; cents per bu.
858.00
869.25
688.25
807.00
825.00
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
691.75 –36.25 103,916
812.75 –43.50
829.50 –39.75
72,614
68,464
Dec
Sept
on
1.1671
.6661
1.1710
.6751
Mexican Peso (CME)-MXN 500,000; $ per MXN
1.1629
Australian Dollar (CME)-AUD 100,000; $ per AUD
Aug .6652 .6743 .6652
.6660
1.1646 –.0034
.6721
.6729
.0067 253
.0067 144,542
738
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3
Yield (%)
4 5 Previous Month ago Year ago
Spread Under/Over U.S. Treasurys, in basis points
Latest Prev Year ago
Aug
3.375 10 3.956 t l 3.968 3.818 2.642
l
Cash Prices | wsj.com/market-data/commodities Monday, July 31, 2023 4.500 10 4.058 t l 4.079 4.032 3.069 10.3 12.5 41.8
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.000 France 2 3.306 s l 3.298 3.373 0.195 -155.6 -158.0 -268.8
ci on
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 3.000 10 3.030 s l 3.025 2.926 1.389 -92.6 -92.9 -126.3
months. 3.100 Germany 2 3.038 t l 3.050 3.195 0.260 -182.4 -182.9 -262.4
Monday Monday Monday
2.600 10 2.491 s l 2.491 2.394 0.814 -146.5 -146.3 -183.7
Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 9.7575
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 6.0725 3.400 Italy 2 3.687 t l 3.699 3.902 1.403 -117.5 -118.0 -148.1
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 62.250 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat - Hard - KC (USDA) $ per bu-u 8.5275 4.350 10 4.102 t l 4.105 4.071 3.050 14.6 15.1 39.8
Wheat,No.1soft white,Portld,OR-u 7.1750
er s
Engelhard industrial 1966.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4638 choice 1-3,600-900 lbs.-u 284.38 0.000 Spain 2 3.435 s l 3.430 3.509 0.534 -142.7 -144.9 -235.0
1970.65 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 620 select 1-3,600-900 lbs.-u 260.03
Handy & Harman base 3.550 10 3.511 s l 3.505 3.397 1.928 -44.5 -44.9 -72.3
Handy & Harman fabricated 2187.42 Broilers, National comp wtd. avg.-u,w 1.1436
LBMA Gold Price AM *1950.15
Fibers and Textiles Butter,AA Chicago-d 2.6800 0.625 U.K. 2 4.981 s l 4.980 5.256 1.713 11.9 10.2 -117.1
LBMA Gold Price PM *1954.25 Cheddar cheese,bbl,Chicago-d 187.00
Burlap,10-oz,40-inch NY yd-n,w 0.7300 4.250 10 4.309 t l 4.326 4.387 1.861 35.3 37.2 -79.0
m rp
Krugerrand,wholesale-e 2060.48
Cheddar cheese,blk,Chicago-d 196.00
Cotton,1 1/16 std lw-mdMphs-u 0.8244
Maple Leaf-e 2109.77
Milk,Nonfat dry,Chicago lb.-d 114.75 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Cotlook 'A' Index-t *94.90 Coffee,Brazilian,Comp-y 1.5882
American Eagle-e 2109.77 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.9012
Mexican peso-e
Austria crown-e
2543.75
1935.71
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.1150 Corporate Debt
Grains and Feeds Flour,hard winter KC-p n.a.
Austria phil-e 2070.34
Hams,17-20 lbs,Mid-US fob-u 0.94
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 100.55 expectations
co Fo
Engelhard industrial 24.6000 Bran,wheat middlings, KC-u,w 145 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 24.8120 Corn,No. 2 yellow,Cent IL-bp,u 5.4000 Pork loins,13-19 lb MidUS-u 1.3665
Investment-grade spreads that tightened the most…
Handy & Harman fabricated 31.0150 Corn gluten feed,Midwest-u,w 159.2 Steers,Tex.-Okla. Choice-u 178.64 Spread*, in basis points
LBMA spot price *£18.8500 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Corn gluten meal,Midwest-u,w 533.2 Steers,feeder,Okla. City-u,w 272.50
(U.S.$ equivalent) *24.2250 Cottonseed meal-u,w 345 Edison EIX 6.650 5.82 April 1, ’29 163 –11 n.a.
Coins,wholesale $1,000 face-a 21745 Hominy feed,Cent IL-u,w 160 Fats and Oils
Sumitomo Mitsui Financial SUMIBK 3.944 5.32 July 19, ’28 115 –10 n.a.
Other metals Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *933.0 Oats,No.2 milling,Mnpls-u 4.3625 Grease,choice white,Chicago-h 0.6400 Ares Capital ARCC 7.000 6.90 Jan. 15, ’27 238 –9 n.a.
Platinum,Engelhard industrial 955.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Lard,Chicago-u n.a. Duke Energy DUK 5.000 5.27 Dec. 8, ’25 39 –9 43
Palladium,Engelhard industrial 1290.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7212
*2161.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 467.40 J.M. Smucker SJM 4.250 5.33 March 15, ’35 138 –9 n.a.
Aluminum, LME, $ per metric ton Tallow,bleach;Chicago-h 0.6750
Copper,Comex spot 3.9945 Soybeans,No.1 yllw IL-bp,u 14.0100 Tallow,edible,Chicago-u 0.7600 Cenovus Energy CVECN 6.750 6.18 Nov. 15, ’39 198 –8 n.a.
JPMorgan Chase JPM 6.400 5.23 May 15, ’38 126 –8 n.a.
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; Credit Agricole ACAFP 5.301 5.26 July 12, ’28 108 –7 120
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 7/28
Source: Dow Jones Market Data …And spreads that widened the most
n-
.
Amcor AMCR 10.26 0.04 BakerHughes BKR 35.79 0.37 CMS Energy CMS 61.07 0.05 Etsy ETSY 101.65 2.02 HP HPQ 32.83 0.20 LloydsBanking LYG 2.29 PPL PPL 27.53 0.07 Snowflake SNOW 177.71 2.88 s Vistra
Coty COTY 12.04 0.06 ... VST 28.06 0.34
Amdocs DOX 93.64 -0.03 Ball BALL 58.69 -0.06 CNA Fin CNA 39.16 -0.78 Everest EG 360.51 1.36 HSBC HSBC 41.78 0.05 LockheedMartin LMT 446.37 -2.63 PTC PTC 145.81 -0.82 SOQUIMICH SQM 73.69 -0.92 VMware
Coupang CPNG 18.15 0.14 VMW 157.63 -0.02
ly
Ameren AEE 85.67 -0.16 BancoBilbaoViz BBVA 7.94 -0.11 CNH Indl CNHI 14.36 0.01 Evergy EVRG 59.97 -0.18 H World HTHT 48.04 0.30 s Loews Paccar PCAR 86.13 0.79 s SoFiTech
Credicorp BAP 157.05 -0.98 L 62.65 0.46 SOFI 11.45 1.90 Vodafone VOD 9.62 -0.13
AmericaMovil AMX 20.92 -0.53 BancoBradesco BBDO 3.09 0.03 CRH CRH 60.30 0.22 EversourceEner ES 72.33 0.23 Haleon HLN 8.81 -0.13 LogitechIntl LOGI 69.38 -2.10 PackagingCpAm PKG 153.35 0.53 SolarEdgeTech SEDG 241.46 4.67 VoyaFinancial VOYA 74.26 -0.39
CreditAcceptance CACC 556.60 8.70 ExactSciences EXAS 97.54 -1.50
AmerAirlines AAL 16.75 -0.04 BancodeChile BCH 22.35 -0.28 CSX CSX 33.32 -0.48 Halliburton HAL 39.08 0.92 Lowe's s PalantirTech PLTR 19.84 2.03 Sony
CrowdStrike CRWD 161.66 6.06 LOW 234.27 -0.82 SONY 93.60 0.13 VulcanMatls VMC 220.50 0.31
AEP AEP 84.74 -0.68 BancSanBrasil BSBR 6.07 -0.01 CVS Health CVS 74.69 0.08 Exelon EXC 41.86 0.16 HartfordFinl HIG 71.88 -0.36 Lucid PaloAltoNtwks PANW 249.96 1.52 Southern
CrownCastle CCI 108.29 -0.65 LCID 7.61 0.14 SO 72.34 -0.01
AmerExpress AXP 168.88 3.45 BcoSantChile BSAC 21.10 -0.01 CadenceDesign CDNS 234.01 -0.23 Expedia EXPE 122.53 2.44
AmericanFin AFG 121.61 -0.42 BancoSantander SAN 4.03 -0.01 CAE CAE 22.85 0.61
CrownHoldings CCK 92.76 -1.65 s ExpeditorsIntl EXPD 127.30 0.06
Hasbro HAS 64.56 2.56 lululemon LULU 378.53 0.57
HealthcareRealty HR 19.53 -0.06 LyondellBasell LYB 98.86 0.49
ParamountB PARA 16.03 0.70 s SoCopper SCCO 87.44 2.22 W X Y Z
AmHomes4Rent AMH 37.48 0.49
AIG AIG 60.28 0.12
AmerTowerREIT AMT 190.31 1.34
AmerWaterWorks AWK 147.43 0.49
AmericoldRealty COLD 32.42 0.44
BanColombia CIB 30.56 0.47
BankofAmerica BAC 32.00 0.10
BankMontreal BMO 92.92 0.93
BankNY Mellon BK 45.36 0.38
BankNovaScotia BNS 50.36 0.45
CaesarsEnt CZR 59.02 1.08
CamdenProperty CPT 109.09 0.58
s Cameco
CIBC
CCJ 35.16 1.19
CampbellSoup CPB 45.82 -0.43
CM 44.07 0.31
on CubeSmart CUBE 43.36 0.07
Cummins
D E F
CMI 260.80 2.05
Curtiss-Wright CW 191.36 0.88
t ExtraSpaceSt EXR 139.57 -1.27
ExxonMobil XOM 107.24 3.08
F5
FMC
FactSet
FairIsaac
FFIV 158.24 2.21
FMC 96.23 -0.11
FDS 435.04 -1.47
HealthpeakProp PEAK 21.83 0.10
Heico
Heico A
Hershey
HEI 175.98 1.73
HEI.A 140.35 1.84
HenrySchein HSIC 78.79 -0.88 M&T Bank MTB 139.86 -0.19
M N
HSY 231.31 -4.33 s MGM Resorts MGM 50.77 -0.13
ParamountA PARAA 19.26 0.84 SouthwestAir LUV 34.16 0.46
s ParkerHannifin PH 410.01 10.44 SouthwesternEner SWN 6.48 0.04 WEC Energy WEC 89.86 -0.20
Paychex PAYX 125.47 -1.05 Splunk
PaycomSoftware PAYC 368.76 0.30 Spotify
Paylocity
PayPal PYPL 75.82 1.84 Stantec
SPLK 108.33 3.88
SPOT 149.41 0.81
PCTY 226.85 0.81 StanleyBlackDck SWK 99.27 0.25 WPP
STN 67.70 0.21
WEX WEX 189.35 0.95
W.P.Carey WPC 67.53 -0.60
s Wabtec
WPP 54.74 0.23
WAB 118.44 -0.14
Ameriprise AMP 348.45 3.24 Barclays BCS 7.99 -0.01 CanNtlRlwy CNI 121.23 0.43 DTE Energy DTE 114.30 0.73 FICO 837.97 13.00 Hess HES 151.73 2.71 MKS Instrum MKSI 109.17 0.83 Pearson PSO 11.03 -0.08 Starbucks SBUX 101.57 0.32 WalgreensBoots WBA 29.97 0.17
AmerisourceBrgn ABC 186.90 0.34 Danaher Fastenal FAST 58.61 0.18 HessMidstream HESM 31.19 -0.14 MPLX
us ,
BarrickGold GOLD 17.29 0.31 CanadianNatRscs CNQ 60.80 0.37 DHR 255.06 -5.01 MPLX 35.51 0.06 PembinaPipeline PBA 31.68 0.45 StateStreet STT 72.44 1.27 Walmart WMT 159.86 -0.05
Ametek AME 158.60 0.35 Bath&BodyWks BBWI 37.06 0.52 CdnPacKC CP 82.29 -0.76 Darden DRI 168.92 1.40 FederalRealty FRT 101.52 0.59 HewlettPackard HPE 17.38 0.12 MSCI MSCI 548.08 -2.20 PenskeAuto PAG 161.42 -0.17 SteelDynamics STLD 106.58 2.77 WarnerBrosA WBD 13.07 0.28
s FedEx
l
Amgen AMGN 234.15 -2.22 Bausch+Lomb BLCO 19.87 0.13 CapitalOne COF 117.02 2.17 DarlingIngred DAR 69.25 -0.51 FDX 269.95 1.10 s Hilton HLT 155.49 1.32 MagellanMid MMP 66.27 0.54 Pentair PNR 69.50 -0.19 s Stellantis WarnerMusic WMG 31.55 -0.37
AmkorTech AMKR 29.09 -0.53 BaxterIntl Ferguson STLA 20.55 ...
BAX 45.23 -1.78 CardinalHealth CAH 91.47 -0.22 Datadog DDOG 116.72 4.53 FERG 161.62 0.68 Hologic HOLX 79.42 -1.27 MagnaIntl MGA 64.33 0.58 WasteConnections WCN 141.17 -0.27
e
Penumbra PEN 303.36 -4.70 Steris STE 225.55 -4.49
al a
HomeDepot HD 333.84 2.47 ManhattanAssoc MANH 190.62 4.20 PepsiCo PEP 187.46 -2.85 Stevanato STVN 31.23 0.06 WasteMgt WM 163.79 0.85
HondaMotor HMC 31.92 0.13 ManulifeFinl MFC 20.00 0.12 PerformanceFood PFGC 59.76 -0.86 STMicroelec STM 53.68 0.23 Waters WAT 276.21 -9.56
Honeywell HON 194.13 -1.06 MarathonOil MRO 26.27 0.17 Watsco
Exchange-Traded Portfolios | WSJ.com/ETFresearch PetroleoBrasil PBR 14.68 0.75 Stryker WSO 378.19 1.78
SYK 283.41 0.41
HorizonTherap HZNP 100.27 0.33 MarathonPetrol MPC 133.02 1.19 PetroleoBrasilA PBR.A 13.20 0.58 SumitomoMits SMFG 9.32 -0.13 s Wayfair W 77.87 4.78
ci on
SPDR DJIA Tr DIA 355.57 0.31 7.3 VangdS&P500ETF VOO 420.68 0.19 19.7 IngersollRand IR 65.27 1.07 MidAmApt MAA 149.66 0.92
iShCoreUSAggBd AGG 97.68 0.12 0.7 Qualcomm QCOM 132.17 2.69
SPDR Gold GLD 182.35 0.27 7.5 VangdST Bond BSV 75.68 0.13 0.5 Ingredion INGR 111.26 0.80 Middleby MIDD 151.85 0.23 Target TGT 136.47 1.47 XPeng XPEV 20.92 -2.47
iShESGAwareUSA ESGU 100.86 0.19 19.0 QuantaServices PWR 201.62 1.14
VangdSTCpBd VCSH 75.93 0.12 1.0 InspireMedical INSP 287.81 -0.89 MitsubishiUFJ MUFG 8.07 -0.07 TechnipFMC FTI 18.34 -0.18 Xylem XYL 112.75 0.13
iShEdgeMSCIMinUSA USMV 75.36 –0.08 4.5 SPDRPtfDevxUS SPDW 33.58 0.12 13.1 QuestDiag DGX 135.21 0.72
VangdShtTmInfltn VTIP 47.30 0.08 1.3 Insulet PODD 276.75 -3.78 MizuhoFin MFG 3.44 0.01 TeckResourcesB TECK 44.43 0.74 YPF YPF 14.89 0.30
iShEdgeMSCIUSAQual QUAL 139.97 0.03 22.8 SPDRS&P500Value SPYV 44.69 0.22 14.9
iShGoldTr IAU 37.20 0.22 7.5 SPDRPtfS&P500 SPLG 53.81 0.15 19.6 VangdShortTrea VGSH 57.74 0.03 –0.1 Intel INTC 35.77 -1.06 Mobileye
InteractiveBrkrs IBKR 87.33 0.34 Moderna
MBLY 38.18 0.52
MRNA 117.66 -1.00
R S TeledyneTech TDY 384.53 2.51 Yum!Brands YUM 137.67 0.73
Teleflex TFX 251.17 -1.15 YumChina YUMC 61.02 1.26
iShiBoxx$HYCpBd HYG 75.50 0.24 2.5 SPDRS&P500Growth SPYG 62.89 0.21 24.1 VangdSC VB 208.75 0.81 13.7
ICE ICE 114.80 -0.33 MolinaHealthcare MOH 304.49 3.03 RB Global RBA 64.48 0.11 Ericsson ERIC 5.05 -0.02 ZTO Express ZTO 27.80 -0.19
iShiBoxx$IGCpBd LQD 107.85 0.28 2.3 SPDR S&P 500 SPY 457.79 0.19 19.7 VangdTaxExemptBd VTEB 50.14 –0.08 1.3
s InterContinentl IHG 75.40 0.29 MolsonCoorsB TAP 69.77 -0.78 RELX RELX 33.66 -0.19 TelefonicaBras VIV 8.98 -0.03 ZebraTech ZBRA 307.96 8.78
iShJPMUSDEmBd EMB 87.68 0.14 3.7 SchwabIntEquity SCHF 36.71 ... 14.0 VangdTotalBd BND 72.42 0.18 0.8
IBM IBM 144.18 0.73 monday.com MNDY 180.78 1.55 RH RH 388.17 0.88 Telefonica TEF 4.22 -0.05 Zillow C Z 54.16 0.65
iShMBS MBB 92.92 0.05 0.2 SchwabSrtTRmUSTrsr SCHO 48.06 0.04 –0.4 VangdTotIntlBd BNDX 48.74 –0.08 2.8
IntlFlavors IFF 84.61 -0.68 Mondelez MDLZ 74.13 -0.91 R1 RCM RCM 17.28 0.46 TelekmIndonesia TLK 24.53 0.11 Zillow A ZG 53.22 0.70
iShMSCIACWI ACWI 99.39 0.19 17.1 SchwabUS BrdMkt SCHB 53.57 0.32 19.5 VangdTotIntlStk VXUS 58.26 ... 12.6 IntlPaper IP 36.06 0.32 MongoDB MDB 423.40 11.78 RPM RPM103.31 -1.34 TempurSealy TPX 44.63 -1.36 ZimmerBiomet ZBH 138.15 -1.19
iShMSCI EAFE EFA 74.46 0.03 13.4 SchwabUS Div SCHD 75.66 0.04 0.2 VangdTotalStk VTI 228.35 0.30 19.4 Interpublic IPG 34.23 0.93 MonolithicPower MPWR 559.49 13.94 RTX RTX 87.93 0.59 s 10xGenomics TXG 62.98 0.07 Zoetis ZTS 188.09 -1.81
iSh MSCI EM EEM 41.95 0.05 10.7 SchwabUS LC SCHX 54.21 0.24 20.1 VangdTotWrldStk VT 100.59 0.22 16.7 s Intuit INTU 511.70 -0.14 MonsterBev MNST 57.49 -0.66 RalphLauren RL 131.33 3.65 Tenaris TS 33.49 0.24 ZoomVideo ZM 73.35 0.27
iShMSCIEAFEValue EFV 51.05 –0.01 11.3 SchwabUS LC Grw SCHG 77.60 0.19 39.7 VangdValue VTV 147.01 0.20 4.7 IntuitiveSurgical ISRG 324.40 -2.13 Moody's MCO 352.75 -0.71 RangeResources RRC 31.43 0.16 TencentMusic TME 6.99 -0.14 ZoomInfoTech ZI 25.57 -0.20
iShNatlMuniBd MUB 106.52 –0.13 0.9 SPDR S&PMdCpTr MDY 498.33 0.49 12.5 WisdTrFRTrea USFR 50.34 0.04 0.1 InvitatHomes INVH 35.50 0.03 MorganStanley MS 91.56 -0.01 RaymondJames RJF 110.07 0.89 TenetHealthcare THC 74.73 0.37 Zscaler ZS 160.38 2.89
Enerflex EFXT 8.36 -0.9 IllinoisToolWks ITW 264.19 1.3 MetalsAcqnWt MTAL.WS 1.45 3.6 RelianceSteel RS 294.99 1.1 UWM UWMC 6.70 -0.3 AlsetCapAcqn ACAXU 9.44 -18.5 GRI Bio GRI 3.39 3.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ErmenegildoZegna ZGN 15.88 1.5 InceptionGrowthRt IGTAR 0.22 10.5 MicrochipTech MCHP 94.30 0.9 RexAmerRscs REX 37.10 1.6 UWM Wt UWMC.WS 0.34 3.7 ApellisPharm APLS 24.97 -19.6 GenesisUnicornA GENQ 7.25 -14.5
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low EroCopper ERO 24.38 3.4 InFinTAcqnA IFIN 10.95 ... MidCapFin MFIC 13.74 -0.4 Roku ROKU 96.95 7.4 Uber UBER 49.49 2.7 AppliedUV AUVI 0.71 -3.9 HycroftMiningWt HYMCL 0.02 -11.3
in the latest session. % CHG-Daily percentage change from the previous trading session. EthanAllen ETD 31.80 1.2 InsightAcqn INAQU 10.70 3.9 MiMedx MDXG 8.13 1.3 Rover ROVR 5.71 1.5 Ultralife ULBI 8.28 6.1 AptoseBiosci APTO 2.91 -23.3 Impinj PI 64.82 -0.9
Eventbrite EB 11.82 -0.6 IntegralAd IAS 20.88 2.6 MontereyCapA MCAC 10.52 0.3 RyderSystem R 103.81 1.0 USComdtyIndxFd USCI 58.86 0.4 ArtesianRscs A ARTNA 45.27 -0.5 Janover JNVR 1.90 -3.2
EvolutionPetrol EPM 9.49 1.2 IntegratedRail IRRX.U 11.00 0.8 MurphyCanyon MURFU 10.83 0.5 Saia SAIA 436.50 -0.6 Univar UNVR 36.15 0.5 AshfordHospPfdD AHTpD 16.55 -0.4 LichenChina LICN 0.89 -9.5
Monday, July 31, 2023
no
ExpeditorsIntl EXPD 128.04 ... InterContinentl IHG 75.46 0.4 NGL Energy NGL 4.62 5.9 SchneiderNatl SNDR 31.31 -1.3 UnvlStainless USAP 16.99 -2.2 Biolase BIOL 5.75 -9.8 MatinasBioPharma MTNB 0.32 -5.7
52-Wk % 52-Wk % 52-Wk % EyePointPharm EYPT 12.66 5.6 IntlGeneralIns IGIC 9.74 3.5 Natura&Co NTCO 7.68 1.6 ScienceApplicat SAIC 121.68 0.6 Bionomics BNOX 1.46 -14.1 MedTechAcqnA MTAC 9.75 -5.4
Upstart UPST 68.92 5.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FedAgriMtg C AGM 162.34 0.4 IntlMediaAcqnA IMAQ 11.17 0.6 NerdyA NRDY 5.00 1.9 SeaDrill SDRL 50.23 5.0 Birks BGI 2.78 -25.5 Ohmyhome OMH 2.80 -0.9
UrbanOutfitters URBN 36.46 1.5
AvidXchange AVDX 12.49 1.2 Cars.com CARS 22.84 1.4 FedEx FDX 270.95 0.4 IntlMediaAcqnWt IMAQW 0.11 23.4 NetEase NTES 109.88 0.2 SelectiveIns SIGI 104.93 -1.2 V2X VVX 51.50 1.5 BitNileMetaverse BNMV 0.69 4.5 OsiskoDevtWt ODVWW 0.28 -34.4
Highs AxcelisTechs
BJsRestaurants BJRI
ACLS 200.73
37.83
3.9
3.3
CedarRealtyPfC CDRpC
Celestica CLS
14.85
22.01
1.4
6.1
FidelisInsurance FIHL
FifthWallIII A FWAC
14.27
20.12
-0.1
28.1
Intuit
IonQWt
INTU
IONQ.WS
514.14
8.50
...
18.1
NewOrientalEduc EDU
NewMarket NEU
57.73
452.65
...
0.7
SizzleAcqn
SkechersUSA SKX
SZZL 10.90
56.53
...
-0.9
VeecoInstr VECO 28.25 2.3 BlueStarFoods BSFC
BlueWhaleAcqnIWt BWCAW
0.82 -17.8
0.00 -93.6
ParanovusEntTech PAVS
ParaZeroTech PRZO
1.46 -10.7
2.11 -10.8
VeraBradley VRA 6.75 4.2
ACELYRIN SLRN 26.02 -2.1 BRP DOOO 92.74 0.9 ChartIndsPfdConvB GTLSpB 72.61 5.5 Forestar FOR 30.13 -1.7 IonQ IONQ 19.33 7.4 Noble NE 52.77 0.7 SoFiTech SOFI 11.70 19.9 BoneBiologics BBLG 1.23 -3.0 PhioPharm PHIO 2.58 -3.6
VerraMobility VRRM 21.06 3.0
AGNC InvtPfdD AGNCM 23.01 0.1 FORM 37.74 0.7 ITRI 78.79 2.8 NDSN 251.80 0.5 SCCO 87.59 2.6 BrenmillerEner BNRG 0.78 -1.1 PlatinumGrpMtls PLG 1.31 -1.1
BeaconRoof BECN 86.05 1.8 ChinaLiberalEduc CLEU 1.90 17.3 FormFactor Itron Nordson SoCopper VersaBank VBNK 8.96 1.1
ATI ATI 47.84 1.4 PopCulture CPOP 0.38 ...
BeazerHomes BZH 35.93 -5.1 Cohu COHU 43.73 2.7 Fortive FTV 78.36 1.8 JPMorganChase JPM 159.38 0.7 NortheastCmBncp NECB 16.41 -0.1 SpokHoldings SPOK 15.10 -0.8 Vipshop VIPS 19.13 2.9 CadrenalTherap CVKD 0.82 -0.8
AbriSPACI ASPA 11.13 1.2 PreludeTherap PRLD 3.70 -1.8
BerkHathwy A BRK.A 538498 0.4 ComfortSystems FIX 176.27 0.1 Freshpet FRPT 74.02 4.4 JackintheBox JACK 99.56 1.6 NorthernOil&Gas NOG 40.07 -0.5 StealthGas GASS 5.02 3.6 Vistra VST 28.56 1.2 CapstoneGreen CGRN 0.84 -13.2
Accuray ARAY 4.30 1.4 PurpleBiotech PPBT 1.02 -1.8
BerkHathwy B BRK.B 352.33 0.6 CommVaultSys CVLT 78.80 0.1 Freshworks FRSH 18.71 5.9 JamesHardie JHX 29.60 1.5 Nova NVMI 124.99 0.8 Stellantis STLA 20.71 ... WW Intl WW 12.13 6.9 CareMaxWt CMAXW 0.21 -25.9
AcmeUnited ACU 30.42 10.7 SWK Holdings SWKH 15.87 1.3
BetterwaredeMexico BWMX 14.45 6.9 SABESP SBS 12.24 2.2 FriedmanInds FRD 18.15 5.0 KLA KLAC 516.77 0.6 NuSTAREnergy NS 18.16 1.6 StoneCo STNE 14.69 4.9 Wabtec WAB 119.42 -0.1 Cel-Sci CVM 1.49 -4.2
Acushnet GOLF 59.80 4.3 SarcosTechRobotWt STRCW 0.03 7.7
BitcoinDepotWt BTMWW 0.34 -7.0 ComputeHlthA CPUH 10.94 3.6 GEN Restaurant GENK 20.44 3.7 KaratPkg KRT 20.41 4.9 Nuvalent NUVL 49.92 2.8 SunLifeFinancial SLF 53.21 -0.1 WarriorMetCoal HCC 44.41 4.2 CitizensHolding CIZN 11.00 -0.9
Adecoagro AGRO 11.11 3.0 Silicom SILC 29.00 -24.7
BlackSpadeA BSAQ 12.91 9.3 ConstellationI A CSTA 10.77 -1.5 Gentex GNTX 33.64 2.1 KensingtonCapV A KCGI 10.65 0.1 ON Semi ON 111.35 2.5 Symbotic SYM 64.14 50.6 Wayfair W 78.11 6.5 ClimateRockWt CLRCW 0.02 -2.2
Adobe ADBE 552.94 3.3 SurfAirMobility SRFM 2.00 -20.0
BlackSpadeAcqn BSAQ.U 12.60 14.8 Copa CPA 121.20 -0.8 GibraltarInds ROCK 65.00 1.9 Kirby KEX 81.99 0.6 OldDomFreight ODFL 429.24 -1.9 TargaResources TRGP 81.99 1.7 WeatherfordIntl WFRD 84.42 0.1 CompleteSolaria CSLR 3.30 -6.8
AdvEnergyInds AEIS 125.40 3.3 TelusIntl TIXT 9.30 -0.3
BlueOwlCapital OBDC 14.32 0.2 Core&Main CNM 32.63 -2.2 GlobalShipLease GSL 21.83 -0.6 KodiakGasSvcs KGS 19.38 -1.4 OneSpaWorld OSW 13.01 3.2 10xGenomics TXG 63.57 0.1 WeaveComms WEAV 12.45 3.3 ComputeHealth CPUH.U 9.60 5.0
TLG Acqn One TLGA.U 5.61 -6.1
AerCap AER 69.50 -3.1 BluegreenVac BVH 39.57 0.8 Culp CULP 5.74 1.6 Gorman-Rupp GRC 32.00 3.0 LamResearch LRCX 726.53 -0.4 OntoInnovation ONTO 126.64 1.8 Textron TXT 78.00 1.8 Conifer CNFR 1.19 -5.9
Workday WDAY 238.67 0.9 TLGAcqnOneA TLGA 5.42 -6.6
Airbnb ABNB 154.95 -0.7 BoiseCascade BCC 103.69 1.5 CymaBayTherap CBAY 13.17 6.3 GreenPlainsPtrs GPP 14.91 2.1 LegalZoom LZ 15.40 2.8 OrionGroup ORN 4.00 -0.5 ThorIndustries THO 115.52 1.2 ConyersParkIIIWt CPAAW 0.00 -94.8
WorthingtonInds WOR 75.42 0.7 TakungArt TKAT 0.16 -11.4
AkebiaTherap AKBA 1.69 5.7 Booking BKNG 3017.61 -1.4 DistributionSoln DSGR 56.67 0.9 Greenbrier GBX 46.35 3.1 LiveOakCrestWt LOCC.WS 0.42 25.0 OxbridgeAcqnWt OXACW 0.09 66.0 Tidewater TDW 63.42 1.9 DareBioscience DARE 0.73 0.1
XFinancial XYF 5.00 8.2 TempoAutoWt TMPOW 0.02 -6.6
AnalogDevices ADI 200.10 0.6 BorrDrilling BORR 8.78 4.5 DoorDash DASH 92.61 1.3 Grifols GRFS 10.97 2.9 Loews L 63.93 0.7 PROS PRO 38.96 3.1 TimkenSteel TMST 23.41 1.6 Datasea DTSS 0.71 -3.1
XIAO-I AIXI 9.20 28.5 Theratechnologies THTX 1.74 0.8
ApogeeEnt APOG 49.67 4.3 BowenAcqn BOWNU 10.16 -0.2 DorianLPG LPG 30.09 1.9 Guidewire GWRE 85.63 3.0 MDC Holdings MDC 51.68 0.4 PalantirTech PLTR 20.00 11.4 TortoiseEcoIII A TRTL 10.45 -0.1 DeltaApparel DLA 8.20 -4.3
Yalla YALA 5.77 2.1 TradeUPAcqn UPTD 9.55 0.1
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Yelp YELP 45.53 0.4
ArcherAviationWt ACHR.WS 1.73 52.4 Bunge BG 109.88 0.3 DrReddy'sLab RDY 68.92 -0.2 HaymakerAcqn4 HYAC.U 10.16 0.1 M/I Homes MHO 100.93 0.5 ParkerHannifin PH 410.15 2.6 Traeger COOK 4.63 2.8 EBET EBET 0.07 -16.9 TrancntlRlty TCI 34.00 ...
ArcherAviation ACHR
Archrock AROC
6.87
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40.8
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CAVA
CNX Resources CNX
CAVA 57.29
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EMCOR
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EME
EBIX
215.93
32.87
1.5
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HelixEnergy HLX
HerculesCapital HTGC
10.04
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0.4
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MSC Industrial MSM
MSG Sports MSGS
100.93
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MARKETS
.
has turned away from the They accounted for around ment brought an end to the wealth creation in China—
stock market. 60% of trading volume in the country’s strict zero-Covid property and stocks—are now 0 6 Hybrid
ly
The country’s benchmark country last year, according to policies late last year. But a offering little hope for citizens
CSI 300 index lost around one- official estimates, compared raft of data since then has un- who want to make money
fifth of its value last year, and with the less than one-fifth of dermined that early confi- from investing. Property –20 CSI 300 3 Bond
has risen much less than ma-
jor indexes in the U.S., Japan
and elsewhere in 2023. That is
creating a sense of despair
volume represented by small
investors in the U.S.
Now they are increasingly
putting their cash into money-
on dence.
China’s economy grew just
0.8% in the second quarter
from the preceding three
prices in many Chinese cities
fell in June for a second con-
secutive month.
Mark Xu, a 28-year-old data
–40
2018 ’19
(large caps)
CSI 500
(small and mid-cap)
’20 ’21 ’22 ’23*
0
Equity
for the bulk of trading in reductions in interest rates painted a gloomy picture. China, including those of tech-
China’s stock market. that mean they earn less on Manufacturing data released nology, energy and shipping shares at all. In fact, if the May, dwarfing the 2.6 trillion
“If we’re all going to lose their investments. Their ner- Monday showed the fourth companies. He said he doesn’t market starts going up, I yuan invested in stock mutual
ci on
money, we might as well cut vousness is a sign of how far consecutive month of slowing see any shares that look at- might just gradually sell my funds, although the difference
our losses,” said Huang Jian- China has to go before it can activity. tractive enough or offer good stocks away,” he said, refer- between the two eased in
bin, a 57-year-old teacher in recover from two years of “Retail investors are losing growth potential. He would ring to China’s domestic June. Household deposits are
Shenzhen, who owns nearly strict measures to fight their risk appetite. They don’t rather invest in certificates of shares. rising. Insurance products
$70,000 worth of shares. Covid-19, a clampdown which want to catch the falling knife deposit or life insurance plans Assets in money-market have proved so popular that
er s
China’s small investors have badly hurt the economy. when everything around them which pay a guaranteed re- funds in China climbed to a re- regulators told insurers to
a huge influence on stock The CSI 300 index rose is collapsing,” said Wong Kok turn. cord 11.9 trillion yuan—the lower maximum yields for
m er
prices. Unlike in the U.S., more than 7% in January, Hoi, chief investment officer at “I can’t earn much from A equivalent of $1.67 trillion—in some products.
m rp
V I S I T G E T W S J . C O M /G I F T 2 3 O R C A L L ( 8 0 0 ) 2 1 0 - 7 7 8 8
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China’s economy is either slog- after the pandemic. pre-Covid average running back to And Chinese households, which tious, market-friendly reform
ging through a normal postpan- Last Monday’s Politburo com- early 2012, according to figures are by some measures now more agenda.
demic soft patch or on the brink muniqué, which noted that the re- from data provider CEIC. July’s indebted than American ones, The danger then is that instead,
of something much worse: a dam- covery was developing in a wind- construction PMI was a paltry 51.2 have been taking it from all sides. Beijing mistakes the economy’s
aging bout of deflation and a dou- ing, “wave-like” manner but that compared with a pre-Covid aver- They endured a much longer pe- current troubles for something
ble-dip downturn. the long-term outlook remained age of around 60. riod of pandemic restrictions and transitory—and that further weak-
China’s official July purchasing bright, essentially appeared to The bear argument is, of course, rolling lockdowns than other ma- ness in exports and construction
managers indexes, released Mon- take this position—recommending that what is happening in China jor economies. Their most impor- start to drag the overall labor
day, strengthened the case for the more policy support but without now isn’t really analogous to other tant asset—housing—is beginning market down again.
latter. But China’s leadership still rolling out any big-bang an- big economies’ post-Covid experi- to lose value again. And the gov- There already are warning
seems inclined to wait and see: nouncements. ence at all. ernment spent the past several signs: The employment subindex
boosting support for favored sec- It is true that China’s current China’s property sector is in a years cracking down on some key for China’s construction PMI
tors like electric vehicles and talk- bout of weakness, particularly in deep downturn. Developers remain drivers of job creation: the inter- dipped to 45.2 in July, its weakest
ing up entrepreneurs without roll- services, looks exceptional by pre- financially stressed—Moody’s net-platform sector and the for- reading since December, and the
ing out the big monetary and Covid standards—meaning any notes that 72% of its rated high- profit education industry. factory employment subindex fell
fiscal guns. That overconfidence sort of reversion to the mean, as yield Chinese property developers Under such circumstances, rhe- marginally as well.
could end up costing China. eventually happened in many had weak liquidity in June—and torical support for entrepreneurs The next few months in Beijing
The bull case essentially boils other big economies after the project pipeline has collapsed. and consumers may not be enough could be critical for the course of
down to this: China just emerged Covid-19, would put the economy Exports—which helped mitigate to turn things around. Something China’s economy over the next
from Covid-19 lockdowns about a on a much stronger footing. the damage from the housing more ambitious may be needed: couple of years. So far, however,
half a year ago, household incomes China’s services sector PMI came downturn in 2021 and 2022—are direct fiscal transfers to house- China’s leadership still seems con-
are still bouncing back and other in at 51.5 in July, its weakest read- declining again as Europe strug- holds, big-bang improvements to tent to bake in the summer heat—
countries’ labor markets also took ing since December—and nearly gles and the pandemic-era elec- China’s paltry social safety net or and hope for the best.
a long time to find their footing two full index points below its tronics boom ebbs. a convincing return to an ambi- —Nathaniel Taplin
.
ly
Hollywood’s most ingenious—
and incongruous—bit of counter-
programing at the box office has
continued to pay off. But for the
studios behind “Barbie” and “Op-
penheimer,” that could set up a
new dilemma.
on
The two movies held up well in
us ,
industry as “legs.” The second- million domestically have averaged streaming services are also now the continuing Hollywood strikes. strikes extend well into the fall and
weekend take for “Barbie” was a second-weekend drop of 56%. highly incentivized to squeeze out Striking actors aren’t able to pro- force more delays of major movies.
down 43% from its opening week- Just how long the studios and everything they can from a success- mote their movies. Sony last week In a report Monday, Doug Creutz
end, while “Oppenheimer” logged a theater chains can ride out “Bar- ful theatrical run. Paramount kept delayed the wide release of its of TD Cowen noted the “very wide
drop of 44%. Those are solid num- benheimer” remains to be seen. last year’s box-office champ “Top “Gran Turismo” videogame adapta- bid-ask spreads between the nego-
bers in an industry where many The aforementioned “Mario” movie Gun: Maverick” in theaters for 24 tion that was set for Aug. 11 by two tiating parties” involved in the
movies lose two-thirds of their au- is still going strong, having re- weeks on its initial run, while Dis- weeks in the hopes that two week- strikes, and added that a long-term
dience during the second week. Of mained in theaters for 17 weeks ney kept “Avatar: The Way of Wa- ends of sneak previews will gener- shutdown would “likely accelerate
the big movies released so far this since its debut in early April. But ter” in theaters for 23 weeks before ate strong word of mouth from the streaming churn, linear cord-cut-
year, only the blockbuster “The Su- that is getting to be more of an adding it to Disney+ in June. audience. ting, the migration of ad dollars to
per Mario Bros. Movie” from Uni- anomaly in an industry where most But “Barbenheimer” now faces a But that also means “Barben- digital platforms, and the reduction
versal has fared better, dropping of Hollywood’s major studios also unique—and burdensome—oppor- heimer” carries the weight of the of the theatrical footprint.” The fa-
just 37% in its second weekend. own their own content-hungry tunity. It has a more open competi- industry’s remaining summer on its ther of atomic weapons can only
n-
Movies that scored an opening streaming services. tive window in the near term as shoulders. And they could even be keep Hollywood from bombing for
weekend take of more than $50 Still, studios with cash-burning studios shift release dates due to the last big hits for the year if the so long. —Dan Gallagher
no
Biogen Stock Has Yet to Price in Upside SoFi Bucks Neobank Fears
It was one heck of a week for
Biogen’s new boss Chris Vieh-
With Strong Results There also is a gnawing sense
among investors that the company
bacher, who was brought in late isn’t ready to move into the big
last year in an effort to turn around leagues just yet due to an unwill- Online “neobanks” seemed to through consumers or direct de-
the struggling Boston-area biotech. ingness to clean up its board. Bio- fall out of favor last year, with in- posit.
Last Tuesday, he announced he gen recently upset quite a few vestors fearing that they could be Executives said they believe the
was laying off more than 10% of the shareholders when it failed to dis- badly derailed by rapidly rising in- firm can continue to draw in new
workforce. He followed that up on close that a new nominee (since terest rates and deposit prices. money via competitive interest
Friday by announcing the biotech’s elected) to its board, Susan Langer, But one the biggest, SoFi Technol- rates, which can reach 4.4% annual
largest deal ever, the $7.3 billion ac- was actually the romantic partner ogies, has stymied those expecta- percentage yields for some cus-
JEFF PINETTE FOR THE WALL STREET JOURNAL
quisition of Reata Pharmaceuti- of departing director Alex Denner. tions so far. tomers, such as savings accounts
cals, which recently received a Denner, the founder of Sarissa Cap- SoFi shares jumped nearly 20% with direct deposit, or 0.5% for
somewhat surprising Food and ital, gave up his board seat at Bio- on Monday after the company re- checking accounts.
Drug Administration approval for gen to pursue an activist campaign ported a strong second quarter Another way to beat high de-
the first treat-ment of the genetic at biotech company Alkermes, and offered expectations-topping posit rates is to lend at attractive
disorder Friedreich’s ataxia. The which has a commercial relation- profit guidance for the rest of the rates. With personal loans making
drug, Skyclarys, could be a block- ship with Biogen. The fact that the year. One thing up the bulk of its
buster if Biogen is able to secure an relationship between Denner and standing out was its portfolio, carrying a
expanded label for children as well Langer only surfaced when industry deposit total, which weighted average
as approval in Europe. publications Endpoints and Stat grew 26% quarter Shares of the coupon rate of 13.6%
Cost cuts and common-sense brought it to light suggested to over quarter, to company are as of the second
deals such as the purchase of Re- Biogen CEO Chris Viehbacher. some that dysfunction at the board $12.7 billion by quar- quarter, SoFi is man-
ata, which can help fill a void as the level may continue to plague Biogen ter end—or more up more than aging that as well.
tide goes out on the company’s treatment for major depressive dis- during the Viehbacher era. than a billion dollars The yield on its aver-
multiple sclerosis franchise, are the order and postpartum depression, Viehbacher’s tepid defense last over what analysts
148% in the age balance of loans
kinds of things that should make calling it an “underestimated asset week—that Biogen doesn’t look at expected, according year to date. jumped from 9.52%
Wall Street get excited. But it was a in our portfolio” that is going to be personal relationships—failed to to Visible Alpha. in the first quarter
bad week for Biogen’s stock, which an “enormous opportunity.” Ana- dispel those concerns. Biogen needs Monday’s jump to 9.96% in the sec-
finished down 4.5%, underperform- lysts polled by Visible Alpha expect to show it is serious about cleaning puts SoFi shares up ond. That helped its
ing the biotech sector as well as the the drug to top $1 billion in sales by up its governance. For now, though, more than 148% in the year to net interest margin expand by
broader market. 2029. The tone was decidedly dif- the Reata deal and the cost cuts do date, more than making up for 0.26 percentage point quarter over
Those declines underscore a ferent during last week’s call, with help instill confidence that, despite their 71% decline in 2022. quarter, to 5.74%.
sense among investors that there Viehbacher mostly evading analyst much-needed improvements, Vieh- The question about deposit Along with record personal-loan
could still be some bumps along the questions about the drug. He bacher can make transformative growth these days is naturally originations of over $3.7 billion in
way. Beyond the overarching con- chalked the silence up to a bit of change at the company. whether banks are just buying it the second quarter, that helped
cern that Leqembi, Biogen’s new “superstitiousness,” with the FDA’s With potentially bad news com- by paying super-high rates. more than double overall net in-
Alzheimer’s drug, could face a slow decision over whether to approve ing later this week, investors aren’t That can be the case when terest income from a year earlier.
path to growth, the most immedi- the drug expected by Aug. 5. wrong to exercise caution. But once banks bring in expensive “hot” This uptick more than made up for
ate challenge concerns depression Wall Street interpreted his si- the dust settles, it will be hard for brokered deposits, for example, a slight year-over-year decline in
drug zuranolone. lence as bad news. Some suggested the market to ignore that Biogen’s which they attract from third- student loan originations—which
During the company’s first-quar- the drug may only receive approval new leader is making changes that party platforms. notably also have lower average
ter earnings call in April, Vieh- for the smaller postpartum depres- are finally positioning the company But SoFi told analysts on Mon- coupons.
bacher played up the experimental sion indication. for growth. —David Wainer day that 90% of its deposits are —Telis Demos