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he Treasury’s Yellen
warned that the U.S. is
likely facing a prolonged
period of elevated inflation,
while the World Bank sharply
lowered global growth fore-
casts and flagged a risk of re-
cession in many countries. A1
 Target said its profit
would drop because it needs
to cancel orders with ven-
dors and offer discounts to
clear out unwanted goods. A1
 Commercial real estate is
showing the first signs of
cooling in more than a year,
disrupted by rising interest
rates that are already caus-
ing some deals to collapse. A1
 U.S. stock indexes
climbed in a volatile ses-
sion, with the S&P 500,
Nasdaq and Dow industri-
als gaining 0.95%, 0.94%
and 0.80%, respectively. B12
 Michael Barr edged
closer to being confirmed
by the Senate as the Federal
Reserve’s top banking regu-
lator after winning the sup-
port of a key Republican. A2
 Foster Farms agreed to
a takeover by private-equity
firm Atlas Holdings. The
chicken company will install
former Tyson Foods chief
Donnie Smith as its leader. B1
 Toshiba’s CEO said he
wanted any buyer of the Jap-
anese industrial conglomer-
ate to keep it in one piece
to promote innovation. B3
 Western Digital reached
a settlement with activist in-
vestor Elliott Management
that calls for the company to
consider splitting into two. B3
World-Wide
 European officials
blamed Moscow for a loom-
ing global food crisis as
Russia’s blockade of Ukrai-
nian ports threatens the
country’s grain exports,
while fighting rages in
Ukraine’s east. A8-9
 Democratic and Republi-
can negotiators in the Sen-
ate focused talks on a nar-
row set of proposals
designed to keep guns out
of the hands of potentially
dangerous young adults. A4
 Seven states held prima-
ries on Tuesday, with a fo-
cus largely on setting
House races for November
after redistricting scram-
bled political boundaries. A4
 San Francisco District At-
torney Chesa Boudin was re-
called by voters, according to
an Associated Press projection,
in a blow to the progressive
prosecutors movement. A4
 The FTC is investigating
the six largest pharmacy-
benefits managers over
what impact their business
models have on the accessi-
bility and affordability of
prescription drugs. A7
 U.K. leader Johnson
pledged to refocus his gov-
ernment on tackling voters’
priorities, trying to rally his
party behind him after a bid
by his fellow Conservative
lawmakers to oust him. A18
 Vaccine experts advis-
ing the Food and Drug Ad-
ministration endorsed
Novavax’s Covid-19 vac-
cine, voting overwhelm-
ingly that the shot’s bene-
fits outweighed its risks. A6
JOURNAL REPORT
Cybersecurity: The
biggest mistakes
companies make. R1-8
CONTENTS
Arts in Review... A13
Business News.. B3,6
Crossword.............. A14
Heard on Street.. B13
Markets.................... B12
Opinion.............. A15-17
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
WEDNESDAY, JUNE 8, 2022 ~ VOL. CCLXXIX NO. 132
NASDAQ 12175.23 À 0.9%
NICHOLAS KAMM/AGENCE FRANCE-PRESSE/GETTY IMAGES
Treasury Secretary Janet Yellen, testifying before the Senate Finance Committee on Tues-
day, said that the U.S. faces ‘huge inflation pressures’ that are likely to persist.
Yellen, World Bank Warn
Of Stubborn Inflation
Rising prices expected
to persist, slowing
global growth, boosting
risk of ‘stagflation’
BY ANDREW DUEHREN
AND YUKA HAYASHI
WASHINGTON—Treasury
Secretary Janet Yellen warned
that the U.S. is likely facing a
prolonged period of elevated
inflation, while the World Bank
sharply lowered global growth
forecasts and flagged a risk of
Covid Variants on the Rise
Cases of Covid-19 variants BA.4 and BA.5 are increasing in
the U.S., adding two more highly contagious versions of the
virus to the mix that fueled a springtime surge in cases. A6
Estimates of U.S. Covid-19 variant proportions
100%
75
BA.1.1
50
25
BA.1.1.529
0 BA.5
Jan. 1 Feb. 5
Note: For weeks ending on the date shown
Source: Centers for Disease Control and Prevention
In California,
A Bumblebee
Is a Fish
i i
Court finds enough
similarities to give
equal protection
BY MATT GROSSMAN
What is black, yellow and
coated in pollen?
Bumblebee, you say? A
panel of judges in California
reviewed the matter and came
Personal Journal. A11-12 up with fish, a judgment send-
Property Report... B6
Sports....................... A14 ing ripples across the state.
Technology............... B4 The unanimous ruling last
U.S. News............. A2-7 week by a state appeals court
Weather................... A14
World News. A8-9,18
was intended to straighten out
a legal swarm involving con-
servationists, farmers and the
> interpretation of a scientifi-
cally challenged law.
The animal-kingdom confu-
sion kicked off four years ago
when public-interest groups
asked California to include
Please turn to page A10
WSJ.com HHHH $5.
STOXX 600 442.88 g 0.3% 10-YR. TREAS. À 19/32 , yield 2.969%
recession in many countries.
Ms. Yellen, speaking Tuesday
on Capitol Hill, said the White
House would likely revise up its
U.S. inflation forecast—which
showed prices rising this year
at nearly twice the prepan-
demic rate.
“I do expect inflation to re-
main high, although I very much
hope that it will be coming
down now,” Ms. Yellen said,
adding the Biden administration
was updating its forecast from
March that inflation would aver-
age 4.7% this year. In recent
months, consumer inflation
Other
Delta
OMICRON
VARIANTS
BA.2
BA.2.12.1
BA.4
March 5 April 2 May 7 June 4
Private-Equity Firms
Now Woo Millionaires
i BY MIRIAM GOTTFRIED
Private-equity firms have
spent decades raking in giant
sums from pension funds and
other big institutions. Now
they are going hat in hand to a
different kind of investor: ev-
eryday millionaires.
Some of the biggest firms,
including Blackstone Inc., Blue
Owl Capital Inc., Apollo Global
Management Inc. and Ares
Management Corp., have cre-
ated a host of new products
aimed at people with $1 mil-
lion to $5 million in investible
assets and are hiring armies of
staff to market them to pri-
vate banks and independent fi-
nancial advisers.
Behind the effort is the rec-
ognition that institutions,
which committed nearly $1.3
trillion to private markets in
2021, according to PitchBook,
have all but filled up on them.
Historically low interest rates
since the 2007-09 financial
OIL $119.41 À $0.91
trended above 8%. “The num-
bers aren’t locked in, but it’s
likely to be higher” than the ini-
tial 4.7% forecast, she said.
Ms. Yellen’s testimony be-
fore the Senate Finance Com-
mittee came as the World Bank,
in a report, projected several
years of high global inflation
and tepid growth reminiscent
of the stagflation of the 1970s.
Citing the damage from Rus-
sia’s invasion of Ukraine and
Please turn to page A2
 Imports drop, shrinking U.S.
trade gap...................................... A2
Small Cities Lose Flights
Despite Airline Travel Boom
Thirty airports in U.S. have lost at least half of their departures
BY ALISON SIDER AND ALLISON POHLE
With travelers buying plane tickets in
droves, airlines are preparing for a surge
and planning to provide seating for 11% more
passengers this summer than last. You
wouldn’t know that, though, if you had to
travel through some small cities.
A growing number of small airports have
fewer flights, and some are at risk of losing
service altogether. The regional airlines that
serve them can’t hold on to pilots, who are
getting snapped up by bigger carriers.
Thirty airports in the continental U.S.
have lost at least half the departures they
had in 2019, according to an analysis of
schedule data by Airline Data Inc.
crisis led many to swap a por-
tion of their public stock and
bond portfolios for higher-re-
turning investments in private
equity, real estate, infrastruc-
ture and credit.
That shift is now largely
complete. Pension funds and
sovereign-wealth funds had an
average of 26% and 35%, re-
spectively, of their portfolios
in those asset classes as of the
end of the year, according to
Preqin. Some are even dialing
back their private-equity allo-
cations after the recent drop
in public markets left them
overexposed to it.
So private-equity firms are
now looking at another oppor-
tunity that is potentially even
bigger involving the so-called
mass affluent. Individuals
worth $1 million or more held
$79.6 trillion in investible as-
sets globally in 2020, accord-
ing to a 2021 report by con-
sulting firm Capgemini SE.
Please turn to page A8
GOLD $1,847.50 À $8.30 EURO $1.0707 YEN 132.60
Target Signals
High Inventory
Will Hit Profit
Retailer plans to use same stores are grappling with
a swift reversal of buying be-
discounts to unload its havior, with consumers spend-
surplus of goods as ing less on goods in favor of
services and necessities such as
shopper demand shifts food and fuel.
Less than three weeks after
BY SARAH NASSAUER reporting a lower-than-ex-
pected quarterly profit, Target
Target Corp. warned its said Tuesday it has further
profit would drop because it tempered its profit outlook for
needs to cancel orders with the year. Inventory rose 43% in
vendors and offer discounts to the April quarter as demand for
clear out unwanted goods, the outdoor furniture, small appli-
latest sign of the sudden mis- ances and some electronics de-
match between supply and de- clined faster than expected and
mand inside U.S. stores. supply-chain snarls delayed the
Big retailers benefited over arrival of many goods past the
the past two years from the ideal selling window, Target
pandemic rush to buy patio fur- previously said. The company is
niture, laptops and home décor, Please turn to page A2
as shoppers were buoyed by
savings and government stimu-  Heard on the Street: Target
lus checks. Now many of those warning is an omen............. B13
Commercial Property
Shows Cooling Signs
BY WILL PARKER out in favor of remote work.
AND KONRAD PUTZIER
A rebound began in late
2020, as investors took advan-
Commercial real estate is tage of low interest rates and
showing the first signs of started to buy in anticipation
cooling in more than a year, of an eventual rebound. De-
disrupted by rising interest mand for multifamily and in-
rates that are already causing dustrial properties in particu-
some deals to collapse. lar helped fuel commercial
Property sales were $39.4 sales through 2021 and into
billion in April, which was this year. The success of those
down 16% compared with the sectors outweighed the drag
same month a year ago, ac- on property markets caused
cording to MSCI Real Assets. by underperforming office
The decline followed 13 con- buildings, which continue to
secutive months of increases. be hurt by remote work.
Property sales tanked Now, some analysts are
sharply during the early starting to ask whether the
months of the pandemic, when rally is running out of steam.
thousands of hotels temporar- Hotels, office buildings, senior
ily closed and furloughed staff, Please turn to page A7
nonessential retail stores
closed, and offices emptied  The Property Report...............B6
In March, SkyWest Airlines Inc. notified
airport officials in 29 cities that it intended
to end service, citing the pilot staffing im-
balance. In nearly all of those cities, Sky-
West is the only commercial airline flying.
For travelers near the Sioux City, Iowa, and
Jamestown, N.D., airports, both of which
SkyWest is attempting to leave, the next
closest commercial airports are at least 80
miles away.
Regional airlines play a major role in U.S.
air travel. They operate more than 40% of
U.S. passenger flights, often flying on behalf
of major airlines and helping to feed traffic
Please turn to page A10
 Travel abroad nears precrisis levels..................... B1
A2 | Wednesday, June 8, 2022 * * THE WALL STREET JOURNAL.

U.S. NEWS
Imports Drop, Shrinking Trade Gap Republican
Senator
BY YUKA HAYASHI amid cooling of commodity A 3.4% decrease in imports helped narrow Still, the trade deficit in

WASHINGTON—The U.S. re-

ported a sharp drop in April
markets after steep price in-
creases caused by the invasion
of Ukraine. Meanwhile, con-
the U.S. trade deficit in April.
U.S. monthly trade in goods U.S. trade deficit
April remains large compared
with prepandemic levels. This
reflects the strength of the U.S.
Backs Barr
imports due to moderating do-
mestic demand for foreign
goods and materials.
sumer demand for goods and
services remained solid in April
despite high inflation in the U.S.
and services

$400 billion $0 billion

economy compared with other
major economies, a dynamic
economists expect to see con-
For Fed Job
The trade gap in goods and As American consumers shift tinue in the coming months. BY ANDREW ACKERMAN
services fell 19.1% in April their spending from goods like The International Monetary
350 20
from the prior month to a sea- clothing and electronic gadgets Fund expects the U.S. economy WASHINGTON—Michael
sonally adjusted $87.1 billion, to services like travel and din- to grow 3.7% this year, much Barr, President Biden’s nominee
the Commerce Department ing out, retailers say they are 300 40 faster than 2.8% for the euro to become the government’s
said Tuesday, retreating from awash in excess items in their Imports area and 2.4% for Japan. most influential bank regulator,
a record $107.7 billion deficit inventories. Two weeks after 250 60 China’s growth, meanwhile, is edged closer to being confirmed
the prior month. reporting lower-than-expected expected to slow to 4.4% this by the Senate after winning the
Imports fell 3.4% to $339.7 earnings, Target Corp. said year from 8.1% last year, support of a key Republican.
billion, the first month-on- Tuesday it would further re- 200 80 dragged down by the impact of Sen. Pat Toomey of Pennsyl-
month decline since July last duce its profit estimate for the pandemic lockdowns, according vania said late Tuesday that he
year, driven by a drop in fin- year as it works to cancel or- Exports to the IMF’s April forecast. planned to back Mr. Barr, a vet-
150 100
ished metal, computers, cloth- ders or offer discounts to re- Before the pandemic, the eran of the Obama and Clinton
ing, household goods, toys and duce unwanted inventory. trade deficit had fluctuated for administrations, for a four-year
100 120
pharmaceutical products. Ex- While oil prices on the years between $40 billion and term as the Federal Reserve’s
ports continued their upward global markets continue to rise 2017 ’18 ’19 ’20 ’21 ’22 2019 ’20 ’21 ’22 $50 billion a month. vice chairman of banking su-
trend in recent months, rising amid concerns of shortages Note: Seasonally adjusted The goods and services defi- pervision. The role is responsi-
3.5% to $252.6 billion. caused by tightening sanctions Source: Census Bureau cit with China increased by ble for developing policy rec-
The U.S. import decline rep- against Moscow, the price of $22.9 billion to $112.7 billion, ommendations for the Fed
resents a sharp turn from the Brent crude had fallen to as low nomics Ltd., a research firm, ued to grow in April, thanks to with exports declining slightly board and for overseeing its
trend of previous months when as $100 a barrel in early April said import growth would sharply higher shipments of and imports rising moderately. regulatory staff, which super-
businesses added to their in- from a high of nearly $130 in likely continue to slow “with food including soybeans, as well —Anthony DeBarros vises some of the largest U.S.
ventories at brisk paces follow- early March, according to Wall inventories of some key im- as strong performance of indus- contributed to this article. financial firms.
ing prolonged supply-chain dis- Street Journal data. ported goods now back close trial supplies and capital goods, Mr. Barr’s nomination is ex-
ruptions triggered by the Michael Pearce, a senior to more normal levels.” such as natural gas and oil  Heard on the Street: Fewer pected to advance Wednesday
Covid-19 pandemic. It also came U.S. economist for Capital Eco- Meanwhile, exports contin- products and civil aircraft. imports good for growth.... B13 out of the Senate Banking Com-
mittee, where Mr. Toomey is
the top Republican member.

Yellen and erage growth now seem

likely,” said David Malpass,
president of World Bank
forts to cool the economy
could trigger a recession.
Ms. Yellen, a former Fed
To address the threat of in-
flation, she pointed to the ef-
forts at the Fed to tamp down
administration to do anything
to deal with rising gas prices.
And I think there’s no question
Mr. Barr’s prospects for con-
firmation appeared on track af-
ter a May hearing in which no

Bank Warn Group. “The risk from stagfla-

tion is considerable.”
Mr. Malpass, selected for
chair, faced scrutiny from Re-
publicans in recent weeks over
inflation. She said in a televi-
demand. She said several Biden
administration priorities in
Congress—including lowering
that the $2 trillion bill last
year overheated the economy
and it’s why we have the mess
Democrats expressed opposi-
tion to him. Support from Mr.
Toomey locks in his confirma-

Of Inflation his post under the Trump ad-

ministration, said recession
will be hard to avoid for many
countries as growth is ham-
Continued from Page One pered by the war in Ukraine,
the pandemic, the World Bank pandemic lockdowns in China
said global growth is expected and supply-chain disruptions.
to slump to 2.9% in 2022 from Meanwhile, a Commerce
5.7% in 2021, significantly
lower than its January forecast
Department report
Wednesday showed imports
on
for 4.1% growth. For the U.S., into the U.S. fell in April for
the bank forecast growth to the first time since July, sug-
slow to 2.5% in 2022, 1.2 per- gesting domestic demand
centage points below previous eased in the face of higher
projections, and for inflation to prices. Falling imports and ris-
remain above 2%—about where ing exports caused the trade
it stood before the pandemic— gap in goods and services to
at least until 2024. New U.S. fall 19% from the prior month.
inflation data, to be released Rising prices for gasoline,
Friday, is expected by econo- groceries and other goods have
mists to show the annual rate become a source of frustration
holding steady at 8.3% in May, within the White House, as
near a 40-year high. many people report dim views
Overall, the World Bank of the economy despite low un-
found in its latest Global Eco- employment ahead of the mid-
nomic Prospects report that term elections. Many econo-
current economic conditions mists see high inflation as
resemble the high inflation caused by a rapidly recovering
and weak growth—so-called economy in the past year facing
stagflation—of the 1970s, supply and labor shortages.
when oil shocks, high federal The Federal Reserve has al-
spending and loose monetary ready started sharply raising
policy caused inflation to soar. interest rates to try to rein in
“Several years of above-av- inflation, with some econo-
erage inflation and below-av- mists starting to worry the ef-
sion interview last week that
she was wrong last year about
the path that inflation would
take, while excerpts of a com-
ing biography states she har-
bored concerns that Democrats’
$1.9 trillion rescue package
could exacerbate rising prices.
During her testimony on
For the U.S., the
World Bank forecast
growth to slow to
2.5% in 2022.
Capitol Hill, Ms. Yellen said she
didn’t anticipate the persistence
of Covid-19 and the economic
disruptions caused by Russia’s
invasion of Ukraine. She and
other economic policy makers,
including Fed chairman Jerome
Powell, repeatedly referred to
inflation as “transitory” last
year. “So as Chair Powell indi-
cated himself, both of us proba-
bly could have used a better
term than transitory. There’s no
question that we have huge in-
flation pressures,” she said.
the cost of prescription drugs
and bolstering semiconductor
manufacturing—could help
ease inflation.
Democrats have been unable
to pass legislation that accom-
plishes those goals while they
retain narrow control of Con-
gress, and some lawmakers fret
the party is losing their chance
to pass ambitious policy before
campaign season.
Ms. Yellen said high oil prices
were largely out of the control
of U.S. policy makers in the
short term as Republicans
pressed her on further incentiv-
izing fossil fuels in the U.S. Av-
erage gasoline prices in the U.S.
hit $4.91 a gallon on Tuesday,
according to AAA, a record and
nearly $2 a gallon higher than
last year. “Given the global na-
ture of these markets, it’s virtu-
ally impossible for us to insulate
ourselves from shocks like the
ones that are occurring in Rus-
sia,” she said.
Republicans blame Demo-
crats for inflation, arguing
that a $1.9 trillion rescue
package spearheaded by the
Biden administration in early
2021 overheated the economy.
“I see no strategy out of the
we have today,” Sen. John
Thune (R., S.D.) said.
Ms. Yellen defended the leg-
islation, called the American
Rescue Plan, or ARP, saying it
propelled the recovery from the
recession induced by Covid-19 in
2020. “We’re seeing high infla-
tion in almost all developed
countries around the world. And
they have very different fiscal
policies. So it can’t be the case
that the bulk of the inflation
that we’re experiencing reflects
the impact of the ARP,” she said.
The World Bank expects out-
put will expand at a reduced
pace globally over 2023 and
2024 as the war disrupts in-
vestment and trade while gov-
ernments withdraw fiscal and
monetary support.
Supply disruptions fueling
inflation were preceded by a pe-
riod of highly accommodative
monetary policy, creating
weaker prospects for economic
growth like in the ’70s, the bank
said. Still, the bank said the cur-
rent situation differs from the
stagflation of the ’70s because
the dollar is strong, commodity
price increases are smaller, and
the balance sheets of major fi-
nancial institutions are strong.
tion chances. “While I disagree
with Professor Barr on a num-
ber of policy issues, he has
pledged to fight the record high
inflation that’s hurting Ameri-
can families,” Mr. Toomey said.
U.S. WATCH
ARIZONA
Officers on Leave
After Man Drowns
Three Arizona police officers
were placed on administrative
leave after allegedly witnessing
a man drowning without diving
in the water to save him, ac-
cording to officials and video
footage of the incident.
The officers placed on leave
were responding to a reported
fight between a couple in Tempe,
Ariz. on May 28, when they en-
countered Sean Bickings, 34 years
old. While officers were running
his name through a database, Mr.
Bickings jumped into a lake and
began swimming, police said.
Officers told Mr. Bickings he
wasn’t allowed to swim in the
lake, but Mr. Bickings continued,
video shows. No officers ap-
peared to jump in the water.

Target bought products aggressively

to meet demand.
At Walmart’s annual share-
The Tempe Officers Associa-
tion, the department union, said
Tempe police officers don’t re-

Lowers holder meeting last week, ex-

ecutives said around 20% of
the elevated inventory con-
ceive water-rescue training, nor
do they have equipment to help
people at risk of drowning.

Outlook sists of items the company

wishes it didn’t have, but
much of the rest is to restock FLORIDA
—Omar Abdel-Baqui

shelves or sell later this year.

Continued from Page One “It’s going to take this quarter Son, 2, Kills Father;
moving faster to unload excess and probably part of next, Mother Charged
inventory in the current quar- maybe a couple of quarters
ter. “We’ve had some addi- would be the best way to de- A Florida woman was
tional time after earnings to scribe it, to get back to where charged with manslaughter after
JOE RAEDLE/GETTY IMAGES

really evaluate the overall op- we want to be,” said John her 2-year-old son found a gun
erating environment,” Target Furner, head of Walmart U.S. in their home and fatally shot
Chief Executive Brian Cornell Macy’s net sales jumped his father, authorities said.
said. That includes watching 13.6% in the spring quarter While the father, Reggie
consumers’ behavior as they compared with a year before. Mabry, 26, was playing video-
face high rates of inflation, he But the company said mark- games on May 26, the boy ob-
said, and seeing many other downs to clear the excess in- tained the gun and shot him in
retailers talk about high inven- The retailer aims to restock stores with products in high demand such as food and beauty products ventory would weigh on profit their Orlando home, the Orange
tory levels during their earn- margins going forward and County Sheriff’s Office said. Ma-
ings presentations. “We have ing shifts to entertainment, in- during the current quarter. Mr. part because of labor costs that warned of higher promotional rie Ayala, 28, was charged with
to be decisive and get out in flation squeezes shoppers, and Cornell wants to restock were higher than it anticipated levels throughout the industry manslaughter by culpable negli-
front of this to make sure this supply-chain snarls ease. Order stores with products in high and spending shifts. Walmart, as other retailers do the same. gence, possession of a firearm
doesn’t linger through the books for many retailers are demand such as food, beauty the country’s largest retailer by Macy’s Chief Executive Jeff by a felon, and other offenses,
back half of the year,” he said. developed nearly a year in ad- products and back-to-school revenue, also reported inven- Gennette said in an interview in Sheriff John Mina said Monday.
Mr. Cornell said he wanted vance, meaning that they are items, he said. tory was up around 33% in the late May that the shift away Her public defender didn’t return
to share the new profit esti- projecting sales for goods and Target now expects its sec- most recent quarter. The rise from casual clothes to more requests for comment.
mates ahead of Target’s annual fashion trends well before con- ond-quarter operating margin reflected buying behavior, the dressy attire was significant —Alyssa Lukpat
shareholder meeting Wednes- sumers typically would be rate will be in a range around higher costs of goods because and happened faster than the
day. Target’s stock opened ready to buy them. 2%, down from its late-May es- of inflation and a sudden uptick company had anticipated.
down more than 7% Tuesday Many retailers said they timate of around 5.3%. For the in goods moving through U.S. —Suzanne Kapner THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-
but the decline moderated and have too much inventory on full year, the company expects ports after Walmart earlier contributed to this article. 9660) (Central Edition ISSN 1092-0935)
it closed down 2.3% to $155.98. hand when they reported earn- to be slightly below earlier (Western Edition ISSN 0193-2241)
The shares are down 33% for ings in recent weeks, including forecasts because of the moves Editorial and publication headquarters: 1211
the year, compared with a
roughly 13% decline in the S&P
Walmart, Macy’s Inc. and Gap
Inc. Some are discounting
it is making in the second quar-
ter, Mr. Cornell said. In May,
CORRECTIONS  AMPLIFICATIONS Avenue of the Americas, New York, N.Y. 10036
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500. Shares of other big retail- goods, as well as holding on to Target said it expected full-year
Postmaster: Send address changes to The Wall
ers including Amazon.com Inc. some items to sell at the sea- operating margin to fall in a Stanford University’s Insti- ern Ukrainian province of Zapor- Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
and Walmart Inc. also closed sonally appropriate moment, range around 6%. The company tute for Economic Policy Re- izhzhia. A Ukraine Crisis article All Advertising published in The Wall Street Journal
lower, in contrast with gains in retail executives have said. continues to expect full-year search used data compiled by on Tuesday about the Chernobyl is subject to the applicable rate card, copies of
which are available from the Advertising Services
major U.S. stock indexes. They pointed to rapidly revenue growth in the low- to the Washington Post in a work- nuclear plant incorrectly said Department, Dow Jones & Co. Inc., 1211 Avenue of
the Americas, New York, N.Y. 10036. The Journal
“Coming so soon after its changing shopper preferences, mid-single digit percent range. ing paper that said that more the Zaporizhzhia facility is in reserves the right not to accept an advertiser’s
downbeat quarterly results, as well as unpredictable import Target’s lower profit esti- than 240,000 U.S. students ex- the city of the same name. order. Only publication of an advertisement shall
constitute final acceptance of the advertiser’s order.
today’s update from Target shipping schedules, as some of mates are the latest sign that perienced a school shooting be- Letters to the Editor:
comes across as somewhat the reasons for an oversupply. many retailers are struggling tween 1999 and 2019. A Page In a photo with a Business Fax: 212-416-2891; email: wsj.ltrs@wsj.com
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By web: customercenter.wsj.com;
managing director of Global- ventory as quickly as possible environment. Sales are grow- school-shooting survivors about Javier Olivan, Meta By email: wsjsupport@wsj.com
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Reprints & licensing:
that demand for some catego- to restock its shelves with more profits have suffered as costs searchers drew that statistic erating officer, Mr. Olivan is By email: customreprints@dowjones.com;
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area where Target sells a vari- year while competitors are still sumers spend more of their the Washington Post. Executive Mark Zuckerberg is WSJ back issues and framed pages: wsjshop.com
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THE WALL STREET JOURNAL.
Immigrants’ Adult Children Face Expulsion
Green-card waits are
so long that children
age out of eligibility to
remain in U.S.
BY MICHELLE HACKMAN
AND TERESA METTELA
Athulya Rajakumar grew up
in the Seattle suburbs, taking
dance lessons and competing
on her high-school debate
team. Last year, she received
her bachelor’s degree from the
University of Texas at Austin.
But Ms. Rajakumar might
soon need to leave the country
she has called home since age
5, when her mother moved the
family from India for a job at
Microsoft Corp. Her legal sta-
tus ends in December, and the
23-year-old said she sees little
choice but to self-deport to In-
dia.
“I don’t have a support sys-
tem there, and I’m not a native
speaker,” Ms. Rajakumar said.
“I genuinely don’t know what
to do.”
Ms. Rajakumar is among the
estimated 200,000 children of
immigrants on work visas who
don’t have a clear legal path to
stay in the U.S. once they turn
21. In her case, by the time the
federal government approved
her family’s green cards last
year—nine years after they
had applied—she had aged out
of eligibility.
The long wait for green
cards means more young
adults are getting caught in a
predicament like Ms. Rajaku-
CDC Drops
Monkeypox
Guidance
On Masks
BY DENISE ROLAND
The Centers for Disease Con-
trol and Prevention has shifted
its guidance on mask-wearing
as a way to curb the spread of
monkeypox.
The CDC last week added
mask-wearing to a list of pre-
cautionary measures for people
traveling to countries where
monkeypox has been detected.
The CDC removed that advice
Monday following social-media
posts criticizing the agency for
its mixed message over the risk
posed by the virus.
The agency, which has been
criticized by public-health ex-
perts for what some called
poorly timed or confusing mes-
sages on Covid-19 prevention,
continues to recommend masks
for people at high risk of con-
tracting monkeypox. That in-
cludes people who share a liv-
ing space with others infected
with monkeypox and healthcare
workers and others who may
be in close contact with con-
firmed cases, according to a
spokeswoman.
Despite the raised alert
level, the CDC says the risk to
the general public from mon-
keypox is low.
Other precautions for travel-
ers, such as avoiding close con-
tact with sick people as well as
clothing, bedding and other
materials used by them, remain
in place. The agency advises
travelers to avoid contact with
wild animals, dead or alive—
and to avoid preparing or eat-
ing their meat. The precautions
were introduced last month,
when the agency raised the
threat level of monkeypox to
“level two.”
The number of monkeypox
cases detected world-wide has
surpassed 1,000. No deaths
have been reported.
The virus until recently was
rarely detected outside the
parts of West and Central Af-
rica where it is endemic. It now
has affected 1,050 people in
more than 40 countries, ac-
cording to the nonprofit data
platform Global.health.
Cases are concentrated in
Europe, with the highest num-
bers in the U.K., Spain and Por-
tugal. The U.S. has documented
31 cases across 12 states and
the District of Columbia, ac-
cording to the CDC. Cases have
also been reported in Canada,
Mexico, Australia, Israel and
the United Arab Emirates.
Monkeypox is thought to
spread mainly through contact
with the rash caused by the vi-
rus. That can happen via bodily
contact or by contact with ma-
terials used by people infected
with the virus.
Wednesday, June 8, 2022 | A3
U.S. NEWS
mar’s. Each year since 2018, partisan Policy Center and the
about 10,000 children reach George W. Bush Presidential
adulthood and split off from Center.
their parents’ immigration President Barack Obama
cases, said David Bier, an im- created the Deferred Action for
migration research fellow at Childhood Arrivals program in
the Cato Institute. 2012 to offer deportation pro-
“We’re educating these kids tections and work permits to
from the time of grade school children brought here by par-
through college graduation, ents who immigrated illegally,
and still forcing them to leave and some Democrats have been
the country,” Mr. Bier said. attempting since 2010 to pass
“It’s an accident of a broken the Dream Act, a bill offering
system—no one will defend it them a path to citizenship.
because no one came up with But the children of work-
it.” visa recipients aren’t covered
Congress and Democratic by DACA and had been over-
NITASHIA JOHNSON FOR THE WALL STREET JOURNAL
presidential administrations looked until last year in Dream
have been debating for more Act legislation.
than a decade how to help About 636,000 people were
“dreamers,” young adults who participating in DACA as of the
grew up in the U.S. after their end of 2020, according to a
parents entered the country il- Congressional Research Ser-
legally. The Republican Trump vice report. That is about tri-
administration opposed help- ple the Migration Policy Insti-
ing dreamers become legal res- tute’s estimate of children who
idents and sought to curb both came with parents on work-
illegal and legal immigration to visa permits.
the U.S. Limitations set in law about
Although her mother came the number of green cards the
to the U.S. legally, Ms. Rajaku- Athulya Rajakumar, shown in Aubrey, Texas, was 5 when her mother came to work at Microsoft. U.S. hands out each year to na-
mar is among children whose tionals from any country have
status is in a similar limbo, but Bills introduced last year without also extending a fix to der security and other immi- hit Indians in particular, since
with even fewer protections haven’t been scheduled for those whose parents entered gration issues, as well as the those immigrants have flowed
than the people who have tra- hearings. The Senate version is the U.S. illegally. Republicans size of guest-worker programs, into the U.S. on work visas at
ditionally been defined as co-sponsored by Sen. Rand either oppose citizenship for before turning their attention higher rates than from many
dreamers. Paul (R., Ky.) and four other dreamers and children of to pathways to citizenship. other countries, according to a
Intense lobbying by the Republicans, and by Sen. Rich- work-visa recipients or see it “The reality is that any one Cato Institute analysis of data
technology companies that use ard Durbin (D., Ill.), Sen. Alex as less pressing than measures immigration issue is always from U.S. Citizenship and Im-
work visas—including in a let- Padilla (D., Calif.) and two to slow the historically high going to be coupled with a migration Services.
ter Tuesday to the Biden ad- other Democratic-voting sena- numbers of migrants crossing whole host of other issues, and Indians make up 82% of the
ministration—and support tors. illegally at the southern bor- the moment that you say, ‘I green-card backlog, and immi-
from key Democratic and Re- Such measures are caught der. want this law passed,’ those gration researchers estimate
publican lawmakers haven’t up in the broader, polarized Sen. Thom Tillis (R., N.C.) other issues will always come that an Indian applicant apply-
budged legislation to ease the immigration debate. Many said at a hearing in March that up,” said Cris Ramón, an inde- ing for an employment-based
path to citizenship for the chil- Democrats balk at helping chil- lawmakers must have a pendent immigration analyst green card today can expect to
dren of work-visa recipients. dren of work-visa recipients broader discussion about bor- who has worked with the Bi- wait 80 years.
U.S. Woman Admits to Training Girls for ISIS
BY ARUNA VISWANATHA ments with her and asked her if
she agreed with the information
living in Libya, Syria and Iraq.
Her then-husband became the
some as young as 10 or 11 years
old—to fight for Islamic State,
ALEXANDRIA, VA.—A 42-
year-old woman from Kansas
in them.
“This is a unique case, the
leader of Islamic State snipers
in Syria and was killed in a 2016
including by using explosive
suicide belts, it said.
ALEXANDRIA SHERIFF’S OFFICE/ASSOCIATED PRESS
pleaded guilty Tuesday to work- first prosecution in the United airstrike, the document said. By the end of that year,
ing with Islamic State to run a
female battalion and training
more than 100 girls in how to
States of a female ISIS military
battalion leader,” the prosecu-
tor on the case, First Assistant
Her third and fourth husbands
were also Islamic State mem-
bers who were killed, it said.
Raqqa’s Islamic State-appointed
mayor approved her setting up
of a military battalion of female
use AK-47s, grenades and other U.S. Attorney Raj Parekh, said During those years, Fluke- members, known as Khatiba
weapons, in one of the first at the hearing. He said one or Ekren told others about her ter- Nusaybah, the document said.
cases to detail an American more of Fluke-Ekren’s family rorist fantasies, the document The battalion began operations
woman’s extensive operational members had asked to speak at said, including wanting to pack around February 2017. The doc-
role in the terrorist group. her sentencing, saying that she a car with explosives, park it in ument didn’t describe any spe-
In court documents filed in had left a “trail of betrayal.” the basement of a shopping cific combat the battalion may
connection with her plea, Alli- Under the agreement, Fluke- mall in the U.S. and trigger it have engaged in.
son Fluke-Ekren also admitted Ekren pleaded guilty to conspir- remotely, and to use explosives In 2017, as Syrian Democratic
to helping a separate terror ing to provide material support at a college in the U.S. Midwest, Forces launched a siege to re-
group, Ansar al-Sharia, which is to a foreign terrorist organiza- Allison Fluke-Ekren was brought according to accounts they later capture Raqqa, another girl who
suspected of being behind the tion and faces a potential 20- to the U.S. from Syria in January. gave to U.S. investigators. received training with Khatiba
2012 attack on a U.S. diplomatic year sentence. Charged in 2019 After her third husband, a Nusaybah said Islamic State
compound in Benghazi, Libya. under seal, the convert to Islam die as a martyr in Syria, plea Bangladeshi Islamic State mem- mandated that women in Raqqa
She reviewed U.S. government was brought to the U.S. in Janu- documents said. ber and drone specialist, was at the time attend the military-
documents her then-husband, a ary to face a case built on the Fluke-Ekren has several chil- killed in an October 2016 air- style training the group was of-
jihadist, allegedly took from the testimony of witnesses, includ- dren of her own. Judge strike, Fluke-Ekren’s most ex- fering, prosecutors said. The
facility and helped prepare ing several identified as among Brinkema asked if she felt pres- pansive operational efforts ap- SDF regained control of Raqqa
summaries of the material that the young women she groomed. sure to resolve the case because peared to take shape. by October 2017.
were provided to the leadership One who had received train- of her separation from them, at Fluke-Ekren obtained per- Fluke-Ekren remained in
of the terrorist group, the state- ing from Fluke-Ekren when she which point Fluke-Ekren started mission from Islamic State lead- Syria for several more years. In
ment of facts said. was 11 or 12 years old, for ex- crying. Her lawyer said he ership to set up a women’s cen- 2021, she separated from a fifth
Fluke-Ekren appeared in fed- ample, told investigators that hoped to provide context to her ter in Raqqa, Syria, the husband and said she went to a
eral court on Tuesday wearing a Fluke-Ekren had relayed that actions at sentencing, which is document said. Toward the end local police station in Syria to
black hijab and white face mask she had sent a message to a scheduled for October. of 2016, she and others were turn herself in, the document
over green prison attire. She family member saying she was According to the court docu- providing medical and child- noted. She was held in a prison
softly replied “yes,” as U.S. Dis- dead, in an effort to evade the ment, Fluke-Ekren left the U.S. care services, while she also facility in Jarablus, Syria, before
trict Judge Leonie Brinkema U.S. government’s pursuit. She with her second husband in trained and helped others to her transfer to U.S. custody
went through the plea docu- also told the girl she wanted to 2008 and moved to Egypt, later train women and young girls— early this year, it said.
Trial Begins for Final Parent
In College Admissions Scandal
BY MELISSA KORN
A wealthy father accused of
bribing a Georgetown Univer-
DANIEL SLIM/AGENCE FRANCE-PRESSE/GETTY IMAGES
sity tennis coach to get his
daughter into the school went
on trial Tuesday in the final
case in the sprawling college
admissions cheating scandal.
Amin C. Khoury was
charged in September 2020
with one count of bribery and
one count of fraud and bribery
conspiracy, for allegedly paying
off the coach to flag his daugh-
ter as a tennis recruit. His jury
trial is taking place at the fed-
eral courthouse in Boston.
Mr. Khoury wasn’t a client The man wanted his child to get into Georgetown, prosecutors say.
of William “Rick” Singer, who
admitted to orchestrating a They said Mr. Khoury respond to requests for com-
complex scheme to help teens handed the recruiter a paper ment. They said when Mr.
get into top colleges by fraud- bag with $180,000 in cash in Khoury was charged that the
ulently boosting their SAT or May 2015, after the daughter teen’s college application was
ACT scores or bribing coaches was admitted, with the goal of accurate and didn’t misrepre-
to designate the teens as re- having the money passed sent her as a fake athlete. Mr.
cruits, whether or not they along to Mr. Ernst. Mr. Khoury Khoury’s legal team is ex-
played the sport. Some fami- also paid the recruiter pected to focus its defense on
lies worked with Mr. Singer $20,000, prosecutors said. fundraising practices at
for both parts of the scheme. According to an indictment, Georgetown. Prosecutors said
Rather, Mr. Khoury alleg- the recruiter gave $170,000 to there is no evidence Mr. Ernst
edly worked through a differ- Mr. Ernst’s wife, keeping an- passed any of the money along
ent middleman. Prosecutors other $10,000 for his own fee. to the school.
said he agreed in 2014 to pay Mr. Ernst then continued to Mr. Ernst pleaded guilty in
the tennis coach, Gordon ask Mr. Khoury for additional September for his role in Mr.
Ernst, around $200,000 funds through the recruiter, Singer’s scheme and for addi-
through a tennis recruiter in prosecutors said. tional bribes. He is awaiting PAU L MO R E L L I . C O M
exchange for having his Mr. Khoury’s daughter sentencing. In total, prosecu- N YC : 8 95 M A D I S O N ( 72 N D & M A D I S O N )
daughter tagged as a recruited never participated in the ten- tors charged 57 people in con-
athlete. Prosecutors said her nis program, according to nection with the investigation,
P H L : 1118 WA L N U T S T R E E T
skills were below the level court filings. known as Varsity Blues. Most 212. 5 8 5 . 42 0 0
typical of Georgetown recruits. Mr. Khoury’s lawyers didn’t took plea deals.
 A4 | Wednesday, June 8, 2022
DAVID PAUL MORRIS/BLOOMBERG NEWS
San Franciscans cast ballots Tuesday as Californians voted in nonpartisan primaries ahead of a November runoff. Elsewhere, voters in
New Jersey, Mississippi, Iowa, Montana, South Dakota and New Mexico also picked candidates for November elections.
House Races Focus in Primaries
Seven states held primaries attacking Greg Raths, a fellow
on Tuesday, with a focus largely Republican running to her
on setting House races for No- right. Ms. Kim was presumed
vember after redistricting to be a shoo-in for the Novem-
scrambled political boundaries. ber runoff in a district re-
drawn to be even more con-
By Christine Mai-Duc servative than her previous
in Los Angeles one. But recent polling by at
And Natalie Andrews least one of the campaigns
in Washington showed her in danger of com-
ing in third on Tuesday.
Chief among them was Cali- State and local party lead-
fornia, which was settling its ers were caught off guard by
lineup for House races in non- the rise of Mr. Raths, a
partisan primaries that will Trump-style perennial candi-
help decide the fate of several date who recently apologized
districts that have become for comments they called anti-
battlegrounds since the Demo- Semitic. GOP consultants be-
crats’ blue wave in 2018 and lieve the party’s chances of
remain untested under a new keeping the deep-red seat
map. In each race, the top two could be in jeopardy if he
vote-getters, regardless of edges out Ms. Kim.
party, will advance to a No- Several other contests were
vember runoff. testing the potency of former
Of particular concern to na- President Donald Trump’s en-
tional Republicans was the Or- dorsement and his continuing
ange County race featuring in- influence in national and local
cumbent Rep. Young Kim, who politics. In Northern Califor-
has spent more than $1 million nia, Rep. Tom McClintock, a
Gun-Law Talks Turn to Screening Young Buyers
BY LINDSAY WISE certain weapons to 21 years
AND SIOBHAN HUGHES old. President Biden has ar-
gued for a broad set of new
WA S H I N G T O N — D e m o - gun restrictions including a
cratic and Republican negotia- ban on assault-style weapons,
tors focused talks on a narrow but he has said he backed the
set of proposals designed to current negotiations and would
keep guns out of the hands of give negotiators room to work.
potentially dangerous young Mr. Biden met with the lead
adults, as President Biden and Democratic negotiator, Sen.
leaders of both parties said Chris Murphy of Connecticut,
they were encouraged by prog- on Tuesday. The White House
ress in the discussions so far. said Mr. Biden was likely to ac-
In recent days, Republican cept any deal, even if small. “He
negotiators in the Senate have believes any step is a step for-
signaled openness to closer ward,” said White House press
scrutiny of juvenile records secretary Karine Jean-Pierre.
while sidelining a proposal to Following recent mass
raise the minimum age to buy shootings at an elementary
In Houston, you’re not
just a visitor. You’re a
dinner date, a conversation,
a shared passion, a chance
encounter, a new friend —
you’re part of something
bigger. Come weave your
story into our extraordinary
tapestry of cultures.
You’re a local.
You’re one of us.
Mural by: @Empires13
Featuring: Felice @swankymaven
Shanna @yepthatsshan
P W L C 10 11 12
U.S. NEWS
longtime Trump ally, had his
endorsement in a race against
GOP challenger Nathan Mag-
sig, a county supervisor who
has said he would work with
Democrats on policy solutions,
and four other candidates.
In the Central Valley, politi-
cal observers were tracking
whether Rep. David Valadao,
one of 10 Republicans who
voted to impeach Mr. Trump
for encouraging a mob to
storm Congress on Jan. 6,
2021, will suffer any fallout.
Elsewhere, voters in New
Jersey, Mississippi, Iowa,
Montana, South Dakota and
New Mexico also picked candi-
dates for November.
In New Jersey, Rep. Chris
Smith, a 41-year incumbent
who was attacked by some in
his party for voting for the bi-
partisan infrastructure bill,
held off five challengers to win
the Republican primary, ac-
cording to the Associated
Press. He will face business-
school in Uvalde, Texas, and a
supermarket in Buffalo, N.Y., a
bipartisan group of senators is
trying to find consensus this
week on gun-control measures.
Any legislation would need at
least 60 votes to advance, un-
der the Senate’s filibuster rules.
Senate Majority Leader
Chuck Schumer (D., N.Y.) said
on the Senate floor he was
willing to give the talks more
time, after Mr. Murphy asked
for room to find common
ground with Republicans. “I
have given him the space,” Mr.
Schumer said. He promised the
Senate would vote in the near
future on gun legislation, but
H T G K R F A M 1 2 3 4 5 6
man Matthew Jenkins, who ran
unopposed in the Democratic
primary for that House seat.
In Mississippi, six-term Rep.
Steven Palazzo advanced to a
runoff in the Republican pri-
mary in the state’s Fourth
Congressional District. He will
next face either Jackson
County Sheriff Mike Ezell or
businessman Clay Wagner,
who were locked in a tight
race for second place.
Mr. Palazzo is facing a
House ethics investigation into
whether he funneled hundreds
of thousands of dollars into
campaign funds to companies
he and his wife own. His law-
yer has dismissed the allega-
tions as having been drummed
up by a political opponent.
In Iowa, Sen. Chuck Grass-
ley, who is favored to win an
eighth term, coasted to victory
in his primary. The 88-year-
old senator will face retired
Navy Adm. Mike Franken, who
won the Democratic primary.
didn’t set a date.
Senate Minority Leader
Mitch McConnell (R., Ky.) said
he “would prefer to get an out-
come, and I hope that we’ll have
one sooner rather than later.”
Negotiators say they are ex-
ploring an extended waiting
period for people under 21 that
would give background checks
time to access confidential ju-
venile records that could re-
veal mental problems or crimi-
nal histories.
They also are discussing
ways to help states establish
and enforce red-flag laws and
boost funding for mental health
programs and school security.
7 8 9 O I X X ****** THE WALL STREET JOURNAL.
San Francisco
Prosecutor
Is Recalled
Voters’ rejection of
Chesa Boudin is blow
to progressive district
attorneys movement
BY ZUSHA ELINSON
AND CHRISTINE MAI-DUC
SAN FRANCISCO—San
Francisco District Attorney
Chesa Boudin was recalled by
voters Tuesday, according to
an Associated Press projec-
tion, in a blow to the progres-
sive prosecutors movement.
Voters strongly endorsed
ousting the reform-minded
district attorney, with 61.3%
supporting the recall after an
estimated 45% of votes had
been counted, the AP said.
Mr. Boudin and other pro-
gressive prosecutors around
the country have pursued
goals such as sending nonvio-
lent drug offenders to treat-
ment instead of jail, sparing
juveniles from being prose-
cuted as adults and scrutiniz-
ing police misconduct.
Political consultants and law-
enforcement officials say the
recall of Mr. Boudin in this left-
leaning city signals a broader
voter backlash against the
movement amid rising violent
crime over the past two years.
The recall campaign ac-
cused Mr. Boudin of being too
soft on crime, an argument
that found support with resi-
dents upset over persistent
petty theft, drug use and
homelessness.
Crime overall declined since
Mr. Boudin took office in Jan-
uary 2020, but burglaries have
risen 45% in the past two
years and homicides have in-
creased 37% over the same pe-
riod. The city’s homicide rate
is lower than in many other
major cities.
Mr. Boudin said in an inter-
view before the election that
his opponents were exploiting
people’s fears about crime.
“Every single criminal-justice
San Franciscans voted to recall District Attorney Chesa Boudin.
VisitHouston.com
reform policy we’ve imple-
mented is aimed at making
our community safer,” he said.
At a polling place on San
Francisco’s more politically
moderate west side Tuesday
morning, Maureen Hurley said
Mr. Boudin did little to stem
the city’s crime problem.
“As a registered Democrat,
I enthusiastically voted for his
recall,” said Ms. Hurley, a 62-
year-old chief financial officer.
“Boudin has proved over and
over again he is mismatched
to his job description of prose-
cuting habitual criminals and
working with the police. He
was a complete failure.”
In the more liberal Mission
District, Dennis Lickteig said
Mr. Boudin deserved the
chance to finish his first term.
“He’s forward-thinking,”
said Mr. Lickteig, a 67-year-old
theater director. “He’s looking
at alternative ways of sentenc-
ing: rehabilitating people, in-
stead of just locking them up.”
Meanwhile, in Los Angeles,
real-estate developer Rick Car-
uso and Democratic U.S. Rep.
Karen Bass were in a close race
to be the next mayor. With an
estimated 13.5% of votes
counted Tuesday night, Mr.
Caruso, a political neophyte
who registered as a Democrat
in January, had 41.2% of the
vote, while Ms. Bass had 37.8%.
If neither ends up with a
majority of the votes in the
primary, they will both ad-
vance to a November runoff.
Mr. Caruso spent more than
$40 million on his primary
bid—nearly all of it self-
funded. Mr. Caruso has vowed
to house the vast majority of
the city’s unhoused residents
in his first year and add some
1,500 police officers to the
city’s force even as the depart-
ment has struggled to hire.
Ms. Bass, a six-term con-
gresswoman and former state
Assembly speaker, said she has
the experience necessary to
broker solutions to the home-
lessness and crime problems.
JUSTIN SULLIVAN/GETTY IMAGES
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | A5

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advances could help ensure the world is bet-
ter armed for the next widespread outbreak
of infectious disease — a matter that’s not an
“if,” but a “when.”
“We’ve learned a great deal from previous
epidemics and earlier surges of the coronavi-
rus pandemic,” says Dr. Maimuna Majumder,
a researcher with Boston Children’s. “We
don’t reinvent the wheel every single time,
which allows us to get ahead of potential
new crises much more quickly.”
Innovative Data Capture
Majumder works at the intersection of dig-
ital technology and epidemiology as a mem-
ber of the Computational Health Informatics
Program (CHIP) at Boston Children’s. By
mining data from social media down to the
local level and drawing on learnings from
previous outbreaks, Majumder and her team
identified trends that help advance research
into the current pandemic. “In the early days
of COVID, several innovative data-capture
platforms improved surveillance, filling gaps
in our public health infrastructure,” she says.
Majumder’s group also produced one of
the first estimates of COVID-19’s transmis-
sibility potential, determining that the basic
reproduction number of the disease in its ini-
tial, pre-variant form was somewhere in the
range of two to three, meaning one infected
individual will directly cause two to three
other cases. Ensuing research from other
groups turned up similar results, forming a
scientific consensus.
The innovations behind these discover-
ies have uses well beyond the here and now.
One model developed by Majumder and
her colleagues gauges how different popu-
lations might respond to the same medical
intervention, helping to determine its ef-
fectiveness in one location as opposed to
another. After all, an approach that works in
New York City might not in Lombardi, Italy,
whether due to the average age of the popu-
lation, varying social norms or a host of other
factors — insights that could give health care
leaders a leg up in a future health crisis.
Other experts are working alongside the
private sector in order to better understand
disease spread. John Brownstein, chief in-
novation officer at Boston Children’s, has
spent years helping some of the world’s
most prominent tech companies engage in
public health, using their reach and wealth
of data to support what he calls an “ecosys-
tem of innovation.”
One partnership with a social media
platform has helped leaders gain a better
understanding of attitudes surrounding vac-
cines. Another, with Google, produced the
Vaccine Equity Planner, a tool designed to
help public health officials and others iden-
tify areas with limited access to vaccination
sites — information that could then be used
to inform interventions. Paired with vac-
cines.gov, developed in partnership with the
Centers for Disease Control and Prevention
and the White House, these advances have
played a critical role in the mission to make
care more accessible and equitable.
“We’re trying to figure out how to opti-
mize networks so certain populations are
not disadvantaged by how public health is
structured,” Brownstein says. “We recog-
nize now that making data rapidly available
is paramount. We’ve learned lessons and we
are building infrastructure that will extend
well beyond COVID-19.”
Tomorrow’s Vaccine
Breakthroughs
The development of these tools goes
hand in hand with the other key part of fu-
ture pandemic prevention: vaccines. Dr.
Ofer Levy, director of the Precision Vaccines
Program at Boston Children’s, works to de-
velop more sophisticated, individualized ap-
proaches to vaccination.
“The notion of precision medicine is that
each of us, due to genetic and epigenetic
reasons like age and exposure, is distinct in
our response to medicines and vaccines,” he
says. “While typical vaccine development has
been approached as one-size-fits-all, ad-
dressing the current pandemic and future
ones will require tailoring vaccines to distinct
vulnerable populations, such as the young
and old.”
Levy’s program works to drill down and
develop vaccine adjuvants — molecules
added to vaccines — that can boost an im-
mune response, making them even more
effective. One formulation, which com-
bines a portion of the COVID-19 spike pro-
tein with two adjuvants, may help better
protect older adults at the highest risk of
severe illness from the disease.
Precision vaccine development can only
go so far, however, without the tools needed
to close gaps in access and inform pandemic Ofer Levy, M.D., Ph.D.
response. This is where Levy, Majumder and
Brownstein’s efforts intersect — and pro-
vide a road map to future success. For in-
stance, a new tool called Outbreaks Near
Me uses crowdsourced data to identify local
COVID-19 outbreaks, information that is fed
directly to the CDC.
Meanwhile, Majumder and her team’s
work with social media data has helped sci-
entists better understand how an individual’s
beliefs and behaviors impact their suscepti-
bility over time — for example, groups that
wore masks during earlier stages of the pan- Maimuna Majumder, Ph.D.
demic, but are no longer doing so. And with
full COVID-19 vaccination rates hovering
near 66% in the United States, the data also
shines a light on the continued challenge of
vaccine hesitancy.
By creating projection models that ac-
count for nuances in human behavior,
Majumder says we can gain a better under-
standing of population-level health dynam-
ics. Together with her colleagues’ efforts in
vaccine development, these advances could
give the world better odds in readying for fu-
ture pandemics. But the potential impact of John Brownstein, Ph.D.
this research extends further than individual
moments of crisis. It points toward a new era
of care, one where data provides unprece-
dented insight into need at the local — and Learn more
sometimes individual — level. about Boston
“We have a beautiful amalgamation of
new data sources, with new computational
Children’s:
tools that have allowed us to process an
immense amount of data we couldn’t 10 or
20 years ago,” she says. “One of the things
that makes Boston Children’s unique is its
commitment to innovation in this space,
and we’re really ahead of the curve in terms
of thinking about the way this technol-
ogy is going to shape health research and
the future of care for not just children,
but everyone.”

The Wall Street Journal news organization was not involved in the creation of this content.
Wall Street Journal Custom Content is a unit of The Wall Street Journal advertising department.
A6 | Wednesday, June 8, 2022
Two More Omicron Variants Are Spreading
BA.4 and BA.5 strains
total 13% of U.S. cases;
evidence suggests they
are more contagious
BY JON KAMP
Omicron Covid-19 variants
BA.4 and BA.5 are on the rise
in the U.S., adding two more
highly contagious versions of
the virus to the mix that has
fueled a springtime surge in
cases.
The closely related subvari-
ants represented a combined
13% of U.S. cases for the week
ended June 4, according to es-
timates the Centers for Dis-
ease Control and Prevention
released Tuesday. Evidence
suggests the subvariants are
yet-more-contagious versions
of Omicron, public-health ex-
perts said, that may be able to
evade some of the immune
protections people built up
from infections triggered by
another version of Omicron
during the winter.
The spread of the subvari-
ants could at least prolong the
Novavax’s Covid-19 Vaccine Backed by FDA Advisers
BY LIZ ESSLEY WHYTE
Vaccine experts advising the
Food and Drug Administration
endorsed Novavax Inc.’s
Covid-19 vaccine, voting over-
whelmingly that the shot’s ben-
efits outweighed its risks.
The outside panel’s 21-0
vote, with one abstention, on
Tuesday moves the shot one
step closer to becoming avail-
able in the U.S.
The FDA must next make a
decision on authorizing the
vaccine, after months of manu-
facturing-related delays and an
agency review that found the
shots effective but raised a
safety concern.
An FDA decision could take
weeks. FDA staff said, in their
review of Novavax’s applica-
tion, that the agency must sign
off on the company’s latest
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The new subvariants could prolong the time it takes to emerge from the current wave, experts say.
time it takes to emerge from
the current wave fueled by
other versions of Omicron,
some health experts said.
“BA.4 and 5 may end up be-
coming the dominant Omicron
manufacturing processes.
If the agency authorizes the
vaccine, the Centers for Disease
Control and Prevention would
then decide whether to recom-
mend the vaccine’s use, before
the shots would become widely
available.
The shot would be the first
available using a more tradi-
tional, protein-based vaccine
technology, found in hepatitis B
and shingles vaccines, than the
relatively new messenger RNA
Covid-19 shots in wide use.
Advisers said Novavax’s shot
performed akin to vaccines al-
ready authorized. “If we’re go-
ing to use the same criteria
that we did then, it’s not that
difficult of a decision now,”
said Dr. Eric Rubin, editor in
chief of the New England Jour-
nal of Medicine.
Novavax Chief Executive
U.S. NEWS
lineages in the coming weeks
or months,” said Nathan
Grubaugh, an associate profes-
sor of epidemiology at Yale
University’s School of Public
Health.
Stanley Erck said the panel’s
endorsement “acknowledges
the strength of our data and
the importance of a protein-
based Covid-19 vaccine.”
Novavax has said its shot
would appeal to people reluc-
tant to receive the vaccines
made by either Pfizer Inc. and
partner BioNTech SE or by
Moderna Inc., which are each
based on the gene-based tech-
nology known as messenger
RNA.
Members of the Vaccines
and Related Biological Products
Advisory Committee said it
would be helpful to offer
choices beyond the current
shots, including the widely
used mRNA vaccines from
Pfizer and BioNTech and from
Moderna.
The advisers expressed
skepticism, however, that those
THE WALL STREET JOURNAL.
cent weeks. The latest update
shows BA.4 and BA.5 repre-
sented about 1% of cases com-
bined by the first week in May.
The CDC estimated BA.4
and BA.5 represent the highest
percentage of cases in a region
that includes Texas, New Mex-
ico, Oklahoma, Arkansas and
Louisiana. The percentages for
these subvariants were lowest
in the Northeast, the agency
estimated.
The dominant Omicron ver-
sion in the U.S. remains
BA.2.12.1, which the CDC re-
cently estimated at about 62%
ISMAIL FERDOUS/BLOOMBERG NEWS
of cases following months of
steady growth. This version
helped fuel a surge in cases
that began mainly in the
Northeast in the spring and
has since spread to other parts
of the country. Parts of the
western U.S. have recently
come under pressure while
numbers improve in the
Northeast.
Tuesday marked the first One important question
time the CDC specifically about BA.4 and BA.5 is
broke out numbers for BA.4 whether they can outcompete
and BA.5 in one of its weekly BA.2.12.1, Dr. Grubaugh said.
variant reports, which use es- Evolving evidence suggests
timates for the two most re- that being infected by BA.1, an
who avoided messenger RNA the CDC. Less than half the
vaccines would adopt population has received one
Novavax’s protein-based shot booster.
but said it would be good to of- During its all-day meeting,
fer more choices. the committee considered clini-
Overall, the use of Covid-19 cal trial data from the company
as well as the FDA staff’s re-
view.
Agency staff told the outside
The agency, which advisers that the shot was 90%
raised safety issues, effective against Covid-19 in its
pivotal trial but noted six con-
must now decide on cerning cases of heart-inflam-
approving the shot. mation conditions in vaccine
recipients.
Novavax, of Gaithersburg,
Md., pushed back on those con-
vaccines and boosters has cerns in its presentation, say-
slowed in the U.S., as many ing the myocarditis and peri-
people eligible for the shots carditis cases were consistent
have received them and tire of with what would be expected in
getting additional doses. the general population.
Roughly 67% of the U.S. popu- Several of the committee
lation is fully vaccinated members said they supported
against Covid-19, according to adding a warning about myo-
Omicron version that fueled a
wintertime surge, offers lim-
ited protection against symp-
tomatic disease caused by
BA.4 and BA.5, according to
the World Health Organiza-
tion.
The U.S. has recently aver-
aged roughly 100,000 newly
reported Covid-19 cases a day,
according to the CDC, though
epidemiologists believe the
real number is significantly
higher. The rise of at-home
testing, which health depart-
ments largely don’t track, has
made it more difficult to de-
termine who is testing posi-
tive each day.
This case wave hasn’t
translated to a significant
surge in severe illness. Hospi-
talizations, while up, remain
far below earlier peaks, and
reported Covid-19 deaths have
recently hovered near histori-
cally low levels. Some epide-
miologists and physicians have
cautioned that surging cases
are socially disruptive, put
people with compromised
health at risk and can also ex-
pose many infected people to
long-running health problems.
carditis, as is done for the
mRNA vaccines currently.
“We need to understand the
mechanism here, because this
infection and the vaccines
against it are going to be with
us for the foreseeable future,”
Dr. Bruce Gellin, chief of global
public health strategy for the
Rockefeller Foundation’s Pan-
demic Prevention Institute.
He abstained from the com-
mittee’s vote, but afterward
said he was a “conditional yes.”
The pivotal trial for the
Novavax vaccine took place be-
fore the Omicron variant
emerged. Studies have found
Omicron has been better able
to elude authorized vaccines,
but the impact on Novavax’s
hasn’t been determined, said
Dr. Filip Dubovsky, the com-
pany’s chief medical officer. He
said studies are ongoing.
© 2022 Dow Jones & Company, Inc. All rights reserved. 6DJ5001
THE WALL STREET JOURNAL. NY Wednesday, June 8, 2022 | A6A

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THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | A7

U.S. NEWS

IHS Faulted
For Response

CHARLES MOSTOLLER FOR THE WALL STREET JOURNAL

To Abuse Claim
BY CHRISTOPHER WEAVER
The U.S. Indian Health Ser-
vice botched its response to al-
legations that a government
worker sexually abused a teen-
age patient at the agency’s ad-
diction-treatment center in
North Carolina, according to a
newly disclosed report.
The IHS, a federal agency
that provides healthcare ser-
vices to roughly 2.6 million Na-
tive Americans, hired an out-
side consultant to investigate
the agency’s response to the al-
legations after The Wall Street
Journal in 2019 detailed mis-
steps at the treatment facility,
called Unity Healing Center, in
Cherokee, N.C.
In September 2016, some
staff members at the center
saw security-camera footage of
a male maintenance worker en-
tering a bathroom with a 16-
year-old female patient. Other
staff members reported seeing
him holding hands with the
girl, and still others found an
apparent love letter to the man
in her room, the Journal re-
ported. A day after the girl’s
counselor confronted her about
the relationship, she tried to
hang herself, Unity staff mem-
bers said at the time.
Federal law requires most
IHS officials to report allega-
tions of sexual abuse to law en-
forcement, but no one did so
until May 2017, the new report
confirmed.
Large sections of the report,
released this week in response
to a public-records request,
were redacted. But it corrobo-
rated the Journal’s findings and
condemned the agency’s re-
sponse.
The report described an ini-
tial investigation by Unity staff
as “replete with errors and
lacking in every aspect.” It said
local managers gave priority to
avoiding conflict or failed to
recognize the need for action,
while senior leaders in the
agency’s regional office in
Nashville, Tenn., showed a dis-
interest that, in one case, “ap-
peared to reflect a gross lack of
institutional control at the
highest level.”
The report also said that a
top regional official who over-
saw Unity, Vickie Claymore,
“appeared to have no practical
connection to any responsibil-
ity for her supervision of Unity
Healing Center,” even as the fa-
cility descended into crisis over
the incident.
Dr. Claymore, a psychologist
A report criticized Unity Healing Center’s handling of its initial investigation into sexual-abuse allegations involving a facility employee.
who remains in that role at the convened a committee that can reservations. Another IHS spond to requests for comment.
center, didn’t respond to re- meets monthly to review po- doctor pleaded guilty in August A federal investigation into
quests for comment. tential misconduct, improved to sexually abusing five adult the allegations and IHS em-
She told an interviewer that record-keeping and taken steps patients over about a decade. ployees’ handling of them
she was responsible for multi- to ensure concerns are commu- After the Journal’s report on ended without charges. The re-
ple facilities and wasn’t ini- nicated more widely among se- Weber, the IHS began a manda- port released this week didn’t
tially aware of the abuse alle- nior leaders. tory abuse-reporting training assess whether Mr. Crowe,
gations at Unity, the report Dr. Cotton, whose degree is program for all employees, re- whose name is redacted in all
said. Records show she eventu- in nursing, said Dr. Claymore vised its outdated policies and but one instance, abused the
ally reprimanded Unity’s chief still oversees Unity with her opened a 24-hour hotline, the girl.
executive in part over the han- support. Dr. Cotton said she agency said. IHS officials conducted what
dling of the crisis there. has instructed agency employ- The Unity maintenance they called a root-cause analy-
In an interview Monday, ees in her region to bring any worker who was accused of the sis days after the girl’s 2016
Beverly Cotton, who took over concerns straight to her as well abuse, Nathaniel “Bunsey” suicide attempt. As part of the
the IHS’s Nashville regional of- as to their direct supervisors. Crowe, denied the allegations review, the newly released re-
fice in January 2019 and or- The IHS has mishandled sex- in a written statement at the port noted, Mr. Crowe himself
dered the report later that ual-abuse claims elsewhere. In time that was later viewed by was assigned to evaluate the
year, said the findings revealed 2019, the Journal revealed that the Journal. He said he was in physical safety of resident bed-
a series of events that “any agency officials suspected pedi- the bathroom to inspect an rooms and bathrooms—even
reasonable and objective pro- atrician Stanley Patrick Weber electrical outlet. though he had been accused of
fessional” should have re- of sexually abusing children for Mr. Crowe declined to com- sexually abusing the resident in
ported. two decades before his 2017 in- ment to the Journal in 2019 a bathroom.
She said her office had since dictment. He is now serving a and later called the allegations “The absurdity and signifi-
educated employees about their life prison term for raping child “a total misconception” in a cance of this detail cannot be
abuse-reporting obligations, patients on two Native Ameri- Facebook post. He didn’t re- overstated,” the report said.

FTC to Investigate Six Largest Pharmacy-Benefit Managers

BY KATHRYN HARDISON
AND JOSEPH WALKER
The Federal Trade Commis-
sion is investigating CVS Care-
mark, Express Scripts Inc. and
other large pharmacy-benefits
managers over what impact
their business models have on
the accessibility and afford-
ability of prescription drugs.
The FTC on Tuesday said it
would require the six largest
PBMs, which negotiate rebates
and fees with drug manufac-
turers, to provide records and
other information about their
business practices. The docu-
ments will be used to conduct
a study of the PBM industry,
the FTC said. The compulsory
orders are also being sent to
UnitedHealth Group Inc.’s Op-
tumRx Inc., Humana Inc.,
Prime Therapeutics LLC and
MedImpact Healthcare Sys-
tems Inc.
Pharmacy-benefit managers
also reimburse pharmacies for
patients’ prescriptions and cre-
ate drug formularies—a list of whether it gives the companies
prescription drugs that are undue influence on what pa-
paid for by a health plan—and tients pay for their prescrip-
other policies. tions and where they purchase
Independent pharmacies them.
have criticized PBMs for charg- The three largest PBMs—
ing them high fees and for OptumRx, Cigna Corp.’s Ex-
steering consumers to PBM- press Scripts, and CVS Health
owned mail-order pharmacies. Corp.’s Caremark—manage
The FTC said it would look roughly 80% of U.S. prescrip-
into the tight integration that tions.
the PBMs have with both “Although many people have
health-insurance companies never heard of pharmacy-bene-
and wholly owned mail-order fit managers, these powerful
and specialty pharmacies, and middlemen have enormous in-
fluence over the U.S. prescrip-
tion drug system,” FTC Chair-
woman Lina Khan said. “This
study will shine a light on
these companies’ practices and
their impact on pharmacies,
payers, doctors, and patients.”
The inquiry will also look
into the use of specialty-drug
lists and related specialty-drug
policies. The FTC said it has
received more than 24,000
public comments about phar-
macy-benefit managers.
The Pharmaceutical Care
Management Association, an
industry group, said PBMs
lower drug costs for consum-
ers and insurers by negotiating
the lowest possible prices with
drugmakers.
“We are confident that any
examination of pharmacy-ben-
efit managers, PBMs, will vali-
date that PBMs are reducing
prescription drug costs for
consumers,” PCMA Chief Exec-
utive JC Scott said. “Drug man-
ufacturer price-setting is the
root cause of high drug costs.”

Commercial
Property
Sales Slow
TED SHAFFREY/ASSOCIATED PRESS

Continued from Page One

Meet
housing and industrial proper-
ties recorded big drops in
sales last month. Sales of re-
tail properties were up in
April, the fourth consecutive A buyer backed out of a deal for a Manhattan office tower
month that U.S. households after surging interest rates made it harder to find a mortgage.

boosted spending, while apart-
ment building sales continued
to rise due to strong tenant
demand and landlords’ ability
to raise rents. But analysts
and brokers said activity in
even these sectors might be
slowing as rising interest rates
keep some investors from
making competitive offers.
April’s 16% decline in sales
marked an abrupt turn from
March, when total commercial
property sales rose 57% from
the same month a year before.
“The speed of that transi-
tion is shocking,” said Jim
Costello, chief economist at
MSCI Real Assets. A drop in
sales can be an early indicator
of stress in real-estate mar-
kets because prices are usually
slower to change, he said.
Moreover, the prospect of a
slowdown in the U.S. economy
later this year or next is
weighing on sales because it
could lead to lower office, re-
tail and apartment rents, ana-
lysts said.
But with interest rates con-
siderably higher—the yield on
10-year Treasury notes, a com-
mon benchmark for commer-
cial mortgages, has nearly
doubled this year—property
investors that relied on large
amounts of cheap debt to pur-
chase buildings have been
some of the first ones to fall
out of the market, brokers and
investors said.
“Suddenly, you’re just not
competitive,” said John Carra-
fiell, co-chief executive of
property investment firm Ben-
tallGreenOak, describing buy-
ers who use debt to finance
60% or more of a property’s
sale price.
In some cases, investors are
finding that with the increased
cost to borrow, their near-
term rate of return runs below
the interest rate on their
mortgage. Lenders, in turn,
Commercial property sales
volume, change from a
year earlier
250%
200
150
100
50
0 signing new contracts. That
–50
–16%
–100
2020 ’21
Note: Volume is measured by the
total dollar value of reported sales.
Source: MSCI Real Assets
are now tightening their stan-
dards for more-speculative
deals, brokers said.
In certain sectors, such as
smaller industrial and retail
real estate, prospective buyers
that wrote letters of intent to
purchase properties weeks ago
are now dropping their bids
because the cost to borrow
has risen so quickly, said
Joshua Campbell, a senior vice
president at Stan Johnson Co.,
a commercial real-estate bro-
kerage.
“That was not happening
two to three years ago,” Mr.
Campbell said.
Other investors are walking
away from large deals already
in contract. Innovo Property
Group recently backed out of
an agreement to buy a Mid-
town Manhattan office tower
for $855 million after surging
interest rates made it harder
to find a mortgage, according
to a person familiar with the
matter. The about-face meant
the investor lost its $35 million
deposit, according to another
person involved in the deal.
Sandra,
Surging interest rates in re-
cent weeks have left many in-
vestors with a choice between
losing their deposit or paying
much more than expected for
their mortgage, said Jay IT Consultant at Intact Technology.
Neveloff, a partner at law firm
Kramer Levin Naftalis & Fran- One of over 70,000 Google Career
kel LLP. Certificate graduates.
Most have been moving
ahead with planned purchases,
he said, but other investors
are more cautious now about
will inevitably drive down
April prices. “The pricing can’t be
blind to changes in capital
markets,” Mr. Neveloff said.
But lower prices also offer
’22
an opportunity for bargain
hunters, especially for real-es-
tate investment funds that are
sitting on big cash reserves. “I
have heard people say, ‘This is
when I’m making deals, this is
when I’m finding properties,’ ”
Mr. Neveloff said.
The investment firm Apollo
Global Management Inc. and
hospitality investor Newbond
Holdings recently agreed to
buy the Hilton Times Square
for about $85 million, accord-
ing to people familiar with the Google Career Certificates When I was younger, I
matter, a significant discount help career switchers like
to the hotel’s 2006 sale price Sandra launch new careers lacked the confidence
of $242.5 million. in fast-growing fields like IT and support to pursue
As the buyer pool narrows support, data analytics, and
and interest rates rise, sellers a career in tech.
are becoming more likely to
more. Certificate graduates
can connect with over 150 After completing the
make concessions to close
deals, said Henry Stimler, an national and local employers certificate, I was finally
executive in the multifamily that are hiring. able to get my new
capital-markets division at the
Newmark real-estate firm. job in IT.
His firm recently brokered Learn more at
the sale and financing of a grow.google/certificates
$457.5 million multifamily
-Sandra Massie
portfolio concentrated in the Front Royal, Virginia
Carolinas, where rent growth
has been strong over the past
year.
“It’s now turning into a
buyer’s market,” Mr. Stimler
said.
A8 | Wednesday, June 8, 2022
Moscow Decried for Blocking Exports
Crop trade, planting
hindered by invasion;
port blockade diverts
foodstuffs to road, rail
BY ISABEL COLES
KYIV, Ukraine—European
officials blamed Moscow for a
looming global food crisis as
Russia’s blockade of Ukrainian
ports threatens the country’s
grain exports, while fighting
rages in the east.
Russia’s ambassador to the
United Nations, Vasily Neben-
zya, walked out of a Security
Council meeting on Monday af-
ter European Council President
Charles Michel accused the
Kremlin of weaponizing food
supplies, in a heated exchange.
European Union foreign-
policy chief Josep Borrell also
cast doubt on Russia’s claims
that it isn’t hindering the ex-
port of grain, citing reports
that Moscow struck Ukraine’s
second-biggest grain terminal
in the southern port city of
Mykolaiv over the weekend.
The Ukrainian military’s
southern command said Russia
had fired cruise missiles from
over the Black Sea toward
Mykolaiv on Sunday. Two mis-
siles were shot down, the
command said, but others hit
port facilities and grain stor-
age silos.
“In light of such reports,
the disinformation spread by
[Russian President Vladimir]
Putin deflecting blame be-
comes ever more cynical,” Mr.
Borrell said on Twitter on
Grain Woes Pose Policy Dilemmas
WASHINGTON—Faced with
limited time and few options,
the Biden administration is
torn over how to deal with a
growing food crisis sparked by
Russia’s war in Ukraine.
By Vivian Salama,
Costas Paris
and William Mauldin
At the center of a debate
between administration offi-
cials is a proposal to offer a
six-month waiver of sanctions
on Belarus’s potash fertilizer
SERHII NUZHNENKO/REUTERS
industry in the hope that it
might compel Belarusian Pres-
ident Alexander Lukashenko to
allow a rail corridor for
Ukraine’s grain.
Officials at the State De-
partment don’t want to lift
sanctions and say the idea
lacks any real potential of
working, in part because Mr.
Lukashenko is unlikely to
agree to a deal because of his
close ties to Russian President
Vladimir Putin, according to
those involved in the discus-
sions. Officials at the White
House’s National Security
Council believe that while
complicated, the idea is among
the only viable alternatives to
consider.
No formal proposals have
been put forward to date as
policy makers continue to ex-
plore their options, the offi-
cials said.
Meanwhile, international
food markets are likely to face
serious shortages this year as
a result of the conflict, which
has trapped much of the grain
destined for export inside the
country and allegedly led to
Russian looting.
Russia and Ukraine together
supply almost one-third of the
Buyout
Firms Woo
Millionaires
Continued from Page One
And private-equity firms esti-
mate that less than 5% of that
is currently invested with them.
Unlike the typical buyout
fund, products for individuals
are perpetual or evergreen,
meaning the capital is never
fully returned. That has made
them particularly attractive to
publicly traded private-equity
firms whose shareholders
prize steady growth in man-
agement fees.
The upshot has been a
scramble to win over the
wealthy.
“It’s a land grab,” said Matt
THE UKRAINE CRISIS
An overview of ships loading grain and nearby storage facilities in Sevastopol, Crimea, last week. Russia previously annexed Crimea.
Monday.
Mr. Putin has previously re-
jected accusations that Moscow
is hindering Ukrainian wheat
exports. He said that it was up
to Ukraine to demine Black Sea
ports, and that Russia was
ready to export Ukrainian
wheat via ports it now controls
on the adjacent Azov Sea.
Kremlin spokesman Dmitry
Peskov said Tuesday that dem-
ining would allow ships to
load grain and then “even with
Seeds sit in a grain silo destroyed by repeated shelling in the Donetsk region of Ukraine.
world’s wheat, a quarter of its
barley and nearly three-quar-
ters of its sunflower oil, ac-
cording to the International
Food Policy Research Institute.
The Ukrainian government ex-
pects less than half of this
year’s harvest to make it out
of the country.
The discussion over alterna-
tives for getting this year’s
stockpiles of grain out of
Ukraine underscores the di-
lemma facing policy makers in
Washington and in capitals
around the world. The problem,
officials say, is both helping
Ukraine get its grain out of the
country, while also dissuading
others from buying grain alleg-
edly stolen by Russia.
“We are actively exploring
options with the international
community to re-establish
Ukrainian exports and allevi-
ate the impacts of Russia’s ag-
gression on global food inse-
Brown, chief executive of
CAIS, a platform that gives in-
dependent financial advisers
access to so-called alternative
investment products. “You’re
seeing the mutual-fund boom
2.0,” he said, referring to the
rise in popularity of mutual
funds during the 1990s.
There is no guarantee the
effort will succeed. For one
thing, it depends on continu-
ing investor confidence, which
could be shaken by recent
market choppiness, adding to
the allure of liquid assets that
are perceived to be less risky.
Firms said the current envi-
ronment will demonstrate the
stability of their products over
the long run.
While institutions can
choose from thousands of pri-
vate-equity funds, many firms
are betting that advisers to the
wealthy won’t want a long
menu of products to evaluate.
They argue that moving quickly
our help, proceed towards in-
ternational waters.” He said
vessels entering the ports
would undergo checks to en-
sure they weren’t carrying
weapons. Mr. Peskov said the
Russian side wouldn’t use de-
mined corridors for any offen-
sive operations against seaside
cities.
Russian officials have ex-
pressed willingness to ease
the blockade if sanctions on
Moscow were lifted. Ukraine
curity,” an NSC spokesperson
said in response to questions,
adding that Russia has dam-
aged Ukraine’s roads, railroads
and rail stations that facilitate
overland transportation. “We
urge Russia to allow the safe
passage of commercial vessels
to and from Ukraine’s Black
Sea ports, which they are cur-
rently preventing, so they can
deliver vital food supplies to
countries around the world.”
Officials are also working to
find solutions to address
Ukraine’s growing stockpiles
since their silos are full and
need to be emptied in prepara-
tion for the current harvest.
The State Department
didn’t respond to a request for
comment.
Kyiv has accused Russia of
seizing Ukrainian grain since
shortly after the Feb. 24 inva-
sion, an allegation backed by
the U.S. State Department,
FROM PAGE ONE
and spending big now will give
them a lasting edge over rivals.
Blackstone, the industry be-
hemoth that launched its first
perpetual vehicle aimed at in-
dividuals in early 2017—a
lower-cost nontraded real-es-
tate investment trust—now
sources nearly a quarter of its
$915 billion in assets from pri-
vate wealth. The firm has
since added two more funds
targeting individuals: a non-
traded business-development
company and a real-estate ve-
hicle focused on Europe.
Blackstone, which expects
to reach $1 trillion in assets
this year, said in April it gets
$4 billion to $5 billion of in-
flows a month from the three
products combined.
“Our great insight was
bringing the fees way down
and bringing our quality of in-
vestment performance to this
space,” Blackstone President
Jonathan Gray said.
has questioned whether Russia
could be trusted and U.S. and
U.K. officials voiced early op-
position to such a deal.
Regarding Russian offers to
ease exports of grain,
Mykhailo Podolyak, an adviser
to Ukrainian President Volod-
ymyr Zelensky, said: “Swear-
ing that it does not want a
food crisis, but destroying
[Ukrainian] grain terminals.
Does anyone pay attention to
the Kremlin’s promises?”
which sent démarche cables to
several governments in recent
weeks urging them against ac-
cepting Ukrainian grain alleg-
edly looted by Russia. Those
countries who received the
U.S. warning included Turkey,
Egypt, Libya, Pakistan, India,
Eritrea and Ethiopia, a Euro-
pean diplomat said.
On Monday, Turkey and
Russia discussed a tentative
deal to restart shipments of
Ukraine’s agricultural products
from a Black Sea port, a move
that drew skepticism from the
government in Kyiv, as well as
in Washington, since Ukraine
isn’t a party to the agreement.
Russian presidential spokes-
man Dmitry Peskov said Tues-
day there were no agreements
in place to get the grain out
through the Black Sea and re-
peated the Kremlin’s demand
that Ukraine first remove
mines from the port of Odessa.
The firm built a team of 278
people, many of whom educate
advisers on its products and
service clients. In May, Black-
stone filed with the Securities
and Exchange Commission to
launch a fourth fund, designed
Blackstone sources
nearly a quarter of
its assets from
private wealth.
to offer individual investors ac-
cess to its private-equity busi-
ness, which would for the first
time give them a slice of the
big corporate leveraged buy-
outs the firm is famous for.
Though much smaller than
Blackstone, Blue Owl was also
an early mover in catering to
individuals, beginning in 2016.
THE WALL STREET JOURNAL.
MAXAR
Mr. Peskov said, “There
have been statements of mis-
trust by Ukrainian representa-
tives. We have heard these
statements.”
Mr. Michel said he had seen
millions of tons of grain and
wheat stuck in containers and
ships at the Ukrainian Black
Sea port of Odessa several
weeks ago. Russian attacks on
transport infrastructure and
grain-storage facilities, as well
as tanks, bombs and mines are
U.S. Expands Its Ban
On Russian Debt Sales
The U.S. Treasury moved to
block U.S. investors from mak-
ing purchases of Russian debt
in secondary markets, an ap-
parent expansion from exist-
ing policy that prohibited only
purchases of newly issued
Russian government debt and
some Russian corporate debts.
By Alexander Saeedy,
Andrew Duehren
and Caitlin Ostroff
In new guidance, the Trea-
sury Department said U.S. per-
sons remain prohibited from
new investment in Russia,
which now includes “purchas-
ing both new and existing debt
and equity securities issued by
an entity in the Russian Feder-
ation.” Investors would still be
allowed to sell or transfer se-
curities as long as they do so
to a non-U.S. counterparty, ac-
cording to the Treasury, and
they can also continue to hold
the already issued debt.
“Consistent with our goal
to deny Russia the financial
resources it needs to continue
its brutal war against Ukraine,
Treasury has made clear that
U.S. persons are prohibited
from making new investments
in the success of Russia, in-
cluding through purchases on
the secondary market,” a
Treasury spokesperson said.
Secondary purchases of
Russian corporate debt in the
U.S. and Europe have already
been limited because of sanc-
tions against financial institu-
tions such as Sberbank and
VTB Bank and the perceived
reputational cost of backing
entities based in the country.
Still, some opportunistic buy-
The firm said recently it got
an average of about $700 mil-
lion a month in inflows in
April and May from its two ev-
ergreen credit funds.
Others are striving to catch
up. Soon after becoming
Apollo’s chief executive last
year, Marc Rowan made ex-
panding the firm’s private-
wealth business a top strategic
priority. Apollo now has three
products and 145 people dedi-
cated to the effort, in part be-
cause of its December deal to
buy the U.S. wealth-distribution
and asset-management busi-
nesses of Griffin Capital Co.
Apollo said in April it got
more than 10% of its asset-
management fundraising from
private wealth in the first quar-
ter and announced plans to in-
troduce one to two new prod-
ucts each quarter over the
subsequent 18 to 24 months.
Mr. Rowan said 50% of a cli-
ent’s portfolio could one day be
also preventing Ukraine from
planting and harvesting, Mr.
Michel said.
“This is driving up food
prices, pushing people into
poverty and destabilizing en-
tire regions,” Mr. Michel said.
“Russia is solely responsible
for this looming food crisis.
Russia alone.”
The blockade of Ukraine’s
ports has pushed crops across
roads and rail to Ukraine’s
western borders or down the
Danube to be loaded onto
ships in Romania. Ukraine is
rushing to fix damaged rail-
ways, roads and bridges.
Some Ukrainian families,
meanwhile, were preparing to
receive the bodies of fighters
who died in the battle for Ma-
riupol, which culminated in a
siege at the Azovstal steel
plant. An organization repre-
senting relatives of fighters
said forensic experts were
working to identify 160 bodies
handed over by Russia as part
of an exchange with Ukraine—
a one third of whom were
members of the regiment that
defended the steel plant in
Mariupol.
Nelya Shastun, whose son
Igor was killed in Azovstal,
said she wasn’t sure if he was
among them. “I hope my older
son is in this list,” she said.
Her younger son, Nikita, is
in Russian captivity. He was
on patrol with his brother and
the rest of their unit when a
Russian airstrike targeted
their position. The explosion
blew off Igor’s leg and he bled
to death, Nikita told his
mother in April.
ers have bought Russian com-
panies’ debt at a discount, bet-
ting that the bonds will
recover if the war between
Russia and Ukraine comes to
an end.
The U.S. has been moving
to restrict Russia’s access to
foreign credit markets since
the war in Ukraine began. The
Treasury last month moved to
push Russia into default on its
sovereign bonds, effectively
cutting off its ability to make
payments on its dollar-denom-
inated debt through U.S. finan-
cial institutions.
The new guidance from
Treasury appears to be a
broader interpretation of ex-
isting sanctions that were lev-
ied against Russia back in
April, seeking to curtail new
capital inflows into Russia af-
ter its invasion of Ukraine. The
expansion of sanctions is
likely to force U.S. investors to
sell Russia-linked debts or
write them off as having little
to no value.
“Treasury’s past statements
made it clear that they were
trying to prevent fresh funds
from coming into Russia,” said
Dennis Hranitzky, head of the
sovereign litigation practice at
Quinn Emanuel Urquhart &
Sullivan. “This does something
very different.”
Prices of dollar-denomi-
nated Russian government
bonds traded between 15 and
25 cents on the dollar Tues-
day, investors said, about 5
cents lower than Monday. Rus-
sian state gas giant Gazprom’s
bonds also fell by about 5
cents from their value Monday
to trade between 25 and 30
cents on the dollar Tuesday.
invested in alternatives to pub-
licly traded stocks and bonds.
New products in the pipeline
tap Apollo’s traditional invest-
ing strengths such as credit,
said Stephanie Drescher, the
firm’s chief client and product-
development officer, who is
overseeing the effort.
Ares launched in April one
new product for individual in-
vestors and filed for another.
The firm said it raised $2 bil-
lion from wealthy individuals
during the first quarter and
said it had 105 employees ded-
icated to the effort.
Blackstone is confident in
its first-mover advantage, said
Joan Solotar, global head of
private-wealth solutions.
“It’s not lost on distribution
partners—who are being ap-
proached by everyone under
the sun—that competitors
have seen Blackstone’s success
and are jumping on the band-
wagon,” she said.
 THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | A9

THE UKRAINE CRISIS

Dream Comes True Moscow Sanctions U.S. CEOs

For Disabled Teen BY ANN M. SIMMONS

Who Fled Mariupol MOSCOW—A handful of

BY MARYNA DUBYNA
AND ALISTAIR MACDONALD
HUIZEN, Netherlands—
Misha Rohozhyn, a Ukrainian
teenager with Down syn-
drome, escaped besieged Mari-
upol as his mother wove a mo-
tivational fantasy that his pro-
wrestler hero John Cena lay at
disoriented by his new sur-
roundings and getting angry
with his mother that they
hadn’t found Mr. Cena.
As Mr. Cena stepped out of
a car on Saturday, wearing his
World Wrestling Entertain-
ment Inc. outfit, Ms. Roho-
zhyna began to cry.
“This is something out of
prominent American CEOs, in-
cluding BlackRock Inc.’s Larry
Fink and the bosses at Delta
Air Lines Inc., Netflix Inc. and
Universal Pictures, have
landed on a fresh list of sanc-
tions Russia has imposed in
retaliation for economic re-
strictions the West has rolled
out against Moscow.
The U.S., U.K. and the Euro-
pean Union have issued sanc-
tions on a widening array of

ROY ROCHLIN/GETTY IMAGES

the end of their dangerous
journey out of Ukraine.
On Saturday, the fantasy
ended with a happy reality,
when the U.S. star visited
Misha here.
Over a long journey that
took Misha out of the familiar-
ity he craves to traverse mine-
fields, hostile Russian soldiers,
artillery bombardments and
national borders, his mother,
Liana Rohozhyna, explained
that their constant movement
was to find Mr. Cena.
That journey, and the es-
cape of others from the same
day center in Mariupol, was
the subject of a Wall Street
Journal article that was read
by Mr. Cena, who arranged a
meeting in Huizen, the Dutch
town where the family has
been staying.
After arriving in the Neth-
erlands last month, Misha, a
19-year-old who is unable to
speak, stayed in his bedroom,
MARYNA DUBYNA/THE WALL STREET JOURNAL
this world,” she said.
Saturday was among the
first times Misha had smiled
since the war began, his
mother said. Misha had pre-
pared for Mr. Cena all morn-
ing, tidying his room and pre-
paring his own version of the
wrestling outfit, a red T-shirt,
matching socks, dark shorts
and baseball cap. When Mr.
Cena arrived, Misha was
shocked still, Ms. Rohozhyna
said.
Misha and Mr. Cena
hugged, and the wrestler gave
him a WWE belt and other
memorabilia.
“I didn’t want a son to
think of his mom in a different
light just because she did
whatever she had to do to get
him to safety,” said Mr. Cena,
who had been filming in Lon-
don.
“I wanted to tell him today
personally that his story really
touched me,” he said.
entities and individuals they
say are complicit in Russia’s
invasion of Ukraine or are
close to Russian President
Vladimir Putin. That has in-
cluded a long list of Russian
officials, legislators and mili-
tary officers. Governments
have also targeted Russian bil-
lionaire business people and
friends and family of Mr. Pu-
tin. The individual sanctions
vary, but typically involve
travel restrictions and asset
freezes.
In response, Moscow has
rolled out its own list of sanc-
tioned Western officials. Late
Monday, it added a number of
prominent American business
leaders. Russia’s Foreign Minis-
try said that it would impose
sanctions on dozens of U.S. na-
tionals in what it said was a re-
sponse to “the ever-expanding
U.S. sanctions against Russian
political and public figures, as
well as representatives of do-
mestic businesses.”
The Kremlin said the named
individuals would be included
on its “stop list,” which means
a ban on their travel to Russia
for an indefinite period. It
didn’t provide further details
BlackRock CEO Larry Fink was among the American executives put on the Kremlin’s ‘Stop List.’
the war, Netflix entered the
Russian market. Shortly after
the invasion, however, it said
it wouldn’t allow any Russia
channels on the service, as re-
quired by new Russian regula-
tion. It later halted its service
in Russia altogether. Netflix
declined to comment.
The list also includes the
entire board of Raytheon
Technologies Corp. The U.S.
and allies are sending weap-
ons to Ukraine including Jave-
lin antitank missiles, which are
made by a joint venture be-
tween Raytheon and Lockheed
Martin Corp. Raytheon also
makes the Stinger antiaircraft
missiles being supplied to
Ukraine.
A Raytheon representative
wasn’t available to comment.
Delta’s CEO and the presi-
dent of United Airlines Hold-
ings Inc. both made the list.
of movies in Russia in re-
sponse to the invasion. Repre-
sentatives for Comcast Corp.’s
NBC Universal weren’t imme-
diately available to comment.
BlackRock declined to com-
ment.
The list of 61 Americans
published by the ministry late
Monday also included U.S. ad-
ministration officials and for-
mer heads of other large U.S.
corporations. Among officials
facing sanctions are Treasury
List of 61 Americans
also included U.S.
administration
officials.
Secretary Janet Yellen, Energy
center,” he said. “It is a coun-
try where citizens from the
world seek to travel to, where
citizens from the world seek
to educate themselves and
their families. So of course,
there’s always going to be an
inherent asymmetry between
the steps that the Russian
Federation puts forward and
what we, together with our al-
lies and partners, do in re-
sponse to Russia’s brutal war
against Ukraine.”
Also sanctioned were exec-
utives at ratings firms oper-
ated by S&P Global Inc.,
Moody’s Corp. and Fitch
Group—all of which moved
quickly after the war began to
downgrade Russia’s credit rat-
ings. A spokesman for Fitch
declined to comment on the
list’s inclusion of President
and CEO Paul Taylor. A
spokesman for S&P also de-

about what the sanctions en-
tailed, or specifically why it
was targeting those it named.
In some cases, it included
leaders of companies that
have pulled out of Russia in
the wake of the invasion, or
that have taken other action
that Moscow criticized at the
time.
For instance, the Foreign
Ministry included Netflix Chief
Wrestler John Cena meets his fan, Misha Rohozhyn, who has Executive Reed Hastings on
Down syndrome and needed motivation to travel through danger. the list. About a year before
Western nations have banned
Russian airliners from enter-
ing their airspace. Within days
of the ban, Delta abandoned
its code-sharing agreement
with Russia flag carrier Aero-
flot, and all three main U.S.
carriers stopped flying over
Russian airspace. Delta de-
clined to comment.
Universal Pictures President
Peter Cramer was also sanc-
tioned. The studio, like others,
said it would pause its release
Secretary Jennifer Granholm
and White House Communica-
tions Director Kate Bedingfield.
White House press secre-
tary Karine Jean-Pierre said
she didn’t have any comment
on the matter. At the State De-
partment, spokesman Ned
Price told reporters that he
thought the move highlighted
the imbalance between the
U.S. and Russia.
“The United States is a
banking center, it’s a financial
clined to comment.
Adena Friedman, president
and CEO of Nasdaq Inc., was
also included. So was Jeffrey
Sprecher, the chairman and
CEO of Intercontinental Ex-
change Inc., which owns the
New York Stock Exchange.
Both ICE and Nasdaq halted
trading of several U.S.-listed
Russian stocks shortly after
the invasion’s start. Represen-
tatives for ICE and Nasdaq de-
clined to comment.

QUIET CONTEMPLATION
CHILDE HASSAM
American master. Important series. Impressionist legend.
This monumental original oil by Childe
Hassam captures the artist’s wife silhouetted
by a window overlooking New York City in
their apartment on West 57th Street. The
work hails from his celebrated “window series”
– intimate scenes of contemplative women in
well-appointed interiors, always positioned
before a window. Marked by a sense of
tranquil beauty and a light-filled, jewel-like palette, this monumental
painting is undoubtedly the high point of the series. Other works from the
series reside in prestigious museums across the country, including three
belonging to the Smithsonian Institution. Signed and dated 1919 (lower
left). Canvas: 481/8”h x 581/8”w; Frame: 561/8”h x 661/8”w. #31-4949

622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com

Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
A10 | Wednesday, June 8, 2022
A Court
Rules Bees
Are Fish
Continued from Page One
four types of bumblebee on its
list of endangered species. Bee
populations are declining in
California and elsewhere.
The state Fish and Game
Commission oversees the list
and agreed to consider the re-
quest, stirring up a hornet’s
nest of legal proceedings.
California almond farmers
were among those worrying
about bees alighting on the
endangered list. The state’s
annual almond harvest, about
3 billion pounds, relies on bees
pollinating as many as 1.3 mil-
Small
Cities Lose
Flights
Continued from Page One
into big hubs in Chicago, At-
lanta and Dallas.
For many small communi-
ties, flights operated by re-
gional carriers are their only
link to the broader aviation
network. According to the Re-
gional Airline Association,
about two-thirds of U.S. air-
ports with scheduled passen-
ger service rely exclusively on
regional carriers, including
235 in the continental U.S.
Early in the pandemic, fear-
ing a yearslong travel down-
turn, airlines encouraged pi-
lots to retire early, offering
packages that included partial
pay and benefits. Thousands
of pilots retired, many earlier
than planned.
Travel demand, however,
rebounded more swiftly than
many executives anticipated,
and the pilot shortage that
had been looming in the in-
dustry arrived sooner than ex-
pected.
The share of U.S. pilots ap-
proaching the mandatory re-
tirement age of 65 has grown
in recent years, according to
data from the Federal Aviation
Administration. Finding the
next generation of pilots has
gotten more challenging. A
2013 federal rule requires that
aspiring pilots fly 1,500 hours
before being hired at a carrier,
adding years and tens of thou-
sands of dollars of costs to the
training process.
Pilot squeeze
Major airlines are planning
to hire more than 10,000 pilots
this year, nearly double the
next busiest year for pilot hir-
ing, which was last year, ac-
cording to estimates from
FAPA.aero, which advises pro-
fessional pilots. Some big car-
riers are adding them at a rate
of about 200 a month. The Bu-
reau of Labor Statistics esti-
mates there will be openings
for 14,500 pilots a year for the
next decade.
To find new pilots, carriers
such as American Airlines
Group Inc. United Airlines
Holdings Inc. and Delta Air
Lines Inc. have been pulling
from the ranks of their re-
gional affiliates, which are
having trouble replacing them
quickly enough. SkyWest and
Mesa Air Group Inc. have said
they are seeing significantly
higher rates of turnover than
normal, especially among the
most experienced pilots, the
captains.
“I wish that I could say it’s
already getting ready to im-
prove, but it’s not,” said Matt
Koscal, executive vice presi-
dent of Republic Airways Inc.,
an Indianapolis-based regional
airline. “It’s going to get worse
before it gets better.”
Some lawmakers are con-
sidering introducing legisla-
tion to raise the mandatory re-
tirement age for pilots.
Republic has asked the Federal
Aviation Administration to al-
low pilots who go through a
special program at the air-
line’s training academy to be-
gin flying on a restricted li-
cense with 750 hours of flight
time. Breeze Airways, which
started last year, is looking to
bring pilots to the U.S. from
Australia on special visas.
Capt. Joseph DePete, presi-
dent of the Air Line Pilots As-
sociation, a union, has disputed
companies’ claims of a short-
age, saying airlines are cutting
service because they are losing
money in those cities.
The squeeze is likely to
lion acres of the trees. Trade
groups believe new protec-
tions would restrict farmers
from working around bumble-
bees and prevent the use of
pesticides, which protect trees
but can hurt bees.
The farmers combed the
text of California’s 1970 en-
dangered-species law. It af-
fords special protection to any
endangered “bird, mammal,
fish, amphibia or reptile.”
Bees, farmers said, shouldn’t
be included. The first Califor-
nia court to hear the case
agreed, and the Fish and Game
Commission appealed.
The commission pointed
out that the legal definition of
“fish” in California has been
for years somewhat vague.
When California legislators
defined fish, they seem to
have had all manner of sea-
food in mind. Defying scien-
tific classification, the law in-
Only one flight a day goes in and out of the Elko, Nev., airport, above. City manager Curtis Calder, below, and other officials have worked to retain air service for Elko.
continue until late next year
or early 2024, SkyWest execu-
tives said late in late April.
Meanwhile, some smaller
airlines don’t have enough em-
ployees to operate all the
flights they had planned.
United has pulled out of
about 18 small markets, in-
cluding Columbia, Mo., and
Evansville, Ind.
“We’re flying dramatically
fewer regional jets today than
we were in 2019,” said United
Chief Commercial Officer An-
drew Nocella during a recent
earnings call. “And we don’t
expect that to improve at all
in the next few years.” United
has said it has 150 regional
jets grounded due to lack of
pilots.
Mesa lost almost 5% of its
pilots in April because they
were hired away. Chief Execu-
tive Jonathan Ornstein said
the airline can’t continue los-
ing pilots at the current pace,
and that the cities losing ser-
vice now are just the begin-
ning. “It’s not sustainable,” he
said.
Soaring fuel prices have
made it more difficult for air-
lines to make money on niche
routes. Also, the 50-seat jets
that airlines have relied on to
serve small cities are being
phased out as they get older,
replaced by jets with 70 or
more seats, which are more
cost efficient but exceed pas-
senger demand in some mar-
kets, airline and airport execu-
tives said.
Some small airports that
used to have two or three
flights a day are down to just
one. That can make it harder
to make connections, which
can mean tacking on an over-
night stay or driving three or
four hours to a busier airport.
Wilf Costello, chief com-
mercial and marketing officer
at Glanbia Nutritionals, a
cheese manufacturer in Twin
Falls, Idaho, said flight reduc-
tions have been a headache for
business travelers in the area.
Twin Falls had as many as
four daily flights last fall, but
now has only one.
Earlier this year, he and
two colleagues needed to fly
to California, but there were
only two seats left on the
day’s only flight. “I had to go
out a day early,” he said.
The next best options are
Boise, two hours away, or Salt
Lake City, a three-hour drive,
trips that can be treacherous
in bad weather.
Williamsport, Penn., a city
of close to 30,000 that hosts
the Little League World Series
each summer, saw its last
commercial flight in Septem-
ber, when American Airlines
pulled out, saying it wasn’t fi-
nancially viable. “It’s not com-
pletely crickets in there, but
it’s pretty close,” said airport
director Richard Howell.
FROM PAGE ONE
cluded mollusks, such as
clams, and crustaceans, which
include crabs and lobsters.
These sea-dwelling inverte-
brates—no backbone—were
said to be “fish,” too.
Before long, other animals
were passed off as fish. In
1980, the commission decided
a particular snail was enough
of a fish to get state protec-
tion. By 1984, a shrimp and a
crayfish had swum through
the same legal opening.
“The definition was set in
1969, and it has come home to
roost here 50 years later,” said
Steve Anderson, a California-
based environmental lawyer
who wasn’t part of the case.
In fact, any invertebrate an-
imal, whether found on land,
sea or air, could be a candi-
date for state protection as a
type of fish, the appeals court
ruled.
Justice Ronald Robie, au-
The pilot shortage and
surging fuel prices have made
it nearly impossible to find a
replacement carrier, Mr. How-
ell said. “It’s a double
whammy for a market like
ours,” he said. “If there’s a
worst-case scenario, this is
probably it.”
The airport is in discus-
sions with Southern Airways
Express to start service, but
even if that is successful, it
won’t be the same. Southern
currently flies nine-seat air-
craft, not 50-seat jets.
Cutting deals
To avoid that outcome, air-
ports are cutting deals with
the airlines to guarantee a cer-
tain amount of revenue for fly-
ing in and out of their cities,
pursuing new deals with dis-
count airlines and startups,
and urging local residents to
use the remaining flights as
often as possible to prevent
Elko’s city council struck a deal with SkyWest Airlines to preserve the remaining daily flight.
thor of the court’s opinion, is
an expert in environmental
law and wrote a textbook on
the subject, according to his
official biography. In his opin-
ion, Justice Robie acknowl-
edged the inevitable confu-
sion.
Any invertebrate
animal could seek
protection as a type
of fish in California.
“A fish, as the term is com-
monly understood in everyday
parlance, of course, lives in
aquatic environments,” he
wrote, yet the court must fol-
low its best interpretation of
the legislature’s intent. He de-
clined to comment via a
further cuts.
Elko, Nev., is down to a sin-
gle daily flight. “This is a little
bit more than an inconve-
nience for our community,”
said Curtis Calder, Elko’s city
manager.
Late last year, when Mr.
Calder first learned that the
city’s airport could lose one of
the two daily flights it had at
the time, he and other city of-
ficials and business leaders
flew to St. George, Utah,
where SkyWest is based.
“We’re not one of those com-
munities that’s 80 miles from
the nearest airport,” Mr. Cal-
der said in an interview, not-
ing that the next closest air-
ports are hundreds of miles
away.
In April, Elko’s city council
approved an agreement with
SkyWest guaranteeing the air-
line a minimum of $950,000 a
year in revenue in exchange
for preserving the remaining
daily flight. The deal is retro-
THE WALL STREET JOURNAL.
spokesman.
“We’re certainly the first to
acknowledge that insects are
are more realistically called
“sandwich-like,” as noted by
The Minnesota Law Review.
not colloquially considered as
fish,” said a spokeswoman for
the California Department of
In the early 2000s, Con-
gress banned the labeling of
Vietnamese catfish as cat-
Fish and Wildlife, which had
joined the case.
The department’s director,
fish—which they are—because
imports were cutting into do-
mestic sales.
Charlton Bonham, praised the Adam’s first task was, by
ruling as “a well-reasoned, some accounts, naming Eden’s
thorough decision based on newly created animals. Natu-
long-established legal princi- ralists later found that the job
ples honoring the meaning of wasn’t easy. The Sunda flying
words defined in statute.” lemur, native to Southeast
Opponents, including the Asia, wasn’t actually a lemur,
state Almond Board, are decid- and the maned wolf, of South
ing whether to appeal the rul- America, wasn’t a wolf.
ing to the state Supreme Few outside California’s
Court. Third District Court of Appeal
Legal codes have had a hard would confuse a bee with a
time chewing over words like fish.
“sandwich.” In California, hot “That’s insane,” said Luiz
dogs qualify as one. Else- Rocha, curator of ichthyology
where, it isn’t clear. New York at the California Academy of
considers a burrito a sand- Sciences. “Biologically, a bee is
wich; under federal law, they clearly not a fish.”
KIM RAFF FOR THE WALL STREET JOURNAL (2)
active, so for the first three tion to business centers like
months of this year, Elko is on Chicago or New York. To some
the hook for nearly $185,000. airport officials, that is better
Twin Falls struck a $400,000 than nothing.
revenue guarantee in March to After American flew its last
keep SkyWest from pulling flight from Connecticut’s
out. Tweed-New Haven Airport on
“Communities are having to Sept. 30, the airport had no
dig deep and do a lot to hang carrier for a month. Now it is
on to remaining service,” said a hub for Avelo Airlines, an
Bill Tomcich, a consultant who airline that launched last year
works with small airports, in- and will fly to 14 destinations
cluding Elko, on attracting and this summer, including Wil-
maintaining airline service. mington, N.C., and West Palm
Once airlines leave and the Beach, Fla.
Transportation Security Ad-
ministration pulls out, he said,
it can be hard to restart ‘On our own’
flights. “We were on our own and
Sheldon Mudd, executive kind of left for dead, and if we
director of the Northeastern wanted to survive this, we
Nevada Regional Development were going to have to do
Authority, said air service something very different,”
ranks with utilities like elec- said Sean Scanlon, the air-
tricity and natural gas as in- port’s executive director.
frastructure that businesses The federal government
expect to have when consider- tries to ensure that the most
ing where to locate a facility vulnerable cities still have
or office. “You just have to some way to connect into the
have it,” he said. “Executives aviation network. It subsidizes
have to be able to fly in and service to some small commu-
out of an area quickly.” nities through its Essential Air
Not everyone is convinced Service program, established
it’s worth the cost. Claudia Or- after the deregulation of the
tega, city councilor for Poca- airline industry in 1978 to en-
tello, in southeastern Idaho, sure commercial carriers
opposes an $800,000 subsidy wouldn’t abandon small com-
to SkyWest to help keep its munities.
last remaining flight. Ms. Or- When SkyWest announced
tega said a large percentage of it intended to end service to
the town’s population lives 29 airports, including those in
paycheck to paycheck, so she Sioux City, Iowa, and James-
isn’t sure the city can sustain town, N.D., the Transportation
a commercial flight. The city Department intervened and
approved the guarantee last said SkyWest can’t leave until
week, and Ms. Ortega the lone a replacement is found.
city councilor to vote against While officials at some air-
it. ports had worried no new air-
Some airports facing flight lines would seek to replace
losses are talking with dis- those pulling out, the Trans-
count carriers that fly to fewer portation Department said it
places than larger airlines. received proposals from po-
Such carriers might offer a tential replacement carriers
flight to Las Vegas or Florida, for 28 of the cities, and has al-
rather than a one-stop connec- ready selected a new carrier
for one more. Many of the
proposals are for flights on
much smaller nine-seat planes.
Cities such as Lincoln, Neb.,
are taking notice, said David
Haring, the Lincoln airport’s
executive director. Delta pulled
out of that city’s airport this
year. United still serves it and
just added another flight. It
hasn’t said it will end service,
but Mr. Haring said he contin-
ues to be concerned about the
future.
With airlines phasing out
the 50-seat jets that have ser-
viced cities like Lincoln, he
said, such cities might have
KIM RAFF FOR THE WALL STREET JOURNAL
trouble persuading airlines
that they can fill larger air-
craft, and flights could become
less frequent.
“If we are under the im-
pression that just because
we’ve always had air service
that we are immune from the
full removal of services like
we’re seeing in other commu-
nities, then we’re fooling our-
selves,” he said.

© 2022 Dow Jones & Company. All Rights Reserved.
Class Reunions Are Back—
And So Are the Tensions
BY ALEX JANIN
A
fter more than two
years of delayed social
events, the high-school
reunion isn’t just back.
It’s bigger than ever.
Reunion-planning
companies across the country say
they are seeing an influx of inter-
est from alumni groups, many of
which postponed class get-togeth-
ers originally scheduled for 2020
or 2021. Reunion season, which
usually runs from late spring to
early fall, is about 25% busier
than it would be in a typical
year prepandemic for Fran
McLean, founder and
owner of Maryland-based
Five Star Reunions. Cyndi
Clamp, who runs St. Louis-
based reunion-planning
company Varsity Reunions,
says she is working on around 65
reunions this season, up from
seven last year and just one in
2020.
Driving the heightened plans
and larger-than-usual attendance
is a pent-up desire for connec-
tion. Psychologists say people are
balancing this yearning for social
engagement and interaction with
reality that this particular type of
gathering can be a breeding
ground for anxiety.
As a whole, social anxiety has
increased during the pandemic.
Concern over how others view
changes in their appearance, such
as weight fluctuation or aging, or
Go Four It: U.K. Tries
Shorter Workweeks
BY KATHRYN DILL
T
housands of workers in the U.K.
are embarking on four-day
workweeks this week, one of
the largest tests of whether employ-
ees can accomplish just as much—for
the same pay—in fewer hours.
More than 3,300 workers at 70
businesses ranging from banks to
fast-food restaurants to marketing
agencies are participating in the
six-month pilot project. The study’s
organizers include U.K.-based think
tank Autonomy and two nonprofits
focused on the four-day approach.
They will work with researchers at
Cambridge University, Oxford Uni-
versity and Boston College to ex-
plore how a shorter workweek af-
fects company revenue and
FROM LEFT: MATT DUNHAM/AP; PETER NICHOLLS/REUTERS
productivity, as well as employee
turnover and health.
The study is the latest effort to
examine whether reducing workers’
hours can improve employee well-
being without sacrificing productiv-
ity, an approach that has attracted
more attention in recent years, ac-
cording to company executives, labor
organizers, academics and some
governments. The four-day work-
week is one of many ways some
employers say the Covid-19 era has
prompted them to rethink the tradi-
tional five-day, 40-hour schedule as
PERSONAL JOURNAL.
professional success can feel more
intense given the pandemic.
Samantha Bloom, a 28-year-old
marriage and family therapist in
Henderson, Nev., is feeling both
excitement and concern. Her work
in psychology has helped her pro-
cess and prepare for her 10-year
high-school reunion in June, which
she is ultimately looking forward
to, she says.
“It doesn’t really matter what
they think about me, because I’m
25%
going to show up with a degree in
counseling and hand out unsolic-
ited advice to people I haven’t
seen in 10 years,” she jokes.
People going into their re-
unions should expect some mental
regression, says counseling psy-
chologist Marisa G. Franco. Re-
gardless of how much time has
passed, she says, it is normal to
feel like no time has passed at all.
“When we interact with some-
one from our past, we don’t just
have to face them, we have to face
who we were,” she says. “If you’re
being primed to be who you were
in high school, your same fears are
they look to boost employee loyalty
and morale.
“The biggest driver of change has
been the impact of the pandemic,
but specifically the impact on lead-
ers becoming interested in this idea,”
said Joe O’Connor, chief executive of
4 Day Week Global, one of the non-
profits organizing the U.K. study.
Companies in the U.S. and Canada
are participating in a smaller pilot
led by the organizers of the U.K.
study. Consumer-goods company
Unilever recently tested the concept
in its New Zealand offices and has
THE WALL STREET JOURNAL.
also being primed, including your
fears of rejection.”
At his recent high-school re-
union in Dallas, Quincy Ndukauba
couldn’t believe how much it felt
like nothing had changed. Over the
past decade, he blossomed into a
successful content creator with
over 400,000 YouTube followers.
He recently purchased a Tesla and
a new television for his mother. At
the reunion, all of that went out
the window.
How much busier
this reunion season
is for an event
planner in Maryland
Mr. Ndukauba says he felt the
same excitement and insecurities
he felt in high school during the
reunion.
“In my head, there were all
these questions, like, what if peo-
ple don’t like me? What if people
judge me based off of how I was in
high school?”
The former football player, who
described himself as a good student
who was somewhat reckless, says
he was glad he went because he re-
connected with some old friends
and even apologized to one former
classmate for a years-old flub.
He was shocked to find that
Can fewer hours boost workers’ well-being without cutting productivity?
extended the trial until the end of
June. Spain’s government said last
year it would pay companies to test
out a four-day week, and in Belgium,
government leaders have proposed
allowing employees to work more
hours a day to forgo a fifth workday.
Those initiatives follow an Iceland
study, in which more than 2,500 em-
ployees across industries worked a
shorter week between 2015 and
2019. Researchers reported the find-
ings last year and said overall output
didn’t decline in most workplaces
over the four years. In some cases, it
improved, they said. Meanwhile,
most workers maintained or im-
proved their productivity and re-
ported reduced stress.
In the U.S., Brooklyn-based
A growing wave of rescheduled
events is sending alums right back
into the anxious, awkward
melodrama of their school days
even a relic from his high-school
days was still standing: the vend-
ing machine near the locker rooms
that he and his brother knocked
into more than 10 years prior—
dent and all.
Michelle Walker, an executive
assistant in Indianapolis, recently
embarked on a “double nickels”
reunion trip to Clearwater, Fla.—
so named because she and her
classmates were all turning 55
years old.
She was excited, but had a
fleeting fear: “We’ve all gained 20
pounds since Covid, do I really
have to wear a swimsuit in front
of all these people?”
The fear of rejection that typi-
cally accompanies large social
gatherings can cause people to
overestimate how much people are
paying attention to their appear-
ance and behavior, says Jessica Ay-
ers, a social psychologist and in-
coming assistant professor at
Boise State University. This phe-
nomenon, known as the spotlight
effect, is particularly prevalent in
situations where we are reminded
of our younger selves.
“When we’re talking about the
fear of rejection, it’s really playing
those neural mechanisms that are
hard-wired just to make sure that
you are able to survive,” she says.
In reality, Dr. Ayers says, there will
only be a few people paying close
attention, as most will be focused
on their own interactions.
For those who are anxious
about their coming reunions, it
crowdfunding company Kickstarter
began experimenting with a Mon-
day-through-Thursday workweek in
April and is participating in 4 Day
Week Global’s North American
study. Chief Strategy Officer Jon
Leland said that, so far, employee
engagement has been high and pro-
ductivity consistent.
Kickstarter, which has roughly 90
employees, didn’t adjust any of its
business targets to accommodate
the truncated hours. Instead, it is
trying to eliminate or shorten unnec-
essary meetings, he said. Though
employees are free to communicate
on Fridays, which they now have off,
managers aren’t supposed to con-
tact direct reports.
“It sounds really dramatic,” Mr.
Wednesday, June 8, 2022 | A11
PHOTO ILLUSTRATION BY SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (2)
can help to remember that most
classmates are likely feeling the
same way and use that as an op-
portunity to make other people
feel like they belong, Dr. Franco
says. Conversely, those who feel
strongly that they don’t want to
go shouldn’t force it, she says.
Identifying a specific goal, such
as making one new friend, making
amends or just forming new, more
positive memories with your high
school, can help you decide
whether or not attending your re-
union is the right decision, Dr.
Franco says.
Gwendolyn Davis-Loyd, 65, who
lives in Lincolnwood, Ill., decided
her goal for her high-school re-
union in May was to make the ulti-
mate comeback.
For her recent 47-year reunion,
which she says was postponed
twice because of the pandemic, Ms.
Davis-Loyd donned a bejeweled,
above-the-knee, skintight black
dress, paired with high heels and
matching jewelry. The former self-
described “ugly duckling” says the
look was designed to show off her
newfound figure—and confidence.
Classmates immediately recog-
nized her husband, a former popu-
lar football player, she says, but
she was pleased to discover that
most didn’t recognize her.
“Someone asked me, ‘Who’s
your cosmetic surgeon?’ I said, ‘I
don’t have a surgeon. I work out
every day and eat healthy,’ ” she
recalls. “When I left there, I
thanked God.”
Leland said. “But if you talk to any-
body who works at any company,
they’ll tell you all the ways their
work is inefficient and they waste
time.”
In May, a proposal from California
Democrats to require private-sector
employers with more than 500 em-
ployees to pay hourly workers over-
time after logging more than 32
hours a week was shelved. It failed
to advance after the California State
Assembly’s Labor and Employment
Committee declined to set it for a
policy hearing, effectively ending its
chances of progressing in the cur-
rent legislative session.
Research into the impact of
shortened weeks on the broader
economy is mixed. Studies by univer-
sity economists out of Germany and
France found that fewer hours didn’t
increase employment. A 2013 study
led by a labor economist at the Or-
ganization for Economic Cooperation
and Development on private compa-
nies in Belgium found that employ-
ees who worked between 25 and 35
hours a week were more productive
than those who worked more or less
than that.
In 2019, Microsoft Corp. discon-
tinued a four-day week experiment
in Japan after five weeks. A spokes-
woman for the company declined to
comment on the outcome.
And some employers aren’t in fa-
vor of a four-day workweek.
A recent survey of 459 compa-
nies, mostly in technology, found
that 90% of firms didn’t plan to
adopt a four-day workweek, accord-
ing to Sequoia Consulting Group,
which conducted the research.
A12 | Wednesday, June 8, 2022
PERSONAL
TECHNOLOGY
NICOLE
NGUYEN
A
pple’s Worldwide
Developers Con-
ference (aka
WWDC) typically
kicks off with a
laundry list of the
new free features coming to
iPhones, iPads, Apple
Watches and Macs in the fall.
In other words, software.
This year’s keynote was a
bit different: It also had
hardware.
No, there wasn’t any
mention of the hotly antici-
pated virtual-reality headset
at the Monday keynote,
which was pretaped but
shown to an in-person audi-
ence of media and develop-
ers at the company’s Cuper-
tino, Calif., headquarters.
Nor was there any mention
of the next iPhone, which
will likely come in Septem-
ber. However, Apple un-
veiled its latest processor,
the M2, and with it a re-
vamped MacBook Air and an
upgraded MacBook Pro.
Of course, most of the
screen time dwelt on iOS 16,
iPadOS 16, WatchOS 9 and
MacOS Ventura, the updates
expected to be free this fall.
Free for those of you with
supported devices, that is.
(Sorry iPhone 7 users, you
didn’t make the cut.) Here
are the most noteworthy
hardware and software
highlights from the event.
New MacBook Air
and Pro
The MacBook Air got a new
look and the more powerful,
battery-efficient M2 chip. It
ditches the classic Air
wedge for all straight edges,
and there’s a new deep-blue
color option. One feature
that made me double-take:
The MagSafe charging cable
is back. So if you trip on
your power cord, that de-
taches without taking your
whole laptop with it.
It has a larger 13.6-inch
display, up from 13.3 inches.
It also has an improved
1080p webcam, up from
Apple Unveils New Hardware
And Much More at Big Show
Apple’s Craig
Federighi shows off
Continuity Camera.
720p, surrounded by a notch
reminiscent of the latest
iPhones. It’s a touch thinner
and lighter, though the over-
all footprint is just slightly
larger. (We’re talking milli-
meters here.)
The new MacBook Air
starts at $1,199—a $200
price hike. A 30-watt brick
is included with the base
configuration, but if you pay
$20 extra, or choose a pric-
ier configuration, you can
get it with either a new 35-
watt compact adapter op-
tion with two USB-C ports
or a 67-watt adapter. Both
will also be sold separately
for $59.
The 13-inch MacBook Pro
is getting a processor bump
to the M2, but remains rela-
tively unchanged beyond
NY
PERSONAL JOURNAL.
that. It starts at $1,299. Ap-
ple said both laptops will be
available in July.
iOS 16
Come this fall, you’ll be able
to edit and recall sent mes-
sages in the Messages app.
The functionality will be
available for 15 minutes af-
ter you send it. And if
you’re overloaded with mes-
sages and want to revisit
any, you’ll be able to mark
them as unread, like an
email.
The Fitness app, previ-
ously reserved for Apple
Watch users, will be avail-
able to everyone. The
iPhone’s motion sensors,
which already estimate your
steps and distance for the
Health app, will show that
data in the Fitness app,
alongside workouts from
third-party apps such as
Strava.
Your lock screen—the
screen you see when you’re
checking the time a hundred
times a day—is about to get
fancier. Android phones
have long had custom lock-
screens and were once the
object of iPhoners’ (read:
my) envy. At last, iPhones
will show calendar events,
weather and other customiz-
able information at a glance,
without you needing to un-
lock the device. You can also
personalize the font and
color of the clock. You can
set up multiple lock screens
and associate them with dif-
ferent Focus Modes, a suite
of complicated but useful
custom Do Not Disturb set-
tings.
In iOS 16, you’ll be able
to dictate with your voice
and edit the text with the
touch screen simultaneously,
by selecting text with your
finger then speaking new
words, for example.
Apple redesigned the
way parents can set age re-
strictions on their kids’ con-
tent, making it easier to do
more. Another parental-con-
trol change: Screen-time re-
quests can be granted or de-
nied right from the
Messages app.
In the Photos app, fami-
lies will be able to create
shared libraries. For in-
stance, all the pictures ev-
eryone takes on a family va-
cation can be shared either
voluntarily or automatically
based on your preferences.
I wish my car had Car-
Play, Apple’s iPhone-friendly,
in-vehicle infotainment sys-
tem. Now that Apple teased
the next generation of Car-
Play, I’m thinking about
holding off on my next vehi-
cle purchase. It’s a full Ap-
ple takeover of the dash-
board, so you get speed and
other standard instrument
data superimposed on top of
turn-by-turn directions. And
while Apple listed partners
including Ford, Honda and
Volvo, the company said ve-
hicle announcements aren’t
due until late 2023.
MacOS Ventura
Your iPhone’s high-resolution
camera can become your
next Mac webcam with
what’s called Continuity
Camera. I’ve used an app
The next generation of CarPlay imagines a full Apple takeover of the vehicle dashboard.
THE WALL STREET JOURNAL.
called Reincubate Camo to
do the same thing, but the
native Mac version will have
more bells and whistles. The
software automatically keeps
your video in frame as you
move, blurs your background
and applies lighting features
to brighten the image.
Desk View shows a sec-
ond angle, a birds-eye view
of your desk for demos, by
just using the iPhone’s ultra-
wide-angle camera and im-
age processing. (Before de-
ploying this feature, make
sure there’s nothing on your
desk you wouldn’t want col-
leagues to see.) Apple says
it’s working with Belkin to
create mounts, due later this
year, for perching an iPhone
on a MacBook’s open top.
You’ll be able to glance at
information without
unlocking your phone.
Passwords are out, pass-
keys are in. Safari will sup-
port passkeys, which use the
biometric sensors in your
device to authenticate log-
ins. That means no pass-
words to remember or store
in a password manager. You
just need the device that’s
on you. Apple is working to
make passkeys compatible
with online services by way
of the FIDO Alliance, an in-
dustry group, so it’s likely
other devices and operating
systems will follow suit. It’s
a big step toward a pass-
word-less future.
iPadOS 16
As a longtime iPad-as-com-
puter person, I have been
waiting for this software up-
date. I have spent years
A new 35-watt compact
charging adapter. Below, you
can view your heart-rate
zone to help track workouts.
mastering the iPad’s many
complicated multitasking
gestures, but now they may
not be necessary.
With iPadOS 16, the tablet
will behave more like a Mac.
The windows of different ap-
plications overlap, and you
can resize them freely, in-
stead of using Apple’s prede-
termined proportions. For
iPads with the M1 chip,
there’s even full external dis-
play support. With a monitor
connected, those tablets will
be able to run up to eight
apps simultaneously. When
you lump in past additions
such as mouse support, you
can finally see iPads becom-
ing “real” computers. (But
I’ll test this in the fall to
make sure.)
WatchOS 9
There are a slew of new
health and fitness features
for the watch.
A feature to help remind
you to take and log medica-
tions will be built into the
Apple Watch with WatchOS
9, and it will also be in the
Health app on the iPhone
with iOS 16. You can share
the medication log with
family members, and the
app can note any potentially
dangerous interactions be-
tween the medications, sup-
plements and vitamins
you’re taking. Snap a picture
of the medication’s label
with an iPhone to automati-
cally add it to the app.
Sleep tracking can some-
times hurt more than it
helps, but for those who do
like a record of their good
night’s rest, or lack thereof,
the watch will show time
spent in different sleep
stages.
While working out, you
will get a new heart-rate
zone view to gauge intensity
level. Runners can see their
vertical oscillation, stride
length or ground contact
time metrics, and both run-
ners and cyclists can com-
pare current and past per-
formance on the same route.
A new multisport workout
mode that automatically
transitions between swim,
bike and run will be avail-
able.
Finally, for swimmers,
the Apple Watch has long
been kickboard-challenged
because wrists are station-
ary while kicking. Now,
when you’re doing kickboard
drills, the watch will recog-
nize kicking as its own
stroke type.
Scan this code
to watch a video
on the new
features Apple
unveiled.
APPLE (5)
 THE WALL STREET JOURNAL.
‘WE WERE CRIMINALS,” says one
of the subjects of “The Janes” on
HBO. “We were felons.” Her state-
ment isn’t a confession. It certainly
isn’t an act of contrition.
“The Janes” celebrates—that’s
the only word—the ad-hoc alliance
of Chicago activists who facilitated
or performed an estimated 11,000
abortions in the few years leading up
to the Supreme Court’s 1973 Roe v.
Wade decision. The documentary by
directors Tia Lessin and Emma
Pildes—a timely, enthralling if per-
haps late-inning addition to the
abortion debate—may be intended as
a hand-grenade lobbed into the cul-
ture wars. But it’s a gripping histori-
cal document, regardless of where
one stands on the central argument.
Much of the debate over the is-
sue now seems to occur in the ab-
stract, concerned with the sanctity
of life and the metaphysics of con-
ception. None of the members of the
group that called itself Jane—many
of whom are identified even now by
first name only—address those
points here. Nor, for that matter, do
they bother to argue the realities
that compelled them to do what they
did: Sex was going to happen. Abor-
tions were going to happen. Women
were going to die. The group’s objec-
tive was keeping women alive. There
wasn’t much to be debated as far as
they were concerned.
Ms. Lessin (“Trouble the Water”)
and Ms. Pildes, who’s also a pro-
ducer here, have a challenge on
their hands: rendering what’s
largely an oral history into a com-
pellingly visual production. Aside
from the plentiful head-on inter-
views, the film is mostly a collage of
period footage, a river of images
that serves as a reflection, rather
than evidence, of the stories being
told. Which is fine, because the tales
of the Janes, and the story of Jane,
carries one along seamlessly enough
into a sexual-political past that
some people seem to have largely
forgotten. If one is young enough, it
may be a complete revelation. In ad-
dition, the narrative tension—how
long could they continue at what
they were doing?—makes “The
Janes” a bit of a thriller.
The echoes of Prohibition Amer-
CULTURAL COMMENTARY
Judy
Garland
At 100
BY PETER TONGUETTE
F
or those who remember her
best as the sweet-natured farm
girl Dorothy Gale in “The Wiz-
ard of Oz” (1939), the romantic foil
to Mickey Rooney in a series of jolly
entertainments, or the even-keeled
sister in a large Midwestern brood in
“Meet Me in St. Louis” (1944), the
idea of the centennial of actress and
singer Judy Garland might come as
something of a shock.
Because of her extraordinary run
of performances as the American
moviegoers’ model of the “girl next
door”—as well as her own premature
death, following an accidental barbi-
turate overdose at age 47 in 1969—
there’s the temptation to regard Gar-
land as forever frozen in cinematic
amber. Certainly we should feel
cheated for not being able to see
Garland advance past middle age,
but a reappraisal of her legacy re-
veals a career that progressed far
beyond her iconic ingenue image.
Born Frances Ethel Gumm in 1922
in a household of vaudevillians in
Grand Rapids, Minn., Garland had
showmanship in her bones, and we
should not undersell her energy and
effervescence during her peak years
at MGM, her professional home—al-
beit a dysfunctional one—through
BETTMANN ARCHIVE
1950. Garland maintained an unsus-
tainable schedule thanks to studio-
mandated pharmaceutical interven-
tions that led to lasting problems
with drugs and alcohol. “By the time
ARTS IN REVIEW
TELEVISION REVIEW | JOHN ANDERSON
‘The Janes’:
Women Underground
Members of the Janes in 1972, above, and Jane member mug shots from the same year, top
ica are inescapable: The interview-
ees argue that much of the “re-
spect” for abortion laws had to do
with legality rather than morality,
and Illinois legislation, inextricably
linked to the Catholic Church, made
abortions, as intended, hard to ob-
tain. As “The Janes” vividly recalls,
the Chicago mob had stepped into
the void, providing unsafe proce-
dures at extortionate rates and thus
criminalizing desperate people who
believed they had nowhere else to
turn. Some abortion doctors were
she was way into her 20s and 30s,
she was addicted to sleeping pills
and the wake-up pills,” said “Oz” lyri-
cist E.Y. Harburg in the 1972 “Omni-
bus” documentary, “Judy: Impres-
sions of Garland.” Nonetheless, with
her earnest, slightly quivery singing
voice, Garland delivered: From the
plaintive hopefulness of “Have Your-
self a Merry Little Christmas” in
“Meet Me in St. Louis” to the pick-
yourself-up assurance of “Get
Happy” in “Summer Stock” (1950),
Garland’s performances at MGM are
among the glories of the Golden
Age.
Early on, however, Garland showed
a willingness to set aside the most
virtuosic sides of her talent—including
her singing voice—to push herself in
fresh directions. In her then-husband
Vincente Minnelli’s 1945 drama “The
Clock”—just released on Blu-ray by
Warner Archive—Garland sings not a
note yet wrings emotion from the
viewer all the same. In the classic love
story, Garland plays Alice Maybery, a
New York secretary whose fluke en-
counter with an Army corporal on a
two-day leave, Joe Allen (Robert
Walker), begins a courtship that cul-
minates in a whirlwind attempt to ex-
change vows before the 48 hours
have expired.
Far removed from the glamour
and corn of her earlier productions,
Garland effortlessly inhabits the
more realistic scenes and settings of
“The Clock.” When Alice and Joe
share a glum dinner after their mod-
est civil ceremony, Garland’s expres-
sion of mixed emotions is entirely
credible. Thanks to Garland’s subtle
shadings, we believe both Alice’s ar-
dor for Joe and her rather bewil-
dered reaction to the breakneck,
bare-bones ceremony. “I guess I don’t
feel very married,” she says, starting
to laugh and cry, and reminding us of
how easily Garland can wilt on
screen. “The Clock” artfully transi-
motivated by a sense of mission;
self-administered abortions often
ended tragically. (One, involving
carbolic acid, makes for a particu-
larly harrowing anecdote.) Others
were simply in it for the money.
Some weren’t doctors at all, in-
cluding “Mike,” who became Jane’s
principal abortionist in the early
days and had learned the trade, as it
were, at the elbow of an actual sur-
geon. Mike, who is something of a
character, says he had previously
worked in construction. “Abortion
Judy Garland in her Oscar-nominated role in ‘A Star Is Born’
tions Garland out of her extended
cinematic adolescence, exemplified in
the penultimate scene in which Alice
and Joe share a breakfast after their
first night as man and wife; the
scene—a ballet of eye contact, played
without dialogue for a long stretch—
is more mature than what passes as
grown-up movie romance today.
Then came George Cukor’s 1954
was a step up for me,” he says.
“The Janes” isn’t quite agitprop,
but it may come as something of a
shock to younger viewers, specifi-
cally younger women, that the kind
of sexism recounted was so systemic
as recently as the late ’60s. (To con-
temporaries of the Janes, the re-
sponse might be “no kidding.”)
Women could lose their jobs if they
became pregnant—abortion was
thus, for many, an economic-survival
issue. As one Jane recalls, a class-
mate at the University of Chicago
masterpiece, “A Star Is Born,” in
which Garland blended her incompa-
rable way with a tune—the film’s
numbers include the famous “The
Man That Got Away”—with a subtle,
unflinching performance that drew
upon her firsthand experience in the
Hollywood trenches. In a coup of
casting, Garland played Esther
Blodgett, an aspiring singer who be-
Wednesday, June 8, 2022 | A13
HBO (2)
was raped in her own bed at knife-
point and the college health services
department provided nothing be-
yond a lecture on the victim’s own
“promiscuity.” Part of the success of
Jane, members recall, reflected the
disbelief among male authorities
that women would be/could be en-
gaged in such an elaborate, years-
long, clandestine operation.
As “Jody” tells the camera in
one archival interview, the Janes
felt a moral obligation to “disre-
spect a law that disrespected
women,” but as had been the case
with the Volstead Act the authori-
ties were inclined to turn a blind
eye to abortion, despite or because
of the fact that organized crime had
been running the abortion game in
Chicago. “Who cares?” says homi-
cide detective Ted O’Connor, recall-
ing the sentiments of his fellow of-
ficers, who finally busted Jane in
1972. Two women had complained
that their sister-in-law was getting
an abortion, and the Chicago homi-
cide squad was given the assign-
ment. Mr. O’Connor’s account is col-
ored by his own evident
embarrassment at having been in-
volved at all, arresting a group of
women for something that didn’t
seem to be his business. The Janes
even had clergy among their al-
lies—the Clergy Consultation Ser-
vice, a pandenominational group,
came out in support of a woman’s
right to choose and made its own
referrals for abortions. Jane’s cli-
ents, members attest, included the
wives, girlfriends and mistresses of
policemen and politicians.
There’s no mistaking the senti-
ments of “The Janes”—its directors
began making it in response to re-
cent appointments to the Supreme
Court and the realization that legal
precedent was at risk. What they
cover in their interviews with the
activists, beyond good storytellers
and astounding/appalling stories, is
a great deal of territory that isn’t
being argued about now, but which
is—as both sides would uncharacter-
istically agree—about life and death.
The Janes
Wednesday, 9 p.m., HBO
comes the pet project of alcoholic
fading movie star (and future
spouse) Norman Maine (James Ma-
son). As Esther’s ascent dovetails
with Norman’s deterioration, Garland
guides her character from raw ambi-
tion to touching naïveté to, finally,
unfeigned empathy as she stoically
contends with Maine’s piteous dis-
plays but refuses to forsake him. In
the almost overwhelming final scene,
when Esther pointedly identifies her-
self as “Mrs. Norman Maine,” Gar-
land seems to be announcing that
she, too, was ready to be her own
person—not merely MGM’s best
trouper but a first-class tragedian.
“A Star Is Born” netted Garland
an Oscar nomination (her only stat-
uette was a Juvenile Award for her
output in 1939, including “Oz”), and
though she was always a natural
for films about show people—her fi-
nal film role was as a diva in the
1963 drama “I Could Go On Sing-
ing”—her best late-career choices
were daringly unexpected. She was
again Oscar-nominated for playing a
witness at the Nuremberg trials in
Stanley Kramer’s “Judgment at Nu-
remberg” (1961), and she was ex-
traordinarily effective as a teacher
of mentally disabled and unwell chil-
dren in John Cassavetes’s “A Child Is
Waiting” (1963). We need not strain
our eyes too much to imagine Gar-
land, had she lived, playing the sort
of emotionally exposed parts Cas-
savetes wrote for his wife, Gena
Rowlands, in films like “A Woman
Under the Influence.”
Yes, Garland never had a chance to
win the sort of challenging, unvar-
nished parts common in the New Hol-
lywood era of the 1970s, but we
shouldn’t diminish what she packed
into her truncated, but dazzling, career.
Mr. Tonguette is a contributing
writer at the Washington Examiner
magazine.
A14 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.

SPORTS
Johnson Quits PGA Tour for LIV Golf
BY ANDREW BEATON

B
Hemel Hempstead, England
ack in February, Dustin
Johnson said he was
“fully committed” to the
PGA Tour. Then in a
The former U.S. Open and Masters champion said he still plans to play in major championships
stunning pivot last
week, he became the face of the ri- Johnson from playing in future
val Saudi-backed LIV Golf venture. Ryder Cups, under the current
In yet another jarring twist, rules, which Johnson recognized.
Johnson is now so fully committed “Hopefully, at some point it’ll
to the LIV Golf series of events change and I’ll be able to partici-
that he has resigned his member- pate,” said Johnson, who has
ship from the PGA Tour. The ex- played for the U.S. in the event
traordinary decision by one of the five times. “But if it doesn’t, it was
best golfers in the world to defect another thing that I really had to
from the game’s most powerful think long and hard about, and ul-
tour reflects the chasm—and un- timately I decided to come do this
certainty—LIV has created in the and play out here.”
industry. The outstanding—and most
Johnson and other golfers pub- pressing—question is whether
licly, and in depth, addressed their these golfers will be permitted to
decisions to join LIV for the first play in the major championships
time at the Centurion Club, just that are overseen by different bod-
northwest of London. They at- ies. When Mickelson committed to
tempted to hype the tournament’s LIV, he said in a statement that he
new format, awkwardly sounded planned to play in major champi-
optimistic views of doing business onships. He also said in an inter-
with Saudi Arabia and ultimately view with si.com that he has had
made clear their decisions to bolt conversations with organizers and
to this new series was about that he is “under the understand-
money. ing” that he will be able to play in
“I thought it was best for me the U.S. Open, which takes place
and my family,” Johnson said. “I next week.
don’t want to play golf for the rest Johnson, despite leaving the
of my life, which I felt like I was PGA Tour, also says he plans to
probably going to have to do.” play. He also seems to understand
“We’re running a business the uncertainty of all of it.
here,” said Graeme McDowell, a “I can’t answer for the majors,
former U.S. Open champion seated but hopefully, they’re going to al-
next to Johnson on the dais. low us to play,” he said. “I plan on
McDowell added that the debate playing there—unless I hear oth-
over issues like the killing of jour- erwise.”
nalist Jamal Khashoggi “has been Much of the fallout from the
incredibly polarizing. I think we all players splitting from the PGA
agree up here, take the Khashoggi Tour—which has made clear to its
situation—we all agree that that members they weren’t permitted
was reprehensible. No- to play in this event—has yet to
body is going to argue Dustin Johnson and Graeme materialize. McDowell nodded to
that fact.” He added: McDowell spoke with the media one of the more explosive possibil-
“But we are golfers,” during a news conference for the LIV ities when he said that he doesn’t
noting that he thinks Golf event at the Centurion Club. “want to get involved in a legal sit-
golf can be a force for uation with the PGA Tour.” Na ex-
good in the world. time in career earnings behind plained the potential for litigation
“If Saudi Arabia Mickelson and Tiger Woods. That is one of the reasons he gave up
wanted to use the game sum reflects just a portion of the his Tour membership.
of golf as a way for financial windfall he has received The players here, who will com-
them to get to where by playing professional golf. Add- pete for a $25 million purse in ad-
they want to be and ing in other factors, such as his dition to any appearance fees they
they have the resources pension plan, his earnings associ- may have received, also had to
to accelerate that expe- ated with the PGA Tour were up- reckon with the source of that

FROM TOP: ADRIAN DENNIS/AGENCE FRANCE-PRESSE/GETTY IMAGES; PAUL CHILDS/ACTION IMAGES/REUTERS

rience, I think we’re wards of $107 million, a person fa- money, which has cast a shadow
proud to help them on miliar with the matter said. That over LIV for months now. The is-
that journey—using the doesn’t include the millions he has sue burst out into the open in Feb-
game of golf and the also earned through sponsorship ruary, when comments by Mickel-
abilities that we have deals. son were published where he
to help grow the sport Yet he gave up his Tour mem- described the Saudis as “scary”
and take them to where bership, saying his plan was to and referenced the killing of jour-
they want to be,” Mc- play in the LIV events for now. nalist Jamal Khashoggi but said he
Dowell said. Kevin Na, who is also playing in would be willing to do business
Johnson agreed with this inaugural LIV event, had al- with them anyway.
McDowell. “If I was go- ready said he was resigning to do Mickelson apologized, but the
ing to say it, I’d pretty the same. Talor Gooch, who’s just remarks were roundly criticized
much say the exact same thing.” who bolted to LIV are at far differ- the world as recently as last year. 30 years old and one of the best and sponsors dropped him. He
All of the golfers who partici- ent stages of their careers. Phil He’s a two-time major champion players in the field, said he hadn’t spent months away from pro golf,
pate in the LIV Golf events will in- Mickelson, 51 years old, remains and still a threat to win every taken that step and that he was and now he is set to make his re-
evitably be subject to various con- the world’s second most famous tournament he participates in. He hopeful to play on the PGA Tour turn at this event.
sequences, whether that comes in golfer, but he is long past his had years of competitive golf on again. Now that LIV Golf is a reality,
the form of criticism for taking prime. Louis Oosthuizen, the sec- the PGA Tour ahead of him—which The decision has a number of its first group of players is grap-
money from a venture backed by ond highest ranked golfer here, is he has now traded in for the lucra- consequences for Johnson, most pling with the same issues.
Saudi Arabia’s sovereign-wealth 39 years old and spoke of a desire tive paydays offered by this new obviously that he won’t be playing When asked about various hu-
fund or punishment from bodies to play less and farm more. Lee circuit. with the best golfers on a weekly man rights issues involving Saudi
such as the PGA Tour. None, how- Westwood, Ian Poulter and Sergio Just how lucrative is not yet basis. Johnson is one of just two Arabia, McDowell said: “If we tried
ever, are taking a professional risk Garcia are all in their 40s. Others clear. But it would take a fortune top-25 players in the field here. to cure geopolitical situations in
quite like Johnson, who has al- are younger and far less proven, to top the already extraordinary Just four players are ranked in the every country in the world that we
ready lost a sponsorship deal with taking a chance at paydays that wealth that Johnson has accrued top 50. play golf in, we wouldn’t play a lot
RBC after skipping the RBC Cana- they may never get on the PGA as a PGA Tour player. The ramifications stretch even of golf.”
dian Open for this event. Tour. Johnson made $74.3 million on deeper than typical Tour events, “It’s a really hard question to
Most of the other big names Johnson, 37, was ranked No. 1 in the PGA Tour, ranking third all- though. This seems to remove answer,” he said.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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Nashville 82 66 t 83 61 s Buenos Aires 58 50 pc 60 43 c Toronto 73 56 pc 69 55 sh
park employee’s station wagon, 65 Western S E R UM N O O N
kitchen? e.g. topper I N S I D E V O I C E S
New Orleans 92 78 s 92 78 pc Dubai 107 87 s 104 87 s Vancouver 66 53 c 62 56 r A G E N T H I V E N O D E
New York City 82 65 pc 78 62 r Dublin 62 48 t 65 51 sh Warsaw 71 60 r 80 61 t C O R G I O V E R G L E E
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 80 65 c 84 70 c Edinburgh 56 50 r 66 55 pc Zurich 70 52 r 61 47 t H O R S E P E N N S A N K

THE WALL STREET JOURNAL.
Vladimir Pu-
tin may have
f lubbed
most of his
war aims
but he’s ar-
g u a b l y
BUSINESS
achieving
WORLD
the most im-
By Holman W.
portant,
Jenkins, Jr.
neutralizing
Russia’s own
urban, educated middle class,
the real threat to his regime.
Whatever the merits of his
complaints about NATO or
Western hypocrisy, these are
not sensible motives for the
war he launched. Destroying
the infrastructure and pro-
ductivity of a territory you
propose to annex, alienating
its 44 million inhabitants, is
not a useful goal except on
the way to another goal.
Mr. Putin, even if he be-
lieved his forces would have
an easy run to the capital of
Kyiv, the original plan, knew
he wasn’t deploying enough
force to control Ukraine to
its western borders. This
tells you something. His goal
was destabilization, to create
conflict with the West, to
wreck Ukraine so its emer-
gence as a prosperous, re-
forming society could not
threaten his hold on power at
home.
This is still the best expla-
nation of why the Ukraine
war is happening.
President Biden was well
advised to pull out the stops
to deter Mr. Putin’s invasion in
the first place. To those now
worried about a risky, open-
ended conflict, yes, exactly.
Fuel Prices Aren’t Going Down Soon
President Bi-
den says that
in the short
term, there is
little he can
do to lower
POLITICS gas prices.
Unfortu-
& IDEAS
nately, he’s
By William
right. Releas-
A. Galston
ing supplies
from the Stra-
tegic Petroleum Reserve has
had virtually no impact on
fuel costs, and the modest in-
crease in production Saudi
Arabia recently announced
won’t either. Nor would au-
thorizing the completion of
the Keystone pipeline. The
global economic recovery
from the pandemic shutdown
has boosted demand, and Rus-
sia’s invasion of Ukraine has
scrambled supply lines in
ways that won’t be fixed soon.
Only a global recession, which
no one wants, would lower
prices appreciably in the next
year or two.
The problem extends well
beyond crude oil and its de-
rivatives. The price of natural
gas has soared, futures for
coal delivered to Europe have
risen 137% this year, and cash
prices for Appalachian coal
have more than doubled since
last June.
Yet the long-term outlook
is more hopeful. The policies
we adopt in response to the
current price surge can create
a more stable energy sector a
decade from now. We need
something we haven’t had for
a long time: a comprehensive
energy strategy built on real-
istic premises about supply,
technology and politics.
The Christian Martyrs of Nigeria
By David Curry
A
s Christians in Owo, Ni-
geria, gathered to cele-
brate Pentecost on Sun-
day, gunmen burst into St.
Francis Xavier Catholic
Church and began shooting.
Eyewitness reports suggest at
least 50 parishioners, includ-
ing young children, were
killed.
The shock waves of this
massacre are still reverberat-
ing through Nigeria’s Chris-
tian community, a group al-
ready reeling from a flood of
recent violence. Four weeks
ago a mob of Muslim stu-
dents beat to death Deborah
Samuel, a young Christian
woman accused of offending
Islam after sharing the mes-
sage “Jesus Christ is the
greatest. He helped me pass
my exams” on a WhatsApp
messaging group.
Two weeks later, on May
25, the Rev. Stephen Ojapa
and his assistant were kid-
napped by gunmen. Their
OPINION
The Putin Puzzle
One pity is that NATO coun-
tries did not assert some dom-
inance early in the crisis, say,
by escrowing Russia’s energy
revenues contingent on a
cease-fire. This column was
more open than most also to a
no-fly zone for the same rea-
son—to force Mr. Putin radi-
cally to reappraise the costs
and risks of the adventure he
was undertaking.
The only way to get to an
early endgame, after all, was
with some atypical risk-tak-
ing by Western politicians.
Now the U.S. finds itself sub-
ordinated to the Ukrainians,
thanks to their unexpected
resistance, and to Mr. Putin’s
calculus for managing his
waning years.
If rumors of ill health are
accurate, it only accentuates
his craving for control as
well as shortening his time
horizon. He saw the fate of
Egypt’s Hosni Mubarak, pros-
trate in a hospital bed at-
tending his own trial. A
chronic war in Ukraine might
secure his reign for another
10 years, with enough hound-
ing of “traitors” to suppress
any lingering domestic oppo-
sition. And it’s working: “The
Russian elite have become so
worried about how to guar-
antee political stability and
avoid protests that they have
consolidated around Putin,”
writes Kremlin watcher Tati-
ana Stanovaya of the Carne-
gie Endowment for Interna-
tional Peace.
Here we are. For the better
part of two decades, this col-
umn warned that Russia’s nu-
clear arsenal plus Mr. Putin’s
To begin: The goal of “en-
ergy independence,” often
touted by Republicans, is mis-
leading. The U.S. can achieve
an arithmetic balance between
the total energy it produces
and consumes, and between
production and consumption
in specific sectors such as
crude oil and natural gas. But
America cannot decouple itself
from the international market,
which determines the prices
for these commodities. Fossil-
fuel costs for U.S. consumers
will decline only when global
supply outruns demand. In-
creased production could help,
but shifting the mix of energy
consumption away from fossil
fuels toward other sources
would have a greater impact
over time.
Another key premise: Ideo-
logically driven thinking gets
in the way. The right’s refusal
to take climate change seri-
ously has little to do with sci-
ence; it is part of the culture
war it is waging against the
left. Conversely, the left’s be-
lief that humanity can declare
a “climate emergency” and
quickly phase out fossil fuels
is a fantasy.
Everyone should set ideol-
ogy aside and start thinking
practically. Let’s assume that
we are in the early stage of
transition toward a new bal-
ance between fossil fuels and
other energy sources. We
need to plan for this transi-
tion in a manner that is con-
sistent with costs, technologi-
cal possibilities and public
opinion.
To do this, America
should rethink—without pre-
conditions—every possible
whereabouts are unknown,
and other Christian leaders
kidnapped in similar circum-
stances have died in captivity.
My organization, Open
Doors USA, ranks the coun-
tries that are most hostile to
Christians. Nigeria is seventh
on the list. Though the coun-
try places few restrictions on
worship, it ranks first for the
Why did the Biden
administration lift
its designation as a
country of concern?
total number of Christians
killed for their faith. Our
most recent annual report
documented the killing of
4,650 Christians in Nigeria in
2021, more than one every
two hours. The violence
shows no signs of abating this
year.
The U.S. Commission on
lack of a retirement plan
were a strategic nightmare-
in-waiting for the world.
It may take years for Rus-
sia’s military to recover the
manpower and munitions
losses from its early fumbles
in Ukraine, but Mr. Putin can
buy those years with his
barely dinged oil revenues.
Under his leadership or a
successor’s, Russia can be-
come North Korea-like in
subordinating every other
consideration to its unfin-
ished war if those revenues
remain intact.
Russia’s leader sees
the Ukraine war as a
way to make sure he
dies in office.
In Ukraine, rapidly being
born is a polity with the will
and popular support to fight
the Russians indefinitely, or
as long as the U.S.’s deepen-
ing investment holds out.
When Defense Secretary
Lloyd Austin speaks of ensur-
ing the Russian military can-
not renew its aggressions
against neighbors, he is com-
mitting the U.S. to a five-,
10-, 20-year effort.
The risk of general nuclear
war seems low, and likely to
rise only in an unlikely cir-
cumstance: if a rational
leader on either side thinks
an attack is imminent and
the only way to minimize
devastation to his society is
by destroying as much of the
source of energy. Longtime
opponents of nuclear power,
including climate-change ac-
tivist Bill McKibben, are
coming around to the view
that the U.S. cannot afford to
phase it out. California Gov.
Gavin Newsom, who bro-
kered a plan to shutter the
state’s last operational nu-
clear plant, Diablo Canyon,
by 2025, is open to extend-
ing its life. It’s now possible
to build smaller nuclear
plants that could alleviate
environmental and safety
concerns.
But a realistic energy
plan would help bring
them down over the
next few years.
In addition, the U.S. should
revise its approach to coal.
Coal advocates insist that it
can be used without spewing
unacceptable amounts of car-
bon dioxide into the atmo-
sphere. If they can show that
innovations in carbon capture
and sequestration would allow
power plants to meet this
test, fine. Government should
establish a level playing field
by setting reasonable environ-
mental standards for all en-
ergy sources and determining
whether an energy source can
meet them. The public inter-
est is in the ends, not the
means.
Without electricity, life as
we know it would grind to a
halt. But mounting problems
with the nation’s electrical grid
International Religious Free-
dom, to which I was recently
appointed, has recommended
since 2009 that Nigeria be
added to the U.S. govern-
ment’s “Country of Particular
Concern” list. The list is an
important tool for identifying
the worst violators of reli-
gious freedom across the
globe. In December 2020, the
Trump administration heeded
that advice. The following
year, however, the Biden ad-
ministration reversed the de-
cision without explanation. In
fact, it removed Nigeria from
the list hours before Secre-
tary of State Antony Blinken
landed in the country for offi-
cial meetings.
Last week the State Depart-
ment released its annual re-
port on international religious
freedom, highlighting a range
of violent incidents perpe-
trated against religious com-
munities in Nigeria. Under the
International Religious Free-
dom Act of 1998, the president
has 90 days from the issuance
enemy’s arsenal as possible
before it can be used.
This risk Moscow and
Washington are long-prac-
ticed in managing, as per-
haps reflected in the Biden
administration’s growing
comfort with escalations.
Plausibly, in fact, nothing
would end Mr. Putin’s regime
quicker, at the hands of his
own confederates, than if he
were seen to be leading them
into a nuclear war.
So the moment for deals
that might restore the status
quo ante or something re-
sembling it is passing. Pa-
tience will be needed. As
with the first cold war, we’re
in for another long wait for
the worm to turn in Moscow.
It might seem strange to
mention it but no military on
earth, in these past 30 years,
has been more widely experi-
enced and battle-hardened
than the U.S. military, from
small-unit counterinsurgency
fighting to the logistics of
moving multi-division forces
halfway around the world.
Lessons the U.S. and NATO
are learning from their close
association with the Ukraine
fight will probably be useful
in the century ahead. Ameri-
cans may not like what his-
tory has in store for them.
China’s military buildup is
especially worrisome. But—
as the Russians have been
showing us—there’s nothing
like actual fighting to equip
a military with lessons to
succeed in actual fighting.
The U.S., in a certain way, is
still a country apart in that
regard.
have experts warning of rolling
blackouts this summer. Long
stretches of extreme weather,
construction delays and—iron-
ically—a faster-than-expected
transition to electric vehicles
are combining to put pressure
on a power grid that has been
neglected for decades. Yielding
to objections from property
owners, state regulators have
been slow to authorize the
transmission lines needed to
bring power from remote solar
and wind farms to big cities. A
national energy-transition pol-
icy must reduce regulatory de-
lays, now up to five times as
long as peer countries like
Germany, Canada and Austra-
lia, while giving federal agen-
cies the authority they need to
overcome today’s fragmented
oversight of the national
power grid.
Finally, a realistic approach
to our energy future must ac-
knowledge the increased in-
fluence of geopolitics on na-
tional policies. In the wake of
the Russian invasion of
Ukraine, political risks have
risen, and the fuel prices will
reflect enhanced concerns
about the resilience of energy
supply chains. Europe’s plan
to decouple from Russia will
reorder energy flows every-
where. And so long as demand
for oil remains high, the U.S.
will be forced to deal with au-
tocratic countries such as
Saudi Arabia in ways that of-
fend our moral sensibilities—
unless the American people
decide that they are happy to
pay much higher prices to
power their cars and heat
their homes. I’m not holding
my breath.
of the report to designate
countries of particular con-
cern. Given the carnage at St.
Francis Xavier Church, the
president should redesignate
Nigeria immediately.
In theory, that’s just the
first step. A designation re-
quires the president, with
some exceptions, to enact
sanctions. Yet in the 24 years
since the International Reli-
gious Freedom Act was
passed, no president has en-
acted any meaningful sanc-
tions against a CPC country
expressly because of reli-
gious-freedom violations.
Mr. Biden has the opportu-
nity to send a clear signal
that the U.S. won’t stand by
as the innocent faithful are
persecuted. He should make
the redesignation and enforce
sanctions without delay.
Mr. Curry is president and
CEO of Open Doors USA and a
member of the U.S. Commis-
sion on International Reli-
gious Freedom.
Wednesday, June 8, 2022 | A15
BOOKSHELF | By Dominic Green
Ruling
Earthly Realms
In the Shadow of the Gods
By Dominic Lieven
(Viking, 500 pages, $40)
T
he talent that creates an empire is often in conflict
with the skills that preserve it. The “recklessly heroic
style” of Alexander the Great, Dominic Lieven notes in
his new book, was a political dead end. Even in durable
empires, a tension remains between the emperor, whose
authority is supreme and superhuman, and the empire, in
which power is managed by bureaucrats, soldiers, viceroys
and local elites. Empires are founded by war and personal cha-
risma, but they are sustained by paperwork and compromise.
Mr. Lieven, a fellow of Trinity College, Cambridge,
compares the Chinese emperor who bore the Mandate of
Heaven to the helmsman of “a great modern family firm.”
Most heirs and emperors are not up to the job, but the
system sustains them regardless. The emperor is always a
“captive of his officials.” Valentinian I of Rome, who seems
to have found this arrangement frustrating, kept Goldflake
and Innocence, “two savage
and underfed man-eating
bears, outside his bedroom as
a warning to his entourage.”
“In the Shadow of the
Gods” is an instructive epic,
deficient only in that the
author does not pursue his
subject to the present day.
Mr. Lieven defines emperors as
“hereditary holders of supreme
authority,” ruling disparate
populations over long dis-
tances. They are usually male,
notwithstanding Catherine the
Great of Russia, Victoria of
Great Britain, and Cixi, the
dowager empress of China. The modern age, Mr. Lieven
argues, is a “radically new era” in which hereditary and
sacred monarchy are “no longer viable.”
Imperial authority always was symbolic as well as actual.
From his invention, the emperor was, if not divine, then the
next best thing, tricked out in the ancient robes of “sacred
monarchy.” The first emperor was Sargon of Akkad
(2334-2279 BCE), a Near Eastern priest-king who found his
city-state too small and conquered modern Iraq and Syria.
As Elizabeth II, the daughter of the last emperor of India,
heads the Church of England, so Sargon’s daughter became
high-priestess of the moon god in the temple at Ur.
One of the things the Romans did for us was to define
empire. Under the Roman republic, an imperator was a
victorious general, and later one of two consuls. The empire
began in 27 BCE under Augustus, the victor of Rome’s civil
wars. A “ruthless and skilful politician,” Augustus mollified
the senatorial aristocracy with a small share of his power
and a “much greater helping of top jobs and patronage.”
He learned from his uncle Julius Caesar’s mistakes, refusing
to be “officially proclaimed a living god” in Rome, and calling
himself primus inter pares, “first among equals.” But he ac-
cepted the divine status bestowed by local elites in his eastern
empire. The geography of empire always includes a gulf of
hypocrisy between the metropolis and the provinces.
The western Roman Empire lasted five centuries and
became the template for the modern European empires.
Its eastern, Byzantine heir endured for another millennium,
until Constantinople fell in 1453. Yet Rome’s emperors, Mr.
Lieven suggests, struggled at the basic task of succession.
When Diocletian (284-305 CE) upgraded the emperor from
first citizen to divine autocrat, living up to the image “put
an extra strain” on an emperor. Add the intriguing of the
Praetorian Guard, and the Romans got through 53 emperors
in 311 years: not much different to the election cycles of
the American republic, with their “never-ending” factional
struggles. The Sassanids of Persia, founded in 224 CE, had
30 emperors in three centuries, and the British have had
only a dozen monarchs since 1707. No wonder that the
“Meditations” of Marcus Aurelius, the most personal testi-
mony left by a Roman emperor, advises Stoic endurance.
Imperial authority always was symbolic as well
as actual. From his invention, the emperor was,
if not divine, then the next best thing.
Russia’s Romanovs lasted three centuries, the Habsburgs
nearly a millennium in various forms, but the Chinese are
the long-distance champions: their first imperial dynasty,
the Qin, was founded in 221 BCE. The unification of China
under the Tang dynasty (618-907 CE) led to “great economic
advances and a superb flowering of Chinese literary and
artistic high culture.” The second Tang emperor, Taizong,
was “beyond question one of history’s greatest emperors,”
combining military and administrative skills with a “flair
for the dramatic, flamboyant gesture.” Like Marcus Aurelius,
he bequeathed advice to his heirs.
The Tang emperors were Confucians, ruling through the
aristocracy. Their replacements, the Song dynasty, absorbed
elements of Buddhism and Daoism, and ruled through a
bureaucratic elite which excelled in gathering taxes from the
provinces. Their civil-service examinations and the “neo-
Confucian ideology” welded the Chinese elite to the imperial
order. Mr. Lieven compares the examination system to “the
role of the public schools and Oxbridge” in Victoria’s empire.
No empire “spread so far or so fast” as the Arab cali-
phate. Within three generations of Muhammad’s death in
632 CE, his heirs ruled from Spain to the borders of China.
The Umayyad dynasty at Damascus legitimated hereditary
monarchy in Islam; not until the British Empire would an-
other system have a “wider or deeper impact on humanity.”
The transition from the Umayyads to the Abbasids in 750,
Mr. Lieven notes, resembles that from the Principate of
Augustus to the Dominate of Diocletian. The early Umay-
yads “camouflaged the reality of dynastic monarchy behind
a facade of modesty and loyalty to tradition,” while the
Abbasids “represented imperial monarchy in full Iranian glory.”
Mr. Lieven’s emphasis on non-European empires is
refreshing, but his story peters out, rather like the British
Empire. It would have been instructive if he had pursued
his theme, rather than grumbled about Donald Trump’s
putative similarity to Kaiser Wilhelm II. The 1940s saw the
defeat of the German, Italian and Japanese empires, the
eclipse of the British and French empires, and the mutation
of the imperial idea in the age of superpowers. Today’s
multipolar world was made by empires. The only people
who believe that the modern American, Russian and
Chinese states are not empires by other names are
American, Russian and Chinese.
Mr. Green’s latest book is “The Religious Revolution:
The Birth of Modern Spirituality, 1848-1898.”
A16 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

China’s Great Naval Leap Forward Fed Should Remove Its Core Inflation Blinders

F
irst by stealth, then by degrees, and now development agreement. The Pacific countries Alan Blinder writes that “the Fed Prof. Blinder and former Fed Chair-
by great leaps, China is building a blue rejected a formal accord, but China will be back can’t do anything about food and en- man Arthur Burns have something in
ergy prices” (“Inflation Isn’t Transi- common. In the 1970s, Mr. Burns ar-
water navy and a network of bases to ex- with more money and other promises. China
tory, but It Isn’t Permanent Either,” gued that fast-rising consumer price
tend its military and political wants to dominate shipping op-ed, June 2). That may have been inflation was due to unique factors,
influence. A new secret Chi- A base in Cambodia is lanes that have long been true before, but the Federal Reserve and that loose monetary policy
nese military base in Cambo- the latest sign of Beijing’s guaranteed by the reach of the is now knee-deep in the murky wa- wasn’t the price catalyst. He ordered
dia ought to wake up Amer- U.S. Navy. ters of climate change, energy policy the Fed staff to create a consumer-
ica’s political class—including global military ambition. China wants a global net- and sustainability. price index excluding food and en-
the U.S. Navy brass—to what work of bases that would In 2020 the Fed joined the Net- ergy, which has grown to become the
is fast becoming a global Chi- make it easier to project work of Central Banks and Supervi- core inflation index.
nese challenge. power. The PLA already has a base in the East sors for Greening the Financial Sys- Fast-forward to today. Mr. Blinder
The Washington Post on Monday cites West- African nation of Djibouti. Gen. Stephen tem, a group of central banks whose cites a Fed staff estimate of “Covid-
ern officials about the facility under construc- Townsend, head of U.S. Africa Command, told “purpose is to help strengthening sensitive” and “Covid-insensitive”
[sic] the global response required to prices. According to the Fed staff,
tion at Cambodia’s Ream Naval Base on the Gulf Congress in March that Beijing also wants a
meet the goals of the Paris agreement without Covid-related price increases,
of Thailand. The Journal reported in 2019 that base in West Africa on the Atlantic Ocean. The and to enhance the role of the finan- core inflation is running at roughly
Cambodia and China had secretly agreed to let Journal reported last year that U.S. officials cial system to manage risks and to 1.5%. By stripping out food, energy,
the Chinese military use a naval base in the suspect China wants a base in the United Arab mobilize capital for green and low- Covid-sensitive items and housing,
Southeast Asian nation. China and Cambodia Emirates, though construction stopped after carbon investments in the broader less than a third of the consumer bas-
denied it at the time. Washington intervened. context of environmentally sustain- ket of goods and services remains
But now China is building a naval facility for China’s strategic goals here are political, able development.” and there is little inflation to worry
its exclusive use “and taking extraordinary economic and military. Beijing has long taken Policies to “mobilize capital for about. If policy makers listen to the
measures to conceal the operation,” according a mercantilist view of natural resources and green and low-carbon investments” Fed staff’s research, the odds are
to the Post. doesn’t trust normal commercial trading rules. have contributed to the shift away high of repeating the 1970s mone-
The Cambodian government is denying the Like Japan in the 1930s, Beijing believes that from fossil fuels, raising energy costs tary-policy blunders.
along with costs to produce and trans- JOSEPH CARSON
latest report, and that’s no surprise. The Cam- a far-flung base network is necessary to guaran- port food. The Fed is partly culpable. Westport, Conn.
bodian constitution bans foreign military bases tee the supply of oil, minerals and other raw CHARLES D. EDEN Mr. Carson was chief economist at
inside the country’s borders, and the presence materials in case of sanctions, global shortages Atlanta Alliance Bernstein.
of the Chinese forces could stir a nationalist or conflicts.
backlash. China’s naval base also won’t please Military bases are also a form of potent per-
Cambodia’s Southeast Asian neighbors, includ- suasion for smaller nations skeptical of Chinese
ing Thailand, which has been a major non-NATO intentions. Bases make it easier to monitor U.S.
ally of the U.S. since 2003, and Vietnam, which ship movements and threaten U.S. installations
A Lonely Free-Marketeer in the Solar Industry
has had a tense relationship with China. in Guam and elsewhere in the event of a con- T.J. Rodgers, whom I have admired I find it odd that Mr. Rodgers
Beijing has a long history of lying about its flict. A base network will also help China deploy for years as a free-market advocate writes that three solar-energy compa-
who practiced what he preached, nies are “refocusing on Europe, Asia
military intentions. Recall Chinese President Xi and utilize its own version of the U.S. satellite
makes a convincing case against the and Australia, where the solar mar-
Jinping’s promise that he wouldn’t militarize Global Positioning System. pending petition to impose tariffs on kets are growing rapidly and suffer
the artificial islands in the South China Sea it The proliferation of PLA bases is being solar-panel imports—until his last less from government interference.”
developed during Barack Obama’s Presidency. matched with an ever-growing Chinese navy. paragraph (“Tariffs Throw Shade on Government interference in the mar-
The islands are now home to an array of ad- The U.S. is heading in the opposite direction, the Solar Industry,” op-ed, May 25). ket, through taxpayer-funded subsi-
vanced Chinese military equipment. with 297 ships and plans to fall to 280 by 2027. There he concedes that the 26% roof- dies, is the only reason that the U.S.
Earlier this year China and the Solomon Is- China has 355 and is headed to 460 by 2030. top-solar tax credit is a hefty subsidy solar industry is as big as it is.
lands in the South Pacific signed a security pact. Beijing relies on smaller vessels, but it will soon for solar-panel makers. TERRANCE TSCHATSCHULA
Both governments deny that the agreement will launch an advanced aircraft carrier that will let If tariffs on solar panels are so un- Centennial, Colo.
lead to a Chinese base or permanent presence, it project air power abroad. fair, why am I required to pay my rich
but China operates in stages until one day the Some in Congress seem aware of this relative neighbors down the street and around The unasked question is whether
the country a kind of domestic tariff, Mr. Rodgers would trade elimination
world learns there’s an operating base. The Sol- U.S. naval decline, but the U.S. Navy and Penta-
through my taxes, of nearly $5,000 on of the solar-panel tariffs for the elim-
omons aren’t far from Australia and are near gon don’t seem alarmed. They should be. The their $19,000 rooftop solar systems? ination of the 26% solar tax credit.
important commercial shipping lanes. Chinese military is advancing around the world, CHRISTOPHER J. WARNER LAWRENCE ANVIK
Chinese Foreign Minister Wang Yi recently and the best guarantee of keeping the peace is St. Helena, Calif. North Myrtle Beach, S.C.
took an eight-country tour through the South a U.S. military and Navy that can reassure allies
Pacific to drum up support for a security and and deter the hawks in Beijing.
Why I Leave Out Politics From My Preaching
The WHO’s Climate Neurosis As one who has also “preached
nearly every Sunday of my adult life,”
appropriate and arrogant of me to
use that sacred time to espouse my

M
easles cases are spiking globally. the reason for the absence of advo- own political agenda. The people of
The WHO says many young people report feel-
cating one side of the aisle over the God deserve more than that.
More than 1,000 monkeypox cases ing “impairing distress,” perhaps due to alarmist other from the pulpit has nothing to REV. SCOTT J. SUSKOVIC
have been reported in 29 countries, news stories. “Various terms have emerged to de- do with employment but rather with Charlotte, N.C.
and children around the world scribe these responses, partic- the purpose of worship (“Why Most
are developing hepatitis for The global health shop ularly among youth affected by Pastors Avoid Politics,” Review, May Ordained ministry is not a career
unknown reasons. And what is says eco-anxiety is an climate change, including cli- 28). These topics should be addressed path or a “strategic calculation.” It is
the World Health Organiza- mate change anxiety, solastal- in a forum where there can be discus- a calling. We serve the local church
tion focused on? Climate urgent problem. gia, eco-anxiety, environmental sion with opposing views and in- but we are appointed to that ministry
change, naturally. distress, ecological grief, and depth conversation rather than with by a much higher authority. The rea-
The WHO on Friday pub- climate-related psychological a pastoral monologue with quips and son so many of us choose not to en-
lished a report on the potential mental-health distress,” the report says. sound bites, as if one speaks ex offi- gage in politics from the pulpit is be-
cio for God regarding politics. cause the message we are called to
impact of climate change, and better see your Believe it or not, some therapists report they
From my Lutheran perspective, the share is of so much greater value,
psychiatrist before it’s too late. “There are gaps are seeing more young patients afflicted by par- purpose of worship is to preach the and is needed all the more so because
in understanding the impact of climate change alyzing climate dread. A recent study in The Gospel, praise God and administer of the divisiveness and hostility of to-
on mental health and psychosocial well-being, Lancet reported that 45% of young people sur- the sacraments. It would be highly in- day’s political climate.
but current knowledge is sufficient to act!” the veyed in 10 mostly higher and upper-middle in- REV. BOB ELLSON
16-page report says. When do knowledge gaps come countries said their feelings about climate Mt. Pleasant, Pa.
ever stop climate lobbyists from demanding change hurt their daily functioning. Fluvoxamine, Covid and the
that governments grab more power? Maybe the WHO could do a public-health As a Presbyterian pastor in the San
Colorful graphics explain that “witnessing service by informing young people that the
Limits Placed on Physicians Francisco Bay Area for 40 years, I
changes and damage to landscape and ecosys- world isn’t doomed. Ah, but its goal is to per- Allysia Finley’s title question “Why didn’t avoid addressing political is-
tems” and “awareness of climate change and ex- suade wealthy countries to give it more money. Won’t the FDA Let Doctors Prescribe sues because I feared for my job. It
Fluvoxamine for Covid?” (op-ed, May was because I believed what people
treme weather events and their impacts” could The WHO knows that mental illness has become
31) has a simple answer: The FDA al- needed most was the love, grace and
lead to strained social relationships, anxiety, a hot issue in the West in the wake of Covid ready has—physicians can write pre- hope of the Gospel. As one of the
depression, intimate partner violence, helpless- lockdowns, which it supported. Now it sees a scriptions for off-label use. But on ex- members of our congregation said to
ness, suicidal behavior and alcohol and sub- new opportunity to expand its brief, which amination, the question grows more me: “I have plenty of politics at work.
stance abuse, among other things. could be a money-maker for decades. complex. Most primary-care physi- I don’t need them in my church!”
Yes, the WHO has found a way to link climate The WHO lost credibility after being late to cians are employed by hospitals or REV. JAMES W. RUEB
change to every social problem under the sun. raise alarms about Covid and then helping China other entities that have policies of Poulsbo, Wash.
If rising sea levels, warmer temperatures, wild- whitewash an investigation into its origins. Like treating Covid according only to CDC
fires and hurricanes don’t destroy civilization, many bureaucracies, it wants to expand its au- recommendations and FDA rules.
anxiety about apocalyptic predictions will. thority despite failing in its core responsibilities. Another factor is that an emer- Georgia Puts Trump to Test
gency-use authorization can be
I voted for President Trump twice.
granted only when no adequate alter-
His policies were very good for this
The Parental Revolt Continues natives exist, and when the potential
benefits outweigh the potential risks.
country. But if Mr. Trump doesn’t come
out and get behind the re-election of

T
This interpretation of the arcane and
he political fallout from school closings come. Parents who have day jobs and lack the Georgia Gov. Brian Kemp (“Will Trump
ambiguous FDA policies leaves lots of
and curriculum battles continues, as time to monitor school instruction are at a disad- Help to Elect Stacey Abrams?” Review
wiggle room for insiders like Big
& Outlook, May 26), then he will lose a
school board incumbents are losing at an vantage, and school board elections typically take Pharma to rule the playing field.
lot of respect in my eyes and, I sus-
unusual rate. That’s the news place on primary or other days JAMES W. CRICHTON, M.D.
pect, those of many other supporters.
from Ballotpedia, which ana- Ballotpedia finds voters when turnout is low. Helena, Mont.
This is a test of Mr. Trump’s lead-
lyzed recent school board elec- delivered a school board “Union-endorsed candi- ership. Can he put his disagreements
tions in three states. dates win roughly 70 percent with Mr. Kemp behind him and put
“Incumbents lost at nearly shake up in April. of all competitive school board The Other Changes Behind the welfare of Georgia, the country
twice the historical average,” elections,” Boston College’s The Mental-Health Crisis and the Republican Party ahead of his
the website that tracks elec- Michael Hartney discovered ego? President Trump, please take
In “The West’s Struggle for Mental
tion results reported last week. Parents are re- after examining school board races in California the high road.
Health” (op-ed, June 1), Liah Green-
volting over how districts handled Covid and and Florida over an extended duration. His find- JAMES EMORE
feld attributes the increase in mental
Canton, Ga.
how schools teach race and gender. School board ings were published in January in the journal In- illness in the U.S. to a post-1960s ex-
candidates campaigned on at least one of these terest Groups & Advocacy. pansion of equality and choice, as
issues in 141 school district elections in Mis- The pandemic shutdowns gave parents more well as to changes in Western values
souri, Oklahoma and Wisconsin. incentive and opportunity to pay attention and, following the dissolution of the So- Pepper ...
A third of incumbents lost re-election, com- when they did, many school boards dismissed viet Union. Lack of a “common oppo-
nent rendered individual identities in
And Salt
pared to an average of 18% in the races Ballot- their concerns. Teachers union leaders these
the West more confusing and dissat- THE WALL STREET JOURNAL
pedia tracked from 2018 to 2021. Candidates days, even at the local level, aren’t focused on
isfying,” she writes.
who opposed woke instruction or Covid policies student performance as they once were. They’re Surprisingly, she makes no men-
such as the shutdowns or mask mandates won part of an increasingly ideological vanguard that tion of the more likely causes of this
36% of the 334 seats in these districts. Those follows progressive national dictates no matter increase, including the increase in
with unclear positions won 19%, Ballotpedia what parents might prefer. Recall the recent in- single-parent families, the advent of
says. Candidates taking a more progressive vestigation of three students in rural Kiel, Wis. social media, an increasingly dysfunc-
stance won 45%. of all places, for not using politically correct tional educational system and a di-
Voter recall efforts have also soared. Not all woke pronouns. minishing of traditional supportive
are successful, but Ballotpedia tracked attempts It isn’t clear how long this parental interest institutions, such as religious ones.
to boot 126 board members in 2021, up from 28 will persist once memories of the lockdowns JOHN FALKOWSKI, PH.D.
Maynard, Mass.
in 2019. Recalls have already been mounted fade, and the unions and incumbents will try to
against 77 current board members. ride out the revolt. School choice is the best
Letters intended for publication should
This surge in successful challenges is welcome long-run antidote to the progressive union mo- be emailed to wsj.ltrs@wsj.com. Please
because the root problem with public schools has nopoly. But parents who are taking on the bur- include your city, state and telephone
long been traceable to failed monopoly gover- den and risk of challenging entrenched boards number. All letters are subject to “I’m going between the walls now.
nance. School boards are dominated by teacher’s are acting in the best tradition of American self- editing, and unpublished letters cannot Don’t try to find me, it’s just
be acknowledged.
unions, which have an intense interest in the out- government. something I need to do.”
THE WALL STREET JOURNAL.
Social Security Needs Saving Again
By Rudy Boschwitz
S
ocial Security is a perennial
crisis. Eighty-three percent
of Generation X and 77% of
millennials say they worry
that the program will run
out of money in their lifetimes, ac-
cording to a June 2021 Harris poll for
the Nationwide Retirement Institute.
The latest report of the Social Secu-
rity Trustees backs them up, finding
that the Old Age and Survivors Insur-
ance trust fund “will be able to pay
scheduled benefits on a timely basis
until 2034, one year later than re-
ported last year.” That’s only 12 years
from now.
‘What the hell are bend
points?’ a fellow senator
asked me in 1983. The
answer is still crucial.
When Congress passed the Social
Security Act of 1935, 42 people
worked for each 65-year-old retiree.
The trust fund ran surpluses for
years. But as life spans grew longer
and birthrates declined, fewer wage
earners were called on to support
more retirees. By the start of the
Covid pandemic, there were only 2.7
workers per retiree.
Many of today’s problems date
back half a century. Just before the
1972 election, Congress and President
Richard Nixon raised Social Security
payments by 20% and added annual
cost-of-living adjustments, or COLAs.
Within a decade, the crisis was clear.
In the spring of 1982, despite my ner-
vous Senate staff, I sent Minnesotans
a newsletter titled “Saving Social Se-
curity.” It contained 19 suggested re-
forms, plus a table enabling readers
to rate each proposal. The response
The Beginning of the End for Boris Johnson? Probably Not
By Dominic Green
P
rime Minister Boris Johnson
has described his 211-148 mar-
gin of victory in Monday’s no-
confidence vote as “decisive” and
“conclusive,” but it is neither. In
1990 Margaret Thatcher won by a
similar margin (204-152), yet the
opposition from within the Conser-
vative ranks was enough to force
her to stand down. In 2018 Theresa
May won by a wider margin
(200-117), only to resign six months
later. History suggests that Mon-
day’s vote leaves Mr. Johnson mor-
tally wounded. Yet these are un-
usual times, and he is an exceptional
politician.
The vote was not about Mr. John-
son’s policies, disarrayed and unpop-
ular though they are. It was about
his greatest strength and weak-
ness—his outsize personality—and
his government’s handling of an un-
precedented challenge, the Covid-19
pandemic. Its economic hangover
shows little sign of abating, and the
mood in the U.K., as in other West-
ern democracies, is bitter. The bu-
reaucrats who devised the lock-
downs and masking rituals are
beyond the public’s wrath, but the
elected leaders who took their ad-
vice are vulnerable. As President Bi-
den may find in November, Mr. John-
son’s humbling is a foretaste of
voters’ revenge.
Why Black Americans Are Buying More Guns
“The issue we face is
one of conscience
and common sense.”
So said Joe Biden
last week in a prime-
time plea for more
Second Amendment
UPWARD
MOBILITY restrictions. The
president is right on
By Jason L.
both counts, just not
Riley
in the way that he
and other gun-con-
trol enthusiasts imagine.
Voters have noticed that cities
where shootings occur almost daily
also have some of the strictest gun
laws. Using common sense, they’ve
concluded that more gun-control leg-
islation probably isn’t the solution
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was overwhelmingly positive.
In 1983 Congress established
the Social Security Reform Com-
mission. It recommended and
Congress agreed to increase the
full retirement age—at which a re-
tiree is eligible for full benefits—
from 65 to 67. The increase was
gradual, over 44 years, and will be
fully in effect in 2027.
I’ve updated my reform propos-
als:
• Raise the full retirement age
further. Starting in 2028, it would
go up by one month every half-
year until it reaches 68½ in nine
years. That means that in 101
years (1935-2036) the full retire-
ment age would have risen 3½
years—far less than the increase
in average life span over the same
period.
• Raise the early eligibility age.
Since the 1960s, all workers have
had the option of retiring at 62
with benefits reduced by around
25%. Most retirees now claim So-
cial Security at 62, and the rising full
retirement age strengthens the in-
centive to do so. Once it’s at 67, hold-
ing out for higher payments will
mean giving up five years’ worth of
benefits—a three-year gap will have
widened to five.
If my first reform were enacted,
the gap would grow further, to an ir-
resistible 6½ years. So Congress
should return to the three-year gap
by raising the early eligibility age to
65½ as soon as possible.
• Change the way benefits are cal-
culated for new recipients. At a 1983
White House Rose Garden ceremony,
I sat next to a Senate member of the
Social Security Reform Commission.
I told him, “You can fix Social Secu-
rity by not indexing the bend points
for five years.” His response: “What
the hell are bend points?”
Bend points determine how much
your initial Social Security check will
The prime minister is affable and
witty, a Falstaff with the common
touch. No other Conservative could
have won a landslide by breaking the
“red wall” of Labour seats in North-
ern England, as Mr. Johnson did in
December 2019. But he is also a man
of appetites and evasions. “Our pol-
icy is having our cake and eating it,”
he quipped in 2016, assuring the
British public that Britain could
leave the European Union but remain
within its trade zone. This isn’t what
happened, but Mr. Johnson neverthe-
less claimed that his Brexit deal was
the “cakiest treaty” possible.
The prospect of striking a sweet
spot in relations with Brussels
soured with the onset of the pan-
demic in the third month of Mr.
Johnson’s new government. The vi-
rus laid him low medically as well as
politically, as he was hospitalized in
intensive care. He emerged promis-
ing to lay off the booze and “the deli-
cious late-night binges of cheese and
chorizo” and insisted that his energy
was unimpaired.
The prime minister followed the
advice of government scientists and
imposed three long lockdowns. The
restrictions on personal movement
and socializing were unprece-
dented. Mourners were banned
from funerals, pubs were closed,
and the elderly were trapped in
their homes. The lockdowns were
deeply unpopular, especially when
because criminals by definition don’t
respect laws. Many of the same peo-
ple likewise find it unconscionable
that elected officials would make it
more difficult for law-abiding resi-
dents of high-crime neighborhoods
to arm themselves for protection.
Someone might remind Mr. Biden
that the past two landmark Supreme
Court rulings on gun control were
fueled by black plaintiffs who simply
wanted to defend their homes and
their families. Moreover, they hailed
from cities controlled by liberals
who have done an extraordinarily
bad job of protecting low-income
minorities from criminals. In a 2008
case, District of Columbia v. Heller,
the court affirmed that the right to
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OPINION
be. First they take the 35 years of
your highest income. Thirty-five
years ago, you were a junior em-
ployee and the dollar didn’t go as far.
So each year’s wages are adjusted for
inflation to compute an average
monthly wage in today’s dollars.
Using the present rules, assume
you’re retiring in 2022 and your av-
erage inflation-adjusted monthly
wage is $6,572. Your first check
would be $2,628.96—90% of the first
$1,024 (or $921.60), plus 32% from
$1,024 to $6,172 (or 1,647.36), plus
15% in excess of $6,172 (or $60).
The bend points are $1,024 and
$6,172. They were $230 and $1,388 in
1982, when I wrote my constituent
newsletter. The growth in benefits
could be constrained by indexing the
bend points every other year rather
than annually for six to 10 years. In
addition, the initial benefit should be
based on 38 years of wages rather
Christmas gatherings were prohib-
ited in 2020. Mr. Johnson justified
the sacrifice by appealing to the
Blitz spirit and a shared burden.
In November 2021, reports
emerged of staff getting “totally plas-
tered” in the offices of 10 Downing
Street during the lockdowns. Mr.
Johnson, who lives upstairs, admitted
attending a November 2020 event for
a departing colleague, but he insisted
the rules had been followed and
Thatcher was driven out
after winning a similar
vote. But circumstances
are different today.
there were no parties. Further leaks
described late-night drinks and take-
out meals in the Department for
Work and Pensions, more drinks to
celebrate the Treasury’s budget re-
view, and the dispatch of minions to
a nearby supermarket with an empty
suitcase, to smuggle even more booze
into Downing Street.
Photographs appeared showing
Mr. Johnson at a party in the garden
of No. 10 with his wife and their in-
fant son during the first lockdown. It
emerged that Downing Street staff
had partied the day before Prince
Philip’s funeral in April 2021, when
bear arms is an individual right and
that you don’t need to be part of a
militia to exercise it. One of the ini-
tial plaintiffs was Shelly Parker, a
black computer-software designer
who decided to challenge the dis-
trict’s handgun ban in court after a
7-foot-tall neighborhood drug dealer
tried to break into her home one
evening and threatened to kill her.
“What I want is simply to be able to
own a handgun in my home, in the
confines of the walls of my home—
nothing else,” she told National Pub-
lic Radio.
Two years later, in McDonald v.
Chicago, the high court expanded on
Heller. The lead plaintiff was Otis
McDonald, a black Chicago retiree
who wanted to own a handgun for
protection from the gangs that ter-
rorized his low-income neighbor-
hood. Ruling in his favor, the court
said that the Second Amendment
applies with equal force to federal,
state and local governments alike.
When McDonald died in 2014, the
Chicago Tribune obituary described
him as “the man who brought down
Chicago’s gun ban.”
It’s well known that gun sales
have surged in recent years, but less
well known is that blacks have led
the trend. Retailers in an online sur-
vey conducted by the National
Shooting Sports Foundation, a trade
group, reported that they sold 58%
more guns to black customers in the
first half of 2020 than a year earlier,
the highest increase for any ethnic
group. Personal safety tops the list
than 35, since Americans not only
live longer but work longer, and the
inflation-adjusted average wage
should be discounted by 5%.
• Slow the growth of benefits for
new and existing beneficiaries alike
by changing the basis on which
they’re indexed for inflation. All in-
dexing of Social Security now uses
the Consumer Price Index for Urban
Wage Earners and Clerical Workers,
or CPI-W. Economists agree that the
Chained CPI is the most accurate in-
flation index available. Between 2000
and 2020, the Chained CPI was
around 0.3 percentage point lower
each year than the CPI-W. The gov-
ernment uses Chained CPI to index
income-tax brackets and the higher
CPI-W to calculate government out-
lays, including Social Security cost-
of-living adjustments—which leads
both taxes and spending to rise more
quickly.
the widowed queen had mourned
alone; Mr. Johnson apologized per-
sonally to Elizabeth II. It was alleged
that in June 2020 Mr. Johnson had
celebrated his birthday in his office
with his wife, between 12 and 30
staffers and a cake emblazoned with
the British flag.
The “Partygate” revelations were
typical of British office life, but Mr.
Johnson had banned the British
from drinking at their desks and in
their gardens. He had betrayed the
public’s trust, and his legalistic de-
nials seemed furtive and unconvinc-
ing. The exposure of lockdown vio-
lations of the beer-and-curry variety
in the Labour Party, and the re-
branding of Labour’s leader, Sir Keir
Starmer, as “Sir Beer Korma,” failed
to shift the blame. As Orwell had
written of political gluttony, “All an-
imals are equal, but some animals
are more equal than others.”
A civil-service inquiry unearthed
further gatherings. The Metropoli-
tan Police investigated 12 events
and issued 126 fixed penalty notices,
the equivalent of parking fines, to
83 people for attending eight of the
events. By the time Mr. Johnson was
given his single fine, Conservative
members of Parliament had begun
filing letters calling for a vote of no
confidence. Some were old enemies,
Remainers who resented his Brexit
victory, but others were new mem-
bers from behind the red wall.
of why people decide to buy a fire-
arm. In a 2021 Gallup survey, 88% of
respondents said they own a gun
“for protection against crime,”
which is up from 67% in 2005.
Social conditions have convinced
more Americans that they need a
gun, yet the political left has spent
little time reassessing woke policies
that lead to such thinking. Violent
crime has been rising. Homicides in
major cities have reached levels not
The people who bear the
brunt of rising violent
crime are taking steps
to protect themselves.
seen in three decades. Meanwhile,
liberal policy makers treat crimi-
nals like victims and police officers
like criminals. Antigun police units
tasked with keeping illegal weapons
off the streets have been dis-
banded. Felonies have been down-
graded to misdemeanors, and mis-
demeanors go unpunished, which
only emboldens miscreants. Low-in-
come minorities feel the brunt of
these so-called reforms because
they are by far the most likely
crime targets.
The same “defund the police”
progressives who have spent most
of the past decade undermining the
ability of law enforcement to combat
crime are now using sensational but
Wednesday, June 8, 2022 | A17
• Withhold some Social Security
COLAs from higher-income retir-
ees. Those who report income of
more than $60,000 (a threshold
that itself would rise with infla-
tion) from sources other than So-
cial Security could be denied the
COLA every other year for up to
six years.
• Give the COLA not annually
but every 14 or 15 months using the
12 months of lowest inflation.
• Tax Social Security income for
higher-bracket taxpayers, and give
them the option to forgo all or part
of their monthly payment. The for-
gone amount could be deducted as
a charitable contribution. In high-
income-tax states, forgoing Social
Security payments would incur lit-
tle or no cost. Skeptics may be sur-
MARTIN KOZLOWSKI
prised by how many Americans
will forgo a part of their monthly
checks to assure the system’s sol-
vency for their grandchildren. The
election to forgo would be revers-
ible annually.
• Raise the payroll tax by 0.1% of
wages every other year—half from
withholding, half for the employer’s
contribution—for 20 years, a total
tax increase of 1%.
When the Social Security actuar-
ies and the Congressional Budget Of-
fice put numbers on these reforms, it
may show that the Social Security
trust fund can be made sustainably
solvent without all the reforms being
necessary.
If lawmakers fix Social Security,
the largest of all entitlements, they
would gain the credibility to fix other
entitlements that underlie our budget
deficits. Further reforms may be nec-
essary decades down the line if medi-
cal advances continue to lengthen
American life spans. Let’s hope so.
Mr. Boschwitz, a Republican,
served as a U.S. senator from Minne-
sota, 1978-91.
Pundits are saying this is the be-
ginning of the end for the prime
minister. As a biographer of Winston
Churchill, Mr. Johnson might prefer
to think of it as the end of the begin-
ning. He may be right. “The thing
about the greased piglet is that he
manages to slip through other peo-
ple’s hands where mere mortals fail,”
former Prime Minister David Cam-
eron, a friend of Mr. Johnson at Eton
and Oxford, has observed.
There are reasons to think Mr.
Johnson’s luck will hold. There is
no serious Conservative challenger
for the poisoned chalice. Mr.
Starmer has the charisma of two-
day-old takeout. Labour may lead in
the polls, but it isn’t unusual for
the opposition to lead in the middle
of a term. Mr. Johnson can’t print
any more money, but he can still
bring home the bacon by reversing
his unpopular “net zero” environ-
mental policies and tax hikes, cut-
ting back on a bureaucracy that has
crept up to pre-Thatcher levels, and
cranking up the battered British
economy. That’s what he was
elected to do, and he has more than
two years until the next general
election. He may yet have more
cake and eat it, too.
Mr. Green is a fellow of the Royal
Historical Society. His latest book is
“The Religious Revolution: The Birth
of Modern Spirituality, 1848-98.”
statistically rare mass-shooting trag-
edies as a pretense for curtailing the
ability of people in vulnerable com-
munities to defend themselves. The
president wants to ban “assault
weapons,” raise the purchase age to
21, and expand background checks.
There’s no evidence that any of this
will address the day-in-day-out gun
violence that has driven so many
Americans to become first-time gun
owners.
The question is whether more re-
strictions on ordinary Americans in
a nation that already has more guns
than people will reduce the number
of lives lost. Most mass shooters in
recent decades have been over 21.
The assailants in Buffalo, N.Y., and
Uvalde, Texas, passed background
checks and purchased their weap-
ons legally. And from 1994 to 2004,
we had a federal assault-weapons
ban in place. The reality is that
most gun crimes don’t involve such
weapons, and a RAND Corp. assess-
ment of these efforts found “incon-
clusive evidence for the effect of
assault weapon bans on mass
shootings.”
The source of the problem is the
failure or inability of the govern-
ment to protect us. Common sense
dictates that we do what is neces-
sary to protect ourselves in the
meantime. Only a fool or an ideo-
logue could believe that the best re-
sponse to people who commit
crimes with guns is launching a holy
war against people who respect gun
laws.
A18 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.

WORLD NEWS
Embattled Johnson Tries to Pivot in U.K.
Having weathered a bid was over. “We’re able to get The Conservative Party trails
on with talking about what I the opposition Labour Party in
to unseat him, prime think the people in this coun- the polls.
minister pledges to try want us to,” Mr. Johnson In Parliament, Conservative
told his colleagues, who were lawmakers are struggling to
refocus on key issues gathered round the cabinet ta- reconcile that their party,
ble in Downing Street during which has long traded on a
BY MAX COLCHESTER televised remarks. reputation for law and order,
To underscore this point, has a leader who was fined for
LONDON—British Prime Mr. Johnson plans a packed breaking the law by attending
Minister Boris Johnson on agenda, of which details ha- his own birthday party during
Tuesday pledged to refocus his ven’t been disclosed. This a lockdown.
government on tackling vot- week, he will address the issue Mr. Johnson has apologized
ers’ priorities, trying to rally of housing affordability during for the Downing Street parties
his party behind him following a keynote speech. Next week, and said he thought attending
IAN VOGLER/AVALON/ZUMA PRESS

an effort by his fellow Conser- Mr. Johnson will set out his such events was a part of his
vative lawmakers to oust him. plans for shoring up Britain’s responsibility to motivate staff.
On Monday evening, 41% of inflation-stricken economy be- He has spent the past few days
Conservative lawmakers voted fore burnishing his credentials urging disgruntled lawmakers
to topple Mr. Johnson in a as a global leader this month to move on from the “party-
leadership challenge. The ef- at meetings of the Group of gate” scandal. On Monday,
fort failed, but it was a sur- Seven leading economies and James Cleverly, a Conservative
prisingly large rebellion North Atlantic Treaty Organi- lawmaker loyal to the prime
against a leader who until six zation. minister, said Mr. Johnson was
months ago was feted as one The government also plans Boris Johnson on Tuesday said he wanted to discuss ‘what I think the people in this country want us to.’ in “serious mode” and refocus-
of the Conservative Party’s to send a first batch of asylum ing his operation.
most effective political com- seekers from various countries eral election doesn’t have to with tax increases and policies son is the problem.” “The prime minister’s oppo-
municators. to Rwanda, part of a contro- be held until early 2025. intended to protect the envi- A survey this week of nor- nents have to accept that he
Approval ratings for the versial strategy to disincentiv- Furthermore, the Conserva- ronment that have alienated mally loyal Conservative won, and his supporters and
British leader have tanked ize illegal immigration, a pri- tive Party lacks high-profile al- many traditional Conserva- grass-roots members by the the prime minister himself
amid a cost-of-living crisis and ority for many British voters. ternatives to Mr. Johnson, tives. Mr. Johnson’s biggest is- website Conservative Home have got to accept that a
his attendance at several par- On paper, Mr. Johnson’s some analysts say. No other sue is that the backlash has found that 55% thought law- change of policy is needed,”
ties in Downing Street during hand looks strong. He presides Tory has his name recognition now become personal, said makers should remove Mr. said David Frost, a member of
Covid-19 lockdowns. over an 80-seat majority in or electoral record. Tim Bale, professor of politics Johnson. A poll by YouGov on the House of Lords who used
On Tuesday, Mr. Johnson Parliament, and under Conser- However, some Conserva- at Queen Mary University of Monday found that six in 10 to advise Mr. Johnson. “If he
rallied his ministers, saying it vative Party rules there can’t tive Party members see Mr. London. “It is not simply a voters think the government can change that, then he can
was time to focus on policy be another leadership chal- Johnson’s brand as tainted by policy problem, it is a person- doesn’t have the right ideas to get onto a different path and
now that the abortive revolt lenge for a year. The next gen- successive scandals, combined ality problem,” he said. “John- fix the cost-of-living crisis. save the premiership.”

WORLD WATCH
Japan Stops Worrying About Ballooning Debt SOUTH AFRICA
BY PETER LANDERS and at the same time one of Percentage of Japanese taxes or other revenue—in Finance Minister Fukushiro
AND MEGUMI FUJIKAWA the most powerful factions ar- government bonds held by other words, that outsize bor- Nukaga. Gupta Brothers
guing that the world’s under- type of holder rowing can’t go on forever. “I believe it is our role and Arrested in Dubai
TOKYO—When Japan’s standing of debt is flawed. Now that the worst of the pan- responsibility to maintain
leader released his economic This camp, led by former demic is over, they say Japan trust in our finances and trust Dubai police arrested two
Bank of Japan 43%
vision on Tuesday, he left out Prime Minister Shinzo Abe, needs to rein in debt soon. in the currency,” Mr. Nukaga brothers at the center of a
an important date. says Japan has room to spend a Last fall, vice minister of fi- said in an interview. sprawling government graft
Prime Minister Fumio lot more—including on its de- Japanese banks 34 nance Koji Yano published an He said Japan would even- scandal in South Africa, offering
and insurers
Kishida deleted a pledge from fense budget to counter China. article in the monthly magazine tually need to look at raising some relief to that country’s em-
earlier government statements The other side of the argument Foreign Bungei Shunju denouncing the its national sales tax, which battled president, Cyril Rama-
calling for Japan’s budget to be is spearheaded by a vice finance 14 MMT-oriented camp and com- currently stands at 10%. An in- phosa, and his sputtering anti-
institutions
balanced by 2025. And he de- minister who says the country paring Japan to the Titanic. crease “could actually promote corruption drive.
clined to give a date by which is like the Titanic, heading for a Individual “I don’t know how far until greater consumption by eras- South African authorities
households 5
Japan would do something to massive iceberg of debt. and others we crash into it, but we can be ing worries about the future,” have accused Atul and Rajesh
lower its government debt, Some members of the free- sure that Japan is barreling he said. Gupta of leveraging their close
while promising to significantly spending group have em- Public pensions 4 toward an iceberg,” Mr. Yano Mr. Nukaga leads a ruling ties to former President Jacob
increase military spending. braced a maverick American wrote. party study group that has Zuma and paying off senior offi-
It is a bold stance, given economic school of thought Note: As of Dec. 31, 2021
More recently, the weak competed with another group, cials in the ruling African Na-
that the debt tops 1.1 quadril- known as modern monetary Source: Bank of Japan yen—which fell to another 20- led by MMT advocate Mr. tional Congress to gain lucrative
lion yen, or $8.3 trillion at cur- theory, or MMT. It says coun- year low against the U.S. dol- Nishida. Their tussle came to a government contracts. By the
rent rates, more than twice the tries that issue debt denomi- In recent speeches, Mr. Abe lar this week—has added to head in recent weeks as the time Mr. Zuma resigned in 2018
size of the economy. The omis- nated in their own currency, has echoed such theories. He concerns that relying on the Kishida government weighed over escalating corruption allega-
sion marks a high point in the like the U.S. and Japan, won’t described the central bank, the Bank of Japan to buy govern- whether to uphold earlier tions, the Indian-born brothers
influence of a group within the ever need to default on debt Bank of Japan, as a subsidiary ment debt at low interest pledges to get the budget into had built a business empire that
ruling Liberal Democratic Party because they can simply print of the government and said rates could undermine confi- primary balance by 2025. Pri- spanned from media to mining.
that has embraced a view attri- more currency to pay it back. any expiring government debt dence in the currency. mary balance means outlays Police in Dubai said Atul and
buted to former U.S. Vice Pres- “Trying to achieve fiscal could simply be rolled over Mr. Nishida, the MMT advo- match revenue, excluding in- Rajesh Gupta were arrested on
ident Dick Cheney: “Reagan balance is meaningless per se,” into new debt. The Bank of cate in the ruling party, called terest payments on govern- an Interpol red notice, a global
proved deficits don’t matter.” said Shoji Nishida, a member Japan already owns nearly Mr. Yano a con artist, saying ment debt and revenue from alert through which governments
Many countries added heav- of Parliament’s upper house half of the government’s debt. he was trying to scare people new issuances. can seek help in detaining and
ily to their debt during the from the Liberal Democratic This playing down of debt— to preserve the ministry’s The final language nodded later extraditing wanted suspects.
Covid-19 pandemic and a Party who keeps a book by or denial that it is really debt longtime power over the na- to the need for healthier fi- South African lawyers for the
global debate is under way American MMT guru Stephanie at all—alarms others in the rul- tion’s purse strings. Mr. Yano nances but mainly sided with two brothers, who have previ-
about whether they need to cut Kelton on his desk. “The reason ing party and career officials at declined to comment through the free-spending camp by ously denied any wrongdoing,
back now. Japan’s experience is Japan is in a mess is because the Ministry of Finance. a spokesperson. leaving out the 2025 date. didn’t respond to requests to
likely to be instructive because of the mistaken view by the They say every yen spent Mr. Yano’s argument has That clears the way for a gen- comment Tuesday.
it has the highest government Ministry of Finance that there by the government ultimately won support from many in the erous increase to the defense — Gabriele Steinhauser
debt among leading economies is a limit to fiscal resources.” has to be recouped through ruling party, including former budget next year.
SOUTH KOREA
U.S., Allies Fly Jets
Kurdish Diaspora Complicates Sweden’s Bid for NATO Over Peninsula
BY SUNE ENGEL RASMUSSEN The U.S. and its Asian allies
flew dozens of jet fighters over
STOCKHOLM—Sweden has waters surrounding the Korean
long been a haven for refugees Peninsula on Tuesday in a show
and dissidents, from Iranians of force as their diplomats dis-
fleeing the Islamic Revolution cussed a coordinated response to
to Chileans escaping dictator- a possibly imminent North Korean
ship, helping the country’s nuclear test.
reputation as a peacemaker on The flights came as U.S. Dep-
the world stage. uty Secretary of State Wendy
But now this open-door pol- Sherman traveled to Seoul for
icy is complicating Sweden’s discussions with South Korea
bid to join NATO after Russia and Japanese officials over the
invaded Ukraine, with Turkey gathering North Korean threat
blocking Stockholm’s plans and warned of a “swift and
over its contacts with Kurdish forceful” counterresponse if the
groups hoping to carve out a North proceeds with a nuclear
homeland straddling the bor- test explosion, which would be
ders of Turkey and Syria. its first in nearly five years.
Turkish President Recep —Associated Press
ÅKE ERICSON FOR THE WALL STREET JOURNAL

Tayyip Erdogan accuses both

Sweden and Finland of harbor- CAMBODIA
ing terrorists, including Kurd-
ish militants. Kurdish groups China Set to Begin
here fear that as political Joint Port Project
pressure builds, they could
soon lose a key refuge as Swe- Cambodia denied again Tues-
den moves to strengthen its day that it would allow any Chi-
own security by applying, nese military presence at a port
along with Finland, to join the where it and China are beginning
North Atlantic Treaty Organi- an expansion this week that has
zation. All 30 members of prompted concern in the U.S.
NATO, including Turkey, must Amineh Kakabaveh, an ex-guerrilla fighter of Kurdish descent, has power as an independent member of Sweden’s coalition government. and elsewhere that it will be
approve the entrance of any used by Beijing as a naval out-
new members. terrorist organization by the alleged followers of Fethullah well educated and politically won’t vote for the govern- post on the Gulf of Thailand.
“We as Kurds respect Swe- U.S., Turkey and the European Gulen, an exiled cleric who active. ment’s budget, which is up for Cambodia’s chief government
den’s decision to join NATO,” Union, including Sweden. The Turkey accuses of orchestrat- Supporters of the Kurdish negotiation this month, or for spokesman Phay Siphan de-
said Shiyar Ali, the Stockholm- PKK has waged a long-running ing a failed 2016 military coup cause currently benefit from its re-election if it caves to scribed the expansion of the
based Nordic representative of guerrilla war against the Turk- attempt. outsize political influence in any of Mr. Erdogan’s demands. Ream Naval Base as “cooperation
the Kurdish autonomous ad- ish state in a conflict that has Few observers believe that Sweden. The coalition govern- “I used to be so proud of between China and Cambodia”
ministration in northeast Syria. left as many as 40,000 people Sweden will extradite individ- ment headed by Prime Minis- Sweden, but not anymore,” and said the Chinese ambassador
“But we don’t want the mem- dead since 1984, according to uals to Turkey. Sweden’s For- ter Magdalena Andersson re- Ms. Kakabaveh said, adding to Cambodia will preside over the
bership and relations with Tur- the International Crisis Group. eign Ministry has said it is lies on a majority of just one that she suspects Stockholm groundbreaking Wednesday along
key to be at our expense.” Like other Western nations, continuing diplomatic efforts member of parliament: the in- may still be willing to make with Cambodia’s defense minister
Turkish and U.S. officials Sweden distinguishes between to resolve the impasse. dependent Amineh Kakabaveh, some concessions to Mr. Erdo- and other senior military officials.
say Mr. Erdogan is motivated the PKK and other Kurdish There are no official statis- an Iranian-born former guer- gan. “My suggestion is, draw He denied, however, a report
by longstanding concerns over groups. tics but Kurds in Sweden are rilla fighter of Kurdish descent back the NATO application,” in the Washington Post citing an
Sweden’s contacts with mem- Turkey is demanding that believed to number around who has helped push the gov- she said. “It is not worth sell- anonymous Chinese official that
bers of a Syrian Kurdish or- Sweden cut ties with the mili- 100,000, or about 1% of the to- ernment to deepen its cooper- ing our values and dignity to the facility at the Cambodian
ganization that is linked to the tant group, and has asked tal population. They are not a ation with the Kurdish self- Erdogan.” base would be used in part by
Kurdistan Workers’ Party, or Swedish authorities to extra- homogenous entity. Many ruled region in northern Syria. —Jared Malsin the Chinese military.
PKK—a group regarded as a dite its members, along with Kurds who settled here were Ms. Kakabaveh says she contributed to this article. —Associated Press

BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 4160.68 À 0.95% S&P FIN À 0.69%
Chicken Producer Accepts Buyout
BY PATRICK THOMAS
Foster Farms, a West
Coast-based chicken company
with $3 billion in annual reve-
nue, has agreed to a takeover
by private-equity firm Atlas
Holdings and will install for-
mer Tyson Foods Inc. chief
Donnie Smith as its leader.
Foster Farms employs
about 10,000 and operates
processing facilities in Califor-
nia, Washington, Louisiana,
Oregon and Alabama. The
company is the 10th largest
U.S. chicken producer by
pounds produced, according to
meat-industry publication
Watt Poultry USA.
Financial terms of the deal
weren’t disclosed. The Living-
ston, Calif., company will con-
Tariff Pause
Won’t Solve
Solar Challenges
BY AMRITH RAMKUMAR
Solar-power companies
were already enjoying a re-
bound from a nasty selloff
when they got a boost from
the Biden administration,
which said it wouldn’t impose
new tariffs on solar imports.
Investors in the industry have
other things to worry about.
Shares of companies that
install solar projects such as
Sunrun Inc. and Sunnova En-
ergy International Inc. have
risen about 25% in the past
month, paring some of this
year’s declines. The latest
gains, so far this week, were
tied to the Biden administra-
tion’s statement that a U.S.
government probe into
whether Chinese solar produc-
ers are dodging tariffs by
routing panels through Cam-
bodia, Thailand, Vietnam and
Malaysia won’t result in addi-
tional levies.
Monday’s announcement
could help kick-start activity
in the industry by easing some
price uncertainty. But utilities
and developers still face rising
borrowing costs and shortages
of commodities needed for so-
lar panels and batteries that
store energy when the sun
isn’t shining. Analysts recently
estimated about two-thirds of
U.S. solar projects that were
planned for 2022 were at risk
of being delayed or canceled,
Travel Abroad Nears Precrisis Levels Publicis Cuts Forecast
BY BENJAMIN KATZ
Bookings for foreign travel
are approaching prepandemic
levels for many destinations as
Americans take long-delayed
overseas vacations and
Covid-19-related travel restric-
tions around the world ease.
International bookings from
the U.S. over the core summer
months—June through Au-
gust—are currently at 97% of
2019 levels, according to data
compiled by travel-data spe-
cialist ForwardKeys. Some
places are seeing more Ameri-
can travelers than ever: Tick-
ets issued on trips to the Ca-
ribbean are higher than in
2019, at 109% of their prepan-
demic level.
Bookings to South America
and Europe are tracking at
95% and 93%, respectively, ac-
cording to the ForwardKeys
SEC Trading Changes Draw Industry Fire
BY ALEXANDER OSIPOVICH
The Securities and Exchange
Commission’s expected
changes to U.S. stock-trading
rules are likely to prompt
fierce opposition from the bro-
kerages and electronic market-
making firms that handle small
investors’ orders, analysts and
TECHNOLOGY: AN APPLE IPHONE CHARGER FACES EU THREAT B4
S&P IT À 1.22%
* * * **
DJ TRANS À 0.13%
tinue to operate under the
Foster Farms name.
The deal takes place as
chicken prices have surged,
driven by strong consumer de-
mand and rising grain prices.
Another major chicken deal,
the planned $4.5 billion take-
over of Sanderson Farms Inc.
by Cargill Inc. and agricultural
investment firm Continental
Grain Co., remains under re-
view as regulators evaluate its
impact on competition in the
sector. Continental owns an-
other large chicken processor,
Wayne Farms LLC.
Atlas, which doesn’t own
another chicken processor, has
closed its deal with Foster, the
companies said.
Foster’s incoming chief ex-
ecutive, Mr. Smith, is a vet-
darkening the outlook for
what was expected to be a hot
sector for renewable develop-
ers.
Investors in recent years
had piled into solar companies
and large renewables compa-
nies such as NextEra Energy
Inc., hoping to cash in on the
transition away from fossil fu-
els. Even though the compa-
nies say demand has been con-
sistently strong, higher costs
and the failure of President Bi-
den’s incentive-laden Build
Back Better Act to pass Con-
gress were buffeting their
share prices before the tariff-
dodging investigation.
“It was kind of like the
cherry on top,” said Thomas
Biddinger, director of partner-
ships at Calibrant Energy, a
clean-energy services provider
that installs solar projects for
customers. Calibrant is a joint
venture of Macquarie Group
Ltd. and Siemens AG.
The Commerce Depart-
ment’s investigation was trig-
gered by a petition from
Auxin Solar Inc., a tiny, pri-
vately held maker of panels,
and has drawn criticism from
industry executives who warn
that the U.S. can’t afford such
setbacks if it wants to avoid
the worst effects of climate
change.
Regulatory hurdles and lo-
cal opposition to clean-energy
Please turn to page B12
Airports like London’s Heathrow struggle to meet the surge.
data compiled for The Wall
Street Journal. The Forward-
Keys data include all outbound
U.S. bookings. Flyers can still
cancel those bookings or add
to them in coming weeks.
traders say.
The agency is preparing to
propose major changes to the
stock market’s plumbing as
soon as this fall, The Wall
Street Journal reported Mon-
day. SEC Chairman Gary Gen-
sler is expected to outline
some of the SEC’s plans
Wednesday in a speech. The
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.0003%
eran of the meat industry, hav-
ing spent more than three
decades with Tyson. He was
named Tyson’s CEO in 2009, a
role he held until his retire-
ment in 2016. He helped steer
the company through a tough
patch for the chicken industry
after taking the helm as high
grain prices and the global re-
cession pressured meat com-
panies.
Atlas, founded in 2002 and
based in Greenwich, Conn.,
along with its affiliates owns
and operates 25 companies,
ranging from aluminum pro-
cessing to food manufacturing
and supply-chain management.
The firm says its companies
together generate about $14.5
billion in revenue annually.
Demand for chicken has
Share price performance this year
10%
0 iShares
–10
–20
–30
–40
–50
Jan. 2022 Feb.
U.S. solar installations,
by category*
30 gigawatts
25
20
15
10
5 5
0 0
2018 ’19 ’20
*Note: 2022 figures are estimates before Monday's pause on new tariffs; at risk refers to expected delays or cancellations.
†Countries under investigation are Cambodia, Thailand, Vietnam and Malaysia.
Sources: FactSet (stocks); Rystad Energy (installations, imports)
The Asia-Pacific region is a
laggard, with China’s still-
strict Covid-19 policies re-
stricting traffic and weighing
on the entire region’s recov-
ery. Bookings for Asia-bound
changes grew out of the fren-
zied trading in GameStop Corp.
and other meme stocks in early
2021, which resulted in heavy
scrutiny of the handling of in-
dividual investors’ trades.
One of the most consequen-
tial changes being discussed by
the SEC is a possible require-
ment to send more individual
2–YR. TREAS. yield 2.733%
held steady for processors in
recent months, despite rising
prices, poultry company offi-
cials have said. A tight supply
of meat arising from staffing
shortages at processing plants
and challenges in hatcheries,
coupled with high demand
from restaurants and grocery
stores, has sent the price of
boneless, skinless breast meat
higher in recent months, ana-
lysts and executives have said.
Boneless skinless chicken
breast prices have increased
68% since the start of the year,
according to the Agriculture
Department.
“It’s been a long time since
I’ve seen that kind of strength
in breast meat and for chicken
overall,” Donnie King, CEO of
Tyson, said in a recent quar-
U.S. initiates solar
tariff-dodging
investigation
March April
Solar-panel imports to the U.S.,
by country of origin†
30 gigawatts
ESTIMATE
25
At risk 20
in 2022
15
Commercial
and industrial 10
Residential
Utility scale
’21 ’22 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21
travel over the summer stands
at just 62% of where they were
before the pandemic.
The travel resumption in
many parts of the world is
causing some of the same
havoc that domestic travelers
have endured in recent
MARK THOMAS/I-IMAGES/ZUMA PRESS
months. Some big airports,
like London’s Heathrow, are
snarled and beset by delays
and cancellations as airlines
and airports struggle to meet
the surge in demand.
Still, for many in the com-
mercial aviation and tourism
industries, the new demand is
being embraced as a possible
bookend to pandemic-era
travel woes.
“Everything is looking up,”
said Charles Neville, market-
ing director at New York-
based travel firm JayWay
Travel, which specializes in ar-
Please turn to page B2
investors’ stock orders to auc-
tions, where trading firms
could compete to fill the order
at the best price, the Journal
reported.
Such auctions would repre-
sent a big shift to the working
of the U.S. stock market. Cur-
rently, when investors enter
Please turn to page B12
Wednesday, June 8, 2022 | B1
NIKKEI (Midday) 28208.92 À 0.95% See more at WSJ.com/Markets
terly earnings call.
Antitrust pressure has been
growing on the U.S. meat in-
dustry, in which a handful of
big companies supply the bulk
of the beef, chicken and pork
eaten by U.S. consumers.
The White House has ac-
cused the biggest U.S. meat
companies of using their mar-
ket power to increase prices
for restaurants and supermar-
kets, while underpaying farm-
ers. The Justice Department
and the U.S. Agriculture De-
partment separately are prob-
ing major beef packers’ cattle-
buying activities.
In May, the Agriculture De-
partment proposed new rules
requiring poultry companies
to be more transparent about
Please turn to page B6
Biden administration
says it won’t impose new
tariffs on solar imports
Global Clean
Energy ETF
–1.4%
NextEra
Energy
–14.5%
Sunrun
–16.9%
May June
Countries under
investigation
Rest of world
China
Of World Ad Spending
BY SUZANNE VRANICA
Advertising giant Publicis
Groupe SA pared back its
global ad-spending forecast
for 2022 due to the war in
Ukraine, but said the advertis-
ing market remained healthy
despite macroeconomic chal-
lenges.
Zenith, an ad-buying unit of
Publicis, said it expects global
ad spending to grow 8% to
$781 billion this year, a down-
grade from the 9.1% growth it
predicted in December.
The firm said it reduced its
projections because of the
INSIDE
BLOOMBERG NEWS
BUSINESS NEWS
The CEO of Toshiba
says he wants any
buyer to keep the
company intact. B3
New York
To Ban
Hidden
Ticket
Charges
BY ANNE STEELE
New York is close to becom-
ing the first state to ban hid-
den ticket fees after lawmak-
ers passed measures aimed at
boosting transparency in the
marketplace.
The pending legislation has
attracted intense lobbying for
more than a year from ticket-
ing and ticket-broker entities.
It is seen as a rare win for
consumers who, lawmakers
say, have suffered from ticket-
ing companies’ predatory pric-
ing practices. Approved in the
state senate on Thursday and
the assembly on Friday, it
heads to the desk of Gov.
Kathy Hochul, who has until
July 1 to sign the bill before
the existing law on ticketing
expires.
A main component of the
bill mandates “all-in” pricing
for any concert, Broadway
show or sporting event held in
the state of New York, requir-
ing ticketing companies to dis-
close upfront the full ticket
price inclusive of all ancillary
fees that must be paid to pur-
chase the ticket. It also re-
quires a seller to disclose “in a
clear and conspicuous man-
ner” which portion of the
ticket represents a service
charge or other fee. A ticket’s
final price must be disclosed
in the ticket’s initial listing,
before customers have entered
any of their information or
clicked through to purchase it.
Moreover, whenever a
ticket is being resold, the orig-
inal ticket price must also be
disclosed.
New York is seen as a
leader in ticketing regulation,
and lawmakers and executives
say they anticipate the new
legislation could have a dom-
ino effect, prompting similar
measures in other states or at
the federal level.
“No longer will fans be
completely in the dark as to
whether they’re getting ripped
off or not,” said Democratic
New York state Sen. James Sk-
oufis. “If they’re getting a bad
deal and still want to pay for
that ticket, God bless them.”
Mark Yovich, president of
Ticketmaster, said the mea-
Please turn to page B6
sharp cuts to advertising in
Russia and neighboring coun-
tries. Since the war began in
February, hundreds of compa-
nies such as McDonald’s Corp.,
Anheuser-Busch InBev SA and
Netflix Inc. have suspended
their businesses in Russia or
pulled out entirely from the
country.
The conflict has had a chill-
ing effect on advertising
spending in the region, some-
thing that many tech compa-
nies including Facebook par-
ent Meta Platforms Inc. noted
in their most recent quarterly
Please turn to page B2
PROPERTY REPORT
A Hilton in New York’s
Times Square plans to
reopen, banking on a
tourism revival. B6
 B2 | Wednesday, June 8, 2022
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Frontier........................B2
Airbus..........................B2
Alaska Airlines ........... B2
American Airlines.....A10
Apollo Global
Management.......A1,B6
Apple...........................B4
Auxin Solar.................B1
B .....................................B6
Bayer...........................B7
Bed Bath & Beyond..B13
Best Buy ................... B13
Better.com ................ B12
BlackRock....................A9
Blackstone .................. A1
Blue Owl Capital ........ A1
C Kohl’s..................B12,B13
Capgemini...................A1
Cargill..........................B1
Cipriani........................B6
Citadel Securities.....B12
Clorox .......................... B2
Continental Grain ....... B1
Corteva........................B7
Costco Wholesale.....B13
CVS Health ................. A7
D-F
Dave & Buster’s
Entertainment........B12
Delta Air Lines....A9,A10
Elliott Management ... B3
Foster Farms...............B1
INDEX TO PEOPLE
A Goldberg, Brett...........B6
Advani, Ravina..........B12
B Hastings, Reed...........A9
Biddinger, Thomas......B1
C Saluzzi, Joe...............B12
Cifu, Douglas.............B12
Cornell, Brian.......A2,B13
E King, Donnie................B1
Essele, Peter.............B12
F Luthra, Neil.................B6
Fink, Larry...................A9
Franke, William...........B2
Furner, John................A2
G N
Garg, Vishal .............. B12
Gennette, Jeff............A2
Goeckeler, David.........B3
Publicis
Cuts World
Ad Outlook
Continued from page B1
earnings. Zenith estimates
that Russia’s invasion of
Ukraine will lead to a 26% de-
cline in ad expenditures in
Central and Eastern Europe
this year.
Still, Zenith expects overall
ad spending to be buoyed by
the Beijing Winter Olympics,
the midterm elections in the
U.S. and the soccer World Cup
in Qatar, events that all attract
significant amounts of adver-
tising.
“We expect a strong year of
growth,” said Jonathan Bar-
nard, Zenith’s director of
global intelligence.
Analysts and observers
have grown increasingly wor-
ried over the past few months
that the global advertising
market could falter due to
macroeconomic headwinds
such as high inflation, supply-
chain problems and higher
commodity prices.
Those fears were ratcheted
up after retailers such as Wal-
mart Inc. and Target Corp.
posted weaker-than-expected
quarterly earnings and most
major digital-ad players re-
ported a notable slowdown in
ad-revenue growth during
their latest earnings reports.
Social-media giant Snap Inc.,
which generates most of its
revenue from advertising, re-
cently warned investors that
its second-quarter revenue
and earnings would be lower
than expected because the
NY * *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
JetBlue Pushes to Win Spirit Deal
Publicis........................B1
G R
GameStop....................B1 Raytheon Technologies
General Electric .......... B3 .....................................B4 BY ALISON SIDER bidding war for Virgin Amer-
Goodyear Tire & Rubber Robinhood ................. B12
.....................................B7
ica Inc. Losing that deal set
Ryanair........................B2
JetBlue Airways Corp. has back JetBlue’s ambitions on
H S
until Friday to convince Spirit the West Coast, analysts said.
Hard Rock International Sam's Club................B13
Airlines Inc. investors to Some investors are skepti-
Sanderson Farms........B1
Humana.......................A7 SkyWest Airlines ....... A1
spurn another offer and accept cal of JetBlue’s plans for
J Snap.............................B2 its hostile bid. Spirit. Frank Holmes, chief ex-
JetBlue Airways ......... B2 Spirirt Airlines............B2 JetBlue CEO Robin Hayes ecutive and chief investment
J.M. Smucker..............B7 Sunnova Energy said the reason for chasing officer of U.S. Global Inves-
Johnson & Johnson....A6 International.............B1 Spirit is clear: buying the car- tors, said it’s less clear Jet-
SunRun........................B1
HOLLIE ADAMS/BLOOMBERG NEWS
K rier would supercharge Blue and Spirit are a good fit,
T
Kioxia...........................B3 growth, giving it access to and both are heavily concen-
Target......A1,B2,B12,B13 Spirit’s pilots, jets, and deep trated in the eastern U.S.
L Teneo.........................B12
Airbus order book. The addi- Others said JetBlue’s offer
Live Nation Toshiba........................B3
Twitter ...................... B12 tions would accelerate the provides more certainty. Spirit
Entertainment..........B6 company’s growth plans by shareholders would be paid in
Tyson Foods................B1
M roughly seven years, he said, cash if the deal goes through,
U
MCR.............................B6 bumping it from around 5% of while under Frontier’s pro-
Meggitt ..................... B13 Unilever.....................A11
market share in the U.S. to posal, Spirit investors would
Mesa Air...................A10 United Airlines ......... A10
Meta Platforms.....A2,B1 UnitedHealth .............. A7 about 8%, making it a stronger CEO Robin Hayes says the acquisition will help boost growth. be issued stock in the com-
Microsoft.............A3,A11 V challenger to the four airlines bined company, which could
N Virtu Financial..........B12 that dominate U.S. air travel. tors’ pockets more quickly and charging fees for extras. rise or fall based on the travel
Newbond.....................B6 W “There are very few oppor- bringing its total offer to Mr. Hayes said the two air- recovery. And JetBlue’s will-
NextEra Energy...........B1 Walmart..A2,B2,B12,B13 tunities left out there,” Mr. $31.50 per share. lines are a better fit than it ingness to provide some pay-
P Wayfair......................B13 Hayes said in an interview Spirit investors are sched- might seem. They fly the same ment before regulators review
Prime Therapeutics....A7 Western Digital..........B3 Tuesday. “When you see an uled to vote on the Frontier type of jets, which can help the deal shows commitment,
opportunity to accelerate the deal Friday, and JetBlue has keep costs down and make op- said one shareholder.
plan, I think you need to take sought to persuade them to erations more efficient. They Spirit and Frontier execu-
it.”
JetBlue surprised the in-
reject that deal to pressure
Spirit’s board to engage in
both have a large presence in
leisure markets like Florida.
tives have argued that JetBlue
isn’t truly interested in own-
dustry when it launched a hos- more serious discussions with And Spirit will help JetBlue ing Spirit but merely wants to
Ornstein, Jonathan...A10 tile bid––with $30 a share in a JetBlue. grow in rivals’ hubs where it fend off a potential budget ri-
H P tender offer––about two JetBlue and Spirit appeared has a more limited presence, val. “If you’re JetBlue, you’re
Patricio, Miguel .......... B2 months after Spirit had agreed to have little in common. Jet- he said. trying to avoid having a pow-
Hayes, Robin...............B2 S to be bought by Frontier Blue tries to stand apart with “When we look at the po- erful combined Spirit and
Holmes, Frank.............B2
Group Holdings Inc. This more legroom, perks like free tential combinations, a Spirit Frontier with lower costs than
K Saunders, Neil............A2
Kamal, Fahad............ B12 Shimada, Taro.............B3
week JetBlue upped the break- Wi-Fi, and a business class of- JetBlue combination is the one JetBlue, lower fares than Jet-
up fee it would pay to Spirit if fering that includes suites with that makes the most sense,” Blue, and taking a position in
Ketchum, John..........B12 Smith, Donnie.............B1
regulators bar the deal to sliding doors. Spirit aims to he said. the JetBlue markets,” said
V
L $350 million, up from $200 keep costs low so it can offer It may also be JetBlue’s last William Franke, Frontier’s
Verdult, Peter.............A2
million. And JetBlue said it bargain basement prices, ap- chance for some time to land chairman and managing part-
W
M would pay $164 million of that pealing to budget clientele with such a deal. In 2016 it lost out ner of Indigo Partners, its ma-
Wainwright, Julie.......B3
Musk, Elon................B12 Y up front, putting cash in inves- a more bare-bones product and to Alaska Airlines in a fierce jority shareholder.
Yoshioka, Ayako........B12
Nocella, Andrew.......A10 Yovich, Mark...............B1
O Z quickly enough after making
Olivan, Javier..............A2 Zuckerberg, Mark.......A2 Travel historically deep cuts to staff-
ing levels as they navigated
Issued tickets for U.S. international outbound,
evolution compared to the previous year
2019 2022
the pandemic’s toll on air
that they missed during the
global pandemic.
Abroad travel. Security staff have
proved to be one of the main +226%
+308
“Some consumers are reas- bottlenecks. Hires typically re-
sessing where their budgets
are going given the rapid rise
Rebounds quire monthslong background
checks before being able to +14 +13
in prices for energy and food, start work at an airport.
-7% -34
but overall consumer spending
has maintained because a lot
of people still have a cushion
Continued from page B1
ranging tours to around 30
European destinations. Travel-
“I’m seeing everything
pretty much back to prepan-
demic levels. My clients are
TO EUROPE TO ASIA PACIFIC TO LATIN AMERICA
AND CARIBEEAN
of savings that they built up industry executives say the traveling again,” said Jeff Source: FowardKeys
during the pandemic,” Mr. risk of getting stuck overseas Ward, founder of New York-
Barnard said. “People are keen with a positive Covid-19 test is based travel agency Savvy disarray in the industry. “It’s Still, the disruptions aren’t
to get back to their prepan- still real; the U.S., for instance, Navigator. He said the main all the operational difficulties discouraging most of his clien-
demic life.” continues to require a nega- concern for travelers isn’t that the airlines and the other tele from flying. “Very few cli-
Ad executives said many tive test to enter the country. Covid-19 restrictions or the providers in the travel sector ents are postponing at this
companies have refrained from Still, “considering you still conflict in Ukraine, but the are undergoing,” he said. point,” Mr. Ward said.
making deep cuts to advertis- have to test to return [to the
ing since consumer spending U.S.], I’ve got to say I’m pleas-
has managed to remain rela- antly surprised how well
tively healthy. things have recovered.”
Cleaning products maker Mr. Neville said he has seen
Clorox Co. said last month customers shift some bookings
that it remained on track to away from Central and Eastern
spend 10% of its revenue on
ads, and consumer-goods giant
European destinations like Po-
land, Hungary and the Czech Enjoy gourmet
Kraft Heinz Co. told analysts Republic since Russia’s inva-
in April that it had no inten-
tions of cutting marketing.
sion of Ukraine. Clients have
shifted to destinations in Italy
meals delivered straight
“We want to continue invest-
ing in our brands,” said Heinz
and Greece, he said, where his
travel company is struggling to your door!
CEO Miguel Patricio. to find hotel rooms for guests.
Ad and media executives The expected boost in inter-
have said advertising catego- national travel this summer is
ries doing well include phar- a relief for long-haul-flight op-
erators, which have suffered
through historic losses over
8%
the past two years. While the
U.S. was among the first do-
mestic aviation markets to
bounce back from pandemic
New forecast for ad spending shutdowns, carriers across the
growth, down from 9.1% globe have largely kept their
wide-body aircraft parked. The
new flying, though, comes as
airlines and airports face
maceuticals, entertainment staffing crises that have led to
and travel, while others such flight cancellations and hours-
as cars have been shrinking, long waits to get through
partly due to supply shortages. check-in and security lines.
Automotive ad spending in “Travel during the pan-
the U.S. declined about 8% in demic has been characterized
the first quarter from a year by a tug of war between pent-
earlier, according to esti- up demand on one side and “A delicious and simple dish. Ingredients fresh,
mates from Standard Media travel restrictions on the  

  

 
macroeconomic environment Index, whose research cap- other,” said Olivier Ponti, vice
had deteriorated further and tures data from national- president of insights at For-      

 
faster than the company had brand spending with major wardKeys. “Right now, pent-up   
!"
expected. ad-buying companies. demand is in the ascendancy,
Despite these headwinds, Zenith said it expects digi- with the likely impact being
ad spending has “remained on tal-ad spending globally to rising airfares and all kinds of
track,” Zenith said. The firm grow by 13% to $472 billion, logistical issues as the bat-
expects ad spending in North
America to grow by 12% to
down slightly from the 13.7%
growth it expected in Decem-
tered travel industry struggles
to keep pace with the recov-
Creamy Lemon Chicken
$332 billion this year. ber. Zenith said that higher ery.” All natural, hormone-free crispy Parmesan-crusted chicken with a creamy
Zenith attributes the ad prices for TV ads, caused by Over the four-day holiday lemon sauce. Served with herbed new potatoes and seasonal greens
market’s resiliency partly to lackluster ratings, are causing weekend in the U.K. celebrat-
consumer spending, which brands to accelerate their shift ing Queen Elizabeth II’s 70
continues to grow, as people to digital ads. The ad firm es- years on the throne, carriers Creamy Lemon Chicken is just one of over 60 Plus, our dinners are so fresh, they’ll last up
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to the movies, experiences in 2022, up from 59% in 2021. British Airways and holiday selection of cuisines and wide variety of dietary
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U.K. to deploy the military to
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British government declined. Visit www.georgieandtoms.com to get started.
Dutch flag carrier KLM over
EVGENIA NOVOZHENINA/REUTERS

the weekend said it would

cancel flights into Amster-
dam’s Schiphol Airport to ease
congestion. The carrier last
month paused ticket sales as
its main hub battled to handle
a surge in passenger numbers.
Both airlines and airports
McDonald’s is among the corporations exiting Russia. are struggling to hire staff
THE WALL STREET JOURNAL.
CEO Wants Toshiba to Stay Intact Western
Digital,
Condition of avoiding a
breakup could make
company sale process
more challenging
BY MEGUMI FUJIKAWA
AND PETER LANDERS
TOKYO—The chief execu-
tive of Toshiba Corp., the Jap-
anese industrial conglomerate
that has put itself up for sale,
said he wanted any buyer to
keep the company in one piece
to promote innovation.
The condition laid out by
CEO Taro Shimada could make
the sale process more challeng-
ing because major global pri-
vate-equity firms tend to want
a free hand in slicing and dic-
ing the companies they acquire.
Some analysts have said the
parts of Toshiba, which makes
power turbines, elevators and
semiconductors among other
products, might be worth more
separately than together.
Toshiba put itself up for
auction in late April after
RealReal Chief Out
As Losses Mount
BY CHARITY L. SCOTT
Luxury consignor The Real-
Real Inc. said its chief execu-
tive is stepping down, becom-
ing the latest online retailer to
replace its founder at a time
of upheaval in the shopping
industry.
Julie Wainwright, who
founded the company in 2011
and has since led the online
marketplace, is also resigning as
board chair and member of The
RealReal’s board. The changes
are effective immediately. Ms.
Wainwright will continue to
serve in an advisory role
through the end of this year.
The company named two of
Ms. Wainwright’s deputies as in-
terim co-CEOs and said its board
had started a search for a per-
* * * * Wednesday, June 8, 2022 | B3
BUSINESS NEWS
Toshiba’s net sales, by segment
shareholders rejected a plan to FY2021 FY2020 agreed that a large-scale
split the company into two.
U.S. private-equity firm Bain
Capital and other global firms
Electronic devices &
storage solutions
breakup wouldn’t be in
Toshiba’s best interests. He
said the board needed to con-
Elliott
have expressed interest in
making a bid. The company
said last week it has received
Infrastructure
systems & solutions
sider the feasibility of a
buyer’s bid, and a breakup
would likely run into trouble
Reach Pact
buyout offers from eight inves- Building solutions with Japan’s industry ministry. BY CARA LOMBARDO
tors or investor groups and Mr. Shimada released a new
Energy systems
two proposals for minority in- & solutions
business plan last week that Western Digital Corp.
vestment. calls for lifting revenue by reached a settlement with ac-
General Electric Co., long a Retail & printing more than 50% over the next tivist investor Elliott Man-
model for Toshiba, is splitting solutions eight years. Under the plan, agement Corp. that calls for
into three tightly focused inde- Digital solutions the elevator and lighting busi- the company to consider split-
pendent companies—aviation, nesses, which the company ting into two.
healthcare and power. But such had earlier contemplated sell- The company said that it
Others
radical surgery has long faced ing, are now positioned as would consider strategic al-
resistance at Japan’s diversi- core businesses. ternatives including a separa-
¥0 billion 150 300 450 600 750
fied conglomerates, in part be- The sale process is testing tion into businesses focused
cause the managers and engi- Note: Fiscal year ends March 31; ¥100 billion = $758 million Source: the company Toshiba’s relationship with on traditional hard drives for
neers are mostly lifetime foreign shareholders, who own computers and flash memory,
employees attached to the se- cient in a narrow sense but specific cells such as cancer about half the company after respectively.
curity and prestige of a big would deprive researchers of cells. He said it was invented they injected capital in 2017. Elliott in May revealed a
corporate name. chances to cross-fertilize by a team of 10 specialists The company in May nomi- 6% stake in Western Digital
In an interview, Mr. Shi- ideas. from multiple disciplines. “All nated new director candidates and sent a letter calling on
mada harked back to Toshiba’s “If we wanted to cut and those different types of top- from major U.S.-based share- the company to explore a
heritage as an innovator, ob- slice the company, the real notch researchers working to- holders Elliott Management breakup.
serving that it was credited jewel would go away,” Mr. Shi- gether would create something Corp. and Farallon Capital Based in San Jose, Calif.,
with building the world’s first mada said. completely new,” he said. Management LLC. Western Digital, which has a
laptop computer in the 1980s. Mr. Shimada cited a tech- Jerry Black, the chairman Mariko Watahiki, who market value of around $19
He said splitting the company nology Toshiba is developing of a special board committee serves on Toshiba’s board, dis- billion, previously said it
into many parts might be effi- to deliver genetic changes to that is reviewing bids, said he sented on those nominations. would consider Elliott’s ideas.
At a conference in late May,
Western Digital Chief Execu-
tive David Goeckeler said the
company and Elliott have been
discussing additional ways to
improve the valuation.
Western Digital in 2020 de-
cided to form separate units
for its two businesses, a move
Elliott praised and some saw
manent successor. as a precursor to a potential
The RealReal shares have split.
tumbled more than 80% over Meanwhile, Japanese chip
the past year, pushing its mar- maker Kioxia Holdings Corp.
ket capitalization to below is still open to a possible deal
$300 million. The company with Western Digital, some of
went public in 2019 with a the people said.
DAVID PAUL MORRIS/BLOOMBERG NEWS
market value of $1.65 billion. Western Digital and Kioxia
It was the second e-com- had been speaking since early
merce startup that Ms. Wain- 2021 and were working on a
wright took public. She was stock deal that would have
CEO of retailer Pets.com, created a memory-chip power-
which closed months after house, The Wall Street Jour-
joining the stock market in nal reported last summer. But
2000. Her comeback was the talks stalled months later,
closely watched in the venture partly because of a decline in
capital world. Western Digital’s shares.
The RealReal offers luxury Julie Wainwright, who founded the luxury consignor in 2011, is leaving amid upheaval in the industry. Kioxia’s business would be
goods from handbags to furni- a logical fit for Western Digi-
ture, taking a commission on but its losses have mounted 2018. Last year, it logged a commerce company to have its tal’s flash unit, which Elliott
each transaction. since going public. It recorded loss of $236 million on reve- founder and CEO resign, fol- estimated could command an
The company has been add- a net loss of $76 million on nue of $468 million. lowing Glossier Inc. in May enterprise value of $17 billion
ing customers and expanding revenue of $214 million in The RealReal is the latest e- and Stitch Fix Inc. last year. to $20 billion.
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fit their needs now but will scale along with them in the future — all
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B4 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

EU Charger
Deal Freezes
Out Apple
BY KIM MACKRAEL
BRUSSELS—Sales of Apple
Inc. products that use the
company’s proprietary Light-
ning charger port would be
banned in the European Union
under a deal lawmakers
agreed to Tuesday, aiming to
set a common charging stan-
dard for mobile phones and
other portable electronic de-
vices, and potentially hitting
get more time to do so, the
parliament said.
The legislation is a blow to
Apple, which uses its Light-
ning charging ports on new
smartphones. Replacement
chargers for iPhones are typi-
cally more expensive than the
standard USB Type-C cables
that are used for many other
brands of phones.
Apple said last year that it
opposed the EU proposal, say-

the U.S. tech giant in one of its
biggest markets.
The planned legislation,
which Apple has opposed, is
aimed at reducing electronic
waste and improving con-
sumer convenience. It would
make USB Type-C chargers—
which are typically installed
ARND WIEGMANN/REUTERS
ing it would harm innovation.
The plan for a common
charger could “disrupt a thriv-
ing ecosystem, create elec-
tronic waste, and greatly in-
convenience users,” the
company said at the time.
A spokeswoman for Apple The military contractor will retain its existing facility in Waltham, Mass., after the move to Virginia. Its Pratt & Whitney engine.
declined to comment on the

Raytheon to Move Its Base Closer

on many newer laptop com- agreement reached Tuesday,
puters and Android phones— saying the company hadn’t yet
the standard for small and me- seen the full details of the text.
dium-size electronic devices The EU is moving ahead

To Pentagon, Joining Defense Peers

sold in the EU, the European
Parliament said.
Tuesday’s legislative deal
means the proposal is likely to
advance without substantial
changes. Lawmakers are ex-
pected to formally approve the
agreement later this year, the
parliament said. New rules for
chargers would apply to com-
panies from the fall of 2024.
“European consumers were
frustrated with multiple char-
gers piling up within their
homes,” said Alex Agius Sal-
iba, a member of the parlia-
ment from Malta who led ne-
gotiations on the legislation.
“Now they will be able to use
a single charger for all porta-
ble electronics.”
The new rules will apply to
mobile phones, tablets, e-read-
ers, digital cameras and a
range of other small and me-
dium-size electronics that
charge using a wired cable.
Laptops will also need to com-
ply with the new rules but will
with a raft of new rules affect-
ing large technology companies.
Earlier this year, lawmakers
reached an agreement on the
Digital Markets Act, a digital-
competition law that imposes
new requirements on a small
group of the world’s biggest
technology companies. Another
law, the Digital Services Act, is
poised to set new standards for
how social-media companies
handle online content.
The common charger rules
were first proposed by the Eu-
ropean Commission, the bloc’s
executive arm, in September
and moved swiftly through the
EU legislative system.
—Daniel Michaels
contributed to this article.
Watch a Video
Scan this code
for a video
about the fight
over charging
cables.
BY DOUG CAMERON
Raytheon Technologies
Corp. said it would move its
global headquarters to the
Washington, D.C., area later
this year, joining other big
aerospace and defense con-
tractors seeking more proxim-
ity to the Pentagon, regulators
and lawmakers.
The world’s second-largest
defense company by sales said
it plans to use an existing fa-
cility in the Rosslyn neighbor-
hood of Arlington in northern
Virginia as its corporate head
office from the third quarter
of this year. The company’s
current headquarters are in
Waltham, Mass.
Raytheon said it remains
committed to the mix of hybrid
and remote work it developed
during the Covid-19 pandemic
that at one point involved
more than half of its 174,000
employees working from home.
While more are now back in
the office, the company has
created campuses at some fa-
cilities for hot-desking and is
reducing its office real estate
footprint by one-fifth.
“The company has proven
the effectiveness of a remote
or hybrid working model, with
employees working where they
need to be to perform at an
optimal level,” said a Ray-
theon spokesman.
Raytheon said it plans to
retain its existing facility in
Waltham, which became the
company’s global headquarters
following its creation through
the merger of Raytheon Co.
and United Technologies Corp.
in April 2020.
The maker of Pratt & Whit-
ney engines and Patriot mis-
sile-defense systems joins
most of the major U.S. aero-
space and defense companies
in basing in the D.C. area.
Boeing also recently
announced the move
of its headquarters
to northern Virginia.
Boeing Co. last month an-
nounced plans to move its
global headquarters to Arling-
ton, where its defense leader-
ship is already based. Lock-
heed Martin Corp., Northrop
Grumman Corp., General Dy-
namics Corp. and big defense
services players such as CACI
International Inc. are also
based in the D.C. region.
L3Harris Technologies Inc.
is one outlier, based in Mel-
bourne, Fla.
The sector’s concentration
in northern Virginia has put
defense companies into fierce
competition for workers, espe-
cially in software and data en-
gineering. Amazon.com Inc. is
developing one of its satellite
headquarters in Arlington.
Some defense companies,
including Reston, Va.-based
Leidos Holdings Inc., have re-
sponded by shifting more
work outside the area to lo-
cales such as St. Louis that
also host large government
and defense facilities.

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THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | B5

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O F F E R S & M O R E AT H C . C O M
B6 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Hilton Hotel Is Set to Reopen After Sale
New owners are themed Margaritaville resort
hotel with an outdoor swim-
banking on a revival of ming pool opened in Times
Times Square as Square.
Real-estate investors are
tourists return swooping in, if the price is
right. Hotel owner and opera-
BY CRAIG KARMIN tor MCR and Island Capital
Group LLC recently paid $373
A 478-room hotel near the million for the Sheraton New
heart of New York City’s Times York Times Square hotel,
Square is poised to reopen un- which was about half the price
der new ownership after closing the property sold for in 2006.
two years ago, the latest sign Hotel owners are encour-
that investors are betting on aged by recent forecasts that
the neighborhood’s comeback. the city’s tourism is in a
The investment firm Apollo strong recovery mode. NYC &
Global Management Inc. and Co., a tourism and marketing
hospitality investor Newbond organization for the city, proj-
Holdings agreed to buy the ects visitors to the Big Apple
Hilton Times Square for about will rise to more than 56 mil-
$85 million, according to peo- lion in 2022, up from about 22
ple familiar with the matter. million in 2020, according to
The deal is expected to close its website. The group sees
toward the end of the summer, that figure reaching 65 million
and the new owners plan to next year as more interna-
reopen the property in the fall, tional visitors return, bringing
these people said. the total within striking dis-

RICHARD B. LEVINE/ZUMA PRESS

The recent sales agreement tance of 2019 levels.
represents a significant dis- The Hilton Times Square
count to the hotel’s 2006 sale sits on a ground lease that is
price of $242.5 million. This being renewed and extended
year’s price reflects both the under the new owners, say
hard times New York’s enter- people familiar with the mat-
tainment district suffered dur- ter. Apollo and Newbond, a
ing the pandemic and some is- firm co-founded by hotel vet-
sues with this property. Apollo and Newbond agreed to buy the Hilton Times Square, a victim of New York City’s tourism collapse, for about $85 million. eran Neil Luthra, plan to in-
The hotel was shut down in vest in improvements to the
April 2020 and hasn’t re- tel and handed the property most of any U.S. city, accord- signs of life stirring in Times way shows is closing in on pre- rooms and the lobby.
opened since, making it one of over to the lender, Torchlight ing to hotel-data tracker STR. Square. Investors and develop- pandemic levels and some ho- The hotel on 42nd Street is
the more high-profile victims Investors, in late 2020. The slow rebound in business ers are banking even more on tels are filling up again. known for its unobstructed
of the collapse in New York Forty-four New York City travel and international visi- tourism and entertainment ven- A Hard Rock Interna- views of the city. Its lobby is
City tourism. Previous owner hotels with more than 10,500 tors has weighed on the city’s ues while the district’s offices tional-branded hotel opened located on the 15th floor and
Sunstone Hotel Investors Inc. rooms closed permanently be- hospitality sector. remain mostly empty during on West 48th Street in April, rooms go as high as the 44th
defaulted on a loan for the ho- cause of the pandemic, the But recently, there have been the day. Attendance at Broad- and last year a Jimmy Buffett- floor.

Cipriani to Get Lifeline

With Hedge-Fund Money
BY KATE KING lounges, clubs and event recede. The company recently
spaces, has long been associ- opened the Bellini restaurant,
A New York City investment ated with celebrities and named after the fizzy cocktail
fund is poised to provide a fi- glitzy nights out. New York created in Venice by founder
nancial boost to Cipriani, City Mayor Eric Adams cele- Giuseppe Cipriani Sr. and the
nearing a deal that would refi- brated his election victory at centerpiece of a soon-to-open
nance loans for the Italian Casa Cipriani, a luxury hotel Harry’s Table food market in
hospitality company’s U.S. op- and private members’ club on Manhattan.
erations while helping fund its the downtown Manhattan wa- At the same time, Cipriani
future expansion. terfront that opened last Sep- is working to restructure $53
King Street Capital Man- tember. million in mortgage debt
agement is in advanced talks Cipriani’s New York restau- backed by two of its proper-
to refinance about $150 mil- rants and event spaces suf- ties on 42nd Street and Wall
THE BOUNDARY

lion of operating debt held by fered during the pandemic, Street, according to people fa-
Cipriani’s U.S. subsidiary, ac- when public-health restric- miliar with the matter.
cording to people familiar tions prevented restaurateurs The company has been in
with the matter. from offering indoor dining default since May 2020 on the
That funding would retire for long stretches. It was del- loan, which is packaged into A rendering of Cipriani Residences Miami. Cipriani SA was expanding throughout the pandemic.
loans dating back to 2018 from uged with cancellations during bonds and was transferred
Ares Capital Corp., a busi- a surge in Covid-19 cases that year to a special servicer, ings world-wide in the next where Mr. Cipriani served ce- “This year we’re opening 16
ness-development company caused by the Omicron vari- according to real-estate data three years, including another lebrities like Orson Welles and new projects,” said Mr. Cipri-
that lends to midsize busi- ant, undermining its lucrative firm Trepp. Casa Cipriani in Milan in Au- Ernest Hemingway. ani, between sips of a Negroni.
nesses. King Street also would holiday-party and other big- Parent company Cipriani gust, which will include a res- In April, the founder’s “During the pandemic, instead
extend additional funding that event business. SA, meanwhile, has been ex- taurant, spa and hotel and great-grandson and the com- of stopping, I traveled all over
would help the company grow Now, the Prosecco corks are panding throughout the pan- have reciprocity membership pany’s chief executive, also the world and we signed onto
its brand in the U.S., these popping again. Cipriani’s busi- demic and has restaurants, with its New York location. named Giuseppe Cipriani, vis- new projects. We’re very ex-
people said. ness has been recovering over clubs and hotels in more than The far-flung hospitality ited Miami to celebrate the cited.”
Cipriani, which manages 11 the past several months as the a dozen cities. The company company started with Harry’s launch of sales for Cipriani —Deborah Acosta
Manhattan restaurants, aftereffects of the pandemic has plans for another 20 open- Bar in Venice in the 1930s, Residences Miami. contributed to this article.

BUSINESS NEWS

Hidden Chicken of Pilgrim’s Pride Corp., the

second-largest U.S. poultry
processor, in a deal that had

Ticket Fees Producer valued Pilgrim’s at about $7

billion. JBS, which already
owns about 80% of Pilgrim’s,

Face Ban In Buyout said at the time that it was

unable to reach an agreement
with the chicken company
over terms of the deal. Pil-
Continued from page B1 Continued from page B1 grim’s said its board believed
sure would improve the fan how farmers are paid. The the purchase price didn’t fully
experience. “You can’t buy Justice Department in Decem- value the company.
tickets for a price other than ber made a second request for “I’ve long been an admirer
DANNY WILD/USA TODAY SPORTS

the price including all the information in its review of of the Foster Family and the
fees,” he said. “This removes Cargill and Continental Grain’s business they’ve built over the
all those awful surprises later planned acquisition of Sander- past eight decades,” Mr. Smith
in the checkout.” son Farms, the third-largest said. “In this new era, we will
While Gov. Hochul hasn’t U.S. chicken processor by vol- maintain and further that leg-
publicly indicated support for ume. acy, rooted in animal welfare,
the bill, she is widely expected This year, Brazilian meat- superior product quality, cus-
to sign it, legislators and exec- packing giant JBS SA said it tomer service and community
utives say. The measures The measure is a rare win for consumers who, lawmakers say, have suffered from predatory pricing. scrapped plans to buy the rest engagement.”
would take effect 60 days from
when the law is signed. checkout. But with StubHub’s commended New York for tak- pricing, he had advocated for
Other measures in the bill listed prices appearing more ing the lead and said he hoped several pieces of his bill that
include a ban on the sale of expensive, sales fell as fans it would lead to federal legis- didn’t make it across the line,
free tickets—such as when gravitated toward sites that lation. “It’s not going to hap- including mandatory reporting
Pope Francis visited New York listed lower base prices and pen on its own,” he said. of “bot” activity to the attor-
and tickets distributed free hid fees, the company said at Brett Goldberg, co-chief ex- ney general’s office; mandatory
were listed for hundreds of the time. Less than two years ecutive of TickPick, which has offering of refunds for post-
dollars on eBay and Craigs- later, after losing market offered all-in pricing since poned events and mandatory
list—and a ban on delivery share, StubHub returned to its 2011 and charges only sellers— disclosure and capping of the
charges for tickets that are system of adding fees at the not buyers—a fee on transac- amount of tickets that artists,
printed at home or sent digi- last minute. tions, said the mandate will teams, promoters and venues
tally. The bill also increased the StubHub’s experience drive more fair and transpar- hold back when an event’s
penalty for the use of software served as a cautionary tale to ent competition between tickets are listed for sale.
“bots” that are illegally used to the industry. Publicly and to ticket sellers, ultimately lead- He also pointed to Ticket-
buy up swaths of tickets the in- lawmakers, ticketing compa- ing to lower prices for con- Master’s dominant position in
JUSTIN SULLIVAN/GETTY IMAGES

stant they are available. nies have said they support sumers. the marketplace. Ticketmaster
Ticket resale company all-in pricing as long as it is “This is a huge win for con- commands some 70% to 80%
StubHub in 2014 moved to an legally mandated so that no sumers and a sign of what’s to market share, according to in-
“all-in” pricing plan following one platform has a competi- come in the industry, as de- dustry estimates, and is
years of consumer research tive advantage. Most of Eu- ception has continued to in- owned by Live Nation Enter-
showing that fans hate noth- rope, as well as Canada, Aus- tensify over the past few tainment Inc., the world’s
ing more than to see their fi- tralia and New Zealand years,” he said. largest concert promoter.
nal ticket price jacked up with already have some form of all- While Mr. Skoufis hopes Mr. Yovich said the industry
additional fees and service in pricing requirements. the new law will bring in- is as competitive as it has ever The West Coast-based company has $3 billion in annual revenue.
charges when they reach Ticketmaster’s Mr. Yovich creased transparency to ticket been. Chicken packages at a store in San Francisco.
THE WALL STREET JOURNAL.
Jif Woes
To Dent
Smucker
Results
BY WILL FEUER
J.M. Smucker Co. warned
that the recent recall of some
Jif peanut butter products
would weigh on results, even
as higher prices and continued
demand for at-home foods and
coffee lifted the food maker’s
quarterly sales.
The maker of Folgers coffee
and Smucker’s jam said that
last month’s recall of Jif prod-
ucts due to possible salmo-
nella contamination would
dent sales by 2% and hurt
profits 90 cents a share in its
recently started fiscal 2023.
Its forecast fell below Wall
Street expectations.
The outlook came as
Smucker on Tuesday said sales
for its fiscal fourth quarter
ended April 30 rose 6% to just
over $2 billion. Stripping out
the impact from divestitures
and currency changes, sales
rose 9%.
Smucker, based in Orrville,
Ohio, said the sales increase
was mostly due to higher
prices, which contributed 10
percentage points to topline
growth. The company’s recall
of Jif peanut butter reduced
sales by about 1%.
Like other packaged-food
companies, Smucker has been
grappling with surging costs
on everything from ingredi-
ents and labor to packaging
and transportation. Smucker
and its peers, including Camp-
bell Soup Co. and Conagra
Brands Inc., have been racing
to raise their prices faster
than costs are increasing.
Smucker expects some cus-
tomers will start to balk at
those higher prices in the year
ahead. For its new fiscal year,
the company expects net sales
to rise 3.5% to 4.5% due to
higher pricing, partially offset
by a decline in sales volume.
The company guided for ad-
justed earnings of between
$7.85 a share and $8.25 a share,
including the impact of the Jif
recall and manufacturing
downtime, customer returns
and unsalable inventory related
to it. According to FactSet, ana-
lysts expected 2023 adjusted
earnings of $8.89 a share.
Shares of Smucker rose
5.7% Tuesday to $130.31. The
stock is down 4.1% this year,
outperforming a 12.7% drop in
the S&P 500.
Overall for Smucker’s fiscal
fourth quarter, the company
posted profit of $202.1 million,
or $1.87 a share, compared
with $147 million, or $1.35 a
share, a year earlier. Analysts
surveyed by FactSet expected
earnings of $1.86 a share.
J.M. Smucker’s
quarterly net sales
$2.5 billion
2.0
1.5
1.0
0.5
0
FY2020 ’21 ’22
Note: Most recent fiscal year ended April 30.
Source: the company
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Bayer’s Monsanto Division Rebounds
BY BEN DUMMETT
Bayer AG’s $63 billion bet
on Monsanto Co. is finally
showing signs of paying off, as
food shortages stoked by Rus-
sia’s invasion of Ukraine drive
demand for seeds and pesti-
cides to boost global crop pro-
duction.
Among Europe’s best-per-
forming large stocks this year,
the German agricultural-chem-
icals and pharmaceutical giant
is up 40%. That is ahead of ri-
vals including BASF SE, which
is also based in Germany, and
New York-listed Corteva Inc.
Bayer acquired Monsanto in
2018, expecting the combina-
tion of its pesticides business
with its U.S. rival’s seeds and
high-tech crops to boost sales
as the world’s increasing popu-
lation pressures farmers to be-
come more productive with a
shrinking pool of available
farmland. Instead, Bayer was
hit by a wave of lawsuits
claiming Monsanto’s Roundup
herbicide and its active ingre-
dient glyphosate causes cancer.
Within about a year of the
deal’s closing, the company
had lost some 40% of its mar-
ket value, ranking it among
the worst corporate takeovers
in years.
The outperformance of
Bayer’s stock price so far this
year shows, however, that in-
vestors are starting to buy
into the deal’s merits even
though the company is still
litigating Roundup cases. Last
month the company’s crop-
science unit, Bayer’s largest
division, reported a 22% sales
jump to €8.45 billion, equiva-
lent to about $9.03 billion, in
the first quarter amid higher
prices for herbicides, corn
seed and other products.
By comparison, Bayer’s
pharmaceutical division, its
next biggest, saw sales rise
2.6%, while the consumer-
health unit, which sells the
well-known aspirin brand, in-
creased sales by 17.2%.
The latest period repre-
sents the third consecutive
quarter Bayer’s agricultural-
chemicals business has ex-
Goodyear Recalls Tire Tied to Deaths, Injuries
BY RYAN FELTON
Goodyear Tire & Rubber
Co. has told U.S. auto-safety
regulators it is recalling a tire
that has been linked to at least
eight deaths and several dozen
injuries, after years of resisting
such a move and defending the
tire as safe.
Goodyear, in a notice pub-
lished Tuesday by the National
Highway Traffic Safety Admin-
istration, said the recall cam-
paign covers 173,000 tires
made between 1996 and 2003
and sold for use on motor
homes under the G159 model
name. The recall involves only
certain size G159 tires.
The Akron, Ohio, tire maker
has received more than 600
claims for personal injury and
property damage related to the
tires failing, according to state-
ments that Goodyear previously
made in court filings.
The recall represents the lat-
est development in an investi-
gation by NHTSA. The probe
began in late 2017 after auto-
safety regulators said the
agency had received reports of
injuries and deaths in crashes
where the G159 tire was sus-
pected to have failed.
In the recall notice, the
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The crop-science unit, part of a 2018 acquisition, has benefited
from rising demand amid shortages caused by the Ukraine war.
ceeded expectations, said
Markus Manns, a portfolio
manager at German asset
manager Union Investment. “I
am hesitant to assume three
quarters is the start of a long-
term trend, but it’s a good
sign,” Mr. Manns said, whose
firm owns Bayer shares.
Ukraine is a top exporter of
grains, accounting for 13% of
global corn exports and 12% of
wheat, but the Russian inva-
sion is preventing it from
shipping much of those vol-
umes to world markets. The
resulting threat of food short-
ages underscores the demand
for Bayer’s genetically modi-
fied crop seeds, as well as its
weedkiller and pest-control
products that are designed to
boost yields, analysts said.
Bayer’s herbicide portfolio,
led by glyphosate-based prod-
ucts inherited from the Mon-
santo deal, are the biggest
contributors to the crop-sci-
ence division’s recent
strength. Production and en-
ergy disruptions slowed out-
put of glyphosate from China,
pushing prices higher. China
produces about 60% of total
global output, and Bayer is re-
sponsible for the rest.
While claimants against
Bayer over Roundup exposure
say glyphosate is carcinogenic,
the herbicide is widely used by
farmers in the U.S. and else-
where to kill weeds. Bayer has
earmarked $16 billion to deal
safety defect is described as oc-
curring when certain size G159
tires are installed on motor
homes and exposed to condi-
tions including being over-
loaded or underinflated. This
exposure could lead the tire
tread to separate and the vehi-
cle to lose control, increasing
the risk of a crash.
In particular, NHTSA said
the tire was found to have ex-
perienced catastrophic tread
separation and blowouts at
higher speeds in highway use.
“NHTSA found that these
tires experienced a high rate of
failure when compared to peer
tires,” an agency spokeswoman
said Tuesday. The spokes-
woman also said that while
these tires are no longer being
produced, some RV owners
might have the tires on their
vehicle or set aside as a spare
and don’t know.
In a statement, Goodyear
maintained the tire design
wasn’t defective and said that
RV manufacturers that selected
this tire for their motor homes
had the responsibility for deter-
mining and communicating to
customers the appropriate load
standards. Goodyear said it
hasn’t made the tire since
2003, nor has the company re-
Share-price and index performance, year to date
50%
40
30
20
10
ALEX KRAUS/BLOOMBERG NEWS
0 FTSE 100
–10
–20
–30
Jan. Feb. March
Note: Stocks and indexes priced in local currencies
Source: FactSet
Deutsche Bank the staff who decided to stay.
Their main task is to develop
Shifts Russia Staff and maintain software for
trading and corporate banking.
Deutsche Bank said in
Deutsche Bank AG relo- March that it was winding
cated hundreds of employees down its operations in the coun-
from its technology center in try following the invasion of
Russia to Berlin and decided to Ukraine. It reported limited ex-
make the German capital a tech posure to Russia through loans
center for its investment and and collateral, but its staff pres-
corporate banking activities. ence there through its technol-
The German lender offered ogy center was significant and
the roughly 1,500 staff who carried cybersecurity risks.
were in Russia the chance to The Russian staff ac-
move to Berlin with their fami- counted for 5% of the bank’s
lies, and about half accepted, internal and external technol-
according to a person familiar ogy workforce.
with the move. The bank About 1,000 employees will
hasn’t decided what will hap- be working at the Berlin site.
pen to the Russian center and —Patricia Kowsmann
with Roundup litigation and request, which diminishes the
maintains the chemical is safe. chances of the court hearing
The U.S. Environmental Pro- the case. A favorable court
tection Agency has also said ruling would end thousands of
glyphosate doesn’t present a claims against Bayer.
health risk. Bayer remains hopeful the
Bayer is trying to bring the Supreme Court will hear the
legal fight over Roundup to an case and reverse the Harde-
end, petitioning the U.S. Su- man decision. If the decision is
preme Court last year to inval- left standing, “it would under-
idate a $25 million jury verdict mine the ability of companies
in the case of California resi- to rely on official actions taken
dent Edwin Hardeman. He has by expert regulatory agencies
blamed Roundup for causing and to meet today’s pressing
his cancer. food security and environmen-
Last month, Bayer’s stock tal challenges,” a Bayer
fell 6.2% the day after the U.S. spokesman said in an email.
Justice Department recom- The Supreme Court could
mended the court reject that decide as soon as Thursday on
ceived an injury report related problem with service bulletins
to the tire’s use on an RV in 14 and customer educational cam-
years. paigns. The agency said Good-
NHTSA, in a follow up re- year was fully aware of the
sponse, disputed Goodyear’s higher failure rate in RVs and
claim that the tire isn’t defec- resulting fatalities and still
tive, saying that by filing a re- didn’t recall the tires.
call notice it was acknowledg- Lawyers representing clients
who have brought claims
against Goodyear related to the
tire, as well as auto-safety ad-
The Akron, Ohio, vocates, have alleged for years
tire maker has that the G159 was defective
when used on RVs, citing a high
received more than rate of failure in a relatively
600 claims. small population of tires sold.
The tire maker has said it
has settled more than 40 law-
suits involving the G159 tire.
ing the product has a defect In 2018, Goodyear said it be-
that poses a safety risk. The lieved the tire wasn’t defective,
agency also said in a February and earlier this year it denied a
letter to Goodyear that the request from NHTSA to recall
company appeared to be aware the tire, the regulator said
of the safety defect as early as Tuesday. In the recall notice,
2002 and rather than recall the Goodyear said it had agreed to
tire, it tried to remedy the the recall to address concerns
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Bayer
Corteva
Index
Euro Stoxx
50 Index
BASF SE
April May June
whether to hear the case.
The continued uncertainty
is enough for some investors
to avoid the stock. “I just can’t
take the litigation risk,” said
Kay Eyre, a portfolio manager
at Scotland-based investment
firm Abrdn.
Bayer’s stock has recovered
from the selloff in May, dem-
onstrating its appeal to some
investors’ willingness to bet
on its improving operations
and comparatively low valua-
tion, analysts said. Bayer
trades at close to nine times
forecast earnings, according to
S&P Global Market Intelli-
gence. That compares to 23
times for Indianapolis-based
Corteva. Corteva’s stock is up
32% year to date.
The promise of Bayer’s
pharmaceutical division is an-
other differentiating factor,
analysts said. Its pipeline of
potential new drugs includes
an oral blood thinner known
as Asundexian that aims to
prevent strokes and blood
clots without the risk of caus-
ing excessive bleeding. The
drug is expected to enter
later-stage trials in the coming
months and if successful could
be worth more than $6 billion
in annual revenue, Citigroup
analyst Peter Verdult esti-
mates.
“After years you finally
have an improving narrative
across the group,” Mr. Verdult
said.
that some of these tires might
still be in the marketplace or in
use.
Goodyear’s stock closed
down 0.4% Tuesday.
NHTSA has said it opened its
investigation into the G159 af-
ter a judge in one of the settled
lawsuits involving the tire au-
thorized the release of crash
and injury records that had
previously been sealed under
protective orders and confiden-
tiality agreements. The agency
said in the February letter that
Goodyear’s secrecy prevented
the release of injury and crash
data, even to NHTSA.
Complaints to NHTSA about
the tire, which date to the late
1990s, describe severe crashes.
In one case, an RV owner said a
G159 tire used on a motor home
“exploded without warning,”
causing them to lose control of
the vehicle and hit a sidewall
barrier on the highway.
Camden – 9 single family rentals
Florence/Maple Shade/
Beverly/Burlington –
10 single family rentals, 2 multifamily
Trenton –
23 single family rentals, 6 multifamily
South/Central Counties –
9 land parcels from 0.5 to 160 acres
Buena/Lumberton/Winslow –
2 single family rentals, 1 multifamily
Camden/Woodbury –
2 commercial properties
B8 | Wednesday, June 8, 2022 NY THE WALL STREET JOURNAL.

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading session. PrecisionDrilling PDS 85.87 2.0 Valhi VHI 54.00 5.7 BerensonAcqnIWt BACA.WS 0.14 -13.8 DreamFinders DFH 14.46 -2.7 IMV IMV 0.85 -3.6 OusterWt OUST.WS 0.29 -1.0 SeritageGrwPfdA SRGpA 15.90 -0.6
PrimeEnergy PNRG 93.00 1.1 VentouxCCM VTAQ 10.19 0.1 BigBear.aiWt BBAI.WS 0.39 0.1 DynamicsSpec DYNS 7.96 -6.3 I-Mab IMAB 8.05 7.6 OxbridgeAcqnWt OXACW 0.11 -12.5 7GC Wt VIIAW 0.12 -14.3
ProFrac PFHC 23.11 11.9 VenusAcqn VENA 10.24 0.1 BiomX PHGE 0.60 3.9 EQONEX EQOS 0.90 -7.0 InflectionPointWt IPAXW 0.08 -51.9 PMV Pharm PMVP 10.02 -21.7 ShapewaysWt SHPW.WS 0.13 -8.0
Tuesday, June 7, 2022
Progressive PGR 121.36 0.9 Veritiv VRTV 161.10 2.1 BiotechAcqnWt BIOTW 0.07 -15.3 ESSTechWt GWH.WS 0.52 2.4 Innovid CTV 2.15 -3.0 PRA Group PRAA 35.99 1.0 SharpsTech STSS 0.95 -1.5
52-Wk % 52-Wk % 52-Wk % ProPhaseLabs PRPH 11.00 2.1 BRDS 0.64 -4.8 EagleBancorp EGBN 47.34 1.2 InterPrivateIII Wt IPVF.WS 0.41 13.1 PCGpI 18.00 -0.1 ShiftTech SFT 0.85 -3.8
VermilionEnergy VET 24.99 6.1 BirdGlobal PacGE pfI
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Shineco SISI 1.44 5.9
RangeResources RRC 37.20 3.7 VertexEnergy VTNR 18.10 6.4 BitOrigin BTOG 0.41 -11.9 EdifyAcqnWt EACPW 0.07 9.5 Invitae NVTA 2.83 1.7 PardesBiosci PRDS 4.65 -12.0
DelekUS DK 34.43 5.2 LaredoPetrol LPI 117.56 9.7 RangerOil ROCC 52.79 8.8 ViperEnergyPtrs VNOM 35.59 1.6 Blackboxstocks BLBX 1.34 2.2 EffectorWt EFTRW 0.09 114.7 Iridex IRIX 2.85 ... PearTherapeuticsWt PEARW 0.26 -7.9 SoYoungIntl SY 0.90 2.6
Highs DenaliCapAcqnWt DECAW 0.11 -5.0 LibertyRscsAcqn LIBYU 11.10 10.0 RattlerMidstrm RTLR 18.09 2.7 Vistra VST 27.39 3.4 BlueApron APRN 2.64 -3.2 EffectorTherap EFTR 1.21 -6.5 JupiterAcqnWt JAQCW 0.07 -16.8 PA Reit PEI 0.31 -1.3 Sonder
Sonendo
SOND
SONX
1.62 1.1
2.43 -3.2
DiamondbkEner FANG 161.06 2.9 MagnoliaOil MGY 29.73 5.1 RechargeAcqnA RCHG 10.01 0.1 W&T Offshore WTI 8.96 11.6 BlueRiverWt BLUA.WS 0.11 -18.2 EmbarkTechWt EMBKW 0.18 -14.3 KairousAcqnUn KACLU 10.01 -4.6 PepperLimeWt PEPLW 0.23 -27.9
AAR AIR 52.83 5.0 SonnetBio SONN 0.23 2.5
DuneAcqnA DUNE 10.00 0.2 MarathonPetrol MPC 113.66 3.9 SM Energy SM 54.43 3.7 WesternMidstrm WES 29.48 2.3 Boxed BOXD 3.43 -35.2 EmbarkTech EMBK 0.89 -1.4 Kaspien KSPN 2.75 -0.7 Personalis PSNL 3.41 9.7
APA APA 51.92 5.8 SophiaGenetics SOPH 3.10 -9.7
DynagasLNG DLNG 4.48 4.3 MatadorRscs MTDR 66.75 4.5 SabineRoyalty SBR 87.65 2.9 WeycoGroup WEYS 29.78 2.1 BrickellBiotech BBI 0.14 -3.8 EnelAmericas ENIA 5.10 -0.6 Kirkland's KIRK 4.50 5.9 PhaseBioPharm PHAS 0.62 -10.4
AequiAcqnA ARBG 9.88 0.1 SoundHoundAI SOUN 3.81 -2.4
EOG Rscs EOG 146.26 3.4 MetalSkyStarRt MSSAR 0.14 2.3 SanJuanBasin SJT 14.43 3.8 WhiteMtnIns WTM 1277.65 1.3 BrightGreen BGXX 2.59 3.0 enVVenoMed NVNO 3.77 -4.7 LamfGlbI Wt LGVCW 0.13 -51.5 PivotalInvtIII Wt PICC.WS 0.13 8.2
AllianceResource ARLP 21.24 1.7 SuRoCapNts2026 SSSSL 24.80 0.1
EarthstoneEner ESTE 22.25 7.5 MurphyCanyonWt MURFW 0.20 5.0 SandersonFarms SAFM 202.13 0.4 WhitingPetrol WLL 100.11 5.3 BrooklynImmuno BTX 0.59 1.5 EpiphanyTechWt EPHYW 0.09 -22.5 LatchWt LTCHW 0.23 -11.5 PlumAcqnIWt PLMIW 0.18 -6.0
AlphaMetal AMR 186.98 3.9 SustDevtI Wt SDACW 0.10 -21.3
8iAcqn2 LAX 10.40 0.1 MurphyOil MUR 45.41 4.4 SandRidgeEnergy SD 28.38 5.5 BullpenParlayWt BPACW 0.12 -2.7 EsportsEnt10%PfdA GMBLP 4.60 -7.2 LearnCWInvtWt LCW.WS 0.19 -8.3 PluristemTherap PSTI 1.06 ...
AmplifyEnergy AMPY 9.86 -0.9
AnteroResources AR 48.52 4.5
Enbridge
Enerplus
ENB
ERF
47.60
17.68
0.9
3.9
NL Industries NL
NationalFuelGas NFG
9.92
75.49
3.8
1.8
Schlumberger SLB 49.08
ScorpioTankers STNG 37.02
3.6
2.2
Lows BurningRockBio BNR
CanopyGrowth CGC
2.09 -1.8 EssexProp ESS
4.01 3.7 ExactSciences EXAS
274.50 2.4
45.25 3.0
LefterisAcqnWt LFTRW
Locafy LCFY
0.09 -16.7
0.79 -3.6
PraxisPrecision PRAX
Progyny PGNY
1.70 -2.1
29.01 2.4
Sweetgreen SG
TCW Spac Wt TSPQ.WS
16.01 -0.7
0.12 -14.0
AspenTech AZPN 210.60 4.4 EnLinkMid ENLC 11.77 3.2 NaturalGasSvcs NGS 15.00 -1.4 SenecaFoods B SENEB 58.60 1.8 AlxOncology ALXO 7.01 8.4 TelaBio TELA 5.22 -2.6
Carvana CVNA 23.60 2.1 ExelaTech XELA 0.19 -5.4 LocalBounti LOCL 3.77 5.3 ProvidentAcqnWt PAQCW 0.19 -13.6
BP BP 34.20 3.3 EnterpriseProd EPD 28.49 1.1 NewFortressEner NFE 52.37 1.4 SenecaFoods A SENEA 58.26 1.0 AN2 Therap ANTX 9.00 -20.2 TOP Ships TOPS 0.57 -2.2
CascadiaAcqnWt CCAIW 0.07 -0.1 Figs FIGS 7.97 -0.5 LuciraHealth LHDX 1.72 ... QualTekSvcsWt QTEKW 0.13 63.6
BP Prudhoe BPT 25.96 1.1 Envela ELA 6.50 5.7 NexTierOilfield NEX 12.39 4.9 Shell SHEL 61.68 2.4 ASPACIAcqnWt ASCAW 0.08 -20.0 T2Biosystems TTOO 0.18 -5.1
CazooWt CZOO.WS 0.10 -26.9 FangddNetwork DUO 2.29 -4.9 LumiraDx LMDX 2.67 31.5 QuanergySystems QNGY 0.42 -11.7
BancFirst BANF 96.99 -0.1 XOM 103.43 4.6 NorthernOil&Gas NOG 35.85 4.7 Absci ABSI 3.15 -1.5 TailwindIntlWt TWNI.WS 0.09 -19.0
ExxonMobil ShelterAcqnI SHQA 10.35 0.2 cbdMD YCBD 0.48 1.4 FastRadius FSRD 0.39 -6.9 Macrogenics MGNX 3.01 6.9 QuoinPharm QNRX 0.46 -15.6
BeaconRoof BECN 65.30 3.7 10.50 ... 492.30 2.8 ActelisNtwks ASNS 1.27 0.7 TenonMedical TNON 2.53 -5.3
FG Merger FGMC NorthropGrum NOC SilverBowRscs SBOW 47.02 5.3 cbdMD PfdA YCBDpA 3.29 -1.1 FathomDigitalWt FATH.WS 0.43 -8.2 MagnumOpusWt OPA.WS 0.08 -12.8 REV REVG 9.50 -16.4
Berkley WRB 72.32 1.0 AetheriumWt GMFIW 0.08 -20.0 TheseusPharm THRX 5.56 ...
FTI Consulting FCN 172.69 1.3 NorthwestPipe NWPX 34.94 1.1 StealthGas GASS 4.11 10.0 Celsion CLSN 2.10 1.4 FinTechEvolWt FTEV.WS 0.08 -15.8 MarathonDigital MARA 8.32 -2.7 RMGAcqnIIIWt RMGCW 0.15 18.0
BrighamMin MNRL 33.14 2.9 Affimed AFMD 2.77 5.0 ThredUp TDUP 3.72 -3.2
FoxWayneEntsA FOXW 10.13 0.2 OasisPetrol OAS 178.25 5.1 StoneX SNEX 80.33 1.2 Centogene CNTG 2.30 3.0 FirstAdvantage FA 14.10 -1.0 Markforged MKFG 2.21 -3.8 RaniTherap RANI 9.10 -4.9
BrooklineCap BCAC 10.16 0.1 AgiosPharm AGIO 18.02 6.8 TioTechA Wt TIOAW 0.11 -19.4
GabelliPfdA GLUpA 51.39 -2.5 ObsidianEnergy OBE 11.88 3.8 SuncorEnergy SU 42.23 1.6 Cepton CPTN 1.90 -15.8 FloraGrowth FLGC 0.82 0.6 Maximus MMS 62.79 -0.5 RealBrokerage REAX 1.40 -2.1
CHS Pfd CHSCP 32.60 0.6 AIkidoPharma AIKI 4.30 9.8 ToughBuiltInds TBLT 4.16 10.6
GasLogPartners GLOP 6.88 10.0 OilStatesIntl OIS 8.82 8.9 TalosEnergy TALO 25.15 6.6 ChinaSXTPharm SXTC 1.66 -4.9 FortressBioPfdA FBIOP 18.18 -2.1 MedicalProp MPW 16.90 2.6 RechargeAcqnWt RCHGW 0.04 -28.6
CNX Resources CNX 23.57 1.9 AltitudeAcqnWt ALTUW 0.05 -9.4 TradeUPAcqnWt UPTDW 0.10 -3.2
GenesisGrowth GGAAU 10.15 0.3 Ovintiv OVV 62.29 4.9 TeckRscsB TECK 45.90 3.1 ClearwaterAnalytic CWAN 13.07 4.5 FortressValueIV Wt FVIV.WS 0.22 -7.5 Medtronic MDT 94.57 1.0 Recruiter.com RCRT 0.86 0.3
CONSOL Energy CEIX 59.38 5.4 AppliedTherap APLT 1.11 6.0 TrajectoryWt TCOA.WS 0.09 -27.3
GenesisGrowthWt GGAAW 0.40 12.5 PBF Energy PBF 43.74 8.5 TetraTech TTI 5.75 2.7 ClimateRockRt CLRCR 0.10 16.9 FrazierLifesWt FLACW 0.06 14.0 MeihuaIntlMed MHUA 5.13 -11.6 Recruiter.comWt RCRTW 0.13 22.5
CVB Fin CVBF 25.15 0.8 ArchCapitalPfdG ACGLN 20.11 0.1 TribeCapGrwI Wt ATVCW 0.16 -34.6
GenieEnergy GNE 8.87 2.3 PBF Logistics PBFX 17.51 0.2 TexasPacLand TPL 1756.00 5.3 Codexis CDXS 9.39 4.8 FrequencyElec FEIM 7.00 -7.4 Mesoblast MESO 3.00 ... Regis RGS 0.62 -2.7
43.61 8.1 TuataraCap TCACU 8.20 3.3
CVR Energy CVI GeoPark GPRK 18.10 1.2 PDC Energy PDCE 86.78 1.1 TimkenSteel TMST 26.22 8.8 ArtemisStratInvtWt ARTEW 0.12 -7.7 CodiakBioSci CDAK 2.21 31.3 Frontdoor FTDR 23.52 2.2 MetalSkyStarWt MSSAW 0.05 -16.7 RibbitLeapWt LEAP.WS 0.20 -15.0 TuataraCapA TCAC 8.26 -2.7
CapitalworksEMA CMCA 10.50 0.3 GranTierraEner GTE 2.03 9.2 PHX Minerals PHX 4.42 5.5 TItanIntl TWI 19.66 0.6 Augmedix AUGX 1.78 -2.6 CohnRobbinsWt CRHC.WS 0.50 0.9 GMedInnov GMVD 0.51 -9.5 ModivPfdA MDVpA 24.23 -0.3 RigelPharm RIGL 1.59 6.7 UnityBiotech UBX 0.66 -1.2
CenovusEnergy CVE 24.86 3.5 Griffon GFF 33.38 1.4 PacWestBncpPfdA PACWP 26.10 -0.6 TotalEnergies TTE 60.35 1.4 AuraFatProjectsWt AFARW 0.08 -20.0 ColiseumAcqnWt MITAW 0.10 -11.6 G Willi-Food WILC 15.39 -1.7 MolecularData MKD 0.61 -7.1 RiotBlockchain RIOT 5.82 -3.1 Vacasa VCSA 3.63 -6.5
CenovusEnergyWt CVE.WS 19.54 4.1 GulfportEnergy GPOR 107.89 2.0 ParPacific PARR 20.16 11.5 TransGlobeEner TGA 5.24 2.0 AutoWeb AUTO 0.44 -3.4 Colonnade II Wt CLAA.WS 0.11 -0.7 GardinerHlthcrWt GDNRW 0.12 -25.0 MontereyBioAcqnWt MTRYW 0.03 -61.1 RocketInternetWt RKTA.WS 0.15 -17.8 Vaxxinity VAXX 2.85 -11.5
ClimateRockRt CLRCR 0.14 16.9 HF Sinclair DINO 57.59 6.0 Parsons PSN 41.84 3.0 US Oil Fund USO 90.11 1.9 BarkWt BARK.WS 0.18 -25.0 ComeraLifeSci CMRA 1.51 1.9 GauchoGroup VINO 0.78 -5.1 MyriadGenetics MYGN 18.36 -0.1 S&W Seed SANW 1.15 ... Velo3D VLD 1.92 ...
CocaColaCon COKE 656.11 -0.1 Halliburton HAL 42.68 2.9 PembinaPipeline PBA 42.41 2.2 UnitedFire UFCS 33.49 -0.1 Bark BARK 1.51 -3.0 ComeraLifeWt CMRAW 0.08 20.9 GlblSpacWt GLSPW 0.10 -20.5 Nephros NEPH 1.51 -6.3 SDCLEDGEAcqnUn SEDA.U 9.73 -0.1 Velo3DWt VLD.WS 0.36 2.5
ComstockRscs CRK 21.53 2.0 Harte-Hanks HHS 10.42 4.7 PenskeAuto PAG 121.19 0.6 USComdtyIndxFd USCI 62.13 0.6 BM Tech BMTX 5.96 -3.0 Conn's CONN 10.00 -2.3 GoGreenInvtsWt GOGN.WS 0.18 -5.0 NextNav NN 2.66 7.1 SDCLEDGEAcqnWt SEDA.WS 0.16 -0.6 ViscogliosiBrosWt VBOCW 0.11 -15.4
ConocoPhillips COP 122.71 4.5 Helm&Payne HP 53.65 1.2 PermianBasin PBT 20.17 2.6 US12mthNtlGas UNL 28.47 0.6 ByteAcqnWt BYTSW 0.05 -38.7 ConveyHealth CNVY 4.50 -1.8 GoodWorksII Wt GWIIW 0.05 -55.2 NextNavWt NNAVW 0.37 19.0 SLGreenRealty SLG 57.26 1.3 VisionaryEduc VEDU 1.18 -2.4
ContinentalRscs CLR 72.96 2.4 HuronConsulting HURN 61.86 0.9 PermianvilleRT PVL 5.37 4.0 US12moOilFd USL 44.47 1.9 BannerAcqnWt BNNRW 0.17 -26.6 CoreScientific CORZ 2.35 0.4 GoodRx GDRX 7.26 -0.9 NightDragonWt NDACW 0.26 -9.2 SVF Invt 3 SVFC 9.01 -1.6 VoltaWt VLTA.WS 0.37 -20.8
CrescentPoint CPG 10.42 5.7 IntlSeaways INSW 24.99 1.8 Phillips66 PSX 109.98 3.7 VOC Energy VOC 8.81 2.1 Bausch+Lomb BLCO 15.42 -3.2 CresceraCapWt CRECW 0.04 15.7 GromSocialEnts GROM 0.53 -5.5 NobleRockWt NRACW 0.12 -16.8 SachemNts2027 SCCE 23.02 -0.7 VornadoRealty VNO 32.39 1.9
DarlingIngred DAR 87.59 4.1 JaguarGlblGrowthI JGGCU 11.18 1.1 Photronics PLAB 22.96 2.0 ValeroEnergy VLO 145.37 4.6 BellicumPharm BLCM 1.00 -15.0 Cronos CRON 2.80 5.6 HamiltonLaneI Wt HLAHW 0.12 -18.4 NorthernGenIII Wt NGC.WS 0.33 -5.7 Sanfilippo JBSS 71.30 -1.9 Waitr WTRH 0.15 -5.8
D-MarketElec HEPS 0.94 -7.4 HealthpeakProp PEAK 28.14 0.9 OdysseyMarine OMEX 2.92 -9.8 SaratogaNts2027 SAT 24.50 -0.2 WarburgPinI-A Wt WPCA.WS 0.28 -1.3
DTRTHealthWt DTRTW 0.03 -0.5 HeronTherap HRTX 2.60 2.6 OnyxAcqnIWt ONYXW 0.12 -22.2 SciStratWt SSAAW 0.09 -33.0 WarnerBrosA WBD 16.33 1.9

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Dave

DelcathSystems DCTH
DAVE 1.35 -6.2 HilleVax
3.82 -8.4 Hut8Mining
HLVX
HUT
8.63 -11.5
2.08 2.7
OraSureTechs OSUR
Organovo ONVO
3.20 -1.2
2.22 -3.9
SCWorx
SeaSpine
WORX
SPNE
0.67 -2.0
7.54 0.8
YunhongCTI
Zendesk
CTIB
ZEN
0.67 -3.7
83.99 0.5
DenaliCapAcqnWt DECAW 0.10 -5.0 IDT IDT 24.46 -1.6 OtonomoTechWt OTMOW 0.09 -30.8 SemperParatusWt LGSTW 0.15 -14.6 ZimmerEnerWt ZTAQW 0.14 -32.1
Disruptive I Wt DISAW 0.11 ... IG Acqn Wt IGACW 0.12 -14.5 Ouster OUST 1.92 -8.9 SeritageGrowth SRG 7.45 5.9 ZosanoPharma ZSAN 0.56 0.6

Money Rates June 7, 2022

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Exchange-Traded Portfolios | WSJ.com/ETFresearch
guide to general levels but don’t always represent actual transactions.
Closing Chg YTD
Week —52-WEEK— Week —52-WEEK— Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Inflation Latest ago High Low Latest ago High Low
SPDR S&PMdCpTr MDY 469.13 1.31 –9.4
April index Chg From (%) Tuesday, June 7, 2022 Closing Chg YTD
ETF Symbol Price (%) (%) SPDR S&P 500 SPY 415.74 0.96 –12.5
level March '22 April '21 Federal funds Libor Closing Chg YTD SPDR S&P Div SDY 128.08 0.81 –0.8
Effective rate 0.8300 0.8400 0.8500 0.0600 One month 1.19029 1.11986 1.19029 0.07263 ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 42.73 0.31 –12.5 TechSelectSector XLK 141.67 1.19 –18.5
U.S. consumer price index High 0.9500 0.9500 0.9700 0.0700 Three month 1.69043 1.61071 1.69043 0.11413 CnsmrDiscSelSector XLY 154.15 –0.25 –24.6 iShMSCIEAFEValue EFV 49.81 0.57 –1.2 UtilitiesSelSector XLU 75.13 0.60 5.0
iShNatlMuniBd MUB 107.69 –0.03 –7.4 VangdInfoTech VGT 365.21 1.33 –20.3
All items 289.109 0.56 8.3 Low 0.8000 0.8100 0.8300 0.0100 Six month 2.23843 2.10600 2.23843 0.14663 CnsStapleSelSector XLP 74.24 0.53 –3.7
DimenUSCoreEq2 DFAC 25.99 0.97 –10.3 iSh1-5YIGCorpBd IGSB 50.96 0.10 –5.4 VangdSC Val VBR 171.59 1.16 –4.1
Core 290.846 0.53 6.2 Bid 0.8300 0.8300 0.8300 0.0400 One year 2.88957 2.74000 2.88957 0.21950 iShPfd&Incm PFF 34.64 0.58 –12.1 VangdExtMkt VXF 148.59 1.44 –18.7
EnSelectSectorSPDR XLE 92.08 2.99 65.9
Offer 0.8700 0.8700 0.8800 0.0600 FinSelSectorSPDR XLF 35.24 0.77 –9.8 iShRussell1000Gwth IWF 240.50 0.94 –21.3 VangdSC Grwth VBK 220.05 1.44 –21.9
International rates Secured Overnight Financing Rate HealthCareSelSect XLV 131.53 1.30 –6.6 iShRussell1000Val IWD 160.74 1.10 –4.3 VangdDivApp VIG 154.36 0.81 –10.1
Treasury bill auction 0.78 0.78 0.80 0.01 IndSelSectorSPDR XLI 97.24 1.34 –8.1
iShRussell2000 IWM 190.90 1.61 –14.2 VangdFTSEDevMk VEA 45.62 0.24 –10.7
Week 52-Week iShRussellMid-Cap IWR 73.23 1.24 –11.8 VangdFTSE EM VWO 43.90 0.50 –11.2
Latest High Low
4 weeks 0.860 0.740 0.860 0.000 InvscQQQI QQQ 309.87 0.86 –22.1
iShRussellMCValue 115.93 1.20 –5.3
ago Value 52-Week 150.13 0.95 –7.8
IWS VangdFTSE Europe VGK 59.89 0.25 –12.2
13 weeks 1.230 1.120 1.230 0.025 Latest Traded High Low
InvscS&P500EW RSP
iShRussell1000 IWB 229.42 1.04 –13.2 VangdFTSEAWxUS VEU 54.91 0.38 –10.4
iShCoreDivGrowth DGRO 51.48 0.88 –7.4
Prime rates 26 weeks 1.710 1.580 1.710 0.040 iShS&P500Growth IVW 66.37 0.88 –20.7 VangdGrowth VUG 246.36 0.91 –23.2
iShCoreHiDividend HDV 109.63 1.27 8.6
DTCC GCF Repo Index iShCoreMSCIEAFE IEFA 66.04 0.23 –11.5
iShS&P500Value IVE 151.44 1.04 –3.3 VangdHlthCr VHT 241.32 1.41 –9.4
U.S. 4.00 4.00 4.00 3.25 Secondary market iShShortTreaBd SHV 110.17 ... –0.2 VangdHiDiv VYM 112.08 1.07 –0.02
Canada 3.20 3.20 3.20 2.45 Treasury 0.766 33.160 0.810 0.004 iShCoreMSCIEM IEMG 52.64 0.36 –12.1
iShTIPSBondETF TIP 117.82 0.24 –8.8 VangdIntrCorpBd VCIT 81.64 0.29 –12.0
MBS 0.813 33.050 0.835 0.009 iShCoreMSCITotInt IXUS 63.25 0.38 –10.8
Japan 1.475 1.475 1.475 1.475 Fannie Mae iShCoreS&P500 IVV 417.46 0.93 –12.5
iSh1-3YTreasuryBd SHY 83.02 0.01 –2.9 VangdLC VV 190.06 1.02 –14.0
iSh7-10YTreasuryBd IEF 102.20 0.40 –11.1 VangdMC VO 221.34 1.30 –13.1
30-year mortgage yields Notes on data: iShCoreS&P MC IJH 256.56 1.30 –9.4
Policy Rates iSh20+YTreasuryBd TLT 115.12 1.08 –22.3 VangdMC Val VOE 146.17 1.18 –2.8
30 days 4.833 4.581 4.972 2.216 U.S. prime rate is the base rate on corporate iShCoreS&P SC IJR 103.77 1.08 –9.4
iShUSTreasuryBdETF GOVT 23.96 0.42 –10.2 VangdMBS VMBS 48.15 0.33 –8.9
Euro zone 0.00 0.00 0.00 0.00 60 days 4.922 4.640 5.074 2.261 loans posted by at least 70% of the 10 largest iShS&PTotlUSStkMkt ITOT 92.56 1.04 –13.5 JPM UltShtIncm JPST 50.17 0.02 –0.6 VangdRealEst VNQ 99.31 1.38 –14.4
Switzerland 0.00 0.00 0.00 0.00 U.S. banks, and is effective May 5, 2022. Other iShCoreTotalUSDBd IUSB 47.44 0.34 –10.4 33.33 2.43 –59.9
ProShUltPrQQQ TQQQ VangdS&P500ETF VOO 382.17 0.98 –12.5
prime rates aren’t directly comparable; lending iShCoreUSAggBd AGG 102.58 0.38 –10.1
Britain 1.00 1.00 1.00 0.10 Other short-term rates SPDRBlm1-3MTB BIL 91.42 –0.01 –0.01 VangdST Bond BSV 77.09 0.04 –4.6
practices vary widely by location; Discount rate iShSelectDividend DVY 131.37 1.01 7.2 SPDR Gold GLD 172.94 0.65 1.2 VangdSTCpBd VCSH 76.93 0.05 –5.3
Australia 0.35 0.35 0.35 0.10 is effective May 5, 2022. Secured Overnight iShESGAwareUSA ESGU 92.72 1.06 –14.1 SPDRS&P500Value SPYV 40.60 0.94 –3.3 VangdShtTmInfltn VTIP 50.90 0.06 –1.0
Week 52-Week Financing Rate is as of June 6, 2022. DTCC GCF iShEdgeMSCIMinUSA USMV 73.71 0.78 –8.9 48.90 –12.4
Overnight repurchase SPDRPtfS&P500 SPLG 0.95 VangdShortTermTrea VGSH 59.05 0.03 –2.9
Latest ago high low Repo Index is Depository Trust & Clearing iShEdgeMSCIUSAQual QUAL 124.31 1.03 –14.6 34.98 –10.0
SchwabIntEquity SCHF 0.34 VangdSC VB 199.66 1.23 –11.7
U.S. 0.72 0.79 0.80 0.00 Corp.'s weighted average for overnight trades in iShGoldTr IAU 35.21 0.66 1.1 SchwabUS BrdMkt SCHB 48.89 1.01 –13.5 VangdTaxExemptBd VTEB 50.64 –0.22 –7.8
Call money applicable CUSIPs. Value traded is in billions of iShiBoxx$HYCpBd HYG 78.23 0.23 –10.1 SchwabUS Div SCHD 78.88 0.96 –2.4 VangdTotalBd BND 75.96 0.34 –10.4
U.S. government rates 2.75 2.75 2.75 2.00
U.S. dollars. Federal-funds rates are Tullett iShiBoxx$InvGrCpBd LQD 112.99 0.53 –14.7 SchwabUS LC SCHX 49.28 1.00 –13.4 VangdTotIntlBd BNDX 49.98 0.18 –9.4
Prebon rates as of 5:30 p.m. ET. iShJPMUSDEmgBd EMB 90.34 0.59 –17.2 SchwabUS LC Grw SCHG 63.81 1.01 –22.1 VangdTotIntlStk VXUS 56.83 0.30 –10.6
Discount Commercial paper (AA financial) Sources: Federal Reserve; Bureau of Labor iShMBSETF MBB 98.21 0.41 –8.6 SchwabUS SC SCHA 44.20 1.33 –13.7 VangdTotalStk VTI 208.69 1.09 –13.6
Statistics; DTCC; FactSet; iShMSCI ACWI ACWI 92.78 0.76 –12.3 Schwab US TIPs SCHP 57.74 0.26 –8.2 VangdTotlWrld VT 94.26 0.74 –12.3
1.00 1.00 1.00 0.25 90 days 1.55 n.a. 1.58 0.06 iShMSCI EAFE EFA 70.19 0.30 –10.8
Tullett Prebon Information, Ltd. SPDR DJIA Tr DIA 332.17 0.83 –8.6 VangdValue VTV 144.87 1.13 –1.5

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CLASS ACTION BUSINESS OPPORTUNITIES CAREERS

Finance-Vice President
alliance mortgage fund (New York, NY): Structure & syndicate collat-
eralized loan obligations (CLO) products for key
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK 7%-8% Return
portfolio managers comprised of large financial
institutions, hedge funds, & insurance compa-
nies. Coordinate the entire deal flow from incep-
REAL ESTATE SECURED tion through closing, including working with mul-
Sullivan, et al. v. Barclays plc, et al. No. 13-cv-2811 (PKC) FIXED INCOME FUND
tiple different external stakeholders. Conduct
portfolio analysis using statistical modeling &
analysis (probability distribution functions &
SEEKING RIA’S & Monte Carlo simulations). Apply Rating Agency
SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT methodology for structuring deal cash flows.
ACCREDITED INVESTORS Use comprehensive financial models to run var-
If you transacted in Euribor Products1 between June 1, 2005 and March 31, 2011, inclusive CALL: ious return scenarios, including analysis & un-
derstanding of different iterations & nuances of
(“Class Period”), then your rights will be affected by a pending class action settlement,
and you may be entitled to a portion of the settlement fund.
866-700-0600 mathematical modeling of cash flows generated
by products. Ensure deal documents are
drafted & executed appropriately. Negotiate
ALLIANCE MORTGAGE FUND deal related items with market investors & man-
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 age negotiations between investors & clients.
The purpose of this Notice is to inform you of your rights in connection with the Members who either previously submitted a Claim Form in connection with an www.AllianceMortgageFund.com Coordinate origination efforts for select clients
proposed settlement with Settling Defendants Crédit Agricole S.A. and Crédit Agricole earlier settlement in the Action or submit a valid Claim Form before the claims filing & investors, including managing key relation-
CIB (collectively, “Crédit Agricole”) in the action titled Sullivan, et al. v. Barclays plc, deadline may receive a share of the Settlement Fund after they are reduced by the ships, evaluating prospective deals, & pitching
et al., 13-cv-2811 (PKC) (S.D.N.Y.). The settlement with Crédit Agricole (the
“Settlement”) is not a settlement with any other Defendant and thus is not dispositive
payment of certain expenses. The Settlement Agreement, available on the Settlement
Website, describes all of the details about the proposed Settlement. The exact amount
ATTENTION new mandates where possible. Lead & train
new team members. Apply knowledge of struc-
tured products & credit markets, including anal-
of any of Plaintiffs’ claims against other Defendants. each qualifying Settlement Class Member will receive from the Settlement Fund
cannot be calculated until (1) the Court approves the Settlement; (2) certain amounts
For collection or write-off ysis & understanding of different dynamics af-
fecting the pricing of products. Req’s Master’s
The Settlement has been proposed in a class action lawsuit concerning the alleged
manipulation of the Euro Interbank Offered Rate (“Euribor”) and the prices of Euribor
identified in the full Settlement Agreement are deducted from the Settlement Fund; USD 100 million from degr plus 3 yrs exp or Bachelor’s degr plus 5
yrs exp. Please forward your resume to Credit
and (3) the number of participating Class Members and the amount of their claims are
Products during the Class Period. The Settlement provides a total of $55 million to pay
claims from persons who transacted in Euribor Products during the Class Period. If you
determined. In addition, each Settlement Class Member’s share of the Settlement HSBC [Hong Kong] Suisse, P.O. Box DR-CS-064, 909 Third Ave-
nue, 15th Floor, New York, NY 10022. No
Fund will vary depending on the information the Settlement Class Member provides Contact: PCScompanies68@aol.com
qualify, you may potentially receive benefits from the Settlement if you (a) previously phone calls.
on their Claim Form.
submitted a Proof of Claim and Release form (“Claim Form”) in connection with prior
settlements in this Action or (b) submit a Claim Form by the deadline set forth below.
You can also choose to exclude yourself from the Settlement, or object to the
The number of claimants who send in claims varies widely from case to case. If
less than 100% of the Settlement Class sends in a Claim Form, you could get more Black Swan Insurance M & A BUSINESS BROKERS
Seeking investors for a 400+acres “Safe Haven”
Settlement. money. farm, located three hours from NYC. Premises Sell & Show Businesses
The United States District Court for the Southern District of New York (500 Pearl offers high operational security, above and below
St., New York, NY 10007-1312) authorized this Notice. Before any money is paid, the
How Do You Ask For a Payment? ground facilities, self-sustaining food supplies Oppty To Earn $200K to $500K
If you timely submitted a Claim Form pursuant to either: (1) the November 29, 2017 and part-time medical director for members. Min-
Court will hold a Settlement Hearing to decide whether to approve the Settlement.
Notice (the “2017 Notice”) related to the $94 million settlement with Defendants imum investment of $3M. Serious inquiries only. As Independent Contractor
Who Is Included? Barclays plc, Barclays Bank plc, and Barclays Capital Inc. (collectively, “Barclays”), Contact Jim: 646-325-4339 Work From Home / Outside Sales
the $45 million settlement with HSBC Holdings plc and HSBC Bank plc Email: jimart51@gmail.com
You are a “Settlement Class Member” if you purchased, sold, held, traded, or
otherwise had any interest in Euribor Products during the Class Period, and during the
(collectively, “HSBC”), and the $170 million settlement with Deutsche Bank AG and Leads Furnished Training Since
DB Group Services (UK) Ltd. (collectively, “Deutsche Bank”); and/or (2) the
Class Period were either domiciled in the United States or its territories or, if domiciled
December 19, 2018 Notice (the “2018 Notice”) related to the $182.5 million BUSINESS SERVICES 1985 Send Letter & Resume to:
outside the United States or its territories, you transacted in Euribor Products in the
settlement with Citigroup Inc. and Citibank, N.A. (collectively, “Citi”) and JPMorgan
United States or its territories during the Class Period. “Settlement Class Members”
Chase & Co. and JPMorgan Chase Bank, N.A. (collectively, “JPMorgan”), then YOU
brokers@gottesman-company.com
include, but are not limited to, all persons who during the Class Period traded CME
Euro currency futures contracts and options, all persons who during the Class Period
DO NOT HAVE TO SUBMIT A NEW CLAIM FORM TO PARTICIPATE in the ***TEMP LABOR STAFFING*** Visit: gottesman-company.com
Settlement with Crédit Agricole. Any Settlement Class Member who previously ACCELERON GROUP LLC
transacted in NYSE LIFFE Euribor futures and options from a location within the
United States, and all persons who during the Class Period traded any other Euribor
submitted a Claim Form in connection with the 2017 Notice and/or the 2018 Notice
IMMEDIATE HIGH-QUALITY TEMPS US Canada Europe Asia S America
will be subject to and bound by the releases set forth in the Settlement Agreement
Product from a location within the United States or its territories.
with Crédit Agricole, unless such member submits a timely and valid request for BEAT OUR COMPETITOR PRICING
Contact your brokerage firm to see if you purchased, sold, held, or traded or exclusion, explained below. SKILLED & UNSKILLED Financial Services
otherwise had any interest in Euribor Products. If you are not sure you are included,
If you are a Settlement Class Member and have not previously submitted a Claim WWW.ACCELERONGROUP.BIZ Morgan Stanley Smith Barney, LLC hiring for
following roles thruout facilities in NY, NY: Vice
you can get more information, including the Settlement Agreement,2 the Notice of
Proposed Class Action Settlement, October 4, 2022 Settlement Hearing Thereon, and
Form, you may seek to participate in the Settlement by submitting a Claim Form to 855-512-2235 | 888-51-ACCEL President, Wealth Management Field to assess
the Claims Administrator at the address in the Settlement Notice postmarked no later current mrkt conditions & help set medium/long-
Settlement Class Members’ Rights (the “Settlement Notice”), Plan of Allocation, Proof term strategy for Wealth Mgmt (WM) Field or-
than November 3, 2022. You may obtain a Claim Form on the Settlement Website or
of Claim and Release, and other important documents, at www.EuriborSettlement.com ganization w/ objective to increase Net Ac-
(“Settlement Website”) or by calling toll free 800-492-9154.
by calling the toll-free number referenced above. If you are a Settlement Class CAREERS quired Assets / Net New Assets (3179909); VP
Member and do not file a Claim Form, you will still be bound by the releases set forth to support Wealth Mgmt’s strategic objectives
in the Settlement Agreement if the Court enters an order approving the Settlement thru use & interpretation of data & analytical as-
What Is This Litigation About? To apply, send resume to: 3423@google.com. sets to deliver insights to Clients & Fin’l Advi-
Agreement.
Plaintiffs allege that during the Class Period, Defendants (including Crédit Must reference job code # below: sors (3197892); & Senior Vice President,
Agricole) conspired to manipulate and manipulated Euribor and the prices of Euribor Wealth Management Field to research
What Are Your Other Options? Product Marketing Lead (New York, NY) Design, mrktplace & provide clients w/ info on new & ex-
Products. Plaintiffs allege that Defendants did so by using several means of develop, & execute global marketing programs isting products & srvcs (3189929). All positions
All requests to be excluded from the Settlement must be made in accordance with
manipulation. For example, Plaintiffs allege that panel banks that made daily Euribor
the instructions set forth in the Settlement Notice and must be postmarked to the informed by market research & analysis to grow req rel degree &/or exp &/or skills. Multiple open
submissions to Thomson Reuters, falsely reported banks’ costs of borrowing in order various Google products. Job Code: 1615.49144 positions at various prof’l levels. For more info
Claims Administrator no later than August 23, 2022. All requests for exclusion must Exp Inc: media analytics, advertising sales, digital & to apply online, visit https://ms.taleo.net/
to financially benefit their Euribor Products positions. Plaintiffs also allege that
comply with the requirements set forth in the Settlement Notice to be honored. The media & marketing, & consulting; strategic & careersection/2/jobsearch.ftl?lang=en Scroll
Defendants requested that other Defendants make false Euribor submissions on their
Settlement Notice, available at the Settlement Website, explains how to exclude operational sales initiatives, quantitative analysis, down to “Join our team” heading & search for
behalf to benefit their Euribor Products positions. these opp’tys. No calls pls. EOE
yourself or object. If you exclude yourself from the Settlement Class, you will not be & industry research; cross-functional collaboration
Plaintiffs further allege that Defendants continuously conspired to fix the prices of bound by the Settlement Agreement and can independently pursue claims at your w/ stakeholders to define & remedy operational
Euribor Products in the over-the-counter market to financially benefit their own own expense. However, if you exclude yourself, you will not be eligible to share in problems; financial considerations to stakeholders
& internal teams, & financial analysis; marketing
COMMERCIAL REAL ESTATE
Euribor Products positions. In addition to coordinating Euribor submissions and the Net Settlement Fund or otherwise participate in the Settlement.
agreeing on where to price Euribor Products, Plaintiffs allege that to effectuate their analysis; presentations on market analyses,
alleged manipulations of Euribor and Euribor Products during the Class Period,
The Court will hold a Settlement Hearing in this case on October 4, 2022 at
3:45 p.m. (ET), to consider whether to approve the Settlement and a request by the
product strategy, or business strategy; analytics Real Estate for Sale
& presenting compelling insights to senior mgmt;
Defendants engaged in “pushing cash,” transmitted false bids and offers, used
derivative traders as submitters, and rigged bids and offers for Euribor Products.
lawyers representing all Settlement Class Members (Lowey Dannenberg, P.C. and corporate strategy w/ a focus on internet, media, MARTHA’S VINEYARD
Lovell Stewart Halebian Jacobson LLP) for an award of attorneys’ fees of no more tech, telecom, & consumer industries & functional
exposure to sales strategy, digital marketing;
DIRECT HARBORFRONT.
Plaintiffs have asserted legal claims under various theories, including the Sherman than sixteen and one-half percent (16.5%), or $9,075,000, of the Settlement Fund for 6 Luxury Apartments
Act, the Commodity Exchange Act, the Racketeering Influenced and Corrupt investigating the facts, litigating the case, and negotiating the settlement, and for solving complex business problems & executing
Organizations Act, and common law. reimbursement of their costs and expenses in the amount of no more than $1,000,000. complex strategic & operational initiatives; & DOCK. 9 DEEPWATER SLIPS. PRISTINE CONDITION
The Plaintiffs may also request no more than $400,000 from the Settlement Fund as manage global programs. Trvl Rq’d. Priced at: $12 Million
Crédit Agricole has agreed to enter into this Settlement Agreement, while denying Position reports to the Google NY office & may
the allegations brought in this action and maintaining that it has meritorious defenses
reimbursement of their own expenses and compensation for their time devoted to this Call: 781-264-3440
litigation. The lawyers for the Settlement Class may also seek additional allow for partial telecommuting
to Plaintiffs’ claims of liability and damages, in order to avoid further expense,
reimbursement of costs and expenses in connection with services provided after the
inconvenience and the distraction of burdensome and protracted litigation, and thereby
Settlement Hearing. These payments will also be deducted from the Settlement Fund DEA
to resolve this controversy and avoid the risks inherent in complex litigation.
before any distributions are made to the Settlement Class. Senior Associate Attorney
Senior Associate Attorney (Counsel) (Pri-
What Does the Settlement Provide? You may ask to appear at the Settlement Hearing, but you do not have to. For vate Equity and Borrower-Side Finance) LEGAL NOTICE
more information, call toll free 800-492-9154 or visit the website sought by Davis Polk & Wardwell LLP in New DEA NOTICE OF FORFEITURE
Under the Settlement, Crédit Agricole agreed to pay a total of $55 million into the York, NY to represent corporate clients and pri-
Settlement Fund. If the Court approves the Settlement, eligible Settlement Class www.EuriborSettlement.com. vate equity funds in complex commercial fi- SOUTHERN DISTRICT OF TEXAS
nancing transactions, including acquisition fi- $74,086.00 USC seized from Jesus
nancings and financing for related investment Cantu Gonzalez on 09/07/21 at
1 “Euribor Products” means any and all interest rate swaps, forward rate agreements, futures, options, structured products, and any other instrument or transaction related in transactions, in each case as a senior deal Applebee's Restaurant Parking Lot,
any way to Euribor, including but not limited to, New York Stock Exchange (“NYSE”) London International Financial Futures and Options Exchange (“LIFFE”) Euribor futures team member in charge of most aspects of the Houston, TX. Any person desiring to
contracts and options, Chicago Mercantile Exchange (“CME”) Euro currency futures contracts and options, Euro currency forward agreements, Euribor-based swaps, transaction. Position must work from and report
to the firm’s office at 450 Lexington Avenue, claim the above USC has 30 days from
Euribor-based forward rate agreements, and/or any other financial instruments that reference Euribor.
New York, NY 10017, however, partial telecom- 06/06/22 to file a claim with DEA,
2 The “Settlement Agreement” means the agreement between Plaintiffs and Crédit Agricole S.A. and Crédit Agricole CIB, entered into on March 10, 2022, and filed with the muting is permitted. Send resume to: Kristen 18050 Saturn Lane, Ste. 240, Nassau
Court in this action. Schulte at kristen.schulte@davispolk.com. Bay, TX 77058, Attn: DEA ARG/Group
Must specify job code JOKS Supervisor
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. HubSpot HUBS 370.29 14.69 LibertyGlobal B LBTYB 23.81 -0.08 NatWest NWG 5.86 0.02 Procter&Gamble PG 146.94 1.62 Snowflake SNOW 131.26 3.19 US Foods USFD 32.58 -0.09
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Humana HUM 449.78 5.68 LibertyGlobal A LBTYA 24.25 0.18 NetApp NTAP 71.46 0.59 s Progressive PGR 121.19 1.12 SOQUIMICH SQM 101.39 -2.13 Uber UBER 25.30 0.57
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four
JBHunt JBHT 176.57 -4.50 LibertyFormOne A FWONA 57.64 0.06 NetEase NTES 103.50 0.05 Prologis PLD 129.68 1.81 SolarEdgeTech SEDG 306.42 -0.46 Ubiquiti UI 275.39 4.01
that include primary market trades as well as quarters.
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. HuntingtonBcshs HBAN 13.75 0.05 LibertyFormOne C FWONK 62.97 -0.12 Netflix NFLX 198.61 1.47 PrudentialFin PRU 106.21 0.88 Sony SONY 92.64 0.34 UiPath PATH 20.40 1.01
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing HuntingIngalls HII 216.14 3.63 LibertyBraves A BATRA 26.69 0.12 Neurocrine NBIX 95.47 1.31 Prudential PUK 26.69 -0.11 Southern SO 75.69 0.34 UltaBeauty ULTA 421.02 7.29
Nasdaq ISE. standards Huntsman HUN 36.18 -0.03 LibertyBraves C BATRK 25.79 ... s NewFortressEner NFE 51.48 0.73 PublicServiceEnt PEG 68.95 0.56 SoCopper SCCO 64.89 0.81 Unilever UL 46.75 0.04
The list comprises the 1,000 largest companies lf-Late filing HyattHotels H 94.10 -1.02 LibertySirius C LSXMK 40.43 -0.44 NewellBrands NWL 21.14 -0.25 PublicStorage PSA 330.65 8.14 SouthwestAir LUV 44.88 0.46 UnionPacific UNP 228.75 3.58
based on market capitalization. q-Temporary exemption from Nasdaq IAC/InterActive IAC 88.34 0.36 LibertySirius A LSXMA 40.54 -0.36 Newmont NEM 68.38 0.52 PulteGroup PHM 45.30 0.18 SouthwesternEner SWN 9.60 0.26 UnitedAirlines UAL 46.45 1.69
Underlined quotations are those stocks with requirements. ICICI Bank IBN 18.98 0.01 LifeStorage LSI 117.16 2.15 NewsCorp A NWSA 17.57 0.19 PureStorage PSTG 27.90 0.14 Splunk SPLK 109.85 3.94 UnitedMicro UMC 9.05 0.17
large changes in volume compared with the t-NYSE bankruptcy ICL Group ICL 11.03 -0.13 EliLilly LLY 312.10 8.74 NewsCorp B NWS 17.84 0.15 Qiagen UPS 185.51 -1.60
QGEN 46.73 0.48 Spotify SPOT 109.43 -1.61 UPS B
issue’s average trading volume. v-Trading halted on primary market.
IdexxLab IDXX 376.79 4.57 LincolnElectric LECO 140.33 1.05 NexstarMedia NXST 176.49 1.49 Qorvo QRVO 111.54 1.71 StanleyBlackDck SWK 120.29 -0.03 UnitedRentals URI 312.68 5.41
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ING Groep ING 11.24 0.05 LincolnNational LNC 56.80 -0.10 NextEraEnergy NEE 79.78 -0.41 Qualcomm QCOM 141.89 1.45 Starbucks SBUX 79.47 0.49 US Bancorp USB 52.56 0.31
previous closing price was $2 or higher. or securities assumed by such companies. Invesco IVZ 19.10 0.17 Linde LIN 335.76 0.25 NielsenHoldings NLSN 25.57 0.23 QualtricsIntl XM 14.85 0.28 StarwoodProp STWD 23.72 0.29 UnitedTherap UTHR 228.62 2.78
IQVIA IQV 225.23 4.44 LithiaMotors LAD 308.28 -0.01 Nike NKE 121.67 1.44 QuantaServices PWR 133.74 2.34 StateStreet STT 73.01 1.60 UnitedHealth UNH 497.10 6.92
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and IcahnEnterprises IEP 51.30 0.28 LiveNationEnt LYV 96.11 0.95 NiSource NI 31.77 0.01 QuestDiag DGX 137.77 1.93 SteelDynamics STLD 85.82 3.46 UnitySoftware U 44.32 1.50
changes in the closing prices from 4 p.m. the previous day. Icon ICLR 229.69 1.97 LloydsBanking LYG 2.29 0.04 Nokia NOK 5.07 0.07 Stellantis STLA 14.95 -0.06 UniversalHealthB UHS 122.27 1.10
IDEX IEX 196.82 1.81 LockheedMartin LMT 456.30 12.89 NomuraHoldings NMR 3.84 0.02 R S Steris STE 227.16 5.26 UnumGroup UNM 37.14 -0.02
IllinoisToolWks ITW 210.14 1.97 Loews L 64.85 0.36 Nordson NDSN 222.06 0.80 STMicroelec STM 39.69 0.36 VF VFC 49.99 0.02
Tuesday, June 7, 2022 Net Net RELX RELX 28.13 0.18
Illumina ILMN 233.07 6.47 LogitechIntl LOGI 60.24 0.10 NorfolkSouthern NSC 249.40 4.72 Stryker SYK 230.70 2.55 VICI Prop VICI 32.11 -0.34
Net Stock Sym Close Chg Stock Sym Close Chg RH RH 306.09 -4.12
ImperialOil IMO 57.28 1.53 Lowe's LOW 195.65 -1.12 NorthernTrust NTRS 111.83 1.58 SumitomoMits SMFG 6.07 0.03 VailResorts MTN 257.69 -2.41
Stock Sym Close Chg Incyte INCY 74.91 1.02 Lucid LCID 18.96 -0.19 s NorthropGrum NOC 492.06 13.20 RPM RPM 88.98 0.61
Vale 18.65 0.11
BristolMyers BMY 76.59 1.34 DominionEner D 83.10 0.37 SunComms SUI 165.02 3.20 VALE
RalphLauren RL 106.53 0.70
A B C BritishAmTob BTI 45.21 0.99 Domino's DPZ 385.28 8.01 Infosys INFY 19.38 -0.05 LufaxHolding LU 6.41 0.07 NortonLifeLock NLOK 24.79 0.27
s SunLifeFinancial SLF 50.30 0.35 s ValeroEnergy VLO 145.08 6.39
50.40 1.07 lululemon LULU 306.19 4.57 Novartis NVS 88.88 0.21 RangeResources RRC 37.02 1.31
BrixmorProp BRX 24.11 0.36 DoorDash DASH 69.93 -0.02 IngersollRand IR s SuncorEnergy SU 41.97 0.66 VeevaSystems VEEV 192.06 3.11
PODD 219.89 7.87 LumenTech LUMN 11.85 0.12 NovoNordisk NVO 115.87 3.72 RaymondJames RJF 98.65 1.29
ABB ABB 31.60 0.05 Broadcom AVGO 572.99 11.76 Dover DOV 136.12 2.93 Insulet Suzano SUZ 11.10 -0.02 Ventas VTR 56.71 1.24
INTC 43.53 0.19 LyondellBasell LYB 112.30 2.47 Novocure NVCR 78.52 -0.36 RaytheonTech RTX 100.51 3.30
AECOM ACM 72.06 1.28 BroadridgeFinl BR 147.73 2.37 Dow DOW 67.37 0.30 Intel Switch SWCH 33.60 0.04 VeriSign VRSN 179.08 1.32
InteractiveBrkrs IBKR 60.58 -0.06 4.32 0.03 RealtyIncome O 68.06 1.08
AES AES 22.69 -0.02 BrookfieldMgt BAM 50.98 0.28 Doximity DOCS 36.92 0.32 NuHoldings NU SynchronyFin SYF 36.37 0.58 VeriskAnalytics VRSK 175.45 1.11
Aflac AFL 59.63 0.47 BrookfieldInfr BIP 63.33 0.23 DrReddy'sLab RDY 54.34 -0.56 ICE ICE 101.76 0.90 M N Nucor NUE 133.78 4.31 RegalRexnord RRX 132.31 1.18
SyneosHealth SYNH 75.32 1.08 Verizon VZ 51.65 0.41
InterContinentl IHG 63.54 0.61 NTR 89.52 -2.73 RegencyCtrs REG 66.35 1.40
AGCO AGCO 133.08 0.71 BrookfieldRenew BEPC 36.89 -0.53 DraftKings DKNG 12.95 -0.13 M&T Bank MTB 180.61 2.75
Nutrien Synopsys SNPS 329.53 0.74 VertxPharm VRTX 271.86 3.86
Ansys ANSS 263.26 4.34 Brown&Brown BRO 59.25 0.33 Dropbox DBX 23.18 0.67 IBM IBM 142.78 -0.10 Nuvei NVEI 50.47 -0.29 RegenPharm REGN 613.98 4.95
Sysco SYY 85.11 0.39 Viatris VTRS 11.89 0.12
MGM Resorts MGM 35.49 0.18 22.00 0.22
s APA APA 51.39 2.84 Brown-Forman B BF.B 65.98 -0.23 DukeEnergy DUK 112.34 1.23 IntlFlavors IFF 134.52 1.93 NVIDIA NVDA 189.26 1.40 RegionsFin RF Visa V 214.50 1.56
MPLX MPLX 34.19 0.59 ReinsGrp RGA 127.18 1.16
ASETech ASX 7.16 0.01 Brown-Forman A BF.A 62.58 0.12 DukeRealty DRE 52.87 -0.14 IntlPaper IP 47.93 0.67
MP Materials MP 42.13 2.03 T U V s Vistra VST 27.39 0.90
ASML ASML 577.01 5.32 Bruker BRKR 64.00 0.70 Dun&Bradstreet DNB 16.11 -0.45 Interpublic IPG 31.61 0.29
MSCI MSCI 446.29 7.63
O P Q RelianceSteel RS 200.61 4.17 VMware VMW 130.68 -0.12
Intuit INTU 416.65 7.68 Repligen RGEN 169.50 4.10 TC Energy TRP 59.05 0.66 Vodafone VOD 16.03 0.14
AT&T T 21.14 0.20 BuildersFirst BLDR 67.66 1.09 DuPont DD 67.97 0.30 MagellanMid MMP 53.38 0.79 OGE Energy OGE 41.25 0.11 RepublicSvcs RSG 135.37
IntuitiveSurgical ISRG 221.95 5.52 2.13 TD Synnex SNX 107.03 1.72 VulcanMatls VMC 169.27 2.54
AbbottLabs ABT 116.88 0.46 Bunge BG 112.81 0.91 Dynatrace DT 42.45 0.85 MagnaIntl MGA 66.37 -0.43 ONEOK OKE 69.14 2.00 ResMed
InvitatHomes INVH 38.20 0.62 RMD 214.50 3.65 TE Connectivity TEL 132.67 0.73
AbbVie ABBV 149.14 2.61 BurlingtonStrs BURL 176.38 1.49 ENI E 31.29 0.34 ManhattanAssoc MANH 128.60 3.29 OReillyAuto ORLY 634.84 -2.96 RestaurantBrands QSR 52.27
Abiomed ABMD 268.23 8.13 CBRE Group CBRE 80.67 -0.06 s EOG Rscs EOG 145.93 4.82 IronMountain IRM 54.49 1.40
ManulifeFin MFC 18.88 0.14 OccidentalPetrol OXY 70.55 0.94 RexfordIndlRealty REXR 66.13
0.16 Telus TU 25.44 0.26 W X Y Z
ItauUnibanco ITUB 5.23 -0.05 1.36 Ternium TX 44.02 -0.08
Accenture ACN 306.53 1.80 CDW CDW 178.10 2.37 EPAM Systems EPAM 341.67 9.58 MarathonOil MRO 32.17 0.76 Okta OKTA 99.74 4.74 RioTinto RIO 78.40 2.49 TFI Intl TFII 85.23 0.05 WEC Energy WEC 105.60 1.29
ActivisionBliz ATVI 78.03 0.24 CF Industries CF 92.40 -1.91 EQT EQT 49.78 0.76 s MarathonPetrol MPC 113.65 4.26 Olaplex OLPX 16.67 -0.03 Rivian WEX 174.10 3.10
Adobe ADBE 433.42 3.96 CGI GIB 84.78 -0.62 EastWestBncp EWBC 74.42 0.95
J K L MaravaiLifeSci MRVI 32.21 0.24 OldDomFreight ODFL 267.04 -2.01 RobertHalf
RIVN 29.72 0.74 TJX TJX 61.05 -0.68 WEX
WPC 83.87 1.81
RHI 92.05 1.30 T-MobileUS TMUS 138.59 1.42 W.P.Carey
AdvanceAuto AAP 186.84 -3.90 CH Robinson CHRW 107.09 -2.25 EastmanChem EMN 112.29 0.91 JD.com JD 61.74 1.53 Markel MKL 1408.67 16.42 OldRepublic ORI 23.80 0.20 WPP WPP 58.10 -0.63
Robinhood HOOD 8.72 -0.39 TPG TPG 28.22 -0.65
AdvDrainageSys WMS 112.83 -0.08 CME Group CME 202.76 3.40 Eaton ETN 145.41 4.05 JPMorganChase JPM 130.07 0.34 MarketAxess MKTX 284.49 3.06 Olin OLN 66.02 0.87 WAB 94.83 0.30
Roblox RBLX 31.44 0.28 TRowePrice TROW 126.11 0.79 Wabtec
AdvMicroDevices AMD 105.28 -0.37 CMS Energy CMS 71.82 0.62 eBay EBAY 47.51 -0.16 Jabil JBL 62.77 0.53 Marriott MAR 177.18 -0.43 Omnicom OMC 72.54 -0.19 WalgreensBoots WBA 43.00 -0.39
RocketCos. RKT 8.69 0.23 TaiwanSemi TSM 93.84 0.73
Aegon AEG 5.34 -0.01 CNA Fin CNA 46.52 0.39 Ecolab ECL 170.71 0.89 JackHenry JKHY 187.99 1.61 Marsh&McLen MMC 158.65 0.67 ON Semi ON 65.48 -0.53 Walmart WMT 123.37 -1.50
Rockwell ROK 217.29 2.43 TakeTwoSoftware TTWO 131.65 4.66
AerCap AER 50.15 0.66 CNH Indl CNHI 15.37 0.10 Ecopetrol EC 17.43 0.22 JacobsEngg J 137.71 1.86 MartinMarietta MLM 351.45 3.68 OpenText OTEX 40.85 ... t WarnerBrosA WBD 17.17 0.32
RogersComm B RCI 51.28 0.71 TakedaPharm TAK 13.77 -0.05
AgilentTechs A 128.90 1.27 CRH CRH 41.88 0.24 EdisonInt EIX 70.23 0.83 JamesHardie JHX 25.17 0.53 MarvellTech MRVL 61.02 1.28 Oracle ORCL 72.69 -0.28 WarnerMusic WMG 28.68 0.03
Roku ROKU 93.42 3.89 Tapestry TPR 34.89 0.27
agilon health AGL 20.46 0.91 CSX CSX 32.56 0.42 EdwardsLife EW 97.25 0.84 JazzPharm JAZZ 154.57 5.32 Masco MAS 57.13 0.13 Orange ORAN 11.88 -0.04 WasteConnections WCN 130.93 1.90
ElancoAnimal ELAN 24.55 0.86 JefferiesFin JEF
Rollins ROL 35.50 0.46 TargaResources TRGP 80.38 4.01
AgnicoEagle AEM 53.48 0.08 CVS Health CVS 95.92 0.20 32.43 0.05 Masimo MASI 141.26 0.67 Organon OGN 37.81 0.34 WasteMgt WM 159.80 1.86
CABO 1299.82 ElbitSystems ESLT 207.78 -1.50 J&J
RoperTech ROP 428.26 3.05 Target TGT 155.98 -3.69
AirProducts APD 260.79 3.34 CableOne 4.97 JNJ 178.34 1.94 Mastercard MA 364.02 3.88 Orix IX 93.84 -0.28 Waters WAT 342.75 5.59
ElectronicArts EA 140.97 0.81 JohnsonControls JCI
RossStores ROST 80.51 -0.82 TataMotors TTM 28.17 0.37
Airbnb ABNB 122.90 0.88 CadenceDesign CDNS 162.27 1.98 55.45 0.45 s MatadorRscs MTDR 66.56 2.85 OtisWorldwide OTIS 76.49 1.29 Watsco WSO 261.17 0.89
EmersonElec EMR 91.53 1.28 JonesLang RoyalBkCanada RY 106.26 0.93 s TeckRscsB TECK 45.74 1.39
AkamaiTech AKAM 101.77 1.12 CAE CAE 26.88 -0.14 JLL 190.28 1.18 MatchGroup MTCH 84.30 1.38 s Ovintiv OVV 61.96 2.89 WebsterFin WBS 50.74 0.74
s ENB 47.53 0.42 JuniperNetworks JNPR 30.89 0.19 Mattel RoyalCaribbean RCL 56.74 -0.06 TeledyneTech TDY 412.94 6.20
Albemarle ALB 257.89 0.10 CaesarsEnt CZR 52.37 0.03 Enbridge MAT 24.53 -0.01 OwensCorning OC 97.52 1.38 WellsFargo WFC 45.47 0.35
EDR 23.23 0.39 KB Fin RoyalGold RGLD 116.48 1.64 Teleflex TFX 285.33 1.53
Albertsons ACI 30.31 0.01 CamdenProperty CPT 142.63 2.79 Endeavor KB 46.39 -0.61 McCormick MKC 89.65 -0.08 s PDC Energy PDCE 85.36 0.91 Welltower WELL 89.30 2.16
Alcoa AA 65.51 1.49 Cameco CCJ 27.00 2.03 t EnelAmericas ENIA 5.30 -0.03 KBR RoyaltyPharma RPRX 41.32 0.91 Ericsson ERIC 8.31 0.09
KBR 52.03 1.16 McCormickVtg MKC.V 89.64 -0.95 PG&E PCG 12.23 0.02 WestFraserTimber WFG 92.07 -1.74
Alcon ALC 75.81 0.32 CampbellSoup CPB 46.60 0.69 EnergyTransfer ET 12.31 0.45 KE Holdings BEKE 15.00 0.39 McDonalds RyanSpecialty RYAN 38.37 -0.50 TelefonicaBras VIV 9.91 -0.28
MCD 248.94 0.87 PLDT PHI 37.00 1.28 WestPharmSvcs WST 316.36 7.33
AlexandriaRlEst ARE 164.32 1.75 CIBC 56.23 0.30 EnphaseEnergy ENPH 209.63 2.66 KKR Ryanair RYAAY 86.00 -0.54 Telefonica TEF 5.03 -0.01
CM KKR 56.95 0.44 McKesson MCK 321.65 3.99 PNC Fin PNC 173.20 0.12 WestAllianceBcp WAL 83.18 1.92
ENTG 112.68 1.26 KLA SAP SAP 101.99 1.13 TelekmIndonesia TLK 29.27 -0.18
Alibaba BABA 104.32 5.31 CanNtlRlwy CNI 116.64 -1.09 Entegris KLAC 367.22 4.75 t MedicalProp MPW 17.43 0.44 POSCO PKX 57.94 0.41 WesternDigital WDC 60.32 0.60
S&P Global SPGI 344.46 5.82 Tenaris TS 34.53 0.41
AlignTech ALGN 273.51 4.50 CanNaturalRes CNQ 68.64 1.81 Entergy ETR 121.31 -0.03 KT KT 14.85 0.02 t Medtronic MDT 96.47 0.98 PPG Ind PPG 128.78 1.65 s WesternMidstrm WES 29.48 0.65
835.95 1.82 CanPacRlwy CP 76.41 0.72 s EnterpriseProd EPD 28.47 0.31 Kanzhun SBA Comm SBAC 337.84 4.17 TenetHealthcare THC 67.88 1.39
Alleghany Y BZ 27.37 1.49 MercadoLibre MELI 824.68 20.69 PPL PPL 30.58 0.61 Westlake WLK 133.94 1.38
Allegion ALLE 113.36 1.28 Canon CAJ 25.50 0.10 Envista NVST 43.75 0.52 Kellogg K 69.01 0.56 Merck MRK 90.48 0.64 PTC PTC 117.84 -0.63 SEI Investments SEIC 58.29 0.69 Teradyne TER 108.52 1.71
WestRock WRK 49.55 0.96
AlliantEnergy LNT 63.17 0.64 CapitalOne COF 128.23 2.55 Equifax EFX 200.54 1.07 KeurigDrPepper KDP 36.41 -0.29 MetaPlatforms FB 195.65 1.40 Paccar PCAR 88.98 0.34 SK Telecom SKM 25.04 0.01 Tesla TSLA 716.66 1.82
Weyerhaeuser WY 39.08 0.14
Allstate ALL 132.54 0.19 Capri CPRI 52.13 1.06 Equinix EQIX 691.55 -0.81 KeyCorp MET 67.69 0.81 PackagingCpAm PKG 162.30 1.46
SS&C Tech SSNC 64.49 0.51 TetraTech TTEK 137.75 1.42
KEY 19.72 0.06 MetLife WheatonPrecMet WPM 42.29 0.50
AllyFinancial ALLY 42.88 0.31 CardinalHealth CAH 53.91 0.17 Equinor EQNR 37.88 0.81 KeysightTechs KEYS 148.45 1.82 MettlerToledo MTD 1315.31 11.22 PalantirTech PLTR 9.13 0.15
StoreCapital STOR 27.86 0.38 TevaPharm TEVA 8.93 -0.13
Whirlpool WHR 173.15 -2.63
AlnylamPharm ALNY 134.01 2.38 Carlisle CSL 272.20 5.06 Equitable EQH 29.76 0.07 KilroyRealty KRC 60.02 0.96 MicrochipTech MCHP 70.68 0.45 PaloAltoNtwks PANW 527.00 12.98
SVB Fin SIVB 491.96 8.70 TexasInstruments TXN 169.85 2.09 Williams WMB 37.82 0.41
Alphabet C GOOG 2344.59 4.38 Carlyle 39.50 -0.36 EquityLife ELS 74.59 2.20 KimberlyClark KMB 132.10 0.22 MicronTech MU 70.76 0.31 ParamountB PARA 30.56 0.14 Salesforce CRM 187.15 4.28 s TexasPacLand TPL 1746.23 87.46 Williams-Sonoma WSM 125.73
CG -1.72
Alphabet A GOOGL 2342.99 6.58 CarMax KMX 98.23 0.72 EquityResdntl EQR 75.85 2.00 KimcoRealty KIM 23.03 0.39 Microsoft MSFT 272.50 3.75 ParamountA PARAA 33.10 0.21 Sanofi SNY 53.69 0.49 Textron TXT 68.71 1.37 WillisTowers WTW 209.84 1.57
Altria MO 54.01 0.42 Carnival CCL 13.78 0.17 ErieIndemnity A ERIE 177.82 4.64 KinderMorgan KMI 20.14 0.35 MidAmApt MAA 177.92 3.67 ParkerHannifin PH 283.76 5.96 Sasol SSL 27.73 0.07 ThermoFisherSci TMO 560.66 7.78 WillScotMobile WSC 37.97 0.81
AlumofChina ACH 11.58 0.06 Carnival CUK 12.88 0.16 EssentialUtil WTRG 47.65 0.52 Knight-Swift KNX 49.21 -0.76 Middleby MIDD 148.70 0.31 Paychex PAYX 126.75 0.82 s Schlumberger SLB 48.93 1.71 ThomsonReuters TRI 100.28 0.25 Wipro WIT 6.01 -0.01
Amazon.com AMZN 123.00 -1.79 CarrierGlobal CARR 39.99 0.42 t EssexProp ESS 283.09 6.54 KoninklijkePhil PHG 25.38 0.18 MitsubishiUFJ MUFG 5.70 0.02 PaycomSoftware PAYC 307.31 5.30 SchwabC SCHW 67.49 -0.57 3M MMM 146.87 0.66 Wolfspeed WOLF 78.67 3.27
Ambev ABEV 2.79 -0.09 CaseysGenStores CASY 206.25 -1.07 EsteeLauder EL 271.32 5.64 KoreaElcPwr KEP 9.22 0.03 MizuhoFin MFG 2.30 0.02 Paylocity PCTY 187.34 4.06 Sea SE 86.28 5.03 Toast TOST 16.25 0.14 WoodsideEnergy WDS 24.11 0.35
Amcor AMCR 13.48 -0.01 Catalent CTLT 113.71 2.48 Etsy ETSY 81.48 -2.35 KraftHeinz KHC 37.08 0.39 Moderna MRNA 145.34 5.34 PayPal PYPL 88.59 1.78 Seagate STX 84.49 1.95 Toro TTC 87.25 0.21 WooriFin WF 35.32 -0.11
Amdocs DOX 86.40 -0.14 Caterpillar CAT 227.10 3.47 EverestRe RE 288.21 2.82 Kroger KR 52.03 -0.12 MohawkInds MHK 141.40 -0.26 s PembinaPipeline PBA 42.37 0.92 Seagen SGEN 144.36 1.84 TorontoDomBk TD 76.47 0.22 Workday WDAY 159.25 0.39
Amerco UHAL 501.80 6.09 Celanese CE 161.30 2.03 Evergy EVRG 70.55 0.15 LKQ LKQ 52.92 0.63 MolinaHealthcare MOH 288.10 1.45 s PenskeAuto PAG 120.87 0.72 SealedAir SEE 63.95 s
0.36 TotalEnergies TTE 60.34 0.85 WyndhamHtls WH 80.48 -0.99
Ameren AEE 93.72 1.16 s CenovusEnergy CVE 24.71 0.83 EversourceEner ES 92.84 0.56 LPL Financial LPLA 203.70 4.68 MolsonCoorsB TAP 54.65 0.59 Pentair PNR 51.14 0.26 Sempra SRE 163.70 2.53 ToyotaMotor TM 166.25 0.67 WynnResorts WYNN 67.46 0.62
AmericaMovil A AMOV 20.01 -0.42 Centene CNC 83.35 0.11 t ExactSciences EXAS 48.10 1.41 L3HarrisTech LHX 246.39 5.29 Mondelez MDLZ 63.24 0.79 PepsiCo PEP 166.56 1.02 SensataTechs ST 49.15 0.49 TractorSupply TSCO 201.11 2.02 XP XP 23.70 0.87
AmericaMovil AMX 20.25 -0.14 CenterPointEner CNP 32.07 0.53 Exelon EXC 49.05 0.50 LabCorp.ofAmerica LH 245.49 3.51 MongoDB MDB 295.59 21.00 PerkinElmer PKI 152.06 3.22 ServiceCorp SCI 71.65 0.40 TradeDesk TTD 53.21 0.55 XcelEnergy XEL 75.58 0.87
AmerAirlines AAL 16.69 0.39 CentraisElBras EBR 8.55 -0.11 Expedia EXPE 131.15 -2.20 LamResearch LRCX 523.44 7.18 MonolithicPower MPWR 473.44 7.34 PetroChina PTR 54.93 0.72 ServiceNow NOW 506.43 13.89 Tradeweb TW 69.11 0.98 XPeng XPEV 26.12 0.91
AmCampus ACC 64.76 -0.13 CeridianHCM CDAY 56.66 0.59 ExpeditorsIntl EXPD 109.31 -0.31 LamarAdv LAMR 97.83 1.25 MonsterBev MNST 90.85 -0.51 PetroleoBrasil PBR 13.90 -0.12 ShawComm B SJR 28.53 0.29 TraneTech TT 139.75 1.51 Xylem XYL 86.01 0.34
AEP AEP 102.43 0.37 Cerner CERN 94.92 -0.05 ExtraSpaceSt EXR 180.05 4.96 LambWeston LW 69.05 0.07 Moody's MCO 289.39 4.86 PetroleoBrasilA PBR.A 12.58 0.04 s Shell SHEL 61.55 1.43 TransDigm TDG 632.91 8.52 YumBrands YUM 120.21 0.83
AmerExpress AXP 168.69 1.67 ChangeHlthcr CHNG 23.76 -0.14 s ExxonMobil XOM 103.37 4.53 LasVegasSands LVS 35.83 0.33 MorganStanley MS 85.33 0.46 Pfizer PFE 53.96 0.70 SherwinWilliams SHW 277.23 2.20 TransUnion TRU 86.33 1.10 YumChina YUMC 45.94 0.58
AmericanFin AFG 143.79 3.00 CharlesRiverLabs CRL 247.21 2.19 F5 FFIV 166.07 -0.42 LatticeSemi LSCC 54.36 1.69 Morningstar MORN 246.83 4.31 PhilipMorris PM 106.28 -0.09 ShinhanFin SHG 33.52 -0.27 Travelers TRV 178.64 1.66 ZimIntShipping ZIM 68.52 1.29
AmHomes4Rent AMH 38.09 0.79 CharterComms CHTR 482.55 -2.17 FMC FMC 121.23 0.76 Lear LEA 142.25 1.44 Mosaic MOS 57.18 -2.38 s Phillips66 PSX 109.92 3.90 Shopify SHOP 380.74 20.12 Trex TREX 66.09 0.67 ZTO Express ZTO 27.44 -0.52
AIG AIG 59.41 0.42 CheckPoint CHKP 129.00 -0.18 FactSet FDS 381.59 3.77 LegendBiotech LEGN 47.54 1.54 MotorolaSol MSI 221.97 0.72 PilgrimPride PPC 32.19 ... Sibanye-Stillwater SBSW 12.46 -0.24 Trimble TRMB 68.77 0.42 ZebraTech ZBRA 335.51 0.08
AmerTowerREIT AMT 266.15 -1.21 Chemed CHE 480.52 -2.31 FairIsaac FICO 421.88 5.29 Leidos LDOS 107.07 1.15 NICE NICE 208.43 5.52 Pinduoduo PDD 59.19 5.44 SignatureBank SBNY 225.92 2.57 Trip.com TCOM 23.30 0.53 t Zendesk ZEN 86.51 0.45
AmerWaterWorks AWK 156.85 1.75 CheniereEnergy LNG 146.25 6.24 Fastenal FAST 54.96 0.23 Lennar A LEN 81.21 0.15 NIO NIO 19.65 0.47 PinnacleWest PNW 77.22 -0.88 SimonProperty SPG 112.28 2.66 TruistFinl TFC 49.76 0.26 Zillow C Z 40.86 0.46
AmericoldRealty COLD 30.06 1.25 CheniereEnerPtrs CQP 55.59 1.38 FederalRealty FRT 112.26 1.79 Lennar B LEN.B 67.98 0.10 NOV NOV 21.62 0.57 Pinterest PINS 19.97 0.03 SiriusXM SIRI 6.29 0.03 Twilio TWLO 107.43 6.09 Zillow A ZG 40.84 0.50
Ameriprise AMP 277.06 2.78 ChesapeakeEner CHK 102.56 2.81 FedEx FDX 221.37 -1.48 LennoxIntl LII 213.71 2.11 NRG Energy NRG 46.14 -0.09 PioneerNatRscs PXD 285.28 6.54 Skyworks SWKS 108.64 1.80 Twitter TWTR 40.13 0.57 ZimmerBiomet ZBH 119.13 0.72
AmerisourceBrgn ABC 149.56 2.67 Chevron CVX 180.20 3.37 Ferguson FERG 120.36 0.15 LeviStrauss LEVI 19.18 0.01 NVR NVR 4412.89 -5.62 PlainsAllAmPipe PAA 11.98 0.22 SmithAO AOS 61.80 -0.07 TylerTech TYL 363.58 7.16 ZionsBancorp ZION 57.39 0.50
Ametek AME 123.67 1.24 ChewyA CHWY 28.62 0.86 Ferrari RACE 191.16 -2.11 LiAuto LI 29.72 0.65 NXP Semi NXPI 181.83 1.82 PlainsGP PAGP 12.61 0.33 Smith&Nephew SNN 31.74 0.13 TysonFoods TSN 88.38 0.90 Zoetis ZTS 173.78 2.77
Amgen AMGN 246.41 0.97 ChinaEastrnAir CEA 17.54 -0.14 FidNatlFin FNF 42.61 0.20 LibertyBroadbandC LBRDK 122.08 -0.01 Nasdaq NDAQ 154.76 0.65 PlugPower PLUG 18.85 0.27 Smucker SJM 130.31 7.05 UBS Group UBS 18.86 -0.08 ZoomVideo ZM 115.04 4.03
Amphenol APH 71.59 0.34 ChinaLifeIns LFC 7.86 0.06 FidNatlInfo FIS 104.57 -0.73 LibertyBroadbandA LBRDA 117.00 -0.22 NationalGrid NGG 70.62 -0.53 Pool POOL 410.80 -0.81 Snap SNAP 15.28 0.13 UDR UDR 47.31 0.90 ZoomInfoTech ZI 40.74 -0.24
AnalogDevices ADI 166.95 1.68 ChinaPetrol SNP 54.02 -0.23 FifthThirdBncp FITB 39.56 0.11 LibertyGlobal C LBTYK 25.31 0.13 NatlRetailProp NNN 44.18 0.88 PrincipalFin PFG 72.20 0.47 SnapOn SNA 224.68 3.12 UGI UGI 44.54 0.83 Zscaler ZS 162.81 4.24
Anaplan PLAN 63.26 -0.06 ChinaSoAirlines ZNH 27.80 -0.35 FirstCitizBcshA FCNCA 687.77 0.34
AngloGoldAsh AU 17.49 -0.27 Chipotle CMG 1390.44 13.64 FirstHorizon FHN 22.92 0.19
AB InBev BUD 56.32 0.47 ChoiceHotels CHH 132.11 0.35 FirstIndRlty FR 52.90 0.80
AnnalyCap NLY
s AnteroResources AR
6.69 0.08 Chubb
48.31 2.08 ChunghwaTel CHT 42.97
CB 213.62 1.49 FirstRepBank FRC 153.70 -0.64 BANKRATE.COM® MMA, Savings and CDs
0.06 FirstSolar FSLR 72.00 0.01
Anthem ANTM 500.41 2.99 Church&Dwight CHD 88.01 -0.16 FirstEnergy FE 41.88 0.05
Aon AON 270.62 -1.27 ChurchillDowns CHDN 212.97 1.72 Fiserv FISV 101.24 0.95 Average Yields of Major Banks Tuesday, June 07, 2022
For more information:
ApolloGlbMgmt APO 59.08 -0.09 Ciena
Apple AAPL 148.71 2.57 Cigna
CIEN 48.65
CI
ApplMaterials AMAT 115.67 0.67 CincinnatiFin CINF 128.34
Applovin APP 43.50 0.94 Cintas
262.28
-0.71
5.08
0.22
FiveBelow FIVE 134.05
FleetCorTech FLT 248.35
Flex FLEX 17.30
1.33
0.90
-0.08
Type
National average
MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
In Memoriam wsj.com/inmemoriam

CTAS 403.60 6.18 Floor&Decor FND 76.36 -0.60 Savings 0.07 0.06 0.06 0.08 0.14 0.21 0.31 0.30 0.42
Aptargroup ATR 110.18 0.93 CiscoSystems CSCO 45.57 0.24 FomentoEconMex FMX 73.53 -0.47
Aptiv APTV 109.66 -0.23 Citigroup FordMotor F 13.74 0.28
Jumbos 0.13 0.06 0.06 0.09 0.15 0.23 0.34 0.30 0.44
C 52.10 0.70
Aramark ARMK 34.93 0.07 CitizensFin CFG 41.06 0.45 Fortinet FTNT 305.38 8.41 Weekly change Edmund Lukas kind and engaging with everyone he met,
ArcelorMittal MT 33.39 0.51 CitrixSystems CTXS 98.77 FTS 49.73 0.08 Savings
-0.57 Fortis 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.00 possessing a unique ability to connect with
ArchCapital ACGL 47.42 0.32 CivitasRsrcs CIVI 83.75 0.25 Fortive FTV 63.67 0.67 May 30, 2022 people of all ages and from all walks of life.
ArcherDaniels ADM 89.52 1.11 Clarivate Jumbos 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLVT 15.03 0.10 FortBrandsHome FBHS 70.96 0.17 His sense of humor and sublime knack for
AresMgmt ARES 73.18 -0.19 ClearwayEnergyA CWEN.A 34.05 0.77 FoxA FOXA 34.60 0.52
arGEN-X ARGX 325.51 8.07 ClearwayEnergyC CWEN 36.94 storytelling and writing celebration poems
AristaNetworks ANET 104.30 0.79 Cleveland-Cliffs CLF 23.91
0.85
0.59
FoxB FOX 32.04
Franco-Nevada FNV 146.28
0.45
2.18 Consumer Savings Rates were legendary. To be around Ed was to
know just how good it feels to laugh.
ArrowElec ARW 124.61 1.77 Clorox CLX 134.28 -2.76 FranklinRscs BEN 26.94 0.16
s AspenTech AZPN 210.23 8.80 Below are the top federally insured offers available nationwide according to Bankrate.com's That wit and sense of humor were
Cloudflare NET 54.73 0.82 FreeportMcM FCX 43.39 0.61
Assurant AIZ 185.58 2.40 Coca-Cola FreseniusMed FMS 29.10 0.38
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please matched only by his keen intellect. Ed’s
KO 63.25 0.38
AstraZeneca AZN 65.58 2.06 Coca-ColaEuro CCEP 53.89 -0.35 FullTruck YMM 7.96 0.84 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. grasp of history was remarkable, as was
Atlassian TEAM 200.85 10.58 Cognex his ability to immediately “adopt” any
AtmosEnergy ATO 117.43 0.67 CognizantTech CTSH 74.09
CGNX 48.67 0.42
0.21 G H I High yield savings foreign language of the many countries he
Autodesk ADSK 207.17 -1.43 CoinbaseGlbl COIN 69.57 Bank Yield Bank Yield
-1.10 GFLEnvironmental GFL 31.89 -0.17 visited. His incredibly diverse knowledge
Autoliv ALV 80.91 -0.19 ColgatePalm CL Phone number Minimum (%) Phone number Minimum
ADP ADP 222.28 2.77 Comcast A CMCSA 42.63
78.71 -0.07 GSK GSK 44.25 1.44 (%) and willingness to patiently explain any
0.35 Gallagher AJG 163.56 1.56 subject matter were appreciated by all
AutoNation AN 122.41 -0.37 Comerica CMA 81.84 0.06 Money market and savings account Six-month CD
AutoZone AZO 2119.98 20.92 CommerceBcshrs CBSH 69.50 GameStop GME 146.50 18.40 types of audiences, and he was fondly
0.77 Gaming&Leisure GLPI 48.44 0.35 TAB Bank $0 1.26 Merrick Bank $25,000 1.26 referred to in the family as “Mr. Google.”
Avalara AVLR 90.50 0.56 ConagraBrands CAG 32.60 0.39
Avalonbay AVB 204.85 4.05 Garmin GRMN 105.79 1.18 (800) 355-3063 (866) 638-6851 Ed was a noble man of integrity,
Concentrix CNXC 161.86 0.59
Avangrid AGR 47.59 -0.05 s Gartner IT 267.32 0.22 BaskBank,adivofTexasCapitalBank,NA $0 1.25 Live Oak Bank $2,500 1.25 compassion and humility, never seeking
ConocoPhillips COP 122.71 5.33 Generac GNRC 292.78 8.44
Avantor AVTR 32.86 0.56
ConEd ED 98.48 0.38 (877) 839-2265 (866) 518-0286 the limelight but comfortable with it when
AveryDennison AVY 181.62 1.61 GeneralDynamics GD 235.58 5.68
ConstBrands A STZ 246.24 0.37 CFG Community Bank $1,000 1.17 TAB Bank $1,000 1.20 he walked into a room or onto a stage. He
AvisBudget CAR 194.54 2.97 GeneralElec GE 78.00 1.00
ConstBrands B STZ.B 278.67 0.87 GeneralMills GIS 69.16 0.39 (888) 205-8388 (800) 355-3063 had a calm demeanor but the presence
AxonEnterprise AXON 104.07 1.39 of a giant. He was New York tough and
ConstellationEner CEG 66.55 0.16 GeneralMotors GM 38.37 0.54
BCE BCE 55.11 0.85 s One-month CD One-year CD
BHP Group BHP 69.21 2.43
ContinentalRscs CLR 72.65 1.73 Genmab GMAB 30.76 0.96 competitive but had the huge heart of an
BJ'sWholesale BJ 61.98 0.73
Cooper COO 347.51 2.90 Genpact G 45.36 0.42 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 2.26 angel—especially with children, pets, and
Copart CPRT 116.50 1.57 anything patriotic. He was kind, consider-
s BP BP 34.19 1.09 Gentex GNTX 31.05 0.03 (713) 358-9400 (800) 845-5025 NEW YORK, N.Y. - Edmund (Ed) Lukas
Corning GLW 35.84 -0.05 GenuineParts GPC 140.81 1.15 ate, understanding, tolerant, reasonable,
Baidu BIDU 150.58 3.59
Corteva CTVA 62.38 0.66 State Bank of India California $1,000 0.15 TAB Bank $1,000 1.85 peacefully passed on May 30, 2022, at
BakerHughes BKR 37.66 -0.02 Gerdau GGB 6.28 -0.01
(877) 707-1995 (800) 355-3063 the age of 83 on Cape Cod, surrounded even-tempered, and forgave easily. He
Cosan CSAN 16.83 -0.80
Ball BALL 74.17 0.40 GileadSciences GILD 62.54 0.51
by his loving family and in the arms of his held no grudges and disliked ill-spirited
BancoBilbaoViz BBVA 5.42 ...
CoStar CSGP 61.96 0.83 GlobalPayments GPN 128.88 -0.29 Presidential Bank, FSB $1,000 0.10 Popular Direct $10,000 1.85 gossip. His moral compass was exemplary.
Costco COST 471.78 -0.69 GlobalFoundries GFS 56.51 -0.72 (800) 799-1424 (800) 274-5696
adoring wife, Fran.
BancoBradesco BBDO 3.32 -0.07 Always exhibiting decorum, he was an
CoterraEnergy CTRA 36.11 0.16 Globant GLOB 205.77 6.01
Ed was born in the Bronx, NY, son
BancodeChile BCH 20.96 0.37 impeccable dresser and well-mannered,
BancSanBrasil BSBR 6.51 -0.20
Coupang CPNG 12.16 -0.63 GlobeLife GL 99.02 1.30 Two-month CD Two-year CD of Marie and Edmund, Sr. He attended
Credicorp BAP 135.95 -0.84 Stuyvesant High School before his family as he believed that “manners make
BcoSantChile BSAC 19.49 -0.21 GoDaddy GDDY 74.09 1.41 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 2.86 everything easier.”
CreditAcceptance CACC 582.77 17.51 GoldFields GFI 9.55 0.07 moved to Huntington, NY. At Central High
BancoSantander SAN 3.21 ...
CreditSuisse CS 6.94 -0.03 (713) 358-9400 (800) 845-5025 When news of Ed’s passing became
BanColombia CIB 43.39 -0.49 GoldmanSachs GS 321.51 1.00 School he was Student Council President
CrowdStrike CRWD 176.68 7.71 State Bank of India California $1,000 0.15 Merrick Bank $25,000 2.45 known, some of the words and phrases
BankofAmerica BAC 36.35 0.20 Grab GRAB 2.65 0.01 and participated in many sports, theatre
BankofMontreal BMO 110.30 0.55
CrownCastle CCI 185.96 1.18 Graco GGG 64.00 0.29 (877) 707-1995 (866) 638-6851 and music. There he made life-long used to describe him included Bright
CrownHoldings CCK 109.97 2.12 Grainger GWW 507.17 8.44 VirtualBank $10,000 0.15 TAB Bank $1,000 2.30 Light, Mentor, Counselor, Extraordinary,
BankNY Mellon BK 46.34 0.39
CubeSmart CUBE 44.27 0.96
friendships and his classmates voted him
BkNovaScotia BNS 68.07 0.80 Grifols GRFS 12.79 ... (877) 998-2265 (800) 355-3063 “wittiest” and “most likely to succeed.” Courageous, Magnificent, Rock Star, One
Cullen/Frost CFR 127.82 1.34
Barclays BCS 8.67 0.02
CMI 215.26 2.61
GpoAeroportuar PAC 146.65 2.37
Spot on. in a Million, Life Force, Magical, and a King
BarrickGold GOLD 20.74 0.23
Cummins HCA Healthcare HCA 207.52 2.70 Three-month CD Five-year CD After graduating from Cornell in Among Men. As expressed by his niece,
Bath&BodyWks BBWI 37.67 0.45 HDFC Bank HDB 58.43 0.12
BaxterIntl BAX 72.58 0.08
D E F s HF Sinclair DINO 57.55 3.27
Luana Savings Bank $1,000 0.80 Connexus Credit Union $5,000 3.21 1960 with a degree in Economics and Brooke, “Any person who has been a part
(800) 666-2012 (800) 845-5025 Government, Ed proudly served two years of Ed’s life is truly to be considered among
BectonDicknsn BDX 257.92 -0.80 DCP Midstream DCP 39.41 1.02 HP HPQ 39.36 0.09
HSBC 33.46 0.08 Synchrony Bank $1 0.50 Popular Direct $10,000 2.85 as a Lieutenant in the Navy. Returning the fortunate.” He was loved by everyone.
BeiGene BGNE 154.57 16.14 DISH Network DISH 21.28 -0.24 HSBC
BentleySystems BSY 35.78 0.61 DTE Energy DTE 134.05 1.48 s Halliburton HAL 42.53 1.21 (800) 677-0718 (800) 274-5696 to Huntington and raising his family, he Ed supported the West Barnstable
s Berkley WRB 72.27 0.71 DXC Tech DXC 35.69 0.29 HartfordFinl HIG 73.43 0.66 Goldwater Bank $5,000 0.50 CFG Community Bank $500 2.82 briefly taught high school history before Civic Association, 1717 Meetinghouse, and
BerkHathwy A BRK.A 4714993099.90 Danaher DHR 268.27 4.53 Hasbro HAS 88.82 0.25 pursuing an illustrious and successful Save our Sound. He was a member of
(480) 281-8200 (888) 205-8388 both Our Lady of Victory Parish, as well as
BerkHathwy B BRK.B 313.65 1.50 Darden DRI 124.91 -1.01 t HealthpeakProp PEAK 28.75 0.26 career on Wall Street. As Vice President
BerryGlobal BERY 60.28 -0.14 s DarlingIngred DAR 87.18 3.44 Heico A HEI.A 123.07 2.44 at the NY Stock Exchange, he established St. Vincent Ferrer in Manhattan.
BestBuy BBY 78.35 -0.92 Datadog DDOG 108.06 4.90 Heico HEI 151.19 2.72 High yield jumbos - Minimum is $100,000 the NYSE International Division in London, Ed is preceded in death by his parents,
Bilibili BILI 28.03 2.54 DaVita DVA 95.33 -0.49 HenrySchein HSIC 85.34 1.18 subsequently listing over 200 companies Marie and Edmund, Sr., and his first wife,
Bill.com BILL 136.22 7.07 DeckersOutdoor DECK 272.47 -2.45 Hershey HSY 211.77 0.36 Money market and savings account Six-month CD Elizabeth, and is survived by his loving
while tirelessly traveling around the globe.
Bio-Techne TECH 366.00 2.60 Deere DE 367.84 4.93 HertzGlobal HTZ 18.13 -0.83 CFG Community Bank 1.17 Merrick Bank 1.26 and devoted wife, Fran, his brother and
DELL 51.15 1.11 Hess HES 129.09 2.48
Upon retirement, he became a consultant
Bio-RadLab A BIO 540.37 5.39 DellTechC (888) 205-8388 (866) 638-6851 his wife, Henry and Carol Lukas, his son
Biogen BIIB 201.08 3.97 DeltaAir DAL 39.74 0.74 HessMidstream HESM 34.84 1.19 for specialist firm Spear Leeds and Kellogg,
Luana Savings Bank 1.11 Live Oak Bank 1.25 and would later contribute a weekly and daughter, Peter Lukas and Kate Lukas
BiohavenPharm BHVN 145.00 -0.07 DentsplySirona XRAY 40.52 0.09 HewlettPackard HPE 15.34 0.12
11.13 -0.01 HighwoodsProp HIW 39.09 0.77 (800) 666-2012 (866) 518-0286 financial segment as a radio co-host of the McGowan, daughter-in-law Madeline,
BioMarinPharm BMRN 78.20 2.12 DeutscheBank DB
BioNTech BNTX 160.12 0.81 DevonEnergy DVN 78.04 0.99 Hilton HLT 143.82 -0.60 Connexus Credit Union 1.10 Luana Savings Bank 1.25 Cape Cod Real Estate Show on Saturday son-in-law James, grandchildren Katherine
BlackKnight BKI 69.29 0.25 DexCom DXCM 308.40 12.08 Hologic HOLX 76.62 1.49 mornings. He believed he was the luckiest and Abigail Lukas, Dylan and Elizabeth
(800) 845-5025 (800) 666-2012 McGowan, several in-laws, nieces and
BlackRock BLK 679.61 4.27 Diageo DEO 187.03 0.02 HomeDepot HD 301.77 -2.12 man to have a career that he loved for
Blackstone BX 119.83 1.03 s DiamondbkEner FANG 160.40 4.59 HondaMotor HMC 25.59 0.36 One-month CD One-year CD many decades. nephews, cousins, and a multitude of
Block SQ 84.60 1.22 DiDiGlobal DIDI 2.24 -0.06 Honeywell HON 197.62 2.43
Lone Star Bank 0.20 Connexus Credit Union 2.26 Ed relished spending his retirement friends from around the world.
BlueOwlCapital OWL 12.52 -0.30 DigitalRealty DLR 135.26 0.35 HorizonTherap HZNP 91.66 4.44 between Manhattan and his home on In lieu of flowers, please make a
(713) 358-9400 (800) 845-5025
Boeing BA 140.82 1.58 DiscoverFinSvcs DFS 113.20 2.20 HormelFoods HRL 45.63 0.03
Cape Cod, where he enjoyed the beauty donation to Tunnel to Towers Foundation
BookingHldgs BKNG 2326.73 -20.57 Disney DIS 107.79 -0.04 DR Horton DHI 75.49 -0.11 State Bank of India California 0.15 TAB Bank 1.85 at T2T.org or St. Jude’s Children’s Research
of everything the Cape has to offer. He
BoozAllen BAH 88.79 0.76 dLocal DLO 28.91 0.51 HostHotels HST 21.16 ... (877) 707-1995 (800) 355-3063 Hospital at www.stjude.org.
BorgWarner BWA 39.83 -0.25 DocuSign DOCU 87.74 3.48 HowmetAerospace HWM 37.43 0.78
was an astute and appreciative observer
VirtualBank 0.10 Merrick Bank 1.85 of nature, the sky and, of course, the sea. The family would like to sincerely thank
BostonProps BXP 107.44 2.15 DolbyLab DLB 77.80 -0.05 HuanengPower HNP 21.24 0.45
BostonSci BSX 39.58 0.20 DollarGeneral DG 234.32 1.85 Huazhu HTHT 33.81 -0.04
(877) 998-2265 (866) 638-6851 A favorite summer pastime of Ed’s was en- the staff of Cape Cod Hospital, Spaulding,
BAK 18.55 -0.79 DollarTree DLTR 161.94 0.49 Hubbell HUBB 203.63 5.67 joying the late afternoon sun on the beach Mayflower, as well as Ed’s doctors at
Braskem Two-month CD Two-year CD Cornell Weill in Manhattan for their kind
at New Seabury CC. He and his wife, Fran,
Lone Star Bank 0.20 Connexus Credit Union 2.86 shared a passion for travel, especially to and loving care of him.
(713) 358-9400 (800) 845-5025 new destinations. They were inseparable, Visiting hours will take place Sunday,
Dividend Changes State Bank of India California
(877) 707-1995
0.15 Merrick Bank
(866) 638-6851
2.45 and from the beginning of their courtship June 5 from 4-7 pm at Nickerson Bourne
Funeral Home, Sandwich, MA. A Funeral
in 2002 were affectionately known as
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: VirtualBank 0.15 TAB Bank 2.30 “Fr-Ed.” Mass will be celebrated 11 am Monday,
spin-off. (877) 998-2265 (800) 355-3063 Ed will always be remembered as a June 6 at Our Lady of Victory, Centerville,
gentleman and a gentle man. He was a MA.
Amount Payable / Three-month CD Five-year CD For online condolences or to share a
Company Symbol Yld % New/Old Frq Record proud father and grandfather, as well as a
Luana Savings Bank 0.90 Connexus Credit Union 3.21 devoted and loving spouse to Fran. Ed was memory visit www.nickersonbournefh.
Increased (800) 666-2012 (800) 845-5025
com
Essential Prop Realty Tr EPRT 4.6 .27 /.26 Q Jul14 /Jun30 Synchrony Bank 0.50 Popular Direct 2.85
Stocks (800) 677-0718 (800) 274-5696
AIkido Pharma AIKI 1:17 /Jun07 Goldwater Bank 0.50 CFG Community Bank 2.82

IN MEMORIAM
Fangdd Network Group ADR DUO 1:15 /Jun07 (480) 281-8200 (888) 205-8388

Foreign Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
compounding and rate stated for the lowest required opening deposit to earn interest. CD
ASE Technology ADR ASX 8.0 .4794 A Aug04 /Jun30
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
EVERY WEDNESDAY AND SATURDAY
OceanPal OP 19.3 .01 Q Jun21 /Jun14 which may be checks. Rates are subject to change. For more information visit: wsj.com/InMemoriam
Telekomunik Indonesia ADR TLK 2.7 1.0389 A Jul11 /Jun13
Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 © 2022 Dow Jones & Company, Inc. All Rights Reserved.
Sources: FactSet; Dow Jones Market Data Internet: www.bankrate.com
B10 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33180.14 s 264.36, or 0.80% Trailing P/E ratio 18.90 29.50 4160.68 s 39.25, or 0.95% Trailing P/E ratio * 21.72 36.97 12175.23 s 113.86, or 0.94% Trailing P/E ratio *† 26.47 36.10
High, low, open and close for each P/E estimate * 17.36 20.49 High, low, open and close for each P/E estimate * 18.05 22.52 High, low, open and close for each P/E estimate *† 22.75 28.06
trading day of the past three months. Dividend yield 2.10 1.80 trading day of the past three months. Dividend yield * 1.55 1.38 trading day of the past three months. Dividend yield *† 0.86 0.72
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

35450 4600 14400

65-day moving average 34625 65-day moving average 4450 65-day moving average 13800

33800 4300 13200

Session high 32975 4150 12600

DOWN UP
t

Session open Close

32150 4000 12000
Close Open
t

Session low 31325 3850 11400

Bars measure the point change from session's open

30500 3700 10800
Mar. Apr. May June Mar. Apr. May June Mar. Apr. May June
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 944,767,254 17,316,344
Industrial Average 33207.45 32641.85 33180.14 264.36 0.80 36799.65 31253.13 -4.1 -8.7 8.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 670,254,588 13,614,277
Transportation Avg 14595.21 14183.83 14573.52 18.91 0.13 17039.38 13439.21 -5.9 -11.6 12.8 Most-active issues in late trading Decl. volume* 269,101,759 3,312,760
Utility Average 1031.30 1014.49 1030.43 7.83 0.77 1071.75 869.74 15.2 5.1 8.5 Volume After Hours Issues traded 3,446 288
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41973.64 41089.51 41937.24 427.73 1.03 48929.18 39275.86 -5.1 -13.8 12.4 Advances 2,270 155
VICI Properties VICI 76,119.4 32.01 -0.10 -0.31 32.99 31.93
Barron's 400 992.61 970.66 992.20 10.63 1.08 1127.20 900.96 -2.4 -10.3 14.2 Declines 1,029 117
Coca-Cola KO 6,565.2 63.23 -0.02 -0.03 63.76 62.96
Unchanged 147 16
Nasdaq Stock Market SPDR S&P 500 SPY 5,961.8 415.05 -0.69 -0.17 416.44 395.19 New highs 98 5
Nasdaq Composite 12194.86 11888.61 12175.23 113.86 0.94 16057.44 11264.45 -12.6 -22.2 16.3 Alibaba Group Holding ADR BABA 5,820.5 104.15 -0.17 -0.16 104.45 97.95 New lows 66 6
Nasdaq-100 12737.30 12413.56 12711.68 112.05 0.89 16573.34 11769.84 -8.0 -22.1 19.7 Infosys ADR INFY 4,780.6 19.37 -0.01 -0.05 19.38 19.30 Closing Arms† 0.91 0.36
TAL Education Group ADR TAL 4,350.2 4.52 -0.04 -0.88 4.56 4.50 Block trades* 4,531 139
S&P
0.95
Marqeta MQ 4,275.0 11.41 -0.01 -0.09 11.43 11.30
500 Index 4164.86 4080.19 4160.68 39.25 4796.56 3900.79 -1.6 -12.7 13.1 Nasdaq NYSE Arca
Cerner CERN 4,263.7 94.95 0.03 0.03 94.97 94.92
MidCap 400 2567.75 2510.06 2567.72 31.95 1.26 2910.70 2348.01 -6.6 -9.7 10.7 Total volume*4,437,761,582 218,822,384
SmallCap 600 1265.52 1239.59 1265.26 13.74 1.10 1466.02 1147.42 -10.5 -9.7 11.2 Percentage gainers… Adv. volume*3,075,639,818 175,931,117
DBV Technologies ADR DBVT 477.6 2.10 0.57 37.25 2.58 1.63 Decl. volume*1,275,784,397 41,563,654
Other Indexes
Novavax NVAX 603.0 57.14 9.60 20.19 57.40 44.37 Issues traded 4,986 1,707
Russell 2000 1919.73 1870.94 1919.56 29.68 1.57 2442.74 1718.14 -18.1 -14.5 8.2
Advances 2,936 1,416
NYSE Composite 16022.83 15737.74 16019.56 171.11 1.08 17353.76 14902.14 -4.0 -6.7 7.9 Lesaka Technologies LSAK 268.0 5.33 0.54 11.17 5.33 5.33
Declines 1,774 269
Value Line 593.14 581.31 593.00 5.88 1.00 696.40 543.51 -13.4 -11.7 4.6 Amicus Therapeutics FOLD 60.2 8.88 0.45 5.34 8.88 8.01
Unchanged 276 22
NYSE Arca Biotech 4654.75 4513.35 4651.74 107.14 2.36 6022.37 4265.88 -19.7 -15.7 0.9
Weatherford International WFRD 60.7 35.99 1.81 5.30 35.99 34.18
New highs 55 61
NYSE Arca Pharma 846.96 833.24 846.84 13.60 1.63 887.27 722.80 17.2 2.4 12.8 ...And losers New lows 180 20
KBW Bank 115.87 113.55 115.73 0.96 0.83 147.56 106.10 -13.1 -12.5 6.7 Redbox Entertainment RDBX 299.0 8.03 -0.52 -6.08 8.60 7.95 Closing Arms† 0.69 1.51
PHLX§ Gold/Silver 133.53 131.31 132.99 0.73 0.55 167.76 117.06 -16.4 0.4 21.4 Smartsheet SMAR 1,052.2 38.30 -2.28 -5.62 41.78 37.01 Block trades* 23,045 840
PHLX§ Oil Service 88.51 84.79 88.37 2.80 3.27 88.37 48.31 30.2 67.6 5.6 Oportun Financial OPRT 161.0 12.00 -0.67 -5.29 12.67 12.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3098.75 3007.96 3092.97 30.24 0.99 4039.51 2811.94 -2.5 -21.6 30.9 Tenable Holdings TENB 58.6 49.27 -2.60 -5.01 51.87 49.27 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 26.24 23.88 24.02 -1.05 -4.19 36.45 15.01 40.7 39.5 13.8 ACI Worldwide ACIW 98.9 26.97 -1.41 -4.97 28.38 26.97 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 654.61 2.48 0.38 –13.3 AeroClean Technologies AERC 12.10 7.35 154.74 117.35 1.76 ... Boxed BOXD 3.57 -1.94 -35.21 17.05 3.43 -63.2
MSCI ACWI ex-USA 301.52 –1.69 –0.56 –12.4 JanOne JAN 4.07 1.57 62.80 12.28 1.89 -49.1 MoonLake Immunotherap MLTX 6.12 -1.88 -23.50 15.19 4.25 -39.4
MSCI World 2805.32 15.49 0.56 –13.2 Houston Amer Energy HUSA 7.06 2.18 44.67 16.61 1.07 294.4 PMV Pharmaceuticals PMVP 10.86 -3.01 -21.70 37.32 10.02 -67.3
MSCI Emerging Markets 1061.02 –10.31 –0.96 –13.9 Akouos AKUS 4.29 1.18 37.94 15.26 2.32 -68.6 AN2 Therapeutics ANTX 10.54 -2.66 -20.15 23.58 9.00 ...
Americas MSCI AC Americas 1590.89 14.61 0.93 –12.9 Omega Therapeutics OMGA 2.96 0.81 37.67 31.41 1.98 ... Rockley Photonics Hldgs RKLY 2.63 -0.57 -17.81 16.99 2.12 -73.9
Canada S&P/TSX Comp 20928.21 109.12 0.52 –1.4 Mirati Therapeutics MRTX 58.89 15.73 36.45 195.99 32.96 -65.4 Sarcos Tech Robotics STRC 3.76 -0.78 -17.18 11.80 2.85 -62.2
Latin Amer. MSCI EM Latin America 2379.21 –35.53 –1.47 11.7 Quantum Computing QUBT 3.88 0.98 33.79 10.43 1.42 -39.4 REV Group REVG 10.17 -2.00 -16.43 21.74 9.50 -46.6
Brazil BOVESPA 110069.76 –116.15 –0.11 5.0 LumiraDx LMDX 3.88 0.93 31.53 11.09 2.67 -60.7 Lixiang Education ADR LXEH 2.18 -0.42 -16.15 12.50 1.90 -73.4
Chile S&P IPSA 3324.10 16.35 0.49 18.5 Codiak BioSciences CDAK 2.94 0.70 31.25 27.09 2.21 -88.7 Cepton CPTN 1.92 -0.36 -15.79 80.16 1.90 -80.2
Mexico S&P/BMV IPC 50139.20 68.49 0.14 –5.9 Biomea Fusion BMEA 6.97 1.59 29.55 21.48 2.84 -66.0 Anixa Biosciences ANIX 3.46 -0.62 -15.20 5.87 2.30 -19.7
EMEA STOXX Europe 600 442.88 –1.24 –0.28 –9.2 Seres Therapeutics MCRB 4.16 0.93 28.79 25.06 2.91 -78.9 Science 37 Holdings SNCE 3.56 -0.62 -14.83 15.10 2.75 -64.8
Eurozone Euro STOXX 424.33 –2.72 –0.64 –11.4 GitLab Cl A GTLB 51.00 11.16 28.01 137.00 30.74 ... Wejo Group WEJO 2.14 -0.37 -14.74 19.90 1.76 -78.3
Belgium Bel-20 3905.12 –14.25 –0.36 –9.4 Viracta Therapeutics VIRX 2.85 0.62 27.80 13.08 1.82 -74.4 Pioneer Power Solutions PPSI 3.66 -0.63 -14.69 14.43 2.77 -23.3
Denmark OMX Copenhagen 20 1727.77 30.11 1.77 –7.3 Redbox Entertainment RDBX 8.55 1.85 27.61 27.22 1.61 -14.1 Direxion S&P Biotech Bear LABD 46.77 -8.02 -14.64 85.28 16.67 128.6
6500.35 –9.1 Enservco ENSV 2.98 0.64 27.35 8.76 0.55 92.3 Alpha Tau Medical DRTS 7.29 -1.21 -14.24 20.65 4.68 -24.5
France CAC 40 –48.43 –0.74
Germany DAX 14556.62 –97.19 –0.66 –8.4
Israel Tel Aviv 1900.93 –17.92 –0.93 –3.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24366.19 –199.48 –0.81 –10.9 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 709.14 –2.68 –0.38 –11.1
Russia RTS Index 1180.47 1.96 0.17 –26.0 VICI Properties VICI 198,631 1596.8 32.11 -1.05 33.95 26.23 Northern Star Inv IV Cl A NSTD 2,411 6219 9.78 0.00 10.19 9.64
ProShares UltraPro QQQ TQQQ 136,794 -5.0 33.33 2.43 91.68 24.93 G Squared Ascend I Cl A GSQD 3,072 5277 9.82 0.00 9.95 9.62
South Africa FTSE/JSE All-Share 70318.23 –801.86 –1.13 –4.6
0.06 AeroClean Technologies AERC 118,536 9335.0 12.10 154.74 117.35 1.76 DoubleLine Opp Bd DBND 218 3476 48.59 0.08 49.60 48.51
Spain IBEX 35 8841.60 5.30 1.5
837.53 0.26 –19.2 DiDi Global ADR DIDI 115,296 79.0 2.24 -2.61 18.01 1.37 Frequency Electronics FEIM 211 3026 7.20 -7.35 11.33 7.00
Sweden OMX Stockholm 2.17
ProSh UltraPro Shrt QQQ SQQQ 95,634 -15.9 46.25 -2.53 63.86 28.15 Mission Advancement Cl A MACC 2,381 2949 9.77 -0.41 10.00 9.60
Switzerland Swiss Market 11534.18 5.02 0.04 –10.4
Turkey BIST 100 2648.19 0.07 0.003 42.6 JanOne JAN 84,908 14415.7 4.07 62.80 12.28 1.89 Atl Coastal Acqn II Cl A ACAB 934 2771 9.93 -0.80 10.01 9.87
U.K. FTSE 100 7598.93 –9.29 –0.12 2.9 Amazon.com AMZN 84,833 -2.5 123.00 -1.43 188.65 101.26 Lerer Hippeau Acquisition LHAA 972 2486 9.77 0.00 10.06 9.62
U.K. FTSE 250 20399.43 –107.37 –0.52 –13.1 Imperial Petroleum IMPP 79,183 84.9 0.59 9.46 9.70 0.38 Xtrackers MSCI AW xUS DBAW 434 2267 31.66 -0.06 34.58 29.74
Advanced Micro Devices AMD 78,860 -28.2 105.28 -0.35 164.46 78.96 ExcelFin Acquisition Cl A XFIN 704 2198 9.95 0.18 10.15 9.67
Asia-Pacific MSCI AC Asia Pacific 167.76 –1.32 –0.78 –13.1
Apple AAPL 67,662 -30.6 148.71 1.76 182.94 125.94 Golden Path Acquisition GPCO 263 2190 10.09 0.10 13.27 9.31
Australia S&P/ASX 200 7095.70 –110.58 –1.53 –4.7
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3241.76 5.39 0.17 –10.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 21531.67 –122.23 –0.56 –8.0
Scan this code Track the
India S&P BSE Sensex 55107.34 –567.98 –1.02 –5.4
Japan NIKKEI 225 27943.95 28.06 0.10 –2.9
to get real-
time U.S.
Markets
Compare the
CURRENCIES & COMMODITIES
Singapore Straits Times 3231.54 4.91 0.15 3.5 stock quotes performance of
South Korea KOSPI 2626.34 –44.31 –1.66 –11.8 and track selected global stock indexes,
Currencies
Taiwan TAIEX 16512.88 –93.08 –0.56 –9.4 most-active bond ETFs, currencies and U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1631.92 –14.16 –0.86 –1.6 stocks, new highs/lows and commodities at
US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data mutual funds. wsj.com/graphics/track-the-markets Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004312 23191 1.5
CREDIT MARKETS Argentina peso .0082121.2574 18.1 Europe
Brazil real .2053 4.8714 –12.6 Czech Rep. koruna .04325 23.123 5.7
Canada dollar .7981 1.2531 –0.9 Denmark krone .1439 6.9488 6.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001212 825.00 –3.2 Euro area euro 1.0707 .9340 6.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000264 3789.83 –6.8 Hungary forint .002751 363.46 11.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007707 129.76 –0.02
A consumer rate against its 30-year mortgage, Rate Mexico peso .0510 19.5927 –4.4 Norway krone .1057 9.4575 7.4
benchmark over the past year Tradeweb ICE Tuesday Close 3.50% Uruguay peso .02519 39.7050 –11.2 Poland zloty .2339 4.2760 6.2
Bankrate.com avg†: 5.57% 20% Asia-Pacific Russia ruble .01619 61.750 –17.4
t
Rockland Federal Credit Union 3.13% 2.80 Sweden krona .1021 9.7903 8.2
Australian dollar .7230 1.3831 0.5
30-year fixed-rate 1.0282 .9726 6.6
t

WSJ Dollar Index Switzerland franc

s

5.00% Rockland, MA 800-562-7328 10 China yuan .1499 6.6708 5.0

mortgage 2.10 Turkey lira .0597 16.7615 25.8
FinancialResourcesFederalCreditUnion 3.25% Hong Kong dollar .1274 7.8464 0.6
3.75 One year Ukraine hryvnia .0338 29.5500 8.0
0 India rupee .01287 77.671 4.2
t

Bridgewater,NJ 800-933-3280 ago 1.40 UK pound 1.2589 .7943 7.5

s
Indonesia rupiah .0000692 14457 1.4
10-year Treasury 3.25% Middle East/Africa
t

2.50 FirstBank Southwest –10 Euro Japan yen .007541 132.60 15.2
0.70
note yield Amarillo, TX 806-355-9661 Kazakhstan tenge .002319 431.15 –0.9 Bahrain dinar 2.6525 .3770 0.01
Yen
s

1.25 Raymond James Bank, NA 3.50% 0.00 –20 Macau pataca .1237 8.0860 0.6 Egypt pound .0535 18.6883 19.0
Malaysia ringgit .2275 4.3955 5.5 Israel shekel .2991 3.3437 7.5
St. Petersburg, FL 800-718-2265 1 3 6 1 2 3 5 7 10 20 30 2021 2022
0.00 New Zealand dollar .6491 1.5406 5.4 Kuwait dinar 3.2672 .3061 1.2
Premier Bank 3.63% month(s) years
J J A S O N D J F M A MJ Pakistan rupee .00493 202.700 15.0 Oman sul rial 2.5973 .3850 ...
Rochester, MN 800-772-6497 maturity Philippines peso .0189 52.840 3.6 Qatar rial .2747 3.640 –0.05
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7280 1.3737 1.9 Saudi Arabia riyal .2666 3.7513 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007969 1254.86 5.5 South Africa rand .0651 15.3640 –3.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027816 359.50 77.2
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.75-1.50 0.75-1.50 0.00 l 1.50 -1.50 Taiwan dollar .03389 29.506 6.5
Yield (%) 52-Week Total Return (%) Thailand baht .02904 34.430 3.6 WSJ Dollar Index 95.14–0.0002–0.0003 6.24
Prime rate* 4.00 4.00 3.25 l 4.00 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 1.69 1.61 0.11 l 1.69 -0.76 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2175.380 2.970 2.800 3.020 0.780 –8.212 –0.631
Money market, annual yield 0.08 0.08 0.07 l 0.08 -0.64
Five-year CD, annual yield 0.94 1.24 0.41 l 1.29 -1.02 U.S. Treasury Long, Bloomberg 3534.420 3.300 3.230 3.370 1.720 –15.518 –2.520 Commodities
30-year mortgage, fixed† 5.57 5.30 3.00 l 5.64 1.62 Aggregate, Bloomberg 2029.420 3.540 3.380 3.620 1.340 –8.951 –0.358 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 4.75 4.60 2.28 l 4.88 1.37 Fixed-Rate MBS, Bloomberg 2021.550 3.640 3.460 3.740 1.590 –8.328 –1.032
Jumbo mortgages, $647,200-plus† 5.60 5.29 3.03 l 5.65 1.30 DJ Commodity 1249.37 -2.24 -0.18 1264.48 853.12 38.05 32.04
High Yield 100, ICE BofA 3171.166 6.920 6.530 7.438 3.162 –6.828 1.543 Refinitiv/CC CRB Index 327.11 0.29 0.09 327.11 204.24 54.88 40.77
Five-year adj mortgage (ARM)† 3.90 3.90 2.82 l 3.92 -0.10
Muni Master, ICE BofA 562.187 2.576 2.613 3.191 0.687 –6.428 0.526 Crude oil, $ per barrel 119.41 0.91 0.77 123.70 62.32 70.46 58.77
New-car loan, 48-month 4.47 4.45 3.41 l 4.47 -0.32
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 783.534 6.966 6.820 7.150 4.516 –14.996 –2.205 Natural gas, $/MMBtu 9.293 -0.029 -0.31 9.322 3.128 197.09 149.14
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1847.50 8.30 0.45 2040.10 1721.50 -2.36 1.09
THE WALL STREET JOURNAL. * Wednesday, June 8, 2022 | B11

COMMODITIES & BONDS wsj.com/market-data

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Tracking Bond Benchmarks
Metal & Petroleum Futures Oct 19.60 19.60 19.18 19.21 –.53 248,441
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. highs and lows for different types of bonds
Contract Open
July 36.05 .05 409 Total Total
Open High hi lo Low Settle Chg interest
Sept 36.84 36.90 36.40 36.80 .10 2,141 return YTD total Yield (%) return YTD total Yield (%)
Copper-High (CMX)-25,000 lbs.; $ per lb. Cotton (ICE-US)-50,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
June 4.3935 4.4375 4.3810 4.4395 … 2,792 137.74 138.47 136.10 136.95 –.79 64,167
July
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
July 4.4325 4.4390 4.3705 4.4355 0.0005 94,832 Dec 119.68 120.87 118.12 119.88 .08 103,019
Gold (CMX)-100 troy oz.; $ per troy oz. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 2029.42 -9.6 U.S. Aggregate 3.540 1.340 3.620 2021.55 -8.0 Mortgage-Backed 3.640 1.590 3.740
June 1836.90 1851.00 1835.00 1847.50 8.30 6,925 July 180.80 184.60 179.80 183.65 2.40 7,717 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1989.35 -7.0 Ginnie Mae (GNMA) 3.650 1.610 3.770
July 1841.10 1852.30 1836.00 1849.20 8.40 2,093 Sept 175.35 179.90 174.70 177.30 .45 4,211
Aug 1843.50 1856.20 1838.50 1852.10 8.40 421,708 2981.85 -12.5 U.S. Corporate 4.350 1.910 4.460 1190.15 -8.2 Fannie mae (FNMA) 3.630 1.580 3.730
Oct 1852.30 1863.80 1847.10 1860.50 8.60 11,811
Interest Rate Futures 2836.15 -7.7 Intermediate 4.090 1.260 4.160 1823.35 -8.5 Freddie Mac (FHLMC) 3.630 1.570 3.720
Dec 1860.70 1873.50 1856.70 1870.00 8.80 40,279
Feb'23 1874.70 1882.50 1868.40 1880.40 9.00 7,159
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 4089.04 -20.0 Long term 4.820 2.900 5.030 562.19 -6.6 Muni Master 2.576 0.687 3.191
Palladium (NYM) - 50 troy oz.; $ per troy oz.
June 1955.70 –30.00 51
June 154-230 2-00.0 17,377 587.91 -13.1 Double-A-rated 3.810 1.650 3.930 396.13 -6.9 7-12 year 2.612 0.687 3.237
Sept 152-030 154-200 151-250 154-080 2-00.0 1,265,692
Sept 2003.00 2015.50 1928.00 1965.40 –30.70 6,790
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 788.43 -13.0 Triple-B-rated 4.670 2.110 4.770 449.48 -8.6 12-22 year 3.111 1.000 3.753
Platinum (NYM)-50 troy oz.; $ per troy oz. 139-000 1-09.0 15,500
June 1013.70 –17.10 5
June High Yield Bonds ICE BofA 430.21 -11.4 22-plus year 3.755 1.443 4.315
Sept 136-170 138-050 136-080 137-300 1-09.0 1,181,647
July 1021.70 1023.00 1002.00 1012.90 –17.10 41,529 476.84 -8.6 High Yield Constrained 7.399 3.796 7.824 Global Government J.P. Morgan†
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. June 118-145 119-015 118-075 118-305 16.0 16,385 449.34 -10.8 Triple-C-rated 12.884 6.304 13.544 548.98 -8.4 Global Government 2.200 0.720 2.230
June 22.025 22.035 22.025 22.159 0.085 117
Sept 117-300 118-170 117-225 118-135 16.0 3,453,092
July 22.085 22.255 21.840 22.178 0.086 101,310
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3171.17 -8.7 High Yield 100 6.920 3.162 7.438 762.81 -9.1 Canada 3.130 1.230 3.130
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
July 119.10 120.36 117.14 119.41 0.91 266,387
June 112-195 8.0 36,024 416.31 -9.5 Global High Yield Constrained 7.427 3.968 7.760 359.75 -11.4 EMU§ 2.041 0.163 2.105
Sept 111-280 112-070 111-230 112-037 8.0 3,795,649
Aug 116.66 118.00 115.04 117.10 1.04 169,243
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 318.20 -8.8 Europe High Yield Constrained 5.629 2.304 5.872 674.27 -11.3 France 1.820 0.080 1.880
Sept 114.18 115.38 112.72 114.54 1.19 165,834
June 105-217 –.2 37,560 U.S Agency Bloomberg Fixed Income Indices 481.48 -10.3 Germany 1.260 -0.410 1.300
Dec 106.73 108.27 s 105.86 107.58 1.66 250,762
Sept 105-062 105-086 105-043 105-060 –.1 2,015,825
June'23 96.78 98.25 s 96.24 97.67 1.97 137,337
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 1729.30 -5.8 U.S Agency 3.050 0.640 3.070 287.82 -2.3 Japan 0.590 0.260 0.600
Dec 89.99 91.56 89.67 91.08 2.02 135,368
June 98.9150 98.9150 98.9125 98.9125 .0000 166,976 1524.74 -4.8 10-20 years 2.990 0.520 3.000 522.27 -12.4 Netherlands 1.560 -0.290 1.600
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 98.5900 98.5950 98.5900 98.5900 .0000 338,648
July 4.3877 4.4025 4.2466 4.3206 –.0395 67,799
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3490.96 -16.7 20-plus years 3.780 1.890 3.860 900.44 -13.2 U.K. 2.290 0.720 2.320
Aug 4.2450 4.2687 4.1400 4.2075 –.0217 44,100
June 86-145 21.5 10,017 2605.33 -9.7 Yankee 3.980 1.510 4.070 783.53 -14.8 Emerging Markets ** 6.966 4.516 7.150
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 92-200 22.5 2,904
July 4.2377 4.2412 4.0527 4.1577 –.0353 100,922 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Aug 4.0119 4.0335 3.8911 3.9788 –.0116 51,235 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March 99.4900 99.4925 99.4900 99.4925 .0025 463,561
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June'23 96.7400 96.8050 96.7100 96.7650 .0250 730,404
July 9.359 9.544 s 9.200 9.293 –.029 200,905
Eurodollar (CME)-$1,000,000; pts of 100%
Aug 9.365 9.517 s 9.187 9.278 –.028 74,236
Sept 9.307 9.467 s 9.140 9.234 –.026 111,464
June
Sept
98.2300
97.3300
98.2325
97.3550
98.2200
97.3150
98.2275 –.0025 1,145,732
97.3500 .0200 971,655
Global Government Bonds: Mapping Yields
Oct 9.215 9.421 s 9.105 9.205 –.015 98,268
Dec 96.7400 96.7700 96.7150 96.7600 .0200 1,320,239 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Jan'23 9.379 9.566 s 9.268 9.395 .015 66,833
Dec'23 96.6550 96.7200 96.6150 96.6750 .0300 1,160,676
May 5.527 5.706 s 5.527 5.698 .112 64,374 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Agriculture Futures Currency Futures Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Japanese Yen (CME)-¥12,500,000; $ per 100¥ 2.500 U.S. 2 2.733 s l 2.732 2.696 0.155
Corn (CBT)-5,000 bu.; cents per bu.
June .7582 t.7583
.7520 .7545 –.0032 214,889 2.875 10 2.969 t l 3.037 3.124 1.570
July 739.00 765.00 735.00 757.00 14.50 503,004
Sept .7622 t.7622
.7559 .7585 –.0033 43,584 2.750 Australia 2 2.803 s 2.634 2.767 0.056 -8.6 -10.5
Dec 699.50 720.25 696.75 714.00 11.50 488,209 l 7.9
Oats (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
June .7950 .7985 .7925 .7982 .0030 122,450 1.000 10 3.562 s l 3.483 3.470 1.592 59.1 43.4 1.9
July 680.75 694.75 665.25 668.00 –12.25 1,349
Sept 641.00 644.25 625.50 632.75 –4.50 877
Sept .7946 .7980 .7920 .7977 .0030 29,619 0.000 France 2 0.482 t l 0.517 0.337 -0.636 -224.2 -220.4 -79.7
Soybeans (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ 0.000 10 1.804 t l 1.851 1.675 0.175 -119.8 -139.9
June 1.2530 1.2600 1.2431 1.2587 .0052 213,619
-116.6
July 1699.25 1732.75 1692.25 1728.25 29.00 258,491
Sept 1.2542 1.2610 1.2442 1.2597 .0052 40,120 0.200 Germany 2 0.678 s l 0.677 0.319 -0.653 -204.6 -204.3 -81.4
Nov 1533.25 1554.00 1528.25 1549.75 16.25 282,889
Soybean Meal (CBT)-100 tons; $ per ton. Swiss Franc (CME)-CHF 125,000; $ per CHF 0.000 10 1.296 t l 1.323 1.135 -0.195 -167.4 -172.6 -176.8
June 1.0304 1.0306 1.0228 1.0287 –.0013 42,887
July 408.00 418.60 404.00 417.40 10.30 114,474 0.000 Italy 2 1.160 t l 1.249 1.083 -0.349 -156.5 -147.1 -51.0
Sept 1.0366 1.0370 1.0293 1.0351 –.0013 5,580
Dec 392.60 399.80 390.60 398.50 6.20 125,100
Australian Dollar (CME)-AUD 100,000; $ per AUD 0.950 10 3.302 t l 3.425 3.153 0.919 33.1 37.6 -65.4
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
June .7195 .7250 .7157 .7231 .0039 146,253
July 81.28 81.77 80.47 81.44 .25 118,326 0.005 Japan 2 -0.070 t l -0.066 -0.045 -0.121 -279.5 -278.6 -28.1
Sept .7202 .7257 .7162 .7236 .0035 13,609
Dec 77.64 78.01 76.99 77.38 –.15 126,562 0.200 10 0.250 s l 0.246 0.245 0.081 -272.1 -280.4 -149.2
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Mexican Peso (CME)-MXN 500,000; $ per MXN
June .05104 .05121 .05087 .05102 .00008 188,290 0.000 Spain 2 0.897 t l 0.953 0.785 -0.521 -176.7 -68.2
July 17.20 17.24 16.89 16.94 –.29 6,910 -182.8
Sept .05011 .05026 .04995 .05008 .00008 34,057
Sept 17.47 17.49 17.20 17.25 –.27 3,790
Euro (CME)-€125,000; $ per € 0.700 10 2.393 t l 2.472 2.257 0.471 -57.8 -57.7 -110.3
Wheat (CBT)-5,000 bu.; cents per bu.
July 1093.00 1101.00 1058.50 1071.75 –21.25 130,792
June 1.0697 1.0717 1.0655 1.0710 .0016 633,647 0.125 U.K. 2 1.736 t l 1.771 1.501 0.087 -98.8 -94.9 -7.4
Sept 1.0758 1.0777 1.0716 1.0770 .0016 64,761
Sept 1105.25 1112.00 1071.25 1084.50 –20.00 78,735 4.250 10 2.216 t l 2.250 1.998 0.809 -75.5 -79.9 -76.4
Wheat (KC)-5,000 bu.; cents per bu. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
July 1170.00 1177.00 1135.50 1149.25 –20.75 74,264 Index Futures
Sept 1175.75 1183.50 1143.00 1156.25 –20.50 47,078
Mini DJ Industrial Average (CBT)-$5 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Aug 171.500 172.675 171.000 172.450 .475 27,677
June 32903 33198 32603 33165 253 78,704 Corporate Debt
Sept 174.175 174.900 173.675 174.750 .200 8,557
Sept 32825 33169 32583 33141 253 1,550 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index expectations
June 4122.00 4164.00 4076.00 4158.75 38.25 2,177,349
June 132.700 134.025 132.675 133.725 .900 13,659
Sept 4121.75 4166.25 4078.25 4161.00 38.00 68,418 Investment-grade spreads that tightened the most…
Aug 132.800 134.350 132.700 134.125 1.225 136,538
Mini S&P Midcap 400 (CME)-$100 x index Spread*, in basis points
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
June 2535.30 2567.70 2508.30 2566.80 33.00 55,597
June 108.675 109.025 108.125 108.425 –.800 13,924
July 107.750 110.125 107.750 109.275 .300 47,562
Sept 2523.00 2566.60 2512.90 2565.50 29.70 17 Bank of America BAC 4.000 3.72 Jan. 22, ’25 80 –16 100
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Nasdaq 100 (CME)-$20 x index
Toronto–Dominion Bank TD 2.650 3.15 June 12, ’24 43 –10 64
June 12605.25 12740.25 12412.50 12711.50 106.50 258,730
July 601.10 610.90 t 585.40 596.80 –3.50 1,307
Sept 602.80 619.30 t 600.00 609.00 –10.50 728
Sept 12632.00 12770.00 12442.25 12742.25 107.75 8,095 Caterpillar Financial Services … 3.300 2.88 June 9, ’24 15 –9 n.a.
Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (CME)-$50 x index –8
Ally Financial ALLY 8.000 5.63 Nov. 1, ’31 267 268
June 1889.70 1919.60 1868.10 1918.60 29.90 533,701
June 24.42 24.53 24.42 24.43 –.03 4,912
July 24.99 25.25 s 24.92 25.16 .09 5,054
Sept 1887.90 1920.40 1868.60 1919.10 29.90 8,789 Valero Energy VLO 6.625 5.27 June 15, ’37 229 –8 237
Dec 1900.00 1913.70 1882.50 1920.40 29.40 2
Cocoa (ICE-US)-10 metric tons; $ per ton. Bank of New York Mellon BK 2.100 3.03 Oct. 24, ’24 30 –7 34
July 2,486 2,507 2,459 2,475 –13 75,819
Mini Russell 1000 (CME)-$50 x index
June 2259.40 2289.90 2242.90 2288.00 22.20 18,803 Athene Global Funding … 3.205 4.83 March 8, ’27 185 –6 186
Sept 2,519 2,534 2,493 2,507 –12 84,816
Coffee (ICE-US)-37,500 lbs.; cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index –6
Banco Santander SANTAN 3.306 4.39 June 27, ’29 142 157
June 102.48 102.85 102.26 102.33 –.12 52,274
July 235.40 238.65 230.75 232.15 –5.40 65,981
Sept 102.34 102.70 102.11 102.18 –.12 11,408
Sept 235.75 238.80 231.05 232.35 –5.30 74,822 …And spreads that widened the most
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
July 19.40 19.41 18.94 18.97 –.59 285,843 Source: FactSet Morgan Stanley MS 3.875 3.89 Jan. 27, ’26 91 16 92
General Motors Financial … 3.800 4.25 April 7, ’25 135 14 113
BNP Paribas BNP 4.375 4.47 Sept. 28, ’25 155 11 158
Cash Prices | wsj.com/market-data/commodities Tuesday, June 07, 2022 Bank of America BAC 3.875 3.60 Aug. 1, ’25 71 9 67
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Intercontinental Exchange ICE 3.650 3.46 May 23, ’25 56 9 44
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 9
Wells Fargo WFC 3.000 4.06 Oct. 23, ’26 106 98
months.
Orange ORAFP 5.375 4.81 Jan. 13, ’42 146 6 150
Tuesday Tuesday Tuesday
Cooperatieve Rabobank RABOBK 4.375 4.29 Aug. 4, ’25 138 6 142
Iron Ore, 62% Fe CFR China-s 147.3 Wheat,Spring14%-pro Mnpls-u 14.2725
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 10.6513
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 129.650 Steel, HRC USA, FOB Midwest Mill-s 1180 Wheat - Hard - KC (USDA) $ per bu-u 11.6425 High-yield issues with the biggest price increases…
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.450 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 11.2500 Bond Price as % of face value
BMI Lithium Carbonate, EXW China, =99.2%-v,w 69450 Food Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 70875
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 14625 Beef,carcass equiv. index Talen Energy Supply … 6.000 10.03 Dec. 15, ’36 69.500 14.75 52.339
Engelhard industrial 1845.00 BMI Nickel Sulphate, EXW China, >22%-v,m 6675 choice 1-3,600-900 lbs.-u 232.24 1.56
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 835 select 1-3,600-900 lbs.-u 212.14 Transocean RIG 6.800 12.53 March 15, ’38 61.000 59.694
Handy & Harman base 1849.60
Handy & Harman fabricated 2053.06 Broilers, National comp wtd. avg.-u,w 1.6820 Howmet Aerospace HWM 5.950 5.80 Feb. 1, ’37 101.427 0.93 99.781
Fibers and Textiles Butter,AA Chicago-d 2.9625
LBMA Gold Price AM *1851.50 0.77
LBMA Gold Price PM *1847.20 Burlap,10-oz,40-inch NY yd-n,w 0.8675 Cheddar cheese,bbl,Chicago-d 224.50 FirstEnergy FE 7.375 5.05 Nov. 15, ’31 117.291 118.097
Krugerrand,wholesale-e 1924.31 Cotton,1 1/16 std lw-mdMphs-u 1.3595 Cheddar cheese,blk,Chicago-d 228.00
Milk,Nonfat dry,Chicago lb.-d 188.00 Sensata Technologies ST 4.875 3.87 Oct. 15, ’23 101.306 0.56 n.a.
Maple Leaf-e 1942.82 Cotlook 'A' Index-t *156.20
American Eagle-e 1942.82 Hides,hvy native steers piece fob-u n.a. Coffee,Brazilian,Comp-y 2.3509 Tri Pointe Homes TPH 5.875 4.94 June 15, ’24 101.782 0.41 102.947
Mexican peso-e 2238.91 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY-y 3.0653
Eggs,large white,Chicago-u 1.9450 Seagate HDD Cayman … 4.750 3.57 June 1, ’23 101.125 0.32 101.438
Austria crown-e 1816.66
Austria phil-e 1942.82 Grains and Feeds Flour,hard winter KC-p 30.05
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u 0.93 …And with the biggest price decreases
155 Hogs,Iowa-So. Minnesota-u 103.91
Engelhard industrial 22.1000 Bran,wheat middlings, KC-u
Handy & Harman base 22.1650 Corn,No. 2 yellow,Cent IL-bp,u 7.6500 Pork bellies,12-14 lb MidUS-u n.a. Lumen Technologies LUMN 7.600 9.44 Sept. 15, ’39 84.450 –1.80 86.189
222.4 Pork loins,13-19 lb MidUS-u 1.3945
Handy & Harman fabricated 27.7060 Corn gluten feed,Midwest-u,w Bath & Body Works BBWI 9.375 6.86 July 1, ’25 106.841 –1.67 108.000
637.0 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price *£17.7300 Corn gluten meal,Midwest-u,w
400 Steers,feeder,Okla. City-u,w 180.13 Dish DBS 5.125 11.49 June 1, ’29 70.000 –1.25 70.738
(U.S.$ equivalent) *22.2550 Cottonseed meal-u,w …
Coins,wholesale $1,000 face-a 19466 Hominy feed,Cent IL-u,w 192 Fats and Oils –1.25
Meat-bonemeal,50% pro Mnpls-u,w 395 Navient NAVI 6.750 8.01 June 15, ’26 95.750 98.288
Other metals Degummed corn oil, crude wtd. avg.-u,w 82.0000
LBMA Platinum Price PM *1029.0 Oats,No.2 milling,Mnpls-u 7.2300 –1.00
Grease,choice white,Chicago-h 0.7700 Venture Global Calcasieu Pass VENTGL 4.125 5.38 Aug. 15, ’31 91.000 93.960
Platinum,Engelhard industrial 1010.0 Rice, Long Grain Milled, No. 2 AR-u,w n.a.
Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. OneMain Finance OMF 6.875 6.57 March 15, ’25 100.738 –0.76 101.625
Palladium,Engelhard industrial 1980.0
SoybeanMeal,Cent IL,rail,ton48%-u,w 426.90 Soybean oil,crude;Centl IL-u,w 0.8560
Aluminum, LME, $ per metric ton *2742.0 4.375 March 15, ’23 –0.71
Soybeans,No.1 yllw IL-bp,u 17.5600 Tallow,bleach;Chicago-h 0.8050 QVC QVCN 4.47 99.920 99.840
Copper,Comex spot 4.4395 Tallow,edible,Chicago-u 0.8650
Occidental Petroleum OXY 6.450 5.40 Sept. 15, ’36 110.322 –0.68 112.500
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 6/6 Note: Data are for the most active issue of bonds with maturities of two years or more
Source: Dow Jones Market Data Source: MarketAxess

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
InflPrBdIndInsPr 10.50 +0.02 -5.9 SrsIntlGrw 15.32 +0.05 -19.9 Lord Abbett F MidCap 96.01 +1.04 -18.2 SmCapAdml 95.66 +1.17 -11.5 WndsrII 42.41 +0.40 -8.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. IntlIdxInstPrem 43.82 +0.11 -11.1 SrsIntlVal 10.84 +0.05 -3.0 ShtDurIncm 3.96 ... -3.5 NHoriz 51.52 +1.00 -32.9 SmGthAdml 77.35 +1.05 -21.9 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 28.33 +0.35 -11.4 TotalBond 9.90 +0.03 -9.5 Lord Abbett I R2020 20.00 +0.09 -10.0 STBondAdml 10.11 +0.01 -4.1 ExtndIstPl 278.29+4.00 -18.6
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 19.98 +0.19 -12.1 Fidelity SAI ShtDurInc p 3.96 ... -3.4 R2025 17.42 +0.09 -10.8 STIGradeAdml 10.18 +0.01 -4.8 IdxIntl 18.25+0.04 -10.6
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 9.36 +0.03 -9.4 TotalBd 9.37 +0.02 -9.3 Metropolitan West R2030 26.01 +0.15 -11.8 STIPSIxAdm 25.51 +0.03 0.1 MdCpVlAdml 75.75 +0.89 -2.2
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 11.54 ... -19.9 U.S.TreBdIdx 9.11 +0.03 -8.9 TotRetBdI 9.70 +0.03 -10.3 R2040 28.43 +0.19 -13.2 TotBdAdml 10.01 +0.03 -9.7 SmValAdml 73.71+0.84 -3.7
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 6.69 +0.06 -20.7 Fidelity Selects TRBdPlan 9.09 +0.02 -10.4 Schwab Funds TotIntBdIdxAdm 19.98 +0.04 -9.1 TotBd2 9.89+0.03 -9.7
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 23.71 +0.37 -14.0 Softwr r 23.29 +0.28 -19.5 MFS Funds 1000 Inv r 89.85 +0.91 -13.2 TotIntlAdmIdx r 30.53 +0.07 -10.6 TotIntlInstIdx r 122.09+0.26 -10.6
TMktIdxInstPrem 115.94 +1.19 -13.2 First Eagle Funds IIE 29.38 +0.05 -12.2 S&P Sel 64.10 +0.61 -12.1 TotStAdml 101.58 +1.04 -13.3 TotItlInstPlId r 122.12+0.26 -10.6
TotalMarketIndex 14.60 +0.15 -13.0 GlbA 62.56 +0.38 -3.0 MFS Funds Class I TSM Sel r 71.40 +0.73 -13.2 TxMCapAdml 215.18 +2.11 -13.0 TotSt 101.54+1.04 -13.4
Tuesday, June 7, 2022 USBdIdxInstPrem 10.74 +0.03 -9.5 FPA Funds GrowthI 150.53 +1.22 -22.6 TIAA/CREF Funds TxMIn r 14.68 +0.03 -10.6 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD Fidelity Freedom NwInc 9.69 +0.01 -2.3 ValueI 51.29 +0.47 -5.8 EqIdxInst 29.75 +0.31 -13.0 USGroAdml 116.13 +1.25 -31.1 BalInst 42.91 +0.32 -11.8
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2020 14.09 +0.07 -10.5 Franklin A1 Northern Funds VANGUARD ADMIRAL ValAdml 56.52 +0.63 -1.0 DevMktsIndInst 14.70 +0.03 -10.5
FF2025 12.97 +0.07 -10.9 IncomeA1 p 2.43 ... -1.3 StkIdx 45.72 +0.43 -12.2 500Adml 385.15 +3.65 -12.1 WdsrllAdml 75.25 +0.71 -8.1 DevMktsInxInst 22.98 +0.05 -10.5
American Century Inv CorBdInst 10.40 +0.03 -10.0 IntlCoreEq 14.77 +0.07 -8.1 FF2030 16.21 +0.10 -11.3 FrankTemp/Frank Adv BalAdml 42.90 +0.31 -11.8 ExtndInst 112.76 +1.62 -18.6
Ultra 67.08 +0.62 -23.4 BlackRock Funds IntSmCo 19.24 +0.09 -11.6 FF2035 Nuveen Cl I WellsIAdml 65.41 +0.41 -6.1
13.99 +0.09 -11.8 IncomeAdv 2.41 +0.01 -1.2 HYMunBd 16.26 -0.04 -10.1 CAITAdml 11.30 +0.01 -6.5
WelltnAdml 74.23 +0.48 -11.0 GrwthInst 126.83 +1.11 -23.1
American Funds Cl A HiYldBd Inst 7.05 -0.02 -8.1 IntSmVa 20.46 +0.12 -4.3 FF2040 9.93 +0.07 -12.1 FrankTemp/Franklin A CapOpAdml r 168.99 +2.38 -12.7 InPrSeIn 10.82 +0.03 -5.6
AmcpA p 35.13 +0.32 -22.7 BlackRock Funds A LgCo 29.68 +0.28 -12.2 Freedom2025 K 12.95 Old Westbury Fds WndsrAdml 82.02 +0.61 0.6
+0.07 -10.9 Growth A p 120.79 +1.36 -19.7
LrgCpStr 15.60 +0.14 -17.2 DivAppIdxAdm 41.90 +0.33 -9.7 InstIdx 353.48 +3.35 -12.1
AMutlA p 51.89 +0.53 -2.0 GlblAlloc p 18.54 ... -10.9 US CoreEq1 32.78 +0.32 -9.8 Freedom2030 K 16.20 VANGUARD FDS
+0.10 -11.2 RisDv A p 86.55 +0.77 -10.6 Parnassus Fds EMAdmr 36.49 +0.09 -10.8 InstPlus 353.48 +3.34 -12.1
BalA p 30.82 +0.23 -7.6 BlackRock Funds III US CoreEq2 29.82 +0.30 -9.4 Freedom2035 K 13.98 DivdGro 36.21 +0.31 -5.4
+0.10 -11.7 Guggenheim Funds Tru
ParnEqFd 54.71 +0.45 -13.7
EqIncAdml 93.19 +1.00 1.6 InstTStPlus 73.91 +0.76 -13.3
BondA p 12.05 +0.03 -9.1 iShS&P500IdxK 490.77 +4.63 -12.1 US Small 42.64 +0.45 -9.2 Freedom2040 K 9.93 TotRtnBdFdClInst 24.92 +0.05 -11.5 ExplrAdml IntlVal 38.47 +0.12 -7.5
+0.07 -12.0 PGIM Funds Cl Z
98.44 +1.45 -17.3 MidCpInst 60.56 +0.76 -12.8
CapIBA p 67.25 +0.46 -3.5 BlackRock Funds Inst US SmCpVal 43.78 +0.48 0.9 Idx2030InsPre 18.25 +0.10 -11.5 Harbor Funds ExtndAdml 112.77 +1.62 -18.6 LifeCon 20.59 +0.09 -10.5
MidCpIstPl 298.66 +3.74 -12.8
CapWGrA 55.67 +0.40 -12.2 EqtyDivd 21.72 +0.19 0.5 US TgdVal 30.27 +0.34 0.4 Fidelity Invest HighYield 4.93 -0.01 -8.1 LifeGro 39.23 +0.24 -11.7
CapApInst 71.64 +0.69 -28.9 GNMAAdml 9.72 +0.03 -7.2 RealEstaInstl 21.78 +0.28 -13.8
EupacA p 53.47 +0.23 -17.5 StratIncOpptyIns 9.69 ... -3.5 USLgVa 45.34 +0.54 -1.1 Balanc TotalReturnBond 12.70 +0.04 -11.1 LifeMod 29.83 +0.16 -11.1
26.67 +0.21 -12.0 Harding Loevner GrwthAdml 126.82 +1.11 -23.1 SmCapInst 95.66 +1.17 -11.5
FdInvA p 66.90 +0.57 -11.7 Bridge Builder Trust Dodge & Cox PIMCO Fds Instl PrmcpCor 30.95 +0.32 -8.0
BluCh 133.27 +1.34 -27.4 IntlEq 24.81 +0.01 -17.5 HlthCareAdml r 85.38 +1.20 -7.7 SmCapIstPl 276.11 +3.37 -11.5
GwthA p 57.55 +0.49 -22.5 CoreBond 9.33 +0.03 -9.8 Balanced 104.19 +0.68 -3.7 Contra Invesco Funds Y AllAsset NA ... NA
HYCorAdml r 5.39 -0.02 STAR 27.80 +0.19 -13.0
14.77 +0.12 -20.3 -7.6 STIGradeInst 10.18 +0.01 -4.8
HI TrA p 9.57 -0.03 -7.2 CorePlusBond 9.25 +0.02 -9.7 Income 12.84 +0.03 -8.2 ContraK 14.82 +0.12 -20.2 DevMktY 37.45 -0.04 -20.4 TotRt 9.14 +0.02 -10.1 InfProAd 26.56 +0.07 -5.5 TgtRe2015 13.33 +0.05 -8.8 STIPSIxins 25.53 +0.03 0.1
ICAA p 46.08 +0.42 -10.8 Intl Eq 11.56 +0.04 -13.6 Intl Stk 46.90 +0.26 -0.8 CpInc r JHF III DispVal PIMCO Funds A IntlGrAdml 103.96 +0.81 TgtRe2020 28.02 +0.12 -9.7
10.14 -0.01 -8.2 -25.4 TotBdInst 10.01 +0.03 -9.7
IncoA p 24.94 +0.17 -2.9 LargeCapGrowth 18.75 +0.17 -20.3 Stock 237.81 +2.30 -2.2 GroCo 27.14 +0.28 -25.6 DispValMCI 26.83 +0.30 -3.1 IncomeFd 10.95 ... -6.7 ITBondAdml 10.62 +0.04 -9.9 TgtRe2025 18.16 +0.10 -10.7 TotBdInst2 9.89 +0.03 -9.6
N PerA p 53.24 +0.33 -19.8 LargeCapValue 16.81 +0.15 -2.5 DoubleLine Funds InvGrBd 10.41 +0.03 -9.5 John Hancock PIMCO Funds I2 ITIGradeAdml 8.75 +0.02 -11.0 TgtRe2030 34.11 +0.19 -11.2 TotBdInstPl 10.01 +0.03 -9.6
NEcoA p 46.66 +0.40 -24.6 MunicipalBond 9.95 ... -6.8 TotRetBdI 9.42 +0.02 -8.2 LowP r 52.42 +0.38 -2.5 BondR6 14.25 +0.02 -10.5 Income 10.95 ... -6.6 LTGradeAdml 8.68 +0.07 -19.2 TgtRe2035 21.12 +0.12 -11.4 TotIntBdIdxInst 29.98 +0.05 -9.1
NwWrldA 71.47 +0.32 -16.9 Calamos Funds Edgewood Growth Instituti Magin 11.77 +0.11 -20.4 JPMorgan I Class PIMCO Funds Instl MidCpAdml 274.12 +3.43 -12.8 TgtRe2040 37.15 +0.23 -11.6 TotStInst 101.60 +1.05 -13.3
SmCpA p 60.58 +0.26 -24.3 MktNeutI 13.92 +0.03 -4.1 EdgewoodGrInst 40.76 +0.53 -32.6 NASDAQ r 153.78 +1.44 -21.9 CoreBond 10.68 +0.03 -8.8 IncomeFd 10.95 ... -6.6 MuHYAdml 10.77 -0.01 -9.0 TgtRe2045 25.02 +0.16 -11.8 ValueInst 56.51 +0.62 -1.0
TxExA p 12.43 -0.01 -7.5 Columbia Class I Fidelity OTC 14.82 +0.14 -24.4 EqInc 23.36 +0.28 -1.4 Price Funds MuIntAdml 13.62 ... -6.4 TgtRe2050 41.32 +0.27 -11.9 WCM Focus Funds
WshA p 56.94 +0.63 -5.5 DivIncom I 30.01 +0.32 -4.7 500IdxInstPrem 144.84 +1.37 -12.1 Puritn 24.21 +0.21 -10.8 JPMorgan R Class BlChip 129.10 +1.23 -27.4 MuLTAdml 10.94 -0.01 -8.7 TgtRe2060 42.32 +0.28 -11.9 WCMFocIntlGrwIns 20.56 +0.12 -25.7
Artisan Funds Dimensional Fds Contrafund K6 18.57 +0.16 -20.1 SAIUSQtyIdx 16.52 +0.17 -12.8 CoreBond 10.69 +0.02 -8.8 DivGro 66.90 +0.56 -9.5 MuLtdAdml 10.78 ... -2.9 TgtRet2055 46.00 +0.30 -11.9 Western Asset
IntlVal Inst NA ... NA 5GlbFxdInc 10.10 ... -5.6 ExtMktIdxInstPre 70.66 +1.02 -18.6 SrsEmrgMkt 17.57 +0.09 -16.4 CorePlusBd 7.57 +0.02 -9.1 Growth 74.51 +0.65 -29.9 MuShtAdml 15.65 ... -1.1 TgtRetInc 13.18 +0.05 -8.7 CoreBondI 11.38 +0.03 -12.2
Baird Funds EmgMktVa 29.78 ... -3.7 FidSerToMarket 13.80 +0.14 -13.2 SrsGlobal 13.48 +0.03 -10.5 Lord Abbett A HelSci 87.05 +1.54 -16.4 PrmcpAdml r 152.27 +1.67 -10.1 WellsI 27.00 +0.17 -6.2 CorePlusBdI 10.15 +0.03 -13.9
AggBdInst 10.14 +0.03 -10.1 EmMktCorEq 22.81 -0.02 -8.8 GrowthCompanyK6 17.02 +0.18 -25.6 SrsGroCoRetail 15.32 +0.16 -24.9 ShtDurIncmA p 3.96 ... -3.7 LgCapGow I 54.00 +0.51 -26.6 RealEstatAdml 140.74 +1.85 -13.9 Welltn 42.98 +0.28 -11.1 CorePlusBdIS 10.15 +0.03 -13.8
B12 | Wednesday, June 8, 2022
Stocks Overcome Early Gloom on Target
Markets swing as
Investors assess
outlook for inflation,
economic growth
BY ANNA HIRTENSTEIN
AND VICKY GE HUANG
Stock indexes climbed in a
volatile session as investors
continued to assess the out-
look for inflation and economic
growth.
The S&P 500 rose 39.25
points, or 1%, to 4160.68,
driven by gains
TUESDAY’S in 10 of the in-
MARKETS dex’s 11 sec-
tors. The Nas-
daq Composite climbed 113.86
points, or 0.9%, to 12175.23.
The Dow Jones Industrial Av-
erage increased 264.36 points,
or 0.8%, to 33180.14. All three
indexes had opened modestly
lower after a profit warning
from Target cast a pall over
the retail sector.
Stocks have swung in recent
days, buffeted by shifts in
views about the strength of the
economy and the likely path
Teneo
Nears Deal
To Acquire
Advisory
BY CARA LOMBARDO
Teneo Holdings LLC is close
to a deal to buy an advisory
firm that would expand the
public-relations firm’s focus on
geopolitical and policy consult-
ing.
Teneo could finalize a deal
to buy a majority stake in
Washington-based WestExec
Advisors as soon as Wednes-
day, according to people famil-
iar with the matter.
Roughly a year ago, Teneo’s
future was on shaky ground af-
ter its founder, Declan Kelly, re-
signed following reports of
drunken misbehavior at a char-
ity event.
Teneo went on to post 2021
revenue of nearly $500 million
and expects it to grow by about
10% this year, the people said.
Its head count increased
roughly 600 people to about
1,500, with about half of the in-
crease coming from its acquisi-
tion of Deloitte’s U.K. restruc-
turing business.
WestExec was founded by
former Obama administration
officials Michèle Flournoy, Ser-
gio Aguirre and Nitin Chadda.
Its roughly 40 people specialize
in helping companies under-
stand policy or geopolitical is-
sues such as trade dynamics
and use that knowledge to
make business decisions. It fo-
cuses on the security and de-
fense industries.
Teneo made a minority in-
vestment in WestExec in 2021.
Companies such as Teneo
and WestExec exert behind-the-
scenes influence in American
corporations and around the
world, helping guide boards
and executives on business
strategy and communications.
Demand for their services has
increased as companies face a
constant flow of political devel-
opments from around the globe
to anticipate and respond to,
such as increased tensions with
China and Russia’s war on
Ukraine.
Public relations company
Sard Verbinnen & Co. recently
merged with rival Finsbury
Glover Hering to create a large
player in the sector, now called
FGS Global.
Teneo burst onto the public-
relations scene in 2011 when
Mr. Kelly co-founded it with
former Clinton White House of-
ficial Doug Band and Paul
Keary, a former consulting ex-
ecutive who now serves as its
chief executive. The firm has
advised clients including Gen-
eral Electric Co. and Coca-Cola
Co. and expanded to include
units focused on everything
from risk advisory to executive
searches.
That rapid rise was threat-
ened when Mr. Kelly, the long-
time public face of Teneo and
its biggest rainmaker, resigned
after behaving inappropriately
at a celebrity-filled event
hosted by the charity Global
Citizen in May 2021. Mr. Kelly
is no longer involved with Te-
neo, having sold his stake, and
has since launched a new firm,
Consello LLC, with football star
Tom Brady as a partner.
for central banks and interest
rates. A big concern is that
central banks could act too ag-
gressively as they combat in-
flation and trigger a slowdown
in economic growth or a reces-
sion.
“We’re still in this constant
push and pull about where in-
flation is going to be, where
growth is going to be, and
whether we’re going to be in a
recession or not,” said Fahad
Kamal, chief investment officer
at Kleinwort Hambros.
Target shares dropped
$3.69, or 2.3%, to $155.98 after
the retailer issued a warning
that its profit would decline
because it needs to cancel or-
ders or offer discounts to clear
out unwanted goods, a poten-
tial sign of lower consumer
spending. Shares of other big
retailers followed, with Wal-
mart declining $1.50, or 1.2%,
to $123.37.
A significant increase in re-
tail inventories and diminish-
ing demand could cause prices
to moderate across most con-
sumer goods in the second half
of the year, according to Peter
Essele, head of portfolio man-
Utilities and developers still face rising borrowing costs and shortages in the solar industry.
Solar
Sector
Challenged
Continued from page B1
infrastructure are hindering
many projects that aim to use
the sun and wind to replace
fossil fuels.
At the same time, Russia’s
invasion of Ukraine is fueling a
scramble for oil and gas and
highlighting the need for do-
mestic sources of energy.
The iShares Global Clean
Energy ETF has risen about
12% in the past month, paring
Trading
Changes
Criticized
Continued from page B1
orders using brokerages such
as Robinhood Markets Inc.,
the brokers often route the or-
ders to electronic market-mak-
ing firms that execute them. In
return, the market makers fre-
quently pay the brokerages
cash incentives, a practice
called payment for order flow.
Mr. Gensler has criticized
such payments as being a con-
flict of interest for brokers and
has suggested that the busi-
ness of retail market making is
too concentrated. Market mak-
ers are firms that buy and sell
stocks throughout the day and
make a profit from collecting a
difference between the buying
and selling price.
A handful of such firms, in-
cluding Citadel Securities and
Virtu Financial Inc., handle
the lion’s share of U.S. stock
trades for individual investors.
By funneling more such
trades into competitive auc-
tions, the SEC would seek to
have more market makers
competing for individual inves-
tors’ business, in hopes that in-
vestors get better prices for
their orders.
Retail brokers and market
makers entrenched in the cur-
rent system will fight Mr. Gen-
sler’s changes, potentially even
filing lawsuits to block any
MARKETS & FINANCE
Index performance Tuesday
1.00%
0.75
0.50
0.25
0
–0.25
–0.50
–0.75
–1.00 Five-minute intervals
10 a.m. 11 noon
Source: FactSet
agement at Commonwealth Fi-
nancial Network.
Treasury Secretary Janet
Yellen said in a Tuesday Senate
testimony that she expects in-
flation to remain elevated.
Some investors expect infla-
tion to have already peaked
but remain uncertain about the
pace at which higher prices
nearly all of its drop for the
year. A similar fund of fossil-
fuel companies is up more
than 60% in that span, pushing
some investors back toward
traditional energy firms.
The renewables industry is
particularly vulnerable to ris-
ing interest rates.
Like the shares of other
richly valued companies,
clean-energy stocks have
fallen as investors switched to
more appealing bonds. The in-
dustry itself, in particular resi-
dential solar, depends on lend-
ing to finance solar
installations.
Even with a recent recov-
ery, shares of NextEra and
other green stocks are down
nearly 15% this year.
NextEra had surged to $93
regulatory changes, said Joe
Saluzzi, partner and co-
founder of brokerage Themis
Trading LLC.
“Any time you threaten an
existing status quo that bene-
fits a lot of people, they will
fight you tooth and nail,” said
Mr. Saluzzi, whose firm han-
dles stock trades for institu-
tional investors and hedge
funds.
A spokeswoman for the SEC
declined to comment.
Executives at retail broker-
ages and market-making firms
have been wary of Mr. Gen-
sler’s plans since he indicated
Auctions would
represent a big shift
to the working of the
U.S. stock market.
last year that he would pursue
a shake-up of market structure.
Firms such as Robinhood, Virtu
and Citadel Securities say in-
vestors get high-quality execu-
tions from the current system,
because the market makers
that handle small investors’
trades provide better prices
than they would get if their or-
ders were routed to public
stock exchanges.
Payment for order flow has
also made it possible for bro-
kerages to offer zero-commis-
sion trading.
Virtu has estimated that
U.S. individual investors saved
$11 billion on their trades in
2020 by having those trades
S&P 500
Nasdaq Composite
Dow Jones Industrial Average
1 p.m. 2 3
come down.
“As long as inflation re-
mains elevated and continues
to come down very slowly, the
Fed is going to increase inter-
est rates in order to combat
these high inflation rates,” said
Ayako Yoshioka, a senior port-
folio manager at Wealth En-
hancement Group. “It’s a very
at the end of last year from
$15 a decade earlier.
Chief Executive John
Ketchum on Monday said the
tariff pause was an important
step to the industry rebound-
ing. The Florida-based firm
previously said it expects a
chunk of this year’s solar and
energy-storage projects to be
delayed.
Some analysts say the im-
pacts of the tariff investiga-
tion will still linger. Ravina
Advani, head of energy, natu-
ral resources and renewables
at BNP Paribas SA, said many
clients have been making in-
vestments in wind and hydro-
power while the solar investi-
gation plays out.
“The uncertainty definitely
had a domino effect,” she said.
routed to market makers in-
stead of exchanges.
Virtu criticized Mr. Gensler’s
idea of bringing order-by-order
competition for individual in-
vestors’ stock orders, saying it
would eliminate a big benefit
of the current system: the
guarantee that a market maker
must fill every retail order it
gets from a broker at a price at
or better than the best price
available on public stock ex-
changes.
If those orders were routed
to auctions instead, the retail
brokerage wouldn’t have a
clear way to ensure that they
would be executed.
If an order went unexecuted
in an auction, the retail broker-
age would need to find another
place to execute and bear addi-
tional costs, such as exchange
transaction fees. The end re-
sult wouldn’t necessarily be an
improvement for ordinary in-
vestors, according to Virtu.
Virtu Chief Executive Doug-
las Cifu suggested in an
emailed statement that the
SEC would face litigation if it
pushed through with the
changes reported by the Jour-
nal.
“The entire market will be
evaluating any proposal to en-
sure it complies with the rule-
making requirements, aligns
with the SEC’s mandate, and
includes complete economic
and competitive analysis,” he
said.
Robinhood declined to com-
ment. A spokesman for Citadel
Securities said the firm looks
forward to reviewing the SEC’s
proposals and working with
the agency.
* **** THE WALL STREET JOURNAL.
difficult thing for the Fed to
engineer a soft landing.”
The yield on the benchmark
10-year Treasury note eased to
2.969% from 3.037% on Mon-
day. Yields fall when prices
rise.
In other corporate news,
Kohl’s shares jumped $3.97, or
9.5%, to $45.59 after The Wall
Street Journal reported the de-
partment-store chain is in ex-
clusive talks to be sold to retail
holding company Franchise
Group. The deal may value the
company at about $8 billion.
Arcade company Dave &
Buster’s Entertainment rose
$1.81, or 4.9%, to $39.06 after
reporting a jump in sales
growth.
4
Shares of BuzzFeed climbed
6 cents, or 2.7%, to $2.29, re-
covering some ground after
plunging 41% on Monday after
a ban that prevented execu-
tives and major investors from
selling shares was lifted.
Twitter shares rose 57
cents, or 1.4%, to $40.13 after
Elon Musk threatened Monday
to end his acquisition of the
social-media platform, saying
the company didn’t comply
Lawsuit Alleges
Better.com
Misled Investors
BY BEN FOLDY
A former senior executive
at Better.com alleged in a law-
suit that the online mortgage
lender misled investors in fi-
DAVID PAUL MORRIS/BLOOMBERG NEWS
nancial filings and other rep-
resentations it made as it at-
tempts to go public.
Sarah Pierce, Better.com’s
former executive vice presi-
dent for sales and operations,
alleged in the suit that Chief
Executive Vishal Garg and the
company misrepresented Bet-
ter.com’s business and pros-
pects to keep investors on-
board with a planned merger
with a special-purpose acqui-
sition company, or SPAC. The
deal was agreed to in May
2021 and has yet to close.
Ms. Pierce said in the suit
that she was pushed out of
her role at the company in
February in retaliation for
raising these issues. She has
also filed a complaint alleging
retaliation with the Occupa-
tional Safety and Health Ad-
ministration under the Sar-
banes-Oxley Act, according to
a footnote in the suit.
“We have reviewed the
claims in the complaint and
strongly believe them to be
without merit,” Better.com
said. “The company is confi-
dent in our financial and ac-
counting practices, and we
will vigorously defend this
lawsuit.”
Better.com was a winner of
the boom in housing prices
and mortgage refinancing that
accompanied the pandemic
and low interest rates. The
company’s revenue grew
nearly 10-fold to $876 million
in 2020 from the year prior.
It posted a profit of $172 mil-
lion and hired thousands as it
rushed to keep up with the
market, company filings said.
It raised $500 million from
SoftBank Group Corp. last
spring and weeks later said it
planned to go public at a valu-
ation of $7 billion.
Better.com has since been
rocked by the rise in interest
rates and resulting sharp pull-
back in refinancings and a
highly publicized situation
when Mr. Garg laid off 900
workers via a Zoom call in De-
cember.
He took a brief leave after
the call sparked an uproar.
The company has laid off
thousands more as the market
for SPAC deals has also
cooled.
In the aftermath of the De-
cember layoffs, Mr. Garg said
in a public letter that he took
responsibility for the decision
to lay off the staff but “blun-
dered the execution.” He be-
gan a leave the following day,
and Better.com said it hired an
outside company to assess its
culture and leadership. Mr.
Garg returned to his position
in January, according to an
email sent to employees.
In her complaint, filed
Tuesday in federal court in
Manhattan, Ms. Pierce says
Mr. Garg and the company’s
alleged misrepresentations
were made to keep its merger
with requests for data about
spam accounts.
The Japanese yen weakened
0.5%, reaching the lowest level
against the dollar since April
2002. The yen has sold off this
year as the Bank of Japan has
remained committed to ultra-
easy monetary policy, while
many other central banks have
begun lifting interest rates to
combat rapid inflation.
Overseas, the pan-continen-
tal Stoxx Europe 600 slipped
0.3%. Early Wednesday, Japan’s
Nikkei 225 was up 0.95%, Hong
Kong’s Hang Seng Index was
up 2.2% and the Shanghai
Composite was up 0.6%. S&P
500 futures were down 0.1%.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
THREE-YEAR NOTES
Applications $110,521,080,900
Accepted bids $46,587,278,700
" noncompetitively $174,362,800
" foreign noncompetitively $200,000,000
Auction price (rate) 99.851689
(2.927%)
Interest rate 2.875%
Bids at clearing yield accepted 63.87%
Cusip number 91282CEU1
The notes, dated June 15, 2022, mature on June 15,
2025.
on track. Ms. Pierce’s com-
plaint alleged Mr. Garg and
Better.com’s treatment of her
constituted unlawful retalia-
tion, defamation and inten-
tional infliction of emotional
distress.
The company lost $304 mil-
lion last year, according to
company filings. Last winter,
Mr. Garg allegedly told the
company’s board and investors
that the company would be-
come profitable again by the
end of the first quarter in
2022, according to the lawsuit.
Ms. Pierce said in the suit that
her operations team, in part-
nership with the company’s fi-
nance department, had pre-
sented internal projections to
Mr. Garg that showed the
company couldn’t expect to
break even until at least the
second half of this year.
The lawsuit contains color-
ful remarks allegedly made by
Mr. Garg. He allegedly re-
placed one of the words in
the acronym for the account-
ing phrase, GAAP, or “gener-
ally accepted accounting prin-
ciples” with a profanity. He
told other executives at Bet-
$7B
Valuation at which Better.com
expects to go public
ter.com that interest rates
would stay low because Presi-
dent Biden would contract
Covid-19 and die, the suit
says. Another former Bet-
ter.com executive said they
also remembered the GAAP
comments and Mr. Garg’s ex-
pectations that unforeseen
events would keep rates low.
Ms. Pierce also alleges that
the company had overstated
the strength of its brand in fi-
nancial filings relating to its
potential merger.
In the prospectus for its
SPAC deal, Better.com said it
believed that 30% of its loans
made directly to consumers
came through internet traffic
that wasn’t generated by paid
marketing efforts. That com-
pared favorably to other large
financial brands despite
lower advertising spending.
In her complaint, Ms. Pierce
says that company’s internal
data showed that number to
be no more than 12%.
Ms. Pierce raised concerns
about the alleged misrepre-
sentation to Mr. Garg and
Better.com ahead of the fil-
ing’s publication, according
to the lawsuit.
Mr. Garg allegedly repeat-
edly defied advice from other
executives regarding the
mass Zoom layoff in Decem-
ber, leading the company to
likely violate the California
Worker Adjustment and Re-
training Notification Act,
which requires employees re-
ceive 60 days’ notice in ad-
vance of mass layoffs, the
suit said.
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | B13

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Target Warning Is an Omen U.K. Politics

Are No
Inventory issues could be a promotional boon for shoppers but a nightmare for retailers
Target’s inventory problem is clothes. Target’s inventory had Target operating margin, quarterly Costco and Sam’s Club rely on
Party for
turning out even worse than it ex-
pected just a short time ago. Its
latest warning could portend a
swelled 43% last quarter compared
with a year earlier, while compara-
ble sales grew by just 3.3%.
12%
consumables and groceries for
more than half their sales.
Target’s inventory warning indi-
Financial
promotional bloodbath among re-
tailers this summer.
The retailer on Tuesday lowered
While Target is known for
strong merchandising, there are
two reasons the inventory problem
10

8
Long-term goal
cates that other retailers could be
undergoing the same kind of mar-
gin reckoning as they gauge the
Markets
its operating-margin guidance for was especially bad for the retailer. right sales mix. Other retailers
its second quarter to 2%, less than One is that the largest retailers 6 with much higher inventory levels
half the margin it telegraphed had the means to spend heavily to included Walmart, which saw a Chaotic leadership race is
three weeks ago. The company get more goods last year, when 33% increase in merchandise last preferred to uncertainty
4
said it is taking actions to “right- there were widespread concerns quarter compared with a year ear-
size” its inventory, which will in- about shortages. Companies in- lier, and Kohl’s, whose inventory It isn’t everywhere that the po-
volve more discounts and cancel- cluding Walmart, Costco and Tar- 2 rose 40%. It also portends a sum- tential ousting of a head of gov-
ing orders. get all paid for their own char- mer of heavy discounts, especially ernment is celebrated by investors
The company said in its latest tered ships to stock shelves up 0 in categories that Target said it as a step toward political stability.
earnings call on May 18 that it was ahead of last year’s holiday sea- FY2019 ’20 ’21 ’22 was carrying too much of, such as In the case of Britain, they might
holding too much merchandise son. This could have made them kitchen appliances, TVs and out- have a point.
Note: Second quarter 2022 is guidance from the
that consumers no longer more susceptible to accidental company. First quarter ended April 30 door furniture. Margins could take The pound was the best-per-
wanted—such as large appliances pileups of the wrong items. Sources: FactSet; the company a worse hit than expected at com- forming major currency Monday
and furniture. Consumers are still In an interview with The Wall panies such as online furniture after news broke that British Prime
spending on groceries and house- Street Journal, Target Chief Execu- preferences had already shifted. seller Wayfair, electronics retailer Minister Boris Johnson would that
hold essentials, while diverting tive Officer Brian Cornell said the Another reason could be that Tar- Best Buy and Bed Bath & Beyond, evening face a no-confidence vote
discretionary dollars to things company was “chasing hard in get’s sales mix is lighter on con- which sells kitchen appliances. by lawmakers of his own ruling
they need as they resume going to 2021 to get more of the inventory sumables (45%) like groceries, the It’s going to be a summer full of Conservative Party. The challenge
the office, traveling, attending that our guest was looking for.” one pandemic-winning category discounts for consumers and a to his leadership follows anger
concerts and so on—such as lug- But delayed shipments meant that still sees strong demand. Big- stressful, sweaty season of plan- about parties at Downing Street
gage, cosmetics and dressy goods arrived late, when consumer box retailers such as Walmart, ning for retailers. — Jinjoo Lee during the Covid-19 lockdowns. Mr.
Johnson ended up hanging on to
his job by 211 votes against 148,
which may help explain part of

U.S. Dollar Is Looking a Bit Stretched

sterling’s overnight dip. It regained
some ground later on Tuesday.
Such a close result questions
the prime minister’s authority: His
predecessor resigned six months
The U.S. dollar’s rally has paused. U.S. real broad effective exchange rate likely to be loosened or kept loose, after winning such a vote by a
Investors shouldn’t necessarily as- respectively. Japan’s 10-year govern- wider margin. Mr. Johnson could
130
sume it will resume. ment bond is currently yielding just struggle to push through his poli-
The greenback has been an un- 0.24%, compared with around 3% for cies just as a cost-of-living crisis
surprising beneficiary of the Federal RECESSION U.S. 10-year Treasurys. Still, tighten- buffets the U.K. economy. While
Reserve’s tightening campaign: 120 ing around the rest of the world his Treasury chief launched a
Higher interest rates drive flows could sap the dollar’s strength package to support household in-
into U.S. bonds and other dollar as- against most major currencies. comes two weeks ago, more may
sets and out of other currencies. Of course if the U.S. economy be needed in the winter.
110
Stock-market weakness also has avoids a downturn and the Fed Are markets reckless to ignore
prompted safe-haven buying of dol- stays hawkish, the dollar rally could or embrace an outburst of political
lars, as has Russia’s invasion of go on. But other indicators tracked instability in the U.K.? Perhaps
Ukraine. 100 by economists are starting to signal they don’t see a lot to lose.
The net result is that the dollar is the currency might be near over- Over the past decade, equities
up 7.1% so far this year, according to valued territory. Consider, for in- in the country returned about
the widely followed ICE U.S. Dollar stance, the so-called real broad ef- 100%, compared with roughly
index, or 6.6% as measured by the 90 fective exchange rate, which takes 280% and 150% in the U.S. and the
WSJ Dollar Index, which tracks the 1995 2000 ’05 ’10 ’15 ’20 into account international differ- eurozone, respectively, due in
U.S. unit against a broader group of Source: Bank for International Settlements ences in consumer prices to mea- great part to the country’s deci-
currencies. Over the past year, the sure the dollar’s effective purchas-
ICE Dollar index is up 14.2%. just to be found at home, though. As to act more aggressively. The euro ing power against other currencies.
A stronger U.S. dollar is mixed it becomes increasingly clear that has bounced 2.7% off lows that it hit Aside from a brief spike during the
news for the American economy. It the current wave of inflation is a against the dollar on May 12. height of markets’ Covid-19 panic in
While the S&P 500 and
makes imports cheaper, which can global problem, other central banks Similarly, the Bank of Canada last the spring of 2020, this rate as of Euro Stoxx 50 are down
be a useful offset for inflation. But it are joining the Fed in tightening week increased its policy interest April 2022 is at its highest level
also makes the foreign earnings of policy, boosting their own curren- rate by a half-percentage point, its since the early 2000s, according to
more than 10% this year,
U.S. exporters and multinationals cies. second such hike to combat inflation the Bank for International Settle- the FTSE 100 is up 3%.
less valuable in dollar terms. Last For instance, inflation in the eu- that is now at a 31-year high in the ments, which was followed by an ex-
week, Microsoft cut its outlook for rozone in May reached an annual country. The Canadian dollar is up tended period of dollar weakness.
earnings and revenue in the second rate of 8.1%, the fastest pace since 3.4% against its U.S. counterpart This suggests the dollar’s strength
quarter, citing dollar strength. records began at the start of 1997. since mid-May. On Tuesday, Austra- may be starting to weigh on the sion to leave the European Union
Yet the dollar’s momentum is The European Central Bank has said lia’s central bank raised rates more country’s international competitive- in 2016. Investors who didn’t
fading amid signs that the U.S. it would end its bond-buying pro- than expected. ness. hedge the currency risk have done
economy might be weakening. gram in July and raise its key inter- The pattern is likely to be re- From that perspective, and for even worse, because sterling has
Based on the ICE index, the U.S. unit est rate to zero by September from peated elsewhere. Among major American multinationals like Micro- fallen around 10% against the dol-
is now down 2.0% from its peak in minus 0.5% now. Expectations are economies the notable exceptions soft, a reversal would be welcome lar and 5% against the euro during
mid-May. Reasons for this aren’t now building that the ECB may have are China and Japan, where policy is news. —Aaron Back the same period.
There has been a slight reversal
of fortunes lately. In surveys by
Bank of America, global fund man-

Fewer Imports Mean Better Growth

agers are no longer biased against
Britain. Last year, U.S. capital tar-
geted some U.K. corporations seen
as undervalued, such as retailer
Morrison and aerospace and de-
With Americans shifting spend- fense supplier Meggitt. Also, the
ing away from goods, fewer im- large presence of listed energy
ports will be hitting U.S. docks. companies and miners in the U.K.,
The U.S. economy could end up which for years was a drag on eq-
growing more quickly as a result. uity performance, turned into an
The pandemic set off heavy de- edge amid commodity-led infla-
mand for all manner of consumer tion: While the S&P 500 and Euro
goods, as people reduced their Stoxx 50 are down more than 10%
spending on things like travel and this year, the FTSE 100 is up 3%.
dining out, tried to make the Stripping out the differences in
homes they were hunkered down sector weights, however, British
in more livable, and were provided stocks have kept underperforming.
with government relief payments Across all industries, companies
that made it easier to spend. A lot listed in the U.K. trade at a big dis-
of those goods were made abroad. count relative to the earnings they
The result was a massive widen- generate when compared with
ing of the U.S. trade deficit, which their U.S. and European peers. This
went to 4.9% of gross domestic often wasn’t the case before Brexit,
product in the first quarter of or the gap was much smaller.
2022 from 2.5% in the first quarter Pessimists might say the equity
of 2020, according to the Com- discount can’t be closed no matter
merce Department. Adjusting for who is in government. Business in-
inflation, that shaved about 2.5% vestment since 2016 has weakened
off GDP over the course of the consistently. Despite some respite
past two years. The only time the in April, retail-sales data has been
JUSTIN SULLIVAN/GETTY IMAGES

trade deficit has weighed more dismal, and May’s GfK Consumer
heavily on GDP growth was during Confidence Barometer recently
the very different circumstances of came in at minus 40—the lowest
the early 1980s, when the U.S. since records started in 1974.
trade deficit with Japan soared. Yet, arguably, a chunk of the
But the tide is turning. On Tues- continuing underperformance is
day, the Commerce Department re- best ascribed not to specific trade
ported that the U.S. trade deficit in relationships, policies or even in-
April came to $87.1 billion, adjusted For some countries that export heavily to the U.S., the narrowing of the trade deficit could weigh on growth. discretions with cakes, but rather
for seasonal swings. That is a big to Mr. Johnson prolonging the
gap, but not nearly as wide as haircut manufactured in Hanoi. such as warehouses and stores, of the trade deficit could weigh on post-Brexit state of uncertainty.
March’s $107.7 billion. Given the ex- The shift toward services could have experienced the biggest ac- growth. China stands out, since it His threats to tear up the North-
cess inventory problems many big dent U.S.-based goods producers, celeration in employment. is a major source of consumer ern Ireland Protocol have put the
stores such as Target are facing, it but in many cases they might be Factory employment is likely be- products sold in the U.S., and, in new trade deal with the European
seems likely the trade deficit will better insulated than many of ing held back by semiconductor contrast to Canada and Mexico, Union at risk. The drought of capi-
narrow further in the months their overseas counterparts. Bank supply problems that continue to isn’t a major manufacturer of cars tal investment hasn’t been offset
ahead as they import fewer wares. of America economists point out beset the auto industry, which is a and car parts that make their way by any comprehensive industrial
If spending on things like furni- that the jobs recovery in goods- driver of overall U.S. manufacturing. into the U.S. policy, either.
ture and kitchen appliances starts producing industries has been sub- As chips become more available, car For the U.S., a narrowing trade Investors shouldn’t expect a po-
going toward services instead, that dued—manufacturing employment sales might be the portion of spend- deficit could keep the economy tential leadership reshuffle to trig-
will benefit U.S. growth, because is still slightly below its prepan- ing on goods that holds up best. from slowing down nearly as much ger a magical revaluation of U.K.
most of the services we purchase demic levels—while industries that For some countries that export as investors fear. stocks. But it could be a start.
are homegrown—you can’t buy a work to fulfill consumer demand, heavily to the U.S., the narrowing —Justin Lahart —Jon Sindreu
B14 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.

Meet the ↷
New Creators
The visionaries creatively applying
technology in business to drive change.

From left to right →

Jay Jordan, Co-Founder & COO, Strella Biotechnology
Katherine Sizov, Co-Founder & CEO, Strella Biotechnology
George Boateng, Co-Founder, SuaCode.ai
Aparna Sharma, Cloud Transformation Leader, IBM Consulting
Dr. Rania Khalaf, CIO & CDO, Inari
Stephanie “Snow” Carruthers, Chief People Hacker for X-Force, IBM
Bryan Young, Co-Founder & CEO, Home Lending Pal, IBM Hyper Protect Accelerator Member

ibm.com/new-creators
IBM and the IBM logo are trademarks of International Business Machines Corporation, registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on ibm.com/trademark. © Copyright IBM Corp. 2022
 JOURNAL REPORT

CYBERSECURITY
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | R1

The Bi
Th Biggest Mistakes
i t k
Companies Make With Cybersecurity
SONIA PULIDO

Managers routinely miss
opportunities to build
organizations that are resilient
to cyberattacks. It doesn’t
have to be that way.
BY KERI PEARLSON AND
E
VERY MANAGER
knows it by now:
In our research at the
Massachusetts Institute of
ganizations that are resilient
to cyber threats, and have
Cyberattacks are Technology’s Sloan School of found a number of concepts
frequent and Management, we study how that managers routinely get
dangerous. You managers should build or- Please turn to page R4
need tough
defenses to stay safe. Dr. Pearlson is executive director of the Cybersecurity at MIT
Every manager knows it. Sloan consortium. Dr. Madnick is John Norris Maguire Professor
But they still get things of Information Technologies, Emeritus, at the MIT Sloan School
wrong with cybersecurity. All of Management and professor of engineering systems at the MIT
STUART MADNICK the time. School of Engineering. They can be reached at reports@wsj.com.

The Safest Ways to Store Your Passwords

Inside
KEEPING IT SECRET
We evaluate the four most popular strategies BY CORDILIA JAMES Small Targets
Different apps offer
Small businesses are struggling

S
TEP 1 for securely ac-
cessing your online ac-
counts: Create a com-
plex, unique password
for each account. Step 2: Ac-
tually remember those pass-
words, or store them safely.
There are plenty of tools to
help with Step 2, some safer
than others. Some people use
password managers, while
others use locked notes on
their phones. And then there
are people who write their
passwords on a piece of paper
or depend on memory tricks.
We assessed the security
of these four popular pass-
word-management strategies.
Read on to find out what
works, what doesn’t and what
you can do to make your
password-storage tactics
stronger.
Safe: Password
Managers
The best way to save your
passwords, experts say, is to
lock them up in a password
manager such as Dashlane,
Keeper Security or LastPass.
These tools let you set up
different approaches to with an increase in cyberattacks,
unique passwords for all of message encryption. and many aren’t prepared, partly
your accounts, and you only because they don’t think they will
have to remember the master Here’s how to know
be targeted. R5
password that lets you into when your messages
your password manager’s are the most secure. R2
vault. PERSONALIZED ONLINE PRIVACY
Yet many people don’t use
them. In a 2022 global survey How to improve on
from password manager Bit- ‘Accept all cookies.’ R6
warden, only 30% of respon-
dents reported using a pass-
word manager.
Password managers aren’t Scan this code to
immune to vulnerabilities. But learn about a
the chances of a hacker cyberattack that
breaking in and stealing your forced one company
Please turn to page R8 into bankruptcy.
R2 | Wednesday, June 8, 2022
How Encryption
Does—or Doesn’t—Work
With Messaging Apps
Here’s how to know when your messages are most secure
W
HEN you
send a
message to
someone,
it’s often
intended
for their
eyes only.
Whether only they see it or not
is determined largely by the
level of encryption built into the
app you’re using.
Included in most popular mes-
saging apps, encryption turns
your text, photos and videos into
a meaningless string of charac-
ters so they’re shielded from
prying eyes on their journey to
your recipient’s phone.
Your messaging apps are
probably among the tools you
use most on your smartphone,
holding a stream of sensitive,
identifiable information you
wouldn’t want in the wrong
hands. People use the apps to
share addresses, phone numbers,
passwords and photos. Unless
you use a secure, encrypted ser-
vice, all of that information
could be open to snooping. Hack-
ers wouldn’t need your phone to
try to see what you’re sending.
And companies offering these
communication tools could take
a peek at what you send and re-
ceive.
Legally, providers of private
communication are allowed un-
fettered access to users’ unen-
crypted messages, says Paul
Ohm, professor of law at the
Georgetown University Law Cen-
ter specializing in information
privacy. They could not only
share the information with law
enforcement, but also use the
data to feed you customized ads
or other marketing.
Law-enforcement agencies are
increasingly requesting data
from social-networking sites
about users, and companies are
“generally cooperative,” Mr. Ohm
says. Meta Platforms Inc. re-
ceived 215,000 government re-
quests for user data from June
to December of 2021, up from
191,000 during that time frame
in 2020, according to the com-
pany’s biannual report on the
subject. Meta, which owns Face-
book, Instagram and WhatsApp,
provided some data on users
nearly 73% of the time in re-
sponse to those requests.
Meanwhile, cyberattacks
against the communications in-
dustry rose 51% in 2021, accord-
ing to the cybersecurity firm
Check Point Software Technolo-
JOURNAL REPORT | CYBERSECURITY
gies Ltd. If hackers attack a
cloud service or data center,
“emails get exposed, messages
get exposed, photos get ex-
posed,” says Mark Ostrowski,
Check Point’s head of engineer-
ing for the eastern U.S. “It’s used
for extortion.”
Encryption for messaging
tends to come in two main
forms: end to end, and in transit.
With end-to-end encryption, the
messages are scrambled before
the text leaves the sender’s de-
vice. While passing through serv-
ers, the messages remain un-
readable. Only the receiver’s
device can decode the message.
Encryption in transit, which is
considered less secure than end-
to-end encryption, scrambles
messages only while the text
makes its way to the servers for
processing. Once the text is on
those servers, the messaging
provider may be able to read
them. Messages are encrypted
again before being sent to the
recipient.
For maximum security, con-
sumers should opt for a service
Without encryption, your messages
are vulnerable to hackers and
your messaging service could
share them with law enforcement
or use them to feed you customized
ads or other marketing.
with end-to-end encryption
turned on by default, such as
Apple Inc.’s iMessage or the app
Signal. Others, such as Tele-
gram and Meta’s Messenger, let
you turn that feature on—though
many people don’t. Some mes-
saging systems don’t offer en-
cryption at all. This includes
SMS text messages sent through
your cellular provider, as well as
direct messages sent on TikTok
and Twitter.
Also, keep in mind that while
going the most secure route
keeps your data shielded from
middlemen, it doesn’t guarantee
100% privacy, because encryp-
tion doesn’t determine who sees
a message once it reaches its re-
cipient. Some services offer self-
destructing messages and tell
you if your recipient took a
screenshot, but even with these
guardrails, you’d never know if
someone took a photo of the
messages you sent.
To help sort all this out, here’s
how the most popular messaging
services available on Android
and iOS handle encryption.
Signal
End-to-end encrypted? Yes, by
default, across Signal’s mobile
and desktop apps.
Security experts widely con-
sider Signal to be the gold stan-
dard for private messaging. Users
can set messages that automati-
cally disappear from the sender’s
and receiver’s phones in as little
as 30 seconds or as long as a
month. To access these settings,
go to each contact in the app,
then tap Disappearing Messages
to choose how long you want
messages to last. You can also
set group chats to disappear.
Limitations: Signal requires us-
ers to provide a phone number
at sign-up, and you have to give
people your phone number to
chat with them. It also offers
fewer social-media features than
iMessage and WhatsApp, which
are both used by more people.
And there’s no way to access the
service through a web browser.
Browser access is convenient for
users, providing a way to read
and respond to messages on
multiple devices without needing
to download an app.
Also, the Signal app can’t de-
tect when someone takes a
screenshot of a message.
Apple Messages app and
iMessage service
End-to-end encrypted? Yes,
when you’re inside Apple’s
walled garden. If your messages
appear blue, they are part of
iMessage and are end-to-end en-
crypted. Apple says it can’t de-
crypt your conversation. Using
the Messages app, your chats
can remain end-to-end encrypted
across multiple Apple devices—
BY DALVIN BROWN
including in group chats with
other Apple-device users.
Limitations: If you’re using Ap-
ple’s Messages app but the recip-
ient doesn’t have an iPhone, your
messages won’t be encrypted.
That’s when your messages ap-
pear green, which means you’re
doing standard SMS texting out-
side of the iMessage service.
Wireless carriers could intercept
and see these messages.
Encrypted iMessage chats can
be backed up to Apple’s iCloud,
but Apple says it may give your
iCloud content to the authorities
in response to a search warrant.
You can disable iCloud backups
or back up your smartphone di-
rectly to a computer using en-
cryption.
The Messages app doesn’t tell
users if someone takes a screen-
shot of a chat.
WhatsApp
End-to-end encrypted? Yes, by
default, across the Meta-owned
service’s smartphone and desk-
top apps.
The app uses Signal’s encryp-
tion protocol to keep itself and
any snoopers from accessing us-
ers’ messages. Users can also en-
able disappearing chats, includ-
ing group chats, making
messages go away after 24
hours, seven days or 90 days.
Users also can unsend messages
before and after they’ve been
viewed by pressing down on the
text, tapping the trash-can icon
and tapping Delete for Everyone.
Limitations: As with Signal, you
can’t message people on Whats-
App without giving them your
phone number. And users aren’t
notified if someone takes a
screenshot.
Messenger and Instagram
DMs
End-to-end encrypted? Not by
default. You must turn the fea-
ture on.
There are two ways to enable
end-to-end encryption on Meta’s
Messenger. Users can swipe up
on an existing chat to enter Van-
ish Mode. The chat’s messages
will be encrypted and will disap-
pear for both parties once the
app is closed. Users can also
launch a “secret conversation”
by starting a new message and
THE WALL STREET JOURNAL.
CASEY CHIN
tapping the padlock icon at the
top of the screen. To start an en-
crypted group chat, tap the pad-
lock button, then create a group.
Messenger will notify a user if
someone takes a screenshot of a
disappearing message. You can
also unsend messages before and
after they’re viewed.
Instagram’s direct messages
also have a Vanish Mode if you
slide up on a chat. You also can
tap and hold a DM on Instagram
to unsend it, even after the re-
cipient has viewed it.
Limitations: Encrypted messages
are stored in a separate part of
the app, which means that when
you go to send a new message to
someone you can’t simply scroll
up to see old messages between
the two of you. Also, you can’t
access encrypted conversations
on Facebook’s desktop website.
And you can’t start end-to-end
encrypted chats with people you
haven’t messaged before, so you
have to send an innocuous mes-
sage and receive a response be-
fore you send anything en-
crypted.
Meta lets you message from
one of its platforms to people on
another (e.g., from Instagram to
Facebook). But you can’t send
encrypted messages from one of
the apps to the other.
Telegram
End-to-end encrypted? Not by
default, but it does always en-
crypt in transit.
If you want end-to-end en-
cryption, turn on the Secret Chat
feature. Tap a contact’s user-
name, then More > Start Secret
Chat.
Limitations: Telegram requires
your phone number to sign up.
Secret Chat doesn’t work with
group messages. Also, Telegram’s
cloud setup, which allows mes-
sages to sync across desktop and
smartphone apps, doesn’t work
with end-to-end encrypted
chats.
Telegram will alert users if a
screenshot of a message is taken
with an iPhone, but it says such
detection on Android phones is
more challenging and you might
not be notified.
Mr. Brown is a Wall Street
Journal reporter in New York.
He can be reached at
dalvin.brown@wsj.com.
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | R3

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JOURNAL REPORT

habits. somware attack. like phishing emails is one

The Big Cyber In one company we studied, Talking about the attacks thing.

Mistakes employees were given regular

Continued from page R1
wrong, leading to wasted re-
sources, poor decisions—and po-
tentially catastrophic cyber vul-
nerabilities.
Much of the problem, we be-
lieve, comes from managers see-
ing security as simply a matter
of buying the right software, or
tightening defenses, instead of
taking steps to make safety a top
priority for the whole company
and strengthening the business
so that it can withstand attacks
and bounce back strongly.
Here’s a look at six of those
mistakes—and how to avoid
them.
1.
Focusing on tech
instead of employees.
Managers often believe cyberse-
curity is mostly a technological
problem, and the best way to pro-
tect the company is to invest in
more, or newer, cyber defenses.
But that ignores the biggest
security problem companies
face: their own employees.
Certainly, there are tech solu-
tions that can be crucial in keep-
ing data secure. But the reality is
that 80% to 90% of all cyberat-
tacks are aided or abetted by
company insiders—usually unin-
tentionally. Employees click on
phishing emails, visit websites
that sneak malware onto their
computers and do many other
small things that can have a big
cost.
That means companies must
focus on changing attitudes and
values, as well as protecting net-
works, so that everyone in the
company understands the impor-
tance of security and works to-
gether to keep data safe.
phishing tests.
After one failure—clicking on
a malicious link in an email—em-
ployees had to take a short on-
line course about recognizing
dangerous emails.
The next two failures meant a
talk with their boss, and then
human resources.
With the fourth mistake, em-
ployees got a warning that they
might be terminated—and the
next time they screwed up, they
were fired.
The policy sent a clear mes-
sage and significantly reduced
the amount of successful phish-
ing.
3.
Leaders who set
bad examples.
For all of those security initia-
tives to take hold with employ-
ees, though, the company’s
higher-ups must be on board,
too.
And that frequently doesn’t
happen.
Leaders often see tech as the
province of the technology group
alone and leave it up to them to
maintain security systems and
make sure the company net-
works are kept safe.
But every leader in the organ-
ization must continually beat the
drum and keep their teams vigi-
lant.
In one company we studied,
the chief executive started every
all-hands meeting with a cyber-
security story, often from the
news: a massive security breach,
perhaps, or the latest big ran-
right off the bat showed employ-
ees that cybersecurity was im-
portant to upper management—
so employees knew they should
make it a priority, too.
Boards of directors must also
set an example.
When they show interest in
cybersecurity, it ensures that se-
nior managers make it a priority,
and that cascades throughout
the organization.
But boards often don’t ask for
cybersecurity reports from man-
agers.
And when they do, they often
rely on those managers to
choose what information goes
into the reports—which usually
means day-to-day data on things
like how many employees failed
phishing tests, instead of
broader strategic information.
For example, directors might
ask operating managers what
layers of protection the company
has put in place and what the
company would do to recover
should a cyber breach occur.
The boards should make it
clear that they want to know how
the most important assets of the
company are protected, and if the
cyber investment is adequate.
Reports to the board must
also cover higher-level metrics to
help directors understand the
risks they are accepting, how
those risks will be mitigated and
what cybersecurity strategy is
being followed.
4.
Not analyzing
’small’ decisions.
Teaching people to avoid things
But companies make many
minor day-to-day decisions as a
part of doing business—without
thinking through the conse-
quences.
In one of the cyberattacks
that we studied, a data theft had
been going on for at least nine
months—and the private infor-
mation on many millions of cus-
tomers was stolen—before the
intrusion was stopped.
The breach happened because
the company’s “intrusion detec-
tion and prevention process,”
which is supposed to check for
suspicious or invalid internet
traffic, had not been functioning.
Why?
The system needs certifi-
cates—digital documents verify-
ing that software or a website is
legitimate—to give it access to
internet traffic, but the certifi-
cates had expired.
So, why hadn’t the certificates
been updated long ago?
The company had thousands
of such certificates, and keeping
track and updating them was an
error-prone manual task. This
problem had been noted in the
past and there was a proposal to
develop an automated and cen-
tralized certificate-management
process.
But it wasn’t considered a
priority.
No one thought of the possi-
bility that the decision—along
with 17 other such decisions
that we uncovered—might cost
the company well over $1 bil-
lion.
Managers must ask them-
selves: Does the company have a
process for evaluating the conse-
quences of day-to-day decisions
such as upgrading desktop soft-
ware or adding a new vendor to
its systems?
It is worth adding a step or
two to the company’s decision
processes to make sure new
vulnerabilities aren’t opened up.
5.
Focusing on prevention at
the expense of recovery.
Most companies focus only on
cyber prevention—trying to keep
vulnerabilities from becoming
cyber incidents. That is certainly
important. But leaders also need
to make sure the organization is
resilient. It should expect that a
cyberattack will happen and
make sure it can recover quickly
and with minimal impact.
Leaders should ask: How do
we respond if we lose this data?
How do we react if this breach
shuts down one of the core areas
of our business? If managers
don’t prepare for these possibili-
ties, they might find their flash-
light batteries are dead when the
lights go out.
Let’s say a company is hit by a
ransomware attack that locks up
its data. A resilient company
would have anticipated this and
have a copy of the data stored in
a way that it wasn’t affected by
the attack. Many companies vic-
timized by ransom attacks ha-
ven't thought about recovery at
this level, and often their backup
copies are also damaged by the
attack—if they have backups at
all. Recovery is slowed, and
maybe not even possible.
Resilience also means prepar-
ing for attacks on other compa-
nies, since a company could be
disrupted by an attack on a key
supplier or customer. For exam-
ple, Colonial Pipeline, which sup-
plied about 45% of the fuel used
on the East Coast of the U.S.,
shut down its pipeline following
a cyberattack last year. The
move led to a run on fuel in
some areas when thousands of
gas stations ran out.

2.
Relying on training instead
of changing attitudes.
But even when companies do try
to get employees invested, they
usually do it the wrong way. At
many companies, making em-
ployees a part of cybersecurity
means one thing: basic training.
In other words, requiring every-
one to watch a short video once
a year.
Those efforts just aren’t
enough.
Managers told us time and
again that employees who suc-
cessfully completed training ex-
ercises still were fooled into
opening up suspicious websites,
downloading malware and more.
Many employees sheepishly ad-
mitted to writing email or play-
ing online games while complet-
ing the online program.
It is more effective to build a
cybersecurity culture—an effort
that goes beyond training and
gets employees to see security as
part of their job.
There are any number of ap-
proaches, from large to (seem-
ingly) small.
One financial institution we
studied, for instance, began to
use the term “data protection”
instead of “cybersecurity.”
The reason was that many
employees didn’t understand
what role they had in cybersecu-
rity.
But protecting company and
customer data was something
that every employee under-
stood—the company had empha-
sized it to them daily for years—
so the change in wording had a
significant impact in getting the
workers on board. A billboard in Las Vegas advertising
Regular testing, with tangible Apple Inc. iPhone security.
consequences, can also be impor-
tant in reinforcing attitudes and
 THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | R5

| CYBERSECURITY

6.
Missing the competitive
advantage.
Many businesses view cyberse-
curity as a cost to be managed.
But it’s much more useful to see
it as a competitive advantage.
If a company makes a point of
having strong cybersecurity, it
may gain an edge with custom-
ers who are looking for safety.
Beefing up security may also end
up saving money—since more-re-
silient companies don’t get hit as
TRISTAN SPINSKI FOR THE WALL STREET JOURNAL

hard by security events.

For example, Apple Inc. has
made cybersecurity a focal point
of its advertising campaigns—
and customers who are con-
cerned about privacy and secu-
rity see an advantage to
purchasing Apple products. In
addition, this has raised the bar
for all of Apple’s competitors. At
a bare minimum, they must meet
the same security capabilities to
stay competitive. But in reality, Dawn Merriam, co-owner of Great Northern Docks, says a cyberattack on the company “took a few years off our lives.”
they must surpass the Apple se-
curity capabilities if they want
to get Apple customers to
switch.
In our research, executives
have told us that they are in-
creasingly concerned about how
Small Businesses Struggle
their suppliers manage security.
Many companies ask potential
vendors to complete detailed
surveys about their internal and
With Increase in Cyberattacks
external cybersecurity practices Part of the problem is that they don’t believe they are targets for hackers
before agreeing to purchase from
them. Those companies that BY LISA WARD
can’t demonstrate an acceptable
level are finding it increasingly small businesses (those with less than a wholesale insurance company. And

C
difficult to sell their offerings.
Eventually it will be table YBERATTACKS are be-
stakes to have to demonstrate coming more common for
your security practices. Right small businesses, and many
now, it can be a competitive ad- aren’t prepared to deal
vantage.. with an attack.
As small businesses
have accelerated their adoption of new
technologies for remote work, commu-
nication, production and sales during
the pandemic, their expanded computer
networks have created new vulnerabili-
ties to phishing and ransomware at-
tacks. But many small businesses still
don’t expect to be targeted by hackers,
so preparing for a cyberattack is well
down their list of priorities.
The risk of an attack has grown dra-
matically for small businesses over the
past couple of years. “During the pan-
demic, small businesses were attacked
at twice the rate of larger organiza-
tions,” says Ajay Bhalla, president of cy-
ber and intelligence at Mastercard Inc.
During 2020 and 2021, data
breaches at small businesses globally
jumped 152%, compared with the two
prior years, according to RiskRecon, a
Mastercard company that assesses
companies’ cybersecurity risk. Breaches
at larger organizations rose 75% in the
same period, according to RiskRecon.
Different focus
But many small businesses are more
focused on keeping their heads above
water amid the many other problems
that have arisen or grown during the
pandemic than they are on cybersecu-
rity. “My clients are worried about the
ongoing effects of the pandemic, labor
and supply shortages and inflation,”
says Marilyn Landis, owner of Basic
Business Concepts Inc., a company that
acts as a chief financial officer for
small businesses. Cybersecurity isn’t
top of mind for her clients, she says.
Some businesses are aware of the
threat but don’t realize they aren’t in-
sured against it. “Too many small busi-
nesses incorrectly still expect to be
covered for cyber risk under their prop-
erty and liability policies,” says Loretta
Worters, a spokeswoman for the Insur-
ance Information Institute. General
commercial business insurance tends to
exclude items like additional legal fees
due to a cyberattack, and the cost of
repairing digital infrastructure and re-
storing data.
According to a WSJ Pro Cybersecu-
rity survey of cybersecurity profession-
DAVID PAUL MORRIS/BLOOMBERG NEWS
$50 million in annual revenue) have in-
surance coverage for cyber risks, com-
pared with about 75% of larger busi-
nesses.
An expensive attack
Great Northern Docks in Naples,
Maine, only had a commercial insurance
plan when hackers drained almost
$250,000 from the company’s bank ac-
count in 2020. The insurance didn’t
cover most of the attack, which ended
up costing Great Northern $218,000, in-
cluding money lost, legal fees for nego-
tiations with the bank, the hiring of fo-
rensic specialists to figure out what
had happened and how it could be pre-
vented in the future, and the cost of
new IT infrastructure.
Dawn Merriam, who co-owns Great
Northern Docks with her husband, says
that in addition to the financial loss,
figuring out next steps in the attack’s
aftermath was difficult and she felt like
there was no one to shepherd them
through the nightmare. “The episode
took a few years off our lives,” she
says. The company now has cyber in-
surance.
In comparison, MI Metals Inc., an
aluminum-manufacturing company
based in Oldsmar, Fla., had cyber insur-
ance that covered a ransomware attack
on the business last July. The insurance
company dispatched experts to MI
Metals’ plants and headquarters, who
quickly determined that the attackers
hadn’t compromised any sensitive in-
formation, like employee records or
customer accounts. Aware that nothing
valuable had been compromised, Brook
Massey, the company’s owner, says he
was able to rely on a backup of the
company system he had on his hard
drive at home, and he rejected the at-
tackers’ ransom demand for $2.4 mil-
lion in bitcoin. The insurance company
ultimately paid MI Metals about
$180,000 to cover attorney fees, hard-
drive replacements, forensic experts
and the cost of new software.
Higher costs
While cyber insurance can be vital for a
small business in the aftermath of an
attack, it is becoming more expensive
and difficult to obtain. “Pricing for
small-business cyber insurance has
gone up between 10% and 15% annually
since the pandemic began,” says Brian
pricing isn’t the only obstacle. “More
small businesses on a percentage basis
are being turned down due to tighter
underwriting requirements,” Mr. Thorn-
ton says.
Lisa Dickinson, executive liability and
cyber practice leader for Marsh McLen-
nan Agency’s Southeast region, says
underwriters had previously required
larger businesses to meet cybersecurity
protocols before they could buy cover-
age, but are now increasingly putting
smaller businesses to the same test.
For example, companies may now be
required to have multifactor authenti-
cation for system administrators and
other employees, as well as vendors or
other third parties with access to the
company’s network, as a requirement
for buying cyber insurance. Multifactor
authentication reduces the risk of sto-
len credentials being used by cyber-
criminals to access a network. Insurers
may also require small businesses to
encrypt backup data and come up with
a response plan for a cyberattack.
This is especially the case for com-
panies with revenues between $25 mil-
lion and $50 million, where the likeli-
hood of an attack and the potential
dollar amount of a claim are higher
than for smaller companies, and for
those operating in industries hit hard
by cyberattacks during the pandemic,
like manufacturing, Ms. Dickinson says.
Small businesses may be able to
skip some underwriting requirements
by purchasing a policy from a technol-
ogy company that sells insurance,
known in the industry as insurtechs.
Insurtechs automate underwriting to
a large extent by using artificial intelli-
gence, which can help lower costs. For
example, the AI looks at companies’
networks to assess their security risks
automatically. Specifically, the AI looks
for software that is out of date or con-
tains known vulnerabilities to hacking,
and analyzes the security of the organi-
zation hosting the company’s website.
But there are hurdles here, too. Cy-
ber policies issued by insurtechs often
have less onerous underwriting require-
ments upfront, making it easier to ob-
tain a policy, but instead ask small
businesses to regularly improve their
cybersecurity as a condition for main-
taining coverage. That could help a
company shore up its defenses, but Ms.
Dickinson says it could be a tough sell
for small companies more focused on
other areas of their business.
Ms. Ward is a writer in Vermont. She

als published in December, 52% of Thornton, chief executive of ProWriters, can be reached at reports@wsj.com.
R6 | Wednesday, June 8, 2022
IN SEARCH OF
People rarely read the privacy consents they
approve. There’s a better way to do this.
G
O TO almost
any website
these days and
odds are a no-
tice will pop
up explaining
how the site
uses cookies
and asking you to “accept” or
“manage” them based on your
preferences. Odds are also that
you click “accept” without even
thinking about it.
And that’s a problem.
These “cookie banners” be-
came ubiquitous when regula-
tors, worried about privacy,
started requiring websites to
post their data-collection poli-
cies and get consent to gather
cookies—those bits of informa-
tion that websites send to your
browser to track your online ac-
tivities, as well as identifiers
that can be used to recognize
you when you return.
While the banners were sup-
posed to give people more con-
trol over their personal data, in
practice they have become an
annoyance and generally do little
to protect privacy. Part of the
problem is that few people ever
click on the links that allow
them to manage how cookies are
used, according to my research
at Carnegie Mellon University’s
CyLab Security and Privacy In-
stitute. And there is growing
recognition that asking consum-
ers to make data decisions every
time they visit a new website is
unwieldy and ineffective.
Is there a better way to help
consumers gain control of their
data, one that actually works?
The good news is that re-
searchers, standards organiza-
tions and privacy experts are
working on technology that
would make it easier for people
to signal how they want to be
tracked online. Some of the digi-
tal tools being developed are so-
called personal privacy assis-
tants that would ask consumers
to make a few decisions upfront
about how they want their data
used, and then communicate
those preferences to websites
and apps behind the scenes,
without the individual having to
do anything more.
Problematic cookies
Most people have no problem
with cookies when they are used
to make online shopping carts
and other website features work,
or when they help websites re-
member their personal settings.
But websites also use cookies to
JOURNAL REPORT | CYBERSECURITY
Personalized
Online Privacy
build profiles of users that they
then share with advertising net-
works and other third parties.
While my research has found that
some users like receiving ads for
exactly that thing they were
shopping for online, others find it
creepy and aren’t too pleased
when ads for lingerie or inconti-
nence products fill their com-
puter screen at work. Even worse,
cookies have been used to send
personal health information and
other sensitive data to websites
without users’ permission, and
data brokers sell users’ profiles
for purposes beyond advertising,
such as deciding whether to offer
credit or whether to charge
higher or lower interest rates.
The idea behind cookie ban-
ners was that websites should
tell people upfront what kind of
cookies they use and why, and
give users the option of accept-
ing or rejecting them. However,
cookie banners have become
problematic for several reasons.
First, most cookie banners are
set up so the fastest way to
make them go away and get on
with your web browsing is to ac-
cept all the cookies. To reject
cookies, you generally have to
click through to a preferences
How a Privacy Assistant Works
AI-driven tools could learn users' privacy preferences and help them manage
app permissions and cookies. Here's how one of these systems might work.
Information about how the
1 user uses their mobile device is
recorded to help determine the
user's privacy preferences.
Occasional prompts to
3 the user about whether it
is OK to grant certain
permissions or share
certain information
screen and then figure out what ads you would like to see and re-
to do. Second, if you do decide to ject those you don’t. Your web
review your options, you will of- browser would act as your vir-
ten find them written in a way tual agent, automatically accept-
that makes it hard to know ing only those cookies that
which cookies might be helpful match the preferences you speci-
to you and which might invade fied and shooing away all the
your privacy. Furthermore, not others. It would take care of ev-
all the options are clearly la- erything seamlessly and even
beled: If you click an X to close a use artificial intelligence to ad-
cookie banner it isn’t at all clear just over time as your prefer-
what will happen. Finally, even if ences evolve.
we solved these problems, most This isn’t science fiction. I’ve
users still have too many cookie been working with researchers
decisions to make because most and practitioners on ideas like
users visit a lot of websites and these since the 1990s, and a
most websites use cookies. number of systems and stan-
Now, imagine a future where, dards have been proposed that
with a click of a button, you would allow software acting on
could automatically get rid of behalf of internet users to read
Imagine a future where, with a click of a
button, you could automatically get rid of
the cookies you don’t like and keep the
ones you do at every website you visit.
the cookies you don’t like and privacy policies automatically
keep the ones you do at every and make privacy decisions in
website you visit. If you appreci- accordance with each person’s
ate targeted ads, for example, preferences. Such tools would go
you might configure your beyond the cookie controls most
browser to accept the types of web browsers have today and al-
low for more fine-grained deci-
sions about what personal infor-
mation people want to share and
with which websites.
We can use a similar approach
to help people configure data
permissions for mobile apps,
such as deciding whether to
grant them access to location
data. My colleagues at Carnegie
Mellon have tested an AI-driven
privacy assistant that, based on
your answers to just a few ques-
tions, can predict with a fair
amount of accuracy many of the
privacy settings you would want
for any app you download in the
The app asks a few up-front
2 questions about the user's future.
privacy preferences to Recently, a handful of internet
improve its accuracy. browsers and plugins—including
those offered by Mozilla Corp.s
Firefox and DuckDuckGo—began
offering a privacy option called
Global Privacy Control that al-
lows users with a click of a but-
ton to opt out of the sale of their
personal information at every
website they visit. The California
Attorney General announced in
2021 that websites must comply
with the request. This is a first
The assistant is able to
4 automatically grant
step toward building a more ro-
bust system of computer-read-
permissions on a user's behalf,
or it can run in a mode where able privacy signals.
the assistant makes a
suggestion for the user to
confirm, either all the time or in What about IoT devices?
certain cases. Websites and mobile apps aren’t
THE WALL STREET JOURNAL.
BETH GOODY
BY LORRIE FAITH CRANOR
the only data collectors that con-
sumers encounter these days.
Smart doorbells, smart appli-
ances, a variety of Internet of
Things (IoT) devices and even
cars have sensors that collect
data, including information
about users’ location, audio and
video.
If you think it’s hard dealing
with consent banners on web-
sites, imagine if every smart
lightbulb you walked by blinked
at you until you confirmed you
were aware that it collects data.
Once again, research suggests
a better way. My colleagues at
Carnegie Mellon are working on
an IoT personal privacy assistant
app for smartphones and smart-
watches that would notify con-
sumers of any sensors in their
vicinity and let them know what
information is being collected
and how it is being used. The
app would then help consumers
configure privacy settings for
those IoT devices. I might tell
such an agent that I’m OK with
smart lightbulbs detecting my
anonymous presence and turning
themselves on and off accord-
ingly, but I want to be informed
when I enter a space where mi-
crophones might record my con-
versations. I also might tell it to
stop informing me about sensors
I already know about in spaces I
visit frequently.
While personal privacy assis-
tants offer the opportunity to ac-
tually protect privacy without
burdening users, making this vi-
sion a reality will require buy-in
from websites, mobile-app plat-
forms and IoT device manufac-
turers, which will have to build
the technology into their sys-
tems. That is unlikely to happen
on a wide scale without laws
that not only require companies
to provide information about
their data practices in plain Eng-
lish and in standardized forms,
but also in a standardized com-
puter-readable form so that per-
sonal privacy assistants can read
them automatically.
If we can move forward on all
these fronts, then consumers will
no longer have to blindly accept
the privacy settings they don’t
understand. They can get the
privacy they want, with little of
the angst they have today.
Dr. Cranor is a professor of
computer science and of
engineering and public policy,
and the director of the CyLab
Security and Privacy Institute at
Carnegie Mellon University in
Pittsburgh. She can be reached
at reports@wsj.com.
 THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | R7

JOURNAL REPORT | CYBERSECURITY

T
HE MISSION of the
Justice Department’s
National Security Di-
vision, led by Assis-
tant Attorney General
Matthew Olsen, is to
defend U.S. interests
from malicious nation-state cyber
activity, be it terrorism, espionage
or cybercrime. Such attacks often
are executed by people with—or
connected with—foreign intelli-
gence services. Services in China,
Russia and Iran have been impli-
cated.
Mr. Olsen spoke with Wall
Street Journal reporter Dustin Volz
as part of the WSJ Pro Cybersecu-
rity Forum, a virtual meeting that
took place on June 1. Mr. Olsen
called in from Tallinn, Estonia,
where he was attending the Inter-
national Conference on Cyber Con-
flict, an annual meeting organized
by the NATO Cooperative Cyber
Defense Center of Excellence. Ed-
ited excerpts follow.
• WSJ: Isn’t it difficult to discern
between criminal threats and na-
tion-state threats in cyberspace?
• MR. OLSEN: We definitely see
this blending. Even if you can at-
tribute an attack to a group of
criminal actors, in some cases
these groups are abetted by intel-
ligence services. For some of
these countries, like Iran, we see
that criminal actors, if not directly
THE WALL STREET JOURNAL
Justice Takes On Cybercrime
The National Security Division’s Matthew Olsen on
stopping attacks before they happen
taken down a botnet, which it at-
tributed to Russian intelligence,
before the botnet was able to do
damage. Does that reflect a new
approach in how the National Se-
curity Division works?
• MR. OLSEN: This is really part of
our broader effort to try to get
ahead of the threat. Obviously,
where there is an attack, and we
have criminal-law-enforcement
tools to bring to bear, we can
prosecute, we can indict individu-
als. But we’re much better posi-
tioned if we’re able to actually
stop an attack or stop a botnet
vulnerability or disruption from
taking place. And that’s what hap-
pened in April, where Russian mil-
itary intelligence actors, the GRU,
had basically created a botnet
through malware.
That botnet had infected thou-
sands of computers around the
world. We were able to use our
authorities, under criminal law,
standard rules that allow us to go
into a suspect’s house with proba-
ble cause in search for evidence of
a crime. We used that court-au-
government can do in a way that steps to intimidate and silence
is designed to vindicate privacy dissidents in the U.S., including an
concerns when we take these ac- individual running for Congress in
tions. New York.
crowbar and a lock pick, we would So the range of threats is
seize that as evidence of a crime. broad and persistent. Also, China,
Similarly, we seized the malware Chinese attacks of course, uses cyber-enabled
as evidence of a crime—that is, • WSJ: Is economic espionage still means to carry out a number of
the takeover of those computers. the context of what Chinese these threats. Particularly their
We’ve only done this a couple hackers and spies are doing? economic espionage. So no short-
times. But I do think it’s an exam-
ple of being creative and innova-
tive to try to be more proactive in
stopping these attacks or disrup-
tions from taking place—at the
earliest possible stage.
• WSJ: Rule 41 raises some pri-
vacy concerns from civil-liberties
groups who say we need to be
careful about going on the offen-
sive and accessing computer sys-
tems before a crime was commit-
ted. Obviously, there was a great
deal of intelligence behind the
takedown that you described.
But what are some of the privacy
implications?
• MR. OLSEN: Obviously, we’re very
concerned about the privacy impli-
cations of any action we take. Technology transfer? Are there age of challenges when it comes
This was authorized by an inde- other intelligence concerns you to China and this landscape.
pendent judge that found proba- have about China?
ble cause to provide the authority • AUDIENCE QUESTION: What does
• MR. OLSEN: China, as the direc-

part of, are linked to government
intelligence services.
Russian Botnet
• WSJ: In April, the Justice De-
partment announced that it had
thorized authority, or Rule 41 of
the Rules of Criminal Procedure,
to go to the command-and-control
nodes for this botnet and to basi-
cally seize the malware. We were
able to disrupt the botnet, be-
cause it was no longer connected
to the command-and-control layer.
If we had a suspect in a bur-
glary and we went to the sus-
pect’s house and we found a
to take this action.
It was very targeted. It only re-
moved the malware. We didn’t
search the computers beyond
what we needed to do to seize
the malware. So it’s done in a tar-
geted way with judicial oversight.
I understand privacy concerns
anytime the government is taking
actions like this. But the legal au-
thority really constrains what the
tor of national intelligence has de-
scribed, is the most persistent and
enduring economic espionage
threat to the U.S. There’s a range
of threats that we’re concerned
about, from theft of trade secrets,
theft of other intellectual property
from the U.S. We’re also con-
cerned about traditional espionage
in the U.S. carried out by Chinese
intelligence officers as well as
what we call transnational repres-
sion—that is the PRC intelligence
officers harassing and intimidating
dissidents in the U.S.
We recently brought a number
of criminal cases against Chinese
the Justice Department need
from the private sector to help
you do your job better?
• MR. OLSEN: I worked in the gov-
ernment for 20-plus years, and
then I spent several years in the
private sector, both at a cyberse-
curity startup and then as the
chief trust and security officer at
Uber. So I’ve seen this from both
angles. What the government and
the private sector need to do is to
share information and to develop
trusting relationships so that
when there is information that
the private sector has about a po-
tential breach or potential nefari-

How Congress Can Help Make actors associated with the Chi-
nese government who had taken
ous activity, they know who they
can talk to.

Cyberattacks Less Likely

Rep. Yvette Clarke talks about the importance of regulators
and companies working together

C
ONGRESS recently approved a
federal law requiring companies
to report cyberattacks and share
relevant data with federal au-
thorities. But concerns about
the law remain, both in the corporate world
and in federal law-enforcement agencies.
U.S. Rep. Yvette Clarke, a New York Demo-
crat and one of the engineers of the law,
recently participated in the virtual WSJ Pro
Cybersecurity Forum. Ms. Clarke, a senior
member of the House Committee on
Homeland Security, spoke with David
Uberti, a reporter for The Wall Street Jour-
nal. Here’s an edited version of their con-
versation.
• WSJ: What is the aim of the new law?
• REP. CLARKE: The idea is working with the
private sector, identifying key stakeholders
in this space, we would create a safe space
at the Cybersecurity and Infrastructure
Security Agency where the agency and the
companies would work together in real
time as they address these incidents.
proach. However, it’s going to be really im-
portant that each of our federal agencies
see CISA as the lead agency and work very
closely with them. CISA has the authorities
to really take the lead in this space.
Every business
• WSJ: Since you head the subcommittee
that provides oversight of CISA, how do
needs balance.
you see the agency’s future?
• REP. CLARKE: I and my colleagues see
CISA growing from strength to strength as
we become engaged with critical infra-
structure and emerging technologies. They
have to build the workforce, they have to
build the expertise to manage a growing
portfolio of means by which we protect the
homeland, infrastructure, the communities
we all reside in. CISA will manage a $1 bil-
lion grant program that will help municipal-
ities, localities and states stand up a more
robust cybersecurity posture and infra-
structure.
• WSJ: What’s on your legislative wish
list?

• WSJ: The FBI and Justice Department
have both said they oppose this law be-
cause, in their view, it could damage their
ability to conduct investigations. How do
you respond to those concerns?
• REP. CLARKE: We don’t necessarily agree
on language, but that doesn’t mean that
we can’t address conflicts if they arise.
• WSJ: Other agencies have rolled out
rules and proposed regulations mandating
reporting regimes of their own. Do we
need all these independent reporting
structures?
• REP. CLARKE: The Biden administration is
looking for a whole-of-government ap-
THE WALL STREET JOURNAL
• REP. CLARKE: We’ve got a pretty robust
foundation. However, there are other
spaces in which we have to have eyes and
situational awareness, whether that is in- #1
dustrial control or operational technology,
Most Improved
quantum computing, emerging technologies
in that space, or election systems and dis-
State for Business
information. We intend to have a number (CNBC)
of hearings to really drill down and get
more intel on how we can provide CISA
with the authorities it needs to address all
TOP 5
of those areas that remain vulnerable. Happiest State
(WalletHub)
• AUDIENCE QUESTION: What do you think
about sharing intelligence gathered from 4 of the
disclosures back to the private sector af- TOP 10
ter removing identifying attributes to help most culturally
the private sector defend itself better? diverse cities in the
U.S. (WalletHub)
• REP. CLARKE: CISA will
be a great repository of
best practices, of case
studies. It’s important Maryland. See what’s here.
that it’s a two-way street, And why your company should be too.
that we’re able to get in- A highly-educated workforce. Ground-breaking innovation hubs in life sciences, cybersecurity
formation about incidents and aerospace. And, a quality of life that makes employees feel right at home. See why
and disseminate it to the businesses are starting up or relocating here, here!
various sectors so that
they can defend the pri- open.Maryland.gov/here
vate sectors where most

of our infrastructure and

our IT is located. Without
their knowledge and co-
operation and collabora-
tion, there’s a gap. And
that’s where the bad ac-
tors will flourish.
R8 | Wednesday, June 8, 2022
Anatomy
Of a Cyberattack
Dain Drake describes what happened when his
network was held hostage
I
T IS EVERY executive’s night-
mare. You come into the office
one day and discover that your
computer systems have been
locked by cybercrooks—and
they want you to pay up to get
your network back.
That is what happened to Dain
Drake, president of steelmaker and
design firm United Structures of
America. In 2019, the Houston-
based company’s network was held
hostage by crooks.
Even though the company paid
the ransom, it got only a limited
amount of its data back—the hack-
ers demanded even more ransom to
unlock the rest. The company strug-
gled to reconstruct its data, and
was eventually forced into bank-
ruptcy.
Mr. Drake, now principal at archi-
tecture firm DRD Designs, spoke to
Nicholas Elliott, head of professional
products innovation and strategy for
The Wall Street Journal, at the WSJ
Pro Cybersecurity Forum. Here are
edited excerpts.
Early-morning scare
• WSJ: Can you tell us how you
first became aware of the cyber-
attack and give us an idea of
how the events unfolded?
• MR. DRAKE: It was right after
the Memorial Day weekend in
2019. I always arrived to the office
early, and that morning I was
there between 5:30 and 6:00. I
logged on to my computer, and
discovered it was not acting in the
normal way.
The Safest
Ways to Store
Passwords
Continued from page R1
information are slim, experts say.
Managers don’t store master
passwords on their servers, so a
hacker digging for one there
would come up empty-handed.
You could be vulnerable if you
keep your master password in an
insecure place on your device. But
otherwise, to get into your ac-
count, a hacker would have to ei-
ther crack the encryption—typi-
cally an improbable, slow and
expensive process—or guess the
master password, says Jeremi M.
Gosney, who until recently was
chief executive of a startup that
sold password-cracking machines
to corporations, agencies and mili-
tary clients before it shut down
during the pandemic.
“Unless you’re using a ridicu-
lously simple password,” Mr. Gos-
ney says, it’s unlikely someone will
guess it. “The cost and time
needed to even try a million
guesses against someone’s master
password is astronomical,” he says.
Your browser or operating sys-
tem’s built-in password manager,
such as Google’s Password Man-
ager or Apple’s iCloud Keychain, is
another relatively safe place to
store your credentials, Mr. Gosney
says. The biggest risks here are
browser security vulnerabilities
caused by malware, or a person
using your device who could ac-
cess your passwords if you’re
signed in.
When choosing a password
manager, make sure your selection
has a password generator that
can create complex passwords for
your accounts. To come up with a
strong master password that you
remember, you can use the gener-
ator for help, or think of a pass-
phrase using random words. (Bo-
nus if some of those words are in
different languages.) If you forget
your master password, you can re-
set it.
Experts also encourage using
two-factor authentication, which
JOURNAL REPORT | CYBERSECURITY
Once I realized this was a cy-
berattack, I started shutting down
the servers. The business had
over 400 machines that were on
the network—personal computers
or manufacturing equipment.
About 80% of it was jeopardized,
as the machines were left on and
attached to servers over the holi-
day weekend. By noon that day, all
production had ceased.
• WSJ: Did you tell your custom-
ers that you had suffered a seri-
ous cyberattack?
• MR. DRAKE: That wasn’t week
one, that was week two, or maybe
later in that week.
Typically, I have a week’s or two
weeks’ buffer between the need
for the steel and the delivery.
At first, I was optimistic. This is
another unfortunate event. I was
under the impression that we had
a fully operational backup system.
It was installed, and so I wasn’t
terribly concerned until around the
noon hour.
But I realized that the backup
system was installed but never
initiated and not properly ready.
One of many lessons I learned is
to always have fire drills and dry
runs to make sure that the
backup systems are operational
and working properly.
• WSJ :One of your colleagues
contacted the local police. What
did you hear from them?
• MR. DRAKE: Not much that
requires you to respond to a
prompt sent to your computer or
phone after you enter your pass-
word to gain access.
Safe-ish: The Mental
System
About 55% of Bitwarden’s survey
respondents said they sometimes
rely on their memory to manage
their passwords, making it the
most popular password-storage
option world-wide. The strategy
has its benefits: Hackers can’t ac-
cess what’s in your brain and nei-
ther can authorities, even with a
warrant.
Still, the average American in-
ternet user has 150 accounts that
need password protection, accord-
ing to Dashlane. So unless you
have a photographic memory, you
might reuse the same password
over and over, which is a big secu-
rity risk.
Other potential pitfalls: Some
people keep their passwords sim-
could help. The issue is, I was on
approximately 15 servers at the
time, in addition to another 400
machines, and the criminals
wanted two bitcoins per address.
So it was pretty damaging, if I
wanted to unlock all 400 ma-
chines. [The price of one bitcoin
hit $13,879 in late June 2019.]
The consultants that I was so-
liciting basically told me they
would not recommend paying, but
they understood my decision ei-
ther way. I did pay. The attack
happened on the 29th, I paid on
the first. The reason for that two-
day delay is I was not familiar
with how to get hold of bitcoin at
the time, and it was not as easy
as I expected.
• WSJ: Sometimes the cybercrim-
inal will provide a form of cus-
tomer service, and talk you
through how to acquire crypto-
ple to make them easier to re-
member, often using the minimum
number of characters required, ex-
perts say—and that makes them
easier to crack. It’s also common
to incorporate personal informa-
tion into passwords, as well as
123, QWERTY or the name of the
website you’re logging into. All
those techniques are easy for
hackers to figure out.
And just as you shouldn’t use
the same password on multiple
sites, you shouldn’t use similar
variations of it on multiple sites
either, says Rita Gurevich, chief
executive of Sphere Technology
Solutions, a cybersecurity com-
pany. For example, using a pass-
word that only differs by ending
with 123 on one site and 456 on
another isn’t very clever. Even if
you have a system you swear is
foolproof, it only takes one or two
data breaches for a hacker to
catch on to it.
While it’s likely impossible to
remember all your account pass-
currency and make the payment.
Did you have that experience?
• MR. DRAKE: The cybercriminal, if
you will, gave me a day’s grace. I
had bought the bitcoin using
Western Union. I was doing this
myself. Due to something that
happened overnight in the ex-
change rate, bitcoin had jumped
10% in that time frame, and so I
came up short.
I tried to argue. I said, “I gave you
the equivalent of U.S. dollars,
matching the value of the bitcoins
yesterday.” But that was not what
the person wanted. The person
wanted the actual whole coin. And
that was new to me too. This is
2019, I know it’s kind of a common
concept now, but in 2019, it was a
little new to me at the time.
So, the attacker gave me grace to
subsidize the remaining fractions
of the coins.
A clinical approach
• WSJ: Here you are, everything’s
locked down, you’re having to
learn things on the fly, you’re
dealing with some mysterious cy-
bercriminal. How did you cope
with it? Did you have others who
could share the burden, or was it
all on you?
• MR. DRAKE: The way I’m wired,
I’m very clinical in a situation, and
I try to separate emotion from the
words, you could memorize a few
of the most important ones. After
you create strong passwords, train
your brain to remember them by
regularly entering them manually.
Safe-ish: Physical Copies
A lot of people simply write their
passwords down on a piece of pa-
per. About 32% of Bitwarden’s sur-
vey respondents said they some-
times keep track of their
passwords this way.
The probability of someone
stealing a written password is
low—unless you leave it in plain
view for others to find, like a note
stuck to your computer. A written
password should be stored some-
where that’s easily accessible to
you but not to other people.
Consider your circumstances
before using this method. Some
experts advise against keeping
physical copies at work, including
under your desk or keyboard. Even
storing your written password at
THE WALL STREET JOURNAL.
situation at hand. I just knew that
I had to go through it, no other
choice. Maybe just a couple hours
of sleep on a daily basis.
I was at a time when I was
very busy. My normal concerns
were overtime and production and
supply chain, and now all of that
was taken away.
I had no idea who I had in-
voiced the month or two months
before. I rebuilt my accounting
system with bank statements. Not
the way I recommend anybody to
do that.
You also have tax liabilities, and
if you need to pay, or if you’re au-
dited, you’re in a situation where
you don’t have records to support
you.
• WSJ: Going into this, what did
you think about the risks of cy-
bersecurity?
• MR. DRAKE: I had been affected
once before, by a virus. There was
no ransomware, and it did hurt
me for a day. After that, I had
multiple meetings, we had an IT
staff, I solicited a third party to
handle my servers.
But once everything was pur-
chased and executed, I never
tested it, and I found out it failed
me. Always test your weaknesses.
• WSJ: Is there any other advice
you would put out there?
• MR.DRAKE: The largest thing—it
was a new word to me at the
time—was password hygiene.
The hacker came into the sys-
tem through my IT administrator’s
personal laptop. He had left his
machine open, and so they came
in through his machine as an ad-
ministrator and were able to set
the problems in motion.
His password was the address
of the business, and had been
that password for maybe six to
eight years.
So, again, password hygiene. I
know people sometimes complain
THE WALL STREET JOURNAL
about the rules. Your bank is al-
ways asking you every so often to
update, everything else has to up-
date.
But the last thing in the world
you want is a common password
through all your activities.
home can be risky, especially if
you are at risk of domestic abuse.
You might consider a drawer or
container locked with a key you
keep with you.
You can also keep a list of
passwords in a place where family
members you trust can find it in
emergency situations. If you do
this, Mr. Gosney recommends put-
ting the list in a freezer so it has
a better chance of withstanding a
fire or other disaster.
Unsafe: Documents and
Apps
Roughly 23% of Bitwarden’s sur-
vey respondents reported some-
times storing their passwords in a
document on their computer.
It’s better to store your pass-
words in a document locked with
a password than in an unlocked
one. But ultimately, neither is a
good idea.
A password list can be found
even without direct access to the
device it’s stored on. Attackers
can use malware or social-engi-
neering tactics to trick users into
giving them remote access to
their devices and can then search
for a password document and its
credentials on the drive or in
memory, Mr. Gosney says.
Copying your password from a
document and pasting it into a
website’s login field could also
make your account vulnerable to
hackers. Applications running on
your device that have access to
your clipboard could view pass-
words in plain text, says Joseph
Carson, chief security scientist at
Delinea, a cybersecurity company.
Some password managers, on
the other hand, have measures in
place to prevent this. For instance,
1Password can automatically re-
move passwords from your clip-
board so third parties can’t access
codes you copied. Autofill can also
be a safer bet since it sidesteps
the clipboard altogether, says
Craig Lurey, chief technology offi-
cer of Keeper Security.
Ms. James is a Wall Street
CHRIS GASH
Journal reporter in New York.
She can be reached at
cordilia.james@wsj.com.