P2JW236000-5-A00100-16DDF61078D
* * * * * THURSDAY, AUGUST 24, 2023 ~ VOL. CCLXXXII NO. 46
DJIA 34472.98 À 184.15 0.54%
What’s
News
Business & Finance
 The SEC approved sweeping
new rules aimed at overhauling
the way private-equity and
hedge funds deal with their in-
vestors, one of the biggest reg-
ulatory challenges in years. A1
 Chip maker Nvidia reported
revenue soared to a company
record in its latest quarter and
projected that surging interest
in AI is propelling its business
faster than expected. A1
 Juul plans to lay off about
30% of its workforce, whittling
down operations as the e-cig-
arette maker seeks to raise
capital or sell the company. B1
 Mallinckrodt signed a deal to
hand lenders control of the drug
company through its bank-
ruptcy filing while reducing its
opioid settlement payments. B1
 Peloton shares slid 23% to
record lows after the company
reported another decline in sub-
scribers and said the costs of a
recall were denting its profit. B3
 Wall Street firms such as
BlackRock are struggling in a
China market that once promised
riches, as deal flow and the na-
tion’s economic growth slow. B1
 Ford faces complaints that
speakers in its pickups and
SUVs are generating a loud, ab-
normal and distracting noise. B1
 Nielsen plans to use viewing
data from streamers for live
programming, a move that will
likely boost the ratings for Ama-
zon’s Thursday NFL package. B1
 Esmark said it is abandoning
its attempt to acquire U.S. Steel
amid pressure from the steel-
workers union, which backs a ri-
val bid from Cleveland-Cliffs. B5
 Stocks rose, as the S&P 500
gained 1.1% in its best daily perfor-
mance since June. The Dow was
up 0.5% and the Nasdaq 1.6%. B11
World-Wide
 Wagner chief Prigozhin,
whose mercenaries bolstered
the Russian war effort in
Ukraine before he led a mutiny
in June, was killed in a plane
crash. Social-media channels
close to him said Russian air
defenses downed the jet. A1
 Ukraine said it captured a
Russian helicopter and the
crew that landed on its soil. A8
 Eight GOP presidential candi-
dates sought to gain traction on
Trump in their first primary de-
bate, while the former president
appeared in a prerecorded inter-
view with Tucker Carlson. A1
 India became the first coun-
try to land a craft on the moon’s
south pole, a triumph for the
country’s space program days
after a similar Russian mission
ended with a crash. A18
 Giuliani turned himself in to
Georgia authorities and was
booked on charges that he led
an effort to illegally keep
Trump in power, after negoti-
ating a $150,000 bond. A4
 Studies showed significant
advances for computer sys-
tems that allow people who
have suffered paralysis to
control devices using signals
from brain implants. A3
 Russia and China used the
opening of the Brics summit
of emerging economies to set
out the case for an alterna-
tive international order. A18
 Zimbabwe held a presiden-
tial election clouded by years
of high inflation and intimida-
tion from a ruling party that
has been in power for more
than four decades. A18
 South Carolina’s highest
court upheld a state ban
on abortion after about six
weeks of pregnancy. A4
CONTENTS
Arts in Review..... A13
Banking & Finance B10
Business&FinanceB2,3,5,6
Crossword................ A14
Heard on Street....B12
Markets...................... B11
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
NASDAQ 13721.03 À 1.6% STOXX 600 453.45 À 0.4%
GREY_ZONE/AGENCE FRANCE-PRESSE/GETTY IMAGES
An image posted on a Wagner-linked Telegram channel showed the wreckage of the plane carrying Yevgeny Prigozhin.
Below, Prigozhin is shown in a video image from the Telegram account on June 24, just after his mutiny.
Paramilitary Leader Prigozhin
Is Killed in Crash, Russia Says
BY YAROSLAV TROFIMOV
AND THOMAS GROVE
Shortly after 6 p.m. Moscow
time on Wednesday, an Em-
braer jet carrying Wagner
paramilitary group owner
Yevgeny Prigozhin—who led a
short-lived June uprising that
challenged Russian President
Vladimir Putin’s authority—
abruptly disappeared from
flight-tracking radar screens
northwest of Moscow. Videos
posted by bystanders showed
the plane, missing a wing, spi-
raling to the ground.
Ukraine’s Pivot Proves Slow and Risky
After armored assaults failed, units move on foot to attack one position at a time
BY JAMES MARSON
ZAPORIZHZHIA, Ukraine—The Ukrai-
nians on the front lines of the counterof-
fensive were crouched in the woods
when they spotted the Russian patrol.
The five troops had left behind their
U.S.-supplied armored vehicles, which
proved easy targets for Russian artillery.
Instead, after walking for hours, they
SCOTT OLSON/GETTY IMAGES
Eight of the Republican presidential candidates took the stage Wednesday in Milwaukee.
Buildings Add
Art for Dogs,
‘Yappy Hours’
i i i BY ASA FITCH
Developers hope
crazy pet perks
attract renters
BY MAGGIE EASTLAND
The beauty pageant was in
Markets Digest...... B7 full swing outside an apartment
Opinion................ A15-17
complex in an Atlanta suburb.
Personal Journal A11-13
Sports.......................... A14 Decked out contestants pranced
Technology................ B4 up and down a red carpet, while
U.S. News.............. A2-6 dozens of residents cheered and
World News...A8-10,18
snapped photos.
The winner, who wore a cus-
> tom-tailored red gown made by
one of the tenants, went by the
name Choupette. The gown
didn’t quite cover her tail.
It’s unlikely Choupette under-
Please turn to page A10
10-YR. TREAS. À 1 1/32 , yield 4.197%
About an hour later, Putin—
who since the abortive mutiny
has sought to project the
strength of his grip on
power—stepped up to a lectern
in Kursk, about 500 miles
away. He made no reference to
the crash and instead launched
into a speech glorifying Rus-
sia’s victory over the Nazis in
World War II and lauding the
men now fighting his war in
neighboring Ukraine.
It was the end of the latest
chapter, and likely the start of
the next one, in Russia’s vio-
Please turn to page A8
were aiming to retake territory by yards.
The company had already seized three
trenches in close-quarter combat. Win-
ning in the woods would move them an-
other small step toward the Azov coast,
their ultimate goal, which would slice
the Russian occupying army in two.
After a brief skirmish, the Ukrainians
withdrew, fearful that a larger Russian
force could be lurking, two of them re-
INSIDE
U.S. NEWS
Giuliani turns himself
in and is booked on
2020 election charges
in Georgia. A4
BUSINESS & FINANCE
Ford truck owners
complain of abnormal
noise coming from the
vehicle’s speakers. B1
HHHH $5.00
OIL $78.89 g $0.75
called. Then they realized one of their
comrades was missing. As the Ukraini-
ans moved back, he came crawling to-
ward them, his left leg bloodied and
limp. A member of the unit dragged the
injured man away as others opened fire.
A 48-year-old journalist nicknamed Re-
 Ukraine seizes Russian helicopter... A8
Nvidia Revenue Surges to Record
On Strength of AI Chip Demand
Chip maker Nvidia said rev-
enue in its recently completed
quarter more than doubled
from a year ago, setting a new
company record, and projected
that surging interest in artifi-
cial intelligence is propelling
its business faster than ex-
pected.
Nvidia is at the heart of the
boom in artificial intelligence
that made it a $1 trillion com-
pany this year, and it is fore-
casting growth that outpaces
even the most bullish analysts’
projections.
The company’s chips are the
computational muscle behind
lots of popular AI tools, includ-
ing OpenAI’s ChatGPT and sim-
ilar language-generation sys-
tems made by Google,
GOLD $1,918.50 À $22.10 EURO $1.0864 YEN 144.85
SEC Sets
Sweeping
Rules on
Private
Funds
New requirements
seek to overhaul the
way firms deal with
their investors
BY PAUL KIERNAN
WASHINGTON—Wall
Street’s main regulator ap-
proved sweeping new rules
aimed at overhauling the way
private-equity and hedge
funds deal with investors,
marking the biggest regula-
tory challenge in more than a
decade to firms such as Black-
stone, Apollo Global Manage-
ment and Citadel.
The Securities and Ex-
change Commission voted 3-2
on Wednesday to adopt new
requirements for so-called pri-
vate funds, which manage
more than $25 trillion in gross
assets for pension plans, uni-
CONCORDGROUP_OFFICIAL/AGENCE FRANCE-PRESSE/GETTY IMAGES
versity endowments and
wealthy individuals.
The rules restrict the abil-
ity of private-equity and
hedge funds to entice large in-
vestors by offering them spe-
cial deals, known as side let-
ters, for better terms than
other investors. The SEC will
require private funds to pro-
vide investors quarterly finan-
cial statements detailing their
performance and expenses,
and to undergo annual audits.
“At the core was addressing
some of the opacity in this
field,” SEC Chair Gary Gensler
said Wednesday. “Our inves-
tors—large or small—benefit
from greater transparency.”
Some portions of the final
rules were eased from a pro-
posal last year. Still, they
amount to a major regulatory
push into an area of finance
long accustomed to minimal
government oversight. Light-
touch regulation and low inter-
est rates enabled private funds
to grow larger over the past
decade than the commercial
banking sector, raking in hun-
dreds of billions of dollars a
Please turn to page A9 year in fees, Gensler has said.
The SEC’s two Republican
Please turn to page A2
GOP Rivals Spar
In First ’24 Debate
BY ALEX LEARY publican primary voters. With
AND JOHN MCCORMICK Trump, who holds a huge poll-
ing lead, skipping the debate
MILWAUKEE—The large for an alternative interview
field of GOP presidential hope- with host Tucker Carlson on X,
fuls gave Donald Trump what his GOP rivals had to decide
he wanted in their first de- how to treat what moderator
bate: two hours of infighting Bret Baier of Fox described as
and bickering and only brief the “elephant not in the
criticism of the absent front- room”—whether to embrace
runner. him or hammer him.
Wednesday’s two-hour de- In the interview, Trump
bate was the first opportunity largely ignored his challengers,
for those challenging Trump to focusing his criticism on Presi-
make an impression on the na- dent Biden and his record as if
tion and, more specifically, Re- Please turn to page A4
Microsoft and others. Nvidia More strikingly, it said revenue
has invested in making chips in its current quarter would be
and software for AI for more around $16 billion, besting ex-
than a decade and has no com- pectations by about $3.5 bil-
petitors who can yet match it. lion.
“The race is on to adopt Net profit for the com-
generative AI,” Chief Executive pany’s second quarter was
Jensen Huang said, describing $6.19 billion, also ahead of
a new computing era where forecasts.
companies are transitioning The results show that a
from general-purpose comput- wave of investment in artifi-
ing to digital infrastructure cial intelligence, which began
geared for AI. late last year with the arrival
Nvidia’s stock, already the of OpenAI’s ChatGPT lan-
top performer in the S&P 500 guage-generation tool, is gain-
this year, rose 7.5% in after- ing steam. Companies and
hours trading following the re- governments are increasingly
sults, which would be about seeking to harness AI’s power
$87 billion in market value. in business and everyday life.
The company said revenue Many companies see AI as in-
more than doubled in its fiscal Please turn to page A6
second quarter to about $13.5
billion, far ahead of Wall Street  S&P 500 posts its best
forecasts in a FactSet survey. day since June................... B11
P2JW236000-0-A00200-1--------XA

A2 | Thursday, August 24, 2023 THE WALL STREET JOURNAL.

U.S. NEWS
Recession Fears Overblown, Bullard Says
New risk of stronger very tight labor market, and
now you have a reaccelera-
growth threatens to tion in the U.S. economy. The
drive up rates, says risks are tilting a little bit
more toward the idea that in-
St. Louis Fed ex-chief flation won’t fall as fast as
anticipated.
BY NICK TIMIRAOS
WSJ: Do you think we’ll return
James Bullard, who was to the prepandemic environ-
the longest tenured of the 12 ment of low interest rates and
regional Federal Reserve Bank low inflation?
presidents when he stepped Bullard: I’m skeptical that
appropriately and more effec-
tively, and now we’re getting
the fruits of that by getting
inflation down. So far, so
good.
WSJ: In June, most of your
former colleagues thought the
Fed would have to raise rates
one more time this year. What
would be the right test for
pausing rate increases?
Bullard: The [Fed’s rate-set-

FREDRIK SOLSTAD/BLOOMBERG NEWS

down last month, thinks the
U.S. economy faces new risks
of stronger growth that could
require higher interest rates
to keep up the fight against
inflation in the months ahead.
Bullard took over as the
dean of Purdue University’s
Daniels School of Business
this month after leaving the
St. Louis Fed. In an interview
Monday, ahead of the Kansas
City Fed’s annual economic
symposium in Jackson Hole,
Wyo., he said central bankers
ought to be pleased with the
economy so far this year.
Fed officials raised interest
rates in July by a quarter per-
centage point to a 22-year
high. Bullard said he thought
they would need to lift them
again this fall. The Fed might
have to raise rates even more
if the recent economic accel-
eration continues in the com-
ing months, he said. “I don’t
think markets are really ready
for that.”
Here’s what he had to say
James Bullard, now at Purdue University’s business school, says Fed policy has been successful.
(with this partial transcript
lightly edited for clarity):
WSJ: How do you see the U.S.
economic outlook right now?
Bullard: I think it’s turning
out that the Fed’s policy has
been very successful, and I
think that will be the buzz at
Jackson Hole. If you look at
[the consumer-price index],
headline CPI inflation was 9%;
it’s now just a little over 3% and
on a declining trend. The core
inflation measures [which ex-
clude volatile food and energy
prices], which were hanging up
for a while, have turned down.
This is all looking very
good because this is occurring
in an environment with 3.5%
unemployment. Those that
said it couldn’t be done are
having troubles here.
There were a lot of heavy
predictions of recession. I
think those were just over-
blown. There was risk of re-
cession, but it wasn’t as high
as it was made out to be on
Wall Street. And then I think
the [Silicon Valley Bank] situ-
ation, a lot of people felt like,
“Aha, this is the moment!”
Because of the SVB situation,
rates actually went down in the
spring. And there’s been an un-
witting easing of financial con-
ditions, which is feeding into a
stronger second half for the U.S.
we’re returning to that. You’ve
got inflation above [the Fed’s
2%] target, and it’s probably go-
ing to be relatively sticky above
target. Roughly speaking, the
policy rate would have to be
higher than the inflation rate
during that whole period when
inflation is above target. That
sounds like a higher interest-
economy. And now everyone’s rate regime than the one that
scrambling to reprice based on has existed since 2008.
that stronger economy.
WSJ: How much of the recent
WSJ: To what extent would decline in inflation can be at-
the Fed need to worry about tributed to Fed policy versus
stronger growth, even in the simply good luck on energy
context of continued declines and supply chains?
in inflation from things like Bullard: I think the Fed
shelter and cars? should get a lot of credit. Yes,
Bullard: The faster growth there are shocks out there in
is a bit of a threat because the world, but the question is
the forecast was that you’d how do you react to those
have very weak growth or shocks? And in the ’70s, you
even a recession, and now had similar shocks and the
that doesn’t really look like it Fed didn’t react enough or
is materializing. So you’d fast enough. They stopped up
have to upgrade your outlook short, and you got a decade
for inflation probably based of high and variable inflation.
on that alone. You still have a This time we reacted more
ting] committee will have to
re-evaluate its forecast in Sep-
tember for the summary of
economic projections. And
those projections in June still
had a big element of a reces-
sionary scenario—which at
least, as of today, looks like
it’s blown out of the water.
That suggests that the com-
mittee would keep its rate in-
crease in there for sometime
this fall. It seems like you’d
probably follow through on
the rate increase that was
penciled in in June.
The bigger question for
markets is whether the econ-
omy really does accelerate
quite a bit in the second half
of 2023 and the committee
feels compelled to, let’s say, go
above 6% on the policy rate—
possibly because some of the
inflation readings turn around
and blip up or maybe have a
little bit of a sustained in-
crease. I don’t think markets
are really ready for that. But
that’s an increasing risk now.

New Rules have long been skeptical of

private equity and hedge
funds’ business models, but
U.S.WATCH
For Private they often struggled to turn
their views into policy. Last
year, Senate Democrats

Funds Set dropped a plan to raise taxes

Continued from Page One
commissioners voted against
the rules and questioned
whether the agency has the le-
gal authority to regulate pri-
vate funds more closely.
“The rule-making is ahis-
torical, unjustified, unlawful,
impractical, confusing and
harmful,” Republican Commis-
sioner Hester Peirce said.
Industry groups tried to
fend off the rules for more than
a year. They represent hedge
funds such as Citadel, Bridge-
water Associates and Millen-
nium Management; private-eq-
uity firms including Apollo,
Blackstone and Carlyle Group;
on carried interest, a key
source of income for private-
fund managers that many law-
makers see as a tax loophole.
Industry officials said they
had a harder time dissuading
Gensler, who is known for
pushing aggressive regulatory
changes. In the 18 months
since the SEC proposed the
rules, representatives of hedge
funds, private-equity firms and
venture-capital funds met
more than three dozen times
with agency officials, SEC re-
cords show. They lobbied mem-
bers of Congress to push back
against the agency’s plans.
One of the biggest sticking
points for private-fund manag-
ers was the SEC’s proposed ban
on certain side letters. These
CHIP SOMODEVILLA/GETTY IMAGES

and venture-capital firms such can give some investors greater

as Andreessen Horowitz.
They accused the SEC of
trying to insert itself into a
contractual relationship be-
tween sophisticated parties
and, before the final rules
were unveiled, signaled they
might sue to overturn them.
Industry officials said
Wednesday they were review-
ing the rules. Bryan Corbett,
chief executive of Managed
Funds Association, said the
hedge-fund
group is con-
cerned the
rules “will in- A sticking point
crease costs, for private funds
undermine
was a proposed
co m p e t i t i o n ,
and reduce in-
vestment op-
ban on certain
portunities.” side letters.
MFA’s mem-
bers will assess
the changes
and determine whether to
move forward with litigation,
Corbett said.
The Investment Adviser As-
sociation, whose members in-
clude private-fund managers
as well as other asset manag-
ers, called the final rules “gen-
erally more reasonable” than
the SEC’s proposal last year.
Pension funds and other in-
stitutional investors typically al-
locate money to private funds in
hopes of outperforming public
stocks and mutual funds. The
SEC has traditionally viewed
such investors as sophisticated
enough to fend for themselves
in the market. So private funds
have faced much less regulatory
oversight than the mutual funds
available to ordinary investors.
Investors in private funds
must negotiate for any infor-
mation they want to receive
from the asset manager—in-
cluding about the fund’s per-
formance, holdings and costs—
as well as for redemption
rights and other terms. SEC
staff said this creates opportu-
nities for fund managers to
charge opaque fees and ex-
penses, give bigger investors a
better deal than smaller ones,
and exploit conflicts of interest.
Liberals in Washington
flexibility to withdraw their
money or offer them more in-
formation about a fund’s hold-
ings. Industry officials said
such agreements are useful for
closing deals with marquee in-
vestors whose presence can
bolster a fund’s credibility.
The final version of the
SEC’s rules softens some lan-
guage around side letters. The
original proposal would have
required asset managers to
disclose a New Chief Justice
fund’s side let-
ters to all inves-
tors before clos-
ing a deal; the
final rule re-
quires them to
disclose only
those side let-
ters that involve
“material eco-
nomic terms.”
Giving cer-
tain investors special redemp-
tion rights or increased infor-
mation about a fund’s
holdings will be prohibited un-
less the asset manager offers
those terms to all other inves-
tors in a fund.
SEC officials in the final
version of the rules dropped
plans to prohibit fund manag-
ers from charging fees for un-
performed services and from
limiting their own liability for
malfeasance or negligence.
Smaller funds will get more
time to comply with the
changes than larger funds, and
some new restrictions won’t
apply to funds that were set
up before the rules take effect.
Better Markets, an advo-
cacy group, said the SEC rules
marked an improvement but
still left investors in private
funds exposed to shady prac-
tices.
Brian Daly, a partner at Akin
Gump Strauss Hauer & Feld
who advises hedge funds and
private-equity funds, said it is
unclear if the changes will dis-
suade industry groups from su-
ing the SEC. There was a clear
effort to “find that sweet spot
of fulfilling the chairman’s vi-
sion and not triggering a litiga-
tion challenge,” he said.
FACE-LIFT: The head of a broken gargoyle at the Washington National Cathedral was moved into place Wednesday on the 13th
anniversary of an earthquake that damaged the building. The $26 million repair project is to be completed in the next five years.
MINNESOTA
Governor Names
Gov. Tim Walz on Wednes-
day promoted Natalie Hudson
to become chief justice of the
Minnesota Supreme Court this
fall, which will make her the
first person of color to lead it.
Hudson, who is Black, has
been an associate justice
since 2015. She will lead the
high court when current
Chief Justice Lorie Gildea re-
tires in October.
The appointment will leave
only one Republican-ap-
pointed justice but isn’t ex-
pected to affect the ideologi-
cal balance of what court
watchers describe as a non-
partisan court.
Governors appoint judges
in Minnesota without legisla-
tive confirmation.
Walz named Karl Procac-
cini, his former general coun-
sel, to fill Hudson’s spot as
associate justice.
—Associated Press
CORRECTIONS  AMPLIFICATIONS
Hawaii has 98 fewer certi-
fied nursing-home beds since
2017, and Alaska has 141 more
beds. A graphic with a U.S.
News article on Wednesday
about nursing homes incor-
rectly labeled Hawaii as
Alaska.
Tesla CEO Elon Musk in-
vested in SolarCity before
Tesla acquired the company in
2016. A Mansion article on
Friday about the installation
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
ARIZONA
Rain Floods Town Drowning of Obama Probe Widens Into
Near Grand Canyon Chef Accidental
About 100 residents and ho-
tel guests were displaced after
heavy rainfall hit a small com-
munity near the Grand Canyon,
according to Coconino County
Sheriff’s officials.
The National Weather Ser-
vice said up to 3 inches of rain
fell Tuesday evening in
Tusayan, Ariz., a gateway com-
munity 7 miles south of the
Grand Canyon National Park
entrance, and floodwaters were
deeper than 3 feet at some
points. Officials said no injuries
were reported, but the thunder-
storm caused some power out-
ages in the Tusayan area.
A flood advisory remained in
effect Wednesday for Tusayan
and the surrounding area.
Weather Service meteorolo-
gists said there was about a
50% chance for more thunder-
storms in the area Wednesday
and Thursday.
—Associated Press
of a Tesla Solar Roof incor-
rectly said Musk entered the
solar-panel business with
Tesla’s SolarCity acquisition.
Also, homeowner Winka Dub-
beldam’s electric bill from late
May to late July in 2021, be-
fore her Solar Roof was up,
was $606. Her bill for the
same period in 2023 was $84.
The article incorrectly said
that her bill for May 2021 was
$606 and that her May 2023
bill was under $20.
MASSACHUSETTS OKLAHOMA, MISSOURI
Serial Killer BTK
The drowning death of for- Authorities in Oklahoma
mer President Barack and Missouri are investigating
Obama’s personal chef near whether the BTK serial killer
the family’s home on Martha’s was responsible for other ho-
Vineyard last month has been micides, with their search
ruled an accident by the Mas- leading them to dig this week
sachusetts medical examiner.
Tafari Campbell, 45 years
near his former Kansas prop-
erty in Park City.
old, of Dumfries, Va., drowned Osage County, Oklahoma,
while using a paddleboard in Undersheriff Gary Upston said
Edgartown Great Pond on Wednesday that the investi-
July 24, the Massachusetts gation into whether Dennis
State Police said. Campbell Rader was responsible for ad-
was employed by the ditional crimes started with
Obamas and was visiting the re-examination last year
Martha’s Vineyard. The of the 1976 disappearance of
Obamas weren’t at the home Cynthia Kinney in Pawhuska,
at the time of the accident. Okla. The case, which was in-
Campbell’s death was de- vestigated on and off over the
termined to be an accidental years, was reopened in De-
drowning following “submer- cember.
sion in a body of water,” Tim- Rader confessed to 10 kill-
othy McGuirk, a spokesper- ings in the Wichita area,
son for the state Office of which is about 90 miles north
the Chief Medical Examiner, of Pawhuska. The crimes oc-
said Wednesday. curred between 1974 and 1991.
—Associated Press —Associated Press
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P2JW236000-0-A00300-1--------XA
THE WALL STREET JOURNAL.
RACHEL WISNIEWSKI FOR THE WALL STREET JOURNAL (2)
Morey’s Piers, above, is a main attraction in Wildwood, N.J., which tightened curfew rules as of early August.
Jersey Shore Curfews Curtail
Teens’ Free Rein on Boardwalk
BY LIYAN QI
WILDWOOD, N.J.—It was a
typical summer Saturday
night here with thousands of
tourists packed on the board-
walk. A giant Ferris wheel
turned, its lights sparkling,
while screams from nearby
roller coasters filled the air.
The scent of french fries was
everywhere.
That was, until midnight.
Lights on the main pier went
out. An audio recording at the
pier repeated an announce-
ment that the boardwalk was
closed as “Wildwood Days”—
an iconic song from the 1960s
about teens enjoying the
nighttime fun here—played in
the background. A pair of offi-
cers started patrolling the
nearby boardwalk, telling un-
accompanied teenagers it was
time to go.
Wildwood wants to be a lit-
tle less wild, so it tightened
its curfew rules. Starting
Aug. 2, no minors can be in
the street or any public space
without a guardian between
midnight and 6 a.m. Previ-
ously, the youth curfew went
into effect at 1 a.m. The city
also moved up its beach cur-
few for everyone by an hour
to 9 p.m. Violators could face
community service or a fine of
as much as $1,000.
Shore towns in New Jersey
have rolled out numerous cur-
few measures this summer in
response to rising complaints
and concerns from local busi-
ness owners and residents
about unruly behavior. After
years in isolation during the
pandemic, teenagers longing
to gather with their peers
have found their needs in-
creasingly at odds with local
residents and businesses.
“One group of teens doing
stupid things doesn’t mean all
of us are doing stupid things,”
Among Maui’s Dead, ‘Uncle Frank’ and the Dog He Tried to Save
BY ZUSHA ELINSON
MAUI, Hawaii—When the
wildfire that destroyed La-
haina arrived at Geoff Bogar’s
house, he tried to fend off the
flames with hoses alongside
Frank Trejos, a friend who
lived with his family for nearly
30 years and was affection-
ately called “Uncle Frank.”
Bogar, a 63-year-old retired
fire captain, donned his old
work gear, while Trejos used a
snorkel to help him breathe
amid the smoke.
But Bogar soon realized the
flames were moving faster
than anything he had seen
during his long career. He
rushed into his wife’s Honda
Pilot. Trejos jumped into his
old Mazda, followed by Sam,
the family’s beloved golden re-
triever, whom he adored.
It was Aug. 8, the last time
anyone saw the 68-year-old
Trejos or 3-year-old Sam alive.
The sport-utility vehicle
Bogar was in quickly caught
fire. It wouldn’t start and the
doors locked him inside. He
smashed the window and
clambered out, according to
his wife, who relayed her hus-
band’s story while he recovers
from injuries. Emergency
Police officers asked to see IDs of Shane Straub, right,
Robert Yacovelli, center, and Joseph Tortella in Wildwood.
Robert Yacovelli, 18, said after
officers checked his ID and
walked away. Yacovelli, who
works on the pier as a life-
guard, said he prefers socializ-
ing outside rather than in the
cramped beach-staff quarters.
City officials say the
tweaked curfew isn’t in re-
sponse to any serious issues,
like large groups of minors
drinking alcohol, shoplifting
or committing vandalism.
“We are being proactive
not reactive,” said Mayor Pete
Byron.
Officials and businesses in
shore towns have complained
that Gov. Phil Murphy’s juve-
nile-justice reforms, passed in
2021 aimed at keeping young
people out of jail, have given
teenagers more freedom to
drink alcohol and smoke mari-
juana and have weakened po-
lice’s power to keep the dis-
ruptive behaviors at bay.
Business owners in Wild-
wood say they are supportive
of the curfew measures and
want to make families feel
safe. It is a balancing act for
local authorities, said Will Mo-
crews found Bogar crawling a
quarter-mile away with severe
burns on his hands and arms,
as well as minor burns on his
face.
They brought him directly
to the hospital. Bogar didn’t
stay. He checked himself out
that night and went back to
Lahaina to look for Trejos and
Sam.
There were plenty of people
in Lahaina like Trejos: lovers
of sun, sand and the outdoors
who fled the mainland U.S.
There wasn’t a lot of economic
opportunity in the community,
but if they could find a job ca-
tering to tourists and were
willing to live modestly, they
could get by and focus on pas-
sions such as surfing or hiking.
Born in Costa Rica and
raised in Southern California,
Trejos moved to Maui after
visiting in the 1980s. Friends
in Ventura, Calif., threw the
surfer and volleyball player a
going-away party, recalled
Dennis Jenks, a friend who
hired him as a waiter there.
“He was chasing his
dreams, going to Lahaina, go-
ing to Hawaii,” said Jenks. “If
you’re a surfer, an athlete,
that’s the place you want to
go…he belonged there.”
U.S. NEWS
rey, president and chief execu-
tive of Morey’s Piers, a tour-
ism attraction in Wildwood.
“Part of the magic with the
shore is the freedom that
teenagers have when they’re
down here running around
and going to the beach and
boardwalk…We don’t want to
stifle that,” Morey said. “I do
think that the curfew is just a
way of saying we want you to
have a good time, but we want
there to be guardrails.”
On a recent Saturday, 48-
year-old Sheryl Carter of
Coatesville, Pa., said she
would let her kids go out after
midnight. “There’s silly stuff
we were doing growing up
too…but nothing bad,” Carter
said, while walking on the
boardwalk with her family.
Madalyn Carter, her 15-
year-old daughter, said she
would prefer skateboarding
and riding on the boardwalk
with her friends at night. “We
just want to have some space
and hang out with our friends,
without anybody yelling at
us,” she said.
After an unusually rowdy
Frank Trejos with Sam, a 3-year-old golden retriever.
Trejos met Geoff Bogar
three decades ago, working at
a bar and grill in Kapalua,
north of Lahaina.
“He came home with Geoff
one day and we all just became
fast friends,” said Bogar’s wife,
Thursday, August 24, 2023 | A3
Implants Convert
Brain Signals Into
Text and Speech
BY DOMINIQUE MOSBERGEN
Computers are getting bet-
ter at giving voice to the
voiceless.
A paralyzed woman who
hadn’t spoken in almost 20
years found her voice again
through a virtual avatar,
thanks to a brain implant and
mind-reading algorithm.
A different brain implant
helped another woman who
was robbed of her voice by a
neurological disease to commu-
nicate via text at a speed closer
to that of normal speech.
Their experiences, published
in separate studies on Wednes-
day in the journal Nature, show
significant advances for sys-
tems that allow people to con-
trol devices using brain signals.
Such systems have recon-
structed a Pink Floyd song
from brain activity and trans-
lated brain signals for speech
and handwriting into text.
Brain-computer interfaces used
in the new studies are faster
and more sophisticated, re-
searchers said.
“We’ve shown what is pos-
groups of teenagers gathered sible,” said Dr. Eddie Chang, a
over the Memorial Day week- neurosurgeon at the UC San
end, Ocean City, N.J., in June Francisco Weill Institute for
implemented an 8 p.m. beach Neurosciences and co-author
curfew for all ages and an 11 of one of the studies.
p.m. public-space curfew for Chang and his colleagues
juveniles, plus a backpack ban implanted a paper-thin sheet
on the boardwalk between 8 of silicon, about
p.m. and 1 a.m. Breaking cur- the size of a
few could result in a maxi- credit card and
mum $1,500 fine. dotted with 253 Computers
Those measures seemed to electrodes, onto are getting
have worked in limiting un- the surface of a
ruly behaviors. The total num- paralyzed better at giving
ber of curbside warnings, an
oral warning by an officer
woman’s brain.
The patient, 48,
voice to the
given to a juvenile, through hasn’t been able voiceless.
July 18 this year was 7,065, to speak or use
less than half of the same pe- her arms and
riod of last year, according to legs since suf-
Doug Bergen, the city’s public fering a stroke in her brain-
information officer. stem about 18 years ago.
The youth curfew conversa- The brains of paralyzed peo-
tion has come in waves. Such ple can emit electrical signals
restrictions became popular controlling movement even
during the 1990s before re- when channels of communica-
search showed that they tion between the brain and
might be counterproductive, muscles are broken. The
said Kirby Gaherty, program woman’s implant picked up
director for justice initiatives signals meant to control
at the National League of Cit- speech-related muscles in her
ies, an advocacy group. Now tongue, jaw, larynx and face,
officials are trying to bring the study said. The electrodes
them back in different ways, were connected to computers
Gaherty said. via a cable plugged into a port
In Wildwood, local officials attached to her skull.
and businesses said they have Researchers trained an algo-
tried to make the city more rithm to recognize her brain
family friendly. John Gigliotti, signals for speech and facial
known locally as Gigi, has expression. Over two weeks,
been driving a tramcar on the she was shown words and sen-
boardwalk for 32 years. “Years tences on a screen, which she
ago families came, but I think was told to recite silently. She
more so now. They grew up, was also told to imagine mak-
and they came here, more ing sad, happy and surprised
with their kids,” he said. facial expressions. Computers
“Wildwood used to be recorded her brain signals as
called little Las Vegas. It’s our she did these tasks.
history. It’s amazing. We don’t Researchers tested whether
have to erase it,” said Michelle the algorithm could accurately
Rutkowski, 43, owner of translate brain signals into text
Boardwalk’s Best, a gift shop. and speech. The patient was
“There are now more fam- presented with new sentences
ily things with family fun but and told to silently recite them.
there’s got to be family rules,” For text, the system com-
she added. posed sentences at a rate of 78
guesthouse for Trejos. He lived
with them for the next 27
years.
The couple worked long
hours, she as assistant food-
and-beverage director at the
Ritz-Carlton in Kapalua, and
he with the Maui fire depart-
ment. Trejos often watched
their son and daughter.
“He’s known both of my
kids since the day they were
born,” said Weber-Bogar.
“They call him Uncle Frank.”
Trejos also loved the fam-
ily’s dog, Sam. He took the
rambunctious golden retriever
on long walks—including to
one of his favorite spots on
Maui, Twin Falls, where they
would play in a waterfall sur-
rounded by the rainforest.
SHANNON WEBER-BOGAR
With his wife safe on the
mainland and his grown chil-
dren living elsewhere, Bogar’s
priority after leaving the hos-
pital on the night of Aug. 8
was finding Trejos. But au-
thorities stopped him from en-
tering Lahaina.
Shannon Weber-Bogar. “He The next morning, he
had the same sense of humor, sneaked in. The neighborhood
he had the same sense of being looked as if it had been
kind to people, he liked going bombed. The house that the
to the beach, he liked to surf.” family had moved into just 18
When the Bogars purchased months ago had burned to the
a new home, they built a ground.
words a minute: five times as
fast as previous brain-com-
puter interfaces used for com-
munication, Chang said. Using
a vocabulary set of about 1,000
words, the system was accu-
rate about 75% of the time. The
patient usually uses an assis-
tive head-tracking device that
types at about 14 words a min-
ute, Chang said. People typi-
cally speak at about 150 words
a minute.
“We see now that it’s possi-
ble to create more natural,
more embodied ways of com-
municating,” Chang said.
The brain-computer inter-
face allowed the woman to
communicate using a speaking
avatar, which Chang called a
first. She chose a woman with
hazel eyes and chin-length
brown hair. Researchers used a
recording of a speech she gave
at her wedding to personalize
the avatar’s voice.
Peter Brunner, an associate
professor of neurosurgery at
the Washington University
School of Medicine in St. Louis
who wasn’t involved in the
studies, said more work is
needed to improve such sys-
tems and make them available
to more patients.
“One fundamental limitation
is how invasive these surgeries
are,” he said. “How expensive
and how practical will this
be?”
In the other
Nature study,
Pat Bennett, 68,
had four sen-
sors, each about
the size of a
popcorn kernel
and loaded with
dozens of elec-
trodes, im-
planted in her
brain’s outer
layers. Bennett was diagnosed
in 2012 with Lou Gehrig’s dis-
ease. She can no longer speak
intelligibly.
Stanford University re-
searchers connected the sen-
sors in Bennett’s brain to com-
puters trained to learn how
her brain signals correspond to
speech. After four months of
twice-weekly training sessions,
the system translated Ben-
nett’s brain signals into text at
a rate of about 62 words a
minute. Using a vocabulary set
of about 125,000 words, the
system was accurate 76% of
the time.
“This could allow truly flu-
ent conversation and a real
restoration of the ability to
connect with others,” said Dr.
Jaimie Henderson, a professor
of neurosurgery at Stanford
and a study co-author.
Henderson said the deeper
sensors his team used could
produce higher-definition re-
sults by reading signals from
individual neurons. But be-
cause the brain moves around
and scarring can happen
around the sensors, the devices
can shift and the brain-com-
puter interface might need to
be retrained.
Bogar hoped Trejos would
be among the missing, a group
that authorities say currently
totals 850.
Instead, inside Trejos’s
charred car, Bogar found his
friend’s body covering Sam’s.
Weber-Bogar said she
wasn’t surprised Trejos had
tried to protect the dog as the
flames closed in on his car.
“That would be what Frank
would do,” she said.
Trejos was among at least
114 people who died in the La-
haina wildfire.
Bogar put Trejos in one
body bag and Sam in another
and carried them to the Honda
Pilot. He called the police, tell-
ing them where the bodies
were.
Then, Bogar went to work
in the recovery effort. He vol-
unteered for four days
straight, helping the Federal
Emergency Management
Agency and his old fire depart-
ment until his burned hands
became so badly infected that
he could no longer work.
Medics flew Bogar to Hono-
lulu for treatment in a hospital
burn unit, where he remains.
As far as the family knows,
Trejos’s and Sam’s bodies are
still in the Honda Pilot.
P2JW236000-5-A00400-16DDF61078D
A4 | Thursday, August 24, 2023
Giuliani Surrenders in Election Case
Trump ally is accused
in Georgia of leading
a scheme to overturn
Biden’s 2020 victory
BY ARUNA VISWANATHA
Rudy Giuliani turned himself
in to Georgia authorities
Wednesday and was booked on
charges that he led an effort to
illegally keep former President
Donald Trump in power.
The former New York City
mayor and Trump lawyer was
accused alongside Trump and
17 co-defendants in an indict-
ment last week of operating a
criminal enterprise that sought
to overturn Joe Biden’s elec-
toral victory in Georgia.
Prosecutors accused Giuliani
of violating Georgia’s RICO Act,
a powerful anti-racketeering
law modeled on the federal law
he once wielded against Mafia
dons and others. The 79-year-
old was also charged with other
counts, including soliciting pub-
lic officials to violate their
oaths, making false statements
and conspiracy. Giuliani has de-
nied wrongdoing and described
the case as an affront to Ameri-
can democracy.
After he was booked, Giuliani
spoke briefly to reporters, say-
ing he worked in good faith on
behalf of his then-client, Trump.
BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES
Former Vice President Mike Pence, Florida Gov. Ron DeSantis and entrepreneur Vivek Ramaswamy during Wednesday’s debate.
Rivals Spar
In GOP
Debate
Continued from Page One
he were already engaged in the
general election.
At the debate, Trump was
barely mentioned in the first
hour. And when he finally
came up, his hold over his op-
ponents was clear: Asked if
they would support Trump
even if he is convicted in any
of the four criminal probes he
faces, only two debaters, for-
mer New Jersey Gov. Chris
Christie and former Arkansas
Gov. Asa Hutchinson, signaled
that they wouldn’t.
When Christie said Trump’s
alleged behavior couldn’t be
overlooked, the crowd jumped
in with lengthy booing.
Florida Gov. Ron DeSantis
initially dodged a question
about whether former Vice
President Mike Pence did the
right thing by resisting
Trump’s pressure to hold up
the certification of the 2020
election as rioters stormed the
Capitol on Jan. 6, 2021.
”We need to end the weap-
onization of these federal
agencies,” DeSantis said, allud-
ing to the federal probes of
Trump and echoing the former
president’s contention that
they are politically motivated.
Trump faces two federal in-
dictments—in Florida for al-
legedly mishandling presiden-
tial documents and in
Washington for seeking to
overturn Biden’s 2020 victory
as well as cases in Georgia and
Manhattan. He has denied
wrongdoing.
DeSantis later added, “Mike
did his duty” but asked: “Is
this what we’re going to be fo-
cusing on?”
Former United Nations am-
bassador and former South
“I am being indicted because I
am a lawyer,” Giuliani said.
Earlier on Wednesday, Giu-
liani’s lawyers negotiated a
$150,000 consent bond with
prosecutors at the Fulton
County Courthouse.
At least nine defendants had
turned themselves in by
Wednesday, according to Fulton
County jail records: Giuliani;
Kenneth Chesebro, a lawyer and
former Trump campaign ad-
viser; Sidney Powell, a former
Trump legal adviser; Jenna El-
lis, a former member of
Trump’s legal team; Ray
Stallings Smith, an Atlanta-
area lawyer; David Shafer,
chair of the Georgia Republi-
can Party in 2020; Cathy
Latham, who was a member
of the Georgia Republican
Party; John Eastman, a for-
mer constitutional law pro-
fessor; and Scott Hall, owner
of a bail-bonds business and
a pro-Trump operative in
Fulton County.
Trump has said he intends to
surrender and be booked on
Thursday evening.
The surrender is largely pro-
cedural. Giuliani and the other
defendants were released im-
mediately on bond, as Trump is
expected to be under a consent
order that imposes limits on
his public statements.
Still, Wednesday’s booking
underscores a striking fall from
Carolina Gov. Nikki Haley took a
more forceful tack. “We have to
face the fact that Trump is the
most disliked politician in
America,” she said. “We can’t
win a general election that
way.”
Vivek Ramaswamy, the
wealthy biotech company
founder who is rising in polls,
heralded Trump as “the best
president of the 21st century”
and positioned himself as
Trump’s heir as a truth-speak-
ing nonpolitician. Throughout
the event, he was the former
president’s most vocal de-
fender, and attracted criticism
from many of the others. He
often gave as good as he got,
sparring at various times with
Christie, Pence and Haley.
“For a long time we have
professional politicians in the
Republican Party who have
been running from some-
thing,” he said.
“Now is our
moment to
start running to DeSantis,
something.” Trump’s closest
Ramaswamy
took early hits opponent in the
over his lack of
experience.
polls, had the
Christie called most on the line.
him an “ama-
teur” and
mocked him for
describing himself the same
way as Barack Obama did back
when he was a newcomer.
Christie added that the
smooth-talking 38-year-old
sounded like artificial intelli-
gence platform ChatGPT.
“I am the only person on
this stage who isn’t bought
and paid for,” Ramaswamy hit
back. Toward the end of the
debate, he made the case for a
new generation of leaders.
Ramaswamy was also the
only candidate who enthusias-
tically supported the end of
U.S. funding for Ukraine in its
war with Russia, saying the
funds should be redirected to
strengthening the southern
U.S. border and that backing
Kyiv is pushing Russia into
P W L C 10 11 12 H T G
U.S. NEWS
Rudy Giuliani in New York City on Wednesday and later in the day in a
booking photo in Georgia, where he is charged with 13 counts.
grace for Giuliani, who par-
layed his success taking on the
mob and Wall Street miscre-
ants into two terms as New
York City mayor.
Giuliani is mentioned more
than 50 times and charged
with 13 counts in the Georgia
indictment, which accuses him
of leading the effort to keep
Trump in power and change
election results in battleground
states. It details Giuliani’s pub-
China’s camp. That brought re-
buttals from others who vo-
cally supported the U.S. effort
as a bulwark against Russian
President Vladimir Putin’s dic-
tatorial expansionism, most
notably Haley, who said: “You
have no foreign policy experi-
ence and it shows.”
DeSantis, Trump’s closest
opponent, had the most on the
line Wednesday and he largely
stayed on message, getting
across his talking points about
reversing a nation in decline.
But he sought to have it both
ways on Trump, avoiding direct
criticism of the former presi-
dent. “Republicans,” he said,
“we’ve got to look forward.”
His campaign has stalled in
recent months as it has dealt
with layoffs, organizational
changes and muddled messages
that have shaken the confidence
of some donors and supporters.
DeSantis likely
won points from
conservative
viewers for re-
jecting the de-
bate hosts’ call
to raise their
hands
whether human
on
behavior is
causing climate
change. “We’re
not schoolchil-
dren, let’s have the debate,” De-
Santis said to applause.
DeSantis did criticize
Trump at times—though not
by name—including over his
handling of Covid-19. He ac-
cused him of letting Anthony
Fauci, the government’s long-
time top infectious-disease ex-
pert, lead the way on lock-
downs. Trump has accused
DeSantis of hypocrisy given he
followed that advice, at least
initially, before bucking the
trend and seeing a rapid in-
crease in his national profile.
“I will never let the deep-
state bureaucracy lock you
down,” DeSantis said, adding
to applause that he would have
called in Fauci and said, “An-
thony, you are fired.”
K R F A M 1 2 3 4 5 6 7
lic and private efforts to push
unsubstantiated claims about
voter fraud in the aftermath of
the 2020 election, including in
news conferences where he
and others claimed interna-
tional collusion and in calls
with Arizona and Pennsylvania
officials in which he allegedly
pressed them to act on his
false allegations of fraud.
The indictment also details
his efforts in Georgia, includ-
Pence forcefully injected
himself in the conversation,
stressing he followed his con-
stitutional duty on Jan. 6, 2021.
The audience didn’t always
embrace it, but Pence was con-
sistent in his message, which
invoked Ronald Reagan and
pre-Trump conservative values.
He defended some Trump
administration achievements,
particularly on the border, but
separated himself repeatedly
from his former boss, includ-
ing on Ukraine.
He repeated his campaign
refrain that Trump asked him
to ignore Pence’s oath to up-
hold the Constitution when the
then-president pressured
Pence to hold up the certifica-
tion of Biden’s 2020 victory.
“Joe Biden has weakened
this country at home and
abroad,” Pence said, setting up
an attack on Ramaswamy, a
frequent foe during the debate.
“Now is not the time for on-
the-job training. We don’t need
to bring in a rookie.”
Sen. Tim Scott of South
Carolina, who has been in third
place in some national and
early-state surveys, avoided
jumping into most of the
fights. He chose mostly to stick
to his usual campaign themes
about his inspiring life story
and his record in the Senate.
Trump’s debate snub re-
flected what he said was a
huge lead over the field. But he
tried to grab attention with
the interview with Carlson,
musing about how unusual it
is that an indicted politician
would appear to gain support
rather than losing it after be-
coming the target of so many
investigations.
“I’m so high in the polls.
People see it’s a fraud,” Trump
said.
GOP strategist Alex Conant
summed up the night. “It was
like a normal GOP debate in a
world where Trump doesn’t
exist. Except he does exist, and
he’s winning by a lot.”
—Annie Linskey
contributed to this article.
8 9 O I X X * ** ** THE WALL STREET JOURNAL.
false statements regarding two
of those workers who have
sued him for defamation.
FROM LEFT: FULTON COUNTY SHERIFF’S OFFICE/GETTY IMAGES; SETH WENIG/ASSOCIATED PRESS
In the Georgia criminal
case, lawyers for Trump and
other defendants were re-
questing what are known as
consent bonds, which would
allow them to be immediately
released on certain conditions.
They could also move to waive
their arraignments, which
would mean they wouldn’t be
required to appear at an early
hearing where a prosecutor
formally presents the charges
against them.
While Fulton County Dis-
trict Attorney Fani Willis has
said she wants to try all 19 de-
fendants within six months, le-
gal experts say that schedule
is unlikely, given the expected
lengthy pretrial litigation in-
volving a large group of defen-
dants.
In the coming days, lawyers
for Trump and the other de-
ing falsely telling Georgia law- fendants are expected to file a
makers that dead people and flurry of motions related to the
felons had improperly voted, trial, including likely pushing
that at least 96,600 mail-in for the Georgia charges against
ballots were counted in the him to be heard in federal
election without records of court, a tactic that could delay
them having been returned, the proceeding and, if success-
and that thousands of ballots ful, give the former president
were illegally counted by Ful- and his allies a potentially
ton County election workers at more sympathetic jury.
State Farm Arena. —Jan Wolfe and
Last month, Giuliani said he Cameron McWhirter
wouldn’t contest that he made contributed to this article.
South Carolina’s Ban
On Abortion Upheld
By State’s Top Court
BY LAURA KUSISTO the issue quickly back up to
AND JENNIFER CALFAS the high court.
South Carolina Gov. Henry
South Carolina’s highest McMaster, a Republican,
court upheld a ban on abor- called the decision Wednesday
tion after about six weeks of a “historic moment” for the
pregnancy, a long-awaited vic- state and a result years in the
tory for Republicans who making.
faced repeated hurdles in their The law will force many
efforts to further restrict the residents to “remain pregnant
procedure since the U.S. Su- against their will,” said Jenny
preme Court overturned Roe Black, president and chief ex-
v. Wade in June 2022. ecutive of Planned Parenthood
The 4-to-1 decision effec- South Atlantic, one of the
tively reverses a ruling from plaintiffs that challenged the
earlier this year, in which the law.
court had struck down a so- The events in South Caro-
called fetal heartbeat bill, ban- lina underscore how volatile
ning abortion in the earliest abortion rights could remain
weeks of pregnancy on the ba- for years to come. Unlike U.S.
sis that it violated a privacy Supreme Court justices, state
guarantee in the state consti- supreme court justices are of-
tution. The decision signifi- ten elected and typically don’t
cantly reduces abortion access have lifetime tenure. That po-
in South Carolina, one of a few
Southern states that had
maintained robust abortion
tentially tees up repeated legal
battles when the composition
of the courts changes. In Iowa
access.
Justice John Kittredge,
writing for the majority, said
the legislature passed a six-
week ban on abortion this
summer, just weeks after the
that while the six-week ban
“infringes on a woman’s right
of privacy and bodily auton-
state’s highest court dead-
locked on whether to revive a
2018 law, leaving a permanent
omy,” it was the role of the block in place.
state legislature to make pol- Thomas Hydrick, an attor-
icy decisions. ney for South Carolina, had
Lawmakers determined argued in a hearing in late
that a woman’s right “does June that the prior decision
not outweigh the interest of hadn’t been binding on future
the unborn child to live” after legislation. He argued that
a certain point in pregnancy, Justice John Cannon Few, who
he said. was one of the votes in the
“Through the legal and ju- majority, had left open the
dicial lens under which we door for the legislature to ban
must operate, while mindful of the procedure after six weeks
the difficult and emotional is- if it adequately considered
sue before us, we cannot whether that gives women
say as a matter of law that the sufficient time to end a preg-
2023 Act is unreasonable and nancy.
thus violates the state consti- The legislature, Hydrick
tution,” Kittredge wrote. said, had tried “to grapple
After the South Carolina with that question of is there
Supreme Court struck down a sufficient time for a woman to
prior six-week ban in January, know?” He pointed to language
the female justice who wrote in the act saying abortion isn’t
that opinion retired. That permissible after the fetus has
cleared the way for the state a “steady rhythmic heartbeat.”
legislature to appoint a re-
placement, giving South Caro-
That could potentially take
place later than six weeks of
lina the only all-male state su- pregnancy, giving women more
preme court in the country. time to decide, he said.
The legislature then passed “You just walked yourself
a new six-week ban, over the into a giant hole of ambigu-
objections of some female Re- ity,” Few said during the argu-
publican legislators, sending ment.
LOGAN CYRUS/AGENCE FRANCE-PRESSE/GETTY IMAGES
Abortion-rights demonstrators protested in the lobby of the
South Carolina statehouse in May.
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U.S. NEWS

Nvidia CDC Tracks

Rides the Salmonella
Boom in AI Outbreak to
Continued from Page One
dispensable to their growth
Pet Turtles
and are making large invest-
ments in computing infra- BY JENNIFER CALFAS
structure to support it.
In May, the company said it Step away from your pet
expected revenue to be around turtle.
$11 billion for its fiscal second A salmonella outbreak
quarter, almost $4 billion across 11 states has been
more than Wall Street ex- linked to small turtles, the
pected. Its shares rose 24% the Centers for Disease Control
following day, adding almost and Prevention said, leading
$184 billion to its market value to 26 infections and nine hos-
and eventually propelling the pitalizations.
company’s market value above The federal agency is tell-
MARLENA SLOSS/BLOOMBERG NEWS

$1 trillion. ing pet owners not to “kiss or

This year, Nvidia’s stock has snuggle” their turtles, or eat
more than tripled, and inves- and drink around them, to
tors in the options markets avoid possible infection.
had been betting heavily that There are no reports of
the shares would rise further death linked to the outbreak.
after Wednesday’s results. The CDC has tracked infec-
Nvidia’s sales surge has tions between October 2022
come with challenges. The Nvidia is capitalizing on a growing interest in artificial intelligence, with its AI chips being tested in autonomous vehicles. and July.
outsize demand for chips ad- Tennessee had six cases,
ept at AI computation has proved increasing its share re- long term, restrictions prohib- Nvidia’s quarterly net profit strong and that inventories the most of any of the states
strained the company’s ability purchase plan by $25 billion iting the sale of its products to $6 billion
had normalized. with reported infections linked
to supply them. The company and that it expects to continue China would result in a per- $6.19B Huang has described the to this outbreak. Pennsylvania
doesn’t itself make chips, but buying back stock this fiscal manent loss of opportunities company’s harnessing of inter- had four infections and New
outsources its designs to com- year. In the second quarter, for the U.S. industry in one of 5 est in generative AI tools like York had three. More than 30%
panies including Taiwan Semi- the company repurchased the world’s largest markets. ChatGPT as its “iPhone mo- of those infected in this out-
conductor Manufacturing, about $3.4 billion in shares. Nvidia became a juggernaut ment,” a crystallization of its break are under 5 years old,
4
leaving it susceptible to a The growing attention on in AI by allowing software de- investments in the technology according to the CDC.
slowdown if that company artificial intelligence in society velopers to tinker with its and related software. The CDC said it is likely
doesn’t expand production and business has also put graphics-processing units 3 The world has around $1 more people have been in-
rapidly enough. Nvidia under a sometimes un- starting over a decade ago. trillion worth of data centers, fected in this outbreak and in-
In May, Nvidia said it had comfortable spotlight. The U.S. The company had long been a Huang said on a call with ana- fections may have occurred in
2
secured higher supply for the last year placed export con- leader in graphics chips that lysts Wednesday, “and that other states.
second half of the year. On trols on advanced AI chips make PC games run more trillion dollars of data centers Any kind of pet turtle can
Wednesday, Chief Financial Of- sold to Chinese companies—a smoothly and in higher resolu- 1 is in the process of transition- have salmonella germs, the
ficer Colette Kress said in pre- move that mostly impacted tion, but was seeking new uses ing into accelerated computing CDC said. Smaller turtles with
pared comments the company Nvidia, given its leadership in and new markets for its chips. and generative AI.” shells less than 4 inches long
had purchase commitments those kinds of chips. Scientists found that the 0 Nvidia currently has about can pose a particular health
and other obligations that Nvidia said at the time the chips were good at running FY2021 ’22 ’23 ’24 70% of AI chip sales, according risk due to how children may
were just over $11 billion, up restrictions could cost it as physics simulations. Crypto- Note: Fiscal quarter ended July 30 to analyst Lucas Keh of New interact with them. Turtles
from about $7.3 billion in the much as $400 million in quar- currency miners found they Sources: S&P Capital IQ; the company York-based Third Bridge have been linked to previous
previous quarter. The rise, she terly sales. Since then, it has excelled at computations Group, a research firm. outbreaks.
said, reflected increased developed a less-powerful ver- needed to mint new digital to- ment had $2.5 billion of reve- Its competitors are increas- The Food and Drug Admin-
spending on long-term sup- sion of its chips for the Chi- kens. And researchers discov- nue, up 22% from the year ear- ingly biting at its heels. Ad- istration banned the sale of
plies. nese market, but the Biden ad- ered they could speedily pro- lier. Videogaming demand had vanced Micro Devices, which turtles with shells less than 4
“Our supply partners have ministration is considering duce and deploy AI systems. been in a lull after a pan- also makes graphics proces- inches long in 1975, but these
been exceptional in ramping further curbs that would pro- On Wednesday, Nvidia said demic-era boom, and Nvidia sors and is challenging Nvidia small turtles can still be found
capacity to support our data hibit sales of those chips with- revenue in its data center seg- and other chip companies have in advanced AI chips, as well illegally online and at stores
center supply chain,” she said out a government license. ment, which houses chips been waiting for elevated in- as other companies from Intel or markets. The CDC said the
in a call with analysts. Sup- Revenue from China was widely used in AI computa- ventories to slim down and to a range of startups and majority of those infected re-
plies are expected to increase within the company’s histori- tion, was $10.3 billion, more purchasing to resume. Kress cloud-computing giants, have ported having contact with a
each quarter through the next cal range of between 20% and than double from the prior said demand for the com- their own plans and products pet turtle. Many said they had
year, she said. 25% in the second quarter, year. pany’s latest generation of that aim to capture a slice of contact with small turtles in
Nvidia said its board ap- Kress said, adding that in the The company’s gaming seg- computer-graphics chips was the burgeoning market. particular.
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THE WALL STREET JOURNAL. NY Thursday, August 24, 2023 | A7

P2JW236000-2-A00800-1--------XA

A8 | Thursday, August 24, 2023 * * THE WALL STREET JOURNAL.

WORLD NEWS
Ukraine Seizes a Russian Helicopter
Moscow, meanwhile, helicopter for unknown rea-
sons and veered into Ukrainian
replaces detained airspace, where it landed at
officer who allegedly the nearest airfield.
Having realized they were
knew of mutiny in Ukraine, they tried to take
off again, he said, but were at-
BY MATTHEW LUXMOORE tacked by Ukrainian forces on
the ground and prevented
KYIV—Ukraine said it cap- from fleeing. Two crew mem-
tured a Russian helicopter and bers were killed and one was
its crew after they landed on injured, he said. The claim
Ukrainian soil, while Russia couldn’t be verified.
replaced the commander of its Whether it was a Ukrainian
aerospace forces suspected of special operation or a Russian
collaborating with Wagner blunder, the loss of the heli-
UKRAINIAN STATE EMERGENCY SERVICE/AGENCE FRANCE-PRESSE/GETTY IMAGES

mutineers, according to Rus- copter compounds ongoing is-

sian state media. sues in Russia’s military. Rus-
Sergei Surovikin was de- sian state media on
tained in the aftermath of the Wednesday said the head of
attempted mutiny against Mos- the country’s aerospace forces,
cow in June, and knew about who has been detained on sus-
plans by the paramilitary picion of collaborating with
group to march on the capital. Wagner mutineers in June,
Ukraine’s HUR military in- was replaced by one of his for-
telligence service on Wednes- mer deputies. People familiar
day confirmed the seizure of a with the matter told The Wall
Russian helicopter after Ukrai- Street Journal last month that
nian media reported that the Surovikin knew about plans
pilot had defected to Ukraine, for the insurrection and was
in what would be the first de- being held and interrogated in
fection of a Russian pilot re- Moscow. Surovikin has been
ported since Moscow’s full- stripped of his duties and re-
scale invasion 17 months ago. placed by Viktor Afzalov, ac-
“We’re working with the Rescuers clear debris at a school destroyed in a Russian strike in the northern Ukraine town of Romny in the Sumy region. cording to sources cited by
crew. Everything’s good, more Russian state news agency
information to come,” HUR Ukrainska Pravda cited un- in Ukraine’s Kharkiv region, were two other crew members what it said were the jet fighter RIA. Russia’s Defense Ministry
spokesman Andriy Yusov said named Ukrainian security offi- near the Russian border. who weren’t briefed on the plan components seized on board. didn’t comment on Surovikin.
on Ukrainian television cials as saying that the Rus- The helicopter was ferrying to land in Ukraine, they said. A Russian retired jet fighter Meanwhile, a Russian drone
Wednesday. He didn’t give de- sian Mi-8 helicopter was equipment for Russian jet fight- Ukrainska Pravda said the pilot, who said he was in touch hit a school in the northern
tails on where the helicopter captured by Ukraine after the ers between air bases, the offi- two other crew members were with families of the crew Sumy region, killing the
was captured or how many pilot had agreed to cooperate cials said. In addition to the pi- killed. It published photos of members, said in a post on school’s director, her deputy
crew members were on board. with Ukrainian military intelli- lot, whose family was brought the Russian helicopter, which it Telegram that the crew hadn’t and at least two other staffers,
Ukrainian news outlet gence and land the helicopter to Ukraine in advance, there said was now in Kyiv, and of defected but lost control of the said Ukraine’s interior minister.

Prigozhin unleashed by Putin in February

2022, is the deadliest conflict
for the country since World
however, asserted that the
plane had been destroyed by a
Russian military antiaircraft
Prigozhin’s death sends an
unnerving signal to the coun-
try’s elite which, according to
leased this week featured
Prigozhin, apparently in Af-
rica, seeking new recruits for
Agency, that interfered in the
2016 U.S. presidential election,
according to the FBI. A U.S. ar-

Is Killed in War II and has already caused

profound damage to Russia’s
economy and social fabric.
missile.
If Prigozhin’s plane was in-
deed deliberately shot down, it
insiders and Western intelli-
gence assessments, has grown
increasingly unhappy with Pu-
Wagner.
Central Intelligence Agency
Director William Burns, in re-
rest warrant was issued for
him in 2018.
Prigozhin’s status rose

Plane Crash Russian civil aviation au-

thorities said Prigozhin and
two other top Wagner com-
manders were killed when his
Continued from Page One plane went down. The govern-
lent politics as the country’s ment said it was investigating
losses in Ukraine mount, fuel- the cause of the crash. Social-
ing deepening rifts in the up- media channels close to the
per ranks of the military and Wagner group, which has
the governing elite. The war, fought from Ukraine to Africa,
would amount to a very public
execution of a man who, after
years as a dedicated and
trusted ally of the Kremlin,
turned into the most serious
threat to Putin in the Russian
president’s 23 years in power.
In the eye-for-an-eye poli-
tics in Putin’s Russia, loyalty is
paramount.
tin, his handling of the mutiny
earlier this summer and his
overall handling of the war.
marks in Aspen last month,
predicted that Putin—whose
carefully calculated aura of
“Russia’s elite will see this strength was damaged by the
as revenge exacted for rising Wagner uprising—would
up against the Kremlin, and sooner or later exact revenge
it’s a move that makes it clear for the humiliation.
to everyone that Putin is still “Putin is the ultimate apos-
in control,” said Tatiana tle of payback,” Burns said at
Stanovaya, founder of Russian the time. “If I
focused political consultancy were Prigozhin, I
R.Politik. wouldn’t fire my
Prigozhin often publicly crit- food taster.” The death
icized Russia’s top brass for in- Following his sends an
competence, reflecting a grow- mutiny, Prigozhin
ing criticism from commanders mainly disap- unnerving
on the ground in Ukraine.
While Prigzohin had largely
peared from public
view, largely aban-
signal to
sharply with the start of the
war. As he sought to boost his
Wagner army, he was given
permission to recruit from the
country’s vast prison system
and pushed his soldiers to ad-
vance in eastern Ukraine.
Through brutal fighting, Wag-
ner became infamous for its
custom of execut-
ing deserters, of-
ten with a sledge-
hammer.
The Embraer jet
owned by Prigo-
zhin went off ra-
dar about 160 kilo-
meters northwest

Forever Your Favorite stayed quiet after his mutiny,

reports of his appearances on
social media across Russia gave
fodder to detractors of the
INDULGE IN THE SUPERB SPARKLE OF OUR Kremlin’s war effort.
But a public elimination of
2 CARAT DIAMOND STUDS IN PLATINUM Prigozhin could have conse-
quences for Russia, even on
the battlefield where he gained
popularity in part by deliver-
ing expletive-laden broadsides
against Russia’s notoriously
corrupt military commanders.
Wagner-linked social-media
accounts called the former
businessman a hero, while ac-
cusing those who stood behind
his death of treason.
“The murder of Prigozhin
will have catastrophic conse-
quences. The people who have
ordered it have no idea about
the mood and the morale in-
side the army,” Russian mili-
tary analyst and correspon-
dent Roman Saponkov wrote
on Telegram.
An adviser to President Vo-
lodymyr Zelensky of Ukraine
described the downed plane as
a message to Russian elites
against disloyalty to Putin.
Prigozhin caught the
$
3,995
Compare at $6,795
world’s attention when he
launched a mutiny precisely
two months ago, on June 23,
taking over the southern city
of Rostov and marching on
Moscow as he demanded the
ouster of Russia’s defense min-
ister, Sergei Shoigu, and the
chief of the general staff, Gen.
Valery Gerasimov.
The ultimate look of luxury! Our exquisite For months, he had accused
defense ministry leadership of
2.00 ct. t.w. round brilliant-cut diamond stud earrings
dazzle in precious platinum.
refusing to provide him with
necessary ammunition for his
Wagner forces’ drive on the
Shown larger for detail. eastern Ukrainian city of
Bakhmut. His forces took the
city this year, handing Moscow
doning the role he
had cultivated for
himself as a chief
Russia’s elite.
detractor of the
Kremlin top brass and Wag-
ner’s best promoter. When he
did reappear from time to
time, either in a military tent,
shown to be in his underwear,
or meeting with delegates of a
Russia-Africa summit, his do-
ings were largely a mystery.
Prigozhin grew up on the
same St. Petersburg streets as
Putin and became close to him
through his Concord catering
agency, which the Kremlin
called on regularly to deliver
sumptuous feasts inside the
Russian seat of power and at
Putin’s various residences.
Those who knew Prigozhin
said he was adept at making
himself liked, a skill he put to
use to gain the trust of the
president and his inner circle,
they said.
In 2014, he came forward
with an offer to manage a pri-
vate military company, which
operated in places like Ukraine
and Syria in the Kremlin’s in-
terests. Wagner also expanded
into Africa, where Prigozhin
used it primarily as a vehicle
to make money in the diamond
and gold trade while operating
as personal protection forces
for the Central African Repub-
lic’s government.
Prigozhin later went on to
own an online propaganda op-
eration, the Internet Research
Shadow Men
Inside Wagner, Russia’s Secret War Company
of Moscow, ac-
cording to a Wall
Street Journal re-
view of data from
the flight-tracking service
Flightradar24. The plane was
cruising at about 28,000 feet
before it disappeared shortly
after 6 p.m. Moscow time.
Greyzone, a popular Tele-
gram channel close to Prigo-
zhin, said his plane had been
brought down by the Russian
Defense Ministry’s air defense
systems. Several other sup-
porters of Wagner on Russian
social media expressed their
outrage, calling for abandoning
their front-line positions in
Ukraine and focusing on injus-
tices inside Russia.
Russia’s civil aviation au-
thority said that Dmitry Uktin,
Wagner’s top commander, was
also aboard the crashed plane.
The Pentagon declined to
comment about the crash and
whether Prigozhin was on
board, saying it was reviewing
intelligence to make its own
determination.
President Biden, asked
about the Russian plane crash,
said, “You may recall, when I
was asked about this by you, I
said I’d be careful what I rode
in. I don’t know for a fact
what happened but I’m not
surprised.”
—Jack Gillum,
Vivian Salama
and Nancy A. Youssef
contributed to this article.
PHOTO ILLUSTRATION BY XINGPEI SHEN

one of its only recent battle-

field victories.
Prigozhin’s rebellion ended
after a deal was struck be-
tween Putin and Prigozhin un-
der which Wagner would move
its operations to neighboring
Belarus and its leaders would
receive immunity. At the time,
FREE EXPRESS SHIPPING — ORDER TODAY! Wagner shot down several
Russian military aircraft.
To receive this special offer, use code: FAVORITE84 President Alexander Lu- The Wall Street Journal’s latest
1.800.556.7376 or visit ross-simons.com/favorite kashenko of Belarus, who documentary goes deep inside the lethal
helped broker the agreement, global expansion of the Russian private
Item #899113 later said that Prigozhin had military company Wagner. Scan this code or
returned to his hometown of go to WSJ.com to watch the documentary.
St. Petersburg. A video re-
P2JW236000-0-A00900-1--------XA
THE WALL STREET JOURNAL.
Russia Seeks to Extend Reporter’s Detention
BY KATE VTORYGINA
AND ANN M. SIMMONS
Russian authorities have re-
quested an extension of the
pretrial detention of Evan Ger-
shkovich, The Wall Street Jour-
nal reporter deemed by the U.S.
to be wrongfully held in Russia.
Ukraine’s
Dangerous
Pivot
Continued from Page One
porter brought up the rear. Sud-
denly, grenades began flying. Af-
ter one explosion, Reporter
cried out, “I’m a 300!” Soviet-
era code for a battlefield casu-
alty. By the end of the day, only
three of the five-strong team
would be able to fight on.
This is what the Ukrainian
counteroffensive looks like af-
ter two months: a slow and
bloody advance on foot.
Units such as this one—part
of 2nd Company of the 1st Battal-
ion of the 47th Separate Mecha-
nized Brigade—were trained and
equipped by the U.S. and its allies
to use heavy equipment to smash
through entrenched Russian po-
sitions and advance deep into oc-
cupied territory. The Russians
had prepared, too, by laying
minefields and digging deep
trenches across the patchwork of
farm fields.
When the Ukrainians
launched their assaults at the
start of June, their Western-sup-
plied tanks and armored vehi-
cles struggled to advance under
withering fire from helicopters,
antitank missiles and artillery.
So in late June, Ukraine
switched tactics, and started ad-
vancing methodically in small
units, a new phase in the conflict
that is proving to be slow and
risky. Instead of sweeping across
the fields, the company from the
47th began battling a few hun-
dred yards at a time, with occa-
sional success—the brigade said
on Tuesday its troops had taken
the village of Robotyne—but
with danger lurking in every
trench and tree line.
The original plan
The 47th Brigade was honed
for Ukraine’s D-Day. With the
war largely stalemated late last
year, and Russia occupying
nearly 20% of the country,
Ukrainian commanders singled
out the former volunteer battal-
ion for expansion, which meant
receiving training abroad and
equipment from Western allies.
The members of the 2nd
Company were typical. Roman
Pankratov, a 38-year-old who
had managed the garden section
at a branch of Ukraine’s equiva-
lent of Home Depot, became a
machine-gunner. Among the as-
sault infantry were Olena
Ivanenko, a 41-year-old restaura-
teur, and Olena Kuznetsova, a
27-year-old schoolteacher from
Bucha who enlisted after she re-
turned to her hometown to find
bodies on the streets. Mykhailo
Kotsyurba, a 38-year-old realtor,
became the commander of a
Bradley, the U.S. Army’s main in-
fantry-fighting vehicle.
In Latvia, they spent five
weeks learning the basics of in-
fantry fighting. They traveled to
Germany for a month and a half
to learn how to use a Bradley.
Reporter, a journalist named
Dmytro Rybakov, transferred to
2nd Company late last year
from another unit in the 47th.
He became an assistant to
Pankratov, who had the nick-
name Sad, or Garden. “He liked
our fighting spirit,” said Sad.
“People didn’t need anyone to
motivate them to learn.”
Reporter, a father to
two teenage daughters, who
has an interest in history and
philosophy, stood out for his
intelligence and enthusiasm.
He also complained to Sad
about work in the kitchen
when he thought they should
be training. “I’m not here to
clean jars,” he told Sad. “I
came to liberate my homeland.”
After lunch one day in Ger-
many, Reporter left his rifle be-
hind in the canteen, according to
soldiers in the company. As a
punishment, an officer made him
carry a stick instead. His fellow
soldiers considered it excessive,
but Reporter took it on the chin.
He wrote RPG-22 on the stick,
the name of a Soviet-designed
rocket launcher, and carried it
with his head held high.
When Ukraine launched the
first phase of the counteroffen-
Gershkovich, a 31-year-old
U.S. citizen, was detained by
agents from the Federal Secu-
rity Service, or FSB, while on
a reporting trip in the Russian
city of Yekaterinburg on
March 29. He is being held on
an allegation of espionage that
he, the Journal and the U.S.
Machine-gunner Roman
Pankratov attends a
comrade’s funeral, above;
Mars recuperates in a
hospital, right.
sive in June, the 47th Brigade
was assigned one of the tough-
est tasks: to blast a path down
the shortest route to the Sea of
Azov from the city of Orikhiv.
In the first 10 days, 2nd
Company didn’t once dismount
from their Bradleys and enter
battle. Vehicles lost their way
through confusion or a lack of
night-vision equipment. One
demining vehicle was blown up
by mines laid by the Ukrainians
themselves. When they got
closer to enemy lines, the Rus-
sian defense was ferocious.
In one assault, a Russian an-
titank missile struck and dis-
abled the lead vehicle in a long
Ukrainian column as it entered a
minefield, recalled Kotsyurba,
the Bradley commander, better
known as Kocherha, or Fire Iron.
The vehicles behind it were
stuck, and the Russians jammed
their communications, then
fired antitank missiles, rocket
artillery and laser-guided mis-
siles from helicopters.
One Leopard tank, turning
to escape, detonated two land
mines. Kocherha managed to
pull his Bradley out after its
turret stopped turning.
Two further attempts a few
nights later ended similarly.
The Russians were clearly ze-
roed in on the route.
The pivot
The next assault—and its fail-
ures—became a turning point.
On June 17, the company set out
to take two parallel trenches
about 1 1/2 miles long. The oper-
ation was supposed to clear a
path to a Russian supply route.
They started early in the
morning. Once a path had been
Front line Russian fortifications
June 1 June 1
Aug. 20 added after June 1
Nikopol
er
iv
Dn i p ro R
1 The plan: Blast a path
to the coast in tanks
and armored vehicles
Note: The date associated with the fortifications is the date of the imagery used to identify them, not of construction.
Sources: Brady Africk, American Enterprise Institute (Russian fortifications); Institute for the Study of War and AEI’s Critical Threats Project
(Russian-controlled area, front lines)
WORLD NEWS
government vehemently deny.
His pretrial detention ini-
tially was set to expire on May
29, but was prolonged to Aug.
30 following an earlier request
from the FSB. On Wednesday,
the FSB made a request to
further extend Gershkovich’s
pretrial detention by an un-
cleared through a minefield,
Kocherha’s Bradley set out for
the nearest trench, followed by a
second Bradley with eight
troops crammed inside, includ-
ing Reporter.
Kocherha set his troops down
at the trench when an antitank
missile hit the second Bradley
70 yards short of its target, con-
cussing the crew. One of them
managed to scramble out and
open a small door. The troops
ran for the trench.
Kocherha’s Bradley was hit
with a rocket-propelled gre-
nade, disabling the turret and
the gun. The attack temporarily
blinded Kocherha. He was con-
cussed and injured on his arm.
The platoon pressed along
the trench, which was more
than 7-feet deep. At times, they
were so close to Russian troops
they made eye contact, Re-
porter later told his family.
Ivanenko, the restaurateur bet-
Russian-controlled area
2 A failed June 17 assault
makes clear that armored
attacks aren’t working
Orikhiv
Tokmak
3 The Ukrainian unit pivots to a
slow advance, largely on foot
Melitopol
S e a of A zov
25 miles
25 km
specified length of time.
Moscow’s Lefortovo District
Court will meet Thursday to
hear the application, according
to Russian state media outlet
TASS, which cited court sources.
“Evan’s wrongful detention is
outrageous and we continue to
demand his immediate release,”
ter known as Ryzh, turned and
saw Reporter. Unlike most of
the others, she later recalled,
he had no fear in his eyes. “I’ll
cover you,” he said. They
pushed forward.
The Ukrainians needed to
dig firing positions to fend off
Russian counterattacks. Sad
spotted that Reporter had a
shovel and told him to dig.
“I can’t,” Reporter re-
sponded. His fingers were
curled tight. He couldn’t relax
them because of the adrenaline
coursing through his body.
Sad had the same problem.
It took them 15 minutes to un-
clench.
Over several hours, the
Ukrainians held off repeated
Russian counter attacks that
were backed by rocket artillery
and mortars. As dusk fell, they
were short on water and ammu-
nition. Reinforcements hadn’t
arrived, and they were under
Donetsk
Mariupol
UKRAINE
Detail
Emma Brown/THE WALL STREET JOURNAL
Thursday, August 24, 2023 | A9
The Wall Street Journal said. accused of serious crimes such
In Russia, the period of as espionage—to successfully
pretrial detention can be ex- challenge their detention.
tended for up to 12 months. The State Department has
Courts can grant additional deemed Gershkovich as
extensions, as prosecutors and wrongfully detained, unlock-
investigators assemble their ing a broad U.S. government
case. It is rare in Russia for effort to exert pressure on the
defendants—especially those Kremlin to free him.
cover on the open steppe, or
moved at night to avoid detec-
tion. Bradleys were a target for
the Russians, so they would be
used primarily to deliver troops
or to evacuate the wounded.
They were advancing. Reporter’s
wife thought on a video call that
he looked exhausted.
Over several days in mid-
July, the company pushed the
Russians out of three trenches
of about 200 yards each along
the edge of a wooded area. The
woods now became a new front
line. On July 17, Reporter, Don-
bas, a 23-year-old miner, and
Mars, a 39-year-old sales super-
visor at the eponymous confec-
tionary company, were among
the squad sent to clear it.
They crept along the
trenches then into the trees
and took up defensive positions
to wait for instructions. Donbas
spotted a Russian patrol and
opened fire before starting a
pullback to the nearest trench.
When they noticed Mars
wasn’t with them, they crept
back toward the woods and saw
him crawling toward them, his
left leg limp. A bullet and shrap-
nel from a grenade had torn a 2-
inch hole in the bone.
The Ukrainians took it in
turns to pull Mars. They had
made it to the trench when an
automatic grenade launcher
FROM TOP: SERHII KOROVAYNY FOR THE WALL STREET JOURNAL; EMANUELE SATOLLI FOR THE WALL STREET JOURNAL began firing at them, appar-
ently directed by an aerial
drone. Everyone took cover as
best they could, in a dugout or
in burrows made by Russian
soldiers. Reporter hunkered
down in the trench.
Seconds later, Donbas heard
Reporter cry out.
Donbas dashed to his col-
league, but had to return to
cover as grenades rained in
again. Donbas returned and saw
smoke: Shrapnel had pierced Re-
porter’s radio and set it on fire.
A Russian grenade had exploded
right next to him, spraying his
right leg, arm and torso with
shrapnel, according to Donbas
and a video of the aftermath.
Reporter was still conscious,
mumbling something about a
drone, as his colleagues applied
tourniquets. Two men carried
him to the next trench, while
others helped Mars.
When they reached the sec-
ond trench, they were targeted
threat of being surrounded. by an explosive drone. Other
As the Ukrainians prepared soldiers used an antidrone rifle
to pull out, Reporter said he to disable it before it hit.
would stay to provide covering Reporter was dead. The men
fire. Others encouraged him to turned their attention to Mars.
leave, but he refused. “I came Hours later, an armored car
to fight,” he told them. came to evacuate him. As it
The withdrawing troops in- sped away, a Russian tank fired
cluded Sad, Ryzh and Eiry, the and blew apart its tires. Some-
nickname for Kuznetsova, the how, the car made it to safety.
teacher from Bucha. They Mars is now in hospital in
struggled more than a mile up western Ukraine facing a long
a slope toward the Ukrainian rehabilitation.
positions, exhausted, dehy- Donbas is fighting in south-
drated and carrying the weap- eastern Ukraine. He is one of
ons of the walking wounded. many questioning why their
Barely 20 yards from their commanders seemed to throw
goal, a Russian tank emerged them into such dangerous as-
and fired a shell, killing three saults.
of them and badly wounding “The brigade is highly moti-
four. Shrapnel hit Ryzh in the vated. No one has ever said,
calf and Eiry in the arm. Sad ‘I’m not going,’ ” said Donbas.
was severely concussed and “But when, every time you go
went into cardiac arrest. Med- out, your fellow soldiers are
ics revived him. killed and injured, it’s psycho-
Reporter was nowhere to be logically tough.”
seen, and they chalked him up Many members of 2nd Com-
as missing, presumed dead. pany gathered at Reporter’s fu-
neral. Days later, they went to
another, for 24-year-old Yulia
Plan B Shevchenko, killed when a
Reporter turned up the fol- headquarters building was hit
lowing morning. He told the by a Russian missile. They talk,
others that he had hunkered without question, of returning
down overnight, killed a couple to the fight.
of Russian looters, and fol- Ryzh was planning extra
lowed tank tracks back to training to overcome her fear
Ukrainian positions at first of grenades. Eiry went to Bu-
light. The rest of 2nd Company cha to fetch an off-road buggy
began to look at him as among funded by volunteers that she
their bravest fighters. hopes will allow the soldiers to
But the assault’s failure had move quickly and less conspic-
sapped morale. It was clear the uously.
Ukrainians would have to Kocherha’s arm is in a sling
change tactics. They were los- and he can’t make a ball with
ing armored vehicles at an un- his fist because of nerve dam-
sustainable rate for little gain. age. He is scheduled for an op-
So they reverted to tactics eration to remove shrapnel
used by other Ukrainian units from his arm. Asked whether
earlier in the war: using small he would return to the front af-
units to advance methodically, ter recovery, he said, “My guys
defeating one Russian position are there.”
after another. Other Ukrainian Sad left the hospital at the
units made a similar switch af- start of August. He sat in a
ter having faced the same park in his hometown of
kinds of losses. Chernihiv one recent day, and
Assault squads would walk mused about how most of the
miles on foot, facing dehydra- civilian men passing by would
tion in the scorching heat as end up serving in the military.
well as an entrenched enemy. “It’s a question of our exis-
They hugged tree lines for rare tence,” he said.
P2JW236000-4-A01000-1--------NS

A10 | Thursday, August 24, 2023 NY * ** * THE WALL STREET JOURNAL.

WORLD NEWS

North Korea’s Second Spy-Satellite Launch Fails

BY TIMOTHY W. MARTIN
AND CHIEKO TSUNEOKA
North Korea said its second
spy-satellite attempt failed
Thursday, faulting an error in
the rocket’s “emergency blast-
ing system” during a latter
stage of flight.
The launch’s first and sec-
ond stages were normal, Pyong-
yang’s state media reported,
but a malfunction occurred
during the third stage. The rea-
son for the misstep wasn’t a
major issue related to the reli-
ability of the satellite’s engines
or system, state media said.
A third reconnaissance-sat-
ellite launch is set to occur in
October, according to North
Korea’s National Aerospace
Development Administration,
which conducted the launch.
The testing blunder further
delays progress for a spy-sat-
ellite technology that is crucial
to the Kim Jong Un regime—
and a key part of the dictator’s
five-year weapons strategy
announced in January 2021.
North Korea said it con-
ducted the Thursday launch of
its new Malligyong-1 spy sat-
ellite from the Sohae Satellite
Launching Station, located on
the country’s western coast.
Japanese officials said a
ballistic missile was fired at
about 3:50 a.m. local time and
flew over the country’s Oki-
nawa prefecture. The missile
was presumed to have headed
toward the Pacific Ocean, said
Hirokazu Matsuno, Japan’s
chief cabinet secretary.
In earlier state-media pho-
tos, the North’s spy satellite
appeared to be a three-stage,
space-launch vehicle, weapons
experts say.
The vehicle broke into multi-
ple parts, Matsuno said. One
piece landed about 186 miles in
the Yellow Sea west of the Ko-
rean Peninsula. Another
splashed into the waters about
217 miles southwest of the Ko-
rean Peninsula in the East
China Sea. A third part landed
roughly 370 miles east of the
Philippines, Matsuno said.
South Korea issued a simi-
lar assessment of the launch
time and location of the test.
Pyongyang has argued in
the past that its satellite
launches serve research or ci-
vilian purposes. Even so, the
U.S. and other countries have
condemned such launches be-
cause space rockets use simi-
lar technology to that used in
ballistic missiles. North Ko-
rea’s satellite launches are
prohibited by the United Na-
tions Security Council.
To the Kim regime, space-
based satellite technology—
which it currently lacks—
would provide surveillance
capabilities and serve as an
additional asset to launching
nuclear strikes with better ac-
curacy, weapons experts say.
North Korea has conducted
more than a dozen weapons
tests this year, including sev-
eral launches of intercontinen-
tal ballistic missiles that have
the potential range to strike
the U.S. mainland.
Pyongyang’s continuing il-
licit missile-testing activity
has helped spur tighter mili-
tary coordination between
Seoul, Tokyo and Washington.
The U.S. and South Korea
started annual joint military
exercises on Monday. The drills
include training for scenarios
to swiftly transition into war.

FROM PAGE ONE

Dog Treats Pet mania has unleashed

fierce competition among prop-
erty owners to lure new tenants
“It’s harder than getting into
a kindergarten at this point,”
said Krayn. Charcoal initially

For Luxury by offering the most generous—

and sometimes over-the-top—
dog perks, from dog schools to
failed the test—Krayn said he
was dealing with anxiety after a
kidnapping incident—so she en-

Renters pet happy hours and giant roof-

Continued from Page One
stood everything that happened
that night, even though her
prizes included a stuffed catfish
toy and a container of dehy-
drated chicken livers. Chris Mel-
erski, the building resident who
owns the Greater Swiss Moun-
tain dog that won the crown—a
gold foam board cutout,
trimmed with faux white fur—
was very appreciative.
“Dog people really are dog
people,” he said. “When they of-
top dog parks. About 36% of U.S.
apartment residents had a pet
listed a handler to help him pass
the exam.
Cortland hosts “Yappy
in 2022, according to a survey Hours.” The outdoor mixers of-
by the National Multifamily fer peanut butter and pretzel
Housing Council. swirl flavored Ben & Jerry’s
“From the moment you start Doggie Desserts and “pup cup”
thinking about your business ice cream for the dogs, and
plan and start thinking about pizza, tacos and loaded fries
the design, you’re thinking from food trucks for the hu-
about pet owners,” said Raul mans. At some buildings, staff
Tamez, a senior director for set up sprinklers, mini inflatable
Greystar Real Estate Partners, pools and splash pads in the dog
the largest U.S. apartment man- park.
ager, which operates more than In New York, the Callanans’
2,800 rental properties. dog, Darby, slipped away from
Greystar’s San Diego luxury the person who was walking her
high rise features a “bark bar” on Randall’s Island while the

fer things like this where you
live, it means a lot.”
For years, pet needs tended
to be an afterthought for the
firms that managed luxury
apartment towers. Landlords
believed that showering tenants
with deluxe amenities such as
fitness centers, swimming pools,
basketball courts and outdoor
grilling stations was the way to
fill up a building and command
high rents.
Covid-19 altered that calculus
after an explosion in pandemic
pets. Millions of Americans ad-
opted dogs as companions for
long stretches stuck at home.
in the lobby with treats, bowls
of water and a list of every five-
star dog walker who works
nearby.
Landlords say renters are
prioritizing the needs of their
pooches over other factors long
considered the most crucial
when choosing a place to live.
When Mike and Kelli Cal-
lanan looked for a new place to
live in New York City, their pet’s
needs were top of the list. The
Manhattan building they found
features a pet-bathing and
grooming area, and doormen
with a weakness for doling out
dog treats.
Choupette, left, and Mojo were crowned Puppy Prom queen and king at a property near Atlanta.
“Darby was the main reason
that we moved,” said Kelli Cal-
lanan, referring to their mini
bernedoodle.
New York developer Related
hired a designer to build a
5,600-square-foot rooftop dog
park atop a San Francisco apart-
ment building. The park is mat-
ted out in artificial turf and in-
cludes a replica fire hydrant to
encourage bathroom breaks.
Staff take care of cleaning.
In New York and other cities,
Related also created Dog City, a
daycare with activities including
art, gardening and baking,
aimed to accommodate dogs
that live in its buildings.
For one project, staff dipped
dogs’ paws in pet-safe paint and
guided them where to stomp
around the canvas to form the
shape of a tree—one of many
activities likely more entertain-
ing for the owners than the
JENNA MORRIS
dogs. Employees dressed pups
up as artists to take photos of
each with their paintings. Char-
coal and Ashes, Annette Krayn’s
two Chihuahuas, gave the art to
their “Grandma.”
All dogs undergo tempera-
ment exams to ensure they can
get along with daycare class-
mates. New dogs meet with each
existing member individually,
under the supervision of staff on
the lookout for troublemakers.
family was away in Massachu-
setts. Darby found her way
across the river and back to her
building in Manhattan, sopping
wet. The doormen recognized
her right away, and helped get
her to a vet’s emergency room,
where she spent two days re-
covering.
Dog City, the doggy daycare,
sent Darby a get-well-soon gift
basket that included blankets,
toys, a Yeti water bowl, dog
treats and a $100 Dog City gift
card, with a note that read: “She
is a miracle and a celebrity in
our eyes with her amazing yet
terrifying adventure.”

America’s Oldest Auction House

Fernando Botero, Family, 2012. Graphite on canvas. 53 1/2 x 37 1/4 inches.

Est. $150,000-250,000. Auction Oct 11.

“Our Business Is Family.” Freeman’s Chairman Alasdair Nichol invites you to be a part of our
Fall/Winter 2023 auction season. We are now inviting consignments
L# 19101168

Laura Doyle, CEO across all specialist departments.

20TH CENTURY AND CONTEMPORARY DESIGN EUROPEAN ART AND OLD MASTERS
Auctioneers & Appraisers of AMERICAN ART AND PENNSYLVANIA IMPRESSIONISTS JEWELRY AND WATCHES
AMERICAN FURNITURE, FOLK AND DECORATIVE ARTS LUXURY HANDBAGS AND ACCESSORIES
America’s Finest Estates and Collections
ASIAN ARTS MODERN AND CONTEMPORARY ART
ANTIQUITIES AND ANCIENT ART SILVER AND OBJETS DE VERTU
Accepting Consignments for Fall Auctions
BOOKS AND MANUSCRIPTS
auctions@doyle.com | 212-427-2730 | doyle.com

CONSIGNMENT INQUIRIES
New York Beverly Hills Boston Charleston Chicago Connecticut
Don Walter | 267.414.1224 | consignments@freemansauction.com
New Jersey North Carolina Palm Beach Pennsylvania Washington DC
P2JW236000-0-A01100-1--------XA
© 2023 Dow Jones & Company. All Rights Reserved.
CARRY ON
DAWN
GILBERTSON
D
on’t look now, but
more hotels are mone-
tizing the mountain of
daily requests for early
check-ins and late
checkouts with fees for
extra hours in the room.
This convenience used to come
as a courtesy outside of Las Vegas
casino hotels, where such fees
have been the rule for years. Now
properties across the country—at
a spectrum of price points, from
budget hotels to luxury resorts—
are trying it.
The welcome letter at the Hyatt
Place Boston Seaport lists a lineup
of late checkout fees along with
the hotel essentials. Want to stay
past 1 p.m.? That will be $50. 2
p.m.? $75. 3 p.m.? $100.
Choice Hotels’ website says
early check-in requests are “sub-
ject to a surcharge.” New York’s
TWA Hotel advertises early check-
in fees of $25 to $75 and late
checkout fees of $50 to $150. Mar-
riott representatives tell guests
who complain about the fees on
social media that hotels have the
right to charge them.
They are throwing one more un-
expected fee at guests tired of al-
most every tiny perk now coming
with a price tag. Those charges
have piled up as travel has surged
back, filling rooms again and giving
hotels fewer reasons to worry
about the repercussions.
Plenty of hotels try to honor
early check-in and late
checkout, and you can
push back at hotels
that don’t. But travel-
ers imagining it’s a
guarantee are in for
major disappointment.
One less perk
Amy Franks, a Florida
travel agent, has dia-
mond status in Hil-
ton’s loyalty program
and usually has no
problem securing early
check-in. That changed
when she tried to
check in a couple of
hours early at a Dou-
bleTree Suites by Hil-
CLOCKWISE FROM TOP: ILLUSTRATION BY DAN PAGE; KEVIN HAGEN/GETTY IMAGES; AMY FRANKS
ton in Orlando, Fla., on
a staycation last year.
She mentioned her Diamond
status to the hotel, which doesn’t
guarantee early check-in, and
asked, “Why are you trying to
nickel and dime?” she says. “They
just gave me a cookie-cutter an-
swer that it’s their policy.”
She disputed the $35 fee and
eventually checked in about an
hour early.
Wei Chang, a precious-metals
dealer from California who travels
frequently to trade shows, says he
has had a harder time avoiding
fees lately, even with his loyalty
status in several programs.
“I always encourage people not
to pay it,” he says. “Once you start
paying it, it creates a precedent.
It’s going to be harder to not pay
New Rules Worrying Disabled Travelers
BY JACOB PASSY
T
heme parks, airlines and other
businesses are stepping up ef-
forts to weed out abuse by op-
portunists pretending to be disabled
to save money or cut long lines.
Companies looking to stem the
abuse increasingly are turning to
nonprofits or credentialing agencies
to determine who qualifies for ex-
emptions. In July, Universal theme
parks in California and Florida began
requiring guests with disabilities to
register ahead of their visits with
the International Board of Creden-
tialing and Continuing Education
Standards. IBCCES, a for-profit com-
pany, also works with Six Flags
theme parks across the U.S. and the
Sesame Place park near Philadelphia.
Accommodations include front-
of-line access or traveling with a
service animal. This assistance is
critical for disabled people for
whom traveling already can be a
Herculean task.
Travel companies say the new
policies will cut off avenues schem-
ers have used. Still, these policies
can create new operational chal-
lenges as employees get up to
speed. And disabled travelers say
they create additional burdens
when they travel.
JOHN RAOUX/ASSOCIATED PRESS
Amy Schinner, a theme-park re-
searcher for travel-planning company
Touring Plans, relies on accommoda-
tions at theme parks for her 25-
year-old son, Ben, who is autistic.
Her son has difficulty waiting in long
lines for rides. Now, Universal visi-
PERSONAL JOURNAL.
Hotels Add More Billable Hours
Properties from budget hotels to luxury resorts now charge for early check-in or late checkout
 ‘Why are you trying to nickel and
dime?’ Amy Franks asked a hotel
that had an early check-in fee.
it in the future.”
Hoteliers say charging a fee
brings order to one of the top
guest requests. Who hasn’t wanted
early check-in after a red-eye
flight? It also helps offset extra
housekeeping hours required when
travelers arrive early or stay late.
The Hotel Nikko in San Fran-
cisco charges $50 for check-in be-
fore 1 p.m. for all but its most fre-
quent guests. (Check-in time is at
3 p.m.) Vice president and general
manager Anna Marie Presutti calls
it the “price of convenience.”
Presutti says there is a miscon-
tors such as her must fill out an on-
line application through IBCCES that
requires documentation of their con-
dition and a doctor’s contact.
Schinner says the documentation
requirement could present chal-
lenges. “To get his records took a
lot,” says Schinner, who lives in
Winter Garden, Fla.
A Universal spokeswoman says
pre-registering is easier and faster
than the previous system.
Airline issues
Disabled travelers have also en-
countered new hurdles in accessing
accommodations with airlines.
The Transportation Department
issued a rule in 2020 allowing air-
lines to prevent people from board-
ing with emotional-support animals.
Airlines now can require anyone with
service animals to submit two forms
before flying—one verifying the ani-
mal is vaccinated and trained, an-
other verifying it won’t need to re-
lieve itself during longer flights.
Every airline handles this paper-
work differently. Open Doors Organ-
ization, a disability-advocacy non-
profit, works with four airlines,
including Alaska Airlines and Jet-
Blue Airways.
Open Doors clears service ani-
mals to fly, says the organization’s
executive director, Eric Lipp, after
which travelers must provide Open
Doors with their flight confirmation
information. Open Doors then in-
forms the airline that the service
animal’s paperwork is in order.
Elizabeth Schoen, a Minnesota
THE WALL STREET JOURNAL.
ception that hotels
are making a lot of
money off of
early check-in fees.
“We’re not,” she says,
“because we had to
pay a housekeeper to
get in early and get
the rooms ready.
We’re basically pass-
ing the cost on to the
consumer.”
I generally refuse
to pay a fee to check
in to a hotel early or
stay after checkout
time, putting this in
the same category as
those annoying air-
line seat fees for a
spot closer to the front of the
plane. I include the requests in my
reservation and politely ask during
check-in and checkout. Sometimes
it’s a yes, often it’s a no. I store
my bags and move on.
I made an exception on
a business trip to Las Ve-
gas last year. My flight ar-
rived in the morning and I
needed to start working.
The only option to get
into my room at the Fla-
mingo Las Vegas, the
front desk agent told me,
was to pay $40.
He tried to soften the
blow by telling me that it
was just two hands of
blackjack.
People have pretended to be
disabled to save money or cut
their wait time at theme parks.
college student, says she missed a
JetBlue flight in March after the car-
rier denied boarding to her service
dog. Schoen is legally blind.
She says she submitted paper-
work before her flight through Open
Doors and was preapproved, but
misentered her flight information.
When she reached out to JetBlue
and Open Doors, they couldn’t fig-
ure out the error, she says.
Schoen brought her paperwork to
the airport, but says airline staff re-
fused to accept it. She had to take a
Delta flight the next day. JetBlue
Thursday, August 24, 2023 | A11
No room at the inn
More recently, on another Vegas
work trip, I figured a free early
check-in was a gimme because I
didn’t arrive at The Cromwell until
2:45 p.m. on a summer weekday.
I was wrong. A front desk
agent told me I had to pay a $35
fee to get into my room before 4
p.m. She said she couldn’t over-
ride the system.
It felt like a shakedown and I
declined. The couple in front of
me paid the fee. I ended up get-
ting into the room about an hour
early thanks to another agent. (I
never identify myself as a re-
porter and use personal email
for reservations.)
Terrence O’Donnell is general
manager of the 188-room Crom-
 New York’s TWA Hotel has early
check-in fees of $25 to $75 and
late checkout fees of $50 to $150.
later refunded her fare and offered
her a credit. A JetBlue spokesman
says the airline works with Open
Doors to ensure it has the right ex-
pertise in complying with the new
DOT guidelines, adding that it always
reviews customer feedback.
Problems with cheats
Disney parks used to let people with
disability passes skip standby lines
upon request. It overhauled the sys-
tem about a decade ago following
reports that visitors were hiring
people with disabilities to get them
front-of-line access.
People on online message boards
continue to discuss how to take ad-
vantage of the system, says Lizzie
well, which, like the Flamingo, is
part of Caesars Entertainment. He
says the charges are necessary to
help manage the hotel’s tiny in-
ventory of rooms available for
early check-in or late checkout on
any given day. The hotel’s occu-
pancy was 99.8% in July, he says.
First priority for early check-in
or late checkout goes to hotel
guests with status in the Caesars
loyalty program, who don’t pay for
the perk. Any rooms left are up
for grabs for a fee.
About 4.5% of guests pay an
early check-in fee, which varies
based on time and other factors,
he says. Half that amount pay a
fee for late checkout.
Amy Sirmons, director of sales
and marketing for The Art Hotel
in downtown Denver, says the ho-
tel tries to honor early check-in
and late checkout requests, but
they aren’t guaranteed.
Travelers who arrive
extra early or want to
depart late in the eve-
ning typically must pay
for another night. For
more reasonable re-
quests, the hotel
charges $50 when rooms
are available. She likens
the challenge of balanc-
ing these requests to a
videogame.
“It’s a little bit of a
game of ‘Tetris,’ ” she
says.
Reynolds, owner of Platinum
Mouse, a travel agency whose clien-
tele include many families manag-
ing disabilities.
Disney and other
theme parks also sell ser-
vices that allow people to
skip the regular, longer
lines for attractions, cre-
ating incentives for peo-
ple without disabilities.
Disney doesn’t require
proof of disability for ac-
commodations, though vis-
itors may be asked about
their condition. Those visi-
tors don’t bypass the regu-
lar standby lines for rides
immediately. Instead, they
receive return times in the
theme park’s mobile app
comparable to the ride’s
posted wait time.
Disability-rights law-
yers question whether the
information required to
get an IBCCES card vio-
lates the Americans With
Disabilities Act. Laurel Francoeur, a
lawyer in Winchester, Mass., who
specializes in disability law, says the
Justice Department specifies that
people shouldn’t be required to dis-
close the nature of their disability to
receive accommodations unless
there are public health or safety
concerns. “It’s against the spirit of
the ADA,” Francoeur says.
The Universal spokeswoman said
the company is confident the pro-
cess is lawful.
IBCCES President Meredith Tekin
defends the process. She says one of
the organization’s goals in developing
its system was to avoid forcing dis-
abled visitors to have public conver-
sations about their condition.
P2JW236000-0-A01200-1--------XA
A12 | Thursday, August 24, 2023
The Mystery of the Missing
Philadelphia Office Workers
City lags behind most metro areas in the return-to-office race, but some question the count
BY KATIE MOGG
T
Philadelphia
he City of Brotherly Love
has a new reputation as
one of the emptiest of-
fice districts in America,
sparking a debate over
what’s keeping Philadel-
phia workers at home.
According to one weekly mea-
sure, the majority of office workers
in and around Philly continue to
work remotely much of the time.
Only Silicon Valley’s tech workers
go to their San Jose,
Calif., offices less
when compared with
prepandemic office- Some see crime
use rates, according and wage tax
to Kastle Systems, a
security firm that as cause,
tracks employee
badge swipes in and
but city boosters
out of buildings. New beg to differ.
York City occupancy
has consistently been
Jump in CD,
Bond Yields
Will Also Lift
Your Tax Bill
BY ASHLEA EBELING
A
mericans are taking advan-
tage of higher returns on
their Treasury bills and other
fixed-income investments. That joy
might be dampened when they see
their tax bills.
Over the past five weeks, inves-
tors have put a net $91.1 billion into
money-market funds, according to
Refinitiv Lipper data as of last
Wednesday. U.S. government bonds,
high-yield bonds and bond funds,
and a host of other fixed-income
assets have been similarly popular. I
bonds were so popular last year
that the Treasury Department web-
site crashed.
The driving force pushing Ameri-
cans back into fixed income is re-
turns. For over a decade, most of
these assets gave investors next to
nothing to hold them. Now, many
are returning 4% or more a year.
All that extra return comes with
a catch. The same investment that
left you with a tiny tax bill two
years ago might now cost a lot of
PERSONAL JOURNAL.
more than 45% this year, while Dal-
las and Austin, Texas, office use
has ranged between 50% and 65%.
Kastle’s Back to Work Barome-
ter shows Philadelphia’s office-oc-
cupancy rate hovering around 40%
in recent months—and under 40%
for some weeks of this summer.
Philadelphia, like many U.S. cit-
ies, has gone full throttle on efforts
to lure people back into downtown
areas. But the combination of the
office-worker exodus, taxes and
crime has resulted in more empty
office space on the market today
than during the
2008 recession, the-
orize researchers,
Philadelphia employ-
ees and real-estate
professionals.
Center City Dis-
trict, a business-im-
provement group
aimed at keeping
downtown Philadel-
phia safe and attrac-
money at tax time. In nearly all
cases, no tax is withheld, meaning
many taxpayers will get a surprise
tax bill next spring.
“Rates have been so low for so
long, people aren’t used to actually
receiving interest income and they
don’t realize it’s taxable,” said Neil
Denman, a certified public accoun-
tant in Little Rock, Ark.
Denman said that if you’ve got
$2,000 of interest income, and
you’re in the 30% tax bracket, that’s
an extra $600 of tax you might not
have been planning on. More specif-
ically, he said if you’ve got $100,000
in a money-market fund earning 5%,
that’s $5,000 in interest and poten-
tially $1,500 in taxes.
Whether you’re investing in a
high-yielding money-market ac-
count, a certificate of deposit, or an
I Bond, there are different tax rules.
You might owe federal income
taxes or state income taxes or both.
You might owe taxes this year, next
year or decades from now. Your tax
bracket and your state of residency
come into play.
These tax considerations affect
people in taxable accounts rather
than tax-deferred retirement plans
such as IRAs and 401(k)s. Earning
more investment income in taxable
accounts can push you into a higher
tax bracket and cause unintended
consequences, said Dan Griffith, di-
rector of wealth strategy at Hunting-
ton Private Bank in Canton, Ohio.
For lower-income people, that
tive, said its own data set shows
office occupancy steadily rising to
57% as of June. The group uses
data from street sensors and mo-
bile-phone location pings to moni-
tor foot-traffic in a stretch of
downtown with the most office
buildings, said Paul Levy, chief ex-
ecutive of Center City District.
Levy wants to see office occu-
pancy in the district reach at least
75% to ensure downtown’s vitality,
and bring back jobs in restaurants
and other businesses that cater to
employees in skyscrapers.
“As an organization, we’ve done
everything we can to reactivate,”
Levy said. In the fall, the district
will hand out free coffee to people
as they exit trains in the area.
Comcast is boosting its at-work
requirement to four days a week in
the fall at its Philadelphia base.
could mean getting taxed on Social
Security benefits. For higher-income
people, that could mean facing the
3.8% net investment income tax
that applies once your adjusted
gross income is above $200,000 for
most single filers or $250,000 for
most married couples.
Here are the tax details on vari-
ous fixed income investments.
 I bonds. Investors flocked into
these inflation-adjusted U.S. savings
bonds last year when they were
earning a 9.62% annual rate, and
they’re still buying them even
though the rate is now 4.3% for
new purchases.
There are no state or local taxes
on the interest earned, which is a
benefit for investors in high tax
A security firm that tracks worker
badge swipes has Philadelphia at
under 40% office-occupancy rate,
but a downtown group says that
neighborhood was 57% as of June.
Smaller boutique office spaces
tend to have the largest return-to-
office rates, but they don’t use
Kastle to track badge swipes and
so are missing from its data. This
could help explain why occupancy
rates seem low, said Les Haggett,
a Philadelphia-based first vice
president at CBRE, one of the larg-
est commercial real-estate prop-
erty managers in the U.S.
Kastle said its tally of Philadel-
phia’s office occupancy is pulled
from more than 200 buildings in
and around the city and its sub-
urbs, including some as far away
as Wilmington, Del.
Also missing from the Kastle
states. Generally, I bonds aren’t
taxed at the federal level until you
cash them in. There is an option to
pay the federal income tax annu-
ally. In certain cases, you may be
able to exclude all or part of the in-
terest from federal income taxes if
you use the proceeds to pay for
higher education.
 Certificates of deposit. Interest
earned on CDs is taxed as ordinary
income at the federal and state level,
typically in the year you earn the in-
terest. On a five-year CD, for exam-
ple, you’d owe taxes on the interest
earned and paid out each year.
 Money-market funds. Money-
market funds can be subject to fed-
eral and state income taxes. There
THE WALL STREET JOURNAL.
data: Comcast, which is based in
Philadelphia and is one of the
largest private-sector employers in
the city. Currently, Comcast man-
dates three days a week in the of-
fice for its 8,000 local employees.
One day last week, a tour of the
office showed it was quiet amid
August summer-vacation season.
The cable company is boosting
its in-office requirement to a mini-
mum of four days a week beginning
Sept. 12, according to an internal
memo from Chief Executive Dave
Watson to U.S.-based office work-
ers. Comcast workers in Philadel-
phia will come in one extra day
each week this fall, it said.
Watson spelled out that some
work outside of the office—includ-
ing business travel, external meet-
ings, sales calls and other visits
where workers interact with col-
leagues or clients in person—will
qualify as in-office work days.
Unlike many major U.S. cities,
Philadelphia levies a tax on wages
earned there, plus it has alluring
far-flung suburbs, which helps ex-
plain why many people are staying
away, said Mark Zandi, chief econ-
omist at financial-intelligence firm
Moody’s Analytics and a Philadel-
phia native. More than 317,000 peo-
ple moved out of Philadelphia’s ur-
ban core between March 2020 and
June 2023, according to Moody’s.
Philadelphia’s wage tax is 3.75%
for employed residents and 3.44%
for nonresident workers in the
city. Residents who found remote
jobs and suburbanites who don’t
come into the city to work don’t
have to pay.
Steve Beyer, a 45-year-old man-
ager who helps school districts
find healthcare professionals, now
has a job that allows him to work
from home in King of Prussia, a
community outside of Philadel-
phia. Before the pandemic, he
worked in a down-
town office. A recent
trip to Center City
felt reminiscent of
“normal” prepan-
demic life, he said.
While Beyer said
he misses downtown’s
lively atmosphere and
reading on train rides
to and from the of-
fice, he’s happy to not
pay the nonresident
wage tax now that he
works for a company
based in Utah.
Perceptions of
crime in the city may
also weigh on work-
ers’ willingness to
come back downtown,
said Janine Cima, di-
rector of sales for
City Tap House Logan
KRISTON JAE BETHEL FOR THE WALL STREET JOURNAL (2); MATTHEW HATCHER/BLOOMBERG NEWS (CENTER)
Square, a sports bar in Center
City. Though customers are slowly
returning, sales have yet to fully
rebound, she said. “I think that a
lot of people have a fear of coming
into Center City,” she said.
Philadelphia Police Department
data shows that citywide crime is
still up compared with the pre-
Covid era. Violent crime so far this
year, including homicides, rape,
theft and assault, is up 3% com-
pared with the same period in 2019,
and property crime including theft
and auto break-ins, has risen more
than 65% over the same time frame.
Samir Patel, an accountant at a
nonprofit in Philadelphia, said he
grudgingly takes the train in from
the suburb of Bensalem five days
a week. Most of his colleagues are
remote, he said, but his job re-
quires him to work with physical
papers in person.
“I hate it,” he said.
are taxable money-market funds
and tax-free money-market funds,
depending on the underlying invest-
ments in the fund.
 Treasury bills. Treasury bills are
generally exempt from state and lo-
cal taxes. You’ll owe federal taxes
as interest payments roll in each
year when you file your federal tax
return. If you buy Treasurys on the
TreasuryDirect website, you can
elect tax withholding.
 Municipal bonds. Income from
bonds issued by state, city and local
governments is generally free from
federal income taxes and from state
income taxes in the state where the
bond was issued. If you live in Ar-
kansas and have an Arkansas bond,
it would be tax-free, but if you have
a Missouri bond, you’d owe Arkan-
sas income tax on it, Denman said.
Some states do tax interest on
their own bonds. Some states don’t
PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL, ISTOCK
tax interest on muni bonds from
any state.
Some investors should check
whether they need to make esti-
mated tax payments throughout the
year or adjust their tax withholding,
based on the new higher yields
they’re earning, said Edward Ryan,
an enrolled agent in Rutherford, N.J.
“Two years ago we were updat-
ing estimates because there were a
lot of gains in the stock market.
Now you have to look at the fixed-
income piece,” he said.
P2JW236000-0-A012A0-1--------NS

THE WALL STREET JOURNAL. NY Thursday, August 24, 2023 | A12A

P2JW236000-0-A012B0-10911000008

A12B | Thursday, August 24, 2023 THE WALL STREET JOURNAL.

P2JW236000-0-A01300-1--------XA
THE WALL STREET JOURNAL.
BY KRISTIN M. JONES
W
New York
ith its polychrome
angels and de-
mons, tinted
scenes and more,
color in early cin-
ema offers many
pleasures, but the significant role it
played during the period has often
been forgotten or underappreciated.
Expressive and often strikingly
beautiful, it evokes the wonder of
magic lantern shows, theatrical
lighting and stained glass. Even the
imprecision of some techniques
that were used only adds to their
otherworldly allure.
An array of films dating from
the dawn of cinema to the
mid-20th century, including re-
stored shorts, features and avant-
garde animation, are screening in
the series “Eye Candy: The Com-
ing of Color” at the Museum of
Modern Art in New York through
Sept. 6. Organized by Ron Ma-
gliozzi, curator in the department
of film, with Steve Macfarlane,
film department assistant, “Eye
Candy” is presented in conjunc-
tion with an exhibition at the mu-
seum, organized by Mr. Magliozzi,
that is on view through spring
2024. “Before Technicolor: Early
Color on Film” features an instal-
lation of nine digitally restored
film works from the museum’s col-
lection (most of which are also in-
cluded in “Eye Candy”).
Synthetic dyes developed in the
19th century were used in magic-
lantern slides, posters, advertise-
ments, fabrics and more. After the
invention of cinema, dyes were
added to areas of individual
frames of many black-and-white
film prints, in a painstaking pro-
cess—often carried out by women
artisans—yielding unique copies.
Among the earliest works in “Eye
Candy” are brief dance films from
the 1890s in which hues applied to
the image of a dancer’s hypnoti-
cally billowing dress resemble col-
ored lights.
Hand-coloring enhanced the
captivating artistry of films by the
pioneering Georges Méliès, with
their tricks and elaborate sets. A
program of eight works from the
Cinémathèque Française collec-
tion, preserved in collaboration
with the Méliès family, reflects a
range of genres. “Jeanne d’Arc”
(1900) ends with clouds parting to
welcome the saint into a glowing
heaven. In “The Wonderful Living
Fan” (1904), segments of a large
yellow fan metamorphose into
women wearing magically chang-
ing costumes. “The Impossible
Voyage” (1904) follows comically
enthusiastic adventurers who sur-
vive calamities as they travel over
mountains, up into the mouth of
the sun and down into the sea, be-
fore returning to land, bearing
golden telescopes.
 Carole Lombard in director
MOMA (2)
William Wellman’s 1937 screwball
comedy ‘Nothing Sacred’
EXHIBITION REVIEW
Black Americans
And the New Deal
BY EDWARD ROTHSTEIN
Hyde Park, N.Y.
J
ust past the midway point of
“Black Americans, Civil Rights,
and the Roosevelts”—a power-
ful and powerfully disturbing exhibi-
tion at the Franklin D. Roosevelt
Presidential Library and Museum—
you can pick up a headset and lis-
ten to parts of a secretly recorded
White House meeting on Sept. 27,
1940 (a transcript is also provided).
The meeting came at a crucial
moment. The war in Europe had be-
gun. Roosevelt was campaigning for
an unprecedented third term. And
he was under pressure because the
Republican candidate, Wendell Will-
kie, was endorsing progressive racial
policies that Roosevelt opposed,
threatening FDR’s political realign-
ment that had drawn black voters
into a party dominated by racist
Southern Democrats.
This meeting with the president
and cabinet members was sought
by major black leaders: A. Philip
Randolph (of the all-black Brother-
hood of Sleeping Car Porters union),
FRANKLIN D. ROOSEVELT PRESIDENTIAL LIBRARY AND MUSEUM
Walter White (of the NAACP) and
T. Arnold Hill (of the National Urban
League). They were concerned
about the military’s racial policies,
including segregation and limited
advancement. At the meeting, we
are told, FDR “deployed his well-de-
veloped charm” to defuse conten-
tion. But you learn, with cringing
dismay, that more than charm was
on display.
For despite the political pressures,
the weightiness of the issues and
the stature of those present, FDR
ARTS IN REVIEW
Tints of Tinseltown
A series showcases early cinema’s often wondrous uses of color
The single-color processes of
tinting and toning could create a
powerful mood. D.W. Griffith’s
thriller “The Lonedale Operator”
(1911) screens in a restoration that
includes the blue tinting that ap-
peared in the original prints when
nonchalantly settles into condescen-
sion and caricature. He emphasizes
his appreciation of black servicemen,
recalling “my colored messenger in
the Navy Department”: “I gave him
to Louis Howe, who was terribly
fond of him.” And he promises to
support opportunities for Negroes. In
the Navy, he suggests, they could
play in bands: “There’s no reason
why we shouldn’t have a colored
band on some of these ships, be-
cause they’re darn good at it.”
It is a shock to come upon these
words. They even raise a question of
just how much the administration’s
sluggishness in dealing with racial is-
sues was due to the power of South-
ern Democrats. And they emphasize
how deeply such atti-
tudes and associated
policies ran in Ameri-
can society, even dur- The show looks
ing a presidency that at the FDR
has provided a model
for progressives. administration’s
It is a daunting
subject and has never
attitudes
been examined as crit- regarding race.
ically and in as much
detail. This exhibition
was overseen by the
Library’s supervisory curator, Herman
Eberhardt (who has helped shape it
into one of the best museums in the
Presidential Library system), in col-
laboration with a committee of
scholars led by David Levering Lewis.
We see, first, how FDR and Elea-
nor Roosevelt “harbored common
racial attitudes, prejudices of the
time” (though Eleanor later lobbied
FDR for the activists’ cause). Then
we are immersed in a cascade of ra-
FILM REVIEW
the heroine (Blanche Sweet) dark-
ens a room. Stenciling, introduced
in the early 1900s and improved
over time, was a more precise pro-
cess than hand-coloring. It can be
seen in films such as Gaston
Velle’s “The Infernal Cave” (1905),
cial indignities. Because many New
Deal programs were executed on
the local level, black workers regu-
larly faced discrimination and failed
to receive benefits. The acronym of
the 1933 National Recovery Admin-
istration was reinterpreted as “Ne-
groes Robbed Again.”
Over the course of
the presidency, such
issues persisted.
The show is text
heavy—more than
40,000 words—and
there are times when
details overwhelm.
But we are over-
whelmed too by re-
minders of racial atti-
tudes, ranging from
the outrage of a Southern senator at
a black minister’s invocation at the
1936 Democratic Convention to the
peculiar fact that black leaders often
communicated with FDR through his
black valet, Irvin McDuffie.
But in some respects the revision-
ist pendulum swings too far. While
we learn, for example, about some
racial progress—FDR appointed the
nation’s first black federal judge in
1937 and in 1939 a Civil Liberties Unit
Thursday, August 24, 2023 | A13
a vision of Satan in his lair stencil-
colored with jewel-like brilliance.
Stenciling in subtle pastels
heightens the mood of enchant-
ment in “The Voice of the Nightin-
gale” (1923), one of two films
screening by Władysław Stare-
 Installation view of ‘Black
Americans, Civil Rights, and the
Roosevelts, 1932-1962’
was established in the Justice De-
partment—such changes deserve
more analysis than they receive here.
World War II, black migrations,
and changes in the Democratic Party
led to gradual improvements in black
economic and social standing despite
racism’s persistence. But the exhibi-
tion argues instead that FDR’s poli-
cies laid the foundations for genera-
tions of hardship. The Social Security
Act of 1935, for example, is criticized
for not including “farm and domestic
workers, who were disproportionately
Black. This kept nearly two-thirds of
Black workers out of the program”—
in part, the text suggests, because of
Southern Democrats’ racist influence.
The exhibition also argues that the
“redlining” of neighborhoods by Roo-
sevelt’s Home Owners’ Loan Corpora-
tion, which mapped out areas with
the highest probability of mortgage
defaults, harmed the very neighbor-
hoods where most blacks lived, with
an effect lasting generations.
Racism, of course, should not be
dismissed as a factor, but these are
 A still from ‘King of Jazz’ (1930),
a musical revue featuring Paul
Whiteman and his orchestra
wicz, who was known for his ani-
mal and insect animations. In this
tale combining live action and
stop-motion, fairy stories and dark
reality, a little girl sets a bird free
after he sings to her of his mate.
Non-narrative avant-garde works
also pushed the creative boundar-
ies of color on film. In one of two
selections by the experimental
filmmaker and artist Len Lye, “A
Colour Box” (1935), vivid marks
made directly on film stock seem
to dance on screen. “Motion Paint-
ing 1” (1947), by the animator and
artist Oskar Fischinger, brings to
life dynamic painted abstractions.
Numerous “natural color” pro-
cesses arose in the years before
the perfection of Technicolor,
some of which, such as Kinema-
color and Prizma Color, were used
in films included in “Eye Candy.”
“The Invention of Cinema: Cin-
ema’s First Colors” (2021), a docu-
mentary that is also showing in
the series, directed by Eric Lange
and written by Mr. Lange and
Serge Bromberg, illuminates many
of the complex and fascinating
technical innovations that brought
color to cinema.
Some films in “Eye Candy”
combine sequences using two-
color Technicolor with sections
employing other techniques, such
as tinting. Shot entirely in Techni-
color, “King of Jazz” (1930), a lav-
ish musical revue directed by John
Murray Anderson showcasing Paul
Whiteman and his orchestra, strik-
ingly deploys the greens and reds
of its two-color process to capture
Herman Rosse’s dazzling sets and
costumes. Opening with an ani-
mated cartoon, it features numer-
ous performers, including Bing
Crosby. It screens in a digital res-
toration by Universal Pictures.
Three-strip Technicolor, which
was introduced in the 1930s, is ex-
quisitely expressive in W. Howard
Greene’s cinematography for Wil-
liam Wellman’s screwball comedy
“Nothing Sacred” (1937), starring
Carole Lombard as Vermont factory
worker Hazel Flagg, who allows a
reporter (Fredric March) to believe
she is dying of radium poisoning so
she can visit New York. The resto-
ration in “Eye Candy,” from Techni-
color separations in MoMA’s collec-
tion, resurrects the film’s original,
ravishingly delicate palette.
From seconds-long hand-col-
ored dance films to the rich chro-
matic worlds of feature-length
early three-strip Technicolor nar-
ratives like “Nothing Sacred,” “Eye
Candy” revisits several decades of
cinematic history, tracing a path
along which color bloomed in var-
ied and astonishing ways.
Eye Candy: The Coming of Color
Museum of Modern Art, through
Sept. 6
Ms. Jones writes about film and
culture for the Journal.
complicated issues, and much
literature challenges any
sweeping assertions. Did rac-
ism play an important role in
excluding farm workers and
domestics from Social Secu-
rity, as the exhibition ends up
suggesting? A 2010 Social
Security Administration pa-
per argues otherwise, noting
that 74% of all excluded
workers in those categories
were white. Moreover, the
act also excluded the self-
employed, crews of ships,
and employees of nonprofit
religious and educational in-
stitutions. A 1997 paper in
Political Science Quarterly ar-
gued that such initial exclu-
sions were likely due to diffi-
culties in how taxes and
payrolls were handled, adding too
many challenges to the administra-
tion of a new social program. Studies
of redlining have also led to ques-
tions about its racial origins and ef-
fects. Redlined areas housed large
proportions of a city’s black resi-
dents, but about three-quarters of
the inhabitants were white. And as a
2021 paper from the National Bureau
of Economic Research suggests, the
maps were reflections of economic
conditions, not racial demarcations,
and “had little effect” on the distri-
bution of federal mortgage activity.
In such cases the exhibition seems
so eager to affirm assertions of “sys-
temic” racism that nuance is filtered
away. But the effort is unnecessary.
The exhibition remains a gripping,
somber chronicle, cataloging imposed
injustices, including some in which
Roosevelt himself was implicated.
Black Americans, Civil Rights, and
the Roosevelts, 1932-1962
Franklin Delano Roosevelt Presiden-
tial Library and Museum, through
Dec. 31, 2024
Mr. Rothstein is the Journal’s Critic
at Large.
P2JW236000-0-A01400-1--------XA

A14 | Thursday, August 24, 2023 THE WALL STREET JOURNAL.

SPORTS
South Sudan
Builds a Team
From Scratch
Led by former NBA All-Star Luol Deng, the
Bright Stars qualified for the FIBA World Cup

BY ROBERT O’CONNELL nowned for their height; the Dinka

people, a significant portion of the

W
hen Luol Deng retired
from a 15-year career in
the NBA, he thought he
wanted “to take a year, maybe two,
to relax.” He realized soon enough
that the plan didn’t suit him.
As a player, he had been one of
the sport’s premier grinders, with a
reputation for studied, sweaty de-
fense. Away from the floor, Deng,
born in what is now South Sudan to
a family who fled to Egypt and then
the United Kingdom to escape the
Second Sudanese civil war, im-
mersed himself in service work,
winning the United Nations Refugee
Agency’s Humanitarian of the Year
Award in 2008.
So in 2019, months after his last
game with the Minnesota Timber-
wolves, Deng returned to the com-
fort of a challenge. He ran for and
won the presidency of the South
Sudan Basketball Federation, while
the young country endured a pro-
tracted and bloody coda to its own
civil war. Since gaining indepen-
dence in 2011, South Sudan had
never qualified for a top-flight in-
ternational basketball tournament,
a fact Deng attributed to a deficit
not of ability but of direction.
“I knew that the national team
would be great for a long time,”
Deng said in a recent interview, “if
we did things the right way.”
Less than four years after
country’s population, are believed
to be the tallest in Africa. But given
the option, the nation’s rangy bas-
ketball prospects have tended to
pursue international careers in the
countries to which they and their
families have been driven.
Much of the 12 years of South
Sudanese independence has been
occupied by conflict between the
country’s government and forces
opposed to president Salva Kiir. The
violence had claimed nearly
400,000 lives by the time Kiir and
opposition party leader Riek
Machar signed a tenuous peace
agreement in 2018, and has contin-
ued to make farming perilous. The
World Food Program says that
more than two-thirds of South Su-
dan’s population has faced “severe
food insecurity” in 2023.
There are practicalities beside
safety to consider. According to
Deng, the borders of the nation
don’t contain a single indoor bas-
ketball gymnasium.
“We have a lot of South Suda-
nese in Australia,” said Wal Deng, a
former national team assistant
coach, “and most of them were
hoping to play for their national
team, seeing no future in South Su-
dan.”
Leading up to the stepping-
stone tournaments in advance of
the World Cup, Deng set to regath-
Former NBA star Luol Deng, center, trained players on a court named after Manute Bol in South Sudan in 2019.
head coach early on, and in a tour-
nament leading up to AfroBasket
2021 he led a squad of what players
he could assemble—most of whom
didn’t have a contract with any
professional club—to a qualifying
berth. The team relied on its
coach’s knack for scouting; in a
polo instead of a uniform, Deng re-
mains a savant at predicting oppos-
ing offenses’ routes and positioning
South Sudan enters
its World Cup group
as a substantial
underdog.
his own players as roadblocks.
“His eye for defense is one of
the South Sudan national team,
standard. He was born in a refugee
camp in Kenya, emigrated to Min-
nesota, and worked his way
through a pair of low-level college
programs to Baylor University, and
then to European pro clubs and
stints in NBA training camps.
At many of those stops, Omot
felt looked down upon for his atypi-
cal path. “I’ve never had a coach
believe in me as much as [Deng and
Ivey] believe in me,” he said.
Omot leveraged his WhatsApp
contacts and stature in the region’s
basketball community—he would go
on to win the championship and
MVP award with Cairo-based Al
Ahly in the 2023 Basketball Africa
League season—to boost Deng’s re-
cruitment efforts. The roster that
blazed through the World Cup’s Af-
rican Qualifiers, winning 11 of its
dozen games over a yearlong
eter. The Bright Stars ran away
with a victory, 72-64.
“Obviously, we’re known to have
the tallest people in the world,”
Omot said. “We can run, we can
jump, we can shoot. When you
mesh a group together, and you
know everyone’s strengths and ev-
eryone’s weaknesses…That’s what’s
put us where we’re at right now.”
South Sudan enters its World
Cup group as a substantial under-
dog, with its FIBA ranking of 62nd
worldwide. (China, Puerto Rico and
Serbia are all in the top 30.)
Omot is proud to have helped
his nation to a place it has never
been, but he regards the World Cup
as a waypoint. “I have a goal writ-
ten down in all caps, already,” Omot
said. “Olympics.”
Winning begets pride, and vice
versa. Though the Bright Stars can-
not train in the country they repre-

AKUOT CHOL/AGENCE FRANCE-PRESSE/GETTY IMAGES

Deng’s election, the Bright Stars are
among the 32 teams competing in
the FIBA World Cup, starting with a
game against Puerto Rico Saturday
in the Philippines. Deng and his
players consider reaching the tour-
nament a triumph and a salve, for a
region battered by strife. It is also a
proof of concept—evidence of how
quickly gaps in the global game can
narrow, with the right investment.
South Sudanese athletes are re-
ering scattered talent. He pitched
ambassadorship. “Us going to the
World Cup or the Olympics, it will
let the rest of the world see how
happy we are as people,” he said.
“Things can take place—govern-
ment, incidents—but that doesn’t
define us.”
Players, though, are pragmatists
first, and they found a complemen-
tary motive for joining. Deng in-
stalled himself as the men’s team’s
none,” said Royal Ivey, a Brooklyn
Nets assistant to whom Deng has
since passed on head-coaching du-
ties. (Deng served as an assistant at
AfroBasket and will reprise the role
during the World Cup.) “The strate-
gies he imposes on a team, they
work.”
Among the athletes who took
notice was a forward named Nuni
Omot. Omot’s basketball trajectory
is far-flung and, in the context of
schedule, featured professionals
employed by clubs the world over:
Australia, France, Finland. Omot
was its leading scorer.
In a game against regional
power Tunisia, a team South Sudan
had never defeated, Omot bore
down on the rim for 20 points, and
Deng’s defense intercepted Tuni-
sia’s inside-out approach, stepping
between big men and the would-be
targets of their passes at the perim-
sent—they instead arrive early at
tournaments to hold preparatory
camps—they celebrate locally. After
the team capped its qualifying run
with a blowout of Egypt on Egyp-
tian soil, it returned to South Su-
dan, where, Deng said, “we had six
thousand, seven thousand people
lined up at the airport.”
“It was probably the most cele-
brated event since Independence
Day,” Deng said.

The WSJ Daily Crossword | Edited by Mike Shenk

1

14
2 3 4 5 6 7

15
8 9

16
10 11 12 13 25 Some work at
home He Is the World’s Best Golfer.
But Can He Sink a Putt?
26 Permitted
17 18 27 Find charming

19 20 21 22 28 Lofty land BY ANDREW BEATON starting edge isn’t bullet- come close, with top-three
30 Hugo or Edgar proof: He entered with the finishes at the PGA Champi-
23 24 25 ONE OF THE ODDITIES of lead and left one shot behind onship and U.S. Open. Yet
31 Steer clear of professional golf is that Rory McIlroy, who won a re- despite playing fabulously all
26 27 28 29 30 31 32 32 “___no?” someone can have one of the cord third FedEx Cup title. year, the season has been
most extraordinary seasons To change his fortunes surprisingly light on hard-
33 34 35 36 35 Container in the sport’s history and it this time around, Scheffler ware. He hasn’t actually won
with a spigot can appear completely ordi- will have to overcome the a tournament since March,
37 38 39 nary. one thing that has held him when he triumphed at the
38 “I cannot
Legendary golf achieve- back this year: his putter. Players Championship, the
40 41 42 tell ___”
ments are measured by ma- Scheffler has put together PGA Tour’s flagship event.
39 Supply for jor championships. Scottie one of the most successful But he has consistently
43 44 45 46 potato chip Scheffler, in 2023, has won seasons at a time when it has played at an elite level be-
makers exactly zero. But the world’s never been more lucrative to cause he’s better than al-
47 48 No. 1 golfer still has a be a professional golfer. In 22 most everyone on Tour at al-
41 First-class chance to finish his year events, he has 16 top-10 fin- most every facet of the
49 50 51 52 53 54 with something that has ishes to go along with two game. But this season,
42 Ring
preventer eluded him: a Tour Champi- victories. Along the way, he Scheffler ranks 145th on the
55 56 57 58 59 PGA Tour in strokes gained
44 1964 putting. His struggles with
60 61 Hitchcock the flat stick are likely the
movie difference between his cur-
62 63 64 rent season and one in
46 Pouch spun by
which he has won far more
a spider often—he fell short at the
ELEVATED TENSIONS | By Mike Shenk 49 Word under U.S. Open and PGA Champi-
Across 34 Org. with an 58 Looked a bit 8 Timetable the pyramid onship by a combined five
eagle logo too intently abbr. on a dollar shots.
1 Fashion flaps His woes on the green are
36 Sad state 60 Rehab focus 9 Setting filler bill’s back
7 Give in to particularly odd because
gravity 37 A heap 10 Missouri 50 Mercury and they’re out of character. A
61 Fill with
tributary Mars year ago, he ranked 58th in
bubbles
10 Insurer’s 38 Integras, e.g. putting, which falls short of
offering 11 Arráez of the 51 School that
62 Smoke phenomenal but is still
39 Young plays home
detector? Marlins above average.
14 How an blokes games on
Still, there was one indi-
easy-to-hit 63 Oxford 12 “There wasn’t Franklin Field
40 Is for many cation a year ago how much
pitch is said to bigwig ___eye in the
people? 52 Memorable Scottie Scheffler has struggled with his putting this year. Scheffler’s putting could
be served up house” cost him. It happened at the
64 Dire stretches
41 Sweet onship. has picked up over $21 mil- 2022 Tour Championship.
15 Musical situations, 13 1980s game
cocktail 53 Parcel (out) When the PGA Tour’s lion in on-course earnings, After 54 holes at East
opener and, if console, for
42 Vessel that reparsed, short 54 Horace capstone event tees off shattering the single-season Lake last year, Scheffler’s
17 Pizzeria Thursday, Scheffler will al- record. coronation looked like an in-
sailed to a clue to collection
fixtures 16 Word from a ready have a head start on The winner of the Tour evitability. By the start of
Colchis making sense
toaster 55 McKellen of the field. The playoff finale Championship pockets an ad- the final round, he was six
18 Some den of six pairs
43 “Open up!” “X-Men” awards starting strokes ditional $18 million. strokes ahead of the compe-
furnishings of Across 21 Hero’s work
based on season-long perfor- Advanced metrics show tition. Then he began the
45 Simple wind answers 56 Lend a hand
19 Roadwork 23 Divisions of mance, so being the best that this has been a season day with a three-putt for bo-
instrument
marker Down play 57 Sticky stuff player on the planet isn’t for the ages for Scheffler, and gey, and the skill continued
47 Words just an advantage on the not simply a good run of to elude him. He rated as
20 Player with 1 Wacky 24 Be at 59 Melber of course. It’s a leg up on the form in an era when the in- one of the worst putters in
after break or
three Masters loggerheads MSNBC leaderboard. dustry is bursting with the field, and lost close to
shake 2 Before long,
wins Scheffler is the first money ever since Saudi Ara- two strokes gained putting
to bards Previous Puzzle’s Solution
48 Old oath player to arrive at East Lake bia’s incursion into the game. in that single round.
22 Crafty site A C H D E C R A B F I B
3 Make a lot G R I E M H A L O M I N E Golf Club in Atlanta as the The analytics website da- That proved to be the dif-
49 Storybook
23 “Don’t I O N C I A N E W U R G E No. 1 player in the FedEx tagolf.com has a handy list of ference: McIlroy beat him by
monster 4 Summer in
laugh ___!” T W E K R I N G C L A S S Cup standings in back-to- the best golfers according to one—and Scheffler tied the
Saint-Tropez A S S H S T I G E T I T
51 Cribbage set back seasons. That ranking their best stretches, and PGA Tour record for the
24 Many a love MA L U MN O R N A
items 5 Horse race T WE E N E R D O G G A S X means before he even grabs Scheffler’s run that peaked largest blown with 18 holes
song
measures his driver on the first hole, this year is bested only by to play.
DYLAN BUELL/GETTY IMAGES

R A C E D O D D N I T T I
52 Moody music A C C T TW E E T B R E A D
26 Turning tools he’ll be at 10-under par—two three other players over the Scheffler’s exceptional
6 Bagel I K E T I E R H A D
strokes ahead of his closest last three decades. season means that he starts
55 It began N O N AM E E A T P G A
29 “All set” choice competitor, Norway’s Viktor Unlike last year though, with the lead again on
around TW I R L E D R E C O R D
33 Royal decrees 1100 B.C. 7 Fix F I R E A U D I A I R E D Hovland. when Scheffler won the Mas- Thursday. He’ll also have to
A C I D C N E T MA T T E A year ago, though, ters, he hasn’t won any major turn one thing around to
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. N Y C K E N S S O S A D Scheffler was proof that the trophies in 2023. He has hold on to it.
P2JW236000-0-A01500-1--------XA
THE WALL STREET JOURNAL.
Trump the Opera—III
Just as opera
composer
Giuseppe Verdi
relied on
Shakespeare
for ideas, it
WONDER has been my
LAND fortune as a
sometime au-
By Daniel
thor of operas
Henninger
to have as in-
spiration for-
mer President Donald J.
Trump, whose life swings daily
from tragedy to tragicomedy.
Mr. Trump prefers to take
credit for everything, and he
most certainly was responsible
for the original “Trump the
Opera,” which appeared in this
space Nov. 2, 2016, days before
the presidential election. Mr.
Trump’s co-star was the now-
retired political mezzo-so-
prano Crooked Hillary, who
brought down the house
nightly singing a duet with FBI
Director James Comey about
her basement server, “I do not
remember (“Non recordo”).
Mr. Trump’s contribution to
the success of that work led
two years later to “Trump the
Opera—II,” which appeared
here in the Christmas week of
2018.
It is our pleasure amid
these unending Trumpian
times to present “Trump the
Opera—III: The Indicted One.”
“The Indicted One” pre-
mieres today with a simulta-
neous multicity opening in
New York, Atlanta, Washing-
ton and Fort Pierce, Fla., just
north of Mar-a-Lago. Mr.
Trump will travel on the
Trump jet to play the lead role
today in all four cities, and in
any future venues.
Cast
The Indicted One: Donald
Trump as himself
The Accomplice: Rudy Giu-
liani
The Indictees: Sidney Powell,
Trump Looks Beatable in Early States
By Karl Rove
T
raditionally, August is a
slow month politically.
Not this year for Repub-
licans.
This week features two ma-
jor events in less than 24
hours. On Wednesday the first
GOP presidential debate was
scheduled to occur, with eight
candidates—none of them
Donald Trump—on stage. (The
start time was after this col-
umn’s deadline.) On Thursday,
Mr. Trump, indicted for a
fourth time, surrenders to offi-
cials in Georgia. It’s historic
that the prohibitive favorite
for the Republican nomination
is out on bail in four jurisdic-
tions and his lead keeps in-
creasing. The RealClearPolitics
average has him at 55.9%
while the rest of the field and
the undecideds total just
44.1%.
Yet nominations are de-
cided not by national polls but
by state caucuses and prima-
ries, with early states exercis-
ing disproportionate influence.
The race so far has been more
interesting in these first-to-
vote states. Republican voters
have seen a lot more of the
non-Trump contenders than
Mr. Trump. While nationally
Mr. Trump is still far better
known than the other options,
these early states are getting
familiar with the rest of the
field. The result? A majority of
early-state Republicans aren’t
for Mr. Trump.
Javier Milei, Argentina and the Dollar
By Max Raskin
F
ollowing his surprise
win in Argentina’s Aug.
13 presidential primary,
Javier Milei was in the inter-
national spotlight discussing
an unusual topic for a rock-
star politician: monetary pol-
icy. But that’s because he is an
economist by profession and
an unusual one at that.
Mr. Milei is a proud fol-
lower of the Austrian school
of economics, which is skepti-
cal of central banking and
views it as the cause of infla-
tion and the business cycle.
That augurs well for a country
with a history of fiscal mis-
management, corruption, un-
controlled inflation and a di-
sastrous default.
For Mr. Milei, economics is
a lively debate about political
philosophy and ethics. His
view is that when a central
bank prints more money, it
devalues existing money,
OPINION
Mark Meadows and 16 walk-on
Trumpians
The Ancient One: Joe Biden
A Peddler: Hunter Biden
The Statue: Merrick Garland
The Sphinx: Karine Jean-
Pierre
A Tribe of Democratic In-
dicters: Jack Smith, Fani Wil-
lis, Alvin Bragg
Chorus: The offstage chorus
is played by thousands of sing-
ers from the media, who will
accompany the production to
all four venues. They are also
listed as co-producers.
Translations provided by
Google Translate.
Act One
Scene 1: A bathroom inside
Trump’s Mar-a-Lago estate in
Florida. Cardboard boxes
marked “Classified” are
stacked floor to ceiling to se-
cure the room as soundproof.
It is the day after the 2020
election. Trump is meeting
with his most trusted confi-
dantes, Rudy Giuliani and Sid-
ney Powell. Trump reaches
into a box and begins reading
a classified letter from “my
friend” Kim Jong Un. Giuliani
rips the letter from Trump’s
hands, flushes it down the toi-
let, and yells, “Mr. President,
the election was stolen!”
Trump replies, “I knew that
two weeks ago.”
Trump, Giuliani and Powell
stand together beneath the
bathroom’s crystal chandelier
to sing the aria, “Rigged and
stolen (Truccato e rubato).”
Scene 2: Cafe Milano, Wash-
ington
Seated at a corner table are
Joe Biden—known throughout
the land as the Ancient One—
and his most trusted confi-
dantes, Hunter Biden, Merrick
Garland and Karine Jean-
Pierre. At a table nearby are
boisterous partiers from Rus-
sia, Kazakhstan, Ukraine, China
and Rehoboth Beach, Del.
Take Iowa: The Aug. 17
Selzer NBC/Des Moines Regis-
ter Poll had Mr. Trump as the
first choice of 42% of Iowa
GOP caucus-goers—a sizable
lead, but still nearly 14 points
below his national standing.
An Aug. 17 Echelon Insights
poll had Mr. Trump at 33%,
while nationally he stood at
57%. In both polls, a majority
of Iowa Republicans don’t con-
sider the former president
their favorite.
Majorities in Iowa
and New Hampshire
don’t back him. More
defections may come.
Admittedly, not every GOP
primary voter will get to see
contenders as close-up as Io-
wans do. The state’s long cau-
cus history has also trained
Iowa Republicans to take seri-
ously their responsibility of
being the first test. A loss or
even a narrow victory could
upset Mr. Trump’s coronation
and eventually send the nomi-
nation battle into overtime.
In New Hampshire, Mr.
Trump was at 34% in an Aug.
17 Echelon survey—nearly 22
points lower than his national
standing—with the rest of the
field and undecideds at 66%.
Mr. Trump did better in an
Aug. 11 Emerson College sur-
vey of the Granite State, with
which constitutes a form of
theft by an unelected branch
of government. It is hard to
argue with that logic, espe-
cially in such a country as Ar-
gentina, where inflation tops
116%, eroding the purchasing
power of average citizens in
favor of those who first re-
ceive newly printed money.
An economist scores
a surprising win in
the first round of the
presidential election.
Mr. Milei has promised to
close the central bank and
dollarize the economy—a
process that would essen-
tially outsource the country’s
monetary policy to the Fed-
eral Reserve. These are ex-
cellent proposals and my re-
cent co-authored research in
The Ancient One leans for-
ward and says, “Trump is say-
ing the election was stolen.”
Jean-Pierre, reading from her
menu, says, “Our democracy is
under siege.” Hunter glances
sideways and tells the Ancient
One about a Ukrainian wire-
tapper he knows who will pay
him $1.2 million to bug Mar-a-
Lago. Garland, staring in the
distance, says, “Mr. President,
you never heard that. I have a
better plan.”
Scene 1: A bathroom
inside the Indicted
One’s Mar-a-Lago
estate in Florida.
The four, joined by the din-
ers at Cafe Milano, rise to
sing, “We will indict him for-
ever! (Lo accuseremo per
sempre!)”
Act Two
Scene 1: Three secretive
counterintelligence agents in
the Democratic tribe—Jack
Smith, Fani Willis and Alvin
Bragg—are meeting in the of-
fice of Delaware federal prose-
cutor David Weiss. Weiss
never appears but pushes
notes under the door.
Smith says to Willis: “You
indict first.” Willis to Bragg:
“You first, Alvin.” Bragg to
Smith: “Jack should go first.”
Smith: “We’ll flip coins to de-
cide. Heads, I order a docu-
ments raid on Mar-a-Lago;
tails, Alvin indicts for Stormy
Daniels; heads, Fani indicts on
9,000 counts; tails I indict for
Jan. 6.” The Indicters flip
coins that roll across the floor
as they head to the airport.
Scene 2: The Indicted One is
sitting alone at 3 a.m. in his
tower at Mar-a-Lago. He dic-
tates insults into his phone,
49% support. Still, that’s
nearly 7 points below his na-
tional standing.
Mr. Trump’s opponents re-
main weak, but the gap be-
tween his national standing
and these early-state numbers
has to worry his campaign. It’s
hard to say if the disparity will
keep growing. But it could
given Mr. Trump’s jam-packed
courtroom calendar and his re-
luctance to spend time visiting
all of Iowa’s 99 counties or en-
dure endless New Hampshire
town halls.
To diminish that possibil-
ity, Mr. Trump’s strategists
are doing all they can to cre-
ate a sense of inevitability.
But that carries risk. If his
numbers falter even slightly,
it will look a lot worse be-
cause expectations were
needlessly raised.
Also important is the num-
ber of independents and Re-
publicans open to the idea that
Mr. Trump is a criminal. In an
Aug. 16 AP/NORC poll, 45% of
independents say he did some-
thing illegal with classified
documents, 41% say he did
something illegal in Georgia
regarding the 2020 election,
and 33% say he did something
illegal related to Jan. 6.
Perhaps more worrying is
the number of GOP voters un-
persuaded of his innocence.
Eighteen percent of Republi-
cans told AP/NORC that Mr.
Trump did something illegal
with classified documents,
while 21% “don’t know enough
the Journal of Financial Sta-
bility and Brown Journal of
World Affairs demonstrates
the economic gains that can
be had for a country that
chooses to forgo its mone-
tary prerogative.
Currency competition, es-
pecially through liberalizing
legal-tender laws, restrains
the inflationary impulses of a
central bank. If foreign cur-
rencies are able to be used
and not taxed or regulated
disfavorably, then the central
bank will have less power to
inflate because of consumer
choice.
A country’s commitment to
a fixed monetary policy sig-
nals to both foreign and do-
mestic investors that the
country is open for business.
Investment and business ac-
tivity will flourish, as the
specter of hyperinflation and
nationalization will no longer
hang over financial decisions.
Argentina used to be one
which are projected onto a
wall screen. “Deranged luna-
tic,” he yells. “Witch hunt!” At
the word “witch hunt,” the
ghost of Crooked Hillary floats
into the room. Trump rises to
join Crooked Hillary in the
moving duet, “We miss each
other so much (Ci manchiamo
tanto).”
Scene 3: Joe Biden and his
son, the Peddler, are in a
closed garage, taking apart a
green Corvette. The Ancient
One asks, “How much of it is
in here?”
“It’s all here, everything!”
the Peddler shouts, vacuuming
out a tailpipe. “C’mon, Dad.
We’re goin’ to Kazakhstan!”
Exhausted, the Ancient One
falls back into the Corvette’s
removed seat and performs
the only aria ever sung in a
whisper, “Not a joke.”
(Bidenisms do not translate.)
Final Act
It is 2025. The countryside
is in flames as the Republican
and Democratic tribes have
descended into civil war. Three
months before the 2024 elec-
tion, Trump is convicted on
three of the 9,000 unpardon-
able Fani Willis counts and is
sent by the Justice Depart-
ment to live in exile aboard
Trump Force One at the West
Palm Beach airport. From ex-
ile, Trump wins the presiden-
tial election, which has a total
popular vote turnout of
140,000 people. Trump, by his
count, receives 90% of the
vote.
It is now dusk, rally time.
The plane door opens and the
Indicted One—in a blue suit,
white shirt and red tie—stands
at the top of the stairs to sing
the opera’s final aria, which is
about his life. It will last for
three days.
The runway is empty.
The curtain falls.
Write henninger@wsj.com.
to say.” Similarly, 16% of Re-
publicans felt he broke the law
in Georgia and 27% weren’t
sure. And 15% of Republicans
felt his role in Jan. 6 was ille-
gal; 16% didn’t know. The un-
certain Republicans may also
believe Mr. Trump’s actions
were illegal but feel uncom-
fortable telling a pollster.
Even if voters genuinely are
undecided, the trials are un-
likely to improve their opinion
of Mr. Trump. The number of
skeptical independents and
Republicans will probably
grow as he spends his days in
court rather than campaign-
ing—which should worry any
Republican who wants victory
in 2024.
Mr. Trump can afford to
lose hardly any GOP or inde-
pendent voters in November.
He carried 94% of Republicans
and 41% of independents in
2020 but still ran 7,059,526
votes behind Joe Biden. The
AP/NORC poll suggests he’ll
lose more than 6% of Republi-
cans in 2024 and run much
worse with independents.
If he is the nominee and Re-
publicans and independents
keep defecting, he’s sunk and
so is his party. He may be
stuck on that path. But the
GOP doesn’t need to be.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
of the most developed and
wealthiest countries in the
world, but a century of state
intervention in the economy
has shown how dangerous it
is to disrupt the normal func-
tioning of markets. Even a
selfish government that’s
keen on reaping increased
tax revenue from growth
should have an interest in
making a commitment to
monetary liberalization.
Mr. Milei has named each
of his five dogs after econo-
mists, including Murray
(Rothbard) and Milton (Fried-
man). These eccentric choices
may make good headlines, but
they reveal something deeper:
a commitment to buck trends
and business as usual. In a
country such as Argentina,
that is welcome news.
Mr. Raskin is director of re-
search at Qvidtvm Inc. and an
adjunct professor at New York
University School of Law.
Thursday, August 24, 2023 | A15
BOOKSHELF | By Fergus M. Bordewich
The Black
Homesteaders
The First Migrants
By Richard Edwards and Jacob K. Friefeld
(Nebraska, 458 pages, $36.95)
I
n 1862, in the midst of the Civil War, Congress enacted one
of the most far-reaching pieces of legislation in American
history. The Homestead Act’s sponsor, Rep. Galusha Grow
of Pennsylvania, declared soaringly that the act would reward
“the soldier now in the field fighting the battles of constitu-
tional free government” as well as the “soldiers of peace—
that grand army of the sons of toil” whose battlefields were
the prairies and wilderness of the frontier. The act offered 160
acres of federal land to any citizen who would build a home
on it and farm it for at least five years.
In “The First Migrants,” Richard Edwards and Jacob
Friefeld reveal the neglected and surprising saga of black
homesteading. As they show, it set the stage for the mass
flight from the Jim Crow South in the 20th century. Black
homesteaders “constituted the vanguard of the Great
Migration” by demonstrating that black Southerners “could
leave the region and, using their talents, ingenuity, pluck, and
fortitude, make successful lives for themselves elsewhere.”
For blacks, homesteading meant more than economic op-
portunity. From the 1870s on, it provided an escape from vi-
olence and rule by white “redeemers” in the South deter-
mined to overturn the constitutional protections won during
Reconstruction. In the West, black settlers could manage
their own affairs, do business with anyone they wanted and
hold local political office without
fear of assassination.
The authors—Mr. Edwards is a
former director of the Center for
Great Plains Studies in Lincoln, Neb.,
and Mr. Friefeld a historian who
(with Mr. Edwards) has written a
previous book on homesteading—de-
liver their deeply researched account
in brisk, straightforward (if some-
times repetitious) prose. Their aim is
to frame the black experience against
the backdrop of the broader home-
stead movement. To be sure, home-
steading was not for the faint of heart. “This land was an
enigma. It was like a horse that no one knows how to break to
harness, that runs wild and kicks things to pieces,” Willa Cather
wrote in her 1913 novel “O Pioneers!” (Cather’s family had been
homesteaders.) Prairie fires, cyclones, gyrating crop prices, ex-
orbitant freight costs and isolation tried the spirit of even the
most dedicated settlers. The sheer emptiness of the prairie
could be a shock. “My eyes ached from looking so far and see-
ing nothing,” recalled one black newcomer.
Some 20 black settlements were founded from the Dako-
tas to New Mexico between the 1870s and 1910s. Some mi-
grants were experienced farmers, but others were aspiring
businessmen, lawyers hoping to hang out a shingle, ex-sol-
diers and opportunity-seeking workers. They typically in-
vested between $200 and $1,000 per family, a significant
sum at that time, for travel, tools and supplies. The home-
steaders’ progress was followed in the national black press,
where it figured in the debate between racial
accommodationists such as Booker T. Washington, who
urged blacks to work quietly for betterment in the segregated
South, and political radicals like W.E.B. Du Bois, who urged
emigration to the freer North and West.
Messrs. Edwards and Friefeld devote a good deal of
attention to the Kansas town of Nicodemus, west of Topeka,
which was established in 1877 by black homesteaders from
Kentucky and Tennessee. After a rocky start, frame homes, a
schoolhouse, a general store and two churches rose to serve a
population that grew to more than 300, including white settlers
who blended into the community apparently without friction.
At Nicodemus, blacks and whites served together in the
local literary society, cornet band and benevolent societies
and alternated as speakers at the town’s Fourth of July
festivities. In the Nebraska town of DeWitty, Hester and
Charles Meehan lived for decades as an interracial couple in
open defiance of the state’s anti-miscegenation laws. Black
candidates won election to public office in a number of
predominantly white Nebraska counties. There were exceptions
to such harmonious relations. The authors cite the disheart-
ening example of African-American settlers in Blackdom,
N.M., who in the 1910s were denied service at restaurants, ho-
tels and businesses in nearby Roswell.
The sheer emptiness of the prairie could be a
shock. ‘My eyes ached from looking so far and
seeing nothing,’ recalled one black newcomer.
For white and black settlers alike, the heyday of
homesteading was brief. Much of the West was too dry to sus-
tain farming on the Eastern model. Once plowed, thin layers of
topsoil blew away in the wind. More than half of all home-
steaders eventually sold their land or walked away from it.
Over time, vast swaths of the plains emptied of settlers, leav-
ing ghost towns. Of all the black settlements, only Nicodemus
survives today, as a much-diminished grid of streets punctu-
ated by a handful of homes, a church and a National Park Ser-
vice visitors’ center.
Although the most grandiose hopes of the Homestead Act
went unfulfilled, it nonetheless transformed enough of the
West into farmland to help turn the U.S. into an agricultural
superpower. Within the larger picture of homesteading’s rise
and fall, the authors deem the story of black settlement a rela-
tive success. Homesteaders came to see their farms as places
where they could “earn livelihoods for themselves and their
families, and educate their descendants for lives likely to be
led elsewhere.” Among them were George Washington Carver,
who homesteaded 80 miles south of Nicodemus, sold his claim
to pay for a college education and went on to a distinguished
career in science at the Tuskegee Institute in Alabama. An-
other was the multitalented Oscar Micheaux, a homesteader
in Gregory County, S.D., who became a novelist and film-
maker, producing several autobiographical works, including a
silent melodrama titled “The Homesteader.”
It is ironic that a book that offers such a sympathetic
account of the black experience only glancingly mentions the
native peoples who were removed by treaty or force from
their ancestral lands to make room for settlers. For Indians,
homesteading was a disaster. Even the reservations that
remained to them were often subdivided into individual allot-
ments, many of which passed out of native hands (a process
recounted by Janet McDonnell in “The Dispossession of the
American Indian, 1887-1934”). This shortcoming aside, “The
First Migrants” is an important contribution to black history
and the larger history of the American West.
Mr. Bordewich is the author of “Klan War: Ulysses S.
Grant and the Battle to Save Reconstruction,” to be
published in October.
P2JW236000-0-A01600-1--------XA

A16 | Thursday, August 24, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trump Courts a Global Trade War Yellen’s Strange New Supply-Side Economics

D
onald Trump exaggerates about many relationship holds after adjusting for inflation. Treasury Secretary Janet Yellen de- of productivity and the rising tide of
things, but on economic policy his re- President Biden has continued Mr. Trump’s tariff fends the Inflation Reduction Act as commerce will lift all boats. Follow
an example of “modern supply-side” Ms. Yellen’s recommendations, how-
cord is that he means what he says, for policies, even as the trade deficit hit a record of
economics (“A Prosperous Year for ever, and we’ll be dead in the water.
better or worse. His leading $951 billion in 2022.
message for a second term He promises a new A new universal tariff
the Inflation Reduction Act,” op-ed,
Aug. 16). But she’s far too optimistic
PROF. ALEXANDER WILLIAM SALTER
Rawls College of Business, Texas Tech
these days is that Americans
should be prepared to pay
10% border tax on would be more of the same,
and then some. The last U.S.
about the efficacy of “government in- Lubbock, Texas
vestment to mobilize private capital.”
more for all kinds of goods be- anything made abroad. President to entertain a trade Politicizing resource allocation makes It is entertaining when Ms. Yellen
cause he plans to impose a 10% idea this radical was Herbert the economy weaker, not stronger. states that the three main goals of the
tariff on all foreign goods sold Hoover in 1930 with the Supply-side economics is about Inflation Reduction Act are to “drive
in America. Smoot-Hawley Tariff Act. That sweeping border boosting growth. Unfortunately, Ms. down the cost of clean energy tech-
“To bring tens of thousands more manufac- tax triggered global retaliation that shrank Yellen’s defense of the act (which, re- nologies” and advance “economic op-
turing jobs back to South Carolina, I will impose world trade and contributed to what became the vealingly, doesn’t discuss inflation) portunity and resilience.” None of the
gets the causes of growth wrong. three are intended to reduce inflation.
a border tariff on all foreign-made goods,” he Great Depression. The Republican Party’s repu-
Washington’s fiscal activism doesn’t ZACK LEMMERT
said recently in Columbia. “So if they want to sell tation for economic management didn’t recover make us richer. At best it merely redi- Frostburg, Md.
into our country and if they want to take our jobs for 50 years. rects production and consumption. At
by doing that, we’re going to have a tax that’s go- Mr. Trump also seems to forget we’re not in worst it makes us poorer by diverting Ms. Yellen cites a union’s comment
ing to be a ‘privilege’ tax.” the 1980s anymore and Japan and West Ger- capital to wasteful enterprises. that the Inflation Reduction Act is a
Mr. Trump is also pitching a universal recip- many aren’t the main economic rivals. China is. The predictable result of Bidenom- “historic win.” She then writes, “The
rocal tariff that would see the U.S. impose tariff Trump tariffs aimed at Japan and the European ics is an economy of busts like Prot- law requires companies to pay pre-
rates on foreign goods equivalent to what the ex- Union have made it harder to rally allies for sen- erra. Rather than spending “taxpayer vailing wages.” If, absent the law,
porting country charges on goods from the U.S. sible enforcement when Chinese subsidies, im- resources . . . more productively,” this companies would have successfully
He claims to have history on his side, appealing port restrictions or intellectual-property theft agenda drains the fisc to support par- offered nonprevailing wages, by defi-
to the 1890 McKinley tariff that imposed some bend global trading rules. tisan projects. The more we squander nition they are now paying more than
scarce resources, the longer we’ll be necessary—and more than the true
of the highest tariff rates in U.S. history and em- The risk for the U.S. economy is that the 2024 stuck with lackluster growth. “prevailing wage”—under the act. In
powered President Benjamin Harrison to impose ballot won’t have any candidate who under- Refocusing on the supply side is a no way can this be described as “in-
tariffs on a reciprocal basis. stands how trade boosts prosperity, and how good idea, but do it the tried-and-true flation reduction.”
This is worth taking literally and seriously be- trade with allies can make it easier to manage way: Repeal regulations. Cut taxes. LOUIS N. RITTEN
cause Mr. Trump meant what he said about tar- competitors. The Biden Administration has Cut spending more. Unleash the forces La Grange, Ill.
iffs when he ran for President in 2016. He im- failed to reverse most of the Trump tariffs, and
posed taxes on imports ranging from steel and the Inflation Reduction Act came larded with
aluminum to solar panels and washing ma- trade-distorting subsidies that are sparking a
chines, affecting imports worth hundreds of bil- trade war with the European Union. Ohio’s Mistake and the Pro-Life Conundrum
lions of dollars when the border taxes were im- President Biden’s abdication on trade in-
I am a lifelong conservative, and I After decades of abortion on de-
plemented. cludes a refusal to negotiate any new trade deals,
voted against Issue 1 in Ohio’s special mand, it may take the pro-life move-
Protectionists pitch tariffs as a tax on other even with an ally such as post-Brexit Britain that election (“Ohio Is Another GOP Abor- ment some time to persuade voters
countries, but American consumers pay the wants and needs one. His trade rep, Katherine tion Warning,” Review & Outlook, Aug. that abortion is a moral evil that
price—a total of $80 billion during Mr. Trump’s Tai, doesn’t seem to do much except explain why 10). My vote, however, had nothing to should be prohibited. That reality may
term, according to a Tax Foundation analysis. she can’t do much. do with abortion. Only last year, these explain the ballot-measure defeats.
This cost the U.S. 166,000 full-time-equivalent i i i Issue 1 advocates argued that special So far, however, with the exception
jobs, the Tax Foundation says, and the Trump By the way, Mr. Trump for years has cited the elections should never take place—too of the Democrats barely flipping the
trade tax wiped out roughly 12% of the economic McKinley tariffs but he appears never to have expensive, low turnout, scarce poll Michigan legislature, and the election
benefit of the 2017 Tax Cuts and Jobs Act. read what happened after those 1890 charges workers. Then these same folks told of an extremely liberal justice to the
What about the impact on jobs? Before came into effect. Voters rebelled at the higher us it is essential to change our cen- Wisconsin Supreme Court, there is
Covid-19 hit, U.S. employment in manufacturing prices they were forced to pay, and Republicans tury-old constitution and that it had little evidence that the pro-life posi-
to be done now, in a special election. tion has adversely affected Republi-
rose 1.8%, according to the Bureau of Labor Sta- were wiped out by free-trading Democrats in the
If such a change is necessary, let’s can candidates. Eight states have also
tistics, as the civilian workforce overall grew 1890 midterm. Democrats under President Gro- have a good, long conversation about enacted abortion bans since the Su-
2.7%. That’s hardly an unusual jobs increase, and ver Cleveland in 1894 partially reversed the tar- it. Let’s not rush it through in a spe- preme Court overruled Roe v. Wade.
it could as easily be attributed to the corporate iffs to dig the U.S. out of a recession. cial election to sidetrack a separate is- In the 18 states that prohibit abor-
tax cut that caused companies to repatriate hun- Economic historians now believe those tariffs sue in the next election. As it is, the tion throughout pregnancy (Ohio pro-
dreds of billions of dollars in overseas cash. De- had little effect on boosting America’s astound- state is going to debate abortion, as hibits it only after the unborn child
regulation also helped. ing economic growth in that era, which was the Supreme Court intended, from has a detectable heartbeat), a citizen
An analysis of the steel tariffs estimated an driven by industries not covered by the tariffs. now until Nov. 7. Ohio Republican initiative to amend the state constitu-
economic price of $900,000 for each job created. As for McKinley, who pushed for his tariffs from leaders tried to muscle through their tion isn’t an option in 12 of them. A
Because more U.S. companies buy metal than sell the House of Representatives, he did become agenda, and the voters, for various citizen initiative to amend the state
it, another study found increased steel prices cut President in 1896—by campaigning in favor of reasons, would have none of it. I fear constitution is available in only a mi-
our leaders did themselves no favors nority of the remaining states that
manufacturing employment by 75,000. the gold standard, a proxy for a stable value for for future credibility and outcomes. might consider prohibiting abortion.
The trade deficit isn’t a useful measure of eco- money, against populist easy-money Democrat NANCY R. COOPER PAUL BENJAMIN LINTON
nomic performance, but Mr. Trump claims it is. William Jennings Bryan. Cincinnati Northbrook, Ill.
In his first year in office, the U.S. imported $517 Free trade isn’t popular in our dirigiste eco-
billion more than it exported in goods and ser- nomic era, in part because our political leaders
vices, according to data from the Census Bureau. are afraid to defend it. The Trump tariff threat
That increased to $653 billion in 2020, and this is all too real if he wins in 2024.
Behind the Explosion of Obesity in America
I am inclined to agree that the set- To suggest that obesity is exclu-

Retailers ‘Shrink’ From Plain Talk

point system has gone awry among sively a reflection of nature is scientifi-
people suffering from obesity, but cally backward. Decades of psychother-
that is difficult to reconcile with the apy have established that some of us

T
speed of the rise in the prevalence of self-medicate with food to feel better
he shares of Dick’s Sporting Goods, Foot Shrink isn’t PC jargon used only by these obesity in America (“New Drugs Alter or to otherwise cope with pain. That
Locker and other retailers are selling off companies. It’s an industry term that wraps in the Debate on the Cause of Obesity,” toxic relationship, to alter one’s mood,
this week as companies report lower other losses such as value lost or damaged in U.S. News, Aug. 16). When looking has life-damaging consequences.
earnings amid softer con- transit. But plain language over my college yearbooks, I could It isn’t so much that the individual
sumer spending. But retail ex- The industry euphemism about theft, rather than the hardly locate a schoolmate who was must accept blame, but that self-
ecutives are also pointing to
another trend shrinking prof-
for theft disguises the public euphemism, would help the
better understand how
overweight, let alone obese. Is this re-
set toward obesity a cause or effect of
awareness is an important part of
change. The phrase “eating one’s feel-
its: Theft. rising cost of crime. bad criminal theft is and some other part of American culture? ings” has been around for a long
Second-quarter earnings maybe build political support JOHN T. CHIU, M.D. time. Let’s not deny people the psy-
were dented by “higher inven- for policies that would do Newport Beach, Calif. chological help they need by rational-
izing that all obesity is a mere reflec-
tory shrink, organized retail crime and theft in something about it.
tion of biology.
general, an increasingly serious issue impacting Shoplifting is rife in California owing to a
many retailers,” Dick’s CEO Lauren Hobart said state law that effectively decriminalizes theft
A Distinction Without Any TIMOTHY STABOSZ

on an earnings call Tuesday. Dick’s CFO added of less than $950. It’s common in New York, Chi- Difference on Iran’s Mossadeq La Porte, Ind.

that “the number of incidents and the organized cago and Philadelphia where so-called victim- Ray Takeyh asserts that Moham-
retail crime impact came in significantly higher less crimes are rarely enforced. Retailers in mad Mossadeq wasn’t democratically Trump’s Debt to McConnell
than we anticipated.” some cities now lock up items as basic as tooth- elected prime minister of Iran but
Before he confused the presidency
Foot Locker executives likewise noted on paste and shampoo to prevent criminals from was appointed by the Shah (“The Real
for a monarchy, President Trump
Wednesday that inventory “shrink” has been in- clearing out shelves. Story of the 1953 Iranian Coup,” op-
achieved plenty. Most of those accom-
creasing. Target CEO Brian Cornell last week Progressives ignore theft out of hostility to ed, Aug. 19). This confuses the matter.
plishments, however, have been un-
said that “shrink” remained “well above the corporations. But mom-and-pop stores are pil- Mossadeq was elected to his seat in
done by President Biden, and more of
Parliament, then nominated by that
sustainable level where we expect to operate laged too, and the costs of theft are borne by body to become prime minister, and
them may follow if Mr. Biden wins re-
over time,” and that the company was facing consumers and workers. Modern corporate cul- election in 2024. About the only part
finally approved by the Shah. This is
“an unacceptable amount of retail theft and or- ture shrinks from saying anything that might of the Trump legacy that will remain
considered a legitimate democratic
ganized retail crime.” Home Depot execs last offend anyone, apparently including criminals standing is his conservative judicial
process. Would anyone make a similar
week also flagged “pressure from shrink” on and organized theft rings. Time for CEOs and appointments.
statement as Mr. Takeyh’s about the
None of that could have been
earnings. CFOs to speak plainly. prime ministers of the U.K., that they
achieved without the shrewdness and
weren’t democratically elected, but
skill of Sen. Mitch McConnell (“Every-

Putin, Prigozhin and Western Illusions

simply appointed by the crown? No,
body Hates Mitch McConnell” by
because it doesn’t make sense if one
Andy Laperriere, op-ed, Aug. 8).
understands parliamentary systems.

V
Those eager to label him a “RINO”
CHRISTOPHER BRECHNITZ
ladimir Putin’s foes have been turning That was a politically explosive accusa- should give that some thought.
Kansas City, Mo.
up dead for years, and the latest is tion—and true. Mr. Putin has used his own JAMES SPIRO
mercenary chief Yevgeny Prigozhin, people as cannon fodder, and the U.K.’s De- New Orleans
who was reported to have fense Ministry estimates that
The Wagner leader was Russians suffered as many as To Work for a Straight Talker
died Wednesday in a plane
crash outside Moscow. This is Vladimir Putin’s most 200,000 casualties, including Regarding Barton Swaim’s “A CEO
Who Doesn’t Equivocate About Cli-
Pepper ...
no coincidence, comrade, as 60,000 killed, in the first year
the Soviets used to say. dangerous rival. of the war.
mate” (Weekend Interview, Aug. 19): I And Salt
am a 90-year-old retiree with a bunch
Russia’s civil aviation au- Belarusian dictator Alek- of diplomas and experience. I wish I THE WALL STREET JOURNAL
thority confirmed Prigozhin sandr Lukashenko, a Putin were young enough to apply for a job,
was on the flight, while social-media chan- ally, brokered an unlikely truce to end Prigo- any job, working for Peter Huntsman.
nels said the Embraer jet was shot down by zhin’s mutiny. But the rebellion was the most W.G. PETERS
a missile. President Biden told reporters that significant challenge in his 23-year rule. If Sun Lakes, Ariz.
“I don’t know for a fact what happened but Prigozhin’s death was an assassination, it was
I’m not surprised,” adding that “there’s not intended as a message to other potential coup CORRECTION
much that happens in Russia that Putin’s not plotters. You can bet that is how Russians will
behind.” read it. The university that operates the Pre-
Prigozhin’s fate was probably sealed after Prigozhin’s demise reveals the brutal politics dictIt political-futures market is in New
his failed June mutiny against Mr. Putin. Prigo- that now controls Russia. Too many in the West, Zealand. This was misstated in the Aug.
zhin’s Wagner Group gained control of the including on the American left and right, imag- 22 op-ed “PredictIt Triumphs Over
Russian city of Rostov, marched toward Mos- ine that Mr. Putin can be shamed or appeased Regulatory Arrogance.” Rostin Beh-
cow and shot down Russian planes. The merce- into backing away from his ambitions to recon- nam’s first name was also misspelled.
nary leader claimed that “we did not have the stitute a Greater Russian empire.
Letters intended for publication should
goal of overthrowing the existing regime.” But This underestimates his motivating ideol- be emailed to wsj.ltrs@wsj.com. Please
he demanded the resignation of Russia’s top ogy and ruthlessness. He will kill anyone who include your city, state and telephone
defense officials “who, through their unprofes- stands in his way at home, and he’ll do the number. All letters are subject to “Yes, Frank, executive backpacks
sional actions, made a huge number of mis- same abroad—in Ukraine, Poland, or anywhere editing, and unpublished letters cannot are cool, but not when
be acknowledged.
takes” in Ukraine. else, if he believes he can get away with it. emblazoned with superheroes.”
P2JW236000-0-A01700-1--------XA
THE WALL STREET JOURNAL.
ESG Busters Need a New Playbook
By Paul H. Tice
G
ood news is brewing in fi-
nance. The public backlash
against ESG—environmen-
tal, social and governance
investing—has grown,
shedding light on the left’s ideologi-
cal takeover of Wall Street. The bad
news is that the anti-ESG coalition
isn’t prepared to defeat a global
“sustainability” campaign. The
movement needs a makeover and
should begin by following a few
guiding principles:
• Virtue signaling isn’t the only
problem. The current bout of woke
capitalism in corporate boardrooms
is merely a symptom of the underly-
ing malady. Through its pervasive as-
set integration and overriding focus
on nonfinancial factors, ESG is
slowly changing the pecuniary pur-
pose of investing. Waging public
spats with management over critical
race theory and gender ideology dis-
tracts from how ESG investing is re-
engineering global financial markets.
The key to defeating the
global ‘sustainability’
campaign lies in following
these guiding principles.
No matter how many brands go
broke from misplaced trust in sus-
tainable policies or social-justice ac-
tivism, it won’t slow ESG’s market
momentum.
• Focus on climate. This is ESG’s
crown jewel, as evidenced by the
countless net-zero initiatives that
have been adopted since 2015. Other
factors, such as “diversity, equity and
inclusion,” are secondary—if not su-
perfluous—to the movement’s prior-
ity of using private capital to fund a
global energy transition.
• ESG isn’t caused by lack of com-
petition. The movement is the product
of progressive activists seeking to im-
pose their will through a combination
Is Disparate-Impact Theory Constitutional?
By Graham Hillard
E
mployers are beginning to re-
consider policies requiring that
entry-level white-collar em-
ployees have a bachelor’s degree. Ap-
ple, IBM and Google have dropped
some formal degree requirements, as
have the states of Colorado, Mary-
land, Pennsylvania and Utah.
“Whether you went to college or
gained experience through work, on-
the-job training or an apprenticeship,
we value what you bring to the table,
and we want you here,” Pennsylva-
nia’s newly inaugurated Gov. Josh
Shapiro said in January after signing
an executive order.
That isn’t a new sentiment. “His-
tory is filled with examples of men
and women who rendered highly ef-
fective performance without the con-
ventional badges of accomplishment
in terms of certificates, diplomas, or
degrees,” Chief Justice Warren
Burger observed for a unanimous Su-
preme Court in Griggs v. Duke Power
Co. (1971).
Yet the ubiquity of the college-de-
gree requirement is an unintended
consequence of Griggs, which asked
whether employers could use intelli-
gence tests in hiring and promotion
if such exams had a disparate impact
on minority workers. The justices
said no, holding that unless such
tests are “job-related,” using them vi-
olates the Civil Rights Act of 1964—
even though that law specifically per-
mits the use “of any professionally
developed ability test,” provided it
isn’t “designed, intended or used to
discriminate because of race, color,
religion, sex or national origin.”
Employers looked to college de-
grees as a substitute—a handy
marker of mental agility, given that
colleges admitted students on the ba-
sis of aptitude tests. Although the
court in Griggs also ruled against
Duke Power’s use of high-school di-
plomas as a prerequisite for promo-
tion, degrees escaped disparate-im-
pact scrutiny because colleges also
used race-based admissions quotas.
That’s now unlawful under Stu-
dents for Fair Admissions v. Harvard
(2023). But the disparate-impact rule
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Emma Tucker
Editor in Chief
Liz Harris, Managing Editor
Charles Forelle, Deputy Editor in Chief
Elena Cherney, News; Chip Cummins, Newswires;
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Paul A. Gigot
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Gerard Baker, Editor at Large
of moral coercion and government
pressure. Giving investors the choice
of non-ESG funds won’t address ESG’s
systemic threat. Creating a safe space
for nonbelievers while ceding the
public square of global financial mar-
kets to sustainability zealots isn’t the
answer.
Strive Asset Management—the in-
vestment firm co-founded last year
by presidential candidate Vivek Ra-
maswamy—is a case in point. The
company says it emphasizes “the
pursuit of excellence over politics in
boardrooms across corporate Amer-
ica.” That sounds attractive, yet like
many other anti-ESG firms Strive has
struggled to attract capital. As of
March 31, 27 prominent anti-ESG
funds tracked by Morningstar had
only about $2 billion in assets under
management—a rounding error com-
pared with the roughly $100 trillion
in assets under management in the
global asset-management industry.
Aggregate net inflows to these funds
have slowed markedly since the
launch of Strive’s first energy fund in
August 2022.
Part of the problem may be that
these anti-ESG firms are employing
the same tactics as the ESG move-
ment. They actively engage with
company management to push their
own particular investment agenda—
remains in effect in employment law,
although it wasn’t part of the 1964
Civil Rights Act. Invented by regula-
tors in the ’60s and upheld by the Su-
preme Court in 1971, it was codified
by Congress in the Civil Rights Act of
1991.
Louisiana’s case against
the EPA could eventually
reduce the number of jobs
requiring college degrees.
But a lawsuit filed in May by Loui-
siana Attorney Jeff Landry argues
that disparate-impact theory violates
the Equal Protection Clause of the
14th Amendment. Mr. Landry’s case
challenges the Environmental Protec-
tion Agency’s reliance on disparate-
impact analysis in launching civil-
rights investigations over industrial
Shocking Candor on Fuel Standards
By Michael Buschbacher
And James Conde
F
or decades, bureaucrats in
Washington have argued that
fuel-economy mandates pay for
themselves. Billions of dollars in up-
front investments now, they say, are
well worth the money drivers will
save over their cars’ lifetimes. And
because the mandates reduce carbon
emissions too, it’s a win-win for envi-
ronmentalists and drivers. Better
than a free lunch.
That gig is up. Reality has finally
made it impossible to churn out such
self-aggrandizing propaganda with a
straight face. But we didn’t actually
expect bureaucrats to say the quiet
part out loud.
We read the Transportation De-
partment’s newly proposed fuel
economy regulations so you don’t
have to. Buried deep on page 56,342
of volume 88 of the Federal Register,
the agency makes this concession
about its latest proposed rules: “Net
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
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Daniel Bernard, Chief Experience Officer;
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Jason P. Conti, General Counsel, Chief Compliance
Officer; Dianne DeSevo, Chief People Officer;
Frank Filippo, Chief Transformation Officer;
David Martin, Chief Revenue Officer, Business
Intelligence; Elizabeth O’Melia, Chief Financial
Officer; Dan Shar, EVP, General Manager,
Wealth & Investing; Josh Stinchcomb, EVP &
Chief Revenue Officer, WSJ | Barron’s Group;
Sherry Weiss, Chief Marketing Officer
EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
Thursday, August 24, 2023 | A17
OPINION
companies. As the cheapest source of
capital to fund operations and acqui-
sition-related growth, debt-market
access represents the kill switch for
ESG activists looking to defund fossil
fuels and other maligned industries.
• The courts are necessary in this
fight. Owing to increasing regulatory
disclosure rules and sustainable-fi-
nance mandates, the financial indus-
try won’t be able to solve the ESG
problem on its own. Reversing the
sustainability tide will require ag-
gressive legal action. Rather than
GETTY IMAGES/ISTOCKPHOTO
hold fruitless congressional hearings,
strategists should push back against
regulatory overreach through the
courts. The Supreme Court’s decision
in West Virginia v. Environmental
Protection Agency (2022), striking
down the agency’s 2015 Clean Power
while functioning as passive fund Plan, offers a useful template.
managers with no real vote and as de In West Virginia, the justices held
minimis institutional shareholders. that the EPA had exceeded its con-
Aside from their ideological aims, gressionally delegated authority in
there isn’t much daylight between violation of the “major questions
Strive and BlackRock, Vanguard and doctrine.” The agency couldn’t enact
State Street—the Big Three index- regulations on matters of vast politi-
fund managers. Strive also bears a cal or economic significance without
striking resemblance to Engine No. 1, Congress’s clear assent. The same le-
the little investment fund that waged gal argument should be used to chal-
a high-profile climate proxy battle lenge the sweeping ESG-related man-
against ExxonMobil in 2021 by using dates promulgated by the Securities
its 0.02% company stake as leverage. and Exchange Commission, the Fed-
While Strive and its counterparts eral Reserve, the Office of the Comp-
are a testament to capitalism’s orga- troller of the Currency, the Federal
nizational capacity, the fight against Deposit Insurance Corp. and the La-
ESG shouldn’t be viewed mainly as a bor Department.
business opportunity. It was this The time clock for mitigating cli-
kind of shortsighted money-chasing mate change by 2030 through ESG
instinct that suckered many Wall and sustainable development began
Street firms into initially supporting ticking in 2015. We’ve now crossed
ESG’s empty promises of doing well the halfway point. To stave off the
by doing good—a position from left’s strategy of climate doomsaying
which they can’t easily extricate and financial re-engineering, the
themselves. anti-ESG squad needs a stronger
• ESG thrives on a lack of trans- game plan for the second half.
parency. The anti-ESG coalition has
primarily focused on annual share- Mr. Tice is a former Wall Street
holder meetings to generate public energy research analyst, an adjunct
press for the cause. Yet the main bat- professor of finance at New York
tle will transpire in the less-trans- University’s Stern School of Business,
parent credit markets—not public and author of “The Race to Zero:
equity markets—given that bank How ESG Investing Will Crater the
loans and institutional bonds are the Global Financial System” (Encounter
main source of liquidity for most Books), forthcoming in January.
pollution. The complaint argues that confront the question: Whether, or
when the EPA specifically cites pollu- to what extent, are the disparate-
tion’s effect on minority residents, it impact provisions of Title VII of the
might “compel the State to discrimi- Civil Rights Act of 1964 consistent
nate on the basis of race” by making with the Constitution’s guarantee of
sure that white citizens bear the equal protection?”
brunt of any potentially detrimental Louisiana v. EPA is still pending,
action. “The EPA does not bother to although the agency has dropped
deny that it would be unconcerned if the investigations that are under
the exact same emissions occurred in challenge. Colleges are desperately
areas with differing racial demo- seeking ways to maintain racial bal-
graphics,” Mr. Landry writes in his ance in admissions without engag-
complaint. ing in unlawful discrimination. The
This argument has come up be- 1964 Civil Rights Act provision au-
fore the Supreme Court in the em- thorizing ability tests is still on the
ployment-law context. Mr. Landry books. If employers are able to be-
cites Justice Antonin Scalia’s lone gin using them, the trend away
concurrence in Ricci v. DeStefano from college-degree requirements
(2009), which held that the city of will accelerate, putting pressure on
New Haven, Conn., couldn’t refuse colleges to offer real skills training
to promote white and Hispanic em- at a fair price. If they’re able to rise
ployees because no black firemen to that challenge, more power to
had passed the relevant exam. Scalia them.
argued that the majority’s narrow
ruling “merely postpones the evil Mr. Hillard is editor at the James G.
day on which the Court will have to Martin Center for Academic Renewal.
benefits for passenger cars remain explains in footnote 187.
negative across alternatives.” In plain Simply put, the Transportation
English, this means that mandating Department bureaucrats have no real
ever-more-stringent fuel economy for basis for claiming they make better
passenger cars will harm society. choices than drivers and fleet man-
How much? The department esti- agers. They literally are making it
mates that its plan of increasing pas- up. But unlike in previous rulemak-
senger-car standards by 2% each year ings, the costs are now so comically
will reduce private welfare by $5.8 high that regulators can no longer
billion over the life of the cars. After
accounting for alleged social bene-
fits, such as reduced climate-change Bureaucrats admit that
damages in foreign countries, the
standard reduces total public welfare
‘net benefits for passenger
by $5.1 billion. You should be re- cars remain negative.’
lieved, though: The other “alterna-
tives” the Transportation Depart-
ment is considering would have net pretend that mandating greater fuel
costs of about $11 billion, so bureau- economy for passenger cars is good
crats tell us they are exercising admi- for society.
rable self-restraint. The job of the White House Office
By Washington standards, such of Information and Regulatory Af-
candor is admirable. A former White fairs is to stop regulatory proposals
House regulatory czar we spoke to that would harm society, so this pro-
couldn’t recall a proposal conceding posal should never have seen the
that it would impose such enormous light of day. But the proposed rule
costs on society. says this White House’s not-so-secret
But this is Washington, so even password: climate change.
this candor is too rosy. The predic- What about it? Without a hint of
tions are full of gimmicky assump- sarcasm, page 5-39 of the depart-
tions designed to understate costs. ment’s accompanying environmental
As Table V-6 shows, the Transporta- assessment estimates that in 2060
tion Department assumes that in- the proposal would reduce average
vesting in fuel economy somehow global temperatures by 0.000%. The
has no opportunity costs. This flunks modeled effect is so trivial that the
basic economics and engineering. To bean counters ran out of decimals in
improve fuel economy, carmakers their spreadsheets. Chinese Commu-
sacrifice other improvements drivers nist Party officials must be reading
like, such as towing capacity, safety our wonderful environmental assess-
features, trunk space, acceleration ments for comic relief as they ramp
and even the increasingly rare spare up coal production.
tire (cut to reduce weight and cost,
of course). They also add features Mr. Buschbacher is a partner at the
consumers hate—such as stop-start law firm Boyden Gray PLLC and
systems. But modeling these trade- served in the Justice Department’s En-
offs is hard, so the department’s vironment Division (2020-21). Mr.
pseudo-economists pretend the Conde is counsel at Boyden Gray
trade-offs don’t exist, as the proposal PLLC.
Ukraine
Renews Its
Independence
By Kira Rudik
Kyiv, Ukraine
T
he average age of the Verk-
hovna Rada, Ukraine’s 450-
seat parliament, is 41. Only
three of the elected representatives
are older than 60, while 17 were un-
der 30 at the time of their election.
This means that when Ukraine de-
clared its independence, many of us
were essentially children, and some
weren’t yet born. What do we re-
member from Aug. 24, 1991?
I was 6. My memories of that day
are of something profoundly signifi-
cant. People didn’t go to work; they
gathered in the city center, on what
is now Hrushevsky Street, greeting
each other in an atmosphere of in-
credible joy and uplift.
Now, in the 10th year of Russia’s
war against Ukraine and 18 months
into its full-scale phase, my
thoughts drift back to the Verk-
hovna Rada elected in 1990, before
independence. Its composition was
diverse and varied. There weren’t
many professional politicians. There
were only Ukrainian patriots and
Communists.
Most politicians were
children in 1991, but the
war has created a new
generation of patriots.
Everyone had an agenda. Some
aspired for greater autonomy within
the Soviet Union. Some defended the
Ukrainian language. Some were
building their careers with an eye
toward Moscow. All etched their
names in Ukraine’s history when
they accomplished what our ances-
tors had dreamt of for centuries and
what society demanded at that mo-
ment—independence.
On Dec. 1, 1991, the Ukrainian peo-
ple overwhelmingly affirmed their
desire for independence in a referen-
dum with 84% turnout. In the Cri-
mean peninsula, more than 54%
voted in favor of independence. In
the Donetsk, Luhansk, Kharkiv, and
Odesa regions, support was over
80%. Today’s Russian propaganda
conveniently forgets these numbers,
insisting in its narrative that Ukraine
and Ukrainians don’t exist.
Historians often joke that people
living through major historical
events don’t realize how significant
those times are. There’s some truth
to that. When the current Verkhovna
Rada was elected in 2019, the pri-
mary demand of the Ukrainian peo-
ple was a renewal of political au-
thority. No one could have imagined
the challenges we would face in less
than three years: working during a
full-scale war, making pivotal deci-
sions, defending the nation’s sover-
eignty, and upholding the rights of
Ukrainians to exist.
Like all Ukrainians, I will never
forget Feb. 24, 2022, the day Rus-
sian troops invaded. By 7 a.m., a
full-scale war had been raging for
two hours. Russian forces were ad-
vancing in the Sumy, Kharkiv,
Chernihiv, Zhytomyr, Luhansk and
Donetsk regions, and from the direc-
tion of Crimea. From Belarus, they
were moving toward the Kyiv region
and the capital city itself. Cities like
Odesa, Kherson, Kharkiv, Zhytomyr,
Mykolaiv, Zaporizhzhia, Dnipro and
Kyiv, along with their surrounding
areas, were under missile attack.
In Kyiv, lines formed at petrol sta-
tions, railways and ATMs—but even
longer queues formed outside mili-
tary recruitment offices. Tens of
thousands of men and women were
eager to take up arms to defend
their homes, their loved ones, and
their country against the invader.
Ukrainians enlisted en masse in ter-
ritorial defense units. Those ready to
fight were given weapons. In Kyiv
alone authorities distributed 20,000
rifles on Feb. 24.
Our constitution clearly stipulates
that in the event of an attack on
Ukraine’s territorial sovereignty,
Parliament must convene and vote
to impose martial law. At 7 a.m., the
Verkhovna Rada fulfilled its duty to
defend the nation, strengthen its de-
fense capabilities, and continue be-
ing a free, independent people.
Meanwhile, Vladimir Putin was tell-
ing the world that the state of
Ukraine no longer existed.
Ukraine surprised the world, the
enemy and even itself. We have
managed to unite, support each
other, and rally around what’s cru-
cial: our nation, our freedom, and
the future of our children.
History is made by ordinary peo-
ple. They become heroes, and the fu-
ture depends on them. This isn’t the
first time Ukraine has had to fight
for its right to exist. We must win.
Each and every one of us knows
what we are fighting for.
Ms. Rudik is a member of
Ukraine’s Parliament.
P2JW236000-2-A01800-1--------XA
A18 | Thursday, August 24, 2023
India Lands Craft on Moon’s South Pole
The landing makes
it the first country
to reach that part
of the lunar surface
BY VIBHUTI AGARWAL
NEW DELHI—India success-
fully landed its Chandrayaan-3
spacecraft on the moon’s
south pole Wednesday, days
after a similar Russian mis-
sion ended when its probe
crashed into the lunar surface.
India is the first country to
reach that part of the moon’s
surface, an achievement ex-
pected to kick off a new era of
space exploration. Scientists
and engineers hope to tap wa-
ter resources at the lunar south
pole to facilitate missions to
other parts of the solar system,
and future efforts for long-
term settlements on the moon.
“We have achieved soft land-
ing on the moon,” said Indian
space agency chairman S. So-
manath. “India is on the moon.”
China and Russia Criticize
West at Summit in Africa
BY THOMAS GROVE
AND AUSTIN RAMZY
Russia and China used a
summit of countries known as
the Brics this week to air their
grievances against Western
powers, present themselves as
defenders of developing econo-
mies and set out the case for an
alternative international order.
Russian President Vladimir
Putin, addressing the South
African summit by video, ac-
cused the West of provoking
everything from the war in
Ukraine and global inflation to
hunger in the world’s most
vulnerable countries by ham-
pering Russian grain and fer-
tilizer sales through sanctions.
Leaders of Brics nations
Brazil, India, China and South
Africa, gathered in Johannes-
burg with Putin—who faces an
international arrest warrant
for alleged war crimes in
Ukraine—joining by video.
The annual summit pro-
vides both China and Russia
with an opportunity to set out
JOHN WESSELS/AGENCE FRANCE-PRESSE/GETTY IMAGES
A woman cast her ballot Wednesday in Mbare, Zimbabwe. Allegations of voter intimidation cast a shadow over the election.
Zimbabweans Vote Amid Fear, High Inflation
BY GABRIELE STEINHAUSER
AND BERNARD MPOFU
MUTOKO, Zimbabwe—Zim-
babweans cast their ballots
Wednesday in an election
clouded by years of dizzyingly
high inflation and intimida-
tion from a ruling party that
has been in power for more
than four decades.
Seeking re-election is Presi-
dent Emmerson Mnangagwa,
an 80-year-old veteran of the
ruling ZANU-PF party and for-
mer deputy of its longtime
strongman Robert Mugabe.
Mnangagwa deposed
Mugabe in a military coup in
late 2017, and months later
narrowly beat opposition
leader Nelson Chamisa at the
ballot box. Wednesday’s vote
was a rematch of that contest.
Hopes for a freer and more
democratic Zimbabwe follow-
ing Mugabe’s ouster were
quickly extinguished during
Prime Minister Narendra
Modi praised the hard work of
India’s scientists for taking an
Indian spacecraft “to that part
of the moon where no country
has gone before.”
“This success belongs to all
of humanity. And it will help
moon missions by other coun-
tries in the future,” he said.
India joins the U.S., Russia
and China in the group of
spacefaring nations to pull off
a controlled landing on the
moon. The operation further
cements the country’s status
as a major global player in
space, which for decades was
dominated by the U.S. and
Russia. China also has emerged
as a power in orbit, sending its
own landers to the moon and
deploying a space station.
India’s achievement is all
the more remarkable given its
minuscule space-agency bud-
get. India this year earmarked
$1.5 billion for its Department
of Space, which includes fund-
ing for the Indian Space Re-
search Organization. The U.S.
their complaints against the
West and voice support for
the increasingly important de-
veloping economies of Africa,
South America and Asia.
While no formal alliance exists
between Beijing and Moscow,
their leaders have coordinated
on anti-Western messaging.
Putin blamed the West for
the Ukraine war, and called
Western allies’ increasing ties
with the former Soviet republic
a form of neocolonialism. He
praised what he said were
Brics’s efforts to advance the
interests of Africa and Asia, in
contrast to the West, which he
said, in a separate speech
Tuesday, has wreaked havoc
with the global economy to
pursue its own economic ends.
China and Russia also set
out the case for strengthening
the Brics capabilities as a po-
litical entity and independent
trading bloc, part of an effort
to boost its clout as a counter-
weight to the West. Strength-
ening the group, Beijing and
Moscow argue, also would
the 2018 vote when six civil-
ians were shot by Zimbabwean
soldiers as they protested de-
lays in announcing the winner.
This time round, prospec-
tive voters told The Wall
Street Journal that they have
been forced to attend ZANU-
PF rallies and fear retribution
if they vote for the opposition,
allegations the party denies.
Most analysts say Chamisa,
a 45-year-old pastor and law-
yer by training, will struggle
to beat Mnangagwa, whose
ZANU-PF has ruled Zimbabwe
since its independence from
Britain in 1980. The electoral
commission has five days to
release the final results.
In 2018, Mnangagwa prom-
ised economic recovery and an
end to Zimbabwe’s international
isolation. Instead, the past five
years have brought echoes of
the hyperinflation of the
Mugabe-era and new legislation
that local and international
WORLD NEWS
A live telecast of the Chandrayaan-3 spacecraft landing.
National Aeronautics and
Space Administration’s budget
stands at $25 billion.
India is able to keep costs
down due in part to lower sala-
ries for scientists compared
with countries with major
space programs, and by saving
fuel with the use of smaller
rockets and plotting trajectories
give the developing world a
voice more equal to its size,
putting it on a footing with
Western powers whom they
accused of holding back devel-
opment in some of the world’s
most vulnerable countries.
Other Brics nations have
advised caution over expand-
ing to include nations such as
Iran and Cuba for fear the
group could become too far
aligned against the West.
Naledi Pandor, South Af-
rica’s minister of international
relations, said Wednesday that
the leaders agreed on the
guidelines, principles and pro-
cesses for considering countries
that want to join Brics, and that
more details would be shared
by the leaders before the end of
the summit Thursday.
By not attending in person,
Putin spared host and Interna-
tional Criminal Court member
South Africa the dilemma of
whether to arrest him.
Chinese leader Xi Jinping
said Wednesday that Brics na-
tions should work together to
rights groups say is aimed at
further suppressing dissent.
The local currency, which in
2018 was pegged to the U.S.
dollar, now trades at close to
5,000 Zimbabwean dollars to
the U.S. dollar. Annual inflation
spiked to 827% in July 2020 and
is at 77% three years later, a
drop that is largely the result of
much of Zimbabwe’s economy
returning to the U.S. dollar.
The sharp devaluation of the
local currency has erased sav-
ings and the purchasing power
of people paid in Zimbabwean
dollars. Analysts expect the
government to turn on the
money printing presses again
after the elections to pay sala-
ries and other obligations. Per
capita, Zimbabwe’s economy is
smaller today than in the 1980s.
Last month, Mnangagwa
signed new legislation, dubbed
the Patriotic Act, that imposes
harsh punishments, including
the death penalty, on anyone
* * THE WALL STREET JOURNAL.
minute process ended in a
crash and heartbreak for In-
dia’s first effort to land on the
moon’s south pole. The area is
more challenging for landings,
given the long shadows cast
by boulders and vast craters
there, say space experts.
Russia had sought to be-
come the first nation to land a
spacecraft in the region, but
its unmanned Luna-25 space-
AIJAZ RAHI/ASSOCIATED PRESS
craft crashed into the moon
over the weekend, said Ros-
cosmos, Russia’s space agency.
Intuitive Machines and As-
trobotic Technology, two U.S.
companies, could have their
own lunar landers blasted off
later this year, on missions
backed by NASA.
that enlist the help of gravity. India and several other na-
Scientists at the Indian tions have signed on to U.S.-
moon-mission complex backed principles for space ex-
watched with bated breath as ploration, while Russia plans
the lander module began its to work with China to develop
braking operation, drawing a lunar-research station.
ever closer to the lunar sur- Accolades poured in for
face, and then moving from a ISRO after the agency con-
horizontal to a vertical posi- firmed the landing, including
tion. In 2019, the roughly 15- from leaders of NASA and the
The leaders of Brazil, China, South Africa and India with Russian Foreign Minister Sergei Lavrov.
promote prosperity and reject- would give China more clout
ing criticisms of China’s political as it squares off with the West.
model and efforts to isolate it. Xi skipped a scheduled
Xi, who has launched pro- speech on Tuesday at the clos-
grams such as the Global Secu- ing of the Brics Business Fo-
rity Initiative and the Global rum. The absence of the leader
Development Initiative that of the world’s second-biggest
seek to put China at the center economy raised questions after
of the international order, said Xi spent much of August out of
he supports the expansion of the public eye, even as deadly
Brics “to make global gover- floods hit northeast China.
nance more just and equitable.” China offered no explana-
Such an expanded grouping tion for his absence. To further
WORLDWATCH
DOMINICAN REPUBLIC
Tropical Storm
Batters Island
Tropical Storm Franklin
unleashed heavy floods and
landslides in the Dominican
Republic after making landfall
in the country’s southern re-
gion, killing at least one per-
son and injuring two others.
The storm was expected to
swirl for most of the day
above the island of Hispaniola
that the Dominican Republic
shares with Haiti. Forecasters
warned the storm could drop
as much as 12 inches of rain
in the Dominican Republic.
Officials were also con-
cerned about Franklin’s im-
pact in Haiti, which is prone
to catastrophic flooding given
the country’s severe erosion.
Authorities in Puerto Rico,
which was hit by Franklin’s
rain, were searching for two
scuba divers missing south of
the U.S. territory in waters
churned up by the storm.
IRAN
—Associated Press
caught “willfully injuring the
Eight People Get
sovereignty and national in- Prison Sentences
terest of Zimbabwe.” Iran sentenced seven men
Rights groups say the word- and a woman to prison after
ing of the law is so broad that it their convictions for allegedly
effectively criminalizes any aiding two men who killed a
form of criticism of the nation’s paramilitary volunteer during
leadership. The government dis- the nationwide protests last
putes this interpretation, saying year that followed Mahsa
the law targets citizens working Amini’s death in police cus-
with foreign governments to tody, state media reported.
overthrow Zimbabwe’s consti- The sentences come just
tutional order or broaden sanc- ahead of the one-year anni-
tions targeted at the country. versary of Amini’s Sept. 16
The U.S. and other Western death, as authorities have
states have imposed sanctions been rounding up activists
on Mnangagwa, his son and and others in an apparent at-
other Zimbabwean officials tempt to tamp down on any
and businesses allegedly in- dissent ahead of it.
volved in human rights and The report by the judi-
other abuses, some of them ciary’s Mizan news agency
dating to the early 2000s. offered the first official con-
Although no one has been firmation of the sentences
prosecuted under the new law, apparently handed down ear-
Chamisa’s Citizens Coalition for lier by a Revolutionary Court
Change says the legislation has in the city of Karaj, where the
contributed to an atmosphere November slaying happened.
of fear among its supporters. —Associated Press
European Space Agency.
The Chandrayaan-3 mission,
which means “moon vehicle”
in Hindi, was launched in July.
The spacecraft’s nearly 40
days of travel compared with
the speedier trajectory of the
Russian craft that crashed was
due to the Chandrayaan-3’s
heavier payload and more lim-
ited fuel storage compared
with the Luna-25. India also
sent its spacecraft on a route
that looped around the Earth
and moon to take advantage of
gravity for its trajectory and
to economize on fuel.
“This will remain the most
memorable and happiest mo-
ment for all of us,” said ISRO
scientist Kalpana Kalahasti,
the associate project director
of the moon mission. “From
the day we started rebuilding
our spacecraft after the Chan-
drayaan-2 experience, it has
been breathe in, breathe out
Chandrayaan-3 for our team.”
—Aylin Woodward and
Micah Maidenberg
contributed to this article.
GIANLUIGI GUERCIA/PRESS POOL
confuse matters, Chinese state
media and a Foreign Ministry
official said it was Xi who
spoke at the forum, although
Commerce Minister Wang
Wentao delivered the Chinese
leader’s prepared remarks.
The speech referred to
“some countries,” which he
said were “not reconciled to
losing their hegemony, and
wantonly contain and suppress
emerging-market countries.”
GREECE
Flames Engulf
Forests and Homes
Advancing flames de-
voured forests and homes as
dozens of wildfires raged
across Greece, leaving 20
people dead during the past
three days, while major
blazes also burned in north-
western Turkey near the
Greek border and on Tener-
ife in Spain’s Canary Islands.
Greece’s largest forest
fire was burning out of con-
trol for the fifth day near
the city of Alexandroupolis
in the northeast, while an-
other major blaze on the
northwestern fringe of Ath-
ens was torching homes and
heading into Parnitha na-
tional park.
Firefighters tackled 355
forest fires during a five-day
period from Friday to Tues-
day, Climate Crisis and Civil
Protection Minister Vassilis
Kikilias said Wednesday.
TAIWAN
—Associated Press
U.S. Green-Lights
New Arms Sale
The Biden administration
has approved a $500 million
arms sale to Taiwan as it
ramps up military assistance
to the island despite objec-
tions from China.
The State Department
said it had signed off on the
sale of infrared search track-
ing systems along with re-
lated equipment for advanced
F-16 fighter jets. The sale in-
cludes the infrared systems
as well as test support and
equipment, computer soft-
ware and spare parts, it said.
While the deal is modest
in comparison to previous
sales, the move is likely to
draw fierce criticism from
Beijing, which regards self-
governing Taiwan as a rene-
gade province and refuses to
rule out the use of force to
reunify it with the mainland.
—Associated Press
P2JW236000-5-B00100-1--------XA

BUSINESS & FINANCE

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Juul to Lay Off 30% of Its Staff China

E-cigarette maker
awaits FDA decision
vestment or licensing arrange-
ment that could provide capi-
tal to continue its operations.
on whether its Juul is awaiting a final de-
cision from the Food and Drug
products can remain Administration on whether its
current products can remain
BY JENNIFER MALONEY on the U.S. market. The dis-
pute hinges on unresolved
Juul Labs plans to lay off technical questions in Juul’s
roughly 30% of its workforce, application for federal autho-
whittling its operations as it rization. Last month, in a sep-
seeks to raise capital or sell arate application, Juul submit-
the company. ted its next-generation
The e-cigarette maker has vaporizer for U.S. clearance.
been on tenuous financial Juul hasn’t been able to
footing since U.S. regulators strike a deal at what it deems
last year ordered its vaping a fair valuation without FDA
products off the market, then authorization for one of its de-
suspended the ban pending vices, a company spokesman
the company’s appeal. said. Potential investors also
Juul staved off bankruptcy have expressed concern about
last fall after some early in- the proliferation of illegal dis-
vestors bailed it out. Since posable vaping products,
then, Juul has sought and which have taken market
failed to make a deal with a share in the U.S. from Juul
larger company on a sale, in- and others.
“We have been working, we
have been fighting, we have
been taking steps to go from
unstable to stable,” Juul Chief
Executive K.C. Crosthwaite
told staff in an all-hands
meeting Wednesday, according
to a recording reviewed by
The Wall Street Journal. “We
know and firmly believe that
our product applications de-
serve authorization.”
The FDA didn’t comment
Wednesday.
The company plans to lay
off about 250 people in its lat-
est round of cuts, reducing its
workforce to around 650. At
its peak four years ago, the
startup had a little more than
4,000 employees.
The cuts will reduce operat-
ing expenses by $225 million,
the Juul spokesman said. The
reductions also will help move
the company toward profit-
ability and reduce the need for
Juul’s e-cigarette market
share based on dollar sales*
spokesman said. The fundrais-
ing effort was earlier reported
by Bloomberg.
80%
Given the uncertain time-
line for Juul’s potential clear-
ance in the U.S., Juul has to
60 demonstrate to potential in-
vestors that it can be profit-
able and generate positive
40 cash flow, Crosthwaite said in
the all-hands meeting.
Juul isn’t considering a
bankruptcy filing, the com-
20 pany spokesman said.
Once the market leader,
Juul is the No. 2 e-cigarette
0 maker in the U.S., according to
2018 '19 '20 '21 '22 '23 a Goldman Sachs analysis of
*For four-week period ending on date shown
Nielsen data. Juul accounted
Source: Nielsen data via Wells Fargo Securities for 25% of e-cigarette sales in
and Goldman Sachs Equity Research U.S. retail stores in the 12
weeks ended July 29, the anal-
fresh capital before the FDA’s ysis showed.
decision on its products. Juul’s sales fell after the
Juul this summer has been FDA briefly ordered its prod-
trying to raise at least $1 bil- ucts off the market in June
lion from investors, the Please turn to page B2
Dreams
Dim for
Wall Street
BY JACK PITCHER
AND REBECCA FENG
BlackRock became the first
global asset manager to oper-
ate a wholly owned mutual
fund business in China in
2021, roughly a year after
Chief Executive Larry Fink
called the country “one of the
biggest opportunities.”
Two years later, the world’s
largest asset manager is strug-
gling to compete in the market.
BlackRock ranks 145th among
nearly 200 Chinese mutual fund
houses in terms of domestic as-
sets under management, ac-
cording to Wind, a financial
data provider. Fidelity Interna-
tional and Neuberger Berman’s
wholly owned China subsidiar-

Miners Look to Burnish Green Credentials

ies rank even lower.
BlackRock’s underwhelming
start is emblematic of other
Wall Street titans whose
dreams of riches from China
BY RHIANNON HOYLE appear to be slipping away.
AND JULIE STEINBERG Deal flow for many American
investment banks in China has
Some global mining compa- slowed to a trickle with local
nies are taking their hunt for companies increasingly turn-
materials that can power the ing to their Chinese peers.
energy transition to city scrap- Meanwhile, a slowing Chinese
yards. economy and growing diffi-
Rio Tinto and Glencore culty in securing data have
have signed deals this year to damped foreign investors’ ap-
expand critical metals recy- petite for Chinese assets.
cling, branching out from in- President Biden’s new execu-
vestments over the past de- tive order that will prohibit
cade that involve running giant Americans from investing in
mines in countries including some Chinese companies is the
the U.S., Australia and Congo. latest in a string of setbacks.
They and others are betting The outlook appeared
that makers of cars and con- brighter for U.S. institu-
sumer electronics will increas- tions just a few years ago.
ingly demand sustainably In 2020, China scrapped re-
sourced metals for their prod- strictions on U.S. asset manag-
ucts. They are also seeking to ers selling mutual funds to in-
LAUREN PETRACCA FOR THE WALL STREET JOURNAL

turn a potential threat from dividual Chinese investors and

rising scrap-metal supply into lifted the limits on foreign
an opportunity. ownership in domestic securi-
Rio Tinto last month agreed ties firms. The following year,
to buy a 50% stake in Matalco, Goldman Sachs took full con-
a supplier of recycled alumi- trol of its onshore securities
num owned by Canada’s Gi- venture. In 2022, Morgan Stan-
ampaolo Group, for $700 mil- ley boosted stake in its China
lion. Rio Tinto is the world’s Please turn to page B2
second-largest miner by mar-
ket value and a major pro-
ducer of aluminum, used to
make electric vehicles, solar
panels and wind turbines.
Glencore in May agreed with Li-Cycle Holdings to study and create a recycling hub in Europe. Li-Cycle facility in Rochester, NY. Opioid
Glencore in May agreed
with Li-Cycle Holdings to
study and create a recycling
deforestation is challenging ef-
forts by some companies to get
new projects permitted and at-
Percentage of total market from scrap sources
0% 10 20 30
2022
40
2050 (estimate)
50 60 70 80 Maker
Hands
hub in Europe that could pro- tract skilled workers. Lead
duce enough recycled material “You use less energy when Nickel (Stainless steel)
for up to 36 gigawatts of lith- you recycle, and you have less

Control
ium-ion batteries annually. It impact on nature,” said Jakob Steel
would be Europe’s largest Stausholm, Rio Tinto’s chief Copper
source of recycled battery- executive. “So I do think that

To Lenders
grade lithium, cobalt and anywhere where we can do Aluminum
nickel, according to the com- that, we should try to do Zinc
panies. that.”
The moves come as the re- Miners also see an opportu- Cobalt
sources sector fights to change nity for profit. Several de- Lithium BY ALEXANDER GLADSTONE
investors’ perceptions that cades of industrialization in AND ALEXANDER SAEEDY
mining is problematic and China is expected to start Nickel (Batteries)
threatens the environment, in- throwing off more secondhand Manganese Mallinckrodt agreed to
cluding by contributing to cli- metal than ever before, which hand lenders control of the
Graphite
mate change. The industry’s companies hope can be recy- pharmaceutical company
record on emissions, waste and Please turn to page B2 Source: Wood Mackenzie through its second bankruptcy
filing in three years while re-
ducing by roughly $1 billion

Nielsen Plans to Add INSIDE Ford Truck Owners the settlement payments it
had pledged for its alleged
role in the opioid crisis.

Amazon Football Data Complain of Noise

Mallinckrodt said Wednes-
day that it would file a repeat
chapter 11 case in coming days
that would reduce its debts to
BY JOE FLINT where to buy advertising and lenders and bondholders by
formulating how much a com- BY RYAN FELTON “sonic boom” or “ear-piercing $1.9 billion and end its com-
BLOOMBERG NEWS

The football season hasn’t mercial is worth. Last season,
officially started yet, and Ama- Amazon’s ratings using its own
zon.com is already on the verge data were nearly 18% higher
of scoring a touchdown. than Nielsen’s when it came to
Nielsen is planning to incor- “Thursday Night Football.”
porate viewing data from Before Nielsen can start in-
streaming services for live pro- corporating Amazon data into
gramming, a move that will its own research, the Media
likely boost the ratings for Am- Rating Council, which sets mea-
azon Prime Video’s “Thursday surement standards, needs to
Night Football” package and al- finish its review and give its
low it to charge more for com- blessing, which could come as
mercials. early as next week.
“We are making modifica- Nielsen’s decision to accept
tions for live streaming mea- first-party data came after lob-
surement to more accurately bying by Amazon and the Na-
reflect the growing impact of tional Football League to in-
streaming and first-party clude first-person data in its
BLOOMBERG NEWS
BUSINESS
Peloton’s stock sinks
23% as the maker of
fitness bikes warns of
continued losses. B3
AND NORA ECKERT
Phil Floraday was driving
his F-150 pickup last fall when
his truck’s audio system sud-
denly emitted a loud, crashing
sound that, to him, resembled
glass shattering and then blar-
ing static.
His ears rang for days after
the event, he said.
“My first thought was one
of the neighbors must’ve hit a
golf ball that went through a
window because that’s what it
sounded like,” said Floraday,
who took delivery of the 2022-
model-year truck last summer.
static.” Drivers, in some cases,
were able to turn it off right
away. Others say it lasted for
15 minutes or more, persisting
even after the car was shut
off.
Several dozen Ford custom-
ers have filed complaints with
federal regulators, saying the
noise was so distracting they
either had to pull over and
stop driving, or if parked,
didn’t feel it was safe to get on
the road.
The automaker issued a
technical service bulletin to
dealers this summer to try to
address the audio issue, which
mitment to fund opioid reha-
bilitation and abatement pro-
grams beyond a “one-time,
final” payment. The drug-
maker made an eight-year,
$1.7 billion pledge during its
first bankruptcy case, filed in
2020, to settle mass lawsuits
alleging it oversold prescrip-
tion painkillers.
The pharmaceutical com-
pany paid $450 million to an
opioid settlement trust in
2022 and said Wednesday it
would make a final payment
of $250 million as part of its
second restructuring, while
leaving the rest of its prior

data,” Nielsen said in a writ- ratings, people familiar with Ford Motor is confronting it said is related to the ampli- commitment unpaid. The opi-
ten statement. the matter said. The NFL has a problem with some newer fier in the vehicle’s sound sys- oid trust and most of Mall-
This is the first time Nielsen been aggressively pushing Niel- pickup trucks and large SUVs: tem. inckrodt’s lenders and bond-
has agreed to use a company’s sen on its measurement of pro drivers reporting cases in A Ford spokeswoman de- holders support those terms,
own data along with its inde- football on all of its networks which the speakers in their ve- clined to disclose the number the company said Wednesday.
pendent research to publicly re- for the past few years, and has COMMODITIES hicles sound a loud and abnor- of vehicles affected. The ser- If the opioid trust hadn’t
port ratings. It only applies for even commissioned studies Esmark abandons bid mal noise—often frightening vice bulletin covers the Expe- approved a negotiated reduc-
live programming on streaming with the ratings company to the occupants. dition SUVs and the F-150 tion, the remaining payments
services and is open to other improve accuracy.
for U.S. Steel amid On online forums, F-150 pickups from the 2021-23 it is owed could have been
streamers as well. Some other NFL rights hold- pressure from United owners have been airing simi- model years and the 2022 treated as unsecured claims in
Advertisers rely on Nielsen ers are raising questions about Steelworkers. B5 lar accounts of an odd sound, F-150 Lightning electric bankruptcy and it could have
information when determining Please turn to page B4 which some describe as a Please turn to page B6 Please turn to page B2
P2JW236000-4-B00200-1--------XA

B2 | Thursday, August 24, 2023 * ** * THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Juul Cuts
today’s edition. Articles on regional page inserts aren’t cited in these indexes.
To pay for many of the set-
tlements, Juul secured equity
A Advisors...................................B10 N investments from a group in-
Abercrombie & Fitch.........B11
Advance Auto Parts B11,B12
F
F/m Investments.................B10
Nvidia.......................................A1,B11
O 30% of cluding two of Juul’s longtime
board members, Nick Pritzker
and Riaz Valani, The Journal

Workforce
Anglo American Footlocker....................................B11
Platinum.....................................B2 Omni Bridgeway..................B10 has reported. The settlements
Ford Motor...................................B1
Apollo Global O'Reilly Automotive..........B12 and financing were supposed
Management...........................A1
G to put Juul on firmer ground
P

JOHN SMITH/VIEWPRESS/GETTY IMAGES

AutoZone....................................B12 Giampaolo Group....................B1 and allow the company to be-
Peloton Interactive.B11, B12
B
Goldman Sachs Group.......B1 Continued from page B1 gin talks with potential strate-
J R 2022. They haven’t recovered gic partners.
Bandai Namco........................B12 but have stabilized, the com- Juul’s valuation has plum-
JPMorgan Chase....................B2 Rio Tinto.........................................B1
Bath & Body Works...........B11 pany said. meted since its height of $38
Juul Labs........................................B1 S
Benefit Street Partners.B10 Revenue in the quarter billion in 2018, when tobacco
BHP Group...................................B2 K Sanchez Energy....................B10 ended March 31 was $204 mil- giant Altria Group took a 35%
BlackRock.......................................B1 Kohl's...............................................B11 T lion—a decline of 21% from a stake in the vaping startup.
C L Taiwan Semiconductor year earlier, the company said. Altria divested itself of its
Lake Whillans Capital.....B10 Manufacturing......................A6 It had a net loss of $87.6 mil- Potential investors are concerned about illegal products. Juul stake in February, record-
China International
Capital..........................................B2 TJX Cos.........................................B12 lion in that quarter, including ing a loss of at least $12.5 bil-
Li-Cycle Holdings.....................B1
Cigna.................................................A4 Toll Brothers.............................B11 accounting charges related to made it difficult last year for lion with 46 states plus the lion. At the time of its divest-
M litigation, and about $138 mil- the company to raise money to District of Columbia and ment, Altria valued Juul at
Citic Securities..........................B2 W
Matalco............................................B1 lion in cash on hand at the cover its legal liabilities, Puerto Rico. $714 million.
D Microsoft.......................................A6 Williams-Sonoma....................B1 end of March, according to a bringing the company to the Many of the lawsuits ac-
Dimensional Fund Morgan Stanley........................B1 Woodside Energy................B10 disclosure the company made brink of bankruptcy. Juul in cused the e-cigarette maker of
to employees. December agreed to pay $1.7 marketing its products to chil- Watch a Video
The company’s revenue to- billion in a broad legal settle- dren and teens. Juul has said Scan this code
INDEX TO PEOPLE taled $227 million in the June
quarter, Juul’s spokesman
ment covering more than
5,000 lawsuits. Separately, the
it never targeted young people
and has been working to re-
for a video on
Juul’s collapse
said. company has reached settle- gain the trust of regulators after sparking
A Dillon, Mary.................................B3 Kirby, Ben....................................B11 Juul’s dispute with the FDA ments totaling about $1.1 bil- and the public. the vaping craze.
Agee, Charles..........................B10 E Kress, Colette............................A6
Andersen, James.................B10 M
Epstein, Ken.............................B10
Ansari, Mohammed...........B10 Minter, Robert.........................B11
Ermotti, Sergio.......................B11
B O
F
O'Kelly, Shane.........................B12
Bogart, Chris............................B10 Farley, Jim....................................B6
S
C-D H -K Scholtz, Johann......................B11
Crosthwaite, K.C.......................B1 Huang, Jensen..........................A6 Shepherd, Jeff..............B6, B12

Wall Street Cross-border businesses are

also taking a hit as interna-
tional investors’ enthusiasm

Sees China for China wanes.

Foreign investors bought a
net $12 billion of Chinese do-

Hopes Dim mestic stocks via a popular

trading link last year, the low-
est sum since 2016, according
to Wind data. Meanwhile, they
Continued from page B1 pulled about $84 billion from
securities venture to 94%. China’s bond market in 2022
Despite the official loosening and $20 billion in 2023 as of
of ownership caps, analysts say the end of July. Foreign de-
China appears uninterested in mand for Chinese stocks and
allowing a wholly owned Amer- bonds recovered somewhat
ican firm to gain momentum. this year, but the days of
“Western business models heavy buying appear to be
that were operating freely in over, at least for now.
China just a couple years ago For asset managers, China
are being challenged every presented a vast untapped
month,” said Stephen Roach, market of savers to whom
former chairman of Morgan they could sell mutual funds.
Stanley Asia and a senior fel- But international institutions

CHRISTINNE MUSCHI/BLOOMBERG NEWS

low at Yale Law School’s Paul have found it difficult to com-
Tsai China Center. “The envi- pete with larger local rivals
ronment is much, much that sell a bigger variety of
tougher today than it was.” mutual funds, including prod-
“I think plans for massive ucts that focus on specific sec-
expansion are being put on tors and investment themes
hold at a minimum,” Roach that have performed better
said. than the broader market.
As Wall Street firms con- BlackRock raised 6.68 billion
tend with a prolonged slump yuan, equivalent to about $917 Globally, 42% of aluminum will be sourced from scrap come 2050, compared with 26% in 2022, Wood Mackenzie estimates.
in investment million, in Sep-
banking reve-
nue at home,
their efforts in The country
tember 2021 for
its inaugural
mutual fund in
Miners Seek are typically thinner than run-
ning large mining pits.
For BHP Group, the world’s
and 17 cobalt mines would be
required by 2030 to meet cli-
mate pledges.
erations, Pickens said. “And at
the moment it doesn’t make a
whole lot of sense for them to
China are floun-
dering, too.
Last year,
presented a
vast untapped
China after re-
ceiving orders
from more than
To Burnish No. 1 mining company by mar-
ket value, recycling metal
doesn’t offer the same scale,
But developing a mine
takes time—16 years on aver-
age, according to the IEA—and
enter businesses with thinner
margins and in which they
have limited operating experi-
Goldman, Mor-
gan Stanley and
JPMorgan all
market of
savers.
110,000 individ-
uals. The New
Horizon Mixed
Credentials returns or require the same
skills as its core business dig-
ging up commodities such as
recycled metal has signifi-
cantly fewer carbon emissions.
Recycled aluminum produc-
ence,” he said.
Some mining companies al-
ready have a sizable foothold.
reported reve- Securities Fund iron ore and coal in the Aus- tion typically has a carbon For Glencore, a big player
nue declines at invests in doz- Continued from page B1 tralian Outback. footprint five to 25 times that has been recycling metals
their Chinese ens of midcap cled and sold again. “The fact is, it’s not as easy lower than new metal, accord- for decades, its recent agree-
domestic ventures’ investment and large-cap stocks listed in The cost to set up alumi- to do as everyone thinks,” said ing to Wood Mackenzie. ment with Li-Cycle shows how
banking business, according to mainland China. num-scrap processing facilities Duncan Wanblad, CEO of Lon- “Recycling won’t be able to the company is positioning for
their Chinese businesses’ an- The fund’s assets had is typically one-tenth of what don-based mining company completely substitute mining— the energy transition.
nual reports. Meanwhile, their shrunk 47% as of June 30, hit is needed to build plants to Anglo American, which is that goes without saying,” Em- The recycling business con-
Chinese peers, Citic Securities by investor redemptions and produce the commodity new, looking for partnerships. “It’s manuel Katrakis, secretary- tributes between $200 million
and China International Capi- returns of negative 30% since said Wood Mackenzie, a U.K.- not like you can just take a general of the European and $250 million, or less than
tal Corp. recorded 6% and 0.3% its launch. It has fared worse based consulting firm. smelter or a refinery that Recycling Industries’ Confeder- 1%, to earnings before interest,
revenue increases, respectively. than its benchmark, which is Policy makers in some parts you’ve currently got” and start ation, said earlier this year. taxes, depreciation and amorti-
Goldman’s China securities heavily weighted toward of the world have set ambi- feeding it scrap, he said. “Yet, recycling is essential to zation. Executives expect it to
venture, which only generated China’s CSI 300 index of the tious targets for recycling. The Many customers still also de-risk supply chains and drive be a multiple of that within
4% of its income from invest- largest stocks listed on the European Union’s executive need new metal. Aluminum sustainability of raw materials, five years.
ment banking business in 2022, Shanghai and Shenzhen stock body this year proposed a goal made from be them base “We see all these tailwinds,”
has led or co-led seven initial exchanges and returned nega- of getting at least 15% of some scrap can have metals or criti- said Kunal Sinha, Glencore’s
public offerings in China’s do- tive 16% over the same period. critical raw materials from its significant im- cal ones.” global head of recycling, point-
mestic market in the past de- A representative for Black- own recycled sources. purities that Recycled The recent ing to regulatory changes and
cade, including one last year. Rock declined to comment. “If you’re not going into re- mean it doesn’t aluminum has a deals involve consumer demand, such as
Citic Securities led 57 IPOs in Vanguard, another giant U.S. cyclability, we will keep on be- meet the stan- partnerships from the fashion industry.
2022 alone, Wind data show. asset manager, took a different ing cannibalized by recycling dards for some lower carbon with companies Mark Cutifani, chairman of
JPMorgan’s China securities
unit led two deals last year;
path after making plans to ex-
pand in China. The company in
because the world will see
more and more,” said Staush-
aerospace, elec-
tronics and de-
footprint than experienced in
collecting
Brazilian mining company
Vale’s base metals business,
Morgan Stanley had none. 2021 suspended its prepara- olm. fense products. new metal. scrap, some- says there has been an evolu-
In May, top JPMorgan execu- tions to launch a mutual fund Globally, 42% of aluminum Recycling times called ur- tion in the way miners are
tives, including CEO Jamie Di- business there, The Wall Street will be sourced from scrap alone can’t fill ban mining—a thinking about their role in the
mon, flew to Shanghai for the Journal reported at the time, come 2050, compared with demand pro- task that is out- energy transition and a so-
bank’s Global China Summit. In after realizing that building a 26% in 2022, Wood Mackenzie jected for the global energy side the expertise of miners called circular economy. Vale’s
a sideline interview with significant presence in China estimates. For lithium, recycled transition either, miners say. such as Rio Tinto. base metals business spends
Bloomberg, Mark Leung, the would be difficult and costly. It metal could comprise 39% of Electric cars and renewable Mining companies that are up to $200 million each year
bank’s China chief, said it had still operates a robo advisory the market by then, from 2% energy infrastructure use sev- branching out are so far only buying scrap for recycling.
received a full suite of licenses service joint venture with fi- last year. eral times more copper than really doing so where they Before ending his nearly
to operate in the country, but nancial-technology company Some executives say big gas-powered vehicles and coal have existing smelting or refin- decadelong tenure as CEO of
“it will be a longer journey than Ant Group. Western mining companies plants. ing processing capacity, said Anglo American last year, Cuti-
we would wish to gradually Many Wall Street analysts will need to get involved in An International Energy Wood Mackenzie global mining fani told The Wall Street Jour-
build up scale and reputation to offered rosy forecasts for Chi- scrap-metal supply in some Agency report on EV battery research director Nick Pickens. nal that miners needed to start
do business.” That said, the nese markets at the start of way to stay relevant. But sev- supply chains last year esti- Major producers of iron ore talking more about being ma-
firm remains committed to 2023, expecting the reopening eral also highlighted draw- mated another 50 average-size and copper are making bumper terials suppliers and not just
growing in China, he added. of the world’s second-largest backs, including margins that lithium mines, 60 nickel mines profits from their existing op- about digging.
economy from Covid restric-
Index performance tions to spark a boom in con-
20%

S&P 500
sumer spending.
Instead, there has been a
burst of dire economic data,
Lenders Second-lien creditors would
receive 7.7% of the reorganized
equity, both subject to dilu-
clining sales and widening net
losses, with sales for the quar-
ter down about 13.5% from the
Mallinckrodt was the first
opioid manufacturer to reach
a global settlement with state
15 prompting China’s central bank
to unexpectedly cut key interest
rates. Officials also said they
Take Over tion, with current sharehold-
ers to be wiped out.
Mallinckrodt’s first-quarter
comparable period the prior
year.
Over the summer, Mallinck-
attorneys general, municipal
governments, and opioid-ad-
dicted people and their fami-
10 would stop reporting the coun-
try’s youth unemployment rate,
following months of spiraling
Opioid Firm earnings report showed that
the company had $480 million
in cash and cash equivalents
rodt’s board began to discuss
the possibility of filing for
bankruptcy again, according
lies who sued the pharmaceu-
tical industry for allegedly
understating the drugs’ risks
5 increases. as of March 31, an increase of to securities filings. of addiction. After agreeing in
Wall Street is now dealing Continued from page B1 more than $70 million from Some of Mallinckrodt’s fi- 2020 to settle in bankruptcy,
with “geopolitical risk that received even less, people fa- the end of 2022, and that it nancial creditors asked the opioid plaintiffs released Mall-
0 makes these investments not miliar with the matter said. had prepared its financial company to consider alterna- inckrodt and its executives
worth the time and trouble, Under the restructuring statements “assuming the tives to making the $200 mil- from liability in return for its
particularly if you’re not mak- plan, first-lien creditors owed company will continue as a lion opioid settlement pay- pledge to fund eight years of
CSI 300 Index ing a lot of money,” said An- $2.9 billion would exchange going concern.” ment due in June and payments to the opioid trust,
–5
drew Collier, managing director their holdings for 92.3% of However, that report also submitted restructuring pro- which would distribute the
Jan. 2023 Aug.
of Orient Capital Research in Mallinckrodt’s equity as well revealed that the company posals to the company, ac- money to addiction victims
Source: FactSet Hong Kong. as $1.65 billion in new debt. had continued a pattern of de- cording to securities filings. and local governments.
P2JW236000-2-B00300-1--------XA
THE WALL STREET JOURNAL.
Peloton Plunges 23% Amid Loss Warning
Fitness-bike maker
says it expects
negative cash flow
in next two quarters
BY SABELA OJEA
Peloton Interactive shares
plunged 23% on Wednesday to
record lows after the company
reported another decline in
paying subscribers and said
the costs of an equipment re-
call was denting its profit.
The fitness-equipment com-
pany cautioned it expected to
have negative cash flow in
each of the next two quarters
as it keeps fighting high inven-
tory levels, and another se-
quential drop in subscribers.
Shares dropped to $5.41 in
Wednesday’s trading, the low-
est closing price since the com-
pany went public in 2019. The
stock fell roughly 50% in the
past 12 months and more than
95% from its pandemic-fueled
high in early 2021.
“I have never been more
optimistic and excited about
the future of the business.
Dividend Pause, Outlook Sink Foot Locker Shares
BY DEAN SEAL
Foot Locker shares plum-
meted after the company
swung to a second-quarter loss,
cut annual guidance for the
second consecutive quarter and
pressed pause on quarterly div-
idends.
The sneaker and athletic-
wear retailer will suspend cash
dividends beyond a recently
approved payout slated for Oc-
tober to ensure it can “fund
our strategic investments ap-
propriately,” Chief Executive
Mary Dillon said.
Shares fell 28% to $16.64 in
Wednesday trading. Foot
Locker’s share price has fallen
56% year to date.
Foot Locker is among the re-
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Peloton’s quarterly
net profit/loss
$0.25 billion
0
–$241.8M
–0.25
–0.50
–0.75
–1.00
–1.25
FY2021 ’22 ’23
Note: Fiscal year ended June 30
Sources: the company (profit, revenue); FactSet (performance)
There is just an enormous dis-
connect between the stock
price and the energy in the
building,” Chief Executive
Barry McCarthy said in a call
with analysts.
The New York company
said it is back to purchasing
more bike and tread inventory,
as it is in a more normalized
tailers anticipating slower sales
as consumers pull back spending
on goods in the face of inflation,
rising credit-card balances and
the impending resumption of
student-loan payments.
The company swung to a
loss of $5 million, from a profit
of $94 million a year earlier.
Revenue fell to $1.86 billion
from $2.07 billion. Comparable-
store sales decreased 9.4%.
Sales in the second quarter fell
nearly 10% to $1.86 billion, un-
der analysts’ forecasts of $1.88
billion, according to FactSet.
Comparable sales met analysts’
expectations with a 9.4% de-
cline as traffic fell.
The New York company
posted a quarterly loss of 5
cents a share, compared with
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BUSINESS & FINANCE
Quarterly revenue, change
from a year earlier
250%
200
150
100
50
0 million in the same period a
–50
FY2021 ’22
inventory position than a year
ago. “Inventory will continue
to burn cash flow in fiscal
2024,” Chief Financial Officer
Liz Coddington said.
Peloton has struggled with
its pricing strategy and re-
cently further lowered the
prices for its treadmill and
rower by about 14% and 6%,
earnings of 99 cents a share a
year ago. Stripping out one-
time items, adjusted earnings
met analysts’ expectations at 4
cents a share.
Margins were dented by an
increase in promotional activ-
ity, including higher mark-
downs, along with higher
shrink. Overhead costs were
lower overall but made up a
higher percentage of revenue
than they did last year, with
the sales decline, inflation and
investments in front-line wages
more than offsetting savings
from Foot Locker’s cost-cutting
program.
Foot Locker now expects
sales to fall 8% to 9% this year,
compared with prior guidance
for a 6.5% to 8% drop. Compa-
Share-price and index
performance, year to date
120%
100
80
60
40
S&P 500
20
0 ported revenue of $616.5
–5%
–20
Peloton
–40
’23 Jan. 2023
respectively.
The company benefited
from a surge in demand during
the first wave of Covid-19 and
expanded aggressively to keep
up with orders. However, this
investment left it with high
levels of unsold bikes when
Covid cases dropped and
Americans returned to gyms.
rable sales, which adjust for
store openings and closings,
are projected to decrease 9% to
10% instead of 7.5% to 9%.
Adjusted earnings, which
strip out one-time items, are
forecast to be between $1.30 to
$1.50 a share, compared with
previous guidance for $2 to
$2.25 a share.
Foot Locker said its sales
shortfall in the second quarter
was driven by continuing con-
sumer softness and a change in
its vendor mix, as well as the
repositioning of its subsidiary
Champs Sports. The Champs
brand’s top line fell more than
27% during the quarter.
 Heard on the Street:
Stores are maxed out... B12
Thursday, August 24, 2023 | B3
Peloton said Wednesday it
would continue to close retail
stores to shift that spending
to its marketing budget. It op-
erates 69 stores, down from
135 stores as of June 2022.
In the latest quarter, it re-
ported a negative cash flow of
$74 million, weighed down by
a legal settlement.
The company forecasts
first-quarter revenue of $580
million to $600 million, signif-
icantly below analysts’ expec-
tations of $647 million and re-
year earlier.
Peloton expects to end the
September quarter with paying
Aug. connected fitness subscribers
of 2.95 million to 2.96 million,
down from three million as of
the end of the June quarter.
The company didn’t disclose
full-year views, but Coddington
said 2024 revenue trends
would resemble 2023. “We do
expect it to be more heavily
weighted towards the back half
of the year period,” she said.
Peloton said the cost of a
seat-post recall announced in
May was higher than expected
Foot Locker is among the retailers anticipating slower sales
as consumers pull back spending on goods.
in the June quarter and would
continue to weigh on its re-
sults. So far, it has received
about 750,000 requests for re-
placement seat posts, ahead of
internal expectations, and
been able to fulfill 340,000.
The company posted nar-
rower loss of $241.8 million,
or 68 cents a share, compared
with a loss of $1.26 billion, or
$3.72 a share, for the same pe-
riod a year earlier. Analysts
surveyed by FactSet expected
losses of 40 cents. Revenue for
the fiscal fourth quarter
ended June 30 fell 5% to
$642.1 million. Analysts polled
by FactSet had forecast lower
revenue of $641 million.
The number of connected fit-
ness subscribers fell by 29,000
in the quarter, and Peloton
ended its fiscal year with 3.08
million. It had said it expected
to end the year with up to 3.09
million. Average monthly con-
nected fitness churn was 1.4%
in the quarter, increasing from
a 1.1% churn in the prior quar-
ter, as a result of the recall.
 Heard on the Street: Riders
get a brreather................. B12
CHIN HEI LEUNG/SOPA IMAGES/ZUMA
P2JW236000-2-B00400-1--------XA
B4 | Thursday, August 24, 2023
Wellness Firm Gympass Valued at $2.4 Billion
Deal comes as many
venture-backed
companies struggle
to raise new money
BY BEN DUMMETT
A group led by private-eq-
uity giant EQT AB is buying a
minority stake in Gympass in
a deal that values the fitness
startup at $2.4 billion, the
companies said.
The fundraising stands out
as many young companies are
shutting down, unable to
raise money amid a historic
drought in venture funding.
Investment in U.S. startups
dropped more than 50% in the
second quarter from a year
earlier, according to Pitch-
Book, as venture capitalists
Amazon’s
NFL Data
Measured
Continued from page B1
the speed at which this change
is happening, and are pushing
for Nielsen and the Media Rat-
ing Council to pump the brakes.
“Nielsen seems hellbent on
fulfilling Amazon’s rush order
here,” said Sean Cunningham,
chief executive of the Video Ad-
vertising Bureau, an advocacy
group whose members include
media companies such as ESPN,
CBS, Fox and NBCUniversal.
“We have multiple entities who
are shouting at Nielsen and
have been for months about
this,” Cunningham said, adding,
“this is an incredibly dangerous
precedent.”
Nielsen declined to specifi-
cally address Cunningham’s re-
marks, referring instead to a
previous statement about its
rationale for the changes.
An NFL spokesman said:
“We are actively working with
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narrowed their focus on com-
panies showing clear revenue
growth and paths to profit-
ability.
Still, in an indication of the
tougher funding environment,
Gympass’s valuation hasn’t
risen since a previous fund-
raising two years ago, even as
the company touts explosive
growth.
Gympass was founded in
2012. It works with corporate
customers to offer their em-
ployees access to a global net-
work of gyms, as well as stu-
dios, personal trainers and
wellness apps, with no con-
tracts or extra fees. Subscrip-
tions can be a lot cheaper
than traditional gym member-
ships, Gympass says.
As of July, Gympass served
more than 15,000 businesses,
close to double the total it
The NFL has been aggressively pushing Nielsen on its measurement of pro football.
and support Nielsen and all of
our broadcast partners in their
efforts to improve the accuracy
of media viewership and fully
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TECHNOLOGY
had a year ago. These include
the regional bank Citizens Fi-
nancial Group and Zendesk, a
software provider.
Revenue is growing at
about 80% annually, said Ce-
sar Carvalho, the company’s
co-founder and chief execu-
tive. He declined to provide
specific financials.
The EQT-led investor
group, which also includes
the money manager Neu-
berger Berman, is investing
$85 million. Two existing in-
vestors, General Atlantic and
Moore Strategic Ventures, in-
creased their holdings, buying
existing stock from earlier in-
vestors and former employ-
ees.
On a per-share basis, the
deal gives Gympass the same
valuation as an earlier fund-
ing round in 2021. That fund-
capture the true size of our au-
diences.”
What concerns Cunningham
and some media companies is
Premier Media Partners
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* * THE WALL STREET JOURNAL.
WSJ.com/Tech
raising was led by the Soft- U.S. early-stage venture Gympass’s rivals include
Bank Vision Fund, a unit of funding, quarterly Mindbody, the operator of
Japan’s SoftBank Group, the ClassPass app, which is
$30 billion
which remains an investor owned by Vista Equity Part-
but didn’t participate in the ners, another private-equity
latest investment. 25 firm.
Fitness centers were hit Gympass operates in 11
hard in the pandemic as cus- 20 markets including the U.S., the
tomer visits plummeted be- U.K., Brazil and Germany and
cause of stay-at-home regula- 15 employs 1,700 people. It plans
tions and people’s fear of to use the new funds to ex-
infection. Gympass still grew pand its selection of apps and
10
gross profit during lockdowns other offerings, and to make it
by adding apps for CrossFit, easier for users to identify
yoga and other activities, Car- 5 which ones suit them.
valho said. Stockholm-based EQT was
Research commissioned by 0 founded in 1994 by a company
Gympass shows that compa- 2021 ’22 ’23 backed by Sweden’s billion-
nies want to offer wellness Source: PitchBook aire Wallenberg family and is
programs to help retain staff headed by Chief Executive
and cut healthcare costs. said Carolina Brochado, an Christian Sinding. It also in-
Such benefits and Gym- EQT partner. The company’s vests in infrastructure and
pass’s recurring subscription valuation is in line with simi- property and oversees about
revenues underpin EQT’s bet lar digital marketplaces and 224 billion euros, equivalent
on the company’s prospects, software providers, she said. to $242.94 billion, of assets.
Amazon has higher co-view-
ing—the average number of
people gathered around the
and cable outlets to streaming
was expected to result in at
least a short-term decline in
television to watch a game—
than other networks average,
and more out-of-home viewing.
ratings for “Thursday Night
Football.” Amazon also was
hurt by several games that ei-
Cunningham questioned how
“we’re to believe there are ex-
ponentially more people watch-
ther featured teams that
weren’t competitive or didn’t
live up to the hype.
ing Amazon football in house- This season, the Prime Video
holds and out of homes than schedule appears on paper to
the other four networks.” be more compelling. Amazon
Amazon has defended its also has added a game on the
data, telling The Wall Street Friday after Thanksgiving.
Journal last year that it has Amazon is paying about $1.2
“strong confidence” in its first- billion annually for its NFL
party measurement because it package—nearly double what
aggregates actual viewing data Fox was paying for a slightly
from millions of devices and ac- smaller package, the Journal
counts that watch “Thursday previously reported.
Night Football.” The use of first-party data is
Nielsen estimated that likely to become more accepted
TIM NWACHUKWU/GETTY IMAGES
roughly 9.6 million people as audiences continue to frag-
watched “Thursday Night Foot- ment to new platforms, making
ball” on Prime Video last sea- it harder for Nielsen to track
son, while Amazon put that fig- viewership just through its own
ure at 11.3 million a game. Both research. “You’re going to see
figures were lower than the first-party data used on a wider
12.6 million viewers Amazon basis. It is going to become
had told advertisers it expected more ubiquitous,” said George
to reach and far below the 16.4 Ivie, chief executive of the Me-
million viewers that Fox Broad- dia Rating Council.
that Amazon’s data of its own casting, the league-owned NFL That doesn’t mean such data
audience doesn’t match data re- Network and Prime Video aver- will be given a rubber stamp,
garding NFL viewership from aged for the 2021-22 season. he said: First-party data will be
other networks. In particular, The move from broadcast subject to hard audits.
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P2JW236000-0-B00500-1--------XA

THE WALL STREET JOURNAL. Thursday, August 24, 2023 | B5

BUSINESS & FINANCE

Stores Accused of Fake Sales Esmark Withdraws

Retailers’ use of base
prices that aren’t
Bid for U.S. Steel
always real draws
BY BOB TITA plans to start producing spe-
criticism and scrutiny cialized steel for electric vehi-
Industrial conglomerate Es- cle motors.
BY PATRICK COFFEE mark said it is abandoning its Steel industry analysts con-
attempt to acquire United sidered Esmark’s pursuit of
A number of large retailers States Steel amid pressure U.S. Steel a long shot, though
face legal challenges for alleg- from the United Steelworkers Bouchard maintained that he
edly deceiving consumers by union, which has thrown its had about $10 billion available
tagging products as being on support behind a rival bid from for the purchase. Esmark op-
“sale,” even though their prices steelmaker Cleveland-Cliffs. erates several steel distribu-
weren’t always discounted. Esmark Chief Executive tors and processors, as well as
RICHARD B. LEVINE/NEWSCOM/ZUMA PRESS

This common marketing tactic James Bouchard said last a company that coats steel
is making a comeback as strug- week that he was prepared to with tin used in food cans.
gling retailers try to appeal to offer $35 a share in cash for The company also owns sev-
price-conscious consumers. the steelmaker, a day after eral other businesses in real-
Consumers and consumer Cleveland-Cliffs revealed that estate management, aircraft
advocates say that heavily pro- it presented the company with leasing, machinery and oil and
moted sale prices drive buyers a cash-and-stock offer for natural-gas drilling.
to make purchases due to fear about the same amount. U.S. Steel, one of the four
of missing out on a great bar- Bouchard said Wednesday major U.S. steelmakers, said
gain. But, in some instances, that he decided to back away on Aug. 13 that it was consid-
customers find that the prices A lawsuit that accused the parent of Eddie Bauer of deceptive sale pricing was dismissed. from the deal after the steel- ering multiple offers for all or
aren’t true discounts. workers union said it would part of its business. The Pitts-
For example, a retailer typi- million. Computer maker Dell Mendoza School of Business not been a priority for the FTC. only support Cleveland-Cliffs’ burgh-based company said its
cally may sell a top for $20, agreed this month to pay $6.5 and co-author of a new re- Most administrations have offer. The union has warned board rejected Cleveland-
but the company may raise the million to settle accusations search paper on deceptive thought it was more efficient that it would use its power un- Cliffs’ offer, after Cleveland-
product’s listed price to $40 from the Australian govern- pricing published in the aca- to let the states deal with it,” der its contract with U.S. Steel Cliffs declined to sign a non-
briefly before returning to the ment that it used misleading demic Journal of Marketing. said James Kohm, associate di- to block other companies’ at- disclosure agreement intended
standard price and advertising prices on its website. Retailers will continue to rector of the FTC’s enforce- tempts to acquire U.S. Steel. to guard any information
the blouse as 50% off. In some Such pricing practices all promote such misleading deals, ment division. “Esmark respects the posi- about U.S. Steel disclosed dur-
more extreme cases, retailers but disappeared during the since the risk of losing market Retail chains facing related tion of the United Steelwork- ing formal negotiations.
may advertise the sale without pandemic as retailers strug- share is greater than any repu- lawsuits may argue they never ers,” Esmark said. “Esmark U.S. Steel said Cleveland-
ever raising the price to $40. gled to stock goods and cus- tational or monetary damage intended to mislead consumers maintains a solid working and Cliffs wouldn’t sign such an
“It’s trying to put a carrot tomers faced long wait times. they may incur from related le- and that they struggle to com- personal rela- agreement un-
in front of the customer and Over the past year, however, gal cases, Urbany said. ply with pricing regulations tionship with less U.S. Steel
give them a sense of urgency retailers increasingly used The rise of e-commerce has that vary from state to state, the USW organ- accepted the
to purchase—and it works,” this approach to drive sales opened up new platforms for said John Villafranco, a part- ization and its The steelworkers economic terms
said Stacey Widlitz, president and unload excess inventory such practices. ner at law firm Kelley Drye & leadership.” union backs a of its offer.
of research firm SW Retail Ad- as rising inflation and other On Amazon, for in- Warren, which has represented U.S. Steel Cleveland-
visors, in describing the prac- economic concerns led con- stance, the seller of a $114.99 defendants in similar false-ad- and the United rival deal offered Cliffs has rein-
tice. “It’s incredibly common.”
Many states regulate this
sumers to pull back from
making discretionary pur-
vacuum cleaner over a two-day
period marked it down from
vertising cases.
Another common argument
Steelworkers
union had no
by Cleveland- forced its ef-
forts to acquire
practice, and retailers have chases, experts say. $249.99 to $189.95. After this is that consumers suffer no comments. Cliffs. the company
been paying more attention to A number of chains, includ- period ended, the seller once real material loss if they can’t U.S. Steel’s with the sup-
related laws in recent months ing Macy’s, Foot Locker and again listed the product at claim that the products they shares fell fol- port of the
“because there is no question Dick’s Sporting Goods, re- $114.99 with no reference to purchased were defective or lowing Esmark’s union, which
that it’s a burgeoning area of ported weaker-than-expected the higher prices, according to that they are worth less than announcement and closed 2.2% represents about 11,000 hourly
litigation,” said Stephanie sales this quarter, citing fac- a research study. the price paid. lower at $31.32. Cleveland- employees at U.S. Steel. Last
Martz, chief administrative of- tors such as continued infla- Amazon has since intro- A Washington state judge Cliffs shares closed 0.9% week, the United Steelworkers
ficer and general counsel for tion. duced an unspecified series of in June dismissed a case higher. said it transferred to Cleve-
the National Retail Federation. Retailers “are trying to sur- mechanisms to detect and against the owner of Aéro- U.S. Steel is one of the na- land-Cliffs the union’s right to
Retailers including JCPen- vive and trying to gain market prevent this sort of behavior postale and Eddie Bauer after tion’s largest steel producers, submit an offer to acquire the
ney, Foot Locker and Eddie share, and they’ll do it at any among sellers, a spokeswoman finding the plaintiff had suf- specializing in flat-rolled steel company, which is granted un-
Bauer currently face lawsuits cost,” said Widlitz. said. fered no real injury from pay- and pipe for the energy in- der the union’s existing labor
over allegations of fictitious or Many consumers aren’t The Federal Trade Commis- ing $6 for a pair of leggings dustry. The company’s main deal with U.S. Steel.
deceptive pricing. Boohoo, aware that these supposed sion produced a series of pric- with the allegedly deceptive customers include the auto- The union has said that its
owner of retail brands Nasty sales are designed to manipu- ing guidelines several decades reference price of $12.50. Ed- motive industry, appliance contract gives it “de facto veto
Gal and PrettyLittleThing, re- late them, said Joe Urbany, ago, but largely stopped pursu- die Bauer’s parent company makers and food can manu- power” over any sale of U.S.
cently settled a deceptive pric- professor of marketing at the ing related claims in the 1970s. Sparc Group didn’t respond to facturers. U.S. Steel operates Steel. The company has re-
ing case in California for $197 University of Notre Dame’s “The pricing guidelines have requests for comment. its own iron ore mines, and jected that.
P2JW236000-0-B00600-1--------XA
B6 | Thursday, August 24, 2023
Yellow’s Real Estate Sparks Bidding War
Bankrupt trucker’s
freight terminals are
up for sale in market
tight for space
BY PAUL BERGER
The dismantling of bankrupt
trucker Yellow is shaping up as
a bidding battle over real estate
as trucking companies look to
capitalize on a rare chance to
snap up coveted freight termi-
nals across North America.
Old Dominion Freight Line
last week agreed to buy Yel-
low’s network of about 170
truck terminals for $1.5 billion,
surpassing an earlier offer of
$1.3 billion from rival trucker
Estes Express Lines. Both bids
exceeded the value Yellow
placed on its real estate in its
bankruptcy filing, signaling the
high value trucking companies
place on the sites.
Old Dominion Freight Line is
now the stalking horse in a
bankruptcy court-supervised
auction that will take place on
Oct. 18. That means ODFL is the
front-runner but by no means
the certain winner in a contest
expected to draw bids from
across the trucking industry
and the industrial real-estate
sector. “There is a tremendous
amount of interest in those as-
sets,” said Paul Svindland, chief
executive of Bensenville, Ill.-
based logistics provider STG
Logistics.
A person familiar with the
bankruptcy proceedings said
hundreds of companies have
struck confidentiality agree-
ments so they can evaluate the
assets. Regional and national
freight operators will have a
rare opportunity to take on a
DAVID PAUL MORRIS/BLOOMBERG NEWS
Advance Auto has hired an executive-search firm to find a CFO.
Advance Auto Parts
Finance Chief Exits
BY WILL FEUER
Advance Auto Parts Chief
Financial Officer Jeff Shepherd
has left the company amid a
shake-up of the aftermarket
car-parts retailer’s top ranks.
Shepherd, who served as
CFO since 2018, exited the
company, effective Aug. 18. Ad-
vance Auto named Tony Is-
kander, a finance executive at
the company, as interim chief
financial officer.
Ford Truck
Owners
Complain
Continued from page B1
trucks.
Ford’s F-Series pickup truck
has been America’s bestselling
vehicle for decades.
The car company has re-
ceived about 100 complaints
related to the problem, pri-
marily involving the 2022
F-150 truck, the spokeswoman
said.
“We are working swiftly to
make sure this is resolved for
our customers,” she said.
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Yellow is seeking to repay its largest creditors, including the U.S. government, which is owed more than $700 million.
series of built-out, ready-to-op-
erate facilities in a sector in
which experts say real estate is
one of the biggest obstacles to
expansion.
Trucking terminals have be-
come more difficult and expen-
sive to build as companies are
squeezed by a shortage of the
space needed for the buildings
and truck yards. Towns and cit-
ies have grown more reluctant
to approve new industrial con-
struction as residents have
raised outcries over traffic,
noise and pollution.
Mike Barker, an executive
vice president of real-estate
services firm CBRE, said the
The company said it has
hired an executive-search firm
to find the next CFO. The
switch comes as Advance Auto
Parts also named Shane
O’Kelly, a Home Depot execu-
tive, as its next chief executive,
succeeding Tom Greco, who
previously said he planned to
retire. O’Kelly, who takes over
next month, said the company
will undertake an “operational
and strategic review of the
business.”
Ford has developed a soft-
ware fix that customers can
get at a dealership or through
a downloadable update. The
fix uses the amplifier as a fil-
ter to prevent the speaker
noise.
Often when vehicle prob-
lems occur, they are familiar
to drivers and mechanics. A
window doesn’t roll up cor-
rectly, brakes might not work
or a backup camera system is
failing. Some bizarre concerns,
meanwhile, have frustrated
drivers and automakers in the
past.
A decade ago Toyota Motor
recalled more than 800,000
vehicles because air bags
could deploy unnecessarily,
the result of spider webs clog-
ging up an air-conditioner
part. Subaru issued a recall
BUSINESS OPPORTUNITIES
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NY/CT Organic Recycling Business
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inventory & trucks. Optional mgmt contract avail.
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THE WALL STREET JOURNAL.
BUSINESS & FINANCE
spoke networks of terminals,
hauling in pallets of freight and
trading them off onto trailers
heading to final destinations.
The terminals are often close
to cities to help speed up deliv-
ery to businesses in a region.
They are typically long and nar-
row, similar to passenger gates
at airport terminals, with 20 to
100 doors on each side of the
building.
The terminals, which are
usually surrounded by ample
parking space for trucks and
trailers, were in high demand
during the pandemic when ex-
isting terminals reached their
daily capacity to handle large
volumes of freight.
“Especially in the Northeast
it’s become a huge challenge for
LTL companies to acquire ter-
CHARLIE RIEDEL/ASSOCIATED PRESS
minals and more importantly
terminals that have the right
dynamics,” said Brett Demmers,
chief operating officer at Accu-
rate Transport, a regional car-
rier in the Northeast that has
its eyes on about a dozen Yel-
low terminals.
“We are still very much ag-
gressively participating in the
large initial bids for Yellow’s companies in related fields such Transportation, which owns bid,” Demmers said.
entire portfolio could make it as those that specialize in out- AAA Cooper, a carrier compet- Yellow is seeking to repay its
harder for regional carriers to door storage of truck trailers or ing in the same less-than-truck- largest creditors, including the
acquire a smaller number of construction equipment. load market as Yellow. U.S. government, which is owed
terminals because a single Yellow earlier this summer “Any opportunity to pick up more than $700 million for a
transaction is the quickest and sold a single terminal in Comp- properties along the way, we Covid-era loan. Earlier this
least complicated way for Yel- ton, Calif., for $80 million. That would have great interest in month, the trucker listed total
low to pay off its debts. terminal was located in a high- that,” Knight-Swift Chief Execu- liabilities of $1.92 billion.
Barker said even if a single demand region for industrial tive David Jackson said on a The company’s lawyers told
company buys Yellow’s net- real estate, close to Los Angeles July 20 investor conference a bankruptcy court earlier this
work, that company is likely to and two of the nation’s busiest call. month that Yellow expects to
sell off many of the terminals seaports. Terminals in less Before Yellow shut down in be able to raise enough funds to
that don’t meet its densely populated areas are July, the 99-year-old company repay its creditors through the
needs. “There’s a handful of re- likely to sell for much less. was the third-largest carrier in sale of its assets. They said re-
ally desirable large sites that Several large trucking com- the less-than-truckload market, cent appraisals valued Yellow’s
would be very attractive,” panies on earnings conference a sector in which carriers com- real-estate portfolio at $1.1 bil-
Barker said. Other, smaller sites calls have expressed interest in bine shipments from multiple lion and valued its equipment,
could draw interest from re- Yellow’s real estate, including customers in a single trailer. including 11,700 trucks and
gional truckers, he said, and truckload carrier Knight-Swift LTL operators use hub-and- 36,000 trailers, at $900 million.
U.S. Charges Two in Crypto Platform
Tornado Cash with Money Laundering
BY MENGQI SUN tion. cause he helped develop soft- certain Internet archives.
Storm, a 34-year-old from ware, and they did so based Agents at the Federal Bu-
U.S. prosecutors charged Auburn, Wash., was arrested on a novel legal theory with reau of Investigation’s New
two individuals allegedly be- Wednesday in Washington dangerous implications for all York field office, which led the
hind decentralized cryptocur- state and will be presented in software developers,” Klein case along with other agen-
rency mixer Tornado Cash, a federal court there. Se- said in a statement. “There is cies, are working to locate Se-
saying they conspired to laun- menov, a 35 year-old Russian a lot more to this story that menov, and the investigation
der illicit funds and to violate national, remains at large and will come out at trial.” is ongoing, according to
U.S. sanctions. now also faces sanctions from The third alleged co- James Smith, the assistant di-
The indictment, filed by the U.S. Trea- founder of the rector in charge of the branch.
the U.S. Attorney’s Office in
the Southern District of New
York and unsealed Wednes-
sury Depart-
ment in con-
nection with The platform
platform,
Alexey Pertsev,
was arrested
As criminals look for new
ways to hide and launder
their illegal proceeds, whether
day, charged Roman Storm
and Roman Semenov in con-
nection with the alleged cre-
allegedly run-
ning Tornado
Cash.
was sanctioned
over connections
last August in
the
lands
Nether-
over
through the use of crypto or
mixers, the FBI’s approach is
evolving with it, he said.
ation, operation and promo-
tion of Tornado Cash, a
Brian Klein,
who represents
with North money launder-
i n g
“You will see more cases
like this going forward,”
platform that enables users to Storm in the Korea. charges. Pert- Smith said.
exchange cryptocurrencies case and a sev is currently Prosecutors alleged Storm
with relative anonymity. partner at law under house and Semenov created the core
Tornado Cash was sanc- firm Way- arrest in the functions of the Tornado Cash
tioned by the U.S. Treasury maker, said Storm has been Netherlands while he awaits service, paid for the infra-
Department last August. The cooperating with the investi- trial. A lawyer representing structure needed to run the
U.S. accused it of laundering gation since last year and him didn’t immediately re- service and advertised the
more than $1 billion in virtual contended that he wasn’t en- spond to a request for com- platform as providing un-
currency, including hundreds gaged in any criminal con- ment. traceable and anonymous fi-
of millions of dollars of hack- duct. The Tornado Cash website nancial transactions. They
ing proceeds for the Lazarus “We are incredibly disap- has since been deleted from made millions of dollars in
Group, the sanctioned North pointed that the prosecutors the Internet, but it currently profits from running Tornado
Korean cybercrime organiza- chose to charge Mr. Storm be- remains available through Cash, prosecutors said.
because certain models were
at risk of inadvertently start-
ing themselves if a key fob
was dropped.
Hyundai Motor in 2021 re-
called about 466,000 vehicles
because of a glitch with the
turn-signal function. The
driver would activate to go
one way, but the taillight
would signal the opposite of
what was intended.
JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES
Quality challenges have
weighed on Ford’s earnings in
the past.
In taking the top job at
Ford in 2020, Chief Executive
Jim Farley pledged to make
quality a priority. He has since
installed new leadership in
this area with the aim of root-
ing out potential flaws before
they are put into production.
Several drivers who have
complained to the National
Highway Traffic Safety Admin- Ford issued a technical service bulletin to dealers this summer to address the audio issue.
istration said the static noise
was so sudden and extreme cert or a car horn, according that, based on what the com- practice when the loud static
that it posed a safety risk and
could be potentially damaging
to a person’s hearing.
to the American Academy of
Audiology.
“The louder the sound is,
pany knows at this time, it
doesn’t believe the problem
rises to the level of a recall-
started blasting again. He
screamed for his daughter to
get out. She wasn’t able to
“If this had happened on the shorter the amount of able safety defect. hear him from the back seat,
the highway or in traffic it time that it’s safe,” said Sarah A NHTSA spokesperson said he said.
would probably have caused a Sydlowski, former president of the agency is aware of the is- Floraday took the truck that
wreck,” a driver in Texas the academy. At 100 decibels, sue and has received several month to a dealer, who appar-
wrote to NHTSA last month. only a few minutes of expo- owner complaints. The spokes- ently addressed the issue by
One driver reported to sure is considered safe, she person said the agency will replacing the 12-volt auxiliary
NHTSA that the sound mea- said. continue to monitor and eval- battery. This was before the
sured by the person’s Apple Under federal law, car com- uate the situation and take ac- Ford-provided fix was avail-
Watch recorded a 109 decibel panies have to initiate a recall tion if necessary. able.
spike. Others claim the noise if they discover a defect that Last December, Floraday For now, he feels the prob-
was above 100 decibels, a level poses a hazard. was driving his 8-year-old lem with the earsplitting
similar to that of a loud con- The Ford spokeswoman said daughter to musical-theater static has been resolved.
P2JW236000-0-B00700-1--------XA

THE WALL STREET JOURNAL. Thursday, August 24, 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
34472.98 s 184.15, or 0.54% Trailing P/E ratio 25.11 19.37 4436.01 s 48.46, or 1.10% Trailing P/E ratio * 22.43 23.18 13721.03 s 215.16, or 1.59% Trailing P/E ratio *† 30.07 27.21
High, low, open and close for each P/E estimate * 19.04 18.05 High, low, open and close for each P/E estimate * 20.15 18.38 High, low, open and close for each P/E estimate *† 27.15 24.36
trading day of the past three months. Dividend yield 2.05 2.13 trading day of the past three months. Dividend yield * 1.56 1.54 trading day of the past three months. Dividend yield *† 0.85 0.82
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

35800 4600 14500
Session high
DOWN UP
Session open Close
t

35200 4500 14000

Close Open
t

Session low 34600 4400 13500

34000 4300 13000

65-day moving average 33400 4200 12500

65-day moving average

32800 4100 65-day moving average 12000

Bars measure the point change from session's open

32200 4000 11500
May June July Aug. May June July Aug. May June July Aug.
* 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* 853,125,797 8,272,750
Industrial Average 34534.72 34321.00 34472.98 184.15 0.54 35630.68 28725.51 4.6 4.0 7.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 546,877,078 5,142,656
Transportation Avg 15788.34 15534.11 15767.60 175.66 1.13 16695.32 11999.40 7.2 17.7 13.0 Most-active issues in late trading Decl. volume* 300,113,788 2,712,955
Utility Average 880.91 873.15 880.04 4.34 0.50 1061.77 838.99 -15.2 -9.0 2.8 Volume After Hours Issues traded 3,024 325
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 44303.33 43835.36 44236.29 489.55 1.12 45969.67 36056.21 6.0 14.8 8.5 Advances 2,287 174
NVIDIA NVDA 14,233.5 506.75 35.59 7.55 526.88 469.99
Barron's 400 987.84 975.10 986.74 10.14 1.04 1036.97 825.73 1.9 7.2 10.7 Declines 663 135
Johnson & Johnson JNJ 11,183.7 164.67 0.14 0.09 169.60 164.30
Unchanged 74 16
Nasdaq Stock Market Kenvue KVUE 10,441.2 23.78 0.16 0.68 23.92 23.62 New highs 43 2
Nasdaq Composite 13757.00 13532.43 13721.03 215.16 1.59 14358.02 10213.29 10.4 31.1 6.6 SPDR S&P 500 ETF Trust SPY 9,270.5 445.53 2.50 0.56 445.79 436.90 New lows 62 15
Nasdaq-100 15188.86 14947.58 15148.06 239.10 1.60 15841.35 10679.34 17.3 38.5 9.4 ProSh UltraPro Shrt QQQ SQQQ 8,651.9 18.48 -0.55 -2.89 19.04 18.40 Closing Arms† 2.11 0.85
Bank of America BAC 8,503.2 28.54 0.09 0.32 28.55 28.42 Block trades* 4,280 115
S&P
Invesco QQQ Trust I QQQ 8,081.7 372.78 3.67 0.99 373.30 369.00 Nasdaq NYSE Arca
500 Index 4443.18 4396.44 4436.01 48.46 1.10 4588.96 3577.03 7.1 15.5 9.3
Direxion Dly SCOND 3 BL SOXL 6,939.1 23.88 1.28 5.66 24.24 22.56
MidCap 400 2598.37 2563.74 2597.14 28.65 1.12 2728.44 2203.53 2.5 6.9 10.8 Total volume*4,127,853,401 264,319,464
SmallCap 600 1208.20 1192.61 1206.25 12.81 1.07 1315.82 1064.45 -2.9 4.2 10.5 Percentage gainers… Adv. volume*2,795,076,527 212,345,346
Guess GES 123.5 21.57 3.26 17.80 22.44 18.31 Decl. volume*1,247,024,867 51,855,471
Other Indexes
Groupon GRPN 127.6 13.75 1.98 16.77 14.30 11.60 Issues traded 4,511 1,758
Russell 2000 1873.48 1849.83 1870.03 19.20 1.04 2003.18 1655.88 -3.4 6.2 6.4
Splunk Advances 2,878 1,564
NYSE Composite 15838.34 15690.28 15823.27 132.99 0.85 16427.29 13472.18 2.8 4.2 7.3 SPLK 425.0 111.35 11.42 11.43 111.88 99.90
Declines 1,430 182
Value Line 562.33 556.58 561.84 5.01 0.90 606.49 491.56 -2.2 4.8 6.0 GrShr 1.5x Long NVDA Dly NVDL 331.3 107.90 10.90 11.24 112.00 96.00
Unchanged 203 12
NYSE Arca Biotech 0.28 FG Merger FGMC 93.5 9.79 0.87 9.75 10.70 9.50
5273.44 5239.48 5253.94 14.47 5644.50 4390.11 7.8 -0.5 -0.9 New highs 57 12
NYSE Arca Pharma 918.12 911.11 915.23 4.13 0.45 916.50 737.84 16.0 5.5 10.9 ...And losers New lows 167 8
KBW Bank 80.38 79.00 80.33 0.90 1.14 115.10 71.96 -26.6 -20.4 2.7 AXS 1.25X NVDA Br Daily NVDS 822.2 32.50 -3.43 -9.55 36.13 31.43 Closing Arms† 0.90 2.64
PHLX§ Gold/Silver 116.93 113.73 116.34 3.53 3.13 144.37 91.40 8.0 -3.7 -7.6 MicroSect FANG+ -3X Invr FNGD 1,167.6 8.29 -0.64 -7.17 9.00 8.19 Block trades* 30,798 1,202
PHLX§ Oil Service 91.20 88.64 90.92 0.68 0.75 94.51 56.08 24.4 8.4 36.7 Direxion Dly Semi 3 Bear SOXS 6,697.9 9.31 -0.59 -5.96 9.92 9.18 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3614.08 3507.04 3602.01 74.32 2.11 3861.63 2162.32 25.7 42.3 17.9 MicroSectors FANG -3x Inv BERZ 118.1 6.65 -0.40 -5.67 7.05 6.62 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.10 15.91 15.98 -0.99 -5.83 33.63 12.91 -30.0 -26.3 -10.8 Zuora ZUO 76.3 9.18 -0.50 -5.17 9.94 8.76 Arms of less than 1 indicates buying demand; above 1
§ Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 675.46 6.12 0.91 11.6 VCI Global Bruush Oral Care
VCIG 6.90 3.15 83.80 24.20 1.53 ... BRSH 1.73 -1.74 -50.14 52.00 1.66 -96.4
MSCI ACWI ex-USA 295.68 1.68 0.57 5.1 Apellis Pharmaceuticals APLS 40.04 9.28 30.17 94.75 19.83 -34.5 Cuentas CUEN 2.14 -0.94 -30.52 21.45 1.90 -76.0
MSCI World 2937.70 28.51 0.98 12.9 MicroCloud Hologram HOLO 7.53 1.67 28.50 35.00 1.33 -26.5 Aurora Acquisition Cl A AURC 17.44 -7.11 -28.95 62.91 9.85 77.1
MSCI Emerging Markets 970.20 3.51 0.36 1.4 Abercrombie Fitch ANF 50.86 9.69 23.54 51.90 14.02 172.7 Foot Locker FL 16.64 -6.56 -28.28 47.22 14.84 -54.4
Americas MSCI AC Americas 1678.53 18.72 1.13 15.2 Arcus Biosciences RCUS 23.03 4.22 22.43 36.13 15.70 -9.8 Tivic Health Systems TIVC 2.88 -1.06 -26.90 208.00 2.77 -98.6
Canada S&P/TSX Comp 19879.79 188.58 0.96 2.6 Hitek Global HKIT 33.95 6.15 22.12 38.00 4.11 ... GRI Bio GRI 1.99 -0.69 -25.75 36.90 1.96 -85.4
Latin Amer. MSCI EM Latin America 2419.74 50.64 2.14 13.7 Meihua Intl Medical Techs MHUA 3.79 0.65 20.51 45.49 2.29 3.0 Peloton Interactive PTON 5.41 -1.58 -22.60 17.83 5.05 -59.9
Brazil BOVESPA 118134.59 1978.58 1.70 7.7 Vigil Neuroscience VIGL 7.13 1.16 19.43 16.77 4.98 -9.5 TDCX ADR TDCX 4.78 -1.37 -22.28 15.38 4.75 -42.6
Chile S&P IPSA 3491.49 17.59 0.51 10.1 Cheetah Net Supply Chain CTNT 2.98 0.45 17.79 6.90 2.10 ... Sunlight Financial SUNL 2.12 -0.58 -21.48 71.20 1.86 -96.9
Mexico S&P/BMV IPC 53635.34 507.41 0.96 10.7 Alpha Pro Tech APT 5.18 0.72 16.14 5.24 3.68 20.7 EyePoint Pharmaceuticals EYPT 11.64 -2.98 -20.38 15.63 2.19 9.5
EMEA STOXX Europe 600 453.45 1.75 0.39 6.7 MoneyLion ML 19.00 2.52 15.29 51.60 7.50 -62.1 Jin Medical International ZJYL 11.11 -2.49 -18.31 20.80 4.84 ...
Eurozone Euro STOXX 450.34 0.85 0.19 9.8 iTeos Therapeutics ITOS 13.50 1.75 14.89 24.40 11.34 -42.8 BM Technologies BMTX 2.25 -0.48 -17.43 8.58 2.16 -65.4
Belgium Bel-20 3622.93 –1.77 –0.05 –2.1 Harmony Gold Mining ADR HMY 4.06 0.51 14.37 5.43 1.94 23.8 Evelo Biosciences EVLO 5.74 -1.11 -16.20 52.90 0.49 -87.6
Denmark OMX Copenhagen 20 2184.27 1.65 19.0 ScanSource SCSC 31.82 3.93 14.09 35.50 25.75 12.0 Complete Solaria CSLR 2.21 -0.38 -14.67 16.00 2.16 -77.6
35.48
France CAC 40 7246.62 0.08 11.9 Bullfrog AI Holdings BFRG 3.29 0.40 13.84 9.50 2.47 ... CompX IntlA CIX 21.60 -3.52 -14.01 27.82 16.01 -14.4
5.74
Germany DAX 15728.41 0.15 13.0
Israel Tel Aviv 1848.08
22.79
–5.78 –0.31 2.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28233.80 68.81 0.24 19.1 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 740.73 2.52 0.34 7.5
Norway Oslo Bors All-Share 1414.98 –12.69 –0.89 3.8 Mullen Automotive MULN 214,570 510.8 0.80 68.07 177.75 0.39 iTeos Therapeutics ITOS 9,971 3456 13.50 14.89 24.40 11.34
South Africa FTSE/JSE All-Share 74022.58 744.70 1.02 1.3 AMC Entertainment AMC 196,989 440.7 1.96 -12.89 9.49 1.94 Twin Ridge Cap Acqn Cl A TRCA 499 3134 10.71 ... 11.00 9.84
Spain IBEX 35 9315.60 0.02 13.2 Ideanomics IDEX 160,565 155.0 0.04 -27.36 0.68 0.02 Feutune Light Acqn FLFV 919 2880 10.67 0.09 11.99 9.94
1.60
Sweden OMX Stockholm 0.09 2.2 ProSh UltraPro Shrt QQQ SQQQ 127,955 3.6 19.03 -4.75 69.55 16.38 Invesco CurrSh CHF Trust FXF 452 2617 101.36 0.32 103.84 88.08
799.36 0.73
0.90 Kenvue KVUE 118,510 534.5 23.62 -0.51 27.80 22.36 Liberty Rscs Acqn Cl A LIBY 138 2473 10.92 ... 11.06 10.00
Switzerland Swiss Market 10973.64 97.96 2.3
Turkey BIST 100 7602.24 –169.06 –2.18 38.0 Johnson Johnson JNJ 113,786 504.9 164.53 -0.90 181.04 150.11 Glbl X 1-3 Month T-Bill CLIP 384 2329 25.12 0.07 25.15 25.02
U.K. FTSE 100 7320.53 49.77 0.68 –1.8 EBET EBET 112,145 80.6 0.05 -12.14 2.66 0.03 Digital Brands Group DBGI 422 2173 10.81 -2.70 420.25 8.75
U.K. FTSE 250 18226.49 202.23 1.12 –3.3 Tesla TSLA 99,023 -25.7 236.86 1.57 313.80 101.81 Accretion Acquisition ENER 319 2002 10.50 -0.19 10.94 9.87
ProShares UltraPro QQQ TQQQ 85,478 -14.5 39.78 4.71 47.14 16.10 Avantis Intl LC Value AVIV 312 1898 48.21 0.68 52.03 37.47
Asia-Pacific MSCI AC Asia Pacific 159.10 1.01 0.64 2.2
AgileThought AGIL 81,956 43650.1 0.34 61.18 4.80 0.20 Northern Star III Cl A NSTC 101 1886 10.44 0.10 11.55 9.81
Australia S&P/ASX 200 7148.40 26.79 0.38 1.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3078.40 –41.93 –1.34 –0.4 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17845.92 54.91 0.31 –9.8
India S&P BSE Sensex 65433.30 0.33 7.5
Scan this code
213.27
Japan NIKKEI 225 32010.26 153.55 0.48 22.7 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3174.18 14.29 0.45 –2.4 and track most-active stocks,
South Korea KOSPI 2505.50 –10.24 –0.41 12.0 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16576.90 139.29 0.85 17.3 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1549.01 3.41 0.22 –7.2
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004172 23970 1.4
CREDIT MARKETS Argentina peso .0029350.0686 98.1 Europe
Brazil real .2059 4.8566 –8.1 Czech Rep. koruna .04510 22.172 –1.8

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race
Canada dollar
Chile peso
.7392 1.3529 –0.2
.001151 869.10 2.5
Denmark krone
Euro area euro
.1457 6.8612
1.0864 .9205
–1.2
–1.5
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000244 4092.00 –15.6 Hungary forint .002840 352.13 –5.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007592 131.72 –6.9
A consumer rate against its Money Market/Savings Accts Mexico peso .0596 16.7916 –13.8 Norway krone .0944 10.5892 8.0
benchmark over the past year 5.00% Uruguay peso .02642 37.8450 –5.3 Poland zloty .2431 4.1130 –6.1
Bankrate.com avg†: 0.60% t 14% Russia ruble .01064 94.000 27.5
Asia-Pacific
Federal-funds FNBO Direct 5.15% Tradeweb ICE 4.00 Euro Sweden krona .0916 10.9143 4.6
s Australiadollar .6480 1.5432 5.2
target rate 5.00% Omaha, NE 402-341-0500 Wednesday Close 7 Switzerland franc 1.1393 .8777 –5.1
China yuan .1374 7.2785 5.5
t 3.00 Turkey lira .0368 27.1962 45.5
Vio Bank 5.15% t Yen Hong Kong dollar .1275 7.8415 0.5
3.75 Ukraine hryvnia .0271 36.9500 0.3
0
s
One year ago 2.00 India rupee .01212 82.541 –0.3
Oklahoma City, OK 888-999-9170 UK pound 1.2724 .7859 –4.9
Indonesia rupiah .0000654 15301 –1.7
2.50 Western State Bank 5.15% –7 s Japan yen .006904 144.85 10.5 Middle East/Africa
1.00
Money market Devils Lake, ND 701-277-5003 WSJ Dollar Index Kazakhstan tenge .002166 461.61 –0.3 Bahrain dinar 2.6522 .3771 unch
account yields 1.25 0.00 Macau pataca .1237 8.0810 0.4 Egypt pound .0324 30.8904 24.8
CFG Community Bank 5.17% –14
t Malaysia ringgit .2148 4.6565 5.7 Israel shekel .2660 3.7599 6.6
Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2022 2023
0.00 New Zealand dollar .5980 1.6722 6.2 Kuwait dinar 3.2445 .3082 0.7
Popular Direct 5.20% month(s) years
S ON D J FMAM J J A Pakistan rupee .00336 297.500 31.2 Oman sul rial 2.5973 .3850 ...
Miami Lakes, FL 800-274-5696 maturity Philippines peso .0177 56.616 1.7 Qatar rial .2746 3.642 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7393 1.3526 0.9 Saudi Arabia riyal .2666 3.7512 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007530 1328.07 5.2 South Africa rand .0541 18.4710 8.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030866 323.98 –11.8
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 2.25 l 5.50 5.25 Taiwan dollar .03140 31.850 3.9
Yield (%) 52-Week Total Return (%) Thailand baht .02860 34.960 1.0 WSJ Dollar Index 97.96 –0.34–0.34 1.45
Prime rate* 8.50 8.50 5.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.30 5.30 2.25 l 5.31 5.23 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2091.100 4.590 4.650 4.710 3.300 –3.050 –5.381
Money market, annual yield 0.60 0.57 0.12 l 0.60 0.36
Five-year CD, annual yield 2.85 2.83 1.85 l 2.86 2.18 U.S. Treasury Long, Bloomberg 3074.140 4.400 4.490 4.590 3.390 –10.890–14.291 Commodities Wednesday 52-Week YTD
30-year mortgage, fixed† 7.71 7.66 5.90 l 7.71 4.66 Aggregate, Bloomberg 1962.000 5.110 5.140 5.210 3.810 –2.540 –4.720 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.93 6.88 5.12 l 6.93 4.32 Fixed-Rate MBS, Bloomberg 1937.240 5.270 5.220 5.380 3.790 –3.759 –4.338
Jumbo mortgages, $726,200-plus† 7.78 7.73 5.91 l 7.78 4.71 DJ Commodity 990.20 5.68 0.58 1113.32 930.59 -10.21 -5.58
High Yield 100, ICE BofA 3307.963 8.090 8.028 8.753 7.022 5.331 1.617 Refinitiv/CC CRB Index 274.98 0.99 0.36 301.75 253.85 -7.99 -1.00
Five-year adj mortgage (ARM)† 6.52 6.46 4.38 l 6.52 3.31
Muni Master, ICE BofA 561.188 3.611 3.462 3.936 2.757 0.595 –1.622 Crude oil, $ per barrel 78.89 -0.75 -0.94 97.01 66.74 -16.86 -1.71
New-car loan, 48-month 7.32 7.31 5.10 l 7.64 3.06
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 791.327 7.944 7.949 9.159 7.102 2.799 –4.298 Natural gas, $/MMBtu 2.497 -0.063 -2.46 9.375 1.991 -73.24 -44.20
banks.† Excludes closing costs. Gold, $ per troy oz. 1918.50 22.10 1.17 2048.00 1623.30 9.77 5.43
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW236000-0-B00800-1--------XA

B8 | Thursday, August 24, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, August 23, 2023
Metal & Petroleum Futures Dec 3,425 3,438 3,393 3,423 … 146,412 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Open High hi lo Low Settle Chg interest Sept 148.65 152.85 148.10 152.95 6.35 1,655 months.
Dec 151.05 155.05 150.90 153.90 3.85 116,272
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Wednesday Wednesday Wednesday
Aug 3.7950 3.8070 3.7950 3.8035 0.0530 390 Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 9.0450
Dec 3.7900 3.8425 3.7885 3.8375 0.0490 108,909
Oct 23.34 24.23 23.08 23.85 .45 376,443 Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 5.7250
March'24 23.71 24.51 23.42 24.18 .47 249,929
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 70.000 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat - Hard - KC (USDA) $ per bu-u 7.9500
Aug 1909.60 1918.20 1909.60 1918.50 22.10 201 Nov 40.01 … 1,446 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.0000
Sept 1899.20 1921.70 1899.20 1920.50 21.90 3,592 BMI Lithium Carbonate, EXW China, =99.2%-v,w 31375
March'24 41.67 … 3,260 Metals Food
Oct 1909.10 1931.30 1909.10 1929.90 21.80 32,649 Cotton (ICE-US)-50,000 lbs.; cents per lb. BMI Lithium Hydroxide, EXW China, =56.5% -v,w 29450
Dec 1926.80 1949.70 1926.20 1948.10 22.10 364,675 Oct 86.08 86.24 84.93 86.21 1.22 81 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6090 Beef,carcass equiv. index
Feb'24 1946.60 1969.40 1946.60 1968.10 22.20 15,961 Dec 84.49 86.00 84.30 85.82 1.46 122,920 Engelhard industrial 1906.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4638 choice 1-3,600-900 lbs.-u 291.52
April BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 620 select 1-3,600-900 lbs.-u 266.67
1967.70 1987.30 1966.60 1986.90 22.20 7,470 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Handy & Harman base 1916.65
Broilers, National comp wtd. avg.-u,w
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 317.05 320.10 316.05 319.05 1.00 2,249 Handy & Harman fabricated 2127.48 1.1104
Aug 1270.50 16.60 LBMA Gold Price AM *1901.85
Fibers and Textiles Butter,AA Chicago-d 2.7050
Nov 306.90 312.80 306.75 311.35 2.65 6,679
Dec LBMA Gold Price PM *1892.75 Cheddar cheese,bbl,Chicago-d 180.50
1265.00 1303.00 1263.00 1282.70 15.80 10,175 Burlap,10-oz,40-inch NY yd-n,w 0.7200
Cheddar cheese,blk,Chicago-d 189.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Krugerrand,wholesale-e 2006.09 Cotton,1 1/16 std lw-mdMphs-u 0.8321 Milk,Nonfat dry,Chicago lb.-d
Maple Leaf-e 2054.08 109.50
Aug 931.70 931.70 931.70 932.70 13.20 4 Cotlook 'A' Index-t *94.10 Coffee,Brazilian,Comp-y
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% American Eagle-e 1.4803
Oct 926.60 943.00 925.80 938.20 12.70 74,601 2054.08 Hides,hvy native steers piece fob-u n.a.
Sept 123-250 126-200 123-240 126-080 2-20.0 1,357,925 Coffee,Colombian, NY-y 1.8147
Silver (CMX)-5,000 troy oz.; $ per troy oz. Mexican peso-e 2476.60 Wool,64s,staple,Terr del-u,w n.a.
Dec 125-080 128-060 125-070 127-260 2-23.0 307,343 Eggs,large white,Chicago-u 1.3150
Aug 24.363 0.943 1 Austria crown-e 1884.69
Dec 23.795 24.750 23.790 24.710 0.947 84,429 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Austria phil-e 2015.69 Grains and Feeds Flour,hard winter KC-p 19.05
Hams,17-20 lbs,Mid-US fob-u 0.97
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 118-130 120-150 118-120 120-070 1-28.0 1,193,319 Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 93.06
Oct 79.64 79.91 77.62 78.89 –0.75 343,880 Dec 118-170 120-200 118-160 120-120 1-28.0 238,067 Engelhard industrial 23.9500 Bran,wheat middlings, KC-u,w 148 Pork bellies,12-14 lb MidUS-u n.a.
Nov 79.35 79.60 77.34 78.59 –0.76 188,278 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman base 24.2950 Corn,No. 2 yellow,Cent IL-bp,u 5.0500 Pork loins,13-19 lb MidUS-u 1.1894
Dec Sept 109-015 109-315 109-005 109-290 27.0 4,528,694 Handy & Harman fabricated 30.3690 Corn gluten feed,Midwest-u,w 152.0 Steers,Tex.-Okla. Choice-u
79.00 79.27 77.04 78.28 –0.75 222,700 n.a.
Jan'24 78.71 78.90 76.75 77.96 –0.74 84,977 Dec 109-140 110-135 109-140 110-110 27.5 382,472 LBMA spot price *£18.3200 Corn gluten meal,Midwest-u,w 540.9 Steers,feeder,Okla. City-u,w 268.88
June 76.91 77.15 75.12 76.30 –0.64 135,711 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% (U.S.$ equivalent) *23.3900 Cottonseed meal-u,w 350
Dec 74.80 75.07 73.18 74.30 –0.56 122,646 Sept 105-155 106-022 105-147 106-000 15.2 5,195,158 Coins,wholesale $1,000 face-a 20817 Hominy feed,Cent IL-u,w 145 Fats and Oils
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 105-302 106-182 105-300 106-157 15.7 615,482 Other metals Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a.
Sept 3.1422 3.1690 3.0981 3.1291 –.0097 36,695 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% LBMA Platinum Price PM *928.0 Oats,No.2 milling,Mnpls-u 4.5450 Grease,choice white,Chicago-h 0.6600
Oct 3.1156 3.1405 3.0714 3.1021 –.0104 86,609 Sept 101-060 101-130 101-059 101-122 5.6 3,676,983 Platinum,Engelhard industrial 935.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 101-190 101-265 101-187 101-257 6.1 309,507 Palladium,Engelhard industrial 1295.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7214
Sept 2.7693 2.7779 2.7152 2.7688 –.0203 43,738 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Aluminum, LME, $ per metric ton *2121.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 427.90 Tallow,bleach;Chicago-h 0.6950
Oct 2.5591 2.5677 2.5051 2.5595 –.0130 115,876 Aug 94.6725 94.6725 94.6700 94.6700 383,139 Copper,Comex spot 3.8035 Soybeans,No.1 yllw IL-bp,u 14.0500 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Oct 94.6350 94.6450 94.6300 94.6400 .0050 394,455
Sept 2.560 2.590 2.473 2.497 –.063 55,433 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 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;
Oct 2.654 2.673 2.570 2.592 –.060 193,054 June 94.7600 94.7625 94.7600 94.7625 .0025 1,125,051 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
Dec 94.5600 94.6100 94.5600 94.5950 .0300 1,239,338 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 8/22
Nov 3.105 3.109 3.033 3.044 –.062 202,229 Source: Dow Jones Market Data
Dec 3.619 3.619 3.535 3.542 –.075 75,906
Jan'24 3.862 3.862 3.784 3.790 –.069 93,192 Currency Futures
March 3.480 3.480 3.418 3.426 –.052 81,392 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Sept .6884 .6947 .6883 .6936 .0050 242,747 Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures Dec .6994 .7048 .6985 .7037 .0051 3,840
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Sept .7382 .7399 .7353 .7387 .0008 160,857
Tracking Bond Benchmarks
Sept 467.00 478.25 465.50 476.25 9.75 195,844
Dec 480.00 492.25 478.50 490.50 11.00 660,982
Dec .7394 .7409 .7363 .7397 .0009 4,469 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
British Pound (CME)-£62,500; $ per £ highs and lows for different types of bonds
Oats (CBT)-5,000 bu.; cents per bu. Sept 1.2733 1.2767 1.2615 1.2718 –.0023 214,027
Sept 438.00 443.25 433.75 444.50 3.25 807 Total Total
Dec 1.2734 1.2763 1.2613 1.2716 –.0022 12,156
Dec 464.50 472.00 456.00 470.50 5.25 3,081 return YTD total Yield (%) return YTD total Yield (%)
Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 1.1388 1.1429 1.1372 1.1421 .0025 43,187
close return (%) Index Latest Low High close return (%) Index Latest Low High
Sept 1350.25 1362.25 1333.50 1359.50 8.00 25,549 Dec 1.1502 1.1540 1.1485 1.1534 .0026 839
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Nov 1346.00 1364.25 1332.50 1360.50 14.50 315,202 Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. Sept .6429 .6488 .6416 .6476 .0047 223,093 1962.00 0.6 U.S. Aggregate 5.110 3.810 5.210 1937.24 0.1 Mortgage-Backed 5.270 3.790 5.380
Sept 405.90 413.90 403.40 413.00 6.70 42,981 Dec .6462 .6509 .6439 .6498 .0048 3,479
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1916.10 0.6 Ginnie Mae (GNMA) 5.280 3.790 5.370
Dec 395.40 401.70 392.10 401.00 6.00 205,853 Mexican Peso (CME)-MXN 500,000; $ per MXN
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .05885 .05931 .05884 .05922 .00038 225,695
2925.26 1.9 U.S. Corporate 1137.72 -0.02 Fannie mae (FNMA) 5.260 3.790 5.390
5.720 4.630 6.130
Sept 65.21 66.66 63.96 66.15 .94 47,344 Dec .05801 .05833 .05785 .05824 .00039 3,095
Dec 61.80 63.41 60.70 62.97 1.17 195,012 Euro (CME)-€125,000; $ per € 2845.03 2.2 Intermediate 5.690 4.430 6.050 1750.39 0.3 Freddie Mac (FHLMC) 5.410 3.780 5.420
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 1.0858 1.0885 1.0816 1.0873 .0007 729,753
Sept 15.48 15.51 15.41 15.44 –.05 3,680 Dec 1.0910 1.0932 1.0864 1.0921 .0007 10,650 3846.92 1.4 Long term 5.770 5.010 6.370 561.19 0.8 Muni Master 3.611 2.757 3.936
Nov 15.80 15.87 15.77 15.82 –.01 5,710
1.3 Double-A-rated 401.21 0.8 7-12 year 3.272 2.392 3.794
563.09 5.110 4.020 5.320
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures
Sept 604.25 617.00 598.25 612.50 10.75 57,699 778.92 2.4 Triple-B-rated 5.980 4.950 6.440 448.76 1.4 12-22 year 3.986 3.257 4.428
Mini DJ Industrial Average (CBT)-$5 x index
Dec 629.00 643.50 624.25 639.75 12.25 200,237
Sept 34349 34593 34340 34522 178 96,015 High Yield Bonds ICE BofA 420.92 2.1 22-plus year 4.608 4.020 5.131
Wheat (KC)-5,000 bu.; cents per bu. Dec 34703 34921 34677 34853 176 1,150
Sept 740.50 758.50 736.50 755.00 15.00 22,948 Mini S&P 500 (CME)-$50 x index 492.37 6.3 High Yield Constrained 8.602 7.781 9.623 Global Government J.P. Morgan†
Dec 748.75 766.75 743.75 763.75 16.00 104,959 Sept 4400.00 4476.25 4399.50 4447.00 47.75 2,194,426
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 472.99 12.5 Triple-C-rated 13.594 13.506 16.916 524.20 0.5 Global Government 3.340 2.370 3.440
Dec 4449.00 4524.50 4447.25 4495.50 48.25 31,464
Aug 245.550 246.350 244.900 245.025 –.475 5,105 Mini S&P Midcap 400 (CME)-$100 x index 3307.96 6.3 High Yield 100 8.090 7.022 8.753 763.60 -0.01 Canada 3.750 2.880 3.910
Oct 251.000 252.300 250.250 250.875 –.350 19,407 Sept 2576.20 2605.40 2568.30 2602.90 28.50 37,818
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2611.20 2622.60 2592.50 2620.80 28.40 1 427.83 5.4 Global High Yield Constrained 8.683 7.868 9.945 340.32 2.2 EMU§ 3.293 2.134 3.490
Aug 177.800 178.425 177.525 178.050 .100 4,859 Mini Nasdaq 100 (CME)-$20 x index
Sept 14959.75 15356.75 14957.25 15195.50 237.00 253,040 325.42 5.3 Europe High Yield Constrained 7.501 6.537 8.508 629.26 1.5 France 3.170 1.940 3.340
Oct 178.450 179.700 178.075 178.675 .050 125,806
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 15152.25 15543.00 15143.75 15384.50 240.75 9,860
U.S Agency Bloomberg Fixed Income Indices Germany
448.61 1.1 2.590 1.290 2.760
Oct 79.400 80.350 78.425 78.550 –1.025 79,495
Mini Russell 2000 (CME)-$50 x index
Dec 72.100 72.625 70.825 71.050 –1.300 58,907
Sept 1857.00 1879.30 1852.00 1875.20 18.60 516,068 1719.07 1.7 U.S Agency 5.050 3.550 5.140 277.86 0.03 Japan 1.050 0.630 1.060
Dec 1876.40 1898.60 1871.20 1894.10 18.60 2,960
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. March'24 1912.00 1914.40 1893.70 1912.00 19.00 30 1522.31 1.7 10-20 years 5.060 3.520 5.140 484.74 1.1 Netherlands 2.870 1.640 3.040
Sept 525.50 536.00 524.50 530.00 1.00 3,489 Mini Russell 1000 (CME)-$50 x index
Nov 526.00 535.00 526.00 530.50 .50 3,472 Sept 2433.60 2438.60 2407.90 2433.70 25.80 8,120 3241.25 1.6 20-plus years 4.940 3.960 5.240 748.12 -4.4 U.K. 4.610 2.780 4.840
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index Yankee
Aug 17.24 17.25 17.19 17.24 .02 4,960
2581.24 1.9 5.540 4.360 5.840 791.33 3.0 Emerging Markets ** 7.944 7.102 9.159
Sept 103.52 103.91 103.22 103.33 –.14 32,216
Sept 18.50 18.87 18.32 18.39 –.11 4,951 Dec 103.13 103.58 102.89 103.00 –.13 1,711 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Cocoa (ICE-US)-10 metric tons; $ per ton. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Sept 3,328 3,347 3,301 3,323 –6 6,666 Source: FactSet

Global Government Bonds: Mapping Yields

Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand 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
Inventories, imports and demand for the week ended August 18. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 4.750 U.S. 2 4.950 t l 5.035 4.846 3.304
and demand data are available monthly only. 3.875 10 4.197 t l 4.327 3.837 3.053
0.250 Australia 2 3.901 t l 3.945 4.120 3.076 -103.6 -111.2 -20.9
Inventories, 000s barrels Imports, 000s barrels per day
3.000 10 4.208 t l 4.284 4.014 3.590 0.8 -4.5 54.1
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.000 France 2 3.242 t l 3.316 3.351 0.709 -169.5 -174.0 -257.5
3.000 10 3.051 t l 3.187 2.985 1.917 -114.8 -114.2 -113.2
Crude oil and
petroleum prod 1,262,779 ... 1,266 1,214 1,267 1,281 9,041 ... 8,691 8,465 8,713 8,609 3.100 Germany 2 2.974 t l 3.071 3.095 0.854 -196.3 -198.5 -243.1
Crude oil 2.600 10 2.521 t l 2.645 2.466 1.320 -167.8 -168.4 -172.9
excluding SPR 433,528 -2,400 440 422 440 433 6,933 ... 7,158 6,171 6,860 6,363
3.600 Italy 2 3.623 t l 3.757 3.753 1.891 -131.4 -130.0 -139.4
Gasoline 217,626 ... 216 216 217 228 893 ... 586 615 777 801
Finished gasoline 15,649 -500 15 17 16 22 65 ... 55 48 88 117 4.350 10 4.177 t l 4.319 4.064 3.638 -2.3 -1.1 58.9
Reformulated 39 ... 0 0 0 0 0 ... 0 0 0 0 0.005 Japan 2 0.023 t l 0.027 -0.036 -0.083 -491.3 -503.0 -336.8
Conventional 15,610 ... 15 17 16 22 65 ... 55 48 88 117 0.400 10 0.677 s l 0.672 0.466 0.222 -352.2 -365.8 -282.7
Blend. components 201,977 ... 201 199 201 207 827 ... 531 567 689 683
0.000 Spain 2 3.353 t l 3.471 3.460 1.091 -158.4 -158.6 -219.4
Natural gas (bcf) 3,065 ... 3 3 3 3 ... ... ... ... ... …
3.550 10 3.544 t l 3.695 3.465 2.525 -65.6 -63.4 -52.4
Kerosene-type
0.625 U.K. 2 4.962 t l 5.144 4.923 2.711 2.5 8.7 -57.4
jet fuel 41,788 ... 41 40 41 41 45 ... 27 1 85 170
Distillates 116,688 200 116 112 116 139 88 ... 129 173 99 230 4.250 10 4.471 t l 4.654 4.273 2.580 27.1 32.5 -46.9
Heating oil 7,628 ... 7 8 7 9 0 ... 0 0 0 2 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 109,060 ... 109 104 109 65 87 ... 129 173 99 228
Residual fuel oil
Other oils
26,235
311,838
...
...
27
312
28
305
27
312
30
307
120
898
...
...
8 90
701 1,346
55
755
152
753
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,611,727 ... 1,614 1,667 1,615 1,886 -1,503 ... -1,764 -2,611 -1,674 627
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg National Australia Bank –14
NAB 4.966 5.21 Jan. 12, ’26 56 75
Total petroleum Shell International Finance RDSALN 2.875 4.93 May 10, ’26 29 –13 n.a.
4250
product 21,165 ... 21,663 19,339 20,895 20,623 Toronto–Dominion Bank TD 5.532 5.47 July 17, ’26 82 –11 97
Finished Natural gas, 3250 Wells Fargo WFC 4.100 5.87 June 3, ’26 118 –9 112
lower 48 states
motor gasoline 8,910 ... 8,851 8,434 8,975 9,232 t –8
2250 JPMorgan Chase JPM 5.600 5.47 July 15, ’41 97 n.a.
Kerosene-type Five-year average
UBS UBS 4.550 5.99 April 17, ’26 135 –7 139
t

jet fuel 1,698 ... 1,549 1,603 1,697 1,652 for each week
1250 Barclays BACR 5.200 6.50 May 12, ’26 185 –6
Distillates 3,836 ... 3,648 3,888 3,768 4,060 178
Residual fuel oil 319 ... 389 141 226 384 Kinder Morgan KMI 7.800 6.00 Aug. 1, ’31 181 –6 n.a.
250
Propane/propylene 974 ... 1,244 763 977 ... S O N D J F M A M J J A
Other oils 5,427 ... 5,982 4,510 5,251 ... 2022 2023
…And spreads that widened the most
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Sumitomo Mitsui Financial SUMIBK 6.184 6.24 July 13, ’43 174 274 168
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
Dow DOW 7.375 5.65 Nov. 1, ’29 130 197 n.a.

Exchange-Traded Portfolios | WSJ.com/ETFresearch American Honda Finance HNDA 5.125 5.23 July 7, ’28 88 177 91
Toronto–Dominion Bank TD 0.750 5.57 Jan. 6, ’26 92 9 n.a.
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
NextEra Energy Capital Holdings … 5.749 5.69 Sept. 1, ’25 73 7 82
Closing Chg YTD SPDR S&P Div SDY 120.93 0.52 –3.3
Wednesday, August 23, 2023 5
ETF Symbol Price (%) (%) TechSelectSector XLK 170.95 1.80 37.4 Citigroup C 4.125 5.84 July 25, ’28 148 148
Closing Chg YTD UtilitiesSelSector XLU 63.52 0.40 –9.9
ETF Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 50.05 0.40 0.5 VangdInfoTech VGT 432.89 1.82 35.5 National Fuel Gas NFG 5.500 5.93 Oct. 1, ’26 128 4 n.a.
CnsmrDiscSelSector XLY 166.09 0.80 28.6 iSh1-3YTreaBd SHY 81.03 0.19 –0.2 VangdSC Val VBR 165.23 0.93 4.0
CnsStapleSelSector XLP 72.60 0.67 –2.6 iShRussMC IWR 72.01 1.02 6.8 VangdExtMkt VXF 147.88 1.27 11.3 Oracle ORCL 5.800 5.50 Nov. 10, ’25 55 4 52
DimenUSCoreEq2 DFAC 27.13 1.04 11.7 iShRuss1000 IWB 243.40 1.12 15.6 VangdSC Grwth VBK 224.37 1.23 11.9
iShRuss1000Grw IWF 275.44 1.47 28.6 VangdDivApp VIG 161.16 0.73 6.1
EnSelSectorSPDR
FinSelSectorSPDR
XLE
XLF
87.35
33.95
–0.25
0.98
–0.1
–0.7
iShRuss1000Val IWD 157.18 0.70 3.6 VangdFTSEAWxUS VEU 53.44 1.14 6.6 High-yield issues with the biggest price increases…
HealthCareSelSect XLV iShRussell2000 IWM 185.79 1.07 6.6 VangdFTSEDevMk VEA 45.15 1.07 7.6
133.60 0.30 –1.7
iShS&P500Grw IVW
Bond Price as % of face value
IndSelSectorSPDR XLI 106.95 1.03 8.9
70.82 1.26 21.1 VangdFTSE EM VWO 40.43 1.48 3.7
iShS&P500Value IVE 159.98 0.93 10.3 VangdFTSE Europe VGK 60.42 0.83 9.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
InvscQQQI QQQ 369.11 1.58 38.6
iShSelectDiv DVY 112.03 0.67 –7.1 VangdGrowth VUG 282.57 1.48 32.6
InvscS&P500EW RSP 147.89 0.83 4.7 1.07
iShCoreDivGrowth DGRO 51.53 0.64 3.1
iSh7-10YTreaBd IEF 94.07 1.09 –1.8 VangdHlthCr VHT 244.40 0.27 –1.5 Ford Motor F 7.450 6.69 July 16, ’31 104.625 104.626
iShShortTreaBd SHV 110.34 0.02 0.4 VangdHiDiv VYM 106.44 0.54 –1.6
iShCoreMSCIEAFE IEFA 66.12 1.05 7.3 0.91
iShCoreMSCIEM IEMG 48.82 1.52 4.5
iShTIPSBondETF TIP 105.93 0.90 –0.5 VangdIntermBd BIV 73.84 0.92 –0.6 Occidental Petroleum OXY 6.450 6.34 Sept. 15, ’36 100.923 100.777
iSh20+YTreaBd TLT 95.54 2.48 –4.0 VangdIntrCorpBd VCIT 77.73 1.04 0.3
iShCoreMSCITotInt IXUS 61.55 1.22 6.3 0.75
iShUSTreasuryBd GOVT 22.47 0.83 –1.1 VangdIntermTrea VGIT 57.90 0.71 –1.0 Dish DBS … 5.125 18.49 June 1, ’29 53.750 57.491
iShCoreS&P500 IVV 445.25 1.10 15.9 JPMEquityPrem JEPI 54.92 0.75 0.8 VangdLC VV 202.74 1.15 16.4
iShCoreS&P MC IJH 259.48 1.10 7.3 JPM UltShIncm JPST 50.16 0.08 0.1 VangdMC VO 216.28 0.94 6.1 Telecom Italia Capital TITIM 6.000 8.54 Sept. 30, ’34 82.000 0.75 82.500
iShCoreS&P SC IJR 99.09 1.06 4.7 ProShUltPrQQQ TQQQ 39.78 4.71 129.9 VangdMC Val VOE 136.54 0.77 1.0
iShCoreS&PTotUS ITOT 97.67 1.13 15.2
iShCoreTotalUSDBd IUSB 44.62 0.90 –0.7
SPDRBbg1-3MTB BIL 91.72 0.02 0.3 VangdMBS VMBS 44.90 0.97 –1.4 OneMain Finance OMF 6.875 7.39 March 15, ’25 99.250 0.69 99.000
SPDR DJIA Tr DIA 344.83 0.55 4.1 VangdRealEst VNQ 81.19 1.58 –1.6
iShCoreUSAggBd AGG 96.15 0.96 –0.9 SPDR Gold GLD 177.89 1.02 4.9 VangdS&P500ETF VOO 406.95 1.08 15.8 Navient NAVI 6.750 7.69 June 15, ’26 97.665 0.29 97.875
iShEdgeMSCIMinUSA USMV 74.37 0.66 3.1 SPDRPtfDevxUS SPDW 31.82 1.05 7.2 VangdST Bond BSV 75.38 0.29 0.1
iShEdgeMSCIUSAQual QUAL 137.00 1.06 20.2 SPDRS&P500Value SPYV 42.89 0.94 10.3 VangdSTCpBd VCSH 75.50 0.39 0.4
iShGoldTr
iShiBoxx$HYCpBd
IAU
HYG
36.31
74.71
1.03
0.81
5.0
1.5
SPDRPtfS&P500 SPLG 52.11 1.13 15.9 VangdShortTrea VGSH 57.66 0.16 –0.3 …And with the biggest price decreases
SPDRS&P500Growth SPYG 61.29 1.21 21.0 VangdSC VB 197.03 1.17 7.3
iShiBoxx$IGCpBd LQD 105.26 1.41 –0.2 SPDR S&P 500 SPY 443.03 1.11 15.8 VangdTaxExemptBd VTEB 49.35 0.37 –0.3 –0.77
iShJPMUSDEmBd EMB 85.33 1.61 0.9 SchwabIntEquity SCHF
Deutsche Bank DB 4.500 7.72 April 1, ’25 95.240 96.181
34.81 1.04 8.1 VangdTotalBd BND 71.26 0.91 –0.8
iShMBS MBB 91.19 1.14 –1.7 SchwabUS BrdMkt SCHB 51.64 1.14 15.2 VangdTotIntlBd BNDX 48.56 0.77 2.4 –0.19
iShMSCIACWI ACWI 95.12 1.18 12.1 SchwabUS Div SCHD 73.58 VangdTotIntlStk VXUS
Bath & Body Works BBWI 6.875 8.04 Nov. 1, ’35 91.063 92.250
0.85 –2.6 55.14 1.19 6.6
iShMSCI EAFE EFA 70.73 1.09 7.8 SchwabUS LC SCHX 52.35 1.12 15.9 VangdTotalStk VTI 220.06 1.09 15.1
iSh MSCI EM EEM 39.02 1.59 3.0 SchwabUS LC Grw SCHG 75.03 1.52 35.0 VangdTotWrldStk VT 96.30 1.14 11.7 *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.
iShMSCIEAFEValue EFV 48.75 0.79 6.3 SchwabUS SC SCHA 43.44 1.05 7.2 VangdValue VTV 142.20 0.62 1.3 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 105.19 0.42 –0.3 SPDR S&PMdCpTr MDY 474.87 1.12 7.2 WisdTrFRTrea USFR 50.51 0.02 0.5 Source: MarketAxess
P2JW236000-1-B00900-1--------XA

THE WALL STREET JOURNAL. * Thursday, August 24, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. FidNatlInfo FIS 55.28 0.09 Infosys INFY 17.27 0.28 MatadorRscs MTDR 60.76 -0.12 PaycomSoftware PAYC 289.87 3.01 Shell SHEL 60.73 -0.20 Trip.com TCOM 39.33 1.28
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. FifthThirdBncp FITB 25.43 0.55 IngersollRand IR 68.50 1.65 MatchGroup MTCH 45.41 0.59 Paylocity PCTY 199.99 5.41 SherwinWilliams SHW 272.05 1.64 TruistFinl TFC 28.48 0.43
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FirstCitizBcshA FCNCA 1375.42 19.55 Ingredion INGR 101.73 0.99 Mattel MAT 21.56 0.29 PayPal PYPL 61.76 0.78 ShinhanFin SHG 26.57 0.55 Twilio TWLO 61.53 1.30
that include primary market trades as well as quarters. FirstHorizon FHN 12.32 0.12 t Insulet PODD 188.52 -9.22 McCormickVtg MKC.V 82.90 0.53 Pearson PSO 10.60 0.15 ShockwaveMed SWAV 222.37 1.58 TylerTech TYL 380.32 4.72
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. -0.70 PembinaPipeline PBA 30.32 0.07 Shopify
FirstIndRlty FR 51.82 1.20 Intel INTC 33.98 1.09 McCormick MKC 81.65 SHOP 56.73 2.77 TysonFoods TSN 53.47 -0.57
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing
Nasdaq ISE. standards
FirstSolar FSLR 180.58 4.08 InteractiveBrkrs IBKR 91.95 0.60 McDonald's MCD 281.87 1.56 PenskeAuto PAG 167.34 0.66 SimonProperty SPG 111.64 0.71 s UBS Group UBS 24.32 0.59
The list comprises the 1,000 largest companies lf-Late filing FirstEnergy FE 36.38 0.32 ICE ICE 114.83 1.58 McKesson MCK 421.29 2.90 Pentair PNR 67.51 1.24 SiriusXM SIRI 4.13 -0.14 UDR UDR 38.84 0.66
based on market capitalization. q-Temporary exemption from Nasdaq Fiserv FI 120.41 1.15 InterContinentl IHG 76.39 0.18 Medpace MEDP 249.77 1.57 Penumbra PEN 252.88 0.44 SiteOneLandscape SITE 157.60 2.10 U-Haul UHAL 56.51 0.57
Underlined quotations are those stocks with requirements. FiveBelow FIVE 187.08 -0.28 IBM IBM 143.41 1.92 Medtronic MDT 83.68 -0.04 PepsiCo PEP 178.12 2.42 SkechersUSA SKX 50.29 0.14 U-Haul N UHAL/B 53.56 0.82
large changes in volume compared with the t-NYSE bankruptcy FleetCorTech FLT 264.51 2.27 IntlFlavors IFF 67.21 0.22 MercadoLibre MELI 1258.87 16.14 PerformanceFood PFGC 61.66 0.67 Skyworks SWKS 107.23 1.96 US Foods USFD 40.71 0.58
issue’s average trading volume. v-Trading halted on primary market. Flex FLEX 26.48 0.54 IntlPaper IP 33.88 0.11 Merck MRK 111.30 4.07 PermianRscs PR 13.38 -0.05 SmithAO AOS 69.98 0.56 UWM UWMC 5.69 0.13
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Floor&Decor FND 99.67 1.46 Interpublic IPG 32.65 0.39 MetaData AIU 1.02 ... PetroleoBrasil PBR 14.54 1.02 Smith&Nephew SNN 27.11 0.11 Uber UBER 45.14 0.79
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, FomentoEconMex FMX 115.87 1.37 Intuit INTU 500.86 12.96 MetaPlatforms META 294.24 6.64 PetroleoBrasilA PBR.A 13.24 0.89 Smucker SJM 139.53 -0.14 Ubiquiti UI 159.13 2.67
previous closing price was $2 or higher. or securities assumed by such companies. FordMotor F 11.96 0.09 IntuitiveSurgical ISRG 290.39 3.23 MetLife MET 61.73 0.41 Pfizer PFE 36.66 -0.18 Snap SNAP 9.24 -0.01 UiPath PATH 15.40 0.11
Fortinet FTNT 59.19 0.87 InvitatHomes INVH 33.78 0.59 Mettler-Toledo MTD 1165.09 4.12 PhilipMorris PM 94.32 0.29 Snap-On SNA 266.60 1.64 UltaBeauty ULTA 437.96 7.38
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Fortis FTS 39.65 0.22 IronMountain IRM 61.06 1.52 MicrochipTech MCHP 80.59 0.36 Phillips66 PSX 112.26 -0.68 Snowflake SNOW 155.70 3.12 Unilever UL 50.84 0.25
changes in the closing prices from 4 p.m. the previous day. Fortive FTV 77.79 1.27 ItauUnibanco ITUB 5.67 0.19 MicronTech MU 65.19 1.78 PinnacleWest PNW 78.90 0.20 SOQUIMICH SQM 66.06 0.97 UnionPacific UNP 223.13 0.72
FortuneBrands FBIN 67.06 1.26 Microsoft MSFT 327.00 4.54 Pinterest PINS 27.29 0.32 SoFiTech SOFI 8.43 0.28 UnitedAirlines UAL 50.39 0.96

Wednesday, August 23, 2023

FoxA FOXA 32.94 0.08 J K L MidAmApt MAA 143.54 2.02 PioneerNatRscs PXD 234.07 -1.04 SolarEdgeTech SEDG 167.07 2.91 UnitedMicro UMC 6.86 0.11
Net Net FoxB FOX 30.64 0.05 Middleby MIDD 143.46 3.86 PlainsAllAmPipe PAA 15.35 0.02 Sony SONY 82.61 0.71 UPS B UPS 168.88 2.02
Net Stock Sym Close Chg Stock Sym Close Chg Franco-Nevada FNV 140.42 2.24 JD.com JD 33.81 0.53 MitsubishiUFJ MUFG 7.71 0.11 s PlainsGP PAGP 15.97 0.09 Southern SO 67.55 -0.18 UnitedRentals URI 448.78 7.15
Stock Sym Close Chg FranklinRscs BEN 25.99 0.61 JPMorganChase JPM 147.37 0.99 MizuhoFin MFG 3.22 0.05 PolestarAuto PSNY 3.71 0.12 SoCopper SCCO 81.42 2.20 US Bancorp USB 36.25 0.41
Bath&BodyWks BBWI 36.25 1.31 EngGr-Cmg C CIG.C 4.13 0.06 Jabil JBL 104.72 1.40
FreeportMcM FCX 39.26 0.37 Mobileye MBLY 34.82 0.08 Pool POOL 356.64 5.04 SouthwestAir LUV 31.57 0.07 US Steel X 31.32 -0.70
A B C Bausch+Lomb BLCO 19.58 0.14
BaxterIntl BAX 41.41 -0.20
ConagraBrands CAG 29.61
Confluent CFLT 33.88
-0.15
1.46
FreseniusMed FMS 24.19 0.38 JackHenry
JacobsSolns J
JKHY 156.53
136.14
-0.09
-0.25
Moderna MRNA 115.46 -0.78 Primerica PRI 201.08 0.63 SouthwesternEner SWN 6.50 -0.09 UnitedTherap UTHR 231.46 0.40
FullTruck YMM 6.95 0.71 MolinaHealthcare MOH 319.00 1.25 PrincipalFinl PFG 75.90 1.21 Splunk SPLK 99.93 1.77 UnitedHealth UNH 489.44 -2.90
BectonDicknsn BDX 277.08 1.38 ConocoPhillips COP 115.81 -0.34
AECOM ACM 88.20 0.85 Futu FUTU 48.80 0.43 JamesHardie JHX 28.92 0.63 MolsonCoorsB TAP 62.81 0.35 ProcoreTech PCOR 63.78 1.30 Spotify SPOT 138.24 4.80 UnitySoftware U 34.63 0.58
AES AES 18.32 0.36 BeiGene BGNE 202.80 8.52 ConEd ED 90.04 0.66 JazzPharm JAZZ 139.18 -1.01 monday.com MNDY 172.60 5.47 Procter&Gamble PG 153.25 1.42 StanleyBlackDck SWK 91.24 1.78 UnivDisplay OLED 152.03 1.26
Aflac AFL 73.17 -0.22 BentleySystems BSY 47.41 0.89
Berkley WRB 60.98 0.26
ConstBrands A STZ 262.05
s ConstellationEner CEG 108.44
4.73
2.18
G H I JefferiesFinl JEF 34.67 0.42 Mondelez MDLZ 71.48 1.27 Progressive PGR 130.39 -0.14 Stantec STN 66.82 0.93 UniversalHealthB UHS 130.50 -0.22
AGCO AGCO 120.40 2.72 J&J JNJ 164.53 -1.49 8.70 Prologis PLD 123.07 2.05 Starbucks
BerkHathwy B BRK.B 354.26 3.69 Cooper COO 373.56 3.38 GE HealthCare GEHC 68.99 0.06 JohnsonControls JCI 59.29 0.64
MongoDB MDB 370.74 SBUX 95.18 -0.89 UnumGroup UNM 48.45 0.08
Ansys ANSS 302.83 6.86 18.82 PrudentialFinl PRU 91.43 1.21 StateStreet STT 67.55
BerkHathwy A BRK.A 5371495309.93 Copart CPRT 45.08 1.29 GFLEnvironmental GFL 33.53 -0.47 JonesLang JLL 165.76 4.31
MonolithicPower MPWR 519.45 1.70 VF VFC 19.70 0.74
APA APA 42.54 -0.07 0.56 Prudential PUK 24.75 0.61 SteelDynamics STLD 102.89
BerryGlobal BERY 62.66 0.06 Core&Main CNM 31.35 0.18 GSK GSK 34.95 0.33 JuniperNetworks JNPR 28.14 -0.20
MonsterBev MNST 57.91 -1.96 VICI Prop VICI 30.61 0.46
ASE Tech ASX 7.66 0.25 7.66 PublicServiceEnt PEG 60.75 0.69 Stellantis
BestBuy BBY 74.70 0.47 CorebridgeFin CRBG 17.75 0.27 GXO Logistics GXO 62.10 0.56 KB Financial KB 39.75 1.04
Moody's MCO 334.67 STLA 18.20 0.11 VailResorts MTN 225.94 0.82
ASML ASML 677.12 9.60 0.41 PublicStorage PSA 275.31 1.61 Steris
Bio-Techne TECH 78.68 0.44 Corning GLW 32.20 0.24 Gallagher AJG 225.33 3.21 KBR KBR 61.09 0.48
MorganStanley MS 83.39 STE 225.52 2.19 Vale VALE 12.97 0.28
AT&T T 14.16 -0.10 3.54 PulteGroup PHM 79.66 0.83 Stevanato
Bio-RadLab A BIO 385.96 6.89 t Corteva CTVA 49.08 -0.30 Gaming&Leisure GLPI 46.30 0.24 KKR KKR 60.22 1.18
Morningstar MORN 220.21 STVN 31.33 0.70 ValeroEnergy VLO 129.37 -1.52
AbbottLabs ABT 105.13 -0.02 Mosaic MOS 38.21 -0.65 PureStorage PSTG 37.99 0.54 StifelFinancial SF VeevaSystems VEEV 187.60 0.33
Biogen BIIB 264.80 1.82 Cosan CSAN 15.05 0.28 Garmin GRMN 103.36 0.67 KLA KLAC 494.32 7.60 63.10 0.86
AbbVie ABBV 147.08 -1.16 1.90 Qiagen QGEN 44.76 0.52 STMicroelec STM 47.29
BioMarinPharm BMRN 91.07 0.54 CoStar CSGP 80.32 1.24 Gartner IT 339.64 7.02 Kanzhun BZ 15.08 0.35
MotorolaSol MSI 277.79 0.37 Ventas VTR 43.28 1.34
AcadiaHealthcare ACHC 75.57 0.24 -0.08 Qorvo QRVO 102.22 2.06 Stryker
BioNTech BNTX 123.00 -0.82 Costco COST 540.86 2.49 GenDigital GEN 20.70 0.17 t Kellogg K 60.85 0.10
MurphyOil MUR 44.71 SYK 275.96 0.48 VeriSign VRSN 205.19 2.20
Accenture ACN 315.34 6.44 1.72 Qualcomm QCOM 111.17 1.70 SumitomoMits SMFG 8.90
BlackKnight BKI 74.32 -0.11 CoterraEnergy CTRA 27.63 -0.27 Generac GNRC 114.07 0.58 Kenvue KVUE 23.62 -0.12
MurphyUSA MUSA 311.61 0.12 VeriskAnalytics VRSK 235.35 3.61
ActivisionBliz ATVI 91.74 0.08 1.07 s QuantaServices PWR 208.25 1.62 SunComms SUI 123.91
BlackRock BLK 678.77 12.93 Coty COTY 11.25 0.53 GeneralDynamics GD 224.86 0.58 KeurigDrPepper KDP 33.65 0.20
NICE NICE 200.24 2.97 Verizon VZ 33.19 -0.01
Adobe ADBE 530.71 11.23 0.05 QuestDiag DGX 133.42 1.04 SunLifeFinancial SLF 47.57
Blackstone BX 99.70 1.44 Coupang CPNG 18.76 0.11 GeneralElec GE 113.47 1.81 KeyCorp KEY 10.75 0.31
NIO NIO 10.84 0.65 VertexPharm VRTX 350.60 0.20
AdvDrainageSys WMS 125.24 2.27 NNN REIT NNN 39.58 0.60 Vertiv VRT 35.68 0.71
AdvMicroDevices AMD 109.43 3.77 Block SQ 57.22 1.15
BlueOwlCapital OWL 11.18 0.28
Credicorp BAP 143.42 3.14 t GeneralMills GIS 68.14 -0.30 KeysightTech KEYS 130.10 1.43 NOV NOV 20.39 0.15 R S SuncorEnergy SU 32.84
SuperMicroComp SMCI 277.61
0.29
19.52
Viatris VTRS 11.00 -0.04
Aegon AEG 5.12 0.01 CrowdStrike CRWD 153.81 1.48 GeneralMotors GM 33.56 0.63 KimberlyClark KMB 128.71 0.76 VinFastAuto VFS 37.03
NRG Energy NRG 37.26 0.30 0.31
Boeing BA 228.58 -1.49 CrownCastle CCI 99.50 0.79 Genmab GMAB 37.35 0.42 KimcoRealty KIM 18.90 0.32 RB Global RBA 58.47 0.49 Suzano SUZ 10.16 0.07
AerCap AER 61.81 0.35 NVR NVR 6133.95 33.51 Vipshop VIPS 16.00 -0.08
Booking BKNG 3098.56 24.67 CrownHoldings CCK 87.90 0.12 Genpact G 36.84 0.56 KinderMorgan KMI 17.26 0.01 RELX RELX 31.84 0.39 SynchronyFinl SYF 32.03 0.24
AgilentTechs A 119.13 1.49 NXP Semi NXPI 201.10 1.44 Visa V 242.30 1.73
agilon health AGL 17.16 BoozAllen BAH 113.70 0.76 CubeSmart CUBE 41.92 0.69 Gentex GNTX 32.25 0.45 KinsaleCapital KNSL 379.44 7.86 RH RH 357.02 23.36 Synopsys SNPS 448.24 11.85
0.27 Nasdaq NDAQ 52.65 0.69 Vistra VST 30.33 0.67
AgnicoEagleMines AEM 47.90 BorgWarner BWA 39.84 0.40 Cummins CMI 234.28 -0.31 GenuineParts GPC 154.36 1.24 Knight-Swift KNX 55.89 0.37 R1 RCM RCM 16.49 -0.05 Sysco SYY 70.32 0.12
1.09 NationalGrid NGG 62.11 1.23 VMware VMW 163.99 1.99
BostonProps BXP 64.60 2.07 Curtiss-Wright CW 206.31 1.28 Gerdau GGB 5.15 0.09 Philips PHG 22.20 -0.15 RPM RPM 99.74 -0.09
AirProducts APD 285.75
Airbnb ABNB 128.13
0.68
BostonSci BSX 50.35 -0.06 GileadSciences GILD 77.04 0.69 KoreaElecPwr KEP 6.74 0.12
NatlInstruments NATI 59.06 0.10
RTX RTX 86.04 0.71 T U V Vodafone VOD
VoyaFinancial VOYA 70.05
9.19 0.14

AkamaiTech AKAM 102.44

1.05
1.21
BristolMyers BMY 61.56 -0.30 D E F GitLab GTLB 46.41 1.44 KraftHeinz KHC 33.49 0.19
NatWest
NetApp
NWG 5.77
NTAP 76.53
0.07
0.02
RalphLauren RL 113.70 0.60
TC Energy TRP 35.46 0.16 VulcanMatls VMC 217.06
0.95
2.48
BritishAmTob BTI 32.57 0.36 GlobalPayments GPN 123.27 -0.18 Kroger KR 46.93 -0.08 RangeResources RRC 30.89 -0.83
Albemarle ALB 191.78 3.62 DTE Energy DTE 105.27 0.30 GlobalFoundries GFS NetEase NTES 102.64 0.78 TD Synnex SNX 99.03 1.28
Albertsons ACI 22.16 0.18
Broadcom AVGO 876.58 20.79
BroadridgeFinl BR 182.50 4.70 Danaher DHR 254.86 5.16 Globant
54.63 0.60 LKQ LKQ 51.96
GLOB 191.88 7.49 LPL Financial LPLA 229.16
0.04 Netflix NFLX 427.55 14.38
RaymondJames RJF 102.72 0.29
RealtyIncome O 57.11 0.79
TE Connectivity TEL 128.97 1.20 W X Y Z
Alcon ALC 84.44 0.41 Darden DRI 156.30 0.29 GlobeLife 0.34 Neurocrine NBIX 107.69 0.60 Telus TU 16.96 0.14
BrookfieldAsset BAM 33.23 0.74 GL 111.15 0.06 L3HarrisTech LHX 178.27 -1.94 RegalRexnord RRX 154.07 4.82 WEC Energy WEC 84.76 -0.30
AlexandriaRlEst ARE 117.28 2.86 DarlingIngred DAR 61.48 0.11 GoDaddy NewOrientalEduc EDU 54.25 1.67 Ternium TX 40.96 0.97
Brookfield BN 32.62 0.54 GDDY 71.00 0.48 LabCorp.ofAmerica LH 214.94 0.16 RegencyCtrs REG 61.21 1.00 WEX WEX 186.26 1.82
Alibaba BABA 89.84 1.76 Datadog DDOG 95.44 1.75 GoldFields NY CmntyBcp NYCB 11.93 0.19 TFI Intl TFII 129.54 -0.38
BrookfieldInfr BIP 31.87 0.56 GFI 12.31 0.58 RegenPharm REGN 840.81 0.18 W.P.Carey WPC 65.02 0.88
AlignTech ALGN 359.48 7.85
BrookfieldRenew BEPC 28.43 0.72 DaVita DVA 102.06 0.40 GoldmanSachs GS 322.33 3.54 LamResearch LRCX 678.09 11.27 NYTimes A NYT 42.93 0.48
RegionsFinl RF 18.80 0.38
TIM TIMB 15.10 0.19
WPP WPP 47.80 0.58
Allegion ALLE 110.43 2.64 LamarAdv LAMR 90.31 1.81 Newmont NEM 39.19
RGA 136.91 1.50 TJX TJX 90.01
DeckersOutdoor DECK 550.22 -5.15 Grab 0.59 0.91
Brown&Brown BRO 72.91 1.20 GRAB 3.70 0.36 LambWeston LW 96.65 0.38 ReinsGrp Wabtec WAB 112.23 1.35
AllegroMicro ALGM 39.34 0.76 NewsCorp A NWSA 20.87
RelianceSteel RS 274.34 -2.86 T-MobileUS TMUS 136.33
Deere DE 394.28 9.07 Graco 0.21 1.17
Brown-Forman A BF.A 70.50 2.21 GGG 76.97 1.26 LandstarSystem LSTR 189.36 3.40 WalgreensBoots WBA 26.54 ...
AlliantEnergy LNT 50.55 0.15 DellTechC DELL 56.83 1.03 Grainger NewsCorp B NWS 21.33 0.20 TPG TPG 26.83 0.07 Walmart
Brown-Forman B BF.B 69.29 2.38 GWW 707.13 8.26 LasVegasSands LVS 53.98 0.54 RenaissanceRe RNR 181.77 4.79 WMT 158.10 1.09
Allstate ALL 105.62 0.50 NextEraEnergy NEE 67.89
RentokilInit RTO 37.16 0.34 T.RowePrice TROW 110.37
DeltaAir DAL 42.20 0.59 GraphicPkg GPK 21.58 -0.06 0.37 2.96 WarnerBrosA WBD 12.70
Bruker BRKR 62.51 -0.14 LatticeSemi LSCC 95.33 4.25 0.16
AllyFinancial ALLY 26.28 0.27 Nike NKE 98.75
RGEN 166.32 4.51 TaiwanSemi TSM 94.22
DentsplySirona XRAY 37.78 0.26 Grifols -2.71 1.98 WarnerMusic WMG 32.55
BuildersFirst BLDR 136.61 4.80 GRFS 9.94 -0.02 Repligen 0.35
AlnylamPharm ALNY 190.38 1.00
Bunge BG 112.12 0.73 DeutscheBank DB 10.71 0.10 GpoAeroportuar PAC 181.01 2.29 Lear LEA 142.22 1.24 NiSource NI 26.52 0.15
RepublicSvcs RSG 146.30 -0.10 TakeTwoSoftware TTWO 144.55 4.07 WasteConnections WCN 137.84 0.69
Alphabet A GOOGL 132.37 3.29 LegendBiotech LEGN 69.06 -0.55 Noble NE
BurlingtonStrs BURL 169.95 6.03 DevonEnergy DVN 49.34 -0.40 GpoAeroportSur ASR 271.26 4.52
Leidos LDOS 95.50 0.11
50.85 0.18 t
ResMed RMD 162.00 -0.58 TakedaPharm TAK 15.23 0.19 WasteMgt WM 158.38 0.25
Alphabet C GOOG 133.21 3.52 Nokia NOK 3.83 0.03
CACI Intl CACI 331.00 3.57 DexCom DXCM 104.38 -2.60 HCA Healthcare HCA 277.17 2.34 RestaurantBrands QSR 69.57 0.51 Tapestry TPR 33.42 0.26 Waters WAT 271.03 3.06
Altria MO 43.12 0.35
CBRE Group CBRE 83.17 2.22 Diageo DEO 169.07 2.01 HDFC Bank HDB 63.83 0.87 Lennar B LEN.B 105.53 -0.06 Nomura NMR 3.78 0.05
Revvity RVTY 116.29 2.27 TargaResources TRGP 83.63 -0.07 Watsco WSO 350.81 1.73
Amazon.com AMZN 135.52 1.27 Lennar A LEN 117.17 0.62 Nordson NDSN 239.27 3.57
CCC Intelligent CCCS 10.75 0.05 DiamondbkEner FANG 148.22 -0.08 HF Sinclair DINO 55.36 -1.19 LennoxIntl LII 364.81 14.30 RexfordIndlRealty REXR 53.00 1.17 Target TGT 123.21 -1.73 Wayfair W 67.41 2.10
Ambev ABEV 2.93 0.05 Dick's DKS 111.15 -0.38 HP NorfolkSouthern NSC 210.60 1.88 RioTinto RIO 61.69 1.37 TechnipFMC FTI 18.40 0.24 WebsterFin WBS 41.93
CDW CDW 204.83 1.95 HPQ 31.15 0.13 LiAuto LI 38.94 -0.19 0.74
Amcor AMCR 9.37 0.06 DigitalRealty DLR 125.77 2.05 HSBC NorthernTrust NTRS 75.38 1.12 Rivian RIVN 20.32 0.24 TeckResourcesB TECK 40.71 0.32 WellsFargo WFC 41.61
CF Industries CF 74.40 -2.35 HSBC 37.61 0.23 LibertyBroadbandC LBRDK 88.16 0.47 0.11
Amdocs DOX 87.49 1.01 DiscoverFinSvcs DFS 88.59 0.28 H World NorthropGrum NOC 434.52 -3.21 RobertHalf RHI 75.27 0.05 TeledyneTech TDY 411.74 5.48 Welltower WELL 81.00
CGI A GIB 101.58 1.57 HTHT 44.92 1.64 LibertyBroadbandA LBRDA 88.23 0.46
1.15
Ameren AEE 80.32 0.02 Disney DIS 85.83 0.04 Haleon NorwegCruise NCLH 17.57 0.31 Robinhood HOOD 10.50 0.12 Teleflex TFX 217.55 0.33 WescoIntl WCC 155.95
CH Robinson CHRW 93.19 0.33 HLN 8.36 0.12 LibertyGlobal A LBTYA 17.89 0.49
2.95
AmericaMovil AMX 19.33 0.22 DocuSign DOCU 48.16 0.29 Halliburton Novartis NVS 102.83 0.24 Roblox RBLX 26.42 -0.20 Ericsson ERIC 4.96 0.01 WestPharmSvcs WST 393.07
CME Group CME 200.75 1.26 HAL 38.72 0.14 LibertyGlobal B LBTYB 17.84 -0.64
-0.11
AmerAirlines AAL 14.78 -0.05 DolbyLab DLB 83.58 0.43 HartfordFinl HIG NovoNordisk NVO 190.04 5.03 RocketCos. RKT 10.52 0.21 TelefonicaBras VIV 8.66 0.11 WesternDigital WDC 41.05
CMS Energy CMS 56.88 0.24 71.32 0.29 LibertyGlobal C LBTYK 19.15 0.55
0.63
AEP AEP 79.43 0.81 DollarGeneral DG 158.51 -1.32 Hasbro NuHoldings NU 7.25 -0.10 Rockwell ROK 297.54 4.90 Telefonica TEF 3.93 0.06 WesternMidstrm WES 27.18
CNA Fin CNA 39.04 0.24 HAS 66.84 -0.87 -0.11
AmerExpress AXP 159.44 0.36
CNH Indl CNHI 13.06 0.16 DollarTree DLTR 142.22 1.51 HealthpeakProp PEAK 20.25 0.42 LibertyFormOne C FWONK 66.13 0.28 Nucor NUE 167.01 -1.41 RogersComm B RCI 39.46 0.19 TelekmIndonesia TLK 24.42 0.18 Westlake WLK 129.93 -0.57
AmericanFin AFG 113.73 0.86 LibertyFormOne A FWONA 58.16 0.23 Nutanix NTNX 31.73 0.01
CRH CRH 57.88 0.67 t DominionEner D 47.80 ... Heico HEI 165.45 -0.56 LibertySirius C LSXMK 23.84 0.04
RoivantSciences ROIV 11.71 0.56 TempurSealy TPX 43.90 1.13 WestRock WRK 32.07 0.42
AmHomes4Rent AMH 35.31 0.66 Domino's DPZ 382.62 2.90 Heico A Nutrien NTR 60.36 ...
Roku ROKU 80.27 1.61 Tenaris TS 32.86 -0.06 Weyerhaeuser WY
CSX CSX 31.00 0.49 HEI.A 132.25 -0.13 LibertySirius A LSXMA 23.33 0.05
33.32 0.63
AIG AIG 57.62 0.28 Donaldson DCI 61.44 0.78 HenrySchein HSIC 76.27 0.02 nVentElectric NVT 52.94 1.26
Rollins ROL 39.61 0.27 TencentMusic TME 6.41 0.02 WheatonPrecMet WPM 42.74
CVS Health CVS 66.40 -0.65 Light&Wonder LNW 75.69 0.68
1.13
AmerTowerREIT AMT 177.84 2.11 DoorDash DASH 77.34 -0.50 Hershey NVIDIA NVDA 471.16 14.48
RoperTech ROP 493.07 5.50 TenetHealthcare THC 75.10 2.42 Whirlpool WHR 135.75
CadenceDesign CDNS 233.58 8.07 HSY 215.32 1.47 s EliLilly LLY 553.36 -0.30
-0.25
AmerWaterWorks AWK 139.55 1.15 Dover DOV 142.05 2.16 Hess s RossStores ROST 121.88 4.09 Teradyne TER 105.32 2.57 Williams
AmericoldRealty COLD 33.01 0.77
CAE CAE 23.58 0.14
CaesarsEnt CZR 53.10 1.49 Dow DOW 53.40
HES 150.82 -1.20 LincolnElectric LECO 188.01
-0.39 HessMidstream HESM 28.99 0.05 2.61 O P Q RoyalBkCanada RY 88.86 0.58 Tesla TSLA 236.86
WMB 34.70
3.67 Williams-Sonoma WSM 142.02
0.07
16.87
Ameriprise AMP 333.43 4.78 CamdenProperty CPT 106.60 1.49 s DrReddy'sLab RDY 72.77 1.30 HewlettPackard HPE 17.02 0.23 Linde LIN 378.35 0.76
OGE Energy OGE 34.34 0.21 RoyalCaribbean RCL 102.41 3.05 TetraTech TTEK 158.89 0.48 WillisTowers WTW 202.77 2.28
AmerisourceBrgn ABC 177.77 -0.19 LithiaMotors LAD 305.26 6.38
s Cameco CCJ 35.96 -0.24 DraftKings DKNG 27.81 0.57 Hilton HLT 149.87 -0.12 LiveNationEnt LYV 84.09 ONEOK OKE 64.70 -0.16 RoyalGold RGLD 110.78 2.49 TevaPharm TEVA 9.74 -0.01 WillScotMobile WSC 41.38 -0.17
Ametek AME 156.29 1.60 -0.16
t CampbellSoup CPB 41.79 -0.10 Dropbox DBX 27.24 0.16 Hologic HOLX 75.31 -1.55 ON Semi ON 92.88 0.51 RoyaltyPharma RPRX 29.68 0.06 TexasInstruments TXN 169.83 2.72 Wipro WIT 5.09 0.10
Amgen AMGN 257.36 -0.26 CIBC CM 39.59 0.36 DukeEnergy DUK 90.34 0.75 HomeDepot HD 326.09 1.61 LloydsBanking LYG 2.12 0.03
OReillyAuto ORLY 947.17 13.14 s RyanSpecialty RYAN 46.18 0.69 TexasPacLand TPL 1876.31 -5.83 WoodsideEnergy WDS 24.23 0.02
Amphenol APH 86.36 0.56 CanNtlRlwy CNI 113.00 0.96 DuPont DD 74.52 0.63 HondaMotor HMC 31.51 0.71 LockheedMartin LMT 454.57 1.63
OccidentalPetrol OXY 61.82 -1.09 Ryanair RYAAY 99.73 0.21 TexasRoadhouse TXRH 106.19 1.44 Woodward WWD 126.93 1.68
AnalogDevices ADI 177.48 0.82 Loews L 61.96 0.58
CanadianNatRscs CNQ 61.03 -0.28 Dynatrace DT 46.63 0.49 Honeywell HON 187.08 1.07 Okta OKTA 73.51 2.13 SAP SAP 140.14 1.67 Textron TXT 75.75 0.38 Workday WDAY 230.22 3.96
AngloGoldAsh AU 17.19 0.91 CdnPacKC CP 79.20 1.00 EMCOR EME 219.12 2.01 HorizonTherap HZNP 106.12 0.85 LogitechIntl LOGI 68.01 0.83
OldDomFreight ODFL 412.65 7.65 S&P Global SPGI 391.73 8.19 ThermoFisher TMO 545.24 18.19 s WW Ent WWE 115.14 ...
AB InBev BUD 56.91 0.77 CapitalOne COF 101.62 1.32 ENI E 30.67 0.09 HormelFoods HRL 38.47 -0.48 Lowe's LOW 227.19 1.45
OldRepublic ORI 27.18 0.34 SBA Comm SBAC 220.27 3.01 ThomsonReuters TRI 127.59 1.45 WynnResorts WYNN 96.08 1.04
AnnalyCap NLY 19.55 0.62 EOG Rscs EOG 128.89 Lucid LCID 6.07 ...
CardinalHealth CAH 85.37 -0.15 -0.35 DR Horton DHI 117.86 0.73 lululemon LULU 377.71 -1.71 Olin OLN 56.44 0.12 SEI Investments SEIC 61.56 0.94 3M MMM 99.65 1.14 s XP XP 27.46 1.24
AnteroResources AR 25.86 -1.08 Carlisle CSL 261.24 1.71 EPAM Systems EPAM 248.83 6.21 HostHotels HST 15.91 0.03 OmegaHealthcare OHI 30.71 0.42 SK Telecom SKM 19.61 0.26 Toast TOST 21.43 -0.06 XPO XPO 70.29 0.96
Aon AON 325.86 2.40 Carlyle CG 29.97 0.84 EQT EQT 41.75 -1.65 HoulihanLokey HLI 101.22 1.04 LyondellBasell LYB 96.76 -1.09
Omnicom OMC 80.09 0.95 SS&C Tech SSNC 55.85 0.27 Toll Bros TOL 78.85 2.93 t XcelEnergy XEL 57.52 -0.43
ApolloGlbMgmt APO 83.06 1.53 EastWestBncp EWBC 54.01
Apple AAPL 181.12 3.89
CarMax
Carnival
KMX 79.22 0.08
CCL 16.25 0.59 EastGroup EGP 179.36
1.00 HowmetAerospace HWM 49.14 0.45
2.80 Hubbell HUBB 317.59 10.41
M N OnHolding
OpenText
ONON 29.88
OTEX 38.71
0.50 Saia
0.92 Salesforce
SAIA 419.87 10.46 TopBuild
CRM 209.13 2.37 Toro
BLD 287.42
TTC 98.93
2.76 XPeng
1.23 Xylem
XPEV 16.06
XYL 100.57
0.12
1.07
ApplMaterials AMAT 148.00 0.47 Carnival CUK 14.72 0.52 EastmanChem EMN 82.06 -0.02 HubSpot HUBS 514.22 9.68 M&T Bank MTB 126.53 0.83 Oracle ORCL 117.84 1.30 Samsara IOT 25.18 1.25 TorontoDomBk TD 61.53 0.67 YPF YPF 15.03 0.41
Applovin APP 40.18 0.70 CarrierGlobal CARR 55.23 1.43 Eaton ETN 221.30 4.01 Humana HUM 481.43 -2.76 MGM Resorts MGM 43.09 0.45 Orange ORAN 11.12 0.13 Sanofi SNY 53.50 -0.52 TotalEnergies TTE 62.13 -0.47 Yum!Brands YUM 129.40 -0.05
Aptargroup ATR 123.39 0.44 Carvana CVNA 40.28 1.91 eBay EBAY 43.90 0.63 JBHunt JBHT 190.55 0.11 s MinisoGroup MNSO 23.31 0.96 Orix IX 90.75 1.15 SareptaTherap SRPT 114.46 0.77 ToyotaMotor TM 165.91 0.92 YumChina YUMC 53.03 0.55
Aptiv APTV 98.08 1.95 CaseysGenStores CASY 245.85 1.69 Ecolab ECL 180.02 -0.53 HuntingtonBcshs HBAN 10.89 0.24 MPLX MPLX 34.85 -0.01 OtisWorldwide OTIS 83.85 0.90 Sasol SSL 13.00 0.41 TractorSupply TSCO 214.59 -0.41 ZTO Express ZTO 24.30 0.70
Aramark ARMK 37.45 0.36 Catalent CTLT 45.36 0.95 Ecopetrol EC 11.34 0.09 HuntingIngalls HII 220.22 -0.40 MSA Safety MSA 179.17 3.74 Ovintiv OVV 46.98 -0.66 Schlumberger SLB 57.89 1.48 TradeDesk TTD 77.67 3.08 ZebraTech ZBRA 270.09 0.73
ArcelorMittal MT 26.29 0.16 Caterpillar CAT 273.03 2.83 EdisonIntl EIX 69.92 0.38 HyattHotels H 112.12 0.02 MSCI MSCI 535.85 7.94 OwensCorning OC 138.71 2.83 SchwabC SCHW 58.02 1.56 s Tradeweb TW 85.41 0.54 Zillow C Z 50.08 0.18
ArchCapital ACGL 75.40 0.83 Celanese CE 117.51 0.06 EdwardsLife EW 75.90 -0.07 ICICI Bank IBN 23.58 0.68 MagellanMid MMP 65.82 0.04 PDD PDD 77.92 0.43 t Sea SE 36.85 0.33 TraneTech TT 201.47 4.24 Zillow A ZG 48.79 0.17
ADM ADM 81.13 0.36 s CelsiusHldg CELH 180.36 2.35 ElbitSystems ESLT 199.91 2.94 ICL Group ICL 6.02 ... MagnaIntl MGA 56.57 0.73 PG&E PCG 16.70 -0.08 Seagate STX 66.16 0.27 TransDigm TDG 865.61 10.37 ZimmerBiomet ZBH 114.85 -0.90
AresMgmt ARES 99.62 1.12 s Cemex CX 8.14 0.08 ElectronicArts EA 121.32 1.79 IdexxLab IDXX 503.03 14.68 ManhattanAssoc MANH 194.34 4.13 PNC Finl PNC 119.41 0.39 Seagen SGEN 195.64 1.36 TransUnion TRU 78.15 1.92 Zoetis ZTS 184.25 2.43
argenx ARGX 502.05 1.24 CenovusEnergy CVE 18.88 -0.25 ElevanceHealth ELV 459.84 -3.46 ING Groep ING 14.24 0.16 ManulifeFinl MFC 17.83 0.26 POSCO PKX 104.38 0.11 Sempra SRE 71.86 0.56 Travelers TRV 160.93 0.99 ZoomVideo ZM 68.17 2.34
s AristaNetworks ANET 189.83 2.31 Centene CNC 63.63 -0.17 EmersonElec EMR 96.63 0.55 Invesco IVZ 15.33 0.38 MarathonOil MRO 25.73 -0.38 PPG Ind PPG 137.85 -0.51 ServiceCorp SCI 62.73 1.00 Trex TREX 70.38 1.95 ZoomInfoTech ZI 18.29 0.38
ArrowElec ARW 130.60 1.34 CenterPointEner CNP 28.16 -0.10 t Enbridge ENB 34.44 0.14 IQVIA IQV 216.14 2.12 MarathonPetrol MPC 143.25 0.30 PPL PPL 25.21 -0.09 ServiceNow NOW 568.00 6.18 Trimble TRMB 53.22 1.10 Zscaler ZS 145.47 3.57
AspenTech AZPN 194.50 0.70 CentraisElBras EBR 7.46 0.57 EncompassHealth EHC 70.12 0.63 ITT ITT 97.70 1.92 Markel MKL 1464.57 -0.26 PTC PTC 142.86 1.34
Assurant AIZ 139.17 0.22 CeridianHCM CDAY 70.63 0.72 Endeavor EDR 24.30 -0.45 IcahnEnterprises IEP 20.78 1.31 MarketAxess MKTX 250.43 1.11 Paccar PCAR 85.65 0.72
AstraZeneca AZN 69.10 0.33 EnergyTransfer ET
Borrowing Benchmarks
ChampionX CHX 35.50 0.18 12.96 -0.01 Icon ICLR 252.75 2.58 Marriott MAR 203.25 -0.70 PackagingCpAm PKG 145.40 0.33
Atlassian TEAM 191.69 1.65 CharlesRiverLabs CRL 202.00 1.78 t EnphaseEnergy ENPH 130.36 2.04 IDEX IEX 223.68 2.06 Marsh&McLen MMC 192.08 2.56 PalantirTech PLTR 15.30 0.63
AtmosEnergy ATO 116.51 -0.50 ChartIndustries GTLS 169.26 4.50 Entegris ENTG 99.07 1.86 IllinoisToolWks ITW 240.77 4.78 MartinMarietta MLM 442.25 5.93 PaloAltoNtwks PANW 235.66 1.10
Autodesk ADSK 204.36 3.78 CharterComms CHTR 415.28 1.90 Entergy ETR 95.50 0.77 Illumina ILMN 163.94 1.00 MarvellTech MRVL 61.50 1.91 ParamountA PARAA 18.24 0.59
wsj.com/market-data/bonds/benchmarks
Autoliv ALV 94.74 0.75 CheckPoint CHKP 133.48 1.18 EnterpriseProd EPD 26.47 0.09 ImperialOil IMO 55.37 -0.20 Masco MAS 57.04 0.93 ParamountB PARA 15.00 0.46
ADP ADP 250.92 1.39 Chemed CHE 502.81 1.32 Equifax EFX 196.23 4.32 Incyte INCY 64.65 -0.14 MasTec MTZ 97.08 0.07 ParkerHannifin PH 404.15 6.05
AutoNation AN 160.85
AutoZone AZO 2475.01
2.66
24.81
CheniereEnergy LNG 166.41 -0.47
CheniereEnerPtrs CQP 50.75 -0.53
Equinix
Equinor
EQIX 760.19
EQNR 30.08
7.33 Informatica INFA 20.12 0.17 Mastercard MA 401.06
-0.50
3.22 Paychex PAYX 121.62 2.17
Money Rates August 23, 2023
Avalonbay AVB 180.65 2.96 ChesapeakeEner CHK 84.90 -1.17 Equitable EQH 27.34 0.29
Avangrid AGR 34.65 0.25 Chevron CVX 159.25 0.21 EquityLife ELS 67.08 1.23
IPO Scorecard Key annual interest rates paid to borrow or lend money in U.S. and
Avantor AVTR 21.73 -0.22 t Chewy CHWY 26.18 -0.51 EquityResdntl EQR 64.17 0.95
international markets. Rates below are a guide to general levels but
AveryDennison AVY 181.97 5.35 Chipotle CMG 1894.91 22.87 ErieIndemnity ERIE 279.67 3.07 Performance of IPOs, most-recent listed first
AvisBudget CAR 231.25 6.31 Chubb CB 201.28 2.18 EssentialUtil WTRG 37.03 0.04
% Chg From % Chg From don’t always represent actual transactions.
AxonEnterprise AXON 200.30 1.34 ChunghwaTel CHT 36.70 0.09 EssexProp ESS 238.10 4.05
Company SYMBOL Wed's Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Week —52-WEEK—
BCE BCE 40.55 0.15 Church&Dwight CHD 92.49 -0.22 EsteeLauder EL 152.87 3.28 Inflation Latest ago High Low
BHP Group BHP 56.98 1.62 ChurchillDowns CHDN 124.65 0.68 Etsy ETSY 73.08 -0.40 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
BILL BILL 109.61 1.00 Cigna CI 281.83 1.76 Everest EG 352.61 5.81
July index Chg From (%)
99 Acquisition Group 10.22 2.2 0.6 Fitell 2.67 –46.7 –47.2 level June '23 July '22 Secondary market
BJ'sWholesale BJ 66.20 0.04 CincinnatiFinl CINF 104.35 1.13 Evergy EVRG 56.55 0.11
BP BP 36.00 -0.37 Cintas CTAS 491.22 5.61 EversourceEner ES 64.13 0.26
NNAGU Aug. 18/$10.00 FTEL Aug. 8/$5.00
BWX Tech BWXT 73.06 0.44 s CiscoSystems CSCO 55.98 0.52 ExactSciences EXAS 84.59 2.73 Sacks Parente Golf 2.54 –36.5 –91.2 MIRA Pharmaceuticals 6.37 –9.0 –14.2 U.S. consumer price index Fannie Mae
Baidu BIDU 132.51 4.15 Citigroup C 41.08 0.06 s Exelixis EXEL 21.75 0.27 SPGC Aug. 15/$4.00 MIRA Aug. 3/$7.00 30-year mortgage yields
BakerHughes BKR 35.46
All items 305.691 0.19 3.2
0.28 CitizensFin CFG 26.92 0.17 Exelon EXC 40.25 0.25
Ball BALL 52.38 -0.13 CivitasRscs CIVI 80.38 0.33 Expedia EXPE 107.59 -1.00 SRM Entertainment 1.83 –63.4 –63.3 Cheetah Net Supply Chain Service 2.98 –25.5 –56.8 Core 309.402 0.16 4.7 30 days 6.830 6.743 6.881 5.086
BancoBilbaoViz BBVA 7.70 0.01 CleanHarbors CLH 171.73 1.30 ExpeditorsIntl EXPD 114.70 0.18 SRM Aug. 15/$5.00 CTNT Aug. 1/$4.00 60 days 6.858 6.760 6.988 5.128
BancoBradesco BBDO 2.79 0.11 Cleveland-Cliffs CLF 15.17 0.14 ExtraSpaceSt EXR 127.51 1.01 LQR House 1.14 –77.2 –70.8 Hanryu Holdings 4.20 –58.0 –46.2
International rates
BancodeChile BCH 21.92 0.66 Clorox CLX 150.98 0.58 ExxonMobil XOM 107.15 -0.95
LQR Aug. 10/$5.00 HRYU Aug. 1/$10.00 Other short-term rates
BancSanBrasil BSBR 5.52 0.14 Cloudflare NET 63.11 3.31 F5 FFIV 158.28 2.19 Week 52-Week
BcoSantChile BSAC 19.26 0.65 Coca-Cola KO 60.27 0.21 FMC FMC 88.18 -0.34 NeurAxis 6.01 0.2 0.2 SharkNinja 31.97 6.4 –24.4 Latest ago High Low Week 52-Week
BancoSantander SAN 3.82 0.02 Coca-ColaEuro CCEP 62.86 0.11 FactSet FDS 437.55 7.53 NRXS Aug. 9/$6.00 SN July 31/$30.05 Latest high low
ago
BanColombia CIB 27.42 0.39 Cognex CGNX 47.73 0.61 FairIsaac FICO 859.91 16.40 Prime rates
BankofAmerica BAC 28.45 0.01 CognizantTech CTSH 70.46 0.87 Fastenal FAST 57.30 0.45
BankMontreal BMO 83.49 1.31 CoinbaseGlbl COIN 77.78 2.88 FederalRealty FRT 98.08 1.91
Sources: Dow Jones Market Data; FactSet U.S. 8.50 8.50 8.50 5.50 Call money
BankNY Mellon BK 43.53 0.72 ColgatePalm CL 73.51 ... FedEx FDX 260.45 1.47 Canada 7.20 7.20 7.20 4.70 7.25 7.25 7.25 4.25
BankNovaScotia BNS 46.15 0.71 Comcast A CMCSA 45.46 -0.11 Ferguson FERG 157.63 2.56 Japan 1.475 1.475 1.475 1.475
Barclays BCS 7.34 0.07 s SABESP SBS 12.15 0.04 Ferrari RACE 312.79 2.23 Commercial paper (AA financial)
BarrickGold GOLD 16.11 0.27 EngGr-Cmg CIG 2.48 0.05 FidNatlFinl FNF 39.96 0.36 Dividend Changes Policy Rates 90 days n.a. 5.47 5.54 2.64
Euro zone 4.25 4.25 4.25 0.50
Amount Payable / Switzerland 2.25 2.25 2.25 0.25 Secured Overnight Financing Rate
New Highs and Lows Company Symbol Yld % New/Old Frq Record Britain 5.25 5.25 5.25 1.75 5.30 5.30 5.31 2.25
Increased Australia 4.10 4.10 4.10 1.85
Value 52-Week
SS&C Technologies SSNC 1.7 .24 /.20 Q Sep15 /Sep01 Latest Traded High Low
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Overnight repurchase
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest United Bancorp UBCP 5.7 .1675 /.165 Q Sep20 /Sep08
session. % CHG-Daily percentage change from the previous trading session. U.S. 5.30 5.34 5.35 2.25 DTCC GCF Repo Index
Reduced Treasury 5.330 11.516 5.365 2.221
Wednesday, August 23, 2023 Chicago Rivet & Machine CVR 2.3 .10 /.22 Q Sep20 /Sep05 U.S. government rates MBS 5.331 41.650 5.407 2.319
52-Wk % 52-Wk % 52-Wk % Stocks Discount
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Notes on data:
Tivic Health Systems TIVC 1:100 /Aug23 5.50 5.50 5.50 2.50 U.S. prime rate is the base rate on corporate
AspenInsPfd AHLpC 25.70 1.6 CorceptTherap CORT 32.14 0.3 WeWork WE 1:40 /Sep05
Highs AtlasEnergySolns AESI 22.50 -0.5 Vesta VTMX 38.17 2.7
Federal funds
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective July 27, 2023. Other
ACELYRIN SLRN 29.88 -2.3
BellRing BRBR 41.07 1.7 Coursera COUR 16.80 2.1 Foreign prime rates aren’t directly comparable; lending
bleuacaciaUn BLEUU 10.82 1.9 Docebo DCBO 46.52 3.7 Effective rate 5.3400 5.3400 5.3400 2.3300
AGNC InvPfdC AGNCN 25.82 -0.5
BridgetownA BTWN 10.43 -0.1 DrReddy'sLab RDY 73.17 1.8 Autoliv ALV 2.8 .66 Q Sep22 /Sep07 practices vary widely by location; Discount rate
ANI Pharm ANIP 64.09 2.1 High 5.6500 5.6500 5.6500 2.4500 is effective July 27, 2023. Secured Overnight
AZZ
Cameco CCJ 36.48 -0.7 EaglePointPfdB EICB 25.09 0.6 BHP Group ADR BHP 5.9 1.60 SA Sep28 /Sep08
AZZ 47.91 1.3
Camtek CAMT 52.79 5.8 EdifyAcqnA EAC 10.89 0.6 Lufax Holding ADR LU 6.2 .039 SA Oct30 /Oct12 Low 5.3100 5.3100 5.3100 2.3000 Financing Rate is as of August 22, 2023. DTCC
Abercrombie&Fitch ANF 51.90 23.5
AccretionAcqn ENERU 10.64 ... CatchaInvtA CHAA 10.76 0.1 Exelixis EXEL 21.79 1.3
MINISO Group Holding ADR MNSO 1.7 .412 A Sep22 /Sep07 Bid 5.3300 5.3300 5.3300 2.3000 GCF Repo Index is Depository Trust & Clearing
CelsiusHldg CELH 185.05 1.3 FTAI Aviation FTAI 36.55 2.5
Offer 5.3500 5.3700 2.3200 Corp.'s weighted average for overnight trades in
Adecoagro AGRO 11.51 2.8
Telefonica Brasil ADR VIV 4.9 .02725 Sep01 / 5.3600
AlchemyInv1 A ALCY 10.70 ... Cemex CX 8.25 1.0 Fabrinet FN 163.88 6.1 applicable CUSIPs. Value traded is in billions of
AlphaProTech ChurchillV Wt CCV.WS 0.31 3.3 FintechEcosys FEXDU 10.91 0.6 Woodside Energy ADR WDS 13.5 .80 SA Sep28 /Sep01 U.S. dollars. Federal-funds rates are Tullett
APT
AnnalyCapPfdG NLYpG
5.24
25.21
16.1
0.4 CiscoSystems CSCO 56.20 0.9 ForafricGlobalWt AFRIW 1.05 7.1 Treasury bill auction
Sources: FactSet; Dow Jones Market Data Prebon rates as of 5:30 p.m. ET.
APxAcqnI A APXI 11.00 1.2 SABESP SBS 12.27 0.3 ForbionEuroA FRBN 11.17 -0.4 4 weeks 5.280 5.280 5.840 2.150
ArcherAviationWt ACHR.WS 2.07 4.7 ConcordAcqnIII CNDB.U 10.59 0.5 GeospaceTech GEOS 9.62 7.3 Sources: Federal Reserve; Bureau of Labor
ArcherAviation ACHR 7.49 2.4 ConcordAcqnIII A CNDB 10.60 0.8 HH&L Acqn HHLA.U 10.92 0.3
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 13 weeks 5.300 5.295 5.300 2.740 Statistics; DTCC; FactSet;
AristaNetworks ANET 190.95 1.2 ConstellationEner CEG 109.26 2.1 Continued on Page B10 spin-off. 26 weeks 5.295 5.290 5.295 3.110 Tullett Prebon Information, Ltd.

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
SAIUSLgCpIndxFd 19.62 +0.21 16.7 SrsIntlVal 10.98 +0.08 9.5 Lord Abbett I R2040 27.20 +0.28 11.4 SmCapAdml 94.33 +1.05 8.1 VANGUARD INDEX FDS
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesBondFd 8.77 +0.08 0.8 TotalBond 9.27 +0.07 2.0 ShtDurInc p 3.81 +0.01 2.5 Putnam Funds Class A SmGthAdml 78.90 +1.00 12.3 ExtndIstPl 276.76+3.30 12.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SeriesOverseas 12.14 +0.12 11.8 Fidelity SAI Metropolitan West PutLargCap p 29.95 +0.21 6.8 STBondAdml 9.87 +0.02 1.4 IdxIntl 17.68+0.18 7.5
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SerLTTreBdIdx 5.64 +0.13 -1.9 TotalBd 8.77 +0.07 2.1 TotRetBdI NA ... NA Schwab Funds STIGradeAdml 9.97 +0.03 2.2 MdCpGrAdml 86.63 +0.94 12.4
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SmCpIdxInstPrem 23.21 +0.24 7.4 U.S.TreBdIdx 8.57 +0.07 0.4 TRBdPlan NA ... NA 1000 Inv r NA ... NA STIPSIxAdm 23.71 +0.07 2.0 MdCpVlAdml 70.74 +0.57 2.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TMktIdxInstPrem 122.76 +1.37 16.1 Fidelity Selects MFS Funds S&P Sel NA ... NA TotBdAdml 9.38
+0.09 0.9 SmValAdml 71.01+0.70 5.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TotalMarketIndex 15.50 +0.17 16.1 Semiconductors r 24.11 +0.53 65.4 IIE 31.27 +0.29 11.1 TSM Sel r NA ... NA TotIntBdIdxAdm 19.41
+0.14 3.5 TotBd2 9.27+0.09 0.8
tracked. NS-Fund didn’t exist at start of period. TtlIntIdxInstPr 12.58 +0.11 7.4 Softwr 25.53 +0.37 29.9 MFS Funds Class I TIAA/CREF Funds TotIntlAdmIdx r 29.57
+0.30 7.5 TotIntlInstIdx r 118.24+1.20 7.5
USBdIdxInstPrem 10.07 +0.09 0.8 Tech 26.00 +0.46 45.8 GrowthI 165.26 +2.44 25.0 EqIdxInst 31.47 +0.35 15.9 TotStAdml 107.12
+1.18 16.0 TotItlInstPlId r 118.27+1.20 7.5
Fidelity Freedom First Eagle Funds ValueI 48.16 +0.29 1.6 IntlEqIdxInst 20.91 +0.21 9.5 TxMCapAdml 229.32 +2.55 16.7 TotSt 107.09+1.18 15.9
Wednesday, August 23, 2023 FF2025 12.55 +0.13 7.2 GlbA 62.60 +0.58 8.0 Natixis Funds LrgCpGrIdxInst 47.83 +0.70 29.1 TxMIn r 14.50
+0.14 8.6 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD FF2030 15.81 +0.16 8.1 Franklin A1 LSGrowthY 22.64 +0.34 39.1 VANGUARD ADMIRAL USGroAdml 131.62 +2.14 29.9 DevMktsIndInst 14.52 +0.14 8.7
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 13.77 +0.14 9.7 IncomeA1 2.25 +0.01 2.9 Northern Funds 500Adml 410.10 +4.48 16.7 ValAdml 55.47
+0.35 2.6 DevMktsInxInst 22.70 +0.23 8.7
AB Funds Artisan Funds US CoreEq1 33.55 +0.33 13.5
FF2040 9.87 +0.10 11.4 FrankTemp/Frank Adv StkIdx 47.26 +0.51 16.7 BalAdml 42.92 +0.44 9.8 WdsrllAdml 72.86
+0.61 11.1 ExtndInst 112.15 +1.34 12.0
Freedom2030 K 15.81 +0.16 8.1 IncomeAdv 2.23 +0.02 3.0 Old Westbury Fds CAITAdml 11.08 ... 1.2 WellsIAdml 59.14
+0.50 1.5 GrwthInst 145.47 +2.17 33.0
MuniIncmShares 10.69 +0.02 1.5 IntlVal Inst 43.60 +0.28 13.0 US CoreEq2 30.31 +0.30 12.5
AB Funds - ADV Baird Funds US Small 41.29 +0.39 7.3
Freedom2035 K 13.76 +0.14 9.8 FrankTemp/Franklin A LrgCpStr 16.23 +0.16 11.3 CapOpAdml r 170.86 +1.66 16.9
WelltnAdml 70.28
+0.70 7.1 InPrSeIn 9.40 +0.08 1.0
Freedom2040 K 9.88 +0.10 11.4 Growth A 119.91 +1.52 17.4 Parnassus Fds DivAppIdxAdm 43.73 +0.32 7.2 InstIdx 371.03 +4.06 16.7
LgCpGrAdv 85.57 +0.98 22.4 AggBdInst 9.53 +0.09 1.1 US SmCpVal 41.38 +0.33 6.2 WndsrAdml 72.51
+0.51 7.0
Idx2030InsPre 18.09 +0.19 7.8 RisDv A 87.34 +0.53 6.3 ParnEqFd 54.13 +0.70 15.7 EMAdmr 33.59 +0.36 4.2 InstPlus 371.03 +4.06 16.8
American Century Inv CorBdInst 9.83 +0.09 1.6 US TgdVal 29.21 +0.27 7.5 VANGUARD FDS
Idx2035InsPre 20.45 +0.22 9.4 Guggenheim Funds Tru PGIM Funds Cl Z EqIncAdml 84.82 +0.50 1.6 InstTStPlus 77.01 +0.85 16.0
Ultra 71.75 +0.94 30.1 BlackRock Funds USLgVa 42.67 +0.23 4.0 DivdGro 35.55 +0.19 1.7
Idx2040InsPre 21.01 +0.23 10.9 TotRtnBdFdClInst 23.03 +0.20 2.0
TotalReturnBond 11.63 +0.10 NA
ExplrAdml 95.26 +0.95 9.6 MidCpInst 59.16 +0.55 6.9
American Funds Cl A HiYldBd Inst 6.77 +0.03 6.5 Dodge & Cox ExtndAdml 112.15 +1.33 IntlVal 39.22 +0.38 9.7
Idx2045InsPre 21.89 +0.24 11.2 Harbor Funds
PIMCO Fds Instl
11.9 MidCpIstPl 291.79 +2.74 6.9
AmcpA 35.79 +0.45 19.3 BlackRock Funds III Balanced 97.84 +0.65 6.8 Fidelity Invest CapApInst 85.81 +1.34 36.7 GNMAAdml 9.03 +0.08 0.4 LifeCon 20.00 +0.19 6.0
RealEstaInstl 17.82 +0.28 0.6
AMutlA 49.45 +0.31 3.0 iShS&P500IdxK 521.12 +5.70 16.7 GblStock 14.27 +0.12 13.2 AllAsset NA ... NA LifeGro 39.35 +0.40 10.3
Balanc 25.80 +0.27 13.5 Harding Loevner GrwthAdml 145.46 +2.17 33.0 SmCapInst 94.32 +1.05 8.1
BalA 30.42 +0.27 6.5 BlackRock Funds Inst Income 12.22 +0.10 2.1 TotRt NA ... NA LifeMod 29.37 +0.29 8.1
BluCh 158.47 +2.43 40.9 IntlEq 24.75 +0.28 5.7 HlthCareAdml r 89.43 +0.62 2.9 SmCapIstPl 272.25 +3.02 8.1
BondA 11.12 +0.11 -0.1 EqtyDivd 18.66 +0.08 4.8 Intl Stk 47.81 +0.44 10.9 PIMCO Funds A PrmcpCor 31.20 +0.28 14.8
BluChpGr K6 24.37 +0.36 40.9 Invesco Funds A HYCorAdml r 5.19 +0.02 4.7 STIGradeInst 9.97 +0.03 2.2
CapIBA 63.43 +0.45 2.1 StratIncOpptyIns 9.14 +0.05 1.7 Stock 230.28 +1.73 8.5 EqIncA IncomeFd 10.35 +0.08 3.9
InfProAd STAR 26.16 +0.28 9.1
Contra 15.19 +0.18 27.5 9.99 +0.07 2.7 23.08 +0.21 1.0 STIPSIxins 23.73 +0.07 2.0
CapWGrA 56.94 +0.58 11.5 TotRet 9.75 +0.09 1.3 DoubleLine Funds PIMCO Funds I2 TgtRe2020 26.94 +0.24 6.2
CpInc 9.31 +0.05 6.6 Invesco Funds Y IntlGrAdml 97.88 +1.01 8.3 TotBdInst 9.38 +0.09 0.9
EupacA 53.47 +0.57 9.4 Calamos Funds TotRetBdI 8.64 +0.08 0.9 DevMktY Income 10.35 +0.08 4.1 ITBondAdml TgtRe2025 17.94 +0.17 7.6 TotBdInst2
GroCo 30.38 +0.43 35.0 38.20 +0.51 9.3 9.99 +0.09 1.0 9.27 +0.09 0.9
FdInvA 68.18 +0.74 14.9 MktNeutI 14.60 +0.02 6.6 Edgewood Growth Instituti JHF III DispVal PIMCO Funds Instl ITIGradeAdml 8.29 +0.07 TgtRe2030 34.04 +0.34 8.5
InvGrBd 9.77 +0.09 1.7 2.1 TotBdInstPl 9.38 +0.09 0.9
GwthA 61.09 +0.73 23.4 Columbia Class I EdgewoodGrInst 39.36 +0.57 25.8 LowP 48.08 +0.23 4.1 DispValMCI 26.08 +0.24 6.8 IncomeFd 10.35 +0.08 4.1 LarCapAd 102.33 +1.13 17.2 TgtRe2035 21.16 +0.22 9.4 TotIntBdIdxInst 29.12 +0.20 3.5
HI TrA 9.14 +0.03 5.1 DivIncom I 29.90 +0.18 4.4 Fidelity John Hancock Price Funds LTGradeAdml 7.65 +0.15 TgtRe2040 37.46 +0.39 10.2 TotStInst
Magin 11.39 +0.16 19.2 1.1 107.14 +1.18 16.0
ICAA 47.68 +0.51 16.4 Dimensional Fds 500IdxInstPrem 154.26 +1.71 16.8 NASDAQ 173.93 +2.75 31.9 BondR6 13.17 +0.12 1.5 BlChip 140.27 +2.24 35.5 MidCpAdml 267.83 +2.52 6.9 TgtRe2045 25.33 +0.26 11.0 ValueInst 55.47 +0.35 2.6
IncoA 22.55 +0.15 1.2 5GlbFxdInc 10.12 ... 3.0 Contrafund K6 21.21 +0.26 26.1 OTC 16.79 +0.25 30.9 JPMorgan I Class DivGro 67.84 +0.55 6.5 MuHYAdml 10.23 ... 2.2 TgtRe2050 42.13 +0.44 11.5 Victory Port
N PerA 54.92 +0.64 16.1 EmgMktVa 28.47 +0.32 8.7 ExtMktIdxInstPre 70.45 +0.84 11.9 Puritn 22.84 +0.26 12.4 CoreBond 10.01 +0.09 1.2 Growth 82.35 +1.25 33.7 MuIntAdml 13.29 +0.01 1.3 TgtRe2060 43.28 +0.45 11.5 VsycamoreFnd 45.81 +0.40 3.0
NEcoA 51.24 +0.62 17.8 EmMktCorEq 21.51 +0.22 8.0 FidSerToMarket 14.62 +0.16 16.1 SAIUSQtyIdx 18.26 +0.24 19.3 EqInc 22.13 +0.10 -0.8 LgCapGow I 60.66 +0.86 32.1 MuLTAdml 10.49 +0.01 1.4 TgtRet2055 47.00 +0.50 11.5 WCM Focus Funds
NwWrldA 73.43 +0.82 10.5 IntlCoreEq 14.43 +0.13 8.6 GrowthCompanyK6 20.54 +0.29 33.5 SrsEmrgMkt 16.79 +0.23 7.5 LgCpGwth 55.09 +0.85 23.2 MidCap 99.12 +1.00 11.7 MuLtdAdml 10.64 ... 1.2 TgtRetInc 12.73 +0.11 5.0 WCMFocIntlGrwIns 21.54 +0.24 9.6
SmCpA 61.58 +0.66 9.8 IntSmCo 18.27 +0.17 6.2 IntlIdxInstPrem 45.10 +0.41 9.5 SrsGlobal 13.28 +0.13 7.5 JPMorgan R Class NHoriz 53.27 +0.74 15.0 MuShtAdml 15.58 ... 1.6 WellsI 24.41 +0.20 1.4 Western Asset
TxExA 11.99 +0.01 1.3 IntSmVa 20.16 +0.17 8.8 LgCpGwId InstPre 26.84 +0.39 29.2 SrsGroCoRetail 18.36 +0.26 33.3 CoreBond 10.02 +0.08 1.2 R2025 15.76 +0.14 7.8 PrmcpAdml r 155.87 +1.65 19.1 Welltn 40.70 +0.41 7.1 CoreBondI NA ... NA
WshA 54.47 +0.40 8.2 LgCo 30.30 +0.33 16.7 MidCpInxInstPrem 27.77 +0.28 7.5 SrsIntlGrw 15.97 +0.19 12.0 CorePlusBd 7.05 +0.06 1.3 R2030 23.82 +0.22 9.0 RealEstatAdml 115.12 +1.82 0.6 WndsrII 41.07 +0.34 11.0 CorePlusBdI NA ... NA
P2JW236000-4-B01000-1--------XA

B10 | Thursday, August 24, 2023 * ** * THE WALL STREET JOURNAL.

BANKING & FINANCE

Accused Bank Swindler Has Day in Court Clearview Capital
Bets on Simple
Business Models
BY LUIS GARCIA provider PitchBook Data. Mid-
market deals represented
Declines in asset values in more than 75% of all buyouts
recent years created opportu- for the second consecutive
nities for private-equity firms quarter, the highest share in
to buy companies at lower five years, the data show.
prices, while making it more “We certainly found that
critical to expand acquired there is more activity in the
businesses to boost re- lower end of the middle mar-
turns. ket [as] sellers have adjusted
One midmarket-focused a lot faster to a new valuation
buyout shop, Clearview Capi- paradigm, especially in
tal in Stamford, Conn., sees founder-owned and operated
the evolving market as provid- businesses,” said Mohammed
ing good reasons for sticking Ansari, president of merchant
to its strategy of favoring bank Berenson & Co. in New
companies with simple busi- York. “There is a recognition
JOHN MINCHILLO/ASSOCIATED PRESS

ness models that can with- that you have to move on.”
stand economic slumps. Clearview, which wrapped
“If we can’t really under- up raising its latest buyout
stand a business in 20 min- fund last year after collecting
utes, I mean, understand basi- $850 million, continues to in-
cally how it works, we vest at its traditional pace,
probably shouldn’t be invest- even as expanding the compa-
ing in it,” said James Ander- nies it already owns has be-
FALSE STARTUP: Charlie Javice, in white, arrives in federal court in New York Wednesday. The founder of student-aid sen, a managing partner and come more critical, Andersen
startup Frank is accused of tricking J.P. Morgan Chase into paying $175 million for her business by lying about its client base. co-founder of the private-eq- said.
uity firm. “Most of our busi- The highest interest rates

Outside Financiers Fuel

nesses are pretty simple.” in two decades have ended a
In April, Clearview backed long period of rising asset val-
one of its latest such busi- ues that let private-equity
nesses, investing in Capitol firms generate returns simply
Services, a provider of out- by buying businesses and

Bankruptcy-Court Suits
sourced legal functions for holding them for a few years
companies and law firms. Aus- before selling, he said.
tin, Texas-based Capitol Ser- “I don’t think anybody can
vices acts as a registered bank on the part of their re-
agent for clients, receiving le- turn that comes from just
gal documents such as law- market multiples rising going
suits, regulatory and tax no- forward,” Andersen said. “If
BY BECKY YERAK tices on their behalf. Other we focus on companies that
services the company handles have very good cash flow and
Benefit Street Partners include filing annual reports that we think can continue to
and other unsecured creditors for customers and conducting grow, [including through]
of oil driller Sanchez Energy lien searches. add-on acquisitions, we can
wrested control of the reorga- “That’s an amazing busi- generally work through any
nized company from senior ness, because no individual economic cycle.”
lenders earlier this month. service is very expensive,” An- Private-equity deals across
They have had little time to dersen said, adding that the North America and Europe
celebrate. company’s clients often need priced at a median multiple of
After winning a court bat- its help on such tasks many 10.5-times earnings during the
tle for control of the business, times over during any given 12-month period that ended
Benefit Street now faces a dif- period. In addition, he said, June 30, down from a 12.1
ferent fight—to keep the extra “nobody price-shops” in the multiple in the year-earlier
payoff it expects to receive for market for these outsourced period, PitchBook’s data show.
financing the litigation. The functions.
disputed litigation loan could Capitol Services has ex-
deliver returns of more than panded its revenue by 12% an-
2,000%, according to rival in- nually for the past 20 years,
vestors that have sued to chal- Andersen said.
lenge it. Higher interest rates and
Bankruptcy courts nation- market volatility slowed buy-
wide have seen more such outs starting last year as fi-
funding deals in recent years, nancing became more expen-
BING GUAN/REUTERS

as distressed companies and sive and business sellers

their creditors sell the rights proved reluctant to accept
to pursue lawsuits in ex- lower prices, investment
change for upfront cash. With bankers and private-equity ex-
the pace of corporate defaults ecutives have said. But these
picking up, litigation funding Some distressed energy companies have sold rights to pursue lawsuits in exchange for cash. effects have been less pro-
could fuel more disputes in nounced among midsize com-
bankruptcy court that can al- which isn’t involved in the ruptcy judge ruled that 70% of That means only 10% of the panies partly because debt
ter creditors’ recoveries. Sanchez case. the company belongs to unse- recent award would be spread typically represents a lower
“We’re seeing a recognition Benefit Street and three cured creditors, rather than to among all the company’s un- portion of deals in the market
of litigation assets as another other investment firms put up its former bankruptcy lenders secured creditors. One of segment compared with buy-
source of value for companies nearly $5.6 million to bankroll Fidelity Investments and them, Lake Whillans Capital, outs of larger businesses.
DOMINIC EPISCOPO

and their unsecured creditors a lawsuit on behalf of unse- Apollo Global Management. sued earlier this month to Private-equity firms during
in a more robust way than we cured bondholders of Sanchez, Benefit Street and the three challenge the litigation loan, this year’s first quarter an-
have in the past,” said Ken Ep- which exited from bankruptcy other asset managers negoti- saying that a court-appointed nounced or closed 803 middle-
stein, investment manager in 2020 under the new name ated for 90% of the lawsuit’s creditor representative signed market buyouts in the U.S.
and legal counsel at litigation Mesquite Energy. proceeds in return for their fi- away too much of the law- with a total value of $107.4 James Andersen, managing
funder Omni Bridgeway, Earlier this month, a bank- nancing. suit’s value. billion, according to research partner at Clearview Capital.

Woodside Avoids Australian Labor Dispute Firm Seeks Fund-Share Class

BY STUART CONDIE world’s major LNG exporters The agreement should ease head of global gas analysis at
Of Its Existing ETF Offerings
had stoked volatility in natu- concerns of a sudden drop in Wood Mackenzie. The Wood-
SYDNEY—Woodside En- ral-gas prices as European LNG exports from Australia, side plants, and others oper- BY JACK PITCHER tual funds. The SEC has not yet
ergy reached a preliminary countries prepare for their which rivals Qatar as the ated by Chevron in Australia, ruled on the request.
deal with disaffected workers second winter since Russia’s largest exporter of the super- account for more than 10% of Boutique exchange-traded F/m says mutual fund inves-
at some of its natural-gas ex- invasion of Ukraine disrupted cooled fuel. The labor dispute global LNG supply combined, fund manager F/m Invest- tors are missing out on some
port facilities in Australia, a traditional energy markets. in Australia reverberated he said. ments wants to offer a mutual product innovations in the ETF
move that could head off a Woodside and union repre- through global markets amid Workers at the Chevron- fund share class of its existing space. A majority of retirement
walkout that risked disrupt- sentatives reached agreement worries that European and operated LNG facilities are funds, opening the door to a accounts such as 401(k)s don’t
ing global gas supply and jolt- on a collective deal in the Asian buyers could be pushed still seeking a similar agree- broader set of investors. offer ETFs, meaning some of
ing worldwide energy prices. early hours Thursday follow- into a bidding war for gas ment and are due to return F/m filed for exemptive re- the more unique ETF offerings,
Workers at three Wood- ing a 15-hour meeting at the from elsewhere, including ballots on potential strike ac- lief with the Securities and Ex- like F/m’s single Treasury bond
side-operated offshore lique- company’s headquarters in from the U.S. tion over coming days. The change Commission to allow its funds, aren’t available.
fied-natural-gas platforms the Western Australian city “Europe, and global LNG U.S. energy giant is proposing ETFs to offer a mutual fund Vanguard is the only asset
had threatened to strike over of Perth. Members will now markets, are inevitably more a collective agreement for share class, the first applica- manager currently offering mu-
issues including pay after the decide whether to endorse exposed to global LNG supply workers at its Gorgon and tion of its kind, the company tual funds with an ETF share
Australian company and the deal and withdraw a no- and demand shocks as the Wheatstone onshore facilities, says. class. The index fund giant pio-
union officials had failed to tice of industrial action, said flexibility historically pro- a Chevron spokesman said Dimensional Fund Advisors neered the strategy more than
find common ground after Offshore Alliance, a partner- vided by Russian gas supply Thursday. applied earlier this year to do 20 years ago and locked it up
months of talks. Worries ship between two local to Europe is gone for good,” —Rhiannon Hoyle the opposite, offering an ETF with a patent that expired ear-
about strikes at one of the unions. said Massimo Di Odoardo, contributed to this article. share class of its existing mu- lier this year.

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 %
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Continued From Page B9 52-Wk % 52-Wk % BoneBiologics BBLG 0.60 -15.3 EnantaPharma ENTA 14.95 -1.5 HeliusMedical HSDT 6.62 -1.5 Marpai MRAI 1.05 -4.5 Phunware PHUN 0.31 -1.5 SunlightFinl SUNL 1.86 -21.5
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BorqsTechs
Bowlero
BRQS
BOWL
0.14
10.22
-5.5
-0.4
Enbridge ENB 33.96 0.4 HoraceMannEdu HMN
EnphaseEnergy ENPH 127.17 1.6 ICC ICCH
27.85 -0.3 MawsonInfr
15.04 -4.7 MaxeonSolar
MIGI
MAXN
0.71
13.25
3.2
6.9
PopCulture
PreludeTherap
CPOP
PRLD
0.31 -6.0 SuperCom
3.17 4.2 TDCX
SPCB
TDCX
0.53
4.75
-8.5
-22.3
Stock Sym Hi/Lo Chg PrimeNumberI Rt PNACR 0.59 -4.6 AbleViewGlobal ABLV 4.54 -5.2 BraemarHtlsPfdD BHRpD 17.40 -2.5 EvokePharma EVOK 1.11 -0.9 indieSemiconWt INDIW 1.32 -1.4 Medigus MDGS 3.86 -1.5 Premier PINC 21.68 -9.0 Taoping TAOP 2.66 ...
ProfireEnergy PFIE 2.41 -7.0AcerTherap ACER 0.62 -1.5 BruushOralCare BRSH 1.66 -50.1 F45Training FXLV 0.10 -18.9 IndonesiaEnergy INDO 3.12 -1.8 micromobility.com MCOM 0.06 19.4 ProSomnus OSA 0.91 8.9 3D Systems DDD 6.20 1.8
HalladorEnergy HNRG 11.81 5.2
QuantaServices PWR 209.41 0.8AcutusMedical AFIB 0.50 -0.6 BukitJalilGlb1Rt BUJAR 0.15 -6.3 Farmmi FAMI 0.33 -2.4 InhibikaseTherap IKT 2.02 8.5 MissionProduce AVO 9.42 -2.5 PurpleInnovation PRPL 2.07 -3.2 374Water SCWO 1.23 -4.0
HealthcareAI A HAIA 11.45 -0.1
RekorSystems REKR 3.79 7.9Addentax ATXG 1.87 -10.7 BurkeHerbert BHRB 48.90 1.4 FaZe FAZE 0.26 2.6 InMedPharm INM 0.80 0.9 MullenAuto MULN 0.39 68.1 Recruiter.com RCRT 0.14 -4.3 TivicHealth TIVC 2.77 -26.9
HitekGlobal HKIT 38.00 22.1
RossStores ROST 122.70 3.5AdicetBio ACET 1.73 -2.2 CF Acqn VIII CFFEU 9.61 -2.1 FirstLightAcqnA FLAG 7.43 -13.4 InnovativeEyewr LUCY 0.60 13.6 NRX Pharm NRXP 0.27 -6.0 RelianceGlobal RELI 2.00 -4.7 TootsieRoll TR 31.98 0.7
IDEAYA Bio IDYA 28.58 0.6
RothCHAcqnVUn ROCLU 10.87 1.4Aditxt ADTX 9.78 5.5 C3is CISS 0.40 11.8 FirstLightAcqn FLAG.U 7.91 -20.5 InnovizTechWt INVZW 0.50 -7.8 NatlBankshares NKSH 25.52 0.2 ResMed RMD 161.88 -0.4 TopKingWin TCJH 1.17 -3.3
IES Holdings IESC 73.86 0.5
RyanSpecialty RYAN 46.62 1.5AevaTechWt AEVA.WS 0.05 -7.0 CalAmp CAMP 0.63 -1.4 FirstWaveBio FWBI 0.34 -1.9 InnovizTech INVZ 2.06 9.0 Nautilus NLS 0.95 ... RevelationBio REVB 0.67 0.4 ToughBuiltInds TBLT 0.23 -9.6
InflectionPtIIA IPXX 10.20 ...
SDCLEDGEAcqn SEDA 11.12 0.1AgileThoughtWt AGILW 0.01 74.7 CamberEnergy CEI 0.43 -6.8 FootLocker FL 14.84 -28.3 Insulet PODD 188.09 -4.7 NemauraMedical NMRD 0.41 -8.9 Revolve RVLV 14.60 3.1 TowerSemi TSEM 29.40 -1.6
InsightEnt NSIT 153.78 1.4
SciPlay 22.79 0.2
SCPL Agriforce AGRI 0.10 -2.7 CampbellSoup CPB 41.56 -0.2 ForemostLithiumWt FMSTW 0.56 -7.0 IntuitiveMachinesA LUNR 4.55 -6.2 Netcapital NCPL 0.51 -5.6 RiteAid 1.39 2.1 TravereTherap TVTX 12.58 -0.9
IntlGeneralIns IGIC 10.80 0.6 RAD
SeaportGlblAcqnII SGIIU 10.70 1.4AirIndustries AIRI 2.97 -1.0 CanoHealth CANO 0.24 -15.7 ForemostLithium FMST 3.38 -7.0 Invitae NVTA 1.00 -4.7 NeuroMetrix NURO 0.64 5.9 RumbleON RMBL 5.38 3.4 Trinseo TSE 10.77 -1.7
JacksonFinlPfdA JXNpA 25.45 0.4 SpectrumBrands SPB 82.96 1.0AlkalineWater WTER 1.01 -5.6 CapstoneGreen CGRN 0.47 -10.6 FreightTech FRGT 0.40 -11.0 IronwoodPharm IRWD 9.10 -2.2 NexalinTechnology NXL 0.42 -10.3 SEALSQ LAES 5.46 -5.4 22ndCentury XXII 1.88 -4.9
LanzaTechGlobalWt LNZAW 0.67 28.2
SpreeAcqn1Un SHAP.U 10.86 1.1 23andMe 0.99 1.9
AlliedGaming AGAE 0.83 ... CarverBancorp CARV Frontier 6.65 2.8 iSpecimen 1.11 -2.6 NioCorpDevts ME
LifewayFoods LWAY 10.68 6.2 2.16 -2.2 ULCC ISPC NB 3.64 0.3 SignaSports SSU 1.84 0.5
TatTechnologies TATT 7.98 5.2Alpine4 ALPP 1.09 -0.9 cbdMD PfdA FuelCell 1.40 -1.0 JE Cleantech 0.24 -14.8 NiSunIntlEntDevt NISN UniversePharm UPC 1.42 -2.1
EliLilly LLY 557.40 -0.1 Telesat YCBDpA 1.31 -6.5 FCEL JCSE 2.84 -1.7 SRM Ent SRM 1.70 -13.3
TSAT 22.10 9.3AltisourceAsset AAMC 8.08 7.4 ChargePoint FusionFuelGreen HTOO ... JX Luxventure 1.41 1.3 NorthwestNat
Upexi UPXI 1.47 0.6
Limbach LMB 36.44 3.7 TortoiseEcofinIII TRTL.U CHPT 6.90 0.7 1.80 JXJT NWN 39.66 -0.3 Sagimet SGMT 10.50 2.6
10.91 -0.3AmericanWell AMWL 1.27 3.9 urban-gro UGRO 1.07 -1.8
LiminalBioSci LMNL 8.41 0.2 Tradeweb Chewy CHWY 26.14 -1.9 G1Therapeutics GTHX 1.77 ... JanOne JAN 0.60 -2.4 NuSkinEnts NUS 23.50 -1.7 SallyBeauty SBH 9.53 -1.8
TW 85.60 0.6ArrowFinancial AROW 16.88 -0.8 Vacasa VCSA 0.56 -1.6
Macom Tech MTSI 81.54 3.1 Transcat ChijetMotor CJET 1.89 2.6 GRI Bio GRI 1.96 -25.7 JetBlue JBLU 6.14 1.5 NuScalePower SMR 6.09 -2.1 SarcosTech&Robotic STRC 1.11 0.9
TRNS 103.11 -1.6 VersusSystems VS 0.29 -0.9
MindTechPfdA MINDP 12.00 5.8 TwinDisc AshfordHospPfdD AHTpD 13.15 -1.3 ChinaGreenAg CGA 2.53 -0.8 Gaucho VINO 0.40 -4.4 JinkoSolar JKS 31.95 -4.0 NuScalePowerWt SMR.WS 1.05 -4.5 Satellogic SATL 1.52 -1.9 VertexEnergy
TWIN 14.70 1.2 VTNR 3.91 ...
MinisoGroup MNSO 23.51 4.3 AshfordHospPfdF AHTpF 12.21 -2.2 CoffeeHolding JVA 1.26 -0.7 GeneDx WGS 4.13 1.3 Jiuzi JZXN 1.07 0.9 NutexHealth NUTX 0.29 -4.2 SciSparc SPRC 0.16 -2.7 ViaSat
UBS Group UBS 24.35 2.5 VSAT 26.59 1.4
MakeMyTrip MMYT 38.20 2.2 VTEX AssetEntities ASST 0.60 -0.1 CompleteSolaria CSLR 2.16 -14.7 GeneralMills GIS 67.88 -0.4 Kellogg K 60.53 0.2 Ontrak OTRK 1.48 4.0 Sea SE 36.25 0.9 VinceHolding 2.52 -2.7
VTEX 6.68 9.2 VNCE
MetalsAcqnWt MTAL.WS 2.02 10.7 ViantTech AtlantaBravesA BATRA 41.43 -0.6 ComputerPrograms CPSI 16.84 0.1 GenerationIncm GIPR 3.51 -1.6 KiromicBiopharma KRBP 1.88 -7.5 OpGen OPGN 0.17 -3.6 Seer SEER 2.34 0.4 VintageWineEstWt VWEWW 0.01 -3.9
DSP 7.21 11.3
Nanobiotix NBTX 11.00 12.6 WellsFargoPfdQ WFCpQ Atrion ATRI 474.70 -1.1 CorEnergyInfr CORR 0.92 -2.1 Genfit GNFT 3.28 4.5 Leggett&Platt LEG 27.22 1.4 OptimizeRx OPRX 7.70 -1.1 SelinaHospWt SLNAW 0.02 -1.0 VirnetX VHC 0.34 -1.4
25.29 0.1
NewparkResources NR 6.04 6.1 WinVestAcqn AuroraCannabis ACB 0.48 -1.9 Corteva CTVA 48.68 -0.6 GloryStarNewMedia GSMG 0.42 1.1 LixiangEduc LXEH 0.33 11.4 OrbitalInfr OIG 1.10 -33.5 Senseonics SENS 0.50 5.4 vTvTherap VTVT 0.61 -4.1
WINV 10.99 1.3
NexGenEnergy NXE 5.25 0.4 WW Ent 116.86
Avista
...
AVA 32.34 -0.4 CrownElectrokin CRKN 1.35 -19.3 GoldenHeaven GDHG 2.94 -0.9 LoopMedia LPTV 1.21 10.6 Orgenesis ORGS 0.55 -19.9 ShuttlePharm SHPH 0.72 -1.3 Warrantee WRNT 0.97 1.0
WWE
99Acqn NNAGU 10.23 0.2 XP XP 27.71 4.7
AxcellaHealth AXLA 0.13 -16.8 Cuentas CUEN 1.90 -30.5 GrafTechIntl EAF 3.48 0.8 LucyScientific LSDI 0.56 -12.1 OsiskoDevtWt ODVWW 0.06 -12.9 SingularGenomics OMIC 0.47 -3.1 WaterstoneFinl WSBF 12.25 -0.2
ProofAcqnIA PACI 11.64 0.5 BM Tech BMTX 2.16 -17.4 Dingdong DDL 1.97 -7.8 Greenlane GNLN 0.74 -2.7 LumenTech LUMN 1.40 0.7 PAM Transport PTSI 21.05 1.7 60DegreesPharm SXTP 1.38 -2.1 WaverleyCap1 Wt WAVC.WS 0.01 5.7
PampaEnergia
ParTechnology
PAM
PAR
47.63 1.2
41.48 4.3
Lows Baijiayun
BattalionOil
RTC
BATL
4.40 1.3
5.15 -4.3
DominionEner
Eargo
D
EAR
47.41
2.79
...
0.5
GromSocialEnts GROM
GrowGeneration GRWG
0.22 -14.9 MP Materials MP
2.60 -0.4 MSP Recovery Wt LIFWZ
20.08 0.2 PanbelaTherap PBLA
0.15 -32.4 PasitheaTherapWt KTTAW
1.36
0.00
...
-60.1
SmartforLife
SolGelTech
SMFL
SLGL
1.29 -8.4 WeWork
2.49 -0.6 XcelEnergy
WE
XEL
0.11
56.87
-5.9
-0.7
Parsons PSN 57.07 1.3 AeonBiopharma AEON 3.37 -10.2 Biotricity BTCY 2.04 -4.0 EastsideDistilling EAST 1.82 -2.0 Gulf Resources GURE 1.85 4.8 MSP Recovery LIFW 0.08 -9.6 Peloton PTON 5.05 -22.6 SplashBeverage SBEV 0.54 -3.7 XinyuanRealEst XIN 2.28 -8.1
Phenixfin PFX 40.00 0.1 AMC Ent AMC 1.94 -12.9 BlinkCharging BLNK 4.29 -4.6 ElectraBatteryMtls ELBM 0.67 -1.8 HallmarkFin HALL 2.30 -12.8 Macy's M 12.33 -0.6 PetcoHealth WOOF 6.34 -1.9 Stepan SCL 85.19 -0.6 YSBiopharma YS 0.75 -6.7
PlainsGP PAGP 16.04 0.6 AMTD IDEA AMTD 1.29 3.0 BluerockHomes BHM 13.01 0.6 Embecta EMBC 17.15 2.4 HeartTestLabs HSCS 0.60 -7.1 ManhattanBridge LOAN 4.57 -0.9 PharmaCyteBiotech PMCB 2.30 -1.2 SunlightFinWt SUNL.WS 0.01 -20.9 Yoshitsu TKLF 0.90 0.1
P2JW236000-5-B01100-1--------XA
THE WALL STREET JOURNAL. * * * * *
S&P 500 Posts Its Best Day Since June
Technology, real ported quarterly results
Wednesday were widely diver-
estate star amid gent. Footlocker shares
warning signs dropped 28%, while Aber-
crombie & Fitch popped 24%.
flashed by data Williams-Sonoma added 13%
and Kohl’s, Advance Auto
BY RYAN DEZEMBER Parts and Bath & Body Works
each climbed at least 3% on
Technology and real-estate their own results.
shares lifted the S&P 500 to its Stationary-bike maker Pelo-
best daily performance since ton Interactive, a lockdown
June despite surveys of pur- darling, shed 23% to close at a
chasing managers that flashed low after warning investors to
warnings of economic slow- expect more losses.
down on both sides of the At- Toll Brothers’ results wal-
lantic. loped Wall Street’s expecta-
The S&P 500 rose 1.1%. En- tions and showed that home
ergy shares were the only seg- building remains a point of
ment of the strength in the economy, de-
WEDNESDAY’S broader index spite the climb in mortgage
MARKETS that ended the rates. The Mortgage Bankers
day down, Association said the rate on
drifting lower along with 30-year fixed homes climbed
prices for oil and gas futures. to 7.3%, the highest in more
The Dow Jones Industrial than 20 years.
Average added 0.5%. The Nas- Nvidia, the first semicon-
daq Composite, which is ductor firm to achieve a tril-
loaded with tech stocks, lion-dollar stock-market value,
gained 1.6% and is up 31% this gained 3.2% Wednesday before
year thanks to investor excite- reporting its highly anticipated
ment over artificial intelli- second-quarter earnings.
gence and chip makers power- Nvidia, the top performer this
ing the latest computing boom. year in the S&P 500, topped
Shares of retailers and con- analysts expectations, with re-
sumer-focused firms that re- cord sales of $13.51 billion in
UBS Stock Rises on Better Outlook for Credit Suisse Deal
Share-price and index BY MARGOT PATRICK
performance, past month*
12% Investors who were startled
by UBS’s hastily agreed take-
10 UBS†
over of Credit Suisse in March
8 appear to be seeing more up-
side.
6 UBS opened new vistas in
4 reaching the global rich by
buying its crosstown rival for
2 $3.6 billion in a Swiss govern-
0 ment-engineered rescue. The
purchase propelled it up the
–2
ranks of global wealth manag-
–4 MSCI World ers, lifting the invested assets
Financials Index it manages to around $5 tril-
–6
lion.
July 21 Aug. To make a success of the
*Data through Aug. 22 †U.S.-listed stock deal, UBS first has to digest a
Source: Refinitiv risk-fraught, cost-heavy bank
Colleges Spend
Like There’s No
Tomorrow. ‘These
Places Are Just
Devouring Money.’
© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ0048
MARKETS
Index performance on Wednesday
2.00%
1.75
1.50
1.25
1.00
0.75
0.50
0.25
0 Five-minute intervals
10 a.m. 11
Source: FactSet
its second fiscal quarter, more
than twice the amount a year
ago. Shares jumped more than
8% in after hours trading.
Nvidia and other big tech
firms have propelled 2023’s
surprising rally in stocks, defy-
ing higher interest rates. The
rates have threatened corpo-
rate earnings and boosted the
returns on cash and govern-
ment bonds to the highest lev-
with plummeting revenue. The
uncertainty initially hobbled
its shares and in May the
stock in Zurich slipped below
its predeal price.
More recently, however,
UBS stock has staged a come-
back. In the one month that
ended Tuesday, the Swiss
bank’s U.S. shares have gained
about 11%, while the MSCI
World Financials Index has
shed 5.6%.
Around half the move for
UBS stock came after it said it
won’t need a Swiss govern-
ment backstop against poten-
tial losses on some of the
Credit Suisse assets it inher-
ited.
Nasdaq Composite
S&P 500
Jon Industrial Average
Dow Jones
noon 1 p.m. 2 3
els relative to inflation in more
than a decade.
Robert Minter, director of
ETF Investment Strategy at as-
set manager Abrdn, said inves-
tors are moving money into
sure things, like cash and
short-term U.S. debt, but are
hesitant to be completely side-
lined should stocks keep
climbing.
“What we’re hearing from
The removal of the back-
stop “implies that write-
downs of Credit Suisse assets
have been relatively minor,”
said Johann Scholtz, an equity
analyst at Morningstar.
In addition, the move re-
duces the political pressure to
spin off Credit Suisse’s domes-
tic bank to save jobs, said
Redburn Atlantic analysts,
who expect UBS to stick to
plan A and instead combine
Switzerland’s two biggest do-
mestic lenders.
Shedding the state guaran-
tee “should give UBS greater
flexibility around decisions it
needs to take about the busi-
ness in Switzerland,” they
Students foot the bill for flagship state
universities that pour money into new
buildings and programs with little pushback.
Some of the best-known public universities have been on
decadeslong spending sprees. WSJ’s exclusive investigation
reveals that they’ve been relying on students’ tuition – helping
drive student debt to record highs.
Thursday, August 24, 2023 | B11
people is they’re taking a little 600 rose 0.4%. Early Thursday,
off the table and putting it Japan’s Nikkei 225 was up
into cash, but they understand 0.4%, Hong Kong’s Hang Seng
the danger of putting too Index was up 1.2% and South
much of their assets in cash,” Korea’s Kospi was up 1%. S&P
he said. 500 futures rose 0.7%.
Ben Kirby, co-head of in-
vestments at Thornburg In-
vestment Management, said he AUCTION RESULTS
Here are the results of Wednesday's Treasury
is recommending clients buy auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
longer-term bonds to lock in difference between that price and the face value.
today’s attractive yields and
17-WEEK BILLS
accumulate dividend-paying Applications $151,229,394,400
stocks, which have lagged be- Accepted bids $50,599,331,900
" noncompetitively $699,172,000
hind the market this year and " foreign noncompetitively $0
are a relative bargain com- Auction price (rate) 98.243097
(5.315%)
pared with tech stocks. Coupon equivalent 5.500%
The 10-year Treasury yield Bids at clearing yield accepted 68.71%
Cusip number 912797HW0
declined to 4.197%, down for
The bills, dated Aug. 29, 2023, mature on Dec. 26,
the second straight day after 2023.
4
hitting 4.339% on Monday, 20-YEAR BONDS
which was the highest closing Applications $42,590,352,300
level since 2007. Yields also Accepted bids $17,662,322,300
" noncompetitively $114,975,300
declined on 30-year bonds and " foreign noncompetitively $0
one-year bills. Yields fall when Auction price (rate) 98.374204
(4.499%)
prices rise. Interest rate 4.375%
Investors bid up govern- Bids at clearing yield accepted 43.98%
Cusip number 912810TU2
ment bonds after a purchasing
The bonds, dated Aug. 31, 2023, mature on Aug. 15,
managers’ survey showed U.S. 2043.
business activity rising at a ONE-YEAR, 11-MONTH FRNs
weaker pace than expected. Applications $58,174,958,100
Accepted bids $24,000,038,100
European bonds also rallied af- " noncompetitively $45,877,100
ter PMI surveys showed busi- Spread 0.125%
ness activity there contracting Bids at clearing yield accepted
Cusip number
58.76%
91282CHS3
more than expected. The floating-rate notes, dated Aug. 25, 2023, mature
Overseas, the Stoxx Europe on July 31, 2025.
wrote in a recent note to cli- inflows and outflows. Analysts
ents. expect UBS will continue to
More details on UBS’s plans attract assets, after taking in a
are due when the bank, led by net $28 billion in the previous
Chief Executive Sergio Er- quarter.
motti, presents quarterly re- Credit Suisse, in contrast,
sults on Aug. 31. lost around $70 billion in as-
Some key factors that ana- sets from customers fleeing
lysts and investors will be just before UBS took over.
watching next week include UBS is expected to say it
revenue at what remains of will keep and integrate Credit
Credit Suisse. That bank’s cus- Suisse’s large domestic opera-
tomer business, particularly in tion after reviewing other pos-
investment banking, is ex- sibilities.
pected to be slim but the re- UBS has said it aims to save
sults will give a sense of around $8 billion in combined
Credit Suisse’s future contri- annual costs by 2027. Some
butions to the combined analysts think that the tally
group. could rise now that UBS has a
They will also be looking at better view of what it bought.
READ NOW
WSJ.com/EducationInvestigation
P2JW236000-0-B01200-1--------XA
B12 | Thursday, August 24, 2023
How High a Rate Can Housing Take?
Home builders are thriving despite high mortgage rates, but homeowners might have less to celebrate if they persist
The highest mortgage rates in a
generation should be crushing
America’s home-building sector.
Instead, they are helping it for
now—a bright spot for the U.S.
economy.
Another disconnect is the value
of many Americans’ most-valuable
asset, their homes, is holding up
remarkably well. While the billions
flowing into home builders’ coffers
are real, though, the trillions in
home equity on American house-
holds’ balance sheets might take a
hit if more people could sell.
On Wednesday the Commerce
Department reported that a sea-
sonally adjusted 714,000 new
homes were sold in July, at an an-
nual rate, which compared with
684,000 in June and 543,000 in
July last year. This was well below
the 1.03 million clocked in August
2020, when home buying was
surging, but a faster pace than the
prepandemic year of 2019, when
683,000 new homes were sold.
This is all happening during a
Investing in Giant Animated Robot Suits
“Gundam.” “Dragon Ball.” “One
Piece.” The company built atop
these iconic Japanese anime fran-
chises should be on investors’
screens too.
Japanese toy manufacturer
Bandai Namco is best known for
making what hobbyists call Gun-
pla—plastic models based on the
animation series “Mobile Suit
Gundam.” Though the television
series, featuring robot battles in
space, was launched more than 40
years ago, the brand is still going
strong. The “Gundam” franchise
just had its best year ever, gener-
ating ¥131 billion, the equivalent
of about $900 million, in revenue
for Bandai Namco in the fiscal
year ended in March.
The pandemic boosted sales of
Gunpla, which kept stay-at-home
adults and children entertained,
but the franchise has strong stay-
ing power all its own. In an April
report, Goldman Sachs compared
Gunpla to Lego, which managed to
attract adult fans with high-
CFOTO/DDP/ZUMA PRESS
priced niche items. And Bandai
Namco has been using different
media, such as games and anima-
tion, to push the franchise fur-
ther. For example, its animation
series “The Witch from Mercury,”
released last year, expanded its
broad audience.
Bandai Namco owns the rights
to make toys and videogames for
some other popular anime fran-
chises. “Dragon Ball” and “One
Piece,” in particular, are the big
revenue drivers that have been
growing quickly in recent years.
Bandai’s toy business, which
accounts for more than half of its
operating profit, is a particular
bright spot. Revenue there has
doubled in the past five years
Peloton Riders
Take a Breather
Peloton’s stock has seen big
swings before. Its most dedicated
user base hasn’t—until now.
The fitness-equipment pioneer
that helped ward off pandemic
weight slimmed down in the
wrong areas during its fiscal
fourth quarter ended in June.
Peloton said Wednesday that it
lost about 29,000 connected fit-
ness subscribers during the pe-
riod. It was the company’s first-
ever decline for this metric, which
reflects subscribers who access
the service through Peloton prod-
ucts that include stationary bikes,
rowing machines and treadmills.
The company projected a loss of
about 45,000 subscribers during
the current quarter.
Peloton’s stock plunged 23% af-
ter the disappointing report. A re-
call of seat posts for one of the
company’s bike models during the
quarter was a major factor; Pelo-
ton said Wednesday an estimated
15,000 to 20,000 members paused
their subscriptions during the
quarter due to the recall. The
company expects to finish ship-
ping replacement seats by the end
of September. It just needs to
hope they haven’t have discovered
Pilates by then.
—Dan Gallagher
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
surge in borrowing costs. Also on
Wednesday, the Mortgage Bankers
Association reported the average
rate on a 30-year fixed mortgage
reached 7.31% last week, the high-
est level since December 2000. In
the comparable week last year, the
average rate was 5.65%, and two
years ago rates were around 3%.
One reason new-home sales re-
bounded is probably that buyers
got somewhat used to seeing
higher rates. The rate on a 30-year
mortgage spent some time above
7% last fall and has averaged
about 6.7% this year.
The other is that, because most
current homeowners are paying
much lower rates than what is
prevailing now, they are hesitant
to move. This is weighing heavily
on the supply of previously owned,
or existing, homes for sale. On
Wednesday, the National Associa-
tion of Realtors reported there
were just 980,000 existing single-
family homes for sale last month.
That was the fewest during the
The ‘Gundam’ robot in Shanghai. The TV series, featuring robot battles in space, was launched more than 40 years ago.
while operating margin doubled,
to 13%, in the fiscal year ended in
March. Apart from plastic models,
sales of trading cards have been
growing quickly.
The company’s digital business,
mostly videogames, hasn’t been
doing quite as well lately, though
there are reasons to think things
may improve. The segment in-
cludes games based on the com-
pany’s anime intellectual proper-
Department Stores Are Maxed Out
The flood of consumer savings
is drying up, and so are the retail-
ers that were wading in it.
The gloom befell department-
store stocks starting on Tuesday,
when Macy’s reported comparable
sales at its department stores,
which include Bloomingdale’s, fell
8.2% excluding licensed stores in
the quarter ended July 29 com-
pared with a year earlier. On
Wednesday, Kohl’s said compara-
ble sales declined 5% over the
same period. Those numbers ex-
ceeded Wall Street expectations,
though they were worse than the
4.1% decline that retail-sales data
implied for the period.
Kohl’s beat bottom-line expecta-
tions by a healthy margin thanks
to lower-than-expected operating
costs. And while Macy’s reported
a surprise net loss, that line item
would have exceeded analyst ex-
pectations if not for a $122 million
settlement charge related to the
company’s pension plan. Both
Macy’s and Kohl’s left their full-
year guidance unchanged.
Nevertheless, the news sent
Macy’s shares plunging 14% on Tues-
day and dragged Kohl’s and Nord-
strom down by 10% each. There was
bad news outside of department
stores, too: Shares of Dick’s Sport-
ing Goods fell 24% on Tuesday after
ON
THE
Inventory of existing single-family
homes for sale, monthly
1.8 million
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0 “The supply-demand imbalance
2019 ’20 ’21 ’22 ’23
Source: National Association of Realtors via FactSet
month of July—normally a time of
year when a lot of homes are on
the block—on record stretching
back to 1982. The low supply of
homes has provided support for
prices: The average price of an ex-
ties, but comes up with new
concepts that can expand into
franchises. For example, the game
“Elden Ring” launched last year
was a smash hit, selling more
than 20 million copies worldwide.
A coming expansion pack could be
another bestseller.
Jefferies expects it to sell
more than 10 million copies in
the first 12 months after its de-
but later this year or early next
it missed Wall Street expectations
and reduced its profit target for the
year, while Foot Locker stock plum-
meted 28% Wednesday after the
company revised its guidance down.
Kohl’s shares rebounded by 5% after
it reported earnings.
Despite not-terrible numbers at
department stores (relative to ex-
pectations), there were some trou-
bling takeaways. One is that con-
sumer health is noticeably
worsening, which spells trouble
for later this year when millions of
Americans will resume student-
loan payments. Consumers’ sav-
ings cushion has steadily thinned
since reaching a peak in 2021 and,
as of July, households making
$50,000 to $100,000 a year held
58% more in savings than in 2019,
down from an excess of 97% in
early 2021, according to the Bank
of America Institute.
Macy’s said delinquencies on its
credit card took a faster-than-ex-
pected turn for the worse last
quarter, causing the company to
increase its bad debt outlook.
Credit-card revenues at the com-
pany fell 41% from a year earlier,
well below analyst expectations
contemplating an 18% decline.
Kohl’s “other revenue,” which is a
proxy for credit-card revenue, de-
clined a milder 3%. Kohl’s said on
isting home sold in July was
$406,700, versus $399,000 a year
earlier.
Another knock-on effect of the
low supply of existing homes is
that demand for new homes has
risen. And even with the recent
push higher in rates, that dynamic
appears to still be in place.
Toll Brothers on Wednesday,
discussing results for its fiscal
quarter ended July 31, said the
seasonal falloff in demand that it
typically sees in August from July,
as the summer home selling sea-
son winds down, has so far been
much smaller than it typically ex-
periences.
created by a lower resale inven-
tory compounds the impact of the
persistent underbuilding of homes
over the past 15 years,” said Chief
Executive Douglas Yearley. “Even
before resale inventory dropped,
there was a structural shortage of
anywhere between three and six
million homes in this country.”
year. “Armored Core VI: Fires of
Rubicon,” coming out in August,
should also boost Bandai Namco’s
game revenue.
Bandai Namco trades at 22
times forward earnings, according
to S&P Global Market Intelligence,
above its five-year average of 20.
But it’s worth paying up for the
company’s ability to grow its
household anime franchises.
—Jacky Wong
Comparable store sales,
change from a year ealier
0%
–1
–2
Macy’s
–3
–4
–5
–6
Kohl’s
–7
–8
–9
2Q 3Q 4Q 1Q
FY2022 ’23
Note: Lastest fiscal quarter ended July 29
Source: Visible Alpha
Wednesday that payment rates
dropped, though they remain
above 2019 levels. Credit-card rev-
enues are an important compo-
nent of department stores’ bottom
lines: They represented 35%, 57%
and 79% of operating income at
Macy’s, Kohl’s and Nordstrom in
2021, respectively, according to a
report from Citi Research.
Secondly, department stores’
lousy performance affirms the
view that their strength in 2021
and 2022 was built mostly on ex-
THE WALL STREET JOURNAL.
There is obviously some level of
mortgage rates which, if it is hit,
will throw at least a temporary
damper on new-home sales. Even
if they have the means to pay it, a
lot of would-be buyers might balk
at a 30-year mortgage at 8%—at
least until they get used to it.
Nor is it a good thing that so
many existing homeowners are ef-
fectively locked into their current
house as a result of high rates.
Not only can’t they move into
nicer digs as they build wealth,
but it is also harder for them to
move to new opportunities, such
as a better-paying job in another
state. The rise in rates, if it per-
sists, could also damage home
prices, lowering the value of what
is many Americans’ most impor-
tant asset.
Housing, and the economy,
would be stronger if rates were
lower. But that they have so far
weathered rates that are this high
is still something to see.
—Justin Lahart
Auto-Parts
Firm Is
Fixer-Upper
Advance Auto Parts stands out
in its sector, and not in a good way.
While rivals O’Reilly Automo-
tive and AutoZone have been su-
percharged by new-car shortages
during the pandemic, Advance
looks like a clunker. The stock had
its largest single-day drop ever
back in May when it unveiled
first-quarter results and slashed
its dividend. On Wednesday, it
might have compounded those
losses with a second-quarter earn-
ings miss and lowered margin
guidance for the year, but it had
other news: Shane O’Kelly, a Home
Depot executive, will be taking
over as CEO and Jeff Shepherd is
out as chief financial officer.
The stock is down by more than
half since current CEO Tom Greco
took the reins in April 2016, com-
pared with appreciation of more
than 200% for O’Reilly and Auto-
Zone. O’Kelly is set to take over in
September, promising “an opera-
tional and strategic review.”
O’Kelly has plenty of levers to
pull in what was for many years a
highly profitable company. Ad-
vance’s business and share price
did well during the 2007-2009 re-
cession. With America’s car fleet
significantly older than it was then
at around 12.5 years, up from 10.3
in 2008, according to S&P Global/
IHS Markit, thrift among drivers
could mean even more money in
the till at companies providing
parts. Advance shares jumped 3.1%
on Wednesday on hopes a new me-
chanic can fix what’s broken.
—Spencer Jakab
cess consumer savings. Last quar-
ter marked the second consecutive
period when Macy’s revenue
shrank compared with 2019. Kohl’s
net sales exceeded 2019 levels for
two quarters in 2021 before re-
turning to a declining trend.
Notably, other apparel retailers
are seeing healthy sales: Aber-
crombie & Fitch reported on
Wednesday that comparable sales
rose 13% in its quarter ended July
30. The TJX Cos. unit housing T.J.
Maxx and Marshalls reported com-
parable-store sales rose 8% last
quarter, while Ross Stores saw 5%
growth.
2Q Broadly speaking, consumers are
behaving as they did in previous
downturns: looking for value and
splurging on small luxuries such as
perfumes and lipstick. Beauty was
the one category that outper-
formed at Macy’s and Kohl’s. That
is an unwelcome flashback for
shareholders of department stores:
Macy’s, Kohl’s and Nordstrom col-
lectively shaved $15.7 billion off
their market capitalization between
December 2007 and June 2009.
The spending slowdown is re-
ally raining on Macy’s and other
department stores’ parades. Un-
fortunately, this feels more like a
worsening storm than a fleeting
cloud. —Jinjoo Lee