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* * * * TUESDAY, MAY 23, 2023 ~ VOL. CCLXXXI NO. 119 WSJ.com HHHH $5.00
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Pilgrims to Pope Francis: Take the Cannoli Meta Hit

What’s
News With EU
Business & Finance
Record
acebook owner Meta
Privacy
F Platforms was fined
$1.3 billion by European
Union regulators for send-
ing user information to
Penalty
the U.S., a record privacy The $1.3 billion fine
penalty for the bloc. A1
puts pressure on U.S.
 Share prices for some of
the largest office landlords to make deal allowing
have dropped to near historic for data transfers
ALBERTO PIZZOLI/AGENCE FRANCE-PRESSE/GETTY IMAGES
lows, reflecting a sluggish re-

turn-to-office rate and a rise in
BY SAM SCHECHNER
the number of short sellers. A1
 U.S. stocks ended Facebook owner Meta Plat-
mixed, with the S&P 500 forms was fined $1.3 billion by
and Nasdaq gaining 0.02% European Union regulators for
and 0.5%, respectively, sending user information to
while the Dow fell 0.4%. B11 the U.S., a record privacy pen-
alty for the bloc.
 Chevron deepened its
The ruling raises pressure
commitment to oil-and-gas
on the U.S. government to
drilling in the U.S., spending
complete a deal that would al-
$6.3 billion to acquire PDC, a
low Meta and thousands of
rival with sizable operations
multinational companies to
in Texas and Colorado. B1
BLESSINGS: The pope received a gift of pastries from members of the Society of Divine Vocations, which promotes religious keep sending such information
 Activist investor TCS vocations. The audience marked the first anniversary of the canonization of St. Justin Russolillo, the Vocationists’ founder. stateside. The size of the fine
Capital has built a stake in underscores the increasing
.
Yelp and is calling on the risks of running afoul of the
service-recommendation site European Union’s privacy rules
ly
Office Stocks Are Pummeled
to explore strategic alterna- as its enforcement tightens.
tives, according to people Technology companies have
familiar with the matter. B1 been especially vulnerable to
 TikTok sued Montana on European regulatory scrutiny
over privacy concerns. That
As Vacancies Rise, Rents Fall

over the state’s new ban
has increased since European
of the social-media plat-
courts overturned in 2020 a
form, challenging the
previous, data-sharing deal be-
us ,
law’s constitutionality. A3
tween the U.S. and EU.
l
 Applied Materials said Most large international

e
al a
it would invest as much BY PETER GRANT fice buildings in San Francisco, are returning to the office, the Even when they do sign new companies—not just tech com-
as $4 billion in a new Cal- Chicago and New York, closed at company also said it was sus- leases, many companies are tak- panies—rely on a relatively
ifornia facility to conduct Share prices for some of the $13.68 on Monday. Vornado’s pending dividends for the rest ing less space than before be- free flow of data across the
ci on
research on tools for mak- largest office landlords have share price topped $67 as re- of 2023. cause many employees are Atlantic, and the steep fine
ing semiconductors. B4 dropped to near historic lows, cently as 2020. Most other office real-estate working from home part of the punctuates the risks compa-
reflecting a sluggish return-to- Both Vornado and SL Green investment trusts are under week. Other firms are flooding nies of all stripes are taking
 Exploiting China’s ban
office rate and a rise in the shares are down more than 30% selling pressure from soaring the sublease market with un- without a new deal in place.
on Micron products won’t
number of investors betting that so far this year, while the vacancies and declining rents. wanted workspace as they brace Meta’s top privacy regulator
er s
be easy for South Korea or

these stocks will keep falling. broader stock market is higher. The return of employees to of- for a slowing economy and the in the EU said in its decision
memory-chip rivals Sam-
SL Green Realty’s share price “We’ve all seen office fices showed signs of a rebound prospect of laying off workers. on Monday that Facebook has
sung and SK Hynix, as geo-
m er
closed at $23.36 on Monday. stocks being crushed and earlier this year. But it has Before the pandemic, one of for years illegally stored data
politics complicate what
That is barely above the New great concern about the future stalled at roughly 50% of pre- the strongest sources of about European users on its
could be a welcome oppor-
York office firm’s 1997 initial- viability of office,” said Vor- pandemic usage levels. Leasing growth in the office market servers in the U.S., where it
tunity to boost sales. B4
public-offering price and a frac- nado Chief Executive Steven activity for office REITs fell were technology companies contends the information could
tion of its peak after the global Roth on the company’s first- 20% on average in the first Please turn to page A6 be accessed by American spy
m rp
World-Wide financial-crisis of more than quarter earnings call in April. quarter compared with a year agencies without sufficient
$140 in 2015. Vornado Realty Although he expressed con- earlier, according to real-estate  Heard on the Street: Even means for users to appeal.
Trust, which owns marquee of- fidence that more employees analytics firm Green Street. top owners can default..... B12 Please turn to page A2
 U.S. and NATO leaders
are coalescing around a vi-
Employers INSIDE Kyiv Allies Weigh

co Fo
sion for shoring up Ukrai-

nian defenses and seeking
to guarantee the country’s
sovereign future as Kyiv
enters a pivotal stage in
its war with Russia. A1
Hesitate Israeli-Style Pact
 Russia said its military
and security forces were
fighting against Ukrainian
To Begin To Bolster Security
units that had crossed into its
southern Belgorod region. A8 Paying for
REBECCA NOBLE/BLOOMBERG NEWS
Ozempic
 McCarthy and Biden failed
WARSAW—U.S. and NATO with what Israel has now.
to reach a deal to raise the
n-
leaders are coalescing around a Over the past several

debt ceiling following a
vision for shoring up Ukrainian months of the war, the grind-
high-stakes meeting at the
defenses and seeking to guar- ing fight for Bakhmut has
White House but planned to
BY ANNA WILDE MATHEWS taken center stage. But after
GETTY IMAGES
press ahead with talks as the

AND RAY A. SMITH
no
U.S. nears a deadline to pre- By Sharon Weinberger, the largely obliterated Ukrai-
vent a first-ever default. A4 Thomas Grove, nian city fell into the hands of
Many people in the U.S. Drew Hinshaw the Russian mercenary group
 Beijing responded to seeking out drugs like Ozempic and Bojan Pancevski Wagner over the weekend, a
the G-7 leaders’ firm lan- to shed pounds are hitting a U.S. NEWS BUSINESS & FINANCE broader challenge is coming
guage toward China by re- barrier: Their employers’ health California, Arizona and Efforts to tighten age antee the country’s sovereign into focus: how to transform
jecting Biden’s suggestion plans won’t pay for them. future as Kyiv enters a pivotal the country into a bulwark
that a thaw in U.S.-China The issue is an emerging
Nevada agree to cut restrictions on social stage in its war with Russia. It Please turn to page A8
relations was imminent. A9 fault line in U.S. workplaces, use of water from the media gain is a security model that West-
 The U.S. signed deals driven by the social-media and Colorado River. A3 momentum. B1 ern leaders, including Presi-  Russia says Ukraine attacked
that will deepen security celebrity buzz around Ozempic dent Biden, have compared its territory................................. A8
ties with Papua New and its sister drug, Wegovy.
Guinea, representing a Prescriptions for the treat-
ments have soared so much
Tea Party Tempest Divides
success for Washington as
it seeks to counter China’s
influence in the Pacific. A9
that the drugs’ maker has of-
ten struggled to keep pace
with demand. Yet companies,
Rural New Hampshire Town Hyundai EV Push
 Republican Sen. Tim
Scott of South Carolina
formally announced his
already facing rising health-
care costs, are wary of footing
the bill for medicines that list
i
A businesswoman’s afternoon socials

i i
Remakes Its Image
bid for the presidency. A4 for $900 or more a month.
 A district judge in The drugs’ rising popularity have neighbors stirred up; ‘Peyton Place’
Idaho entered a not guilty is pushing companies to re- Korean carmaker known for budget brands
visit their healthcare policies BY E.B. SOLOMONT ter and shelves of Mason jars
plea for Bryan Kohberger,
and, in many cases, add extra held a cornucopia of flours
begins turning heads as an innovator
who is accused of killing
requirements to qualify for ap- NEW IPSWICH, N.H.—More and spices.
four University of Idaho
proval. And while many em- than 200 years after the Bos- Tea-party supporters are BY SEAN MCLAIN to stop imitating and get
students last year. A3
ployer plans cover Ozempic as ton Tea Party, a tempest over rallying behind her and say ahead of rivals.
 Foreign-born workers’ a diabetes treatment, fewer tea is brewing in another New the upset neighbors should Hyundai Motor was “The message was: Inspi-
share of the U.S. labor force than a quarter cover any drug England town. bag their anti-tea complaints dreaming up an answer to ration can come from any-
rose last year to the highest specifically for losing weight, In Bank Village, a rural en- and find something better to Tesla when the company’s where,” said Lee.
level in 27 years of records, according to a survey by the clave in southern New Hamp- do. “Take up knitting!” urged top executive sent its lead The Hyundai electric car
as labor demand surged International Foundation of shire dating back to the one Silver Scone supporter designer a photo of a bi- that drew inspiration from
and the pandemic faded. A2 Employee Benefit Plans. 1750s, roughly a dozen on Facebook. zarre-looking car that last the Scarab’s eye-catching
Those that do cover weight- homeowners are Elwell is among the rolled off assembly lines streamline design, the Ioniq
CONTENTS Markets Digest..... B7 loss drug costs tend to be big protesting a neigh- entrepreneurs who more than 70 years ago. 6, has been a hit with critics.
Arts in Review.... A13 Opinion.............. A15-17
Banking & Finance B10 Personal Journal A11-12 companies, which typically bor’s tea-party busi- dove into new busi- The Stout Scarab, manu- At the New York auto show
Business News.. B3,6 Sports....................... A14 fund their own health plans. ness that they say nesses around the factured in Michigan in the in April, it was voted World
Crossword.............. A13 Technology.......... B4-5 Among employers with fewer “offends our sensi- Covid-19 pandemic, a 1930s and 1940s, looked like Car of the Year.
Heard on Street. B12 U.S. News............. A2-4
Markets..................... B11 World News....... A8-9
than 5,000 workers, about 18% bilities.” The clash A brewhaha time when a surge an outlandish cross between Hyundai and Kia, the sib-
do, the survey found. has reached a state of Americans took a bus and a pontoon. ling Korean carmakers, have
“We certainly are kind of at judicial board. the first steps to launch new “Let’s face it, 10 years ago, long had a reputation for
> the beginning of the curve in “It’s tea-gate,” says Jane El- ventures. According to the U.S. our design strategy was all making inexpensive, unin-
terms of how insurance com- well, the owner of Silver Scone Census Bureau, new business about the fast follower,” said spiring cars. Over the past
panies and healthcare plans Teas, who has likened Bank applications jumped more SangYup Lee, the Hyundai few years, though, they have
are going to tackle this,” said Village to Peyton Place. One than 53% between 2019 and designer. He said Euisun become one of the leaders in
s 2023 Dow Jones & Company, Inc.
Jennifer Chang, knowledge ad- May morning, Elwell stood in 2021. Anecdotally, the number Chung, executive chair of the electric-vehicle race, with
All Rights Reserved viser at the Society for Human her kitchen, where freshly of home-based businesses also Hyundai and its affiliate Kia, models that are turning
Please turn to page A11 baked scones sat on the coun- Please turn to page A10 who sent the photo, wanted Please turn to page A10
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Tuesday, May 23, 2023 * *** THE WALL STREET JOURNAL.
U.S. NEWS
Immigrants’ Share
Foreign‑born workers account Total growth in the workforce, Participation rate of
for the majority of growth of 2021–22 civilian labor force, 2021–22
the U.S. workforce. Foreign‑
born men routinely have some 76.8% 77.4%
Foreign–born 6%
Of Labor Hits High

of the highest participation
rates of any demographic Men
group, while foreign‑born Native-born
women trail slightly behind 1% 66
native‑born women. 65.8
Women
Native-born workers’ Overall labor-force partici- such as restaurant and con-
57.2 pation—the share of people struction workers, truck driv-
56.6
55 slice is shrinking as over 16 who are working or ers and home-health aides—
53.4
2021 ’22
retirements rise and seeking work—has recently in- roles that immigrants are
creased but remains below helping fill. The jobless rate
newcomers fill the gap prepandemic levels. “Any real for foreign-born workers was
Foreign–born Native–born gains we’re seeing in the labor 3.4% last year, below 3.7% un-
Occupation as a share of total employed, 2022
BY GABRIEL T. RUBIN force are coming from immi- employment for native-born
Management, 35.7%
AND ROSIE ETTENHEIM grants—they’re a buoy,” said Americans.
professional and related 44.7% Elizabeth Crofoot, senior “Immigrants go where there
Foreign-born workers’ economist at Lightcast, a la- are plenty of jobs, not where
share of the U.S. labor force bor-market data firm. jobs are scarce,” Crofoot said.
21.6
Service rose last year to the highest The Labor Department’s re- “They’re very much comple-
14.8
level in 27 years of records, as port was based on a monthly ments to native-born work-
Foreign‑born workers have labor demand surged and the survey of 60,000 households ers.”
13.6
Sales and office made gains in some pandemic faded. and doesn’t break down for-
20.5
white-collar professions, but People born outside the U.S. eign-born workers by country
Natural resources, have significant concentrations made up 18.1% of the overall of origin or legal status. The Lower-paying jobs
13.9 in service industries such as labor force, up from 17.4% the figures include legally admit- Foreign-born people in-
construction 7.9 healthcare, construction and prior year and the highest ted immigrants, refugees, tem- creased their share of the
and maintenance transportation. level in data back to 1996, the porary residents such as stu- workforce despite a pandemic
15.2 Labor Department said in its slowdown in immigration that
Production, transportation
12.1 annual report on foreign-born left the U.S. with fewer immi-
and material moving
workers. The number of immigrants than if prepandemic
grants in the labor force—
More foreign-born trends had continued.
Foreign-born workers are more Foreign–born $945 Native–born $1,087 those working or actively people joined labor By the end of 2021, the U.S.
likely to take lower-paying jobs looking for jobs—rose by 1.8 population had around two
than native‑born workers, but million, or 6.3%, to 29.8 mil-
force than native- million fewer people than it
those differences in earnings lion in 2022. born Americans. would have had if not for the
vary widely depending on the More foreign-born people pandemic, according to a 2022
ethnicity of both native‑ and joined the labor force than na- Goldman Sachs analysis, and
foreign‑born workers. tive-born Americans, account- the labor force had around 1.6
ing for more than half of the dents and temporary workers, million fewer. Immigration has
3.1 million overall gain last and immigrants lacking per- rebounded since then.
year, the report said. There manent legal status. Foreign-born workers are
were roughly 164 million The immigrant labor force often concentrated in lower-
.
workers age 16 or older in the increased 5% from 2019 to paying industries because of
Median weekly earnings,
U.S. labor force last year. 2022, while the number of na- skills, education or language
ly
2021–22*
$1,435 tive-born people in the labor barriers, with notable excep-
$1,318
force declined 0.5%, the data tions in fields such as tech and
$1,000 $943
‘They’re a buoy’ show. medicine.
500
0
on $758 Sluggish U.S. population
growth and accelerating baby-
boomer retirements during the
pandemic created labor short-
Employers pressed
That has put a strain on
“Foreign-born workers of-
ten don’t have the time or the
wealth to enter a costly train-
ing process” for a better-pay-
ages in many industries, in- employers trying to hire ing job, said Ryan Nunn, a re-
us ,
Asian† White† Black† Hispanic or Latino

creasing job opportunities for across the economy, but par- searcher at the Minneapolis
l
*Ages 16 years and older †Excludes Hispanic and Latino

Source: Labor Department Rosie Ettenheim/THE WALL STREET JOURNAL foreign-born workers. ticularly for in-person jobs Federal Reserve.
e
al a
Inflation Strained Finances Last Year, Fed Survey Shows

ci on
BY GWYNN GUILFORD fected “a lot” by higher prices. The overall economy also unemployment falling to 3.4%. for or received a raise, and ployment is at record lows and
Black adults, parents living has weakened since the survey One-third of adults got a were more likely to have job vacancies at record highs
er s
Americans reported a sharp with children, and those with was conducted, rising at an in- promotion or a raise last year, started a new job or volun- is remarkable,” said James
decline in their financial well- disabilities were more likely to flation and seasonally adjusted up from 30% in 2021, the Fed tarily left a job in the prior Knightley, chief international
m er
being last fall as high inflation report such financial strain. 1.1% annual rate from January survey said. Some 13% of year. Just 5% of adults lost a economist at ING.
eroded earnings and savings, Almost two-thirds of adults to March, compared with 2.6% adults asked for a raise or a job during the previous year, Inflation made it harder for
according to a Federal Reserve said inflation caused them to growth in the fourth quarter. promotion last year, compared down from 7% in 2021. people to save, the survey
survey released Monday. pull back on using a product The labor market remains with 9% in 2021. “For households to experi- found. Some 51% cut their sav-
The survey, conducted in or stop using it altogether. strong, with employers adding Adults with more education ence a worsening of their fi- ings because of price increases.
m rp
October 2022, found that ris- Some 18% said they responded 253,000 jobs last month and were more likely to have asked nances at a time when unem- And 31% of adults who haven’t
ing prices left more families in to higher prices by working retired reported that their re-
an economically precarious more or getting another job, Actions taken in response to higher prices Adults doing worse off tirement savings plan was on
place, though households con- while 8% of adults reacted by in the prior 12 months* than 12 months ago track, down from 40% in 2021.
tinued to benefit from a asking for a raise. Weaker family finances
co Fo
strong labor market. Price increases have eased 0 25 50% 40% have made it harder for people
The share of adults who re- since the survey was conducted Used less/stopped to afford an unexpected ex-
ported being worse off finan- last fall, though inflation re- using products pense, the survey said. About
cially in 2022 than a year ear- mains historically high. The con- Switched to cheaper 30 63% of adults said they would
lier climbed to 35%, the sumer-price index rose 4.9% in products be able to cover a hypothetical
highest on record going back April from a year earlier, down Delayed a major
$400 expense using cash or
to 2014, when the question from a recent peak of 9.1% in purchase putting the expense on a
20
was first asked. Overall, 73% June 2022 and 7.7% last October. credit card, down from a high
of adults said they were either The Fed has aggressively Reduced savings of 68% in 2021 and the same
doing OK or living comfort- raised interest rates for more share as in 2019.
than a year to try to tame in- Increased borrowing 10 The reversal was sharper
ably, down from 78% in 2021
and 75% in 2020. flation by slowing economic among parents. Fed officials
Worked more/
Inflation was the most com- activity. It lifted short-term in- got another job said that could be because of
n-
mon financial burden cited by terest rates for the 10th con- 0 the end of enhanced federal
people in the survey, Fed offi- secutive time this month, Asked for a raise child tax credits last year that
2015 ’20
cials said. Some 54% of adults bringing its benchmark federal- were put in place during the
said their budgets had been af- funds rate to a 16-year high. Survey conducted in October 2022 *Respondents could select multiple answers. Source: Federal Reserve pandemic.
no
CORRECTIONS  AMPLIFICATIONS
Meta Fined “Facebook has millions of
users in Europe, so the volume
of personal data transferred is
EU regulators have taken thus
far to enforce a 2020 ruling
about data transfers from the
tries such as advertising, arti-
ficial intelligence, human re-
sources and cloud services.
The musician Kid Rock Real-estate investor Sam
$1.3 Billion massive,” said Andrea Jelinek,
chair of the board of EU pri-
vacy regulators. “The unprece-
bloc’s top court. That ruling
restricted how companies such
as Meta can send personal in-
Tech companies are particu-
larly affected because the 2020
EU court ruling is focused in
posted a video on Twitter in
which he shot cases of Bud
Zell died in 2023. Display text
with his obituary in Friday’s
By EU dented fine is a strong signal

to organizations that serious
infringements have far-reach-
formation about Europeans to
U.S. soil, because it found that
Europeans have no effective
part on surveillance powers in
Section 702 of the U.S.’s For-
eign Intelligence Surveillance
Light with a submachine gun.
A Page One article on Mon-
day about Bud Light incor-
Business & Finance section in-
correctly gave the date of death
as 1923.
ing consequences.” legal way to challenge Ameri- Act, which can compel elec- rectly said he used a rifle. An
Continued from Page One Monday’s decision orders can government surveillance. tronic-communications provid- April 24 Technology & Media Thermolon, a nonstick coat-
The €1.2 billion fine sur- Meta to stop sending informa- The U.S. has said its surveil- ers to turn over information on article, an April 25 Business ing used by the cookware com-
passes the previous record of tion about Facebook’s Euro- lance practices include safe- their users. Under a newly pro- & Finance article and a May 3 pany GreenPan, is made using
€746 million, or $806 million, pean users to the U.S., and de- guards for privacy and civil posed U.S.-EU data deal, the EU Business News article in silicon dioxide. A Table Talk
levied under the General Data lete data already sent, within liberties, but has moved to would lift many of the restric- some editions also incor- column May 13’s Review sec-
Protection Regulation, against about six months. Meta said it give Europeans more ability to tions on companies sending rectly called the weapon a ri- tion incorrectly identified the
Amazon in Luxembourg in 2021 could avoid that order if challenge them. data to the U.S., provided the fle. material as silicone dioxide.
for privacy violations related to Washington completes a new While Monday’s decision U.S. addressed the concerns
its advertising business. Ama- trans-Atlantic agreement with covers only Facebook, the is- raised by the EU court—for in- Readers can alert The Wall Street Journal to any errors in news articles by
zon has appealed that decision the EU to allow data transfers sues underlying it affect stance by giving Europeans new emailing wsjcontact@wsj.com or by calling 888-410-2667.
in Luxembourg courts. before then. rights to appeal surveillance.
The fine represents a step Meta said it would appeal The replacement deal hasn’t
change from EU privacy regu- the ruling and seek a stay to been officially completed by EU THE WALL STREET JOURNAL
lators, who are increasing delay its suspension orders.
The size of the fine officials because they say the (USPS 664-880) (Eastern Edition ISSN 0099-9660)
their enforcement of the “This decision is flawed, un- shows the risks of U.S. government hasn’t fully (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
GDPR, the bloc’s privacy law, justified and sets a dangerous implemented its end of the bar- Editorial and publication headquarters:
some five years after it came precedent for the countless
running afoul of the gain. Some European politicians 1211 Avenue of the Americas, New York, N.Y. 10036
into effect. A board of EU reg- other companies transferring bloc’s privacy rules. have said they think the deal Published daily except Sundays and general legal holidays.
ulators has taken more control data between the EU and U.S.,” should be further renegotiated. Periodicals postage paid at New York, N.Y., and other mailing offices.
over cross-border decisions— Meta said in a blog post re- “After almost three years of Postmaster: Send address changes to The Wall Street Journal,
and has insisted on bigger sponding to the decision. failed negotiations, it’s possible 200 Burnett Rd., Chicopee, MA 01020.
fines, people familiar with the Meta, alongside many other Meta’s other units—as well as we’re underestimating the EU’s All Advertising published in The Wall Street Journal is subject to the applicable rate
deliberations say. U.S.-based tech companies, thousands of other multina- willingness to withhold a deal card, copies of which are available from the Advertising Services Department, Dow
Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal
Ahead of Monday’s decision, moves data from Europe to the tional companies that store or and dare Meta to actually turn
reserves the right not to accept an advertiser’s order. Only publication of an
the EU board insisted Ireland U.S., where the company oper- access data about Europeans off service there,” said Paul Gal- advertisement shall constitute final acceptance of the advertiser’s order.
issue a fine of between 20% and ates its main data centers to of- from computers inside the U.S. lant, an analyst with investment
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
100% of the maximum allowable fer its services. Meta has said Without a U.S.-EU deal, big bank TD Cowen.
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GDPR allows for a fine of up to dered to suspend transfers, it other companies that use their pean Commission, the EU’s ex- By phone: 1-800-JOURNAL (1-800-568-7625)
4% of worldwide annual reve- may have to stop offering ser- services, could find themselves ecutive body, said the bloc was
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fine and order because it leads region accounts for nearly a suspend data flows to the U.S. be in place by the summer.
Our newspapers are 100% sourced from sustainably certified mills.
the enforcement of the GDPR quarter of Meta’s revenue. Hanging in the balance are —Kim Mackrael
for Meta, which has its Euro- The fine and suspension or- tens if not hundreds of billions and Ryan Tracy GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
pean headquarters in Dublin. der are the biggest step that of dollars in trade in indus- contributed to this article.
THE WALL STREET JOURNAL. Tuesday, May 23, 2023 | A3
U.S. NEWS
TikTok
Sues Over
Ban by
Montana
BY MEGHAN BOBROWSKY
TikTok is suing Montana

over the state’s new ban of the
social-media platform, challeng-
ing the law’s constitutionality.
The suit, filed Monday in
the U.S. District Court of Mon-
tana, alleges the ban violates
the First Amendment and sev-
eral other laws. The case was
brought against the state’s at-
torney general, who is tasked
ETIENNE LAURENT/EPA/SHUTTERSTOCK
with enforcing the ban.
The ban is scheduled to go
into effect Jan. 1. It is unclear
how it will be enforced.
“We are challenging Mon-
tana’s unconstitutional TikTok
ban to protect our business
and the hundreds of thousands
of TikTok users in Montana,”
TikTok said Monday.
A spokeswoman for the Mon- The Colorado River, shown flowing from the Lake Mead Reservoir toward the Hoover Dam near Boulder City, Nev., has suffered steady decline over the past two decades.
tana governor’s office said that
States Agree to Colorado River Cuts

the governor has been clear
about his intentions to protect
Montanans’ privacy rights.
A spokeswoman for Mon-
tana’s Attorney General Austin
Knudsen said, “We expected le- BY JIM CARLTON deal, which came after Califor- its Colorado River supply un- on the water have had to un- with the priority system.
gal challenges and are fully nia dropped some previous ob- der previous mandated cuts. dergo steadily increasing con- “I think this is a great day
prepared to defend the law States that use Colorado jections, people involved with The cuts were triggered last servation, which has reduced for the West, this is a great
that helps protect Montanans’ River water agreed to cuts re- the negotiations said. year after the nation’s largest farm acreage and started to day for Arizona,” said Brenda
privacy and security.” quested by the federal govern- Interior officials praised the reservoir, Lake Mead, fell be- put pressure on cities. Ari- Burman, general manager of
.
The law, which was signed ment to help keep two of the agreement. “I commend our low a federal threshold. Lake zona, because it has the low- the Central Arizona Project.
by the governor of Montana main reservoirs, Lake Mead partners in the seven Basin Mead and Lake Powell have est seniority rights on the Col- The amount of water allo-
ly
last week, prohibits TikTok, and Lake Powell, from falling states who have demonstrated shrunk dramatically over a orado, has been hit the most cated to California would shrink
which is owned by Chinese par- to critically low levels. leadership and unity of purpose more than two-decade drought with some farm areas losing more than under earlier propos-
ent ByteDance, from operating California, Arizona and Ne- in developing this consensus- in the Southwest. as much as half their growing als. Southern California’s Impe-
in the state and app stores such
as Google’s and Apple’s from
offering the app. Any entity vi-
olating the law will be fined
vada would voluntarily cut
their use of water from the
West’s most important river
by at least three million acre-
on
based approach,” said Deputy
Secretary Tommy Beaudreau.
Under the terms, federal of-
ficials would compensate us-
The 1,450-mile Colorado
River is a lifeblood for the
Southwest, supplying drinking
water to 40 million people, ir-
area after cuts last year.
The latest cuts would largely
come from farms, cities and
tribes in the river’s lower basin,
rial Irrigation District, the larg-
est user of water on the river,
said it plans to increase the
amount it is already conserving
$10,000 a day. Individual Tik- feet by 2026, including 1.5 mil- ers of the water for most of rigating 5.5 million acres of some of which have agreed not contingent on reimbursements
us ,
Tok users won’t be punished. lion next year. An acre-foot is their reductions. That was a farmland and accounting for to use water in Lake Mead they from the federal government.
l
A group of TikTok creators the amount a typical family of request made by farmers in an estimated 16 million jobs. were entitled to, given the re- Nevada, meanwhile, agreed
e
al a
last week sued Montana’s four uses in a year. California, who had balked at However, its flow has steadily cord amounts of water that ac- to bank more of its Colorado
state attorney general over the The proposed cuts aren’t a previous proposed deal declined over the past two de- cumulated throughout the West River water in Lake Mead
state’s new ban. The creators expected to have severe im- crafted by the other states. cades amid the worst drought this winter, state officials said. through 2026, setting aside a
ci on
also alleged it was unconstitu- pacts on farms or cities but An impasse had created to hit the region in 1,200 Arizona officials called the total of 285,000 acre feet—
tional and violates the First would add incrementally to friction between California years, according to a Univer- cuts more equitable than un- roughly a year of its total us-
Amendment and other laws. voluntary reductions in place. and the other states, particu- sity of California, Los Angeles- der a past proposal by Califor- age, said John Entsminger,
In addition to First Amend- The Interior Department larly Arizona, which already led study this year. nia that would have allocated general manager of the South-
ment concerns, TikTok also al- will be asked to sign off on the has lost more than a fifth of As a result, states that rely the water largely in keeping ern Nevada Water Authority.
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leges that it isn’t within Mon-

tana’s state rights to enact
m er
Not Guilty Plea Entered in Idaho Murders Case

such a ban. The company ar-
gues that it is exclusively the
federal government’s right to
deal with foreign entities.
TikTok also says the ban vi- BY SURYATAPA BHATTACHARYA from Washington State, where
m rp
olates a law that bars govern- AND JOSEPH PISANI Kohberger was getting his
ments from declaring a person Ph.D. in criminal justice and
or entity guilty of a crime and A district judge in Idaho en- criminology.
punishing them without a tered a not guilty plea for Kohberger was arrested at
ZACH WILKINSON/THE MOSCOW-PULLMAN DAILY NEWS/ASSOCIATED PRESS
trial, and rules governing in- Bryan Kohberger, who is ac- his parents’ house in Al-
co Fo
terstate commerce. cused of killing four University brightsville, Pa., and was later
“The first amendment argu- of Idaho students last year. extradited to Idaho. Police col-
ment is a very strong one,” says Kohberger was indicted by lected more than 60 items
Carl Tobias, a law professor at a grand jury last week on state from the home, including a
the University of Richmond who felony charges of first-degree knife, a cutlery knife with
is not affiliated with the case. murder and burglary for the leather sheath, a pocketknife,
So is federal pre-emption, the stabbing deaths of Xana Ker- a .40-caliber Glock pistol and
claim that the ban isn’t within nodle, 20 years old, Ethan three empty gun magazines,
the state’s scope to make. Chapin, 20, Madison Mogen, according to documents.
“The claim from Montana is 21, and Kaylee Goncalves, 21. Kohberger’s car, a white
that they’re protecting national At an arraignment hearing Hyundai sedan, was also seized
security and that is something Monday, Kohberger’s lawyer by authorities. The car played
squarely within the domain of said he was standing silent a key role in finding Koh-
n-
the federal government, not left when asked to enter a plea. Be- berger, charging documents
to the state,” he said. cause he elected not to enter a said. Authorities confiscated a
Lawmakers, both at the plea, District Judge John C. shovel, goggles and more med-
state and federal levels, have Judge entered a not guilty plea ical-style gloves from his car,
no
voiced concerns about the Chi- on Kohberger’s behalf. A trial is the documents showed.
nese Communist Party’s access scheduled for Oct. 2 and is ex- Bryan Kohberger, accused of killing four University of Idaho students last year, in court Monday. Authorities have declined to
to data that TikTok collects. pected to last six weeks. comment on certain aspects of
TikTok says it has never Earlier, when Kohberger was behind him.” A public de- without bond. If convicted, he Kernodle, Chapin, Mogen the case, including a possible
been directed by the Chinese asked if he understood the fender who represented Koh- could face life in prison or the and Goncalves were found motive, citing the ongoing in-
government to share data and charges against him, he replied berger in Pennsylvania previ- death penalty. stabbed to death in November vestigation and coming crimi-
that it would refuse to do so if several times with a “yes.” ously said he was eager to be The 28-year-old graduate in an off-campus house. Police nal prosecution.
asked. Anne Taylor, a lawyer for exonerated. student at Washington State linked Kohberger to the house Soon after Kohberger’s ar-
China said it would not ask Kohberger, didn’t respond to a The prosecutor’s office said University was arrested in De- through security video and rest, a judge in Idaho imposed
the company for that data. request for comment. At a it was unable to comment be- cember after a weekslong DNA found on a knife sheath, a gag order on officials and
January court hearing in cause of a gag order that research for a suspect in the according to documents un- victims’ families, citing safety
 Governments push social- Idaho, she said Kohberger mains in effect. killings, which shook the col- sealed in January. The Idaho reasons as well as wanting to
media age restrictions........... B1 “has a good family that stands Kohberger is being held lege town of Moscow, Idaho. university is about 7 miles ensure a fair trial.
Abortion Opponents Invoke 19th-Century Law in Legal Strategy

BY LIZ ESSLEY WHYTE tration’s approval of mifepris- widespread legalization of the In New Mexico, a handful of passed one of the ordinances, eral under racketeering law—
AND LAURA KUSISTO tone two decades ago and the procedure, and Comstock fell cities and counties have wrote in a legal brief. for shipping abortion drugs.
expansion of pill access in further out of use. passed ordinances imposing Federal courts recently have Even if people are unfamiliar
Abortion opponents have more recent years. The Fifth “I teach reproductive rights civil penalties for mailing issued conflicting rulings on with the statute, “the text could
mapped out a multipronged le- U.S. Circuit Court of Appeals and I always teach Comstock abortion pills or other imple- the relevance of Comstock to- not be clearer,” the attorneys
gal strategy for combating use heard arguments in that case early in the course as this his- ments into their jurisdictions, day. This month, a federal judge general said in one letter.
of the abortion pill mifepris- last week, though Comstock torical thing that nobody citing the Comstock Act. This in West Virginia rejected argu- Democratic senators, in
tone by invoking an obscure wasn’t a central topic in the knows about and to not forget has set up a legal battle with ments that the Comstock Act’s turn, wrote to the same com-
1873 law called the Comstock proceedings. about, but not that I thought the state attorney general, restrictions apply to legal abor- panies, urging them to do ev-
Act that made it illegal to send The law was named for it was going to be relevant who has asked New Mexico’s tion, in a case involving Gen- erything they can to widen ac-
“obscene” or “immoral” mate- 19th-century anti-vice cru- highest court to invalidate the BioPro, which makes the ge- cess for abortion drugs.
rials through the mail. sader Anthony Comstock. Ap- ordinances because they con- neric version of mifepristone. The Justice Department’s
The act outlawed shipping palled by pornography and flict with state law, which al- But a federal district judge position is that the act doesn’t
abortion drugs across state prostitution in New York City,
The law was named lows abortion. The court has in Amarillo, Texas, adopted a prohibit the shipping of abor-
lines, punishable by a fine or he drafted the law and lobbied for 19th-century temporarily blocked enforce- contrary holding in April, say- tion materials if the sender
up to five years in prison. Lo- Congress to pass it, then later ment of the local laws. ing the act was unambiguous doesn’t intend for them to be
cal leaders in New Mexico enforced it in his role as a spe-
anti-vice crusader Attorney General Raúl Tor- and still in effect. “The Com- used illegally. Some abortion-
have relied on the law in pass- cial agent of the U.S. Postal Anthony Comstock. rez, a Democrat, in an interview stock Act plainly forecloses rights supporters worry, how-
ing ordinances heavily re- Service. said the antiabortion movement mail-order abortion in the ever, that the department’s in-
stricting abortion, and Repub- By the 1940s there was a is using the act “as a way to im- present,” wrote Judge Mat- terpretation is tenuous and
lican elected officials have widespread consensus among plement their goal to institute a thew Kacsmaryk. think Congress should change
warned pharmacies and drug judges that the Comstock Act again,” said Joanna Grossman, national abortion ban.” Twenty Republican state at- the law.
distributors that they could could be enforced only if the a visiting law professor at The municipalities have re- torneys general, nine U.S. sen- “The cleanest remedy is to
one day be prosecuted under seller intended the materials Stanford University. sponded that New Mexico law ators and 38 congressmen in repeal the Comstock Act,” said
the act. to be used for an illegal abor- Since the Supreme Court doesn’t trump a federal law, recent months sent letters to Larry Gostin, a Georgetown
Antiabortion doctors and tion, according to legal aca- ended federal constitutional which they say bans mailing pharmacies warning them that Law professor and director of
medical groups are also citing demics. In 1973 the U.S. Su- protections for abortion abortion pills. “This Court they could face liability under the O’Neill Institute for Na-
the law as part of their fast- preme Court in Roe v. Wade nearly a year ago, Comstock does not have the authority to the Comstock Act—either from tional and Global Health Law.
moving legal challenge to the recognized a constitutional has become grist for abortion rewrite federal law,” attorneys a future Republican adminis- “It doesn’t represent the val-
U.S. Food and Drug Adminis- right to abortion, leading to opponents. for Roosevelt County, which tration or state attorneys gen- ues of Americans today.”
A4 | Tuesday, May 23, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.
U.S. NEWS
Biden, McCarthy
Try to Get Debt
Deal Finished
WA S H I N G T O N — H o u s e spending, but are nearing
Speaker Kevin McCarthy and agreement on secondary mat-
President Biden failed to reach ters such as clawing back un-
a deal to raise the debt ceiling used coronavirus-response
following a high-stakes meet- funding, according to people
ing at the White House on familiar with the matter.
Monday but planned to press McCarthy said a deal must
ahead with talks, as the U.S. be reached this week to have
nears a deadline to prevent a time for the legislation to pass
first-ever default. Congress. He said he would
consider canceling a planned
House recess next week if
By Natalie Andrews, there was no deal.
Andrew Restuccia Once a deal is reached, it
and Siobhan Hughes would likely take at least sev-
RANDALL HILL/REUTERS
eral days for the agreement to

Biden called the meeting wind its way through Con-
productive and said he “reiter- gress. McCarthy said he plans
ated once again that default is to give House lawmakers 72
off the table and the only way hours to read the bill, a rule
to move forward is in good that was put in place at the
Sen. Tim Scott hugged his mother, Frances, as he announced his presidential bid Monday in North Charleston, S.C. faith toward a bipartisan beginning of this Congress.
agreement.” Monday’s meeting came af-
Scott Hopes Personal Story Will Boost Bid McCarthy (R., Calif.) said
the tone of the roughly 90-
minute meeting was “better
than any other time we’ve had
ter several stops and starts in
the negotiations.
On Sunday, Biden said
House Republicans have taken
BY ELIZA COLLINS his ascent to Congress makes profiled by police. the 2017 GOP tax overhaul discussions.” He too said the extreme positions and he
him the candidate most There are no major policy signed into law by Trump, is meeting was productive and called the GOP’s current pro-
NORTH CHARLESTON, equipped to speak on the differences between Scott and one of his most significant offered both leaders an oppor- posal unacceptable. White
S.C.—Tim Scott’s effort to se- American dream. the former president. Aides legislative achievements. Scott tunity to dig into the details of House officials have accused
cure the 2024 Republican “For those of you who won- say his agenda will include tax was the key Republican in po- their positions. Republicans of being unrea-
presidential nomination will der if it’s possible for a broken cuts, expansion of school lice reform negotiations that “I believe we can get it sonable and pushing partisan
test whether a campaign cen- kid from a broken home to choice and strengthening the ended in 2021 with no deal. done,” he said, adding that ne- proposals that have little
tered on his own rise from rise beyond their circum- country’s ability to compete Trump praised Scott on gotiators would continue their chance of winning approval by
.
poverty and the need for bet- stances the answer is yes. For against China. He aims to Monday. The race “is rapidly discussions and he expects to both chambers of Congress.
ter economic opportunities those of you who wonder if avoid the type of grievances loading up with lots of people, talk to Biden every day until an Meanwhile, Republicans have
ly
can garner support in a field America is a racist country that Trump recites on the and Tim is a big step up from agreement is reached. criticized Biden for waiting
dominated by former Presi- take a look,” he said, gesturing stump and will focus more on Ron DeSanctimonious, who is Central to the talks is set- until May to engage in the
dent Donald Trump. to his Black mother and the how his own life experiences totally unelectable. I got Op- ting a top-line spending level talks, and they say the White
The 57-year-old South Caro-
lina senator officially an-
nounced his presidential bid
Monday after he filed his state-
white wife of his late mentor
who stood beside him hugging
as he spoke.
Scott so far has negligible
on
serve as an uplifting example.
Scott was raised in poverty
in South Carolina by a single
mother. He struggled in school
portunity Zones done with
Tim, a big deal that has been
highly successful,” he wrote on
Truth Social.
for the next year and deciding
how long to lift the debt ceiling
until having to raise it again.
The two sides are aiming to
House isn’t doing enough to
cut spending.
Republicans have called for
spending cuts as a condition
ment of candidacy Friday with support with GOP primary vot- and credits his mother and a Taylor Budowich, chief exec- reach a deal by June 1, when for any debt-ceiling increase
us ,
the Federal Election Commis- ers. When he is included in mentor, the late John Moniz, utive of Make America Great the Treasury Department esti- and they passed a bill in April
l
sion and spent months building polls, he registers in the low- for turning his life around. Again Inc., said Scott decided to mates the U.S. could run out of to do so, saying that was their
e
al a
his campaign infrastructure. single digits compared with Moniz, a Chick-fil-A franchise enter the race because he and money to pay all of its bills, starting point on talks. They
To prepare for his long-shot Trump. Scott started his cam- owner, taught Scott conserva- other candidates “smell Ron De- leading to a default. Treasury also want to cap spending in
run, he has visited states that paign with $22 million cash on tive principles and shared the Santis’ blood in the water and Secretary Janet Yellen repeated future years. Democrats for
ci on
will be key to deciding the GOP hand, according to aides. importance of faith. Scott no longer see him as an obsta- that estimate Monday. months had declined to nego-
nominee as part of a “Faith in Scott is a reliably conserva- went on to graduate from cle.” Democratic National Com- Ahead of the meeting, Bi- tiate, saying the debt ceiling
America” tour, a reference to tive vote, and also has not shied Charleston Southern Univer- mittee Chairman Jaime Harri- den and McCarthy’s negotiat- should be raised with no
his evangelical Christian faith. away from conversations sity, a Christian college. son said that Scott was extreme, ing teams huddled on Capitol strings attached, but began
Scott is the only Black Republi- around race, including sharing His opportunity-zone initia- and criticized his alignment Hill. The two sides remained engaging seriously in talks
er s
can in the U.S. Senate and says his experiences being racially tive, which passed as part of with Trump on policy. at odds on the central issue of this month.
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A6 | Tuesday, May 23, 2023 * * THE WALL STREET JOURNAL.
U.S. WATCH
INTERNATIONAL SPACE STATION DELAWARE MICHIGAN
Four Guests Join Sen. Carper Won’t Governor Signs
Crew Orbiting Earth Run for Re-Election Red Flag Measure
The International Space Sta- Democratic Sen. Tom Carper Michigan Gov. Gretchen Whit-
tion on Monday took in four visi- of Delaware said he wouldn’t mer gave final approval Monday to
tors, including Saudi Arabia’s seek re-election to a fifth term. a red flag law that aims to keep
first woman astronaut. His announcement paves the firearms away from those at risk
SpaceX’s chartered flight ar- way for a wide-open contest for of harming themselves or others.
rived at the orbiting lab less the seat he has held since 2001 in Michigan joined Minnesota as
than 16 hours after blasting off the heavily blue state. It also en- the second state in under a
from Florida. The guests will sures his record of never having week to implement a red flag
spend just over a week there. lost an election in more than four law after Democrats in both
“This shows how space decades in politics stays intact. states won control of both
brings everyone together,” said Carper is one of several sena- chambers and the governor’s of-
Rayyanah Barnawi, a Saudi tors who have announced that fice in November. New Mexico
stem-cell researcher. Saudi Ali al- they wouldn’t seek re-election previously was the last state to
Qarni is a fighter pilot. next year. The others are Demo- pass a red flag law in 2020.
John Shoffner, a Knoxville, crats Ben Cardin of Maryland, Di- The new law, also known as
NASA TV/ASSOCIATED PRESS
Tenn., businessman who started anne Feinstein of California and extreme risk protection orders, is
a sports car racing team, is pay- Debbie Stabenow of Michigan, and expected to go into effect next
ing his own way. Republican Mike Braun of Indiana. spring. It will allow family mem-
Retired NASA astronaut Carper said his focus over the bers, police, mental-health profes-
Peggy Whitson is their chaper- next year and a half will be sionals, roommates and former
one. She now works for Axiom helping ensure implementation dating partners to petition a judge
Space, the Houston company of environmental provisions in to remove firearms from those
International Space Station residents welcomed four visitors Monday, from top left, Ali al-Qarni, that organized the 10-day trip, the 2021 infrastructure law and they believe pose an imminent
John Shoffner, Rayyanah Barnawi and Peggy Whitson. Ms. Barnawi, a stem-cell researcher, is Saudi its second to the space station. the Inflation Reduction Act. threat to themselves or others.
Arabia’s first woman astronaut. The visitors are staying just over a week. —Associated Press —Associated Press —Associated Press
FROM PAGE ONE
Office is averted.
More office owners have
started to capitulate and are
Share and index performance
100%
Building and other office tow-
ers, late in 2021 started add-
ing multifamily properties to
were still down 44% from what
they were in 2018 and 2019, ac-
cording to data firm VTS.
Stocks Get selling their properties at

large discounts to their pre-
pandemic values. About 84% 50 S&P 500
its portfolio for the first time.
Boston Properties, which owns
more U.S. office space than
Most landlords that focus
on office buildings in Sunbelt
states, which are benefiting
Pummeled of the $7.8 billion of commer-

cial mortgage-backed securi-
ties office loans maturing in
0
any other publicly traded com-
pany, is planning to develop
2,000 residential units.
from inflows of population and
businesses, reported better
performance in the first quar-
2023 will face refinancing dif- Office shares started falling ter than those with high con-
Continued from Page One ficulties, according to a May Boston from their post-financial-crisis centrations in cities such as
that took more space than report by Moody’s Analytics. Properties heights in the years before the San Francisco and New York.
.
they needed in anticipation of “Until we see some resolu- –50 pandemic. Investors began to Alexander Goldfarb, senior
SL Green
growth. But those kinds of tion to those [balance-sheet] sour on the sector as tenants analyst with Piper Sandler,
ly
Realty
deals “are off the table,” said problems, it’s hard to become used co-working spaces to be- said he recently upgraded
John Kim, a real-estate analyst more positive about the sec- Vornado come more efficient. Douglas Emmett, a REIT with a
–100 Realty Trust
at BMO Capital Markets. tor,” said Ji Zhang, real-estate The decline in office REIT high concentration of office
2019 ’20 ’21 ’22 ’23
High interest rates also pose
a problem. Many office owners
have billions of dollars of float-
ing- and low-interest-rate mort-
portfolio manager for Cohen &
Steers, an asset manager that
is active in the REIT industry.
Cohen & Steers, which has
on
Source: FactSet
0.28 percentage point from defaults by office landlords.

shares accelerated during the
pandemic, when employees
came to prefer working from
home at least part of the time.
buildings focused on smaller
tenants on the west side of Los
Angeles. “The people living in
Bel-Air, Brentwood and Bev-
gages that will likely need to be $79.9 billion in global assets March, according to S&P The pummeling of the office Since the start of 2020, as of erly Hills are not moving to
us ,
refinanced at much higher rates under management, has been Global Market Intelligence. sector has been financially dev- last week, shares of office Texas,” Goldfarb said.
l
in the coming years. Regional whittling down its office expo- The turmoil in the office astating for senior managers, REITs have declined 48% com- On the other hand, Vornado
e
al a
banks have been among the sure to about 2% of its U.S. sector risks spilling into the who often take much of their pared with a 0.1% increase for shares are suffering in part be-
biggest commercial property REIT holdings, down from as economy because small and re- compensation in company stock. the FTSE Nareit Equity Index, a cause it has made an enormous
lenders, but they have pulled much as 8% in 2019. gional banks have tens of bil- The growth prospects for the broader commercial-property capital commitment to new de-
ci on
back sharply as these smaller More stock-market investors lions of dollars in office loans office sector look so limited index, according to Kim. Over velopment in the area around
banks have come under pres- are selling office stocks short, to private landlords on their that a few firms that own pri- that same period, the S&P 500 Penn Station in Manhattan.
sure themselves. which is a wager that their balance sheets. Concern about marily office buildings have index was up 37%. The area’s office-availability
The result is the one of the share prices will fall. At the the value of the buildings started to diversify by acquiring Not all the news is bad. In rate rose to 23.2% in the first
worst stretches for the office end of April, office REITs were backing those loans has been or expanding portfolios of other April, new searches for office quarter of 2023 from 19.9% a
er s
market since World War II, the most-shorted REIT sector, growing this year with the fail- types of commercial property. space by businesses in major year earlier, the highest in-
with few signs of hope for a with average short interest at ure of Silicon Valley Bank and Empire State Realty Trust, cities were 23% higher than in crease in Midtown Manhattan,
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turnaround even if a recession 6.4% of shares outstanding, up the rise of delinquencies and owner of the Empire State December, though such searches according to CBRE Group.
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Because there’s
safety in strategy.
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M AY 3 1 | ONLINE
Speakers Include:
Rob Duhart Lynn Haaland Kathy Hughes
Vice President and Deputy Deputy General Counsel and Vice President and
CISO Chief Compliance, Ethics and CISO
Privacy Officer
Walmart Northwell Health
Zoom
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Partner, Willkie Farr & Gallagher LLP Chief Security Officer and Global CISO
Head of Product Security
Former Crypto Assets and Carnival Corp.
Cyber Unit Chief, U.S. Securities NVIDIA
and Exchange Commission
Gene Sun Karim Toubba Friso van der Oord

CVP and Global CISO CEO SVP, Content
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A8 | Tuesday, May 23, 2023 * * THE WALL STREET JOURNAL.
WORLD NEWS
Russia Says Ukraine Attacked Its Territory
Zelensky’s military Belgorod announced emer-
gency measures including re-
intelligence identifies strictions on free movement
fighters as volunteer aimed at ensuring the safety
of residents, said the region’s
Russian citizens governor, Vyacheslav Gladkov.
Peskov said the purpose of
BY MATTHEW LUXMOORE the incursion was to divert at-
AND GEORGI KANTCHEV tention from the situation in the
city of Bakhmut in eastern
KYIV, Ukraine—Russia said Ukraine, which Moscow claims
its military and security forces to have fully captured over the
are fighting Ukrainian units weekend. It comes as Kyiv gears
who crossed into its southern up for an offensive aimed at tak-
ARMED FORCES OF UKRAINE/AGENCE FRANCE-PRESSE/GETTY IMAGES

Belgorod region, the largest ing back some of its territory.
such incursion into Russian Military strategists say Ukraine
territory since the war began. is likely to pursue operations
Russian President Vladimir that would knock Russia off bal-
Putin was briefed, according ance and force it to divert forces
to Kremlin spokesman Dmitry that would otherwise be used to
Peskov, as Moscow appeared man defensive lines in Ukraine.
to be caught off guard. As Russian forces sought on
Peskov said Russia has suf- Monday to consolidate control
ficient forces to eject what he of Bakhmut, Ukrainian troops
described as a commando unit. mounted new offensives to the
Regional authorities said they north and south aimed at encir-
were evacuating civilians from cling the city’s new occupiers.
border villages, and announced Moscow announced the cap-
emergency security measures. ture of Bakhmut on Sunday,
Ukraine’s military intelli- with state TV channels in Russia
gence directorate, known as hailing it as “an event of historic
HUR, identified the troops as proportions.” But the city has
two volunteer groups of Rus- Bakhmut is in ruins, leaving only several dozen residents in a city that once was home to more than 70,000 people, Russian media says. been turned into ruins, leaving
sian citizens who work closely Russian troops taking up posi-
with HUR and said the inci- eral villages along the border. 2014 when Russian troops viser to Ukrainian President rilla groups are composed of tions in bombed-out apartment
dent was a consequence of the The incursion is a stunning without insignia appeared on Volodymyr Zelensky, appeared Russian citizens,” he tweeted. blocks exposed to Ukrainian
Kremlin’s invasion of Ukraine. reversal for Russia, which Ukraine’s Crimean Peninsula. to mock that statement on A spokesman for HUR, An- forces that have retreated to
The extent of the incursion launched a full-scale invasion Putin denied they were Rus- Twitter in a post denying driy Chernyak, said the aim of higher ground in and around the
couldn’t immediately be estab- of Ukraine in 2022 with the sians, and said at the time Ukrainian government involve- the operation was to create a town of Chasiv Yar to the west.
lished, but videos of armed aim of seizing control of the that all the equipment they ment in the Belgorod incursion. buffer zone to protect Ukrai- State newswire TASS re-
men and armored vehicles on- country in days. The events on had could easily be bought in “As you know, tanks are nian civilians. “We expect that ported that only several dozen
.
line appear to indicate that the Monday echoed Russia’s co- a military hardware store. sold at any Russian military such actions will become more residents remained in Bakhmut,
troops had taken control of sev- vert invasion of Ukraine in Mykhailo Podolyak, an ad- store, and underground guer- frequent,” he said. once home to more than 70,000.
ly
Kyiv Allies onRise in Nuclear Arms Threatens Curbs
Weigh Plan BY ALASTAIR GALE
us ,
For Security HIROSHIMA, Japan—The

LESZEK SZYMANSKI/EPA/SHUTTERSTOCK
specter of the world’s first nu-

e
al a
clear attack hung over the week-

end’s Group of Seven summit in
Continued from Page One Hiroshima. World leaders laid
ci on
against Russian aggression. wreaths at the memorial in the

An Israeli-style security city, where a plaque reads: “Let
RICHARD A. BROOKS/AGENCE FRANCE-PRESSE/GETTY IMAGES

agreement for Ukraine would all the souls here rest in peace,
give priority to arms transfers for we shall not repeat the evil.”
and advanced technology, The G-7 leaders pledged to
er s
President Andrzej Duda of Po- work toward the elimination of

land said in an interview with Polish President Andrzej Duda nuclear weapons, but the chal-
m er
The Wall Street Journal. This lenges have only grown recently.
security agreement would be dress the core of Ukraine’s se- Russia is engaging in nuclear
linked to a process of moving curity issues, recognizing that brinkmanship over Ukraine,
toward future membership in it wouldn’t achieve NATO while China and North Korea are
the North Atlantic Treaty Or- membership soon. But even if building up their stocks and de-
m rp
ganization for Ukraine but based loosely on Israel’s secu- veloping new types of weapons.
stop short of actually making rity model, the official said, the The G-7 leaders called for
NATO a party to any conflict contours of Ukraine’s defense dialogue and transparency
with Russia, Western officials agreement remain fluid. over nuclear arsenals, as well
familiar with the talks said. Israel isn’t a member of as talks aimed at banning the
co Fo
“The discussions on this NATO, and the U.S. isn’t production of fissile material.
one are going on right now,” treaty-bound to come to the The aims, contained in a state- People visit the Peace Memorial Park and the Atomic Bomb Dome in Hiroshima, Japan.
said Duda, who has been one country’s aid. But for decades, ment called the “Hiroshima Vi-
of the staunchest supporters Israel has enjoyed a special re- sion on Nuclear Disarmament,” to release similar data under year that Beijing has more on nuclear weapons for its de-
of Ukraine in its efforts to relationship with the U.S. as are mostly pre-existing pro- the current Start agreement, launchers for intercontinental fense under a mutual-security
pel the Russian invasion. Washington’s most stalwart posals that have failed to gain which limits both countries to ballistic missiles than the U.S. treaty with the U.S. President
Duda didn’t detail what partner in the Middle East, traction with countries outside 1,550 deployed nuclear war- The U.S. and Russia each Biden told Kishida on Saturday
weapons or technology might and it is also the largest cumu- the club of rich democracies. heads. Moscow didn’t respond. have total stockpiles of about that the U.S. commitment to
be transferred to Ukraine, but lative recipient of U.S. foreign “The world is facing a set of The U.S. and Russia to- 4,000 nuclear warheads, say defend Japan is “backed by the
Poland has supplied Kyiv with assistance since World War II. nuclear dangers the likes of gether possess about 90% of arms-control analysts. China full range of capabilities, in-
Soviet MiG-29 aircraft, among U.S. assistance to Israel is which we have not seen in three the world’s nuclear weapons. has said it doesn’t need to talk cluding nuclear,” according to
other defense equipment. outlined in 10-year agreements, decades or so, but the G-7 pro- With similar deployed stocks, about nuclear-arms control the official Japanese account.
Last week, Biden told Group and the most recent one com- duced nothing new to break the they have sustained a stabiliz- with the U.S. because it has far The U.S. has a similar com-
n-
of Seven counterparts that the mits Washington to providing impasse,” said Daryl Kimball, ing principle known as mutu- fewer weapons and has pledged mitment to South Korea and
U.S. would support training $38 billion in military aid be- executive director of the Arms ally assured destruction—a not to use them first. However, recently agreed to give Seoul a
Ukrainian pilots to fly F-16 tween 2019 and 2028. Control Association, a Washing- near-guarantee that any party it is developing new missiles greater voice in consultations
jets, an essential step to sup- A similar arrangement for ton, D.C., nonprofit group. launching a major attack that can carry tactical nuclear on a potential American nu-
no
plying the U.S.-made fighters. Ukraine could change the calcu- In February, Russian Presi- would itself be destroyed. But warheads, the Pentagon said. clear response to a North Ko-
Deputy Foreign Minister Al- lus of its current conflict with dent Vladimir Putin said he Putin has threatened to use There are six other nuclear- rean attack, in return for
exander Grushko of Russia Russia, Western officials said. would suspend an agreement tactical nuclear weapons— armed states: France, the U.K., Seoul agreeing not to develop
warned on Saturday that send- It would aim to discourage with the U.S. over mutual limits smaller warheads on shorter- Israel, India, Pakistan and North its own nuclear weapons.
ing F-16s to Ukraine would es- President Vladimir Putin of Rus- on nuclear weapons. The Strate- range missiles—in the war in Korea. Iran has made progress A recent report by the Law-
calate the conflict. “We can sia from drawing out the war in gic Arms Reduction Treaty, or Ukraine, throwing into ques- in enriching uranium at close to rence Livermore National Lab-
see that Western countries the hopes of eroding political Start, has underpinned relative tion Russia’s commitment not weapons-grade levels. oratory said the situation in
continue to stick to an escala- support for Ukraine in the U.S. stability between the world’s to initiate a nuclear conflict. An unprecedented spree of China and Russia “raises basic
tion scenario, which carries as well as in some European two major nuclear weapons China, meanwhile, has de- weapons testing by North Ko- questions about whether the
enormous risks for them,” he capitals, where the economic powers since it came into force clined to disclose the size of rea in recent years and its de- U.S. has the right number and
said, Russian state news costs have been hotly debated. in 1994. These weapons consist its nuclear arsenal or talk to velopment of tactical nuclear types of nuclear forces.”
agency TASS reported. “Russia needs to under- of nuclear warheads mounted the U.S. about limits. The Pen- weapons have raised concern Arms-control advocates say
With NATO membership for stand today that Ukraine has on intercontinental-range mis- tagon predicted last year that that it might break the taboo more can be done to bring Rus-
Kyiv possibly years away, a set got those security guarantees siles, submarine-launched mis- China’s nuclear-warheads on nuclear-weapons use. sia, China and others into talks.
of binding security arrange- and that they’re not going to siles or heavy bombers. stockpile would roughly triple Japanese Prime Minister Rather than having the U.S.
ments would be a way of help- lapse with time or with fatigue Earlier this month, the U.S. to an estimated level of about Fumio Kishida, who represents face off against its adversaries,
ing the Ukrainian military im- of the West,” Duda said. said it had 1,419 nuclear war- 1,500 by 2035. It isn’t known Hiroshima in parliament, made a multilateral forum including
mediately as it gears up for an President Volodymyr Zel- heads deployed and ready for how many are actually de- nuclear disarmament a major countries such as the U.K. and
expected counteroffensive ensky of Ukraine has stated re- immediate use on strategic ployed on strategic weapons, theme of the G-7 meeting. France might make such discus-
aimed at pushing Russia back peatedly that his country’s weapons and called for Russia but the U.S. military said this However, Japan partly depends sions easier, Kimball said.
from the territory it claimed goal is to retake all the land
after storming the country. Russia has captured since
The push for a security
agreement comes as the West
has moved to increase its sup-
2014, including Crimea. He has
dismissed the idea of a cease-
fire with Russia, arguing that
Belarus Dissident Pulled From Flight Pardoned
port for Kyiv, including provid- any pause in fighting would BY GEORGI KANTCHEV were made under duress. most widely read news sources
ing tanks, high-end U.S. and allow Moscow’s exhausted mil- Belarus’s exiled opposition in Belarus after a crackdown on
German-made air-defense sys- itary to regroup and launch Weeks after being sentenced leader, Svetlana Tikhanovskaya, independent media. Minsk
tems, and increasing produc- more attacks down the line. to eight years in a penal colony, described Protasevich’s pardon listed Protasevich and other
tion of shells and ammunition The concept for an Israeli a Belarusian opposition activist as a “smoke screen” in a Twit- Nexta journalists as being in-
NATALYA TALANOVA/TASS/ZUMA PRESS
needed on the front lines—all model was first drafted in who was arrested after the ter post on Monday. She said it volved in what it considered
part of billions of dollars in September by Andriy Yermak, government forced his Ryanair was being used by authorities terrorist activities.
Western military aid intended a top aide to Zelensky, and An- flight to land has been par- to divert attention from the In May 2021, while Prota-
to ensure Ukraine, not Russia, ders Fogh Rasmussen, former doned, state media reported. plight of political prisoners. sevich was traveling from
determines its future. NATO chief, people familiar The latest twist in Roman Belarusian authorities Greece on a Ryanair flight
Biden, who visited Poland in with its origins said. Protasevich’s case on Monday didn’t respond to a request for bound for Lithuania, the Belaru-
February, discussed the Israeli- Since Russia’s invasion, the came after a court in Belarus comment. Minsk has previ- sian government scrambled a
model concept, Duda said. It is Ukrainian government has this month found him guilty of ously denied allegations about jet fighter to divert the plane,
now gaining traction among pushed for a path to NATO organizing riots, inciting acts of its handling of his case and forcing it to land in the capital
Western allies as part of the membership. Zelensky submit- terrorism and insulting Belaru- those of other dissidents. Minsk. Authorities detained
agenda for the NATO summit ted a formal application to the sian President Alexander Lu- Belarusian authorities detained From his base in Poland, Protasevich after hauling him
in July in Vilnius, Lithuania’s alliance last year, but the U.S. kashenko, among other crimes. Roman Protasevich in 2021. Protasevich became one of the off the flight, a move Ryanair’s
capital. The security agreement and other NATO members have In a video published by Be- Belarusian president’s fiercest chief executive, Michael O’Leary,
is expected to be signed follow- made clear that any member- larus’s state news agency Belta, Protasevich appeared to admit detractors after a widely dis- called state-sponsored hijacking.
ing the NATO summit, officials ship process will take time. Protasevich, 28 years old, said his guilt and said he was turn- puted election in 2020 in which Franak Viacorka, a senior
familiar with the talks said. —Gordon Lubold, Daniel he got a pardon and thanked ing away from the opposition Lukashenko claimed victory. adviser to Tikhanovskaya, said
A U.S. administration official Michaels, Max Colchester Lukashenko. “This, of course, is movement, comments that Be- Protasevich ran the opposi- Protasevich “was forced to
said discussion of an Israeli and Matthew Luxmoore just great news,” he said. larus opposition figures and tion social-media news channel collaborate” with the Belaru-
model emerged as a way to ad- contributed to this article. After his arrest in 2021, members of his family said Nexta, which became one of the sian KGB security service.
THE WALL STREET JOURNAL. NY Tuesday, May 23, 2023 | A8A
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WORLD NEWS
Beijing Slams G-7, Rejects

Biden on Potential Thaw
BY AUSTIN RAMZY over Taiwan, the self-ruled is- Russian arms.
land Beijing claims as its own. Chinese officials have said
HONG KONG—Beijing re- The G-7 was “persisting in those sanctions are an obstacle
sponded to the Group of Seven manipulating China-related is- to discussions, a point repeated
leaders’ firm language toward sues, smearing and attacking Monday by Mao Ning, a For-
China by pouring cold water China, and violently interfer- eign Ministry spokeswoman.
on President Biden’s sugges- ing in China’s internal affairs,” “China and the United States
tion that a thaw in U.S.-China Sun Weidong, a Chinese vice maintain necessary communi-
relations was imminent. foreign minister, told the Jap- cation, but what is the sincer-
China also on Monday sum- anese ambassador to China on ity and significance of such
KENNY HOLSTON/PRESS POOL

moned the ambassador of Sunday, the ministry said. communication if the United
Japan, which hosted the G-7 “The time when individual States says it wants to commu-
summit in Hiroshima, to com- Western countries arbitrarily in- nicate while resorting to any
plain about what a senior Chi- terfere in the internal affairs of means to suppress and contain
nese diplomat described as the other countries and manipulate China and impose sanctions on
meeting’s “bloc confrontation global affairs is gone,” Sun said. Chinese officials, institutions
and Cold War mentality.” At a news conference to and enterprises?” Mao said.
Biden’s meeting with the close the G-7 meeting, Biden China’s response to the G-7 President Biden and other Western leaders produced a stern communiqué at the Group of Seven
leaders of six other democra- blamed the suspected Chinese communiqué follows active di- summit in Hiroshima, Japan, over the weekend that criticized China’s ‘malign practices.’
cies produced a stern commu- surveillance balloon that the plomacy by China’s leader, Xi
niqué on China that called for U.S. shot down in February for Jinping, and other top offi- low at the Takshashila Institu- sador Nicholas Burns over pondering whether he should
countering its “malign prac- damaging communications be- cials. Since emerging from the tion, an Indian think tank. American support for Taiwan. meet his counterpart in Wash-
tices” such as illegal technol- tween the two countries. relative isolation of China’s “With the Europeans, the lan- Burns also met with Chi- ington as well, The Wall Street
ogy transfers and economic “I think you’re going to see Covid-19 prevention measures guage has been, ‘Hey, we sup- nese Commerce Minister Journal has reported.
coercion. China’s Foreign Min- that begin to thaw very last fall, Xi has met with lead- port your strategic autonomy.’ Wang Wentao, and the Biden There have also been signs
istry responded by calling the shortly,” he said. ers from around the world and Their argument is to essentially administration wants to re- Chinese officials are attempting
U.S. the biggest culprit in us- Biden on Sunday said the helped push for a detente be- mobilize middle powers who schedule a trip to China by to respond to concerns from
ing its economic power to U.S. was discussing easing tween Saudi Arabia and Iran. they see as potentially vacillat- Secretary of State Antony foreign companies about a dete-
pressure other nations. sanctions on China’s defense Some analysts say one of Bei- ing in terms of support.” Blinken that was postponed riorating business environment.
China also rejected the G-7 minister, Gen. Li Shangfu, jing’s broader goals is to limit Chinese and American offi- over the balloon incident. Wang hosted a meeting in
leaders’ expressions of concern which could pave the way for the ability of the U.S. to enlist cials have held some talks in re- Wang is expected to travel Shanghai on Monday to listen
about repression in the Xinji- talks between military officials its allies to isolate China. cent weeks, including a meeting to Detroit for a meeting of to the views of U.S. businesses
ang and Tibet regions, the ero- on both sides. Li was placed “The focus was to target the this month in Beijing during Asia-Pacific Economic Cooper- operating in the country—a
sion of freedoms in Hong Kong under sanctions by the U.S. in U.S. and Japan,” said Manoj Ke- which Chinese Foreign Minister ation trade ministers, but se- rare effort to calm foreign in-
and the potential for conflict 2018 for Chinese purchases of walramani, a China studies fel- Qin Gang scolded U.S. Ambas- nior Chinese leaders are still vestors.
U.S., Papua New Guinea Sign Pacific Security Accord China
.
Struggles
ly
BY MIKE CHERNEY coastal waters and stop illicit from foreign-policy analysts
activity such as illegal fishing. and some island-nation offi-
SYDNEY—The U.S. signed
deals that will deepen security
ties with the biggest island na-
on The agreements represent
the latest push by the U.S. and
allies such as Australia to re-
cials themselves for Washing-
ton to increase its engagement.
Blinken on Monday met with
With High
ADEK BERRY/AGENCE FRANCE-PRESSE/GETTY IMAGES
tion in the Pacific, represent-

ing a success for Washington
as it seeks to counter China’s
spond to growing Chinese in-
fluence in the Pacific, which
has military bases that could
other Pacific island leaders who
also traveled to Papua New
Guinea, home to more than
Youth
us ,
influence in the strategically play an important role in any nine million people. The U.S.
Joblessness
l
important region. future conflict over Taiwan. also signed an economic-assis-

e
al a
During a visit by Secretary Biden hosted a summit for Pa- tance deal with Palau related to
of State Antony Blinken, cific leaders at the White that nation’s compact of free
agreements on defense coop- House for the first time last association with Washington. BY STELLA YIFAN XIE
ci on
eration and maritime security year, where he unveiled a The compact gives Palau access
were signed with Papua New wide-ranging strategy for the to many federal services and HONG KONG—China’s failure
Guinea, which is located just region and a large aid package, programs in exchange for to reverse a sharp rise in youth
north of major U.S. ally Aus- and he has invited them again Washington exercising military unemployment is becoming a
tralia and straddles important for another summit this year. authority over the area. bigger headache for Beijing,
er s
shipping lanes. The U.S.’s top Secretary of State Antony Blinken and Papua New Guinea China in recent years has ex- In Papua New Guinea, where with many economists saying
diplomat traveled to the coun- Defense Minister Win Bakri Daki completed the deal on Monday. panded its diplomatic presence the economy is highly depen- the problem reflects a jobs mis-
try, where Exxon Mobil runs a
m er
and poured money into air- dent on commodities and match that could defy govern-
multibillion-dollar gas-export for things like military train- sistance and disaster relief. ports, telecommunications, re- which has struggled with high ment solutions for years.
development, after President ing and information sharing, The deal “reflects the U.S. sorts and other businesses and crime and gender-based vio- Joblessness among young
Biden canceled a planned visit while establishing a frame- commitment to reinvigorate infrastructure across the Pa- lence, Chinese companies have people aged 16 to 24 rose to a
so he could be in Washington work for U.S. personnel to ac- and modernize our democratic cific. Early last year, Beijing built airports and roads, and record of 20.4% in April, signifi-
m rp
for debt talks with Republi- cess facilities in the host na- partnerships around the world,” struck a security pact of its trade with Beijing has grown cantly higher than a few months
cans. tion. The State Department the State Department said. own with the Solomon Is- significantly in recent years. ago and above the prepandemic
Full details of the defense- said the agreement would fa- The maritime-security agree- lands—a country east of Papua Some analysts said the de- rate of 13% or lower in most of
cooperation deal weren’t im- cilitate exercises and enable ment, meanwhile, will allow for New Guinea—that allowed ac- fense deal with the U.S. will 2019. The rise was all the more
mediately disclosed, but such the U.S. to be more responsive U.S. Coast Guard vessels to help cess for Chinese security per- help bolster Papua New surprising given that urban un-
co Fo
deals typically pave the way in providing humanitarian as- Papua New Guinea patrol its sonnel. That deal sparked calls Guinea’s military. employment overall fell to 5.2%
in China as of April, compared
WORLD WATCH
with 6.1% a year earlier.
Some economists believe
the job market for young peo-
ple will get worse before it
gets better, with a record 11.6
million college students set to
graduate this summer. A cen-
tral problem, economists say,
is that China isn’t creating
enough of the high-wage, high-
skill jobs that are sought by its
n-
expanding base of educated

young people, many of whom
have loftier expectations than
previous generations.
no
Rather than trade down for

lower-wage jobs, many young
people are opting to wait for
more opportunities, even
though such opportunities
might not be available.
“China’s high youth unem-
ployment rate is not transitory
but structural,” said David
Wang, chief China economist at
Credit Suisse. “There is a mis-
match in the skills the youth are
trained to provide and the skills
that existing jobs require.”
Chinese officials are trying
several tactics to address the
problem, including mandating
that state-owned companies
XINHUA/ZUMA PRESS
hire more graduates, while

urging more young people to
take up blue-collar work or
move to the countryside.
Many young people, how-
A fire tore through Manila’s nearly 100-year-old post-office building, severely damaging the landmark structure and slightly injuring seven people in the Philippine capital. ever, are uninterested in blue-
collar jobs. And opportunities
GUYANA MEXICO COLOMBIA PORTUGAL PHILIPPINES at state-owned enterprises re-
main in short supply, despite
Fire at School Dorm Car-Rally Shootout Cease-Fire With Search to Restart Massive Fire Razes the government’s prodding.
Kills 19 Children Leaves 10 Dead Rebel Group Halted In Missing-Child Case Historic Post Office Sun Yuexing, who is set to
graduate from Beijing Foreign
A nighttime fire raced Authorities say they are in- The government said it was Portuguese police have said A massive fire tore through Studies University, spent hours
through a dormitory in Guyana vestigating an apparent gunfight suspending a cease-fire with they would resume searching for Manila’s historic post-office handing out résumés at a job
early Monday, killing at least 19 at an off-road vehicle rally in rebels accused of recently killing Madeleine McCann, the British building, slightly injuring seven fair. “The competition is so
students at a boarding school Mexico’s Baja California state four indigenous people—at least 3-year-old who disappeared in people and razing the nearly fierce,” said the English major.
catering to remote, mostly indig- that left 10 people dead and an- three of them minors—who tried the country’s Algarve region in 100-year-old landmark in the If China fails to supply a
enous villages, authorities said. other 10 wounded. to avoid forced recruitment in May 2007, in the next few days. Philippine capital, police and generation of young people
“This is a horrific incident. It’s The shooting, which took the south of the country. Police were seen erecting postal officials said on Monday. with work, it could put pressure
tragic. It’s painful,” President Irfaan place early Saturday afternoon, President Gustavo Petro’s ad- tents and cordons in an area by The fire started before mid- on wage growth and slow Bei-
Ali said, adding that his govern- provoked an intense mobilization ministration said the military the Arade dam, about 30 miles night in the basement of the jing’s desire to build an econ-
ment was mobilizing all possible of units of the army, navy, and would resume attacks on FARC- from Praia da Luz, where the 3- neoclassical, five-story building omy driven more by consump-
resources to care for the children. state and local police. EMC factions operating in the year-old was last seen alive. and was brought under control tion. It also could undermine
The fire broke out in the dor- Baja California officials say provinces of Caqueta, Putumayo, The toddler disappeared from Monday morning more than social stability, if more young
mitory building of a secondary gunmen in one vehicle opened fire Guaviare and Meta, because of the her bed in the southern Portu- seven hours after it began, fire- people become dissatisfied.
school in the southwestern border on people and vehicles at the rally. group’s lack of commitment to the guese resort. She was in the fighters said. Some economists still be-
town of Mahdia, a gold and dia- State prosecutor Ricardo Iván Car- cease-fire. The government said it same room as her 2-year-old twin An investigation was under lieve the problem is a passing
mond mining community about pio said that vehicle was found to would continue to maintain a brother and sister while her par- way to determine the cause of phenomenon, and that many
200 miles south of the capital, have “perforations from gunshots cease-fire with FARC-EMC in other ents had dinner with friends at a the fire and what was damaged, more youths will find work as
Georgetown, the government said. and traces of blood inside.” parts of the country. nearby restaurant. officials said. China’s broader economic re-
—Associated Press —Associated Press —Associated Press —Associated Press —Associated Press covery continues.
A10 | Tuesday, May 23, 2023 THE WALL STREET JOURNAL.
FROM PAGE ONE
Hyundai
Gains in
EV Race
Continued from Page One
heads at rival car companies—
and among car buyers.
Asked last year about com-
petition in the EV sector, Ford
Motor Chief Executive Jim
Farley said: “The ones I’m pay-
ing the most attention to are
Hyundai/Kia, the Chinese and
Tesla. That’s my list.”
Behind the push has been
Chung, 52 years old, who has
pressed for investment in EVs
and moonshot technologies
such as flying cars and robots.
In 2020, he took control of the
Hyundai Motor Group, one of
Korea’s largest family-run con-
glomerates, from his father,
Chung Mong-Koo.
CLOCKWISE FROM TOP: ZUMA PRESS; ANTHONY BEHAR/SIPA/REUTERS; ANDREW KELLY/REUTERS

Last year, Hyundai became
the world’s third-largest auto-
making group, with 6.85 mil-
lion vehicles sold, behind only Euisun Chung, above left, executive chair of Hyundai and its affiliate Kia, at an April ceremony to mark the start of construction on a new Kia EV plant. Hyundai lead
Toyota Motor and Volkswagen. designer SangYup Lee, below left, and José Muñoz, president and chief operating officer, at the New York auto show in April. Hyundai’s Genesis GV80 concept car.
Now, the company, currently
the third-largest seller of EVs
in the U.S., is setting its sights
on Tesla.
Tesla’s enormous success
with its Model 3 showed the
industry that the EV market
was much bigger than many
people thought, spurring
Hyundai and Kia to move
faster, said Michael O’Brien, a
former vice president at Hyun-
.
dai. “Hyundai leadership real-
izes that the EV market is a
ly
jump ball,” he said.
Chung, whose grandfather
founded the business 76 years
ago, has told employees re-
peatedly that the company
needs to be more forward-
leaning. “We will not fear risks
on
and only be reactive,” he told censed versions of Honda mo- agreed to pay up to $200 mil- history. car company. Rather than fo- stockpiled semiconductors, al-
us ,
workers in January. torcycles and Mazda trucks lion to owners of stolen cars to “The chairman wanted cusing on four wheels, oil and lowing them to avoid the
l
Hyundai and Kia have gone and cars. After it declared settle a class-action lawsuit. something new, and the focus brakes, they were focused on worst of the supply-chain re-
e
al a
on a hiring spree, luring high- bankruptcy in 1997, Hyundai When the Korean leadership was on good styling,” said Ray technology, and that was very lated shutdowns in recent
profile designers from other purchased a controlling stake. takes notice, though, decisions Ng, a former Kia designer who appealing in Korea.” years, giving them more stock
carmakers, including from Ger- It now owns nearly 34%. are fast-tracked and change worked closely with Schreyer. While other automakers to sell, dealers said.
ci on
man luxury brands. Their aim Hyundai entered the U.S. can come swiftly, former exec- Chung’s biggest push has dithered about whether the Hyundai and Kia have said
is to make their vehicles look car market in 1986, followed utives said. been with EVs, a sector Hyun- batteries were too expensive that most of their EV custom-
and feel more luxurious. by Kia in 1993. Both were bud- At the New York auto show dai and Kia entered in 2010 and short on range, Chung was ers are coming to the brand
get brands. When Chung’s fa- in April, Hyundai’s luxury when Hyundai released the undeterred, O’Brien said. for the first time. They also
ther took over in 1996, he brand, Genesis, showed off a Blueon in Korea. Kia followed After Chung became execu- tend to be wealthier than cus-
Praise from rivals
er s
made solving quality woes a sportier version of its new with the Ray EV in 2011. A sec- tive chairman in 2020, Hyun- tomers of the companies’
Ford’s Farley lauded Hyun- priority, overhauling manufac- GV80 SUV. The vehicle was a ond model, an electric Kia dai and Kia announced plans other models. Last year, the
m er
dai’s Ioniq 5, which came out turing operations. concept car—not one Genesis Soul, went on sale in the U.S., to introduce 31 battery-pow- biggest cohort of Hyundai Io-
2021, noting that some soft- Decisions were made mostly intended to make. Europe and South Korea in ered models. The companies niq 5 and Kia EV6 buyers
ware features were better than by executives in Seoul, far 2014, two years before General aim to become the third-larg- earned more than $250,000 a
Ford’s own. “That company from the U.S. market that was Motors released its rival Chevy est seller of EVs globally by year, compared with between
has really found their stride driving the bulk of profits, for- Bolt. 2030. Tesla and China’s BYD $50,000 and $75,000 for all
m rp
with electric vehicles,” he said. mer executives said. “Hyundai

Streamlined Ioniq 6 The EV market presents are the current global leaders. models, according to data from
Tesla’s Elon Musk said last was always known in Korea as shows how company unique challenges. Nearly all S&P Global Mobility.
summer in a tweet about the the most conservative and the Hyundai and Kia EVs are built Andrew Mancall, a doctor
EV market: “Hyundai is doing most militarylike,” said Frank
uses design to set it outside the U.S. Recent revi- Design focus from Portland, Maine, is
pretty good.” Ahrens, Hyundai’s former head apart from rivals. sions to the $7,500 federal tax That the Hyundai Ioniq 6 among the Hyundai converts.
co Fo
Hyundai and Kia are a part of communications. credit in the U.S. for EV pur- took inspiration from the Stout A former Audi owner, he
of a conglomerate that also Both Hyundai and Kia were chases have made foreign-built Scarab is one example of how wanted to buy an EV for his
owns steel mills, shipyards and slow to react to the SUV boom EVs ineligible for the subsidy. the company is leaning on de- next car and put himself on a
construction firms. It is largely in the U.S., despite pleas from It was such a hit that the Sales in the U.S. of Hyundai sign to set it apart from rivals. number of waiting lists, in-
controlled by Chung’s family stateside executives, the for- bosses in Korea decided that and Kia EVs have been declin- Lee, the designer, said the cluding for the Ford Mustang
through their shareholdings in mer executives said. For years, night to put it into production, ing since the tax revisions. streamlined shape recalls the Mach-E.
the motor company and other they didn’t do much to expand said José Muñoz, Hyundai’s A new $5.5 billion factory period in the 1930s and 1940s When his number came up
affiliates. their U.S. factories, leaving president and chief operating complex is in the works for when car design borrowed for the Mach-E, he passed on
The company got started in them struggling to build officer, whom Chung hired both Hyundai and Kia to build from the aerospace industry. it and bought the Hyundai Io-
the auto business in 1967, enough vehicles when demand from Nissan Motor in 2019. EVs in Georgia, but it won’t The design has the added niq 5. He said he was sold on
when the country was still re- surged for popular models “There are no arguments,” Mu- open until the end of next benefit of tacking on miles to the driving dynamics and what
covering from the Korean War, such as the Hyundai Santa Fe ñoz said. “Once the decision is year, at the earliest. the car’s range, giving it one of he described as better technol-
at first doing contract work and Tucson. made, execution is very fast.” Tesla’s success with the the lowest drag coefficients in ogy than on the Ford. After a
n-
for Ford. Its first in-house ve- Another embarrassment Chung has installed over- Model 3, which came to mar- the industry—a measure of nine-month wait, he took de-
hicles, the Pony and Excel, was a surge in auto thefts fol- seas executives in key manage- ket in 2017, opened eyes at how aerodynamic a shape is. livery of his Hyundai.
were inexpensive and so prone lowing a social-media chal- ment positions. He hired de- Hyundai, said O’Brien, the for- When interest in EVs surged “Am I a Hyundai person? A
to quality problems that they lenge that targeted certain signer Peter Schreyer from mer vice president. “Everyone during the pandemic, Hyundai couple years ago, I probably
no
became fodder for comedians Hyundai and Kia models as Volkswagen, where he had saw they went from a niche and Kia were among the few would have said no,” he said.
on late-night TV. easy to steal. Several states helped redesign the iconic player to a core player in one car companies that had a se- “I guess the answer now is,
Kia began in 1944 as a man- and insurers have sued the Beetle, then promoted him to model,” he said. “People in Ko- lection of electric and hybrid yes.”
ufacturer of metal parts and companies over the thefts. On president, the first non-Korean rea, and Hyundai, saw Tesla as models on dealership lots. On —Mike Colias
bicycles, and a decade later, li- Thursday, Hyundai and Kia to reach that level in Hyundai’s a tech company rather than a top of that, the companies had contributed to this article.
‘Tea-Gate’ painted the ceiling with Benja-

min Moore’s “Galaxy,” a deep
violet hue.
neighbors as petty and noted
that one walked around the
street with a clipboard and
New Hampshire Housing Ap-
peals Board, the town shared
an 823-page certified record of
Stirs Rural The business drew glowing

attention, with a June 2021 re-
view in the local paper touting
scolded a guest for parking in
front of Elwell’s home.
The New Ipswich Zoning
documents related to Silver
Scone, and the myriad local
agencies that have dealt with
Village “Tea Time at a Hidden Gem.”

“In the middle of New Ip-
swich, there sits a slice of the
Board voted 3-0 to side with
Elwell, and grant her the vari-
ance. They said local rules do
the matter. The state tribunal
has 60 days to issue an opin-
ion.
English countryside,” said the permit certain businesses, Among arguments neigh-
Continued from Page One piece in the Monadnock-Led- such as bed-and-breakfast inns bors are making is that Elwell,
shot up—as did not-so-neigh- ger Transcript, which de- or daycares, in that neighbor- in designing her proposed
borly disputes. scribed customers as “ladies hood after proper reviews, and parking lot, illegally removed
Elwell lives in Millbrick and gentlemen, dressed in that a tea-party venue seemed stones from a wall that runs
House, a two-story red brick their tea-time best.” even less disruptive than along her property line.
Greek Revival built in 1830 Silver Scone’s popularity those operations. A town attorney said Elwell
and set on more than 30 acres swelled during Covid, and The neighbors, after fruit- acted within the law.
bursting with gardens. She frustration boiled over on less appeals at the town level, Fasanella, Elwell’s friend
and her ex-husband bought it Mother’s Day weekend of 2022 filed suit against the town and lawyer, pointed out that
in 2014 and Elwell, raised in when Elwell hosted 126 people with the New Hampshire Elwell’s neighbor has three
England, enjoyed hosting af- for tea, and neighbors com- Housing Appeals Board, a judi- rusted-out cars on the lawn in
JANE ELWELL
ternoon teas for her friends plained parking crowded the cial body, in February. violation of New Hampshire’s
and the occasional fundraiser street. The town of New Ip- In a letter to the editor of “junk yard” statute. “One
at her home. She decided to swich issued cease-and-desists the local paper soon after, would think that’s more of an
start a business, touting “au- orders saying she was operat- In Ipswich, N.H., Silver Scone Teas hosts events such as ‘A Jolly neighbor Stanley Zabierek impact on a scenic road than
thentic English afternoon tea ing without proper business Good Tea!’ in a historic house. Some neighbors aren’t happy. compared the fight against the moving one stone in a stone
parties with your London born approval. tea-party venue with other lo- wall,” he says.
host, Jane.” “She’s not a renegade,” says “An event venue of this increased traffic and the cal battles “fought both for, The opponents also argue
She offered “ParTea” boxes Robert Fasanella, her friend scope and size will scar the safety of her dog. Another op- but mostly against, businesses her land is home to endan-
to-go, and in 2021, launched and pro bono lawyer. He says land forever,” neighbor Sharin ponent said Bank Village and corporations wanting to gered spotted turtles that
teas in earnest. For $45 a Elwell didn’t realize she Smeeth warned town officials hadn’t had a business in years come to or through this town,” could be at risk given the
head, guests can enjoy Bridg- needed local permitting. in a letter. and didn’t need one now. including a dollar store and changes. Elwell says she has
erton, Alice in Wonderland Elwell applied for a vari- Residents lined up to speak Supporters including Rob- gravel company. “The opposi- never seen a turtle on her
and other themed tea parties ance to continue hosting tea at New Ipswich Zoning Board ert Mason said the taxes the tion to the business by the property, though she did place
in her historic home, where parties, and agreed to limit tea of Adjustment meetings, min- business brings in would help residents of Bank Village is to a concrete turtle outside to
the library has a vast collec- parties to four days a month utes show. Neighbor Robert New Ipswich, and he’d like to try to maintain the strictly “stick it” to her neighbors.
tion of bone china—sets of with no more than 50 people a Fournier said it wasn’t the tea, see more merchants come into residential character and no “It doesn’t matter what I do
gold-rimmed Royal Dalton and day. She also sought a permit but the growth he worried the once-thriving mill town. other reason,” he wrote. to appease them; they come
Noritake with pink roses. In to expand her driveway and about. He feared headlights Bentti Hoiska said the meticu- The tea-party dispute has up with something else they’re
the dining room, she commis- create an 18-car parking lot in would shine on his house as lously kept Silver Scone en- consumed so much of the local against,” she said. “They won’t
sioned wallpaper made from a cleared area on her roughly customers left. His wife Ann- hanced the village, while an- government’s time that ahead be happy until I sell up and
vintage embroidery and 35-acre property. marie Fournier fretted about other speaker described of the May 16 hearing at the move.”
© 2023 Dow Jones & Company. All Rights Reserved.

PERSONAL JOURNAL. THE WALL STREET JOURNAL. Tuesday, May 23, 2023 | A11
American retirees living abroad

still need to file U.S. tax returns. A
street in Palermo, Sicily.
financial accounts exceeds $10,000

at any time during the year. The
penalties for willfully failing to do
so can be the greater of $100,000
or half of the account value for ev-
ery year you failed to file.
Individuals with more than
$200,000 and couples with more
than $400,000 in foreign financial
Some U.S. banks and

brokerage firms drop
customers with foreign
addresses.
assets on the last day of the

year—or with more than a respec-
tive $300,000 or $600,000 at any
time during the year—must report
them to the IRS with Form 8938.
To owe no state income tax,
you must “break your domicile,”
said Kuenzi, which means showing
you have no intention to return to
that state. Clients often sell their
homes and cancel their driver’s li-
censes and voter registrations to
satisfy the requirement, he said.
ISTOCK
You may need to

rewrite your will
Retirement in Paradise Isn’t Make plans to have a new will and

estate plan that conforms to laws
.
of your new home, Kuenzi said.
Under U.S. tax laws, U.S. citizens
ly
Without Financial Headaches on
with an estate that exceeds $12.92
million (or $25.84 million for cou-
ples) are liable for U.S. estate tax
above those thresholds, even if they
live in another country.
Moving abroad can complicate your taxes, banking, medical bills and even estate planning But most other countries im-
pose an inheritance tax instead, of-
ten at far lower levels.
us ,
BY ANNE TERGESEN
R
move. Banking, immigration and Make sure you are getting com- Social Security beneficiaries In France, for example, each
l
tax policies can change frequently, petitive currency-conversion rates. in foreign countries child can receive from a parent
e
al a
etiring abroad requires so double check everything you Services including Wise and Mon- about $108,000 tax-free. Above
0 20,000 40,000 60,000
a lot of planning and of- hear, said Lachowitz, who also is eycorp currently have low mark- that, they pay an inheritance tax
ten a good accountant. the founder of White Lighthouse ups, Lachowitz said. When abroad, Canada of up to 45%, depending on the
ci on
When people dream Investment Management of Lex- he often uses a debit card from amount.
Japan
of jetting off to the ington, Mass., and Lausanne, Charles Schwab, which offers com- Inheritance tax is due even if
French countryside or a Switzerland. petitive exchange rates and re- Mexico your money is held in U.S.-based
tropical island to begin a new chap- Here’s what to research before funds his ATM fees. accounts and your heirs live in the
ter in retirement, tax and banking retiring abroad. U.K. U.S., said Kuenzi. Many European
er s
policies don’t usually feature prom- Taxes Germany countries don’t recognize U.S.
inently in the fantasy. But pulling Bank and Your income is subject to U.S. in- trusts.
m er
off a move overseas in retirement come tax regardless of where you Philippines
requires navigating financial rules retirement accounts live. If you don’t file a U.S. tax re- Cost of healthcare
Poland
in both the U.S. and one’s new Americans who retire abroad turn, you could face penalties and Medicare doesn’t generally cover
home. Mistakes are easy to make should generally keep most of their interest, and even criminal prose- Italy Note: Approximately 40% services outside the U.S., so those
and can be costly, financial advisers money in the U.S., advisers said. cution. of beneficiaries living in moving abroad must secure health
m rp
Greece foreign countries are

with international clients say. That way they can continue to Expats may owe tax to both the U.S. citizens. insurance elsewhere.
Some Americans living abroad take advantage of individual retire- U.S. and the country they live in. Australia Source: Social Security Many countries with public
inadvertently run afoul of the In- ment accounts and 401(k)s, which Consider a retired couple who Administration healthcare systems let expatriates
ternal Revenue Service and get hit offer tax advantages, Lachowitz sells stock for a $100,000 profit. join after a waiting period for lit-
with penalties and interest. Others said. Assuming the couple’s new home tle to no cost.
co Fo
are cut off by their U.S. banks and Some U.S. banks and brokerage country has a 10% capital-gains tax differences between their new Some countries with public
brokerage firms. Retirees also can firms drop customers with foreign rate, they would pay $10,000 to home country’s tax system and healthcare systems also have pri-
run into trouble accessing or pay- addresses, so call your financial in- that government. that of the U.S. For example, some vate hospitals. To help cover private
ing for healthcare. stitutions and ask about their poli- They can then claim a $10,000 treaties protect the tax-free status services, Adam Bates, an insurance
“Expats have to be motivated cies. If you have to move your tax credit on their U.S. tax return. of Roth retirement accounts while broker who specializes in interna-
and persistent problem solvers,” money, do so before leaving the U.S. But since the U.S. has a top statu- other treaties don’t, said David tional policies, recommends an in-
said Jonathan Lachowitz, chair- When opening a bank account tory long-term capital-gains tax Kuenzi, an adviser at Creative ternational health insurance policy.
man of American Citizens Abroad, in the country you are relocating rate of 20%, even with the credit Planning International. He often advises clients aged 65
a nonprofit focused on tax and to, compare fees for wire transfers they could still owe the IRS an- Most expats also have to sub- and older who move overseas to
other issues that Americans living and ATM transactions. other $10,000. mit a report of Foreign Bank and pay premiums for Medicare, too.
abroad face. Before leaving the U.S., shop for Tax treaties the U.S. has with Financial Accounts, or FBAR, to Otherwise, they may get hit with
He recommends joining expat credit cards without foreign trans- more than 60 countries might not the Treasury Department. This is hefty penalties and face months-
groups and online forums to find action fees, which can amount to completely protect expats from required in years in which the cu- long coverage gaps if they return
n-
people who have already made the about 2% of a transaction’s value. taxes that can arise as a result of mulative balance of your foreign to the U.S. and want to enroll.
no
Employers month. Mounjaro, a similar diabetes

drug that is expected to gain regula-
tory approval for weight loss this
Ozempic—often used
off-label for weight
loss—costs about
Resist Paying year, lists at more than $1,000.

A typical employer’s drug spend-
ing could increase by more than 50%
$900 a month.
benefits consultant.
For Ozempic if half of employees who were eligi-

ble for Wegovy were to take it, Willis
Towers Watson estimated.
Tara Moreland, a 32-
year-old attorney in
Kansas City, Mo., has
“It would be unsustainable for been going back and
Continued from Page One many employers,” said Cody Midlam, forth with her em-
Resource Management, who has said a director in the benefits-consulting ployer’s insurance pro-
she expects requests for coverage firm’s pharmacy practice. vider after being ap-
guidance from human-resource man- Obesity is a significant contributor proved for one month
agers in the coming months, as em- to health costs, and many employers of Ozempic, then de-
F. MARTIN RAMIN/THE WALL STREET JOURNAL
ployers gear up for open enrollment. already offer programs designed to nied for any more, she
encourage weight loss through said. “They said basi-
‘Unsustainable’ expenses healthy eating or more physical activ- cally it was like a free-
The rub for both employers and ity. In a 2021 analysis, Harvard and bie month while we de-
employees is the price tag. Wegovy, George Washington University re- termined whether we
approved for weight loss, lists at searchers estimated that obesity was were going to cover it
more than $1,300 for a 28-day supply. tied to excess annual medical costs of scription from her doctor after read- and, in some cases, a pharmacy- for you,” she said.
The drugs need to be taken on a con- $1,861 per person. ing up on it earlier this year. claims history that shows the pa- Moreland, who said she has strug-
tinuing basis, potentially for years. As a social-services worker in “I wasn’t looking for a magic so- tient has taken metformin or an- gled to lose weight, has since sub-
Ozempic—approved for diabetes but Dallas, Melissa Davis said paying for lution. I just thought it would help,” other diabetes treatment, said mitted documentation showing she
often used off-label to lose weight— such drugs on her own is beyond her said Davis, who is prediabetic and Sherry Welliver, a partner at bene- is prediabetic, resistant to insulin
carries a list price of about $900 a budget, too. She got an Ozempic pre- has hypothyroidism and other condi- fits-advisory firm Mercer. and has a family history of diabetes.
tions that she said make it hard for Employer plans that cover Wegovy Her pharmacy notified her that her
her to lose weight. for weight loss often have a list of re- employer’s insurance company
Share of employer plans that offer healthcare benefits, by benefit type Her employer’s insurance plan de- quirements to qualify for approval, wouldn’t cover the drug. It makes
nied her coverage for Ozempic, including special authorization from her feel she needs to get Type 2 dia-
Corporations Public employers Multiemployer plans
though, and told her she would have the insurer administering the plan, betes before she has any shot at the
to exhaust other weight-loss means according to benefits consultants and treatment, she said.
Acupuncture/dry needling before being considered for ap- doctors. At a minimum, patients typi- “I know that right now, it’s really
proval. She is now trying to lose 80 cally must match the characteristics popular and that people who don’t
Bariatric surgery pounds by dieting, exercising and spelled out on the drug’s label. That necessarily need a medication to
tracking calories with a fitness app. includes a body-mass index of at lose weight are being prescribed
Fertility benefits Progress has been slow, she said. least 30, or 27 if the patient also has that medication. But for me, it’s a
“If I run into any kind of plateau a weight-related health condition need,” she said. “It’s a health issue.”
Prescription-drug coverage for weight loss that I can’t get over, then I might look such as high blood pressure.
into it again and see if they changed Some employers also require par-
Refractive/laser eye surgery their minds on coverage,” she said. ticipation in a structured weight-loss Watch a Video
program to get Wegovy approval, or Scan this code to
Transgender-inclusive benefits Hoops to jump through trying other weight-loss drugs first. watch a video on the
0 25 50 75 100% Many employer health plans are “Employers are looking for the guard- science behind the
trying to limit off-label use of Ozem- rails,” said Tracy Spencer, national new weight-loss
Source: International Foundation of Employee Benefit Plans pic by requiring a diabetes diagnosis pharmacy practice leader at Aon, a drugs like Ozempic.
A12 | Tuesday, May 23, 2023 NY THE WALL STREET JOURNAL.
PERSONAL JOURNAL.
BY DALVIN BROWN
F
The company’s smartphones
are used by 88% of 18- to 24-year-
or many growing up on olds in the U.S., according to IDC.
social media, texting and And data from Measure Protocol
Snapchat are synonymous. shows Apple’s native apps are of-
Like most Americans ten top competitors in their re-
her age, 22-year-old col- spective categories.
lege senior Zoe Carlow When using the Messages app,
owns an iPhone. But she said she they prefer the blue chat bubbles
uses Apple’s Messages app only to green ones, which indicate
for urgent situations. If she’s plan- someone in the group has an An-
ning hangouts or vacations, shar- droid phone and not all app fea-
ing photos and just catching up, tures will work. That can include
she’s on Snapchat. animations and stickers but also
She started using it in middle mobile payments and even games.
school. When she began dating in Teens have a strong predilec-
high school, she customarily gave tion for the Cash App payment app
dates her Snapchat username and streaming-music apps with a
rather than her phone number. free tier, including Spotify and
Carlow boasts a six-year “Snap- Musi, but they also use the iPhone-
streak” badge, showing how many integrated Apple versions of both,
consecutive days she and a friend according to Measure Protocol.
have exchanged images on the app. Apple declined to comment on
“It’s the first thing I do when I its strategies to attract and retain
wake up, and before bed,” she said young customers.
about opening Snapchat. “It has
become a routine.” Brand loyalty
Apple’s Messages—the app pow- “Teens are the most important us-
ered by the company’s iMessage ers because if you can get them to
platform—is the most-used com- use your service, adopt and em-
munication app for teens in the brace it, that’ll pay off down the
U.S., according to consumer data- road as they start working and
analytics company Measure Proto- making money,” said Scott Kessler,
iMessage vs. Snapchat:

col. The app comes preinstalled on a telecommunications analyst at
iPhones and has contributed to the investment-research company
popularity of Apple’s devices Third Bridge.
among teens. But they mainly use And Snap executives say Snap-
A Battle for Gen Z’s Texts

it for contacting family members. chat’s popularity among teens can
Snapchat is No. 2, used by draw other family members in. “As
nearly three-fourths of people ages we activate more pockets of people
16 to 24, according to Measure Pro- communicating with each other,
tocol. And for interaction among they tend to pull in the people clos-
their peers, they tend to prefer it. Teens use one service for family interactions, the other for their friends est to them,” said Jack Brody, vice
Snap said its hallmark app had president of product at Snap.
more than 750 million monthly ac- He said the Snapchat audience
tive users worldwide in April, up message 10% of the time,” said makes it easy to find people you stagram might prefer the more has aged over time, and now half
from 600 million a year ago. Nabila Popal, research director at might know and shows how many private Snapchat, said Kate Muhl, of users are over 25.
PHOTO ILLUSTRATION BY RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK
.
Despite its popularity with a IDC Worldwide, a market-intelli- friends you have in common with a consumer-behavior analyst at re- A large, active audience doesn’t
young, advertiser-coveted demo- gence firm. “I’ve got three kids, other users. search firm Gartner. She also said mean the business will see the
ly
graphic, Snap has struggled to find and a ton of nieces and nephews. “My friends and I don’t all have people tend to keep apps that took success it did during the pan-
a model that capitalizes on it. The If I make a family group chat using each other’s numbers,” said Jada off early in their social lives. demic. Users were stuck at home
company’s revenue, hurt by cut- iMessage, they won’t respond.” Hunt, an 18-year-old high-school Snapchat is on iOS and Android. on their devices, and brands spent
backs in online ad sales and Ap-
ple’s iOS privacy restrictions,
dropped 7% in the first quarter.
At its peak in September 2021,
on
Snapchat lets a generation
heavily exposed to the virality of
social media connect more inti-
mately in private. When the app
senior in Clarksville, Tenn. “But if
you look somebody’s name up, you
can usually tell if it’s them.”
Teens feel more relaxed
more on digital ads. Three million
people have signed up for the
app’s relatively new $3.99-a-month
subscription service, Snapchat+,
Snap’s market cap was $113 billion. launched in 2011, its controversial 100 closest friends knowing that these which gives users more social and
us ,
It’s now valued at $15 billion. innovation was that, by default, When planning events on Snap- customization features.
messages won’t stick
l
messages disappeared. Teens feel chat, group messages can include But analysts say those disap-
e
al a
Disappearing messages more relaxed knowing that these up to 100 people. (Apple Messages around forever. pearing photos and videos cause
The real question is what happens messages won’t stick around for- caps groups at 32.) And the prized complications for targeted ads,
now as Snap’s users start to reach ever, analysts say. Snap Map lets users broadcast which are relegated to less per-
ci on
their 30s. Will they stick with each And because people hear only their location to all their friends. sonal sections of the app.
other on the platform or migrate to from approved friends, there’s no On Apple’s Find My app, users And unlike with Apple Mes- And competing apps, including
Apple’s Messages, where their par- outright spam. “There’s still a lot must give each person permission. sages, the interaction is seamless the real-time photo-sharing app Be-
ents and co-workers are? of junk that flows into your text Kids who grew up with their across the two platforms. But Real and the male-skewing, gaming-
“For this generation, it’s proba- messages,” Popal said. parents plastering their childhood chances are that any young Snap- centered Discord, are picking up
er s
bly Snap 90% of the time, text The socially geared app also photos all over Facebook and In- chat user in the U.S. has an iPhone. steam among teens, analysts say.
m er
Brain Study Sheds cures for chronic pain, in part

m rp
because its biology is poorly

understood. “Most treat-
Light on Chronic Pain ments don’t work for most
people most of the time,”
said Tor Wager, a neuroscien-
co Fo
BY NIDHI SUBBARAMAN of California San Francisco tist and psychologist at Dart-
E
Medical Center. mouth College who wasn’t
lectrodes embedded in The study is a step to- involved with the work.
the brains of four peo- ward an objective, universal Arthritis or inflammation
ple have captured a de- measure of pain in a patient, is responsible for the dull
tailed and precise portrait of Shirvalkar said, to augment aching of some chronic
chronic pain. the current method available pain. Misfiring neurons in the
The new work, published to doctors: asking patients brain or nervous system are
Monday in Nature Neurosci- to rank their discomfort on a thought to drive the stabbing
ence, points to brain regions scale. and burning of another
that could be targets for fu- A fifth of U.S. adults expe- type of chronic pain, including
ture treatments, neuroscien- rience chronic pain, according the phantom-limb pain and
tists say, while adding to our to the Centers for Disease post-stroke pain that study
n-
understanding of why some Control and Prevention, de- participants experienced.

people develop per- The orbitofron-
sistent, unyielding tal cortex, in which
chronic pain. the study captured
no
Scientists surgi- signals during pe-

cally implanted riods of intense
electrodes in the chronic pain, is
brains of four study among the regions
participants who that are most al-
had struggled with tered by cognitive
mysterious searing behavioral therapy,
pain in parts of Wager said. The
their body for new data makes
years. The re- the case for fur-
searchers collected ther developing
data for months, psychological and
and used machine- behavioral ap-
learning models to proaches for
sift through the chronic pain.
data, ultimately Deep-brain
pinpointing electric stimulation, in
signals in the brain which electrodes
that corresponded deliver electric
to moments of high current to precise
and low chronic targets in the
pain in their study brain, has shown
participants. some promise as
The findings are a treatment for
a rare view of brain Parkinson’s and
activity linked to depression. The
chronic pain, a puzzling con- X-ray of a participant shows method is also being ex-
dition that afflicts millions of implanted electrodes, in red, plored as a chronic-pain
Americans. connected to implants for therapy, and the study sug-
The team found that a recording brain activity. gests brain regions at which
section of the brain just be- a current could be aimed,
hind the forehead lighted up fined as pain felt most days said Flavio Frohlich, a neuro-
with a low hum of electrical or more for the past three scientist who studies brain
activity when the study par- months. These could be mi- stimulation at the University
ticipants were feeling graines or back pain, pains of North Carolina School of
chronic pain. But when par- linked to cancer or arthritis, Medicine and wasn’t in-
ticipants touched a hot or a lingering ache from an volved with the study.
probe, another region of the injury that has long healed. “Out of that beautiful
brain was active, indicating For about 19 million people, symphony of rhythmic elec-
that fleeting pain from an intense chronic pain restricts trical activity patterns, we
injury operates differently the ability to work or dis- need to be honing in on that
from chronic pain. rupts daily life. one player in the orchestra
“Chronic pain is actually Between 2019 and 2020, that has not tuned their in-
its own separate disease there were more new cases strument,” said Frohlich.
PRASAD SHIRVALKAR
that is not simply an exten- of chronic pain than other “This paper really provides
sion of pain in general,” said chronic conditions, a study some fundamental insights
study author Dr. Prasad published this month in of where in the orchestra to
Shirvalkar, a pain physician JAMA Network Open found. look and what specific notes
and neurologist at University There are no effective aren’t played properly.”
ARTS IN REVIEW
P
aul Simon has been put- MUSIC REVIEW | MARK RICHARDSON
A Suite of Divine Songs

ting out records for over
65 years, ever since he
and his high-school
friend Art Garfunkel, be-
sotted with the buoyant
harmonies of the Everly Brothers,
issued the single “Hey, Schoolgirl”
under the name Tom & Jerry in this title. The result is a song and there. “My Professional
‘Seven Psalms,’
1957. Whether working with his cycle about life, death and what Opinion,” a song about the lim-
the new album
friend or solo later in his career comes after, a suite comprising itations of human knowledge,
by Paul Simon,
Mr. Simon was a commercial force seven parts stitched together to touches on blues and gospel,
is out now.
throughout the ’60s and ’70s, writ- flow as one 33-minute piece (on and its last section returns to
ing songs that became standards streaming services and CD, it the chord progression and “The
and regularly landing singles in the constitutes one long track). Lord is my engineer” refrain
Top 10. Starting with his 1986 al- Like so much of Mr. Simon’s from the opening track.
bum “Graceland” and continuing work, “Seven Psalms” is Memorable lines that touch
through 1990’s “The Rhythm of the steeped in religious imagery on death and regret are sprin-
Saints,” he became known as a and has characters who take kled throughout. “And I, the
restless tinkerer who fused global comfort in God, but Mr. Simon’s last in the line / Hoping the
sounds with Western songwriting own perspective on the divine gates won’t be closed / Before
forms. remains ambiguous. On the your forgiveness” is an espe-
After that, while his hit singles opening number, he sings from cially moving passage in the
were by then mostly behind him, the perspective of a believer part titled “Your Forgiveness.”
his albums still sold well, and Mr. who offers a litany of meta- Conventional songwriting im-
Simon, always aware of his posi- phors for how his religion agery that in another context
tion in the pop firmament, was still steers him. “The Lord is my en- would seem clichéd—rivers
a competitor prone to experimenta- gineer,” he sings over a de- flow endlessly, roads are to be
scending chord progression that walked alone—here sounds re-
will appear repeatedly over the velatory.
course of the album. But there’s “The Sacred Harp” is a kind
Paul Simon reflects on more to this deity than just of fable about picking up two
life, death and what hope and guidance—“The Covid hitchhikers, a mother and son,
virus is the Lord / The Lord is who were cast out of their
comes after on an the ocean rising,” Mr. Simon of- hometown and now wander
expressive, elliptical fers toward the section’s con- the world. It’s one of a couple
new record. clusion. of sections on the LP where
At times, it appears Mr. Si- it’s hard not to think about Mr.
mon, this late in life, wants Simon’s earliest music—the
nothing more than to believe, to travelogues “America” or
tion. His 2006 album, “Surprise,” be assured that the universe “Cloudy” from his days with
with contributions from British has order and that heaven Mr. Garfunkel, say—and that
producer Brian Eno, incorporated awaits, but then he can’t quite he’s come full circle, seeing
modern electronics and sequenced get there. This tension between rootlessness from another per-
rhythms, and 2016’s “Stranger to meaning and the void runs spective. On this song and on
Stranger,” which reunited him with through “Seven Psalms” and an- the closing “Wait,” his wife,
Simon & Garfunkel producer Roy imates it, lending the record a singer Edie Brickell, joins him
.
Halee, incorporated exotic instru- sense of urgency. It’s as if Mr. in a duet, and her presence un-
mentation invented by avant-garde Simon—seemingly healthy but derscores another of the re-
ly
composer Harry Partch. But these in his 80s, after all—sensed that cord’s themes. Mr. Simon real-
records, despite the varied tex- the end is coming and he izes that he’s not ready to
tures, were tethered to pop form, needed to get his thoughts leave life behind, that “My
and were rich with the indelible
melodies that Mr. Simon has be-
come known for. On the singer-
songwriter’s striking new album,
rhythm that expands and con-
on
down. On “Love Is Like a Braid,”
a spare song with an unsteady
tracts like inhaled and exhaled

hand’s steady / My mind is
still clear” even if the universe
might have other plans, and as
Ms. Brickell sings “Heaven is
“Seven Psalms” (Owl/Legacy), out breaths, Mr. Simon is alter- beautiful / It’s almost like
us ,
now, he’s left the pop world behind nately grave and wistful. “I home,” the album’s persistent
l
completely. lived a life of pleasant sorrows / harmonic tension is finally re-

e
al a
This is Mr. Simon’s 15th studio Until the real deal came,” he solved. There’s a suggestion
album. He’s always worked slowly sings ominously, as bits of synthe- winding and elliptical. While Mr. At times, as the pieces move that for all the talk about cosmic
and methodically—his peer Bob Dy- sizer bleed into the empty space. Simon is one of the great tune- from drone sections to sprightly spiritual matters, love may be the
ci on
lan, also born in 1941, released his Much of the record is just Mr. smiths in pop history, it takes a fingerpicking, his playing recalls only way through, and is perhaps
15th album in 1975—and he said Simon’s voice—sounding a little few listens to connect fully to the the wide-ranging folk style of steel- all that counts in the end.
MYRNA SUAREZ
that the basic idea for this LP came wearier and less supple than we structures here. He’s not singing string master John Fahey, who was
to him in a dream in early 2019, last heard from him, though no less verses, bridges and choruses—in- also prone to multipart, sidelong Mr. Richardson is the Journal’s
when he heard a voice saying that expressive—and his acoustic guitar stead, his melodies seems to be compositions. But Mr. Simon re- rock and pop music critic. Follow
er s
he needed to make a record with and vocal melodies are unusually based on his rangy guitar work. turns to identifiable genres here him on Twitter @MarkRichardson.
m er
The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 13 25 Private
m rp
27 Aren’t
HAPPENINGS FOR THE WEEK OF MAY 23 14 15 16 anymore,
maybe
17 18 19
BY WSJ ARTS IN REVIEW STAFF exchange student and has his ect aimed at educating visi- 29 She was
co Fo
20 21 22 featured on
T
academic year upended. tors about invasive species.
he Wall Street Journal’s The staggering centerpiece of Flo Rida’s
Arts Calendar is a regu- “Platonic” the show, from which it 23 24 25 26 27 “Wild Ones”
lar series of listings (Apple TV+, May 24) draws its name, tells the 32 Cook of
highlighting some of the Friends have fun. Friends story of the ocean from eco- 28 29 30
Apple
most important and engaging drift apart. Friends reconnect. logical, political and historical
cultural events each week, Friends have their relationship perspectives. 31 32 33 34 35 33 Paint and
curated by the editors of the begin to consume every as- pastels, e.g.
Arts in Review section. pect of their lives. Seth Rogen Art 36 37 38 39 40 41 34 Pizzeria
and Rose Byrne star as the “Van Gogh’s Cypresses” fixtures
Film spiraling platonic pair in the (The Met Fifth Avenue, New 42 43 44 45
“You Hurt My Feelings” show from Nicholas Stoller York, through Aug. 27) 35 Girl Scout
(May 26) (“Forgetting Sarah Marshall”) Van Gogh returned to cer- 46 47 48 49 collectible
n-
Co-dependency. Marital and Francesca Delbanco tain flora over and over again, 38 “It isn’t a big
hang-ups. Betrayal. All in a (“Friends From College”). making him synonymous 50 51 52 53 54
deal”
day’s work for a therapist. But with sunflowers and irises. So
when the doc in question is Theater it’s surprising that this is the 55 56 57 39 Dog treat
no
one half of the struggling cou- “Mughal-e-Azam” (Various first exhibition to focus on his 40 Roadwork
ple things are less by-the- Locations, begins May 26) trees, which are just as iden- 58 59 60 61 62 63 goo
DSM-book. This dramedy from This stage adaptation of K. tifiable with the famed
Nicole Holofcener (“Enough Asif’s classic Indian film tells Dutchman. “Starry Night” has 64 65 66 45 Mistakenly
Said”) stars Julia Louis-Drey- a timeless love story through made the trip across town 46 Sault ___
fus, Tobias Menzies, Michaela dance and music and kicks from MoMA to join some 40 67 68 69 Marie
Watkins and Arian Moayed. off a 13-city tour with its of his other works, tracing his 47 Statistic for
enduring interest in
“The Little Mermaid” these majestic plants. LINE ’EM UP | By Stella Zawistowski a point guard
(May 26) Across 31 Language 64 Canine 10 Language 48 A pop
Things might be Other spoken by treater’s deg. spoken by 49 One way
better down where it’s Spoleto Festival USA 1 Set up a tent,
perhaps 600 million 65 Sum of deux 80 million to get coll.
wetter, but what (Various Locations, credit
about where they’re Charleston, S.C., May 32 Swim-bike- plus cinq 11 Muscat
7 Cool kid’s
real-er? With a load of 26-June 11) run race, for 66 “Cut that out!” native 50 Commerce
antithesis
stars (Daveed Diggs, The crown jewel of short
11 Make a pick 67 Survey 12 Michael of 51 Unfazed by
Awkwafina, Javier the lowcountry buzzes 33 Unruly mass Monty tough
Bardem, Melissa even more than usual 14 Wood- 68 Handy item conditions
36 Take Python
McCarthy), Disney’s during this annual 17- protecting for those who
latest live-action re- day performing arts
advantage of wait 13 Feature of 52 Stand
spray
make—much dis- festival. Highlights this 37 Beyond old banjo music 53 In poor
15 Nabisco 69 Labour foes
cussed online—will Vincent van Gogh’s ‘Wheat Field With year include the U.S. 41 Mendes of condition
find out when it dives Cypresses’ (June 1889) premieres of Philip creation of Down 18 “To the
1912 movies best ___ 57 Quattro
into theaters. Glass’s Symphony No. 1 Key for knowledge...” doubled
14 and “The Book of 16 Gaping mouth 42 2013 film that getting out
TV North American premiere in Life,” a theatrical production won a 22 Words with 60 Place for
“Clone High” (Max, May 23) Atlanta before traveling to based on letters from survi- 17 Assembly screenplay 2 “The Matrix” premium or pampering
HBO Max—or just Max, as New York, Chicago, Toronto vors and perpetrators of the line? Oscar protagonist minimum 61 News agcy.
of Tuesday—revives the cult and other locales. Rwandan genocide; a staging 19 In the style of 43 Physicist 3 TikTok star’s
animated comedy about a of Samuel Barber’s “Vanessa” 23 Casual since 1958
20 “Brush Your Georg device,
high school for high-profile Music (for which Spoleto founder agreement 62 Draw
Teeth” singer 44 Gave a leg up informally
clones including it-girl Cleopa- Arlo Parks, “My Soft Ma- Gian Carlo Menotti wrote the 24 Meaningless 63 Abbr. in
tra, jock JFK, angsty Joan chine” (May 26) libretto); and a variety of 21 2013 46 “I feel exactly 4 Put on watch
data, in elevated
(d’Arc), and awkward Abe, Mixing indie, folk and R&B, dance and jazz programs. bestseller that way!” 5 Puzzle within statistics addresses
who probably needs to gain a the British singer-songwriter subtitled a puzzle
little confidence before he de- is back with her sophomore Last Call 48 Pulling down
“Women, Previous Puzzle’s Solution
6 Market gain
bates anyone, let alone Ste- effort, a 12-track LP focused “shadow/land” (Public The- Work, and the 50 Finish line? S T E E P S T A G E B B S
phen Douglas. on the ups and downs of life ater, New York, closes May Will to Lead” 54 Relaxation 7 Nobel- O H A R E O R S O S O R T
in your 20s. 28) winning C A R R O T C A K E T R I O
“American Born Chinese” A mother and her adult 23 Hand or foot, 55 Most valuable K I N P O K Y S H A D O W
THE METROPOLITAN MUSEUM OF ART
novelist G L U E F L U T E
(Disney+, May 24) Exhibitions daughter ride out Hurricane but not wrist to collectors, Lessing C A M P E R T R A I L E R S
High school is hard: classes, “Alexis Rockman: Oceanus” Katrina in a New Orleans bar or ankle maybe O R E S I R MA L A S
crushes, combat with mytho- (Mystic Seaport Museum, in this powerfully affecting 8 Chi-town P E A P R E AM P S I N C
26 Hot line? 56 Extra, e.g. airport code
logical Chinese gods. Based Mystic, Conn., opens May 27) drama by Erika Dickerson- A N N O U S T U N T O
28 Frank quality 58 Melber of A D J U S T A B L E S E A T
on Gene Luen Yang’s graphic Ten large-scale watercolors Despenza. 9 Successfully MA C H O R U L E
novel and with Michelle Yeoh and a massive panoramic 30 Tracy’s mom, MSNBC enticed, as P S Y C H E S O L O S I P
in a starring role, Disney’s painting commissioned by For additional Arts Calendar in “Hairspray” 59 Straight line? customers I A G O S H OWU P L A T E
new series follows a teen this underknown institution listings visit wsj.com. Write to C R A B B O O N E A G E R
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. A I L S Y E N S S WA M P
who befriends a very special anchor a museum-wide proj- brian.kelly@wsj.com.
SPORTS
JASON GAY they sounded stunned.
“It’s been chaos here,” said Ro-
Golf Needed a Moment Like This man Aragon, 26, who picked up the
phone late Sunday afternoon in the
pro shop. “What transpired over
the past week…you couldn’t have
Club pro Michael Block didn’t win the PGA Championship but it was a performance of a lifetime written a better script.”
Block remains a
constant presence at
the club, once star-
ring in a goofy com-
mercial promoting
the course and its
restaurant, O’Neill’s.
It turned out he
was Aragon’s teacher
when he began to
take the sport seri-
ously at age 10.
“He built me to
the point I am now,”
Aragon said, before
pausing briefly to
collect himself.
This is pro golf’s
great edge: It is a
sport where the audi-
ence is largely partic-
ipatory. Most of us
have long since
stopped playing or-
ganized sports like
baseball or basket-
ball. Send me the
name of your physi-
cian if you’re some-
how still playing
tackle football.
But golf? Most of
us can still play golf.
Or at least some-
thing resembling
golf, with our bad
habits, epic delu-
sions, peculiar
swings, and buckets
.
of lost balls. Some
are lucky to play at
ly
dreamy places like
Oak Hill, the site of
this year’s PGA. But
on a lot more play on
humbler tracks
where the vibe is ca-
sual and the cher-
Club pro Michael Block finished tied for 15th in the PGA Championship. It was good enough for a $288,333 payout and an entry into next year’s tournament. ished feature is a
us ,
noisy old beer cart.

l
This is a blessing.
e
al a
Golf has spent the “As normal as it gets,” he called and he reminded Block that, per said. “I cry about golf.” And it’s something that’s getting
better part of a year himself. hole-in-one tradition, the drinks Fans went crazy all weekend. It lost in this protracted PGA Tour
locked in an exasper- That’s Block, who captivated the were on Block. was a useful reminder that the soul versus LIV dispute.
ci on
ating, out-of-touch PGA Championship this past week- But it was Block, a hardly-over- of this seductive but heart-stomp- Everyday golf fans don’t really
bicker over what it end in Rochester, N.Y., entering night sensation from St. Louis and ing game isn’t found in the rare air care about revenue sharing, astro-
needs: a fancy new Sunday in the top 10 with the en- college golfer at Mississippi State atop the major tournament leader- nomical guarantees and making
tour, competing events, better pro- tire sports world talking. He fin- and the University of Missouri-St boards—but around the 19th holes sure the world’s best feel indulged
motion, swankier perks, richer ished the tournament a career-best Louis—who stole one of golf’s sig- and fire pits of everyday tracks like the world’s best. This was a
er s
guarantees, bigger paychecks… 15th, good enough for a $288,333 nature weekends. with everyday hackers. business shake-up that was proba-
Turns out what golf needs is Mi- payout, plus a sponsor’s invite to “A dream,” Block said. “I didn’t People who take lessons from bly overdue, and the fallout is im-
m er
chael Block. this week’s Charles Schwab Chal- know it was going to happen, but I teachers like Michael Block. portant, but a lot of the time, it
I’m a Blockhead for life, and I lenge at Colonial, and an automatic knew if I just played my darned After all, to watch professional sounds like a Gulfstream race be-
know I’m not alone. You can have entry into next year’s PGA Champi- game right, I could do this. I always golf is to be reminded that it is tween millionaires and billionaires.
ANDREW REDINGTON/GETTY IMAGES
all of the PGA and LIV superstars onship. knew it.” largely played by extraterrestrials It’s something professional golf
with their flawless swings and pri- To top off the fairy tale, Block You can almost hear the who do magical things with clubs needs to keep in mind. It’s some-
m rp
vate jet lifestyles. sank an astonishing hole-in-one— cheers—and probably a few tears— that few of us could re-create. But thing those golf-chronicling Netflix
I’ll take the low-key 46-year-old ker-plunk, beer pong style—on the from every club pro in the country. the sport is supported by people producers should keep in mind, too.
father of two teenagers who—at par-3 15th Sunday while playing Block, who had put his playing ca- who go out there on weekends and We want to see the best from the
least as of last week—was giving with a delighted Rory McIlroy, who reer on hold for years, cried a bit summer weeknights and try to hit best in the world, absolutely.
45-minute lessons at the Arroyo knew it was an ace before Block did. when the tournament was over, just one shot that feels good. But we also want to see the Mi-
co Fo
Trabuco public course in Mission Brooks Koepka won the PGA too. That’s the world Block is from. chael Blocks. If you love golf, you
Viejo, Calif., for $150. Championship, we should point out, “If you love golf, you know,” he Sunday night at Arroyo Trabuco, know.
BY ANDREW BEATON proposal in March that would allow

AND JOSHUA ROBINSON The New NFL Schedule Proposal teams to play two short-week
games a year—on a Sunday then
T That Risks Fan Backlash

he NFL’s matchups on Thurs- Thursday—the now retired defen-
day night football are fre- sive end J.J. Watt laid the criticism
quently criticized by fans for heading the NFL’s way. He wrote on
their lack of quality. The league has Twitter that it was a “terrible idea”
now approved a remedy for that— for two reasons. The first was
n-
and it comes with the potential for player safety, as players say the
a different type of fan backlash. quick turnaround increases the
At league meetings this week, strain on their bodies. The second
owners voted through a proposal was fans.
no
that allows games later in the sea- “People spending hard earned
son to be moved from Sunday to money to see their team play,”
Thursday. The idea is to nix unap- Watt wrote. “Who’s paying to
pealing matchups in a primetime change their plans?”
slot and replace them with some- At the March meetings, NFL
thing tastier with higher stakes. commissioner Roger Goodell dis-
But in its quest to satisfy the agreed with the notion that the
millions who watch these games, league was putting Amazon, which
the NFL also risks upsetting the streams the Thursday night games,
tens of thousands of people who over players’ interests, saying the
had bought a ticket (and possibly data doesn’t show a higher rate of
flights and hotel rooms) to attend a injuries in those games.
game on a certain date—only to
have it moved by several days on
short notice. It’s a lesson football
can learn from fútbol.
Owners approved a plan
Fans of European soccer have that allows games to be
been aware of this problem for de-
cades, ever since subscription-
moved from Sunday to
based TV channels became the Thursday.
sport’s lifeblood. In Spain, for in-
stance, years of flexing games into
slots as late as 10 p.m. badly dam-
aged the culture of fans traveling Goodell also pushed back against
to road games. the idea that flexing games to
The English Premier League typ- Thursday would be anti-fan.
ically announces which games are “Listen, there isn’t anybody in
moved out of the traditional Satur- that room, anybody in any of our
day 3 p.m. slot around seven weeks organizations who don’t put our
ahead of time. But the notice pe- fans first. That’s really important,”
riod rarely helps away fans who Goodell said in March. “Obviously,
rely on the neurotic British rail net- providing the best matchups for
work. Should a fixture shift from a our fans is part of what we do.
Saturday afternoon to, say, a Sun- That’s part of what I think our
day evening, trains can be nonexis- Fans greet Kansas City quarterback Patrick Mahomes after a Chiefs game in Las Vegas against the Raiders. scheduling has always focused on
tent for anyone hoping to go home and flex has been a part of that.”
after a late final whistle. The new policy will only be im-
Supporters of Manchester United tional soccer federation agree to from coast to coast and face much prime-time slot on the same day. plemented on a trial basis for the
and Manchester City were set to shift kickoff to 3 p.m. more significant travel. It isn’t un- Earlier this year, the league also 2023 season to start, and requires
GARY A. VASQUEZ/USA TODAY SPORTS
run into this issue again on June 3 NFL fans are less reliant on the usual for NFL fans to book flights approved flexing to move games at least 28 days advance notice for
after the F.A. Cup final at London’s whims of train schedules, but that and hotel rooms to go see their fa- into the marquee Monday night tilt a game to be moved. No more than
Wembley Stadium. The original doesn’t mean flexing games to dif- vorite team play. That means they and even that one-day switch two games this year will be flexed
kickoff time at 5:30 p.m. on a Sat- ferent days won’t upend their could shell out significant sums of raised eyebrows. into Thursday.
urday would have likely left anyone plans. In fact, it could be even money—only for the league to The possibility of even more dra- The proposal passed despite
who made the two-hour train jour- more cumbersome than the rail- move its date by several days. matic movement, from Sunday to public opposition from some own-
ney from Manchester stranded in based woes across the pond. Since 2006, the NFL has fea- Thursday, is assuredly unpopular ers. Back in March, Giants owner
London for the night. Only after While Europeans have the luxury tured flex scheduling on Sundays among players, who have never John Mara had already made his
talks with broadcasters and the of relatively short journeys be- late in the season, but that simply been thrilled with playing in mid- position clear. The idea, he said,
Metropolitan Police did the na- tween cities, NFL teams are spread moves games in and out of the week. When the league approved a was “abusive” to fans.
OPINION
Who’s Extreme on Abortion? BOOKSHELF | By Barbara Spindel
In the months
since the Su-
preme Court
midterms—in answer to those
who said it was his fault for
backing candidates who could
several surveys post-Dobbs in
search of the best messaging
on the issue. It found the an-
am a pro-lifer who believes
we should be ambitious, but a
12-week ban is where the
The Friend Who
returned
abortion to
the
cratic
demo-
pro-
win Republican primaries but
not general elections.
But as a candidate for the
2024 Republican nomination,
swer: avoid all details, and
characterize Republicans as
supporting a national ban.
“Debating weeks is not
American people are.
That would help put the fo-
cus on Democrat extremism.
Democrats argue that the Re-
Was Left Behind
MAIN
STREET cess, politics
has broken
Mr. Trump goes into the race
with two signal pro-life
where we want to be,” Celinda
Lake, a Democratic pollster
publican targeting of late-
term abortions is misleading,
The Forgotten Girls
By William
out across achievements. The first is that who conducted some of these because only 1% of abortions By Monica Potts
McGurn
America. That the three justices he ap- surveys, told the Times. “Peo- occur in the third trimester. (Random House, 254 pages, $28)
W
was as the pointed to the Supreme Court ple are terrible at math and So why not flip the script
Supreme Court expected. provided the majority in the terrible at biology.” and ask Mr. Biden why he hen journalist Monica Potts came across research
Most interesting is the clash landmark Dobbs v. Jackson can’t agree to a restriction detailing a striking drop in life expectancy among
over the issue between the Women’s Health Organization that leaves 99% of abortions the least-educated white Americans, she returned
two Floridians who are the decision, which found no con- Republicans need to untouched? The answer is be- to her depressed rural hometown of Clinton, Ark., to inves-
leading contenders to head stitutional right to abortion. cause no Democratic Party tigate. She was especially interested in understanding the
the 2024 Republican ticket— The second came in the fi- make the point that leader can name any abortion rise in midlife deaths among white women, but her focus
former Donald Trump and nal presidential debate of Democrats favor no he would restrict. promptly narrowed to one woman in particular: her child-
Gov. Ron DeSantis. 2016. When asked how far There are other things pro- hood best friend, Darci Brawner.
Mr. Trump, who likes to she’d take abortion rights, restrictions whatever. lifers can do. A friend of mine In the years after high school, Ms. Potts had attended
tout himself as “the most pro- Hillary Clinton defended her with a child who has Down Bryn Mawr College, earned a master’s degree in journalism
life president in American his- vote against a ban on partial- syndrome suggests a pro-life from Columbia University, and established a successful
tory,” recently attacked Mr. birth abortion by arguing that The Trump-DeSantis spat ad featuring families like his career as a reporter. (She currently covers politics for the
DeSantis for signing a heart- the government should have over abortion must be viewed and asking why their chil- website FiveThirtyEight.) Ms. Brawner, on the other hand,
beat bill that bans abortion in no say on the “most per- in this light. If Mr. Trump dren’s lives should be treated had failed to complete high school and developed addic-
Florida after six weeks (with sonal” of decisions. When wins the nomination partly by as having no worth. It’s an tions to methamphetamines and methadone, cycling in and
exceptions for rape, incest, asked to respond, Mr. Trump maintaining that Mr. DeSantis uncomfortable question to out of prison and rehab while her mother and stepfather
etc.). Mr. Trump claimed that violated every liberal conven- is too extreme on abortion, ask—and impossible to imag- raised her two children.
“many people within the pro- tion about how abortion pro-lifers may not be as keen ine the press ever asking it of The question driving Ms.
life movement feel that that should be discussed in polite to come out for him—espe- Joe Biden—but putting it out Potts’s clear-eyed and tender
was too harsh,” though he society. cially with Roe v. Wade now there would be clarifying. debut, “The Forgotten Girls,”
neither named those alleged “Well, I think it’s terrible,” overturned. Whatever restric- For the moment, the clash is why, given that she and her
pro-lifers nor spelled out his he said. “If you go with what tions Mr. Trump does ends up between Mr. DeSantis and Mr. friend were both smart and
preferred alternative. Hillary is saying, in the ninth supporting, moreover, will Trump has been reduced to ambitious and hell-bent on
The governor fired back. month, you can take the baby also be attacked as extreme the precise number of weeks escaping their blighted home-
“The legislature put it in, I and rip the baby out of the by Joe Biden’s campaign. abortion should be allowed. town, did one succeed and the
signed the bill, I was proud to womb of the mother just If, by contrast, Mr. DeSan- But the Republican challenge other fail? The author hopes
do it. He [Trump] won’t an- prior to the birth of the tis wins the nomination, Mr. in 2024 is much larger. that determining how their
swer whether he would sign it baby.” In so speaking, Mr. Trump just handed the Biden Constantly we are told— paths diverged will illuminate
or not.” Trump turned the tables on campaign an attack ad: “Even rightly—that Americans want the drop in life expectancy,
It’s not Mr. Trump’s first Mrs. Clinton, making the case Donald Trump agrees that to keep abortion legal but which is widely attributed to
.
go-round with pro-lifers. Last that she was way out of sync Ron DeSantis is too extreme also support limits. Mr. Biden suicide, drug overdoses and
month he was rebuked by Su- with the American people. on abortion.” is not for any limits. For Re- alcohol-related fatalities—the
ly
san B. Anthony Pro-Life Amer- For 2024, it’s no secret Now, Mr. DeSantis wouldn’t publicans to prevail, they so-called “deaths of despair”
ica for taking the line that that Democrats plan to use have signed the law unless he need to break through the identified by economists Anne Case and Angus Deaton after
abortion is solely a state is- abortion to paint Republicans believed he could defend it protective media barrier and their 2015 study of rising mortality. While Ms. Brawner does
sue. Before that, he blamed
pro-lifers for the GOP’s disap-
pointing results in November’s
as extremists. According to
the New York Times, the Dem-
ocratic Party commissioned
on
publicly. That doesn’t mean
he will advocate making it na-
tional. He is likelier to say: I
drive that home to the Ameri-
can people.
Write to mcgurn@wsj.com.
not belong to that sad demographic—hers is rather a life of
despair—Ms. Potts wonders whether her repeated attempts
to turn her life around are “just delaying the inevitable.”
Ms. Potts is well-positioned to explain her insular birth-
place to outsiders. She retains strong ties to the community
us ,
As G-7 Host, Japan Schools the World in the foothills of the Ozarks, and she didn’t merely heli-
l
copter in to report the book: She left the Washington, D.C.,

e
al a
suburbs to move back permanently in 2017. People there

The Group of new sense of urgency. Prime France wants to hawk luxury Chinese and Russian challenges. trust her and speak to her candidly. They include not only
Seven summit Minister Fumio Kishida was goods; both countries would But Japan had another Ms. Brawner, but other friends from the ’80s and ’90s,
ci on
in Hiroshima, determined to use Japan’s like to insulate their commer- point to make. Mr. Zelensky along with their parents and former teachers.
Japan, over presidency of the club of rich cial relations with China from was the only European head As its subtitle, “A Memoir of Friendship and Lost Promise
the weekend democratic countries to drive geopolitical tension as far as of government from a non- in Rural America,” suggests, this book is as much the
was unusual. home some important truths. possible. member state invited to Hiro- author’s story as a piece of reportage. Ms. Potts recon-
It mattered. He achieved his goal, and the Mr. Kishida’s invitation to shima. The guest list from the structs events with the help of her teenage journals (she’s
GLOBAL
er s
Most of success of the Hiroshima sum- Volodymyr Zelensky to attend Indo-Pacific was much longer. granted access to Ms. Brawner’s as well), and she considers
VIEW
these annual mit was both a personal tri- the G-7 summit was the latest Vietnam, Australia, South Ko- ways she might have failed her friend. “When I began my
By Walter
m er
summits are umph for Mr. Kishida and a step in an uncharacteristically rea, India and (in its capacity investigation into what was happening to women like
Russell Mead
vacuous af- milestone in the development high profile and dramatic Japa- as chair of the Pacific Islands Darci,” she writes, “I didn’t realize how personal and
fairs that are of an allied response to the nese campaign to demonstrate Forum) the Cook Islands all emotional this journey would become.”
quickly forgotten. Their com- world crisis. got coveted invitations. (Bra- While “The Forgotten Girls” glancingly addresses larger
muniqués, endlessly negoti- There were two points Mr. zil, scheduled to succeed India forces like the disappearance of solid blue-collar jobs in
m rp
ated by diplomats and advis- Kishida wanted to impress on The Indo-Pacific has in the G20 presidency Dec. 1, Clinton and the desertion of the downtown business dis-
ers, rarely have much effect on his fellow leaders. The first is and Comoros, current chair of trict, the narrative is rooted in the two women’s experi-
national policy or world that the world faces a chal- replaced Europe as the African Union, were also ences. Readers might feel that the solution to the riddle of
events. Their most important lenge from China and Russia the central theater invited.) why one girl grew up to succeed and one to fail is hiding in
function, besides providing that is both unified and ur- The message couldn’t be plain sight: Ms. Potts, though poor like Ms. Brawner, came
of global politics.
co Fo
taxpayer subsidized photo-ops gent. This is a reality that more pointed. While Japan from a relatively stable family that prioritized education.
where politicians strut their Japan can’t ignore. As hote- cares about Ukraine and sees a Though the author hesitates to assign blame to Ms.
stuff as “world leaders,” is to liers and security teams deep connection between Rus- Brawner’s mother and stepfather, their parenting appears
let heads of government chat scrambled to prepare for the the importance of an inte- sian action in Europe and Chi- lax by any definition. Ms. Brawner’s home had a den with
informally and size each other G-7 summit, one Chinese Sur- grated approach to the Sino- nese moves in its neighbor- its own entrance to the street, and she and her older
up. face Action Group circumnavi- Russian challenge to the world hood, the Indo-Pacific has brother turned it into, in the author’s words, “a twenty-
The declining relevance of gated Japan while another order. A day after Xi Jinping replaced Europe as the central four-hour teenage clubhouse, complete with alcohol and,
the group reflects important transited the Ryukyu chain of visited Moscow last March to theater of global politics. later, drugs.” Meth, in fact, was more easily accessible
changes in the global pecking islands, including Okinawa— affirm his partnership with The country that comes than alcohol.
order. When Canada joined in Japanese territory stretching Vladimir Putin, Mr. Kishida closest to sharing Japan’s
1976, member countries were toward Taiwan. China and flew to Kyiv in a surprise trip worldview is another island
responsible for 62% of global Russia are neighbors of Japan. to underline Japan’s solidarity nation, on the western rim of Why, given that the author and her friend were
gross domestic product, ac- Japan has territorial disputes with Ukraine. This month, Eurasia. At a series of off-the- both smart, ambitious and hell-bent on escaping
n-
cording to the World Bank. To- with both countries dating Japan and the North Atlantic record meetings in London and
day, the combined G-7 share back to World War II. Russia Treaty Organization said they Cambridge last week spon- rural Arkansas, did one succeed and one fail?
has fallen to 44%, and it con- and China have stepped up would open liaison offices in sored by the Reagan Institute
tinues to shrink. their naval cooperation in the Brussels and Tokyo to facilitate in Washington and the Henry
no
In years past, Japan’s turn Sea of Japan. closer coordination. Jackson Society in the U.K., a In a town without much to do, and where smart kids
at the rotating presidency of Most European leaders are Whether by meeting cor- procession of senior British of- were unlikely to be challenged by their schoolwork, Ms.
the G-7 would have ensured a less than enthusiastic about dially with Indian Prime Minis- ficials and parliamentarians Brawner began drinking and taking drugs in her early
smoothly run, utterly forgetta- the Japanese approach. With ter Narendra Modi or by snub- made similar arguments to a teens; she became sexually active at 14 and essentially
ble summit. Reflecting the conspicuous exceptions such bing Brazil’s President Luiz visiting bipartisan congressio- had a live-in boyfriend by 16. Ms. Potts is critical of the
risk-averse, inward-looking as Britain and Lithuania, Euro- Inácio Lula da Silva, Mr. Zel- nal delegation led by Mike Gal- town’s dominant evangelical churches, which stressed trust
and stability-seeking nature of pean countries have tried to ensky as usual made headlines lagher (R., Wis.). in God’s plan above all else. This, she argues, encouraged
Japanese society, Tokyo has avoid framing disputes with in Hiroshima. That suited his “This is no time to go wob- people to surrender control of their own lives. Ms. Brawner’s
historically preferred quiet Russia and China as part of a hosts. Mr. Zelensky’s high pro- bly,” Margaret Thatcher once mother seemed to be a mere spectator to her daughter’s
and harmonious gatherings to single unified world crisis re- file at a conference with an offi- said to George H.W. Bush. That slow derailment. When Ms. Potts asks her how she
dramatic events. quiring a united and coordi- cial agenda dominated by con- appears to be the advice that handles problems, she replies, “Oh you know, I just give it
But as world tensions have nated response. Germany cerns about China underlined both Japan and Britain are of- up to God.”
risen, Japan has woken to a wants to sell cars in China, and the connection between the fering Americans today. Ms. Potts’s strict parents, on the other hand, subscribed
to a thoroughly hands-on parenting ethic, working hard to
keep their children on the right track. As the two friends
The 1967 Film That Foretold Daniel Penny began to grow apart, and Ms. Brawner continued to engage
in risky behavior, Ms. Potts recalls thinking: “Why didn’t
she understand that leaving our hometown would demand
By Gregg Opelka severely wound an elderly periodically flash knives to en- thugs had attacked before the entire force of our beings, that she couldn’t waste
O
man in an alley, the film turns sure compliance. boarding the train. Neither energy on things that didn’t propel her outward?”
pinions of what consti- more calmly to the subway Because films nowadays are group could fully comprehend The author also acknowledges benefiting from a series
tutes justice for Daniel riders. The next 40 minutes of known for the brevity of their the exact danger their tor- of happy accidents. Receiving a brochure for a high-school
Penny run the gamut. the screenplay introduce, scenes, it is remarkable to see menters presented at that mo- summer program at Barnard College in New York City set
Mr. Penny, a former Marine, is “Ship of Fools”-style, the var- an extended 50-minute scene ment. But the passengers in her on the unusual path of attending college out of state.
charged with second-degree ious passengers (most of set in a confined space that Neely’s car certainly knew how “I didn’t find out that wealthy, private, elite schools often
manslaughter for putting Jor- them couples) and their pe- not only retains but heightens dangerous the city has become handed out enormous financial aid packages to low-income
dan Neely in a chokehold in a destrian and contentious rela- the suspense. The similarity to and that—according to Mr. students until I applied to those schools and received them
New York subway car on May tionships. the Penny-Neely case is even Penny, reported police sources myself,” she points out. Meanwhile, as if she were living in
1. Lennon Edwards, an attor- more compelling when you re- and a reported witness—Neely an earlier century, Ms. Brawner was under the impression
ney for the Neely family, as- alize that—spoiler alert—it is was erratically threatening that if she went to college, her only option would be to
serted that the only “full cup In ‘The Incident,’ two an army private first class, them. In assessing Mr. Penny’s attend a nearby school, return to Clinton, and become a
of justice” would be a murder played by a young Beau culpability, it is imperative to teacher. Ms. Potts talks to current students at her former
conviction. Mr. Penny’s law- thugs torment subway Bridges, who finally stands up understand the psychological high school and concludes, to her dismay, that a lack of
yers predict their client will be riders until a young to one of the thugs, incapaci- torment New York’s subway information about the possibilities for adult life remains
fully exonerated, arguing that tating and possibly killing him. riders are forced to endure. an obstacle for the next generation.
he merely “stepped in to pro- soldier intervenes. Neely had a history of men- Watch “The Incident” and While people at home thought it was scary that she lived
tect himself and his fellow tal illness and arrests for vio- you’ll be scared out of your in New York and Washington, the author notes, “the worst
New Yorkers.” lence. He served more than a wits. More important, seeing things that had ever happened to me or to Darci had hap-
A 56-year-old black-and- The thugs are the last to year at Rikers Island for as- the unfortunate Penny-Neely pened here, just a few miles from where we were born.”
white film might shine a clari- board, at which point the film saulting and seriously injuring incident with fresh eyes, you’ll Her book doesn’t offer solutions to what she calls rural
fying light. “The Incident” becomes an uninterrupted 50- a 67-year-old woman in No- have a better framework for America’s “cycle of despair,” but one can imagine Ms. Potts
(1967) depicts the sheer terror minute nightmare of relentless vember 2021. There was an understanding why Mr. Penny staying in Arkansas, which she calls “a challenging, con-
inflicted on 14 riders on a late- psychological torment as they outstanding warrant for his felt compelled to act. New founding, and beautiful muse,” and making some small
night New York subway car by work their way through the arrest at the time of his death. York jurors probably won’t difference by spreading the word: There are scholar-
two thugs, played with fright- car, taunting and threatening The riders on the subway have seen the film, but most ships to all kinds of colleges. There’s a wide world to see.
ening relish by Martin Sheen riders. When the train makes on May 1 didn’t know that— will have ridden the subway. You can even go home again.
and Tony Musante. its occasional stops, the pas- much like the riders in “The
After a 10-minute prologue sengers aren’t permitted to Incident” didn’t know about Mr. Opelka is a musical-the- Ms. Spindel’s book reviews appear in the Christian
in which the punks rob and leave. The young perpetrators the innocent stranger the ater composer-lyricist. Science Monitor, the San Francisco Chronicle and elsewhere.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Why Cancer Drugs Are Being Rationed Gen Z Would Rather Be ‘Funemployed’ Now
P
oliticians like to grouse about high drug have consolidated, they’ve gained more lever- As the owner of two small busi- to real wealth will most likely have to
prices. Well, now we’re seeing what hap- age over manufacturers. But they’ve grown in nesses, I estimate that more than 10% work hard. With a family to support,
of my staff calls out from work on a and even when it was only me, my
pens when drug prices are too low: large part because low Medicare and Medicaid
daily basis—with Generation Z lead- greatest fear was having no opportu-
Shortages of essential medi- reimbursement rates have in- ing the way (“For Gen Z, Unemploy- nity to earn a living. Gen Zers have
cines, which are a portent of The government squeeze creased pressure on providers ment Can Be a Blast” by Suzy Welch, grown up assuming that financial se-
what’s to come with the Infla- on generic profits is to lower costs. op-ed, May 18). Despite not having curity will be provided by some sort
tion Reduction Act’s price Mandatory Medicaid re- children or mortgages or other major of providence—family, government,
controls. leading to shortages. bates have also squeezed ge- obligations, many of these employees even a GoFundMe. If common sense
Drug shortages aren’t neric drug margins. Medic- don’t show up to work, want fewer ever returns to the U.S., and the so-
new, but the number in short aid is the top payer for many hours or quit, citing burnout and self- cialism advocates are defeated, this
supply has grown as generic prices have generic drugs. But low reimbursements by care. The rest of us are left picking generation will be in trouble.
fallen. The American Society of Health-Sys- government health systems are a global prob- up the pieces. Wages have increased ROBERT KUSCHEL
tem Pharmacists lists 301 drugs in short sup- lem, and manufacturers with plants in Europe significantly, so why do we have a Warren, Mich.
smaller proportion of Americans
ply, up from 202 five years ago. These include cut production amid last year’s energy price
working today than before the pan- The term “funemployment,” and
many local anesthetics, basic hospital drugs, spike. demic? Some Americans simply don’t the concept behind it, are alien and
chemotherapy drugs and liquid albuterol for The Food and Drug Administration recently want to work anymore. disturbing to me. I graduated into a
lung ailments. flagged problems at a major Indian plant and INDRA SEN weak economy and have spent more
The American Cancer Society warned this halted exports. Politicians criticize generic com- Ridgefield, Conn. than a decade now going between un-
month that “first-line treatments for a number panies for shifting production to India and China employment and underemployment.
of cancers, including triple-negative breast can- to reduce costs, but the alternative for many While discussing with my daughter There is nothing fun about expecting
cer, ovarian cancer and leukemia often experi- would be to go out of business, as Illinois-based the modern attitude of trying to do every job application you send in to
enced by pediatric cancer patients,” are facing Akorn Pharmaceuticals did this winter. less work for more money, of course I be rejected summarily not for a lack
shortages that “could lead to delays in treatment The White House is mulling tax breaks for was thinking, “These kids just don’t of qualifications, but because of the
get it!” But then I thought: What was circular logic of “if he’s been unem-
that could result in worse outcomes.” Healthcare manufacturers to produce drugs domestically,
so great about working my butt off ployed, it must be for a reason.”
providers say they’re having to limit access to an idea backed by some Republicans such as for more than five decades? It seems There is nothing fun about seeing
some drugs to the sickest patients. They can Florida Sen. Marco Rubio. But this won’t allevi- to me that the younger folks might be friends move on with their lives while
substitute therapeutic alternatives when possi- ate the immediate drug shortages. And as we on to something with their emphasis you, standing still, are left behind. A
ble, but this increases risk of medication errors saw with baby formula last year, relying too on enjoying their lives rather than more accurate word is “frustrating.”
and inferior results. What’s going on? heavily on domestic production can also cause toiling at the millstone—if they can Another I could use is “confusing,”
Headlines have focused on shortages of the shortages. pull it off. but these members of Gen Z may not
ADHD drug Adderall and new weight-loss treat- It would be impossible to “on-shore” entire DOUGLAS W. PETERSON find that as applicable for them-
ments, which owe to increased demand. But supply chains, including production of raw Naperville, Ill. selves. They will know exactly the
most drugs in short supply are older generics chemicals, key starting materials, active phar- choice they made and the reason they
that are off-patent and complicated to make. maceutical ingredients, as well as quality test- As a retired tool and die maker, I can’t get their lives moving, while
am grateful never to have been unem- their more industrious friends get
Manufacturers have stopped producing them ing, formulation, and product packaging and la-
ployed. My advice to my own children ahead in work and life.
because profit margins are too thin, resulting beling. Manufacturers already perform some was to appreciate any job opportuni- JIM PITCHFORD
in one or two suppliers. finished production domestically, but the U.S.
.
ties at any age. Those of us not born Lakewood, Ohio
Generic manufacturers typically operate at lacks skilled workers to do the rest.
ly
full capacity and often use one production line The solution is for government to pay more
to produce multiple drugs. If a plant experi- for drugs, which politicians oppose because it
ences a quality or cross-contamination prob- will increase healthcare spending. Instead,
on
lem, an entire production line must shut down, they want to squeeze more money out of the
The Middlemen Who Pay No Price for ESG
which can affect multiple drugs for months. pharmaceutical industry, which will exacer- Marlo Oaks and Todd Russ argue ers they retain. There has been little
Other generic manufacturers can’t easily ramp bate shortages. that investment firms casting proxy downside for any of those agents who
up production. The Inflation Reduction Act requires manu- votes in favor of environmental, so- pursue “nakedly ideological goals.”
cial and governance initiatives are The early stage of ESG investing
us ,
Fewer branded drugs are in short supply be- facturers of single-source generics and branded
committing “A Historic Breach of Fi- involved excluding stocks of compa-
l
cause their manufacturers build more slack and drugs to pay Medicare rebates if prices rise duciary Duty” (op-ed, May 16). Even nies that failed to meet certain hur-
e
resilience into supply chains. Higher profits give faster than inflation. This limits manufacturers’
al a
if the legal matter remains fuzzy, dles. That strategy morphed into a
them more capital and a financial incentive to ability to pass on rising costs and invest in sup- Messrs. Oaks and Russ deserve credit broader goal of changing the behav-
do so. And therein lies the underlying problem: ply resilience and quality control. Medicare “ne- for shining light on the stealth under- ior of all companies via proxy votes.
ci on
Generic profits have shriveled owing to govern- gotiations”—i.e., price controls—will also mining of shareholder value. Today’s “inclusive” ESG approach
ment efforts to reduce drug spending. shrink brand drug margins. The problem starts with an army means that, for index-fund managers,
Progressives blame “group purchasing or- The unfortunate economic reality is that low of agents who stand between owners there is no simple way to isolate a
ganizations,” which negotiate drug discounts drug prices have a cost, and one is that you of shares (participants in pension and performance decrement due to ESG
for healthcare providers. As these middle-men can’t get cancer treatment when you need it. savings plans and investors in taxable policies. All index-fund managers pro-
er s
funds) and corporate managers. The duce about the same return as their
agents include pension- and savings- benchmark indexes, so no manager is
The NAACP Expels Florida From the Union

m er
plan sponsors in corporations and penalized if the index performance is,

governments, the consultants they say, 6.8% instead of 7%.
T
hire, the money managers they use PHILIP GRANT
he NAACP is now an organization that’s Queer Studies” and “the case for reparations.” and the duopoly of woke proxy advis- Palm Coast, Fla.
focused on the advancement of calumny These politicized topics were subsequently wa-
m rp
politics, apparently. On Saturday the na- tered down. But when the College Board’s faculty
tional group issued a “travel
advisory” for Florida, warning
advisers complained, it pri-
The group distorts the vately promised them a chance
Causes of Anorexia and Effects of Mistreatment
potential nonwhite visitors to Hadley Freeman’s “Good Girls” on assumed theories that ignore the
“be aware of the open hostility
state’s record to take a to re-edit the course to make it
“authentic” again. (Bookshelf, May 1) is the most insight- patient’s experience, can be harmful.
co Fo
shot at Ron DeSantis. ful book I have ever read as to the As for PTSD, I am now, unfortu-
towards African Americans Debates on what to teach in
causes of anorexia. Most anorexics nately, very aware of its correlation
and people of color.” K-12 schools can get heated, aren’t part of the prison system that a with abuse. My daughter didn’t have
The NAACP said the advi- but the NAACP’s statement is psychiatrist references in his assump- PTSD before hospitalization in con-
sory was a response to the policies of Gov. Ron absurd. “Florida public schools will not teach tion that sexual abuse and PTSD are nection with anorexia, nor did a simi-
DeSantis, specifically his “aggressive attempts your children accurate African-American his- behind anorexia “until proven other- lar patient at the time she was there
to erase Black history and to restrict diversity, tory, which includes a history of enslavement, wise” (Letters, May 9 and 18). who committed suicide a few days af-
equity, and inclusion programs in Florida segregation, racial injustice and systemic rac- Ms. Freeman cites Gerome Breen on ter leaving. The experience, however,
schools.” Mr. DeSantis’s agenda is not off-limits ism,” the travel advisory claims. “The State of the point that sexual abuse or trauma of being held down and forced to eat
for debate, but the people pushing this progres- Florida does not welcome the contributions of isn’t a factor correlated with anorexia. with a feeding tube or other things
sive narrative don’t seem to have done even five African Americans and people of color.” Not believing the patient, who in done to control the patient’s eating
minutes of research. Mr. DeSantis picked Dr. Joseph Ladapo, a Ni- many cases not only denies that abuse is, as Ms. Freeman quotes a patient,
happened but also explains what re- “the nearest thing I’ve experienced to
Florida’s public schools are required by law gerian immigrant, as his Surgeon General, and
n-
ally caused it, and then treating based being raped”; “how you’re treated in
to teach students about “the enslavement expe- Lt. Gov. Jeanette Nuñez is the first Hispanic hospital really matters, because it af-
rience,” “abolition,” “the civil rights movement,” woman in that job. On national aptitude tests in fects how you see yourself.”
and “the history and contributions of Americans 2022, black eighth-graders in Florida scored 255 The FDIC Has Transferred MARGARET KELLY
of the African diaspora,” the state Education De- in math and 247 in reading, on average. That’s
no
Naples, Fla.
partment explains. “Students shall develop an better than the national figures (252 and 243), The Cost of Bank Failures
understanding of the ramifications of prejudice, and it’s better than the NAACP’s headquarters Dan Katz and Stephen Miran are
racism, and stereotyping on individual free- of Maryland (250 and 244). right to note that recent government They Charged the Wrong Guy
doms.” Mr. DeSantis signed a bill to add to the The NAACP advisory shows that, even in to- actions have heightened risk (“The
Several letters (May 18) lean in the
curriculum the 1920 Ocoee massacre, in which day’s polarized environment, it’s still possible FDIC Guarantees Instability,” op-ed,
direction of arguing that Daniel
May 11), but they fail to note the fun-
black Floridians were killed by a mob. to lower the bar. After all the huffing about polit- Penny should be charged in the death
damental problem: Transferring the
Recently Florida rejected the College Board’s ical norms in recent years, it will be fascinating cost of failure from the risk-takers to
of Jordan Neely on the New York sub-
new AP class in African-American Studies, but to see if anybody on the left calls this claptrap way. Was Mr. Penny supposed to
others increases overall market risk.
it was full of nonhistorical topics, such as “Black out for what it really is. make a psychiatric assessment on the
Investors try to get the highest re-
spot or wait until a qualified psychia-
turn on investments by maximizing
trist arrived on the scene? He acted
the difference between the expected
Tim Scott’s Pitch for American Revival return from success and the expected
in good faith to protect his fellow
passengers and himself. Considering
R
cost of failure. When the government
Neely’s record, Manhattan District At-
epublican Tim Scott jumped into the is weathering a flight from the dignity of work. steps in and transfers the cost of fail-
torney Alvin Bragg should be consid-
2024 presidential race on Monday, and His mother’s work ethic taught him that “if you’re ure to taxpayers, present and future,
ering filing charges against those
the South Carolina Senator is betting able-bodied, you work. Period.” or others, such as well-managed
who set Neely free on the streets to
banks, the expected cost of failure de-
Americans want more than today’s grievance These are good policy themes, though still menace others rather than see to it
creases and risk-taking increases.
politics. Mr. Scott’s message of “freedom and missing are the details that make an agenda. This is what the government has
he was placed in an institution that
hope and opportunity” would be formidable in He’ll have to map out what he thinks on taxes would ensure he received the care he
been doing since 2007 in a misguided
a general election if he can break through the and economic growth beyond touting the “op- obviously needed.
attempt to stabilize financial markets.
GOP primaries. portunity zones” for disadvantaged areas he LARRY DORR
It hasn’t worked. It never will.
Troy, Mich.
“For those of you who wonder if it’s possible helped craft as part of tax reform. DAN THORNTON
for a broken kid in a broken home to rise beyond Republican Sen. John Thune endorsed Sen. Des Peres, Mo.
their circumstances, the answer is yes,” Mr. Scott, and the press is sniping that the South Da- Mr. Thornton was vice president of
Scott said Monday. His single mother worked 16- kotan’s imprimatur won’t mean much in a GOP the Federal Reserve Bank of St. Louis. Pepper ...
hour days while he was growing up, and a local primary. Yet Sen. Thune deserves credit for wad- And Salt
Chick-fil-A franchisee took an interest in him. ing in even as so many others in his party worry
The 57-year-old Senator presented his mother about offending Donald Trump by endorsing Imagine the Possibilities . . . THE WALL STREET JOURNAL
and the wife of his mentor with flowers on stage. someone else. Regarding your editorial “Progres-
“I chose personal responsibility over resent- Sooner or later Mr. Scott will have to take on sive Crime and Punishment” (May 16)
ment,” he said. Mr. Trump if he wants the nomination, and his on the cities suing carmakers for the
Mr. Scott is connecting his story of upward vision of a “new American sunrise” is a long way rise in auto thefts: Eureka! Finally, a
great idea from the far left. I will be
mobility with an optimism that the right policies from Mr. Trump’s “American carnage.” On Mon-
calling my attorney tomorrow and fil-
can make this possible for everyone: “I will be day Mr. Trump called Sen. Scott “a big step up” ing suit against the Bic Corp. Pens are
the President who destroys the liberal lie that from Ron DeSantis in a statement, but expect constantly stolen from my desk.
America is an evil country.” Trumpian good will to evaporate if Sen. Scott BRIAN THIELEN
He says America is “in a Biden retreat” but “the catches a primary following. Peshtigo, Wis.
good news is, all we need to do is turn around.” Sen. Scott has a point that he may be “the
He says he’ll “stop retreating from our own south- candidate the far left fears the most”—a success-
Letters intended for publication should
ern border” and “rebuild a military so lethal and ful and inspiring black Republican, whose life re- be emailed to wsj.ltrs@wsj.com. Please
powerful that our adversaries will fear us and our futes the notion that America is a country of big- include your city, state and telephone
allies will respect us.” He called for “a revolution otry and hatred. Credit to Sen. Scott for offering number. All letters are subject to
for excellence in our schools,” including “less CRT American voters something more than a politics editing, and unpublished letters cannot “Your resume looks good,
be acknowledged.
and more ABCs.” Sen. Scott is right that America of “retribution.” but I’m not seeing any DNA data.”
OPINION
The Phony Debt-Ceiling ‘Calamity’ Will Biden

By Conor J. Clarke could be less disruptive than a gov-
Cross a Line
And Kristin A. Shapiro ernment shutdown. The Antidefi-
On Poverty?
W
ciency Act requires that many fed-
ith the U.S. Treasury eral functions cease during a
predicted to run out shutdown, and most federal employ-
of cash (the “X date”) ees are prohibited from working. But By Kevin Corinth
A
as early as June 1, there is no analogous limit on fed-
Treasury Secretary eral functions after the X date—so new report from the National
Janet Yellen has started warning of many such functions could continue Academy of Sciences seeks to
BRENDAN SMIALOWSKI/AFP VIA GETTY IMAGES

an “economic calamity” if Congress even if payments are delayed. redefine poverty. The NAS
doesn’t raise the statutory debt Congress can take several steps to presents the effort as a matter of sci-
limit. According to Ms. Yellen, correct misleading claims about the ence: “An accurate measure of pov-
“whether it’s defaulting on interest debt limit, which threaten to spook erty is necessary to fully understand
payments that are due on the debt markets as the X date approaches. how the economy is performing
or payments due for Social Security First, the House should subpoena across all segments of the population
recipients or to Medicare providers, Treasury officials to confirm the ex- and to assess the effects of govern-
we would simply not have enough ecutive branch’s broad legal author- ment policies on communities and
cash to meet all of our obligations.” ity to satisfy the government’s most families.”
These claims are dangerously mis- pressing obligations after the X date. But the report’s real purpose
leading. The House should also confirm the could be to expand the welfare state.
Hitting the X date won’t cause a Treasury’s practical ability to priori- If the Census Bureau adopts the new
default on the national debt. Debt- Treasury Secretary Janet Yellen. tize certain key obligations. Al- poverty definition, millions more
service payments have a feature that though officials in 2011 explained Americans could automatically be
most other government payments Thus paying Social Security bene- Congress hasn’t appropriated how a limited prioritization plan made eligible for benefits—leading to
lack: When the government pays off fits—like paying maturing principal enough money to fulfill the mandate could be implemented using Trea- at least $124 billion in additional
maturing debt, the amount of debt on the public debt—can create head- of a spending statute, or in which ex- sury’s systems, Ms. Yellen warned government spending over the next
subject to the statutory limit de- room under the limit, making roll- ternal circumstances render spend- recently that those “systems are decade, all accomplished by adminis-
clines. This means that the govern- over strategies possible. In both 1985 ing infeasible. In Morton v. Ruiz built to pay all of our bills on time trative fiat.
ment can “roll over” such obliga- and 1996, following similar debt-limit (1974), the Supreme Court held that and not to pick and choose which There is no scientific basis for any
tions—that is, issue new debt to pay conflicts, the comptroller general such circumstances don’t deprive the bills to pay.” particular poverty line. Advocates of
off old debt—without violating the concluded that such strategies would executive branch of the “power to Second, the Bipartisan Legal Advi- redistribution push for a higher pov-
debt limit. be lawful because they wouldn’t “in- create reasonable classifications . . . sory Group should issue a statement erty line because they want more
crease the total amount of outstand- to allocate the limited funds avail- confirming the Treasury’s legal au- people to count as poor and qualify
ing debt subject to the statutory able.” In 1985 the comptroller gen- thority to roll debt over to make for government assistance. But scien-
The Treasury made a plan limit,” and thus wouldn’t “usurp the eral confirmed that such discretion debt-service and Social Security pay- tists aren’t supposed to be advocates.
congressional power under the Con- would extend to the debt limit, opin- ments after the X date. The group is The 13 authors of the recent NAS pa-
to pay bondholders in stitution to borrow.” ing that after the X date, “Treasury composed of the speaker and other per appear to have been selected
2011. It could do the same Paying Social Security benefits and is free to liquidate obligations in any House leaders of both parties and along partisan lines: 12 of them have
servicing the national debt are not order it finds will best serve the in- “speaks for, and articulates the insti- contributed to Democratic causes or
with Social Security. only lawful; they are legally obliga- terests of the United States.” tutional position of, the House in all worked for Democratic administra-
tory. Because the Biden administra- The X date still presents uncer- litigation matters.” With the execu- tions.
tion can continue making such pay- tainty, and we don’t want to appear tive branch and the House united,
.
A plan to roll over debt after the ments regardless of the statutory pollyannaish. But the executive markets could rest assured that such
X date—and thereby ensure that debt limit, and because such pay- branch has both the power and the payments will continue and that no The administration may
ly
the debt is honored—is more than ments wouldn’t come at the cost of obligation to make debt-service and credible legal challenge to them will
theoretical. It is a matter of public any other federal payments, it must Social Security payments, and it has arise. attempt to expand the
record that the Treasury made such do so. Otherwise, the administration broad authority to prioritize the Ms. Yellen recently stated that if welfare state via a
a plan during a 2011 showdown
over the debt limit, when one offi-
cial explained that “the principal on
Treasury securities that are matur-
on
would fail its constitutional duty to
execute those statutes faithfully—an
argument that would apply even with-
out the support of the 14th Amend-
most pressing of the government’s
remaining obligations. For those rea-
sons, it may well be that hitting the
X date—and a short lapse in the gov-
Congress fails to raise the debt limit,
“we will have an economic and fi-
nancial catastrophe that will be of
our own making.” But if a catastro-
definitional trick.
ing would be funded by having auc- ment’s Public Debt Clause. ernment’s ability to raise revenue— phe arises, it may be because the The NAS authors recommend that
us ,
tions that would roll over those ma- Most government payments don’t looks like a temporary government markets take the worst debt-limit the Census Bureau adopt its Supple-
l
turing securities into new issues, so involve rolling over debt. That in- shutdown that follows an appropria- scaremongering seriously rather mental Poverty Measure as the na-
e
al a
the new issues would be able to cludes interest payments on the pub- tions lapse. than appropriately discount it as an- tion’s headline poverty statistic. This
fund the redemption of the matur- lic debt, because only the “face When the government temporar- other negotiation tactic. measure relies on an extremely com-
ing securities.” amount” of the debt counts toward ily shuts down (as it did repeatedly plex formula, but the end result is
ci on
For a similar reason, hitting the X the statutory debt limit. But on a during the Clinton, Obama and Mr. Clarke is an incoming associ- clear: The new poverty line would be
date need not stop Social Security monthly basis, interest is a relatively Trump presidencies), some federal ate professor at the Washington Uni- significantly higher. It would also
and other payments that come from small fraction of incoming tax reve- obligations go temporarily unmet. versity in St. Louis School of Law. break with more than 50 years of
federal trust funds. The payroll taxes nue, and the government has broad When the shutdown ends, the obliga- Ms. Shapiro practices appellate and precedent by establishing a relative
that are used to fund such benefits lawful authority to prioritize pay- tions are paid. Shutdowns happen constitutional law in Washington standard. People could become better
er s
are invested in special Treasury secu- ments after the X date. With advance because the government runs out of and is a senior fellow at the Indepen- off and still be classified as “poor”;
rities that count toward the debt planning, such as what the Treasury lawful authority to spend; the X date dent Women’s Forum. Both served as poverty would decline only if income
m er
limit. The Treasury has the authority undertook in 2011, interest payments would happen because the govern- attorney-advisers at the Justice De- at the bottom of the distribution in-
to redeem these securities to pay can continue. ment runs out of lawful authority to partment’s Office of Legal Counsel creases more quickly than in the mid-
benefits; when it does so, debt sub- More broadly, the government raise revenue. during the Trump and Biden admin- dle class.
ject to the statutory limit declines. regularly faces situations in which In one respect, hitting the X date istrations. Over the years, Congress has tied
eligibility for dozens of programs to
m rp
multiples of the poverty line. To
‘Unelectability’ Won’t Defeat Donald Trump qualify for the Supplemental Nutri-
tion Assistance Program, a family’s
income can’t exceed 130% of the offi-
assessment of the judgment of their are starting to see on issues such as been elected as “unelectable.” cial poverty line. For ObamaCare
co Fo
fellow Americans, whose views and abortion, Mr. Trump may be carving The current polling doesn’t even subsidies, the limit is 400%. The Bi-
intentions are unknowable. It in- out a more centrist position than his support the contention that Mr. den administration could raise the
FREE vites them to say, “I think the coun- main rivals. Trump is unelectable. The latest poverty line, and thereby expand
EXPRESSION try needs X, but I also know that His appeal is both sui generis and RealClearPolitics average puts him these benefits as soon as September,
By Gerard Baker my views are so far outside the ad hominem. There’s no easy way to narrowly ahead of Mr. Biden in na- when the Census Bureau releases its
A
mainstream that I’d better vote for transfer it to another candidate. It tionwide polls, while it has Mr. De- annual report on poverty. The new
s the Republican primary con- Y.” Who thinks like that? may be better simply to let voters go Santis and Mr. Biden in a tie. A Har- poverty line would affect programs
test gets going in earnest we Historically the approach has had with their druthers rather than get vard-Harris poll last week gave Mr. starting in 2024, all without any in-
are going to hear a lot about mixed results, to say the least. It them to participate in some kind of Trump a 7-point lead over Mr. Biden, put from Congress.
“electability.” might have worked for Democrats prisoner’s-dilemma exercise that re- with Mr. DeSantis again tied with In a new paper, I estimate the ef-
With spring turning to summer, last time, when primary voters chose quires them to anticipate the puta- the president. fects of such a change. I project that
the field is abloom with challengers Joe Biden over Bernie Sanders. But it tive choices of others. Yet the biggest problem with the the poverty line for a family of four
to Donald Trump: Tim Scott, Ron often doesn’t fly. Another problem with the argu- electability argument is that it’s a would rise to almost $38,000 in
n-
DeSantis, Mike Pence, Chris Christie, ment is that it isn’t at all obvious in dissembling euphemism that betrays 2024, over $6,000 higher than it
Nikki Haley, Vivek Ramaswamy and any case that Mr. Trump is less the weakness and pusillanimity of would be using the current approach
others. All will doubtless try to For one thing, he won in electable than Mr. DeSantis, Mr. the candidates arrayed against Mr. that updates the poverty line with in-
make convincing cases for their can- Scott, Mr. Pence or anyone else. Trump. flation each year. The gap would
2016. And his opponents
no
didacies, but expect them also to ar- True, he lost in 2020. He also By calling him “unelectable,” Mr. grow over time, and by 2033 the pov-
gue in one way or another that the look weak for not simply failed to win a plurality of the popu- DeSantis and others are drawing at- erty line would be more than $13,000
current runaway leader of the pack lar vote in 2016 and arguably cost tention to Mr. Trump’s core weak- higher than it would be using the
is simply unable to win a general calling him unfit. the Republicans dearly in both the ness without actually calling it out. current approach.
election. 2018 and 2022 midterm elections. What they really mean is Mr. Trump Raising the poverty line would in-
Mr. DeSantis put it most directly But most of these were very close is “unelectable” in the way that crease government spending on enti-
last week. According to the New Was Ronald Reagan less electable elections. In 2020 a few tens of Lizzie Borden and Al Capone would tlements by more than $124 billion
York Times, in a phone call with do- than George H.W. Bush in 1980? thousands of votes in three states have been unelectable—morally un- over the next decade—$47 billion for
nors to a super PAC supporting him, Many at the time thought so—in- would have made him two-for-two in fit, characterologically so flawed SNAP and $78 billion for Medicaid.
he said: “You have basically three cluding much of the media and the presidential contests. It takes more that his election would represent a ObamaCare subsidies, Medicare Part
people at this point that are credible Democratic leadership who jumped than a little chutzpah for someone threat to the stability of the republic. D low-income subsidies and the
in this whole thing. . . . Biden, Trump for joy when the former California who hasn’t registered a single vote If that’s what you mean, say it: school-lunch program would grow as
and me. And I think of those three, governor won the nomination that in a presidential primary contest to Mr. Trump may or may not be elect- well, not to mention the effects on
two have a chance to get elected year. They looked less happy and dismiss someone who has already able. He has proved himself unfit. dozens of nonentitlement programs.
president—Biden and me.” much less smart when he won the As consequential is the potential
Given recent electoral history this presidency. Mr. Trump himself was reallocation of government assis-
pragmatic case against Mr. Trump deemed by almost everyone less tance across states. The poverty line
has a superficial plausibility, but I’m
skeptical about the wisdom of the
electable than Marco Rubio or Jeb
Bush in 2016. Voters in the general
Notable & Quotable: Gorsuch under the Supplemental Poverty
Measure is higher in states like Cali-
strategy. election had other ideas. A statement from Justice Neil Gor- neighborhoods into color-coded fornia and New York, where housing
First, persuading people to vote William F. Buckley’s famous stan- such accompanying the Supreme zones, forced individuals to fight for is more expensive, and lower in
for you on the grounds that you’re dard—to pick the “rightwardmost vi- Court’s unanimous May 18 order that their freedoms in court on emergency states like West Virginia and Missis-
more acceptable to a wider elector- able” candidate—might once have halted a lawsuit challenging the end timetables, and then changed their sippi, where housing is cheaper. If
ate is a tricky proposition. It asks made sense. But it doesn’t fit the of Title 42 Covid emergency deporta- color-coded schemes when defeat in state-specific poverty lines were used
voters to suspend their own judg- ideological tenor (or lack of it) of the tion authority: court seemed imminent. to determine program eligibility, res-
ment about who is best to lead the Trump age. Mr. Trump’s intellectual Federal executive officials entered idents of states with cheaper housing
country in favor of some parallel plasticity muddies the picture. As we Since March 2020, we may have the act too. Not just with emergency would receive a smaller share of as-
experienced the greatest intrusions immigration decrees. They deployed a sistance. Yet poor people in low-cost
on civil liberties in the peacetime his- public-health agency to regulate land- states tend to be more deprived than
tory of this country. Executive offi- lord-tenant relations nationwide. They poor people in high-cost states.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY cials across the country issued emer- used a workplace-safety agency to is- Redrawing the official poverty line
Rupert Murdoch Robert Thomson gency decrees on a breathtaking sue a vaccination mandate for most would be a nakedly political move
Executive Chairman, News Corp Chief Executive Officer, News Corp scale. Governors and local leaders im- working Americans. They threatened without any scientific basis that
Emma Tucker Almar Latour posed lockdown orders forcing peo- to fire noncompliant employees, and could alter the scope of the safety
Editor in Chief Chief Executive Officer and Publisher
ple to remain in their homes. They warned that service members who re- net overnight. It is up to Congress to
Liz Harris, Managing Editor DOW JONES MANAGEMENT: shuttered businesses and schools, fused to vaccinate might face dishon- prevent the administration from uni-
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; public and private. They closed orable discharge and confinement. laterally expanding program eligibil-
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, News;
churches even as they allowed casi- Along the way, it seems federal offi- ity and increasing government
Barron’s Editor in Chief; Jason P. Conti, General
Andrew Dowell, Asia; Brent Jones, Culture, nos and other favored businesses to cials may have pressured social-media spending by over $124 billion.
Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business
carry on. They threatened violators companies to suppress information
Writing; Michael W. Miller, Features & Weekend;
Information & Services, Operations; not just with civil penalties but with about pandemic policies with which Mr. Corinth is deputy director of
Emma Moody, Standards; Shazna Nessa, Visuals; criminal sanctions too. They sur- they disagreed. . . . the America Enterprise Institute’s
Elizabeth O’Melia, Chief Financial Officer;
Philana Patterson, Audio; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Josh Stinchcomb, EVP & Chief Revenue Officer, veilled church parking lots, recorded At the very least, one can hope Center on Opportunity and Social
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief license plates, and issued notices that the Judiciary will not soon again Mobility. He served as chief econo-
Paul A. Gigot
Marketing Officer warning that attendance at even out- allow itself to be part of the problem mist for the White House’s Council of
Editor of the Editorial Page door services satisfying all state so- by permitting litigants to manipulate Economic Advisers (2020-21) and Re-
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
cial-distancing and hygiene require- our docket to perpetuate a decree de- publican staff director of the U.S.
New York, N.Y., 10036 ments could amount to criminal signed for one emergency to address Congressional Joint Economic Com-
Telephone 1-800-DOWJONES conduct. They divided cities and another. mittee (2022-23).
.
ly
on
us ,
l
e
al a
ci on
er s
m er
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co Fo
n-
no
TECHNOLOGY: CHINA’S NEW CHIP BAN ON MICRON PRESSURES SOUTH KOREA B4
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Chevron Doubles Down on Shale

BY COLLIN EATON lific oil patches, particularly other companies have seen billion, including PDC’s debt. ally in extra cash while adding
Investor
Urges
AND COLIN KELLAHER the Denver-Julesburg Basin well-productivity issues over “It delivers stronger finan- 1 billion barrels of proven re-
Chevron deepened its com-

mitment to oil-and-gas drilling
that straddles Colorado and
Wyoming, a region where
Chevron already has a large
the past year.
Chevron said it would issue
0.4638 share, valued at $72
cials, and it’s a hand-in-glove
fit with our portfolio,” Chevron
Chief Executive Mike Wirth
serves to its portfolio.
The deal comes as big oil
companies are working out
Yelp to
in the U.S., spending more than
$6 billion to acquire a rival
with sizable operations in
stake.
The transaction also boosts
Chevron’s position in its major
based on Friday’s closing price
of $155.23, for each share of
Denver-based PDC. It equates
said, adding that Chevron is
buying a company that was
trading at relatively low multi-
how to spend a giant influx of
cash that sluiced into their cof-
fers last year as oil and gas
Explore
Texas and Colorado.
In buying PDC Energy in a
$6.3 billion all-stock deal, the
U.S. oil company aims to build
U.S. onshore play, the Permian
Basin of West Texas and New
Mexico, the most prolific
American oil patch but one
to a nearly 11% premium to Fri-
day’s closing price of $65.12.
Chevron, based in San Ra-
mon, Calif., said the deal has a
ples compared with the large
amounts of cash it has been
generating.
Wirth expects the acquisi-
prices hit multiyear highs fol-
Please turn to page B10
 Heard on the Street: Big oil

A Sale
a bigger foothold in two pro- where Chevron and many total enterprise value of $7.6 tion to spin off $1 billion annu- likes small deals..................... B12 BY LAUREN THOMAS
Activist investor TCS Capi-

tal Management has built a
Disney Pressed stake in Yelp and is calling on

the service-recommendation
site to explore strategic alter-
By Weakness in
natives including a sale, ac-
cording to people familiar with
the matter.
TCS Capital owns more than
Traditional TV
4% of the shares outstanding of
Yelp’s common stock, making it
one of the company’s five-big-
gest shareholders, the people
BY ROBBIE WHELAN ceeded that of the linear-TV said. TCS Capital has been an
business for two consecutive investor in Yelp for most of the
Disney’s traditional televi- quarters for the first time past five years, but the stake
.
sion business has gone from since Disney launched its hasn’t been disclosed publicly
superhero to weak link in just streaming business. before.
ly
a few short quarters. Disney Chief Financial Offi- TCS Capital said it believes
Income from its TV net- cer Christine McCarthy has that Yelp could be sold to an-
works has dropped faster than said the downturn in the lin- other technology or media
expected as the world’s largest
entertainment company strug-
ear-TV business isn’t perma-
nent and has affected rivals
on company or private-equity
buyer for at least $70 a share—
ERIC MCCANDLESS/ABC
gles to boost its share price too, and that when the adver- or more than double the cur-
and get its streaming-video tising market improves, so will rent stock price, according to a
business to profitability. Disney’s finances. letter the fund’s founder and
us ,
The situation presents a “Advertising is cyclical. I president, Eric Semler, plans to

l
quandary for Disney. For the think everyone is pretty much deliver to Yelp’s board Tuesday.
e
al a
past 3½ years, the company down on advertising,” she said Please turn to page B2
has been subsidizing the at an investor conference ear- The company’s income from linear TV is falling faster than expected. ABC’s ‘American Idol.’
losses that its streaming divi- lier this month. “But the fact
ci on
sion has incurred by using

cash earned from two other
businesses: theme parks and
of the matter is, advertising
will come back. When the ad
market does become more ro-
Operating income for Disney's television
networks
Operating losses for Disney's direct-to-
consumer segment
–$659 million
Age Curbs
$3.0 billion $0 billion
so-called linear TV, which
makes money from ad-sales
bust, we are very, very well
positioned.” On Social
er s
The rapid deterioration of 2.5 –0.3

revenue and cable subscrip- $1.83B
tion fees paid to networks the linear-TV business points 2.0 t 35%*
Media
m er
such as ESPN, the Disney to more fundamental change –0.6

Channel and Freeform. in the kind of business Disney 1.5
Disney in recent months
has been trying to reduce its
streaming losses by slashing
is, analysts say.
“We would joke 10 years
ago that the company could be
1.0
–0.9
Pushed
m rp
0.5 –1.2
costs, laying off workers and called ESPN instead of Dis-
evaluating moves such as sell- ney—that’s how good the BY SAM SCHECHNER
0 –1.5 AND JEFF HORWITZ
ing its flagship ESPN channel sports broadcasting business
directly to cable cord-cutters. was,” analyst Michael Na- 2021 2022 2023 2021 ’22 ’23
In Disney’s most recent fi- thanson said. *Change from previous year Note: Latest fiscal quarter ended April 1 Source: the company Governments across the
co Fo
nancial quarter, operating in- “Now that the parks busi- U.S. and Europe are moving to
come from the linear TV seg- ness is the majority of the on streaming and linear me- the business to break even by Wall Street analysts had pro- tighten online age restrictions
ment fell by 35% to $1.8 company’s profitability, and dia,” he said. September 2024. jected. Since the company’s following evidence that com-
billion, its sharpest year-over- it’s growing very strongly, Since returning for a second He has made some prog- flagship Disney+ service panies aren’t effectively en-
year decline in at least three people are going to realize stint as chief executive in No- ress. In the quarter ended launched in late 2019, the forcing limits on what chil-
years. Operating income from that this is first and foremost vember, Robert Iger has said he April 1, streaming losses nar- streaming division has accu- dren see and do on social
Disney’s parks, experiences a leisure company that just is focused on fixing streaming rowed to $659 million, nearly mulated losses of $10.3 billion, media.
and products unit has ex- happens to have a call option and hitting the goal of getting $200 million less than what Please turn to page B4 State and national lawmak-
ers from Salt Lake City to
Paris are looking to make ser-
vices such as Meta Platforms’
At Bitcoin 2023 Convention, No Bears Were Allowed Instagram and ByteDance’s
TikTok take steps to verify
n-
ages when users sign up.

BY CAITLIN OSTROFF front of a giant inflatable Please turn to page B2
AND DEBORAH ACOSTA bitcoin and bid on a bitcoin-
themed DeLorean.
INSIDE
no
MIAMI BEACH, Fla.—This On Thursday, the first day

year’s annual bitcoin confer- of the conference that is re-
ence was for the die-hards. served for high-access ticket
At the entrance, a sign pro- holders, people broke conver-
claimed, “No bears allowed.” sations when pallbearers and
It seems the bears stayed gospel choristers ap-
home. Organizers expected proached, belting out “When
only half as many people to the Saints Go Marching In.”
attend compared with last The pallbearers struggled
year when attendance hit a to lift an open casket over
record 26,000. security scanners as they
“The conference is a phys- made their way into the con-
ical manifestation of the in- vention center. Inside was a
MARCO BELLO/REUTERS
dustry,” said Christian Ker- slew of dollar bills and a la- BUSINESS NEWS
oles, the general manager of bel reading “#FiatFuneral.” Small businesses are
Bitcoin Magazine, which puts One chorister carried a sign
on the conference. reading “Hallelujah Bitcoin.”
hit hardest by the
Last year’s conference Parties and satellite events Fed’s campaign to
came after a run-up in the were smaller and calmer raise interest rates. B2
value of digital assets that An attendee at the Bitcoin Conference 2023 in Miami Beach. Parties this year were smaller. though. Crypto firm Paxos
left big and small investors last year held a party at the
flush with cash, drawing new a lot. Celsius Network, a around the conference. And main stage the feeling of be- Versace Mansion featuring SHIPPING
people into the world of sponsor in 2022 and notable now U.S. regulators are cir- ing in a Miami nightclub. A synchronized swimmers and A slump in container-
crypto. Celebrities like Ser- presence, went bankrupt. Bit- cling several big crypto com- speech from presidential live music. This year, the
ena Williams spoke at the coin has shed more than a panies. hopeful Robert F. Kennedy Jr. company opted not to do any
freight orders has
conference. Parties featured third of its dollar value. The This year’s conference re- drew a standing-room-only of that because many clients brought prices
synchronized swimmers. collapse of FTX dried up mained upbeat. Dark lighting crowd. People donned bitcoin said they wouldn’t attend. crashing down. B3
Thirteen months changed funding for some side events and techno music gave the swag, played cornhole in Please turn to page B11
interlakemecalux.com
MAXIMIZE WAREHOUSE
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B2 | Tuesday, May 23, 2023 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

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-Z
A.P. Moller-Maersk.....B3
Adani.........................B10
Izzard Ink .................... B2
J.B. Hunt Transportation
Services.....................B6
Kennedy-Wilson..........B3
Regions Financial......B11
Samsung Electronics
............................. B4,B12
Signature Bank...........B3
Small Businesses Hit Hardest
By Fed’s Rate-Rise Campaign
Amazon.com ............... B6
Apollo Global KeyCorp.....................B11 Silicon Valley Bank.....B3
Management ......... B10 Kia...............................A1 SK Hynix ..................... B4
Apple...........................B2 Kioxia...................B4,B12 SL Green Realty.........A1
Applied Materials.......B4 KKR .......................... B10 SM Energy ................ B12
Blackstone.........B10,B12 Kontoor Brands...........B5 Snap.............................B2
Brookfield Asset
Management...........B12
Longbeam Technologies
.....................................B6
SoftBank.....................B3
Sony...........................B12
Companies with
ByteDance.................. B1 Matador Resources .. B12
Mavexar ...................... B6
Sumco........................B12
Taiwan Semiconductor
smaller payrolls and
Carlyle...................... B10
Chevron................B1,B11 Merck...........................B2 Manufacturing...B4,B12 valuations are facing
Chord Energy ............ B10 Meta Platforms Target..........................B6
Civitas Resources.....B12 .................. A1,B1,B2,B11 TCS Capital higher funding costs
Comerica....................B11 Micron Technology Management ........... B1
CrowdStrike ................ B5 ...................... B4,B11,B12 T-Mobile US................B2
Dandelion Energy........B5 Mubadala Investment B3 Tokyo Electron..........B12 BY DION RABOUIN
EV Realty....................B5 Netflix.......................B12 Toyota Motor............B12
Exxon Mobil.........A9,B10 NGP Energy Capital TPG........................... B10 For companies that need to
First Republic Bank....B3 Management.............B5 Vornado Realty Trust.A1
Forescout Technologies Nikon.........................B12 Walmart......................B6 borrow money these days, it
.....................................B5 Oneok ........................ B10 Walt Disney............... B1 pays to be big.
Form Energy................B5 PacWest Bancorp B3,B11 Western Alliance The Federal Reserve’s rate-
Fortress Investment...B3 Palo Alto Networks....B5 Bancorp.....................B3
Hapag-Lloyd...........B3,B6 PDC Energy...B1,B11,B12 Western Digital..........B4
raising campaign has put a no-
Intel......................B4,B12 PNC Financial Services Yelp ............................ B1 table crimp in financing for
IP Edge........................B6 .....................................B3 Zions Bancorp......B3,B11 companies with smaller pay-
rolls and valuations. The aver-
age rate for a loan from the
INDEX TO PEOPLE U.S. Small Business Administra-
tion, which historically costs
less than a bank loan, has
A Jansen, Rolf Habben Nuttall, Scott............B10 reached double digits, driving
Arora, Nikesh..............B5 ............................... B3,B6 Obstler, David.............B5 many small firms to borrow
Jones, Healy ............... B4 O’Leary, Michael.........A8
B-K Keroles, Christian.......B1 less.
Bouchouev, Ilia ......... B10 P
Kim, John....................A6 Those include Tim McCon-
WENDY MCCONNEHEY
Briger, Peter................B3 Knightley, James........A2 Pack, Joshua...............B3
Brookman, Bart ........ B12 Podbere, Burt..............B5 nehey’s Izzard Ink publishing
L-O company in Salt Lake City. Mc-
Carter, Chris................B5 R-Z
Chan, Christian.........B11 Leahy, Mark ................ B4 Connehey had previously
Chung, Euisun.............A1 Lewin, Robert ........... B10 Rosenblatt, Steven.....B4
Mahaney, Mark.........B12 Roth, Steven...............A1 planned to beef up Izzard’s
Clerc, Vincent..............B3
Coscetta, Michael.....B11 Mainz, Barry...............B5 Rowan, Marc.............B10 technology platforms and in-
Crofoot, Elizabeth ...... A2 McCarthy, Christine....B1 Sand, Peter.................B3 crease the company’s offerings Tim McConnehey’s Izzard Ink has had to shift plans since credit has gotten more expensive.
Demchak, William ...... B3 McConnehey, Tim ....... B2 Schiffman, Robert......B2
Scrimsher, John..........B5 for business-to-business sales,
Deutch, Philip ............. B5 McDevitt, Marc.........B12
Dickerson, Gary...........B4 McKnight, Drew..........B3 Semler, Eric.................B6 in part by tripling the number nior credit analyst at Commercial and industrial Fed’s actions and recent re-
Farley, Jim ................ A10 McMillon, Doug...........B6 Vinson, Rachel..........B12 of employees and bringing on Bloomberg Intelligence, wrote lending at U.S. banks gional bank stress, said Joe
Galant, Paul................A2 Mulligan, John............B6 Wang, David ............... A9 more freelance editors, design- in a note. Wall, national director of Gold-
Gibbons, Dale..............B3 Muñoz, José..............A10 Wilkerson, Drew.........B6 $2.8 trillion
Murphy, Mark ............. B4 Winkelried, Jon.........B10
ers and coders this year. During the second week of man Sachs 10,000 Small Busi-
Goldfarb, Alexander ... A6
Gray, Jon...................B10 Musk, Elon................A10 Wirth, Mike.........B1,B12 Instead, he has focused on May, bonds issued by compa- nesses Voices. “The net effect is
Hicks, Brad..................B6 Nathanson, Michael....B1 Zhang, Ji.....................A6 eliminating his company’s debt nies with top credit ratings 2.7 that lending is just tightening
.
and scaling back growth, as the paid an average of 5.3% in in- across the board for small busi-
interest rate on the line of terest, according to data pro- nesses,” he said.
ly
2.6
Activist ter his firm called on the busi-

ness-review platform to explore
strategic alternatives, including
credit he holds at his bank in-
creased to 10.62% from 5.62%
over the past year.
vider Leveraged Commentary &
Data. That is higher than the
5.0% rate for April but still 2.5
This difference is becoming
evident on balance sheets.
Companies with more than 250
Pressures a sale to IAC’s consumer-re-

view site HomeAdvisor. IAC in
2015 had made an unsolicited
on “I’m leery of making any
kind of business investment
right now,” McConnehey said.
down from 6% in October.
Interest rates on corporate
bonds have fallen since October 2.4
full-time employees saw their
cash positions rise by $61 bil-
lion between the second quar-
Yelp on Sale buyout offer for Angie’s List,

but the proposal was rebuffed.
For companies with big bal-
ance sheets and lots of employ-
because of fears about the
economy and the expectation
ter of 2022 and the first quar-
ter of 2023 to $2.38 trillion,
us ,
2.3 Monthly
IAC ultimately acquired An- ees, it is a different story. Meta that yields on government according to data from S&P
l
gie’s List and combined it with Platforms, the parent of Face- bonds will fall. Federal-funds 2022 ’23 Global. Companies with fewer
e
al a
Continued from page B1 HomeAdvisor to form a new book and Instagram, issued futures markets show traders Note: Seasonally adjusted than 250 employees have seen
The letter was seen by The publicly traded company, Angi, bonds for the second time in its are betting the Fed will lower Source: Federal Reserve via St. Louis Fed their cash balances shrink by
Wall Street Journal. in 2017. history this month, raising $8.5 rates in the second half of the $7 billion, to $169 billion.
ci on
“Yelp maintains an active di- Angi went on to acquire billion at rates ranging from year by at least 0.75 percentage four times as many as these In the first quarter, small
alogue with our shareholders Handy Technologies, an on-de- 4.6% on bonds to be paid back point, with many predicting a companies reported in March companies held about 13% less
and values constructive feed- mand platform that helps in five years to 5.75% for bonds recession. 2022. cash and cash equivalents on
back on our business and ways match people looking for to be repaid in 30 years. Those Small businesses had been Large companies raise most their books than they did in the
to create value,” a Yelp household services with profes- rates are around 1 percentage the source of all the net job of their funds from capital mar- first quarter of 2022. That
er s
spokesman said. sionals, in 2018. Angi has a point higher than comparable growth in the U.S. from Febru- kets by issuing bonds. Smaller compared with a 7.8% decline
Shares of Yelp, which has a market capitalization of about bonds issued in the company’s ary 2020 to the end of 2022, companies rely predominantly at large companies during the
m er
market capitalization of about $1.6 billion as of Monday. inaugural bond sale in August defying the Fed’s efforts to cool on lending from banks. And same period.
$2.2 billion, closed Monday at Semler said he believes a 2022. commercial and industrial lend- The eroding cash position
$32.52, off about 17% from a combination of Yelp and Angi Large companies are adding ing by banks to businesses has has weighed on small compa-
52-week high of $39.26. The would yield “enormous revenue to the pandemic’s historic bor- fallen every month this year. nies’ confidence.
shares are down from a high of synergies and cost savings that rowing rush, mostly by issuing
Small companies’ Commercial bank lending A survey of small businesses
m rp
nearly $100 in 2014. could ultimately double the bonds in public markets. That eroding cash dropped by a record $105 bil- last month showed optimism at
Semler also plans to tell value of Yelp’s shares” and cre- has helped many to pay work- lion in the first two weeks of the lowest level in 10 years,
Yelp’s board that his invest- ate a powerhouse player in ers, continue mergers and ac-
position has weighed March, according to the Fed. with the percentage of small
ment firm is prepared to make what he describes as a boom- quisitions and buy back their on their confidence. Nearly half of U.S. banks said companies saying it was diffi-
its own bid to acquire Yelp, ing market for home services. own stock in the tumultuous they are raising their standards cult to get credit holding near
co Fo
with a group that includes an Yelp’s longstanding chief ex- times since. Issuance has for lending money to small its highest since 2012, accord-
executive who has served as ecutive, Jeremy Stoppelman, climbed recently, and ratings companies, with 56% of lenders ing to the National Federation
chief executive officer of a pub- co-founded the business in firm S&P Global expects that the economy. This year, smaller reporting falling demand. of Independent Business.
lic company in the same busi- 2004 and has served as CEO nonfinancial U.S. companies companies are accounting for A recent survey of small- The higher funding costs are
ness, the letter says, without for nearly two decades. will sell more bonds in 2023 an increasing share of layoffs. business owners from Goldman adding even more pressure to
naming the executive. Semler believes that Stop- than they did last year. U.S. companies with be- Sachs 10,000 Small Businesses small-business owners because
Alternatively, Yelp could ex- pelman has received “uncon- T-Mobile US, Apple and tween one and nine employees Voices found 77% reporting they are also facing higher
plore a tax-free merger with scionable compensation pack- Merck & Co. also sold bonds laid off or fired 341,000 work- they are concerned about their costs for supplies, labor and
online-services company Angi, ages” and that Yelp’s board this month, issuing $3.5 billion, ers in March, more than twice ability to access capital. The in- rent, said Holly Wade, execu-
formerly known as Angie’s List, lacks industry experience, ac- $5.3 billion and $6 billion, re- as many as in February, accord- vestment bank called it a “stun- tive director of the NFIB Re-
Semler plans to say in the let- cording to the letter. spectively. Apple’s decision to ing to data from the govern- ning shift” from one year ago, search Center. “Those who are
ter. The company reported first- issue new debt is “due more to ment’s Job Openings and Labor when 77% of respondents said receiving financing, it’s costing
Semler, who founded TCS quarter revenue of $312 mil- its confidence in expanding Turnover Survey. That was the they were confident in their more,” Wade said. “It’s all part
n-
Capital in 2001, won a board lion, up 13% from the same pe- cash flow than operational highest number of layoffs and ability to access capital. of having to manage increased
seat at Angie’s List in 2016 af- riod a year earlier. needs,” Robert Schiffman, se- discharges since May 2020 and This owes largely to the costs all around.”
no
Online Age prove reporting to remove un-

derage accounts faster while
improving accuracy.”
Restrictions Social-media companies

say they take measures to bar Products for
children under 13 in the U.S.
Are Pushed and have protections includ-

ing limited ad tracking and
Every Need.
DAMIAN DOVARGANES/ASSOCIATED PRESS
content restrictions for users
Continued from page B1

under 18 years old. But they
also express concerns about
And Everyone.
Some legislatures also are re- laws mandating age verifica-
quiring companies to collect tion, saying more work is
parental consent for users un- needed to address privacy
der a certain age. dangers from existing tech-
The momentum portends a niques.
sea change in how children Some companies, such as
and adults access the internet Snapchat owner Snap, also
and could end the days when argue that the makers of op-
one needed only to click a TikTok’s building in Culver City, Calif. erating systems and app
button or fill in a birth date stores, primarily Apple and
to avoid online age restric- land conducted for child-pro- “Hey guyz I’m kaira wel- Google, should be responsible
tions. tection advocates and regula- come to my world I’m 12,” for verifying ages. A Snap
The new rules also are tors. stated one Instagram account. spokeswoman said it is work-
sparking debate between Those advocates say social- Instagram makes it hard to ing with companies and regu-
child-protection advocates media use opens children up report underage accounts, re- lators on possible solutions.
concerned about social me- to content and social pres- quiring a user flagging such Evan Greer, deputy director
dia’s impact on mental health sures that are difficult for an account to fill out a web- of tech policy organization
and digital-rights groups ar- adults to handle, with surveys page that requires the child’s Fight for the Future, said that
guing that verifying ages cre- showing significant rates of birth date and full name. efforts to age-gate social me-
ates privacy risks and could children being bullied and “This is a very high burden dia would make far more
discourage access to useful communicating with strangers for reporting,” said Jennifer sense when done at the device
information. online. King, a researcher at the level. “At the platform level it
Many of the new rules tar- Instagram says it requires Stanford Institute for Human- almost certainly involves in-
get pornography websites. But everyone to be at least 13 Centered Artificial Intelli- vasive data collection,” Greer
another major driver is evi- years old before they can cre- gence who studies how design said.
dence of rising preteen use of ate an account. YouTube and choices alter user behaviors. Apple’s iOS and Google’s
social media despite the fact TikTok also require users to Meta says it invests in AI Android let parents set de-
that most such platforms say be at least 13 before creating to detect underage users and vices to not allow apps and
they don’t allow users under profiles on their main ser- trains its moderators to re- content rated above a certain
at least 13, in part to comply vices, though both offer alter- move them manually in re- age, but they don’t verify us-
with U.S. federal law. natives for children. sponse to user reports. ers’ ages.
Individual & Worksite, Annuities,
Up to a third or more of On Instagram, The Wall “We don’t allow people un- On TikTok’s main service Stop Loss, Voluntary Benefits,
children ages 8 to 12 say they Street Journal found dozens der 13 to use Instagram, and for teens and adults, accounts Medicare Supplement,
use social-media and video of accounts that self-identi- we have numerous methods to run by users who appeared
sites including YouTube, Tik- fied as being younger than 13 remove underage accounts,” under 13 flagged by the Jour- and more.
Tok and Instagram, according and remained active until the spokesman Andy Stone said, nal were reviewed within half
to surveys in recent years in Journal flagged them to adding that the company is an hour, with TikTok often re-
the U.S., U.K., France and Ire- Meta’s communications team. “evaluating new ways to im- stricting them.
THE WALL STREET JOURNAL. * * Tuesday, May 23, 2023 | B3
BUSINESS NEWS
Container
Shipping
Has Cratered
Slowdown in orders Spot shipping rates from Asia
to the U.S. West Coast
from big importers
$20,000 per 40-foot container
has brought prices to
‘unsustainable’ levels
16,000
BY COSTAS PARIS
Boxship owners are incur- 12,000

ring losses on once-lucrative
trans-Pacific routes from Asia
as weaker demand for apparel,
8,000
furniture and electronics cuts
BRENDAN MCDERMID/REUTERS
into ocean carriers’ earnings.
It is an ominous sign as the
shipping industry approaches 4,000
its peak season. Demand nor-
mally rises during the summer
and early autumn as retailers 0
bring in higher levels of mer-
2021 ’22 ’23
chandise for crucial selling pe-
riods, such as the year-end Source: Freightos Baltic Index/Braemar Box-ship operators are looking for a rise in spending by U.S. consumers. Above, a container ship enters New York Harbor.
holidays.
Ship operators including expenses are higher now than get, helping push freight rates Shipping companies now port complex, at Los Angeles general rate increase in April
A.P. Moller-Maersk and before the pandemic. up to about $20,000 a box on face the same uncertainty that and Long Beach, Calif., han- of $600 per container on aver-
Hapag-Lloyd say they need “Spot rates are at a level some routes. surrounds some of their big- dled the equivalent of about age, but it was “a dead-cat
freight rates to increase to that in the long run are not Several companies posted gest customers, such as Ama- 1.74 million import containers bounce that’s fading fast,”
cover their operating costs. sustainable, with costs up by record profit, largely because zon.com, Walmart and Home in the first quarter of 2023, a Sand said, referring to a term
For now, there are too many 25% to 30% since 2019,” Rolf of higher prices and elevated Depot. A number of retailers 32% decline from last year’s used to describe a brief rally.
ships in the water bidding for Habben Jansen, chief execu- demand. Demand began to ta- have said in recent weeks that record volumes. The International Monetary
cargo, resulting in heavy com- tive of Hapag-Lloyd, said on per last year as orders to they remain cautious about Box-ship operators are Fund forecast in April that
.
petition on prices. the German box-ship com- move cargo dried up, prompt- the financial health of con- looking for a rise in spending global economic growth will
Average daily freight rates pany’s earnings call this ing carriers to cancel sailings sumers, but also pointed to by U.S. consumers on items fall to 2.8% this year from
ly
from Asia to the U.S. West month. In some cases, certain along some of the world’s bus- progress in reducing bloated such as appliances and elec- 3.4% in 2022.
Coast across the Pacific are at voyages don’t make sense “be- iest trade routes. inventories. Target, the Min- tronics, which could draw It said the slowdown is ex-
roughly $1,500 per 40-foot cause you simply lose too Pricing power for ship op- neapolis-based retail chain, down swollen inventories and pected to be more pronounced
container, compared with
more than $14,000 a year ago,
according to the Freightos Bal-
tic Index. The cost to send a
much money,” he said.
Box-ship operators were
among the biggest pandemic
winners. Orders for imported
on erators has diminished, but
some publicly listed operators
still produced hefty profit
early this year. A recovery in
said Wednesday that shoppers
are pulling back on discretion-
ary purchases and shifting
spending to essentials such as
increase demand for container
ships.
“What I don’t know is when
it will happen, and the data is
in advanced economies such
as the U.S.
To deal with lower demand,
shipowners are expected to
box from Asia to Europe is at goods began to climb in 2020 prices during the peak season food and household goods. not convincing at this point,” continue canceling sailings in
us ,
roughly $1,400, compared with as consumer spending surged is doubtful, said Peter Sand, Cargo volumes into the U.S. Maersk CEO Vincent Clerc said addition to scrapping vessels
l
nearly $11,000. on demand for products as di- chief analyst at shipping-data slumped this year amid the in an interview. or idling them for extended
e
al a
The rates for both trade verse as electronics and provider Xeneta. “The ship- broad decline in orders from For now, the market re- maintenance.
lanes are hovering around chairs. Supply-chain delays pers are in the driving seat to retailers and manufacturers. mains subdued. Several ocean- —Paul Berger
2019 levels, but fuel and labor made slots on ships harder to set freight rates,” he said. The nation’s busiest container- freight carriers pushed for a contributed to this article.
ci on
Bank Runs Rebut Long-Held Assumption on Deposits

er s
BY JONATHAN WEIL other bank runs. That is what EVE offers banks another liance Bancorp reported an
AND PETER RUDEGEAIR
m er
happened with Silicon Valley PacWest Shares multipart deal is expected to advantage—there is no stan- EVE of $8 billion as of March
Bank. close in the second and third dard way to calculate the met- 31, much higher than its $5.5
The recent spate of bank “The current environment Jump Over 19% quarter. ric. In general, EVE is calcu- billion of total equity. Its
failures is upending a long- of declining deposits and runs PacWest shares have been lated by estimating the present stock-market value, mean-
held theory among banking ex- on banks raises questions under pressure since the col- value of future cash flows from while, is $3.8 billion. The dif-
m rp
ecutives and regulators—that about whether most deposit PacWest Bancorp shares lapse of Silicon Valley Bank all of a bank’s assets and liabil- ference between total equity
the value of a lender’s deposit amounts are sustainable, espe- rose more than 19% after the and Signature Bank in March. ities, as well as off-balance and EVE mainly was due to de-
business goes up when interest cially uninsured deposits, re- beleaguered regional lender The stock has lost some sheet items such as deposit- posit-franchise value, Western
rates move higher. ducing deposit-franchise said it would sell a $2.6 billion 70% of its value this year de- franchise value. Alliance’s chief financial offi-
The theory rests on an as- value,” said Tom Linsmeier, an property-loan portfolio to Ken- spite attempts by executives PNC Financial Services in a cer, Dale Gibbons, said.
co Fo
sumption: That banks don’t accounting professor at the nedy-Wilson Holdings. to reassure investors and cus- presentation last month said Estimating the average life
have to pay depositors much University of Wisconsin and a The portfolio includes 74 tomers about the health of its “improvement in the market of demand deposits can be
to keep their money around, former Financial Accounting construction loans. It will sell business. PacWest has said it value of PNC’s deposit base challenging since “you’re basi-
even as rates rise. The depos- Standards Board member. another $363 million in real-es- would explore asset sales to significantly outpaced unreal- cally trying to anticipate hu-
its would be a stable source of The franchise value of de- tate loans once the bank gets boost liquidity and slashed its ized losses on assets,” without man behavior,” he said. “There
low-cost funding while the posits doesn’t appear on the required consents, accord- quarterly dividend to a penny a providing a number for EVE. are a lot of assumptions in
bank earned more money lend- banks’ financial statements. ing to a regulatory filing. The share. —Chelsey Dulaney On a call with analysts, PNC’s there that are hard, and they
ing at higher rates. Banks use complex models to chief executive, William Dem- change all the time.”
The more rates rose, the estimate the value, and they chak, said investors should During the first nine
bigger the franchise value of include it in an alternative vision that must be statements showed $2.2 billion “have a more holistic look” at months of 2022, Western Alli-
those deposits would be- measure of net worth called addressed.” of unrealized losses on its as- interest-rate risk, rather than ance said its EVE rose to $11.1
come—a natural hedge against “economic value of equity.” Silicon Valley Bank in its sets that didn’t count on its focusing on declining market billion from $8.9 billion, before
the declining market values of that lenders and regulators 2021 annual report said its balance sheet. Zions countered values for fixed-rate assets dropping to $7.5 billion during
n-
a portfolio of fixed-rate loans cite frequently. That number is economic value of equity was that it should get credit for an alone. the fourth quarter, when de-
and bonds. often higher than a bank’s to- $20.7 billion, which was $4.1 additional $5.1 billion of equity Phoenix-based Western Al- posits fell.
But if rising rates or plung- tal equity, or assets minus lia- billion higher than total equity. because of the estimated value
ing asset values cause a bank’s bilities, due to the franchise The lender also predicted, cor- of its deposit franchise, ac-
no
depositors to flee en masse, value of deposits. rectly, that its EVE would drop cording to a presentation last
the franchise value is zero— The Federal Reserve, which sharply if rates jumped. By the month. Including the markup Bright. Clear. Healthy Light.
and, worse, it could beget both regulates banks and sets time it failed, Silicon Valley related to its deposits, Zions
interest-rate policy, in a No- said its EVE was $8.1 billion as
$20 trillion vember report pointed to large of March 31, almost $3 billion
unrealized losses on banks’ more than total equity under
U.S. bank deposits, bondholdings due to rising
The Fed pointed to normal accounting rules.
quarterly rates. Things weren’t so bad, large unrealized Banks are telling investors
15 the Fed said, because “the to focus on the whole bank,
value of banks’ deposit fran-
losses on banks’ not just the bad parts. Zions
chise increases and provides a bondholdings. said in its presentation that fo-
buffer against these unrealized cusing only on negatives re-
10 losses.” sults in a “Picasso-like portrait
At Silicon Valley Bank, the view of equity.” Investors
Insured decline in its assets’ market
value was so severe that it
Bank had stopped reporting
EVE altogether.
aren’t convinced. Zions’ stock-
market value today is $4 bil-
Microsun's high-output
high light
5
spurred a run on the bank, ac- Banks have tried to promote lion. Zions spokesman James now in an LED floor lamp
celerating deposit flight at EVE to get investors to focus Abbott said the bank was high-
other regional banks, including less on their losses. Zions lighting the value of its low-
Uninsured Signature Bank and First Re- Bancorp, a Salt Lake City- cost, high-quality deposits.
public Bank, which both based lender, reported $5.2 bil- “The purpose of the entire dis-
0
failed. Since then, the Fed has lion of total equity as of March closure was to try to help edu-
2007 ’10 ’15 ’20 ’23 said “SVB’s failure demon- 31. Investors might question cate investors about how we Flexible & A
Adjustable
Source: FDIC Consolidated strates that there are weak- that number because a foot- think about interest-rate risk,”
Reports of Condition and Income nesses in regulation and super- note in the bank’s financial he said. Directional Light
L Source
5 Brightness Levels
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B4 | Tuesday, May 23, 2023 THE WALL STREET JOURNAL.
TECHNOLOGY
Micron Ban Pressures South Korea Startup

Chiefs Take
Cashing in on chip
maker’s woes in China
chips directly and through dis-
tributors. The Chinese curbs,
Murphy said, could have an im-
But the odds that the South
Korean and Japanese firms ig-
nore U.S. requests—given
Pay Cuts
won’t be easy for rivals
Samsung and SK Hynix
pact between a low-single-digit
to a high-single-digit percent-
age of its total revenue.
other American limits on chip
business in China—are “very
low,” the Bernstein Research
To Protect
BY JIYOUNG SOHN
AND YANG JIE
Micron stock fell 2.9% on
Monday.
The two South Korean firms
analysts wrote.
The Micron ban, an appar-
ent political gesture aimed at
Capital
and Micron last year repre- responding to Washington’s
A new Chinese clampdown sented about 95% of the mar- curbs on advanced chip mak- BY ANGUS LOTEN
SEONGJOON CHO/BLOOMBERG NEWS

on American chip giant Mi- ket for DRAM and roughly 64% ing technology to China, came
cron Technology has put for NAND flash, the two major from China’s Cyberspace Ad- Startup leaders are taking a
South Korea in an uncomfort- types of memory, according to ministration. The regulator pay cut to help their compa-
able position. TrendForce, a tech-market re- didn’t provide a specific defi- nies weather a prolonged
Amid a series of tit-for-tat search firm. nition for “operators of critical slump in venture-capital in-
trade moves between Beijing Any American pressure information infrastructure,” vesting, including fewer fund-
and Washington, China, citing campaign could prove painful though the term is typically ing deals, falling valuations
national-security risks, banned to South Korea, Samsung and associated with government and unfavorable conditions for
certain local firms in key in- SK Hynix, as they have deep agencies, state-owned enter- public-market debuts.
formation-infrastructure in- exposure to China. South Korea is home to Micron’s two largest competitors. prises and sectors including fi- The downturn even has
dustries from buying memory China, by far, is South Ko- nance, telecom operators and some of these chief executives
chips from Micron. The clamp- rea’s largest trade partner. memory chip market caused by was asked to engage, Ahn said cloud-service providers. dropping their paychecks to
down affects parts of Micron’s Samsung and SK Hynix both China’s actions.” any decision would be left to Any pickup by Micron’s ri- zero, in an effort to preserve
roughly $3 billion in annual operate semiconductor facili- But South Korean support the individual companies. vals for the affected business cash during wider gaps be-
sales from China. ties inside China, which is a key has its limits. Unlike fellow “It’s hard for the govern- would “not be significant” to tween funding rounds, finan-
South Korea, a U.S. ally, is market for the two companies American allies Japan and the ment to dictate what a com- any one company, assuming cial managers and investors
home to Micron’s two largest and the global supply chain. Netherlands, Seoul hasn’t put pany should or should not do,” the business would be distrib- say.
rivals in the memory-chip busi- The two firms together produce forth its own chip-industry re- Ahn said. uted among competitors, said This year, the average an-
ness, Samsung Electronics and about 22% of the world’s NAND strictions that would compli- Samsung Electronics said it TrendForce analyst Avril Wu. nual salary for CEOs at U.S.
SK Hynix. But cashing in on flash memory supply from ment the Biden administra- didn’t have a comment. An SK The U.S. has been seeking its startups has fallen to
Micron’s woes in China won’t China, while SK Hynix provides tion’s efforts to curb China’s Hynix spokeswoman said it allies’ cooperation in the areas $142,000, down from an aver-
be easy for South Korea, Sam- about 12% of global DRAM pro- access to high-end semicon- hadn’t received a request from of advanced semiconductors, age of $150,000 in 2022, and
sung or SK Hynix. Geopolitics duction from the country, ac- ductors. Samsung and SK the South Korean government which are viewed increasingly the lowest since 2020, accord-
complicate what could be a cording to TrendForce. Hynix have been sensitive on the matter. as a centerpiece of national se- ing to Kruze Consulting, an ac-
welcome opportunity to boost South Korea has drawn about Washington’s ban on ad- Not all of Micron’s $3.3 bil- curity and a technology that it counting firm for venture-
sales during a major downturn even closer to Washington un- vanced chip-making equipment lion in revenue in China will has sought to prevent China backed companies. The salary
in the memory market. der conservative leader Yoon exports to China and have had be blocked. Roughly a fifth of from advancing on. figures are based on an analy-
How South Korea’s chip in- Suk Yeol, who took office a to obtain exemptions from the the U.S. chip maker’s sales in Last week, government and sis of financial data from more
dustry reacts will largely de- year ago and just got back U.S. to keep operating their the country are expected to be business leaders from the U.S., than 400 of the firm’s private
termine to what extent China’s from a successful visit to China-based factories. affected by the ban, according Japan, South Korea and Tai- venture-backed startup clients,
.
ban on Micron proves a suc- Washington. China’s Micron ban to a Bernstein Research note wan—part of a coalition of chip Kruze said.
cess for Beijing—or widens the Despite protests from Bei- wouldn’t bring harm to South to investors. Other parts of powerhouses—met and said Most chief executives at
ly
supply-chain gulf with the U.S. jing, Seoul joined Washington- Korea’s chip makers, said Micron’s China business, such they would seek ways to “coun- early-stage startups—who of-
and its allies. China’s memory- led efforts to build up tech sup- South Korea’s vice minister for as semiconductors that go inter malign practices” by China ten are also a founder or co-
chip makers can’t currently ply chains and economic the Ministry of Trade, Indus- side consumer tech products and “foster resilience to eco- founder of the business—set
match the technology and pro-
duction capacity of Micron,
Samsung and SK Hynix, indus-
try analysts say.
initiatives that exclude China,
including the “Chip 4” semicon-
ductor alliance and the Indo-
Pacific Economic Framework.
on
try and Energy on Monday.
Last week, in a meeting with
foreign media, South Korean
trade minister Ahn Duk-geun
that get sold outside of the
country, aren’t legally bound
to the ban, according to Bern-
stein Research.
nomic coercion.” The meeting
came on the eve of the Group of
Seven summit held in Hiro-
shima, Japan, where Beijing’s
their own salaries based on
prevailing market rates. As
startups mature, salaries for
CEOs and other executives are
Mark Murphy, Micron’s chief After Beijing’s Micron ban, said he hadn’t received a re- In addition to Samsung and perceived economic intimida- more likely to be decided by
us ,
financial officer, on Monday the U.S. Commerce Department quest from the U.S. on moves SK Hynix, Japanese memory tion was a central theme. the company’s corporate
l
said the company derives about on Sunday said it would engage in response to a potential Chi- makers Kioxia and Western board.
e
al a
a quarter of its revenue from with key allies and partners to nese ban of Micron. Even if Digital could serve as alterna-  Heard on the Street: Japan “When these companies
Chinese companies by selling address “distortions of the the South Korean government tive vendors for Chinese firms. bets big on Micron............... B12 start getting low on funding,
founders will do whatever
ci on
they can to extend runway,”
Applied Materials to Invest $4 Billion in Plant

said Healy Jones, Kruze’s vice
president of financial strategy.
“But some founders are clearly
in a tougher spot than oth-
er s
BY RYAN TRACY AND ASA FITCH makers and universities to col- dustry. supply chain, the Biden admin- eral subsidies. ers.”
laborate and experiment with “Inclusive innovation is istration said last week. The Vice President Kamala Har- Jones said this year’s aver-
m er
Applied Materials said it its equipment at the facility, how the most successful com- companies are beginning to ris visited an Applied Materi- age salary is being weighed
would invest as much as which is expected to be companies in the industry work,” apply for the money under the als facility in Sunnyvale, Calif., down by a number of CEOs
$4 billion in a new California plete by 2026. Applied Materials Chief Execu- 2022 Chips and Science Act, on Monday to mark the com- who are drawing no salary at
facility to conduct research on That model could cut the tive Gary Dickerson said. which provided $53 billion to pany’s investment, senior adall. At the same time, he said,
tools for making semiconduc- time it takes to develop chips The company, he added, strengthen the U.S. semicon- ministration officials said. a handful of outliers have
m rp
tors, adding to a wave of chip- by 30% in an era when manu- plans to build the facility no ductor industry. The officials touted the raised their salaries, as indi-
industry projects in the U.S. facturing is becoming increas- matter what government sup- A raft of large chip makers news as evidence that the cated by a rising median sal-
spurred on by federal govern- ingly complex, the company port it gets, but its size and announced new projects in the Chips Act incentives are work- ary. That suggests a smaller
ment subsidies. said. As the drive to make pace hinge on how much U.S. ahead of the act’s passage. ing to attract industry invest- pool of healthy businesses are
The Santa Clara, Calif.- faster-calculating chips by Washington kicks in. Intel, Taiwan Semiconductor ments, and said they are mov- getting the bulk of available
co Fo
based company, a leading shrinking transistors and So far, around 300 compa- Manufacturing and Samsung ing to allocate the funds as capital, limited as it is, while
maker of machines used to packing more of them on chips nies have indicated to the Electronics—three of the larg- quickly as possible. On a call others are struggling, Jones
make advanced chips increas- runs up against physical barri- Commerce Department that est chip makers in the world— with reporters, the officials said.
ingly seen as crucial to mod- ers, chip makers are turning to they are interested in federal are building chip factories in declined to comment on which Total funding for startups
ern economies and geopoliti- new materials and creative en- incentives for chip manufac- Ohio, Arizona and Texas and companies and projects would worldwide in the first quarter
cal power, will invite chip gineering to advance the in- turing and the chip-making are expected to angle for fed- receive support. dropped to $58.6 billion, a 61%
decline from the same period
last year, according to market
Disney former TV producer and execu-

tive who teaches media manage-
ment at New York University.
analytics firm CB Insights. The
total number of first-quarter
deals fell 37% from the year-
Feels TV Shapiro said large media

companies need to lessen their
earlier period to 7,024, the
firm said.
n-
dependence on the profit gen- Mark Leahy, co-chair of
Weakness erated by linear TV, given how

quickly cord-cutters are un-
subscribing from cable TV
startup and venture capital at
law firm Fenwick & West, said
to cope with the drop-off in
no
packages. deal making, executives are

Continued from page B1 “Big media companies like agreeing to cut their salaries
according to financial filings. Disney really should create a to lower their company’s burn
And ESPN, home to shows certain date for when they’re rate—the amount of capital a
such as “Monday Night Foot- going to abandon the horse- business spends over a given
ball” that are hugely valuable and-buggy model,” he said. “It period. “Given the challenging
to advertisers and cable com- would create a lot of clarity.” current fundraising environ-
panies, is laying the ground- Iger said last year, before ment, many companies are
work for a shift to a fully retaking the helm at Disney, seeking to extend their cash
streaming-focused model at that traditional TV “is march- runway and to push towards
XAVI LOPEZ/SOPA IMAGES/ZUMA PRESS
some point in the future, The ing to a distinct precipice, cash flow break-even in their
Wall Street Journal has re- and it’s going to be pushed business,” Leahy said.
ported, a change that would off.” This year, at Disney’s up- Steven Rosenblatt, co-
allow Disney to sell sports en- front presentation in New founder of seed-stage invest-
tertainment including live York—the annual gathering ing firm Oceans, said most
events directly to consumers where media companies pitch first-time startup CEOs—de-
and offer advertisers the their most promising pro- spite the popular image of
chance to target subscribers grams to Madison Avenue highflying tech-sector million-
more precisely. buyers—Disney focused heav- aires—are no different than
But none of that has been ily on sports, bringing on- anybody else when it comes to
enough to cheer investors, Prices have been raised for Disney+ and other streaming bundles. A promotion in Madrid. stage pro athletes and com- compensation and will feel the
who have traded shares of mentators to sing the praises pain of lower salaries.
Disney for under $100 each Share and index performance, year to date lished by media analytics firm of ESPN and coverage of “You have a small few who
for much of the year. Since Antenna, but Disney watchers events such as the NBA play- can sacrifice taking a salary
30%
the start of 2023, Disney’s say it will be a while before offs. for an extended period of
stock price has risen 5.7%, the impact of those new users Analysts at MoffettNa- time, but for most they need
Walt Disney
closing at $91.82 on Monday, 25 is visible in financial results. thanson in New York recently some salary to live and pay
compared with the S&P 500 McCarthy said at the con- reported an annual rate of their bills,” Rosenblatt said.
index, which is up 9.2% on the ference earlier this month that cord-cutting of 6.9% in the
year. 20 the company plans to raise first quarter of 2023, the Average annual salary
In December, Disney raised prices for its streaming ser- steepest decline on record. for CEOs from more than
prices for Disney+ and some vices again. More than two million house- 400 VC-backed startups
of its streaming bundles at 15 Meanwhile, a soft TV adver- holds canceled their tradi-
$150,000
the same time that it tising market and a writers’ tional TV plans—or those that
launched a lower-priced, ad- 10 strike that threatens to delay are delivered via cable, satel-
supported tier, in a bid to in- production of new series for lite or a telecom service—in
crease the average revenue it both streaming and broadcast the quarter.
100,000
gets each month from stream- 5 have limited enthusiasm for “Sports ratings are holding
ing users. S&P 500 media companies more pretty well, but you’re seeing
The move worked for sub- broadly. an acceleration in cord-cut-
scribers in North America and 0 All this adds up to more ting, and that’s why linear TV
50,000
Europe, pushing average reve- Jan. 2023 May pressure on companies such as profits are in free fall,” Na-
nue up by 70 cents from the Source: FactSet Disney to get streaming to thanson said. “For Disney, it’s
previous quarter to $6.47, ac- profitability and fewer sources really about self-help on the
cording to Disney’s financial tal 157.8 million Disney+ sub- The ad-supported tier of of income to rely on going for- cost side. Other companies
0
filings. But at the same time, scribers, average monthly rev- Disney+ has signed up 1.1 mil- ward to subsidize big spend- have been more aggressive
in India, where the Disney+ enue per user fell to 59 cents, lion subscribers in just over ing on content. about quickly shutting down 2019 ’20 ’21 ’22 ’23*
Hotstar service accounts for from 74 cents the previous four months of existence, ac- “Cable is dead, let’s all be program spending and cutting *As of Jan. 31
more than one-third of the to- quarter. cording to new statistics pub- honest,” said Evan Shapiro, a administrative costs.” Sources: Kruze Consulting
THE WALL STREET JOURNAL. Tuesday, May 23, 2023 | B5
TECHNOLOGY WSJ.com/Tech
Security Chiefs Move to Trim the Fat Specialist Investor

Cyber teams are
looking to do more
Raises $700 Million
with less in an
uncertain economy
For Clean-Energy Fund
BY LUIS GARCIA vestments in existing compa-
BY JAMES RUNDLE nies as well as a back-and-build
AND KIM S. NASH Specialist investment firm model in the sustainable real
NGP Energy Capital Manage- assets category,” Carter said.
Security chiefs are looking ment has raised $1.23 billion He added that a decline in as-
for ways to cut costs and run across two funds to make new set prices during the past year
DAVID PAUL MORRIS/BLOOMBERG NEWS
operations more efficiently as bets in both the traditional and or so has made new investment
economic difficulties cut into clean-energy sectors. opportunities more attractive.
budgets and resources. The Dallas firm wrapped up “We’re seeing more reason-
High-profile hacks, new reg- its latest energy-transition able valuations and the ability
ulations focused on digital de- fund, NGP ETP IV LP, with $700 to negotiate attractive terms,”
fenses and a greater under- million in commitments. NGP he said. “At the same time, the
standing of the damage that also said it recently closed on companies that we have in-
attacks can $527 million for its second vested in are benefiting from
CYBERSECURITY cause have fund to invest in mineral rights the tailwinds of” the Inflation
elevated cy- and royalties in oil and gas, Reduction Act. The law enacted
bersecurity to a core business Security chiefs say they are looking to downsize the number of vendors they use as they confront NGP Royalty Partners II LP. The last year extended tax incen-
risk. As a result, chief informa- slimmer budgets. The RSA Conference in San Francisco of cybersecurity providers in April. effort collected 65% more than tives for solar and wind power
tion security officers and chief the $320 million the firm while creating new financial
information officers have spent want to put their funds into. “We’ve seen some projects said his company used to have banked for a predecessor fund support for other clean-energy
big on cyber tools and services. Security may be important, get delayed or descoped, none three or four specialists en- in 2021. technologies.
That is starting to change. but security doesn’t make rev- canceled, while most continue gaged full-time in threat hunt- More than 30 investors A rising number of invest-
Analysts sometimes claim enue,” said William Lidster, on track,” Nikesh Arora, chief ing, or combing through net- backed the clean-energy fund, ment firms focused on the sec-
that cybersecurity is immune to CISO at automotive insurer executive of Palo Alto Networks, work logs to look for said NGP Managing Partner tor target supply-chain busi-
wider budget cuts facing com- AAA Washington. said on a February earnings call. suspicious activity. Often, he Chris Carter. One participant, nesses as an abundance of
panies in light of a troubled eco- Security providers say con- Economic uncertainties, he said, said, these highly skilled em- the Kentucky Teachers’ Retire- capital depresses returns from
nomic climate, but the reality versations around contract re- are “creating more conversa- ployees wouldn’t even know ment System, pledged as much backing power-generating op-
on the ground is different, secu- newals and selling products tions around payment terms, what they were looking for un- as $30 million, according to the erations, fund managers said.
rity chiefs say. While many are becoming difficult, and discounts and scope of the deal til they found it. WSJ Pro Private Equity LP Private-capital firms raised
CISOs haven’t experienced the they must be flexible with cus- with purchasing teams.” The company has deployed Commitments database. $28.76 billion for clean-energy
degree of belt-tightening seen tomers. Chief financial officers The scrutiny on budgets is machine-learning programs to The private-equity firm, technology funds during this
by other corporate departments, and board members are now extending to suppliers, some of take on that work, freeing up which originally focused on oil year’s first quarter, nearly 26%
such as sales and marketing or more involved, and projects which are experiencing funding staff for more complex tasks, and gas, began also investing more than the $22.85 billion
even technology units, they are that might have been approved challenges and consolidation, such as analyzing the efficacy in clean-energy businesses collected in the year-earlier pe-
often being asked to do more easily in past years face rock- said Barry Mainz, chief execu- of the company’s security pro- more than 15 years ago riod, according to research pro-
with the resources they have. ier prospects. tive of cybersecurity company gram and where they need to through its NGP Energy Tech- vider Preqin.
A sour economy can erode David Obstler, chief financial Forescout Technologies. He make changes. nology Partners strategy. The “There are so many new en-
.
the security budget even with- officer of Datadog, which pro- said clients have requested in- Security chiefs looking to new ETP fund is the firm’s lat- trants to this space—it’s so
out an order to curb spending, vides cloud-security monitoring, formation on his company’s fi- make do should also cull cyber est for a growth strategy that popular,” said Philip Deutch, an
ly
said John Scrimsher, CISO at said on an earnings call this nancial health, and some want tools that have fallen into dis- backs equipment and services NGP partner who leads the
Kontoor Brands, the company month the company renegoti- to speak with his CFO. use or aren’t as valuable as providers in the clean-energy firm’s clean-energy growth
that makes Wrangler and Lee ated a subscription contract “I haven’t heard that for a they once were, said Scrimsher industry as well as developers strategy. He added, however,
jeans.
Cybersecurity is typically a
portion of the overall technol-
ogy budget, which itself is a
with a large customer in the
cryptocurrency business. What
was a $65 million upfront pay-
ment is now several smaller in-
on
while—maybe back in 2008 to
2009 we had that,” he said, re-
ferring to the financial crisis.
“Companies that are looking to
of Kontoor Brands.
“Make cuts in the least
risky way possible,” he said.
“If there’s a great tool that
of sustainable infrastructure,
Carter said.
So far, NGP has invested
roughly one-fifth of the new
that relatively few firms make
growth investments in the sec-
tor, which typically involve mi-
nority stakes. “It’s an under-
percentage of revenue, Scrim- stallments, Obstler said. invest heavily want to make gives you visibility into some- fund across six deals, including served area,” he said.
us ,
sher said. “If the economy is CIOs and CISOs are taking sure that there’s some sort of thing but you haven’t used backing battery-technology While clean energy draws a
l
down and revenue is down, longer to make buying deci- financial stability.” that visibility for five years, do company Form Energy, fleet- lot of interest, traditional en-
e
al a
then IT and cyber budgets are sions, say big cybersecurity For security chiefs, who you really need to spend charging infrastructure devel- ergy still attracts investors as
down,” he said. players Palo Alto Networks may have dozens of vendors $20,000 a year on it?” oper EV Realty and geother- well. NGP’s royalty and mineral
This, in turn, has invited and CrowdStrike. handling everything from fire- mal systems company rights investments give partici-
ci on
WSJ PRO
greater scrutiny of how secu- Annual recurring revenue walls to email security, cutting Dandelion Energy, Carter said. pants a share of well revenue
rity money is being spent, and for CrowdStrike’s fiscal year is the number of expensive ser- The firm focuses on four clean- without the burden of produc-
in some ways forced security expected to be “flat to very vices they use is a key consid- energy segments: renewable tion costs.
chiefs to reckon with uncom- modestly up,” CFO Burt Pod- eration. Some are also looking power sources, electrification, “It’s an example of inves-
fortable truths. bere told financial analysts in at how automated technologies
CYBERSECURITY energy efficiency and carbon tors’ desire to find opportuni-
er s
“Even in a good economy, March, “given increased bud- can be implemented to free up management, he said. ties with lower risk [and] cash-
people are trying to grow the get scrutiny and elongated human resources. wsj.com/pro/cybersecurity “The fund strategy is a com- yielding attributes,” Carter
m er
business, that’s what they sales cycles.” AAA Washington’s Lidster bination of growth-equity in- said.
m rp
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CLASS ACTION
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN RE VIACOM INC. Consolidated C.A. No. 2019-0948-SG
TRENT BOZEMAN FOR THE WALL STREET JOURNAL

STOCKHOLDERS LITIGATION
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER

CLASS ACTION, SETTLEMENT HEARING, AND RIGHT TO APPEAR
TO: All holders of Viacom Inc. (“Viacom”) common stock at any time from August 13, 2019 through and including
December 4, 2019 (the “Class Period”), whether beneficial or of record, including the legal representatives, heirs,
successors-in-interest, transferees, and assignees of all such foregoing holders (the “Settlement Class”).
Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the full Notice of
Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (the
“Long-Form Notice”), available at www.ViacomStockholdersLitigation.com. Any capitalized terms used in this
Summary Notice that are not otherwise defined in this Summary Notice shall have the meanings given to them in the
Stipulation and Agreement of Settlement, Compromise, and Release dated March 28, 2023 (the “Stipulation”), which is
also available at www.ViacomStockholdersLitigation.com.
PLEASE READ THIS SUMMARY NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION
LAWSUIT PENDING IN THIS COURT. Walmart has reduced its inventories in its U.S. store operations by 9% over the past year.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Court of Chancery of the State of Delaware (the “Court”), that the
above-captioned stockholder class action (the “Action”) has been preliminarily certified as a class action on behalf of the Settlement
Class defined above.
YOU ARE ALSO NOTIFIED that (i) Lead Plaintiff California Public Employees’ Retirement System (“Lead Plaintiff”), on behalf
of itself and the Settlement Class and Additional Plaintiffs Park Employees’ and Retirement Board Employees’ Annuity and Benefit
Fund of Chicago (“Chicago Park”) and Louis Wilen; (ii) defendants Shari E. Redstone, National Amusements, Inc., NAI
Entertainment Holdings LLC, Thomas J. May, Judith A. McHale, Ronald Nelson, and Nicole Seligman (collectively, “Defendants”);
Retailers Indicate U-Turn
and (iii) Paramount Global (“Paramount,” and together with Lead Plaintiff and Defendants, the “Parties”) have reached a proposed
settlement of the Action for $122,500,000 in cash (the “Settlement”). The terms of the Settlement are stated in the Stipulation. If
approved by the Court, the Settlement will resolve all claims in the Action.
A hearing (the “Settlement Hearing”) will be held on July 25, 2023, at 11:00 a.m., before The Honorable Sam Glasscock III, Vice
Chancellor, either in person at the Court of Chancery of the State of Delaware, Sussex County, Court of Chancery Courthouse, 34 The
On Paring Back Inventory
Circle, Georgetown, Delaware 19947, or remotely by telephone or videoconference (in the discretion of the Court), to, among other
things: (i) determine whether to finally certify the Settlement Class for settlement purposes only, pursuant to Court of Chancery Rules BY PAUL PAGE Inventories at U.S. general the company’s customers that
23(a), 23(b)(1), and 23(b)(2); (ii) determine whether Lead Plaintiff and Lead Counsel, Bernstein Litowitz Berger & Grossmann LLP, merchandise retail stores were focused at the start of the
have adequately represented the Settlement Class, and whether Lead Plaintiff should be finally appointed as class representative for
Big retailers are signaling year on destocking are starting
the Settlement Class and Lead Counsel should be finally appointed as class counsel for the Settlement Class; (iii) determine whether $100 billion
the proposed Settlement should be approved as fair, reasonable, and adequate to the Settlement Class, and in the best interests of the they are nearly done paring to push more goods to distri-
Settlement Class; (iv) determine whether the proposed Order and Final Judgment approving the Settlement, dismissing the Action back their excess inventories bution centers and stores even
with prejudice, and granting the Releases provided under the Stipulation should be entered; (v) determine whether the proposed Plan
of Allocation of the Net Settlement Fund is fair and reasonable, and should therefore be approved; (vi) determine whether and in what and are preparing to fill their as uncertainty hangs over the
amount any award of attorneys’ fees and expenses to Plaintiffs’ Counsel (the “Fee and Expense Award”) should be paid out of the shelves with new merchandise 75 broader economy.
Settlement Fund, including any incentive awards for Lead Plaintiff and Additional Plaintiff Chicago Park (the “Incentive Awards”);
(vii) hear and rule on any objections to the Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s application for a Fee this fall, potentially brighten- “We’re seeing that the re-
and Expense Award, including any Incentive Awards; and (viii) consider any other matters that may properly be brought before the ing prospects for freight carri- tailers are in a much better po-
Court in connection with the Settlement. ers looking for revived restock- 50 sition than they were a year
Any updates regarding the Settlement Hearing, including any changes to the date, time, or format of the hearing or updates regarding ing to drive a shipping ago,” Wilkerson said. “Now the
remote or in-person appearances at the hearing, will be posted to the Settlement website, www.ViacomStockholdersLitigation.com.
rebound. question is around the con-
If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you Target’s inventories at the sumer. With everything going
may be entitled to share in the Net Settlement Fund. If you have not yet received the Long-Form Notice, you may obtain a copy 25
.
of the Long-Form Notice by contacting the Settlement Administrator by mail at Viacom Stockholders Litigation, c/o A.B. Data, Ltd., end of the latest quarter were on with the macro economy,
16% lower than the same pe- we still have to make sure the
ly
P.O. Box 173058, Milwaukee, WI 53217; by telephone at 877-390-3177; or by email at info@ViacomStockholdersLitigation.com. A
copy of the Long-Form Notice can also be downloaded from the Settlement website, www.ViacomStockholdersLitigation.com. riod a year ago and Walmart demand is there from the con-
If the Settlement is approved by the Court and the Effective Date occurs, the Net Settlement Fund will be distributed on a pro cut inventories in its U.S. store 0 sumer.”
rata basis to Eligible Class Members1 in accordance with the proposed Plan of Allocation stated in the Long-Form Notice or such operations by 9% over the past 2019 ’20 ’21 ’22 ’23 Germany’s Hapag-Lloyd
other plan of allocation as is approved by the Court. Pursuant to the proposed Plan of Allocation, each Eligible Class Member will be
the Eligible Class Member and (ii) the “Per-Share Recovery” for the Settlement, which will be determined by dividing the total
on
eligible to receive a pro rata payment from the Net Settlement Fund equal to the product of (i) the number of Eligible Shares2 held by
amount of the Net Settlement Fund by the total number of Eligible Shares held by all Eligible Class Members. As explained in further
detail in the Long-Form Notice at paragraphs 25-35, pursuant to the Plan of Allocation, payments from the Net Settlement Fund to
Eligible Class Members will be made in the same manner in which Eligible Class Members received the Merger Consideration.
year, slashing hundreds of mil-
lions of dollars of goods from
their balance sheets and sug-
gesting space is opening up in
Note: Seasonally adjusted
Source: U.S. Census Bureau via Federal Reserve
Bank of St. Louis
said this month that its first-
quarter revenue plunged 33%
to just over $6 billion on a
4.9% drop in cargo volume. But
Eligible Class Members do not have to submit a claim form to receive a payment from the Settlement. their jammed supply chains. around port backups and get the world’s fifth-largest con-
us ,
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s application for a Fee and Target Chief Operating Offi- goods to consumers. McMillon tainer carrier by capacity said
l
Expense Award, including any application by Lead Plaintiff and Additional Plaintiff Chicago Park for Incentive Awards, must be filed
cer John Mulligan said on an said at one point last year Wal- shipment trends picked up to-
e
with the Register in Chancery in the Court of Chancery of the State of Delaware and delivered to Lead Counsel, Representative
al a
Defendants’ Counsel, and Paramount’s Counsel such that they are received no later than July 10, 2023, in accordance with the earnings conference call mart had 100,000 shipping ward the end of the quarter.
instructions set forth in the Long-Form Notice. Wednesday that the overstock- containers backed up at ports. “I don’t think that means
ing that weighed on the com- U.S. consumers had boosted that we’re now going to see a
ci on
Please do not contact the Court or the Office of the Register in Chancery regarding this Summary Notice. All questions
about this Summary Notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to
the Settlement Administrator or Lead Counsel. pany last year was “in the their purchases of goods dur- very quick recovery,” CEO Rolf
rearview mirror” and that the ing the Covid-19 pandemic as Habben Jansen said on a May
Requests for the Long-Form Notice should be made to the Settlement Administrator:
retailer was turning toward restrictions on many activities 12 earnings conference call.
Viacom Stockholders Litigation
c/o A.B. Data, Ltd. getting fresh merchandise into limited services spending. But “But I do think that underlines
P.O. Box 173058 stores for the fall. a sharp pivot back toward ser- the point that destocking is
er s
Milwaukee, WI 53217
“In terms of inventory, we’re vices began last spring as those slowly but steadily coming to
877-390-3177
info@ViacomStockholdersLitigation.com in good shape,” Walmart Chief restrictions ended, leaving an end, and at some point in
m er
www.ViacomStockholdersLitigation.com Executive Doug McMillon said merchants’ warehouses over- time we quite likely will see a
Inquiries, other than requests for the Long-Form Notice, should be made to Lead Counsel: on a Thursday earnings confer- stuffed, and retailers pulled bit of pickup in demand.”
Edward Timlin ence call. “In-stock is improv- back on orders from overseas Lowell, Ark.-based J.B. Hunt
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
ing, and excess inventory keeps suppliers while they burned off Transportation Services, a
coming down. We see it in the excess inventory. bellwether for the U.S. freight
p
New York, NY 10020

800-380-8496 numbers, and I’m seeing it on Container imports into U.S. market, said its customers are
settlements@blbglaw.com store and [Sam’s Club] visits.” West Coast ports, the main talking about restocking but so
BY ORDER OF THE COURT OF CHANCERY Inventories at U.S. general gateways for trade with Asia far haven’t turned that into
merchandise stores expanded and the array of suppliers pro- bigger shipping volumes.
r
OF THE STATE OF DELAWARE

1 “Eligible Class Members” has the meaning ascribed to it in the Long-Form Notice.
2 “Eligible Shares” has the meaning ascribed to it in the Long-Form Notice. 1.2% in March, according to ducing consumer goods for “Many of them are reporting
co Fo
Census Bureau figures, after American retailers, declined or sharing with us that they
pulling back over several nearly 23% in the first quarter feel like, by and large, their in-
months from a record last Au- from a year earlier, according ventory issues are or have been
gust. to Descartes Datamyne, a data mostly corrected. But we’re not
BUSINESS OPPORTUNITIES
m
Walmart and Target were analysis group owned by sup- yet seeing that inbound flow”
among scores of merchants ply-chain software company increase into distribution cen-
that rushed goods into U.S. dis- Descartes Systems Group. ters, Brad Hicks, the carrier’s
STOCK TRADING PLATFORM tribution networks in early Drew Wilkerson, CEO of president of highway services,
THEMARKETPLACE
2022, with some even charter- Charlotte, N.C.-based logistics told a BofA Securities confer-
LOOKING FOR A COMPANY ing their own ships to get services company RXO, said ence Thursday.
TO EVALUATE, MARKET & SELL PLATFORM
Privately Owned - Copyrighted - Own Source Code
Judge Targets Secret Funding

n-
Completely Automated - C#/API Broker Interfaced

43% +/- Per/Year Average Return - Program Set to Trade Conservatively
Live Trading - Proven & Documented Results
Of Intellectual-Property Suits
no
Every Trade Decision - Long or Short is Calculated & Executed By Program
Email: TSSLEGALSTOCKTRADINGPLATFORM@GMAIL.COM BY JACOB GERSHMAN Outside funding can give covery into IP Edge’s interest
smaller litigants access to in the litigation, which both
A federal judge in Delaware courts, but critics say the lack parties later agreed to dismiss.
is on a campaign to eliminate of transparency around who is The case, though, raised the
BANKRUPTCIES hidden funding of intellectual- bankrolling infringement law- judge’s suspicions that other
property lawsuits against com- suits has helped fuel a growth plaintiffs connected to IP Edge
panies, a crackdown that is in nuisance litigation that is might have disobeyed his fi-
IN THE UNITED STATES BANKRUPTCY COURT AlltitisasstiglaimsagaistthDbtshslaims
FOR THE DISTRICT OF DELAWARE a altd by a amdmt t th Shduls a quid t roiling the patent-law industry. often cheaper to settle than to nancial disclosure order and
I : ) chapt 11 fil a pf f laim by th lat f (i) th Gal Ba Dat U.S. Chief District Judge defend. other transparency require-
th Gvmtal Ba Dat, as appliabl, ad (ii) 5:00 p.m.,
LIncoLn Power, L.L.c., et al.,1 ) cas n.23-10382 (LSS)
pvailig east Tim, th dat that is thity (30) alda Colm Connolly in Wilmington, About one-quarter of fed- ments. Last summer, he sum-
Dbts. ) (Jitly Admiistd)
NOTICE OF DEADLINE FOR FILING OF
days fm th dat hih th Dbts mail ti f th whose court is one of the busi- eral district courts have rules moned several Texas residents
amdmt t th Shduls ( ath tim pid as may b
PROOFS OF CLAIM, INCLUDING FOR CLAIMS fixdbythcut). est venues for patent litiga- that require disclosure of the identified as sole owners of
ASSERTED UNDER SECTION 503(b)(9) OF THE
ADVERTISE tion, issued an order a year identity of litigation funders plaintiff companies to testify
Pfs f laim must b st by vight mail, ui
BANKRUPTCY CODE svi, had dlivy, gula mail, i ps, mpltd
THE GENERAL BAR DATE IS 5:00 P.M. (PREVAILING ltially thugh omi’s bsit. Pfs f laim st by ago requiring litigants in his in some circumstances, ac- at evidentiary hearings he con-
EASTERNTIME) ON JUNE 14,2023
PLEASETAKE NOTICE OFTHE FOLLOWING:
fasimil, tlpy, lti mail ill not b aptd ad
ill not b sidd pply timly fild f ay pups
ithchapt11cass.
TODAY court to disclose details of any
financial arrangements in
cording to the U.S. Chamber of
Commerce Institute for Legal
vened in November.
The witnesses, a paralegal
o Mah 31, 2023 (th “Petition Date”), th abv-
AnY PerSon or enTITY THAT IS reQUIreD To FILe A ProoF
aptid dbts ad dbts i pssssi (lltivly,
oF cLAIM In THe cHAPTer 11 cASeS wITH reSPecT To A which third parties are fund- Reform, which has been urg- from Fort Worth, a software
th “Debtors”) fild vlutay ptitis f lif ud
hapt 11 f th Bakupty cd i th Uitd Stats PArTIcULAr cLAIM AGAInST THe DeBTorS, BUT THAT FAILS To ing their lawsuits. salesman from Houston and a
Do So ProPerLY BY THe APPLIcABLe BAr DATe, wILL noT Be
Bakupty cut f th Distit f Dlaa (th “Court”).
o Apil 27, 2023, th cut td a d [Dkt n. TreATeD AS A creDITor wITH reSPecT To SUcH cLAIM For (800) 366-3975 Lawyers defending compa- food-truck owner from Waco,
115] (th “Bar Date Order”)2 stablishig tai dadlis PUrPoSeSoFVoTInGAnDDISTrIBUTIon. nies against infringement testified that they came to own
f th filig f pfs f laim i th hapt 11 ass f th A py f th Ba Dat od ad pf f laim fm may b
btaid by tatig th Dbts’claims Agt,i itig,at For more information claims have cheered him on,
Critics say a lack of the rights to patents through a
fllig Dbts: Debtor, Case No., EID# (Last 4 Digits):
Lil P, L.L.c., 23-10382 (LSS), 6449; cgtix Lil omi, Lil P, L.L.c., claims Pssig, / omi Agt
Slutis,5955DStAv.,Suit100,wdladHills,cA91367
visit: crediting the judge with ex- transparency has consulting firm called
Hldigs,LLc,23-10383 (LSS),6060;cgtix Lil Hldigs
wsj.com/classifieds posing tactics that have Mavexar that approached
II, LLc, 23-10384 (LSS), 4004; elgi egy ct Hldigs, LLc,
23-10385 (LSS),(n/A);elgi egy ct,LLc,23-10387 (LSS),
li at https://miagtslutis.m/lilp.
Th Ba Dat od a als b vid th cut’s bsit shielded filers of frivolous
helped fuel growth in them.
at .db.usuts.gv. If yu hav qustis ig
4819; Vally rad Hldigs, LLc, 23-10388 (LSS), n/A; Vally
rad Fudig, LLc, 23-10389 (LSS), 1587; rky rad P, th filig pssig f laims, yu may tat th Dbts’
laimsagt,omi,tll-fat(888)729-5205.
lawsuits from scrutiny and lia- nuisance litigation. Public records show that
LLc,23-10390 (LSS),2701.
Datd: May16,2023, wilmigt,Dlaa
bility. Attorneys representing Mavexar’s three principal
Pusuat t th Ba Dat od, ad xpt as pvidd i
paagaph 11 f suh d, ah ps tity (iludig, rsptfully Submittd, /s/ Heather P. Smillie , YOUNG plaintiffs in the judge’s cross members are the same patent
ithut limitati, ah idividual, patship, jit vtu,
pati, stat, ad tust) that hlds sks t asst a
CONAWAY STARGATT & TAYLOR, LLP, Mihal r. nst (n.
3526), Kaa Hammd cyl (n. 4410), Hath P. Smilli (n.
hairs have accused Connolly of attorneys that founded IP
laim (as dfid i sti 101(5) f th Bakupty cd) 6923),Kisti L.Mely (n.6871),rdy Squa,1000 nth unjustly prying into their cli- ing the federal judiciary and Edge. A lawyer for IP Edge de-
agaist th Dbts that as, is dmd t hav ais, Kig Stt,wilmigt, De 19801,Tlph: (302) 571-6600,
bf th Ptiti Dat (iludig, ithut limitati, Fasimil: (302) 571-1253, email: mst@yst.m, kyl@ ents’ finances and privileged Congress to mandate a uni- clined to comment.
laims titld t admiistativ piity status ud yst.m, hsmilli@yst.m, kmly@yst.m -ad- communications. form federal disclosure re- The witnesses all testified
sti 503(b)(9) f th Bakupty cd), hth t LATHAM & WATKINS LLP, Gg A. Davis (admittd pro hac
suh ight is dud t judgmt, liquidatd, uliquidatd, vice), Ad D. Ski (admittd pro hac vice), Btt M. nv In the months since, lawyers quirement for litigation-fund- that Mavexar created limited
fixd tigt, MUST FILE A PROOF OF CLAIM (admittd pro hac vice), radall cal wb-Lvi (admittd representing plaintiffs have ing arrangements. liability companies—naming
bf 5:00 p.m. (pvailig east Tim), Ju 14, pro hac vice), 1271 Avu f th Amias, n Yk, nY
2023 (th “General Bar Date”), by sdig a igial 10020, Tlph: (212) 906-1200, Fasimil: (212) 751-4864, sought to pull out of cases in- The largest fallout from them as managing members—
pf f laim fm t omi Agt Slutis (“Omni”), by email: gg.davis@l.m, ad.ski@l.m, btt.
v@l.m, adall.b-lvi@l.m -ad- cali
vestigated by the judge. Connolly’s campaign involves and transferred patent rights
mpltig th li pf f laim fm availabl at https://
miagtslutis.m/lilp-laims, s that it is rkl (admittd pro hac vice), 330 nth wabash Avu, The drama is playing out IP Edge, a Houston-based com- to the companies. Mavexar re-
actually received bf th Gal Ba Dat; provided Suit 2800, chiag, Illiis 60611,Tlph: (312) 876-7700, amid a debate over whether pany that makes money ac- tained attorneys for the LLCs,
that, slly ith spt t gvmtal uits (as dfid i Fasimil: (312) 993-9767, email: ali.kl@l.m,
sti 101(27) f th Bakupty cd), th dadli f suh ProposedCounselforDebtorsandDebtorsinPossession the financing of lawsuits by quiring vast bundles of patents handled communications with
gvmtal uits t fil a pf f laim agaist th Dbts 1
is Sptmb 27, 2023, at 5:00 p.m. (pvailig east Tim)

Th Dbts i ths ass, alg ith th last fu digits f
ah Dbt’s fdal tax idtifiati umb, a: Lil
outside parties should be dis- and litigating them in court. the lawyers and controlled de-
(th“GovernmentalBarDate”). P, L.L.c. (6449), cgtix Lil Hldigs, LLc (6060), closed to courts and defen- Last summer, Amazon.com, cisions about wielding the pat-
All titis hldig laims agaist th Dbts aisig fm cgtix Lil Hldigs II, LLc (4004), elgi egy ct
th jti f xuty tats ad uxpid lass f th Hldigs,LLc (n/A),elgi egy ct,LLc (4819),Vally rad dants. Commercial litigation facing a lawsuit alleging its ents in litigation, they said.
Dbts a quid t fil pfs f laim by th lat f (i) th Hldigs, LLc (n/A),Vally rad Fudig, LLc (1587), ad rky funding, in which investors es- streaming and web services in- The witnesses said they didn’t
Gal Ba Dat th Gvmtal Ba Dat, as appliabl, radP,LLc(2701).ThDbts’addssis13860Ballaty
ad (ii) 5:00 p.m., pvailig east Tim, th dat that is cpatPla,Suit300,chaltt,nthcalia28277. sentially make bets on the out- fringed on patented technol- pay anything for the rights to
thity (30) alda days fllig ty f a d appvig
th jti f ay xuty tat uxpid las f th
2
capitalizd tms usd but t this dfid hi come of civil cases, has be- ogy, accused the plaintiff, the patents but Mavexar was
hav th maigs asibd t suh tms i th Ba Dat od,
Dbts. ulssthistd. © 2023 Dow Jones & Company, Inc.
come a booming industry, with Longbeam Technologies, of entitled to 90% to 95% of any
All Rights Reserved. billions of dollars poured into concealing its connections to litigation and settlement pro-
patent cases in particular. IP Edge. Connolly allowed dis- ceeds.
THE WALL STREET JOURNAL. Tuesday, May 23, 2023 | B7
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33286.58 t 140.05, or 0.42% Trailing P/E ratio 22.18 18.13 4192.63 s 0.65, or 0.02% Trailing P/E ratio * 18.57 20.31 12720.78 s 62.88, or 0.50% Trailing P/E ratio *† 28.12 25.17
High, low, open and close for each P/E estimate * 17.71 16.53 High, low, open and close for each P/E estimate * 18.82 17.15 High, low, open and close for each P/E estimate *† 26.62 21.37
trading day of the past three months. Dividend yield 2.11 2.23 trading day of the past three months. Dividend yield * 1.67 1.58 trading day of the past three months. Dividend yield *† 0.82 0.90
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

34400 4200 12600
65-day moving average 12300

33800 4125
33200 4050 12000
Session high 32600 65-day moving average 3975 11700

DOWN UP
t
Session open Close

32000 3900 11400
Close Open
t
65-day moving average

Session low 31400 3825 11100
Bars measure the point change from session's open

30800 3750 10800
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
*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* 796,578,521 8,013,445
Industrial Average 33512.30 33207.85 33286.58 -140.05 -0.42 34589.77 28725.51 4.4 0.4 10.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 507,889,383 5,692,483
Transportation Avg 14035.18 13797.45 13940.80 31.26 0.22 15640.70 11999.40 1.3 4.1 18.1 Most-active issues in late trading Decl. volume* 278,573,612 1,898,822
Utility Average 921.78 911.71 915.93 1.10 0.12 1061.77 838.99 -8.9 -5.3 6.2 Volume After Hours Issues traded 3,095 312
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41964.23 41649.19 41817.35 71.93 0.17 43441.80 36056.21 4.7 8.6 11.7 Advances 1,790 165
Nu Holdings A NU 5,498.7 6.62 -0.02 -0.30 6.65 6.61
Barron's 400 923.30 914.56 919.79 4.23 0.46 1023.20 825.73 -0.5 -0.1 13.2 Declines 1,192 131
SPDR S&P 500 ETF Trust SPY 4,681.6 419.00 0.21 0.05 419.03 403.11
Unchanged 113 16
Nasdaq Stock Market iShares MSCI Brazil ETF EWZ 4,473.9 29.80 -0.07 -0.23 29.91 29.80 New highs 49 2
Nasdaq Composite 12756.22 12655.26 12720.78 62.88 0.50 13128.05 10213.29 10.3 21.5 10.9 iSh MSCI Emerging Mkts EEM 3,933.7 39.30 … unch. 39.32 39.25 New lows 35 11
Nasdaq-100 13893.71 13792.97 13849.74 46.25 0.34 13849.74 10679.34 15.1 26.6 13.7 PDD Holdings ADR PDD 3,923.3 62.95 -0.09 -0.14 63.04 62.68 Closing Arms† 0.78 0.53
NiSource NI 3,454.2 27.36 -0.03 -0.11 28.03 27.11 Block trades* 3,860 80
S&P
.
Pfizer PFE 3,441.1 39.00 0.25 0.65 39.08 36.77
500 Index 4209.22 4179.68 4192.63 0.65 0.02 4305.20 3577.03 5.5 9.2 12.4 Nasdaq NYSE Arca
ly
Invesco QQQ Trust I QQQ 3,010.6 337.84 0.20 0.06 337.99 337.52
MidCap 400 2478.00 2449.88 2468.68 12.79 0.52 2726.61 2200.75 2.4 1.6 13.3 Total volume*4,278,924,432 227,909,462
SmallCap 600 1158.42 1142.21 1153.27 8.48 0.74 1315.82 1064.45 -2.6 -0.4 14.2 Percentage gainers… Adv. volume*3,004,630,251 142,078,300
Movella Holdings MVLA 693.7 2.17 0.25 13.02 2.24 1.92 Decl. volume*1,231,493,121 79,819,414
Other Indexes
Russell 2000
NYSE Composite
Value Line
1801.39 1776.96
15387.76 15271.22 15318.85
547.00 541.61
1795.38
545.04
21.67
-5.47
2.70
-0.04
on 1.22 2021.35
0.50
1649.84
16122.58 13472.18
606.49 491.56
0.1
-0.2
-2.8
1.9
0.9
1.6
9.8
10.6
9.4
Galera Therapeutics
Bird Global
WISeKey Intl Hldg ADR WKEY
GRTX
BRDS
81.6
54.2
96.2
3.28
2.65
4.15
0.20
0.12
0.16
6.49
4.74
4.01
3.38
2.74
4.24
3.08
2.52
3.83
Issues traded
Advances
Declines
Unchanged
4,611
2,805
1,623
183
1,736
1,077
622
37
NYSE Arca Biotech 5460.89 5417.07 5448.42 31.34 0.58 5644.50 4208.43 19.0 3.2 -1.0
Capri Holdings CPRI 62.6 41.00 1.53 3.88 41.00 38.90
New highs 112 53
us ,
NYSE Arca Pharma 885.03 873.87 875.23 -2.48 -0.28 892.45 737.84 3.9 0.8 10.9 ...And losers New lows 97 14
l
KBW Bank 78.33 76.85 78.21 1.34 1.75 116.53 71.96 -29.4 -22.5 4.8 62.9 28.62 -2.18 30.80 28.25 Closing Arms† 0.71 1.16
e
Guardant Health GH -7.08
al a
PHLX§ Gold/Silver 128.44 127.48 127.49 -0.35 -0.27 144.37 91.40 -2.3 5.5 0.9 Valley National Bancorp VLY 72.7 7.16 -0.39 -5.17 7.55 7.16 Block trades* 20,643 1,068
PHLX§ Oil Service 75.15 73.52 74.49 1.06 1.44 93.94 56.08 -4.5 -11.2 34.9 Triumph Group TGI 329.9 11.80 -0.51 -4.14 12.31 11.80 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 3223.53 3173.87 3215.04 11.55 0.36 3230.86 2162.32 10.9 27.0 21.3 Community Bank Sys CBU 66.6 47.79 -1.87 -3.77 49.66 47.79 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 18.13 16.82 17.21 0.40 2.38 34.02 15.78 -39.6 -20.6 -15.1 Cadence Bank CADE 93.8 18.72 -0.67 -3.46 19.39 18.72 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

er s
Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er
World MSCI ACWI 657.46 1.04 0.16 8.6 Hepion Pharmaceuticals HEPA 19.38 10.51 118.40 23.85 5.20 33.9 Rain Oncology RAIN 1.22 -8.71 -87.71 14.48 1.11 -53.1
MSCI ACWI ex-USA 302.43 0.87 0.29 7.5 Greenhill GHL 14.66 7.88 116.22 14.85 5.65 30.4 Mallinckrodt MNK 3.36 -2.94 -46.67 31.00 0.10 ...
MSCI World 2845.71 2.95 0.10 9.3 Verde Clean Fuels Cl A VGAS 7.09 2.44 52.47 21.00 4.31 -29.2 Monogram Orthopaedics MGRM 8.61 -4.89 -36.22 48.99 8.25 ...
MSCI Emerging Markets 983.27 6.03 0.62 2.8 Atea Pharmaceuticals AVIR 5.06 1.36 36.76 9.79 2.94 -30.7 Intercept Pharm ICPT 9.53 -4.03 -29.72 21.86 9.21 -47.0
m rp
Americas MSCI AC Americas 1589.84 0.88 0.06 9.1 VectivBio Holding VECT 16.21 4.31 36.22 16.45 4.25 161.0 Biocept BIOC 4.94 -1.71 -25.71 48.60 4.72 -88.9
Canada S&P/TSX Comp 20351.06 … Closed 5.0 Arrival ARVL 3.45 0.91 35.83 96.50 1.62 -96.3 Daxor DXR 9.51 -2.73 -22.30 14.55 7.81 -24.0
Latin Amer. MSCI EM Latin America 2280.36 –19.48 –0.85 7.1 Aemetis AMTX 4.35 1.13 35.09 11.50 1.16 -41.1 Citizens Cl A CIA 1.96 -0.45 -18.67 4.52 1.67 -41.3
Brazil BOVESPA 110213.12 –531.39 –0.48 0.4 Biora Therapeutics BIOR 4.85 1.15 31.08 28.75 1.95 -76.9 Interactive Strength TRNR 5.81 -1.27 -17.94 8.50 3.21 ...
Chile S&P IPSA 3217.16 –46.22 –1.42 1.4 Cricut Cl A CRCT 9.27 2.08 28.93 12.20 5.88 10.2 ClearOne CLRO 2.11 -0.44 -17.25 2.65 0.50 264.5
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Mexico S&P/BMV IPC 53466.32 –829.73 –1.53 10.3 Exscientia ADR EXAI 7.69 1.65 27.32 16.45 4.09 -24.5 Enveric Biosciences ENVB 2.96 -0.58 -16.38 18.50 1.30 -73.1
EMEA STOXX Europe 600 468.91 0.06 0.01 10.4 Recursion Pharm RXRX 8.12 1.69 26.28 14.18 4.54 40.0 Elevation Oncology ELEV 3.19 -0.62 -16.27 5.10 0.72 0.9
Eurozone Euro STOXX 462.76 –0.39 –0.08 12.9 Diamedica Therapeutics DMAC 2.80 0.55 24.44 2.88 1.12 19.1 ZIM Integrated Shipping ZIM 14.68 -2.83 -16.16 71.40 14.50 -78.9
Belgium Bel-20 3736.57 –0.21 –0.01 1.0 Ouster Cl A OUST 6.32 1.21 23.68 25.00 3.21 -72.8 IN8bio INAB 2.72 -0.52 -16.05 3.95 1.02 20.1
Denmark OMX Copenhagen 20 2148.56 42.05 2.00 17.1 Krystal Biotech KRYS 117.53 21.47 22.35 120.00 49.17 103.5 United Homes Group UHG 13.97 -2.63 -15.84 29.00 8.07 42.8
15.5 IonQ IONQ 10.86 1.98 22.30 11.32 3.04 88.5 SunCar Tech Cl A SDA 6.59 -1.21 -15.51 11.50 3.80 -34.7
France CAC 40 7478.16 –13.80 –0.18
Germany DAX 16223.99 –51.39 –0.32 16.5
Israel Tel Aviv 1804.27 –10.29 –0.57 0.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27310.70 –209.63 –0.76 15.2 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 767.61 0.51 0.07 11.4
1.8 Microbot Medical MBOT 192,973 381202.9 3.19 159.35 6.33 1.00 Hepion Pharmaceuticals HEPA 16,231 89812 19.38 118.40 23.85 5.20
Norway Oslo Bors All-Share 1386.67 –6.26 –0.45
Tesla TSLA 131,356 -4.6 188.87 4.85 314.67 101.81 VectivBio Holding VECT 23,491 53907 16.21 36.22 16.45 4.25
South Africa FTSE/JSE All-Share 77962.73 –213.09 –0.27 6.7
n-
Spain IBEX 35 9305.00 53.50 0.58 13.1 AVROBIO AVRO 85,307 13803.8 1.31 69.01 1.93 0.56 Rain Oncology RAIN 31,755 16545 1.22 -87.71 14.48 1.11
9.4 Pfizer PFE 85,083 291.0 38.75 5.38 54.93 36.17 Franklin FTSE India FLIN 1,921 6480 28.90 1.01 31.24 26.82
Sweden OMX Stockholm 855.01 –1.15 –0.13
7.7
ProShares UltraPro QQQ TQQQ 82,435 -43.7 32.07 1.04 39.38 16.10 Greenhill GHL 3,358 4088 14.66 116.22 14.85 5.65
Switzerland Swiss Market 11553.23 –17.93 –0.15
Turkey BIST 100 4466.19 –35.54 –0.79 –18.9 ProSh UltraPro Shrt QQQ SQQQ 78,975 -40.0 25.30 -1.02 69.55 25.06 WT U.S. Qual Growth Fd QGRW 523 4015 29.98 0.25 30.07 22.93
no
U.K. FTSE 100 7770.99 14.12 0.18 4.3 Palantir Technologies PLTR 75,996 72.7 11.84 1.11 12.41 5.92 Daxor DXR 208 2668 9.51 -22.30 14.55 7.81
U.K. FTSE 250 19273.34 –15.76 –0.08 2.2 NIO ADR NIO 73,228 69.6 8.79 8.92 24.43 7.33 AxonPrime Infr Acqn Cl A APMI 747 2002 10.19 0.10 11.15 9.63
Amazon.com AMZN 70,491 16.5 115.01 -1.07 146.57 81.43 Tastemaker Acqn Cl A TMKR 116 1906 10.56 -0.19 10.68 9.89
Asia-Pacific MSCI AC Asia Pacific 162.98 0.93 0.58 4.7
Advanced Micro Devices AMD 65,293 2.6 108.00 2.06 109.57 54.57 Growth for Good Acqn A GFGD 1,830 1790 10.35 0.19 10.76 9.69
Australia S&P/ASX 200 7263.30 –16.22 –0.22 3.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3296.47 12.93 0.39 6.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19678.17 227.60 1.17 –0.5
0.38 1.8
Scan this code
India S&P BSE Sensex 61963.68 234.00
Japan NIKKEI 225 31086.82 278.47 0.90 19.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3211.09 8.50 0.27 –1.2 and track most-active stocks,
South Korea KOSPI 2557.08 19.29 0.76 14.3 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16180.89 5.97 0.04 14.5 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1529.24 14.35 0.95 –8.4
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004266 23443 –0.8
CREDIT MARKETS Argentina peso .0043234.3659 32.6 Europe
Brazil real .2014 4.9662 –6.0 Czech Rep. koruna .04563 21.914 –2.9
Canada dollar .7404 1.3507 –0.3 Denmark krone .1452 6.8873 –0.9
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001253 797.88 –5.9 Euro area euro 1.0813 .9249 –1.0
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000221 4528.44 –6.6 Hungary forint .002891 345.85 –7.4
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007146 139.94 –1.1
A consumer rate against its New car loan Mexico peso .0559 17.8959 –8.2 Norway krone .0917 10.9018 11.1
benchmark over the past year 5.00% Uruguay peso .02572 38.8750 –2.8 Poland zloty .2402 4.1634 –4.9
Bankrate.com avg†: 7.03% 16% Asia-Pacific Russia ruble .01242 80.500 9.2
t WSJ Dollar Index .0947 10.5615
Colonial Savings, FA 5.49% 4.00 s
Australiadollar .6651 1.5035 2.5
Sweden krona 1.2
Prime rate 7.50% Tradeweb ICE 8 Switzerland franc 1.1137 .8979 –2.9
t Garland, TX 972-495-4032 China yuan .1421 7.0358 2.0
Monday Close 3.00 Turkey lira .0504 19.8361 6.1
First Command Bank 5.74% Hong Kong dollar .1277 7.8283 0.3
6.50 One year ago Ukraine hryvnia .0271 36.9500 0.3
t
t 0 India rupee .01207 82.829 0.1

Fort Worth, TX 888-763-7600 2.00 Euro UK pound 1.2438 .8040 –2.7
New car loan s Indonesia rupiah .0000672 14885 –4.4
5.50 First Savings Bank of Hegewisch 5.75% 1.00 –8 s Japan yen .007215 138.60 5.7 Middle East/Africa
Chicago, IL 773-646-4200 Yen Kazakhstan tenge .002253 443.85 –4.1 Bahrain dinar 2.6525 .3770 –0.01
4.50 Firstrust Bank 5.99% 0.00 –16 Macau pataca .1239 8.0690 0.3 Egypt pound .0324 30.9017 24.8
Malaysia ringgit .2199 4.5480 3.2 Israel shekel .2733 3.6592 3.8
Philadelphia, PA 800-220-2265 1 3 6 1 2 3 5 7 10 20 30 2022 2023
3.50 New Zealand dollar .6287 1.5906 1.0 Kuwait dinar 3.2538 .3073 0.4
Frost Bank 5.99% month(s) years
J J A S ON D J FMAM Pakistan rupee .00349 286.575 26.4 Oman sul rial 2.5975 .3850 –0.01
Houston, TX 800-513-7678 maturity Philippines peso .0180 55.693 0.02 Qatar rial .2746 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7429 1.3461 0.4 Saudi Arabia riyal .2667 3.7501 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007609 1314.16 4.1 South Africa rand .0520 19.2300 12.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0032666 306.13 –16.7
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.00-5.25 5.00-5.25 0.75 l 5.25 5.00 Taiwan dollar .03262 30.660 0.1
Yield (%) 52-Week Total Return (%) Thailand baht .02903 34.450 –0.5 WSJ Dollar Index 97.15 0.09 0.09 0.62
Prime rate* 8.25 8.25 4.00 l 8.25 5.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 5.37 5.33 1.52 l 5.39 5.01 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2130.010 4.060 3.780 4.560 2.700 –2.946 –4.692
Money market, annual yield 0.54 0.53 0.08 l 0.54 0.24
Five-year CD, annual yield 2.83 2.81 0.94 l 2.83 2.02 U.S. Treasury Long, Bloomberg 3212.130 4.060 3.900 4.570 3.060 –11.237–12.811 Commodities
30-year mortgage, fixed† 7.17 7.00 5.26 l 7.41 3.61 Aggregate, Bloomberg 1986.170 4.630 4.400 5.210 3.300 –2.470 –3.774 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.43 6.30 4.60 l 6.53 3.47 Fixed-Rate MBS, Bloomberg 1964.710 4.710 4.520 5.380 3.300 –3.226 –3.850
Jumbo mortgages, $726,200-plus† 7.26 7.08 5.19 l 7.44 3.62 DJ Commodity 959.88 -1.29 -0.13 1251.61 956.11 -21.18 -8.47
High Yield 100, ICE BofA 3246.025 8.056 8.007 8.753 6.441 4.459 3.393 Refinitiv/CC CRB Index 261.58 -0.55 -0.21 329.59 254.03 -17.01 -5.82
Five-year adj mortgage (ARM)† 5.81 5.73 3.86 l 5.82 2.57
Muni Master, ICE BofA 562.699 3.439 3.136 3.936 2.419 2.498 –0.852 Crude oil, $ per barrel 71.99 0.44 0.61 122.11 66.74 -34.73 -10.30
New-car loan, 48-month 7.03 7.03 4.44 l 7.03 2.76
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 778.274 7.945 7.796 9.159 6.775 0.273 –2.472 Natural gas, $/MMBtu 2.400 -0.185 -7.16 9.680 1.991 -72.55 -46.37
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. 1974.80 -3.90 -0.20 2048.00 1623.30 6.87 8.52
COMMODITIES wsj.com/market-data/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures June 165.650 165.650 164.500 165.050 –.675 51,709 Sept .6684 .6695 .6656 .6681 … 1,111 Mini S&P Midcap 400 (CME)-$100 x index
Aug 164.200 164.250 162.775 163.600 –.700 149,882 Mexican Peso (CME)-MXN 500,000; $ per MXN June 2455.60 2485.00 2454.00 2475.00 13.30 37,962
Contract Open Hogs-Lean (CME)-40,000 lbs.; cents per lb. June .05596 .05600 .05532 .05551 –.00046 237,770 Sept 2492.10 11.70 n.a.
Open High hi lo Low Settle Chg interest
June 83.450 t 81.675
83.825 81.825 –1.200 39,618 Sept .05487 .05498 .05435 .05451 –.00046 777 Mini Nasdaq 100 (CME)-$20 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. July 83.575 t 81.925
84.275 82.150 –.975 69,739 Euro (CME)-€125,000; $ per € June 13805.50 13946.75 13794.25 13902.50 44.50 270,487
May 3.7180 3.7185 3.6600 3.6740 –0.0485 928 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 13960.00 14104.50 13957.50 14061.75 47.25 4,842
June 1.0827 1.0849 1.0813 1.0836 .0010 761,803
July 3.7275 3.7375 3.6675 3.6850 –0.0470 127,918 July 502.50 504.50 502.00 502.00 .50 4,900 Mini Russell 2000 (CME)-$50 x index
Sept 1.0882 1.0900 1.0864 1.0888 .0011 15,210
Gold (CMX)-100 troy oz.; $ per troy oz. Sept 525.00 2.50 1,131 June 1771.60 1808.60 1769.40 1800.90 21.70 523,556
May 1980.50 1980.50 1980.50 1974.80 –3.90 207 Milk (CME)-200,000 lbs., cents per lb.
Index Futures Sept 1789.50 1824.50 1786.90 1817.50 22.60 3,815
June 1979.40 1984.80 1970.70 1977.20 –4.40 177,472 May 16.18 16.21 16.18 16.21 .02 4,586
July 1991.00 1992.90 1981.60 1986.70 –4.50 2,247
Mini Russell 1000 (CME)-$50 x index
June 16.22 16.39 16.06 16.32 .26 6,627 Mini DJ Industrial Average (CBT)-$5 x index June 2301.90 2308.90 2293.30 2300.80 1.70 7,499
Aug 1998.40 2003.50 1989.30 1995.70 –4.60 251,996 Cocoa (ICE-US)-10 metric tons; $ per ton. June 33412 33587 33273 33360 –136 95,205 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 2020.40 2021.30 2008.80 2014.90 –4.30 11,345 July 3,074 3,079 s 3,019 3,023 –45 129,086 Sept 33688 33850 33557 33634 –132 1,596 June 103.02 103.26 102.85 103.08 … 28,968
Dec 2039.30 2039.40 2026.80 2033.20 –4.10 34,240 Sept 3,077 3,085 s 3,029 3,036 –38 78,240
Palladium (NYM) - 50 troy oz.; $ per troy oz. Mini S&P 500 (CME)-$50 x index Sept 102.67 102.88 102.48 102.72 … 1,468
Coffee (ICE-US)-37,500 lbs.; cents per lb. June 4189.00 4221.75 4186.50 4205.00 0.25 2,359,584
May 1500.20 –31.60 1 July 191.00 193.75 186.55 189.20 –2.80 76,001
June 1514.00 1526.00 1485.50 1492.20 –31.60 6,782 Sept 4224.50 4262.00 4223.25 4245.50 0.75 32,207 Source: FactSet
Sept 188.30 191.05 184.30 186.90 –2.40 51,718
Platinum (NYM)-50 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May 1080.40 1.60 1 July 25.75 26.05 25.58 25.99 .21 386,093
July 1070.00 1087.90 1065.80 1077.30 1.60 66,920
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Oct 25.45 25.70 25.29 25.65
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
.16 252,046
Bonds | wsj.com/market-data/bonds/benchmarks
May 23.675 23.705 23.675 23.715 –0.205 220 July 42.50 42.50 42.50 42.50 … 449
July 24.020 24.085 23.760 23.861 –0.199 112,391
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Nov 42.00 42.00 42.00
Cotton (ICE-US)-50,000 lbs.; cents per lb.
41.99 … 1,534
Tracking Bond Benchmarks
June 71.70 72.36 70.55 71.99 0.44 20,121 86.72 87.25 84.61 85.32 –1.40 82,669
July 71.87 72.53 70.67 72.05 0.36 378,970
July Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec 83.90 84.00 82.57 83.38 –.51 78,794
Aug 71.76 72.42 70.57 71.97 0.38 205,842 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds
Sept 71.45 72.11 70.29 71.68 0.37 170,254 July 256.45 268.20 256.40 268.20 10.00 6,931 Total Total
Oct 71.07 71.70 69.95 71.28 0.34 176,147 Sept 251.50 262.00 250.00 262.00 10.00 893 return YTD total Yield (%) return YTD total Yield (%)
Dec 70.42 70.87 69.20 70.46 0.29 223,638 close return (%) Index Latest Low High close return (%) Index Latest Low High
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Interest Rate Futures
June 2.3669 2.3814 2.3303 2.3664 .0042 39,054 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
July 2.3559 2.3700 2.3191 2.3558 .0034 75,448 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
135-060 135-200 134-010 134-070 –18.0 1,391,341 1986.17 1.8 U.S. Aggregate 4.630 3.300 5.210 1964.71 1.5 Mortgage-Backed 4.710 3.300 5.380
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June
June 2.5779 2.6768 2.5492 2.6489 .0728 50,613 Sept 135-210 136-030 134-170 134-210 –19.0 99,405 1937.33 1.7 Ginnie Mae (GNMA) 4.750 3.320 5.370
U.S. Corporate Indexes Bloomberg Fixed Income Indices
July 2.5012 2.5640 2.4698 2.5389 .0412 93,481 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 127-140 127-240 126-200 126-250 –12.0 1,109,371 2926.83 2.0 U.S. Corporate 5.440 4.150 6.130 1155.50 1.4 Fannie mae (FNMA) 4.690 3.300 5.390
June 2.568 2.569 2.367 2.400 –.185 50,219 Sept 127-170 127-300 126-270 127-000 –11.0 140,236
July 2.697 2.707 2.512 2.551 –.156 361,532 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2844.31 2.1 Intermediate 5.340 3.850 6.050 1772.46 1.5 Freddie Mac (FHLMC) 4.750 3.300 5.370
Aug 2.763 2.771 2.588 2.623 –.149 95,403 June 113-230 113-300 113-105 113-150 –3.0 4,271,970
Sept 2.727 2.744 2.571 2.609 –.138 168,910 Sept 114-160 114-235 114-035 114-080 –3.0 493,593 3855.27 1.6 Long term 5.630 4.690 6.370 562.70 1.1 Muni Master 3.439 2.419 3.936
Oct 2.783 2.827 2.660 2.698 –.129 114,864 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2.0 402.96 1.2 7-12 year 3.044 2.325 3.794
June 108-257 108-312 108-165 108-195 –2.5 4,397,844
567.97 Double-A-rated 4.740 3.610 5.320
Jan'24 3.896 3.929 3.808 3.841 –.084 76,904
Sept 109-125 109-182 109-032 109-067 –2.0 669,800 776.21 2.1 Triple-B-rated 5.740 4.480 6.440 451.46 2.0 12-22 year 3.743 2.991 4.428
Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
June 102-207 102-231 102-156 102-171 –1.9 2,881,839 High Yield Bonds ICE BofA 422.50 2.5 22-plus year 4.442 3.674 5.131
Corn (CBT)-5,000 bu.; cents per bu. Sept 103-088 103-115 103-033 103-052 –1.5 360,020
July 554.75 575.50 553.25 571.00 16.50 501,144 482.05 4.0 High Yield Constrained 8.688 7.022 9.623 Global Government J.P. Morgan†
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec 499.00 510.00 496.75 509.00 9.25 380,222 94.9450 94.9450 94.9425 94.9425 445,323
May 449.36 6.9 Triple-C-rated 14.697 12.585 16.916 531.19 1.8 Global Government 3.010 1.990 3.250
Oats (CBT)-5,000 bu.; cents per bu. July 94.8850 94.9000 94.8450 94.8500 –.0250 293,787
July 321.75 331.25 313.25 314.50 –7.75 2,915 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3246.03 4.3 High Yield 100 8.056 6.441 8.753 778.91 2.0 Canada 3.270 2.720 3.780
Dec 333.25 346.00 332.00 332.75 –2.25 1,049 June 96-100 96-195 96-025 96-055 –8.5 7,309
Soybeans (CBT)-5,000 bu.; cents per bu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 419.46 3.4 Global High Yield Constrained 8.816 7.184 9.945 337.53 1.4 EMU§ 3.293 1.594 3.490
July 1308.25 t 1304.75 1341.25
1344.25 34.00 270,240 March 95.0550 95.0550 95.0500 95.0500 –.0050 1,013,310
Nov 1176.50 t 1172.00 1197.00
1199.75 21.50 207,423 320.82 3.9 Europe High Yield Constrained 7.330 5.546 8.508 625.97 1.0 France 3.130 1.410 3.310
June 94.8500 94.8675 94.7900 94.8025 –.0400 1,257,216
Soybean Meal (CBT)-100 tons; $ per ton. Eurodollar (CME)-$1,000,000; pts of 100% U.S Agency Bloomberg Fixed Income Indices 447.78 1.0 Germany 2.530 0.770 2.760
July 409.10 416.90 t 407.50 412.20 3.10 181,257 June 94.5300 94.5325 94.4775 94.4875 –.0175 544,549
Dec 377.60 383.10 t 375.80 381.20 3.80 110,022 1725.08 2.0 U.S Agency 4.580 2.780 5.080 285.83 2.9 Japan 0.740 0.530 1.060
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Currency Futures
July 47.35 49.08 46.65 48.77 1.50 185,058 1525.87 1.9 10-20 years 4.580 2.710 5.100 483.14 0.7 Netherlands 2.830 1.080 3.000
Dec 47.10 48.61 46.51 48.32 1.27 133,763 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .7278 .7304 .7241 .7247 –.0027 211,119 3304.89 3.6 20-plus years 4.650 3.560 5.240 763.98 -2.4 U.K. 4.250 1.970 4.680
July 17.10 17.27 16.71 16.84 –.23 3,078 Sept .7381 .7406 .7345 .7350 –.0027 3,512
2598.39 2.5 Yankee 5.110 3.780 5.840 778.27 1.3 Emerging Markets ** 7.945 6.775 9.159
.
Sept 15.05 15.10 14.84 14.95 –.10 4,301 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Wheat (CBT)-5,000 bu.; cents per bu. June .7412 .7420 .7402 .7408 … 154,161 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
ly
July 607.75 613.75 t 596.25 606.25 1.25 213,197 Sept .7427 .7434 .7417 .7422 … 3,578 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Sept 619.00 625.25 t 608.25 618.75 1.75 68,584 British Pound (CME)-£62,500; $ per £
Wheat (KC)-5,000 bu.; cents per bu. June 1.2455 1.2479 1.2421 1.2450 –.0007 226,535
July
Sept
827.00
817.25
830.50
822.00
807.25
799.25
825.75
817.75
1.50
2.25
86,517
42,052
Dec
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.2474 –.0007 8,799
Global Government Bonds: Mapping Yields
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
May
Aug
206.425 206.825
234.675 235.100
205.850 206.575
232.550 234.900
Cattle-Live (CME)-40,000 lbs.; cents per lb.
.300
–.200
3,531
34,246
June
Sept
on
1.1158
1.1270
1.1219
1.1328
Australian Dollar (CME)-AUD 100,000; $ per AUD
June .6658 .6674
1.1149
1.1259
.6634
1.1180
1.1290
.6659
.0029
.0029
43,602
588
… 174,914
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
us ,
3.875 U.S. 2 4.318 s l 4.287 4.188 2.581

Cash Prices |
l
wsj.com/market-data/commodities Monday, May 22, 2023 3.375 10 3.717 s l 3.690 3.570 2.785
e
al a
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 3.250 Australia 2 3.490 t l 3.505 3.163 2.501 -84.7 -76.3 -11.1
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 4.500 10 3.595 t l 3.603 3.469 3.309 -12.0 -8.0 45.5
months. 0.000 France 2 2.970 s 2.962 3.055 0.247 -136.7 -130.6 -236.4
ci on
l
Monday Monday Monday
Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 10.0950
3.000 10 3.025 s l 3.008 3.050 1.471 -69.0 -67.5 -138.3
Energy n.a. 6.0475
Shredded Scrap, US Midwest-s,m Wheat,No.2 soft red,St.Louis-u 2.800 Germany 2 2.796 s l 2.762 2.927 0.345 -154.1 -150.6 -226.7
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 75.750 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat - Hard - KC (USDA) $ per bu-u 8.9075
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.250 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.2250 2.300 10 2.459 s l 2.425 2.484 0.941 -125.5 -125.9 -191.3
BMI Lithium Carbonate, EXW China, =99.2%-v,w 33600 Food 2.500 Italy 2 3.444 s l 3.437 3.494 0.959 -89.3 -83.1 -165.3
Metals 32950
er s
BMI Lithium Hydroxide, EXW China, =56.5% -v,w

BMI Cobalt sulphate, EXW China, >20.5% -v,m 5148 Beef,carcass equiv. index 4.400 10 4.300 s l 4.251 4.364 2.979 58.5 56.8 12.5
Gold, per troy oz
Engelhard industrial 1975.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4966 choice 1-3,600-900 lbs.-u 278.86 0.005 Japan 2 -0.065 t l -0.058 -0.039 -0.054 -440.2 -432.6 -266.6
Handy & Harman base 1970.30 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 705 select 1-3,600-900 lbs.-u 259.58
m er
Handy & Harman fabricated 2187.03 Broilers, National comp wtd. avg.-u,w 1.4269 0.500 10 0.387 t l 0.407 0.462 0.240 -332.7 -327.6 -261.4
Fibers and Textiles Butter,AA Chicago-d 2.4500
LBMA Gold Price AM *1965.55 0.000 Spain 2 3.126 s l 3.107 3.174 0.630 -121.1 -116.1 -198.2
LBMA Gold Price PM *1961.60 Burlap,10-oz,40-inch NY yd-n,w 0.7400 Cheddar cheese,bbl,Chicago-d 151.50
Krugerrand,wholesale-e 2054.00 Cotton,1 1/16 std lw-mdMphs-u 0.8357 Cheddar cheese,blk,Chicago-d 160.00 3.150 10 3.501 t l 3.513 3.524 2.081 -21.4 -17.0 -77.3
Maple Leaf-e 2073.75 Cotlook 'A' Index-t *97.50 Milk,Nonfat dry,Chicago lb.-d 116.00
Coffee,Brazilian,Comp-y 1.9104 0.625 U.K. 2 4.065 s l 3.943 3.747 1.503 -27.2 -32.6 -110.9
m rp
American Eagle-e 2073.75 Hides,hvy native steers piece fob-u n.a.

Mexican peso-e 2389.26 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY-y 2.3060 4.250 10 4.066 s l 3.988 3.759 1.894 35.1 30.5 -96.0
Austria crown-e 1938.90 Eggs,large white,Chicago-u 0.8850
Austria phil-e 2073.75 Grains and Feeds Flour,hard winter KC-p n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u n.a.
Engelhard industrial 23.8500 Bran,wheat middlings, KC-u,w 133 Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
82.73
n.a.
Corporate Debt
Handy & Harman base 23.6730 Corn,No. 2 yellow,Cent IL-bp,u 5.8900 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Handy & Harman fabricated 29.5910 Corn gluten feed,Midwest-u,w 172.6 Pork loins,13-19 lb MidUS-u 1.0866
co Fo
LBMA spot price *£19.0300 Corn gluten meal,Midwest-u,w 551.9 Steers,Tex.-Okla. Choice-u 170.00 expectations
378 Steers,feeder,Okla. City-u,w 244.25
(U.S.$ equivalent) *23.6600
22058
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w 192
Investment-grade spreads that tightened the most…
Coins,wholesale $1,000 face-a Fats and Oils Spread*, in basis points
Other metals Meat-bonemeal,50% pro Mnpls-u,w 455 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Oats,No.2 milling,Mnpls-u 3.6450 Degummed corn oil, crude wtd. avg.-u,w 52.0000
LBMA Platinum Price PM *1071.0
Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Grease,choice white,Chicago-h 0.5500
Platinum,Engelhard industrial 1080.0 HSBC Holdings HSBC 3.900 5.29 May 25, ’26 129 –19 145
Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1525.0
SoybeanMeal,Cent IL,rail,ton48%-u,w 415.10 Soybean oil,crude;Centl IL-u,w 0.5002 Nomura Holdings NOMURA 2.172 5.79 July 14, ’28 203 –13 223
Aluminum, LME, $ per metric ton *2300.0
Soybeans,No.1 yllw IL-bp,u 13.5000 Tallow,bleach;Chicago-h 0.5675
Copper,Comex spot 3.6740 Tallow,edible,Chicago-u n.a. Sumitomo Mitsui Financial SUMIBK 3.010 5.13 Oct. 19, ’26 122 –12 133
Jefferies Financial JEF 4.850 5.27 Jan. 15, ’27 149 –11 n.a.
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
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 Honeywell International HON 6.625 4.63 June 15, ’28 87 –10 90
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 5/21 –9
Source: Dow Jones Market Data
Goldman Sachs GS 6.450 6.04 May 1, ’36 235 n.a.
Verizon Communications VZ 4.125 4.63 March 16, ’27 88 –9 96
Bank of America BAC 3.500 4.90 April 19, ’26 92 –7 95
n-
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks …And spreads that widened the most

Money Rates May 22, 2023 Barclays BACR 4.375 5.80 Jan. 12, ’26 180 11 197
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Citigroup C 4.450 5.56 Sept. 29, ’27 179 9 166
no
guide to general levels but don’t always represent actual transactions. Commonwealth Bank of Australia CBAAU 5.316 4.75 March 13, ’26 75 9 88
Amphenol APH 4.750 4.89 March 30, ’26 90 6 84
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low 6
TransCanada PipeLines TRPCN 7.625 6.26 Jan. 15, ’39 216 n.a.
April index Chg From (%)
Policy Rates High 5.4000 5.4000 5.4000 0.9500 Metropolitan Life Global Funding I … 3.000 5.05 Sept. 19, ’27 129 5 n.a.
level March '23 April '22 Low 5.0600 5.0600 5.0800 0.8000
Euro zone 3.75 3.75 3.75 0.00 Mizuho Financial MIZUHO 3.170 5.19 Sept. 11, ’27 142 4 n.a.
Bid 5.0800 5.0800 5.0800 0.8200
U.S. consumer price index Switzerland 2.00 2.00 2.00 0.00 3
Offer 5.1100 5.1000 5.1200 0.8400 BHP Billiton Finance BHP 4.875 4.75 Feb. 27, ’26 76 n.a.
All items 303.363 0.51 4.9 Britain 4.50 4.50 4.50 1.00
Australia 3.85 3.85 3.85 0.35 Treasury bill auction
Core 306.899 0.47 5.5 High-yield issues with the biggest price increases…
Overnight repurchase 4 weeks 5.370 5.605 5.840 0.640 Bond Price as % of face value
International rates 13 weeks 5.250 5.060 5.250 1.060 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
U.S. 5.07 5.10 5.10 0.71
26 weeks 5.170 4.980 5.170 1.530
Week 52-Week 1.55
U.S. government rates Nordstrom JWN 6.950 7.85 March 15, ’28 96.450 n.a.
Latest ago High Low Secondary market
Sealed Air SEE 6.875 6.30 July 15, ’33 104.250 1.25 n.a.
Discount Fannie Mae
Prime rates Prime Security Services Borrower PRSESE 5.750 6.31 April 15, ’26 98.536 0.54 98.748
5.25 5.25 5.25 1.00
U.S. 8.25 8.25 8.25 4.00 30-year mortgage yields
Deutsche Bank DB 4.500 7.80 April 1, ’25 94.398 0.51 n.a.
Canada 6.70 6.70 6.70 3.20 Federal funds 30 days 6.211 6.029 6.812 4.321
Japan 1.475 1.475 1.475 1.475 Effective rate 5.0900 5.0900 5.1000 0.8300 60 days 6.226 6.035 6.988 4.390 American Airlines AAL 3.750 6.71 March 1, ’25 95.134 0.51 95.000
Other short-term rates Pactiv … 8.375 8.14 April 15, ’27 100.750 0.50 n.a.
QVC QVCN 4.850 11.97 April 1, ’24 94.375 0.50 93.250
Key Interest Rates Latest
Week
ago
52-Week
high low Venture Global Calcasieu Pass VENTGL 4.125 6.40 Aug. 15, ’31 85.625 0.50 87.375
Data are annualized on a 360-day basis. Treasury yields are per annum,
on actively traded noninflation and inflation-indexed issues that are Call money …And with the biggest price decreases
adjusted to constant maturities. Data are from weekly Federal Reserve 7.00 7.00 7.00 2.75 –0.72
Hughes Satellite Systems SATS 6.625 9.49 Aug. 1, ’26 92.250 92.250
release H.15. Commercial paper (AA financial) United States Cellular USM 6.700 9.35 Dec. 15, ’33 82.450 –0.49 83.690
Week Ended 52-Week Week Ended 52-Week 90 days 5.23 5.04 5.23 1.25 Dish DBS … 5.875 19.22 Nov. 15, ’24 83.530 –0.45 83.500
May 19 May 12 High Low May 19 May 12 High Low
Federal funds (effective) Libor Occidental Petroleum OXY 6.450 6.30 Sept. 15, ’36 101.375 –0.38 104.000
6-month 5.31 5.15 5.31 1.54
5.08 5.08 5.08 0.83 1-year 4.91 4.75 5.12 2.02 One month 5.12686 5.10771 5.14843 1.00571 –0.36
Bath & Body Works BBWI 6.950 8.57 March 1, ’33 89.438 86.520
2-year 4.14 3.96 4.89 2.51 Three month 5.37471 5.33043 5.39271 1.52386
Commercial paper 3-year 3.83 3.63 4.57 2.67 Six month 5.45486 5.38314 5.49986 2.05429 Navient NAVI 6.125 8.64 March 25, ’24 98.000 –0.29 n.a.
Nonfinancial 5-year 3.60 3.44 4.32 2.75 One year 5.43100 5.30343 5.88071 2.68157 –0.25
Bausch Health BHCCN 11.000 17.66 Sept. 30, ’28 77.500 74.000
1-month 5.07 5.04 5.07 0.83 7-year 3.60 3.45 4.23 2.78
2-month 5.07 5.07 5.07 0.91 10-year 3.59 3.47 4.12 2.72 Secured Overnight Financing Rate Ford Motor Credit … 3.664 6.67 Sept. 8, ’24 96.342 –0.20 96.750
3-month 5.07 5.08 5.10 1.04 20-year 3.99 3.89 4.44 3.18
5.05 5.05 5.06 0.69
*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.
Financial
1-month 5.09 5.05 5.09 0.92 Treasury yields (secondary market) Value 52-Week Note: Data are for the most active issue of bonds with maturities of two years or more
1-month 5.42 5.46 5.46 0.59 Latest Traded High Low Source: MarketAxess
2-month 5.11 5.05 5.18 1.14
3-month 5.16 5.04 5.19 1.38 3-month 5.10 5.10 5.10 1.04
6-month 5.06 4.91 5.06 1.49 DTCC GCF Repo Index
Discount window primary credit 5.078 14.550 5.128 0.700
5.25 5.25 5.25 1.00
TIPS Treasury
MBS 5.090 37.800 5.147 0.770
Dividend Changes
5-year 1.45 1.28 1.81 -0.16
Treasury yields at constant 7-year 1.41 1.27 1.70 0.01 Notes on data: KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
maturities 10-year 1.38 1.27 1.66 0.18 U.S. prime rate is the base rate on corporate
20-year 1.50 1.44 1.70 0.47 Amount Payable / Amount Payable /
1-month 5.59 5.63 5.63 0.62 loans posted by at least 70% of the 10 largest
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
3-month 5.26 5.26 5.26 1.05 Long-term avg 1.66 1.62 1.94 0.72 U.S. banks, and is effective May 4, 2023. Other
prime rates aren’t directly comparable; lending Increased Stocks
Notes on data: practices vary widely by location; Discount rate
is effective May 4, 2023. Secured Overnight AMMO 8.75% Pfd. A POWWP 9.2 .559 /.54688 Q Jun15 /May31 Adamis Pharmaceuticals ADMP 1:70 /May22
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
Financing Rate is as of May 19, 2023. DTCC Oxford Lane Capital OXLC 18.8 .08 /.075 M Jul31 /Jul17
GCF Repo Index is Depository Trust & Clearing Permian Basin Royalty Tr PBT 4.7 .0444 /.02685 M Jun14 /May31 Foreign
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Corp.'s weighted average for overnight trades in
primary credit rate is charged for discounts made and advances extended under the Federal LyondellBasell Inds LYB 5.5 1.25 Q Jun06 /May30
applicable CUSIPs. Value traded is in billions of Reduced Willis Towers Watson WTW 1.5 .84 Q Jul17 /Jun30
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett
Cross Timbers Royalty Tr CRT 10.6 .1851 /.24467 M Jun14 /May31
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET.
yields for all TIPS with remaining terms to maturity of 10 years or more;
Marine Petroleum Tr Un MARPS 11.9 .1102 /.15931 Q Jun28 /May31 Special
Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; FactSet; PermRock Royalty Trust PRT 19.5 .03 /.03089 M Jun14 /May31 Ohio Valley Banc OVBC 3.6 .15 Jun10 /May30
Sources: Federal Reserve; for additional information on these rate data and their derivation,
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. San Juan Basin Royalty SJT 27.4 .0527 /.10381 M Jun14 /May31 Sources: FactSet; Dow Jones Market Data
THE WALL STREET JOURNAL. * Tuesday, May 23, 2023 | B9
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Coty COTY 11.12 -0.12 FifthThirdBncp FITB 25.45 0.35 Illumina ILMN 208.85 3.99 s ManhattanAssoc MANH 177.89 0.80 PNC Finl PNC 120.42 1.94 Sanofi SNY 53.98 -1.05 TransDigm TDG 807.90-14.61
Market listed securities. Prices are composite dd-Indicates loss in the most recent Coupang CPNG 16.01 -0.28 FirstCitizBcshA FCNCA 1306.87 0.84 ImperialOil IMO 46.92 0.06 ManulifeFinl MFC 19.34 ... POSCO PKX 70.00 1.58 SareptaTherap SRPT 149.07 -0.03 TransUnion TRU 72.31 1.66
quotations that include primary market trades four quarters. Credicorp BAP 132.72 -0.03 FirstIndRlty FR 52.33 0.25 Incyte INCY 64.39 0.82 MarathonOil MRO 23.43 0.36 PPG Ind PPG 140.68 -1.72 Sasol SSL 12.31 0.29 Travelers TRV 181.10 -2.62
as well as trades reported by Nasdaq BX FD-First day of trading. Crocs CROX 107.11 -1.89 FirstSolar FSLR 201.69 -1.84 Infosys INFY 15.65 0.40 MarathonPetrol MPC 110.63 0.32 PPL PPL 27.03 -0.03 Schlumberger SLB 46.00 0.73 Trimble TRMB 48.62 0.76
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CrowdStrike CRWD 147.41 2.69 FirstEnergy FE 37.89 0.13 IngersollRand IR 59.74 -0.02 Markel MKL 1359.04 -0.33 PTC PTC 134.74 0.53 SchwabC SCHW 51.97 0.30 Trip.com TCOM 33.91 0.66
Cboe, NYSE National and Nasdaq ISE. standards CrownCastle CCI 115.06 1.98 FirstService FSV 147.17 -0.49 s Ingredion INGR 111.47 -1.03 MarketAxess MKTX 286.60 2.01 Paccar PCAR 71.39 -0.36 Sea SE 67.97 -1.47 TruistFinl TFC 30.58 0.88
The list comprises the 1,000 largest lf-Late filing CrownHoldings CCK 80.51 -1.04 Fiserv FISV 119.54 ... s InspireMedical INSP 311.39 3.16 Marriott MAR 174.68 -3.75 PackagingCpAm PKG 129.07 -0.38 Seagate STX 62.95 0.69 Twilio TWLO 57.71 6.50
companies based on market capitalization. q-Temporary exemption from Nasdaq CubeSmart CUBE 44.92 0.01 FiveBelow FIVE 186.00 -4.21 Insulet PODD 306.55 5.52 Marsh&McLen MMC 179.72 -0.82 PalantirTech PLTR 11.84 0.13 Seagen SGEN 193.36 0.06 TylerTech TYL 397.97 3.93
requirements. Cullen/Frost CFR 103.99 2.64 FleetCorTech FLT 237.70 4.05 Intel INTC 30.28 0.35 MartinMarietta MLM 405.99 -2.41 PaloAltoNtwks PANW 192.11 3.45 Sempra SRE 146.08 0.26 TysonFoods TSN 50.11 0.15
Underlined quotations are those stocks with Cummins CMI 218.03 1.35 Flex FLEX 24.51 0.21 InteractiveBrkrs IBKR 75.70 0.28 MarvellTech MRVL 46.44 0.98 t ParamountA PARAA 17.16 -0.31 SensataTech ST 41.91 0.45 UBS Group UBS 20.19 0.10
large changes in volume compared with the t-NYSE bankruptcy
v-Trading halted on primary market. CyberArkSoftware CYBR 152.55 -0.41 Floor&Decor FND 90.57 2.12 ICE ICE 109.18 1.15 Masco MAS 52.05 -0.50 t ParamountB PARA 14.99 -0.18 ServiceCorp SCI 64.84 -0.66 UDR UDR 40.65 0.31
issue’s average trading volume. -1.51 InterContinentl IHG 68.14 0.30 ParkerHannifin PH 334.14 1.30 ServiceNow NOW 511.39 1.09
vj-In bankruptcy or receivership or FomentoEconMex FMX 98.48 Masimo MASI 162.87 -0.59 U-Haul UHAL 64.05 1.22
Boldfaced quotations highlight those issues being reorganized under the D E F FordMotor F 11.63 -0.02 IBM IBM 127.50 0.24 MasTec MTZ 97.94 1.09 Paychex PAYX 109.99 1.88 Shell SHEL 60.03 -0.39 U-Haul N UHAL/B 59.05 3.01
whose price changed by 5% or more if their Bankruptcy Code, or securities s Fortinet FTNT 69.52 -0.11 IntlFlavors IFF 83.40 -0.28 Mastercard MA 384.53 -1.04 PaycomSoftware PAYC 289.20 3.84 SherwinWilliams SHW 230.64 -2.13 s US Foods USFD 41.42 0.14
DCP Midstream DCP 41.57 0.09
previous closing price was $2 or higher. assumed by such companies. Fortis FTS 43.18 -0.24 IntlPaper IP 31.73 -0.23 MatchGroup MTCH 33.98 2.14 Paylocity PCTY 174.06 0.29 ShinhanFin SHG 26.84 0.44 UWM UWMC 4.95 -0.06
DTE Energy DTE 108.91 0.35 PayPal
Danaher DHR 231.28 2.95 Fortive FTV 66.42 0.72 Interpublic IPG 38.60 0.02 Mattel MAT 18.40 -0.15 PYPL 63.03 2.11 ShockwaveMed SWAV 282.65 7.50 s Uber UBER 39.17 -0.01
FortuneBrands FBIN 64.58 -0.81 Intuit INTU 454.11 8.08 McCormickVtg MKC.V 87.86 -1.09 Pearson PSO 10.22 -0.05 Shopify SHOP 62.06 1.86 Ubiquiti UI 171.51 -0.29
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s Darden DRI 161.23 -0.18
changes in the closing prices from 4 p.m. the previous day. DarlingIngred DAR 64.66 -0.16 FoxB FOX 28.96 0.04 s IntuitiveSurgical ISRG 313.62 0.01 McCormick MKC 87.72 -1.20 PembinaPipeline PBA 31.14 0.02 SimonProperty SPG 105.98 0.62 UiPath PATH 16.63 1.14
FoxA FOXA 31.31 -0.03 InvitatHomes INVH 33.64 0.11 McDonald's MCD 289.35 -6.20 PenskeAuto PAG 141.10 1.55 SiriusXM SIRI 3.55 0.02 UltaBeauty ULTA480.68-10.37
Datadog DDOG 93.87 1.78 Pentair
Franco-Nevada FNV 152.54 -0.54 IridiumComm IRDM 61.80 1.80 McKesson MCK 396.43 -1.24 PNR 59.18 0.02 SiteOneLandscape SITE 148.84 -0.38 Unilever UL 52.34 -0.92
Net Net DaVita DVA 99.80 -0.53 Penumbra PEN 318.65
Monday, May 22, 2023 FranklinRscs BEN 24.61 0.12 IronMountain IRM 55.04 -0.32 Medpace MEDP 209.56 -1.32 1.05 SkechersUSA SKX 51.22 -0.72 UnionPacific UNP 198.29 -0.68
Stock Sym Close Chg Stock Sym Close Chg DeckersOutdoor DECK 456.20 1.41 PepsiCo
Net FreeportMcM FCX 35.62 -0.11 ItauUnibanco ITUB 5.26 -0.08 Medtronic MDT 89.50 0.17 PEP 186.64 -5.20 Skyworks SWKS 102.50 0.84 UnitedAirlines UAL 47.41 -0.13
Deere DE 360.50 -3.05 PerformanceFood PFGC 57.43
Stock Sym Close Chg FreseniusMed FMS 23.12 -0.15 s MercadoLibre MELI 1339.62 28.74 0.23 SmithAO AOS 68.19 -0.23 UnitedMicro UMC 7.89 -0.19
AristaNetworks ANET 145.37 1.46 CH Robinson CHRW 101.09 0.66 DellTechC DELL 47.54 -0.21
ArrowElec ARW 123.58 0.36 CME Group CME 181.93 0.11 DeltaAir DAL 35.46 -0.13
J K L Merck MRK 114.49 -1.00 PetroleoBrasil PBR 11.55 -0.16 Smith&Nephew SNN 31.67 -0.20 UPS B UPS 171.51 0.58
A B C AspenTech AZPN 171.03 1.92 CMS Energy CMS 58.90 0.27 DentsplySirona XRAY 39.41 -0.78 G H I JD.com JD 35.99 0.93 MetaData AIU 1.01 -0.04 PetroleoBrasilA PBR.A 10.31 -0.07 Smucker SJM 149.67 -2.22 UnitedRentals URI 346.21 -2.81
s MetaPlatforms META 248.32 2.68 Pfizer PFE 38.75 1.98 Snap SNAP 9.76 0.04 US Bancorp USB 30.91 0.80
Assurant AIZ 129.17 0.19 CNA Fin CNA 38.88 -0.39 DescartesSystems DSGX 78.38 0.32 GE HealthCare GEHC 79.08 -0.23 JPMorganChase JPM 138.03 -1.15
ABB ABB 37.13 -0.43 MetLife MET 52.37 0.79 PhilipMorris PM 93.07 -0.12 Snap-On SNA 261.30 0.44 UnitedTherap UTHR 218.59 -0.97
AstraZeneca AZN 74.45 -0.34 CNH Indl CNHI 13.99 -0.01 DeutscheBank DB 10.68 0.08 GFLEnvironmental GFL 37.10 -0.15 Jabil JBL 84.58 0.58
AECOM ACM 79.40 0.12 Mettler-Toledo MTD 1398.70 12.23 Phillips66 PSX 95.56 0.62 Snowflake SNOW 178.47 1.65 UnitedHealth UNH 480.62 1.80
Atlassian TEAM 158.38 11.39 CRH CRH 50.11 -0.12 DevonEnergy DVN 49.32 0.12 GSK GSK 35.35 -0.26 JackHenry JKHY 150.78 1.98
AES AES 21.16 0.35 MicrochipTech MCHP 79.19 1.32 PinnacleWest PNW 77.69 0.17 SOQUIMICH SQM 71.15 0.07 UnitySoftware U 30.16 1.06
AtmosEnergy ATO 116.37 -0.19 CSX CSX 31.90 -0.41 DexCom DXCM 119.29 2.16 s GXO Logistics GXO 59.36 0.77 JacobsSolns J 117.06 0.13
Aflac AFL 66.58 -0.30 MicronTech MU 66.23 -1.94 Pinterest PINS 23.26 0.56 SolarEdgeTech SEDG 298.87 2.95 UnivDisplay OLED 151.91 1.42
Autodesk ADSK 203.49 2.60 CVS Health CVS 69.42 0.04 Diageo DEO 178.45 -0.36 Gallagher AJG 214.59 -1.48 JamesHardie JHX 25.00 0.35
AGCO AGCO 114.77 0.44 s Microsoft MSFT 321.18 2.84 PioneerNatRscs PXD 211.04 2.10 Sony SONY 97.60 -0.41 UniversalHealthB UHS 135.24 0.61
Autoliv ALV 86.35 -0.63 CadenceDesign CDNS 211.63 -5.08 DiamondbkEner FANG 132.45 2.23 GameStop GME 24.21 2.15 JazzPharm JAZZ 132.93 -1.34 s PlainsAllAmPipe PAA 13.59
AMC Ent AMC 5.12 0.09 MidAmApt MAA 147.22 -0.96 0.10 Southern SO 70.95 -0.46 UnumGroup UNM 46.49 0.14
ADP ADP 216.53 0.35 CAE CAE 22.51 0.21 Dick's DKS 126.40 -0.27 Gaming&Leisure GLPI 48.45 -0.17 JefferiesFinl JEF 30.75 0.36 s PlainsGP
Ansys ANSS 306.35 0.79 Middleby MIDD 141.67 0.97 PAGP 14.10 0.04 SoCopper SCCO 69.39 0.51 t VF VFC 19.56 0.49
AutoZone AZO 2619.80-33.38 CaesarsEnt CZR 44.64 0.85 DigitalRealty DLR 91.51 0.76 Garmin GRMN 104.82 0.82 J&J JNJ 156.87 -0.85
APA APA 33.47 0.06 MitsubishiUFJ MUFG 6.72 0.08 PolestarAuto PSNY 3.43 0.16 SouthwestAir LUV 29.32 -0.16 VICI Prop VICI 31.61 0.01
Avalonbay AVB 176.72 0.48 CamdenProperty CPT 106.27 -0.23 DiscoverFinSvcs DFS 101.06 0.32 Gartner IT 331.40 0.63 JohnsonControls JCI 63.00 -0.22
ASE Tech ASX 7.46 0.09 MizuhoFin MFG 2.93 -0.02 Pool POOL 342.70 -2.35 Splunk SPLK 98.12 1.89 VailResorts MTN 241.04 -1.80
Avangrid AGR 38.75 0.20 Cameco CCJ 27.95 1.03 Disney DIS 91.82 0.47 GenDigital GEN 17.06 0.86 JonesLang JLL 146.08 2.01
ASML ASML 698.64 4.64 Mobileye MBLY 41.07 0.24 Primerica PRI 185.69 1.88 Spotify SPOT 148.60 -0.83 Vale VALE 13.69 -0.17
Avantor AVTR 20.83 -0.12 CampbellSoup CPB 51.59 -1.09 DocuSign DOCU 55.45 2.33 Generac GNRC 118.28 4.49 JuniperNetworks JNPR 29.76 0.22
AT&T T 16.38 0.07 Moderna MRNA 126.74 0.50 PrincipalFinl PFG 70.18 0.76 StanleyBlackDck SWK 81.75 0.14 ValeroEnergy VLO 112.79 2.54
AveryDennison AVY 170.77 -0.03 CIBC CM 41.91 0.34 DolbyLab DLB 83.38 -0.22 GeneralDynamics GD 212.52 1.87 KB Financial KB 37.75 0.46
AbbottLabs ABT 108.25 -0.68 MolinaHealthcare MOH 287.99 2.82 ProcoreTech PCOR 58.50 0.87 Stantec STN 58.60 -0.19 Valvoline VVV 38.74 0.01
AvisBudget CAR 165.25 4.93 CanNtlRlwy CNI 117.76 -1.74 DollarGeneral DG 211.87 -3.21 s GeneralElec GE 104.55 0.29 KBR KBR 58.92 0.05
AbbVie ABBV 144.90 -0.21 MolsonCoorsB TAP 62.45 -0.16 Procter&Gamble PG 149.16 -4.01 Starbucks SBUX 102.90 -2.61 VeevaSystems VEEV 165.33 -0.02
AxaltaCoating AXTA 30.55 -0.09 CanadianNatRscs CNQ 57.56 0.52 DollarTree DLTR 160.00 -0.08 GeneralMills GIS 85.70 -1.93 KE Holdings BEKE 15.25 0.43
AcadiaHealthcare ACHC 72.58 0.04 Progressive PGR 135.63 0.57 StateStreet STT 68.50 0.50
AxonEnterprise AXON 201.75 4.89 CdnPacKC CP 81.34 -1.26 t DominionEner D 52.16 0.04 KKR KKR 51.19 1.16 monday.com MNDY150.75 0.97 Ventas VTR 44.41 -0.36
Accenture ACN 290.95 1.04 GeneralMotors GM 32.86 0.20 Mondelez MDLZ 75.87 -1.19 Prologis PLD 124.23 1.17 SteelDynamics STLD 97.19 0.13 s VeriSign
BCE BCE 46.94 -0.01 CapitalOne COF 99.45 1.52 Domino's DPZ 308.91 -3.55 KLA KLAC 420.81 -2.83 VRSN 228.54 1.13
ActivisionBliz ATVI 79.06 0.47 Genmab GMAB 42.37 0.73 MongoDB MDB 283.29 8.11 PrometheusBio RXDX 193.45 0.95 Stellantis STLA 16.54 -0.24
BHP Group BHP 58.62 0.09 CardinalHealth CAH 85.98 0.05 Donaldson DCI 64.23 0.34 Kanzhun BZ 17.47 0.07 VeriskAnalytics VRSK 218.25 -3.87
Adobe ADBE 372.05 0.80 Genpact G 38.00 ... PrudentialFinl PRU 82.00 1.21 Steris STE 206.92 1.22
BILL BILL 99.66 5.00 Carlisle CSL 213.39 1.08 DoorDash DASH 65.63 -1.35 KarunaTherap KRTX 225.85 1.92 MonolithicPower MPWR 448.40 16.38 Verizon VZ 35.96 -0.09
AdvanceAuto AAP 119.44 2.03 Gentex GNTX 27.64 -0.36 Prudential PUK 29.54 0.06 Stevanato STVN 27.04 0.06
BJ'sWholesale BJ 69.60 -0.53 Carlyle CG 27.89 0.59 Dover DOV 140.20 0.73 Kellogg K 68.34 -0.99 MonsterBev MNST 59.12 -0.56 VertexPharm VRTX 339.97 -1.73
AdvDrainageSys WMS 96.51 -0.04 GenuineParts GPC 163.17 -1.60 PublicServiceEnt PEG 62.23 0.65 STMicroelec STM 45.41 0.37
BP BP 35.89 -0.14 CarMax KMX 72.21 0.46 Dow DOW 51.77 -0.18 Kenvue KVUE 26.07 -1.16 Moody's MCO 321.38 6.35 Viatris VTRS 9.47 0.14
AdvMicroDevices AMD 108.00 2.18 Gerdau GGB 5.01 0.23 PublicStorage PSA 284.51 -0.39 Stryker SYK 286.17 0.80
Baidu BIDU 125.95 1.67 Carnival CCL 11.22 0.28 DrReddy'sLab RDY 54.13 0.64 t KeurigDrPepper KDP 31.91 0.08 MorganStanley MS 82.27 0.03 Vipshop VIPS 14.83 -0.05
Aegon AEG 4.66 0.03 GileadSciences GILD 78.62 -0.22 PulteGroup PHM 67.42 -1.76 SumitomoMits SMFG 8.16 0.05
BakerHughes BKR 28.37 0.20 Carnival CUK 9.98 0.23 s DraftKings DKNG 25.22 1.11 KeyCorp KEY 10.28 0.46 Morningstar MORN 200.78 3.35 Visa V 231.28 -2.03
AerCap AER 58.64 0.01 GlobalPayments GPN 103.66 1.70 PureStorage PSTG 24.84 0.60 SunComms SUI 130.70 1.57
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AgilentTechs A 129.09 0.22 GlobalFoundries GFS 57.40 0.43 Qiagen QGEN 44.94 -0.21 SunLifeFinancial SLF 49.90 0.16
BancoBilbaoViz BBVA 7.06 0.04 CaseysGenStores CASY 229.52 0.36 DukeEnergy DUK 91.97 -0.54 KimberlyClark KMB 140.70 -4.33 MotorolaSol MSI 293.76 -3.69 VMware VMW 124.72 -1.02
agilon health AGL 21.04 -0.81 Globant GLOB 173.26 5.86 Qorvo QRVO 96.12 1.08 SuncorEnergy SU 28.83 0.10
BancoBradesco BBDO 2.72 0.01 Catalent CTLT 37.51 0.34 s Duolingo DUOL 155.79 5.44 KimcoRealty KIM 18.78 0.46 NICE NICE 194.52 3.29 Vodafone VOD 10.13 -0.22
AgnicoEagleMines AEM 53.47 -0.56 GlobeLife GL 108.38 0.10 Qualcomm QCOM 105.28 -0.58 SuperMicroComp SMCI 164.81 0.62
BancodeChile BCH 21.57 -0.14 Caterpillar CAT 214.26 -0.52 DuPont DD 67.08 0.33 KinderMorgan KMI 16.53 0.01 NIO NIO 8.79 0.72 QualtricsIntl XM 17.96 0.01 Suzano SUZ 9.09 0.02
VoyaFinancial VOYA 70.84 0.35
AirProducts APD 275.00 -3.91 Celanese CE GoDaddy GDDY 72.58 1.04
BancSanBrasil BSBR 6.02 0.02 108.50 1.12 Dynatrace DT 49.17 0.14 KinrossGold KGC 5.12 -0.03 NNN REIT NNN 42.92 0.06 VulcanMatls VMC 197.26 0.04
Airbnb ABNB 109.93 2.55 GoldFields GFI 15.20 -0.09 QuantaServices PWR 170.99 -0.72 Symbotic SYM 31.13 2.10
BcoSantChile BSAC 18.79 -0.05 CelsiusHldg CELH 131.22 -0.45 EMCOR EME 164.91 -0.04 KinsaleCapital KNSL 324.19 3.02 NRG Energy NRG 34.03 0.54 QuestDiag DGX 131.62 0.13
AkamaiTech AKAM 87.95 0.68 BancoSantander SAN 3.47 0.05 Cemex CX 6.34 -0.16 ENI E 28.87 0.11
GoldmanSachs GS 324.92 -1.23
Grab GRAB 3.06 0.31 Knight-Swift KNX 54.87 0.28 NVR NVR 5705.32-141.20
SynchronyFinl SYF 30.35
Synopsys SNPS 401.68
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Albertsons ACI 20.18 -0.08
BankofAmerica BAC 28.34 0.23 CenovusEnergy CVE 16.59
BankofMontreal BMO 87.67 0.31 Centene CNC 65.20
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EOG Rscs EOG 113.55 -1.04
EPAM Systems EPAM 263.67 16.17
Graco GGG 78.94 0.89 Philips PHG 20.19 -0.12 NXP Semi NXPI 177.37 2.41
Nasdaq NDAQ 55.46 0.14
R S Sysco SYY 71.80 -1.33 WEC Energy WEC 89.88 -0.04
Grainger GWW 671.30-10.48 KoreaElecPwr KEP 7.03 0.08 WEX WEX 179.34 1.51
Alcoa AA 36.40 0.30 BankNY Mellon BK 41.25 0.36 CenterPointEner CNP 28.55 -0.04 RELX
s Alcon ALC 81.72 -0.07 BankNovaScotia BNS 49.53 0.27 CentraisElBras EBR 7.18 0.18
EQT EQT 36.31 0.08
EastWestBncp EWBC 49.91 1.41
GraphicPkg GPK 25.65 -0.11 KraftHeinz KHC 38.74 -0.33 NationalGrid NGG 69.42 0.10
NatlInstruments NATI 57.97 -0.01 R1 RCM
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1.89 Barclays BCS 8.01 0.02 CeridianHCM CDAY 63.40 1.85 EastGroup EGP 162.86 0.10 NatWest NWG 6.78 0.06 RPM RPM 79.75 -0.33 TC Energy TRP 40.27 0.01
GpoAeroportuar PAC 177.69 -1.77 LKQ LKQ 55.16 -0.60 Wabtec WAB 98.27 0.86
Alibaba BABA 86.10 2.12 BarrickGold GOLD 17.79 -0.07 CharlesRiverLabs CRL 201.34 3.01 EastmanChem EMN 82.85 0.40 NetApp NTAP 67.13 1.31 RalphLauren RL 108.82 -0.30 TD Synnex SNX 90.98 1.14
GpoAeroportSur ASR 282.32 -2.37 LPL Financial LPLA 198.04 0.06 t WalgreensBoots WBA 31.19 -0.09
AlignTech ALGN 300.83 9.84 Bath&BodyWks BBWI 38.12 1.09 CharterComms CHTR 341.49 1.09 Eaton ETN 174.18 0.03 NetEase NTES 88.53 1.10 Rambus RMBS 58.70 -0.77 TE Connectivity TEL 124.53 0.45
Guidewire GWRE 81.72 1.36 L3HarrisTech LHX 186.20 1.80 Walmart WMT 148.59 -1.32
Allegion ALLE 109.76 0.46 Bausch+Lomb BLCO 19.46 0.01 CheckPoint CHKP 122.62 1.20 eBay EBAY 44.12 0.64 Netflix NFLX 363.01 -2.35 RangeResources RRC 29.62 0.29 Telus TU 20.24 -0.04
HCA Healthcare HCA 277.04 -5.43 LabCorp.ofAmerica LH 218.62 1.80 WarnerBrosA WBD 12.16 -0.04
AllegroMicro ALGM 39.33 0.37 BaxterIntl BAX 42.58 -0.41 Chemed CHE 540.07 1.38 Ecolab ECL 172.99 -2.28 Neurocrine NBIX 93.50 -0.56 RaymondJames RJF 90.63 0.40 Ternium TX 39.41 -0.34
HDFC Bank HDB 66.56 0.07 LamResearch LRCX 585.07 -3.79 WarnerMusic WMG 26.25 0.79
AlliantEnergy LNT 52.59 -0.02 BectonDicknsn BDX 251.04 -0.84 CheniereEnergy LNG 143.93 2.75 Ecopetrol EC 9.42 0.03 NewOrientalEduc EDU 38.06 0.40 RaytheonTech RTX 95.66 -0.47 TFI Intl TFII 110.53 1.52
HF Sinclair DINO 42.30 0.95 LamarAdv LAMR 93.77 -0.76 WasteConnections WCN 139.29 -1.01
Allstate ALL 118.09 0.31 BeiGene BGNE 242.06 9.46 CheniereEnerPtrs CQP 46.85 0.60 EdisonIntl EIX 67.68 -0.56 RealtyIncome O 60.34 0.37 TIM TIMB 14.21 0.20
HP HPQ 30.71 0.17 s LambWeston LW 111.75 -2.73 NY CmntyBcp NYCB 10.90 -0.02
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HSBC HSBC 38.53 0.21 LandstarSystem LSTR 175.03 -2.36 Waters WAT 267.81 0.33
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s Alphabet C GOOG 125.87 H World HTHT 41.98 0.36 Lantheus LNTH 98.32 1.08 Watsco WSO 327.62 -8.94
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s Alphabet A GOOGL 125.05 Haleon HLN 8.55 -0.10 LasVegasSands LVS 59.49 -1.00 Watsco B WSOB330.59-10.00
2.29 BerkHathwy B BRK.B 329.13 -1.26 s Chipotle CMG 2101.94 -4.28 ElevanceHealth ELV 457.04 -0.79 LatticeSemi LSCC 83.99 0.62 NextEraEnergy NEE 74.58 0.10 RegionsFin RF 17.51 0.65 T.RowePrice TROW 106.84 0.23
Altria MO 44.93 -0.37 BerryGlobal BERY 59.01 0.90 Chubb CB 198.20 -2.98 EmersonElec EMR 81.71 -0.78 Halliburton HAL 30.22 0.05 ReinsGrp RGA 149.14 -1.05 TaiwanSemi TSM 91.72 -0.86 WebsterFin WBS 37.40 1.46
Lear LEA 126.13 1.07 Nike NKE 110.18 -4.58
Amazon.com AMZN 115.01 -1.24 BestBuy BBY 70.32 -0.21 ChunghwaTel CHT 40.61 -0.63 Enbridge ENB 36.87 -0.22 HartfordFinl HIG 70.92 -0.31 RelianceSteel RS 245.43 1.40 TakeTwoSoftware TTWO 137.25 -0.18 WellsFargo WFC 40.98 0.95
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Amcor AMCR 10.27 0.04 Bio-Techne TECH 84.21 0.33 ChurchillDowns CHDN 141.68 -2.05 HealthcareRealty HR 19.13 0.18 RentokilInit RTO 40.00 WescoIntl WCC 134.21 ...
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Lennar B LEN.B 97.45 -2.73 Nordson NDSN 216.24 -0.28
Ameren AEE 83.62 -0.50 Biogen BIIB 306.87 -1.61 Cigna CI 255.52 0.39 Entegris ENTG 96.72 -0.06 Heico HEI 178.94 1.96 RepublicSvcs RSG 143.96 -1.13 Target TGT 151.91 -0.37 WestPharmSvcs WST 350.92 -0.47
LennoxIntl LII 280.91 -7.14 NorfolkSouthern NSC 218.24 0.50
AmericaMovil AMX 21.28 -0.41 BioMarinPharm BMRN 92.77 0.87 CincinnatiFinl CINF 104.43 -0.53 Entergy ETR 100.42 -0.13 Heico A HEI.A142.46 2.58 ResMed RMD 225.46 0.95 TeckResourcesB TECK 42.29 -0.13 WesternDigital WDC 38.37 0.05
LiAuto LI 29.45 0.35 NorthernTrust NTRS 73.03 0.83
AmerAirlines AAL 14.38 -0.44 BioNTech BNTX 107.50 1.01 Cintas CTAS 471.62 1.14 EnterpriseProd EPD 26.03 -0.17 HenrySchein HSIC 77.46 0.54 RestaurantBrands QSR 73.04 -0.22 TeledyneTech TDY 420.91 4.65 WesternMidstrm WES 26.31 -0.50
LibertyBroadbandC LBRDK 77.97 0.43 NorthropGrum NOC 443.07 -0.24
AEP AEP 86.41 -0.15 BlackKnight BKI 55.69 0.07 CiscoSystems CSCO 48.82 -0.31 Equifax EFX 215.31 5.19 Hershey HSY 262.88 -3.16 Revvity RVTY 120.24 1.15 Teleflex TFX 245.34 1.56 Westlake WLK 116.17 0.23
LibertyBroadbandA LBRDA 77.59 0.38 Novartis NVS 100.74 -0.07
WestRock WRK 28.02 0.24
AmerExpress AXP 155.51
AmericanFin AFG 116.63
AmHomes4Rent AMH 33.83
AIG AIG 53.96
AmerTowerREIT AMT 193.47
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HewlettPackard HPE 14.45 0.12
HLT 143.55 -0.63
HOLX 81.63 0.20
HomeDepot HD 290.66 -0.22
LibertyGlobal A LBTYA 17.00
LibertyGlobal C LBTYK 17.84
LibertyFormOne C FWONK 72.40
LibertyFormOne A FWONA 64.97
LibertyBraves A BATRA 38.47
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LloydsBanking LYG 2.32 ...

AnnalyCap NLY 19.10 -0.06 BrookfieldAsset BAM 31.60 0.40 EngGr-Cmg C CIG.C 3.79 -0.09 Exelon EXC 40.12 0.25 Humana HUM 513.98 0.46 Okta OKTA 85.44 3.29 RoyalBkCanada RY 94.16 -0.04 TexasRoadhouse TXRH 112.09 -1.53 XP XP 17.69 0.42
LockheedMartin LMT 454.72 0.23
AnteroResources AR 23.80 0.10 Brookfield BN 31.30 0.48 ConagraBrands CAG 35.39 -0.45 Expedia EXPE 96.82 0.19 JBHunt JBHT 168.85 0.48 OldDomFreight ODFL 302.15 0.74 s RoyalCaribbean RCL 80.33 0.73 Textron TXT 64.77 0.30 XcelEnergy XEL 65.88 -0.05
Loews L 58.68 -0.12
Aon AON 325.67 -1.45 BrookfieldInfr BIP 36.99 -0.08 Confluent CFLT 28.47 1.09 ExpeditorsIntl EXPD 114.43 -0.14 HuntingtonBcshs HBAN 10.53 0.36 OldRepublic ORI 25.17 -0.27 RoyalGold RGLD 128.91 -0.59 ThermoFisher TMO 529.02 1.64 XPeng XPEV 9.41 0.39
LogitechIntl LOGI 65.82 0.43
ApellisPharm APLS 87.48 -1.38 BrookfieldRenew BEPC 35.06 0.14 ConocoPhillips COP 103.73 1.13 ExtraSpaceSt EXR 148.65 0.55 HuntingIngalls HII 203.29 2.65 Olin OLN 54.09 -0.03 RoyaltyPharma RPRX 33.38 -0.33 ThomsonReuters TRI 126.11 0.21 Xylem XYL 104.34 -0.65
Lowe's LOW 203.15 -3.12
ApolloGlbMgmt APO 66.00 2.15 Brown&Brown BRO 65.71 -0.65 ConEd ED 94.65 -0.54 ExxonMobil XOM 104.97 -1.29 HyattHotels H 111.16 -2.42 OmegaHealthcare OHI 29.02 -0.20 RyanSpecialty RYAN 44.21 -0.11 3M MMM 101.71 2.68 YPF YPF 10.80 -0.01
Lucid LCID 7.65 0.47
Yum!Brands YUM 134.91 -3.37
Apple AAPL 174.20 -0.96 Brown-Forman A BF.A 65.24 0.71 ConstBrands A STZ 235.46 0.17 F5 FFIV 144.75 2.22 ICICI Bank IBN 22.92 -0.07 Omnicom OMC 92.80 -0.50 Ryanair RYAAY 99.90 -0.39 Toast TOST 21.30 0.49
lululemon LULU 363.12 -5.41
YumChina YUMC 61.44 0.29
ApplMaterials AMAT 126.55 -0.40 Brown-Forman B BF.B 64.34 0.64 ConstellationEner CEG 83.53 1.23 FMC FMC 107.83 -1.08 ICL Group ICL 6.56 0.09 OnHolding ONON 27.48 0.79 SAP SAP 133.29 -0.99 Toll Bros TOL 64.70 -1.66
LyondellBasell LYB 90.68 -0.21
Applovin APP 25.09 -0.03 Bruker BRKR 75.14 -0.68 Cooper COO 390.14 4.04 FactSet FDS 398.25 2.06 IdexxLab IDXX 486.25 -1.85 OpenText OTEX 41.98 0.39 S&P Global SPGI 372.35 6.93 TopBuild BLD 209.72 -0.99 ZTO Express ZTO 29.04 0.29
er s
BuildersFirst BLDR 120.17 -0.07 s Copart s FairIsaac s Oracle ZebraTech ZBRA 280.13 -0.67
Aptargroup ATR 118.13
Aptiv APTV 94.43
-0.96
0.06 Bunge BG 90.47 0.02 Core&Main CNM 27.29
CPRT 89.16 0.92
-0.03 Fastenal
FICO 776.73 20.94
FAST 55.39 0.39
ING Groep ING 13.03 0.02
Invesco IVZ 15.19 -0.05
M N Orange
ORCL 101.77 -1.07
ORAN 12.38 0.20
SBA Comm SBAC 236.46
SEI Investments SEIC 57.88
3.08 Toro TTC 105.42 0.18
-0.04 TorontoDomBk TD 61.12 0.20 Zillow C Z 45.41 0.02
Aramark ARMK 39.59 0.05 BurlingtonStrs BURL 167.27 -0.61 CorebridgeFin CRBG 17.24 0.25 FederalRealty FRT 90.20 1.46 IQVIA IQV 201.77 2.33 M&T Bank MTB 123.27 1.66 Orix IX 86.46 -0.88 SK Telecom SKM 20.85 0.21 TotalEnergies TTE 60.46 0.03 Zillow A ZG 44.59 0.07
ArcelorMittal MT 26.72 0.11 CACI Intl CACI 302.27 0.73 Corning GLW 31.50 0.18 FedEx FDX 228.68 -0.40 ITT ITT 82.61 0.50 MGM Resorts MGM 42.33 -0.15 OtisWorldwide OTIS 84.08 -0.48 SS&C Tech SSNC 56.12 -0.08 ToyotaMotor TM 141.19 -1.03 ZimmerBiomet ZBH 135.27 0.27
m er
ArchCapital ACGL 73.50 -2.52 CBRE Group CBRE 78.06 0.78 Corteva CTVA 56.86 -0.11 s Ferguson FERG 150.50 1.95 t IcahnEnterprises IEP 28.71 -3.51 MPLX MPLX 34.20 -0.05 Ovintiv OVV 35.20 0.68 STAG Indl STAG 34.58 0.16 TractorSupply TSCO 222.78 -1.45 Zoetis ZTS 179.52 -0.03
ADM ADM 73.44 0.21 CDW CDW 175.71 3.12 CoStar CSGP 79.85 1.35 s Ferrari RACE 301.53 3.29 Icon ICLR 215.91 3.13 MSCI MSCI 472.42 2.58 OwensCorning OC 109.74 -0.39 Saia SAIA 274.08 -3.64 TradeDesk TTD 68.52 1.70 ZoomVideo ZM 71.41 2.04
AresMgmt ARES 85.13 1.49 CF Industries CF 67.04 0.82 Costco COST 491.87 -4.65 FidNatlFin FNF 34.81 0.06 IDEX IEX 208.68 3.69 MagellanMid MMP 62.19 -0.45 PDD PDD 63.04 2.51 Salesforce CRM 210.26 -0.10 Tradeweb TW 71.48 1.59 ZoomInfoTech ZI 25.25 1.26
s argenx ARGX 419.70 -2.88 CGI A GIB 104.36 -0.44 CoterraEnergy CTRA 25.89 0.26 FidNatlInfo FIS 57.47 0.63 IllinoisToolWks ITW 227.33 -0.71 MagnaIntl MGA 52.69 -0.04 PG&E PCG 16.51 -0.10 Samsara IOT 20.25 0.06 TraneTech TT 171.23 -2.05 Zscaler ZS 128.86 3.59
m rp
New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
GibraltarInds ROCK 57.73 ... MercadoLibre MELI 1365.64 2.2 10xGenomics TXG 58.30 3.2 Assure IONM 0.94 -6.4 E-HomeHousehold EJH 0.16 -12.9 Lyft LYFT 7.97 -0.1 ShuttlePharm SHPH 1.02 ...
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE GoGreenInvtsWt GOGN.WS 0.84 5.1 MeridianLink MLNK 19.40 4.4 Textainer TGH 37.17 -1.0 Athenex ATNX 0.26 ... EducDev EDUC 1.28 -1.5 micromobility.com MCOM 0.46 ... SiliconMotion SIMO 51.72 -1.9
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. Greenhill GHL 14.85 116.2 MetaPlatforms META 253.57 1.1 Tingo TIO 5.69 -1.7 AultAlliance AULT 11.90 -15.0 Emeren SOL 3.47 3.7 MonogramOrtho MGRM 8.25 -36.2 Sohu.com SOHU 11.83 -3.1
HeritageGlobal HGBL 3.55 7.6 Microsoft MSFT 322.59 0.9 TrajectoryAlpha TCOA.U 10.84 4.8 BassettFurniture BSET 13.65 0.1 EnsysceBio ENSC 2.56 -2.6 MullenAuto MULN 0.93 -11.2 SolGelTech SLGL 3.10 1.2
Monday, May 22, 2023 HondaMotor HMC 28.71 1.3 MinorityEqualityA MEOA 11.49 1.2 UFP Tech UFPT 155.52 1.5 BaudaxBio BXRX 0.54 -11.7 EnteraBioWt ENTXW 0.00 -53.7 NearIntelligence NIR 1.82 -6.4 Sono SEV 0.16 0.6
co Fo
52-Wk % 52-Wk % 52-Wk % Hovnanian HOV 92.62 -0.3 MorphoSys MOR 6.32 0.3 US Foods USFD 41.76 0.3 Biocept BIOC 4.72 -25.7 EtaoInternational ETAO 0.55 -10.0 NewellBrands NWL 8.52 2.8 SportsmansWrhs SPWH 5.75 -0.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Hubbell HUBB 286.17 0.9 MountainCrestVRt MCAGR 0.37 23.3 Uber UBER 40.50 ... BirdGlobal BRDS 2.33 5.4 EternaTherap ERNA 2.43 -2.9 ON24 ONTF 6.87 2.2 Staffing360 STAF 1.11 -2.2
HubSpot HUBS 497.21 2.9 MuellerIndustries MLI 80.10 1.1 UnitedInsurance UIHC 6.57 9.4 BitOrigin BTOG 0.12 -19.7 EVgoWt EVGOW 0.46 1.2 180LifeSciWt ATNFW 0.01 -2.2 Surgalign SRGA 0.85 -3.3
BelFuse B BELFB 48.19 5.1 Digimarc DMRC 32.59 4.0
Highs BentleySystems BSY 47.21 1.8 DiscMedicine IRON 37.48 -0.8
IDEAYA Bio
IES Holdings
IDYA
IESC
23.08 2.2 N-able
51.24 -0.8 NavitasSemi
NABL
NVTS
15.35 1.3 UnivStainless USAP
9.21 7.8 VectivBio
11.25 5.4 BlockHR HRB
BlueStarFoods BSFC
29.02 -1.6 FirstWaveBio
0.11 -4.5 FrontierComms FYBR
FWBI 2.07 9.2 OneConnectFin OCFT
16.14 -3.4 Optinose OPTN
4.48 -5.2 TraconPharm
1.24 -9.0 TandemDiabetes TNDM
TCON 0.57 -2.2
28.02 5.4
BetterWorld BWAC 10.85 -0.4 DorianLPG LPG 24.42 1.3 VECT 16.45 36.2
AcadiaPharm ACAD 24.85 2.0 Immunovant IMVT 24.18 12.0 NexGel NXGL 2.14 4.8 VeriSign BluejayDiag BJDX 0.21 -16.9 GSE Systems GVP 0.40 -9.9 PacGE pfE PCGpE 16.50 -1.6 ThermoGenesis THMO 1.49 -11.8
BiglariB BH 197.06 -1.2 DraftKings DKNG 26.41 4.6 VRSN 229.72 0.5
ACV Auctions ACVA 17.97 1.6 Ingredion INGR 113.46 -0.9 OakWoodsAcqnA OAKU 10.16 0.3 ViaSat BogotaFinl BSBK 7.85 -1.9 GreenLightBioWt GRNAW 0.02 -11.5 PalisadeBio PALI 1.41 -1.3 TivicHealth TIVC 0.12 -9.2
BiglariA BH.A 947.90 1.0 Duolingo DUOL 156.11 3.6 VSAT 44.98 11.1
Accuray ARAY 3.80 2.4 InspireMedical INSP 314.36 1.0 OculisWt OCSAW 1.38 40.0 VirTra BridgewaterPfdA BWBBP 14.48 -2.9 GreenLightBio GRNA 0.18 -3.3 ParamountA PARAA 17.01 -1.8 TopgolfCallaway MODG 16.13 -0.3
BioPlusAcqnA BIOS 10.52 0.1 Eltek ELTK 7.82 16.7 VTSI 7.90 6.5
AkebiaTherap AKBA 1.63 21.6 IntegralAd IAS 17.78 4.1 Opera 15.68 7.1 VitesseEnergy
OPRA BrightScholar BEDU 1.70 -1.2 GreystoneHousing GHI 15.28 -0.1 ParamountB PARA 14.76 -1.2 TransCodeTherap RNAZ 0.22 -5.4
BioRestorativeTher BRTX 5.85 4.3 EverestConsolA MNTN 10.59 0.3 VTS 22.74 5.3
AlchemyInv1 ALCYU 10.34 -0.1 IntegratedRailWt IRRX.WS 0.49 7.2 Oracle ORCL 103.10 -1.0 BrilliantEarthA BRLT 3.38 -3.0 GrindrodShipping GRIN 8.78 -3.2 ParamountPfdA PARAP 22.60 -1.0 TrioPetroleum TPET 1.41 -9.4
BitDigital BTBT 2.59 9.0 EvolvTech EVLV 6.04 7.8 VoyagerTherap VYGR 14.34 5.2
Alcon ALC 82.08 -0.1 IntlGeneralIns IGIC 9.00 3.0 PTC Therap PTCT 59.84 1.3 BristolMyers BMY 65.14 ... HealthpeakProp PEAK 19.68 1.0 PartnersBancorp PTRS 5.59 -1.4 USD Partners USDP 1.48 -3.9
BlueBird BLBD 28.43 4.1 ExactSciences EXAS 84.99 0.5 WeaveComms WEAV 7.84 8.5
AlphaStarAcqn ALSAU 10.67 0.9 IntuitiveSurgical ISRG 317.81 ... PlainsAllAmPipe PAA 13.70 0.7 BullpenParlayWt BPACW 0.01 -30.0 HudsonGlobal HSON 18.53 0.2 PeoplesBncpNC PEBK 16.35 -9.3 UnitedFire UFCS 22.98 -0.9
BostonSci BSX 54.17 0.1 FastAcqnII A FZT 11.12 0.3
AlphaStarAcqn ALSA
Alphabet A GOOGL
10.61 0.3
126.43 1.9
BurkeHerbert BHRB 84.99 10.9 FastAcqnII FZT.U 10.71 2.5 IonQWt
IonQ
IONQ.WS
IONQ
3.66 27.5 PlainsGP
11.32 22.3 PreformedLine PLPC
PAGP 14.23 0.3
159.45 6.3
Lows Curo
CaraTherap
CURO
CARA
1.03 -4.5 IcahnEnterprises IEP
3.67 -2.1 InovioPharm INO
27.56 -10.9 PerimeterSolns PRM
0.64 0.4 PresidioPropWtA SQFTW
6.10 0.3 VF VFC
0.03 12.2 Victoria'sSecret VSCO
18.54 2.6
24.71 -1.6
CarrolsRestr TAST 5.83 12.8 FTAI Aviation FTAI 30.26 0.8
Alphabet C GOOG 127.05 2.1 Chase CCF 120.50 2.1 FairIsaac FICO 794.02 2.8 JacksonAcqn RJAC.U 10.82 0.7 ProspectorCapA PRSR 10.50 0.5 AMC Networks AMCX 13.10 -1.2 ChemungFinl CHMG 33.98 0.1 InterceptPharm ICPT 9.21 -29.7 ProvidentFin PROV 11.65 0.3 ViewWt VIEWW 0.02 -10.3
AlpineImmune ALPN 10.65 10.6 KhoslaVentures KVSA 10.27 0.2 Qomolangma QOMO 11.39 0.3 ATI PhysTherapy ATIP 0.20 -5.3 ClarosMtg CMTG 10.20 -4.1 iSun ISUN 0.47 -2.6 RainOncology RAIN 1.11 -87.7 VincoVentures BBIG 2.02 21.0
Chipotle CMG 2139.88 -0.2 Ferguson FERG 151.00 1.3
AntelopeEnterprise AEHL 1.60 8.5 KrystalBiotech KRYS 120.00 22.4 RoyalCaribbean RCL 81.16 0.9 Adamis ADMP 3.09 -8.9 Cohen COHN 5.18 -8.6 JianpuTech JT 0.94 -2.0 ReToEcoSol RETO 1.81 -11.2 Volcon VLCN 0.70 -33.2
ChurchillVI A CCVI 10.26 0.6 Ferrari RACE 302.86 1.1
n-
AppliedDigital APLD 8.99 -1.9 CodaOctopus CODA 9.20 -0.1 FinStrategiesA FXCO 10.76 0.2 LFCapAcqnIIA LFAC 10.61 ... RxSight RXST 26.77 2.0 AgileTherap AGRX 3.36 -6.5 CoherusBioSci CHRS 4.37 -1.8 KeurigDrPepper KDP 31.62 0.3 Revolve RVLV 15.55 1.0 voxeljet VJET 1.80 -2.6
AresAcqnA AAC 10.49 0.4 CommVehicle CVGI 10.77 4.0 Flywire FLYW 31.56 1.0 LIVCapAcqnII A LIVB 10.57 -0.1 SPS Commerce SPSC 163.53 1.9 AgileThoughtWt AGILW 0.03 -19.1 ContainerStore TCS 2.15 -0.4 LINKBANCORP LNKB 5.00 0.2 SES AI Wt SES.WS 0.12 23.2 WalgreensBoots WBA 30.15 -0.3
argenx ARGX 423.99 -0.7 Copart CPRT 89.79 1.0 ForbionEuroWt FRBNW 0.60 43.6 LambWeston LW 115.31 -2.4 Schrodinger SDGR 39.31 17.6 Agriforce AGRI 0.45 -2.1 CrossAmerPtrs CAPL 17.91 -2.2 Largo LGO 3.83 ... ST Ener I Wt STET.WS 0.02 -81.3 WheelerREITPfdB WHLRP 1.18 -3.1
AriszAcqnA ARIZ 11.12 5.5 CraneNXT CXT 54.24 -0.8 Fortinet FTNT 71.29 -0.2 EliLilly LLY 454.95 -1.9 SignalHillA SGHL 10.49 0.4 AirIndustries AIRI 3.44 -2.9 CyxteraTech CYXT 0.14 7.3 LexariaBioscience LEXX 0.65 -8.3 SachemCapital SACH 3.04 -1.9 WilliamsIndlSvcs WLMS 0.49 10.1
ArrayTech ARRY 24.68 5.4 DHC Acqn DHCAU 11.19 4.8 FreedomI A FACT 10.48 ... MSC Industrial MSM 94.07 0.9 SolenoTherap SLNO 5.37 8.9 Alexander's ALX 160.00 -0.4 DeltaApparel DLA 9.06 -2.8 LexariaBioWt LEXXW 0.08 -9.0 SagaComm SGA 19.34 -3.6 YoshiharuGlbl YOSH 0.77 ...
Astronics ATRO 17.58 1.3 Darden DRI 163.42 -0.1 GXO Logistics GXO 59.66 1.3 MSG Ent MSGE 39.19 11.6 SpokHoldings SPOK 13.46 1.8 AlexandriaRlEst ARE 114.92 1.6 DieboldNixdorf DBD 0.30 -9.1 LixteBiotechWt LIXTW 0.04 -1.9 SCWorx WORX 0.26 ... ZimIntShipping ZIM 14.50 -16.2
no
AstroNova ALOT 15.70 1.3 DelcathSystems DCTH 7.20 -0.4 GalataAcqn GLTA 10.55 ... ManhattanAssoc MANH 179.73 0.5 SterlingInfr STRL 44.64 0.6 AmesNational ATLO 17.67 -0.1 DigitalMediaWt DMS.WS 0.01 -52.0 LogisticsInnovWt LITTW 0.01 -48.0 SeaStarMedical ICU 0.55 2.9 ZappEV ZAPP 2.59 -0.2
AthenaTechII A ATEK 10.36 ... DiamedicaTherap DMAC 2.88 24.4 GeneralElec GE 105.94 0.3 MarineProducts MPX 15.00 3.5 TMT Acqn TMTC 10.21 ... AscentSolar ASTI 0.15 -6.1 DominionEner D 51.69 0.1 LumentFinPfdA LFTpA 17.17 ... SelinaHosp SLNA 0.95 -5.7 ZimmerEnerWt ZTAQW 0.01 -33.3
Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)
Closing Chg YTD iShMSCIEAFEValue EFV 49.76 0.02 8.5 JPM UltShIncm JPST 50.21 0.02 0.2 UtilitiesSelSector XLU 66.13 0.03 –6.2 VangdMC VO 208.22 0.48 2.2
Monday, May 22, 2023 iShNatlMuniBd MUB 105.57 –0.17 0.0 ProShUltPrQQQ TQQQ 32.07 1.04 85.4 VangdMC Val VOE 131.61 0.13 –2.7
ETF Symbol Price (%) (%) VanEckGoldMin GDX 31.87 –0.90 11.2
Closing Chg YTD iSh1-5YIGCorpBd IGSB 50.31 ... 1.0 SPDRBbg1-3MTB BIL 91.66 0.01 0.2 VangdInfoTech VGT 402.27 0.26 25.9 VangdMBS VMBS 45.87 ... 0.8
ETF Symbol Price (%) (%) iShCoreS&P SC IJR 94.66 0.77 0.0 iSh1-3YTreaBd SHY 81.75 –0.04 0.7 SPDR DJIA Tr DIA 332.90 –0.39 0.5 VangdRealEst VNQ 80.89 0.61 –1.9
VangdSC Val VBR 155.90 0.64 –1.8
CnsmrDiscSelSector XLY 151.08 –0.31 17.0 iShCoreS&PTotUS ITOT 92.26 0.18 8.8 iShRussMC IWR 69.22 0.42 2.6 SPDR Gold GLD 183.21 –0.23 8.0 VangdExtMkt VXF 139.83 1.13 5.2 VangdS&P500ETF VOO 384.78 0.05 9.5
CnsStapleSelSector XLP 74.77 –1.51 0.3 iShCoreTotalUSDBd IUSB 45.39 ... 1.0 iShRuss1000 IWB 229.80 0.10 9.2 SPDRPtfDevxUS SPDW 32.96 0.12 11.0 VangdST Bond BSV 76.14 ... 1.1
VangdDivApp VIG 155.68 –0.47 2.5
DimenUSCoreEq2 DFAC 25.67 0.23 5.7 iShCoreUSAggBd AGG 97.99 –0.09 1.0 iShRuss1000Grw IWF 254.98 0.11 19.0 SPDRS&P500Value SPYV 41.10 ... 5.7 VangdSTCpBd VCSH 75.85 –0.01 0.9
VangdFTSEAWxUS VEU 54.55 0.22 8.8
EnSelSectorSPDR XLE 79.31 –0.41 –9.3 iShESGAwareUSA ESGU 92.14 0.08 8.7 iShRuss1000Val IWD 151.79 0.10 0.1 SPDRPtfS&P500 SPLG 49.25 0.02 9.5 VangdShtTmInfltn VTIP 47.60 ... 1.9
VangdFTSEDevMk VEA 46.44 0.09 10.7
FinSelSectorSPDR XLF 32.66 0.18 –4.5 iShEdgeMSCIMinUSA USMV 72.96 –0.23 1.2 iShRussell2000 IWM 178.26 1.22 2.2 SPDRS&P500Growth SPYG 57.25 –0.02 13.0 VangdShortTrea VGSH 58.22 –0.03 0.7
VangdFTSE EM VWO 40.15 0.65 3.0
HealthCareSelSect XLV 131.44 0.10 –3.2 iShEdgeMSCIUSAQual QUAL 126.88 0.13 11.3 iShS&P500Grw IVW 66.08 –0.03 13.0 SPDR S&P 500 SPY 418.79 0.04 9.5 VangdSC VB 188.27 0.87 2.6
iShGoldTr –0.16 VangdFTSE Europe VGK 62.89 –0.13 13.4
InvscQQQI QQQ 337.64 0.34 26.8 IAU 37.39 8.1 iShS&P500Value IVE 153.23 0.05 5.6 SchwabIntEquity SCHF 35.86 0.11 11.3 VangdTaxExemptBd VTEB 49.64 –0.26 0.3
iShiBoxx$HYCpBd HYG 74.53 0.44 1.2 iShSelectDiv 0.21 SchwabUS BrdMkt 0.16 VangdGrowth VUG 261.44 0.27 22.7 VangdTotalBd –0.03
InvscS&P500EW RSP 143.08 0.15 1.3 DVY 111.63 –7.4 SCHB 48.79 8.9 BND 72.65 1.1
iShCoreDivGrowth DGRO 49.89 –0.30 –0.2 iShiBoxx$InvGrCpBd LQD 106.57 –0.04 1.1 iSh7-10YTreaBd IEF 97.45 –0.18 1.7 SchwabUS Div SCHD 70.60 0.01 –6.5 VangdHlthCr VHT 242.99 0.26 –2.0 VangdTotIntlBd BNDX 48.58 0.02 2.4
iShCoreMSCIEAFE IEFA 68.82 0.01 11.6 iShJPMUSDEmBd EMB 84.16 –0.01 –0.5 iShShortTreaBd SHV 110.29 ... 0.3 SchwabUS LC SCHX 49.42 0.10 9.5 VangdHiDiv VYM 103.49 –0.18 –4.4 VangdTotIntlStk VXUS 56.30 0.30 8.9
iShCoreMSCIEM IEMG 48.79 0.78 4.5 iShMBS MBB 93.26 0.05 0.5 iShTIPSBondETF TIP 108.10 –0.18 1.6 SchwabUS LC Grw SCHG 68.90 0.36 24.0 VangdIntermBd BIV 75.63 –0.07 1.8 VangdTotalStk VTI 208.05 0.17 8.8
iShCoreMSCITotInt IXUS 63.20 0.30 9.2 iShMSCIACWI ACWI 93.11 0.15 9.7 iSh20+YTreaBd TLT 100.74 –0.36 1.2 SPDR S&PMdCpTr MDY 451.25 0.55 1.9 VangdIntrCorpBd VCIT 78.77 0.04 1.6 VangdTotWrldStk VT 93.90 0.16 8.9
iShCoreS&P500 IVV 420.56 0.03 9.5 iShMSCI EAFE EFA 73.68 0.03 12.2 iShUSTreasuryBd GOVT 23.03 –0.09 1.4 SPDR S&P Div SDY 121.06 –0.03 –3.2 VangdIntermTrea VGIT 59.38 –0.07 1.5 VangdValue VTV 137.41 –0.17 –2.1
iShCoreS&P MC IJH 246.35 0.54 1.8 iSh MSCI EM EEM 39.30 0.82 3.7 JPMEquityPrem JEPI 54.77 –0.20 0.5 TechSelectSector XLK 157.78 0.19 26.8 VangdLC VV 191.20 0.08 9.8 WisdTrFRTrea USFR 50.47 0.04 0.4
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
ExtMktIdxInstPre 66.44 +0.73 5.6 SAIUSQtyIdx +0.01 12.7 CoreBond
17.26 10.24 -0.01 2.5 MidCap 95.50 +0.41 7.7 PrmcpAdml r 144.85 +0.01 10.7 Welltn 40.11 ... 4.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. FidSerToMarket 13.77 +0.03 9.3 SrsEmrgMkt +0.13 6.1 CorePlusBd
16.58 7.21 ... 2.6 NHoriz 50.45 +0.58 8.9 RealEstatAdml 114.65 +0.72 -0.9 WndsrII 39.72 +0.05 6.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GrowthCompanyK6 18.74 +0.05 21.8 SrsGlobal 13.48
+0.04 9.1 Lord Abbett I R2025 15.45 ... NA SmCapAdml 90.20 +0.78 3.0 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- InflPrBdIndInsPr 9.22 -0.01 2.2 SrsGroCoRetail +0.05 21.8 BdDebentr
16.77 6.87 +0.01 1.0 R2030 23.27 +0.01 NA SmGthAdml 76.77 +0.88 9.1 ExtndIstPl 261.85 +2.87 5.6
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes IntlIdxInstPrem 46.03 +0.04 11.8 SrsIntlGrw ... 14.5 ShtDurInc p
16.33 3.84 ... 2.0 R2040 26.35 +0.03 NA STBondAdml 9.97 -0.01 1.8 IdxIntl 18.05 +0.05 8.6
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete LgCpGwId InstPre 24.84 +0.02 19.3 SrsIntlVal 10.85
+0.01 8.2 Metropolitan West Schwab Funds STIGradeAdml 10.04 ... 2.0 MdCpGrAdml 83.24 +0.62 7.8
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not MidCpInxInstPrem 26.70 +0.10 3.0 TotalBond -0.01 2.3 TotRetBdI
9.40 9.11 -0.01 2.3 1000 Inv r 90.03 +0.10 NA STIPSIxAdm 23.86 ... 1.9 MdCpVlAdml 68.20 +0.12 -2.2
tracked. NS-Fund didn’t exist at start of period. SAIUSLgCpIndxFd 18.47 ... 9.9 Fidelity SAI TRBdPlan 8.55 ... 2.3 S&P Sel 64.59 +0.01 NA TotBdAdml 9.56 -0.01 2.0 SmValAdml 67.00 +0.42 -1.3
SeriesBondFd 8.94 -0.01 1.9 TotalBd 8.90 ... 2.4 MFS Funds TSM Sel r 71.22 +0.13 NA TotIntBdIdxAdm 19.43 -0.02 3.1 TotBd2 9.45 -0.01 2.0
SeriesOverseas 12.48 +0.03 14.9 U.S.TreBdIdx 8.77 -0.01 2.2 IIE 31.99 +0.04 NA TIAA/CREF Funds TotIntlAdmIdx r 30.20 +0.08 8.6 TotIntlInstIdx r 120.75 +0.31 8.6
Monday, May 22, 2023 SerLTTreBdIdx 5.93 -0.01 2.4 First Eagle Funds MFS Funds Class I BdIdxInst 9.53 ... 2.1 TotStAdml 101.28 +0.18 9.2 TotItlInstPlId r 120.78 +0.31 8.6
Net YTD Net YTD Net YTD SmCpIdxInstPrem 22.27 +0.27 2.6 GlbA 62.09 ... 7.1 GrowthI 154.81 +0.05 NA EqIdxInst 29.65 +0.05 9.2 TxMCapAdml 216.65 +0.16 9.9 TotSt 101.25 +0.18 9.2
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TMktIdxInstPrem 115.60 +0.22 9.3 Franklin A1 ValueI 47.13 -0.03 -1.0 IntlEqIdxInst 21.34 +0.02 11.7 TxMIn r 14.91 +0.03 10.7 VANGUARD INSTL FDS
TotalMarketIndex 14.59 +0.02 9.3 IncomeA1 2.26 ... 1.9 Neuberger Berman Fds VANGUARD ADMIRAL USGroAdml 123.09 +0.79 21.5 DevMktsIndInst 14.93 +0.03 10.8
AB Funds Artisan Funds EmgMktVa 27.99+0.13 6.1 500Adml 387.66 +0.11 9.9 DevMktsInxInst 23.33 +0.04 10.7
MuniIncmShares 10.88 -0.03 2.2 IntlVal Inst 43.45 +0.03 12.6 EmMktCorEq 21.31+0.12 5.9 TtlIntIdxInstPr 12.73 +0.02 8.7 FrankTemp/Frank Adv LCVal Inst 42.06 -0.10 NA ValAdml 53.61 -0.08 -1.5
USBdIdxInstPrem 10.27 ... 2.0 IncomeAdv 2.24 ... 2.0 Northern Funds BalAdml 41.79 +0.03 6.3
WdsrllAdml 70.47 +0.08 6.5 ExtndInst 106.11 +1.17 5.6
AB Funds - ADV Baird Funds IntlCoreEq 14.76+0.01 9.4 CAITAdml 11.15 -0.02 1.2 GrwthInst 134.55 +0.35 22.9
LgCpGrAdv 81.19 +0.09 16.1 AggBdInst 9.69 -0.01 2.0 IntSmCo 18.69 ... 7.4 Fidelity Freedom FrankTemp/Franklin A StkIdx 44.68 +0.01 9.9 WellsIAdml 59.06 ... 0.5
Growth A 113.71 +0.21 11.3 Old Westbury Fds CapOpAdml r 159.24 +0.50 9.0 InPrSeIn 9.61 -0.01 2.2
American Century Inv CorBdInst 9.97 ... 2.1 IntSmVa 20.24 ... 7.7 FF2020 13.46 +0.02 5.6
DivAppIdxAdm 42.25 -0.18 3.0
WelltnAdml 69.26 -0.01 5.0
InstIdx 350.73 +0.09 9.9
Ultra 67.56 +0.17 22.5 BlackRock Funds LgCo 28.64+0.01 9.9 FF2025 12.43 +0.01 6.1 RisDv A 86.06 -0.31 4.5 LrgCpStr 15.77 ... 8.2 WndsrAdml 70.09 +0.30 2.6
Guggenheim Funds Tru Parnassus Fds EMAdmr 33.32 +0.19 2.9 InstPlus 350.73 +0.09 9.9
American Funds Cl A HiYldBd Inst 6.74 +0.01 4.1 US CoreEq1 31.70+0.05 6.8 FF2030 15.61 +0.02 6.7
EqIncAdml 82.07 +0.02 -2.4
VANGUARD FDS
InstTStPlus 72.81 +0.13 9.2
AmcpA 34.06 +0.06 13.2 BlackRock Funds III US CoreEq2 28.67+0.05 6.0 FF2035 13.52 +0.03 7.7 TotRtnBdFdClInst 23.47 -0.02 2.8 ParnEqFd 51.72 -0.13 10.4 DivdGro 35.29 -0.18 0.3
PGIM Funds Cl Z
ExplrAdml 92.83 +0.89 6.8 MidCpInst 56.95 +0.26 2.5
AMutlA 48.75 -0.08 1.1 iShS&P500IdxK 492.54 +0.13 9.9 US Small 39.09+0.32 1.3 FF2040 9.64 +0.02 8.8 Harbor Funds IntlVal 39.36 +0.08 10.1
ExtndAdml 106.11 +1.16 5.6 MidCpIstPl 280.86 +1.27 2.5
BalA 29.73 +0.01 3.7 BlackRock Funds Inst US SmCpVal 38.00+0.29 -2.9 Freedom2030 K 15.61 +0.02 6.8 CapApInst 78.78 +0.26 25.5 TotalReturnBond 11.80 -0.01 NA LifeCon 19.95 +0.01 5.0
GNMAAdml 9.25 ... 1.9 RealEstaInstl 17.74 +0.11 -0.9
BondA 11.41 -0.01 1.5 EqtyDivd 18.88 +0.02 3.8 US TgdVal 26.90+0.24 -1.4 Idx2030InsPre 17.86 +0.02 6.5 Harding Loevner PIMCO Fds Instl LifeGro 38.78 +0.06 7.6
GrwthAdml 134.55 +0.36 22.8 SmCapInst 90.19 +0.77 3.0
CapIBA 63.58 -0.04 1.6 StratIncOpptyIns 9.19 ... 1.6 USLgVa 41.01+0.05 -0.6 Idx2035InsPre 20.08 +0.03 7.4 IntlEq 25.79 +0.06 NA AllAsset 10.70 +0.02 NA LifeMod 29.17 +0.02 NA
HlthCareAdml r 90.60 +0.22 4.2 SmCapIstPl 260.33 +2.24 3.0
CapWGrA 55.70 +0.04 8.4 Bridge Builder Trust Dodge & Cox Idx2040InsPre 20.53 +0.04 8.3 Invesco Funds A TotRt 8.51 -0.01 NA
HYCorAdml r 5.20 +0.01 PrmcpCor 29.25 ... 7.6
3.3 STIGradeInst 10.04 ... 2.0
EupacA 54.81 +0.20 11.8 CoreBond 8.90 ... 1.8 Balanced 94.81 +0.22 2.6 Fidelity Invest EqIncA 9.81 +0.01 0.4 PIMCO Funds A InfProAd 23.60 -0.02 2.2 STAR 25.95 +0.07 7.4 STIPSIxins 23.87 ... 1.9
FdInvA 65.20 +0.06 8.5 CorePlusBond 8.78 ... 1.9 GblStock 13.49 +0.06 7.0 Balanc 24.99 +0.01 9.4 Invesco Funds Y IncomeFd 10.38 ... NA IntlGrAdml 101.94 +0.78 12.8 TgtRe2020 26.66 +0.02 5.1 TotBdInst 9.56 -0.01 2.0
GwthA 56.79 +0.17 14.8 Intl Eq 12.01 +0.04 12.0 Income 12.36 ... 2.3 BluCh 141.36 +0.40 25.7 DevMktY 38.93 +0.15 11.4 PIMCO Funds I2 ITBondAdml 10.23 -0.01 2.6 TgtRe2025 17.68 +0.02 6.0 TotBdInst2 9.45 -0.01 2.0
HI TrA 9.11 +0.02 3.0 LargeCapGrowth 19.47 +0.03 13.9 Intl Stk 46.77 +0.10 8.5 Contra 13.95 -0.01 17.0 JHF III DispVal Income 10.38 ... NA ITIGradeAdml 8.43 ... 2.8 TgtRe2030 33.43 +0.03 6.6 TotBdInstPl 9.56 -0.01 2.0
ICAA 45.07 +0.02 9.6 LargeCapValue 15.18 ... 1.6 Stock 218.40 +0.76 2.4 CpInc 9.19 +0.02 3.9 DispValMCI 24.70 +0.02 1.1 PIMCO Funds Instl LarCapAd 96.56 +0.07 10.2 TgtRe2035 20.72 +0.03 7.1 TotIntBdIdxInst 29.16 -0.03 3.2
IncoA 22.57 +0.01 0.5 MunicipalBond 9.73 -0.01 1.1 DoubleLine Funds GroCo 27.78 +0.07 23.4 John Hancock IncomeFd 10.38 ... NA LTGradeAdml 7.82 -0.01 2.1 TgtRe2040 36.57 +0.06 7.6 TotStInst 101.29 +0.17 9.2
N PerA 53.36 +0.18 12.8 Calamos Funds TotRetBdI 8.87 ... 2.5 InvGrBd 9.94 ... 2.4 BondR6 13.41 -0.01 NA Price Funds MidCpAdml 257.79 +1.16 2.5 TgtRe2045 24.66 +0.04 8.1 ValueInst 53.61 -0.08 -1.5
NEcoA 49.03 +0.13 12.7 MktNeutI 14.30 -0.01 4.1 Edgewood Growth Instituti LowP 46.98 +0.14 1.7 JPMorgan I Class BlChip 129.24 +0.41 24.9 MuHYAdml 10.34 -0.02 2.3 TgtRe2050 40.95 +0.08 8.3 WCM Focus Funds
NwWrldA 72.13 +0.32 8.5 Columbia Class I EdgewoodGrInst 36.77 +0.11 17.5 Magin 10.69 -0.01 11.9 CoreBond 10.23 -0.01 2.5 DivGro 65.84 -0.16 3.0 MuIntAdml 13.39 -0.02 1.3 TgtRe2060 42.08 +0.08 8.4 WCMFocIntlGrwIns 22.32 +0.15 13.5
SmCpA 60.44 +0.31 7.7 DivIncom I 28.70 -0.10 -0.2 Fidelity NASDAQ 160.92 +0.79 22.0 EqInc 21.69 -0.02 -3.3 Growth 76.23 +0.23 23.7 MuLTAdml 10.61 -0.02 1.7 TgtRet2055 45.69 +0.09 8.3 Western Asset
TxExA 12.10 -0.01 1.5 Dimensional Fds 500IdxInstPrem 145.79 +0.04 9.9 OTC 15.62 +0.03 21.7 LgCpGwth 50.86 +0.09 13.7 HelSci 91.62 +0.29 2.0 MuLtdAdml 10.66 -0.01 0.8 TgtRetInc 12.72 ... 4.3 CoreBondI NA ... NA
WshA 53.29 +0.01 2.9 5GlbFxdInc 10.02 ... 1.9 Contrafund K6 19.50 -0.01 16.0 Puritn 21.96 ... 7.6 JPMorgan R Class LgCapGow I 56.00 +0.14 22.0 MuShtAdml 15.56 -0.01 0.8 WellsI 24.38 ... 0.5 CorePlusBdI NA ... NA
BANKING & FINANCE
Biden’s Billion-Dollar Oil Trade Is Tested

Bids to refill strategic is traded. The tweaked pricing ducers the opportunity to
approach underscores the gov- limit the threat of volatility by
reserve use modified ernment’s steep learning curve buying financial instruments
proposal that reflects on how oil companies weigh such as futures or options
volatility and risk in a market contracts.
market risk, volatility that can unexpectedly turn on The Energy Department’s
natural disasters, geopolitical second try at buying up to 3
BY DAVID UBERTI tensions or production million barrels of sour crude,
changes by the Organization with proposals due May 31 and
The U.S. government’s at- of the Petroleum Exporting contracts expected to be
tempt to refill the skyscraper- Countries. awarded June 9, swaps its pre-
sized caverns that hold the The four reserve sites near vious pricing approach for one
country’s emergency oil re- the Gulf Coast have about 358 based on differentials. That
serves is coming with a crash million barrels of crude, down could help suppliers more ac-
course in energy markets: How from about 593 million at the curately forecast costs and
to think more like a trader. beginning of last year, accord- help limit potential losses.
President Biden last year ing to the Energy Information Government officials asked
authorized an emergency sale Administration. Many analysts companies to propose offers
of more than 180 million bar- say the stockpile is more than on sour-crude differentials.
rels from the U.S. Strategic Pe- enough to weather supply That figure factors in the av-
BRANDON BELL/GETTY IMAGES

troleum Reserve to ease gaso- shocks, particularly since erage spread between West
line prices that skyrocketed drilling output in fast-growing Texas Intermediate, the U.S.
after Russia’s invasion of shale regions of Texas and crude benchmark, and an
Ukraine. The Energy Depart- New Mexico has propelled American sour crude gauge
ment sold high, averaging near-record domestic produc- known as Mars in the three
roughly $95 a barrel. tion. days after notice of the
Now the agency is learning The SPR periodically loans award.
that replenishing those stock- oil to refiners and receives ad- Those benchmarks were
piles at the lower rate it ditional supplies in return. But The U.S. is seeking to refill its Strategic Petroleum Reserve. A storage site in Freeport, Texas. separated by 98 cents as of
wants—between $67 to $72— outright purchases have been Friday, according to price-re-
is more difficult, despite rare in recent decades. Benchmark U.S. crude prices U.S. Strategic Petroleum Reserve stockpiles, weekly porting agency Argus Media,
prices sliding near those levels The Biden administration, meaning companies’ financial
$130 a barrel 700 million barrels
at various points this year. On which previously said it aims risk in the event of market
Monday, benchmark U.S. crude to buy 60 million barrels, has West Texas choppiness could be in cents,
closed at $71.99 a barrel, suggested it is in no hurry to 120 600 rather than dollars, per barrel.
Intermediate
within Washington’s window refill the SPR without maxi- Mars medium sour “In theory, the same prob-
to buy. mizing taxpayer returns. If 110 500 lem still remains because deal-
Biden has deployed the SPR successful, the new request for ers have to hold this differen-
more aggressively than his proposals could offer a blue- 100 400 tial for two weeks while
predecessors, forcing Wall print for additional pur- waiting for the decision,” said
Street to pay attention to chases. 90 300 Bouchouev, a longtime trader.
.
moves that could affect oil The Energy Department’s “However, the differential is
markets. As crude sputtered in attempt to buy domestically Biden announces emergency sales significantly less volatile than
ly
80 200
recent months amid a cooling produced sour crude earlier the oil price.”
U.S. economy and a gusher of this year sought fixed-price 70 100 For now, the more pressing
global supplies, some inves- proposals for up to 3 million question for Biden’s potential
tors have looked to Washing-
ton’s proposed purchases as a
potential support for prices.
The Energy Department’s
barrels. But bids came in with
higher prices than the agency
expected or otherwise missed
its specifications.
on 60
June 2022
Note: Data through May 19
’23
0
1983 ’90 2000 ’10 ’20
Sources: Argus Media (crude); Energy Information Administration (stockpiles)
oil trade may be whether
prices stay within the Energy
Department’s target range.
Wall Street was bullish on
first attempt at buying oil this The fixed price meant com- oil late last year, but many an-
us ,
year—and beginning a poten- panies would have to swallow ments. Producers likely “That’s a lot of risk to hold entials between types of crude alysts more recently slashed
l
tial billion-dollar trade—failed. the risk of the market sliding bumped up their prices to ac- a fixed price for two weeks,” or locations where they are forecasts as Western econo-
e
al a
That prompted the agency to over a 13-day window as the count for the costs of hedging Bouchouev said. “Nobody produced, bought and sold. mies slowed, Russia continued
revamp its approach to bids in agency evaluated proposals, against the risk of oil prices trades [on a] flat price.” Those spreads allow traders to pumping out crude and
a way some analysts say is said Ilia Bouchouev, managing swinging by several dollars a Instead, the market moves account for costs such as China’s appetite for energy
ci on
more reflective of how crude partner at Pentathlon Invest- barrel. based largely on price differ- transportation and give pro- failed to push prices higher.
Adani Gets Chevron deal for Noble Energy did in

mid-2020, following the onset
alent proved reserves for un-
der $7 a barrel and add
er s
of the pandemic and a historic 275,000 net acres adjacent to
Boost From Bets on crunch in oil demand. its position in the DJ Basin,
m er
Noble also was a major along with 25,000 net acres in

player in the DJ Basin. For the prolific Permian Basin, the
Ruling by Shale years, the DJ Basin has been

seen by some companies as a
potentially lucrative oil patch
largest U.S. oil field.
Chevron’s transaction shows
that companies’ hunts for
m rp
LIZ HAMPTON/REUTERS
India Panel Continued from page B1

lowing Russia’s invasion of
but difficult to master because
of more stringent state-level
regulations around oil-and-gas
merger-and-acquisitions are
beginning to culminate in
deals. Last week, pipeline oper-
Ukraine. There has been an up- activity in Colorado. ator Oneok said it had agreed
BY WEILUN SOON tick in deal chatter throughout “It’s a demanding regulatory to buy smaller rival Magellan
co Fo
the industry in recent months environment but both compa- Midstream Partners for about
The shares of companies in as a result. nies have proven they can op- $14 billion, forming one of the An electric drilling operation at a Chevron site in Kersey, Colo.
India’s Adani Group surged on Larger oil companies have erate in that environment,” largest U.S. energy transporta-
Monday, after a panel ap- seen their shares trade rela- Wirth said. tion and storage firms. Share performance of large U.S. oil and gas companies over
pointed by the country’s Su- tively high compared with the Even major oil companies Exxon Mobil, Chevron’s the past two years
preme Court didn’t find sup- lows of the pandemic, and have been searching for chief rival, also struck a far 0 20% 40% 60% 80% 100% 120%
port for some of the claims compared with smaller rivals, smaller rivals to scoop up as smaller deal Monday, agreeing
Occidental Petroleum
made by a short seller earlier enabling some companies to they run into challenges with to a $375 million cash sale of
this year. avoid touching their war well productivity, a signal that assets in the Bakken Shale of Devon Energy
The market value of the chests. the industry has drilled many North Dakota to Chord En-
seven companies bearing the Chevron had $15.7 billion in of its best wells already, ana- ergy, the shale company that ConocoPhillips
Adani name rose 9.2% to hit cash at the end of the first lysts and investors have said. had emerged from the tie-up of Exxon Mobil
$108.5 billion on Monday, ac- quarter, according to FactSet, Last year, for example, the Whiting Petroleum and Oasis
n-
cording to FactSet data. That and the company has said it 10% of wells Chevron brought Petroleum. Diamondback Energy
was their best day since Hin- would give priority to return- online in the Delaware basin, Exxon has held on to other Hess
denburg Research released a ing money to shareholders via part of the broader Permian Ba- assets in the Bakken worth bil-
report on Jan. 24 alleging share buybacks and dividends. sin, were about 25% less produc- lions, in large part because Coterra Energy
no
market manipulation, among Compared with the headier tive on average than its wells they have generated a lot of Chevron
other things. Adani Group has days of America’s shale boom the year before, The Wall Street cash over this past year.
denied the allegations. this past decade, the premium Journal reported earlier this Chevron said it would issue EOG Resources
Adani Enterprises, the flag- for PDC represents a more con- year, citing Novi Labs data. roughly 41 million shares in
Pioneer Natural Resources
ship, was by far the best per- servative purchase, much as Chevron said the PDC deal the deal, slated to close by the
former among the group. Its Chevron’s single-digit premium would add 10% to its oil-equiv- end of the year. Source: FactSet
shares closed the day almost
19% higher.
Private-Equity Giants Stress Credit Role

The panel produced a 173-
page report, seen by The Wall
Street Journal, which relied in
part on input from the Securi-
ties and Exchange Board of In-
dia, the market regulator. SEBI BY CHRIS CUMMING surance group raised $16.6 Replacing Regional Banks? firm’s credit] businesses, espe- Some institutional investors
couldn’t find clear evidence of billion during the quarter, The last banking crisis, cially in this environment questioned whether firms
market manipulation, the re- Private-equity firms are compared with $4.6 billion from 2007 to 2009, turned out where the traditional banks were putting a thumb on the
port shows. rushing to adapt to an econ- for its private-equity funds. to be perhaps the best thing are pulling back.” Apollo CEO scale, giving overly rosy valua-
However, the panel also omy in which their longtime Apollo Global Management that ever happened to private Marc Rowan said that “given tions to impress clients and
noted that SEBI has “hit a cash cow—big leveraged buy- raised a total of $31 billion in equity. It let firms buy valu- what’s happening in regional maintain paper returns. Regu-
wall” in trying to find out the outs—has grown a little tired. the quarter, but only about able assets cheaply and move banking,” he expects the busi- lators and even members of
ultimate ownership of 13 over- Recent first-quarter results $1.4 billion for its PE strate- into territory abandoned by ness of providing commercial Congress have raised con-
seas entities that hold Adani reported by large private-eq- gies. traditional banks, setting the credit to shift further toward cerns.
shares. The Supreme Court uity managers showed firms So firms are working over- stage for more than a decade private investors and away The results of publicly
has given SEBI until Aug. 14 to trying to adjust to a new time to promote their credit of rapid industry growth. from banks. traded firms for the first three
wrap up its own probe. economy. Financing is tight, businesses. TPG Chief Execu- These statements seem to months of the year may quiet
Adani didn’t immediately so big buyouts are scarce. Val- tive Jon Winkelried called pri- reinforce the view that pri- these concerns. Private-equity
respond to a request for com-
ment.
uations are low, so asset sales
are out.
vate credit a “multitrillion-
dollar opportunity.” Through
The sector sees an vate-equity firms are following
a different crisis playbook
asset valuations generally
lagged prices reflected in se-
Instead, firms are rapidly the $2.7 billion acquisition of opportunity in the than in 2008, when many in- curities markets in the first
Two-day share-price
performance
trying to expand in private-
credit, an investment strategy
debt manager Angelo Gordon
unveiled recently, TPG aims to
crisis that hit vested directly in the banking
sector.
quarter, rising less than stock
indexes.
25%
expected to thrive as interest grow in credit and expand be- regional banks. This time around, leaders of The MSCI World index—a
Adani Enterprises rates rise and traditional lend- yond its private-equity wheel- private-equity firms say they decent comparison for a
ers retreat. house. aim to replace banks rather globe-spanning buyout shop’s
20 Here are some takeaways Winkelried’s comments par- than back them with invest- portfolio—rose about 7% in
from the largest firms’ first- alleled the bullish pronounce- The bump from the current ments. the first quarter. Blackstone’s
15 quarter reports and investor ments on the market segment regional-banking turmoil could private-equity portfolio appre-
calls. by other industry executives, be more modest, executives Valuations Stabilize ciated 2.8%, TPG’s 3%, and
Adani Wilmar including Blackstone President suggested. But nearly all took First-quarter results may KKR’s and Carlyle Group’s
10
Old-Style Buyouts Are Out Jon Gray, who called this “a the view that the crisis set off have reduced suspicions about each rose about 2%.
Adani Ports Fundraising has become golden moment for private by the failure of Silicon Valley asset-valuation inflation. These results show that pri-
5 & Special tougher for all strategies, but credit.” Bank would help their credit Private equity’s results vate-equity valuations, what-
Economic most of all large buyout funds. Whether the results of businesses expand. Once over the past year have in- ever their level of accuracy,
Zone
0 KKR Chief Financial Officer credit deals signed today again, the industry sees an op- spired skepticism about how don’t always flatter firm per-
Robert Lewin recently called prove golden over the long portunity to step in as banks firms value what they own. As formance. If asset prices set
–5 traditional private equity “the term, these comments show fade out. securities markets fell last by public firms reflect those in
most challenged part of the firms stand eager to expand in KKR co-CEO Scott Nuttall year, private-equity asset val- the broader industry, recent
Fri. Mon.
fundraising market.” one of the few areas where said he sees “a real opportu- uations typically fell less, or worries about valuations could
Source: FactSet Blackstone’s credit and in- fundraising remains strong. nity to continue to scale [the even rose. subside.
THE WALL STREET JOURNAL. * * * * * Tuesday, May 23, 2023 | B11
MARKETS
Dow Falls as Traders

Await Talks on Debt
Regional bank stocks money to pay all its bills. consolidation in the oil patch
Trading that has pushed given the mountain of money
strengthen, led by stocks to their highest level in oil producers’ piled up with
PacWest, Zions, months since last summer sug- last year’s high energy prices.
gests investors are beginning The deal was met with a ho-
KeyCorp, Comerica to look past a potential default hum reaction from traders.
JAMES JACKMAN FOR THE WALL STREET JOURNAL

and toward future interest-rate Chevron’s shares fell 1.8%.
BY RYAN DEZEMBER decisions and the likelihood of Micron Technology de-
recession. clined 2.8% after China said it
Stocks traded mixed in a Regional banks continued to is banning major firms from
tight range and bond yields rebound after PacWest said it buying products from the semi-
rose while traders awaited sold a bundle of real-estate conductor maker. Other semi-
news from the debt-ceiling ne- loans for $2.6 billion. Shares of conductor companies also
gotiations and chewed over the the Los Angeles bank jumped slipped.
latest remarks from Federal 20%. Several lenders gained at The yield on the 10-year U.S.
Reserve officials, including least 3%, including KeyCorp, Treasury note rose to 3.717%
from one who said he favored Regions and Comerica. Zions from 3.690% on Friday. The
additional inter- Bancorp’s hard-hit stock yield on one-month Treasury
MONDAY’S est-rate increases. gained 4.9%. bills climbed to 5.570%.
MARKETS The tech-heavy Shares of Facebook owner High yields on short-term Bitcoin has shed more than a third of its dollar value since last year’s bitcoin convention.
Nasdaq Composite Meta Platforms continued to Treasurys are giving investors
rose 0.5% to a 2023 high, while bounce back from last year’s an attractive place to wait out two-day conference at the who held the digital asset is
the S&P 500 ticked less than
0.1% higher. The indexes are up
swoon, rising 1.1% after being
fined $1.3 billion by European
the resolution of macro issues,
such as the debt-ceiling stand-
‘No Bears nightclub Mad Club Wyn-
wood. This year, it was one
going to have to go work for
McDonald’s. Prices ran
on the year 22% and 9.2%, re- Union regulators for sending off and the Fed’s next rate de- evening at a co-working higher than at a traditional
spectively. The Dow Jones In-
dustrial Average shed 0.4%, or
user information to the U.S.
The stock has more than dou-
cision, said Christian Chan,
chief investment officer at As-
Allowed’ at space in Wynwood called the
LAB Miami.
McDonald’s though. A
ketchup packet ran at $15, or
about 140 points, to leave it up bled so far in 2023.
just 0.4% this year.
President Biden and House
Chevron said it would ac-
quire smaller energy producer
setMark.
“You are getting paid to be
defensive today at rates that
Conference Still, an eclectic group of
people gathered there to de-
bate all things crypto, in-
0.00055 bitcoin, the cheapest
item on the menu. A full bit-
coin-branded Happy Meal
Speaker Kevin McCarthy (R., PDC Energy in an all-stock you’re typically not getting cluding Canadian Prime Min- cost $350, or 0.013 bitcoin.
Calif.) were due to meet Mon- deal valued at $6.3 billion, paid when you’re being defen- Continued from page B1 ister Justin Trudeau’s half- An artist who goes by the
day evening in pursuit of a deal boosting Chevron’s position in sive,” Chan said. “The opportu- “Our customers are not brother, Kyle Kemper, who pseudonym FractalEncrypt
to raise the government’s debt Colorado’s Denver-Julesburg nity cost of being in cash today here in the same volume as years ago made headlines for displayed a bitcoin codex he
ceiling by June 1, when Trea- Basin and the Permian Basin in is not nearly as high as it typi- they were last year,” said Mi- boosting joke crypto doge- spent seven months crafting.
sury Secretary Janet Yellen has West Texas. cally is.” chael Coscetta, head of reve- coin; and Vít Jedlička, a The book, made from wood
said the U.S. could run out of Investors have expected Federal Reserve Bank of St. nue at Paxos. Czech politician who was and mirrors, was on display
Louis President James Bullard Last year, crypto custody promoting his crypto-liber- Thursday and Friday. After
.
Index performance Monday said at an American Gas Asso- firm BitGo held a party tarian micronation, Liber- that, the artist said he was
ciation gathering in Florida where it served two sushi- land, located in a contested bringing it to bitcoin enthu-
ly
0.75% that he favors two more quar- grade tuna that chefs cut and region between Croatia and siast Michael Saylor’s South
Nasdaq Composite ter-point rate increases. “I carved up for guests, one of Serbia. Florida home for a VIP din-
think we’re going to have to which clocked in at 200 “It’s really a pep rally. It’s ner.
0.50
0.25 S&P 500

on grind higher with the policy
rate in order to put downward
pressure on inflation,” he said.
Overseas, Europe’s Stoxx
pounds. This year, there was
just one tuna, a 115-pounder,
though the company made a
joke of it, handing out stick-
really what this is,” said Kurt
Wuckert Jr., a crypto histo-
rian at CoinGeek.
At the main conference,
He was hoping Saylor
would decide to buy it.
600 was flat. Early Tuesday, ers reading “#TunaWinter.” artists displayed crypto- AUCTION RESULTS
us ,
Japan’s Nikkei 225 and South A satellite event called themed creations, hoping to Here are the results of Monday's Treasury auctions.
l
0 All bids are awarded at a single price at the market-

Korea’s Kospi were up 0.6%, Sh*tcoin Conference, which sell them off. Artist Hitomi clearing yield. Rates are determined by the difference
e
al a
between that price and the face value.

but the Shanghai Composite celebrates nonbitcoin crypto- Matsui created a bitcoin-
was down 0.9%. S&P 500 fu- currencies viewed as worth- themed McDonald’s restau-
–0.25 13-Week 26-Week
tures rose 0.3%. less by some bitcoin believ- rant, selling handmade cre-
ci on
Applications $151,649,754,600 $165,132,414,300

ers, ended up smaller after ations she put together the Accepted bids $62,835,029,600 $59,528,059,300
" noncomp $2,006,280,100 $1,815,261,100
–0.50
crypto exchange FTX im- last six months of Big Macs, " foreign noncomp $10,000,000 $0
Dow Jones Industrial Average
Watch a Video ploded late last year. FTX Happy Meal Toys and Auction price (rate) 98.672917 97.371917
Scan this code (5.250%) (5.170%)
was supposed to sponsor it drinks. 5.409% 5.398%
Five-minute intervals
for a video on before its bankruptcy, forcing The display mocked a Bids at clearing yield accepted 36.59% 75.83%
–0.75
er s
what to watch 912796Z44 912797FL6

the organizers to scale the meme that often circulates
10 a.m. 11 noon 1 p.m. 2 3 4 for this week in schedule back considerably. online when bitcoin crashes Both issues are dated May 25, 2023. The 13-week bills
mature on Aug. 24, 2023; the 26-week bills mature on
m er
Source: FactSet the markets. Last year, the event was a insinuating that everyone Nov. 24, 2023.
m rp
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HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE
Even Top Property Owners Can Default

Powerful investors such as Brookfield are starting to cut losing real-estate bets to protect returns
Even if the property world gets first one in this cycle: This time it Delinquency rate on U.S. commercial able to get another loan at a good ments on its mortgage would have
rockier, landlords with deep pockets was a $275 million loan on the EY real-estate loans price, even after a default. If a prop- to come from its own pocket.
should be able to service their Plaza office building in Los Angeles, erty is no longer hitting the return The cost of interest-rate hedges
debts. That doesn’t mean they will. according to Trepp. The delinquent 12.5% hurdle that the likes of Brookfield is another major problem to watch.
Optimists point out today’s real- loan is in the same portfolio as a needs to satisfy its limited partners, Around one-third of all commercial
estate troubles aren’t as serious as pair of offices tied to more than they may decide to cut their losses. real-estate lending in the U.S. is
in the 2008 crash. For one, property $750 million of debt that Brookfield 10.0 “The thinking was that the insti- floating rate, according to CRED
investors are more creditworthy defaulted on earlier this year. It also tutions would be the last to give the iQ. Most lenders of variable-rate
than the overly indebted and flighty missed payments on a smaller loan 7.5 keys back, but it may be the other debt require borrowers to buy an
homeowners who got banks into on offices in Washington, D.C. way around in some cases,” says interest-rate cap that limits their
hot water during the global finan- Pimco-owned Columbia Property Rachel Vinson, president of debt & exposure to rising rates. A bor-
cial crisis. Of all the loans that Fan- Trust defaulted on a $1.7 billion of- 5.0 structured finance in the U.S. at rower with a 2% cap will receive a
nie Mae issued on single-family fice loan earlier this year. Black- CBRE. She adds institutional inves- payout when a rate benchmark
homes in 2007, around 16% wound stone sent two loans on a Manhat- tors that have a responsibility to act such as the Secured Overnight Fi-
up in default. Delinquency rates for tan office block and residential 2.5 in their investors’ best interest will nancing Rate goes above this level
commercial property are close to building to special servicing, where be laser-focused on the numbers. to cover its higher debt costs.
record lows today, although they a third party steps in to manage An analysis of the delinquent EY Replacing these hedges once
0
are rising. And loan-to-value ratios debts at risk of not being paid off. Plaza loan by CRED iQ senior man- they expire is now very expensive.
are lower than they were 15 years Among a Trepp list of office loans 1991 ’95 2000 ’05 ’10 ’15 ’20 aging director Marc McDevitt shows A three-year cap at 3% for a $100
ago, so owners with more equity in valued at $7.7 billion that have been Source: Board of Governors of the that the Brookfield-owned building million loan cost $23,000 in 2020.
their properties will find it painful sent to special servicing, more than Federal Reserve System (US) was 76% full at the end of last year. A one-year extension now costs
to walk away. But recent high-pro- one-quarter is owed by big names. Net operating income rose 2.4% in $2.3 million, according to data
file defaults show creditors face In some situations, powerful pocket for a time if they plan to 2022, but mortgage payments from risk adviser Derivative Logic.
risks even from star borrowers. owners will be less willing to sup- hang on to a building long term. jumped 47%. It looks like Brookfield Property investors that can’t or
Brookfield Asset Management, port a property through a rough The consequences of a foreclosure hit the brakes quickly—perhaps as won’t shell out these eye-watering
with $825 billion in assets, skipped patch than a small landlord. Family can be more severe for small bor- soon as the debt-service-coverage- amounts might opt to default.
payment on a property, and not the owners may tolerate being out of rowers. Heavyweights should be ratio slipped below 1 and repay- —Carol Ryan
Netflix Could Use Some Freeloaders Why Big Oil
.
ly
Netflix wants to build up an ad- Likes Small
Deals
vertising business while cracking
down on those who use the service
free. It will be a delicate dance.
Just how delicate was on dis-
on
play last week when Netflix made
us ,
its first showing at the annual TV Chevron has plenty of financial

l
ad confab known as the Upfronts. firepower, but it prefers not to use

e
al a
The strike by the Writers Guild of it all in one place.

America compelled Netflix to keep The oil major on Monday said it
the event virtual, but the company would acquire PDC Energy, an oil-
ci on
managed to make a splash. The ad- and-gas producer in Colorado and

supported tier, which launched Texas, in an all-stock transaction
late last year, has nearly five mil- valued at $6.3 billion, or $72 a
lion monthly active users, while share. The deal further bolsters
more than a quarter of new Netflix Chevron’s presence in the DJ Basin
er s
sign-ups are choosing the ad plan, in Colorado.

the company said. The price is right: Chevron is
m er
That sent Netflix shares up more paying a 14% premium to PDC En-
than 9% the day after the presenta- ergy’s 10-day average price ended
KIN CHEUNG/ASSOCIATED PRESS
tion. Wall Street has been watching May 19. What the deal terms high-
for signs of traction in the ad tier, light is the potential value that en-
especially since Netflix disclosed in ergy companies might find in
m rp
its first-quarter earnings call a smaller operators.

month ago that ad-supported sub- PDC’s valuation had been trail-
scribers in the U.S. bring in a ing historical multiples and those
higher average revenue per user of the broader energy industry. Its
than its standard ad-free plan cost- enterprise value was roughly 2.8
co Fo
ing more than twice as much. Analysts expect Netflix to generate nearly $1.3 billion in ad-supported revenue this year. times forward earnings before in-
Netflix has been trying to tamp terest, taxes, depreciation and
down expectations even before amortization—29% cheaper than a
launching the ad-supported ser- Getting there might require to three million actual subscribers. the effect of driving more into the broad basket of exploration and
vice. Executives frequently de- more than those paying for an ad- Market-research firm Antenna esti- ad-supported option. In Canada— production companies and about
ployed the “crawl, walk, run” anal- supported service. The company’s mates a little over one million U.S. an early test market for the ac- half of Chevron’s valuation on the
ogy to describe its approach to a disclosure last year that more than subscribers signed up for Netflix’s count-sharing option—adding an- same measure.
business the streamer avoided for 100 million global households were ad plan by the end of April. other user boosts the monthly cost On a call discussing the transac-
its first 15 years of existence. sharing the accounts of its 222 mil- Keeping as many ad-supported of the Netflix standard plan by tion Monday, Chevron Chief Execu-
Still, analysts expect Netflix to lion paid subscribers strongly sug- viewers as it can will be crucial as 52%. The Canadian ad tier has no tive Officer Mike Wirth said the
generate nearly $1.3 billion in ad- gests that a good portion of those Netflix tries to crack down on account-sharing option but allows market seems to be assigning a
supported revenue this year, which five million monthly active users password sharing. It expects to for two devices to be viewing si- discount to companies with con-
would be a little less than 4% of for the ad tier aren’t paying for the roll out new account-sharing plans multaneously at less than half the centration risk. PDC Energy CEO
n-
the company’s projected total rev- privilege either. But exactly how widely before the end of June. monthly cost of the standard plan. Bart Brookman said on the call
enue, according to consensus fore- many requires guesswork. In a note Those would allow subscribers to Netflix might be tired of entertain- that the discount is a “chronic
casts from Visible Alpha. That con- to clients, analyst Mark Mahaney of share accounts with others outside ing 100 million homes free, but, in problem,” adding that there has
tribution is expected to rise to Evercore ISI said five million MAUs their households for a charge. the ad world, all eyes have value. been a “compression” in multiples
—Dan Gallagher
no
about 20% by 2027. likely equates to about two million Those plans’ pricing could have for pretty much all PDC’s small-to-
mid-cap energy peers.
They got a lift Monday: SM En-
ergy, a Texas-based company with
a roughly $3.4 billion market capi-
Japan Bets Big on Micron—and Own Chip Ambitions talization, saw its share price
surge 5.5%. Shares of DJ Basin-
based Civitas Resources and Dela-
ware Basin-focused Matador Re-
The U.S. and China’s war for destination for companies looking sources climbed 2.8% and 3.6%,
chip supremacy continued apace to diversify away from China. respectively. Notably, the valuation
this weekend. Japan—an old hand Semiconductor equipment is a gap for smaller energy companies
in the chip industry—could bene- particular stronghold. Japanese relative to the overall industry has
fit. But probably only if it solves companies accounted for 27% of broadened recently.
other structural problems that are value added in the global semicon- The EV/forward Ebitda multiple
also bedeviling America’s own chip ductor equipment market in 2021, on a small-cap index of energy
plans: scarce chip-making engi- according to the Semiconductor In- stocks, which includes U.S. produc-
neering talent and high labor costs dustry Association. Tokyo Electron ers and energy service firms, is
among them. is the dominant player in equip- about 13% lower than a broader in-
Two big pieces of news on U.S. ment for coating and developing dex of U.S. energy stocks. Over the
memory-chip maker Micron Tech- photoresist, a type of light-sensi- past decade, the small-cap index
STEVE HELBER/ASSOCIATED PRESS
nology highlight both the opportu- tive material, on silicon wafers. has on average commanded a
nity and some of the roadblocks. Other equipment makers like Disco slight premium.
On Sunday, China said Micron’s and Nikon are also crucial suppli- Energy giants might continue
products pose a major national se- ers of chip-making equipment. helping themselves to value that
curity risk—and banned them from Japan is also a dominant player stock-market investors have left on
key information infrastructure. in the materials used to make semi- the table.
China began a cybersecurity probe conductors. Companies like Tokyo —Jinjoo Lee
into the company two months ago, Ohka Kogyo and JSR are the leading
in a move that was widely viewed as manufacturers of photoresist. Enterprise value as a multiple of
a response to escalating U.S. restric- Micron is investing in advanced memory-chip making in Japan; a Virginia plant. Sumco and Shin-Etsu Chemical are forward earnings*
tions on China’s chip sector. And af- the top makers of silicon wafers. 10 times
ter leaders of the G-7 industrialized A shortage of skilled engineers—
countries took a tough stance gathering steam. But it also comes next-generation chips. Although it combined with an aging population Chevron
against China in Japan this week- as semiconductor prices them- was a dominant force in chip mak- and higher wages than nearby coun- 8
end, a poor outcome for Micron in selves are in a weak patch. ing in the 1980s, Japan has fallen tries—are significant roadblocks to
China looked all but guaranteed. And that is before a big coming behind its neighbors Taiwan and rapidly ramping up Japan’s chip-
6
Meanwhile in an interesting wave of new capacity as the U.S., South Korea in the most advanced making sector. Clever use of auto-
counterpoint, Micron last week Europe, China and other Asian com- semiconductor manufacturing mation, another area where Japan
said it would invest about $3.6 bil- petitors all wade in to further subsi- nodes. Japan had just a 9% share of is a leader, could also help. 4
lion in advanced memory-chip dize their own industries. the global semiconductor market in Nothing is guaranteed, and com-
making in Japan. Executives from The U.S., for example, will hand 2021, according to the Semiconduc- petition in the high-end chip-making
other semiconductor companies out $53 billion under the Chips Act. tor Industry Association. sector is likely to get even more in- 2
like Intel, Taiwan Semiconductor Japan is also courting global chip But the country still boasts tense. But if it can solve its labor
Manufacturing and Samsung were makers, and subsidizing a new semi- many important companies along problems with immigration reform PDC Energy
0
also in Japan last week to meet conductor company called Rapidus, the semiconductor supply chain: or other means, Japan probably has
2014 ’15 ’20
with Prime Minister Fumio Kishida. backed by some of the country’s Sony for image sensors and Kioxia a fighting chance to re-establish it-
The trend of diversifying semi- leading companies like Sony and for memory chips, for example. self as a chip-making competitor. *Before interest, taxes, depreciation and amortization
conductor supply chains keeps Toyota Motor, to design and build That could make it an attractive —Jacky Wong Source: FactSet

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Pilgrims to Pope Francis: Take the Cannoli Meta Hit

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 Applied Materials said Most large international

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leaders are coalescing around a Over the past several

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Asian† White† Black† Hispanic or Latino

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For Security HIROSHIMA, Japan—The

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Beijing Slams G-7, Rejects

KENNY HOLSTON/PRESS POOL

U.S., Papua New Guinea Sign Pacific Security Accord China

tion in the Pacific, represent-

important region. future conflict over Taiwan. also signed an economic-assis-

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